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A significant bulk sampling and test pits program has recently been completed at Impact Minerals Limited’s (ASX:IPT) flagship Lake Hope High Purity Alumina (HPA) project located 500 km east of Perth in Western Australia. The program is a critical component of the Pre-Feasibility Study on Lake Hope, which is currently underway following a positive Scoping Study on the project that indicated the project may be the lowest-cost producer of HPA globally by a significant margin (ASX Release 9th November 2023).
Impact has the right to earn an 80% interest in the Lake Hope project by completing the Pre-feasibility Study (ASX Release 21st March 2023).
A total of 5.5 tonnes of material was collected from twenty-five bulk samples taken from test pits across West Lake and East Lake, which host the alumina deposit at Lake Hope. The deposit contains a resource of 3.5 million tonnes at 25.1% alumina (Al2O3) for a contained 880,000 tonnes of alumina, of which about 88%, or about 775,000 tonnes of alumina, is in the higher confidence Indicated Resource category (ASX Release 19th June 2023).
Impact confirms that no new information exists, and all modifying factors remain the same as at the time of the first publication of the resource.
In addition, earthworks for access tracks and drill pads for water bores for groundwater monitoring were also completed.
Managing Director Dr Mike Jones said: “This bulk sampling program marks another significant milestone in our journey towards the production of High Purity Alumina (HPA) from Lake Hope and caps off a very busy and successful nine months since acquiring the rights for this exceptional project.
In that time, we have completed a maiden resource statement, obtained heritage clearance from the Ngadju First Nations people, completed most of the first phase of metallurgical test work using the unique Playa One sulphate process, and completed a Scoping Study. The results of that study were outstanding and demonstrated the potential of Lake Hope to produce HPA at a cost much less than any other supplier globally, and this has given us the confidence to progress the pre-feasibility study aggressively. The bulk samples will set us up for the forthcoming stages of development, which will include the commissioning of a mini-pilot plant once the initial test work is completed.
Our focus for 2024 will be to complete the PFS, which will include setting up the mini-pilot plant and, in particular, producing HPA in bulk for potential customers and off-take partners. As part of this strategy, we have already started reaching out to key groups in the battery and LED market, and the demand is there. We look forward to a watershed year for Lake Hope, Impact and its shareholders”.
About the Bulk Sampling and Earthworks Program
Impact commissioned Pinnacle Site Services to undertake an earthwork and bulk sampling program. A backhoe was used to refurbish the existing access track to the site, construct access tracks to the lakes and a drill pad for a water monitoring bore.
A total of 5.5 tonnes of aluminous mud was collected from 25 pits, 13 from West Lake and 12 from East Lake (Table 1 and Figure 1). Ground conditions during excavation of the lake surfaces were excellent, with the mud hard, dry and easily dug. Groundwater was absent in most excavations, likely due to the dry summer conditions, which emulate the three-yearly summer mining campaigns proposed in the Scoping Study (ASX Release 9th November 2023).
A number of the sample sites were left open for geotechnical studies on the performance of the mud with respect to slope stability and groundwater levels, both of which will be monitored over the next 12 months before rehabilitation.
These ground-disturbing activities were enabled after successful Aboriginal Culture and Archaeological surveys were completed in July with the Ngadju Native Title group (ASX Release 27th July 2023). The survey identified no sites of cultural or archaeological significance, which is critical for Impact lodging a Mining Lease Application.
Update on the Pre-Feasibility Study
Impact has continued to progress the Preliminary Feasibility Study on Lake Hope.
The Baseline Flora and Fauna Survey data collection process is complete, with a final report due early in Q1 2024. Once received, the results will be used to finalise the location of mining lease boundaries and infrastructure corridors. A Mineralisation Report, a critical requirement of a mining lease application, has been completed, and the application will be lodged as soon as practicable in Q1 2024.
The metallurgical test work has progressed to final purification testing, with preliminary results expected in January 2024 (Stages 4 and 5 of the Playa One Sulphate Process, ASX Release 18th October 2023). Design of the by-product circuit and re-design of acid and reagent handling strategy is underway to investigate options for reduced capital and energy costs. A comprehensive test work regime is under design to inform a mini-pilot plant configuration, with quotes being sought.
Click here for the full ASX Release
This article includes content from Impact Minerals, 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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Investor Insight
With a mining lease application underway and a scoping study that shows excellent economics, Impact Minerals’ game-changing, advanced Lake Hope high-purity alumina project makes for a compelling investment case.
Overview
Impact Minerals (ASX:IPT) is an exploration and development mining company focused on discovering and developing new resource projects within Australia. Lake Hope, a transformational acquisition by the company and its current flagship asset, is a high-purity alumina (HPA) project in Impact’s home territory of Western Australia, a tier-one jurisdiction.
