- NORTH AMERICA EDITIONAustraliaNorth AmericaWorld
Investing News NetworkYour trusted source for investing success
Ora Gold Limited
Alvopetro Energy
Silver Crown Royalties
Melodiol Global Health
- 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
Antler Gold Announces Option Agreement with Prospect Resources Limited to Sell 51% Interest of Its Highly Prospective Kesya Rare Earth Project in Zambia
Antler Gold Inc. (TSXV: ANTL) ("Antler" or the "Company") is pleased to announce that Antler and its subsidiary Antler Exploration Zambia Limited ("Antler Exploration") have entered into an option agreement (the "Option Agreement") with Prospect Resources Limited (ASX: PSC) (FSE: 5E8) ("Prospect" or the "Partner") pursuant to which Prospect has an option to acquire 51% interest in Antler Exploration, which holds the Kesya Rare Earth Project ("Project") located in southern Zambia.
Deal Highlights:
- Prospect has up to two years to acquire a 51% interest in Antler Exploration which holds the Kesya Rare Earth Project via a total combined counterparty consideration and project expenditure payments amounting to US$3.05 million.
- Phase 1 commitment by Prospect is two cash payments of an aggregate of US$150,000 and US$350,000 in exploration expenditures as well as an issuance of US$500,000 worth of Prospect common shares within 30 days of the completion of Phase 1.
- Phase 2 option commitment by Prospect is a cash payment of US$150,000 and US$750,000 in exploration expenditures as well as an issuance of US$500,000 worth of Prospect common shares within 30 days of electing to proceed to Phase 2.
- The final phase commitment by Prospect is a cash payment of US$150,000 as well as an issuance of US$500,000 worth of Prospect common shares at the end of the 2 year option period which will then earn Prospect 51% of Antler Exploration.
Project Highlights:
- The Project covers a Large-Scale Exploration License Application where geological mapping and surface sampling conducted by Antler Exploration has identified a large, rare earth-element enriched carbonatite.
- Rock chip samples assayed by Antler Exploration outline very encouraging total rare earth element oxide (TREO) mineralisation contained within monazite and bastnaesite with low levels of uranium and thorium.
- The Kesya rock chip results provide highly anomalous surface values in rare earth elements with the highest grab sample to date assaying 6559 ppm (0.66%) TREO.
- The grab samples are enriched in neodymium (Nd) and praseodymium (Pr) oxides which average 29% of the TREO content and makes this a very encouraging basket distribution.
- Keysa's large amount of carbonatite outcrop allows for easy drill targeting offering prospectivity to rapidly delineate a mineral resource and make a significant new rare earth element discovery in Zambia.
- Antler Exploration along with its partner Prospect are preparing for an initial 1,500m diamond drilling program to test the subsurface expression and depth extent of the mapped and sampled rare earth element enriched carbonatite.
Christopher Drysdale, CEO of Antler commented:
"We are extremely excited to announce this agreement with Prospect. It's a testament to our commitment to strategic partnerships with highly credible organizations that share our vision for value creation. Prospect has an outstanding track record, which is demonstrated by their successful advancement of the Arcadia lithium project in Zimbabwe. This agreement represents a significant milestone for Antler Gold as it underscores our ability to identify promising mineral prospects across Africa and align ourselves with top-tier companies. Not only does this partnership enable us to leverage Prospect's industry-leading expertise, but it also establishes a solid foundation for potential future collaborations, while maintaining significant exposure to the highly promising Kesya REE project."
Prospect's Managing Director and CEO, Sam Hosack, commented:
"The Option Agreement we have struck in relation to the highly prospective Kesya REE Project in Zambia is another significant milestone, which extends our reach further into the battery and electrification mineral sector in Africa, in line with our strategic objectives. Kesya has all the ingredients of a world-class, rare earth enriched, carbonatite-hosted system, having also returned significant values of the high-value REEs, neodymium and praseodymium, over a broad surface area of the Project. Zambia is a leading jurisdiction to explore and develop mining operations in subSaharan Africa, having a long-standing history in the resources sector, particularly for copper. This includes excellent infrastructure and strong support from both the government and community, with major companies like Barrick Gold and First Quantum Minerals already calling it home. We are delighted to have reached this agreement with Antler, which is an established and respected Canadian exploration and development company focussed on its flagship Erongo and Onkoshi Gold Projects, located in central Namibia. The Kesya REE Project offers excellent potential to deliver a significant new, highvalue rare earths discovery, with defined existing drilling targets and a well-established operating environment. Subject to the satisfaction of all relevant conditions precedent, this is a high-quality greenfield exploration play for Prospect."
Introduction and deal terms:
The Kesya carbonatite was first identified in 1961 by Bailey in the Kafue district in southern Zambia. An initial mapping campaign by Antler demonstrated that it is enriched with rare earth elements and warrants further exploration and drilling.
The Option Agreement is among Prospect, Antler and a subsidiary of Antler, Antler Exploration. Subject to satisfaction of certain conditions precedent, Prospect will have the right to earn a 51% interest in Antler Exploration over a two-phased earn-in arrangement over two years for total consideration of US$3.05 million, which includes consideration payments to Antler and in-ground project expenditure.
