Manuka Resources Limited (ASX:MKR) is an ASX-listed mining company with gold and silver-gold projects in the Cobar Basin, one of Australia’s most prolific producers of base and precious metals.
The company focuses on its 100 percent owned fully permitted precious metals projects in the Cobar Basin - the Mt Boppy gold mine and Wonawinta silver project. Manuka Resources's development strategy includes bringing back the Mt Boppy gold mine into production and restarting mining and production at the Wonawinta silver mine.
The Mt Boppy gold mine was historically one of the richest in NSW, Australia and produced ~500,000oz gold at an average grade of 15 grams per ton (g/t) gold. Accordingly, the company is very excited about its exploration potential.
The Mt Boppy gold project comprises three mining leases, four gold leases and one exploration license, spanning an area of more than 210 sq. km. in the prolific Cobar Basin in New South Wales, Australia. The project was acquired by Manuka in 2019, and has a current mineral resource of 4.3 Mt at 1.19 g/t gold. This includes a combination of oxidized and transitional/fresh mineralization in the ground, as well as mineralized rock dumps and tailings.
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Manuka Resources’ unique value proposition is focused on its three fully licenced projects, which include two precious metals assets in one of Australia’s most prolific regions for base and precious metals, and a company-making iron sands (vanadium and titanium co-products) project in New Zealand’s exclusive economic zone (EEZ) off the Taranaki bight. Manuka Resources is well-placed to deliver significant shareholder value, driven by a phased strategy that includes a clear pathway to near-term precious metals production.
Manuka Resources (ASX:MKR) is focused on bringing its precious metals assets in the Cobar Basin into production, as well as progressing its New Zealand domiciled Taranaki VTM iron sands project.
The company previously revealed a phased strategy focused on delivering maximum value to its shareholders. The first phase focused on bringing back the Mt Boppy gold mine into production and it released an optimised production plan for the mine restart. At the time, the company believed silver production would follow gold but noted it was flexible in this regard. In any event and simultaneous to this, will be the ongoing development of the Taranaki vanadium titano-magnetite (VTM) project.
The Cobar Basin located in the central-west of New South Wales, is one of the richest mining provinces in Australia, home to some of Australia’s largest mining companies and explorers.
The Mt Boppy gold mine was historically one of the richest in NSW, Australia and produced ~500,000 oz gold at an average grade of 15 grams per ton (g/t) gold. Accordingly, the company is very excited about its exploration potential.
Drone image looking South showing the main components of the Rock Dump and tailing resources in relation to the Mt. Boppy open pit.
The initial five-year mine plan is largely focused on the screening and processing of gold-bearing waste material above ground on the Mt Boppy mine site. The company had been processing these wastes from June 2023 to December 2023 at its Wonawinta plant and now will look to optimize the process.
The Wonawinta silver project will be the largest primary silver producer in Australia and expected to be back in silver production within 12 months. Manuka has released a maiden ore reserve (under its ownership) of 4.8Mt1 at 53.8g/t silver containing 8.4Moz of silver comprising proven ore reserves of 0.8Mt at 50.8g/t silver; and probable ore reserves of 4.1Mt at 54.3g/t silver. Ore Reserve is based solely on shallow (<40m deep) oxide material.
The Wonawinta 100tph Ball Mill
The gold and silver market appears to be in an upward trend, with prices for both precious metals hitting their all-time highs recently, in Australian dollar terms for silver, which bodes very positively for MKR.
The Mt Boppy gold project comprises three mining leases, four gold leases and one exploration license, spanning an area of more than 210 sq km in the prolific Cobar Basin in New South Wales, Australia. The project was acquired by Manuka in 2019 and has a current mineral resource of 4.3 Mt at 1.19 g/t gold. This includes a combination of oxidized and transitional/fresh mineralization in the ground, as well as mineralized rock dumps and tailings.
Historically, Manuka Resources has processed its stockpiles and gold mineralized waste products through its Wonawinta processing plant. However, inefficiencies associated with trucking and processing ore at the distant Wonawinta plant has led the company to revise its strategy. It is now looking to construct a processing plant at Mt Boppy so that ore from the mine can be processed on-site. Mt Boppy has excellent infrastructure including a 48-person mine camp and is fully permitted for the proposed processing plant and on-site production.
The updated mineral resource comprises 4.28 Mt at 1.19 g/t gold for 163 koz of contained gold, of which 82 percent is in the measured and indicated categories.
An on-site plant will offer significant cost savings and improve the project economics.
Manuka Resources anticipates Mt Boppy to deliver total EBITDA of >AU$90 million and cash flow of >AU$80 million over a five-year mine life.
The Wonawinta project is fully permitted with all the necessary infrastructure, including an 850,000 to 1 million tpa processing plant. The plant has been used for processing ore from Mt Boppy. The Wonawinta silver mine is currently under care and maintenance. The company is considering the possibility of resuming operations at Wonawinta, leveraging the improved silver price environment. Manuka has released a maiden ore reserve (under its ownership):
The maiden silver ore reserve and the preparation of an implementation plan for Wonawinta support the potential restart of silver mining and processing operations in the near
future. The company is reviewing its silver restart plans in light of the current price increases and expects to announce a decision before the end of May 2025.
