FN Media Group News Commentary - Gold prices are forecast to climb to record highs in the coming year. The price of gold has soared to new heights this year and is positioned to climb into early 2025, rising to new record highs, according to Goldman Sachs Research. The precious metal has increased more than 20% this year, peaking at a record of more than $2,500 per troy ounce. Goldman Sachs Research forecasts the price will reach $2,700 by early next year, buoyed by interest rate cuts by the Federal Reserve and gold purchases by emerging market central banks. The metal could get an additional boost if the US imposes new financial sanctions or if concerns mount about the US debt burden. They see that Gold prices are forecast to climb to record high. Goldman Sachs says that: "Gold is our strategists' preferred near-term long (the commodity they most expect to go up in the short term), and it's also their preferred hedge against geopolitical and financial risks. In this softer cyclical environment, gold stands out as the commodity where we have the highest confidence in near-term upside," Goldman Sachs Research strategists Samantha Dart and Lina Thomas write. Active Mining Companies in the markets today include Asia Broadband Inc. (OTCPK: AABB), Equinox Gold Corp. (NYSE American: EQX), Kinross Gold Corporation (NYSE: KGC), Barrick Gold Corporation (NYSE: GOLD), IAMGOLD Corporation (NYSE: IAG).
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Impact Minerals - June 2022 QUARTERLY REPORT
Impact Minerals (ASX:IPT) has released its June 2022 quarterly report.
HIGHLIGHTS
1. Broken Hill, NSW (IPT 100%: IGO earning 75%)
- Deep-penetrating ground EM survey continues at the Broken Hill Joint venture with IGO.
2. Hopetoun, WA (Impact earning 80%)
- Diamond drill programme completed at Hopetoun: 25m wide sulphide bearing shear zone intersected at Silverstar.
- Assays due late July.
- First pass soil geochemistry surveys completed over other priority targets.
- Application for a new exploration licence lodged to cover part of the Jerdacuttup Fault and the southern extension of the Ravensthorpe greenstone belt.
3. Arkun-Beau, WA (IPT 100%)
- Follow-up work including field checking, and rock chip sampling
- and soil geochemistry survey’s completed.
- Land Access Negotiations are ongoing
- Airborne EM survey completed over priority targets.
4. Dinninup, WA (IPT 100%)
- New project acquired which covers 485 sq km located 60 km east of the world-class Greenbushes lithium-tantalum mine.
- No previous exploration except for bauxite.
- Project acquired for $20,000 cash and 3 million options exercisable at 2.4 cents.
- High-priority targets for nickel-copper-Platinum Group Elements (PGM), lithium-caesium-tantalum (LCT) pegmatites and Rare Earth Elements (REE) identified in a first-pass soil geochemistry survey that tested geophysical targets.
- Very high success rate of anomaly identification validates
- Impact’s targeting methodology.
5. Commonwealth, NSW (IPT 100%)
Negotiations in progress for a transaction on the project.
6. Blackridge, QLD (IPT 100%)
- Project sold to an unrelated private company.
- Terms of the sale are:
$30,000 cash for the outright sale of ML2386 (completed);
$50,000 cash as a non-refundable option fee to purchase three exploration licences EPM26806, EPM27410 and EPM27571 within two years for $350,000; and
- A 1% gross royalty for all gold produced after the first 5,000 ounces of production.
- 1 (one) for 4 (four) Renounceable Rights Issue at $0.011 per share completed to raise $3.2 million (before costs).
- With every two new Shares subscribed for, one free attaching Listed Option was issued with an Exercise Price of $0.02 and an Expiry Date of 2 June 2024 (ASX: IPTOB).
- All Directors took up their full entitlement.
OVERVIEW
During the Quarter Impact continued work on its change in strategic focus from eastern Australia to the emerging mineral province of south west Western Australia following the recent Julimar PGE-Ni-Cu discovery (ASX:CHN) and also home to the world class Greenbushes lithium-tantalum mine (Figure 1).
Impact has assembled a significant number of projects in this highly prospective region, both 100% owned, (Arkun-Beau, Dinninup, Mineral Hill and Martup) and in joint venture (Hopetoun, Jumbo, Narryer and Dalgaranga). In addition, the Company is in a joint venture at the Doonia gold project near Kambalda where drill results are awaited (Figure 1). Drill results are also awaited at Hopetoun.
Current work programmes are aimed at defining drill targets at the flagship Arkun-Beau-Jumbo area and progressing interpretations of data at Doonia and Hopetoun. The other projects are also being progressed via compilations of previous work and preliminary interpretations of the surface and bedrock geology to identify areas of interest for follow up exploration.
Figure 1. Location of Impact’s projects in Western Australia
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This article includes content from Impact Minerals Limited , licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
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Impact Minerals Limited
Investor Insight
With a mining lease application underway and a scoping study that shows excellent economics, Impact Minerals’ game-changing, advanced Lake Hope high-purity alumina project makes for a compelling investment case.
Overview
Impact Minerals (ASX:IPT) is an exploration and development mining company focused on discovering and developing new resource projects within Australia. Lake Hope, a transformational acquisition by the company and its current flagship asset, is a high-purity alumina (HPA) project in Impact’s home territory of Western Australia, a tier-one jurisdiction.
This advanced-stage project allows the company to fast-track the asset toward development, firmly establishing the company on the road to production and increasing shareholder value.
HPA is a high-value product with various uses in several industries that are key to the transition to a low-carbon world. It is mainly used in LED lighting, micro-LED screens, and ceramic-coated separators in lithium-ion batteries. Both these markets are forecast to grow dramatically over the next decade, and a looming supply shortage is predicted for 2026.
HPA is also necessary for producing synthetic sapphire and scratch-resistant glass. With these ever-widening applications for HPA, demand for this resource is expected to grow from US$3.18 billion to US$12.21 billion by 2030 with a compounded annual growth rate of about 20 percent.
