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SilverCrest Metals Inc.


SilverCrest Metals Inc. (TSXV: SIL.V; OTCQX: SVCMF) is a Canadian precious metals exploration company headquartered in Vancouver, BC , that is focused on new discoveries, value-added acquisitions and targeting production in Mexico's historic precious metal districts. The Company is led by a proven management team in all aspects of the precious metal mining sector, including the pioneering of a responsible "phased approach" business model taking projects from discovery, finance, on time and on budget construction, and production with subsequent increased value to shareholders.

SilverCrest Metals (TSXV: SIL.V; OTC: SVCMF) Presentation at #VRIC17

Gold / Mining News

EMX Royalty (TSXV: EMX) (NYSE: EMX) Acquires Boreal Energy Metals Shares for Two Nickel-Copper-Cobalt Projects in Sweden
Vancouver, British Columbia - May 18, 2018 (Newsfile Corp.) ( Newswire) EMX Royalty Corporation (TSXV: EMX) (NYSE American: EMX) ("EMX") is pleased to announce its acquisition of 2,020,202 common shares of Boreal Energy Metals Corp. ("BEMC")

Sixty North Gold Mining (CSE: SXTY) (FSE: 2F4) Expands Its Land Package by 25.8%
Vancouver, British Columbia - May 18, 2018 (Newsfile Corp.) ( Newswire) Sixty North Gold Mining Ltd. (CSE: SXTY) (FSE: 2F4) (the "Company" or "Sixty North Gold") is pleased to announce that it has expanded its land package in the Yellowknife Gold Belt by 25.8 %, with an additional 127.75 hectares (315.68 acres).

Copper Miner Gears Up for Summer Drill Season
May 18, 2018 ( Newswire) Vince Sorace, the president and CEO of Kutcho Copper Corp., tells Resource Stock Digest about the company's plan of attack for the 2018 field program

Zinc Miner Signs Contract for Drilling at High-Grade Site in Nevada
May 18, 2018 ( Newswire) Canada-based zinc mining company expands drilling program at U.S. site.

Shovelnose Delivers Gold to Westhaven
May 18, 2018 ( Newswire) Bob Moriarty of 321 Gold profiles a company that holds a large land position in the "most unexplored gold belt in British Columbia."

The State of Mining in India
May 17, 2018 ( Newswire) Jayant Bhandari, host of the "Capitalism and Morality" seminar, discusses with Maurice Jackson of Proven and Probable the state of mining in India, as well as some mining companies that offer arbitrage opportunities.

Gold Producer in Colombia Completes Acquisition of Explorer
May 17, 2018 ( Newswire) A gold producer acquires the remaining part of a gold exploration company, and drilling at its flagship mine indicates high-grade mineralization below the existing resource.

Pacific Empire (TSXV: PEMC) Provides Exploration Update
Vancouver, British Columbia - May 17, 2018 (Newsfile Corp.) ( Newswire) Pacific Empire Minerals Corp. (TSXV: PEMC) ("PEMC" or the "Company"), a hybrid prospect generator focused in British Columbia, reports that it has completed Reverse Circulation ("RC") drilling at the Red JV Property, staked four properties

The Holy Grail of Investing
May 16, 2018 ( Newswire) Bob Moriarty of 321 Gold discusses movements in the gold and silver markets.

#Mining News: #SilverCrest (TSXV: $SIL.V; OTCQX: $SVCMF) Closes $17,250,345 Bought Deal Financing, Over-Allotment Option Exercised in Full
Vancouver, British Columbia - May 17, 2018 ( Newswire) SilverCrest Metals Inc. (TSXV: SIL.V; OTCQX: SVCMF) ("SilverCrest" or the "Company") is pleased to announce the completion of its prospectus offering announced on April 26, 2018 whereby the Company issued a total of 8,214,450 common shares at a price of $2.10 per common share for gross proceeds of $17,250,345, including exercise of the over‑allotment option in full (the "Offering").

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Gold News from Global Newswire

Alio Gold Announces Voting Results of Annual General and Special Shareholders Meeting; Shareholders Approve Acquisition of Rye Patch

VANCOUVER, British Columbia, May 18, 2018 (GLOBE NEWSWIRE) -- Alio Gold Inc (TSX:ALO) (NYSE AMERICAN:ALO) (“Alio Gold” or the “Company”), reports the voting results from its annual general and special meeting of shareholders held today in Vancouver, British Columbia (the “Meeting”). Each of the matters voted upon at the Meeting is described in detail in the Company’s Information Circular dated April 18, 2018, which is available on the Company’s website at,, and on SEDAR and EDGAR.

