
May 15, 2025
Athena Gold Corporation (CSE:ATHA)(OTCQB:AHNRF) ("Athena" or the "Company") is pleased to report additional results from its 2024 regional prospecting and sampling program at the 100%-owned Excelsior Springs project in Nevada's Walker Lane Trend. The program proved successful in providing new geologic interpretations and defining new, untested zones of prospective mineralization. On the back of this program, the Company expanded its landholdings by approximately 68 hectares.
"One of the drivers behind the Fall 2024 program was to confirm whether prospective ground exists outside the Buster Trend, which to date, has been the main target of focus at Excelsior Springs. We are happy to report the identification of the new Rhino Zone, in addition to the high-grade silver and antimony potential revealed at the Blue Dick Trend. Importantly, both these targets remain untested by the drill bit. We believe a larger-scale program is warranted in order to adequately explore such a target-rich project," stated Koby Kushner, President & CEO of Athena Gold.
Highlights:
- The newly defined Rhino Zone, located to the northeast of the project area, returned high-grade gold on surface, with grab sample assays returning up to 27.1 g/t Au, 49 g/t Ag, and 1.4% Pb (see Figure 2).
- Results from Blue Dick, as previously reported, returned up to 6,630 g/t Ag (Sample K024547; refer to the Company's press release dated January 23, 2025). In addition, the remaining analytical results from this sample returned high-grade antimony of 1.53% Sb.
- Antimony is designated as a critical metal by both the United States and Canada due to its essential role in national security, energy infrastructure, and industrial manufacturing.
- On the back of the successful 2024 exploration program, the Company recently expanded its land position through staking, increasing the project footprint by 68 hectares to better capture the Rhino and Blue Dick Trends (see Figure 1).
- The Company continues to receive third-party interest regarding potential joint venture partnerships and earn-in agreements across its Nevada portfolio.

Figure 1: Map of the Excelsior Springs project highlighting the various mineralized trends, historic drilling, additional staking, and recent sampling completed by Athena Gold Corporation in November 2024.

Figure 2: Map of the Rhino Zone showing recent sampling, the approximate outline of the Rhino Zone, and the area of newly acquired ground.
A total of 95 surface grab samples were collected during the recent mapping and prospecting program, conducted by Big Rock Exploration in November. Results from the program have highlighted that the Excelsior Springs project is host to various styles of mineralization, lending itself to varying exploration targets ranging from narrow vein, high-grade targets to low-grade, bulk-tonnage targets.
Buster Trend: This target area is host to the vast majority of the historical exploration work at Excelsior Springs to date, with most activity focused on the historic underground Buster Mine, which averaged >40 g/t Au of past production. Drilling at the easternmost extension of this trend returned 5.35 g/t Au over 33.5 m from hole DB-23 in the Western Slope Zone, approximately 400 m east of the historic workings at Buster (refer to the Company's press release dated June 29, 2022).
Ridge Trend: Mineralization in this region has a distinct intrusion-related signature with elevated As-Bi-Mo-Cu-Hg-Te. The Ridge Trend represents a potential low-grade, high-tonnage target. Historic drilling has returned up to 24.4 m at 1.09 g/t Au (GE-14) starting at only 7.6 m below surface (refer to the Company's press release dated Sept 14, 2023).
Rhino Trend: This newly recognized trend has similar characteristics to the Ridge Trend in that it is a low-grade, high-tonnage target with potential for high-grade Au values within the broader target area. No known drilling has been completed in this area, and additional staking has been completed in 2025 to secure the zone.
Blue Dick Trend: The Blue Dick area represents a series of Au-Ag-Cu-Pb-Sb-Zn epithermal vein systems. Several historic workings are documented in the area including the Blue Dick Mine, however no known drilling has been conducted in the area. In November of 2024, Athena returned samples of up to 6,630 g/t Ag, 2.28% Cu, 2.4% Pb, and 1.53% Sb along with 5.1 g/t Au, 212 g/t Ag, 2.4% Pb, and 2.84% Zn (refer to the Company's press release dated January 23, 2025). Recent staking expanded the Blue Dick Trend to capture historical high-grade samples.
