Osino Resources Corp. ( TSX:OSI.V ) ( NSX:OSN ) ( FSE:RSR1 ) (" Osino " or the " Company ") today announced that (i) it obtained on May 2, 2024 a final order from the Supreme Court of British Columbia approving the previously announced statutory plan of arrangement under Business Corporations Act (British Columbia), pursuant to which Yintai Gold Co., Ltd (" Yintai ") will acquire all of the outstanding common shares of Osino for cash consideration of C$1.90 for each Osino Share (the " Arrangement "), all as more particularly described in Osino's management proxy circular dated March 25, 2024 (the " Circular "); and (ii) Yintai has obtained the approval of the National Development and Reform Commission of the People's Republic of China.
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Guyer North Delivers More Gold
Iceni Gold Limited (ASX: ICL) (Iceni or the Company) is pleased to provide an exploration update on the Guyer Well Target Area.
Highlights
- Geological fieldwork, mapping and rock chip sampling continues along the 15km long Guyer trend.
- Anomalous assays from AC drilling, UFF soils and rock chip sampling, historic workings and gold nuggets have all assisted in identifying a clear exploration focus along the ridge at Guyer North for ~2.5kms.
- The recent discovery of nugget GY-1 at nearly 1.5oz Au further supports the prospectivity of Guyer North.
- Prospecting has discovered over 780 gold nuggets along the Guyer Trend to date.
- More than 80 gold nuggets have been recovered during the last 4 weeks.
- The Guyer North drilling campaign is being designed and prepared for exploration drilling which is expected to commence within weeks.
Technical Director David Nixon commented:
“This new 1.5oz gold nugget, GY-1, is the largest nugget recovered thus far along the 15km long Guyer trend. The nugget was discovered in a saddle along the ridge at Guyer North and shows some signs of transport but retains enough surface features to indicate it hasn’t travelled far. The specimen GY-1 provides further support for the prospectivity of the Guyer North target area.
There is sufficient evidence of gold mineralisation localised along the Guyer North Ridge to justify drill testing.
A drilling campaign is being designed to test across the Guyer North target and along its ~2.5km strike” and will commence within weeks.
During the previous 4 weeks over 80 nuggets have been recovered, bringing the total to date to over 780 nuggets found along the Guyer Trend.
Figure 1: Nugget* GY-1, uncleaned, containing ~1.5oz of gold.
Figure 2: Nugget* GY-1 after cleaning. The nugget has a gold fineness of 99.1% (measured by pXRF).
*Visual estimates of mineral abundance or pXRF analyses should never be considered a proxy or substitute for laboratory analyses where concentrations or grades are the factor of principal economic interest. Visual estimates also potentially provide no information regarding impurities or deleterious physical properties relevant to valuations.
Guyer Well Target Area
The Guyer Well target area lies in the southeastern part of Iceni’s tenure. It lies over a north-northwest striking belt of mafic greenstone sequences, bounded to the west by the Danjo Batholith and to the east by felsic volcanics.
The eastern part of the Guyer Well target area is cut by the north-northwest trending Guyer Fault. The Guyer Fault/Shear is interpreted to be a splay of the main Celia Fault. 15kms of strike of the prospective Guyer Fault is controlled by Iceni within the 14 Mile Well Project.
Figure 3: Interpreted geology and alteration zones of the Guyer Well target area
Much of the central and southern portions of the Guyer Well target area is blanketed by transported cover. The cover sequences consist of palaeochannels covered by sheetwash and alluvial channels with minor residual soils. The northeastern part of the Guyer Well target area occurs over lacustrine clays and sediments associated with Lake Carey.
Click here for the full ASX Release
This article includes content from Iceni 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.
ALX Resources
Overview
ALX Resources (TSXV:AL,FWB:6LLN,OTC:ALXEF) is dedicated to providing shareholders with multiple opportunities for discovery by exploring a portfolio of prospective mineral properties, which include uranium, lithium, nickel–copper–cobalt and gold.
Using the latest technologies, ALX plans and executes well-designed exploration programs and holds over 240,000 hectares of prospective properties in Saskatchewan, Quebec and Ontario, Canada.
Having operations in stable Canadian jurisdictions strategically positions ALX Resources in key exploration areas with strong potential for economic base metals deposits, producing gold mines and the richest uranium deposits in the world. This includes the Firebird nickel (formerly Falcon Nickel) and Flying Vee nickel-copper-cobalt projects, and the Sceptre gold project, all located in Northern Saskatchewan.ALX is planning a 2024 summer exploration program at its Hydra Lithium Project in the James Bay region of Quebec, a joint venture with Forrestania Resources Ltd., which includes a prospecting and geological mapping program to locate pegmatite bodies in the field as a follow-up to ALX's 2023 exploration activities.
