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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
Overview
Antilles Gold (ASX:AAU, OTCQB:ANTMF) is an Australian mining company focused on gold and copper projects in Cuba through joint ventures with the Cuban Government’s mining company, GeoMinera.
With a change in the US‐Cuba relations, Cuba is becoming a destination for miners. To encourage foreign investments in its mining sector, the Cuban Government has instituted attractive investment laws and realistic mining and environmental regulations. The country also offers investment incentives, including a waiver of 15 percent income tax for eight years, no import duties, and no withholding tax on foreign services or dividends. Royalties on metal sales are fixed at an industry standard of 3 percent.
Additionally, the Cuban Government allows JV loans and sales proceeds to be deposited in a foreign bank account for disbursement directly to creditors, effectively eliminating country credit risk.
Several international companies have established operations in Cuba, including Toronto‐based mining giant Sherritt International and Australian oil & gas company Melbana Energy. Commodities trading company Trafigura also has a major presence in Cuba, commissioning the US$300‐million Castellanos base metals mine in 2017, which was developed in a joint venture with GeoMinera.
Antilles Gold’s partnership and excellent relations with GeoMinera 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, El Pilar porphyry system and Sierra Maestra copper concessions.
The Nueva Sabana is a near‐term, gold‐copper mine development within a 50:50 JV with GeoMinera, and is expected to initially produce around 55 grams per tonne (g/t) gold in a concentrate from a high‐grade gold cap followed by ~25 percent copper concentrate. Project development strategy includes finalizing the mineral resource estimate (MRE) in January 2024, completing the feasibility study by April 2024, and beginning the 10‐month construction program in June 2024. The project is expected to generate strong cash flow from mid‐2025.
The second proposed mine development is La Demajagua open-pit mine, which is likely to produce ~50,000 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 2024, with commissioning in mid‐2026. La Demajagua will also include the construction of a commercial concentrate processing facility to treat La Demajagua’s gold arsenopyrite concentrate and imported gold pyrite concentrate, with the capacity to produce 100,000 oz gold per year in dore, which will further increase JV profit and cashflow.
The company’s two exploration projects comprise the 17,800‐hectare El Pilar Concession in Central Cuba covering a cluster of three copper‐gold porphyry deposits (El Pilar, Gaspar and San Nicholas), and three concessions totaling 54,000 hectares within the producing Sierra Maestra copper belt in Southeast Cuba, with indications of porphyry deposits highly prospective for copper, gold and molybdenum.
Antilles aims to recommence drilling of the El Pilar porphyry system in mid‐2024 after its concession has been transferred to a new JV with GeoMinera. Importantly, there is a likelihood for Antilles to become the majority owner of the new JV, which would permit the future transfer of a controlling interest to a major mining group for any mine development.
Antilles intends to invest part of the expected 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 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 joint ventures with the Cuban government’s mining company GeoMinera. The relationship with GeoMinera opens new development opportunities for Antilles and de-risks permitting processes.
- The company 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) Sierra Maestra copper concessions. Of these, Nueva Sabana and La Demajagua offer near‐term development opportunities.
- The Nueva Sabana is a near‐term gold‐copper mine development project with a 10‐month construction beginning in June 2024. The project is expected to generate strong cash flow from concentrate sales from mid‐2025.
- The second mine development project is La Demajagua, an open-pit mine gold project where construction will commence in late 2024 and commissioning begins mid‐2026. The project includes the construction of a commercial concentrate processing facility capable of producing 100,000 oz of gold per year in dore. This project will also produce approximately 10,000 tons per annum (tpa) of antimony‐gold concentrate (30,000 oz gold equivalent per year).
- The company’s two exploration projects include the El Pilar copper‐gold porphyry system and three concessions in the Sierra Maestra copper belt.
- Investment in Cuba offers several benefits, including richness in minerals, lower operating costs and royalties, stable government and regulations, several investment incentives and the availability of a skilled workforce.
Key Projects
Nueva Sabana Project
Nueva Sabana is the company’s near‐term, gold‐copper mine development project. The project is held in a 50:50 JV with the Cuban Government’s mining company GeoMinera. It will be an open-pit mine developed on the El Pilar oxide deposit in central Cuba.
