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Heritage Mining
Overview
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.
Company Highlights
- Heritage Mining is an exploration and development mining company with district-scale opportunities in Ontario, Canada, targeting gold and copper.
- The company’s flagship project, the Drayton-Black Lake project, has strong historical results but has never been systematically explored from a low-grade, high-tonnage perspective. Heritage is the first company to own the entire area and will conduct a thorough exploration program to identify promising mineralizations.
- Drayton-Black Lake project has existing infrastructure that provides year-round highway access to the property, a significant advantage over other regional projects.
- Samples from the company’s 2022 field program showed multiple high-grade gold vein system channels.
- Heritage Mining’s Contact Bay project contains high-grade copper-gold mineralizations and exposes the company to the critical minerals market that is rapidly growing within Ontario.
- A veteran management team leads the company with a combined 100 years of experience in the mining sector.
Key Projects
Drayton-Black Lake Project
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.
Project Highlights:
- Priority Zones Identified: Heritage Mining has identified four priority gold zones with multiple historic high-grade intersections that will guide future exploration programs. These zones are:
- Moretti Zone - Samples up to 1,212 g/t gold
- Split Lake Zone - 0.7 meters at 14.8 g/t gold
- Shaft Zone - 2 meters at 14.5 g/t gold
- West Zone - Up to 150.86 g/t gold
- Over 100 Years of Historical Data: Exploration data from the past century is being compiled to create a greater understanding of the area that will rapidly advance the project by guiding future exploration decisions.
- 2022 Field Program Completion: Exploration program included property-wide MagEM airborne geophysical surveying, regional mapping, prospecting and sampling in addition to the recently completed channel sampling work. Results from grab samples include:
- up to 58.1 g/t gold at Main Prospect
- up to 24.6 g/t gold at Pond Prospect
- up to 46.5 g/t gold at New Millennium Prospect
- up to 208 g/t gold at Moretti
- up to 0.95 g/t gold at Black Lake
- 2023 Drill Program Highlights: Completion of drill program validated and expanded the deformation corridor, now boasting an impressive ~200 meters width, 1 kilometer in strike length and a depth reaching at least 145 meters.
- Alcona Area, HML23-007: 0.90 g/t gold over 10.15 meters from 104.75 meters
- Moretti Area, HML23-012: 1.01 g/t gold over 5 meters from 105 meters
The Alcona Area has been approved for Phase II Drill Program to define its deposit potential.
Contact Bay Copper-Gold Project
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.
Project Highlights:
- Promising Mineralization Styles: The asset contains a diverse range of mineralizations, including:
- Northeast - Rock sample assayed 0.40 g/t gold and 0.7 percent copper, sheared and altered gabbro
- Northeast – A 1.2-meter chip channel assayed 4.2 g/t Au
- Platinum and Palladium values up to 0.28g/t
- Priority Targets Identified: Heritage Minerals has three priority drill targets, each with high-grade historic drill intersections that warrant additional follow-up.
- Impressive Geophysical Interpretation: Exciting highlights from exploration work include the interpretation defining two substantial mafic-ultramafic intrusive bodies with multiple nickel-copper-PGE (platinum group elements) target areas:
- Nabish Lake Area: ~ 5 kilometers long, up to 1 kilometer wide, over 1 kilometer in depth)
- North Nabish Lake Area: ~ 2 kilometers long, 1 kilometer wide, over 1 kilometer in depth
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.
Management Team
Peter Schloo - President, CEO and Director
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 - Chairman and Director
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 - Director and Chair of Compensation Committee
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 - CFO
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 - Director and Chair of Audit Committee
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 - Corporate Secretary
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 - Geologist
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, - Advisor
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.
Heritage Mining Announces Exploration Permit for Contact Bay Project
VANCOUVER, BC TheNewswire - December 11, 2024 Heritage Mining Ltd. (CSE: HML FRA:Y66) (" Heritage " or the " Company ") is pleased to announce that the Ontario Ministry of Mines has issued the exploration permit required in connection with its 20242025 Exploration Program on its wholly owned property Contact Bay. The program's permitted area and focus will be to scout drill the Rognon Mine area (Figure 1) in addition to the previously planned Drayton Black Lake Exploration Program on Zone 3 and New Millennium.
Click Image To View Full Size
Figure 1: Ontario Project Portfolio – Heritage Mining Ltd.
"Strategic capital continues to flow into the district, underscoring the immense potential of one of the last underexplored greenstone belts in Northwestern Ontario, Canada. With the three key target area permits in the rear-view mirror, in-house drill team on site early January 2025, and a cashed up 4,000m program… We are well-positioned to execute all Phase 1 initiatives for our 2024/2025 exploration program, finishing the year on a strong footing.
Further to Heritage Mining Ltd. fully funded 4,000m drilling program. Approximately 2,100m is allocated to a targeted Phase 1 continuation program, with the remaining allocated to follow on drilling. Preparations are underway to push a trail into the Rognon Mine area before year-end, all other target areas are drill ready, and we look forward to mobilizing early in the new year.
This year has marked an unprecedented alignment of technical and capital market strengths for Heritage Mining Ltd. I would like to extend my gratitude to all stakeholders for their contributions and continued support. 2024 has been a transformative year for the Company, and there is still more to achieve before it concludes.
I look forward to updating the market on our exploration progress in short order." Commented Peter Schloo, President, CEO and Director of Heritage.
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.
News Provided by TheNewsWire via QuoteMedia
Heritage Mining Further Expands Land Position and Provides Exploration Update
(TheNewswire)
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VANCOUVER, BC TheNewswire - November 19, 2024 Heritage Mining Ltd. (CSE: HML FRA:Y66) (" Heritage " or the " Company ") is pleased to announce the claim package expansion at its flagship Drayton Black Lake (" DBL ") based on experts recommendations Brett Davis and Dr. Gregg Morrison in addition to an update on the ongoing 2024 exploration program over the Ontario Project Portfolio. The Company believes the progress achieved to date represents important milestones for systematic exploration in one of the last underdevelopment greenstone belts in Northwestern Ontario.
Exploration Highlights: General
Drill Lease and In-House Drilling Team
Heritage has leased an ODR 100 Drill (Figure 1) and engaged Minotaur Drilling Inc. as drill operators with over 35 years of experience. Past drilling experience includes contracts at Hudson Bay Mining and Smelting in Flin Flon and Snow Lake, Rio Tinto, Nutrien, Mosaic, Placer Dome, Cogema, Cameco, as well as numerous smaller public and privately funded companies. The majority of the experience (+20 years) has been primarily in the greenstone regions of Northern Manitoba, Northern Ontario and Northern Saskatchewan.
The Company looks forward to creating material efficiencies on a go forward basis under this arrangement towards and not limited to its Ontario Project Portfolio. The drill comes complete with all-weather equipment set up.
