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Aben Resources Closes Private Placement
Aben Resources Ltd.(TSX-V: ABN)(OTCQB: ABNAF) (Frankfurt: E2L2) ("Aben" or "the Company") is pleased to announce it has closed a non-brokered private placement financing for total gross proceeds of CAD $211,500 (the "Placement").
The Company has allotted and issued 6,042,857 units (the "Units") at a price of CAD $0.035 per Unit. Each Unit is comprised of one common share and one transferable warrant (the "Warrants"). Each Warrant will entitle the holder to purchase one additional common share for a period of two (2) years at a price of CAD $0.05 per share.
The Company intends to use the proceeds from the Placement towards general working capital purposes. All securities issued under the Placement will be subject to a four-month and one-day hold period expiring December 5, 2022. The Placement remains subject to the final approval of the TSX Venture Exchange.
About Aben Resources:
Aben Resources is a well-funded Canadian gold and graphite exploration company with exploration projects in British Columbia, Ontario, and the Yukon Territory.
For further information on Aben Resources Ltd. (TSX-V: ABN), visit our Company's web site at www.abenresources.com.
ABEN RESOURCES LTD.
"Jim Pettit"
______________________
JAMES G. PETTIT
President & CEO
For further information contact:
Riley Trimble, Corporate Communications
Aben Resources Ltd.
Telephone: 604-416-2978
Toll Free: 800-567-8181
Facsimile: 604-687-3119
Email: info@abenresources.com
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.
This release includes certain statements that may be deemed to be "forward-looking statements". All statements in this release, other than statements of historical facts, that address events or developments that management of the Company expects, are forward-looking statements. Although management believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ materially from those in the forward-looking statements. The Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change. Factors that could cause actual results to differ materially from those in forward-looking statements, include market prices, exploration and development successes, continued availability of capital and financing, and general economic, market or business conditions. Please see the public filings of the Company at www.sedar.com for further information
Aben Announces COVID-19 Response
Aben Resources Ltd. (TSXV:ABN) (OTCQB:ABNAF) (Frankfurt:E2L2) (“Aben” or “the Company”) announces that it has implemented operational procedures across the company to protect the health of its office staff, field crews, contractors, stakeholders, and local communities during the COVID-19 global pandemic. In order to mitigate the potential effects of COVID-19, office and field staff, where possible, have been working from home per government advisories and the Company expects them to remain working remotely until such advisories have been lifted. Plans for field work for 2020 will be evaluated and updated as the current COVID-19 situation evolves. Aben Resources remains well-financed with over CAD$1.2 million in the Treasury. The company is continually monitoring the COVID-19 situation and considers the health and safety of staff and all stakeholders as paramount.
The company also announces the resignation of Donald G. Myers as Director of the Company to focus on other endeavours. Aben Resources expresses its appreciation to Mr. Myers for his many years of service and his key role in the development of the company.
About Aben Resources:
Aben Resources is a Canadian gold exploration company developing gold-focused projects in British Columbia and the Yukon Territory. Aben is a well-funded junior exploration company with over $1.2 million in the Company’s treasury.
For further information on Aben Resources Ltd. (TSX-V: ABN), visit our Company’s web site at www.abenresources.com
ABEN RESOURCES LTD.
“Jim Pettit”
______________________
JAMES G. PETTIT
President & CEO
For further information contact myself or:
Simon Dyakowski
Aben Resources Ltd.
Strategic Advisor
Telephone: 604-687-3376
Toll Free: 800-567-8181
Facsimile: 604-687-3119
Email: info@abenresources.com
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.
This release includes certain statements that may be deemed to be “forward-looking statements”. All statements in this release, other than statements of historical facts, that address events or developments that management of the Company expects, are forward-looking statements. Although management believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ materially from those in the forward-looking statements. The Company undertakes no obligation to update these forward-looking statements if management’s beliefs, estimates or opinions, or other factors, should change. Factors that could cause actual results to differ materially from those in forward-looking statements, include market prices, exploration and development successes, continued availability of capital and financing, and general economic, market or business conditions. Please see the public filings of the Company at www.sedar.com for further information.
Aben Reports Final Drill Results from 2019 Exploration Program and Completes Earn-in for the Forrest Kerr Gold Project in BC’s Golden Triangle
Aben Resources Ltd. (TSXV:ABN, OTCQB:ABNAF, Frankfurt:E2L2) (“Aben” or “the Company”) has received and interpreted analytical results from the final seven drill holes (FK19-64 to 70) of the 2019 drill exploration program conducted at the Forrest Kerr Gold Project in the Golden Triangle region of British Columbia. Five of these drill holes were collared in the far south of the Boundary Valley with two holes completed at the Forrest prospect, located 14 km SSW from Boundary. The second and final phase of drilling in 2019 tested for precious and base-metal mineralization associated with structures and along geologic contacts located outboard from known mineralization toward the margins of the large hydrothermal system present on this part of the Forrest Kerr Property.
Forrest Kerr Project, Golden Triangle, B.C., location map:
2019 Forrest Kerr Program Highlights:
- 9622 meters (“m”) in 25 holes, 214 soil samples, 128 rock samples and 173 line-km’s of magnetic geophysical survey completed during 2019
- High-grade gold mineralization reported in numerous holes at North Boundary Zone within a broad mineralization & alteration halo
- 500m-long gold-mineralized corridor delineated at South Boundary Zone, open in all directions
- Drilling at South Boundary encountered sediment-hosted rift-related VMS style mineralization within rocks analogous to the Eskay Creek precious metal deposit, located 30 km to the southeast of Forrest Kerr
- 100% earn-in completed, with overall project area now encompassing over 23,000 hectares
- Numerous high-priority drill targets remain untested
2019 Phase 2 Drill Hole summary:
Holes FK19-64 & 65, drilled in a scissor pattern, further delineated a consistently gold- mineralized corridor at South Boundary that measures greater than 500 meters along strike by 150 meters across. The mineralized corridor shows consistent mineralization which has been encountered in multiple (7) drill holes. The zone remains open to the north, south and at depth. The zone disappears under considerable cover to the north but geophysical data indicates that it likely extends several hundred meters toward the high-grade gold occurrence discovered at North Boundary (1.5 km North). FK19-64 averaged 0.17 g/t Au over 100m (31.0-131.0m depth), with gold values ranging from trace to a high of 4.09 g/t Au over 1.0m. FK19-65 returned an average grade of 0.13 g/t Au over 71.0 meters (274.0-345.0m downhole depth).
A cross-sectional view of the gold mineralization present in holes 62 through 65 is linked below.
Forrest Kerr Cross Section for Holes FK19-62 to FK19-65:
Holes FK19-66 to 68 tested the outer margins of a complex structural zone that dominates the southern extent of the Boundary valley. Hole 66 intersected widespread moderate to strong alteration associated with breccias and sheared horizons. A 1m wide quartz vein at 133.0m depth returned 0.65 g/t Au, 33.60 g/t Ag, 3070 ppm Pb and 13,150 ppm Zn within a 6m envelope that averaged 8.10 g/t Ag. Hole 67 encountered anomalous 1m gold values of up to 0.12 g/t, while Hole 68 (drilled from the same pad) intersected intermittent anomalous gold values ranging from trace to 0.54 g/t Au.
