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Acquisition of a Portfolio of Highly Prospective Antimony and Gold Projects that Surround Larvotto's High-Grade Project, NSW
Thunderbird Resources Limited(Thunderbird or the Company) (ASX: THB) is pleased to advise that it has entered into an agreement to acquire a highly prospective antimony and gold exploration land package in the New England Orogen of New South Wales. The high-potential exploration portfolio is located immediately adjacent to Australia’s largest antimony deposit, the Hillgrove Gold & Antimony Project owned by Larvotto Resources (ASX: LRV) (LRV) (Figures 1 and 2).
Highlights
- Thunderbird enters into binding agreement to acquire a 100% interest in a highly prospective 488km2 exploration portfolio surrounding the Hillgrove Gold-Antimony project, a Top-10 global antimony deposit.
- The package, comprising EL9053 and EL9147, including sampling grades of up to 18.2%3 antimony and 76g/t gold4, sits in the heart of the New England Orogen of NSW, which is currently undergoing a major exploration renaissance.
- EL9053, known as the Rockvale Project, covers potential strike extensions of the gold-antimony mineralisation at Hillgrove and encompasses multiple known gold and antimony occurrences, including numerous high-grade historical workings.
- EL9053 adjoins Larvotto Resources’ (ASX: LRV) Hillgrove Gold & Antimony Project, the largest antimony deposit in Australia, with a Mineral Resource of 7.3Mt @ 4.4g/t Au and 1.3% Sb for 1.04Moz of contained gold and 93kt of contained antimony1,2.
- EL9147, known as the Kookabookra Gold Project, covers multiple gold reefs in the historical high-grade Kookabookra gold field.
- Both Projects are considered highly prospective for the discovery of high-grade orogenic gold +/- antimony mineralisation and intrusion-related gold mineralisation.
- The proposed acquisition provides a low-cost opportunity to explore high-quality assets that offer exposure to very favourable commodities, with the ability to explore and generate newsflow during the northern hemisphere winter when Thunderbird’s Canadian assets are less accessible.
- Antimony is a critical metal used for producing high-tech and defence products, including flame retardant materials, semiconductors and superhard materials. Antimony prices have been rising strongly since China, which dominates global supply, imposed export restrictions earlier this year.
Figure 1: Map showing location of EL9053 (Rockvale) and EL9147(Kookabookra) (shown in red outline).
Thunderbird has entered into a binding share purchase agreement with the shareholders of Kooky Resources Pty Ltd (Kooky Resources) to acquire all the issued share capital of Kooky Resources (Proposed Acquisition).
Kooky Resources holds a 100% interest in exploration licences EL9053 and EL9147, which offer strong prospectivity for high-grade antimony and gold mineralisation.
EL9053 lies directly adjacent to the Hillgrove Gold & Antimony Project held by LRV, which represents the largest antimony deposit in Australia with a Mineral Resource of 7.3Mt @ 4.4g/t Au and 1.3% Sb for 1.04Moz of contained gold and 93kt of contained antimony.
The Hillgrove Gold & Antimony Project is currently being redeveloped by LRV and already has most of the surface infrastructure in place, including the process plant, power, roads, decline and substantial underground development. Leveraging this existing infrastructure, LRV recently announced a positive pre-feasibility study, targeting first ore production by early 20261.
EL9053 covers potential strike extensions of the geology and structures that host the antimony-gold mineralisation at Hillgrove.
Numerous historical prospects and occurrences are reported within EL9053 with sampling grades of up to 18.2%3 antimony and 76g/t4 gold reported. Despite the number of historical gold and antimony occurrences the area has had minimal modern exploration or drilling since the 1980s.
EL9047 covers the historical Kookabookra gold field, which has seen virtually no modern exploration, with multiple gold occurrences and potential for both orogenic gold +/-antimony mineralisation and intrusion related gold mineralisation.
This article includes content from Thunderbird Resources Limited, 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.
Yallalong Antimony and Byro REE Drill Programs Progressing as Planned
Octava Minerals Limited (ASX:OCT) (“Octava” or the “Company”), a Western Australia focused explorer of the new energy metals antimony, REE’s, Lithium and gold, is pleased to report that exploration drilling at its 100% owned Yallalong antimony project in the mid-west of Western Australia is on track and progressing as expected. In addition, the planned two metallurgical core drill holes are now complete, with samples on their way to Perth to undergo testwork in coming months.
