Category Archives: General

NEWS: Prime Mining Files NI 43-101 Technical Report on the Los Reyes Project, Mexico

Prime Mining Corp. (TSX.V:PRYM) (OTCQB: PRMNF) (Frankfurt:A2PRDW) (“Prime” or the “Company”) is pleased to announce that a technical report titled “Technical Report Los Reyes Property Sinaloa, Mexico” has been filed. The technical report was prepared by Stantec Consulting Ltd. (“Stantec”) for Prime’s Los Reyes Oxide Gold and Silver Project located near Cosalá, Mexico, and is in support of Prime Mining’s April 2, 2020 news release announcing its new mineral resource estimate, effective April 2, 2020.

The new mineral resource estimate increases total oxide mineralized material and upgrades the assurance category estimate reliability. The new pit constrained Updated Resource (at 0.22 g/t Au cutoff) increased to 19.8 million tonnes Measured and Indicated plus 7.1 million tonnes Inferred from 6.8 million tonnes Indicated and 3.2 million tonnes Inferred historic global resource (at 0.5 g/t Au cutoff).

The Updated Resource contains 833,082 gold equivalent (“AuEq”) ounces Measured and Indicated at 1.31 g/t and 261,132 AuEq ounces Inferred at 1.14 g/t.

The following is a summary of pit constrained AuEq ounces at various cutoffs:

Table 1: Summary of Pit Constrained Updated Resource in AuEq Ounces

CutoffAssurance CategoryTonnesAverage AuEqContained AuEq
Grade (g/t)Ounces
0.22 g/t cutoff Base CaseMeasured & Indicated19,752,0001.31833,082
Inferred7,094,0001.14261,132
0.50 g/t cutoffMeasured & Indicated11,822,0001.85701,873
Inferred3,956,0001.65209,344
0.70 g/t cutoffMeasured & Indicated8,697,0002.21618,123
Inferred2,603,0002.09175,232
0.90 g/t cutoffMeasured & Indicated6,746,0002.54550,207
Inferred1,859,0002.48148,160
1.0 g/t cutoffMeasured & Indicated5,914,0002.72516,251
Inferred1,685,0002.59140,530

Gold equivalent calculations are based on a gold to silver ratio of 1:83. Pit constrained mineral resources are reported at cut-off grades within conceptual pit shells. The total base case resulting pit strip ratio is 4.6:1 waste to mineralized material. Both gold and silver values are used to determine the value of a given block and the pit shell is defined by: a 0.22 g/t minimum gold cutoff grade, US$2.40 per tonne mining cost, a gold price of US$1,329 per troy ounce and a silver price of US$16 per troy ounce. Mineralization density is based on laboratory analyses on specific lithologies and a default mine rock density is based on 2.6 tonnes/m³ for all other areas. Modifying factors considered for the definition of mineralized zones into classified resources having reasonable prospects for eventual economic extraction are: metallurgical recovery factors of 72% for gold and 25% for silver that are typical for conventional heap leach operations, no allowance for dilution and mining losses in the calculation of the cutoff grade, combined leaching, site costs and overhead of approximately US$4.30 per tonne placed on the leach pad and no refining and royalty costs have been applied.

The report is available on SEDAR and the Company’s website.

Mr. Bruce Kienlen, P. Geo., Prime Mining’s VP Exploration, a qualified person for the purposes of NI 43-101, has reviewed and approved the technical content in this news release.

Los Reyes Gold and Silver Project
The Los Reyes Gold-Silver Project is district scale epithermal gold-silver project in a prolific mining region of Mexico. Mineralization in the Los Reyes area is typical of low sulfidation epithermal gold/silver systems. Over $20 million in exploration and engineering has already been spent on the project over 2 1/2 decades. Previous operators completed various prefeasibility studies and plans yet held back from development due to declining gold prices. While work completed has provided sufficient understanding of resources to fast-track Los Reyes to production, the bulk of work at Los Reyes has been conducted over less than 40% of the known structures leaving significant opportunity to expand known resources.

About Prime Mining Corp (TSX.V: PRYM) (OTCQB:PRMNF)
Prime Mining is an ideal mix of successful mining executives, strong capital markets personnel and experienced local operators who have united to build a low cost, near-term gold producer at the historically productive Los Reyes project in Mexico. The location boasts a mining history spanning hundreds of years of activity alongside a stable and established regional mining infrastructure. Decades of extensive fieldwork and technical study have positioned Los Reyes to advance to gold production quickly and cost effectively.

