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Antilles Gold Arranges up to $3.0 Million of Convertible Loan Notes
Antilles Gold Limited (“Antilles Gold” or the “Company”) (ASX: AAU, OTCQB: ANTMF) advises that the Company has entered into an Agreement with Patras Capital Pte Ltd to provide up to three A$1.0 million Convertible Loan Notes to Antilles Gold Limited over the next three months.
The provision of the second and third Loan Note will be at the Company’s option, and may require shareholder approval with respect to placement capacity.
The aim is to raise funds to maintain the momentum of the near-term development of the Nueva Sabana gold-copper mine in Cuba while waiting on the outcome of the Groups’ arbitration of approximately A$45 million of claims against the Dominican Republic Government resulting from a project that was completed in 2019.
The Tribunal undertaking the arbitration has advised that the Award will be issued by the end of March 2024. It is anticipated that if the Award is favourable for the Company, and does not need to be enforced, the second and third Notes would not be issued.
The basic terms of each Loan Note are as follows;
Antilles Gold has sufficient placement capacity under Listing Rule 7.1 for the first Loan Note.
The 50:50 joint venture in Cuba expects to commence construction of the site works and a short access road from the central highway in April 2024, and the mine and associated infrastructure in July 2024.
The Chairman of Antilles Gold, Mr Brian Johnson, said that“the dilution of shareholders with recurring capital raises was extremely disappointing but unavoidable when the Company had no existing operations producing a cashflow.
In his opinion, irrespective of the dilution, and the current low market capitalisation, the value of the Company’s projects in Cuba is increasing significantly with continuing expenditure.
Antilles Gold is assisting the Cuban joint venture company, Minera La Victoria, in negotiations that have commenced with three potential Investors showing interest in buying into the company, and supporting its progressive growth. Successful negotiations with any Investor, would minimise additional raises by Antilles Gold in the foreseeable future.
Recent meetings with the Company’s Cuban partner, GeoMinera, have indicated it will be possible for the existing Joint Venture Agreement to be amended to permit majority foreign ownership in order to accommodate additional shareholders.
Drafting of amendments to the Agreement, and the joint venture company’s Articles is proceeding.”
Click here for the full ASX Release
This article includes content from Antilles Gold, 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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Antilles Gold Limited
Investor Insight
Antilles Gold’s gold and copper projects in Cuba are underpinned by a strong partnership with a Cuban Government-owned mining company that effectively fast-tracks and de-risks its promising projects, offering a strategic value proposition for investors.
Overview
Antilles Gold (ASX:AAU,OTCQB:ANTMF) is an Australian mining company focused on gold and copper projects in Cuba through a joint venture with the Cuban Government’s mining company, GeoMinera. This partnership has resulted in rapid project permitting and access to several new development opportunities for the Australian company.
Antilles Gold offers strong growth potential through two near‐term development projects, Nueva Sabana and La Demajagua, and two exploration projects, the El Pilar porphyry system and Sierra Maestra copper concessions.
Joint venture projects in Cuba
Nueva Sabana is a near‐term, gold‐copper mine development within the joint venture with GeoMinera, and is expected to initially produce around 70 grams per tonne (g/t) gold in a concentrate from a high‐grade gold cap followed by ~27 percent copper concentrate with gold credits. The project development strategy includes the completion of a feasibility study in September 2024, and the commencement of construction soon after.
The second proposed development is the La Demajagua open-pit mine, which is likely to produce ~50,000 tonnes per annum (tpa) of gold arsenopyrite concentrate (32 g/t gold, 27 percent arsenic), and ~10,000 tpa of gold antimony concentrate (28.8 g/t gold, 48 percent antimony, 1,200 g/t silver) for nine years. According to the plans, construction will commence in late 2025, with commissioning in mid‐2027. La Demajagua will also include the construction of a concentrate processing facility to treat La Demajagua’s gold arsenopyrite concentrate, with the capacity to produce 50,000 oz gold per year in dore, which will further increase JV profit and cashflow.
The joint venture’s two exploration projects comprise the 720‐hectare El Pilar Concession in Central Cuba covering a cluster of three copper‐gold porphyry deposits (El Pilar, Gaspar and San Nicholas), the adjacent 17,000 hectare San Nicholas concession with porphyry style mineralisation, and two concessions totaling 52,600 hectares within the producing Sierra Maestra copper belt in southeast Cuba (La Cristina and Vega Grande), with both indicating of porphyry deposits highly prospective for copper, gold and molybdenum.
Surface mineralisation at El Pilar
Antilles Gold has completed a technical evaluation of the El Pilar porphyry system which was advised to ASX on 15 February 2024.
The joint venture intends to invest part of the surplus cash flow from the Nueva Sabana mine to fund the exploration of major copper targets, including the El Pilar copper‐gold porphyry system, and those in the Sierra Maestra copper belt.
Company Highlights
- Antilles Gold Limited is an Australian mining company listed on the ASX (AAU) and OTCQB (ANTMF).
- The company is focused on gold and copper projects in Cuba through a 50:50 joint venture with the Cuban Government’s mining company, GeoMinera, opening new development opportunities for Antilles and de-risking permitting processes.
