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High-Grade Assays Establish Continuous Mineralisation for 460m Outside Resource
Assays up to 10% copper and 4g/t gold further strengthen outlook for substantial resource growth; Two more rigs on way to site as wider exploration strategy ramps up
FireFly Metals Ltd (ASX: FFM) is pleased to announce more outstanding wide high-grade copper- gold intersections from its drilling program at the Green Bay Copper-Gold Project in Canada.
KEY POINTS
- Another batch of high-grade copper and gold assays support FireFly’s strategy for rapid and substantial Resource growth at Green Bay
- The latest results reveal consistently high-grade mineralisation extends continuously for 460m outside the current Resource boundary
- These results will form part of the next upgrade in the Resource, which currently stands at 39.2Mt at 2.1% for 811,000t CuEq1
- Green Bay hosts two distinct styles of copper mineralisation: One contains high-grade copper-gold massive sulphide zones (‘VMS') and the other is a large-scale, copper-rich Footwall Zone (‘FWZ’)
- Latest results from the upper high-grade massive sulphide VMS zone include (~true thickness):
- 13.1m @ 14.3% CuEq (10.7% Cu & 4.1g/t Au) within 26.0m @ 8.2% CuEq MUG24-030
- 18.0m @ 4.9% CuEq (3.4% Cu & 1.7g/t Au) MUG24-025
- 13.5m @ 7.6% CuEq (5.3% Cu & 2.6g/t Au) MUG24-029
- 5.4m @ 12.2% CuEq (8.6% Cu & 4.0g/t Au) MUG24-023
- 6.9m @ 5.4% CuEq (4.8% Cu & 0.6g/t Au) within 20.3m @ 3.3% CuEq MUG24-030
- 20.8m @ 4.3% CuEq (4.0% Cu & 0.3g/t Au) MUG24-029
- Multiple zones from the large-scale copper-rich footwall zone were intersected in each hole and include (~true thickness):
- 55.0m @ 1.8% CuEq including 12.1m @ 2.3% CuEq and 8.9m @ 3.0% CuEq (MUG24-024)
- 47.1m @ 1.5% CuEq including 7.4m @ 2.2% CuEq and 16.3m @ 1.8% CuEq (MUG24-019)
- 31.5m @ 1.6% CuEq including 21.9m @ 1.7% CuEq and 3.1m @ 3.7% CuEq (MUG24-026)
- These latest results are highly significant because they demonstrate continuous VMS and FWZ mineralisation between the current resource and the 460m step-out exploration hole of 6.3m @ 5.9% CuEq in the VMS zone and 102m @ 1.7% Cu in the FWZ (see ASX 16/01/24)
- Two more rigs are on the way to site, taking the total to four; This will underpin FireFly’s goal of accelerating resource growth in parallel with in-mine discovery exploration
- Geophysical surveys to identify new discovery targets will commence in coming weeks with underground downhole Electromagnetics (DHEM) and regional Airborne VTEM
- FireFly remains fully-funded for its growth strategy following the successful A$52M equity raising in March 2024.
FireFly Managing Director Steve Parsons said: “We continue to generate exceptional step out drilling results which point to substantial growth in the high-grade copper and gold resource at Green Bay.
“Given the consistently strong drilling results we are achieving, we are doubling the number of rigs to four. This is aimed at accelerating our resource growth while also seeking to make new discoveries.
“Green Bay is a large district scale copper-gold mineralised system with huge potential outside the current resource and known mineralisation. We are aiming to unlock the value of this wider project area and therefore we are about to start regional geophysical surveys to define lookalike copper-gold targets for drill testing”.
There are two distinct styles of mineralisation at the Ming underground mine at Green Bay. One comprises the upper copper-gold rich Volcanogenic Massive Sulphide (‘VMS’) lenses. This sits above a broad copper stringer zone known as the Footwall Zone (‘FWZ’).
In November 2023 the Company commenced mining of a 1,500m underground drill drive to enable exploration for down-plunge extensions of mineralisation outside of the current resource, which currently stands at 39.2Mt @ 2.1% for 811,000t CuEq.