Shareholders voted overwhelmingly in favour of the plan of arrangement ("Arrangement") pursuant to which Alio Gold will acquire all of the outstanding shares of Rye Patch Gold Corp. (“Rye Patch”). Under the terms of the Arrangement, each Rye Patch shareholder will receive 0.48 of an Alio Gold common share and one tenth of one cent ($0.001) per Rye Patch common share held. The Arrangement was approved by approximately 94% of the votes cast by Alio Gold shareholders at the Meeting. Rye Patch shareholders have also approved the Arrangement, with approximately 99% of the votes cast by Rye Patch shareholders at its special shareholders meeting held today having been cast in favour of the Arrangement, including 99% of the votes cast by disinterested Rye Patch shareholders in accordance with Part 8 of Multilateral Instrument 61-101 – Protection of Minority Securityholders in Special Transactions.  A copy of the complete report on voting for Alio Gold will be made available on SEDAR and EDGAR.

The Arrangement is expected to close on or around May 25, 2018, subject to the receipt of applicable regulatory approvals and the satisfaction of other customary conditions to closing. As disclosed in the press release dated March 19, 2018, Macquarie Bank Limited has agreed not to exercise its right to require immediate repayment of the existing Florida Canyon project loan as a result of this transaction and the parties have agreed on the terms of a restructuring of the outstanding balance, subject to credit approval and completion of definitive documentation.

A total of 22,978,782 common shares were represented at the Meeting, being 51.43% of the Company’s issued and outstanding common shares. In addition to voting in favour of the Arrangement, the Company’s shareholders voted in favour of all other matters brought before the Meeting, including setting the number of directors at seven, electing each of the Company’s nominees for director (see below), approving the appointment of Deloitte LLP, Chartered Accountants, as the Company’s auditors for the ensuing year and authorizing the directors to fix the remuneration payable to the auditors.

Election of Directors

Director NomineeVotes ForVotes Withheld
Mark D. Backens15,429,784  (94.40%)915,269  (5.60%)
George Brack15,423,850 (94.36%)921,203  (5.64%)
Bryan A. Coates15,420,119  (94.34%)924,934  (5.66%)
Stephen Lang15,417,743  (94.33%)927,310  (5.67%)
Greg McCunn15,411,992  (94.29%)933,061  (5.71%)
Paula Rogers15,415,736  (94.31%)929,317  (5.69%)
Jose Alberto Vizquerra Benavides14,446,525  (88.38%)1,898,528  (11.62%)

About Alio Gold

Alio Gold is a growth oriented gold mining company, focused on exploration, development and production in Mexico. Its principal assets include its 100%-owned and operating San Francisco Mine in Sonora, Mexico and its 100%-owned development stage Ana Paula Project in Guerrero, Mexico. Located within the highly prospective Guerrero Gold Belt on 56,000 hectares of underexplored land the Ana Paula Project is a high-grade, high margin project currently in the definitive feasibility stage. An underground decline to provide access for an exploration drill program has been initiated. The drill program will target the continuation of the high-grade gold mineralization below the proposed pit which has the potential to significantly enhance the robust economics of the project. The Company recently announced an agreement to acquire Rye Patch Gold, including its 100% owned Florida Canyon Mine and all of its resource and exploration projects along the Oreana and Cortez Gold trends. The acquisition is expected to be completed in late May 2018.  The Company also has a portfolio of other exploration properties, all of which are located in Mexico.

Cautionary Note Regarding Forward-Looking Statements

Certain statements and information contained in this news release constitute “forward-looking statements” within the meaning of applicable U.S. securities laws and “forward-looking information” within the meaning of applicable Canadian securities laws, which we refer to collectively as “forward-looking statements”. Forward-looking statements are statements and information regarding possible events, conditions or results of operations that are based upon assumptions about future economic conditions and courses of action. All statements and information other than statements of historical fact may be forward-looking statements. In some cases, forward-looking statements can be identified by the use of words such as “seek”, “expect”, “anticipate”, “budget”, “plan”, “estimate”, “continue”, “forecast”, “intend”, “believe”, “predict”, “potential”, “target”, “may”, “could”, “would”, “might”, “will” and similar words or phrases (including negative variations) suggesting future outcomes or statements regarding an outlook.

