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Typhoon Exploration Inc.: Update on the Fayolle Project
Published : May 08, 2013
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LAVAL, CANADA--(Marketwired - May 8, 2013) - TYPHOON EXPLORATION INC. ("Typhoon") (News - Market indicators) entered into a joint venture, in 2010, with Aurizon Mines Ltd., ("Aurizon") for the development of the Fayolle Project, located only 10 kilometres north of Aurizon's Joanna Project, in Quebec. The Fayolle Property comprises 39 mining claims, 100%-owned by Typhoon, covering 1,373 hectares across the Porcupine-Destor Fault, one of the most productive gold bearing structures of the Abitibi Belt.

The mineralized zones on the Fayolle Deposit are distributed along a major shear corridor of approximately 2.5 kilometres long by 1 kilometre wide.

TERMS OF THE AGREEMENT SIGNED IN MAY 2010

Aurizon has provided input on exploration programs as part of the joint venture option agreement and may become the project's operator if the initial 50% interest has been earned. During the course of the initial four year term, Aurizon will incur CAD$10,000,000 in exploration expenditures, and have the right to subscribe for common shares of Typhoon up to CAD$500,000 on each anniversary of the option agreement, for a total investment of up to CAD$2,000,000.

As part of the joint venture option agreement, Aurizon may earn an additional 15% to earn 65% by either completing a bankable feasibility study on the project or by spending a further CAD$15,000,000 within a two-year period (after earning its initial 50% interest in the project), for a total investment of CAD$27,000,000.

To date, a total of CAD$9,000,000 has been incurred on the property since the agreement effective date. During the same period, Aurizon has invested CAD$1,500,000 in common shares of Typhoon.

PLACEMENTS SUMMARY

  • First subscription of CAD$500,000, completed in June 2010, for 609,756 shares at a unit price of $0.82 per share.
  • Second subscription of CAD$500,000, completed in June 2011, for 633,905 shares at a unit price of $0.79 per share.
  • Third subscription of CAD$500,000, completed in June 2012, for 1,923,077 shares at a unit price of $0.26 per share.

The value of Typhoon's shares for the fourth and final subscription, scheduled for June 10th, 2013, will be based on the volume-weighted average trading price per share on the TSX Venture Exchange during the 15 day period ending on the third business day before the date on which shares are to be purchased by Aurizon, which will be June 9th, 2013.

UPDATED MINERAL RESOURCE ESTIMATE SUMMARY

The updated mineral resource estimate integrates the results of all the drill programs on the Fayolle Deposit since the mineral resource estimate prepared for Typhoon Exploration Inc. in 2007. (See press release dated January 19, 2007)

The updated mineral resources are estimated at 1,814,800 tonnes at 2.7 grams of gold per tonne, or 156,000 ounces of gold at a minimum cut-off grade of 0.8 grams of gold per tonne. All of the updated mineral resources are in the indicated mineral resource category. (See press release dated September 6, 2012)

Preliminary metallurgical testwork indicates a process recovery between 94% and 97% with straight cyanidation. On the environmental side, testing done on two composites samples suggests that acid generation is highly unlikely to occur from these samples considering the high carbonate/low sulphur content profile of both types of mineralized rocks.

The following table represents results at additional cut-off grades for comparison purposes (cut-off grades are based on the market conditions: gold price, exchange rates and mining costs).

Table 1: Fayolle Deposit 2012 Mineral Resource Estimate


Indicated Mineral Resources- as at September 2012 (1)
Grade Cut-off
(gold grams/tonne)
Tonnes Grade
(grams/tonne)
Gold
(ounces)
0.4 3,573,900 1.6 188,000
0.6 2,423,300 2.2 170,000
0.8 1,814,800 2.7 156,000
1.0 1,451,500 3.1 146,000
2.0 701,000 5.0 112,000
2.5 548,500 5.8 101,000
3.0 438,000 6.5 92,000
4.0 295,500 8.0 76,000
5.0 216,400 9.3 64,000

OUTLOOK

The drill program completed to date has focused on obtaining information inside the Fayolle Zone down to a depth of about 250 metres, and laterally along 200 metres. The new updated mineral resource estimate indicates the potential to delineate mineralization at a grade above 5 grams of gold per tonne using a tight drilling pattern and using two different orientations.

Efforts have been made over the last years to test the mineralized system influence outside the Fayolle Zone with 41 drillholes completed at a 100 to 150 metre-wide spacing along a 2 kilometres long trend. Mineralized intersections, in the range of 1 to 8 grams per tonne over a thickness between 3 to 10 metres, have identified different parallel gold bearing structures located a few hundred metres south of the Fayolle Zone.

