- AustraliaNorth AmericaWorld
Investing News NetworkYour trusted source for investing success
- Lithium Outlook
- Oil and Gas Outlook
- Gold Outlook Report
- Uranium Outlook
- Rare Earths Outlook
- All Outlook Reports
- Top Generative AI Stocks
- Top EV Stocks
- Biggest AI Companies
- Biggest Blockchain Stocks
- Biggest Cryptocurrency-mining Stocks
- Biggest Cybersecurity Companies
- Biggest Robotics Companies
- Biggest Social Media Companies
- Biggest Technology ETFs
- Artificial Intellgience ETFs
- Robotics ETFs
- Canadian Cryptocurrency ETFs
- Artificial Intelligence Outlook
- EV Outlook
- Cleantech Outlook
- Crypto Outlook
- Tech Outlook
- All Market Outlook Reports
- Cannabis Weekly Round-Up
- Top Alzheimer's Treatment Stocks
- Top Biotech Stocks
- Top Plant-based Food Stocks
- Biggest Cannabis Stocks
- Biggest Pharma Stocks
- Longevity Stocks to Watch
- Psychedelics Stocks to Watch
- Top Cobalt Stocks
- Small Biotech ETFs to Watch
- Top Life Science ETFs
- Biggest Pharmaceutical ETFs
- Life Science Outlook
- Biotech Outlook
- Cannabis Outlook
- Pharma Outlook
- Psychedelics Outlook
- All Market Outlook Reports
![Brightstar Resources](https://investingnews.com/media-library/brightstar-resources.png?id=49343489&width=1200&height=800)
Lithium Exploration in Menzies Uncovers Multiple Outcropping Pegmatites
Brightstar Resources Limited (ASX: BTR) (Brightstar or the Company) is pleased to advise the completion of its first phase of lithium-focused field exploration activities at the Menzies Northern Trend (Figure 1), where early-stage exploration efforts into potential lithium mineralisation have occurred in parallel with the drilling underway at the Aspacia and Link Zone Gold Deposits in Menzies.
HIGHLIGHTS
- Field work undertaken during and after the recent heritage survey completed at Menzies has uncovered numerous outcropping pegmatites1 over +3km
- Analysis of hyperspectral imagery has identified 162 potential lithium bearing pegmatite targets within the Menzies Northern Trend
- Rock chip assays received from first pass field mapping indicate a fertile LCT-type pegmatite with significant anomalies in key indicators including Cs, Rb, Ta and Li
- A comprehensive 400m x 100m soil sampling program has been completed covering the entire Northern Trend
- Multi-element assays for the soil survey program and December rock chip sampling submitted to laboratory for analysis
Recent transactions from WA gold miners such as Ora Banda Mining’s (ASX:OBM) transformational $26 million Joint Venture with Wesfarmers2 and Pantoro’s (ASX:PNR) sale of Lithium and Base Metals rights for up to $60 million to Mineral Resources Ltd3 have shown that it is commercially pragmatic to conduct greenfields exploration for lithium in the greenstone belts in parallel with Brightstar’s gold drilling and study work.
Brightstar’s recently commissioned hyperspectral survey has delineated 162 potential lithium-bearing outcropping targets, with many being ground-truthed via rock chip sampling, mapping and soil sampling programs to define potential drill targets. The recent Heritage Survey with the Watarra Darlot Native Title Group has, for the first time, cleared the Northern Trend of any areas of cultural heritage significance and now affords Brightstar the opportunity to explore compelling targets. The existence of overlapping data sets and the presence of numerous outcropping pegmatites over a strike length of 3-4km is significant and warrants further considered exploration in parallel with the gold infill and extensional drilling and various workstreams within our PFS underway.”
“We eagerly await the results from the recent sampling program which will aid in generating targets for further follow-up sampling and potential drilling. The correlation between the hyperspectral targeting and the identification of pegmatites in the field is encouraging as a way to vector on-ground exploration efforts efficiently.”
Figure 1 – Geology of Menzies Gold Project (Northern Trend area) with pegmatite outcrop locations
REMOTE SENSING PROGRAM
Brightstar commissioned Terra Resources to analyse a remote sensing dataset and perform a hard-rock lithium pegmatite targeting exercise over the tenement package as part of a holistic targeting campaign. Both ASTER and Sentinel-2 were processed over the project area, with lithium band combinations for the different mineral species used to derive the best Li-pegmatite target for follow up ground truthing. Confirmed lithium-bearing pegmatites in the Menzies-Mt Ida District were used as controls for the algorithms, which showed strong correlations to the Sentinel-2 lithium band combination and confirmed lithium pegmatite outcrops in the district.
Click here for the full ASX Release
This article includes content from Brightstar Resources, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Brightstar Resources Investor Kit
- Corporate info
- Insights
- Growth strategies
- Upcoming projects
GET YOUR FREE INVESTOR KIT
Brightstar Resources
Investor Insight
A gold-focused emerging gold producer with a clear pathway to production growth, Brightstar Resources presents a compelling investment case driven by its mining and development hubs strategy and a district-scale resource opportunity.
Overview
The price of gold stays strong. In April 2024, the yellow metal’s price passed US$2,400 per ounce for the first time. The reason is multifaceted. The world teeters on the brink of a severe recession while some markets attribute the increase to safe haven rush. Amidst ballooning interest rates, bank failures and falling bond yields, demand for gold continues to rise. At this precise moment, gold is simultaneously an excellent portfolio diversifier and a compelling hedge against ongoing inflation — particularly if one invests in the right company.