This advanced-stage project allows the company to fast-track the asset toward development, firmly establishing the company on the road to production and increasing shareholder value.
HPA is a high-value product with various uses in several industries that are key to the transition to a low-carbon world. It is mainly used in LED lighting, micro-LED screens, and ceramic-coated separators in lithium-ion batteries. Both these markets are forecast to grow dramatically over the next decade, and a looming supply shortage is predicted for 2026.
HPA is also necessary for producing synthetic sapphire and scratch-resistant glass. With these ever-widening applications for HPA, demand for this resource is expected to grow from US$3.18 billion to US$12.21 billion by 2030 with a compounded annual growth rate of about 20 percent.
Lake Hope is the company’s current focus as it moves towards production, and where a very shallow, high-grade resource of HPA precursor material has been identified in the top two meters of a dry salt lake. The deposit has unique physical and chemical properties that will allow for inexpensive digging and mining, with transportation to a processing facility off-site in an established industrial area. This will accelerate the approvals processes required to get into production.
With a mining lease application pending, Impact aims to bring Lake Hope, which contains almost 1 million tons of potential HPA, into production when the forecast average price for 4N HPA (99.99 percent Al2O3) and related products is about US$20,000 per ton. The ‘4N’ designation indicates the purity grade, making it suitable for high-tech end uses.
Outstanding economics from the latest scoping study released by the company shows Lake Hope’s potential to be the lowest-cost producer of HPA globally by up to 50 percent.
Lake Hope has a maiden mineral resource estimate (MRE) of 3.5 million tons at 25.1 percent alumina (Al2O3) for a contained 880,000 tons of alumina. The company also received heritage clearances for the entire Lake Hope deposit further de-risking the project and providing another critical component in the company’s application for a mining lease.
Impact completed a bulk sampling and test pits program at the Lake Hope project in December 2023, and later reached a key milestone by producing HPA greater than 99.99 percent (4N) purity from the metallurgical processing of lake clays acquired from Lake Hope.
In February 2024, a new proprietary metallurgical process for producing HPA from the lake clays was identified. Impact produced 99.99 percent (4N) Al2O3 from a low-temperature leach (LTL) process. The LTL process may lower the capital and operating costs to produce HPA compared to the sulphate process which underpinned the recent scoping study. The LTL process will be included in the ongoing pre-feasibility study in parallel with the sulphate process at marginal extra cost to determine the best processing route to HPA. The PFS is due to be completed in late 2024.
A comparison of the LTL process and the sulphate process
The company is well funded to finance the pre-feasibility study at the Lake Hope High Purity Alumina project and exploration activities at the Arkun battery minerals project.
Impact Minerals has been awarded a $2.87 million grant for the commercialisation of its innovative process to produce High Purity Alumina (HPA) from the Lake Hope deposit. The grant is under the Federal Government’s Cooperative Research Centres Projects (CRC-P) program which fosters short-term, industry-led research collaborations. The grant is part of an estimated $6.4 million research and development project to be completed within three years and designed to provide Impact with the relevant information required to complete a definitive feasibility. A key component of the grant funding will be to construct a pilot plant, which is a key goal for 2025, and this will provide consistent material for off-take and qualification trials.
Impact Minerals was also one of the inaugural cohort of seven companies selected to be part of the prestigious BHP Xplor program. BHP Xplor, an accelerator program introduced by BHP in August 2022, is designed to help provide participants with the opportunity to accelerate their growth and the potential to establish a long-term partnership with BHP and its global network of partners.
The BHP Xplor funding was used to identify new target areas for copper and other energy metals around the Broken Hill area in New South Wales, eastern Australia, where Impact has been quietly adding to its ground position for several years.
Additionally, the company is exploring its large Arkun battery metals project, also in Western Australia which covers nearly 2,900 square kilometres. Three new exploration licence applications were submitted recently immediately north of the Arkun project along trend from the recently discovered REE soil geochemistry anomalies at Hyperion, Swordfish and Horseshoe, and the Caligula copper anomaly. These anomalies require drill testing which will occur in 2024 and is an exciting development in the emerging mineral province of southwest WA.
A strong management team with over 50 years of combined industry experience leads the company. With a mining and exploration geology degree, Dr. Mike Jones, managing director, launched a long career consulting and leading mining organizations. Peter Unsworth, the non-executive chairman, has more than 35 years of experience in multiple financial sectors, such as securities industries and wealth management. Paul Ingram, a non-executive director, has led several mining companies since 2003. Impact Minerals has the experience and expertise to lead the company to success.
Company Highlights
- Impact Minerals is an exploration and development mining company focused on rapidly moving its flagship Lake Hope high-purity alumina (HPA) project toward production.
