Thugmuffin
2 years ago
$NXGM NexGen Mining Announces Extension to Letter of Intent to Acquire Electrum Copper Corp.Press Release | 06/10/2022
NexGen Mining Incorporated (“OTCPK:NXGM”) (the “Company”), today announced that it has signed an extension to its non-binding letter of intent to acquire Electrum Copper Corp. (“Electrum”) for shares of the Company’s common stock. Electrum is an exploration and development company and the owner of the Candela and Don Indio Projects, both located in Mexico. Pursuant to the extension, the parties have agreed to use their best efforts to enter into definitive agreements on or prior to September 30, 2022.
Further, in connection with the extension of the letter of intent, Electrum provided an unsecured loan to the Company to fund operating activities and expenses incurred in connection with the transaction contemplated by the letter of intent. The principal amount of the loan is $100,000, which accrues interest at a rate of 6% per annum, compounding semi-annually, and has a maturity of the earlier of the six month anniversary date of the termination or abandonment of the transaction contemplated by the letter of intent or the second anniversary of the promissory note evidencing the loan.
The structure of the transaction, and the timing of the closing of the transaction, will be based on considerations relating to matters of applicable corporate, securities, tax and other applicable laws and regulations. The letter of intent is non-binding and the transaction is subject to due diligence, the negotiation of definitive terms and other conditions.
Forward-Looking Statements
Except for the historical information contained herein, certain matters discussed in this press release are forward-looking statements which involve risks and uncertainties. These forward-looking statements are based on expectations and assumptions as of the date of this press release and are subject to numerous risks and uncertainties which could cause actual results to differ materially from those described in the forward-looking statements. Forward-looking statements can be identified by, among other things, the use of forward-looking language, such as the words "plan," "believe," "expect," "anticipate," "intend," "estimate," "project," "may," "will," "would," "could," "should," "seeks," or "scheduled to," or other similar words, or the negative of these terms or other variations of these terms or comparable or similar language, or by discussion of strategy or intentions. The Company does not intend to publicly update any forward-looking statements, whether as a result of new information, future events, or otherwise, except as may be required under applicable securities laws.
View source version on businesswire.com: https://www.businesswire.com/news/home/20220610005595/en/
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5 years ago
NXGM HUGEEE The Projects Gold and Silver Projects
Our gold and silver property portfolio is comprised of six projects in Nevada and one in Idaho.
Friday Mine
During July 2018, the Company entered into the Friday Open Pit Mine Lease with Premium Exploration
(USA) and Clearwater Gold Mining Company for the surface mining rights of the Friday Mine which is
located within the Orogrande Mining District of Idaho County, Idaho, approximately 10 miles southsouthwest of Elk City, Idaho. The project consists of 5 patented claims and 103 contiguous unpatented
federal mining claims covering approximately 3,307 acres of U.S. Forest Service land surface.
The project mineralization is encountered within a 300 to 600-foot-wide shear zone, and is sharply
defined on the east by the Friday Fault and on the west by the Monday Fault. Gold mineralization along
the Friday Fault occurs almost exclusively in the hanging wall in broad seriticized zones within which
discontinuous potassic alteration is present, as is weak to strong silicification. Gold mineralization in the
vicinity of the Monday Fault occurs in local zones of intense ductile shearing and is largely concentrated
at the margins of associated dacite-rhyolite dikes. Mineralization is hosted in the sheared and altered
NexGen Mining Incorporated
Management’s Discussion and Analysis
For the nine months ended September 30, 2019 and 2018
10
granodiorite/quartz monzonite breccias and muscovite/sericite schists. Both phyllic and sericite
alteration with disseminated pyrite have been identified within the mineralized zone. Other secondary
minerals include arsenopyrite, lollingite (iron arsenide), galena, and chalcopyrite. Gold is finely
disseminated and also occurs as native in networks of small quartz-carbonate veinlets. The deposit is
predominately sulfide with a shallow oxide cap up to 20 meters in depth from surface. Exploration
expenses for the Friday mine were nil and nil for the nine months ended September 30, 2019 and 2018.
See Note 4 of the Quarterly Financial Statements.
