Management Comment
Mr. Mark English, Managing Director:
“The first ore was shovelled at Jeffreys Find in May 2023. In just a couple of years this short-life mine has now generated more than $100 million in gold sales for the Project.
“Before starting we estimated a gold price of A$2,600 an ounce. Who could have envisaged that we would be selling gold at more than A$4,600 an ounce. By any measure it’s a brilliant result.
“However, not all the money is in the bank yet. We are expecting millions more in surplus cash to be received. we are expecting millions more in cash over the next few months.
“For the 2024/25 period, Stage Two of the Project, we’ve produced more than 17,900 ounces of gold with more processing to come. Our partner BML is negotiating a toll milling agreement for a parcel of up 60,000 tonnes, which is currently on the ROM Pad at the mine site. When everything is completed, we will get the final picture on just how successful the Jeffreys Find Gold Mine has been.
“Our JV agreement with BML Ventures stipulates that only after all the gold has been sold and all costs have been paid is the final surplus cash distribution paid.
“We’ve just received a further $1.5 million as an interim payment from BML which brings us to $8.1 million in total for Stage Two payments.
“BML has advised to expect an additional $3 million to $4 million in cash payments once the last of the gold is sold.
“Jeffreys Find Gold Mine has been a defining experience for Auric,” said Mr English.
Photo: The Goodbye Cut at Jeffreys Find Pit. Photo – 27 January 2025.
Through Auric’s joint venture partner BML Ventures Pty Ltd of Kalgoorlie (BML) a total of 17,901 ounces of gold has been sold from Stage Two mining at Jeffreys Find as of 21 February 2025.
Ore was milled in multiple campaigns at The Greenfields Mill, Coolgardie (Greenfields) and at the Three Mile Hill Plant, Coolgardie (Three Mile Hill) during 2024 and early 2025.
For Stage Two the highest gold price achieved was A$4,625 an ounce whilst the average price was A$4,024 per ounce.
Click here for the full ASX Release
This article includes content from Auric 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.
Given its quick transition from ASX listing to gold production in just three years, and a significant exploration upside at its world-class assets in Western Australia's prolific goldfields, Auric Mining is well-worth a good deal of consideration for sophisticated investors.
Auric Mining Limited (ASX:AWJ) is a gold exploration and mining company based in Western Australia. In three-and-a-half years since its ASX listing, Auric has become a gold producer in this premier jurisdiction.
Since incorporation, it has moved from zero to 250,000 ounces of gold resources and zero to 282 square kilometers of tenements. Auric Mining is in the company of some of the biggest gold projects in the Goldfields, including the St Ives Gold Mine, Karora Resources’ Higginsville Operations & Beta Hunt Mine, all multi-million-ounce mines.
Besides gold, there are numerous precious metals being mined in the area with world-class deposits of nickel, lithium and rare earths. Auric is gold-focused and has the potential to become a significant producer in the region.
The Jeffreys Find Pit as of 16 July 2024
Partnering with Auric in its Jeffreys Find Project is BML Ventures of Kalgoorlie (BML), a well-known and adept Kalgoorlie contractor. BML is a specialist mining contractor. It has particular expertise in shallow, open-pit mining with short duration projects in The Goldfields.
The Jeffreys Find Project commenced in May 2023 and is due for completion in the first quarter of 2025. The joint venture is partially exploiting 47,000 ounces of gold resources.
Gold ore on the ROM Pad at Jeffreys Find, Norseman. Ore was hauled to Coolgardie for milling in 2023.
Stage One is now complete and Auric has commenced its second gold milling campaign for 2024 of 150,000 dry metric tonnes from the Jeffreys Find gold mine on 24 July 2024.
Success for Auric at Jeffreys Find means the company is self-funding for 2024 and able to sustain its exploration and development activity without need for additional capital raising. Auric now has a road map for five years of continuous mining and profits.
Grade control drilling at Munda was completed in January 2024
Auric’s primary focus continues to be on the company’s flagship asset - The Munda Gold Project.
To date almost 200,000 ounces of gold resources have been identified at Munda, the asset being part of the wider Widgiemooltha Gold Project, encompassing 22 tenements.