Brightstar Resources (ASX:BTR) aims to be that company. An emerging mining and development company, Brightstar occupies a strategic land position of roughly 1,200 square kilometers in the Sandstone Greenstone Belt, 300 square kilometers in the Laverton Tectonic Belt and 80 square kilometers of the Menzies Shear Zone.
The company also owns an existing processing facility that can potentially provide tremendous shareholder value in a low-capital cost restart scenario.
That plant, once fully refurbished and operational, could prove a key differentiator for the company, enabling fast gold production at a low capital cost. This is especially noteworthy given that many other gold companies trading on the ASX are largely focused on greenfield exploration and development. Even once those companies discover a promising resource, mining and processing facilities would still need to be built, undertakings which can incur significant upfront capital costs and take several years.
Brightstar's Laverton gold assets are all centered on a 100 percent-owned 300-square-kilometer tenure in the Laverton Tectonic Zone and all within 70 kilometers of the Laverton Processing Plant. Additionally, all resources within this zone are open along strike and at depth. Only minor drilling programs have been conducted in recent years, paving the way for significant exploration upside with the potential for further regional and greenfields discoveries.
Brightstar also owns 100 percent of the Menzies Gold Project, a contiguous land package of granted mining leases over a strike length of roughly 20 kilometers along the Menzies Shear Zone and adjacent to the Goldfields Highway.
In 2023 and 2024, the company announced a mineral resource upgrade to the Cork Tree Well deposit (Laverton gold project) and also delivered two maiden mineral resource estimates at the Link Zone and Aspacia deposits (Menzies gold project). This has grown the total group MRE by approximately 150 koz gold through organic exploration.
The company has also acquired 100 percent of the shares and options of Linden Gold Alliance, a gold producer, developer and explorer with existing mineral resources of 350 koz @ 2.1 g/t gold near Brightstar in the Laverton district. Brightstar’s MRE has reached 1.1 Moz gold across the Menzies and Laverton projects, with an additional 0.35 Moz gold in resources added after the successful acquisition of Linden Gold Alliance.
In August 2024, Brightstar entered into a scheme implementation deed to acquire 100 percent of Alto Metals (ASX:AME), which owns the Sandstone gold project located in East Murchison. The project has a current mineral resource of 1.05 Moz of gold at 1.5 g/t.
Brightstar also completed the acquisition of the gold rights at the Montague East gold project (MEGP) from Gateway Mining Limited (ASX:GML). The project is located 70 km from the Sandstone gold project. The acquisition adds a further 9.6 Mt @ 1.6 g/t gold for 0.5 Moz gold to Brightstar’s JORC Mineral Resource Estimate, giving the company a total mineral endowment of 38.3 Mt @ 1.6 g/t gold for 2.0 Moz gold.
The acquisition of the MGEP from Gateway Mining and 100 percent of Alto’s shares creates a third district-scale resource base for the company called the Sandstone Hub. Upon consolidation of the Laverton, Menzies and Sandstone hubs, Brightstar’s mineral resources would reach 3 Moz at 1.5g/t gold.
Subsequent to the deal with Alto Metals, Brightstar entered into a $4 million drill-for-equity agreement with Topdrill to aggressively advance the consolidated Sandstone gold project. The deal strengthens Brightstar's financial capacity to fulfill its multi-hub exploration and development strategy, which includes the Menzies, Laverton and Sandstone hubs.
Company Highlights
- Brightstar Resources is an ASX-listed mining and development company with more than 3 million ounces of gold resources and an on-site processing infrastructure across its project locations in Laverton, Menzies and Sandstone in Western Australia.
- Brightstar's mineral assets are situated across roughly 300 square kilometers of 100-percent-owned land in the Laverton Tectonic Zone and ~80 square kilometers in the high-grade Menzies Shear Zone.
- The Laverton Gold project has a mineral resource of 9.7 Mt @ 1.6 g/t gold for 511 koz gold and the Menzies gold project has 13.8 Mt @ 1.3g/t gold for 595 koz gold.
- In 2023, the company completed a scoping study into the development of its Menzies and Laverton gold projects and the refurbishment and restart of its processing plant in Laverton.
- In 2023 and 2024, Brightstar completed a small-scale mining joint venture with BML Ventures which involved a 50/50 profit-sharing agreement to exploit the Selkirk deposit at Menzies. In April 2024, Brightstar announced that this joint venture delivered a net profit to Brightstar of $6.5 million.
- In June 2024, the company successfully acquired all of the issued ordinary shares and options in Linden Gold Alliance, a gold producer, developer and explorer with existing mineral resources of 350 koz @ 2.1 g/t gold near Brightstar in the Laverton district.
- As part of the merger with Linden Gold, Brightstar released a scoping study into Linden’s development-ready Jasper Hills gold project, which delivered key metrics including:
- 140 koz mined over 3.75 years (35 koz pa)
- Net present value of AU$99 million
- Internal rate of return of 736 percent
- Pre-production capital requirements of $12 million
- All-in sustaining costs of AU$1,972/oz
- Jasper Hills is located just 50 km SE of Brightstar’s processing plant in the Laverton gold project
- Brightstar has recently completed the acquisition of the gold rights at the Montague East gold project (MEGP) from Gateway Mining Limited (ASX:GML), and has entered into an agreement to acquire Alto Metals (ASX:AME) further creating the company’s third district-scale resource base known as the Sandstone Hub.
