Osino Resources Corp. ( TSX:OSI.V ) ( NSX:OSN ) ( FSE:RSR1 ) (" Osino " or the " Company ") today announced that (i) it obtained on May 2, 2024 a final order from the Supreme Court of British Columbia approving the previously announced statutory plan of arrangement under Business Corporations Act (British Columbia), pursuant to which Yintai Gold Co., Ltd (" Yintai ") will acquire all of the outstanding common shares of Osino for cash consideration of C$1.90 for each Osino Share (the " Arrangement "), all as more particularly described in Osino's management proxy circular dated March 25, 2024 (the " Circular "); and (ii) Yintai has obtained the approval of the National Development and Reform Commission of the People's Republic of China.
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Quarterly Activities/Appendix 5B Cash Flow Report
Key activities for Brightstar Resources Limited (Brightstar or the Company) (ASX: BTR) during the December Quarter are outlined below.
Highlights:
- First ore mined at Selkirk under the mining JV at Menzies
- 5,000m RC drill program completed at Aspacia and Link Zone at Menzies
- Maiden Mineral Resource Estimate released for the Link Zone
- Aircore drilling extends strike of +300koz Cork Tree Well Deposit for a further 1.5km
- Lithium exploration in Menzies uncovers multiple anomalies and outcropping pegmatites
- Brightstar Processing Plant valued at over A$60m replacement cost
- $5.0 million raised via a Share Placement to accelerate exploration and development activities
Link Zone Maiden Mineral Resource1
A maiden Mineral Resource Estimate (MRE) at the Link Zone of +21koz @ 1.1g/t Au (Table 1) targeting shallow, easily mineable material at the Menzies Gold Project was announced in November 2023. The Link Zone is located ~1km south of the 287koz Lady Shenton System and ~1km north of the 43koz Lady Harriet System at the Menzies Gold Project (Figures 1 & 2).
This MRE was undertaken on data from over 200 RC holes, including a modest drilling program completed by Brightstar with gold intercepts including 1m @ 13.95g/t and 4m @ 3.21g/t as released on 8th August 2023.
Table 1 - Link Zone Resource Table Summary (November 2023)
Post quarter end, Brightstar announced2 the results of assays for 27 holes completed at the Link Zone, out of a total 42 holes (2,800m) completed in December. The December quarter RC drilling program was designed to both infill and extend known boundaries of mineralisation with the intent of advancing it towards potential near-term mining opportunities, with best intercepts including:
- 1m @ 54.77g/t Au from 10m (MGPRC049)
- 7m @ 3.09g/t Au from 84m (MGPRC050)
- 2m @ 4.46g/t Au from 6m (MGPRC059)
- 3m @ 2.96g/t Au from 31m (MGPRC053)
- 3m @ 2.32g/t Au from 0m (MGPRC040)
Brightstar identified the Link Zone as having the potential for early-stage mining opportunities to generate operational working capital to organically fund exploration and development activities. The MRE displays favourable orebody characteristics of near surface stacked lodes, oxidised material, likely low strip mining and is still open at depth and along strike at all three deposits within the Link Zone.
Click here for the full ASX Release
This article includes content from Brightstar 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.
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Brightstar Resources
Overview
The price of gold is nearing a record high. Earlier this year, it topped $2,041.30 per ounce — the second-highest value in history. And there is every indication the previous metal's value will only continue to climb.
The reason is multifaceted. The world teeters on the brink of a severe recession. Amidst ballooning interest rates, bank failures and falling bond yields, demand for gold continues to rise.
This is to be expected, as bullion almost always becomes a hot commodity during times of economic uncertainty. At this precise moment, gold is simultaneously an excellent portfolio diversifier and a compelling hedge against ongoing inflation — particularly if one invests in the right company.
Brightstar Resources (ASX:BTR) aims to be that company. An emerging mining and development company, Brightstar occupies a strategic land position of roughly 300 square kilometers in the Laverton Tectonic Belt and 140 square kilometers of the Menzies Shear Zone.
The company also owns an existing processing facility that can potentially provide tremendous shareholder value in a low-capital cost restart scenario. In fact, Brightstar has engaged experts for a scoping study to assess the refurbishment of its wholly owned onsite processing plant.
That plant, once fully refurbished and operational, could prove a key differentiator for the company, enabling fast gold production at a low capital cost. This is especially noteworthy given that many other gold companies trading on the ASX are largely focused on greenfield exploration and development. Even once those companies discover a promising resource, mining and processing facilities would still need to be built, undertakings which can incur significant upfront capital costs and take a number of years.