ALX also holds interests in several uranium exploration properties in Northern Saskatchewan, including the Gibbons Creek uranium project comprising eight claims covering 13,864 hectares. The company has completed its 2024 winter drilling program that consisted of five holes totaling 905.4 meters. Four of the five holes have uranium mineralization at or near the unconformity, based upon hand-held scintillometer readings on the drill core, downhole gamma probe results, and visual observation of uranium minerals. Analytical results are pending.“Walking Mag” survey technique at the Gibbons Creek Uranium Project in 2023
ALX has a 20 percent interest in the Hook-Carter Uranium Project in which Denison Mines (NYSE:DNN) owns 80 percent. Denison has funded approximately $7 million in exploration to date. The property is subject to certain royalties held by underlying vendors. The 2023 Hook-Carter airborne Z-Axis Tipper electromagnetic survey successfully outlined historical conductors present at Hook-Carter and resolved new conductors in deeper terrain that were not identified by previous geophysical surveys.
The company also completed a surface prospecting program in October 2023 at its 100 percent-owned McKenzie Lake uranium project located in the southeastern Athabasca Basin area of northern Saskatchewan.
Along with ALX’s rich portfolio of diverse assets in world-renowned jurisdictions, identifying undervalued and underexplored assets is the company’s strong suit. As early adopters of new methods of exploration, the company embodies innovation with its willingness to utilize new geochemical and geophysical technologies. This includes artificial intelligence recognition methods and other emerging science-focused exploration tools.
ALX has a world-class management team led by chairman and CEO Warren Stanyer who has more than 27 years of experience in the mineral exploration industry, focused mostly on uranium exploration in Saskatchewan.
Company Highlights
- Uses the latest technologies to execute well-designed exploration programs in their primary projects located in the stable jurisdictions of Saskatchewan, Quebec and Ontario.
- Acts as a prospect generator to explore and develop mineral properties for option.
- In October 2019, high grade nickel was located on surface from the company’s first site visit to the Firebird nickel project in Saskatchewan with the additional presence of copper anomalies.
- Owns and gold exploration properties within the Red Lake Mining District, a region that has produced over 28 million ounces of gold since mines began production in 1925.
- Acquired by staking in 2021 the 100 percent-owned Sabre, McKenzie Lake and Javelin uranium projects in northern Saskatchewan, Canada with no underlying royalties.
- ALX Resources recently completed a drilling program at the Gibbons Creek Uranium project in the Northern Athabasca Basin, comprising approximately 905.4 meters, at the site of untested geochemical anomalies.
- Acquired the Hydra Lithium Project in a world-class lithium exploration district in the James Bay region of northern Quebec, Canada. The project consists of 306 mineral claims in eight sub-projects totalling 29,262 hectares (72,306 acres).
- ALX Resources acquired by staking the 31,808-hectare (78,598 acres) Anchor Lithium Project within the Meguma Terrane of central and western Nova Scotia, Canada.
- ALX Resources purchased the Reindeer Lithium project and staked the Crystal Lithium Project in Saskatchewan, each of which ALX believes to be underexplored for lithium-bearing pegmatites in the modern era.
Key Projects
Hydra Lithium Project
ALX Resources owns a 50 percent interest in the Hydra Lithium Project in the James Bay region of Quebec, Canada. The remaining 50 percent interest is owned by Forrestania Resources (ASX:FRS). The project comprises eight sub-projects totaling 29,262 hectares. Hydra’s sub-projects include Volta (4,751 hectares), Echo (5,566 hectares), Nike (2,462 hectares), Sprite (3,437 hectares), Cobra (4,249 hectares), Viper (1,280 hectares), Python East (3,218 hectares) and Python West (4,298 hectares), Hydra is located in a world-class lithium exploration district that hosts several significant lithium-cesium-tantalum (LCT) type pegmatites.
2024 Summer Exploration Program
Planning for 2024 summer exploration at the Hydra lithium project is underway which includes a prospecting and geological mapping program, designed to locate pegmatite bodies in the field as a follow-up to ALX's 2023 exploration activities at Hydra which highlights the following:
- Python West: 30 samples collected with sample #F435054 taken from a pegmatite boulder returned 278 parts per million (ppm) lithium, 575 ppm cesium and 865 ppm rubidium. Positive geochemical ratios were calculated and are interpreted as pathfinders for LCT pegmatites: K/Rb (17.1), K/Cs (26) and Nb/Ta (2.1);
- Python East: 15 samples collected and sample #F435156 taken from a pegmatite boulder returned 387 ppm lithium, 24.5 ppm cesium and 326 ppm rubidium;
- Sprite: 27 samples collected. Two samples collected from granitic and paragneiss outcrops samples returned lithium and rubidium values over 100 ppm;
- Volta: 21 samples collected. Biotite crystals were described in one outcrop sample that also showed orange luminescence under ultraviolet light that may suggest a fertile environment for LCT pegmatites. Follow-up in 2024 is planned.
