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Asara Resources Limited (ASX: AS1; Asara or Company) is pleased to announce that it has recommenced exploration activities at its flagship asset, the Kada Gold Project in Guinea (Kada).
HIGHLIGHTS
- Relogging of core samples.
- Drone survey to identify additional mineralisation recently undertaken.
- Geological and structural mapping of new drone imagery and fieldwork.
- Planning for the commencement of a drill program in early 2025 to upgrade the existing Mineral Resource Estimate.
- Community engagement to strengthen relationships with local communities.
- Preparation for commencement of environmental studies.
Managing Director, Tim Strong commented:
“We are excited to recommence work at Kada following a pause in field activities throughout 2024. Our team is back on the ground, refurbishing camp facilities, re-logging core samples, undertaking geological and structure mapping in the Massan area and establishing important community relationships. In addition, we have deployed a drone to assist in determining the structural orientation of historical work undertaken and identify potential areas of gold mineralisation that may not have been previously recognised.
Looking ahead, we expect drilling to begin in the March quarter of 2025. The drilling program will focus on upgrading portions of the Massan Mineral Resource to the Measured category, as well as testing additional structures that are not currently included in the Mineral Resource Estimate.’’
KADA GOLD PROJECT
Exploration Activities
Activities at Kada recommenced during October with the installation of a new water borehole and a 10,000 litre capacity water tower at the Niandankoro Camp. All camp areas were connected to the new water system providing running water throughout.
The camp has undergone a detailed inventory, and store areas have been prepared in readiness for the commencement of fieldwork and then drilling.
Figure 1: Niandankoro Camp
Figure 2: Geology stores and RC chip storage
Figure 3: New drone imagery of Massan showing structure and geologists inspecting areas of mineralisation
Geological and structural mapping of the workings have commenced. This is a combination of desktop interpretation of recent drone imagery and fieldwork.
Figure 4: Fieldwork at the Massan deposit
Figure 5: Weather station installed at Niandankoro Camp and meetings with local dignitaries and community leaders
Community and Environment
The Company recognises the importance of engaging the local community, strengthening working relationships and to share information and understand local expectations and resolve any issues as and when they arise. To that end, work has commenced to establish social and environmental baselines. Over the last month, meetings were held with Company representatives, local elders, the Mayor of Niandankoro and Sous-Prefet which were beneficial and greatly appreciated by all attendees.
A weather station has been installed at Asara’s Niandankoro Camp giving vital baseline data for the environmental studies that will commence in 2025.
Burkina Faso
As announced on July 14, 2024, the Company entered into a binding Share Purchase Agreement (SPA) with Bic West Africa Limited (BIC) for the sale of its non-core Kouri and Babonga gold projects for total consideration of US$2.2m cash. The Company is continuing to work towards satisfying the Conditions Precedent outlined in the SPA, having recently obtained approval from the Tax Office with approval of the transaction by the Minister of Mines the final step. Following approval from the Tax Office, BIC made an advance payment of US$550,000 (against the final Completion Payment of US$1.1m). It is expected that the final payment of US$550,000 will be made by BIC once the Mininter of Mines has approved the transaction. It is expected that this approval will be obtained by the end of the December 2024 quarter.
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This article includes content from Asara Resources Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
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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
Top 5 Canadian Mining Stocks This Week: Guardian Exploration Gains 94 Percent
The projects include the Phase 2 expansion of LNG Canada’s Kitimat facility, which will double capacity of liquified natural gas to 28 million metric tons per annum, the development of Foran Mining's (TSX:FOM) McIlvenna Bay copper-zinc mine in Saskatchewan, and an expansion of Newmont (TSX:NGT,NYSE:NEM,ASX:NEM) and Imperial Metals' (TSX:III) Red Chris copper-gold mine in Northern British Columbia.
Carney also stated that a second set of projects would be announced before the CFL’s Grey Cup on November 16.
In major M&A news, mining giants Teck (TSX:TECK.B,TSX:TECK.A,NYSE:TECK) and Anglo American (LSE:AAL,OTCQX:AAUKF) announced on Monday (September 8) that they would combine in a US$70 billion “merger of equals.” If approved, the resulting company will be called Anglo Teck, and will be headquartered in Vancouver, British Columbia.
In a news release, Teck said the deal would create US$800 million in pre-tax recurring annual synergies by year four, with US$1.4 billion in pre-tax yearly earnings from optimizations at the adjacent Collahuasi and Quebrada Blanca copper mines in Chile.
Barrick Mining (TSX:ABX,NYSE:B) announced on Wednesday (September 10) that it had reached an agreement to sell its Hemlo Gold Mine in Ontario to Carcetti Capital, which will be renamed Hemlo Mining, for gross proceeds of US$1.09 billion through a combination of cash and shares.
The sale marks Barrick's continued divestment of non-core assets following the sale of its Donlin and Alturas projects earlier in the year.
Also, this week saw the TSX release its annual TSX30 top companies list, which included 17 resource companies, 15 of which are precious-metals-focused. The top three precious metals stocks were Lundin Gold (TSX:LUG,OTCQX:LUGDF), Avino Silver & Gold (TSX:ASM) and New Gold (TSX:NGD,NYSE:NGD). The top overall company was Celestica (TSX:CLS), which focuses on AI supply chain optimizations.
