Mining in Ontario is big business. In 2021, Ontario’s mining industry produced roughly C$11.1 billion worth of minerals, accounting for 20 percent of Canada’s total production value. The importance of the mining industry has helped create a mining-friendly jurisdiction that understands the value of capitalizing on its natural resources. That’s why the Fraser Institute has ranked Ontario among the top 15 jurisdictions worldwide for investment attractiveness.
Additionally, the Canadian government is making a significant push to ramp up the production of critical minerals, including copper, lithium and aluminum. This push has resulted in more than 31 critical mineral projects in advanced exploration stages in Ontario,e paving the way for the development of a domestic supply chain for the country.
Heritage Mining (CSE:HML) is an exploration and development mining company with district-scale assets targeting gold and copper mineralizations within Ontario. The company’s flagship Drayton-Black Lake project is a strategically assembled district-scale project with encouraging bulk samples, high-grade gold intercepts and robust existing infrastructure. An experienced management team leads Heritage Mining with more than 100 years of combined experience working within the natural resources sector.
The Drayton-Black Lake project is a district-scale asset with a rich history, but a single company has never operated the entire area. Instead, it was split up among different operators and has never received systematic exploration to determine its mineralizations' actual width and depth.
As a result, Heritage Mining is launching the first systematic exploration program that will identify promising deposits throughout the entire area of this historic region from a low-grade, high-tonnage perspective.
The company entered a definitive asset purchase agreement with Bounty Gold Corp. to acquire 50 mining claims in the Split Lake zone adjacent to Heritage's flagship Drayton-Black Lake project. Heritage will acquire a 100 percent interest in the Split Lake property in exchange for issuing Bounty 100,000 common shares.
“Relative to other projects in the area, we are very close to infrastructure. There is a paved highway through the property, all-weather logging roads, and well-maintained ATV roads. So it’s quite a bit different than other projects in Northern Ontario: there are no ice roads and we don’t have to fly in to do work,” CEO Peter Schloo stated in an interview.
The company also operates the Contact Bay project containing high-grade copper-nickel mineralizations. The 4,700-hectare land package is within an active mining area and has known gold, nickel and platinum-palladium mineralizations. While the Drayton-Black Lake project is the main focus, Contact Bay will expose the company to critical minerals.
Heritage Mining’s management team has a proven track record in the mining industry and has overseen transactions exceeding C$15 billion. In addition, the team has experience in corporate finance, administration and geology.
The 14,229-hectare project has undergone significant historical exploration, including more than 176 holes drilled, with high-grade gold and copper discoveries. The project is located in a mature mining district in Ontario, a jurisdiction known for its low geopolitical risk and mining-friendly government.
The Alcona Area has been approved for Phase II Drill Program to define its deposit potential.
The project covers 4,700 hectares and contains multiple high-grade copper-nickel and gold occurrences. Contact Bay is also located in Ontario andt is in the exploration phase, with targets identified for exploratory drilling.
Geophysical interpretation of the Contact Bay area along with findings from the 2023 prospecting program, suggest geological similarities to other Archean nickell-copper-PGE occurrences and deposits.
Peter Schloo holds the CPA, CA and CFA designations with over eight years of progressive experience in capital markets, operations and assurance. He has held senior executive and director positions in a number of private companies, a majority in the precious metals sector including CFO of Spirit Banner Capital and VP of corporate development and interim CFO for Ion Energy. Schloo is also currently a director of Pacific Empire Minerals. (PEMC). His past successes include over C$80 million in associated capital raising opportunities involving public and private companies.
Patrick Mohan is a 35-year investor relations veteran and is the founder, president and chief executive officer of Mohan Group. Mohan is also on the board of Metals Creek Resources Corp. Previously, he occupied the position of president, CEO, director and head of investor relations at Kitrinor Metals. Mohan’s past successes include the development of the Cote Gold Project and the sale of Trelawney Mining & Exploration to IAMGOLD for C$585 million (US$595 million) in cash In 2012.
Wray Carvelas has provided 25 years of visionary leadership, developing and implementing ambitious strategic plans. As a senior executive at DRA Global he was responsible for the growth and development of the business in both North and South America. The mandate was to grow business in the Americas, both organically and inorganically without any significant capital base. Carvelas also held positions at KBR, ELB, and De Beers, involving management of development, production, and metallurgical (R&D and capital management) responsibilities.
