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EIS Funding of $180,000 Awarded for Drilling at Caligula, a Significant Copper Target at the Arkun Project, WA
Impact Minerals Limited's (ASX:IPT) is pleased to announce that it has been awarded $180,000 under the WA Government’s Exploration Incentive Scheme (EIS) to co-fund drilling of the Caligula copper prospect at the company’s 100% owned Arkun Project located 150 km east of Perth in the emerging mineral province of southwest Western Australia (Figure 1 and ASX Release January 4th 2024).
- Co-funding of up to $180,000 awarded under the WA Government’s EIS scheme to drill the large and significant Caligula copper target identified in soil geochemistry data and Mobile Magneto-Telluric (MMT) data.
- Caligula comprises a 5 km by 1 km soil geochemistry anomaly containing copper-silver-cobalt+/- tellurium-bismuth-molybdenum associated with numerous conductors identified in the MMT data that may represent disseminated or massive sulphides.
- Infill and extensional soil geochemistry surveys have been completed to help define specific drill targets with assays due this Quarter.
- The statutory approvals process for a drill programme has now commenced.
- The aircore drill programme at the Hyperion Prospect, which forms part of IPT’s broader Arkun Project, has been completed. Hand-held XRF data is being interpreted to help select samples for assaying, with results expected later this Quarter.
Caligula is 15 km west of the Hyperion Rare Earth Element prospect anomaly, where an aircore drill programme was recently completed (ASX Releases January 4th 2024 and April 19th 2024). The Arkun project was also recently expanded with three new tenement applications (Figure 1 and ASX Release March 14th 2024).
Impact Minerals’ Managing Director, Dr Mike Jones, said, “This award validates our exploration programmes at Arkun over the past few years. Caligula is one of many geochemical and geophysical targets we have at the project and so the information we will gain from the proposed drill programme will add immensely to our knowledge of this poorly exposed and poorly explored area. We will now start the statutory approvals process for the drilling. We have just completed our maiden drill programme at Hyperion to test for Rare Earth Elements and are interpreting the handheld XRF data to select samples for assaying, and we are looking forward to those results”.
Figure 1. Location and regional geological setting of Impact’s Arkun and other projects shown in blue in the emerging mineral province of southwest Western Australia. Significant nickel deposits are shown in orange, lithium deposits in green and gold deposits in yellow.
Soil Geochemistry Results
The Caligula prospect comprises an area of anomalous copper-in-soils that extends over about 5,000 metres north-south and up to at least 2,000 metres east-west. It is open to the east and the southwest (Figure 2). The copper is associated with anomalous silver and cobalt and, in the southern part of the anomaly, also has a strong association with bismuth, tellurium and lesser molybdenum (Figure 2). Details about the soil geochemistry results were included in the ASX Release of January 24th 2024.
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.
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Impact Minerals Limited
Investor Insight
With a mining lease application underway and a scoping study that shows excellent economics, Impact Minerals’ game-changing, advanced Lake Hope high-purity alumina project makes for a compelling investment case.
Overview
Impact Minerals (ASX:IPT) is an exploration and development mining company focused on discovering and developing new resource projects within Australia. Lake Hope, a transformational acquisition by the company and its current flagship asset, is a high-purity alumina (HPA) project in Impact’s home territory of Western Australia, a tier-one jurisdiction.
This advanced-stage project allows the company to fast-track the asset toward development, firmly establishing the company on the road to production and increasing shareholder value.
HPA is a high-value product with various uses in several industries that are key to the transition to a low-carbon world. It is mainly used in LED lighting, micro-LED screens, and ceramic-coated separators in lithium-ion batteries. Both these markets are forecast to grow dramatically over the next decade, and a looming supply shortage is predicted for 2026.
HPA is also necessary for producing synthetic sapphire and scratch-resistant glass. With these ever-widening applications for HPA, demand for this resource is expected to grow from US$3.18 billion to US$12.21 billion by 2030 with a compounded annual growth rate of about 20 percent.
Lake Hope is the company’s current focus as it moves towards production, and where a very shallow, high-grade resource of HPA precursor material has been identified in the top two meters of a dry salt lake. The deposit has unique physical and chemical properties that will allow for inexpensive digging and mining, with transportation to a processing facility off-site in an established industrial area. This will accelerate the approvals processes required to get into production.
With a mining lease application pending, Impact aims to bring Lake Hope, which contains almost 1 million tons of potential HPA, into production when the forecast average price for 4N HPA (99.99 percent Al2O3) and related products is about US$20,000 per ton. The ‘4N’ designation indicates the purity grade, making it suitable for high-tech end uses.
Outstanding economics from the latest scoping study released by the company shows Lake Hope’s potential to be the lowest-cost producer of HPA globally by up to 50 percent.
Lake Hope has a maiden mineral resource estimate (MRE) of 3.5 million tons at 25.1 percent alumina (Al2O3) for a contained 880,000 tons of alumina. The company also received heritage clearances for the entire Lake Hope deposit further de-risking the project and providing another critical component in the company’s application for a mining lease.
Impact completed a bulk sampling and test pits program at the Lake Hope project in December 2023, and later reached a key milestone by producing HPA greater than 99.99 percent (4N) purity from the metallurgical processing of lake clays acquired from Lake Hope.
In February 2024, a new proprietary metallurgical process for producing HPA from the lake clays was identified. Impact produced 99.99 percent (4N) Al2O3 from a low-temperature leach (LTL) process. The LTL process may lower the capital and operating costs to produce HPA compared to the sulphate process which underpinned the recent scoping study. The LTL process will be included in the ongoing pre-feasibility study in parallel with the sulphate process at marginal extra cost to determine the best processing route to HPA. The PFS is due to be completed in late 2024.
A comparison of the LTL process and the sulphate process
The company is well funded to finance the pre-feasibility study at the Lake Hope High Purity Alumina project and exploration activities at the Arkun battery minerals project.