Munda is one of the largest deposits in the Widgiemooltha area having the potential to become a significant gold project.
In mid-year 2023 the company released to the ASX a third-party scoping study on the economics and potential of open-pit mining at Munda.
The scoping study estimates the mining of up to 120,000 ounces of gold over a three-year mine life. It is envisaged gold ore would be toll-processed at a nearby Coolgardie Mill. The study projects free cash profits of between $50 million and $100 million, based on various gold prices.
Production from Munda could commence in the fourth quarter of 2024.
Auric also announced the execution of a binding term sheet for the partial purchase of Win Metals' nickel and lithium rights within the Munda gold project area including seven tenements or applications. Auric further plans to mine a trial pit at Munda Gold potentially in Q1 2025.
Auric is also planning to progress its Spargoville Project, where it has tenements ideally positioned along strike from the Wattle Dam gold mine, a prolific mine which produced 268,000 ounces of gold at 10 g/t, between 2006 and 2013.
An experienced and savvy management team leads Auric Mining towards its vision of becoming a significant gold producer in Western Australia. With the three directors owning approximately 17 percent of the company, they are focused and motivated for success.
Auric Mining’s board of directors: Mark English, Managing Director; Steve Morris, Chair; and John Utley, Technical Director
Steve Morris, non-executive chairman, has more than 25 years of experience in financial and natural resources markets.
Mark English, managing director, has a 40-year career as a chartered accountant and is at ease with all facets of running a public company on the ASX including major equity and debt raisings.
John Utley, technical director, has 35 years of experience in gold exploration and development.
This range of expertise offers a high level of confidence that the company will achieve its goals.
Get access to more exclusive Gold Investing Stock profiles here
Western Australian gold producer, explorer and developer with world-class deposits
In addition to gold climbing to record highs, the US dollar sank to its lowest point in three years with the DXY dollar index falling to 99.3 points on Thursday.
Gold price chart, April 10, 2025, to April 17, 2025.
Gold price chart via the Investing News Network.
Gold prices have soared in recent weeks amidst the chaos caused by Donald Trump's tariff announcements on April 2.
Those measures included a 10 percent tariff on all but a handful of countries, including Canada and Mexico, with more severe reciprocal tariffs to come into effect this week. However, on April 9, Trump announced he would pause the additional tariffs for 90 days, saying more than 70 countries had contacted him to make deals.
Trump may have also been feeling pressure from economic advisors as a surge in treasury yields signaled a potential economic crisis brewing in the US bond market. Normally a safe haven during market volatility, the bond market saw a significant selloff this week as US tariffs and worries about the US economy's stability spooked traders.
Although the pause gave most countries some breathing room, tariffs against China were left on the table. After much back and forth, US tariffs levied against China have now increased to 145 percent.
The net effect of Trump's actions has been political and financial turmoil, sparking selloffs in major stock markets and pushing prices for safe-haven assets like gold to fresh records.
Additionally, China, Japan and South Korea agreed on March 30 to seek deeper free trade ties in response to the threat of tariffs from the US government. The deal marks a significant move by the three countries following decades of US diplomacy to maintain close relationships with Japan and South Korea.
Don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.
Some have posited that the gold price may rise as high as US$4,000 or US$5,000 per ounce, and there are even those who believe that US$10,000 gold or even US$40,000 gold could become a reality.
These impressive price predictions have investors wondering, what is gold's all-time high (ATH)?
In the past year, gold has reached a new all-time high dozens of times. Find out what has driven it to these levels, plus how the gold price has moved historically and what has driven its performance in recent years.
Before discovering what the highest gold price ever was, it’s worth looking at how the precious metal is traded. Knowing the mechanics behind gold's historical moves can help illuminate why and how its price changes.
Gold bullion is traded in dollars and cents per ounce, with activity taking place worldwide at all hours, resulting in a live price for the metal. Investors trade gold in major commodities markets such as New York, London, Tokyo and Hong Kong. London is seen as the center of physical precious metals trading, including for silver. The COMEX division of the New York Mercantile Exchange is home to most paper trading.