- Brightstar plans to continue generating shareholder value through a combination of development and strategic acquisitions along with some exploration.
Key Projects
Laverton Hub
Brightstar’s Laverton hub is comprised of the Cork Tree Well, Beta and Alpha project areas with the addition of the Second Fortune gold mine and the Jasper Hills projects.
Highlights:
- Cork Tree Well, Alpha and Beta have current total JORC mineral resource estimate of 9.7 Mt @ 1.6 g/t gold for 511 koz (52 percent measured and indicated category). All mineral resources are on granted mining leases
- Cork Tree Well (6.4 Mt at 1.4 g/t gold for 303 koz gold)
- Alpha (1.4 Mt at 2.3 g/t gold for 106 koz gold)
- Beta (1.9 Mt at 1.7 g/t gold for 102 koz gold)
- Main project area Cork Tree Well is open at depth and along strike with recent drilling results of 34.4 meters at 7.94 g/t gold from 43.5 meters (CTWMET004) and 27.6 meters at 17.8 g/t gold from 51 m (CTWMET003)
- Second Fortune has a mineral resource estimate head grade of ~11g/t gold with an average ore body width of ~0.6 meters.
- Jasper Hills is located 50 km from Brightstar’s existing processing facility along a wholly-owned private haul road, allowing unimpeded, direct access to both projects
- Permitted, previously mined and production-ready
- Last mined by current owners in 2020 with 23,000 oz gold mined
- Scoping Study outcomes include:
- Pre-production capex of $12 million required (maximum capital drawdown)
- Open pit mine at Lord Byron and underground mine at Fish
- Production of 141 koz over four years (35 koz per annum)
- LOM EBITDA of $135 million (@ AU$3,000/oz)
Menzies Hub
The Menzies Hub comprises a tenement holding of a contiguous land package of granted mining leases over a strike length of more than 20 km. The majority of deposits hosted along the Menzies Shear Zone are located adjacent to Goldfields Highway in Menzies (130km north of Kalgoorlie).
Highlights:
- Total Current Resource: 13.7 Mt at 1.3 g/t gold for 595 koz gold (36 percent measured and indicated)
- September 2023 scoping study showed the simultaneous development of open pit mining at Lady Shenton system and underground mining at Yunndaga:
- 1.9 Mt @ 1.63 g/t Au (100 koz) in open pit mining at Lady Shenton
- 650 kt @ 2.91 g/t (60 koz) in underground mining at Yunndaga
- Low capex of $22 million
- Significant opportunities to find virgin discoveries and brownfields mineral resource growth:
Sandstone Hub
The consolidated Sandstone project is over 100 km from existing third-party milling operations in the Murchison. This third processing hub boasts Alto’s Sandstone project with a mineral resource of 1.05 Moz at 1.4 g/t gold and Gateway’s Montague gold project with a mineral resource of 0.5 Moz @ 1.6 g/t gold.
Brightstar aims to fast-track the development timetable through:
- A focused, multi-rig infill drill out to take the inferred mineralisation into measured and indicated status to underpin mining studies and project advancement
- The application of Brightstar’s dedicated in-house geological and mining engineering team to retain crucial project IP and fast-tracked mining studies;
Brightstar Processing Facility
Situated close to Brightstar's existing mineral assets at Laverton, the Brightstar Processing Plant provides the company with a considerable operational head start over its peers.
Highlights:
- Extensive Infrastructure: Current facilities at the plant include two ball mills, a power station and gravity and elution circuits. Other infrastructure includes:
- A tailings storage dam
- An on-site process water pond
- A 60-person accommodation camp
- An airstrip at the Cork Tree Well Project
- Vehicles and equipment include a forklift, bobcat, two loaders, multiple light vehicles and a 30-tonne crane.
- A Leg Up Over Competitors: The presence of pre-existing processing infrastructure represents significant time savings compared to greenfields development. Brightstar had an independent valuation completed which valued the processing plant at AU$60 million in replacement value.
- Low Upfront Capital Cost: As part of the scoping study released in September 2023, GR Engineering estimated a capital cost requirement to refurbish and expand the milling capacity would cost just AU$18.5 million.
- Close to Existing Assets: Brightstar's major development projects — Cork Tree Well, Jasper Hills, Beta and Alpha — are all close to the plant.
Gold doré bars (BTR005 – BTR016) poured on 9 March 2024
Management Team
Alex Rovira - Managing Director
Alex Rovira is a qualified geologist and an experienced investment banker having focused on the metals and mining sector since 2013. Rovira has experience in ASX equity capital markets activities, including capital raisings, IPOs and merger and acquisitions.
Richard Crookes - Non-executive Chairman
Richard Crookes has over 35 years’ experience in the resources and investments industries. He is a geologist by training having previously worked as the chief geologist and mining manager of Ernest Henry Mining in Australia.
Crookes is managing partner of Lionhead Resources, a critical minerals investment fund and formerly an investment director at EMR Capital. Prior to that he was an executive director in Macquarie Bank’s Metals Energy Capital (MEC) division where he managed all aspects of the bank’s principal investments in mining and metals companies.
