Latest news with #GoldCandle
Yahoo
30-05-2025
- Business
- Yahoo
Gold Candle Announces Appointment of Rick Howes as Chief Executive Officer
TORONTO, May 30, 2025 (GLOBE NEWSWIRE) -- The Board of Directors of Gold Candle Ltd. (Private) (the 'Company') is pleased to announce the appointment of Richard (Rick) Howes as Chief Executive Officer (CEO), effective June 2, 2025. Rick is a mining engineer with over 40 years of experience in the mining industry. He was most recently President and CEO of Reunion Gold Corporation and currently serves as Chairman of Torex Gold Resources Inc. Gold Candle Executive Chairman Pierre Lassonde said: 'We are incredibly fortunate that Rick has agreed to join Gold Candle as CEO to lead our next phase of growth and development at the Kerr-Addison Gold Project in northeastern Ontario. He has an outstanding track record of leadership, project development and operations in the mining industry. Most importantly, he aligns with our focus on creating shareholder value while maintaining relationships with stakeholders and local partners. He has a long and established history of value creation as an executive in our business, as evidenced by the most recent sale of Reunion Gold Corporation to G Mining Ventures Corporation.' Rick brings extensive operating, technical and project development experience in both underground and open-pit mines across Canada and internationally. He is known for driving transformational change and operational excellence. His commitment to safety led Vale's North Mine to win the National Ryan Award for the safest mine in Canada in 2006. In 2009, Rick joined Dundee Precious Metals (Dundee) as VP and General Manager, where he led the transformation of the Chelopech Mine in Bulgaria into a world-class operation. He was appointed COO in 2011, overseeing several major growth capital projects, including the expansion of the Chelopech Mine, the upgrade and expansion of the Tsumeb Smelter in Namibia and the development of the Ada Tepe open-pit gold mine in Bulgaria. These projects, totaling over US$580M, were completed on time and on budget, consistently meeting or exceeding performance expectations. Rick became CEO of Dundee in April 2013, leading the company from a junior producer to a mid-tier gold producer with multiple assets, strong free cash flow and solid shareholder returns. He retired from Dundee in 2020. In 2022, he was appointed President and CEO of Reunion Gold, which was acquired by G Mining Ventures Corp. for C$875 million in 2024. Rick has served as Chair of the Board of Torex Gold since 2021. Recognized as a visionary leader in mining innovation and transformation, Rick was named Outstanding Innovator of 2016 by the International Mining Technology Hall of Fame. He holds a Bachelor of Applied Science ( with Honours in Mining Engineering from Queen's University and is a member of the Institute of Corporate Directors. In joining Gold Candle as CEO, Rick commented: 'I am thrilled to be joining Pierre along with such an accomplished Board and management team. I look forward to advancing one of the largest undeveloped gold projects in Canada located in the prolific Abitibi region," he continued. 'It's particularly compelling to me to be advancing the robust Kerr-Addison project in northeastern Ontario where I have lived and spent much of my career. It is an exciting time in the Abitibi, and we look forward to demonstrating the size and scale of Kerr-Addison to the rest of the industry.' Rick is expected to be appointed as a Director at the Company's next board meeting at which time Mr. Pierre Lassonde will transition to Chairman of the Company and step down as Executive Chairman. To facilitate this appointment, Ross Sherlock has agreed to step down as a director. The Board thanks Ross for his substantial contribution during his tenure. About Gold CandleGold Candle is a privately funded Canadian exploration company led by a diverse and experienced team of mining professionals. In 2015, the Company acquired claims over the historic Kerr-Addison Gold Mine and surrounding area in McGarry Township, located in the Timiskaming District of Ontario. Gold Candle is committed to responsible mineral exploration that benefits local communities, employees and shareholders while respecting people and the environment. Media Contact:Leon LeBlancPresident & COOcontact@ in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Malaysian Reserve
26-05-2025
- Business
- Malaysian Reserve
Gold Candle announces Initial Resource at the Geminid Nickel Sulphide Zone and provides Project Update
