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Analyst Report Outlines Brightstar’s ‘Cheapest, Quickest’ Path to Cash Generation
Description:
Corporate finance advisor Evolution Capital affirms Brightstar Resources’ (ASX:BTR) potential to be one of the cheapest and quickest pathways to cash generation.
Evolution Capital has given BTR a valuation of AU$95 million or $0.032 per share, assuming a flat gold price of AU$3,000 per ounce.
“The risks to our valuation are on the upside considering renewed investor interest in gold, further exploration success, which could be easily and quickly monetises … and a potential lithium pegmatite discovery,” the report noted.
BTR’s scoping study combining the development of the Menzies (Lady Shenton + Yunndaga deposits) and Laverton assets (Cork Tree Well + Alpha deposits) “demonstrates to the market some enviable characteristics” entailed with initial development capital AU$22 million, low technical risks, and a high profitability index, the report said.
CTWMET004 diamond holes drilled at Cork Tree Well showing visible gold with $2 coin (20.5mm diameter) for scale
Evolution Capital expects an intense 2024 newsflow, including cash flow from the Selkirk gold production, ongoing results from greenfield exploration, as well as infill and extensional drilling, resource updates, completion of the pre-feasibility study, and the potential discovery of lithium-bearing pegmatites at the Menzies project.
Highlights from the report:
- The $5 million placement announced by BTR in November 2023 and the expected cash flow from the Selkirk 50/50 profit sharing JV in 2024 will accelerate exploration work and the completion of pre-feasibility study for the restart of the Menzies and Laverton gold projects. Production at the Selkirk JV is expected to generate cash flow for BTR by the first quarter of 2024. Evolution Capital estimates BTR’s profit share at $4 million.
- The scoping study for the development of the Menzies and Laverton assets demonstrates some enviable characteristics, which Evolution Capital summarized as: low initial development capital of $22 million, low technical risks, and a four-times-higher profitability index.
- Using a gold price of AU$3,000 per ounce, and a 25 percent risk discount, the analyst firm gave the Laverton and Menzies Projects a valuation of AU$93 million or $0.031 per share.
For the full analyst report, click here.
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Brightstar Resources
Investor Insight
A gold-focused emerging gold producer with a clear pathway to production growth, Brightstar Resources presents a compelling investment case driven by its mining and development hubs strategy and a district-scale resource opportunity.
Overview
The price of gold stays strong. In April 2024, the yellow metal’s price passed US$2,400 per ounce for the first time. The reason is multifaceted. The world teeters on the brink of a severe recession while some markets attribute the increase to safe haven rush. Amidst ballooning interest rates, bank failures and falling bond yields, demand for gold continues to rise. At this precise moment, gold is simultaneously an excellent portfolio diversifier and a compelling hedge against ongoing inflation — particularly if one invests in the right company.
Brightstar Resources (ASX:BTR) aims to be that company. An emerging mining and development company, Brightstar occupies a strategic land position of roughly 1,200 square kilometers in the Sandstone Greenstone Belt, 300 square kilometers in the Laverton Tectonic Belt and 80 square kilometers of the Menzies Shear Zone.
The company also owns an existing processing facility that can potentially provide tremendous shareholder value in a low-capital cost restart scenario.
That plant, once fully refurbished and operational, could prove a key differentiator for the company, enabling fast gold production at a low capital cost. This is especially noteworthy given that many other gold companies trading on the ASX are largely focused on greenfield exploration and development. Even once those companies discover a promising resource, mining and processing facilities would still need to be built, undertakings which can incur significant upfront capital costs and take several years.
Brightstar's Laverton gold assets are all centered on a 100 percent-owned 300-square-kilometer tenure in the Laverton Tectonic Zone and all within 70 kilometers of the Laverton Processing Plant. Additionally, all resources within this zone are open along strike and at depth. Only minor drilling programs have been conducted in recent years, paving the way for significant exploration upside with the potential for further regional and greenfields discoveries.
Brightstar also owns 100 percent of the Menzies Gold Project, a contiguous land package of granted mining leases over a strike length of roughly 20 kilometers along the Menzies Shear Zone and adjacent to the Goldfields Highway.
In 2023 and 2024, the company announced a mineral resource upgrade to the Cork Tree Well deposit (Laverton gold project) and also delivered two maiden mineral resource estimates at the Link Zone and Aspacia deposits (Menzies gold project). This has grown the total group MRE by approximately 150 koz gold through organic exploration.
The company has also acquired 100 percent of the shares and options of Linden Gold Alliance, a gold producer, developer and explorer with existing mineral resources of 350 koz @ 2.1 g/t gold near Brightstar in the Laverton district. Brightstar’s MRE has reached 1.1 Moz gold across the Menzies and Laverton projects, with an additional 0.35 Moz gold in resources added after the successful acquisition of Linden Gold Alliance.
