Business
Uragold Clarifies Disclosure Following a Review by the “Autorite des Marches Financiers”
(via Thenewswire.ca) Montreal, Quebec / TNW-ACCESSWIRE / October 17, 2014 / Uragold Bay ...
About this update from Hpq Silicon Inc
[{"type":"text","content":"Uragold Clarifies Disclosure Following a Review by the “Autorite des Marches Financiers”(via Thenewswire.ca)\n\n \nMontreal, Quebec / TNW-ACCESSWIRE / October 17, 2014 / Uragold Bay Resources Inc. (\"Uragold\") (TSX Venture: UBR) announces that as a result of a review by l'Autorite des marches financiers (\"AMF\"), we are issuing the following news release to clarify previous disclosure on our April 18 Technical Report on the Beauce Placer Property, South-Eastern Quebec and on our website (corporate presentation) since they included information that may be contrary to the requirements of National Instrument 43-101 Standards of Disclosure for Mineral Projects (\"NI 43-101\").\n\n\n \nIssues raised by the AMF are as follow:\n\n\n \n\n\n1.Since the Beauce Placer historical resources data from Roche, Laval University and the Geological Survey of Canada pre-dated 2001, the AMF determined that the validation process of the historical data used by the Corporation did not meet NI 43-101 standards. As a result of this non-compliance, the technical report should not have included any mention of an Inferred Resources. \n\n\n\n\n \n\n\n- Instead the Corporation should have limited its disclosure to a discussion of the geological potential based on the historical quantity and grade figures.\n\n\n\n\n \nThe following points should have been highlighted:\n\n\n \n\n\n- Any grade/ tonnage calculation at the Beauce Project will be fraught with difficulty. Key amongst the problems with the Beauce (and many other gold projects) is ore grade variability. This is due to the nugget affect such that the grade can and will change from almost nothing to a value of several grams per cubic metre within a very short distance.\n\n\n\n- Due to the disparity between drilled and mined gold grades at the Beauce, the Author believes on the basis of historical evidence, that gold volumes contained in the deposit will be larger than indicated by the historical drilling. Only new drilling and or a Bulk Sampling can validate this belief.\n\n\n\n- In an attempt to quantify the historical information, and to take account of the nugget effect, the author has taken the historical data and generated a Polygonal Resource as a crude guideline for a new potential exploration* target range. Further drilling, and data verification is required ...