Lake Hope is the company’s current focus as it moves towards production, and where a very shallow, high-grade resource of HPA precursor material has been identified in the top two meters of a dry salt lake. The deposit has unique physical and chemical properties that will allow for inexpensive digging and mining, with transportation to a processing facility off-site in an established industrial area. This will accelerate the approvals processes required to get into production.
With a mining lease application pending, Impact aims to bring Lake Hope, which contains almost 1 million tons of potential HPA, into production when the forecast average price for 4N HPA (99.99 percent Al2O3) and related products is about US$20,000 per ton. The ‘4N’ designation indicates the purity grade, making it suitable for high-tech end uses.
Outstanding economics from the latest scoping study released by the company shows Lake Hope’s potential to be the lowest-cost producer of HPA globally by up to 50 percent.
Lake Hope has a maiden mineral resource estimate (MRE) of 3.5 million tons at 25.1 percent alumina (Al2O3) for a contained 880,000 tons of alumina. The company also received heritage clearances for the entire Lake Hope deposit further de-risking the project and providing another critical component in the company’s application for a mining lease.
Impact completed a bulk sampling and test pits program at the Lake Hope project in December 2023, and later reached a key milestone by producing HPA greater than 99.99 percent (4N) purity from the metallurgical processing of lake clays acquired from Lake Hope.
In February 2024, a new proprietary metallurgical process for producing HPA from the lake clays was identified. Impact produced 99.99 percent (4N) Al2O3 from a low-temperature leach (LTL) process. The LTL process may lower the capital and operating costs to produce HPA compared to the sulphate process which underpinned the recent scoping study. The LTL process will be included in the ongoing pre-feasibility study in parallel with the sulphate process at marginal extra cost to determine the best processing route to HPA. The PFS is due to be completed in late 2024.
A comparison of the LTL process and the sulphate process
The company is well funded to finance the pre-feasibility study at the Lake Hope High Purity Alumina project and exploration activities at the Arkun battery minerals project.
Impact Minerals was also one of the inaugural cohort of seven companies selected to be part of the prestigious BHP Xplor program. BHP Xplor, an accelerator program introduced by BHP in August 2022, is designed to help provide participants with the opportunity to accelerate their growth and the potential to establish a long-term partnership with BHP and its global network of partners.
The BHP Xplor funding was used to identify new target areas for copper and other energy metals around the Broken Hill area in New South Wales, eastern Australia, where Impact has been quietly adding to its ground position for several years.
Additionally, the company is exploring its large Arkun battery metals project, also in Western Australia which covers nearly 2,900 square kilometres. Three new exploration licence applications were submitted recently immediately north of the Arkun project along trend from the recently discovered REE soil geochemistry anomalies at Hyperion, Swordfish and Horseshoe, and the Caligula copper anomaly. These anomalies require drill testing which will occur in 2024 and is an exciting development in the emerging mineral province of southwest WA.
A strong management team with over 50 years of combined industry experience leads the company. With a mining and exploration geology degree, Dr. Mike Jones, managing director, launched a long career consulting and leading mining organizations. Peter Unsworth, the non-executive chairman, has more than 35 years of experience in multiple financial sectors, such as securities industries and wealth management. Paul Ingram, a non-executive director, has led several mining companies since 2003. Impact Minerals has the experience and expertise to lead the company to success.
Company Highlights
- Impact Minerals is an exploration and development mining company focused on rapidly moving its flagship Lake Hope high-purity alumina (HPA) project toward production.
- The Lake Hope project has a high-grade maiden mineral resource estimate (MRE) of 3.5 million tonnes at 25.1 percent alumina (Al2O3), for a contained 880,000 tonnes of alumina that can be converted to HPA.
- HPA is used throughout multiple industries, and the overall HPA market is projected to grow by a CAGR of 18.4 percent by 2030.
- A pre-feasibility study is currently in progress and scheduled to be completed by Q4 2024. A mining lease application for the Lake Hope High Purity Alumina (HPA) was recently lodged with the aim of being granted by 2026.
- The company’s project portfolio also includes assets with high-grade mineral deposits of a range of base, critical and precious metals.
- Impact Mineral’s 2,000-square-mile Arkun nickel-copper-PGE project in Western Australia has produced encouraging assays that motivate further exploration. Maiden drill programmes are planned for early 2025.
- The company is also exploring its Broken Hill copper project in New South Wales following a major grant under the auspices of the BHP Xplor program in 2023..
- A strong management team leads the company with experience in geology, mining and corporate finance.
Key Projects
Lake Hope HPA Project
Impact Minerals’ Lake Hope HPA project is in Western Australia, a tier-one mining jurisdiction. HPA is a crucial component in many new and emerging technologies, creating ongoing demand for high-grade sources. The Lake Hope project is the company’s flagship as it moves toward production.
Project Highlights:
- Maiden Mineral Resource Estimate: A maiden mineral resource of 3.5 million tonnes at 25.1 percent alumina (Al2O3) for a contained 880,000 tonnes of alumina has been defined at the Lake Hope HPA Project. About 88 percent of the resource, or 775,000 tonnes of alumina, is in the higher confidence indicated resource category.
- Amenable to Open-pit Mining: The Lake Hope project is a unique HPA asset amenable to shallow, open-pit mining. The deposit is soft and shallow, allowing for cheap digging and minimal infrastructure requirements. This type of deposit also lowers the environmental footprint of the operation.
- Fast-tracked to Production: A mining lease application is currently underway. Once granted, the company will begin working towards a pre-feasibility study and mini pilot plant. Impact Minerals plans to reach a complete pilot plant by 2026.
- Impressive Results of the 2023 Scoping Study: Outstanding economics show Lake Hope to potentially be the lowest-cost producer of High Purity Alumina (HPA) globally by up to 50 percent. Key outcomes from the scoping study include:
- Annual production of 10,000 tpa of 4N HPA with an initial 25-year mine life
- Annual EBITDA of A$174 million.
- 2 years construction period with 5,000 tonnes of production during the first year, 8,000 tonnes in the second year and 10,000 tonnes of production thereafter.
