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Halcones Precious Metals Corp. Announces Listing on the TSX Venture Exchange
Halcones Precious Metals Corp. ( TSXV: HPM) ("Halcones" or the "Company") is pleased to announce that the Company's common shares have been listed and admitted to trade on the TSX Venture Exchange (the "TSXV"), with trading to commence as of the opening of market today under the symbol "HPM". The Company completed its qualifying transaction with Halcones Precious Metals Inc., as previously announced in its press release dated September 20, 2022, and further details can be found in the Company's filing statement (the "Filing Statement") dated September 13, 2022. The Filing Statement is available under the Company's profile on SEDAR at www.sedar.com.
About Halcones Precious Metals CorpHalcones is a publicly-traded company which owns an option (the "Option") to acquire 100% of the right, title and interest of the Carachapampa project located in Diego de Almagro, Copiapo, Chile (the "Carachapampa Project" or the "Project").
The Carachapampa Project is located within the northeast part of the Maricunga Belt. The property is tied onto the Nueva Esperanza Property of Kingsgate which is a recent discovery. Other important deposits in the region include Salares Norte (Goldfields) and La Coipa (Kinross). The Project comprises 12 claims covering 2,868 hectares and is 2 km southeast of the Chimberos deposit, gold-silver past producing open pit mine.
The Carachapampa Project and adjacent production and development projects are part of a high sulfidation, epithermal gold environment. An important aspect of the area is that the erosional level is such that the mineralized zones now occur relatively close to or at the surface in this part of the belt. There is a thin layer of post-mineralization volcanic cover and the basement rocks can be prospected through windows in the cover. A second critical criterion is that high sulfidation deposits occur on the flank of volcanic domes. Two such volcanic domes have been identified on the Project. There are four main target areas identified to date on the Carachapampa Project, all with disseminated gold mineralization. Recent trenching in the Northeast Target returned values of up to 20.9 g/t gold in disseminated mineralization, not in veins. This area also features a well-defined IP anomaly (resisitivity and chargeability) associated with the window of basement rocks that were sampled through the volcanic cover.
The technical information in this news release has been prepared by David Gower, a director of Halcones, and a "qualified person" as defined in NI 43-101.
The TSXV has in no way passed upon the merits of the Transaction and has neither approved nor disapproved the contents of this press release.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this press release.
Cautionary Note Regarding Forward-Looking StatementsThis press release contains statements that constitute "forward-looking statements". Such forward looking statements involve known and unknown risks, uncertainties and other factors that may cause the Company's actual results, performance or achievements, or developments to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements.
Although the Company believes, in light of the experience of its officers and directors, current conditions and expected future developments and other factors that have been considered appropriate that the expectations reflected in this forward-looking information are reasonable, undue reliance should not be placed on them because the Company can give no assurance that they will prove to be correct. When used in this press release, the words "estimate", "project", "belief", "anticipate", "intend", "expect", "plan", "predict", "may" or "should" and the negative of these words or such variations thereon or comparable terminology are intended to identify forward-looking statements and information. The forward-looking statements and information in this press release include information relating to timing for the commencement of trading of the Company's shares on the TSXV and the development of the Carachapampa Project and other mining projects and prospects thereof. Such statements and information reflect the current view of the Company. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements.
The forward-looking statements contained in this news release represent the expectations of the Company as of the date of this news release and, accordingly, are subject to change after such date. Readers should not place undue importance on forward-looking statements and should not rely upon this information as of any other date. The Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.
This news release does not constitute an offer to sell, or a solicitation of an offer to buy, any securities in the United States. The Company's securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
Sarama Resources Geochemistry Program Underway at Cosmo Gold Project
First Major Exploration Program in Several Decades on Highly Prospective Cosmo Project with Soil Sampling Designed to Generate Drill Targets
Sarama Resources Ltd. (“Sarama” or the “Company”) (ASX:SRR, TSX- V:SWA) is pleased to advise that it has commenced a multi-stage regional soil-geochemistry program at its majority- owned(1) 580km² Cosmo Gold Project (the “Project”)(2) in the Eastern Goldfields of Western Australia. The program is the most significant exploration work to be undertaken on the Project in decades and is a foundational stage for drill target generation.