QA/QC
Analytical work for rock samples was completed by ALS Laboratories, and sample preparation and geochemical analyses were completed in Elko, Nevada. Samples were crushed before a 250-gram split was pulverized to better than 85%, passing 75 microns. Rock samples were analyzed for gold by fire assay using a 50-gram charge with an atomic absorption spectroscopy finish. If assay results exceed 10.0 g/t gold, the sample rejects are analyzed by 50-gram fire assay with a gravimetric finish. Sampling and analytical procedures are subject to a Quality Assurance and Quality Control program that includes duplicate samples and analytical standards.
Qualified Person
Technical information in this news release has been reviewed and approved by Benjamin Kuzmich, P.Geo., a geoscientist and qualified person for the purposes of National Instrument 43-101.
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 its projects across North America. Athena's Laird Lake project is situated in the Red Lake Gold District of Ontario, covering over 4,000 hectares along more than 10 km of the Balmer-Confederation Assemblage contact, where recent surface sampling results returned up to 373 g/t Au. This underexplored area is road-accessible, located about 10 km west of West Red Lake Gold's Madsen mine and 34 km northwest of Kinross Gold's Great Bear project. Meanwhile, its Excelsior Springs Au-Ag project is located in the prolific Walker Lane Trend in Nevada. Excelsior Springs spans over 1,500 hectares and covers at least three historic mines along the Palmetto Mountain trend, where the Company is following up on a recent shallow oxide gold discovery, with drill results including 5.35 g/t Au over 33.5 m.
For further information about Athena Gold Corporation, please visit www.athenagoldcorp.com.
On Behalf of the Board of Directors
Koby Kushner
President and Chief Executive Officer
For further information, please contact:
Athena Gold Corporation
Koby Kushner, President and Chief Executive Officer
Phone: 416-846-6164
Email: kobykushner@athenagoldcorp.com
CHF Capital Markets
Cathy Hume, Chief Executive Officer
Phone: 416-868-1079 x 251
Email: cathy@chfir.com
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, 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.
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 risk factors as 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 stated.
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The Conversation (0)
09 January
Athena Gold
Investor Insight
Athena Gold’s high-grade gold exploration assets in two of the world’s safest and most prolific mining jurisdictions, backed by a highly technical and entrepreneurial leadership team, make it a compelling investment opportunity worth examining.
Overview
Athena Gold (CSE:ATHA,OTCQB:AHNR) is a dynamic gold exploration company focused on advancing its newly acquired asset in Ontario’s Red Lake Gold Camp in Canada, and its gold discovery project in Nevada’s Excelsior Springs in the US. These projects are located in two of the world’s safest, tier-one mining jurisdictions, where major mining companies are increasingly refocusing their exploration efforts due to geopolitical stability and established mining infrastructure.
Ontario’s Red Lake and Nevada’s Walker Lane Trend are globally renowned for their high-grade gold deposits. By operating in these regions, Athena Gold aligns itself with the recent trend toward safer, more predictable mining jurisdictions.
The company is guided by a young, entrepreneurial and highly technical leadership team, uniquely equipped to unlock the potential of its assets through cost-effective and innovative exploration strategies. Athena Gold is committed to discovery-driven growth, prioritizing projects with world-class potential.
Company Highlights
- Athena Gold operates in two of the world’s safest and most prolific mining jurisdictions—Nevada and Ontario—benefiting from established infrastructure, lower geopolitical risk, regulatory stability, and high exploration potential.
- Flagship Projects - Laird Lake and Excelsior Springs
- Laird Lake: Situated in Ontario's Red Lake Gold District, renowned for producing over 30 Moz of gold, with recent sampling identifying bonanza-grade gold up to 373 g/t gold. The project is in a pre-discovery phase.
- Excelsior Springs: Located in Nevada’s Walker Lane Trend, this project features historical high-grade gold production and recent discoveries, including a Western Slope intercept of 5.35 g/t gold over 33.5 m, with significant open-pit potential.
- Focused on advancing projects through grassroots exploration and systematic geological work to unlock high-grade deposits.
- Led by a technical and entrepreneurial team with a track record of delivering value through innovative exploration approaches.
- A lean and focused share structure with ~25 percent insider ownership ensures alignment with shareholder interests.
