Sam Dan
3 years ago
Finally some news re drilling in Nevada.Not exactly exciting
Of course only assay results will tell us the true value potential, can't depend on visuals.
Patience only thing we can do.
""Company" or "Discovery Harbour") announces that the field drilling portion of the Company's Caldera drill program is complete. Selected core from each of the five holes will be assayed, with the initial assays expected by the end of October and further results over the following months.
The Company completed drilling a total of slightly over 1900 metres, testing five low sulphidation epithermal gold targets on the Caldera Property. Although the Company planned to test six drill targets, budget constraints resulted in the program being limited to five holes. Each hole was deeper than any previous drilling on Caldera and each site was selected to test the boiling zone, typically found at approximately 300+ metres below the paleo-surface, where precious metals are concentrated. The Caldera gold property lies in a fertile gold region at the intersection of the Walker Lane and Northumberland Gold Belts northwest of Tonopah, Nevada.
Mark Fields, the Company's President and CEO stated, "I'd like to commend the field personnel for a job well done. At times, particularly in the final holes, the drilling conditions proved very difficult and yet the drill contractor, working with our field crew, successfully reached the key target zone in each case. Core recovery was less than optimal in the final holes due to bad ground conditions. The original plan was to test more of the 10 targets permitted for drilling; however, the difficult drilling conditions, particularly in the fifth and final, resulted in the decision to conclude the program. We anticipate lab results as they become available, the earliest of which we expect by the end of October."
Alan Morris, CPG, is the Qualified Person for Discovery Harbour as defined in NI 43-101 and has reviewed and approved the technical contents of this news release."
Sam Dan
3 years ago
LET THE GAMES BEGIN. Now we will see whether DHR has a future with the Nevada gold play determining success or failure. Watch for the assays reports-they will give us reality.
" "Discovery Harbour") is pleased to announce that Company's drill program is underway on the Caldera gold property, which lies in a fertile gold region at the intersection of the Walker Lane and Northumberland Gold Belts northwest of Tonopah, Nevada. The Company plans to test six to eight drill targets, the order being determined by logistics and results as the drilling progresses. The drill holes will be 100 to 300 metres deeper than any previous drilling on Caldera in order to target the potentially high grade portion of the low sulphidation epithermal gold system. Discovery Harbour will be the first company to test the potential of a boiling zone, typically found at approximately 300+ metres depth, where precious metals come out of solution.
Drilling has commenced on target "G" (Figure 1 on the following page). This target is characterized by rock sample assays which are continuously anomalous along a structure of at least 500 metres in length, including three rock samples greater than 15 grams per tonne ("g/t") gold and a further 11 samples greater than 2 g/t gold. Shallow historical drill holes in this area returned anomalous gold, including 10.7 metres of 1.09 g/t gold. A broad zone of coincident quartz and chalcedony, also coincident with soil samples anomalous in gold, silver, arsenic and antimony, further support this target as a promising low sulphidation epithermal gold system. An additional encouraging feature of this target is a structural inflection prospective for gold deposition.
The drill program is expected to take approximately eight weeks. The drill core will be split and sent to the laboratory for analysis with results expected to begin during the fall.
Mark Fields, the Company's President and CEO, stated "It is an exciting time with the Caldera drill program now underway. We have a selected 10 targets from no less than 33 targets within five of the eight distinct gold mineralized areas at Caldera, each having the potential to deliver a significant high grade intercept."
Mark Fields continued "In addition to the Caldera drill program, Newcrest Mining Ltd. has confirmed it has identified encouraging targets which it plans to drill test this year (see Discovery Harbour news release, July 14 2021). Caldera and Fortuity 89 are only a few kilometres apart with similar geology and gold deposition models."
TEN DRILL SITES PERMITTEED FOR DRILLING
Previous drilling showed "Strong continuous structure characterized by strong alteration, numerous old workings with rock samples including assays of 8.2, 4.9, 15.6, 3.3 and 8.2 grams/tonne ("g/t") gold with a high silver ratio, historical drilling consistently intersected low grade mineralization indicative that this target is within the gold mineralized system.
B Gold and silver plus arsenic, mercury soil anomalies coincident with northwesterly structure, prominent regional linear, previously untested by drilling.
C Good gold and silver soil anomalies coincident with bladed silica after calcite mineral textures supportive of gold system intact below surface, rock samples include assays of 4.1 g/t gold.
D Good sheeted stringer veins, strong silica alteration, poor rock exposure, historical drillholes include 6.1m@7.36 g/t gold and 3.0m@5.14 g/t gold.
E Rock samples from old workings include 48.9 and 22.4 g/t gold, historical drilling includes 7.6m@4.45 g/t gold.
F At intersection of 2 structures, broad zone of quartz and chalcedony alteration, rock samples include 36.9 and 14.5 g/t gold and a further 9 rock samples greater than 2 g/t gold, historical drillholes include 7.6m@8.33 g/t gold, 3.0m@2.75 g/t gold
G Rock sample assays continuously anomalous along 500 metre structure, 3 rock samples greater than 15 g/t gold and a further 11 samples greater than 2 g/t gold, structural inflection prospective for gold deposition.
H Various old workings and historic small scale mining, rock samples include assays of 65.5 and 9.6 g/t gold with anomalous silver, arsenic and antimony, historical drillholes include 6.1m@3.97 g/t gold.
I,J Historical drill holes include 2.2m@22.4 g/t gold, (which ended in mineralization at 45.7m), 3.0m@37.92 g/t gold, 1.5 m@9.03 g/t gold and numerous old workings, locations provide flexibility subject to permitting.
Mark Fields, P.Geo., is the Qualified Person for Discovery Harbour as defined in NI 43-101 and has reviewed and approved the technical contents of this news release.
About Discovery Harbour
Discovery Harbour is focused on sourcing, exploring and developing mineral properties in mining-friendly jurisdictions. Its current primary focus is to undertake a drill program on Caldera, a low sulphidation epithermal gold project in Nevada. Additionally, Discovery Harbour has an agreement with Newcrest Resources, Inc on its Fortuity 89 property in Nevada.
Sam Dan
3 years ago
And now the game begins! The results will make or break the future.
""Discovery Harbour") is pleased to announce that Company's drill program is underway on the Caldera gold property, which lies in a fertile gold region at the intersection of the Walker Lane and Northumberland Gold Belts northwest of Tonopah, Nevada. The Company plans to test six to eight drill targets, the order being determined by logistics and results as the drilling progresses. The drill holes will be 100 to 300 metres deeper than any previous drilling on Caldera in order to target the potentially high grade portion of the low sulphidation epithermal gold system. Discovery Harbour will be the first company to test the potential of a boiling zone, typically found at approximately 300+ metres depth, where precious metals come out of solution.
Drilling has commenced on target "G" (Figure 1 on the following page). This target is characterized by rock sample assays which are continuously anomalous along a structure of at least 500 metres in length, including three rock samples greater than 15 grams per tonne ("g/t") gold and a further 11 samples greater than 2 g/t gold. Shallow historical drill holes in this area returned anomalous gold, including 10.7 metres of 1.09 g/t gold. A broad zone of coincident quartz and chalcedony, also coincident with soil samples anomalous in gold, silver, arsenic and antimony, further support this target as a promising low sulphidation epithermal gold system. An additional encouraging feature of this target is a structural inflection prospective for gold deposition.
The drill program is expected to take approximately eight weeks. The drill core will be split and sent to the laboratory for analysis with results expected to begin during the fall.
Mark Fields, the Company's President and CEO, stated "It is an exciting time with the Caldera drill program now underway. We have a selected 10 targets from no less than 33 targets within five of the eight distinct gold mineralized areas at Caldera, each having the potential to deliver a significant high grade intercept."
Mark Fields continued "In addition to the Caldera drill program, Newcrest Mining Ltd. has confirmed it has identified encouraging targets which it plans to drill test this year (see Discovery Harbour news release, July 14 2021). Caldera and Fortuity 89 are only a few kilometres apart with similar geology and gold deposition models."
TEN DRILL SITES PERMITTEED FOR DRILLING
A summary description of highlight characteristics of each drill target permitted for drilling is provided in the table below. Detailed descriptions are available at the Company website: www.discoveryharbour.com.
Drill Site Target Highlights
A Strong continuous structure characterized by strong alteration, numerous old workings with rock samples including assays of 8.2, 4.9, 15.6, 3.3 and 8.2 grams/tonne ("g/t") gold with a high silver ratio, historical drilling consistently intersected low grade mineralization indicative that this target is within the gold mineralized system.
B Gold and silver plus arsenic, mercury soil anomalies coincident with northwesterly structure, prominent regional linear, previously untested by drilling.
C Good gold and silver soil anomalies coincident with bladed silica after calcite mineral textures supportive of gold system intact below surface, rock samples include assays of 4.1 g/t gold.
D Good sheeted stringer veins, strong silica alteration, poor rock exposure, historical drillholes include 6.1m@7.36 g/t gold and 3.0m@5.14 g/t gold.
E Rock samples from old workings include 48.9 and 22.4 g/t gold, historical drilling includes 7.6m@4.45 g/t gold.
F At intersection of 2 structures, broad zone of quartz and chalcedony alteration, rock samples include 36.9 and 14.5 g/t gold and a further 9 rock samples greater than 2 g/t gold, historical drillholes include 7.6m@8.33 g/t gold, 3.0m@2.75 g/t gold
G Rock sample assays continuously anomalous along 500 metre structure, 3 rock samples greater than 15 g/t gold and a further 11 samples greater than 2 g/t gold, structural inflection prospective for gold deposition.
H Various old workings and historic small scale mining, rock samples include assays of 65.5 and 9.6 g/t gold with anomalous silver, arsenic and antimony, historical drillholes include 6.1m@3.97 g/t gold.
I,J Historical drill holes include 2.2m@22.4 g/t gold, (which ended in mineralization at 45.7m), 3.0m@37.92 g/t gold, 1.5 m@9.03 g/t gold and numerous old workings, locations provide flexibility subject to permitting.
Mark Fields, P.Geo., is the Qualified Person for Discovery Harbour as defined in NI 43-101 and has reviewed and approved the technical contents of this news release.
About Discovery Harbour
Discovery Harbour is focused on sourcing, exploring and developing mineral properties in mining-friendly jurisdictions. Its current primary focus is to undertake a drill program on Caldera, a low sulphidation epithermal gold project in Nevada. Additionally, Discovery Harbour has an agreement with Newcrest Resources, Inc on its Fortuity 89 property in Nevada.
Sam Dan
3 years ago
OUR WAIT IS OVER. FINALLY, APPROVAL RECEIVED SO THAT DRILLING CAN BEGIN IN NEVADA. LET THE GAME BEGIN.
""Discovery Harbour") is pleased to announce that the United States Forest Service ("USFS") has concluded its review of the drill permit application with a positive decision for the epithermal gold Caldera property in Nevada. The positive USFS Decision Memo provides approval of the Company's Plan of Operations for Discovery Harbour to undertake a drill program on up to 10 drill targets this summer (for a description of the drill targets please refer to the Company's website, www.discoveryharbour.com, and the news release of August 31, 2020). The Company has engaged a drill contractor and is finalizing all necessary arrange ments. In connection with the drill permit, the Company is making arrangements to post a $49,200 bond, a standard condition for a drill permit of this type. The Company expects to confirm all necessary logistics and contractors in order to begin drilling in August.
Mark Fields, the Company's President and CEO, stated, "We are very pleased to receive the positive drill permit decision. It has been a longer process than we anticipated, however, we have used the time to carefully prepare for the drill program. We are fully funded to drill test a series of the low sulphidation epithermal gold targets at depths substantially deeper than any historical drilling at Caldera. I would like to thank our shareholders for their patience as we worked our way towards this drill program."
Mark Fields continues, "It is an exciting time with both the Caldera and Fortuity 89 properties advancing. We can now confirm our drill plans for Caldera, and Newcrest is rapidly advancing activity on the Fortuity 89 property through their evaluation and target identification for a drill program (see Discovery Harbour news releases, March 9, 2021 and April 12, 2021). The properties are only a few kilometres apart with similar geology and gold deposition models."
Mark Fields, P.Geo., is the Qualified Person for Discovery Harbour as defined in NI 43-101 and has reviewed and approved the technical contents of this news release.
About Discovery Harbour
Discovery Harbour is focused on sourcing, exploring and developing mineral properties in mining-friendly jurisdictions. Its current primary focus is to undertake a drill program on Caldera, a low sulphidation epithermal gold project in Nevada. Additionally, Discovery Harbour has an agreement with Newcrest Resources, Inc on its Fortuity 89 property in Nevada.
About Newcrest
Newcrest Mining Limited (ASX: NCM) (TSX: NCM) (PNGX: NCM) is one of the world's largest gold mining companies. Its purpose is to create a brighter future for people through safe and responsible mining. Newcrest owns and operates a portfolio of predominantly low cost, long life mines and a strong pipeline of brownfield and greenfield exploration projects - predominantly in the Asia-Pacific and North and South America."