The program follows the Company’s acquisition of a majority and controlling interest in the Project in December 2024 and its agreement to acquire a majority and controlling interest in the nearby Mt Venn Project in January 2025(3). In aggregate, the belt-scale projects will cover approximately 1,000km²(2,3) and +100km of strike-length of greenstone rocks and are well-positioned and underexplored, presenting an exciting opportunity for Sarama in the Laverton Gold District which is known for its prolific gold endowment (refer Figure 1).
- Large-scale soil geochemistry program underway at the Cosmo Project to progress drill targeting
- Program is the most significant exploration works undertaken on the Project in several decades
- Initial focus on areas with large-scale structural features and lithological contacts identified in recent interpretation of airborne geophysical datasets
- Surface grab sampling returned grades up to 52g/t Au(5) in historical exploration within the Project
- Fieldwork already underway with experienced field crews mobilised; first samples for analysis in 2 weeks
- Opportunity for recommencement of modern exploration due to changes in land access
- Follows the recent execution of a non-binding Heads of Agreement to acquire majority interest in belt-scale Mt Venn Project(3)
- Sarama’s recent acquisitions will create in aggregate a 1,000km² exploration position(2,3) capturing 100km of strike length in underexplored terrane
- Projects located in the prolific Laverton Gold District, proximal to the producing Gruyere Gold Mine(4)
Sarama’s President, Executive Chairman, Andrew Dinning commented:
“We are very pleased to get exploration underway and bring the belt-scale Cosmo Project to account. Cosmo is genuinely underexplored, has all the geological ingredients to generate a discovery and with core team members that led the discovery of the multi-million ounce Moto and Sanutura(6) Projects in Africa and we look forward to seeing what this project can deliver. Leveraging its position at the Cosmo Project, upon completion of the transaction to acquire a majority interest in the nearby Mt Venn Project, Sarama will have 1,000km2 of highly prospective ground in the prolific Laverton Gold District.”
Click here for the full ASX Release
This article includes content from Sarama 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.
Positive Soil Sample Results
Strong copper, lead, silver and zinc results confirm historic data at the Mount Hope Project
Mount Hope Mining Limited (“MHM” or the “Company”) is pleased to advise it has received positive results from a pre-IPO orientation soil survey, confirming the historical surface geochemical data at its Black Hill and Mount Hope East prospects.
Highlights
- Strong copper, lead and silver results – Up to 710ppm Lead, 680ppm Copper, 250ppb Silver with anomalous zinc and gold, confirming historical data.
- Results confirm mineralisation – Two distinct metal types (copper-gold and silver-lead-zinc) identified in mineralisation, which is open in all directions at both Black Hill and Mount Hope East.
- Stage 2 soil survey commences – Stage 2 soil survey targeting remaining advanced targets Main Road East and Little Mt Solitary, along with infill grids at Mount Hope East and Black Hill, has commenced.
- Drilling Permits – Drill permit application commenced
“We are excited to present these initial positive results firom our soil orientation survey completed in December 2024. The purpose ofi the orientation survey was to verifiy the historic base metal anomalies defiined by previous explorers across the Company's tenements.
“Our results confiirm elevated lead up to 709 ppm, copper to 680 ppm, silver to 250 ppb with anomalous gold and zinc. These fiindings also confiirm that mineralised corridors extend approximately 200m (north- south) at Mount Hope East and 400m (north-south) at Black Hill, both ofi which remain open in all directions. These results are consistent with the historical data, reinfiorcing the high prospectivity ofi our project and providing confiidence to advance the Stage 2 soil program.
“We have also successfiully demonstrated the efifiectiveness ofi the Ultrafiine+™ (UFF) analysis, which has never been trialled in our region. This ground-breaking assay technique, pioneered by LabWest h CSIRO, provides the Company with a fiast and cost-efifiective technique to cover large areas ofi concealed geology without drilling. This will ultimately have a positive efifiect on our expenditure moving fiorward, allowing us to conduct high-quality exploration work with reduced overhead.