Prospect will pay an initial non-refundable cash payment to Antler of US$50,000 on signing. Following satisfaction of the conditions precedent under Phase 1, Prospect will pay Antler a further US$100,000 in cash, and commit to spend US$350,000 on the Project within one year (subject to certain extensions permitted under the Option Agreement). Prospect will also issue to Antler US$500,000 worth of Prospect common shares at the completion of Phase 1 (the value of the common shares will be set at the price of Prospect shares at the time of signing, based on previous 10-day VWAP).
After completion of Phase 1, Prospect can elect to proceed to Phase 2 or terminate the Option Agreement (and in this case Prospect will hold no interest in Antler Exploration).
If Prospect proceeds to Phase 2, it is required to pay Antler a further US$150,000 in cash and issue US$500,000 worth of Prospect common shares (the value of the common shares will be set at the price of Prospect shares as at the time of election to proceed to Phase 2, based on previous 10-day VWAP), and it will have the right, but not the obligation, to spend a further US$750,000 on the Project within one year from completion of Phase 1 (subject to certain extensions permitted under the Option Agreement).
If Phase 2 is completed, Prospect will be entitled to exercise a call option to acquire 51% of the issued and outstanding shares of Antler Exploration. To exercise the option, Prospect must make a final payment to Antler of US$150,000 cash and issue US$500,000 worth of Prospect common shares (the value of the common shares will be set at the price of Prospect shares as at the time of the exercise of the call option, based on previous 10-day VWAP).
Prospect will consult with Antler in relation to the work program and budget but will ultimately determine and manage all exploration activities in relation to the Project.
Upon completion of the acquisition, Antler Exploration will be governed by a shareholders agreement ("Shareholders Agreement") among its shareholders. Prospect and Antler Exploration have agreed on the key terms of the Shareholder Agreement, with a full form Shareholder Agreement to be entered into in due course. Development funds for the Project are to be contributed by shareholders of Antler Exploration on a pro-rata basis. If a party does not contribute its pro rata share, its shareholding will be diluted via a prescribed formula. Neither party can be diluted below a 15% interest, from which point such interest shall be free-carried through to the completion of a JORC-Code reportable or NI 43-101 compliant Feasibility Study. The shareholder can then elect to convert its free carried interest to a 2% NSR or equivalent ("Royalty") and the other shareholder has a right but not the obligation to purchase one half of the Royalty for US$5,000,000.
Proposed Exploration Programme
There has been no historic drilling done on the Kesya carbonatite and the subsurface beneath the extent of the mapped carbonatite complex and the depth extension is yet to be tested. Antler along with Prospect is designing a preliminary 1,500 metre diamond drilling programme at the project. (Figure.1) The aim is to evaluate the continuity of the identified surface REE mineralisation to depth. The initial exploration plan will be to drill twenty (20) 75m deep holes along the carbonatite as well as its contacts with the country rock by using a heli-man portable drill rig and pending all environmental and statutory approvals.
Project Location and Background
Figure 1.) Proposed Diamond Drill hole location plan for initial 1500m drilling.
The Kesya REE Project, comprises a single, large-scale exploration license (LEL) application covering 1053.13 hectares and is located near the town of Kafue in southern Zambia in the Kafue Gorge. This license is located approximately 90 km via a tarred road traveling south of the capital city of Lusaka and has water and power infrastructure nearby. Once the LEL is granted, Antler's wholly owned Zambian subsidiary, Antler Exploration Zambia Limited will own 95% of the Kesya REE Project. The remaining 5% of the Project has local ownership.
Figure 2.) Map of the location of the Kesya carbonatite located south of the capital city Lusaka.
Project Geology
The Kesya Carbonatite intruded into gneisses of the Paleoproterozoic Basement Complex rock sequences near the intersection of the mid-Zambezi-Luangwa Rift Valley and the Kesya Rift.
The Kesya Carbonatite is divided into two major rock types: Firstly, a coarse-grained carbonatite with scattered country rock xenoliths: This carbonatite is mostly composed of coarse sövite with small amounts of chlorite. The second rock type is a carbonatite breccia, which surrounds the main intrusion.
The major minerals identified are magnetite, quartz, apatite, Fe-rich phlogopite, monazite, thorite, Ti-oxides, Fe-sulphides, calcite, ilmenite, and the REE-bearing mineral bastnaesite. Dating of apatite in samples from the carbonatite indicate that it is of Neoproterozoic age (Kesya is ca. 535±16 Ma).
Figure 3.) Map of the grab sample locations with associated TREO assay values.
The carbonatite forms a central topographic high surrounded by deeply incised valleys along its margins where weathering processes are more intense.
Field investigations by Antler, and petrological (Scanning Electron Microscope (SEM)) studies completed during 2021 demonstrated that the rare earth mineralisation at Kesya is hosted mainly in monazite (a REE phosphate mineral) and bastnaesite (a REE fluoro-carbonate mineral).
Figure 4.) View of the Kesya carbonatite (Looking towards the East from the Western edge of the Kafue Gorge)
Rare Earth Element Mineralisation
Antler Gold has completed mapping and sampling campaigns at Kesya in 2021, which involved reconnaissance work across the carbonatite complex and the collection of 51 rock chip grab samples taken on the license.
Figure 6; below shows a small selection of these rock chip grab samples along with their sample ID's O6530 (A), O6537 (B), O6514 (C) and O6551 (D).
The rock chip samples collected by Antler at Kesya proved to be strongly and consistently mineralised with REE, with an average of 1280 ppm (0.13%) Total Rare Earth Oxide (TREO) content, peaking at 6559 ppm (0.66%) TREO.