Results from 24,000 metres of historical drilling results, 1,800 metres drilled in 2022, and the 10,000 metres drilled in 2023 will be used to establish a mineral resource estimate (MRE) in January 2024. A feasibility study for the proposed development of the oxide deposit will follow soon after that, and the 10‐month construction phase is expected to begin in June 2024.
Recent drilling has shown outstanding grades for gold and copper, and increasing lateral and vertical boundaries of the copper domain. The results reinforce the prospect of near‐term development of the low‐capex Nueva Sabana mine at El Pilar. The outstanding grades in the gold domain extend from the surface to a depth of 40 to 50 metres, and robust grades in the underlying copper domain continue for a further 50 to 70 metres.
The proposed mining rate for the project will be 650,000 tpa of ore with a low waste‐to‐ore ratio. The anticipated initial production of 55 g/t gold concentrate will be followed by ~25 percent copper concentrate.
The estimated project cost is approximately $23 million, of which $3 million is shareholders equity with the balance of $20 million funded through an advance on purchases of the gold concentrate 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.
Concentrator to be supplied for Nueva Sabana mine by Chinese Engineering Group ProMiner
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 covers 900 hectares of 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 results 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 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 commercial concentrate processing facility to produce gold dore. The facility will comprise a 75,000‐tpa two‐stage fluidized‐bed roaster and a 100,000‐tpa carbon-in-leach (CIL) circuit. It is expected to process 50,000 tpa gold arsenopyrite concentrate, and 35,000 tpa gold oxide ore from La Demajagua, and 25,000 tpa of imported gold pyrite concentrate. The overall production target is 100,000 oz gold per year in dore for overseas refining. Chinese engineering firm BGRIMM Technology Group, which has extensive experience in designing and constructing roasters, is expected to supply the turnkey process plant.
Total mine development cost is estimated at US$145 million, which will be funded by US$60 million in equity, which includes contribution by a third shareholder in the project, and the balance of US$85 million in debt. The life‐of‐mine cash surplus is estimated at ~US$600 million, with an NPV of about US$330 million based on US$1,800/oz gold, and US$13,000/t antimony.
Completion of the definitive feasibility study is expected in September 2024, and construction is anticipated to commence in late 2024, with commissioning targeted for mid‐2026.
El Pilar Copper‐Gold Porphyry System Project
El Pilar is an exploration project with a cluster of three copper‐gold porphyry deposits: El Pilar, Gaspar and Camilo. The project comprises 752 hectares of exploration licenses and 17,000 hectares of reconnaissance permits. The project will be transferred to a planned new joint venture, which is expected to permit majority foreign ownership.
The project site benefits from established infrastructure with 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 potentially a 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 six‐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.
An extensive two‐year drilling program will be conducted from mid‐2024 and the company notes it may seek financial support for the program from a major mining company.
Surface mineralisation at El Pilar
Sierra Maestra Copper Belt Project
The project is an exploration project covering three 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, a 49,000‐hectare reconnaissance license in Vega Grande, and a 1,100‐hectare reconnaissance license in Buey Cabon.
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 three concessions, commencing in Q1 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.
*This article was written in collaboration with Couloir Capital.
Arbitration Award for Antilles Gold’s Subsidiary
Antilles Gold Limited (“Antilles Gold” or the “Company”) (ASX: AAU, OTCQB: ANTMF) advises that an Award has been issued by the Tribunal of the International Centre for Settlement of Investment Disputes (“ICSID”) which conducted Arbitration proceedings to determine several Claims by wholly owned subsidiary, EnviroGold (Las Lagunas) Limited (“EVGLL”), against the Government of the Dominican Republic (‘the Government”, or “the State”).
The Claims relate to the Las Lagunas Gold Tailings Project which involved EVGLL recovering approximately 5.0 million tonnes of 3.5g/t gold tailings stored in a dam at Las Lagunas in the Dominican Republic, which originated from the adjacent Pueblo Viejo mine, and then oxidising the toxic sulphide tailings before producing a gold dore for refining overseas, and the sale of bullion.
The Project operated from July 2012 to December 2019, and was carried out under the terms of a Contract between EVGLL and the State dated 28 April 2004.
ICSID, which is based in Washington DC, and is a Unit of the World Bank, has been conducting the Arbitration through a three-member Tribunal established on 5 August 2020. The Award was issued on 24 April 2024, and received by EVGLL on 25 April 2024 following a final hearing in early June 2023.
