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Maritime Resources
Investor Insight
With a fully permitted, high-grade gold project, established infrastructure and first gold production on the horizon, Maritime Resources is set to become Atlantic Canada’s next gold producer, positioning the company for significant re-rating and long-term growth.
Overview
Maritime Resources (TSXV:MAE) is a Canadian gold development company focused on generating near-term cash flow from the Hammerdown gold project, a high-grade past-producer in the prolific Baie Verte mining district of Newfoundland & Labrador. The project is fully permitted, de-risked and shovel-ready, with construction underway and first ore deliveries to the Pine Cove Mill expected in late summer to early fall 2025.
Hammerdown project site
Hammerdown benefits from significant infrastructure synergies, including proximity to paved roads, power, ports and Maritime’s wholly owned Pine Cove processing facility. Unlike many greenfield developers, Maritime is executing a bootstrap production model that leverages its installed infrastructure and local skilled labor to reduce costs, minimize risk and accelerate value creation through short term cash flow generation during a period of record high gold prices
Longer term, the company plans to build out a 100,000 oz/year production platform by incorporating nearby deposits (Orion, Stoger Tight, Deer Cove) and utilizing its idle 700 tpd Nugget Pond gold plant. Maritime’s regional land package includes more than 435 sq km of highly prospective ground with gold, VMS, and porphyry-style mineralization potential.
Company Highlights
- Near-term Gold Production: First production targeted for H2/2025 from the fully permitted Hammerdown open pit project.
- High-grade Gold Reserves: 1.9 Mt at 4.46 g/t gold (272 koz) proven and probable reserves support initial 35,000-45,000 oz/year production.
- Low-CAPEX Startup: Initial capital estimated at C$15 to $20 million, among the lowest in the sector for a new mine, leveraging Maritime’s fully operational Pine Cove mill
- Owned Processing Infrastructure: Pine Cove Mill (1,300 tpd, operational) and the Nugget Pond gold plant (700 tpd CIP circuit, on standby).
- Exploration Upside: 435 sq km land package includes multiple brownfield and greenfield targets proximal to infrastructure.
- Institutional Backing: Strong support from Dundee Corporation, Eric Sprott and other institutions.
- Fully Funded: recently closed $20 million hard dollar financing and $10 million private placement (live) to fund mine startup and repay the existing US$5 million note.
- Local Workforce Advantage: Fully staffed Pine Cove Mill with 100 percent local residents
Key Projects
Hammerdown Gold Project
The Hammerdown gold project is Maritime’s flagship asset and is strategically located near the town of King’s Point in the Baie Verte mining district of Newfoundland and Labrador. A past-producing, high-grade deposit formerly operated by Richmont Mines, Hammerdown is being redeveloped as a shallow open-pit operation. The project hosts proven and probable reserves of 1.89 million tonnes at an average grade of 4.46 grams per ton (g/t) gold for 272,000 oz of contained gold, making it one of the highest grade open pit projects in North America
A feasibility study completed in 2022 outlined annual production of approximately 50,000 oz over a 5-year mine life, with attractive economics including a pre-tax NPV (5 percent) of US$251 million at a gold price of US$2,500/oz and an all-in sustaining cost (AISC) of US$912/oz. Since then Maritime has taken steps to de-risk the project including acquiring the Pine Cove mill, allowing for significant savings in capital costs compared to using the Nugget Pond mill.
The processing plan entails crushing ore on site and trucking it approximately 130 km to the Pine Cove Mill. Maritime has completed all major permitting for the project, and construction began in spring 2025 with pre-stripping, civil works and crushing infrastructure installation. The company completed more than 8,750 meters of tight-spaced (10x10 meters) grade control drilling, confirming excellent continuity and high-grade intercepts such as 24.5 g/t gold over 13.9 meters, including 42.2 g/t over 8.0 meters. First gold production is expected in late summer to early fall 2025, with ramp-up to 700 tpd mill feed supported by the fully operational Pine Cove Mill.
Pine Cove Mill
Pine Cove gold pour
Located near Baie Verte, the Pine Cove Mill is a 1,300-ton-per-day gold processing facility recently brought back online after two years of care and maintenance. The mill flowsheet includes crushing, grinding, flotation, regrinding of the float concentrate and Merrill-Crowe leaching circuits for gold doré production. The facility will be upgraded with a new 500 hp regrind circuit (replacing a 150 hp unit), a ball mill inching drive, and an enhanced material handling system to optimize recovery and reliability. The site also includes a large in-pit tailings storage facility, existing waste dump capacity, and access to a deepwater port. Pine Cove has already produced 700oz of gold from processing low grade mineralized stockpiles from around the site. The mill is now preparing to receive and process feed from Hammerdown, with full integration scheduled for H2/2025.
