SRSR - Sarissa Resources, Inc.
NI 43-101 technical reports for the Nemegosenda niobium/REE property released on Oct. 5, 2010 and the Shining Tree gold property on July 12, 2011 can be downloaded from Sarissa's profile page on the SEDAR website.
Sarissa Resources Inc. is a junior mineral exploration company exploring for mineral assets, initially in North America. Sarissa's current exploration activities are focused on conducting an exploration/confirmation program on its wholly-owned Nemegosenda Niobium property in Chapleau, Ontario. Sarissa is also exploring a gold property in the Shining Tree area, located between Sudbury and Kirkland Lake. These properties are situated in Ontario, Canada. This is an area that combines vast regions of high mineral potential with comprehensive mining laws providing secure land tenure. In addition, through the Ontario Ministry of Northern Development and Mines, a world-class geoscience data infrastructure is available to assist in the identification of significant exploration opportunities.
Sarissa's corporate goal is to build a strong, mineral based company with projects that can be characterized as world-class in status, and with the potential for near-term production.
Sarissa Resources Website http://www.sarissaresources.com/
Scott Keevil | CEO
Scott Keevil has been involved in the mineral exploration industry for 20 years. In his previous positions he has worked on the exploration side for the most part in Canada and Indonesia. He has developed relationships with mining investors in the USA, Europe, SE Asia and Canada. Scott will aggressively search for new exploration and mining opportunities for Sarissa.
Cam Cheriton, Ph.D.| Director
Cam Cheriton, Ph.D., has over 50 years experience in the mining industry, working for companies such as Atapa Minerals, Consolidated Mining Company of Canada, the Anaconda Copper Mining Company, Texas Gulf Sulphur, the Conwest Exploration Company, and the Geological Survey of Canada. He studied at the University of Saskatchewan, the University of British Columbia, and Harvard University where he completed a Ph.D. in Economic Geology. Cam is a registered Professional Engineer of the Province of Ontario and is a "qualified person" within the meaning of National Instrument 43-101. He is directly responsible for the discovery of a number of ore deposits; one of note is the Caribou Mine in New Brunswick.
Mr. Robert Yeates has been a successful senior executive with over 40 years experience as CEO, President and Partner in various enterprises developing extensive knowledge of plastic laminate moulding, fabrication and construction techniques. Through Robert Yeates Holdings Limited (RYHL) he has been involved in numerous projects around the world, including design and construction of specialized equipment for hydro metallurgical processing in the mining industry. His expertise also involves design and installation of Rare Earth Element extraction plant equipment. Mining companies with which he has consulted include Inco on their Voisey's Bay demonstration plant, and, currently, acting as a supplier for the Sherritt Ambatovy nickel project in Madagascar.
Mr. Tim Peterson has extensive managerial experience in the environmental, high technology and resource sectors. He has served on the Boards of Directors of four public companies and has extensive contacts in India and China. Following on the successful political careers of his older brothers, one of whom served as Premier of Ontario, and the other as International Trade Minister for the federal Government, he was elected and served as the Member of the Provincial Parliament of Ontario for Mississauga South from 2003 to 2007.
Dahlman Rose and Co., LLC is a privately owned investment bank focused on growth industries that are the direct beneficiaries of global trade, infrastructure development, and urbanization. Sarissa Resources has engaged the investment banking firm to advise the Company on a range of strategic and financing options to further enhance the value of its Nemegosenda niobium project. Further information on Dahlman Rose can be found at their website, http://www.dahlmanrose.com/Content/Corporate_Info.asp.
"Recent activity at Sarissa has focused more on the corporate and strategic front than on exploration. Our Advisory Board was established earlier this spring to focus on corporate development and, with the addition of Dahlman Rose, provides the Company with significant resources to develop the plans to move forward on these fronts."
Interviews with Scott Keevil
Sarissa Resources Flagship Properties
Oakville, ON, August 3, 2011 - Sarissa Resources, Inc. ("Sarissa" or "the Company") (OTC Pinksheets: SRSR) is pleased to announce that it has entered into an option and financing agreement (the "Option") with a company based in Hong Kong (referred to as "HKHE"). Under the terms of the Option, when exercised between CDN$5,500,000 and CDN$10,000,000 will have been raised by HKHE and Sarissa will transfer the ownership of its wholly-owned subsidiary, Nio-Star Corp., to HKHE in return for approximately 65% to 75% of the capital of HKHE, depending on the amounts raised. At that time Sarissa will have the right to appoint three directors to the board of HKHE, and the finance group will have the right to appoint two.
