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Diamond Drilling Commenced at Cork Tree Well
HIGHLIGHTS
- Inaugural diamond drilling program has commenced at Cork Tree Well at the Laverton Gold Project
- ~2,000m diamond drilling program is designed for metallurgical and geotechnical test work as part of the Pre-Feasibility Study underway
- Assays for RC drilling completed at the Menzies Gold Project in Q4 2023 due imminently
We are also expecting to receive assay results from reverse circulation drilling competed at the Aspacia and Link Zone deposits at the Menzies Gold Project in December. This 5,000m program was designed as extensional and infill drilling to grow the existing resource at the Link Zone, and provide sufficient drill density to potentially declare a maiden resource at Aspacia.
It is an exciting time to be drilling, growing our mineral resource base, completing the technical work for the PFS underway and also see the progress our joint venture partners BML are making with the Selkirk mining campaign, which is due to conclude this quarter. A successful mining campaign at Selkirk will see positive cashflow generated for Brightstar to continue to fund exploration efforts across the Laverton and Menzies Gold Projects.
Figure 1 – Overview of diamond drill collar locations with Scoping Study pit shell outlines
This ASX announcement has been approved by the Managing Director on behalf of the board of Brightstar.
Click here for the full ASX Release
This article includes content from Brightstar Resources, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
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Brightstar Resources
Overview
The price of gold stays strong. In April 2024, the yellow metal’s price passed US$2,400 per ounce for the first time. The reason is multifaceted. The world teeters on the brink of a severe recession while some markets attribute the increase to safe haven rush. Amidst ballooning interest rates, bank failures and falling bond yields, demand for gold continues to rise. At this precise moment, gold is simultaneously an excellent portfolio diversifier and a compelling hedge against ongoing inflation — particularly if one invests in the right company.
Brightstar Resources (ASX:BTR) aims to be that company. An emerging mining and development company, Brightstar occupies a strategic land position of roughly 300 square kilometers in the Laverton Tectonic Belt and 80 square kilometers of the Menzies Shear Zone.The company also owns an existing processing facility that can potentially provide tremendous shareholder value in a low-capital cost restart scenario.
That plant, once fully refurbished and operational, could prove a key differentiator for the company, enabling fast gold production at a low capital cost. This is especially noteworthy given that many other gold companies trading on the ASX are largely focused on greenfield exploration and development. Even once those companies discover a promising resource, mining and processing facilities would still need to be built, undertakings which can incur significant upfront capital costs and take several years.
Brightstar's Laverton gold assets are all centered on a 100 percent-owned 300-square-kilometer tenure in the Laverton Tectonic Zone and all within 70 kilometers of the Laverton Processing Plant. Additionally, all resources within this zone are open along strike and at depth. Only minor drilling programs have been conducted in recent years, paving the way for significant exploration upside with the potential for further regional and greenfields discoveries.
Brightstar also owns 100 percent of the Menzies Gold Project, a contiguous land package of granted mining leases over a strike length of roughly 20 kilometers along the Menzies Shear Zone and adjacent to the Goldfields Highway.
In 2023 and 2024, the company announced a mineral resource upgrade to the Cork Tree Well deposit (Laverton gold project) and also delivered two maiden mineral resource estimates at the Link Zone and Aspacia deposits (Menzies gold project). This has grown the total group MRE by approximately 150 koz gold through organic exploration.
The company has also acquired a relevant interest in 96.75 percent shares and 96.81 percent optionshares and 96.81 percent option of Linden Gold Alliance, a gold producer, developer and explorer with existing mineral resources of 350 koz @ 2.1 g/t gold near Brightstar in the Laverton district. Brightstar’s MRE has reached 1.1 Moz gold across the Menzies and Laverton projects, with an additional 0.35 Moz gold in resources added after the successful acquisition of Linden Gold Alliance. Brightstar has commenced the compulsory acquisition process for the remaining Linden shares and options in respect of which it has not received acceptances under the agreement.