Los Reyes holds substantial resource upside based on open extensions of known resources, 10 kilometres of undrilled strike length and at least 8 additional exploration targets.

Full release

WHO warns against easing coronavirus measures too early

The World Health Organization has no blanket recommendation for countries and regions for easing measures to slow the spread of the coronavirus pandemic, but urged them not to lift them too early, a spokesman said on Tuesday.

“One of the most important parts is not to let go of the measures too early in order not to have a fall back again,” said WHO spokesman Christian Lindmeier in a virtual briefing.

“It’s similar to being sick yourself if you get out of bed too early and get running too early you risk falling back and having complications,” he added.

Source

Japan declares state of emergency, nearly $1 trillion stimulus for coronavirus

Japanese Prime Minister Shinzo Abe on Tuesday declared a state of emergency to fight coronavirus infections in major population centres and rolled out a nearly $1 trillion stimulus package to soften the economic blow.

The state of emergency, giving authorities more power to press people to stay at home and businesses to close, will last a month and be imposed in the capital, Tokyo, and six other prefectures, accounting for about 44% of Japan’s population.

“It is no exaggeration to say that Japan’s economy, and the world economy, is facing the biggest crisis since postwar right now. We will protect the employment and life at all costs,” Abe told a news conference.

Major department stores such as Isetan Mitsukoshi announced store closures, while restaurants and bars around Tokyo – many of which were still operating earlier this week – prepared to close.

Abe said that by reducing contact between people by 70% to 80%, the government hoped infections would peak in two weeks.

The government approved the stimulus package, worth 108 trillion yen ($990 billion). That is equal to 20% of Japan’s economic output, more than the 11% of U.S. output for President Donald Trump’s stimulus package and the 5% of output for Germany’s package.

Direct fiscal spending will be 39.5 trillion yen, more than double the amount Japan spent following the 2008 collapse of Lehman Brothers.

Japan has been spared big outbreaks of the coronavirus, but a recent, steady rise in infections in Tokyo, Osaka and other areas led to growing calls for Abe to announce a state of emergency.

Coronavirus infections in Tokyo doubled to about 1,200 in the past five days, with more than 80 new cases reported on Tuesday, accounting for more than a quarter of cases in the country. That has led some critics to say the government’s declaration was too little, too late.

Abe cited experts’ view that at this pace, the tally could jump to 10,000 in two weeks and to 80,000 in a month.

“Clearly, we are approaching the limit in terms of hospital beds,” he said.

The latest declaration of emergency gives governors the authority to call on people to stay at home and businesses to close. But with no penalties for ignoring the requests in most cases, enforcement will rely more on peer pressure and respect for authority.

Abe emphasised that the latest declaration was not a strict lockdown, as most banks, supermarkets and trains will operate as usual and people can go outdoors.

“Public transport such as trains and buses will run as normal and we will not block roads – experts all agree that there is no need to do so,” he said.

SUFFICIENT FOOD

Tokyo Governor Yuriko Koike also sought to reassure residents that there would be no restrictions on buying groceries and medicine. But she pleaded that they stay at home as much as they could.

“Without preventing the spread of the infectious disease, you can’t have your life back,” she said.

Minister of Agriculture, Forestry and Fisheries Taku Eto called on shoppers to stay calm.

“We are asking citizens to buy only what they need when they need it, as there is sufficient food supply and no suspension is planned at food factories,” he told reporters earlier, adding there was no sign of disruption to Japan’s grain imports.

The restrictions will add to pains the virus is inflicting on the world’s third-largest economy, which probably already in recession as supply chain disruptions and travel bans chill factory output and consumption.

Metropolitan Tokyo alone accounts for about 20% of Japan’s overall gross domestic product.

Japan will sell a record amount of additional bonds worth more than 18 trillion yen to fund the package, adding to its huge debt which is twice the size of its economy.

While the stimulus could ease the immediate damage from the pandemic, lawmakers are already calling for even greater spending to prevent bankruptcies and job losses.

Analysts expect the economy, which shrank in the final quarter of last year, to post two more quarters of contraction, adding pressure on the government and the central bank to do more.

Source

White House’s Kudlow: U.S. economy will eventually reopen but with big changes

The Trump administration is aiming to reopen the U.S. economy when the nation’s top health experts give the go-ahead, but Americans’ lives will be drastically different, White House economic adviser Larry Kudlow said on Tuesday.

