International Resource News
International Resource News focuses on the global oil, gas and mining industries and provides concise, unbiased information throughout the day. This includes financial results, drilling announcements and strategic partnerships in this centuries-old, but ever-changing sector.
Below you will find a recent sample of the publication.
Astral Mining Corporation to Commence Drilling
Astral Mining Corporation (TSX V: AST; Frankfurt: WKN # A0JDX3), a Canada-based company engaged in the exploration and development of precious mineral properties, has commenced a drill programme at the Gold Springs epithermal gold property in the US.
The company will be testing three geological-geophysical target areas within the property through its drilling programme. At one target zone, earlier mining intercepted 2.34 g/t gold over 24.4m and 17 g/t gold over 3.0m. The target, named the Jumbo zone, has a mineral vein that is up to 7.5m wide and may be traced on the surface for 760m.
The company has previously conducted an exploration programme that consisted of surface rock sampling, geological mapping, ground magnetics and Controlled Source Audio Magneto Tellurics surveys. The company is currently earning a 100% working interest on the property, which comprises of 127 claims and covers an area of around three square kilometres.
Aurizon Mines Appoints Financial Advisor
Aurizon Mines Ltd (TSX: ARZ; AMEX: AZK), a Canada-based company that explores for gold resources, has appointed BMO Nesbitt Burns and National Bank Financial as a financial advisor to the company board of directors.
The company had earlier appointed a special committee of its board of directors to assess an unsolicited takeover offer made by Northgate Minerals Corporation. The company directors in the committee will be reviewing all possible actions the company may take in this regard. BMO Nesbitt Burns and National Bank Financial will aid the board in its evaluation of the takeover bid.
The company chairman and chief executive officer, David P Hall, has said, ‘The board and management of Aurizon are committed to maximizing value for our fellow shareholders. If formal offer documents are received, the board will be in a position to review Northgate's proposal and, in due course, communicate its views to shareholders.’
The company owns a 100% interest in its flagship project, the Casa Berardi project. This project has a gold reserve of 1,247,000 ounces with a recovery rate of 91%. The project has been estimated to produce gold at a rate of 175,000 ounces per year.
Black Dragon Resource to Re-Drill Shut-In Wells
Black Dragon Resource Companies, Inc (OTCPK: BDGR), a US-based company focused on exploring for oil and gas, has commenced an exploration programme to re-drill wells at its Caddo Lake property.
The drill programme will target 43 shut-in wells on the property that have been previously drilled by Gulf Oil Company. The company expects to produce from between four and seven barrels of oil per day from each well and intends to commence production from 10 new wells every month.
The company will also be drilling additional new wells at the project site and complete construction of a gas gathering system.
Gemini Exploration, Inc currently operates the project.
Freewest Resources Canada Forms Joint Venture
Freewest Resources Canada, Inc (TSX V: FWR), a Canada-based company exploring for gold, base metals and uranium in Canada, has formed a joint venture with Geodex Minerals Ltd (Geodex) (TSX V: GXM) to explore the Harry Brook gold belt in New Brunswick.
The company has pooled its land holdings with that of Geodex to develop a merged claim block that consists of a total of 161 claims. The company will be forming a joint venture for the project on a 50:50 basis. Geodex will be the operator of the project. Geodex will also fund the exploration expenditures until they equal the expenditures made by Freewest Resources.
The Harry Brook gold belt hosts stream sediment gold anomalies. Routine filed work in the area has returned a sample containing visible gold at a rate of 1,320 grams per tonne.
Gold Canyon Resources Closes Private Placement
Gold Canyon Resources, Inc (TSX-V: GCU), a Canada-based mineral exploration company, has closed a non-brokered private placement of its stock for US investors.
The company has sold 920,667 common share units (units) at a price of CDD0.40 per share, for a total proceed of CDD368,266.80. Each unit consists of a common share of company stock and one-half of one non-transferable common share purchase warrant. Each full warrant permits its holder to acquire one additional common share at a price of CDD0.50 per share, for a period of two years from the date of closing of the share offering.
The company has paid finders' fees of CDD16,800.00 in cash and issued 11,000 units at a exercise price of CDD0.40 per unit for the issue.
The net proceeds of this private placement are to be utilised for additional work on the Springpole Gold and Cordero Gallium projects.