The Taranaki VTM project is located within New Zealand's exclusive economic zone, approximately 22 to 36 kilometres offshore, outside the 12 nautical mile boundary from the coastline. The project boasts a JORC resource of 3.2 billion tons at 10.17 percent iron oxide, 1.03 percent titanium dioxide and 0.05 percent vanadium oxide. It holds a mining license allowing initial extraction of 50 million tons annually, resulting in 5 million tons of VTM concentrate per year for 20 years (concentrate grade of 56 to 57 percent iron, 8.5 percent titanium dioxide and 0.5 percent vanadium pentoxide). At this extraction rate, the JORC resource provides approximately 60 years of potential mining inventory.
The project was included in the New Zealand government's Schedule 2 of the Fast Track Approvals Act 2024. The next step for Manuka was to complete pre-feasibility study (“PFS”) on the project. This was released to the market on 26 March 2025 and presents an extremely robust economic outlook for the project as can be seen below.
Dennis Karp is a former commodities trader with nearly four decades of corporate experience. He started his career in 1983 and worked in HSBC until 1997 before moving to Tennant, one of Australia’s largest physical commodities trading companies with operations in Asia and Europe. He was a principal shareholder of Tennant Metals until 2010 and a managing director until December 2014. He founded ResCap in December 2014. Since then, he has participated in diverse resource projects and investment opportunities across base metals and bulk commodities. He holds a Bachelor of Commerce from the University of Cape Town.
Alan Eggers has over 40 years of experience in the mining sector. He is a geologist and was the founder of Summit Resources, which became an ASX top 200 company and was acquired by Paladin Energy in 2007 for AU$1.2 billion. Throughout his career, he has held director positions at numerous companies. He holds a Bachelor of Science, Honours, and Master of Science degrees from Victoria University of Wellington. He is recognized as a fellow of the Society of Economic Geologists and holds memberships in AusIMM and the Australian Institute of Geoscientists.
John Seton is a lawyer with extensive experience in the mineral resources sector. He has served as director in several ASX and NZX listed companies. He holds a Bachelor of Laws from Victoria University, Wellington, and a Master of Law (Honours) from the University of Auckland and is a chartered fellow of the New Zealand Institute of Directors.
Haydn Lynch has over 25 years of experience in M&A, capital markets and private equity. He has been involved in executing several domestic and cross-border transactions in various sectors including metals and mining, and industrials. He has held leadership roles in global investment banks, including Bankers Trust Australia, Investec Bank, RBC Capital Markets and Southern Cross Equities. He has undergraduate degrees in mechanical engineering and economics from the University of Queensland and a Master in Commerce from the University of New South Wales.
Dieter Engelhardt has over 30 years of experience in the mining industry including roles as senior metallurgist at Telfer Gold Mine and Northparkes Mines, resident manager at McKinnons Gold Mine, and manager of ore processing at CSA Mine. Engelhardt was employed by Newcrest Mining (now Newmont) in various roles, including as manager of ore processing and principal metallurgist.
Phil Bentley has over 40 years of experience in the mining industry across New Zealand, South Africa, and Australia, holding senior geological roles as well as senior management and director positions. He has worked as a chief geologist at Randgold Resources and Randgold & Exploration, Global Head of Exploration at Trafigura Mining Services, and Principal Geologist Africa at CSA Global South Africa. He is a Qualified person under NI 43-101 (Canada) and JORC (Australia) and is a Fellow of the South African Geological Society. He holds a Bachelor of Science (Honours) in Geology at Victoria University of Wellington. He also has a Masters of Science in Economic Geology at Victoria University of Wellington and a Master’s of Science in Mineral Exploration from Rhodes University, Grahamstown South Africa.
Near-term production from both its silver and gold projects located in the Cobar Basin, Central West, New South Wales
In a market hungry for discovery stories and premium-grade assets, WLR stands out for its strategic discipline, operational tempo, and potential to generate significant value from early-stage exploration success.
Walker Lane Resources (TSX-V:WLR)(“Company”), formerly known as CMC Metals Ltd., is a North American exploration company strategically focused on discovering and monetizing high-grade, scalable gold, silver and polymetallic deposits. With a recently consolidated and tightly held capital structure, the company is designed for efficiency, leverage to discovery, and maximized investor value.
Walker Lane Resources holds a diversified and complementary portfolio of early-stage to early- advanced stage exploration projects across two of the most prolific mining regions in North America: the Walker Lane Trend in Nevada, USA, and the mineral-rich terrains of British Columbia and the Yukon. By aligning its exploration schedule with seasonal conditions—working in Nevada during the fall, winter, and spring, and in northern Canada during the summer—WLR can maintain continuous, year-round exploration and news flow.
At the core of WLR's strategy is a disciplined vision: to uncover high-value mineral assets and position them for monetization or strategic acquisition, rather than long-term development. The company has very low operating costs, is committed to maximizing “dollars into the ground, and is led by a highly experienced team of geologists, mining specialists, and capital markets veterans, all aligned with this exploration-first philosophy.
