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Gold Springs Resource Corp. (TSX:GRC)(OTCQB:GRCAF) (the "Company" or "GRC"), has received assays from the final drill holes at South Jumbo as part of the 2022 drill campaign on its large Gold Springs project located in USA, on the border of Nevada and Utah, one of the best mining jurisdictions in the world.
Highlights include:
- 0.83 g/t gold equivalent over 18.3 meters including
1.89 g/t gold equivalent over 6.1 meters in hole E-22-015 - 0.75 g/t gold equivalent over 6.1 meters in hole E-22-017
- 0.53 g/t gold equivalent over 13.8 meters and
0.96 g/t gold equivalent over 6.1 meters in hole E-22-018 - 1.05 g/t gold equivalent over 4.6 meters and
0.74 g/t gold equivalent over 26.0 meters in hole E-22-020
Gold equivalent based on US$1,800/oz gold, US$25/oz silver and 50% for silver recovery.
Randall Moore, Executive Vice President of Exploration, stated:
""These results of our 2022 drill program confirm the significant potential for expansion of our current gold resource at South Jumbo in various directions:
- To the South - hole E-22-015 .
- To the North - hole E-22-020 .
- In the gap zone between the two resource blocks - holes E-22-017 and E-22-018.
GRC has now demonstrated the extension of gold mineralization in three different directions and also at depth. To the North the extension is significant as the hole E-22-020 with 1.05 g/t AuEq over 4.6 meters and 0.74 g/t AuEq over 26 meters is 80 meters north from the existing resource.
Once we update our model, follow-up holes will be planned with the objective to continue to expand gold mineralization in every direction, but especially to the north, towards Central Jumbo."
Summary of drill intercepts:
True thickness is estimated to be 70-100% of reported length. Grams per tonne of gold and silver abbreviated as "Au g/t" and "Ag g/t" respectively. Gold equivalent based on US$1,800/oz gold, US$25/oz silver and 50% for silver recovery.
Drill Hole Table
Qualified Person
Randall Moore, Executive Vice-President Exploration, Gold Springs Resource Corp., is the Company's designated Qualified Person for this news release within the meaning of National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101") and has reviewed and validated that the information contained in the release is accurate.
Quality Assurance and Quality Control
Approximately 7 kg of RC chips were sent to the laboratory for each 1.52 meter drill intervals. Standards and blanks are submitted into the sample stream at the rate of 15% for QA/QC purposes. In addition, the laboratory also includes duplicates of samples, standards and blanks. The results of these check assays are reviewed prior to the release of data. All RC sample assays are also reviewed for their geological context and checked against the drill logs.
Assay Method
Assays were performed in Reno, Nevada by ALS Geochemical, an ISO 9001:2000 certified and independent laboratory. Gold was analyzed by fire assay of a 30-gram sample with an AAS finish with samples assaying greater than 5 g/t re-assayed using a 30-gram sample and a gravity finish. Silver is analyzed by a four-acid leach ICP method.
About Gold Springs Resource Corp.
Gold Springs Resource Corp. (TSX: GRC and OTCQB: GRCAF) is focused on the exploration and expansion of the gold and silver resources of its Gold Springs project located on the border of Nevada and Utah, USA. The project is situated in the prolific Great Basin of Western USA, one of the best mining jurisdictions in the world.
