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Iceni Gold Limited (ASX: ICL) (Iceni or the Company) is pleased to advise of a binding Farm-in Agreement and share placement transaction with Gold Road Resources Limited (ASX: GOR) over tenements around and containing the Company’s Guyer Gold Trend, within the 14 Mile Well Gold Project (14MWGP or Project) located between Leonora and Laverton in Western Australia.
Highlights
- A$35 million exploration farm-in agreement signed with GOR over 154km2 of Iceni’s 100%-owned tenements containing the Guyer Gold Trend within the 14 Mile Well Project in Western Australia, key terms of which include:
- Initial A$5 million minimum exploration expenditure, to be managed by Iceni, with the opportunity for GOR to take management upon reaching a key success milestone.
- A further A$10 million exploration expenditure within 2 years from meeting the minimum A$5 million exploration expenditure to earn a 50% Joint Venture interest (50 / 50 JV).
- Upon Joint Venture formation GOR, can earn an additional 20% to take its Joint Venture interest to 70% by free carrying Iceni to the completion of a Pre-Feasibility Study (PFS) (70 /30 JV).
- At the completion of the PFS, GOR can acquire an additional 10% Joint Venture interest (totaling 80%) by paying $20 million to Iceni (80/20 JV).
- In addition to the Farm-in, GOR is to acquire a 9.9% interest in Iceni by subscribing for A$3.05 million in shares at a price of 10 cents per share, representing a 59% premium to the 5-day VWAP prior to execution of the Farm-in Agreement.
- GOR to be issued 19,218,819 options exercisable at $0.15 on or before 31 December 2025.
- GOR to be issued 13,847,016 options exercisable at $0.20 on or before 31 December 2026.
- Should GOR exercise all options, and inclusive of the placement, Iceni will receive a total of $8.7m in cash.
- Exploration activity on the GOR farm-in tenements is expected to commence in January 2025 under Iceni management.
- Iceni retains 100% ownership of the remainder of the highly prospective 14 Mile Well Gold Project, where exploration can now be accelerated on other high priority targets within the portfolio.
- Following completion of the GOR share placement Iceni will have in excess of $3.8 million cash at bank and will be well-funded to continue exploration and development activities on its remaining highly prospective 100%-owned ground.
Iceni Gold Managing Director, Wade Johnson, said:
“We are very pleased to be partnering with Gold Road, a company that needs no introduction to gold exploration, discovery and mining in Western Australia. The Farm-in Agreement and share placement with Gold Road is an excellent result for Iceni Gold and its shareholders that provides the opportunity to accelerate and advance exploration along the exciting Guyer Gold Trend at our 14 Mile Well Gold Project.
“The commitment by Gold Road reaffirms our belief that the Guyer Gold Trend has potential to host a significant gold deposit and reinforces the prospectivity of the entire tenement package. The planned significant investment by GOR at Guyer will now also allow for the concurrent evaluation of multiple high prospectivity targets to be accelerated on the remainder of the Iceni ground in which we retain 100% ownership. The farm in agreement will see Gold Road potentially spending up to A$35 million to earn up to an 80% interest in the Farm-in tenements that include the Guyer trend.
“The largely unexplored 11.5km long granite-greenstone contact hosting the Guyer trend, hidden beneath transported cover, combined with recent success from aircore drilling and the proximity of the nearby gold nugget field has provided us with the initial indications of a corridor that has the potential to deliver a new large gold discovery. The Iceni and Gold Road teams are very keen to get underway with the next phase of exploration that is expected to commence in January.”
Figure 1 Plan showing location of Iceni’s 14 Mile Well Gold Project (14MWGP) highlighting the Farm-in tenement package over Guyer, relative to the land holdings of Genesis Minerals Limited (ASX: GMD) and Gold Road Resources Limited. Refer to Figure 2 for further detail on the 14MWGP tenement package.
Overview
Iceni Gold Limited (ASX: ICL) (Iceni or the Company) is pleased to announce it has entered into a $35 million farm- in agreement (Farm-in) with Gold Road Resources Limited (ASX:GOR) (Gold Road or GOR) in respect of 154km² of tenements (Farm-In Area), that form part of the Company’s 100%-owned 14 Mile Well Gold Project between Leonora and Laverton in Western Australia (Figure 5).
The Farm-in Area, which is to be called the Guyer Project, is shown in Figure 1. In addition, Iceni has entered into a subscription agreement with GOR pursuant to which GOR will immediately acquire a 9.9% shareholding in Iceni through a placement of new shares at 10 cents per share to raise A$3.05 million (Placement).Together, the Farm - in and Placement will strengthen the Company’s finances to accelerate exploration on its 100% non-JV tenements covering 733km2 whilst partnering with Gold Road to advance exploration at its flagship Guyer Gold Trend (Figures 2 & 3).
