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![Aurum Resources](https://investingnews.com/media-library/aurum-resources.png?id=52314794&width=1200&height=800)
Aurum Hits 74m @ 1.0 g/t Gold at Boundiali BD Target 2
Aurum Resources Limited (ASX: AUE) (Aurum) is pleased to report further shallow, wide gold intercepts from diamond holes at BD Target 2 as part of ongoing diamond drilling at its Boundiali Gold Project in Côte d'Ivoire, West Africa.
Highlights
- Assay results for scout and step-back diamond drilling (18 holes for 3070m) drilled at BD Target 2 on the Boundiali BD tenement report multiple shallow, wide gold hits1 including:
- 74m @ 1.00 g/t Au from 167m inc. 1m @ 24.73 g/t Au (DSDD0044) & 6m @ 3.31 g/t Au from 99m & 8m @ 1.51 g/t Au from 71m
- 33m @ 0.84 g/t Au from 146m inc. 1m @ 9.95 g/t Au (DSDD0046)
- 1m @ 10.01 g/t Au from 71m (DSDD0024)
- BD Target 2 is a 1.7km long by 1km wide gold prospect with artisanal workings (~6km north of BD Target 1)
- More assay results from drilling at BD Target 1 expected over the coming weeks
- Drill program is ongoing with 30,000m of diamond drilling planned for this year
- Aurum currently has three diamond drill rigs, drilling at ~4,000m per month and will soon increase to four diamond drill 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 BD Target 2 is shaping up nicely with good, wide intercepts from 100m line spacing diamond holes confirming the gold system is open along strike and continues at depth. These new shallow, wide gold intercepts prove the gold system continues in fresh rock underneath shallow oxide RC drilling (30 holes for 2,057m) drilled by previous explorers.
Follow-up drilling is required to chase the system along strike and at depth as well as areas where our team has identified artisanal workings. BD Target 2 is about 6km to the north of BD Target 1, where we intercepted 73m @ 2.15g/t Au from 172m (DSDD0012) (Refer to Figure 3). These prospects sit within a 13km by 3km gold mineralised corridor the majority of which has not yet been tested by drilling.
We are well funded and supported by our shareholders and with our three diamond rigs targeting around 4,000m of drilling per month. Given the encouraging results to date, we are confident to add new targets on the BD and BM tenements whilst we drill towards our target of delivering inaugural JORC resources for the Boundiali project by late 2024.”
Figure 1: Section S10596307N showing previous drilling (white) and latest drill intersection (yellow) –BD Target 2
Latest BD Target 2 Drill Results
Assay results for drilling reported in this release are for wide line spaced (100m) diamond holes (18 holes for 3070m) drilled at BD Target 2. These new results are in addition to the assays previously released on 23 April 2024 (15 holes for 2,815m), with a total of 33 holes for 5,885.48m reported to date.
Aurum is performing diamond drilling using its own drill rigs and personnel to evaluate a 1.6km long by 1km wide gold prospect, which was defined by earlier explorers from soil samples, trenching and RC drilling. The prospect sits within a larger 13km by 3km gold mineralised corridor (which includes three gold prospects currently being drill tested), the majority of which is still to be drill tested.
Diamond drilling has intersected the same volcano sedimentary package seen at BD Target 1 and mineralisation is characterised by broad alteration rich in hematite + chlorite + tourmaline + quartz + albite and carbonate. Mineralisation at both BD Target 1 and BD Target 2 appear to be controlled by N-S trending structures and there has also been an intense activity of artisanal miners targeting oxide mineralisation.
Diamond drilling is conducted with NTW drill core and collared at the surface with HQ sized equipment. All drill holes were field logged by company geologists with lithological, alteration, mineralogical as well as sulphide content recorded. Geotechnical and structural data has been recorded and photography and recovery measurements were conducted by assistants under a geologist’s supervision.
NTW core is cut in half using a core saw and the core was sampled to major geological intervals as defined by the geologist at 1m sample intervals, although some niche sampling of quartz veins associated with visible gold has been undertaken. Typically diamond core samples are prepared, sub sample and assayed by Intertek in Ghana using fire assay techniques on a 50g sample.
Click here for the full ASX Release
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.
Byron King: Will Gold Miners' Q2 Results Catch Wall Street's Attention?
Byron King of Paradigm Press shared insights from a recent Yukon property tour, including what's known so far about the heap leach pad failure at Victoria Gold's (TSXV:VGCX,OTC Pink:VITFF) Eagle gold mine.
Noting that little information is currently available, he recommended avoiding speculation until more details have been released. However, he did remind investors of the risks attached to single-asset companies.