Brightstar also recently finalized a merger agreement with Kingwest Resources (ASX:KWR), under which Brightstar acquired 100 percent of the shares in Kingwest. From a strategic standpoint, this merger has allowed the two companies to consolidate their assets, resulting in combined JORC mineral resources of roughly 1 million ounces, all on granted mining leases.
The strategic merger also allows Brightstar to accelerate development and expansion of its existing mineral resources while also establishing the company as a potential near-term developer.
Brightstar's Laverton Gold Project assets are all centered on a 100%-owned 300-square-kilometer tenure in the Laverton Tectonic Zone and all within 70 kilometers of the Laverton Processing Plant. Additionally, all resources within this zone are open along strike and at depth. Only minor drilling programs have been conducted in recent years, paving the way for significant exploration upside with the potential for further regional and greenfields discoveries.
Brightstar also owns 100% of the Menzies Gold Project, a contiguous land package of granted mining leases over a strike length of roughly 15 kilometers along the Menzies Shear Zone and adjacent to the Goldfields Highway.
Company Highlights
- Brightstar Resources is an emerging ASX-listed mining and development company with more than one million ounces of gold resources and potential on-site processing infrastructure.
- The company has engaged experts to conduct a scoping study of its processing infrastructure with the goal of refurbishing and potentially expanding it.
- Once refurbished, this infrastructure will allow Brightstar to fill a growing investment void for near-term gold developers in Western Australia, producing large quantities of gold at low capital cost.
- Brightstar's mineral assets are situated across roughly 300 square kilometers of 100-percent-owned land in the Laverton Tectonic Zone. Together, they account for a current total JORC Resource of more than a million ounces.
- Brightstar’s Menzies Gold Project is a highly promising asset which has already undergone extensive historic mining and development. The Menzies Gold Project's total current resource estimate is 11.7 Mt @1.33 g/t gold for 505koz gold (40 percent measured and indicated; 60 percent inferred)
- Brightstar plans to continue generating shareholder value through a combination of development and strategic acquisitions along with some exploration.
Key Projects
Brightstar Processing Facility
Situated close to Brightstar's existing mineral assets at Laverton, the Brightstar Processing Plant provides the company with a considerable operational head start over its peers. The 485 kilo-tons per annum carbon-in-leach plant is currently on care and maintenance. Brightstar is assessing a refurbishment and expansion strategy for the plant, building on a 2021 report from Cosmo Engineers.
Highlights:
- Extensive Infrastructure: Current facilities at the plant include two ball mills, a power station and gravity and elution circuits. Other infrastructure includes:
- A tailings storage dam
- An on-site process water pond
- An operational 60-person accommodation camp
- An airstrip at the nearby Cork Tree Well Project
- Vehicles and equipment including a forklift, bobcat, two loaders, multiple light vehicles and a 30-tonne crane.
- A Leg Up Over Competitors: The presence of pre-existing processing infrastructure represents significant time savings compared to greenfields development.
- Low Upfront Capital Cost: A 2021 report from Cosmo Engineers showed that fully refurbishing the plant to a 650-ktpa throughput represents a capital cost of roughly $5.5 million, including $1.9 million in owner's costs and a 30 percent contingency.
- Further Expansion: In June 2023, Brightstar announced that it has engaged a team of independent experts to conduct a scoping study which will assess refurbishment requirements and expansion opportunities.
- Close to Existing Assets: Brightstar's three major development projects — Cork Tree Well, Beta and Alpha — are all in close proximity to the plant.
Cork Tree Well
Cork Tree Well is a former operating mine, producing 45 koz of gold over its lifespan. Located roughly 35 kilometers north of Laverton on Bandya Station Road, the project’s JORC 2012-compliant mineral resource of 5,610 kilotons (kt) at 1.4 g/t for 252 koz of gold has increased by 20 percent to 303 koz, delivering a combined JORC Resource base of 1.02 million ounces gold from the Laverton and Menzies gold projects.
Highlights:
- Promising Drilling Results: Two 6,000-meter drill programs were completed in late 2022, and in the first quarter of 2023 delivered an uplift in tonnages and ounces at a discovery cost of AU$30 per ounce. The JORC 2012 Mineral Resource Estimate increased by 20 percent to 303 koz delivering a combined JORC Resource base of 1.02 million ounces of gold and representing a 65-percent increase to the indicated ounces to 157 koz @ 1.6g/t gold. These results further provide a more robust base for mining scoping studies.