Encouragingly, these samples also show consistently high contents of neodymium- and praseodymium oxide - key primary materials in the manufacture of strong permanent magnets for powerful motors, used in such devices as large, wind turbines, increasingly utilised in the global renewable energy sector.
Neodymium and praseodymium oxides average 29% of the Total Rare Earth Oxide (TREO) content of the rock chip samples collected from Kesya (Figure 5).
Figure 5.) Pie Chart showing average grades of Individual REO's from the Kesya sampling campaign.
Figure 6.) Images of rock chip grab samples from field mapping at Kesya.
Summary of most recent grab assay results
During the mapping campaign undertaken by Antler Gold, 51 rock chip grab samples were taken from in-situ outcrop at the Kesya REE Project. Sample sizes were 1-3 kg and taken to fairly represent the lithology recorded at each sample site.
In addition to the rock chip samples, an extra 15% of QAQC materials (2 x blanks, 2 x each of CRM AMIS0185, AMIS0304, AMIS0356 and 2 x duplicate field samples) were added to the batch of samples dispatched for assaying to comply with QAQC regulations.
All samples were shipped to Namibia and prepared by crushing and milling at Activation Laboratories Ltd (ACTLABS) in Windhoek.
Pulped samples were then exported to ACTLABS in Ancaster, ON, Canada, for Code 8 - REE analysis, which is a lithium metaborate/tetraborate fusion with subsequent analysis by ICP-OES and ICP-MS.
Qualified Person
The technical and scientific information in this presentation has been reviewed and approved by Oliver Tors, B.Sc (Hons)., Exploration Manager of the Company, who is registered Professional Natural Scientist with the (SACNASP) South African Council for Natural Scientific Professions (Pr. Sci. Nat. No. 120660) who is a Qualified Person as defined by NI 43-101. Mr. Tors is an employee of Antler Gold Inc. and is not independent of the Company under NI 43-101.
About Antler Gold Inc.
Antler Gold Inc. (TSXV: ANTL) is a Canadian listed mineral exploration company focused on the acquisition and exploration of mineral projects in Africa's Top-Ranked Jurisdictions, with exposure to both gold and REE. Antler's total license position now comprises 6 projects for a total landholding of approximately 584,347 ha. The Company continues to assess new regional opportunities with the aim of building a risk diversified business model, which allows the company to generate short and long- term income whilst providing stakeholders with exposure to potential multiple returns that are generated from the discovery process.
About Prospect Resources Limited (ASX: PSC) (FSE: 5E8)
Prospect Resources Limited (ASX: PSC) (FSE:5E8) is an ASX listed company focused on the exploration and development of mining projects, specifically battery and electrification metals, in Zimbabwe and the broader sub-Saharan African region.
Cautionary Statements
This press release may contain forward-looking information, such as statements regarding the completion of the transactions subject to the Option Agreement and future plans and objectives of Antler and its subsidiary, Antler Exploration in relation to the Project. This information is based on current expectations and assumptions (including assumptions in connection with the continuance of the applicable company as a going concern and general economic and market conditions) that are subject to significant risks and uncertainties that are difficult to predict, including risks relating to the ability to satisfy the conditions to completion of the transactions contemplated by the Option Agreement. Actual results may differ materially from results suggested in any forward-looking information. Antler assumes no obligation to update forward-looking information in this release, or to update the reasons why actual results could differ from those reflected in the forward-looking information unless and until required by applicable securities laws. Additional information identifying risks and uncertainties is contained in filings made by Antler with Canadian securities regulators, copies of which are available at www.sedar.com.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information, please contact Chris Drysdale, CEO of Antler Gold Inc at +264 81 220 2439 or Daniel Whittaker, Executive Chairman of Antler Gold Inc., at (902) 488-4700.
Antler Gold Investor Kit
- Corporate info
- Insights
- Growth strategies
- Upcoming projects
GET YOUR FREE INVESTOR KIT
Antler Gold
Overview
It's no secret that rare earth elements (REEs) are an incredibly hot commodity these days. Not only are they critical for multiple industries, but they also play a pivotal role in our transition to a more sustainable economy. What many don't realize, however, is that gold is also experiencing a significant upturn.
Driven by momentum from the central bank, slow ETF flows and a vigorous retail investment market, annual demand for gold has reached an 11-year high.
Antler Gold (TSXV:ANTL) intends to take full advantage of this market growth. A project generation and exploration company focused on Southern Africa, Antler's strategy is shaped around several key trends. The first, as already discussed, is the increasing demand for specialty minerals.Antler is also focused on sustainability and on tapping into the cyclical nature of commodity markets. Its approach to generating and increasing shareholder value is unique amongst mining and exploration companies. The company focuses on attracting joint venture partners to fund what it considers to be the highest-risk phases of exploration.
In exchange for the acquisition of these new projects and opportunities Antler will receive milestone-based equity and cash payments, production royalty on each asset and equity interest in individual projects. This strategy allows the company to generate both short-term and long-term value for investors, particularly coupled with the company's aptitude for identifying and rapidly advancing early-stage, high-value potential assets.
The company plans to leverage its in-house technical capabilities for collaborative exploration throughout Southern Africa. Its end goal is to become the preferred partner for junior exploration companies and major mining firms that seek to acquire quality mineral projects whilst simultaneously unlocking the region's full potential.