Highlights
- Exploration drilling at the Yallalong antimony project in the mid-west of WA is on track and progressing as planned.
- Drilling at the Discovery antimony prospect, where historic drilling recorded significant high-grade intercepts including 7m @ 3.27% antimony (Sb) is almost complete.
- The rig will shortly relocate 2km north along strike to the second antimony target, Central, and commence drilling.
- Field observations have confirmed the presence of antimony mineralisation in drill holes as expected.
- Completion of two metallurgical core test holes at the Byro REE/Li project with samples to be submitted for chemical analysis followed by minerals extraction studies by CSIRO.
Octava’s Managing Director Bevan Wakelam stated; ”Drilling is going well at our Discovery antimony prospect and progressing as planned. The team onsite have observed antimony mineralisation in drill holes at the Discovery target, which we will get to the laboratory for determination of antimony grades. The results are expected to be available early in the new year. We are also looking forward to testing the second antimony target at the Central target, which has not been drilled tested before. In addition, core hole drilling is now complete at our Byro project, we are looking forward to getting the metallurgical recovery test work on these samples underway at the CSIRO.”
Figure 1. RC drilling at the Discovery antimony prospect, Yallalong Antimony Project.
Discovery Antimony Target
Drilling is progressing well at the Discovery antimony target with around 75% of the planned drill holes now completed. In the next few days, the drill rig will relocate to the Central antimony target, 2km north and commence drilling 9 maiden drill holes, down to a depth of approximately 120m, the prospect at Central has not been drill tested before.
Results from the drill program are expected to be available early in the new year.
Byro REE Project
Figure 2. Core drilling at the Byro REE Project
Drilling of two metallurgical core holes at the Byro Project has been completed on time and on budget and the core samples are on their way to Perth. Over the next couple of months, these samples will undergo chemical and mineralogical analysis and beneficiation tests, followed by metals extraction testwork with the CSIRO.
Click here for the full ASX Release
This article includes content from Octava Minerals Limited, 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.
Athena Gold Corporation Announces Increase in Private Placement and Closes Second Tranche
Athena Gold Corporation (CSE:ATHA)(OTCQB:AHNR) ("Athena" or the "Company") is pleased to announce that due to strong demand, the Company has increased the size of the non-brokered private placement previously announced on October 3, 2024, from CDN $1,000,000 to up to CDN $1,250,000 (the "Offering"). The Offering, as amended, will now consist of up to 25,000,000 units (the "Units") (increased from 20,000,000 Units) at a price of CDN $0.05 per Unit. All other terms of the Offering remain unchanged.
The Company further announces that it has closed a second tranche of the Offering through the issuance of 6,460,000 Units at a price of CDN $0.05 per Unit for gross proceeds of CDN $323,000. The Company closed the first tranche of the Offering on October 25, 2024 (refer to press release dated October 28, 2024) and issued 12,000,000 Units at CDN $0.05 per Unit for gross proceeds of CDN $600,000.
Each Unit consists of one common share in the capital of the Company (a "Common Share") and one-half of a common share purchase warrant (a "Warrant"). Each whole Warrant is exercisable into one Common Share at a price of CDN $0.12 per Warrant for a period of thirty-six months from the date of issuance, subject to the following acceleration provision. If, at any time after the date that is 4 months and one day after the date of issuance of the Warrants, the average volume weighted trading price of the Company's Common Shares on the Canadian Securities Exchange (or such other stock exchange on which the Common Shares may be traded from time to time) is at or above CDN $0.20 per share for a period of 10 consecutive trading days (the "Triggering Event"), the Company may at any time, after the Triggering Event, accelerate the expiry date of the Warrants by giving ten calendar days notice to the holders of the Warrants, by way of news release, and in such case the Warrants will expire on the first day that is 30 calendar days after the date on which such notice is given by the Company announcing the Triggering Event.