- The joint venture is engaged in four development projects: 1) Nueva Sabana gold‐copper mine; 2) La Demajagua gold mine; 3) El Pilar porphyry copper project; and 4) Exploration of two concessions within the Sierra Maestra copper belt. Of these, Nueva Sabana and La Demajagua offer near‐term development opportunities.
- Nueva Sabana is a near‐term gold‐copper mine development that is expected to generate strong cash flow from concentrate sales from end‐2025.
- La Demajagua is an open-pit mine gold project commencing construction in Q4 2025 with commissioning in mid‐2027.
- El Pilar and Sierra Maestra concessions are exploration projects.
- Investment in Cuba offers several benefits, including richness in minerals, low operating costs and royalties, stable government and regulations, several investment incentives and the availability of a skilled workforce.
Key Projects
Nueva Sabana Project
Prominer Mining Technology will supply Nueva Sabana concentrator
Nueva Sabana is the company’s near‐term, gold‐copper mine development project. The project is held in the 50:50 joint venture with GeoMinera. It will be an open-pit mine developed on the oxide zone overlaying the El Pilar porphyry copper deposit in central Cuba.
Results from 24,000 metres of historical drilling, 1,800 metres drilled in 2022, and the 10,000 metres drilled in 2023 have established a mineral resource estimate (MRE). Results of a scoping study were advised to ASX on 7 May 2024, and a feasibility study is in progress for the proposed development which will be followed by a 12‐month construction phase.
Drilling has shown outstanding grades for gold and copper, and increasing lateral and vertical boundaries of the copper domain.
The proposed mining rate for the project will be 500,000 tpa of ore with a low waste‐to‐ore ratio. The anticipated initial production of 70 g/t gold concentrate will be followed by a ~27 percent copper concentrate with gold credits.
The estimated project cost is approximately US$33 million, of which approximately US$6 million is shareholders equity with the balance of $27 million expected to be funded through an advance on purchases of the concentrates by an international commodities trader.
Chinese engineering group, Prominer Mining Technology, which has extensive experience in designing and constructing gold and copper concentrators, is expected to supply the crushing and flotation circuits for the Nueva Sabana mine.
La Demajagua Project
La Demajagua involves the development of a gold‐antimony‐silver deposit as an open-pit mine by the joint venture company, Minera La Victoria.The project is located within a 900 hectare mining concession on the Isle of Youth, 60 nautical miles from mainland Cuba. The project site is 35 kilometres from the port city of Nueva Gerona and enjoys excellent infrastructure in terms of accessibility by highway, and availability of water, electricity and fiber optic cable.The project has an MRE of 905,000 oz gold equivalent for the open-pit operation. The MRE was calculated from 29,000 metres of drilling undertaken by the JV, and selective results from about 50,000 metres of historic drilling and revised after the receipt of additional antimony assays. The project expects mining of about 815,000 tpa of ore to produce two concentrates: 50,000 tpa of gold‐arsenopyrite and 10,000 tpa of gold‐antimony‐silver for nine years.
The project will also include a concentrate processing facility to produce gold doré from the gold-arsenopyrite concentrate. The facility will comprise a 50,000‐tpa two‐stage fluidized‐bed roaster, a carbon-in-leach (CIL) circuit, and an antimony recovery circuit. The overall production target is 75,000 oz gold equivalent per year. Chinese engineering firm BGRIMM Technology Group, which has extensive experience in designing and constructing roasters, is expected to supply the process plant on a turnkey basis.
The total development cost is estimated at US$165 million, expected to be funded by US$75 million of equity, which includes contributions by a third shareholder in the project, and the balance of US$90 million in debt. The life‐of‐mine cash surplus is estimated at ~US$600 million, with an NPV of ~US$330 million based on US$1,800/oz gold, and US$13,000/t antimony.
A revised scoping study including the concentrate processing facility is expected in December 2024, and construction is anticipated to commence in late 2025, with commissioning targeted for mid‐2027.
El Pilar Copper‐Gold Porphyry System Project
El Pilar is an exploration project of a cluster of three copper‐gold porphyry deposits: El Pilar, Gaspar and Camilo. The project comprises a 752 hectare exploration license and an adjacent 17,000 hectare reconnaissance permit covering the San Nicholas copper targets.
The project site benefits from established infrastructure with close access to a major highway, high‐tension power, and a 60 kilometre rail link to Palo Alto port.
Previous mapping, soil sampling, ground magnetics, an aeromagnetic survey and 24,000 metres of shallow drilling confirmed the existence of copper‐gold mineralization and identified the exposures as a potentially large, leached porphyry system. The surface exposures at El Pilar are leached phyllic caps to a cluster of copper‐gold porphyry cores. The extent of surficial hydrothermal alteration indicates the porphyry intrusions have large dimensions, and potential depths greater than 1,000 metres.
Ground magnetics and induced polarization surveys in early 2023 have confirmed a cluster of three potentially large porphyry intrusives – El Pilar, Gaspar and Camilo. A 10‐hole initial program has demonstrated positive results with good copper intercepts in porphyry‐style veining and has indicated the proximity of drilling to the core of El Pilar porphyry intrusive. In particular, drill hole PDH‐004A assayed 1.23 percent copper over its length of 134 metres from 49 metres.