- US$934 million post-tax NPV8 at an IRR of 55 percent.
- Mining Lease Application: Amining lease application was lodged in mid-2024 over the West Lake resource while a miscellaneous licence application (L63/99) was lodged to cover mine infrastructure and haulage road.
The scoping study was underpinned by a sulphuric acid process allowing the company to achieve a new milestone by producing HPA with purity of more than than 99.99 percent (4N) from the metallurgical processing of lake clays acquired from Lake Hope. The company further identified a new proprietary metallurgical process for producing HPA from the lake clays. Known as the low-temperature leach (LTL) process, this also produced 99.99 percent (4N) Al2O3 and has the potential to lower even further the capital and operating costs to produce HPA compared to the sulphate process. The LTL process will be included in the ongoing pre-feasibility study along with the sulphate process to determine the best processing route to HPA. The PFS is due to be completed in late 2024.
Broken Hill Copper Project
The Broken Hill project has a significant land position of 815 square kilometers and hosts multiple targets with the potential for high-grade copper. Broken Hill is located in New South Wales, Australia, an area known for its prolific silver-lead-zinc mining operations and the giant Broken Hill deposit.
Project Highlights:
- Participant in the BHP Xplor Program: Impact was selected for the BHP Xplor program in 2023 based on its Broken Hill project. The program is designed to allow participants to accelerate growth and establish a long-term partnership with BHP.
- Potential for Additional Minerals and Deposits: As well as copper, the project has significant exploration potential for magmatic nickel-copper-PGE sulphides, and at the time the host rocks were formed, Broken Hill was located close to the world-class nickel-copper-PGE deposit of Jinchuan and the significant Lengquisheng deposit. The project area also has the potential to contain zinc-lead-silver deposits, providing even more value.
Arkun Nickel-Copper-Gold-Lithium-REE Project
The Arkun project is a 2,900-square-kilometer nickel, copper and gold project located in the emerging Ni-Cu-PGE province near the world-class Julimar Ni-Cu-PGE deposit and surrounded by Anglo American Corporation, which secured its ground holding shortly after Impact secured its asset. Anglo-American is one of the world’s top ten mining companies, and their presence in the region brings confidence in the project’s potential.
Project Highlights:
- Additional Exploration Underway: Impact plans follow-up work programs, including drilling, at its priority targets.
- Significant Targets Identified: Recent soil sampling identified two new prospects:
- Hyperion prospect - Located in the northwestern part of the project area returned with rare earth element anomalism of up to 5,880 ppm (0.59 percent) total rare earth oxide (TREO+Y) and neodymium and praseodymium (Nd+Pr) of up to 21 percent.
- Caligula prospect - Initially identified on the roadside, the Caligula prospect is a large and significant target for porphyry copper mineralisation.
- Three New Exploration Licences: Impact applied for three new exploration licences expanding Arkun project along trend from the recently discovered REE soil geochemistry anomalies at Hyperion, Swordfish and Horseshoe as well as the Caligula copper anomaly.
Management Team
Peter Unsworth - Non-executive Chairman
Peter Unsworth, formerly a chartered accountant, has over 35 years of experience in the corporate finance, investment and securities industries and a wealth of management experience with public and private companies. A former executive director with a leading Western Australian stockbroking company, Unsworth has been a director of several public exploration and mining companies. He recently completed a long time serving as chairman of the Western Australian Government-owned Gold Corporation (operator of The Perth Mint). Unsworth is the founding chairman of Impact Minerals.
Dr. Mike Jones - Managing Director
Dr. Mike Jones is the founding managing director of Impact Minerals Limited, which was listed on the Australian Stock Exchange in November 2006. Reporting to the board of directors, he is responsible for the company's performance as it moves towards production at its Lake Hope High Purity Alumina Project and also for implementing strategies to explore and maximize the value of the company's other extensive tenement holdings.
Since listing, he has helped raise more than $60 million to help fund the exploration of Impact’s projects and managed the company through significant adverse events, including the global financial crisis and the Fukushima nuclear disaster, which affected Impact’s considerable investment in the uranium sector, a five-year global downturn in the mining sector and more recently, the COVID-19 pandemic.
Paul Ingram - Non-executive Director
Paul Ingram is a geologist with extensive experience managing major mineral exploration programs for several publicly listed companies and has been involved in the mining sector for over thirty years. He has designed and implemented innovative techniques for exploration in remote areas and has managed projects in countries throughout Australia and East Asia. Ingram has been a director of the following listed companies in the past three years: Polo Resources from January 2008 to January 2011; A-Cap Resources since June 2009; Consolidated Global Investments since September 2006; Caledon Resources from February 2003 to March 2008; and Australian Pacific Coal since March 2011.
Dr Frank Bierlein - Non-executive Director
Dr. Frank Bierlein is a geologist with 30 years of experience as a consultant, researcher, lecturer and industry professional. Bierlein has held exploration and generative geology management positions with QMSD Mining, Qatar Mining, Afmeco Australia and Areva NC, and consulted for, among others, Newmont Gold, Resolute Mining, Goldfields International, Freeport McMoRan, and the International Atomic Energy Agency. He is currently a non-executive director of PNX Metals. He was previously a non-executive director of Gold Australia NL and chaired the advisory board of a Luxembourg-based private equity fund between 2014 and 2021.
World Class Copper Potential Increased at Yataga Copper Project – Georgetown, QLD
EMU NL (“EMU” or “the Company”) is pleased to provide an update on recent exploration work at the Company’s newly named Yataga Copper Project1, located within the Yataga Igneous Complex near Georgetown in North Queensland.
- Recent surface Geochemical surveys have updated EMU’s Ecological modelling and identified multiple intra-pluton porphyry copper centres close to surface within the Yataga Copper Project at Georgetown in Far North Queensland.
- EMU’s consultants have advised that these porphyry centres are concentrated along a “structural belt” and modelled to be near surface and their advice is that the unusual character of these intra-pluton copper centres nay be analogous to the Highland Valley Copper Mine, where a series of porphyry copper deposits host Canada’s largest open pit copper nine which produced more than 130kt in 2021.