“I look fiorward to providing fiurther updates as we progress our second stage ofi exploration at what is fiast becoming a prominent project in the prolifiic Cobar mining region.”
Click here for the full ASX Release
This article includes content from Mount Hope Mining, 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.
Top 5 Canadian Mining Stocks This Week: Orosur Jumps 92 Percent on Assays
Welcome to the Investing News Network's weekly look at the best-performing Canadian mining stocks on the TSX, TSXV and CSE, starting with a round-up of Canadian and US news impacting the resource sector.
On Monday (February 3), the US reached agreements with Canada and Mexico that narrowly averted the start of a trade war as tariffs set to begin Tuesday (February 4) were paused for 30 days.
Both Canada and Mexico offered plans to increase security at their respective borders with the US, some of which were already planned and underway. This aligns with US President Donald Trump's stated goal of increased border monitoring — he has claimed there are increasing numbers of illegal migrants and high volumes of fentanyl entering the US.
Both Canada and the US released upbeat job reports on Friday (February 7), indicating strong employment gains.
Statistics Canada reported that 76,000 jobs were added to the Canadian economy in January, the majority of which were in the private sector. Manufacturing contributed 33,000 new workers, and professional, scientific and technical services added 22,000.
This marks the third consecutive month of net gains following the addition of 91,000 jobs in December and 44,000 in November. The agency indicated that over the past three months, 147,000 full-time jobs were added, while part-time labor increased by 64,000. The additional workers pushed the unemployment rate down 0.1 percent from the previous month to 6.6 percent.
Meanwhile, south of the border, the US Bureau of Labor Statistics released its employment situation summary, which indicated that 143,000 new jobs were added in January. Large gains were seen in healthcare with 44,000 new jobs during the month.
Retail trade increased by 34,000 and social assistance jobs saw gains of 22,000 new workers.
Overall, the employment rate edged down to 4 percent from the 4.1 percent recorded in December, marking the lowest level since May 2024.
Markets and commodities react
While markets saw small losses on Friday, they were broadly positive over the past five days, with the S&P 500 (INDEXSP:INX) gaining 0.94 percent to end at 6,025.98, while the Nasdaq-100 (INDEXNASDAQ:NDX) rose 1.93 percent to 21,491.31. The Dow Jones Industrial Average (INDEXDJX:.DJI) was flat, gaining just 0.08 percent to 44,303.41.
In Canada, the S&P/TSX Venture Composite Index (INDEXTSI:JX) saw a 4.95 percent gain on the week to close at 639.28 on Friday (February 7). For its part, the S&P/TSX Composite Index (INDEXTSI:OSPTX) posted a 1.21 percent increase to hit 25,442.91, and the CSE Composite Index (CSE:CSECOMP) jumped 3.47 percent to reach 135.64.
Gold saw further gains this week as it continued to set new all-time highs.
Overall, the gold price increased 2.26 percent during the week to close at US$2,861.49 per ounce on Friday at 5:00 p.m. EST. Silver performed strongly as well, closing the week up 1.61 percent at US$31.80.
In base metals, the copper price surged 7.67 percent for the week to close at US$4.63 per pound on the COMEX, and the S&P GSCI (INDEXSP:SPGSCI) was largely flat, posting a 0.24 percent gain to close at 563.24.
Top Canadian mining stocks this week
So how did mining stocks perform against this backdrop?
We break down this week’s five best-performing Canadian mining stocks below.
Data for this article was retrieved at 4:00 p.m. EST on February 7, 2024, using TradingView's stock screener. Only companies trading on the TSX, TSXV and CSE with market capitalizations greater than C$10 million are included. Companies within the non-energy minerals and energy minerals sectors were considered.
1. Orosur Mining (TSXV:OMI)
Weekly gain: 91.67 percent
Market cap: C$45.19 million
Share price: C$0.23
Orosur Mining is an exploration company focused on the development of early to advanced-stage assets in South America. Exploration has revealed multiple gold deposits at its flagship Anzá gold project in Colombia, which is located 50 kilometers west of Medellin and sits along Colombia’s primary gold belt.