Paradise and Old Dominion
During August 2018, the Company entered into the Exploration and Mining Lease with Lucky Irish Silver,
Inc. for 19 unpatented mining claims (380 acres) situated in Washoe and Nye County, Nevada. During
June 2019, the Company purchased the 19 unpatented mining claims from Lucky Irish Silver, Inc.
Paradise
The Paradise project consists of 9 unpatented mining claims encompassing 180 acres located in Nye
County, Nevada which are 100% owned by the Company. The claims cover areas of historic drilling
conducted in the late 1980’s and early 90’s by FMC (operator of the Paradise Peak mine). Past
production adjacent to our project is 1.6 million ounces of gold and 22 million ounces of silver (20.6
million tons @ 0.069 opt gold and 1.9 opt silver).
The Paradise Peak Mine model was previously explored as a caldera with deposits clustered around the
margins of the ring faults. Recent work in the district suggests a more complex system with overlapping
alteration and mineralization systems from nearby intrusives such as the Sullivan porphyry.
The company’s claims host mineralization reportedly similar to the Paradise Peak Mine. Outcrop is
limited with shallow alluvial cover reported to be from 10 to 100 feet thick. The company was able to
review historic summary drill reports from FMC and believes that many additional targets exist on the
company’s claims and throughout this highly prolific, precious metals district.
Surrounding areas of resources (non 43-101 compliant) include the Sullivan mine at ~20 million tons
grading 0.3% copper and 0.03 opt (1 g/t) gold and several peripheral pits that may contain up to 350,000
ounces of gold with additional silver credits. Other nearby past producers include the Santa Fe/Cal
Neva operated by Homestake (~350,000 ounces gold, 700,000 silver) and Rawhide operated by
Kennecott (~1.3 million ounces gold, 15 million ounces silver). Exploration expenses for the Paradise
project were nil for the nine months ended September 30, 2019 and 2018.
Old Dominion
The Old Dominion project consists of 10 unpatented mining claims encompassing 200 acres located in
Washoe County, Nevada which are 100% owned by the Company. The claims cover multiple veins along
a structural corridor hosted in Tertiary volcanic rocks. Historic drilling conducted by Battle Mountain
Gold, Goldfields and Lac Minerals intersected up to 0.50 opt gold; but thus far, the company’s claim
block has not been drill tested. Surface sampling by previous claim owners have obtained multiple
+0.03 opt gold and +1 opt silver values in surface samples throughout the claim block with values of up
to 0.17 opt gold and 22.9 opt silver.
NexGen Mining Incorporated
Management’s Discussion and Analysis
For the nine months ended September 30, 2019 and 2018
11
The property covers a series of structures with several historic workings. The geochemistry from the
structures suggests a low sulfidation model for the property. These multiple structures can be traced for
over 4,500 feet along strike. The surface expression of the structures ranges from 3 to 10 feet in width.
In addition, widespread quartz-sericite alteration has been mapped at surface throughout the project.
The model and sample results support a “Fire Creek/Midas type” bonanza vein system. The surface
expression of the veins suggests a similar scale with respect to contained precious metal ounces to that
of the Midas and Fire Creek mines. Limited sporadic exploration has been conducted in the district.
Historic production from the district is around 500,000 ounces of silver equivalent.
It is the company’s intent to add to its current claim position through claim staking and possible
consolidation of the district, enhancing the company’s current discovery potential. The company
believes this project has potential for +1 million ounces of gold and 20 million ounces of silver.
Exploration expenses for the Old Dominion project were nil for the nine months ended September 30,
2019 and 2018.
Koegel Hills
The Koegel Hills project consists of 10 unpatented claims encompassing 200 acres located in Mineral
County, Nevada which are 100% owned by the Company. The project is an extensive copper-gold
bearing porphyry system manifested by intense surface alteration that extends for more than six square
miles. No proven or probable reserves have been identified on the property. The Company previously
held 71 unpatented mining claims and after further review, the Company decided to drop the additional
61 claims. Exploration expenses for the Koegel Hills project were nil for the nine months ended
September 30, 2019 and 2018.
Four Mile Basin
The Four Mile Basin property is located in Nye County, Nevada. The Company owns a 100% interest in
two unpatented claims that are surrounded by another mining company that controls an extensive land
position throughout the district. The claims encompass a substantial hot springs system that is
characterized by prevalent surface sinter and feeder veins composed of quartz replacing calcite. The
vein system is manifest as a prominent northwest trending topographic high that can be traced for a
strike length of greater than 6,000 feet. Strongly anomalous gold mineralization has been encountered
throughout the surface sinter and feeder veins.
