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Aurum Resources Limited (ASX: AUE) (Aurum) is pleased to report high-grade gold intercepts from step-back diamond hole at BD Target 1 as part of ongoing diamond drilling at its Boundiali Gold Project in Côte d'Ivoire, West Africa.
Highlights
- Step-back diamond drilling (355.5m) at BD Target 1 on the Boundiali BD tenement returns shallow, wide high-grade gold hits1 including:
- 12.22m @ 14.56 g/t Au from 275m inc. 1m @ 163.42 g/t Au (DSDD0051)
- Intercept is ~60m down dip from 4m @ 22.35 g/t Au from 226m (DSDD0004)2 and ~230m below surface and gold mineralisation remains open
- BD Target 1 is a 1.3km by 1km wide gold prospect within a 13km by 3km gold mineralised corridor
- More assay results from BD Targets 1, 2 and 3 are expected over the coming weeks
- Drill program is ongoing with more than 30,000m of diamond drilling planned for this year
- Aurum has three rigs on site and will increase to four diamond rigs drilling ~6,000m per month
- Aurum is targeting an initial Mineral Resource Estimate for Boundiali in late CY2024
- Aurum has a strong cash balance of ~A$5M (unaudited) to support its aggressive drill program.
Aurum’s Managing Director Dr. Caigen Wang said: “We are very pleased to see this project best result for BD target 1 with DSDD0051 hitting 1m @ 163.42 g/t Au within an interval of 12.22m @ 14.56 g/t Au from 275m. This interval was 60m down dip from 4m @ 22.35 g/t Au (DSDD0004) and the system remains open as we systematically step out along strike and step back to test down dip.
We will soon have four diamond drill rigs working at Boundiali as we increase our drilling rate to ~6,000m per month. We are in an incredibly target-rich environment as our geology team adds new targets to test at BD within the 13km by 3km gold corridor.
We are leveraging the work completed by previous explorers at Boundiali and thanks to our supportive shareholders are well funded. Our aggressive drilling ensures consistent news flow as we build on the encouraging results to date from known targets on the BD and BM tenements and look forward to testing new targets whilst we aim to deliver inaugural JORC resources for Boundiali by late 2024.”
Figure 1:Section 1054500 (+/-25m) showing previous drilling (white) and latest drill intersection (yellow) – BD Target 1
BD Target 1 - Latest Drill Results
Assay results reported in this release are from DSDD0051, a 355.5m step-back diamond hole drilled at BD Target 1. Aurum has intersected gold mineralisation (12.22m @ 14.56 g/t Au from 275m inc. 1m @ 163.42 g/t Au) in DSDD0051, 60m down dip of 4m @ 22.35 g/t Au from 226m (DSDD0004) and approximately 230m below surface. This target remains open with further drilling planned. Assay results for this hole3 include:
- 12.22m @ 14.56 g/t Au from 275m inc. 1m @ 163.42 g/t Au & 50m @ 0.70 g/t Au from 48m inc. 17m @ 1.38 g/t Au (DSDD0051)
These new results are in addition to diamond holes drilled at BD Target 1 and reported previously on 1 March 2024, 12 March 2024 and 10 May 2024 which include:
- 73m @ 2.15g/t Au from 172m inc. 4m @ 18.63g/t Au (DSDD0012)
- 36m @ 2.53 g/t Au from 104m inc. 16m @ 5.03 g/t Au (DSDD0011)
- 59m @ 1.42 g/t Au from 68m inc. 13m @ 3.92 g/t Au (DSDD0010)
- 90m @ 1.16 g/t Au from 143m inc. 51m @ 1.04 g/t Au & 35m @ 1.47 g/t Au (DSDD0050)
- 4m @ 22.35 g/t Au from 226m, which is 173m vertically below surface (DSDD0004)
- 22m @ 1.98g/t Au from 35m inc. 9m @2.76g/t Au (DSDD0003)
- 14m @ 1.65g/t Au from 76m inc. 5m @ 3.07 g/t Au (DSDD0007)
- 4m @ 22.35 g/t Au from 226m, which is 173m vertically below surface (DSDD0004)
These shallow wide high-grade gold intercepts are predominately from the hanging wall lodes at BD target 1 and true widths estimated at around 70% - 80% of reported downhole lengths.