Andrew Rich - Executive Director
Andrew Rich is a degree qualified mining engineer from the WA School of Mines and has obtained a WA First Class Mine Managers Certificate. Rich has a strong background in underground gold mining with experience predominantly in the development of underground mines at Ramelius Resources (ASX:RMS) and Westgold Resources (ASX:WGX).
Ashley Fraser - Non-executive Director
Ashley Fraser is an accomplished mining professional with over 30 years experience across gold and bulk commodities. Fraser was a founder of Orionstone (which merged with Emeco in a $660-million consolidation) and is a founder/owner of Blue Cap Mining and Blue Cap Equities.
Jonathan Downes - Non-executive Director
Jonathan Downes has over 30 years’ experience in the minerals industry and has worked in various geological and corporate capacities. Experienced with gold and base metals, he has been intimately involved with the exploration process through to production. Downes is currently the managing director of Kaiser Reef, a high grade gold producer, and non-executive director of Cazaly Resources.
Matthew Bowles – Non-executive Director
Matthew Bowles is a senior corporate finance executive with extensive public corporate advisory, private equity and capital markets experience in the resources sector. Bowles has successfully negotiated domestic and cross border corporate funding, joint venture and M&A transactions for a number of ASX listed companies in Africa, the Americas and Australia. He was previously chief development officer for a West African focused ASX listed company. He commenced his career with Rio Tinto, working in corporate and commercial roles for nine years, before moving to London to work in banking and finance. Since his return to Australia, Bowles has held senior roles with global advisory firms, focusing on the resources sector. Bowles holds a Bachelor of Business, is a member of CPA Australia and a Fellow of the Financial Services Institute of Australia.
Dean Vallve – Chief Operating Officer
Dean Vallve holds technical qualifications in geology & mining engineering from the WA School of Mines, an MBA, and a WA First Class Mine Managers Certificate. Vallve was previously in senior mining and study roles at ASX listed mid-cap resources companies Hot Chili (ASX:HCH) and Calidus Resources (ASX:CAI).
Further broad intercepts of high-grade gold at Jasper Hills
Quarterly Activities/Appendix 5B Cash Flow Report
CY25 Production Program Underway, First Gold Pour in March
High Grades in Sandstone Drilling, incl 4m @ 59g/t Au
2025 Exploration Drilling Commences at Sandstone
Top Stories This Week: Gold Price Passes US$2,880 in Record-Setting Week
It was yet another record-setting week for the gold price, which broke though US$2,800 per ounce and continued rising, reaching the US$2,880 level on Wednesday (February 5) and closing the period around US$2,860.
Gains came on the back of concerns about global trade as Donald Trump settles back into his role as US president.
These worries are fueling safe-haven demand from investors, and have also spurred activity among major gold market players — they're reportedly looking to front-run potential tariffs by shifting the yellow metal from London to New York.
According to the Financial Times, traders and financial institutions have moved 393 metric tons of gold into Comex vaults in New York since the US election, boosting inventories by nearly 75 percent to the highest level seen since August 2022.
The number could be larger depending on how much has been sent to private vaults.
"There is a feeling that Trump could go across the board and impose new tariffs on raw materials coming into the US, including gold. There is a bit of a scramble among participants in the gold market to protect themselves" — Michael Haigh, Société Générale (EPA:GLE)
This movement has created withdrawal delays at the Bank of England, which stores the precious metal for third parties.
Although the central bank has said the process is happening in an orderly fashion, withdrawal slots are in high demand, and wait times have created a situation where Bank of England bars are trading at a discount to the wider market.
“All of those bodies who ship the gold, they’ve all got the delivery slots they need over the next few weeks. If you were coming in new to us, you might have to wait a bit longer because all the existing slots are booked up. But this is a very orderly process" — Dave Ramsden, Bank of England
There's also a broader disconnect between New York gold futures prices and London physical gold prices that has further piqued traders' desire to send metal to the US.
Bullet briefing — China curbs critical minerals exports, VRIC coverage
China limits critical minerals exports
While US tariffs on Canadian and Mexican goods were deferred on February 3, the Trump admin has gone ahead with an additional 10 percent tariff on all Chinese imports.
China responded swiftly, saying that starting on February 10 it will impose 15 percent tariffs on US coal and liquefied natural gas, plus 10 percent tariffs on crude oil, farm equipment and some vehicles.
In a separate decision, the country's commerce and customs divisions have put export controls in place on tungsten, tellurium, molybdenum, bismuth and indium with the aim of "safeguard(ing) national security interests."
China is the top producer of all of those metals, accounting for a whopping 80 percent of the world's tungsten and bismuth output. Speaking to Bloomberg, Lewis Black of tungsten miner Almonty Industries (TSX:AII,OTCQX:ALMTF) called the move from China a "warning shot," noting that the metal is key for defense and manufacturing.
Shares of the company were up nearly 50 percent for the week as of February 6.
INN's VRIC coverage
The Investing News Network's videos from the Vancouver Resource Investment Conference (VRIC) are now all posted, and if you haven't seen them already, you can check them all out in this playlist.
Experts like Rick Rule, Adrian Day, Lobo Tiggre and many more shared valuable insights, and although the news cycle is moving quickly their thoughts remain valuable for portfolio planning.
One key takeaway from the event was basic, but worth repeating — know yourself as an investor, because what works for one person may not align with your goals.
Want more YouTube content? Check out our expert market commentary playlist, which features interviews with key figures in the resource space. If there's someone you'd like to see us interview, please send an email to cmcleod@investingnews.com.