The company operates with a clear strategic vision: build a pipeline of advanced-stage, high-grade exploration assets that generate consistent, year-round news flow while minimizing dilution and maximizing shareholder value.
Recently the Company has sold its gold processing facility in Bishop, CA. and optioned its Silverknife Property in British Columbia to major miner Coeur Mining Inc. in a deal worth over $6M for a 75% earn-in with potential to earn another $3M for the remaining 25%. It is also examining small scale open pit mining using sorting technologies at its Silver Hart Property in Yukon to generate revenue streams in the medium term. These recent activities demonstrate that they are not your standard exploration company and clearly seek opportunities to maximize shareholder value. Walker Lane Resources is positioned for value growth in the short term.
Walker Lane Resources’ vision is to become a leading exploration company recognized for generating high-quality discoveries in top-tier jurisdictions. By focusing on projects with historical high-grade mineralization, underexplored potential, and favorable geological settings, the company seeks to create value through the drill bit and position its assets for acquisition or joint venture.
WLR’s strategy avoids costly development pipelines and instead leans into its core strengths: geoscience excellence, operational agility, capital discipline, and leveraging its advisory network for project advancement and strategic exposure.
Former Dark Secret Mine - Tule Canyon Property
Walker Lane Resources operates seven key projects:
These assets represent a mix of CRD-style and epithermal systems, each with historic mineralization, multiple mineralized zones, and district-scale exploration upside. Combined, they provide year-round operational capacity and a steady flow of exploration results.
Located in the heart of Nevada’s Walker Lane Trend—one of the hottest exploration corridors in the United States—Tule Canyon is a high-potential gold-silver mesothermal or orogenic target. The area contains extensive old workings, two former mines (Eastside and Dark Secret) developed to shallow depths, numerous high-grade surface samples in five identified zones, and has seen no modern drilling.
Highlights:
Tule Canyon exemplifies Walker Lane Resources' focus on high-grade opportunities in Tier 1 jurisdictions. The project’s location offers good infrastructure, year-round exploration potential, proximity to major producing mines and toll mills, and a supportive permitting regime
Former Eastside Mine – Tule Canyon Property
The Amy project is a silver-lead-zinc carbonate replacement deposit (CRD) system in northern BC, in the same mineral district and in close proximity to Coeur Mining’s Silvertip Mine – one of the world’s highest-grade underground silver-lead-zinc-critical mineral deposits.
Historical drilling, two adits, and extensive surface work has identified high-grade silver-lead-zinc-antimony mineralization over a projected strike length of 2.7 kilometers in over 20 known veins at the Amy Prospect. Additional areas of prospectivity are also yet to be explored with modern exploration methods. The property geology is highly prospective for a high grade CRD discovery(ies).
Highlights:
* Note these historic results have not been verified by Walker Lane Resources Ltd. or its Qualified Person and therefore should not be relied upon
Adit at 4200 level – Amy Prospect
Samples from Amy
Amy is not just a satellite play—it’s a serious contender in a prolific CRD belt. Its potential for discovery and monetization is amplified by its strategic location, very high-grade potential, road accessibility, and growing interest from major miner Coeur Mining Inc. who are a potential ready buyer as they have negotiated a right of first refusal for the property with Walker Lane Resources.
Cambridge is a historically mined, mesothermal high-grade gold project that features visible, museum-class gold mineralization. The gold mineralization occurs in veins within shears and is associated with copper, lead, antimony and other sulfides. The project is underexplored, despite extensive old workings and documented historic production.
Highlights:
Cambridge offers compelling blue-sky potential. It reinforces WLR’s Nevada strategy and is a prime candidate for detailed mapping, trenching, old mine dump recoveries, and is a near term candidate for possible future drilling.
Former Cambridge Mine and gold samples, Walker Lane Gold Trend, Nevada
Silver Mountain comprises of two claim areas close to Tule Canyon, that contain vein-hosted high-grade mesothermal to deep epithermal silver targets. The property has been subjected to historical small-scale mining and chip samples have produced 0.6 meters of 1,415 g/t silver and 0.48% copper.
Silver Hart features high-grade surface CRD-style mineralization in the northern part of the Rancheria Silver District that is host to the Silvertip Mine Deposit. Plans are to evaluate known open-pittable deposits for small scale seasonal mining utilizing ore sorting technologies to transport upgraded ore concentrates to a mill for processing.
Logjam Project, south-central Yukon.
Located immediately adjacent to the Silvertip Mine, Silverknife is a high-grade silver-lead-zinc target with known mineralization and geophysical anomalies. The property has been optioned to Coeur Mining Inc. who are the operator of the property and who are required to incur approximately $6.0M in expenditures and payments by 2027to earn a 75% interest in the property and additional expenditures and/or payments up to $3.0M to earn the remaining 25% interest. Walker Lane Resources retains a net smelter royalty right of 1% on the property.