Holes drilled from the development drill drive continue to return exceptional results, with significant intersections of both the upper high-grade copper-gold VMS zone and the underlying broad-scale copper FWZ.
The latest intersections in the VMS zone include 13.1m @ 14.3% CuEq within a broader zone of 26.0m @ 8.2% CuEq. The copper stringer style FWZ mineralisation also continues to contain multiple high- grade zones, including 8.9m @ 3.0% CuEq within a wider halo of 55.0m @ 1.8% CuEq in MUG24-024.
The results reported from the exploration drive are significant because they demonstrate strong and continuous VMS and FWZ-style mineralisation between the end of the current resource and the 460m step-out exploration hole (R17-25ab) that contained intersections including 6.3m @ 5.9% CuEq in the VMS and 102m @ 1.7% Cu in the FWZ (see ASX 16/01/24). This sets the scene for a significant resource update, which is scheduled for completion in the September Quarter.
Click here for the full ASX Release
This article includes content from Firefly Metals, 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.
Spectacular High-Grade Gold Intercept of 3 Metres at 177g/t at Kamperman
RC hole FRC378 returned 12 metres at 7.26g/t Au from 23 metres and 25 metres at24.3g/t Au from 68 metres, including a very high-grade zone of 3 metres at 177g/t Au from 74 metres
Astral Resources NL (ASX: AAR) (Astral or the Company) is pleased to report assay results for the first 20 holes for 2,580 metres of a 31-hole (3,834 metre) in-fill and extensional RC drill program at the Kamperman Prospect, part of the 100%-owned Feysville Gold Project (Feysville), located approximately 14km south of Kalgoorlie in Western Australia (Figure 1).
HIGHLIGHTS
- Assay results received for the first 20 holes (2,580 metres) of a 31-hole (3,834 metre) reverse circulation (RC) drill program at Feysville’s Kamperman Prospect, with best results including:
- 12 metres at 7.26g/t Au from 23 metres including 1 metre at 16.5g/t Au from 24 metres and 1 metre at 39.7g/t Au from 27 metres and, further down-hole, 25 metres at 24.3g/t Au from 68 metres, including 1 metre at 28.0g/t Au from 69 metres and 3 metres at 177g/t Au from 74 metres in hole FRC378;
- 12 metres at 1.96g/t Au from 20 metres and 5 metres at 1.25g/t Au from 58 metres in hole FRC377;
- 4 metres at 2.95g/t Au from 61 metres and 11 metres at 0.96g/t Au from 91 metres in hole FRC372; and
- 18 metres at 0.90g/t Au from 25 metres in hole FRC371.
- RC holes FRC377 and FRC378 were designed to in-fill the northern end of the Kamperman prospect while also testing for potential north-plunging mineralisation, as characterised by previous intercepts of 14 metres at 1.44g/t Au from 54 metres in hole FRC304 and 12 metres at 1.99g/t Au from 78 metres in hole FRC341.
- The results from RC holes FRC377 and FRC378 are encouraging, and diamond drilling (DD) is planned in this area to better understand the orientation of the very high-grade zone in hole FRC378.
- Step-out holes to the north and north-east intersected gold mineralisation, demonstrating that Kamperman remains open to the north.
- Further assay results from the Kamperman program are pending.
- The RC rig is currently undertaking a program of several drill holes at Mandilla to determine dewatering requirements as part of the hydrogeological work program for the Mandilla Pre- Feasibility Study( PFS).
- At the Iris Deposit, a program of ten holes for 1,365 metres of in-fill drilling has been completed with a further ten holes remaining to be drilled. At the Eos Deposit, 16 holes for 2,540 metres will be drilled shortly.
- At Mandilla, a DD rig has commenced a four-hole/1,600 metre drill program of four deep in-fill holes ahead of an update to the Theia Mineral Resources Estimate (MRE), which is expected to be reported in the March Quarter, 2025.