- Upcoming Feasibility Studies: The drilling program will underpin several feasibility studies that Brightstar intends to conduct later this year. At present, Brightstar has defined a resource envelope over a strike length of approximately 1 kilometer and down to 200 meters.
- Area Geology: The Cork Tree deposit is situated along the western limb of the Erlistoun synclical structure, a sequence which includes mafic volcanic lavas, tuffs and tuffaceous sediments alongside minor interflow graphitic shales and banded iron formation. The mine itself consists of chlorite schist-altered high-magnesium basalt footwalls overlain by graphitic shales containing banded iron and chert beds. Gold mineralization is contained within sediments intruded by concordant porphyry sills spanning the length of the mineralized zone.
Menzies Gold Project
Situated 130 kilometers north of the globally significant Kalgoorlie gold deposit, Menzies represents one of Western Australia's leading historic gold fields. The project, fully owned and operated by Kingwest prior to its merger with Brightstar, consists of a contiguous land package of a strike length in excess of 15 kilometers. All deposits are now 100-percent-owned by Brightstar and lie within granted mining leases.
Brightstar intends to leverage its processing infrastructure to monetise the high-grade open pit ounces produced by this mine.
Highlights:
- Significant Historical Production: Menzies has hosted multiple historically mined high-grade gold deposits which together produced a total of over 800,000 ounces at 19 g/t gold. This includes 643,000 oz @ 22.5 g/t gold from underground.
- Profit Sharing: Brightstar and BLM Ventures have a 50/50 profit-sharing joint venture agreement to exploit the Selkirk deposit at Menzies. Under this agreement, Brightstar is responsible for capital costs, mining and haulage. The joint venture also has a toll treating agreement with St Barbara Limited (ASX:SBM) to process ore from Selkirk at Leonora.
- Area Geology: The Menzies Gold Project is hosted along the Menzies Shear Zone in the western margin of the Menzies greenstone belt. It displays a geologic setting similar to the Sand Queen Gold Mine at Comet Vale.
LAVERTON GOLD PROJECT – OTHER RESOURCES
Beta
Located immediately adjacent to the Brightstar Plant, the Beta Project includes a 60-person camp. It contains a combined JORC 2012-compliant mineral resource of 1,882 kt at 1.7 g/t for 102 koz of gold. The deposit occurs along the Eastern Margin of the Laverton Tectonic Zone, notable for hosting multiple major gold occurrences including Granny Smith, Keringal, Red October and Sunrise Dam.
Alpha
Hosting a combined JORC 2012-compliant mineral resource of 1,452 gold at 2.3 g/t for 106 koz, the Alpha Project. Future exploration programs and feasibility studies will seek to potentially capitalize on Alpha's close proximity to Beta.
Management Team
Alex Rovira - Managing Director
Alex Rovira holds a Bachelor of Science (geology) and Bachelor of Commerce (corporate finance) from the University of Western Australia, and for the past nine years has been working as an investment banker at a global financial services company that focused on the metals and mining sector.
Greg Bittar – Non-Executive Chairman
Greg has extensive experience in public and private markets mergers and acquisitions, capital markets and strategic advisory assignments across a range of sectors including general industries, metals and mining, mining services and energy.
Jonathan Downes - Non-executive Director
Jonathan Downes has more than 25 years’ experience in the mining industry and has worked in various geological and corporate capacities. He has worked with nickel, gold and base metals and has also been intimately involved with numerous private and public capital raisings.
Josh Hunt - Non-executive Director
Josh Hunt is an experienced capital markets and M&A lawyer and has extensive experience in all aspects of mining and energy project acquisitions and disposals and general mining legislation compliance throughout Australia. Hunt has advised on numerous IPOs, fundraisings, and acquisitions by both public and private companies on the ASX and internationally. He will assist the Brightstar board with corporate governance, company law and capital market management going forward.
Tony Lau - Non-executive Director
Tony Lau is currently the chief financial officer of Stone Group Holdings based in Hong Kong. Lau has worked at PricewaterhouseCoopers Hong Kong for 12 years. Over the past two decades, he has been advising numerous Chinese companies on IPOs and capital raising in the Hong Kong capital market and investing in the mining industry in Australia.