Nugget Pond Gold Circuit
Nugget Pond Gold Circuit
Maritime also owns the 700 tpd carbon-in-pulp (CIP) gold circuit at the Nugget Pond Plant, located 40 km east of Pine Cove. Although currently idle, this plant represents a key component of Maritime’s long-term production strategy to scale toward 100,000 oz per year. The plant is fully configured for gold recovery and is well-positioned to process feed from future regional deposits or third-party toll milling. Maritime’s envisions Nugget Pond operating as a second production hub, enabling parallel processing capacity as the company develops additional deposits in the district.
Stoger Tight and Deer Cove Projects
Located within 10 km of the Pine Cove Mill, Stoger Tight and Deer Cove are advanced-stage deposits with near-term development potential. Stoger Tight hosts a historical NI 43-101 resource of 642,000 tons grading 3.02 g/t gold for 62,300 oz (indicated), with an additional 53,000 tons at 5.63 g/t for 9,600 oz (inferred). It is partially permitted and has the potential to become a satellite source of ore for Pine Cove.
Deer Cove is a high-grade system discovered by Noranda, featuring 500 meters of historic underground development. Recent drill results include 6.9 g/t over 25.1 meters, including 26.1 g/t over 3.6 meters. Stockpiles of 4,275 tons at 3.1 g/t gold have been identified. Both projects benefit from road access and proximity to infrastructure, making them ideal candidates for phased development and integration into Maritime’s hub-and-spoke production model.
Green Bay, Whisker Valley and El Strato Exploration Projects
Maritime’s broader exploration portfolio includes more than 435 sq km of prospective ground in the Baie Verte district, encompassing gold, copper, VMS and porphyry-style targets. The Green Bay project includes the Orion deposit, a near-surface gold target located along strike from Hammerdown. Whisker Valley is an epithermal gold system with porphyry potential, returning 6.2 g/t gold over 5.8 meters in previous drilling. El Strato hosts one of the highest-grade soil and bedrock anomalies in Newfoundland, with gold values up to 200 g/t in outcrop. Additionally, the Black Ridge VMS target features grab samples grading up to 12.6 g/t gold, 181 g/t silver, and 11.8 percent copper. These regional assets offer significant blue-sky potential and provide a robust pipeline of targets that could be developed and processed through Maritime’s existing infrastructure.
Management Team
Garett Macdonald – President and CEO
Garett Macdonald is a mining engineer with over 30 years of experience in mine development, engineering and operations. Former VP operations at Rainy River Resources, where he advanced the 8 Moz Rainy River project to construction prior to its $310-million sale to New Gold. He also served as VP project development at JDS Mining, leading the Curraghinalt feasibility study (+5 Moz gold), and held technical and management roles at Placer Dome, Teck and Suncor Energy.
Germaine M. Coombs – CFO and Corporate Secretary
A chartered accountant with more than three decades of financial leadership in the mining sector, Germaine M. Coombs is the former CFO of Aurelius Minerals and Stonegate Agricom, and former corporate controller at FNX Mining and the Iron Ore Company of Canada.
Perry Blanchard – VP, Environment & Sustainability
Perry Blanchard brings over 25 years of experience in health, safety and environmental leadership across major Canadian mining projects. Blanchard previously managed permitting and sustainability at Detour Gold’s flagship mine and Vale’s Voisey’s Bay operations.
Peter Goudie – Hammerdown Operations Manager
Peter Goudie is a veteran operations leader with over 35 years of experience in mining and contracting, including roles with Guy J. Bailey and Shoreline Aggregates. He manages day-to-day operations at the Hammerdown project, with deep knowledge of logistics, mobile equipment and site execution in Newfoundland’s mining sector.
Dwight Goudie – Pine Cove Mill Manager
Dwight Goudies is a mill operations specialist with over 40 years of metallurgical and processing experience at gold and base metal mines across Newfoundland and Labrador. He is the former mill manager at FireFly Metals and Rambler Metals & Mining’s Nugget Pond facility, and currently oversees all operations at the Pine Cove Mill.
Billy Grace – Chief Engineer
A mining engineer with more than 15 years of experience in mine engineering, project management and consulting, Billy Grace is the former general manager at Aureus Gold, and technical services manager at Newmont’s Musselwhite mine. He also worked at Golder Associates and Mining Plus.