In August 2024, Brightstar entered into a scheme implementation deed to acquire 100 percent of Alto Metals (ASX:AME), which owns the Sandstone gold project located in East Murchison. The project has a current mineral resource of 1.05 Moz of gold at 1.5 g/t.
Brightstar also completed the acquisition of the gold rights at the Montague East gold project (MEGP) from Gateway Mining Limited (ASX:GML). The project is located 70 km from the Sandstone gold project. The acquisition adds a further 9.6 Mt @ 1.6 g/t gold for 0.5 Moz gold to Brightstar’s JORC Mineral Resource Estimate, giving the company a total mineral endowment of 38.3 Mt @ 1.6 g/t gold for 2.0 Moz gold.
The acquisition of the MGEP from Gateway Mining and 100 percent of Alto’s shares creates a third district-scale resource base for the company called the Sandstone Hub. Upon consolidation of the Laverton, Menzies and Sandstone hubs, Brightstar’s mineral resources would reach 3 Moz at 1.5g/t gold.
Subsequent to the deal with Alto Metals, Brightstar entered into a $4 million drill-for-equity agreement with Topdrill to aggressively advance the consolidated Sandstone gold project. The deal strengthens Brightstar's financial capacity to fulfill its multi-hub exploration and development strategy, which includes the Menzies, Laverton and Sandstone hubs.
Company Highlights
- Brightstar Resources is an ASX-listed mining and development company with more than 3 million ounces of gold resources and an on-site processing infrastructure across its project locations in Laverton, Menzies and Sandstone in Western Australia.
- Brightstar's mineral assets are situated across roughly 300 square kilometers of 100-percent-owned land in the Laverton Tectonic Zone and ~80 square kilometers in the high-grade Menzies Shear Zone.
- The Laverton Gold project has a mineral resource of 9.7 Mt @ 1.6 g/t gold for 511 koz gold and the Menzies gold project has 13.8 Mt @ 1.3g/t gold for 595 koz gold.
- In 2023, the company completed a scoping study into the development of its Menzies and Laverton gold projects and the refurbishment and restart of its processing plant in Laverton.
- In 2023 and 2024, Brightstar completed a small-scale mining joint venture with BML Ventures which involved a 50/50 profit-sharing agreement to exploit the Selkirk deposit at Menzies. In April 2024, Brightstar announced that this joint venture delivered a net profit to Brightstar of $6.5 million.
- In June 2024, the company successfully acquired all of the issued ordinary shares and options in Linden Gold Alliance, a gold producer, developer and explorer with existing mineral resources of 350 koz @ 2.1 g/t gold near Brightstar in the Laverton district.
- As part of the merger with Linden Gold, Brightstar released a scoping study into Linden’s development-ready Jasper Hills gold project, which delivered key metrics including:
- 140 koz mined over 3.75 years (35 koz pa)
- Net present value of AU$99 million
- Internal rate of return of 736 percent
- Pre-production capital requirements of $12 million
- All-in sustaining costs of AU$1,972/oz
- Jasper Hills is located just 50 km SE of Brightstar’s processing plant in the Laverton gold project
- Brightstar has recently completed the acquisition of the gold rights at the Montague East gold project (MEGP) from Gateway Mining Limited (ASX:GML), and has entered into an agreement to acquire Alto Metals (ASX:AME) further creating the company’s third district-scale resource base known as the Sandstone Hub.
- Brightstar plans to continue generating shareholder value through a combination of development and strategic acquisitions along with some exploration.
Key Projects
Laverton Hub
Brightstar’s Laverton hub is comprised of the Cork Tree Well, Beta and Alpha project areas with the addition of the Second Fortune gold mine and the Jasper Hills projects.
Highlights:
- Cork Tree Well, Alpha and Beta have current total JORC mineral resource estimate of 9.7 Mt @ 1.6 g/t gold for 511 koz (52 percent measured and indicated category). All mineral resources are on granted mining leases
- Cork Tree Well (6.4 Mt at 1.4 g/t gold for 303 koz gold)
- Alpha (1.4 Mt at 2.3 g/t gold for 106 koz gold)
- Beta (1.9 Mt at 1.7 g/t gold for 102 koz gold)
- Main project area Cork Tree Well is open at depth and along strike with recent drilling results of 34.4 meters at 7.94 g/t gold from 43.5 meters (CTWMET004) and 27.6 meters at 17.8 g/t gold from 51 m (CTWMET003)
- Second Fortune has a mineral resource estimate head grade of ~11g/t gold with an average ore body width of ~0.6 meters.