Impact Minerals has been awarded a $2.87 million grant for the commercialisation of its innovative process to produce High Purity Alumina (HPA) from the Lake Hope deposit. The grant is under the Federal Government’s Cooperative Research Centres Projects (CRC-P) program which fosters short-term, industry-led research collaborations. The grant is part of an estimated $6.4 million research and development project to be completed within three years and designed to provide Impact with the relevant information required to complete a definitive feasibility. A key component of the grant funding will be to construct a pilot plant, which is a key goal for 2025, and this will provide consistent material for off-take and qualification trials.
Impact Minerals was also one of the inaugural cohort of seven companies selected to be part of the prestigious BHP Xplor program. BHP Xplor, an accelerator program introduced by BHP in August 2022, is designed to help provide participants with the opportunity to accelerate their growth and the potential to establish a long-term partnership with BHP and its global network of partners.
The BHP Xplor funding was used to identify new target areas for copper and other energy metals around the Broken Hill area in New South Wales, eastern Australia, where Impact has been quietly adding to its ground position for several years.
Additionally, the company is exploring its large Arkun battery metals project, also in Western Australia which covers nearly 2,900 square kilometres. Three new exploration licence applications were submitted recently immediately north of the Arkun project along trend from the recently discovered REE soil geochemistry anomalies at Hyperion, Swordfish and Horseshoe, and the Caligula copper anomaly. These anomalies require drill testing which will occur in 2024 and is an exciting development in the emerging mineral province of southwest WA.
A strong management team with over 50 years of combined industry experience leads the company. With a mining and exploration geology degree, Dr. Mike Jones, managing director, launched a long career consulting and leading mining organizations. Peter Unsworth, the non-executive chairman, has more than 35 years of experience in multiple financial sectors, such as securities industries and wealth management. Paul Ingram, a non-executive director, has led several mining companies since 2003. Impact Minerals has the experience and expertise to lead the company to success.
Company Highlights
- Impact Minerals is an exploration and development mining company focused on rapidly moving its flagship Lake Hope high-purity alumina (HPA) project toward production.
- The Lake Hope project has a high-grade maiden mineral resource estimate (MRE) of 3.5 million tonnes at 25.1 percent alumina (Al2O3), for a contained 880,000 tonnes of alumina that can be converted to HPA.
- HPA is used throughout multiple industries, and the overall HPA market is projected to grow by a CAGR of 18.4 percent by 2030.
- A pre-feasibility study is currently in progress and scheduled to be completed by Q4 2024. A mining lease application for the Lake Hope High Purity Alumina (HPA) was recently lodged with the aim of being granted by 2026.
- The company’s project portfolio also includes assets with high-grade mineral deposits of a range of base, critical and precious metals.
- Impact Mineral’s 2,000-square-mile Arkun nickel-copper-PGE project in Western Australia has produced encouraging assays that motivate further exploration. Maiden drill programmes are planned for early 2025.
- The company is also exploring its Broken Hill copper project in New South Wales following a major grant under the auspices of the BHP Xplor program in 2023..
- A strong management team leads the company with experience in geology, mining and corporate finance.
Key Projects
Lake Hope HPA Project
Impact Minerals’ Lake Hope HPA project is in Western Australia, a tier-one mining jurisdiction. HPA is a crucial component in many new and emerging technologies, creating ongoing demand for high-grade sources. The Lake Hope project is the company’s flagship as it moves toward production.
Project Highlights:
- Maiden Mineral Resource Estimate: A maiden mineral resource of 3.5 million tonnes at 25.1 percent alumina (Al2O3) for a contained 880,000 tonnes of alumina has been defined at the Lake Hope HPA Project. About 88 percent of the resource, or 775,000 tonnes of alumina, is in the higher confidence indicated resource category.
- Amenable to Open-pit Mining: The Lake Hope project is a unique HPA asset amenable to shallow, open-pit mining. The deposit is soft and shallow, allowing for cheap digging and minimal infrastructure requirements. This type of deposit also lowers the environmental footprint of the operation.
- Fast-tracked to Production: A mining lease application is currently underway. Once granted, the company will begin working towards a pre-feasibility study and mini pilot plant. Impact Minerals plans to reach a complete pilot plant by 2026.
- Impressive Results of the 2023 Scoping Study: Outstanding economics show Lake Hope to potentially be the lowest-cost producer of High Purity Alumina (HPA) globally by up to 50 percent. Key outcomes from the scoping study include:
- Annual production of 10,000 tpa of 4N HPA with an initial 25-year mine life
- Annual EBITDA of A$174 million.
- 2 years construction period with 5,000 tonnes of production during the first year, 8,000 tonnes in the second year and 10,000 tonnes of production thereafter.
- US$934 million post-tax NPV8 at an IRR of 55 percent.
- Mining Lease Application: Amining lease application was lodged in mid-2024 over the West Lake resource while a miscellaneous licence application (L63/99) was lodged to cover mine infrastructure and haulage road.
The scoping study was underpinned by a sulphuric acid process allowing the company to achieve a new milestone by producing HPA with purity of more than than 99.99 percent (4N) from the metallurgical processing of lake clays acquired from Lake Hope. The company further identified a new proprietary metallurgical process for producing HPA from the lake clays. Known as the low-temperature leach (LTL) process, this also produced 99.99 percent (4N) Al2O3 and has the potential to lower even further the capital and operating costs to produce HPA compared to the sulphate process. The LTL process will be included in the ongoing pre-feasibility study along with the sulphate process to determine the best processing route to HPA. The PFS is due to be completed in late 2024.
Broken Hill Copper Project
The Broken Hill project has a significant land position of 815 square kilometers and hosts multiple targets with the potential for high-grade copper. Broken Hill is located in New South Wales, Australia, an area known for its prolific silver-lead-zinc mining operations and the giant Broken Hill deposit.
Project Highlights:
- Participant in the BHP Xplor Program: Impact was selected for the BHP Xplor program in 2023 based on its Broken Hill project. The program is designed to allow participants to accelerate growth and establish a long-term partnership with BHP.
- Potential for Additional Minerals and Deposits: As well as copper, the project has significant exploration potential for magmatic nickel-copper-PGE sulphides, and at the time the host rocks were formed, Broken Hill was located close to the world-class nickel-copper-PGE deposit of Jinchuan and the significant Lengquisheng deposit. The project area also has the potential to contain zinc-lead-silver deposits, providing even more value.