The funds raised under the Option will be used to conduct pre-feasibility metallurgical studies and scoping studies. The reports will be structured to qualify as a Preliminary Assessment under NI 43-101, including geological modeling and further resource estimates of the mineral potential of Nio-Star's wholly-owned Nemegosenda niobium property. Funds will also be used towards evaluating and pursuing a potential listing of HKHE. Budget proposals for these various studies have been received and the contracts will be let shortly. Please see below for further details on these anticipated reports.
With these updated studies and reports on the Nemegosenda property the Company hopes that HKHE (tentatively to be renamed Nio-Star Holdings) would become a separate reporting issuer in 2012. At the time of such listing, if successful, the Company may enact a dividend-in-kind spin out transaction (the "Spin-Out") involving the pro rata distribution of its share holdings in HKHE to Sarissa shareholders of record on a date to be set later this year. Management of Sarissa has determined to seek shareholder approval for the Option and Spin-Out at a special meeting of shareholders. Details will be mailed to shareholders.
Sarissa believes this financing arrangement and proposed Spin-Out plan represent an important milestone in the continued development of the Nemegosenda property and realizing value for Sarissa shareholders. In particular it provides immediate funding without the prospect of a significant number of new shares overhanging the market. In addition the transaction provides us with access to finance groups in both Hong Kong and China, which may greatly assist in a successful listing, and the ultimate development of our asset. With a large retail investor base in Hong Kong and China and with the proximity to Asian capital and major resource markets in China we look forward to an exciting future.
Following is a partial list of technical data to be reviewed or developed for the Studies:
Geology and Resources: including current mineral resource estimates, block modeling information, classification of the mineral resources in accordance with a recognized code; mining and metallurgical processes; infrastructure; environmental elements; and a potential project execution plan
SARISSA POISED TO STRENGTHEN CANADA'S NIOBIUM POSITION
Chapleau has a mining future
The Nemegosenda property comprises approximately 9000 acres in Northern Ontario that, in historic exploration and testing, has indicated the existence of considerable carbonatite-hosted niobium mineralization. The property is easily accessible off of Highway 101 between Timmins and Chapleau, Ontario (Chewett and Collins Townships). The patented claims were purchased in January 2008 for $380,000 Canadian -- payable over a four-year period -- and 2% royalty concessions on all mineral and/or metal production from the property. Sarissa Resources, however, retained the right to repurchase 1.5% of the royalty concessions at any time in the future for a predetermined price. The Company believes that any potential extensions of the mineralized areas may be covered in its 9000 acre holdings.
The Nemegosenda Property (map) was identified in the mid-nineteen fifties through aeromagnetic surveys conducted by Gulf Minerals Canada Limited. Subsequent exploration and testing, as summarized in the Ontario Geological Survey study 34 by R.P Sage (click to read the full report) in 1987, highlighted a number of "higher grade niobium zones." Of particular note, Zone D indicated "20,000,000 tons of 0.47 percent Nb2O5 material in a block 600 by 800 feet in size and to depths up to 600 feet," based on Gulf's drilling and a 580 foot adit which penetrated 235 feet into the zone. Based on this historic (non-NI-43-101-compliant) data (Pg 34), this indicates the potential for approximately 9.4 pounds of Nb2O5 per ton of ore in situ. The original drill logs from Gulf can be viewed here.
Other zones within the property have also indicated smaller, but meaningful niobium mineralization. Another area of mineralization of Niobium and rare earths called the 'South-East' Area was previously outlined on the property. It occurs 1500 metres south east of the Hawke zone (formerly called 'D' Zone). From the 1955 and 1956 drilling program by Dominion Gulf, plus re-assaying of nine drill holes by Musto Explorations in 1988 which covered this area, a historical resource of Niobium mineralization was indicated to exist within an area of some 700m x 250m to a depth of 200m having a weighted average from the assays of all drill holes of 0.35% Nb2O5.
It should be noted that the drilling program successfully confirmed both the mineralized zone data historically reported, and that the mineralization continues below what had previously been identified as the depth of the mineralized zone. It has also demonstrated that the mineralized zone increases in grade and depth towards the eastern portion of the zone.
