The Conversation (0)
August 23, 2022
Labyrinth Resources Limited (ASX: LRL) advances an underexplored gold asset located in the heart of the Abitibi Gold Belt. The Labyrinth Gold Project is located on the Abitibi Gold Belt in Quebec, a recognised tier-1 jurisdiction. However, the asset has not received significant exploration attention for over 15 years, creating tremendous blue sky potential. Labyrinth Resources has a solid management team with a record of consistent delivery of operational success throughout world-class mining assets.
The Labyrinth Gold Project has a 2010 foreign resource estimate of 479,000 ounces of gold at 7.1 g/t, which is only modelled to 250-400 meters in depth. Yet, the project has neighbours with deposits reaching over 2 kilometres in depth. Many of those neighbours are also sitting on multi-million-ounce deposits. Despite the proven presence of high-grade gold, only one single 400-meter hole has been drilled within the past 15 years by the asset’s previous owner. The project has a multi-million-ounce potential for Labyrinth Resources to fully realise. In 2022, Labyrinth received assays for the first three holes of the maiden surface exploration program at its flagship Labyrinth Gold Project. Assays revealed high-grade results which include 44g/t in LABS-22-01A and 20.53g/t in LABS-22-02 extending the Boucher lode by a significant 375m downdip. The company is working towards a new JORC-compliant resource estimate.
Company Highlights
- Labyrinth Resources is a junior minor exploration and development mining company with an underexplored gold asset on the Abitibi Gold Belt in Quebec.
- Quebec is a globally-recognized tier-1 mining jurisdiction with strong government and community support.
- The Labyrinth Gold Project has significant blue sky potential as it has not received meaningful exploration attention over the past 15 years.
- The project has a 2010 foreign resource estimate of 479,000 ounces of gold at 7.1 g/t, and the company is working towards a current JORC-compliant estimate.
- The company’s project is surrounded by prolific mining companies with multi-million-ounce gold deposits, with testing of the Labyrinth deposit barely scratching the surface in comparison to the deep nature of many Abitibi gold operations.
- A management team with a proven track record of success in the natural resources industry adds value to the company. It creates confidence in its ability to capitalise on its project fully.
This Labyrinth Resources profile is part of a paid investor education campaign.*
LRL:AU
15h
Executing WA Gold Strategy
Metal Bank Limited (ASX:MBK) (‘MBK’ or ‘the Company’) advises that it has signed a non-binding term sheet (Term Sheet) with Hastings Technology Metals Ltd (ASX:HAS) (HAS) for the acquisition of the gold assets of HAS, (subject to due diligence, binding documentation and other conditions precedent including MBK shareholder approval) (Proposed Acquisition), and has commenced a scoping study for the Kingsley and Homestead deposits at the Livingstone Project, furthering its Western Australian focussed gold strategy to expand MBK’s WA gold portfolio and move to production.
- Terms agreed to acquire the gold assets of Hastings Technology Metals Ltd (HAS), including the Whiteheads Project, for MBK shares, subject to binding documentation and other conditions precedent
- Livingstone Scoping Study for the Kingsley and Homestead deposits is underway
- Livingstone and HAS’ Whiteheads projects well placed for further exploration and fast-tracking to production
Expanding MBK’s WA gold portfolio – HAS to vend its WA gold assets into MBK for shares*
In accordance with the Term Sheet, MBK is to acquire:
- Great Western Gold Pty Ltd (GWG), the holder of a 75% interest in the Whiteheads Gold Project JV tenements and other tenements 100% held by GWG (refer Appendix 1), covering ~380km2 located approximately 80km NE of Kalgoorlie (Whiteheads Project);
- Ark Gold Pty Ltd (Ark), the holder of the Ark gold project, comprising two exploration licences located approx. 40km southeast of HAS’ Yangibana Project, 250 km northeast of Carnarvon in Western Australia (Ark Project); and
- The Darcy’s gold project comprising 3 exploration licenses covering an area of ~ 100km2 situated adjacent to HAS’ Brockman Niobium and Heavy Rare Earths Project in the East Kimberley region of Western Australia (Darcy Project).
*The Proposed Acquisition is subject to satisfactory completion of mutual due diligence, which is currently in progress, signing of binding documentation, MBK shareholder approval under Listing Rule 7.1 and other necessary approvals, including ASX review pursuant to Listing Rule 11.1.
As consideration for the Proposed Acquisition, MBK will issue to HAS MBK Shares (Consideration Shares) for a total value of $2,300,000, at a share price of $0.014373, being the 10 day VWAP at the date of signing the term sheet. The consideration comprises $2,000,000 for the HAS Gold Assets plus $300,000 for the cash balance to be held by GWG at Completion.
A deferred consideration of $800,000 to the vendors of Whiteheads and subject to defined resource milestones being achieved remains payable by HAS over the next five years1.
It is the intention of HAS to seek approval of its shareholders to the distribution of the Consideration Shares in-specie to its shareholders, following completion of the acquisition.
Charles Lew will join the board of MBK as a non-executive director and the Board has agreed to appoint Tim Gilbert, currently Chief Operating Officer with HAS, as MBK’s new CEO following completion. Ines Scotland will remain as MBK’s Chair in a non-executive role.