Key Projects
Laird Lake Gold Project
The Laird Lake project, encompassing 4,158 hectares, is located in Ontario’s Red Lake Gold District, an iconic mining camp producing over 30 million ounces of gold. This project spans over 10 kilometers of the Balmer-Confederation Assemblage contact, a key geological structure historically hosting major gold deposits, including the renowned Great Bear mine, now owned by Kinross (TSX:K,NYSE:KGC), and Madsen mine, owned by West Red Lake Gold (TSXV:WRLG:,OTCQB:WRLGF).
Recent sampling has confirmed the project’s exceptional potential, including a bonanza-grade surface grab sample returning 373 grams per ton (g/t) gold — the highest recorded at the site. Mineralization has been identified over a 2.2-kilometer strike length, with further extensions open to the east and west. Strategic proximity to major operations, such as West Red Lake Gold Mines' flagship Madsen mine and Kinross Gold’s Great Bear project, further enhances its appeal.
Map of Laird Lake project, showing selected assays from the October 2024 sampling program.
Athena Gold is executing a systematic exploration strategy, with plans for a property-wide geochemistry survey in 2025. These efforts aim to identify drill targets for a winter-spring drilling campaign, focusing on high-grade zones and expanding the project’s resource potential.
Excelsior Springs Gold Project
The Excelsior Springs project is located in Nevada’s Walker Lane Trend, a prolific mining district with more than 40 million ounces of historical gold output. Major mining companies already operating in the Walker Lane trend include Kinross Gold, AngloGold Ashanti (NYSE:AU) and Centerra Gold (TSX:CG). Located on patented and unpatented ground with year-round access, the project boasts a rich history of high-grade gold mining, including the Buster Mine, which produced 19,200 ounces at grades exceeding 40 g/t gold in the late 19th century.
Athena Gold has identified significant potential for Excelsior Springs, with near-surface gold oxide mineralization. A standout discovery in the Western Slope zone yielded an impressive intercept of 5.35 g/t gold over 33.5 meters, supported by broader mineralized zones such as 1.02 g/t gold over 52 meters. These results suggest the potential for an open-pit mining operation, making the project an attractive prospect for resource expansion.
The project is geologically analogous to AngloGold’s Silicon project, which has demonstrated similar mineralization and structural settings. Excelsior Springs also benefits from a multi-phase exploration plan. A recent property-wide structural mapping program is refining the understanding of geological controls, with trenching and targeted geochemical sampling already underway.
Upcoming exploration phases will include oriented core drilling to delineate high-grade zones further and test for additional deposits.
Leadership Team
David Goodman - Chairman
David Goodman transitioned from a successful legal career to the investment management industry, becoming a partner, vice-president and portfolio manager at the firm behind Dynamic Funds. As president and CEO of Dynamic Funds and later DundeeWealth, he led the firm to significant growth, increasing assets under management from $5 billion to approximately $50 billion. Under his leadership, the firm was recognized multiple times as Fund Company of the Year at the Canadian Investment Awards. Goodman has also served on the boards of DundeeWealth, Repadre Capital, Dundee and SickKids Foundation.
Koby Kushner - President & CEO
Koby Kushner is a licensed professional engineer in Ontario and a CFA charter holder, with a background in mining engineering and equity research. He has worked at several mines in Ontario and Manitoba, including Hemlo (Barrick Gold) and Detour, gaining experience across all stages of project development. As an equity research analyst at Red Cloud Securities, a mining-focused investment bank, he covered more than 100 companies across various development stages and commodities, with a focus on precious and energy metals.
John Power - Secretary & Director
John Power has been with Athena Gold since its inception, serving in various capacities, including president and CEO. He managed the Langtry silver project, developing an NI 43-101 compliant resource of more than 60 million ounces of silver. Power was the president of Redwood Microcap Fund, where he increased shareholder value sixfold. He has also served as a director and/or officer of Magellan Gold and co-managing member of Silver Saddle Resources, a private entity owning mining claims in Nevada.
Ty Minnick - CFO
Ty Minnick is a certified public accountant with more than 25 years of experience across various industries. Since 2011, he has worked with Augusta Gold (formerly Bullfrog Gold), serving as chief financial officer until October 2020, and continuing as a consultant thereafter. He has also been associated with Grand Mesa CPAs and served as director of finance and administration for the Grand Junction Regional Airport Authority.
Ben Kuzmich - VP Exploration
Ben Kuzmich is a geologist with a strong track record of significant discoveries, driving the technical aspects of Athena’s projects. His expertise includes porphyry and epithermal systems, with a focus on cost-efficient exploration.