Forrest Kerr South Boundary Zone Drill Hole map:
The final two drill holes of 2019 were completed at the Forrest zone, located 14km south of the Boundary Valley. Targeting a strong gold-in-soil anomaly and a distinct conductive anomaly identified in a 2013 airborne VTEM geophysical survey, Hole FK 19-69 encountered intrusive and sedimentary rocks with strong to moderate alteration throughout. The hole was stopped at a downhole depth of 392m in a strongly sheared limestone unit due to difficult drilling conditions and allowed for only a partial test of the geophysical conductor. The hole did not encounter significant mineralization. Hole FK 19-70 intersected the upper portion of the soil anomaly and returned 0.46 g/t Au and 1.13 g/t Ag over 10 meters (93-103m depth) from a quartz-veined horizon.
The completion of drilling satisfies the final expenditure requirements outlined in the 2016 Option Agreement on the Forrest claim block and thereby enables Aben to claim 100% ownership of the Forrest Kerr Property.
Airborne Magnetic Survey from Boundary Zone on the Forrest Kerr Project:
https://abenresources.com/site/assets/files/1/Forrest-Kerr-Mag-Images-from-Boundary.pdf
Analytical and QA/QC description:
All 1- or 2-meter drill core samples were delivered to ALS Global prep facility in Terrace, British Columbia where they were crushed until 70% passed a 2mm sieve, then a 250g split was pulverized until better than 85% passed a 75-micron screen. Gold was tested via fire assay method Au-ICP21 with all ore-grade samples (>10 g/t) undergoing fire assay with gravimetric finish. ALS performed multi-element ICP-AES package ME-ICP41 in their Vancouver facility to test for 35 other elements. In addition to the quality assurance and quality control program performed by ALS, Aben personnel insert lab certified standards, field blanks and duplicates into the sample stream at the rate of one QA/QC sample in every 10 samples.
Cornell McDowell, P.Geo., V.P. of Exploration for Aben Resources, has reviewed and approved the technical aspects of this news release and is the Qualified Person as defined by National Instrument 43-101.
About Aben Resources:
Aben Resources is a Canadian gold exploration company developing gold-focused projects in British Columbia and the Yukon Territory. Aben is a well-funded junior exploration company with over $1.5 million in the Company’s treasury.
For further information on Aben Resources Ltd. (TSX-V: ABN), visit our Company’s web site at www.abenresources.com.
ABEN RESOURCES LTD.
“Jim Pettit”
JAMES G. PETTIT
President & CEO
For further information contact myself or:
Don Myers
Aben Resources Ltd.
Director, Corporate Communications
Telephone: 604-687-3376
Toll Free: 800-567-8181
Facsimile: 604-687-3119
Email: info@abenresources.com
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.
This release includes certain statements that may be deemed to be “forward-looking statements”. All statements in this release, other than statements of historical facts, that address events or developments that management of the Company expects, are forward-looking statements. Although management believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ materially from those in the forward-looking statements. The Company undertakes no obligation to update these forward-looking statements if management’s beliefs, estimates or opinions, or other factors, should change. Factors that could cause actual results to differ materially from those in forward-looking statements, include market prices, exploration and development successes, continued availability of capital and financing, and general economic, market or business conditions. Please see the public filings of the Company at www.sedar.com for further information.
Aben Reports Further Drill Results from 2019 Exploration Program at the Forrest Kerr Gold Project in BC’s Golden Triangle
Aben Resources Ltd. (TSXV:ABN, OTCQB:ABNAF, Frankfurt:E2L2) (“Aben” or “the Company”) has received and interpreted additional analytical results from drill holes FK19-55 through FK19-63. These results are from the 2019 drill exploration program at the Forrest Kerr Gold Project in the Golden Triangle region of British Columbia. This release reports on drill holes located within the Boundary Valley but distal to the main mineralized zone at North Boundary. Part of a second phase of drilling, these holes tested for precious and base metal mineralization along geologic structures and contacts located outboard from known mineralization toward the margins of the large hydrothermal system present on this part of the Forrest Kerr Property.
The 2019 drill program sought to increase the mineralized footprint in the Boundary valley, test outlying fault and shear structures for potential mineralization and to ultimately vector toward a heat and mineralizing source for the focused high-grade precious and base metal mineralization recently discovered on the Property.
Forrest Kerr Project, Golden Triangle, B.C., location map:
https://www.abenresources.com/site/assets/files/4287/fk-003.jpg
Drill hole FK19-55 (250, -80), a sub-vertical hole collared in the Cracko zone, tested for polymetallic mineralization at depth near the southern limit of the North Boundary zone (450 m south of the mineralized center). 26 separate meter-long intervals returned Au values between 0.10 and 1.26 g/t Au with periodic Ag-Cu+/- Zn mineralization. Hole 55 was the deepest hole drilled on the Property thus far (525 meters vertical depth) and shows the mineralized zone at North Boundary that now measures 750 m x 250 m is still highly prospective at depth.
Forrest Kerr North Boundary Mineralized Plan View map:
https://abenresources.com/site/assets/files/4855/abn_n_boundary_min_plan_view.jpg
Drill holes FK19-56→58 were collared from the same pad to target mineralization associated with the Cracko fault. Holes 56 & 57 failed to cross this important structure and were abandoned prior to the target depth. Hole 56 encountered multiple isolated mineralized horizons that returned a range of polymetallic mineralization including Au (trace to 3.08 g/t), Ag (trace to 5.1 g/t), Cu (trace to 13,550 ppm) and Zn (trace to 20,600 ppm). Hole FK19-57 did not discover significant mineralization before being abandoned at 138 meters. Hole FK19-58, drilled more Easterly and at a steeper dip (090, -55) than the previous two holes, crossed the fault and ended within a poorly mineralized and intensely sericite altered rock package.
Drill holes FK19-59→61 were drilled in a fan pattern at South Boundary, located 2.5 km south of the main mineralized core at North Boundary. These three holes tested the flanks and breadth of multiple fault and shear structures within an area that represents a major structural culmination within the Boundary valley. Holes 59 and 60, drilled NNE at a -45 degree dip, encountered multiple disjunct horizons with modest Au grades (< 1.0 g/t). Hole FK19-61 (090, -48) was drilled across a major structural intersection outlined by an airborne magnetic survey completed in May 2019. This hole intersected multiple 1-meter intervals of modest Au (trace to 0.79 g/t) and Ag (trace to 11.4 g/t) mineralization with intermittent spikes in Pb (trace to 15,500 ppm) and Zn (trace to 58,800 ppm). Of note and potential importance in hole 61 was the discovery of a strongly pyritic bedded sedimentary sequence between two prominent NE trending lineations. This style of deposition and mineralization has characteristics of VMS-style stratiform mineralization found in rift environments, such as the Eskay Creek deposit, located 30 km to the Southeast. This style of mineralization had not been previously observed by Aben personnel on the Property and will be closely examined and followed up with field work and potential drill testing.
Drill holes FK19-62 & 63 were also drilled at South Boundary, about 500 m North of holes 59 → 61 and 300 m South of holes FK18-19, 20 & 21 (reported October 16, 2018). Both holes intersected coherent zones of modest grade gold mineralization with hole 62 (110, -45) reporting an average of 0.12 g/t Au between 78-135 meters (57 m) and hole 63 (110, -55) returning 0.10 g/t Au between 75-125 meters (50 m). Hole FK19-62 also encountered a separate zone between 291-337 meters that returned an average grade of 0.12 g/t Au over 46 m. Both holes intersected isolated horizons of strong Ag-Cu-Zn mineralization. The apparent mineralized corridor defined by gold values in holes 19, 20, 21, 62 & 63 measures in excess of 500 m in strike length over a lateral distance between 100-150 m. It is open toward the North and South and at depth.
