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Asara Resources Limited (ASX: AS1; Asara or Company) is pleased to announce that it has signed a binding Subscription Agreement with Barbet L.L.C FZ (Barbet) to raise $2.3m (Placement) which affirms Barbet’s commitment to the Company and its flagship asset, the Kada Gold Project in Guinea (Kada).
Following completion of the Placement, Mr. Timothy Strong has stepped down as Managing Director and Mr. Matthew Sharples has been appointed Chief Executive Officer. Mr. Strong will remain on the Board as Executive Director – Corporate Strategy & Affairs.
Executive Director, Tim Strong commented:
‘’We are pleased that Barbet have continued to show their commitment to the Company and its flagship Kada project by participating in a further Placement. This Placement will allow the Company to fastrack its exploration efforts.
I am also delighted to welcome Matt Sharples to the management team. Matt, who joined the Company as a consultant in October 2024, has been instrumental in recommencing operations at Kada. Matt provides a wealth of knowledge, and an undeniable passion for Guinea and I look forward to supporting him as we move the Kada project through the value chain towards a feasibility study. Both Matt and I are confident of the resource potential of Massan and the surrounding areas which will be drill tested in the coming months.’’
Placement Details
The Placement is comprised of the issue of 104,517,541 fully paid ordinary shares (Placement Shares) at an issue price of $0.022 raising $2,299,385.90 (before costs). per share. Following the Placement, Barbet holds 19.89% of the Company.
The proceeds of the Placement will be applied towards an upcoming drill program and exploration activities at Kada and general working capital. The Placement Shares will be issued under the Company’s existing placement capacity under ASX Listing Rule 7.1, and accordingly no shareholder approval is required. The Placement Shares will rank pari passu with existing securities on issue.
Executive Changes
Chief Executive Officer
Matthew has been appointed Chief Executive Officer, effective 14 February 2025. Matthew Sharples is a mining professional with over 20 years of experience in mine development, investment consulting and M&A. Matt specialises in the geological evaluation and development of gold projects, with a particular focus on project development from the initial stage to production.
Matt was Co-Founder and CEO of the private mining fund Sycamore Mining. Under his stewardship, the group's flagship asset, the Kiniero Mine (Guinea), grew from a total resource base of 1.5Moz Au to 3.5Moz Au (JORC) and was sold to Robex Resources in 2022 for a project valuation of US$160m. Matt has worked worldwide in the mining and resources industry, in the UK, Africa, Asia and Australia, with Robex, Sycamore, Wood Mackenzie, Xstrata and BHP Billiton.
Matt holds an MSc in Basin Evolution and Dynamics, Royal Holloway, University of London, United Kingdom, and a BSc in Geology, University of Durham, United Kingdom. Matt is a director and shareholder of substantial shareholder, Barbet L.L.C FZ.
The material terms of Matthew Sharple’s employment agreement are as follows:
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Asara Resources
Investor Insight
With a proven management team and a high-impact flagship asset, Asara Resources is spearheading a new era of gold discovery in West Africa, leveraging the same team that established Robex’s 3.5 Moz Kiniero project. The company holds 923,000 oz of gold in mineral resources with significant upside, delivering a compelling investment opportunity for savvy investors.
Overview
Asara Resources (ASX:AS1,FSE:ALM) is spearheading the next West African gold rush from a strategic foothold in Guinea’s underexplored Siguiri Basin, an emerging gold district with over 30 million ounces (Moz) of historical and current gold production.
The company’s flagship Kada gold project hosts a 923,000 oz, oxide-dominant gold resource located just 35 km south of AngloGold Ashanti’s 6.2 Moz Siguiri mine. Asara is methodically applying the proven “string-of-pits” development model that has driven success across the region, supported by an experienced team responsible for establishing the Kiniero project, now a cornerstone asset for Robex (TSX:RBX). Guinea offers a favorable jurisdiction for mining investment, with more than US$15 billion in resource-sector inflows since 2020 and a planned return to civilian governance, positioning it as one of the more stable West African jurisdictions relative to its neighbours in the Sahel region.
Asara’s near-term strategy includes: rapidly growing its resource base through 33,600 meters of RC and diamond drilling planned for 2025; advancing a low-CAPEX, oxide-first development strategy leveraging free-dig saprolite, high gold recoveries and conventional carbon-in-leach (CIL) flowsheet; and maintaining upside exposure to copper and silver-zinc through its Loreto JV with Teck and the optional Paguanta asset in Chile.
With strong in-country infrastructure, a focused and proven leadership team, and robust gold pricing tailwinds, Asara is advancing the Kada project toward a construction-ready decision on a compressed and capital-efficient timeline.Company Highlights
- Flagship Kada gold project – 923,000 oz gold and counting: 30.3 Mt @ 0.95 g/t gold with 59 percent oxide-transition ounces that show over 90 percent CIL recoveries and <3.5:1 strip ratio; resource remains open in every direction along a 15 km corridor.