Arkun Nickel-Copper-Gold-Lithium-REE Project
The Arkun project is a 2,900-square-kilometer nickel, copper and gold project located in the emerging Ni-Cu-PGE province near the world-class Julimar Ni-Cu-PGE deposit and surrounded by Anglo American Corporation, which secured its ground holding shortly after Impact secured its asset. Anglo-American is one of the world’s top ten mining companies, and their presence in the region brings confidence in the project’s potential.
Project Highlights:
- Additional Exploration Underway: Impact plans follow-up work programs, including drilling, at its priority targets.
- Significant Targets Identified: Recent soil sampling identified two new prospects:
- Hyperion prospect - Located in the northwestern part of the project area returned with rare earth element anomalism of up to 5,880 ppm (0.59 percent) total rare earth oxide (TREO+Y) and neodymium and praseodymium (Nd+Pr) of up to 21 percent.
- Caligula prospect - Initially identified on the roadside, the Caligula prospect is a large and significant target for porphyry copper mineralisation.
- Three New Exploration Licences: Impact applied for three new exploration licences expanding Arkun project along trend from the recently discovered REE soil geochemistry anomalies at Hyperion, Swordfish and Horseshoe as well as the Caligula copper anomaly.
Management Team
Peter Unsworth - Non-executive Chairman
Peter Unsworth, formerly a chartered accountant, has over 35 years of experience in the corporate finance, investment and securities industries and a wealth of management experience with public and private companies. A former executive director with a leading Western Australian stockbroking company, Unsworth has been a director of several public exploration and mining companies. He recently completed a long time serving as chairman of the Western Australian Government-owned Gold Corporation (operator of The Perth Mint). Unsworth is the founding chairman of Impact Minerals.
Dr. Mike Jones - Managing Director
Dr. Mike Jones is the founding managing director of Impact Minerals Limited, which was listed on the Australian Stock Exchange in November 2006. Reporting to the board of directors, he is responsible for the company's performance as it moves towards production at its Lake Hope High Purity Alumina Project and also for implementing strategies to explore and maximize the value of the company's other extensive tenement holdings.
Since listing, he has helped raise more than $60 million to help fund the exploration of Impact’s projects and managed the company through significant adverse events, including the global financial crisis and the Fukushima nuclear disaster, which affected Impact’s considerable investment in the uranium sector, a five-year global downturn in the mining sector and more recently, the COVID-19 pandemic.
Paul Ingram - Non-executive Director
Paul Ingram is a geologist with extensive experience managing major mineral exploration programs for several publicly listed companies and has been involved in the mining sector for over thirty years. He has designed and implemented innovative techniques for exploration in remote areas and has managed projects in countries throughout Australia and East Asia. Ingram has been a director of the following listed companies in the past three years: Polo Resources from January 2008 to January 2011; A-Cap Resources since June 2009; Consolidated Global Investments since September 2006; Caledon Resources from February 2003 to March 2008; and Australian Pacific Coal since March 2011.
Dr Frank Bierlein - Non-executive Director
Dr. Frank Bierlein is a geologist with 30 years of experience as a consultant, researcher, lecturer and industry professional. Bierlein has held exploration and generative geology management positions with QMSD Mining, Qatar Mining, Afmeco Australia and Areva NC, and consulted for, among others, Newmont Gold, Resolute Mining, Goldfields International, Freeport McMoRan, and the International Atomic Energy Agency. He is currently a non-executive director of PNX Metals. He was previously a non-executive director of Gold Australia NL and chaired the advisory board of a Luxembourg-based private equity fund between 2014 and 2021.
Athena Gold Corporation Announces Increase in Private Placement and Closes Second Tranche
Athena Gold Corporation (CSE:ATHA)(OTCQB:AHNR) ("Athena" or the "Company") is pleased to announce that due to strong demand, the Company has increased the size of the non-brokered private placement previously announced on October 3, 2024, from CDN $1,000,000 to up to CDN $1,250,000 (the "Offering"). The Offering, as amended, will now consist of up to 25,000,000 units (the "Units") (increased from 20,000,000 Units) at a price of CDN $0.05 per Unit. All other terms of the Offering remain unchanged.
The Company further announces that it has closed a second tranche of the Offering through the issuance of 6,460,000 Units at a price of CDN $0.05 per Unit for gross proceeds of CDN $323,000. The Company closed the first tranche of the Offering on October 25, 2024 (refer to press release dated October 28, 2024) and issued 12,000,000 Units at CDN $0.05 per Unit for gross proceeds of CDN $600,000.
Each Unit consists of one common share in the capital of the Company (a "Common Share") and one-half of a common share purchase warrant (a "Warrant"). Each whole Warrant is exercisable into one Common Share at a price of CDN $0.12 per Warrant for a period of thirty-six months from the date of issuance, subject to the following acceleration provision. If, at any time after the date that is 4 months and one day after the date of issuance of the Warrants, the average volume weighted trading price of the Company's Common Shares on the Canadian Securities Exchange (or such other stock exchange on which the Common Shares may be traded from time to time) is at or above CDN $0.20 per share for a period of 10 consecutive trading days (the "Triggering Event"), the Company may at any time, after the Triggering Event, accelerate the expiry date of the Warrants by giving ten calendar days notice to the holders of the Warrants, by way of news release, and in such case the Warrants will expire on the first day that is 30 calendar days after the date on which such notice is given by the Company announcing the Triggering Event.
Proceeds of the Offering will be used to fund exploration work on the Company's Excelsior Springs Project located in Nevada, USA, and the Laird Lake and Oneman Lake Projects recently acquired in Ontario, Canada, and for general and administrative expenses, including costs related to its proposed amalgamation and redomicile from Delaware to British Columbia, Canada, with any surplus to provide general working capital and additional exploration.
No finder's fees were paid in connection with the closing of the second tranche of the Offering.
