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Rights Issue Prospectus
A renounceable pro-rata rights issue offer of one (1) fully paid ordinary new share (New Share) for every two (2) fully paid ordinary shares (Shares) held by shareholders with a registered address in Australia or New Zealand as at the Record Date (Eligible Shareholders) at an issue price of $0.03 (3 cents) per New Share to raise up to approximately $2.46 million before costs.
Every two (2) New Shares will be accompanied by one (1) free-attaching option (New Option), with each New Options with an exercise price of $0.075 (7.5 cents), expiring 30 months from issue and which, upon exercise, entitle the holder to one fully paid ordinary share in the Company.
The offer of New Shares and free-attaching New Options is referred to as the Rights Issue.
The Rights Issue is partially underwritten by Mahe Capital Pty Ltd [ABN 91 634 087 684] [AFSL 517246] (Underwriter) for $750,000 before costs (Underwritten Amount). A summary of the material terms of the Underwriting Agreement between the Company and the Underwriter is set out in Section 1.2.
This Prospectus also contains an offer of up to a maximum of 4,924,227 New Options to the Underwriter (and/or its nominee(s)) as part fees for underwriting the Rights Issue (Underwriter Option Offer).
The Rights Issue and the Underwriter Option Offer are collectively the Offers.
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This article includes content from Flynn Gold, 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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Flynn Gold
Overview
Flynn Gold Limited (ASX: FG1) is an Australian mineral exploration company with a portfolio of projects in Tasmania and Western Australia.
Tasmania is home to several world-renowned deposits and is rich in diverse mineral resources and operating mines. The region has established mining districts, excellent infrastructure such as rail and ports, and a skilled workforce, with a stable political and regulatory environment. These features are a big positive for the company’s projects in this region.
The company has nine 100 percent owned tenements in Northeast Tasmania which are highly prospective for gold and tin/tungsten with three major projects — Golden Ridge, Portland and Warrentinna. In Northwest Tasmania, it has the Henty zinc-lead-silver and the Firetower gold and critical minerals projects.
Flynn Gold’s exploration at its Golden Ridge Project has focused on an 8-kilometre-long granodiorite-metasediment contact zone with diamond drilling programs completed at the Brilliant and Trafalgar prospects, with multiple high-grade gold vein intersections.
Moreover, the company’s first diamond drilling programs at its Warrentinna and Firetower projects have been completed with assays pending.
Apart from Tasmania, the company is building a strategic lithium and gold portfolio in Western Australia, targeting hard-rock lithium pegmatites and intrusive related gold deposits in the Pilbara region and Yilgarn Craton. Its five lithium-gold projects in Western Australia are strategically located in districts hosting large gold and lithium deposits or in regions that are relatively under-explored for lithium. Of these, three lithium-gold projects are in the Yilgarn region: Forrestania, Lake Johnston and Koolyanobbing. The remaining two lithium-gold projects are in the Pilbara region: Mt Dove and Yarrie.
Flynn’s recent acquisitions have been focused on strengthening its lithium portfolio. This includes the option agreement to purchase two exploration licences at the Parker Dome Project in Western Australia, which is considered highly prospective for lithium. In addition to this, Flynn has also increased its land position closer to the Mt Holland lithium project. Four new exploration licence applications covering approximately 20 sq. km. have been lodged with the Department of Energy, Mines, Industry Regulation and Safety.
The focus on lithium positions the company to benefit from the global transition towards clean energy. The recent COP28 summit in Dubai signaled the world's desire to move away from fossil fuels over the next few decades to address climate change. Electric vehicles are likely to remain in focus as a key solution to the climate challenges. Most of the lithium is used to make lithium-ion batteries for electric cars and mobile devices. Summarily, lithium will be in high demand given this trend.
Company Highlights
- Flynn Gold is an Australian mineral exploration company with a portfolio of gold and battery metals projects in Tasmania and Western Australia.
- In Tasmania, the company holds 12 tenements spread across 1,475 sq. km., including three main projects in Northeast Tasmania — Golden Ridge, Warrentinna and Portland — that are prospective for gold and tin. Moreover, it has two projects in Northwest Tasmania: the Henty zinc-lead-silver project and the Firetower gold-cobalt-tungsten-copper project.
- In Western Australia, Flynn holds 24 tenements across 1,140 sq. km., including lithium-gold projects in the Pilbara and Yilgarn regions. The Yilgarn region has three lithium-gold projects: Forrestania; Lake Johnston and Koolyanobbing. The Pilbara hosts two gold-lithium projects: Mt Dove and Yarrie.
- In addition to these focus areas, the company holds an option to acquire two exploration licences at Parker Dome in Western Australia, situated near the world-class Mount Holland lithium project.
- The company’s near-term focus is on its Northeast Tasmania gold portfolio due to its geological similarity to the Victorian goldfields.
- Flynn Gold’s exploration at its flagship Golden Ridge Project in NE Tasmania has focused on an 8-kilometre-long granodiorite-metasediment contact zone with diamond drilling to date intersecting multiple high-grade gold vein intervals.
- In November 2023, the company announced strong metallurgical test results from the Golden Ridge project, as exploration commenced at two other Tasmanian projects — Warrentinna and Firetower – with results pending.
- In December 2023, the company announced plans to raise $2.4 million that will help advance its exploration activities including the acquisition of the exploration licences at Parker Dome.
- The company’s senior leadership team has a proven track record in the mining sector to capitalize on the high resource potential of its projects.
Key Projects
Northeast Tasmania
The company has three main projects in northeast Tasmania — Golden Ridge, Portland and Warrentinna. The under-explored Northeast Tasmania region is interpreted to be part of the Western Lachlan Orogen, a geological extension of the rich Victorian Goldfields which boast of historical gold production of over 80 million ounces (Moz). The company’s landholding across nine 100 percent owned tenements in the region has provided it with significant potential for gold and tin discoveries.
Golden Ridge Project
Targeted for intrusive related gold system (IRGS) style mineralization, the Golden Ridge project is located 75 kilometres east of Launceston in Northeast Tasmania. Previous gold exploration at the Golden Ridge Project has been very limited with shallow historical workings located over an 8-kilometre-long granodiorite-metasediment contact zone. Flynn Gold’s exploration has focused on the Brilliant and Trafalgar prospects, with diamond drilling programs completed at both locations between June 2021 and August 2023. In addition, a limited reconnaissance RC drilling program in late 2022 to test for gold mineralisation at the Link Zone confirmed the presence of shallow gold mineralisation between the Brilliant and Trafalgar prospects, highlighting the significant gold potential of the granodiorite-metasediment contact zone.
Drilling at Trafalgar consisted of 14 holes for 5,218.3 metres with multiple vein intersections grading >100 grams per ton (g/t) gold reported. The best intersections recorded in drilling at Trafalgar were 16.8 g/t gold over 12.3 metres (from 108.7 to 121 metres), including 0.7m at 152.5 g/t gold and 23.7 g/t gold over 4 metres (from 23 to 27 metres), including a high-grade zone of 0.5 metre at 169.8 g/t gold.
Drilling completed at Trafalgar intersected high-grade gold over a strike length of 400 metres and from depths of 40 to 400 metres below surface, confirming a significant new gold discovery that is open in all directions.
Initial metallurgical tests were successfully completed in November 2023 on 26 drill samples from the Trafalgar prospect. Average gold recovery of 94.5 percent was recorded using conventional bottle roll leaching.
