Astral Resources (ASX:AAR) is a gold mineral exploration company with three gold projects in tier 1 mining jurisdictions of Western Australia. The three assets are the Mandilla gold project, the Feysville gold project, and the Carnilya Hill gold project. The flagship and 100 percent owned Mandilla gold project has a mineral resource containing 1.27 million ounces (Moz) of contained gold. The other key project, 100 percent owned Feysville, hosts an updated mineral resource estimate of 5.0Mt at 1.2g/t gold for 196koz of contained gold . Feysville could potentially become a satellite source of high-grade ore feed for the flagship Mandilla gold project.
The scoping study completed at Mandilla unveils robust project economics. The cornerstone of the scoping study is the Theia deposit, which alone accounts for 81 percent of the total Mandilla mineral resource estimate. The deposit hosts a mineral resource estimate of 29 Mt at 1.1 g/t gold for 1.02 Moz of contained gold in one large open pit. The scoping study indicates a mine life of 11 years with an annual production of 100,000 oz in the first seven and a half years, dropping to 41,000 oz for the remaining three and a half years. The study outlines compelling financial metrics, including NPV@8 percent of AU$442 million, free cash flow of AU$740 million, and a payback period of nine months.
Astral Resources intends to increase production further. The assay results from the six-hole 1,832-metre drilling program completed at Theia deposit last year indicate a high potential for converting inferred resources to higher confidence indicated resources. Feysville presents another exciting opportunity, which is evident from the recent assay results at the Kamperman prospect. In 2023, Astral drilled 10 holes at Kamperman intersecting high-grade gold, including 4 metres at 94.8 g/t gold, 21 metres at 4.16 g/t gold, 35 metres at 2.19 g/t gold, 10 metres at 4.57 g/t gold, and 5 metres at 5.89 g/t gold.
The presence in Western Australia, a tier 1 mining jurisdiction, is encouraging and should comfort investors. Western Australia has world-class infrastructure and a skilled workforce. The Fraser Institute ranked it fourth globally and first in Australia as the most attractive jurisdiction for mining investment in 2023.
Astral benefits from a team of professionals boasting extensive expertise in geology and mining. The company is led by managing director Marc Ducler, who has more than two decades of experience in the mining industry. The management team has a proven track record of executing several successful exploration and development projects, as well as M&A.
The Mandilla gold project is located within the northern region of the Widgiemooltha greenstone belt, approximately 70 kilometers to the south of the prominent mining hub of Kalgoorlie, Western Australia. Mandilla includes four deposits namely, Theia, Iris, Eos and Hestia. The cornerstone of the project is the Theia deposit, constituting 81 percent of Mandilla's resources, totaling 29 Mt at a grade of 1.1 g/t gold, amounting to 1.02 Moz of contained gold in a single open pit. We note that Mandilla has a total mineral resource estimate of 37 Mt at 1.1 g/t gold for 1.27 Moz.
The scoping study indicates a mine life of 11 years with an annual production of 100,000 oz in the first seven and a half years, dropping to 41,000 oz for the remaining three and a half years. Astral estimates the pre-production capital spend at AU$191 million, and the project is anticipated to generate a free cash flow of AU$740 million (assuming a gold price of A$2,750/oz). The project’s NPV @8 percent is estimated at AU$442 million, and the IRR at 73 percent.
Drill collars at Theia deposit
Astral continues to advance exploration and resource expansion efforts at Mandilla. The company completed a six-hole 1,832 metre drilling program at Theia deposit last year. The assay results have been released and indicate a high potential for the conversion of inferred resources to higher confidence indicated resources. The assay results include: 39 metres at 5.4 g/t gold, 29 metres at 2.8 g/t gold, 28 metres at 1.4 g/t gold, 8 metres at 8.8 g/t gold.
Astral is planning to commence a pre-feasibility study at Mandilla.
The Feysville project is situated in Australia's premier gold belt, merely 14 km south of the Golden Mile deposit, which boasts 70 million ounces, located in Kalgoorlie. The project's updated JORC 2012 mineral resource estimate (MRE) indicates 5.0Mt at 1.2g/t gold for 196koz of contained gold. Including the Mandilla MRE of 37Mt at 1.1g/t gold for 1.27Moz of contained gold, Astral’s total gold MRE is now calculated to be 42Mt at 1.1g/t gold for 1.46Moz of contained gold (Group MRE).
At Feysville, Astral is focusing on the high-grade Kamperman prospect. A recent 19-hole 2,459 reverse circulation (RC) drilling program at Kamperman returned encouraging assay results. The latest drilling program yielded significant assay results in 14 out of 19 RC holes. This high success rate continues to indicate that Kamperman has the potential to be a substantial source of high-grade satellite ore for the Mandilla processing plant. A further 2,500-metre follow-up RC program is planned to extend known mineralization at Kamperman beyond the current 350-metre strike length.