To date, certain insiders of the Company have participated in the Offering, of which 4,590,000 Units for proceeds of CDN $229,500 were acquired in the first tranche and an additional 2,200,000 Units for proceeds of CDN $110,000 in the second tranche, totaling 6,790,000 Units for proceeds of CDN $339,500. This constitutes a related party transaction pursuant to Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Company relied on Sections 5.5(a) and 5.7(1)(a) of MI 61-101 for an exemption from the formal valuation and minority shareholder approval requirements, respectively, of MI 61-101, as, neither the fair market value of the subject matter of, nor the fair market value of the Units purchased by the insiders under the Offering exceed 25% of the Company's market capitalization.
All securities issued in connection with the Offering are subject to a four month and one day hold period in Canada and are subject to applicable United States hold periods.
None of the foregoing securities have been or will be registered under the United States Securities Act of 1933, as amended (the "1933 Act") or any applicable state securities laws and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons (as defined in Regulation S under the 1933 Act) or persons in the United States absent registration or an applicable exemption from such registration requirements. This press release does not constitute an offer to sell or the solicitation of an offer to buy nor will there be any sale of the foregoing securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
About Athena Gold Corporation
Athena is engaged in the business of mineral exploration and the acquisition of mineral property assets. Its objective is to locate and develop economic precious and base metal properties of merit and to conduct additional exploration drilling and studies on its projects across North America. Athena's flagship Excelsior Springs Au-Ag project is located in the prolific Walker Lane Trend in Nevada. Excelsior Springs spans 1,675 ha and covers at least three historic mines along the Palmetto Mountain trend, where the Company is following up on a recent shallow oxide gold discovery, with drill results including 5.2 g/t Au over 33 m. Meanwhile, the Company's new Laird Lake project is situated in the Red Lake Gold District of Ontario, covering 4,158 hectares along more than 10 km of the Balmer-Confederation Assemblage contact, where recent surface sampling results returned up to 56.5 g/t Au. This underexplored area is road-accessible, located about 10 km west of the Madsen mine by West Red Lake Gold Mines and 34 km northwest of Kinross Gold's Great Bear project.
For further information about Athena Gold Corporation and our Excelsior Springs Gold project, please visit www.athenagoldcorp.com.
On Behalf of the Board of Directors
John C. Power
President, Athena Gold Corporation
For further information, please contact:
Phone: John C. Power, (707) 291-6198
Email: johnpower@athenagoldcorp.com
CHF Capital Markets
Cathy Hume, CEO
Phone: 416-868-1079 x 251
Email: cathy@chfir.com
Forward-Looking Statements
This press release contains forward-looking statements and forward-looking information (collectively, "forward-looking statements") within the meaning of applicable Canadian and US. securities laws. All statements, other than statements of historical fact, included herein including, without limitation, statements regarding future exploration plans, future results from exploration, and the anticipated business plans and timing of future activities of the Company, are forward looking statements. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are typically identified by words such as: "believes", "will", "expects", "anticipates", "intends", "estimates", ''plans", "may", "should", ''potential", "scheduled", or variations of such words and phrases and similar expressions, which, by their nature, refer to future events or results that may, could, would, might or will occur or be taken or achieved. In making the forward-looking statements in this press release, the Company has applied several material assumptions, including without limitation, that there will be investor interest in future financings, market fundamentals will result in sustained precious metals demand and prices, the receipt of any necessary permits, licenses and regulatory approvals in connection with the future exploration and development of the Company's projects in a timely manner.
The Company cautions investors that any forward-looking statements by the Company are not guarantees of future results or performance, and that actual results may differ materially from those in forward-looking statements as a result of various risk factors as disclosed in the final long form prospectus of the Company dated August 31, 2021.
Readers are cautioned not to place undue reliance on forward-looking statements. The Company undertakes no obligation to update any of the forward-looking statements in this press release or incorporated by reference herein, except as otherwise.
Athena Samples Bonanza Grade Gold, up to 373 g/t, Laird Lake, Red Lake Gold District, Ontario
Athena Gold Corporation (CSE:ATHA)(OTCQB:AHNR) ("Athena" or the "Company") is pleased to report additional high-grade gold samples from its reconnaissance prospecting program at its newly-acquired Laird Lake project, located in Ontario's prolific Red Lake Gold District. The Laird Lake project, spanning 4,158 hectares and covering >10 km of Balmer-Confederation Assemblage contact, represents an underexplored portion of the Red Lake Gold District. The road-accessible project lies approximately 10 km west of West Red Lake Gold Mines' flagship Madsen mine and 34 km northwest of Kinross Gold's Great Bear project.
"Laird Lake continues to impress. Our sample returning 373 g/t Au represents the highest-grade grab sample ever taken at the project and, to our knowledge, is amongst the highest-grade surface grab samples publicly reported in the Red Lake Gold District. With more than 10 km of Balmer-Confederation contact to explore and high-grade, visible gold showings scattered throughout, we believe we might be on the cusp of the next major gold discovery in Red Lake," stated John Power, President & CEO of Athena Gold.
Highlights:
- Additional sampling of surface grab samples taken at the Laird Lake project in October 2024 confirmed mineralization over 2.2 km of strike length along the contact between the Balmer and Confederation Assemblages (Figure 1). Mineralization is open along strike to the east and west.
- The Balmer-Confederation contact is believed to be a significant structural control for gold mineralization in the Red Lake Gold District, with >90% of all gold ever mined in the camp occurring within approximately 300 m of this contact.
- Thehighest-grade sample to date returned 373 g/t Au and was collected from a smoky quartz vein with blebby pyrite, chalcopyrite, and visible gold. This sample represents the highest-grade gold sample ever recorded in Laird Lake's history.
- The recent reconnaissance prospecting program is expected to guide a property-wide geochemistry survey scheduled to commence in H1 2025. The results are anticipated to provide targets for Athena's initial drill program at Laird Lake.
- A recently completed MSc. thesis on the Laird Lake project suggested that Laird Lake represents the continuation of the same mineralized structure found at both the Madsen and Starratt-Olsen gold minesi now owned by West Red Lake Gold (2.5 Moz past-production, 1.7 Moz indicated, 0.4 Moz inferred)ii and was later displaced as far as 10 km west (Figure 2).
Figure 1: Map of Laird Lake project, showing selected assays from the October 2024 sampling program.
Figure 2: Map of Laird Lake and Madsen, showing mapped Balmer-Confederation contact and dextral Laird Lake Fault.