Details of drill collar location and assay results for DSDD0051 from drilling on BD Target 1 can be found in Table 1 and Table 2 respectively. Plans showing location of the Boundiali Gold Project including locating the assay results are presented in (Figure 2 to Figure 6) and a cross section of these latest drill results can be found in Figure 1.
Gold mineralisation remains open along strike and at depth on all prospects, with drilling ongoing and further work being planned. A program of trenching is underway to define additional high priority targets for drill testing within the 13km by 3km gold mineralised corridor sitting outside of the three defined gold prospects.
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This article includes content from Aurum Resources Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
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Aurum Resources
Investor Insights
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. It's cost-effective exploration strategy of drill rig ownership, also sets it apart from its peers.
Overview
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.
Aurum is led by a board and management team with considerable experience and a track record of success in the mining industry and a history of creating shareholder value.
Company Highlights
- Aurum Resources is a precious metals company with exploration prospects in the same greenstone belt as the Syama (11.5 Moz), Sissingué (1.0 Moz), Tongon (5.0 Moz) and Kone Gold (4.5 Moz) deposits of West Africa.
- Upcoming catalysts include a maiden mineral resource estimate expected to be completed by the end of 2024. The company believes mineralization is open at depth and along strike and highlights the existence of numerous gold mineralization targets within the large land holding of Aurum’s Boundiali Gold Project.
- Aurum operates its own drill rigs, allowing the company to significantly reduce its exploration costs relative to peers.
- Management has a track record of creating value for shareholders from exploration through to project development, mine construction and gold production.
- Strong leverage to increasing gold prices that will benefit from a declining interest rate environment and rising global geopolitical risk factors.
- Well-funded for greater than 12 months and over 100,000 metres diamond drilling programs and metallurgical study
Key Project: Boundali Gold Project
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 in the fourth quarter of 2023 and the first quarter of 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. Having completed its initial exploration program, Aurum is now ramping up and undertaking a scout and step-back diamond drilling campaign with plans to increase its drilling fleet to include six rigs targeting a drilling rate of ~10,000 metres per month. The company expects to drill more than 45,000 metres of diamond core at Boundali to support an inaugural mineral resource estimate that is anticipated by the end of 2024.
Drilling costs are estimated at US$45 per metre, as Aurum owns all of its 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 to 88 percent interest), PR414 (100 percent interest), and PR283 (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 ramping up. 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 51 percent project interest after completing more than 8,000 m of diamond core drilling. Aurum is continuing diamond drilling on the BM tenement targeting an initial JORC resource by late 2024.
Management Team
Troy Flannery – Non-Executive Chairman
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 – Managing Director
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 – Executive Director
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.
High Grade Gold Intercepts Confirm Kpali Discovery
- Extremely strong gold intercepts from eight-hole RC drilling programme at Kpali Gold Prospect in Ghana’s Upper West Region.
- All eight holes intersected shallow mineralisation with better intercepts including:
- 12m at 8.29g/t Au from 25m (24KPRC010) incl.
- 6m at 11.60g/t Au from 31m and
- a peak 1m intercept of 20.43g/t Au at 36m and
- 4m at 4.16g/t Au from 95m.
- 7m at 2.23g/t Au from 35m (24KPRC011) incl.
- 4m at 3.23g/t Au from 35m and
- 11m at 2.24g/t Au from 50m incl.
- 1m at 8.29g/t Au from 57m.
- 5m at 3.66 g/t Au from 78m (24KPRC012) incl.
- 2m at 7.09g/t Au 79m.