- Echo: 1 sample collected. Prospecting in 2023 was impeded by fires, weather conditions and schedule constraints. Follow-up on first-priority targets detected by remote sensing is planned for 2024.
- Cobra: 10 samples collected. Follow-up on second-priority targets is planned for 2024.
- Nike: 2 samples were collected. Follow-up on second-priority targets is planned for 2024.
- Viper: No samples were collected. An airborne reconnaissance survey was carried out. Follow-up on second-priority targets is planned for 2024.
2023 Pegmatite sample from Python West
Gibbons Creek Uranium Project
ALX Resources completed a diamond drilling program in the winter of 2022 in the Northern Athabasca Basin, near Stony Rapids, Saskatchewan. The program comprised three holes, completed for a total of approximately 1,240 meters, atop two previously untested anomalies.
Drill hole GC22-01, along the southwestern portion of the Zinger Conductor, intersected high in the sandstone column, mineral alteration including pyrite, siderite, and bleaching, and low angle to core axis fracture zones that suggest a steep-dipping structure may project to the sub-Athabasca unconformity at an approximate downhole depth of 345 meters.
Drill hole GC22-02 tested the northeast section of the Zinger trend. It revealed discrete elevated gamma probe peaks that occur between 293.7 and 300.9 meters. Geochemical analysis of the samples collected over these horizons will help to determine the significance of these peaks.
ALX has completed its 2024 winter drilling program at Gibbons Creek which aimed to test for continuity of uranium mineralization first discovered in 1979 by Eldorado Nuclear and ALX in 2015. Five holes totaling 905.4 meters were completed with four of the five holes intersecting uranium mineralization at or near the unconformity. Mineralization found in the 2024 drilling was intersected in two areas located 500 meters apart within a target area that ALX defined in late 2023 through a high-resolution magnetic survey and a soil gas hydrocarbon survey.
Close-up of uranium mineralization in core sample from hole GC24-04 - peak radioactivity (8,662 cps) at 107.87 meters.
Hook Carter Project
The Hook-Carter project consists of eleven claims covering 25,115 hectares in the southwest corner of the Athabasca Basin. The project has excellent potential to host economic uranium deposits. Hook-Carter is interpreted to host the northeastern strike extension of the Patterson Lake Corridor, which hosts Nexgen Energy's Arrow uranium deposit, Fission Uranium's Triple R uranium deposit and Purepoint Uranium’s Spitfire, Hornet and Dragon zones, which are in a joint venture with Cameco Corporation and Orano Canada. Hook-Carter also overlies the interpreted strike extension of the Carter and Derksen corridors, each highly prospective, under-explored corridor in which significant uranium mineralization may exist.
The 2023 ZTEM survey successfully outlined historical conductors at Hook-Carter and resolved new conductors in deeper terrain that were not identified by previous geophysical surveys.
Management Team
Warren Stanyer - Chairman and CEO
Warren Stanyer has over 27 years of experience in the mineral exploration industry, focused mostly on uranium in the Athabasca Basin. Stanyer began his career with Pioneer Metals, a diverse explorer for gold, base metals, and uranium, with properties in New Mexico, British Columbia, Manitoba, and Saskatchewan. After gaining over a decade of experience, Stanyer accepted the role of president and CEO of Northern Continental Resources, a junior exploration company focused on uranium in the Athabasca Basin. He steered the successful sale of the company in 2009 to Hathor Exploration, in competition with Denison Mines.
Stanyer became chairman of Guyana Frontier Mining in December 2010; and, during his tenure, served as president and CEO. As a director of Alpha Minerals, a predecessor company of ALX, and following the Patterson Lake uranium discovery in 2012, Stanyer served as chairman of the special committee in 2013 during the acquisition of the company by Fission Uranium, subsequently serving as a director of Fission until 2014. Stanyer serves as president, CEO, and director of Nevada Sunrise Gold, a junior exploration company focused on gold, copper, cobalt, and lithium in Nevada. He is also a director of New Moon Minerals, a private mineral exploration company.