And don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.
Top 5 Canadian Mining Stocks This Week: Orosur Jumps 92 Percent on Assays
Welcome to the Investing News Network's weekly look at the best-performing Canadian mining stocks on the TSX, TSXV and CSE, starting with a round-up of Canadian and US news impacting the resource sector.
On Monday (February 3), the United States reached agreements with Canada and Mexico that narrowly averted the start of a trade war as tariffs set to begin Tuesday (February 4) were paused for 30 days.
Both Canada and Mexico offered plans to increase security at their respective borders with the United States, some of which were already planned and underway. This aligned with US President Donald Trump's stated goal with the tariffs of increased border monitoring as he claimed there were increasing numbers of illegal migrants and high volumes of fentanyl entering into the United States.
Both Canada and the US released upbeat job reports on Friday (February 7) indicating strong employment gains in both countries.
Statistics Canada reported that 76,000 jobs were added to the Canadian economy in January, the majority of which were in the private sector. Manufacturing contributed 33,000 new workers, and professional, scientific and technical services added 22,000.
This marks the third consecutive month of net gains following the addition of 91,000 jobs in December and 44,000 in November. The agency indicated that over the past three months, 147,000 full-time jobs were added, while part-time labor increased by 64,000.
The additional workers entering the labor force pushed the unemployment rate down by 0.1 percent from the previous month to 6.6 percent.
Meanwhile, south of the border, the US Bureau of Labor Statistics released its employment situation summary, which indicated that 143,000 new jobs were added in January. Large gains were seen in healthcare with 44,000 new jobs during the month. Retail trade increased by 34,000 and social assistance jobs saw gains of 22,000 new workers.
Overall, the employment rate edged down to 4 percent from the 4.1 percent recorded in December, marking the lowest level since May 2024.
Markets and commodities react
While markets saw small losses on Friday, they were broadly positive over the past five days, with the S&P 500 (INDEXSP:INX) gaining 0.94 percent to end Friday at 6,025.98 while the Nasdaq 100 (INDEXNASDAQ:NDX) gained 1.93 percent to 21,491.31. Meanwhile, the Dow Jones Industrial Average (INDEXDJX:.DJI) was flat, gaining just 0.08 percent to 44,303.41.
In Canada, the S&P/TSX Venture Composite Index (INDEXTSI:JX) saw a 4.95 percent gain on the week to close at 639.28 on Friday (February 7). Meanwhile, the S&P/TSX Composite Index (INDEXTSI:OSPTX) posted a 1.21 percent increase to hit 25,442.91 and the CSE Composite Index (CSE:CSECOMP) jumped 3.47 percent to reach 135.64.
Gold saw further gains this week as it continued to set new all time highs. Overall, the gold price increased 2.26 percent during the week to close at US$2,861.49 per ounce on Friday at 5 p.m. EST. Silver performed strongly as well, closing the week up 1.61 percent at US$31.80.
In base metals, the copper price surged 7.67 percent for the week to close at US$4.63 per pound on the COMEX, and the S&P GSCI (INDEXSP:SPGSCI) was largely flat, posting a 0.24 percent gain to close at 563.24.
Top Canadian mining stocks this week
So how did mining stocks perform against this backdrop? We break down this week’s five best-performing Canadian mining stocks below.
Data for this article was retrieved at 4:00 p.m. EST on February 7, 2024, using TradingView's stock screener. Only companies trading on the TSX, TSXV and CSE with market capitalizations greater than C$10 million are included. Companies within the non-energy minerals and energy minerals sectors were considered.
1. Orosur Mining (TSXV:OMI)
Weekly gain: 91.67 percent
Market cap: C$45.19 million
Share price: C$0.23
Orosur Mining is an exploration company focused on the development of early to advanced-stage assets in South America.
Exploration has revealed multiple gold deposits at its flagship Anzá gold project in Colombia, which is located 50 kilometers west of Medellin and sits along Colombia’s primary gold belt.
Orosur also owns several early-stage projects, the El Pantano gold-silver project in Argentina, the Lithium West project in Nigeria and the Ariquemes project in Brazil, which is prospective for tin, niobium and rare earths.
The Anzá gold project was previously a 49/51 joint venture with Minera Monte Aguila (MMA), a corporation owned equally by Newmont (TSX:NGT,NYSE:NEM) and Agnico Eagle Mines (TSX:AEM,NYSE:AEM).
Orosur shares have seen significant gains since the end of November 2024 when the company announced that it had completed its acquisition of MMA, giving Orosur 100 percent indirect ownership of the Anzá gold project.
Following the transaction's completion, exploration resumed at the project’s Pepas prospect in mid-November to test high-grade results from a 2022 drill program. The company announced its most recent drill results on Tuesday, saying it had encountered high-grade gold over long intervals beginning at surface. One highlighted intercept assayed up to 7.24 grams per metric ton (g/t) gold over 76.3 meters.
2. Almonty Industries (TSX:AII)
Weekly gain: 64.1 percent
Market cap: C$480.52 million
Share price: C$1.92
Almonty Industries is a tungsten and molybdenum mining and development company focused with operations in Spain, Portugal and South Korea.
It is currently working on developing the Sangdong tungsten-molybdenum mine in South Korea, which hosts the largest tungsten deposit in the world. The mine is expected to begin production at the end of 2026 and has an anticipated mine life of 60 years. When fully ramped up the mine is projected to have an annual throughput of 640,000 metric tons, and will deliver 5,600 metric tons of molybdenum.
