It’s been an extremely busy time for GOOD Mining since the PDAC conference back in March.
To go along with the exploration camp set-up and build, preparation for the drillers arrival and prospecting the Northern section claims of the Bow-Mac properties and ground geophysics set up for the Golden Target zone, our student program is also a great success. Life at the exploration camp has been both exciting and grueling. The black flies, mosquitos, deer flies and horse flies are simply brushed aside by all of the staff and students in the excitement of the potential of the CanRee deposit.
We have progressed at a break neck pace to maximize the results we will achieve this season, in an attempt to get ahead of the commodity markets, which we believe are about to rebound over the coming months. We have now reached phase 3 of our exploration strategy on the CanRee deposit as diamond drilling has now commenced. As the CanRee outcrop has now been extensively prospected, new drill sites have been spotted to maximize our results and the goal of a proven and probable REE resource, while minimizing impact on the area with minimal line cutting and clearing.
Our Senior Geologist, Mr. Dennis Patron, P.geo, with geological experience in different parts of the world including here in Ontario, is very excited at what his observations and data are showing for this deposit. And as we anticipated, the gabbro hosting the REE’s we are seeking, showed throughout the first of 14 drill holes, down to a depth of 100 meters and beyond. This first drill hole is 200 meters North of the initial CanRee outcrop mapped last season as this deposit seems to be many multiples the size and depth originally estimated, now located within 4 of the GOOD Mining claims. Dennis worded it to me with a smile from ear to ear, in our last meeting on the status of his on-site exploration on the CanRee. “Frank, this is extremely exciting and a first for my career. This could in fact be a world class REE deposit from what I can see from our prospecting. Of course we will know for sure once the sampling from the drill cores starts to come back from the labs. But the new areas and the host rock appears to be disseminated with the same metallics as last year’s samples that showed the Scandium, Yttrium and other REE concentrations in the multi-element analysis. And we are also seeing on the CanRee, at surface and on the road clearing that has now been done, mixed syenite and mafic volcanics, altered with few mm scale quartz veinings, with potential for gold mineralization due to the presence of sulphides.” Dennis and I are very confident we will show very good REE consistency throughout the CanRee deposit. And just today, the first box of cores that came out hole 2 showed the mixed syenite and mafic volcanics as I described earlier, indicative of gold mineralization.
So we’ve added even more promising data on the CanRee with potential gold deposits there as well. This will go along with the coming Golden Target program slated to be drilled in late August after some pin pointing of anomalous zones for gold through a 50 meter grid magnetometer ground geophysics plan. This area is along the Golden Arrow fault line also being drilled by Murgor Resources and Victoria Gold Mines on their Golden Arrow project bordering our Golden Target project. All in all things are looking extremely GOOD as we proceed through this exploration season.
On a lighter note, aside from the rigors of exploration at these stages, camp life has been an experience to say the least. With our entire mining exploration camp located deep in the forest close to a lake stocked with Pickerel and Pike, bears and moose around, staff and students have experienced all of the goodness of wilderness living in a remote camp setting. Trips into the nearest town of Matheson, have been few by the staff, aside from Nicky who is charged with the duties of camp cook and bottle washer, along with her occasional helpers, Shawn and Sue, who have to stock up on supplies from time to time. Water for the camp is pumped up from the lake into drums, and used sparingly. Camp lodging is a few travel trailers and a couple of spare beds in the back of the core shack for visitors or contractors working for a few days. In the mornings, the sight of the sun coming up and shining on the camp outhouse is surely a sign you are in the deep woods! But this is the life I grew up with. My family was always outdoors and my Grandfather, who passed away some years ago, was one of the last commercial fishermen from our area, and as a child I remember helping him to clean the fish coming in. I also have three uncles who worked in the mining industry many decades ago. And my father taught me everything I know about project management, mechanical and construction for many years. So I guess I come about this life quite honestly. Hence the perfect fit for me in this industry of mining exploration.
Some ask how we do all of this from a remote camp in such a cost effective, quick, professional and organized fashion. Although I am a humble person, I tell them that I do not quit until the end goal has been achieved. It’s engrained in me. Our first university graduate student named Chen Hawkin Hwang from the University of Toronto, who we were sad to see go, wrote me a thank you letter. Here is a brief quote from his letter:
“I just wish to express my gratitude for taking me during the last two weeks. I had a blast and definitely learned a lot from Frank and Dennis alike. I had also witnessed perhaps the most hardworking CEO ever at work in the field. For that, I am humbled. Frank, you have inspired to me to pursue my goal with renewed passion. You truly are “Jack of all trades, master of everything.” I thank you for providing me the opportunity to work along side you and Dennis and everyone else at camp for the short two weeks that I was there.“
Humbling words. And the thing that drives me the most is the fact that we have a great bunch of people, friends, family and investors who are relying on us to succeed. We are making this happen through very hard work and perseverance!
President & CEO, GOOD Mining Exploration Inc.
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From Frank in Matheson camp……
It’s been a busy time, sometimes 12 to 14 hour days, seven days a week up here at the mining camp in Matheson. We have managed to stay right on schedule with everything from placing the Aboriginal agreements, permit approvals, drilling schedules, sampling and scientific analysis, supply of equipment and drilling needs, not to mention camp set-up and contractor arrangements for line cutting and core cutting. It’s been a very productive couple of months.