Proceeds of the Offering will be used to fund exploration work on the Company's Excelsior Springs Project located in Nevada, USA, and the Laird Lake and Oneman Lake Projects recently acquired in Ontario, Canada, and for general and administrative expenses, including costs related to its proposed amalgamation and redomicile from Delaware to British Columbia, Canada, with any surplus to provide general working capital and additional exploration.
No finder's fees were paid in connection with the closing of the second tranche of the Offering.
To date, certain insiders of the Company have participated in the Offering, of which 4,590,000 Units for proceeds of CDN $229,500 were acquired in the first tranche and an additional 2,200,000 Units for proceeds of CDN $110,000 in the second tranche, totaling 6,790,000 Units for proceeds of CDN $339,500. This constitutes a related party transaction pursuant to Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Company relied on Sections 5.5(a) and 5.7(1)(a) of MI 61-101 for an exemption from the formal valuation and minority shareholder approval requirements, respectively, of MI 61-101, as, neither the fair market value of the subject matter of, nor the fair market value of the Units purchased by the insiders under the Offering exceed 25% of the Company's market capitalization.
All securities issued in connection with the Offering are subject to a four month and one day hold period in Canada and are subject to applicable United States hold periods.
None of the foregoing securities have been or will be registered under the United States Securities Act of 1933, as amended (the "1933 Act") or any applicable state securities laws and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons (as defined in Regulation S under the 1933 Act) or persons in the United States absent registration or an applicable exemption from such registration requirements. This press release does not constitute an offer to sell or the solicitation of an offer to buy nor will there be any sale of the foregoing securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
About Athena Gold Corporation
Athena is engaged in the business of mineral exploration and the acquisition of mineral property assets. Its objective is to locate and develop economic precious and base metal properties of merit and to conduct additional exploration drilling and studies on its projects across North America. Athena's flagship Excelsior Springs Au-Ag project is located in the prolific Walker Lane Trend in Nevada. Excelsior Springs spans 1,675 ha and covers at least three historic mines along the Palmetto Mountain trend, where the Company is following up on a recent shallow oxide gold discovery, with drill results including 5.2 g/t Au over 33 m. Meanwhile, the Company's new Laird Lake project is situated in the Red Lake Gold District of Ontario, covering 4,158 hectares along more than 10 km of the Balmer-Confederation Assemblage contact, where recent surface sampling results returned up to 56.5 g/t Au. This underexplored area is road-accessible, located about 10 km west of the Madsen mine by West Red Lake Gold Mines and 34 km northwest of Kinross Gold's Great Bear project.
For further information about Athena Gold Corporation and our Excelsior Springs Gold project, please visit www.athenagoldcorp.com.
On Behalf of the Board of Directors
John C. Power
President, Athena Gold Corporation
For further information, please contact:
Phone: John C. Power, (707) 291-6198
Email: johnpower@athenagoldcorp.com
CHF Capital Markets
Cathy Hume, CEO
Phone: 416-868-1079 x 251
Email: cathy@chfir.com
Forward-Looking Statements
This press release contains forward-looking statements and forward-looking information (collectively, "forward-looking statements") within the meaning of applicable Canadian and US. securities laws. All statements, other than statements of historical fact, included herein including, without limitation, statements regarding future exploration plans, future results from exploration, and the anticipated business plans and timing of future activities of the Company, are forward looking statements. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are typically identified by words such as: "believes", "will", "expects", "anticipates", "intends", "estimates", ''plans", "may", "should", ''potential", "scheduled", or variations of such words and phrases and similar expressions, which, by their nature, refer to future events or results that may, could, would, might or will occur or be taken or achieved. In making the forward-looking statements in this press release, the Company has applied several material assumptions, including without limitation, that there will be investor interest in future financings, market fundamentals will result in sustained precious metals demand and prices, the receipt of any necessary permits, licenses and regulatory approvals in connection with the future exploration and development of the Company's projects in a timely manner.
The Company cautions investors that any forward-looking statements by the Company are not guarantees of future results or performance, and that actual results may differ materially from those in forward-looking statements as a result of various risk factors as disclosed in the final long form prospectus of the Company dated August 31, 2021.
Readers are cautioned not to place undue reliance on forward-looking statements. The Company undertakes no obligation to update any of the forward-looking statements in this press release or incorporated by reference herein, except as otherwise.
