
Results such as 12.7g/t AuEq over 3.3m confirm multiple parallel zones and show
Golden Eye is emerging as a significant new plank of the production hub strategy
HIGHLIGHTS:
The Cloncurry Gold project is a portfolio of an existing permitted processing plant, mining and exploration licences that are being acquired by Orion Resources. AuKing has the right to acquire a 50 percent interest in these near-term gold production interests by incurring AU$5 million in expenditure before 30 June 2027.
AuKing Mining (ASX:AKN) is an exploration and development company with a portfolio of assets focused primarily on gold, but also uranium, copper, and critical minerals, across Australia, Tanzania, and Canada. The company aims to become a mid-tier producer through the acquisition and development of near-term production assets.
In February 2025, AuKing Mining entered into a strategic agreement with Gage Resources, an Australian subsidiary of Beijing-based Gage Capital Management. The agreement includes a $300,000 investment by Gage, resulting in a 10 percent stake in AuKing, and the sale of two non-core prospecting licenses in Tanzania to Gage for an additional $300,000. This partnership is expected to enhance AuKing's financial position and support its ongoing exploration and development activities.
In November 2024, AuKing Mining entered into an earn-in agreement with Orion Resources for the Cloncurry gold project in northern Queensland. This agreement allows AuKing to increase its stake in the project to 50 percent by investing AU$5 million in project funding by June 2027.
Orion’s Cloncurry Project interests, including the Mt Freda/Golden Mill mining leases. [Note the nearby Wynberg and Wallace/Wallace South gold projects are not assets being acquired by Orion]
A key component of this project is the Tick Hill Gold Joint Venture, involving AuKing, Orion Resources, and Tick Hill Mining, the current owner of the Tick Hill gold mine. The JV aims to establish a processing operation at Tick Hill, focusing initially on reprocessing the existing tailings stockpiles. A pre-feasibility study completed in 2020 outlined a processing capacity of 474,200 tonnes at 2 g/t gold over 13 months, yielding approximately 27,300 ounces of gold at an all-in sustaining cost (AISC) of AU$1,493 per ounce.
In March 2025, the JV partners signed a memorandum of understanding (MoU) to assess the viability of processing Tick Hill's tailings and other ore materials at the Lorena processing plant, located 15 km east of Cloncurry. This initiative aims to expedite the re-commencement of gold production in the region.
The JV also plans to evaluate the feasibility of reopening the historical open pit mine at Tick Hill, with the goal of extending the project's life and enhancing gold production. An independent preliminary economic assessment has concluded that the proposed tailings retreatment plan is both technically and financially viable, recommending progression to a final feasibility study.
Through these strategic initiatives, AuKing Mining is actively advancing the Cloncurry gold project, aiming to unlock significant value and establish a sustainable gold production operation in the Cloncurry region.
The Mt Freda Complex, covering an area of no more than 6 sq kms, looking from north-west to the south-east, 30kms south of the Lorena plant.
The Mt Freda Mining Complex is a key element in the proposed restart of mining operations at the Cloncurry Gold Project in northern Queensland. A comprehensive drilling program, consisting of an estimated 10,000 meters of combined diamond and reverse circulation (RC) drilling, is planned at Mt Freda to support the project’s development.
Koongie Park project (also known as Halls Creek project) lies within the highly mineralized Halls Creek Mobile Belt. The area also hosts the Savannah (Sally Malay) and Copernicus nickel projects, the former Argyle diamond mine and the Nicolsons gold mining operation of Pantoro Limited. Koongie Park is located about 25 kms southwest of the regional centre of Halls Creek on the Great Northern Highway in northeastern Western Australia.
In February 2025, AuKing entered into a earn-in agreement with Cobalt Blue (ASX:COB) whereby COB can earn up to 75 percent interest in the Koongie Park project.
The project contains three deposits of note: Onedin and Sandiego copper-zinc-gold deposits, and the Emull copper deposit.
Onedin and Sandiego are both in advanced exploration stages with a total mineral resource estimate of 4.8 Mt and 4.1 Mt, respectively, containing copper, zinc, gold, silver and lead. The Sandiego prospect boasts a scoping study (released in June 2023) that highlights an 11-year life of mine with a processing capacity of 750 ktpa and pre-production capex of $135 million for a 2.5 year payback. Economics highlight a pre-tax NPV of $177 million and 40 percent IRR.
The Emull base metal deposit has received significant drilling by previous owner Northern Star Resources several years ago and subsequently by AuKing in 2022. The deposit has a maiden resource estimate of 12.2 Mt, containing copper, zinc, lead and silver, with significant upside potential as more drilling is performed.
Mkuju is situated immediately to the southeast of the world class Nyota uranium project that was the primary focus of exploration and development feasibility studies by then ASX-listed Mantra Resources (ASX:MRU). Not long after completion of feasibility studies for Nyota in early 2011, MRU announced a AU$1.16 billion takeover offer from the Russian group ARMZ. The takeover was finalised in mid-2011.
During the latter part of 2023, AuKing Mining completed a Stage 1 exploration program at Mkuju which comprised a combination of rock chip, soil geochemistry sampling, shallow auger drilling and initial diamond drilling. Some very encouraging results were obtained from this program which have formed the basis for a 11,000 m drilling program.
