
June 10, 2025
The Horse Heaven Project, directly adjacent to the Perpetua Resources Corp. (PPTA.NAS) Stibnite Gold Mine, has strong Antimony, Gold, Silver and Tungsten mineralisation in two highly prospective structurally controlled mineralised corridors, and includes past- production of Antimony, Tungsten and artisanal Gold.
Resolution Minerals Ltd (“RML” or the “Company”) (ASX: RML) is pleased to announce that it has entered into a binding agreement for the acquisition of a brownfields Antimony and Gold project located in Idaho of the United States of America.
HIGHLIGHTS
- Resolution Minerals Ltd (ASX:RML) has entered into a binding agreement to acquire the Horse Heaven Antimony-Gold-Silver-Tungsten Project (“Horse Heaven” or “Project”), located in the historical Stibnite Mining District of Valley County, central Idaho.
- Horse Heaven shares its eastern boundary with NASDAQ-listed Perpetua Resources’ Stibnite Gold- Antimony Project (PPTA.NAS ~A$2bn market cap).
- Horse Heaven hosts two highly prospective Gold- Antimony-Tungsten prospects known as the Antimony Ridge Fault Zone (“ARFZ”) and the Golden Gate Fault Zone (“GGFZ”).
- Drill-ready targets; drilling planned to start in 2025
- The Antimony Ridge Fault Zone has an approximate strike length of 1.2 km and hosts known gold–antimony– silver-tungsten mineralisation associated with hydrothermally altered and sheared granodiorite.
- The Golden Gate Fault Zone has an approximate strike length of 3.5km and hosts the Golden Gate Hill target. It hosts known disseminated gold mineralisation, like Antimony Ridge Fault Zone, associated with hydrothermally altered and sheared granodiorite.
- Tungsten was produced from Golden Gate Hill between the 1950’s and 1980’s.
- Results from past systematic sampling and preliminary drilling at both prospects are highly encouraging, indicating large tonnage mining potential.
- Highlight past rock chip results at Horse Heaven (Antimony Ridge) (Appendix C) include:
- Rock chip sample 329003 with 3.68g/t gold, 303g/t silver and 2.72% antimony over 4m.
- Rock chip sample 329014 with 1.33g/t gold, 367g/t silver and 13.75% antimony over 1m.
- Rock chip sample 329015 with 4.65g/t gold, 70.5g/t silver and 19.15% antimony over 1m.
- Rock chip sample 329085 with 3.21g/t gold, 178g/t silver and 0.37% antimony over 3m.
- Rock chip sample 329089 with 5.99g/t gold, 246g/t silver and 0.71% antimony over 1m.
- Highlight past drilling results at Horse Heaven (Appendix B) include drill intersections of:
- Drill hole 87-GGR-31: 85.34m @ 0.937g/t Au (true width unknown), including 38.10m @ 1.459g/t Au.
- Drill hole 86-GGR-10: 105.16m @ 0.787g/t Au (true width unknown); including 51.82m @ 0.990g/t Au.
- Drill hole 86-GGR-01: 30.48m @ 1.354g/t Au (true width unknown).
- Historical, non-JORC gold resource of 216,000 ounces of gold in 7,256,800 tons of material at a grade of 0.93g/t at Golden Gate Hill, and gold resource of 70,000 ounces of gold in 3,174,850 tons of material at a grade of 0.69g/t at Antimony Hill are noted in previous reports of Horse Heaven.
Cautionary note:
The estimate is a "historical estimate" under ASX Listing Rule 5.12 and is not reported in accordance with the JORC Code. A Competent Person has not yet undertaken sufficient work to classify the historical estimate as mineral resources or ore reserves in accordance with the JORC Code. It is uncertain that, following evaluation and/or further exploration work, it will be possible to report this historical estimate as mineral resources or ore reserves in accordance with the JORC Code.
- Horse Heaven also hosts 10km to 15km of additional strike length of potentially mineralised faults and shears traversing favourable host rocks.
