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Drilling at Star of the East Project Begins
HIGHLIGHTS
- Star Minerals commences initial reconnaissance drilling at the recently optioned Star of the East project1
- 300m drill program initiated to explore and expand on the historical drilling and mining data
- Drill targeting to explore for potential gold mineralisation based on the historical gold production
Star of the East lies only 2.2km from Star Minerals’ Tumblegum South gold project, containing a reported Inferred Resource estimate of 600kt, at a grade of 2.2 g/t Au2.
As initially stated in its IPO prospectus, Star Minerals has remained open to acquiring new assets to build on its inventory. The location of Star of the East is easily supported using the infrastructure and relationships the Company has put in place to work on Tumblegum South. Star Minerals’ timely drilling program at Star of the East demonstrates how the Company is well placed to rapidly examine potential acquisitions to contribute towards improved shareholder value.
The Company’s maiden drilling at Star of the East has been designed to provide further information on the mineralised structures that are present in the area. This work has been designed with the benefit of the results from the Company’s earlier drilling at Tumblegum South, which shares much of the geology and mineralisation styles believed to be present at Star of the East.
Click here for the full ASX Release
This article includes content from Star 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.
Pre-Feasibility Studies on Track as Flora and Fauna Studies Reveal No Threatened or Priority Species of Concern at the Lake Hope High Purity Alumina Deposit, WA
Impact Minerals Limited's (ASX:IPT) is pleased to announce that Pre-Feasibility Studies on Track as Flora and Fauna Studies Reveal No Threatened or Priority Species of Concern at the Lake Hope High Purity Alumina Deposit, WA.
- Baseline environmental surveys indicate no Threatened or Priority species of flora and fauna are present on the Lake Hope salt pan.
- A few protected species are present around parts of the proposed site logistics but will have no material effect on mine planning.
- Together with previous Heritage Clearance by the Ngadju Aboriginal group, these surveys will support a Mining Lease application and guide environmental and Aboriginal Cultural Heritage management plans.
- Highly regarded Indigenous Services Australia (ISA), led by Tony Shaw and Carola Verschuren appointed to establish a long-term relationship with the Ngadju group upon whose lands the project is located, and with a view to establishing an access agreement and cultural heritage management plan.
- David English appointed to lead the Pre-Feasibility Study at Lake Hope. David helped lead the feasibility studies and development of both Sandfire Resources’ De Grussa Project and Sirius Resources’ Nova-Bollinger Project, both known for record times from discovery to production.
- Metallurgical test work is continuing.
- The Pre-Feasibility Study is scheduled for completion in Q4 2024.
- Drill results from other lakes in the area have been received and are being interpreted.
Impact’s Managing Director, Dr Mike Jones, said, “The results of the flora and fauna baseline surveys further confirm that the environmental impact of our proposed development of the Lake Hope alumina deposit will be exceptionally small. Given that mining will only leave a hole about one to two metres deep in the lake, the environmental risk and any post-mine rehabilitation are considered to be minimal at this stage.
We are also pleased to announce the appointment of Indigenous Services Australia to help with our discussions and negotiations with the Ngadju Aboriginal group upon whose lands the Lake Hope project is located. ISA played a pivotal role in negotiating a mining agreement between the Ngadju people and Sirius Resources (now IGO) for the Nova-Bollinger mine near Norseman.
In addition, we have appointed a well-respected and very experienced Feasibility Study manager for Lake Hope, Mr David English. David helped lead the teams that developed both the De Grussa copper mine (Sandfire Resources) and the Nova-Bollinger nickel-copper mine and he was instrumental in getting both projects to production in near-record times. David has already added significantly to the team and our forward plans, and we are on schedule to complete the PFS by the end of the year.
David’s appointment has allowed Roland Gotthard, who discovered Lake Hope and developed the metallurgical processes to produce HPA from lake mud, to focus on the metallurgical test work and accelerate end-product development. We look forward to announcing the results of that on-going work”.