Athena Samples Bonanza Grade Gold, up to 373 g/t, Laird Lake, Red Lake Gold District, Ontario
Athena Gold Corporation (CSE:ATHA)(OTCQB:AHNR) ("Athena" or the "Company") is pleased to report additional high-grade gold samples from its reconnaissance prospecting program at its newly-acquired Laird Lake project, located in Ontario's prolific Red Lake Gold District. The Laird Lake project, spanning 4,158 hectares and covering >10 km of Balmer-Confederation Assemblage contact, represents an underexplored portion of the Red Lake Gold District. The road-accessible project lies approximately 10 km west of West Red Lake Gold Mines' flagship Madsen mine and 34 km northwest of Kinross Gold's Great Bear project.
"Laird Lake continues to impress. Our sample returning 373 g/t Au represents the highest-grade grab sample ever taken at the project and, to our knowledge, is amongst the highest-grade surface grab samples publicly reported in the Red Lake Gold District. With more than 10 km of Balmer-Confederation contact to explore and high-grade, visible gold showings scattered throughout, we believe we might be on the cusp of the next major gold discovery in Red Lake," stated John Power, President & CEO of Athena Gold.
Highlights:
- Additional sampling of surface grab samples taken at the Laird Lake project in October 2024 confirmed mineralization over 2.2 km of strike length along the contact between the Balmer and Confederation Assemblages (Figure 1). Mineralization is open along strike to the east and west.
- The Balmer-Confederation contact is believed to be a significant structural control for gold mineralization in the Red Lake Gold District, with >90% of all gold ever mined in the camp occurring within approximately 300 m of this contact.
- Thehighest-grade sample to date returned 373 g/t Au and was collected from a smoky quartz vein with blebby pyrite, chalcopyrite, and visible gold. This sample represents the highest-grade gold sample ever recorded in Laird Lake's history.
- The recent reconnaissance prospecting program is expected to guide a property-wide geochemistry survey scheduled to commence in H1 2025. The results are anticipated to provide targets for Athena's initial drill program at Laird Lake.
- A recently completed MSc. thesis on the Laird Lake project suggested that Laird Lake represents the continuation of the same mineralized structure found at both the Madsen and Starratt-Olsen gold minesi now owned by West Red Lake Gold (2.5 Moz past-production, 1.7 Moz indicated, 0.4 Moz inferred)ii and was later displaced as far as 10 km west (Figure 2).
Figure 1: Map of Laird Lake project, showing selected assays from the October 2024 sampling program.
Figure 2: Map of Laird Lake and Madsen, showing mapped Balmer-Confederation contact and dextral Laird Lake Fault.
Geology:
Gold mineralization observed at Laird Lake occurs in discrete quartz veins hosted in volcanic rock, localized high-strain zones consisting of silicification and disseminated sulfides, and in more broad zones of strongly deformed banded iron formation up to 15 m wide characterized by gossan, fine-grained disseminated sulfides, and silicification. Gold-bearing zones exhibit a general east-west orientation and occur in both Balmer and Confederation Assemblage rocks.
Future Drill Testing:
Laird Lake has been subject to only minimal historical exploration work, mainly because the Balmer-Confederation contact was only mapped on Laird Lake in recent times as part of an MSc. research thesis. Athena's initial work programs are focused on understanding structural controls and potential splays off this contact that may host high-grade gold mineralization.. Athena plans to conduct a property-wide gold-in-till geochemistry program in Spring 2025. Historical, high-resolution airborne magnetic and electromagnetic surveys highlighted several prospective targets within the Balmer Assemblage that have yet to be tested and will be included in future drilling on the property, in addition to other targets generated from prospecting and geochemical programs.
About Our Laird Lake Project
The 4,158 ha Laird Lake property is situated 20 km to the southwest of the town of Red Lake, Ontario. Red Lake is a prolific gold mining town in Northwestern Ontario. Importantly, >90% of the gold has come from within 300 m of the contact between the Balmer and Confederation Assemblages. The Laird Lake property is considered underexplored for gold, relative to much of the surrounding Red Lake Greenstone Belt, despite possessing more than 10 km of strike length of the known gold-bearing contact between Balmer and Confederation Assemblage rocks. Also important is being near several major gold production and exploration sites in the region:
- 34km to the Great Bear project (Kinross - 2.7 Moz indicated, and 3.9 Moz inferred)iii;
- 11 km to the Madsen Mine (West Red Lake Gold - 1.7 Moz indicated, and 0.4 Moz inferred); and
- 28 km to the Red Lake Mine (Evolution Mining - 7.2 Moz indicated, and 4.5 Moz inferred)iv.