Larry Pilgrim – Project Manager, Newfoundland Properties
Larry Pilgrim is an exploration geologist with more than 45 years of experience in Newfoundland. He is the former chief geologist at Richmont Mines and Rambler Metals, where he helped delineate the original underground reserves at Hammerdown and served as chief geologist during mine operations. He has been leading exploration activities for Maritime since 2018.
Eric Tremblay – Technical Advisor Mining
Eric Tremblay is a highly regarded mine builder with over 30 years of operations experience. He is the former GM at Osisko’s Canadian Malartic Mine and IAMGOLD’s Westwood and Sleeping Giant operations. Tremblay is currently the COO of Dalradian Resources, leading the multi-million ounce Curraghinalt gold project in Northern Ireland. Tremblay provides Maritime with expertise in mine construction, operational scale-up and technical risk management.
Paolo Toscano – Technical Advisor Engineering and Construction
Paolo Toscano has over 30 years of experience in engineering and construction. He most recently served as senior vice-president of engineering and construction for Calibre Mining at the Valentine gold project in Newfoundland and Labrador. Prior to Calibre, he was director of projects for Alamos Gold and New Gold.
A low-risk path to gold production in one of the world’s top mining jurisdictions
Nobel Resources Announces Additional Results at the Cuprita Project, Atacama Region, Chile
Nobel Resources Corp. (TSX – V: NBLC) (the “Company” or “Nobel”) is pleased to provide an update on its ongoing exploration at the Cuprita Project (the “Project” or “Cuprita”) in Atacama Region, Chile. Following the recent identification by Nobel geologists of a leach cap with characteristics strongly associated with porphyry copper-(gold) deposits in the region at Cuprita, including associated highly anomalous copper in soils and bedrock, the Company has additionally confirmed:
- the existence of an IP chargeability and resistivity anomaly typical of porphyry copper deposits in the region; and
- the presence of highly anomalous copper chip samples from outcrops associated with the leach cap.
The geological features being identified by Nobel field work at Cuprita demonstrates the Project is highly prospective.
According to Vern Arseneau, COO of Nobel, “After only a few short weeks in the field, Nobel Geologists have identified key characteristics of a shallow mineralized porphyry system at Cuprita. The leach cap, IP anomaly, significant copper bearing rock chips and the copper in soil anomaly are all located adjacent to a ground magnetic low. These traits are situated near the intersection of a major north-northeast striking fault structure with numerous northwest striking quartz veins with copper oxides. Intersecting major faults is a common, if not essential, structural control for the emplacement of copper-gold porphyries in the region (Figure 3). This is essentially the complete suite of important indicators used when identifying productive porphyry copper systems, combined with a leach cap in one of the most important porphyry copper belts globally indicate excellent potential for a mineralized porphyry deposit at the Cuprita project.”
The IP survey was carried out by Argali Geophysical SA during November 2018 and consisted of three E-W lines across the area of the recently identified leach cap. Survey parameters were 100m spaced dipoles with an estimated depth penetration of 700m at N=27. The top of the IP anomaly, based on this data, is estimated to be approximately 200meters below surface. (Figure 3; line 7055700N). All three lines exhibit a similar chargeability/resistivity response and the anomaly remains open to the North and South.
The chargeability anomalies from 7 to 9 mV/V are in line with many of the porphyry copper deposits near Inca de Oro which are notoriously low in pyrite and therefore in chargeability. Chargeability of less than 10 mV/V has been observed at many deposits local to Cuprita. Similarly, field observations by Nobel geologists have also confirmed the general lack of pyrite in altered rocks at Cuprita.
Rock chip sampling of mineralized structures associated with the leach cap, anomalous soil samples and the ground magnetic anomalies returned highly anomalous copper values ranging from 0.25 to 3.46% Cu. Many of the rock samples contain remnant copper sulfides, such as Chalcocite, Chalcopyrite and locally Bornite (Figure 1). Additionally, a sample taken 500m to the northeast, where QZ vein stockwork with disseminated chrysocolla outcrops with a grade of 2.06% Cu (Figure 2) signifying the potential for a large extensive system.
Figure 1: Rock sample with Chalcopyrite and Bornite grading 1.36% copper associated with the leach cap.
Figure 2: Sample of copper-rich stockwork of quartz and chrysocolla grading 2.06% copper from 500 meters northeast of previous sample.
