Aurum Resources offers a compelling value proposition through its highly prospective gold asset in Côte d'Ivoire, a fast-emerging gold region in West Africa. Its cost-effective exploration strategy of drill rig ownership also distinguishes it from its peers.
Aurum Resources (ASX:AUE) is a mineral exploration company primarily focused on gold through its flagship Boundiali gold project located in Côte d’Ivoire, West Africa.
Côte d'Ivoire's gold mining sector is experiencing significant growth and development, with several key projects contributing to the country's economic expansion. The overall gold mining sector in Côte d'Ivoire is supported by substantial investments in infrastructure and exploration.
Geopolitically, Côte d'Ivoire outperforms most developing countries in the world in political, legal, tax and operational risk metrics. Additionally, Côte d'Ivoire continues to make notable strides in its political stability and Absence of Violence and Terrorism Index.
Boundiali Gold Project – BD Target 1 Artisanal Working
Aurum has entered into a Bid Implementation Agreement with Mako Gold for Aurum to acquire 100 percent of the issued shares in Mako. This proposed merger will allow both Aurum and Mako security holders to benefit from the combination of Aurum’s strong balance sheet and exceptional drilling efficiencies with AU$23 million in cash at the end of December 2024 to support work programs targeted at further resource definition across Aurum and Mako’s assets in northern Côte d'Ivoire. Aurum is currently in its final phase of compulsory acquisition of remaining Mako shares after it received over 90% acceptance of MKG shares in late January 2025.
The merger is backed by a highly experienced board and management team with extensive gold experience from grassroots discovery, through to resource drill-out, feasibility studies, project finance, and production.
The Boundiali gold project in Cote d’Ivoire is located within the Boundiali Greenstone Belt, which hosts Resolute’s Syama gold operation (11.5 Moz) and the Tabakoroni deposit (1 Moz) in Mali. Neighbouring assets also include Barrick’s Tongon mine (5 Moz) and Montage Gold’s Kone project (4.5 Moz).
The Boundiali project area covers the underexplored southern extension of the Boundiali belt, where a highly deformed synclinal greenstone horizon traverses finer-grained basin sediments, and to the west, Tarkwaian clastic rocks lie in contact with a granitic margin. The project benefits from year-round road access and excellent infrastructure.
The first stage of drilling at Boundiali occurred from late October 2023 to end of November 2024 for both the BM and BD tenements (BM1 and BM2; BD1, BD2 and BD3 targets) and was designed to test below-gold-in-soil anomalies oriented along NE trending structures, define new gold prospects and define maiden JORC resources. With over 63,000m diamond holes drilled during this period, Maiden JORC gold resources estimate was delivered in late December 2024.
Drilling costs are estimated at US$45 per metre, as Aurum owns all of its eight drilling rigs and employs its operators, representing a significant value proposition relative to peers who use commercial drilling companies that charge upwards of $200 per meter. The company believes there is potential for multi-million ounce gold resources to be defined with hundreds thousands meters of drilling over years within the Boundiali Gold Project’s land holding areas.
The Boundiali gold project comprises four contiguous granted licenses: PR0808 (80 percent interest), PR0893 (80 percent and earning to 88 percent interest), PR414 (100 percent interest), and PR283 (earning to 70 percent interest). Historic exploration at PR0893 includes 93 AC drill holes and four RC holes. Airborne geophysical surveying, geological mapping and extensive soil sampling have also been performed at PR0893, while PR0808 has had 91 RC holes drilled for 6,229 metres along with geochemical analysis and modeling. Detailed geochemical sampling and drilling at PR414 revealed three strong gold anomalies and returned impressive high-grade results.
Following the renewal of its Boundali South (BST) exploration licence in September 2024, drilling at the Nyangboue deposit is planned for H1 2025 and H2 2025. Previous exploration at BST has returned impressive results, including 20 m at 10.45 g/t gold from 38 meters, and 30 m at 8.30 g/t gold from 39 m.
In May 2024, Aurum entered a strategic partnership agreement to earn up to a 70 percent interest in exploration tenement PR283, to be renamed Boundiali North (BN). Aurum, through subsidiary Plusor Global Pty Ltd, has partnered with Ivorian company Geb & Nut Resources Sarl and related party (GNRR) to explore and develop the Boundiali North (BN) tenement which covers 208.87sq km immediately north of Aurum’s BD tenement. Further to this agreement,
Aurum announced it has earned 80 percent project interest after completing more than 20,000 m of diamond core drilling.
Boundiali Project JORC Mineral Resource Estimate
Aurum has announced a maiden independent JORC mineral resource estimate of 1.59 Moz gold for its 1,037 sq. km. The Boundiali Gold Project comprises the BST, BDT1 & BDT2, BMT1 and BMT3 deposits. Drilling is ongoing on these deposits, and Aurum has identified other prospects at Boundiali which have yet to be drilled. Since October 2023, the company has completed an extensive 63,927-metre diamond drilling program. This aggressive exploration campaign has rapidly defined a significant gold resource of 50.9 Mt @ 1.0 g/t gold for 1.6 million ounces.
A 100,000 m of drilling is planned and being carried out at Boundiali using eight self-owned diamond rigs to drive resource growth with two JORC resources updates in 2025.
In 2025, Aurum plans to launch a mining exploitation licence application and complete a PFS and environment study for the Boundiali Gold Project.
Troy Flannery has more than 25 years’ experience in the mining industry, including nine years in corporate and 17 years in senior mining engineering and project development roles. He has a degree in mining engineering, masters in finance, and first class mine managers certificate of competency. Flannery has performed non-executive director roles with numerous ASX listed companies and was the CEO of Abra Mining until October 2021. He has worked at numerous mining companies, mining consultancy and contractors, including BHP, Newcrest, Xstrata, St Barbara Mines and AMC Consultants.
Dr. Caigen Wang founded Tietto Minerals (ASX:TIE), where he led the company as managing director for 13 years through private exploration, ASX listing, gold resource definition, project study and mine building to become one of Africa’s newest gold producers at its Abujar gold mine in Côte d’Ivoire. He holds a bachelor, masters and PhD in mining engineering. He is a fellow of AusIMM and a chartered professional engineer of Institution of Engineer, Australia. Wang has 13 years of mining academic experience in China University of Mining and Technology, Western Australia School of Mine and University of Alberta, and over 20 years of practical experience in mining engineering and mineral exploration in Australia, China and Africa. Other professional experience includes senior technical and management roles in mining houses, including St. Barbara, Sons of Gwalia, BHP Billiton, China Goldmines PLC and others.