Orosur also owns several early-stage projects, the El Pantano gold-silver project in Argentina, the Lithium West project in Nigeria and the Ariquemes project in Brazil, which is prospective for tin, niobium and rare earths.
The Anzá gold project was previously a 49/51 joint venture with Minera Monte Aguila (MMA), a corporation owned equally by Newmont (TSX:NGT,NYSE:NEM) and Agnico Eagle Mines (TSX:AEM,NYSE:AEM).
Orosur shares have seen significant gains since the end of November 2024 when the company announced that it had completed its acquisition of MMA, giving Orosur 100 percent indirect ownership of the Anzá gold project.
Following the transaction's completion, exploration resumed at the project’s Pepas prospect in mid-November to test high-grade results from a 2022 drill program. The company announced its most recent drill results on Tuesday, saying it had encountered high-grade gold over long intervals beginning at surface. One highlighted intercept assayed up to 7.24 grams per metric ton (g/t) gold over 76.3 meters.
2. Almonty Industries (TSX:AII)
Weekly gain: 64.1 percent
Market cap: C$480.52 million
Share price: C$1.92
Almonty Industries is a tungsten and molybdenum mining and development company focused with operations in Spain, Portugal and South Korea. It is currently working on developing the Sangdong tungsten-molybdenum mine in South Korea, which hosts the largest tungsten deposit in the world. The mine is expected to begin production at the end of 2026 and has an anticipated mine life of 60 years. When fully ramped up the mine is projected to have an annual throughput of 640,000 metric tons, and will deliver 5,600 metric tons of molybdenum.
On January 29, Almonty announced it had entered into an offtake agreement with SeAH Group (KRX:058650) subsidiary SeAH M&S, a Korean metals company supplying the steel industry. SeAH M&S will purchase the entire production of molybdenum for the life of the Sangdong mine with a hard floor price of US$19 per pound.
Almonty also operates the Los Santos mine in Spain and the Panasqueira mine in Portugal, both producing high-grade tungsten concentrate.
In addition to the offtake agreement Almonty also announced on January 19 its intention to relocate its jurisdiction of incorporation from Canada to the US state of Delaware. It said it would maintain its listings on both the TSX and ASX.
Shares of Almonty began trading higherthis week after China announced on Tuesday it would be restricting metals exports, including tungsten and molybdenum, in response to US trade tariffs.
3. Blue Lagoon Resources (CSE:BLLG)
Weekly gain: 89.29 percent
Market cap: C$20.58 million
Share price: C$0.265
Blue Lagoon Resources is an exploration and development company focused on advancing its gold and silver projects in British Columbia, Canada.
Its flagship Dome Mountain gold project, located near Smithers, BC, is a past-producing asset composed of 26 claims covering 21,000 hectares and hosts 15 known high-grade gold veins.
A February 2022 updated resource estimate from the site demonstrated measured resources of 45,000 ounces of gold and 250,000 ounces of silver from 136,000 metric tons with average grades of 10.32 g/t gold and 57.31 g/t silver. Additionally, the resource estimate outlines indicated resources of 173,000 ounces of gold and 876,000 ounces of silver from 662,000 metric tons of ore grading 8.15 g/t gold and 41.19 g/t silver.
Blue Lagoon's shares saw significant gains this week after the company announced on Thursday (February 6) that it had received the final mine permits and is preparing to begin mining operations as soon as July 2025.
“We are delivering to our shareholders one of only a handful of mining permits granted in British Columbia over the last decade,” Chief Geologist Bill Cronk said. Once in operation, annual production will be limited to 55,000 metric tons of ore, from which the company expects to recover 15,000 ounces of gold.
4. Electric Metals USA (TSXV:EML)
Weekly gain: 58.33 percent
Market cap: C$13.75 million
Share price: C$0.095
Electric Metals is a mineral development company focused on advancing its flagship Emily manganese project in Minnesota, US. According to the company, the asset is North America’s highest-grade manganese resource.
A May 2024 resource estimate shows Emily hosts an indicated resource of 6.23 million metric tons with grades of 19.27 percent manganese and 22.41 percent iron with an additional inferred resource of 4.91 million metric tons with grades of 17.5 percent manganese and 20.44 percent iron with a cut off of 10 percent manganese.