Astral Resources’ Managing Director Marc Ducler said:“These latest holes at Kamperman continue to surprise to the upside – showing that there is a potentially very significant high-grade opportunity here that we are yet to unlock.
“Previously, FRC243 returned a very high-grade zone of two metres at 188g/t Au from 77 metres, 40 metres to the north-east. FRC378 has now returned another very high-grade zone of three metres at 177g/t Au from 74 metres.
“Previous diamond drilling that was completed to better understand the potential orientation of this very high-grade zone was not successful; however, given the potential size of the prize, additional work is warranted.
“The extensional drilling completed to the north and north-east has continued to intersect gold mineralisation, albeit the gold grades were of a lower tenor than expected given the quantum of quartz and sulphides logged in the RC chips. Additional RC drilling is planned given the proximity to a north- east trending fault which is potentially controlling the mineralisation or offsetting it.
“It is becoming clear that Kamperman hosts multiple potential controlling structures that warrant further investigation, as does Feysville as a whole.
“The in-fill RC program at Iris is 50% complete. The program is now on hold for approximately three weeks while groundwater testing is undertaken with the RC rig. Once the groundwater program is complete, RC drilling will resume at Iris and Eos.
“Meanwhile, diamond drilling is now underway at Theia with four deep in-fill holes for 1,600 metres planned. These holes are designed to provide the level of confidence required to warrant an upgrade of the Inferred Resources at depth into the Indicated Resource category.”
Figure 1 – Map illustrating the location of the Mandilla and Feysville Gold Projects.
FEYSVILLE GOLD PROJECT
The Feysville Gold Project is located within the north-north-west trending Norseman – Wiluna Greenstone Belt, within the Kambalda Domain of the Archean Yilgarn Craton, approximately 14km south of the KCGM Super Pit in Kalgoorlie.
Significant gold and nickel mineralisation occurs throughout the belt, including world-class deposits such as the Golden Mile Super Pit in Kalgoorlie owned by Northern Star Resources Limited (ASX: NST) and the St Ives Gold Mine south of Kambalda owned by Gold Fields Limited. The area also hosts the substantial Beta Hunt Gold Mine owned by Westgold Resources Limited (ASX: WGX).
Feysville hosts an MRE of 3Mt at 1.3g/t Au for 116koz2 of contained gold at the Think Big deposit, providing a foundation for the project to potentially become a source of satellite ore feed for a future operation based on Astral’s flagship Mandilla Gold Project.
Locally, Feysville has been interpreted to contain upthrust ultramafics, emplaced within a sequence of volcanic sediments (the Black Flag sediment group), granitic intrusions, mafic basalts, gabbro and andesite. A map of the Feysville Gold Project identifying tenements and deposits/prospects on local area geology is set out in Figure 2.
Click here for the full ASX Release
This article includes content from Astral Resources, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Randy Smallwood: Gold Rush Going Global, Silver Waiting for Retail Wakeup
As gold continues its record-breaking run, Randy Smallwood of Wheaton Precious Metals (TSX:WPM,NYSE:WPM) spoke to the Investing News Network about what's driven the yellow metal to all-time highs in 2024.
While momentum began in the east, he now sees the west increasingly turning to gold as a safe haven.
"I do really think what we're looking at now is that this rush toward gold as a good, strong store of value — a good, strong measure of value, a good place to invest — is becoming a worldwide phenomenon," he said.
In terms of silver, Smallwood said that although the metal is moving, it needs western retail demand to see a true price breakout. Given its strong fundamentals, he thinks it won't be long before that demand segment falls into place.
"I think it's really only a matter of time until that retail market wakes up in the silver space," he said.
Smallwood also outlined Wheaton's strategy during today's high precious metals price environment, saying that while the company hasn't closed many deals so far in 2024, it's hoping to make more moves before the end of the year.
Watch the interview above for more of this thoughts on gold and silver, as well as Wheaton's future plans.