Rachel Chae, with over eight years of experience, has served as CFO for various publicly traded companies, including several Canadian junior mineral exploration companies. She holds the chartered professional accountant designation working at Cross Davis & Company LLP, a chartered professional accountant firm providing accounting services to publicly listed entities, primarily in the mining sector.
James Fairbairn is a chartered accountant with over 25 years of experience in corporate governance, leadership, mergers and acquisitions, corporate finance and management reporting. Fairbairn has served as a senior officer and/or director in both public and privately held companies.
Patrick Sullivan is a mining, M&A and securities lawyer at a national law firm with a decade of experience in the junior mineral exploration sector. He has acted on several significant global mining transactions including South32 Limited’s $2.1 billion acquisition of Arizona Mining, Washington Companies’ $1.2 billion acquisition of Dominion Diamond, and Hudbay Minerals’ $555 million acquisition of Augusta Resource Corporation. Sullivan also has significant experience advising on mineral stream and royalty finance transactions.
Rick Horne has over 40 years of experience as an economic geologist. His experience includes senior roles with Acadian Mining (Atlantic Gold) as chief geologist and with Dufferin Gold Mine (Resource Capital Gold) as chief geologist and mine manager. Horne is an expert in lode gold systems, structural geology and geological mapping spending 22 years with NS Energy and Mines focussing on Bedrock mapping.
Mitchel Lavery has over 45 years’ experience in the exploration and development of mining projects with several junior and major mining companies. Lavery was instrumental in the discovery of the Bell Creek Gold Mine in Timmins, ON; the development and operation of the Joubie Gold Mine, Val-d’Or, QC; and the acquisition and development of the Quebec Lithium property, Lacorne, QC. He is the president and a director of Seahawk Gold. and is a qualified person under NI-43-101 regulations.
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VANCOUVER, BC TheNewswire - June 1 8 2024 Heritage Mining Ltd. (CSE: HML ) ( FRA:Y66) (" Heritage " or the " Company ") is pleased to announce that its $750,000 non-brokered private placement previously announced on June 12, 2024 (the " Offering ") is now fully subscribed. Peter Schloo, President, CEO and Director of Heritage, has subscribed for 2,430,000 Units (as defined below) at an aggregate purchase price of C$121,500.
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VANCOUVER, BC TheNewswire - June 3, 2024 Heritage Mining Ltd. (CSE: HML FRA:Y66) (" Heritage " or the " Company ") is pleased to announce the consolidation of a new land position within the Western Wabigoon totaling ~6,397 Ha through two asset acquisition agreements with PTX Metals Inc. (CSE:PTX) ("PTX Metals") and Shear Gold Exploration Corp. ("Shear Gold"), forming the Scattergood project ("SG"). The Company is also pleased to announce exploration plans for the SG project as well as a corporate update.
Highlights:
1) Scattergood Project:
Highly prospective, significant land position along strike of Dynasty Gold's Thundercloud – Pelham Deposit totaling (260,000 oz Au NI 43-101 Resource) totaling ~ 6,397Ha (Figure 1, 2)
Numerous intrusives with mineralized contacts in mineralized volcanic host rock effected by complex structural features
Discovery potential for Au, Cu, Ni, Zn, PGE
Excellent Access by paved highway and logging roads
2) Planned 2024 Scattergood Exploration Program:
Compilation and digitization of historical work, 3D geological model, geophysical interpretation, structural interpretation, prospecting, soil sampling, drill targets, drilling
"We are excited to be apart of the rapidly growing Eagle-Wabigoon-Manitou-Stormy Lakes greenstone belt with notable neighbour's such as Dynasty Gold, Dryden Gold and Kenorland Minerals. Our new shareholders by way of acquisition agreement (PTX Metals (CSE:PTX) and Shear Gold Exploration Corp.) chose Heritage Mining to lead the charge on their land packages based on our aggressive and systematic in field programs and experienced technical team.
Furthermore, the structure of the transaction is favorable to current market conditions as there is no minimum spend requirements, enabling Heritage to continue uninterrupted on current priority initiatives while solidifying a new position in a highly sought after area near our current project portfolio.
The Scattergood project has further solidified our position within Northwestern Ontario, Canada totaling over 27,000 Ha within one of the last under explored greenstone belts in Northwestern Ontario, Canada leading into what we believe to be one of the best precious and base metal markets in decades.
We look forward to advancing the project to drill ready status in a systematic manner and providing further updates on our exploration programs in the very near future. Commented Peter Schloo, President, CEO and Director of Heritage.
