Bonanza Goldfields Corp. Acquires Columbus Mine

LAS VEGAS, NV – Bonanza Goldfields Corp. (OTC PINK: BONZ) has acquired the Columbus Mine.  Located north of the Company’s Golden Gem Mine, the Columbus Mine is 10 miles north of Kingman, Arizona. The Columbus Mining Claim was included in the same transaction under which the Company obtained its option on the Idaho and Broken Hills Mines.  However, the Columbus acquisition took longer to complete as the deed had to be recorded with the Arizona State Office of the United States Bureau of Land Management (BLM) in addition to the Mohave County Recorder.

The Columbus Mine is located on the Idaho – Columbus Vein and was historically worked together with the Idaho Mine.  There are two mine shafts reported to be 175 to 200 feet deep as well as an adit (mine tunnel) and at least two inclined winzes. Past sampling by the US Bureau of Mines of one of the Columbus Mine winzes encountered gold, silver, zinc, lead and copper. Reported grades for five samples were: gold – .065 ounces per ton (OPT) to 0.445 OPT; silver – 0.9 OPT to 4.7 OPT; zinc – 0.5% to 14.9%, lead – 0.1% to 0.2% and copper – 0.08% to 0.38%.

BONZ has posted an historical geological report for the Payroll Mine on the OTCMarkets website as a Supplemental Information Filing for the purpose of providing background information.  This report was prepared prior to adoption of NI 43101 and also does not meet current SEC standards.  Any resource estimates in the report should not be relied upon for any purpose. 

The Columbus, Idaho, Broken Hills, Golden Gem and Payroll Mines are among a total of 14 mines in the BONZ Chloride portfolio.  Located on over 500 acres, the other mines are (from north to south) the Badger, Hercules, Rambler, Molly Gibson, Arizona & Montana (A&M), Towne, Summit, O’Brien and Daisy Twins Mines.  There is also land to build two mineral processing facilities on (1) the Terminal Mill site, located on Tennessee Avenue in the Town of Chloride and (2) the recently acquired Golden Gem Mill site.  The BONZ office building and assay office are also both located on Tennessee Avenue in the Town of Chloride.

Completion Of Airborne Survey On The RCN Property 

VANCOUVER, BC – Serengeti Resources Inc. has recently completed an aeromagnetic survey over its 100% owned RCN property located eight kilometers north of Iskut, within the Golden Triangle region of Northwestern British Columbia. The RCN property is situated seven kilometers northeast of GT Gold’s Tatogga project, where recent drilling has expanded a high-grade epithermal system along significant strike length; and seven kilometers north of Colorado Resources’ North Rok copper-gold porphyry project. Serengeti’s recent RCN survey has highlighted several targets, including two linear magnetic anomalies, one of which is coincident with a quartz-sericite-pyrite (QSP) zone and copper-gold mineralization identified by Serengeti in 2014 and appear to exhibit similar orientations to those hosting high grade gold-silver-polymetallic mineralization at GT Gold’s Tatogga property. Both linear magnetic anomalies lie on strike with a mineralized trend on an adjacent property and may represent typical mineralized structures in the region. 

Hecla Mining Reports Drilling And Exploration Results

COEUR D’ALENE, ID – Hecla Mining Company reported that drilling at San Sebastian mine has identified polymetallic zones similar to the Hugh Zone on the Middle and West Francine veins. Surface and underground drilling at the Casa Berardi mine in Canada has expanded and refined resources to increase the size and number of the open pits and extended high-grade lenses along strike and at depth in the underground. Drilling of East Ore, NWW and Upper Plate zones is expected to convert resources into reserves in the upper and central part of the Greens Creek Mine in Alaska.