Portland Project
The Portland gold project covers 370 sq. kms. and comprises three adjacent tenements: Portland, Telegraph and Cameron Tin. The project falls within the region mined historically from 1870 to 1917 and has similarities to Victorian geology with high-grade “Fosterville-style” gold mineralization confirmed. Geochemical surveys and costean sampling programs at Portland confirmed the presence of anomalous gold zones. Drilling at the Grand Flaneur prospect in 2022 and the Popes prospect in 2023 have both confirmed the presence of gold mineralization.
Warrentinna Project
The Warrentinna project was acquired in 2023 from Greatland Gold plc (LSE:GGP). The Project is located in northeast Tasmania and covers an area of approximately 37 sq km immediately adjacent to Flynn’s existing Lyndhurst Project. The tenement encompasses two historic goldfields, Forester and Warrentinna. Both fields produced high-grade gold deposits in the late 1800s and early 1900s. The Warrentinna goldfield is defined by numerous historic workings and largely untested prospects over a strike length of 6 kilometres.
Initial drilling by Flynn in September/October 2023 at Warrentinna consisted of two diamond drill holes, designed to test the continuity and extension of orogenic style gold mineralisation identified in historical drilling. The holes are also designed to provide stratigraphic and structural information critical to advancing understanding of the project. Assay results are pending.
Northwest Tasmania
The company has two projects in the Northwest Tasmania region: the Henty zinc project and the Firetower project.
Henty Zinc Project
The project is a 130 sq. km land holding under two 100 percent owned exploration licences and provides the company with a dominant position in a rich base metals field with proximity to an existing zinc/lead concentrate producer (MMG’s Rosebery mine).
The Henty Project has a significant pipeline of exploration targets with the Mariposa and Grieves Siding prospects ready for resource drilling
Firetower Project
The project was acquired in 2023 from Greatland Gold plc (LSE: GGP). The project spans more than 62 sq. kms. and represents an advanced gold plus battery metals project, which includes three notable prospects: Firetower, Firetower East and Firetower West. The Firetower project lies in the highly mineralized Mt Read volcanic sequence which hosts major polymetallic base metals and gold deposits such as Hellyer and Rosebery, copper-gold deposits such as Mt Lyell (3 million tons contained copper, 3.1 Moz contained gold), and the Henty gold mine (1.64 Moz gold @ 12.5 g/t gold).
Resampling of the historic core at Firetower has confirmed the significant potential for gold and critical minerals - cobalt, tungsten and copper. The results have made it clear this project represents an exciting polymetallic opportunity. The company commenced a diamond drilling program in October 2023 to target both the gold and polymetallic minerals potential.
Western Australia
Flynn holds five gold-lithium projects in the resources-rich state of Western Australia, strategically located near large gold and lithium deposits or in regions that are relatively under-explored for lithium.
The five projects include: Mt. Dove and Yarrie in Pilbara; and Koolyanobbing, Forrestania and Lake Johnston in Yilgarn.
Mt Dove Project
Located 70 kilometres south of Port Hedland in the Pilbara region, Mt Dove comprises five granted licences covering 86.6 sq. kms. and one tenement application. The project is located near the large Hemi gold deposit (De Grey Mining, ASX:DEG) and the large lithium mines at Pilgangoora and Wodgina. The company has completed two soil sampling programs at Mt Dove, which have identified lithium and gold anomalies. The follow-up exploration, which is likely to include aircore drilling, intends to test lithium and gold anomalies identified during the soil sampling program completed in 2022 and 2023.
Yarrie Project
The Yarrie Project comprises three tenements and one application covering 424 sq. kms. Very limited historical exploration has been undertaken for lithium, gold and copper on the project. The project is highly prospective for iron ore, being close to historic mining operations and existing rail infrastructure.
Forrestania Project
The Forrestania project consists of one exploration licence and five exploration licence applications over a 320 sq. km. area. It is located near the Mt Holland lithium deposit (Wesfarmers (ASX:WES)/ SQM (NYSE:SQM) JV) and high-grade nickel deposits, Flying Fox and Maggie Hays.
Lake Johnston Project
Lake Johnston consists of five exploration licenses over a 116 sq. km. area, and is located near the Burmeister lithium discovery (TG Metals (ASX:TG6)) and the Medcalf, Lake Percy and Mt Day Lithium projects.
Koolyanobbing Project
Koolyanobbing comprises one exploration licence and two applications targeting gold and lithium mineralization over an 82 sq. km. area in the Marda-Diemals greenstone belt.
Parker Dome Project
In addition to the above-mentioned projects, Flynn has secured an option agreement to purchase two exploration licences at the Parker Dome project in Western Australia, which is considered highly prospective for lithium. The Parker Dome project covers 42 sq. kms. and is situated 50 kilometres north of the world-class Mount Holland lithium project in Western Australia. The licences are fully permitted allowing for an immediate commencement of exploration and drilling. The company expects to commence drilling at Parker Dome in early 2024.
Management Team
Clive Duncan – Non-executive Chair
Clive Duncan has over four decades of experience at big box hardware chain Bunnings, including as chief operating officer and company director. He has rich experience in corporate and business development, including mergers and acquisitions, business integrations, corporate government, strategy development and marketing. He has completed post-graduate studies at Harvard University and London Business School and is a member of the Australian Institute of Company Directors. He is a long-term significant shareholder of Flynn Gold’s predecessor companies.
Neil Marston – Chief Executive Officer and Managing Director
Neil Marston was appointed managing director in May 2023 and has been the company CEO since August 2022. He has more than 30 years of experience in the mining and minerals exploration sector and is a proven ASX-listed company leader, with a strong governance and corporate finance background. Previously, he held several senior roles including managing director at Bryah Resources (ASX:BYH) and Horseshoe Metals (ASX:HOR).
Sam Garrett – Technical Director
Sam Garrett has more than 30 years of exploration management, project assessment and operational experience with multinational and junior mining and exploration companies, including Phelps Dodge and Cyprus Gold. He has a background in copper and gold exploration with strong exposure to iron ore, base metals and specialist commodities. He is associated with discoveries at Mt Elliott (copper), Havieron (copper-gold), and Tujuh Bukit (gold). Moreover, he co-founded Flynn Gold and its predecessor Pacific Trends Resources.
John Forwood – Non-executive Director
John Forwood is a director and chief investment officer of Lowell Resources Funds Management (LRFM). He is qualified as a lawyer and geologist and has more than 20 years of resources financing experience, including with ASX-listed Lowell Resources Trust (ASX:LRT), as a director of RMB Resources, and as manager of Telluride Investment Trust.
This article was written in collaboration with Couloir Capital.