Mark Connelly is a mining industry veteran who has held positions of CEO and managing director with several multinational companies across many jurisdictions, including Australia, North America, South America, Africa and Europe. He has a proven track record in deal making and was principally responsible for the merger of Papillon Resources and B2 Gold Corp in October 2014 (value US$570 million), as well as the key person responsible for the merger of Adamus Resources and Endeavour Mining for US$579 million. He is currently the non-executive chair of Calidus Resources, Omnia Metals Group, Alto Metals, Warriedar Resources and Nickel Search.
Marc Ducler has more than 20 years of experience in the mining industry. He has held senior operational management roles with GoldFields, BHP, Fortescue Metals, MRL and Roy Hill. He was also the managing director of Egan Street Resources (a gold exploration and development company) until it was acquired by Silver Lake Resources (ASX:SLR).
Peter Stern has experience in corporate advisory, specializing in M&A and capital raising. He has spent six years with Macquarie Bank and three years with UBS and Deutsche Bank. He is a graduate of Monash University with a Bachelor of Science (geology major). Stern is a fellow of the Australian Institute of Company Directors and the chairman of Troy Resources.
David Varcoe is a mining engineer with over three decades of experience. He has extensive operational and managerial experience across various commodities, including gold, iron ore, copper, diamonds, coal, uranium and rare earths. His expertise spans board positions, operations management, project management and consulting. Varcoe is a principal consultant with the leading Australian firm AMC Consulting.
Justin Osborne is a geologist with over 30 years of experience in exploration. He was previously the executive director at Gold Road Resources (ASX:GOR), where he played a crucial role in developing the world-class Gruyere gold deposit (6.6 Moz gold). Osborne also held senior positions on the exploration executive team at Gold Fields. He was instrumental in developing the Damang Superpit project in Ghana and achieved significant discovery success at the St Ives gold mine.
Brendon Morton has over 20 years of experience, particularly in the global resources sector across Australia, Africa and Asia. He has held several executive financial and company secretarial roles with ASX-listed and unlisted companies in the resources industry.
Jed Whitford is a mining engineer with over 20 years of industry experience. His expertise primarily encompasses gold and base metals operations, having worked with companies such as Western Mining, Gold Fields, Golder Associates, Xstrata and Glencore.
Julie Reid has 36 years of experience working across Australia, Vietnam and Indonesia, covering a variety of commodities in diverse geological terrains. She holds a Bachelor of Applied Science from Curtin University of Technology.
(TheNewswire)
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VANCOUVER, BRITISH COLUMBIA TheNewswire - January 09, 2025 (TSXV: PINN; OTC:NRGOF; Frankfurt: P9J) Pinnacle Silver and Gold Corp. (" Pinnacle " or the " Company ") wishes to remind shareholders that the company's annual general meeting is set to take place virtually on January 10, 2025, at 11:00am, for the following purposes:
To receive the annual financial statements of the company for the fiscal year ended April 30, 2024, together with the report of the auditor thereon;
To fix the number of directors of the company at four;
To elect directors of the company for the ensuing year;
To appoint the auditor of the company for the ensuing year and to authorize the directors to fix the remuneration to be paid to the auditor;
To ratify, confirm and approve the company's rolling share option plan, as more particularly described in the accompanying information circular.
The company has satisfied all the conditions of, and is relying on, the exemption from the requirement to send proxy-related materials provided under Canadian Securities Administrators Coordinated Blanket Order 51-931 dated Dec. 4, 2024.
The Company's annual financial statements and related management discussion and analysis, as well as interim financial statements and related management discussion and analysis are available on the Company's SEDAR+ profile and the Company's website as noted below.
ABOUT PINNACLE SILVER AND GOLD CORP.
Pinnacle is currently focused on district-scale exploration for precious metals in the prolific Red Lake District of northwestern Ontario. The past-producing high-grade Argosy Gold Mine is open to depth, while the adjacent North Birch Project offers additional district-scale potential. Pinnacle is also actively looking for other district-scale opportunities in the Americas, with a particular focus on silver and gold. With a seasoned, highly successful management team and quality projects, Pinnacle Silver and Gold is committed to building long -term , sustainable value for shareholders.
Signed: "Robert Archer" President & CEO
FOR FURTHER INFORMATION CONTACT:
Email: info@pinnaclesilverandgold.com
Tel.: +1-877-271-5886 ext. 110
Website: www.pinnaclesilverandgold.com
Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release .
Copyright (c) 2025 TheNewswire - All rights reserved.
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Grande Portage Resources Ltd. (TSXV:GPG)(OTCQB:GPTRF)(FSE:GPB) ("Grande Portage" or the "Company") is pleased to announce that it is initiating testwork for a sensor-based ore sorting system, utilizing samples from the New Amalga Mine Project located approximately 16 miles (25 km) northwest of the city of Juneau, Alaska
As previously announced, the Company's Conceptual Mining Plan envisions the development of the New Amalga gold mine as a selective underground mining operation which would send ore off-site to be processed at a third-party facility, enabled by the project's location near tidewater and less than 4 miles (6.5km) from existing paved highway (Fig 1). This results in a dramatically reduced mine site footprint due to the avoidance of chemical processing and tailings storage facilities. Processing options include potential use of third-party concentrator facilities around the Pacific Rim or direct shipment to smelters in East Asia.