In other TSX news, Newmont applied to delist its shares from the exchange on Wednesday citing low trading volumes. The company has been looking to cut overhead in recent years, and the move could lower administrative costs and improve efficiency, Reuters reports.
South of the border, the US Bureau of Labor Statistics released its consumer price index data on Thursday, which showed inflation had ticked up to 2.9 percent over the same period last year. The numbers, along with last week’s weak jobs report, will be factors for the Federal Reserve when it meets for its September meeting next week.
As of Friday afternoon, over 95 percent of analysts are expecting the central bank to make a 25 point cut to the rate, bringing it to the 4 to 4.25 percent range.
For more on what’s moving markets this week, check out our top market news.
Markets and commodities react
Canadian equity markets were mostly positive this week. The S&P/TSX Composite Index (INDEXTSI:OSPTX) set another new record high on Thursday, climbing to 29,409.74 before retreating to end the week up 0.97 percent to 29,283.82.
The S&P/TSX Venture Composite Index (INDEXTSI:JX) performed even better, climbing 3.67 percent to finish Friday at 879.67. However, the CSE Composite Index (CSE:CSECOMP) went the opposite direction, shedding 2.17 percent to end the week at 153.81.
The gold price was in focus again this week as it climbed to a new record high of US$3,667 per ounce on Tuesday, as analysts predict a rate cut by the Federal Reserve when it meets next week. Gold ended the week up 2.74 percent at US$3,642.70 per ounce.
Silver had a similarly explosive week, climbing past US$42 per ounce for the first time since 2011 and gaining 3.82 percent on the week to close Friday at US$42.16.
Copper also saw gains this week rising 2.17 percent to US$4.65 per pound. Meanwhile, the S&P Goldman Sachs Commodities Index (INDEXSP:SPGSCI) posted a slight decrease of 0.1 percent to end the week at 548.34.
Top Canadian mining stocks this week
How did mining stocks perform against this backdrop?
Take a look at this week’s five best-performing Canadian mining stocks below.
Stocks data for this article was retrieved at 4:00 p.m. EDT on Friday using TradingView's stock screener. Only companies trading on the TSX, TSXV and CSE with market caps greater than C$10 million are included. Mineral companies within the non-energy minerals, energy minerals, process industry and producer manufacturing sectors were considered.
1. Guardian Exploration (TSXV:GX)
Weekly gain: 94.44 percent
Market cap: C$14.34 million
Share price: C$0.175
Guardian Exploration is an exploration and development company with a portfolio of oil and gas and mineral properties.
Among its properties is the Sun Dog gold project covering an area of 9,415 hectares in the Kivalliq Region in Nunavut, Canada. The site is located near the historic Cullaton Lake mine, which produced 100,000 ounces of gold between October 1981 and September 1985.
The company acquired the project on May 2 from New Break Resources (CSE:NBRK). Under the terms of the deal, Guardian received a 100 percent interest in the property, along with mineral rights and 60 drums of Jet A fuel in exchange for 5 million shares and a cash payment of C$75,000.
Guardian also reimbursed New Break C$18,830 for annual rent and granted New Break the option to buy back a 20 percent interest in the property for C$1.00.
The most recent news from the project came on Monday, when the company reported that it is commencing a one-month field program at the site that will include geological mapping, soil sampling and trenching. Guardian plans to perform follow-up exploration and drilling in 2026.
2. Sokoman Minerals (TSXV:SIC)
Weekly gain: 80 percent
Market cap: C$13.57 million
Share price: C$0.045
Sokoman Minerals is a discovery-oriented company with a portfolio of gold projects and one of the largest land positions in Newfoundland and Labrador, Canada. It also owns a 40 percent stake in the Killick lithium project, a 40/40/20 joint venture with Benton Resources (TSXV:BEX,OTC:BNTRF) and Piedmont Lithium (OTC Pink:PLLTL).
Its primary focus is on its flagship Moosehead gold project located in Central Newfoundland. The advanced project consists of 98 claims covering 2,450 hectares and hosts an orogenic Fosterville-style gold system, according to Sokoman. The company has defined seven zones with high-grade mineralization through over 130,000 meters of drilling.
Sokomon announced on Friday that it was commencing diamond drilling at the site with the focus on testing the Eastern and Western Trend gold zones for depth extensions as well as undiscovered parallel zones. The drill holes will test to a depth of 1,000 meters.
Additionally, the company reported on September 2 that it expanded its land position at its Crippleback Lake gold-copper property to 13,000 hectares and planned to mobilize for induced polarization surveys, sampling and mapping of the site immediately.
3. CopAur Minerals (TSXV:CPAU)
Weekly gain: 61.11 percent
Market cap: C$11.84 million
Share price: C$0.145
CopAur is a gold exploration and development company advancing its flagship Kinsley Mountain oxide gold project in Nevada, United States.
The project is home to a historic open pit gold mine that produced approximately 138,000 ounces between 1995 and 1999. According to the project page, the property hosts an indicated mineral resource of 418,000 ounces of gold with an average grade of 2.63 grams per metric ton (g/t) gold.