March 2024 Quarterly Activities Report and Appendix 5B
Highlights
Exploration – Golden Ridge Project, NE Tasmania
- Assay results from soil sampling completed during the quarter at Golden Ridge identified new prospect targets and now define anomalous gold in soils over a combined strike length of at least 9km along the granodiorite contact zone, further enhancing the potential large scale of the overall Golden Ridge target deposit
- Infill and extension soil sampling is ongoing across the Golden Ridge project area
- Initial geological/vein modelling of mineralisation at Trafalgar Prospect indicates the deposit comprises multiple sub-parallel high-grade veins and associated splays, open along strike and down dip
- An initial 1,500m drill program (Phase 3) planned at the Trafalgar prospect comprising infill and extension drilling targeting down-dip and along-strike extensions to previous high- grade gold intercepts, includes multiple intersections grading >100g/t Au
- Post quarter, Phase 3 drilling commenced at Trafalgar Prospect
Exploration – Firetower Project, NW Tasmania
- Final assay results from recent 4-hole diamond drilling program received
- All holes intersected significant mineralised intervals, with a best result of:
- 2019FTD007E:
- 17.0m @ 2.31g/t Au, 0.16% Co, 0.38% WO3, 0.16% Cu from 121.0, including:
- 1.7m @ 6.64g/t Au, 0.12% Co, 0.87% WO3 and 0.14% Cu from 121m and
- 5.5m @ 3.27g/t Au, 0.24% Co, 0.53% WO3, 0.33% Cu from 132.5m
- 2019FTD007E:
- Modelling of updated drilling data indicated key structural controls to polymetallic mineralisation zones with depth and strike extension target zones recognised
- Detailed surface mapping and sampling program initiated over priority target areas
Exploration – Parker Dome Project, WA
- Soil sampling outlined multiple, large-scale lithium anomalies of up to 187ppm Li2O at the recently optioned Parker Dome project
- Lithium anomalies extend up to 2,300m length and 900m width
Exploration – Lake Johnston Project, WA
- Soil sampling outlined a large, high priority lithium anomaly
- Priority Target 1 presents as a large scale (4km x 1km), strong anomaly with 23 samples returning assay results over 100ppm Li2O
Corporate
- Share Purchase Plan and Tranche 2 Placement completed raising $1.1 million
- Post quarter, one-for-two Renounceable Rights Issue, partially underwritten to $750,000 and priced at 3 cents per new share announced to raise up to $2.5 million
- The Company’s cash position at 31 March 2024 was $1.53 million
Click here for the full ASX Release
This article includes content from Flynn Gold, 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.
Drilling Underway at Trafalgar High-Grade Gold Prospect
Flynn Gold Limited (ASX: FG1, “Flynn” or “the Company”) is pleased to provide an update on activities at the Company’s 100% owned Golden Ridge Project located in Northeast Tasmania (Figure 1).
Highlights
- Phase 3 drilling has commenced at Trafalgar high-grade gold prospect
- Previously reported drilling included multiple intersections grading >100g/t Au, including:
- TFD001:
- 5.0m @ 12.56g/t Au, incl. 0.4m @ 150.0g/t Au from 202.0m
- TFDD003:
- 1.2m @ 65.9g/t Au, incl. 0.5m @ 143.0g/t Au from 57.5m
- TFDD005:
- 12.3m @ 16.8g/t Au, incl. 0.7m @ 152.5g/t Au from 120.3m
- TFDD013:
- 4.0m @ 23.7g/t Au, incl. 0.5m @ 169.8g/t Au from 25.9m
- TFD001:
- New geological vein model for Trafalgar indicates multiple sub- parallel high-grade veins
- An initial 1,500m drill program is planned that will comprise infill and extension drilling targeting down-dip and along-strike extensions to previous high-grade gold intercepts
- For further information or to post questions go to the Flynn Gold Investor Hub at https://investorhub.flynngold.com.au/link/DP4MXy
Geological modelling of the multiple high-grade veins intersected in drilling at the Trafalgar Prospect in 2022/23 has been completed. The next phase of diamond drilling (Phase 3) has commenced to test in-fill and extensional drilling targets generated from the new geological model.
Managing Director and CEO, Neil Marston commented,
“Since the completion of drilling at the Trafalgar prospect at Golden Ridge in 2023, Flynn Gold has been undertaking geological modelling of the high-grade gold intersected in multiple vein sets.
“This modelling work, in combination with our recent soil sampling activities, demonstrates the potential for extensive gold mineralisation at Golden Ridge.
“Based on the latest information we have designed a program of drill holes with the goal being to target down-dip and along-strike extensions to previous high-grade gold intercepts.
“As gold prices hit record highs, it’s an exciting time for our team to be drilling this new Tasmanian gold discovery.”
Figure 1 - Location of Flynn Gold tenements in NE Tasmania.
Trafalgar Prospect – Geological Vein Model
A 3D geological vein model was recently completed for the Trafalgar prospect. The model interprets 3 main gold mineralised veins, accompanied by a network of subsidiary mineralised splay veins and sheeted vein swarms bifurcating off the main veins (see Figure 2).
All of the main mineralised veins transect the granodiorite – hornfelsed metasediments contact, with gold mineralisation hosted in both the granodiorite and metasediment host rocks.
Click here for the full ASX Release
This article includes content from Flynn Gold, 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.
Polymetallic Strike and Depth Potential Identified at Firetower Project
Flynn Gold Limited (ASX: FG1, “Flynn” or “the Company”) is pleased to provide an update on its exploration activities at its 100%-owned Firetower Project located in northwest Tasmania.
Highlights
- Final assay results from recent 4-hole diamond drilling program at the Firetower polymetallic (Au-Co-W-Cu) prospect have been received and reviewed
- All holes intercepted significant mineralised intervals, with a best result (previously reported) of:
- 2019FTD007E:
- 17.0m @ 2.31g/t Au, 0.16% Co, 0.38% WO3, 0.16% Cu from 121.0, including:
- 1.7m @ 6.64g/t Au, 0.12% Co, 0.87% WO3 and 0.14% Cu from 121m and
- 5.5m @ 3.27g/t Au, 0.24% Co, 0.53% WO3, 0.33% Cu from 132.5m
- 17.0m @ 2.31g/t Au, 0.16% Co, 0.38% WO3, 0.16% Cu from 121.0, including:
- 2019FTD007E:
- Modelling of updated drilling data indicated key structural controls to polymetallic mineralisation zones at Firetower
- Depth and strike extension target zones recognised
- Detailed surface mapping and sampling program has commenced over priority target areas
“The drilling program was successful in testing for depth extensions of the main mineralised zone and providing key geological and structural information which greatly improves our understanding of the controls to high-grade mineralisation at the Firetower project.
“Our initial review of the project generated depth extension targets that we started testing with an initial 4-hole drill program in November 2023.
“Previous drilling at Firetower has been generally shallow across a limited strike length, with very few holes extending beyond 100m from the surface. Several historic drill holes reportedly ended in mineralisation.
“These early results demonstrate the continuity of polymetallic mineralisation and highlight the significant potential for high-grade mineralisation to continue at depth and along strike.”
Firetower Drilling
The Company completed 496m of diamond drilling at the Firetower prospect in December 2023 with extension tails to three historical diamond holes and one new hole drilled. The drilling followed a due diligence period of historical data validation and review, drill core resampling, drill program planning, environmental surveys, community and stakeholder liaison, access clearance and statutory work program permitting carried out by the Company.
The short drill program was designed to test for depth/strike extensions to historically drilled polymetallic (Au-Co-W-Cu) mineralisation, and to provide stratigraphic and structural information to assist geological evaluation of controls to high-grade mineralisation. All assay results have now been received from the drilling. See Figures 1 & 2 and Appendix 1 for details of the latest drilling.
