The Conversation (0)
June 14, 2023
Challenger Exploration (ASX: CEL) (“CEL” the “Company”) is pleased to announce a first Mineral Resource Estimate (MRE) which is reported according to JORC (2012) for the Company's El Guayabo Gold Copper Project, in El Oro Province, Ecuador.
Highlights
- Initial Inferred Mineral Resource Estimate (MRE) of 270 mt at 0.52 g/t AuEq1 for 4.5 Moz AuEq1 at CEL's 100% owned El Guayabo Project in Ecuador (refer Table 1).
- The 4.5 Moz1 MRE contains a significant higher-grade core of mineralisation (refer Table 2):
- 1.45 Moz at 1.0 g/t AuEq1 (0.65 g/t AuEq cut-off) including;
- 1.01 Moz at 1.2 g/t AuEq1 (0.8 g/t AuEq cut-off) including;
- 0.63 Moz at 1.5 g/t AuEq1 (1.0 g/t AuEq cut-off).
- 1.45 Moz at 1.0 g/t AuEq1 (0.65 g/t AuEq cut-off) including;
- The MRE is predominantly based on drilling at the GY-A and GY-B anomalies and is constrained by drilling with mineralisation remaining open in both directions along strike and at depth.
- MRE does not include drill holes GYDD-23-039 (805.3m at 0.6 g/t AuEq) or GYDD-23-040 to 043 (assays pending) and will be updated upon the receipt of assays for these final five holes.
- Discovery Cost of approximately US$1.202 per ounce.
- Transforms CEL into a two-project company with gold equivalent resources of 2.8 Moz4 in Hualilan and 4.5 Moz1 in Ecuador, both of which remain open.
- Firm commitments received to raise $10 million by way of an institutional placement, with strong support received from domestic and offshore institutional investors
- Funds from the capital raising to be primarily applied to:
- Completion of a Pre-Feasibility Study (PFS) at CEL's Flagship Hualilan Gold Project;
- Regional exploration activities and drilling at Hualilan.
- Completion of a Pre-Feasibility Study (PFS) at CEL's Flagship Hualilan Gold Project;
1Reported as Gold Equivalent (AuEq) values – for requirements under the JORC Code see page 2
2Discovery cost includes cost of drilling, assaying and all GA associated with the MRE
Commenting on the resource, CEL Managing Director, Mr Kris Knauer, said
“I would like to congratulate our Exploration team in Ecuador for this outstanding start. An initial resource of 4.5 million ounces1, particularly given its higher-grade core of 1.5 Moz at 1.0 g/t AuEq, is a great start and has significant value in its own right.
It is, however, only our starting point. This resource is focused on 2 of the 7 targets at El Guayabo that have produced mineralised intercepts greater than 500 metres. Mineralisation on these two targets remains open in all directions along strike and at depth with the resource limited by a lack of drilling. Additionally, the final five holes in the program are yet to be included in the estimate which will be updated when assays for these holes are received."
This 4.5 Moz gold-equivalent1 MRE is based on 34 drill holes, for 22,572 metres, from the Company's Phase 1 and 2 diamond core drill program at its 100% owned El Guayabo concession. The final five holes in the program, including GYDD-23-039 (805.3m at 0.6 g/t AuEq including 546.7m at 0.8 g/t AuEq) and GYDD-23-040, GYDD-23-041, GYDD-23-042 and GYDD-23-043 (all assays pending) have not been included in the MRE. Accordingly, it should be regarded as an interim resource estimate which will be updated upon the receipt of assays for the final 5 holes which comprise 3,423 metres.
This initial resource drilling program, and resultant MRE, focused primarily on the GY-A and GY-B anomalies on the Company's 100% owned El Guayabo concession. Mineralisation remains open in both directions along strike and at depth at both GY-A and GY-B and there is clear potential for the MRE to grow significantly via additional drilling on these two anomalies.
Click here for the full ASX Release
This article includes content from Challenger Exploration, 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.
