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![Antilles Gold](https://investingnews.com/media-library/antilles-gold.png?id=50498935&width=1200&height=722)
Arbitration Update
- Drafting of the Award from the recently concluded Arbitration of claims for ~$45 million against the Dominican Republic Government, is well advanced
- The Award is now expected in Q1 2024
- Receipt of even a modest (partial) Award could potentially cover the Company’s committed costs through to mid-2025 when the Nueva Sabana mine should be producing a positive cash flow
This is later than previously expected, and as a consequence the Company has decided to effect a small $1.0M to $2.0M share placement to Sophisticated Investors, to maintain the momentum of its projects in Cuba through this period.
These funds should enable the MRE, metallurgical test work, Scoping Study, and the majority of permitting for the Nueva Sabana gold-copper mine in central Cuba to be completed by the end of March 2024 in anticipation of commencement of the 10 month construction period in June 2024.
A total of 10,000m of diamond drilling for the Nueva Sabana oxide deposit has been completed, and the final two holes in the initial program of 6 deeper holes into the underlying El Pilar copper- gold porphyry deposit will be drilled by the end of this month.
Metallurgical test work on the gold-arsenopyrite concentrate that will be produced from the proposed La Demajagua mine will be commenced in December 2023 by Chinese engineering company, BGRIMM Technology Group.
On completion of the test work, BGRIMM will present an offer for the turnkey design and construction of a 75,000tpa two-stage fluid-bed roaster, and a 100,000tpa CIL circuit, to process ~50,000tpa of gold arsenopyrite concentrate and ~35,000tpa of oxide ore from La Demajagua, and ~25,000tpa of imported gold pyrite concentrate.
Constructing the concentrate processing facility with a production capacity of ~100,000oz Au per year in a doré should significantly increase the profitability, and the NPV of the La Demajagua project.
An amendment to the existing Environmental Permit for the La Demajagua mine will also be progressed during the next few months to accommodate the inclusion of the roaster/CIL operations.
Mr Brian Johnson, Chairman of Antilles Gold commented that“it is disappointing that the Arbitration Award will not be known for several months, and he hoped shareholders would understand that a small raise at this time was preferable to approaching the market in December or January for funding of activities in Q1 2024.
Funding through March 2024 will be in place after the proposed raise, and even a modest Arbitration Award could potentially meet committed costs through to when cash flow is expected to commence from the Nueva Sabana mine in mid 2025.
In an effort to minimize, or avoid, coming back to the market for additional capital to fund copper exploration campaigns, the Company has approached three major copper miners on the possibility of an association that would result in non-dilutive financial support for advancing the exploration of the El Pilar copper-gold porphyry system, and the three concessions in the Sierra Maestra copper belt which are highly prospective for copper, gold, and molybdenum.”
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This article includes content from Antilles Gold, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
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Antilles Gold Limited
Investor Insight
Antilles Gold’s gold and copper projects in Cuba are underpinned by a strong partnership with a Cuban Government-owned mining company that effectively fast-tracks and de-risks its promising projects, offering a strategic value proposition for investors.
Overview
Antilles Gold (ASX:AAU,OTCQB:ANTMF) is an Australian mining company focused on gold and copper projects in Cuba through a joint venture with the Cuban Government’s mining company, GeoMinera. This partnership has resulted in rapid project permitting and access to several new development opportunities for the Australian company.
Antilles Gold offers strong growth potential through two near‐term development projects, Nueva Sabana and La Demajagua, and two exploration projects, the El Pilar porphyry system and Sierra Maestra copper concessions.
Joint venture projects in Cuba
Nueva Sabana is a near‐term, gold‐copper mine development within the joint venture with GeoMinera, and is expected to initially produce around 70 grams per tonne (g/t) gold in a concentrate from a high‐grade gold cap followed by ~27 percent copper concentrate with gold credits. The project development strategy includes the completion of a feasibility study in September 2024, and the commencement of construction soon after.
The second proposed development is the La Demajagua open-pit mine, which is likely to produce ~50,000 tonnes per annum (tpa) of gold arsenopyrite concentrate (32 g/t gold, 27 percent arsenic), and ~10,000 tpa of gold antimony concentrate (28.8 g/t gold, 48 percent antimony, 1,200 g/t silver) for nine years. According to the plans, construction will commence in late 2025, with commissioning in mid‐2027. La Demajagua will also include the construction of a concentrate processing facility to treat La Demajagua’s gold arsenopyrite concentrate, with the capacity to produce 50,000 oz gold per year in dore, which will further increase JV profit and cashflow.