Grande Portage has assembled a drill core composite which is reflective of the anticipated production from the Conceptual Mine Plan. The composite includes both ore and waste samples to reflect the expected dilution from wall rock (waste) which is inherent with underground blasting of narrow ore veins. This core is being subjected to a sensor-based ore sorting test process at the facilities of Steinert US Inc, a leading global manufacturer of ore-sorting equipment. The purpose of ore sorting is to quickly separate particles of waste dilution rock from the mined material, without the use of chemical reagents.
Sensor-based ore sorting utilizes a variety of measurements to determine whether a particle is ore or waste, including color, electromagnetic induction, and x-ray analysis to assess elemental composition. The crushed rock is placed on a conveyor belt and then dropped in front of the sensor, which rapidly analyzes the individual pieces of rock. When a piece of rock is identified as waste, a puff of compressed air redirects it to a "reject" bin. The remaining pieces of rock are sent to the stockpile of accepted material. (Fig. 2)
The New Amalga deposit is considered a good candidate for use of ore sorting technology since the wall rock is often both visually and geochemically distinct from the quartz vein resource (Fig. 3).
Ian Klassen, President and CEO comments: "Sensor-based ore sorting is a well-established technology currently in use at many mines worldwide, and we are very excited to be working with Steinert to test its effectiveness on samples representative of the New Amalga conceptual mine plan."
Mr. Klassen continued: "Integrating ore sorting into the production plan could significantly reduce the amount of mined rock requiring transportation and processing at a third-party facility, lowering per-ounce costs while also providing useful sorter-reject material for underground backfill as part of the mining cycle. This would further enhance the existing advantages of our proposed direct-ship mine configuration which utilizes offsite processing. It may also create opportunities for inclusion of thinner veins into the mine plan - areas of the deposit which otherwise may not have been considered viable."
Fig. 1: Location of New Amalga Mine Project
Fig. 2: Simplified Conceptual Diagram of an Ore Sorting System
Fig. 3: Example of New Amalga Drill Core, Displaying Distinct Wall Rock vs Quartz Vein Intervals
The Company is also pleased to announce that it has entered into an advertising/e-marketing contract with 1000903966 Ontario Inc. to provide marketing services, including social media engagement through X (formerly Twitter), Facebook, YouTube and Reddit. The initial term of the agreement is 90 days, starting on January 6, 2025, and may be renewed with mutual written agreement. During the initial term, 1000903966 Ontario Inc., will be paid CAD$12,000.
Kyle Mehalek, P.E.., is the QP within the meaning of NI 43-101 and has reviewed and approved the technical disclosure in this release. Mr. Mehalek is independent of Grande Portage within the meaning of NI 43-101.
About Grande Portage:
Grande Portage Resources Ltd. is a publicly traded mineral exploration company focused on the New Amalga Gold Mine Project (formerly the Herbert Gold project) situated approximately 25 km north of Juneau, Alaska. The Company holds a 100% interest in the New Amalga property. The New Amalga Gold property system is open to length and depth and is host to at least six main composite vein-fault structures that contain ribbon structure quartz-sulfide veins. The project lies prominently within the 160km long Juneau Gold Belt, which has produced over seven million ounces of gold.
The Company's updated NI#43-101 Mineral Resource estimate (filed in June 2024) reported at a base case mineral resources cut-off grade of 2.5 grams per tonne gold (g/t Au) and consists of: an Indicated Resource of 1,438,500 ounces of gold at an average grade of 9.47 g/t Au (4,726,000 tonnes); and an Inferred Resource of 515,700 ounces of gold at an average grade of 8.85 g/t Au (1,813,000 tonnes), as well as an Indicated Resource of 891,600 ounces of silver at an average grade of 5.86 g/t Ag (4,726,000 tonnes); and an Inferred Resource of 390,600 ounces of silver at an average grade of 7.33 g/t silver (1,813,000 tonnes).
ON BEHALF OF THE BOARD
"Ian Klassen"
Ian M. Klassen
President & Chief Executive Officer
Tel: (604) 899-0106
Email: Ian@grandeportage.com
Cautionary Statement Regarding Forward-Looking Information
This news release includes certain "forward-looking statements" under applicable Canadian securities legislation. Forward-looking statements include estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as "believes", "anticipates", "expects", "estimates", "may", "could", "would", "will", or "plan". Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties as described in the Company's filings with Canadian securities regulators. There can be no assurance that such statements 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 statements. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.