Initial Underground Resource of 2.93 million tonnes at 1.6% nickel or 105 million pounds of nickel, all within the Inferred category Recent drilling, outside of the known resource shapes, has intersected KAD25-326-B2; 18.9 m @1.90% Ni from 890 m depth and KAD25-326-B1; 1.80 m @ 1.96 Ni% from 750 m depth. TORONTO, May 26, 2025 /CNW/ – Gold Candle Ltd. is pleased to provide the first Mineral Resource Estimate (MRE) for the Geminid nickel sulphide zone located 1,300 metres to the east of the historic Kerr-Addison Mine located outside Virginiatown, northeastern Ontario, Canada along the prolific Cadillac Larder Lake Break (CLLB) Geminid was first discovered in 2023 by the Gold Candle exploration team. Since the initial discovery hole in Summer 2023, the Company has drilled 16,181 metres in 23 holes. Key Highlights Inferred MRE – 2.93 Mt @ 1.6% Ni, containing 105 181 700 pounds of nickel (at 0.69% Ni cut-off grade). Significant Intercepts: Downhole interval estimated true width (etw), nickel grades and vertical depth for significant intercepts comprising the MRE. KAD23-266: from 278.4m to 301.8m, 12.2 m (etw) @ 1.93% Ni, from 360 metres depth KAD24-300: from 528.0m to 584.5m, 19.8 m (etw) @ 3.73% Ni, from 500 metres depth KAD24-308: from 709.0m to 716.5m, 5.1 m (etw) @ 4.23% Ni from 550 meters depth KAD24-313: from 803.0m to 808.0m, 7.5 m (etw) @ 3.79% Ni from 660 metres depth Gold Candle President and COO Leon LeBlanc stated: 'We are incredibly proud to announce our initial Inferred Resource at the Geminid Project, located adjacent to our 5.7 million ounce gold project at Kerr Addison. With less than two years of drilling, we have reported one of the highest grade, undeveloped nickel sulphide projects not currently owned by a major mining company. The orebody in this resource has approximate dimensions of 200 m strike, 700 m vertical extent and has an average thickness of 4.5 m. Historical work has identified nickel mineralization up to 400 m east of the orebody and recent drilling has extended the mineralization beyond the limitations of the resource. We are planning to drill an additional 5,000 m on Geminid through 2025, targeting significant extensions along strike and at depth.' LeBlanc continued. 'It was not our intention to be pursuing a nickel discovery, but we see significant complimentary value in delineating a multi-million tonne, high grade resource along with a multi-million ounce gold system in the heart of one of the world's great mining camps. This is another example of the exploration upside of Gold Candle's property and supports our ongoing +50,000 m exploration plan.' Gold Candle VP Exploration Dean Crick said: 'We are excited to report a nickel resource that is open in all directions with expansion drilling planned along strike and at depth. We are also encouraged to report signs of chalcopyrite (copper sulphide) mineralization beyond the nickel zones. Concurrently we will be undertaking geophysical surveys across the regional project land tenure of roughly 5 km to the Quebec border to define potential additional drill targets for follow-up. As such, Geminid presents a compelling poly-metallic opportunity in addition to gold targets along the prolific Cadillac Larder Lake Break).' About Geminid The Geminid Project is located 1.3 km east northeast of the Kerr #3 Shaft in the McGarry Township of the Timiskaming District of Ontario. It is hosted within the 6 km Gold Candle regional land tenure package reaching from the Kerr-Addison mine to the Quebec border. Geminid was discovered in 2023 targeting the projected CLLB identified by high magnetic signature Larder Lake group ultramafic rocks in contact with low magnetic Timiskaming sedimentary rocks. The 2023 regional program was further designed to test the apparent 1 km spacing of historic Larder Lake Au deposits along the CLLB east of the Kerr Addison Mine. The initial discovery hole, KAD23-266 intersected 12.2 m (etw) of millerite, sulfidic mineralization grading 1.9% nickel, with trace gold mineralization. Other 2023 Au intercepts along the 5 km strike of the CLLB are illustrated in Figure 1. The 2023 drilling program took place between May and October and included eight drill holes totaling 3,708 m. Between January and December 2024, 17 holes totalling 11,493 m were drilled to expand the mineralization east, west and down plunge (Figure 2). (Six drill holes on the Geminid project Figure 3B.) Notes to Accompany Mineral Resource 1. These mineral resources are not mineral reserves as they do not have demonstrated economic viability. The MRE follows current CIM Definition Standards (2014) and CIM MRMR Best Practice Guidelines (2019). The results are presented undiluted and are considered to have reasonable prospects for eventual economic extraction ('RPEEE'). 2. The independent and qualified persons for the mineral resource estimate, as defined by NI 43‑101, are Chafana Hamed Sako, Martin Perron, and Simon Boudreau, (InnovExplo, a wholly own subsidiary of Norda Stelo). The effective date of the estimate is February 24, 2025. 3. The estimation encompasses six (6) wireframes using Leapfrog Geo and interpolated using Leapfrog Edge. 4. High-grade capping on assays (supported by statistical analysis) was set between 65,000 ppm Ni for HG domains and 15,000 Ni for LG domains. No capping for Co. 1.0-m composites were calculated within the mineralized zones using the grade of the adjacent material when assayed or a value of 0.30 when not assayed. A low-cut value of 1,800 ppm was used to filtered out mineralogical contamination. 5. The estimate was completed using an octree sub-block model from Leapfrog Edge, with a parent block size of 5m x 5m x 5m (X,Y,Z) and a minimum sub-block size of 1.25m x 1.25m x 1.25m (X,Y,Z). 6. Grade interpolation was obtained by ordinary Kriging (OK) interpolation method using hard boundaries. 7. Density values result database have been used. The density was assigned by lithology by averaging the measurements for each lithology: FELS-SSMS: 2.82 g/cm3, GWG: 2.74 g/cm3, MSSS: 2.75 g/cm3, SSMS: 2.88 g/cm3, UM: 2.79 g/cm3, UM LOWMG: 2.85 g/cm3, UM REG1: 2.82 g/cm3, UM REG2: 2.84 g/cm3, Overburden: 1.80 g/cm3. 