Patrick Groening - CFO and Director
Patrick Groening’s previous roles with public companies include more than nine combined years serving as CFO for both Strathmore Minerals and Fission Energy. He filled the same role for Jalna Minerals, Sernova, and Papuan Precious Metals, and performed dual roles of CFO and corporate secretary For Wolf Capital and Pacific Asia China Energy.
David Miller - Director
David Miller is a businessman, professional economic geologist, and has served as an elected member of the Wyoming Legislature. Miller was CEO of Strathmore Minerals prior to its merger with Energy Fuels in 2013.
Jean-Jacques Gautrot - Director
Jean-Jacques Gautrot of Paris, France, is a former chairman of the World Nuclear Association and serves as an ambassador of the WNA to promote the nuclear industry worldwide. He has had a productive career in the nuclear energy business.
Howard Haugom - Director
Howard Haugom is co-owner of Quilts Etc., a national linen retail chain and a partner at Burkehill Capital Corp., a Vancouver-based private equity firm. He has taught at Simon Fraser University in B.C., worked for both the private and public sectors as an economist, and has been a consultant to the gold resource sector.
Charles Roy - Chairman, Technical Committee
Charles Roy brings a rare depth of experience and success in uranium exploration from a professional career largely with the world’s leading uranium mining company, Cameco Corporation. Roy was involved in the discovery of seven uranium deposits.
Jody Dahrouge, - Technical Advisor
Jody Dahrouge is a professional geologist with 25 years of experience in Canada and internationally, and has a successful background in uranium and lithium exploration and project generation within the Athabasca Basin of Saskatchewan, Quebec, and the USA.
R. Sierd Eriks - Technical Advisor
R. Sierd Eriks has worked in mineral exploration for over thirty-five years with a focus on uranium exploration for over past two decades. Eriks acted as president and chief geologist for
ALX until he retired from full-time work in 2022.
Dave Quirt - Technical Advisor
Dave Quirt is a consulting geoscientist residing in Saskatchewan with 45 years of geological, mineral exploration, and research and development experience, both in the consulting sector and within the mineral exploration industry.
Ken Wasyliuk - Technical Advisor
Mr. Wasyliuk has worked in mineral exploration for over 30 years with a focus on geochemistry and clay mineralogy in uranium exploration. During his career, Mr. Wasyliuk became an expert on geochemical and clay alteration patterns associated with uranium deposits in the Athabasca Basin.
Dr. Larry Hulbert - Technical Advisor
Dr. Hulbert is a Registered Professional Geoscientist in Saskatchewan and Ontario. From 1984 to 2007, Larry worked as a Research Scientist for the Geological Survey of Canada where he analyzed most of the significant nickel-copper-PGE deposits in Canada, including those at ALX’s Firebird Nickel Project.
Tavi Costa: Gold to Go Much Higher, Mining Industry Will "Massively Outperform"
Tavi Costa, partner and portfolio manager at Crescat Capital, shared his thoughts on gold's recent price activity, outlining why he thinks the yellow metal will lead other commodities higher.
He told the Investing News Network that silver and copper are set to benefit from its rise.
"To me gold is sort of the first thing to really move, and the first box to check in terms of a secular market. But where you're really going to likely get those big returns is going to be on things that tend to move with gold. And as we see gold move, usually you tend to see other metals really leading the way to the upside," Costa explained.
He also addressed the disconnect between the gold price and gold stocks. While some companies have seen gains, many haven't performed as well as investors would hope in today's environment of high prices.
"I think that the mining industry is so close to one of those big moves up that we tend to see in the industry — 300, 400 percent moves in the short term," Costa said, pointing to capitulation among frustrated investors.
The loss of faith reminds him of the 1970s, when there was a perception that the sector would never come back. "Unless I'm wrong and it's different this time, the industry always comes back," he said. "I'm a believer of that."
Costa sees opportunities to jump in, and expects the mining industry to "massively outperform" the gold price.
"Usually the conventional wisdom is wrong, and I've never seen an industry that is more hated than the gold space," he said during the conversation. "I don't know of a single industry that is more hated than the gold miners ... they are the most hated industry in the whole market, and I think that's a huge opportunity."
In closing, Costa encouraged investors to get their portfolios positioned before companies take off. "It's time to get busy and not be concerned about why are miners not moving vs. gold," he said.
Watch the interview above for more of his thoughts on gold and the resource sector.
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.
Osino obtains Final Court Order approving Plan of Arrangement and Yintai obtains NDRC Approval
This means that two of the necessary three Chinese regulatory approvals have now been fulfilled and the Arrangement therefore remains on track to close on or about the end of H1 2024, subject to approvals by regulatory authorities, namely the Namibian Competition Commission and the State Administration of Foreign Exchange of the People's Republic of China.