- 13m at 1.58g/t Au from 73m (24KPRC014) incl.
- 1m at 5.62g/t Au from 79m.
- 1m at 8.35g/t Au from 5m (24KPRC015) and
- 9m at 4.81g/t Au from 107m incl.
- 2m at 8.75g/t Au from 109m.
- 1m at 6.64g/t Au from 70m (24KPRC016).
- 7m at 1.67g/t Au from 39m (24KPRC017) and
- 3m at 3.08g/t Au from 78m.
- 12m at 8.29g/t Au from 25m (24KPRC010) incl.
- Status of Kpali Gold Prospect considerably upgraded.
- Broader district containing several other high conviction prospects confirmed as an emerging new exploration frontier.
- Next drilling programme to comprise step-out drilling at Kpali Gold Prospect and testing of other prospects including equally prospective Bundi discovery.
- Results hot on heels of recent Kandia “4000 Zone” RC programme that confirmed good gold continuity and returned strong intercepts including:
- 7m at 3.36g/t Au from 149m within 24m at 1.78g/t Au from 139m (24KARC002) and
- 5m at 3.49g/t Au from 82m within 11m at 2.26g/t Au from 79m (24KARC004).
- Immediate high-level objective is to confirm robust new West African mining camps at Kpali and Kandia and an initial 1.0Moz Au multi-prospect based mineral resource.
Castle Executive Chairman, Stephen Stone, commented “The Kpali Gold Prospect is developing into a robust discovery and is a strong indicator that we may be dealing with a new West African gold mining camp in Ghana’s emerging northern region.
The latest intercepts include some very decent widths and grades at shallow depths with good continuity which can have considerable positive impacts should mining be considered.
Fig 1: Kpali Gold Prospect: Plan showing latest drill results and outline of interpreted multiple mineralised sub-parallel lodes on simplified sub-surface geology.
We have intersected a very impressive 12m at 8.29g/t Au from 25m, including 6m at 11.60g/t Au from 31m and a peak 1m intercept of 20.43g/t Au at 36m in a ‘hangingwall’ lode, and also 4m at 4.16g/t Au from 95m in a lower ‘footwall’ lode.
Apart from these standout results, very strong mineralisation has been encountered within most holes drilled, implying that with additional drilling we may be able to delineate a decent high value deposit.
We are very keen to get back drilling and to extend the Kpali Gold Prospect discovery as well as to follow-up historical drilling at the nearby Bundi discovery, 4km north.
There are also several other enticing prospects in the broader Kpali Gold Project area.
These drilling results follow excellent recent results from four holes at the Kandia Prospect, a second and separate gold discovery associated with a relatively under- explored 16km prospective contact between Birimian metasediments and a granite intrusion. Recent intercepts at Kandia included 7m at 3.36g/t Au from 149m within 24m at 1.78g/t Au from 139m and 5m at 3.49g/t Au from 82m within 11m at 2.26g/t Au from 79m.
These deposits lie in a classic setting for major gold deposits in West Africa and in particular northern Ghana which hosts the Cardinal Resources 5.1Moz gold Namdini deposit and the Azumah Resources 2.8Moz gold Black Volta Gold Project. The latter’s high-grade Julie deposit is immediately along strike from Kandia.
West Africa is where big gold discoveries can be and are still being made. With the gold price now at a level I could only dream of when starting my career, it’s the perfect time to be exploring Castle’s two new discoveries in the very stable, safe and mining friendly jurisdiction of Ghana.”
Fig 2: North-south long-section through mineralised hangingwall and footwall lodes at Kpali highlighting zones of shallow plunging, high-grade gold mineralisation.
Additional intercepts included 7m at 2.23g/t Au from 35m(24KPRC011) including 11m at 2.24g/t Au from 50m, 5m at 3.6g/t Au from 78m (24KPRC012), 9m at 4.81g/t Au from 107m (24KPRC015) and 3m at 3.08g/t Au from 78m (KPRC017).