These projects complement the company’s flagship assets and round out its capacity to explore throughout the year.
One of Walker Lane Resources’ key advantages is its ability to maintain year-round exploration. By operating in Nevada during the fall, winter, and spring, and shifting to BC and Yukon during the summer, the company maximizes news flow, maintains operational momentum, and improves capital efficiency.
This continuous cycle of exploration activity supports investor engagement and facilitates data-driven decision-making across the portfolio.
Silver Bowl Adit – Silver Mountain Property
Walker Lane Resources is led by a deeply experienced team whose backgrounds are directly aligned with the company’s exploration-focused mandate.
This integrated technical-financial team model enables the company to move quickly from concept to drill with strong oversight, minimal overhead, and a laser focus on discovery.
Barrick Mining Corporation (NYSE:B)(TSX:ABX) is now trading under the single-letter ticker symbol ‘B' on the New York Stock Exchange, reinforcing the Company's position as a global gold and copper mining leader.
In celebration of this milestone, Barrick president and chief executive Mark Bristow rang The Opening Bell® at the NYSE this morning.
"Barrick's vision is to be the world's most valued gold and copper exploration, development and mining company. Along with our world-class portfolio of six Tier One gold mines, we are building a substantial copper business which will be a meaningful contributor to organically growing our production volumes in the coming years and beyond," says Bristow.
"Our new stock symbol ‘B' better reflects Barrick's current business and our mission to achieve sustainable and profitable gold and copper growth. Together, gold and copper give Barrick the stability of a precious metal and the growth potential of a strategic one — anchoring our portfolio in resilience and aligning us with rising global electrification and infrastructure demand. Gold is core to our business and we continue to explore for and develop new gold mines, including the expansion of Pueblo Viejo, the exciting Fourmile gold project in Nevada and the Reko Diq project, with its world-class mix of both copper and gold."
The Barrick common shares continue to trade under the ticker symbol ‘ABX' on the Toronto Stock Exchange. The new CUSIP number for the Barrick common shares effective at the start of trading today is 06849F108.
About Barrick Mining Corporation
Barrick is a leading global mining, exploration and development company. With one of the largest portfolios of world-class and long-life gold and copper assets in the industry — including six of the world's Tier One gold mines — Barrick's operations and projects span 18 countries and five continents. Barrick is also the largest gold producer in the United States. We create real, long-term value for all stakeholders through responsible mining, strong partnerships and a disciplined approach to growth. Barrick shares trade on the New York Stock Exchange under the symbol ‘B' and on the Toronto Stock Exchange under the symbol ‘ABX'. Learn more at www.barrick.com .
Enquiries
Kathy du Plessis
Investor and Media Relations
+44 20 7557 7738
Email: barrick@dpapr.com
Cautionary Statement on Forward-Looking Information
Certain information contained or incorporated by reference in this press release, including any information as to our strategy, projects, plans or future financial or operating performance, constitutes "forward-looking statements". All statements, other than statements of historical fact, are forward-looking statements. The words "believe", "expect", "strategy", "target", "plan", "commitment", "ramp up", "opportunities", "guidance", "project", "progress", "expand", "invest", "continue", "progress", "develop", "on track", "ongoing", "estimate", "growth", "potential", "future", "extend", "will", "could", "would", "should", "may" and similar expressions identify forward-looking statements. In particular, this press release contains forward-looking statements including, without limitation, with respect to: Barrick's forward-looking production guidance and our five and ten-year production profiles for gold and copper; projected capital, operating and exploration expenditures; our ability to convert resources into reserves and replace reserves net of depletion from production; anticipated timing for first production at Reko Diq; expected benefits from the Pueblo Viejo expansion project, including projected increases in production; Barrick's ability to complete and expected benefits from the sale of its 50% interest in Donlin; Barrick's planned divestments of Tongon and Hemlo; the potential for Fourmile, Reko Diq and Lumwana to become Tier One assets; mine life and production rates, including anticipated production growth from Barrick's organic project pipeline; Barrick's global exploration strategy and planned exploration activities, including in Canada; Barrick's copper strategy; our plans, and expected timing, completion and benefits of our growth projects; potential mineralization and metal or mineral recoveries; the status of negotiations with the Government of Mali in respect of ongoing disputes regarding the Loulo-Gounkoto Complex and Barrick's commitment to reach a mutually acceptable solution; Barrick's strategy, plans, targets and goals in respect of environmental and social governance issues, including local community relations, planned resettlement activities at Pueblo Viejo, economic contributions and education, employment and procurement initiatives, tailings management, climate change and biodiversity initiatives; Barrick's talent management strategy; Barrick's performance dividend policy and share buyback program; and expectations regarding future price assumptions, financial performance and other outlook or guidance.