Antler takes a disciplined approach to mineral property acquisitions, strategically capitalizing on low valuations and preserving capital during periods of market volatility. Through this approach, the company retains exposure to potential multiples in the event of a mineral discovery. It also thrives on a diversified portfolio, giving it even more potential to attract reputable and robust strategic partnerships.
The coming year is poised to be quite eventful for Antler, with several exciting catalysts including exploration program results, new acquisitions through project generation, advancements on existing projects, and milestones in strategic partnerships. As the company moves forward, it remains committed to delivering on these catalysts and providing the market with an ongoing news flow.
Company Highlights
- Antler Gold is a project generation and exploration company focused on discovering economically viable deposits in Southern Africa.
- The company holds several gold projects in Namibia, REE assets in Zambia and a growing strategic exploration portfolio.
- This portfolio contains multiple highly prospective tenures situated in a fertile gold belt.
- Antler's Onkoshi and Erongo gold projects are both high-quality and drill-ready with significant new discovery potential.
- The company's Kesya REE project has the potential to host a significant high-value rare earth deposit.
- Antler employs an experienced management team with a track record of significant discoveries in Africa.
- The company also displays an attractive valuation with considerable opportunity for re-rating and multiple potential catalysts from exploration activities.
- With continued growth through its unique project generation and exploration strategy, the market can expect a strong news flow that seeks to:
- Provide insights into responsible resource extraction processes and sustainable mining practices.
- Convey the value of projects that are economically viable.
- Educate the market about the importance of balancing short-term returns with long-term success.
- Foster a greater appreciation for opportunities in the mining sector.
Key Projects
Onkoshi
Covering highly prospective areas of the Damara Mobile Belt, Onkoshi is regarded as one of the best gold targets in Namibia alongside B2Gold's (TSE:BTO) Otjikoto deposit. Historic magnetic and induced polarization surveys show that mineralization in the project area is possibly highly magnetic and conductive. Historic drill testing, meanwhile, has returned encouraging gold results, including platinum group element (PGE) credits.
With historical drill-testing to date of less than 500 meters of the strike length extent delineated by the magnetic anomaly on the Onkoshi project presents a significant upside exploration potential.
Project Highlights:
- Historic Exploration: Onkoshi has been the target of extensive historic soil sampling alongside limited drilling, which returned the following results.
- Non-compliant Resource Estimates:
- 8.19 million tons (Mt) @ 0.65 grams per ton (g/t) gold for 170,800 oz @ 0.25 g/t gold cut-off
- 4.77 Mt @ 0.80 g/t gold for 122,887 oz @ 0.50 g/t gold cut-off
- 2.65 Mt @ 1.02 g/t gold for 87,184 oz @ 0.75 g/t gold cut-off
- Non-compliant Resource Estimates:
By Peter Karelse on behalf of BAFEX (subsidiary of Helio Capital Corporation), non-compliant resource, “potential”/unclassified resource (2004, Helio Capital Corporation NI 43-101*)
- Historic Drill Intercepts:
- 9.53 g/t over 11 meters (ERRC 18)
- 5.54 g/t over 12.35 meters (ERD 2)
- A Promising Anomaly: Antler has defined a 5.5-kilometer open-ended gold anomaly, supported by coincidental EM and IP results. It has also identified numerous gold-in-soil and gold-in-rock anomalies based on available historical exploration data.
- Exploration Potential: As there has been limited historic work carried out over the magnetic anomalies strike (Only 500 meters of the 5.5 kilometers) this target represents several immediate exploration targets for the company. Numerous significant gold-in-soil anomalies that were not followed up on represent additional targets.
- Survey-friendly Mineralization: Because mineralization at Onkoshi could be both conductive and magnetic, it's well suited for multiple geophysical surveying techniques for target definition.
Erongo
- Covering 18,534.59 hectares across five exclusive prospecting licenses in Central Namibia, the Erongo gold project overlies similar lithologies and structures to several highly successful Namibian projects, such as Navachab and the recently discovered Twin Hills project. The regional-scale Fault Zones (Karibib and Kranzberg) have played a substantial role in gold mineralization and Antler intends to further investigate these features for additional sites of mineralization.
Antler has completed a helimag survey assessment covering 4,956 line kilometers with which it has identified several gold targets. It has already completed extensive assessment work on these targets, most of which are currently drill-ready. The company has also identified several gold-in-soil anomalies for follow-up work.
Project Highlights:
- Promising Geology: The regional-scale Karibib and Kranzberg fault zones are believed to have played a substantial role in gold mineralization in the area. Furthermore, the Karibib-Kuisib lithological contact represents an important regional target for mineralization. .
- Significant Untested Potential: Antler has identified multiple high-priority, drill-ready targets from anomalous gold results obtained from soil and calcrete sampling campaigns it has carried out over the licenses.
- Work Done to Date: Antler has completed significant work on the seven gold targets identified via its helimag survey, including:
- A heliborne rad and mag geophysics survey with complete coverage of EPL-6408, EPL 7960, EPL 7854 and EPL8010 and partial coverage of EPL-7261 and EPL-6162.
- Induced polarization testing on EPL-7261, EPL-6162 and EPL-6408.
- Geological mapping of EPL-7261, EPL-6162 and EPL-6408.
- A total of 4,380 soil and calcrete samples taken from EPL-7261, EPL-6408 and EPL-7960.
- 2,861-meter RC drilling and sampling on EPL-7261 and EPL-6162.