The results from the current diamond drilling, as well as the records from the historical drill logs, indicate that the mineralized area continues below the 600 foot level initially indicated by Gulf. DDH-09-73 was drilled by Sarissa to a depth of ~250 metres, and returned a 4.5 metre sample of 1.8% Nb2O5, from 229.30 to 233.80 metres.
Metres From To
1.5 229.30 230.80 2.5%
1.5 230.80 232.30 1.7%
1.5 232.30 233.80 1.4%
Sarissa's current drilling program has increased the confidence level in the historic exploration and subsequent evaluation to the point that an indicated resource may now be calculated for the D Zone. Drill hole intersections, with a weighted average grade of 0.43%, are located within a surface area of some 76,250 square metres and to a depth of at least 200m. In 1958 an adit was driven 580 feet into the D Zone where historic sampling indicated that the average grade contains a weighted average of 0.57% Nb2O5.
In July 2009, Sarissa announced the completion of an independent technical report on its 100% owned niobium property in northern Ontario. The report was prepared by John C. Archibald, P. Geo. of Billiken Management Services Inc. of Toronto, and was prepared to standards as outlined by National Instrument 43-101 Standards and Disclosures for Mineral Projects ("NI 43-101").
In addition the Company has opened up 4 trenches in the SE Zone. Scintillomoter readings taken within the trenching area have provided significant readings. The trenching program was conducted initially under the supervision of the late Alan Hawke, and followed up on by geologist Hillar Pintson. It was conducted in the middle of the SE Zone, where forty-nine 2.5 metre continuous channel samples were collected along the northern side of trench 09-5A and submitted for assaying. The average grade over the full 122.5 metre length of the trench was 0.35% Nb2O5. In the 49 samples submitted for assay, highlights included 2 samples of greater than 1% Nb2O5 and 10 samples greater than 0.5% Nb2O5. As well as the significant Nb2O5 results, the samples returned anomalous values of tantalum and uranium, along with 2 samples of greater than ten thousand ppm total rare earth elements.
Of additional significance is that this trenching program was carried out in an area of the SE Zone that had not previously been drilled, so continues to expand the area of potential mineralization in this area. A follow-up drilling program has been initiated to test the areas underneath the zone exposed during the trenching program.
Metallurgical Testing: A further aspect of this program will entail beginning metallurgical studies. SGS Lakefield Research Ltd. has been retained to conduct a Proof of concept program, which will focus on the recovery of niobium compounds. The multi-disciplinary approach will fully characterize the ore, investigate if physical ore upgrading is feasible by standard ore beneficiation processes, and develop a hydrometallurgical method for the extraction and selective recovery of (initially) the Nb phase. The investigation should be considered as a scoping or pre-feasibility study to establish a baseline flowsheet for targeted product recovery.
So far the first phase of metallurgical testing has been completed and no barriers to extraction have been identified. This correlates well with the previous $1,000,000 of metallurgical research conducted by Dominion Gulf Company in conjunction with the Colorado School of Mines Research Foundation in 1959-1960. The next stage metallurgical testing will focus on a more detailed mineralogical study.
National Instrument (NI) 43-101 Technical Report on the Nemegosenda Property
National Instrument 43-101 Rule
Nemegosenda Project Blog
Latest Pictures From The Drill Site
Map of Nemegosenda, zone D indicated east of the lake
"Preliminary Analysis and Recommendations for National Instrument 43-101 Compliant Reserve Estimate"
Original Drill Logs from Gulf
NI 43-101 Technical Reports for Nemegosenda
FOR IMMEDIATE RELEASE: Oakville, ON, July 27, 2009 - Sarissa Resources Inc., ("Sarissa" or the "Company") (OTCPinksheets: SRSR - News), is pleased to announce the completion of an independent technical report on its 100% owned niobium property in northern Ontario. The report was prepared by John C. Archibald, P.Geo.of Billiken Management Services Inc. of Toronto, and was prepared to standards as outlined by National Instrument 43-101 Standards and Disclosures for Mineral Projects ("NI 43-101.")