Mark Strizek has nearly 30 years’ experience in the resource industry, having worked as a geologist on various gold, base metal and technology metal projects. He brings invaluable geological, technical and development expertise to Aurum, most recently as an executive director at Tietto Minerals’, which progressed from an IPO to gold production at the Abujar gold project in West Africa. Strizek has worked as an executive with management and board responsibilities in exploration, feasibility, finance and development-ready assets across Australia, West Africa, Asia and Europe.
Initiates Internal Scoping Study to Optimize Underground Mining
Lode Gold Resources Inc. (TSXV: LOD) (OTCQB: LODFF) ("Lode Gold" or the "Company") is pleased to announce the positive results of its new 2025 Mineral Resource Estimation ("MRE") at its Fremont Gold project (the "Project") in Mariposa County, California: 1.198 Moz 1 at 3.97 gt* of Recoverable Gold (1.297 Moz at 4.37 gt Content Gold)2 at a 3 gt cut-off with an average true width of 16.8 m.
*This is contained within the mineral resource published-2023 MRE: 1.16 Moz at 1.90 g/t Au within 19.0 MT Indicated, and 2.02 Moz at 2.22 g/t Au Inferred.
The effective date of this MRE is March 5, 2025, and a NI 43-101 Technical Report will be filed on the Company's website and SEDAR within 45 days of this disclosure. For additional maps and figures of the Project, please view the Company's website at lode-gold.com.
This revised MRE is a new geological block model that is based on 43,000 m of drilling and 23 km of underground workings that includes veins and disseminated mineralized bodies contained in two separate domains, predicated on the structural controls of the higher-grade mineralization. A detailed analysis of cut-off grades has been reviewed to evaluate various mining methods to optimize project economics.
The Project is situated on 100% privately owned patented land spanning 3,351 acres. It is located ~120 km from Fresno and ~250 km from Sacramento with road, hydro, and railhead access. This area was the site of the original California Gold Rush in the 1800s. Of note, Mariposa County is one of the Trump Administration's dedicated Opportunity Zones2, designated for expedited investments and tax credits.
Highlights:
2025 MRE: 1.2 Moz Au at 3.97 g/t (cut-off 3 g/t), average true width of 16.8 m.
Half of the mineralization is in the veins; the other half is in the stockworks - outside the veins.
Consistency in grade is evidenced within and outside the veins in the dissemination mineralization.
The upcoming exploration program** includes systematic underground channel sampling and assaying to convert half of the current Inferred resources into the Measured and Indicated categories.
**Budget: $500,000. Lead time: 6 months. Cost-effective and expeditious method of resource upgrade.
Historical Context:
4 km mineralization on the prolific 190 km Mother Lode Belt (800 m of visible oxides at surface, first 60 m).
In 1942, during WWII, the Mining License was suspended as production was ramping up.
Previously mined grade: 10.7 g/t Au, 43,000 m drilled (diamond drill cores preserved).
Exploitation had been mostly in the first 250 m, open on strike and at depth.
Only a small portion has been mined out: 115,000 oz (8% of current MRE).
Underground bulk mining cost was defined in 2023 Preliminary Economic Assessment(" PEA") at $63.6 per tonne.
| Cut-off grade (g/t) | True Width (metres) | Tonnes (millions) | Average Recoverable grade (g/t) | Gold Recoverable (troy Koz) |
| 1 | 53.1 | 35.8 | 2.44 | 2.807 |
| 2 | 34.3 | 20.6 | 3.13 | 2.071 |
| 3 | 16.8 | 9.2 | 3.93 | 1.167 |
| 4 | 8.6 | 3.0 | 5.06 | 483 |
| 5 | 6.4 | 1.0 | 6.34 | 211 |
| 6 | 5.8 | 0.5 | 7.27 | 120 |
Table 1: Average true width for every cut-off grade.
The extraordinary average true width of the mineralized structure is ideal for the potential implementation of a large-scale underground mining plan similar to what was outlined in the 2023 PEA.
MRE covers only 20% of the structure:
Figure 1: Long section of the 4 km structure on the Project property, part of the Mother Lode Belt.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4064/243474_032b1b54d49fe900_001full.jpg
"We are pleased with the newly updated Mineral Resource Estimate (MRE) results, which builds on the Project's proven resource base. The professionally modelled and estimated mineral resource now provides added optionality and leverage. This creates an ideal platform for comparing and contrasting various development, mining, and production scenarios from technical, capital intensity, and market optics perspectives," comments Jon Hill, a Director of the Board and Chair of the Technical Committee.
"The updated mineral resource model highlights thick (>15 m) gold mineralization, which supports the vital grade x thickness and ounces per vertical meter metrics. These metrics are fundamental requirements in any mining scenario for underpinning strong project economics. We look forward to progressing the necessary exploration and development work over the next months as we advance the Project's development."
| Resource Category | Vein | MTonnes | Recoverable Au_g/t3 | Moz Au |
| Total Indicated | 0.91 | 4.13 | 0.120 | |
| Total Inferred | 5.58 | 3.97 | 0.712 | |
| Category | Disseminated | MTonnes | Au_g/t3 | Moz Au | |||||
| Total Inferred | 2.95 | 3.95 | 0.375 | ||||||
| Category | Total | MTonnes | Au_g/t3 | Moz Au | ||||
| Total Indicated | 0.91 | 4.13 | 0.120 | |||||
| Total Inferred | 8.48 | 3.96 | 1.074 | |||||
Table 2: Fremont Gold Project's Mineral Resource Statement at 3 g/t Gold Cut-off
(1) Mineral Resources which are not Mineral Reserves do not have demonstrated economic viability.
(2) The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues.
(3) The Inferred Mineral Resource in this estimate has a lower level of confidence than that applied to an Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of the Inferred Mineral Resource could be upgraded to an Indicated Mineral Resource with continued exploration.
(4) The Mineral Resources in this report were estimated using the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM Standards on Mineral Resources and Reserves, Definitions and Guidelines prepared by the CIM Standing Committee on Reserve Definitions and adopted by the CIM Council.
