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ARTICLE · 23 DECEMBER 2013

When Mineral Exploration Drilling Results For Mining Properties Constitute A Material Change

DLA Piper
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In Canaco Resources Inc., Andrew Lee Smith, Randy Smallwood, David Parsons, and Brian Lock, 2013 BCSECCOM 310 ("Canaco") the British Columbia Securities Commission (the "BCSC") concluded that where drilling results relate to infill drilling, do not alter the known boundaries of the deposit and "do nothing more than add to the understanding of the continuity of the deposit" such results will not constitute a material change or material fact for the purposes of section 85 of the Securities Act of

CanadaEnergy and Natural Resources
Roisin Hutchinson
Roisin Hutchinson
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In Canaco Resources Inc., Andrew Lee Smith, Randy Smallwood, David Parsons, and Brian Lock, 2013 BCSECCOM 310 ("Canaco") the British Columbia Securities Commission (the "BCSC") concluded that where drilling results relate to infill drilling, do not alter the known boundaries of the deposit and "do nothing more than add to the understanding of the continuity of the deposit" such results will not constitute a material change or material fact for the purposes of section 85 of the Securities Act of British Columbia (the "Act").

The Allegations

Canaco was a junior mining exploration issuer listed on the TSX Venture Exchange (the "Exchange"). Between September 2009 and September 2010, Canaco had drilled 82 holes and had issued the appropriate news releases. Canaco identified each drill hole by a consecutive number and the drillholes in question were numbered 84, 87, 88, 90, 93, 96, 97, and 98. These eight holes were drilled in 2010, on a claim known as the Magambazi

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