During October 2018, the Company entered into an Exploration and Mining Lease Agreement with La
Questa International, Inc. See Note 4 of the Quarterly Financial Statements.
Gold Star
The Gold Star property is a high-grade precious and base metal deposit located in Mineral County,
Nevada and consists of 13 unpatented lode claims which are 100% owned by the Company.
NexGen Mining Incorporated
Management’s Discussion and Analysis
For the nine months ended September 30, 2019 and 2018
12
In the project area, two types of mineralization have been encountered, free gold and copper associated
with a skarn and high-grade silver-lead-zinc mineralization hosted in a major east-west trending fault
zone. In 2002, the Company collected surface geochemical samples that encountered numerous gold
anomalies ranging from 15 to 11,404 parts per billion or 0.333 ounces of gold per ton.
During July 2015, the Company entered into a Letter of Intent with Multiple Metals Resources Ltd., to
earn-in to an equity position and option to purchase the Gold Star property.
During November 2016, the Company and MMRL entered into a Purchase Agreement with Sunvest
Minerals Corporation (“Sunvest”), where MMRL has agreed to assign and transfer such earn-in and
option rights to Sunvest and the Company has consented to the assignment and transfer. Sunvest
Minerals Corporation changed the name of their Company to Sky Gold Corp. (“SKYG”). See Note 4 of the
Quarterly Financial Statements.
Pyramid Mine
The Pyramid Mine, a high-grade silver, gold, lead and zinc project consists of five unpatented lode claims
situated in Churchill County, Nevada which are 100% owned by the Company. The project is located in
the Terrill Mountains and Holy Cross Mining District which is situated within the northwest trending,
regional Walker Lane, structural zone. Our exploration expenses for the Pyramid Mine were nil for the
nine months ended September 30, 2019 and 2018.
During January 2016, the Company entered into an Exploration and Mining Lease with Options to
Purchase Agreement with Premium Bonanza Gold Mines, LLC to lease the Pyramid Mine project. See
the Note 4 of the Quarterly Financial Statements.
During October 2017, the Company was notified by the Bureau of Land Management that the Pyramid
mining claims were designated as part of the Walker River Indian Reservation. All right, title, and
interest in the land was conveyed to the Department of Interior, Bureau of Indian Affairs.
Mackinaw Project
During April 2018, the Company entered into an Exploration and Mining Lease with Vesper Resources
LLC for a Cobalt project located in Snohomish County, Washington. The Company abandoned its
interest in the project in February 2019.
We expensed a total of $1,890 and $10,669 for exploration of the gold and silver projects for the nine
months ended September 30, 2019 and 2018 respectively. In addition, we regularly make filings with
the counties in which our claims are located, demonstrating our intent to hold the claims or sites and/or
notifying the authorities when labor or improvements were performed or made on for the mining
claims. We also make regular filings with and pay fees to the U.S. Department of the Interior, Bureau of
Land Management, or the BLM, relating to its mining claims.
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5 years ago
NXGM~~The Projects Gold and Silver Projects
Our gold and silver property portfolio is comprised of six projects in Nevada and one in Idaho.
Friday Mine
During July 2018, the Company entered into the Friday Open Pit Mine Lease with Premium Exploration
(USA) and Clearwater Gold Mining Company for the surface mining rights of the Friday Mine which is
located within the Orogrande Mining District of Idaho County, Idaho, approximately 10 miles southsouthwest of Elk City, Idaho. The project consists of 5 patented claims and 103 contiguous unpatented
federal mining claims covering approximately 3,307 acres of U.S. Forest Service land surface.
