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Burns Resource Drill-Out – Update #2 Outstanding Gold Intersection On Lake Randall
- The Burns Resource Drill-out program consists of 80 RC holes over 700m of strike length, with each hole evaluating a vertical depth of approximately 200m. Fifty-one holes have been completed, with the remaining 29 holes planned to be drilled before the end of December 2022.
- Gold only assay results have been received for holes LRR001-LRR003 located on Lake Randall, and 160m to the north of the Burns discovery hole, LEFR260. Copper and multi element results are pending.
- Hole LRR003, which is within the Central Porphyry zone, intersected an outstanding long downhole interval of gold mineralisation from immediately below the transported cover, as follows:
LRR003 – 103 m @ 1.65g/t Au from 25 m, including 38 m @ 3.83g/t Au from 26 m
- Drilling is currently underway to the north of these holes, where the mineralised system remains untested and open.
- Holes LRR001 and LRR002 were east of the Central Porphyry zone and returned weak gold values (0.4-0.6g/t) over downhole lengths of 20-30m.
- Assay results for the remaining 77 holes in the Burns Resource Drill-out program, including base metal values which are slower to be reported than the gold results, will be received between December 2022 and January 2023. Updates will be released as assays are received.
- The Burns Resource estimate will be finalised in Q1/2023.
A maiden 22-hole Reverse Circulation (RC) drill program completed in Jan-Feb 2021 intersected a spectacular gold and copper interval in hole LEFR260, containing 38m @ 7.63g/t Au & 0.56% Cu from 134m in diorite porphyry. The results from that RC program provided the geological and geochemical data that highlighted the unique geological characteristics of Burns and are a key guide to subsequent and ongoing exploration activity.
Further targeted aircore, RC and diamond drilling at Burns since January 2021 has established a broad footprint to the system that extends beneath Lake Randall, with the limits of mineralisation still to be fully defined. The system may extend for 2000 metres or more along strike, based on drilling between Lovejoy in the north and the main Burns Central area in the south.
Reverse Circulation (RC) Resource Drill Program
In October 2022, the Company commenced the Burns Resource drill-out program of 15,000 planned metres to evaluate the Burns Central system to 200 metres vertical from surface and over 700 metres of strike (Refer LEX ASX Release 6 October 2022). The data from this program, when combined with previous drilling data, will support the compilation of a mineral resource estimate to be finalised in Q1/2023.
To date, 51 holes for 12,798 metres have been completed, both onshore (land-based) and offshore on Lake Randall (salt-lake based). Drill spacing is a nominal 40 metre by 40 metre grid pattern, with angled holes planned to a nominal final hole depth of 250 metres. The drill program is designed to evaluate the three key geological domains at Burns Central being the Central Porphyry, Western basalt, and Eastern deformation zone.
Gold only assay results have been returned for three drill holes, LRR001-003 (Table 1), collared to follow up multiple mineralised gold and copper intersections identified in previous aircore drilling.
The previous aircore drilling on Lake Randall (refer LEX ASX release 21 February 2022) 160m to the north of discovery hole (LEFR260), included significant mineralised intercepts of:
- 16m @ 3.79 g/t Au from 20m in LEFRA1088; including
- 8m at 7.31 g/t Au from 20m
- 24m @ 2.86 g/t Au from 16m to End-of-Hole in LEFA1089; including
- 16m @ 4.04g/t Au from 20m
Importantly hole LEFA1089 (Figures 1-3) ended in gold and copper mineralisation that included 8m at 1.91g/t gold and 0.31% copper from 32m to the end of hole. These results and those from other holes immediately northeast of the discovery section demonstrate the wider footprint of the Burns system.
Click here for the full ASX Release
This article includes content from Lefroy Exploration Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Nimbus Zinc Silver Project Update
Horizon Minerals Limited (ASX: HRZ) (“Horizon” or the “Company”) is pleased to provide an update on the Nimbus silver-zinc project, adjacent to the Boorara gold mine, 17km east-southeast of Kalgoorlie-Boulder in the goldfields of Western Australia (Figure 1).
HIGHLIGHTS
- The current global Mineral Resource estimate for Nimbus stands at:
- 12.1Mt grading 52g/t Ag for 20.24Moz of silver and 0.9% Zn for 106kt zinc 1
- A high-grade subset exists within this global resource immediately below the historical pits and has a Mineral Resource estimate of:
- 260kt grading 774g/t Ag for 6.4Moz silver and 12.8% Zn for 33kt zinc 1
- Concept study has confirmed the optimal economic development pathway through mining of the higher-grade lodes and generation of a silver / zinc concentrate with more drilling required to increase overall tonnage and mine life 2
- Silver currently trading at A$42/oz and zinc at A$4,000/t
- A Programme of Work (POW) has been approved by DEMIRS and drilling expected to be undertaken in the first half of 2025 to drill test the exploration target 3
- Exploration Target defined below Nimbus to be tested.