Please note that under National Instrument 43-101, the Company is required to disclose that it has not based any production decision on NI 43-101-compliant reserve estimates, preliminary economic assessments, or feasibility studies, and historically production decisions made without such reports have increased uncertainty and higher technical and economic risks of failure. These risks include, among others, areas that are analyzed in more detail in a feasibility study or preliminary economic assessment, such as the application of economic analysis to mineral resources, more detailed metallurgical and other specialized studies in areas such as mining and recovery methods, market analysis, and environmental, social, and community impacts. Any decision to place the New Amalga Mine into operation at levels intended by management, expand a mine, make other production-related decisions, or otherwise carry out mining and processing operations would be largely based on internal non-public Company data, and on reports based on exploration and mining work by the Company and by geologists and engineers engaged by the Company.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICE PROVIDER (AS THAT TERM IS DEFINED UNDER THE POLICIES OF THE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE
SOURCE:Grande Portage Resources Limited
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Zodiac Gold Inc. (TSXV: ZAU) ("Zodiac Gold" or the "Company"), a West-African gold exploration company, is pleased to announce channel sample results of 17m at 1.09 gt Au and 1.17m at 18.79 gt Au from the Alasala and Alasala South targets respectively. The targets are 3km apart (Figure 1) and are included in the Company's extensive pipeline of targets within its Mineral Exploration Licenses covering over 2,300km2.
The Company concluded a drilling program consisting of 8 holes at the Alasala target in October 2024 and reported results including 4.05m at 13.92 g/t (including 1.6m at 34.5 g/t Au), 7m at 2.23 g/t Au (including 1m at 12.65 g/t Au) and 4.25m at 0.99 g/t Au (including 0.7m at 5.25 g/t Au). Channel samples taken in the Lion Hill artisanal pit during the drilling program returned 6.05m at 9.06 g/t Au, including 1m at 46 g/t Au, reinforcing the high-grade potential of the Alasala target (press release dated October 28, 2024).
Figure 1: Compilation map showing priority gold targets
To view an enhanced version of this graphic, please visit:
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Follow-up geological mapping and channel sampling at the Alasala target focused on structures cutting across the north-northeast trending soil anomaly. Seventeen channel samples were taken across a west-northwest trending structure in the Mandingo Hill area (Figure 2), with results of 17m at 1.09 g/t Au, 90m south of the mineralized zone intersected in hole ALDD007 (4.05m at 13.92 g/t Au). Zodiac Gold considers the northwest trending Todi shear zone structures to be highly significant in the distribution of gold mineralization in the region, particularly within favorable host rocks such as the amphibolite and melanocratic gneiss package that is consistently observed in artisanal workings from the Company's Alasala to Youth Camp targets (Figure 1).
Figure 2: Compilation map showing highlighted results at the Alasala target
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At the Alasala South target, 3km southeast of the Alasala target, Zodiac Gold has completed preliminary reconnaissance exploration and is pleased to report that a 1.17m channel sample returned a result of 18.79 g/t Au. This further validates the potential for high-grade gold discoveries in the Alasala area. Note that during this initial stage of exploration, channel samples could only be taken on the edge of the artisanal workings due to flooding in the rainy season. More detailed mapping and sampling will be completed during the dry season.
David Kol, President & CEO of Zodiac Gold, commented: "We are excited by the identification of additional mineralized zones associated with northwest trending structures at Alasala, providing further drilling targets for high-grade gold. The high-grade result from reconnaissance exploration at the previously unexplored Alasala South target further validates the outstanding potential of this target."
Project Summary
The Zodiac Gold licenses are located only 13 km from the capital city of Monrovia, meaning that the project benefits from existing infrastructure, power and year-round accessibility. The area has significant potential, with extensive artisanal gold mining and only limited systematic exploration completed in the past. Highlights of the project include:
The Todi project encompasses a vast 2,316 km2 land package situated within an underexplored region of West Africa.
Mineralization in 57 of 65 holes drilled to date.
District-scale gold exploration potential with proven high-grade mineralization across multiple drill-ready targets along a 20 km gold corridor, supported by excellent infrastructure and proximity to established mines. Strategically located 20 km SE of Avesoro's New Liberty Gold Mine (1.8 Moz. resource) with production of 360Koz in 2023 (Avesoro website: https://avesoro.com/) (Figure 3).
Extensive stream sediment anomalism, particularly along a major northwest trending Todi shear zone structure.
Diamond drilling completed at the Arthington and Alasala targets, plus drill-ready targets at Ben Advisor, Feh Advisor and Youth Camp.
Drilling highlights from 32 holes at Arthington include 6m at 10.6 g/t Au (including 3m at 20.45 g/t Au), 9.65m at 7.5 g/t Au (including 3m at 20.36 g/t Au) and 9.14m at 4.2 g/t Au.
Drilling highlights from Zodiac Gold's 2024 drilling of 8 holes at Alasala include 4.05m at 13.92 g/t Au (including 1.6m at 34.5 g/t Au) and 7m at 2.23 g/t Au (including 1m at 12.65 g/t Au). Results from previous drilling include 6.0 m at 7.69 g/t Au, 9.0 m at 4.6 g/t Au, as well as a historical result of 19.6 m at 6.17 g/t Au (re-sampling of the historical drill core returned results of 21m at 4.1 g/t Au).