Figure 1. Location of the Lake Hope Project (northernmost red star). Lake Hope is one of five exploration licences owned by Playa One Pty Limited, in which Impact has the right to earn an 80% interest (ASX Release March 21st 2023)
Baseline flora and fauna studies have not identified any Threatened or Priority species in and around the salt lakes that host the alumina-bearing mud at Impact Minerals Limited’s Lake Hope project, located 500 km east of Perth in Western Australia (Figure 1). Together with the already-received Heritage Clearance from the Ngadju Aboriginal people, this is a further significant milestone on Impact’s journey to producing High-Purity Alumina (HPA) from the aluminous mud at Lake Hope.
The surveys, which were undertaken by Biota Environmental Sciences, were completed in the spring season in late 2023 and were focused on E63/2086, which contains the Lake Hope alumina deposit. The studies covered the deposit, which lies in the top two metres of two salt pans and the surrounding areas, small areas of which will be required for site logistics, mainly haulage roads and stockpiles and temporary accommodation.
A few species that will require an environmental management plan are present in a few places close to some of the proposed site logistics but will not have a material effect on development. Further surveys will be completed in these areas and also along the route of the proposed haul road to the Norseman-Hyden road in due course.
Click here for the full ASX Release
This article includes content from Impact Minerals, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Completion of Retail Entitlement Offer as Part of A$80M Equity Raising
Spartan Resources Limited (Spartan or Company) (ASX:SPR) is pleased to announce that the Company has completed the retail component (Retail Entitlement Offer) of its 1-for-17 fully underwritten pro rata accelerated non-renounceable entitlement offer (Entitlement Offer) of new fully paid ordinary shares in Spartan (New Shares) as announced on Thursday, 18 April 2024.
The Retail Entitlement Offer closed at 7.00pm (Sydney time) on Friday, 10 May 2024 to raise a total of approximately A$11m at the offer price of A$0.58 per New Share. The Retail Entitlement Offer follows the completion of the institutional component of the Entitlement Offer and placement (Placement) which raised A$69m. In total the Placement and Entitlement Offer (together the Equity Raising) raised approximately A$80m.
Pursuant to the Retail Entitlement Offer, the Company received applications for approximately 7.4 million shares for A$4 million. The shortfall under the Retail Entitlement Offer is 12.0 million shares (Shortfall Shares) for A$7 million which will be issued to the underwriters of the Entitlement Offer. The total raising under the fully underwritten Entitlement Offer is approximately A$11m (before costs).
New Shares under the Retail Entitlement Offer (including the Shortfall Shares) are expected to be allotted on Friday, 17 May 2024 and commence trading on a normal settlement basis on Monday, 20 May 2024. New Shares issued under the Retail Entitlement Offer will rank equally with the Company’s existing fully paid ordinary shares.
Canaccord Genuity (Australia) Limited, Sternship Advisers Pty Ltd and Euroz Hartleys Limited are acting as Underwriters and Joint Lead Managers to the Equity Raising.
Further information on the Entitlement Offer is set out in the Investor Presentation separately lodged with ASX on Thursday, 18 April 2024 and the Retail Offer Booklet lodged with ASX on Friday, 26 April 2024.
Click here for the full ASX Release
This article includes content from Spartan 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.
Analyst Report Cites Warriedar’s High-grade Gold Play, Copper Potential in Upside Valuation
Description:
With a hugely untapped high-grade gold resource and compelling potential base metal discoveries, Warriedar Resources (ASX:WA8) is poised for a significant upside in its current market valuation, according to a new report from analyst firm East Coast Research.
“Applying a peer-based EV/resource multiple approach, we derive the valuation of AU$0.09 in a base case scenario and AU$0.11 per share in a bull case scenario,” analyst Behzad Golmohammadi wrote in the report.
Warriedar Resources is an advanced gold and copper exploration company with an existing resource base of about 2 million ounces of gold between its projects in Western Australia (Golden Range and Fields Find) and Nevada, USA (Big Springs). The analyst report cites Warriedar’s successful exploration to date of Golden Range and Fields Find with highly encouraging results suggesting a potential for high-grade gold discoveries and a porphyry system hosting polymetallic mineralisation, including gold, copper, molybdenum and silver.
“Successful resource expansion from the upcoming aggressive drilling campaigns, enhanced by
positive metallurgy and new discovery potential could drive a substantial rerating, in our view,” Golmohammadi wrote.