Geology:
Gold mineralization observed at Laird Lake occurs in discrete quartz veins hosted in volcanic rock, localized high-strain zones consisting of silicification and disseminated sulfides, and in more broad zones of strongly deformed banded iron formation up to 15 m wide characterized by gossan, fine-grained disseminated sulfides, and silicification. Gold-bearing zones exhibit a general east-west orientation and occur in both Balmer and Confederation Assemblage rocks.
Future Drill Testing:
Laird Lake has been subject to only minimal historical exploration work, mainly because the Balmer-Confederation contact was only mapped on Laird Lake in recent times as part of an MSc. research thesis. Athena's initial work programs are focused on understanding structural controls and potential splays off this contact that may host high-grade gold mineralization.. Athena plans to conduct a property-wide gold-in-till geochemistry program in Spring 2025. Historical, high-resolution airborne magnetic and electromagnetic surveys highlighted several prospective targets within the Balmer Assemblage that have yet to be tested and will be included in future drilling on the property, in addition to other targets generated from prospecting and geochemical programs.
About Our Laird Lake Project
The 4,158 ha Laird Lake property is situated 20 km to the southwest of the town of Red Lake, Ontario. Red Lake is a prolific gold mining town in Northwestern Ontario. Importantly, >90% of the gold has come from within 300 m of the contact between the Balmer and Confederation Assemblages. The Laird Lake property is considered underexplored for gold, relative to much of the surrounding Red Lake Greenstone Belt, despite possessing more than 10 km of strike length of the known gold-bearing contact between Balmer and Confederation Assemblage rocks. Also important is being near several major gold production and exploration sites in the region:
- 34km to the Great Bear project (Kinross - 2.7 Moz indicated, and 3.9 Moz inferred)iii;
- 11 km to the Madsen Mine (West Red Lake Gold - 1.7 Moz indicated, and 0.4 Moz inferred); and
- 28 km to the Red Lake Mine (Evolution Mining - 7.2 Moz indicated, and 4.5 Moz inferred)iv.
Limited exploration activity at Laird Lake has demonstrated that high-grade gold mineralization occurs in both Balmer and Confederation Assemblage rocks over several kilometers in proximity to the main Balmer-Confederation contact. The highest gold grades on the property show a strong correlation to high-strain zones characterized by the presence of silicification, disseminated sulfides, and gossan. The Laird Lake property is dominated by mafic to ultramafic metavolcanic rocks as well as lesser banded iron formation and felsic to intermediate metavolcanic rocks of the Balmer and Confederation Assemblages. Felsic to ultramafic intrusive units are also present throughout the property, most notably of which include the Killala-Baird Batholith to the north, and the Medicine Stone Lake Batholith to the south.
QA/QC
Analytical work for rock samples was completed by ALS Laboratories, and sample preparation and geochemical analyses were completed in Thunder Bay, Ontario. Samples were crushed before a 250-gram split was pulverized to better than 85%, passing 75 microns. Rock samples were analyzed for gold by fire assay using a 50-gram charge with an atomic absorption spectroscopy finish. If assay results exceed 10.0 g/t gold, the sample rejects are analyzed by 50-gram fire assay with a gravimetric finish. Sampling and analytical procedures are subject to a Quality Assurance and Quality Control program that includes duplicate samples and analytical standards.
Qualified Person
Technical information in this news release has been reviewed and approved by Benjamin Kuzmich, P.Geo., a geoscientist and qualified person for the purposes of National Instrument 43-101.
About Athena Gold Corporation
Athena is engaged in the business of mineral exploration and the acquisition of mineral property assets. Its objective is to locate and develop economic precious and base metal properties of merit and to conduct additional exploration drilling and studies on its projects across North America.
Athena's flagship Excelsior Springs Au-Ag project is located in the prolific Walker Lane Trend in Nevada. Excelsior Springs spans 1,675 ha and covers at least three historic mines along the Palmetto Mountain trend, where the Company is following up on a recent shallow oxide gold discovery, with drill results including 5.2 g/t Au over 33 m.
The Company's new Laird Lake project is situated in the Red Lake Gold District of Ontario, covering 4,158 hectares along more than 10 km of the Balmer-Confederation Assemblage contact, where recent surface sampling results returned up to 56.5 g/t Au. This underexplored area is road-accessible, located about 10 km west of the Madsen mine by West Red Lake Gold Mines and 34 km northwest of Kinross Gold's Great Bear project.
For further information about Athena Gold Corporation, please visit www.athenagoldcorp.com.
On Behalf of the Board of Directors
John C. Power
Chief Executive Officer and President
Email: johnpower@athenagoldcorp.com
Contact:
CHF Capital Markets
Cathy Hume, CEO
Phone: 416-868-1079 x 251
Email: cathy@chfir.com
Forward-Looking Statements
This press release contains forward-looking statements and forward-looking information (collectively, "forward-looking statements") within the meaning of applicable Canadian and US. Securities laws. All statements, other than statements of historical fact, included herein, including, without limitation, statements regarding future exploration plans, future results from exploration, and the anticipated business plans and timing of future activities of the Company, are forward looking statements. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove correct. Forward-looking statements are typically identified by words such as: "believes", "will", "expects", "anticipates", "intends", "estimates", ''plans", "may", "should", ''potential", "scheduled", or variations of such words and phrases and similar expressions, which, by their nature, refer to future events or results that may, could, would, might or will occur or be taken or achieved. In making the forward-looking statements in this press release, the Company has applied several material assumptions, including without limitation, that there will be investor interest in future financings, market fundamentals will result in sustained precious metals demand and prices, the receipt of any necessary permits, licenses and regulatory approvals in connection with the future exploration and development of the Company's projects in a timely manner.
The Company cautions investors that any forward-looking statements by the Company are not guarantees of future results or performance, and that actual results may differ materially from those in forward-looking statements as a result of various risk factors as disclosed in the final long form prospectus of the Company dated August 31, 2021.
