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22
EXPLORATION SPECIAL
The search hots up
THE number of companies reporting
assay results has soared over the past
two years, and the reports from
international laboratories are now
coming in at more than twice the rate
compared with mid-2009.
Data from Perth-based Intierra Ltd shows that the
number of metals projects that reported assay results
in the quarter to end-December 2011 rose almost
30% year-on-year to 1,140. This compares with only
880 in the final quarter of 2010, and 662 in the final
quarter of 2009.
A total of 2,465 metals projects reported assay
data last year (compared with 2,057 in 2010). The
project locations of these assay reports are plotted
on the map opposite.
The Intierra database incorporates press releases
directly from the various stock exchange filings, and
registers the three best assay results in each case.
These records show the number of gold projects
reporting assay results in the three months to
end-December reached 785, compared with 605 in
the quarter a year ago and only 454 two years ago
(see graph).
There has been a similar story for copper assay
reporting. Intierra reports 267 projects filing such
reports in the final three months of last year,
compared with 206 a year earlier (an increase
of almost 30%). The copper projects reporting assays
in the final quarter of 2009 was just 144.
The assay reports for silver projects (note there is
some double counting between the commodities)
totalled 277, 192 and 130 for the final quarters of
2011, 2010 and 2009, respectively.
The rate of activity appears to have been
maintained so far this year. The following is a
summary of some of the exploration work reported
in Mining Journal during the past two months.
North American interest
Precious-metals exploration activity has been
noteworthy so far this year in Canada. For example,
Claude Resources Inc recently confirmed the
presence of high-grade gold mineralisation at the
Santoy Gap zone within its Seabee gold mine in
Saskatchewan. The holes intersected mineralisation
at depths of more than 500m.
Mining Journal special publication – PDAC
An independent feasibility study for the jointventure
Ajax copper-gold project in British Columbia
has found reserves could support a 23-year open-pit
operation, reported 49%-owner Abacus Mining &
Exploration Corp. The project, 51%-owned by
KGHM Polska Miedz SA, was based on reserves
estimated in the study to contain 3,000Mlb (1.36Mt)
of copper and 2.7Moz of gold.
In the Yukon, Alexco Resources Corp has
intersected mineralisation over a 500m strike length
near its processing plant in the Keno Hill District.
A revised resource model for Seabridge Gold Ltd’s
Courageous Lake gold project in Canada’s Northwest
Territories has increased contained gold within
measured and indicated resources by 1.2Moz to
about 8Moz. A drilling programme completed last
year contributed data from 52 holes for 15,000m,
focused on previously-categorised inferred resources
within an open pit defined by a 2011 study. The latest
estimate will be used in a prefeasibility study due for
completion in May this year.
In Ontario, ongoing drilling at Rainy River
Resources Ltd’s namesake gold project has confirmed
the continuation of mineralisation below the planned
open-pit development. Extensions were intersected
below both the Cap and ODM pit outlines.
Also in Ontario, Moneta Porcupine Mines Inc has
filed a NI 43-101 independent technical report for a
resource estimate at its Golden Highway gold
property. The estimate, by P&E Mining Consultants,
defined more than 3Moz of gold within indicated
(1Moz) and inferred categories (2Moz) at the
Windjammer South, Southwest and 55 zones.
Other commodities are also attracting attention. In
Nunavut, for example, Canadian Orebodies Inc has
received the first resource estimate for its Haig Inlet
iron-ore deposit. The calculation, by consultant GH
Wahl, defined 230Mt at an average 35.2% Fe in the
indicated category, and 289Mt at 35.5% Fe in the
inferred category.
In Quebec, Matamec Exploration Inc has received a
preliminary economic assessment for its Kipawa
rare-earths project, and plans to progress work to
the feasibility stage.
Also in Quebec, an independent resource estimate
for Strateco Resources Inc’s Matoush uranium
deposit has increased contained uranium within
Aerial view of Claude Resources
Inc’s Seabee gold mine
Source: Intierra Resource Intelligence
800
700
600
500
400
300
200
100
0
Gold
Silver
Copper
2009 2011
Projects reporting assay results
Source: Intierra Resource Intelligence
inferred resources by 50% compared with the
previous 2009 estimate, to 8,720t. Consultant Roscoe
Postle calculated indicated resources of 453,000t at
an average grade of 0.78% U3O8, and inferred
resources of 2.04Mt at 0.43% U3O8, using a cut-off
grade of 0.1% U3O8.
In the US, Orvana Minerals Corp’s Copperwood
copper-silver deposit in Michigan’s Upper Peninsula
could support a 13-year operation, according to an
independent feasibility study. The study, prepared by
three consultants, found that an underground mine
using room-and-pillar techniques could yield 6,800t/d
of ore, or about 2.4Mt/y. Proven reserves were
estimated at 21Mt at an average grade of 1.46% Cu
and 3.98g/t Ag, with probable reserves estimated at
6.4Mt at 1.21% Cu and 2.44g/t Ag.
In South Carolina, Romarco Minerals Inc has
increased the amount of gold contained within
measured and indicated resources at its Haile
gold-mine project by 900,000oz to 4Moz. An
independent resource estimate by Independent
Mining Consultants calculated a 29% increase in the
figure compared with the previous estimate. The latest
estimate was prepared using data from infill drilling at
the project last year, which elevated inferred
resources to the measured and indicated categories.
In Nevada, Yukon-Nevada Gold Corp has
intersected high-grade mineralisation during
confirmation drilling at the Starvation Canyon zone,
part of its Jerritt Canyon operation. Starvation
Canyon was expected to be developed to add to the
existing operation.
Also in Nevada, Rye Patch Gold Corp has
recorded gold and silver mineralisation within its LH
claims, part of the disputed Rochester property
around Coeur d’Alene’s Rochester open-pit silver
mine. Each company has filed a lawsuit against the
other concerning the land, in a dispute that arose
when Rye Patch challenged Coeur’s ownership.
In Michigan, the second phase of drilling at Aquila
February 2012