Sierra Maestra Copper Belt Project
The project is an exploration project covering two highly prospective concessions for copper, gold and molybdenum in the Sierra Maestra copper belt in southeast Cuba. It includes a 3,600-hectare geological investigation license in La Cristina, and the adjoining 49,000‐hectare Vega Grande reconnaissance license.
The copper belt spans more than 200 kilometres of Cretaceous‐age geology intruded by Eocene stocks, which are the source of widespread gold and base‐metals mineralization. The project is near the El Cobre mine which is the oldest operating copper mine in the Americas. The concessions incorporate a series of copper‐gold‐molybdenum zones that display significant footprints of hydrothermal alteration normally associated with potentially large porphyry systems.
An extensive, two‐year prospecting program will be carried out on the two concessions, commencing in Q4 2024, to identify drill targets.
Management Team
Brian Johnson – Executive Chairman
Brian Johnson is a graduate of civil engineering from the University of Western Australia and a member of the Institute of Engineers, Australia. He has rich experience in the construction and mining industries in Australia, Southeast Asia and North America. He was instrumental in establishing successful companies in the iron ore and coal sectors. Previously, he has served as a director of two listed gold producers, and of companies with stock exchange listings in London, New York, Vancouver and Australia.
James Tyers – Chief Executive Officer
James Tyers is a member of the AusIMM and has more than 30 years of experience in the mining industry, holding senior management roles in gold and iron ore operations. He has been associated with the Palm Springs Gold Mine in the Kimberley region of Western Australia, and the Cornishman Project, a JV between Troy Resources and Sons of Gwalia. He has experience developing and operating iron ore projects in the mid‐west of Western Australia. He was responsible for developing the Las Lagunas Project and is the project director for the La Demajagua gold mine in Cuba.
Ugo Carlo – Non‐executive Director
Ugo Carlo has more than 30 years of experience in the Australian mining industry. Throughout his career, he has served in several senior leadership roles at Rocklands Richfield, Austral Coal and Conzinc Rio Tinto Australia Group. He is also a former director of the Port Kembla Coal Terminal, the New South Wales Joint Coal Board, and interim chairman of the New South Wales Minerals Council.
Angela Pankhurst – Non‐executive Director
Angela Pankhurst has more than 20 years of experience as an executive and non‐executive director, primarily in the mining industry. She has been a senior executive for companies with projects in Kazakhstan, Nigeria, Vietnam, South Africa and Australia. She has held senior leadership positions at Antilles Gold and Central Asia Resources. She is currently a director of Consolidated Zinc and a director of Imritec.
Tracey Aitkin – Chief Financial Officer
Tracey Aitkin is a professional member of CPA Australia and has more than 30 years of rich experience in finance, administration and staff management across a range of industries, including mining, manufacturing, retail, transport and agriculture. She joined the company in 2009 and was named CFO in 2010.
Dr. Jinxing Ji – Technical Director
Dr. Jinxing Ji is a seasoned metallurgist with six years of research experience in universities and 26 years of practical experience in the mining industry related to gold, silver, copper, zinc and lead. His broad experience includes due diligence, metallurgical test work, pre‐feasibility study, feasibility study, detailed design, plant commissioning support, and operational support for projects in Turkey, Greece, Canada, China, Romania, Brazil and Papua New Guinea.
Steve Mertens – Mining Director
Steve Mertens is a mining engineer with more than 20 years of industry experience across a range of commodities, including nine years based in Latin America. He has been associated with the Goro Nickel Project in New Caledonia and the Mina de Cobre Project in Panama. Prior to his current role as general manager for the Minera La Victoria JV company, he was the mining manager for Antilles Gold’s Las Lagunas operation in the Dominican Republic.
Chris Grainger – Exploration Director
Chris Grainger holds a PhD in economic geology from the University of Western Australia. He is an Australian geologist with more than 25 years of international experience with involvement in grassroots and brownfield exploration, as well as resource definition and development, with a focus on precious and base metals in South and Central America and the Caribbean. He has been associated with Continental Gold’s Buritica gold‐silver project, and Cordoba Minerals’ Alacran copper‐gold project.
Shallow, High-Grade Gold Mineralisation Intersected at Barimaia Gold Project
Results from Phase 2 drilling confirm McNabs East as a high-priority target for follow-up exploration, with diamond drilling to commence in November
Ordell Minerals Limited (ASX Code: “ORD”) (“Ordell” or “the Company”) is pleased to announce significant drill results from recent, shallow, wide-spaced Reverse Circulation (RC) drilling at its Barimaia Gold Project (“Barimaia”), located near Mount Magnet in the Murchison region of Western Australia.