Exploration Highlights: DBL
Zone 3: New Areas of Interest Identified for Intrusion-Related Gold Mineralization based on industry experts Brett David and Dr. Gregg Morison Recent Reports from the 2024 site visit and analysis of drill results from September to November 2024 (Figure 2), have resulted in an expanded land package totalling 18,907 Ha (Figure 2).
Below is the revised 2024 exploration program pertaining to Zone 3 and surrounding area:
UAV magnetic survey completed November 2024 along the Lake of Bays Batholith Contact Zone – results pending
Prospecting program – 90% complete along the Lake of Bays Batholith Contact
IP and Drill permit submitted on newly acquired claims – (Permit Pending)
Planned Drilling to recommence in short order on permitted areas of Zone 3, Q4 2024
New Millennium:
Recommence Drilling targeting the intersection of two mineralized quartz vein systems (Figure 3) in the immediate vicinity of the highest-grade sample on the project to date ~2330 g/t Au.
Exploration Highlights: Contact Bay – Rognan Mine
UAV magnetic survey completed October 2024 – interpretation report pending
Multiple magnetic anomalies identified near past producing Rognan Mine (Figure 4)
IP and Drilling permit approval for Rognan Mine Area anticipated by end of November 2024
Brett Davis (Olinda Gold Pty Ltd), Advisor to Heritage Commented " The field and core review identified Zone 3 as having the best gold discovery potential. As we continue to analyze the data and refine our exploration approach, it's clear that the Drayton-Black Lake project holds significant potential. The recent identification of new areas provides the possibility of more widespread mineralisation in the Heritage tenements away from the orogenic lodes in the volcanics that have been the traditional focus of exploration . I'm eager to see how the next phases of exploration unfold and look forward to working with the Heritage Team"
Kevin Holmgren, Head of Drilling Operations at Heritage Commented "As someone with over 37 years of drilling experience across some of the most prolific mining regions, I'm thrilled to bring my expertise to Heritage Mining's exploration efforts. The greenstone belts of Northern Ontario hold exceptional promise, and with the team's strategic focus and advanced drilling capabilities, we're poised to uncover significant mineral potential. It's an exciting time to be part of this journey."
Peter Schloo, President CEO and Director Commented "The lease of the ODR 100 drill and our collaboration with Minotaur Drilling Inc. signify a key milestone in our exploration strategy. This step allows us to conduct efficient, year-round drilling, on our schedule, as we advance our Ontario Project Portfolio. Guided by the invaluable insights of our experts, Brett Davis and Dr. Gregg Morrison, we are well-positioned to unlock the full potential of this underexplored region. Their expertise, combined with our enhanced capabilities, marks an exciting chapter in the Company's history.
We look forward to share updates on our exploration progress in the near future. With a packed schedule to close out 2024 and a promising start to the new year on the horizon, the months ahead are shaping up to be both busy and rewarding."
Figure 1: ODR 100 Diamond Drill – Leased by Heritage
Click Image To View Full Size
Figure 2: DBL Total Property Outline with Bedrock Geology
Click Image To View Full Size
Figure 3: New Millenium Target 2024
Click Image To View Full Size
Figure 4: Contact Bay Project – Rognan Mine
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.
News Provided by TheNewsWire via QuoteMedia
Heritage Mining Announces Oversubscribed Closing of the Final Tranche of its Non-Brokered Private Placement of Units and Flow-Through Shares
(TheNewswire)
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VANCOUVER, BC TheNewswire - November 8, 2024 Heritage Mining Ltd. (CSE: HML) (" Heritage " or the " Company ") is pleased to announce that it has closed the final tranche (" Tranche Two ") of its non - brokered private placement financing previously announced on September 23, 2024 (the " Offering ").
"We are thrilled to announce the oversubscribed closing of our non-brokered private placement. We have deployed capital towards planned exploration activities including ongoing drone mag and prospecting at Drayton Black Lake - Zone 3 as well as drone mag at Contact Bay (Rognan Mine area). We are making great progress and look forward to updating everyone on our findings in short order." Commented Peter Schloo, President CEO and Director
The Company raised an aggregate of $322,000 pursuant to Tranche Two, of which $ 47,000 was raised on the issuance of 940,000 units (" Units ") and $275,000 was raised on the issuance of 5,500,000 flow-through shares (" FT Shares "). Each Unit was issued at a price per Unit of $0.05 and is comprised of one common share in the capital of the Company (" Common Share ") and one Common Share purchase warrant entitling the holder to acquire one Common Share for a period of 36 months at an exercise price of $0.10 (" Warrant "). The FT Shares were issued at a price of $0.05 per FT Share which will qualify as a "flow-through share" as defined in subsection 66(15) of the Income Tax Act (Canada).
The Company paid an aggregate of $21,620 in cash commissions and issued an aggregate of 332,400 compensation warrants (the " Compensation Warrants ") in connection with Tranche Two. Each Compensation Warrant entitling the holder to acquire one Common Share at a price of $0.05 for a period of 36 months following the date of issuance.
Proceeds of Tranche Two will be used to fund the Company's previously announced exploration and drilling program on its flagship Drayton-Black Lake Project and Contact Bay, in addition to general working capital. All securities issued pursuant to the Tranche Two are subject to a statutory hold period of four months plus one day from the date of issuance, in accordance with applicable securities legislation.
Insiders of the Company subscribed for 100,000 Units and 1,000,000 FT Shares under tranche one (" Tranche One ") of the Offering and 800,000 Units under Tranche Two of the Offering. Each transaction with an insider of the Company constitutes a "related party transaction" within the meaning of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (" MI 61-101 "). The Company is relying on exemptions from the formal valuation requirements of MI 61-101 pursuant to section 5.5(a) and the minority shareholder approval requirements of MI 61-101 pursuant to section 5.7(1)(a) in respect of such insider participation as the fair market value of the transaction, insofar as it involves interested parties, does not exceed 25% of the Company's market capitalization.
Together with the Tranche One, the Company raised an aggregate of $1,398,002, of which an aggregate of $533,000 was raised on the issuance of an aggregate of 10,660,000 Units and an aggregate of $865,002 was raised on the issuance of an aggregate of 17,300,040 FT Shares. Together with Tranche One, the Company paid an aggregate of $64,400.12 in cash commissions and issued an aggregate of 1,149,602 Compensation Warrants.
As part of the closing of Tranche Two, the Company settled $33,212 in debt obligations through the issuance of 664,240 Common Shares at a price of $0.05.
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.
News Provided by TheNewsWire via QuoteMedia
Heritage Mining Ltd. Announces Amendments to Option Agreement with Stillwater Critical Minerals Corp.