Forward-looking statements include, but are not limited to, statements which relate to future events. Such statements include estimates, forecasts and statements with respect to: the timing and the completion of the Arrangement, the receipt of court and other approvals in connection therewith, the satisfaction of the conditions to the closing of the Arrangement and the benefits to Alio Gold and its shareholders of the Arrangement.

Such forward-looking statements are based on a number of material factors and assumptions, including, but not limited to: that there will be no delays in the completion of the Arrangement, the ability of Rye Patch and Alio Gold to receive, in a timely manner, the necessary court, stock exchange, creditor and regulatory approvals in respect of the Arrangement, the ability of Alio Gold and Rye Patch to satisfy, in a timely manner, the other conditions to the closing of the Arrangement and the ability of Alio Gold to successfully integrate Rye Patch’s assets into its asset portfolio. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements, or industry results, to differ materially from those anticipated in such forward-looking statements. The Company believes the expectations reflected in such forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and you are cautioned not to place undue reliance on forward-looking statements contained herein.

Some of the risks and other factors which could cause actual results to differ materially from those expressed in the forward-looking statements contained in this news release include, but are not limited to: a delay in receiving, or a failure to receive, the necessary court, stock exchange, creditor and regulatory approvals in respect of the Arrangement, the need for additional time to satisfy, or the failure to satisfy, the other conditions to the completion of the Arrangement, the failure to successfully integrate Rye Patch’s assets into Alio Gold’s asset portfolio and the factors identified under the caption “Risk Factors” in the Alio Gold management information circular in respect of the Meeting and the documents incorporated by reference therein.

Although the Company has attempted to identify important factors that could cause actual results or events to differ materially from those described in the forward-looking statements, you are cautioned that this list is not exhaustive and there may be other factors that the Company has not identified. Furthermore, the Company undertakes no obligation to update or revise any forward-looking statements included in, or incorporated by reference in, this news release if these beliefs, estimates and opinions or other circumstances should change, except as otherwise required by applicable law.

Source: ALO

For further information, please contact:
Lynette Gould
Vice President, Investor Relations

Neither the TSX nor its Regulation Services Provider (as that term is defined in the policies of the TSX) nor the New York Stock Exchange MKT accepts responsibility for the adequacy or accuracy of this news release.


New Pacific Reports Financial Results for the Three and Nine Months Ended March 31, 2018

VANCOUVER, British Columbia, May 18, 2018 (GLOBE NEWSWIRE) -- New Pacific Metals Corp. (TSX-V:NUAG) (OTCQX:NUPMF) (“New Pacific” or the “Company”) today announced its unaudited condensed consolidated interim financial results for the three and nine months ended March 31, 2018. 

This earnings release should be read in conjunction with the Company's Management Discussion & Analysis, Financial Statements and Notes to Financial Statements for the corresponding period, which have been posted under the Company’s profile on SEDAR at and are also available on the Company's website at  All figures are expressed in Canadian dollars (CAD) unless otherwise stated.


Net loss attributable to equity holders of the Company for the three months ended March 31, 2018 was $258,719 or $0.00 per share (three months ended March 31, 2017 - net income of $1,570,466 or $0.02 per share).  The Company’s financial results were mainly impacted by the following: (i) loss from investments of $35,551 compared to income of $2,420,122 in the prior year; (ii) foreign exchange gain of $474,432 compared to foreign exchange loss of $153,676 in the prior year; and, (iii) operating expenses of $748,893 compared to $698,410 in the prior year.

For the nine months ended March 31, 2018, net loss attributable to equity holders of the Company was $2,906,517 or $0.02 per share compared to net income of $2,924,118 or $0.04 per share for nine months ended March 31, 2017.

Loss from investments for the three months ended March 31, 2018 was $35,551 (three months ended March 31, 2017 - income of $2,420,122).  Within the loss from investments, loss of $76,987 from fair value change and interest earned on bonds was partially offset by gain of $40,235 on the Company’s equity investments.

For the nine months ended March 31, 2018, loss from investments was $543,962 compared to income of $3,741,354 for the nine months ended March 31, 2017.

Operating expenses for the three months ended March 31, 2018 were $748,893 (three months ended March 31, 2017 - $698,410).  For the nine months ended March 31, 2018, operating expenses were $2,487,090 (nine months ended March 31, 2017 - $1,350,664).  The increase in operating expenses was a result of the Company’s increased activity. 