The joint venture’s two exploration projects comprise the 720‐hectare El Pilar Concession in Central Cuba covering a cluster of three copper‐gold porphyry deposits (El Pilar, Gaspar and San Nicholas), the adjacent 17,000 hectare San Nicholas concession with porphyry style mineralisation, and two concessions totaling 52,600 hectares within the producing Sierra Maestra copper belt in southeast Cuba (La Cristina and Vega Grande), with both indicating of porphyry deposits highly prospective for copper, gold and molybdenum.
Surface mineralisation at El Pilar
Antilles Gold has completed a technical evaluation of the El Pilar porphyry system which was advised to ASX on 15 February 2024.
The joint venture intends to invest part of the surplus cash flow from the Nueva Sabana mine to fund the exploration of major copper targets, including the El Pilar copper‐gold porphyry system, and those in the Sierra Maestra copper belt.
Company Highlights
- Antilles Gold Limited is an Australian mining company listed on the ASX (AAU) and OTCQB (ANTMF).
- The company is focused on gold and copper projects in Cuba through a 50:50 joint venture with the Cuban Government’s mining company, GeoMinera, opening new development opportunities for Antilles and de-risking permitting processes.
- The joint venture is engaged in four development projects: 1) Nueva Sabana gold‐copper mine; 2) La Demajagua gold mine; 3) El Pilar porphyry copper project; and 4) Exploration of two concessions within the Sierra Maestra copper belt. Of these, Nueva Sabana and La Demajagua offer near‐term development opportunities.
- Nueva Sabana is a near‐term gold‐copper mine development that is expected to generate strong cash flow from concentrate sales from end‐2025.
- La Demajagua is an open-pit mine gold project commencing construction in Q4 2025 with commissioning in mid‐2027.
- El Pilar and Sierra Maestra concessions are exploration projects.
- Investment in Cuba offers several benefits, including richness in minerals, low operating costs and royalties, stable government and regulations, several investment incentives and the availability of a skilled workforce.
Key Projects
Nueva Sabana Project
Prominer Mining Technology will supply Nueva Sabana concentrator
Nueva Sabana is the company’s near‐term, gold‐copper mine development project. The project is held in the 50:50 joint venture with GeoMinera. It will be an open-pit mine developed on the oxide zone overlaying the El Pilar porphyry copper deposit in central Cuba.
Results from 24,000 metres of historical drilling, 1,800 metres drilled in 2022, and the 10,000 metres drilled in 2023 have established a mineral resource estimate (MRE). Results of a scoping study were advised to ASX on 7 May 2024, and a feasibility study is in progress for the proposed development which will be followed by a 12‐month construction phase.
Drilling has shown outstanding grades for gold and copper, and increasing lateral and vertical boundaries of the copper domain.
The proposed mining rate for the project will be 500,000 tpa of ore with a low waste‐to‐ore ratio. The anticipated initial production of 70 g/t gold concentrate will be followed by a ~27 percent copper concentrate with gold credits.
The estimated project cost is approximately US$33 million, of which approximately US$6 million is shareholders equity with the balance of $27 million expected to be funded through an advance on purchases of the concentrates by an international commodities trader.
Chinese engineering group, Prominer Mining Technology, which has extensive experience in designing and constructing gold and copper concentrators, is expected to supply the crushing and flotation circuits for the Nueva Sabana mine.
La Demajagua Project
La Demajagua involves the development of a gold‐antimony‐silver deposit as an open-pit mine by the joint venture company, Minera La Victoria.The project is located within a 900 hectare mining concession on the Isle of Youth, 60 nautical miles from mainland Cuba. The project site is 35 kilometres from the port city of Nueva Gerona and enjoys excellent infrastructure in terms of accessibility by highway, and availability of water, electricity and fiber optic cable.The project has an MRE of 905,000 oz gold equivalent for the open-pit operation. The MRE was calculated from 29,000 metres of drilling undertaken by the JV, and selective results from about 50,000 metres of historic drilling and revised after the receipt of additional antimony assays. The project expects mining of about 815,000 tpa of ore to produce two concentrates: 50,000 tpa of gold‐arsenopyrite and 10,000 tpa of gold‐antimony‐silver for nine years.
