Oban Mining Leads Consolidation of Five Canadian Junior Companies

Oban Mining announced on June 9 the signing of binding letter agreements supporting share-exchange takeover bids by Oban of four Canadian junior gold exploration companies: Eagle Hill Exploration, Temex Resources, Ryan Gold and Corona Gold. Oban anticipated that completion of the transactions will create a leading Canadian gold exploration and development company, to be called New Oban, with major exploration assets in Ontario and Quebec.

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Barrick Makes New Gold Discovery in Chilean Andes

Barrick Gold has made a significant new gold discovery, known as Alturas, in the Andean region of Chile approximately 30 km south of the former El Indio mine. The discovery is part of a large mineralized system that extends well beyond the limits of the current drilling area. To date, 35 core holes have been completed in a 1-km2 area. Mineralization appears to be oxide in nature and geologically similar to Barrick’s Veladero mine in San Juan province, Argentina, with the potential to be of significantly higher grade.

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Seabridge Continues to Expand Core Zone Resources at KSM

In late March, Seabridge Gold reported significant additions to gold and copper resources in core zones at its KSM project in northwest British Columbia. The inferred resource in the project’s Deep Kerr deposit has been expanded by 52% to 782 million mt grading 0.33 g/mt gold and 0.54% copper for 8.2 million oz of contained gold and 9.3 billion lb of copper, while an initial inferred resource for the project’s Iron Cap Lower Zone has come in at 164 million mt averaging 0.59 g/mt gold and 0.27% copper for 3.1 million oz of contained gold and 961 million lb of copper.

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