- Dr Gregg Morrison, Queensland-based Geological Consultant with 45 years’ experience, has accepted an invitation to be appointed Technical Advisor to the Project. His authority and significant knowledge of the metallogenic systems of northern Queensland adds substantial value to the developing discovery.
- EMU’s recent work has identified a combined area of 8km2 of copper-in-soil anomalism with significant potential for expansion.
- Additional work includes;
- a 220-line km airborne electromagnetics survey (results pending).
- A 20-line km ground-based Pole-Dipole Induced Polarisation (PDIP) and Magnetotelluric (MT) survey currently underway.
- These geochemistry and geophysics survey results will provide an optimized low risk drilling programs to be carried out in the near future.
EMU Non-Executive Chairman Peter Thomas commented:
“Whilst it is still early days, results from EMU’s field work continue to provide encouragement that this project has the potential to be a Global Tier 1 scale copper discovery.
EMU has undertaken a meticulous, methodical and measured exploration programme guided by the best available expertise. EMU has carried out important Geophysical and Geochemical survey work that is assisting Ecological assessment of what appears to be high grade surface mineralisation indicating the presence of multiple Cu-bearing intrusive centres close to surface. EMU is determined to do a professional job driven by fundamentals and first principles.
Accordingly, EMU remains focused on establishing sound compelling drill vectors that give the project its best chances of success
Prudent and diligent field and desktop work being pursued is a comparatively low-cost avenue to optimise drilling efforts.
We are absolutely delighted and honoured to have secured the services of Dr Gregg Morrison, an expert in the style of mineralisation we are encountering at the Yataga Copper Project. Dr Morrison has already added value with his input to recent exploration and modelling. His technical knowledge on ore controls and hydrothermal system Geometry will be invaluable in defining and building confidence in drill targets as we seek to unlock the potential large-scale economics of the project.
Our recent 27km2 Geochemistry field survey, has demonstrated vast copper-in-soil anomalism over an area of 8km2 in aggregate reflecting very large potential. Our exploration team believes that the abundant and pervasive surficial expression of copper cannot be explained other than that there simply MUST be a near surface local concentrated source. Our goal is to find that source.
The team is working with preliminary pXRF Geochemistry to delineate the likely mineralisation fluid- flow geometry leading to defining priority structural/geological drill targets. Meanwhile, we continue to take samples for Geochemical analysis and to gather Geophysical data directed at providing compelling vectors for drilling at Yataga and, additionally, to assess bonanza grade gold occurrences across the broader 850km2 project.
EMU will prepare an appropriate drilling program the project once its team is comfortable that a higher level of confidence in targets can be achieved.”
Exploration Activity
EMU’s discovery team has made significant progress with the latest Geochemistry field work. The termite mound sampling methodology has proven to be highly reliable and productive.
The 27km2, grid controlled pXRF (Portable X-Ray Fluorescence analyser) programme sampled 1152 termite mounds. The combined area of highly anomalous copper has been substantially extended with copper mineralisation surface expression now covering a vast area – approximately 8km2 including the original discovery prospect – Fiery Creek. (See Figure 1). The potential to extend the area of copper mineralisation even further is possible and will follow from in field geochemistry and geophysics surveys currently in progress.
The areas of copper-in-soil anomalies delineated in this first-pass programme are defined as pXRF values ranging between 150 – 76͘ ppm Cu, equivalent to 5 – 25 times the average crustal abundance (or background values) for copper in Granodiorites.
Figure 1: The termite mound Geochemical sampling programme grid with Copper (Cu) heat map overlying geology. The main Cu-zones of Fiery Creek Prospect and Yataga Valley Prospect are clearly defined. (See also Figure 4.)
Modelling of the surface mineralisation indicates the presence of multiple Cu-bearing intrusive centres close to surface. Planned geophysical surveys to be conducted during September and October are targeted to “nap” the 3-dinensional aspects of the mineralised pluton and provide information on mineral pathways and mineralisation signatures. The surveys will provide a depth component to the surface field data collected to date, enhancing the definition of the erosional level of the mineralised system and the depth extent of the pluton roof and the location of the stocks and dykes that are the source of mineralisation.
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This article includes content from EMU 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.
Outstanding Drill Results Confirm High Grade Uranium Mineralisation at the Ashburton Project
Piche Resources Limited (ASX: PR2) (“Piche” or the “Company”), is pleased to announce the first outstanding intersections received from its reverse circulation drilling programme on its Ashburton project in Western Australia. The results confirm the mineralisation and its downdip continuation at the Angelo A prospect.
HIGHLIGHTS
- Assay results from the first six reverse circulation (RC) drill holes completed at the Angelo A prospect within Piche’s Ashburton project have all returned significant high grade uranium mineralisation.
- Equivalent U3O8 concentrations have been calculated from downhole gamma surveys and results include:
- ARC001 6.98m @ 1,617 ppm eU3O8 from 101.84 metres
- ARC002 4.36m @ 2,205 ppm eU3O8 from 109.89 metres
- ARC003 3.96m @ 1,516 ppm eU3O8 from 86.89 metres
- ARC004 6.02m @ 801 ppm eU3O8 from 83.55 metres
- ARC006 3.45m @ 5,129 ppm eU3O8 from 137.62 metres incl 0.34m @ 16,050 ppm eU3O8 from 139.11 metres
- ARC007 1.30m @ 503ppm eU3O8 from 123.37 metres.
- The ongoing drilling programme is designed to confirm previous high grade uranium results at the Angelo A & B prospects, test a revised model for the controls on mineralisation and identify extensions to the existing mineralisation.
- The drilling is targeting Proterozoic unconformity style uranium mineralisation, like the Pine Creek Geosyncline in Australia and the Athabasca Basin in Canada.
- Further RC results will be released as the drilling programme continues and a diamond drill rig will be mobilised to site in the coming week.