Limited exploration activity at Laird Lake has demonstrated that high-grade gold mineralization occurs in both Balmer and Confederation Assemblage rocks over several kilometers in proximity to the main Balmer-Confederation contact. The highest gold grades on the property show a strong correlation to high-strain zones characterized by the presence of silicification, disseminated sulfides, and gossan. The Laird Lake property is dominated by mafic to ultramafic metavolcanic rocks as well as lesser banded iron formation and felsic to intermediate metavolcanic rocks of the Balmer and Confederation Assemblages. Felsic to ultramafic intrusive units are also present throughout the property, most notably of which include the Killala-Baird Batholith to the north, and the Medicine Stone Lake Batholith to the south.
QA/QC
Analytical work for rock samples was completed by ALS Laboratories, and sample preparation and geochemical analyses were completed in Thunder Bay, Ontario. Samples were crushed before a 250-gram split was pulverized to better than 85%, passing 75 microns. Rock samples were analyzed for gold by fire assay using a 50-gram charge with an atomic absorption spectroscopy finish. If assay results exceed 10.0 g/t gold, the sample rejects are analyzed by 50-gram fire assay with a gravimetric finish. Sampling and analytical procedures are subject to a Quality Assurance and Quality Control program that includes duplicate samples and analytical standards.
Qualified Person
Technical information in this news release has been reviewed and approved by Benjamin Kuzmich, P.Geo., a geoscientist and qualified person for the purposes of National Instrument 43-101.
About Athena Gold Corporation
Athena is engaged in the business of mineral exploration and the acquisition of mineral property assets. Its objective is to locate and develop economic precious and base metal properties of merit and to conduct additional exploration drilling and studies on its projects across North America.
Athena's flagship Excelsior Springs Au-Ag project is located in the prolific Walker Lane Trend in Nevada. Excelsior Springs spans 1,675 ha and covers at least three historic mines along the Palmetto Mountain trend, where the Company is following up on a recent shallow oxide gold discovery, with drill results including 5.2 g/t Au over 33 m.
The Company's new Laird Lake project is situated in the Red Lake Gold District of Ontario, covering 4,158 hectares along more than 10 km of the Balmer-Confederation Assemblage contact, where recent surface sampling results returned up to 56.5 g/t Au. This underexplored area is road-accessible, located about 10 km west of the Madsen mine by West Red Lake Gold Mines and 34 km northwest of Kinross Gold's Great Bear project.
For further information about Athena Gold Corporation, please visit www.athenagoldcorp.com.
On Behalf of the Board of Directors
John C. Power
Chief Executive Officer and President
Email: johnpower@athenagoldcorp.com
Contact:
CHF Capital Markets
Cathy Hume, CEO
Phone: 416-868-1079 x 251
Email: cathy@chfir.com
Forward-Looking Statements
This press release contains forward-looking statements and forward-looking information (collectively, "forward-looking statements") within the meaning of applicable Canadian and US. Securities laws. All statements, other than statements of historical fact, included herein, including, without limitation, statements regarding future exploration plans, future results from exploration, and the anticipated business plans and timing of future activities of the Company, are forward looking statements. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove correct. Forward-looking statements are typically identified by words such as: "believes", "will", "expects", "anticipates", "intends", "estimates", ''plans", "may", "should", ''potential", "scheduled", or variations of such words and phrases and similar expressions, which, by their nature, refer to future events or results that may, could, would, might or will occur or be taken or achieved. In making the forward-looking statements in this press release, the Company has applied several material assumptions, including without limitation, that there will be investor interest in future financings, market fundamentals will result in sustained precious metals demand and prices, the receipt of any necessary permits, licenses and regulatory approvals in connection with the future exploration and development of the Company's projects in a timely manner.