- Aggressive growth runway: Three contiguous licence applications (Talico, Banan and Syli) would lift the land package to 348 sq km and extend strike control to 35 km, only ~6 percent of which is drilled.
- Experienced team who took the Kiniero project from an exploration resource to construction: Senior executives previously turned Robex’s Kiniero from 1 Moz to ~3.5 Moz and into a C$750 million market cap company, bringing an identical on-ground team, in-country relationships and proven workflows to Asara.
- Strategic Land Package: Kada is in the heart of the prolific Siguiri Basin (>30 Moz gold endowment), just 35 km south of AngloGold Ashanti’s Siguiri Mine.
- Strong Institutional Support: Top 20 shareholders control 70+ percent of the company.
Key Projects
Kada Gold Project
The Kada gold project, located in the heart of Guinea’s prolific Siguiri Basin, is Asara’s flagship asset and the primary focus of its development strategy. The project currently hosts a JORC 2012-compliant mineral resource estimate of 30.3 million tons (Mt) grading at 0.95 grams per ton (g/t) gold for 923,000 oz of contained gold, comprising 391,000 oz oxide, 145,000 oz transitional, and 387,000 oz fresh mineralization. Approximately 59 percent of the resource lies within the oxide-transitional profile, with 24 percent of the total resource already classified as indicated.
The resource is hosted within the Massan and Bereko deposits, both of which remain open along strike and at depth and sit along a regional-scale 15 km gold-bearing corridor. The Massan deposit alone accounts for 906,000 oz of the total resource and is characterized by shallow, broad zones of saprolitic mineralization ideal for low-strip, open-pit mining. Gold mineralization is associated with quartz-sulphide-tourmaline stockworks hosted in metasediments with deep saprolite (>100 m) and is amenable to simple processing.
The mineralized zones are free-milling, with metallurgical testwork confirming cyanide leach recoveries of 95 to 97 percent for oxide and 88 percent for transition/fresh ore. Conventional CIL processing is suitable, with rapid leach kinetics (less than 24 hours for oxide) and no need for gravity recovery or oxygen injection. The ore has medium hardness, with a grind size optimized at 80 percent passing 75 microns. Geotechnically, the project exhibits a low strip ratio (<3.5:1), and the saprolite is potentially free digging, minimizing mining costs.
The project is within 60 km of the mining centre of Siguiri and benefits from existing infrastructure, including paved roads and ready access to water. Asara plans to carry out 33,600 metres of drilling in 2025, including 24,000 m RC and 9,600 m diamond drilling, to upgrade confidence in the core of the resource and test extensions at depth and along strike. These campaigns will target mineralization north, south and west of Massan. Auger drilling will be used to define and explore kilometre-scale gold-in-soil anomalies on the Talico, Banan and Syli license application. If granted, these licenses will expand Asara’s landholding to 348 sq km and provide a 35 km contiguous footprint along the Siguiri gold trend, where artisanal workings have already been mapped along key lithologic contacts.
The Bereko deposit, situated 10 km north of Massan, currently hosts an inferred resource of 18,000 oz gold grading at 0.94 g/t from shallow oxide, transitional and fresh material.
Importantly, this MRE only covers 400 metres of a >5.5 km strike length with confirmed bedrock gold anomalies. Historical drilling at Bereko includes notable intercepts such as 1.2 g/t gold over 27 m, 3.3 g/t gold over 9.3 m, and 8.8 g/t gold over 3.3 m. Mineralization remains open in all directions, providing significant upside potential with further drilling.
Asara envisions a low-CAPEX, staged development, anchored by starter pits at Massan and Bereko, followed by centralized processing infrastructure capable of supporting future satellite deposits. This approach mirrors the multi-pit strategy successfully deployed at Kiniero and Siguiri.
Loreto Copper Project
The 100 percent owned Loreto project is a large-scale porphyry copper exploration project in northern Chile, located between tenements held by mining majors BHP and Codelco. Under a joint venture with Teck Resources, Teck can earn a 75 percent interest in the project by making US$0.6 million in staged payments and spending US$17 million on exploration. The project hosts a 2.3 km x 1.0 km alteration footprint with evidence of a deeper porphyry system, supported by mapping, geochemistry and ZTEM geophysics. Teck is currently advancing social license and environmental studies to enable drilling. Asara is fully carried under the JV structure and maintains strategic exposure to a world-class copper opportunity with no capital obligations.
Paguanta Project
Asara holds a 75 percent interest in the Paguanta project in Chile. The asset is an advanced silver-zinc-lead-gold project with a defined JORC 2012 mineral resource totaling 2.4 Mt grading at 5 percent zinc, 1.4 percent lead, 88 g/t silver, and 0.3 g/t gold. The Patricia deposit contains a silver-equivalent resource of 18.2 Moz (236 g/t silver equivalent) and a zinc-equivalent resource of 514 Mlb (9.7 percent zinc equivalent). Mineralization is hosted within epithermal veins with potential for porphyry copper at depth, including the newly identified La Rosa porphyry target. More than 46,700 metres of drilling has been completed at the site, and a partial feasibility study was previously conducted by Golder Associates. Asara is actively evaluating strategic options to realize value from this asset.