8. The mineral resource estimate is classified as Inferred. The Inferred category is defined with a minimum of one (1) drill hole in areas where the drill spacing is less than 200 m, and reasonable geological and grade continuity have been demonstrated. 9. The MRE is locally constrained. The resources meet the RPEEE requirement by applying constraining volumes to all blocks (selective underground long-hole) using Deswik Mineable Shape Optimizer (DSO). 10. The RPEEE requirement is satisfied by having cut-off grades based on reasonable parameters for underground extraction scenario, minimum widths, and constraining volumes. The estimate is presented for potential underground scenarios (realized in Deswik) over a minimum width of 2 m for blocks 20 m high by 20 m for the long-hole method at a cut-off grade of 0.69% Ni. Cut-off grades reflect the currently defined geometry and dip of the mineralized envelopes. The underground cut-off grade was calculated using the following parameters for the long hole method: mining cost = CA$130.00/t; processing & transport cost = CA$35.00/t; G&A cost = CA$0.00/t; selling costs = CA$.00/tNi price = US$19,932/t; USD/CAD exchange rate = 1.35 and mill recovery = 88.5%. 11. Cut-off grades should be re-evaluated in light of future prevailing market conditions (metal prices, exchange rates, mining costs etc.). 12. The number of metric tons (tonnes) was rounded to the nearest thousand, following the recommendations in NI 43-101. The metal contents are presented in pounds (tonnes x grade / 2204.6) rounded to the nearest hundred. Any discrepancies in the totals are due to rounding effects. 13. The QPs are not aware of any known environmental, permitting, legal, title-related, taxation, socio-political, or marketing issues or any other relevant issue not reported in the Technical Report that could materially affect the Mineral Resources Estimate. QA/QC and Data VerificationGold Candle Ltd. maintains an internal Quality Assurance / Quality Control (QA/QC) program at the Geminid Project to ensure sampling and analysis during exploration work is conducted in accordance with best practices. Drill core is logged and sampled at a secure core logging facility within the historic mine site under the supervision of a Qualified Geologist. A geologist marks the individual samples for analysis and the sample intervals, sample numbers, standards, blanks and duplicate samples are entered into the database. All drill core is cut in half using an electric core saw equipped with a diamond tipped blade. One half of the core is placed into a plastic sample bag and stapled closed in preparation for shipment. The other half of the core is returned to the core box and retained for future reference. The samples are placed in large reusable crates, which are secured with numbered security tags. The core samples are picked up at the mine site and are delivered to the ALS Canada Ltd. laboratory in Sudbury, Ontario. ALS is a certified laboratory with an internal Quality Control (QC) program that includes the insertion of blanks, reference materials, and coarse and pulp duplicates. Nickel is analyzed as part of a multi-element analytical package. A 0.25g sample is subjected to a four-acid digest and is analysed with an Inductively Coupled Plasma – Atomic Emission Spectroscopy (ICP-AES) finish. Samples greater than 10,000 ppm Ni are re-analyzed using a similar method specific for higher grade samples. Gold is analyzed by a 50g fire assay with an ICP-AES finish. Samples greater than 10.0 g/t Au, are re-analyzed using a gravimetric finish. Gold Candle Ltd. inserts QC samples (blanks, reference materials and duplicate samples) at regular intervals to monitor sample preparation and analytical performance. Umpire assays are completed on a regular basis at a secondary accredited laboratory. Qualified PersonsThe mineral resource estimate was conducted by InnovExplo (a wholly owned subsidiary of Norda-Stelo) under the supervision of Martin Perron, and Simon Boudreau, both are Independent Qualified Persons under NI 43-101 standards. The initial mineral resource estimate relating to the Geminid Zone contained in this presentation is based on the technical report on the Kerr-Addison project by Martin Perron, Chafana Hamed Sako, and Simon Boudreau, from InnovExplo, a subsidiary of Norda Stelo, which will be filed on Sedar +. The technical information in this news release has been reviewed and approved by Dean Crick P. Geo Msc, Vice-President of Exploration for Gold Candle, whom is a Qualified Person under NI 43-101 standards. An independent technical report prepared in accordance with the requirements of NI 43-101 will be completed within 45 days of this news release. About Gold CandleGold Candle is a privately funded Canadian exploration company led by a diverse and highly experienced group of mining professionals. In 2015, the Company acquired claims over the historic Kerr-Addison Gold Mine and surrounding area in the McGarry Township, located in the Timiskaming District of Ontario. Our approach to responsible mineral exploration is to perform our activities in a manner that benefits local communities, employees and shareholders and respect people and the environment.