EVGLL has been awarded US$4,070,283.85 (~A$ 6,308,940 at an exchange rate of A$1:00 = US$0.65) including interest to 24 April 2024. Simple interest continues to accrue at 7.3% pa.
The attached “Review Of Arbitration Award” details the Claims made, and the reasons for certain adverse decisions by the Tribunal which are perplexing, and in the Company’s view, unreasonable.
The result is disappointing, and is primarily as a result of the Tribunal rejecting EVGLL’s principal Claim of US$15.5 million for additional costs, and reduced gold production that resulted from the State’s failure to meet its contractual obligation to provide a site for the construction of a tailings storage facility into which reprocessed tailings could be deposited.
As a consequence, the reprocessed tailings had to be redeposited back into the Las Lagunas Dam behind substantial rock retaining walls at a considerable cost.
The Tribunal found that EVGLL had preferred to redeposit the reprocessed tailings back into the Las Lagunas Dam, and despite acknowledging the State’s breach of contract, ruled that EVGLL had effectively waived the State’s obligation to provide a site for the construction of a new dam.
In the opinion of the two Executive Directors of EVGLL involved in the Project, the Tribunal failed to take into account, or believe, their sworn Witness Statements, and oral testimony which reinforced EVGLL’s rights, and commitment to build a new tailings dam had the site been provided by the State.
A positive element of the Award was the Tribunal ordering the State to compensate EVGLL for the State’s breach of EVGLL’s entitlement to a special compensatory and fiscal regime, and to lift illegal garnishments that have prevented EGVLL from selling plant and equipment stored at Las Lagunas since October 2019, and to not reimpose them.
This will allow EVGLL to sell approximately A$3.0 million to A$4.0 million of surplus assets. While the State was directed to reimburse EVGLL for the Jurisdictional Phase of the Arbitration settled in EVGLL’s favour on 31 March 2022, the Award in relation to legal costs for the Merits
Phase of the Arbitration is based on EVGLL having to pay for 86% of the total of both parties legal costs, after winning only 14% of the total amount of its Claims. EVGLL will reimburse the State ~US$1,500,000 of its legal costs, plus simple interest accruing at 7.3%pa.
The A$6.3 million awarded to EVGLL is expected to be received in the near term, and will assist the Antilles Gold Group to fund the outstanding US$2.0 million of its farm-in to a 50% shareholding in Cuban joint venture company, Minera La Victoria, and the development of its first project, the Nueva Sabana gold-copper mine.
The Chairman of Antilles Gold, Mr Brian Johnson, commented that“the Tribunals’ reasons for rejecting the main Claim are difficult to comprehend, but there is no right of appeal. The Company would not have expended so much time and money on arbitration of this Claim if the Board, and its legal advisors had not thought it to be both genuine, and justified.
EVGLL will collect its entitlement to A$6.3M, and the Group will move on with its projects in Cuba.”
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.
Lodgement of Bidder’s Statement
Brightstar Resources Limited (ACN 100 727 491) (ASX:BTR) (Company or Brightstar) is pleased to announce it has today lodged with ASIC and sent to Linden Gold Alliance Limited (ACN 643 313 722) (Linden) a bidder’s statement (Bidder’s Statement) in relation to its off-market takeover for all of the fully paid ordinary shares and options on issue in Linden (Takeover Offer). A copy of the Bidder’s Statement is attached.
The Takeover Offer will open on 29 April 2024 and is scheduled to close at 5.00pm (Perth time) on 30 May 2024 unless extended in accordance with the Corporations Act 2001 (Cth).
The Takeover Offer is subject to a number of conditions as set out in the Bidder’s Statement. These include a 90% minimum acceptance condition, so as to ensure the merger will only proceed if Brightstar becomes entitled to acquire all of Linden’s issued securities.
This ASX announcement has been approved by the Managing Director on behalf of the board of Brightstar.
Click here for the full ASX Release
This article includes content from Brightstar 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.
P2 Gold Increases Inferred Resources at Gabbs by 69%
P2 Gold Inc. ("P2" or the "Company") (TSXV: PGLD) (OTCQB: PGLDF) reports the completion of the April 2024 Updated Mineral Resource Estimate ("2024 MRE") for its wholly-owned Gabbs Project located on the Walker-Lane Trend in Nevada. The 2024 MRE was prepared by P&E Mining Consultants Inc. ("P&E") in accordance with National Instrument 43-101, Standards of Disclosure for Mineral Projects ("NI 43-101").