These results confirm the Kpali Gold Prospect, just one of several prospects within the broader Kpali Gold Project, as a robust discovery in a completely new district within Ghana’s emerging Northern Region exploration frontier.
With several other high conviction prospects yet to be evaluated in the area, including the nearby Bundi, Kpali East, Wa South East and Wa South West prospects, there appears to be present all the hallmarks of a new West African mining camp and the possibility of a considerable gold endowment.
The Kpali Gold Prospect lies within a mineralised corridor associated with a 30m to 50m wide zone of structural deformation immediately west of a granite intrusion. Three drilling programmes have identified near-surface, shallow plunging high-grade lode-style mineralisation to a depth of at least 100m. Multiple, closely-spaced mineralised lodes have been identified over at least 650m strike.
Overall, the geological setting at the broader Kpali Gold Project is of typically structurally-controlled, orogenic style mineralisation within Birimian terrane. This is a similar setting as that hosting several world- class gold mining operations in Ghana and West Africa generally. Orebodies with these characteristics can often extend to considerable depth.
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This article includes content from Castle Minerals Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
1911 Gold
Investor Insight
1911 Gold Corporation offers a unique opportunity for investors seeking exposure to high-grade gold assets with near-term production potential, a fully permitted infrastructure, and significant exploration upside in a world-class mining jurisdiction.
Overview
1911 Gold Corporation (TSXV:AUMB,OTCQX:AUMBF) is a junior mining company focused on the exploration and development of gold resources in Manitoba, Canada. The company holds a dominant, 62,000 hectare land position in the Rice Lake greenstone belt in Manitoba, an underexplored western extension of the prolific Red Lake gold district.
The company’s strategy is focused on de-risking the existing underground mine geology, expanding its mineral resource base through exploration, and advancing towards production on an accelerated time line by leveraging the existing infrastructure in place.
Gold continues to be a preferred safe-haven asset, with strong demand driven by economic uncertainty, inflationary pressures, and global geopolitical tensions. The price of gold has shown resilience, and many analysts project continued strength in the market. 1911 Gold is well-positioned to capitalize on this favorable environment through its fully permitted infrastructure, extensive land package, existing 43-101 resources, and near-term production potential. By advancing its True North project and regional exploration portfolio, the company is strategically placed to benefit from rising gold prices while minimizing jurisdictional risks.
1911 Gold’s leadership team comprises experienced mining executives, geologists and financial professionals with extensive backgrounds in advanced exploration, mine development, corporate finance and strategic planning. Their combined expertise provides the company with the ability to navigate complex operational and financial landscapes, positioning 1911 Gold as a serious contender in the junior mining sector.
Company Highlights
- 1911 Gold Corporation is a junior gold exploration company and near-term producer with more than 1.1 million ounces of gold resource in an established mining district.
- The company’s assets include a permitted 1,300-ton-per-day mill and tailings facility, and underground mine, reducing time and costs to production
- With a large land package in the Rice Lake belt, 1911 Gold boasts multiple high-potential targets, providing significant resource expansion potential.
- The company is led by a seasoned management team and board with a strong track record of advancing mining projects.
- The company operates in a mining-friendly jurisdiction with hydroelectric power and excellent infrastructure.
Key Projects
True North Project
The True North project is 1911 Gold's flagship asset, located in the Rice Lake greenstone belt of southeastern Manitoba, approximately 150 km northeast of Winnipeg. This historically significant mine has produced over 2 million ounces (Moz) of gold and continues to offer substantial exploration upside.
The current mineral resource estimate for True North includes:
- Indicated Resources: 3.52 million tonnes (Mt) at 4.41 grams per ton (g/t) gold, containing 499,000 ounces.
- Inferred Resources: 5.49 Mt at 3.65 g/t gold, containing 644,000 ounces.