In August 2024, Brightstar entered into a scheme implementation deed to acquire 100 percent of Alto Metals. At the same time, Brightstar through its wholly owned subsidiary SPV Montague Gold Project entered into a tenement sale agreement with Gateway Mining to acquire 100 percent of the gold mineral rights for Gateway's Montague East Gold Project. All other mineral rights to the project will be retained by Gateway. These transactions, once complete, will make Brightstar a significant junior West Australian explorer, developer and producer, consolidating a highly prospective exploration ground in the Sandstone region.
Company Highlights
- Brightstar Resources is an ASX-listed mining and development company with more than one million ounces of gold resources and an on-site processing infrastructure.
- Brightstar's mineral assets are situated across roughly 300 square kilometers of 100-percent-owned land in the Laverton Tectonic Zone and ~80 square kilometers in the high-grade Menzies Shear Zone.
- The Laverton Gold project has a mineral resource of 9.7 Mt @ 1.6g/t gold for 511 koz gold and the Menzies gold project has 13.8Mt @ 1.3g/t gold for 595 koz gold. This is a total combined existing mineral resource of 23 Mt @ 1.5 g/t gold for 1.1 Moz of gold
- In 2023, the company completed a scoping study into the development of its Menzies and Laverton gold projects and the refurbishment and restart of its processing plant in Laverton.
- The scoping study produced robust operating outcomes and compelling financial outputs, including:
- 322 koz of gold recovered over eight years (40 koz per annum)
- Net present value of AU$103 million (using a gold price of AU$2,900/oz)
- Internal rate of return of 79 percent
- Pre-production capital requirements of AU$22 million
- All-in sustaining costs of A$2,041/oz
- Once refurbished, this infrastructure will allow Brightstar to fill a growing investment void for near-term gold developers in Western Australia, producing large quantities of gold at low capital cost.
- In 2023 and 2024, Brightstar completed a small-scale mining joint venture with BML Ventures which involved a 50/50 profit-sharing agreement to exploit the Selkirk deposit at Menzies. In April 2024, Brightstar announced that this joint venture delivered a net profit to Brightstar of $6.5 million.
- In June 2024, the company successfully acquired all of the issued ordinary shares and options in Linden Gold Alliance, a gold producer, developer and explorer with existing mineral resources of 350 koz @ 2.1 g/t gold near Brightstar in the Laverton district.
- Linden is currently a gold producer, mining 15-20 koz pa from its high-grade underground Second Fortune Mine south of Laverton.
- Brightstar’s total MRE across the Menzies and Laverton gold projects increased to 1.45 Moz gold after acquiring Linden. All of the mineral resources are located on granted mining licenses.
- As part of the merger with Linden Gold, Brightstar released a scoping study into Linden’s development-ready Jasper Hills gold project, which delivered key metrics including:
- 140 koz mined over 3.75 years (35 koz pa)
- Net present value of AU$99 million
- Internal rate of return of 736 percent
- Pre-production capital requirements of $12 million
- All-in sustaining costs of AU$1,972/oz
- Jasper Hills is located just 50 km SE of Brightstar’s processing plant in the Laverton gold project
- Brightstar plans to continue generating shareholder value through a combination of development and strategic acquisitions along with some exploration.
Key Projects
Brightstar Processing Facility
Situated close to Brightstar's existing mineral assets at Laverton, the Brightstar Processing Plant provides the company with a considerable operational head start over its peers.
Highlights:
- Extensive Infrastructure: Current facilities at the plant include two ball mills, a power station and gravity and elution circuits. Other infrastructure includes:
- A tailings storage dam
- An on-site process water pond
- An operational 60-person accommodation camp
- An airstrip at the nearby Cork Tree Well Project
- Vehicles and equipment include a forklift, bobcat, two loaders, multiple light vehicles and a 30-tonne crane.
- A Leg Up Over Competitors: The presence of pre-existing processing infrastructure represents significant time savings compared to greenfields development. Brightstar had an independent valuation completed which valued the processing plant at AU$60 million in replacement value.
