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![NickelX Limited](https://investingnews.com/media-library/nickelx-limited.png?id=53571740&width=1200&height=800)
Acquisition of Penny South Gold Project, WA
NickelX Limited (“NickelX”, “NKL” or “The Company”) is pleased to announce that it has entered into a binding tenement sale agreement to acquire 100% of tenement E57/1045 known as the Penny South Gold Project.
HIGHLIGHTS
- Binding Tenement Sale Agreement to acquire 100% of the Penny South Gold Project (E57/1045) to bolster West Australian Gold exploration portfolio
- Penny South Gold Project located in world class gold district and ~550m south of one of Australia’s highest grade producing gold mines1, the Penny West/North Gold Mine (“Penny”), owned and operated by Ramelius Resources Limited (ASX:RMS) (“Ramelius”):
- The Penny West mine produced 154,000t at 18g/t Au (89,000 Au) in the early 1990’s2.
- The initial Penny North deposit of 569,000t at 16.8g/t (306,000oz) was discovered by Spectrum Metals Limited and subsequently subject to a takeover by Ramelius for >$200M during 20203, with the deposit now being mined and extended.
- The Penny West Shear, which hosts the Penny deposits, continues south into the Penny South Project (E57/1045) with ~2.5km of strike contained in E57/1045.
- Average historical drill hole depth across E57/1045 is ~42m, with only 18 holes deeper than 100m and 7 holes deeper than 200m4 5, with no diamond drilling.
- Historic drilling within E57/1045 has encountered various significantly anomalous intersections of gold mineralisation5.
- Review of all available data to generate high priority drill targets underway.
Commenting on the acquisition Managing Director Peter Woods said:
“We are extremely pleased to have reached an agreement for the acquisition of the Penny South Project. The addition of this exciting gold exploration asset next door to one of the highest-grade gold mines in production in Western Australia, and in a district seeing current M&A activity, greatly enhances our existing portfolio. Given the minimal deeper drilling and lack of diamond drilling, it is the Company’s view there may be substantial value to be unlocked at depth and we are eager to execute a path forward to test the theory as the momentum for gold continues.”
Penny South Gold Project, WA
The Penny South Gold Project (E57/1045) (Map 1) lies only 550m south of Ramelius’ operating Penny West/North gold mine project (Map 2), which is estimated to contain 440,000t of ore at 22g/t Au (320,000oz Au) (“Penny”)6. NKL’s Penny South Gold Project captures a ~2.5km strike extension of the Penny West Shear immediately south of Ramelius’ Penny deposits, southern Youanmi Greenstone Belt (Map 3).
Map 1: Location of the Penny South Project (E57/1045).
Click here for the full ASX Release
Equinox Gold Opens 400,000 Ounce Greenstone Mine in Ontario
Canadian miner Equinox Gold (TSX:EQX,NYSEAMERICAN:EQX) announced today the official opening of its Greenstone mine in Geraldton, Ontario, which will be one of Canada’s largest gold mines when it reaches full capacity.
The Greenstone mine began construction in October 2021, with first gold poured on May 22, 2024. Equinox Gold’s acquisition of Orion Mine Finance’s 40 percent interest in Greenstone that month gave the company full ownership of the mine.
Greenstone is currently in its ramp-up phase, with commercial production expected to commence in the third quarter of 2024.
In recent months, the mine has achieved significant production milestones, pouring approximately 2,625 ounces of gold in May, 13,625 ounces in June and 19,750 ounces in July. Furthermore, the mine's processing facility has reached over 60 percent of its design capacity as of August.
In total, Greenstone is set to produce 400,000 ounces of gold annually for its first five years, with a projected life-of-mine production of over 5 million ounces.
The operation includes a 27,000 metric tons per day processing facility, with gold recoveries anticipated to average 91 percent. The mine, which operates with a life-of-mine strip ratio of 5.1:1, also benefits from Ontario being a favorable mining jurisdiction.
In a fireside chat with the Investing News Network's Charlotte McLeod at the Vancouver Resource Investment Conference (VRIC) last January, company Chairman Ross Beaty said that he intends to turn the company from an intermediate producer to a senior producer, targeting an annual production of over 1 million ounces of gold.
At the time, the Greenstone project was only at 96 percent completion. The commissioning of the mine furthers Beaty and the company’s goal of capitalizing on the gold sector’s strong fundamentals in recent years. The company operates seven other gold mines in the Americas, which combined for production of 543,000 ounces of gold in 2023.