The project will also include a concentrate processing facility to produce gold doré from the gold-arsenopyrite concentrate. The facility will comprise a 50,000‐tpa two‐stage fluidized‐bed roaster, a carbon-in-leach (CIL) circuit, and an antimony recovery circuit. The overall production target is 75,000 oz gold equivalent per year. Chinese engineering firm BGRIMM Technology Group, which has extensive experience in designing and constructing roasters, is expected to supply the process plant on a turnkey basis.
The total development cost is estimated at US$165 million, expected to be funded by US$75 million of equity, which includes contributions by a third shareholder in the project, and the balance of US$90 million in debt. The life‐of‐mine cash surplus is estimated at ~US$600 million, with an NPV of ~US$330 million based on US$1,800/oz gold, and US$13,000/t antimony.
A revised scoping study including the concentrate processing facility is expected in December 2024, and construction is anticipated to commence in late 2025, with commissioning targeted for mid‐2027.
El Pilar Copper‐Gold Porphyry System Project
El Pilar is an exploration project of a cluster of three copper‐gold porphyry deposits: El Pilar, Gaspar and Camilo. The project comprises a 752 hectare exploration license and an adjacent 17,000 hectare reconnaissance permit covering the San Nicholas copper targets.
The project site benefits from established infrastructure with close access to a major highway, high‐tension power, and a 60 kilometre rail link to Palo Alto port.
Previous mapping, soil sampling, ground magnetics, an aeromagnetic survey and 24,000 metres of shallow drilling confirmed the existence of copper‐gold mineralization and identified the exposures as a potentially large, leached porphyry system. The surface exposures at El Pilar are leached phyllic caps to a cluster of copper‐gold porphyry cores. The extent of surficial hydrothermal alteration indicates the porphyry intrusions have large dimensions, and potential depths greater than 1,000 metres.
Ground magnetics and induced polarization surveys in early 2023 have confirmed a cluster of three potentially large porphyry intrusives – El Pilar, Gaspar and Camilo. A 10‐hole initial program has demonstrated positive results with good copper intercepts in porphyry‐style veining and has indicated the proximity of drilling to the core of El Pilar porphyry intrusive. In particular, drill hole PDH‐004A assayed 1.23 percent copper over its length of 134 metres from 49 metres.
Sierra Maestra Copper Belt Project
The project is an exploration project covering two highly prospective concessions for copper, gold and molybdenum in the Sierra Maestra copper belt in southeast Cuba. It includes a 3,600-hectare geological investigation license in La Cristina, and the adjoining 49,000‐hectare Vega Grande reconnaissance license.
The copper belt spans more than 200 kilometres of Cretaceous‐age geology intruded by Eocene stocks, which are the source of widespread gold and base‐metals mineralization. The project is near the El Cobre mine which is the oldest operating copper mine in the Americas. The concessions incorporate a series of copper‐gold‐molybdenum zones that display significant footprints of hydrothermal alteration normally associated with potentially large porphyry systems.
An extensive, two‐year prospecting program will be carried out on the two concessions, commencing in Q4 2024, to identify drill targets.
Management Team
Brian Johnson – Executive Chairman
Brian Johnson is a graduate of civil engineering from the University of Western Australia and a member of the Institute of Engineers, Australia. He has rich experience in the construction and mining industries in Australia, Southeast Asia and North America. He was instrumental in establishing successful companies in the iron ore and coal sectors. Previously, he has served as a director of two listed gold producers, and of companies with stock exchange listings in London, New York, Vancouver and Australia.
James Tyers – Chief Executive Officer
James Tyers is a member of the AusIMM and has more than 30 years of experience in the mining industry, holding senior management roles in gold and iron ore operations. He has been associated with the Palm Springs Gold Mine in the Kimberley region of Western Australia, and the Cornishman Project, a JV between Troy Resources and Sons of Gwalia. He has experience developing and operating iron ore projects in the mid‐west of Western Australia. He was responsible for developing the Las Lagunas Project and is the project director for the La Demajagua gold mine in Cuba.
Ugo Carlo – Non‐executive Director
Ugo Carlo has more than 30 years of experience in the Australian mining industry. Throughout his career, he has served in several senior leadership roles at Rocklands Richfield, Austral Coal and Conzinc Rio Tinto Australia Group. He is also a former director of the Port Kembla Coal Terminal, the New South Wales Joint Coal Board, and interim chairman of the New South Wales Minerals Council.