According to Larry Guy, CEO, “Nobel geologists believe that this newly identified geological / geochemical evidence along with the geophysical compilation points to potential for a large mineralized porphyry at shallow depth covering the area between the anomalous soil results to the South and extending more than 2 kilometers North to the previously reported ground magnetic lows. (Figures 3 and 4; map and cross section and Figure 5 conceptual geological model).
Geologically, Cuprita is part of the Metallogenic Paleocene Porphyry Copper Belt that hosts several major porphyry copper deposits, such as El Salvador, Cerro Colorado, Spence, Sierra Gorda, Fortuna, as well as several gold deposits. Recent field work at Cuprita has focused the targeting for forthcoming drill programs.
Figure 3: Compilation map showing the location of the extensive leached cap (lithocap) and associated structures, outcrop samples, quartz-copper veins, soil geochemical anomalies, tourmaline breccias associated with a magnetic low, that comprise the key criteria for a mineralized porphyry target.
Figure 4. Schematic Section showing the Conceptual Model of the Porphyry in Cuprita.
Figure 5. Conceptual model for the Cuprita porphyry target (modified after Halley et al., 2015) The key geological components for the classic mineralized Andean porphyry model have been identified at the Cuprita target.
Qualified Person
The scientific and technical information in this news release has been reviewed and approved by Mr. David Gower, P.Geo., as defined by National Instrument 43-101 of the Canadian Securities Administrators. Mr. Gower is a consultant of Nobel and is not considered independent of the Company.
About Nobel
Nobel Resources is a Canadian resource company focused on identifying and developing prospective mineral projects. The Company has a team with a strong background of exploration success.
For further information, please contact:
Lawrence Guy
Chairman and Chief Executive Officer
+1 647-276-0533
Vincent Chen
Investor Relations
vchen@nobel-resources.com
www.nobel-resources.com
Cautionary Note Regarding Forward-looking Information
This press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. Forward-looking information includes, without limitation, the mineralization and prospectivity of the Project, the Company’s ability to explore and develop the Project, the Company’s ability to obtain adequate financing and the Company’s future plans. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. Forward- looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Nobel, as the case may be, to be materially different from those expressed or implied by such forward-looking information, including but not limited to: general business, economic, competitive, geopolitical and social uncertainties; the actual results of current exploration activities; risks associated with operation in foreign jurisdictions; ability to successfully integrate the purchased properties; foreign operations risks; and other risks inherent in the mining industry. Although Nobel has attempted to identify important factors that could cause actual results to differ materially from those contained in 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 information 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 information. Nobel does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
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Photos accompanying this announcement are available at
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https://www.globenewswire.com/NewsRoom/AttachmentNg/63eb007a-2863-4dc7-99d8-f47d66583ae8
https://www.globenewswire.com/NewsRoom/AttachmentNg/3f84beb6-2d48-41e4-b0b0-6dca5442321a
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Empire Metals Limited Announces Completion of MRE Drilling Campaign
- 180 drill holes completed at the Thomas prospect, comprising:
- 140 Air Core ('AC') drill holes for a total of 6,360 metres;
- 40 Reverse Circulation ('RC') drill holes for a total of 3,776 metres;
- Total metres drilled: 10,136
- Drilling was conducted on a systematic 400m by 200m grid covering over 1,352 hectares and was designed to support the initial MRE as well as providing key data for economic evaluation studies.
- The Thomas Prospect was selected as the basis for the maiden MRE due to the extensive, thick and high-grade titanium mineralisation hosted within the broad, in-situ weathered zone.
- This campaign marks a major milestone in the development of Pitfield, laying the foundation for a globally significant MRE and enabling the identification of near-surface, high grade zones to support the development of mine planning and ore scheduling as part of upcoming economic evaluation studies.
Shaun Bunn, Managing Director, said: "We are very pleased to have completed this important drilling campaign on time, on budget and without safety incident. With drilling now complete, our focus turns to resource modelling and progressing Pitfield towards its maiden Mineral Resource Estimate, which is a key milestone as we look to bring this globally significant titanium project to commercialisation, maintaining the ambitious development schedule we have delivered over the past two years."
MRE Drilling Programme
With the completion of the current drill campaign, the largest undertaken by the Company to date, total drilling at Pitfield has now surpassed 32,000m across 382 holes, providing a robust foundation for geological modelling, resource definition (refer Figure 1) and initial economic evaluation work.