Sam Dan
3 years ago
OUT OF THE BLUE A VERY INTERESTING NEW PROJECT SIGNED WITH A MAJOR GOLD COMPANY TO DEVELOP ANOTHER PROJECT IN NEVADA.
" (the "Company" or "Discovery Harbour") is pleased to announce it has entered into an option and earn-in agreement ("the Agreement") with Newcrest Resources, Inc., a wholly owned subsidiary of Newcrest Mining Limited ("Newcrest") on the Fortuity 89 property in Nevada.
Discovery Harbour holds the early stage epithermal gold Fortuity 89 property, which covers close to 34 square kilometres and is located approximately four kilometres west of Discovery Harbour's Caldera property. Fortuity 89 is characterized by limited outcrop in a large gravel covered plain. The limited outcrop is strongly altered and other indications are consistent with the area being high in a potentially gold bearing epithermal system.
The basic terms of the Agreement for Newcrest to earn an interest are:
Phase Expenditures
(US$) Interest Earned by Newcrest (%) Total Time for Each Stage
Initial $ 1,500,000 Nil 12 months
I $10,000,000 51 Up to 24 months
II $20,000,000 65 Up to 24 months
III Completion of Positive Preliminary Economic Assessment in accordance with NI 43-101 (based on minimum of 1M oz gold) 75 Up to 24 months
Notes:
The initial US$1,500,000 is a minimum commitment ("Minimum Commitment"); Phases I, II and III are at Newcrest's election to proceed. Should Newcrest elect to continue to Phase I, it shall also pay to Discovery Harbour US$250,000. Newcrest can withdraw from the Agreement any time after meeting the Minimum Commitment.
The cumulative expenditure through to the end of Phase II is US$31,500,000. Any excess expenditures from a previous phase will be applied to the subsequent phase.
Newcrest may extend the Phase III period by 12 months by paying Discovery Harbour US$500,000.
At the end of Stage III, if Newcrest earns a 75% interest it then must acquire Discovery Harbour's 25% interest at a fair value based upon parameters using standard industry valuation methods.
If Newcrest earns a 65% interest in Phase II, but elects to not proceed to completion of Phase III, the respective participating interests in the joint venture will revert to Discovery Harbour owning 51% and Newcrest owning 49%.
Discovery Harbour will retain a 2% Net Smelter Return ("NSR") royalty in a designated area of the joint venture area, that Newcrest has the right to buy down 0.5% at fair value after completion of Phase III.
During the option and earn-in period, Newcrest will reimburse Discovery Harbour for advance royalty payments that Discovery Harbour must pay under the Option to Purchase Agreement for its Caldera and Fortuity 89 properties.
Mark Fields, the Company's President and CEO, states, "We are very pleased to have Newcrest as a partner on Fortuity 89 to advance this promising area in a timely manner. I am particularly pleased to welcome Newcrest given their well recognized global expertise in epithermal gold deposits. I believe they will effectively mobilize the necessary resources to advance Fortuity 89 from its current early exploration stage compared to our Caldera property."
Mark Fields continued, "Discovery Harbour will continue to focus its efforts on the drill targets we have developed at Caldera. The Fortuity 89 agreement with Newcrest further validates Discovery Harbour's view that this area and Caldera host promising low sulphidation epithermal gold targets. As previously announced (see Discovery Harbour news release, January 7, 2021) it is currently expected that the necessary drill permits will be in place for a summer drill program on a series of well-defined prospective targets on Caldera."
Mark Fields, P.Geo., is the Qualified Person for Discovery Harbour as defined in NI 43-101 and has reviewed and approved the technical contents of this news releas
About Discovery Harbour
Discovery Harbour is focused on sourcing, exploring and developing mineral properties in mining-friendly jurisdictions. Its current primary focus is to undertake a drill program on Caldera, a low sulphidation epithermal gold project in Nevada. Additionally, Discovery Harbour has an agreement with Newcrest Resources, Inc on its Fortuity 89 property in Nevada.
About Newcrest
Newcrest Mining Limited (ASX, TSX, PNGX: NCM) is one of the world's largest gold mining companies. Its purpose is to create a brighter future for people through safe and responsible mining. Newcrest owns and operates a portfolio of predominantly low cost, long life mines and a strong pipeline of brownfield and greenfield exploration projects - predominantly in the Asia-Pacific and North and South America."
Sam Dan
4 years ago
A very lengthy, detailed list of DHR drilling targets published today. Here are some highlights much more in their release
" Discovery Harbour Describes Drilling Targets Submitted for Permitting
2020-08-31 08:00 CT - News Release
DHR Close 2020-08-28 C$ 0.12
Vancouver, British Columbia--(Newsfile Corp. - August 31, 2020) - Discovery Harbour Resources Corp. (TSXV: DHR) (OTC Pink: DCHRF) (FSE: 4GW) (the "Company" or "Discovery Harbour") is pleased to provide a detailed description of targets for the 10 drill sites in five separate mineralized areas. Further to the Company's June 3, 2020 press release, it has submitted an Exploration Plan of Operations (the "Plan") to the United States Forest Service ("USFS") to advance the Company's planned drill program at the Caldera gold project, which lies in a fertile gold region at the intersection of the Walker Lane and Northumberland Gold Belts northwest of Tonopah, Nevada.
Mark Fields, the Company's President and CEO, states, "Our plan is to drill 100 to 300 metres deeper than any previous drilling for which we have records on the Caldera gold project. We have selected 10 targets from no less than 33 targets within five of the eight distinct gold mineralized areas at Caldera. Figure 1 outlines the locations of the 10 drill sites (A through J), each having the potential to deliver a significant high grade intercept. Our recent In order to facilitate the permitting procedure, Discovery Harbour has elected to apply for only the most easily accessible target requiring minimal road preparation within the Calista area, which is shown as "A" in Figure 1 above.
In the immediate vicinity of "A" the following results supported its selection for drilling:
• Historical drill holes all intersected low grade gold mineralization, indicative of the gold bearing system in this area of the Caldera property;
• Drill hole GN97-3 intersected 3.3 m@3.19 g/t gold ("Au"), from 43.9-47.0m;
• Rock results from old workings and exposures include the following gold and silver assays: 8.2g/t Au, 4.93 g/t Au and 72 g/t silver ("Ag"), 15.6 g/t Au and 448 g/t Ag, 3.325 g/t Au and 203 g/t Ag, 2.98 g/t Au and 145 g/t Ag, 8.22 g/t Au and 217 g/t Ag.
• The high silver ratio is an additional interesting and promising aspect of this target;
• Historical soil sampling had anomalous gold;
• The strong, continuous structure is often comprised of silicified fault breccia material.
Darius (Drill Sites "B" and "C")
The Darius area contains a total of eight targets. There are a number of structural trends that, in contrast to the Calista area, trend more northerly at approximately 340 degrees.
Application has been made for a permit to drill two sites in the Darius area, shown as "B" and "C" in Figure 1 above.
In the immediate vicinity of "B" the following results supported its selection for drilling:
• No historical drill holes. Two historical vertical drill holes in the area would not have tested this target, so that the target is untested by any historical drilling;
• There is minimal outcrop in the area. One rock sample did assay 6.24 g/t Au;
• Soil sampling had anomalous Au, Ag, as well as arsenic and mercury that were coincident with mapped structure in this area;
• Of particular interest is that the anomalous Au, Ag in soils corresponds to bladed silica after calcite, a mineral texture supportive of the gold system being intact below surface.
In the immediate vicinity of "C" the following results supported its selection for drilling:
• There is minimal outcrop in the area. One rock sample did assay 4.13 g/t Au;
• Soil sampling had a long anomalous Au anomaly, as well as arsenic, antimony and mercury;
• As with target "B", the anomalous Au, Ag in soils corresponds to bladed silica after calcite, a mineral texture supportive of the gold system being intact below surface.
Faustus (Drill Sites "D" and "E")
The Faustus area contains three targets. Targets within this area demonstrate two contrasting structural trends, one being northwesterly and the other northerly. The Faustus area also marks the southeast extent of a regional magnetic low that underlies much of the Caldera property, which Discovery Harbour has interpreted to represent the alteration zone associated with the low-sulphidation epithermal system
"
Sam Dan
4 years ago
PP confirmation. Shows major participation by insiders. usually a positive indicator.
"Discovery Harbour 54,545,454-share private placement
2020-07-23 17:46 CT - Private Placement
Shares issued 39,672,840
DHR Close 2020-07-23 C$ 0.105
The TSX Venture Exchange has accepted for filing documentation with respect to a non-brokered private placement announced June 29, 2020.
Number of shares: 54,545,454 shares
Purchase price: 5.5 cents per share
Warrants: 54,545,454 share purchase warrants to purchase 54,545,454 shares
Warrant exercise price: 10 cents for a three-year period
Number of placees: 117 placees
Insiders: Rodney Stevens, 463,636; Jason Cubitt Holdings Inc. (Jason Cubitt), 200,000; MC Fields Ventures Inc. (Mark Fields), 700,000; AlphaNorth Asset Management, 10 million
Total pro group involvement: 3,895,000 (14 placees)
Finders' fees: $33,000 and 600,000 broker warrants, payable to AlphaNorth Asset Management; $73,699.69 and 1,339,994 broker warrants, payable to Haywood Securities Inc.; $4,075.50 and 74,100 broker warrants, payable to Leede Jones Gable Inc.; $14,889.11 and 270,711 broker warrants, payable to Pl Financial Corp.; $35,739 and 649,800 broker warrants, payable to Canaccord Genuity Corp. (The broker warrants are exercisable at 10 cents for a period of three years.)"
Sam Dan
4 years ago
Everything now in place to begin the necessary drilling!! Remember, don't trust any "visual" reports as being reliable. Only the ASSAYS will tell us the true value of the property!! All things crossed in hopes of favourable gold results. Its been a long hold for me as an original investor.
""Discovery Harbour") is pleased to announce it has closed its fully subscribed non-brokered private placement for $3 million with a lead order from Palisades Goldcorp Ltd. and a co-lead order by AlphaNorth Asset Management. The company issued 54,545,455 units (each, a "Unit") at a price of $0.055 per Unit for gross proceeds of $3,000,000 (the "Offering"). Unless otherwise noted, all amounts noted in this news release are in Canadian dollars.
Each Unit consists of one common share of the Company (each, a "Share") and one common share purchase warrant (each, a "Warrant"), with each Warrant entitling the holder to purchase one Share at a price of $0.10 per Share for a period of three years following the closing of the Offering (the "Closing").
In connection with the Offering the Company paid cash fees of $161,403 and issued 2,934,605 Warrants exercisable at $0.10 for a period of three years from closing to certain finders.
Certain insiders of the Company participated in the Offering. The issuance of Units to insiders of the Company pursuant to the Offering is considered a related party transactions within the meaning of TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions. The Company intends to rely on exemptions from the formal valuation and minority approval requirements of sections 5.5(a) and 5.7(1)(a) of MI 61-101 in respect of such insider participation, based on a determination that fair market value of the participation in the Offering by insiders will not exceed 25 per cent of the market capitalization of the Company, as determined in accordance with MI 61-101.
The Units issued on Closing are subject to a four-month hold period under Canadian securities law. Aggregate gross proceeds from the sale under the Offering will be used for (i) a planned drill program on high priority targets on the Company's Caldera epithermal gold project in southern Nevada, (ii) to repay outstanding debt, and (iii) for general working capital purposes.
Mark Fields, President & CEO comments "We are very pleased with the strong response to our offering and it was unfortunate that we were not able to accommodate all the interest expressed. I am very much looking forward to the planned Caldera drill program which is now fully funded. Discovery Harbour will now have the opportunity to drill deeper than any previous drilling at Caldera including, at selected specific targets, to a depth of approximately 300 metres or more. I'd like to extend my thanks to all the current shareholders who participated and welcome our new investors. We look forward to effectively and efficiently drilling our Caldera targets."
None of the Units issued will be registered under the United States Securities Act of 1933, as amended, and no such securities may be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
About Palisades Goldcorp
Palisades Goldcorp is Canada's new resource focused merchant bank. Palisades' management team has a demonstrated track record of making money and is backed by many of the industry's most notable financiers. With junior resource equities valued at generational lows, management believes the sector is on the cusp of a major bull market move. Palisades is positioning itself with significant stakes in undervalued companies and assets with the goal of generating superior returns.
About AlphaNorth Asset Management
AlphaNorth Asset Management is a Toronto based investment manager. AlphaNorth believes that superior long term equity returns are achievable by exploiting inefficiencies in the Canadian small cap universe through careful security selection. The firm combines technical analysis with both a bottom-up and top-down strategy in the selection of investments offering the best reward versus risk opportunities.
About Discovery Harbour Resources Corp.