Only 8% of the 2025 MRE exploited:
Figure 2: Transversal section of the Pine Tree-Josephine area where the mined-out stopes of the Pine Tree Vein can be recognized (white void in the centre of the structure) and the higher grade (>6 g/t of Au) blocks that were left unmined. Historical production is 8% of the current MRE at 3 g/t cut-off.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4064/243474_032b1b54d49fe900_002full.jpg
The project was mined between 1859 and 1942 with a production of 115,000 oz of gold at an average grade of 10.7 g/t Au (1942, Pacific Mining Co.4). That historical production is roughly equivalent to 8% of the current MRE. at 3 g/t cut-off. The mine was ramping up production from 90 to 180 tonnes per day when the mining license was suspended during the gold mining prohibition of the Second World War.
Extraction was mostly in the first 250 m, except for the Pine Tree Vein where production was up to 500 m in depth, following down plunge of just one ore shoot.
Significant portion has been left unmined:
Figure 3: The 2025 block model of the Pine Tree Vein where historical mined out stopes were subtracted from the model (hollowed areas in the centre of the vein).
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4064/243474_032b1b54d49fe900_003full.jpg
In the Josephine Vein, the mined stopes were only in the first 250 m. As such, the resource left behind unmined is larger than what's at the Pine Tree Vein.
Josephine Vein - an even bigger portion unmined:
Figure 4: 2025 block model of the Josephine Vein where historical mined out stopes were subtracted from the model (hollowed areas in the centre of the vein).
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4064/243474_032b1b54d49fe900_004full.jpg
The 2025 Mineral Resource Estimation took into consideration two different domains: (i) within the veins and (ii) disseminated gold around the veins. The hypothesis was that gold in the veins had a much higher grade than in the disseminated body. Surprisingly, the 2025 MRE shows that both domains have the same grades at the same cut-offs.
100% of the disseminated body left unmined:
Figure 5: 2025 block model for the disseminated body with the higher-grade areas (> 4 g/t of Au in magenta, > 6 g/t of Au in dark purple).
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4064/243474_032b1b54d49fe900_005full.jpg
Mineral Resources
The current mineral resource was based on a new geological block model that has been derived from 43,000 m of drilling and the technical information from the 2023 PEA.
The 2025 MRE and resource modelling was prepared under National Instrument 43-101 standards. Independent and Qualified Person ("QP"), Patrick J. Hollenbeck has reviewed, validated and approved the Fremont MRE as well as the technical disclosure in this release.
Upon completion of the assessment of the underground workings, access to adits will be made available. With further systematic underground channel sampling, a large portion of the current Inferred resources from the 2025 MRE (approximately 50%) could be upgraded to Measured and Indicated categories. This upgrade would be achieved by converting the extensive historical information at our disposal (23 km of underground workings with samples; 43,000 m of drilling with drill cores preserved), ensuring full compliance.
The current resource is derived from the upper 250 m to 500 m and covers only about 20% of the 4 km structure. Opportunity exists to expand resources; mineralization is open on strike and at depth.
Underground Optionality Exists to Optimize Project Economics
This study confirms that the Project, with an average mining true width of 16.8 m at 3 g/t of Au cut-off (between 0.6 m and 81 m), is conducive to an underground operation. Mining can be optimized at a higher production rate via long hole stoping underground bulk mining, possibly 200,000/oz annually. This method enables a higher rate of extraction than selective high grade vein mining at lower costs. Based on the 2023 PEA, the underground bulk mining cost is $65/t. As such, a low cut-off grade of 1.15 g/t (at $2,000/oz Au) could be considered using those numbers.
These results from the new 2025 MRE are crucial in transitioning the project from a combined open pit and underground mining scenario to a fully underground operation, aligning with the new management team's vision and Carlos Saban's work as Technical Advisor.
Choosing an underground project instead of an open pit can provide various advantages. Firstly, it can be easier to obtain permitting for underground operations as they typically have less social and environmental impact compared to open pit mining. This can lead to smoother regulatory processes and fewer delays in getting the Project up and running. Additionally, underground projects require less infrastructure and equipment to be built and maintained. This could result in cost savings for the company and potentially higher returns on investment. Furthermore, underground mining can be a more cost-effective option for accessing mineralization at depth (>250 m).
Fremont Gold Project Mineralization
The Project deposits represent a precious metal-rich ophiolitic orogenic deposit with listwaenitic alteration, hosted in the serpentinites of the Smartville Complex. Mineralization is contained in several veins, disseminated and stock work vein zones that display a variety of textural and mineralogical characteristics.
The veins are white quartz veins with free gold and electrum or relatively sulphide rich (>1% S) with gold as inclusions in the pyrite, chalcopyrite and gersdorffite. Disseminated and stockwork mineralization is mainly composed as quartz veinlets with free gold in them. Alteration is listwaenitic (carbonate alteration of serpentinites) with the formation of ankerite, fuchsite, magnesite and locally talc.
Before a Financial Investment Decision ("FID"), the Company will be conducting various aspects of evaluation, including the upcoming milestones.
Upcoming Catalysts
Complete an internal scoping study to optimize NPV.
Publish a new NI 43-101 Technical Report (45 days following the filing of this news release).
Revise and update the March 2023 PEA.
Conduct underground channel sampling to potentially upgrade approximately 50% of current Inferred resources from the 2025 MRE to higher-confidence Measured and Indicated categories.
Expand resources; 3,000 m underground drilling will be focused on low information areas next to the 2025 MRE.
"This transition from an open-pit and underground project to a fully underground operation is exciting. Likely, this translates to a lower Capex, and less environmental footprint and with only 8% of the current resource (>1.2 Moz at 4 g/t) having been exploited, we essentially have 92% left to mine," comments Wendy T. Chan, CEO and Director of Lode Gold.
"The new finding that mineralization in and outside the veins are the same grades is compelling. With this study, we are reassured that this is not your typical brownfield mined-out project; rather there was gold there when the mining license was suspended in 1942 (Gold mining prohibition during WW II). Without question, the project has been frozen in time, the gold left behind has essentially been 'forgotten' until now".
Over the next 12 to 24 months, Lode Gold will dedicate resources to assess the potential reactivation of the mine at the Project site, with an FID targeted for 2027. If the decision is to pursue reactivation of the mine, it could create 200 jobs for both men and women, with training programs set to begin 12-18 months before production commences. Additionally, the Company is exploring the possibility of constructing affordable housing on-site to support the workforce. Lode Gold is also considering the feasibility of implementing renewable electricity generated onsite to operate a sustainable mine.
Fremont Mineral Resource Estimate Notes
Mineral resources were estimated in conformity with generally accepted CIM "Estimation of Mineral Resource and Mineral Reserve Best Practices" Guidelines. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. The Mineral Resources may be affected by subsequent assessment of mining, environmental, processing, permitting, taxation, socio-economic and other factors.
