- AustraliaNorth AmericaWorld
Investing News NetworkYour trusted source for investing success
- Lithium Outlook
- Oil and Gas Outlook
- Gold Outlook Report
- Uranium Outlook
- Rare Earths Outlook
- All Outlook Reports
- Top Generative AI Stocks
- Top EV Stocks
- Biggest AI Companies
- Biggest Blockchain Stocks
- Biggest Cryptocurrency-mining Stocks
- Biggest Cybersecurity Companies
- Biggest Robotics Companies
- Biggest Social Media Companies
- Biggest Technology ETFs
- Artificial Intellgience ETFs
- Robotics ETFs
- Canadian Cryptocurrency ETFs
- Artificial Intelligence Outlook
- EV Outlook
- Cleantech Outlook
- Crypto Outlook
- Tech Outlook
- All Market Outlook Reports
- Cannabis Weekly Round-Up
- Top Alzheimer's Treatment Stocks
- Top Biotech Stocks
- Top Plant-based Food Stocks
- Biggest Cannabis Stocks
- Biggest Pharma Stocks
- Longevity Stocks to Watch
- Psychedelics Stocks to Watch
- Top Cobalt Stocks
- Small Biotech ETFs to Watch
- Top Life Science ETFs
- Biggest Pharmaceutical ETFs
- Life Science Outlook
- Biotech Outlook
- Cannabis Outlook
- Pharma Outlook
- Psychedelics Outlook
- All Market Outlook Reports
Antilles Gold: Developing Gold and Copper Projects in mineral‐rich Cuba
ASX-listed 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, which opens new development opportunities for Antilles and de-risks permitting processes.
The company is focused on 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.
- 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.
Concentrator to be supplied for Nueva Sabana mine by Chinese Engineering Group ProMinerinvestingnews.com
- 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. This project is anticipated to produce approximately 10,000 tons per annum (tpa) of antimony‐gold concentrate (30,000 oz gold equivalent per year).
Antilles Gold Limited Investor Kit
- Corporate info
- Insights
- Growth strategies
- Upcoming projects
GET YOUR FREE INVESTOR KIT
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.
Falco Resources: Canadian Explorer in the Rouyn-Noranda Mining Camp
Falco Resources (TSXV:FPC) focuses on developing gold and base metal projects in the Rouyn-Noranda region of Quebec, an established mining camp with a long history of exploration and development. The camp has historically produced 19 million ounces (Moz) of gold and 2.9 billion pounds (Blbs) of copper, and yet it is still under-explored for gold.
Falcon’s principal property, Horne 5 project, holds 67,000 acres or nearly 67 percent of the total area of the entire mining camp and is located under the former Horne mine which produced 11.6 Moz of gold and 2.5 Blbs of copper. The 2021 feasibility study on the Horne 5 project suggests strong project economics with a total mine life of 15 years, after-tax NPV at 5 percent of US$761 million, and a payback period of 4.8 years, assuming gold prices at $1,600/oz. At the current gold prices of over $2,300/oz, the project economics will be even better.
Falco Resources operating license and indemnity agreement (OLIA) with Glencore Canada will enable Falco to utilize a portion of Glencore's lands. The agreement entails establishing a technical committee comprising two representatives from Glencore and two from Falco, tasked with safeguarding the uninterrupted operations of Glencore’s Horne copper smelter. Additionally, a parallel strategic committee will be formed. Glencore will nominate one representative to join Falco's board of directors.
The successful completion of the OLIA, coupled with life-of-mine copper-zinc concentrate offtake agreements with Glencore, positions Falco to advance its Horne 5 project towards construction. The company is advancing with the permitting and financing processes for the project.
Company Highlights
- Falco Resources is a Canadian explorer of base and precious metals focused on developing its mineral properties in the Rouyn-Noranda region in Quebec, Canada.
- The company holds 67,000 acres of mining claims in the Rouyn-Noranda mining camp, accounting for nearly 67 percent of the entire mining camp.
- Rouyn-Noranda has a long history of mining and exploration. The area has established infrastructure and has been host to 50 former producers, including 20 base metal mines and 30 gold mines.
- Falco’s principal asset is the Horne 5 project which is a gold project with significant base metal by-products. It is located under the former Horne Mine which produced 11.6 Moz of gold and 2.5 billion pounds of copper.
- The Horne 5 is a world-class deposit containing 7.6 Moz gold equivalent in measured and indicated resources and 1.7 Moz gold equivalent in inferred resources.
- The Horne 5 project represents a robust, high-margin, 15-year underground mining project with attractive economics. The 2021 feasibility study indicates after-tax NPV at 5 percent of US$761 million and after-tax IRR of 18.9 percent.