Leadership Team
Matthew Sharples – Chief Executive Officer
Formerly with Robex, Matthew Sharples was instrumental in growing Kiniero into a multi-million-ounce project. He brings deep expertise in capital markets, stakeholder engagement, and West African permitting.
Tim Strong – Executive Director
Tim Strong is a seasoned exploration geologist and JORC Competent Person with significant experience across West Africa. Strong leads Asara’s technical strategy and resource development.
Brett Montgomery – Non-executive Chairman
Brett Montgomery is a respected corporate leader with a history of guiding early-stage exploration companies through critical growth phases.
Dr. Doug Jones – Non-executive Director
A geologist with decades of African exploration experience, Dr. Doug Jones provides technical oversight and strategic direction.
Dan Tucker – Technical Advisor
A key architect behind the Kiniero development strategy, Dan Tucker contributes deeply to geological targeting and land consolidation strategy.
Advancing the next West African gold camp from the heart of Guinea’s prolific Siguiri Basin
Option to acquire 888km2 Au/Cu project in WA
- The Paterson Project covers 888km2 of granted Exploration tenure, 40km south west of Greatland Gold Plc's (GGP London and ASX) Telfer Gold Copper Mine. Telfer has produced 15Moz of gold and combined with Havieron hosts a total of 10.2Moz Au in resources.
- Drilling last completed in 1987 with multiple significant drilling intercepts including:
- 17m @ 1.6% Cu, 317ppm Mo from 84m (87WDRC2)
- Including 9m @ 2.6% Cu, 456ppm Mo
- 9m @ 2.0% Cu, 0.14g/t Au, 272ppm Mo from 84m (87WDRC6)
- Including 5m @3.1% Cu, 0.20g/t Au, 430ppm Mo
- 11m @ 1.5% Cu, 0.10g/t Au, 181ppm Mo from 83m (87WDRC8)
- Including 7m @ 2.1% Cu, 0.15g/t Au, 250ppm Mo
- 13m @ 1.1% Cu, 0.29g/t Au from 107m (87WDRC14)
- Including 6m @ 2.0% Cu, 0.27g/t Au
- 8m @ 0.7% Cu, 310ppm Mo from 98m (87WDRC7)
- Including 1m @ 3.3% Cu, 0.22g/t Au, 560ppm Mo
- 17m @ 1.6% Cu, 317ppm Mo from 84m (87WDRC2)
- Historic exploration looking for copper not gold
- Significant drilling intercepts are shallow and can be targeted using RC drilling
- Multiple geophysical targets identified which are yet to be drill tested
- Targets associated with magnetic lows and gravity highs
- Mobile MT, a technique utilised by industry players and the Telfer Mine in the Paterson Province, to be used over the Paterson Project area
- The Paterson Project also surrounds the Kintyre Uranium Project owned by global major Cameco Corp. Kintyre hosts a total indicated resource of 53.5Mlb U3O8
Tom Evans, Cloudbreak's MD, commented; "I am excited and delighted we have been able to secure exclusivity on this fantastic opportunity to acquire this asset, in a jurisdiction with significant activity and recent proven success. Located only 40km southwest of the Telfer Gold-Copper Mine operated by Greatland Gold Plc.
Technological advances in geophysics since the 80's have improved greatly with the success of Mobile MT in the Paterson Province, we intend to start off with this geophysical survey, to use as another vector and data layer to refine and rank drill targets not only for copper but for gold as well.
I am excited, for the Company and its shareholders, as we progress this great opportunity and I look forward to updating the market as our exploration programs progress."
Location
The Paterson Project (Figure 1) directly surrounds the Kintyre Uranium Deposit and is located 40km south-south-west of Greatland Gold Plc's Telfer Gold-Copper Mine.
Figure 1: Location Plan
Exploration Completed
The Wanderer Prospect (Figure 2 and 3) was drilled between 1987 and 1990 by CRA (at significantly lower prevailing copper and gold prices) as part of its uranium exploration expenditure across its nearby Kintyre Project. The majority of drilling was only drilled to 100m from the surface, with multiple holes logged as ending in mineralisation. No follow‐up drilling has occurred in the 35 years since then. Forty-two drill holes were drilled at the Wanderer Prospect on E45/5358 tenement.