Even when people in the United States return to work and school, they will likely have to stay home when they have signs of sickness, face more widespread and ongoing testing and submit to routine temperature taking, he told Politico in an interview.

“We are aware that things are going to be different,” he said. “That’s going to be a new feature of American life. And I don’t know how quickly that gets up and going, but it’s going to be very, very important because we obviously want to prevent any recurrences.”

It remains unclear when the country, which remains largely shuttered amid the ongoing outbreak that has crushed the economy, will resume more normal operations as a number of states approach their potential peak number of cases amid federal guidelines to isolate until the end of April.

Health officials have called on Americans to brace for a tough week as the death toll rises, but on Tuesday said there were optimistic signs ahead that mitigation efforts were helping to contain the highly contagious and potentially lethal virus.

“It is the health people that are going to drive the medical decisions, here, the medical-related decisions,” Kudlow told Politico, adding that he still believes “that in the next four to eight weeks we will be able to reopen the economy and that the power of the virus will be substantially reduced and we will be able to flatten the curve.”

Source

NEWS: Eclipse Gold Mining Commences Drilling at Hercules Gold Project, Nevada, USA

Eclipse Gold Mining Corporation (TSXV: EGLD) (“Eclipse” or “the Company”) is pleased to announce the commencement of its maiden drill program on the Hercules Gold Project located in Lyon County, Nevada.

Drill Program

The Hercules gold property has seen considerable exploration work by multiple operators since the late 1800’s. There are over 200 historic drill holes and, with recent work completed by Eclipse, there are now over 550 rock chip samples across the property. Eclipse has diligently acquired additional historic data and consolidated it into a single database for the first time in the property’s history.

The Company’s drill program consists of 11 holes into five separate, shallow gold targets, including the newly identified high-grade surface expression at the Hercules target (see news release dated March 10th, 2020). Total meterage to be drilled is estimated to be between 3,000 and 3,500 meters. The program has been designed to increase the understanding of the nature and potential scale of the mineralization at the selected targets and guide future drilling. This initial program will utilize a single reverse circulation drill rig.

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Figure 1. Map of planned drill holes

To view an enhanced version of Figure 1 please visit:
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Virtual Investor Conference

Eclipse is pleased to announce that Michael G. Allen, President, CEO and Director will present at Grit Capital’s Masters of Mining Virtual Investor Webcast Conference Live tomorrow, April 8th, 2020 at 12:30pm EST. Pre-registration is recommended, and can be done here: https://event.on24.com/wcc/r/2249085/FDB234582BDFBD9835E785470D0D9297

Keynote speakers include Eric Sprott, Rick Rule, Ross Beaty and more.

This will be a live, interactive online event where investors are invited to ask the company questions in real-time. If attendees are not able to join the event live on the day of the conference, an archived webcast will also be made available after the event. It is recommended that investors pre-register and run the online system check to expedite participation and receive event updates.

COVID-19

On March 20th, 2020 Nevada Governor Steve Sisolack issued a COVID-19 response directive. Mining was deemed an essential business and directed to adopt strict social distancing procedures and minimize contact with the public.

Eclipse worked with its employees and contractors to establish COVID-19 Standard Operating Procedures prior to the re-commencement of work on the Hercules Project.

The Company also adopted a work from home and no-fly policy for its office employees in mid-March. Our USA-based geological team live within driving distance of the Hercules Project. On site at the Hercules Gold Project, social distancing policies have been established which include, but are not limited to daily personal body temperature checks, and on-site separation between and amongst employees and contractors.

Plan of Operations Permit

This work will be carried out under the existing Plan of Operations permit for the Hercules project, which covers all five targets. This permit gives the Company the ability to complete follow-up, tighter-spaced drill programs on the property at any time. In addition, the Company has commenced work on the process to expand the existing Plan of Operations.

About Eclipse Gold Mining
Eclipse Gold Mining is exploring the district-scale Hercules Gold project in Nevada’s Walker Lane Trend. Historic drilling and Company sampling have confirmed the presence of a large-scale epithermal gold-silver system. The Company has consolidated an approximately 85 km2 land package and has initiated systematic exploration. Eclipse brings together a team with collective funding of over $2 billion in both strong and weak markets, and a track record of at least nine successful buyouts/exits totaling more than $4.5 billion.

Full release