- The operating lease and indemnity agreement (OLIA) with Glencore coupled with EIA admissibility receipt from the government body positions Falco to advance its Horne 5 project towards construction.
This Falco Resources profile is part of a paid investor education campaign.*
Click here to connect with Falco Resources (TSXV:FPC) to receive an Investor Presentation
Antilles Gold Takes Up Second $1.0 Million Convertible Note
Antilles Gold Limited (“Antilles Gold” or the “Company”) (ASX: AAU, OTCQB: ANTMF) advises that it has exercised its option to take up a second A$1.0M Convertible Note from Patras Capital Pte Ltd on the same commercial terms as the first A$1.0M Convertible Note which was issued on 8 March 2024.
The basic terms of the second Convertible Note are as follows;
Principal Amount | A$1,000,000 |
Maturity Date | 30 April2026 |
Interest | NIL |
Discount to Principal Amount | A$100,000 (in lieu of interest) |
Early Repayment | At the Company’s option at 110%of any outstanding balance of the Convertible Note within the first year after issue, and 115% in the second |
Conversion | TheNote holder may convert all or partof any outstanding amount of the Convertible Note at a conversion price equal to: i)$0.04 per share; or ii)A 10% discount to the numericaverage of the lowest 5 daily VWAP’s in the 15 trading days prior to conversion which can not be less than $0.015 per share |
Security | 40,000,000 AAU shareson the issueof the Convertible Note which can be applied to any conversion. |
Law & Jurisdiction | Queensland |
Antilles Gold has sufficient placement capacity under Listing Rule 7.1, or 7.1A for the second Convertible Note.
The Company has issued 27,000,000 AAU shares at $0.02 each to Patras Capital as Security Shares for the second Convertible Note from existing capacity under Listing Rule 7.1A.
The balance of the Security Shares (13,000,000) will be issued in due course.
The majority of the funds raised will be applied to subscribing for shares in the Cuban joint venture company, Minera La Victoria, for it to continue pre-development activities for the Nueva Sabana gold-copper mine.
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.
March 2024 Quarterly Report
Astral Resources NL (ASX: AAR)(Astral or the Company) is pleased to report on its activities during the quarter ended 31 March 2024 (the Quarter).
HIGHLIGHTS
Mandilla Gold Project – near Kalgoorlie, WA
- Assays results reported for the final three holes of the six-hole/1,832 metre Theia diamond drilling (DD) program completed during November 1.
- The Theia DD program was targeting extensional and in-fill mineralisation at the Theia deposit.
- Planning underway for further drilling programs and commencement of Mandilla Pre-Feasibility Study.
Feysville Gold Project – near Kalgoorlie, WA
- Assay results reported for the three-hole/495 metre DD program completed at the Kamperman prospect during the previous Quarter 2.
- A total of 4,924 metres of drilling completed during the Quarter, inclusive of:
- oA 67-hole/2,248 metre regional air-core (AC) Program on prospecting licences P26/4351-4353;
- oA three-hole/217 metre slimline reverse circulation (RC) program at the Kamperman Prospect; and
- oA 19-hole/2,459 metre RC program at the Kamperman Prospect.
- Assay results from the AC Program and slimline RC Program reported during the Quarter 3.
- Assay results from the Kamperman RC Program reported during and subsequent to the end of the Quarter 4, 5.
Corporate
- Cash of approximately $0.62 million as at 31 March 2024.
- Mr Mark Connelly elected Chair following the resignation of Mr Leigh Warnick as Director.
- Share placement of 140 million shares at $0.05 per share to raise $7 million (before costs) announced on 28 March 2024 (Placement), with funds received after Quarter’s end.
- Directors of the Company subscribed for an additional 2.1 million shares at $0.05 per share, subject to the approval of shareholders at a meeting to be held on 20 May 2024 (Director Participation Shares).
- Astral is now well-funded to pursue its various exploration programs and commence the Mandilla Pre-Feasibility Study.
Figure 1 – Project Location Map
MANDILLA GOLD PROJECT
The Mandilla Gold Project (Mandilla) is situated in the northern Widgiemooltha greenstone belt, approximately 70 kilometres south of the significant mining centre of Kalgoorlie, Western Australia (Figure 1).
Mandilla is covered by existing Mining Leases which are not subject to any third-party royalties other than the standard WA Government gold royalty.
The Mandilla Gold Project includes the Theia, Iris, Eos and Hestia deposits.