(TheNewswire)
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NOT INTENDED FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
VANCOUVER, BC TheNewswire - October 28, 2024 Heritage Mining Ltd. (CSE: HML) (" Heritage " or the " Company ") is pleased to announce that it has executed an amendment (the " Amendment ") to its option agreement dated November 25, 2021, as amended on December 29, 2023 (the " Option Agreement "), with Stillwater Critical Minerals Corp. (formerly Group Ten Metals Inc.) in respect of the Company's Drayton-Black Lake Project. The Amendment modifies certain financial and operational obligations of Heritage contained in the Option Agreement.
Key Terms of the Amendment:
First Option Exploration Expenditures : The deadline for Heritage incurring the final $1,000,000 in exploration expenditures required to exercise the first option to earn a 51% interest in the Drayton-Black Lake Project has been extended to January 25, 2025 from November 25, 2024 (the First Option Extension ").
Total Qualifying Expenditures : The deadline for Heritage incurring the $5,000,000 in aggregate qualifying expenditures on the Drayton Black-Lake Project to exercise the second option to earn a 90% in the Drayton-Black Lake Project has been extended to the fifth anniversary of the Option Agreement from the fourth anniversary (the Second Option Extension ").
Equity Issuance Adjustments : As consideration for the First Option Extension and the Second Option Extension, Heritage will issue 3,000,000 units, each consisting of one common share and one share purchase warrant, exercisable to purchase an additional common share of the Company at a price of $0.10 for a period of 36 months from the issuance date, on or before January 25, 2025.
Peter Schloo, President, CEO and Director Commented "We appreciate the continued support and flexibility from our Optionor Stillwater Critical Minerals in regards to our option agreement on our flagship asset Drayton Black Lake. We have extended the first part of the earn-in (51%) by two months. We have extended the second portion of the earn-in (90%) by one additional year. The amendments to the option agreement provide support for systematic exploration and alleviate financing pressure."
Michael Rowley, President and CEO of Stillwater Critical Minerals, added, "We are pleased to continue to work with Heritage by providing greater flexibility for them to advance the Drayton-Black Lake project in alignment with their exploration strategy. These amendments reflect our confidence in Heritage's team and our commitment to supporting their efforts in unlocking the value of this very promising and district-scale asset."
The Company remains committed to its ongoing projects and collaboration with Stillwater, furthering its strategic focus on advancing mineral exploration in Northwestern Ontario.
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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Heritage Mining Announces Closing of the First Tranche of its Non-Brokered Private Placement of Units and Flow-Through Shares
(TheNewswire)
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VANCOUVER, BC TheNewswire - October 21, 2024 Heritage Mining Ltd. (CSE: HML) (" Heritage " or the " Company ") is pleased to announce that it has closed the first tranche (" Tranche One ") of its fully allocated non-brokered private placement financing previously announced on September 23, 2024.
The Company raised an aggregate of $1,076,002.00 pursuant to Tranche One, of which $605,002 was raised on the issuance of 12,100,040 flow-through Shares (" FT Shares ") and $471,000 was raised on the issuance of 9,420,000 units (" Units "). Each Unit was issued at a price per Unit of $0.05 and is comprised of one common share in the capital of the Company (" Common Share ") and one Common Share purchase warrant entitling the holder to acquire one Common Share for a period of 36 months at an exercise price of $0.10 (" Warrant "). Each FT Share was issued at a price of $0.05 and is comprised of one Common Share which will qualify as a "flow-through share" as defined in subsection 66(15) of the Income Tax Act (Canada) and one Warrant.
Michael Wekerle, Managing Director of Altitude Capital , Commented:
"The completion of Tranche One demonstrates the market's confidence in Heritage Mining's strategic vision and exploration potential. With Tranche Two on the horizon and the backing of key stakeholders, we are positioned for continued progress. The collective effort of our team and investors is invaluable, and we look forward to advancing our projects."
Peter Schloo, President, CEO and Director, Commented:
"We are pleased to announce the closing of Tranche One of our private placement, which reflects the strong support from our existing stakeholders and new investors. This is a critical step in advancing our exploration efforts, and we are grateful for the confidence shown in our projects. Tranche Two is expected to close imminently, pending the finalization of paperwork from key stakeholders. We sincerely appreciate the ongoing support from all involved.
Capital is being deployed immediately towards geophysics for both the Drayton-Black Lake and Contact Bay projects, as well as a drilling deposit for an anticipated mid-November drilling commencement. Additional details will be provided in short order, and we look forward to advancing our Ontario project portfolio on schedule."
The Company paid an aggregate $33,835.12 in cash commissions and issued an aggregate 612,002 compensation options (the " Compensation Options ") in connection with Tranche One. Each Compensation Option entitles the holder to acquire one additional Unit at a price of $0.05 for a period of 36 months following the date of issuance.
Proceeds of Tranche One will be used to fund the Company's previously announced exploration and drilling program on its flagship Drayton-Black Lake Project and Contact Bay, in addition to general working capital. All securities issued pursuant to the Tranche One are subject to a statutory hold period of four months plus one day from the date of issuance, in accordance with applicable securities legislation.
As part of the closing of Tranche One, the Company settled $266,000 in debt obligations through the issuance of 5,300,000 Common Shares at a price of $0.05.
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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Green River Gold Gives Update on Drilling Progress and Results
PRESS RELEASE HIGHLIGHTS:
- Drilling results from WK-24-01, WK-24-02, and WK-24-03 confirm consistent nickel mineralization within the Deep Purple Anomaly.
- Elevated gold mineralization has been identified in DH-24-01, with gold grades reaching up to 0.761 grams per tonne.
Green River Gold Corp. (CSE: CCR) (OTC Pink: CCRRF) ("the Company" or "Green River") is pleased to announce the completion of four drill holes for the 2024 season: WK-24-01, WK-24-02, WK-24-03, and DH-24-01. WK-24-01 to 03 were drilled with a portable Winkie drill rig (WK) using an AQTQ core barrel and DH-24-01 with a standard-sized diamond drill rig (DH) using an NQ barrel. The Company has received assay results for holes WK-24-01, WK-24-02, and WK-24-03. These holes were drilled along the Deep Purple magnetic anomaly at the Company's 100%-owned Quesnel Nickel Project, located 40 kilometres east of Quesnel, British Columbia, in the Cariboo Mining District of South Central British Columbia, Canada.
Green River Gold Corp. is pleased to report assay results for drill holes WK-24-01, WK-24-02, and WK-24-03 from the 2024 drilling season at the Quesnel Nickel Project. Significant Ni, Co, Cr and Mg concentrations commenced at the surface in all 3 holes drilled in the Slide Mountain Terrane ultramafic rocks. Hole WK-24-01, drilled to a depth of 100.58 meters, returned an average nickel grade of 0.185%, cobalt at 0.009%, chromium at 0.100%, and magnesium at 21.87%. Hole WK-24-02, drilled to a depth of 102.11 meters, reported an average nickel grade of 0.171%, cobalt at 0.009%, chromium at 0.124% and magnesium at 20.96%. Lastly, hole WK-24-03, with a depth of 62.48 meters, returned an average nickel grade of 0.189% ppm, cobalt at 0.008% , chromium at 0.119%, and magnesium at 21.27%.