Forward-looking statements are necessarily based upon a number of estimates and assumptions including material estimates and assumptions related to the factors set forth below that, while considered reasonable by the Company as at the date of this press release in light of management's experience and perception of current conditions and expected developments, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements and undue reliance should not be placed on such statements and information. Such factors include, but are not limited to: fluctuations in the spot and forward price of gold, copper or certain other commodities (such as silver, diesel fuel, natural gas and electricity); risks associated with projects in the early stages of evaluation and for which additional engineering and other analysis is required; risks related to the possibility that future exploration results will not be consistent with the Company's expectations, that quantities or grades of reserves will be diminished, and that resources may not be converted to reserves; risks associated with the fact that certain of the initiatives described in this press release are still in the early stages and may not materialize; changes in mineral production performance, exploitation and exploration successes; risks that exploration data may be incomplete and considerable additional work may be required to complete further evaluation, including but not limited to drilling, engineering and socioeconomic studies and investment; the speculative nature of mineral exploration and development; lack of certainty with respect to foreign legal systems, corruption and other factors that are inconsistent with the rule of law; changes in national and local government legislation, taxation, controls or regulations and/or changes in the administration of laws, policies and practices, including the status of value added tax refunds received in Chile in connection with the Pascua-Lama Project; expropriation or nationalization of property and political or economic developments in Canada, the United States, Mali or other countries in which Barrick does or may carry on business in the future; risks relating to political instability in certain of the jurisdictions in which Barrick operates; timing of receipt of, or failure to comply with, necessary permits and approvals; non-renewal of key licenses by governmental authorities; failure to comply with environmental and health and safety laws and regulations; increased costs and physical and transition risks related to climate change, including extreme weather events, resource shortages, emerging policies and increased regulations related to greenhouse gas ("GHG") emission levels, energy efficiency and reporting of risks; the Company's ability to achieve its sustainability goals, including its climate-related goals and GHG emissions reduction targets, in particular its ability to achieve its Scope 3 emissions targets which require reliance on entities within Barrick's value chain, but outside of the Company's direct control, to achieve such targets within the specified timeframes; contests over title to properties, particularly title to undeveloped properties, or over access to water, power and other required infrastructure; the liability associated with risks and hazards in the mining industry, and the ability to maintain insurance to cover such losses; damage to the Company's reputation due to the actual or perceived occurrence of any number of events, including negative publicity with respect to the Company's handling of environmental matters or dealings with community groups, whether true or not; risks related to operations near communities that may regard Barrick's operations as being detrimental to them; litigation and legal and administrative proceedings; operating or technical difficulties in connection with mining or development activities, including geotechnical challenges, tailings dam and storage facilities failures, and disruptions in the maintenance or provision of required infrastructure and information technology systems; increased costs, delays, suspensions and technical challenges associated with the construction of capital projects; risks associated with working with partners in jointly controlled assets; risks related to disruption of supply routes which may cause delays in construction and mining activities, including disruptions in the supply of key mining inputs due to the invasion of Ukraine by Russia and conflicts in the Middle East; risk of loss due to acts of war, terrorism, sabotage and civil disturbances; risks associated with artisanal and illegal mining; risks associated with Barrick's infrastructure, information technology systems and the implementation of Barrick's technological initiatives, including risks related cybersecurity incidents, including those caused by computer viruses, malware, ransomware and other cyberattacks, or similar information technology system failures, delays and/or disruptions; the impact of global liquidity and credit availability on the timing of cash flows and the values of assets and liabilities based on projected future cash flows; the impact of inflation, including global inflationary pressures driven by ongoing global supply chain disruptions, global energy cost increases following the invasion of Ukraine by Russia and country-specific political and economic factors in Argentina; adverse changes in our credit ratings; fluctuations in the currency markets; changes in U.S. dollar interest rates; changes in U.S. trade, tariff and other controls on imports and exports, tax, immigration or other policies that may impact relations with foreign countries, result in retaliatory policies, lead to increased costs for raw materials and components, or impact Barrick's existing operations and material growth projects; risks arising from holding derivative instruments (such as credit risk, market liquidity risk and mark-to-market risk); risks related to the demands placed on the Company's management, the ability of management to implement its business strategy and enhanced political risk in certain jurisdictions; uncertainty whether some or all of Barrick's targeted investments and projects will meet the Company's capital allocation objectives and internal hurdle rate; whether benefits expected from recent transactions are realized; business opportunities that may be presented to, or pursued by, the Company; our ability to successfully integrate acquisitions or complete divestitures; risks related to competition in the mining industry; employee relations including loss of key employees; availability and increased costs associated with mining inputs and labor; risks associated with diseases, epidemics and pandemics; risks related to the failure of internal controls; and risks related to the impairment of the Company's goodwill and assets.
In addition, there are risks and hazards associated with the business of mineral exploration, development and mining, including environmental hazards, industrial accidents, unusual or unexpected formations, pressures, cave-ins, flooding and gold bullion, copper cathode or gold or copper concentrate losses (and the risk of inadequate insurance, or inability to obtain insurance, to cover these risks).
Many of these uncertainties and contingencies can affect our actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, us. Readers are cautioned that forward-looking statements are not guarantees of future performance. All of the forward-looking statements made in this press release are qualified by these cautionary statements. Specific reference is made to the most recent Form 40-F/Annual Information Form on file with the SEC and Canadian provincial securities regulatory authorities for a more detailed discussion of some of the factors underlying forward-looking statements and the risks that may affect Barrick's ability to achieve the expectations set forth in the forward-looking statements contained in this press release. We disclaim any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable law.
