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Pasofino Gold Limited V.VEIN

Alternate Symbol(s):  EFRGF

Pasofino Gold Limited is a Canada-based mineral exploration company. The Company, through its subsidiary, ARX Resources Limited, is in the process of consolidating its interest in the Dugbe Gold Project so that it owns 100% of the Dugbe Gold Project. The Dugbe Gold Project is located in southern Liberia within the under-explored parts of the Birimian geological province, which is host to the majority of West African gold deposits. The Dugbe Gold Project area is located approximately 70 kilometers (km) by road from the Greenville deep-water port. The project comprises an area of approximately 2,559 square kilometers (km2) and includes over two gold deposits, Tuzon and Dugbe F.


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Post by jimrockfordon Jan 23, 2017 11:37pm
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Post# 25745002

Midas Letter: Natan Resources CEO's High Grade Gold Play

Midas Letter: Natan Resources CEO's High Grade Gold Play

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Podcast: Natan Resources CEO Steve Roebuck’s high grade gold play

 |  | Last Updated: Jan 23 4:15 PM ET
More from MidasLetter

Natan Golds CEO Steve Roebuck knocked this gold rock sample out of a surface vein at the companys Montelembert Property near Chibougamau, Que.
James WestNatan Gold’s CEO Steve Roebuck knocked this gold rock sample out of a surface vein at the company’s Montelembert Property near Chibougamau, Que.

Natan Resources Ltd. (CVE:NRL) (FRA:N071) CEO Steve Roebuck talks about the high grade gold project that has become the company’s flagship exploration play in Chibougamau, Que.

Midas-Letter-financial-radio-podcast-thumbListen to the podcast interview with Steve Roebuck:Audio Player

 

Transcript:

James West:    Steve, thanks for joining us today.

Steve Roebuck: It’s a pleasure, James. Always great.

James West:    Steve, let’s talk about the value proposition for investors in Natan Resources.

Steve Roebuck:  Sure. We’re a junior exploration company. We’ve just picked up a project called the Montalembert project in Quebec. It’s very well located, about five minutes off Highway 113, just about 100 km west of Chibougamau. So it’s very special, because it’s a high grade project. It’s a high grade gold project, to be specific.

James West:    Sure. What’s some of the technical evidence you could point to, to say it’s a high grade, and what do you mean by high grade? Two grams per tonne? Ten grams per tonne?

Steve Roebuck: Well, yeah. It’s a little bit higher than 2 to 10. We actually put out a press release today, with evidence of 438 grams per tonne.

Now of course, that’s just one channel sample, with extremely high grade, but that’s 14 ounce per tonne. Evidence that I can point to, historical evidence, amazingly, there is not a lot of previous work done on it. There was a drill campaign in the 1950s, they drilled 30 holes; they only took 10 samples in that 30-hole campaign. However, in 1973, a company by the name of Roche Lamb Mining did a bulk sample, and I think that’s the best piece of historical evidence of the high grade nature of it; they came back with 0.93 ounces per tonne over 405 feet, or – that’s basically 28 grams per tonne over 128 metres. So, very significant.

The width is about 2.5 feet, or almost 0.7 of a metre. So it’s got a lot of high grade visible gold. I did a site visit in October of 2016 and it was just remarkable, the amount of visible gold that I was able to see on surface. It’s a special project.

 

James West:    Okay. So then, what’s the exploration game plan for 2017?

Steve Roebuck: So the exploration program for 2017 has really just begun. We’re starting off with data compilation, looking at the historical information, and putting it together electronically, digitizing the information that we do have. And we’re going to follow up quickly, in February and March, with a geophysical program. It’s to be determined exactly how we’re going to, exactly what techniques that we’re going to use, but likely it’s going to be high-resolution mag, and some ground IP. So these are the two things that we want to do, is get the geophysical DNA of the project, and really use that as an exploration tool.

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So it starts with the geophysics, and we’re going to get that done in February/March….it’s always  good to get that done while we still have snow on the ground, and when the snow lifts, and that is typically around April, that gives us access back to the project and get out there and start doing some follow up mapping and channel sampling, and looking at a stripping program. And what I mean by a stripping program is that there are two parallel veins: one vein is called the Galena Vein, and the other one’s called Vein No. 2, that are currently exposed. The Galena Vein is exposed now 187 metres on strike length, and it’s showing mineralization through this entire length, which is truly remarkable.

To the south and to the north, the only thing that’s stopping this is about two metres of overburden and small growth trees, so our plan would be to continue to expose the vein to surface, continue to sample at surface, map it and sample it and channel sample it, and really, James, this is all leading up to a drill campaign in 2017.

We were fortunate to be able to raise $4 million, and 2.2 million of that is in flow-through, so that money will be spent. So we’re looking at a substantial program in 2017 that will include surface drilling. There’s a lot of work to be done, but we really like what we have at this point in time in terms of the two parallel veins. And looking at the historical drilling, I’m seeing areas and evidence that there are multiple veins that, once again, these have not been sampled, they have not been assayed. So there is a lot of, at this point in time, just a lot of smoke at this point in time, but I think that there’s an opportunity here to expose and continue to define multiple vein sets.

Right now, as I said, it’s exposed to 187 metres at surface. Looking at that historical drilling, I can tell you that it looks very positive to at least 600 feet to the north, or just under 200 metres continued extension of these vein sets to the north. That’s our job this year, James, is to get out there, get some information, expose the vein set surface, and then drill off a long strike and down dip of these veins and get assay information. I think that, you know, the value proposition is that you’ve got a very under-explored, high grade gold project in Quebec that is five minutes to a major highway. I think this is one of these projects that just got missed.

James West:    Okay.

Steve Roebuck: The last campaign that was done was in 1973. That’s 44 years ago. So there’s a lot that’s going to happen this year.

James West:    You bet. So one of the veins that you mentioned is called the Galena Vein. Is that indicative of a high silver content on these veins?

Steve Roebuck: No. Well, you know, I can’t say no definitively; the assays that we put out today not only had 438 grams gold but it also ran plus-100 grams silver. So I guess associated with the gold is some high-grade silver, but our main objective, and I think what we’re going to see with that, is that it’s mainly gold at this point in time. I don’t know at what point…this was first prospected in 1949 and the names were given at that point in time, so maybe one prospector saw some galena and they got positive results on the silver. But I’m focused really on the gold.

James West:    Okay, great, Steve. That’s a great introductory interview. Let’s leave it there for now; we’ll come back to you in a quarter’s time and see how you’re making out. Thank you so much for your time today.

Steve Roebuck: Okay, well thank you very much, James. Always a pleasure.

James West:    Bye for now.

Steve Roebuck: Bye-bye.

James West is an investor and the author of the Midas Letter, an investing research report focused on Canadian markets. The views expressed on this podcast — edited for clarity, brevity and compliance with securities laws — are his own and are presented for general informational purposes only. They should not be construed as advice to invest in any securities mentioned.

James West and/or associated funds do not own shares in any securities mentioned in this article. For the full Midas Letter disclosure policy, click here. Postmedia and Midas Letter have a revenue sharing arrangement.


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