Key Points:
- Significant results received from the second phase of shallow Reverse Circulation (RC) drilling at the McNabs East Prospect at the Barimaia Gold Project in Western Australia, including:
- 2Gm @ 2.52g/t Au from 81m 24BARC083
- Including 1m @ 47.5g/t Au from 107m (visible gold present)
- 4m @ G.62g/t Au from 5Gm 24BARC102
- Including 1m @ 32.7g/t Au from 60m
- 25m @ 1.50g/t Au from 56m 24BARC087
- 5m @ 4.61g/t Au from 61m 24BARC104
- Including 1m @ 1G.6g/t Au from 64m
- 16m @ 1.23g/t Au from 5m 24BARC103
- 15m @ 1.24g/t Au from 30m 24BARC07G
- 2m @ 6.62g/t Au from 42m 24BARC0G7
- 7m @ 1.6Gg/t Au from 73m 24BARC07G
- 2Gm @ 2.52g/t Au from 81m 24BARC083
- Extensive zone of gold mineralisation now defined at McNabs East at shallow depths (typically <80m vertical) over a strike length of +1,000m and remains open along strike and untested at depth.
- The recent shallow drilling at McNabs East was completed on ~100m-spaced sections to continue the first-pass test of the Barimaia felsic intrusion.
- Primary mineralisation in the McNabs East area is associated with an interpreted granodiorite intrusion, strongly supporting the potential for Eridanus-style deposits at Barimaia.
- Diamond drilling planned for November to obtain structural and lithological data at McNabs East, which will be followed by extensional and in-fill RC drilling in the March 2025 Ǫuarter.
The RC drilling program was completed in September and October 2024 as the second phase of a larger, ongoing program to systematically test at shallow depths (typically < 80m vertical) the currently defined 2.5km strike extent of gold mineralisation at Barimaia.
Results from the program continue to confirm shallow, open pit potential, with coherent zones of gold mineralisation starting to be defined within an extensive gold system that remains untested at depth and remains open along strike.
Drilling completed on section 585,640E (see Figures 1 and 2) returned significant high-grade gold mineralisation in 24BARC083 (2Gm @ 2.52g/t Au from 81m) to the end of the hole (EOH) at 110m.
Visible gold was panned in the interval from 107m to 108m, which returned an intercept of 1m @ 47.5g/t Au.
Strong gold mineralisation was also returned from 24BARC087 (25m @ 1.50g/t Au from 56m) on section 585,550E (see Figures 1 and 3), adjacent to where a robust zone of gold mineralisation was intersected in drilling completed in August 2024 in 24BARC056 (21m @ 1.60g/t Au from 62m) and 24BARC057 (36m @ 0.85g/t Au from 50m). This interpreted flat-lying zone of gold mineralisation is over 80m wide on section.
Drilling completed on the eastern limit of the Phase 2 program on section 586,300E (see Figures 1 and 5) returned high-grade gold mineralisation in two separate zones, including 4m @ G.62g/t Au from 5Gm in 24BARC102 including 1m @ 32.7g/t Au from 60m; and 5m @ 4.61g/t Au from 61m in 24BARC104 including 1m @ 1G.6g/t Au from 64m. Importantly, no RC drilling has been completed east of this line along the interpreted strike of the mineralisation.
Management Comment
Commenting on the results, Ordell’s Managing Director, Michael Fowler, said:
“Our second drill program at Barimaia has delivered some great results, with wide zones of shallow gold mineralisation intersected within the targeted felsic intrusion host rock. Importantly, a number of high- grade gold results were returned from the program which are open at depth and along strike.
“This shows the potential of the mineralised system, which is beginning to take shape, pointing to significant future growth opportunities as our drilling programs advance.
“We have now completed over 5,000m since we listed on the ASX in July, with the results from this drilling showing clear potential for shallow open pits at Barimaia.
“Our next step is to complete a diamond drilling program in November to help confirm the orientation, lithologies and geometry of the significant mineralisation centred on section 585,550E. This drilling will be followed up by further extensional and in-fill drilling in the coming months.”
Figure 1. Results from RC drilling at the McNabs East Prospect at Barimaia. September to October 2024 intercepts are highlighted in dark yellow boxes. The location of section lines for Figures 2 to 5 are shown in blue.
Ordell’s exploration at Barimaia is targeting new discoveries of a similar style to the Eridanus deposit, which forms part of Ramelius Resources’ (ASX: RMS) Mount Magnet gold mining operations (Figure 6).
Eridanus lies approximately 6km north-west of Barimaia and hosts a current Mineral Resource Estimate of 21Mt @ 1.7g/t Au for 1,200,000oz of contained gold1, with an additional +300,000 ounces of gold already mined from the open pit.
Click here for the full ASX Release
This article includes content from Ordell Minerals 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.
Key Mining Approval Received for Fountain Head Gold Project, NT
Patronus Resources Limited (ASX: PTN; “Patronus” or “the Company”) is pleased to advise that the Northern Territory Government has approved the amended Mining Management Plan (MMP) for its 100%-owned Fountain Head Gold Project, located in the Pine Creek region 170km by road from Darwin in the Northern Territory.
Highlights
- NT Government approves the amended Mining Management Plan (MMP) for Fountain Head
- Approval of the MMP marks a significant regulatory milestone, unlocking the potential to develop the project
- 2,000m of RC drilling is underway at Glencoe and 500m of diamond drilling is planned to commence at Fountain Head shortly, to test for high-grade extensions to the existing 234koz Resource base
- Updated Mineral Resource Estimate for Fountain Head planned for 2025
Approval was granted by the NT Minister for Lands, Planning and Environment, the Honourable Joshua Burgoyne, for the amended MMP submitted on 13 December 2023. Environmental approval for the project was granted on 17 February 2023 under the NT Environment Protection Act 2019.