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27 June
Top 5 Canadian Mining Stocks This Week: Onyx Gold Shines with 118 Percent Gain
Welcome to the Investing News Network's weekly look at the best-performing Canadian mining stocks on the TSX, TSXV and CSE, starting with a round-up of Canadian and US news impacting the resource sector.
Statistics Canada released April’s gross domestic product (GDP) numbers on Friday (June 27). The data showed a slowing in the Canadian economy with a 0.1 percent monthly decline after it increased 0.2 percent in March as businesses attempted to get ahead of US tariff deadlines.
In April, the shift in US trade policy led to significant declines in the manufacturing sector, which saw its largest drop in four years at 1.9 percent. Durable goods manufacturing declined for the first time in four months, dropping 2.2 percent d. The most heavily impacted sub-sectors were transportation equipment and the auto sector, which fell 21.6 percent and 5.2 percent, respectively.
On the positive side, finance and insurance experienced growth of 0.7 percent, with investment services and funds contributing 3.5 percent growth to the sector. StatsCan indicated that the US tariff announcement on April 2 led to increased selling activity in Canadian equity markets.
The Canadian resource sector was flat overall during the month. The oil and gas extraction, excluding oil sands, fell 1.1 percent in April, while oil sands extraction remained unchanged. The agency said that higher bitumen extraction was offset by lower synthetic crude production. Additionally, a temporary shutdown in the Keystone pipeline due to a rupture contributed to a decline in activity.
However, losses were offset by a 4.8 percent gain in support activities for the mining and oil and gas extraction subsectors, with an increase in rigging and drilling activities.
While some of the month-over-month decline was due to the increase in output in March, StatsCan suggests that further slowing is on the way. The agency reported that advanced figures for May show a further 0.1 decline, noting a decrease in the mining, quarrying, and oil and gas extraction category.
South of the border, the US Bureau of Economic Activity released May’s personal consumption expenditures price index (PCE) data on Friday. The index is a key inflation indicator and is the preferred measure used by the Federal Reserve when making its rate decision. The central bank has held its current rate at the 4.25 to 4.5 percent range since it last lowered it in November 2024.
The report shows inflation ticked up 2.3 percent on an annualized basis, higher than the 2.2 percent recorded in April. The increase came after two consecutive months of slowing from 2.7 percent in February and 2.3 percent in March.
Less the more volatile food and energy categories, PCE gained 2.7 percent during the period. While costs for goods increased, current-dollar personal income was down 0.4 percent and disposable income fell 0.6 percent.
US President Donald Trump again signaled his displeasure with the slow pace of rate cuts earlier in the week, and with the Wall Street Journal reporting on Wednesday (June 25) that he may announce a replacement for Chairman Jerome Powell as early as this summer.
While it’s unclear if he will try to remove Powell from the post, the president may try to create a “shadow Fed” that could work to influence markets and undermine decisions made by the current chairman. Powell’s term as chairman is set to expire in May 2026, while his time as board governor won’t end until 2028. His removal would require an act of Congress.
Markets and commodities react
In Canada, major indexes ended the week up. The S&P/TSX Composite Index (INDEXTSI:OSPTX) gained 0.77 percent during the week to close at 26,687.14 on Friday. The S&P/TSX Venture Composite Index (INDEXTSI:JX) fared better, gaining 1.47 percent to 724.26, while the CSE Composite Index (CSE:CSECOMP) climbed 0.74 percent to 117.39.
US equities were also in positive territory this week, with the S&P 500 (INDEXSP:INX) gaining 3.41 percent to close at a record high of 6,173.08, the Nasdaq-100 (INDEXNASDAQ:NDX) surging 4.17 percent to its own all-time high of 22,534.20. While it didn't break its previous high, the Dow Jones Industrial Average (INDEXDJX:.DJI) also climbed significantly, up 3.89 percent to 43,819.26.
On the other hand, the gold price declined this week, falling 2.8 percent to US$3,274.15 by Friday at 4 p.m. EDT. The silver price ended the week down just 0.05 percent at US$35.99.
In base metals, the COMEX copper price surged 5.59 percent over the week to US$5.12 per pound. Prices have been rising due to increased purchases ahead of US tariffs and significant drawdowns of inventories in London Metals Exchange warehouses.