There are many popular ways to invest in gold. The first is through purchasing gold bullion products such as bullion bars, bullion coins and rounds. Physical gold is sold on the spot market, meaning that buyers pay a specific price per ounce for the metal and then have it delivered. In some parts of the world, such as India, buying gold in the form of jewelry is the largest and most traditional route to investing in gold.
Another path to gold investment is paper trading, which is done through the gold futures market. Participants enter into gold futures contracts for the delivery of gold in the future at an agreed-upon price.
In such contracts, two positions can be taken: a long position under which delivery of the metal is accepted or a short position to provide delivery of the metal. Paper trading as a means to invest in gold can provide investors with the flexibility to liquidate assets that aren’t available to those who possess physical gold bullion.
One significant long-term advantage of trading in the paper market is that investors can benefit from gold’s safe-haven status without needing to store it. Furthermore, gold futures trading can offer more financial leverage in that it requires less capital than trading in the physical market.
Interestingly, investors can also purchase physical gold via the futures market, but the process is complicated and lengthy and comes with a large investment and additional costs.
Aside from those options, market participants can invest in gold through exchange-traded funds (ETFs). Investing in a gold ETF is similar to trading a gold stock on an exchange, and there are numerous gold ETF options to choose from. For instance, some ETFs focus solely on physical gold bullion, while others focus on gold futures contracts. Other gold ETFs center on gold-mining stocks or follow the gold spot price.
It is important to understand that you will not own any physical gold when investing in an ETF — in general, even a gold ETF that tracks physical gold cannot be redeemed for tangible metal.
With regards to the performance of gold versus trading stocks, gold has an interesting relationship with the stock market. The two often move in sync during “risk-on periods” when investors are bullish. On the flip side, they tend to become inversely correlated in times of volatility. There are a variety of options for investing in stocks, including gold mining stocks on the TSX and ASX, gold juniors, precious metals royalty companies and gold stocks that pay dividends.
According to the World Gold Council, gold's ability to decouple from the stock market during periods of stress makes it “unique amongst most hedges in the marketplace.” It is often during these times that gold outperforms the stock market. For that reason, it is often used as a portfolio diversifier to hedge against uncertainty.
Gold price chart, December 31, 2024, to April 14, 2025.
Chart via the Investing News Network.
The gold price peaked at US$3,354.10 per ounce, its all-time high, during trading on April 16, 2025.
What drove it to set this new ATH? Gold set its latest high price of 2025 on April 16 as markets and the US dollar fell and gold purchasing in China continued to ramp up significantly in response to US tariffs on the country.
The gold price has set a string of new highs this month alone amid high market volatility as markets react to the latest tariff decisions from US President Donald Trump and the escalating trade war between the US and China. As of April 11, Trump has now raised US tariffs on Chinese imports to 145 percent and China has raised its tariffs on US products to 125 percent.
Two days earlier, Trump paused his higher "Liberation Day" tariffs on any countries that did not reciprocate in response. However, the blanket 10 percent tariffs still stand, as do the 25 percent tariffs on the automotive sector.
This string of record-breaking highs this year are caused by several factors.
Increased economic and geopolitical turmoil caused by the new Trump administration has been a tailwind for gold this year, as well as a weakening US dollar, sticky inflation in the country and increased safe haven gold demand.
Since coming into office in late January, Trump has threatened or enacted tariffs on many countries, including currently paused blanket tariffs on long-time US allies Canada and Mexico and tariffs on the European Union. Trump has also implemented 25 percent tariffs on all steel and aluminum imports.
As for the effect of these wide-spread tariffs raising prices for the American populace, Trump has reiterated his sentiment that the US may need to go through a period of economic pain to enter a new "golden age" of economic prosperity. Elon Musk's call to audit the gold holdings in Fort Knox has also brought attention to the yellow metal.
Five year gold price chart, April 13, 2020, to April 14, 2025.
Chart via the Investing News Network.