LRL Terminates Labyrinth Gold Project Sale Agreement
Labyrinth Resources Limited (ASX: LRL) (‘Labyrinth’ or ‘the Company’) has exercised its termination right under the Sale and Purchase Agreement (“SPA”) for its Labyrinth Gold Project in Canada (first announced on 8 January 2024) on the basis that Gold Projects WA Pty Ltd (“GPWA”) (Purchaser) has failed to comply with its obligations. Notice of termination has been provided to GPWA and International Precious Metals Refiners LLC (Purchaser Guarantor) and will take effect on Friday, 17 May 2024.
The Company will retain the non-refundable A$255k deposit.
The Company’s Labyrinth Gold Project in Quebec, Canada boasts a JORC mineral resource of 500,000oz at 5g/t1 with significant growth potential. The Labyrinth Gold Project sits within the prolific Abitibi Greenstone Belt in proximity to multi-million ounce deposits which further showcase its potential.
Comet Vale Gold Project near Menzies, Western Australia continues to present a compelling exploration opportunity for Labyrinth, with a combined (open pit and underground) Indicated and Inferred Mineral Resource of 620Kt at 4.81g/t for 96Koz of gold (Au)2 and multiple significant drilling targets identified on the property.
Considering the termination of the SPA and the current positive gold market, Labyrinth will update the market with its strategic plan as a matter of priority.
This announcement has been authorised and approved for release by the Board.
Click here for the full ASX Release
This article includes content from Labyrinth 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.
Tavi Costa: Gold to Go Much Higher, Mining Industry Will "Massively Outperform"
Tavi Costa, partner and portfolio manager at Crescat Capital, shared his thoughts on gold's recent price activity, outlining why he thinks the yellow metal will lead other commodities higher.
He told the Investing News Network that silver and copper are set to benefit from its rise.
"To me gold is sort of the first thing to really move, and the first box to check in terms of a secular market. But where you're really going to likely get those big returns is going to be on things that tend to move with gold. And as we see gold move, usually you tend to see other metals really leading the way to the upside," Costa explained.
He also addressed the disconnect between the gold price and gold stocks. While some companies have seen gains, many haven't performed as well as investors would hope in today's environment of high prices.
"I think that the mining industry is so close to one of those big moves up that we tend to see in the industry — 300, 400 percent moves in the short term," Costa said, pointing to capitulation among frustrated investors.
The loss of faith reminds him of the 1970s, when there was a perception that the sector would never come back. "Unless I'm wrong and it's different this time, the industry always comes back," he said. "I'm a believer of that."
Costa sees opportunities to jump in, and expects the mining industry to "massively outperform" the gold price.
"Usually the conventional wisdom is wrong, and I've never seen an industry that is more hated than the gold space," he said during the conversation. "I don't know of a single industry that is more hated than the gold miners ... they are the most hated industry in the whole market, and I think that's a huge opportunity."
In closing, Costa encouraged investors to get their portfolios positioned before companies take off. "It's time to get busy and not be concerned about why are miners not moving vs. gold," he said.
Watch the interview above for more of his thoughts on gold and the resource sector.
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.
Osino obtains Final Court Order approving Plan of Arrangement and Yintai obtains NDRC Approval
This means that two of the necessary three Chinese regulatory approvals have now been fulfilled and the Arrangement therefore remains on track to close on or about the end of H1 2024, subject to approvals by regulatory authorities, namely the Namibian Competition Commission and the State Administration of Foreign Exchange of the People's Republic of China.
For a more detailed description of the Arrangement, readers should review the Circular.
About Osino Resources Corp.
Osino is a Canadian gold exploration and development company focused on the fast-tracked development of our wholly owned, Twin Hills Gold Project in central Namibia. Since its grassroots discovery by Osino in August 2019, Osino has completed more than 250,000m of drilling and has completed a suite of specialist technical studies culminating in the recently published Twin Hills Definitive Feasibility Study ("DFS") dated effective June 12, 2023. The DFS describes a technically simple and economically robust open-pit gold operation with a 13-year mine life and average annual gold production of over 162,000oz per annum.
Osino has a commanding ground position of over 8,000km 2 located within Namibia's prospective Damara sedimentary mineral belt, mostly in proximity to and along strike of the producing Navachab and Otjikoto Gold Mines. Osino is actively exploring a range of gold prospects and targets along the belt by utilizing a portfolio approach geared towards discovery, targeting gold mineralization that fits the broad orogenic gold model.
