Resource World Magazine

J U N E / J U L Y 2 0 1 9 www.resourceworld.com 39 MARITIMES "We are going ahead full tilt and happy to be doing that," said Marathon Gold CEO, Phillip Walford, to Resource World magazine. "Newfoundland has been a mining province almost from the beginnings of settlement and there are many old mines," he said. "But I think there are a lot of opportunities to find new ones, both on the island of Newfoundland and in Labrador." Below are companies active in the Maritimes. Altius Minerals Corp. [ALS-TSX; ATUSF-OTCQX] directly and indirectly holds diversified royalties and streams generating revenue from 15 mines in Canada and Brazil that produce a variety of minerals. The company also holds a large port - folio of exploration stage projects for deal making with partners. These projects tend to generate newly created royalties, equity and minority interests. Altius has recently been linked to gold exploration in central Newfoundland through a 19.9% stake in Antler Gold Corp. [ANTL-TSXV] and its ownership of 9.2 million shares of Sokoman Minerals Corp. [SIC-TSXV] plus 1,800,000 warrants and a 1.5% NSR royalty on Sokoman's Moosehead gold project. Atlantic Gold Corp. [AGB-TSXV; SPVEF-OTC] is a well-funded gold mining company whose strategy involves building mid-tier gold production in Nova Scotia, starting with its Moose River Consolidated Mine. Following successful drilling cam - paigns at the Touquoy, Fifteen Mile Stream and Cochrane Hill deposits, the company recently reported proven and probable reserves increased to 1.9 million ounces. Atlantic Gold said it expects to produce 92,000-98,000 ounces gold this year at an all-in sustaining cost of US $521-$566/ oz. Atlantic recently made a $9 million investment in Velocity Minerals Ltd. [VLC-TSXV] comprised of 18.6 million units priced at 21 cents each and a $5 million convertible debenture. Recently, Melbourne-based St. Barbara Ltd. [SBM- ASX] made a friendly offer to acquire Atlantic Gold. Avalon Advanced Materials Inc. [AVL-TSX; AVLNF-OTCQX] is developing the East Kemptville, Nova Scotia, tin- indium project where it has been working with Cronimet Mining Processing SA (Pty) Ltd. to investigate the benefits of applying sensor-based ore-sorting technology. Back in January, CMPSA and Avalon extracted a 28-tonne bulk sample of stockpiled tin mineralization. The sample was sent to a pilot scale processing plant in Europe to optimize ore-sorting and bring equip - ment design to a feasibility study level of confidence. The program is expected to be completed in June. Canstar Resources Inc. [ROX-TSXV] is a Newfoundland-focused zinc exploration company focused on the development of its flagship Buchans-Mary March Project, which surrounds the historic Buchans Mine that produced 16.2 million tonnes of high-grade ore (over 20% combined lead+zinc) between 1928 and 1984. With district consolidation largely complete, the Buchans-Mary March Project can benefit from modern exploration. The 1999 dis - covery hole returned 10.3% zinc, 1.6% lead, 0.6% copper, 4.1 g/t gold and 118.1 g/t silver over 9.23 metres. "The winter drill program provided valuable information on structure and alteration in the Mary March area, which will target the next phase of exploration," Canstar VP, Exploration, Bob Patey said. Champion Iron Ltd. [CIA-TSX, ASX] is a producing iron ore company with major projects in the southern Labrador Trough, Canada's largest iron-ore producing region. Champion is developing eight iron-rich projects, each of which is located near the electrical grid, all-season roads, railway lines, and connections to the Gulf of St. Lawrence. Its flagship asset is the 63.2%- owned Bloom Lake iron ore property where commercial production began June 2018. Champion also has a 100% stake in the Gullbridge-Powderhorn property, north-central Newfoundland. Galway Metals Ltd. [GWM-TSXV] is a well-financed Canadian exploration company with 100% ownership in two high-grade properties in New Brunswick and Québec. Headed by highly expe - rienced management, Galway recently raised $3.37 million from a non-brokered private placement of flow-through shares. Proceeds will be used to fund field work at the Estrades and Clarence Stream proper - ties where the company is applying a new exploration philosophy. An updated resources estimate at the Clarence Stream gold project in southwest New Brunswick showed the project could be developed either as an open pit or underground mining operation or a combi - nation of both. Generation Mining Ltd. [GENM-CSE], focused on zinc and molybdenum, has acquired claims covering the entire 40-km long Rawdon Fault in the Kennetcook min - ing region of Nova Scotia. Nova Scotia was once geologically close to Ireland, which hosts several world-class zinc deposits. Subject to financing, the company is plan- ning to drill later this year on the Rawdon West property. Great Atlantic Resources Corp. [GR-TSXV; PH0-FSE] has released a maiden resource estimate for its Golden Promise property, Newfoundland. According to a recent NI 43-101 report, inferred resources in the Jaclyn Main Zone at Golden Promise stand at 357,500 tonnes of 9.3 g/t gold (capped) or 106,400 oz. Golden Promise hosts multiple gold-bearing quartz veins and is in a region of recent gold discover - ies, including Sokoman's Moosehead Project and Marathon Gold's Valentine Lake gold camp. Sokoman Minerals Corp. [SIC-TSXV] leapt onto investor radar screens in July 2018 when it announced the first drill hole, MH-18-01, at its Moosehead gold project in north-central Newfoundland, returned 11.9 metres of 44.96 g/t gold. The company has described Moosehead as a very accessible orogenic lode gold project that contains a mineralized system that LEFT: Marathon Gold's Valentine Lake exploration camp on the island of Newfoundland. Photo courtesy Marathon Gold Corp.

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