- Low Upfront Capital Cost: As part of the scoping study released in September 2023, GR Engineering estimated a capital cost requirement to refurbish and expand the milling capacity would cost just AU$18.5 million.
- Close to Existing Assets: Brightstar's major development projects — Cork Tree Well, Jasper Hills, Beta and Alpha — are all close to the plant.
Gold doré bars (BTR005 – BTR016) poured on 9 March 2024
Cork Tree Well
Cork Tree Well is a formerly operating mine, producing 45 koz of gold over its lifespan. Located roughly 35 kilometers north of Laverton on Bandya Station Road, the project’s JORC 2012-compliant mineral resource of 6.4 Mt at 1.4 g/t for 303 koz of gold.
Highlights:
- Promising Drilling Results: Two 6,000-meter drill programs were completed in late 2022, and in the first quarter of 2023 delivered an uplift in tonnages and ounces at a discovery cost of AU$30 per ounce. In 2023 the JORC 2012 Mineral Resource Estimate increased by 20 percent to 303 koz, representing a 65-percent increase to the indicated ounces to 157 koz @ 1.6 g/t gold.
- Upcoming Feasibility Studies: The drilling program will underpin several feasibility studies that Brightstar intends to conduct later this year. At present, Brightstar has defined a resource envelope over a strike length of approximately 1 kilometer and down to 200 meters.
- Area Geology: The Cork Tree deposit is situated along the western limb of the Erlistoun synclical structure, a sequence which includes mafic volcanic lavas, tuffs and tuffaceous sediments alongside minor interflow graphitic shales and banded iron formation. The mine itself consists of chlorite schist-altered high-magnesium basalt footwalls overlain by graphitic shales containing banded iron and chert beds. Gold mineralization is contained within sediments intruded by concordant porphyry sills spanning the length of the mineralized zone.
- High-grade Assays from the 2024 Drill Program: First round of assay results from 20 diamond drill holes at Cork Tree Well were extremely positive, with intercepts returned including 34.4 metres @ 7.94 g/t gold from 43.5 metres (CTWMET004) and 27.6 metres @ 17.8 g/t gold from 51 metres (CTWMET003).
Second Fortune Gold Mine
Second Fortune is an operating underground gold mine owned and run by Linden Gold, which is the subject of an off-market takeover by Brightstar announced in March 2024. Second Fortune has produced +14,000oz gold in FY24 year to date and is run under an ‘owner operator’ model.
Second Fortune has a high-grade MRE of 165kt @ 10.9 g/t gold for 58 koz. Limited modern and systematic exploration has occurred across the ~20km of strike length of prospective geology at Second Fortune. This presents a superb opportunity to leverage existing team, camp & related infrastructure to rapidly assess targets and conduct efficient drilling programs to further grow the MRE and extend the mine life at Second Fortune.
Menzies Gold Project
Situated 130 kilometers north of the globally significant Kalgoorlie gold deposit, Menzies represents one of Western Australia's leading historic gold fields. The project, fully owned and operated by Kingwest before its merger with Brightstar, consists of a contiguous land package of a strike length above 20 kilometers. All deposits are now 100 percent owned by Brightstar and lie within granted mining leases.
Brightstar intends to leverage existing processing infrastructure in the district to monetise the high-grade open pit ounces produced by this mine.
Highlights:
- Significant Historical Production: Menzies has hosted multiple historically mined high-grade gold deposits which together produced a total of over 800,000 ounces at 19 g/t gold. This includes 643,000 oz @ 22.5 g/t gold from underground.
- Profit Sharing: Brightstar and BLM Ventures had a 50/50 profit-sharing joint venture agreement to exploit the Selkirk deposit at Menzies. In March 2024, Brighstar announced the successful completion of all the ore processing from the Selkirk JV, with a total of 430.7 kg of gold doré poured which netted Brightstar $6.5 million as part of its profit share.
- Area Geology: The Menzies Gold Project is hosted along the Menzies Shear Zone in the western margin of the Menzies greenstone belt. It displays a geologic setting similar to the Sand Queen Gold Mine at Comet Vale.