Peter Tighe started his career in the family-owned JH Leavy & Co business, which is one of the longest established fruit and vegetable wholesaling businesses in the Brisbane Markets at Rocklea. As the owner and managing director of JH Leavy & Co, Tighe expanded the company along with highly respected farms and packhouses that have been pleased to supply the company with top quality fruit and vegetables for wholesale/export for over 40 years. Tighe has been a director of Brisbane Markets Limited (BML) since 1999 and is currently the deputy chairman. BML is the owner of the Brisbane Markets site and is responsible for the ongoing management and development of its $400 million asset portfolio. As the proprietor of the site, BML has over 250 leases in place including selling floors, industrial warehousing, retail stores and commercial offices. BML acknowledges its role as an economic hub of Queensland, facilitating the trade of $1.5 billion worth of fresh produce annually, and supporting local and regional businesses of the horticulture industry.
Paul Williams holds both Bachelor of Arts and Law Degrees from the University of Queensland and practised as a corporate and commercial lawyer with Brisbane legal firm HopgoodGanim Lawyers for 17 years. He ultimately became an equity partner of HopgoodGanim Lawyers before joining Eastern Corporation as their chief executive officer in August 2004. In mid-2006, Williams joined Mitsui Coal Holdings as general counsel, participating in the supervision of the coal mining interests and business development activities within the multinational Mitsui & Co group. Williams is well-known in the Brisbane investment community as well as in Sydney and Melbourne and brings to the AKN board a broad range of commercial and legal expertise – especially in the context of mining and exploration activities. He also has a strong focus on corporate governance and the importance of clear and open communication of corporate activity to the investment markets.
Mark Fisher is a highly accomplished resources executive with over 35 years of experience. His skills and experience include strategic business planning, feasibility, project management, organization design, mine engineering and mine management. Mark’s combination of skills and depth of experience has consistently produced profitable and sustainable outcomes in complex settings delivering increased shareholder value.
Mark’s extensive global leadership and operational experience includes senior positions with Placer Dome Inc and Barrick Gold Corporation over a period of decades. In his last corporate role, Mark was President of the Global Copper division for Barrick Gold Corporation, executing the development strategy for its portfolio of key copper assets in South America, Africa, Middle East and Asia.
Kylie Prendergast is an experienced geologist and technical leader with more than 25 years’ experience within the international and resource sector. She currently holds the position of non-Executive Director at Helix Resources Limited (ASX: HLX) and has worked across a range of different operating jurisdictions, including significant in-country assignments and expatriate roles. This has included substantial business development, project technical and economic evaluation, and commercial management including direct interaction with a range of stakeholders in global resource capital markets.
Previously the Managing Director at leading industry consultant Mining Associates, Dr Prendergast has held senior leadership roles with Felix Gold Limited (Managing Director), Mawarid Mining (Oman – GM Exploration and Business development), Batu Mining (Mongolia – Senior Geologist) and Gold Fields St Ives (Project Generation Geochemist). Prior to that she worked in technical geology positions with BHP Billiton, Ivanhoe Mines (Mongolia) and North Limited.
Nick Harding is a Certified Practicing Accountant (FCPA) with extensive executive and senior management experience across the resources and agribusiness sectors in the areas of finance, commercial, corporate governance and company administration. He possesses significant experience in equity raisings, debt funding, management and statutory reporting, corporate governance, financial modelling and the preparation of feasibility studies.
Nick has held the roles of Executive Director, Chief Financial Officer, and Company Secretary through his professional services company for a number of ASX listed junior exploration companies over the past 16 years, taking some of these through to the evaluation phase and into development and production.
Prior to this, over a 20-year period, Nick has held senior finance management positions within WMC Resources, Normandy Mining/Newmont Australia and Beach Energy across various commodities including gold, copper, nickel, uranium, industrial minerals and oil and gas.
Chris Bittar was previously senior project geologist at Pantoro Limited’s Norseman Project in Western Australia, where he supervised the planning and execution of near-mine exploration and resource development programs as part of the Definitive Feasibility Study program at Norseman. Prior to his Pantoro role, Bittar held senior geologist roles with Millennium Minerals (Nullagine Gold project) and Pilbara Minerals (Pilgangoora Lithium project), and exploration geologist roles with Sumitomo Metal Mining Oceania and Northern Minerals (Browns Range rare earths project in WA). In these roles, Bittar gained extensive experience in taking projects from greenfield exploration to resource development and up to mine-ready feasibility study stage. This experience included supervision of multiple drilling campaigns, geological interpretation, data management and project reporting. Bittar has also maintained a strong commitment to company safety policies and procedures.
Paul Marshall is a chartered accountant with a Bachelor of Law degree, and a post Graduate Diploma in Accounting and Finance. He has 30 years of professional experience having worked for Ernst and Young for 10 years, and subsequently twenty years spent in commercial roles as company secretary and CFO for a number of listed and unlisted companies mainly in the resources sector. Marshall has extensive experience in all aspects of company financial reporting, corporate regulatory and governance areas, business acquisition and disposal due diligence, capital raising and company listings and company secretarial responsibilities.
Advancing the Cloncurry Gold Project in North Queensland, while holding interests in copper, uranium and critical metals assets in other regions.
Results such as 12.7g/t AuEq over 3.3m confirm multiple parallel zones and show
Golden Eye is emerging as a significant new plank of the production hub strategy
HIGHLIGHTS:
Cygnus Executive Chairman David Southam said : "These latest high-grade results set us up to commence the initial Resource at Golden Eye. With its location just 3km from the processing plant, Golden Eye stands to add significant value to the economics of the project. Chibougamau is a pure copper-gold project with silver credits and is perfectly placed to drive value in this market. We are excited to be working on resource upgrades and additional study work which will demonstrate the quality of the asset we have in a mining- friendly jurisdiction with key infrastructure already in place." |
Cygnus Metals Limited (ASX: CY5; TSXV: CYG; OTCQB: CYGGF) ("Cygnus" or the "Company") is pleased to announce further high-grade assays from the Golden Eye prospect within the Chibougamau Copper-Gold Project in Quebec.