On August 7, the company announced that it was shifting its full focus to advance work at its Kinsey Mountain project.
The company’s most recent news came on Monday when it reported that it had hired Andrew Neale as its new CEO. Neale brings more than 35 years of mining experience to CopAur and has held senior positions with Freeport-McMoRan (NYSE:FCX) where he oversaw operations at its Grasberg copper-gold mine in Indonesia.
The company added that it was currently awaiting a decision from the Nevada Bureau of Land Management on a pair of permits for the Kinsey Mountain site, with one allowing it to test for reclamation at the heap leach pad and the other to allow it to restart production.
4. Silver North Resources (TSXV:SNAG)
Weekly gain: 60 percent
Market cap: C$26.72 million
Share price: C$0.40
Silver North Resources is primarily focused on advancing a portfolio of silver assets in the Yukon, Canada.
Its flagship Haldane silver project covers an area of 8,164 hectares in the Yukon’s Keno Hill Silver District and has seen silver exploration dating back to the late 1800s. The property hosts several deposits, including the Main Fault and the West Fault targets, which have produced high-grade silver assays up to 3,267 g/t over 1.26 meters at the West Fault and both zones hosting additional amounts of gold, lead, and zinc.
The company announced on August 15 that it commenced a 10 hole drill program at Haldane to follow up on the discovery of the Main Fault zone in 2024.
Additionally, the company announced on August 20 that it had begun its initial exploration program at the Veronica property at its GDR project in the Yukon. The program is eligible for partial funding up to C$30,000 as part of the Yukon Mineral Exploration Program.
5. Blue Star Gold (TSXV:BAU)
Weekly gain: 53.12 percent
Market cap: C$25.67 million
Share price: C$0.245
Blue Star Gold is a gold exploration and development company operating in Nunavut, Canada.
Its flagship asset is the Ulu gold project, which includes the Ulu mining lease and the Hood River property, together forming a 12,000 hectare land package. The property features a renewable 21 year mining lease for the advanced-stage Flood Zone deposit.
As per a February 2023 updated mineral resource estimate (MRE), Ulu holds a measured and indicated resource of 572,000 ounces of gold from 2.54 million metric tons of ore at an average grade of 7.02 g/t gold, along with an additional inferred resource of 303,000 ounces of gold from 1.28 million metric tons of ore at 7.34 g/t.
Blue Star also owns the Roma gold project, located on 11,532 hectares of crown mineral claims and 4,119 hectares of mineral exploration agreements in Nunavut's High Lake greenstone belt.
On Wednesday, Blue Star reported results from surface samples at its Auma prospect at Roma. The company said it had collected a total of 133 samples, with 44 returning gold grades above 1 g/t, including two samples with grades of 151 g/t and 125 g/t gold. The sampling program extended Zone 3, which is untested by drilling, by an additional 35 meters for a strike length of 130 meters.
Additionally, Blue Star also found high values of copper in quartz veining, with one sample producing a grade of 7.64 g/t gold and 4.2 percent copper.
FAQs for Canadian mining stocks
What is the difference between the TSX and TSXV?
The TSX, or Toronto Stock Exchange, is used by senior companies with larger market caps, and the TSXV, or TSX Venture Exchange, is used by smaller-cap companies. Companies listed on the TSXV can graduate to the senior exchange.
How many mining companies are listed on the TSX and TSXV?
As of May 2025, there were 1,565 companies listed on the TSXV, 910 of which were mining companies. Comparatively, the TSX was home to 1,899 companies, with 181 of those being mining companies.
Together, the TSX and TSXV host around 40 percent of the world’s public mining companies.
How much does it cost to list on the TSXV?
There are a variety of different fees that companies must pay to list on the TSXV, and according to the exchange, they can vary based on the transaction’s nature and complexity. The listing fee alone will most likely cost between C$10,000 to C$70,000. Accounting and auditing fees could rack up between C$25,000 and C$100,000, while legal fees are expected to be over C$75,000 and an underwriters’ commission may hit up to 12 percent.
The exchange lists a handful of other fees and expenses companies can expect, including but not limited to security commission and transfer agency fees, investor relations costs and director and officer liability insurance.
These are all just for the initial listing, of course. There are ongoing expenses once companies are trading, such as sustaining fees and additional listing fees, plus the costs associated with filing regular reports.
How do you trade on the TSXV?
Investors can trade on the TSXV the way they would trade stocks on any exchange. This means they can use a stock broker or an individual investment account to buy and sell shares of TSXV-listed companies during the exchange's trading hours.
Top 5 Canadian Mining Stocks This Week: Kirkland Lake Discovery Gains 88 Percent
Top 5 Canadian Mining Stocks This Week: Kirkland Lake Discovery Gains 88 PercentTop 5 Canadian Mining Stocks This Week: San Lorenzo Gold Shines with 329 Percent GainArticle by Dean Belder; FAQs by Lauren Kelly.
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Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.
Securities Disclosure: I, Lauren Kelly, hold no direct investment interest in any company mentioned in this article.
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