Mineral reserves can only be estimated based on the results of an economic evaluation as part of a preliminary feasibility study or feasibility study. As such, no Mineral Reserves have been estimated by the QP. There is no certainty that all or any part of the mineral resources will be converted into a mineral reserve.
Inferred mineral resources have a great amount of uncertainty as to their existence and as to whether they can be mined legally or economically. It is safe to assume that the majority of the Inferred mineral resources could be upgraded to a higher category with additional exploration. Mineral resources that are not mineral reserves have no demonstrated economic viability.
Resources are reported in situ and undiluted for underground scenarios and are considered to have reasonable prospects for economic extraction. Metallurgical recoveries of 90% Au were utilized in the determination of the Recoverable Gold.
Mineralization occurring within the historical underground drifts and stopes is not included in this MRE.
The calculated underground cut-off was determined to be 1.45 g/t Au in the 2023 PEA. Cut-off grades must be re-evaluated considering prevailing market conditions (including gold prices, exchange rates and costs). At the request of the Company, the underground resources are reported at a cut-off grade of 3 g/t Au.
Block tonnage was estimated from volumes using a bulk density of 2.76, the same that was used in the 2023 PEA.
Nine mineralization domains were created to constrain the estimate - seven vein constrained domains and two disseminated underground domains.
Each individual vein was defined by individual wireframes created in Leapfrog Geo (Seequent) software using geologically realistic solids using geological underground map plans, transversal sections and gold assays (with grades that were above 4 g/t). Each domain was modified or reassessed individually to consider presiding mineralization features.
High grade capping was set on a vein-by-vein basis depending on the grade distributions in each mineralized and non-mineralized domain within a given vein. Caps were set on the composited values in all cases where composites were used. Lognormal Probability Plots and histogram distributions were examined to look for breaks or peaks in the data, which in turn would suggest a cap value.
Search orientations were created using the Variable Anisotropy function in Leapfrog EDGE software using a combination of crossing faults and an overarching vein orientation, which facilitated the creation of "chutes" where the faults crossed the veins and allowed apertures of mineralization to form.
Three estimation methods were utilized to generate the Pine Tree/Josephine resource: Ordinary Krige ("OK"), Inverse Distance ("ID"), and Nearest Neighbor ("NN"). The Queen Specimen had too few samples for variography and was only estimated with ID and NN.
Resources were estimated using Leapfrog EDGE software from drill hole sampling in an Octree-style block model with 20x20x20m parent blocks, which are sub-blocked by a factor of 32 down to a minimum size of 0.625x0.625x0.625m blocks.
Indicated resources were categorized using the following criteria, which varied per vein based on the available drilling data:
A minimum distance to the nearest modern drilling sample used in the block estimation.
The Kriged Slope of Regression Value in a given block;
A minimum number of drillholes or channels used for the block estimation.
All blocks not categorized as Indicated were assigned an Inferred category. Additionally, all blocks in the Queen Specimen area were categorized as Inferred.
Estimates use metric units (metres, tonnes and g/t). Metal contents are presented in troy ounces (metric tonne x grade / 31.10348).
Neither the Company, nor the QP, is aware of any known environmental, permitting, legal, title-related, taxation, socio-political, marketing or other relevant issue that could materially affect this mineral resource estimate.
The quantity and grade of reported Inferred mineral resources in this estimation are uncertain in nature and there has been insufficient exploration to re-define these Inferred mineral resources as Indicated mineral resources.
About Lode Gold
Lode Gold (TSXV: LOD) is an exploration and development company with projects in highly prospective and safe mining jurisdictions in Canada and the United States.
In Canada, its Golden Culvert and WIN Projects in Yukon, covering 99.5 km2 across a 27-km strike length, are situated in a district-scale, high grade gold mineralized trend within the southern portion of the Tombstone Gold Belt. A total of four RIRGS targets have been confirmed on the property. A NI 43-101 technical report has been completed in May 2024.
In New Brunswick, Lode Gold has created one of the largest land packages with its Acadian Gold JV Co; consisting of an area that spans 445 km2 and a 44 km strike. McIntyre Brook covers 111 km2 and a 17-km strike in the emerging Appalachian/Iapetus Gold Belt; it is hosted by orogenic rocks of similar age and structure as New Found Gold's Queensway Project. Riley Brook is a 335 km2 package covering a 26 km strike of Wapske formation with its numerous felsic units. A NI 43-101 technical report has been completed in August 2024.
In the United States, the Company is advancing its Fremont Gold project. This is a brownfield project with over 43,000 m drilled and 23 km of underground workings. It was previously mined at 10.7 g/t Au in the 1930's.
Mining was halted in 1942 due the gold mining prohibition in World War Two just as it was ramping up production. Unlike typical brownfield projects that are mined out, only 8% of the veins have been exploited. The Company is the first owner to investigate an underground high grade mine potential at the Project site.
The Project is located on 3,351 acres of private and patented land in Mariposa County. The asset is a 4 km strike on the prolific 190 km Mother Lode Gold Belt, California that produced over 50,000,000 oz of gold and is instrumental in the creation of the towns, the businesses and infrastructure in the 1800s gold rush. It is 1.5 hours from Fresno, California. The property has year-round road access and is close to airports and rail.
Previously, in March 2023 the company completed an NI 43 101 PEA. A sensitivity to the March 31, 2023 PEA at USD $2,000/oz gold gives an after-tax NPV of USD $370M and a 31% IRR over an 11-year LOM. At $1,750 /oz gold, NPV (5%) is $217M. The project hosts an NI 43-101 resource of 1.16 Moz at 1.90 g/t Au within 19.0 MT Indicated and 2.02 Moz at 2.22 g/t Au within 28.3 MT Inferred. The MRE evaluates only 1.4 km of the 4 km strike of the Project's property. Three step-out holes at depth (up to 1200 m) hit structure and were mineralized.
All NI 43-101 technical reports are available on the Company's profile on SEDAR+ (www.sedarplus.ca) and the Company's website (www.lode-gold.com).
QUALIFIED PERSON STATEMENT
The Independent and Qualified Person for the Fremont MRE is Patrick J. Hollenbeck, P.Geo. He has reviewed, completed, validated and approved the Fremont MRE as well as the technical disclosure in this release. In accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects, this Qualified Person for the Company has validated and approved the technical and scientific content of this news release. The Company strictly adheres to CIM Best Practices Guidelines in conducting, documenting, and reporting its activities on its various exploration projects.