- Jasper Hills is located 50 km from Brightstar’s existing processing facility along a wholly-owned private haul road, allowing unimpeded, direct access to both projects
- Permitted, previously mined and production-ready
- Last mined by current owners in 2020 with 23,000 oz gold mined
- Scoping Study outcomes include:
- Pre-production capex of $12 million required (maximum capital drawdown)
- Open pit mine at Lord Byron and underground mine at Fish
- Production of 141 koz over four years (35 koz per annum)
- LOM EBITDA of $135 million (@ AU$3,000/oz)
Menzies Hub
The Menzies Hub comprises a tenement holding of a contiguous land package of granted mining leases over a strike length of more than 20 km. The majority of deposits hosted along the Menzies Shear Zone are located adjacent to Goldfields Highway in Menzies (130km north of Kalgoorlie).
Highlights:
- Total Current Resource: 13.7 Mt at 1.3 g/t gold for 595 koz gold (36 percent measured and indicated)
- September 2023 scoping study showed the simultaneous development of open pit mining at Lady Shenton system and underground mining at Yunndaga:
- 1.9 Mt @ 1.63 g/t Au (100 koz) in open pit mining at Lady Shenton
- 650 kt @ 2.91 g/t (60 koz) in underground mining at Yunndaga
- Low capex of $22 million
- Significant opportunities to find virgin discoveries and brownfields mineral resource growth:
Sandstone Hub
The consolidated Sandstone project is over 100 km from existing third-party milling operations in the Murchison. This third processing hub boasts Alto’s Sandstone project with a mineral resource of 1.05 Moz at 1.4 g/t gold and Gateway’s Montague gold project with a mineral resource of 0.5 Moz @ 1.6 g/t gold.
Brightstar aims to fast-track the development timetable through:
- A focused, multi-rig infill drill out to take the inferred mineralisation into measured and indicated status to underpin mining studies and project advancement
- The application of Brightstar’s dedicated in-house geological and mining engineering team to retain crucial project IP and fast-tracked mining studies;
Brightstar Processing Facility
Situated close to Brightstar's existing mineral assets at Laverton, the Brightstar Processing Plant provides the company with a considerable operational head start over its peers.
Highlights:
- Extensive Infrastructure: Current facilities at the plant include two ball mills, a power station and gravity and elution circuits. Other infrastructure includes:
- A tailings storage dam
- An on-site process water pond
- A 60-person accommodation camp
- An airstrip at the Cork Tree Well Project
- Vehicles and equipment include a forklift, bobcat, two loaders, multiple light vehicles and a 30-tonne crane.
- A Leg Up Over Competitors: The presence of pre-existing processing infrastructure represents significant time savings compared to greenfields development. Brightstar had an independent valuation completed which valued the processing plant at AU$60 million in replacement value.
- Low Upfront Capital Cost: As part of the scoping study released in September 2023, GR Engineering estimated a capital cost requirement to refurbish and expand the milling capacity would cost just AU$18.5 million.
- Close to Existing Assets: Brightstar's major development projects — Cork Tree Well, Jasper Hills, Beta and Alpha — are all close to the plant.
Gold doré bars (BTR005 – BTR016) poured on 9 March 2024
Management Team
Alex Rovira - Managing Director
Alex Rovira is a qualified geologist and an experienced investment banker having focused on the metals and mining sector since 2013. Rovira has experience in ASX equity capital markets activities, including capital raisings, IPOs and merger and acquisitions.
Richard Crookes - Non-executive Chairman
Richard Crookes has over 35 years’ experience in the resources and investments industries. He is a geologist by training having previously worked as the chief geologist and mining manager of Ernest Henry Mining in Australia.
Crookes is managing partner of Lionhead Resources, a critical minerals investment fund and formerly an investment director at EMR Capital. Prior to that he was an executive director in Macquarie Bank’s Metals Energy Capital (MEC) division where he managed all aspects of the bank’s principal investments in mining and metals companies.
Andrew Rich - Executive Director
Andrew Rich is a degree qualified mining engineer from the WA School of Mines and has obtained a WA First Class Mine Managers Certificate. Rich has a strong background in underground gold mining with experience predominantly in the development of underground mines at Ramelius Resources (ASX:RMS) and Westgold Resources (ASX:WGX).
Ashley Fraser - Non-executive Director
Ashley Fraser is an accomplished mining professional with over 30 years experience across gold and bulk commodities. Fraser was a founder of Orionstone (which merged with Emeco in a $660-million consolidation) and is a founder/owner of Blue Cap Mining and Blue Cap Equities.
Jonathan Downes - Non-executive Director
Jonathan Downes has over 30 years’ experience in the minerals industry and has worked in various geological and corporate capacities. Experienced with gold and base metals, he has been intimately involved with the exploration process through to production. Downes is currently the managing director of Kaiser Reef, a high grade gold producer, and non-executive director of Cazaly Resources.
Dean Vallve – Chief Operating Officer
Dean Vallve holds technical qualifications in geology & mining engineering from the WA School of Mines, an MBA, and a WA First Class Mine Managers Certificate. Vallve was previously in senior mining and study roles at ASX listed mid-cap resources companies Hot Chili (ASX:HCH) and Calidus Resources (ASX:CAI).