Since the third week of May there has been much accomplished up here at the GOOD Mining exploration camp. The old camp has now been moved to a closer and more central location on claim 425317, about 500 meters north of the old temporary camp. It is much closer to drilling work areas for moving and logging the out coming drill cores, and also to the lake where we can pump water for the camp and for the drilling program. The Geo’s can walk right up to the outcrop areas on foot now. We widened the road and cleared the new camp through tree removal and backhoe work. The new camp has four trailers to house the staff and crew as well as one being used as our core shack and on-site exploration office. I am currently clearing the core rack storage zone for the secure storage of over 3,000 meters of drill core on site. As we have done almost 100% of the physical work and construction ourselves to date, we have saved the company thousands of dollars in outside contracting costs.
Our Senior and Junior Geologists, along with the first student of our summer student coop program, who is also a graduate geo himself, have been prospecting the entire CanRee deposit and surrounding areas prior to the drillers arrival on Monday July 14th. They have discovered that our original estimates of the REE deposit were extremely conservative, as we could only map the above ground outcrop last year. The actual deposit is many multiples in size and keeps on going as the Geos’ prospect even further. Until further prospecting is done going even further north on some of our other claims, the Geo’s have so far determined that the deposit stretches at least 200 to 400 meters further north, and could dip at least 50 meters below ground level not including the above ground outcrop of 5.4 million tons. This means that the CanRee is now approximately 1000 meters long, more than 250 meters wide and could dip down underground about 70 meters or more from the top of the outcrop. Our drilling program is being modified and drill holes are now spotted to quantify the length, width and depth of the deposit which now covers area on four of our claims 4273175, 4273194, 4276169 and 4276170. Drilling will be done on dip and azimuth to completely quantify the CanRee deposit as a proven and probable deposit through an NI 43-101 technical report later this season, once all of the data has been compiled and sampling completed. Our Senior Geo, Dennis Patron, who has 25 years of experience all over the world, is talking that this, in fact, could be a world class REE deposit. He is extremely excited about this deposit and has expressed to me personally that he has never seen a company operate so lean and get so much more work done, in a short period of time, in all of his career. Our original estimates were very low in comparison to what we could discover through this drill program. Through surface sampling during their prospecting, the Geo’s are seeing the same two types of gabbros hosting the REE’s. What’s even better is that the thick grained gabbro, which hosts even more REE, seems to be the most prevalent throughout. It is looking extremely good for this deposit, and I am very confident once drilling and sampling is completed that we will show consistency throughout the deposit confirming our original exploration results.
To go along with the REE in the CanRee deposit, the Geo’s have also discovered syenite intrusions and certain mafic volcanics, which last year were thought to be granite shear zones. These syenite intrusions are highly indicative of gold deposits. So as originally thought, we will be drilling these zones to locate gold deposits within the CanRee deposit as well. The Golden Target prospect to the north will be the next zone we prospect and spot the drill zones. Some promising news about this area is that Murgor Resources and Victoria Gold Mines have ramped up exploration and drilling on their Golden Arrow project bordering our Golden Target project. They are continuing to drill and explore to the south-west on the Golden Arrow fault, straight towards our properties. These are the zones we will be drilling this season to locate gold deposits.
I’ve attached some pictures of the camp and progress for you to see and I’ll send you updates periodically as we progress and drilling starts.
And excepts from Dennis Patron (Sr. Geo.) report for June……..
“We have mapped the metagabbro and it seems to be concentrated on the ridge which appears like a dyke or pipe. At the outer flanks of this metagabbro exposures are several outcrops of mafic volcanics. The mafic volcanics are medium greenish-grey to dark grey coloured,fine grained, flow or possible high-level dike/sills with coherent, granular texture. This mafic volcanics seems to be hosting the syenite dykes and swarms of stockworks which are potential for gold deposition. Channel sampling will be done on the prospected stockworks outcrops to prove the existence of gold. These claim area seems to be very promising and interesting and I am recommending it for further exploration.”
And from Dan at the Corporate Office…….
We have completed our closing of the private placement, and have raised just under $300,000 cash from all sources, plus over $200,000 in value for services, mostly from drilling, where shares have also been issued. For this, we are extremely thankful, as it has allowed the company to push it’s 2014 exploration season ahead quickly.
As noted by Frank and Dennis, we are extremely excited about what we are finding, and that we are getting solid confirmation of everything that we suspected from the 2013 exploration season.
The year-end of GOOD Mining ended June 30th, so we are preparing for the closing of the financial statements, along with the tax and other filings. And although we lost money in fiscal 2014, as we knew we would being a pre-revenue company thus far, our balance sheet looks strong, with about $335,000 in current and long term assets. These assets are offset by a strong equity position, and no debt, other than to the founding shareholders in the form of loans. So on that front, we are in good shape.
In other news, we are having some thin sample analysed for extraction rates, to give us a fuller understanding of how our metals can be mined and separated. We have also registered for our attendance at the 2015 PDAC conference, where we are confident that we will be overwhelmed by interested parties, particularly after having completed our NI 43-101 report, and hopefully issued a press release.
Watch for our next update report in late July, or early August.