Discovery Harbour is a Canadian TSX Venture Exchange listed company (TSXV: DHR) focused on sourcing, exploring and developing mineral properties, with a strategic focus on gold projects, in order to enhance shareholder value. Its current focus is the Caldera low sulphidation epithermal gold project in southern Nevada."[b}
Sam Dan
4 years ago
Finally. a fixed PP to provide the money to pay for the necessary drilling to prove the value of the Caldera holdings. Remember, the assays are the true value. Ignore reported visual results.
" "Discovery Harbour") is pleased to announce a non-brokered private placement consisting of the issuance of up to 54,545,455 units (each, a "Unit") at a price of $0.055 per Unit for gross proceeds of up to $3,000,000 (the "Offering"). Insiders, as that term is defined in the policies of the TSX Venture Exchange, may participate in the Offering.
Each Unit will consist of one common share of the Company (each, a "Share") and one common share purchase warrant, with each whole warrant (each, a "Warrant") entitling the holder to purchase one Share at a price of $0.10 per Share for a period of three years following the closing of the Offering (the "Closing"). The Offering is scheduled to close on or before July 17, 2020.
Finders' fees may be payable in connection with the Offering in accordance with the policies of the Exchange.
All securities issued in connection with the Offering will be subject to a statutory hold period expiring four months and one day after closing of the Offering. Completion of the Offering is subject to the approval of the Exchange. Any participation by insiders in the Offering will constitute a related party transaction under Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101") but is expected to be exempt from the formal valuation and minority shareholder approval requirements of MI 61-101.
The aggregate gross proceeds from the sale of the Offering will be used to conduct further work, including a planned drill program on high priority targets on the Company's Caldera epithermal gold project in southern Nevada, to pay outstanding debt, and for general working capital.
None of the securities sold in connection with the Offering will be registered under the United States Securities Act of 1933, as amended, and no such securities may be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
About Discovery Harbour Resources Corp.
Discovery Harbour is a Canadian TSX Venture Exchange listed company (TSXV: DHR) focused on sourcing, exploring and developing mineral properties, with a strategic focus on gold projects, in order to enhance shareholder value. Its current focus is the Caldera low sulphidation epithermal gold project in southern Nevada
Sam Dan
4 years ago
More moves by management to prepare for drilling on the Caldera project. Hopefully, this summer will see action although probably a PP will be needed to finance the work.
"Discovery Harbour") is pleased to announce positive progress towards receiving the required permits for a drill program on its Caldera gold project in Nevada. The Company has also negotiated improved property terms.
The United States Forest Service ("USFS") has completed its review of the Exploration Plan of Operations ("the Plan") submitted by the Company (see News Release, April 8, 2020) in furtherance of the planned Caldera drill program. The USFS has determined the Plan meets the regulatory requirements to proceed with its environmental review. To conduct this review, the USFS has determined that only an archaeological survey will be required. The Company has engaged a Nevada contractor and expects that the required archaeological work will be completed within the next few weeks, at which point a report will be prepared and submitted to the USFS. The environmental review identifies the level of environmental impact and determines the form of impact assessment. Once a determination is made, the final environmental impact assessment will be completed. Future drilling will be subject to further USFS and other regulatory approvals.
Mark Fields, the President and CEO of the Company, comments, "We are pleased that our permitting is proceeding in a timely manner. We are on track to undertake a drill program this fall, subject to financing and final regulatory approvals. The Plan includes testing up to 10 drill targets in five separate mineralized areas. Our strategy is to drill 100 to 300 metres deeper than any previous drilling on the Caldera project. We believe the high-grade gold occurrences historically drilled over significant widths at or near surface were deposited by a deeper, potentially high grade, low sulphidation epithermal gold system. The planned drill program will be the first test to the necessary depth." (See News Releases, April 8, March 4, February 10, January 9, 2020).
The Company is also pleased to announce an amendment to the Company's property option agreement to acquire a 100% interest in the Caldera project, subject to advance minimum royalty payments and a 2% retained royalty. In light of the market uncertainty caused by the COVID-19 pandemic, the Optionor and Discovery Harbour have agreed that the US$100,000 Advance Minimum Royalty payment due in November this year will be amended such that US$50,000 will be paid in November and US$50,000 will be payable 6 months later.
Mark Fields comments, "We continue to appreciate the co-operation and positive relationship we have with our Option partner, Genesis Gold Corporation and the Rostas."
The 100% Discovery Harbour-optioned Caldera property was generated by Don Merrick and John Zimmerman of Genesis Gold Corporation, a private Utah company specializing in gold exploration in the Western United States (www.genesisgoldcorp.com), the foundation of which are the claims first staked by Zsolt Rosta.
Sam Dan
4 years ago
A further update from management. Shows a significant discussion of the potential of the Nevada project and also the financial problems that must be overcome to provide the sums to do the drilling that is necessary.
It won't happen overnight, but management realizes the problems.
Hope remains our only option
""Discovery Harbour") is pleased to announce that it has submitted an Exploration Plan of Operations ("the Plan") to the United States Forest Service ("USFS") in furtherance of the Company's planned drill program at the Caldera gold project, Nevada. The Plan includes up to 10 drill targets in five separate mineralized areas.
Mark Fields, the Company's President and CEO, states, "The work we have completed to date represents a major step towards drill testing the potential of the Caldera project. We have selected 10 targets from no less than 33 targets within five of the eight distinct gold mineralized areas at Caldera. Figure 1 attached to this news release outlines the locations of the 10 drill sites, each having the potential to deliver a high grade intersect. I would like to thank our consultants who have helped prioritize these targets."
Mark Fields continues, "Our plan is to drill 100 to 300 metres deeper than any previous drilling on the Caldera project. Figure 2 to this news release is a conceptual construction of historical drill results and interpretation of where high grade gold mineralization is believed to exist, illustrating the need to drill deeper. We believe the high-grade gold occurrences historically drilled at or near surface were deposited by a deeper low sulphidation epithermal gold system. All of the data we have analyzed support our theory that the gold system should be intact."
The Company commenced the drill permitting process late last year. Since then, it has selected the specific drill sites and engaged a Nevada contractor to conduct the baseline studies required for the environmental impact analyses of the Plan. The contractor is prepared to initiate field work as soon as ground and weather conditions allow.
Once complete, the USFS will review the Plan for conformance to regulatory requirements. Future drilling is subject to USFS and other regulatory approvals as well as financing.
Drill Targets
Each of the five mineralized areas (Adara, Calista, Darius, Faustus and Gemina) selected for drill site permitting are described in detail in our January 9, February 10 and March 4, 2020 news releases. Figure 1 provides the location of the 10 drill sites submitted for permitting and Figures 2 and 3 provide a conceptual cross section and selected historical drill hole highlights respectively.
The 100% Discovery Harbour-optioned Caldera property was generated by Don Merrick and John Zimmerman of Genesis Gold Corporation, a private Utah company specializing in gold exploration in the Western United States (www.genesisgoldcorp.com), the foundation of which are the claims first staked by Zsolt Rosta.
Mark Fields, P.Geo., is the Qualified Person for Discovery Harbour as defined in NI 43-101 and has reviewed and approved the technical contents of this news release.
Financing Update
Pursuant to the Company's news release dated March 12, 2020, the Company has made the decision to terminate the remainder of its non-brokered tranche-structured private placement (the "Offering") of an aggregate of $1,000,000 through the issuance of 10,000,000 units priced at $0.10 per unit (each a "Unit"). The Company closed the initial and only tranche of the Offering in the amount of $187,500, consisting of 1,875,000 Units, pursuant to a news release dated February 25, 2020. Each issued Unit consists of one common share and one half of one share purchase warrant, with each whole warrant exercisable into one additional common share at a price of $0.15 for a period of two years, subject to an acceleration clause. It is anticipated that the proceeds of the financing will allow the Company to continue with its permitting process until such time as the financial markets stabilize or recover from the conditions caused in part from COVID-19."
Sam Dan
4 years ago
Management has published a review of the potential of the Nevada gold project.
Lengthy and detailed. Shareholders should do DD on this news.
Here are excerpts
Discovery Harbour Resources Corp. has further developed drill targets in three priority target areas, as additional geochemical data add to the Caldera gold property's integrated geologic model. Faustus, Gemina and Harmonia comprise three of a total eight distinct target areas defined on the Caldera property (see Figure 1). Together they form a 6 kilometer trend characterized by consistent alteration, geochemical gold and pathfinder anomalies in soils, and intermittent high-grade gold intercepts in shallow drilling.
Historic shallow drilling in the Faustus Area returned assays up to 7.36 grams per tonne ("g/t") gold over 6.1 m from a chalcedonic vein (see Figure 2), interpreted to be further evidence of leakage from a high grade gold system in the deeper "boiling zone". The Gemina and Harmonia areas have seen relatively little drilling. The Gemina area has a notably long strike length, a series of historical workings, and several rock samples that produced high-grade gold results in assay up to 37 g/t gold. The Harmonia area is characterized by low temperature clay alteration and geochemical pathfinder elements anomalies, an indication that the area is high in the epithermal system.
Mark Fields, Discovery Harbour's President and CEO, commented, "We have a better understanding than ever before of the extent and potential of this mineralized system. The high-grade gold occurrences at or near surface were deposited by a deeper source, and all of the data we've gathered and analyzed support our thesis that this source is intact and a productive low sulphidation epithermal gold system. We look forward to drilling to 300 to 500 meters depth, the first systematic drilling consistently below 100 meters, to test these deeper targets."
The Faustus area contains three targets. The first consists of northwesterly-trending sheeted veins that were drilled to a shallow depth producing good gold intercepts in several holes and at least anomalous results in all holes. Targets within this area demonstrate two contrasting structural trends, one being northwesterly and the other northerly.
Other areas are similarily discussed.
Sam Dan
4 years ago
First tranche of Financing completed
"Discovery Harbour") is pleased to announce that, further to its news release of February 3, 2020, the Company has closed the first tranche of its non-brokered private placement ("Offering") to raise gross proceeds of $187,500 (the "First Tranche") through the sale of 1,875,000 units priced at $0.10 per unit (each a "Unit"). Each Unit consists of one common share of the Company (each, a "Share") and one half common share purchase warrant, with each whole warrant (each, a "Warrant") entitling the holder to purchase one additional Share at a price of $0.15 for a period of two years from the closing date, subject to an acceleration provision of the Company whereby, if for any ten (10) consecutive trading days the closing price of the Shares on the TSX Venture Exchange (the "Exchange") exceeds $0.25 at any time commencing (4) months after the closing date and until their expiry date, then the remaining term of the Warrants will be reduced to thirty (30) days, commencing seven (7) days from the end of such ten (10) consecutive trading day period. The Company expects to complete the balance of the Offering on or before March 19, 2020.
All securities issued in the First Tranche are subject to a four month hold period expiring June 26, 2020.
Finder's fees of 6% cash ($9,450) and 6% finder's warrants (the "Finder's Warrants") (94,500 Finder's Warrants) were paid to registered representatives on $157,500 of the First Tranche. Each Finder's Warrant is exercisable into one Share at a price of $0.15 per Share for a period of two years from the date of issuance.
The Company plans to use the proceeds from the Offering for development of the Company's Caldera project and for general working capital.
Completion of the Offering is subject to the approval of the Exchange. Any participation by insiders in the Offering will constitute a related party transaction under Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101") but is expected to be exempt from the formal valuation and minority shareholder approval requirements of MI 61-101.
None of the securities sold in connection with the private placement will be registered under the United States Securities Act of 1933, as amended, and no such securities may be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
Sam Dan
4 years ago
Management releases news regarding further results of drilling on Nevada project.Shareholders should read full report.
Here are excerpts" DISCOVERY HARBOUR ANNOUNCES THREE NEW PRIORITY TARGETS ON CALDERA GOLD PROJECT, NEVADA
Discovery Harbour Resources Corp. has provided further descriptions of specific areas on the Caldera gold project in Nevada, including three new priority targets. The Company is in the process of integrating the recently released detailed soil sampling results with historical data, including shallow drilling, rock sampling, mapping and structural data, to evaluate and prioritize targets for the drill program planned for this year. The Company has identified three new targets in the Darius Area, bringing the total to 33 prioritized targets that are being considered for drilling in eight separate Areas, lying within the 30 square kilometer project area. These targets have been systematically ranked with the current data in the context of a high grade - low sulphidation epithermal gold model. Discovery Harbour will focus on high grade gold-silver targets that management interprets to lie in the 300 to 500m depth interval.
Eight Areas
The Company has described the eight Areas throughout the 30 square km Caldera property (See Figure 1, also the Company's January 8, 2020 news release). Today's news release provides specific descriptions of the Calista, Darius and Electra Areas, which contain 13 separate targets.