Foreign exchange gain for the three months ended March 31, 2018 was $474,432 (three months ended March 31, 2017 - foreign exchange loss of $153,676). The Company holds a large portion of cash and cash equivalents and bonds in US dollars while the Company’s functional currency is the Canadian dollar. The fluctuation in exchange rates between the US dollar and Canadian dollar will impact the financial results of the Company.  During the three months ended March 31, 2018, the US dollar appreciated by 2.8% against Canadian dollar (from 1.2545 to 1.2894) while during the three months ended March 31, 2017 the US dollar depreciated by 0.8% against Canadian dollar (from 1.3427 to 1.3322). 

For nine months ended March 31, 2018, foreign exchange loss was $64,763 (nine months ended March 31, 2017 – foreign exchange gain of $445,152). 


The Company started the preparation work for the planned exploration program after the acquisition of the Silver Sand Project.  In October 2017, the Company successfully received exploration permits required by the relevant Bolivian government authorities and immediately commenced a 30,000 metre exploration drilling program on the property.  For the three and nine months ended March 31, 2018, total expenditures of $2,292,123 and $3,646,522, respectively, were capitalized under the property.  These expenditures were mainly related to the drilling program, site and camp preparation, maintaining a regional office in La Paz, and building a competent management team and workforce for the property.


New Pacific Metals Corp. is a Canadian exploration and development company which owns the Silver Sand Project, in the Potosi Department of Bolivia, the Tagish Lake Gold Project in Yukon, Canada, and the RZY Project in Qinghai Province, China. 

For further information, please contact:

New Pacific Metals Corp.
Investor Relations
Phone: (604) 633-1368
Fax: (604) 669-9387


Certain of the statements and information in this press release constitute “forward-looking information” within the meaning of applicable Canadian provincial securities laws. Any statements or information that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as “expects”, “is expected”, “anticipates”, “believes”, “plans”, “projects”, “estimates”, “assumes”, “intends”, “strategies”, “targets”, “goals”, “forecasts”, “objectives”, “budgets”, “schedules”, “potential” or variations thereof or stating that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved, or the negative of any of these terms and similar expressions) are not statements of historical fact and may be forward-looking statements or information.

Forward-looking statements or information are subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ from those reflected in the forward-looking statements or information, including, without limitation, risks relating to: fluctuating equity prices, bond prices, commodity prices; calculation of resources, reserves and mineralization, foreign exchange risks, interest rate risk, foreign investment risk; loss of key personnel; conflicts of interest; dependence on management and others. 

This list is not exhaustive of the factors that may affect any of the Company’s forward-looking statements or information. Forward-looking statements or information are statements about the future and are inherently uncertain, and actual achievements of the Company or other future events or conditions may differ materially from those reflected in the forward-looking statements or information due to a variety of risks, uncertainties and other factors, including, without limitation, those referred to in the Company’s Annual Information Form for the year ended June 30, 2017 under the heading “Risk Factors”. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated, described or intended. Accordingly, readers should not place undue reliance on forward-looking statements or information. 

The Company’s forward-looking statements or information are based on the assumptions, beliefs, expectations and opinions of management as of the date of this press release, and other than as required by applicable securities laws, the Company does not assume any obligation to update forward-looking statements or information if circumstances or management’s assumptions, beliefs, expectations or opinions should change, or changes in any other events affecting such statements or information. For the reasons set forth above, investors should not place undue reliance on forward-looking statements or information.

Grenville-sur-la-Rouge municipal councilor Marc-André Le Gris is declared a vexatious litigant

VANCOUVER, British Columbia, May 18, 2018 (GLOBE NEWSWIRE) -- Marc-André Le Gris, municipal councilor and president of the legal and regulatory affairs, urbanism, human resources, and communications committees of the municipality of Grenville-sur-la-Rouge (“GSLR”), has just been declared a vexatious litigant by the Quebec Superior Court.1 A vexatious litigant is a person who uses the courts in an excessive and unreasonable manner, and who shows the following traits, as described in paragraph 71 of the judgment:

  • He demonstrates stubbornness and narcissism.
  • He more often appears as a plaintiff than as a defendant.
  • The legal arguments put forward are distinguished by both creativity and incongruity. They are legal in form, but at the limit of the rational.
  • Most if not all adverse decisions are appealed, or are the object of requests for review or retraction.
  • He represents himself.