As previously reported1, extension drill hole 2019FTD007E was drilled for 83.2m from 98.7m – 181.9m to test for the continuation of gold-cobalt-tungsten-copper mineralisation at depth and along strike from hole 2019FTD006 (9.0m @ 2.56g/t Au, 0.25% Co, 0.32% WO3, 0.1% Cu from 99.0m, including 3.0m @ 8.59g/t Au, 0.29% Co, 0.83% WO3, 0.21% Cu from 105m).
Hole 2019FTD007E intersected the thickest down-hole zone of polymetallic mineralisation ever drilled at Firetower, with:
- 17m @ 2.31g/t Au, 0.16% Co, 0.38% WO3 and 0.16% Cu from 121m; including:
- 1.7m @ 6.64g/t Au, 0.12% Co, 0.87% WO3 and 0.14% Cu from 121m and
- 5.5m @ 3.27g/t Au, 0.24% Co, 0.53% WO3 and 0.33% Cu from 132.5m.
Extension drill hole 2019FTD004E was drilled for 121.1m from 106m – 227.1m. Highlights from this extended hole include (as previously reported):
- 9.1m @ 0.85g/t Au, 0.1% Co, 0.09% WO3 and 0.15% Cu, from 111.9m, including
- 2.4m @ 1.7g/t Au, 0.15% Co, 0.26% WO3 and 0.19% Cu from 118.6m.
Extension drill hole 2019FTD005E was drilled for 76.9m from 120.5m – 197.4m. Best intercept in the hole was:
- 2.4m @ 1.37g/t Au, 0.15% Co, 0.35% WO3, 0.04% Cu from 141.0m.
Hole FT-2023-001, drilled from surface to a down-hole depth of 214.8m, intercepted a best polymetallic intercept associated with a discrete zone of chalcopyrite-rich sulphide breccia veining of:
- 0.75m @ 5.33g/t Au, 2.65% Cu, 0.005% Co, 0.05% WO3 from 159.75m.
Firetower Geological Modelling
The results of Flynn’s drilling are highly encouraging and confirm that follow-up exploration is warranted at Firetower. Modelling of updated drill hole structural and stratigraphic data (including 3D modelling) is in progress to evaluate controls to the high-grade polymetallic Au-Co-W-Cu mineralisation at Firetower and optimise targets for potential follow-up drilling.
Click here for the full ASX Release
This article includes content from Flynn Gold, 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.
December 2023 Quarterly Activities Report and Appendix 5B
Flynn Gold Limited (ASX: FG1, “Flynn Gold” or “the Company”) is pleased to report on its activities for the quarter ending 31 December 2023.
Highlights
Exploration – Golden Ridge Project, NE Tasmania
- Final assays received and reported for Phase 2 drilling program completed in August 2023 at the Trafalgar prospect, part of the 100% owned Golden Ridge Project
- Multiple veins intersected at Trafalgar prospect with high-grade gold mineralisation, including:
- TFDD0015:
- 1.1m @ 51.3g/t Au from 353.2m, including 0.4m @ 137.8g/t Au from 353.9m
- 2.45m @ 5.1g/t Au from 204.55m, including 0.55m @ 20.22g/t Au from 205.2m
- 1.6m @ 5.86g/t Au from 191.7m, including 0.8m @ 13.95g/t Au from 191.7m
- 2.4m @ 2.83g/t Au from 167.0m, including 0.45m @ 11.35g/t Au from 168.95m
- TFDD0015:
- Gold system at Trafalgar expanded beyond 400m East-West strike length, from surface to a depth 420m and remains open in all directions
- Initial metallurgical tests completed on 26 drill samples from Trafalgar with average gold recovery of 94.5% recorded using conventional bottle roll leaching
Exploration – Warrentinna Project, NE Tasmania
- Multiple zones of auriferous quartz veining intersected in Flynn’s maiden diamond drilling program at the Warrentinna Project
- Drilling program consisted of 2 drillholes for a total of 357m with best intercepts:
- DNDD001:
- 7.2m @ 2.5g/t Au from 69.8m, including 2.1m @ 7.0g/t Au from 75.1m, and
- 4.8m @1.2g/t Au from 92.0m, including 0.3m @ 5.6g/t Au from 94.6m
- DNDD001:
Exploration – Firetower Project, NW Tasmania
- Maiden diamond drilling program at the Firetower Project in northwest Tasmania completed with one new drillhole and three diamond tail extensions drilled for 496m
- First assay results from drilling confirm potential for significant polymetallic gold and critical minerals mineralisation
- High-grade gold-cobalt-tungsten-copper mineralisation intersected, including:
- 2019FTD007E:
- 17.0m @ 2.31g/t Au, 0.16% Co, 0.38% WO3, 0.16% Cu from 121.0 -138.0m, including:
- 1.7m @ 6.64g/t Au, 0.12% Co, 0.87% WO3, 0.14% Cu from 121.0m, and
- 5.5m @ 3.27g/t Au, 0.24% Co, 0.53% WO3, 0.33% Cu from 132.5m
- 2019FTD007E:
Exploration – Mt Dove Project, WA
- Seven high priority lithium anomalies confirmed and enhanced by in-fill soil sampling at the Mt Dove Project
- Coherent lithium anomalies extend up to 3,100m length within predominantly shallow sand covered eastern part of licence area
Exploration – Lake Johnston Project, WA
- Lithium exploration field work accelerated over pegmatites identified at the Lake Johnston Lithium Project
- First phase of mapping and sampling program targeting potential lithium pegmatite mineralisation completed with 281 soil and 3 rock chip samples collected – assays pending
- Three additional pegmatite intrusions identified in outcrop during soil sampling
Exploration – Parker Dome Project, WA
- Geochemical soil sampling for lithium completed at the recently optioned Parker Dome Project, situated 50km north of the Mount Holland Lithium Project in Western Australia
- 707 samples submitted to laboratory with assay results due in Q1 2024
Corporate
- Binding Option Agreement secured to acquire two exploration licences at Parker Dome in Western Australia. Key terms of the agreement are:
- Option Period – 12 months from 8 December 2023
- Option fee – $25,000 (paid)
- Initial Consideration - $500,000, of which $300,000 will be paid in cash and $200,000 will be paid in cash, or shares, at Flynn’s election (based on a 10-day volume weighted share price and subject to shareholder approval)
- Deferred Consideration – $500,000 (to be partly or fully settled via the issue of FG1 shares, at FG1’s election) payable upon the announcement of a JORC Mineral Resource Estimate equivalent to at least 500,000oz Au or 10Mt at 1.0% Li2O, as applicable, and
- 1% Net Smelter Royalty on all production from the project
- Flynn Gold announces a $2.4 million equity raising comprising:
- Tranche 1 Placement of approximately $0.56m plus a Share Purchase Plan to raise approximately $0.6m under ASX LR 7.1 capacity to raise approx. $1.2m in total; and
- Tranche 2 Placement of approximately $1.24m to Directors and existing Major Shareholders, subject to shareholder approval, which was received on 23 January 2024
- Annual General Meeting was held on Thursday 30 November 2023 with all resolutions passed.
- The Company’s cash position as 31 December 2023 was $1.56 million
The Company has nine tenements located in northeast Tasmania which are prospective for gold and also tin-tungsten. In Northwest Tasmania, Flynn Gold has the Firetower gold and battery metals project as well as the Henty zinc-lead-silver project.
In Western Australia, Flynn has established a portfolio of gold-lithium exploration assets in the Pilbara and Yilgarn regions.
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This article includes content from Flynn Gold, 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.