Calista Area
The Calista Area contains three vein target trends, oriented northwest at 300degree strike, defined by historic prospecting pits, underground workings and multi-gram gold in surface samples. The structure extends in excess of 1.5km. Historical shallow drilling (10 holes, ranging in vertical depth from 104 m to 194 m) in this Area intersected anomalous gold, but the structures remain largely untested. The Calista Area structures are strongly developed with a long strike extent, significant alteration, and associated high grade rock samples. The shallow drilling along one structure demonstrates there is consistent low grade gold mineralization that Discovery Harbour interprets to lie structurally above a bonanza zone at depth. These various attributes strengthen Discovery Harbour's conviction that deep drilling is required to test the high grade potential of this zone.Darius Area
The Darius Area now contains three new targets, for a total of eight targets. There are a number of structural trends that, in contrast to the Calista Area, trend more northerly at approximately 340 degrees. While the Darius Area contains numerous multi gram gold rock samples including 17 g/t gold and 11 g/t gold in two separate locations, there has only been minimal drilling on three of the targets.
An outcome of Discovery Harbour's continuing data compilation and integration are three new targets in the Darius Area. One has been identified by the recognition of a poorly exposed trend of vein float containing bladed silica after calcite situated near the valley bottom that follows a similar 340 degree trend. The bladed habit corresponding with the lower elevation supports the epithermal model with a bonanza gold zone lying at depth. The second new target includes a rock sample of 17g/t gold associated with a prominent structural trend supported by a gold in soil anomaly and has not been tested by the historic drilling. The third new target is based on a rock sample of altered tuff grading 11 g/t gold where historical shallow drilling intersected 3.1 g/t gold over 3 metres.
Phase 1 of the detailed soil sampling program (see January 21, 2020 news release) covered the southern two thirds of the Darius Area and outlined multi-element anomalies including gold, silver, arsenic, antimony and mercury. Coherent anomalies, extending over a distance of 1500m, defined by >25 parts per billion ("ppb") Au and >50 ppb Au coincide with the identified structures. A parallel > 50 ppb Au in soil anomaly, over 1000m in length, lies further east and coincides with the distribution of bladed silica after calcite. The very limited drilling in the bladed silica area highlights this as a compelling new target.
Electra Area
The Electra Area contains two targets and is highlighted by well developed quartz veins that are exposed in historic workings and in outcrops along a prominent ridge. Historic drill hole EG-26, which appears to have been drilled subparallel to this vein possibly failing to intersect it, still intersected 6.1 metres grading 2.33 g/t gold from 65.1 to 71.2 metres. Other historical shallow drill holes also failed to adequately test the vein structures.
Phase 1 of the detailed soil sampling program (see January 21, 2020 news release) covered this Area and again successfully outlined multi-element anomalies including, silver, arsenic, antimony and mercury. Associated gold anomalies indicate favourable potential to the southeast beyond the current areas of known mineralization.
The 100% Discovery Harbour-optioned Caldera Property was generated by Don Merrick and John Zimmerman of Genesis Gold Corporation, a private Utah company specializing in gold exploration in the Western United States, the foundation of which are the claims first staked by Zsolt Rosta.
Mark Fields, P.Geo., is the Qualified Person for Discovery Harbour as defined in NI 43-101 and has reviewed and approved the technical contents of this news release.
Sam Dan
4 years ago
Not surprised management would raise funds to develop the Nevada prospect.
"(TSXV: DHR) (the "Company" or "Discovery Harbour") is pleased to announce a non-brokered private placement consisting of the issuance of up to 10,000,000 units (each, a "Unit") at a price of $0.10 per Unit for gross proceeds of up to $1,000,000 (the "Offering"). Insiders, as that term is defined in the policies of the TSX Venture Exchange, may participate in the Offering.
Each Unit will consist of one common share of the Company (each, a "Share") and one half common share purchase warrant, with each whole warrant (each, a "Warrant") entitling the holder to purchase one Share at a price of $0.15 per Share for a period of two years following the closing of the Offering (the "Closing"), subject to an acceleration provision of the Company whereby, if for any ten (10) consecutive trading days the closing price of the Shares on the TSX Venture Exchange (the "Exchange") exceeds $0.25 at any time commencing (4) months after the Closing and until their expiry date, then the remaining term of the Warrants will be reduced to thirty (30) days, commencing seven (7) days from the end of such ten (10) consecutive trading day period.
Finders' fees may be payable in connection with the Offering in accordance with the policies of the Exchange.
All securities issued in connection with the Offering will be subject to a statutory hold period expiring four months and one day after closing of the Offering. Completion of the Offering is subject to the approval of the Exchange. Any participation by insiders in the Offering will constitute a related party transaction under Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101") but is expected to be exempt from the formal valuation and minority shareholder approval requirements of MI 61-101.
The aggregate gross proceeds from the sale of the Offering will be used to conduct further work, including a planned drill program on high priority targets, on the Company's Caldera epithermal gold project in southern Nevada (see news release dated January 9, 2020), to pay outstanding debt, and for general working capital.
None of the securities sold in connection with the Offering will be registered under the United States Securities Act of 1933, as amended, and no such securities may be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
About Discovery Harbour Resources Corp.
Discovery Harbour is a Canadian TSX Venture Exchange listed company (TSXV: DHR) focused on sourcing, exploring and developing mineral properties, with a strategic focus on gold projects, in order to enhance shareholder value. Its current focus is the Caldera low sulphidation epithermal gold project in southern Nevada.
Sam Dan
4 years ago
Promising initial results from Discovery
"- Discovery Harbour Resources Corp. (TSXV: DHR) (the "Company" or "Discovery Harbour") is pleased to announce results from Phase 1 of its detailed soil sampling on the Caldera Gold Project in Nevada. A total of 718 samples were collected over a portion of the 30 targets that Discovery Harbour has identified as potential drill targets. Phase 2 of the detailed soil sampling program will collect a further approximately 500 samples once weather permits. When all the samples have been collected Discovery Harbour will, combined with the historical soil data, have excellent multi-element data coverage over all 30 potential drill targets.
Mark Fields, President and CEO of Discovery Harbour, comments: "These are encouraging results and, as we expected, will help to prioritize and select targets for our planned 2020 drill program. I was particularly encouraged by the consistently high tenor of the gold results in the soil sampling program and these further support the high grade nature of the low sulphidation epithermal gold model we are pursuing. The pathfinder elements are consistently anomalous and are correlated with the gold anomalies. We will begin to integrate the new soil data with the historical data to prioritize the drill targets. Our near term objective is to have a cohesive and uniform data set over the specific targets that have been prioritized as potential drill targets."
The program successfully identified numerous gold and silver anomalies as well as pathfinder element anomalies, including antimony, arsenic and mercury. The summary results are described in the table below and the gold results are in the attached map to this news release.
Element 90 percentile cut off
(Gold parts per billion,
other elements parts per million) Highest single sample value
(Gold parts per billion,
other elements parts per million) Correlation with Gold
Gold 52 589 NA
Silver 0.4 11.4 0.479
Antimony 4.3 15.1 0.406
Arsenic 45 306 0.484
Mercury 0.06 0.74 0.103
The Company currently has 30 prioritized targets in eight separate areas that are being considered for drilling. These targets have been systematically ranked with the current data in the context of a high grade - low sulphidation epithermal gold model.
The 100% Discovery Harbour-optioned Caldera Property was generated by Don Merrick and John Zimmerman of Genesis Gold Corporation, a private Utah company specializing in gold exploration in the Western United States (www.genesisgoldcorp.com), the foundation of which are the claims first staked by Zsolt Rosta.
The soil sampling program was initially announced and described by news releases on October 15, 2019, November 12, 2019, November 26, 2019 and January 9, 2020. Please refer to the Discovery Harbour website for further details and results at: www.discoveryharbour.com.
Mark Fields, P.Geo., is the Qualified Person for Discovery Harbour as defined in NI 43-101 and has reviewed and approved the technical contents of this news release.
For more information, please visit the Company's website at www.discoveryharbour.com."
Sam Dan
4 years ago
Finally management is moving forward on attempts to evaluate a posssible major gold holding. The Market MAY reflect anticipation of results.
"Discovery Harbour Resources Corp. (TSXV: DHR) is pleased to announce that its detailed soil sampling program to select targets for its planned 2020 drill program at the Caldera gold project in Nevada is underway. Following a field visit by Mark Fields, Discovery Harbour's President and CEO, and two consulting geologists, the Company determined to further expand the soil sampling grid to thoroughly cover the most prospective targets. Over 1,200 samples will be collected on 100m by 50m spacing to support the prioritization of the currently 30 ranked gold targets.
The comprehensive soil sampling program will provide a cohesive and uniform data set over much of the Caldera property and in particular the specific targets that have been prioritized as possible drill targets. This data will be integrated with the historical data including previous shallow drilling, geology, rock samples, the patchwork of previous soil sampling, alteration and structural mapping, and geophysics to prioritize the most promising targets for a drill program planned for 2020.
Mark Fields notes, "The field visit with our consulting geologists was very encouraging. The Caldera Gold Project is an untested bonanza-grade epithermal system we are targeting at depth. The extent of the gold mineralization as defined by various historical work programs, the intensity of the alteration and our observations of certain mineral textures - such as bladed silica after calcite and comb quartz - over various parts of the large 30 square kilometre Caldera project all provide strong encouragement for our planned deep drilling program. Our decision to expand the soil program speaks to our confidence that the new multi-element soil data will be fundamental to select the most promising drill targets."
"Previous explorers at Caldera encountered sporadic but good gold grade results over widths of 5 to 20 feet as they searched for a shallow bulk tonnage gold deposit. However, they never drilled deeper than 200 metres, and generally only to 100 metres." Mark Fields continues, "I believe our plan to drill to 300 to 500 metres to reach the boiling zone where gold and silver would be deposited in a low sulphidation epithermal system is well founded. I am excited by the number and quality of targets we are evaluating for our drill program."
The 100% optioned Caldera Gold Project was generated by Don Merrick and John Zimmerman of Genesis Gold Corporation, a private Utah company specializing in gold exploration in the Western United States (www.genesisgoldcorp.com), the foundation of which are the claims first staked by Zsolt Rosta."
Sam Dan
4 years ago
Signs that management is serious about exploring the prioerty
"DISCOVERY HARBOUR COMPLETES PROPERTY OPTION PAYMENT ON CALDERA GOLD PROJECT, NEVADA
Discovery Harbour Resources Corp. has completed the third anniversary advance royalty payment of $75,000 (U.S.) to Genesis Gold Corp., pursuant to the Caldera property option agreement originally announced on Nov. 23, 2016, and April 3, 2017.
Located at the junction of the prolific Northumberland and Walker Lane gold belts in southern Nevada, the Caldera Gold Project covers over 30 square kilometres and hosts low-sulphidation epithermal-style gold, identified by shallow drilling, and pathfinder mineralization over a significant area measuring approximately six km by 2.5 km.
Mark Fields, President and Chief Executive Officer, notes: "We are pleased to be working with Genesis Gold Corporation on the Caldera Gold Project, which represents an untested bonanza-grade epithermal system at depth. Discovery Harbour has now made an aggregate of US$175,000 in Advance Royalty Payments, demonstrating our faith in the merits of the project. We are excited by the imminent start of detailed soil sampling on a number of the targets at Caldera as we prepare to drill test the Caldera property for a high-grade epithermal deposit at depth."
The 100% optioned Caldera Gold Project was generated by Don Merrick and John Zimmerman of Genesis Gold Corporation, a private Utah company specializing in gold exploration in the Western United States, the foundation of which are the claims first staked by Zsolt Rosta.
Mark Fields, P.Geo., is the Qualified Person for Discovery Harbour as defined in NI 43-101 and has reviewed and approved the technical contents of this news release.
About Discovery Harbour Resources Corp.
Discovery Harbour is a Canadian TSX Venture Exchange listed company focused on sourcing, exploring and developing mineral properties, with a strategic focus on gold projects, in order to enhance shareholder value. Its current focus is the Caldera low sulphidation epithermal gold project in southern Nevada.
Sam Dan
4 years ago
Finally a definitive report on the Nevada property. Encouraging findings to be developed
' (TSXV: DHR) ("Discovery Harbour" or the "Company") is pleased to announce progress on the analysis of historic and recent work at its 100% optioned Caldera Gold Project in southern Nevada. Two new targets have been refined, to be assessed among the 30 ranked targets in the upcoming detailed soil sampling program. The detailed soils program data will inform drill targeting for Discovery Harbour's first drilling campaign at Caldera, planned for mid-2020.
Located at the junction of the prolific Northumberland and Walker Land gold belts in southern Nevada, the Caldera gold project covers over 30 square kilometres and hosts low-sulphidation epithermal-style gold and pathfinder mineralization over a significant area measuring approximately 6 km by 2.5 km. Discovery Harbour will be the first company to test Caldera's potential for the discovery of bonanza gold grades based on the low-sulphidation epithermal gold model.
Data Compilation Advances
The Company continues to compile results from past operators including data from geochemical and geophysical surveys, drill programs and structural models. Together with results collected from its own fieldwork, discrete data sets are being integrated into a comprehensive three-dimensional model with the application of modern investigative methodologies and techniques.