Figure 1. Drill Collar Locations WK-24-01, WK-24-02, and WK-24-03.
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| Hole ID | Depth/m | Ni/% | Co/% | Cr/% | Mg/% |
| WK-24-01 | 100.58 | 0.185 | 0.009 | 0.100 | 21.87 |
| WK-24-02 | 102.11 | 0.171 | 0.009 | 0.124 | 20.96 |
| WK-24-03 | 62.48 | 0.189 | 0.008 | 0.119 | 21.27 |
Table 1. Assay results for WK-24-01, WK-24-02, and WK-24-03.
Drill hole DH-24-01 began in the Snowshoe Group-Ramos Succession, composed of compacted metasediments, sandstone, and conglomerate. It then intersected a different lithology which still belongs to the Ramos Succession, characterized by black phyllite, before encountering sulphide-bearing quartz veins containing pyrite and chalcopyrite. From 105.1 to 125.0 meters, the entire drill core was composed of quartz veins, with an associated sulphide content estimated at approximately 5%. Additionally, at a depth of 233.78 meters, the quartz vein section measured approximately 23.11 meters, predominantly hosted within the black phyllite. The quartz veins share a similar mineralogical characteristic with those from WK-23-01 (refer to the June 12, 2023 press release, https://greenrivergold.com/green-river-gold-provides-drilling-update-and-reports-assay-results-from-the-alteration-zone-of-drill-hole-wk-23-01-including-7583-grams-per-tonne-zinc-4340-grams-per-tonne-lead-5-3-grams-per-tonne/). The project geologist logged the drill core in the company's Quesnel facility and sent the samples to Actlabs in Kamloops for a multielement tracing level diagnosis.
Assay results revealed notable mineralization in gold and silver. The highest gold grade recorded was 0.761 g/tonne from 108.0 to 109.0 meters, followed by 0.568 g/tonne from 105.0 to 106.0 meters. Similarly, silver grades peaked at 14.7 ppm from 105.0 to 106.0 meters and 11.3 ppm from 115.0 to 116.0 meters. Elevated gold concentrations were also identified at 106-107 m (0.184 g/tonne Au), 115-116 m (0.292 g/tonne Au), 141-142 m (0.125 g/tonne Au), and 147-148 m (0.199 g/tonne Au).
Project Geologist Tyler Tian commented that the presence of pyrite, chalcopyrite, and elevated gold concentrations within the Snowshoe Group-Ramos Succession multi-quartz veins is highly encouraging. These veins exhibit a similar mineralogical characteristic to those in drill hole WK-23-01, indicating possible continuity in a potential mineralized system. The Eureka Thrust Fault runs closeby to this area, and it could potentially be associated with an orogenic deposit, similar to our neighbour Osisko Development Corp.'s Cariboo Gold Project. We plan to drill additional holes in the Snowshoe Group rocks to further explore and potentially discover orogenic gold associated with shearing along the Eureka Thrust Fault.
Figure 2. Drill collar locations WK-24-01 to 03 and DH-24-01.
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Figure 3 Cross-section of DH-24-01, showing lithology.
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Green River Gold Corp. will include 20 planned NQ diamond drill holes, comprising a 6,000-meter drilling campaign designed to core depths down to 300 meters. This phase aims to expand exploration along the 14-kilometer Slide Mountain Terrane strike length between and around Zone 1 and Zone 2 (see Figure 4). In addition, the 2025 program includes plans for extensive exploration work in Snowshoe Group rocks on the Fontaine Gold Project. This will involve bedrock mapping, soil and rock sampling, and a comprehensive geophysical program. Further details about these initiatives will be announced as they are finalized.
Figure 4. Quesnel Nickel Project, locations of zone one and zone two.
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Quality Assurance, Quality Control
An AQTK (35.5 mm or 1 3/8 in) and NQ (47.6 mm or 1 7/8 in) diameter core barrel was used for the 2024 diamond drill program at the Quesnel Nickel and Talc Property. The drill stem dips and azimuths were orientated at each collar location by a qualified geologist before drilling. Core samples selected for anaylses were generally between 0.6 and 1.5-meter intervals, depending on the identified lithology and mineralization style. The core was cut in half with a diamond core saw, with half of the core placed in sample bags and the remaining half securely retained in core boxes at Green River's office in Quesnel. The standard samples of high-grade (CDN-ME-2001) and low-grade (CDN-PGMS-29) nickel concentrations, repeat samples which returned from previous assaying, and blanks (BL-10) were systematically inserted into each batch of samples at regular intervals and submitted to MSA and Actlabs laboratory. The standard samples were purchased from CDN Resource Laboratories in Langley, British Columbia. The assay lab preparation procedure included crushing the entire sample to 80% passing 2 millimetres, riffle splitting 250 grams, and pulverizing the split to 95% passing 105 micrometres. Base metal analyses were determined using the four-acid digestion method with an ICP-OES finish. Gold analyses were determined using the fire assay method with an ICP-EM finish. Analytical results were verified with the application of industry-standard Quality Assurance and Quality Control (QA/QC) Procedures. The MSA Labs has an ISO 17025 certificate.
Qualified Person:
Stephen P. Kocsis (P.Geo) is the qualified person as defined by National Instrument 43-101 and he has reviewed and approved the technical information in this news release.
About Green River Gold Corp.
Green River Gold Corp. is a Canadian mineral exploration company focused on its wholly-owned Fontaine Gold Project, Quesnel Nickel/Magnesium/Talc Project, and Kymar Silver Project which are located in renowned mining districts in British Columbia.
The Fontaine Gold and Quesnel Nickel properties cover an area exceeding 200 square kilometres and straddle a 32-kilometre length of the Barkerville and Quesnel Terranes. They are contiguous to Osisko Development Corp.'s mineral claim group containing a proposed mine location at its Cariboo Gold Project.
The Kymar Silver Project is located in southeast BC, approximately 28 kilometres west of the town of Invermere in the Golden Mining Division. The property is made up of two mineral tenures, totalling 1,625 hectares, along the southeast flank of Mount Catherine.
For more information contact:
Green River Gold Corp.
Mr. Perry Little - President and Chief Executive Officer
perry.little@greenrivergold.ca
780-993-2193
Additional information about Green River Gold Corp. can be found by reviewing its profile on SEDAR at www.sedarplus.ca
Forward-Looking Information: This release contains forward-looking information within the meaning of applicable Canadian securities legislation. Expressions such as "anticipates", "expects", "believes", "estimates", "could", "intends", "may", "plans", "predicts", "projects", "will", "would" and other similar expressions, or the negative of these terms, are generally indicative of forward-looking information. Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those expressed or implied by such forward-looking information.
