Here is THE DAILY PROSPECTOR for Feb 22, 2000 straight from the
editorial desk of The Prospector
London Gold Bid: $305.25 (+1.80) London Silver Bid: $5.24 (+0.01)
NORTH AMERICA
United Carina Resources (UCA:CDNX) released initial results from the
second phase of diamond drilling on the Linear Group property in
Newfoundland. Results ranged from 0.94 g/t gold over 1.1 m in hole DDH
27 to 304.8 g/t gold over 0.6 m, included in a 2.6 m section grading
70.68 g/t gold in hole DDH 3. Highlights included 129.18 g/t gold over
1.2 m, included in an 8.6 m interval that returned 18.46 g/t gold in
hole DDH 1 and 39.67 g/t gold over 0.7 m in a 7.8 m section grading
4.05 g/t gold in hole DDH 2. (Feb 21/00)
Patricia Mining (PAT:CDNX) recently acquired the Island gold project
in Ontario, which consists of 123 leased and patented claims that
comprise the Kremzar, Lochalsh and Goudreau properties. The project
features a 640 tonne/day carbon-in-pulp mill and related mining
infrastructure, and the company previously announced a near-surface
resource inventory consisting of indicated resources of 106,569 tonnes
grading 8.2 g/t gold and inferred resources of 194,830 tonnes grading
7.5 g/t gold. The near-surface resource is part of a reported total
300,000 ounces on the property, which the company purchased for $3.0
million. (Feb 21/00)
Wolfden Resources (WOLF:CDN) and Jonpol Explorations (JON:TSE) are
teaming up to acquire the Birch Lake PGM property in the Red Lake
mining district of Ontario. The companies will earn the interest by
each paying $55,875 cash and issuing 65,000 shares over three years.
The project is being acquired as a 50/50 joint venture, though either
partner may increase their interest to 60% by paying the other $2,000
and spending $150,000 on exploration. Jonpol's shares gained $0.06 on
Bay Street, where they closed at $0.21/share, while Wolfden's shares
gained $0.10 to close at $0.40/share. (Feb 21/00)
Buchans River (BUV:CDNX) recently acquired a 100% interest in 88
claims in Labrador that were staked to cover anomalous palladium,
platinum and gold values. The company says that a report released by
the Department of Mines and Energy in 1994 showed a representative
sample returning anomalous values of 200 ppb palladium, 30 ppb
platinum and 54.0 ppb gold. Three other rock samples reportedly
returned values above detection limits for one or all of these
elements. (Feb 21/00)
AFRICA
Trivalence Mining (TMI:CDNX) released an update on ongoing exploration
of the K23 kimberlite pipe on its 85%-owned Aredor diamond concession
in Guinea. The company says that four new holes were drilled to test
the lateral and depth extents of the pipe, and add that all four of
the holes intersected kimberlite. Three of the holes reported stopped
in kimberlite at depths of 61.0 m, 51.0 m and 37.0 m, respectively.
According to Trivalence, the new data confirms a body that extends 435
m in a northwest-southeast and direction and 127 m in a
northeast-southwest direction. The kimberlite has a reported surface
area of about 5.1 ha and remains open in one direction and to depth
past 77.0 m. (Feb 21/00)
Columbia River Resources (CRVV:NASDAQ BB) released results from the
first phase of work at its Ayaco project in Ghana. The company says
soil sampling defined three anomalous gold-in-soil zones, the largest
of which 2.8 km long and up to 400 m wide with values of up to 1.46
g/t gold. A total of 21 pits were dug to an average depth of 2.64 m,
with channel samples returning up to 8.97 g/t gold and grab samples of
up to 7.16 g/t gold. Other pit highlights include 3.86 g/t gold and
3.32 g/t gold. Four trenches were also dug to 3.0 m and returned up to
1.56 g/t gold from horizontal samples, 1.35 g/t gold from vertical
samples and 6.67 g/t gold from grab samples. Other trench highs
include 4.67 g/t gold and 1.23 g/t gold. The company says results
further confirm the northern extension of the Yamfo gold belt. (Feb
21/00)
First Quantum Minerals (FM:CDNX) and Glencore International are about
to purchase a 90% interest in a company that is acquiring all of
Zambia Consolidated Copper Mines' (ZCCM) Mulfuria and Nkana mines,
along with a concentrator and a cobalt plant. ZCCM will receive US
$43.0 million over five years and a participation at 2% of the copper
price over US $0.85/pound capped at US $4.4 million. The purchased
company will invest US $159 million in the operations over the first
three years and after further evaluation may make conditional
investments of about US $343 million. The mines reportedly produced a
combined total of 86,000 tonnes of copper and 1,250 tonnes of cobalt
during the year ended March 1999. (Feb 18/00)
AUSTRALASIA
Citation Resources (CUE:CDNX) entered into a joint venture with
Australian Platinum Mines (APU:ASX) regarding the PGM/nickel prospect
of the Wild Night Hill complex in Western Australia. APM can earn a
55% interest in the prospect by reimbursing Citation A $30,000 for
work already performed, and fund the all work on the project for the
next four years. Meeting construction and development costs in the
fifth year will give APM a total equity of 60%. Citation's shares
gained $0.04 to reach mid-day trading at $0.19/share. (Feb 21/00)
OIL AND GAS
Sunfire Energy (SFE:CDNX) mailed an offer to purchase all of the
issued and outstanding shares of Braegan Energy (BNE:CDNX) at a price
of $0.62/share. The offer will open for acceptance until March 13 and
is conditional upon 66.66% of shares being tendered. Braegan's current
production is 210 boepd, 60% of which is natural gas, which would
bring Sunfire's production from 500 boepd to 710 boepd, (90% natural
gas). There was little change in Sunfire's trading price Monday, but
Braegan's shares gained $0.04 on the news to reach mid-day trading at
$0.60/share. (Feb 18/00)
FINANCIAL BRIEFS
McWatters Mining (MCW:TSE,ME) announced the year end calculation of
its reserves and resources, which it says indicates a substantial
increase over last year. As of December 31, the company's proven and
probable reserves totalled 2.39 million ounces, representing a 60%
increase over the previous year, while additional resources in the
measured and indicated category totalled 1.48 million ounces. Total
reserves and resources in all categories increased to 6.99 million
ounces, 19% over the total 5.89 million ounces reported for 1998. (Feb
21/00)
Champion Resources (CHL:CDNX) is expanding the non-brokered private
placement announced on February 15 to 1,870,000 units at $0.61/unit.
Each unit consists of one share and one warrant exercisable at $0.76
for two years. The company plans to use the proceeds to fund
development on the Farim phosphate deposit in Guinea Bissau. (Feb
18/00)
Ariel Resources (AU:TSE;ARLRF:NASDAQ BB) posted 1999 revenues of
$2,860,044, representing a 29% decrease over the previous year. The
company says operations resulted in a net loss of US $2,948,975, which
included a US $1,461,876 write-down of mineral property interests due
to the average price of gold. The figures are equivalent to a loss of
US $0.16/share compared to US $0.07/share in 1998. (Feb 18/00)
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