Details
Subscription Agreement
The Company has entered into a subscription agreement (Subscription Agreement) with Renaissance Resources Pty Limited (Subscriber), a wholly owned subsidiary of GOR. Under the Subscription Agreement, the Subscriber has subscribed for the following securities:
- 30,480,662 fully paid ordinary shares in the capital of Iceni (Shares) at an issue price of $0.10 per Share to raise $3.05m.
- 19,218,819 options to acquire Shares exercisable at $0.15 on or before 31 December 2025 for $2.8m.
- 13,847,016 options to acquire Shares exercisable at $0.20 on or before 31 December 2026 for $2.7m.
- Together, the Subscription Securities will be issued utilising the Company’s placement capacity under ASX Listing Rules 7.1 and 7.1A and will be subject to a voluntary escrow period of 24 months from the date of issue.
- A summary of the material terms and condition of the Subscription Agreement is set out in the Schedule.
Funds raised under the Subscription Agreement will be used to on the exploration of existing projects and for working capital purposes.
Farm-in Agreement
The Company’s wholly owned subsidiary, Guyer Well Pty Ltd (Owner) has entered into a Farm-in agreement (Farm- in Agreement) with Gold Alpha Pty Ltd (Acquirer), a wholly owned subsidiary of GOR. The Farm-in Agreement will commence immediately upon signing. The Acquirer must expend a minimum of $5 million (Minimum Obligation) as soon as reasonably practicable.
Under the Farm-in Agreement, GOR may earn and acquire up to an 80% joint venture interest in the Company’s tenements which form the Guyer Project (see Figure 1) as follows:
- Stage 1: Following satisfaction of the Minimum Obligation, the Acquirer can earn an initial 50% interest (Stage 1 Interest) in the Guyer Project by expending $15 million (inclusive of the Minimum Obligation) within 2 years following satisfaction of the Minimum Obligation.
- Stage 2: Following completion of Stage 1, the Acquirer can earn an additional 20% interest (Stage 2 Interest) through completion of a publicly announced Preliminary Feasibility Study in respect of the Guyer Project, which may include such items as a preferred technically viable solution to mine and process the mineralisation to extract metals or minerals, provide estimates of capital and operating costs for a project with sufficient financial returns to attract capital, and that provides a recommendation to progress to a feasibility level of evaluation, with recommendations on the scope of the feasibility studies.
- Stage 3: The Acquirer can acquire an additional 10% interest through a cash payment of $20 million to Iceni within 60 business days following completion of Stage 2.
Click here for the full ASX Release
This article includes content from Iceni 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.
ICL:AU
Opawica Explorations
Investor Insight
A junior among the giants, Opawica Exploration’s strategic geographical advantage in the resource-rich Abitibi Greenstone Belt makes it a compelling investment opportunity.
Overview
Opawica Exploration (TSXV:OPW) is a Vancouver-based junior gold exploration company engaged in exploring and developing precious metal properties in Canada. Its flagship properties — Arrowhead, Bazooka and McWatters — are situated in the Abitibi Greenstone Belt, one of the most prolific gold-producing regions in the world. These projects, adjacent to some of the world’s largest gold producers, benefit from exceptional geological potential and established mining infrastructure.
Opawica is committed to sustainable and efficient exploration, utilizing advanced geological modeling and modern technologies to unlock the potential of its projects. Led by a highly experienced management team, Opawica is well-placed to become a pioneer in the next Canadian gold rush.
Company Highlights
- Opawica Exploration is focused on unlocking the value of its flagship projects through aggressive exploration and data-driven decision-making.
- Its flagship Bazooka project is strategically located along the Cadillac Fault Zone and features high-grade mineralization with significant historical and recent drilling success.
- The Arrowhead property, the company’s second flagship project, is located near major mining operations and is characterized by multiple mineralized zones and extensive drilling efforts confirming historical gold trends.
- The McWatters property represents a high-potential opportunity for resource expansion with visible gold showings and limited past exploration.
- The company’s portfolio of assets is in the Abitibi Greenstone Belt, one of the most prolific gold-producing regions globally, benefiting from exceptional geological potential and established mining infrastructure.
- Historical exploration on the properties includes over US$5 million in spending, extensive drilling campaigns revealing bonanza-grade intercepts, and validating mineralization potential.