Multiple significant drilling intercepts include:
- 17m @ 1.6% Cu, 317ppm Mo from 84m (87WDRC2)
- Including 9m @ 2.6% Cu, 456ppm Mo
- 9m @ 2.0% Cu, 0.14g/t Au, 272ppm Mo from 84m (87WDRC6)
- Including 5m @3.1% Cu, 0.20g/t Au, 430ppm Mo
- 11m @ 1.5% Cu, 0.10g/t Au, 181ppm Mo from 83m (87WDRC8)
- Including 7m @ 2.1% Cu, 0.15g/t Au, 250ppm Mo
- 13m @ 1.1% Cu, 0.29g/t Au from 107m (87WDRC14)
- Including 6m @ 2.0% Cu, 0.27g/t Au
- 8m @ 0.7% Cu, 310ppm Mo from 98m (87WDRC7)
- Including 1m @ 3.3% Cu, 0.22g/t Au, 560ppm Mo
Figure 2: Wanderer Prospect Drill Section
Figure 3: Wanderer Prospect- Drill Collar Plan and Mineralised Trend
Deal Terms
Cloudbreak has paid a A$20,000 option fee to secure two months exclusive due diligence across the Paterson Project. If Cloudbreak elects to proceed, it can acquire a 90% interest in the project via the issue of 330,000,000 shares to Mammoth Minerals Ltd (ASX:M79, "Mammoth"). Mammoth is to retain a 10% free carried interest in the Project until the completion of a Definitive Feasibility Study with a positive NPV.
Tenure
The Project consists of three granted exploration licences E45/5358, E45/5391 and E45/6244 covering a land area of 888km2.
The ground is contiguous to the west, of the Cottesloe base-metal project held by Wishbone Gold Plc.
Regional Geology
The Paterson Orogen is a 2,000km long arcuate belt of folded and metamorphosed sedimentary and igneous rocks that range in age from predominantly Palaeoproterozoic to Neoproterozoic with limited outcrops of Archaean rocks.
The eastern margin of the Paterson Orogen is masked by younger Proterozoic to Phanerozoic sedimentary rocks (Officer and Canning Basins) with sedimentary units of the late Proterozoic Savory Basin on-lapping to the southwest. The main outcropping stratigraphic packages across the bulk of the Paterson Project are the lowermost member of the Mesoproterozoic to Neoproterozoic Yeneena Group, the Coolbro Sandstone, and the Paleoproterozoic Rudall Metamorphic Complex.
Local Geology
The Paleoproterozoic Rudall Metamorphic Complex hosts the Central Tenements surrounding the Kintyre Uranium deposit. At and around Kintyre, the prospective Yandagooge Formation outcrops within the Yandagooge Inlier, consisting of a "basement high" of Rudall Metamorphic Complex surrounded by Neoproterozoic sandstone and Permian glacial tillite. The basement sequence has undergone a minimum of four deformation episodes and is unconformably overlain by Neoproterozoic sandstone and conglomerate deposits of the Yeneena Basin, which have seen at least one major deformation episode.
The dominant host-rock to mineralisation at Kintyre is a garnet-rich, chert-banded, calc-silicate magnetite schistose rock, sandwiched between carbonates and shales of the Yandagooge Formation. These are amphibolite facies metamorphosed rocks, later retrogressively metamorphosed to greenschist facies during or prior to the principal mineralisation phase. Late in syn-D3 or during D4 uranium-bearing, hydrothermal fluids were introduced into the system, depositing pitchblende within northeast dipping dilational zones developed in the S3 cleavage.
In the Kintyre area, the Yandagooge Inlier is surrounded by Coolbro Sandstone, which comprises a thick quartz sandstone sequence with intercalated carbonaceous mudstone and shale interbeds (Jackson & Andrew, 1990). The Coolbro Sandstone, which represents the basal formation of the low-grade metamorphic Neoproterozoic Yeneena Supergroup, exhibits a strong slaty cleavage and has been isoclinally folded and deformed around NW trending axes.
The Central Tenements around the Kintyre deposit are predominantly covered by outcropping northwest-southeast trending, northerly dipping, and folded Coolbro sandstone. Aeolian sand covers areas in the west-central and southeast portions of the tenement. It is believed that these areas are directly underlain by an inlier of the Yandagooge Formation Rudall Metamorphics (Jackson & Andrew, 1990). Rudall Metamorphics outcrop in the west-central area and near the south-eastern corner of the tenement. The north eastern edge of the tenement has outcropping northwest-southeast trending, northerly dipping, and folded Broadhurst Formation.
Exploration Potential and Prospectivity
The Paterson Province hosts several major copper and gold operations, including the Nifty copper mine and the world-class Telfer gold mine. More recently, several new copper-gold discoveries have been made at Winu (Rio Tinto) and Havieron (Greatland Resources PLC???).
A review of a compilation of available geophysical data reprocessed using modern techniques highlights multiple anomalies, including a large "bullseye" magnetic anomaly at Wanderer Prospect within the Central Tenements. The Wanderer Copper-Gold Prospect, first discovered by CRA in 1987, reveals the presence of significant copper, gold and molybdenum values in a wide zone of iron‐oxide alteration extending across more than 1 km of strike. In addition, geochemical assemblage (Cu-Au-Mo) is potentially indicative of a porphyry intrusion as the source of mineralisation. Several other targets with low-magnetics/high gravity signatures have been identified.
At a regional scale, the Paterson Province has potential for large intrusive-related copper and gold targets undercover, requiring geophysical methods, such as Mobile MT by Expert Geophysics Limited, that has been successfully used in the Paterson Province as means of primary target identification.