- The Exploration Model applicable for the Horse Heaven Project is Intrusion Related Gold System (“IRGS”) and a deposit analogue for the Horse Heaven Project is the adjacent NASDAQ-listed Perpetua Resources Corp (PPTA.NAS, ~A$2 billion market cap) owned Stibnite Gold Mine.*
- The Stibnite Gold Mine is located 5km to the east of the Horse Heaven Project and, once reopened, will be the only domestically mined source of antimony in the U.S.1
- Past exploration at Horse Heaven includes historical (1890 to 1950), late 1900s (1970 to 1990s) and modern (2000 to 2023) exploration phases, with the latter mainly conducted by TSX-V-listed Stallion Uranium Corp.
- Antimony, Tungsten and Gold at record high prices as China tightens grip on critical minerals exports.
- The Horse Heaven Project complements the Company’s recently acquired Australian Au-Sb-Cu projects to create a dynamic portfolio highly leveraged for gold and antimony.
RML’s Executive Director, Aharon Zaetz commented:
“The Board considers that the acquisition of the Horse Heaven Project has the potential to be a transformative event for RML. As many governments around the world look to onshore their supply of critical minerals, such as antimony and tungsten, we have secured a commanding ground position with known antimony occurrences and next to what is likely to become the largest antimony producer in the USA.
RML’s entry into US critical minerals comes at a terrific time, with the market attributing huge premiums to ASX-listed companies operating in the space over the last 8 weeks, such as Dateline Resources (DTR), Trigg Minerals (TMG) and Locksley Resources (LKY) which have all seen significant re-ratings in recent weeks, thanks to the supportive pro-mining policies of new President Donald Trump.”
Click here for the full ASX Release
This article includes content from Resolution 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.
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2h
Steve Barton: Gold, Silver, Uranium — Price Targets and Key Levels to Watch
During an interview with the Investing News Network's Charlotte McLeod, Steve Barton of In It To Win It shared his outlook on gold, silver, uranium and more, highlighting how he uses technical analysis to guide his trades.
“Whatever is out of favor and hated at the moment, that’s probably what you need to buy,” he said. “Buy it when it’s boring and no one cares, then you get to ride the wave up.”
Don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Georgia Williams, hold no direct investment interest in any company mentioned in this article.
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5h
Sranan Gold: Unlocking Suriname’s Next Multi-Million-Ounce Discovery in the Guiana Shield
Sranan Gold (CSE:SRAN,FSE:P84) is a junior exploration company focused on Suriname, a South American country that produces over 600,000 ounces of gold annually. The company’s flagship project is located in the highly prospective Guiana Shield, one of the world’s most underexplored and gold-rich geological regions.
Sranan’s 29,000-hectare Tapanahony gold project sits atop a historic mining belt with strong geochemical and structural markers. Leveraging local knowledge, legacy drill data, and modern exploration tools, the company aims to define its first gold resource along a 4.5 km mineralized corridor.
Backed by the discovery team behind Suriname’s major deposits—Merian, Rosebel, and Saramacca—Sranan is targeting hard-rock gold beneath saprolite zones, with plans to accelerate drilling, grow its land position, and deepen community ties.
Company Highlights
- District-scale land position: The 29,000-hectare Tapanahony project covers one of Suriname’s oldest and most productive artisanal mining districts, offering untested hard-rock upside within the Guiana Shield, home to numerous multi-million-ounce gold deposits.
- Immediate drill targets: A 10,000-metre diamond drilling program is set to kick off in 2025 across the 4.5 km Poeketi-Randy trend, targeting high-grade shear zones validated by historic IAMGOLD drilling.
- World-class discovery pedigree: The technical team has led or co-led discoveries at Merian (7 Moz, Newmont), Rosebel (13.7 Moz, now Zijin) and Saramacca (1.5 Moz).
- Deep in-country knowledge: Geologists are locally trained at Anton de Kom University and have decades of experience in Suriname’s regolith-dominated terrain.