Photos accompanying this announcement are available at:
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Sitka Gold Corp. (TSXV: SIG) (FSE: 1RF) (OTCQB: SITKF) ("Sitka" or the "Company") is pleased to announce recently received assay results from its ongoing 2025 diamond drilling campaign at its road accessible RC Gold Project ("RC Gold" or the "Project") located approximately 100 km east of Dawson City in Yukon's prolific Tombstone Gold Belt. Results from DDRCCC-25-076 ("Hole 76") returned 94.0 m of 1.15 g/t gold including 12.2 m of 4.55 g/t gold, and a separate interval of 25.0 m of 5.04 g/t gold, including 1.8 metres of 54.70 g/t gold within 86.4 m of 1.65 g/t gold (see Table 1). Drilling is currently underway at the Blackjack zone and up to 3 additional drill rigs are expected to begin turning in the coming weeks as part of a fully funded 30,000 metre diamond drilling program planned for 2025.
Table 1: Highlights from most recent assay results
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"The results from Hole 76 are very encouraging, confirming that the higher-grade gold mineralization intersected at depth in Holes 68 and 75 extends both laterally and to depth and could represent a large, continuous zone of significant tonnage," said Cor Coe, Director and CEO of Sitka Gold. "While Hole 76 was the deepest drill hole completed to date at RC Gold, with a length of 810.8 metres, assays from the bottom of the hole returned strong gold values within mineralized metasediments, indicating that gold mineralization likely extends even deeper. We are now extending Hole 76 further into the depths of this gold system to continue tracking this promising high-grade gold zone as we push towards what could be the source of the Blackjack gold deposit. With a fully funded 30,000 metre diamond drill program currently underway, which will more than double the total amount of our drilling completed at RC Gold to date, we're excited to test the depth potential of this impressive gold system and to begin exploring several other high-priority targets across the Clear Creek Intrusive Complex (see Figure 3)."
Figure 1: Cross Section of DDRCCC-25-075 and DDRCCC-25-076, which is the deepest hole drilled to date at the Blackjack zone. Hole 76 was drilled to a length of 810.8 m, approximately 100 metres deeper than any previous drilling and demonstrates that gold mineralization continues to persist laterally and at depth. Strong gold grades encountered at the bottom of the hole suggest this gold zone continues even deeper into the system.
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Figure 2: Plan map of drilling at the Blackjack Deposit showing the location of holes DDRCCC-24-068, DDRCCC-25-075 and DDRCCC-25-076 (this release).
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Figure 3: The Clear Creek Intrusive Complex in the western portion of the RC Gold Project is a cluster of intrusions all with known gold mineralization and numerous current drill target areas highlighted by the magenta hatched areas.
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Figure 4: Longitudinal section of completed drill holes at the Blackjack Zone. Higher-grade mineralization is defined in a southeast plunging mineralized corridor with gold grades increasing at depth, as observed with the increasing prevalence of higher-grade gold results in recently completed drill core (purple colour), and suggests that drilling is vectoring towards the source of this gold system. The pit-constrained mineral resource shell from the 2023 MRE is shown in orange with the added resources from the updated MRE published earlier this year shown in yellow (see news release dated February 26, 2025).
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Figure 5: Examples of drill core from the interval beginning at 492.0 m within the larger interval that reports 94.0 m of 1.15 g/t gold. Mineralization consists of abundant narrow sheeted veins cutting a feldspar megacrystic quartz monzonite intrusion.
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Figure 6: Examples of instances of visible gold observed throughout hole DDRCCC-25-076. Visible gold is found in sheeted quartz veins and is often associated with bismuthinite, scheelite, and arsenopyrite. Additional images of visible gold observed in Hole 76 can be viewed HERE.
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Table 2 - Summary of significant drill hole assays from this release
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DDRCCC-25-076
Drill hole DDRCCC-25-076 was drilled to a length of 810.8 m at an azimuth of -37o and a dip of -75o to step out from the high grade mineralization intersected in hole DDRCCC-25-075 which intersected 352.8 m of 1.55 g/t gold from 341.5 m including 108.9 m of 3.27 g/t gold and 45.0 m of 4.52 g/t gold. Hole 076 intersected several narrower zones of well-mineralized quartz monzonite cutting broad zones of altered metasediments along with several broad structural zone within the metasediments containing abundant cm-scale sheeted quartz veins with multiple occurrences (over 60) of visible gold. Hole 076 ended in 4.8 m of 0.86 g/t gold in sheeted veins cutting metasediments.
