Lahontan Gold Corp. (TSXV:LG)(OTCQB:LGCXF) (the "Company" or "Lahontan") is pleased to announce results from an additional five reverse-circulation rotary ("RC") drill holes from the Company's Phase Two drilling campaign exploring the Slab pit area of the Company's 19 km2 Santa Fe Project in Nevada's Walker Lane. The five drill holes, totaling 1,111 metres, are the final drill holes of the Company's Phase Two drilling campaign. The drill holes targeted down-dip extensions of oxidized gold and silver mineralization east and northeast of the Slab pit. Past mining and historic drilling had outlined significant potential oxide and transition domain resources east of the Slab pit that remained open down dip from the pit. Highlights include
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Lahontan Announces 1,112,000 oz Indicated and 544,000 oz Inferred Au Eq Maiden Mineral Resoure Estimate At Santa Fe
Lahontan Gold Corp. (TSX.V:LG)(OTCQB:LGCXF) (the "Company" or "Lahontan") is pleased to announce the maiden Mineral Resource Estimate ("MRE") for its flagship Santa Fe Mine, a past-producing open pit, heap leach gold and silver mine located in Mineral County, Nevada. The MRE for Santa Fe is based upon 1,275 drill holes totaling 125,435 metres, including 50 drill holes totaling 13,118 metres drilled by Lahontan since 2021.
Highlights of the MRE include:
- Project-wide pit constrained Indicated Mineral Resources of 1,112,000 contained gold equivalent ("Au Eq") ounces and Inferred Mineral Resources of 544,000 contained Au Eq ounces (assumptions for Au Eq are described in the Notes to Tables 1 and 2).
- Project-wide average grade for the Indicated Mineral Resource is 1.14 g/t Au Eq; the average grade of the Project-wide Inferred Mineral Resource is 1.00 g/t Au Eq.
- Indicated Oxide Resources total 21.6 Mt grading 1.03 g/t Au Eq for 712,000 Au Eqounces and Inferred Oxide Resources total 11.1 Mt grading 0.73 g/t Au Eq for 262,000 Au Eq ounces.
- The conceptual pit shells returned preliminary strip ratios (waste:ore) of 3.6:1 at the Santa Fe deposit and 2.3:1 at the Slab-Calvada-York Complex. Within both conceptual pits, gold and silver deposits crop out at the surface providing opportunities for rapid, low-cost mining operations.
- The MRE block model shows that gold and silver mineralization extends well beyond the conceptual pit shells, generating high-quality targets for additional drilling and resource growth.
Kimberly Ann, Founder, CEO, and President of Lahontan Gold Corp commented: "Lahontan is thrilled with the results of this MRE for the Santa Fe Mine, validating our business concept focusing on brownfield exploration and development opportunities. The MRE demonstrates the presence of a large, readily exploitable, oxide gold resource and importantly, higher-grade non-oxide gold resources. Shallow, good grade oxide gold mineralization in the high-wall of the Santa Fe pit and outcropping oxide resources in Slab-Calvada-York complex, give the Company a clear option for rapid mine development at a significant production rate. We intend to take advantage of the technical and metallurgical data generated over six years of historical mining and heap-leach processing to quickly evaluate the economic potential of the oxide portion of the mineral resource. All deposits comprising the Santa Fe Mine remain open for resource expansion and we look forward to continued drilling at Santa Fe as we grow and expand the size and scale of the project".
Table 1: Project-wide Resources, Santa Fe Mine, Mineral County, Nevada.
Notes to Tables 1 and 2:
- Mineral Resources have an effective date of December 7, 2022. The Mineral Resource Estimate for the Santa Fe Mine was prepared by Trevor Rabb, P.Geo., of Equity Exploration Consultants Ltd., an independent Qualified Person as defined by NI 43-101.
- Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. Inferred Resources are considered too speculative geologically to have economic considerations applied to them that would enable them to be classified as Mineral Reserves. An Inferred Mineral Resource has a lower level of confidence than that applying to an Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that most of the Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.
- Resources are reported in accordance with NI43-101 Standards of Disclosure for Mineral Projects (BCSC, 2016) and the CIM Definition Standards for Mineral Resources and Mineral Reserves (CIM, 2014).
- Mineral Resources were estimated for gold, silver, and gold equivalent (Au Eq) using a combination of ordinary kriging and inverse distance cubed within grade shell domains.
- Mineral resources are reported using a cut-off grade of 0.25 g/t Au Eq for oxide resources and 0.60 g/t Au Eq for non-oxide resources. Au Eq for the purpose of cut-off grade and reporting the Mineral Resources is based on the following assumptions gold price of US$1,770/oz gold, silver price of US$22.00/oz silver, and oxide gold recoveries ranging from 60% to 77%, oxide silver recoveries ranging from 40% to 55%, and non-oxide gold and silver recoveries of 71%, mining costs for ore and waste of US$2.20/t, crushing cost of US$2.71/t, processing cost (oxide) US$6.80/t, processing cost (non-oxide) US$25/t.
- An optimized open-pit shell was used to constrain the Mineral Resource and was generated using Lerchs-Grossman algorithm utilizing the following parameters: gold price of US$1,770/oz gold, silver price of US$22/oz silver, gold selling costs of US$56/oz gold, and silver selling costs of US$3/oz silver. Mining costs for ore and waste of US$2.20/t, crushing cost of US$2.71/t, processing cost (oxide) US$6.80/t, processing cost (non-oxide) US$25/t, G&A cost US$3.99/t. Royalties for the Slab, York and Calvada deposits are 1.25%, and maximum pit slope angles of 50 degrees.
About the Santa Fe Mine:
The Santa Fe Mine is in the Walker Lane mineral belt of western Nevada approximately 50 km from the town of Hawthorne in Mineral County. Nearby operating gold and silver mines include Isabella Pearl (Fortitude Gold) and Borealis (Waterton). The Santa Fe Mine consists of four past-producing open-pits, including the Santa Fe, Slab, Calvada East, and York deposits, within a 19 km2 land package 100% controlled by Lahontan. Gold and silver production occurred between 1988 and 1995 utilizing heap-leach processing that produced a reported 345,000 oz of gold and 711,000 oz of silver (Nevada Bureau of Mines and Geology, 1995). Mineralization occurs as disseminated gold and silver hosted by Triassic age calcareous rocks. Strong stratigraphic and structural controls of mineralization is evident. Considerable exploration potential remains at Santa Fe and the Company intends to continue its aggressive exploration program during 2023.
Location of MRE deposits with conceptual pit shells, Santa Fe Mine, Mineral County, Nevada
Table 2: Project-wide Oxide Resources, Santa Fe Mine, Mineral County, Nevada
Oxide Resources:
Oxide resources at the Santa Fe Mine occur at both the Santa Fe deposit and the Slab-Calvada Complex which includes the Slab, Calvada East, York, and Calvada Central deposits. The contained Au Eq oxide ounces for the Slab-Calvada Complex accounts for approximately 19% of the total Indicated Au Eq oxide ounces and 29% of the total Inferred Au Eq oxide ounces. Mineral Resources at the Slab-Calvada Complex are exposed at surface. Oxide resources are open to the north and east of the Slab open pit, along the Calvada Fault, and at the York open pit.
The Santa Fe deposit accounts for 81% of Indicated contained Au Eq oxide ounces, and 71% of Inferred contained AuEq oxide ounces. Oxide Mineral Resources within the Santa Fe deposit are primarily located in the high wall of the Santa Fe open pit. The average grade of the Santa Fe deposit Indicated oxide resource is 1.10 g/t Au Eq, and Inferred oxide resource is 0.77 g/t Au Eq. Oxide resources at the Santa Fe deposit are open to the northeast, south, and southeast.
Santa Fe Non-Oxide Resources:
Non-oxide resources at the Santa Fe Mine are principally located in the Santa Fe deposit below the oxide resources within the resource pit shell. The average grade of the Santa Fe deposit Indicated non-oxide resource is 1.41 g/t Au Eq and the Santa Fe deposit Inferred non-oxide mineral resource is 1.50 g/t Au Eq. Gold is very fine-grained and associated with pyrite. Within the southeastern portion of the Santa Fe deposit, higher-grade gold and silver resources may positively influence project economics. Higher grade gold and silver mineralization extends to the southeast of the Santa Fe deposit, along strike and down-rake, providing excellent exploration opportunities to grow the non-oxide resources at Santa Fe.
Estimation Approach:
Lithology and gold and silver bearing domains were modelled using Leapfrog Geo 2022. These domains are mainly defined by logged jasperoid and limestone-breccia lithologies and continuity of gold grades above 0.1 g/t gold. Ore type domains for oxide, transition and non-oxide were modelled based on ratio of cyanide leachable gold assay values to fire assay gold values in addition to drillhole logs recording abundance of pyrite and oxidation intensity. Transition material represents less than 5% of oxide tonnes and is included in the oxide resource. Domains representing lithology, weathering and mineralization models were assigned to a block model with a block size of 5 m x 5 m x 6 m. Average bulk densities representative of the mineralization and lithology models were assigned to the block model and vary from 2.4 t/m3 to 2.6 t/m3.
Grade capping and outlier restrictions were applied to gold and silver values and interpolation parameters respectively. Top cut values for gold and silver were evaluated for each domain independently prior to compositing to 1.52 m lengths that honor domain boundaries. Estimation was completed using Micromine Origin with Ordinary Kriging (OK) and Inverse Distance cubed (ID3) interpolants. Blocks were classified in accordance with the 2014 CIM Definition Standards. The nominal drillhole spacing for Indicated Mineral Resources is 50 m or less. The nominal drillhole spacing for Inferred Mineral Resources is 100 m or less.