Key Projects
Bazooka Project (Flagship)
Located in Canada’s highly prolific Abitibi Greenstone Belt, Bazooka spans approximately 1,200 hectares along 7 km of the Cadillac-Larder Lake Break in Quebec. It is contiguous with Yamana Gold’s Wasamac property and Yorbeau Resources’ Rouyn property. Located near operational gold mines, the property has excellent access to roads, power and water, facilitating year-round exploration.
Gold mineralization at the Bazooka project is associated with quartz-carbonate-sericite and talc-chlorite schists within sedimentary and ultramafic to mafic volcanic rocks. The Main Zone features significant silicification and visible free gold.
Historical exploration efforts on the Bazooka property include development of a 125-meter shaft and 634 meters of drifts in the 1950s by Eldona Gold Mines, and subsequent drilling campaigns by Lake Shore Gold and RT Minerals, which reported highlights such as 316.23 grams per ton (g/t) gold over 1 meter and 7.8 g/t gold over 17 meters.
Bazooka gold mineralization
Recent exploration work at Bazooka includes advanced 3D structural modeling and AI-driven target generation alongside multi-parameter airborne survey system (M-PASS) surveys. These efforts identified high-priority targets, culminating in the refinement of a robust geological model.
Going forward the company plans to complete approximately 10,000 meters of drilling across high-priority zones, focusing on resource delineation and advancing towards an economic assessment.
Arrowhead Project (Flagship)
The Arrowhead project is located in the Abitibi Greenstone Belt, surrounded by Agnico Eagle Mines’ holdings and near IAMGOLD’s Mouska Mine. Its proximity to established mines ensures access to robust infrastructure, including transportation networks and utility services, supporting efficient exploration efforts.
The asset hosts gold-rich volcanogenic massive sulphide (VMS) deposits, polymetallic veins, and quartz-carbonate auriferous veins. Historical exploration at Arrowhead identified 40 mineralized zones through drilling, alongside geochemical surveys that revealed VMS-style signatures and strong potential for gold mineralization.
A 2022 drill program consisting of 14 holes totaling 4,306 meters confirmed historical mineralization trends and extended gold anomalies. The integration of AI-driven geological modeling by ALS GoldSpot Discoveries further enhanced target generation for future drilling.
The company plans to initiate an exploration campaign on 25 permitted high-priority targets, aiming to validate and expand existing mineralized zones and progress the property towards resource estimation.
McWatters Project
Located along the Cadillac Fault Zone, adjacent to Yorbeau Resources’ Astoria Mine, the McWatters project benefits from a strategic location within a developed mining district, ensuring access to established roads, power and water infrastructure, facilitating logistical efficiency for exploration activities.
Mineralization at the McWatters property includes visible gold in quartz veins within deformation zones. Historical assays include 7.89 g/t gold over 3.05 meters. Limited historical exploration on McWatters identified multiple gold showings and promising drill intercepts, supported by geochemical and MMI studies that provide a foundation for further work.
Structural lineament interpretations and geological updates were conducted alongside advanced surveys to prioritize drill targets. Modern geophysical methods have identified several untested zones with strong mineralization potential.
Management Team
Blake Morgan – Chief Executive Officer
Blake Morgan has more than 15 years’ experience in capital markets, specializing in fundraising, IPOs and corporate development. He has successfully led companies through public offerings and raised significant capital for both private and public ventures. Previously, he held senior positions with Rio Tinto, BHP and Santos.
Marcy Kiesman – Chief Financial Officer
A CPA, CGA with over 15 years of expertise in public markets, Marcy Kiesman brings a combination of strategic financial planning, operational oversight and leadership, ensuring fiscal discipline and efficiency.
Philippe Harvard – Director
Philippe Harvard has more than a decade of experience in mineral exploration and entrepreneurship. As a principal of Investissements Gema, he has successfully acquired and developed mineral properties in Quebec. He is also the president of TelKel, an independent telecommunications company, and Cubicule Studio, a software engineering firm.
Owen King – Director
With 20 years of experience in financial markets and management consulting, Owen King has worked with public companies to assist in capital raises and business development. His expertise includes implementing quality management systems and fostering venture capital financing initiatives.
Opawica Explorations Inc. Announces Non-Brokered Private Placement for Aggregate Proceeds Up To CAD$1,500,000
December 17 th 2024 TheNewswire - Vancouver, BC - Opawica Explorations Inc. (TSXV:OPW) (FSE:A2PEAD) (OTCQB:OPWEF) (the " Company " or " Opawica "), is pleased to announce that it intends to undertake a non-brokered flow-through private placement for gross proceeds of up to C$1,500,000 (the " Financing ").