The continuing drilling programme is being undertaken at, and along strike of, the Angelo A prospect. No exploration activities have been carried out at Angelo A over the last 40 years.
Table 1: Angelo A Reverse Circulation drill hole intersections (cut-off grade of 250ppm eU3O8)(All thicknesses are downhole thicknesses as there is currently insufficient information to accurately calculated true widths)
Table 2: Drill hole details of holes referenced above(Table 2 documents the drill hole location details. Coordinates are reported in GDA94)
*ARCD005 is a pre-collar to a planned diamond drillhole which will be completed on arrival of the diamond drill rig
The drill rig will move to Angelo B prospect, approximately 1.3km to the northeast, following the completion of the Angelo A drilling.
This programme will be followed by a diamond drilling programme scheduled for later this month. These drilling programmes are planned to confirm the results from previous exploration by drilling several twin holes, to test a revised model for the control of the uranium mineralisation and explore for extensions to the mineralisation identified between 1973 and 1984.
The project area is located approximately 140km to the west-southwest of Newman in the Pilbara region of Western Australia (Figure 1). Piche holds three tenements totalling about 122km2 in its Ashburton Project (Figure 2).
Piche’s Managing Director, Stephen Mann, commented:
“The Company is very excited following the receipt of results from the first six holes of Piche’s initial drilling programme on its Ashburton Project. Not only have we confirmed the historical results with several twin holes, but we have shown that the mineralization continues downdip. Drilling to date has confirmed that mineralisation occurs within the typical unconformity model, with highly altered uranium rich sandstones at the unconformity, and the potential of mineralized “feeder” zones extending steeply below that unconformity zone. It is expected that further drilling in this campaign should result in more clarity of the distribution and controls of mineralization”.
Previous explorers at the Ashburton Project area focused their efforts on the unconformity between the mid Proterozoic sandstones and the early Proterozoic basement complexes.
The Ashburton Project area hosts unconformity-related uranium mineralisation. Unconformity uranium style deposits constitute approximately 20% of Australia’s total uranium resources and about one-third of the western world’s uranium resources and include some of the largest and richest uranium deposits2. Minerals are uraninite and pitchblende. The main deposits occur in Canada (the Athabasca Basin, Saskatchewan and Thelon Basin, Northwest Territories); and Australia (the Alligator Rivers region in the Pine Creek Geosyncline, NT and Rudall Rivers area, WA1). In both Canada and Australia mineralisation is often found at the unconformity and in the basement complex well below the unconformity.
Uranium mineralisation at the Ashburton Project area occurs along the Lower Proterozoic Wyloo Group/Mid Proterozoic Bresnahan Group contact. Uranium mineralisation has previously been identified from broad spaced drilling at Angelo A and B prospects (Figure 3). Mineralisation intersected in this first phase of drilling by Piche has identified significant uranium at, or near the unconformity, but also in units immediately above the unconformity and well into the underlying basement units. Mineralisation is commonly associated with hematitic alteration of felspathic medium to coarse grained sandstones and is spatially associated with carbonaceous and graphitic shales. Visible uraninite has been recognised in several intersections.
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This article includes content from Piche 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.
Athena Gold Samples up to 50.6 g/t Gold From Buster Mine at Excelsior Springs Project, Esmeralda County, Nevada
Athena Gold Corporation (CSE:ATHA)(OTCQB:AHNR) ("Athena" or the "Company") is pleased to report high-grade gold and silver samples from its first-ever underground mapping and sampling program at its flagship Excelsior Springs project in Nevada's prolific Walker Lane Trend. Five samples were collected underground from the past-producing Buster Mine, which historically produced an estimated 19,200 oz Au at an average grade of 41.1 g/t Au. Two of these samples returned high-grade Au, including:
- 50.6 g/t Au and 33.7 g/t Ag over 0.3 m, from the 75' level; and,
- 28.1 g/t Au and 29.6 g/t Ag over 1.0 m, from the 125' level.
The reconnaissance program conducted in August 2024 represents Athena's first-time underground at the Buster Mine, providing an opportunity for the team to have a close-up look at the mineralized orebody and gain a better understanding of structural controls at Excelsior. Historical sampling included four samples which exceeded the upper detection limit of 10 g/t Au; however, these were never analyzed to completion. The geologist who collected the surface and underground samples at the Buster Mine in 1986 estimated a mineralized zone containing a historical mineral inventory of up to 200,000 oz Au within a shallow depth of 61 m. This estimate is historical in nature and should not be relied upon as a current mineral resource. A qualified person has not done sufficient work to classify the historical estimate as current mineral resources or mineral reserves.
"We are pleased to see sampling results confirm the high-grade nature of the epithermal veins at the historic Buster Mine. In addition, we now have a much better understanding of structural controls on mineralization at Excelsior, which should bode well for planning our upcoming drill program" stated John Power, President & CEO of Athena Gold. "Due to small stoping dimensions and uncertain ground conditions, we were unable to sample over broader zones - however, we have reason to believe that high-grade, vein-hosted mineralization ‘bleeds' into the host rock as evidenced by previous drilling at Excelsior. The Buster Mine area is located 400 meters from the Western Slope Zone where our recent RC drill campaigns returned several impressive intercepts including up to 5.2 g/t Au over 33 m. Importantly, the geochemistry at Buster and the Western Slope Zone appear very similar, providing evidence that both mineralized zones may be part of the same system, and opens up the possibility of a larger, mineralized system connecting these two zones."
Two distinct structural orientations were observed and believed to be controlling mineralization, both east-west striking. The first is very steeply north dipping and yielded 50.6 g/t Au over 0.3 m (Figure 1). This sample was collected near the eastern stope on the 75' level, where historical sampling returned 5.8 g/t Au over 1.07 m. Historically, the higher-grade samples which exceeded the 10 g/t Au detection limit were collected from the western stope on the 75' level. Most of the past production occurred within the western stope, which extends from near surface to the 125' level.
On the 125' level, a shallow 35° north dipping fault zone yielded 28.1 g/t Au over 1.0 m (Figure 2). The steeper structures identified on the 75' level appear to be cut by this younger, shallow structure.