ON BEHALF OF THE BOARD OF DIRECTORS
Wendy T. Chan, CEO & Director
Information Contact
Winfield Ding
CFO
+1-604-977-GOLD (4653)
Kevin Shum
Investor Relations
+1-604-977-GOLD (4653)
Cautionary Note Related to this News Release and Figures
This news release contains information about adjacent properties on which the Company has no right to explore or mine. Readers are cautioned that mineral deposits on adjacent properties are not indicative of mineral deposits on the Company's properties.
Cautionary Statement Regarding Forward-Looking Information
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release includes "forward-looking statements" and "forward-looking information" within the meaning of Canadian securities legislation. All statements included in this news release, other than statements of historical fact, are forward-looking statements including, without limitation, statements with respect to the use of proceeds, advancement and completion of resource calculation, feasibility studies, and exploration plans and targets. Forward-looking statements include predictions, projections and forecasts and are often, but not always, identified by the use of words such as "anticipate", "believe", "plan", "estimate", "expect", "potential", "target", "budget" and "intend" and statements that an event or result "may", "will", "should", "could" or "might" occur or be achieved and other similar expressions and includes the negatives thereof.
Forward-looking statements are based on a number of assumptions and estimates that, while considered reasonable by management based on the business and markets in which the Company operates, are inherently subject to significant operational, economic, and competitive uncertainties, risks and contingencies. These include assumptions regarding, among other things: the status of community relations and the security situation on site; general business and economic conditions; the availability of additional exploration and mineral project financing; the supply and demand for, inventories of, and the level and volatility of the prices of metals; relationships with strategic partners; the timing and receipt of governmental permits and approvals; the timing and receipt of community and landowner approvals; changes in regulations; political factors; the accuracy of the Company's interpretation of drill results; the geology, grade and continuity of the Company's mineral deposits; the availability of equipment, skilled labour and services needed for the exploration and development of mineral properties; currency fluctuations; and impact of the COVID-19 pandemic.
There can be no assurance that forward-looking statements will prove to be accurate and actual results, and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations include a deterioration of security on site or actions by the local community that inhibits access and/or the ability to productively work on site, actual exploration results, interpretation of metallurgical characteristics of the mineralization, changes in project parameters as plans continue to be refined, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, uninsured risks, regulatory changes, delays or inability to receive required approvals, unknown impact related to potential business disruptions stemming from the COVID-19 outbreak, or another infectious illness, and other exploration or other risks detailed herein and from time to time in the filings made by the Company with securities regulators, including those described under the heading "Risks and Uncertainties" in the Company's most recently filed MD&A. The Company does not undertake to update or revise any forward-looking statements, except in accordance with applicable law.
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1Recoverable Gold (90% recovery, 10% discount over Content Gold).
2An Opportunity Zone refers to a specific designation and investment initiative established by the Tax Cuts and Jobs Act of 2017, enabling certain investments in economically disadvantaged areas to receive tax benefits. Opportunity zones | Internal Revenue Service. (n.d.). https://www.irs.gov/credits-deductions/businesses/opportunity-zones
3Recoverable Gold (90% recovery, 10% discount over Content Gold)
4Pacific Mining Co. (1941). Seventh Annual Report for the year ended December 31, 1939.
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March 4, 2025 TheNewswire - Vancouver, British Columbia, Canada JZR Gold Inc. (TSXV: JZR) (the " Company " or " JZR ") is pleased to announce that it has completed its previously announced non-brokered private placement (the " Offering ") of units (each, a " Unit ") at a price of $0.25 per Unit. Pursuant to the Offering, which was announced on January 27, 2025, the Company has issued 2,536,000 Units for aggregate gross proceeds of $634,000. The Company also wishes to announce that, due to investor interest, the Offering was increased from $600,000 to $634,000.
Each Unit consists of one common share in the capital of the Company (each, a "S hare ") and one common share purchase warrant (each, a " Warrant "). Each Warrant is exercisable into one additional Share (each, a " Warrant Share ") at a price of $0.35 per Warrant Share for a period of three (3) years from the date of issuance, subject to acceleration. The Warrants are subject to an acceleration provision whereby, in the event that the volume weighted average trading price of the Company's common shares traded on TSX Venture Exchange (the " Exchange "), or any other stock exchange on which the Company's common shares are then listed, is equal to or greater than $0.75 for a period of 10 consecutive trading days, the Company shall have the right to accelerate the expiry date of the Warrants by giving written notice to the holders of the Warrants that the Warrants will expire on the date that is not less than 30 days from the date that notice is provided by the Company to the Warrant holders. The Company did not pay any finder's fees in closing this Offering.
The Units, Shares, Warrants, and Warrant Shares are collectively referred to as the " Securities ". The Securities are subject to a hold period of four months and one day from the date of Closing.
One insider of the Company subscribed for 200,000 Units under the Offering, which is a "related party transaction" within the meaning of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (" MI 61-101 "). The Company has relied on the exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 contained in subsections 5.5(a) and 5.7(1)(a) of MI 61-101 in respect of any related party participation in the Offering, as neither the fair market value of the subject matter of, nor the fair market value of the consideration for, the transaction, insofar as it involved the related parties, exceed 25% of the Company's market capitalization.
None of the Securities sold in connection with the Offering have been or will be registered under the United States Securities Act of 1933, as amended, and no such securities may be offered or sold in the United Shares absent registration or an applicable exemption from the registration requirements. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
The Company intends to use the proceeds from the Offering to fund start-up and operations of the 800 tonne-per-day bulk sampling gravimetric mill, as well as future exploration work on the Vila Nova Gold Project, all by way of one or more loans to ECO Mining Oil & Gaz Drilling and Exploration (EIRELI), our operating partner, and for general working capital purposes.
