Midway Gold reported that an updated resource calculation by Gustavson Associates for the Spring Valley project in Pershing County, Nevada, has produced a 102% increase in measured and indicated resources to 4.37 million oz, as well as a 20% increase in the gold grade. The project also has an inferred resource now totaling 1.07 million oz. Barrick Gold is 75% owner and operator of the Spring Valley project. Midway has elected to become a 25% joint-venture partner to be carried to production by Barrick free of any additional payments or capital outlays.
Beyond the current increase in Spring Valley resources, the project continues to have growth potential and exploration upside. The current resource remains open to the south, to the northwest, and at depth, while a number of high-potential drill targets have been identified outside of the current resource area.
Agnico Eagle Mines reported that exploration drilling continues to expand the scope of mineralization at its recently discovered IVR project in Nunavut, Canada. The project is located 50 km northwest of the Agnico Eagles's Meadowbank mine and was acquired by the company in April 2013.
Through August, 102 drill holes totaling 18,702 m had been completed on the project. The drilling has revealed the potential for multiple mineralized zones within a 2-km-wide northeast-southwest corridor that can be traced along strike for at least 10 km. Numerous intercepts have been recorded with gold grades in the range of 5 to 10 g/mt.
During the 2014 summer campaign, a 600-m-long boulder field containing large blocks of quartz vein material (locally with sulphides and visible gold) was located 3.5 km west of the main IVR area. A drill rig has been mobilized to test this target area.
Agnico Eagle has started collecting environmental baseline data in the IVR project area and has initiated preliminary engineering for road design. Fisheries, geochemical, terrestrial, and archaeological consultants have been engaged to review available baseline data from public sources and to design programs to gather additional data.
Iron Creek Capital and Polar Star Mining, two junior Canadian companies with highly prospective exploration properties in northern Chile, have agreed to merge. The combined companies will rebrand under a new name and will control more than 330,000 ha of exploration ground. The new company will have existing option and joint-venture agreements with Kinross Gold, Newmont Mining and BHP Billiton.
All of the merged company's exploration ground will be strategically located along some of the world's most productive mineral belts. The focus of exploration will remain on major discoveries of copper, gold, and silver.
Iron Ceek President Tim Beale said, "The existing agreements with major mining companies give the merged company a very solid foundation, with plenty of opportunities for further option and joint venture agreements on other properties within the combined portfolio. The merged company will have a solid financial footing, allowing it to look for further opportunities with confidence. This is an exciting time for both companies and their respective shareholders."
The Wildcat Exploration-Doe Run Canadian Exploration Alliance's 2014 work program has intersected significant zinc-lead-copper-silver mineralization in a step-out diamond drill hole on the Island Lake property in New Brunswick, Canada. Intersections within the hole included 2.6 m true width of 6.57% zinc, 2.78% lead, 0.46% copper, and 68.1 g/mt silver from 389 m to 392 m down the hole, and 7.8 m true width of 14.51% zinc, 5.86% lead, 0.67% copper, and 139.9 g/mt silver from 398 m to 407 m down the hole.
Drilling is ongoing and further assaysare pending.
The alliance is a strategic, base metalexploration agreement between Wildcatand Doe Run Canadian Exploration, aBritish Columbia-registered company.Under the terms of the alliance, propertiesare acquired and held by Doe RunCanadian, subject to Wildcat’s right undercertain circumstances to earn up to a30% interest in one or more properties.Wildcat is the manager of the Alliance.