These resources remain open for expansion, with multiple high-priority exploration targets identified near existing underground workings.
Geology and Mineralization
The True North deposit is characterized by high-grade, structurally controlled gold mineralization hosted within the Archean Rice Lake greenstone belt. Gold occurs within quartz-carbonate vein systems associated with major regional structures and secondary shear zones. The mineralization extends to significant depths, providing long-term exploration potential.
History
Gold was first discovered at True North in 1911, leading to decades of intermittent mining under various operators. The mine has undergone multiple phases of development, with extensive underground infrastructure, including a shaft extending to a depth of over 1,200 meters. Previous owners, including San Gold Corporation and Klondex Mines, operated the mine until 2017, after which it was acquired by 1911 Gold in mid-2018.
Infrastructure and Geographic Advantages
- A fully permitted 1,300-ton-per-day (tpd) mill, which can be expanded to 2,250 tpd
- A permitted tailings management facility, reducing environmental and permitting risks
- Year-round road access throughout the property with proximity to hydroelectric power
- A 200-person camp and operational support facilities for efficient workforce deployment
Exploration and Development Plans
1911 Gold is focused on expanding the True North resource through an aggressive exploration program. Key initiatives include:
- Drill testing high-priority targets, including San Antonio West and Southeast targets, which have shown strong mineralization potential
- Resource expansion through underground drilling, targeting underexplored areas within the mine lease
- Development of new high-grade zones to support near-term production and long-term operational sustainability
- Geophysical surveys and geochemical sampling to identify additional gold-bearing structures within the broader property
The company will leverage True North’s existing infrastructure to restart mining operations efficiently while continuing to explore the vast untapped potential of the surrounding district.
Regional Exploration Projects
In addition to the True North mine, 1911 Gold controls a large-scale land package within the Rice Lake greenstone belt. The company has identified multiple high-potential targets within this district, including:
- Ogama-Rockland: A past-producing high-grade deposit with significant exploration upside
- Central Manitoba: An area with historical production featuring multiple high-grade vein structures with strong exploration potential
- Gunnar: A historic mine representing an additional potential source of mill feed.
The company aims to leverage its central milling facility as part of a "hub-and-spoke" development model, bringing additional satellite deposits into production.
Management Team
Shaun Heinrichs - President & CEO
With over 20 years of experience in corporate finance, strategic planning, and capital markets, Shaun Heinrichs has held key leadership roles in the mining sector. Before joining 1911 Gold, he served as CFO on various companies, including Group Eleven Resources and Veris Gold, which owned the Jerritt Canyon operation, where he played a pivotal role in corporate development and mergers and acquisitions.
Carmen Amezquita - Chief Financial Officer
A finance professional with over a decade of experience in the resource sector, Carmen has extensive expertise in financial reporting, capital management, and corporate governance for both exploration-stage and producing mining companies.
Michele Della Libera - Vice-president, Exploration
A geologist with over 30 years of experience in mineral exploration, Michele has worked extensively on gold and base metal projects across Canada and internationally and has been closely involved in the development of several mines through to production. He oversees 1911 Gold’s exploration programs, with a focus on expanding the company’s resource base and identifying new discoveries.
Gary O’Connor - Executive Chair
A veteran mining executive with decades of experience in project development and exploration, Gary has held leadership positions at major mining companies, guiding strategic growth initiatives.
Mike Hoffman - Director
A professional engineer with extensive experience in mine development, operations, and corporate strategy. He has played key roles in advancing multiple mining projects from early-stage exploration to production.
Blair Schultz - Director
A finance and investment specialist with a background in institutional asset management and corporate governance. Blair has been instrumental in providing financial oversight and strategic direction for mining companies.
Anna Ladd-Kruger - Director
A highly regarded financial executive in the mining industry, Anna has held senior leadership roles in several resource companies, focusing on financial strategy and corporate growth.
