Hamlin I.O.C.G property sold Trading symbol: TSX-V: RMO
News Release No. 14-04 dated September 22,2014
Rainy Mountain Enters into Agreement to sell its interest in the Hamlin-Deaty Creek Property –
Shebandowan Belt, Thunder Bay, Ontario
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Trading symbol: TSX-V: CLV
News Release dated May 12,2014
Canoe Mining to purchase Hamlin iron oxide copper gold [IOCG] deposit
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( from above news releases)
current ownership:
Glencore 51% [& operator]
Rainy Mountain....24.5%
Mega Uranium.....25.5%
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terms of agreement:
Canoe Mining has agreed to make a cash payment of $50,000 to Glencore and grant Glencore a 1% net smelter royalty ("NSR"), together with a right of first refusal for an off-take agreement.
Rainy Mountain and Mega Uranium will each be issued one million common shares of Canoe Mining.
(Canoe Mining recently closed at $0.08 December 12,2014)
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and from the Canoe Mining news release:
Duane Parnham, a director of Canoe Mining stated: "The Hamlin property compliments our current holdings and furthers our strategic objective to consolidate the Shebandowan copper gold belt into a single major mining camp. There are currently unprecedentedly low acquisition costs for metal deposits in Canada and this, together with a trend for major mining companies to divest their exploration and development projects, has enabled Canoe Mining to capitalize on current market factors and acquire a highly prospective project from Glencore. We envision that Canoe will benefit from being well positioned with an excellent copper gold mining project in the future when markets will potentially recognize a significant increase in this property's valuation and reward Canoe for its efforts to enhance this asset."
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The Property was initially acquired by East West Resource Corporation (now Rainy Mountain) in 2003 and a partnership was formed with Mega Uranium to explore and develop the Property. A total of 58 diamond drill holes were completed by 2006 which traced a 900m long and 100m wide breccia zone containing copper, gold, silver and molybdenum mineralization. In 2011, Xstrata Copper (now Glencore) earned a 51% interest by spending $3.0 million in addition to the $1.5 million spent by previous operators. During 2009 to 2011, Xstrata Copper completed 23 drill holes, for a total of 7763m, which extended the deposit down to 200m below surface.
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Mr. Middleton stated: "I am deeply familiar with the Hamlin property and deposit and know first-hand the potential of this Property. Our objective is to build a 60-100 million tonne copper-gold-silver deposit similar to the producing Mount Polley Mine in BC (Imperial Metals), or the Troilus Mine near Chibougamau (Inmet now First Quantum)."
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This project will be supervised by R.S. Middleton, P.Eng who is a qualified person as such term is defined in NI 43-101
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overview of west shebandowan
https://www.infomine.com/index/pr/Pa297172.PDF
[1] for map, copy/paste above link to address bar.
[2] go to page #7
[3] magnify map [+++]
note that the Hamlin property is immediately north of FWR's Sungold property & south of the Ardeen, Moss lake properties.
[4] going clockwise from Hamlin, [*** past-producing mines]:
...***Ardeen mine Canada's first gold mine 1870
...Moss lake property
...***North Coldstream
...& to the east in Hagey Twp, ***Inco's Shebandowan nickel mine.
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and of interest......Hamlin's near neighbour to the northeast....the Moss Lake property.
https://mosslakegold.com/wp-content/uploads/sites/3/2014/02/43-101_MossLake_Final-website.pdf
refer to page 15 of above link
The effective date of this Mineral Resource Estimate is February 8, 2013.
estimates for the Moss Lake deposit :
Indicated Resources of 39,797,000 tonnes grading 1.1 g/t Au (1,377,300 ounces of gold)
and Inferred Resources of 50,364,000 tonnes grading 1.1 g/t Au (1,751,600 ounces of gold)
43-101 Technical Report and Mineral Resource Estimate – Moss Lake Deposit
.The estimate is based on 352 diamond drill holes (90,978 m) drilled from 1983 and 2008.
90,978 m = 56.53 miles
These Mineral Resources are not Mineral Reserves as they do not have demonstrated economic viability.
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https://www.canoemining.com/
from page #4 of above link......Canoe Mining shareholders
investor presentation.... a 13 page document
| Shareholders | Stock Information (as of October 29, 2014) |
| Giyani Gold Corp: 45.57%* Management and Insiders: 6.46% DMP and CMP Funds: ~9.98% CPC Shareholders: ~11.75%* Alto Ventures: 2.94%** *****Rainy Mountain: 2.35%** Mega Uranium: 2.35%** Birch Hill Shareholders: ~12.5% Financings: 5.99% |