In his judgment, the Honorable Daniel W. Payette compiles a partial history of the 28 proceedings launched by Marc-André Le Gris since 2004, including the application of March 17, 2017 for leave to appeal a judicial review judgment and for a mandatory injunction. The object of this procedure by Le Gris was to render zoning by-law RU-902-01 2015 null, and to prevent use and extractive activities in agro forestry zones. Mr. Le Gris’ principal objective with this procedure was to change the municipal regulations so as to block Canada Carbon’s project. Judge Payette writes:

“This overview, even partial, of the judicial remedies sought by Le Gris demonstrates abusive use of judicial resources. He excessively consumes them to the detriment of other cases subject to the courts’ jurisdiction and the parties involved in them.” (Paragraph 111)

Further on, the Honorable Daniel Payette adds:

“[…] a declaration of vexatiousness does not depend solely on a knowingly malicious and arrogant use of the judicial system. Abusive, excessive, and repeated utilization of judicial resources suffices; and this is the kind of use Le Gris makes of the judicial system.” (Paragraph 113)

“He demonstrates stubbornness in continuing his actions by a multiplicity of inventive procedures and managerial requests, while not respecting settled legal contracts. When, in light of a particularly unreasonable request, his case gets more difficult, he drops it. But, by this time, the damage is already done.” (Paragraph 114)

“He transforms every conflict, however minor, into complex litigation, ignoring the fact that judicial resources are limited.” (Paragraph 115)

The Honorable Daniel Payette also considers that Mr. Le Gris uses the courts for political and personal ends. He writes:

“Le Gris abuses judicial resources for a particularly reprehensible end, namely to attack a political adversary and attempt to reduce him to silence” (Paragraph 127)

“He exploits the courts in the political struggle that he carries out in the municipality.” (Paragraph 117)

In reaction to the judgment, R. Bruce Duncan, Executive Chairman and CEO of Canada Carbon Inc., said: “Since the beginning of the dispute between Canada Carbon and the newly elected representatives of Grenville-sur-la-Rouge, we have been saying that the behavior of municipal councilors, and particularly of Mr. Le Gris, has been misleading, abusive and inappropriate.  It is important to remember that Mr. Le Gris is not just a municipal councilor. He holds several key positions as president of the legal and regulatory affairs, urbanism, human resources, and communications committees of the municipality of Grenville-sur-la-Rouge. It should also be noted that even prior to being elected, Mr. Le Gris has been a key member of the S.O.S. GSLR committee, which is opposed to our project. Finally, Mr. Le Gris is an administrator responsible for ‘moderating’ discussions on the Grenville-sur-la-Rouge News Facebook page which include discussions concerning the Miller project.”

The judgment rendered on May 14, 2018 by the Honorable Daniel W. Payette has, notably, the following effects:

  1. It declares Mr. Le Gris to be a vexatious litigant.
  2. It sets up a mechanism whereby he is prohibited from launching any legal proceedings against the municipality of Grenville-sur-la-Rouge or of any of its elected officials or officers, past, present, or future, without prior authorization from the Court’s Chief Justice.
  3. It obliges Le Gris to pay former mayor John Saywell the sum of $1,000 in damages and interest and $2,500 in punitive damages.
  4. It orders the provisional enforcement, notwithstanding appeal, of paragraphs 135 and 138 to 141 of the judgment (in case Mr. Le Gris should decide to appeal the judgment).

In conclusion, the Honorable Daniel Payette wrote, in paragraph 117 of the judgment, that Mr. Le Gris, in the context of numerous judicial proceedings undertaken, “misused the courts in his political struggle within the municipality.” Mr. Duncan says that, “it is disappointing to note that Mr. Le Gris continues to act in the same way he acted prior to becoming a councilor. Despite launching case number 700-17-014036-171 and losing his attempt to challenge by-laws to block the Canada Carbon project in early 2017, within months of becoming councilor, the GSLR council sent CPTAQ a resolution falsely claiming that the project is not compliant with municipal by-laws.”

Olga Nikitovic Pierre Bouchard
Canada Carbon INDICO Communications
416-575-1667 514-951-7516

“Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.”