Mark Fields, Discovery Harbour's President and CEO states, "We're seeing more and more evidence that past operators were not focused on the bonanza grade epithermal gold potential that the Caldera project provides. Major discoveries in the 21st Century will be made from the application of new thinking and technology to historic projects. All the evidence at Caldera points to a preserved bonanza-grade epithermal gold system at depth and we look forward to testing it in 2020."
A weights-of-evidence approach has been used to rank a subset of the most prospective drill targets. Certain of these targets were chosen on the basis of high-grade gold occurrences at or near surface. These include gold in soils and chip samples up to 193 grams per tonne gold (g/t Au), and shallow drill intercepts including 8.33 g/t Au over 7.6 metres, and 37.92 g/t Au over 3 metres, which are interpreted by the Company to be expressions of a bonanza gold/silver zone at depth.
New Priority Targets Identified
A number of targets have been selected on the basis of structural features or the widespread presence of pathfinder elements and mineral textures predictive of high-grade gold mineralization at depth. Two such priority targets have been further refined, with both zones indicating some of the most complete signs of low-sulphidation gold epithermal zonation to date. The first target is 1 km west-southwest of the historic Golden King Mine workings and integrates rock-chip assays with clay alteration development, and coincident colour and geochemical soil anomalies. The second target is approximately 7 km west of Golden King and has similar geology. Both targets have been tested by drilling which was too shallow to intersect the predicted bonanza gold zone at depth.
For Target 2019-1, the kaolinite, jarosite and gypsum noted in Discovery Harbour's sample Cld201710-08 is associated within a large jarositic gossan with lacustrine sediments and could indicate near-surface advanced argillic alteration near an up-flow zone. This potential near surface manifestation of a deeper target is further supported by the presence of a coincident antimony-mercury-arsenic geochemical soil anomaly. This area also corresponds with a distinctive colour anomaly and may be considered for expanding the imminent soils program currently being planned.
At Target 2019-2, the geology is comprised of rhyolite crystal tuffs dacite/latites and distinctive felsic ash tuffs that are pervasively silicified, with local strong opaline silica and fossilized plant fragments. Shallow level and above groundwater table (acid sulphate) conditions are suggested by the significant amount of chalcedony and opal. A linear zone of tectonic-hydrothermal breccia with some minor silicification of the matrix cuts the silicified ash. Irregular low temperature massive to botryoidal chalcedony veins and stringers are common in the felsic tuffs. The silicification, opaline silica and fossilized fragments suggest a maar/volcanic lake-type setting and the existence of a paleosurface. The breccia zone indicates post-syn silicification faulting and a dynamic environment favourable for mineralization.
Previously, Kennecott Exploration outlined low level gold-arsenic-mercury soil geochemical anomalies in the area of Target 2019-2. Argillic alteration and strong Fe-oxide colour anomalies lie in the recessive areas on the east side of the main outcrop area.
On both targets, preliminary clay mineral determinations on 8 of 11 rock samples indicate the presence of the temperature sensitive clay, montmorillonite in the absence of illite, suggesting temperatures below (too shallow) levels considered optimal for gold deposition.
Soil Sampling Program to Begin in November
Discovery Harbour is also pleased to announce it has submitted a Notice of Intent to Conduct Mineral Exploration Activities with the US Forest Service and engaged a field crew to complete its detailed soil sampling program.
This program will primarily target widespread pathfinder elements, providing closer spacing and more complete sampling analysis than previous reconnaissance soil grids as well as targets identified using Discovery Harbour's compilation of all previous work. Mercury, antimony and arsenic-rich zones represent leakage from the deeper feeder zone and provide an important drill targeting tool for the scheduled mid-2020 drill program. Previous shallow drilling by other operators has returned results such as 3 metres grading 37.92 g/t Au between 102 and 105 metres (deepest hole on the property) and 1.5 metres grading 32.88 g/t Au from 44 metres to end of hole. Discovery Harbour intends to target mineralization starting at 300 metres of depth, in the boiling zone of the low-sulphidation epithermal gold system at Caldera."
Sam Dan
4 years ago
Completion of PP
"Discovery Harbour Resources Corp. (TSXV: DHR) ("Discovery Harbour" or the "Company") is pleased to announce that, further to its news releases of October 9, 2019 and October 23, 2019, the Company has closed the final tranche of its non-brokered private placement (the "Offering") to raise additional gross proceeds of $205,800 (the "Final Tranche") through the sale of a further 4,116,000 units priced at $0.05 per unit (each, a "Unit"). Each Unit consists of one common share (each, a "Share") and one share purchase warrant (each, a "Warrant") exercisable into one further Share at a price of $0.10 for a term of one year, subject to an acceleration provision of the Company whereby, if for any ten (10) consecutive trading days the closing price of the Shares on the TSX Venture Exchange exceeds $0.20 at any time commencing four (4) months after the Closing and until there expiry date, than the remaining term of the Warrants will be reduced to thirty (30) days, commencing seven (7) days from the end of such ten (10) consecutive trading day period.
All securities issued in the Final Tranche are subject to a four month hold period expiring March 1, 2020. No finder's fees were paid in the Final Tranche.
The proceeds from the Offering will be used for property payments and exploration costs on the Company's 100% optioned Caldera project and for general working capital.
The Final Tranche completes the Company's Offering to raise a total of $600,000 through the sale of 12,000,000 units. The Offering was oversubscribed and units were allocated amongst subscribers on a pro-rata basis. Mark Fields, the Company's President, remarks, "We are pleased that we were able to accommodate everyone who expressed an interest in the financing. We would like to thank our supporting investors including Richard Gilliam, Salman Capital Inc., and other key participants."
Richard Gilliam, a director of the Company, subscribed for a total of 4,000,000 Units in the Offering. Mr. Gilliam is considered a "related party" within the meaning of Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions ("MI 61-101") and the Offering is therefore considered to be a "related party transaction" within the meaning of MI 61-101. The Offering, however, is exempt from the valuation requirement of MI 61-101 by virtue of the exemption contained in section 5.5(b) as the Company's shares are not listed on a specified market and from the minority shareholder approval requirements of MI 61-101 by virtue of the exemption contained in section 5.7(a) of MI 61-101 in that the fair market value of the consideration of the units issued to the related party did not exceed 25% of the Company's market capitalization.
Sam Dan
5 years ago
Major release by management re developing Nevada project
"Discovery Harbour Resources Corp. has released a project update on its 100-per-cent-optioned Caldera epithermal gold project in Nevada.
Located at the junction of the prolific Northumberland and Walker Land gold belts in southern Nevada, the Caldera gold project covers over 30 square kilometres and hosts low-sulphidation epithermal-style gold and pathfinder mineralization over a significant area measuring approximately 6 km by 2.5 km.
The Company is currently preparing to mobilize field crews for a program of detailed soil sampling following results from recent and historic work, including widespread gold and pathfinder mineralization in soils, chip samples up to 193 grams per tonne gold (g/t Au), and shallow drill intercepts including 8.33 g/t Au over 25 ft, and 37.92 g/t Au over 10 ft, which are interpreted by the Company to be expressions of a bonanza gold/silver zone at depth (see table below). The current soil sampling program will be used to prioritize the numerous drill targets that have been identified.
Mark Fields, President and CEO of the Company, states "Discovery Harbour has provided evidence that the target bonanza gold-silver zone is preserved and has not been eroded after its formation. Our intent is to conduct a drill program testing to depths between 300 to 400 metres vertically, well beyond the depths tested by previous drilling. I am excited that Discovery Harbour is preparing to test these multiple targets to the "boiling zone" depth where bonanza gold grades could be intersected."
Discovery Harbour will be the first company to test Caldera's potential for the discovery of bonanza gold grades based on the low sulphidation epithermal gold model. A drill permit application is being prepared for submission to the appropriate regulatory agencies. Previous operators have done extensive shallow work including prospecting, surface geological and geophysical work, and drilling to an average vertical depth of less than 100m while exploring for a bulk tonnage gold deposit.
The Company is in the final stages of consolidating and integrating all available data sets from historic sources, including structural, geochemical and geophysical data sets into a three-dimensional conceptual model. Targets are being selected and prioritized to drill to approximately 300 metres to 400 metres vertical depth where bonanza grades of gold and silver would have come out of solution at the boiling zone.
A summary of the Caldera project highlights based on historical work and work undertaken by Discovery Harbour has identified the following low sulphidation epithermal gold project characteristics:
Historical work includes small scale gold production, shallow drilling and extensive rock and soil anomalies by multiple parties;
Shallow drilling to an average depth of less than 100 metres has intercepted numerous multi-gram gold intercepts over five feet or more in six different zones. Only 3 drill holes went deeper than 160 metres vertical depth, the deepest being only 194 metres;
Rock sampling includes 804 rock chip samples of which 74 samples are over 5 g/t Au and 367 samples are over 1 g/t Au, the highest being 193 g/t Au; and
Soil sampling has partially defined gold and pathfinder element anomalies over mapped structures and several areas. Pathfinder elements mercury, antimony and arsenic had high values respectively of 6,636 ppm, 231 ppm and 1,835 ppm.
Discovery Harbour's 2017 mapping program successfully:
Identified 30 targets with various low sulphidation epithermal gold characteristics;
Detailed key structures extending up to 6.5 kilometres with coincident alteration zones;
Identified boiling textures such as comb quartz and bladed silica after calcite, and sheeted-stockwork, narrow veins and an interpreted silicified maar which all indicate a paleosurface over a preserved low sulphidation epithermal system; and
Spectrometer analysis of clay alteration minerals indicated they are low temperature products characteristic of the distal and shallow levels of a low sulphidation epithermal gold system.
Sam Dan
5 years ago
Well that didn't last long!!
Termination of new project. PP completed and back to Nevada.
"DISCOVERY HARBOUR ANNOUNCES NON-BROKERED PRIVATE PLACEMENT, PUBLIC RELATIONS CONTRACT AND TERMINATION OF EXCLUSIVITY AGREEMENT
Discovery Harbour Resources Corp. has arranged a non-brokered private placement comprising the issuance of up to 12 million units at a price of five cents per unit for gross proceeds of up to $600,000. Insiders may participate in the offering.
Each Unit will consist of one common share of the Company (each, a "Share") and one common share purchase warrant (each, a "Warrant"), with each Warrant entitling the holder to purchase one Share at a price of $0.10 per Share for a period of one year following the closing of the Offering (the "Closing"), subject to an acceleration provision of the Company whereby, if for any ten (10) consecutive trading days the closing price of the Shares on the TSX Venture Exchange (the "Exchange") exceeds $0.20 at any time commencing (4) months after the Closing and until their expiry date, then the remaining term of the Warrants will be reduced to thirty (30) days, commencing seven (7) days from the end of such ten (10) consecutive trading day period. Finders' fees may be payable in connection with the Offering in accordance with the policies of the Exchange.
All securities issued in connection with the Offering will be subject to a statutory hold period expiring four months and one day after closing of the Offering. Completion of the Offering is subject to the approval of the Exchange. Any participation by insiders in the Offering will constitute a related party transaction under Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101") but is expected to be exempt from the formal valuation and minority shareholder approval requirements of MI 61-101.
The aggregate gross proceeds from the sale of the Offering will be used to pay outstanding debt, working capital and further work on the Company's Caldera project.
None of the securities sold in connection with the Offering will be registered under the United States Securities Act of 1933, as amended, and no such securities may be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
Marketing Services Agreement
The Company has entered into a Marketing Services Agreement with Peak Investor Marketing Corp. ("Peak") dated October 4, 2019. Under the agreement Peak will provide public relations and marketing services, among others, for a period of 6 months at a cost of $12,000 per month. The Company has also granted to Peak a total of 515,000 stock options exercisable for 12 months at $0.075 per share. These options will vest over 12 months, 25% of the options vesting every 3 months. The agreement with Peak is subject to Exchange approval.
Termination of Exclusivity Agreement
The Company has terminated its exclusivity agreement to negotiate the acquisition of the Hawkins Gold Project in Ontario, Canada. Although the Hawkins Gold Project has attractive potential, the Company has decided to focus on its Caldera epithermal gold project in Nye County, Nevada."
Sam Dan
5 years ago
FINALLY A PROJECT TO BE DEVELOPED
"Discovery Harbour Resources Corp. has entered into an exclusivity agreement to negotiate terms to acquire the Hawkins gold project, located in Ontario. The period of exclusivity grants the Company 60 days to negotiate the terms of the acquisition, which, if completed, would be a major acquisition and would be the focus of the Company's time and resources.
Hawkins Gold Project
The Hawkins Gold Project is located in the Hawkins and Walls townships, in the Sault Ste. Marie and Porcupine Mining Divisions, Ontario. The Project covers one contiguous claim block comprising approximately 524 claim units or 8,384 hectares (83.8 sq. km) covering over 40 kilometers of a major regional fault and favourable geology prospective to host gold mineralization. It represents an advanced exploration gold project, with a NI 43-101 Inferred Mineral Resource Estimate of 239,100 ounces of gold (4,957,000 tonnes at 1.50 grams per tonne gold (g/t Au), at a cut-off grade of 0.5 g/t Au). Initial due diligence indicates there is good potential to expand existing higher grade gold occurrences, grow the currently outlined gold resource and discover new zones of gold mineralization.
