VANCOUVER — Tapping into the IntelligenceMine database of our sister company Infomine, The Northern Miner has compiled the top-five gold intercepts (grade multiplied by width) reported by exploration-stage companies in Canada in 2016. The results exclude projects that have current economic studies and mine plans.
1. TerraX Minerals, Northbelt project, NWT
TerraX Minerals (TSXV: TXR; US-OTC: TRXXF) tops the list with results from its Northbelt gold property, which lies 15 km from the city of Yellowknife, Northwest Territories. The regional project covers 13 km of strike of the northern extension of geology that contains the past-producing Giant and Con gold mines.
In June the company released assays from its Mispickel target that are highlighted by 8 metres (from 88 metres) grading 60.6 grams gold per tonne (or 485 metres × grams gold per tonne) in diamond drill hole 16-16. The intercept includes 2.3 metres at 212.48 grams gold. Gold mineralization is contained in quartz veins within shear zones.
The company wrapped up a 27,000-metre, mid-year drill program in September, and raised $7.5 million via a non-brokered private placement of 19 million shares at 40¢ each.
In February 2017, TerraX added 253 sq. km to its land package around Yellowknife, and announced a 17,000-metre winter drill program that will follow up on the Mispickel discovery, as well as many other targets.
TerraX shares have traded in a 52-week range of 29¢ to $1.05, and closed at 85¢ per share at press time. The company has 101 million shares outstanding for an $87-million market capitalization. Osisko Gold Royalties (TSX: OR; NYSE; OR) holding an 11% equity interest.
2. Eastmain Resources, Eastmain project, Quebec
Eastmain Resources (TSX: ER; US-OTC: EANRF) sits in second spot courtesy of results from the Julien target at its namesake Eastmain mine project in the James Bay region of Quebec. On Nov. 14, the company reported assays from an exploration program focused on prospects northwest of the Eastmain mine deposit, including the Julien, Suzanna and Hillhouse targets.
Results are highlighted by diamond drill hole 16-76, which cut 10.5 metres (from 15 metres) grading 42.4 grams gold (or 445 metres × grams gold per tonne) within an altered rhyolite unit hosting a mineralized quartz vein with visible gold. The Julien intersect includes 2 metres (from 22.5 metres) of 219 grams gold.
In July Eastmain closed an $11.1-million, bought-deal private placement of 9.8 million flow-through shares priced at 91.8¢ per share, and 4.2 million hard shares priced at 51¢ per share.
In January 2017, the company wrapped up an 8,550-metre program at the project.
Eastmain shares have a 52-week trading range of 29¢ to 97¢ per share, and last closed at 56¢. The company has 175.4 million shares outstanding for a $95-million market capitalization.
3. Bonterra Resources, Gladiator project, Quebec
BonTerra Resources (TSXV: BTR; US-OTC: BONXF) makes the list with results from its Gladiator gold project on the Urban-Barry Greenstone Belt in the Abitibi subprovince, 170 km northeast of Val-d’Or, Quebec. On Nov. 16, the company reported that diamond drill hole 16-39 intersected 5.5 metres (from 813 metres) at 70 grams gold (or 385 metres × grams gold per tonne).
BonTerra has been targeting the lowest and easternmost extents of the Gladiator zones.
Mineralization reportedly consists of “pyrite, sphalerite and free visible gold contained within quartz veining and alteration near or at a mafic contact with the felsic porphyry.”
BonTerra followed up in December with drill hole 16-40 cutting 64.3 grams gold over 2 metres at 130 metres below surface.
BonTerra’s drilling in 2015 and 2016 included 8,300 metres in 19 holes on a western extension of the Gladiator.
The company recently struck a $9.4-million, bought-deal financing with Sprott Capital Partners that includes 11 million flow-through shares priced at 35¢, and 19.8 million hard shares priced at 28¢.
BonTerra shares have traded in a 52-week range of 20¢ to 51¢, and closed at 35.5¢ per share at press time. The company has 91.3 million shares outstanding for a $32-million market capitalization.
4. Golden Predator Mining, 3 Aces project, Yukon
Golden Predator Mining (TSXV: GPY; US-OTC: NTGSF) slides into fourth spot thanks work at its 3 Aces orogenic gold deposit in the southeastern Yukon, 160 km north of Watson Lake. In June, the company reported results from a reverse-circulation (RC) drill program that are headlined by 11.4 metres (from 13 metres) grading 32 grams gold (or 364.5 metres × grams gold per tonne) in hole 3A16-RC025.
Golden Predator followed up in January with 10.7 metres (from 17 metres) of 32.9 grams gold (or 350.6 metres × grams gold per tonne) in hole 3A16-032.
Drilling has focused on near-surface extensions to the high-grade Sleeping Giant vein, where a bulk sample was excavated in early 2016. The 3 Aces deposit hosts high-grade quartz veins, including some with visible gold.
In July, Golden Predator closed a $16.36-million brokered private placement of 11 million flow-through units priced at 73¢ each, and 8.3 million hard units at $1 each. The units consist of a share and half a warrant, with a full warrant having a $1 strike price over two years.
Eric Sprott invested $7.3 million in the placement to acquire 10 million units.
Golden Predator shares have traded within a 52-week range of 12¢ to $1.79, and last closed at $1.67 per share. The company has 77.2 million shares outstanding for a $126-million market capitalization.
5. Marathon Gold, Valentine Lake project, Newfoundland
Marathon Gold (TSX: MOZ; US-OTC: MGDPF) rounds out the list with results from a 2016 drill campaign at its Valentine Lake gold project on the island of Newfoundland.
In January, the company reported that diamond drill hole 16-154 cut 14 metres (from 41 metres) grading 25.3 grams gold (or 355 metres × grams gold per tonne), which is the second-highest gold assay intersected to date at the Marathon deposit. The intersect includes 4 metres (from 47 metres) grading 87 grams gold (or 348 metres × grams gold per tonne).
The sub-vertical mineralized corridor of the Marathon deposit, consisting of dominantly shallow, southwest-dipping, en-echelon stacked quartz-tourmaline-pyrite-gold veining, has a strike length exceeding 550 metres, extends more than 400 metres deep and is open along strike and at depth.
The company is in the midst of a 37,000-metre drill program at Valentine Lake and intends to complete a resource estimate soon, and then a preliminary economic assessment within the next 12 months.
In October, Marathon closed an $8-million, bought-deal prospectus offering of 8.9 million flow-through shares priced at 90¢ each. The company had $3 million in treasury at the time of the financing.
Marathon shares have traded in a 52-week range of 17¢ to $1.14 per share, and last closed at $1.08. The company has 117 million shares outstanding for a $115-million market capitalization.