On January 29, Almonty announced it had entered into an offtake agreement with SeAH Group (KRX:058650) subsidiary SeAH M&S, a Korean metals company supplying the steel industry. SeAH M&S will purchase the entire production of molybdenum for the life of the Sangdong mine with a hard floor price of US$19 per pound.
Almonty also operates the Los Santos mine in Spain and the Panasqueira mine in Portugal, both producing high-grade tungsten concentrate.
In addition to the offtake agreement Almonty also announced on January 19 its intention to relocate its jurisdiction of incorporation from Canada to the US state of Delaware. It said it would maintain its listings on both the TSX and ASX.
Shares in Almonty began trading higherthis week after China announced on Tuesday it would be restricting metals exports, including tungsten and molybdenum, in response to US trade tariffs.
3. Blue Lagoon Resources (CSE:BLLG)
Weekly gain: 89.29 percent
Market cap: C$20.58 million
Share price: C$0.265
Blue Lagoon Resources is an exploration and development company focused on advancing its gold and silver projects in British Columbia, Canada.
Its flagship Dome Mountain gold project, located near Smithers, BC, is a past-producing asset composed of 26 claims covering 21,000 hectares and hosts 15 known high-grade gold veins.
A February 2022 updated mineral resource estimate (MRE) from the site demonstrated measured resources of 45,000 ounces of gold and 250,000 ounces of silver from 136,000 metric tons with average grades of 10.32 g/t gold and 57.31 g/t silver. Additionally, the MRE reported indicated resources of 173,000 ounces of gold and 876,000 ounces of silver from 662,000 metric tons of ore grading 8.15 g/t gold and 41.19 g/t silver.
Blue Lagoon's shares saw significant gains this week after the company announced on Thursday (February 6) that it had received the final mine permits and is preparing to begin mining operations as soon as July 2025.
“We are delivering to our shareholders one of only a handful of mining permits granted in British Columbia over the last decade,” Chief Geologist Bill Cronk said.
Once in operation, annual production will be limited to 55,000 metric tons of ore, from which the company expects to recover 15,000 ounces of gold.
4. Electric Metals USA (TSXV:EML)
Weekly gain: 58.33 percent
Market cap: C$13.75 million
Share price: C$0.095
Electric Metals is a mineral development company focused on advancing its flagship Emily manganese project in Minnesota, US.
According to the company, the asset is North America’s highest-grade manganese resource. A May 2024 MRE shows Emily hosts an indicated resource of 6.23 million metric tons with grades of 19.27 percent manganese and 22.41 percent iron with an additional inferred resource of 4.91 million metric tons with grades of 17.5 percent manganese and 20.44 percent iron with a cut off of 10 percent manganese.
Shares in Electric Metals have seen recent gains after a January 28 news release when the company announced it was starting work on a preliminary economic assessment for the Emily manganese project. It expects the report to be completed during the second quarter of 2025.
5. Goldgroup Mining (TSX:GGA)
Weekly gain: 51.22 percent
Market cap: C$34.79 million
Share price: C$0.31
Goldgroup Mining is a gold production, development and exploration company working to advance its Cerro Prieto heap-leach gold mine.
The 4,335-hectare property, located in Sonora, Mexico, produces an annual average of 11,500 ounces of gold and has produced more than 120,000 ounces since its beginning in March 2013.
Goldgroup is currently working to double the capacity of the mine to more than 25,000 ounces per year. The last update on the progress came in October 2024, when it announced that it had installed the primary crusher with a 2,200 metric ton per day throughput. It also said it had expanded pumping and irrigation capacity.
Goldgroup's most recent news came on February 6, when it announced that all shareholders holding share purchase warrants from financing rounds completed in September and November 2024 had informed the company they would exercise all outstanding warrants. The company had previously informed shareholders it was accelerating the warrants, changing the expiry date to February 9. Goldgroup will receive gross proceeds of C$1.87 million.
FAQs for Canadian mining stocks
What is the difference between the TSX and TSXV?
The TSX, or Toronto Stock Exchange, is used by senior companies with larger market caps, and the TSXV, or TSX Venture Exchange, is used by smaller-cap companies. Companies listed on the TSXV can graduate to the senior exchange.
How many companies are listed on the TSXV?
As of June 2024, there were 1,630 companies listed on the TSXV, 925 of which were mining companies. Comparatively, the TSX was home to 1,806 companies, with 188 of those being mining companies.
Together the TSX and TSXV host around 40 percent of the world’s public mining companies.
How much does it cost to list on the TSXV?
There are a variety of different fees that companies must pay to list on the TSXV, and according to the exchange, they can vary based on the transaction’s nature and complexity. The listing fee alone will most likely cost between C$10,000 to C$70,000. Accounting and auditing fees could rack up between C$25,000 and C$100,000, while legal fees are expected to be over C$75,000 and an underwriters’ commission may hit up to 12 percent.
The exchange lists a handful of other fees and expenses companies can expect, including but not limited to security commission and transfer agency fees, investor relations costs and director and officer liability insurance.
These are all just for the initial listing, of course. There are ongoing expenses once companies are trading, such as sustaining fees and additional listing fees, plus the costs associated with filing regular reports.
How do you trade on the TSXV?