Despite these recent runs, gold has seen its share of both peaks and troughs over the last decade. After remaining rangebound between US$1,100 and US$1,300 from 2014 to early 2019, gold pushed above US$1,500 in the second half of 2019 on a softer US dollar, rising geopolitical issues and a slowdown in economic growth.
Gold’s first breach of the significant US$2,000 price level in mid-2020 was due in large part to economic uncertainty caused by the COVID-19 pandemic. To break through that barrier and reach what was then a record high, the yellow metal added more than US$500, or 32 percent, to its value in the first eight months of 2020.
The gold price surpassed that level again in early 2022 as Russia's invasion of Ukraine collided with rising inflation around the world, increasing the allure of safe-haven assets and pulling the yellow metal up to a price of US$2,074.60 on March 8, 2022. However, it fell throughout the rest of 2022, dropping below US$1,650 in October.
Although it didn't quite reach the level of volatility as the previous year, the gold price experienced drastic price changes in 2023 on the back of banking instability, high interest rates and the breakout of war in the Middle East.
After central bank buying pushed the gold price up to the US$1,950.17 mark by the end of January, the US Federal Reserve’s 0.25 percent rate hike on February 1 sparked a retreat as the dollar and Treasury yields saw gains. The precious metal went on to fall to its lowest price level of the year at US$1,809.87 on February 23.
The banking crisis that hit the US in early March caused a domino effect through the global financial system and led to the mid-March collapse of Credit Suisse, Switzerland’s second-largest bank. The gold price jumped to US$1,989.13 by March 15. The continued fallout in the global banking system throughout the second quarter of the year allowed gold to break above US$2,000 on April 3, and go on to flirt with a near-record high of US$2,049.92 on May 3.
Those gains were tempered by the Fed’s ongoing rate hikes and improvements in the banking sector, resulting in a downward trend in the gold price throughout the remainder of the second quarter and throughout Q3. By October 4, gold had fallen to a low of US$1,820.01 and analysts expected the precious metal to drop below US$1,800.
That was before the October 7 attacks by Hamas on Israel ignited legitimate fears of a much larger conflict erupting in the Middle East. Reacting to those fears, and to rising expectations that the Fed would begin to reverse course on interest rates, gold broke through the important psychological level of US$2,000 and closed at US$2,007.08 on October 27. As the Israel-Hamas fighting intensified, gold reached a then new high of US$2,152.30 during intraday trading on December 3.
That robust momentum in the spot gold price has continued into 2024, chasing new highs on fears of a looming US recession, the promise of Fed rate cuts on the horizon, the worsening conflict in the Middle East and the tumultuous US presidential election year. By mid-March, gold was pushing up against the US$2,200 level.
That record-setting momentum continued into the second quarter of 2024 when gold broke through US$2,400 in mid-April on strong central bank buying, sovereign debt concerns in China and investors expecting the Fed to start cutting interest rates. The precious metal went on to hit US$2,450.05 on May 20.
Throughout the summer, the hits have just kept on coming.
The global macro environment is highly bullish for gold in the lead up to the US election. Following the failed assassination attempt on Trump and a statement about coming interest rate cuts by Fed Chair Jerome Powell, the gold spot price hit a new all-time high on July 16 at US$2,469.30. One week later, news that President Joe Biden would not seek re-election and would instead pass the baton to Vice President Kamala Harris eased some of the tension in the stock markets and strengthened the US dollar. This also pushed the price of gold down to US$2,387.99 on July 22.
However, the bullish factors supporting gold over the past year remain in play, and the spot price for gold went on to breach US$2,500 on August 2 on a less than stellar US jobs report; it closed just above the US$2,440 level. A few weeks later, gold pushed past US$2,500 once again on August 16, closing above that level for the first time ever after the US Department of Commerce released data showing a fifth consecutive monthly decrease in a row for homebuilding.
The news that the Chinese government issued new gold import quotas to banks in the country following a two month pause also helped fuel the gold price rally. Central bank gold buying has been a significant tailwind for the gold price this year, and China's central bank has been one of the strongest buyers.
Market watchers expected the Fed to cut interest rates by a quarter point at their September meeting, but news on September 12 that the regulators were still deciding between the expected cut or a larger half-point cut led gold prices on a rally that carried through into the next day, bringing gold prices near US$2,600.