In addition, the forward-looking information contained in this release is based upon what management believes to be reasonable assumptions. Readers are cautioned not to place undue reliance on forward-looking information as it is inherently uncertain, and no assurance can be given that the expectations reflected in such information will prove to be correct. The forward-looking information in this release is made as of the date hereof and, except as required under applicable securities legislation, the Company assumes no obligation to update or revise such information to reflect new events or circumstances.
The securities of the Company have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This release is issued for informational purposes only and does not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of any securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
The Canadian Securities Exchange (operated by CNSX Markets Inc.) has neither approved nor disapproved of the contents of this press release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/233506
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Agnico Eagle to Acquire O3 Mining in Friendly Transaction
- All cash offer of $1.67 per share representing a 58% premium to O3 Mining's closing price on December 11, 2024
- Offer unanimously recommended by Board and Special Committee of O3 Mining and supported by shareholders representing 22% of outstanding shares of O3 Mining
(All amounts expressed in Canadian dollars unless otherwise noted)
Agnico Eagle Mines Limited (NYSE: AEM) (TSX: AEM) (" Agnico Eagle ") and O3 Mining Inc. (TSXV: OIII) (OTCQX: OIIIF) (" O3 Mining ") are pleased to jointly announce that they have entered into a definitive support agreement (the " Definitive Agreement "), pursuant to which Agnico Eagle has agreed to offer to acquire, directly or indirectly, all of the outstanding common shares of O3 Mining (the " Common Shares ") at $1.67 per Common Share in cash by way of a take-over bid (the " Offer "). The Offer is valued at approximately $204 million on a fully diluted in-the-money basis.
The Premium Cash Offer
The offer price of $1.67 per Common Share represents a premium of 57% to the volume weighted average price of the Common Shares on the TSX Venture Exchange for the 20-day period ended December 11, 2024 (the last trading day prior to announcement of the Offer).
O3 Mining's primary asset is its 100%-owned Marban Alliance property located near Val d'Or , in the Abitibi region of Québec, and is adjacent to Agnico Eagle's Canadian Malartic complex. The Marban Alliance property includes the Marban deposit, which is an advanced exploration project that could support an open pit mining operation similar to Agnico Eagle's Barnat open pit operations at the Canadian Malartic complex. O3 Mining has estimated that the Marban pit contains 52.4 million tonnes of indicated mineral resources grading 1.03 g/t gold for 1.7 million ounces of gold and 1.0 million tonnes of inferred mineral resources grading 0.97 g/t gold for 32 thousand ounces of gold (effective date of February 27, 2022 ). O3 Mining also owns 100% of the Alpha property and 100% of the Kinebik property.
The potential integration of the Marban Alliance property to the Canadian Malartic land package will create significant and unique synergies by leveraging Agnico Eagle's regional operational expertise and existing infrastructure, including the Canadian Malartic mill and existing open pit workforce and equipment fleet.
Agnico Eagle's President and Chief Executive Officer, Mr. Ammar Al-Joundi commented: "Consistent with our regional strategy, this transaction is a tuck-in of the Marban deposit to our Canadian Malartic complex. The Marban deposit is expected to be complementary to other "Fill-the-Mill" opportunities at Canadian Malartic, further improving the production profile at a long-life world class asset. Our extensive operation, exploration and community experience is expected to enhance the value generated from the Marban Alliance property and unlock further potential at our Abitibi platform. We are looking forward to working with our partners and all stakeholders in the region as we continue to advance this opportunity".
O3 Mining's President and Chief Executive Officer, Mr. José Vizquerra commented: "The all-cash offer at a significant premium to market is an excellent outcome for our shareholders and is validation of the efforts made by the O3 Mining team. Having diligently advanced the Marban Alliance project over the past five years, the timing is right for O3 Mining to sell to a more experienced operator that can efficiently navigate the project through permitting and construction. This represents a substantial non-dilutive alternative to shareholders. We believe Agnico Eagle is the gold standard in the precious metals space – it not only has the financial strength and the mining expertise to advance the Marban Alliance project, but shares our commitment to work in partnership with stakeholders in a socially responsible manner. Today's Offer represents a significant milestone for O3 Mining, and I would like to thank our employees, shareholders, First Nations partners, community partners and the Province of Québec for their support over the years."
Transaction Details
Agnico Eagle, through a wholly-owned subsidiary, Agnico Eagle Abitibi Acquisition Corp. (the " Offeror "), intends to formally commence the Offer by mailing a take-over bid circular to O3 Mining shareholders on or about December 19, 2024 , and O3 Mining's directors' circular is also expected to be mailed to O3 Mining shareholders on or about that date. The Offer will be open for acceptance for a minimum of 35 days following the date of commencement. Accordingly, the Offer will be open for acceptance until 5:00 p.m. ( Toronto time) on January 23, 2025 .
Special Committee and Board Recommendations
The Board of Directors of O3 Mining (the " Board "), having received a unanimous recommendation from a special committee comprised solely of independent directors of O3 Mining (the " Special Committee ") and after receiving outside legal and financial advice, is recommending that O3 Mining shareholders tender their Common Shares and accept the Offer. The recommendation of the Board is supported by fairness opinions provided by Fort Capital Partners (" Fort Capital ") to the Board and Special Committee and by Maxit Capital LP (" Maxit Capital ") to the Board, each stating that the Offer is fair, from a financial point of view, to O3 Mining shareholders (other than Agnico Eagle and its affiliates).
Conditions
The Offer is conditional upon, among other conditions, there having been deposited pursuant to the Offer and not withdrawn at the expiry of the initial deposit period not less than two-thirds of the Common Shares then outstanding, excluding the Common Shares beneficially owned, or over which control or direction is exercised, by Agnico Eagle and any person acting jointly or in concert with Agnico Eagle. Agnico Eagle owns 906,238 Common Shares, representing approximately 0.8% of the outstanding Common Shares on a basic basis, and holds 270,000 warrants to purchase Common Shares and a senior unsecured convertible debenture of O3 Mining in the principal amount of $10 million that is convertible into 4,878,049 Common Shares at a price equal to $2.05 per Common Share. Upon the exercise of such warrants and conversion of the convertible debenture, Agnico Eagle would own 6,054,287 Common Shares, representing approximately 5.3% of the outstanding Common Shares on a partially-diluted basis.
Lock-Up Agreements
All directors and officers of O3 Mining, Extract Advisors LLC and certain Franklin Templeton managed funds (collectively representing approximately 22% of the outstanding Common Shares on a basic basis) have agreed under lock-up agreements with Agnico Eagle (the " Lock-Up Agreements "), to tender their Common Shares to the Offer, including Common Shares beneficially owned, or over which control or direction is exercised, by them, at any time up to and including the expiry time of the Offer.