Meanwhile, the S&P GSCI (INDEXSP:SPGSCI) lost 6.07 percent to close at 545.71.
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.
Stock data for this article was retrieved at 4 p.m. EDT on Friday using TradingView's stock screener. Only companies trading on the TSX, TSXV and CSE with market capitalizations 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. Onyx Gold (TSXV:ONYX)
Weekly gain: 121.28 percent
Market cap: C$106.84 million
Share price: C$2.08
Onyx Gold is an exploration company advancing its Munro-Croesus project, located near Timmins in Ontario, Canada. The company has increased the size of the land package by 200 percent between 2020 and 2025, and the project now covers an area of 109 square kilometers.
Munro-Croesus hosts the historic Croesus mine, which produced 14,859 ounces of gold between 1915 and 1936 with an average grade of 95.3 grams per metric ton (g/t). Onyx is the first company to explore the property since the mine closed.
Shares in Onyx have seen gains in recent weeks as it made several investment and project announcements.
The first came on June 12, when the company announced that it had completed a private placement with Windfall Mining, a subsidiary of Gold Fields (NYSE:GFI), which purchased 9.4 percent of Onyx’s issued and outstanding shares. Onyx said the investment is an endorsement of its long-term vision.
As for this week, on Tuesday (June 24), Onyx announced that it signed a mineral property purchase and sale agreement to acquire a 100 percent interest in the Munro and Hewitt properties, both located near the existing Munro-Croesus project. The acquisition will expand the company’s land package to 109 square kilometers from the previous 95 square kilometers.
In its most recent update on Thursday (June 26), the company reported the first drill results from its 10,000 meter spring drill program at the Argus North zone at Munro-Croesus. One highlighted assay contained 1.8 grams per metric ton (g/t) gold over 91 meters, including 4 g/t over 32 meters and 5.3 g/t over 17 meters.
The company said the results demonstrate the continuity of broad zones of high-grade gold mineralization. It added that mineralization was confirmed along strike and that the zone is still open in all directions.
2. US Copper (TSXV:USCU)
Weekly gain: 83.33 percent
Market cap: C$14.5 million
Share price: C$0.11
US Copper is an exploration company working to advance its Moonlight-Superior project in Northeast California, United States.
The project covers approximately 13 square miles of patented and unpatented federal mining claims in the Lights Creek Copper District, near the Nevada border.
A preliminary economic assessment released on January 6 demonstrated a post-tax net present value of US$1.08 billion with an internal rate of return of 23 percent and a payback period of 5.3 years, assuming a copper price of US$4.15 per pound.
The included mineral resource estimate shows a total indicated resource of 2.5 billion pounds of copper, 21.7 million ounces of silver and 140,042 ounces of gold from 402.83 million metric tons of ore with a grade of 0.31 percent copper, 1.85 parts per million (ppm) silver and 0.012 ppm gold. The majority is hosted at its Moonlight and Superior deposits.
Although the company did not release news this week, its shares have seen significant gains alongside a rising price of copper.
3. ArcWest Exploration (TSXV:AWX)
Weekly gain: 68.42 percent
Market cap: C$11.21 million
Share price: C$0.16
ArcWest Exploration is an exploration company that has most recently been working to advance its Todd Creek and Oweegee Dome properties within the Golden Triangle in British Columbia, Canada.
The Todd Creek property is a 21,343 hectare site that adjoins Newmont’s (TSX:NGT,NYSE:NEM) Brucejack property and hosts widespread copper and gold mineralization. Historical exploration of the site yielded grab samples with up to 37.7 g/t gold and 5.3 percent copper. The project is covered by a March 2023 earn-in agreement with Freeport-McMoRan (NYSE:FCX) that could see Freeport earn a 51 percent stake, with C$20 million in investments over a five year period.
The 31,077 hectare Oweegee Dome property is located 34 kilometers northeast of the Brucejack mine and hosts underexplored copper and gold systems, including Delta and Skowill East. Oweegee Dome is covered by a July 2021 option agreement with Sanatana Resources (TSXV:STA). Under the terms of the agreement, Sanatana can earn an initial 60 percent interest in the property through cumulative exploration investments of C$6.6 million over four years.
Shares in ArcWest gained this week after a pair of announcements.