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Figure 1 – Heritage Project Portfolio in Northwestern Ontario, Canada
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Figure 2 – Heritage Mining, Scattergood Area Map, Ontario, Canada
Scattergood Project
The Scattergood Project straddles the lower segment of Wapageisi group volcanic rock and felsic intrusive bodies including the Taylor Lake Stock, Meggisi Pluton, and Scattergood Lake stock as well as numerous late stage minor intrusives. Structurally, the project is complex with the north-northeast trending Taylor Lake Fault and Trout River deformation zone running through parts of the property. There is evidence of hydrothermal fluids acting on volcanic rocks indicating an ideal environment for the formation of gold rich ore bodies. This combination of structural features and felsic intrusives within or nearby volcanic rocks are key features to many of the local gold occurrences.
Asset Purchase Agreements Summary – Scattergood Project
Shear Gold Asset Purchase Agreement
Pursuant to an asset purchase agreement with Shear Gold dated May 31, 2024, Heritage agreed to issue C$100,000 in common shares to Shear Gold over an 18 month period ($15,000 on signing, $35,000 in six months from signing and $50,000 in 18 months from signing) together with the grant of a 1.5% NSR (0.5% buyback for C$500,000) for 4,508.28 Ha.
PTX Metals Asset Purchase Agreement
Pursuant to an asset purchase agreement with a subsidiary of PTX Metals dated May 31, 2024, C$100,000 in common shares over an 18 month period ($15,000 on signing, $35,000 in six months from signing and $50,000 in 18 months from signing) together with the grant of a 1.0% NSR (0.5% buyback for C$500,000) for 1,888.72 Ha.
Planned 2024 Scattergood Exploration Program
The 2024 exploration program for this project will include: Compilation and digitization of historical work, 3D geological model, geophysical interpretation, structural interpretation, prospecting, soil sampling, drill targets, drilling.
Corporate Update
The Company has also agreed to issue an aggregate of 1,100,000 common shares, at a deemed price of $0.05 per common share, in full satisfaction of certain contractual obligations.
The Company also signed an agreement with VHLA Media, pursuant to which VHLA Media agreed to provide digital content, marketing, and media distribution services to the Company. Pursuant to the terms of the agreement, such marketing services are to be provided over a one month period, commencing on May 31, 2024, for a fee of $25,000.
Qualified Person
Mitch Lavery P. Geo, Strategic Advisor for the Company, serves as a qualified person as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects and has reviewed the scientific and technical information in this news release, approving the disclosure herein.
ABOUT HERITAGE MINING LTD.
The Company is a Canadian mineral exploration company advancing its two high grade gold-silver-copper projects in Northwestern Ontario. The Drayton-Black Lake and the Contact Bay projects are located near Sioux Lookout in the underexplored Eagle-Wabigoon-Manitou Greenstone Belt . Both projects benefit from a wealth of historic data, excellent site access and logistical support from the local community. The Company is well capitalized, with a tight capital structure.
For further information, please contact:
Heritage Mining Ltd.
Peter Schloo, CPA, CA, CFA
President, CEO and Director
Phone: (905) 505-0918
Email: peter@heritagemining.ca
FORWARD-LOOKING STATEMENTS
This news release contains certain statements that constitute forward looking information within the meaning of applicable securities laws. These statements relate to future events of the Company. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "forecast", "may", "will", "project", "predict", "potential", "targeting", "intend", "could", "might", "should", "believe", "outlook" and similar expressions are not statements of historical fact and may be forward looking information. All statements, other than statements of historical fact, included herein are forward-looking statements.
Forward looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such risks include, among others, the inherent risk of the mining industry; adverse economic and market developments; the risk that the Company will not be successful in completing additional acquisitions; risks relating to the estimation of mineral resources; the possibility that the Company's estimated burn rate may be higher than anticipated; risks of unexpected cost increases; risks of labour shortages; risks relating to exploration and development activities; risks relating to future prices of mineral resources; risks related to work site accidents, risks related to geological uncertainties and variations; risks related to government and community support of the Company's projects; risks related to global pandemics and other risks related to the mining industry. The Company believes that the expectations reflected in such forward-looking information are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward‐looking information should not be unduly relied upon. These statements speak only as of the date of this news release. The Company does not intend, and does not assume any obligation, to update any forward‐looking information except as required by law.
This document does not constitute an offer to sell, or a solicitation of an offer to buy, securities of the Company in Canada, the United States, or any other jurisdiction. Any such offer to sell or solicitation of an offer to buy the securities described herein will be made only pursuant to subscription documentation between the Company and prospective purchasers. Any such offering will be made in reliance upon exemptions from the prospectus and registration requirements under applicable securities laws, pursuant to a subscription agreement to be entered into by the Company and prospective investors.