FORWARD LOOKING STATEMENTS: This news release contains forward-looking statements, which relate to future events or future performance and reflect management’s current expectations and assumptions. Such forward-looking statements reflect management’s current beliefs and are based on assumptions made by and information currently available to the Company. Investors are cautioned that these forward-looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected. These forward-looking statements are made as of the date hereof and, except as required under applicable securities legislation, the Company does not assume any obligation to update or revise them to reflect new events or circumstances. All of the forward-looking statements made in this press release are qualified by these cautionary statements and by those made in our filings with SEDAR in Canada (available at

1 Cour supérieure – District de Terrebonne ; no. : 700-17-013501-167, May 14, 2018 ; Marc-André Le Gris (plaintiff) v. John Saywell (defendant)


U. S. Steel Applauds Department of Commerce Circumvention Ruling

PITTSBURGH, May 18, 2018 (GLOBE NEWSWIRE) -- Today, United States Steel Corporation (NYSE:X) issued the following statement in response to the Department of Commerce's ruling on circumvention petitions filed by American steel producers in September 2016. The Department found that imports of Chinese steel finished in Vietnam are covered by U.S. antidumping and countervailing duty orders on imports from China.

As a result of this decision, U.S. importers of cold-rolled and galvanized steel from Vietnam made from Chinese substrate must make cash deposits under the applicable orders.

The company’s statement follows:

“We applaud Secretary Ross’ final circumvention decision, which represents the Administration’s full commitment to using all tools available to combat unfair trade and restore a level playing field for the domestic steel industry.”

Meghan Cox
Corporate Communications
T – (412) 433-6777
E –

Excellent Preliminary Metallurgical Test Work Results for Thor’s Segilola Gold Project


VANCOUVER, British Columbia, May 18, 2018 (GLOBE NEWSWIRE) -- Thor Explorations Ltd. (TSX VENTURE:THX) (“Thor” or the “Company”) is pleased to provide an update following excellent preliminary results from its Definitive Feasibility Study (“DFS”) metallurgical test work program on its 100 per cent owned Segilola Gold Project in Nigeria.

The metallurgical test work program is well progressed with Independent Metallurgical Operations (“IMO”) Perth using a representative bulk sample totalling over 500kg of diamond core. The targeted outcome of the metallurgical test work program is to optimise the Preliminary Feasibility Study (“PFS”) process flowsheet, with the expected inclusion of a gravity recovery circuit and investigation of other identified opportunities for process design enhancements.

The probable reserve at Segilola currently comprises 448,000 ounces of gold grading 4.2 grams per tonne (“g/t”) of gold (“Au”) within a global resource base of 862,000 ounces gold.


  • 77.5% average gravity recovery confirmed in metallurgical test work program

  • 98.9% total recovery confirmed at 106 µm grind size and 24hr cyanide leach

  • Average recovered head grade of 8.73g/tAu compared to estimated grade of 6.66 g/t Au

Segun Lawson, President & CEO, stated:

“We are extremely encouraged by these results which have both confirmed our hypotheses and exceeded our expectations. The results confirm substantial gravity recovery is achievable and a significant opportunity exists for optimisation of the process plant, resulting in a reduced operating cost, increased total recovery and improved process efficiency. The results also return a 30% increase in the recovered grade compared to the estimated grade.

The DFS work streams we are carrying out on the Segilola Project continue to enhance the project. We look forward to announcing the final metallurgical results and the pending drill results.”


Data from the metallurgical test work program suggests that a significant proportion of the gold occurs as coarse particles which will be, most efficiently and economically, recovered by gravity separation. Although coarse gold is frequently observed in the core, the full impact of the coarse gold on the reserves and, hence, project economics, is now clearly apparent in the bulk sample test work results.

There are also indications that there may be an uplift in grade from reserve grade to mined head grade.

Test Work Procedure

The metallurgical test work comprises two basic stages:

  • Master composite preparation, characterisation and gravity gold determination: sample is derived from the variability composites (Table 1)
  • Variability testing: 11 variability composites will be subjected to the master composite optimal conditions to determine the impact of different lithological zones and high grade areas (Table 2). The variability composites comprised samples from eleven holes distributed both along the strike length and at different levels of the resource (Table 1).

IMO prepared a master composite sample with a calculated head grade 6.66g/tAu representing the expected average head grade of for the initial 3-4 years of open pit operations and mostly from the northern high grade end of the pit, targeting the initial ore that would be mined and processed during the payback period. The higher grade ore tested will also result in ensuring that the carbon transfer circuits including elution, etc are sized for the higher gold tenor as carbon movements through CIL can be a limitation to throughput and grade constraints if a process is designed for a lower grade ore.