The northern part of the project is in a major iron ore district with established infrastructure, along strike from mines with significant historical and current production, owned by Vedanta, Bao Chico and China Union (Figure 3). USGS mapping shows a 65km extension of iron-bearing formations from the Bong Mine through the Zodiac Gold licenses. A historical mineral resource within the licenses was reported by West Peak Iron in 2014 (for details see press release by Zodiac Gold on October 7, 2024).
Figure 3: Compilation map showing gold and iron ore prospectivity with adjacent projects
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Sampling, Analysis and QA/QC Procedures
The intersection reported at the Alasala target includes 17 one meter channel samples taken perpendicular to the strike of the zone, therefore the intersection reflects the approximate true thickness of the zone. The intersection reported at the Alasala South target includes a single channel sample, again taken across the interpreted true thickness of the zone.
Table 1: Channel Sample Summary
| Sample ID | East | North | Azimuth | Intersection |
| ALNCS020 - ALNCS036 | 307446 (start) 307458 (end) | 728843 (start) 728855 (end) | 45 | 17m at 1.09 g/t Au, including 1m at 2.24 g/t Au, 1m at 2.16 g/t Au |
| ALSCS063 | 308664 | 726683 | 135 | 1.17m at 18.79 g/t Au |
The material was bagged at the sampling location and transported a short distance to the Company's exploration camp at Alasala. All samples met the standards for chain of custody without the opportunity for third party access from Zodiac Gold's exploration camp to the sample preparation laboratory in Monrovia, Liberia. Sample preparation was performed by SGS in Monrovia. Each sample was dried and then crushed to 70% passing -2mm and a representative 1kg split was taken by riffle splitting. The split was then pulverized to 85% passing -75 micron and approximately 200g was bagged and labelled, with the remainder being returned to Zodiac Gold. Analysis was performed by 50g fire assay with an atomic absorption finish (method GO_FAA50V10) at SGS Ghana.
Both the preparation and analytical laboratories have internal QA/QC programs. Zodiac Gold submitted one CRM sample in the channel sample sequence reported, which returned an acceptable result. No blank or duplicate samples were submitted with the samples reported.
Qualified Person
Tom Dowrick, Director of Exploration at Zodiac Gold, is a Chartered Geologist of the Geological Society of London and a Qualified Person as defined by NI 43-101. He has reviewed and approved the technical and scientific information provided in this release.
About Zodiac Gold
Zodiac Gold Inc. (TSXV: ZAU) is a West-African gold exploration company focused on its flagship Todi Project situated in Liberia-an underexplored, politically stable, mining friendly jurisdiction hosting several large-scale gold deposits. Strategically positioned along the fertile Todi Shear Zone, Zodiac Gold is developing a district-scale gold opportunity covering a vast 2,316 km2 land package. The Todi project has undergone de-risking, showcasing proven gold occurrences at both surface and depth, with five drill-ready targets and high-grade gold intercepts.
For further information, please visit the Zodiac Gold website at www.zodiac-gold.com or contact:
David Kol
President & CEO
info@zodiac-gold.com
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.
Forward-Looking Information
This news release includes certain "forward-looking statements" within the meaning of Canadian securities legislation.
Forward-looking statements include predictions, projections, and forecasts and are often, but not always, identified by the use of words such as "seek", "anticipate", "believe", "plan", "estimate", "forecast", "expect", "potential", "project", "target", "schedule", "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. All statements other than statements of historical fact included in this release, including, without limitation, statements regarding the Company's planned exploration programs and drill programs and potential significance of results are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements are based on a number of material factors and assumptions. Important factors that could cause actual results to differ materially from Company's expectations include actual exploration results, changes in project parameters as plans continue to be refined, results of future resource estimates, future metal prices, availability of capital, and financing on acceptable terms, general economic, market or business conditions, uninsured risks, regulatory changes, defects in title, availability of personnel, materials, and equipment on a timely basis, accidents or equipment breakdowns, delays in receiving government approvals, unanticipated environmental impacts on operations and costs to remedy same, and other exploration or other risks detailed herein and from time to time in the filings made by the Company with securities regulators. Although the Company has attempted to identify important factors that could cause actual actions, events, or results to differ from those described in forward-looking statements, there may be other factors that cause such actions, events, or results to differ materially from those anticipated. There can be no assurance that forward-looking statements will prove to be accurate, and accordingly readers are cautioned not to place undue reliance on forward-looking statements.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/236100
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Zodiac Gold Inc. (TSXV: ZAU) ("Zodiac Gold" or the "Company"), a West-African gold exploration company, is pleased to announce that, further to the Company's news release dated November 20, 2024, it has closed its first tranche of its previously announced private placement (the "Offering") for gross proceeds of approximately C$123,000 (the "First Tranche"). The net proceeds of the First Tranche will be used for exploration of the Company's Todi gold project and for working capital purposes.