"As part of the 2024 Preliminary Economic Assessment underway for the Gabbs Project, we have updated the operating costs for both heap leach and mill processing," commented Joe Ovsenek, President and CEO of P2. "These operating costs have been used to update the pit-constrained Mineral Resource for the Gabbs Project. We now have substantially more mineralized material above the cut-off grades for the heap leach and mill. The known zones of mineralization at Gabbs all outcrop and remain open along strike and at depth, with excellent potential for non-outcropping zones of mineralization."
Gabbs Project 2024 Mineral Resource Estimate
The 2024 MRE was prepared by P&E based on four diamond drill holes and 27 reverse circulation drill holes completed by the Company in 2021 and 2022 and 494 drill holes completed by prior Gabbs Project operators between 1970 and 2011.
The main difference between the 2024 MRE and the June 2023 Mineral Resource Estimate (see news release dated September 11, 2023) is the decrease in the oxide cut-off grade to 0.27 g/t gold equivalent from 0.28 g/t gold equivalent and a decrease in the sulphide cut-off grade to 0.36 g/t gold equivalent from 0.44 g/t gold equivalent. As a result, both oxide and sulphide Mineral Resources have increased.
Table 1: 2024 Gabbs Project Pit Constrained Mineral Resource Estimate(1)(2)(3)(4)
Mineral |
| Gold Grade | Silver Grade | Copper |
|
|
| Gold Eq. Grade |
|
Indicated | 49.8 | 0.45 | 1.36 | 0.27 | 0.72 | 2.17 | 297.0 | 0.73 | 1.16 |
Inferred | 112.2 | 0.35 | 0.84 | 0.23 | 1.28 | 3.04 | 567.1 | 0.63 | 2.29 |
(1) | Mineral Resources which are not Mineral Reserves do not have demonstrated economic viability. The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, sociopolitical, marketing, or other relevant issues. |
(2) | The Inferred Mineral Resource in this estimate has a lower level of confidence than that applied to an Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of the Inferred Mineral Resource could be upgraded to an Indicated Mineral Resource with continued exploration. |
(3) | The Mineral Resources in this press release were estimated using the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), Standards on Mineral Resources and Reserves, Definitions (2014) and Best Practices (2019) prepared by the CIM Standing Committee on Reserve Definitions and adopted by CIM Council. |
(4) | The Mineral Resource Estimate was prepared for a potential open pit scenario using a constraining pit shell (with 50 degree slopes) at respective 0.27 g/t and 0.36 g/t oxide and sulphide gold equivalent cut-off grades. The gold equivalent cut-off grades were derived from US$1,838/oz gold, US$3.96/lb copper, US$1.60/tonne mining cost, and US$11.40 and $19.60/tonne respective oxide and sulphide processing costs; US$1.00/tonne G&A cost, 78.3% and 95.2% respective Au oxide and sulphide process recoveries; and 48% and 78% respective Cu oxide and sulphide process recoveries. |
(5) | Silver not included in gold equivalent calculation. |
Oxide Mineral Resources at Gabbs consist of Indicated Mineral Resources of 760,000 ounces of gold equivalent (33.7 million tonnes grading 0.46 g/t gold, 1.43 g/t silver and 0.26% copper) and Inferred Mineral Resources of 1,040,000 ounces of gold equivalent (52.0 million tonnes grading 0.39 g/t gold, 0.81 g/t silver and 0.21% copper). See Table 2 below for a breakdown of the oxide and sulphide Mineral Resources.
Table 2: 2024 Gabbs Project Pit Constrained Mineral Resource Estimate by Rock Group(1)(2)
|
| Gold Grade | Silver Grade | Copper Grade |
|
|
| Gold Eq. Grade | Gold Eq. |
Oxide | 33.7 | 0.46 | 1.43 | 0.26 | 0.50 | 1.55 | 196.6 | 0.70 | 0.76 |
Oxide | 52.0 | 0.39 | 0.81 | 0.21 | 0.66 | 1.36 | 243.8 | 0.62 | 1.04 |
Sulphide | 16.1 | 0.43 | 1.21 | 0.28 | 0.22 | 0.62 | 100.4 | 0.77 | 0.40 |
Sulphide | 60.2 | 0.32 | 0.87 | 0.24 | 0.62 | 1.68 | 323.3 | 0.65 | 1.25 |
(1) | See Notes 1 to 4 to Table 1 above. |
(2) | Tables may differ and not sum due to rounding. |
Qualified persons
The 2024 MRE was prepared under the supervision of Eugene Puritch, P.Eng., FEC, CET of P&E Mining Consultants Inc., who is an Independent Qualified Person, as defined by NI 43-101. Mr. Puritch has reviewed and approved the technical contents of this news release relating to the 2024 MRE.
