Adavale Resources Limited (ASX:ADD) (“Adavale” or “the Company”) is pleased to announce the successful completion of a 72.5% interest acquisition in the Parkes Gold and Copper Project (the “Project”), located in the Lachlan Fold Belt of NSW, Australia.
KEY HIGHLIGHTS
The Project comprises four exploration tenements for a total area of 354.15km2, that are prospective for orogenic, epithermal and gold-rich porphyry-style copper-gold deposits. The Project area is located within the prolific gold and copper producing Macquarie Arc portion of the Lachlan Fold Belt in central NSW. The Exploration Licences (‘EL’s’) are situated where Early Ordovician-aged Junee-Narromine Volcanic Belt rocks of the western part of the Arc are intersected by the crustal-scale structural corridor of the Lachlan Transverse Zone (‘LTZ’). Significantly, the LTZ is host to Tier 1 gold and copper mines, such as Northparkes (5.2Moz Au & 4.4Mt Cu) and Cadia Ridgeway (35.1Moz Au & 7.9Mt Cu) where it intersects Macquarie Arc rocks (Figure 1).
Commenting on the developments, Adavale Resources Executive Chairman and CEO, Mr Allan Ritchie, stated:“The successful completion of the acquisition and placement mark a pivotal step forward to advancing our activity with this world-class asset. The Vendor and the Adavale team along with our very experienced Lachlan Fold Belt geologists have just returned from an initial field trip and we are incredibly excited to start our exploration efforts at our highly prospective Parkes Project. We are very grateful to the shareholders for their continued support, Adavale’s Directors and Officers have also co-invested a further ~$100,000 (6%) in this placement and we look forward to providing regular updates from the Lachlan Fold Belt throughout the program ahead.”
Figure 1: Map of the central New South Wales Lachlan Fold Belt
The Parkes Project’s most advanced prospect is the former London-Victoria Gold Mine which saw estimated historical production by BHP Gold and Hargraves Resources of 200,000 to 250,000 ounces at a head grade of 1.5-2g/t Au. A non-JORC Historical Estimate of 3.7Mt at 1.04 g/t Au for 123.8koz Au is defined for London-Victoria (refer to Cautionary Statement1 below).
At London-Victoria, it is intended to utilise the existing drillhole database, augmented by a small number of new and well-targeted deeper holes, to estimate a Mineral Resource. This opportunity comes at relatively low cost and at a time of record gold prices. The London-Victoria Mine is located on EL7242 which has recently been successfully renewed until 7 November 2030.
The map of the Lachlan Fold Belt area in NSW (Figure 1) shows the location of Adavale’s newly acquired mineral tenure relative to significant copper and gold deposits, the Lachlan Transverse Zone and Ordovician volcanic belts of the Macquarie Arc Group. Note the Project’s proximity adjacent to the Northparkes mine at the intersection of the Lachlan Transverse Zone with the Junee-Narromine Volcanic Belt.
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This article includes content from Adavale 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.
Adavale Resources’ transformative January 2025 acquisition of gold and copper assets in the prolific Lachlan Fold Belt in New South Wales puts the company on a growth trajectory, presenting a compelling investment opportunity for savvy investors.
Adavale Resources (ASX:ADD) is a dynamic junior exploration company primarily focused on its flagship gold and copper projects in New South Wales (NSW), within the prolific Lachlan Fold Belt. This portfolio spans 354.15 sq kmand comprises four tenements: EL7242, EL8830, EL8831 and EL9711. The acquisition of these assets represents a transformational opportunity, strategically positioning Adavale Resources in one of the world’s richest gold and copper belts.
Parkes Project in the Lachlan Fold Belt
In addition to gold and copper, Adavale boasts extensive uranium assets in South Australia and nickel projects in Tanzania. These diversified holdings place the company at the forefront of exploration across commodities critical for global industrial and technological advancement.
Adavale Resources is poised for significant growth as it advances its gold and uranium projects through strategic drilling programs in 2025. With a robust exploration pipeline, world-class assets in tier-one jurisdictions, and a leadership team aligned with shareholder interests, the company is well-positioned to capitalise on favourable commodity trends.
