Tag Archives: Coronet Metals

Coronet Metals, Mineworx to form JV for White Caps

April 7, 2017Company News, Company News Archive, FeaturedCoronet MetalsTechwor8

Coronet Metals, Mineworx to form JV for White Caps

2017-03-28 10:46 ET – News Release

Mr. Theo van der Linde reports

CORONET ANNOUNCES JOINT PROCESSING AGREEMENT ON ITS WHITE CAPS TAILINGS PROJECT

Coronet Metals Inc. has entered into a binding letter of intent to form a joint venture (JV) with Mineworx Technolgies Inc., a 100 per cent wholly owned subsidiary of Iberian Minerals Ltd., to process the estimated 250,000-tonne gold-bearing historical tails and mine dumps (1) at its wholly owned White Caps gold mining project in the Manhattan mining district of Nevada. Through Coronet’s wholly owned subsidiary, White Caps Mining Company, the company controls the historical tails and mine dumps.

Under the terms of the agreement, Coronet will provide all necessary financing for the testing and project development. When commercial production commences, the joint venture shall be responsible for all operational costs, and all revenues and profits will be shared on a 50/50 basis, after Coronet fully recovers its investment. Mineworx’s share of the JV will be reduced to 35 per cent after a two-year period.

Further to the Feb. 2, 2017 new release, the company successfully completed the first round of hydrometallurgical test results on the gold-bearing tailings and dumps. The hydrometallurgical testwork was performed by Mineworx and Met-Solve Laboratories (Langley, B.C.) with ALS Global (Vancouver) performing independent verification of the sample solutions and solids.

The patent-pending, environmentally friendly, non-cyanide-based EnviroLeach leaching formula was used on the gold-bearing tailings and mine dumps to determine and optimize recoveries of gold.

Coronet and Mineworx subsequently proceeded toward a second round of testwork, adjusting the EnviroLeach formula, and the results have either confirmed or improved upon the results from the first phase of testing. Given these grades and recoveries, it was decided to enter into a formal agreement to further investigate the economic potential of processing the material.

The joint venture will first build a small-scale 50-kilogram pilot plant at Mineworx’s Burnaby, B.C., facility to determine recoverability and reusability of the formula, gold recovery from solution, optimization, and preliminary economics. Following a successful small-scale pilot plant test, a one-tonne-per-day pilot plant will be built to test 40 tonnes of material to confirm scalability, recoveries and economics.

Fred Tejada, PGeo, a director of the company, is a qualified person under the meaning of Canadian National Instrument 43-101 and is responsible for the technical information contained in this news release.

Cautionary notes regarding the White Caps production

The White Caps mining project has no established resource and is without a known body of commercial ore. The decision to commence production at the White Caps mine and Coronet’s plans for small-scale mining and milling operations of the historical tailings and mine dumps were based on economic models prepared by Coronet in conjunction with management’s knowledge of the property and the prior limited recent operating history of the White Caps project. The production decision and operating plan for the processing of the tailings and mine dumps were not based on any preliminary economic assessment, a prefeasibility study or a feasibility study of mineral reserves demonstrating economic and technical viability. Accordingly, there are increased uncertainty and economic and technical risks of failure associated with the production decision and operating plan, in particular, the risk that mineral quantities and/or grades will be lower than expected, the risk that construction or operations will be more difficult or more expensive than expected, the risk that the company will not be able to transport or sell the metal it produces on the terms it expects, or at all, the risk that, due to the absence of a detailed economic and technical analysis according to and in accordance with NI 43-101, the production and economic variables associated with mineral extractions and sale may vary considerably. Readers are cautioned that no reliable estimates of future production capability or the economics of any extraction activity can be made.

(1) References to tonnages are historical estimates. The estimated tonnage of 250,000 tonnes was provided by the two different mining engineering companies in October, 2011, that the company engaged to provide an estimate. The stockpile measurement is a technique to measure the volume and weight of commodity stockpiles. It is a scientific/instrumental method using total station equipment to determine the volume of the stockpile quantity. A qualified person has not done sufficient work to classify the historical estimate as current mineral resources or mineral reserves nor does Coronet treat the historical estimate as current mineral resources or mineral reserves. The company will have to conduct independent surveying, drilling, sampling and assaying of the tailings and mine dumps to determine the NI 43-101 tonnes and grades of the tailings and mine dumps. In conjunction with that, the company will have to continue with independent metallurgical analysis to verify recoveries. This work will form the basis to upgrade or verify the historical estimates as NI 43-101 mineral resources or mining reserves.

About Coronet Metals Inc.

Coronet Metals is engaged in the business of acquiring, exploring and developing natural resource properties, with a focus on precious mineral properties/projects which have the potential for both near-term cash flow and significant exploration upside potential. Coronet’s White Caps gold project is near the town of Manhattan in northern Nye county. The project is well in line with its strategy of acquiring precious metals mining projects which have the potential for both near-term cash flow and exploration upside.

The company has also launched a fresh new website.

We seek Safe Harbor.