CEL:AU
3h
Agreement to Acquire Major Drill-Ready Antimony-Gold-Tungsten Project in Stibnite Mining District, Idaho, USA
The Horse Heaven Project, directly adjacent to the Perpetua Resources Corp. (PPTA.NAS) Stibnite Gold Mine, has strong Antimony, Gold, Silver and Tungsten mineralisation in two highly prospective structurally controlled mineralised corridors, and includes past- production of Antimony, Tungsten and artisanal Gold.
Resolution Minerals Ltd (“RML” or the “Company”) (ASX: RML) is pleased to announce that it has entered into a binding agreement for the acquisition of a brownfields Antimony and Gold project located in Idaho of the United States of America.
HIGHLIGHTS
- Resolution Minerals Ltd (ASX:RML) has entered into a binding agreement to acquire the Horse Heaven Antimony-Gold-Silver-Tungsten Project (“Horse Heaven” or “Project”), located in the historical Stibnite Mining District of Valley County, central Idaho.
- Horse Heaven shares its eastern boundary with NASDAQ-listed Perpetua Resources’ Stibnite Gold- Antimony Project (PPTA.NAS ~A$2bn market cap).
- Horse Heaven hosts two highly prospective Gold- Antimony-Tungsten prospects known as the Antimony Ridge Fault Zone (“ARFZ”) and the Golden Gate Fault Zone (“GGFZ”).
- Drill-ready targets; drilling planned to start in 2025
- The Antimony Ridge Fault Zone has an approximate strike length of 1.2 km and hosts known gold–antimony– silver-tungsten mineralisation associated with hydrothermally altered and sheared granodiorite.
- The Golden Gate Fault Zone has an approximate strike length of 3.5km and hosts the Golden Gate Hill target. It hosts known disseminated gold mineralisation, like Antimony Ridge Fault Zone, associated with hydrothermally altered and sheared granodiorite.
- Tungsten was produced from Golden Gate Hill between the 1950’s and 1980’s.
- Results from past systematic sampling and preliminary drilling at both prospects are highly encouraging, indicating large tonnage mining potential.
- Highlight past rock chip results at Horse Heaven (Antimony Ridge) (Appendix C) include:
- Rock chip sample 329003 with 3.68g/t gold, 303g/t silver and 2.72% antimony over 4m.
- Rock chip sample 329014 with 1.33g/t gold, 367g/t silver and 13.75% antimony over 1m.
- Rock chip sample 329015 with 4.65g/t gold, 70.5g/t silver and 19.15% antimony over 1m.
- Rock chip sample 329085 with 3.21g/t gold, 178g/t silver and 0.37% antimony over 3m.
- Rock chip sample 329089 with 5.99g/t gold, 246g/t silver and 0.71% antimony over 1m.
- Highlight past drilling results at Horse Heaven (Appendix B) include drill intersections of:
- Drill hole 87-GGR-31: 85.34m @ 0.937g/t Au (true width unknown), including 38.10m @ 1.459g/t Au.
- Drill hole 86-GGR-10: 105.16m @ 0.787g/t Au (true width unknown); including 51.82m @ 0.990g/t Au.
- Drill hole 86-GGR-01: 30.48m @ 1.354g/t Au (true width unknown).
- Historical, non-JORC gold resource of 216,000 ounces of gold in 7,256,800 tons of material at a grade of 0.93g/t at Golden Gate Hill, and gold resource of 70,000 ounces of gold in 3,174,850 tons of material at a grade of 0.69g/t at Antimony Hill are noted in previous reports of Horse Heaven.
Cautionary note:
The estimate is a "historical estimate" under ASX Listing Rule 5.12 and is not reported in accordance with the JORC Code. A Competent Person has not yet undertaken sufficient work to classify the historical estimate as mineral resources or ore reserves in accordance with the JORC Code. It is uncertain that, following evaluation and/or further exploration work, it will be possible to report this historical estimate as mineral resources or ore reserves in accordance with the JORC Code.