P&E Mining Consultants Inc. ("P&E") of Brampton, Ontario completed a Technical Report and Resource Estimate, dated May 31, 2016, titled "Technical Report and Initial Mineral Resource Estimate on the McKinnon Gold Project, Hawkins and Walls Townships, Sault Ste. Marie and Porcupine Mining Divisions, Ontario". This Technical Report was prepared by Eugene Puritch, P.Eng., President of P&E, an independent "Qualified Person", for the purposes of NI 43-101. P&E has estimated that the Hawkins Gold Project has an Inferred Mineral Resource of 4,957,000 tonnes at 1.50 g/t Au (239,100 ounces of contained gold) at a cut-off grade of 0.5 g/t Au. The NI 43-101 Technical Report can be viewed at www.paveyarkminerals.com.
The P&E Technical Report is not current in that a recent site visit was not made and therefore, the Company is treating the estimates as historical. Additionally, since May 2016, ten additional drill holes were completed. The Company does consider the historical estimate relevant and reliable and intends to get an update of the Technical Report, including having a Qualified Person conduct a site visit, if it appears that an agreement will be reached with the vendor of the Hawkins Gold Project.
The Hawkins Gold Project is owned 100% on title by Pavey Ark Minerals Inc. ("Pavey Ark"), a private Ontario company owned 100% by Richard Sutcliffe, with a 50% beneficial ownership of the Hawkins Gold Project being held by Wabassi Resources ULC ("Wabassi"). Wabassi is 100% owned by Richard Gilliam, a Related Party to Discovery Harbour. If an agreement is reached with Pavey Ark, Multilateral Instrument 61-101 respecting related party transactions would apply, and the Company may be required to have the transaction approved by a majority of the shareholders who are unrelated to Mr. Gilliam. TSX Venture Exchange approval would also be required.
As part of the proposed transaction, should terms be agreed upon, it is contemplated that Richard Sutcliffe would be appointed as the Company's President and CEO and would assist the Company in raising a minimum of $750,000 in equity financing at an expected price of $0.05 per share or unit. Richard Sutcliffe, PhD (Geology), is a professional geologist with over 35 years of experience in geological surveys, mineral exploration and mining projects, including executive management and director positions with publicly traded mineral exploration and mining companies. He is currently a non-executive director of two public companies.
Eugene Puritch, P.Eng., an independent Qualified Person as defined by NI 43-101, has reviewed and approved the technical contents of this news release.
About Discovery Harbour Resources Corp.
Discovery Harbour is a Canadian TSX Venture Exchange listed company (TSXV: DHR) focused on sourcing, exploring and developing mineral properties, with a strategic focus on gold projects, in order to enhance shareholder value. It's current focus is the Caldera low sulphidation epithermal gold project in southern Nevada.
Sam Dan
5 years ago
I know I am talking to myself on this board-anyone else around ?
"ACQUISITION OF SHARES AND WARRANTS OF DISCOVERY HARBOUR RESOURCES CORP.
This news release is issued by Ore Capital Partners Ltd., pursuant to the early warning requirements of National Instrument 62-104 and National Instrument 62-103, with respect to common shares and warrants of Discovery Harbour Resources Corp.
On July 23, 2018, Ore Capital acquired 3.7 million units of the issuer by way of a private placement at a price of five cents per unit. Each unit compriss one share and one warrant, exercisable at 10 cents for a period of two years. The warrants purchased by Ore Capital contain a 61-day notice of exercise clause.
Following issuance of the shares and warrants, Ore Capital has control over 3.7 million shares, being 15.55 per cent of the outstanding shares of the issuer on an undiluted basis, and 3.7 million warrants with a 61-day notice of exercise clause, being 26.91 per cent of the outstanding shares of the issuer assuming exercise of the warrants, following notice given and notice period elapsing.
Depending on economic or market conditions or matters relating to the issuer, Ore Capital may in the future choose to either acquire additional securities of the issuer or dispose of securities of the issuer.
For further information and to obtain a copy of the early warning report filed under applicable securities legislation in connection with the transactions hereunder, please go to the issuer's profile on SEDAR or contact Jason Cubitt at 604-681-
Sam Dan
5 years ago
DISCOVERY HARBOUR AMENDS CALDERA EXTENSION PROPERTY ACQUISITION TERMS, SHAREHOLDERS ELECT BOARD OF DIRECTORS
Discovery Harbour Resources Corp. has entered into amended final agreements for the acquisition of 56 mineral claims contiguous to its 100-per-cent-optioned Caldera epithermal gold project in Nevada. The company initially announced the acquisition on Aug. 15, 2018, and an amendment on Sept. 19, 2018. The acquisition will expand the Caldera project to cover additional gold targets, including extensions of previously identified targets that feature structures, a distinct magnetic trough and alteration patterns consistent with the low-sulphidation epithermal system that is the company's focus at Caldera.
Under the final terms of the agreements, Discovery Harbour will acquire a 100-per-cent interest in the Extension property, subject to a 2-per-cent net smelter royalty retained by the vendor that the company can purchase for $1-million for each one percentage point of the NSR. The vendor is a non-arm's-length party by virtue of holding beneficial ownership of over 10 per cent of the common shares of the company. The acquisition is subject to the approval of the TSX Venture Exchange.
The Caldera gold project was initially generated by Don Merrick and John Zimmerman of Genesis Gold Corp., a private Utah company specializing in gold exploration in the Western United States, the foundation of which are the claims first staked by Zsolt Rosta.
Mark Fields, PGeo, is the qualified person for Discovery Harbour as defined in National Instrument 43-101, and has reviewed and approved the technical contents of this news release.
Annual general meeting
The company is further pleased to announce that all of the resolutions put forth at its annual general meeting of shareholders held on Dec. 20, 2018, have been approved. In addition to the approval of the company's rolling stock option plan and the appointment of A. Chan & Company, chartered professional accountant, as auditor for the ensuing year, the number of directors was set at four and the shareholders elected the following directors of the company:
Mark Fields -- interim president, chief executive officer and director of the company since 2009;
Jason Cubitt -- newly elected director of the company;
Richard Gilliam -- director of the company since 2013;
Andrew Hancharyk -- director of the company since 2010.
Sam Dan
6 years ago
DISCOVERY HARBOUR EXPANDS CALDERA, NEVADA PROPERTY,
Discovery Harbour Resources Corp. has entered into a letter of intent to acquire 56 mineral claims contiguous to its Caldera epithermal gold project in Nevada. The acquisition will expand the Caldera project to cover additional gold targets, including extensions of previously identified gold targets. The targets feature structures, a distinct magnetic trough and alteration patterns consistent with the low-sulphidation epithermal system Discovery Harbour is focused on at Caldera. Discovery Harbour is currently planning its 2018 work program.
Under the terms of the letter of intent, Discovery Harbour has the right to acquire an 100-per-cent interest, with no royalties, in the 56 claims by issuing two million common shares. The acquisition is subject to a 30-day due diligence period and acceptance by the TSX Venture Exchange.
The Caldera gold project was initially generated by Don Merrick and John Zimmerman of Genesis Gold Corp., a private Utah company specializing in gold exploration in the Western United States, the foundation of which are the claims first staked by Zsolt Rosta.
Mark Fields, PGeo, is the qualified person for Discovery Harbour as defined in National Instrument 43-101, and has reviewed and approved the technical contents of this news release.
Sam Dan
7 years ago
Discovery Harbour amends debenture, proposes rollback
DISCOVERY HARBOUR ANNOUNCES PROPOSED AMENDMENT TO UNSECURED CONVERTIBLE DEBENTURE AND CONSOLIDATION
Discovery Harbour Resources Corp. has agreed to amend the unsecured convertible debenture in the principal amount of $100,000 issued to Richard Gilliam, a director and significant shareholder of the company, as previously announced in its news releases of March 24, 2017, and April 7, 2017. The Company and Richard Gilliam have agreed to amend the conversion terms of the Debenture from convertible into common shares of the Company to convertible into units (each, a "Unit") of the Company at the greater of $0.05 per Unit or the subscription price for each share in the most recently completed private placement of the Company during the term of the Debenture, subject to adjustment. Each Unit will consist of one common share (each, a "Share") and one non-transferable share purchase warrant (each, a "Warrant"). Each Warrant will be exercisable into one Share at an exercise price equal to the greater of $0.075 per Share or the warrant exercise price, if any, for each warrant issued in the most recently completed private placement of the Company during the term of the Debenture, subject to adjustment, for a period of one year from April 7, 2017, with an acceleration clause that if the closing share trading price meets or exceeds $0.20 for 10 consecutive trading days then notice can be given that the Warrants must be exercised within 30 days from notice. All other terms of the Debenture shall remain the same. The Amendment is subject to the approval of the TSX Venture Exchange (the "Exchange").
Richard Gilliam is considered a "related party" within the meaning of Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions ("MI 61-101") and the Amendment is therefore considered to be a "related party transaction" within the meaning of MI 61-101. The Amendment, however, is exempt from the valuation requirement and from the minority shareholder approval requirements of MI 61-101 by virtue of the exemptions contained in sections 5.5(a) and 5.7(1) (a) of MI 61-101 in that the fair market value of the consideration of the Debenture issued to the related party did not exceed 25% of the Company's market capitalization. This News Release is being filed less than 21 days before the Amendment being approved because the Company wishes to complete the Amendment in a timely manner.
The Company also announces that it intends to proceed with a consolidation of its outstanding common Shares on the basis of three (3) pre-consolidation Shares for one (1) post-consolidation Share (the "Consolidation").
Currently, a total of 53,393,513 Shares are issued and outstanding. Accordingly, if the Consolidation is completed, a total of 17,797,838 Shares would be issued and outstanding, subject to adjustments for rounding and assuming there are no other changes in the issued capital of the Company. There is currently no maximum number of authorized Shares. There is no name change in conjunction with the Consolidation. The Consolidation is subject to the approval of the Exchange
Sam Dan
7 years ago
Further update from DHR properties in two separate NRs
Discovery Harbour agreement for Caldera property
Wednesday June 21 2017 - Property Agreement
The TSX Venture Exchange has accepted for filing: an exploration licence and option to purchase agreement for the Caldera project dated Nov. 18, 2016, between Discovery Harbour Resources Corp., and Genesis Gold Corp. (GGC) (Don Merrick and John Zimmerman), Zsolt Rosta and Jennifer Oliver; the first amendment to exploration licence and option to purchase the Caldera and Jersey Valley projects dated Feb. 17, 2017, between the company and GGC; and the second amendment to exploration licence and option to purchase the Caldera project dated March 30, 2017, between the company, and GGC, Mr. Rosa and Ms. Oliver. Under the agreements, the company has agreed to acquire a 100-per-cent interest in the Caldera project located in Nevada in the United States. In consideration, the company will pay a total of $400,000 (U.S.) ($20,000 (U.S.) in the first year) and issue 500,000 warrants exercisable at five cents per share for three years from the date of grant. GGC will retain a 2-per-cent net smelter return.
Discovery Harbour Jersey Valley property agreement
Discovery Harbour Resources Corp (C:DHR)
Shares Issued 53,393,513
Last Close 6/8/2017 $0.03
Wednesday June 21 2017 - Property Agreement
The TSX Venture Exchange has accepted for filing: an exploration licence and option agreement to purchase the Jersey Valley project dated Nov. 18, 2016, between Discovery Harbour Resources Corp. and Genesis Gold Corp. (GGC) (Don Merrick and John Zimmerman); the first amendment to the exploration licence and option to purchase the Caldera and Jersey Valley projects dated Feb. 17, 2017, between the company and GGC; and the subsequent termination of the Jersey Valley project pursuant to the board resolution dated March 14, 2017. The considerations paid are cash in the amount of $5,000 and issuance of 100,000 warrants, exercisable at 7.5 cents per share for three years from the date of grant.
Sam Dan
7 years ago
DISCOVERY HARBOUR PROVIDES UPDATE ON CALDERA PROJECT AND JERSEY VALLEY PROJECT
Discovery Harbour Resources Corp. has provided the following update on its agreements relating to the Caldera project and to the Jersey Valley project, further to its news releases dated April 4, 2017, Feb. 27, 2017, and Nov. 23, 2016.