Prospects for eventual economic extraction were evaluated by performing pit optimization using Lerchs-Grossman algorithm with the following parameters: gold price of US$1,770/oz gold, silver price of US$22/oz silver, gold selling costs of US$56/oz gold, and silver selling costs of US$3/oz silver. Mining costs for ore and waste of US$2.20/t, crushing cost of US$2.71/t, processing cost (oxide) US$6.80/t, processing cost (non-oxide) US$25/t, G&A cost US$3.99/t. Royalties for the Slab, York and Calvada deposits are 1.25%. Maximum pit slope of 50 degrees. Processing recoveries range from 60% to 77% for oxide, silver recoveries range from 40% to 55% for oxide and non-oxide gold and silver recoveries are 71%.
Filing of Report:
To support this Santa Fe MRE, a technical report prepared according to National Instrument 43-101 ("Report") will be filed on SEDAR within the next 45 days.
About Lahontan Gold Corp:
Lahontan Gold Corp. is a Canadian mineral exploration company that holds, through its US subsidiaries, three top-tier gold and silver exploration properties in the Walker Lane of mining friendly Nevada. Lahontan's flagship property, the 19 km2 Santa Fe Mine, is a past producing gold and silver mine that utilized heap-leach processing (past production of 345,000 ounces of gold and 711,000 ounces of silver between 1988 and 1995; Nevada Bureau of Mines and Geology, 1995). The Santa Fe Mine has an Indicated Mineral Resource of 1,112,000 oz Au Eq(grading 1.14 g/t Au Eq) and an Inferred Mineral Resource of 544,000 oz Au Eq (grading 1.00 g/t Au Eq), all pit constrained. The Company plans to continue to aggressively explore the entire property during 2023 and begin the process of evaluating development scenarios to bring the Santa Fe Mine back into production. For more information, please visit our website: www.lahontangoldcorp.com
The independent Qualified Person responsible for the MRE disclosure for the Santa Fe Mine is Trevor Rabb, P.Geo., of Equity Exploration Consultants Ltd. In accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects, Quinton J. Browne, P.Geo., Consulting Geologist to Lahontan Gold Corp., is the Qualified Person for the Company and approved the technical content of this news release.
On behalf of the Board of Directors
Kimberly Ann
Founder, CEO, President, and Director
FOR FURTHER INFORMATION, PLEASE CONTACT:
Lahontan Gold Corp.
Kimberly Ann
Founder, Chief Executive Officer, President, Director
Phone: 1-530-414-4400
Email: Kimberly.ann@lahontangoldcorp.com
Website: www.lahontangoldcorp.com
Cautionary Note Regarding Forward-Looking Statements:
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Except for statements of historic fact, this news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements are based on the opinions and estimates at the date the statements are made and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking statements including, but not limited to delays or uncertainties with regulatory approvals, including that of the TSXV. There are uncertainties inherent in forward-looking information, including factors beyond the Company's control. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change except as required by law. The reader is cautioned not to place undue reliance on forward-looking statements. Additional information identifying risks and uncertainties that could affect financial results is contained in the Company's filings with Canadian securities regulators, which filings are available at www.sedar.com
Lahontan Drills More Gold at Slab: 32.0m Grading 0.65 gpt AuEq
- 32.0 metres grading 0.59 gpt Au and 4.4 gpt Ag (0.65 gpt Au Eq) of oxide and transition metallurgical domain mineralization in drill hole CAL22-016R including 6.1 metres grading 1.18 gpt Au and 14.4 gpt Ag (1.37 gpt Au Eq). This drill hole, coupled with earlier Lahontan drill results, shows that gold and silver mineralization extends in an easterly direction from the Slab pit across a post-mineral fault, opening a large area for resource expansion. (Please see cross section, location map, and table below).
- 62.5 metres grading 0.33 gpt Au and 2.6 gpt Ag (0.36 gpt Au Eq) of oxide mineralization in drill hole CAL22-015R including 6.1 metres grading 1.04 gpt Au and 1.4 gpt Ag (1.06 gpt Au Eq). This drill hole extends shallow gold and silver mineralization from the southeast corner of the Slab pit, expanding resource potential.
West-East (left to right, please see map below) cross section through drill holes CAL21-001C, CAL22-009R, and new drill hole CAL22-016R east of the Slab pit, Santa Fe Project, Mineral County, Nevada. The interpreted 0.2 gpt Au grade shell (cross-hatched) shows the stacked nature of the mineralization and greatly expands oxide and transition domain gold mineralization east of the Slab pit and across a prominent post-mineral fault. The drilling confirms the potential for additional shallow gold and silver mineralization north and east of the Slab pit.
Kimberly Ann, CEO, President, Director, and Founder of Lahontan Gold Corp commented: "Lahontan is excited to release the final results from our 2022 Phase Two reverse-circulation drilling campaign. The entire program was successful in extending mineralization to the north and east of the Slab Pit and along the Calavada Fault. The drilling also confirmed the important correlation between thick, tabular, gold and silver mineralization and areas of low magnetic response. This correlation generates multiple large-scale drilling targets throughout the property and underscores the huge size of the Santa Fe hydrothermal system. The next benchmark for Lahontan will be the release of our maiden mineral resource estimate ("MRE") for the entire Santa Fe Project, expected early in Q1 2022. Work on the MRE is well underway and on schedule".
Drill hole location map with reduced to pole residual magnetics, Slab-Calvada pit area, Santa Fe Project, Mineral County, Nevada.
Drill Hole | Total Depth | From | To | Interval | Au | Ag | Au Eq | Metallurgical |
CAL22-012R | 249.9 | 53.3 | 59.4 | 6.1 | 0.25 | 0.9 | 0.26 | Oxide |
and: | 70.1 | 89.9 | 19.8 | 0.20 | 1.8 | 0.22 | Oxide | |
CAL22-013R | 249.9 | 33.5 | 44.2 | 10.7 | 0.20 | 8.9 | 0.32 | Oxide |
CAL22-014R | 198.2 | 4.6 | 13.7 | 9.1 | 0.39 | 1.4 | 0.41 | Oxide |
and: | 91.4 | 102.1 | 10.7 | 0.22 | 0.5 | 0.23 | Oxide | |
CAL22-015R | 199.6 | 21.3 | 83.8 | 62.5 | 0.33 | 2.6 | 0.36 | Oxide |
including: | 50.3 | 56.4 | 6.1 | 1.04 | 1.4 | 1.06 | Oxide | |
CAL22-016R | 213.4 | 140.2 | 172.2 | 32.0 | 0.59 | 4.4 | 0.65 | Oxide and Transition |
including: | 140.2 | 146.3 | 6.1 | 1.18 | 14.4 | 1.37 | Oxide and Transition | |
and: | 199.6 | 208.8 | 9.2 | 0.14 | 20.6 | 0.41 | Oxide and Transition |
*Notes: Au Eq equals Au (gpt) + (Ag gpt/75). Metallurgical recovery has not been factored as insufficient test-work is available to determine potential Ag recoveries. True thickness of the intercepts shown above are estimated to be 90-95% of the drilled interval.
QA/QC Protocols:
Lahontan conducts an industry standard QA/QC program for its core and RC drilling programs. The QA/QC program consisted of the insertion of coarse blanks and Certified Reference Materials (CRM) into the sample stream at random intervals. The targeted rate of insertion was one QA/QC sample for every 16 to 20 samples. Coarse blanks were inserted at a rate of one coarse blank for every 65 samples or approximately 1.5% of the total samples. CRM's were inserted at a rate of one CRM for every 20 samples or approximately 5% of the total samples.
The standards utilized include three gold CRM's and one blank CRM that were purchased from Shea Clark Smith Laboratories (MEG) of Reno, Nevada. Expected gold values are 0.188 gpt, 1.107 gpt, 10.188 gpt, and -0.005 gpt, respectively. The coarse blank material comprised of commercially available landscape gravel with an expected gold value of -0.005 gpt.
As part of the RC drilling QA/QC process, duplicate samples were collected of every 20th sample interval at the drill rig to evaluate sampling methodology. Samples were collected from the reject splitter on the drill rig cyclone splitter. Samples were collected at each 95- to 100-foot (28.96 - 30.48m) mark and labeled with a "D" suffix on the sample bag. No duplicates were submitted for core.
All drill samples were sent to American Assay Laboratories (AAL) in Sparks, Nevada, USA for analyses. Delivery to the lab was either by a Lahontan Gold employee or by an AAL driver. Analyses for all RC and core samples consisted of Au analysis using 30-gram fire assay with ICP finish, along with a 36-element geochemistry analysis performed on each sample utilizing two acid digestion ICP-AES method. Tellurium analyses were performed on select drill holes utilizing ICP-MS method. Cyanide leach analyses, using a tumble time of 2 hours and analyzed with ICP-AES method, were performed on select drill holes for Au and Ag recovery. AAL inserts their own blanks, standards and conducts duplicate analyses to ensure proper sample preparation and equipment calibration. We have all results reported in grams per tonne (gpt).
About Lahontan Gold Corp:
Lahontan Gold Corp. is a Canadian mineral exploration company that holds, through its US subsidiaries, three top-tier gold and silver exploration properties in the Walker Lane of mining friendly Nevada. Lahontan's flagship property, the 19 km2 Santa Fe Project, is a past producing gold and silver mine with excellent potential to host significant gold and silver resources (past production of 375,000 ounces of gold and 710,000 ounces of silver between 1988 and 1992; Nevada Bureau of Mines and Geology, 1996). Modeling of over 110,000 metres of historic drilling, geologic mapping, and geochemical sampling outline both shallow, oxidized gold and silver mineralization as well as deeper high grade potential resources. The Company is continuing an aggressive 25,000 metre drilling program with the goal of publishing a National Instrument 43-101 ("NI 43-101") compliant mineral resource estimate in Q1 2023. For more information, please visit our website: www.lahontangoldcorp.com.
All scientific and technical information in this press release has been reviewed and approved by Quentin J. Browne, P.Geo., Consulting Geologist to Lahontan Gold Corp., who is a qualified person under the definitions established by National Instrument 43-101
On behalf of the Board of Directors
Kimberly Ann
Founder, CEO, President, and Director
FOR FURTHER INFORMATION, PLEASE CONTACT:
Lahontan Gold Corp.