The master composite provided the feed material for the Knelson concentrator test work which is designed to determine the percentage of gold that is recoverable by gravity separation (Figure 1).

CompositeHole IDFrom  (m)To  (m)Interval (m)Grade (Aug/t)  by MassMass (kg)
Master Comp Total606.6695

Table 1:  Master composite input sample intervals and grades

CompositeHole IDFrom  (m)To  (m)Interval (m)Grade (Aug/t)  by MassGrade (Aug/t)  by Interval

Table 2: Variability composite input sample intervals and grades

A photo (Figure 1) accompanying this announcement is available at

A photo (Figure 2) accompanying this announcement is available at

Master Composite Leach Test Results

The three leach tests conducted on the Master Composite were undertaken on gravity tailings at 80% passing grind sizes of 150, 106 and 75µm.

Conditions utilised for the tests were industry standard, mild conditions summarised by:

  • 500ppm NaCN initial concentration, maintained at 300 ppm;
  • Dissolved oxygen concentrations ranging from 6–10 mg/L;
  • 40% solids in Perth Tap Water

Summarised gold results and kinetic leach curves for the three grind optimisation tests are shown in Table 3 and Figure 3, indicating the following:

  • Gravity recoveries averaging 77.5%,
  • Overall gold recoveries of 98.4%, 99.3% and 99.5% for Test 1 (150µm), Test 2 (106µm) and Test 3 (75µm) respectively, indicating increasing recoveries with decreasing grind size as shown in Figure 3,
  • Reducing leach kinetics at 150 µm (89.8% 8 hour recovery), whilst 106µm resulted in the greatest leach kinetics (95.1% 8 hour recovery),
  • Increased residue grades of 0.15 g/t for 150 µm compared to 0.05g/tAu and 0.06g/tAu for 75µm and 106µm grinds respectively.

Calculated head grades for the three leach tests ranged from 8.74g/tAu to 8.87g/tAu, reduced when compared to the assayed head grade of 12.61g/tAu.  As the calculated head grade is based on solution assays and low residue assays this is expected to be a more accurate determination of the head assay when compared to 50g fire assays.

A photo (Table 3) accompanying this announcement is available at

A photo (Figure 3) accompanying this announcement is available at

Cyanide consumptions were low, ranging from 0.11 kg/t to 0.15 kg/t for a 48 hour duration.

Lime consumption was very low, ranging from 0.29 – 0.51 kg/t.

The increase in overall gold recovery correlates closely with the leach feed grind size, as shown in Figure 4. Although increased grind size results in increased residue grade, a minor variation of 0.01g/tAu residue exists between the 106 and 75 µm tests.   

A photo (Figure 4) accompanying this announcement is available at

A photo (Figure 5) accompanying this announcement is available at

Overall the first round of leach test results indicate high overall recoveries ranging from 98.4% to 99.5%.

Qualified Person
The above information has been prepared under the supervision of Alfred Gillman (Fellow AusIMM, CP), who is designated as a “qualified person” under National Instrument 43-101 and has reviewed and approves the content of this news release. He has also reviewed QA/QC, sampling, analytical and test data underlying the information.

About Thor
Thor Explorations Ltd. is a Canadian mineral exploration company engaged in the acquisition, exploration and development of mineral properties located in Nigeria, Senegal and Burkina Faso. Thor holds a 100 per cent interest in the Segilola Gold Project located in Osun State of Nigeria and a 70per cent interest in the Douta Gold Project located in south-eastern Senegal. Thor also holds a 49 per cent interest in the Bongui and Legue gold permits located in Houndé greenstone belt, south west Burkina Faso. Thor trades on the TSX Venture Exchange under the symbol “THX”.

Segun Lawson
President & CEO

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This press release does not constitute an offer to purchase securities.  The securities to be offered in the offering have not been and will not be registered under the United States Securities Act of 1933, as amended, or any state securities laws and may not be offered or sold in the United States or to, or for the benefit or account of, a U.S. person, except pursuant to an available exemption from such registration requirements.