Éric Vinet - Advisor
An expert in mining operations and project development, Éric provides strategic insights on optimizing production, cost management, and operational efficiencies.
Halcones Precious Metals Announces Additional Outcrop Chip Channel Sample Results Extending Mineralized Footprint to the South at Polaris Gold Project, Antofagasta Region Chile
Halcones Precious Metals Corp. (TSX – V: HPM) (the “Company” or “Halcones”) is pleased to announce additional results from the recent field program at the Polaris gold project, Chile (“Polaris” or the “Project”). Polaris is a large, highly prospective gold project that has never been drilled. No modern exploration has been carried out to date other than basic rock sampling and mapping. Surface bedrock sampling performed by Halcones’ geologists has extended the strike length of a trend of assay results, comprising more than 400 rock samples, many grading greater than 1g/t gold, to 3.9 km. This trend remains open for another 2km to the north and 1.5 km to the south before reaching property boundaries.
According to Ian Parkinson, CEO of Halcones, “It is exceedingly rare to see such an extensive and highly mineralized gold trend that has never been drilled. In more than ten years as a senior mining analyst for leading financial institutions, there is not a single project I have seen that shows such extensive mineralization in outcrops and no history of systematic exploration. We are very excited by the prospectivity of this project”.
Halcones’ geologists recent field work was focused on mapping and sampling a priority area within the North Zone (Figure 1) resulting in an expanded priority target. This area has consistently returned high grade results from surface sampling. Several highly prospective drill targets have been outlined through this sampling program in the North Zone (see Figure 2). Sampling completed by the Company has increased the gold mineralized footprint by approximately 210% from the area first observed by the optionors of the Project. Company geologists believe that the North and South Zones may merge into a single large gold anomaly, further increasing the potential of the Project. Sampling is limited in the area between the North and South Zone due to the presence of thin overburden cover. The next phase of exploration will focus on better defining the extension of the anomalous gold in this area to confirm the current geological interpretation of the field team. Additional sampling to explore and expand the anomaly to the north and east will also be done as part of the next stage of exploration.
Highlights:
- Select highlights from the last batch of 44 assays include 29.04, 10.67, and 3.54 g/t Au, hosted primarily in stockwork (see Figures 3 & 4). These results are in addition to the 20.05, 13.08, 8.54 and 6.67 g/t Au previously reported (see February 4th,2025 press release for details). The samples consisted of continuous 1m long chip samples to ensure representative sampling. The program prioritized sampling of stockwork as opposed to larger quartz veins. Gold bearing stockwork (see Figures 3 & 4) at surface has been sampled over approximately a 250m X 500m area and the limits of this mineralized zone are unknown. Several high-grade target areas have been identified. However, the entire area may represent a large, bulk minable target if continuity between bedrock samples is established. See Figure 2 for locations of samples.
- The North Zone sample area with the greatest concentration of high-grade surface samples has been expanded to the South. Sampling by Halcones’ geologists returned values consistent with work done by the optionors of the Project and extended the known area of high-grade mineralization to more than double that previously outlined. The approximate surface area of this target containing multiple surface samples above 1 g/t is 12.3 hectares.
- High grade mineralization continues to exhibit a strong structural control. In the reported sampling area (Figure 2), high grade samples continue to occur on the southwest side of a structural break. Approximately 40% of the surface area in the northwest portion of the Project area has a thin layer of colluvial cover and this has seen limited sampling. The Company plans to expand its sampling through this thin cover when approvals are in place.
- Halcones believes there is potential for a larger tonnage surface deposit of vein and stockwork hosted mineralization within the highly fractured granodioritic rocks adjacent to fault splays associated with the continental scale, Atacama Fault System in the area. Extensive gold mineralization has been identified by surface bedrock sampling over 3.9 km of strike length along these structures on the property to date.