Recent results from two diamond holes have revealed the presence of multiple parallel mineralised zones with gold-copper-silver mineralisation. The results from the latest assays include:
These results are in addition to previously released results 2,3 from Golden Eye:
With the drilling at Golden Eye completed and the majority of assays returned (assays are pending for one hole), the focus has shifted towards establishing an initial resource for Golden Eye. This will include the six holes for 1,954m completed this year as well as the compiled historic data which includes 77 holes for 21,371m. Significant historic drill intercepts 2 dating back to the 1990s returned:
Defining a new resource at Golden Eye, with its existing double ramp access as well as being located within 3km of the 100%-owned 900,000tpa central processing facility, is a significant head start down the development pathway of the project. With this infrastructure already in place alongside the near surface high-grade mineralisation with significant gold as well as copper and silver, there is significant scope to enhance future mining studies. Importantly, Golden Eye remains open at depth and has only been drilled to 400m below surface with deepest drilling from the current campaign returning 2.9m @ 10.2g/t AuEq from 463.8m in LDR-25-08. Exploration drilling is being planned at depth to extend mineralisation and further enhance the pending resource.
Cygnus will continue to focus on resource growth and build upon the current high-grade copper-gold resources through low-risk brownfield exploration across the camp. This work includes ongoing compilation of historic data, with Golden Eye an excellent example of the value generated through this work which is helping to unlock this historic district.
Figure 1: Composite Long Section of Golden Eye over 600m of strike with significant gold grade of up to 34.1g/t AuEq over 5.9m. Mineralisation is still open at depth with 2.9m @ 10.2g/t AuEq intersected in LDR-25-08. Refer to Appendix A of this release for newly released drill intercepts and TSXV/ASX releases dated 15 October 2024, 24/25 March 2025 and 7/8 May 2025 for previously announced drilling results.
Figure 2: Composite Long Section through the Chibougamau North Camp illustrating Golden Eye with intersections of up to 5.9m @ 34.1g/t AuEq. Refer to TSXV/ASX releases dated 15 October 2024, 24/25 March 2025 and 7/8 May 2025 for previously announced drilling results.
Ongoing Work
Cygnus is continuing to compile the data across the camp and deliver additional drill targets as the Company looks to execute its strategy of value creation through resource growth and conversion drilling. This low-cost, low-risk approach includes both surface and downhole electromagnetics ("EM") to generate brownfield targets around known high quality mineralisation.
This announcement has been authorised for release by the Board of Directors of Cygnus.
David Southam Executive Chair T: +61 8 6118 1627 E: info@cygnusmetals.com | Ernest Mast President & Managing Director T: +1 647 921 0501 E: info@cygnusmetals.com | Media: Paul Armstrong Read Corporate T: +61 8 9388 1474 |
About Cygnus Metals
Cygnus Metals Limited (ASX: CY5, TSXV: CYG, OTCQB: CYGGF) is a diversified critical minerals exploration and development company with projects in Quebec, Canada and Western Australia. The Company is dedicated to advancing its Chibougamau Copper-Gold Project in Quebec with an aggressive exploration program to drive resource growth and develop a hub-and-spoke operation model with its centralised processing facility. In addition, Cygnus has quality lithium assets with significant exploration upside in the world-class James Bay district in Quebec, and REE and base metal projects in Western Australia. The Cygnus team has a proven track record of turning exploration success into production enterprises and creating shareholder value.
Forward Looking Statements
This release may contain certain forward-looking statements and projections regarding estimates, resources and reserves; planned production and operating costs profiles; planned capital requirements; and planned strategies and corporate objectives. Such forward looking statements/projections are estimates for discussion purposes only and should not be relied upon. They are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors, many of which are beyond Cygnus' control. Cygnus makes no representations and provides no warranties concerning the accuracy of the projections and disclaims any obligation to update or revise any forward-looking statements/projections based on new information, future events or otherwise except to the extent required by applicable laws. While the information contained in this release has been prepared in good faith, neither Cygnus or any of its directors, officers, agents, employees or advisors give any representation or warranty, express or implied, as to the fairness, accuracy, completeness or correctness of the information, opinions and conclusions contained in this release. Accordingly, to the maximum extent permitted by law, none of Cygnus, its directors, employees or agents, advisers, nor any other person accepts any liability whether direct or indirect, express or limited, contractual, tortuous, statutory or otherwise, in respect of the accuracy or completeness of the information or for any of the opinions contained in this release or for any errors, omissions or misstatements or for any loss, howsoever arising, from the use of this release.
End Notes
Qualified Persons and Compliance Statements
The scientific and technical information in this announcement has been reviewed and approved by Mr Louis Beaupre, the Quebec Exploration Manager of Cygnus, a "qualified person" as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects. The Exploration Results disclosed in this announcement are also based on and fairly represent information and supporting documentation compiled by Mr Beaupre. Mr Beaupre holds options in Cygnus. Mr Beaupre is a member of the Ordre des ingenieurs du Quebec (P. Eng.), a Registered Overseas Professional Organisation as defined in the ASX Listing Rules, and has sufficient experience which is relevant to the style of mineralisation and type of deposits under consideration and to the activity which has been undertaken to qualify as a Competent Person as defined in the 2012 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". Mr Beaupre consents to the inclusion in this release of the matters based on the information in the form and context in which they appear.