Kimberly Ann
Founder, Chief Executive Officer, President, Director
Phone: 1-530-414-4400
Email: Kimberly.ann@lahontangoldcorp.com
Website: www.lahontangoldcorp.com
Cautionary Note Regarding Forward-Looking Statements:
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Except for statements of historic fact, this news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements are based on the opinions and estimates at the date the statements are made and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking statements including, but not limited to delays or uncertainties with regulatory approvals, including that of the TSXV. There are uncertainties inherent in forward-looking information, including factors beyond the Company's control. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change except as required by law. The reader is cautioned not to place undue reliance on forward-looking statements. Additional information identifying risks and uncertainties that could affect financial results is contained in the Company's filings with Canadian securities regulators, which filings are available at www.sedar.com.
SOURCE:Lahontan Gold Corp.
View source version on accesswire.com:
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Lahontan Drills More Oxide Gold at Slab: 32.0m Grading 0.61 GPT AuEq
Lahontan Gold Corp. (TSXV:LG)(OTCQB:LGCXF) (the "Company" or "Lahontan") is pleased to announce results from an additional four reverse-circulation rotary ("RC") drill holes from the Company's Phase Two drilling campaign exploring the Slab pit area of the Company's 19 km2 Santa Fe Project in Nevada's Walker Lane. The four drill holes, totaling 883 metres, targeted down-dip extensions of oxidized gold and silver mineralization east and northeast of the Slab pit. Past mining and historic drilling had outlined significant potential oxide and transition domain resources east of the Slab pit that remained open down dip from the pit. Highlights include
- 32.0 metres grading 0.50 gpt Au and 7.9 gpt Ag (0.60 gpt Au Eq) of oxide and transition metallurgical domain mineralization in drill hole CAL22-010R including 10.7 metres grading 0.93 gpt Au and 18.7 gpt Ag (1.18 gpt Au Eq). This drill hole, coupled with earlier Lahontan drill results, confirms a major easternly extension of previously mined gold and silver mineralization seen in the Slab pit, extending mineralization at least 350 metres down dip at shallow levels (please see cross section, location map, and table below).
West-East (left to right, please see map below) cross section through drill holes CAL21-005C, CAL22-001R, and new drill hole CAL22-010R east of the Slab pit, Santa Fe Project, Mineral County, Nevada. The interpreted 0.2 gpt Au grade shell greatly expands oxide and transition domain gold mineralization east of the Slab pit and confirms the potential for additional shallow gold and silver mineralization east of the Slab pit.
Kimberly Ann, CEO, President, Director, and Founder of Lahontan Gold Corp commented: "Lahontan is very pleased with the results of these four drill holes collared east of the Slab pit. Coupled with previous Lahontan drilling and historic drill results, we have identified a low-angle blanket of gold and silver mineralization that extends hundreds of metres east of the slab pit that remains unconstrained down-dip. Results from the final five reverse-circulation drill holes from our 2022 Phase Two drilling campaign are expected shortly. The Company's geologic team is working closely with our third-party consultants, providing the detailed geologic interpretations that will be used in our upcoming maiden resource estimate, expected in Q1 2023. Modeling the distribution of gold and silver mineralization at the Santa Fe pit area is well underway and work will transition to the Slab-Calvada pit area once our final drill results are received".
Drill hole location map with reduced to pole residual magnetics, Slab-Calvada pit area, Santa Fe Project, Mineral County, Nevada.
Important take-aways from these drill results include the further confirmation that gold and silver mineralization occurs in areas that are characterized as a magnetic low. As can be seen in the drill hole location map above, there are extensive areas with a low intensity magnetic signature that remain untested by drilling that could host potential resources in the Slab-Calvada area. The drill results table below also highlights an important characteristic of mineralization east and northeast of the Slab pit: higher silver grades. The silver content is significant and could positively impact potential mining operations at Santa Fe.
Drill Hole | Total Depth (m) | From (m) | To (m) | Interval (m) | Au (gpt) | Ag (gpt) | Au Eq (gpt) | Metallurgical Domain |
CAL22-008R | 213.4 | 47.2 | 61.0 | 13.7 | 0.43 | 1.9 | 0.46 | Oxide & Transition |
and: | 158.5 | 172.2 | 13.7 | 0.42 | 3.1 | 0.46 | Oxide | |
CAL22-009R | 213.4 | 74.7 | 89.9 | 15.2 | 0.26 | 1.6 | 0.28 | Oxide & Transition |
including: | 74.7 | 82.3 | 7.6 | 0.43 | 3.1 | 0.47 | Oxide & Transition | |
CAL22-010R | 228.6 | 77.7 | 109.7 | 32.0 | 0.50 | 7.9 | 0.61 | Oxide & Transition |
including: | 77.7 | 88.4 | 10.7 | 0.93 | 18.7 | 1.18 | Transition | |
CAL22-011R | 228.6 | 32.0 | 36.6 | 4.6 | 0.23 | 2.4 | 0.26 | Oxide |
and: | 50.3 | 54.9 | 4.6 | 0.27 | 1.4 | 0.29 | Oxide |
*Notes: Au Eq equals Au (gpt) + (Ag gpt/75). Metallurgical recovery has not been factored as insufficient test-work is available to determine potential Ag recoveries. True thickness of the intercepts shown above are estimated to be 90-95% of the drilled interval.
QA/QC Protocols:
Lahontan conducts an industry standard QA/QC program for its core and RC drilling programs. The QA/QC program consisted of the insertion of coarse blanks and Certified Reference Materials (CRM) into the sample stream at random intervals. The targeted rate of insertion was one QA/QC sample for every 16 to 20 samples. Coarse blanks were inserted at a rate of one coarse blank for every 65 samples or approximately 1.5% of the total samples. CRM's were inserted at a rate of one CRM for every 20 samples or approximately 5% of the total samples.
The standards utilized include three gold CRM's and one blank CRM that were purchased from Shea Clark Smith Laboratories (MEG) of Reno, Nevada. Expected gold values are 0.188 gpt, 1.107 gpt, 10.188 gpt, and -0.005 gpt, respectively. The coarse blank material comprised of commercially available landscape gravel with an expected gold value of -0.005 gpt.
As part of the RC drilling QA/QC process, duplicate samples were collected of every 20th sample interval at the drill rig to evaluate sampling methodology. Samples were collected from the reject splitter on the drill rig cyclone splitter. Samples were collected at each 95- to 100-foot (28.96 - 30.48m) mark and labeled with a "D" suffix on the sample bag. No duplicates were submitted for core.
All drill samples were sent to American Assay Laboratories (AAL) in Sparks, Nevada, USA for analyses. Delivery to the lab was either by a Lahontan Gold employee or by an AAL driver. Analyses for all RC and core samples consisted of Au analysis using 30-gram fire assay with ICP finish, along with a 36-element geochemistry analysis performed on each sample utilizing two acid digestion ICP-AES method. Tellurium analyses were performed on select drill holes utilizing ICP-MS method. Cyanide leach analyses, using a tumble time of 2 hours and analyzed with ICP-AES method, were performed on select drill holes for Au and Ag recovery. AAL inserts their own blanks, standards and conducts duplicate analyses to ensure proper sample preparation and equipment calibration. We have all results reported in grams per tonne (gpt).
About Lahontan Gold Corp:
Lahontan Gold Corp. is a Canadian mineral exploration company that holds, through its US subsidiaries, three top-tier gold and silver exploration properties in the Walker Lane of mining friendly Nevada. Lahontan's flagship property, the 19 km2 Santa Fe Project, is a past producing gold and silver mine with excellent potential to host significant gold and silver resources (past production of 375,000 ounces of gold and 710,000 ounces of silver between 1988 and 1992; Nevada Bureau of Mines and Geology, 1996). Modeling of over 110,000 metres of historic drilling, geologic mapping, and geochemical sampling outline both shallow, oxidized gold and silver mineralization as well as deeper high grade potential resources. The Company is continuing an aggressive 25,000 metre drilling program with the goal of publishing a National Instrument 43-101 ("NI 43-101") compliant mineral resource estimate in Q1 2023. For more information, please visit our website: www.lahontangoldcorp.com
All scientific and technical information in this press release has been reviewed and approved by Quentin J. Browne, P.Geo., Consulting Geologist to Lahontan Gold Corp., who is a qualified person under the definitions established by National Instrument 43-101.
On behalf of the Board of Directors
Kimberly Ann
Founder, Chief Executive Officer, President, and Director
FOR FURTHER INFORMATION, PLEASE CONTACT:
Lahontan Gold Corp.
Kimberly Ann
Founder, Chief Executive Officer, President, Director
Phone: 1-530-414-4400
Email: Kimberly.ann@lahontangoldcorp.com
Website: www.lahontangoldcorp.com
Cautionary Note Regarding Forward-Looking Statements:
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Except for statements of historic fact, this news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements are based on the opinions and estimates at the date the statements are made and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking statements including, but not limited to delays or uncertainties with regulatory approvals, including that of the TSXV. There are uncertainties inherent in forward-looking information, including factors beyond the Company's control. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change except as required by law. The reader is cautioned not to place undue reliance on forward-looking statements. Additional information identifying risks and uncertainties that could affect financial results is contained in the Company's filings with Canadian securities regulators, which filings are available at www.sedar.com.
SOURCE: Lahontan Gold Corp.