Investor Presentation Annual General Meeting
Asara Recommences Exploration Activities at Kada
Asara Resources Limited (ASX: AS1; Asara or Company) is pleased to announce that it has recommenced exploration activities at its flagship asset, the Kada Gold Project in Guinea (Kada).
HIGHLIGHTS
- Relogging of core samples.
- Drone survey to identify additional mineralisation recently undertaken.
- Geological and structural mapping of new drone imagery and fieldwork.
- Planning for the commencement of a drill program in early 2025 to upgrade the existing Mineral Resource Estimate.
- Community engagement to strengthen relationships with local communities.
- Preparation for commencement of environmental studies.
Managing Director, Tim Strong commented:
“We are excited to recommence work at Kada following a pause in field activities throughout 2024. Our team is back on the ground, refurbishing camp facilities, re-logging core samples, undertaking geological and structure mapping in the Massan area and establishing important community relationships. In addition, we have deployed a drone to assist in determining the structural orientation of historical work undertaken and identify potential areas of gold mineralisation that may not have been previously recognised.
Looking ahead, we expect drilling to begin in the March quarter of 2025. The drilling program will focus on upgrading portions of the Massan Mineral Resource to the Measured category, as well as testing additional structures that are not currently included in the Mineral Resource Estimate.’’
KADA GOLD PROJECT
Exploration Activities
Activities at Kada recommenced during October with the installation of a new water borehole and a 10,000 litre capacity water tower at the Niandankoro Camp. All camp areas were connected to the new water system providing running water throughout.
The camp has undergone a detailed inventory, and store areas have been prepared in readiness for the commencement of fieldwork and then drilling.
Figure 1: Niandankoro Camp
Figure 2: Geology stores and RC chip storage
Figure 3: New drone imagery of Massan showing structure and geologists inspecting areas of mineralisation
Geological and structural mapping of the workings have commenced. This is a combination of desktop interpretation of recent drone imagery and fieldwork.
Figure 4: Fieldwork at the Massan deposit
Figure 5: Weather station installed at Niandankoro Camp and meetings with local dignitaries and community leaders
Community and Environment
The Company recognises the importance of engaging the local community, strengthening working relationships and to share information and understand local expectations and resolve any issues as and when they arise. To that end, work has commenced to establish social and environmental baselines. Over the last month, meetings were held with Company representatives, local elders, the Mayor of Niandankoro and Sous-Prefet which were beneficial and greatly appreciated by all attendees.
A weather station has been installed at Asara’s Niandankoro Camp giving vital baseline data for the environmental studies that will commence in 2025.
Burkina Faso
As announced on July 14, 2024, the Company entered into a binding Share Purchase Agreement (SPA) with Bic West Africa Limited (BIC) for the sale of its non-core Kouri and Babonga gold projects for total consideration of US$2.2m cash. The Company is continuing to work towards satisfying the Conditions Precedent outlined in the SPA, having recently obtained approval from the Tax Office with approval of the transaction by the Minister of Mines the final step. Following approval from the Tax Office, BIC made an advance payment of US$550,000 (against the final Completion Payment of US$1.1m). It is expected that the final payment of US$550,000 will be made by BIC once the Mininter of Mines has approved the transaction. It is expected that this approval will be obtained by the end of the December 2024 quarter.
Click here for the full ASX Release
This article includes content from Asara Resources Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
High-Grade Gold & Copper Assays at Thorpe Prospect
Artemis Resources Limited (‘Artemis’ or the ‘Company’) (ASX/AIM: ARV) is pleased to provide an update on further exploration undertaken on the 100% owned Karratha Gold Project in the West Pilbara region of Western Australia.
Highlights:
- ROCK CHIP SAMPLING ASSAYS RETURN GRADES OF UP TO 45.8 G/T GOLD AND 10.3% COPPER AT THORPE PROSPECT
- SURFACE GOLD FOOTPRINT OF CARLOW TENEMENT CONTINUES TO INCREASE
- ROCK CHIP SAMPLING OF VEINS WITHIN TWO STRUCTURES AT THORPE DELIVERS HIGH-GRADE GOLD, COPPER AND SILVER ASSAY RESULTS, INCLUDING:
- Rock Chip Assay Results (Sample No)
- 45.8 g/t Au, 3.7% Cu & 38.6 g/t Ag (24AR22-020)
- 12 g/t Au, 1.1% Cu & 3.7 g/t Ag (24AR22-014)
- 5.9 g/t Au, 1.0% Cu & 17.8 g/t Ag (24AR22-006)
- 3.4 g/t Au, 2.5% Cu & 4.2 g/t Ag (24AR22-031)
- 3.0 g/t Au, 2.1% Cu & 24 g/t Ag (24AR22-026)
- 6.2% Cu, 0.8 g/t Au & 5.6 g/t Ag (24AR22-016)
- 6.1% Cu, 1.6 g/t Au & 13.5 g/t Ag (24AR22-009)
- 10.3% Cu, 0.4g/t Au & 69.4 g/t Ag (24AR22-013)
- PLANS FOR DRILL TESTING PRIORITY TARGETS WHICH INCLUDE AREAS OF HIGH GRADE GOLD, COPPER AND SILVER VEINS AT SURFACE, IS ADVANCED
The Company has undertaken further ground reconnaissance and rock chip sampling across the Carlow tenement, with the goal to map all outcropping mineralised veins and structures and define additional priority targets for drilling.