- Historic Survey Results: The gold anomalies hosted along the Kranzberg Fault Zone within EPLs 7261, 6162 and 6550 display the following mineralization, according to historic results:
- Up to 7,000 parts per billion (ppb) gold in soil.
- Up to 80 g/t gold in rock.
- A background of less than 5 ppb gold.
- Current Drilling Results: Thus far, Antler's drilling on Erongo has returned the following:
- Four holes intersecting significant copper-silver-gold mineralization, including:
- 1.2 percent copper over 40 meters
- 11.2 g/t silver over 42 meters
- 1.5 g/t gold over 11 meters
- Four holes intersecting significant copper-silver-gold mineralization, including:
Paresis
Paresis is an early-stage greenfields gold project situated in a complex geologic setting near several key regional structures in Namibia. Based on an initial assessment of the project site, it shares considerable similarities to the Karibib syncline. The project is also considerably underexplored — no historical work has been done on the Kuiseb formation in this area.
Antler has approached surrounding EPL holders to secure tenement expansion and has a large exploration program planned for this year.
Project Highlights:
- Strategically Located: The area is known for significant gold mineralization. The project is proximal to the Otjikoto mine along with several other known gold deposits such as Ondundu.
- Commanding Ground Position: Paresis currently consists of roughly 2,300 square kilometers within Namibia's prospective Damara Belt.
Kesya
Situated close to the Zamibian capital of Lusaka, Kesya is a greenfields carbonatite project, which was identified in 1961 by renowned geologist and explorer D.K. Bailey, and has been confirmed to be rich in REE by a grab sample campaign completed by Antler Gold.
Project Highlights:
- Promising Mineralogy: The 3.5-kilometer-wide carbonatite displays proven REE enrichment alongside the following characteristics:
- Rock chip samples are enriched in Neodymium (Nd) and Praseodymium (Pr) oxides which average 29 percent of the TREO content and makes this a very encouraging basket distribution.
- Simple mineralogy with low radiation with mineralization predominantly hosted in monazite and bastnaesite with low thorium and uranium (less than 100 ppm thorium or uranium in REE mineralized samples)
- Current Status: Antler recently completed a grab sampling campaign with 55 grab samples taken over the carbonatite.
- Rock chip samples reveal highly anomalous surface values, with the highest grab sample assaying 6,559 ppm (0.66 percent) TREO, and an average grade of 1,280 ppm (0.13 percent) TREO content.
- A follow-up program has been planned which will involve systematic channel sampling and scout drilling for depth extent once the license has been granted.
Management Team
Christopher Drysdale — CEO
Christopher Drysdale has international experience in the mineral and exploration industry. He currently serves as a director on E-Tech Resources Inc., (TSXV:REE) a rare earth elements (REE) exploration company focused on the exploration of the Eureka REE project in Namibia. He previously served as the Kenyan Country Manager for Stockport Exploration overseeing the operations for all aspects of its gold exploration and production activities throughout East Africa.
Prior to that, Drysdale worked as an exploration geologist for Remote Exploration Services, a geological consulting firm based in South Africa servicing all aspects of the mineral industry. He has a progressive and diverse background with extensive work experience in Namibia and has been involved in various mineral projects throughout Africa.
Rob Randall — CFO
Rob Randall has served as a contract CFO for a number of TSXV-listed companies over the past five years and has extensive public company financial experience. In addition to Northwest, Randall also currently serves as the chief financial officer of Metallum Resources, Stockport Exploration and Canabo Medical. He was the corporate controller of Etruscan Resources from 1997 to 2011, overseeing the financial operations for all aspects of its gold exploration and production activities throughout West Africa as well as its diamond operations in South Africa.
Randall also served as controller of NovaGold Resources from 1997 to 2001.
Randall graduated with a commerce degree from St. Mary’s University in Halifax, and obtained his CA designation in 1987 with Coopers and Lybrand Chartered Accountants, where he was appointed as a principal in 1995. He is a member of the Institutes of Chartered Accountants of Canada and Nova Scotia.
Oliver Tors — Exploration Manager (Africa)
Oliver Tors is a Namibian geologist who is registered as a professional natural scientist with the South African Council for Natural Scientific Professions. He graduated from Stellenbosch University with an honors degree in geology. After his studies, he worked at the Langer Heinrich Uranium mine as a mine and exploration geologist. Tors has been working as an exploration geologist for numerous private and publicly listed companies over the past few years and has been fortunate enough to have worked in Australia, Zambia, Portugal, Botswana, DRC and on a variety of projects in Namibia giving him exposure to different commodities. He has been involved in greenfields exploration projects right through to brownfields and active mine production.
Tolene Kruger — Senior Geologist
Tolene Kruger is a Namibian geologist passionate about mineral exploration. She completed her studies at the University of Stellenbosch South Africa and holds an MSc in geology with research focus on structural controls on uriniferous alaskites in the uranium mineral province/corridor of Namibia. Prior to joining Antler Gold in 2021, she worked as a geologist at the Geological Survey of Namibia.
Kruger has gained experience working as a project geologist in Namibia and Zambia for Rio Tinto Exploration (RTX) exploring copper and for Desert Lion Energy (now Lepidico) exploring lithium (LCT) pegmatites. In her role as a senior geologist at Antler Gold, she does target generation focused on rare, base and precious metal projects; project design, management and implementation of field exploration programs; and results interpretation and collaboration with external subject matter experts.
