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Canadian Gold Corp. Makes New Gold Discovery Next to Agnico Eagle's Hammond Reef Deposit Samples 35.4 and 7.1 gpt Gold
Canadian Gold Corp. (TSXV: CGC) ("Canadian Gold" or the "Company") is pleased to provide an exploration update on its 100% owned Hammond Reef South Project, located near Atikokan, Ontario, and adjacent to Agnico Eagle's fully permitted Hammond Reef Project (Fig. 1). Hammond Reef South was acquired in 2023 as part of the Company's strategy of acquiring prospective mineral rights around Canada's largest mines and development projects, which provides additional optionality for shareholders beyond the exploration drilling currently taking place at the Tartan Mine in Manitoba.
Highlights
- Surface sampling returns 35.4 and 7.1 gpt gold at Hammond Reef South, in addition to other gold-bearing samples, discovering a new high-grade zone approximately 2 km from Agnico Eagle's Hammond Reef Deposit, which is one of the few fully permitted mine projects in Canada (Fig. 1).
- The Hammond Reef South Project had its exploration permit approved on July 24, 2024, which allows for drilling, trenching and ground geophysical work.
- The Company has applied for the Ontario Junior Exploration Program grant, which provides for 50% reimbursement for exploration expenses up to $200,000.
- Follow-up field work is scheduled to begin this week.
Hammond Reef South Project
During June of this year, a field program was initiated on the property to evaluate the surface for gold mineralization. The program successfully identified a new high-grade gold zone with assays returning 35.4 gpt, 7.1 gpt, and 2.9 gpt gold (Table 1 & Fig. 2). The Hammond Reef South property is located only 2 km from Agnico Eagle's Hammond Reef Deposit, which contains a large mineral resource of more then 5 million ounces of gold and occurs in the same geological environment (Fig. 1).
Table 1. Hammond Reef South Surface Sample Highlights
Sample Number | Easting | Northing | Gold g/t |
473583 | 612360 | 5418397 | 35.4 |
473584 | 612356 | 5418401 | 7.1 |
473586 | 612358 | 5418405 | 2.9 |
Gold mineralization at the new zone occurs within a large gossanous shear-hosted quartz vein with up to 10% sulphides, mainly pyrite with accessory chalcopyrite and galena, discovered in the Northeast part of the property (Fig. 2). The vein was at least 2 metres in width and exposed for more than 10 metres along strike which remains open to the Northeast and Southwest. The strike of the vein, its mineralization and geological setting is analogous to Agnico Eagle's Hammond Reef Deposit to the north. Recent and historic surface samples are now revealing a very large 6.7 km trend of gold mineralization across the Hammond Reef South property representing a potentially significant discovery (Fig. 3).
A follow-up program has been scheduled, and will commence this week that aims to evaluate the length, width and distribution of grade at the discovery zone. The Company has also applied for the Ontario Junior Exploration Program grant, which, if accepted, would provide a 50% reimbursement for exploration expenses up to $200,000 for the project.
President and CEO Michael Swistun comments: "We are very excited with the discovery of high-grade gold on the Hammond Reef South property. We were prospecting the property looking for large, low-grade gold system like the Hammond Reef Deposit next door and this gives us a new and exciting opportunity to follow up on."
For Further Information, Please Contact:
Michael Swistun
President & CEO
Canadian Gold Corp.
(204) 232-1373
info@canadiangoldcorp.com
Qualified Person
The scientific and technical information disclosed in this news release was reviewed and approved by Wesley Whymark, P. Geo., Consulting Geologist for the Company, and a Qualified Person as defined under National Instrument 43-101.
Technical Information
The samples collected by Canadian Gold Corp. described in this news release were transported in secure sealed bags for preparation and assay by Act Labs in Thunder Bay, Ontario. The samples reported were crushed in their entirety to 80% passing -10 mesh, with one 500 g subsample split and pulverized to 95% passing 150 mesh. One 50 g aliquot was taken from the subsample for fire assay (FA) with an AAS finish. Samples over 5 g/t gold were subject to a 50 g aliquot FA with gravimetric finish.
About Canadian Gold Corp.
