The Conversation (0)
February 15, 2023
Titan Minerals Limited (Titan or the Company) (ASX:TTM) is pleased to provide results from the Company’s maiden drilling at the Meseta Gold prospect (Meseta), at the Linderos Project in southern Ecuador.
Key Highlights include:
- Recent drilling at Meseta proves that a shallow intermediate-sulphidation epithermal gold system exists adjacent to the recently discovered Copper Ridge Porphyry system.
- Several high-grade gold, silver and base metal epithermal veins intersected from shallow depths, with significant results including:
1. MGDD22-010:
- 7.22m grading 13.77g/t Au, 12.90g/t Ag, 0.15% Cu, 0.38% Zn from 66.28m, including higher grade intercepts of:
- 0.92m grading 31.50g/t Au, 24.30g/t Ag, 0.25% Cu from 68.28m: and
- 0.58m grading 99.80g/t Au, 89.90g/t Ag, 0.98% Cu, 0.31% Zn
- All within a broader intersection of 76.5m grading 1.41g/t Au. 5.63g/t Ag, 0.27% Zn from surface
2. MGDD22-012:
- 4.88m grading 12.87g/t Au, 6.04g/t Ag, 0.11 % Cu, 0.41% Zn from 41.0m, including a higher grade intercept of:
- 1.64m grading 33.35g/t Au, 11.28 g/t Ag, 0.23% Cu, 0.72% Zn from 44.24m
- All within a broader intersection of 45.82m grading 1.40g/t Au. 2.13g/t Ag, 0.25% Zn from 4.35m
3. MGDD22-001:
- 4.64m grading 5.00g/t Au, 10.33g/t Ag, 0.39% Zn, 0.19% Pb from 51.7m
4. MGDD22-003
- 5.76m grading 3.72g/t Au, 48.69g/t Ag, 0.25% Zn, 0.28% Pb from 36.54m, including a higher grade intercept of:
- 0.73m grading 11.35g/t Au, 73.30 g/t Ag, 0.84% Zn, 1.24% Pb from 37.35m
- Meseta is the first of several epithermal gold targets defined by Titan’s reconnaissance works within the Linderos Project to be drill tested, with high priority prospects proximal to porphyry copper-gold sources driving epithermal gold mineralisation.
Titan’s CEO Melanie Leighton commented:
“These are exciting results for Titan which confirm the potential for significant high-grade gold, silver and basemetalsattheLinderosProject.Theresultsdemonstratethatthecausalintrusionresponsibleforthe recentlydiscoveredCopperRidgeporphyrysystem,isalsotheplumbingtotheMesetaintermediate sulphidationepithermalsystem.”
“In many cases these high-grade epithermal vein systems have been eroded, and all that remains is the porphyry source. So, we’re excited that the Meseta epithermal mineralisation remains preserved, adjacent to its source, the Copper Ridge porphyry system, where recent drilling has demonstrated the potential for significant copper-gold porphyry mineralisation from shallow depths.”
“We feel that we’re onto something big here, with our maiden drilling campaigns at both Meseta and Copper Ridge delivering promising results, and plenty of scope for extending mineralisation with strong vectors towards higher grade gold, silver and copper mineralisation.”
“We now have a pipeline of high conviction targets to feature in forthcoming exploration work programs in2023.”
Linderos Project Drilling Results
The Company is pleased to provide results from its maiden drilling campaign completed in late 2022 at the Meseta Gold prospect (Meseta), at the company’s 100% held Linderos Project in southern Ecuador.
Drilling was successful in intersecting multiple pyrite-sphalerite-arsenopyrite±galena massive sulphide veins, with several significant intersections of high grade gold and silver returned, along with significant intersections of silver-zinc-±lead±gold±copper. Significant intersections are included in table 1, and illustrated in figures 1, 2, and 3.
The Meseta Gold prospect displays metal zonation and alteration assemblages typical of intermediate sulphidation systems related to proximal porphyry systems, with outcropping porphyry mineralisation identified and drill tested at the Copper Ridge Porphyry prospect (Copper Ridge) less than 500 metres to the south of Meseta (refer to Figures 1, 2 and 3).