A review of geophysical and structural data (Figure 4), has identified several compelling exploration opportunities around the existing Wanderer copper-gold project.
Figure 4: RTP Magnetics Left and Gravity Right, illustrating numerous coincident magnetic low and gravity high targets
This announcement contains information which, prior to its disclosure, was inside information as stipulated under Regulation 11 of the Market Abuse (Amendment) (EU Exit) Regulations 2019/310 (as amended).
For additional information please contact:
Cloudbreak Discovery PLC | Peter Huljich, ChairmanTom Evans, Managing Director | Tel: +44 207 887 6139Tel: +44 7851 703440 |
Novum Securities (Financial Adviser) | David Coffman / Anastassiya Eley | Tel: +44 7399 9400 |
About Cloudbreak Discovery PLC
Cloudbreak Discovery PLC is a leading natural resource explorer and project generator. Cloudbreak is focused on mineral exploration and energy opportunities with the aim of bringing near-term cashflow and driving shareholder value.
Through its wholly owned but independently operated subsidiaries, the Company will develop its array of mineral assets, whilst continuing to generate new projects with a particular focus on commodities with high intrinsic value.
Cloudbreak's generative model across the mineral sector enables a multi-asset approach to investing in the commodity cycle.
Competent Persons Statement
The Information in this report that relates to exploration results, mineral resources or ore reserves is based on information compiled by Mr Edward Mead, who is a Fellow of the Australasian Institute of Mining and Metallurgy. Mr Mead is a consultant to Cloudbreak Discovery Plc and employed by Doraleda Pty Ltd. Mr Mead has sufficient experience which is relevant to the style of mineralisation and type of deposits under consideration and to the activity that he is undertaking to qualify as a Competent Person as defined in the 2012 edition of the `Australian Code for Reporting Exploration Results, Mineral Resources and Ore Reserves' (the JORC Code). Mr Mead consents to the inclusion of this information in the form and context in which it appears in this report.
Table 1: Significant Assays (>0.3% Cu or 0.3ppm Au)
Hole | From (m) | To (m) | Interval (m) | Cu % | Au | Mo ppm |
87WDRC1 | 25 | 28 | 3 | 0.30% | 0 | 6 |
87WDRC10 | 53 | 54 | 1 | 0.31% | 0.25 | 350 |
87WDRC12 | 111 | 115 | 4 | 0.70% | 0.35 | 18 |
87WDRC13 | 101 | 102 | 1 | 0.34% | 0.07 | 34 |
87WDRC13 | 102 | 103 | 1 | 0.35% | 0.09 | 40 |
87WDRC13 | 105 | 106 | 1 | 1.11% | 0.12 | 18 |
87WDRC13 | 108 | 109 | 1 | 0.45% | 0.04 | 33 |
87WDRC13 | 109 | 110 | 1 | 0.88% | 0.06 | 37 |
87WDRC13 | 110 | 111 | 1 | 0.63% | 0.16 | 43 |
87WDRC13 | 111 | 112 | 1 | 0.83% | 0.09 | 38 |
87WDRC14 | 77 | 78 | 1 | 1.22% | 0.15 | 145 |
87WDRC14 | 107 | 110 | 3 | 0.56% | 0.17 | 74 |
87WDRC14 | 110 | 112 | 2 | 0.25% | 0.65 | 18 |
87WDRC14 | 114 | 115 | 1 | 2.11% | 0.59 | 26 |
87WDRC14 | 115 | 116 | 1 | 1.17% | 0.17 | 29 |
87WDRC14 | 116 | 118 | 2 | 2.68% | 0.28 | 22 |
87WDRC14 | 118 | 120 | 2 | 1.82% | 0.15 | 30 |
87WDRC17 | 0 | 5 | 5 | 0.01% | 0.38 | 21 |
87WDRC2 | 84 | 85 | 1 | 0.53% | 0.02 | 460 |
87WDRC2 | 88 | 89 | 1 | 0.89% | 0.04 | 280 |
87WDRC2 | 89 | 90 | 1 | 1.15% | 0.04 | 1270 |
87WDRC2 | 90 | 91 | 1 | 1.68% | 0.03 | 1000 |
87WDRC2 | 91 | 92 | 1 | 4.00% | 0.09 | 610 |
87WDRC2 | 92 | 93 | 1 | 3.61% | 0.06 | 620 |
87WDRC2 | 93 | 94 | 1 | 6.51% | 0.06 | 220 |
87WDRC2 | 94 | 95 | 1 | 1.20% | 0.01 | 15 |