Canadian Gold Corp. is a Toronto-based mineral exploration and development company whose objective is to expand the high-grade gold resource at the past producing Tartan Mine, located in Flin Flon, Manitoba. The historic Tartan Mine currently has a 2017 indicated mineral resource estimate of 240,000 oz gold (1,180,000 tonnes at 6.32 g/t gold) and an inferred estimate of 37,000 oz gold (240,000 tonnes at 4.89 g/t gold). The Company also holds a 100% interest in greenfields exploration properties in Ontario and Quebec adjacent to some of Canada's largest gold mines and development projects, specifically, the Canadian Malartic Mine (QC), the Hemlo Mine (ON) and Hammond Reef Project (ON). The Company is 35% owned by Robert McEwen, who was the founder and CEO of Goldcorp and is Chairman and CEO of McEwen Mining.
CAUTION REGARDING FORWARD-LOOKING INFORMATION
This news release of the Company contains statements that constitute "forward-looking statements." Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause Canadian Gold's actual results, performance or achievements, or developments in the industry to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements.
Figure 1. Overview location of the Hammond Reef South property illustrating the location of Agnico Eagle's Hammond Reef Deposit.
Figure 2. Location of the new high-grade discovery on the Hammond Reef South property.
Figure 3. Location of the Hammond Reef South property illustrating a large 6.7 km gold trend.
Aurum to Advance Metallurgical Studies for Boundiali Gold Project
Aurum Resources Limited (ASX:AUE) is pleased to announce the appointment of MACA Interquip Mintrex (MIM) and ALS (Perth) to undertake metallurgical study activities for its Boundiali Gold Project in Côte d’Ivoire from Scoping Study level towards Pre-Feasibility Study (PFS) level.
This appointment marks the commencement of scoping study of the Boundiali Gold Project’s potential future development.
MIM’s appointment involves both an initial metallurgical testwork scope and possible ongoing works to PFS and definitive feasibility study (DFS) levels.
At the current Scoping level, MIM will:
- Design a testwork program suitable for a scoping study, mainly consisting of:
- Comminution (BWi, RWi, CWi, Ai, SMC) – oxide samples, transition samples and fresh samples.
- Gravity – oxide, transition and fresh samples followed by various variability samples.
- Grind establishment
- Leach – samples of oxide, transitional and fresh all at the optimum grind size.
- Perform regular reviews and gap analysis on the testwork program to update program if needed;
- Manage and monitoring the progress of the testwork at ALS in Perth;
- Evaluate the final scoping testwork results;
- Provide Scoping Level Process Design Criteria inputs into scoping study work;
- Design testwork program based on scoping study results to support further engineering work up to DFS level;
- Provide advice on tests to be carried out for feasibility study.
ALS Perth will undertake Comminution Tests and Cyanide Leach Testwork.
Managing Director Dr Caigen Wang said: “We are at the beginning of a very exciting phase of preliminary studies for our Boundiali Gold Project’s development. Metallurgical studies are scheduled in line with our overall gold resources definition, project scoping study and PFS. The outcome of this preliminary met study will form a critical part of the Boundiali Gold Project’s scoping study and PFS.
Aurum’s executive team enjoyed past collaboration with Mintrex and ALS Perth on metallurgical studies on Tietto Minerals’ Abujar Gold Project in Côte d’Ivoire from scoping to PFS and DFS and we look forward to this new collaboration on the very exciting Boundiali Gold Project also in Côte d’Ivoire.”
Aurum has extensive drilling programs underway at Boundiali, aimed at delivering an initial JORC Mineral Resource Estimate (MRE) in late CY2024. Aurum expects to complete 45,000m of diamond drilling in CY2024, currently with five AUE-owned and operated diamond drill rigs operating 24 hours for 6 days a week.
Preliminary gold recovery tests (ASX 22/7/2024) through bottle roll tests on 50 samples from Boundiali target BDT1 confirmed gold mineralisation is free milling, with cyanide leach recoveries consistently exceeding 93% for samples grading 0.25 g/t gold or higher. Results from the test work are encouraging, with calculated recoveries for oxidised samples ranging from 91% to 99%, averaging 97.5%. Samples above 0.25 g/t Au reported an average recovery of 93%. Fresh samples of all lithologies reported an average gold recovery of 90.3% (sandstone is the most common lithology) (Table 1).