Our projects are favourably located in central and northern Namibia and are within easy reach from Namibia's capital city, Windhoek. By virtue of its location, the Twin Hills project benefits significantly from Namibia's well-established infrastructure with paved highways, railway, power and water in close proximity. Namibia is mining-friendly and lauded as one of the continent's most politically and socially stable jurisdictions.
Qualified Person
David Underwood, BSc. (Hons) is Vice President Exploration of Osino and has reviewed and approved the scientific and technical information in this news release and is a registered Professional Natural Scientist with the South African Council for Natural Scientific Professions (Pr. Sci. Nat. No.400323/11) and a Qualified Person for the purposes of NI 43-101 – Standards of Disclosure for Mineral Projects.
Further details are available on Osino's website at https://osinoresources.com and under Osino's profile on SEDAR+ at www.sedarplus.ca .
On behalf of the Board of Directors
Heye Daun, President and CEO
Contact Information
Osino Resources Corp.
Julia Becker
Investor Relations
+1 604 785 0850
jbecker@osinoresources.com
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.
Forward-Looking Information
This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, without limitation, statements and information with respect to statements regarding the plans, intentions, beliefs and current expectations of Yintai and Osino with respect to the Arrangement; the timing of the approvals and completion of the Arrangement. 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 statements are necessarily based upon a number of assumptions that, while considered reasonable by management, are inherently subject to business, market and economic risks, uncertainties and contingencies that may cause actual results, performance or achievements to be materially different from those expressed or implied by forward-looking statements. Although Osino 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. Other factors which could materially affect such forward-looking information are described in the risk factors in Osino's most recent annual management's discussion and analysis which is available on Osino's profile on SEDAR+ at www.sedarplus.com. Osino does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
News Provided by GlobeNewswire via QuoteMedia
Gold and Silver Prices Gain on Cooling US CPI Data
The US Bureau of Labor Statistics released its latest consumer price index (CPI) figures on Wednesday (May 15), showing that inflation cooled slightly in April, recording a year-over-year increase of 3.4 percent.
That's down from March's 3.5 percent level and slightly closer to the US Federal Reserve's 2 percent target. On a monthly basis, inflation came in at 0.3 percent after stalling at 0.4 percent for the two previous months.
At the start of the year, analysts believed inflation was cooling fast enough for the Fed to start making cuts as early as May; however, stagnating numbers later pushed their expectations to June and eventually to H2.
Market watchers are now looking to September for the American central bank to make its first cut.
At an event in Amsterdam on Tuesday (May 14), Fed Chair Jerome Powell said it's unlikely that more interest rate hikes are in the cards, although the central bank could leave them where they are. “I expect that inflation will move back down … on a monthly basis to levels that were more like the lower readings that we were having last year," he noted.
Powell declined to comment on when rate cuts can be expected.
CPI is a factor the Fed considers when making rate decisions, but other indicators will provide the Federal Open Market Committee with a deeper understanding of the state of the economy ahead of its next meeting on June 11 and 12.
On the back of the CPI release, the gold price rose more than 1 percent in morning trading and inched closer to the US$2,400 per ounce mark, peaking at US$2,389.87 on Wednesday afternoon. The silver price also moved higher, gaining more than 3 percent to reach a high of US$29.72 during that same timeframe.
The S&P 500 (INDEXSP:.INX), Nasdaq Composite (INDEXNASDAQ:.IXIC) and Dow Jones Industrial Average (INDEXDJX:.DJI) all reacted positively to the CPI news, seeing gains in the 1 percent range.
Don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.
Prospect Ridge Resources
Overview
Prospect Ridge (CSE:PRR,OTC:PRRSF,FRA:OED) is a precious metals exploration company focused on key projects in Northern British Columbia near the prolific Golden Triangle. The Golden Triangle in northwest British Columbia has been a hub for mineral exploration and mining endeavors for over 150 years. The company owns 100 percent of both the Knauss Creek property and the Holy Grail property.
The Knauss Creek property resembles the high-grade mineralization found in the historical Dorreen mine. Exploration at Knaus Creek has revealed high-grade mineralization comprising gold, silver, copper, lead and zinc. The Copper Ridge zone, which is in the southern part of the Knauss Creek property, is particularly interesting. During 2023, a total of 241 samples were collected from this area. The assays from outcrop samples have extended the Copper Ridge mineralized zones over an east-west strike length of 1,550 meters, a north-south strike of 850 meters, and a height difference of 470 meters.