Adavale Resources recently acquired a 72.5 percent interest in the Parkes project, located in the highly prospective Lachlan Fold Belt of New South Wales. Adavale’s flagship project encompasses 354.15 sq km across four tenements in the Lachlan Fold Belt, a region that has produced over 80 million ounces (Moz) of gold and 13 million tonnes (Mt) of copper historically. The London-Victoria gold mine (EL7242) is a cornerstone of this portfolio, with historical production of 200,000 ounces of gold at an average grade of 2 grams per ton (g/t). London-Victoria (EL7242) also recently received a successful renewal until November 2030.
Exploration activity in 2024 included diamond drilling, which intersected a 12-meter-thick zone of quartz-carbonate veining and shearing, consistent with high-grade mineralisation seen in historical operations. Assay results from this program are pending and expected to provide critical insights for resource expansion.
In addition to the London-Victoria gold mine, the Ashes Prospect (EL8831) has returned high-grade rock chip samples, including results of 8.8 g/t gold and 5.5 percent copper. Similarly, the Birthday mine (EL8830) boasts historical grades averaging 11 g/t gold. The 2025 exploration strategy focuses on resource definition and advancing London-Victoria to JORC-compliant status, testing extensions, and unlocking additional mineralised zones at these prospects, supported by advanced geophysical and geochemical surveys.
Adavale holds 4,959 sq kmof uranium-rich tenements across the highly prospective Flinders Ranges outwash and Eyre Peninsula, regions known for hosting tier-1 uranium deposits. Historical drilling has revealed promising results, including intercepts of 1 metre at 263 parts per million (ppm) eU3O8 and 0.65 meters at 235 ppm eU3O8. These results underscore the region’s potential to host significant uranium resources.
The company is advancing its maiden 2,000 metre air core drilling program in Q1 of 2025, targeting paleochannel extensions and uranium redox boundaries, which have been identified through advanced geophysical surveys. Adavale’s uranium portfolio is particularly well-positioned to benefit from increasing global demand for uranium, driven by geopolitical factors, rising nuclear energy investment globally, and surging prices, which reached $106/lb in early 2024.
Adavale’s nickel portfolio includes 1,315 sq km across 12 highly prospective exploration licences in Tanzania’s East African Nickel Belt. It is strategically located next to and along strike of the world-class Kabanga nickel project — the world’s largest undeveloped high-grade nickel sulphide deposit. Recent exploration at the Luhuma Central prospect has confirmed nickel sulphides in all five drill holes completed, with mineralisation trends extending southwest.
The company employs a combination of geophysical methods, including gravity, magnetics and Heli-EM surveys, to refine its understanding of subsurface structures and identify high-priority drill targets. Adavale’s ongoing exploration in this globally significant nickel belt is expected to build on recent successes, advancing resource definition and project development, making the company well-positioned to make a significant contribution to the global demand for battery metals.
Allan Ritchie is a seasoned executive with more than 30 years of experience in corporate finance and resource management, including as director and officer of ASX and HK listed companies. Ritchie’s distinguished career spans both the energy, resources, and investment banking sectors, and includes leadership roles in both private and publicly listed companies.
Ritchie has served as non-executive director of ASX listed Hydrocarbon Dynamics (ASX:HCD), and executive director and deputy CEO of HK listed energy group, EPI Holdings (0689.HKEX).
Ritchie’s investment banking background includes structuring commercial transactions in the energy and resources sector. Senior roles include positions within Westpac, ANZ Bank, HSBC and BNP Paribas in Australia, London, New York and Asia Pacific. His investment banking achievements have been recognised several times at the top of BRW’s annual poll of bankers.
Ritchie graduated from the University of Technology in Sydney in 1986 with a Bachelor of Business and subsequently attained a post graduate diploma in Applied Finance from the Financial Services Institute of Australia.