- The Lake Hope project has a high-grade maiden mineral resource estimate (MRE) of 3.5 million tonnes at 25.1 percent alumina (Al2O3), for a contained 880,000 tonnes of alumina that can be converted to HPA.
- HPA is used throughout multiple industries, and the overall HPA market is projected to grow by a CAGR of 18.4 percent by 2030.
- A pre-feasibility study is currently in progress and scheduled to be completed by Q4 2024. A mining lease application for the Lake Hope High Purity Alumina (HPA) was recently lodged with the aim of being granted by 2026.
- The company’s project portfolio also includes assets with high-grade mineral deposits of a range of base, critical and precious metals.
- Impact Mineral’s 2,000-square-mile Arkun nickel-copper-PGE project in Western Australia has produced encouraging assays that motivate further exploration. Maiden drill programmes are planned for early 2025.
- The company is also exploring its Broken Hill copper project in New South Wales following a major grant under the auspices of the BHP Xplor program in 2023..
- A strong management team leads the company with experience in geology, mining and corporate finance.
Key Projects
Lake Hope HPA Project
Impact Minerals’ Lake Hope HPA project is in Western Australia, a tier-one mining jurisdiction. HPA is a crucial component in many new and emerging technologies, creating ongoing demand for high-grade sources. The Lake Hope project is the company’s flagship as it moves toward production.
Project Highlights:
- Maiden Mineral Resource Estimate: A maiden mineral resource of 3.5 million tonnes at 25.1 percent alumina (Al2O3) for a contained 880,000 tonnes of alumina has been defined at the Lake Hope HPA Project. About 88 percent of the resource, or 775,000 tonnes of alumina, is in the higher confidence indicated resource category.
- Amenable to Open-pit Mining: The Lake Hope project is a unique HPA asset amenable to shallow, open-pit mining. The deposit is soft and shallow, allowing for cheap digging and minimal infrastructure requirements. This type of deposit also lowers the environmental footprint of the operation.
- Fast-tracked to Production: A mining lease application is currently underway. Once granted, the company will begin working towards a pre-feasibility study and mini pilot plant. Impact Minerals plans to reach a complete pilot plant by 2026.
- Impressive Results of the 2023 Scoping Study: Outstanding economics show Lake Hope to potentially be the lowest-cost producer of High Purity Alumina (HPA) globally by up to 50 percent. Key outcomes from the scoping study include:
- Annual production of 10,000 tpa of 4N HPA with an initial 25-year mine life
- Annual EBITDA of A$174 million.
- 2 years construction period with 5,000 tonnes of production during the first year, 8,000 tonnes in the second year and 10,000 tonnes of production thereafter.
- US$934 million post-tax NPV8 at an IRR of 55 percent.
- Mining Lease Application: Amining lease application was lodged in mid-2024 over the West Lake resource while a miscellaneous licence application (L63/99) was lodged to cover mine infrastructure and haulage road.
The scoping study was underpinned by a sulphuric acid process allowing the company to achieve a new milestone by producing HPA with purity of more than than 99.99 percent (4N) from the metallurgical processing of lake clays acquired from Lake Hope. The company further identified a new proprietary metallurgical process for producing HPA from the lake clays. Known as the low-temperature leach (LTL) process, this also produced 99.99 percent (4N) Al2O3 and has the potential to lower even further the capital and operating costs to produce HPA compared to the sulphate process. The LTL process will be included in the ongoing pre-feasibility study along with the sulphate process to determine the best processing route to HPA. The PFS is due to be completed in late 2024.
Broken Hill Copper Project
The Broken Hill project has a significant land position of 815 square kilometers and hosts multiple targets with the potential for high-grade copper. Broken Hill is located in New South Wales, Australia, an area known for its prolific silver-lead-zinc mining operations and the giant Broken Hill deposit.
Project Highlights:
- Participant in the BHP Xplor Program: Impact was selected for the BHP Xplor program in 2023 based on its Broken Hill project. The program is designed to allow participants to accelerate growth and establish a long-term partnership with BHP.
- Potential for Additional Minerals and Deposits: As well as copper, the project has significant exploration potential for magmatic nickel-copper-PGE sulphides, and at the time the host rocks were formed, Broken Hill was located close to the world-class nickel-copper-PGE deposit of Jinchuan and the significant Lengquisheng deposit. The project area also has the potential to contain zinc-lead-silver deposits, providing even more value.
Arkun Nickel-Copper-Gold-Lithium-REE Project
The Arkun project is a 2,900-square-kilometer nickel, copper and gold project located in the emerging Ni-Cu-PGE province near the world-class Julimar Ni-Cu-PGE deposit and surrounded by Anglo American Corporation, which secured its ground holding shortly after Impact secured its asset. Anglo-American is one of the world’s top ten mining companies, and their presence in the region brings confidence in the project’s potential.