“Exploration success continues at San Sebastian with the discovery of additional high-grade mineralization that has the potential to extend the mine life. When we restarted San Sebastian we had less than a two-year mine plan and now we see potential through 2020 and beyond. As well, new zones are emerging along both the Middle and Francine veins with similar mineralogy as the Hugh Zone, a 1.5 million ton polymetallic resource, so we see the underground sulphide deposit potentially growing to further extend mine life,” said Phillips S. Baker, Jr., President and CEO. “At Casa Berardi, the exploration confirms our view of the exploration potential we believed was possible when we acquired the property. The surface program is expanding the open pits and the underground is identifying new lenses with good grades. Finally, drilling at Greens Creek has discovered high-grade mineralization high up in the mine which could enhance Greens Creek’s already exceptional mine economics.”

At San Sebastian, during the quarter, three core drills were active along the Middle, Francine and West Francine vein areas.

In-fill holes were drilled primarily along the western portion of the Middle Vein to aid stope design for underground mine development. The results of in-fill drilling are consistent with or better than those from previous drilling. These veins are narrow but show good continuity and are open to the west and at depth. Assay results from in-fill drilling this quarter include, 0.26 oz/ton gold and 54.9 oz/ton silver over 3.5 feet and 0.19 oz/ton gold and 41.3 oz/ton silver over 4.4 feet.

Some drilling of the West Middle Vein was directed toward a new zone of high-grade mineralization that is similar to the mineralization in the previously discovered Hugh Zone on the Francine Vein. Assay results from this new zone include 0.02 oz/ton gold, 9.5 oz/ton silver, 3% copper, 2% lead, and 5% zinc over 4.0 feet and 0.07 oz/ton gold, 12.0 oz/ton silver, 4% copper, 6% lead, and 9% zinc over 5.4 feet. This mineralization is located about 300 feet west and 300 feet below the new Middle Vein underground mine development. In addition to containing high-grade gold and silver, this area also has potentially recoverable quantities of copper, lead, and zinc.

Copper Mountain Mine Production Of 24.4 Million Pounds Of Copper Equivalent

VANCOUVER – Copper Mountain Mining Corporation reported third quarter revenues of $77.1 million after pricing adjustments and treatment charges from the sale of 22.6 million pounds of copper equivalent, including 19.3 million pounds of copper, 6,500 ounces of gold, and 72,700 ounces of silver. Highlights: Copper, gold and silver production for the third quarter of 2017 at Copper Mountain Mine was 24.4 million pounds of copper equivalent which includes 20.9 million pounds of copper, 6,700 ounces of gold and 79,300 ounces of silver; Revenues for the third quarter of 2017 were $77.1 million from the sale of 19.3 million pounds of copper, 6,500 ounces of gold, and 72,700 ounces of silver, net of pricing adjustments; EBITDA was $42.9 million for the quarter; Cash Flow from operations for the quarter was $31.6 million before working capital changes; Cash balance at the the end of Q3 was $43.6 million; Mill throughput averaged 41,158 tpd during the quarter, setting a new quarterly throughput record; Site cash costs for the quarter were US$1.25 per pound of copper produced, net of precious metal credits; Total cash costs for the quarter were in line with expectations at US$1.62 per pound of copper sold, net of precious metal credits and after all off-site charges; and Realized prices on metal sales for Q3 2017 were US$2.91 per pound of copper, US$1,286 per ounce of gold and US$17.05 per ounce of silver.

Jim O’Rourke, President and CEO of Copper Mountain, remarked “During the third quarter of 2017, Copper Mountain continued to mine at rates well above our guidance levels. Mill throughput averaged 41,158 tpd, 8.4% above forecast and in line to meet our 2017 guidance. The coarser grind from the higher tonnage continues to result in a slightly lower recovery, but copper production remains on target”. Mr. O’Rourke continued, “We remain bullish on the outlook for the copper market and with our production on target we are well positioned to benefit from a strong copper price environment. During the first three quarters of 2017 the Company has paid down a total of $43.8 million in principle and interest on project debt and leases. We continue to focus on cost control and operational improvements to further strengthen the Company’s balance sheet.”