Table 1 details significant intersections for gold, silver, copper, zinc, and lead returned from the Company’s maiden drilling at Meseta, where pleasingly 12 out of 14 holes intersected polymetallic massive sulphide mineralisation.
Plate 1: MGDD22-006 (35.74m). Quartz diorite with shear zone infilled by massive pyrite, sphalerite, arsenopyrite, pyrrhotite and galena, with a halo of sericite and illite-smectite.
Click here for the full ASX Release
This article includes content from Titan Minerals, 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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27 June
Top 5 Canadian Mining Stocks This Week: Onyx Gold Shines with 118 Percent Gain
Welcome to the Investing News Network's weekly look at the best-performing Canadian mining stocks on the TSX, TSXV and CSE, starting with a round-up of Canadian and US news impacting the resource sector.
Statistics Canada released April’s gross domestic product (GDP) numbers on Friday (June 27).
The data shows a slowing in the Canadian economy with a 0.1 percent monthly decline after it increased 0.2 percent in March as businesses attempted to get ahead of US tariff deadlines.
In April, the shift in US trade policy led to significant declines in the manufacturing sector, which saw its largest drop in four years at 1.9 percent. Durable goods manufacturing declined for the first time in four months, dropping 2.2 percent. The most heavily impacted sub-sectors were transportation equipment and the auto sector, which fell 21.6 percent and 5.2 percent, respectively.
On the positive side, finance and insurance experienced growth of 0.7 percent, with investment services and funds contributing 3.5 percent growth to the sector. Statistics Canada indicated that the US tariff announcement on April 2 led to increased selling activity in Canadian equity markets.
The Canadian resource sector was flat overall during the month. The oil and gas extraction, excluding oil sands, fell 1.1 percent in April, while oil sands extraction remained unchanged. The agency said that higher bitumen extraction was offset by lower synthetic crude production. Additionally, a temporary shutdown in the Keystone pipeline due to a rupture contributed to a decline in activity.
However, losses were offset by a 4.8 percent gain in support activities for the mining and oil and gas extraction subsectors, with an increase in rigging and drilling activities.
While some of the month-over-month decline was due to the increase in output in March, Statistics Canada suggests that further slowing is on the way. The agency reported that advanced figures for May show a further 0.1 decline, noting a decrease in the mining, quarrying, and oil and gas extraction category.
South of the border, the US Bureau of Economic Activity released May’s personal consumption expenditures price index (PCE) data on Friday. The index is a key inflation indicator and is the preferred measure used by the Federal Reserve when making its rate decision. The central bank has held its current rate at the 4.25 to 4.5 percent range since it last lowered it in November 2024.
The report shows inflation ticked up 2.3 percent on an annualized basis, higher than the 2.2 percent recorded in April. The increase came after two consecutive months of slowing from 2.7 percent in February and 2.3 percent in March.
Less the more volatile food and energy categories, PCE gained 2.7 percent during the period. While costs for goods increased, current-dollar personal income was down 0.4 percent and disposable income fell 0.6 percent.
US President Donald Trump again signaled his displeasure with the slow pace of rate cuts earlier in the week, and with the Wall Street Journal reporting on Wednesday (June 25) that he may announce a replacement for Chairman Jerome Powell as early as this summer.
While it’s unclear if he will try to remove Powell from the post, the president may try to create a “shadow Fed” that could work to influence markets and undermine decisions made by the current chairman. Powell’s term as chairman is set to expire in May 2026, while his time as board governor won’t end until 2028. His removal would require an act of Congress.
Markets and commodities react
In Canada, major indexes ended the week up. The S&P/TSX Composite Index (INDEXTSI:OSPTX) gained 0.77 percent during the week to close at 26,687.14 on Friday. The S&P/TSX Venture Composite Index (INDEXTSI:JX) fared better, gaining 1.47 percent to 724.26, while the CSE Composite Index (CSE:CSECOMP) climbed 0.74 percent to 117.39.
