Issue link: http://resourceworld.uberflip.com/i/517266
16 www.resourceworld.com j u n e / j u l y 2 0 1 5 in clusters. While it has advanced its flag- ship McIlvenna Bay copper-zinc project in east-central Saskatchewan to the positive Preliminary Economic Assessment (PEA) stage, the company has also seen success at the Bigstone property in the Hanson Lake Camp 25 km southwest of McIlvenna Bay. In addition, Foran received good drill results from another nearby property, the Balsam, just south of McIlvenna Bay. These successes led to the idea that Foran may be able to develop a new VMS mining camp in the area. The McIlvenna Bay Project is in the Flin Flon mining belt about 65 km west of Flin Flon, Manitoba. While these VMS depos- its host mainly copper and zinc, they also contain significant credits in gold and sil- ver. Indicated resources at McIlvenna Bay stand at 13,900,000 tonnes grading 13.19% zinc equivalent (Eq), or 1.96% copper Eq. Inferred resources are 11,311,000 tonnes of 13.52% zinc Eq, or 2.01% copper Eq. The McIlvenna Bay PEA contemplates a 14-year mine life at 5,000 tpd with a 4.1-year payback. The post-tax NPV (7%) is $263 million with a 19% IRR. The pre- production CapEx is $249 million with a sustaining CapEx of $150 million. Cash costs for copper would be US $0.84/lb and for zinc (US $0.37/lb). TerraX Minerals Inc. [TXR-TSXV; TRXXF-OTC; TX0-FSE] has received numerous, excellent assays from drilling and sampling at its Yellowknife City gold project north of Yellowknife, Northwest Territories. The 94.9 km 2 property was assembled through a series of acquisitions and hosts a number of gold prospects. Although still at an early stage, the property is prospective as it lies on the prolific Yellowknife greenstone belt and covers 15 km of strike length on the north- ern extension of the shear system that hosts the past-producing Con (6.1 Moz at 16.1 g/t Au) and Giant (8.1 Moz at 16.0 g/t Au) gold mines. Highlights of 2014 drilling and sampling in the various zones on the property include: 22.42 metres of 6.35 g/t gold, including 5.16 m of 18.40 g/t gold, at Barney Shear (extension of the shear that hosts the Con and Giant Mines) as well as 2.85 m of 33.60 g/t gold, 3.07 m of 13.84 g/t gold and 5.10 m of 7.01 g/t gold near surface at Crestaurum Eastmain Resources Inc. [ER-TSX] has been developing gold resources at its 100%-owned, royalty-free, flagship Eau Claire gold project in the James Bay Lowlands of northern Québec. The com- pany recently released an updated resource estimate for Eau Claire which incorporates results of some 72,000 metres of drill- ing completed in the upper one-third of the deposit, where potentially open-pit resources had previously been outlined. Prepared by SRK Consulting, the resource estimate states that open-pit measured and indicated gold resources increased by 53% over the previous esti- mate to 885,000 oz contained gold while maintaining an exceptional grade of 4.05 g/t gold. Open-pit inferred gold resources contain 110,000 oz contained gold grading of 3.12 g/t gold. Closely-spaced composite surface channel sample grades are 81% higher, at 13.2 g/t gold, than measured open-pit gold resources, suggesting that additional drilling and sampling have excellent potential to increase contained gold ounces significantly. Balmoral Resources Ltd. [BAR-TSX; BALMF-OTCQX] has made two significant discoveries in Québec: a major nickel-cop- per PGM discovery on its 100%-owned Grasset property that returned 54.08 metres grading 1.62% nickel with significant cop- per and PGE credits and the Martiniere property where drilling returned 19.55 g/t gold over 44.45 metres, including 34.84 g/t gold over 24.14 metres. Commerce Resources Corp. [CCE- TSXV; CMRZF-OTCQX; D7H-FSE] has advanced its Eldor rare earth project in the Labrador Trough of Québec from grassroots to a positive PEA for a 4,000 tpd open-pit operation at the Ashram deposit with a 25-year mine life, a pre- tax and pre-finance NPV (10%) of $2.32 billion, a pre-tax/pre-finance IRR of 44% and a pre-tax/pre-finance payback period of 2.25 years. A pilot plant has just been constructed. Commerce has also released a positive PEA for its Blue River tantalum- niobium project in British Columbia. Gold Canyon Resources Inc. [GCU-TSXV; GDCRF-OTC] has defined sig- nificant gold resources at its 100%-owned Springpole deposit 110 km northeast of the Red Lake gold camp, northwest Ontario. Springpole is the largest undeveloped gold resource in Canada owned by a junior. The property hosts 5.1 million oz gold and 26.5 million oz silver, of which 80% is in the indicated category. The deposit remains open to depth and to the south. A PEA contemplates average annual production of 217,000 oz gold and 1.2 mil- lion oz silver at a production rate of 20,000 tpd over 11 years. Initial capital cost is estimated to be US $438 million with a payback of 1.7 years. The project would have an IRR of 25.4% at US $1,300/oz gold and a pre-tax NPV of US $579 million. Estimated cash costs are US $636/equiva- lent oz gold and an all-in cost of US $860/ Eq.oz gold. The company plans to advance permitting for an access road and start work on a Pre-Feasibility Study. MDN Inc. [MDN-TSX] has optioned two, high-grade, tantalum-niobium-phos- phate properties, Prairie Lake, northwest of Marathon, northwest Ontario. Grab samples by prospector/vendor Rudy Wahl graded up to 1.65% Nb 2 O 5 . Wahl recently won the Bernie Schnieders Discovery of the Year Award from the Northwestern Ontario Prospectors Association. Rubicon Minerals Corp. [RMX-TSX; RBY-NYSE MKT] discovered the F2 gold system at its 100%-owned Phoenix gold project in the Red Lake District that led to building an underground mine scheduled to be commissioned this year. Production is expected to be 165,300 oz/year for 13 years. See Resource World April-May 2015 for more details. Treasury Metals Inc. [TML-TSX] has been receiving excellent assays from drilling its 100%-owned Goliath gold project near Dryden, northern Ontario. Hole TL15-390B in the B Zone intersected 286.23 g/t gold and 26.0 g/t silver over a core length of 1.0 metre. Pure Gold Mining Inc. [PGM-TSXV] has intersected high-grade gold mineral-