Shares of Electric Metals have seen recent gains after a January 28 news release, when the company announced it was starting work on a preliminary economic assessment for the Emily manganese project. It expects the report to be completed during the second quarter of 2025.
5. Goldgroup Mining (TSX:GGA)
Weekly gain: 51.22 percent
Market cap: C$34.79 million
Share price: C$0.31
Goldgroup Mining is a gold production, development and exploration company working to advance its Cerro Prieto heap-leach gold mine. The 4,335 hectare property, located in Sonora, Mexico, produces an annual average of 11,500 ounces of gold and has produced more than 120,000 ounces since its beginning in March 2013.
Goldgroup is currently working to double the capacity of the mine to more than 25,000 ounces per year. The last update on progress came in October 2024, when it announced that it had installed the primary crusher with a 2,200 metric ton per day throughput. It also said it had expanded pumping and irrigation capacity.
Goldgroup's most recent news came on February 6, when it announced that all shareholders holding share purchase warrants from financing rounds completed in September and November 2024 had informed the company they would exercise all outstanding warrants. The company had previously informed shareholders it was accelerating the warrants, changing the expiry date to February 9. Goldgroup will receive gross proceeds of C$1.87 million.
FAQs for Canadian mining stocks
What is the difference between the TSX and TSXV?
The TSX, or Toronto Stock Exchange, is used by senior companies with larger market caps, and the TSXV, or TSX Venture Exchange, is used by smaller-cap companies. Companies listed on the TSXV can graduate to the senior exchange.
How many companies are listed on the TSXV?
As of June 2024, there were 1,630 companies listed on the TSXV, 925 of which were mining companies. Comparatively, the TSX was home to 1,806 companies, with 188 of those being mining companies.
Together the TSX and TSXV host around 40 percent of the world’s public mining companies.
How much does it cost to list on the TSXV?
There are a variety of different fees that companies must pay to list on the TSXV, and according to the exchange, they can vary based on the transaction’s nature and complexity. The listing fee alone will most likely cost between C$10,000 to C$70,000. Accounting and auditing fees could rack up between C$25,000 and C$100,000, while legal fees are expected to be over C$75,000 and an underwriters’ commission may hit up to 12 percent.
The exchange lists a handful of other fees and expenses companies can expect, including but not limited to security commission and transfer agency fees, investor relations costs and director and officer liability insurance.
These are all just for the initial listing, of course. There are ongoing expenses once companies are trading, such as sustaining fees and additional listing fees, plus the costs associated with filing regular reports.
How do you trade on the TSXV?
Investors can trade on the TSXV the way they would trade stocks on any exchange. This means they can use a stock broker or an individual investment account to buy and sell shares of TSXV-listed companies during the exchange's trading hours.
Article by Dean Belder; FAQs by Lauren Kelly.
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.
Securities Disclosure: I, Lauren Kelly, hold no direct investment interest in any company mentioned in this article.
Top Stories This Week: Gold Price Passes US$2,880 in Record-Setting Week
It was yet another record-setting week for the gold price, which broke though US$2,800 per ounce and continued rising, reaching the US$2,880 level on Wednesday (February 5) and closing the period around US$2,860.
Gains came on the back of concerns about global trade as Donald Trump settles back into his role as US president.
These worries are fueling safe-haven demand from investors, and have also spurred activity among major gold market players — they're reportedly looking to front-run potential tariffs by shifting the yellow metal from London to New York.
According to the Financial Times, traders and financial institutions have moved 393 metric tons of gold into Comex vaults in New York since the US election, boosting inventories by nearly 75 percent to the highest level seen since August 2022.
The number could be larger depending on how much has been sent to private vaults.
"There is a feeling that Trump could go across the board and impose new tariffs on raw materials coming into the US, including gold. There is a bit of a scramble among participants in the gold market to protect themselves" — Michael Haigh, Société Générale (EPA:GLE)
This movement has created withdrawal delays at the Bank of England, which stores the precious metal for third parties.