For a more detailed description of the Arrangement, readers should review the Circular.
About Osino Resources Corp.
Osino is a Canadian gold exploration and development company focused on the fast-tracked development of our wholly owned, Twin Hills Gold Project in central Namibia. Since its grassroots discovery by Osino in August 2019, Osino has completed more than 250,000m of drilling and has completed a suite of specialist technical studies culminating in the recently published Twin Hills Definitive Feasibility Study ("DFS") dated effective June 12, 2023. The DFS describes a technically simple and economically robust open-pit gold operation with a 13-year mine life and average annual gold production of over 162,000oz per annum.
Osino has a commanding ground position of over 8,000km 2 located within Namibia's prospective Damara sedimentary mineral belt, mostly in proximity to and along strike of the producing Navachab and Otjikoto Gold Mines. Osino is actively exploring a range of gold prospects and targets along the belt by utilizing a portfolio approach geared towards discovery, targeting gold mineralization that fits the broad orogenic gold model.
Our projects are favourably located in central and northern Namibia and are within easy reach from Namibia's capital city, Windhoek. By virtue of its location, the Twin Hills project benefits significantly from Namibia's well-established infrastructure with paved highways, railway, power and water in close proximity. Namibia is mining-friendly and lauded as one of the continent's most politically and socially stable jurisdictions.
Qualified Person
David Underwood, BSc. (Hons) is Vice President Exploration of Osino and has reviewed and approved the scientific and technical information in this news release and is a registered Professional Natural Scientist with the South African Council for Natural Scientific Professions (Pr. Sci. Nat. No.400323/11) and a Qualified Person for the purposes of NI 43-101 – Standards of Disclosure for Mineral Projects.
Further details are available on Osino's website at https://osinoresources.com and under Osino's profile on SEDAR+ at www.sedarplus.ca .
On behalf of the Board of Directors
Heye Daun, President and CEO
Contact Information
Osino Resources Corp.
Julia Becker
Investor Relations
+1 604 785 0850
jbecker@osinoresources.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Information
This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, without limitation, statements and information with respect to statements regarding the plans, intentions, beliefs and current expectations of Yintai and Osino with respect to the Arrangement; the timing of the approvals and completion of the Arrangement. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking statements are necessarily based upon a number of assumptions that, while considered reasonable by management, are inherently subject to business, market and economic risks, uncertainties and contingencies that may cause actual results, performance or achievements to be materially different from those expressed or implied by forward-looking statements. Although Osino has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. Other factors which could materially affect such forward-looking information are described in the risk factors in Osino's most recent annual management's discussion and analysis which is available on Osino's profile on SEDAR+ at www.sedarplus.com. Osino does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
News Provided by GlobeNewswire via QuoteMedia
Gold and Silver Prices Gain on Cooling US CPI Data
The US Bureau of Labor Statistics released its latest consumer price index (CPI) figures on Wednesday (May 15), showing that inflation cooled slightly in April, recording a year-over-year increase of 3.4 percent.
That's down from March's 3.5 percent level and slightly closer to the US Federal Reserve's 2 percent target. On a monthly basis, inflation came in at 0.3 percent after stalling at 0.4 percent for the two previous months.
At the start of the year, analysts believed inflation was cooling fast enough for the Fed to start making cuts as early as May; however, stagnating numbers later pushed their expectations to June and eventually to H2.
Market watchers are now looking to September for the American central bank to make its first cut.
At an event in Amsterdam on Tuesday (May 14), Fed Chair Jerome Powell said it's unlikely that more interest rate hikes are in the cards, although the central bank could leave them where they are. “I expect that inflation will move back down … on a monthly basis to levels that were more like the lower readings that we were having last year," he noted.
Powell declined to comment on when rate cuts can be expected.
CPI is a factor the Fed considers when making rate decisions, but other indicators will provide the Federal Open Market Committee with a deeper understanding of the state of the economy ahead of its next meeting on June 11 and 12.
On the back of the CPI release, the gold price rose more than 1 percent in morning trading and inched closer to the US$2,400 per ounce mark, peaking at US$2,389.87 on Wednesday afternoon. The silver price also moved higher, gaining more than 3 percent to reach a high of US$29.72 during that same timeframe.
The S&P 500 (INDEXSP:.INX), Nasdaq Composite (INDEXNASDAQ:.IXIC) and Dow Jones Industrial Average (INDEXDJX:.DJI) all reacted positively to the CPI news, seeing gains in the 1 percent range.
Don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.