The report also cited the current positive gold outlook that is expected to drive gold prices higher, adding to the upside potential of Warriedar Resources.
Report highlights include:
- Warriedar Resources holds a largely underexplored portfolio of high-grade gold assets, with significant base metals discovery potential, in tier 1 jurisdictions surrounded by existing gold deposits and producing mines.
- The company’s diverse exploration programmes in 2023 yielded encouraging results, highlighting the substantial inherent potential in Warriedar’s key projects.
- A positive gold outlook expected to drive gold prices higher
- Using a sum-of-the-parts-driven asset base comparable valuation methodology and a conservative resource estimates assumptions, East Coast Research’s valuation of Warriedar is at AU$0.09 per share in the base-case scenario and AU$0.11 per share in the bull-case scenario, representing a price/NAV of 0.41x, which offers ~150 percent upside probability for potential investors.
For the full analyst report, click here.
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Nick Hodge: Gold to Remain Bullish, Watch Silver, Copper and Uranium Too
Nick Hodge, publisher at Digest Publishing, shared his latest thoughts on gold, silver, copper and uranium.
Speaking first about the yellow metal, he said he sees it maintaining its bullish edge. "Gold is starting to check technical milestones. It's checking technical boxes that tell broader, more generalist investors that gold is emerging from a bear market, and it starts to beget or attract capital simply because it's going up," Hodge explained.
While silver is currently lagging behind gold, it's starting to move based on a shift in perspective.
"What's happened is that silver is being treated now as more of a precious metal than an industrial metal," Hodge explained during the interview. "Before it was trading sideways to down with copper, and now that gold has caught a bid, silver is doing what it's typically done in the past — it's being treated more as a precious metal."
Looking over to copper, he said while its supply/demand fundamentals have been strong for some time, prices are now moving because a recession hasn't materialized in the US. Meanwhile, other countries are coming out of recessions.
One way Hodge is playing copper is with the iShares Copper and Metals Mining ETF (NASDAQ:ICOP).
In closing, he touched on uranium, saying he remains bullish as the commodity consolidates after a quick run.
"Commodities move in cycles ... and I think that it's going to be a cascading or a wave effect," he said. "We talked about how investors are bored with uranium right now because they're more intrigued with gold and copper. Well you're going to see that copper will do its thing for a little bit and then it'll spill over into silver and platinum-group metals and then back into uranium. I think that with higher inflation for longer and then with relatively stagnant growth it's a good environment for commodities across the board to move higher. And they're just going to do so in independent cycles."
Watch the interview above for more of Hodge's thoughts on gold, silver, copper and uranium.
Don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.
New Zealand's Golden Mining Opportunities
With a mining history dating back to the 19th century and a federal government committed to economic development through industrial growth, New Zealand offers considerable investment opportunities.
Measures such as the new Fast-track Approvals Bill — which aims to shorten the permitting process for mining and exploration — only make the country an even more attractive jurisdiction for investment.
It is essential that investors gain an understanding of New Zealand's new direction and the opportunities it represents when evaluating investment opportunities.
Brief history of New Zealand's mining sector
Tasmanian Gabriel Read’s first gold discovery in 1861 in the Tuapeka district on New Zealand's South Island became the focal point of New Zealand's first gold rush. Throughout the 1860s, numerous miners and prospectors traveled to the area that would eventually be known as Gabriel's Gully.
Individual prospectors soon gave way to larger mining organizations, culminating in the foundation of the Waihi gold mine in 1880. The mine is still operational today producing over 10 million gold ounces to date, and still producing roughly 60,000 ounces of gold annually. Gold remains a staple of New Zealand's mining industry to this day, and the country is known for producing incredibly high grades of the precious metal.
Other major mineral and resource exports of New Zealand include iron ore, oil and natural gas.
Though the scope of its mineral exports appears somewhat limited at first glance, mining was New Zealand's second most productive industry in 2023, eclipsed only by electricity, gas, water and waste services.
Pushing for more production
New Zealand’s election of a new Prime Minister in late 2023 signaled a significant geopolitical shift within the country, according to an article by the Canadian Mining Journal. Up to that point, the relationship between New Zealand's government and its mining sector could be described as somewhat antagonistic at best. In August 2023, for instance, the government at the time passed legislation removing any obligation to promote the mining industry, claiming this would help its program on climate change.