The Company first announced the foreign estimate of mineralisation for the Chibougamau Project on 15 October 2024. The Company confirms that the supporting information included in the original announcement continues to apply and has not materially changed, notwithstanding the clarification announcement released by Cygnus on 28 January 2025 ("Clarification"). Cygnus confirms that (notwithstanding the Clarification) it is not aware of any new information or data that materially affects the information included in the original announcement and that all material assumptions and technical parameters underpinning the estimates in the original announcement continue to apply and have not materially changed. Cygnus confirms that it is not in possession of any new information or data that materially impacts on the reliability of the estimates or Cygnus' ability to verify the foreign estimates as mineral resources in accordance with the JORC Code. The Company confirms that the form and context in which the Competent Persons' findings are presented have not been materially modified from the original market announcement.
The information in this announcement that relates to previously reported Exploration Results at the Company's projects has been previously released by Cygnus in ASX Announcements as noted in the text and End Notes. Cygnus is not aware of any new information or data that materially affects the information in these announcements. The Company confirms that the form and context in which the Competent Persons' findings are presented have not been materially modified from the original market announcements.
Individual grades for the metals included in the metal equivalents calculation for the foreign estimate are in Appendix B of this release. Metal equivalents for the foreign estimate of mineralisation have been calculated at a copper price of US$8,750/t, gold price of US$2,350/oz, with copper equivalents calculated based on the formula CuEq (%) = Cu(%) + (Au (g/t) x 0.77258). Individual grades for the metals included in the metal equivalents calculation for the exploration results are in Appendix A of this release. Metal equivalents for exploration results have been calculated at a copper price of US$8,750/t, gold price of US$2,350/oz and silver price of US$25/oz. Copper equivalents are calculated based on the formula CuEq(%) = Cu(%) + (Au(g/t) x 0.77258)+(Ag(g/t) x 0.00822). Gold equivalents are calculated based on the formula AuEq(g/t) = Au(g/t) +(Cu(%) x 1.29436)+(Ag(g/t) x 0.01064). Metallurgical recovery factors have been applied to the metal equivalents calculations, with copper metallurgical recovery assumed at 95% and precious metal (gold and silver) metallurgical recovery assumed at 85% based upon historical production at the Chibougamau Processing Facility, and the metallurgical results contained in Cygnus' announcement dated 28 January 2025. It is the Company's view that all elements in the metal equivalents calculations in respect of the foreign estimate and exploration results have a reasonable potential to be recovered and sold.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
APPENDIX A – Significant Intersections from Recent Drilling at Golden Eye
Coordinates given in UTM NAD83 (Zone 18). Intercept lengths may not add up due to rounding to the appropriate reporting precision. Significant intersections reported above 2g/t AuEq over widths of greater than 1m. True width estimated to be 80% of downhole thickness.
Hole ID | X | Y | Z | Azi | Dip | Depth | From (m) | To (m) | Interval (m) | Au (g/t) | Cu (%) | Ag (g/t) | AuEq (g/t) | ||||||
LDR-25-06 | 549560 | 5525483 | 375 | 215 | -51 | 474 | 365.5 | 367.2 | 1.7 | 5.1 | 0.4 | 2.4 | 5.6 | ||||||
LDR-25-07 | 549453 | 5525313 | 375 | 215 | -55 | 261 | Pending Assays | ||||||||||||
LDR-25-09 | 549449 | 5525323 | 376 | 238 | -54 | 252 | 174.2 | 177.5 | 3.3 | 3.2 | 0.4 | 3.5 | 3.8 | ||||||
& | 209.6 | 212.9 | 3.3 | 8.4 | 3.1 | 30.2 | 12.7 | ||||||||||||
Including | 209.6 | 211.5 | 1.9 | 14.2 | 4.9 | 47.5 | 21.1 | ||||||||||||
& | 226.5 | 229.0 | 2.5 | 5.9 | 0.9 | 14.6 | 7.3 | ||||||||||||
LDR-25-10 | 549493 | 5525230 | 376 | 220 | -60 | 237 | 147.7 | 150.4 | 2.7 | 1.5 | 1.3 | 23.0 | 3.5 | ||||||
& | 157.8 | 162.0 | 4.3 | 7.5 | 1.6 | 23.9 | 9.8 | ||||||||||||
Including | 157.8 | 159.8 | 2.0 | 14.6 | 2.8 | 43.5 | 18.8 |
APPENDIX B – Chibougamau Copper-Gold Project – Foreign Mineral Resource Estimate Disclosures as at 30 March 2022
Deposit | Category | Tonnes (k) | Cu Grade (%) | Au Grade (g/t) | Cu Metal (kt) | Au Metal (koz) | CuEq Grade (%) |
Corner Bay (2022) | Indicated | 2,700 | 2.7 | 0.3 | 71 | 22 | 2.9 |
Inferred | 5,900 | 3.4 | 0.3 | 201 | 51 | 3.6 | |
Devlin (2022) | Measured | 120 | 2.7 | 0.3 | 3 | 1 | 2.9 |
Indicated | 660 | 2.1 | 0.2 | 14 | 4 | 2.3 | |
Measured & Indicated | 780 | 2.2 | 0.2 | 17 | 5 | 2.4 | |
Inferred | 480 | 1.8 | 0.2 | 9 | 3 | 2.0 | |
Joe Mann (2022) | Inferred | 610 | 0.2 | 6.8 | 1 | 133 | 5.5 |
Cedar Bay (2018) | Indicated | 130 | 1.6 | 9.4 | 2 | 39 | 8.9 |
Inferred | 230 | 2.1 | 8.3 | 5 | 61 | 8.5 | |
Total | Measured & Indicated | 3,600 | 2.5 | 0.6 | 90 | 66 | 3.0 |
Inferred | 7,200 | 3.0 | 1.1 | 216 | 248 | 3.8 |
APPENDIX C – 2012 JORC Table 1
Section 1 Sampling Techniques and Data
Criteria | JORC Code explanation | Commentary |
Sampling techniques | Nature and quality of sampling (eg cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling. |
|
Include reference to measures taken to ensure sample representativity and the appropriate calibration of any measurement tools or systems used. |
| |
Aspects of the determination of mineralisation that are Material to the Public Report. In cases where ‘industry standard' work has been done this would be relatively simple (eg ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay'). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (eg submarine nodules) may warrant disclosure of detailed information. |
| |
Drilling techniques | Drill type (eg core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc). |
|
Drill sample recovery | Method of recording and assessing core and chip sample recoveries and results assessed. Measures taken to maximise sample recovery and ensure representative nature of the samples. Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material. |
|
Logging | Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies. |
|
Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography. |
| |
The total length and percentage of the relevant intersections logged. |
| |
Sub-sampling techniques and sample preparation | If core, whether cut or sawn and whether quarter, half or all core taken. If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry. For all sample types, the nature, quality and appropriateness of the sample preparation technique. Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples. Measures taken to ensure that the sampling is representative of the in-situ material collected, including for instance results for field duplicate/second-half sampling. Whether sample sizes are appropriate to the grain size of the material being sampled. |
|
Quality of assay data and laboratory tests | The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total. |
|
For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc. |
| |
Nature of quality control procedures adopted (eg standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (i.e. lack of bias) and precision have been established. |
| |
Verification of sampling and assaying | The verification of significant intersections by either independent or alternative company personnel. |
|
The use of twinned holes. |
| |
Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols. |
| |
Discuss any adjustment to assay data. |
| |
Location of data points | Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation. |
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Specification of the grid system used. |
| |
Quality and adequacy of topographic control. |
| |
Data spacing and distribution | Data spacing for reporting of Exploration Results. |
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Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied. |
| |
Whether sample compositing has been applied. |
| |
Orientation of data in relation to geological structure | Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type. |
|
If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material. |
| |
Sample security | The measures taken to ensure sample security. |
|
Audits or reviews | The results of any audits or reviews of sampling techniques and data. |
|
Section 2 Reporting of Exploration Results
(Criteria listed in the preceding section also apply to this section.)
Criteria | JORC Code Explanation | Commentary |
Mineral tenement and land tenure status | Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings. |
|
The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area. |
| |
Exploration done by other parties | Acknowledgment and appraisal of exploration by other parties. |
|
Geology | Deposit type, geological setting and style of mineralisation. |
|
Drill hole Information | A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes:
|
|
Data aggregation methods | In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (eg cutting of high grades) and cut-off grades are usually Material and should be stated. |
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Where aggregate intercepts incorporate short lengths of high-grade results and longer lengths of low-grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail. |
| |
The assumptions used for any reporting of metal equivalent values should be clearly stated. |
| |
Relationship between mineralisation widths and intercept lengths | These relationships are particularly important in the reporting of Exploration Results. If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported. If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (eg ‘down hole length, true width not known'). |
|
Diagrams | Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported. These should include,but not be limited to a plan view of drill hole collar locations and appropriate sectional views. |
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Balanced reporting | Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results. |
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Other substantive exploration data | Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances. |
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Further work | The nature and scale of planned further work (eg tests for lateral extensions or depth extensions or large-scale step-out drilling). Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive. |
|
Figure 3: Plan view of recent drilling relative to historic drilling and the 1992 ramp access
Figures accompanying this announcement are available at
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Talon Metals Corp. (TSX: TLO) (OTC Pink: TLOFF) (" Talon " or the " Company ") is pleased to announce that as a result of strong investor demand, the Company has amended its agreement with Canaccord Genuity Corp. (" Canaccord Genuity ") on behalf of a syndicate of underwriters (the " Underwriters ") to increase the size of its previously announced "bought deal" private placement of units of the Company (the " LIFE Units ") to raise gross proceeds of $25,300,000 (the " LIFE Offering "), consisting of 115,000,000 LIFE Units at a price of $0.22 per LIFE Unit (the " Offering Price ").
Concurrent with the LIFE Offering, the Company plans to complete a non-brokered private placement of up to 62,227,274 units of the Company (the " Non-LIFE Units " and, together with the LIFE Units, the " Units ") at the Offering Price per Non-LIFE Unit for aggregate gross proceeds of up to approximately $13,690,000 (the " Non-LIFE Offering " and, together with the LIFE Offering, the " Offerings "). The Non-LIFE Units will be issued on the same terms as the LIFE Units. The Non-LIFE Units may be offered to purchasers resident in Canada pursuant to applicable prospectus exemptions, other than the Listed Issuer Financing Exemption (as defined below), in accordance with applicable laws, and may also be offered in other qualifying jurisdictions outside of Canada on a private placement basis pursuant to relevant prospectus or registration exemptions in accordance with applicable laws. Any securities issued under the Non-LIFE Offering to purchasers resident in Canada will be subject to a hold period in accordance with applicable Canadian securities laws, expiring four months and one day following the issue date of the Non-LIFE Units. The Non-LIFE Offering will be completed with certain directors, officers and affiliates of Pallinghurst Nickel International Ltd.