Jim Pettit, President and CEO of Aben Resources states, “We are pleased with the progress of exploration to date as we have now defined gold mineralization at North Boundary over an area measuring roughly 750 x 250 meters that is still open at depth. We have also discovered a second 500-meter mineralized corridor at the South Boundary Zone that is open to the North and South as well as at depth. We drilled a zone at the southern margins of South Boundary that displays characteristics of VMS-style mineralization, a mineralization style not previously observed in the Boundary Valley. This newly found occurrence could prove to be significant and is indicative of the strength of the hydrothermal system present at Forrest Kerr with the presence of high-grade mesothermal veins and widespread porphyry-style alteration and mineralization. Aben has amassed a sizeable and growing database on the Forrest Kerr Property and we look forward to receiving analytical data from the remaining seven holes of the season.”
The 2019 exploration season has now concluded with over 9600 meters drilled in 25 drill holes. Thus far, drilling at Forrest Kerr has only tested a small portion of known targets defined by rock, soil and geophysical anomalies. Base and precious metal mineralization has now been defined over an area measuring in excess of 750m x 250m at North Boundary and 500m x 150m at South Boundary. Mineralization corresponds to multiple and widespread fault and shear zone structures within a panel of Jurassic Hazelton rocks that dominate the Boundary valley.
Forrest Kerr North & South Boundary Zone Drill Hole map:
https://www.abenresources.com/site/assets/files/4826/abn_boundary_drill_plan_october_21.1024×0.jpg
Airborne Magnetic Survey from Boundary Zone on the Forrest Kerr Project:
https://abenresources.com/site/assets/files/1/Forrest-Kerr-Mag-Images-from-Boundary.pdf
Forrest Kerr Project Exploration Target map:
https://www.abenresources.com/site/assets/files/4299/abn_forrest_kerr_future_targets.png
Analytical and QA/QC description:
All 1- or 2-meter drill core samples were delivered to ALS Global prep facility in Terrace, British Columbia where they were crushed until 70% passed a 2mm sieve, then a 250g split was pulverized until better than 85% passed a 75-micron screen. Gold was tested via fire assay method Au-ICP21 with all ore-grade samples (>10 g/t) undergoing fire assay with gravimetric finish. ALS performed multi-element ICP-AES package ME-ICP41 in their Vancouver facility to test for 35 other elements. In addition to the quality assurance and quality control program performed by ALS, Aben personnel insert lab certified standards, field blanks and duplicates into the sample stream at the rate of one QA/QC sample in every 10 samples.
Cornell McDowell, P.Geo., V.P. of Exploration for Aben Resources, has reviewed and approved the technical aspects of this news release and is the Qualified Person as defined by National Instrument 43-101.
About Aben Resources:
Aben Resources is a Canadian gold exploration company developing gold-focused projects in British Columbia and the Yukon Territory. Aben is a well-funded junior exploration company with over $1.5 million in the Company’s treasury.
For further information on Aben Resources Ltd. (TSX-V: ABN), visit our Company’s web site at www.abenresources.com.
ABEN RESOURCES LTD.
“Jim Pettit”
JAMES G. PETTIT
President & CEO
For further information contact myself or:
Don Myers
Aben Resources Ltd.
Director, Corporate Communications
Telephone: 604-687-3376
Toll Free: 800-567-8181
Facsimile: 604-687-3119
Email: info@abenresources.com
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.
This release includes certain statements that may be deemed to be “forward-looking statements”. All statements in this release, other than statements of historical facts, that address events or developments that management of the Company expects, are forward-looking statements. Although management believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ materially from those in the forward-looking statements. The Company undertakes no obligation to update these forward-looking statements if management’s beliefs, estimates or opinions, or other factors, should change. Factors that could cause actual results to differ materially from those in forward-looking statements, include market prices, exploration and development successes, continued availability of capital and financing, and general economic, market or business conditions. Please see the public filings of the Company at www.sedar.com for further information.
Aben Continues to Expand Mineralized Footprint at the North Boundary Zone at the Forrest Kerr Gold Project in BC’s Golden Triangle
Aben Resources Ltd. (TSXV:ABN, OTCQB:ABNAF, Frankfurt:E2L2) (“Aben” or “the Company”) has received and interpreted additional analytical results from the ongoing 2019 drill exploration program at the Forrest Kerr Gold Project in the Golden Triangle region of British Columbia. The latest results continue to outline widespread polymetallic mineralization throughout the North Boundary Zone. These results are from 5 drill holes located at the margins and well outboard of the main mineralized core at North Boundary.
Forrest Kerr Project, Golden Triangle, B.C., location map:
https://www.abenresources.com/site/assets/files/4287/fk-003.jpg
Highlights from hole FK19-52 include a 16 meter (m) interval (between 323-339m) that averaged 2.22 g/t Au, 2.39 g/t Ag and 3050 ppm Cu. Included in this zone are two separate 1m high-grade intervals of 19.85 g/t Au, 9.10 g/t Ag, 6810 ppm Cu and 11.30 g/t Au, 8.70 g/t Ag & 14900 ppm Cu. This mineralized zone was encountered roughly 100m below and 50m southward of historic high-grade gold mineralization discovered in 1991 (reported as 326.0 g/t Au over 1m by Noranda). Other discrete 1m intercepts from hole 52 include highs of 20.1 g/t Ag, 6.0% Cu, 0.76% Pb and 0.87% Zn. Hole FK19-53 intersected multiple zones of anomalous gold (>0.2 g/t) with the most coherent zone between 346-364m (18m) returning average values of 1.24 g/t Au, 2.47 g/t Ag and 3459 ppm Cu. Included in this zone are two 1m high-grade intervals of 5.72 g/t Au, 8.70 g/t Ag and 5860 ppm Cu and 8.09 g/t Au, 5.40 g/t Ag & 14200 ppm Cu. This zone is significant as it occurs on the West side of the Nelson Creek fault, which previously lacked evidence of precious and base metal mineralization. Hole FK19-54 was drilled in the same direction at a steeper dip angle (-60) than hole 53 and also intersected several 1 to 2m intervals of modest grade polymetallic mineralization. Between 203-215m (12m) gold averaged 1.05 g/t, silver 1.71 g/t and copper 2108 ppm (with individual highs of 7.14 g/t Au, 4.80 g/t Ag and 11550 ppm Cu over 1m). The mineralization encountered in holes 53 & 54 was discovered roughly 450m south of the main high-grade gold discoveries at North Boundary.
Base and precious metal mineralization has now been defined over an area measuring in excess of 600m x 250m at North Boundary (see map link below). Mineralization corresponds to multiple and widespread fault and shear zone structures within a panel of Jurassic Hazelton rocks that dominate the Boundary valley. The mineralized structures correlate very well with magnetic highs that were delineated by an airborne survey flown in May 2019. The 2019 drill program will focus on increasing the mineralized footprint in the Boundary valley and will seek to discover a heat and mineralizing source for the robust hydrothermal system present on this part of the property. As a result, analytical results are expected to continue to exhibit a range of values from trace to high-grade.