Pursuant to the First Tranche closing of the Offering, the Company issued 1,230,000 units of the Company (each a "Unit") at a price of C$0.10 per Unit. Each Unit consists of one common share of the Company (each, a "Common Share") and one common share purchase warrant (a "Warrant"). Each Warrant will entitle the holder thereof to acquire one additional Common Share (a "Warrant Share") at a price of C$0.15 per Warrant Share until the date which is 24 months following the closing date of the First Tranche of the Offering.
The Company paid finder's fees to certain finders, consisting of a cash fee of C$1,400 and 10,400 finder warrants (the "Finder Warrants") pursuant to the First Tranche. Each Finder Warrant entitles the holder to acquire one Common Share at a price of C$0.15 per share for a period of 24 months from the date of issuance.
All securities issued pursuant to the First Tranche closing of the Offering, including Common Shares issuable upon the exercise of Warrants, are and will be subject to a hold period of four months and one day after the date of closing of the First Tranche of the Offering.
The securities described herein have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws, and accordingly, may not be offered or sold within the United States except in compliance with the registration requirements of the U.S. Securities Act and applicable state securities requirements or pursuant to exemptions therefrom. This press release does not constitute an offer to sell or a solicitation to buy any securities in any jurisdiction.
The Company also announces that it has received TSX Venture Exchange ("TSXV") approval to extend the closing of the Offering until January 30, 2025. The Company expects to close the balance of the Offering on or before January 30, 2025.
Insider Participation
An insider participated in the Offering and subscribed for an aggregate of 100,000 Units for a total of approximately C$10,000. Such participation is considered to be a "related party transaction" as defined under the policies of the TSXV and Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Company has relied on exemptions from the minority shareholder approval and formal valuation requirements applicable to the related-party transactions under sections 5.5(a) and 5.7(1)(a), respectively, of MI 61-101, as the fair market value (as determined under MI 61-101) of the Units acquired by the insider and the consideration paid by such insider does not exceed 25% of the Company's market capitalization. The Company did not file a material change report in respect of the related party transaction at least 21 days before the closing of the Offering, which the Company deems reasonable in the circumstances in order to complete the Offering in an expeditious manner.
Shares for Debt Settlement
In addition, the Company intends to settle an aggregate of C$166,425.30 owing to certain Director and service providers of the Company, including David Kol (Director and Chief Executive Officer), by issuing a total of 1,664,253 Common Shares to them at a price of C$0.10 per share. The amounts owing represent unpaid fees for services and expenses previously provided to the Company, as well as cash advances that have been previously provided to the Company to fund certain short-term working capital expenditures. The Company is proposing to complete these settlements to preserve cash to fund future operations. The disinterested members of the Company's board of directors believe that the debt settlements are in the best interests of the Company and have unanimously approved them. Completion of the debt settlements is subject to the receipt of all necessary TSXV approvals.
Because insiders will be participating in the debt settlement, it is considered to be a "related party transaction" as defined under the policies of the TSXV and Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Company is relying on exemptions from the minority shareholder approval and formal valuation requirements applicable to the related-party transactions under sections 5.5(a) and 5.7(1)(a), respectively, of MI 61-101, as neither the fair market value of the Common Shares to be issued to the participating insiders nor the consideration received from them exceeds 25% of the Company's market capitalization.
About Zodiac Gold
Zodiac Gold Inc. (TSXV: ZAU) is a West-African gold exploration company focused on its flagship Todi Project situated in Liberia-an underexplored, politically stable, mining-friendly jurisdiction hosting several large-scale gold deposits. Strategically positioned along the fertile Todi Shear Zone, Zodiac Gold is developing a district-scale gold opportunity covering a vast 2,316 km2 land package. The project has undergone de-risking, showcasing proven gold occurrences at both surface and depth, with five drill-ready targets and high-grade gold intercepts.
For further information, please visit the Zodiac Gold website at www.zodiac-gold.com or contact:
David Kol
President & CEO
info@zodiac-gold.com
Forward-Looking Information
This news release includes certain "forward-looking statements" within the meaning of Canadian securities legislation.
Forward-looking statements include predictions, projections, and forecasts and are often, but not always, identified by the use of words such as "seek", "anticipate", "believe", "plan", "estimate", "forecast", "expect", "potential", "project", "target", "schedule", "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. All statements other than statements of historical fact included in this release, including, without limitation, statements regarding the Company's planned exploration programs and drill programs and potential significance of results are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements are based on a number of material factors and assumptions. Important factors that could cause actual results to differ materially from Company's expectations include actual exploration results, changes in project parameters as plans continue to be refined, results of future resource estimates, future metal prices, availability of capital, and financing on acceptable terms, general economic, market or business conditions, uninsured risks, regulatory changes, defects in title, availability of personnel, materials, and equipment on a timely basis, accidents or equipment breakdowns, delays in receiving government approvals, unanticipated environmental impacts on operations and costs to remedy same, and other exploration or other risks detailed herein and from time to time in the filings made by the Company with securities regulators. Although the Company has attempted to identify important factors that could cause actual actions, events, or results to differ from those described in forward-looking statements, there may be other factors that cause such actions, events, or results to differ materially from those anticipated. There can be no assurance that forward-looking statements will prove to be accurate, and accordingly readers are cautioned not to place undue reliance on forward-looking statements.