Ken McNaughton, M.A.Sc., P.Eng., Chief Exploration Officer, P2 Gold, is the Qualified Person, as defined by NI 43-101, responsible for the Gabbs Project. Mr. McNaughton has reviewed, verified, and approved the scientific and technical information in this news release.
About P2 Gold Inc.P2 Gold is a mineral exploration and development company focused on advancing precious metals and copper discoveries and acquisitions in the western United States and British Columbia.
Neither the TSX Venture Exchange (the "Exchange") nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward Looking Information
This press release contains "forward-looking information" within the meaning of applicable securities laws that is intended to be covered by the safe harbours created by those laws. "Forward-looking information" includes statements that use forward-looking terminology such as "may", "will", "expect", "anticipate", "believe", "continue", "potential" or the negative thereof or other variations thereof or comparable terminology. Such forward-looking information includes, without limitation, information with respect to the Company's expectations, strategies and plans for the Gabbs Project including the Company's planned expenditures and exploration activities.
Forward-looking information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management at the date the statements are made. Furthermore, such forward-looking information involves a variety of known and unknown risks, uncertainties and other factors which may cause the actual plans, intentions, activities, results, performance or achievements of the Company to be materially different from any future plans, intentions, activities, results, performance or achievements expressed or implied by such forward-looking information. See "Risk Factors" in the Company's annual information form for the year ended December 31, 2023, dated March 21, 2024 filed on SEDAR+ at www.sedarplus.ca for a discussion of these risks.
The Company cautions that there can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, investors should not place undue reliance on forward-looking information.
Except as required by law, the Company does not assume any obligation to release publicly any revisions to forward-looking information contained in this press release to reflect events or circumstances after the date hereof.
Norfolk Metals
Overview
Norfolk Metals (ASX:NFL) is an ASX-listed exploration company focused on its uranium in South Australia and Argentina. The company’s flagship property is the Orroroo uranium project in South Australia. It also holds a gold-copper project, the Roger River Property in Tasmania. Norfolk Metals is currently focused on advancing its uranium project and evaluating uranium assets for acquisition. In April 2024, the company announced it is acquiring the Las Altares uranium project in Argentina, through an exclusivity agreement with Green Shift Commodities.
Uranium prices have been on an upward trajectory since 2023, with prices rising from less than $50/lb to over $100/lb in 2024. The prices are currently hovering around $90/lb and could increase further, driven by a supply deficit. Kazatomprom, the world's largest uranium miner, announced in February 2024 that it is reducing uranium production. The company said production levels at its operations in Kazakhstan are anticipated to remain 20 percent lower, chiefly attributed to the sulfuric acid shortage prevailing in the country. Cameco, the world’s largest publicly traded uranium supplier, has provided a 2024 production guidance which is also not very bullish.
While the supply remains challenging, the demand continues to ramp up. The surge in uranium demand has been predominantly fueled by heightened utility contracting, a trend that offers robust support and sustainability to elevated price levels. The World Nuclear Association’s Nuclear Fuel Report indicates that global nuclear reactor demands are projected to almost double by 2040, rising from 65,650 tU in 2023 to 130,000 tU in 2040. According to Sprott, utilities have nearly 1.5 billion pounds of uncovered uranium requirements through 2040, compared to current annual production of around 150 Mlbs. Further, substantial underinvestment in new mining projects has exacerbated an already constrained supply side, leading to prolonged strain in the years ahead.
The uranium market appears to remain firmly in an uptrend driven by rising demand and constrained supply. Elevated prices also enhance the prospects for junior miners to progress their projects and potentially secure future supply agreements with utilities.
Norfolk Metals boasts uranium assets in a tier-1 mining jurisdiction of South Australia. The recent maiden drill program at the Orroroo project intersected a uranium-bearing floodplain, boosting confidence in the potential of the project.