Each Unit will be comprised of one common share of the Company (a " Common Share ") and one-half of one Common Share purchase warrant of the Company (each whole Common Share purchase warrant, a " Warrant "). Each Warrant will entitle the holder thereof to acquire one Common Share (a " Warrant Share ") at a price of $0.28 per Warrant Share for a period of 36 months from the closing of the LIFE Offering or Non-LIFE Offering, as applicable. In the event that the closing price of the Common Shares on the Toronto Stock Exchange (the " TSX ") (or such other Canadian stock exchange on which the Common Shares are then listed) for twenty (20) consecutive trading days exceeds $0.56 , the Company may, within 10 business days of the occurrence of such event, deliver a notice (including by way of a news release) to the holders of Warrants accelerating the expiry date of the Warrants to the date that is 30 days following the date of such notice.
The LIFE Units will be offered pursuant to Part 5A of National Instrument 45-106 – Prospectus Exemptions , as amended by Coordinated Blanket Order 45-935 – Exemptions from Certain Conditions of the Listed Issuer Financing Exemption (the " Listed Issuer Financing Exemption "), to purchasers resident in Canada (other than the province of Québec), and in other qualifying jurisdictions outside of Canada that are mutually agreed to by the Company and the Underwriters on a private placement basis pursuant to relevant prospectus or registration exemptions in accordance with applicable laws. The securities issued under the LIFE Offering to Canadian subscribers will not be subject to a hold period in Canada .
There is an amended and restated offering document related to the LIFE Offering (the " Offering Document ") that can be accessed under the Company's profile on SEDAR+ at www.sedarplus.ca and on the Company's website at www.talonmetals.com . Prospective investors should read the Offering Document before making an investment decision.
The Company intends to use the net proceeds from the Offerings to advance the Tamarack Nickel Project and for general and administrative expenses and working capital purposes, as further described in the Offering Document.
The Offerings are expected to close on or about June 19, 2025 , or such other date as the Company and Canaccord Genuity may agree (the " Closing Date "). The Non-LIFE Offering may close on a date subsequent to or prior to the closing date of the LIFE Offering at the discretion of the Company. The Offerings are subject to the Company receiving all necessary regulatory approvals, including the approvals of the TSX. The closing of the LIFE Offering is not conditional upon closing of the Non-LIFE Offering, and the closing of the Non-LIFE Offering is not conditional upon closing of the LIFE Offering.
The Units (and the underlying securities) to be offered pursuant to the Offerings have not been, and will not be, registered under the U.S. Securities Act of 1933 , as amended (the " U.S. Securities Act ") or any U.S. state securities laws, and may not be offered or sold in the United States or to, or for the account or benefit of, United States persons absent registration or any applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
About Talon
Talon is a TSX-listed base metals company in a joint venture with Rio Tinto on the high-grade Tamarack Nickel-Copper-Cobalt Project located in central Minnesota . Talon's shares are also traded in the US over the OTC market under the symbol TLOFF. The Tamarack Nickel Project comprises a large land position (18km of strike length) with additional high-grade intercepts outside the current resource area. Talon has an earn-in right to acquire up to 60% of the Tamarack Nickel Project and currently owns 51%. Talon is focused on (i) expanding and infilling its current high-grade nickel mineralization resource prepared in accordance with NI 43-101 to shape a mine plan for submission to Minnesota regulators, and (ii) following up on additional high-grade nickel mineralization in the Tamarack Intrusive Complex. Talon has a neutrality and workforce development agreement in place with the United Steelworkers union. Talon's Beulah Mineral Processing Facility in Mercer County was selected by the US Department of Energy for US$114.8 million funding grant from the Bipartisan Infrastructure Law and the US Department of Defense awarded Talon a grant of US$20.6 million to support and accelerate Talon's exploration efforts in both Minnesota and Michigan . Talon has well-qualified experienced exploration, mine development, external affairs and mine permitting teams.
Forward-Looking Statements
This news release contains certain "forward-looking statements". All statements, other than statements of historical fact that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future are forward-looking statements. These forward-looking statements reflect the current expectations and beliefs of the Company based on information currently available to the Company. Such forward-looking statements include statements relating to the Offerings, including the completion and anticipated timing for completion of the Offerings, the potential size of the Offerings, the Company's intended use of the net proceeds of the Offerings, the receipt of all necessary regulatory approvals, including the approvals of the TSX, and the Company's exploration and development plans. Forward-looking statements are subject to significant risks and uncertainties and other factors that could cause the actual results to differ materially from those discussed in the forward-looking statements, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on the Company.
Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Although the Company believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.
SOURCE Talon Metals Corp.
View original content: http://www.newswire.ca/en/releases/archive/June2025/09/c4017.html
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Talon Metals Corp. (TSX: TLO) (OTC Pink: TLOFF) (" Talon " or the " Company ") is pleased to announce that it has entered into an agreement with Canaccord Genuity Corp. (" Canaccord Genuity ") to act as lead underwriter and sole-bookrunner, on behalf of a syndicate of underwriters to be formed (together with Canaccord Genuity, the " Underwriters "), in connection with a "bought deal" private placement offering of 45,460,000 units of the Company (the " LIFE Units ") at a price of $0.22 per LIFE Unit (the " Offering Price ") for aggregate gross proceeds of $10,001,200 (the " LIFE Offering "). The Company has also granted the Underwriters an option, exercisable in whole or in part up to 48 hours prior to the closing of the LIFE Offering, to purchase up to an additional 6,819,000 LIFE Units at the Offering Price for additional gross proceeds of up to $1,500,180 .