Cautionary Note Regarding Forward-Looking Statements

Except for the statements of historical fact contained herein, the information presented constitutes “forward looking statements” within the meaning of certain securities laws, and is subject to important risks, uncertainties and assumptions. Such forward-looking statements, including but not limited to the completion of the acquisition of the Segilola Gold Project and the use of the proceeds of the private placement.  The words “may”, “could”, “should”, “would”, “suspect”, “outlook”, “believe”, “anticipate”, “estimate”, “expect”, “intend”, “plan”, “target” and similar words and expressions are used to identify forward-looking information. The forward-looking information in this news release describes the Company’s expectations as of the date of this news release and accordingly, is subject to change after such date. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. While the Company may elect to, it does not undertake to update this information at any particular time.

Shares Outstanding: 326,229,630

CONTACT: For further information please contact:

Tel: 778-373-0102
Fax: 604-434-1487

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37 Capital Inc. (CSE:JJJ) - Formerly High 5 Ventures Inc. - s a mineral exploration company. The Company is engaged primarily in the identification, acquisition, exploration and, if warranted, the development of natural resource properties.

49 North Resources Inc. (TSX:FNR.V) is a Saskatchewan focused resource investment company with strategic operations in financial, managerial and geological advisory services and merchant banking. Our diversified portfolio of assets includes direct project involvement in the resource sector, as well as investments in shares and other securities of junior and intermediate mineral and oil and gas exploration companies.

A-Cap Resources (ASX:ACB.AX) is a resources company operating in the investment friendly and low sovereign risk country of Botswana in Southern Africa, where it holds over 12,000km2 of licenses. The company is well funded with strong support from major shareholders, and is focused on advancing its significant uranium prospect

Abacus Mining & Exploration (TSX:AME.V) is a mineral exploration and mine development company with a 20% interest in the Ajax Project located at the historic Ajax-Afton site southwest of Kamloops, B.C. The Ajax Project is a proposed copper-gold open-pit mine currently in the submission stage of a provincial and federal environmental assessment process. Through KGHM Ajax Mining Inc., a joint venture company between Abacus (20%) and KGHM Polska Miedz S.A. (KGHM) (80%), the mine is being funded in large part by KGHM and operated by its wholly-owned subsidiary, KGHM International Ltd.

Abcourt Mines (TSX:ABI.V; OTC:ABMBF) is an exploration and development company with strategically located properties in northwestern Quebec, Canada. The Elder property has gold resources, the Abcourt-Barvue Project has silver-zinc ore reserves and resources and the Aldermac property has historical copper-zinc resources. The reported reserves and resources are considered as current mineral reserves and resources. Abcourt is now focused on the Elder and Abcourt-Barvue projects with Elder as the first priority. Reserves and resources are current.

Aben Resources Ltd. (TSX:ABN.V) is a Canadian gold exploration company developing projects in British Columbia, the Yukon and North West Territories.

Aberdeen International (TSX:AAB.TO; OTC:AABVF) is a private equity investor and advisor focusing on the global mining and natural resources industry. African Thunder Platinum, Aberdeen's premiere investment, is a lower-cost platinum group metals producer in South Africa's well known Bushveld Complex. Aberdeen will further enhance its mineral investment holdings with the acquisition of the lucrative Diablillos lithium project in Argentina.

Abitex Resources Inc. (TSX:ABE.V) is a Val-d'Or, Quebec, based exploration company focused on acquiring and advancing mineral properties in Quebec. ABE is focused on Uranium-Gold in Quebec's Otish Mountains but also has other assets such as the Jolin gold property near Val-d'Or and the St-Stephen Ni-Cu property in new Brunswick which both host historical resources.

ABM Resources Ltd (ASX:ABU.AX) is developing several gold discoveries in the Central Desert region of the Northern Territory of Australia. The Company has a multi-tiered approach to exploration and development with a combination of high-grade production scenarios such as the Old Pirate High-Grade Gold Project, large scale discoveries such as Buccaneer, and regional exploration discoveries such as the Hyperion Gold Project. In addition, ABM is committed to regional exploration programs throughout its extensive holdings including the alliance with Independence Group NL at the regional Lake Mackay Project.

Adamera Minerals Corp. (TSX:ADZ.V) is exploring for high-grade gold deposits within hauling distance of the operating Kettle River Mill in Northeastern Washington State. The company's strategy is to fast-track the discovery to production process by exploring close to a mill in need of ore. Adamera is exploring several projects with a goal to become the dominant mining/exploration company in the area through discovery.

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