Athena Gold Corporation (CSE:ATHA)(OTCQB:AHNR) ("Athena" or the "Company") is pleased to report high-grade gold and silver samples from its first-ever underground mapping and sampling program at its flagship Excelsior Springs project in Nevada's prolific Walker Lane Trend. Five samples were collected underground from the past-producing Buster Mine, which historically produced an estimated 19,200 oz Au at an average grade of 41.1 g/t Au. Two of these samples returned high-grade Au, including:
The reconnaissance program conducted in August 2024 represents Athena's first-time underground at the Buster Mine, providing an opportunity for the team to have a close-up look at the mineralized orebody and gain a better understanding of structural controls at Excelsior. Historical sampling included four samples which exceeded the upper detection limit of 10 g/t Au; however, these were never analyzed to completion. The geologist who collected the surface and underground samples at the Buster Mine in 1986 estimated a mineralized zone containing a historical mineral inventory of up to 200,000 oz Au within a shallow depth of 61 m. This estimate is historical in nature and should not be relied upon as a current mineral resource. A qualified person has not done sufficient work to classify the historical estimate as current mineral resources or mineral reserves.
"We are pleased to see sampling results confirm the high-grade nature of the epithermal veins at the historic Buster Mine. In addition, we now have a much better understanding of structural controls on mineralization at Excelsior, which should bode well for planning our upcoming drill program" stated John Power, President & CEO of Athena Gold. "Due to small stoping dimensions and uncertain ground conditions, we were unable to sample over broader zones - however, we have reason to believe that high-grade, vein-hosted mineralization ‘bleeds' into the host rock as evidenced by previous drilling at Excelsior. The Buster Mine area is located 400 meters from the Western Slope Zone where our recent RC drill campaigns returned several impressive intercepts including up to 5.2 g/t Au over 33 m. Importantly, the geochemistry at Buster and the Western Slope Zone appear very similar, providing evidence that both mineralized zones may be part of the same system, and opens up the possibility of a larger, mineralized system connecting these two zones."
Two distinct structural orientations were observed and believed to be controlling mineralization, both east-west striking. The first is very steeply north dipping and yielded 50.6 g/t Au over 0.3 m (Figure 1). This sample was collected near the eastern stope on the 75' level, where historical sampling returned 5.8 g/t Au over 1.07 m. Historically, the higher-grade samples which exceeded the 10 g/t Au detection limit were collected from the western stope on the 75' level. Most of the past production occurred within the western stope, which extends from near surface to the 125' level.
On the 125' level, a shallow 35° north dipping fault zone yielded 28.1 g/t Au over 1.0 m (Figure 2). The steeper structures identified on the 75' level appear to be cut by this younger, shallow structure.
This work program demonstrated the important role these shallow structures, which can be traced on surface, play in the control of mineralization at Excelsior Springs. Additional surface and underground mapping will be conducted to better understand the distribution and extent of mineralization along these structures to better target future drilling.
Figure 1: Plan map of the historic Buster Mine, 75' level.
Figure 2: Photograph of 125' Level at Buster Mine, showing sample location and identified structures, looking east.
About the Buster Mine
The Buster Mine is located on the Fortunatus patented claim owned by Athena and is an integral part of our flagship Excelsior Springs Project.
Mineralization at the Buster Mine was discovered in 1872 and has been through several periods of small-scale mining and exploration efforts. During the late 1800s and perhaps the early 1900s there was unconfirmed reported production from the Buster Mine of an estimated 19,200 oz Au at an average grade of 41.1 g/t Au.
The Buster Shaft is 235' deep, with workings on the 75', 125', and 175' levels. It is estimated there is approximately 1,540' of accessible workings, most of which are on the 75' and 125' levels.
Technical Information
The data disclosed in this news release includes historical exploration sampling results. The reader is cautioned that the historical results are based on prior data and reports prepared by previous property owners and other sources. Athena has not independently analyzed the results of the historical exploration work to verify the results. The reader is cautioned not to treat them, or any part of them, as current and that a qualified person has not done sufficient work to verify the results and that they may not form a reliable guide to future results. No independent QA/QC protocols are known for these samples and as such analytical results may be unreliable. Athena's current and future exploration work includes verification of the historical data through further exploration.
QA/QC
Sample preparation and gold analysis was performed by ALS Global in Reno, Nevada. Rock samples were analyzed for gold and 50 other elements by inductively coupled plasma followed by mass spectrometry (ME-MS41) and gold by 30-gram fire assay followed by atomic absorption (Au-AA23). Gold over limits were determined by a gravimetric method (Au-GRA21).