Mr Gilbert is a mining engineer with more than four decades of experience in a range of senior roles in the resources sector across multiple commodities, including battery and base metals, diamonds and gold. His expertise covers a range of strategic, operational, construction and technical roles for major contractors including Theiss, as well as global mining companies including Rio Tinto, Newmont and Gold Field Australia where he was VP Operations and previously General Manager, Agnew Gold Mine.
A summary of the agreed terms for the Proposed Acquisition is set out later in this release.
Fast-tracking Livingstone and Whiteheads to production.
MBK has commenced a scoping study for the Homestead and Kingsley deposits at Livingstone. These projects hold JORC 2012 Mineral Resource Estimates2 from surface of:
- 1.68Mt @ 1.35g/t Au for 73.0koz Au, 100% Inferred at Kingsley;
- a total of 1.00Mt @ 1.35g/t Au for 43.4koz Au at Homestead, comprising 83% Indicated – 821Kt @1.37g/t Au for 36.2koz Au and 17% Inferred – 183Kt @1.22 g/t Au for 7.2koz Au;
Mark Cossom and Peter Lester are managing the scoping study for MBK and a mine services group has been engaged to undertake the necessary pit design and technical work. Mark is a consultant geologist and was formerly managing director of Gateway Mining Ltd and prior to that General Manager – Geology and Exploration with Doray Minerals Ltd. Peter Lester is a consultant mining engineer to MBK with over 40 years’ experience in the mining industry.
In addition, MBK has engaged the services of Stuart Stephens to provide exploration management services for the Livingstone project, including progressing mining proposals and necessary approvals required to proceed to production. Stuart is a geologist and former Exploration Manager at Gateway Mining with extensive experience in the WA mining and environmental regulatory framework.
Since acquiring Whiteheads earlier this year, HAS has developed a strategy of fast-tracking the Seven Leaders and Blue Poles deposits to open pit. HAS will commence drilling at Whiteheads in the coming weeks for a maiden JORC Resource and small mining proposals and associated approvals will follow.
MBK’s Chair Ines Scotland commented: “Adding the HAS gold assets plus experienced management to MBK provides MBK with scale for future gold production. The HAS gold projects complement our strategy for the Kingsley and Homestead projects at Livingstone that we are now advancing to Scoping Study stage. The HAS acquisition furthers our strategy of building a gold portfolio in WA with assets that have the potential for near term production utilising nearby third- party processing infrastructure, as well as significant exploration upside. We are looking forward to welcoming Charles Lew to the Board and Tim Gilbert joining as CEO to assist us in implementing our strategy.”
Commenting on the Term Sheet for sale of Hastings’ gold assets, Hastings Executive Chairman, Mr Charles Lew said:
“I am pleased to see the strategic integration of our Whiteheads Project with Metal Bank’s Livingstone Project, creating a promising pathway toward early cash flow through the Seven Leaders deposit. The addition of Hastings gold assets, complemented by experienced management and a clear focus on near-term production opportunities in WA, positions the enlarged company well for future growth. Capitalising on the strong gold price and a talented management team, we aim to realize the full potential of these assets and to advancing our shared strategy for building a robust gold portfolio."
Click here for the full ASX Release
This article includes content from Metal Bank 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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Exceptional result of 32m @ 7gt Au in Lord Byron drilling
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Jaime Carrasco: Gold, Silver, Miners — Where to Focus in Monetary Storm
Jaime Carrasco, senior portfolio manager and senior financial advisor at Harbourfront Wealth, shares his thoughts on gold and silver, emphasizing that it's important to keep the big picture in mind.
"In a nutshell, we're going back to a return to sound money — money not backed by the word of a politician and bankers, but by something sound like gold, which (has been) money for 4,000 years," he said.
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.
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23h
Gold and Silver Stocks Dominate TSX30 List of Top Performers
The Toronto Stock Exchange (TSX) has released its annual TSX30 list, showcasing the 30 top-performing companies that are making the most impact in driving Canada’s economy forward.
Established in 2019, the TSX30 ranks stocks by their dividend-adjusted share price performance over three years.
The list was released on Tuesday (September 9), a day after the S&P/TSX Composite Index (INDEXTSI:OSPTX) reached an all-time high of 29,027. It's up 17.18 percent since the start of the year and nearly 30 percent since September 2024.
Mining stocks have helped drive these gains, and companies in the sector claimed 17 spots on this year's TSX30 list. Gold and silver miners dominated, accounting for 15 of the 17 resource sector stocks on the list.
The top-ranked precious metals producer was Lundin Gold (TSX:LUG,OTCQX:LUGDF), which took second place overall on the list, recording a 775 percent share price gain over the past three years.
Its surge has largely been driven by increasing output at its Fruta del Norte operation in Ecuador. According to Mining Data Online (MDO), its gold output came in at 502,000 ounces in 2024 and is projected at 475,000 to 525,000 ounces in 2025.