The Caldera Project is an epithermal gold project located in Nevada, approximately 37 km from the Kinross Round Mountain Gold Mine (the "Caldera Project"). Pursuant to an Exploration License and Option to Purchase Agreement dated November 18, 2016 as amended February 17, 2017 and March 30, 2017 (collectively, the "Caldera Agreements") between the Company and Genesis Gold Corporation ("Genesis Gold"), the Company was granted a license to explore the Caldera Project and an option to acquire the same on the terms and conditions of the Caldera Agreements. Under the Caldera Agreements, the Company will receive title to the Caldera Project upon the payment by the Company to Genesis Gold of the aggregate sum of US$400,000 in advance royalty payments which are payable as follows: US$5,000 on entry into the initial Caldera Agreement (paid), US$15,000 payable on June 30, 2017, US$30,000 payable on November 18, 2017, US$50,000 payable on November 18, 2018, US$75,000 payable on November 18, 2019, US$100,000 payable on November 18, 2020 and US$125,000 payable on November 18, 2021. Genesis Gold has retained a 2% net smelter return royalty with respect to the Caldera Project. The Company will also pay rentals for the unpatented mining claims to keep the property in good standing during the term of the Caldera Agreements. The Company also issued 500,000 common share purchase warrants (collectively, the "Caldera Warrants") to Genesis Gold on June 12, 2017 pursuant to the terms of the Caldera Agreements, which Caldera Warrants are each exercisable into one common share in the capital of the Company at an exercise price of CAD$0.05 per share until June 12, 2020. The Caldera Warrants are the shares issuable upon exercise thereof are subject to a hold period expiring on October 13, 2017.
The Jersey Valley Project is an epithermal gold project located in Nevada, approximately 45km southwest of the Phoenix Deposit (Newmont Mining) and approximately 29km southwest of the Cove-McCoy Deposits (Premier Gold Mines) in the Battle Mountain mining district (the "Jersey Valley Project"). Pursuant to an Exploration License and Option to Purchase Agreement dated November 18, 2016 as amended February 17, 2017 (collectively, the "Jersey Valley Agreements") between the Company and Genesis Gold, the Company was granted a license to explore the Jersey Valley Project and an option to acquire the same on the terms and conditions of the Jersey Valley Agreements. However, as disclosed in the Company's news release dated April 3, 2017, the Company has decided to terminate the Jersey Valley Agreements so that it can focus its resources on the Caldera Project. Prior to termination, US$5,000 was paid to Genesis Gold on signing of the initial Jersey Valley Agreement. On termination, the Company's obligation to issue 100,000 common share purchase warrants (collectively, the "Jersey Valley Warrants") to Genesis Gold remained outstanding; all other payment obligations were terminated. On June 12, 2017, the Company issued the Jersey Valley Warrants to Genesis Gold, each of which is exercisable into one common share in the capital of the Company at an exercise price of CAD$0.075 per share until June 12, 2020. The Jersey Valley Warrants and the shares issuable upon exercise thereof are subject to a hold period expiring on October 13, 2017.
Sam Dan
7 years ago
DISCOVERY HARBOUR ENTERS EXTENSION TO THE AGREEMENT TO PURCHASE 100% OWNERSHIP OF TWO NEVADA GOLD PROJECTS
Discovery Harbour Resources Corp. has reached an agreement with Genesis Gold Corp. to extend the term of the exploration licence and option-to-purchase agreement to acquire a 100-per-cent interest in two gold projects in Nevada.
As was set forth in the original agreement, Discovery Harbour was allowed 90 days from Nov. 18, 2016, during which it was to raise capital for exploration of the Caldera and Jersey Valley gold projects. The 90-day anniversary of the signing (Feb. 18, 2017) also required the company to pay the second advance royalty payment of $15,000 (U.S.). On Feb. 17, 2017, the company entered a three-month extension agreement with Genesis for the purpose of financing these projects and to extend the date of the second royalty payment to May 18, 2017. The remaining terms of the original exploration licence and option-to-purchase agreement announced in a press release dated Nov. 23, 2016, which may be viewed on SEDAR, remain unchanged.
Discovery Harbour continues to search for available financing sources, and the scope of Discovery Harbour's 2017 exploration program is subject to the company's ability to raise additional capital.
Michael J. Senn, a licensed professional geologist, is the qualified person for Discovery Harbour as described in National Instrument 43-101, and has reviewed and approved the technical contents of this release.
Sam Dan
9 years ago
Its disappointing that no one is posting on this Board
2 PRs today that are important to the future of Discovery
1 Drilling started !!!!
Discovery Harbour Resources Corp. has started drilling at its 100-per-cent-owned 2Bar project in Nevada.
This program is designed to further test the continuity of the oxide copper mineralization occurring in outcrop and encountered during the company's drilling program in November, 2014. That program was fully described in a press release on Jan. 26, 2015.
The program is modest at 1,500 to 2,000 feet. The company anticipates this program to last two to three weeks. Drill site locations were selected, based on geology from mapping, previous drilling and from the results of ground geophysics (induced polarization). Marcus & Marcus Drilling (now Idea Drilling), based in Virginia, Minn., is performing the operations for the company.
DHR qualified persons are performing all core logging and sampling, followed by sample preparation and analysis at ALS Global. These results will be reported as soon as available. Additionally, sample chain of custody from drill hole to lab is maintained by DHR's qualified personnel. Michael J. Senn, a licensed professional geologist, is the qualified person for Discovery Harbour Resources as described in National Instrument 43-101 and has reviewed and approved the technical contents of this report.
This PR late today gives hope that drilling will be positive
Of Course the assays will tell us.Fingers still crossed.
"DISCOVERY HARBOUR RESOURCES ANNOUNCES GEOPHYSICAL SURVEY COMPLETED AT 2BAR, NEVADA
Discovery Harbour Resources Corp., in advance of its drilling program, has completed a detailed geophysical survey at its 100-per-cent-owned 2BAR project in Nevada.
The survey is termed an I.P. (induced polarization) survey and was designed to follow the mineralization discovered in the Upper Zone at 2BAR through drilling last November, as described in the Company's press release of January 26, 2015. This I.P. survey was successful in defining strong responses associated with the mineralization in holes 2B14-06 and 2B14-07. Further, it has defined conductors continuing to the north and northwest, under the younger Tertiary volcanic cover. These responses are targeted for drill testing during this phase of the exploration. See DHR press release dated June 9, 2015. Results from this drilling will be reported following assaying.
The responses received from this work have been combined with an I.P. survey performed during prior exploration on the property and coincide well with targets previously developed. Interpretation of the DHR dataset was performed by the chief geophysicist from Zonge Engineering. KLM Geoscience of Las Vegas, Nevada conducted the survey.
Michael J. Senn, a licensed professional geologist, is the Qualified Person for Discovery Harbour Resources as described in National Instrument 43-101 and has reviewed and approved the technical contents of this release. For further information, contact Kieran Magee by telephone at (778) 945-2958 or by email at Kieran@discoveryharbour.com."
Sam Dan
9 years ago
Obviously management is gearing up for drilling. The 1 million dollars received from sale of Ontario project are being put to good use. This will be a very important project. Success or failure will determine the future,
'[/DISCOVERY HARBOUR RESOURCES ANNOUNCES DRILLING CONTRACTED FOR JUNE, 2015 AT 2BAR, NEVADA
Discovery Harbour Resources Corp. has contracted a drilling program at its 100-per-cent-owned 2BAR project in Nevada.
This program has been designed to further test the continuity of the oxide copper mineralization occurring in outcrop and encountered during the Company's drilling program in November, 2014. That program was fully described in a press release on January 26, 2015.
The program is modest at 1,500 to 2,000 feet and scheduled to begin on June 7th.
The Company anticipates this program to last two to three weeks.
Drill site locations are presently being selected, based on geology from mapping, previous drilling and from the results of ground geophysics. The objective of this phase is to confirm that thicknesses and grades of copper that were encountered during the November program, continue under the younger Tertiary cover for distances up to 400 feet from drill holes 2B14-05, 2B14-06 and 2B14-07. Confirmation of this objective will indicate that lateral continuity of mineralization does exist at 2BAR. Marcus & Marcus Drilling, based in Idaho, will be performing the operations for the Company.
DHR Qualified Persons will be maintaining a secure chain-of-custody of all core and samples. These will ultimately be delivered to ALS Global in Reno, Nevada for analysis and storage.Michael J. Senn, a licensed professional geologist, is the Qualified Person for Discovery Harbour Resources as described in National Instrument 43-101 and has reviewed and approved the technical contents of this release."
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Sam Dan
9 years ago
DISCOVERY HARBOUR ANNOUNCES NEW COPPER TARGETS DEFINED AT 2BAR, NEVADA
Discovery Harbour Resources Corp. has completed the staking of an additional 135 unpatented lode claims at its 100-per-cent-owned 2Bar project in Nevada. The staking completed in March and April, 2015, brings the total land position comprising the 2BAR Project area to approximately 4,367 acres (1,767 hectares), including the patent claims under option to purchase. The new property map is posted on the Company's website at www.discoveryharbour.com.
Staking
The purpose of staking additional claims during March was to complete the acquisition of the remaining portion of the targeted unconformity containing the oxide copper mineralization as described in the Company's press release of January 26, 2015. Those drilling results included:Drillhole 2B14-06, from 32.8 to 107.0 feet containing a total of 74.2 feet / 22.6m at 1.20% copper, and, Drillhole 2B14-07, from 7 to 71 feet containing a total of 64 feet / 19.5m at 0.74% copper. Intervals given are core lengths and may not represent true thicknesses. However, in all seven drill holes where bedding was noted, the attitude of the bedding was within a few degrees of being perpendicular to the core axis. This suggests core lengths are near to true thicknesses. DHR-held claims now cover an area containing approximately 6.5 miles (10.5 kilometers) of strike length (lateral distance) of the unconformity hosting the mineralization occurring in outcrop and as supported by our 2014 drilling. This lateral distance is deemed as highly prospective to host additional occurrences of copper mineralization. Results from samples collected in the March program indicated the need to stake an additional six claims during April to contain a copper-in-soil anomaly developed from the March sampling.
SamplingIn the process of staking the claims, soil samples were collected from all four corners of each new claim and from the midpoints of the long dimensions of each claim. This resulted in a sample grid of approximately 600' x 750'. In addition to the soils grid sampling, stream sediment samples were collected at points where claims lines crossed primary and secondary drainages. During the August, 2014, March and April 2015 staking, a total of 581 soil samples and 67 stream sediment samples were collected and submitted to ALS Global in Reno, Nevada for preparation and analysis (also see DHR press release dated August 11, 2014).
Sampling Results DHR's primary corporate focus is the discovery and delineation of a copper oxide resource of sufficient size to justify the development of a cash flow generating operation. The sampling completed to date has successfully advanced this goal. DHR has been encouraged that the sampling has also provided strong indications of a proximal porphyry copper system. The August, 2014 sampling survey produced new copper anomalies from soils, two of which were coincident with gold-in-soil anomalies, and one copper anomaly yielded coincident gold-molybdenum-tin responses, suggestive of a porphyry source area. Additionally, the March and April sampling produced strong zinc-in-soil anomalies located peripheral to and stratigraphically above the interpreted 2014 porphyry signature. This type of zoning is commonly associated with porphyry deposits. To supplement the geochemical results from last year, the analysis of sampling from March and April this year show additional quality responses for copper, scandium, silver, zinc, and gold. On the east side of the claims group, another porphyry style anomaly was discovered with coincident gold, tin, tungsten and bismuth in soils.The 2BAR claims group holds a diverse and compelling variety of elemental anomalies contained in the residual soils. It is important to note that the primary (rock) sources of soil-derived responses are commonly ten or more times the reported values of their weathered soil residuum.To view an enhanced version of this Discovery Harbour Resources - 2BAR Project, Nevada - Copper-in-Soils image, please visit:https://orders.newsfilecorp.com/files/1559/15458_discovery1enhanced.jpg
Copper The main objective of the soil sampling was to determine if additional indications of copper occurrences existed within the bounds of the claims group, in particular, along the strike of the contact between the younger Tertiary felsic volcanics and the older Jurassic mafic volcanics (the unconformity / oxide zone).In the Upper Zone at 2BAR, the copper occurs within the unconformity. DHR hypothesized that this contact zone should contain additional occurrences of copper mineralization. As predicted, new, strong copper-in-soils anomalies were developed along the exposed unconformity. Assay values from soils in this zone average 336 ppm copper, with a maximum value of 2,970 ppm (0.29% Cu).Other anomalous areas that have been developed for their copper potential are: (see copper map above) South 2BAR Prospect where reconnaissance field investigation found outcropping mineralization. Chip-channel samples from this 12.5 foot wide zone averaged 1.3% Cu.Snipe Copper anomaly may represent a structurally-offset portion of the 2BAR trend. Peak values at Snipe have a maximum of 494 ppm copper. Reconnaissance sampling and mapping are planned for Snipe during the summer program.Porphyry Signature anomaly - assay results from this area contain coincident copper, molybdenum, gold and tin. Follow-up there will require helicopter support for access and efficiency. This reconnaissance is planned for the summer program.