Cision Canada
26-05-2025
- Business
- Cision Canada
Gold Candle announces Initial Resource at the Geminid Nickel Sulphide Zone and provides Project Update
Initial Underground Resource of 2.93 million tonnes at 1.6% nickel or 105 million pounds of nickel, all within the Inferred category Recent drilling, outside of the known resource shapes, has intersected KAD25-326-B2; 18.9 m @1.90% Ni from 890 m depth and KAD25-326-B1; 1.80 m @ 1.96 Ni% from 750 m depth. TORONTO, May 26, 2025 /CNW/ - Gold Candle Ltd. is pleased to provide the first Mineral Resource Estimate (MRE) for the Geminid nickel sulphide zone located 1,300 metres to the east of the historic Kerr-Addison Mine located outside Virginiatown, northeastern Ontario, Canada along the prolific Cadillac Larder Lake Break (CLLB) Geminid was first discovered in 2023 by the Gold Candle exploration team. Since the initial discovery hole in Summer 2023, the Company has drilled 16,181 metres in 23 holes. Key Highlights Inferred MRE - 2.93 Mt @ 1.6% Ni, containing 105 181 700 pounds of nickel (at 0.69% Ni cut-off grade). Significant Intercepts: Downhole interval estimated true width (etw), nickel grades and vertical depth for significant intercepts comprising the MRE. KAD23-266: from 278.4m to 301.8m, 12.2 m (etw) @ 1.93% Ni, from 360 metres depth KAD24-300: from 528.0m to 584.5m, 19.8 m (etw) @ 3.73% Ni, from 500 metres depth KAD24-308: from 709.0m to 716.5m, 5.1 m (etw) @ 4.23% Ni from 550 meters depth KAD24-313: from 803.0m to 808.0m, 7.5 m (etw) @ 3.79% Ni from 660 metres depth Gold Candle President and COO Leon LeBlanc stated: "We are incredibly proud to announce our initial Inferred Resource at the Geminid Project, located adjacent to our 5.7 million ounce gold project at Kerr Addison. With less than two years of drilling, we have reported one of the highest grade, undeveloped nickel sulphide projects not currently owned by a major mining company. The orebody in this resource has approximate dimensions of 200 m strike, 700 m vertical extent and has an average thickness of 4.5 m. Historical work has identified nickel mineralization up to 400 m east of the orebody and recent drilling has extended the mineralization beyond the limitations of the resource. We are planning to drill an additional 5,000 m on Geminid through 2025, targeting significant extensions along strike and at depth." LeBlanc continued. "It was not our intention to be pursuing a nickel discovery, but we see significant complimentary value in delineating a multi-million tonne, high grade resource along with a multi-million ounce gold system in the heart of one of the world's great mining camps. This is another example of the exploration upside of Gold Candle's property and supports our ongoing +50,000 m exploration plan.'' Gold Candle VP Exploration Dean Crick said: "We are excited to report a nickel resource that is open in all directions with expansion drilling planned along strike and at depth. We are also encouraged to report signs of chalcopyrite (copper sulphide) mineralization beyond the nickel zones. Concurrently we will be undertaking geophysical surveys across the regional project land tenure of roughly 5 km to the Quebec border to define potential additional drill targets for follow-up. As such, Geminid presents a compelling poly-metallic opportunity in addition to gold targets along the prolific Cadillac Larder Lake Break)." About Geminid The Geminid Project is located 1.3 km east northeast of the Kerr #3 Shaft in the McGarry Township of the Timiskaming District of Ontario. It is hosted within the 6 km Gold Candle regional land tenure package reaching from the Kerr-Addison mine to the Quebec border. Geminid was discovered in 2023 targeting the projected CLLB identified by high magnetic signature Larder Lake group ultramafic rocks in contact with low magnetic Timiskaming sedimentary rocks. The 2023 regional program was further designed to test the apparent 1 km spacing of historic Larder Lake Au deposits along the CLLB east of the Kerr Addison Mine. The initial discovery hole, KAD23-266 intersected 12.2 m (etw) of millerite, sulfidic mineralization grading 1.9% nickel, with trace gold mineralization. Other 2023 Au intercepts along the 5 km strike of the CLLB are illustrated in Figure 1. The 2023 drilling program took place between May and October and included eight drill holes totaling 3,708 m. Between January and December 2024, 17 holes totalling 11,493 m were drilled to expand the mineralization east, west and down plunge (Figure 2). (Six drill holes on the Geminid project Figure 3B.) Notes to Accompany Mineral Resource 1. These mineral resources are not mineral reserves as they do not have demonstrated economic viability. The MRE follows current CIM Definition Standards (2014) and CIM MRMR Best Practice Guidelines (2019). The results are presented undiluted and are considered to have reasonable prospects for eventual economic extraction ("RPEEE"). 2. The independent and qualified persons for the mineral resource estimate, as defined by NI 43‑101, are Chafana Hamed Sako, Martin Perron, and Simon Boudreau, (InnovExplo, a wholly own subsidiary of Norda Stelo). The effective date of the estimate is February 24, 2025. 3. The estimation encompasses six (6) wireframes using Leapfrog Geo and interpolated using Leapfrog Edge. 4. High-grade capping on assays (supported by statistical analysis) was set between 65,000 ppm Ni for HG domains and 15,000 Ni for LG domains. No capping for Co. 1.0-m composites were calculated within the mineralized zones using the grade of the adjacent material when assayed or a value of 0.30 when not assayed. A low-cut value of 1,800 ppm was used to filtered out mineralogical contamination. 