Angela Pankhurst – Non‐executive Director
Angela Pankhurst has more than 20 years of experience as an executive and non‐executive director, primarily in the mining industry. She has been a senior executive for companies with projects in Kazakhstan, Nigeria, Vietnam, South Africa and Australia. She has held senior leadership positions at Antilles Gold and Central Asia Resources. She is currently a director of Consolidated Zinc and a director of Imritec.
Tracey Aitkin – Chief Financial Officer
Tracey Aitkin is a professional member of CPA Australia and has more than 30 years of rich experience in finance, administration and staff management across a range of industries, including mining, manufacturing, retail, transport and agriculture. She joined the company in 2009 and was named CFO in 2010.
Dr. Jinxing Ji – Technical Director
Dr. Jinxing Ji is a seasoned metallurgist with six years of research experience in universities and 26 years of practical experience in the mining industry related to gold, silver, copper, zinc and lead. His broad experience includes due diligence, metallurgical test work, pre‐feasibility study, feasibility study, detailed design, plant commissioning support, and operational support for projects in Turkey, Greece, Canada, China, Romania, Brazil and Papua New Guinea.
Steve Mertens – Mining Director
Steve Mertens is a mining engineer with more than 20 years of industry experience across a range of commodities, including nine years based in Latin America. He has been associated with the Goro Nickel Project in New Caledonia and the Mina de Cobre Project in Panama. Prior to his current role as general manager for the Minera La Victoria JV company, he was the mining manager for Antilles Gold’s Las Lagunas operation in the Dominican Republic.
Chris Grainger – Exploration Director
Chris Grainger holds a PhD in economic geology from the University of Western Australia. He is an Australian geologist with more than 25 years of international experience with involvement in grassroots and brownfield exploration, as well as resource definition and development, with a focus on precious and base metals in South and Central America and the Caribbean. He has been associated with Continental Gold’s Buritica gold‐silver project, and Cordoba Minerals’ Alacran copper‐gold project.
Grande Portage Resources Files on SEDAR+ the Mineral Resource Estimate for the Herbert Gold project Detailing Indicated Resources of 1,438,500 Ounces at 9.47gpt Gold and Inferred Resources of 515,700 Ounces at 8.85gpt Gold
Grande Portage Resources Ltd. (TSXV:GPG)(OTCQB:GPTRF)(FSE:GPB)("Grande Portage" or the "Company") is pleased to report that it has filed an updated technical report on the Herbert Gold Project located near Juneau, Alaska on SEDAR.
The Report entitled "Technical Report on the Herbert Gold Property" is effective as of July 17th, 2024, and was prepared by DRW Geological Consultants Ltd. and is in accordance with the National Instrument 43-101-Standards of Disclosure for Mineral projects. The technical report also includes a description of the project history, geology, mineralization, drilling, sampling procedures, and laboratory Quality Assurance/Quality Control procedures, as well as recommendations for further work.
There are no material differences between the mineral resource estimates in the technical report and the Company's June 12, 2024 news release.
The complete technical report is available at www.sedarplus.ca and on the Company's website.
The Company also announces that, subject to TSX Venture Exchange approval, it has granted incentive stock options to certain Directors, Officers and Consultants to purchase up to 2,600,000 common shares exercisable at a price of $0.20 (CAD) per share for a period of five years.
Dr. D.R. Webb, Ph.D., P.Geol., P.Eng is the QP within the meaning of NI 43-101 and has reviewed and approved the technical disclosure in this release. Dr. Webb is independent of Grande Portage within the meaning of NI 43-101.
About Grande Portage:
Grande Portage Resources Ltd. is a publicly traded mineral exploration company focused on the Herbert Gold discovery situated approximately 25 km north of Juneau, Alaska. The Company holds a 100% interest in the Herbert property. The Herbert Gold property system is open to length and depth and is host to at least six main composite vein-fault structures that contain ribbon structure quartz-sulfide veins. The project lies prominently within the 160km long Juneau Gold Belt, which has produced over seven million ounces of gold.
The Company's updated NI#43-101 Mineral Resource estimate reported at a base case mineral resources cut-off grade of 2.5 grams per tonne gold (g/t Au) and consists of: an Indicated Resource of 1,438,500 ounces of gold at an average grade of 9.47 g/t Au (4,726,000 tonnes); and an Inferred Resource of 515,700 ounces of gold at an average grade of 8.85 g/t Au (1,813,000 tonnes), as well as an Indicated Resource of 891,600 ounces of silver at an average grade of 5.86 g/t Ag (4,726,000 tonnes); and an Inferred Resource of 390,600 ounces of silver at an average grade of 7.33 g/t silver (1,813,000 tonnes).