The new government, on the other hand, in a bid to boost the country’s mining sector, has introduced a Fast-track Approvals Bill for infrastructure and mining projects that cut the permitting process from two years to six months. Investors and mining industry experts are incredibly optimistic about the bill, noting it has the potential to bring about a new gold rush for New Zealand. The legislation is going through the drafting process in Parliament and feedback from various groups is being discussed and incorporated into the final bill.
As reported by RNZ, on May 2, the Environment Committee fielded complaints from seven different groups.
Federated Farmers noted the bill could allow companies to seize private land through "ministerial power" rather than "fair and equitable negotiation and compensation." The New Zealand Law Society and the New Zealand Planning Institute both expressed concern the bill allowed ministers to disregard the advice of experts without explanation, citing a lack of transparency. Greenpeace, meanwhile, was highly critical of the fact the bill removed environmental protections.
"Expert evidence, public participation, scrutiny by the courts — these are the processes by which our society decides what development is and is not appropriate," Greenpeace spokesperson Amanda Larsson told RNZ. "If passed into law, the Fast-track Approvals Bill would completely undermine these processes, [opening] the door to development not in the name of the public good but in the name of whoever lobbies hardest."
The Fast-Track Approvals Bill still has the potential to significantly boost New Zealand's mining industry through streamlined mining and exploration — it simply needs to get past these initial growing pains.
Mining companies to watch
New Zealand's long-running mining sector means there are several companies with an established presence in the country. Below, you'll find a few that we believe investors would do well to keep an eye on.
OceanaGold (TSX:OGC,OTCQX:OCANF)
A multinational gold mining and exploration company headquartered in Vancouver, OceanaGold owns Project Martha — an underground mining operation built on the country's longest-running gold mine at Waihi. In addition to Project Martha, the company operates mines in both the Philippines and the US. OceanaGold claims it is committed to safety and sustainability.
Bathurst Resources (ASX:BRL,OTC Pink:BTURF)
Bathurst is New Zealand's largest coal-mining company, operating with a strong commitment to sustainable development and community. It owns and operates coal mines throughout the country, providing energy for industry sectors, including agri-business, education and healthcare. Bathurst also exports high-quality coal for steel production and is involved in two steelmaking coal development projects in BC.
Rua Gold (CSE:RUA,OTC Pink:NZAUF)
A promising gold exploration company based in New Zealand, Rua Gold owns two highly prospective land packages. The first, Reefton, is situated in a high-grade orogenic gold province with considerable production and multiple recent discoveries. The second, Glamorgan, displays all the hallmarks of a major epithermal gold-silver system.
All permits and title work for the two drill-ready projects are secured, and both current and future development is backed by a team of mining industry experts and veterans with considerable working knowledge and access to funding.
Investor takeaway
New Zealand is an incredibly promising mining jurisdiction, and it will only become more compelling once the Fast-Track Approvals Bill is passed. Investors would be wise to pay attention to the region. After all, it could be on the verge of another gold rush — and those with an existing foothold will be well positioned to take full advantage.
This INNSpired article is sponsored by Rua Gold (CSE:RUA,OTC Pink:NZAUF,WKN:A4010V). This INNSpired article provides information which was sourced by the Investing News Network (INN) and approved by Rua Goldin 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 INNSpired article.
This INNSpired article was written according to INN editorial standards to educate investors.
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 Gold and seek advice from a qualified investment advisor.
Falco Announces the Opening of Espace Falco and Invites the Population to the Public Information Meeting Organized by the BAPE on the Falco Horne 5 Project
Falco Resources Ltd. (TSX.V: FPC) (“Falco” or the “Corporation”) is pleased to announce the opening of Espace Falco located at 157 rue Principale in Rouyn-Noranda. This new space is dedicated to meeting citizens, groups and organizations wishing to learn about the Falco Horne 5 project (the “Falco Horne 5 Project”).