The current exploration strategy is to use industry best techniques including geochemical and geophysical surveys combined with structural interpretations to identify targets within what Artemis considers is a wide, highly prospective and underexplored structural corridor with potential to host substantial gold deposits.
Executive Director George Ventouras commented:“We are very excited that prospects located on the Carlow tenement continue to deliver further high-grade gold, copper and silver results from extensive veins at surface.
While several of these prospects have had minor drilling programs, the exploration team continues to compile data to identify the source of the widespread gold discovered at surface. Combined with the Titan prospect and other targets in the immediate Carlow area, the future looks very bright for the Karratha Gold Project.”
Figure 1. Artemis West Pilbara tenements with current known prospects named
Thorpe Prospect
The Thorpe Prospect is located in the southeast part of the Carlow tenement, E47/1797. The recent ground reconnaissance program involved collecting additional rock chip samples at Thorpe to define the extent of the gold bearing veins and other structures. A small number of samples were also taken close to the Carlow deposit.
Click here for the full ASX Release
This article includes content from Artemis Resources, 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.
New Murchison Gold Provides a Mineral Resource Update for the Crown Prince Deposit
New Murchison Gold Limited (ASX: NMG) (“NMG” or the “Company”) is pleased to announce an updated Mineral Resource Estimate (MRE), reported in accordance with the JORC Code, for the Crown Prince Deposit (Crown Prince) at the Company’s flagship Garden Gully Gold Project (Garden Gully) near Meekatharra, Western Australia.
HIGHLIGHTS
- Mineral Resource Estimate substantially increased for the Crown Prince Deposit at Garden Gully with a 3G% increase in the Indicated classification estimate to 226koz at 4.6 g/t Au.
- The total Mineral Resource has grown by 16% from the February 2024 estimate, to 27Gkoz at 3.G g/t/Au.
- With 81% (up from 68%) of gold ounces in the Indicated Mineral Resource classification, there is now a strong understanding of the Crown Prince deposits, reflecting enhanced drill density, in some places to 15 m x 15 m grid.
- Mineral Resources are shallow and delineated from surface. Gold mineralisation is open at depth and will be followed up with deeper drilling as the project progresses.
- Crown Prince’s mineralisation is mostly situated within a 300 m x 380 m area. The Mineral Resource Estimate, beneath the mineralised cap rock, shows an average of 1,538 oz of gold per vertical metre between 10 m and 150 m depth.
- The structural corridor, which hosts the Crown Prince deposits, is open to the south and is relatively untested. To the north, recent passive seismic delineated a wide and thick paleochannel (up to 60 m depth). The northern area below the paleochannel may be better explored from underground or base of open pit positions.
- Crown Prince is strategically located in the heart of the prolific Murchison gold district, with close proximity to numerous operating gold mines, processing facilities and other key infrastructure.
- NMG is close to announcing a detailed Feasibility Study (environmental, social, mining, metallurgy, geotechnical, hydrogeological) to support a robust value proposition for mining Crown Prince
Alex Passmore, NMG’s CEO commented: “Following a busy year of exploration and development work in 2024, the Company is delighted to report an increased Crown Prince Mineral Resource Estimate from the additional drilling undertaken.
With increased drilling density, the understanding of the Crown Prince deposit is at a strong confidence level with 81% of the ounces (i.e., 22C,000 oz) now reporting to the Indicated Mineral Resource classification. Pleasingly, the average ounce per vertical metre endowment sits at 1,538 within key areas of our conceptual open pit development.
This resource underpins the detailed feasibility study work which is well advanced to confirm the mining, metallurgical, geotechnical, economic and environmental parameters to develop the Crown Prince Gold Project.
Initial economic optimisation modelling of the Crown Prince resource confirms that there is sufficient grade and tonnage to sustain an open pit mining operation.”
Table 1: Crown Prince MRE Summary November 2024
This MRE (Table 1, Figure 1) was prepared by Cube Consulting, an independent consultant, using geological and mineralisation interpretations prepared by NMG using all available reverse circulation and diamond drillhole data. The updated Crown Prince MRE incorporates all drilling completed and assayed up to October 2024. Over the course of 2024, NMG’s exploration team completed 21,974 m of reverse circulation and diamond drilling within the Crown Prince area.