This work program demonstrated the important role these shallow structures, which can be traced on surface, play in the control of mineralization at Excelsior Springs. Additional surface and underground mapping will be conducted to better understand the distribution and extent of mineralization along these structures to better target future drilling.
Figure 1: Plan map of the historic Buster Mine, 75' level.
Figure 2: Photograph of 125' Level at Buster Mine, showing sample location and identified structures, looking east.
About the Buster Mine
The Buster Mine is located on the Fortunatus patented claim owned by Athena and is an integral part of our flagship Excelsior Springs Project.
Mineralization at the Buster Mine was discovered in 1872 and has been through several periods of small-scale mining and exploration efforts. During the late 1800s and perhaps the early 1900s there was unconfirmed reported production from the Buster Mine of an estimated 19,200 oz Au at an average grade of 41.1 g/t Au.
The Buster Shaft is 235' deep, with workings on the 75', 125', and 175' levels. It is estimated there is approximately 1,540' of accessible workings, most of which are on the 75' and 125' levels.
Technical Information
The data disclosed in this news release includes historical exploration sampling results. The reader is cautioned that the historical results are based on prior data and reports prepared by previous property owners and other sources. Athena has not independently analyzed the results of the historical exploration work to verify the results. The reader is cautioned not to treat them, or any part of them, as current and that a qualified person has not done sufficient work to verify the results and that they may not form a reliable guide to future results. No independent QA/QC protocols are known for these samples and as such analytical results may be unreliable. Athena's current and future exploration work includes verification of the historical data through further exploration.
QA/QC
Sample preparation and gold analysis was performed by ALS Global in Reno, Nevada. Rock samples were analyzed for gold and 50 other elements by inductively coupled plasma followed by mass spectrometry (ME-MS41) and gold by 30-gram fire assay followed by atomic absorption (Au-AA23). Gold over limits were determined by a gravimetric method (Au-GRA21).
Qualified Person
Technical information in this news release has been reviewed and approved by Matthew R. Dumala, P.Eng., a geological engineer with Archer, Cathro & Associates (1981) Limited and a qualified person for the purposes of National Instrument 43-101.
About Our Flagship Excelsior Springs Project
The Excelsior Springs Project (the "Project") lies within the prolific Walker Lane tectonic trend, a large region of northwest-trending, strike-slip fault zones that host a significant number of precious metal deposits having very strong structural control for mineralization. The Walker Lane trend is experiencing a major resurgence of intense and successful exploration and development.
The Project contains numerous prospect pits, trenches, roads, surface sampling sites and 113 drill holes to date within a 300m X 3,000m wide (1,000 foot-wide and 10,000-foot-long east-west trending zone of shearing and alteration. Underground workings on the two patented claims within the Project had unverified, historical production of 19,200 oz at 41.1 g/t Au.
Gold mineralization discovered at the Project to date occurs in quartz veins, stock-works, and silicified zones in hornfels and calc-silicate altered country rock and is generally close to porphyry dykes. The best grades and thicknesses discovered recently were found in oxidized and altered sedimentary rock immediately above porphyry dykes intruded along preexisting east- and east-northeast trending faults. The mineralized stock-work vein zones are shallow and have a relatively flat plunge, making them potentially amenable to open pit mining methods.
Based on the results of previous drilling programs, the Project has the potential to host one or more shallow gold deposits amenable to open pit mining, along with deeper, higher grade feeder zones that may be found and could be mined by underground methods. In the opinion of management and its consultants, the Project is very promising and further exploration has the potential to expand the known mineralization and establish additional mineralized zones.
About Athena Gold Corporation
Athena is engaged in the business of mineral exploration and the acquisition of mineral property assets. Its objective is to locate and develop economic precious and base metal properties of merit and to conduct additional exploration drilling and studies on the Project.
For further information about Athena Gold Corporation and our Excelsior Springs Gold project, please visit www.athenagoldcorp.com.
On Behalf of the Board of Directors
John C. Power
Chief Executive Officer and President
For further information, please contact:
John C. Power
Email: johnpower@athenagoldcorp.com
Jason Libenson
President and CCO
Castlewood Capital Corporation
Phone: (647)-534-9884
Email: jason@castlewoodcapital.ca
Forward Looking Statements
This press release contains forward-looking statements and forward-looking information (collectively, "forward-looking statements") within the meaning of applicable Canadian and U.S. securities laws. All statements, other than statements of historical fact, included herein including, without limitation, statements regarding future exploration plans and the completion of a phase 2 drill program at the Project, future results from exploration, and the anticipated business plans and timing of future activities of the Company, are forward-looking statements. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are typically identified by words such as: "believes", "will", "expects", "anticipates", "intends", "estimates", "plans", "may", "should", "potential", "scheduled", or variations of such words and phrases and similar expressions, which, by their nature, refer to future events or results that may, could, would, might or will occur or be taken or achieved. In making the forward-looking statements in this press release, the Company has applied several material assumptions, including without limitation, that there will be investor interest in future financings, market fundamentals will result in sustained precious metals demand and prices, the receipt of any necessary permits, licenses and regulatory approvals in connection with the future exploration and development of the Company's projects in a timely manner, QAQC procedures at the Project were followed, the availability of financing on suitable terms for the exploration and development of the Company's projects and the Company's ability to comply with environmental, health and safety laws.