Don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence
Exceptional Drilling Results Returned from Hyperion Gold Deposit
Prodigy Gold NL (ASX: PRX) (“Prodigy Gold” or the “Company”) is excited to announce the receipt of all results for the Reverse Circulation (“RC”) drilling program completed during September at the Hyperion Gold Deposit (“Hyperion”), which forms part of the Company’s strategically important Tanami North Project in the Northern Territory (Figure 1).
HIGHLIGHTS
- Exceptional results returned from the Reverse Circulation drilling campaign completed at the Hyperion Gold Deposit.
- Intercepts received include highlights:
- Hyperion Lode
- 25m @ 2.2g/t Au from 66m in hole HYRC24001
- 33m @ 2.6g/t Au from 49m in hole HYRC24017A
- Tethys Lode
- 10m @ 15.9g/t Au from 177m in hole HYRC24004
- 30m @ 2.9g/t Au from 31m in hole HYRC24006
- 13m @ 4.1g/t Au from 26m in hole HYRC24013
- Suess Lode
- 4m @ 7.7g/t Au from 87m in hole HYRC24004
- Hyperion Lode
- Two holes drilled down dip for metallurgical testwork, yielded intercepts:
- 99m @ 2.7g/t Au from 33m in hole HYRC24005 from the Hyperion Lode
- 53m @ 2.9g/t Au from 49m in hole HYRC24009 from the Tethys Lode
The results received are from the 17 hole, 1,770 metre RC program completed at Hyperion1 covering the Hyperion, Tethys and Seuss Lodes, yielding a series of significant intercepts demonstrating a greater than 30 gram metre interval (grade times width) based on a 0.5g/t gold cut-off, including:
- 25 metres @ 2.2g/t Au from 66m in hole HYRC24001 (Estimated True Width – “ETW” 24.1m)
- 15 metres @ 3.1g/t Au from 152m in hole HYRC24003 (ETW 13.2m)
- 15 metres @ 2.1g/t Au from 48m in hole HYRC24004 (ETW 7.9m)
- 4 metres @ 7.7g/t Au from 87m in hole HYRC24004 (ETW 2.8m)
- 10 metres @ 15.9g/t Au from 177m in hole HYRC24004 (ETW 9.4m)
- 30 metres @ 2.9g/t Au from 31m in hole HYRC24006 (ETW 19.0m)
- 17 metres @ 2.9g/t Au from 67m in hole HYRC24011 (ETW 14.4m)
- 15 metres @ 2.2g/t Au from 50m in hole HYRC24012 (ETW 11.7m)
- 13 metres @ 4.1g/t Au from 26m in hole HYRC24013 (ETW 10.9m)
- 26 metres @ 1.6g/t Au from 41m in hole HYRC24016 (ETW 25.4m) and
- 33 metres @ 2.6g/t Au from 49m in hole HYRC24017A (ETW of 29.9m)
The results show that all holes intersected a reportable mineralised interval, with the majority of the reported results at grades above the estimated grade of the recently released Hyperion Mineral Resource. These new results will now be used to update the Hyperion Mineral Resource, which currently comprises an Indicated and Inferred Mineral Resource of 8.64Mt @ 1.5g/t Au for 407,000 ounces at a reporting cut-off grade of 0.6g/t Au2.
Drilling was also completed at the Brokenwood, Pandora and Tregony North Prospects for which the Company is still awaiting results.
Hyperion is located in the highly prospective, but underexplored area situated between the 1.1Moz Groundrush Gold Deposit and the 94Koz Crusade Gold Deposit3, both of which form part of the neighboring Central Tanami Project (Northern Star Resources Ltd (ASX:NST)/Tanami Gold NL (ASX:TAM)). Hyperion is also located around 25kms to the south of Prodigy Gold’s wholly owned 64Koz Tregony Gold Deposit4 (Figure 2). Hyperion and Tregony are key pillars of Prodigy Gold’s project portfolio and the focus of the Company’s current exploration activities.