Ian Parkinson, CEO and Director of Halcones:
“We are very excited by the results of our first field program at Polaris. These results have confirmed what we had hoped for at Polaris. In a few weeks of field work we have materially expanded the initial areas of interest and several very clear targets for future drilling have emerged. It is rare to see such broad anomalous gold at surface. Much of the Project area remains sparsely sampled and mapped. Our technical team is currently making plans to get back into the field”.
About The Recent Field Program:
The were two main objectives of the field program.
1) Expand the footprint of the known mineralization in the Northwest corner of the North Zone (See Figure 1).
2) Test and better define the extent of mineralized stockwork as a lower grade bulk tonnage opportunity adjacent to the known vein hosted mineralization.
This first field program has successfully expanded the surface area of mineralization (see Figure 2) and confirmed the presence of extensive stockwork hosted gold mineralization at surface.
Sampling previously performed on Polaris identified the northwest section of the North Zone as a priority area (see Figure 1). In recent field work, Halcones’ geologists increased the density of sampling and expanded the surface footprint of sampling in this priority area (see Figure 2). Halcones’ geologists took a total of 140 samples during the recent field campaign. All assays from this program have been received, of which 31 returned values above 1 g/t Au.
This sampling program has successfully expanded the surface expression of the work completed previously on Polaris. Additionally, stockwork mineralization has been confirmed over a broader area. The presence of mineralized stockwork over an extensive area supports Halcones’ geologist interpretation that bulk tonnage deposit potential exists at Polaris. Sampling has been limited in certain areas due to the presence of a thin layer of colluvial cover. Sampling programs are being planned to test bedrock below this this cover.
Halcones’ geologists have been working with a geological model that Polaris holds potential for a large-scale bulk tonnage open pit operation. The presence of mineralization in stockworks in the wall rocks away from the historically mined, mineralized veins is a crucial component of this model that is present at Polaris. This stockwork is believed to have a similar genesis to the vein hosted mineralization previously exploited by artisanal miners but was never targeted. The stockwork mineralization is not visually obvious due to a general lack of associated sulfide minerals. The 17 known small scale mines in the Project area exploited very high-grade veins with no focus on the stockwork adjacent to the veins.
Figure 1: Polaris Project sampling has identified gold mineralization over a 3.9 km extent in an area that has never been drilled.
Figure 2: Polaris North Zone field program results with recent assays represented.
The stars are Halcones’ samples, the dots are samples by the optionors.
Figure 3: Example of typical mineralized stockwork in outcrop. The rock is highly transected by randomly oriented hairline fractures that commonly contain sub-millimetre to several millimetre quartz veins that are thought to contain the gold. The host is typically tonalite to granodiorite, which has been fractured adjacent to the fault systems in the area. Visually, there are few indications of mineralization.
Figure 4: Example of stockwork mineralization exhibiting larger quartz veinlets. The mineralized rock is characterized by multiple veinlets and fractures at various orientations.
About The Sampling Process
Using a hammer and a rock chisel, a chip sample is carried out uniformly over at least 1 meter sections, ensuring complete collection and homogeneity in order to achieve proper representation of the sample. The sample is collected perpendicular to the dominant strike of the structures and the sample mass must be a minimum of 2 kg. In the event that the outcrop presents some mineralized structure, an independent sample will be taken only from the mineralized structure and an independent sample from the host rock on both sides of the structure. This process is designed to limit bias due to high grading sample collection.
All samples were bagged and sealed on site and delivered directly by the Project Geologist to ANDES ANALITYCAL ASSAY Laboratory in Copiapó, Chile. After sample preparation at ANDES ANALITYCAL ASSAY Laboratory in Copiapó, split pulp samples were shipped to ANDES ANALITYCAL ASSAY in Santiago, Chile for assaying gold by fire assay (AEF_AAS_1E42-FF), and for analyzing 34 other elements, including silver, by four acids (ICP_AES_AR34m1).