5. The estimate was completed using an octree sub-block model from Leapfrog Edge, with a parent block size of 5m x 5m x 5m (X,Y,Z) and a minimum sub-block size of 1.25m x 1.25m x 1.25m (X,Y,Z). 6. Grade interpolation was obtained by ordinary Kriging (OK) interpolation method using hard boundaries. 7. Density values result database have been used. The density was assigned by lithology by averaging the measurements for each lithology: FELS-SSMS: 2.82 g/cm3, GWG: 2.74 g/cm3, MSSS: 2.75 g/cm3, SSMS: 2.88 g/cm3, UM: 2.79 g/cm3, UM LOWMG: 2.85 g/cm3, UM REG1: 2.82 g/cm3, UM REG2: 2.84 g/cm3, Overburden: 1.80 g/cm3. 8. The mineral resource estimate is classified as Inferred. The Inferred category is defined with a minimum of one (1) drill hole in areas where the drill spacing is less than 200 m, and reasonable geological and grade continuity have been demonstrated. 9. The MRE is locally constrained. The resources meet the RPEEE requirement by applying constraining volumes to all blocks (selective underground long-hole) using Deswik Mineable Shape Optimizer (DSO). 10. The RPEEE requirement is satisfied by having cut-off grades based on reasonable parameters for underground extraction scenario, minimum widths, and constraining volumes. The estimate is presented for potential underground scenarios (realized in Deswik) over a minimum width of 2 m for blocks 20 m high by 20 m for the long-hole method at a cut-off grade of 0.69% Ni. Cut-off grades reflect the currently defined geometry and dip of the mineralized envelopes. The underground cut-off grade was calculated using the following parameters for the long hole method: mining cost = CA$130.00/t; processing & transport cost = CA$35.00/t; G&A cost = CA$0.00/t; selling costs = CA$.00/tNi price = US$19,932/t; USD/CAD exchange rate = 1.35 and mill recovery = 88.5%. 11. Cut-off grades should be re-evaluated in light of future prevailing market conditions (metal prices, exchange rates, mining costs etc.). 12. The number of metric tons (tonnes) was rounded to the nearest thousand, following the recommendations in NI 43-101. The metal contents are presented in pounds (tonnes x grade / 2204.6) rounded to the nearest hundred. Any discrepancies in the totals are due to rounding effects. 13. The QPs are not aware of any known environmental, permitting, legal, title-related, taxation, socio-political, or marketing issues or any other relevant issue not reported in the Technical Report that could materially affect the Mineral Resources Estimate. QA/QC and Data Verification Gold Candle Ltd. maintains an internal Quality Assurance / Quality Control (QA/QC) program at the Geminid Project to ensure sampling and analysis during exploration work is conducted in accordance with best practices. Drill core is logged and sampled at a secure core logging facility within the historic mine site under the supervision of a Qualified Geologist. A geologist marks the individual samples for analysis and the sample intervals, sample numbers, standards, blanks and duplicate samples are entered into the database. All drill core is cut in half using an electric core saw equipped with a diamond tipped blade. One half of the core is placed into a plastic sample bag and stapled closed in preparation for shipment. The other half of the core is returned to the core box and retained for future reference. The samples are placed in large reusable crates, which are secured with numbered security tags. The core samples are picked up at the mine site and are delivered to the ALS Canada Ltd. laboratory in Sudbury, Ontario. ALS is a certified laboratory with an internal Quality Control (QC) program that includes the insertion of blanks, reference materials, and coarse and pulp duplicates. Nickel is analyzed as part of a multi-element analytical package. A 0.25g sample is subjected to a four-acid digest and is analysed with an Inductively Coupled Plasma - Atomic Emission Spectroscopy (ICP-AES) finish. Samples greater than 10,000 ppm Ni are re-analyzed using a similar method specific for higher grade samples. Gold is analyzed by a 50g fire assay with an ICP-AES finish. Samples greater than 10.0 g/t Au, are re-analyzed using a gravimetric finish. Gold Candle Ltd. inserts QC samples (blanks, reference materials and duplicate samples) at regular intervals to monitor sample preparation and analytical performance. Umpire assays are completed on a regular basis at a secondary accredited laboratory. Qualified Persons The mineral resource estimate was conducted by InnovExplo (a wholly owned subsidiary of Norda-Stelo) under the supervision of Martin Perron, and Simon Boudreau, both are Independent Qualified Persons under NI 43-101 standards. The initial mineral resource estimate relating to the Geminid Zone contained in this presentation is based on the technical report on the Kerr-Addison project by Martin Perron, Chafana Hamed Sako, and Simon Boudreau, from InnovExplo, a subsidiary of Norda Stelo, which will be filed on Sedar +. The technical information in this news release has been reviewed and approved by Dean Crick P. Geo Msc, Vice-President of Exploration for Gold Candle, whom is a Qualified Person under NI 43-101 standards. An independent technical report prepared in accordance with the requirements of NI 43-101 will be completed within 45 days of this news release. About Gold Candle Gold Candle is a privately funded Canadian exploration company led by a diverse and highly experienced group of mining professionals. In 2015, the Company acquired claims over the historic Kerr-Addison Gold Mine and surrounding area in the McGarry Township, located in the Timiskaming District of Ontario. Our approach to responsible mineral exploration is to perform our activities in a manner that benefits local communities, employees and shareholders and respect people and the environment. SOURCE Gold Candle Ltd.