For further information, please contact:
Robert Klenk
Chief Executive Officer
rob@jzrgold.com
Forward-Looking Information
This press release contains certain "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information in this press release includes all statements that are not historical facts, including, without limitation, statements with respect to the details of the Offering, including the proposed size, timing and the expected use of proceeds and the receipt of regulatory approval for the Offering; the testing and anticipated commencement of operation of the Mill. Forward-looking information reflects the expectations or beliefs of management of the Company based on information currently available to it. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information. These factors include, but are not limited to: the Company may not complete the Offering; the Offering may not be approved by the TSX Venture Exchange; risks associated with the business of the Company; the Mill may not commence operating once testing has been completed, or at all; business and economic conditions in the mineral exploration industry generally; the supply and demand for labour and other project inputs; changes in commodity prices; changes in interest and currency exchange rates; risks related to inaccurate geological and engineering assumptions; risks relating to unanticipated operational difficulties (including failure of equipment or processes to operate in accordance with the specifications or expectations, cost escalation, unavailability of materials and equipment, government action or delays in the receipt of government approvals, industrial disturbances or other job action and unanticipated events related to health, safety and environmental matters); risks related to adverse weather conditions; political risk and social unrest; changes in general economic conditions or conditions in the financial markets; and other risk factors as detailed from time to time in the Company's continuous disclosure documents filed with the Canadian securities regulators. The forward-looking information contained in this press release is expressly qualified in its entirety by this cautionary statement. The Company does not undertake to update any forward-looking information, except as required by applicable securities laws.
Neither the TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
None of the securities of JZR have been registered under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities law, and may not be offered or sold in the United States or to, or for the account or benefit of, persons in the United States or "U.S. persons" (as such term is defined in Regulation S under the U.S. Securities Act) absent registration or an exemption from such registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy in the United States nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful.
Copyright (c) 2025 TheNewswire - All rights reserved.
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Radisson Mining Resources Inc. (TSXV: RDS) (OTCQB: RMRDF) ("Radisson" or the "Corporation") is pleased to announce that it has received UL 2723 ECOLOGO® Certification for Mineral Exploration Companies (the "UL ECOLOGO® Certification") recognising Radisson's commitment to best practices for responsible development in the mineral exploration industry. The certification and related audit were conducted by UL Solutions, which is a global science-based 3rd party testing, inspection and certification company. The criteria were developed in partnership with the Quebec Mineral Exploration Association (the "AEMQ") and UQAT (Université du Québec en Abitibi-Témiscamingue).
The UL ECOLOGO® Certification represents the first comprehensive certification for Canadian Mineral Exploration Companies and their service providers that features third-party certification of environmental, social and commercial practices.
Matt Manson, President and CEO commented:"We are extremely proud that Radisson has obtained the UL ECOLOGO® Certification for Mineral Exploration Companies. This certification is a testament to our commitment to responsible practices in all aspects of our business, and in particular with respect to our team, our service providers, neighbouring communities and the environment. I would like to extend my gratitude to the Radisson team for its diligent work in obtaining the UL ECOLOGO® Certification, and to the AEMQ for its collaboration and support throughout this process."
In 2012, the AEMQ, developed the concept of establishing a best practices certification process for the mineral exploration sector. This process aimed to assess and acknowledge responsible practices for industry participants and their service providers. To bring this vision to fruition, the AEMQ collaborated with the Université du Québec en Abitibi-Témiscamingue, which crafted the original normative standards. The UL ECOLOGO® certification program for mineral exploration was officially launched in 2019 in partnership with UL Solutions.
About UL Solutions
As a global safety science leader, UL Solutions helps companies to demonstrate safety, enhance sustainability, strengthen security, deliver quality, manage risk and achieve regulatory compliance.
About the AEMQ
The Association was founded in 1975 to increase mining exploration in Quebec and support the development of mining entrepreneurship in Quebec. Today, AEMQ represents 1,100 individual members and 180 corporate members. The AEMQ has a mission to promote sustainable, responsible exploration for mineral resources in Québec and their vital place in Québec's economy.
Radisson Mining Resources Inc.
Radisson is a gold exploration company focused on its 100%-owned O'Brien Gold Project, located in the Bousquet-Cadillac mining camp along the world-renowned Larder-Lake-Cadillac Break in Abitibi, Québec. The Bousquet-Cadillac mining camp has produced over 25 million ounces of gold over the last 100 years. The Project hosts the former O'Brien Mine, considered to have been Québec's highest-grade gold producer during its production. Indicated Mineral Resources are estimated at 0.50 million ounces (1.52 million tonnes at 10.26 g/t Au), with additional Inferred Mineral Resources estimated at 0.45 million ounces (1.60 million tonnes at 8.66 g/t Au). Please see the NI 43-101 "Technical Report on the O'Brien Project, Northwestern Québec, Canada" effective March 2, 2023, Radisson's Annual Information Form for the year ended December 31, 2023 and other filings made with Canadian securities regulatory authorities available at www.sedar.com for further details and assumptions relating to the O'Brien Gold Project.
For more information on Radisson, visit our website at www.radissonmining.com or contact:
Matt Manson
President and CEO
416.618.5885
mmanson@radissonmining.com
Kristina Pillon
Manager, Investor Relations
604.908.1695
kpillon@radissonmining.com
Forward-Looking Statements
This news release contains "forward-looking information" within the meaning of the applicable Canadian securities legislation that is based on expectations, estimates, projections, and interpretations as at the date of this news release. Forward-looking statements including, but are not limited to, statements with respect to planned and ongoing drilling, the significance of drill results, the ability to continue drilling, the impact of drilling on the definition of any resource, the ability to incorporate new drilling in an updated technical report and resource modelling, the Company's ability to grow the O'Brien project and the ability to convert inferred mineral resources to indicated mineral resources. Any statement that involves discussions with respect to predictions, expectations, interpretations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "interpreted", "management's view", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information and are intended to identify forward-looking information. Except for statements of historical fact relating to the Company, certain information contained herein constitutes forward-looking statements Forward-looking information is based on estimates of management of the Company, at the time it was made, involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the companies to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others, risks relating to the drill results at O'Brien; the significance of drill results; the ability of drill results to accurately predict mineralization; the ability of any material to be mined in a matter that is economic. Although the forward-looking information contained in this news release is based upon what management believes, or believed at the time, to be reasonable assumptions, the parties cannot assure shareholders and prospective purchasers of securities that actual results will be consistent with such forward-looking information, as there may be other factors that cause results not to be as anticipated, estimated or intended, and neither the Company nor any other person assumes responsibility for the accuracy and completeness of any such forward-looking information. The Company believes that this forward-looking information is based on reasonable assumptions, but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this press release should not be unduly relied upon. The Company does not undertake, and assumes no obligation, to update or revise any such forward-looking statements or forward-looking information contained herein to reflect new events or circumstances, except as may be required by law. These statements speak only as of the date of this news release.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/242848
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Heliostar Metals Ltd. (TSXV: HSTR) (OTCQX: HSTXF) (FSE: RGG1) ("Heliostar" or the "Company") is pleased to announce that Ms. Vitalina Lyssoun has commenced her role as Chief Financial Officer ("CFO") as announced on February 6th, 2025.