The securities described herein have not been, and will not be, registered under the United States Securities Act, or any state securities laws, and accordingly may not be offered or sold within the United States except in compliance with the registration requirements of the U.S. Securities Act and applicable state securities requirements or pursuant to exemptions therefrom. This press release does not constitute an offer to sell or a solicitation to buy any securities in any jurisdiction.
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.
NOT FOR DISSEMINATION IN THE UNITED STATES
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/235988
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Lode Gold Resources Inc. (TSXV: LOD) (OTCQB: SBMIF) ("Lode Gold " or the "Company") is pleased to announce it has closed $350,000 financing, previously announced on December 12, 2024. A total of 1,944,444 units at $0.18 per unit (each, a "Unit") been issued.
Each $0.18 unit shall consist of one common share and one common share purchase warrant. Each warrant shall entitle the holder to purchase one common share at an exercise price of $0.35 per common share for a period of three years following the date of closing.
The company may accelerate the expiry date if the shares trade at $0.65 or more for a period of 10 days, including days where no trading occurs. The closing of the offering is expected to occur one business day following receipt of all required regulatory approvals.
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 420 km2 and a 42 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 309 km2 package covering a 25 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 8 g/t Au in the 1940's.
Mining was halted in 1942 due the gold prohibition in WWII just as it was ramping up production. Unlike typical brownfield projects that are mined out; only 11% of the veins - in 2 out of 7 deposits 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"). Project Valuation has an after-tax NPV (5%) of USD $370M at $2000 2 /oz gold, IRR 31% and an 11-year LOM, averaging 118,000 oz per year. 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
+1-416-915-4257
Kevin Shum
Investor Relations
kevin@lode-gold.com
+1 (647) 725-3888 ext. 702
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 completion of the transaction and the timing thereof, the expected benefits of the transaction to shareholders of the Company, the structure, terms and conditions of the transaction and the execution of a definitive agreement, the timing of submission to the CSE and TSXV, Gold Orogen raising an additional $1,500,000 and the anticipated use of proceeds. 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: that the Company and GRM will be able to negotiate the definitive agreement on the terms and within the time frame expected, that the Company and GRM will be able to make submissions to the CSE and TSXV within the time frame expected, that the Company and GRM will be able to obtain shareholder approval for the transaction, that the Company and GRM will be able to obtain necessary third party and regulatory approvals required for the transaction, if completed, that the transaction will provide the expected benefits to the Company and its shareholders.
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 adverse market conditions, general economic, market or business risks, unanticipated costs, the failure of the Company and GRM to negotiate the definitive agreement on the terms and conditions and within the timeframe expected, the failure of the Company and GRM to make submissions to the CSE and TSXV within the timeframe expected, the failure of the Company and GRM to obtain shareholder approval for the transaction, the failure of the Company and GRM to obtain all necessary approvals for the transaction, and r other risks detailed 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/235731
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December 31, 2024 - TheNewswire - Vancouver, BC - Element79 Gold Corp. (CSE: ELEM, FSE: 7YS0, OTC: ELMGF) ("Element79 Gold" or "the Company") is pleased to share a summary of progress on Federal-level Peruvian small scale mining Formalization, a final 2024 update on its negotiations relative to renewing its surface access rights at its past-producing Lucero mine in Chachas, Arequipa, Peru and a glance at what to expect into 2025 with this project.
Quick Review of Peru ASM Formalization
By means of a simplified explanation, in Peru, the mineral rights in the country are held by the federal government and they are leased out to third parties on an annual basis. Separately, as a generalization, surface rights in and around communities are held by those communities for their use, distribution and development as the local community sees fit.
Over the past several years, there has been a Federal-level initiative to Formalize ~80,000 REINFO permit holders (Translation: Artisanal small-scale production or processing). The Federal objective is to bring greater order, control, working and operating standards, fair taxation and infrastructure development for the Artisanal and Small-Scale Mining (ASM) segment of the Peruvian mining industry. REINFO permit holders that Formalize will be allowed to keep operating.
The Federal deadline for Formalization has shifted several times, with the most recently planned date being December 31, 2024. Without a final formal structure to enact this change, the Federal Government recently pushed this Formalization date out to June 30, 2025.