Following the discovery of the south eastern zone (SEZ) of mineralisation at Crown Prince in 2022, follow up exploration in 2023 and 2024 successfully added resource inventory via infill and extensional drilling.
Multiple phases of drilling were undertaken in 2024 (Table 2) with resulting assays now incorporated into the resource model supporting the November 2024 estimate for Crown Prince.
Mineralisation envelopes at the Main and Northern Zones were also better defined for this model. Additionally, new high-grade lodes were discovered in the Northern Zone contributing to the uplift seen in this updated MRE.
The Crown Prince deposit is hosted within quartz-carbonate veins within altered and sheared mafic units. In the weathered profile, primary mineralisation (fresh rock) has in places been enriched with a supergene overprint. Notably, primary mineralisation persists at depth and remains open (Figure 2). Further drilling will be undertaken to test for extensions.
Table 2: Drilling Summary for Crown Prince
Figure 1: Crown Prince MRE mineralisation wireframes, isometric view looking north.
Figure 2: Isometric view looking north of Crown Prince block model
Material Information Summary – Mineral Resources
Information required by ASX Listing Rule 5.8.1 (summary of technical information pertaining to the Mineral Resource Estimate) is detailed in the following sections.
Click here for the full ASX Release
This article includes content from New Murchison Gold 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.
New Orleans Investment Conference Marks 50 Years of Market Insights and Contrarian Wisdom
Taking place a few weeks later than usual — likely to accommodate the US election — this year's New Orleans Investment Conference saw many resource sector analysts, newsletter writers, speculators and contrarians offer insight on the economy, potential market movements and which commodities to watch.
Hosted by Brien Lundin, CEO and president of Jefferson Financial and editor of Gold Newsletter, the New Orleans Investment Conference first launched in 1975 as the brainchild of entrepreneur James Blanchard, a well-known dealer of fine coins and precious metals and the founder of Blanchard and Company.
Blanchard was fondly remembered at the conference's 50th anniversary by presenters and panelists, including popular investor and speculator Rick Rule, proprietor of Rule Investment Media.
Rule recounted first attending the event in 1986, beginning his presentation with an acknowledgment of the show’s founder, noting that Blanchard was one of the “most wonderful mentors and best friends of my life.”
He spent the remainder of his 20 minute presentation — "Another Bull Market: Don’t Waste This One!" — pointing out that the precious and industrial metals markets are in an early stage bull run driven by mounting US debt and liabilities.
To address these challenges, Rule expects the US government to print more money — boosting gold.
He underscored the need for a contrarian approach, explaining the difference between beta, the outperformance of a sector relative to the broad market, and alpha, an investment or speculation that outperforms even the beta.
"If the gold sector does well, beta would be the difference between the performance of gold stocks relative to the stock market in general," he said. Alpha would be gold stocks that outperform gold even as the metal is outperforming.
"If you aren't a contrarian in this racket, you're going to be a victim,” he said several times during his presentation.
Rule's nostalgic sentiment was echoed by economist and author Dr. Mark Skousen, who told audience members that he has been attending the New Orleans Investment Conference since the late 1970s.
Skousen showed several photos of him and previous event guests over the decades.
"There I am burning my Social Security card, and later I tore up my Medicare card,” he said pointing to a large screen. “And today I am on Social Security and Medicare. So much for tearing up these state-run programs.”
He later quipped that Social Security has yielded poor returns compared to the stock market.
“Let me tell you something — these state-run programs are lousy programs, because for Social Security, if you had invested your money in the S&P 500 (INDEXSP:.INX), you wouldn't be getting US$3,000 or US$4,000 a month, you'd be getting US$12,000 a month, which you can live on,” Skousen commented.
A family affair
In addition to the many notable speakers and presenters, this year’s New Orleans Investment Conference was attended by hundreds of investors, with some even bringing their whole family.
Eric and Lila Wohlwend, along with their two sons, were among the attendees looking to garner investment advice at the conference. The Investing News Network (INN) caught up with Lila and her 17-year-old son Deven, who also attended the conference in 2022, to find out what they thought of this year’s event.
“I'm learning a lot from this conference, especially about mining for gold, silver and copper,” said Deven. “Some of the speakers talking about the economy have really incredible insights.”
The teen listed some commodities and assets he is interested in, including Bitcoin, silver and particularly gold.
“Gold's been around for 5,000 to 10,000 years. It goes back before recorded history, and it's probably going to be around for the foreseeable future,” he explained. “So I see it as one of the safest investments anyone could make.”
Lila expressed interest in learning more about the intricacies of the resource sector.
“I'm big into real estate, (but) I don't know a lot about the mining sector, so I've been learning a lot about that,” she said, noting that she had visited the Battle Bank booth and is intrigued by the new financial endeavor.