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Junior Gold Report Newsletter: Junior Gold Report’s Newsletter is published as a copyright publication of Junior Gold Report (JGR). No Guarantee as to Content: Although JGR attempts to research thoroughly and present information based on sources we believe to be reliable, there are no guarantees as to the accuracy or completeness of the information contained herein. Any statements expressed are subject to change without notice. It may contain errors and you should not make any investment decisions based on what you have read on here. JGR, its associates, authors, and affiliates are not responsible for errors or omissions. Consideration for Services: JGR, it’s editor, affiliates, associates, partners, family members, or contractors may have an interest or position in the featured companies, as well as sponsored companies which compensate JGR. JGR, it’s owner and affiliates/associates may buy/sell and trade the featured companies from time to time. JGR has been paid by the companies. Thus, multiple conflicts of interest exist. Therefore, information provided here within should not be construed as a financial analysis but rather as an advertisement. Conduct your own due diligence: The author’s views and opinions regarding the companies featured in report(s) are his/her own views and are based on information that he/she has researched independently and has received, which the author assumes to be reliable. You should never base any buying/selling/trading decisions off of our emails and newsletter. The ideas and companies featured are highly speculative and you could lose your entire investment – consult a licensed financial advisor if you are considering investing in any of the featured companies. Subscribers/readers are encouraged to conduct their own research and due diligence. The companies mentioned are high risk and considered penny stocks that contain a high risk of volatility, therefore consult your investment advisor and do your own due diligence before purchasing. Never base any investment decision on information contained in our website or emails or any of our publications. No Offer to Sell Securities: JGR is not a registered broker dealer, investment advisor, financial analyst, stock pickers, investment banker or other investment professional. JGR is intended for informational, educational and research purposes only. It is not to be considered as investment advice. No statement or expression of any opinions contained in this report constitutes an offer to buy or sell the shares of the companies mentioned herein. Links: JGR may contain links to related websites for stock quotes, charts, etc. JGR is not responsible for the content of or the privacy practices of these sites. Release of Liability: By reading JGR, you agree to hold JGR, its associates, sponsors, affiliates, and partners harmless and to completely release them from any and all liabilities due to any and all losses, damages, or injuries (financial or otherwise) that may be incurred.

Forward Looking Statements
Except for statements of historical fact, certain information contained herein constitutes forward-looking statements. Forward looking statements are usually identified by the use of certain terminology, including “will”, “believes”, “may”, “expects”, “should”, “seeks”, “anticipates”, “has potential to”, or “intends’ or by discussions of strategy, forward looking numbers or intentions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results or achievements to be materially different from any future results or achievements expressed or implied by such forward-looking statements. Forward-looking statements are statements that are not historical facts, and include but are not limited to, estimates and their underlying assumptions; statements regarding plans, objectives and expectations with respect to the effectiveness of the Company’s business model; future operations, products and services; the impact of regulatory initiatives on the Company’s operations; the size of and opportunities related to the market for the Company’s products; general industry and macroeconomic growth rates; expectations related to possible joint and/or strategic ventures and statements regarding future performance. Junior Gold Report does not take responsibility for the accuracy of forward looking statements and advises the reader to perform their own due diligence on forward looking numbers or statements.

Coronet Metals starts phase 2 White Caps testwork

December 20, 2016Company News, FeaturedCoronet Metals, gold, silverTechwor8

Coronet Metals starts phase 2 White Caps testwork

2016-12-16 17:47 ET – News Release

Mr. Theo van der Linde reports

CORONET PROVIDES UPDATE ON CURRENT DEVELOPMENTS AND STRATEGY

Coronet Metals Inc. has provided an update on current developments and company strategy.

Through its wholly owned subsidiary, White Caps Mining Co. (WCMC), the company controls the past-producing White Caps gold mine and processing mill, along with an estimated 250,000 tonnes of historical tails and mine dumps(1). The White Caps gold project is located in the historical Manhattan mining district of south-central Nevada, which consists of approximately 2,800 acres and 121 patented and unpatented mining and mill site claims, only 13 miles south of Kinross’s multimillion-ounce Round Mountain gold mine. The Manhattan mining district is considered one of the more underexplored areas in Nevada.

Coronet’s strategy:

To continue its consolidation of claims in the Manhattan mining district: In addition to the company’s existing land package, Coronet is aggressively pursuing opportunities to secure additional adjacent claims, which should greatly enhance scale and opportunity.
Moving to generate near-term cash flow from existing tailings and dumps: With the encouraging initial metallurgical results, and with confirming the tonnage of the tailings and dumps under way, the company is well positioned to enter into commercial production in the near term.
To ultimately redevelop the historical White Caps underground mine: Plans to re-enter and explore the White Caps mine are critical to Coronet’s strategy.

Recap:

Further to the Sept. 30, 2016, press release, six holes have been proposed to drill the White Caps mine dumps and 23 holes to drill the White Caps tailings dumps, totalling approximately 2,700 feet (820 metres) of drilling.
The sonic drilling contract for the White Caps gold mining project tailings and mine dumps was awarded to BoartLongyear, one of the leading experts in using sonic drilling.
Hydrometallurgical testwork was performed by EnviroLeach Technologies Inc., a wholly owned subsidiary of Iberian Minerals. Met-Solve Laboratories and ALS Global performed independent verification of the sample solutions and solids. The results exceeded expectations and the company is compiling the results, which will be released in the next weeks.
Due to the very encouraging phase 1 results, the company is immediately starting phase 2 testing at EnviroLeach.