The Financing will consist of the offering of units of the Company at a price of C$0.25 per unit (each a " Unit "), with each Unit comprised of one flow-through common share of the Company (each, a " FT Share ") and one-half of one non flow-through common share (" Share ") purchase warrant of the Company (each, a " Warrant "), with each whole Warrant entitling the holder to acquire one Share in the capital of the Company (each, a " Warrant Share ") at a price of C$0.40 per Warrant Share for a period of twenty-four (24) months after the closing date of the Financing. The Company also maintains a Warrant Acceleration option allowing Opawica to accelerate the expiry date of the Warrants if the daily trading price of the Common Shares on the TSX Venture Exchange is greater than $0.55 per Common Share for the preceding 10 consecutive trading days. All securities issued under the Offering and including Warrants will be subject to a four (4) month holding period. (If applicable)
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The FT Shares will qualify as "flow-through shares" (within the meaning of subsection 66(15) of the Income Tax Act (Canada) (the "Tax Act"). All securities issued pursuant to the Financing will be subject to a hold period of four months and one day from the date of issuance.
The securities described herein have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws, and accordingly, may not be offered or sold within the United States except in compliance with the registration requirements of the U.S. Securities Act and applicable state securities requirements or pursuant to exemptions therefrom. This press release does not constitute an offer to sell or a solicitation to buy any securities in any jurisdiction.
The company intends to use the net proceeds to drill new exploration targets at its Arrowhead and Bazooka properties in the Abitibi gold belt in Quebec, Canada
The private placement remains subject to the receipt of all required approvals, including the approval of the TSX-V, as well as execution of formal documentation.
Other Information
Further to the Company's news release of November 25, 2024 regarding the closing of the first tranche of the October 15, 2024 announced private placement; the Company wishes to provide a correction to the finders' fees paid which were announced as being C$18,020 cash and 120,133 share warrants. The correct amount compensated to finders was C$19,580 cash and 130,533 purchase warrants.
About Opawica Explorations Inc.
Opawica Explorations is a junior Canadian exploration company with a strong portfolio of precious metal and base metal properties within the Rouyn-Noranda region of the Abitibi gold belt in Quebec. The company's management has a great record in discovering and developing successful exploration projects. The company's objective is to increase shareholder value through the development of exploration properties using cost-effective exploration practices, acquiring further exploration properties, and seeking partnerships by either joint venture or sale with industry leaders.
FOR FURTHER INFORMATION CONTACT:
Blake Morgan
President and Chief Executive Officer
Opawica Explorations Inc.
Telephone: 236-878-4938
Info@opawica.com
Neither the TSX Venture Exchange nor its Regulation Service Provider (as the term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy of accuracy of this news release.
Forward-Looking Statements
This news release contains certain forward-looking statements, which relate to future events or future performance and reflect management's current expectations and assumptions. Such forward-looking statements reflect management's current beliefs and are based on assumptions made by and information currently available to the Company. Readers are cautioned that these forward-looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected including, but not limited to, market conditions, availability of financing, actual results of the Company's exploration and other activities, environmental risks, future metal prices, operating risks, accidents, labor issues, delays in obtaining governmental approvals and permits, and other risks in the mining industry. All the forward-looking statements made in this news release are qualified by these cautionary statements and those in our continuous disclosure filings available on SEDAR plus at www.sedarplus.com. These forward-looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances save as required by applicable law.
Copyright (c) 2024 TheNewswire - All rights reserved.
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Barrick Update on Mali Operations
All amounts expressed in US dollars
Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) reports that although it had previously agreed on a framework to achieve a global resolution of the disputes with the Government of Mali over the Loulo-Gounkoto complex, it has to date been unsuccessful in arriving at a final resolution despite numerous good-faith attempts to negotiate and a willingness to compromise beyond its legal rights.
Barrick has engaged constructively with the Malian government and its external advisors over the past 12 months, addressing their requests for an increased share of the economic benefits generated by Loulo-Gounkoto. Notably, the government, a 20% shareholder, has to date received the majority of these benefits. Barrick's proposals toward a Memorandum of Agreement, which included significant concessions, have not been meaningfully considered and have been rejected by the Government of Mali. Even though the 2023 Mining Code has no application to existing operations such as Loulo-Gounkoto, the government insists on forcing Loulo-Gounkoto under the framework of that Code.
Local operating conditions have deteriorated significantly with employees imprisoned without cause and gold shipments blocked. If shipments remain suspended, Barrick will be compelled to suspend operations, further impacting the viability of this critical economic driver for Mali.