The project mineralization is encountered within a 300 to 600-foot-wide shear zone, and is sharply
defined on the east by the Friday Fault and on the west by the Monday Fault. Gold mineralization along
the Friday Fault occurs almost exclusively in the hanging wall in broad seriticized zones within which
discontinuous potassic alteration is present, as is weak to strong silicification. Gold mineralization in the
vicinity of the Monday Fault occurs in local zones of intense ductile shearing and is largely concentrated
at the margins of associated dacite-rhyolite dikes. Mineralization is hosted in the sheared and altered
NexGen Mining Incorporated
Management’s Discussion and Analysis
For the nine months ended September 30, 2019 and 2018
10
granodiorite/quartz monzonite breccias and muscovite/sericite schists. Both phyllic and sericite
alteration with disseminated pyrite have been identified within the mineralized zone. Other secondary
minerals include arsenopyrite, lollingite (iron arsenide), galena, and chalcopyrite. Gold is finely
disseminated and also occurs as native in networks of small quartz-carbonate veinlets. The deposit is
predominately sulfide with a shallow oxide cap up to 20 meters in depth from surface. Exploration
expenses for the Friday mine were nil and nil for the nine months ended September 30, 2019 and 2018.
See Note 4 of the Quarterly Financial Statements.
Paradise and Old Dominion
During August 2018, the Company entered into the Exploration and Mining Lease with Lucky Irish Silver,
Inc. for 19 unpatented mining claims (380 acres) situated in Washoe and Nye County, Nevada. During
June 2019, the Company purchased the 19 unpatented mining claims from Lucky Irish Silver, Inc.
Paradise
The Paradise project consists of 9 unpatented mining claims encompassing 180 acres located in Nye
County, Nevada which are 100% owned by the Company. The claims cover areas of historic drilling
conducted in the late 1980’s and early 90’s by FMC (operator of the Paradise Peak mine). Past
production adjacent to our project is 1.6 million ounces of gold and 22 million ounces of silver (20.6
million tons @ 0.069 opt gold and 1.9 opt silver).
The Paradise Peak Mine model was previously explored as a caldera with deposits clustered around the
margins of the ring faults. Recent work in the district suggests a more complex system with overlapping
alteration and mineralization systems from nearby intrusives such as the Sullivan porphyry.
The company’s claims host mineralization reportedly similar to the Paradise Peak Mine. Outcrop is
limited with shallow alluvial cover reported to be from 10 to 100 feet thick. The company was able to
review historic summary drill reports from FMC and believes that many additional targets exist on the
company’s claims and throughout this highly prolific, precious metals district.
Surrounding areas of resources (non 43-101 compliant) include the Sullivan mine at ~20 million tons
grading 0.3% copper and 0.03 opt (1 g/t) gold and several peripheral pits that may contain up to 350,000
ounces of gold with additional silver credits. Other nearby past producers include the Santa Fe/Cal
Neva operated by Homestake (~350,000 ounces gold, 700,000 silver) and Rawhide operated by
Kennecott (~1.3 million ounces gold, 15 million ounces silver). Exploration expenses for the Paradise
project were nil for the nine months ended September 30, 2019 and 2018
.
Old Dominion
The Old Dominion project consists of 10 unpatented mining claims encompassing 200 acres located in
Washoe County, Nevada which are 100% owned by the Company. The claims cover multiple veins along
a structural corridor hosted in Tertiary volcanic rocks. Historic drilling conducted by Battle Mountain
Gold, Goldfields and Lac Minerals intersected up to 0.50 opt gold; but thus far, the company’s claim
block has not been drill tested. Surface sampling by previous claim owners have obtained multiple
+0.03 opt gold and +1 opt silver values in surface samples throughout the claim block with values of up
to 0.17 opt gold and 22.9 opt silver.
https://backend.otcmarkets.com/otcapi/company/financial-report/232118/content
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5 years ago
from website NEXGEN MINING ANNOUNCES THE ACQUISITION OF THE MACKINAW MINE NICKEL, COBALT, GOLD PROPERTY, SNOHOMISH COUNTY, WASHINGTON
POSTED BY FLINCHTECH NEXGEN MINING NEWS 0 COMMENT
NexGen Mining (OTCPK:NXGM) (“NexGen” or the “Company”) is pleased to announce it has acquired a 100% interest in the Mackinaw Mine Property with the signing of an Exploration and Mining Lease and Option to Purchase Agreement that encompasses 200 acres of Forest Service land, situated in the Cascade Mountains of Washington, from Vesper Resources, LLC (“Owner”).
