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by Stockwatch Business Reporter
The TSX Venture Exchange lost 3.74 points to close at 737.65 Friday, ending the week down 2.33 points. Kevin Smith's first capital pool shell, Freeform Capital Partners Inc. (FRM: halted), plans to acquire a B.C. mining junior called Bayshore Minerals Inc. for the shell's qualifying transaction. The QT terms are not yet available.
Bayshore owns the Elk gold-silver property, which covers 16,566 hectares near Merritt, B.C. The property includes a past-producing mine (more on this later). Elk has a National Instrument 43-101 resource estimate of 454,000 ounces of gold equivalent, measured and indicated, as of July, 2020. A dream sheet, formally called a preliminary economic assessment, estimates potential production of 19,000 ounces AuEq in the first year, ramping up to 50,000 ounces in the fourth year.
From 1992 to 1995, John Stollery's Fairfield Minerals Ltd. operated the Siwash open-pit mine at Elk. The mine yielded 48,830 ounces of gold and 61,183 ounces of silver. Fairfield's stock peaked at $5 in 1994, having climbed from $1 before mining began. In 1996, Fairfield decided to option off the Siwash mine while exploring other parts of Elk. Unfortunately for it, the optionee backed out after conducting due diligence. Fairfield's stock declined to $2. That same year, Mr. Stollery retired, and another mining promoter, Duane Poliquin, took over as the president of Fairfield. Mr. Poliquin was not all that interested in Siwash, either. His intention for Fairfield was to "broaden its horizons," meaning find other projects.
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