This Sranan Gold profile is part of a paid investor education campaign.*
Click here to connect with Sranan Gold (CSE:SRAN) to receive an Investor Presentation
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6h
Quimbaya Gold
Investor Insight
Quimbaya Gold’s strategic focus on Colombia offers a compelling opportunity for gold exploration in a prolific, brownfield region supported by a favorable permitting environment. The upside potential is worthy of examination by any savvy investor.
Overview
Quimbaya Gold (CSE:QIM,OTCQB:QIMGF,FSE:K05) is a junior gold exploration company focused on its high-grade gold projects in Colombia. The company’s portfolio spans 59,057 hectares across three highly prospective regions in the Antioquia mining district. This region is responsible for approximately 50 percent of Colombia’s total gold production, equivalent to around 1 million ounces (Moz) annually.
Positioned right next to Aris Mining’s (TSX:ARIS) Segovia mine, Quimbaya leverages its proximity to established infrastructure and gold-rich geological formations. With Colombia being one of the most underexplored yet top mining jurisdictions in South America, Quimbaya’s projects are uniquely poised for significant discoveries.
Quimbaya’s projects benefit from Colombia’s favorable permitting environment, enabling faster transitions from discovery to production, compared to its global peers. Quimbaya’s strategy focuses on value creation through new discoveries and monetizing them via strategic transactions, including joint ventures and operational contracts.
Quimbaya has established a significant partnership with Independence Drilling, Colombia’s largest drilling company with over 40 years of experience. The agreement secures 100,000 meters of drilling over five years, with Independence. The first service order for the initial 4,000-meter drilling campaign has been completed.
The company’s management team brings extensive and deep expertise in exploration in Colombia, corporate finance and project development. Quimbaya trades on multiple exchanges: CSE (QIM), OTCQB (QIMGF), and FSE (K05).
Company Highlights
- Quimbaya Gold controls 59,057 hectares across three distinct projects in Antioquia, Colombia — renowned as the country's top mining department, accounting for over half of Colombia’s gold production.
- The flagship Tahami project is adjacent and on trend to Aris Mining’s Segovia mine, one of the highest-grade gold mines globally. Tahami benefits from its strategic proximity to Segovia and its potential for discovery of high-grade vein gold systems.
- Quimbaya has entered into a partnership with Independence Drilling, Colombia’s largest drilling company, which secures an extremely cost-effective 100,000 meters of drilling over five years. The first service order has concluded for an initial first 4,000-meter drilling campaign.
- Quimbaya utilizes software that allows for rapid and cost-effective acquisition of mining claims, giving the company a competitive edge in securing high-value assets.
- Quimbaya has signed a letter of intent with Denarius Metals to form a 50/50 joint venture to formalize small-scale mining at Quimbaya’s Tahami Project.
- The technical team’s proven track record of major discoveries in Colombia positions Quimbaya as a standout explorer in the region.
- Fully funded into 2026 for multi-project advancement in Colombia after closing $4 million financing
Key Projects
Tahami Project (Flagship)
The Tahami project is located in Segovia, Antioquia, adjacent to Aris Mining’s Segovia mine, one of the highest-grade gold mines in the world. Spanning 17,087 hectares, Tahami’s geology features mesothermal veins with multiple mineralization events underlain by Precambrian metamorphic rocks consolidated within the San Lucas Gneiss unit.
Quimbaya’s exploration plan for Tahami involves leveraging advanced geochemical and geophysical surveys to generate drill targets. These efforts will be complemented by modern 3D geological modelling and an initial drilling campaign to test high-grade zones. The integration of historical data and cutting-edge technology positions Tahami as a prime asset for discovery.
Maitamac Project
Located in Abejorral, Antioquia, 80 kilometers south of Medellín, the Maitamac project spans 33,223 hectares and offers excellent road access. This emerging gold metallogenic district features mesothermal veins and potential porphyry gold-copper systems.
Initial surface rock samples have reported gold grades of up to 3.2 g/t, with stream sediments revealing over 1 g/t gold. Identified as a promising district by the Colombian Geological Services, Maitamac is positioned alongside the past producing ABE project and structural corridor which has produced mined shoots averaging 26 g/t gold.