At the September 18 Fed meeting, the committee ultimately made the decision to cut rates by half a point, news that sent gold even higher. By Friday, September 20, it moved above US$2,600 and held above US$2,620.
In October, gold breached the US$2,700 level and continued to set new highs on a variety of factors, including further rate cuts and economic data anticipation, the escalating conflict in the Middle East between Israel and Hezbollah, and economic stimulus in China — not to mention the very close race between the US presidential candidates.
While the gold price fell following Trump's win in early November and largely held under US$2,700 through the end of the year, it began trending upwards in 2025 to the new all-time high discussed earlier in the article.
Gold has seen upward momentum in the last year on a variety of factors.
In 2025, the gold price was on the rise early in the new year as Trump and his team began to talk seriously about a wide-ranging set of tariffs on several countries in the run up and following his inauguration on January 20.
On January 29, the Bank of Canada shaved 25 basis points off its policy interest rate, marking its sixth consecutive decrease, and announced plans to end quantitative tightening.
On the same day, the Fed opted to leave interest rates unchanged. The following day, Trump said he would very likely be placing 25 percent tariffs on Mexico and Canada as of February 1, alongside tariffs on the EU and China.
Gold price set new highs in all currencies alongside a weakening US dollar, the Fed leaving interest rates unchanged, a rush to safe haven assets and the looming threat of Trump's tariffs on February 1.
Additionally, new US economic data showed inflation-adjusted gross domestic product in the country increased an annualized 2.3 percent in the fourth quarter of 2024 after rising 3.1 percent in the third quarter.
Some other factors supporting gold to new highs include Trump threatening to annex Greenland, Canada and the Panama Canal, Trump's proposed resettlement of Palestinians out of the Gaza Strip to develop it into "the Riviera of the Middle East," a suggestion that has been condemned globally, and him appearing to side with Putin against Ukrainian President Volodymyr Zelenskyy regarding Russia's invasion of Ukraine.
What's next for the gold price is never an easy call to make. There are many factors that affect the gold price, but some of the most prevalent long-term drivers include economic expansion, market risk, opportunity cost and momentum.
Economic expansion is one of the primary gold price contributors as it facilitates demand growth in several categories, including jewelry, technology and investment. As the World Gold Council explains, “This is particularly true in developing economies where gold is often used as a luxury item and a means to preserve wealth.”
Market risk is also a prime catalyst for gold values as investors view the precious metal as the “ultimate safe haven,” and a hedge against currency depreciation, inflation and other systemic risks.
Going forward, in addition to the Fed, inflation and geopolitical events, experts will be looking for cues from factors like supply and demand. In terms of supply, the world’s five top gold producers are China, Australia, Russia, Canada and the US. The consensus in the gold market is that major miners have not spent enough on gold exploration in recent years. Gold mine production has fallen from around 3,200 to 3,300 metric tons each year between 2018 and 2020 to around 3,000 to 3,100 metric tons each year between 2021 and 2023.
On the demand side, China and India are the biggest buyers of physical gold, and are in a perpetual fight for the title of world’s largest gold consumer. That said, it's worth noting that the last few years have brought a big rebound in central bank gold buying, which dropped to a record low in 2020, but reached a 55 year high of 1,136 metric tons in 2022.
The World Gold Council has reported that central bank gold purchases in 2023 came to 1,037 metric tons, marking the second year in a row above 1,000 MT. In the first half of 2024, the organization says gold purchases from central banks reached a record 483 metric tons.
“I expect the Fed’s rate-cutting cycle to be good for gold, but central bank buying has been and remains a major factor," Lobo Tiggre, CEO of IndependentSpeculator.com, said in an email to the Investing News Network (INN) at the beginning of Q4.
David Barrett, CEO of the UK division of global brokerage firm EBC Financial Group, is also keeping an eye on central bank purchases of gold.
“I still see the global central bank buying as the main driver — as it has been over the last 15 years,” he said in an email to INN. "This demand removes supply from the market. They are the ultimate buy-and-hold participants and they have been buying massive amounts."