High-Grade Gold-Cobalt-Tungsten Intersected at Firetower, NW Tasmania
Flynn Gold Limited (ASX: FG1, “Flynn Gold” or “the Company”) is pleased to provide the first drilling results from its 100%-owned Firetower Project located in northwest Tasmania.
Highlights
- First assay results from recent diamond drilling have confirmed potential for significant polymetallic gold and critical minerals mineralisation at the Firetower Project in northwest Tasmania
- High-grade gold-cobalt-tungsten-copper mineralisation intersected, including:
- 2019FTD007E:
- 17.0m @ 2.31g/t Au, 0.16% Co, 0.38% WO3, 0.16% Cu from 121.0-138.0m, including:
- 1.7m @ 6.64g/t Au, 0.12% Co, 0.87% WO3, 0.14% Cu from 121.0m, and
- 5.5m @ 3.27g/t Au, 0.24% Co, 0.53% WO3, 0.33% Cu from 132.5m.
- 17.0m @ 2.31g/t Au, 0.16% Co, 0.38% WO3, 0.16% Cu from 121.0-138.0m, including:
- 2019FTD007E:
- Diamond drilling program comprised one new drillhole and three diamond tail extensions to holes previously drilled in 2019, for a total of 496.0m
- All drill core has been cut and submitted for multi-element analysis with 164.6m of assays reported here and assays pending for 331.4m
- Drilling permits in place to extend additional shallow historic drill holes and test for depth and strike extensions to the high-grade polymetallic mineralised zone
- Prospective strike length of 6km remains lightly drilled.
Commenting on the drilling, Managing Director and CEO Neil Marston said
“High-grade gold-cobalt-tungsten has been recorded in the first results from drilling at the Company’s Firetower Project in northwest Tasmania. Our drilling has been successful in testing for depth extensions of the main mineralised zone.
“The 4-hole drill program completed in December 2023 tested depth extension targets generated from our recent review of the project.
“Previous drilling at Firetower has been generally shallow and across a limited strike length, with very few holes extending beyond 150m from the surface. Several previous drill holes ended in mineralisation.
“These early results demonstrate the depth continuity of mineralisation and highlight the significant potential for high-grade mineralisation to continue at depth and along strike.
“Importantly Flynn already has permits in place to undertake a follow-up drilling program to test for further mineralisation.”
Firetower Polymetallic (Au-Co-W-Cu) Mineralisation
The polymetallic Au-Co-W-Cu mineralisation at Firetower is currently defined by historic drilling over a strike length of 200m and remains open along a highly prospective 6km-long trend between the Firetower West and Firetower East prospects (Figure 1). The mineralisation, which partly outcrops, is currently drill-tested to approximately 150m depth and remains open down-dip.
Figure 1: Firetower Project Geology and Gold Prospects
Latest Firetower Drilling
One diamond drill hole and three diamond extension tails on existing holes were drilled at the Firetower Prospect for a total of 496.0m. The location of these 4 drill holes is shown in Figure 2. Table 1 contains full details of these drillholes.
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This article includes content from Flynn Gold, 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.
Lodgement of Bidder’s Statement
Brightstar Resources Limited (ACN 100 727 491) (ASX:BTR) (Company or Brightstar) is pleased to announce it has today lodged with ASIC and sent to Linden Gold Alliance Limited (ACN 643 313 722) (Linden) a bidder’s statement (Bidder’s Statement) in relation to its off-market takeover for all of the fully paid ordinary shares and options on issue in Linden (Takeover Offer). A copy of the Bidder’s Statement is attached.
The Takeover Offer will open on 29 April 2024 and is scheduled to close at 5.00pm (Perth time) on 30 May 2024 unless extended in accordance with the Corporations Act 2001 (Cth).
The Takeover Offer is subject to a number of conditions as set out in the Bidder’s Statement. These include a 90% minimum acceptance condition, so as to ensure the merger will only proceed if Brightstar becomes entitled to acquire all of Linden’s issued securities.
This ASX announcement has been approved by the Managing Director on behalf of the board of Brightstar.
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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.
P2 Gold Increases Inferred Resources at Gabbs by 69%
P2 Gold Inc. ("P2" or the "Company") (TSXV: PGLD) (OTCQB: PGLDF) reports the completion of the April 2024 Updated Mineral Resource Estimate ("2024 MRE") for its wholly-owned Gabbs Project located on the Walker-Lane Trend in Nevada. The 2024 MRE was prepared by P&E Mining Consultants Inc. ("P&E") in accordance with National Instrument 43-101, Standards of Disclosure for Mineral Projects ("NI 43-101").
"As part of the 2024 Preliminary Economic Assessment underway for the Gabbs Project, we have updated the operating costs for both heap leach and mill processing," commented Joe Ovsenek, President and CEO of P2. "These operating costs have been used to update the pit-constrained Mineral Resource for the Gabbs Project. We now have substantially more mineralized material above the cut-off grades for the heap leach and mill. The known zones of mineralization at Gabbs all outcrop and remain open along strike and at depth, with excellent potential for non-outcropping zones of mineralization."
Gabbs Project 2024 Mineral Resource Estimate
The 2024 MRE was prepared by P&E based on four diamond drill holes and 27 reverse circulation drill holes completed by the Company in 2021 and 2022 and 494 drill holes completed by prior Gabbs Project operators between 1970 and 2011.
The main difference between the 2024 MRE and the June 2023 Mineral Resource Estimate (see news release dated September 11, 2023) is the decrease in the oxide cut-off grade to 0.27 g/t gold equivalent from 0.28 g/t gold equivalent and a decrease in the sulphide cut-off grade to 0.36 g/t gold equivalent from 0.44 g/t gold equivalent. As a result, both oxide and sulphide Mineral Resources have increased.
Table 1: 2024 Gabbs Project Pit Constrained Mineral Resource Estimate(1)(2)(3)(4)
Mineral |
| Gold Grade | Silver Grade | Copper |
|
|
| Gold Eq. Grade |
|
Indicated | 49.8 | 0.45 | 1.36 | 0.27 | 0.72 | 2.17 | 297.0 | 0.73 | 1.16 |
Inferred | 112.2 | 0.35 | 0.84 | 0.23 | 1.28 | 3.04 | 567.1 | 0.63 | 2.29 |
(1) | Mineral Resources which are not Mineral Reserves do not have demonstrated economic viability. The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, sociopolitical, marketing, or other relevant issues. |
(2) | The Inferred Mineral Resource in this estimate has a lower level of confidence than that applied to an Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of the Inferred Mineral Resource could be upgraded to an Indicated Mineral Resource with continued exploration. |
(3) | The Mineral Resources in this press release were estimated using the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), Standards on Mineral Resources and Reserves, Definitions (2014) and Best Practices (2019) prepared by the CIM Standing Committee on Reserve Definitions and adopted by CIM Council. |
(4) | The Mineral Resource Estimate was prepared for a potential open pit scenario using a constraining pit shell (with 50 degree slopes) at respective 0.27 g/t and 0.36 g/t oxide and sulphide gold equivalent cut-off grades. The gold equivalent cut-off grades were derived from US$1,838/oz gold, US$3.96/lb copper, US$1.60/tonne mining cost, and US$11.40 and $19.60/tonne respective oxide and sulphide processing costs; US$1.00/tonne G&A cost, 78.3% and 95.2% respective Au oxide and sulphide process recoveries; and 48% and 78% respective Cu oxide and sulphide process recoveries. |
(5) | Silver not included in gold equivalent calculation. |
Oxide Mineral Resources at Gabbs consist of Indicated Mineral Resources of 760,000 ounces of gold equivalent (33.7 million tonnes grading 0.46 g/t gold, 1.43 g/t silver and 0.26% copper) and Inferred Mineral Resources of 1,040,000 ounces of gold equivalent (52.0 million tonnes grading 0.39 g/t gold, 0.81 g/t silver and 0.21% copper). See Table 2 below for a breakdown of the oxide and sulphide Mineral Resources.