Prospect Ridge Resources
Overview
Prospect Ridge (CSE:PRR,OTC:PRRSF,FRA:OED) is a precious metals exploration company focused on key projects in Northern British Columbia near the prolific Golden Triangle. The Golden Triangle in northwest British Columbia has been a hub for mineral exploration and mining endeavors for over 150 years. The company owns 100 percent of both the Knauss Creek property and the Holy Grail property.
The Knauss Creek property resembles the high-grade mineralization found in the historical Dorreen mine. Exploration at Knaus Creek has revealed high-grade mineralization comprising gold, silver, copper, lead and zinc. The Copper Ridge zone, which is in the southern part of the Knauss Creek property, is particularly interesting. During 2023, a total of 241 samples were collected from this area. The assays from outcrop samples have extended the Copper Ridge mineralized zones over an east-west strike length of 1,550 meters, a north-south strike of 850 meters, and a height difference of 470 meters.
The assay results highlight the area's significant potential, which measured only 200 meters at the start of 2023 and has now extended to over 1.5 kms. Extensive areas of land remain unexplored. The company is in the process of organizing a surface drilling program spanning 5,000 meters to assess the drill-ready Copper Ridge zone and other nearby targets.
The other property, Holy Grail, has also historically produced high-grade gold and silver from placer mining. Prospecting results at the Holy Grail property showed exceptional promise, uncovering significant discoveries of gold, silver, copper, lead and zinc.
Prospect Ridge benefits from a team of professionals boasting extensive expertise in geology and mining. The company is led by Micheal Iverson, CEO, who has more than three decades of experience in mining exploration. The management team has a proven track record of executing several successful exploration and development projects, including Fortuna Silver Mines and NioGold Mining’s Marban project.
Company Highlights
- Prospect Ridge is a Canada-based exploration and development company with two highly prospective land packages in British Columbia.
- The company’s two key assets are the Knauss Creek property and the Holy Grail property, located near the renowned Golden Triangle region in northwestern British Columbia. The Golden Triangle has historically been known for abundant precious and base metal discoveries, with numerous active mining projects and ongoing resource exploration.
- The flagship Knauss Creek property has revealed high-grade surface samples up to 78.9 g/t gold, 4,740 g/t silver, 29.4 percent copper, 33.33 percent lead and 4.10 percent zinc. The Copper Ridge zone is particularly interesting, where a 1.5-km strike zone containing high-grade gold-silver-copper trends were discovered.
- The company plans a 5,000-meter surface drill program to test the drill-ready target Copper Ridge zone as well as other targets.
- Prospecting results from the Holy Grail property are exceptionally promising. They reveal noteworthy discoveries of gold, silver, copper, lead and zinc.
- Prospect Ridge is led by a proven team of executives with more than 100 years of combined experience leading several successful exploration and development projects, including Fortuna Silver Mines and NioGold Mining’s Marban project (sold to Oban Mining, now Osisko Mining).
Key Projects
Knauss Creek Property
The Knauss Creek property, situated 35 kms north of Terrace, BC, spans 2,944. It has excellent infrastructure access, proximity to Highway 16, numerous logging roads traversing it, and the Canadian National Railway passing through.
The property is home to the historical Dorreen mine. Various showings on the property, including the Jay Veins, Hugin, Kandy and Copper Ridge, contain gold, silver, copper, lead and zinc mineralization. The current focus is on the Copper Ridge zone, a high-grade polymetallic mineralization zone spanning 1,500 meters.
Assays from outcrop samples gathered during the 2023 prospecting season have revealed numerous high-grade gold, silver and copper findings. Highlights from rock outcrop sampling, include:
- Sample W489444 contains 6.70 grams per ton (g/t) gold, 4,610 g/t silver, 2.23 percent copper
- Sample W489424 contains 15.9 g/t gold, 987 g/t silver, 0.29 percent copper, 17.55 percent lead, 6.99 percent zinc
- Sample W501837 contains 0.49 g/t gold, 134 g/t silver and 29.4 percent copper
- Sample W501812 contains 2.14 g/t gold, 264 g/t silver and 10.35 percent copper
Consequently, the Copper Ridge zone has been extended, now measuring an east-west length of 1,550 meters, a north-south strike length of 850 meters, and a vertical difference of 470 meters. Field data suggests the veins follow a north-south orientation and dip towards the east. The interpretation suggests the zone comprises a network of mineralized veins arranged like a ladder hosted within a dioritic intrusion.
The company is preparing a surface drilling program of 5,000 meters to evaluate drill-ready targets like the Copper Ridge zone, the Leon’s Legacy and Dorreen Mine showings.