View source version on accesswire.com:
https://www.accesswire.com/725350/Lahontan-Drills-More-Oxide-Gold-at-Slab-320m-Grading-061-GPT-AuEq
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Lahontan Gold Issued Shares in Connection with Amendment to Moho Option Agreement
Lahontan Gold Corp. (TSXV: LG) (OTCQB: LGCXF) (formerly, 1246765 B.C. Ltd.) (the "Company") is pleased to announce that, further to its press release of November 1, 2022, the Company has: (i) made a payment to Minquest Ltd. ("Minquest") in the amount of US$129,875 in cash or immediately available funds; and (ii) issued Minquest 800,000 common shares (the "Common Shares") in the capital of the Company at a deemed value of US$0.08 per Common Share pursuant to the second amendment to the lease option to purchase agreement (the "Second Amending Agreement") dated October 3, 2022 with Minquest and Lahontan Gold (US) Corp. ("Subco") amending the terms of the mining lease option to purchase agreement dated August 30, 2017 as amended August 25, 2020 between Minquest and Pyramid Gold (US) Corp. ("Pyramid Gold"), as assigned from Pyramid Gold to the Company on July 30, 2020 pursuant to the assignment and assumption agreement between Pyramid Gold and the Company (collectively, the "Agreement"). Pursuant to the Agreement, the Company has the option (the "Option") to purchase fifty (50) unpatented lode mining claims in Mineral County, Nevada (the "Moho Property"). The Second Amending Agreement amends the term of the Agreement to March 31, 2023.
All securities issued in connection with the Second Amended Agreement will be subject to a hold period of four months plus a day from the date of issuance and the resale rules of applicable securities legislation.
This press release does not constitute an offer to sell or a solicitation of an offer to buy the 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 applicable United States securities laws unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
About Lahontan Gold Corp:
Lahontan Gold Corp. is a Canadian mineral exploration company that holds, through its US subsidiaries, three top-tier gold and silver exploration properties in the Walker Lane of mining friendly Nevada. Lahontan's flagship property, the 18 km2 Santa Fe Project, is a past producing gold and silver mine with excellent potential to host significant gold and silver resources (past production of 345,000 ounces of gold and 710,000 ounces of silver between 1988 and 1992; Nevada Bureau of Mines and Geology, 1996). Modeling of over 110,000 metres of historic drilling, geologic mapping, and geochemical sampling outline both shallow, oxidized gold and silver mineralization as well as deeper high grade potential resources. The Company plans an aggressive 25,000 metre drilling program with the goal of publishing a National Instrument 43-101 ("NI 43-101") compliant mineral resource estimate in 2022. For more information, please visit our website: www.lahontangoldcorp.com
For further information, please contact:
Lahontan Gold Corp.
Kimberly Ann, Chairwoman, CEO, President & Director
Phone: (530) 414-4400
Email: kimberly.ann@lahontangoldcorp.com
Cautionary Note Regarding Forward-Looking Statements:
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release
Except for statements of historic fact, this news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements are based on the opinions and estimates at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking statements including, but not limited to delays or uncertainties with regulatory approvals, including that of the TSXV. There are uncertainties inherent in forward-looking information, including factors beyond the Company's control. There are no assurances that the commercialization plans for the technology described in this news release will come into effect on the terms or time frame described herein. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change except as required by law. The reader is cautioned not to place undue reliance on forward-looking statements. Additional information identifying risks and uncertainties that could affect financial results is contained in the Company's filings with Canadian securities regulators, which filings are available at www.sedar.com
NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/142943
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Lahontan Gold Announces Amendment to Moho Option Agreement
Lahontan Gold Corp. (TSXV: LG) (OTCQB: LGCXF) (formerly, 1246765 B.C. Ltd.) (the "Company") is pleased to announce that on October 3, 2022, it entered into a second amendment to the lease option to purchase agreement (the "Second Amending Agreement") with Minquest Ltd. ("Minquest") and Lahontan Gold (US) Corp. ("Subco") amending the terms of the mining lease option to purchase agreement dated August 30, 2017 as amended August 25, 2020 between Minquest and Pyramid Gold (US) Corp. ("Pyramid Gold"), as assigned from Pyramid Gold to the Company on July 30, 2020 pursuant to the assignment and assumption agreement between Pyramid Gold and the Company (collectively, the "Agreement"). Pursuant to the Agreement, the Company has the option (the "Option") to purchase fifty (50) unpatented lode mining claims in Mineral County, Nevada (the "Moho Property"). The Second Amending Agreement amends the term of the Agreement to March 31, 2023.
In consideration for entering into the Second Amending Agreement, the Company or Subco, has: (i) made a payment to Minquest in the amount of US$129,875 in cash or immediately available funds; and (ii) issued Minquest 800,000 common shares (the "Common Shares") in the capital of the Issuer at a deemed value of US$0.08 per share. All securities issued in connection with the Second Amended Agreement will be subject to a hold period of four months plus a day from the date of issuance and the resale rules of applicable securities legislation. The completion of the transaction remains subject to all regulatory and other approvals, including the approval of the TSX Venture Exchange. No finder's fees or commissions are payable in connection with the Second Amending Agreement.
This press release does not constitute an offer to sell or a solicitation of an offer to buy the 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 applicable United States securities laws unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
About Lahontan Gold Corp:
Lahontan Gold Corp. is a Canadian mineral exploration company that holds, through its US subsidiaries, three top-tier gold and silver exploration properties in the Walker Lane of mining friendly Nevada. Lahontan's flagship property, the 18 km2 Santa Fe Project, is a past producing gold and silver mine with excellent potential to host significant gold and silver resources (past production of 345,000 ounces of gold and 710,000 ounces of silver between 1988 and 1992; Nevada Bureau of Mines and Geology, 1996). Modeling of over 110,000 metres of historic drilling, geologic mapping, and geochemical sampling outline both shallow, oxidized gold and silver mineralization as well as deeper high grade potential resources. The Company plans an aggressive 25,000 metre drilling program with the goal of publishing a National Instrument 43-101 ("NI 43-101") compliant mineral resource estimate in 2022. For more information, please visit our website: www.lahontangoldcorp.com
For further information, please contact:
Lahontan Gold Corp.
Kimberly Ann, Chairwoman, CEO, President & Director
Phone: (530) 414-4400
Email: kimberly.ann@lahontangoldcorp.com
Cautionary Note Regarding Forward-Looking Statements:
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Except for statements of historic fact, this news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements are based on the opinions and estimates at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking statements including, but not limited to delays or uncertainties with regulatory approvals, including that of the TSXV. There are uncertainties inherent in forward-looking information, including factors beyond the Company's control. There are no assurances that the commercialization plans for the technology described in this news release will come into effect on the terms or time frame described herein. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change except as required by law. The reader is cautioned not to place undue reliance on forward-looking statements. Additional information identifying risks and uncertainties that could affect financial results is contained in the Company's filings with Canadian securities regulators, which filings are available at www.sedar.com.
NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/142689
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Lahontan Drills More Shallow Gold at Slab-Calvada: 25.9m Grading 2.55 gpt Au
Lahontan Gold Corp. (TSXV:LG)(OTCQB:LGCXF) (the "Company" or "Lahontan") is pleased to announce results from the first seven reverse-circulation rotary ("RC") drill holes of the Company's Phase Two drilling campaign exploring the Slab-Calvada pit area of the Company's 19 km2 Santa Fe Project in Nevada's Walker Lane. The seven drill holes, totaling 1,710 metres, targeted down-dip extensions of oxidized gold and silver mineralization along the Calvada fault and northerly step-out drilling from the Slab pit. Historic drilling in both areas had outlined significant potential oxide and transition domain resources. Highlights include
- 25.9 metres grading 2.55 gpt Au and 3.4 gpt Ag (2.60 gpt Au Eq) of oxide and transition metallurgical domain mineralization in drill hole CAL22-006R. This is the farthest north step-out drill hole from the Slab pit, with gold mineralization starting at a depth of only 68.6 metres down-hole (please see map and table below).
- 47.2 metres grading 0.78 gpt Au and 1.3 gpt Ag (0.80 gpt Au Eq) in drill hole CAL22-002R including 32.0 metres grading 1.04 gpt Au and 1.4 gpt Ag (1.06 gpt Au Eq) of oxidized mineralization down-dip along the Calvada fault, further expanding the envelope of oxide gold mineralization along this important structure (please see map, cross section, and table below).
Kimberly Ann, CEO, President, Director, and Founder of Lahontan Gold Corp commented: "The Company is excited about these first results from our 2022 Phase Two drilling campaign. The results from drilling the northern extension of the Slab pit confirm that gold mineralization remains wide open in this direction with excellent grades. The Calvada fault drilling continues to impress, with thick intervals of oxide gold mineralization extending at depth along this district-scale structure. Drilling continues and Lahontan will integrate these results into our upcoming maiden resource estimate for the entire Santa Fe Project".
As can be seen in the drill hole location map above, our drone magnetic survey data clearly outlines a magnetic low extending north from the Slab pit. Lahontan's Phase Two drilling confirms that gold and silver mineralization extends at least 200 metres north of the pit at shallow depths. The magnetic data supports multiple drilling targets north and northwest of the Slab pit as well as along the Calvada fault, highlighting the large resource potential of the Slab-Calvada area.
Drill Hole | Total Depth (m) | From (m) | To (m) | Interval (m) | Au (gpt) | Ag (gpt) | Au Eq (gpt) | Metallurgical Domain |
CAL22-001R | 243.8 | 105.2 | 115.8 | 10.6 | 0.42 | 7.4 | 0.52 | Oxide |
CAL22-002R | 274.3 | 170.7 | 217.9 | 47.2 | 0.78 | 1.3 | 0.80 | Oxide |
including: | 175.3 | 207.3 | 32.0 | 1.04 | 1.4 | 1.06 | Oxide | |
CAL22-003R | 228.6 | 102.1 | 125.0 | 22.9 | 0.41 | 1.4 | 0.43 | Oxide |
CAL22-004R | 249.9 | No Significant Intercepts | ||||||
CAL22-005R | 249.9 | 86.9 | 131.1 | 44.2 | 0.30 | 4.0 | 0.35 | Oxide |
including: | 112.8 | 125.0 | 12.2 | 0.52 | 1.3 | 0.54 | Oxide | |
CAL22-006R | 204.2 | 68.6 | 94.5 | 25.9 | 2.55 | 3.4 | 2.60 | Oxide/Transition |
including: | 77.7 | 88.4 | 10.7 | 4.13 | 3.3 | 4.17 | Oxide/Transition | |
and: | 175.3 | 181.4 | 6.1 | 0.68 | 3.2 | 0.72 | Oxide/Transition | |
CAL22-007R | 259.1 | 91.4 | 111.3 | 19.8 | 0.41 | 1.6 | 0.43 | Transition |
and: | 146.3 | 161.5 | 15.2 | 0.72 | 0.9 | 0.73 | Oxide | |
*Notes: Au Eq equals Au (gpt) + (Ag gpt/75). Metallurgical recovery has not been factored as insufficient test-work is available to determine potential Ag recoveries. True thickness of the intercepts shown above are estimated to be 85-95% of the drilled interval.