Table 1: Average cyanide gold recovery at BDT1 by weathering and lithology
Aurum is well funded with ~$23M cash available after shareholders approved Aurum’s Tranche 2 of a $17M Share Placement announced in June and $3M SPP. Aurum received approval at the company’s General Meeting held on 6 August 2024.
Click here for the full ASX Release
This article includes content from Aurum Resources 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.
Placement of Shortfall from Rights Issue
Further to the Company’s announcement dated 10 July 2024, Tempest Minerals Limited ASX: TEM) (“Tempest” or the “Company”) is pleased to announce that it has completed the placement of the Shortfall arising from the non-renounceable pro-rata Entitlement Offer (Offer) offered on the basis of 1 new share for every five (5) fully paid ordinary shares held at an issue price of $0.008 per new share and has issued 79,573,471 shares raising a further $636,587, for a total raising of $830,602 from the Rights Issue.
Under the terms of the Offer Issue as outlined in section 1.11 of the Rights Issue Offer Document, the Directors allocated the Shortfall at their discretion to various parties who previously expressed potential interest in taking up the Shortfall.
Tempest welcomes the new shareholders and is excited to further progress our exploration at our Western Australian projects including our upcoming drilling at the Remorse Target, which is expected to begin imminently.
For managing the Shortfall, the facilitator will be paid a 6% fee and has, as part of its compensation, subscribed for 9,946,684 options exercisable at $0.016, expiring on or before 6 August 2026 at an issue price of $0.00001 (‘Options’). The Options were issued under Listing Rule 7.1.
The Board of the Company has authorised the release of this announcement to the market.
Click here for the full ASX Release
This article includes content from Tempest Minerals 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.
Mining to Commence at Phillips Find
Horizon Minerals Limited (ASX: HRZ) (“Horizon” or the “Company”) is pleased to announce that it has executed through its wholly owned subsidiary, Greenstone Resources Limited, an open pit mining Joint Venture (JV) Agreement with BML Ventures Pty Ltd (“BML” or the “Miner”) for the Phillips Find Gold Project (“Phillips Find” or “Project”).
HIGHLIGHTS
- Joint Venture (JV) Agreement executed with BML Ventures Pty Limited (BML) to develop and mine two open pits at Phillips Find
- Existing 200kt Toll Miiling Agreement executed with FMR Investments Pty Ltd (FMR) to be utilised for Phillips Find JV ore
- All management, technical, operational and maintenance roles to be undertaken by BML with oversight by the Company
- Low financial risk JV structure with BML to fund all project costs, with net cashflow after the asset recovery and repayment of costs to be split 50/50 between Horizon and BML
- Mining Proposal (MP) submitted to DMIRS and is currently under assessment
- Mobilisation and site establishment is imminent, with mining commencing in the September 2024 quarter subject to MP permit being approved
- First gold production planned for the December 2024 quarter, subject to permitting
- Processing at FMR’s Greenfields mill to be undertaken for a period of eight months under the Toll Milling Agreement
- Mining at Phillips Find is independent of mining at Boorara being treated at Norton Gold Fields’ Paddington mill, with production and cashflows now coming in from two production sources
- Current Australian gold price provides favourable environment to deliver strong margins and cashflow generation
Commenting on the JV agreement, Managing Director and CEO Mr Grant Haywood said:1
“We are pleased to have partnered up with BML Ventures, who have a proven track record of delivering projects in the eastern goldfields of Western Australia. BML will be managing and sole funding the Phillips Find JV which greatly derisks the project for the Company, particularly from a financial perspective. This agreement does not require any capital from Horizon and allows us to keep our focus on our Boorara startup. The Cannon Project will be paused until sufficient cash flows are generated from our two production sites, Boorara and Phillips Find, to sole fund rather than joint venture.
We look forward to generating cash over the next 19 months from two gold mining projects in this very strong gold price environment.”
Overview
The proposed mining project is 100% owned and located 45 km north-west of Coolgaride, Western Australia in the heart of the Western Australian goldfields (Figure 1).