The Company cautions investors that any forward-looking statements by the Company are not guarantees of future results or performance, and that actual results may differ materially from those in forward-looking statements as a result of various risk factors as disclosed in the final long form prospectus of the Company dated August 31, 2021.
Readers are cautioned not to place undue reliance on forward-looking statements. The Company undertakes no obligation to update any of the forward-looking statements in this press release or incorporated by reference herein, except as otherwise.
iGeology and Geochemistry of the Laird Lake Property and Associated Gold Mineralization - https://www.lakeheadu.ca/programs/departments/geology/about/msc-theses/summaries/node/47164
iiIndependent NI 43-101 Technical Report and Updated Mineral Resource Estimate - https://westredlakegold.com/wp-content/uploads/2024/04/26Apr24_-_PureGold_Mine_NI_43-101_Technical_Report_-_WRLG.pdf
iiiGreat Bear Gold Project Preliminary Economic Assessment - https://s2.q4cdn.com/496390694/files/doc_downloads/2024/09/Great_bear/Kinross-Great-Bear-PEA-TR-REVISED-FINAL-Sep-9-2024.pdf
ivEvolution Mining Mineral Resource and Ore Reserve Statement, December 2023 - https://evolutionmining.com.au/reservesresources/
S2 Acquires Three New Gold Projects in Victoria from Valkea Resources as Part of the Recently Completed Sale of its Finnish Assets
S2 Resources Ltd (“S2” or the “Company”) advises that it has signed an earn-in agreement with Valkea Resources (“Valkea”, formerly Outback Goldfields Corp, TSXV:OZ) as per the terms agreed as part of the recently completed sale of S2’s Finnish assets to Valkea1.
Key Points
- S2 finalises earn-in terms for three Victorian gold projects from Valkea Resources (formerly Outback Goldfields)
- These projects were offered to S2 by Valkea as part of the sale of S2’s Finnish assets to Valkea
- This spreads S2’s gold exploration footprint in Victoria, supplementing its ground holdings around the prolific Fosterville gold mine owned by Agnico Eagle
- These projects have defined soil and aircore drilling anomalies requiring follow up
Under the terms of this agreement, S2 has the right to earn an 80% interest in three projects by sole funding a total expenditure of $1.2 million within 4 years. The agreement is subject to Valkea obtaining the approval of the TSX Venture exchange and also receiving Ministerial approval and registration under section 71 of the Mineral Resources (Sustainable Development) Act 1990 in Victoria, Australia.
The four year earnin period is deemed to start once the above conditions have been met. S2 can withdraw from any or all of the projects at any time providing the tenements are in good standing on a pro-rata expenditure commitment basis for a minimum of three months from the date of its withdrawal notice. In the event of S2 being unable to undertake exploration as a consequence of land access or permitting delays or restrictions outside of its reasonable control, then S2 will be entitled to a fair and reasonable extension to the earn-in term.
Should S2 complete its earnin, Valkea can elect to contribute its share of expenditure or dilute. In the latter circumstance, should Valkea’s participating interest decrease to less than 10% it will revert to a 2% Net Smelter Return (NSR) royalty, which S2 can buy back for C$1.5 million at any time.
The three projects comprise the Silverspoon, Yeungroon and Ballarat West exploration projects, which are all located in the central Victorian Goldfields (see Figure 1) and which provide the Company with a variety of gold exploration options, as summarised below.
Figure 1: Location map showing existing S2 tenure (the Greater Fosterville project) and the three Valkea projects in relation to historic goldfields and current mines/prospects.
Yeungroon
The Yeungroon project covers an area of 728 square kilometres near Charlton and Wedderburn in north central Victoria, and comprises three granted exploration licences (EL6897, EL7280 and EL7701). The project area straddles the Avoca Fault, which is the major crustal boundary between the Bendigo Zone (to the east) and the Stawell Zone (to the west). Previous soil sampling and reconnaissance aircore drilling undertaken by Valkea has defined several district-scale gold-arsenic anomalies that require follow up (see Figure 2).
Figure 2: Overview map of the Yeungroon project showing location of gold-arsenic anomalies in soil sampling and aircore drilling undertaken by Valkea.
