Vancouver, British Columbia--(Newsfile Corp. - September 1, 2017) - Coronet Metals Inc. (TSXV: CRF) (FSE: 2CM) (OTC Pink: CORMF) ("Coronet" or "the Company") is pleased to announce that Mineworx Technologies Ltd. (TSXV: MWX) (OTCQB: MWXRF) ("Mineworx") completed the second round of hydrometallurgical test results on Coronet's gold-bearing tailings and dumps at its 100% owned White Caps Gold Mining Project ("White Caps" or "the Project").
As per the April 19, 2017 new release, Mineworx will be applying its license to utilize the EnviroLeach Technologies Inc. (CSE: ETI) ("EnviroLeach") patent-pending, non-cyanide leach formula to process the estimated 250,000 tonnes of gold bearing historic tailings and mine dumps at the project.
For the second round of hydrometallurgical testing Mineworx and Coronet focused on the Dumps and Pink Tailings which represents over 95% of the Project. The Bill Placer and Brown Tails were not tested during the second round. (See February 2, 2017 news release for those results).
Highlights of the hydrometallurgical test work can be summarized as follows:
- Average grades of 2.32 g/t Au on the Pink Tails
- Average grades of 1.33 g/t Au on the White Caps Dumps
- Recovery % as high as 72% in 24 hours on the Pink Tails
- Recovery % as high as 80% in 24 hours on the White Caps Dumps
Approximately 57 kg and 39 kg of the Dumps and Pink Tailings samples were provided to Mineworx for testing. These samples were sent to and independent laboratory, Met-Solve Laboratories, Inc, for preparation (proper crushing, splitting and grinding as required).
The samples were prepared as follows:
1. Pink Tails
The Pink Tails sample was slightly damp so it was dried and then rotary split to obtain representative subsamples for a head screen fraction assay for gold and ICP analysis. Smaller samples were also split out for the leach test work. No grinding was done on this sample as it was already relatively fine.
2. Dumps
The Dump sample, which contained coarse rocks along with fines, was subject to crushing prior to being split into sub-samples for a head screen fraction for gold assay and ICP analysis. A screen metallics assay was also done to minimize the nugget effect on this sample as it was thought to contain coarse gold. Three subsamples, weighing 2 kg each, were ground down to particle sizes of 56, 105 and 181 um (P80) for comparing the impact on grind size on leach extraction
Head and Screen Fraction Assays
Multiple head assays were carried out on the samples; head screen fraction assay (SFA), a bulk assay by Enviroleach on both samples and a screen metallics assay on the Dumps sample to address any potential nugget effect.
The average assay results for the Pink Tails and the Dumps were 2.32 g/t Au and 1.33 g/t Au respectively.
In general, the grades appear to be higher in the finer fractions of both samples with the highest grades occurring in the sub 400 mesh fractions indicating that the gold is likely finely disseminated.
Leach Test Results
Leach tests using variations of Enviroleach's proprietary technology were carried out on both samples however the Dumps samples were ground to different particles size prior to leaching.
1. Dumps
The results from leaching over 24 hours which included measuring incremental recoveries show that there is a significant increase in recovery by leaching for 24 hours. The recoveries were as high as 80%
2. Pink Tails
Similar to the Dumps sample, the results from leaching over 24 hours while measuring incremental recoveries show that there is a significant increase in recovery going to 24 hours. The recoveries were as high as 72% .
Coronet and Mineworx are confident in the the X-leach formula and will continue to adjust the formula as testing continues. The 2nd round results continue to be encouraging with increased recoveries from the first round of testing. The lower grades on the larger sample used in second round (2.32 g/t Au on the Pink Tails vs. 5.43 g/t Au in round one and 1.33 g/t Au on the White Caps Dumps vs 15.94 g/t Au in round one) shows that the grade of the gold-bearing tailings and dumps is not uniform and therefore further test work, including bulk sampling and/or drilling, will be conducted as a next step. Coronet and Mineworx are discussing the next steps of testing before a decision is anticipated with respect to commencement of work on a pilot plant to treat the tails and begin recovering gold at the White Caps property.
Furthermore the Company would like to announce that it has applied to the TSX Venture Exchange (the "Exchange") to amend the terms of 1,616,000 common share purchase warrants (the "2016 Warrants") as follows:
- the expiry date be extended by two years to September 19, 2019, and
- the exercise price be lowered from $0.50 to $0.35 per common share.
The 2016 Warrants were originally issued pursuant to a non-brokered private placement closed in September 2016. Each 2016 Warrant entitles the holder to acquire one common share in the capital of the Company at an exercise price of S0.50 per common share until September 19, 2017. No 2016 Warrants issued under the private placement have been exercised to date, and none of these warrants are held, directly or indirectly, by any insiders of the Company.
The amendments to the 2016 Warrants are subject to approval of the Exchange
Mr. Fred Tejada, P.Geo, a Director of the Company, is a Qualified Person under the meaning of Canadian National Instrument 43-101 and is responsible for the technical information contained in this news release.