The Definitive Agreement provides for, among other things, a non-solicitation covenant on the part of O3 Mining (subject to customary fiduciary-out provisions). The Definitive Agreement also provides the Offeror with a right to match any competing offer which the Board determines to be a superior proposal within the meaning of the Definitive Agreement. The Offeror is entitled to a termination payment of $10 million if the Definitive Agreement is terminated in certain circumstances, including if O3 Mining enters into an agreement with respect to a superior proposal within the meaning of the Definitive Agreement.
Additional information regarding the Offer will be included in the Offeror's take-over bid circular and in O3 Mining's directors' circular, each of which is expected to be delivered to registered shareholders of O3 Mining on or about December 19, 2024 . These materials, as well as the Definitive Agreement and the Lock-Up Agreements, will also be available under O3 Mining's profile on SEDAR+ ( www.sedarplus.ca ) and on O3 Mining's and Agnico Eagle's respective websites.
How to Tender Your Shares; Postal Strike
Only O3 Mining shareholders who tender their Common Shares will receive the cash consideration of $1.67 per Common Share. For information on tendering your Common Shares please contact Laurel Hill Advisory Group at assistance@laurelhill.com .
Shareholder type: | How do I tender my Common Shares to the Agnico Eagle Offer? |
Beneficial Most O3 Mining shareholders are beneficial shareholders. This means your Common Shares are held through a broker, bank or other financial intermediary, and you do not have a share certificate or DRS advice. | Contact your bank or your broker immediately and instruct them to tender your Common Shares to the Offer. |
Registered You are a registered shareholder if you hold your Common Shares directly and may have a share certificate or DRS advice. | Contact Laurel Hill Advisory Group: |
In light of the Canada Post labour strike , shareholders are encouraged to stay up to date on the Offer by visiting: https://www.agnicoeagle.com/Offer-for-O3-Mining/default.aspx . Shareholders are also asked not to mail in any Letter of Transmittal or share certificates. Instead, shareholders may contact Laurel Hill Advisory Group.
Advisors
Edgehill Advisory Ltd. is acting as financial advisor to Agnico Eagle. Davies Ward Phillips & Vineberg LLP is acting as legal advisor to Agnico Eagle.
Maxit Capital is acting as financial advisor to O3 Mining. Bennett Jones LLP is acting as legal advisor to O3 Mining. Fort Capital is acting as financial advisor to the Special Committee. Cassels Brock & Blackwell LLP is acting as legal advisor to the Special Committee.
The Depositary and Information Agent for the Offer is Laurel Hill Advisory Group. If you have any questions or require assistance with tendering to the Offer, please contact Laurel Hill Advisory Group, by phone at 1-877-452-7187 or by e-mail at assistance@laurelhill.com .
About O3 Mining Inc.
O3 Mining Inc. is a gold explorer and mine developer in Québec, Canada , adjacent to Agnico Eagle's Canadian Malartic mine. O3 Mining owns a 100% interest in all its properties (128,680 hectares) in Québec. Its principal asset is the Marban Alliance project in Québec, which O3 Mining has advanced over the last five years to the cusp of its next stage of development, with the expectation that the project will deliver long-term benefits to stakeholders.
Qualified Person
The scientific and technical content of this news release has been reviewed and approved by Mr. Louis Gariépy, P.Eng (OIQ #107538), VP Exploration of O3 Mining, who is a "qualified person" within the meaning of National Instrument 43-101 – Standards of Disclosure for Mineral Projects .
About Agnico Eagle Mines Limited
Agnico Eagle is a Canadian based and led senior gold mining company and the third largest gold producer in the world, producing precious metals from operations in Canada , Australia , Finland and Mexico . It has a pipeline of high-quality exploration and development projects in these countries as well as in the United States . Agnico Eagle is a partner of choice within the mining industry, recognized globally for its leading environmental, social and governance practices. Agnico Eagle was founded in 1957 and has consistently created value for its shareholders, declaring a cash dividend every year since 1983.
Cautionary Note Regarding Forward-Looking Information
This news release contains "forward-looking information" within the meaning of applicable Canadian securities legislation that is based on current expectations, estimates, projections, and interpretations about future events as at the date of this news release. Forward-looking information and statements are based on estimates of management by O3 Mining and Agnico Eagle, at the time they were made, and involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information or statements. Forward-looking statements in this news release include, but are not limited to, statements regarding: the Offer, including the anticipated timing of commencement and expiration, mechanics, funding, completion, settlement, results and effects of the Offer; the anticipated timing of the delivery of the Offeror's take-over bid circular and O3 Mining's directors' circular; the reasons to accept the Offer; the value inherent in O3 Mining's portfolio of projects, including the Marban Alliance project; the ability for the Marban Alliance project to support an open pit mining operation; the expected outcomes of completion of the transaction, including the integration of the Marban Alliance property to the Canadian Malartic land package, synergies arising therefrom, improved production profile, enhanced value generated and unlocked further potential; and the other benefits of the transaction. Material factors or assumptions that were applied in formulating the forward-looking information contained herein include, without limitation, the expectations and beliefs of Agnico Eagle and O3 Mining that the Offer will be made in accordance with the Definitive Agreement and will be successful, that all required regulatory consents and approvals will be obtained and all other conditions to completion of the transaction will be satisfied or waived, and the ability to achieve goals, including the integration of the Marban Alliance property to the Canadian Malartic land package and the ability to realize synergies arising therefrom. Agnico Eagle and O3 Mining caution that the foregoing list of material factors and assumptions is not exhaustive. Although the forward-looking information contained in this news release is based upon what Agnico Eagle and O3 Mining believe, or believed at the time, to be reasonable expectations and assumptions, there is no assurance that actual results will be consistent with such forward-looking information, as there may be other factors that cause results not to be as anticipated, estimated or intended, and neither O3 Mining, nor Agnico Eagle nor any other person assumes responsibility for the accuracy and completeness of any such forward-looking information. No assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this news release should not be unduly relied upon. O3 Mining and Agnico Eagle do not undertake, and assume no obligation, to update or revise any such forward-looking statements or forward-looking information contained herein to reflect new events or circumstances, except as may be required by applicable law. These statements speak only as of the date of this news release. Nothing contained herein shall be deemed to be a forecast, projection or estimate of the future financial performance of Agnico Eagle or any of its affiliates or O3 Mining.
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 news release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
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SOURCE Agnico Eagle Mines Limited
View original content: http://www.newswire.ca/en/releases/archive/December2024/12/c5600.html
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Plans To Restart Mining Operations at La Colorada Mine, Mexico
HIGHLIGHTS:
- Heliostar plans to restart mining operations at La Colorada Mine in January, 2025
- Mining to commence at the Junkyard Stockpile, a focus of recent work programs
Heliostar Metals Ltd. (TSXV: HSTR) (OTCQX: HSTXF) (FSE: RGG1) ("Heliostar" or the "Company") is pleased to announce that the Company has undertaken a work program at the historical Junkyard Stockpile at the La Colorada Mine and plans to recommence crushing and stacking in January 2025. The planned restart would initially augment and then replace the current gold production from residual leaching at the mine.