Review of Lucero Mine Social Since Acquisition
Lucero is a past producing mine project (1989-2005) encompassing 10,813 hectares of contiguous land located in Chachas, Arequipa, Peru. Element79 Gold Corp completed a full corporate acquisition of Calipuy Resources Ltd. , a private company that held the mineral rights to the Lucero project, as well as a small-scale production permit (REINFO, permitting underground exploration and production) in June 2022. Through the end of 2022 and start of 2023, the Company worked with past Chachas administrations ("the Community") to obtain access to the Lucero mine and execute two exploration and sampling programs in 2023. [ 1 ], [ 2 ]
At the end of 2023, the terms of both the former mayor of Chachas and the former head of the local artisanal miner's association, Lomas Doradas ended. Past representations from the Community buoyed the Company's perspective on the probability of permit renewals through the first half of 2024. However, the new administration has been slow to enact new permits.
Through 2024, the Company continued with several community-development focused initiatives , opened a field office in Chachas, and carried out ongoing community efforts with its highly-reputable and well-known community team, This intensifying community relations work has helped the Chachas-region community at large to understand the Company's vision and ‘we all win together' mentality.
These efforts yielded a greater-community vote of over 75% approval on October 6 th , 2024 to have the local administration complete long-term surface access contracts with the Company for mutual benefit and growth as the mine is brought back to commercial production. Large parts of this approval are centered around the community understanding that there will be greater win-win benefits as Element79 Gold Corp continues developing the mine to restart production. In line with the newly extended deadline for the formalization of REINFOS is June 30, 2025, Lomas Doradas has requested to formalize 65 REINFO exploitation contracts with the Company, each with five-year terms.
Since this approval on October 6, 2024, the Company via its community relations team have been meeting with the Community leadership, and state-level authorities. The Community indicated that its goal was to have these contracts executed before the end of the year. Despite best efforts and getting closer to final agreements on terms, the Community has now pushed the completion of the contracts to the next General Assembly of April 2025.
The Company holds the Lucero Project including the mineral rights to the mine and exploration assets, and has signed a LOI for exclusive purchase rights to the Tailings as a significant business investment. The Company maintains their value as a significant opportunity for generating revenue in the near term.
Next Steps
Following guidance from the Company's field team at GAE, which has spent months in Chachas, holding face-to-face meetings with the various community leaders and heads of Lomas Doradas, as well as state-level administration, the Company plans to finalize agreements from both a legal and social perspective.
It has become clear that formally requesting Arequipa GREM (Development for Energy & Mines) and ARMA (State Environmental body) to act as institutional mediators is required to bring final long-term agreements between Element79 Gold Corp (via its wholly-owned subsidiary Minas Lucero del Sur), the Chachas Community, and the Lomas Doradas Association to completion.
It is currently estimated that within the first quarter of 2025, a few mine site visits and two to three mediation sessions by the GREM team in the same timeline, final agreements will be achieved. The Company is coordinating with legal counsel for these efforts and looks forward to having these key contracts complete for the General Assembly in April, as the rainy season ends. After the agreements are completed, the Company's core focus would shift to exploration and mining-related matters, preparing for 2025 campaigns to kick off.
About Element79 Gold Corp.
Element79 Gold is a mining company actively exploring and developing its portfolio of assets, including the high-grade, past-producing Lucero project in Arequipa, Peru, and properties along the Battle Mountain Trend in Nevada. The Company also holds an option to acquire the Dale Property in Ontario and is advancing the Plan of Arrangement spin-out process for its wholly owned subsidiary, Synergy Metals Corp.
For further details on this announcement and the Company's projects, please visit www.element79.gold .
Contact Information
For corporate matters, please contact:
James C. Tworek, Chief Executive Officer
E-mail: jt@element79.gold
For investor relations inquiries, please contact:
Investor Relations Department
Phone: +1.403.850.8050
E-mail: investors@element79.gold
Cautionary Note Regarding Forward Looking Statements
This press contains "forward ‐ looking information" and "forward-looking statements" under applicable securities laws (collectively, "forward ‐ looking statements"). These statements relate to future events or the Company's future performance, business prospects or opportunities that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management made considering management's experience and perception of historical trends, current conditions and expected future developments. Forward-looking statements include, but are not limited to, statements with respect to: the completion of the Spin-Out Arrangement, the completion of the Amalgamation, the completion of the Concurrent Financing, the Company's business strategy; future planning processes; exploration activities; the timing and result of exploration activities; capital projects and exploration activities and the possible results thereof; acquisition opportunities; and the impact of acquisitions, if any, on the Company. Assumptions may prove to be incorrect and actual results may differ materially from those anticipated. Consequently, forward-looking statements cannot be guaranteed. As such, investors are cautioned not to place undue reliance upon forward-looking statements as there can be no assurance that the plans, assumptions or expectations upon which they are placed will occur. All statements other than statements of historical fact may be forward ‐ looking statements. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives or future events or performance (often, but not always, using words or phrases such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "project", "predict", "forecast", "potential", "target", "intend", "could", "might", "should", "believe" and similar expressions) are not statements of historical fact and may be "forward ‐ looking statements". \
Neither the Canadian Securities Exchange nor the Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
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