The approval of the MMP represents a key regulatory milestone, allowing the Fountain Head Gold Project to advance towards development.
As outlined in its recent activities update on 28 October (see Patronus ASX release 28 October 2024), Patronus has embarked on a 2,500m program of reverse circulation and diamond drilling to extend and upgrade the current 234koz Resource base at the Fountain Head Gold Project, which comprises the Fountain Head (96koz), Tally Ho (59koz) and Glencoe (79koz) gold deposits. Further drilling and an updated Mineral Resource Estimate are planned for 2025.
Patronus Resources’ CEO, John Ingram, said:
“We are delighted with the timely receipt of the MMP approval from Minister Burgoyne, and I would like to thank the NT Government for their efficient management and oversight of this process, which demonstrates their ongoing commitment to support the development of new resource projects in the Territory.
“This is an important regulatory approval which allows us to move the Fountain Head Project forward. We are looking forward to receiving assay results from the current RC drilling at Glencoe and the imminent commencement of diamond drilling at Fountain Head, as part of a new phase of work aimed at expanding and upgrading the current resources to inform future development scenarios.”
Click here for the full ASX Release
This article includes content from Patronus 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.
Top 5 Canadian Mining Stocks This Week: Sabre Gold Surges on Minera Alamos Acquisition
Welcome to the Investing News Network's weekly look at the best-performing Canadian mining stocks on the TSX and TSXV, starting with a round-up of Canadian and US data impacting the resource sector.
The S&P/TSX Venture Composite Index (INDEXTSI:JX) fell 2.87 percent on the week to close at 603.95 on Friday (November 1). Meanwhile, the S&P/TSX Composite Index (INDEXTSI:OSPTX) was down 0.82 percent to 24,255.16.
Statistics Canada released its August GDP figures on Thursday (October 31). The data indicated GDP remained flat following a 0.1 percent increase in July. Headline data suggests finance, insurance and public administration sectors were up 0.1 percent while goods-producing sectors fell by 0.4 percent to their lowest since December 2021.
On a more granular level, the resource sector saw a 0.6 percent gain in August, led by 1.5 percent increase in oil and gas. Meanwhile, mining and quarrying posted a 0.7 percent increase, marking a fifth month in a row of gains. Iron ore mining increased 4.7 percent, while there was a 2.8 percent increase in copper, nickel, lead and zinc mining.
South of the border, three key releases this week painted a mixed picture of the US economy before a divisive presidential election on November 5, and the US Federal Open Market Committee's meeting on November 6 and 7.
First, on Wednesday (October 30), the US Bureau of Economic Analysis (BEA) released advanced GDP estimates for Q3. The data shows the pace of economic growth in the US may be slowing, posting a 2.8 percent increase, down from the 3.0 registered in the second quarter of the year. The numbers fell short of analysts’ expectations of 3.1 percent.
This was followed by the BEA’s release of September’s personal consumption expenditures price index data on Thursday. The index is the favored indicator of inflation by the US Federal Reserve in making its rate policy decisions. Data for the month showed a 0.2 percent month-on-month increase and was in line with analysts’ expectations. On a yearly basis the data indicated 2.1 percent growth to inflation, down from 2.6 percent just six months ago.
Lastly, the US Bureau of Labor Statistics released its October employment situation summary on Friday. The data indicates nonfarm payrolls remained virtually unchanged, with just 12,000 jobs added during the month — that's well short of the 110,000 expected by analysts. Unemployment remained at 4.1 percent, with 7 million people unemployed.
The agency notes that while disappointing, the lower figures are likely temporary as it’s the first labor force survey conducted since the dual impacts of hurricanes Helene and Milton. The bureau also said the collection period for October was toward the shorter end of the usual 10 to 16 days and likely had a larger influence on its data.
Gold continued to set new highs, climbing to US$2,787.04 per ounce on Wednesday before falling to US$2,733.88 on Friday at 4:00 p.m. EDT. Silver also remained elevated, trading as high as US$34.41 per ounce on Wednesday before regressing to US$32.44 on Friday. Copper was largely flat, closing at US$4.39 per pound on the COMEX.
More broadly, the S&P GSCI (INDEXSP:SPGSCI) fell 1.27 percent to close at 534.79.
Markets were in decline this week, with the S&P 500 (INDEXSP:INX) shedding 1.8 percent to finish at 5,728.81, and the Nasdaq-100 (INDEXNASDAQ:NDX) declining 2.06 percent to close Friday at 20,033.14. Meanwhile, the Dow Jones Industrial Average (INDEXDJX:.DJI) fell 0.5 percent to reach 42,052.18.
Find out how the five best-performing Canadian mining stocks performed against that backdrop.
1. Wolfden Resources (TSXV:WLF)
Weekly gain: 166.67 percent
Market cap: C$14.83
Share price: C$0.08
Explorer and developer Wolfden Resources is focused on base and precious metals projects in North America.