Oakville, ON, October 5, 2010 - Sarissa Resources Inc. ("Sarissa" or the "Company") (OTCPinksheets: SRSR) is pleased to report that it has filed a technical report under National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") prepared by Patrick Chance, P.Eng., dated 23 September 2010 and entitled "Nemegosenda Lake Niobium Property, Chewett, Collins and McGee Townships, Porcupine Mining Division, Ontario, Canada - a NI 43-101 Compliant Technical Report" (the "2010 Report"). The Report is available on http://www.sedar.com.
Sarissa Resources Announces the Acquisition of Additional Claims in Shining Tree Resources
Oakville, ON, May 26, 2011 - Shining Tree Resources Corp. ("Shining Tree Resources" or "the Company") is pleased to announce that it has acquired an additional claim group in the Shining Tree area of Northern Ontario.
The new claim group is comprised of 5 claims of 16 claim units each, and is situated approximately 4 kilometers south-west of the Company's existing holdings and increases the Company's land holdings in the area by approximately 13 square kilometers (~3200 acres).
Oakville, ON, March 29, 2011 - Sarissa Resources, Inc. ("Sarissa" or "the Company") (OTC Pinksheets: SRSR) is pleased to announce that it proposes a spin-out transaction for the Company's Shining Tree gold property (the "Shining Tree Property") in Northern Ontario to a new company, Shining Tree Resources Corp. ("Shining Tree"). Sarissa expects that it will accomplish this spin-out by declaring a dividend-in-kind of all the shares of Shining Tree to the shareholders of Sarissa. The spin-out is being implemented as a first step in the Company's continued efforts to enhance shareholder value, which Sarissa is confident can be best accomplished by creating a separate Ontario focused exploration company. Management of Sarissa hopes that Shining Tree would become a Canadian reporting issuer at the time of, or as soon as possible following, the spin-out.
The Shining Tree Property consists of 7 contiguous claim groups, approximately 1200 acres, in the Shining Tree gold area of Northern Ontario. In connection with the spin-out a NI 43-101 independent report is currently being prepared on the Shining Tree Property. The Shining Tree Property lies within the southwest part of the Abitibi greenstone belt. The Abitibi greenstone belt is prospective for a number of mineral deposit types, including mesothermal lode gold deposits, volcanogenic massive base metal sulphide deposits and layered magmatic sulphide (Ni) deposits.
The Shining Tree area has been considered an under-explored area within a highly prospective region, due primarily to a land caution covering the area from 1973 until 1996. Previous exploration and diamond drilling on the property by Sarissa had returned positive results, as previously released, and Shining Tree Resources Corp. will further test these and other targets.
Pursuant to the spin-out transaction, Sarissa shareholders on the record date for the spin-out will be entitled to receive one share in Shining Tree Resources Corp. for each thirty-five shares of Sarissa held by them. The spin-out is subject to, among other things, Board approval of the final structure and terms of the spin-out, and regulatory approvals, as required.
Further particulars, including the record date for the spin-out, will be announced in due course and a complete description of the spin-out will be provided in future announcements setting forth greater details regarding the spin-out, Shining Tree's establishment as a Canadian reporting issuer and any plans for listing of Shining Tree on a stock exchange.
SRSR Share Structure
The current share structure as of March 2011:
On April 8, 2011 the Company completed a private placement and issued 7,700,000 common shares at a
$0.02 per share and received $154,000(US Currency). The money was transferred to Nio-Star Corp.
On April 21, 2011 the Company completed a private placement and issued 5,500,000 common shares at a
$0.02 per share and received $100,000(US Currency). The money was transferred to Nio-Star Corp.
On June 1, 2011, a debtor to the Company agreed to convert $175,000(US$) of Loans and advances in exchange for
the Company assigning its right to acquire a 1.5% NSR (net smelter return royalty) on the Rapksi purchase
agreement (see also 3(a)).
On June 1, 2011, the Company's 100% owned subsidiary entered into two business development services agreement which provide for an annual fixed fee of $300,000(Cdn) and $240,000.(Cdn) The agreements also provide for reimbursements of all reasonable expenses related to the development and management of the Nemegosenda Niobium Property.
The previous share structure as of December 2010:
Share Structure for Previous Quarters Available Here.
Capital Transfer Agency
390 Bay Street,Suite 2020
Toronto, ON M5H 2Y2
SRSR Investor Relations Contact
North America: 866-307-1331
Hong Kong: 852 8174 5996
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