Table 2: 2024 Gabbs Project Pit Constrained Mineral Resource Estimate by Rock Group(1)(2)
|
| Gold Grade | Silver Grade | Copper Grade |
|
|
| Gold Eq. Grade | Gold Eq. |
Oxide | 33.7 | 0.46 | 1.43 | 0.26 | 0.50 | 1.55 | 196.6 | 0.70 | 0.76 |
Oxide | 52.0 | 0.39 | 0.81 | 0.21 | 0.66 | 1.36 | 243.8 | 0.62 | 1.04 |
Sulphide | 16.1 | 0.43 | 1.21 | 0.28 | 0.22 | 0.62 | 100.4 | 0.77 | 0.40 |
Sulphide | 60.2 | 0.32 | 0.87 | 0.24 | 0.62 | 1.68 | 323.3 | 0.65 | 1.25 |
(1) | See Notes 1 to 4 to Table 1 above. |
(2) | Tables may differ and not sum due to rounding. |
Qualified persons
The 2024 MRE was prepared under the supervision of Eugene Puritch, P.Eng., FEC, CET of P&E Mining Consultants Inc., who is an Independent Qualified Person, as defined by NI 43-101. Mr. Puritch has reviewed and approved the technical contents of this news release relating to the 2024 MRE.
Ken McNaughton, M.A.Sc., P.Eng., Chief Exploration Officer, P2 Gold, is the Qualified Person, as defined by NI 43-101, responsible for the Gabbs Project. Mr. McNaughton has reviewed, verified, and approved the scientific and technical information in this news release.
About P2 Gold Inc.P2 Gold is a mineral exploration and development company focused on advancing precious metals and copper discoveries and acquisitions in the western United States and British Columbia.
Neither the TSX Venture Exchange (the "Exchange") nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward Looking Information
This press release contains "forward-looking information" within the meaning of applicable securities laws that is intended to be covered by the safe harbours created by those laws. "Forward-looking information" includes statements that use forward-looking terminology such as "may", "will", "expect", "anticipate", "believe", "continue", "potential" or the negative thereof or other variations thereof or comparable terminology. Such forward-looking information includes, without limitation, information with respect to the Company's expectations, strategies and plans for the Gabbs Project including the Company's planned expenditures and exploration activities.
Forward-looking information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management at the date the statements are made. Furthermore, such forward-looking information involves a variety of known and unknown risks, uncertainties and other factors which may cause the actual plans, intentions, activities, results, performance or achievements of the Company to be materially different from any future plans, intentions, activities, results, performance or achievements expressed or implied by such forward-looking information. See "Risk Factors" in the Company's annual information form for the year ended December 31, 2023, dated March 21, 2024 filed on SEDAR+ at www.sedarplus.ca for a discussion of these risks.
The Company cautions that there can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, investors should not place undue reliance on forward-looking information.
Except as required by law, the Company does not assume any obligation to release publicly any revisions to forward-looking information contained in this press release to reflect events or circumstances after the date hereof.
Norfolk Metals
Overview
Norfolk Metals (ASX:NFL) is an ASX-listed exploration company focused on its uranium in South Australia and Argentina. The company’s flagship property is the Orroroo uranium project in South Australia. It also holds a gold-copper project, the Roger River Property in Tasmania. Norfolk Metals is currently focused on advancing its uranium project and evaluating uranium assets for acquisition. In April 2024, the company announced it is acquiring the Las Altares uranium project in Argentina, through an exclusivity agreement with Green Shift Commodities.
Uranium prices have been on an upward trajectory since 2023, with prices rising from less than $50/lb to over $100/lb in 2024. The prices are currently hovering around $90/lb and could increase further, driven by a supply deficit. Kazatomprom, the world's largest uranium miner, announced in February 2024 that it is reducing uranium production. The company said production levels at its operations in Kazakhstan are anticipated to remain 20 percent lower, chiefly attributed to the sulfuric acid shortage prevailing in the country. Cameco, the world’s largest publicly traded uranium supplier, has provided a 2024 production guidance which is also not very bullish.
While the supply remains challenging, the demand continues to ramp up. The surge in uranium demand has been predominantly fueled by heightened utility contracting, a trend that offers robust support and sustainability to elevated price levels. The World Nuclear Association’s Nuclear Fuel Report indicates that global nuclear reactor demands are projected to almost double by 2040, rising from 65,650 tU in 2023 to 130,000 tU in 2040. According to Sprott, utilities have nearly 1.5 billion pounds of uncovered uranium requirements through 2040, compared to current annual production of around 150 Mlbs. Further, substantial underinvestment in new mining projects has exacerbated an already constrained supply side, leading to prolonged strain in the years ahead.
The uranium market appears to remain firmly in an uptrend driven by rising demand and constrained supply. Elevated prices also enhance the prospects for junior miners to progress their projects and potentially secure future supply agreements with utilities.
Norfolk Metals boasts uranium assets in a tier-1 mining jurisdiction of South Australia. The recent maiden drill program at the Orroroo project intersected a uranium-bearing floodplain, boosting confidence in the potential of the project.
Norfolk continues to review complementary projects with plans to expand its uranium project suite. In 2024, the company signed an exclusivity agreement with Green Shift Commodities (TSXV:GCOM) to acquire Las Alteras uranium project in Argentina. Las Alteras is surrounded by non-JORC foreign estimates at URAmerica’s Meseta Central deposit (19.1 Mlbs U308), CNEA’s Cerro Solo deposit (11.49 Mlbs U308), ISO Energy’s Laguna Salada deposit (10.1 Mlbs U308), along with the Cerro Condor and Los Adobes historical uranium mines.
Company Highlights
- Norfolk Metals is an ASX-listed uranium-focused explorer with assets located in South Australia (Orroroo uranium project), Argentina (Las Alteras uranium project) and Tasmania (Roger River gold/copper project).
- The primary focus is on advancing the Orroroo uranium project located in the Walloway Basin in South Australia. Orroroo comprises three granted exploration licenses, which together cover 723 square kilometres. of contiguous tenements. The land holding is divided into three project areas named Orroroo, Johnburgh and Black Rock.
- Orroroo has geological similarities to well-endowed South Australian uranium producers such as Boss Energy’s Honeymoon Uranium project and Heathgate Resources’ Four Mile mine.
- Norfolk completed a maiden drill program at Orroroo which delineated uranium in 10 of the 17 holes with grades reaching as high as 796 ppm. The maiden drill program also identified a uranium-bearing floodplain 50 meters south of the Wongway Creek Target.
- In Argentina, Norfolk has signed an exclusivity agreement with Green Shift Commodities to acquire Las Alteres uranium project, a project surrounded by multiple uranium deposits and historical mines in every direction including the Cerro Solo government owned deposit
- The Roger River Project comprises two granted exploration licenses, which together cover 261 square kilometers, located in Tasmania. The project is prospective for gold and copper.