Heliostar CEO, Charles Funk, commented, "Recommencing mining operations at La Colorada is a key step for Heliostar to start 2025. The plan to recommence crushing and stacking, paused since September 2023, will drive the Company's guidance forecast next year. Over recent months the Junkyard Stockpile has been a focus with fifty-seven holes completed, a metallurgical assessment undertaken and quotes have been sought and received to select a mining contractor. A restart and the pending technical report for La Colorada has it strongly placed to drive Heliostar towards our goal of becoming a mid-tier gold producer."
Figure 1: Plan Map of the La Colorada Mine with pits and stockpiles/waste dumps, Junkyard drill collars, crusher circuit and leach pad location shown.
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Junkyard Stockpile
The Junkyard Stockpile is a historic waste rock storage facility that is named after mining equipment that was stored on there. The stockpile is located ~800 metres southwest of the La Colorada crushing circuit and contains material that was mined from the Gran Central Pit in the mid to late 1990's.
The Company initiated an evaluation of the Junkyard Stockpile in August that consisted of drilling, resource modeling, and metallurgical testing. Drill holes were completed on a ~35-metre grid across the stockpile with some drill holes completed on a 7-metre grid for variability testing. In total, 57 holes totalling 2,290 metres were completed.
Results of the drilling, resource modelling and metallurgy for the Junkyard Stockpile, in conjunction with an expansion of the Creston Pit, will be published in a technical report in January 2025.
The drilling program also delineated a historic tailings facility beneath the Junkyard Stockpile. Additional metallurgical testing, beyond the timeline of the technical report, is required on the tailings. Should this be positive it represents a potential future upside opportunity.
Figure 2: Cross section of drilling through the Junkyard Stockpile. Stockpile domain in green and historic tailings in orange.
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Statement of Qualified Person
Sam Anderson, CPG and Gregg Bush, P.Eng., Qualified Persons, as this term is defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects, have reviewed the scientific and technical information that forms the basis for this news release and has approved the disclosure herein. Mr. Anderson is Vice President Projects, and Mr. Bush is Chief Operating Officer for the Company.
Investor Relations Agreements
The Company has entered into agreements with Triomphe Holdings Ltd. (dba Capital Analytica) ("Capital Analytica") and Investor News Network ("INN") for investor relations and communication services.
The agreement with Capital Analytica (the "Capital Analytica Agreement") has an initial term of six months, commencing December 5, 2024, under which the Company will pay Capital Analytica $120,000.
The services to be provided under the Capital Analytica Agreement include ongoing capital markets consultation, ongoing social media consultation regarding engagement and enhancement, social sentiment reporting, social engagement reporting, discussion forum monitoring and reporting, corporate video dissemination, and other related investor relations services.
Jeff French is the principal of Capital Analytica and will be responsible for all activities related to the Company. Capital Analytica currently has no direct or indirect interest in the securities of the Company, or any right or intent to acquire such an interest.
The agreement with INN (the "INN Agreement") has a term of three months, commencing on December 5, 2024 under which the Company will pay to INN $25,000, unless terminated earlier in accordance with the Consulting Agreement. The services to be provided under the INN Agreement include advertising services to increase awareness of the issuer.
Nick Smith is the CEO of INN and will be responsible for all activities related to the Company. INN currently has no direct or indirect interest in the securities of the Company, or any right or intent to acquire such an interest.
The Capital Analytica Agreement and the INN Agreement are subject to TSX Venture Exchange approval.
About Heliostar Metals Ltd.
Heliostar is a gold producer with production from operating mines in Mexico. This includes the La Colorada Mine in Sonora and San Agustin Mine in Durango. The Company also has a strong portfolio of development projects in Mexico and the USA. These include the Ana Paula project in Guerrero, the Cerro del Gallo project in Guanajuato, the San Antonio project in Baja Sur and the Unga project in Alaska, USA.
FOR ADDITIONAL INFORMATION PLEASE CONTACT:
Charles Funk
President and Chief Executive Officer
Heliostar Metals Limited
Email: charles.funk@heliostarmetals.com
Phone: +1 844-753-0045
Rob Grey
Investor Relations Manager
Heliostar Metals Limited
Email: rob.grey@heliostarmetals.com
Phone: +1 844-753-0045
Neither 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.
Cautionary Statement Regarding Forward-Looking Information
This news release includes certain "Forward-Looking Statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and "forward-looking information" under applicable Canadian securities laws. When used in this news release, the words "anticipate", "believe", "estimate", "expect", "target", "plan", "forecast", "may", "would", "could", "schedule" and similar words or expressions, identify forward-looking statements or information. These forward-looking statements or information relate to, among other things, Heliostar plans to restart mining operations in January, 2025, Mining to commence at the Junkyard Stockpile, the plan to recommence crushing and stacking, paused since September 2023, will drive the Company's guidance forecast next year and that a restart and the pending technical report for La Colorada has it strongly placed to drive Heliostar towards our goal of becoming a mid-tier gold producer.
Forward-looking statements and forward-looking information relating to the terms and completion of the Facility, any future mineral production, liquidity, and future exploration plans are based on management's reasonable assumptions, estimates, expectations, analyses and opinions, which are based on management's experience and perception of trends, current conditions and expected developments, and other factors that management believes are relevant and reasonable in the circumstances, but which may prove to be incorrect. Assumptions have been made regarding, among other things, the receipt of necessary approvals, price of metals; no escalation in the severity of public health crises or ongoing military conflicts; costs of exploration and development; the estimated costs of development of exploration projects; and the Company's ability to operate in a safe and effective manner and its ability to obtain financing on reasonable terms.
These statements reflect the Company's respective current views with respect to future events and are necessarily based upon a number of other assumptions and estimates that, while considered reasonable by management, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors, both known and unknown, could cause actual results, performance, or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements or forward-looking information and the Company has made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation: precious metals price volatility; risks associated with the conduct of the Company's mining activities in foreign jurisdictions; regulatory, consent or permitting delays; risks relating to reliance on the Company's management team and outside contractors; risks regarding exploration and mining activities; the Company's inability to obtain insurance to cover all risks, on a commercially reasonable basis or at all; currency fluctuations; risks regarding the failure to generate sufficient cash flow from operations; risks relating to project financing and equity issuances; risks and unknowns inherent in all mining projects, including the inaccuracy of reserves and resources, metallurgical recoveries and capital and operating costs of such projects; contests over title to properties, particularly title to undeveloped properties; laws and regulations governing the environment, health and safety; the ability of the communities in which the Company operates to manage and cope with the implications of public health crises; the economic and financial implications of public health crises, ongoing military conflicts and general economic factors to the Company; operating or technical difficulties in connection with mining or development activities; employee relations, labour unrest or unavailability; the Company's interactions with surrounding communities; the Company's ability to successfully integrate acquired assets; the speculative nature of exploration and development, including the risks of diminishing quantities or grades of reserves; stock market volatility; conflicts of interest among certain directors and officers; lack of liquidity for shareholders of the Company; litigation risk; and the factors identified under the caption "Risk Factors" in the Company's public disclosure documents. Readers are cautioned against attributing undue certainty to forward-looking statements or forward-looking information. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be anticipated, estimated or intended. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or forward-looking information to reflect changes in assumptions or changes in circumstances or any other events affecting such statements or information, other than as required by applicable law.