The claims cover an outcropping of ultramafic rocks that host a mineralized zone containing ore grade concentrations of nickel, copper, cobalt and gold. Mineralized serpentine can be traced on the surface for over 2,600 feet. The Mackinaw mine ore has been described in detail by Milton and Milton in their article: Nickel-Gold Ore of the Mackinaw Mine, Snohomish County, Washington, Econ. Geol., Vol. 53, 1958, pp. 426-447. Their report emphasizes that the ore is a unique type consisting primarily of niccolite, maucherite, pentlandite, chalcopyrite, cubanite and magnetite. Vallerite, gold and sphalerite are also primary minerals, as well as mackinawite, named for this locality.
“Considering our nation’s current initiative to identify and secure domestic sources of critical strategic metals, it is only natural for NexGen to capitalize on the current advantageous climate and focus our exploration on nickel, cobalt, copper and gold,” said Marc J. Andrews, NexGen’s President and Chief Executive Officer. “The Company is poised to deliver on this directive and benefit from the bright growth outlook in the domestic market.”
Previous work on the Mackinaw Mine includes intermittent exploration and production since the early 1900s primarily for the gold and copper. Underground workings consist of over 2000 feet of drifts, crosscuts and raises along five different adits. Renewed interest in the 1940s was sparked by an emphasis on strategic metals during WWII and resulted in considerable research and exploration by USGS Strategic Minerals Investigators. Continued interest by the U.S. Bureau of Mines in the 1950s and 1980s of the nickel and cobalt content resulted in additional sampling and estimates of resources.
HISTORICAL ASSAYS (Bureau of Mines)
Location Type Sample Nickel Cobalt Gold Copper
Adit #4/#5 Weighted average of 3 samples 1.06% 0.16 oz./ton 1.12%
Trench #5 Chip channel 1.99% 0.20%
Adit #3 USGS 500 lb metallurgical 1.0% 0.05% 0.11 oz/ton 2.7%
Adit #3 Select grab 2.71% 0.20% 0.325 oz/ton 11.0%
Adit #3 (401) 9 foot channel 0.52% 0.06% 0.20 oz/ton 1.65%
Adit #3 (402) 10 foot channel 0.67% 0.03% 0.05 oz/ton 1.48%
Studies by the United States Bureau of Mines in their investigations of strategic metals have defined an indicated resource for the principle ore body in adit #3 of between 50,000 and 80,000 tons at a grade of 1.7% copper, 0.96% nickel and 0.14 oz/ton gold.
Inferred resources for the remainder of the known mineralized zones could be reasonably estimated at an additional 80,000 tons. The potential for expansion of these resources lies in the downward extension of the main shear zone and locating other areas of similar enrichment within the ultramafic body.
The lease requires the Company to make advanced royalty payments annually, and conduct exploration according to a Work Commitment schedule. The agreement also includes a royalty payment that is equal to two percent (2%) of the Net Smelter Returns (“NSR”) from the production or sale of minerals from the property. Owner has granted the Company the exclusive right to purchase the property, subject to the Royalty reserved by Owner, for a purchase price of $200,000.
NexGen is planning on an active field season this summer to include geologic mapping, sampling and preliminary geophysical investigations.
Forward-Looking Statements
Except for the historical information contained herein, certain matters discussed in this press release are forward-looking statements which involve risks and uncertainties. These forward-looking statements are based on expectations and assumptions as of the date of this press release and are subject to numerous risks and uncertainties which could cause actual results to differ materially from those described in the forward-looking statements. Forward-looking statements can be identified by, among other things, the use of forward-looking language, such as the words “plan,” “believe,” “expect,” “anticipate,” “intend,” “estimate,” “project,” “may,” “will,” “would,” “could,” “should,” “seeks,” or “scheduled to,” or other similar words, or the negative of these terms or other variations of these terms or comparable or similar language, or by discussion of strategy or intentions. Such forward-looking statements include, without limitation, statements regarding future business strategy, plans and goals and other statements that are not historical facts. Forward-looking statements address activities, events or developments that the Company expects or anticipates will or may occur in the future, and are based on current expectations and assumptions. Although management believes that its expectations are based on reasonable assumptions, it can give no assurance that these expectations will prove correct. The Company does not intend to publicly update any forward-looking statements, whether as a result of new information, future events, or otherwise, except as may be required under applicable securities laws. A copy of the Company’s report for the year ending December 31, 2016, can be found on the OTC Pink marketplace website at www.otcmarkets.com.
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