Posts Tagged Capstone Mining

NORTHERN TIGER RESOURCES REPURCHASES BACK-IN RIGHTS ON SONORA GULCH PROPERTY, YUKON

Northern Tiger Resources Inc. has reached an agreement with Capstone Mining Corp.’s wholly owned subsidiary, into Explorations Ltd., to extinguish the back-in rights MintoEx holds on the Sonora Gulch property.”

With a nine square kilometre gold-in-soil anomaly, multiple gold intercepts in drill holes and a recent independent NI 43-101 Report recommending 16,400 metres of drilling, we believe that Sonora Gulch has significant exploration potential for intrusion related gold mineralization and porphyry copper-gold,” says Greg Hayes, President of Northern Tiger. “This transaction with MintoEx eliminates any uncertainty as to the future ownership of Sonora Gulch and unencumbers this key asset for future business opportunities or development.”

When Northern Tiger was formed in 2008 it acquired five Dawson Range properties from MintoEx that covered copper mineralization and exploration targets thought to be similar to those found at Capstone’s Minto Mine. At that time Northern Tiger and MintoEx entered into a Regional Exploration Alliance Agreement and MintoEx was granted certain back-in rights to Northern Tiger properties within a 50 kilometre radius of the Minto Mill. Now, at the request of Northern Tiger, and in order to unencumber the Sonora Gulch property, MintoEx has agreed to sell the its back-in rights in that property in consideration of $200,000. Northern Tiger shall satisfy this payment through the issuance of 421,052 common shares at a deemed issuance price of $0.475 per common share. The Regional Exploration Alliance remains intact, and MintoEx retains their back-in rights on other projects within 50 kilometres of the Minto Mill. The transaction is subject to approval of the TSX Venture Exchange.

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Northern Tiger Resources Begins Drilling at Sonora Gulch, Yukon

Northern Tiger Resources Inc.’s 2009 exploration program has commenced at the company’s 100-per-cent-owned Sonora Gulch gold-silver-copper project located in the Dawson Range area of Yukon, Canada. The Sonora Gulch camp is now operational, and both diamond drilling and fieldwork have commenced.
Sonora Gulch property
The planned exploration program will include up to seven diamond drill holes (1,400 metres), as well as additional surface work, including mapping, prospecting, and geochemical and geophysical surveys. The focus of the current year’s program at Sonora Gulch will be to follow up on the 2008 high-grade gold discovery at the Nightmusic zone (hole SG-08-27 intercepted 26.6 metres grading 4.96 grams per tonne gold, 11.9 grams per tonne silver and 0.23 per cent copper — see news release dated Oct. 28, 2008).
Regional exploration program for Minto-style copper-gold targets
In addition to the drill program at the Sonora Gulch gold property, the company will be conducting surface fieldwork on three of its five 100-per-cent-owned properties that are considered prospective for Minto-style mineralization. The field work will consist of mapping, prospecting, sampling and geophysical surveys designed through collaborative work with exploration alliance partner Capstone Mining Corp.
“I am pleased that we have opened up our exploration camp for another season and have the drill turning as scheduled,” says Greg Hayes, president of Northern Tiger Resources. “As one of the established junior companies in a district that is starting to receive a lot of attention we look forward to building on our exploration success from prior years. I am also enthusiastic about the prospects of our copper-focused properties. Capstone Mining’s continued exploration success has demonstrated their ability to uncover additional Minto-style deposits, and Northern Tiger’s goal is to leverage its strategic alliance with Capstone to advance at least one Minto-style target to the drill-ready stage for 2010.”

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White Gold Area Play Heating Up

Not a single day goes by in the past two weeks without a news release of another company staking claims and citing recent drill results from Underworld Resources in the Yukon as the reason.

This is exactly what happened with Noront Resources in 2007 and with Goldsource Mines in 2008 and their subsequent more than 10-fold share price increase. Area plays can do very well and some of these juniors may end up with results that rival that of Underworld. This is a likely scenario in this case because the White Gold district is in a northwest trending belt of gold rich mineral deposits which include Western Copper’s Casino deposit and Capstone’s Minto mine.  

The White Gold area play has the potential to go for even longer, since it is gold and gold has a long way to go….UP. The Noront and Goldsource plays were effectively killed by the crash in the nickel price and coal price respectively. This area play will go on for a year or even more as field crews are mobilized to the Yukon and news will be flowing constantly over the next year from all the companies involved. The media will report more and more on it, newsletter writers will be hired to promote it, and investors will put more and more money into it. We are still in the very early stages of this area play so it is not too late to get in. Check out the list of White Gold District players on the right sidebar and move your cursor over the price change to see a price chart for each stock from Yahoo Finance.

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MINTO EXPLORATIONS ACQUIRES ADDITIONAL SHARES OF NORTHERN TIGER

DawsonRangeMap

The Northern Tiger map is a great overview

Minto Explorations Ltd., a wholly owned subsidiary of Capstone Mining Corp., has acquired 1.25 million common shares of Northern Tiger Resources Inc. The shares were acquired pursuant to a private placement transaction at a price of eight cents per share which closed on June 1, 2009.

As a result of this acquisition, Minto Explorations holds or has control over, as at the date hereof, a total of 5,593,878 common shares which holdings represent approximately 13.5 per cent of the issued and outstanding shares of Northern Tiger, on a non-diluted basis.

Minto Explorations acquired the securities of Northern Tiger for investment purposes only and not for the purpose of influencing control or direction over Northern Tiger. Minto Explorations may, subject to market conditions, make additional investments in or dispositions of common shares of Northern Tiger.

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