In addition to central bank moves, analysts are also watching for escalating tensions in the Middle East, a weakening US dollar, declining bond yields, and further interest rate cuts as factors that could push gold higher as investors look to secure their portfolios.
“When it comes to outside factors that affect the market, it’s just tailwind after tailwind after tailwind. So I don’t really see the trend changing,” Coffin said.
Randy Smallwood of Wheaton Precious Metals (TSX:WPM,NYSE:WPM) told INN in March 2025 that gold is seeing support from many factors, including central bank buying, nervousness around the US dollar and stronger institutional interest. According to Smallwood, he is seeing an influx of fund managers wanting to learn about precious metals.
Check out more of INN's interviews to find out what experts have said about the gold price during its 2025 bull run and where it could go next.
As a final note on the price of gold and buying gold bullion, it’s important for investors to be aware that gold price manipulation is a hot topic in the industry.
In 2011, when gold hit what was then a record high, it dropped swiftly in just a few short years. This decline after three years of impressive gains led many in the gold sector to cry foul and point to manipulation.
Early in 2015, 10 banks were hit in a US probe on precious metals manipulation. Evidence provided by Deutsche Bank (NYSE:DB) showed “smoking gun” proof that UBS Group (NYSE:UBS), HSBC Holdings (NYSE:HSBC), the Bank of Nova Scotia (NYSE:BNS) and other firms were involved in rigging gold and silver rates in the market from 2007 to 2013.
Not long after, the long-running London gold fix was replaced by the LBMA gold price in a bid to increase gold price transparency. The twice-a-day process, operated by the ICE Benchmark Administration, still involves a variety of banks collaborating to set the gold price, but the system is now electronic.
Still, manipulation has by no means been eradicated, as a 2020 fine on JPMorgan (NYSE:JPM) shows. The next year, chat logs were released in a spoofing trial for two former precious metals traders from the Bank of America’s (NYSE:BAC) Merrill Lynch unit. They show a trader bragging about how easy it is to manipulate the gold price.
Gold market participants have consistently spoken out about manipulation. In mid-2020, Chris Marcus, founder of Arcadia Economics and author of the book “The Big Silver Short,” said that when gold fell back below the US$2,000 mark after hitting close to US$2,070, he saw similarities to what happened with the gold price in 2011.
Marcus has been following the gold and silver markets with a focus specifically on price manipulation for nearly a decade. His advice? “Trust your gut. I believe we’re witnessing the ultimate ’emperor’s really naked’ moment. This isn’t complex financial analysis. Sometimes I think of it as the greatest hypnotic thought experiment in history.”
While we have the answer to what the highest gold price ever is as of now, it remains to be seen how high gold can climb, and if the precious metal can reach as high as US$5,000, US$10,000 or even US$40,000.
Even so, many market participants believe gold is a must have in any investment profile, and there is little doubt investors will continue to see gold price action making headlines this year and beyond.
This is an updated version of an article first published by the Investing News Network in 2020.
Don’t forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Lauren Kelly, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.
Discussion of Results
The latest drill results cover the central portion of the proposed first year of open pit mining at Hammerdown. The grade control program continues to confirm the vein model and location of the historic underground workings while identifying additional mineralization between the high-grade veins, mine backfill material and remnant pillars. Notable assay results include drill hole HDGC-25-177 which intersected 5.5 gpt Au over 29.8 m, including 73.0 gpt Au over 1.5 m related to a group of mineralized quartz veins and altered mineralized quartz feldspar porphyry (QFP) within the unmined crown pillar. Drill hole HDGC-25-160 was drilled 20 m south of drill hole HDGC025-177 and returned 7.7 gpt Au over 5.6 m. Drill hole HDGC-25-188, located 20 m north of previously reported HDGC-25-118 (27.9 gpt Au over 1.0 m; see Maritime press release dated March 14, 2025), returned several high-grade gold intercepts. Highlights include 15.0 gpt Au over 1.4 m, 67.1 gpt Au over 0.9 m, and 14.6 gpt Au over 0.2 m.