"There is a risk obviously in great big single-asset plays when something critical fails," King said.
He also discussed his outlook for the gold price and gold miners as they prepare to release Q2 results.
"We should see really sweet numbers on the profitability of many gold producers — Barrick Gold (TSX:ABX,NYSE:GOLD), Newmont (TSX:NGT,NYSE:NEM), Kinross Gold (TSX:K,NYSE:KGC), IAMGOLD (TSX:IMG,NYSE:IAG) — we could make a long list. We should see really good numbers," King told the Investing News Network during the interview.
In his view, if these companies see big jumps in profit, they may start to attract attention from Wall Street.
"I do think that 'Big Wall Street,' so to speak, will absolutely have to rebalance some of that cash towards the hard assets, and in particular gold (and) silver producers," he commented.
Watch the interview above for more from King on the outlook for gold and gold stocks, as well as his thoughts on the petrodollar and which companies he's watching in Yukon and BC's Golden Triangle.
Don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.
John Feneck: Gold Miners Set Up for Strong Quarter, Plus 9 Stocks I'm Tracking
John Feneck, portfolio manager and consultant at Feneck Consulting, shared his latest thoughts on the gold price, saying that after the second quarter's record-setting levels miners should be due to share good results.
Pointing to Newmont (TSX:NGT,NYSE:NEM), Agnico Eagle Mines (TSX:AEM,NYSE:AEM) and Barrick Gold (TSX:ABX,NYSEGOLD), the three biggest holdings in the VanEck Gold Miners ETF (ARCA:GDX), he said he expects strength.
"What's different this time around for these three companies, and other gold producers, is that they've been able to clip a really nice margin on what their costs are vs. what the current price of gold is," he said.
While the broad market remains focused on tech, Feneck believes that may start to change.
"I think value managers are going to start to see these stocks in the large-cap gold space start to do much better, and it'll catch their attention later as the year progresses," he explained, emphasizing that the shift won't be immediate.
"Will it be an all-in kind of event? No. What we're going to need to see in our view is the broad market start to pull back, and that will create what we call a sector rotation into some safer havens like a Newmont or an Agnico."
Feneck also gave overviews of a variety of small-cap resource stocks he's watching.
Precious metals stocks on his radar at the moment include First Nordic Metals (TSXV:FNM,OTCQB:FNMCF), NevGold (TSXV:NAU,OTCQX:NAUFF) and Guanajuato Silver (TSXV:GSVR,OTCQX:GSVRF).
Feneck is also interested in "special situation" companies with different ideas or exposure to lesser-known commodities. Examples include Golden Metal Resources (LSE:GMET,OTCQX:GMTLF), Fireweed Metals (TSXV:FWZ,OTCQX:FWEDF), First Tellurium (CSE:FTEL,OTCQB:FSTTF) and Angkor Resources (TSXV:ANK,OTCQB:ANKOF).
Moving over to uranium, Feneck remains bullish and is interested in juniors. He mentioned Forum Energy (TSXV:FMC,OTCQB:FDCFF) and F3 Uranium (TSXV:FUU,OTCQB:FUUFF) as companies on his list.
Watch the interview above for more from Feneck on the resource sector and the companies he's eyeing.
Don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: Forum Energy Metals is a client of the Investing News Network. This article is not paid-for content.
The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.
Uranium and Gold Explorer Piche to Commence Trading on ASX
Piche Resources Limited (ASX: PR2) (“Piche” or the “Company”), a mineral exploration company focussed on uranium and gold in Western Australia (WA) and Argentina, is pleased to announce its upcoming listing on the Australian Securities Exchange (ASX) at 10:00am Perth AWST time on Monday 15 July 2024 under the ticker code PR2.
HIGHLIGHTS
- Piche Resources Limited shares to commence trading on the ASX today (Monday 15 July 2024) at 10:00am AWST (ASX: PR2)
- The IPO raised a total of $10.0 million (before costs) at A$0.20 per share with an excellent register of international & Australian funds, and high net worth and retail investors
- Capital raised will be used to advance drill ready tier 1 exploration targets in Australia and Argentina, and working capital
- Pre-IPO funds have been applied to progress land tenure, community engagement, land access agreements and prepare for the imminent drilling campaign at Sierra Cuadrada and Ashburton projects (uranium) and Cerro Chacon (gold)
Euroz Hartleys acted as Lead Manager to the IPO and introduced investor participation from a number of international & Australian funds combined with high net worth, retail investors and Piche directors and management.