ON BEHALF OF THE BOARD
"Ian Klassen"
Ian M. Klassen
President & Chief Executive Officer
Tel: (604) 899-0106
Email: Ian@grandeportage.com
Cautionary Statement Regarding Forward-Looking Information
This news release includes certain "forward-looking statements" under applicable Canadian securities legislation. Forward-looking statements include estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as "believes", "anticipates", "expects", "estimates", "may", "could", "would", "will", or "plan". Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties as described in the Company's filings with Canadian securities regulators. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.
Cautionary Note to United States Investors
This news release has been prepared in accordance with the requirements of the securities laws in effect in Canada, which differ from the requirements of U.S. securities laws. Unless otherwise indicated, all resource and reserve estimates included in this news release have been prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101") and the Canadian Institute of Mining, Metallurgy, and Petroleum 2014 Definition Standards on Mineral Resources and Mineral Reserves. NI 43-101 is a rule developed by the Canadian Securities Administrators which establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. Canadian standards, including NI 43-101, differ significantly from the requirements of the SEC, and Mineral Resource and reserve information contained herein may not be comparable to similar information disclosed by U.S. companies. In particular, and without limiting the generality of the foregoing, the term "resource" does not equate to the term "reserves". Under U.S. standards, mineralization may not be classified as a "reserve" unless the determination has been made that the mineralization could be economically and legally produced or extracted at the time the reserve determination is made. The SEC's disclosure standards normally do not permit the inclusion of information concerning "measured Mineral Resources", "indicated Mineral Resources" or "inferred Mineral Resources" or other descriptions of the amount of mineralization in mineral deposits that do not constitute "reserves" by U.S. standards in documents filed with the SEC. Investors are cautioned not to assume that any part or all of mineral deposits in these categories will ever be converted into reserves. U.S. investors should also understand that "inferred Mineral Resources" have a great amount of uncertainty as to their existence and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an "inferred Mineral Resource" will ever be upgraded to a higher category. Under Canadian rules, estimated "inferred Mineral Resources" may not form the basis of feasibility or pre-feasibility studies except in rare cases. Investors are cautioned not to assume that all or any part of an "inferred Mineral Resource" exists or is economically or legally mineable. Disclosure of "contained ounces" in a resource is permitted disclosure under Canadian regulations; however, the SEC normally only permits issuers to report mineralization that does not constitute "reserves" by SEC standards as in-place tonnage and grade without reference to unit measures. The requirements of NI 43-101 for identification of "reserves" are also not the same as those of the SEC, and reserves reported by the Company in compliance with NI 43-101 may not qualify as "reserves" under SEC standards. Accordingly, information concerning mineral deposits set forth herein may not be comparable with information made public by companies that report in accordance with U.S. standards.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICE PROVIDER (AS THAT TERM IS DEFINED UNDER THE POLICIES OF THE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE
Further High-Grade Gold Results Received from Cork Tree Well Geotechnical Drilling
Brightstar Resources Limited (ASX: BTR) (Brightstar or the Company) is pleased to announce the second round of non- priority assay results from sixteen Geotechnical diamond drillholes at Cork Tree Well (CTW) within the Laverton Gold Project (LGP). These sixteen holes were part of a broader 20-hole diamond drilling program2 designed for metallurgical and geotechnical purposes.
HIGHLIGHTS
- Assays received from eight geotechnical diamond holes completed at Cork Tree Well with gold assays up to 40.15g/t Au, located near CTWMET003 which returned 27.6m at 17.77g/t Au from 51m1
- Intercepts returned include 4.0m @ 17.32g/t Au from 78.0m (CTWGT004), including:
- 1.0m at 40.15 g/t Au from 78.0m, and
- 0.59m at 37.4 g/t Au from 81.0m, and
- 0.41m at 11.62 g/t Au from 81.59m
- Additional lode within CTWGT004 returned 3.0m at 3.46 g/t Au from 68m including 1.0m at 8.48 g/t Au from 70m
- Shallow intercept returned from CTWGT003:
- 2.6m at 1.74g/t Au from 33.0m
- High-grade results at the base of current pit shell design provides confidence for continuous mineralisation extensions at depth with historically defined significant intercepts
- CTWGT003 and CTWGT004 were drilled into the unmined material north of the historically mined northern pit at Cork Tree Well, with the gold mineralisation entirely contained within a sheared mafic/ultramafic sequence
Brightstar’s Managing Director, Alex Rovira, commented “It is pleasing to see further high-grade assays continuing from geotechnical holes from the diamond drilling program that was completed at Cork Tree Well earlier this year. CTWGT004 returned a significant high-grade intersection of 4.0m @ 17.32g/t Au from 78.0m, which complements the previously announced1 intersection of 27.6m @ 17.77g/t Au (CTWMET003) drilled 200m to the north.