87WDRC2 | 95 | 97 | 2 | 2.34% | 0.03 | 44 |
87WDRC2 | 97 | 99 | 2 | 0.52% | 0.03 | 40 |
87WDRC2 | 99 | 101 | 2 | 0.32% | 0.01 | 49 |
87WDRC22 | 75 | 80 | 5 | 0.62% | 0.16 | 13 |
87WDRC22 | 80 | 85 | 5 | 0.10% | 0.3 | 9 |
87WDRC24 | 70 | 73 | 3 | 0.33% | 0.04 | 34 |
87WDRC24 | 73 | 77 | 4 | 0.71% | 0.09 | 41 |
87WDRC24 | 77 | 80 | 3 | 0.61% | 0.06 | 30 |
87WDRC26 | 82 | 86 | 4 | 0.68% | 0.09 | 28 |
87WDRC3 | 83 | 84 | 1 | 0.45% | 0.01 | 7 |
87WDRC3 | 85 | 86 | 1 | 0.52% | 0.07 | 140 |
87WDRC3 | 86 | 88 | 2 | 0.42% | 0.03 | 69 |
87WDRC6 | 84 | 85 | 1 | 5.18% | 0.29 | 620 |
87WDRC6 | 85 | 86 | 1 | 2.60% | 0.22 | 720 |
87WDRC6 | 86 | 87 | 1 | 2.56% | 0.21 | 350 |
87WDRC6 | 87 | 88 | 1 | 2.31% | 0.18 | 290 |
87WDRC6 | 88 | 89 | 1 | 3.05% | 0.11 | 169 |
87WDRC6 | 89 | 90 | 1 | 1.01% | 0.1 | 81 |
87WDRC6 | 90 | 91 | 1 | 0.57% | 0.04 | 59 |
87WDRC6 | 91 | 92 | 1 | 0.42% | 0.03 | 42 |
87WDRC6 | 92 | 93 | 1 | 0.72% | 0.04 | 121 |
87WDRC7 | 98 | 103 | 5 | 0.31% | 0.01 | 46 |
87WDRC7 | 103 | 104 | 1 | 3.27% | 0.22 | 560 |
87WDRC7 | 104 | 105 | 1 | 0.71% | 0.08 | 360 |
87WDRC7 | 105 | 106 | 1 | 0.34% | 0.09 | 1330 |
87WDRC8 | 83 | 84 | 1 | 0.88% | 0.11 | 200 |
87WDRC8 | 84 | 85 | 1 | 2.01% | 0.26 | 280 |
87WDRC8 | 85 | 86 | 1 | 2.18% | 0.14 | 178 |
87WDRC8 | 86 | 87 | 1 | 2.02% | 0.15 | 260 |
87WDRC8 | 87 | 88 | 1 | 3.23% | 0.18 | 420 |
87WDRC8 | 88 | 89 | 1 | 2.59% | 0.11 | 210 |
87WDRC8 | 89 | 90 | 1 | 1.81% | 0.08 | 200 |
87WDRC8 | 90 | 92 | 2 | 0.39% | 0.01 | 43 |
87WDRC8 | 92 | 94 | 2 | 0.70% | 0.03 | 77 |
88WDD03 | 89 | 90 | 1 | 0.67% | 0.04 | 53 |
88WDD03 | 90 | 91 | 1 | 0.36% | 0.03 | 40 |
88WDD03 | 190 | 191 | 1 | 0.61% | 0.08 | 78 |
88WDD03 | 191 | 192 | 1 | 0.43% | 0.06 | 87 |
88WDRC27 | 43 | 44 | 1 | 0.19% | 0.99 | 24 |
88WDRC28 | 58 | 62 | 4 | 0.48% | 0 | 11 |
88WDRC36 | 90 | 95 | 5 | 0.32% | 0.02 | 9 |
88WDRC36 | 95 | 100 | 5 | 0.46% | 0.1 | 20 |
Table 2: Collar location and Hole Type
Hole ID | Easting | Northing | RL (m) | Total Depth (m) | Dip | Azimuth | Hole Type |
87WDRC1 | 402140 | 7521450 | 430 | 104 | -60 | 180 | RC |
87WDRC2 | 402180 | 7521450 | 430 | 120 | -60 | 180 | RC |
87WDRC3 | 402220 | 7521450 | 430 | 120 | -60 | 180 | RC |
87WDRC4 | 402200 | 7521410 | 430 | 120 | -60 | 180 | RC |
87WDRC5 | 402170 | 7521410 | 430 | 120 | -60 | 180 | RC |
87WDRC6 | 402160 | 7521450 | 430 | 116 | -60 | 180 | RC |
87WDRC7 | 402180 | 7521470 | 430 | 120 | -60 | 180 | RC |
87WDRC8 | 402200 | 7521450 | 430 | 109 | -60 | 180 | RC |
87WDRC9 | 402260 | 7521450 | 430 | 98 | -60 | 180 | RC |
87WDRC10 | 402060 | 7521460 | 430 | 89 | -60 | 180 | RC |
87WDRC11 | 402030 | 7521480 | 430 | 120 | -60 | 180 | RC |
87WDRC12 | 402010 | 7521440 | 430 | 120 | -60 | 180 | RC |
87WDRC13 | 401250 | 7521520 | 450 | 120 | -90 | 0 | RC |
87WDRC14 | 401250 | 7521480 | 450 | 120 | -90 | 0 | RC |
87WDRC15 | 401210 | 7521520 | 450 | 114 | -90 | 0 | RC |
87WDRC16 | 401250 | 7521560 | 450 | 109 | -90 | 0 | RC |
87WDRC17 | 401290 | 7521520 | 450 | 115 | -90 | 0 | RC |
87WDRC18 | 401330 | 7521490 | 450 | 119 | -90 | 0 | RC |
87WDRC19 | 401170 | 7521600 | 450 | 120 | -90 | 0 | RC |
87WDRC20 | 401210 | 7521560 | 450 | 120 | -90 | 0 | RC |
87WDRC21 | 401250 | 7521440 | 450 | 120 | -90 | 0 | RC |
87WDRC22 | 401642 | 7521465 | 450 | 98 | -60 | 180 | RC |
87WDRC23 | 401658 | 7521465 | 450 | 100 | -60 | 180 | RC |
87WDRC24 | 401675 | 7521465 | 450 | 100 | -60 | 180 | RC |
87WDRC25 | 401700 | 7521465 | 450 | 96 | -60 | 180 | RC |
87WDRC26 | 401662 | 7521493 | 450 | 100 | -60 | 180 | RC |