Forrest Kerr North Boundary Mineralized Plan View map:
https://abenresources.com/site/assets/files/1/ABN-N-Boundary-Min-Plan-View.jpg
Over 8000 meters have now been drilled in 21 holes with a projected seasonal total close to 10,000 meters by the end of September. Thus far, drilling at Forrest Kerr has only tested a small portion of known targets defined by rock, soil and geophysical anomalies. A brief summary of all of the holes included in this release can be found below.
Forrest Kerr North Boundary Zone Drill Hole map:
https://abenresources.com/site/assets/files/4855/abn_2019_north_boundary_drilling_sept.jpg
FK19-47 (110/-60) – Drilled from the same pad as FK19-46 (previously reported August 20, 2019 at 0.12 g/t Au over 500.5 meters) at a steeper dip to test for continuity of mineralization below 47 and between the main mineralized zone at North Boundary and historic high-grade gold mineralization reported by Noranda in 1991 (326.0 g/t Au over 1 meter). Hole 47 encountered multiple modest-grade gold (<1g/t Au) intercepts with intermittent Ag-Cu-Pb-Zn mineralization. Analytical results returned by both 46 & 47 have pushed the edge of known mineralization substantially Eastward.
FK19-48 (135/-45) – Drilled from a location 100 meters North of the main mineralized zone at North Boundary to test for potential Northeastward extension of mineralization. This hole failed to intersect significant precious metal mineralization.
FK19-49 (195/-57) – Drilled from the same pad as FK19-50 (previously reported August 20,2019 0.46 g/t Au over 61.7 meters starting at 188.0 m) at a shallower dip. Both holes 49 & 50 were planned to test for the downward extension of a mineralized horizon discovered in 2018 (holes FK18-17 & 18) situated approximately 50 meters NW of high-grade Au-Ag-Cu mineralization at North Boundary. Hole 49 intersected weaker gold mineralization (0.52 g/t Au over 8m) than the steeper hole 50 but the combined result of the two holes shows a 20+m extension to the zone encountered in 17 & 18.
*previously reportedFK19-52 (310/-55) – Located roughly 500m from the main mineralized core at North Boundary and drilled from the same pad at a steeper dip than the previously reported hole FK19-51. Both holes were drilled oblique to the roughly North-South mineralized corridor to test for the southward extension of mineralization and depth potential under historically reported mineralization. Several discrete horizons of base and precious metal mineralization were reported from this hole. From 323-339 m (16m interval) average grades were 2.22 g/t Au, Ag 2.39 g/t and 3050 ppm Cu. Included in this zone are two separate 1m high-grade intervals of 19.85 g/t Au, 9.10 g/t Ag, 6810 ppm Cu and 11.30 g/t Au, 8.70 g/t Ag & 14900 ppm Cu. The entire hole returned an average of 0.11 g/t Au over 469.0 meters.
FK19-53 (250/-45) – Collared from the same pad as holes 51 & 52 but drilled WSW to test for mineralization potential within and adjacent to several sub-parallel fault and shear structures. Between 346-364m this hole returned 1.24 g/t Au, 2.47 g/t Ag and 3459 ppm Cu over 18 meters. Included in this zone are two 1m high-grade intervals of 5.72 g/t Au, 8.70 g/t Ag, 5860 ppm Cuand 8.09 g/t Au, 5.40 g/t Ag & 14200 ppm Cu. Multiple other moderate to high-grade intercepts of Au, Ag, Cu and Zn mineralization were encountered with an overall average of 0.10 g/t Au over 430.5 meters.
FK19-54 (250/-60) – This hole undercut the precious and base metal mineralization encountered in hole 53 at a steeper dip. Several samples returned elevated precious and base metal intercepts from discrete zones with the most coherent zone between 203-215m depth (averaging 1.05 g/t Au, 1.71 g/t Ag and 2108 ppm Cu over 12m), including 1m highs of 7.14 g/t Au, 4.80 g/t Ag and 11550 ppm Cu.
Airborne Magnetic Survey from Boundary Zone on the Forrest Kerr Project:
https://abenresources.com/site/assets/files/1/Forrest-Kerr-Mag-Images-from-Boundary.pdf
Forrest Kerr Project Exploration Target map:
https://www.abenresources.com/site/assets/files/4299/abn_forrest_kerr_future_targets.png
Analytical and QA/QC description:
All 1- or 2-meter drill core samples were delivered to ALS Global prep facility in Terrace, British Columbia where they were crushed until 70% passed a 2mm sieve, then a 250g split was pulverized until better than 85% passed a 75-micron screen. Gold was tested via fire assay method Au-ICP21 with all ore-grade samples (>10 g/t) undergoing fire assay with gravimetric finish. ALS performed multi-element ICP-AES package ME-ICP41 in their Vancouver facility to test for 35 other elements. In addition to the quality assurance and quality control program performed by ALS, Aben personnel insert lab certified standards, field blanks and duplicates into the sample stream at the rate of one QA/QC sample in every 10 samples.
Justin Property, Yukon royalty renegotiation
The Company reported today that it had entered into a Settlement Agreement with Sandstorm Gold Ltd. (“Sandstorm”), pursuant to which the parties have renegotiated the terms of certain royalty agreements over the Company’s 100% owned Justin and Hit Properties in the Yukon. As a term of the Settlement Agreement, the Company will issue 750,000 shares to Sandstorm as partial consideration for the cancellation of certain advance royalty obligations and the creation of new royalty agreements with Sandstorm. Additional consideration for the Settlement Agreement is the assignment by the Company to Sandstorm of various royalty buyback rights held by the Company. As a result of the Settlement Agreement, the royalty obligation to Sandstorm on the Justin and Hit Properties has been reduced from 3% to 2% and the obligation to make advance royalty payments has been terminated. The Settlement Agreement and closing are subject to approval of the transaction by the TSX Venture Exchange.
Cornell McDowell, P.Geo., V.P. of Exploration for Aben Resources, has reviewed and approved the technical aspects of this news release and is the Qualified Person as defined by National Instrument 43-101.
About Aben Resources:
Aben Resources is a Canadian gold exploration company developing gold-focused projects in British Columbia and the Yukon Territory. Aben is a well-funded junior exploration company with over $3 million in the Company’s treasury.
For further information on Aben Resources Ltd. (TSX-V: ABN), visit our Company’s web site at www.abenresources.com.
ABEN RESOURCES LTD.
“Jim Pettit”
JAMES G. PETTIT
President & CEO
For further information contact myself or:
Don Myers
Aben Resources Ltd.
Director, Corporate Communications
Telephone: 604-687-3376
Toll Free: 800-567-8181
Facsimile: 604-687-3119
Email: info@abenresources.com
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.
This release includes certain statements that may be deemed to be “forward-looking statements”. All statements in this release, other than statements of historical facts, that address events or developments that management of the Company expects, are forward-looking statements. Although management believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ materially from those in the forward-looking statements. The Company undertakes no obligation to update these forward-looking statements if management’s beliefs, estimates or opinions, or other factors, should change. Factors that could cause actual results to differ materially from those in forward-looking statements, include market prices, exploration and development successes, continued availability of capital and financing, and general economic, market or business conditions. Please see the public filings of the Company at www.sedar.com for further information.