The sixteen Geotechnical drillholes (CTWGT001 – CTWGT016) were drilled into the current optimized $2,750/oz pit- shells generated in the 2023 Scoping Study3 with these holes designed by Brightstar’s independent geotechnical consultants targeting structural and rock mass data for the definitive feasibility study. Both CTWGT003 and CTWGT004 were drilled perpendicular to the orebody and thus reported intersections represent estimated true widths of significant mineralised intercepts.
Given the quality of the assays received from the drilling to date, Brightstar is excited to build on the existing 303koz @ 1.4g/t Au Mineral Resource4, which is open both at depth with high-grade plunging shoots and along strike targeting the structurally-controlled mineralised trends. The high-grade results returned to date are significantly higher than the current 1.4g/t Au head grade of the Mineral Resource (and 1.85g/t mine grade from the 2023 Scoping Study), representing significant upside to both metrics.”
Table 1 - Significant Intercepts (>1g/t Au) for Cork Tree Well geotechnical diamond drilling
Figure 1 - Q1/24 Diamond Drill Program – Section A-A’ displayed in Figure 3
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.
Warriedar Resources Investor Update
This presentation prepared by Warriedar Resources Limited (“Warriedar” or “the Company”), include forward looking statements. Often, but not always, forward looking statements can generally be identified by the use of forward-looking words such as “may”, “will”, “expect”, “intend”, “plan”, “estimate”, “anticipate”, “continue”, and “guidance”, or other similar words and may include, without limitation, statements regarding plans, strategies and objectives of management, anticipated production or construction commencement dates and expected costs or production outputs.
Resource Growth at Ricciardo
- Drilling to expand the Ricciardo deposit (currently 476koz), focused on high-grade mineable ounces ….diamond drilling now
- Drilling to expand deposits along the 25km ‘Golden Corridor’ (haul road connected, all on ML’s, currently 736koz), eg Windinne Well & M1Discovery of High-Grade Greenfield Ounces
- Drill testing of greenfield targets / deposits along the main shear (70km strike, underexplored with shallow irregular drilling)
Click here for the full ASX Release
This article includes content from Warriedar 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.
A$2M Cash From Non-Core Asset Sale
Warriedar Resources Limited (ASX: WA8) (Warriedar or the Company) advises that it has signed a binding agreement for the sale of its residual Golden Range camp assets to Fenix Resources Limited (ASX:FEX) for cash consideration of A$2 million.
There are no significant conditions precedent to completion of the transaction, which is due to take place on 5 August 2024.
Under the sale agreement, Warriedar retains the first right of refusal to repurchase the camp should Fenix seek to sell the camp assets to a third party upon the completion of iron ore production from Fenix’s proximate Shine Iron Ore Mine.
The agreement provides for Fenix to make rooms and messing in the camp available for Warriedar. Warriedar is also able to construct alternate camp accommodation should mining commence at Warriedar’s Golden Range Project while Fenix continues its iron ore mining activities at Shine.
Cash proceeds from the sale are set to contribute towards ongoing exploration drilling of Warriedar’s highly prospective 25km-long ‘Golden Corridor’.
Warriedar Managing Director and CEO, Dr Amanda Buckingham, commented:
“The Golden Range camp is a fully established mining camp designed to support operational mining activity. Mining camps are costly to maintain and require regular maintenance and full-time staffing. This sale unlocks capital for Warriedar while also maintaining the operational support we require for our regional explorational activities. The transaction provides us with significant additional cash for value-adding exploration via the sale of a highly underutilised asset. It also avoids unnecessary duplicative camp construction, while providing an option for Warriedar to resume ownership of the facilities when we are in a position to fully utilise them. It really is a winning outcome for all parties.”