The Greenstone mine is located on the traditional territories of four First Nations: the Animbiigoo Zaagi’igan Anishinaabek, the Aroland First Nation, the Ginoogaming First Nation and the Long Lake #58 First Nation. It is also home to the citizens of the Métis Nation of Ontario.
Equinox Gold has established long-term partnerships and agreements with the five First Nations, including ones that address environmental management, the use of traditional knowledge and heritage resources, employment and other key areas of collaboration.
Don’t forget to follow us @INN_Resource for real-time news updates!
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
Turaco Gold Reports 2.52 Million Ounce Maiden Resource for Afema
Turaco Gold (ASX:TCG) released a maiden JORC-compliant resource estimate for its Afema gold project in West Africa on Tuesday (August 27), also reporting metallurgical testwork results.
The resource of 2.52 million ounces of gold covers the Woulo Woulo, Jonction and Anuiri deposits, with 60 percent being in the indicated category. The company said the report is an interim estimate as work is ongoing.
Respectively the deposits hold 1.25 million ounces, 660,000 ounces and 660,000 ounces of gold.
Other deposits at the Afema property include Asupiri, Brahima, Adiopan and Toilesso. They were excluded from the resource estimate as they are still subject to further drilling and metallurgical testwork.
“Expenditure and acquisition costs (inclusive of all deferred milestone payments) equate to less than US$7 per ounce attributable to Turaco,” shared Justin Tremain, managing director at Turaco.
“Following the excellent metallurgical results at Jonction, with 76 percent and 85 percent leach gold extractions achieved, a similar systematic metallurgical testwork program has commenced on Anuiri. Testwork will then be undertaken on the additional deposits which have been excluded from the (mineral resource estimate)," he added.
Afema is located in Southeast Cote d’Ivoire, and Turaco notes that small-scale mining took place at the Afema shear during the 1990s. During that time 125,000 ounces of gold were produced at the site before operations ceased in 1998.
In April, Turaco acquired a 51 percent interest in Taurus Gold Afema Holdings, the owner of Afema Gold, which owns the granted mining permit for Afema. Turaco has the right to increase its stake to 70 percent.
Mineralisation at Afema remains open in all directions at all deposits, the company said.
It expects to commence exploration drilling within recently granted exploration permits in the coming weeks. It will target new discoveries near the Woulo Woulo, Jonction and Anuiri deposits.
“Further results from drilling at Woulo Woulo are expected shortly. Two rigs will continue to operate," said Tremain.
Don’t forget to follow us @INN_Australia for real-time news updates!
Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.
Senegal Halts Mining Along Falémé River to Combat Environmental Degradation
Senegal has taken decisive action to address environmental degradation along the Falémé River, a critical waterway in the southeastern part of the country near the border with Mali.
Reuters reported on Wednesday (August 28) that the nation's government has issued a decree suspending all mining activities within 500 meters of the river's left bank until June 30, 2027.
In addition, no new mining titles will be issued in the affected area for the duration.
This suspension, which will last nearly three years, aims to preserve the environment and safeguard the health of local communities impacted by increasing pollution caused by mining operations.
The Falémé River is the primary tributary of the Senegal River, and has faced increasing threats due to the growing presence of artisanal miners in the area. Reuters notes that a report from Senegal's press agency shows there are more than 800 illegal mine sites along both the Senegal and Mali sides of the river, up from 600 in 2021.
A gold rush has taken place over the past two decades, with thousands of people flocking to the region in search of fortune, leading to a boom in both legal and illegal mining operations. However, this influx has come at a high cost to the environment, with extensive dredging and chemical discharge contaminating the river.
The Falémé River is a lifeline for thousands of people in the Kédougou region, who rely on it for drinking water, irrigation and fishing. The suspension of mining in the area is a direct response to the growing concerns of local communities, which have been vocal about the environmental and health risks posed by the mining boom.
In addition to artisanal miners, several major mining companies operate near the Falémé River, contributing to the region's economic activity. Major companies like Barrick Gold (TSX:ABX,NYSE:GOLD), IAMGOLD (TSX:IMG,NYSE:IAG) and AngloGold Ashanti (NYSE:AU,JSE:ANG) have established significant mining operations in the area, with large-scale gold mines such as Loulo-Gounkoto in Mali and the Boto, Gora and Golouma mines in Senegal.
The Loulo-Gounkoto complex, operated by Barrick, is one of the largest mining operations in the region, with 2024 production forecast at 510,000 to 560,000 ounces of gold. Located adjacent to the Falémé River, it includes two underground mines and a processing plant with a capacity of 5 million metric tons annually.