Aben Provides Initial Analytical Data from Drill Program at the Forrest Kerr Gold Project in BC’s Golden Triangle, Increases Size of Program, Update on Justin Project, Yukon
Aben Resources Ltd. (TSXV:ABN, OTCQB:ABNAF, Frankfurt:E2L2) (“Aben” or “the Company”) has received analytical results from the the first shipment of drill core from the 2019 drill exploration program at the Forrest Kerr Gold Project in the Golden Triangle region of British Columbia.
Forrest Kerr Project, Golden Triangle, B.C., location map:
https://www.abenresources.com/site/assets/files/4287/fk-003.jpg
5000+m has now been completed in 10 holes, with numerous sample shipments now in the laboratory. Based on the encouraging results obtained to date, Aben had elected to expand the budget for the program and intends to continue drilling into September.
Forrest Kerr Project North Boundary Zone map – August 2019:
https://abenresources.com/site/assets/files/4855/nboundary2019drillingaug7.jpg
The goal of the 2019 drill program is to test a specific area of the North Boundary Zone as well as the area around the historic “Noranda hole” and a corresponding new zone of sericite alteration located south of the Noranda hole. These initial results are from three widely spaced holes located peripheral to the main zone of mineralization at North Boundary. Each hole encountered variable and intermittent polymetallic mineralization within the Hazelton volcanic/sub-volcanic sequence (brief hole descriptions are summarized below). Mineralization corresponds to multiple and widespread fault and shear zone structures within a panel of Jurassic Hazelton rocks that dominate the Boundary valley. The mineralized structures correlate very well with magnetic highs that were delineated by an airborne survey flown in May 2019. Thus far, drilling in this part of the Forrest Kerr Property has only tested a small portion of the potentially mineralized structures defined by the magnetic survey.
Airborne Magnetic Survey from Boundary Zone on the Forrest Kerr Project:
https://abenresources.com/site/assets/files/1/Forrest-Kerr-Mag-Images-from-Boundary.pdf
FK19-46 (110/-45) — Drilled oblique to the main mineralized corridor at North Boundary to test for continuity of mineralization between recently discovered mineralization and historic high-grade gold mineralization reported by Noranda in 1991 (326.0 g/t Au over 1 meter). This hole encountered multiple mineralized horizons with an overall average of 0.12 g/t Au over its entire length of 500.5 meters (m) (including 12.4 g/t Au between 203-204m).
FK19-50 (195/-65) – Drilled to test for the downward extension of a mineralized horizon discovered in 2018 (holes FK18-17 & 18) situated 50 meters NW of high-grade Au-Ag-Cu mineralization at North Boundary. The mineralized horizon is characterized by intermittent higher-grade gold intercepts within broad lower grade envelopes associated with fractures and fault structures. The zone remains open to the NW.
FK19-51 (310/-45) – Located some 500m from the main mineralized core at North Boundary, this hole was drilled oblique to the roughly North-South mineralized corridor to test for southward extension of mineralization and depth potential under historically reported mineralization. Multiple and sporadic Au-Ag-Cu-Pb-Zn intercepts were reported with strong widespread QSP alteration that appears to overprint earlier potassic alteration. Quartz-sulfide-hematite veins are also prevalent in this area, an important host to mineralization on this part of the property. Gold mineralization, although common, was generally low grade in this hole and not as strongly correlated to the repetitive sequences of copper mineralization. Hole FK19-52 was drilled from the same set-up at a steeper dip with assay results pending.
Aben’s President and CEO, Jim Pettit says: “We are off to a great start for the 2019 drill season. We have some exciting theories to test from the analysis of the last few years drill results as well as our new geophysical survey results. As we work our way south of the mineralized core of the North Boundary Zone, we are looking for potential connectivity with the historic, high-grade gold discovery made by Noranda in 1991. As noted from the description of Hole FK19-51, we have been drilling a highly altered zone of mineralization a few hundred meters south of the Noranda hole. The style of alteration and mineralization in this Zone has a strong association with elevated gold values in the region as well as a strong copper mineralization represented by chalcopyrite. The mineralization in this type of setting is definitely something we want to chase.”
Forrest Kerr Project Exploration Target map:
https://www.abenresources.com/site/assets/files/4299/abn_forrest_kerr_future_targets.png
Soil Sampling Map at Forrest Zone:
https://www.abenresources.com/site/assets/files/4299/abn-forrest-kerr-soil-2017_1024x0.jpg
JUSTIN GOLD PROJECT, YUKON
2019 drilling consisted of 4 diamond drill-holes (963m) testing the POW Zone while 20 rotary air-blast (“RAB”) holes (592m) tested the Lost Ace Zone. At the POW Zone, drilling targeted a magnetic geophysical feature inferred to be associated with skarn alteration and sulphide mineralization. JN19020 and -021 are approximately 125 m step-outs from holes drilled during the 2011 and 2012 campaigns. Both holes intersected zones of massive sulphide, sulphide-mineralized skarn and mineralized quartz veins. Results include 1.5 g/t Au over 15.4 m (165.0-180.4 m) including 10.5 g/t Au over 1.2 m in JN19020 and 0.9 g/t Au over 3.3 m (250.5-253.8 m) including 3.5 g/t Au over 0.8 m in hole JN19021. JN19031 which tested the POW Zone magnetic “wedge” anomaly did not return significant results. At this stage the source of the anomaly is unclear, and the target remains open. JN19039 was drilled to test the mineralization potential of the Justin Fault and variably mineralized sheeted quartz veins within the Justin Intrusion. The mineralized intersection of the Justin Fault returned 0.2 g/t Au over 9.5 m (35.5 – 45.0m). The sheeted quartz veins of the Justin Intrusion, which are comparable to veins observed in surface trenching from 2014 (TR14-001), returned 0.4 g/t Au over 7.3 m (52.0-59.3 m) including 1.8 g/t over 0.6 m (sample JN19039-035; 58.7-59.3m).
Select diamond drill samples were sent to a referee lab for re-analysis. The decision was made after the first round of analysis returned results that were unexpected through zones of massive sulphide and sulphide mineralized skarn. The results from the re-analysis are in agreement with the initial results.
RAB drilling at the Lost Ace Zone was successful in intersecting the mineralized phyllite/quartz-pebble conglomerate contact discovered through surface geochemical surveys, prospecting and mapping during the 2017 and 2018 programs. Results will allow for an updated interpretation of the contact geometry and mineralization potential at depth. Results include 0.9 g/t Au over 1.5 m (19.8-21.3 m) in hole JN19026 and 0.5 g/t Au over 3.0 m (12.2-15.2 m) in hole JN19029. RAB drilling at the POW zone targeted near-surface pyrite-arsenopyrite ± galena veins first observed in DDH JN19021. Results include 0.2 g/t over 1.5 m (29.0-30.5 m) in hole JN19042. Sampling was hindered by extremely wet hole conditions, which may reduce the reliability of analytical results.
Justin Gold Project, Yukon location map:
https://www.abenresources.com/site/assets/files/4303/abn_justin_project_-_property_location_2017_small.jpg
Cornell McDowell, P.Geo., V.P. of Exploration for Aben Resources, has reviewed and approved the technical aspects of this news release and is the Qualified Person as defined by National Instrument 43-101.
About Aben Resources:
Aben Resources is a Canadian gold exploration company developing gold-focused projects in British Columbia and the Yukon Territory. Aben is a well-funded junior exploration company with over $5 million in the Company’s treasury and approximately 116.7 million shares issued and outstanding.