Quality Assurance/Quality Control
On receipt from the drill site, the HTW/NTW-sized drill core was systematically logged for geological attributes, photographed and sampled at Sitka's core logging facility. Sample lengths as small as 0.3 m were used to isolate features of interest, otherwise a default 2 m downhole sample length was used. Each sample is identified by a unique sample tag number which is placed in the bag containing the core to be assayed. Core was cut in half lengthwise along a predetermined line, with one-half (same half, consistently) collected for analysis and one-half stored as a record. Standard reference materials, blanks and duplicate samples were inserted by Sitka personnel at regular intervals into the sample stream. Bagged samples were placed in secure bins to ensure integrity during transport. They were delivered by Sitka personnel or a contract expeditor to ALS Laboratories' preparatory facility in Whitehorse, Yukon, with analyses completed in North Vancouver.
ALS is accredited to ISO 17025:2005 UKAS ref. 4028 for its laboratory analysis. Samples were crushed by ALS to over 70 per cent passing below two millimetres and split using a riffle splitter. One-thousand-gram splits were pulverized to over 85 per cent passing below 75 microns. Gold determinations are by fire assay with an inductively coupled plasma mass spectroscopy (ICP-AES) finish on 50 g subsamples of the prepared pulp (ALS code: Au-ICP-22). Any sample returning over 10 g/t gold was re-analyzed by fire assay with a gravimetric finish on a 50 g subsample (ALS code: Au-GRA21). In addition, a 51-element analysis was performed on a 0.5 g subsample of the prepared pulps by an aqua regia digestion followed by an inductively coupled plasma mass spectroscopy (ICP-MS) finish (ALS code: ME-MS41).
About the Flagship RC Gold Project
The RC Gold Project consists of a 431 square kilometre contiguous district-scale land package located in the heart of Yukon's Tombstone Gold Belt. The project is located approximately 100 kilometres east of Dawson City, which has a 5,000 foot paved runway, and is accessed via a secondary gravel road from the Klondike Highway which is usable year-round and is an approximate 2 hour drive from Dawson City. It is the largest consolidated land package strategically positioned mid-way between the Eagle Gold Mine and the past producing Brewery Creek Gold Mine.
The RC Gold Project now has pit-constrained mineral resources that are contained in two zones: the Blackjack and Eiger gold deposits with 1,291,000 ounces of gold grading 1.01 g/t gold in an indicated category and 1,044,000 ounces of gold grading 0.94 g/t gold in an inferred category at Blackjack and 440,000 ounces of gold grading 0.50 g/t gold in an inferred category at Eiger. These resource estimate numbers are supported by the recently updated technical report for RC Gold, prepared in accordance with NI 43-101 standards, entitled "Clear Creek Property, RC Gold Project NI 43-101 Technical Report Dawson Mining District, Yukon Territory", prepared by Ronald G. Simpson, P. Geo., of GeoSim Services Inc. with an effective date of January 21, 2025. This report is available on SEDAR+ (http://www.sedarplus.ca) and on the Company's website (www.sitkagoldcorp.com).
Both of these deposits begin at surface, are potentially open pit minable and amenable to heap leaching, with initial bottle roll tests indicating that the gold is not refractory and has high gold recoveries of up to 94% with minimal NaCN consumption (see News Release July 13, 2022).
As of the end of 2024, the Company has drilled 72 diamond drill holes into this system for a total of approximately 25,136 metres. Other targets drilled to date include the Saddle, Josephine, Rhosgobel and Pukelman zones. The resource expansion drilling in 2023 at Blackjack produced results of up to 219.0 m of 1.34 g/t gold including 124.8 m of 2.01 g/t gold and 55.0 m of 3.11 g/t gold in drill hole DDRCCC-23-047 (see news release dated September 26, 2023) and in 2024 results of up to 678.1 metres of 1.04 g/t gold starting from surface in DDRCCC-24-068, including 409.5 metres of 1.36 g/t gold, 93.0 metres of 2.57 g/t gold and 5.5 metres of 17.59 g/t gold (see news release dated October 21, 2024). Drilling in 2025 includes hole DDRCCC-25-075 which intersected 352.8 metres of 1.55 g/t gold including 108.9 metres of 3.27 g/t gold. (see news release dated October 21, 2024).
A planned 30,000 metre diamond drilling program for 2025 is currently underway at RC Gold.
RC Gold Deposit Model
Exploration on the Property has mainly focused on identifying an intrusion-related gold system ("IRGS"). The Property is within the Tombstone Gold Belt which is the prominent host to IRGS deposits within the Tintina Gold Province in Yukon and Alaska. Notable deposits from the belt include: Fort Knox Mine in Alaska with current Proven and Probable Reserves of 230 million tonnes at 0.3 g/t gold (2.471 million ounces; Sims 2018)(1); Eagle Gold Mine with current Measured and Indicated Resources of 233 million tonnes at a grade of 0.57 g/t gold at the Eagle Main Zone (4.303 million ounces; Harvey et al, 2022)(2); the Brewery Creek deposit with current Indicated Mineral Resource of 22.2 million tonnes at a gold grade of 1.11 g/t (0.789 million ounces; Hulse et al. 2020)(3); the Florin Gold deposit with a current Inferred Mineral Resource of 170.99 million tonnes grading 0.45 g/t gold (2.47 million ounces; Simpson 2021)(4); the AurMac Project with an Inferred Mineral Resource of 347.49 million tonnes grading 0.63 gram per tonne gold (7.00 million ounces)(5) and the Valley Deposit, with a current Indicated Mineral Resource of 4.05 million oz gold at 1.66 g/t gold and an additional Inferred Mineral Resource of 3.26 million oz at 1.25 g/t gold(6). The technical and scientific information disclosed from neighboring properties does not necessarily apply to the current project or property being disclosed.