Senegalese authorities have indicated that they will use this suspension period to develop and implement strategies for more sustainable mining practices. These strategies are expected to include stricter regulations on the use of chemicals in mining, increased monitoring of mining activities and efforts to rehabilitate polluted areas.
Don’t forget to follow us @INN_Resource for real-time news updates!
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
Nimbus Zinc Silver Project Update
Horizon Minerals Limited (ASX: HRZ) (“Horizon” or the “Company”) is pleased to provide an update on the Nimbus silver-zinc project, adjacent to the Boorara gold mine, 17km east-southeast of Kalgoorlie-Boulder in the goldfields of Western Australia (Figure 1).
HIGHLIGHTS
- The current global Mineral Resource estimate for Nimbus stands at:
- 12.1Mt grading 52g/t Ag for 20.24Moz of silver and 0.9% Zn for 106kt zinc 1
- A high-grade subset exists within this global resource immediately below the historical pits and has a Mineral Resource estimate of:
- 260kt grading 774g/t Ag for 6.4Moz silver and 12.8% Zn for 33kt zinc 1
- Concept study has confirmed the optimal economic development pathway through mining of the higher-grade lodes and generation of a silver / zinc concentrate with more drilling required to increase overall tonnage and mine life 2
- Silver currently trading at A$42/oz and zinc at A$4,000/t
- A Programme of Work (POW) has been approved by DEMIRS and drilling expected to be undertaken in the first half of 2025 to drill test the exploration target 3
- Exploration Target defined below Nimbus to be tested.
Commenting on the Nimbus silver-zinc project, Horizon Managing Director and CEO Mr Grant Haywood said:
“We see the potential to grow the higher-grade core within the Nimbus resource at depth down plunge and along strike. Whilst we are firmly focussed on delivering on gold production at Boorara and Phillips Find, the Company will continue working to develop a longer-term production profile at Nimbus. We look forward to undertaking drilling in 2025 with the aim of increasing the resource prior to re-instigating a feasibility study for the project”.
Cautionary Statement – Exploration Target
The potential quantity and grade of the Exploration Target is conceptual in nature. There has been insufficient exploration to estimate a Mineral Resource and there is no certainty that further exploration work will result in the determination of mineral resources. See the basis of exploration target on pages 6 and 15-17, also Tables on pages 21-24, Competent Persons Statement on Pages 18.
Figure 1: Kalgoorlie project area locations and surrounding infrastructure
The Nimbus Project is sits 2km east of the Company’s cornerstone Boorara project and 6.5km north- northwest of Golden Ridge. Both Boorara and Golden Ridge are historic gold mining centres, with Boorara recommencing production activities.1 The Nimbus mine site on granted mining leases M26/490 and M26/598 and easily accessed from the Kalgoorlie-Bulong Road via an unsealed haul road. The tenements are located within the Hampton Hill Pastoral Station (Figure 2).
The Nimbus Project was mined by Polymetals in two stages. Phase 1 (Jan 2004 – April 2005) concentrated on mining extremely weathered oxide material in the Discovery and East Pits. Phase 2 (Nov 2005 – May 2006) concentrated on mining remnant oxide and supergene material from the Discovery Pit. Ore treatment was undertaken at an onsite mill utilising a Merrill-Crowe circuit.
The Nimbus Silver-Zinc Project was placed on care and maintenance in 2007 after producing 3.6 Moz of silver from 318 kt of ore processed at a grade of 353 g/t Ag.
Click here for the full ASX Release
This article includes content from Horizon 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.
Newmont's Lori Douglas Honored as a 2024 Paradigm for Parity Woman on the Rise
Newmont Corporation (NYSE: NEM, TSX: NGT, ASX: NEM, PNGX: NEM) today announces Lori Douglas , Newmont's Head of Productivity for North America, has been honored as one of Paradigm for Parity's Women on the Rise for 2024. This recognition, in acknowledgement of Women's Equality Day, highlights Lori's exceptional leadership, commitment to advancing women in the workplace and continued efforts to promote diversity and inclusion.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240827356045/en/
![Newmont's Lori Douglas Honored as a 2024 Paradigm for Parity Woman on the Rise (Photo: Business Wire)](https://mms.businesswire.com/media/20240827356045/en/2226582/4/image.jpg)
Newmont's Lori Douglas Honored as a 2024 Paradigm for Parity Woman on the Rise (Photo: Business Wire)
"Lori is a leader who has consistently worked to advance and inspire colleagues around the business," said Jennifer Cmil, Newmont's Chief People Officer. "Through her thoughtful leadership initiatives at the Cripple Creek and Victor mine, she has championed IDE practices while also helping to drive important cultural shifts to improve employee experience in the workplace. This recognition is a powerful testament to her commitment to cultivating an innovative and equitable workplace, particularly in a historically male-dominated industry."