John Hicks is a qualified geologist with over 40 years’ experience in exploration and mining in Australia. John is regarded as a nickel sulphide specialist, having held various senior exploration and development roles on several major nickel sulphide projects in Western Australia.
For the previous 15 years, Hicks was the general manager of exploration at Panoramic Resources (ASX:PAN), where he was instrumental in the discovery of the komatiite hosted Deacon and Lower-Schmitz orebodies at Lanfranchi and the intrusive hosted Savannah North nickel orebody in Western Australia. Hicks was also a key member of the team responsible for taking these discoveries through to final investment decisions.
Prior to joining Panoramic, Hicks held various roles with several notable mining companies including Australian Consolidated Minerals and WMC Limited where he worked on the Mount Keith nickel project. As an independent geological consultant between 1998 and 2005, he was involved with the Cosmos and the Honeymoon Well nickel projects.
Maurice (Nic) Matich is a mechanical engineer and finance professional with over 17 years’ experience in the resources sector. His wide industry experience includes the provision of engineering, risk consulting and insurance services to numerous tier-1 mining companies with operations in lithium, iron ore, mineral sands, gold and kaolin.
Matich previously served as managing director of Pinnacle Minerals (ASX:PIM) and executive director of Heavy Minerals (ASX:HVY), delivering both a maiden resource and scoping study (NPV8 $253M) for the Port Gregory project.
He holds a Bachelor of Engineering with Honours, Bachelor of Science (Phys/IT) and a graduate diploma in Applied Finance and is a graduate of the AICD.
Leonard Math is a chartered accountant with extensive experience managing financial operations for ASX listed resources companies. He graduated with a Bachelor of Business (double major in accounting and information systems) from Edith Cowan University in 2003 and became a chartered accountant in September, 2008. He has held multiple director, CFO and company secretary roles in the resources sector, most recently with Summit Minerals (ASX:SUM).
Castle Minerals is a compelling investment opportunity, underlined by its 100 percent ownership of two high-potential gold projects, a seasoned management team with a track record of success, and a strategic location near multi-million-ounce gold deposits.
Castle Minerals (ASX:CDT) is an Australia-based exploration company dedicated to advancing high-value gold projects in Ghana, West Africa. The company holds a 100 percent interest in a highly strategic 2,686 sq. km land package within Ghana’s Upper West region, a significantly under-explored yet highly prospective geological setting within the West African gold belt.
Castle Minerals’ core mission is to identify, explore and develop economically viable gold deposits, leveraging the region’s rich mineralization and proven mining history. The company's management team brings extensive experience and a strong track record of successful discoveries, ensuring that exploration efforts are guided by industry-leading expertise and strategic execution.
Castle’s portfolio is centered around its flagship Kpali and Kandia gold projects, both of which exhibit strong potential for resource expansion and economic development. These projects are situated within prolific gold-bearing structures and have demonstrated high-grade mineralization through extensive exploration efforts. With a focus on systematic exploration, the company aims to delineate and expand resources while positioning itself as a leading player in Ghana’s growing gold industry. Castle’s commitment to sustainable exploration practices and strong community engagement further enhances its ability to operate effectively in the region.
The Kpali gold project, a cornerstone of Castle Minerals' exploration efforts, is strategically located approximately 30 kilometers west of the regional town of Sawla in Ghana's Upper West region. Encompassing the Kpali and Bundi prospects, along with several satellite discoveries, the project area lies within the 170 sq km Degbiwu prospecting license (PL 10/26), which is encircled by the 1,033 sq km Gbiniyiri retention license (RL 8/27). Notably, the western boundaries of these licenses are delineated by the Black Volta River, marking the border with Burkina Faso.
Geologically, Kpali is situated at the convergence of two significant greenstone belts — the Bole-Bolgatanga and Wa-Lawra/Boromo belts — and three regional-scale structures. This unique positioning is associated with several major Birimian-hosted gold deposits in the region, enhancing the project's potential for substantial gold mineralization.