The first came on Wednesday, when the company reported results from a 2024 drill program, funded and operated by Sanatana, that extended the mineralized zone at Oweegee Dome. Sanatana President Buddy Doyle said, “We now think the alteration and mineralization we see at surface at Delta is only the southeast corner of a larger system.”
The other news was released on Thursday, when it announced it had mobilized for a drill program at Todd Creek. The program will receive a minimum of C$4 million in funding from Freeport-McMoRan.
4. Belo Sun (TSXV:BSX)
Weekly gain: 62.79 percent
Market cap: C$163.35 million
Share price: C$0.35
Belo Sun Mining is an exploration and development company focused on advancing its Volta Grande gold project in Brazil.
The property covers approximately 2,400 hectares within the Tres Palmeiras greenstone belt in Para State, Brazil. The company has been working on the project since 2003, and acquired necessary development permits in 2014 and 2017.
A 2015 mineral reserve estimate demonstrated a proven and probable reserve of 3.79 million ounces of gold from 116 million metric tons of ore with an average grade of 1.02 g/t.
Development at the site stalled in 2018 after a federal judge ruled that the Federal Brazilian Institute of the Environment (IBMA) would be the competent authority for issuing environmental permits. The decision was overturned in 2019 with the Secretariat of Environment and Sustainability of the State of Para (SEMAS) reassuming its permitting authority. The decision was once again reversed in September 2023, returning authority to IBMA.
On January 23, Belo Sun announced that the Federal Court of Appeals had reassigned SEMAS as the permitting authority for the Volta Grande project. The company said it was pleased with the decision, as the agency is familiar with the project and enjoys a constructive and transparent relationship with it.
On Monday (June 23), the company announced shareholders approved a renewal of the company’s governance structure and elected four new directors to the board. Four of the board's six members are now either Brazilian or have spent significant parts of their careers working in Brazil.
5. Reyna Silver (TSXV:RSLV)
Weekly gain: 52.94 percent
Market cap: C$33.05 million
Share price: C$0.13
Reyna Silver is a silver exploration company with a portfolio of assets in Chihuahua, Mexico, and Nevada, US.
One of its two Mexican assets is Guigui, a 4,750 hectare property covering a significant portion of the Santa Eulalia Mining District. The area has a history of mining dating back to the 1700s with production of almost 450 million ounces of silver between then and 2001.
Its other one is Batopilas, a 1,183 hectare site that covers 94 percent of the Batopilas Mining District, which has significant deposits of pure, native silver. Historic mining at the site produced an estimated 200 million to 300 million ounces of silver dating back to the mid-1600s.
Its primary American asset is the Gryphon Summit project located along the Carlin-trend. The project covers an area of 10,300 hectares and is prospective for gold, silver and critical minerals.
It also owns the Medicine Springs project, which spans 4,831 hectares south of Elko City. Previous exploration at the site identified lead, zinc and silver mineralization.
Shares in Reyna gained this week after it entered into a definitive agreement to be acquired by Torex Gold (TSX:TXG).
The deal, valued at US$26 million, will see Torex acquire all issued and outstanding common shares in Reyna, thereby gaining access to its wholly owned Mexican portfolio. Additionally, Torex will have the option to acquire a 70 percent stake in the Gryphon Summit project and a 100 percent interest in Medicine Springs.
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 February 2025, there were 1,572 companies listed on the TSXV, 905 of which were mining companies. Comparatively, the TSX was home to 1,859 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.
Article by Dean Belder; FAQs by Lauren Kelly.
Don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.
Securities Disclosure: I, Lauren Kelly, hold no direct investment interest in any company mentioned in this article.
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27 June
Top 5 Australian Mining Stocks This Week: GBM Soars on AU$13 Million Raise
Welcome to the first edition of the Investing News Network's weekly round-up of Australia’s top-performing mining stocks on the ASX, starting with news in Australia's resource sector.
In significant news for Australia's iron sector, mining giant Rio Tinto (ASX:RIO,NYSE:RIO,LSE:RIO), together with its joint venture partner Hancock Prospecting, said on Tuesday (June 24) that the partners will invest a combined US$1.6 billion to develop the Hope Downs 2 iron ore project in the Pilbara region, Western Australia.
Companies focused on antimony and gold have also been making news this week, such as Resolution Minerals (ASX:RML) announcing its acquisition of the Horse Heaven project in Idaho, US, and Ausgold (ASX:AUC,OTC Pink:AUSGF) signing an agreement to acquire Critica’s (ASX:CRI,OTC Pink:VTMLF) Kulin gold project in Western Australia.