Funds raised will be used to advance the Company’s drill ready exploration targets, including the Australian Ashburton project, the two Argentina projects Sierra Cuadrada & Cerro Chacon and working capital requirements. Importantly, the majority of funds raised will be allocated to exploration of the key uranium and gold projects.
Project Portfolio – Western Australia and Argentina
KEY FOCUS
With the ASX IPO now completed, Piche intends to accelerate exploration activities on three targets at the Ashburton Project in Western Australia, and at Sierra Cuadrada and Cerro Chacon in Argentina.
Piche’s immediate attention will be at the Ashburton Project in WA, where previous drilling in the 1980’S delivered high grade uranium from the Angelo River Prospect. Piche will be seeking to replicate historical drilling results to assist in driving a JORC Resource estimate at Angelo River.
Longer term, Piche aims to build a significant mining group with separate uranium, gold, and base metal companies under its banner, capitalising on an improving commodity market.
Click here for the full ASX Release
This article includes content from Piche Resources, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Siren Signs Agreement for Sale of Reefton Project for A$20M
Siren Gold Limited (ASX: SNG) (Siren or the Company) is pleased to announce that it has entered into a definitive agreement regarding a A$20m transaction for a sale of the Reefton Project.
Highlights
- Siren has entered into a definitive agreement with Canadian listed RUA Gold Inc. (CSE:RUA) for the sale of the Reefton Project to consolidate the Reefton Goldfield.
- This transaction will create the largest gold explorer on the Reefton Goldfield on the West Coast mining district of New Zealand’s South Island.
- The transaction will create the largest tenement package of 1,242km2, on the high-grade Reefton Goldfield that has produced +2Moz at 15.8 g/t Au.
- The proposed transaction is for RUA to acquire Siren’s 100% owned subsidiary, Reefton Resources Pty Ltd (NZ), with the key outcomes being:
- RUA to acquire the Reefton Project for A$20m, comprising A$2m in cash and A$18m in RUA shares.
- Siren Chairman Mr Brian Rodan will join the RUA Board on completion of the transaction.
- Acquisition price of A$45/oz, based on Reefton’s current 444,000 oz inferred Mineral Resource Estimate (MRE)2.
- Post transaction, Siren will hold approximately 30.2% of RUA’s common shares outstanding, maintaining a significant interest in the Reefton project as well as acquiring an interest in the high-grade Glamorgan Project in the North Island of New Zealand.
- Siren will retain the Sam’s Creek Project with a current MRE of 824koz @ 2.8g/t Au and remain listed on the ASX (Refer Table 1).
- The total consideration equates to approximately A$0.10 per issued share of Siren, which represents a 28.4% premium over Siren’s closing share price on 12 July 20241.
- Post transaction Siren will have cash and investments of over $20m, representing 10cps per SNG share, and it will focus on the Sam’s Creek Project, which currently has a MRE of 824koz of gold and a pending mining permit application, whilst shareholders will remain invested in Reefton through the RUA shareholding.
- The transaction is subject to customary conditions and approvals such as shareholder and regulatory approvals and is expected to close in Q4 2024.
Consolidation of the Reefton Goldfield
Siren Gold Limited (ASX: SNG) (“Siren” or the “Company”) is pleased to announce that it has entered into a definitive agreement dated 14 July 2024 (the “Definitive Agreement”) with Reefton Acquisition Corp., a wholly owned subsidiary of Canadian Securities Exchange listed RUA Gold Inc. (“RUA”), whereby RUA will acquire 100% of the capital of Reefton Resources Pty Ltd. (“Reefton Resources”), a wholly owned subsidiary of the Company, for A$20 million in cash and shares of RUA (the “Transaction”). Reefton Resources owns 100% of the tenements that comprise Siren’s Reefton Project.
The Transaction, expected to be completed in November 2024, provides Siren with a cash payment of $2 million and $18 million in common shares of RUA (the “RUA Shares”). Following completion of the Transaction, Siren would own approximately 30.2% of the current estimated issued and outstanding RUA Shares. The Transaction eliminates the need for a potentially dilutive near-term equity raising to continue exploration at Reefton, while retaining continued ownership and upside in the expansion and future development of the Reefton Project.
