Issue link: http://resourceworld.uberflip.com/i/554714
a u g u s t / s e p t e m b e r 2 0 1 5 www.resourceworld.com 27 Arianne Phosphate inc. [DAN-TSXV; DRRSF-OTC; JE9-FSE] is now in the sec- ond stage of its permitting process for its 100%-owned development-stage Lac à Paul Project in the Saguenay-Lac-Saint- Jean region. Measured and indicated resources in the Paul Zone alone are 590 million tonnes grading averaging 7.1% P 2 O 5 at a 4% cut-off grade (does not include 164 million tonnes of Manouane Zone resources). A feasibility study estimates a 25.75- year mine life (excluding pre-production) with an average annual phosphate con- centrate production of 3 million tonnes grading 38.6% P 2 O 5 and with average mill recovery of 90.0%. Gross revenue would be US $16,124.8 million and operat- ing cash flow of US $7,379.6 million with an IRR of 20.7% and a capital payback of 4.4 years before taxes and mining duties. Initial capital cost of the project is US $ 1,214.7 million. Balmoral Resources Ltd. [BAR-TSX; BALMF-OTCQX] has released final results from the winter 2015 Grasset drill program in the Matagami region, which targeted extensions of the Horizon 3 nickel-cop- per-platinum-group-element discovery. Highlights are the continued expansion of both the Horizon 1 (H1) and H3 sulphide zones to over 1,050 and 590 metres along strike, respectively. Ni-Cu-PGE sulphide mineralization has now been intersected to a vertical depth of 525 metres along the projection of H3. Assays are highlighted by a broad, high-grade intercept of 97.11 metres grad- ing 1.10% nickel, 0.13% copper, 0.24 g/t platinum, 0.61 g/t palladium and 0.17 g/t gold in metallurgical hole GR-15-81M, which included an intercept of 17.01 metres grading 2.77% nickel, 0.38% cop- per, 0.69 g/t platinum, 1.76 g/t palladium and 0.81 g/t gold. Balmoral has a second discovery – the 100%-owned Martiniere Project 50 km east of the Detour gold mine. The winter 2015 Bug Lake gold trend drill program on the Martiniere was highlighted by intercepts of 4.16 g/t gold over 38.19 metres, including 25.05 g/t over 5.10 metres from the Lower Bug Lake Zone, and 17.71 g/t over 9.00 metres, including a high-grade core of 31.54 g/t over 4.99 metres from the Footwall B zone. Summer drilling starts in July. Bonterra Resources inc. [BTR-TSXV] is re-assaying drill core to gain a better understanding of the geology between the high-grade gold veins at the newly-named Gladiator Project (formerly the Eastern Extension, Lavoie, and Urban Barry Project) in the Urban Barry greenstone belt of the Abitibi Subprovince. On the West Arena property, part of the Gladiator Project, a NI 43-101 Snowden resource estimate stated 4,337,000 tonnes grading 3.53 g/t gold, for 492,000 ounces, at a 1.0 g/t cut-off. Commerce Resources Corp. [CCE- TSXV; CMRZF-OTCQX; D7H] has released results from the recently completed win- ter/spring drill program at the Ashram rare earth deposit on the Eldor property in northeast Québec. Highlights include 6.75 metres of 3.04% total rare earth oxides (TREO), including 1.45 metres of 4.56% TREO and 345 ppm dysprosium oxide (drill hole EC15-122) and 42.31 metres of 2.35% TREO within a larger interval of 163.31 metres of 2.07% TREO (drill hole EC15-121). Drilling was designed to increase resource confidence from the current inferred category to the measured and or indicated categories with infill drilling, as required for the prefeasibility study (PFS). Thirty-one drill holes for 4,146 metres were completed, with 18 holes to be reported. The deposit has measured and indicated resources of 29.3 million tonnes at 1.90% TREO and inferred resources of 219.8 million tonnes at 1.88% TREO. The deposit has an REE distribution with enrichment in the light, middle and heavy rare earth elements. A favorable prelimi- nary PEA was completed in May 2012 based on a 4,000 tpd open-pit operation. Darnley Bay Resources Ltd. [DBL- TSXV] completed Phase I drilling to test prospective VTEM geophysical targets at its Lac Lessard nickel-PGM project in the James Bay region. The company can earn a 50% interest from Eastmain Resources. Drilling totaled 11 holes (1,995 metres) of heli-supported diamond drilling. Drill hole LL15-02 intersected disseminated sul- phides over 13.8 metres with semi-massive sulphides over 1.8 metres in VTEM target Mx1b. Assays are pending. eagle hill exploration Corp. [EAG- TSXV; EHECF-OTCQX; EH0-FSE] filed a NI 43-101 technical report for the PEA on its 100%-owned Windfall Lake gold project in Urban Township. The PEA outlined a 1,200-tpd underground mine producing 106,200 oz payable gold annually for 7.8 years at an average total cash cost of $558/ ounce. At the base-case gold price of US $1,200/oz, the project has a post-tax IRR of 17.2% and a NPV (5%) of $135.2 million. Initial capital costs are $240.6-million. Eagle Hill is in a five-way merger – see page 14. eastmain Resources inc. [ER-TSX] has filed an independent NI 43-101 report on its Eau Claire gold deposit at the Clearwater gold project, James Bay district. Based on 72,859 metres of drilling in 183 holes completed since the previous esti- mate, using a cut-off grade of 0.5 g/t gold, open-pit measured and indicated resources in the Eau Claire deposit increased by 53% to 885,000 oz gold grading 4.05 g/t. There is excellent grade and tonnage expansion potential. Falco Resources Ltd. [FPC-TSXV] is currently transitioning to a development- stage company at its Horne 5 deposit in the Rouyn-Noranda mining camp. Falco's 74,000-hectare property represents 70% of the entire camp and includes 13 former gold Rich in resources with a mining-friendly government, Québec is a favorite destination for mineral explorers.