Recent exploration activities have yielded promising results. In February 2025, an eight-hole reverse circulation (RC) drilling program intersected shallow, high-grade mineralization in all holes. Notable intercepts include 12 meters at 8.29 grams per ton (g/t) gold from 25 meters, including 6 meters at 11.60 g/t gold from 31 meters, with a peak 1-meter intercept of 20.43 g/t gold at 36 meters. These findings have significantly upgraded the status of the Kpali gold prospect, suggesting the presence of multiple sub-parallel lodes with high-grade gold mineralization.
The broader district encompassing Kpali contains several other high-conviction prospects, reinforcing its potential as an emerging new exploration frontier. Castle Minerals plans to undertake further drilling programs, including step-out drilling, to delineate the extent of mineralization and assess the project's viability for future development.
In summary, the Kpali Gold Project's strategic location, favorable geology, and recent high-grade drilling results position it as a significant asset within Castle Minerals' portfolio, with the potential to evolve into a major gold production site in Ghana.
The Kandia gold project is situated in Ghana's Upper West Region. Discovered in 2010 during reconnaissance field mapping, the project encompasses a 16-kilometer-long corridor along a significant granite-sediment contact within Birimian greenstone terrain. This geological setting is known for hosting substantial gold mineralization, with the Kandia prospect itself identified through previously unknown artisanal workings spread over approximately 600 meters of strike.
Initial exploration efforts included extensive soil sampling, airborne geophysical surveys and RC drilling, totaling 264 holes over 19,541 meters. These activities led to the identification of two primary mineralized zones: the "4,000 Zone" and the "8,000 Zone."
Strategically, the Kandia project benefits from its proximity to major gold deposits. The 5.1-million-ounce Namdini gold project lies to the northeast on the same Bole-Bolgatanga greenstone belt, while the 2.8-million-ounce Black Volta gold project's Julie deposit is immediately along strike from the Kandia mineralized trend. This favorable location enhances Kandia's economic attractiveness and potential for development synergies.
Future exploration plans for Kandia involve extensional drilling at the "4,000 Zone" and targeted drilling in other areas with historically wide-spaced shallow drilling, such as the "8,000 Zone," where artisanal mining activities are also present. The primary objective is to delineate multiple near-surface, open-pitable deposits along the 16-kilometer prospective contact, advancing the project toward potential development.
Stephen Stone has more than 30 years of experience in mining and exploration. As the former managing director of Azumah Resources, he led the discovery of a 2.5 Moz gold resource and 1.2 Moz ore reserve at the Wa gold project His expertise in West African gold exploration and project development is instrumental in guiding Castle’s strategic direction.
Matthew Horgan brings a strong background in engineering, business development, and investor relations. His experience in strategic corporate growth and resource sector financing supports Castle’s development initiatives.
James Guy is a geologist with extensive expertise in mining and exploration, specializing in gold and base metals projects across Africa and Australia. He has held senior executive positions with several ASX listed junior resources companies and with banking group, NR Rothschild & Sons. He is currently principal of James Guy & Associates
David Renner has a strong track record in operations and corporate strategy for resource development. He is a key contributor to advancing the Kambale graphite project.
Hecto Nyinaku focuses on administration, finance and logistics within the mining industry. His strong networks in Ghana’s resource sector provide valuable operational support.
George Asomoah Boadu has extensive field experience in Ghana’s gold and graphite exploration projects. His expertise is integral to defining Castle’s resource base and implementing effective exploration strategies.
Yukon Metals Corp. (CSE: YMC, FSE: E770, OTC: YMMCF (" Yukon Metals " or the " Company "), is pleased to announce details of its upcoming exploration program on the all-weather, road-accessible 720-hectare Star River Project located near Ross River, Yukon.
Highlights of the 2025 planned exploration:
Rory Quinn, President & CEO, stated , " Work at Star River in 2024 delivered superb drill targets, and we are excited to advance our understanding of the scale of the property's mineral potential. With a strong correlation between geophysical anomalies and surface mineralization, the upcoming drill program is a critical next step to test these compelling targets. Additionally, the UAV magnetic and gravity infill surveys will provide valuable structural and geological insights to further refine our exploration strategy. We look forward to commencing our 2025 drill season and to unlocking new discoveries."