Qualified Person
Technical information in this news release has been reviewed and approved by Matthew R. Dumala, P.Eng., a geological engineer with Archer, Cathro & Associates (1981) Limited and a qualified person for the purposes of National Instrument 43-101.
About Our Flagship Excelsior Springs Project
The Excelsior Springs Project (the "Project") lies within the prolific Walker Lane tectonic trend, a large region of northwest-trending, strike-slip fault zones that host a significant number of precious metal deposits having very strong structural control for mineralization. The Walker Lane trend is experiencing a major resurgence of intense and successful exploration and development.
The Project contains numerous prospect pits, trenches, roads, surface sampling sites and 113 drill holes to date within a 300m X 3,000m wide (1,000 foot-wide and 10,000-foot-long east-west trending zone of shearing and alteration. Underground workings on the two patented claims within the Project had unverified, historical production of 19,200 oz at 41.1 g/t Au.
Gold mineralization discovered at the Project to date occurs in quartz veins, stock-works, and silicified zones in hornfels and calc-silicate altered country rock and is generally close to porphyry dykes. The best grades and thicknesses discovered recently were found in oxidized and altered sedimentary rock immediately above porphyry dykes intruded along preexisting east- and east-northeast trending faults. The mineralized stock-work vein zones are shallow and have a relatively flat plunge, making them potentially amenable to open pit mining methods.
Based on the results of previous drilling programs, the Project has the potential to host one or more shallow gold deposits amenable to open pit mining, along with deeper, higher grade feeder zones that may be found and could be mined by underground methods. In the opinion of management and its consultants, the Project is very promising and further exploration has the potential to expand the known mineralization and establish additional mineralized zones.
About Athena Gold Corporation
Athena is engaged in the business of mineral exploration and the acquisition of mineral property assets. Its objective is to locate and develop economic precious and base metal properties of merit and to conduct additional exploration drilling and studies on the Project.
For further information about Athena Gold Corporation and our Excelsior Springs Gold project, please visit www.athenagoldcorp.com.
On Behalf of the Board of Directors
John C. Power
Chief Executive Officer and President
For further information, please contact:
John C. Power
Email: johnpower@athenagoldcorp.com
Jason Libenson
President and CCO
Castlewood Capital Corporation
Phone: (647)-534-9884
Email: jason@castlewoodcapital.ca
Forward Looking Statements
This press release contains forward-looking statements and forward-looking information (collectively, "forward-looking statements") within the meaning of applicable Canadian and U.S. securities laws. All statements, other than statements of historical fact, included herein including, without limitation, statements regarding future exploration plans and the completion of a phase 2 drill program at the Project, future results from exploration, and the anticipated business plans and timing of future activities of the Company, are forward-looking statements. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are typically identified by words such as: "believes", "will", "expects", "anticipates", "intends", "estimates", "plans", "may", "should", "potential", "scheduled", or variations of such words and phrases and similar expressions, which, by their nature, refer to future events or results that may, could, would, might or will occur or be taken or achieved. In making the forward-looking statements in this press release, the Company has applied several material assumptions, including without limitation, that there will be investor interest in future financings, market fundamentals will result in sustained precious metals demand and prices, the receipt of any necessary permits, licenses and regulatory approvals in connection with the future exploration and development of the Company's projects in a timely manner, QAQC procedures at the Project were followed, the availability of financing on suitable terms for the exploration and development of the Company's projects and the Company's ability to comply with environmental, health and safety laws.
The Company cautions investors that any forward-looking statements by the Company are not guarantees of future results or performance, and that actual results may differ materially from those in forward-looking statements as a result of various factors, including, operating and technical difficulties in connection with mineral exploration and development activities, actual results of exploration activities, the estimation or realization of mineral reserves and mineral resources, the inability of the Company to obtain the necessary financing required to conduct its business and affairs, as currently contemplated, the timing and amount of estimated future production, the costs of production, capital expenditures, the costs and timing of the development of new deposits, requirements for additional capital, future prices of precious metals, changes in general economic conditions, changes in the financial markets and in the demand and market price for commodities, lack of investor interest in future financings, accidents, labor disputes and other risks of the mining industry, delays in obtaining governmental approvals, permits or financing or in the completion of development or construction activities, risks relating to epidemics or pandemics such as COVID-19, including the impact of COVID-19 on the Company's business, financial condition and results of operations, changes in laws, regulations and policies affecting mining operations, title disputes, the inability of the Company to obtain any necessary permits, consents, approvals or authorizations, including of the Canadian Securities Exchange, the timing and possible outcome of any pending litigation, environmental issues and liabilities, and other factors and risks that are discussed in the Company's periodic filings with the SEC and disclosed in the final long form prospectus of the Company dated August 31, 2021.