The Company cautions investors that any forward-looking statements by the Company are not guarantees of future results or performance, and that actual results may differ materially from those in forward-looking statements as a result of various factors, including, operating and technical difficulties in connection with mineral exploration and development activities, actual results of exploration activities, the estimation or realization of mineral reserves and mineral resources, the inability of the Company to obtain the necessary financing required to conduct its business and affairs, as currently contemplated, the timing and amount of estimated future production, the costs of production, capital expenditures, the costs and timing of the development of new deposits, requirements for additional capital, future prices of precious metals, changes in general economic conditions, changes in the financial markets and in the demand and market price for commodities, lack of investor interest in future financings, accidents, labor disputes and other risks of the mining industry, delays in obtaining governmental approvals, permits or financing or in the completion of development or construction activities, risks relating to epidemics or pandemics such as COVID-19, including the impact of COVID-19 on the Company's business, financial condition and results of operations, changes in laws, regulations and policies affecting mining operations, title disputes, the inability of the Company to obtain any necessary permits, consents, approvals or authorizations, including of the Canadian Securities Exchange, the timing and possible outcome of any pending litigation, environmental issues and liabilities, and other factors and risks that are discussed in the Company's periodic filings with the SEC and disclosed in the final long form prospectus of the Company dated August 31, 2021.
Readers are cautioned not to place undue reliance on forward-looking statements. The Company undertakes no obligation to update any of the forward-looking statements in this press release or incorporated by reference herein, except as otherwise.
SSR Mining Plans Restart of Seabee Gold Operations After Wildfire Shutdown
SSR Mining (TSX:SSRM,NASDAQ:SSRM) announced that operations at its Seabee site in Northern Saskatchewan will resume by the second half of October after a temporary shutdown caused by wildfire activity last month.
The fire, which led to a total evacuation of personnel, impacted some remote equipment at the site. Crucial infrastructure, including the Santoy underground mine and the Seabee process plant, were largely unaffected.
In the aftermath of the evacuation, a small team remained on site to work with the Saskatchewan Public Safety Agency to manage the situation. With the fire risk now significantly reduced, the company has cleared its workforce to return and begin repairing damaged equipment, including power poles and piping.
SSR also said in its Monday (September 23) release that it will provide updated production and cost guidance when it releases its third quarter financial results. Seabee's output for 2024 was previously projected at 75,000 to 85,000 ounces of gold at an all-in sustaining cost of between US$1,495 and US$1,535 per payable ounce.
SSR acquired Seabee in 2016 when it purchased Claude Resources. The mine is about 125 kilometers northeast of La Ronge, Saskatchewan, and consists of two main mining areas: the Seabee underground mine and the Santoy mine.
Santoy has been in commercial production since 2014, while Seabee, which began operations in 1991, exhausted its mineral resources in 2018. All ore from the mining operations is processed at the Seabee mill, which has also been running since 1991. The mill produces gold doré bars that are shipped to third-party refineries for final processing.
SSR has made efforts to optimize operations at Seabee, including process improvements and exploration activities. The acquisition of Taiga Gold in April 2022 expanded the company's exploration platform.
According to SSR's website, the Seabee site’s proven and probable mineral reserves currently total 343,000 ounces of gold at an average grade of 5.17 grams per metric ton (g/t). Its measured and indicated resources stand at 218,000 ounces of gold grading 4.36 g/t, while its inferred resources total 463,000 ounces grading 5.2 g/t.
The company continues to explore opportunities for reserve growth, particularly at the Santoy and Gap Hangingwall targets. SSR is also conducting further analysis and seeking permits for potential future mining at the Porky/Porky West area, where mineralization has been identified along a strike length of 2.5 kilometers.
Beyond Seabee, SSR has a portfolio of mining assets across the Americas. These include the Marigold mine, an open-pit gold mine located in Nevada, and the Puna operations, a silver-lead-zinc mine in Argentina. It also holds several development projects, including the San Luis gold-silver project in Peru and the Pitarrilla silver project in Mexico.
The company has faced challenges elsewhere in its portfolio. Earlier this year, SSR's Çöpler gold mine in Turkey was temporarily closed following a heap leach landslide that resulted in the deaths of nine workers.
Work to resume normal operations is underway, with cleanup efforts at the site involving the removal of an estimated 10 million metric tons of material.
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Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
On the Heels of Inflation, Why Experts Expect Gold Prices Will Climb to Record Highs in 2025
In an additional article , Goldman Sachs added: "The yellow metal typically only guards against very high inflation and large inflation surprises caused by losses in central bank credibility and geopolitical supply shocks. Gold usually didn't perform well in response to positive demand shocks when the central bank responded swiftly by hiking rates. Gold emerged as the best commodity to serve as a potential hedge against inflation and geo-political risks. Goldman Sachs Research's base case is that gold appreciates to $2,700/troy ounce by year-end, an increase of about 16%, on solid demand from central banks in emerging markets and from Asian households. Gold could help shield against potential stock market drops if a trade war erupts, and it has upside if concerns mount about the US debt load or if the Fed is subordinated by a new administration."
Asia Broadband Inc. (OTCPK: AABB) Gold Production Continues Upward Trend For Third Quarter, As Ore Stockpile Processing Plant Advances Towards Completion - Asia Broadband Inc. ("AABB" or the "Company) is pleased to announce that the Company's operations for the 3rd quarter ending September 30, 2024, will be completed next week and production levels have already surpassed the second quarter. The Company has exceeded its production and gross profit levels achieved in both the 1st and 2nd consecutive record quarters this year. Gold production more than doubled in the 1st quarter of 2024, in comparison to the 4th quarter of 2023, due to higher grade selection, recovery efficiencies and increased daily throughput levels. Additionally, the economies of scale from higher productions levels reduced production costs and added to the bottom-line gross profit, which has continued in an upward trend over the last three quarters.
The elevated operational strategies and efficiencies of the AABB mining team continued in the 3rd quarter and has firmly established the foundation for the high production levels to follow the completion of the Company's processing plant. The new facility is currently under construction in Etzatlan, Mexico, and its capacity will be primarily dedicated to processing the estimated $1 billion dollar ore value of the Company's exclusive rights surface stockpile. AABB continues to develop the processing plant and will release updates as progress milestones are reached. The Company will release a processing plant project update in October.
"The elevation of our production processes by the mining operations team in all three quarters of this year will have a multiplier effect with increased production levels. We are eagerly awaiting to extend this expertise to our massive ore stockpile processing when the new plant is complete. This will take us to a much higher level than we have ever reached before," expressed Chris Torres, the Company President and CEO.