This week, Resolution was one of two companies focused on antimony to make the top ASX mining stocks list. Antimony has been gaining attention as supply falls and prices hit record highs following China's export controls earlier in the year. The metal is critical to the defense and lead-acid battery industries. In a report by Reuters, the executive director of a US battery association said the shortage of the key mineral is a national emergency with no quick solution.
Market and commodity price round-up
The S&P/ASX 200 index opened at 8,505.50 on Monday (June 23) and closed at approximately 8,550.20 on Friday (June 27). This reflects a modest 0.53 percent gain over the week.
For metals, the gold price declined by 2.8 percent, opening at US$3,368.57 per ounce on Monday and closing at US$3,274.15 at 6 a.m. AEST, June 28. Its price in Australian dollars fell by 4 percent from AU$5,221.02 to AU$5,013.71 by the week's end.
The US silver price ended the week neutral, moving from a US$36.01 open on Monday to a US$35.99 close on Friday. However, in Australian dollars, it opened at AU$55.81 per ounce and pulled back 1.24 percent to AU$55.12.
Top ASX mining stocks this week
How did ASX mining stocks perform against this backdrop?
Take a look at this week’s five best-performing Australian mining stocks below as we break down their operations and why these mining stocks are up this week.
Stock data for this article was retrieved at 4 p.m. AEST on June 26 using TradingView's stock screener. Only companies trading on the ASX with market capitalizations greater than AU$10 million are included. Mineral companies within the non-energy minerals, energy minerals, process industry and producer manufacturing sectors were considered.
1. GBM Resources (ASX:GBZ)
Share price: AU$0.013
Market cap: AU$16.37 million
Weekly gain: 116.67 percent
GBM Resources is a Brisbane-based exploration and development company focusing on the discovery of world-class gold and copper deposits in Queensland.
Its flagship asset is a fully owned group of projects — Yandan, Twin Hills and Mt Coolon — located in the Drummond Basin, among Australia’s major gold provinces with a production history of over 4.5 million ounces.
Combined, the three Drummond Basin projects host 1.84 million ounces of gold and a total project area of 4,667 square kilometres.
The Mt Coolon project is subject to a farm-in partnership between GBM and leading gold producer Newmont (NYSE:NEM,TSX:NGT). In late April, Newmont released final assays from its Phase 1 drill program at Mt Coolon.
On Tuesday (June 24), GBM announced that it has received firm commitments to raise AU$13 million, which it will use in part to repay and cancel all of its existing convertible notes with Collins St Asset Management worth AU$6.2 million. Upon repayment, GBM will be debt-free and well-funded to advance its Yandan and Twin Hills assets with the goal of expanding its gold resource base.
The placement also includes several board and management changes, with Peter Rohner stepping down as managing director immediately and as CEO once his contract expires on July 31.
Shares of GBM soared to AU$0.014 on Tuesday following the announcement of the placement and recapitalization strategy.
2. Locksley Resources (ASX:LKY)
Share price: AU$0.088
Market cap: AU$10.82 million
Weekly gain: 41.94 percent
Locksley Resources is an exploration company focused on its flagship Mojave project in California, a rare earths and antimony asset situated near MP Materials’ (NYSE:MP) Mountain Pass mine, the only operational REE mine in the US. It also owns copper, gold and base metal assets in Australia.
Mojave is located on California’s south-eastern border with Nevada.The project hosts two mineralisation zones, the El Campo rare earth elements prospect, which hosts rare earths including neodymium and praseodymium, and the past-producing Desert antimony mine area, which hosts antimony, silver, lead and zinc. Rock chip sampling returned grades up to 12.1 percent total rare earth oxides at El Campo, and up to 46.1 percent antimony and 1,022 grams per tonne silver at the Desert antimony mine.
After starting May at AU$0.019, Locksley’s share price saw a boost on May 8 following the federal endorsement of Dateline Resources’ (ASX:DTR,OTC Pink:DTREF) Colosseum gold-rare earths project, which is located in the same district as Mojave. Locksley stated it would use this precedent to pursue government support.