US equities were also in positive territory this week, with the S&P 500 (INDEXSP:INX) gaining 3.41 percent to close at a record high of 6,173.08, the Nasdaq-100 (INDEXNASDAQ:NDX) surging 4.17 percent to its own all-time high of 22,534.20. While it didn't break its previous high, the Dow Jones Industrial Average (INDEXDJX:.DJI) also climbed significantly, up 3.89 percent to 43,819.26.
On the other hand, the gold price declined this week, falling 2.8 percent to US$3,274.15 by Friday at 4 p.m. EDT. The silver price ended the week down just 0.05 percent at US$35.99.
In base metals, the COMEX copper price surged 5.59 percent over the week to US$5.12 per pound. Prices have been rising due to increased purchases ahead of US tariffs and significant drawdowns of inventories in London Metals Exchange warehouses.
Meanwhile, the S&P GSCI (INDEXSP:SPGSCI) lost 6.07 percent to close at 545.71.
Top Canadian mining stocks this week
How did mining stocks perform against this backdrop?
Take a look at this week’s five best-performing Canadian mining stocks below.
Stock data for this article was retrieved at 4 p.m. EDT on Friday using TradingView's stock screener. Only companies trading on the TSX, TSXV and CSE with market capitalizations greater than C$10 million are included. Mineral companies within the non-energy minerals, energy minerals, process industry and producer manufacturing sectors were considered.
1. Onyx Gold (TSXV:ONYX)
Weekly gain: 121.28 percent
Market cap: C$106.84 million
Share price: C$2.08
Onyx Gold is an exploration company advancing its Munro-Croesus project, located near Timmins in Ontario, Canada. The company has increased the size of the land package by 200 percent between 2020 and 2025, and the project now covers an area of 109 square kilometers.
Munro-Croesus hosts the historic Croesus mine, which produced 14,859 ounces of gold between 1915 and 1936 with an average grade of 95.3 grams per metric ton (g/t). Onyx is the first company to explore the property since the mine closed.
Shares in Onyx have seen gains in recent weeks as it made several investment and project announcements.
The first came on June 12, when the company announced that it had completed a private placement with Windfall Mining, a subsidiary of Gold Fields (NYSE:GFI), which purchased 9.4 percent of Onyx’s issued and outstanding shares. Onyx said the investment is an endorsement of its long-term vision.
As for this week, on Tuesday (June 24), Onyx announced that it signed a mineral property purchase and sale agreement to acquire a 100 percent interest in the Munro and Hewitt properties, both located near the existing Munro-Croesus project. The acquisition will expand the company’s land package to 109 square kilometers from the previous 95 square kilometers.
In its most recent update on Thursday (June 26), the company reported the first drill results from its 10,000 meter spring drill program at the Argus North zone at Munro-Croesus. One highlighted assay contained 1.8 grams per metric ton (g/t) gold over 91 meters, including 4 g/t over 32 meters and 5.3 g/t over 17 meters.
The company said the results demonstrate the continuity of broad zones of high-grade gold mineralization. It added that mineralization was confirmed along strike and that the zone is still open in all directions.
2. US Copper (TSXV:USCU)
Weekly gain: 83.33 percent
Market cap: C$14.5 million
Share price: C$0.11
US Copper is an exploration company working to advance its Moonlight-Superior project in Northeast California, United States.
The project covers approximately 13 square miles of patented and unpatented federal mining claims in the Lights Creek Copper District, near the Nevada border.
A preliminary economic assessment released on January 6 demonstrates a post-tax net present value of US$1.08 billion with an internal rate of return of 23 percent and a payback period of 5.3 years, assuming a copper price of US$4.15 per pound.
The included mineral resource estimate shows a total indicated resource of 2.5 billion pounds of copper, 21.7 million ounces of silver and 140,042 ounces of gold from 402.83 million metric tons of ore with a grade of 0.31 percent copper, 1.85 parts per million (ppm) silver and 0.012 ppm gold. The majority is hosted at its Moonlight and Superior deposits.