Yahoo
26-05-2025
- Business
- Yahoo
Gold Candle announces Initial Resource at the Geminid Nickel Sulphide Zone and provides Project Update
Initial Underground Resource of 2.93 million tonnes at 1.6% nickel or 105 million pounds of nickel, all within the Inferred category Recent drilling, outside of the known resource shapes, has intersected KAD25-326-B2; 18.9 m @1.90% Ni from 890 m depth and KAD25-326-B1; 1.80 m @ 1.96 Ni% from 750 m depth. TORONTO, May 26, 2025 /CNW/ - Gold Candle Ltd. is pleased to provide the first Mineral Resource Estimate (MRE) for the Geminid nickel sulphide zone located 1,300 metres to the east of the historic Kerr-Addison Mine located outside Virginiatown, northeastern Ontario, Canada along the prolific Cadillac Larder Lake Break (CLLB) Geminid was first discovered in 2023 by the Gold Candle exploration team. Since the initial discovery hole in Summer 2023, the Company has drilled 16,181 metres in 23 holes. Key Highlights Inferred MRE - 2.93 Mt @ 1.6% Ni, containing 105 181 700 pounds of nickel (at 0.69% Ni cut-off grade). Significant Intercepts: Downhole interval estimated true width (etw), nickel grades and vertical depth for significant intercepts comprising the MRE. KAD23-266: from 278.4m to 301.8m, 12.2 m (etw) @ 1.93% Ni, from 360 metres depth KAD24-300: from 528.0m to 584.5m, 19.8 m (etw) @ 3.73% Ni, from 500 metres depth KAD24-308: from 709.0m to 716.5m, 5.1 m (etw) @ 4.23% Ni from 550 meters depth KAD24-313: from 803.0m to 808.0m, 7.5 m (etw) @ 3.79% Ni from 660 metres depth Gold Candle President and COO Leon LeBlanc stated: "We are incredibly proud to announce our initial Inferred Resource at the Geminid Project, located adjacent to our 5.7 million ounce gold project at Kerr Addison. With less than two years of drilling, we have reported one of the highest grade, undeveloped nickel sulphide projects not currently owned by a major mining company. The orebody in this resource has approximate dimensions of 200 m strike, 700 m vertical extent and has an average thickness of 4.5 m. Historical work has identified nickel mineralization up to 400 m east of the orebody and recent drilling has extended the mineralization beyond the limitations of the resource. We are planning to drill an additional 5,000 m on Geminid through 2025, targeting significant extensions along strike and at depth." LeBlanc continued. "It was not our intention to be pursuing a nickel discovery, but we see significant complimentary value in delineating a multi-million tonne, high grade resource along with a multi-million ounce gold system in the heart of one of the world's great mining camps. This is another example of the exploration upside of Gold Candle's property and supports our ongoing +50,000 m exploration plan.'' Gold Candle VP Exploration Dean Crick said: "We are excited to report a nickel resource that is open in all directions with expansion drilling planned along strike and at depth. We are also encouraged to report signs of chalcopyrite (copper sulphide) mineralization beyond the nickel zones. Concurrently we will be undertaking geophysical surveys across the regional project land tenure of roughly 5 km to the Quebec border to define potential additional drill targets for follow-up. As such, Geminid presents a compelling poly-metallic opportunity in addition to gold targets along the prolific Cadillac Larder Lake Break)." About Geminid The Geminid Project is located 1.3 km east northeast of the Kerr #3 Shaft in the McGarry Township of the Timiskaming District of Ontario. It is hosted within the 6 km Gold Candle regional land tenure package reaching from the Kerr-Addison mine to the Quebec border. Geminid was discovered in 2023 targeting the projected CLLB identified by high magnetic signature Larder Lake group ultramafic rocks in contact with low magnetic Timiskaming sedimentary rocks. The 2023 regional program was further designed to test the apparent 1 km spacing of historic Larder Lake Au deposits along the CLLB east of the Kerr Addison Mine. The initial discovery hole, KAD23-266 intersected 12.2 m (etw) of millerite, sulfidic mineralization grading 1.9% nickel, with trace gold mineralization. Other 2023 Au intercepts along the 5 km strike of the CLLB are illustrated in Figure 1. The 2023 drilling program took place between May and October and included eight drill holes totaling 3,708 m. Between January and December 2024, 17 holes totalling 11,493 m were drilled to expand the mineralization east, west and down plunge (Figure 2). (Six drill holes on the Geminid project Figure 3B.) Notes to Accompany Mineral Resource 1. These mineral resources are not mineral reserves as they do not have demonstrated economic viability. The MRE follows current CIM Definition Standards (2014) and CIM MRMR Best Practice Guidelines (2019). The results are presented undiluted and are considered to have reasonable prospects for eventual economic extraction ("RPEEE"). 2. The independent and qualified persons for the mineral resource estimate, as defined by NI 43‑101, are Chafana Hamed Sako, Martin Perron, and Simon Boudreau, (InnovExplo, a wholly own subsidiary of Norda Stelo). The effective date of the estimate is February 24, 2025. 3. The estimation encompasses six (6) wireframes using Leapfrog Geo and interpolated using Leapfrog Edge. 4. High-grade capping on assays (supported by statistical analysis) was set between 65,000 ppm Ni for HG domains and 15,000 Ni for LG domains. No capping for Co. 1.0-m composites were calculated within the mineralized zones using the grade of the adjacent material when assayed or a value of 0.30 when not assayed. A low-cut value of 1,800 ppm was used to filtered out mineralogical contamination. 