Gold mineralisation at Theia and Iris is comprised of structurally controlled quartz vein arrays and hydrothermal alteration close to the western margin of the Emu Rocks Granite and locally in contact with sediments of the Spargoville Group.
Click here for the full ASX Release
This article includes content from Astral 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.
Antilles Gold Limited (ASX: AAU) – Trading Halt
Description
The securities of Antilles Gold Limited (‘AAU’) will be placed in trading halt at the request of AAU, pending it releasing an announcement. Unless ASX decides otherwise, the securities will remain in trading halt until the earlier of the commencement of normal trading on Tuesday, 30 April 2024 or when the announcement is released to the market.
Issued by
ASX Compliance
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.
James Henry Anderson: Gold Facing Tectonic Shift, US$2,400 Will Look Cheap
James Henry Anderson, senior market analyst at precious metals dealer SD Bullion, shared his thoughts on gold and silver, including what factors are moving the metals right now and where they could go in 2024.
In his view, the precious metals sector is undergoing a tectonic shift with far-reaching impacts. "Ultimately I think US$2,400 (per ounce gold) is going to be looked back in time as being cheap," he said.
Watch the interview above for more of Anderson's thoughts on gold and silver.
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.
Top 5 Junior Gold Stocks on the TSXV in 2024
2024 has been a storybook year for gold. Coming off a record-setting December 2023, markets were range bound as they awaited important interest rate decisions from the US Federal Reserve.
As March started, messaging from the central bank became clearer. The Fed was confident it was done raising rates and cuts could be expected in 2024. Gold took off, setting the quarter’s high of US$2,264.52 per ounce on March 31, with momentum continuing to set an all-time high of US$2,426.56 per ounce on April 12.
Despite gold’s solid performance at the end of 2023 and continued high prices in 2024, it didn’t translate to gold stocks. They saw little movement through the first 10 weeks of the year. It wasn’t until after gold’s dramatic breakout that some of the major gold stocks saw some upward momentum.
How have these gains affected small cap gold stocks on the TSXV? These are the biggest movers through the start of the year. Data for this article was retrieved on April 2, 2024, using TradingView's stock screener, and only companies with market capitalizations greater than C$10 million are included.
1. Contact Gold (TSXV:C)
Year-to-date gain: 200 percent; market cap: C$10.57 million; current share price: C$0.03
Contact Gold is a gold exploration company that is working to create a district-scale gold property in Nevada, US.
Its Pony Creek project consists of a 43.8 square kilometer land package that has hosted exploration since the 1980s. Since acquiring the property in 2016, Contact has conducted more than 25,000 meters of drilling across 118 holes, identifying five zones of gold mineralization. The company released a maiden resource estimate for the asset in January 2022, reporting 433,000 inferred ounces of gold from 25.72 million metric tons (MT) of ore with an average grade of 0.52 grams per MT (g/t).
Contact’s Green Springs property lies along the southern end of Nevada’s Cortez Trend and consists of a 19.5 square kilometers land package that hosts three past-producing open-pit mines that produced 74,000 ounces of gold in the late 1980s. In December 2022, Centerra Gold (TSX:CG,NYSE:CGAU) entered into a US$10 million earn-in agreement to potentially gain a 70 percent stake in Green Springs over a four year period.
Shares of Contact have been trending up since the February 26 news that Orla Mining (TSX:OLA,NYSE:ORLA) will acquire all of the company's issued and outstanding common shares through a definitive arrangement agreement. The deal will allow Orla to consolidate the Railroad-Pinion district in Nevada by combining Contact’s Pony Creek property with Orla’s adjacent South Railroad project.
Shares of Contact gold reached a quarterly high of C$0.03 on March 6.
2. Falco Resources (TSXV:FPC)
Year-to-date gain: 192.31 percent; market cap: C$103.2 million; current share price: C$0.36
Falco Resources is a gold exploration and development company operating within the Abitibi Greenstone Belt in Québec, Canada. Its flagship asset is the Horne 5 project, which consists of 67,000 hectares of land in the Noranda Mining Camp and includes 13 historic gold and base metals mining sites.
A March 2021 feasibility study update for Horne 5 would see an average annual production of more than 220,000 ounces of gold with a mine life of over 15 years. This would generate a C$761 million after-tax net present value with an 18.9 percent rate of return and an average all-in-sustaining cost of $587 per ounce.
Shares of Falco saw gains early in the year following a news release on January 24, when the company announced it had executed an operating license and indemnity agreement with Glencore (LSE:GLEN:OTC Pink:GLCNF). Under the terms of the deal, Falco will gain access to a portion of lands that it will use to advance Horne 5.