Although the company did not release news this week, its shares have seen significant gains alongside a rising price of copper.
3. ArcWest Exploration (TSXV:AWX)
Weekly gain: 68.42 percent
Market cap: C$11.21 million
Share price: C$0.16
ArcWest Exploration is an exploration company that has most recently been working to advance its Todd Creek and Oweegee Dome properties within the Golden Triangle in British Columbia, Canada.
The Todd Creek property is a 21,343 hectare site that adjoins Newmont’s (TSX:NGT,NYSE:NEM) Brucejack property and hosts widespread copper and gold mineralization. Historical exploration of the site yielded grab samples with up to 37.7 g/t gold and 5.3 percent copper. The project is covered by a March 2023 earn-in agreement with Freeport-McMoRan (NYSE:FCX) that could see Freeport earn a 51 percent stake, with C$20 million in investments over a five year period.
The 31,077 hectare Oweegee Dome property is located 34 kilometers northeast of the Brucejack mine and hosts underexplored copper and gold systems, including Delta and Skowill East. Oweegee Dome is covered by a July 2021 option agreement with Sanatana Resources (TSXV:STA). Under the terms of the agreement, Sanatana can earn an initial 60 percent interest in the property through cumulative exploration investments of C$6.6 million over four years.
Shares in ArcWest gained this week after a pair of announcements.
The first came on Wednesday, when the company reported results from a 2024 drill program, funded and operated by Sanatana, that extended the mineralized zone at Oweegee Dome. Sanatana President Buddy Doyle said, “We now think the alteration and mineralization we see at surface at Delta is only the southeast corner of a larger system.”
The other news was released on Thursday, when it announced it had mobilized for a drill program at Todd Creek. The program will receive a minimum of C$4 million in funding from Freeport-McMoRan.
4. Belo Sun Mining (TSXV:BSX)
Weekly gain: 62.79 percent
Market cap: C$163.35 million
Share price: C$0.35
Belo Sun Mining is an exploration and development company focused on advancing its Volta Grande gold project in Brazil.
The property covers approximately 2,400 hectares within the Tres Palmeiras greenstone belt in Para State, Brazil. The company has been working on the project since 2003, and acquired necessary development permits in 2014 and 2017.
A 2015 mineral reserve estimate demonstrated a proven and probable reserve of 3.79 million ounces of gold from 116 million metric tons of ore with an average grade of 1.02 g/t.
Development at the site stalled in 2018 after a federal judge ruled that the Federal Brazilian Institute of the Environment (IBMA) would be the competent authority for issuing environmental permits. The decision was overturned in 2019 with the Secretariat of Environment and Sustainability of the State of Para (SEMAS) reassuming its permitting authority. The decision was once again reversed in September 2023, returning authority to IBMA.
On January 23, Belo Sun announced that the Federal Court of Appeals had reassigned SEMAS as the permitting authority for the Volta Grande project. The company said it was pleased with the decision, as the agency is familiar with the project and enjoys a constructive and transparent relationship with it.
On Monday (June 23), the company announced shareholders approved a renewal of the company’s governance structure and elected four new directors to the board. Four of the board's six members are now either Brazilian or have spent significant parts of their careers working in Brazil.
5. Reyna Silver (TSXV:RSLV)
Weekly gain: 52.94 percent
Market cap: C$33.05 million
Share price: C$0.13
Reyna Silver is a silver exploration company with a portfolio of assets in Chihuahua, Mexico, and Nevada, US.
One of its two Mexican assets is Guigui, a 4,750 hectare property covering a significant portion of the Santa Eulalia Mining District. The area has a history of mining dating back to the 1700s with production of almost 450 million ounces of silver between then and 2001.
Its other one is Batopilas, a 1,183 hectare site that covers 94 percent of the Batopilas Mining District, which has significant deposits of pure, native silver. Historic mining at the site produced an estimated 200 million to 300 million ounces of silver dating back to the mid-1600s.