Readers are cautioned not to place undue reliance on forward-looking statements. The Company undertakes no obligation to update any of the forward-looking statements in this press release or incorporated by reference herein, except as otherwise.
iGeology and Geochemistry of the Laird Lake Property and Associated Gold Mineralization - https://www.lakeheadu.ca/programs/departments/geology/about/msc-theses/summaries/node/47164
iiIndependent NI 43-101 Technical Report and Updated Mineral Resource Estimate - https://westredlakegold.com/wp-content/uploads/2024/04/26Apr24_-_PureGold_Mine_NI_43-101_Technical_Report_-_WRLG.pdf
iiiGreat Bear Gold Project Preliminary Economic Assessment - https://s2.q4cdn.com/496390694/files/doc_downloads/2024/09/Great_bear/Kinross-Great-Bear-PEA-TR-REVISED-FINAL-Sep-9-2024.pdf
ivEvolution Mining Mineral Resource and Ore Reserve Statement, December 2023 - https://evolutionmining.com.au/reservesresources/
S2 Acquires Three New Gold Projects in Victoria from Valkea Resources as Part of the Recently Completed Sale of its Finnish Assets
S2 Resources Ltd (“S2” or the “Company”) advises that it has signed an earn-in agreement with Valkea Resources (“Valkea”, formerly Outback Goldfields Corp, TSXV:OZ) as per the terms agreed as part of the recently completed sale of S2’s Finnish assets to Valkea1.
Key Points
- S2 finalises earn-in terms for three Victorian gold projects from Valkea Resources (formerly Outback Goldfields)
- These projects were offered to S2 by Valkea as part of the sale of S2’s Finnish assets to Valkea
- This spreads S2’s gold exploration footprint in Victoria, supplementing its ground holdings around the prolific Fosterville gold mine owned by Agnico Eagle
- These projects have defined soil and aircore drilling anomalies requiring follow up
Under the terms of this agreement, S2 has the right to earn an 80% interest in three projects by sole funding a total expenditure of $1.2 million within 4 years. The agreement is subject to Valkea obtaining the approval of the TSX Venture exchange and also receiving Ministerial approval and registration under section 71 of the Mineral Resources (Sustainable Development) Act 1990 in Victoria, Australia.
The four year earnin period is deemed to start once the above conditions have been met. S2 can withdraw from any or all of the projects at any time providing the tenements are in good standing on a pro-rata expenditure commitment basis for a minimum of three months from the date of its withdrawal notice. In the event of S2 being unable to undertake exploration as a consequence of land access or permitting delays or restrictions outside of its reasonable control, then S2 will be entitled to a fair and reasonable extension to the earn-in term.
Should S2 complete its earnin, Valkea can elect to contribute its share of expenditure or dilute. In the latter circumstance, should Valkea’s participating interest decrease to less than 10% it will revert to a 2% Net Smelter Return (NSR) royalty, which S2 can buy back for C$1.5 million at any time.
The three projects comprise the Silverspoon, Yeungroon and Ballarat West exploration projects, which are all located in the central Victorian Goldfields (see Figure 1) and which provide the Company with a variety of gold exploration options, as summarised below.
Figure 1: Location map showing existing S2 tenure (the Greater Fosterville project) and the three Valkea projects in relation to historic goldfields and current mines/prospects.
Yeungroon
The Yeungroon project covers an area of 728 square kilometres near Charlton and Wedderburn in north central Victoria, and comprises three granted exploration licences (EL6897, EL7280 and EL7701). The project area straddles the Avoca Fault, which is the major crustal boundary between the Bendigo Zone (to the east) and the Stawell Zone (to the west). Previous soil sampling and reconnaissance aircore drilling undertaken by Valkea has defined several district-scale gold-arsenic anomalies that require follow up (see Figure 2).
Figure 2: Overview map of the Yeungroon project showing location of gold-arsenic anomalies in soil sampling and aircore drilling undertaken by Valkea.
The O’Connors anomaly, located within the Stawell Zone, is a 3 kilometre long zone of north- northwest striking strong arsenic-gold anomalism that is open along strike in both directions and is coincident with the O’Connors fault zone. The anomalism intersected in the shallow aircore drilling is comparable with alteration haloes observed at other central Victorian gold systems and the drilling to date may have intersected the low-grade haloes proximal to the high-grade bearing quartz reef lodes.
In addition to the O’Connors trend, the aircore drilling is has intersected a number of other zones, which may represent sub-parallel mineralised structures.
Follow-up bedrock drilling is required to test for the presence of high grade lodes within the mineralised system.
The Golden Jacket anomaly, defined in top of bedrock RAB/aircore drilling, is a strong, broad arsenic anomaly that extends at least 600 metres southwest of the historic Golden Jacket Mine. Drilling to date has intersected low-level gold associated with the arsenic anomaly. Anomalous gold values intersected extend approximately 800 metres south of the mine, indicating the potential for a system with significant strike potential.
In addition, drilling has defined several parallel northwest striking trends of strong arsenic (with anomalous gold) to the north of the of the Golden Jacket mine. Deeper drilling is warranted to test for high-grade, structurally controlled quartz reefs associated with the anomalous top-of bedrock sampling.
Click here for the full ASX Release
This article includes content from S2 Resources Ltd, 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.
Takeover Offer for Mako Gold Limited - Update
Aurum Resources Limited (ASX: AUE) (Aurum) provides the following update with respect to its off- market takeover offer to acquire all of the ordinary shares (Share Offer) and certain options (Option Offers) in Mako Gold Limited (ASX: MKG) (Mako) pursuant to its bidder’s statement dated 30 October 2024 (as supplemented or replaced from time to time) (Bidder’s Statement).
HIGHLIGHTS
- Aurum now has a relevant interest of 64.19% in Mako
- The Share Offer will be extended to 7.00pm (Sydney time) on Friday, 31 January 2025
- Aurum is in the process of issuing offer consideration payable under the Share Offer
- The Option Offers close at 7.00pm (Sydney time) on Wednesday, 4 December 2024 and will not be extended
Share Offer
Extension of Share Offer
Aurum will extend the offer period in relation to the Share Offer.
The Share Offer will now close at 7.00pm (Sydney time) on Friday, 31 January 2025 to provide remaining Mako shareholders time to accept the Share Offer. There is no guarantee the Share Offer will be extended beyond this date unless required by law. Relevant documentation to extend the Share Offer will be lodged later today.