The assay results highlight the area's significant potential, which measured only 200 meters at the start of 2023 and has now extended to over 1.5 kms. Extensive areas of land remain unexplored. The company is in the process of organizing a surface drilling program spanning 5,000 meters to assess the drill-ready Copper Ridge zone and other nearby targets.
The other property, Holy Grail, has also historically produced high-grade gold and silver from placer mining. Prospecting results at the Holy Grail property showed exceptional promise, uncovering significant discoveries of gold, silver, copper, lead and zinc.
Prospect Ridge benefits from a team of professionals boasting extensive expertise in geology and mining. The company is led by Micheal Iverson, CEO, who has more than three decades of experience in mining exploration. The management team has a proven track record of executing several successful exploration and development projects, including Fortuna Silver Mines and NioGold Mining’s Marban project.
Company Highlights
- Prospect Ridge is a Canada-based exploration and development company with two highly prospective land packages in British Columbia.
- The company’s two key assets are the Knauss Creek property and the Holy Grail property, located near the renowned Golden Triangle region in northwestern British Columbia. The Golden Triangle has historically been known for abundant precious and base metal discoveries, with numerous active mining projects and ongoing resource exploration.
- The flagship Knauss Creek property has revealed high-grade surface samples up to 78.9 g/t gold, 4,740 g/t silver, 29.4 percent copper, 33.33 percent lead and 4.10 percent zinc. The Copper Ridge zone is particularly interesting, where a 1.5-km strike zone containing high-grade gold-silver-copper trends were discovered.
- The company plans a 5,000-meter surface drill program to test the drill-ready target Copper Ridge zone as well as other targets.
- Prospecting results from the Holy Grail property are exceptionally promising. They reveal noteworthy discoveries of gold, silver, copper, lead and zinc.
- Prospect Ridge is led by a proven team of executives with more than 100 years of combined experience leading several successful exploration and development projects, including Fortuna Silver Mines and NioGold Mining’s Marban project (sold to Oban Mining, now Osisko Mining).
Key Projects
Knauss Creek Property
The Knauss Creek property, situated 35 kms north of Terrace, BC, spans 2,944. It has excellent infrastructure access, proximity to Highway 16, numerous logging roads traversing it, and the Canadian National Railway passing through.
The property is home to the historical Dorreen mine. Various showings on the property, including the Jay Veins, Hugin, Kandy and Copper Ridge, contain gold, silver, copper, lead and zinc mineralization. The current focus is on the Copper Ridge zone, a high-grade polymetallic mineralization zone spanning 1,500 meters.
Assays from outcrop samples gathered during the 2023 prospecting season have revealed numerous high-grade gold, silver and copper findings. Highlights from rock outcrop sampling, include:
- Sample W489444 contains 6.70 grams per ton (g/t) gold, 4,610 g/t silver, 2.23 percent copper
- Sample W489424 contains 15.9 g/t gold, 987 g/t silver, 0.29 percent copper, 17.55 percent lead, 6.99 percent zinc
- Sample W501837 contains 0.49 g/t gold, 134 g/t silver and 29.4 percent copper
- Sample W501812 contains 2.14 g/t gold, 264 g/t silver and 10.35 percent copper
Consequently, the Copper Ridge zone has been extended, now measuring an east-west length of 1,550 meters, a north-south strike length of 850 meters, and a vertical difference of 470 meters. Field data suggests the veins follow a north-south orientation and dip towards the east. The interpretation suggests the zone comprises a network of mineralized veins arranged like a ladder hosted within a dioritic intrusion.
The company is preparing a surface drilling program of 5,000 meters to evaluate drill-ready targets like the Copper Ridge zone, the Leon’s Legacy and Dorreen Mine showings.
Holy Grail Property
The Holy Grail property is located 10 km north of Terrace, BC, and forms a horseshoe that encloses the fully owned Knauss Creek property in its southeastern part. It currently spans 70,109 hectares. The property is easily accessible via a highway, multiple serviced roads, logging roads, and ATV trails that cross cut it.