ANDES ANALITYCAL ASSAY is an independent laboratory certified with a global quality management system that meets all requirements of International Standards ISO/IEC 17025:2017, includes its own internal quality control samples comprising certified reference materials, blanks, and pulp duplicates.
Qualified Person
The scientific and technical information in this news release has been reviewed and approved by Mr. David Gower, P.Geo., as defined by National Instrument 43-101 of the Canadian Securities Administrators.
About Halcones Precious Metals Corp.
Halcones is focused on exploring for and developing gold-silver projects in Chile. The Company has a team with a strong background of exploration success in the region.
For further information, please contact:
Vincent Chen, CPA
Investor Relations
vincent.chen@halconespm.com
www.halconespreciousmetals.com
Cautionary Note Regarding Forward-looking Information
This press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. Forward-looking information includes, without limitation, regarding the prospectivity of the Project, the mineralization of the Project, the Company’s exploration program, the Company’s ability to explore and develop the Project and the Company’s future plans. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. 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 Halcones, as the case may be, to be materially different from those expressed or implied by such forward-looking information, including but not limited to: general business, economic, competitive, geopolitical and social uncertainties; the actual results of current exploration activities; risks associated with operation in foreign jurisdictions; ability to successfully integrate the purchased properties; foreign operations risks; and other risks inherent in the mining industry. Although Halcones has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. Halcones does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
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.
Heliostar Metals: Gold Miner with a Portfolio of Producing, Developing Gold Projects in Mexico
Heliostar Metals (TSXV:HSTR,OTCQX:HSTXF,FRA:RGG1) is an emerging mid-tier gold producer with a clear, execution-focused strategy. The company is on track to go from no gold production in 2023 to 150,000 ounces of annual gold production in just a couple of years. Aiming to unlock high-grade gold production in Mexico’s premier mining regions, Heliostar presents a compelling investment opportunity for investors looking to capitalize on a continued gold bull market.
The company holds two operating mines (San Agustin and La Colorada), two advanced development projects (Ana Paula and Cerro del Gallo), and two additional growth assets (San Antonio and Unga in Alaska). Heliostar is strategically positioned to fund growth through internal cash flow while continuing to expand its resource base.
Pro Forma Total Gold ResourcesHeliostar Metals looks forward to scaling its gold production to 150,000 ounces per year in the near term by leveraging producing mines and development assets. San Agustin and La Colorada provide immediate cash flow and serve as the foundation for production growth. At La Colorada, a permitted expansion plan allows for low-cost increases in output, while the advancement of Ana Paula Phase 1 will significantly enhance production capacity.
Company Highlights
- Heliostar Metals is rapidly advancing from a junior explorer to a mid-tier gold producer, targeting 150,000 oz per year in the near term and 500,000 oz annually by 2030.
- Heliostar has rapidly expanded its portfolio with key acquisitions, now controlling two producing mines and four advanced-stage growth assets in Mexico. Added 3.5 million measured and indicated gold ounces for just US$15 million, reinforcing a capital-efficient growth model.
- The company prioritizes capital discipline and low-cost acquisitions to expand its asset base and maintain a lean financial structure. Unlike many juniors who dilute shareholders to grow, Heliostar leveraged gold production cash flows to drive project development.
- Its flagship project, Ana Paula, is one of Mexico’s highest-grade undeveloped gold projects. The Heliostar team took on the permitted open pit design and revised it to an underground operation. The current mine plan has potential to produce more than 100,000 gold ounces per year.
- In 2024, Heliostar acquired the La Colorada and San Agustin gold projects. Production at these two mines provide immediate cash flow. That funds Heliostar’s exploration and development without significant dilution.
- CEO Charles Funk leads a seasoned team of mine builders and exploration experts with a track record of developing world-class deposits.
- The company also features a favorable shareholder registry: 53 percent institutional investors, 42 percent high-net-worth and retail investors, and 5 percent held by the board and management.
This Heliostar Metals profile is part of a paid investor education campaign.*
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