The Hammerdown grade control program has identified high grade gold mineralization within the historic backfilled stopes. Drill hole HDGC-25-189 returned 14.8 gpt Au over 5.9 m and HDGC-25-175 returned 17.0 gpt Au over 4.4 m. These results enhance the confidence in the mineralization surrounding and inside the previously mined out stopes at Hammerdown. All backfill intervals drilled during the grade control program were sampled and resulted in the collection of 151 samples representing 274 linear metres of drilling with a weighted average of 3.3 gpt Au across a 1 m composite length. The backfill gold content is believed to be the result of a combination of the high historic mine cut-off grade as well as high grade loss on mining material remaining during the cut and fill mining process. The potential quantity and grade of the backfill material are conceptual in nature and there has been insufficient sampling to define a mineral resource. It is uncertain whether further sampling would result in the backfill material being delineated as a mineral resource.
Grade Control Drilling
The grade control drill program completed 8,460 metres of diamond drilling in 273 drill holes. The program was designed to intersect the sub vertical mineralization on a 10 m x 10 m staggered pattern to maximize future ore extraction while minimizing ore losses and dilution. Assay results will be released as they become available.
Figure 1. Plan View
Figure 2. Hammerdown Deposit Cross Section
Table 1. Significant Assay Results
Lengths reported relative to core access are estimated to be approximately 70% true thickness.
Table 2. Drill Hole Data
Qualified Person
Exploration activities at the Hammerdown Gold Project are administered on site by the Company's Exploration Manager, Larry Pilgrim, P.Geo. In accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects, Larry Pilgrim, P.Geo. Exploration Manager, is the Qualified Person for the Company and has prepared, validated and approved the technical and scientific content of this news release. The Company strictly adheres to CIM Best Practices Guidelines in conducting, documenting, and reporting its exploration activities on its exploration projects.
Analytical Procedures
All samples assayed and pertaining to this press release were completed by Eastern Analytical Limited (EAL) located at Springdale, Newfoundland and Labrador. EAL is an ISO 17025:2005 accredited laboratory for a defined scope of procedures. EAL has no relationship to Maritime Resources. Drill core samples are collected from NQ sized diamond drill core and sawn in half. The half core samples are delivered in sealed plastic bags to EAL by Maritime field crews where they are dried, crushed, and pulped. Samples are crushed to approximately 80% passing a minus 10 mesh and split using a riffle splitter to approximately 250 grams. A ring mill is used to pulverize the sample split to 95% passing a minus 150 mesh. Sample rejects are securely stored at the EAL site for future reference. A 30-gram representative sample is selected for analysis from the 250 grams after which EAL applies a fire assay fusion followed by acid digestion and analysis by atomic absorption for gold analysis. Other metals were analyzed by applying an acid digestion and 34 element ICP analysis finish. EAL runs a comprehensive QA/QC program of standards, duplicates and blanks within each sample stream.
About Maritime Resources Corp.
Maritime (TSXV: MAE) (OTC Pink: MRTMF) is a gold exploration and development company focused on advancing the Hammerdown Gold Project in the Baie Verte District of Newfoundland and Labrador, a top tier global mining jurisdiction. Maritime holds a 100% interest directly and subject to option agreements entitling it to earn 100% ownership in the Green Bay Property which includes the former Hammerdown gold mine and the Orion gold project. Maritime controls over 439 km2 of exploration land including the Green Bay, Whisker Valley, Gull Ridge and Point Rousse projects. Mineral processing assets owned by Maritime in the Baie Verte mining district include the Pine Cove mill and the Nugget Pond gold circuit.
On Behalf of the Board:
MARITIME RESOURCES CORP.
Garett Macdonald, MBA, P.Eng.
