Resource World Magazine

14 www.resourceworld.com A P R I L / M A Y 2 0 2 0 NORTHWEST TERRITORIES average value of $84 per carat (US $63 per carat) for total proceeds of $276.3-million (US $208.2-million). Nighthawk Gold Corp. [NHK-TSXV] has released drill results on the remaining nine holes (2,800 metres) from its Treasure Island gold project, located 11 km north of the company's flagship Colomac gold project 220 km north of Yellowknife, within the north-central portion of its 100%-owned Indin Lake gold property. Highlights included hole T19-11, which recorded 12.70 metres of 8.51 g/t gold, including 7.30 metres of 14.06 g/t gold, and including 2.85 metres of 33.67 g/t gold. Hole T19-10B intersected 7.00 metres of 6.35 g/t gold, including 2.00 metres of 21.02 g/t gold. At Colomac, highlights included hole C19-40 that intersected 85.50 metres (40.00-metre true width) of 1.86 g/t gold, including 9.25 metres of 2.85 g/t gold, 22.75 metres of 2.57 g/t gold, and including 13.05 metres of 3.10 g/t gold; with a deeper intersect of 24.25 metres (12.00-metre true width) of 2.04 g/t gold, including 9.00 metres of 3.57 g/t gold and including 6.00 metres of 4.13 g/t gold. North Arrow Minerals Inc. [NAR- TSXV; NHAWF-OTC], ~21%, has recovered 232 microdiamonds from the Anchor kimberlite at the LDG Joint Venture Diamond Project, a prospective 147,200-hectare joint venture property located just south of the Diavik Diamond Mine. Dominion Diamond is the opera - tor with a ~79% interest. A $3.5 million exploration budget has been approved. NorZinc Ltd. [NZC-TSX; NORZF- OTCQB] is developing its key project, the 100%-owned high-grade zinc-lead-silver Prairie Creek Mine, located 200 km west of Fort Simpson. The company is considering a revised mine development plan that may include: • A more robust 2021 phase 1 construction plan and schedule than was possible with the previous schedule; • Further optimization of the mining design and potential throughput opportunities; • Financing the development with a silver stream, project financing and working with government agencies for financial or other support in light of the economic benefit created by the Prairie Creek mine development; • Building on the relationships with local communities in a number of areas to ben - efit both the local communities and the project; • Advancement, revision or renewal of cer - tain operating permits to assist 2020 and 2021 activities. Osisko Metals Inc. [OM-TSXV] announced a Mineral Resource Estimate Update (MRE) last November for its 100% owned Pine Point Project, located near Hay River. The Pine Point MRE now totals 52.4 Mt grading 4.64% zinc and 1.83% lead (6.47% Zinc Equivalent ) containing approximately 5.3 billion pounds of zinc and 2.1 billion pounds of lead in-situ. An updated MRE is planned to accom - pany an upcoming Preliminary Economic Assessment in Q2 2020 with the aim of continuing to increase the mineral resource base. Seabridge Gold Inc. [SEA-TSX; SA-NYSE] has a 100% interest in the advanced Courageous Lake gold proj - ect 240 km northeast of Yellowknife. A Prefeasibility Study completed in July, 2012 estimated Proven and Probable Reserves of 6.5 million oz gold, an aver- age annual production of 385,000 oz at an average cost of $780/oz and a mine life of 15 years. The 2019 to 2020 Pine Point winter exploration campaign has concluded due to spring breakup and compliance with guidelines of the Public Health Agency of Canada. The exploration camp has been placed on care and maintenance following travel restrictions and will remain so for the foreseeable future. Silver Range Resources Ltd. [SNG- TSXV; SLRRF-OTC] has five gold projects in the Yellowknife region, all with high- grade gold showings. They include Itchen, Sparta and Hare. Cabin Lake and Uptown Gold are optioned to Rover Metals Corp. [ROVR.H-TSXV; ROVMF-OTCQB]. Sixty North Gold Mining Ltd. [SXTY- CSE] has received initial trench results from its fall trenching program on the Mon gold property, 40 km north of Yellowknife. The company discovered six volcanogenic massive sulphide (VMS) targets in 2018 by follow-up prospecting of biogeochemical anomalies. An airborne geophysical survey in 2019 confirmed conductive and mag - netic anomalies identifying potential VMS targets, some coincident with the sampled zones. Trench assays included 203 g/t sil - ver over 0.45 metres, 82 g/t silver over 0.95 metres and 99 g/t silver over 0.40 metres. SSR Mining Inc. [SSRM-TSX, NASDAQ] holds the Sunrise Lake VMS prospect 130 km northeast of Yellowknife which hosts silver-gold and base metal mineralization outlined by 21,774 metres of surface dia - mond drilling. The project is currently on care and maintenance. Strongbow Exploration Inc. [SBW- TSXV; SBWFF-OTC] has a 4% net smelter returns royalty on the Mactung tung- sten project 790 km west northwest of Yellowknife. Strongbow has a 1% NSR on the Cantung tungsten project, also in the NWT. The Mactung and Cantung proj- ects are currently owned the Government of the NWT the Federal Government of Canada, respectively. The governments are currently seeking investors to acquire and advance the projects. Historic Probable Mineral Reserves at Cantung were reported as 1,818,000 tons grading 0.81% WO 3 . The historic Probable Reserves were calculated using a 0.5% WO 3 cut-off grade, and a minimum mining width of 15 feet. Olivut Resources Ltd. [OLV-TSXV; OLVRF-OTC] has a 100% interest in the flagship HOAM Project in the Interior Plains region of the NWT near Fort Simpson. Olivut has made 29 kimberlite discoveries to date and has additional numerous targets defined for drilling. The region has diamond indicator minerals and microdiamonds. The company has also been explor - ing the Seahorse diamond project, 50%-optioned from Talmora Diamond Inc. [TAI-CSE] which is exploring the Horton River diamond project 120 km south of Paulatuk. n

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