Holy Grail Property
The Holy Grail property is located 10 km north of Terrace, BC, and forms a horseshoe that encloses the fully owned Knauss Creek property in its southeastern part. It currently spans 70,109 hectares. The property is easily accessible via a highway, multiple serviced roads, logging roads, and ATV trails that cross cut it.
Prospecting results from the Holy Grail property displayed remarkable potential through substantial findings of gold, silver, copper, lead and zinc. Key highlights of the results include:
- Grab sample C362354 returned 28.0 g/t gold, 56.9 g/t silver and 2.03 percent copper on the 4 Shore showing
- Grab sample C362357 returned 13.7 g/t gold, 39.9 g/t silver and 1.33 percent copper on the 4 Shore showing
- Grab sample C363353 returned 0.37 g/t gold, 58.7 g/t silver and 3.43 percent copper on the Maroon Creek showing
- Grab sample C363092 returned 6.7 g/t gold, 21.1 g/t silver, and 0.12 percent lead on the Iceberg showing.
Management Team
Michael Iverson – CEO and Director
Michael Iverson has over three decades of experience in public and private capital markets. He also has significant experience in the mining industry, having founded Niogold Mining and Fortuna Silver Mines. At Niogold, he spearheaded the acquisition and exploration of an expansive land parcel in Val D’Or, leading to the company's acquisition by Oban Mining, presently known as Osisko Mining , at a substantial premium to its market capitalization. At Fortuna, he played a vital role in the company's prosperous evolution into a silver producer with operational mines in Peru and Mexico. Iverson, over his entire career spanning three decades, has achieved, in aggregate, market capitalizations in excess of $1 billion.
Yan Ducharme – President and Director
Yan Ducharme is a professional geologist with over 25 years of experience in greenfield and brownfield exploration projects in Quebec, Ontario, Africa and South America. He was on the exploration team at SEMAFO and Cambior/Iamgold and was an exploration manager at NioGold (then vice-president exploration), Canadian Malartic, SOQUEM, and Wesdome Gold Mine. He worked in underground mines and open pits. Ducharme obtained a masters in earth sciences from the University of Quebec in Montreal.
Jasmine Lau – CFO
Jasmine Lau is a seasoned finance and accounting expert with a wealth of experience as a CFO in the mineral exploration and resource sector, having worked on projects across the globe. She was employed in internal audit at Teck Resources and Deloitte, where she focused on audits of public mining and resource companies. Lau is a CPA, CA, and holds a Bachelor of Commerce degree from the University of British Columbia.
Simon Ridgway – Chairman and Director
Simon Ridgway is the CEO of Rackla Metals, a Vancouver-based junior gold exploration company listed on the TSX Venture Exchange since September 2011. He is also the CEO, president and director of Volcanic Gold Mines, a Vancouver-based company engaged in gold and silver property acquisition and exploration.
Michael Michaud - Director
Michael Michaud is a professional geologist with over 30 years of experience. He is an expert in developing and executing regional and mine-site exploration strategies across diverse deposit types in North and South America, Africa, Asia and Europe. Michaud is the vice-president of exploration at Wesdome Gold Mines. He also held roles at several firms, including Iamgold, St Andrew Goldfields, SRK Consulting and North American Palladium. Michaud holds an honors B.Sc. from the University of Waterloo and an M.Sc. from Lakehead University.
Toby Lim - Director
Toby Lim has been a practicing solicitor since 1997, focusing on corporate and securities law. He received a Bachelor of Commerce degree with honours from the University of British Columbia in 1992, followed by a Bachelor of Laws degree from Osgoode Hall Law School in Ontario in 1996.
Jacques Brunelle – Director
Jacques Brunelle has over three decades of involvement in the North American mining sector. He has held executive positions as president and director in publicly traded companies, including Niogold Mining, where he served in 2003, culminating in a successful acquisition by Osisko Mining in 2016. Throughout his career, Brunelle has raised substantial funds for exploration and equity financing initiatives in both public and private enterprises.
Bradley Scharfe – Director
Bradley Scharfe has over 25 years of experience in North America's capital markets. Scharfe has led financing endeavors throughout his career and assembled robust companies across various sectors, including resources and commodities. He specializes in raising, deploying and managing venture capital for companies in their early growth stages. Previously, Scharfe served as a venture capital stockbroker with Canaccord Capital, a leading Canadian investment firm. Scharfe holds a Bachelor of Arts degree from the University of Toronto, where he majored in commerce and economics.
This article was written in collaboration with Couloir Capital.