Building on the strong geophysical results and the success of the previous seasons' rock-chip sampling, which returned multiple samples over 1000 g/t silver and gold up to 101 g/t, the company is set to begin a 4,000-meter drill program. The primary focus will be on a high-priority target in the southern section of the property where a strong gravity anomaly extends for approximately 800 meters north-south. This coincides with a Time-Domain Electromagnetic (TDEM) high near the historic F2 and Canyon showings. The overlap suggests a significant geological feature, and drilling will test whether it represents a favorable host rock or structural control on mineralization. Drilling will target the continuation of mineralization identified at surface for depth and extent.
In addition, a high-resolution UAV drone magnetic survey will be conducted across the property. This survey, along with mapping and rock geochemical sampling, will provide detailed data on structural features that may influence mineralization and will follow up on anomalous 2024 rock-chip samples that identified up to 10,936 g/t silver . In the northern part of the property, the magnetic survey will also be used to help delineate geology and improve the understanding of how identified gravity anomalies relate to potential mineralized systems.
To further refine exploration targets, a gravity infill survey will be conducted over areas where high gravity anomalies were previously identified. This additional data will improve resolution in key zones and refine additional drill targets.
Figure 1- An oblique view looking at the southern part of the Star River property showing Gravity and TDEM anomaly targets with significant 2024 Gold and Silver samples .
Initial drilling will be focused on the F2 zone.
The upcoming drill program, geophysical surveys, sampling program and gravity infill work are designed to identify mineralization and test its scale across the property. Drilling will directly target high-priority anomalies to confirm the presence of mineralized zones, while the UAV magnetic survey, prospecting and mapping, and gravity infill will refine structural controls and improve target definition. These exploration efforts aim to expand on last season's results and assess the grade and continuity of the mineralizing system.
About the Star River Project
Yukon Metals owns 100% of the Star River base and precious metals project accessible by all-season road from the Robert Campbell Highway and adjacent to the former Ketza Mine haul road. The project is host to multiple showings of polymetallic carbonate replacement mineralization and quartz-sulphide veins first discovered in the 1950s. Remnants of underground and surface workings using historical exploration techniques are visible around much of the property and tied together with previously established access roads and trails branching from the Ketza Mine Road.
The 2024 exploration program at Star River has confirmed multiple historic mineralized showings as well as identified new areas of interest, with rock-chip sampling revealing high-grade silver and gold values. These findings have been instrumental in guiding subsequent geophysical surveys. Recently gravity and TDEM surveys have delineated several strong anomalies, some aligning with known mineralization and others indicating new, untested targets (YMC NR issued December 3, 2024). Additionally, a high-resolution LiDAR survey has been conducted to enhance structural interpretation, mapping key geological features that may control mineralization. These integrated exploration efforts continue to refine drill targets and advance the understanding of the property's geological framework.
Rock samples taken while prospecting referenced in this release are selective in nature and collected to determine the presence or absence of mineralization and may not be representative of the mineralization hosted on the project.
Figure 2- Star River Project Location Map
Qualified Person
The technical content of this news release has been reviewed and approved by Helena Kuikka, P.Geo., VP Exploration for Yukon Metals and a Qualified Person (as defined by National Instrument 43-101).
About Yukon Metals Corp.
Yukon Metals is well financed and represents a property portfolio built on over 30 years of prospecting by the Berdahl family, the prospecting team behind Snowline Gold's portfolio of primary gold assets . The Yukon Metals portfolio consists primarily of copper-gold and silver-lead-zinc assets, with a substantial gold and silver component. The Company is led by an experienced Board of Directors and Management Team across technical and finance disciplines.
Yukon Metals is focused on fostering sustainable growth and prosperity within Yukon's local communities, while simultaneously enhancing stakeholder value. Our strategy centers around inclusivity and shared prosperity, offering both community members and investors the chance to contribute to, and benefit from, our ventures.