Its share price climbed even higher after the company announced a capital raising on May 28 to fund exploration at Mojave. It peaked at AU$0.115 on June 4. The upcoming drilling program will focus on El Campo, with five RC holes targeting rare earths at the site, and is planned for the last quarter of 2025. The company secured the drilling permit on June 5.
On June 17, Locksley announced a strategic US collaboration for the project, saying that it aims to align its antimony and rare earth elements assets with the US’ critical minerals strategy. The company successfully completed an OTCQB listing on June 26 to expand its US market presence; it will trade under the symbol LKYRF.
3. Noble Helium (ASX:NHE)
Share price: AU$0.026
Market cap: AU$14.39 million
Weekly gain: 36.84 percent
Noble Helium is a helium exploration company with four key projects in Tanzania, namely North Rukwa, North Nyasa, Eyasi and Manyara. North Rukwa, the company’s flagship project, covers a total area of approximately 1,467 square kilometres.
Exploration at the project is currently ongoing. Noble raised AU$3 million in September 2024, with proceeds allotted for North Rukwa and North Nyasa.
Last week, Noble announced a trading halt following a sudden jump of its shares from AU$0.012 on June 16 to AU$0.019 on June 19.
Addressing the jump on Monday, June 23, the company stated it believed the rise does not stem from undisclosed information, and the only material development was ongoing negotiations for amendments to a funding agreement with private company Obsidian Global.
The original agreement, which would have raised US$2.5 million through convertible notes to fund ongoing exploration and working capital, was made public on December 24, 2024.
Before resuming trading Monday, Noble announced it successfully executed the amendment. Shares of the company continued on their upward trend following these developments, peaking at AU$0.034 on Wednesday (June 25).
4. Mindax (ASX:MDX)
Share price: AU$0.064
Market cap: AU$146.8 million
Weekly gain: 28 percent
Mindax is an exploration and development company with iron ore and gold assets in Western Australia.
Its flagship project is the Mt Forrest magnetite iron ore project, in which it holds a 65 percent interest in a joint venture with Norton Gold Fields, which holds the remaining 35 percent.
According to a February 2023 report, Mt Forrest is estimated to contain 422.37 million tonnes of indicated resources at average grades of 41.42 percent mass recovery and 64.76 percent iron concentrate, as well as 599.4 million tonnes of inferred resources at average grades of 43.14 percent mass recovery and 63.85 percent iron concentrate.
On April 15, Mindax announced that it used its existing cash reserves for a 5 percent strategic investment in Cashmere Iron, an unlisted public company.
Cashmere Iron’s flagship Cashmere Downs iron project sits adjacent to Mindax’s Mt Forrest project. Mindax said that the decision to invest in Cashmere follows its review of various independent technical reports outlining the project's potential.
“As a neighbour in the Mid-West region, Mindax is familiar with Cashmere and its assets, having followed the progress made by the Cashmere management team in advancing the project over many years,” the company said, calling the investment “a vital step” in its goal of consolidating iron resources in the mid-west region of Western Australia
5. Resolution Minerals (ASX:RML)
Share price: AU$0.052
Market cap: AU$33.22 million
Weekly gain: 26.83 percent
Resolution Minerals acquires, explores and develops precious and battery metals projects such as antimony, gold, copper and uranium.
The company is currently building a portfolio of gold and antimony assets, and recently acquired the antimony-gold-tungsten Horse Heaven project as part of this strategy.
Horse Heaven is located 5 kilometres from Perpetua Resources' (TSX:PPTA,NASDAQ:PPTA) Stibnite gold-antimony project in Idaho. Stibnite received final approval from the US Forest Service in January, and construction is expected to begin in late 2025. If it enters production, it will become the US’ only antimony producer.
The Horse Heaven project has a historic non-JORC gold resource of 216,000 ounces of gold at the Golden Gate Hill target, and a gold resource of 70,000 ounces at the Antimony Hill prospect.
In March, Resolution Minerals also secured three projects in Australia, including the Drake East antimony-gold project in New South Wales and Neardie antimony project in Queensland.
Last week, Resolution announced it selected external affairs adviser Clewett Global Services to assist with engaging the US federal government. The company added that it is considering applying for US Department of Defense (DOD) funding to expedite Horse Heaven.
Resolution is also currently working on an OTCQB listing to appeal to North American Investors.
Don’t forget to follow us @INN_Australia for real-time news updates!
Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.
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26 June
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