Gold Springs Resource Corp. Contact:
Antonio Canton, President and CEO
acanton@goldspringsresource.com
Forward Looking Statements
Certain statements contained herein constitute "forward-looking information" under applicable Canadian securities laws ("forward-looking statements"). Forward-looking statements look into the future and provide an opinion as to the effect of certain events and trends on the business. Forward-looking statements herein include the statement relating to the expansion of the gold resource at South Jumbo and may also include words such as "creating", "believe", "would", "continue", "will", "promising", "should", and similar expressions. These forward-looking statements are based on current expectations and entail various risks and uncertainties. Actual results may materially differ from expectations if known and unknown risks or uncertainties affect our business or if our estimates or assumptions prove inaccurate. Factors that could cause results or events to differ materially from current expectations expressed or implied by the forward-looking statements, include, but are not limited to, risks of the mineral exploration industry which may affect the advancement of the Gold Springs project, including possible variations in mineral resources, grade, recovery rates, metal prices, capital and operating costs, and the application of taxes; availability of sufficient financing to fund planned or further required work in a timely manner and on acceptable terms; availability of equipment and qualified personnel, failure of equipment or processes to operate as anticipated, changes in project parameters, including water requirements for operations, as plans continue to be refined; regulatory, environmental and other risks of the mining industry more fully described in the Company's Annual Information Form and continuous disclosure documents, which are available on SEDAR at www.sedar.com. The assumptions made in developing the forward-looking statements include: the accuracy of current resource estimates and the interpretation of drill, metallurgical testing and other exploration results; the continuing support for mining by local governments in Nevada and Utah; the availability of equipment and qualified personnel to advance the Gold Springs project; execution of the Company's existing plans and further exploration and development programs for Gold Springs, which may change due to changes in the views of the Company or if new information arises which makes it prudent to change such plans or programs.Readers are cautioned not to place undue reliance on the forward-looking statements contained in this press release. Except as required by law, the Company assumes no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or any other reason. Unless otherwise indicated, forward-looking statements in this press release describe the Company's expectations as of the date hereof.
GRC:CA
Pinnacle Silver and Gold: District-Scale Silver-Gold Exploration and Development in the Americas
Pinnacle Silver and Gold (TSXV:PINN) stands out as a promising precious metals explorer with its strategic focus on high-potential projects in North and South America. The company presents a compelling investment opportunity in the precious metals sector as it continues to advance its existing projects and pursue new opportunities, offering investors an attractive entry point into the dynamic world of silver and gold exploration.
The company is strategically positioned to capitalize on the growing demand for these valuable resources driven by several key factors including a robust pipeline of projects at various stages of exploration and development and effective capital management practices.
El Potrero lies within 35 km of four operating mines, including the 4,000 tons-per-day (tpd) Ciénega mine by Fresnillo, Luca Mining’s 1,000 tpd Tahuehueto mine, and the 250 tpd Topia mine owned by Guanajuato Silver. The El Potrero property had undergone small-scale production from 1989 to 1990 and contains a 100 tpd plant that can be refurbished/rebuilt at relatively low cost.
Company Highlights
- Pinnacle Silver and Gold is a Canada-based exploration and development company dedicated to building long-term shareholder value with its silver- and gold-focused assets in North and South America.
- The company has built an asset portfolio entirely within mining-friendly jurisdictions with clear legal requirements and regulations that provide confidence in the future of each project.
- Both the Argosy Gold Mine and North Birch Project are located in the Red Lake District in Northwestern Ontario, a region famous for gold production.
- The company's expansion to Mexico, through a recent agreement, gives it access to the prolific and resource-rich Sierra Madre Trend and further diversifies its portfolio of high-grade assets.
- The company is led by an impressive management team with decades of experience managing mining companies that operate in the Americas.
This Pinnacle Silver and Gold profile is part of a paid investor education campaign.*
Click here to connect with Pinnacle Silver and Gold (TSXV:PINN) to receive an Investor Presentation
Mawson Finland: Gold, Cobalt Exploration in Lapland Region, Northern Finland
Mawson Finland (TSXV:MFL) is a mining development company focused on gold-cobalt in northern Finland advancing its the Rajapalot gold-cobalt project in the Lapland region. Driven by a highly experienced local management and technical team, and supported by a strong Finnish investor ownership, the company is poised to become a key player in the gold-cobalt market.
Mawson Finland's Rajapalot project spans 18,000 hectares and boasts an inferred resource of 9.8 Mt consisting of 867,000 oz gold at 2.8 g/t and 4,311 tonnes of cobalt at 441 parts per million (ppm). A completed preliminary economic assessment (PEA) estimated a net present value (NPV) of US$211 million and a 27 percent internal rate of return (IRR) based on US$1,700 gold price, with significant upside from greenfield exploration.
The Rajapalot gold-cobalt project is the company's cornerstone asset. Covering approximately 18,000 hectares, Rajapalot is distinguished by its significant gold and cobalt mineralization, making it one of the notable dual-commodity projects in Europe.
Company Highlights
- Mawson Finland is a newly listed exploration company focused on advancing its gold-cobalt project in the Lapland Region of Finland, a tier 1 mining jurisdiction.
- The project hosts multiple high-grade zones, which have been the focus of extensive exploration activities.