The Yukon
The Yukon ranks 10 th most prospective for mineral potential across global jurisdictions according to the Fraser Institute's 2023 Survey of Mining Companies and is host to a highly experienced and conscientious local workforce, fostered by a long culture of exploration coupled with deep respect for the land. Recent major discoveries with local roots such as Snowline Gold's Rogue Project - Valley Discovery, demonstrate the Yukon's potential to generate fresh district-scale mining opportunities.
" ON BEHALF OF THE BOARD OF Yukon Metals CORP."
"Rory Quinn"
Rory Quinn, President & CEO
Email: roryquinn@yukonmetals.com
Phone: 604-366-4408
For additional information, please contact:
Kaeli Gattens
Vice President, Investor Relations & Communications
Yukon Metals Corp.
Email: kaeligattens@yukonmetals.com
Website: www.yukonmetals.com
CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION
This news release contains certain forward-looking information, including information about the metal association and geology of the prospect area at Star River, strong electromagnetic responses coincident with gold and silver sampling pointing to gold and silver deposits, the accuracy of the completed plate modelling and geophysical surveys, the potential for economic grades of silver and gold, Yukon's potential to generate fresh district-scale mining opportunities, and the Company's future plans and intentions. Wherever possible, words such as "may", "will", "should", "could", "expect", "plan", "intend", "anticipate", "believe", "estimate", "predict" or "potential" or the negative or other variations of these words, or similar words or phrases, have been used to identify the forward-looking information. These statements reflect management's current beliefs and are based on information currently available to management as at the date hereof.
Forward-looking information involves significant risks, uncertainties and assumptions. Many factors could cause actual results, performance or achievements to differ materially from those discussed or implied in the forward-looking information. Such factors include, among other things: risks and uncertainties relating to Star River not being a prospective gold-rich or silver-rich geological system; rock samples analysed not being representative of overall mineralization; the required assumptions of completed plate modelling results; not having significant scale and a lack of economic grade minerals; the Yukon not having the potential to generate fresh district-scale mining opportunities; and other risks and uncertainties. See the section entitled "Risk Factors" in the Company's listing statement dated May 30, 2024, available under the Company's profile on SEDAR+ at www.sedarplus.ca for additional risk factors. These factors should be considered carefully, and readers should not place undue reliance on the forward-looking information. Although the forward-looking information contained in this news release is based upon what management believes to be reasonable assumptions, the Company cannot assure readers that actual results will be consistent with the forward-looking information. The forward-looking information is made as of the date of this news release, and the Company assumes no obligation to update or revise the information to reflect new events or circumstances, except as required by law.
Photos accompanying this announcement are available at:
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Cartier Resources Inc. (″ Cartier ″ or the ″ Company ″) (TSXV: ECR; FSE:6CA) is pleased to announce it has launched the Artificial Intelligence (″AI″) Targeting Program on the Cadillac Project, in the Val-d'Or mining camp (Quebec). The program incorporates VRIFY's cutting-edge AI-Assisted Mineral Discovery Platform.
VRIFY uses advanced AI and proprietary algorithms to generate a prospectivity score — known as a VRIFY Prospectivity Score (VPS) — that identifies areas for potential of gold mineralization. The VPS and models generated through the AI-Assisted Mineral Discovery Platform incorporate probabilistic values, which help to determine the accuracy and reliability of the predictions.
Philippe Cloutier, President & CEO, stated: ″We are very excited to partner with the VRIFY team. With their deep industry and geoscience expertise, we're confident that AI is the technological transformation we need to increase mineral discovery rates. With so much data from the Cadillac project, we will be able to leverage the power of AI to identify patterns and insights within the dataset to inform our exploration plans.″ Adding, ″The transparency and outputs speak to a bold new crowd of investors that seek to be part of our next big discovery.″
″Our AI-Assisted Mineral Discovery Platform was born from VRIFY's vision to change how mineral exploration is done, combining deep industry expertise with cutting-edge technology that has yet to be fully leveraged in mineral exploration. Our proprietary algorithms and deep technical bench strength have allowed us to create the first platform of its kind that utilizes datasets to generate high-value targets over areas of demonstrated endowment like Cartier's Cadillac project,″ commented Steve de Jong, CEO of VRIFY.