At number five was Avino Silver & Gold Mines (TSX:ASM,NYSEAMERICAN:ASM), which has gained 610 percent over the past three years. Silver production at its namesake mine in Durango, Mexico, reached a record 1.11 million ounces in 2024. In December 2024, the firm started development work at its La Preciosa project, also in Durango.
Since the start of the year, Avino’s share price has increased by more than 350 percent.
At number 11 is New Gold (TSX:NGD,NYSEAMERICAN:NGD), a mid-tier producer with two gold mines located in BC and Ontario. According to MDO, its Rainy River mine in Southwest Ontario recorded gold output of 226,000 ounces in 2024, while new Ashton increased its production to 72,000 ounces, up from 63,000 ounces in 2023 and 38,000 ounces in 2022.
The company beat its low-end guidance for all-in sustaining costs in 2024 at US$1,239.
The remaining precious metals-focused companies on the TSX30 list are: Kinross Gold (TSX:K,NYSE:KGC) (12), IAMGOLD (TSX:IMG,NYSE:IAG) (13), Torex Gold Resources (TSX:TXG,OTCQX:TORXF) (14), Alamos Gold (TSX:AGI,NYSE:AGI) (19), Perpetua Resources (TSX:PPTA,NASDAQ:PPTA) (21), Orla Mining (TSX:OLA,NYSEAMERICAN:ORLA) (22), China Gold International Resources (TSX:CGG) (25), Dundee Precious Metals (TSX:DPM) (26), Eldorado Gold (TSX:ELD,NYSE:EGO) (27), Galiano Gold (TSX:GAU,NYSEAMERICAN:GAU) (28), Skeena Resources (TSX:SKE,NYSE:SKE) (29) and Taseko Mines (TSX:TKO,NYSEAMERICAN:TGB) (30).
The non-gold resource companies listed are Almonty Industries (TSX:AII,NASDAQ:ALM) (10) and Cameco (TSX:CCO,NYSE:CCJ) (23). In the top spot overall was Celestica (TSX:CLS,NYSE:CLS), which provides artificial intelligence-powered supply chain optimization solutions. Over the past three years, its share price has gained 1,599 percent.
Gold and silver producers have fared well in 2025 as uncertainty bleeds into the global economy on the back of shifting US trade policies. This has prompted many investors to turn to the safety and stability of precious metals.
Gold has risen to record highs above US$3,600 per ounce in recent days, while silver is trading above US$40 per ounce.
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.
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09 September
Prince Silver Announces OTC Symbol Change to PRNCF
Prince Silver Corp. ("Prince Silver" or the "Company") (CSE:PRNC)(OTC:PRNCF) is pleased to announce that effective today, the Company's common shares now trade in the United States on the OTC market under the new ticker symbol "PRNCF".
The change from the previous symbol "HWTNF" to "PRNCF" is part of the Company's ongoing efforts to align its U.S. market identity with its current corporate name and Canadian Securities Exchange ticker, "PRNC."
No action is required by existing shareholders with respect to the ticker change. The Company's shares will continue to be listed on the Canadian Securities Exchange under the symbol "PRNC".
About Prince Silver Corp.
Prince Silver Corp is a silver exploration company focused on advancing the Prince Silver Project in Nevada, USA. The known deposit identified with historic drilling is open in all directions and is near surface. Prince Silver Corp also holds interest in the Stampede Gap Project a district scale copper-gold-moly porphyry system located ~15km NNM of the Prince Silver Project and, holds option interest in the Broken Handle Project, an early-stage mineral exploration project located southern British Columbia, Canada.
For further information on Prince Silver, please visit princesilvercorp.com
On Behalf of the Board of Directors
Ralph Shearing, Director, President
Tel: 604-764-0965
Email: rshearing@princesilvercorp.com
Website: princesilvercorp.com
Cautionary Note Regarding Forward-Looking Information
Forward-Looking Information Certain statements in this news release are forward-looking statements, including with respect to future plans, and other matters. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such information can generally be identified by the use of forwarding-looking wording such as "may", "expect", "estimate", "anticipate", "intend", "believe" and "continue" or the negative thereof or similar variations. Some of the specific forward-looking information in this news release includes, but is not limited to, statements with respect to: completion of the Acquisition and related transactions, proposed drill programs, amendments to the Company's website, property option payments and regulatory and corporate approvals. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company, including but not limited to, business, economic and capital market conditions, the ability to manage operating expenses, dependence on key personnel, completion of satisfactory due diligence in respect of the Acquisition and related transactions, and compliance with property option agreements. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which the Company will operate in the future, anticipated costs, and the ability to achieve goals. Factors that could cause the actual results to differ materially from those in forward-looking statements include, the continued availability of capital and financing, litigation, failure of counterparties to perform their contractual obligations, failure to obtain regulatory or corporate approvals, exploration results, loss of key employees and consultants, and general economic, market or business conditions. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The reader is cautioned not to place undue reliance on any forward-looking information. The forward-looking statements contained in this news release are made as of the date of this news release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
This news release does not constitute an offer to sell, or a solicitation of an offer to buy, any securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons (as defined under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available. The CSE has neither approved nor disapproved the contents of this press release and the CSE does not accept responsibility for the adequacy or accuracy of this release.
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09 September
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