The O’Connors anomaly, located within the Stawell Zone, is a 3 kilometre long zone of north- northwest striking strong arsenic-gold anomalism that is open along strike in both directions and is coincident with the O’Connors fault zone. The anomalism intersected in the shallow aircore drilling is comparable with alteration haloes observed at other central Victorian gold systems and the drilling to date may have intersected the low-grade haloes proximal to the high-grade bearing quartz reef lodes.
In addition to the O’Connors trend, the aircore drilling is has intersected a number of other zones, which may represent sub-parallel mineralised structures.
Follow-up bedrock drilling is required to test for the presence of high grade lodes within the mineralised system.
The Golden Jacket anomaly, defined in top of bedrock RAB/aircore drilling, is a strong, broad arsenic anomaly that extends at least 600 metres southwest of the historic Golden Jacket Mine. Drilling to date has intersected low-level gold associated with the arsenic anomaly. Anomalous gold values intersected extend approximately 800 metres south of the mine, indicating the potential for a system with significant strike potential.
In addition, drilling has defined several parallel northwest striking trends of strong arsenic (with anomalous gold) to the north of the of the Golden Jacket mine. Deeper drilling is warranted to test for high-grade, structurally controlled quartz reefs associated with the anomalous top-of bedrock sampling.
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This article includes content from S2 Resources Ltd, 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.
Takeover Offer for Mako Gold Limited - Update
Aurum Resources Limited (ASX: AUE) (Aurum) provides the following update with respect to its off- market takeover offer to acquire all of the ordinary shares (Share Offer) and certain options (Option Offers) in Mako Gold Limited (ASX: MKG) (Mako) pursuant to its bidder’s statement dated 30 October 2024 (as supplemented or replaced from time to time) (Bidder’s Statement).
HIGHLIGHTS
- Aurum now has a relevant interest of 64.19% in Mako
- The Share Offer will be extended to 7.00pm (Sydney time) on Friday, 31 January 2025
- Aurum is in the process of issuing offer consideration payable under the Share Offer
- The Option Offers close at 7.00pm (Sydney time) on Wednesday, 4 December 2024 and will not be extended
Share Offer
Extension of Share Offer
Aurum will extend the offer period in relation to the Share Offer.
The Share Offer will now close at 7.00pm (Sydney time) on Friday, 31 January 2025 to provide remaining Mako shareholders time to accept the Share Offer. There is no guarantee the Share Offer will be extended beyond this date unless required by law. Relevant documentation to extend the Share Offer will be lodged later today.
As announced on 22 November 2024, the Share Offer is unconditional and free of all defeating conditions.
As of today, Aurum has a relevant interest in 64.19% of Mako’s ordinary shares.
Payment of Share Offer consideration
Aurum will provide the Offer Consideration payable under the Share Offer (Offer Consideration) on an accelerated basis.
Mako shareholders who have already validly accepted the Share Offer will be provided with their Offer Consideration shortly.
Mako board
Subject to the terms of the Bid Implementation Agreement dated 15 October 2024 and Aurum’s intentions which are set out in the Bidder’s Statement, Aurum now has the right to appoint such number of nominees so as to comprise the majority of the board of directors of Mako.
Aurum is currently considering the appropriate composition of the Mako board during the takeover offer period and will inform the market when it exercises its rights under the Bid Implementation Agreement.
Option Offers
The Option Offers will expire at 7.00pm (Sydney time) on Wednesday, 4 December 2024. The Option Offers will not be extended.
Click here for the full ASX Release
This article includes content from Aurum Resources Limited, 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.
Brien Lundin: Gold's Key Price Driver Intact, These Stocks Due for Repricing
Brien Lundin, editor of Gold Newsletter and host of the New Orleans Investment Conference, shared his thoughts on the well-known event's past, present and future on its 50th anniversary.
He also discussed gold's post-US election price activity, saying its pullback presents a buying opportunity.
"You don't have to be a genius to see the opportunity here — we know that as long as the metals prices keep progressing, or even just stay at these levels, that the miners are going to have to follow. So it's a great opportunity I think, and everybody needs to look at it very hard and make sure they're positioned well for it," Lundin said.
Watch the interview above for more of his thoughts on gold and the overall mining sector. You can also click here to view the Investing News Network's New Orleans Investment Conference playlist on YouTube.
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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.
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