Commenting on the Nimbus silver-zinc project, Horizon Managing Director and CEO Mr Grant Haywood said:
“We see the potential to grow the higher-grade core within the Nimbus resource at depth down plunge and along strike. Whilst we are firmly focussed on delivering on gold production at Boorara and Phillips Find, the Company will continue working to develop a longer-term production profile at Nimbus. We look forward to undertaking drilling in 2025 with the aim of increasing the resource prior to re-instigating a feasibility study for the project”.
Cautionary Statement – Exploration Target
The potential quantity and grade of the Exploration Target is conceptual in nature. There has been insufficient exploration to estimate a Mineral Resource and there is no certainty that further exploration work will result in the determination of mineral resources. See the basis of exploration target on pages 6 and 15-17, also Tables on pages 21-24, Competent Persons Statement on Pages 18.
Figure 1: Kalgoorlie project area locations and surrounding infrastructure
The Nimbus Project is sits 2km east of the Company’s cornerstone Boorara project and 6.5km north- northwest of Golden Ridge. Both Boorara and Golden Ridge are historic gold mining centres, with Boorara recommencing production activities.1 The Nimbus mine site on granted mining leases M26/490 and M26/598 and easily accessed from the Kalgoorlie-Bulong Road via an unsealed haul road. The tenements are located within the Hampton Hill Pastoral Station (Figure 2).
The Nimbus Project was mined by Polymetals in two stages. Phase 1 (Jan 2004 – April 2005) concentrated on mining extremely weathered oxide material in the Discovery and East Pits. Phase 2 (Nov 2005 – May 2006) concentrated on mining remnant oxide and supergene material from the Discovery Pit. Ore treatment was undertaken at an onsite mill utilising a Merrill-Crowe circuit.
The Nimbus Silver-Zinc Project was placed on care and maintenance in 2007 after producing 3.6 Moz of silver from 318 kt of ore processed at a grade of 353 g/t Ag.
Click here for the full ASX Release
This article includes content from Horizon 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.
Newmont's Lori Douglas Honored as a 2024 Paradigm for Parity Woman on the Rise
Newmont Corporation (NYSE: NEM, TSX: NGT, ASX: NEM, PNGX: NEM) today announces Lori Douglas , Newmont's Head of Productivity for North America, has been honored as one of Paradigm for Parity's Women on the Rise for 2024. This recognition, in acknowledgement of Women's Equality Day, highlights Lori's exceptional leadership, commitment to advancing women in the workplace and continued efforts to promote diversity and inclusion.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240827356045/en/
![Newmont's Lori Douglas Honored as a 2024 Paradigm for Parity Woman on the Rise (Photo: Business Wire)](https://mms.businesswire.com/media/20240827356045/en/2226582/4/image.jpg)
Newmont's Lori Douglas Honored as a 2024 Paradigm for Parity Woman on the Rise (Photo: Business Wire)
"Lori is a leader who has consistently worked to advance and inspire colleagues around the business," said Jennifer Cmil, Newmont's Chief People Officer. "Through her thoughtful leadership initiatives at the Cripple Creek and Victor mine, she has championed IDE practices while also helping to drive important cultural shifts to improve employee experience in the workplace. This recognition is a powerful testament to her commitment to cultivating an innovative and equitable workplace, particularly in a historically male-dominated industry."
The "Women on the Rise" award celebrates women who are not only rising stars in their companies but are also striving to be catalysts for change. Recipients of the award embody leadership qualities such as courage, innovation, authenticity, creativity, and a dedication to fostering environments where diversity and inclusion thrives, and where women can excel.
"The issue of gender parity feels more urgent than ever before, and these honorees have gone above and beyond to catalyze change and continue moving our mission forward," said Nadine Bullock-Pottinga, Paradigm for Parity CEO. "We look forward to seeing the contributions that these powerful women make in their workplaces and beyond."
In addition to her role as Head of Productivity for North America, where she oversees productivity improvements across seven sites, Lori has demonstrated an unwavering commitment to driving change. As the executive sponsor of the Cripple Creek & Victor mine's Women and Allies Business Resource Group, she has spearheaded efforts to break down barriers for women, ensuring that opportunities in mining are accessible and equitable for all. Her leadership has been instrumental in fostering a workplace where diverse voices are not only heard but also can contribute to the organization.