- The completed PEA on Rajapalot has an inferred resource of 9.78 million tonnes containing 867,000 ounces of gold and 4,311 tonnes of cobalt with grades of 2.8 g/t and 441 ppm, respectively. Additionally, the PEA includes an NPV (5 percent) of US$ 211 million with a 27 percent IRR.
- Cobalt, a key by-product of the Rajapalot project, is crucial for the manufacturing of electric vehicle (EV) batteries and renewable energy storage solutions.
This Mawson Finland's profile is part of a paid investor education campaign.*
Click here to connect with Mawson Finland (TSXV:MFL) to receive an Investor Presentation
Ashburton Mineralisation Expands as Project Delivers Wide and High-grade Uranium Drill Results
HIGHLIGHTS
- ADD003 has delivered the widest intersection recorded to date with a 39m intersection immediately above the Proterozoic unconformity.
- Equivalent U3O8 concentration from recent drillholes include:
ADD003 39.28m @ 553 ppm eU3O8 from 124.12m
incl 1.28m @ 1,460 ppm eU3O8 from 125.46m
and 0.84m @ 1,184 ppm eU3O8 from 151.54m
and 2.42m @ 2,681 ppm eU3O8 from 155.10m
and 1.90m @ 2,215 ppm eU3O8 from 161.40m
ARC008 3.86m @ 720 ppm eU3O8 from 137.36m
ARCD005 6.50m @ 639 ppm eU3O8 from 115.23m
incl 3.02m @ 930 ppm eU3O8 from 115.23m
ADD005 10.48m @ 1412 ppm eU3O8 from 114.30m
incl 2.04m @ 3508 ppm eU3O8 from 115.72m and 0.50m @ 2911 ppm eU3O8 from 119.28m
4.08m @ 2075 ppm eU3O8 from 141.94m
incl 2.04m @ 2875 ppm eU3O8 from 142.10m
1.04m @ 1918 ppm eU3O8 from 145.80m
1.04m @ 1103 ppm eU3O8 from 148.44m
- Analyses of the drill core has
- demonstrated a northwest structural control on mineralisation
- mineralisation along the unconformity and
- within the overlying sandstone and the basement.
The combined reverse circulation and diamond drilling programme has exceeded the Company’s expectations, having met its original aims of confirming historical results, testing the potential northwest structural control of mineralisation, and expanding the known uranium mineralised envelope.
Results from the drilling are included in Table 1 with the drill hole details in Table 2. In total, 1,776m of reverse circulation drilling and 1,147m of diamond drilling have been completed for a total of 18 holes.
Drilling at Angelo A has confirmed the continuity of mineralisation, identified a steeply dipping mineralised structure and highlighted the undulating nature of the Proterozoic unconformity (Figure 1). A potential northwest trending structure containing uranium mineralisation was intersected between ARC004 and ARC006.
Evidence of a mineralised northwest oriented structure was encountered in ADD001, located over 1km to the northwest of Angelo A. Structural logging of this hole highlighted a shallow dipping (35 degrees) mineralised structural trending to the northwest.
The drilling programme has also confirmed historical drill results from over 40 years ago.
Figure 1: Simplified Long Section C’ of Angelo A highlighting the flat lying nature of uranium mineralisation, with steeply dipping structures between ARC004 and ARC006.
Diamond drill hole ADD003 identified 39.28 metres of uranium mineralisation (Figure 2), highlighting the potential to expand the area of mineralisation at both the Angelo A & B prospects, and along strike to the northwest and southeast.
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This article includes content from Piche 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.
Astral’s Group Gold Mineral Resource Increases to 1.46Moz with Updated Feysville MRE
HIGHLIGHTS:
- Updated JORC 2012 Mineral Resource Estimate (MRE) of 5.0Mt at 1.2g/t Au for 196koz of contained gold completed for the 100%-owned Feysville Gold Project (Feysville), located 14km south of Kalgoorlie in WA (Feysville MRE).
- The Feysville MRE includes maiden MREs for both the Kamperman and Rogan Josh deposits, as well as an updated MRE for the Think Big deposit.
- Mineral Resources have been estimated using a 0.39g/t Au lower cut-off and constrained within pit shells derived using a gold price of A$2,500 per ounce (consistent with the price used for the current MRE at the Mandilla Gold Project (Mandilla) reported on 20 July 20231 (Mandilla MRE), noting that, at that time, the spot gold price was considerably less than it is today.