For further information on Aben Resources Ltd. (TSX-V: ABN), visit our Company’s web site at www.abenresources.com.
ABEN RESOURCES LTD.
“Jim Pettit”
JAMES G. PETTIT
President & CEO
For further information contact myself or:
Don Myers
Aben Resources Ltd.
Director, Corporate Communications
Telephone: 604-687-3376
Toll Free: 800-567-8181
Facsimile: 604-687-3119
Email: info@abenresources.com
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.
This release includes certain statements that may be deemed to be “forward-looking statements”. All statements in this release, other than statements of historical facts, that address events or developments that management of the Company expects, are forward-looking statements. Although management believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ materially from those in the forward-looking statements. The Company undertakes no obligation to update these forward-looking statements if management’s beliefs, estimates or opinions, or other factors, should change. Factors that could cause actual results to differ materially from those in forward-looking statements, include market prices, exploration and development successes, continued availability of capital and financing, and general economic, market or business conditions. Please see the public filings of the Company at www.sedar.com for further information.
Source: www.globenewswire.com
Many Peaks Minerals Ltd (ASX: MPK) – Trading Halt
Description
The securities of Many Peaks Minerals Ltd (‘MPK’) will be placed in trading halt at the request of MPK, pending it releasing an announcement. Unless ASX decides otherwise, the securities will remain in trading halt until the earlier of the commencement of normal trading on Wednesday, 3 April 2024 or when the announcement is released to the market.
Issued by
ASX Compliance
Click here for the full ASX Release
This article includes content from Many Peaks Minerals, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Investor Education: Gold vs. US Dollar Outlook with Expert Don Hansen
Private investor Don Hansen has honed his resource sector investment approach for more than 20 years, and he shared his latest research in a conversation with the Investing News Network.
He discussed the US dollar's rise and fall as the world's reserve currency, as well as how China is shifting away from the dollar and toward gold. Hansen also went over data on the inverse relationship between the gold price and the S&P 500 (INDEXSP:.INX), explaining how decades-long patterns show where both are heading.
"The exciting part to me is when we look at the previous data you can see that the stock market phase is about to end. It's at a very high level and it's at the end of its period," he explained during the interview.
Hansen also mentioned the Buffett Indicator, a measurement of the size of the US stock market against the size of the economy. It's produced by dividing the aggregate market cap of all US stocks by the latest quarterly GDP number.
"In the long-run average of 70 years, that number is about 75 percent," he said. "In 2000, before the dot-com crash, that number was 145 percent ... Guess what it is now? It's 180 percent. So we are due."
Hansen encouraged investors to add gold to their portfolios, and has spoken previously about how to build a portfolio of gold and silver stocks. To watch those interviews, click the links below:
- Gold and Silver Stock Analysis with Expert Don Hansen
- Gold and Silver Stock Leverage with Expert Don Hansen
- Gold and Silver Portfolio Building with Expert Don Hansen
- Gold and Silver Stock Evaluation with Expert Don Hansen
- US Debt and Currency Collapse with Expert Don Hansen
You can also click the the timestamps below to view specific parts of the interview above:
- 0:00 — Intro
- 0:44 — How US dollar became reserve currency
- 3:37 — Decline of US dollar as reserve currency
- 8:56 — China's de-dollarization and shift to gold
- 14:12 — Gold price vs. S&P 500
- 20:17 — Gold supply vs. demand
- 25:18 — Final thoughts from Don
- 31:18 — Outro
Don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.
Goldman Sachs Bullish on Commodities, Shares 2024 Price Calls for Gold and Copper
Goldman Sachs (NYSE:GS) is maintaining its bullish stance on commodities as they continue to enjoy strong cyclical and structural support, and as the US and Europe move closer to cutting interest rates.
The American investment bank said it sees raw materials potentially returning 15 percent in 2024.
“We find that US rate cuts in non-recessionary environments lead to higher commodity prices, with the biggest boost to metals (copper and gold in particular), followed by crude oil,” Bloomberg quotes analysts Samantha Dart and Daan Struyven as saying in a note this past Sunday (March 24). “Importantly, the positive impact on prices tends to increase with time, as the growth impulse from looser financial conditions filters through.”
Copper and gold have already rallied during the first quarter of the year, with the former moving past US$9,000 per metric ton and the latter breaching the US$2,200 per ounce mark to reach an all-time high.
Goldman is calling for copper to break US$10,000 by the year's end and for gold to hit US$2,300.
Other commodities, such as aluminum and oil products, are also set to make continuous climbs.
Aluminum is expected to reach US$2,600 per metric ton by 2024's end, while Brent crude is likely to stay "well supported" between US$70 and US$90 per barrel. The bank also underscored the role of commodities as a geopolitical hedge.
While Goldman is positive on the sectors mentioned, the same cannot be said for battery metals, where its outlook is more bearish. "Within the industrial metals, the segment with the most bearish fundamentals remains battery materials ... we believe it is too early to call a decisive end to these respective bear markets,” the bank said.
Battery metals — which include lithium, nickel, and cobalt — have seen increases in demand alongside production growth for wind turbines, solar panels and electric vehicles (EVs). However, prices for these metals have taken a tumble in the last 18 months due to factors including oversupply and lower sales volumes from EV manufacturers.
Goldman anticipates 2024 price declines of 9 percent, 13 percent and 27 percent decline for cobalt, nickel and lithium carbonate, respectively. With that in mind, it encourages taking a selective approach in the commodities sector.
Don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
Top 5 ASX Gold Stocks That Pay Dividends (Updated 2024)
If you're interested in gold stocks, it's worth taking a look at the top ASX gold stocks that pay dividends.
A dividend is a sum of money that is paid regularly by a company to a class of its shareholders out of its earnings. Dividends are often issued as cash payments, but can also be issued as stock or other property.
Read on for a deeper look at gold dividend stocks and a breakdown of the top five dividend-paying ASX gold stocks.
What is a gold dividend stock?
A dividend is essentially a reward that is paid to shareholders for their investment in a company’s equity. Dividends generally comes from a company’s net profits — while the majority of a company’s net profits stay within the company as retained earnings, an outstanding portion can be divided up and distributed to shareholders.
Dividends are generally a sign that a company is flourishing, but there are times when a firm may still make dividend payments even when it's not achieving suitable profits. This tends to happen when a company wants to maintain confidence by keeping up with its established track record of regular dividend payments.
In the past, investors didn’t always look to gold stocks as a way to obtain a dividend. However, a rising number of gold miners now pay — and often raise — dividends. If investors select the right ones, they can set themselves up to profit handsomely from both a steady stream of dividend income and the strong capital gains available in resource investing.
A dividend is especially attractive in the sometimes volatile gold sector because it gives investors a degree of security — put simply, if a company pays a dividend, it generally feels that it has the cash to do so, and will have the ongoing profits it needs to keep those payments coming. On the whole, dividend-paying companies tend to outperform the market when it’s rising, and perhaps more importantly, decline less than average in a falling market.
When it comes to ASX-listed gold stocks, dividends also have tax advantages — thanks to Australia's dividend tax credit, dividends from eligible Australian corporations have an advantage over interest income.
How to pick a dividend-paying gold stock?
So how can investors pick the right dividend-paying gold stocks? A key indicator to consider is dividend yield, which you can figure out when you take the miner’s total yearly dividend payments and divide them by its share price. This allows investors to glean how much they will get back in dividends based on each dollar they have invested.