Berrio
Berrio is strategically positioned in the Low Magdalena Region of Antioquia, Colombia, spanning 8,746 hectares within a prolific mining district with over 50 years of continuous medium-scale gold production. The region’s well-established infrastructure and active mining ecosystem significantly reduce development risk.
Berrio hosts mesothermal gold systems with gold-bearing quartz veins, breccias, and stockwork structures – typical of high-grade deposits.
Management Team
Alexandre P. Boivin - CEO and Director
Alexandre Boivin is an entrepreneur with more than 10 years of experience in corporate finance and Colombian mining. Through his extensive experience in the mining industry, corporate finance, capital markets and business development, Boivin has been instrumental in managing and funding early-stage companies through a network of partners and investors immersed in the capital markets. Under his leadership, Quimbaya Gold has secured significant investments to advance its exploration projects. His commitment to the company's growth is further demonstrated by his substantial shareholding in Quimbaya Gold.
Olivier Berthiaume - CFO and Director
Olivier Berthiaume is an accountant with over 12 years of experience working with early-stage companies in the Canadian markets. He holds a Bachelor of Business Administration from HEC Montreal and specializes in private-to-public market transactions, compliance, corporate governance, and corporate growth strategies. Berthiaume has held various director and officer positions in junior mining companies.
Ricardo Sierra – Vice-president of Exploration
Ricardo Sierra is a professional economic geologist with over 18 years of exploration experience across Colombia, Chile, Cuba, and Brazil, focused on orogenic, mesothermal, porphyry, epithermal, and stratabound deposits. He began his career with Anglo American, leading greenfield and brownfield exploration, including diamond drilling in Colombia.
Sierra refined his expertise in vein systems as exploration superintendent at Continental Gold (now Zijin Mining Group), working on the Buriticá deposit and regional programs across Chocó, Nariño, Cauca, and Antioquia. He holds a geology degree from Universidad de Caldas (2007), is a Qualified Person under NI 43-101, a Competent Person with Colombia’s CCRR, and a member of the Australian Institute of Mining and Metallurgy (MAusIMM).
Sebastian Wahl - Director
Sebastian Wahl brings over 15 years of experience in the mining industry, with a strong focus on precious metals trading, capital markets, and corporate development. Wahl has played a pivotal role in shaping Quimbaya Gold’s strategic direction and elevating its external positioning during a critical growth phase.
Dr. Stewart Redwood - Senior Technical Advisor
Stewart Redwood is a distinguished geological consultant with more than 40 years of experience in mineral exploration and economic geology, specializing in epithermal, porphyry and skarn deposits, particularly in Latin America and the Caribbean. His notable achievements include significant discoveries, including the San Cristobal silver-zinc deposit in Bolivia, the Romero gold-copper deposit in the Dominican Republic, and the Antamina copper-zinc project in Peru, recognized as the world's largest copper skarn deposit. Throughout his career, Redwood has held key positions in prominent mining and exploration companies, including as chief geologist Latin America for AngloGold Ashanti, founder president and CEO of GoldQuest Mining, and VP exploration of Colombia Goldfields (which merged with Gran Colombia Gold). He has been instrumental in the success of Gran Colombia Gold’s Marmato project (now owned by Aris Mining), currently an 8.8 Moz deposit in the construction stage.
Nicolas Lopez Villegas - Technical Advisor
A Colombian native, with over 28 years of experience focused in the mining district of Antioquia, currently the CEO of MINING BRAIN SAS, Nicolas Lopez, leads this consulting company advising on the implementation, development of sustainable mining projects all over Colombia. Prior to the establishment of his consultancy practice, Lopez spent 12 years as Colombia & Nicaragua's country manager for IAMGOLD, having devoted the previous 10 years with MINEROS SA as head of exploration & geology. Villegas played a pivotal role in major discoveries, including the first porphyry copper-gold deposit in the Colombian middle Cauca belt, known as Titiribi. a significantly rich gold-copper geological region. As a seasoned executive in gold exploration, Villegas holds a geology degree from Universidad de Caldas (Colombia), a Governance in Oil & Mining degree from Oxford University (UK) and he is a Qualified Person (QP).