Copyright (c) 2024 TheNewswire - All rights reserved.
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VANCOUVER, BC, May 22, 2024 TheNewswire Heritage Mining Ltd. (CSE: HML FRA:Y66) (" Heritage " or the " Company ") is pleased to announce the commencement of the 2024 exploration program at its flagship property Drayton Black Lake (" DBL "). The Company believes the progress achieved to date represents important milestones for systematic exploration in one of the last underdeveloped greenstone belts in Northwestern Ontario.
Highlights
DBL Target - Zone 3:
3D model for evaluation and confirmation drilling of the historical 1980 Non 43-101 Compliant Mineral Resource of 70,000 tonnes at 8.16g/t Au high-grade ore shoot, near surface (Figures 1-5)
Property expansion along Zone 3 gold-bearing Contact Zone 3 through to Zone 10 (Figure 6)
DBL Exploration Update:
Soil Sampling (Spatiotemporal-Gas-Hydrocarbon (SGH)) & mapping commencement (Figures 7, 8), results pending.
Diamond drilling to commence late Q2 2024
Structural Interpretation and Geological Modeling: Property wide structural interpretation (Figure 9) and 3D geological model (32km EW by 25km NW by 3km vertical extent).
"We are excited to share the progress we are making at DBL, with emphasis on Zone 3 target area. A testament to the systematic exploration approach ahead of drilling. Zone 3, an area that has received no additional drilling since 1937, through 3D modelling is evidence to the potential of this project. The expansion along the gold-bearing Contact Zone 3 to Zone 10 opens up new opportunities for discovery. With boots on the ground and field activities in full swing, we are well-positioned to advance our exploration program and unlock the full potential of our properties." Commented Peter Schloo, President, CEO and Director of Heritage.
DBL Project - Zone 3 Target Area
Zone 3 Historical Highlights to be confirmed in this year's exploration program by diamond drilling.
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Figure 1 – Historical drilling highlights to be confirmed by the Company
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Figure 2 – 3D Model of Zone 3
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Figure 3 – 3D Model of Zone 3 and description
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Figure 4 – Historical drilling, trenching and EM Frasier Transformation
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Figure 5 – 3D Model of Zone 3 and explanation
Zone 3 Contact Extension Secured
Zone 3 mineralization is associated along the Contact of the Mafic Volcanics and Batholith. The Company therefore staked claims along the contact in order to secure continuity totaling ~+4km in potential strike length.
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Figure 6 – Reduced-to-Pole Magnetic Intensity over Bedrock Geology
Exploration Plan Update
Soil Sample - Spatiotemporal-Gas-Hydrocarbon type analysis (SGH)
The orientation grid consisted of 88 samples taken at 25m spacing on a grid pattern. This survey targeted known mineralization at surface near the Alcona mine to determine the practicality of spatiotemporal-gas-hydrocarbon type analysis (SGH) in the local terrane. This will ensure the survey properly picks up on mineralization before initiating a property-wide survey later this summer.
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Figure 7 Alcona Area orientation grid soil sampling 2024
Case Study Support for SGH
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Figure 8 – Case Study from Act Labs website: www.actlabs.com
For more information please visit: https://actlabs.com/geochemistry/tools-for-buried-deposit-targets/sgh/
Diamond Drilling is set to commence no later than June 30, 2024.
Property-wide Structural Interpretation & 3D Geology Model
Structural Interpretation :
The interpretation is heavily slanted toward the identification of favourable zones for hosting orogenic-style gold. The belt hosts geometries consistent with two major deformation events, mineralisation during either event is possible based on current information.
First pass interpretation resulted in 20 zones of structural complexity with potential to host low mean stress sites applicable to both (Figure 9).
"Gold mineralisation appears to be spatially coincident with the second-order sigmoidal, across-belt structures in the eastern end of the belt. In the west of the project area, the geometry of folded thrusts sitting at the end of, and possibly above, a major syntectonic granite pluton, has geometric affinities with the multi-million ounce Kanowna Belle gold deposit in Western Australia. Note that similar macroscale geometries to those inferred for the HML ground have been identified in Proterozoic and Archaean granite-greenstone belts globally and host world-class orogenic-style gold deposits, reinforcing the gold-discovery potential of HML's tenement package." Commented Dr. Brett Davis, Advisor to the Company
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Figure 9 – Areas of interest at DBL for orogenic-style gold – Structural Interpretation
3D Geological Model
The Company has created the first ever property-wide 3D geological model (32km EW by 25km NW by 3km vertical extent) to model the property's historic database, which dates back to the early 1900s and totals over 28 kilometers of drilling to date. The modelling of the database will enhance the company's geological understanding of the property, providing new insights into styles of mineralization and their geologic controls. It is expected to unlock further targets to test in the Company's active 2024 program.