Readers are cautioned not to place undue reliance on forward-looking statements. The Company undertakes no obligation to update any of the forward-looking statements in this press release or incorporated by reference herein, except as otherwise.
Kalgoorlie Gold Mining (ASX:KAL) (‘KalGold’ or ‘the Company’) has commenced aircore drilling at two new exploration target areas within the Pinjin Gold Project on 9 October 2024 (Figure 1).
Figure 1 – New drill areas (pink labels) that are the focus of the new drill program at Pinjin. Projection: MGA 94 Zone 51.
Testing Two New Gold Target Areas
The aircore drill program currently underway focuses on two new exploration target areas at Kirgella West and Kirgella East (Figure 1). The target areas are both located near to the Kirgella Gift and Providence deposits where the Company recently defined a JORC (2012) Inferred Mineral Resource of 2.34 Mt at 1.0 g/t Au for 76,400 oz (ASX: KAL 25 July 2024). Both target areas show promising structural and geological complexity that has potential to host gold mineralisation. These targets have not been previously drill-tested and so are undergoing first-pass, widely spaced drilling in this program.
The initial program is scheduled to run for two weeks, drilling up to 4,500 m across key target areas in priority order.
KalGold Targets Untapped Potential in Southern LTZ
This marks KalGold’s first systematic assessment of the gold potential of the greater Pinjin Project area. For the first time, we are moving beyond historic efforts at Kirgella Gift and Providence, and the Wessex prospect adjacent to the Anglo Saxon gold mine.
KalGold believes the southern part of the Laverton Tectonic Zone (LTZ) holds significant potential, comparable to its northern end, which hosts major gold deposits like Sunrise Dam, Granny Smith, Wallaby and the Laverton Goldfield (Figure 2). The southern LTZ, remains underexplored due to poor surface exposure and limited historic exploration efforts. However, recent discoveries like Rebecca in the LTZ and Breaker/Lake Roe in the adjacent Celia Tectonic Zone show the area’s potential. KalGold aims to make similar discoveries on its LTZ tenure.
Figure 2 – KalGold’s Pinjin Gold Project within the Laverton Tectonic Zone, showing current targets, work programs and other major deposits of the region. 50km grid. Projection: MGA 94 Zone 51.
KalGold believes that drilling is the only effective way to test the LTZ on our Pinjin Gold Project, given transported cover over much of the area. Typically this approach results in several misses, but it also has the potential for significant discoveries. By applying a scientifically rigorous approach, KalGold is increasing its chances of success, focusing on key target areas that display geological, geophysical and geochemical hallmarks of gold mineralisation.
Progress will be driven by results, as well as logistics. Currently, KalGold is working to secure a new heritage survey over the area, with a focus on E28/3134. Heritage clearance of the unexplored eastern areas is important for on-ground investigation where the high-grade metamorphic rocks of the Rebecca sequence are interpreted to be juxtaposed by the LTZ against the host sequence of the Pinjin Goldfield. Additionally, known palaeochannel distributions are considered, allowing for initial exploration of shallow targets before potentially pursuing targets at depth as the palaeochannels can be over 100m deep.
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This article includes content from Kalgoorlie Gold Mining Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Barrick (NYSE:GOLD)(TSX:ABX) will release its Q3 2024 results on Thursday, November 7, 2024. President and CEO Mark Bristow will host a live presentation of the results that day in London, UK, at 11:00 EST 16:00 UTC, with an interactive webinar linked to a conference call. Participants will be able to ask questions.
The company will release its preliminary production, sales and cost information for Q3 2024 on October 16, 2024.
Q3 RESULTS ANNOUNCEMENT
The webinar will remain on the website for later viewing and the conference call will be available for replay by telephone at 1 855 669 9658 (US and Canada toll-free) and +1 412-317-0088 (international toll), replay access code 8607451.
The Q3 2024 presentation materials will be available on Barrick's website at www.barrick.com.