Richard Hunt, an investor from Chesapeake, Virginia, was attending the conference for his fifth time. Hunt, who was accompanied by his son Matteo, noted that sentiment from fellow attendees was positive.
“I see a sense of encouragement for the market tide to change,” he said.
Although many of this year’s presenters made the case for investment in Bitcoin, Hunt prefers more tangible assets.
“I don't believe in investing in anything I don't understand,” he said. “I had no regrets not buying it.”
He went on to explain that part of his investment thesis is being able to lie down at night and not worry.
Gold and silver are among his preferred metals, and he also underscored the opportunity he sees in uranium.
“I like uranium because I see artificial intelligence coming aboard. With Microsoft (NASDAQ:MSFT), Amazon (NASDAQ:AMZN) and other big tech companies, they need energy. And there's not enough to go around,” he said.
When asked what keeps bringing him back to the Big Easy for the annual New Orleans Investment Conference, Hunt pointed to the community of likeminded investors.
“Here there's a network of people that are doing the same thing that I'm doing,” he said.
“It's not just about going to the conference, seeing the booths, it's interacting with people. And from what I'm seeing, people are positive, people are buying, and people are saying, ‘Yes, it's been down, but I'm going to buy because I see nowhere for it to go but up.'"
Keep an eye out for the rest of INN’s coverage from the New Orleans Investment Conference, including exclusive video interviews and full panel overviews.
Don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Georgia Williams, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.
Côte d'Ivoire: The Golden Frontier of West African Mining
As global investors seek new frontiers in the precious metals sector, Côte d'Ivoire is rapidly emerging as a high-potential gold region in West Africa. This West African nation, known for its stable political climate and pro-mining regulations, is becoming an increasingly attractive destination for gold exploration companies and investors alike.
Côte d'Ivoire's geological landscape is dotted with significant gold deposits within and nearby, including Resolute Mining’s (ASX:RSG,OTC Pink:RMGGF) renowned Syama deposit in Mali with gold resource of 10.3 million ounces, the Sissingué gold mine, which produces 70,000 to 100,000 ounces of gold per year, and Barrick Gold's (TSX:ABX,NYSE:GOLD) prolific Tongon operation.
These substantial resources are just some of the known deposits that underscore the country's potential to become a major player in the global gold-mining industry.
Infrastructure and regulation
The Ivorian government's commitment to developing a robust mining sector is evident in its strategic infrastructure investments and mining-friendly policies. The country's 2014 Mining Code, which replaced the previous 1995 regulation, has been instrumental in creating a favourable environment for mining operators while ensuring accountability to local communities and environmental considerations.
One of the key strengths of Côte d'Ivoire's mining sector is its well-developed transportation network. The government's ongoing investments in road infrastructure have significantly reduced operational costs and exploration timelines for mining companies. This advantage allows explorers to allocate resources more efficiently, accelerating the pace of discoveries and project development.
Moreover, the regulatory framework, particularly Articles 52 and 64 of the 2014 Mining Code, delineates specific zones where only Ivorian nationals may engage in mining activities. This approach not only fosters local participation, but also creates a unique synergy between international expertise and local knowledge, further enhancing the country's appeal to global mining entities.
Key gold players
A prime example of a company capitalizing on Côte d'Ivoire's golden opportunity is Aurum Resources (ASX:AUE), with its flagship Boundiali gold project. This project, consisting of four neighboring exploration tenements, has already shown promising results with high-grade intercepts reported during initial drilling activities.
What sets Aurum Resources apart is its innovative, cost-efficient exploration model. By owning and operating its drilling rigs, the company has managed to slash exploration costs dramatically. While industry-standard drilling rates can reach up to $200 per meter, Aurum has achieved costs as low as $45 per meter. This strategic approach not only allows for more extensive exploration programs but also significantly enhances the project's economic viability.
The company's ability to manage its drilling operations internally enables it to allocate resources more effectively and accelerate exploration timelines without compromising on the quality of data collected. This efficiency is crucial in the competitive landscape of gold exploration, where time and cost management can make or break a project's success.
Another noteworthy player in Côte d'Ivoire's gold sector is Montage Gold (TSXV:MAU,OTCQX:MAUTF), with its flagship Kone project. The Kone project, boasting 4.5 million ounces of gold, exemplifies how companies can leverage the country's favourable mining environment to advance significant projects. In July 2024, the company was awarded a mining permit for the Kone project by the Council of Ministers of Côte d'Ivoire, marking a crucial step towards commencing mining activities.
Unlocking future growth
The future of gold exploration in Côte d'Ivoire looks particularly bright, with vast areas of underexplored greenstone belts offering significant potential for new discoveries. These geological formations, known for hosting substantial gold deposits, present exciting opportunities for companies willing to invest in comprehensive exploration programs.