Paradigm for Parity is dedicated to addressing systemic barriers to close the gaps in gender and racial parity and transforming corporate culture to ensure all individuals can thrive. As a proud founding member of the coalition in 2016, Newmont joined as a reflection of its commitment to closing the gender gap and creating a supportive and inclusive work environment for all.
To learn more about the fight for gender parity and the 2024 Women on the Rise nominees, please visit Paradigm for Parity .
About Paradigm for Parity
As a nonprofit founded by a group of women executives in 2015, the Paradigm for Parity® coalition supports its 150+ member companies around the world in achieving gender parity including racial equity in their corporate leadership within 15 years of joining the coalition. The organization develops and promotes actionable strategies that transform corporate culture, so that women of all races, cultures and backgrounds have equal power and opportunity.
About Newmont
Newmont is the world's leading gold company and producer of copper, zinc, lead, and silver. The company's world-class portfolio of assets, prospects and talent is anchored in favorable mining jurisdictions in Africa, Australia, Latin America & Caribbean, North America, and Papua New Guinea. Newmont is the only gold producer listed in the S&P 500 Index and is widely recognized for its principled environmental, social, and governance practices. Newmont is an industry leader in value creation, supported by robust safety standards, superior execution, and technical expertise. Founded in 1921, the company has been publicly traded since 1925.
At Newmont, our purpose is to create value and improve lives through sustainable and responsible mining. To learn more about Newmont's sustainability strategy and initiatives, go to www.newmont.com .
View source version on businesswire.com: https://www.businesswire.com/news/home/20240827356045/en/
Media Contact:
Jennifer Pakradooni
globalcommunications@newmont.com
Investor Contact:
Neil Backhouse
investor.relations@newmont.com
News Provided by Business Wire via QuoteMedia
Gary Wagner: Gold's Next Price Target is US$2,700, Can Silver Catch Up?
Gary Wagner, executive producer TheGoldForecast.com, shared his outlook for gold, using technical analysis to explain how the yellow metal could rise to the US$2,700 per ounce level by the first quarter of 2025.
He also discussed the US Federal Reserve's upcoming interest rate turnaround and what it means for gold.
"To me what is most important is not that they're signaling a rate cut in September — it's much more than that," said Wagner, who is also a frequent Kitco News contributor. "They are signaling a major pivot from a highly restrictive to a highly accommodative monetary policy that's end goal is interest rate normalization."
When it comes to silver, Wagner said its previously high correlation with gold has dissipated. While he's perplexed about why this has happened, he believes US$33 per ounce has essentially become the new US$50 for silver.
"My sense is a breakout would have to occur after we have a solid base in silver above US$30. If that's the case, we would have to see if it continues to climb — how it reacts to US$33 and US$32," he explained.
"I think that the first area of resistance comes in around US$30, and then US$33. I would need to see silver break above US$33 on a closing basis for a period of time — a week, 10 days — before I would feel bullish enough about silver to say the next price level is now going to be where silver moves to. And that would be US$40," Wagner added.
Watch the interview above for more from Wagner on gold, silver and the US economy.
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.
De Grey Mining Gets AU$150 Million Loan for Hemi Gold Project from Australia's NAIF
Gold explorer and developer De Grey Mining (ASX:DEG,OTC Pink:DGMLF) announced the receipt of AU$150 million in debt funding from the Northern Australia Infrastructure Facility (NAIF) on Monday (August 26).
The loan is intended for the development of the company’s 100 percent owned Hemi gold project in the Pilbara region, which De Grey says has the potential to be a large-scale, low-strip-ratio and low-cost open-pit operation.
The funds will form part of a lending syndicate that is expected to provide a AU$1 billion senior debt facility and a AU$130 million cost overrun facility. Along with De Grey's existing cash balance, this money is anticipated to be enough to finance Hemi's development. The company said it has received credit-approved terms from local and international commercial banks that can support the targeted funding levels for the debt facilities.
"We appreciate the strong support for the development of Hemi shown by NAIF and would like to acknowledge the important role played by the Minister for Resources and Northern Australia, Hon. Madeleine King MP and the Special Envoy for Northern Australia, Luke Gosling OAM,” commented Glenn Jardine, managing director of De Grey.
“This project will boost economic and social outcomes for people living and working in the Pilbara,” King said in a separate release, citing more than 1,700 jobs during construction and operation as benefits to the local community.
“This funding is part of more than AU$4.5 billion committed by the Australian Government through NAIF to spur development across a range of industries in the north,” added Gosling.
Included in the terms agreed on by De Grey and NAIF is the commitment to continue engaging with the Kariyarra People, the native title holders of the land on which Hemi is located, and to drive positive outcomes for traditional owners.