South-north (left to right, please see map above) cross section through drill holes CAL21-004C, -007C, and new drill hole CAL22-002R in the Calvada fault zone, Santa Fe Project, Mineral County, Nevada. The grade shell outlining gold and silver mineralization (shown in pink above) is based upon modeling historic drilling; CAL22-002R greatly expands oxide gold mineralization at depth and confirms the potential for deeper resource expansion drilling along the Calvada fault.
QA/QC Protocols:
Lahontan conducts an industry standard QA/QC program for its core and RC drilling programs. The QA/QC program consisted of the insertion of coarse blanks and Certified Reference Materials (CRM) into the sample stream at random intervals. The targeted rate of insertion was one QA/QC sample for every 16 to 20 samples. Coarse blanks were inserted at a rate of one coarse blank for every 65 samples or approximately 1.5% of the total samples. CRM's were inserted at a rate of one CRM for every 20 samples or approximately 5% of the total samples.
The standards utilized include three gold CRM's and one blank CRM that were purchased from Shea Clark Smith Laboratories (MEG) of Reno, Nevada. Expected gold values are 0.188 gpt, 1.107 gpt, 10.188 gpt, and -0.005 gpt, respectively. The coarse blank material comprised of commercially available landscape gravel with an expected gold value of -0.005 gpt.
As part of the RC drilling QA/QC process, duplicate samples were collected of every 20th sample interval at the drill rig to evaluate sampling methodology. Samples were collected from the reject splitter on the drill rig cyclone splitter. Samples were collected at each 95- to 100-foot (28.96 - 30.48m) mark and labeled with a "D" suffix on the sample bag. No duplicates were submitted for core.
All drill samples were sent to American Assay Laboratories (AAL) in Sparks, Nevada, USA for analyses. Delivery to the lab was either by a Lahontan Gold employee or by an AAL driver. Analyses for all RC and core samples consisted of Au analysis using 30-gram fire assay with ICP finish, along with a 36-element geochemistry analysis performed on each sample utilizing two acid digestion ICP-AES method. Tellurium analyses were performed on select drill holes utilizing ICP-MS method. Cyanide leach analyses, using a tumble time of 2 hours and analyzed with ICP-AES method, were performed on select drill holes for Au and Ag recovery. AAL inserts their own blanks, standards and conducts duplicate analyses to ensure proper sample preparation and equipment calibration. We have all results reported in grams per tonne (gpt).
About Lahontan Gold Corp:
Lahontan Gold Corp. is a Canadian mineral exploration company that holds, through its US subsidiaries, three top-tier gold and silver exploration properties in the Walker Lane of mining friendly Nevada. Lahontan's flagship property, the 19 km2 Santa Fe Project, is a past producing gold and silver mine with excellent potential to host significant gold and silver resources (past production of 375,000 ounces of gold and 710,000 ounces of silver between 1988 and 1992; Nevada Bureau of Mines and Geology, 1996). Modeling of over 110,000 metres of historic drilling, geologic mapping, and geochemical sampling outline both shallow, oxidized gold and silver mineralization as well as deeper high grade potential resources. The Company is continuing an aggressive 25,000 metre drilling program with the goal of publishing a National Instrument 43-101 ("NI 43-101") compliant mineral resource estimate in 2022. For more information, please visit our website: www.lahontangoldcorp.com
All scientific and technical information in this press release has been reviewed and approved by Quentin J. Browne, P.Geo., Consulting Geologist to Lahontan Gold Corp., who is a qualified person under the definitions established by National Instrument 43-101.
On behalf of the Board of Directors
Kimberly Ann
Founder, Chief Executive Officer, President, and Director
FOR FURTHER INFORMATION, PLEASE CONTACT:
Lahontan Gold Corp.
Kimberly Ann
Founder, Chief Executive Officer, President, Director
Phone: 1-530-414-4400
Email: Kimberly.ann@lahontangoldcorp.com
Website: www.lahontangoldcorp.com
Cautionary Note Regarding Forward-Looking Statements:
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Except for statements of historic fact, this news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements are based on the opinions and estimates at the date the statements are made and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking statements including, but not limited to delays or uncertainties with regulatory approvals, including that of the TSXV. There are uncertainties inherent in forward-looking information, including factors beyond the Company's control. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change except as required by law. The reader is cautioned not to place undue reliance on forward-looking statements. Additional information identifying risks and uncertainties that could affect financial results is contained in the Company's filings with Canadian securities regulators, which filings are available at www.sedar.com
SOURCE:Lahontan Gold Corp.
View source version on accesswire.com:
https://www.accesswire.com/717516/Lahontan-Drills-More-Shallow-Gold-at-Slab-Calvada-259m-Grading-255-gpt-Au
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Takeover Offer for Mako Gold Limited – Share Offer Unconditional and Status of Offers Conditions
Aurum Resources Limited (ASX: AUE) (Aurum) refers to its off-market takeover offer to acquire all of the ordinary shares (Share Offer) and certain options (Option Offers) in Mako Gold Limited (ASX:MKG) (Mako) pursuant to its bidder’s statement dated 30 October 2024 (as supplemented or replaced from time to time) (Bidder’s Statement).
HIGHLIGHTS
- Aurum declares its takeover offer for all the shares in Mako Gold Limited unconditional
- Aurum currently has a relevant interest in Mako of 39.86%
- The Share Offer and Option Offers are due to close at 7.00pm (Sydney time) on 4 December 2024
- The Mako directors have unanimously recommended that Mako Shareholders and Mako Optionholders accept the Offers in the absence of a Superior Proposal and have already accepted into the Offers
- Aurum urges all remaining Mako Shareholders and Mako Optionholders to accept the Offers without delay
The Share Offer is to acquire all Mako Shares for the consideration of one (1) Aurum Share for every 25.1 Mako Shares held and will extend to Mako Shares issued during the Offer Period as a result of the conversion of Mako convertible securities.
The Option Offers are to acquire Mako Options on the basis of:
- one (1) Aurum Share for every 248 Mako January 2025 Options held; and
- one (1) Aurum Share for every 170 Mako June 2025 Options held.
FREEING THE SHARE OFFER OF CONDITIONS
Having reached a relevant interest of 39.86% in Mako, Aurum is pleased to declare the Share Offer unconditional and free of all defeating conditions as set out in section 13.8 of the Bidder’s Statement.
OFFERS CONDITIONS
The Share Offer is wholly unconditional.
The Option Offers remain subject to all defeating conditions in section 14.9 of the Bidder’s Statement. None of the defeating conditions in section 14.9 of the Bidder’s Statement have been fulfilled or waived.
RECOMMENDED OFFERS
The Mako directors have unanimously recommended that remaining Mako Shareholders and Mako Optionholders accept Aurum’s Offers without delay, in the absence of a Superior Proposal. Given its current relevant interest in Mako, Aurum believes it is unlikely that a Superior Proposal will eventuate.
Click here for the full ASX Release
This article includes content from Aurum Resources 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.
Top 10 Gold Reserves by Country
Gold is one of the most important metals on the planet. For millennia it has been used in jewelry, art and currency, capturing the collective imagination as a thing of wonder. Gold's association with royalty and wealth has inspired explorers and treasure hunters alike, who put themselves at risk for a chance to strike it rich.
Today, gold's hold on us as a precious metal is no less powerful. Still used for jewelry and as a store of wealth, the metal also has a variety of modern industrial and electronic applications.
Even though gold seems to be everywhere, in reality it's a finite resource. Only 244,000 metric tons of gold have ever been mined, and two-thirds of that has been extracted since 1950. Comparing that amount to the more than 700 million metric tons of copper that have been pulled from the ground provides an idea of how precious a resource gold truly is.
For investors interested in the yellow metal and the companies that mine it, it’s important to understand global gold reserves. This data can provide critical information on the long-term viability of supply and which countries have room to grow.
This article uses the most recent data from the US Geological Survey, which uses metric tons for its figures. As gold is often measured and discussed in ounces, this article will contain a mix of the two measurements. To add some perspective, 1 metric ton of gold is equal to 35,274 ounces — this means at the recent gold price of US$2,600 per ounce, 1 metric ton is over US$92 million worth of gold.
According to the US Geological Survey, identified economic gold reserves currently stand at just 59,000 metric tons globally. Read on to learn the top 10 gold producers by country.
1. Australia
Gold reserves: 12,000 metric tons
Outsized is one way to describe Australia. The sixth largest country by land area, it has the most gold reserves of any nation, coming in at 12,000 metric tons. Australia has been going through somewhat of a modern boom and has been consistent in producing more than 300 metric tons of gold every year since 2017. Over 60 percent of its gold deposits are in Western Australia.
In 2023, Australia's Newcrest Mining merged with rival Newmont (TSX:NGT,NYSE:NEM) to form the largest gold mining company in the world. Under its banner it controls the two largest gold mining operations in Australia, Boddington and Cadia.
2. Russia
Gold reserves: 11,100 metric tons
Russia has the largest land area of any country, and unsurprisingly is among the top countries for gold reserves. It boasts an impressive 11,100 MT, up from the 6,800 metric tons it had at the end of 2022. Russia’s output was steady in 2023 with 310 MT extracted.
Polyus operates four of the country's five largest mines, including the Olimpiada open-pit mine in Russia’s Krasnoyarsk region.
Despite steady production, Russian gold is having difficulties reaching most markets following the country's invasion of Ukraine. The London Bullion Market Association halted trading and removed Russian refiners from its accredited list in March 2022. However, a significant portion of the metal was exported to the United Arab Emirates following the sacntions, according to Reuters, and Russian gold has also made its way into the country's stockpiles.