Norfolk continues to review complementary projects with plans to expand its uranium project suite. In 2024, the company signed an exclusivity agreement with Green Shift Commodities (TSXV:GCOM) to acquire Las Alteras uranium project in Argentina. Las Alteras is surrounded by non-JORC foreign estimates at URAmerica’s Meseta Central deposit (19.1 Mlbs U308), CNEA’s Cerro Solo deposit (11.49 Mlbs U308), ISO Energy’s Laguna Salada deposit (10.1 Mlbs U308), along with the Cerro Condor and Los Adobes historical uranium mines.
Company Highlights
- Norfolk Metals is an ASX-listed uranium-focused explorer with assets located in South Australia (Orroroo uranium project), Argentina (Las Alteras uranium project) and Tasmania (Roger River gold/copper project).
- The primary focus is on advancing the Orroroo uranium project located in the Walloway Basin in South Australia. Orroroo comprises three granted exploration licenses, which together cover 723 square kilometres. of contiguous tenements. The land holding is divided into three project areas named Orroroo, Johnburgh and Black Rock.
- Orroroo has geological similarities to well-endowed South Australian uranium producers such as Boss Energy’s Honeymoon Uranium project and Heathgate Resources’ Four Mile mine.
- Norfolk completed a maiden drill program at Orroroo which delineated uranium in 10 of the 17 holes with grades reaching as high as 796 ppm. The maiden drill program also identified a uranium-bearing floodplain 50 meters south of the Wongway Creek Target.
- In Argentina, Norfolk has signed an exclusivity agreement with Green Shift Commodities to acquire Las Alteres uranium project, a project surrounded by multiple uranium deposits and historical mines in every direction including the Cerro Solo government owned deposit
- The Roger River Project comprises two granted exploration licenses, which together cover 261 square kilometers, located in Tasmania. The project is prospective for gold and copper.
- Norfolk is evaluating other projects for acquisition, which includes complementary projects to the South Australian uranium project suite.
- Uranium prices are likely to remain firm on the back of supply deficit. Kazakhstan, the world’s largest uranium supplier, has warned of lower production in 2024, while demand continues to remain high as governments around the world embrace nuclear power to reduce reliance on fossil fuels.
Key Projects
Orroroo Uranium Project
The Orroroo uranium project consists of three exploration licenses - EL6552, EL6814, and EL6948 - spanning a total of 723 square kilometers, situated roughly 274 kilometers northwest of Adelaide, South Australia. The large land holding is divided into three project areas named Orroroo, Johnburgh and Black Rock.
Orroroo lies within the Walloway Basin, an underexplored uranium region characterized by sediments of similar age to those found in the nearby Frome Embayment, where Boss Energy’s Honeymoon project is located.
Norfolk Metals completed a two-phase drilling program at Orroroo Project (EL6552), identifying uranium in 10 of 17 holes with grades reaching as high as 796 parts per million (ppm). Phase 2 of the drill program also identified a uranium-bearing floodplain 50 meters south of the Wongway Creek Target. The confirmation of uranium-bearing floodplain deposits upstream of Wongway Creek has strengthened confidence in the paleochannel model. Crucial drill holes, including ORMR015A and ORMR017, have offered valuable insights into floodplain features and the identification of kaolinitic clay marker beds, crucial for unraveling the basin’s geological evolution.
Drill samples from ORMR015A showing the kaolonitic clay marker unit from 121-130 metres and floodplain silt from 130-137 metres.
ORMR015A intersected what seems to be a floodplain dominated by silt, with minor gravel and two elevated gamma anomalies indicating uranium at both the top and bottom of this unit. In ORMR017, there was a heightened gamma response at approximately 132 meters depth, aligning with the top of the floodplain identified in ORMR015A. This suggests that the paleochannel may be situated just meters away from the target. Additionally, the detection of a mustard-colored limonite-rich fluid in certain drilling locations suggests potential uranium sources.
The identification of paleochannels offers geologists precise targets for uranium exploration. By mapping geological characteristics and comprehending past river systems, exploration endeavors can be concentrated on regions with an increased probability of harboring uranium deposits.
The maiden drill program has further substantiated Orroroo as a potential emerging uranium district within the renowned Walloway Basin in South Australia. Norfolk is moving forward on the future planning and approvals for Orroroo with a focus on the uranium-bearing floodplains intersected near the Wongway Creek target.