Investors can trade on the TSXV the way they would trade stocks on any exchange. This means they can use a stock broker or an individual investment account to buy and sell shares of TSXV-listed companies during the exchange's trading hours.
Article by Dean Belder; FAQs by Lauren Kelly.
Don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.
Securities Disclosure: I, Lauren Kelly, hold no direct investment interest in any company mentioned in this article.
New Murchison Gold Limited
Investor Insight
For investors with an eye on mining stocks, New Murchison Gold (ASX:NMG) presents a unique opportunity. The company's shallow, high-grade Crown Prince gold deposit, significant land package in the prolific Murchison goldfields, and strategic alliance with established Australian gold producer Westgold Resources position it as a noteworthy contender in the Western Australian gold exploration space. As NMG continues to navigate the path to production, its journey is one that astute investors will watch with keen interest.
Overview
Within the heart of Australia's Murchison gold district, a region host to more than 35 Moz gold endowment (historic production and current resources), stands New Murchison Gold, a forward-thinking gold explorer with a clear strategy to maximise shareholder value driven by a highly experienced management team. The company’s value proposition centres on growing and de-risking its shallow, high-grade Crown Prince gold deposit (part of the company’s Garden Gully gold project) and a strategic alliance with established Australian gold producer Westgold Resources (ASX:WGX), offering a clear pathway to production and cash flow generation.
The Westgold alliance has resulted in a binding ore purchase agreement with Big Bell Gold Operations, a wholly owned operating subsidiary of Westgold Resources. The agreement will underpin production from NMG’s Crown Prince deposit in 2025, and will see the company delivering 30 kt to 50 kt of ore to Westgold per month.Key Project
Garden Gully
New Murchison Gold's flagship Garden Gully gold project is located 20 km northwest of Meekatharra, Western Australia. The project boasts a 677 sq km tenement package that covers the Abbotts Greenstone Belt. The project includes granted mining leases and Native Title agreements in place over the Crown Prince, Abbotts and Lydia prospects. Garden Gully is in close proximity to a number of operating gold mines and existing gold processing facilities.
New Murchison Gold has a strong pipeline of exploration and development prospects at Garden Gully, with the most advanced being Crown Prince.
Crown Prince deposit
The Crown Prince deposit has an updated mineral resource estimate of 2.2 Mt at 3.9 g/t gold for 279 koz, which includes an indicated resource estimate of 226 koz at 4.6 g/t Au. (81 percent of the total MRE). The total also includes the maiden resource for the Southeastern Zone (SEZ) of 1 Mt at 5.2 g/t gold for 164 koz (discovered in late 2022).
The resource is shallow, delineated from surface, remains open at depth and along strike, and located within a 300 m x 200 m area demonstrating strong open pit mining potential. There is significant resource growth potential at new mineralised zones at the northeastern end of SEZ and Crown Prince East (350 m from SEZ).
New Murchison Gold also published strong metallurgical performance from advanced test work at Crown Prince with high recovery of gold through gravity and cyanide leach test work, reporting overall gold recovery rates ranging from 98.2 to 99.8 percent.
Recent high-grade gold intersections at SEZ
Westgold Strategic Alliance
New Murchison Gold announced a strategic alliance and $6 million placement with Australian gold producer Westgold Resources.
The Westgold transaction provides a clear pathway to commercialising Crown Prince in a strong gold price environment, validates the quality of the deposit and enables New Murchison Gold to leverage Westgold’s internal resources, intellectual property and infrastructure to accelerate development.
The primary aim of the strategic alliance is to fast track the development of New Murchison Gold’s Crown Prince deposit into production. As part of the strategic alliance, New Murchison Gold and Westgold has entered into a binding ore purchase agreement (OPA) with Westgold subsidiary Big Bell Gold Operations, for gold produced at Crown Prince. Under the agreement, NMG will deliver 30 kt to 50 kt of ore to Westgold per month with no fixed term. Crown Prince is located only 33 km from Westgold’s 1.6 – 1.8 Mtpa Bluebird Mill.
In addition to the OPA, the strategic alliance may also encompass other strategic collaboration initiatives such as access to Westgold’s expertise and infrastructure. Upon completion of the strategic placement, Westgold will be an 18.7-percent shareholder (undiluted basis) and have the right, but not the obligation to a New Murchison Gold board seat and an equity participation right.
Proceeds from the strategic placement and current cash will allow New Murchison Gold to fast track further resource development, project development and mining proposal workstreams at Crown Prince and continue systematic regional exploration across Ora’s commanding 677 sq km tenure.
Major players are increasingly partnering with junior explorers to secure access to high-grade, quality gold resources. New Murchison Gold's collaboration with Westgold epitomises this movement, setting a blueprint for mutual success in the industry.
Key Focus
The near-term focus for New Murchison Gold will be further resource growth and rapidly advancing project development and mining proposal workstreams at Crown Prince:
- Crown Prince Drilling: Further delineating new high-grade mineralised zones at the north-eastern end of SEZ and Crown Prince East (350 metres from SEZ) and resource definition drilling along strike and below 100 metre vertical depth
- Crown Prince Resource: Updated Mineral Resource Estimate expected in September of 2024.