Its primary American asset is the Gryphon Summit project located along the Carlin-trend. The project covers an area of 10,300 hectares and is prospective for gold, silver and critical minerals.
It also owns the Medicine Springs project, which spans 4,831 hectares south of Elko City. Previous exploration at the site identified lead, zinc and silver mineralization.
Shares in Reyna gained this week after it entered into a definitive agreement to be acquired by Torex Gold (TSX:TXG).
The deal, valued at US$26 million, will see Torex acquire all issued and outstanding common shares in Reyna, thereby gaining access to its wholly owned Mexican portfolio. Additionally, Torex will have the option to acquire a 70 percent stake in the Gryphon Summit project and a 100 percent interest in Medicine Springs.
FAQs for Canadian mining stocks
What is the difference between the TSX and TSXV?
The TSX, or Toronto Stock Exchange, is used by senior companies with larger market caps, and the TSXV, or TSX Venture Exchange, is used by smaller-cap companies. Companies listed on the TSXV can graduate to the senior exchange.
How many mining companies are listed on the TSX and TSXV?
As of February 2025, there were 1,572 companies listed on the TSXV, 905 of which were mining companies. Comparatively, the TSX was home to 1,859 companies, with 181 of those being mining companies.
Together the TSX and TSXV host around 40 percent of the world’s public mining companies.
How much does it cost to list on the TSXV?
There are a variety of different fees that companies must pay to list on the TSXV, and according to the exchange, they can vary based on the transaction’s nature and complexity. The listing fee alone will most likely cost between C$10,000 to C$70,000. Accounting and auditing fees could rack up between C$25,000 and C$100,000, while legal fees are expected to be over C$75,000 and an underwriters’ commission may hit up to 12 percent.
The exchange lists a handful of other fees and expenses companies can expect, including but not limited to security commission and transfer agency fees, investor relations costs and director and officer liability insurance.
These are all just for the initial listing, of course. There are ongoing expenses once companies are trading, such as sustaining fees and additional listing fees, plus the costs associated with filing regular reports.
How do you trade on the TSXV?
Investors can trade on the TSXV the way they would trade stocks on any exchange. This means they can use a stock broker or an individual investment account to buy and sell shares of TSXV-listed companies during the exchange's trading hours.
Article by Dean Belder; FAQs by Lauren Kelly.
Don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.
Securities Disclosure: I, Lauren Kelly, hold no direct investment interest in any company mentioned in this article.
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27 June
Top 5 Australian Mining Stocks This Week: GBM Soars on AU$13 Million Raise
Welcome to the first edition of the Investing News Network's weekly round-up of Australia’s top-performing mining stocks on the ASX, starting with news in Australia's resource sector.
In significant news for Australia's iron sector, mining giant Rio Tinto (ASX:RIO,NYSE:RIO,LSE:RIO), together with its joint venture partner Hancock Prospecting, said on Tuesday (June 24) that the partners will invest a combined US$1.6 billion to develop the Hope Downs 2 iron ore project in the Pilbara region, Western Australia.
Companies focused on antimony and gold have also been making news this week, such as Resolution Minerals (ASX:RML) announcing its acquisition of the Horse Heaven project in Idaho, US, and Ausgold (ASX:AUC,OTC Pink:AUSGF) signing an agreement to acquire Critica’s (ASX:CRI,OTC Pink:VTMLF) Kulin gold project in Western Australia.
This week, Resolution was one of two companies focused on antimony to make the top ASX mining stocks list. Antimony has been gaining attention as supply falls and prices hit record highs following China's export controls earlier in the year. The metal is critical to the defense and lead-acid battery industries. In a report by Reuters, the executive director of a US battery association said the shortage of the key mineral is a national emergency with no quick solution.
Market and commodity price round-up
The S&P/ASX 200 index opened at 8,505.50 on Monday (June 23) and closed at approximately 8,550.20 on Friday (June 27). This reflects a modest 0.53 percent gain over the week.