Aurum Resources, for instance, is planning to complete a maiden mineral resource estimate for its Boundiali project by the end of 2024. This milestone could potentially unveil additional gold resources, further cementing Côte d'Ivoire's position as a key player in the global gold mining landscape.
In a bid to strengthen its foothold in the region, Aurum has embarked on a bid to acquire Mako Gold (ASX:MKG) another Australian exploration company with a strategic gold asset in Côte d'Ivoire. The merger will see Aurum take over Mako’s Napié gold project and advance it alongside the Boundiali project.
The country's emerging status as a gold exploration hub is further reinforced by the continued investments from major players in the industry. Companies like Endeavour Mining (TSX:EDV,OTCQX:EDVMF), with developments in the Lafigué mine and Koulou gold projects, are testament to the growing interest and potential within Côte d'Ivoire's mineral landscape.
A golden opportunity for investors
For investors seeking exposure to the gold sector, Côte d'Ivoire presents a compelling proposition.
The combination of untapped geological potential, favourable regulatory environment, and improving infrastructure creates an attractive investment climate. Companies operating in the region, particularly those with strategic land positions and efficient exploration programs like Aurum Resources, offer investors the opportunity to participate in the early stages of potentially significant gold discoveries.
The country's emergence as a gold exploration hub is not just a boon for mining companies but also a catalyst for economic development. As exploration activities intensify and new mines come online, Côte d'Ivoire stands to benefit from increased foreign investment, job creation and economic diversification.
Key takeaway
Côte d'Ivoire's gold sector is at an inflection point, poised for substantial growth in the coming years. With its rich geological endowment, supportive government policies, and the presence of innovative exploration companies, the country is well positioned to become a leading gold producer in Africa.
For investors and mining companies alike, Côte d'Ivoire represents not just a golden opportunity, but a chance to be part of a transformative chapter in West African mining.
This INNSpired article is sponsored by Aurum Resources (ASX:AUE). This INNSpired article provides information which was sourced by the Investing News Network (INN) and approved by Aurum Resourcesin order to help investors learn more about the company. Aurum Resourcesis a client of INN. The company’s campaign fees pay for INN to create and update this INNSpired article.
This INNSpired article was written according to INN editorial standards to educate investors.
INN does not provide investment advice and the information on this profile should not be considered a recommendation to buy or sell any security. INN does not endorse or recommend the business, products, services or securities of any company profiled.
The information contained here is for information purposes only and is not to be construed as an offer or solicitation for the sale or purchase of securities. Readers should conduct their own research for all information publicly available concerning the company. Prior to making any investment decision, it is recommended that readers consult directly with Aurum Resources and seek advice from a qualified investment advisor.
Rua Gold Acquires Siren Gold's Reefton Assets for AU$22 Million
Siren Gold (ASX:SNG) announced on Tuesday (November 26) that it has completed the sale of its wholly owned subsidiary, Reefton Resources, to Rua Gold's (TSXV:RUA,OTCQQB:NZAUF)wholly owned subsidiary, Reefton Acquisition.
Reefton Resources is the owner of the Reefton project in New Zealand.
The sale will establish Rua Gold as a dominant landholder in the Reefton region, with approximately 1,196 square kilometers of tenements in the historical and past-producing Reefton Goldfields, which produced over 2 million ounces at 15.8 grams per tonne gold.
According to Siren’s September 17 resource update for Reefton, the project's deposits host a combined inferred JORC compliant mineral resource of 483,000 ounces of gold from ore grading 3.86 grams per tonne gold, as well as 14,500 tonnes of antimony at a grade of 1.7 percent.
Rua will also be positioned as the preeminent gold explorer in New Zealand, with a market capitalisation of approximately AU$41.9 million.
In exchange for Reefton Resources, Rua will pay Siren AU$18 million in shares and a further AU$4 million cash. The cash payments include: forgiving an AU$1 million promissory note upon signing the agreement, an AU$1 million cash payment at completion and the issue of 10,000,000 Siren shares to Rua (or its nominee) at AU$0.20 per share around the completion date.
Once the sale is complete, Siren will have a 26.1 percent stake in Rua, and Rua will hold a 7.51 percent stake in Siren. Rua will also transfer the Langdons antimony-gold project back to Siren.
“Since we listed Siren on the ASX in 2020, the vision has been to consolidate the historical Reefton belt to give it the best chance of bringing the multiple high-grade projects into a central processing hub model,” Siren Managing Director and CEO Victor Rajasooriar said.
Following this transaction, Siren will concentrate on the Sams Creek gold project and the Langdons and Queen Charlotte antimony-gold projects.
For its part, Rua will focus on the exploration and development of the combined Reefton belt. The company completed a C$8 million capital raising in July.
Siren first publicised this transaction on July 15, and the deal was approved by its shareholders on October 28.
Don’t forget to follow us @INN_Resource for real-time news updates!
Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: Rua Gold is a client of the Investing News Network. This article is not paid-for content.
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