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Additional High Priority Antimony Targets Identified over 10km Corridor at Yallalong Project
Highlights
- Ground geophysical survey over the identified 10km antimony corridor at Yallalong is complete and final data has been processed and interpreted.
- Detailed interpretation of the geophysical data integrated with previous drilling data significantly expands the scale of the exploration model for high-grade antimony mineralisation at Yallalong.
- 14 new, high priority, structural targets analogous to the high-grade Discovery Target have been identified and will be evaluated in the next drilling campaign.
The geophysics has identified 14 new structural antimony targets at Yallalong analogous to the Discovery Target, where historic drilling intercepted high-grade antimony.
Octava’s Managing Director Bevan Wakelam stated, "The new gravity data redefines the exploration model for high grade antimony at Yallalong. It explains the presence of anomalous antimony along the structural corridor and predicts potential hot spots along it. It is exciting to consider the possibility of a continuous system extending under cover for more than 10 kilometers and having a method to pinpoint the most prospective zones. Planning work is already underway for drilling of these new targets "
Antimony
The Yallalong project is located ~ 220km to the northeast of the port town of Geraldton in Western Australia. The antimony (Sb) mineralisation identified at Yallalong appears within a 10km north- south striking mineralised corridor.
Previous exploration identified four principal antimony targets where antimony mineralisation was exposed at surface. Only the Discovery Prospect had previous drilling and recorded high-grade antimony intercepts over a strike length of ~300m, including 7m @ 3.27% Sb.
A detailed geophysical survey was undertaken to identify underlying structures, such as shears and faults, which act as conduits to mineralising fluids. It also outlines key lithological boundaries. These factors are important in the formation of antimony deposits worldwide.
Interpretation of the geophysical data and the historic drilling has re-defined the exploration model for high grade antimony at Yallalong. Fourteen new targets analogous to the Discovery Target have been identified and will be evaluated through planned drilling. See Figure 1.
Figure 1. Summary structural interpretation and with existing and newly identified Sb targets at Yallalong.
Atlas Geophysics conducted the gravity survey using a 100m x 100m grid pattern, with additional measurements on a 50m x 50m grid over the Discovery Target. NewGen Geo, a geophysical consultancy, carried out the gravity data processing and interpretation.
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This article includes content from Octava Minerals Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Ore Purchase Agreement with Westgold Resources Unlocks Gold Production from Crown Prince
HIGHLIGHTS
- New Murchison Gold (NMG) and Westgold Resources (Westgold) have entered into an Ore Purchase Agreement (OPA) which will underpin production from NMG’s Crown Prince deposit near Meekatharra, Western Australia in 2025.
- Subject to final regulatory permitting, under the OPA, NMG will commence mining from a new open pit operation at Crown Prince with a targeted commencement date of mid-2025.
- Ore will be hauled 33km by road to the Bluebird Gold Processing Plant, part of Westgold’s Murchison Gold Operations at Meekatharra.
- Ore will be sold to Westgold in several parcels (Ore Parcels) totalling 30-50kt per month with each Ore Parcel certified for grade, moisture and recovery from sampling at the Crown Prince site and a recovery factor agreed for each mining bench from test work replicating the Bluebird Mill circuit.
- The OPA has no fixed term although NMG envisages that most of Crown Prince ore is likely to be processed in an “Initial Period” which runs over the first 24 months of the agreement. Thereafter ore tonnages are to be agreed on a rolling three-month basis once production forecasts have been completed by NMG and Westgold has confirmed mill availability.
- Westgold will purchase ore from NMG based on contained gold in each Ore Parcel at the prevailing AUD gold price in the month the Ore Parcel is collected (minus processing costs and a capital recovery charge). Westgold must promptly collect Ore Parcels that are available for collection.
- The OPA is subject to shareholder approval (Listing Rule 10.1 requirement) at a general meeting of NMG shareholders to be held in late January or early February 2025.
- NMG and Westgold have also entered into an ancillary agreement (Licence and Access Water Discharge Deed) which facilitates NMG’s potential dewatering requirements at Crown Prince.
Alex Passmore, NMG’s CEO commented: "We are very pleased to announce the Ore Purchase Agreement with Westgold as it sees both companies working together to support the development of NMG’s Crown Prince deposit in a capitally efficient manner.
We see this Agreement as beneficial to all shareholders with Westgold acquiring additional high grade oxide ore feed to supplement its Meekatharra operations and NMG transitioning to a producer for modest capital.
The Bluebird Processing Plant owned by Westgold is ideal for NMG due to its close proximity and well-matched metallurgical process. We believe the robust frameworks and protocols we have put in place in this Agreement aligns both operational teams to a common goal of maximizing operational efficiency.
We thank the Westgold team for the technical and commercial work that has led to this Agreement and look forward to working collaboratively in making the development of Crown Prince a success”
Crown Prince is located to the north of Meekatharra, around 33km via road to the Bluebird Gold Processing Plant (Bluebird) owned and operated by BBGO. Westgold and NMG have been working collaboratively on the OPA to manage technical risks and to share economic synergies which are available via the partnering of production from the Crown Prince deposit and milling at Bluebird.
Key Terms of the OPA are outlined in the Table below and will be explained fully in a Notice of Meeting to be sent to NMG shareholders in December. The NMG shareholder meeting is likely to be held in late January or early February 2025. As a result of Westgold’s 18.7% ownership of NMG, it is deemed a related party under the ASX Listing Rules and so the OPA includes a condition precedent of NMG obtaining shareholder approval under Listing Rule 10.1.
BDO Corporate Finance Australia Pty Ltd (BDO) has been engaged to provide an opinion and Independent Expert’s Report to accompany the Notice of Meeting to assist shareholders in their considerations of whether or not to approve the OPA moving into operation.
Should the conditions precedent be met (shareholder approval) the OPA will come into effect with NMG expecting mining approvals to be received in early April 2025. Once mining operations commence, and ore stockpiles are built up, it is anticipated that first Ore Parcel sales will occur in September 2025.
The company is working towards an ore reserve estimate to provide further detail on the economics of the project which is to be released shortly.
Plan of Access and Water Infrastructure - Crown Prince
Authorised for release to ASX by the Board of New Murchison Gold Limited.
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This article includes content from New Murchison Gold Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
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