Project Highlights:
- Additional Exploration Underway: Impact plans follow-up work programs, including drilling, at its priority targets.
- Significant Targets Identified: Recent soil sampling identified two new prospects:
- Hyperion prospect - Located in the northwestern part of the project area returned with rare earth element anomalism of up to 5,880 ppm (0.59 percent) total rare earth oxide (TREO+Y) and neodymium and praseodymium (Nd+Pr) of up to 21 percent.
- Caligula prospect - Initially identified on the roadside, the Caligula prospect is a large and significant target for porphyry copper mineralisation.
- Three New Exploration Licences: Impact applied for three new exploration licences expanding Arkun project along trend from the recently discovered REE soil geochemistry anomalies at Hyperion, Swordfish and Horseshoe as well as the Caligula copper anomaly.
Management Team
Peter Unsworth - Non-executive Chairman
Peter Unsworth, formerly a chartered accountant, has over 35 years of experience in the corporate finance, investment and securities industries and a wealth of management experience with public and private companies. A former executive director with a leading Western Australian stockbroking company, Unsworth has been a director of several public exploration and mining companies. He recently completed a long time serving as chairman of the Western Australian Government-owned Gold Corporation (operator of The Perth Mint). Unsworth is the founding chairman of Impact Minerals.
Dr. Mike Jones - Managing Director
Dr. Mike Jones is the founding managing director of Impact Minerals Limited, which was listed on the Australian Stock Exchange in November 2006. Reporting to the board of directors, he is responsible for the company's performance as it moves towards production at its Lake Hope High Purity Alumina Project and also for implementing strategies to explore and maximize the value of the company's other extensive tenement holdings.
Since listing, he has helped raise more than $60 million to help fund the exploration of Impact’s projects and managed the company through significant adverse events, including the global financial crisis and the Fukushima nuclear disaster, which affected Impact’s considerable investment in the uranium sector, a five-year global downturn in the mining sector and more recently, the COVID-19 pandemic.
Paul Ingram - Non-executive Director
Paul Ingram is a geologist with extensive experience managing major mineral exploration programs for several publicly listed companies and has been involved in the mining sector for over thirty years. He has designed and implemented innovative techniques for exploration in remote areas and has managed projects in countries throughout Australia and East Asia. Ingram has been a director of the following listed companies in the past three years: Polo Resources from January 2008 to January 2011; A-Cap Resources since June 2009; Consolidated Global Investments since September 2006; Caledon Resources from February 2003 to March 2008; and Australian Pacific Coal since March 2011.
Dr Frank Bierlein - Non-executive Director
Dr. Frank Bierlein is a geologist with 30 years of experience as a consultant, researcher, lecturer and industry professional. Bierlein has held exploration and generative geology management positions with QMSD Mining, Qatar Mining, Afmeco Australia and Areva NC, and consulted for, among others, Newmont Gold, Resolute Mining, Goldfields International, Freeport McMoRan, and the International Atomic Energy Agency. He is currently a non-executive director of PNX Metals. He was previously a non-executive director of Gold Australia NL and chaired the advisory board of a Luxembourg-based private equity fund between 2014 and 2021.
Halcones Precious Metals Announces Additional Outcrop Chip Channel Sample Results Extending Mineralized Footprint to the South at Polaris Gold Project, Antofagasta Region Chile
Halcones Precious Metals Corp. (TSX – V: HPM) (the “Company” or “Halcones”) is pleased to announce additional results from the recent field program at the Polaris gold project, Chile (“Polaris” or the “Project”). Polaris is a large, highly prospective gold project that has never been drilled. No modern exploration has been carried out to date other than basic rock sampling and mapping. Surface bedrock sampling performed by Halcones’ geologists has extended the strike length of a trend of assay results, comprising more than 400 rock samples, many grading greater than 1g/t gold, to 3.9 km. This trend remains open for another 2km to the north and 1.5 km to the south before reaching property boundaries.
According to Ian Parkinson, CEO of Halcones, “It is exceedingly rare to see such an extensive and highly mineralized gold trend that has never been drilled. In more than ten years as a senior mining analyst for leading financial institutions, there is not a single project I have seen that shows such extensive mineralization in outcrops and no history of systematic exploration. We are very excited by the prospectivity of this project”.
Halcones’ geologists recent field work was focused on mapping and sampling a priority area within the North Zone (Figure 1) resulting in an expanded priority target. This area has consistently returned high grade results from surface sampling. Several highly prospective drill targets have been outlined through this sampling program in the North Zone (see Figure 2). Sampling completed by the Company has increased the gold mineralized footprint by approximately 210% from the area first observed by the optionors of the Project. Company geologists believe that the North and South Zones may merge into a single large gold anomaly, further increasing the potential of the Project. Sampling is limited in the area between the North and South Zone due to the presence of thin overburden cover. The next phase of exploration will focus on better defining the extension of the anomalous gold in this area to confirm the current geological interpretation of the field team. Additional sampling to explore and expand the anomaly to the north and east will also be done as part of the next stage of exploration.