Since commencing the maiden drilling campaign at Pitfield on 27 March 2023 Empire has completed 382 drill holes for a total 32,265 metres comprising:
- 17 Diamond drill holes for 2,704 m
- 140 RC drill holes for 18,764 m
- 225 AC drill holes for 10,797 m.
Figure 1. Grey-scale magnetics overlain by airborne gravity data showing RC, AC and diamond drillhole collar locations and JORC Exploration Target areas.
May-June 2025 Campaign
The location and spacing of the current RC and AC drillholes were designed, with the input of mineral resource consultants Snowden-Optiro, to provide the necessary drill assay data density to allow the preparation of an MRE at the Thomas Prospect.
The completed drill campaign consisted of 140 AC drillholes, on a 400 x 200m drillhole-spaced grid with an average forecast depth of 45.4m, for a total of 6,360 metres, and 40 RC drillholes within the AC drilling grid, to an average depth of 94.4m, for a total of 3,776 metres. The overall drillhole grid extends 5.2km by 2.6km and totals an area of 1,352 hectares (refer Figure 2).
Figure 2. RC and AC drill hole collar locations within the Thomas Prospect priority area.
During the campaign all drill holes were subsampled on a 2m interval, resulting in over 5,000 drill samples being collected, logged by our on-site team of geologists and then prepared for shipment to Intertek's Perth based analytical laboratory. As of the end of June all drill hole and QA/QC samples have been delivered to Intertek for geochemical analysis and assaying.
The Pitfield Titanium Project
Located within the Mid-West region of Western Australia, near the northern wheatbelt town of Three Springs, the Pitfield titanium project lies 313km north of Perth and 156km southeast of Geraldton, the Mid West region's capital and major port. Western Australia is ranked as one of the top mining jurisdictions in the world according to the Fraser Institute's Investment Attractiveness Index published in 2023, and has mining-friendly policies, stable government, transparency, and advanced technology expertise. Pitfield has existing connections to port (both road & rail), HV power substations, and is nearby to natural gas pipelines as well as a green energy hydrogen fuel hub, which is under planning and development (refer Figure 2).
Figure 2. Pitfield Project Location showing theMid-West Region Infrastructure and Services
Competent Person Statement
The technical information in this report that relates to the Pitfield Project has been compiled by Mr Andrew Faragher, an employee of Empire Metals Australia Pty Ltd, a wholly owned subsidiary of Empire. Mr Faragher is a Member of the Australian Institute of Mining and Metallurgy. Mr Faragher has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being 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 Faragher consents to the inclusion in this release of the matters based on his information in the form and context in which it appears.
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014, as incorporated into UK law by the European Union (Withdrawal) Act 2018, until the release of this announcement.
**ENDS**
For further information please visit www.empiremetals.co.uk or contact:
About Empire Metals Limited
Empire Metals is an AIM-listed and OTCQB-traded exploration and resource development company (LON:EEE) with a primary focus on developing Pitfield, an emerging giant titanium project in Western Australia.
The high-grade titanium discovery at Pitfield is of unprecedented scale, with airborne surveys identifying a massive, coincident gravity and magnetics anomaly extending over 40km by 8km by 5km deep. Drill results have indicated excellent continuity in grades and consistency of the mineralised beds and confirm that the sandstone beds hold the higher-grade titanium dioxide (TiO₂) values within the interbedded succession of sandstones, siltstones and conglomerates. The Company is focused on two key prospects (Cosgrove and Thomas), which have been identified as having thick, high-grade, near-surface, bedded TiO₂ mineralisation, each being over 7km in strike length.
An Exploration Target* for Pitfield was declared in 2024, covering the Thomas and Cosgrove mineral prospects, and was estimated to contain between 26.4 to 32.2 billion tonnes with a grade range of 4.5 to 5.5% TiO2. Included within the total Exploration Target* is a subset that covers the weathered sandstone zone, which extends from surface to an average vertical depth of 30m to 40m and is estimated to contain between 4.0 to 4.9 billion tonnes with a grade range of 4.8 to 5.9% TiO2.
The Exploration Target* covers an area less than 20% of the overall mineral system at Pitfield which demonstrates the potential for significant further upside.
Empire is now accelerating the economic development of Pitfield, with a vision to produce a high-value titanium metal or pigment quality product at Pitfield, to realise the full value potential of this exceptional deposit.
The Company also has two further exploration projects in Australia; the Eclipse Project and the Walton Project in Western Australia, in addition to three precious metals projects located in a historically high-grade gold producing region of Austria.