The objectives of the reported Hyperion RC drilling program were to:
- infill areas of the Hyperion Resource that require closer spaced drilling to improve confidence in the recently updated Mineral Resource estimate for the Deposit
- re-drill several historical Air Core (“AC”) holes so that these results can be used in future resource estimations
- complete two holes drilling down dip of the known mineralisation to provide samples for metallurgical benchscale testwork from other areas of the Hyperion Deposit. Previous metallurgical testing was completed only on samples from the Suess Lode5.
Management Commentary
Prodigy Gold Managing Director, Mark Edwards said:
“The drilling completed in 2024 highlights the reason why Prodigy Gold views Hyperion as one of the key projects for the Company. These results support the current company strategy focusing on our Tanami North project area and remaining committed to expanding our Mineral Resource inventory through organic growth. These new results will also provide the Company with additional technical information, such as the recovery characteristics of the mineralisation of other lodes at Hyperion through further metallurgical testwork.
While two holes drilled targeted mineralisation down dip of the Hyperion and Tethys Lodes to provide samples for metallurgical testwork, they also provided the Company with confidence in the style of mineralisation at Hyperion. The holes have provided information regarding the down dip continuity of mineralisation, which will be used to assist with the updating of the Hyperion resource estimate.
With drilling now complete for the current field season the results will be used to assist with the planning of further drilling for the 2025 field season, which will definitely include follow-up drilling close to hole HYRC24004 that intersected 10m of mineralisation at close to half an ounce of gold per tonne (15.9g/t Au). This is an outstanding result and demonstrates the overall potential of the Hyperion Deposit and the nearby areas.”
Figure 1 Project location in the Tanami Region
Hyperion 2024 RC Resource Drilling Programs
The Hyperion Deposit is located on EL9250, which is 100% owned by Australian Tenement Holdings, a wholly owned subsidiary of Prodigy Gold. The project is approximately 150km southwest of Lajamanu in the Tanami Region of the Northern Territory (Figure 1).
The Hyperion Deposit was actively explored by Zapopan NL between 1989 and 1995 with RAB, RC and DD drilling completed. Further exploration was undertaken by Otter Gold NL in 2002 and then Newmont Exploration between 2003 and 2005 before the project was purchased by Prodigy Gold in 2009. The Company has been active on the project since 2011.
Click here for the full ASX Release
This article includes content from Prodigy Gold NL, 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.
$850,000 Capital Raise to Accelerate the Pearl Copper Project
Golden Mile Resources Limited (“Golden Mile”; “the Company”; ASX: “G88”) is pleased to announce it has received firm commitments to raise $616,000 (before costs) from institutional and sophisticated investors and a further $234,000 from the Board of Directors and Management of Golden Mile Resources (subject to shareholder approval).
The Placement was strongly received from institutional and sophisticated investors.
HIGHLIGHTS
- Golden Mile has received firm commitments totalling $616,000 (before costs) via a Placement to institutional and sophisticated investors.
- The Board of Directors and Management have committed to subscribe for $234,000 in addition to the Placement, subject to shareholder approval.
- Golden Mile is well funded to deliver the maiden drill programme at the Pearl Copper Project, located in Arizona, USA.
Firm commitments have been received to raise $616,000 through the issue of 61,600,000 new, fully paid ordinary shares (“Shares”), at an issue price of $0.010 per Share (“Placement”). In addition, the Board of Directors and Management have committed to subscribe to a further $234,000 of Shares at an issue price of $0.010 per Share, subject to approval by shareholders (“Subscription”). The price of $0.010 per Share represents a discount of 23% to the 5-day VWAP of $0.013.
Shares issued through the Placement will utilise the Company’s existing capacity under ASX listing rule 7.1 and Shares issued under the Subscription will be subject to shareholder approval.
Sanlam Private Wealth Pty Limited (“Sanlam”) were the lead managers for the Placement. The Company will pay Sanlam a 6% capital raise fee and, subject to receipt of shareholder approval, issue Sanlam 12 million unlisted options with an exercise price of $0.02 expiring three (3) years from date of issue.