Highlights:
- Select highlights from the last batch of 44 assays include 29.04, 10.67, and 3.54 g/t Au, hosted primarily in stockwork (see Figures 3 & 4). These results are in addition to the 20.05, 13.08, 8.54 and 6.67 g/t Au previously reported (see February 4th,2025 press release for details). The samples consisted of continuous 1m long chip samples to ensure representative sampling. The program prioritized sampling of stockwork as opposed to larger quartz veins. Gold bearing stockwork (see Figures 3 & 4) at surface has been sampled over approximately a 250m X 500m area and the limits of this mineralized zone are unknown. Several high-grade target areas have been identified. However, the entire area may represent a large, bulk minable target if continuity between bedrock samples is established. See Figure 2 for locations of samples.
- The North Zone sample area with the greatest concentration of high-grade surface samples has been expanded to the South. Sampling by Halcones’ geologists returned values consistent with work done by the optionors of the Project and extended the known area of high-grade mineralization to more than double that previously outlined. The approximate surface area of this target containing multiple surface samples above 1 g/t is 12.3 hectares.
- High grade mineralization continues to exhibit a strong structural control. In the reported sampling area (Figure 2), high grade samples continue to occur on the southwest side of a structural break. Approximately 40% of the surface area in the northwest portion of the Project area has a thin layer of colluvial cover and this has seen limited sampling. The Company plans to expand its sampling through this thin cover when approvals are in place.
- Halcones believes there is potential for a larger tonnage surface deposit of vein and stockwork hosted mineralization within the highly fractured granodioritic rocks adjacent to fault splays associated with the continental scale, Atacama Fault System in the area. Extensive gold mineralization has been identified by surface bedrock sampling over 3.9 km of strike length along these structures on the property to date.
Ian Parkinson, CEO and Director of Halcones:
“We are very excited by the results of our first field program at Polaris. These results have confirmed what we had hoped for at Polaris. In a few weeks of field work we have materially expanded the initial areas of interest and several very clear targets for future drilling have emerged. It is rare to see such broad anomalous gold at surface. Much of the Project area remains sparsely sampled and mapped. Our technical team is currently making plans to get back into the field”.
About The Recent Field Program:
The were two main objectives of the field program.
1) Expand the footprint of the known mineralization in the Northwest corner of the North Zone (See Figure 1).
2) Test and better define the extent of mineralized stockwork as a lower grade bulk tonnage opportunity adjacent to the known vein hosted mineralization.
This first field program has successfully expanded the surface area of mineralization (see Figure 2) and confirmed the presence of extensive stockwork hosted gold mineralization at surface.
Sampling previously performed on Polaris identified the northwest section of the North Zone as a priority area (see Figure 1). In recent field work, Halcones’ geologists increased the density of sampling and expanded the surface footprint of sampling in this priority area (see Figure 2). Halcones’ geologists took a total of 140 samples during the recent field campaign. All assays from this program have been received, of which 31 returned values above 1 g/t Au.
This sampling program has successfully expanded the surface expression of the work completed previously on Polaris. Additionally, stockwork mineralization has been confirmed over a broader area. The presence of mineralized stockwork over an extensive area supports Halcones’ geologist interpretation that bulk tonnage deposit potential exists at Polaris. Sampling has been limited in certain areas due to the presence of a thin layer of colluvial cover. Sampling programs are being planned to test bedrock below this this cover.
Halcones’ geologists have been working with a geological model that Polaris holds potential for a large-scale bulk tonnage open pit operation. The presence of mineralization in stockworks in the wall rocks away from the historically mined, mineralized veins is a crucial component of this model that is present at Polaris. This stockwork is believed to have a similar genesis to the vein hosted mineralization previously exploited by artisanal miners but was never targeted. The stockwork mineralization is not visually obvious due to a general lack of associated sulfide minerals. The 17 known small scale mines in the Project area exploited very high-grade veins with no focus on the stockwork adjacent to the veins.
Figure 1: Polaris Project sampling has identified gold mineralization over a 3.9 km extent in an area that has never been drilled.
Figure 2: Polaris North Zone field program results with recent assays represented.
The stars are Halcones’ samples, the dots are samples by the optionors.
Figure 3: Example of typical mineralized stockwork in outcrop. The rock is highly transected by randomly oriented hairline fractures that commonly contain sub-millimetre to several millimetre quartz veins that are thought to contain the gold. The host is typically tonalite to granodiorite, which has been fractured adjacent to the fault systems in the area. Visually, there are few indications of mineralization.