*The potential quantity and grade of the Exploration Target is conceptual in nature. There has been insufficient exploration to estimate a Mineral Resource and it is uncertain if further exploration will result in the estimation of a Mineral Resource.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com
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Loyal to Acquire the High-Grade Highway Reward Copper Gold Mine
Key Highlights
- Loyal secures binding option to acquire the Highway Reward Copper Gold Mine in Queensland, Australia - one of the world’s highest-grade copper mines, with past production totalling 3.65Mt at 5.7% Cu and 260kt at 4.5 g/t Au.
- The acquisition is the first step in Loyal’s 2025 Strategic Plan to broaden its critical minerals portfolio into copper.
- No exploration has been conducted on the granted mining leases since operations ceased in July 2005 despite a ~680% increase in copper prices and a ~1,256% increase in gold prices since the 1997 feasibility study.
- Significant increase in copper and gold prices, combined with the previous exclusion of gold in sulphides from the mine plan, highlights the enhanced remnant copper-gold potential.
- Exploration potential for new discoveries both along strike and at depth, as previous mining only reached depths of 220 metres for open pit and 390 metres for underground operations, with limited exploration beyond mined zones.
- With $4.4 million in funding, Loyal is well-positioned to revisit the high-grade Highway Reward Copper Gold Mine by deploying modern exploration techniques. With global initiatives to enhance energy grids and no USA tariffs on Australian copper, the outlook for copper is strong and unencumbered.
Loyal‘s Managing Director, Mr. Adam Ritchie, commented:
"We are thrilled to secure this incredibly rare opportunity for our current and future Loyal investors. The Highway Reward Copper Gold Mine, considered one of the highest-grade copper mines in the world, is now primed for a revisit after 20 years of dormancy.
The granted mining leases of the Highway Reward mine provide an amazing speed to market opportunity - especially when both copper and gold are near all-time highs. The short-term and long-term opportunities at Highway Reward are exciting, considering the significant growth in commodity prices since the 1997 feasibility study. Copper is driving our electric future and gold continues to play an important role in our global economy.
Whilst a lot has changed in the past 28 years, the unwavering demand for copper and gold has only intensified. This is truly an amazing opportunity to unlock and showcase the immense potential of this forgotten mine. With modern technology and innovative mining techniques, we believe the Highway Reward Copper Gold Mine will provide exceptional value and returns to our Loyal shareholders."
Figure 1 Highway Reward Copper Gold Mine: Located 37 km south of Charters Towers within the Mount Windsor Volcanic Belt. Accessible via an all-weather highway, 172 km from the Port of Townsville, Queensland, Australia.
The Highway Reward Copper Gold Mine is located only 37 km from the active mining town of Charters Towers in Queensland, Australia, within the Mount Windsor Volcanic Belt. This area is renowned for its rich history in copper and gold mining, with strong social license support for mining activities. It features large-scale mining operations such as, Newmont’s 3.2 Moz Mt Leyshon gold mine and Yuxin Holding’s 3.4 Moz Pajingo gold mine. The region is close to the polymetallic, Thalanga Processing Plant and the Mount Carlton Processing Plant, with road and rail to Glencore’s Mount Isa copper hub, Townsville copper refinery and the Port of Townsville.
With the growth in commodity prices and advancements in exploration and mining technologies, the potential for remnant copper-gold mining has significantly improved. Previous mining operations targeted copper within chalcopyrite, while gold associated with both chalcopyrite and pyrite was excluded from the mine plan. With lower copper equivalent cut-off grades (copper & gold), higher continuity of copper-gold can be drill tested to demonstrate the reasonable prospects for eventual economic extraction and mineral resource potential.
Graph 1: Highway Reward Copper Gold Mine - mining ceased in July 2005: 28 Years of Commodity Growth
Significant potential will be assessed and areas tested for copper-gold extensions to subvertical trends, that may exist below current mining levels at the Highway Reward Copper-Gold Mine. The previously mined, copper-gold rich pipes will also be assessed for drill testing along strike (Figure 2). Previous mining and surface mapping geological observations illustrate that high- grade copper-gold pipes have been identified in dacite, rhyolite, and volcaniclastic host rocks, therefore strong prospectivity exists for discovering additional pipes beyond the historically mined zones in all rock types on the property, except recent overlying sediments that conceal the basement host rocks (Figure 2). No modern advanced geophysical techniques or data processing methods have yet been applied to assess this potential.
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This article includes content from Loyal Metals Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
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