- Mineralisation encompassing the Kamperman and Rogan Josh MREs was discovered at an average cost of approximately $19 per ounce. This compares to Astral’s peer group, members of which are currently trading at enterprise values in the range of $38 to $82 per mineral resource ounce2.
- The oxide and transitional deposits at Rogan Josh and Think Big total 1.6Mt at 1.3g/t Au for 68.2koz of contained gold. Combined with the 2.0Mt at 1.3g/t Au for 83.8koz of contained gold at Kamperman, Astral considers there to be significant potential to increase the production target for the Mandilla Pre-Feasibility Study (Mandilla PFS), with work well underway.
- The Mandilla Scoping Study (Mandilla Scoping Study) reported during September 20233 included processing lower grade material of approximately 4.5Mt of Mandilla ore grading less than 0.70 g/t Au during the first five years of operations. The higher grade Feysville ore is expected to displace this ore, contributing significant economic upside to the Mandilla PFS compared to the Mandilla Scoping Study.
- The Mandilla PFS is likely to incorporate a pit shell design parameter of at least A$2,600 per ounce for mine optimisation. This exceeds the gold price parameter of A$2,500 incorporated in the calculation of Mineral Resources for both Mandilla and Feysville and, therefore, is likely to support a relatively high conversion rate of Mineral Resources into the Mandilla PFS production target.
- Including the Mandilla MRE of 37Mt at 1.1g/t Au for 1.27Moz of contained gold4, Astral’s total gold MRE is now calculated to be 42Mt at 1.1g/t Au for 1.46Moz of contained gold (Group MRE) (refer to Table 10).
Astral Resources’ Managing Director Marc Ducler said: “When we returned to drilling at Feysville in November 2022, we did so with a view to building critical mass to support our flagship Mandilla Gold Project. As our understanding of Feysville increased, we formed the view that the highly-underexplored Feysville tenement package had the potential to contribute several 100,000-ounce open pit opportunities to the broader Mandilla Gold Project as contemplated in the Mandilla Scoping Study3.
“With today’s Feysville MRE announcement, Astral is well on the way to delivering on this potential.
“The Mineral Resource Estimates across both Mandilla and Feysville are now consistently reported within pit shells incorporating a A$2,500 gold price and cut-off grades of 0.39g/t Au.
“While we acknowledge that using a gold price of A$2,500 to constrain the Feysville MRE is too conservative given the current spot gold price exceeds A$4,000, we intend to update the Group MRE using a more appropriate gold price and cost assumptions as the current data becomes available through advancement of the Mandilla PFS. To adjust revenue pricing assumptions prior to gaining certainty over cost assumptions is not considered appropriate.
“Importantly, the maiden Kamperman MRE has yielded a 1.3g/t open pit resource with a 5.9:1 strip ratio. Given our intention is to use a gold price of at least A$2,600 for pit design for the Mandilla PFS, we are very confident that a strong conversion of this resource into the production target will be achieved and, hence, make a material contribution to the economics of the Mandilla PFS.
“It is also important to note that the Kamperman deposit offers further significant growth potential based on the results of the recent 31-hole/3,834 metre reverse circulation (RC) drill program recently completed. These results are not included in the Kamperman MRE; however, one of the reported intercepts – 3 metres at 177g/t Au from 74 metres as part of a broader intersection of 25 metres at 24.3g/t Au from 68 metres in hole FRC3785 – is quite outstanding and suggests there to be scope for considerable upside with further drilling.
“Similarly, the supergene deposits present at both the Think Big and Rogan Josh MREs are also likely to have a very high conversion rate into a production target.
“Astral remains committed to further increasing the Group MRE through extensional drilling, as well as increasing the geological confidence levels – and, hence, MRE categories – through further in-fill drilling. Two rigs are currently on site at Mandilla, a diamond drill (DD) rig and an RC rig, with the RC rig expected to relocate to Kamperman before the Christmas period for further in-fill and extensional drilling.
“Astral expects to report revised MREs for both Mandilla and Feysville in Q1 next year, ahead of the anticipated completion of the Mandilla PFS in Q2 2025.”
Click here for the full ASX Release
This article includes content from Astral 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.