President and CEO
Phone: (416) 365-5321
info@maritimegold.com
www.maritimeresourcescorp.com
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Caution Regarding Forward Looking Statements:
Certain of the statements made and information contained herein is "forward-looking information" within the meaning of National Instrument 51-102 - Continuous Disclosure Obligations. Forward-looking statements are often identified by terms such as "will", "may", "should", "anticipate", "expects", "intends", "indicates" "plans" and similar expressions. Forward-looking statements include, but are not limited to, statements concerning the Hammerdown mineralization, its' metallurgical response, precious metal extraction based on the ongoing metallurgical testwork, sampling programs, the grade control drilling program, location and grade of underground workings and backfill material, amongst other things, which involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. All forward-looking statements and forward-looking information are based on reasonable assumptions that have been made by the Company in good faith as at the date of such information. Such assumptions include, without limitation, the price of and anticipated costs of recovery of, base metal concentrates, gold and silver, the presence of and continuity of such minerals at modeled grades and values, the capacities of various machinery and equipment, the use of ore sorting technology will produce positive results, the availability of personnel, machinery and equipment at estimated prices, mineral recovery rates, and others. Forward-looking information is subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking information, including, without limitation, the ability of the Company to continue to be able to access the capital markets for the funding necessary to acquire, maintain and advance exploration properties or business opportunities; global financial conditions, including competition within the industry to acquire properties of merit or new business opportunities, and competition from other companies possessing greater technical and financial resources; difficulties in advancing towards a development decision and executing exploration programs on the Company's proposed schedules and within its cost estimates, whether due to weather conditions, availability or interruption of power supply, mechanical equipment performance problems, natural disasters or pandemics in the areas where it operates; increasingly stringent environmental regulations and other permitting restrictions or maintaining title or other factors related to exploring of its properties, such as the availability of essential supplies and services; factors beyond the capacity of the Company to anticipate and control, such as the marketability of mineral products produced from the Company's properties; uncertainty as to whether mineral resources will ever be converted into mineral reserves once economic considerations are applied; uncertainty as to whether inferred mineral resources will be converted to the measured and indicated categories through further drilling, or into mineral reserves, once economic considerations are applied; government regulations relating to health, safety and the environment, and the scale and scope of royalties and taxes on production; and the availability of experienced contractors and professional staff to perform work in a competitive environment and the resulting adverse impact on costs and performance and other risks and uncertainties, including those described in each MD&A of financial condition and results of operations. In addition, forward-looking information is based on various assumptions including, without limitation, assumptions associated with exploration results and costs and the availability of materials and skilled labour. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements. Accordingly, readers are advised not to place undue reliance on forward-looking information. Except as required under applicable securities legislation, Maritime undertakes no obligation to publicly update or revise forward-looking information, whether as a result of new information, future events or otherwise.
Neither the TSX Venture Exchange ("TSX-V") nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this release.
B2Gold Corp. (TSX: BTO, NYSE AMERICAN: BTG, NSX: B2G) ("B2Gold" or the "Company") will release its first quarter 2025 financial results after the North American markets close on Wednesday, May 7, 2025.
B2Gold executives will host a conference call to discuss the results on Thursday, May 8, 2025, at 8:00 am PT / 11:00 am ET.
Participants may register for the conference call here: registration link . Upon registering, participants will receive a calendar invitation by email with dial in details and a unique PIN. This will allow participants to bypass the operator queue and connect directly to the conference. Registration will remain open until the end of the conference call. Participants may also dial in using the numbers below:
The conference call will be available for playback for two weeks by dialing toll-free in the U.S. and Canada: + 1-855-669-9658, replay access code 9068478. All other callers: +1-412-317-0088, replay access code 9068478.
About B2Gold
B2Gold is a responsible international senior gold producer headquartered in Vancouver, Canada. Founded in 2007, today, B2Gold has operating gold mines in Mali, Namibia and the Philippines, the Goose Project under construction in northern Canada and numerous development and exploration projects in various countries including Mali, Colombia and Finland.
ON BEHALF OF B2Gold Corp.
"Clive T. Johnson"
President and Chief Executive Officer
For more information on B2Gold please visit the Company website at www.b2gold.com or contact: Michael McDonald VP, Investor Relations & Corporate Development +1 604-681-8371 investor@b2gold.com Cherry DeGeer Director, Corporate Communications +1 604-681-8371 investor@b2gold.com Source: B2Gold Corp.
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