Click here for the full ASX Release
This article includes content from Warriedar 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.
High-Grade Focus Delivers 2.48MOZ @ 4.79g/T – 47% Increase in Ounces and 91% in Grade
Aggressive drilling at the flagship Never Never Deposit and the new Pepper discovery outlines 1.87Moz @ 8.65g/t within 2km of the plant
Spartan Resources Limited (“Spartan” or the “Company”) (ASX: Spartan) is pleased to announce the Updated Mineral Resource Estimate (“MRE”) for its 100%-owned Dalgaranga Gold Project “DGP”, located in the Murchison region of Western Australia.
- Updated Mineral Resource Estimate (“MRE”) completed for the Dalgaranga Gold Project, located on granted Mining Leases and within 2km of the 2.5Mtpa processing plant:
- 16.1Mt @ 4.79g/t gold for 2,482,200 ounces, comprising:
- 5.72Mt @ 8.07g/t gold for 1,485,200 ounces – Never Never Gold Deposit
- 1.78Mt @ 7.66g/t gold for 438,100 ounces – Pepper Gold Deposit
- 8.63Mt @ 2.01g/t gold for 558,900 ounces – “Other” Underground MRE
- 16.1Mt @ 4.79g/t gold for 2,482,200 ounces, comprising:
- Resource Classification breakdown for the updated Dalgaranga Gold Project MRE:
- 8.70Mt @ 4.98g/t gold for 1,392,800 ounces (56%) classified as Indicated;
- 7.44Mt @ 4.56g/t gold for 1,089,400 ounces (44%) classified as Inferred.
- Resource Classification breakdown for the Underground Never Never Gold Deposit MRE:
- 3.88Mt @ 8.74g/t gold for 1,091,200 ounces (76%) classified as Indicated;
- 1.08Mt @ 9.95g/t gold for 346,200 ounces (24%) classified as Inferred.
- Maiden Mineral Resource Estimate for the Underground Pepper Gold Deposit:
- 1.78Mt @ 7.66g/t gold for 438,100 ounces (100%) classified as Inferred.
- Combined high-grade underground MRE for the Never Never and Pepper Gold Deposits:
- 6.75Mt @ 8.65g/t gold for 1,875,600 ounces (58%) classified as Indicated.
- The ounces per vertical metre (“ozpvm”) for the updated high-grade underground MRE has increased 24% to 2,284ozpvm, from 1,690ozpvm. Between 450mbsl and 650mbsl, through both Never Never and Pepper, the ozpvm averages 3,796ozpm.
- A focus on delineating higher grade underground Mineral Resources for the Four Pillars and West Winds gold prospects, as well as the nearby Sly Fox and Plymouth gold deposits has underpinned the “Other” Underground MRE of:
- 8.63Mt @ 2.01g/t gold for 558,900 ounces:
- Updated Spartan Group Mineral Resources for the Dalgaranga and Yalgoo (“Murchison”) and Glenburgh and Egerton (“Gascoyne”) Projects now stand at:
- 39.15Mt @ 2.62g/t gold for 3,302,000 ounces (61% or 2.01Moz Indicated)
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This article includes content from Spartan 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.
Brent Cook: I'm Sticking to Discoveries — Ideas for Gold, Silver, Rare Earths
Speaking on the sidelines of the Rule Symposium, Brent Cook, founder of Exploration Insights, shared his thoughts on the resource sector, saying he remains most keen on companies making discoveries.
"I think we're going to see more discoveries. There is money going into the sector, and there's good people, smart people getting money. So it's going to get better for the discovery stage," he said.
From a jurisdiction standpoint, he's interested in Argentina, as well as Australia and Canada's Yukon.
Cook mentioned that Joe Mazumdar, editor of Exploration Insights, has recently visited AbraSilver Resource (TSXV:ABRA,OTCQX:ABBRF), Aclara Resources (TSX:ARA,OTC Pink:ARAAF), Rupert Resources (TSX:RUP,OTCQX:RUPRF) and Aurion Resources (TSXV:AU,OTCQX:AIRRF). Mazumdar's comments on AbraSilver and Aclara are available here.
Watch the interview above for more of Cook's thoughts on the resource sector.
You can also click here to view the Investing News Network's Rule Symposium playlist on YouTube. Recorded presentations from the Rule Symposium are available here.
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.
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