88WDRC27 | 401245 | 7521605 | 450 | 80 | -60 | 240 | RC |
88WDRC28 | 401280 | 7521600 | 450 | 81 | -60 | 240 | RC |
88WDRC29 | 401220 | 7521690 | 450 | 69 | -60 | 250 | RC |
88WDRC30 | 401140 | 7521760 | 451 | 54 | -60 | 250 | RC |
88WDRC31 | 401135 | 7521800 | 448 | 69 | -60 | 240 | RC |
88WDRC32 | 401250 | 7521750 | 450 | 106 | -90 | 0 | RC |
88WDRC33 | 401250 | 7521700 | 440 | 87 | -60 | 200 | RC |
88WDRC34 | 401250 | 7521335 | 450 | 105 | -90 | 0 | RC |
88WDRC35 | 401950 | 7521360 | 430 | 106 | -90 | 0 | RC |
88WDRC36 | 401950 | 7521285 | 450 | 106 | -90 | 0 | RC |
88WDRC37 | 401950 | 7521425 | 440 | 106 | -90 | 0 | RC |
87WDD01 | 401950 | 7521500 | 415 | 287.7 | -61 | 181 | DD |
87WDD02 | 401985 | 7521555 | 440 | 117 | -70 | 180 | DD |
88WDD03 | 401250 | 7521500 | 420 | 212.7 | -90 | 0 | DD |
88WDD04 | 402180 | 7521480 | 434 | 200.8 | -90 | 0 | DD |
90WDD05 | 401950 | 7521425 | 440 | 409.9 | -90 | 0 | DD |
Prince Silver
Investor Insight
With a strong asset foundation, a clean capital structure and an experienced technical team, Prince Silver is well-positioned to capitalize on the current macro tailwinds in the silver and manganese markets.
Overview
Prince Silver (CSE:PRNC,OTC:HWTNF) is a Vancouver-based exploration company focused on unlocking value at the Prince silver project in southeastern Nevada. In July 2025, the company completed a transformational acquisition of Stampede Metals Corporation and subsequently rebranded from Hawthorn Resources to Prince Silver Corp. The flagship asset is a district-scale, past-producing silver-gold-zinc-manganese carbonate replacement system, historically mined for silver and base metals through the early to mid-1900s.
Aerial view of the Prince silver project
Fully funded and technically refreshed, the company’s immediate objective is to validate and expand upon the 129 historic drill holes (over 16,600 m) completed on the property and convert the large JORC-compliant exploration target into a maiden NI 43-101 mineral resource. The upcoming drill program, expected to begin in early Sept 2025, is designed to validate legacy data, step out along mineralized trends, and establish continuity across the deposit's multiple mantos, veins and breccia zones. The company will also initiate metallurgical test work, geophysical refinement and updated geological modeling to support a modern pit-constrained resource and longer-term development plan.
Company Highlights
- Flagship project: 100 percent ownership of the historic Prince silver mine in Lincoln County, Nevada, an open, near-surface silver-gold-zinc carbonate replacement deposit with a 25 to 43 Mt exploration target and strong historic grades.
- The company’s second project, Stampede Gap, is about 15 km north west of the Prince mine. Stampede Gap is a large porphyry copper-gold-molybdenum with an extensive alteration zone that presents a deep seated exploration target.
- Clean corporate reset: Hawthorn Resources completed the Stampede Metals acquisition and re-listed as Prince Silver Corp. on July 11, 2025, issuing 15 million shares for the acquisition and raising ~C$4 million in gross proceeds to fund drilling.
- Fully funded summer drill program: ~6,500-m reverse-circulation set to begin early Sept 2025 to validate historic holes and step out along strike/dip to expand known mineralization and potential resources. .
- Tight share structure: 45.9 million shares outstanding post-financing; Stampede shareholders voluntarily locked-up for 12 months.