Qualified Person
Mitch Lavery P. Geo, Strategic Advisor for the Company, serves as a qualified person as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects and has reviewed the scientific and technical information in this news release, approving the disclosure herein.
ABOUT HERITAGE MINING LTD.
The Company is a Canadian mineral exploration company advancing its two high grade gold-silver-copper projects in Northwestern Ontario. The Drayton-Black Lake and the Contact Bay projects are located near Sioux Lookout in the underexplored Eagle-Wabigoon-Manitou Greenstone Belt . Both projects benefit from a wealth of historic data, excellent site access and logistical support from the local community. The Company is well capitalized, with a tight capital structure.
For further information, please contact:
Heritage Mining Ltd.
Peter Schloo, CPA, CA, CFA
President, CEO and Director
Phone: (905) 505-0918
Email: peter@heritagemining.ca
FORWARD-LOOKING STATEMENTS
This news release contains certain statements that constitute forward looking information within the meaning of applicable securities laws. These statements relate to future events of the Company. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "forecast", "may", "will", "project", "predict", "potential", "targeting", "intend", "could", "might", "should", "believe", "outlook" and similar expressions are not statements of historical fact and may be forward looking information. All statements, other than statements of historical fact, included herein are forward-looking statements.
Forward looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such risks include, among others, the inherent risk of the mining industry; adverse economic and market developments; the risk that the Company will not be successful in completing additional acquisitions; risks relating to the estimation of mineral resources; the possibility that the Company's estimated burn rate may be higher than anticipated; risks of unexpected cost increases; risks of labour shortages; risks relating to exploration and development activities; risks relating to future prices of mineral resources; risks related to work site accidents, risks related to geological uncertainties and variations; risks related to government and community support of the Company's projects; risks related to global pandemics and other risks related to the mining industry. The Company believes that the expectations reflected in such forward-looking information are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward‐looking information should not be unduly relied upon. These statements speak only as of the date of this news release. The Company does not intend, and does not assume any obligation, to update any forward‐looking information except as required by law.
This document does not constitute an offer to sell, or a solicitation of an offer to buy, securities of the Company in Canada, the United States, or any other jurisdiction. Any such offer to sell or solicitation of an offer to buy the securities described herein will be made only pursuant to subscription documentation between the Company and prospective purchasers. Any such offering will be made in reliance upon exemptions from the prospectus and registration requirements under applicable securities laws, pursuant to a subscription agreement to be entered into by the Company and prospective investors.
NOT INTENDED FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Copyright (c) 2024 TheNewswire - All rights reserved.
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VANCOUVER, BC TheNewswire - May 8, 2024 Heritage Mining Ltd. (CSE: HML FRA:Y66) (" Heritage " or the " Company ") is pleased to congratulate Treasury Metals Inc. (" Treasury ") on its recently announced business combination transaction with Blackwolf Copper and Gold Inc. (" Blackwolf "). The Company believes this is a significant vote of confidence to one of the last underdevelopment greenstone belts in Northwestern Ontario, Canada.
Select Transaction Highlights & Comments 1
Potential Near-Term Gold Production at Treasury's Goliath Gold Complex Project
Strong Financial Position: The balance sheet of the combined entity will be fortified with a combined cash position of more than C$10 million, plus a proposed concurrent minimum C$4 million flow-through financing.
Enhanced Capital Markets Focus: New capital markets strategy to be led by cornerstone investor Frank Giustra complements significant expertise in mine permitting, construction, operations, and exploration to create value for shareholders.
Renewed Exploration Commitment: Exploration efforts are expected to be intensified within the Dryden, Ontario district, focusing on expanding the current resource area. An experienced team will oversee these efforts, aiming to simultaneously advance development and exploration, maximizing dual-track value realization.
Growth and Consolidation Strategy: The companies are actively pursuing a proactive strategy to assess and undertake strategic acquisitions, aiming to accelerate growth and strengthen its industry position.