Figure 1: Horizon’s project locations, regional geology and surrounding infrastructure
Phillips Find Overview
The Project covers over 10 kilometres of strike over prospective greenstone stratigraphy and includes the Phillips Find Mining Centre (PFMC) where approximately 33,000 ounces of gold has been produced between 1998 and December 2015 from three open‐pit operations; Bacchus Gift, Newhaven and Newminster.
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.
Rua Gold Planning Aggressive Drill Program for Reefton Assets in New Zealand, CEO Says
Rua Gold (TSXV:RUA,OTCQB:NZAUF,WKN:A4010V) is planning an aggressive drill program at its New Zealand assets as it aims to become a dominant Reefton Goldfields explorer.
The move comes after its acquisition of Reefton Resources, a subsidiary of Siren Gold (ASX:SNG).
“We hold the whole Reefton Goldfields now. And we take on all the data that the Siren team has compiled over the last four years. We combine that with our data, and we also take on their local team,” CEO Robert Eckford said. “The next step is getting all that data, getting that local knowledge, and actually looking across the whole district (for) the most attractive drill sites.”
The chief executive added that the company will be employing artificial intelligence tools to help in this process.
“Now we've got the opportunity to come in with the technology that's advanced over the last seven years, apply it to this region and go deeper and look for the gold shoots that continue down," he explained.
“We know that there's gold in the area, and now it's just a matter of executing our exploration program and drilling in depths.”
Rua Gold is poised to be the largest landholder in the Reefton Goldfields district with approximately 120,000 hectares of combined tenements.
Watch the full interview with Rua Gold Director and CEO Robert Eckford above.
Disclaimer: This interview is sponsored by Rua Gold (TSXV:RUA,OTCQB:NZAUF,WKN:A4010V). This interview provides information which was sourced by the Investing News Network (INN) and approved by Rua Gold in order to help investors learn more about the company. Rua Gold is a client of INN. The company’s campaign fees pay for INN to create and update this interview.
INN does not provide investment advice and the information on this profile should not be considered a recommendation to buy or sell any security. INN does not endorse or recommend the business, products, services or securities of any company profiled.
The information contained here is for information purposes only and is not to be construed as an offer or solicitation for the sale or purchase of securities. Readers should conduct their own research for all information publicly available concerning the company. Prior to making any investment decision, it is recommended that readers consult directly with Rua Goldand seek advice from a qualified investment advisor.
This interview may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, receipt of property titles, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. The issuer relies upon litigation protection for forward-looking statements. Investing in companies comes with uncertainties as market values can fluctuate.
Zone 3 2024 Drilling Program Commenced
Heritage Mining Ltd. (CSE: HML FRA:Y66) (“Heritage” or the “Company”) is pleased to announce that the 2024 drilling program has started over the weekend at Zone 3. The program will focus with historical confirmation drilling and SGH soil target testing.
Highlights:
- Zone 3 Drill Program Start (Figure 1)
Figure 1: Zone 3 2024 drill program, August 5, 2024
“We are very excited to have the drill turning at Zone 3. The mineralization from the first hole is very encouraging supporting our internal model, we are right where we want to be. More updates to come in the very near future.” Commented Peter Schloo, President CEO and Director of Heritage.
Qualified Person
Mitch Lavery P. Geo, Strategic Advisor for the Company, serves as a qualified person as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects and has reviewed the scientific and technical information in this news release, approving the disclosure herein.
ABOUTHERITAGEMININGLTD.
The Company is a Canadian mineral exploration company advancing its two high grade gold-silver-copper projects in Northwestern Ontario. The Drayton-Black Lake, Contact Bay and Scattergood projects are located near Sioux Lookout in the underexplored Eagle-Wabigoon-Manitou Greenstone Belt. The projects benefit from a wealth of historic data, excellent site access and logistical support from the local community. The Company is well capitalized, with a tight capital structure.
For further information, please contact:
HeritageMiningLtd.