Figure 4: Example of stockwork mineralization exhibiting larger quartz veinlets. The mineralized rock is characterized by multiple veinlets and fractures at various orientations.
About The Sampling Process
Using a hammer and a rock chisel, a chip sample is carried out uniformly over at least 1 meter sections, ensuring complete collection and homogeneity in order to achieve proper representation of the sample. The sample is collected perpendicular to the dominant strike of the structures and the sample mass must be a minimum of 2 kg. In the event that the outcrop presents some mineralized structure, an independent sample will be taken only from the mineralized structure and an independent sample from the host rock on both sides of the structure. This process is designed to limit bias due to high grading sample collection.
All samples were bagged and sealed on site and delivered directly by the Project Geologist to ANDES ANALITYCAL ASSAY Laboratory in Copiapó, Chile. After sample preparation at ANDES ANALITYCAL ASSAY Laboratory in Copiapó, split pulp samples were shipped to ANDES ANALITYCAL ASSAY in Santiago, Chile for assaying gold by fire assay (AEF_AAS_1E42-FF), and for analyzing 34 other elements, including silver, by four acids (ICP_AES_AR34m1).
ANDES ANALITYCAL ASSAY is an independent laboratory certified with a global quality management system that meets all requirements of International Standards ISO/IEC 17025:2017, includes its own internal quality control samples comprising certified reference materials, blanks, and pulp duplicates.
Qualified Person
The scientific and technical information in this news release has been reviewed and approved by Mr. David Gower, P.Geo., as defined by National Instrument 43-101 of the Canadian Securities Administrators.
About Halcones Precious Metals Corp.
Halcones is focused on exploring for and developing gold-silver projects in Chile. The Company has a team with a strong background of exploration success in the region.
For further information, please contact:
Vincent Chen, CPA
Investor Relations
vincent.chen@halconespm.com
www.halconespreciousmetals.com
Cautionary Note Regarding Forward-looking Information
This press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. Forward-looking information includes, without limitation, regarding the prospectivity of the Project, the mineralization of the Project, the Company’s exploration program, the Company’s ability to explore and develop the Project and the Company’s future plans. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. Forward- looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Halcones, as the case may be, to be materially different from those expressed or implied by such forward-looking information, including but not limited to: general business, economic, competitive, geopolitical and social uncertainties; the actual results of current exploration activities; risks associated with operation in foreign jurisdictions; ability to successfully integrate the purchased properties; foreign operations risks; and other risks inherent in the mining industry. Although Halcones has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. Halcones does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Heliostar Metals: Gold Miner with a Portfolio of Producing, Developing Gold Projects in Mexico
Heliostar Metals (TSXV:HSTR,OTCQX:HSTXF,FRA:RGG1) is an emerging mid-tier gold producer with a clear, execution-focused strategy. The company is on track to go from no gold production in 2023 to 150,000 ounces of annual gold production in just a couple of years. Aiming to unlock high-grade gold production in Mexico’s premier mining regions, Heliostar presents a compelling investment opportunity for investors looking to capitalize on a continued gold bull market.
The company holds two operating mines (San Agustin and La Colorada), two advanced development projects (Ana Paula and Cerro del Gallo), and two additional growth assets (San Antonio and Unga in Alaska). Heliostar is strategically positioned to fund growth through internal cash flow while continuing to expand its resource base.
Pro Forma Total Gold ResourcesHeliostar Metals looks forward to scaling its gold production to 150,000 ounces per year in the near term by leveraging producing mines and development assets. San Agustin and La Colorada provide immediate cash flow and serve as the foundation for production growth. At La Colorada, a permitted expansion plan allows for low-cost increases in output, while the advancement of Ana Paula Phase 1 will significantly enhance production capacity.
Company Highlights
- Heliostar Metals is rapidly advancing from a junior explorer to a mid-tier gold producer, targeting 150,000 oz per year in the near term and 500,000 oz annually by 2030.
- Heliostar has rapidly expanded its portfolio with key acquisitions, now controlling two producing mines and four advanced-stage growth assets in Mexico. Added 3.5 million measured and indicated gold ounces for just US$15 million, reinforcing a capital-efficient growth model.
- The company prioritizes capital discipline and low-cost acquisitions to expand its asset base and maintain a lean financial structure. Unlike many juniors who dilute shareholders to grow, Heliostar leveraged gold production cash flows to drive project development.
- Its flagship project, Ana Paula, is one of Mexico’s highest-grade undeveloped gold projects. The Heliostar team took on the permitted open pit design and revised it to an underground operation. The current mine plan has potential to produce more than 100,000 gold ounces per year.
- In 2024, Heliostar acquired the La Colorada and San Agustin gold projects. Production at these two mines provide immediate cash flow. That funds Heliostar’s exploration and development without significant dilution.
- CEO Charles Funk leads a seasoned team of mine builders and exploration experts with a track record of developing world-class deposits.