During the quarter, the Company completed a total of three shipments of copper concentrate containing approximately 19.3 million pounds of copper, 6,500 ounces of gold, and 72,700 ounces of silver which generated $77.1 million in revenue net of treatment and refining charges and pricing adjustments.  Site cash costs were US$1.25 per pound of copper produced and total cash costs were US$1.62 per pound sold, net of precious metal credits for the three months ended September 30, 2017; compared to site cash costs of US$0.97 per pound of copper produced and total cash costs of US$1.45 per pound of copper sold, net of precious metal credits for the three months ended September 30, 2016.  The increase in revenue is a result of stronger copper prices being realized during the quarter as compared to the same period last year, while the increase in unit costs is a result of the decreased pounds of copper produced due to a lower grade and reduced recoveries combined with a reduction in the precious metal credits as compared to the 2016 comparative period.

Mining activities continued to be focused in the Pit #2, Saddle and Oriole areas for the third quarter of 2017 with a majority of ore coming from the Pit #2 area. Oriole accounted for about 10% of the ore processed during the period.  During the quarter, a total of 17.4 million tonnes of material was mined, including 6.8 million tonnes of ore and 10.6 million tonnes of waste for a strip ratio of 1.55:1.  Mining costs per tonne during the quarter was $1.73 per tonne moved. 

During the quarter, the mill processed a total of 3.8 million tonnes of ore grading 0.32% copper to produce 20.9 million pounds of copper, 6,700 ounces of gold, and 79,300 ounces of silver. Mill head grade was slightly above guidance for the quarter, while copper recoveries were slightly below plan at 77.3% for the quarter.  The lower recoveries can be attributable to the coarser grind that resulted from processing more material and from processing some fine-grained ore in the Saddle area. Mill operating time during the quarter averaged 93.5% while mill tonnage averaged 41,158 tpd. 

The Company began a summer 10,000m exploration drilling program at the Copper Mountain Mine.  The 2017 program is targeting to further extend Pit 2 to the West and to follow up on the pre-2012 drilling that intersected significant mineralization below Pit 2.  Previous drilling by the Company in the Pit 2 Eastern zone intersected a 128m interval grading 1.01% Cu and 0.25g/t Au (including 39m grading 2.33% Cu and 0.38g/t Au) beginning approximately 90m below the current pit bottom in hole 10SD-64.  In addition, hole number 10SD-68 intersected 173m interval grading 0.43% Cu and 0.15g/t Au, while hole number 12P2-19 intersected 123m interval grading 0.52% Cu and 0.27g/t Au. The exploration drilling is designed to better determine the trend and continuity for high-grade mineralization at depth under Pit 2.

The 2017 program was successful in intercepting the high grade mineralization at depth on the eastern end of Pit 2. Drilling south west of Pit 2 continued to intercept mineralization, but was intermittent as drilling moved outside of the western extremities of the current pit limits, indicating that additional drilling may be required.

Winston Gold Doubles Strike Length Of The Parallel Vein

WINNIPEG – Winston Gold Corp. reported initial drill results from its 10-hole drilling campaign on the Winston Gold Property, near Helena Montana. Recent drill results have more than doubled the strike of the Parallel Vein to 385 ft. and the vertical extent has increased from 65 ft. to 277 ft. "We are very pleased with the drill results received to date," commented Murray Nye, CEO and Director of Winston Gold Mining. "The results have not only significantly expanded the strike length of the Parallel vein but also identified a number of previously unknown veins between the Block 93 and the Parallel veins."

Hole W78 was recently completed and assays are pending. It was collared on the same drill pad as hole W77 and tested the southwestern extension of the Parallel Vein. Hole W79 has just been collared on a new drill pad to the west and drilling is now underway. The last two holes of the drill program should be completed within the next month. Hole W75 was drilled to test the northeastern extension of the Parallel Vein intersected high-grade gold mineralization in the structure and effectively doubled its strike length from 150 ft. to almost 330 ft. The vertical extent of the vein was also increased from 65 ft. to 277 ft.