Frank Giustra, Blackwolf's largest shareholder and expected largest shareholder of the combined company, stated: "This is a strong transaction for Blackwolf and Treasury shareholders that puts the company on the path of a buy and build strategy that I have implemented many times. We see the GGC Project as buildable and expandable on a district scale. I look forward to continuing to be a supportive shareholder and am excited to join the team as a Strategic Advisor."
"There has been growing interest in the belt over the last two years now hosting some the most world renowned mining icons in the world (Figure 1). Frank Giustra as a large shareholder to the combined entity confirms we are in the right place and we'd like to welcome Frank Giustra to the District.
Our Flagship Property has significant exploration potential with 30 kilometers of underexplored strike in a geologic setting that is shared with Treasury Metals' Goliath Gold Complex project in a highly active gold belt that also hosts Rainy River's New Gold mine and other deposits. The geological models and exploration methods that have successfully proven up over 14 million ounces of gold at Treasury, New Gold, and other projects in the region since the 1990s have yet to be systematically applied at Black Lake – Drayton.
We intend to do just that and look forward to developing our flagship project in a systematic manner with updates coming soon" Commented Peter Schloo, President, CEO and Director.
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Figure 1: HML – Regional Geologic Setting
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Figure 1: HML – DBL Project Area
ABOUT HERITAGE MINING LTD.
The Company is a Canadian mineral exploration company advancing its two high grade gold-silver-copper projects in Northwestern Ontario. The Drayton-Black Lake and the Contact Bay projects are located near Sioux Lookout in the underexplored Eagle-Wabigoon-Manitou Greenstone Belt . Both projects benefit from a wealth of historic data, excellent site access and logistical support from the local community. The Company is well capitalized, with a tight capital structure.
For further information, please contact:
Heritage Mining Ltd.
Peter Schloo, CPA, CA, CFA
President, CEO and Director
Phone: (905) 505-0918
Email: peter@heritagemining.ca
FORWARD-LOOKING STATEMENTS
This news release contains certain statements that constitute forward looking information within the meaning of applicable securities laws. These statements relate to future events of the Company. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "forecast", "may", "will", "project", "predict", "potential", "targeting", "intend", "could", "might", "should", "believe", "outlook" and similar expressions are not statements of historical fact and may be forward looking information. All statements, other than statements of historical fact, included herein are forward-looking statements.
Forward looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such risks include, among others, the inherent risk of the mining industry; adverse economic and market developments; the risk that the Company will not be successful in completing additional acquisitions; risks relating to the estimation of mineral resources; the possibility that the Company's estimated burn rate may be higher than anticipated; risks of unexpected cost increases; risks of labour shortages; risks relating to exploration and development activities; risks relating to future prices of mineral resources; risks related to work site accidents, risks related to geological uncertainties and variations; risks related to government and community support of the Company's projects; risks related to global pandemics and other risks related to the mining industry. The Company believes that the expectations reflected in such forward-looking information are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward‐looking information should not be unduly relied upon. These statements speak only as of the date of this news release. The Company does not intend, and does not assume any obligation, to update any forward‐looking information except as required by law.
This document does not constitute an offer to sell, or a solicitation of an offer to buy, securities of the Company in Canada, the United States, or any other jurisdiction. Any such offer to sell or solicitation of an offer to buy the securities described herein will be made only pursuant to subscription documentation between the Company and prospective purchasers. Any such offering will be made in reliance upon exemptions from the prospectus and registration requirements under applicable securities laws, pursuant to a subscription agreement to be entered into by the Company and prospective investors.
1 Source: Treasury Metals Inc.'s Press Release dated May 2, 2024 Treasury Metals and Blackwolf to Create New Growth-Focused North American Gold Platform"
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Formerly known as R3D Resources, Tartana Minerals (ASX:TAT) is a copper, gold, silver and zinc, producer, explorer and developer in Far North Queensland. The company's flagship Tartana copper and zinc project comprises four mining leases located north of Chillagoe.
Tartana Minerals' business model includes refurbishing an existing heap leach - solvent extraction – crystallisation plant which is located on the Tartana mining leases. The refurbishment and commissioning of this plant are now completed and the company is producing copper sulphate pentahydrate which is sold to offtaker, Kanins International. Copper sulphate is priced on a premium plus percentage of the LME copper price and provides investors with leverage to anticipate increasing copper prices.