The exploration drilling approach used a 150 metres spacing and appropriate orientation to intersect targets inside four (4) parallel trends named the Vang Trend, Vang Extension, Paré Trend and the Fayolle Extension, forming a 500 metre wide and 2 kilometre long favorable corridor.

Grades in the range of 1 to 5 grams of gold per tonne over core length of 5 to 21 metres have been obtained in 10 drillholes at vertical depth ranging between a few tens of metres down to 350 metres. A local coarse gold occurrence returning 1,480 grams of gold per tonne over a length of 1 metre has been intersected 700 metres east of the Fayolle Deposit. All these targets require a detailed geological interpretation before being followed up by further drilling.

STOCK OPTIONS

The Board of Directors has approved, on Friday April 12th, 2013, a grant of 650,000 stock options to its directors, employees and consultants, at the exercise price of $0.105 per share, under the company's Stock Option Plan.

For further information on the updated resource estimate as well as on the preliminary economic assessment study, please view the news releases dated September 6th, 2012 and April 9th, 2013 on our website at: http://www.explorationtyphon.com/exploration.php?content=Press-Release&lang=enCA

ABOUT TYPHOON EXPLORATION INC.

- Typhoon Exploration Inc. has a cash position of $3,079,654, representing $0.13 per share.

- Typhoon Exploration Inc. holds only 24,101,235 shares outstanding.

- The Fayolle Property offers the company the potential to host important gold resources.  

THE COMPANY OWNS THE FOLLOWING PROJECTS:

  • Fayolle Project, 100%-owned by Typhoon Exploration Inc. / Rouyn-Noranda region

    • (See agreement with Aurizon Mines Ltd. in press release dated May 18, 2010) 

  • Faille 1 Project, 100%-owned by Typhoon Exploration Inc. / Rouyn-Noranda region

  • Monexco Project, 100%-owned by Typhoon Exploration Inc. / Chibougamau region, in the heart of Plan Nord territory

  • Nordair Project, 100%-owned by Typhoon Exploration Inc. / James Bay region, in the heart of Plan Nord territory

  • Aiguebelle-Goldfields Project, 51%-owned by Typhoon and 49%-owned by Agnico-Eagle Mines Limited / Rouyn-Noranda region

  • Destorbelle Project, 50%-owned by Typhoon and 50%-owned by Diamond Frank Exploration Inc. / Rouyn-Noranda region

QUALIFIED PERSON

Mr. Daniel Gaudreault, ing. (OIQ No. 39834), of Géologica Groupe-Conseil, is the Qualified Person as defined by NI 43-101, to supervise the preparation of this press release.

The common shares of Typhoon Exploration Inc. are listed on the TSX Venture Exchange under the symbol "TYP".

Forward-Looking Statements

This news release contains statements that constitute "forward-looking information" or "forward-looking statements" within the meaning of applicable securities legislation. This forward-looking information is subject to numerous risks and uncertainties, certain of which are beyond the control of Typhoon. Actual results or achievements may differ materially from those expressed in, or implied by, this forward-looking information. No assurance can be given that any events anticipated by the forward-looking information will transpire or occur, or if any of them do so, what benefits that Typhoon will derive therefrom. Forward-looking information is based on the estimates and opinions of Typhoon at the time the information is released and Typhoon does not undertake any obligation to update publicly or to revise any of the forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

David Mc Donald
President and CEO
450.622.4066 / Toll free: 1.877.622.4004
450.622.4337 (FAX)
info@typhoonexploration.com
www.explorationtyphon.com
Données et statistiques pour les pays mentionnés : Canada | Tous
Cours de l'or et de l'argent pour les pays mentionnés : Canada | Tous

Typhoon Exploration Inc.

EXPLORATEUR
CODE : TYP.V
ISIN : CA9023976033
Suivi et investissement
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Typhoon Expl. est une société d’exploration minière d'or basée au Canada.

Typhoon Expl. détient divers projets d'exploration au Canada.

Ses principaux projets en exploration sont MONEXCO / MCCORKILL, AIGUEBELLE - GOLDFIELDS, U3O8, FAILLE 1, DESTORBELLE et FAYOLLE au Canada.

Typhoon Expl. est cotée au Canada, aux Etats-Unis D'Amerique et en Allemagne. Sa capitalisation boursière aujourd'hui est 1,6 millions CA$ (1,3 millions US$, 1,1 millions €).

La valeur de son action a atteint son plus bas niveau récent le 20 février 2009 à 0,01 CA$, et son plus haut niveau récent le 24 septembre 2010 à 1,71 CA$.

Typhoon Expl. possède 36 180 000 actions en circulation.