The Transaction will establish RUA as the dominant landholder in the region, with approximately 1,242km2 of tenements in the historical Reefton Goldfield. Following completion of the Transaction, RUA will be well positioned as the pre-eminent gold explorer on the Reefton Goldfield in New Zealand, with a pro forma market capitalisation of approximately C$60 million (A$64.9 million)2. Combining properties and exploration activities in the Reefton Goldfield provides a number of strategic benefits, including:
i. Consolidation of the tenement package, creating the dominant Reefton Goldfield explorer
ii. Significant project synergies for mine development and a central processing hub
iii. Larger exploration programs with more consistent news flow
iv. Combines mine permitting and expedites eventual project construction
v. Combined company best positioned to further consolidate the Reefton Goldfield
vi. Siren retains upside in exploration and development of a consolidated Reefton
vii. Siren will be able to focus on exploration and development at Sams Creek
viii. RUA will be focused on exploration and development of the combined Reefton belt
Figure 1: Tenement map of the Reefton Goldfield district.
Siren Managing Director and CEO, Victor Rajasooriar commented:
“Siren’s vision for the Reefton region has been to create a significant high grade gold producer with a central processing facility fed by numerous underground mines. This transaction is a significant step in realising this vision and a great outcome for Siren shareholders. Siren can focus on the multi-million-ounce potential at Sams Creek while RUA can continue to explore the consolidated Reefton Project. This transaction is at a ~3.8x premium EV/ Resource multiple compared to Siren’s current share price and will enable Siren to fast-track Resource growth at Sams Creek, while RUA can fast-track gold and antimony Resource growth at Reefton. New Zealand is open for business and this partnership with RUA allows Siren to fast-track exploration and development of its asset base.”
RUA CEO, Robert Eckford commented:
“The transaction between RUA and Siren Gold is a significant step in RUA becoming the largest tenement holder of the highly prospective Reefton Goldfield district, home to host rocks with high-grade gold and antimony. This transaction is a natural fit for our portfolio and creates the opportunity for real synergies, which, in combination with local knowledge, sets us for a rapid re-rating from further exploration success and resource delineation across the combined land package.”
Click here for the full ASX Release
This article includes content from Siren Gold, 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.
Share Purchase Plan Closure
Aurum Resources Limited (ACN 650 477 286) (ASX:AUE) (the, Company) announces that it has raised $744,100.00 (before costs) pursuant to the Company’s Share Purchase Plan (SPP) that closed on 10 July 2024.
The SPP offered eligible shareholders registered on the Record Date the opportunity to subscribe for new fully paid ordinary shares up to a maximum value of $30,000 per eligible shareholder on the same terms as the Placement to sophisticated investors conducted by the Company in June 2024 (New Shares).
The Company will issue 2,254,837 New Shares at an issue price of $0.33 per share. The New Shares will be issued as per the timetable of the SPP.
The Company maintains the flexibility to place any Shortfall under the SPP Offer within 3 months of the closing date.
The funds raised under the Placement and the Plan will be used to accelerate exploration activities at the Company’s Boundiali Gold Project in Côte d’Ivoire as it targets delineation of an inaugural JORC mineral resource late in CY2024, including for diamond drilling, surveys and other test work, and building a centralised exploration camp at the Boundiali Gold Project site.
The Company would like to thank shareholders for their continued support.
Click here for the full ASX Release
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.
Antilles Gold Entitlement Offer Closed
The Company will issue 464,892,732 new fully paid ordinary shares, and 232,446,377 new options exercisable at $0.01 each on or before 31 December 2026, and will apply for quotation of the options on the ASX. The new securities are expected to be issued on or before Tuesday 16 July 2024.
The Company intends to supplement the $1.86 million raised over the next three months by a placement to a cornerstone shareholder, and with proceeds from the anticipated sale of around $1.3 million of surplus plant and equipment.
The Company is currently in discussions with a substantial Investment Group that have expressed interest in becoming a 19.9% shareholder, and if the proposed transaction proceeds, they would seek to appoint a director to Antilles Gold’s Board and possibly to the Board of the Cuban joint venture company, Minera La Victoria SA, and actively support the objectives of the joint venture. Negotiations on this matter are continuing.
Antilles Gold wishes to thank all shareholders and new investors who have taken up shares in the issue as it will allow the Company to subscribe for a further $1.2 million of shares in Minera La Victoria, leaving only ~$0.8 million outstanding to finalise its $23.0 million (US$15.0 million) earn-in for a 50% shareholding, and will ensure the completion of pre-development activities for the small, but important, Nueva Sabana mine, and continuity of the DFS for the La Demajagua project.
END
This announcement has been authorised by the Board of Antilles Gold Limited. For further information, please contact:
Brian Johnson, Chairman,
Antilles Gold Limited T: +61 (02) 4861 1740
E: brianjohnson@antillesgold.netClick here for the full ASX Release
This article includes content from Antilles Gold, 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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