Hole W75 intersected 1 ft. averaging 1.756 ounces per ton (60.2 g/t) gold within a 4-ft. section of the Parallel vein. This intersection occurred 114 ft. down hole. Two other holes (W74 and W76) were drilled from the same pad to test the northeastern extension of the Parallel vein but intersected previously unknown workings at 47 ft. down-hole and were abandoned. Due to the variable nature of vein orientation, the true width of mineralization is not known at this time.

Hole W75 also intersected a vein at 53 ft. down-hole located just above the workings where holes W74 and W76 were lost. It averaged 0.281 oz./ton (9.63 g/t) gold over 3 ft. including a 1 ft. interval averaging 0.656 oz./ton (22.5 g/t) gold over 1 ft. Hole W77 was drilled to test both the Parallel Vein and the Block 93 vein west of previously reported hole W1728. It intersected a 6-ft. interval of the Parallel Vein at a down-hole depth of 344 ft. that averaged 0.338 oz./ton (11.59 g/t) gold. This intercept increased the strike length of the Parallel Vein by about 55 ft. to the west bringing the total strike length to about 385 ft.

In the footwall zone of the Parallel vein, hole W77 intersected a previously unknown vein averaging 0.124 oz./ton (4.25 g/t) over 7 ft. This included a 2-ft. interval averaging 0.385 oz./ton (13.2 g/t) gold. Hole W77 also intersected three separate mineralized zones in the Block 93 vein system stretching across 16 ft. of core from 121 to 137 ft. down hole. These three zones together averaged 0.214 oz./ton (7.34 g/t) gold over 16 ft. The true width of this zone is estimate at about 6.5 ft. Highlights within this zone included a 1 ft. section averaging 0.568 oz./ton (19.47 g/t) gold.

A new vein was discovered in the hanging wall between the Block 93 and Parallel veins at a down-hole depth of 183 ft. It averaged 0.199 oz./ton (6.82 g/t) gold over 1 ft. "In addition to drilling the Block 93 and Parallel Veins, we tested the Upper Hyantha vein 100 ft. west and 75 ft. below historic workings and determined that mineralization was still present but it was low grade," commented Mr. Nye. "Nevertheless, the intercept was very encouraging since the structure remains well defined and we believe there is still excellent potential to identify higher-grade mineralization below the old workings."

The Winston Gold Project is central to a historic precious and base metal mining district in which most of the ore was mined from tightly structurally controlled high angle fissure veins and lode/replacement zones. Reports indicate that more than 100,000 ounces of gold was recovered from these underground mines in the late 19th to early 20th century from about 150,000 tons of ore.

Torq Resources commences fall exploration on the Gander Gold Project in Newfoundland

VANCOUVER, BC – Torq Resources Inc. reported the initiation of a fall exploration program at its Gander Gold Project located in central Newfoundland. The program is designed to investigate the 5 strongest gold-in-till anomalies that were identified during the summer season. These anomalous regions are contained within a 25 km long structural corridor and along trend with the Dog Bay fault zone.

The follow-up screening program is designed to trace gold mineralization back to its source rock underneath the till sequence through a combination of in-fill till and biogeochemical sampling methods. A total 2,400 till samples and 4,800 biogeochemical samples will be collected across the target areas which encompass the anomalies from the summer program in addition to the ‘Cracker’ and ‘Lucky Moose’ surface showings (Figure 1). Results from this program will allow the Company to target bedrock mineralization with future trench and drill programs anticipated for early 2018.

Torq CEO, Michael Kosowan, commented, “We are very pleased with the evolution of the Grander Gold project and excited about the potential of a well mineralized high-grade gold vein system. Once we complete this program, we will have a clear picture of where best to test the bedrock for the source of gold we are observing on surface with future trench and drill programs.”