For metals, the gold price declined by 2.8 percent, opening at US$3,368.57 per ounce on Monday and closing at US$3,274.15 at 6 a.m. AEST, June 28. Its price in Australian dollars fell by 4 percent from AU$5,221.02 to AU$5,013.71 by the week's end.
The US silver price ended the week neutral, moving from a US$36.01 open on Monday to a US$35.99 close on Friday. However, in Australian dollars, it opened at AU$55.81 per ounce and pulled back 1.24 percent to AU$55.12.
Top ASX mining stocks this week
How did ASX mining stocks perform against this backdrop?
Take a look at this week’s five best-performing Australian mining stocks below as we break down their operations and why these mining stocks are up this week.
Stock data for this article was retrieved at 4 p.m. AEST on June 26 using TradingView's stock screener. Only companies trading on the ASX with market capitalizations greater than AU$10 million are included. Mineral companies within the non-energy minerals, energy minerals, process industry and producer manufacturing sectors were considered.
1. GBM Resources (ASX:GBZ)
Share price: AU$0.013
Market cap: AU$16.37 million
Weekly gain: 116.67 percent
GBM Resources is a Brisbane-based exploration and development company focusing on the discovery of world-class gold and copper deposits in Queensland.
Its flagship asset is a fully owned group of projects — Yandan, Twin Hills and Mt Coolon — located in the Drummond Basin, among Australia’s major gold provinces with a production history of over 4.5 million ounces.
Combined, the three Drummond Basin projects host 1.84 million ounces of gold and a total project area of 4,667 square kilometres.
The Mt Coolon project is subject to a farm-in partnership between GBM and leading gold producer Newmont (NYSE:NEM,TSX:NGT). In late April, Newmont released final assays from its Phase 1 drill program at Mt Coolon.
On Tuesday (June 24), GBM announced that it has received firm commitments to raise AU$13 million, which it will use in part to repay and cancel all of its existing convertible notes with Collins St Asset Management worth AU$6.2 million. Upon repayment, GBM will be debt-free and well-funded to advance its Yandan and Twin Hills assets with the goal of expanding its gold resource base.
The placement also includes several board and management changes, with Peter Rohner stepping down as managing director immediately and as CEO once his contract expires on July 31.
Shares of GBM soared to AU$0.014 on Tuesday following the announcement of the placement and recapitalization strategy.
2. Locksley Resources (ASX:LKY)
Share price: AU$0.088
Market cap: AU$10.82 million
Weekly gain: 41.94 percent
Locksley Resources is an exploration company focused on its flagship Mojave project in California, a rare earths and antimony asset situated near MP Materials’ (NYSE:MP) Mountain Pass mine, the only operational REE mine in the US. It also owns copper, gold and base metal assets in Australia.
Mojave is located on California’s south-eastern border with Nevada.The project hosts two mineralisation zones, the El Campo rare earth elements prospect, which hosts rare earths including neodymium and praseodymium, and the past-producing Desert antimony mine area, which hosts antimony, silver, lead and zinc. Rock chip sampling returned grades up to 12.1 percent total rare earth oxides at El Campo, and up to 46.1 percent antimony and 1,022 grams per tonne silver at the Desert antimony mine.
After starting May at AU$0.019, Locksley’s share price saw a boost on May 8 following the federal endorsement of Dateline Resources’ (ASX:DTR,OTC Pink:DTREF) Colosseum gold-rare earths project, which is located in the same district as Mojave. Locksley stated it would use this precedent to pursue government support.
Its share price climbed even higher after the company announced a capital raising on May 28 to fund exploration at Mojave. It peaked at AU$0.115 on June 4. The upcoming drilling program will focus on El Campo, with five RC holes targeting rare earths at the site, and is planned for the last quarter of 2025. The company secured the drilling permit on June 5.
On June 17, Locksley announced a strategic US collaboration for the project, saying that it aims to align its antimony and rare earth elements assets with the US’ critical minerals strategy. The company successfully completed an OTCQB listing on June 26 to expand its US market presence; it will trade under the symbol LKYRF.