- Experienced, hands-on leadership: President Ralph Shearing, plus new directors Robert Wrixon and Darrell Rader, add mine-building, corporate and capital-markets depth to the company’s leadership team.
Key Project
Prince Silver Project
The Prince silver project is a large-scale, polymetallic carbonate replacement deposit (CRD) located just west of Pioche, a historic mining district in southeastern Nevada. The project hosts a structurally and stratigraphically controlled system of silver-rich mantos, breccias and fissure veins emplaced along northeast-trending faults within the Cambrian Pioche Shale. Historical underground production between 1912 and 1949 totaled approximately 1.12 million tons (Mt) at average grades of 100 grams per ton (g/t) silver, 4.5 percent zinc, 2.8 percent lead, and 10 percent manganese, predominantly from shallow workings in the Main and Ridge Zones.
Geological mapping, relogging and compilation of 129 historic drill holes (16,606 m) have defined a JORC exploration target ranging between 25 and 43 Mt, grading approximately 37 to 40 g/t silver, 1.5 percent zinc, and 0.8 percent lead. This target includes three dominant mineralized zones: Ridge, Main and Prince Extended. Mineralization is generally tabular, strataform and laterally continuous, with multiple stacked mantos and vein swarms, often associated with jasperoid, manganese-rich breccias and semi-massive to massive sulfides. The projects’ mineralization remains open along strike and at depth in all directions.
Historical drill results
Historical drill results showing mineralization at the Prince Silver Project is near surface and open in all directions of modelled mineralized horizons
Prince Silver’s 2025 Phase-1 drill program (~6,500 m of RC drilling) is designed to:
- Twin and validate historic pre 2012 high-grade underground and Churn drill hole intercepts.
- Extend mineralization into open gaps between and beyond the Ridge and Main zones.
- Test down-dip extensions and potential feeder structures below and along strike to previously drilled intervals.
A follow-up Phase-2 program (expected in 2026) would target resource expansion along the 2.5-km trend and scout new targets identified via geophysics and structural interpretation. In parallel, the company plans to conduct metallurgical testing to evaluate optimal processing options. Surface rights include 20 unpatented lode claims and 12 patented claims under lease option. The lease agreement includes nominal cash payments and a staged buyout option upon completion of a preliminary economic assessment. The project has good access via gravel roads, with power available on site, and is within 15 km of Pioche community infrastructure.
Overall, the Prince silver project offers district-scale upside within a known past producing metallogenic belt, with near-term drilling and a clear path to defining a large, pit-constrained and underground silver-equivalent resource in Nevada, one of the most mining-friendly jurisdictions in the world.
Other Projects
Stampede Gap Copper-Gold-Molybdenum Project
A large, early-stage porphyry target in Nevada featuring over 200 claims. Historical geophysics identified multiple IP-resistivity anomalies, and a single 700 m drill hole encountered extensive skarn alteration before terminating in mineralization. No current plans for exploration in 2025.
Broken Handle
A legacy polymetallic silver-lead-zinc project with limited historical data. Considered non-core for now; the company’s resources remain focused on advancing Prince Silver.
Management Team
Ralph Shearing – President and Director
Ralph Shearing is a professional geologist and mine developer with over 35 years in mineral exploration development and public company management. Since 1987, he has held senior executive positions with public junior mining and exploration companies, primarily with Luca Mining Corp., a company he founded in 1986 and successfully guided through the exploration, initial development and construction, and pre-production phases of the Tahuehueto mine, located in Durango, México. He currently acts as Qualified Person for Prince Silver’s technical disclosure.
Rob Scott – CFO
Rob Scott has more than 25 years of experience in accounting, corporate compliance, corporate finance, and merchant and commercial banking. He has played a key role in raising more than $200 million in equity financing. Scott has held senior executive and board positions with several TSX-V listed companies, including Great Bear Resources, ValOre Metals, Riverside Resources, Capitan Silver and First Helium.
Robert Wrixon – Director
Robert Wrixon is a seasoned executive and engineer with over 20 years’ experience across ASX- and LSE-listed mining companies. He holds a PhD in mineral engineering from UC Berkeley and brings deep technical, corporate development and M&A experience.
Darrell Rader – Director
Darrell Rader is the president and CEO of Minaurum Gold, a silver-focused explorer in Mexico, and a prominent figure in North American silver exploration. He has directly raised over $150 million for mineral exploration and development and has strong relationships with institutional investors and bankers. He founded Defiance Silver, a silver developer, and previously was the head of corporate development with silver miner IMPACT Silver. Rader holds a BBA in Finance from Simon Fraser University.
Neil MacRae – Independent Director
A veteran mining executive, Neil MacRae has more than two decades of experience in investor relations and has held various investor relations roles with companies such as First Majestic Silver, Sherwood Copper (merged with Capstone in 2008), Farallon Mining (sold to Nyrstar in 2011), and Santacruz Silver Mining. He provides strategic direction on corporate visibility and capital markets positioning.
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