LAVERTON GOLD PROJECT – OTHER RESOURCES
Beta
Located immediately adjacent to the Brightstar Plant, the Beta Project includes a 60-person camp. It contains a combined JORC 2012-compliant mineral resource of 1,882 kt at 1.7 g/t for 102 koz of gold. The deposit occurs along the Eastern Margin of the Laverton Tectonic Zone, notable for hosting multiple major gold occurrences including Granny Smith, Keringal, Red October and Sunrise Dam.
Alpha
Hosting a combined JORC 2012-compliant mineral resource of 1,452 gold at 2.3 g/t for 106 koz, the Alpha Project. Future exploration programs and feasibility studies will seek to potentially capitalize on Alpha's close proximity to Beta.
Management Team – Post Completion of Linden Merger
Alex Rovira - Managing Director
Alex Rovira is a qualified geologist and an experienced investment banker having focused on the metals and mining sector since 2013. Rovira has experience in ASX equity capital markets activities, including capital raisings, IPOs and merger and acquisitions.
Richard Crookes – Non-executive Chairman
Richard Crookes has over 35 years’ experience in the resources and investments industries. He is a geologist by training having previously worked as the chief geologist and mining manager of Ernest Henry Mining in Australia.
Crookes is managing partner of Lionhead Resources, a critical minerals investment fund and formerly an investment director at EMR Capital. Prior to that he was an executive director in Macquarie Bank’s Metals Energy Capital (MEC) division where he managed all aspects of the bank’s principal investments in mining and metals companies.
Andrew Rich - Executive Director
Andrew Rich is a degree qualified mining engineer from the WA School of Mines and has obtained a WA First Class Mine Managers Certificate. Rich has a strong background in underground gold mining with experience predominantly in the development of underground mines at Ramelius Resources (ASX:RMS) and Westgold Resources (ASX:WGX).
Ashley Fraser - Non-executive Director
Ashley Fraser is an accomplished mining professional with over 30 years experience across gold and bulk commodities. Fraser was a founder of Orionstone (which merged with Emeco in a $660-million consolidation) and is a founder/owner of Blue Cap Mining and Blue Cap Equities.
Jonathan Downes - Non-executive Director
Jonathan Downes has over 30 years’ experience in the minerals industry and has worked in various geological and corporate capacities. Experienced with gold and base metals, he has been intimately involved with the exploration process through to production. Downes is currently the managing director of Kaiser Reef, a high grade gold producer, and non-executive director of Cazaly Resources.
Dean Vallve – Chief Operating Officer
Dean Vallve holds technical qualifications in geology & mining engineering from the WA School of Mines, an MBA, and a WA First Class Mine Managers Certificate. Vallve was previously in senior mining and study roles at ASX listed mid-cap resources companies Hot Chili (ASX:HCH) and Calidus Resources (ASX:CAI).
Equinox Gold Opens 400,000 Ounce Greenstone Mine in Ontario
Canadian miner Equinox Gold (TSX:EQX,NYSEAMERICAN:EQX) announced today the official opening of its Greenstone mine in Geraldton, Ontario, which will be one of Canada’s largest gold mines when it reaches full capacity.
The Greenstone mine began construction in October 2021, with first gold poured on May 22, 2024. Equinox Gold’s acquisition of Orion Mine Finance’s 40 percent interest in Greenstone that month gave the company full ownership of the mine.
Greenstone is currently in its ramp-up phase, with commercial production expected to commence in the third quarter of 2024.
In recent months, the mine has achieved significant production milestones, pouring approximately 2,625 ounces of gold in May, 13,625 ounces in June and 19,750 ounces in July. Furthermore, the mine's processing facility has reached over 60 percent of its design capacity as of August.
In total, Greenstone is set to produce 400,000 ounces of gold annually for its first five years, with a projected life-of-mine production of over 5 million ounces.
