drbubb Posted January 5, 2007 Report Share Posted January 5, 2007 FROM A JAN. 2007 EMAIL The Explorers' League is a membership organization dedicated to helping its members learn and profit by following the careers of the world's most successful resource explorers and developers. Ross Beaty Northern Peru Copper Corp. (NOC.TO) ... update ....has received a 43-101-compliant resource estimate for the Hilorico gold deposit located in northern Peru, approximately one kilometre from the company's large-scale Galeno copper-gold-molybdenum porphyry project and 16 kilometres from Yanacocha, South America's largest gold mine. The report estimates an inferred oxide resource of 19.4 million tonnes at a gold grade of 0.65 gram per tonne and a silver grade of 3.3 grams per tonne at a cut-off grade of 0.3 gram per tonne gold, for a total of 407,000 contained ounces of gold and 2.1 million contained ounces of silver. In addition, an inferred sulphide resource of 21.3 million tonnes at a gold grade of 0.93 gram per tonne and a silver grade of 4.8 grams per tonne was estimated using a cut-off grade of 0.5 gram per tonne, for a total of 641,000 contained ounces of gold and 3.3 million contained ounces of silver. The different cut-off grades used for oxide and sulphide gold mineralization reflect the different potential operating costs of processing these ore types. Northern Peru Copper views the limestones located to the east of Hilorico, and within the company's claim block, as highly prospective for polymetallic replacement deposits and this area will be intensively explored in 2007. Work on the Galeno prefeasibility study is continuing and the results will be published early in January 2007. David Lowell Peru Copper Inc. (PCR.TO) ... update ...announced a second new discovery of a second large zinc, copper zone immediately north of the Toromocho orebody. A small portion of the Northern zone was explored in 2004 with drilling in the vicinity of the Pique Central shaft. Most of the 2004 holes were drilled from deep underground drill stations and consisted of a few flat underground holes, which terminated at the then property boundary. This left a thick unexplored overlying section of mineralization open to the north. Based largely on sampling of underground workings and the very limited drill information available to date, an exploration target with potential for 125 million tonnes to 135 million tonnes in the range of 0.55 per cent to 0.68 per cent zinc, 0.38 per cent to 0.43 per cent copper, nine grams to 13 grams silver and 0.07 gram to 1.02 grams gold has been identified. David Lowell stated: "We are very excited about the potential for expansion of the zinc-rich skarn mineralization surrounding the Toromocho deposit. The average thickness of mineralized material in the new discovery in the Southeast zone, which we announced last month, is 58 metres, but the potential vertical dimension in the Northern zone is up to 300 to 400 metres. The zinc, copper, silver and gold in these two discoveries has potential to further increase the size of this already-large deposit but even more importantly to provide higher-value material for use as mill feed for the early years of the Toromocho project and, if metal recoveries are positive, further enhance the project's return." Lukas Lundin Lundin Mining (LUN.TO) ... update ...announced that, subject to regulatory approval, it has entered into a financing arrangement with Sanu Resources Ltd. (“Sanu”). Sanu is a publicly traded mining company listed on the TSX Venture Exchange : Sanu (TSX.V: SNU) ... update ...Sanu, pursuant to which Lundin Mining has subscribed for 4,000,000 units of Sanu, at a price of Cdn. $0.65 per unit, by way of a non-brokered private placement, for an investment of Cdn. $2,600,000. As announced by Sanu on December 27, 2006, each unit of the private placement consists of one common share and one non-transferable common share purchase warrant. Each warrant will entitle the holder thereof to acquire one additional share of Sanu for a period of two years at a purchase price of $0.90 each. The shares, including any shares issued on exercise of the warrants, will be subject to restrictions on trading for a period of four months from closing. The proceeds of the private placement will be used by Sanu to continue exploration on its property portfolio and general working capital. Upon the completion of the private placement, Lundin Mining will hold just under 14% of the common shares of Sanu, and approximately 24% if it exercises its warrants, making it Sanu’s largest shareholder. Simon Ridgway Northland Resources Inc. (NAU.V) ... update ...is exercising its option to acquire 100 per cent of the Pajala properties in northern Sweden from Anglo American Exploration BV. The Pajala properties host the Stora Sahavaara magnetite project, which Northland has been exploring for the last two years, as well as a number of iron-oxide-copper-gold targets. Additional drilling is planned for 2007 to expand the resource down-dip, to upgrade the confidence categories of the recent resource and to investigate variability within the body for mine planning purposes. Roman Shklanka International Barytex Resources (IBX.V)... update ...International Barytex Resources announced that it has completed phase I of its drill program on the Shituru copper-cobalt deposit, located near the town of Likasi in the Democratic Republic of Congo (DRC). This program has explored the down-dip extension of the high-grade oxide mineralization historically mined and also tests the mineralization along an estimated strike length of 800 metres. Drilling as part of phase II is under way with hole SM-06-42 now complete. In addition to the 16 holes previously disclosed, International Barytex has released the results of an additional three holes, which hit best intercepts of 33 meters (estimated true width) of 3.5% Cu and 0.03% Co, 34 meters of 4.8% Cu and 0.12% Co, 18 meters of 10.4% Cu and 0.07% Co, and 26 meters of 4.6% Cu and 0.05% Co. Turnaround for assays has been slow, and International Barytex is working with the commercial lab it uses to shorten this time. International Barytex has also engaged a second accredited lab, ALS/Chemex, to provide assaying services. Phase II drilling, currently under way, is designed to complete fill-in drilling in the upper portion of the deposit and to continue testing for down-dip and strike extensions. = = Let's see how these companies do. Prior mentions have helped stock prices- but for how long? Link to comment Share on other sites More sharing options...
This topic is now archived and is closed to further replies.