Although the central bank has said the process is happening in an orderly fashion, withdrawal slots are in high demand, and wait times have created a situation where Bank of England bars are trading at a discount to the wider market.
“All of those bodies who ship the gold, they’ve all got the delivery slots they need over the next few weeks. If you were coming in new to us, you might have to wait a bit longer because all the existing slots are booked up. But this is a very orderly process" — Dave Ramsden, Bank of England
There's also a broader disconnect between New York gold futures prices and London physical gold prices that has further piqued traders' desire to send metal to the US.
Bullet briefing — China curbs critical minerals exports, VRIC coverage
China limits critical minerals exports
While US tariffs on Canadian and Mexican goods were deferred on February 3, the Trump admin has gone ahead with an additional 10 percent tariff on all Chinese imports.
China responded swiftly, saying that starting on February 10 it will impose 15 percent tariffs on US coal and liquefied natural gas, plus 10 percent tariffs on crude oil, farm equipment and some vehicles.
In a separate decision, the country's commerce and customs divisions have put export controls in place on tungsten, tellurium, molybdenum, bismuth and indium with the aim of "safeguard(ing) national security interests."
China is the top producer of all of those metals, accounting for a whopping 80 percent of the world's tungsten and bismuth output. Speaking to Bloomberg, Lewis Black of tungsten miner Almonty Industries (TSX:AII,OTCQX:ALMTF) called the move from China a "warning shot," noting that the metal is key for defense and manufacturing.
Shares of the company were up nearly 50 percent for the week as of February 6.
INN's VRIC coverage
The Investing News Network's videos from the Vancouver Resource Investment Conference (VRIC) are now all posted, and if you haven't seen them already, you can check them all out in this playlist.
Experts like Rick Rule, Adrian Day, Lobo Tiggre and many more shared valuable insights, and although the news cycle is moving quickly their thoughts remain valuable for portfolio planning.
One key takeaway from the event was basic, but worth repeating — know yourself as an investor, because what works for one person may not align with your goals.
Want more YouTube content? Check out our expert market commentary playlist, which features interviews with key figures in the resource space. If there's someone you'd like to see us interview, please send an email to cmcleod@investingnews.com.
And don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.
New Murchison Gold Limited
Investor Insight
For investors with an eye on mining stocks, New Murchison Gold (ASX:NMG) presents a unique opportunity. The company's shallow, high-grade Crown Prince gold deposit, significant land package in the prolific Murchison goldfields, and strategic alliance with established Australian gold producer Westgold Resources position it as a noteworthy contender in the Western Australian gold exploration space. As NMG continues to navigate the path to production, its journey is one that astute investors will watch with keen interest.
Overview
Within the heart of Australia's Murchison gold district, a region host to more than 35 Moz gold endowment (historic production and current resources), stands New Murchison Gold, a forward-thinking gold explorer with a clear strategy to maximise shareholder value driven by a highly experienced management team. The company’s value proposition centres on growing and de-risking its shallow, high-grade Crown Prince gold deposit (part of the company’s Garden Gully gold project) and a strategic alliance with established Australian gold producer Westgold Resources (ASX:WGX), offering a clear pathway to production and cash flow generation.
The Westgold alliance has resulted in a binding ore purchase agreement with Big Bell Gold Operations, a wholly owned operating subsidiary of Westgold Resources. The agreement will underpin production from NMG’s Crown Prince deposit in 2025, and will see the company delivering 30 kt to 50 kt of ore to Westgold per month.Key Project
Garden Gully
New Murchison Gold's flagship Garden Gully gold project is located 20 km northwest of Meekatharra, Western Australia. The project boasts a 677 sq km tenement package that covers the Abbotts Greenstone Belt. The project includes granted mining leases and Native Title agreements in place over the Crown Prince, Abbotts and Lydia prospects. Garden Gully is in close proximity to a number of operating gold mines and existing gold processing facilities.
New Murchison Gold has a strong pipeline of exploration and development prospects at Garden Gully, with the most advanced being Crown Prince.