Nova Minerals Completes NASDAQ IPO, Secures Growth Capital
Gold and critical minerals exploration company Nova Minerals (ASX:NVA,NASDAQ:NVA,NASDAQ:NVAWW) announced the closing of its underwritten NASDAQ initial public offering (IPO) of 475,000 units on July 26.
“A US listing has been our goal for a long time as the logical next step with our flagship Estelle Gold Project being a North American asset and an increasing US investor base,” Nova Minerals CEO Christopher Gerteisen said. “Now it’s a reality, and we believe this can be a catalyst to create further shareholder value through increased exposure and liquidity available in the US market.”
Each unit, priced at US$6.92, consists of one American Depositary Share (ADS) representing ordinary shares and one warrant. Each whole warrant is exercisable at US$7.266 per ADS for five years, and the ratio of ADS-to-ordinary-share is one to sixty (1:60).
The pricing was first announced on July 24, the same day that the ASDs and warrants began trading on the Nasdaq Capital Market under the symbols NVA and NVAWW respectively.
Gross proceeds are approximated at US$3.3 million (AU$4.9 million), which Nova said it intends to use for resource and exploration field programs, feasibility studies and general working capital.
"The company is preparing a targeted drill program to commence shortly and continues with the critical technical studies required for the completion of a robust PFS as we progress along the path to production," Gerteisen said.
Situated in the Tintina Gold Belt in Alaska, US, the Estelle gold project contains multiple deposits across a 35 kilometer long mineralized corridor with more than 20 identified gold prospects. Estelle also hosts silver, copper and lead, as well as critical metals antimony, bismuth and tungsten.
Assuming that all steps proceed according to the projected schedule, the prefeasibility study is targeted for 2025, with a definitive feasibility the following year.
Don’t forget to follow us@INN_Resource for real-time news updates!
Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.
Gold, Silver and Markets Up on Shrinking PCE Data
Data from the US Bureau of Economic Statistics show that inflation continues to cool in the release of June’s personal consumption expenditures (PCE) price index on Friday (July 26).
The report shows that the June PCE increased by 0.1 percent month-over-month over May, up slightly from May’s 0.0 growth. On an annualized basis the PCE increased 2.5 percent, down from the 2.6 percent year-over-year increase reported in May, both coming in line with expectations.
When it comes to prices, the Bureau indicated a 0.2 percent decrease in goods compared to May, but this was offset by a 0.2 percent increase in the price of services. As for the more volatile segments, food saw a 0.1 percent increase while energy prices fell by 2.1 percent.
The economic analysis also showed a weakening in the growth of personal and disposable income, with both coming in up 0.2 percent month-over-month, down from May’s 0.4 percent monthly growth and below the 0.4 percent predicted by analysts.
How this will play into next week’s meeting of the Federal Open Market Committee is unknown. However, the PCE is the favored index for the Federal Reserve as it sets its key policy rates.
The broad consensus is the Fed is unlikely to make a change when it meets on Tuesday and Wednesday, but as inflation ticks closer to the 2 percent target set by the central bank, analysts suggest the chance of a cut in September has become stronger.
Gold and silver both rose by just over 0.5 percent as of 4 pm EDT, with gold moving to US$2,387 and silver rising to US$27.92. However, silver found resistance at the US$28 level, which it plunged below on Wednesday, July 24.
More broadly, equity markets all saw gains above 1 percent by the close of trading today, with the S&P 500 (INDEXSP:.INX) increasing to 5,459.09 points, the Nasdaq 100 (INDEXNASDAQ:.ENDX) climbing to 19,023.66 points and the Dow Jones Industrial Index (INDEXDJX:.DJI) rising to 40,589.34 points.
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.
Nova Announces Closing of US$3.3m NASDAQ IPO
Nova Minerals Limited (Nova or the Company) (ASX: NVA, NASDAQ: NVA, NVAWW OTC: NVAAF, FSE: QM3) is pleased to announce the closing of its underwritten US NASDAQ public offering today of 475,000 units, with each unit consisting of one American Depositary Share representing ordinary shares (“ADS”) and one warrant, with an ADS-to-ordinary-share ratio of 1 to 60, at a price to the public of US$6.92 per unit, for gross proceeds of approximately US$3.3m (AUD$4.9m) before deducting underwriting discounts and offering expenses.
Each whole warrant is exercisable for one ADS at an exercise price of US$7.266 per ADS, and will be immediately exercisable upon issuance for a period of five years following the date of issuance. In addition, Nova has granted the underwriters an option to purchase up to an additional 47,500 ADSs and/or an additional 47,500 warrants to cover over-allotments, if any until August 29, 2024.
The offering also included the purchase by the underwriters of 47,500 warrants in connection with the partial exercise by the underwriters of their over-allotment option.
The Company has issued a total of 28,500,000 ordinary fully paid shares to the depositary agent which will underlie the ADS.
The ADSs and warrants began trading on the Nasdaq Capital Market on July 24, 2024 under the symbols “NVA” and “NVAWW”, respectively.
Nova will also issue options (warrants) to the underwriters of the offer, as approved by shareholders at the general meeting held on 31 May 2024.
The Company intends to use the proceeds for resource and exploration field programs, feasibility studies, and general working capital.ThinkEquity is acting as sole book-running manager for the offering.