3. South Africa
Gold reserves: 5,000 metric tons
South Africa remains a powerhouse in terms of global gold reserves, and the country's Witwatersrand Basin is among the top gold jurisdictions in the world. However, while South Africa remains comfortably in the top three countries for reserves with 5,000 metric tons, the country has lost some of its luster when it comes to production. At the turn of the century, South Africa was the top gold-producing country, with 431 metric tons extracted in 2000. The country's output has slowly fallen in the decades since though, and has hit all-time lows in recent years — South Africa extracted just 100 metric tons in 2023.
One reason for lowered production is decreasing gold grades, which have led miners operating in the country to move to greater depths. In fact, as of 2019, eight of South Africa's gold mines were among the 10 deepest mines for any commodity, with AngloGold Ashanti's (NYSE:AU,JSE:ANG) Mponeng gold mine topping the list at 2.4 kilometers to over 3.9 kilometers below surface. This has made industrial mining operations prohibitively expensive and more dangerous.
Other factors negatively affecting the mining sector are constant power outages in recent years and limited investment in exploration outside the Witwatersrand Basin.
4. United States
Gold reserves: 3,000 metric tons
Gold reserves in the US have remained steady at 3,000 metric tons since 2012. The country is home to well-developed infrastructure, highly experienced companies and an advanced workforce. However, over the last decade, production and refinement of the yellow metal in the US has been in decline, dropping from 230 metric tons in 2012 to 170 metric tons in 2023.
One of the largest operations in the country is Nevada Gold Mines (NGM), a joint venture between Barrick Gold (TSX:ABX,NYSE:GOLD) and Newmont. NGM includes three of the largest gold mines in the world: Goldstrike, Carlin and Cortez.
5. China
Gold reserves: 3,000 metric tons
China's importance as a gold miner has been growing over recent year and made significant gains, moving from number nine on our list with 1,900 metric tons in 2022, to number five with 3,000 metric tons in 2023. Additionally, China's output has been the strongest of the top ten producing 370 metric tons of gold last year.
While some deposits have been found in the western part of the country, the largest operations are in Shandong, which is home to the largest find in the country: the Xiling mine. Xiling, which is owned by Shandong Gold Group (SHA:600547), contains more than 580 metric tons of gold in reserves. The mine is expected to process 10,000 metric tons of ore per day for the next 30 years.
In addition to its mining output, China has also been driving the price of gold over the past couple years with significant purchases by the People's Bank of China which now holds an estimated 2,264 metric tons of gold.
6. Indonesia
Gold reserves: 2,600 metric tons
Home to remote mining sites and enormous reserves, Indonesia is a destination for gold companies looking to stake a claim.
The country is home to the Grasberg complex, one of the world's largest gold operations and host to 23.9 million recoverable gold ounces. Operated by Freeport-McMoRan (NYSE:FCX), Grasberg includes several underground mines and the Kucing Liar deposit, which is currently being developed.
Once Kucing Liar is operational, Freeport expects it to deliver an additional 520,000 ounces of gold per year for 6 million total ounces between 2029 and 2041.
7. Brazil
Gold reserves: 2,400 metric tons
Home to the first modern gold rush over 300 years ago, Brazil has an undeniable history with the precious metal. The country currently has 2,400 metric tons of reserves, although it extracted only 60 metric tons in 2023.
Companies like G Mining Ventures (TSXV:GMIN,OTCQX:GMINF) with its Tocantinzinho asset may boost Brazil’s gold position in the years to come.
Much like Peru below, gold mining in Brazil has a darker side as well. Illegal operators, many of which have found their into mining through social media sites like YouTube and TikTok, are impacting both sensitive rainforest ecosystems and local Indigenous communities. Despite government crackdowns, new operations continue to pop up throughout the Amazon.
8. Peru
Gold reserves: 2,300 metric tons
Gold has been an important part of Peru’s economy for centuries. The country has a well-documented mining industry, and it ranks as one of the top nations in the world when it comes to gold reserves. Between 2012 and 2022, Peru increased its gold reserves from 2,000 metric tons to 2,900 metric tons, but saw a fall off in 2023 with just 2,300 metric tons.
During this time, production fell from 160 metric tons to 90 metric tons. This fall was due to a combination of factors, including increased regulation to combat illegal operations, instability in the country and COVID-19 restrictions.
Large players make up the bulk of Peru's gold industry, with major miner Newmont leading the way at Yanacocha, the biggest gold mine in Peru. There are also artisanal operations in the country, along with operations being run by criminal organizations. While environmental concerns are common in the mining industry, illegal and small-scale gold miners often employ mercury during the extraction process, which is very damaging to the environment.
To counteract illegal mining operations, the Peruvian government instituted Operation Mercury in 2019, which involved military interventions at illegal mine sites and the destruction of mining operations. For small-scale and artisanal mining, programs such as the Fairmined Ecological Gold certification exist to encourage environmentally friendly mining methods by introducing premium prices for gold that meets particular requirements. This also allows gold buyers to identify gold from legal operations that reduce the use of toxic treatments like mercury during the extraction process.
9. Canada
Gold reserves: 2,300 metric tons
Canada has a rich history of gold mining since the metal was first discovered in Québec in the early 1800s. Mining operations can now be found across Canada, but more than 70 percent of the country's gold is produced in Ontario and Québec. Other significant producers are BC with 9 percent, the Yukon with 4 percent and Manitoba with 2 percent.
Canada’s gold reserves have remained constant since 2012 and currently sit at 2,300 metric tons. However, the country has more than doubled its gold output in that time, jumping from 97 metric tons in 2012 to 200 metric tons in 2023.
Because of its well-established natural resource sector, Canada is leading the way in sustainable initiatives to protect the environment and communities. The Mining Association of Canada’s Toward Sustainable Mining initiative has been adopted by organizations around the world, including those in Finland, Brazil and the Philippines.
10. Uzbekistan
Gold reserves: 1,800 metric tons
Even though the first gold mine in Uzbekistan began operating in the 1960s, it’s only recently that the country has begun to develop its resources. After gaining independence from the Soviet Union in 1991, the mining industry in Uzbekistan was in disarray, and most mining projects had stalled. Production hit a low of 65 metric tons per year in the mid-1990s, but since 2020 output has nearly doubled to 100 metric tons per year.
Most of Uzbekistan's gold is mined at the massive state-owned Muruntau gold mine in the Qizilqum Desert. This open-pit mine is calculated to hold more than 4,000 MT in total reserves.
Economically, gold is one of Uzbekistan's most important exports, generating US$3.42 billion during the first quarter of 2024.
Don’t forget to follow us @INN_Resource for real-time news updates!
Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.
A Guide to Investing in Physical Gold (Updated 2024)
Gold is known as an attractive safe-haven investment and has been used to store wealth during volatile times through history.
It has interesting currency-like tendencies, and retains its purchasing power better than paper currencies.
For that reason, gold market analysts typically recommend that investors build a diversified portfolio with a portion of their wealth in gold bullion. Here the Investing News Network explains what's involved in building and managing a physical gold portfolio.
In this article
- What physical gold product is best to buy?
- What is the difference between the gold spot price and retail price?
- Where can investors buy physical gold?
- How and when to sell physical gold?
- How should physical gold be stored?
- Is it possible to purchase physical gold through the futures market?
- What are some alternatives to physical gold?
What physical gold product is best to buy?
Physical gold investors are generally looking for items that are 0.999 fine. Most gold bullion coins fit this description, including the Canada Gold Maple Leaf, the South African Krugerrand and the American Buffalo Gold coin. American Gold Eagles are popular with investors, but they are have a much lower purity at 91.67 percent.
An alternative to gold coins is gold rounds, which are also 0.999 fine but are not legal tender. This makes them slightly cheaper than gold coins, as the premium for gold coins is higher because of the credibility that comes from being fabricated by government mints.
Both gold coins and gold rounds come in various sizes, usually ranging from 1/10 ounce to 1 ounce, though other less common sizes are available.
Gold bars are another popular option. These also come in a variety of sizes, and as choices can range from a 1 gram bar to 400 ounce bar, this category of products can accommodate a range of investors. They are also 0.999 fine.
When the objective is to get the most metal for the least money, it’s generally best to shop for gold rounds and gold bars, which tend to be cheaper than gold coins of the same weight.
Another factor that may need to be considered is the amount to be invested. Bars may be the best option for large investments since bigger sizes are available. Further, it is often easier to manage large products than it is to manage an array of smaller gold items.
However, physical gold investors also need to give forethought to when they may want to sell their gold. Large products will require liquidating a more sizeable portion of one’s gold portfolio, and such products may be more difficult to sell in some instances. Individuals making ongoing or significant investments may want to consider purchasing gold in various weights.
What is the difference between the gold spot price and retail price?
Investing in physical gold is often oversimplified, and the misconceptions can begin with pricing.
A spot price by definition is the cost of immediate delivery, and is a way to gauge the legitimacy of an ask or retail price. The spot price is what is reported on and what most gold price charts will show. Unfortunately, some investors don't realize until they make their first purchase that the spot price is not what one actually pays for physical gold.
The retail price of gold is based off the spot price but includes a markup, also called a premium. In addition to premiums, there are numerous other expenses investors should be prepared to pay when purchasing pure gold, including shipping, handling and insurance. In some instances, prices may be higher for individuals who choose to pay with a credit card.
There may also be processing fees to own the yellow metal or fees for small lot purchases. On the other hand, gold prices are sometimes lower for those purchasing larger quantities.
Where can investors buy physical gold?
Gold buying can be done through government mints, private mints, precious metals dealers and even jewelry stores. Some of these locations will offer numismatic coins or other gold items geared toward collecting and gift giving, which bullion investors should generally avoid. These products are for play in a different ball game and are not what the average gold investor needs.