Concurrent with the LIFE Offering, the Company plans to complete a non-brokered private placement of up to 62,227,274 units of the Company (the " Non-LIFE Units " and, together with the LIFE Units, the " Units ") at the Offering Price per Non-LIFE Unit for aggregate gross proceeds of up to approximately $13,690,000 (the " Non-LIFE Offering " and, together with the LIFE Offering, the " Offerings "). The Non-LIFE Units will be issued on the same terms as the LIFE Units. The Non-LIFE Units may be offered to purchasers resident in Canada pursuant to applicable prospectus exemptions, other than the Listed Issuer Financing Exemption (as defined below), in accordance with applicable laws, and may also be offered in other qualifying jurisdictions outside of Canada on a private placement basis pursuant to relevant prospectus or registration exemptions in accordance with applicable laws. Any securities issued under the Non-LIFE Offering to purchasers resident in Canada will be subject to a hold period in accordance with applicable Canadian securities laws, expiring four months and one day following the issue date of the Non-LIFE Units. The Non-LIFE Offering will be completed with certain directors, officers and affiliates of Pallinghurst Nickel International Ltd.
Each Unit will be comprised of one common share of the Company (a " Common Share ") and one-half of one Common Share purchase warrant of the Company (each whole Common Share purchase warrant, a " Warrant "). Each Warrant will entitle the holder thereof to acquire one Common Share (a " Warrant Share ") at a price of $0.28 per Warrant Share for a period of 36 months from the closing of the LIFE Offering or Non-LIFE Offering, as applicable. In the event that the closing price of the Common Shares on the Toronto Stock Exchange (the " TSX ") (or such other Canadian stock exchange on which the Common Shares are then listed) for twenty (20) consecutive trading days exceeds $0.56 , the Company may, within 10 business days of the occurrence of such event, deliver a notice (including by way of a news release) to the holders of Warrants accelerating the expiry date of the Warrants to the date that is 30 days following the date of such notice.
The LIFE Units will be offered pursuant to Part 5A of National Instrument 45-106 – Prospectus Exemptions , as amended by Coordinated Blanket Order 45-935 – Exemptions from Certain Conditions of the Listed Issuer Financing Exemption (the " Listed Issuer Financing Exemption "), to purchasers resident in Canada (other than the province of Québec), and in other qualifying jurisdictions outside of Canada that are mutually agreed to by the Company and the Underwriters on a private placement basis pursuant to relevant prospectus or registration exemptions in accordance with applicable laws. The securities issued under the LIFE Offering to Canadian subscribers will not be subject to a hold period in Canada .
There is an offering document related to the LIFE Offering (the " Offering Document ") that can be accessed under the Company's profile on SEDAR+ at www.sedarplus.ca and on the Company's website at www.talonmetals.com . Prospective investors should read the Offering Document before making an investment decision.
The Company intends to use the net proceeds from the Offerings to advance the Tamarack Nickel Project and for general and administrative expenses and working capital purposes, as further described in the Offering Document.
The Offerings are expected to close on or about June 19, 2025 , or such other date as the Company and Canaccord Genuity may agree (the " Closing Date "). The Non-LIFE Offering may close on a date subsequent to or prior to the closing date of the LIFE Offering at the discretion of the Company. The Offerings are subject to the Company receiving all necessary regulatory approvals, including the approvals of the TSX. The closing of the LIFE Offering is not conditional upon closing of the Non-LIFE Offering, and the closing of the Non-LIFE Offering is not conditional upon closing of the LIFE Offering.
The Units (and the underlying securities) to be offered pursuant to the Offerings have not been, and will not be, registered under the U.S. Securities Act of 1933 , as amended (the " U.S. Securities Act ") or any U.S. state securities laws, and may not be offered or sold in the United States or to, or for the account or benefit of, United States persons absent registration or any applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
About Talon
Talon is a TSX-listed base metals company in a joint venture with Rio Tinto on the high-grade Tamarack Nickel-Copper-Cobalt Project located in central Minnesota . Talon's shares are also traded in the US over the OTC market under the symbol TLOFF. The Tamarack Nickel Project comprises a large land position (18km of strike length) with additional high-grade intercepts outside the current resource area. Talon has an earn-in right to acquire up to 60% of the Tamarack Nickel Project and currently owns 51%. Talon is focused on (i) expanding and infilling its current high-grade nickel mineralization resource prepared in accordance with NI 43-101 to shape a mine plan for submission to Minnesota regulators, and (ii) following up on additional high-grade nickel mineralization in the Tamarack Intrusive Complex. Talon has a neutrality and workforce development agreement in place with the United Steelworkers union. Talon's Beulah Mineral Processing Facility in Mercer County was selected by the US Department of Energy for US$114.8 million funding grant from the Bipartisan Infrastructure Law and the US Department of Defense awarded Talon a grant of US$20.6 million to support and accelerate Talon's exploration efforts in both Minnesota and Michigan . Talon has well-qualified experienced exploration, mine development, external affairs and mine permitting teams.