Further, pursuant to the Company's Omnibus Equity Incentive Compensation Plan, it has granted 500,000 stock options ("Options") at an exercise price of $0.815 and 150,000 restricted share units (each an "RSU") to an employee of the Company. The Options are exercisable for a period of five years and will vest over the next two years. The RSUs will vest in three equal annual instalments commencing on the first anniversary of the grant date.
About Heliostar Metals Ltd.
Heliostar aims to grow to become a mid-tier gold producer. The Company is focused on increasing production and developing new resources at the La Colorada and San Agustin mines in Mexico, and on developing the 100% owned Ana Paula Project in Guerrero, Mexico.
FOR ADDITIONAL INFORMATION PLEASE CONTACT:
| Charles Funk President and Chief Executive Officer Heliostar Metals Limited Email: charles.funk@heliostarmetals.com Phone: +1 844-753-0045 | Rob Grey |
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Statement Regarding Forward-Looking Information
This news release includes certain "Forward-Looking Statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and "forward-looking information" under applicable Canadian securities laws. When used in this news release, the words "anticipate", "believe", "estimate", "expect", "target", "plan", "forecast", "may", "would", "could", "schedule" and similar words or expressions, identify forward-looking statements or information. These forward-looking statements or information relate to, among other things: the Company's goal of becoming a mid-tier producer.
Forward-looking statements and forward-looking information relating to the terms and completion of the Facility, any future mineral production, liquidity, and future exploration plans are based on management's reasonable assumptions, estimates, expectations, analyses and opinions, which are based on management's experience and perception of trends, current conditions and expected developments, and other factors that management believes are relevant and reasonable in the circumstances, but which may prove to be incorrect. Assumptions have been made regarding, among other things, the receipt of necessary approvals, price of metals; no escalation in the severity of public health crises or ongoing military conflicts; costs of exploration and development; the estimated costs of development of exploration projects; and the Company's ability to operate in a safe and effective manner and its ability to obtain financing on reasonable terms.
These statements reflect the Company's respective current views with respect to future events and are necessarily based upon a number of other assumptions and estimates that, while considered reasonable by management, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors, both known and unknown, could cause actual results, performance, or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements or forward-looking information and the Company has made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation: precious metals price volatility; risks associated with the conduct of the Company's mining activities in foreign jurisdictions; regulatory, consent or permitting delays; risks relating to reliance on the Company's management team and outside contractors; risks regarding exploration and mining activities; the Company's inability to obtain insurance to cover all risks, on a commercially reasonable basis or at all; currency fluctuations; risks regarding the failure to generate sufficient cash flow from operations; risks relating to project financing and equity issuances; risks and unknowns inherent in all mining projects, including the inaccuracy of reserves and resources, metallurgical recoveries and capital and operating costs of such projects; contests over title to properties, particularly title to undeveloped properties; laws and regulations governing the environment, health and safety; the ability of the communities in which the Company operates to manage and cope with the implications of public health crises; the economic and financial implications of public health crises, ongoing military conflicts and general economic factors to the Company; operating or technical difficulties in connection with mining or development activities; employee relations, labour unrest or unavailability; the Company's interactions with surrounding communities; the Company's ability to successfully integrate acquired assets; the speculative nature of exploration and development, including the risks of diminishing quantities or grades of reserves; stock market volatility; conflicts of interest among certain directors and officers; lack of liquidity for shareholders of the Company; litigation risk; and the factors identified under the caption "Risk Factors" in the Company's public disclosure documents. Readers are cautioned against attributing undue certainty to forward-looking statements or forward-looking information. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be anticipated, estimated or intended. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or forward-looking information to reflect changes in assumptions or changes in circumstances or any other events affecting such statements or information, other than as required by applicable law.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/243230
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Lode Gold Resources Inc. (TSXV: LOD) (OTCQB: LODFF) ("Lode Gold" or the "Company") is pleased to announce 2025 exploration targets for its Phase 1 exploration program in its subsidiary, Gold Orogen, which will be spun out as a separate public company in March 2025, pending Exchange and Shareholder approval. The Annual Shareholder Meeting is set for March 10, 2025. Shareholders of Lode Gold as of the Record Date will be eligible to receive shares of the new Spin Co (Gold Orogen). This tax-efficient spin-out is to ensure maximum return on investment for shareholders.
Gold Orogen has formed a JV-Co, Acadian Gold, with Fancamp, creating one of the largest land packages on the Iapetus Suture Belt in New Brunswick. This potential district-scale play covers 445 km². Atlantic Canada, especially New Brunswick, equipped with excellent infrastructure and geopolitics, is under-explored yet highly prospective for both gold and polymetallic minerals. In recent months, majors such as Kinross, Equinox Gold and others have strategically made advancements in the area.
The potential for highly prospective mineralized systems at McIntyre Brook has been evidenced with the integration of soil geochemistry and geophysical data. In January 2024, the Company confirmed gold endowment in mineralized rhyolites in McIntyre Brook; the geology is consistent with the surrounding Puma/Kinross JV property. These results build positively on previously announced findings and enhance the potential for a gold-copper discovery at McIntyre Brook. Of note, a small test drill program was conducted in 2019; both holes were mineralized with a best intercept: 5.73 g/t Au in a broader 20 m zone of 1.20 g/t Au. New targets are being identified for further work in the upcoming 2025 Exploration Program.
The HeliTEM² survey and soil geochemistry work completed in November 2024 at McIntyre Brook revealed EM conductors near gold-in-soil anomalies, suggesting potential nearby gold mineralization (refer to press releases dated October 15, 2024, and January 20, 2025).
Highlights
These new results from McIntyre Brook reveal coincident gold-in-soil anomalies and prominent electromagnetic conductors, significantly enhancing the potential for a substantial gold-copper discovery. These promising targets are situated within the geologically favourable Wapske Formation, structurally defined by the McIntyre Brook and Ramsay Brook faults.
Furthermore, analysis of new HeliTEM² magnetic and radiometric data has identified additional faulting and a coincident elevated radiometric signature, potentially indicative of rhyolites or hydrothermal activity-key indicators of significant gold mineralization in the Wapske Formation. Consequently, this area at McIntyre Brook has been designated a high-priority target for Gold Orogen's 2025 New Brunswick exploration program, offering considerable potential for a new gold discovery.