A registration statement on Form F-1 (File No. 333-278695) relating to the public offering was filed with the Securities and Exchange Commission (“SEC”) and became effective on July 23, 2024. This offering is being made only by means of a prospectus. Copies of the final prospectus may be obtained from ThinkEquity, 17 State Street, 41st Floor, New York, New York 10004.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
Nova CEO, Mr Christopher Gerteisen commented: “This marks a major milestone for the company and highlights the quality of our team who made it happen through countless hours of dedication and hard work. A US listing has been our goal for a long time as the logical next step with our flagship Estelle Gold Project being a North American asset and an increasing US investor base. Now it’s a reality, and we believe this can be a catalyst to create further shareholder value through increased exposure and liquidity available in the US market. The company is preparing a targeted drill program to commence shortly and continues with the critical technical studies required for the completion of a robust PFS as we progress along the path to production.”
Click here for the full ASX Release
This article includes content from Nova Minerals, 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.
Kirgella Gift and Providence: First Inferred Mineral Resource Estimate of 76,400 oz Au from only 3m depth
WA-focused gold explorer, Kalgoorlie Gold Mining (ASX: KAL) (‘KalGold’ or ‘the Company’), is pleased to announce its first Inferred Mineral Resource Estimate (MRE, reported in accordance with the JORC Code (2012)) for the Kirgella Gift and Providence gold deposits (Figure 1 and Figure 2) at the Company’s Pinjin project, 140 km to the northeast of Kalgoorlie-Boulder.
Highlights
- First Inferred Mineral Resource Estimate for Kirgella Gift and Providence of: 2.34 Mt @ 1.0 g/t Au for 76,400 oz at a 0.5 g/t gold cut-off from only 3m depth.
- Gold mineralisation remains open at depth and along strike between Kirgella Gift and Providence:
- Potential for significant resource growth and upgrade following additional drilling to expand on unclassified blocks outside current model limits.
- Highly economic discovery with KalGold’s direct exploration expenditure cost (drilling and assay) of only ~A$4.20 per gold ounce.
- KalGold’s Total Mineral Resource base, comprising this new resource from the Pinjin Project, and the La Mascotte deposit at Bulong Taurus (see ASX: KAL 7th March 2023), now stands at 214,300 oz.
- Elevated gold price of over A$3,600/oz continues to drive interest in mineable gold projects.
“KalGold is proud to report the first Mineral Resource Estimate at the Kirgella Gift and Providence gold deposits. It totals ~76,000 oz defined at over 1.0 g/t Au from only 3m depth, remains open in several directions, and is considered the first step in defining the full potential of the Kirgella Gift and Providence gold deposits. Pleasingly, we have defined a shallow gold resource at a very low cost to the Company of around A$4.20 per gold ounce.
The Kirgella and Providence mineral resource estimate is comparable to other deposits within the Laverton Tectonic Zone and is considered typical of the region. This is particularly true of some of the constituent deposits at Ramelius Resources’ (ASX:RMS) Rebecca Gold Project, around 20 km to the south along strike.
KalGold now has defined a total resource base of 214,300 oz of gold. The increased resource base enables KalGold to commence high level mining optimisation studies to assess pathways to production. KalGold looks forward to continuing to progress its work in the Pinjin area with the aim of significantly growing this initial JORC Code (2012) resource and defining a suite of additional shallow resources.”
First Gold MRE at KalGold’s Pinjin Project
The Inferred MRE of 2.34 Mt @ 1.0 g/t Au for 76,400 oz Au has been defined at a 0.5 g/t gold cut-off from the Company’s recent drill focus on the shallow portion of the Kirgella Gift and adjacent Providence gold deposits (see Table 1), combined with thoroughly validated historic datasets. Work continues on both deposits, with gold mineralisation open at depth and along strike between the two. This MRE is expected to form the basis of future updates as drilling and exploration continues.
Table 1 – Kirgella Gift and Providence Mineral Resource at a 0.5 g/t gold cut-off Note totals may not sum due to rounding.Click here for the full ASX Release
This article includes content from Kalgoorlie Gold Mining 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.
Gold Explorer Ordell Minerals Debuts on ASX after Raising $6M
The founding team behind gold miner Genesis Minerals returns, bringing an advanced WA gold and lithium exploration portfolio to market.
Ordell Minerals Limited (ASX Code: “ORD”) (“Ordell” or “the Company”) is pleased to advise that Ordell has listed on the ASX today, bringing to market a high-quality portfolio of exploration assets in Western Australia.
Highlights:
- New gold explorer lists on ASX raising $6 million (30m shares at $0.20) (before costs).
- Ordell’s key asset is an 80% interest in the Barimaia Gold Project, located in the Murchison region of Western Australia, which is an advanced gold exploration asset with significant historical drilling results.
- Barimaia hosts an extensive and underexplored gold system, with historical RC drilling returning significant results including:1
- 15m @ 11.4g/t Au from 74m
- 17m @ 3.4g/t Au from 49m
- 19m @ 1.5g/t Au from 18m
- 5m @ 4.0g/t Au from 43m
- 70m @ 0.7g/t Au from 59m
- Ordell’s experienced board of directors includes former Genesis Minerals Limited (ASX:GMD) Chair Tommy McKeith and former Managing Director Michael Fowler.
- Highly leveraged to exploration success, with a market capitalisation of ~$10m at listing.
The Company’s flagship asset is the Barimaia JV Gold Project (“Barimaia”), located in the Murchison region of WA, which represents an advanced exploration project with significant historical drilling results.