5. The estimate was completed using an octree sub-block model from Leapfrog Edge, with a parent block size of 5m x 5m x 5m (X,Y,Z) and a minimum sub-block size of 1.25m x 1.25m x 1.25m (X,Y,Z). 6. Grade interpolation was obtained by ordinary Kriging (OK) interpolation method using hard boundaries. 7. Density values result database have been used. The density was assigned by lithology by averaging the measurements for each lithology: FELS-SSMS: 2.82 g/cm3, GWG: 2.74 g/cm3, MSSS: 2.75 g/cm3, SSMS: 2.88 g/cm3, UM: 2.79 g/cm3, UM LOWMG: 2.85 g/cm3, UM REG1: 2.82 g/cm3, UM REG2: 2.84 g/cm3, Overburden: 1.80 g/cm3. 8. The mineral resource estimate is classified as Inferred. The Inferred category is defined with a minimum of one (1) drill hole in areas where the drill spacing is less than 200 m, and reasonable geological and grade continuity have been demonstrated. 9. The MRE is locally constrained. The resources meet the RPEEE requirement by applying constraining volumes to all blocks (selective underground long-hole) using Deswik Mineable Shape Optimizer (DSO). 10. The RPEEE requirement is satisfied by having cut-off grades based on reasonable parameters for underground extraction scenario, minimum widths, and constraining volumes. The estimate is presented for potential underground scenarios (realized in Deswik) over a minimum width of 2 m for blocks 20 m high by 20 m for the long-hole method at a cut-off grade of 0.69% Ni. Cut-off grades reflect the currently defined geometry and dip of the mineralized envelopes. The underground cut-off grade was calculated using the following parameters for the long hole method: mining cost = CA$130.00/t; processing & transport cost = CA$35.00/t; G&A cost = CA$0.00/t; selling costs = CA$.00/tNi price = US$19,932/t; USD/CAD exchange rate = 1.35 and mill recovery = 88.5%. 11. Cut-off grades should be re-evaluated in light of future prevailing market conditions (metal prices, exchange rates, mining costs etc.). 12. The number of metric tons (tonnes) was rounded to the nearest thousand, following the recommendations in NI 43-101. The metal contents are presented in pounds (tonnes x grade / 2204.6) rounded to the nearest hundred. Any discrepancies in the totals are due to rounding effects. 13. The QPs are not aware of any known environmental, permitting, legal, title-related, taxation, socio-political, or marketing issues or any other relevant issue not reported in the Technical Report that could materially affect the Mineral Resources Estimate. QA/QC and Data VerificationGold Candle Ltd. maintains an internal Quality Assurance / Quality Control (QA/QC) program at the Geminid Project to ensure sampling and analysis during exploration work is conducted in accordance with best practices. Drill core is logged and sampled at a secure core logging facility within the historic mine site under the supervision of a Qualified Geologist. A geologist marks the individual samples for analysis and the sample intervals, sample numbers, standards, blanks and duplicate samples are entered into the database. All drill core is cut in half using an electric core saw equipped with a diamond tipped blade. One half of the core is placed into a plastic sample bag and stapled closed in preparation for shipment. The other half of the core is returned to the core box and retained for future reference. The samples are placed in large reusable crates, which are secured with numbered security tags. The core samples are picked up at the mine site and are delivered to the ALS Canada Ltd. laboratory in Sudbury, Ontario. ALS is a certified laboratory with an internal Quality Control (QC) program that includes the insertion of blanks, reference materials, and coarse and pulp duplicates. Nickel is analyzed as part of a multi-element analytical package. A 0.25g sample is subjected to a four-acid digest and is analysed with an Inductively Coupled Plasma - Atomic Emission Spectroscopy (ICP-AES) finish. Samples greater than 10,000 ppm Ni are re-analyzed using a similar method specific for higher grade samples. Gold is analyzed by a 50g fire assay with an ICP-AES finish. Samples greater than 10.0 g/t Au, are re-analyzed using a gravimetric finish. Gold Candle Ltd. inserts QC samples (blanks, reference materials and duplicate samples) at regular intervals to monitor sample preparation and analytical performance. Umpire assays are completed on a regular basis at a secondary accredited laboratory. Qualified PersonsThe mineral resource estimate was conducted by InnovExplo (a wholly owned subsidiary of Norda-Stelo) under the supervision of Martin Perron, and Simon Boudreau, both are Independent Qualified Persons under NI 43-101 standards. The initial mineral resource estimate relating to the Geminid Zone contained in this presentation is based on the technical report on the Kerr-Addison project by Martin Perron, Chafana Hamed Sako, and Simon Boudreau, from InnovExplo, a subsidiary of Norda Stelo, which will be filed on Sedar +. The technical information in this news release has been reviewed and approved by Dean Crick P. Geo Msc, Vice-President of Exploration for Gold Candle, whom is a Qualified Person under NI 43-101 standards. An independent technical report prepared in accordance with the requirements of NI 43-101 will be completed within 45 days of this news release. About Gold CandleGold Candle is a privately funded Canadian exploration company led by a diverse and highly experienced group of mining professionals. In 2015, the Company acquired claims over the historic Kerr-Addison Gold Mine and surrounding area in the McGarry Township, located in the Timiskaming District of Ontario. Our approach to responsible mineral exploration is to perform our activities in a manner that benefits local communities, employees and shareholders and respect people and the environment. SOURCE Gold Candle Ltd. View original content to download multimedia:
Cision Canada
20-05-2025
- Business
- Cision Canada
Gold Candle Discovers New High-Grade Mineralization at the Party Wall Zone, intersecting 1.8m at 130 g/t Au and 10.5m at 7.1 g/t Au
Gold Candle also outlines 2025 Exploration Plan with 50,000 metres at Kerr-Addison TORONTO, May 20, 2025 /CNW/ - Gold Candle Ltd. is pleased to announce the discovery of new high-grade mineralization called the Party Wall zone, including 1.80 m at 130 g/t Au and 10.5 m at 7.1 g/t Au. Other recent intercepts from nearby targets returned 4.0 m at 41.57 g/t Au and 11.05 m at 4.22 g/t. The Party Wall is the extension of the Kerr-Addison mineralized system east of the historical-mined areas, below the former Chesterville Mine. The Company is also ramping up exploration at the project with over 50,000 metres of drilling planned for 2025. Gold Candle has added two more drill rigs to the program following a new exploration targeting review. "The year has started strong for Gold Candle and these new high grade results from the Party Wall Zone highlight the incredible strength of the Kerr-Addison Mine. It is important to note that the Party Wall is open along strike and at depth. Also, these results are in areas that were not previously mined," said Gold Candle COO Leon Leblanc. "The team completed key milestones with the release of Kerr-Addison's updated mineral resource and the initial resource on the Geminid nickel zone providing us with a strong base as we move forward. I'm excited to see the team executing on our ambitious 12-month exploration plan aiming at expanding the current resource away from the historical Kerr-Addison mine and looking across our property for new discoveries. The Company is ramping up exploration at the project with over 50,000 metres of drilling planned for 2025. Gold Candle has added two more drill rigs to the program following a recent exploration targeting review." Kerr-Addison Near Mine Drilling Following the update of the Kerr-Addison Mineral Resource Estimate (MRE), several significant drill results have been returned from near-mine targets: Party Wall Zone KAD24-320T: 762.26-764.06 m; 1.80 m @ 130.02 g/t (23.08 g/t capped) KAD24-320T: 818.06-826.60 m; 10.54 m @ 7.10 g/t Footwall Zones KAD24-322B1: 882.50-895.10 m; 12.60 m @ 2.17 g/t KAD24-322B3: 1513.0-1517.0 m; 4.00 m @ 41.57 g/t (20.44 g/t capped) KAD24-324T: 345.0-370.1 m; 25.05 m @ 1.70 g/t Kearns Zone KAD24-321B1: 778.0-778.70 m; 0.70 m @ 145.50 g/t (50 g/t capped) KAD24-321B3: 1080.0-1091.0 m; 11.05 m @ 4.22 g/t The Company is also carrying out mining, metallurgical and environmental studies supporting an ongoing scoping study on Kerr-Addison. Along with the additional drilling, Gold Candle plans to use the results of the scoping study to move towards a preliminary economic assessment (PEA) in 2026. " The recent drilling results are very encouraging and increase our confidence in the growth potential of areas where no mining or exploration had been done before. We are actively adding quality ounces in a well-understood geological context that can be easily included in future resource updates and economic studies. The site now has six units actively drilling, including one drilling over 2.5 km deep below the historic mine to test the roots of this world class high-grade system for the first time on the Project," said Gold Candle VP Exploration Dean Crick. "As we're progressing with the economic studies on Kerr-Addison, we're excited to see how our drilling results can provide an even more compelling resource base for future studies. Advancing Kerr-Addison towards what we see developing as a long-lived Tier-1 operation in the heart of the Abitibi.'' The 2025 exploration plan is designed to accelerate the defining of new ore zones by aggressively drilling: 1) Near Mine Targets, adding two drills to the existing three currently advancing Party Wall Zone, the Kearns Zone sitting east of the former operation and Footwall (FW) zones south of the historical orebody and deep targets about 2 km below surface and; 2) Regional targets, with one drill currently active on the Geminid zone and moving later this year to greenfield targets east of Kerr-Addison along the 5 km section of the Cadillac Larder Lake Break (CCLB). Gold Candle's exploration zones and current drilling activities are shown on the following maps, highlighting the Kerr-Addison-Chesterville complex and the Geminid discovery within the Company's regional land holdings. About the Kerr-Addison Deposit Kerr-Addison is an orogenic gold deposit in the Abitibi greenstone belt, controlled by the Larder-Lake-Cadillac Deformation Zone. The deposit produced over 11 million ounces of gold, with mineralization occurring in quartz stockwork veins, free gold and disseminated pyrite and arsenopyrite. About Gold Candle Gold Candle is a privately funded Canadian exploration company led by a diverse and highly experienced group of mining professionals. In 2015, the Company acquired claims over the historic Kerr-Addison Gold Mine and surrounding area in the McGarry Township, located in the Timiskaming District of Ontario. Our approach to responsible mineral exploration is to perform our activities in a manner that benefits local communities, employees and shareholders and respect people and the environment. SOURCE Gold Candle Ltd.