- The company also features a favorable shareholder registry: 53 percent institutional investors, 42 percent high-net-worth and retail investors, and 5 percent held by the board and management.
This Heliostar Metals profile is part of a paid investor education campaign.*
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JZR Gold Enters into Loan Agreement
February 11, 2025 TheNewswire - Vancouver, British Columbia, Canada JZR Gold Inc. (the " Company " or " JZR ") ( TSX-V: JZR ) announces that it has entered into a loan agreement with Eco Mining Oil & Gaz Drilling and Exploration Ltda. (" Eco ") dated September 30, 2024, pursuant to which the Company agreed to lend to Eco up to US$2,000,000 (the " Loan "). The Loan, which bears no interest, is to be advanced to Eco in tranches upon request by Eco. Pursuant to the terms of the Loan, the Company shall have no obligation to advance or make available any funds to Eco and any funds so advanced shall be at the sole discretion of the Company. As of the date of the Loan Agreement, the Company had previously advanced the sum of US$1,800,000 to Eco, which amount forms part of the Loan. Eco may pay back any amount outstanding under Loan at any time without penalty.
The Company possesses a right to receive a 50% net profit interest in gold produced from the Vila Nova gold project located in the State of Amapa, Brazil (the " Project "). The Project is currently being developed by Eco as the operator. Eco commissioned the manufacture and installation of a gravimetric mill (the " Mill ") for the Project, which Mill has been assembled and is being tested. The Company has advised that Eco requested financial assistance from the Company in order to advance, acquire and assemble the Mill and to further advance the Project. Management of the Company has determined that it is in the best interest of the Company to advance funds to Eco in order to enable Eco to acquire the Mill, bring it into operation and to further advance the Project, and has agreed to advance funds under the Loan to Eco specifically for the foregoing purposes.
As security for the Loan, Eco has pledged to the Company the Mill and certain rights of Eco pursuant to an agreement between Eco and the Cooperative dos Garimpeiros do Vila Nova.
The Company is at arm's length with Eco and is not a "related party" of the Company within the meaning of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions . The Loan is subject to acceptance of the TSX Venture Exchange.
For further information, please contact:
Robert Klenk
Chief Executive Officer
rob@jazzresources.ca
Forward-Looking Statements
This news release contains forward-looking statements, which includes any information about activities, events or developments that the Company believes, expects or anticipates will or may occur in the future. Forward-looking statements in this news release include statements with respect to respect to the details of the Loan, including the repayment terms and the anticipated use of proceeds by Eco. Forward-looking information reflects the expectations or beliefs of management of the Company based on information currently available to it. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information. These factors include, but are not limited to: risks associated with the business of the Company; business and economic conditions in the mineral exploration industry generally; the supply and demand for labour and other project inputs; changes in commodity prices; changes in interest and currency exchange rates; risks related to inaccurate geological and engineering assumptions; risks relating to unanticipated operational difficulties (including failure of equipment or processes to operate in accordance with the specifications or expectations, unavailability of materials and equipment, government action or delays in the receipt of government approvals, industrial disturbances or other job action and unanticipated events related to health, safety and environmental matters); risks related to adverse weather conditions; geopolitical risk and social unrest; changes in general economic conditions or conditions in the financial markets; and other risk factors as detailed from time to time in the Company's continuous disclosure documents filed with the Canadian securities regulators. The forward-looking information contained in this press release is expressly qualified in its entirety by this cautionary statement. The Company does not undertake to update any forward-looking information, except as required by applicable securities laws.
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 press release.
Copyright (c) 2025 TheNewswire - All rights reserved.
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Joint Venture Secured over Advanced Gold Project in Western Australia’s World Class Gold Mining District
Highlights
- Cazaly signs binding term sheet with Brightstar Resources to earn up to 80% of the Goongarrie Gold Project located in the Kalgoorlie-Menzies district in the Eastern Goldfields of Western Australia
- The Project covers 12km strike of the Bardoc Tectonic Zone-Boulder Lefroy Shear Zone (BTZ), host to multiple world class gold deposits
- Several high priority gold drill targets with growth potential
- Gold mineralisation at the Hastings prospect extends for over 1km, and is open along strike and at depth. Anomalous intercepts include 38m @ 3.1g/t gold1
- Cazaly to spend up to $3M on exploration to earn staged equity up to 80% of the Goongarrie Project
Cazaly’s Managing Director, Tara French comments:
“The Goongarrie gold project presents Cazaly with an outstanding opportunity to explore for new gold resources in a multi-million-ounce gold district. The sizeable land package has multiple gold targets
and is largely untested at depth. We are very much looking forward to generating new gold targets and drill testing the existing prospects. With the gold price breaking A$4,600 oz for the first time, and with a positive pricing outlook, it’s the perfect time for Cazaly to get back into gold. We are pleased to have entered into the agreement for nil cash or scrip consideration with all funding going ‘into the ground’. We look forward to advancing this project and to working closely with our new partners at Brightstar to maximise value for shareholders.”