Synergies between VRIFY and Cartier teams
VRIFY's AI-Assisted Mineral Discovery Platform uses the industry's leading, proprietary dataset that integrates samples (grab and channels) from property-wide prospecting, geochemistry (soil and bark), various local and regional geophysical surveys, as well as a robust drill hole database over the 25,000-ha land package. This will provide Cartier with three unprecedented benefits:
Accelerating mineral discovery process
Derisking overall exploration efforts
Increasing accuracy
AI-Driven Exploration and Real-Time Insight
VRIFY's AI-Assisted Mineral Discovery Platform uses a combination of proprietary algorithms and datasets that include a wide variety of exploration features, to train predictive models. This approach leverages complex data relationships to predict mineral exploration targets, streamlining the process of identifying viable mineral systems that can then be further validated by our geologists. The automation of target generation also allows the trained model to be updated quickly with new data from ongoing exploration as well as VRIFY's growing database, creating an iterative workflow to improve results.
For more information, visit VRIFY.com.
Qualified Person
The scientific and technical content of this press release has been prepared, reviewed and approved by Mr. Ronan Déroff, P.Geo., M.Sc., Senior Geologist, Project Manager and Geomatician, who is a ″Qualified Person″ as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects (″NI 43-101″).
About Cartier Resources Inc.
Cartier Resources Inc. was founded in 2006 and is an advanced gold project exploration company based in Val-d'Or (Quebec, Canada). In 2024, Quebec ranked 5th among the best mining jurisdictions in the world (Fraser Institute). Cartier owns 100% of its flagship Cadillac asset and controls a significant land package of 25,000 ha. The Cadillac project is located approximately 40 km east of Val-d'Or and close to existing gold mills with available capacity.
The results of the recent Preliminary Economic Assessment 1 (PEA) demonstrate the economic viability of the project with an average annual gold production of 116,900 oz over a 9.7-year mine life. The current Mineral Resource Estimate 1 (MRE) totaling 720,000 ounces of gold in the Indicated category and 1,633,000 ounces of gold in the Inferred category.
For further information, contact:
Philippe Cloutier, P. Geo.
President and CEO
Telephone: 819-856-0512
philippe.cloutier@ressourcescartier.com
www.ressourcescartier.com
Neither the TSX Venture Exchange nor its regulatory services provider accepts responsibility for the adequacy or accuracy of this press release.
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Highlights:
Pic 1: Drone photo showing RC drill rig on Strata’s Penny South Gold Project in foreground and the Penny West open pit on Ramelius Resources Limited (ASX.RMS) tenure in the background approx. 500m to the North.
Managing Director Peter Woods commented:
“It’s fantastic to start drilling at Penny South, targeting two of our priority target areas. We are excited to see what is uncovered at depths immediately along strike from the Penny Mine which is just to the north of us and test down dip extensions of historical shallow anomalous intersections, overlooked by the project’s previous owners. With recent gold discoveries across WA, we’re driven to make Penny South one of those success stories. This first round of drilling will provide critical information to assist us in that pursuit.”
Penny South Gold Project, WA
The Penny South Gold Project (Figure 1) is located in a world class gold district, only ~500m south of the Penny Mine Project – one of Australia’s highest grade producing gold mines, owned and operated by Ramelius Resources Limited (ASX.RMS), with Ramelius recently announcing plans to expand exploration at Penny to the south, towards the northern boundary of Strata’s tenements2.
The Penny West Shear, which controls the location of gold mineralisation at RMS’ Penny North/West gold deposits, extends south into Strata’s Penny South Project, with ~2.5km of strike contained within the project area.
The planned program of 13 reverse circulation (RC) holes, totalling 2,864 metres, aims to test the interpreted along strike and down plunge mineralised trend extensions of the high-grade Penny West and Penny North Gold Deposits, as well as investigating zones of anomalous mineralisation from historical drilling3 (Figure 2).