- Horse Heaven also hosts 10km to 15km of additional strike length of potentially mineralised faults and shears traversing favourable host rocks.
- The Exploration Model applicable for the Horse Heaven Project is Intrusion Related Gold System (“IRGS”) and a deposit analogue for the Horse Heaven Project is the adjacent NASDAQ-listed Perpetua Resources Corp (PPTA.NAS, ~A$2 billion market cap) owned Stibnite Gold Mine.*
- The Stibnite Gold Mine is located 5km to the east of the Horse Heaven Project and, once reopened, will be the only domestically mined source of antimony in the U.S.1
- Past exploration at Horse Heaven includes historical (1890 to 1950), late 1900s (1970 to 1990s) and modern (2000 to 2023) exploration phases, with the latter mainly conducted by TSX-V-listed Stallion Uranium Corp.
- Antimony, Tungsten and Gold at record high prices as China tightens grip on critical minerals exports.
- The Horse Heaven Project complements the Company’s recently acquired Australian Au-Sb-Cu projects to create a dynamic portfolio highly leveraged for gold and antimony.
RML’s Executive Director, Aharon Zaetz commented:
“The Board considers that the acquisition of the Horse Heaven Project has the potential to be a transformative event for RML. As many governments around the world look to onshore their supply of critical minerals, such as antimony and tungsten, we have secured a commanding ground position with known antimony occurrences and next to what is likely to become the largest antimony producer in the USA.
RML’s entry into US critical minerals comes at a terrific time, with the market attributing huge premiums to ASX-listed companies operating in the space over the last 8 weeks, such as Dateline Resources (DTR), Trigg Minerals (TMG) and Locksley Resources (LKY) which have all seen significant re-ratings in recent weeks, thanks to the supportive pro-mining policies of new President Donald Trump.”
Click here for the full ASX Release
This article includes content from Resolution 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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4h
MASSIVE STIBNITE CONFIRMED AT ANTIMONY CANYON (UPDATED)
5h
Multiple High Antimony Soil Anomalies Discovered at Armidale
Red Mountain Mining Limited (“RMX” or the “Company”) is pleased to report that Highly Anomalous Antimony soil assays have been confirmed at Oaky Creek, part of RMX’s 100% owned Armidale Antimony-Gold Project. A newly defined south-east trend away from the Oaky Creek North pits has been revealed, additionally a new area near Oaky Creek South has opened where up to 333pm Sb in soil has been discovered. The distribution of Antimony in the soils suggests a network across Oaky Creek, of multiple veins existing over 2.3km along the Namoi Fault and up to 400m from the fault. The supporting rock chip assays are pending and expected to be received by the end of June.
HIGHLIGHTS
- Highly Anomalous Antimony-in-Soil results reveal new target zones beyond known source areas at both Oaky Creek North and Oaky Creek South
- Two New Highly Anomalous areas defined, with assays up to 333ppm Sb in soil
- New Northern Antimony area is potentially a strike extension of Oaky Creek North, ~1km south-east away from the historic pits
- A newly defined Antimony soil trend north of Oaky Creek South also confirms a previously undiscovered trend
- High Gold-in-soil assay result lies in the New Northern Antimony area
- Rock Chip assay results are anticipated to be received by the end of June
Figure 1: Soil antimony assay results for the Oaky Creek area highlighting the Top 3 HighestSoil Antimony assays, and new areas outside the areas of historical shaft/pits. Note some 1gaps in the soil grid are due to culture, roads and creeks.
Red Mountain Widens Antimony Mineralisation at Oaky Creek
Red Mountain is pleased to report that it has discovered a new anomalous antimony target zone, which includes a spot high of 333ppm Sb and located 400m to the north of the Oaky Creek South pits. This new area represents a possible ENE strike similar to the trend at Oaky Creek South.