The "Women on the Rise" award celebrates women who are not only rising stars in their companies but are also striving to be catalysts for change. Recipients of the award embody leadership qualities such as courage, innovation, authenticity, creativity, and a dedication to fostering environments where diversity and inclusion thrives, and where women can excel.
"The issue of gender parity feels more urgent than ever before, and these honorees have gone above and beyond to catalyze change and continue moving our mission forward," said Nadine Bullock-Pottinga, Paradigm for Parity CEO. "We look forward to seeing the contributions that these powerful women make in their workplaces and beyond."
In addition to her role as Head of Productivity for North America, where she oversees productivity improvements across seven sites, Lori has demonstrated an unwavering commitment to driving change. As the executive sponsor of the Cripple Creek & Victor mine's Women and Allies Business Resource Group, she has spearheaded efforts to break down barriers for women, ensuring that opportunities in mining are accessible and equitable for all. Her leadership has been instrumental in fostering a workplace where diverse voices are not only heard but also can contribute to the organization.
Paradigm for Parity is dedicated to addressing systemic barriers to close the gaps in gender and racial parity and transforming corporate culture to ensure all individuals can thrive. As a proud founding member of the coalition in 2016, Newmont joined as a reflection of its commitment to closing the gender gap and creating a supportive and inclusive work environment for all.
To learn more about the fight for gender parity and the 2024 Women on the Rise nominees, please visit Paradigm for Parity .
About Paradigm for Parity
As a nonprofit founded by a group of women executives in 2015, the Paradigm for Parity® coalition supports its 150+ member companies around the world in achieving gender parity including racial equity in their corporate leadership within 15 years of joining the coalition. The organization develops and promotes actionable strategies that transform corporate culture, so that women of all races, cultures and backgrounds have equal power and opportunity.
About Newmont
Newmont is the world's leading gold company and producer of copper, zinc, lead, and silver. The company's world-class portfolio of assets, prospects and talent is anchored in favorable mining jurisdictions in Africa, Australia, Latin America & Caribbean, North America, and Papua New Guinea. Newmont is the only gold producer listed in the S&P 500 Index and is widely recognized for its principled environmental, social, and governance practices. Newmont is an industry leader in value creation, supported by robust safety standards, superior execution, and technical expertise. Founded in 1921, the company has been publicly traded since 1925.
At Newmont, our purpose is to create value and improve lives through sustainable and responsible mining. To learn more about Newmont's sustainability strategy and initiatives, go to www.newmont.com .
View source version on businesswire.com: https://www.businesswire.com/news/home/20240827356045/en/
Media Contact:
Jennifer Pakradooni
globalcommunications@newmont.com
Investor Contact:
Neil Backhouse
investor.relations@newmont.com
News Provided by Business Wire via QuoteMedia
Gary Wagner: Gold's Next Price Target is US$2,700, Can Silver Catch Up?
Gary Wagner, executive producer TheGoldForecast.com, shared his outlook for gold, using technical analysis to explain how the yellow metal could rise to the US$2,700 per ounce level by the first quarter of 2025.
He also discussed the US Federal Reserve's upcoming interest rate turnaround and what it means for gold.
"To me what is most important is not that they're signaling a rate cut in September — it's much more than that," said Wagner, who is also a frequent Kitco News contributor. "They are signaling a major pivot from a highly restrictive to a highly accommodative monetary policy that's end goal is interest rate normalization."
When it comes to silver, Wagner said its previously high correlation with gold has dissipated. While he's perplexed about why this has happened, he believes US$33 per ounce has essentially become the new US$50 for silver.
"My sense is a breakout would have to occur after we have a solid base in silver above US$30. If that's the case, we would have to see if it continues to climb — how it reacts to US$33 and US$32," he explained.
"I think that the first area of resistance comes in around US$30, and then US$33. I would need to see silver break above US$33 on a closing basis for a period of time — a week, 10 days — before I would feel bullish enough about silver to say the next price level is now going to be where silver moves to. And that would be US$40," Wagner added.
Watch the interview above for more from Wagner on gold, silver and the US economy.
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.
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