Terence Ortslan - Advisor
Terence Ortslan is a seasoned resource executive with over 40 years of experience, having served in advisory capacities across the mining, metals, and fertilizer sectors. He provides guidance on investment and technical aspects of the industry, as well as strategic and policy advice tailored to mining companies. Additionally, Ortslan advises financial institutions on investment decisions, offers direction to international industry organizations, and consults with governments on fiscal and industrial regulations. He also supports universities in enhancing their educational standards and assists corporations with decision-making, boardroom leadership, shareholder value enhancement, and strengthening ES parameters. Ortslan holds a Bachelor of Engineering & Applied Geophysics and an MBA from McGill University.
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Encouraging Drilling Results at BD & BST
28 July
Gold Rush 2.0: Why California is Poised for a Mining Renaissance
With modern technology, a rising gold price and renewed government support for domestic mineral production, mining companies and investors are taking a second look at historic districts and brownfield projects once considered uneconomic — and California’s long-overlooked gold deposits are squarely back in focus.
The California Gold Rush of 1848 wasn’t just a pivotal moment in American history — it was one of the most profitable mineral booms ever recorded. Sparked by a discovery at Sutter’s Mill, the gold rush drew over 300,000 people and produced more than 25 million ounces of gold, much of it from the now-famous Mother Lode Belt.
At the peak of the gold rush, California was producing nearly 1 million ounces per year, including an estimated 1.4 million ounces from the Mariposa District alone. However, the low price of gold at the time and limitations with mining methods during the 19th and early 20th century, have left much of the gold-bearing rock unmined.
In 1942, the US government suspended domestic gold mining to redirect labor and resources toward the war effort, effectively ending large-scale mining in the state. Many operations never resumed, leaving significant in-ground mineral potential untapped.
Today, California remains an important resource-producing state. According to the California Department of Conservation, the state hosts 700 active mines, including 14 gold mines.
California is also a key domestic energy hub — as of early 2025, 123,000 barrels of oil and 159 million cubic feet of natural gas are produced daily, according to California Resources Corporation.
Geopolitics and rising gold prices: A prime investment opportunity
The gold price climbed to around US$3,364 per ounce in July 2025, with analysts from firms like JPMorgan Chase (NYSE:JPM) projecting an increase to US$3,675 by year end.
The trend has sparked heightened interest in the gold mining sector as investors look to leverage this upward trajectory. This comes amid rising geopolitical tensions, volatile monetary policy and growing political uncertainty in major economies — conditions that have historically increased demand for gold as a safe-haven asset.
This surge is also aligning with favorable policy shifts. The Trump administration’s March 2025 executive order to expedite the extraction of critical minerals — including gold — is expected to streamline permitting timelines, particularly for projects in domestic US jurisdictions.
As a result, companies are increasingly turning to historically prolific but previously overlooked mining regions, such as parts of California, which had fallen out of favor due to cost, regulatory or price-related barriers. The combination of high prices, strategic urgency and permitting reform is making these areas viable again.
Federally designated Opportunity Zones are even more attractive to investors as they provide incentives like capital gains deferral and tax exemptions. For example, Mariposa County, a significant site during the gold rush era, is a designated Opportunity Zone and is home to Lode Gold Resources’ (TSXV:LOD,OTCQB:LODFF) Fremont project.
The convergence of multiple favorable factors — an elevated gold price, growing strategic urgency, evolving federal priorities around domestic mineral supply and investment incentives — has created a perfect storm for renewed interest in historically rich districts like Mariposa.