Forward-Looking Statements
This news release contains certain "forward-looking statements". All statements, other than statements of historical fact that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future are forward-looking statements. These forward-looking statements reflect the current expectations and beliefs of the Company based on information currently available to the Company. Such forward-looking statements include statements relating to the Offerings, including the completion and anticipated timing for completion of the Offerings, the potential size of the Offerings, the Company's intended use of the net proceeds of the Offerings, the receipt of all necessary regulatory approvals, including the approvals of the TSX, and the Company's exploration and development plans. Forward-looking statements are subject to significant risks and uncertainties and other factors that could cause the actual results to differ materially from those discussed in the forward-looking statements, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on the Company.
Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Although the Company believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.
SOURCE Talon Metals Corp.
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(TheNewswire)
Vancouver, British Columbia TheNewswire - June 5th, 2025 Prismo Metals Inc. (the " Company ") (CSE: PRIZ) (OTCQB: PMOMF) is pleased to announce the appointment of Gordon Aldcorn as President, effective immediately.
"I am honored to take on the role of President at Prismo Metals during this exciting phase of the Company's growth," said Mr. Aldcorn. "Prismo has built a compelling portfolio of high-potential precious and base metal projects in Mexico and Arizona, supported by a strong technical foundation and a clear exploration focus. I look forward to working with the Prismo team and valued partners to unlock further value for shareholders and advance our strategic."
With a commitment to responsible mineral exploration and long-term stakeholder engagement, Mr. Aldcorn brings over 20 years of experience in capital markets and junior public company development including the past five years in corporate management of copper/gold exploration projects.
"I am pleased that Gordon has agreed to join Prismo as President, taking over from Steve Robertson who transitions back to being an advisor, a role he took on back in January 2023," said Alain Lambert, CEO of Prismo. "I have known Gordon for many years, and I look forward to working with him to bolster our exploration and capital markets activities."
Prismo Metals Inc. thanks outgoing President Steve Robertson for his service and leadership and is pleased Mr. Robertson will remain with Prismo in an advisory role.
"I look forward to continuing to provide technical guidance in the role of Advisor as we go forward. Prismo's Hot Breccia project remains one of the most compelling copper exploration projects I have seen, and I am committed to helping Prismo move this project forward," said Steve Robertson.
Prismo's priority remains to undertake a 5,000-meter drill program at our Hot Breccia copper project located in the heart of the prolific Arizona Copper Belt. To achieve this important milestone, Prismo continues to engage in discussions with both potential investors and strategic partners already present in our district or wanting to gain a foothold in the district. Regarding our Palos Verdes silver project in Mexico, the Company continues to track the tremendous progress of our strategic partner Vizsla Silver Corp. as they move their exploration activities towards the northeast side of the Panuco district, where Palos Verdes is located. Finally, Prismo has recently been evaluating a select number of projects in North America that can provide tremendous exploration upside at attractive financial conditions.
"Current market conditions are favorable for acquisition of precious metals and copper projects at advantageous terms and conditions. We favor drill ready projects in America close to excellent infrastructure," said Dr. Craig Gibson, Chief Exploration Officer of Prismo. "We feel that being active in exploring a third project would greatly add to shareholder value."
The Board of Directors is confident that Mr. Aldcorn's leadership will further strengthen Prismo's position in the junior exploration space and support the advancement of its flagship Palos Verdes and Hot Breccia projects. Mr. Aldcorn was issued an aggregate of 150,000 restricted share units (the "RSUs"). Each RSU entitles the holder to be issued one Common Share on vesting. The RSUs will vest over one year, with one-third of the Options vesting every three months. Mr. Aldcorn was also granted 650 ,000 stock options (the " Options "). The Options are each exercisable to purchase one common share of the Company at an exercise price of $0.075 for a period of five years. The Options will vest over one year, with one-third of the Options vesting every three months.
About Prismo Metals Inc.
Prismo (CSE: PRIZ) is a mining exploration company focused on advancing its Hot Breccia copper project in Arizona and its Palos Verdes silver project in Mexico.
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Prismo Metals Inc.
1100 - 1111 Melville St., Vancouver, British Columbia V6E 3V6
Contact:
Alain Lambert, Chief Executive Officer alain.lambert@prismometals.com
Gordon Alcorn, President gordon.aldcorn@prismometals.com
Cautionary Note Regarding Forward-Looking Information
This release includes certain statements and information that may constitute forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking statements relate to future events or future performance and reflect the expectations or beliefs of management of the Company regarding future events. Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as "intends" or "anticipates", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "should", "would" or "occur". This information and these statements, referred to herein as "forward‐looking statements", are not historical facts, are made as of the date of this news release and include without limitation, statements regarding discussions of future plans, estimates and forecasts and statements as to management's expectations and intentions with respect to, among other things: the timing, costs and results of drilling at Hot Breccia.
These forward‐looking statements involve numerous risks and uncertainties, and actual results might differ materially from results suggested in any forward-looking statements. These risks and uncertainties include, among other things: delays in obtaining or failure to obtain appropriate funding to finance the exploration program at Hot Breccia.
In making the forward-looking statements in this news release, the Company has applied several material assumptions, including without limitation, that: the ability to raise capital to fund the drilling campaign at Hot Breccia and the timing of such drilling campaign.
Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Readers are cautioned that reliance on such information may not be appropriate for other purposes. The Company does not undertake to update any forward-looking statement, forward-looking information or financial out-look that are incorporated by reference herein, except in accordance with applicable securities laws. We seek safe harbor.
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