Enquiries:
Claudia Pitre
Investor Relations and Corporate Access
+1 416 307 5105
Email: cpitre@barrick.com
Kathy du Plessis
Investor and Media Relations
+44 20 7557 7738
Email: barrick@dpapr.com
Website: www.barrick.com
News Provided by GlobeNewswire via QuoteMedia
Highlights:
These high-grade gold assays continue the trend found in our original rock chip discoveries at Titan1 by emerging from quartz-iron veining and are therefore not analogous to conglomerate mineralisation. This veining structure will vary throughout Titan but the structure continues to demonstrate its potential. We are looking forward to further gold exploration at Titan and over the greater Carlow tenement.”
Titan Prospect
The Titan prospect is located towards the northern part of the Carlow tenement E47/1797, in the West Pilbara region of Western Australia. Titan has had minimal exploration work conducted previously other than broad spaced soil sampling and a constrained moving loop transient electromagnetic survey (MLTEM).
Figure 1. Artemis West Pilbara tenements with current known prospects named
The Company has followed up the preliminary ground reconnaissance undertaken in August 2024 with a second phase of sampling. This second phase has confirmed the previously reported over-limit assay results and also identified further potential mineralised areas through the discovery of additional high grade, previously untested quartz/iron-oxide veins. In total, 97 samples were collected and sent to the laboratory for processing. The majority of samples were collected from in-situ veining with some sub-crop and three float samples.
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HIGHLIGHTS
Figure 1: Geophysical interpretation has identified five high priority targets.
This survey complements the previous magnetic and IP/resistivity surveys completed over the Chacon grid, some 5km to the north-west. Both surveys highlight the strong structural controls, the intense alteration, and the coincident geophysical signatures.
Previously the Chacon Grid had been mapped and sampled over a strike length of two kilometres, but recent reconnaissance has indicated the structure may extend for a strike length of up to six kilometres. It is expected that further mapping, geochemistry, geophysics and drilling along strike and between both the Chacon Grid and the La Javiela vein systems will highlight a mineralised structural corridor up to 10km in length.
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This article includes content from Piche 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.
Highlights:
Completion of the Acquisition remains subject to formal documentation being executed and shareholder approval by Tartana’s shareholders for the purposes of ASX Listing Rule 10.1, 10.11, and 7.1 (further detailed below), amongst other conditions precedent. There can be no assurances that the transaction will complete until such time that all conditions precedent have been met. A summary of the terms of the non-binding agreement is set out at Annexure A.
Acquisition Rationale
QSM’s EPMs and ML are located Far North Queensland and are complementary to Tartana’s existing exploration portfolio with two copper projects with high grade copper surface mineralisation as well as several EPMs covering critical mineral prospects. The critical mineral EPMs are in proximity to Tartana’s own Herberton (Emuford) EPM Application (EPMA 27220) and are part of move by Tartana to increase its exposure to tin, tungsten and silver and other critical metals.
With Tartana’s Copper Sulphate production continuing to produce healthy cash flows, the Company has also been focused on investigating the development of primary copper mineralisation at the Tartana open pit as well as increasing its exploration portfolio to incorporate additional and complementary projects targeting copper and critical metals. While the former has involved drilling a metallurgical hole (D15) and completing metallurgical test work (flotation recoveries and ore sorting), the opportunity to acquire QSM addresses the latter.
About QSM
QSM has, over the course of recent years aggregated ten EPMs and one ML covering 771 km2 in Far North Queensland (See Figure 2). QSM has acquired the tenements through a series of transactions with tenure holders with a focus on discovery of hardrock critical and strategic metal projects, particularly tin, tungsten and copper.
In some cases the vendors of these tenements have held them for a significant period of time with a focus on alluvial mining over hard-rock exploration. QSM was able to secure attractive terms to acquire these tenements by leaving the alluvial rights in the hands of the vendors or Queensland Alluvial Resources Pty Ltd (further detailed below).
QSM has 7 project areas which are listed in Figure 1. Each project area contains prospects recorded by the Queensland Department of Resources and these are listed under each project/EPM. The dominant metal associated with each project is colour coded with many relating to the minor metals; tin, tungsten and antimony.
While there are many prospects in several of the permits, QSM has completed site visits and discussed the various prospects with ‘old time miners’ to establish which particular projects offer potential scale and potential unmined mineralisation. These projects are in bold in Figure 1.
Figure 1. QSM tenure and various prospects. QSM has prioritised the projects which are identified in bold.
Figure 2. Tartana and QSM EPMs.
A detailed project review has been provided at Annexure B.
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This article includes content from Tartana Minerals Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.