Thompson Creek Metals has signed an earn-in agreement with Amarc Resources covering Amarc’s IKE copper-molybdenum project in south-central British Columbia, Canada. Thompson Creek can earn an initial 30% interest in the project under a Stage 1 option by funding $15 million of expenditures on the property before December 31, 2019, of which $3 million is committed for 2015. For each $5 million of project expenditures funded, Thompson Creek will incrementally earn a 10% ownership interest.

In the event that its Stage 1 option is fully exercised, Thompson Creek will have a one-time right under a Stage 2 option to elect to earn an additional 20% ownership interest in the project by funding and completing a feasibility study for the project.

Like many major porphyry deposits, IKE formed in a very active, multistage hydrothermal system that was extensive and robust. The footprint of the hydrothermal system is more than 6 km2. The nine discovery holes (5,400 m) drilled by Amarc in 2014 intersected long intervals of continuous chalcopyrite and molybdenite mineralization from surface and over a broad area, measuring 1,200 m by 600 m and to depths of approximately 500 m. Mineralization remains open in all lateral directions and to depth.

Richmont Mines is initiating a 23,000-m directional drill program at its Island Gold mine 83 km northeast of Wawa, Ontario, Canada, to expand resources at depth below the current 1-million-oz gold resource. The drilling is following up on a very encouraging single deep hole from surface in 2014 that intersected 19.87 g/mt gold over 3.93 m at a depth of 1,200 m, approximately 280 m down plunge from the existing Island Gold resource.

Richmont has identified approximately 30 drill targets in the area surrounding the 1,200-m deep drill intersection. The company decided to use directional drilling because it will reduce costs by allowing multiple pierce points from three deep pilot holes and will also allow more accurate targeting. Three drills will be set up on surface to drill the three pilot holes from which approximately 10 legs each will be drilled to test different drill targets.

The planned array of 30 holes will test an area along a favorable shear zone covering approximately 500 m laterally and 640 m vertically, between depths of 860 m to 1,500 m.

Mawson Resources continued to report encouraging drill results from its 100% owned Palokas gold discovery in northern Finland, including 19.5 m grading 7.4 g/mt gold beginning at a depth of 1.3 m in one hole and 19 m grading 5.3 g/mt gold beginning at a depth of 38.7 m in another. Drilling is being undertaken with a company-owned and operated, hand-portable, low-impact Winkie diamond core drill rig, capable of drilling to depths of 120 m. Drill holes will test below and along strike from known gold mineralization within an area of 600 m along strike by up to 200 m across strike.
Mawson anticipates that it will drill up to 12 holes totaling 600 m through the end of October. The company plans to permit three to four Winkie rigs during the coming winter, when conditions will allow for easier access over wetter areas.

Tests on Palokas drill core have demonstrated excellent gold extraction of between 95% and 99% from a combination of gravity separation and conventional cyanidation.

Alamos Gold reported that ongoing exploration continues to expand mineralization at the Cerro Pelon and La Yaqui satellite deposits at its Mulatos mine in Sonora, Mexico. The deposits are located approximately 3 km and 7 km, respectively, from the existing Mulatos operation. Both deposits are near surface, highly oxidized, and amenable to open-pit heap leaching, and Alamos expects them to provide Mulatos with significant, near-term, low-cost production growth.
Each deposit will operate with independent heap leach pads and portable crushing circuits and will not displace existing throughput capacity from the main Mulatos crushing circuit and heap-leach pad.

Recent drilling at Cerro Pelon has included several long intercepts at good grades, including 94.2 m at 2.46 g/mt gold and 50.3 m at 14.47 g/mt gold. Following up on the strong results to date, Alamos is adding additional rigs at both Cerro Pelon and La Yaqui.