Crown Prince deposit
The Crown Prince deposit has an updated mineral resource estimate of 2.2 Mt at 3.9 g/t gold for 279 koz, which includes an indicated resource estimate of 226 koz at 4.6 g/t Au. (81 percent of the total MRE). The total also includes the maiden resource for the Southeastern Zone (SEZ) of 1 Mt at 5.2 g/t gold for 164 koz (discovered in late 2022).
The resource is shallow, delineated from surface, remains open at depth and along strike, and located within a 300 m x 200 m area demonstrating strong open pit mining potential. There is significant resource growth potential at new mineralised zones at the northeastern end of SEZ and Crown Prince East (350 m from SEZ).
New Murchison Gold also published strong metallurgical performance from advanced test work at Crown Prince with high recovery of gold through gravity and cyanide leach test work, reporting overall gold recovery rates ranging from 98.2 to 99.8 percent.
Recent high-grade gold intersections at SEZ
Westgold Strategic Alliance
New Murchison Gold announced a strategic alliance and $6 million placement with Australian gold producer Westgold Resources.
The Westgold transaction provides a clear pathway to commercialising Crown Prince in a strong gold price environment, validates the quality of the deposit and enables New Murchison Gold to leverage Westgold’s internal resources, intellectual property and infrastructure to accelerate development.
The primary aim of the strategic alliance is to fast track the development of New Murchison Gold’s Crown Prince deposit into production. As part of the strategic alliance, New Murchison Gold and Westgold has entered into a binding ore purchase agreement (OPA) with Westgold subsidiary Big Bell Gold Operations, for gold produced at Crown Prince. Under the agreement, NMG will deliver 30 kt to 50 kt of ore to Westgold per month with no fixed term. Crown Prince is located only 33 km from Westgold’s 1.6 – 1.8 Mtpa Bluebird Mill.
In addition to the OPA, the strategic alliance may also encompass other strategic collaboration initiatives such as access to Westgold’s expertise and infrastructure. Upon completion of the strategic placement, Westgold will be an 18.7-percent shareholder (undiluted basis) and have the right, but not the obligation to a New Murchison Gold board seat and an equity participation right.
Proceeds from the strategic placement and current cash will allow New Murchison Gold to fast track further resource development, project development and mining proposal workstreams at Crown Prince and continue systematic regional exploration across Ora’s commanding 677 sq km tenure.
Major players are increasingly partnering with junior explorers to secure access to high-grade, quality gold resources. New Murchison Gold's collaboration with Westgold epitomises this movement, setting a blueprint for mutual success in the industry.
Key Focus
The near-term focus for New Murchison Gold will be further resource growth and rapidly advancing project development and mining proposal workstreams at Crown Prince:
- Crown Prince Drilling: Further delineating new high-grade mineralised zones at the north-eastern end of SEZ and Crown Prince East (350 metres from SEZ) and resource definition drilling along strike and below 100 metre vertical depth
- Crown Prince Resource: Updated Mineral Resource Estimate expected in September of 2024.
- Crown Prince Development: progress detailed technical programs, preliminary project development and mining proposal workstreams and agree on an ore purchase agreement and other strategic collaboration initiatives with Westgold
- Regional: Continue systematic regional exploration programs across Ora’s commanding 677 sq km tenure package
Management Team
New Murchison Gold is led by a team of experienced professionals with a diverse set of skills and expertise. At the helm of the company's operations is CEO Alex Passmore, a qualified geologist with extensive corporate finance experience to guide New Murchison Gold's strategic plan. The board is chaired by Rick Crabb, with extensive experience in the legal and mining sectors providing invaluable governance and oversight.
Supporting the company's governance structure, Malcolm Randall serves as a non-executive director, bringing a wealth of knowledge from his tenure in the resource sector, including 25 years at Rio Tinto. Frank DeMarte, director and company secretary, contributes over 39 years of mining industry experience in areas of financial management governance and secretarial practice.
The collective experience of New Murchison Gold's board and management is a cornerstone of the company's success, positioning it to capitalise on the opportunities within the Garden Gully project and beyond.
For further information on New Murchison Gold's strategic initiatives and investment opportunities, sign up for a free investor kit.
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