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Rapports annuels de Typhoon Exploration Inc.
2008 Annual Report
Financements de Typhoon Exploration Inc.
11/12/2012Preparing for a $150,000 Private Placement
Attributions d'options de Typhoon Exploration Inc.
15/04/2013Grants Options
14/02/2011Grant of 570,000 stock options
Projets de Typhoon Exploration Inc.
25/09/2013(Fayolle)Exploration Program Underway on the Fayolle Project
08/05/2013(Fayolle)Update on the Fayolle Project
28/06/2011(Fayolle)Undertakes Airborne Magnetic Geophysical and Electromagnetic...
18/05/2011(Destorbelle)and its Partner Are Analyzing Results From the Drilling Camp...
17/03/2011(Fayolle)Announces an Average of 22.2 g/t Gold for Drilling in 2010
23/02/2011(Fayolle)New Discovery of Gold and Silver at More Than 750 Meters of ...
16/02/2011(Fayolle)Hits 7.14 g/t Gold Over 10.00 Metres, 318 g/t Silver and Con...
15/02/2011(Aiguebelle - Goldfields)Has Begun a Drilling Campaign on the Aiguebelle-Goldfields P...
14/02/2011(Destorbelle)The Drilling Campaign on the Destorbelle Project Is on Sched...
28/02/2008(Fayolle)Moves In Another Drill and Identifies New Targets at Fayolle
03/07/2007(Opinaca)Amorce les travaux du Projet Opinaca, Baie James, Quebec
24/05/2007(Aiguebelle - Goldfields)Nouvelles Exploration Typhon - News
24/05/2007(Aiguebelle - Goldfields) Updates Property Explorations
21/02/2007(Fayolle)Resource Grades at Fayolle showing similar to other Gold min...
Communiqués de Presse de Typhoon Exploration Inc.
13/07/2015Typhoon Exploration Announces the Publication of the NI 43-1...
31/03/2015Typhoon Acquires Two New Properties
31/03/2015Acquires Two New Properties
27/02/2015Typhoon Grants Options
30/12/2014Typhoon Exploration Inc. Closes a Second Tranche of a Privat...
17/12/2014Typhoon Exploration Inc. Closes a $171,500 Private Placement
21/10/2014Typhoon and Hecla Will Initiate an Exploration Campaign on t...
31/07/2014Update on the Joint Venture Between Typhoon and Hecla
26/06/2014Typhoon Shareholders Approved Resolutions at the 2014 Annual...
21/05/2014Typhoon Exploration Carried Out Soil and Magnetic Ground Sur...
09/05/2014Typhoon Exploration: Amendment to Stock Option Plan
29/04/2014Typhoon Exploration: Second Drillhole Results from the Cinco...
17/04/2014Typhoon Exploration Announces the Acquisition of a Building ...
15/04/2014Typhoon Exploration Receives its First Drilling Assay Result...
29/10/2013(Fayolle)Visible Gold at Fayolle
23/10/2013Very Active with 3 Exploration Programs Underway
01/10/2013Adopts Advance Notice By-Law
08/08/2013Shareholders Unequivocally Approved Resolutions at the 2013 ...
30/07/2013Annual General Assembly is Scheduled for August 8th, 2013
30/07/2013Annual General Assembly is Scheduled for August 8th, 2013
10/06/2013Amends Option Agreement
02/05/2013(Fayolle)Aurizon Continues Its Work on Fayolle
09/04/2013(Fayolle)Positive Preliminary Economic Assessment Options for the Fay...
15/03/2013Announcement
30/10/2012(Fayolle)The Fayolle Deposit is at an Advanced Stage and Hosts Signif...
09/10/2012Announces Results of Reconnaissance Work on the Nordair Prop...
13/07/2011(Fayolle)and Aurizon Mines Ltd. Intersects 1,480 g/t Au at More Than ...
13/06/2011Completes a Second Placement With Aurizon Mines Ltd
08/03/2011Welcomes Jean-Pierre Thomassin in its Management Team
25/01/2011Has Begun its Drilling Campaign at Destorbelle
16/04/2008ACQUISITION OF A PROPERTY WITH URANIFEROUS POTENTIAL
28/12/2007 Obtains Receipt For Final Prospectus
08/11/2007(fr) PRÉVOIT DISTRIBUER DES ACTIONS DE DIAMOND FRANK
03/08/2007Shareholders Approve Resolutions at Annual Meeting
19/06/2007Acquires Key Ground near Goldcorp
19/06/2007Prend Position près de Goldcorp
12/06/2007Obtains 125 G/T Gold on Monexco
29/05/2007Début des Travaux sur la Propriété Monexco
24/04/2007Nouvelles Exploration typhon
14/03/2007Cloture un financement de 1,000,000 $ avec Mineralfields po...
08/03/2007acquiert une propriété uranifère dans le secteur cote nord, ...
06/02/2007Nouvelles Exploration typhon - News
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