Up until February of this year, the company was working to advance its Pickett Mountain property in Maine, US. The site hosts a high-grade polymetallic massive sulfide deposit and sits within the Gander Terrane.
However, the company announced on February 15 that its rezoning application for the property was denied by commissioners for the Maine Land Use Planning Commission, despite evidence that weighed in favor of the approval.
While the company has not provided an update on Pickett Mountain, it said on Tuesday (October 29) that it has entered into an option agreement to earn a 75 percent stake in the Rockland Property in the Walker Lane Trend in Nevada, US.
The terms of Wolfden's agreement with Evergold (TSXV:EVER,OTC Pink:EVGUF) state that to earn an initial 51 percent interest it must complete US$1.18 million in exploration expenditures, including a minimum of 1,500 meters of drilling, and make cash payments totaling US$600,000 over three years by March 2028.
Wolfden can boost its stake to 75 percent by completing a prefeasibility study within five to eight years. It also holds first rights of refusal on the final 25 percent interest and royalties that can be purchased.
The 1,054 hectare property hosts a large epithermal gold-silver system with similar characteristics to Hecla Mining’s (NYSE:HL) neighboring Aurora project and has drill permits in place. The company said through due diligence it retrieved four rock and core assay reject samples containing between 1 gram per metric ton (g/t) gold and 10.4 g/t gold.
2. Argenta Silver (TSXV:AGAG)
Weekly gain: 151.61 percent
Market cap: C$62.572
Share price: C$0.39
Formerly Butte Energy, Argenta announced on October 24 that it was changing its name, and would commence trading under the new symbol AGAG. The change comes after the completion of its acquisition of the El Quevar silver project following the takeover of Silex Argentina for total consideration of US$3.5 million.
The 56,709 hectare site hosts the Yaxtche deposit, which holds an indicated resource of 45.3 million ounces of silver with an average grade of 482 g/t from 2.93 million metric tons of ore. Yaxtche also has an inferred resource of 4.1 million ounces of silver with an average grade of 417 g/t from 310,000 metric tons of ore.
The project has seen more than 100,000 meters of historic drilling and comes with permitting in place. The company says the site is home to a 100 worker camp, with power and transportation already in place.
Additionally, the company announced the appointment of Joaquin Marias as vice president of exploration and development. Marias is a geologist and has been active at El Quevar for more than 10 years.
In the announcement, Argenta also said it had completed a non-brokered private placement for gross proceeds of C$15.27 million, as well as an additional C$925,000 in the form of unsecured, non-interest bearing one year term loans.
3. Sabre Gold Mines (TSX:SGLD)
Weekly gain: 76 percent
Market cap: C$18.32
Share price: C$0.22
Sabre Gold Mines is working to advance its Copperstone gold project located in Western Arizona, US. The site consists of 546 unpatented federal mining claims and two state mineral leases across a total area of 13.8 square miles.
According to the company, historic mining at the property between 1987 and 1993 produced 514,000 ounces of gold from 5.6 million metric tons of ore with grades of 2.8 g/t. Further operations between 2012 and 2013 produced an additional 16,900 ounces of gold from 163,000 metric tons of ore with grades of 3.2 g/t.
A resource estimate from February 2023 demonstrates 300,000 ounces of gold in the measured and indicated categories from 1.21 million metric tons of ore with an average grade of 7.74 g/t gold. Additional inferred values stand at 197,000 ounces of gold from 970,000 metric tons with a grade of 6.3 g/t gold.
An August 2023 preliminary economic assessment presents a base-case scenario with after-tax net present value of US$61.8 million, an internal rate of return of 50.5 percent and a payback period of 1.8 years.
Shares of Sabre surged this week after it announced on Monday (October 28) that it has entered into an agreement to be acquired by Minera Alamos (TSXV:MAI,OTCQX:MAIFF).
4. Compass Gold (TSXV:CVB)
Weekly gain: 77.27 percent
Market cap: C$17.83
Share price: C$0.195
Compass Gold is an exploration and development company working to advance its Sikasso property in Mali into a small-scale mining operation. The site consists of a 1,176 square kilometer land package, which the company says makes it the largest ground position in Southern Mali, and hosts four primary gold trends.
To date, the company has completed 44,206 meters of drilling, confirming bedrock mineralization and identifying four areas with open-pit mining potential: Tarabala, Massala West, Farabakoura and Samagouela.
Compass' most recent news came on Monday, when it entered into a joint production agreement to process ore from the Massala prospect at Sikasso at the nearby small mining facility owned by Malian business group SMAT.
The company said it will allow Compass to advance near-term objectives and expedite near-surface gold production with minimal capital investment. The company still needs to apply for a small mining license from the Malian government; this will allow it to produce 160,000 ounces over a four year period. Funds generated from production will allow the company to repay debts and pursue opportunities to expand production at Sikasso.
5. East Africa Metals (TSXV:EAM)
Weekly gain: 31.03 percent
Market cap: C$35.01
Share price: C$0.19
East Africa Metals is a gold explorer and developer focused on its Adyabo and Harvest projects in Ethiopia’s Tigray region. Its principal asset is Adyabo, in which it holds a 30 percent net profit interest; Tibet Huayu Mining (SHA:601020) owns the remaining 70 percent. The 195.2 square kilometer site hosts two mining licenses, Mato Bula and Da Tambuk, that are located in an area known for high-grade gold and copper mineralization.