Leaders advancing California’s mining sector
California’s mining landscape is anchored by a trio of strong operators delivering tangible results:
- Equinox Gold (TSX:EQX,NYSEAMERICAN:EQX), led by its chairman and Canadian Mining Hall of Fame inductee Ross Beaty, acquired the Castle Mountain mine in December 2017 for about $200 million. The company successfully advanced the project from acquisition to Phase 1 production in just three years, achieving first gold pour in 2020. This was made possible in part through the permitting expertise of Martin Stratte, a specialist in California mining projects, who now serves as permitting advisor on other in-state developments, such as Lode Gold’s Fremont mine. Since 2020, Castle Mountain’s Phase 1 heap-leach operations have produced roughly 30,000 to 45,0000 ounces per year, and its Phase 2 expansion — supported by a 2021 feasibility — targets ~218,000 ounces annually over 14 years.
- Andean Precious Metals (TSXV:APM,OTCQX:ANPMF), formerly Golden Queen, has reactivated the Soledad Mountain mine, which has produced over 340,000 ounces of gold since the mid‑2016. Following its 2023 acquisition, the mine generated approximately 18,400 ounces of gold in Q4 2023. In 2024, Soledad Mountain contributed around 54,275 gold equivalent ounces across Andean’s operations.
- Blue Moon Metals (TSXV:MOON,OTCQX:BMOOF) is advancing the Blue Moon polymetallic volcanogenic massive sulfide critical metals project in Mariposa County. In mid‑2025, the company received Bureau of Land Management approval to develop a portal and underground decline for exploration — a milestone aligned with the March 2025 federal executive order to increase domestic mineral production. With permitting achieved, site prep is underway for a two year drilling program slated to commence in Q3 2025.
These are just a few examples of active projects in California, each underscoring the state’s untapped potential when aligned with the right operators, policy conditions and permitting strategies.
As geopolitical pressures and supply chain risks intensify, more mining companies and investors are turning their focus to US-based assets, with California re-emerging as a region of interest.
Investment case: Lode Gold reactivating the historic Fremont gold mine
Lode Gold Resources offers a compelling investment opportunity in California’s Mother Lode Belt, a 190 kilometer mineral-rich corridor through the Sierra Nevada foothills from Mariposa to Georgetown holding significant untapped gold potential from historic mines. Despite having produced an estimated 50 million ounces of gold from high-grade quartz veins and orogenic systems in the 20th century, some of these mines were rarely explored beyond 250 meters in depth and remain primed for reactivation.
The Fremont project, located on over 3,000 acres of privately owned land in Mariposa County, is an advanced-stage exploration and early stage development asset with a storied history. The mine was producing gold at 10.7 grams per ton until operations ceased in 1942 due to wartime restrictions when price of gold was US$35 per ounce. The project’s infrastructure — 23 kilometers of underground workings, 14 adits and 43,000 meters of drilling with preserved core samples — supports efficient resource validation and conversion to NI 43-101 compliance.
The project has a 2023 preliminary economic assessment estimating a net present value of nearly $554 million (after tax) at a conservative gold price of US$2,300 per ounce, based on 1 million ounces (indicated) and 2 million ounces (inferred). Payback is 2.5 years with an internal rate of return of 42 percent and a 12 year mine life.
A new 2025 mineral resource estimate (MRE), filed on April 25, 2025, refines the project’s potential by assessing cut-off grades, mined grades and the feasibility of both bulk mining and selective vein extraction.
Using a 1 g/t cut-off grade, the average true width is 53 meters, while a 3 g/t cut off yields 16.8 meters, presenting significant gram-meter values that offer a compelling case for further evaluation of the potential for high-tonnage extraction, particularly through bulk underground mining.
The 2025 MRE also pointed out that 92 percent of the resource has been left unmined.
Lode Gold’s tightly held share structure, with four major shareholders owning half the company, creates strong alignment for advancing the Fremont mine. Key upcoming milestones include completing a prefeasibility study (PFS) within 18 months and a full feasibility study (FS) within 30 months. In the near term, the company will begin channel sampling to upgrade resources and initiate a PFS.
Investor takeaway
California’s gold mining legacy is re-emerging under modern conditions — driven by a high gold price and positive shifts in US mining policies. Lode Gold’s Fremont mine is uniquely positioned to benefit from these changes.
Fremont is brownfield, with a suspended mining license that can be reactivated. It is located in a federally designated Opportunity Zone that provides significant tax incentives.