When choosing where to buy gold, it is again best to give thought to reselling it. Some businesses that sell gold will also buy it back. Some will even buy gold that they didn’t sell, but may pay lower prices.
Furthermore, premiums and fees are not one size fits all when buying physical gold. Different sellers may offer the same items at different prices, so investors should take the time to find the best deal.
How and when to sell physical gold?
Just as buying gold often provides investors with a pricing wakeup call, investors who decide to sell are sometimes surprised at the prices they receive. That is because the buyback price, or bid, is lower than the asking price. The difference between the two is referred to as the spread, and it is a loss that the seller initially bears.
For example, if an investor pays US$2,500 for a 1 ounce Canadian Maple Leaf and decides to sell it back the same day, the buying price may only be US$2,419. The spot price is generally in the middle of the two.
Furthermore, there are usually other costs involved with selling gold, including shipping, insurance and liquidation fees. Some businesses have minimum purchase requirements, and depending upon payment arrangements, it may be necessary for the investor to pay bank wire fees or postage to receive a check.
Individuals who want to sell their gold quickly may consider “we buy gold” businesses as a convenient alternative. However, while these businesses can serve as a quick source of liquidity, they are usually not the best option, as their underlying business strategy often involves making lower-than-average offers, meaning you will receive less than you would at a bullion exchange or mint.
The reality is that, given the spread and the costs associated with acquiring and selling gold, a sharp price move is generally needed to turn a profit. Investors are encouraged to consider building positions in physical gold as a long-term investment, possibly even for retirement savings.
How should physical gold be stored?
Determining the best storage option involves weighing risks against costs.
Paying for secure storage eats into profits from the metal’s gains, so some people choose to store their gold at home or in their office. In theory, that is the riskiest option as it involves the highest potential for loss due to theft or disaster. But in many instances these risks are not substantial enough to justify the cost of other storage options. For home storage of smaller amounts of gold, mitigate theft risk by keeping it hidden somewhere that is less likely to be discovered. Of course, a sturdy home safe comes with an upfront cost and a footprint, but it can help protect valuables from theft and some disasters.
As mentioned, gold can also be stored in a depository or safe deposit box for a cost. If an investor chooses this route, there are a few things to consider. Rates can vary between banks, so price comparison is important. Additionally, the contents of safety deposit boxes in financial institutions are generally not insured. Last but not least, some banks do not technically permit the storage of bullion, so it's important to make sure it's possible before signing a terms and conditions agreement. The information should be listed in the agreement as well.
Is it possible to purchase physical gold through the futures market?
A gold futures contract is an agreement to buy or sell gold on a date in the future for a price that is determined when the contract is initiated. The futures market is often referred to as an arena for paper trading. Generally, the bulk of the activity is just that, as metal is not actually exchanged and settlements are made in cash.
However, the futures market can also be an arena for purchasing physical gold. That is not to suggest that it is the best source of metal for all investors as it may not increase one’s purchasing power. Obtaining gold through the futures market requires a large investment and involves a list of additional costs. The process can be complicated, cumbersome and lengthy, which is why this option is considered best for highly experienced market participants.
What are some alternatives to physical gold?
Purchasing metal is not the only way to gain exposure to physical gold. Indeed, the popularity of exchange-traded funds (ETFs) underscores how easily people can get into the gold market without actually owning physical gold.
Gold ETFs may track gold-focused stocks or they may track the yellow metal's price. Investors looking for the closest analog to buying physical gold will likely want to focus on the latter. However, it's important to be aware that ETFs that follow the gold price are generally not vehicles to acquire gold, even if they are physically backed.
One advantage of gold ETFs is that they can be easier to trade than physical gold. Some investors choose to hold a set amount of physical gold at all times and use ETFs to trade the metal's ups and downs.
To learn about your options, take a look at our lists of gold ETFs on the NYSE Arca and gold ETFs on the ASX.
This is an updated version of an article originally published by the Investing News Network in 2012.
Don’t forget to follow us @INN_Resource for real-time news updates!
Securities Disclosure: I, Lauren Kelly, hold no direct investment interest in any company mentioned in this article.
Prospect Ridge Resources
Investor Insight
Prospect Ridge Resources' compelling investment value proposition stems from the company's robust growth ambitions driven by its highly prospective assets near the renowned Golden Triangle region, and a management team with substantial technical expertise.
Overview
Prospect Ridge (CSE:PRR,OTC:PRRSF,FRA:OED) is a precious metals exploration company focused on key projects in Northern British Columbia near the prolific Golden Triangle. The Golden Triangle in northwest British Columbia has been a hub for mineral exploration and mining endeavors for over 150 years. The company owns 100 percent of both the Knauss Creek property and the Holy Grail property.
The Knauss Creek property resembles the high-grade mineralization found in the historical Dorreen mine. Exploration at Knaus Creek has revealed high-grade mineralization comprising gold, silver, copper, lead and zinc. The Copper Ridge zone, which is in the southern part of the Knauss Creek property, is particularly interesting. In 2023, a total of 241 samples were collected from this area which extended the Copper Ridge mineralized zones over an east-west strike length of 1,550 meters, a north-south strike of 850 meters, and a height difference of 470 meters.
Prospect Ridge Resources has also completed an inaugural drilling program at the Copper Ridge zone to test high-priority targets covering an area of 1,550 metres by 850 metres.
The other property, Holy Grail, has also historically produced high-grade gold and silver from placer mining. Prospecting results at the Holy Grail property showed exceptional promise, uncovering significant discoveries of gold, silver, copper, lead and zinc.
Prospect Ridge benefits from a team of professionals boasting extensive expertise in geology and mining. The company is led by Micheal Iverson, CEO, who has more than three decades of experience in mining exploration. The management team has a proven track record of executing several successful exploration and development projects, including Fortuna Silver Mines and NioGold Mining’s Marban project.
Company Highlights
- Prospect Ridge is a Canada-based exploration and development company with two highly prospective land packages in British Columbia.
- The company’s two key assets are the Knauss Creek property and the Holy Grail property, located near the renowned Golden Triangle region in northwestern British Columbia. The Golden Triangle has historically been known for abundant precious and base metal discoveries, with numerous active mining projects and ongoing resource exploration.
- The flagship Knauss Creek property has revealed high-grade surface samples up to 78.9 g/t gold, 4,740 g/t silver, 29.4 percent copper, 33.33 percent lead and 4.10 percent zinc. The Copper Ridge zone is particularly interesting, where a 1.5-km strike zone containing high-grade gold-silver-copper trends were discovered.
- The company has completed an inaugural drilling program to test the drill-ready target Copper Ridge zone as well as other targets.
- Prospecting results from the Holy Grail property are exceptionally promising. They reveal noteworthy discoveries of gold, silver, copper, lead and zinc.
- Prospect Ridge is led by a proven team of executives with more than 100 years of combined experience leading several successful exploration and development projects, including Fortuna Silver Mines and NioGold Mining’s Marban project (sold to Oban Mining, now Osisko Mining).
Key Projects
Knauss Creek Property
The Knauss Creek property, situated 35 kms north of Terrace, BC, spans 2,944. It has excellent infrastructure access, proximity to Highway 16, numerous logging roads traversing it, and the Canadian National Railway passing through.
The property is home to the historical Dorreen mine. Various showings on the property, including the Jay Veins, Hugin, Kandy and Copper Ridge, contain gold, silver, copper, lead and zinc mineralization. The current focus is on the Copper Ridge zone, a high-grade polymetallic mineralization zone spanning 1,500 meters.
Assays from outcrop samples gathered during the 2023 prospecting season have revealed numerous high-grade gold, silver and copper findings. Highlights from rock outcrop sampling, include:
- Sample W489444 contains 6.70 grams per ton (g/t) gold, 4,610 g/t silver, 2.23 percent copper
- Sample W489424 contains 15.9 g/t gold, 987 g/t silver, 0.29 percent copper, 17.55 percent lead, 6.99 percent zinc
- Sample W501837 contains 0.49 g/t gold, 134 g/t silver and 29.4 percent copper
- Sample W501812 contains 2.14 g/t gold, 264 g/t silver and 10.35 percent copper
Consequently, the Copper Ridge zone has been extended, now measuring an east-west length of 1,550 meters, a north-south strike length of 850 meters, and a vertical difference of 470 meters. Field data suggests the veins follow a north-south orientation and dip towards the east.
The interpretation suggests the zone comprises a network of mineralized veins arranged like a ladder hosted within a dioritic intrusion.
The company has completed an inaugural drilling program to evaluate drill-ready targets like the Copper Ridge zone, the Leon’s Legacy and Dorreen Mine showings.
Holy Grail Property
The Holy Grail property is located 10 km north of Terrace, BC, and forms a horseshoe that encloses the fully owned Knauss Creek property in its southeastern part. It currently spans 70,109 hectares. The property is easily accessible via a highway, multiple serviced roads, logging roads, and ATV trails that cross cut it.
Prospecting results from the Holy Grail property displayed remarkable potential through substantial findings of gold, silver, copper, lead and zinc. Key highlights of the results include:
- Grab sample C362354 returned 28.0 g/t gold, 56.9 g/t silver and 2.03 percent copper on the 4 Shore showing
- Grab sample C362357 returned 13.7 g/t gold, 39.9 g/t silver and 1.33 percent copper on the 4 Shore showing
- Grab sample C363353 returned 0.37 g/t gold, 58.7 g/t silver and 3.43 percent copper on the Maroon Creek showing
- Grab sample C363092 returned 6.7 g/t gold, 21.1 g/t silver, and 0.12 percent lead on the Iceberg showing.
Management Team
Michael Iverson – CEO and Director
Michael Iverson has over three decades of experience in public and private capital markets. He also has significant experience in the mining industry, having founded Niogold Mining and Fortuna Silver Mines. At Niogold, he spearheaded the acquisition and exploration of an expansive land parcel in Val D’Or, leading to the company's acquisition by Oban Mining, presently known as Osisko Mining , at a substantial premium to its market capitalization. At Fortuna, he played a vital role in the company's prosperous evolution into a silver producer with operational mines in Peru and Mexico. Iverson, over his entire career spanning three decades, has achieved, in aggregate, market capitalizations in excess of $1 billion.