In 2024, Norfolk will begin operations on exploration permit EL6814, which is adjacent to the north and south of EL6552. The initial activities on EL6814 will be planned based on the findings and analysis from the inaugural drilling program at EL6552.
The company remains optimistic about the potential of the Walloway Basin beyond EL6552 (Orroroo project), particularly in areas such as the northern region (Johnburgh Project) and the southern region (Black Rock Project), where significant portions have yet to undergo geophysical surveys or drilling operations.
Las Alteras Uranium Project
Through an exclusivity agreement with Green Shift Commodities (GCOM) Norfolk has rights to 22 claims totaling 60,396 hectares comprising the Las Alteras uranium project to the west and east of the 11.49M lbs (Reasonably Assured Resource) Cerro Solo uranium deposit.
Las Alteras is surrounded by UrAmerica’s Meseta Central deposit (19.1 Mlbs eU308), CNEA’s Cerre Solo deposit (11.49M lbs U308), and ISO Energy’s Laguna Salada deposit (10.1 Mlbs U308). The project is also close to two historical mines, Cerro Condor and Los Adobes.
Norfolk plans to complete a due diligence on the project and pursue completion of the acquisition of the property from Green Shift Commodities.
Roger River Project
The Roger River Project comprises two granted exploration licenses encompassing a total area of 261 square kilometres. Positioned 410 kilometres northwest of Hobart, Tasmania, the project is deemed prospective for gold and copper.
During 2023, Norfolk continued its exploration program to obtain a better understanding of the copper and gold mineralization to guide the next exploration phase and potential drilling. The exploration work included a soil sampling program. The soil program entailed the collection of new surface samples and the re-analyses of selected historical soil samples over the White Water and A2 prospects which were submitted for Cu analysis.
Fresh surface samples were gathered on a grid measuring 200 by 100 meters around A2, totaling 98 samples. This sampling covered an area of roughly 1.2 kilometers by 1.5 kilometers along the interpreted splay from the Roger River Fault. The findings reveal a persistent copper anomaly surrounding the A4 and A5 prospects, situated along the interpreted fault splay originating from the Roger River Fault.
The historical samples re-analyzed revealed a continuous copper anomaly around the A4 and A5 prospects located along the interpreted fault splay from the Roger River Fault.
Management Team
Ben Phillips – Executive Chairman
Ben Phillips brings over 15 years of experience in commercial negotiations across diverse industries, including oil and gas, resources, medical technology, software-as-a-service and defense. He guides departments spanning from R&D and exploration to production, commercialization, and sales. Previously, Phillips served as a non-executive director at Bronson Group (ASX:BGR) and later at Mandrake Resources (ASX:MAN). In his current role as a corporate executive at Ironside, he focuses on sourcing, structuring, funding and managing requirements for small-cap companies, both private and public. Phillips has been with Ironside Capital since its inception, previously serving at Merchant Corporate Finance.
Leo Pilapil – Non-Executive Technical Director
Leo Pilapil has over 30 years of experience as a geoscientist. Throughout his career, he has held director positions at numerous junior companies across Australia, Africa and Turkey. In these roles, he has been primarily responsible for technical project evaluations, project acquisitions, project management and business development. Pilapil's notable achievements include the discovery of the Harlequin Gold Deposit (1 Moz) under salt lake conditions in Norseman, Western Australia. Additionally, he has played a key role in the extension and discovery of several ore deposits in Australia, Africa and Turkey. Pilapil has served as a geological consultant for numerous companies across the globe, including Aditya Birla in Australia, Alacer Gold Corporation in Turkey, African Uranium in Namibia, and NIKKI Lao in Lao PDR.
Patrick Holywell – Non-Executive Director
Patrick Holywell possesses over 15 years of expertise in accounting, finance and corporate governance, having worked at Deloitte and Patersons (now Canaccord Genuity). He is a chartered accountant and a fellow of the Governance Institute of Australia. Over the past decade, Holywell has primarily focused on director and company secretarial roles within the resources and technology sectors. His recent engagements include positions at De Grey Mining, Si6 Metals, and Pentanet.Rio Silver: Leveraging 25 Years of Mining Experience in Peru
Rio Silver (TSXV:RYO) focuses on the acquisition, exploration and development of precious metals deposits in South America. The company is currently advancing its 100 percent-owned Niñobamba silver-gold project in Peru. The The 3,933-hectare Niñobamba property is a drill-ready project located in the Department of Ayacucho about 330 kilometers southeast of Lima.