In anticipation of the public examination (public hearings) of the Bureau d’audiences publiques sur l’environnement (“BAPE”), Falco invites the population to an information meeting organized by the BAPE as part of the public information period. This information meeting will be held on Tuesday, May 21 at 7:30 p.m. at the Petit Théâtre du Vieux-Noranda (112, 7e rue, Rouyn-Noranda, QC, J9X 1Z9) and will allow the community to learn and ask questions about the Falco Horne 5 Project.
Hélène Cartier, Vice-President, Environment, Sustainable Development and Community Relations, said: “We look forward to continuing our collaborative approach with host communities and the launch of the BAPE process will open up more consultations and transparent and direct discussions with stakeholders, as well as allowing the advancement of the environmental permit process towards obtaining a ministerial decree authorizing the Falco Horne 5 Project.”
FALCO HORNE 5 PROJECT: A WORLD-CLASS HISTORICAL DEPOSIT
Environment
- Disposal of processing tailings in the old mining openings of the Horne mine
- Reuse of the old Quemont 2 shaft as access infrastructure to the Horne 5 mineral zone
- Reuse of the site of a former unrehabilitated tailings pond to complete the storage capacity for mining tailings
- Use of double-walled pipes for the transportation of mining residues and recirculation water installed in the right-of-way of existing roads
- Production of copper concentrates with low GHG emissions given the proximity of the Horne Foundry facilities (< 1km)
- Minimum footprint of the surface infrastructure of the Falco Horne 5 Project
Production
- Polymetallic deposit of massive sulphide type (Au, Ag, Cu, Zn)
- High-volume underground mining favoring the best modern extraction technologies
- Annual production (220,000 ounces of gold / 334,000 ounces Au Eq) – 15 years LOM
- Concentrate offtake agreements (Cu, Zn) and operating license and indemnity agreement (“OLIA”) with Glencore Canada Corporation
- Feasibility study (2021) reflecting robust financial parameters (based on a gold price of US$1600)
- All-in sustaining costs below US$600 per ounce, considering base metal by-product credits
Luc Lessard, President and CEO declared: “In light of the significant progress recently achieved including the signing of the OLIA and confirmation of admissibility of the environmental impact assessment, as well as the ongoing BAPE process, the Falco Horne 5 Project has entered a new, proactive phase, which brings us closer to its execution phase. In addition, during the second half of 2024, Falco will update the feasibility study (2021), particularly in the financial sections, so that it reflects current assumptions, including the increase in the long-term prices of commodities.”
About Falco
Falco Resources Ltd. is one of the largest mineral claim holders in the Province of Québec, with extensive land holdings in the Abitibi Greenstone Belt. Falco owns approximately 67,000 hectares of land in the Noranda Mining Camp, which represents 67% of the entire camp and includes 13 former gold and base metal mine sites. Falco’s principal asset is the Horne 5 Project located under the former Horne mine that was operated by Noranda from 1927 to 1976 and produced 11.6 million ounces of gold and 2.5 billion pounds of copper. Osisko Development Corp. is Falco’s largest shareholder owning a 17.3% interest in the Corporation.
For further information, please contact:
Luc Lessard
President and Chief Executive Officer
514 261-3336
info@falcores.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
Cautionary Note Regarding Forward-Looking Statements
This news release contains forward-looking statements and forward-looking information (together, “forward-looking statements”) within the meaning of applicable securities laws, in particular Falco’s ability to complete the BAPE, to obtain receipt of permits and approvals required to develop the Falco Horne 5 Project and the ability of Falco to efficiently develop and operate the Horne 5 Project based on the terms of the OLIA. These statements are based on information currently available to the Corporation and the Corporation provides no assurance that actual results will meet management’s expectations. The occurrence of such events or the realization of such statements is subject to a number of risk factors, including, without limitation, the ability of Falco to provide the financial assurance guarantees required by the OLIA and the exercise by Glencore Canada of rights under the OLIA which could affect the development and operation of the Horne 5 Project, together with the other risk factors identified in Falco’s Annual Information Form and other continuous disclosure documents available at www.sedarplus.com. Although Falco believes that the assumptions and factors used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Except where required by applicable law, Falco disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
Click here to connect with Falco Resources (TSXV:FPC) to receive an Investor Presentation
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