Hemi is located on Kariyarra lands and has a resource estimate of 10.5 million ounces of gold. Hemi remains open in multiple directions, and De Grey believes there is potential to further extend mineralisation.
“(The project) will also support the preservation of Aboriginal cultural heritage and land management through the establishment of a ranger program within Kariyarra country around the Hemi area," said Jardine.
De Grey is aiming to finalise all documentation for the debt facilities by December of this year. A final investment decision will follow depending on when the company receives final environmental approvals.
Don’t forget to follow us @INN_Australia for real-time news updates!
Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.
Aura Minerals Delays Construction at Matupá Gold Project to Maximize Potential
Aura Minerals (TSX:ORA,OTCQX:ORAAF) announced plans to delay the start of construction at its Matupá gold project in Brazil after acquiring the right to explorethe Pezão and Pé Quente projects in mid-May.
The company said it is revising its strategy in order to maximize the region’s geological potential. In addition to its plans for Pezão and Pé Quente, Aura is conducting ongoing exploration at the Serrinhas and X2 targets.
Pezão and Pé Quente cover six mineral rights and span over 28,000 hectares in the Alta Floresta gold province. The company said in its mid-May announcement that it was planning to invest US$1.6 million over 12 months to complete 13,000 meters of drilling at the assets. Its goal is to further assess mineralization continuity and grades.
Historical data from the Pezão and Pé Quente sites suggests they contain gold mineralization, though Aura notes that these figures have not yet been confirmed through modern exploration techniques.
With the delay in construction at Matupá, Aura is withdrawing its projection that it will be able to produce 450,000 gold equivalent ounces annually by the end of 2025. However, it expects to exceed that level in the coming years.
CEO Rodrigo Barbosa explained in a press release that the decision to postpone construction reflects the company’s commitment to optimizing its capital investments in favor of shareholder benefits.
"The decision to postpone the Matupá construction reflects our strategy of maximizing the returns on the invested capital. We recognize the significant geological potential of the region, which could substantially increase returns of the Project to our shareholders,” he stated in the company’s Monday (August 26) announcement.
In the meantime, Aura remains focused on increasing productivity across its existing operations.
The company noted that it has already made strides in expanding the production capacity of its Brazil-based Almas gold mine, where it commenced operations in August 2023. Almas’ initial capacity of 1.3 million metric tons per year is expected to increase to 1.8 million metric tons by 2025. It currently stands at 1.5 million metric tons.
Aura is also advancing construction of the Borborema gold project, with output set to begin in early 2025.
Currently the company operates four mines across the Americas. In addition to Almas, it holds the Aranzazu copper-gold-silver mine in Mexico, the Minosa (San Andres) gold mine in Honduras and the Apoena (EPP) gold mine in Brazil.
Don’t forget to follow us @INN_Resource for real-time news updates!
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
Artemis Gold Ordered to Dismantle Unauthorized Worker Camp at Blackwater Project
Artemis Gold (TSXV:ARTG,OTC Pink:ARGTF) has reportedly been directed by BC's Environmental Assessment Office (EAO) to dismantle an unauthorized worker camp at its Blackwater gold asset.
According to CBC, the camp, which has at least 48 accommodation units and is located 110 kilometers south of Vanderhoof, BC, is not in compliance with provincial regulations following an on-site inspection.
The inspection took place on May 14 and showed that the camp is not permitted under Artemis' environmental certificate. Blackwater's existing certificate allows for a main construction camp accommodating up to 1,000 workers and an operations camp for 500 workers, both of which must be located within designated site boundaries.
The camp, located at the Chu site, also contains three generators and potable water storage. It was established to support workers involved in the construction of the Blackwater project’s transmission line.
CBC notes that Artemis acknowledged the situation through a statement, explaining that the camp was set up after the company received a permit transfer from a previous holder in March of this year. The site had been abandoned by its previous occupant, and Artemis invested US$200,000 in site remediation, including the removal of old infrastructure.
The company also said the camp was intended as a temporary arrangement to support construction efforts. When the non-compliance was identified by the EAO, Artemis was ordered to cease operations at the site by August 7.
However, the EAO granted an extension to August 21, allowing wildfire contractors to use the camp temporarily due to emergency operations in the area. The camp must be fully dismantled by 6:00 p.m. PDT on August 31.
Artemis has said work is already underway to comply with the order. Workers previously housed at the camp have been relocated to the main construction camp at the Blackwater site.
The Blackwater project is one of BC's largest mining developments. It is expected to produce gold and silver for over 17 years, with a daily milling capacity of 60,000 metric tons. Construction of the project was approximately 87 percent complete as of a July 30 update, with first gold production targeted for the fourth quarter of the year.
Don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
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