Ordell acquired its 80.2% interest in Barimaia from Genesis Minerals Limited (ASX: GMD) (“Genesis”), which is now a major shareholder of Ordell with an 8% shareholding upon listing. Barimaia was never systematically explored due to Genesis’ strategic focus on its assets in the Leonora region.
Ordell has reunited key members of the team that oversaw the significant growth of Genesis between 2016 and 2021, including former Genesis Chair Tommy McKeith and former Managing Director Michael Fowler, who will be working to progress the exploration of Barimaia.
Barimaia is located in a Tier-1 mining jurisdiction in close proximity to several gold processing plants, lying adjacent to Ramelius Resources’ Mt Magnet mill, 70km from Spartan Resources’ Dalgaranga mill and 80km from Westgold Resources’ Tuckabianna mill (see Figure 1).
Previous exploration by Genesis identified an extensive gold system at Barimaia, with historical RC drilling highlighting shallow open pit potential.
In addition to the Barimaia Project, Ordell also holds the Goodia Lithium Project, located in WA’s Kalgoorlie-Norseman lithium district about 50km south of Develop’s (ASX: DVP) Dome North lithium deposit, and the Fisher South Gold Project in the Laverton gold district.
Ordell Managing Director, Michael Fowler, said: “Having previously been closely involved in the exploration of the Barimaia Project in my past role as Managing Director of Genesis Minerals, I am looking forward to getting back on the ground at Barimaia.”
“Located in the heart of one of Western Australia’s most exciting gold districts, Barimaia lies within trucking distance of several gold processing plants, with past exploration confirming strong potential for a shallow Resource.”
“Given its location right on the doorstep of Ramelius’ Mount Magnet gold project, and with strong geological similarities to Eridanus which is currently being mined by Ramelius, our plan is to systematically drill the known 2.5km strike extent at Barimaia to target Eridanus type discoveries.”
“In addition to Barimaia, we also hold the earlier-stage Goodia Lithium Project and Fisher South Gold Projects, both of which offer exciting greenfields discovery opportunities.”
“I would like to thank everyone involved in Ordell’s Initial Public Offer process. In what is still a tough IPO market but with strong support from our shareholders, Lead Manager Argonaut and Legal Advisor Steinepreis Paganin, we were able to successfully complete the offer.”
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.
Acquisition of Mubende Gold Project, Uganda
The Directors of eMetals Limited (ASX:EMT)(eMetals)(Company) are pleased advise it has entered into a binding terms sheet (Agreement) with Sifang Mineral Resources Limited (Sifang), a Ugandan incorporated company, and its shareholders (Sifang Shareholders) to acquire an interest in a granted exploration licence (EL00379) located in central Uganda (the Mubende Gold Project) through the purchase 80% of the ordinary shares in Sifang. Sifang is the 100% legal and beneficial owner of the Mubende Gold Project and four exploration license applications located in central Uganda (the Applications).
HIGHLIGHTS
- The granted exploration license EL00379 covers 202 square kilometres in the Mubende region west of Kampala and includes the highly prospective Bukuya prospect.
- The Bukuya prospect is currently being mined by 60-80 artisanal workers over 600 metres of prospective strike and remains open along strike and at depth.
- Rock chip samples taken from a recent site visit to the Bukuya prospect by consultant geologists returned numerous specimens containing visible gold in both ferro-manganese and quartz veins.
- Experienced in-country technical team appointed including Mr Dylan le Roux and Mr Allan Agumya to manage exploration activities.
- Field activities scheduled to commence 05 August 2024.
Commenting on the acquisition Managing Director Mr Mathew Walker stated, “We are delighted to have secured a significant land holding that has prospectivity confirmed by a strong presence of artisanal mining activity. Uganda has a well established gold mining industry and regulatory protocols that add to the appeal of the acquisition. We look forward to the commencement of field activities in the immediate term.”
MUBENDE GOLD PROJECT
The Mubende Gold Project is an extensive landholding of 202 square kilometers that covers a series of metasediments, predominantly characterized by meta-wacke’s and phyllitic slates, with occasional interbedded quartzite units and mafic volcanics. Late-stage granites have intruded the metasediments, mainly in the southern part of the license.
Figure 1: Regional Map with locations of Sifang licenses.
At the Bukuya prospect, wall rock consists of metapelitic units with vertical foliation trending NW in most shafts, turning EW in the northern artisanal shafts. Mineralization appears confined to a deformation zone within the metapelites and hosts three subsets of veins exploited by artisanal workers. The first subset includes quartz veins with hematite mineralization, iron-oxide staining, and goethite/limonite-filled vugs, seen in southern shafts with NW trending foliation. The second subset comprises metallic veins of blueish-grey and black ferro-manganese mineralisation with botryoidal textures and specular hematite, found in northern shafts with EW trending foliation. The third set comprises massive milky white quartz veins.
These veins are described in more detail below.
Type 1 (Iron-rich quartz veins): These are quartz veins that show varying degrees of ferro(-manganese) mineralisation. Mineralisation occurs as hematite (red), specular hematite (dark silver/black), and a lesser degree of manganese (botryoidal, blue-grey to black). Vugs filled with limonitic material is often seen in these veins and is interpreted to represent leached out sulphides. These veins are seen in the SE of the Bukuya site. They are typically decimetre to metre scale and are foliation concordant (vertical to subvertical with dominantly NW trend).
Click here for the full ASX Release
This article includes content from eMetals 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.
Latest News
Antler Gold 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.