Shares issued under the Placement and Subscription will receive one (1) unlisted option for every 2 (two) Shares, subject to receipt of shareholder approval, with an exercise price of $0.02 expiring three (3) years from date of issue.
The Company is proposing to hold a shareholders’ meeting in December 2024 to seek approval for the issue of the options to Sanlam, the options to the Placement and Subscription participants and the Shares the subject of the Subscription.
Golden Mile’s Managing Director Damon Dormer commented: “These funds will allow the Company to accelerate its maiden drilling programme at the Pearl Copper Project targeting our priority 1, Odyssey prospect.”
Click here for the full ASX Release
This article includes content from Golden Mile Resources, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
September 2024 Quarterly Activities Report and Appendix 5B
Flynn Gold Limited (ASX: FG1, “Flynn” or “the Company”) is pleased to report on its activities for the quarter ending 30 September 2024.
Highlights
Exploration – Golden Ridge Project, NE Tasmania
- Multiple gold-bearing quartz veins successfully intercepted in diamond drilling at the new Trafalgar North vein zone discovery. Two drill holes completed at Trafalgar North, with best mineralised intercepts including:
TFDD019
- 4.8m @ 4.0g/t Au from 165.6m; including:
- 0.4m @ 17.9g/t Au from 166.9m, and
- 0.4m @ 24.0g/t Au from 170.0m
- 0.3m @ 25.1g/t Au from 440.5m
TFDD020
- 3.05m @ 4.9g/t Au from 53.1m including
- 0.35m @ 40.0g/t Au
- 2.7m @ 4.1g/t Au from 115.4m, including
- 0.35m @ 26.6g/t Au
- Gold mineralisation at Trafalgar North confirmed from surface to over 150m depth and open in all directions
- New in-situ gold vein system discovered during surface sampling and trenching programs at the Grenadier Prospect
- Flynn Gold to receive up to $140,000 to co-fund drilling under the Tasmanian Government’s Exploration Drilling Grant Initiative (EDGI)
Exploration – Other Projects, NE Tasmania
- New Exploration Licence Application submitted over 40km2 of highly prospective exploration tenure surrounding the historic Beaconsfield Gold Mine
- Exploration landholding in NE Tasmania reduced by 457km2 (30%) to approximately 1,020km2, reducing holding costs significantly
Corporate
- The Company’s cash position at 30 September 2024 was $1.83 million
- An At-The-Market Subscription Agreement signed with Dolphin Corporate Investments, providing Flynn with up to $2,000,000 of standby equity capital over the next three years
JOIN FLYNN GOLD’S INTERACTIVE INVESTOR HUB
to receive announcements and updates and to interact with the Company by asking questions or making comments which our team will respond to where possible
- For further information or to post questions go to the Flynn Gold Investor Hub at https://investorhub.flynngold.com.au/link/qy1Aly
Flynn is an Australian mineral exploration company with a portfolio of 100% owned exploration projects in Tasmania and Western Australia (see Figure 1).
The Company has eight 100% owned tenements in north-east Tasmania which are highly prospective for gold as well as tin/tungsten. The Company also holds the Henty zinc-lead-silver project on Tasmania’s mineral-rich west coast and the Firetower gold and battery metals project located in north-western Tasmania.
Flynn has also established a portfolio of gold-lithium exploration assets in the Pilbara and Yilgarn regions of Western Australia. In addition, Flynn holds a binding Option Agreement to acquire two exploration licences at Parker Dome (Forrestania), Western Australia.
Click here for the full ASX Release
This article includes content from Flynn Gold, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
5 Best-performing Gold Stocks on the TSX in 2024
With gains of nearly 30 percent in 2024, gold has outpaced many other investments since the start of 2024.
The final high of Q3 was set on September 26, when the gold price hit US$2,682.79 per ounce. This was partly driven by the US Federal Reserve’s decision to slash 50 basis points from its benchmark rate following its meeting on September 17 and 18. The move bolstered investor sentiment across precious metals markets.