As announced on 22 November 2024, the Share Offer is unconditional and free of all defeating conditions.
As of today, Aurum has a relevant interest in 64.19% of Mako’s ordinary shares.
Payment of Share Offer consideration
Aurum will provide the Offer Consideration payable under the Share Offer (Offer Consideration) on an accelerated basis.
Mako shareholders who have already validly accepted the Share Offer will be provided with their Offer Consideration shortly.
Mako board
Subject to the terms of the Bid Implementation Agreement dated 15 October 2024 and Aurum’s intentions which are set out in the Bidder’s Statement, Aurum now has the right to appoint such number of nominees so as to comprise the majority of the board of directors of Mako.
Aurum is currently considering the appropriate composition of the Mako board during the takeover offer period and will inform the market when it exercises its rights under the Bid Implementation Agreement.
Option Offers
The Option Offers will expire at 7.00pm (Sydney time) on Wednesday, 4 December 2024. The Option Offers will not be extended.
Click here for the full ASX Release
This article includes content from Aurum Resources Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Brien Lundin: Gold's Key Price Driver Intact, These Stocks Due for Repricing
Brien Lundin, editor of Gold Newsletter and host of the New Orleans Investment Conference, shared his thoughts on the well-known event's past, present and future on its 50th anniversary.
He also discussed gold's post-US election price activity, saying its pullback presents a buying opportunity.
"You don't have to be a genius to see the opportunity here — we know that as long as the metals prices keep progressing, or even just stay at these levels, that the miners are going to have to follow. So it's a great opportunity I think, and everybody needs to look at it very hard and make sure they're positioned well for it," Lundin said.
Watch the interview above for more of his thoughts on gold and the overall mining sector. You can also click here to view the Investing News Network's New Orleans Investment Conference playlist on YouTube.
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.
5 Best-performing Gold Stocks on the TSX in 2024
After starting the year at around US$2,040 per ounce, gold set a record high of US$2,787.04 on October 30.
Support for the precious metal took various forms. Central bank buying continued steadily, with China, India and Middle Eastern nations continuing to add to their gold reserves.
The US Federal Reserve also helped drive the price higher, slashing its benchmark rate by 50 basis points in September and 25 basis points following the US presidential election in November.
Additionally, investors flocked to gold during the year, looking for a safe-haven asset as the US presidential election loomed, and as tensions rose in ongoing conflicts between Israel and Hamas, as well as Russia and Ukraine.
Against that backdrop, which TSX-listed gold stocks have performed the best? The companies listed below have been the best performers so far this year. Data was retrieved on November 26, 2024, using TradingView's stock screener. Only companies with market capitalizations greater than C$50 million are included.
1. Perpetua Resources (TSX:PPTA)
Year-to-date gain: 211.08 percent
Market cap: C$918.64 million
Share price: C$13.19
Perpetua Resources is advancing its Stibnite gold-antimony project in Central Idaho, US, which has received strong support from the US government. The project is nearing a construction decision, which is expected next year.
The Stibnite project lies within a historic mining district that hosted large-scale operations dating back to the early 1900s. Perpetua is working to reclaim the historic Yellow Pine and Hangar flat open pit mines, while also reprocessing historic tailings and restoring streams and fish migration routes on the site.
In the company’s November 2020 feasibility study for Stibnite, Perpetua reported an after-tax net present value of US$1.9 billion based on an average gold price of US$1,850 per ounce, providing for an internal rate of return of 27.7 percent and a payback period of 2.5 years. It also indicated a total gold recovery of 4.28 million ounces of gold over a 15 year lifespan of the mine with an annual recovery of 301,000 ounces.
The site also hosts significant amounts of the critical mineral antimony, with measured and indicated resources of 205.89 million pounds. This has allowed the company to secure funding from the US government under the Defense Production Act, with the most recent US$34.6 million being awarded on February 12.
Perpetua spent much of 2024 awaiting a critical decision from the United States Forest Service (USFS) on the authorization of its mining plan. This came in early September, when the USFS issued a draft record of decision authorizing the gold project and completed the final environmental impact assessment. The final Record of Decision is expected by the end of the year.
The dual-listed company's most recent news came on November 18, when it reported that shares for its public offering in the United States would be priced at US$10.17 per share for US$35 million in funding before commissions and expenses. Perpetua intends to use the proceeds for down payments on long lead time materials and detailed engineering for Stibnite.
Shares in Perpetua reached a year-to-date high of C$14.97 on November 15.
2. G2 Goldfields (TSX:GTWO)
Year-to-date gain: 165.33 percent
Market cap: C$483.26 million
Share price: C$1.99
G2 Goldfields is a gold exploration and development company that is working to advance projects in South America and West Africa. Company founders were previously involved in the financing and development of the Aurora gold mine in Guyana, the country’s largest gold mine, for Guyana Goldfields, before Zijin Mining (OTC Pink:ZIJMF,SHA:601899) acquired the latter company in 2020. The company graduated to the TSX from the TSXV in April.
G2’s flagship Oko-Aremu gold project is located in Guyana’s Cuyuni mining district. The company released an updated resource estimate for the combined Oko Main Zone and Ghanie Zone in April, with an increase of 320 percent in indicated gold resources to 922,000 ounces and a 69 percent increase in total contained gold to 2 million ounces. G2 said the maiden resource estimate for Ghanie is a step toward realizing the scale of the Oko gold system.
On September 10, G2 announced it had entered into an agreement to acquire exploration rights to a 30,000 acre land package within the Oko-Aremu district, which brought its land holdings for the project to 58,000 acres. The new properties are composed of three sets of permits and host multiple historic gold occurrences, but have not been subject to modern exploration methods. G2 is working to fast-track drilling on several targets in the area.
The company is executing an ongoing drill program with six diamond drills aimed at expanding the resources at Oko.
Since the release of the updated resource estimate in April, G2 has discovered multiple new gold zones along the strike of the previously defined resource at Oko. The latest update, published on November 18, reported that assays returned a highlighted intercept with a grade of 2.9 grams per metric ton (g/t) gold over 114 meters, including an intersection of 5.3 g/t gold over 51.4 meters.