The operation includes a 27,000 metric tons per day processing facility, with gold recoveries anticipated to average 91 percent. The mine, which operates with a life-of-mine strip ratio of 5.1:1, also benefits from Ontario being a favorable mining jurisdiction.
In a fireside chat with the Investing News Network's Charlotte McLeod at the Vancouver Resource Investment Conference (VRIC) last January, company Chairman Ross Beaty said that he intends to turn the company from an intermediate producer to a senior producer, targeting an annual production of over 1 million ounces of gold.
At the time, the Greenstone project was only at 96 percent completion. The commissioning of the mine furthers Beaty and the company’s goal of capitalizing on the gold sector’s strong fundamentals in recent years. The company operates seven other gold mines in the Americas, which combined for production of 543,000 ounces of gold in 2023.
The Greenstone mine is located on the traditional territories of four First Nations: the Animbiigoo Zaagi’igan Anishinaabek, the Aroland First Nation, the Ginoogaming First Nation and the Long Lake #58 First Nation. It is also home to the citizens of the Métis Nation of Ontario.
Equinox Gold has established long-term partnerships and agreements with the five First Nations, including ones that address environmental management, the use of traditional knowledge and heritage resources, employment and other key areas of collaboration.
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.
Acquisition of Penny South Gold Project, WA
NickelX Limited (“NickelX”, “NKL” or “The Company”) is pleased to announce that it has entered into a binding tenement sale agreement to acquire 100% of tenement E57/1045 known as the Penny South Gold Project.
HIGHLIGHTS
- Binding Tenement Sale Agreement to acquire 100% of the Penny South Gold Project (E57/1045) to bolster West Australian Gold exploration portfolio
- Penny South Gold Project located in world class gold district and ~550m south of one of Australia’s highest grade producing gold mines1, the Penny West/North Gold Mine (“Penny”), owned and operated by Ramelius Resources Limited (ASX:RMS) (“Ramelius”):
- The Penny West mine produced 154,000t at 18g/t Au (89,000 Au) in the early 1990’s2.
- The initial Penny North deposit of 569,000t at 16.8g/t (306,000oz) was discovered by Spectrum Metals Limited and subsequently subject to a takeover by Ramelius for >$200M during 20203, with the deposit now being mined and extended.
- The Penny West Shear, which hosts the Penny deposits, continues south into the Penny South Project (E57/1045) with ~2.5km of strike contained in E57/1045.
- Average historical drill hole depth across E57/1045 is ~42m, with only 18 holes deeper than 100m and 7 holes deeper than 200m4 5, with no diamond drilling.
- Historic drilling within E57/1045 has encountered various significantly anomalous intersections of gold mineralisation5.
- Review of all available data to generate high priority drill targets underway.
Commenting on the acquisition Managing Director Peter Woods said:
“We are extremely pleased to have reached an agreement for the acquisition of the Penny South Project. The addition of this exciting gold exploration asset next door to one of the highest-grade gold mines in production in Western Australia, and in a district seeing current M&A activity, greatly enhances our existing portfolio. Given the minimal deeper drilling and lack of diamond drilling, it is the Company’s view there may be substantial value to be unlocked at depth and we are eager to execute a path forward to test the theory as the momentum for gold continues.”
Penny South Gold Project, WA
The Penny South Gold Project (E57/1045) (Map 1) lies only 550m south of Ramelius’ operating Penny West/North gold mine project (Map 2), which is estimated to contain 440,000t of ore at 22g/t Au (320,000oz Au) (“Penny”)6. NKL’s Penny South Gold Project captures a ~2.5km strike extension of the Penny West Shear immediately south of Ramelius’ Penny deposits, southern Youanmi Greenstone Belt (Map 3).
Map 1: Location of the Penny South Project (E57/1045).
Click here for the full ASX Release
Turaco Gold Reports 2.52 Million Ounce Maiden Resource for Afema
Turaco Gold (ASX:TCG) released a maiden JORC-compliant resource estimate for its Afema gold project in West Africa on Tuesday (August 27), also reporting metallurgical testwork results.