- Norfolk is evaluating other projects for acquisition, which includes complementary projects to the South Australian uranium project suite.
- Uranium prices are likely to remain firm on the back of supply deficit. Kazakhstan, the world’s largest uranium supplier, has warned of lower production in 2024, while demand continues to remain high as governments around the world embrace nuclear power to reduce reliance on fossil fuels.
Key Projects
Orroroo Uranium Project
The Orroroo uranium project consists of three exploration licenses - EL6552, EL6814, and EL6948 - spanning a total of 723 square kilometers, situated roughly 274 kilometers northwest of Adelaide, South Australia. The large land holding is divided into three project areas named Orroroo, Johnburgh and Black Rock.
Orroroo lies within the Walloway Basin, an underexplored uranium region characterized by sediments of similar age to those found in the nearby Frome Embayment, where Boss Energy’s Honeymoon project is located.
Norfolk Metals completed a two-phase drilling program at Orroroo Project (EL6552), identifying uranium in 10 of 17 holes with grades reaching as high as 796 parts per million (ppm). Phase 2 of the drill program also identified a uranium-bearing floodplain 50 meters south of the Wongway Creek Target. The confirmation of uranium-bearing floodplain deposits upstream of Wongway Creek has strengthened confidence in the paleochannel model. Crucial drill holes, including ORMR015A and ORMR017, have offered valuable insights into floodplain features and the identification of kaolinitic clay marker beds, crucial for unraveling the basin’s geological evolution.
Drill samples from ORMR015A showing the kaolonitic clay marker unit from 121-130 metres and floodplain silt from 130-137 metres.
ORMR015A intersected what seems to be a floodplain dominated by silt, with minor gravel and two elevated gamma anomalies indicating uranium at both the top and bottom of this unit. In ORMR017, there was a heightened gamma response at approximately 132 meters depth, aligning with the top of the floodplain identified in ORMR015A. This suggests that the paleochannel may be situated just meters away from the target. Additionally, the detection of a mustard-colored limonite-rich fluid in certain drilling locations suggests potential uranium sources.
The identification of paleochannels offers geologists precise targets for uranium exploration. By mapping geological characteristics and comprehending past river systems, exploration endeavors can be concentrated on regions with an increased probability of harboring uranium deposits.
The maiden drill program has further substantiated Orroroo as a potential emerging uranium district within the renowned Walloway Basin in South Australia. Norfolk is moving forward on the future planning and approvals for Orroroo with a focus on the uranium-bearing floodplains intersected near the Wongway Creek target.
In 2024, Norfolk will begin operations on exploration permit EL6814, which is adjacent to the north and south of EL6552. The initial activities on EL6814 will be planned based on the findings and analysis from the inaugural drilling program at EL6552.
The company remains optimistic about the potential of the Walloway Basin beyond EL6552 (Orroroo project), particularly in areas such as the northern region (Johnburgh Project) and the southern region (Black Rock Project), where significant portions have yet to undergo geophysical surveys or drilling operations.
Las Alteras Uranium Project
Through an exclusivity agreement with Green Shift Commodities (GCOM) Norfolk has rights to 22 claims totaling 60,396 hectares comprising the Las Alteras uranium project to the west and east of the 11.49M lbs (Reasonably Assured Resource) Cerro Solo uranium deposit.
Las Alteras is surrounded by UrAmerica’s Meseta Central deposit (19.1 Mlbs eU308), CNEA’s Cerre Solo deposit (11.49M lbs U308), and ISO Energy’s Laguna Salada deposit (10.1 Mlbs U308). The project is also close to two historical mines, Cerro Condor and Los Adobes.
Norfolk plans to complete a due diligence on the project and pursue completion of the acquisition of the property from Green Shift Commodities.
Roger River Project
The Roger River Project comprises two granted exploration licenses encompassing a total area of 261 square kilometres. Positioned 410 kilometres northwest of Hobart, Tasmania, the project is deemed prospective for gold and copper.
During 2023, Norfolk continued its exploration program to obtain a better understanding of the copper and gold mineralization to guide the next exploration phase and potential drilling. The exploration work included a soil sampling program. The soil program entailed the collection of new surface samples and the re-analyses of selected historical soil samples over the White Water and A2 prospects which were submitted for Cu analysis.
Fresh surface samples were gathered on a grid measuring 200 by 100 meters around A2, totaling 98 samples. This sampling covered an area of roughly 1.2 kilometers by 1.5 kilometers along the interpreted splay from the Roger River Fault. The findings reveal a persistent copper anomaly surrounding the A4 and A5 prospects, situated along the interpreted fault splay originating from the Roger River Fault.
The historical samples re-analyzed revealed a continuous copper anomaly around the A4 and A5 prospects located along the interpreted fault splay from the Roger River Fault.
Management Team
Ben Phillips – Executive Chairman
Ben Phillips brings over 15 years of experience in commercial negotiations across diverse industries, including oil and gas, resources, medical technology, software-as-a-service and defense. He guides departments spanning from R&D and exploration to production, commercialization, and sales. Previously, Phillips served as a non-executive director at Bronson Group (ASX:BGR) and later at Mandrake Resources (ASX:MAN). In his current role as a corporate executive at Ironside, he focuses on sourcing, structuring, funding and managing requirements for small-cap companies, both private and public. Phillips has been with Ironside Capital since its inception, previously serving at Merchant Corporate Finance.
Leo Pilapil – Non-Executive Technical Director
Leo Pilapil has over 30 years of experience as a geoscientist. Throughout his career, he has held director positions at numerous junior companies across Australia, Africa and Turkey. In these roles, he has been primarily responsible for technical project evaluations, project acquisitions, project management and business development. Pilapil's notable achievements include the discovery of the Harlequin Gold Deposit (1 Moz) under salt lake conditions in Norseman, Western Australia. Additionally, he has played a key role in the extension and discovery of several ore deposits in Australia, Africa and Turkey. Pilapil has served as a geological consultant for numerous companies across the globe, including Aditya Birla in Australia, Alacer Gold Corporation in Turkey, African Uranium in Namibia, and NIKKI Lao in Lao PDR.
Patrick Holywell – Non-Executive Director
Patrick Holywell possesses over 15 years of expertise in accounting, finance and corporate governance, having worked at Deloitte and Patersons (now Canaccord Genuity). He is a chartered accountant and a fellow of the Governance Institute of Australia. Over the past decade, Holywell has primarily focused on director and company secretarial roles within the resources and technology sectors. His recent engagements include positions at De Grey Mining, Si6 Metals, and Pentanet.Rio Silver: Leveraging 25 Years of Mining Experience in Peru
Rio Silver (TSXV:RYO) focuses on the acquisition, exploration and development of precious metals deposits in South America. The company is currently advancing its 100 percent-owned Niñobamba silver-gold project in Peru. The The 3,933-hectare Niñobamba property is a drill-ready project located in the Department of Ayacucho about 330 kilometers southeast of Lima.
To date, Rio Silver and other historical operators have completed US$10 million in exploration expenditure on the Niñobamba property. The company has low overhead expenditure and strong alliances in Peru that are helping it achieve new initiatives for enhanced sustainability.