The company said it intends to complete an updated resource estimate for the project in the first quarter of 2025.
Shares in G2 Goldfields reached a year-to-date high of C$2.30 on October 21.
3. IAMGOLD (TSX:IMG)
Year-to-date gain: 128.48 percent
Market cap: C$4.27 billion
Share price: C$7.54
IAMGOLD is a mid-tier gold production company with three mining assets in Burkina Faso and the provinces of Québec and Ontario, Canada.
Its oldest asset is the Essakane gold mine in Northeast Burkina Faso, which began commercial production in July 2010 and was further expanded in 2013. IAMGOLD owns 90 percent of the mine, with the government of Burkina Faso owning the remaining 10 percent.
In December 2023, IAMGOLD released a technical report for the mine, which included an updated resource estimate and life of mine plan. The company expects to produce 2.4 million ounces of gold through the end of 2028, with ore processed from the three remaining pit phases at the Essakane Main Zone and the Lao and Gourouol satellite pits.
Its second operation is the Westwood mine, located in Southwest Québec. The site consists of 120 titles, one mining lease, one surface lease and three tailings leases covering an area of 1,925 hectares. Commercial production at Westwood began in July 2014.
IAMGOLD also holds an operating stake in the Côté Gold mine in Ontario. The gold company repurchased a 9.7 percent interest in the mine from its partner Sumitomo Metal Mining (OTC Pink:STMNF,TSE:5713) in December, bringing its share of the mine back up to 70 percent.
After starting operations early in 2024, IAMGOLD announced on August 2 that the Côté gold mine had reached commercial production, defined as 60 percent capacity. On October 15, it reported that on a 100 percent basis, Côté had produced 68,000 ounces of gold in Q3 and 103,000 ounces since the start of the year. IAMGOLD expects to reach a 90 percent throughput rate of 36,000 metric tons per day by the end of 2024 and will continue to make improvements in 2025 to achieve nameplate capacity.
In its November 7 Q3 update, IAMGOLD reported that Essakane and Westwood produced 329,000 and 99,000 ounces of gold through the first three quarters, both up significantly year-on-year.
Shares in IAMGOLD reached a year-to-date high of C$8.52 on October 21.
4. Mineros (TSX:MSA)
Year-to-date gain: 118.46 percent
Market cap: C$385.23 million
Share price: C$1.42
Mineros is a mid-tier gold producer focused on Latin America.
Its primary assets are the Nechi alluvial mine in Colombia and the Hemco property in Nicaragua. Nechi features a cyanide- and mercury-free recovery extraction process using gold-hosted sands mined from closed ponds.
The company's Hemco operations consist of the Panama and Pioneer mines, and also have an arrangement to process ore from third-party artisanal miners. Mineros is expecting to begin production from the Porvenir satellite deposit at Hemco in 2027, which it says will add 44,700 ounces of gold output per year.
On September 30, Mineros released its operating results for the year's third quarter. In the announcement, the company reported producing 159,056 ounces of gold through the first nine months of 2024. This represents a 16 percent decline from the 188,730 ounces produced during the same period in 2023. The drop was due to discontinued operations at its Gualcamayo property in Argentina. However, the company noted that its operating assets recorded a 1 percent increase from 157,669 ounces in 2023.
The company’s most recent news came on November 15, when it announced the Colombian Superintendent of Finance had approved a public tender offer from Sun Valley Investments to acquire between 8.5 and 10.63 percent of the issued and subscribed ordinary shares of Mineros via the Colombia Stock Exchange.
Mineros has until December 3 to accept the offer, but the deadline may be extended to December 23. Sun Valley currently has a 24.9 percent stake in Mineros.
Mineros reached its year-to-date high of C$1.49 on November 27.
5. Jaguar Mining (TSX:JAG)
Year-to-date gain: 104.97 percent
Market cap: C$293.44 million
Share price: C$3.71
Jaguar Mining is a mining and development company that owns several gold-mining complexes near the city of Belo Horizonte in Minas Gerais, Brazil.
Jaguar’s MTL complex hosts the Turmalina mine and a processing plant. According to the company’s Q3 production update released on October 10, the mine site produced 6,479 ounces of gold, a decrease from the 8,529 ounces produced in the same quarter of 2023.
In addition to mining operations, the MTL complex is home to the advanced stage Faina project. A December 2023 resource estimate from the project pegged measured and indicated resources at 1.43 million metric tons of ore with an average grade of 5.08 grams per metric ton (g/t) gold for 233,000 ounces of contained gold. Inferred resources stand at an additional 232,000 ounces of gold from ore grading 5.09 g/t.
In Jaguar’s management and discussion analysis on August 7, the company reported it is accelerating development at Faina to define its ore structures. Ore taken from the site during the second quarter was processed by the Turmalina plant, and gold recovery exceeded expectations at 414 ounces. The company said production from stoping should gradually increase through the start of 2025 to 15,000 metric tons per month, before reaching full capacity of 25,000 metric tons in 2026.
The company’s other producing mining operation is the Caete complex, which includes the Pilar gold mine and the Caete processing plant. In Q3, the mine delivered 10,433 ounces of gold, an increase from the 8,787 ounces produced in Q3 2023.
Jaguar announced on September 5 that it had progressed on access development at the Pilar mine’s BA zone in the first half of the year, with 374 meters completed across five sub-levels. Processing the 30,547 metric tons of ore feed generated from those activities in H1 resulted in 4,032 ounces of gold at an average grade of 4.64 g/t.
The most recent news came on November 8, when the company released its Q3 financial results. The report said it produced 49,918 ounces of gold during the first nine months of 2024, a decrease from the 52,222 ounces produced in 2023. While it attributed this decrease to a 16 percent reduction in processed ore, that reduction was largely offset by 24 percent higher head grades.
The report also indicated that development increased to 4,622 meters from 3,837 meters the previous year.
Shares in Jaguar Mining reached a year-to-date high of C$5.69 on September 23, alongside a surge in the gold price.
Don’t forget to follow us @INN_Resource for real-time news updates!
Securities Disclosure: I, Dean Belder, own shares of Calibre Mining.
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