Scandium To view an enhanced version of this Discovery Harbour Resources - 2BAR Project, Nevada - Scandium-in-Soils image, please visit:https://orders.newsfilecorp.com/files/1559/15458_discovery2enhanced.jpgAt this point in time, DHR is uncertain of the primary source(s) of the scandium-in-soils anomalies that occur on the property. It is important to recall that these results are from soils. The primary source lithologies commonly contain ten or more times the values assayed from the residual soils.An interesting observation is the location of numerous of the scandium peak values with the 2BAR and the South 2BAR areas. Noting that the copper mineralization occurs dominantly in the unconformity (oxide zone), there appears to be coincidence of scandium elevation within this zone as well.The discovery of scandium within the property requires an in depth evaluation given the high value of scandium oxide. The maximum scandium-in-soils response of 25.8 ppm,(25.8 grams) occurs in the eastern portion of the property. The sample site is located just below the contact-oxide zone / unconformity. These scandium occurrences will be evaluated through reconnaissance exploration during the summer program. The highlight of the recent soil sampling program is the development of new and notable copper-in-soils anomalies along unexplored portions of the exposed unconformity. Also, the new scandium occurrences, described above and zinc, silver and gold anomalies have emerged within the claims group. A detailed description of these results with maps will be posted on the DHR website later in May.
Summary Bruno Hegner, President & CEO of Discovery states; "The acquisition of these new claims secures the Company's land position on a highly prospective target that the Company confirmed through drilling in November of last year. As with the results of our sampling last summer during the staking process, I am pleased we have identified, not only new prospects, but most importantly, we have demonstrated that the probability of additional copper anomalies continuing along the strike of the unconformity is a valid hypothesis. We will diligently continue to explore these new occurrences of anomalous copper-in-soil responses contained within the unconformity. Our program for 2015 involves detailed geophysical surveying in the Upper Zone to assist in the efficient placement of exploration drill holes, ground follow-up of soil and stream anomalies and, of course, drilling to further delineate the high grade copper oxide zone. Our drill program has three goals: 1.Confirm that the geophysical signatures discovered from the IP and airborne gradiometer surveys correspond with copper mineralization and are a reliable tool for targeting future drill holes; 2.Confirm the extension of the copper mineralization under cover for an additional 100-200 meters at grades and intervals similar to those encountered in 2014; 3.Confirm the copper oxide mineralization outcropping at surface at 2Bar is "secondary mineralization" that has leached from a primary sulphide source. Our ultimate objective is to locate the source of primary copper mineralization. Our current project concept is to identify a copper resource that will be amenable to heap leaching and solvent extraction / electrowinning production. Our goal is to justify the establishment of a small-scale, low-cost copper production operation within a reasonable time frame." The analysis of the stream sediment and soil samples was performed at ALS Global using standard preparations for sediment samples for ICP analysis. All samples were analyzed using ALS Global's aqua regia and weak acid digestion, code #ME-MS41L and #ME-MS41 (both 51 element). All samples were collected and transported to ALS Global in Reno, Nevada by Carlin Trend Mining Services from Elko, Nevada. Chain of custody for the samples was maintained by Carlin Trend personnel. Michael J. Senn, a licensed professional geologist, is the Qualified Person for Discovery Harbour Resources as described in National Instrument 43-101 and has reviewed and approved the technical contents of this release.For further information, contact Kieran Magee by telephone at (778) 945-2958 or by email at Kieran@discoveryharbour.com.
Sam Dan
9 years ago
Letter to shareholders from President
"Friends and shareholders:
Thank you all for your support in approving the recent sale of our interest in the Wabassi Joint Venture. Since becoming President of our Company in January of last year, I was concerned that continued expenditures at Wabassi were not sustainable in light of DHR’s financial resources and capital structure.
Wabassi hosted both VMS-style and shear zone gold mineralization. These types of targets are elusive and therefore drill-intensive. The property was remote and the mineralization was deep. Consequently, in 2013 our drilling costs exceeded $500 per meter. The situation at Wabassi was exasperated by the lack of access and infrastructure, and the unquantified risks resulting from several inconsistent opinions by the Supreme Court of Canada regarding native title issues. The continued postponement of efforts to improve access to the Ring of Fire mineral province, including the sale of Cleveland Cliffs’ chromium project, convinced both Management and the Board that sale of our Wabassi asset was in the best interest of the Company and its shareholders.
It is my sincere belief and opinion that in the past the Company undertook projects that exceeded its capabilities. We are a small company with two full-time and two part-time employees. The scope of our future activities must be commensurate with our managerial, financial and technical capabilities. Our Company's continued existence must be predicated upon less-expensive, but scalable, projects with better access and infrastructure profiles.
In 2014 our Company undertook an extensive review of available projects that fit these criteria. The 2BAR copper project in Nevada was deemed the best fit. Nevada is annually recognized as one of the premier locations in the world for mining investment. Nevada has a world-class mineral pedigree and is home to several major gold and copper mines. Lengthy negotiations resulted in an option agreement that will allow DHR to acquire 100% title to 212 acres of patented mining claims free of any royalties. Since June of last year, DHR has also staked nearly 4400 acres of unpatented mining claims on land managed by the Bureau of Land Management. The project area is free of any native title, endangered species or other access or permitting-related issues. There is road access to site from Lovelock, Nevada 18 miles to the east. A producing 75 megawatt geothermal power plant is located approximately 3 miles from our current drill sites in Dixie Valley.
Our activities during 2014 and 2015 have been confined to the patented claims. As this is private land, we are not required to acquire permits prior to exploration or drilling. In the future, as we move out onto the unpatented claims, we will be required to submit an Environmental Assessment to the Bureau of Land Management. This will require the expenditure of time and money, but Management is well acquainted with the procedure.
In 2014 we confirmed the existence of copper oxide mineralization, with grades greater than 1%, outcropping at surface on the patented claims. Drilling confirmed that this mineralization continued under cover. The total drilling meterage was small due to the mineralization occurring near surface and budget constraints. The proximity to established infrastructure has reduced our drill costs to approximately $180 per meter. The successful results of that Phase 1 drilling were reported in our Press Release dated the 26th of January, 2015.
Our activities last year confirm that the oxide mineralization occurs at the contact between older rocks and younger rocks. This “unconformity” is readily identified in satellite imagery and has a strike length of 6 ½ miles. During March and April our company staked unpatented mining claims along the entire strike of the unconformity. Soil samples taken concurrent with the staking indicate in-soil anomalies of copper, gold, silver, scandium, zinc, molybdenum, tungsten and tin. Several of these anomalies are coincident with magnetic highs identified by airborne gradiometer survey completed last year. These hotspots will vector us to areas for additional geological mapping later in 2015.
Our drill program this year will be preceded by an additional geophysical survey to commence in May. We hope to complete an approximately 2500 foot drill program prior to the end of June. This program has three goals:
Confirm that the geophysical signatures discovered from the IP and airborne gradiometer surveys correspond with copper mineralization and are a reliable tool for targeting future drill holes;
Confirm the extension of the copper mineralization under cover for an additional 100-200 meters at grades and intervals similar to those encountered in 2014.
Confirm the copper oxide mineralization outcropping at surface at 2Bar is “secondary mineralization” that has leached from a primary sulphide source. Our ultimate goal is to locate the source of primary copper mineralization.
Our current project concept is to identify 10,000,000 tons of +1% copper that will be amenable to heap leaching and solvent extraction / electrowinning production. Our goal is to justify the establishment of a small-scale, low-cost copper production operation within 5 years. The creation of even small cash flows in the short to medium term will give our Company control of its own destiny. If the oxide mineralization is the leach cap of a larger, heretofore undiscovered sulphide copper deposit, so much the better.
We never forget that we are your employees. Thank you for your continued support.
Frank D. (Bruno) Hegner
Sam Dan
9 years ago
DISCOVERY HARBOUR ANNOUNCES CLOSING OF SALE OF 51% INTEREST WABASSI PROPERTY
Discovery Harbour Resources Corp. has completed the sale of its 51-per-cent interest in the Wabassi joint venture and certain related assets to Great Lakes Resources LLC, in accordance with the purchase agreement dated April 10, 2015, between the company and Great Lakes Resources for a $1-million (U.S.) cash payment on the terms and conditions of the agreement. The Wabassi project is a base and precious metals project located in northwestern Ontario that is comprised of 165 unpatented blocks of 2,640 claim units for a total of 38,720 hectares. Proceeds from the sale of the Purchased Assets are to be used to fund continued exploration and development at the Company’s 2Bar copper/silver project in Nevada, USA and for general working capital purposes. The Transaction received the requisite approval of the shareholders of the Company at the special meeting of shareholders of the Company held on April 17, 2015. GLR is a private company owned by Richard Gilliam, a director and significant shareholder of the Company. Prior to completion of the Transaction, GLR held the remaining 49% participating interest in the Wabassi Joint Venture. Upon closing of the Transaction, GLR holds a 100% participating interest in the Wabassi Joint Venture.For further information, contact Kieran Magee by telephone at (778) 945-2958 or by email at kieran@discoveryharbour.com
Sam Dan
9 years ago
Any body still access this Board??
DHR STAKING PROGRAM COMPLETED AT 2BAR,NEVADA
"Discovery Harbour Resources Corp. has completed the staking of an additional 129 unpatented lode claims at its 100-per-cent-owned 2BAR project in Nevada.
This staking adds approximately 2,657 acres (1,075 hectares) to the Company's holdings that now total approximately 4,243 acres (1,717 hectares), including the patent claims under option to purchase.
The purpose of staking additional claims was to complete the acquisition of the remaining portion of the targeted unconformity containing the oxide copper mineralization as described in the Company's press release of January 26, 2015..
Bruno Hegner, President & CEO of Discovery states, "The acquisition of these new claims secures the Company's land position on the highly prospective target that the Company confirmed through drilling during November of last year. We now hold all of the prospective ground for this target type in this region of the Stillwater Range. As with the results of our sampling last summer during the staking process, I expect that we will identify new prospects that will be followed up to new occurrences of oxide copper mineralization contained within the unconformity. Our program for 2015 involves detailed geophysical surveying in the Upper Zone to assist in the efficient placement of exploration drill holes, ground follow-up of soil and stream anomalies and, of course, drilling. One of the anomalous areas from the 2014 soil sampling that was investigated during 2014 produced an outcrop where chip-channel samples over a 12.5 foot interval averaged 1.3% copper and 0.3% zinc. We have planned to thoroughly examine this area through mapping and sampling as well. Also, the area yielding the coincident porphyry-style geochemical signatures will be mapped and sampled for lithology, alteration and trace element geochemistry to further determine if the soils anomalies present there indicate a porphyry source. It will be an exciting year for DHR!"
Michael J. Senn, a licensed professional geologist, is the Qualified Person for Discovery Harbour Resources as described in National Instrument 43-101 and has reviewed and approved the technical contents of this release.
Sam Dan
9 years ago
DHR announcing a funding move.
DISCOVERY HARBOUR ANNOUNCES LETTER OF INTENT FOR US$1,000,000 SALE OF JOINT VENTURE INTEREST
Discovery Harbour Resources Corp. has executed a letter of intent for the sale of its 51-per-cent participating interest in the Wabassi joint venture to Great Lakes Resources LLC (GLR) for a $1 million (U.S.) cash payment. GLR is a private company owned by Richard Gilliam, a director and significant shareholder of the company. GLR currently holds the remaining 49-per-cent participating interest in the Wabassi joint venture. The Wabassi project is a base and precious metals project located in Northwestern Ontario that comprises 165 unpatented blocks of 2,640 claim units for a total of 38,720 hectares.
Proceeds from the sale will be used to finance continued exploration and development of the company's 2Bar copper/silver project in Nevada, United States, and for general working capital purposes. The sale of the company's interest in the Wabassi joint venture is subject to, among other things, entry into a definitive agreement for the purchase and sale of the interest, approval of a majority of the disinterested shareholders of the company, and approval of the TSX Venture Exchange. The company does not anticipate paying any finders' fees in connection with this transaction."
Because the infrastructure for the Wabassi project is hung up by delayed approval by Ontario government. And the Supreme Court ruling enhancing First Nations rights for compensation. The future of the Wabassi development is postponed for a significant delay-if ever!!
This deal provides significant financing for further exploration of the Nevada property which has yielded positive results so far.
Still to be proven but a good move by management IMO.
Sam Dan
9 years ago
Important that "Ring of Fire infrastructure is completed for The Wassabi [sic] project to move forward
"The Globe and Mail reports in its Wednesday, Nov. 19, edition that plans to spend billions of federal and provincial dollars on infrastructure in Ontario are being held up by a behind-the-scenes battle over the Ring of Fire, as the province wants Ottawa to match $1-billion in new money to develop the ambitious mining project. The Globe's Bill Curry writes that the Tory government is expressing its strong frustration that Ontario has yet to submit a list of projects. Ottawa has said Ontario qualifies for $2.7-billion from the fund, but the province argues that using that money for the Ring of Fire would leave very little for other provincial needs such as transit and new roads. As a result, the two governments appear to be at loggerheads, though ministers and officials are attempting to break the impasse. The waiting, combined with falling chromite prices, has Cliffs Natural Resources, the region's leading mining firm, looking to sell its Ring of Fire assets. Noront Resources has assets in the region it wants to develop. Noront boss Alan Coutts says once one project is up and running everyone will then see "these benefits are going to actually accrue to them."
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