Strong Contribution to Mali's Economy
Over 29 years, Barrick has invested more than $10 billion in Mali, with its mines contributing 5% to 10% of the country's GDP annually. In 2023 alone, Barrick contributed over $1 billion to the economy. Loulo-Gounkoto remains one of Mali's largest taxpayers and employers, with 97% of its 8,000-strong workforce comprising Malian nationals. To date, the Malian state has received more than 70% of the economic benefits from the complex.
Pressure on Local Management
Since November 25, several senior members of Barrick's Malian management team have been imprisoned on unfounded charges, accompanied by concerning actions such as baseless tax and customs claims and the reported issuance of an illegitimate arrest warrant against Barrick's President and CEO. These actions raise serious concerns about the misuse of the criminal justice system.
This follows the earlier detention of Barrick management in September and similar incidents involving senior executives from other mining operators being jailed.
Commitment to Resolution
"Barrick has been a committed partner to Mali for nearly three decades, delivering significant value to stakeholders and communities," said Mark Bristow, Barrick President and CEO. "Recent developments further erode investor confidence in Mali's mining sector and will deter future investment. Nonetheless, in view of our long-standing commitment to the people of Mali, we remain open to constructive engagement with the government to resolve these issues while protecting the viability of this key economic driver for Mali."
Bristow emphasized the need for negotiations to be mutual, respectful of existing agreements, and aimed at preserving the long-term sustainability of the mining sector in Mali.
Barrick enquiries
Investor and media relations
Kathy du Plessis
+44 20 7557 7738
Email: barrick@dpapr.com
Website: www.barrick.com
Cautionary Statement on Forward-Looking Information
Certain information contained or incorporated by reference in this press release, including any information as to our strategy, projects, plans, or future financial or operating performance, constitutes "forward-looking statements". All statements, other than statements of historical fact, are forward-looking statements. The words "continue", "intended", "committed", "engage", "negotiate", "pursue" and similar expressions identify forward-looking statements. In particular, this press release contains forward-looking statements including, without limitation, with respect to: the status of negotiations with the Government of Mali in respect of ongoing disputes regarding the Loulo-Gounkoto Complex and Barrick's commitment to reach a mutually acceptable solution; the potential to increase the Government of Mali's share in the economic benefits of Loulo-Gounkoto; and Loulo-Gounkoto's partnership with the Government of Mali.
Forward-looking statements are necessarily based upon a number of estimates and assumptions including material estimates and assumptions related to the factors set forth below that, while considered reasonable by the Company as at the date of this press release in light of management's experience and perception of current conditions and expected developments, are inherently subject to significant business, economic, and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements, and undue reliance should not be placed on such statements and information. Such factors include, but are not limited to: changes in national and local government legislation, taxation, controls or regulations and/ or changes in the administration of laws, policies and practices; expropriation or nationalization of property and political or economic developments in Mali and other jurisdictions in which the Company or its affiliates do or may carry on business in the future; fluctuations in the spot and forward price of gold, copper, or certain other commodities (such as diesel fuel, natural gas, and electricity); the speculative nature of mineral exploration and development; changes in mineral production performance, exploitation, and exploration successes; risks related to disruption of supply routes which may cause delays in construction and mining activities, including disruptions in the supply of key mining inputs due to the invasion of Ukraine by Russia and conflicts in the Middle East; risk of loss due to acts of war, terrorism, sabotage and civil disturbances; risks associated with new diseases, epidemics and pandemics; litigation and legal and administrative proceedings; employee relations including loss of key employees; increased costs and physical and transition risks related to climate change, including extreme weather events, resource shortages, emerging policies and increased regulations related to greenhouse gas emission levels, energy efficiency and reporting of risks; and availability and increased costs associated with mining inputs and labor. In addition, there are risks and hazards associated with the business of mineral exploration, development and mining, including environmental hazards, industrial accidents, unusual or unexpected formations, pressures, cave-ins, flooding and gold bullion, copper cathode or gold or copper concentrate losses (and the risk of inadequate insurance, or inability to obtain insurance, to cover these risks).
Many of these uncertainties and contingencies can affect our actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, us. Readers are cautioned that forward-looking statements are not guarantees of future performance. All of the forward-looking statements made in this press release are qualified by these cautionary statements. Specific reference is made to the most recent Form 40-F/Annual Information Form on file with the SEC and Canadian provincial securities regulatory authorities for a more detailed discussion of some of the factors underlying forward-looking statements and the risks that may affect Barrick's ability to achieve the expectations set forth in the forward-looking statements contained in this press release.
Barrick disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable law.
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