Cerrado Gold Provides Update on Cease Trade Order and Announces Resultant Possible Late Filing of Q1 Interim Financial Statements and MCTO Application
Cerrado Gold Inc. (TSX.V:CERT)(OTCQX:CRDOF) ("Cerrado" or the "Company") is providing an update on the status of the cease trade order (the "CTO") imposed on May 7, 2024, the Ontario Securities Commission (the "OSC"), under National Policy 11-207, following the Company's failure to file its audited annual financial statements for the year ended December 31, 2023, its management's discussion and analysis of financial statements for the year ended December 31, 2023, its annual information form for the year ended December 31, 2023, and related filings (collectively, the "Required Annual Filings"). Under National Instrument 51-102, the Required Annual Filings were required to be made by April 29, 2024
Management of the Company continues to work diligently with its auditors to complete the Required Annual Filings, at which time it expects the CTO to be lifted within two days following filing. The Company expects the Required Annual Filings to be completed on or around May 31, 2024.
There is no material information concerning the affairs of the Company that has not been generally disclosed.
As a result of the delay in filing the Required Annual Filings, the Company expects that it will be unable to file its interim financial statements for the three months ended March 31, 2024, its management's discussion and analysis of financial statements for the three months ended March 31, 2024, and related filings (collectively, the "Required Interim Filings") by the May 31, 2024 filing deadline.
The Corporation has applied to the OSC for a management cease trade order (an "MCTO") in respect of the delay in filing of the Required Interim Filings.
If the MCTO is granted, the Company will comply with the alternative information guidelines set out in National Policy 12-203 - Management Cease Trade Orders for issuers who have failed to comply with a specified continuous disclosure requirement within the times prescribed by applicable securities laws. The guidelines, among other things, require the Company to issue bi-weekly default status reports by way of a news release so long as the Required Interim Filings have not been filed. During the MCTO, the general investing public will continue to be able to trade in the Company's listed common shares. However, the Company's Chief Executive Officer, Chief Financial Officer, and Directors will not be able to trade in the Company's common shares.
The Company will provide an update on its application of the MCTO in an upcoming news release.
The Company is satisfying and confirms that it intends to continue to satisfy the provisions of the alternative information guidelines under NP 12-203 and issue bi-weekly default status reports for so long as the delay in filing the Required Annual Filings and/or Required Interim Filings is continuing, each of which will be issued in the form of a press release. The Company does not have any information at this time regarding any anticipated specified default subsequent to the default in filing the Required Annual Filings and Required Interim Filings. The Company is not subject to any insolvency proceedings and there is no material information concerning the affairs of the Company that has not been generally disclosed.
About Cerrado
Cerrado Gold is a Toronto-based gold production, development, and exploration company focused on gold projects in South America. The Company is the 100% owner of both the producing Minera Don Nicolás and Las Calandrias mine in Santa Cruz province, Argentina, and the highly prospective Monte Do Carmo development project, located in Tocantins State, Brazil. In Canada, Cerrado Gold is developing it's 100% owned Mont Sorcier Iron Ore and Vanadium project located outside of Chibougamou, Quebec.
In Argentina, Cerrado is maximizing asset value at its Minera Don Nicolas operation through continued operational optimization and is growing production through its operations at the Las Calandrias Heap Leach project. An extensive campaign of exploration is ongoing to further unlock potential resources in our highly prospective land package in the heart of the Deseado Masiff.
In Canada, Cerrado holds a 100% interest in the Mont Sorcier Iron Ore and Vanadium project, which has the potential to produce a premium iron ore concentrate over a long mine life at low operating costs and low capital intensity. Furthermore, its high grade and high purity product facilitates the migration of steel producers from blast furnaces to electric arc furnaces contributing to the decarbonisation of the industry and the achievement of SDG goals.
For more information about Cerrado please visit our website at: www.cerradogold.com.
Mark Brennan
CEO and Chairman
Mike McAllister
Vice President, Investor Relations
Tel: +1-647-805-5662
mmcallister@cerradogold.com
Disclaimer
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
This press release contains statements that constitute "forward-looking information" (collectively, "forward-looking statements") within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that discusses predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements.
Forward-looking statements contained in this press release include, without limitation, statements regarding the business and operations of Cerrado and the completion and filing of the Annual Filings. In making the forward- looking statements contained in this press release, Cerrado has made certain assumptions. Although Cerrado believes that the expectations reflected in forward-looking statements are reasonable, it can give no assurance that the expectations of any forward-looking statements will prove to be correct. Known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to general business, economic, competitive, political and social uncertainties. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this press release. Except as required by law, Cerrado disclaims any intention and assumes no obligation to update or revise any forward-looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking statements or otherwise.
SOURCE:Cerrado Gold Inc.
View the original press release on accesswire.com
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