The company intends to use the $4.6 million in gross proceeds to fund exploration of its Certej, Zlatna, Bolcana and Baita-Craciunesti projects in Romania.
All shares issued under the placement are subject to a 4-month hold period and cannot be traded until April 22.
European Goldfields was formed in June 2000 as a spinoff of
Inmet drops Nfld projects
Hungry Hill and Sutherlands Pond are held equally between
Earlier this year, grab samples from stockpiles at Victoria Mine returned up to 7.5% copper, 2.4% zinc and 1.5% lead. To the west, limited drilling cut a copper-bearing zone that remains open in all directions.
Some 3 km to the southwest at Sutherlands Pond (a copper-zinc-lead prospect), a 300-metre-wide alteration zone was traced over a strike length of 1.3 km. Previous drilling by
Previous drilling on the Hungry Hill property was highlighted by 10.8 metres grading 3.06% zinc, 0.16% copper, 20.9 grams silver and 0.81 gram gold in hole 16. The partners also cut a 5.6-metre section of bedded, exhalative pyrite and high-grade base metal clasts.
Inmet was earning a 55% stake in the projects by spending $2.5 million and paying $120,000 over five years.
Ivanhoe takes on dilution
Singapore-based
About 30.6 million new shares, the maximum allowable, were printed to elimate US$25.5 million of debt. The debt relates to the company’s acquisition, in mid-December 2001, of Australian iron ore producer ABM Mining.
Ivanhoe still has US$5 million to repay, none of which carries conversion rights. The debt is owed to companies controlled by Ivanhoe Chairman Robert Friedland.
The conversion increases Ivanhoe’s number of shares outstanding to 171.2 million. Just under 60% is held by Friedland.
Temex explores Wilson Lake
Junior
The company issued 454,666 non-brokered units at 60 apiece to raise $272,800. The units, consisting of one flow-through share and half a warrant, are subject to a 1-year holding period. By then, holders can exchange a full warrant for a share at 75.
Temex is engaged in geophysical surveying and diamond drilling at Wilson Lake. The program is following up earlier work that led to the discovery of 15 targets.
Piedra drilling fails to impress
Twelve reverse-circulation drill holes (totalling 2,196 metres) have failed to extend the limits of a previously discovered gold zone on the Agua de la Piedra property in northern Chile.
Nine of the holes failed to return significant results. The remaining holes were highlighted by 269 metres running 3 grams gold per tonne in hole AP-14.
Partners
Earlier this summer, 12 holes totalling 2,220 metres by operator and 51% owner Aur returned similar results. Again, nine of the holes returned only anomalous values; three holes drilled below a mineralized outcrop intersected encouraging gold grades.
Two of these holes returned 65 metres grading 1.59 grams gold per tonne (including 18 metres of 3.15 grams) and 60 metres of 2.02 grams (including 45 metres of 2.39 grams). A third returned an 18-metre interval averaging 0.95 gram gold and a 24-metre interval of 1.22 grams (including 13 metres of 1.57 grams).
Work to date has focused on the contact between a thick sequence of andesitic volcanic and sedimentary rocks. The target is a low-sulphidation, gold-bearing epithermal system. Outcrops are limited, though mapping and sampling indicate there may be multiple zones of multi-stage epithermal quartz veining within an overall structural corridor measuring at least 400 metres wide by 1,500 metres long.
Preliminary metallurgical tests suggest that the fine-grained mineralization may be amenable to heap leaching. Recoveries varying from 83% to 96% were obtained from recent bottle-roll tests.
Patrician prints new shares
Having recently completed one equity financing,
The Ottawa-based junior has raised $120,000 by issuing 600,000 flow-through shares at 20 apiece. The shares are subject to a 4-month holding period.
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