The mining newspaper for Alaska and Canada's North
The mining newspaper for Alaska and Canada's North
PNL: TSX-V
President, CEO and Geologist:
Dr. Lawrence Dick
Chief Financial Officer and Director:
Herrick Lau
Pinnacle Mines Ltd.'s predecessor company, Broadlands Resources Ltd., was organized in 1995 in British Columbia.
The polymetallic exploration company with key projects in Canada and Mexico changed its name to Pinnacle Mines in 2003.
With multinational engineers and geologists in top board and executive positions, Pinnacle believes it is well-equipped to identify and maximize new and existing resource opportunities.
In Canada, Pinnacle holds controlling interest in three properties about 24 kilometers north of the historic mining community of Stewart in the Skeena Mining Division of northwestern British Columbia.
Silver Coin is a gold-silver-base metal project that consists of the Silver Coin property, the Dauntless property and the Kansas property.
Through various option agreements, Pinnacle currently owns 70 percent and has the right to earn at least an 80 percent interest in the Silver Coin property, a 33 percent interest in the Dauntless property and up to a 70 percent interest in the Kansas property.
The junior gained an option in July to further increase its stake in the Silver Coin property to 80 percent after spending another C$4 million on exploration to advance the project.
As part of its agreement with Mountain Boy Minerals Ltd., Pinnacle was also granted the exclusive right to manage the project through feasibility as well as an irrevocable right to negotiate on behalf of the parties the sale of the property's interests to a major, should that option present itself and prove beneficial to the companies.
A 2007 NI 43-101-compliant resource estimate for Silver Coin, which did not include results of the latest 88 holes, showed a resource of 423,002 ounces of gold in the measured and indicated category (9.7 million metric tons grading 1.355 grams per metric ton) plus 947,988 ounces of gold in the inferred category (15.95 Mt grading 1.849 g/t) for a total of 1.37 million ounces of gold before considering base metals credits.
Pinnacle's 2008 drill program consisted of 88 surface diamond drill holes totaling 12,200 meters.
It continued to build on the size and significance of earlier Silver Coin drill results.
Drilled widths of up to 54.87 meters grading 4.45 g/t gold and 77.72 meters grading 2.41 g/t gold are among the results.
Much higher grades intersected over narrower widths include 4.57 meters grading 15.57 g/t gold; 1.52 meters grading 15.01 g/t gold; 6.09 meters grading 9.0 g/t gold; 12.19 meters grading 12.66 g/t gold; 42.37 meters grading 6.26 g/t gold; 45.72 meters grading 3.78 g/t gold, etc.
Scoping studies on Silver Coin are advancing to completion by year-end 2009 and a feasibility study is planned for 2010.
A new geologic model based on results of more than 800 diamond drill holes has been completed in anticipation of a new resource calculation for the project, which will incorporate all drill-hole information.
A metallurgical testing program also has been expanded, while the junior is preparing to begin environmental base-line studies and to compile a data base for the project.
Once completed, more detailed economic assessments, including capital cost estimates and preliminary engineering studies, are planned to take the deposit closer to eventual production.
Cash and short-term deposits:
C$1.43 million (at June 30, 2009)
Working capital:
C$ 1,599,900 (at June 30, 2009)
Market capitalization: $9.62 million
Suite 1980 - 1075 W. Georgia St.
Vancouver, BC
Canada V6E 3C9
Tel: 604-688-9588
Fax: 778-329-9361
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