In 2016, Rio Silver consolidated its property by acquiring the surrounding 2,200 hectares of adjoining land from Newmont Mining and Southern Peru Copper. These included the Jorimina zone, which is located about 6.5 kilometers west of the Niñobamba and is believed to be part of the same high-sulfidation silver-gold system identified in the main Niñobamba zones.
Company Highlights
- Rio Silver owns six mineral concessions covering 4,100 hectares of wholly-owned land in a historic Peruvian mining district.
- The property was historically surrounded by big-name miners (Newmont, Southern Peru Copper) and is now wholly owned by Rio Silver.
- Experienced management team with more than two decades of mining experience in Peru.
- Extensive trenching completed at the Niñobamba zone.
- The management team holds a 29 percent stake in the company.
- US$10 million in exploration expenditure completed to date by Rio and historical operators.
- All the historical data has been collected from previous owners.
- Historical drilling on the Niñobamba property intersected 130 meters of 2.55 oz/t silver and 72.3 meters of 1.19 g/t gold.
- New gold zone identified including 56 meters at 98.9 g/t silver and 21.77 meters at 1.32 g/t gold, 102.46 g/t silver.
This Rio Silver profile is part of a paid investor education campaign.*
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Quarterly Activities Report for the Period Ended 31 March 2024
Warriedar Resources Limited (ASX: WA8) (Warriedar or the Company) is pleased to report on its activities for the quarter ended 31 March 2024.
HIGHLIGHTS
Golden Range and Fields Find Projects, Western Australia
- Drilling activities for CY2024 commenced at the Golden Range Project with a reverse circulation (RC) program at the Ricciardo deposit, twenty-one (21) holes drilled for 3,500m drilling.
- Ricciardo sits in the middle of the 25km-long ‘Golden Corridor’ at Golden Range, which hosts six discrete deposits (18 historic pits) that are all open at depth and possess immediate growth potential.
- Assay results from three (3) holes drilled in December and eighteen (18) holes drilled in February were received during the quarter, with all holes returning significant gold mineralisation. Results include:
- 32m @ 3.59 g/t Au from 148m, incl. 1m @ 10.85 g/t Au from 151m
- 8m @ 11.40 g/t Au from 166m, incl. 3m @ 22.38 g/t Au from 167m
- 3m @ 5.61 g/t Au from 114m, incl. 1m @ 11.20 g/t Au from 114m
- 11m @ 3.43 g/t Au from 149m
- 6m @ 4.69 g/t Au from 142m
- 8m @ 2.63 g/t Au from 160m
- 9m @ 1.97 g/t Au from 201m
- 20m @ 1.03 g/t Au from 177m
- 14m @ 1.15 g/t Au from 114m
- Results demonstrate the excellent potential for further Resource growth along the ‘Golden Corridor’, below and between historic open pits.
- Assay results from a further three (3) holes drilled beneath the Ardmore pit are pending, with results anticipated this month.
- Further growth-focused drilling along the ‘Golden Corridor’ is planned for Q2 CY2024.
- Proposed Plan of Operation (PoO) application continues to progress.
Corporate
- Resignation of Non-Executive Director Mr Mingyan (Joe) Wang.
- Successful bookbuild for A$6.0 million two-tranche equity placement, with binding commitments received from new and existing shareholders.
- Cash of A$4.8 million as at 31 March 2024 and zero debt (excluding typical trade creditor balances).
Western Australian Projects
The Golden Range and Fields Find Projects (the Projects) are located approximately 350 km northeast of Perth and 260 km east-southeast of Geraldton (Figure 1). The total consolidated land package of the Projects is 813 km2, extending for over 70 km of strike from north to south and covering much of the central Yalgoo-Singleton and Warriedar Archean greenstone belts.
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This article includes content from Warriedar 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.
March Quarter Activity Report
Key activities for Brightstar Resources Limited (Brightstar or the Company) (ASX: BTR) during the March Quarter are outlined below.
Highlights:
- Brightstar makes recommended takeover offer for Linden Gold Alliance Limited
- Successful completion of A$12 million share placement
- A highly positive Scoping Study was released for the Jasper Hills Gold Project (owned by Linden Gold) with compelling operational and financial outputs1,4:
- An initial mine production target of 142koz @ 1.84g/t Au over a four-year life of mine
- Pre-Tax NPV8 of approximately A$99 million and IRR of 736% (@ A$3,000/oz gold price)
- Payback of 9 months on all pre-production capital costs of $12 million
- Selkirk mining joint venture and gold pours successfully completed, with finalised net cashflow generated to Brightstar of $6,500,000 to be received this quarter
- Cork Tree Well diamond drilling results returns spectacular intercepts including:
- 27.6m @ 17.8 g/t Au (CTWMET003)
- 34.4m @ 7.94g/t Au (CTWMET004)
- High grade RC drilling intercepts were received from Menzies Gold Project at the Aspacia & Link Zone deposits
- Brightstar Resources Limited to acquire Linden Gold Alliance Limited (Linden) via unanimously recommended off-market scrip takeover offer (Offer)
- Linden is a gold producer, developer and explorer with existing mineral resources of 350koz @ 2.1g/t Au near Brightstar’s existing processing infrastructure (on care & maintenance) in the Laverton district (Figure 1)
- Under the Offer, Linden securityholders are to receive 6.9 Brightstar shares for every 1 Linden share held and 6.9 Brightstar options for every 1 Linden option held, equating to an implied Offer price of 11.04 cents per share
- The Offer implies an undiluted equity value for Linden of approximately $23.7 million
- Linden’s Directors unanimously recommend Linden shareholders accept the Offer, in the absence of a superior proposal
- Linden Directors representing 13.2% and Linden’s major shareholders, including St Barbara Limited (St Barbara), representing approximately 67.3% of shareholders, have signed pre-bid agreements with Brightstar or have signed intention statements to accept the Offer in respect of all current Linden shares and Linden options they own and control, in each case in the absence of a superior proposal
- The Offer is subject to conditions including a minimum 90% acceptance condition by the Linden shareholders and Linden optionholders
- As part of the Offer, Brightstar announced the successful receipt of firm commitments for a capital raising of A$12.0 million at A$0.014 per share via a two-tranche placement (Placement)
- The Placement received strong cornerstone support from Brightstar and Linden’s major shareholders Collins Street Asset Management and St Barbara for a total $4.3 million
- Mining investment house Lion Selection Group (ASX:LSX) committed to $2 million in the Placement to become a Brightstar shareholder
- Linden Directors Andrew Rich and Ashley Fraser to be appointed as Executive Director and Non- Executive Director respectively of Brightstar at successful completion of the Offer
- Highly regarded natural resources industry professional Richard Crookes will join the Board of Directors as Independent Non-Executive Chairman subject to the successful completion of the Offer.
- The combination of Linden and Brightstar will create a gold producer and developer with a material resource base that supports the Company’s strategy of becoming a mid-tier gold producer
Figure 1: Linden Gold’s Second Fortune & Jasper Hill Gold Projects relative to Brightstar assets
Compelling Scoping Study for Jasper Hills Gold Project4
The Jasper Hills Gold Project (Jasper Hills) is wholly owned by Linden, which is the subject of a Board- recommended off-market takeover offer by Brightstar. Jasper Hills is located 50km SE of Brightstar’s processing infrastructure, and will, subject to final feasibility studies, permitting and approvals and final investment decision, support Brightstar’s ambition of becoming a meaningful WA gold producer.
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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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