Sprinklers operating on the lower heap. Note the presence of copper (blue).The mining leases at Tartana contain copper, zinc and gold mineralisation but the company also has significant projects which are both east and west of the Palmerville Fault. In the west it has the Cardross and Mountain Maid copper-gold projects and further north it has the Beefwood project. Mountain Maid has gold resources mentioned above and which are open to the south and at depth while the company is finalising a maiden copper resource for the Cardross project. The Beefwood project comprises a buried geophysical target and surface sampling has recovered samples grading up to 180 g/t Au with no apparent source. Drilling is planned to test this target in the current dry season.
This Tartana Minerals' profile is part of a paid investor education campaign.*
Click here to connect with Tartana Minerals (ASX:TAT) to receive an Investor Presentation
Newmont Corporation (NYSE: NEM, TSX: NGT, ASX: NEM, PNGX: NEM) will release its second quarter 2024 operations and financial results after market close on Wednesday, July 24, 2024 , and will hold a conference call to discuss results on Thursday, July 25, 2024 at 11:00 a.m. Eastern Daylight Time (9:00 a.m. Mountain Daylight Time) .
| Conference Call Details | ||
Dial-In Number | ||
The webcast materials will be available Wednesday, July 24 th , after market close, under the Investor Relations section of the Company's website. Additionally, the conference call will be archived for a limited time on the Company's website.
About Newmont
Newmont is the world's leading gold company and a producer of copper, zinc, lead, and silver. The Company's world-class portfolio of assets, prospects, and talent is anchored in favorable mining jurisdictions in Africa, Australia, Latin America & Caribbean, North America, and Papua New Guinea. Newmont is the only gold producer listed in the S&P 500 Index and is widely recognized for its principled environmental, social, and governance practices. Newmont is an industry leader in value creation, supported by robust safety standards, superior execution, and technical expertise. Founded in 1921, the Company has been publicly traded since 1925.
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Media Contact
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HIGHLIGHTS:
This is the first diamond drill program at Ricciardo since 2014, when just three (3) diamond holes were drilled by the previous operator.
The results reported in this release are for four (4) (255m) of the 16 (1420m) diamond holes drilled to date. Approximately 2,200m of diamond drilling is planned as part of the current phase of combined RC and diamond drilling at Ricciardo and M1.
The results from these initial four diamond holes extend the high-grade shoot below the Silverstone North pit and infill a previous gap in the high-grade zone of the MRE below the northern part of the Ardmore pit (adding confidence and continuity to the MRE in this area).
These outcomes, while stemming from only a small part of the overall current phase of drilling, continues to demonstrate the outstanding MRE growth potential that exists at Ricciardo and along the broader ‘Golden Corridor’ trend.
Figure 1: The Golden Range and Fields Find Projects Mines and projects within trucking distance of the Warriedar tenure are shown. The location of the Ricciardo deposit within the 25km-long ‘Golden Corridor’ at the Golden Range Project is annotated
The Ricciardo gold system (within the Golden Range Project) spans a strike length of approximately 2.3km, with very limited drilling having been undertaken below 100m depth. Ricciardo possesses a current Mineral Resource Estimate (MRE) of 8.7 Mt @ 1.7 g/t Au for 476 koz gold.1 The oxide material at Ricciardo has been mined by previous operators.
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Tartana Minerals is a new copper producer generating strong cash flow, with a substantial exploration footprint in a tier 1 mining jurisdiction. Tartana Minerals is creating shareholder value through investment in increasing its existing copper, zinc and gold resources and accelerating exploration of key projects within its highly prospective exploration portfolio. Tartana Minerals presents a compelling investment against the backdrop of a strong macroeconomic environment for copper.
Tartana Minerals (ASX:TAT) is a copper, gold, silver and zinc, producer, explorer and developer in Far North Queensland. Its flagship project is the 100 percent owned Tartana copper and zinc project which comprises four mining leases located north of Chillagoe. The company’s business model has involved refurbishing an existing heap leach - solvent extraction – crystallisation plant which is located on the Tartana mining leases. The refurbishment and commissioning of this plant is now completed and the company is producing copper sulphate pentahydrate which is sold to offtaker, Kanins International. Copper sulphate is priced on a premium plus percentage of the LME copper price and provides investors with leverage to anticipate increasing copper prices.
The company, formerly known as R3D Resources, changed its name to Tartana Minerals in April 2024. Tartana Minerals is based in Sydney, Australia.
Tartana Minerals has reported the following resources:
These copper, zinc and gold resources remain open at depth and along strike and the company has designed drilling programs to expand these resources. In particular, the copper mineralisation and potentially the gold mineralisation have scope to be upgraded through ore sorting.