Maya Extends Corps D To The 1,655mZ Elevation At Zgounder

MONTREAL – Maya Gold & Silver Inc. reported depth extension of one of its Zgounder Property’s major silver structures near the rhyolite contact to the south. The native silver in the core within the sediment is present at 630m core length over a minimum of 3m and disseminated as well in other portions containing sulfides. An altered granite contact has been intersected at 653m along the hole. This hole is the deepest ever drilled at Zgounder up to 684m (1,613mZ elevation). The hole is drilled at N232 with inclination of -51 in HQ core diameter.

"This deepest intersection of Native silver appears very positive at Zgounder. The silver mineralization has now been intersected at 460 meters below the surface level. We believe this could increase the mineral potential of the Zgounder Silver mine and additional holes will be required to better define the size of the new finding," said Noureddine Mokaddem, President and CEO of Maya Gold & Silver.

The Company is looking forward to the assay results of this hole as well as other holes assays still pending. This significant extension at depth will require additional diamond drilling to define the extent and shape. 

Hexagon PPM Releases CADWorx Plant® 2018 

HOUSTON, TX – CADWorx & Analysis Solutions announces the release of CADWorx® Plant 2018 with an expanded range of DWG file-based tools for intelligent 2D and 3D plant design. Including the compatibility with AutoCAD® and BricsCAD® platforms, this latest release provides several other enhancements including auto router support for default elbow selection for faster and more efficient non-standard design work and a more intuitive sloped router with additional options to more easily route gravity-drained lines and place pipe supports, eliminating the need to manually rotate pipe support assemblies on sloped lines. CADWorx Plant also provides CAESAR II compatibility, enabling users to model in CADWorx Plant and leverage the existing geometry with the latest version of CAESAR II stress analysis software. “By continuously advancing our CADWorx solutions, we provide our clients the most complete tools for efficient plant design and help them achieve their goals by addressing unique challenges faced in every project,” said Rick Allen, president of CADWorx & Analysis Solutions at Hexagon PPM.

CADWorx & Analysis Solutions is part of Hexagon PPM. It develops and supports the following products: CADWorx®, for plant design; CAESAR II®, for pipe stress analysis; PV Elite®, for pressure vessel analysis; and GT STRUDL®, for structural analysis. 

For more information contact: U.S. Toll free: 1.800.766.7701.

Windfall Lake Gold Project Drill Program Results

TORONTO, ON – Osisko Mining Inc. reported new results from the ongoing drill program at its 100% owned Windfall Lake gold project located in Urban Township, Abitibi, Québec. The 800,000 meter drill program combines definition, expansion and exploration drilling in and around the main Windfall gold deposit and the adjacent Lynx deposit (located immediately NE of Windfall). Significant new analytical results from 18 intercepts in 11 infill holes (at 15 meter spacings) between section 2150E – 2450E, and 4 infill/expansion holes in Zone 27 of the Windfall deposit are presented below.

Highlights from the new results include: 39.4 g/t Au over 2.4 meters in OSK-W-17-1186; 18.8 g/t Au over 4.2 meters in OSK-W-17-1154; 25.7 g/t Au over 2.6 meters in OSK-W-17-903-W1; and 7.90 g/t Au over 8.0 meters. 

True widths determinations are estimated at 65-80% of the reported core length intervals for most of the zones. Assays are uncut except where indicated. Intercepts occur within geological confines of major zones but have not been correlated to individual vein domains at this time. Reported intervals include minimum weighted averages of 3.0 g/t Au diluted over core lengths of at least 2.0 meters. All NQ core assays reported were obtained by either 1-kilogram screen fire assay or standard 50-gram fire-assaying-AA finish or gravimetric finish at ALS Laboratories in Val d’Or, Québec. The 1-kilogram screen assay method is selected by the geologist when samples contain coarse gold or present a higher percentage of pyrite than surrounding intervals. Selected samples are also analyzed for multi-elements, including silver, using an Aqua Regia-ICP-AES method at ALS Laboratories. Drill program design, Quality Assurance/Quality Control (QA/QC) and interpretation of results is performed by qualified persons employing a QA/QC program consistent with NI 43-101 and industry best practices. Standards and blanks are included with every 20 samples for QA/QC purposes by the Corporation as well as the lab. Approximately 5% of sample pulps are sent to secondary laboratories for check assay.