AABB continues to implement its mining property acquisition strategy to optimize development capital utilization by focusing operations in regions of Mexico where AABB has a comparative advantage of development resources and expertise readily available for rapid expansion and duplication of the Company's previous gold production success. CONTINUED… Read this full release for Asia Broadband at: https://www.financialnewsmedia.com/news-aabb/
Other recent developments in the mining industry include:
Barrick Gold Corporation (NYSE: GOLD) recently said it is projecting a 30% growth in the production of gold-equivalent ounces from its existing assets by the end of this decade while it continues to unlock the value embedded in its portfolio, says president and chief executive Mark Bristow.
Speaking at the Gold Forum Americas , Bristow said while Barrick was alert to potentially value-accretive opportunities generated by the consolidation of the industry, it had the rare luxury of doing so from an asset base that would support organic growth well into the future.
"Five years ago, we set out to build a sustainably profitable gold and copper business focused on world-class assets. We did not have to buy them at a premium: they were embedded in the merged portfolio of Barrick and Randgold and we just had to unlock their value," he said.
Kinross Gold Corporation (NYSE: KGC) recently provided an update on the Great Bear project (the "Project"), located in Red Lake, Ontario, Canada. Kinross has completed a Preliminary Economic Assessment( PEA) for the Great Bear project which supports the Company's acquisition thesis of a top tier high-margin operation in a stable jurisdiction with strong infrastructure. Based on mineral resources drilled to date, the PEA outlines a high-grade combined open pit and underground mine with an initial planned mine life of approximately 12 years and production cost of sales of $594 per ounce. The Project is expected to produce over 500,000 ounces per year at an all-in sustaining cost (AISC) of approximately $800 per ounce during the first 8 years through a conventional, modest capital 10,000 tonne per day (tpd) mill.
Kinross has also released an updated mineral resource estimate increasing the inferred resource estimate by 568koz. to 3.884 Moz. which is in addition to the existing M&I resource estimate of 2.738 Moz. The mineral resource estimate and PEA for the Great Bear project are available here .
Equinox Gold Corp. (NYSE American: EQX) recently announced an updated Mineral Resource Estimate ("MRE") for its 100% owned, exploration-stage Hasaga Property ("Hasaga" or the "Property") in Red Lake, Ontario.
"Hasaga is located in the Red Lake Gold District of northwestern Ontario, which is renowned for its high gold grades and prolific historical gold production. This updated Mineral Resource Estimate focuses on the high-grade nature of the gold mineralization and is a departure from the previous bulk-tonnage approach," stated Scott Heffernan, EVP Exploration of Equinox Gold. "As expected, the updated Mineral Resource Estimate contains fewer gold ounces but at significantly higher average gold grades.
"Further, the main zones of gold mineralization included in the updated Mineral Resource Estimate remain open, with numerous historical gold intersections defining drill-ready targets highlighting the potential for resource growth and new discoveries."
IAMGOLD Corporation (NYSE: IAG) recently announced that the Côté Gold Mine ("Côté Gold" or "Côté") has reached commercial production. Côté Gold is located in Ontario, Canada and is operated as a joint venture between IAMGOLD, as the operator, and Sumitomo Metal Mining Co., Ltd. ("Sumitomo"). Commercial production is defined as the achievement of reaching a minimum of 30 consecutive days of operations during which the mill operated at an average of 60% of nameplate throughput of 36,000 tpd.
"I would like to commend our teams at Côté Gold who have come together to achieve another great milestone as we progress and ramp up what we believe will be one of Canada's largest gold mines and a model for modern mining in Canada," said Renaud Adams, President and Chief Executive Officer of IAMGOLD. "Since achieving the first pour of gold on March 31, 2024, our teams have spent the last four months methodically and iteratively testing and ramping up all facets of the mine. This process has required remarkable commitment, ingenuity and teamwork to bring all the systems online together to achieve this milestone."
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AGNICO EAGLE PROVIDES NOTICE OF RELEASE OF THIRD QUARTER 2024 RESULTS AND CONFERENCE CALL
Stock Symbol: AEM (NYSE and TSX)
Agnico Eagle Mines Limited (NYSE: AEM) (TSX: AEM) (" Agnico Eagle " or the " Company ") today announced that it will release its third quarter 2024 results on Wednesday, October 30, 2024 after normal trading hours.
Third Quarter 2024 Results Conference Call and Webcast
Agnico Eagle's senior management will host a conference call on Thursday, October 31, 2024 , at 11:00 AM (E.D.T.) to discuss the Company's financial and operating results.
Via Webcast :
To listen to the live webcast of the conference call, you may register on the Company website at www.agnicoeagle.com , or directly via the link here .
Via Phone :
To join the conference call by phone, please dial 416.945.7677 or toll-free 1.888.699.1199 to be entered into the call by an operator. To ensure your participation, please call approximately five minutes prior to the scheduled start of the call.
To join the conference call without operator assistance, you may register your phone number here 30 minutes prior to the scheduled start of the call to receive an instant automated call back.
Replay Archive :
Please dial 289.819.1450 or toll-free 1.888.660.6345, access code 80122#. The conference call replay will expire on November 30, 2024 .
The webcast, along with presentation slides, will be archived for 180 days on the Company's website.
About Agnico Eagle
Agnico Eagle is a Canadian based and led senior gold mining company and the third largest gold producer in the world, producing precious metals from operations in Canada , Australia , Finland and Mexico . It has a pipeline of high-quality exploration and development projects in these countries as well as in the United States . Agnico Eagle is a partner of choice within the mining industry, recognized globally for its leading environmental, social and governance practices. Agnico Eagle was founded in 1957 and has consistently created value for its shareholders, declaring a cash dividend every year since 1983.
View original content: https://www.prnewswire.com/news-releases/agnico-eagle-provides-notice-of-release-of-third-quarter-2024-results-and-conference-call-302258002.html
SOURCE Agnico Eagle Mines Limited
View original content: http://www.newswire.ca/en/releases/archive/September2024/25/c6008.html
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