However, the refurbished heap leach – solvent extraction – crystallisation plant utilises existing copper in the ponds and the heaps and these copper sources will be replenished when we commence mining from the open pit.
The first and second shipments of copper sulphate were sold during the June 2024 quarter with further shipments are currently being prepared. The copper sulphate contains 25 percent copper metal and payment is based on the LME copper price for the preceding month plus a premium. It is one of the few forms of saleable copper where the copper content receives the full LME price.
Sprinklers operating on the lower heap. Note the presence of copper (blue).Chillagoe region of Far North Queensland is highly prospective with the discovery and development of a number of key projects over the last few decades including Red Dome (2.5 Moz gold), Mungana (1.2 Moz gold), and King Vol (250 kt zinc). These deposits occur along the Palmerville Fault in a similar location to the Tartana Mining leases.
The mining leases at Tartana contain copper, zinc and gold mineralisation but the company also has significant projects which are both east and west of the Palmerville Fault. In the west it has the Cardross and Mountain Maid copper-gold projects and further north it has the Beefwood project. Mountain Maid has gold resources mentioned above and which are open to the south and at depth while the company is finalising a maiden copper resource for the Cardross project. The Beefwood project comprises a buried geophysical target and surface sampling has recovered samples grading up to 180 g/t Au with no apparent source. Drilling is planned to test this target in the current dry season.
In the east of the Palmerville Fault, the company has the Bellevue/Dry River project, the OK South project and the Dimbulah Porphyry project, all copper projects with historic copper mines and prospects. Like many parts of Far North Queensland, historical exploration has not been systematic and thorough despite many promising expressions of surface mineralisation.
Tartana’s exploration team comprises of experienced exploration geologists with supporting cash flow from their copper production, they expect to be able drill the most promising targets in the short term.
Overall, the macroeconomic environment for copper remains strong. The LME three-month copper price hit US$5.24/lb on May 17, the highest since March 7, 2022, driven by a weaker US dollar, Chinese property stimulus measures, and a short squeeze on the Chicago Mercantile Exchange futures market.
In the near-to-mid term China’s demand for refined copper is expected to grow, due to better-than-expected performances from key consumer segments, including the power grid, solar installations and electric vehicle and air conditioning appliance sales. On the supply side the copper concentrate market is expected to remain in a significant deficit due to the estimated delay in the Cobre Panama mine restart but will be partially offset by the higher projected production from smelters in China. As a result, we see further demand growth and supply tightening for the copper market as positive for base metal equities who maintain significant leverage to increasing prices.
Jihad Malaeb is an experienced entrepreneur across a number of industries, including hospitality and construction, as well as having significant experience in mineral exploration and mining operations – both as an active investor and company director. He currently owns and operates a portfolio of hospitality businesses and real estate across Australia, which have been established over the past 30 years. Malaeb was previously a non-executive director of Critical Resources (ASX:CRR), where he helped steer CRR through the past few years as one of its largest shareholders and as a board member.
Steve Bartrop’s professional experience spans more than 30 years covering periods in both the mining industry and financial sector. With a geology background, Bartrop has worked in exploration, feasibility and evaluation studies and mining in a range of commodities and in different parts of the world. In the financial sector, he has been involved in research, corporate transactions and IPOs spanning more than 20 years, including senior roles at JPMorgan, Bankers Trust and Macquarie Equities.
Bartrop is also a director of Southwest Pacific Bauxite (HK), a company developing a bauxite project in the Solomon Islands and chairman of Breakaway Research.
Bruce Hills is an accountant and is currently an executive director of Breakaway Investment Group, which operates the Breakaway Private Equity Emerging Resources Fund. Hills is a director of a number of unlisted companies in the mining and financial services sectors including The Risk Board and Stibium Australia. Hills has 35 years’ experience in the financial sector including 20 years in the banking industry primarily in the areas of strategy, finance and risk.
Dr Alistair Lewis is a successful entrepreneur and highly experienced medical doctor with over 40 years’ experience. For the past 10 years Lewis has been involved in the management of mining and exploration companies. In 2017, Lewis established Oosen Lewis Mining in North Queensland. He financed the aggregation of a substantial portfolio of gold, tin, tungsten and antimony assets and instigated subsequent extensive exploration programs. These assets now form part of the QSM portfolio.
Michael Thirnbeck is an experienced geologist with over 25 years in managing numerous mineral development projects in Papua New Guinea, Indonesia and Australia. He has been a member of the Australasian Institute of Mining and Metallurgy since 1989 and holds B.Sc (Hons.) degree from University of Queensland.