The Conversation (0)
April 26, 2023
The Board of Breaker Resources NL (ASX: BRB; the Company or Breaker) is pleased to report on a seminal quarter for the Company.
Key Highlights
Exploration
- More high-grade mineralisation intersected by infill diamond drilling at Bombora on the Northern Flats lodes and at the Tura lode, continuing to validate ore continuity with grades again revealing a tenor to justify underground mining consideration. Intercepts reported this quarter include:
- 0.78m @ 199.1 g/t gold from 659.37m in BBDD158 (est. true width = 0.54m)1
- 1.20m @ 60.52 g/t gold from 129.8m (est. true width = 1.1m)1
- 10.27m @ 6.09g/t gold from 348.5m (est. true width = 5.2m)1
- 6.00m @ 5.51 g/t gold from 596m in BBDD0162 (est. true width = 4.20m)2
- 5.68m @ 5.81 g/t gold from 115.32m in BBDD0166 (est. true width = 5.10m) 2
- 0.78m @ 199.1 g/t gold from 659.37m in BBDD158 (est. true width = 0.54m)1
- Diamond drilling on the deeper primary lodes was paused whilst all outstanding data was received and preliminary underground economic assessments were prepared. In the meantime, exploration crews commenced works on regional targets defined in the Bombora proximity.
- Assays from the initial evaluation works at Ularring were received with only anomalous intrusive related copper, silver and gold mineralised returned from both the historically defined anomalies at the Centre Forest and North West prospects.
Corporate and Finance
- Sam Smith, formerly Breaker’s COO, was promoted to the role of CEO and Executive Director as of 1 January 2023.
- The Board of Directors received, and unanimously agreed to recommend (in the absence of a superior proposal) an all-scrip takeover offer from Ramelius Resources Limited (ASX:RMS, Ramelius) at the ratio of one Ramelius share for every 2.82 Breaker shares held.
- Immediately after the takeover offer was announced the Board received a notification from two shareholders collectively holding 8.5% of Breaker seeking to remove four current directors and any new directors appointed under a section 249F and 203D of the Corporations act.
- Breaker’s market capitalisation increased by over 50% during the quarter.
- Breaker closed the quarter with approximately $75.4M in cash.
Lake Roe Gold Project (100%)
The Lake Roe Gold Project (LRGP) is located approximately 100km east of Kalgoorlie. On 20 December 2021, Breaker released to the ASX an updated JORC 2012 Mineral Resource Estimate for the LRGP containing a total (all JORC categories) of 1.7 million ounces of gold (32 million tonnes at 1.6g/t Au). There are three main deposits defined in the overall resource:
1. Bombora: 25 million tonnes at 1.8g/t Au for 1.5 million ounces of gold;
2. Claypan: 2 million tonnes at 1.1g/t Au for 69,000oz;
3. Crescent Kopai: 4 million tonnes at 1.0g/t Au for 132,000oz.
The gold resources at Lake Roe are already on a granted mining lease and have a clear development pathway. Environmental, geotechnical, hydrological and metallurgical studies undertaken to date do not highlight any impediments to development (ASX Release 30 June 2019). Most of the Company’s pre-mining studies are at scoping study and pre-feasibility level.
In 2022 the Company released scoping studies to evaluate the economics of open pit mining at Bombora and underground mining of the Tura lode. Both studies revealed compelling and profitable financial outcomes.
Click here for the full ASX Release
This article includes content from Breaker Resources NL, 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.
BRB:AU
24 July
Aurum hits 1.43m at 234.35 g/t gold from 107m at BMT3
24 July
Newmont Uses Drones, Remote Equipment to Reach Trapped Miners in Red Chris Mine
Newmont (TSX:NGT,NYSE:NEM) has deployed drones and a remote-controlled scoop to help rescue three workers trapped underground since Tuesday (July 22) at its Red Chris gold mine in BC.
The incident occurred during work on a non-producing section of the mine’s underground development project.
According to the company, the three contract employees were initially located more than 500 meters beyond the site of the first collapse. They were directed to relocate to a designated refuge chamber before a second fall of ground sealed off the access way and disrupted communication.
“Following the first event, contact was established with the individuals and confirmation was received that they had safely relocated to one of multiple self-contained refuge bays,” Newmont said in a Wednesday (July 23) statement. “The refuge stations are equipped with adequate food, water and ventilation to support an extended stay.”
The company is using aerial drones to assess underground conditions, while a remote-controlled scoop has been deployed from Newmont’s Brucejack mine, also in BC.
It will begin clearing the estimated 20 to 30 meters of debris obstructing the tunnel.
Communication with the trapped miners remains severed after the second collapse, but the company said the men are believed to be sheltering in a chamber designed to support up to 16 people.
Operations at Red Chris have been suspended to focus entirely on rescue efforts. The company said that it has activated emergency protocols and assembled specialized rescue teams from nearby mine sites.
While the full extent of the damage underground is still being assessed, the use of unmanned equipment is intended to reduce risk to emergency personnel while the area remains geotechnically unstable.
Newmont has not provided an estimated timeline for reestablishing contact or extracting the workers, but emphasized that all available technology and expertise are being brought to bear.
The Red Chris mine, located roughly 80 kilometers south of Dease Lake and more than 1,000 kilometers north of Vancouver, is operated by Newmont under a 70/30 joint venture with Imperial Metals (TSX:III,OTC:IPMLF).
The operation has been producing since 2015, though the incident occurred in a non-producing development zone.
Last year, Red Chris produced approximately 40,000 ounces of gold, making it one of the smaller contributors in Newmont’s global portfolio. The company acquired its majority stake in the mine through its 2023 purchase of Newcrest Mining, which previously managed the asset.
Don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
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Joe Cavatoni, senior market strategist, Americas, at the World Gold Council, explains that market risk and uncertainty are driving gold, with H1 2025 seeing multiple record highs.
"Think strategically when you think about gold, and keep that allocation in mind," he said.
He also shares thoughts on the importance of central bank allocations and the potential impact of tariffs and US economic conditions on gold during the second half of 2025.
Don’t forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Georgia Williams, hold no direct investment interest in any company mentioned in this article.
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Falco Resources Eyes Governmental Decree for Horne 5 Gold Project Before Year End
Falco Resources (TSXV:FPC) has entered the final stages of the environmental authorization process for its flagship Horne 5 gold project in Quebec, with a government decision expected by late 2025.
“(An environmental analysis) report should be submitted to the minister in the next few months, and the final decision has to be done by decree,” said Luc Lessard, president and CEO of Falco Resources, in an interview with Investingnews.com. The company is hoping the decision will come sometime late in 2025, Lessard added.
Located in the prolific Abitibi region, the Horne 5 project is central to Falco’s strategy to support Quebec’s ambition to lead the energy and technological transition. Lessard emphasized that the project’s mineral profile, particularly its zinc and copper content, makes it well-positioned to align with Quebec’s broader critical and strategic minerals development plan.
The chief executive also noted the Horne 5 project leverages several environmental innovations, including a set of measures to protect waterways and drinking water intake, the Implementation of a dust collection system to reduce metal emissions from mine ventilation by 98.64 percent, and the use of already disturbed sites unlikely to be rehabilitated without the mining project.
Falco is also looking to the future with significant exploration potential for the Horne 5 project, beyond its current deposit.
Falco owns about 67,000 hectares of land package in the Abitibi, Lessard noted. “That gives us the possibility to increase additional resources closer to the surface, add some feed to the central mill of the Horne 5 project, and that will increase the life of mine.”
Watch the full interview with Falco Resources President and CEO Luc Lessard above.
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