East Africa Metals also owns a 70 percent share of the Harvest polymetallic project, which hosts the Terakimti mining license, as well as a 30 percent streaming interest in the Magambazi gold mine in the Tanga region of Tanzania.
The company saw gains this week alongside a surging gold price, but did not release news.
FAQs for Canadian mining stocks
What is the difference between the TSX and TSXV?
The TSX, or Toronto Stock Exchange, is used by senior companies with larger market caps, and the TSXV, or TSX Venture Exchange, is used by smaller-cap companies. Companies listed on the TSXV can graduate to the senior exchange.
How many companies are listed on the TSXV?
As of June 2024, there were 1,630 companies listed on the TSXV, 925 of which were mining companies. Comparatively, the TSX was home to 1,806 companies, with 188 of those being mining companies.
Together the TSX and TSXV host around 40 percent of the world’s public mining companies.
How much does it cost to list on the TSXV?
There are a variety of different fees that companies must pay to list on the TSXV, and according to the exchange, they can vary based on the transaction’s nature and complexity. The listing fee alone will most likely cost between C$10,000 to C$70,000. Accounting and auditing fees could rack up between C$25,000 and C$100,000, while legal fees are expected to be over C$75,000 and an underwriters’ commission may hit up to 12 percent.
The exchange lists a handful of other fees and expenses companies can expect, including but not limited to security commission and transfer agency fees, investor relations costs and director and officer liability insurance.
These are all just for the initial listing, of course. There are ongoing expenses once companies are trading, such as sustaining fees and additional listing fees, plus the costs associated with filing regular reports.
How do you trade on the TSXV?
Investors can trade on the TSXV the way they would trade stocks on any exchange. This means they can use a stock broker or an individual investment account to buy and sell shares of TSXV-listed companies during the exchange's trading hours.
Data for this 5 Top Canadian Mining Stocks article was retrieved at 12:00 p.m. EDT on November 1, 2024, using TradingView's stock screener. Only companies trading on the TSX and TSXVwith market capitalizations greater than C$10 million are included. Companies within the non-energy minerals and energy minerals sectors were considered.
Article by Dean Belder; FAQs by Lauren Kelly.
Don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.
Securities Disclosure: I, Lauren Kelly, hold no direct investment interest in any company mentioned in this article.
Top Stories This Week: Gold Futures Break US$2,800, 3 Experts Talk US Election Price Impact
The gold price was on the move once again this week, with December COMEX futures briefly passing US$2,800 per ounce on Wednesday (October 30), another new record for the yellow metal.
Gold had pulled back substantially by Friday (November 1), sitting at the US$2,735 level as of 12:00 p.m. PDT. The decline came despite a weak October US jobs report, which has boosted expectations for an interest rate cut next week.
With many undeniably influencing gold right now, arguably the most immediate is the US election.
As voting day approaches, the Investing News Network (INN) team has been asking experts whether the outcome matters for gold, and the responses have been interesting. Overall the consensus seems to be that while voting day turmoil may boost the yellow metal in the short term, larger forces are at play further ahead.
One point that was repeated many times is that neither Donald Trump nor Kamala Harris seems concerned about the growing level of debt in the US, which is an overarching driver for gold both now and in the future.
Here's how Chris Blasi of Neptune Global explained it:
Up until about eight years ago, maybe it was 10, you'd hear politicians talk about balancing the budget, getting the fiscal and financial house in order. No one even says it anymore — you'd look silly, right?
Gold is driven by the growth in debt and creation of money. They won't even give lip service to it anymore because it seems so outlandish. Now it's just about — the reality is debt will always grow, money will keep being created. That's why inflation is with us. So again, it just goes to in my opinion prove that those drivers that will continue to support the price of gold and continue to propel it are firmly in place, and not only is there no political will, but it's really past the point it could even be done. The economy could not survive with balanced budgets and reducing and paying down debt.
Craig Hemke of TFMetalsReport.com made a similar comment, saying that no matter which party ends up in power, the debt situation makes it key to own gold. This is what he said:
(The debt) is not going to change. It doesn't matter who's president, it doesn't matter which party is in charge of either side of the US Congress. This is going to continue.
And if we are in fact heading into a recession — which I have no doubt that we are, if it hasn't already begun — then your tax revenues are going to plummet, the spending is only going to increase. And that deficit and the total debt you're adding is only going to widen out on an annual basis.
So anyway, I have no idea who's going to win the election, but I think for people that are trying to plan for their financial security, to maintain their purchasing power, to see their way through this storm — whoever wins, you still want to keep buying your gold and buying your silver.
Joe Cavatoni of the World Gold Council took a different approach to the question, saying that investors should look six months down the line to see the election's impact on gold. Here are his comments:
Where the election will have impact (for gold) is on how policies will develop. That tends to show itself up six months or so post an election outcome when policies can be discussed, clarified and potentially start to be implemented. And that's why we think that six months into the election outcome is when you're going to start to see more of an effect on the gold price.