The resource of 2.52 million ounces of gold covers the Woulo Woulo, Jonction and Anuiri deposits, with 60 percent being in the indicated category. The company said the report is an interim estimate as work is ongoing.
Respectively the deposits hold 1.25 million ounces, 660,000 ounces and 660,000 ounces of gold.
Other deposits at the Afema property include Asupiri, Brahima, Adiopan and Toilesso. They were excluded from the resource estimate as they are still subject to further drilling and metallurgical testwork.
“Expenditure and acquisition costs (inclusive of all deferred milestone payments) equate to less than US$7 per ounce attributable to Turaco,” shared Justin Tremain, managing director at Turaco.
“Following the excellent metallurgical results at Jonction, with 76 percent and 85 percent leach gold extractions achieved, a similar systematic metallurgical testwork program has commenced on Anuiri. Testwork will then be undertaken on the additional deposits which have been excluded from the (mineral resource estimate)," he added.
Afema is located in Southeast Cote d’Ivoire, and Turaco notes that small-scale mining took place at the Afema shear during the 1990s. During that time 125,000 ounces of gold were produced at the site before operations ceased in 1998.
In April, Turaco acquired a 51 percent interest in Taurus Gold Afema Holdings, the owner of Afema Gold, which owns the granted mining permit for Afema. Turaco has the right to increase its stake to 70 percent.
Mineralisation at Afema remains open in all directions at all deposits, the company said.
It expects to commence exploration drilling within recently granted exploration permits in the coming weeks. It will target new discoveries near the Woulo Woulo, Jonction and Anuiri deposits.
“Further results from drilling at Woulo Woulo are expected shortly. Two rigs will continue to operate," said Tremain.
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.
Senegal Halts Mining Along Falémé River to Combat Environmental Degradation
Senegal has taken decisive action to address environmental degradation along the Falémé River, a critical waterway in the southeastern part of the country near the border with Mali.
Reuters reported on Wednesday (August 28) that the nation's government has issued a decree suspending all mining activities within 500 meters of the river's left bank until June 30, 2027.
In addition, no new mining titles will be issued in the affected area for the duration.
This suspension, which will last nearly three years, aims to preserve the environment and safeguard the health of local communities impacted by increasing pollution caused by mining operations.
The Falémé River is the primary tributary of the Senegal River, and has faced increasing threats due to the growing presence of artisanal miners in the area. Reuters notes that a report from Senegal's press agency shows there are more than 800 illegal mine sites along both the Senegal and Mali sides of the river, up from 600 in 2021.
A gold rush has taken place over the past two decades, with thousands of people flocking to the region in search of fortune, leading to a boom in both legal and illegal mining operations. However, this influx has come at a high cost to the environment, with extensive dredging and chemical discharge contaminating the river.
The Falémé River is a lifeline for thousands of people in the Kédougou region, who rely on it for drinking water, irrigation and fishing. The suspension of mining in the area is a direct response to the growing concerns of local communities, which have been vocal about the environmental and health risks posed by the mining boom.
In addition to artisanal miners, several major mining companies operate near the Falémé River, contributing to the region's economic activity. Major companies like Barrick Gold (TSX:ABX,NYSE:GOLD), IAMGOLD (TSX:IMG,NYSE:IAG) and AngloGold Ashanti (NYSE:AU,JSE:ANG) have established significant mining operations in the area, with large-scale gold mines such as Loulo-Gounkoto in Mali and the Boto, Gora and Golouma mines in Senegal.
The Loulo-Gounkoto complex, operated by Barrick, is one of the largest mining operations in the region, with 2024 production forecast at 510,000 to 560,000 ounces of gold. Located adjacent to the Falémé River, it includes two underground mines and a processing plant with a capacity of 5 million metric tons annually.
Senegalese authorities have indicated that they will use this suspension period to develop and implement strategies for more sustainable mining practices. These strategies are expected to include stricter regulations on the use of chemicals in mining, increased monitoring of mining activities and efforts to rehabilitate polluted areas.
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.
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)
"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
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