At Oaky Creek North distribution of antimony suggests a south easterly extension of around 1km with a strong response towards the end of the extension. The area in between is cropped and cultivation may have subdued the surface geochemical response. Local reports indicate historical pits were infilled, and displaced rock piles contained visible stibnite, identified by the onsite geologist (ASX Announcement 30 May 2025).
Antimony-in-soil anomalies also validate the mineralisation at both the historic Oaky Creek North and Oaky Creek South pits, where coarse stibnite was previously extracted by hand from the shafts/pits (Figure 1).
Red Mountain analysed the soils for gold in the Aqua regia multielement suite, although not as sensitive as a Fire Assay technique, encouragingly gold was reported in several areas (refer to Figure 2 for the Gold Heat map). The high gold-in-soil sample lies on strike to the north of the 99ppm Sb soil sample on the Oaky Creek North trend. At Oaky Creek South, gold-in-soil was located just west of the old workings.
Click here for the full ASX Release
This article includes content from Red Mountain Mining, 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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10h
Chris Blasi: Gold Price Nowhere Near Peak, Silver a "Coiled Spring"
Chris Blasi, president of Neptune Global, believes gold still has much more room to run.
"Some people think gold has reached its peak because it's breached US$3,000 (per ounce), but I don't think we're even close," he said. "The third leg is when it delivers the greatest returns."
Don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: Neptune Global is a client of the Investing News Network. This article is not paid-for content.
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10h
Hochschild Mine Halt in Brazil Triggers Share Price Drop
Shares of Hochschild Mining (LSE:HOC,OTCQX:HCHDF) plummeted more than 20 percent on Tuesday (June 10) after the company announced a six week shutdown of the processing plant at its Mara Rosa gold mine in Brazil.
In a statement, the miner blamed the issue on a combination of “heavier-than-usual seasonal rainfall” and ongoing contractor issues that have hampered access to ore, especially higher-grade material, since early this year.
The company's initial 2025 guidance for Mara Rosa was 94,000 to 104,000 ounces; however, only about 25,000 ounces had been produced by the end of May — a shortfall that has forced a downward revision in full-year guidance.
“This will have a corresponding impact on the operation's costs,” Hochschild acknowledged in a market update, noting that revised production forecasts and group-wide guidance will be issued “in due course.”
The British firm’s share price plunged as much as 22 percent on Tuesday. After starting the day's trading at 269 pence, shares registered their steepest intraday decline since November 2021, falling to 232 pence.
The operational woes come less than two weeks after the sudden resignation of Hochschild’s chief operating officer, adding to investor concerns. CEO Eduardo Landin has stepped in to assume direct oversight of operations and is leading a “comprehensive review of all mining, processing, and disposal activities” at Mara Rosa.
As part of this effort, the company said the six week suspension of the processing plant will be used to carry out general maintenance and critical mechanical filter repairs. Mining activities will continue as planned.
“The wide-ranging measures we are taking at Mara Rosa are focused on achieving a sustainable level of operational performance,” Landin said in the company's Tuesday press release. “We remain confident in the geological potential of the asset and in Brazil’s role as a key pillar of our long-term growth strategy.”
Located in the Central Brazilian state of Goiás, Mara Rosa entered commercial production in early 2024 and was seen as a cornerstone of Hochschild’s diversification beyond its legacy Andean assets. The mine's early performance has been closely watched as an indicator of the company's future expansion strategy outside Peru and Argentina.
However, this year’s extreme weather has compounded earlier issues, particularly delays in mine waste removal from 2024, while complications with filtration technology have further limited throughput.
The extended wet season in Brazil, which has disrupted not only mining, but also transportation and supply chains across central states, has left several companies reeling.
Analysts have been quick to adjust their outlooks. Peel Hunt has downgraded its production forecast for Mara Rosa to 60,000 ounces of gold for the year, down from its prior estimate of 84,000 ounces.
“We hope that the end result (after shutdown) is a more flexible pit, aligned to a debottlenecked plant, allowing more stable throughput and more reliable output,” the firm said in a note to clients.
Don’t forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
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