Goongarrie Gold Project
Goongarrie is located in the northeastern goldfields, 90km north of Kalgoorlie, and is easily accessible via the Goldfields Highway that runs along the western boundary of the project area. The Project consists of 70km2 of greenstone sequence within the Kalgoorlie Terrain.
Figure 1. Regional location - Goongarrie Gold Project.
Importantly the Project covers twelve kilometers of the Bardoc Tectonic Zone (BTZ), which is the northern extension of the Boulder-Lefroy Shear Zone (BLSZ) to the south, one of the richest gold mineralised structures in the Yilgarn Craton. Subsequent exploration activities have identified two additional subparallel N-S structures that also have the potential to host significant gold deposits.
Material Terms of Joint Venture Agreement
The terms of the earn-in joint venture agreement for the Goongarrie Project, subject to Cazaly completing due diligence, are:
- Cazaly to expend an initial $1m on exploration to earn a 25% interest;
- Expend further funds of $1m to earn a 51% interest;
- Expend further funds of $1m to earn to an 80% interest.
Tenements included in the Goongarrie Project are listed in Table 1.
Project History
The Goongarrie Project was acquired by Kingwest Resources Ltd (KWR) in 2019. In May 2023 KWR merged with Brightstar Resources Limited whose focus has now shifted away from the Goongarrie project following their recent merger with Alto Metals Ltd (ASX: AME)i.
Prior to KWR acquiring the Project, very little exploration activity had been completed across the project as work was focused at Menzies and Kalgoorlie. Historic work included soil sampling, trenching, auger drilling, shallow aircore drilling, and limited RC drilling. This work targeted oxide gold mineralisation at surface associated with the Bardoc Tectonic Zone-Boulder Lefroy Shear Zone (BTZ). Two gold deposits along the BTZ were initially mined in the late 1980s at Jennys Reward, and Goongarrie Lady which was recently re-commissioned by a private group. There is potential for the discovery of new gold deposits undercover along the 12km strike length of the BTZ and along largely untested parallel mineralised structures that run N-S through the length of the project.
Click here for the full ASX Release
This article includes content from Cazaly 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.
Earn-In with Cazaly Resources over Non-Core Goongarrie Project Streamlines Portfolio
HIGHLIGHTS
- Brightstar has signed a binding Term Sheet with Cazaly Resources Limited under which Cazaly is granted an option to elect to earn up to an 80% interest in the Goongarrie Gold Project by sole funding exploration expenditure of up to $3 million, as follows:
- Upon exercising the option, Cazaly to spend $1 million on expenditure over an initial 12-month period to earn a 25% interest;
- Cazaly to spend an additional $1 million on expenditure over a further 18-month period to earn an additional 26% interest (aggregate 51% interest); and
- Cazaly to spend an additional $1 million on expenditure over a further 18-month period to earn an additional 29% interest (aggregate 80% interest)
- Upon Cazaly earning an interest in the Goongarrie Gold Project, Brightstar and Cazaly shall form a Joint Venture
- The earn-in allows Brightstar to prioritise operational and development activities, with Definitive Feasibility Study workstreams advancing and current mining operations at Second Fortune complemented by start-up works at the Fish underground project
- Brightstar’s exploration strategy remains focused on improving and growing existing mineral resources at projects with granted mining leases and near-term commercialisation pathways, such as the Sandstone, Menzies and broader Laverton project areas
Brightstar’s Managing Director, Alex Rovira, commented:
“With our focus on development and mining operations across the broader Eastern Goldfields and Murchison regions, we are delighted to have attracted a quality partner in Cazaly to explore the Lake Goongarrie area in greater detail, while retaining exposure and upside to exploration success with the joint venture.
Our focus in the general Menzies area is on the Lady Shenton System where we are defining a large open pit mining complex as part of our DFS, whilst we continue to explore and assess other deposits such as Yunndaga and the Link Zone for future mining opportunities to increase our operational footprint in the Menzies area.”
Figure 1 – Menzies & Lake Goongarrie tenure
Under the Term Sheet, Cazaly is granted an option, exercisable within 90 days, to elect to earn up to an 80% interest in the Goongarrie Gold Project shown in Figure 1 (which is a combination of wholly owned tenements and tenements where Brightstar holds gold rights). The exercise of the option by Cazaly is subject to satisfaction of certain conditions precedent, including due diligence on the Goongarrie Gold Project by Cazaly, the tenements being in good standing and certain deeds of assignment being entered into with parties that have rights in respect of the Goongarrie Gold Project.
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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