Yan Ducharme – President and Director
Yan Ducharme is a professional geologist with over 25 years of experience in greenfield and brownfield exploration projects in Quebec, Ontario, Africa and South America. He was on the exploration team at SEMAFO and Cambior/Iamgold and was an exploration manager at NioGold (then vice-president exploration), Canadian Malartic, SOQUEM, and Wesdome Gold Mine. He worked in underground mines and open pits. Ducharme obtained a masters in earth sciences from the University of Quebec in Montreal.
Jasmine Lau – CFO
Jasmine Lau is a seasoned finance and accounting expert with a wealth of experience as a CFO in the mineral exploration and resource sector, having worked on projects across the globe. She was employed in internal audit at Teck Resources and Deloitte, where she focused on audits of public mining and resource companies. Lau is a CPA, CA, and holds a Bachelor of Commerce degree from the University of British Columbia.
Simon Ridgway – Chairman and Director
Simon Ridgway is the CEO of Rackla Metals, a Vancouver-based junior gold exploration company listed on the TSX Venture Exchange since September 2011. He is also the CEO, president and director of Volcanic Gold Mines, a Vancouver-based company engaged in gold and silver property acquisition and exploration.
Michael Michaud - Director
Michael Michaud is a professional geologist with over 30 years of experience. He is an expert in developing and executing regional and mine-site exploration strategies across diverse deposit types in North and South America, Africa, Asia and Europe. Michaud is the vice-president of exploration at Wesdome Gold Mines. He also held roles at several firms, including Iamgold, St Andrew Goldfields, SRK Consulting and North American Palladium. Michaud holds an honors B.Sc. from the University of Waterloo and an M.Sc. from Lakehead University.
Toby Lim - Director
Toby Lim has been a practicing solicitor since 1997, focusing on corporate and securities law. He received a Bachelor of Commerce degree with honours from the University of British Columbia in 1992, followed by a Bachelor of Laws degree from Osgoode Hall Law School in Ontario in 1996.
Jacques Brunelle – Director
Jacques Brunelle has over three decades of involvement in the North American mining sector. He has held executive positions as president and director in publicly traded companies, including Niogold Mining, where he served in 2003, culminating in a successful acquisition by Osisko Mining in 2016. Throughout his career, Brunelle has raised substantial funds for exploration and equity financing initiatives in both public and private enterprises.
Bradley Scharfe – Director
Bradley Scharfe has over 25 years of experience in North America's capital markets. Scharfe has led financing endeavors throughout his career and assembled robust companies across various sectors, including resources and commodities. He specializes in raising, deploying and managing venture capital for companies in their early growth stages. Previously, Scharfe served as a venture capital stockbroker with Canaccord Capital, a leading Canadian investment firm. Scharfe holds a Bachelor of Arts degree from the University of Toronto, where he majored in commerce and economics.
Providence Insider Participates in Financing
Providence Gold Mines Inc. (“the Company) is pleased to announce further to the Private placement announced on November 14, 2024 that an insider of the Company is participating in the first tranche of the private placement in the amount of $75,000 Cdn for 1,500,000 units at $0.05 per unit. Each unit comprises of one common share and one non-transferable warrant exercisable into one common share of the Company at a price of $0.09 for a period of two years from the date of closing. The funds will be used for general purposes.
As announced, a placement of up to $1,800,000 Cdn for 36,000,000 units at $0.05 per unit is now underway. Each unit will comprise of one common share and one non-transferable warrant, exercisable into one common share of the Company at a price of $0.09 for a period of two years from the date of closing.
USE OF PROCEEDS
The funds from this placement will be used for evaluation of the new gold surface discovery reported for reference on May 6, 2024 and for a significant drilling program of up to 2500m designed to target the historical McCarthy and Mexican shafts and as well as an area north of the Mexican shaft where significant ground preparation provides a favourable structural setting for hanging wall splay veins analogous to the historical ”Bonanza” stope at the Providence mine first stope at surface alone produced 50,000 ounces. Ron Coombes states, “exploration efforts have modelled potential for robust significant high-grade gold targets”.
All securities issued will be subject to a hold period of four months and one day from the closing date of the private placement, in accordance with applicable Canadian securities laws.
BOARD APPOINTMENT
In addition, the Company is extremely pleased to announce the CFO and director appointment of Brian Crawford CPA, CA.
Brian Crawford CPA, CA, has extensive experience as a senior financial executive. Brian was formerly a partner with a national firm of Chartered Professional Accountants and founded several public companies trading on the TSX Venture Exchange (“TSX.V”) and the Canadian Securities Exchange (“CSE”). Brian currently serves as a Director, Corporate Secretary and or Chief Financial Officer of several TSX.V and CSE-listed issuers.
QUALIFIED PERSON
Lee Groat Ph.D., P. Geo, a geologist and qualified person (as defined under NI 43-101) has read and approved of the technical information contained in this news release.
ON BEHALF OF THE BOARD
"Ronald Coombes"
Ronald A. Coombes, President & CEO
Phone: (604) 724-2369
Email: rcoombes@providencegold.com
STAY TUNED! VISIT OUR WEBSITE FOR MORE DETAILS
www.ProvidenceGold.com
LIKE & FOLLOW @providencegoldmines
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CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
Neither the OTC-Pinks and or the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
All statements, trend analysis and other information contained in this press release relative to markets about anticipated future events or results constitute forward-looking statements. All statements, other than statements of historical fact, included herein, including, without limitation, statements relating to the permitting process, future production of Providence Gold Mines, budget and timing estimates, the Company’s working capital and financing opportunities and statements regarding the exploration and mineralization potential of the Company’s properties, are forward-looking statements. Forward-looking statements are subject to business and economic risks and uncertainties and other factors that could cause actual results of operations to differ materially from those contained in the forward-looking statements. Important factors that could cause actual results to differ materially from Providence Gold Mines expectations include fluctuations in commodity prices and currency exchange rates; uncertainties relating to interpretation of drill results and the geology, continuity and grade of mineral deposits; the need for cooperation of government agencies and native groups in the exploration and development of properties and the issuance of required permits; the need to obtain additional financing to develop properties and uncertainty as to the availability and terms of future financing; the possibility of delay in exploration or development programs and uncertainty of meeting anticipated program milestones; and uncertainty as to timely availability of permits and other governmental approvals. Forward-looking statements are based on estimates and opinions of management at the date the statements are made. Providence Gold Mines does not undertake any obligation to update forward-looking statements except as required by applicable securities laws. Investors should not place undue reliance on forward-looking statements.
TEM | Yalgoo Update - Further Excellent Iron Results
Tempest Minerals Limited (ASX: TEM) is pleased to update that recent RC drilling at the Remorse Target has identified the presence of thick, high-grade, magnetite-hosted iron in initial assays which has now been confirmed with multiple drill holes over several kilometres of strike length. The Remorse Target is situated within the Company’s 100% owned Yalgoo Project which has multiple world-class iron ore operations nearby.
Key Points
- Additional high-grade magnetite iron intercepted in RC drilling
- Consistent intercepts over >2 km of drilled strike length
- Identical outcropping geology mapped over a 5 km total strike length
- Potential for a large-scale iron ore deposit nearby other world-class processing facilities
Remorse Target
High-grade iron
In addition to the lab results for the first drillhole previously reported 1, the Company is pleased to announce the completion of drilling and that follow-up results in subsequent drillholes confirm the presence of high-grade iron at the Remorse Target. New results include:
WARDH00180 16m @ 32.6% Fe from 93m (pXRF)
WARDH00169 20m @ 32.3% Fe from 120m (pXRF)
and 11m @ 30.8% Fe from 182m (pXRF)
WARDH00166 7m @ 32.8% Fe from 96m (Lab)
WARDH00171 8m @ 30.1% Fe from 130m (pXRF)
* Portable XRF (pxrf) results are not comparable in reliability to authorised laboratory results and should be not relied on for quantitative purposes outside indicative demonstrations of potential order of magnitude of enrichments.
Background
TEM has completed the first phase of RC drilling at the Remorse Target of its flagship Yalgoo Project. In total, 21 RC holes were drilled for 4,005m. Samples have been Boxscanned (pXRF) and submitted to the lab and final assay results are expected in December 2024.
The previously reported iron intercept from the first hole drilled at Remorse was WARDH00160 of 32m @ 30.0% Fe from 96m (including 7m @ 37% Fe) (Lab).
The Remorse Target is part of Tempest's broader Yalgoo Project which spans over 1,000 square kilometres of prospective terrain for base metals, precious metals and iron ore.
Figure 01: Section through iron mineralisation WARDH00180
Figure 02: Section through iron mineralisation WARDH00169 and WARDH00163-165.
All samples collected have been analysed using a Boxscan unit which includes a mounted portable X-ray fluorescence (pXRF). Although not as accurate as laboratory analysis, pXRF data when collected in a quality and consistent manner can also exhibit high accuracy and precision. The pXRF data has been compared with assays received to date (>800 samples) and has an average variance of -4.2% and a median of -4.3%. The results indicate the accuracy is considered acceptable for current exploration reporting purposes (and potentially an overall slight underestimation by pXRF).
Remaining assay results are due in December and are expected to correlate strongly with the pxrf results announced.
As previously advised, the drill program design was focused on the strong base metal geochemical anomaly exhibited at the Remorse Target 2. The planned holes were focused strongly on testing the 'hanging wall' stratigraphy at Remorse and were not initially focused on the newly identified iron layer. However, the program did result in the 4 most northerly drill holes intercepting the main magnetite layer and numerous holes intercepting adjacent magnetite-rich layers.
The widely spaced drilling shows continuity and consistency over more than 2 kilometres and identical iron-rich stratigraphy outcrops can be traced over an extensive 5-kilometre zone correlating with the original Remorse Target footprint.
Click here for the full ASX Release
This article includes content from Tempest 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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