"It's satisfying to see Phase 1 of exploration in New Brunswick yield such encouraging results. The coincident geochemical and EM findings, along with the previously reported results at Riley Brook, clearly outline the path forward," comments Jonathan Hill, Director of the Board and Chair of the Technical Committee. "We'll be conducting soil sampling and trenching in both areas, which will help generate and ultimately test drill targets. We anticipate field crews will begin this work once we finalize the exploration plan."
With the complete dataset from the 2024 New Brunswick exploration program now received, target generation is progressing, and the 2025 exploration plan will be finalized in the coming weeks.
Figure 1: Gold Orogen - McIntyre Brook Airborne Magnetometer and Radiometric with superimposed soil Geochemical and Stream Sediments anomalies.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4064/243118_ed48d9edc4886827_004full.jpg
Figure 2: McIntyre Brook Soil Geochem Results.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4064/243118_ed48d9edc4886827_005full.jpg
About Lode Gold
Lode Gold (TSXV: LOD) is an exploration and development company with projects in highly prospective and safe mining jurisdictions in Canada and the United States.
In Canada, its Golden Culvert and WIN Projects in Yukon, covering 99.5 km2 across a 27-km strike length, are situated in a district-scale, high grade gold mineralized trend within the southern portion of the Tombstone Gold Belt. A total of four RIRGS targets have been confirmed on the property. A NI 43-101 technical report has been completed in May 2024.
In New Brunswick, Lode Gold has created one of the largest land packages with its Acadian Gold JV Co; consisting of an area that spans 445 km2 and a 44 km strike. McIntyre Brook covers 111 km2 and a 17-km strike in the emerging Appalachian/Iapetus Gold Belt; it is hosted by orogenic rocks of similar age and structure as New Found Gold's Queensway Project. Riley Brook is a 335 km2 package covering a 26 km strike of Wapske formation with its numerous felsic units. A NI 43-101 technical report has been completed in August 2024.
In the United States, the Company is advancing its Fremont Gold project. This is a brownfield project with over 43,000 m drilled and 23 km of underground workings. It was previously mined at 10.7 g/t Au in the 1930's.
Mining was halted in 1942 due the gold mining prohibition in World War Two (WWII) just as it was ramping up production. Unlike typical brownfield projects that are mined out, only 8% of the veins have been exploited. The Company is the first owner to investigate an underground high grade mine potential at Fremont.
The project is located on 3,351 acres of private and patented land in Mariposa County. The asset is a 4 km strike on the prolific 190 km Mother Lode Gold Belt, California that produced over 50,000,000 oz of gold and is instrumental in the creation of the towns, the businesses and infrastructure in the 1800s gold rush. It is 1.5 hours from Fresno, California. The property has year-round road access and is close to airports and rail.
Previously, in March 2023 the company completed an NI 43 101 Preliminary Economic Assessment(" PEA"). A sensitivity to the March 31, 2023 PEA at USD $2,000/oz gold gives an after-tax NPV of USD $370M and a 31% IRR over an 11-year LOM. At $1,750 /oz gold, NPV (5%) is $217M. The project hosts an NI 43-101 resource of 1.16 Moz at 1.90 g/t Au within 19.0 MT Indicated and 2.02 Moz at 2.22 g/t Au within 28.3 MT Inferred. The MRE evaluates only 1.4 km of the 4 km strike of Fremont property. Three step-out holes at depth (up to 1200 m) hit structure and were mineralized.
All NI 43-101 technical reports are available on the Company's profile on SEDAR+ (www.sedarplus.ca) and the Company's website (www.lode-gold.com)
QUALIFIED PERSON STATEMENT
The scientific and technical information contained in this press release has been reviewed and approved by Jonathan Victor Hill, Director, BSc (Hons) (Economic Geology - UCT), FAusIMM, and who is a "qualified person" as defined by NI-43-101.
ON BEHALF OF THE COMPANY
Wendy T. Chan, CEO & Director
Information Contact
Winfield Ding
CFO
info@lode-gold.com
+1-604-977-GOLD (4653)
Kevin Shum
Investor Relations
kevin@lode-gold.com
+1-604-977-GOLD (4653)
Cautionary Note Related to this News Release and Figures
This news release contains information about adjacent properties on which the Company has no right to explore or mine. Readers are cautioned that mineral deposits on adjacent properties are not indicative of mineral deposits on the Company's properties.
Cautionary Statement Regarding Forward-Looking Information
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release includes "forward-looking statements" and "forward-looking information" within the meaning of Canadian securities legislation. All statements included in this news release, other than statements of historical fact, are forward-looking statements including, without limitation, statements with respect to the use of proceeds, advancement and completion of resource calculation, feasibility studies, and exploration plans and targets. Forward-looking statements include predictions, projections and forecasts and are often, but not always, identified by the use of words such as "anticipate", "believe", "plan", "estimate", "expect", "potential", "target", "budget" and "intend" and statements that an event or result "may", "will", "should", "could" or "might" occur or be achieved and other similar expressions and includes the negatives thereof.
Forward-looking statements are based on a number of assumptions and estimates that, while considered reasonable by management based on the business and markets in which the Company operates, are inherently subject to significant operational, economic, and competitive uncertainties, risks and contingencies. These include assumptions regarding, among other things: the status of community relations and the security situation on site; general business and economic conditions; the availability of additional exploration and mineral project financing; the supply and demand for, inventories of, and the level and volatility of the prices of metals; relationships with strategic partners; the timing and receipt of governmental permits and approvals; the timing and receipt of community and landowner approvals; changes in regulations; political factors; the accuracy of the Company's interpretation of drill results; the geology, grade and continuity of the Company's mineral deposits; the availability of equipment, skilled labour and services needed for the exploration and development of mineral properties; currency fluctuations; and impact of the COVID-19 pandemic.
There can be no assurance that forward-looking statements will prove to be accurate and actual results, and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations include a deterioration of security on site or actions by the local community that inhibits access and/or the ability to productively work on site, actual exploration results, interpretation of metallurgical characteristics of the mineralization, changes in project parameters as plans continue to be refined, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, uninsured risks, regulatory changes, delays or inability to receive required approvals, unknown impact related to potential business disruptions stemming from the COVID-19 outbreak, or another infectious illness, and other exploration or other risks detailed herein and from time to time in the filings made by the Company with securities regulators, including those described under the heading "Risks and Uncertainties" in the Company's most recently filed MD&A. The Company does not undertake to update or revise any forward-looking statements, except in accordance with applicable law.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/243118
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