With four shareholders owing about half the company and a newly completed 10:1 share consolidation, it has a tight share structure. Lode Gold is currently seeking a fifth strategic partner to advance its project quickly, with a plan to complete PFS in 18 months and FS in 30 months, as well as targeting a small-scale pilot plant and its first gold pour in early 2028. With these key milestones, Lode Gold is poised for growth and revaluation.
This INNSpired article is sponsored by Lode Gold Resources (TSXV:LOD,OTCQB:LODFF). This INNSpired article provides information which was sourced by the Investing News Network (INN) and approved by Lode Gold in order to help investors learn more about the company. Lode Gold is a client of INN. The company’s campaign fees pay for INN to create and update this INNSpired article.
This INNSpired article was written according to INN editorial standards to educate investors.
INN does not provide investment advice and the information on this profile should not be considered a recommendation to buy or sell any security. INN does not endorse or recommend the business, products, services or securities of any company profiled.
The information contained here is for information purposes only and is not to be construed as an offer or solicitation for the sale or purchase of securities. Readers should conduct their own research for all information publicly available concerning the company. Prior to making any investment decision, it is recommended that readers consult directly with Lode Gold and seek advice from a qualified investment advisor.
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28 July
Torex to Acquire Prime Mining in US$449 Million Deal, Expands Mexican Gold-Silver Portfolio
Torex Gold (TSX:TXG,OTCQX:TORXF) is acquiring Prime Mining (TSX:PRYM,OTCQX:PRYM) in an all-share deal worth US$449 million, gaining full control of the Los Reyes gold-silver project in Mexico as it builds out an Americas-focused mining portfolio.
Under the terms of the deal, Torex will gain 100 percent ownership of Prime’s Los Reyes project in Sinaloa, an advanced-stage gold-silver asset with indicated resources of 1.5 million ounces of gold and 54 million ounces of silver, and inferred resources of 538,000 ounces of gold and 21.6 million ounces of silver.
“This acquisition supports our strategy to systematically build a diversified, Americas-focused precious metals producer,” Torex CEO Jody Kuzenko said in a recent press release.
“Los Reyes has multiple high-potential mineralized zones which remain open along strike and at depth, and we are confident that the project has strong untapped upside with numerous avenues for growth,” Kuzenko added.
Upon completion, Prime shareholders will own approximately 10.7 percent of Torex. About 10.5 million Torex shares will be issued to complete the deal.
Torex already operates the Morelos Complex in Guerrero, Mexico, home to its El Limón Guajes and newly commissioned Media Luna mines. The company produced more than 450,000 ounces of gold in 2024, making it Mexico’s largest gold producer that year.
It also recently announced the all-cash acquisition of Reyna Silver (TSXV:RSLV,OTC:RSNVF) a transaction scheduled for shareholder approval in August.
Torex plans to apply its in-country project development team and free cash flow from Media Luna to fund the Los Reyes buildout without requiring additional external financing.
“In addition to gaining exposure to Torex’s free-cash flowing Morelos Complex, Prime Mining shareholders can continue to realize significant value creation as Los Reyes is developed with the benefit of Torex’s operational and development experience in Mexico,” said Prime CEO Scott Hicks.
Torex will add 1.5 million ounces of gold in the indicated category and 538,000 ounces in inferred resources through the acquisition, increasing its total measured and indicated resources by 32 percent to 6.2 million ounces and inferred resources by 44 percent to 1.8 million ounces.
It also adds substantial silver exposure through Los Reyes’ combined 75.6 million ounces of indicated and inferred silver resources.
The Los Reyes land package also includes three key mineralized zones, namely Z-T, Guadalupe East, and Central, along with other several underexplored targets.
Torex expects to leverage its permitting and construction track record to advance Los Reyes efficiently. The company completed the US$800 million El Limón Guajes mine in 2015 and brought the US$1 billion project Media Luna into commercial production in May of this year.
The transaction remains subject to regulatory approvals and the approval of Prime shareholders. It is expected to close in the fourth quarter of 2025.
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.
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