Strata’s identification of a demagnetised zone within Strata’s Penny South Project, similar to the one associated with the Penny West and Penny North Gold Deposits just to the north of the Penny South Project (~500m), was a key component of the targeting process. The de-magnetised zone is interpreted as the pathway of a mineralising fluid system along the key structural pathways (Figure 3).
Figure 1: Location of the Penny South Project (E57/1045)
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This follows Sarama’s recent acquisition of a majority interest in the nearby Cosmo Project (refer Sarama news release 6 December 2024). Together the projects create a 1,000km² well-positioned and underexplored landholding in the Laverton Gold District which is known for its prolific gold endowment (refer Figure 1) and recent discoveries.
Highlights
Sarama’s President, Executive Chairman, Andrew Dinning commented:
“We are very pleased to be nearing completion of the acquisition a majority interest in the Mt Venn Project and consolidating our position in the prolific Laverton Gold District of Western Australia. The addition of the Mt Venn Project will create a major 1,000km2 area-play and significantly enhances the probability of making the next big discovery in a region that continues to deliver new deposits in previously unexplored areas, including the regionally significant Gruyere Deposit just 35km east of the Mt Venn Project. Soil sampling programs at the Cosmo Project are progressing well, feeding into the process of bringing the Cosmo and Mt Venn Projects to account as expeditiously as we can.”
Mt Venn Project
The Project is comprised of 3 contiguous exploration tenements covering approximately 420km² in the Eastern Goldfields of Western Australia, approximately 110km north-east of Laverton and 35km west of the regionally- significant Gruyere Gold Mine(3). The Project is readily accessible via the Great Central Road which services the regional area east of Laverton.
The Project captures the majority of the underexplored Jutson Rocks Greenstone Belt over a strike length of ~50km. Rocks within the belt feature a diverse sequence of volcanic lithologies of varying composition, together with pyroclastics and metasediments. Several internal intrusive units have been identified throughout the Project and are commonly associated with local structural features. A regionally extensive shear zone, spanning 1-3km in width, extends the entire length of the belt with subordinate splays interpreted in the southern area of the Project which provides a favourable structural setting for mineralisation.
Gold mineralisation was first discovered in the 1920’s with sampling returning very high grades and prompting the commencement of small-scale mining operations in the mid 1920’s. Multiple gold occurrences have since been identified throughout the Project, demonstrating the prospectivity of the system. Despite the identification of several km-scale gold-in-soil anomalies by soil geochemistry and auger drilling, many of these targets are yet to be properly tested. Encouragingly, drilling by Cazaly Resources Limited (“Cazaly”) (ASX: CAZ) at the Project intersected broad, gold mineralisation over several fences in weathered and fresh rock at the Three Bears Prospect, presenting a priority target for exploration (Cazaly news release 27 February 2017: “Widespread Gold & Zinc Mineralisation Defined”).
In addition to the attractiveness of the Project for gold, it is considered prospective for base metals and platinum group elements. Historical exploration work including auger geochemistry and geophysical surveys identified numerous targets for copper, nickel and zinc mineralisation. Several of these targets remain untested due to historical funding and land access constraints. Exploration in the belt to the immediate south of the Project area is noted to have intersected copper mineralisation of significant grade over a significant strike length(4).
In summary, the Project is located within a prolific gold district and has a favourable lithological and structural setting. A solid database of base-level historical exploration work by previous operators, including generation of drill-ready targets, provides a good platform for Sarama to advance the Project in conjunction with its activities at the Cosmo Project. The size and prospectivity of the landholding that Sarama will have in the Laverton Gold District upon completion of this transaction significantly enhances the chances of making an economic discovery, particularly given the infrastructure and proliferation of mines in the region which will have a favourable impact on the size threshold for finding something of economic value.
Figure 1 – Mt Venn and Cosmo Project Locations, Eastern Goldfields, Western Australia
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