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Coronet Metals starts phase 2 White Caps testwork

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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:

  1. 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.

© 2016 Canjex Publishing Ltd. All rights reserved.

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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.

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