To date, Rio Silver and other historical operators have completed US$10 million in exploration expenditure on the Niñobamba property. The company has low overhead expenditure and strong alliances in Peru that are helping it achieve new initiatives for enhanced sustainability.
In 2016, Rio Silver consolidated its property by acquiring the surrounding 2,200 hectares of adjoining land from Newmont Mining and Southern Peru Copper. These included the Jorimina zone, which is located about 6.5 kilometers west of the Niñobamba and is believed to be part of the same high-sulfidation silver-gold system identified in the main Niñobamba zones.
Company Highlights
- Rio Silver owns six mineral concessions covering 4,100 hectares of wholly-owned land in a historic Peruvian mining district.
- The property was historically surrounded by big-name miners (Newmont, Southern Peru Copper) and is now wholly owned by Rio Silver.
- Experienced management team with more than two decades of mining experience in Peru.
- Extensive trenching completed at the Niñobamba zone.
- The management team holds a 29 percent stake in the company.
- US$10 million in exploration expenditure completed to date by Rio and historical operators.
- All the historical data has been collected from previous owners.
- Historical drilling on the Niñobamba property intersected 130 meters of 2.55 oz/t silver and 72.3 meters of 1.19 g/t gold.
- New gold zone identified including 56 meters at 98.9 g/t silver and 21.77 meters at 1.32 g/t gold, 102.46 g/t silver.
This Rio Silver profile is part of a paid investor education campaign.*
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Quarterly Activities Report for the Period Ended 31 March 2024
Warriedar Resources Limited (ASX: WA8) (Warriedar or the Company) is pleased to report on its activities for the quarter ended 31 March 2024.
HIGHLIGHTS
Golden Range and Fields Find Projects, Western Australia
- Drilling activities for CY2024 commenced at the Golden Range Project with a reverse circulation (RC) program at the Ricciardo deposit, twenty-one (21) holes drilled for 3,500m drilling.
- Ricciardo sits in the middle of the 25km-long ‘Golden Corridor’ at Golden Range, which hosts six discrete deposits (18 historic pits) that are all open at depth and possess immediate growth potential.
- Assay results from three (3) holes drilled in December and eighteen (18) holes drilled in February were received during the quarter, with all holes returning significant gold mineralisation. Results include:
- 32m @ 3.59 g/t Au from 148m, incl. 1m @ 10.85 g/t Au from 151m
- 8m @ 11.40 g/t Au from 166m, incl. 3m @ 22.38 g/t Au from 167m
- 3m @ 5.61 g/t Au from 114m, incl. 1m @ 11.20 g/t Au from 114m
- 11m @ 3.43 g/t Au from 149m
- 6m @ 4.69 g/t Au from 142m
- 8m @ 2.63 g/t Au from 160m
- 9m @ 1.97 g/t Au from 201m
- 20m @ 1.03 g/t Au from 177m
- 14m @ 1.15 g/t Au from 114m
- Results demonstrate the excellent potential for further Resource growth along the ‘Golden Corridor’, below and between historic open pits.
- Assay results from a further three (3) holes drilled beneath the Ardmore pit are pending, with results anticipated this month.
- Further growth-focused drilling along the ‘Golden Corridor’ is planned for Q2 CY2024.
- Proposed Plan of Operation (PoO) application continues to progress.
Corporate
- Resignation of Non-Executive Director Mr Mingyan (Joe) Wang.
- Successful bookbuild for A$6.0 million two-tranche equity placement, with binding commitments received from new and existing shareholders.
- Cash of A$4.8 million as at 31 March 2024 and zero debt (excluding typical trade creditor balances).
Western Australian Projects
The Golden Range and Fields Find Projects (the Projects) are located approximately 350 km northeast of Perth and 260 km east-southeast of Geraldton (Figure 1). The total consolidated land package of the Projects is 813 km2, extending for over 70 km of strike from north to south and covering much of the central Yalgoo-Singleton and Warriedar Archean greenstone belts.
Click here for the full ASX Release
This article includes content from Warriedar 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.
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