Prospecting results from the Holy Grail property displayed remarkable potential through substantial findings of gold, silver, copper, lead and zinc. Key highlights of the results include:
- Grab sample C362354 returned 28.0 g/t gold, 56.9 g/t silver and 2.03 percent copper on the 4 Shore showing
- Grab sample C362357 returned 13.7 g/t gold, 39.9 g/t silver and 1.33 percent copper on the 4 Shore showing
- Grab sample C363353 returned 0.37 g/t gold, 58.7 g/t silver and 3.43 percent copper on the Maroon Creek showing
- Grab sample C363092 returned 6.7 g/t gold, 21.1 g/t silver, and 0.12 percent lead on the Iceberg showing.
Management Team
Michael Iverson – CEO and Director
Michael Iverson has over three decades of experience in public and private capital markets. He also has significant experience in the mining industry, having founded Niogold Mining and Fortuna Silver Mines. At Niogold, he spearheaded the acquisition and exploration of an expansive land parcel in Val D’Or, leading to the company's acquisition by Oban Mining, presently known as Osisko Mining , at a substantial premium to its market capitalization. At Fortuna, he played a vital role in the company's prosperous evolution into a silver producer with operational mines in Peru and Mexico. Iverson, over his entire career spanning three decades, has achieved, in aggregate, market capitalizations in excess of $1 billion.
Yan Ducharme – President and Director
Yan Ducharme is a professional geologist with over 25 years of experience in greenfield and brownfield exploration projects in Quebec, Ontario, Africa and South America. He was on the exploration team at SEMAFO and Cambior/Iamgold and was an exploration manager at NioGold (then vice-president exploration), Canadian Malartic, SOQUEM, and Wesdome Gold Mine. He worked in underground mines and open pits. Ducharme obtained a masters in earth sciences from the University of Quebec in Montreal.
Jasmine Lau – CFO
Jasmine Lau is a seasoned finance and accounting expert with a wealth of experience as a CFO in the mineral exploration and resource sector, having worked on projects across the globe. She was employed in internal audit at Teck Resources and Deloitte, where she focused on audits of public mining and resource companies. Lau is a CPA, CA, and holds a Bachelor of Commerce degree from the University of British Columbia.
Simon Ridgway – Chairman and Director
Simon Ridgway is the CEO of Rackla Metals, a Vancouver-based junior gold exploration company listed on the TSX Venture Exchange since September 2011. He is also the CEO, president and director of Volcanic Gold Mines, a Vancouver-based company engaged in gold and silver property acquisition and exploration.
Michael Michaud - Director
Michael Michaud is a professional geologist with over 30 years of experience. He is an expert in developing and executing regional and mine-site exploration strategies across diverse deposit types in North and South America, Africa, Asia and Europe. Michaud is the vice-president of exploration at Wesdome Gold Mines. He also held roles at several firms, including Iamgold, St Andrew Goldfields, SRK Consulting and North American Palladium. Michaud holds an honors B.Sc. from the University of Waterloo and an M.Sc. from Lakehead University.
Toby Lim - Director
Toby Lim has been a practicing solicitor since 1997, focusing on corporate and securities law. He received a Bachelor of Commerce degree with honours from the University of British Columbia in 1992, followed by a Bachelor of Laws degree from Osgoode Hall Law School in Ontario in 1996.
Jacques Brunelle – Director
Jacques Brunelle has over three decades of involvement in the North American mining sector. He has held executive positions as president and director in publicly traded companies, including Niogold Mining, where he served in 2003, culminating in a successful acquisition by Osisko Mining in 2016. Throughout his career, Brunelle has raised substantial funds for exploration and equity financing initiatives in both public and private enterprises.
Bradley Scharfe – Director
Bradley Scharfe has over 25 years of experience in North America's capital markets. Scharfe has led financing endeavors throughout his career and assembled robust companies across various sectors, including resources and commodities. He specializes in raising, deploying and managing venture capital for companies in their early growth stages. Previously, Scharfe served as a venture capital stockbroker with Canaccord Capital, a leading Canadian investment firm. Scharfe holds a Bachelor of Arts degree from the University of Toronto, where he majored in commerce and economics.
This article was written in collaboration with Couloir Capital.