That said, it's important to keep in mind that simply picking stocks with high dividend yields may not be entirely beneficial. This is due to the fact that a company’s dividend yield can be high because its share price has dropped, which is an obvious indicator of serious risk — not only to the dividend, but to the investment as a whole.
To get a true measure of the stability of a company’s dividend, you have to look deeper. Here are three other factors to consider before putting money into a gold dividend stock:
- A history of paying a dividend (and ideally raising it) — The more established the company’s dividend is, the less likely it is to cut or eliminate it in the near future.
- A healthy balance sheet — Look for a company with a significant cash balance and low debt.
- A reasonable payout ratio — The payout ratio is an indicator of whether a company can maintain its dividend; it is calculated by dividing the per-share dividend payment by net earnings per share. A payout ratio of 80 percent or less indicates that a mining stock has the flexibility to both maintain its dividend and make the investments it needs to boost its production or take on further exploration.
Which ASX gold stocks have the highest dividends?
Below are five of the top ASX-listed gold dividend stocks based on dividend yield. Data for this article was gathered using TradingView’s stock screener on March 20, 2024, and companies had market caps of over AU$50 million at the time.
1. Rand Mining (ASX:RND)
Dividend yield: 7.3 percent; current share price: AU$1.37; market cap: AU$77.92 million
Rand Mining explores for and produces gold at properties in Western Australia. Its primary focus is the East Kundana joint venture, which is comprised of two producing underground mines, Raleigh and Rubicon/Hornet/Pegasus.
The company holds a 12.25 percent interest in the asset, along with Northern Star Resources (ASX:NST,OTC Pink:NESRF) subsidiary Gilt Edge Mining (51 percent) and Tribune Resources (ASX:TBR) (36.75 percent).
Rand Mining pays an annual dividend of AU$0.10, with the most recent dividend payment made on November 30, 2023.
2. Beacon Minerals (ASX:BCN)
Dividend yield: 4 percent; current share price: AU$0.024; market cap: AU$93.92 million
Beacon Minerals is a gold mining and exploration company operating in the Eastern Goldfields of Western Australia. Its Jaurdi gold project hosts the Lost Dog open pit and the Jaurdi processing plant. Meanwhile, its MacPhersons project holds two resources, MacPhersons Reward and Tycho, along with several small historic underground mines and exploration prospects. As part of its goal to expand Jaurdi's mine life, the company recently inked a binding deal to acquire a 100 percent interest in the Mount Dimer tenements from Aurumin (ASX:AUN) for AU$3 million.
Beacon’s gold production for its 2023 fiscal year came in at 29,110 ounces. The company's production guidance for its 2024 fiscal year is in the range of 24,000 to 27,000 ounces of the yellow metal.
Beacon's last dividend payment of AU$0.001 per share was paid on December 8, 2023.
3. Northern Star Resources (ASX:NST)
Dividend yield: 2.2 percent; current share price: AU$13.40; market cap: AU$15.9 billion
Northern Star Resources has world-class projects in both Australia and North America.
Since the acquisition of the high-grade, low-cost Paulsens gold mine in 2010, the miner has continued to build a portfolio of high-quality, high-margin mining operations with the aim of delivering maximum returns to its shareholders.
The company also owns the Jundee gold mine, which it purchased from Newmont (TSX:NGT,NYSE:NEM) in 2014 for AU$82.5 million. The project is well known due to the fact that it solely uses underground mining and not the often utilised open-pit mining. As part of its growth strategy, Northern Star is targeting 2 million ounces of production per year by 2026.
Northern Star’s dividend has grown at a yearly rate of around 15 percent over the past five years. The company's next biannual dividend payout of AU$0.15 will be paid out on March 28, 2024.
4. Perseus Mining (ASX:PRU)
Dividend yield: 1.79 percent; current share price: AU$2; market cap: AU$2.86 billion
Perseus Mining has three operating gold mines in West Africa: Edikan in Ghana, and Sissingué and Yaouré in Côte d’Ivoire. Its acquisition of Orca Gold in 2022 gave it control of 70 percent of the Meyas Sand gold project in Sudan.
Perseus' annual gold production for 2023 came to 528,486 ounces at an all-in site cost of US$984 per ounce, and the company reported a revenue increase of 22 percent compared to the previous year. Its robust financial performance prompted a bonus dividend payout for investors in 2023.
Perseus' next dividend payment for 2024 will come to AU$0.0125 per share on April 5.
5. Gold Road Resources (ASX:GOR)
Dividend yield: 1.42 percent; current share price: AU$1.505; market cap: AU$1.68 billion
Gold Road Resources is a mid-tier Australian gold producer and explorer with projects across Western Australia, South Australia and Queensland. The company holds a 50 percent interest in the Gruyere joint venture project in Western Australia with one of the world’s top gold-producing companies, Gold Fields (NYSE:GFI). One of Australia’s top gold mines, Gruyere is a high-grade, low-cost, open-pit gold mine with a life of more than 10 years.
The company’s next dividend payment will come to AU$0.01 per share on April 2, 2024.
This is an updated version of an article first published by the Investing News Network in 2019.
Don’t forget to follow us @INN_Australia for real-time updates!
Securities Disclosure: I, Melissa Pistilli, currently hold no direct investment interest in any company mentioned in this article.
Falco Reaches Another Major Milestone and Confirms Admissibility of Its Horne 5 Project’s Environmental Impact Assessment
Falco Resources Ltd. (TSX.V: FPC) (“Falco” or the “Corporation”) is pleased to announce the receipt of confirmation of the admissibility of its Environmental Impact Assessment (“EIA”) for the Horne 5 Project located in Rouyn-Noranda (the “Admissibility”) from the Ministry of the Environment, the Fight Against Climate Change, Wildlife and Parks (“MEFCCWP”).
Since the initial EIA filing in 2018, Falco has completed extensive field work and studies, in addition to providing the documentation in order to respond to questions and requests for information raised by the MEFCCWP. Driven by ESG principles, the EIA was conducted by a multidisciplinary team comprised of Falco’s employees, experts and partners, and highlights the Horne 5 Project’s benefits and impacts on its physical, biological and human environments. The EIA includes various measures to avoid, mitigate or compensate for these impacts, and to enhance the project’s overall benefits, in a strong corporate governance environment. The EIA and all related documentation are publicly available on the Environmental Assessment Register of the MEFCCWP.
Luc Lessard, President and Chief Executive Officer of Falco noted: “In addition to the recent conclusion of the Operating License and Indemnity Agreement with Glencore Canada Corporation on January 23, 2024, the Horne 5 Project’s EIA Admissibility from the MEFCCWP constitutes another significant milestone in advancing closer to the development and realization of the Horne 5 Project. Falco’s team has been working extremely hard on the environmental permitting process, and the EIA Admissibility provides the path forward for the advancement of the Project. Although important steps remain, we strongly believe in the Horne 5 Project as a green and world-class polymetallic project that will benefit the surrounding communities. We would like to thank everyone involved at the MEFCCWP for their work and continued assistance throughout this process. Falco would also like to thank the communities of Rouyn-Noranda for their engaged and active participation and continuous support.”