In addition to the Fed factor, gold has also been buoyed throughout the year by high levels of central bank gold purchases, particularly out of Asia, alongside rising tensions in the Middle-East that have sent investors looking for safe-haven assets amidst geopolitical uncertainty.
1. Perpetua Resources (TSX:PPTA)
Year-to-date gain: 203.3 percent
Market cap: C$794.22 million
Share price: C$12.86
Perpetua Resources is advancing its Stibnite gold-antimony project in Central Idaho, US, which has received strong support from the US government. The project is nearing a construction decision, which is expected next year.
The Stibnite project lies within a historic mining district that hosted large-scale operations dating back to the early 1900s. Perpetua is working to reclaim the historic Yellow Pine and Hangar flat open pit mines, while also reprocessing historic tailings and restoring streams and fish migration routes on the site.
In the company’s November 2020 feasibility study, it reported an after-tax net present value of US$1.9 billion based on an average gold price of US$1,850 per ounce, providing for an internal rate of return of 27.7 percent and a payback period of 2.5 years. It also indicated a total gold recovery of 4.28 million ounces of gold over a 15 year lifespan of the mine with an annual recovery of 301,000 ounces.
The site also hosts significant amounts of antimony, which is classed as a critical mineral, with measured and indicated quantities of 205.89 million pounds. This has allowed the company to secure funding from the US government under the Defense Production Act, with the most recent US$34.6 million being awarded on February 12.
Perpetua spent much of 2024 awaiting a critical decision from the United States Forest Service (USFS) on the authorization of its mining plan. This came in early September, when the USFS issued a draft record of decision authorizing the gold project and completed the final environmental impact assessment. The final Record of Decision is expected by the end of the year.
Shares in Perpetua reached a year-to-date high of C$13.61 on September 25.
2. Jaguar Mining (TSX:JAG)
Year-to-date gain: 191.16 percent
Market cap: C$413.73 million
Share price: C$5.27
Jaguar Mining is a mining and development company that owns several gold-mining complexes near the city of Belo Horizonte in Minas Gerais, Brazil.
Jaguar’s MTL complex hosts the Turmalina mine and a processing plant. According to the company’s Q3 production update released on October 10, the mine site produced 6,479 ounces of gold, a decrease from the 8,529 ounces produced in the same quarter of 2023.
In addition to mining operations, the MTL complex is home to the advanced stage Faina exploration project. A December 2023 mineral resource estimate from the project pegged measured and indicated resources at 1.43 million metric tons of ore with an average grade of 5.08 grams per metric ton (g/t) gold for 233,000 ounces of contained gold. Inferred resources stand at an additional 232,000 ounces of gold from ore grading 5.09 g/t.
In Jaguar’s management and discussion analysis on August 7, the company reported it is accelerating development at Faina to define its ore structures. Ore taken from the site during the second quarter was processed by the Turmalina plant, and gold recovery exceeded expectations at 414 ounces. The company said production from stoping should gradually increase through the start of 2025 to 15,000 metric tons per month, before reaching full capacity of 25,000 metric tons in 2026.
The company’s other producing mining operation is the Caete complex, which includes the Pilar gold mine and the Caete processing plant. Production for Q3 saw the mine deliver 10,433 ounces for the quarter, an increase from the 8,787 ounces produced in Q3 2023.
Jaguar announced on September 5 that it had progressed on access development at the Pilar mine’s BA zone in the first half of the year, with 374 meters completed across five sub-levels. Processing the 30,547 metric tons of ore feed generated from those activities in H1 resulted in 4,032 ounces of gold at an average grade of 4.64 g/t.
Shares in Jaguar mining reached a year-to-date high of C$5.69 on September 23, alongside a surge in the gold price.
3. Orvana Minerals (TSX:ORV)
Year-to-date gain: 156.25 percent
Market cap: C$51.23 million
Share price: C$0.41
Orvana Minerals is a gold, silver and copper miner with assets in Spain and Bolivia.