Cerrado Gold Provides Update on Cease Trade Order and Announces Resultant Possible Late Filing of Q1 Interim Financial Statements and MCTO Application
Cerrado Gold Inc. (TSX.V:CERT)(OTCQX:CRDOF) ("Cerrado" or the "Company") is providing an update on the status of the cease trade order (the "CTO") imposed on May 7, 2024, the Ontario Securities Commission (the "OSC"), under National Policy 11-207, following the Company's failure to file its audited annual financial statements for the year ended December 31, 2023, its management's discussion and analysis of financial statements for the year ended December 31, 2023, its annual information form for the year ended December 31, 2023, and related filings (collectively, the "Required Annual Filings"). Under National Instrument 51-102, the Required Annual Filings were required to be made by April 29, 2024
Management of the Company continues to work diligently with its auditors to complete the Required Annual Filings, at which time it expects the CTO to be lifted within two days following filing. The Company expects the Required Annual Filings to be completed on or around May 31, 2024.
There is no material information concerning the affairs of the Company that has not been generally disclosed.
As a result of the delay in filing the Required Annual Filings, the Company expects that it will be unable to file its interim financial statements for the three months ended March 31, 2024, its management's discussion and analysis of financial statements for the three months ended March 31, 2024, and related filings (collectively, the "Required Interim Filings") by the May 31, 2024 filing deadline.
The Corporation has applied to the OSC for a management cease trade order (an "MCTO") in respect of the delay in filing of the Required Interim Filings.
If the MCTO is granted, the Company will comply with the alternative information guidelines set out in National Policy 12-203 - Management Cease Trade Orders for issuers who have failed to comply with a specified continuous disclosure requirement within the times prescribed by applicable securities laws. The guidelines, among other things, require the Company to issue bi-weekly default status reports by way of a news release so long as the Required Interim Filings have not been filed. During the MCTO, the general investing public will continue to be able to trade in the Company's listed common shares. However, the Company's Chief Executive Officer, Chief Financial Officer, and Directors will not be able to trade in the Company's common shares.
The Company will provide an update on its application of the MCTO in an upcoming news release.
The Company is satisfying and confirms that it intends to continue to satisfy the provisions of the alternative information guidelines under NP 12-203 and issue bi-weekly default status reports for so long as the delay in filing the Required Annual Filings and/or Required Interim Filings is continuing, each of which will be issued in the form of a press release. The Company does not have any information at this time regarding any anticipated specified default subsequent to the default in filing the Required Annual Filings and Required Interim Filings. The Company is not subject to any insolvency proceedings and there is no material information concerning the affairs of the Company that has not been generally disclosed.
About Cerrado
Cerrado Gold is a Toronto-based gold production, development, and exploration company focused on gold projects in South America. The Company is the 100% owner of both the producing Minera Don Nicolás and Las Calandrias mine in Santa Cruz province, Argentina, and the highly prospective Monte Do Carmo development project, located in Tocantins State, Brazil. In Canada, Cerrado Gold is developing it's 100% owned Mont Sorcier Iron Ore and Vanadium project located outside of Chibougamou, Quebec.
In Argentina, Cerrado is maximizing asset value at its Minera Don Nicolas operation through continued operational optimization and is growing production through its operations at the Las Calandrias Heap Leach project. An extensive campaign of exploration is ongoing to further unlock potential resources in our highly prospective land package in the heart of the Deseado Masiff.
In Canada, Cerrado holds a 100% interest in the Mont Sorcier Iron Ore and Vanadium project, which has the potential to produce a premium iron ore concentrate over a long mine life at low operating costs and low capital intensity. Furthermore, its high grade and high purity product facilitates the migration of steel producers from blast furnaces to electric arc furnaces contributing to the decarbonisation of the industry and the achievement of SDG goals.
For more information about Cerrado please visit our website at: www.cerradogold.com.
Mark Brennan
CEO and Chairman
Mike McAllister
Vice President, Investor Relations
Tel: +1-647-805-5662
mmcallister@cerradogold.com
Disclaimer
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
This press release contains statements that constitute "forward-looking information" (collectively, "forward-looking statements") within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that discusses predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements.
Forward-looking statements contained in this press release include, without limitation, statements regarding the business and operations of Cerrado and the completion and filing of the Annual Filings. In making the forward- looking statements contained in this press release, Cerrado has made certain assumptions. Although Cerrado believes that the expectations reflected in forward-looking statements are reasonable, it can give no assurance that the expectations of any forward-looking statements will prove to be correct. Known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to general business, economic, competitive, political and social uncertainties. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this press release. Except as required by law, Cerrado disclaims any intention and assumes no obligation to update or revise any forward-looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking statements or otherwise.
SOURCE:Cerrado Gold Inc.
View the original press release on accesswire.com
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