Nevada Zinc Options Zinc-Copper Project 

TORONTO – Nevada Zinc Corporation has entered into an option agreement that allows the Company the right to earn up to an 80% interest in the MacBride zinc property.  The MacBride Property, located in central Manitoba, contains the high grade MacBride zinc deposit located along a six kilometer structural magnetic high corridor.  Along this well defined magnetic high corridor, several additional untested electromagnetic (EM) airborne anomalies similar to the EM signature of the MacBride zinc deposit have been identified. Given the propensity for these volcanogenic zinc and copper rich massive sulphide deposits to be found in proximity to each other and the history of discoveries in the belt, the Company views the MacBride zinc deposit as having very high potential for additional discoveries. 

Bruce Durham, President and CEO said “Reasonably accessible, high grade, near-surface zinc deposits with significant room for growth like the MacBride zinc deposit are very rare, particularly in a stable, safe and mining friendly jurisdiction like Manitoba.  The MacBride zinc deposit remains open to expansion in all directions and with additional drilling has the potential to be much larger in size.  Modern airborne geophysical data and interpretation shows a number of undrilled, similar, EM targets which indicate a high likelihood of discovering additional zinc-copper mineralization elsewhere on the MacBride Property. Nevada Zinc now has two significant zinc exploration projects underway, both in excellent jurisdictions. Diamond drilling continues at our Lone Mountain project in Nevada. We expect to begin to receive drill core assay results near the end of this month from Lone Mountain and we will begin compilation work at MacBride immediately.”

Near surface drill holes include results of 9.98% zinc and 0.56% copper over a core length of 10.67 meters (depth approximately 25 meters). True width of the zone is unknown. Deeper drill holes (near a vertical depth of225 meters) include an interval of 10.3% zinc over a core length of 11.19 meters. True width of the zone is unknown. Mineralization appears to be open to significant expansion along strike and the mineralization also remains open beyond the depth of the deepest drill holes.

Newly identified outside targets remain untested and exhibit conductivity characteristics virtually identical to MacBride zinc deposit’s electromagnetic response.

Scattered copper and gold mineralization located outside the MacBride zinc deposit area near other targets was reported in some historic work on and in the area of the MacBride Property.

The deposit, discovered in the 1970’s, has seen only limited drilling and has not been subjected to an extensive, systematic, exploration program.  The MacBride zinc deposit is within the same Paleoproterozoic-aged metavolcanic rocks and interbedded meta-sediments as those that host the historic Ruttan copper-zinc mine.  The MacBride zinc deposit coincides with a 1.8 kilometer long, strongly conductive, EM anomaly feature hosted within a well defined extensive magnetic high corridor that is more than six kilometers long.  The deposit has been drilled along a strike length of approximately 275 meters and the remaining 1,550 meters of the EM anomaly remains untested.  The deposit remains open along strike and at depth.  There are numerous similar conductive EM anomalies that have been identified in reprocessing of a modern airborne geophysical survey along the magnetic corridor that remain undrilled.

The  deposit mineralization consists of coarse pyrite in a matrix of pyrrhotite, sphalerite and containing blebs of chalcopyrite.  The extensive recrystallization of the massive sulphides and incorporation of wall rock fragments in the deposit mineralization suggests significant sulphide remobilization. The gangue mineral assemblage is lightly disseminated with sulphides and is primarily comprised of amphibole, biotite, chlorite, sericite and garnet typical of wall rock alteration products in volcanic massive sulphide deposit terrains.