The deal will also establish a technical committee to ensure that operations at Horne 5 do not interfere with Glencore's Horne smelter. Additionally, Glencore will gain the right to require remediation, suspension or risk mitigation in order to protect its Horne smelter. Glencore will also have the right to a seat on Falco’s board of directors.
The most recent news from the Horne 5 project came on March 27, when Falco confirmed the admissibility of an environmental impact assessment from the Ministry of the Environment, the Fight Against Climate Change, Wildlife and Parks. Falco can now move forward to the public hearing process for the asset.
The share price for Falco reached a quarterly high of C$0.37 on March 28.
3. PPX Mining (TSXV:PPX)
Year-to-date gain: 150 percent; market cap: C$33.71 million; current share price: C$0.05
PPX Mining is a precious metals company that is focused on its Igor project, which contains the operating Callanquitas underground mine, located in the Otuzco province of Northern Peru.
In a prefeasibility study for Igor, which was amended in January 2022, the company indicates that the 1,300 hectare site previously hosted small-scale mining operations and hosts a 50 MT per day gold-processing plant from the 1980s. PPX is currently working to upscale processing at the site through the construction of a 350 MT per day carbon-in-leach and flotation plant that will be used to process oxide and sulfide ore from Callanquitas.
An updated resource estimate for Callanquitas released by the company this past January shows measured and indicated amounts as oxides of 81,090 ounces of gold and 2.9 million ounces of silver. The inferred resource as sulfides stands at 34,450 gold equivalent ounces at 4.63 g/t gold equivalent.
Shares of PPX saw gains following news on March 12 that the firm has signed a letter of intent with Silver Crown Royalties for US$2.5 million in funding in exchange for a 15 percent silver royalty from Igor. Under the terms of the arrangement, which can be expanded, the royalty is currently set to expire upon the delivery of 250,000 ounces of silver, or after five years, whichever comes later. This funding will be put toward a new processing plant.
The company followed with additional funding news on April 18, when it closed a C$1.35 million private placement with proceeds earmarked to finance further exploration at Igor.
PPX shares reached a quarterly high of C$0.60 on March 13.
4. Sun Peak Metals (TSXV:PEAK)
Year-to-date gain: 135.71 percent; market cap: C$42.68 billion; current share price: C$0.495
Sun Peak Metals is a gold exploration company operating in the Arabian Nubian Shield in Ethiopia. Its flagship Shire project consists of six exploration licenses covering an area of 1,450 square kilometers in the northern part of the country. Early work by Sun Peak has revealed approximately two dozen gold and copper targets at the site.
Work on the project was stymied in November 2020 as war broke out between the Ethiopian government and the Tigray People’s Liberation Front. Operations at Shire remained suspended until February 7, when the company announced that a force majeure put in place to protect workers during the conflict had been lifted on three licenses. The company said it expects the restrictions on the remaining three licenses to be lifted at a later date.
The company’s most recent announcement came on April 4, when it commenced drilling at Shire. Sun Peak has 6,000 to 7,000 meters planned for 2024 and will focus on the Hamlo prospect
Sun Peak's share price hit a high of C$0.54 for the quarter on March 12.
5. Bluestone Resources (TSXV:BSR)
Year-to-date gain: 134.78 percent; market cap: C$75.8 million; current share price: C$0.54
Bluestone Resources is a gold exploration and development company operating out of Guatemala. Its flagship property is the Cerro Blanco gold project, located near the town of Asunción Mita 160 kilometers from Guatemala City.
In a resource estimate from July 2021, the company reported measured and indicated amounts of 3,089,000 ounces of gold and 13,445,000 ounces of silver at the site. Bluestone is also developing the Mita geothermal project, which will provide power for the mine when it is complete.
Shares of Bluestone soared early in the year following an announcement on January 18, when the company said that an amendment to its environmental permit for Cerro Blanco was approved by the Guatemalan government. The initial application for the site was for the development of an underground mine, but in November 2021 Bluestone applied for an amendment to switch to surface mining. The company said the change will increase the size of the project's layout, but the fundamental elements will remain unchanged.
Shares of Bluestone reached a quarterly high of C$0.59 on January 18.
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.
Latest News
Antilles Gold Limited Investor Kit
- Corporate info
- Insights
- Growth strategies
- Upcoming projects
GET YOUR FREE INVESTOR KIT
Latest Press Releases
Related News
TOP STOCKS
Investing News Network websites or approved third-party tools use cookies. Please refer to the cookie policy for collected data, privacy and GDPR compliance. By continuing to browse the site, you agree to our use of cookies.