There might be, with the emotion that comes along with this election, there might be some increased levels of volatility, there may be some reaction, people looking to position around things. We might even see that globally in terms of some of the central bank behavior, the investors offshore who are looking at the US — looking at what's going to happen and how they're going to be impacted by the fiscal challenges that the US is facing. But overall you're going to need time to tell exactly how that'll play out as a policy — that'll lead to overall impact on the gold price.
The World Gold Council does make an interesting point in a recent report, noting that on average, US gold bar and coin demand seems to increase during Democratic presidencies, possibly because buyers may be Republican-leaning.
INN's US election coverage
The US election is only a few days out, so it won't be long before we see gold's immediate reaction.
Check out the links below for more on how the election could affect gold, as well as other markets:
- Trump vs. Harris: How Could the US Election Affect the Gold Price?
- Trump Presidency: A Threat to EV Growth and Battery Supply Chain Expansion?
- What Does the US Election Mean for the Future of Cleantech?
- How Will the US Election Affect the Crypto Industry?
- Harris vs. Trump: The 2024 US Election, Drug Prices and Healthcare
Want more YouTube content? Check out our expert market commentary playlist, which features interviews with key figures in the resource space. If there's someone you'd like to see us interview, please send an email to cmcleod@investingnews.com.
And don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.
Pinnacle Silver and Gold: District-Scale Silver-Gold Exploration and Development in the Americas
Pinnacle Silver and Gold (TSXV:PINN) stands out as a promising precious metals explorer with its strategic focus on high-potential projects in North and South America. The company presents a compelling investment opportunity in the precious metals sector as it continues to advance its existing projects and pursue new opportunities, offering investors an attractive entry point into the dynamic world of silver and gold exploration.
The company is strategically positioned to capitalize on the growing demand for these valuable resources driven by several key factors including a robust pipeline of projects at various stages of exploration and development and effective capital management practices.
El Potrero lies within 35 km of four operating mines, including the 4,000 tons-per-day (tpd) Ciénega mine by Fresnillo, Luca Mining’s 1,000 tpd Tahuehueto mine, and the 250 tpd Topia mine owned by Guanajuato Silver. The El Potrero property had undergone small-scale production from 1989 to 1990 and contains a 100 tpd plant that can be refurbished/rebuilt at relatively low cost.
Company Highlights
- Pinnacle Silver and Gold is a Canada-based exploration and development company dedicated to building long-term shareholder value with its silver- and gold-focused assets in North and South America.
- The company has built an asset portfolio entirely within mining-friendly jurisdictions with clear legal requirements and regulations that provide confidence in the future of each project.
- Both the Argosy Gold Mine and North Birch Project are located in the Red Lake District in Northwestern Ontario, a region famous for gold production.
- The company's expansion to Mexico, through a recent agreement, gives it access to the prolific and resource-rich Sierra Madre Trend and further diversifies its portfolio of high-grade assets.
- The company is led by an impressive management team with decades of experience managing mining companies that operate in the Americas.
This Pinnacle Silver and Gold profile is part of a paid investor education campaign.*
Click here to connect with Pinnacle Silver and Gold (TSXV:PINN) to receive an Investor Presentation
Mawson Finland: Gold, Cobalt Exploration in Lapland Region, Northern Finland
Mawson Finland (TSXV:MFL) is a mining development company focused on gold-cobalt in northern Finland advancing its the Rajapalot gold-cobalt project in the Lapland region. Driven by a highly experienced local management and technical team, and supported by a strong Finnish investor ownership, the company is poised to become a key player in the gold-cobalt market.
Mawson Finland's Rajapalot project spans 18,000 hectares and boasts an inferred resource of 9.8 Mt consisting of 867,000 oz gold at 2.8 g/t and 4,311 tonnes of cobalt at 441 parts per million (ppm). A completed preliminary economic assessment (PEA) estimated a net present value (NPV) of US$211 million and a 27 percent internal rate of return (IRR) based on US$1,700 gold price, with significant upside from greenfield exploration.
The Rajapalot gold-cobalt project is the company's cornerstone asset. Covering approximately 18,000 hectares, Rajapalot is distinguished by its significant gold and cobalt mineralization, making it one of the notable dual-commodity projects in Europe.
Company Highlights
- Mawson Finland is a newly listed exploration company focused on advancing its gold-cobalt project in the Lapland Region of Finland, a tier 1 mining jurisdiction.
- The project hosts multiple high-grade zones, which have been the focus of extensive exploration activities.
- The completed PEA on Rajapalot has an inferred resource of 9.78 million tonnes containing 867,000 ounces of gold and 4,311 tonnes of cobalt with grades of 2.8 g/t and 441 ppm, respectively. Additionally, the PEA includes an NPV (5 percent) of US$ 211 million with a 27 percent IRR.
- Cobalt, a key by-product of the Rajapalot project, is crucial for the manufacturing of electric vehicle (EV) batteries and renewable energy storage solutions.
This Mawson Finland's profile is part of a paid investor education campaign.*
Click here to connect with Mawson Finland (TSXV:MFL) to receive an Investor Presentation
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