3. Noble Helium (ASX:NHE)
Share price: AU$0.026
Market cap: AU$14.39 million
Weekly gain: 36.84 percent
Noble Helium is a helium exploration company with four key projects in Tanzania, namely North Rukwa, North Nyasa, Eyasi and Manyara. North Rukwa, the company’s flagship project, covers a total area of approximately 1,467 square kilometres.
Exploration at the project is currently ongoing. Noble raised AU$3 million in September 2024, with proceeds allotted for North Rukwa and North Nyasa.
Last week, Noble announced a trading halt following a sudden jump of its shares from AU$0.012 on June 16 to AU$0.019 on June 19.
Addressing the jump on Monday, June 23, the company stated it believed the rise does not stem from undisclosed information, and the only material development was ongoing negotiations for amendments to a funding agreement with private company Obsidian Global.
The original agreement, which would have raised US$2.5 million through convertible notes to fund ongoing exploration and working capital, was made public on December 24, 2024.
Before resuming trading Monday, Noble announced it successfully executed the amendment. Shares of the company continued on their upward trend following these developments, peaking at AU$0.034 on Wednesday (June 25).
4. Mindax (ASX:MDX)
Share price: AU$0.064
Market cap: AU$146.8 million
Weekly gain: 28 percent
Mindax is an exploration and development company with iron ore and gold assets in Western Australia.
Its flagship project is the Mt Forrest magnetite iron ore project, in which it holds a 65 percent interest in a joint venture with Norton Gold Fields, which holds the remaining 35 percent.
According to a February 2023 report, Mt Forrest is estimated to contain 422.37 million tonnes of indicated resources at average grades of 41.42 percent mass recovery and 64.76 percent iron concentrate, as well as 599.4 million tonnes of inferred resources at average grades of 43.14 percent mass recovery and 63.85 percent iron concentrate.
On April 15, Mindax announced that it used its existing cash reserves for a 5 percent strategic investment in Cashmere Iron, an unlisted public company.
Cashmere Iron’s flagship Cashmere Downs iron project sits adjacent to Mindax’s Mt Forrest project. Mindax said that the decision to invest in Cashmere follows its review of various independent technical reports outlining the project's potential.
“As a neighbour in the Mid-West region, Mindax is familiar with Cashmere and its assets, having followed the progress made by the Cashmere management team in advancing the project over many years,” the company said, calling the investment “a vital step” in its goal of consolidating iron resources in the mid-west region of Western Australia
5. Resolution Minerals (ASX:RML)
Share price: AU$0.052
Market cap: AU$33.22 million
Weekly gain: 26.83 percent
Resolution Minerals acquires, explores and develops precious and battery metals projects such as antimony, gold, copper and uranium.
The company is currently building a portfolio of gold and antimony assets, and recently acquired the antimony-gold-tungsten Horse Heaven project as part of this strategy.
Horse Heaven is located 5 kilometres from Perpetua Resources' (TSX:PPTA,NASDAQ:PPTA) Stibnite gold-antimony project in Idaho. Stibnite received final approval from the US Forest Service in January, and construction is expected to begin in late 2025. If it enters production, it will become the US’ only antimony producer.
The Horse Heaven project has a historic non-JORC gold resource of 216,000 ounces of gold at the Golden Gate Hill target, and a gold resource of 70,000 ounces at the Antimony Hill prospect.
In March, Resolution Minerals also secured three projects in Australia, including the Drake East antimony-gold project in New South Wales and Neardie antimony project in Queensland.
Last week, Resolution announced it selected external affairs adviser Clewett Global Services to assist with engaging the US federal government. The company added that it is considering applying for US Department of Defense (DOD) funding to expedite Horse Heaven.
Resolution is also currently working on an OTCQB listing to appeal to North American Investors.
Don’t forget to follow us @INN_Australia for real-time news updates!
Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.
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26 June
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