Coronet’s priorities in 2017:

Drill the White Caps mine dumps and the White Caps tailings dumps to confirm tonnage;
Complete further metallurgical testwork;
With the drilling and metallurgical testwork completed, the company will upgrade and/or verify the historical estimates of the quantity of the gold-bearing tailings and mine dumps as National Instrument 43-101 mineral resources or mining reserves;
Develop pilot plant and small-scale commercial production;
Completion of arrangements to secure additional adjacent claims, which should greatly enhance scale and opportunity;
Re-entry and exploration of historical White Caps underground mine.

Fred Tejada, PGeo, a director of the company, is a qualified person under the meaning of NI 43-101 and is responsible for the technical information contained in this news release.

Note:

References to tonnages are historical estimates. The estimated tonnage of 250,000 tonnes was provided in October, 2011, by the two different mining engineering companies that the company engaged to provide an estimate. The stockpile measurement is a technique to measure the volume and weight of commodity stockpiles. It is a scientific/instrumental method, using total station equipment to determine the volume of the stockpile quantity. While the company believes that the historical tonnage estimate is useful to guide future work on the project, it cautions readers that these historical estimates should not be relied upon.

A qualified person has not done sufficient work to classify the historical estimates as NI 43-101 mineral resources or mining reserves, nor did/does Coronet treat the historical estimates as current mineral resources or mining reserves. The company will have to conduct independent surveying, drilling, sampling and assaying of the tailings and mine dumps to determine the NI 43-101 tonnes and grades of the tailings and mine dumps. In conjunction with that, the company will have to continue with independent metallurgical analysis to verify recoveries. This work will form the basis to upgrade or verify the historical estimates as NI 43-101 mineral resources or mining reserves.

The company has launched a fresh new website, so please visit the website for more information on the project and the history of the area, as well as up-to-date information regarding the company’s near-term plans, execution and strategy.

We seek Safe Harbor.

Disclaimer© 2010 Junior Gold ReportJunior Gold Report’ Newsletter: Junior Gold Report’s Newsletter is published as a copyright publication of Junior Gold Report (JGR). No Guarantee as to Content: Although JGR attempts to research thoroughly and present information based on sources we believe to be reliable, there are no guarantees as to the accuracy or completeness of the information contained herein. Any statements expressed are subject to change without notice. JGR, its associates, authors, and affiliates are not responsible for errors or omissions. Consideration for Services: JGR, it’s editor, affiliates, associates, partners, family members, or contractors may have an interest or position in featured, written-up companies, as well as sponsored companies which compensate JGR. JGR, it’s owner and affiliates/associates may buy/sell and trade the company’s stock written up/video created on from time to time. JGR has been paid by the company written up. JGR has been paid by the company written up. Thus, multiple conflicts of interests exist. Therefore, information provided herewithin should not be construed as a financial analysis but rather as an advertisement. The author’s views and opinions regarding the companies featured in reports are his own views and are based on information that he has researched independently and has received, which the author assumes to be reliable. No Offer to Sell Securities: JGR is not a registered investment advisor. JGR is intended for informational, educational and research purposes only. It is not to be considered as investment advice. Subscribers are encouraged to conduct their own research and due diligence, and consult with their own independent financial and tax advisors with respect to any investment opportunity. No statement or expression of any opinions contained in this report constitutes an offer to buy or sell the shares of the companies mentioned herein. Links: JGR may contain links to related websites for stock quotes, charts, etc. JGR is not responsible for the content of or the privacy practices of these sites. Release of Liability: By reading JGR, you agree to hold Junior Gold Report its associates, sponsors, affiliates, and partners harmless and to completely release them from any and all liabilities due to any and all losses, damages, or injuries (financial or otherwise) that may be incurred.

Forward Looking Statements
Except for statements of historical fact, certain information contained herein constitutes forward-looking statements. Forward looking statements are usually identified by our use of certain terminology, including “will”, “believes”, “may”, “expects”, “should”, “seeks”, “anticipates”, “has potential to”, or “intends’ or by discussions of strategy, forward looking numbers or intentions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results or achievements to be materially different from any future results or achievements expressed or implied by such forward-looking statements. Forward-looking statements are statements that are not historical facts, and include but are not limited to, estimates and their underlying assumptions; statements regarding plans, objectives and expectations with respect to the effectiveness of the Company’s business model; future operations, products and services; the impact of regulatory initiatives on the Company’s operations; the size of and opportunities related to the market for the Company’s products; general industry and macroeconomic growth rates; expectations related to possible joint and/or strategic ventures and statements regarding future performance. Junior Gold Report does not take responsibility for accuracy of forward looking statements and advises the reader to perform own due diligence on forward looking numbers or statements.