Public Hearing Process
The EIA Admissibility allows Falco to progress towards the public hearing process to be hosted by the Bureau d’audiences publiques sur l’environnement (“BAPE”) following the issuance by the MEFCCWP of a BAPE mandate to conduct such public hearing process, which notably involves a 45-day public information period, beginning April 24, 2024, in addition to a 4-month public hearing process. Falco’s stakeholders will be invited to this public information period which will allow them to meet Falco’s team, ask questions and obtain information on the Horne 5 Project. For more information, please refer to the following MEFCCWP link: https://www.ree.environnement.gouv.qc.ca/index.asp
Since 2019, Falco has been interacting and working with its host milieu and stakeholders, including its Consultation Committee. The comments, questions and ideas collected during these discussions have helped Falco gain a better understanding of the challenges and concerns of our stakeholders in order to develop a proposal for the Horne 5 Project that fosters the harmonious cohabitation of all stakeholders in the region with this mining project of a new generation.
Hélène Cartier, Vice President, Environment, Sustainable Development and Community Relations added: “We are extremely grateful to our stakeholders and host communities, who participate in our consultation activities and initiatives, allowing us to develop a great project for the Rouyn-Noranda region. We remain committed to continuing to develop a collaborative project and making it a source of pride for our communities. Our team is ready and proud to initiate the BAPE process.”
About Falco
Falco Resources Ltd. is one of the largest mineral claim holders in the Province of Québec, with extensive land holdings in the Abitibi Greenstone Belt. Falco owns approximately 67,000 hectares of land in the Noranda Mining Camp, which represents 67% of the entire camp and includes 13 former gold and base metal mine sites. Falco’s principal asset is the Horne 5 Project located under the former Horne mine that was operated by Noranda from 1927 to 1976 and produced 11.6 million ounces of gold and 2.5 billion pounds of copper. Osisko Development Corp. is Falco’s largest shareholder owning a 17.3% interest in the Corporation.
For further information, please contact:
Luc Lessard
President and Chief Executive Officer
514 261-3336
info@falcores.com
Neither the 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 press release.
Cautionary Note Regarding Forward-Looking Statements
This news release contains forward-looking statements and forward-looking information (together, “forward-looking statements”) within the meaning of applicable securities laws, in particular Falco’s ability to complete the BAPE, to obtain receipt of permits and approvals required to develop the Horne 5 Project and the ability of Falco to efficiently develop and operate the Horne 5 Project based on the terms of the Operating License and Indemnity Agreement concluded with Glencore Canada Corporation (“OLIA”). These statements are based on information currently available to the Corporation and the Corporation provides no assurance that actual results will meet management’s expectations. The occurrence of such events or the realization of such statements is subject to a number of risk factors, including, without limitation, the ability of Falco to provide the financial assurance guarantees required by the OLIA and the exercise by Glencore Canada of rights under the OLIA which could affect the development and operation of the Horne 5 Project, together with the other risk factors identified in Falco’s Annual Information Form and other continuous disclosure documents available at www.sedarplus.com. Although Falco believes that the assumptions and factors used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Except where required by applicable law, Falco disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
$1.5 Million in Firm Commitments Received for Capital Raisings
$0.5 million partial underwrite of the Rights Issue & $1.0 million in further debt or equity to be raised by end April 2024
R3D Resources Limited (ASX: R3D) (the Company) (renamed Tartana Minerals Limited) is pleased to provide an update on the 1 for 5 pro rata entitlement offer of New Shares in the Company at an issue price of $0.05 per New Share, as well as 1 attaching Option exercisable at $0.10 expiring 31 December 2025 for each 2 New Shares subscribed for (the Rights Issue) which opened in November 2023.
Key Points:
- Firm commitment received from Breakaway Investment Group (controlled by director Dr Stephen Bartrop) to underwrite the Rights Issue of up to $500,000
- Additional firm commitment received from Breakaway Research (also controlled by director Dr Stephen Bartrop) to raise $1 million for the Company from third party investors through debt, equity or hybrid instruments by 30 April 2024
- Rights Issue to be extended until 10 April 2024 to enable eligible shareholders to participate on the same terms following the underwriting
- Underwriting Agreements, firm commitment agreements, and further disclosures are to be made upon formal documents being executed over the coming days
- Copper Sulphate production at Tartana has restarted and the Company is targeting to achieve a minimum production rate of fifteen bags of Copper Sulphate a week during the month of April 2024
- Production since restart during March has totalled twenty bags
Breakaway Investment Group Pty Ltd (Breakaway Investment), an entity controlled by R3D’s Managing Director, Dr Stephen Bartrop, has provided the Company with a firm commitment to underwrite the Rights Issue to a minimum raise of $500,000 (the Underwriting), subject to formal agreement.
Additionally, Breakaway Research Pty Ltd (Breakaway Research) an entity also controlled by Dr Stephen Bartrop has provided a further firm commitment to raise $1 million for the Company through debt, equity, or hybrid instruments by 30 April 2024 (the $1m Commitment), again subject to formal agreement. To the extent that Shares and Attaching Options are placed, the Company may use shortfall from the Rights Issue for this purpose. The terms of this raising will be settled between the Company and Breakaway Research in the ordinary course. Breakaway Research is an AFSL holder and accordingly the funds are not expected to be raised from Dr Bartrop but rather parties introduced through Breakaway Research. Accordingly, the Company does not expect shareholder approval to be required for the placement of those securities (except if necessary for placement capacity reasons or if the underlying clients are also Chapter 10 parties).
The Company Is in discussions with each of Breakaway Investment and Breakaway Research towards execution of full-form documents to give effect to this commitment. On those discussions resulting in a binding agreement the Company will issue a further Supplementary Prospectus and will provide the requisite disclosure under ASX Listing Rules as to the full terms of this Underwriting and the $1m Commitment.
The Company will ensure that such terms are arms’ length.
Additionally, it is not expected that the Underwriting or $1m Commitment will result in Dr Bartrop materially increasing his holding in R3D with sub-underwriting and sub-commitment arrangements to be put in place by Breakaway Investment and Breakaway Research at their discretion. Neither Breakaway Investment nor Breakaway Research are being paid fees for their commitments to the Company.
The Company expects that the final terms of the $1m Commitment will include a condition precedent that the Company completes production of at least fifteen 1.2 tonne bags of Copper Sulphate a week from 1 April to 28 April 2024 (calculated on average over the period, totalling 60 bags). The directors (excluding Dr Bartrop) have considered this condition, and have formed the view that it is reasonable to the Company and Breakaway Research. Further, the Company is confident that this will be achievable noting that production in March to date has been twenty bags whilst still being impacted by weather conditions.
Commenting on the status of production at Tartana, Dr Bartrop said:
“We are pleased to report that we have recommenced production at Tartana following a prolonged run of unexpected poor weather that limited site access for staff and input materials. Although the weather continues to affect site operations and access, we are confident in achieving a minimum production at Tartana of at least fifteen bags per week, but hopefully well in excess of that as conditions improve.”
Further Extension of Rights Issue
Eligible Shareholders can review the Rights Issue Prospectus and apply from the Company’s website: www.r3dresources.com.au or at www.computersharecas.com.au/r3dnrri.
Having regard to the impending underwriting, the Company intends to further extend the Rights Issue offer open period until 10 April 2024 which will allow time for eligible shareholders to consider participating on the same terms as the Underwriters.
A Supplementary Prospectus in relation to the extension of the Rights Issue offer open period is annexed, and a copy is being lodged with ASIC.
Click here for the full ASX Release
This article includes content from R3D Resources, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
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