- Crown Prince Development: progress detailed technical programs, preliminary project development and mining proposal workstreams and agree on an ore purchase agreement and other strategic collaboration initiatives with Westgold
- Regional: Continue systematic regional exploration programs across Ora’s commanding 677 sq km tenure package
Management Team
New Murchison Gold is led by a team of experienced professionals with a diverse set of skills and expertise. At the helm of the company's operations is CEO Alex Passmore, a qualified geologist with extensive corporate finance experience to guide New Murchison Gold's strategic plan. The board is chaired by Rick Crabb, with extensive experience in the legal and mining sectors providing invaluable governance and oversight.
Supporting the company's governance structure, Malcolm Randall serves as a non-executive director, bringing a wealth of knowledge from his tenure in the resource sector, including 25 years at Rio Tinto. Frank DeMarte, director and company secretary, contributes over 39 years of mining industry experience in areas of financial management governance and secretarial practice.
The collective experience of New Murchison Gold's board and management is a cornerstone of the company's success, positioning it to capitalise on the opportunities within the Garden Gully project and beyond.
For further information on New Murchison Gold's strategic initiatives and investment opportunities, sign up for a free investor kit.
‘Lighthorse’ Gold Discovery at Pinjin: Thick, High-grade Gold Intercepted at New Greenfields Find
- Thick, high-grade gold intercepts at Lighthorse include:
- KGAC24152: 17 m at 4.81 g/t Au from 48 m, including 8 m at 9.21 g/t Au from 52 m (hole ends in mineralisation)
- KGAC24153: 4 m at 4.72 g/t Au from 52 m (hole ends in mineralisation)
- These intercepts form a high-grade centre to previous results (ASX: KAL 18/12/24), including:
- KGAC24045: 8 m at 2.29 g/t Au from 60 m, including 4 m at 3.66 g/t Au from 64 m
- KGAC24036: 4 m at 1.05 g/t Au from 52 m
- Lighthorse is a KalGold-generated, greenfields gold discovery, characterised by:
- A 200 m wide primary gold target on the discovery section, open down dip.
- A 600 m strike, parallel to the Laverton Tectonic Zone, open to the northwest and southeast.
- Crosscutting mineralised structures extending over 800 m, open to the northeast.
- o A footprint larger than either KalGold’s Kirgella Gift or Providence gold deposits
- No outcrop, and no effective historic drilling.
- Extensive, contiguous, widely-spaced intercepts suggest a large primary gold system obscured by transported cover. Further drilling is required to define the system’s full extent.
- Lighthorse is located in the southeast of the Eastern Goldfields, an area which is becoming a focus for gold discovery and development. It is located:
- 1 km west of KalGold’s Kirgella Gift and Providence gold deposits,
- 12 km south of Hawthorn Resources’ (ASX:HAW) Anglo Saxon Gold Mine,
- 22 km northwest of Ramelius Resources’ (ASX:RMS) Rebecca Gold Project
- 30 km east of OzAurum Resources’ (ASX:OZM) high-grade gold discovery at Mulgabbie North
- A priority follow-up RC drill program is being fast-tracked for March 2025, pending rig availability.
For MD and CEO Matt Painter’s thoughts on the Lighthorse gold discovery, please see our video on the KalGold Investor Hub at https://investorhub.kalgoldmining.com.au/link/mepb1P
Commenting on the discovery, KalGold Managing Director Matt Painter said:
“This is what we’ve been chasing at Pinjin. Our systematic approach to exploration has paid off. Thick, high-grade gold mineralisation at Lighthorse is located just 1 km west of our Kirgella Gift deposit, beneath transported cover in an area of zero outcrop. This is a 100% KalGold generated discovery that reinforces the exceptional growth potential at Pinjin. The full extent of the emerging Lighthorse target is unconstrained at this stage, but we have already identified mineralisation over a 600 m northwest-southeast strike length, parallel to the local grain of the Laverton Tectonic Zone, and open along strike and at depth. Additional gold mineralised trends associated with cross-cutting structures are also evident, extending over 800 m and open to the northeast.
Follow up RC drilling is scheduled for March 2025. We also expect to follow up previously reported thick, shallow gold intercepts at Wessex (ASX: KAL 09/10/24), next door to the Anglo Saxon Gold Mine (HAW), in this upcoming RC drill program.
This is an incredibly exciting time at KalGold. Recently announced discoveries by some of our neighbours, together with this new Lighthorse discovery, are cementing this south-eastern part of the Eastern Goldfields as a hot spot for exploration, discovery, and development. KalGold holds an extensive and strategic footprint within this incredible, historically overlooked area.”
High-grade gold intercepts define the Lighthorse discovery at Pinjin
Drilling in December 2024 successfully expanded upon an extensive earlier aircore program at Kirgella West (Figure 1). The new drilling intersected thick, high-grade gold mineralisation beneath transported sediments (Table 1). Four of these five new holes returned significant gold intercepts, with two of the drill holes ending in mineralisation with the rig unable to penetrate the fresh, mineralised rock. Gold mineralisation is open along strike and down dip.
Click here for the full ASX Release
This article includes content from Kalgoorlie Gold Mining, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Listing Rule Disclosure Obligations
Application for quotation of securities - AUE
Latest News
Brightstar Resources Investor Kit
- Corporate info
- Insights
- Growth strategies
- Upcoming projects
GET YOUR FREE INVESTOR KIT
Latest Press Releases
POS: Court Approval of Schemes
Related News
TOP STOCKS
Investing News Network websites or approved third-party tools use cookies. Please refer to the cookie policy for collected data, privacy and GDPR compliance. By continuing to browse the site, you agree to our use of cookies.