Its principal asset is the OroValle operation in Northern Spain. The site consists of the El Valle Boinas underground mine and El Valle processing plant, as well as the Carles open pit and underground mines, which are currently on care and maintenance.
The company also owns the Don Mario District in Eastern Bolivia. Mining operations at the site were suspended in 2019 following the depletion of resources. Since then the company has been working to raise capital to finance a plant expansion to begin treatment of ore stockpiles.
In the company’s consolidated financial results for Q2 released on August 12, it noted that it had completed 80 percent placement of its bond program units, raising US$37.7 million toward restarting operations at Don Mario. The company said it expected construction on the plant expansion to begin before the end of 2024.
The announcement also detailed the production of 10,832 ounces of gold from OroValle during the quarter, and revised full year gold production guidance to 37,000 to 39,000 ounces.
Shares in Orvana reached a year-to-date high of C$0.43 on September 19.
4. G2 Goldfields (TSX:GTWO)
Year-to-date gain: 130.67 percent
Market cap: C$406.196 million
Share price: C$1.73
G2 Goldfields is a gold exploration and development company that is working to advance projects in South America and West Africa. Company founders were previously involved in the financing and development of the Aurora gold mine in Guyana, the country’s largest gold mine, for Guyana Goldfields, before Zijin Mining (OTC Pink:ZIJMF,SHA:601899) acquired the latter company in 2020. The company graduated to the TSX from the TSXV in April.
G2’s flagship Oko-Aremu gold project is located in Guyana’s Cuyuni mining district. The company released an updated mineral resource estimate for the combined Oko Main Zone and Ghanie Zone in April, with an increase of 320 percent in indicated gold resources to 922,000 ounces and a 69 percent increase in total contained gold to 2 million ounces. G2 said the maiden resource estimate for Ghanie is a step toward realizing the scale of the Oko gold system.
On September 10, G2 announced it had entered into an agreement to acquire exploration rights to a 30,000 acre land package within the Oko-Aremu district, which brought its land holdings for the project to 58,000 acres. The new properties are composed of three sets of permits and host multiple historic gold occurrences, but have not been subject to modern exploration methods. G2 is working to fast-track drilling on several targets in the area.
The company is performing a drill program using five diamond drills with the objective of expanding mineral resources at Oko. In the most recent update from the project on October 15, the company reported it had discovered multiple new gold zones, including the Eastern Ghanie zone. One of the drill holes in the release included an interval of 3 meters grading 18.8 g/t gold, as well as an interval of 23 meters grading 4.4 g/t gold, including 9 meters grading 8.5 g/t.
Shares in G2 Goldfields reached a year-to-date high of C$1.95 on September 15.
5. Calibre Mining (TSX:CXB)
Year-to-date gain: 105.88 percent
Market cap: C$2.044 billion
Share price: C$2.80
Calibre Mining is a gold mining and development company that owns several producing assets in Nicaragua as well as the Pan gold mine in the US. Additionally, it is constructing the Valentine gold mine in Canada, which it acquired through a merger with Marathon Gold in November 2023.
Between its El Limon, Libertad and Eastern Borosi properties in Nicaragua, the company owns seven producing mines, two mills with a total capacity of 2.75 million metric tons per annum and several exploration targets. In the US, its Pan gold mine is located along Nevada’s Eureka gold trend.
According to the company’s second quarter consolidated results released on August 12, Calibre produced 120,521 ounces of gold during the first half of the year, down from the 134,526 ounces produced in H1 2023. The company attributed the decline to a geotechnical issue at the Limon Norte open pit.
The release also noted that construction at the Valentine gold project in Newfoundland, Canada, was 77 percent complete, on track for gold production to begin in Q2 2025. Calibre said that it had received Federal approval for the development of the additional Berry open pit mine at Valentine.
Once complete, the mine is expected to produce 195,000 ounces of gold per year, drawing from a combined 3.96 million ounce measured and indicated mineral resource.
Shares in Calibre reached a year-to-date high of C$2.86 on October 10.
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Securities Disclosure: I, Dean Belder, own shares of Calibre Mining.
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