Peter Schloo, CPA, CA, CFA
President, CEO and Director
Phone: (905) 505-0918
Email: peter@heritagemining.ca
FORWARD-LOOKING STATEMENTS
This news release contains certain statements that constitute forward looking information within the meaning of applicable securities laws. These statements relate to future events of the Company. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as “seek”, “anticipate”, “plan”, “continue”, “estimate”, “expect”, “forecast”, “may”, “will”, “project”, “predict”, “potential”, “targeting”, “intend”, “could”, “might”, “should”, “believe”, “outlook” and similar expressions are not statements of historical fact and may be forward looking information. All statements, other than statements of historical fact, included herein are forward-looking statements.
Forward looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such risks include, among others, the inherent risk of the mining industry; adverse economic and market developments; the risk that the Company will not be successful in completing additional acquisitions; risks relating to the estimation of mineral resources; the possibility that the Company’s estimated burn rate may be higher than anticipated; risks of unexpected cost increases; risks of labour shortages; risks relating to exploration and development activities; risks relating to future prices of mineral resources; risks related to work site accidents, risks related to geological uncertainties and variations; risks related to government and community support of the Company’s projects; risks related to global pandemics and other risks related to the mining industry. The Company believes that the expectations reflected in such forward-looking information are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward‐looking information should not be unduly relied upon. These statements speak only as of the date of this news release. The Company does not intend, and does not assume any obligation, to update any forward‐looking information except as required by law.
This document does not constitute an offer to sell, or a solicitation of an offer to buy, securities of the Company in Canada, the United States, or any other jurisdiction. Any such offer to sell or solicitation of an offer to buy the securities described herein will be made only pursuant to subscription documentation between the Company and prospective purchasers. Any such offering will be made in reliance upon exemptions from the prospectus and registration requirements under applicable securities laws, pursuant to a subscription agreement to be entered into by the Company and prospective investors.
Click here to connect with Heritage Mining (CSE:HML) to receive an Investor Presentation
Neptune GBX: Full Service Precious Metals Dealer and Exchange Operator
Neptune GBX, a trusted partner for wealth management solutions, is a full-service precious metals dealer, and exchange operator in Wilmington, Delaware. Founded in 2002, the company has been building its reputation in the precious metals industry consistently expanding its services and expertise to meet the evolving needs of its diverse clientele. Neptune GBX focuses on first-class cost-efficient solutions, establishing itself as a knowledgeable and reliable partner in this specialized market.
Neptune GBX's combination of expertise, innovative products, and client-centric approach positions it as a distinctive and valuable partner in the precious metals investment sector.
Neptune GBX's value proposition centers on empowering clients through education and insightful market analysis. The company places a strong emphasis on client education. By providing clients with essential knowledge and tools, Neptune GBX enables them to navigate the precious metals investment landscape with confidence.
Company Highlights
- Neptune Vault offers significantly lower premiums—up to 25 percent less than competitors. This reduction in premium costs translates to potential gains of more than twice over the long run. Minimizing spreads is crucial, and Neptune Vault excels in providing cost-effective options for investors.
- Neptune-GBX has teamed up with Franklin Templeton’s Fiduciary Trust International to provide precious metals investors with institutional-quality custodian, cash management and reporting services. This means products and services are tailored for various client types, from individual investors to wealth management professionals.
- Neptune Vault accounts offer storage fees as low as 0.30 percent per annum, ensuring substantial savings over time. For comparison, the PSLV Silver Fund has a management expense ratio of 0.60 percent. With Neptune Vault at 0.40 percent, investors gain an extra 1 percent every 5 years, totaling a 5 percent gain over 25 years.
- Neptune Vault accounts provide instant liquidity with better spreads than coins and small bars. With live pricing available five days a week, there is no need for shipping or assaying. A simple phone call or email can liquidate your investment promptly, ensuring access to funds in times of urgent need.
- Every ounce in a Neptune Vault account is directly allocated to the client's name, ensuring no over-allocation. The vault provides an asset custody letter to affirm true ownership, giving you peace of mind that you own the metal outright.
- Neptune Vault makes redemptions straightforward and quick. With just a phone call or email, your bullion can be transferred, shipped, or converted within days. The segregated and allocated nature of the product ensures that it is always ready for you, providing essential quick access to your physical investment.
- The PMC Ounce® offers diversified exposure to multiple precious metals.
This Neptune GBX profile is part of a paid investor education campaign.*
Click here to connect with Neptune GBX to receive an Investor Presentation
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