(1) Sims J. Fort Knox Mine Fairbanks North Star Borough, Alaska, USA National Instrument 43-101 Technical Report. June 11, 2018. https://s2.q4cdn.com/496390694/files/doc_downloads...
(2) Harvey N., Gray P., Winterton J., Jutras M., Levy M.,Technical Report for the Eagle Gold Mine, Yukon Territory, Canada. Victoria Gold Corp. December 31, 2022. https://vgcx.com/site/assets/files/6534/vgcx_-_202...
(3) Hulse D, Emanuel C, Cook C. NI 43-101 Technical Report on Mineral Resources. Gustavson Associates. May 31, 2020. https://minedocs.com/22/Brewery-Creek-PEA-01182022...
(4) Simpson R. Florin Gold Project NI 43-101 Technical Report. Geosim Services Inc. April 21, 2021. https://sedar.com/GetFile.do?lang=EN&docClass=24&i... d=4984158
(5) Thornton T., Jutras M., Malhotra D. Technical Report Aurmac Property Mayo Mining District, Yukon Territory, Canada. JDS Energy and Mining Inc. February 6, 2024. https://banyangold.com/site/assets/files/5251/bany...
(6) Burrell H., Redmond D.J., Haggarty P., Rogue Gold Project: NI 43-101 Technical Report and Mineral Resource Estimate, Yukon Territory, Canada. Snowline Gold Corp. May 15, 2024. https://snowlinegold.com
Upcoming Events
Sitka Gold will be attending and/or presenting at the following events*:
*All events are subject to change.
About Sitka Gold Corp.
Sitka Gold Corp. is a well-funded mineral exploration company headquartered in Canada with over $25 million in its treasury and no debt. The Company is managed by a team of experienced industry professionals and is focused on exploring for economically viable mineral deposits with its primary emphasis on gold, silver and copper mineral properties of merit. Sitka is currently advancing its 100% owned, 431 square kilometre flagship RC Gold Project located within the Tombstone Gold Belt in the Yukon Territory. The Company is also advancing the Alpha Gold Project in Nevada and currently has drill permits for its Burro Creek Gold and Silver Project in Arizona and the Coppermine River Project in Nunavut.
*For more detailed information on the Company's properties please visit our website at www.sitkagoldcorp.com.
The scientific and technical content of this news release has been reviewed and approved by Gilles Dessureau, P.Geo., Vice President of Exploration of the Company, and a Qualified Person (QP) as defined by National Instrument 43-101.
ON BEHALF OF THE BOARD OF DIRECTORS OF
SITKA GOLD CORP.
"Donald Penner"
President and Director
For more information contact:
Donald Penner
President & Director
778-212-1950
dpenner@sitkagoldcorp.com
or
Cor Coe
CEO & Director
604-817-4753
ccoe@sitkagoldcorp.com
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.
Cautionary and Forward-Looking Statements
This release includes certain statements and information that may constitute forward-looking information within the meaning of applicable Canadian securities laws. Forward-Looking statements relate to future events or future performance and reflect the expectations or beliefs of management of the Company regarding future events. Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as "intends" or "anticipates", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "should", "would" or "occur". This information and these statements, referred to herein as "forward‐looking statements", are not historical facts, are made as of the date of this news release and include without limitation, statements regarding discussions of future plans, estimates and forecasts and statements as to management's expectations and intentions and the Company's anticipated work programs.
These forward‐looking statements involve numerous risks and uncertainties and actual results might differ materially from results suggested in any forward-looking statements. These risks and uncertainties include, among other things, market uncertainty and the results of the Company's anticipated work programs.
Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Readers are cautioned that reliance on such information may not be appropriate for other purposes. The Company does not undertake to update any forward-looking statement, forward-looking information or financial out-look that are incorporated by reference herein, except in accordance with applicable securities laws. We seek safe harbor.
Abcourt Mines Inc. ("Abcourt" or the "Corporation") (TSX Venture: ABI) (OTCQB: ABMBF) is pleased to report new drilling results and an update on its activities at the Sleeping Giant mine.
In 2025, Abcourt completed 36 underground drill holes totaling 5,632 meters. Of these holes, seven target the 785N zone and the underlying areas for a total of 3,316 meters. This 785N zone is in a new sector to the east and at depth of the developed sectors of the mine. After releasing the results of two of these holes earlier this year, Abcourt is today releasing the results of two more holes, 78-888 and 78-890.
The highlights included in this press release are as follows:
Pascal Hamelin, President and CEO, comments: "Since underground drilling began in the fall of 2023, our goal has been to increase the quality and quantity of the mineral resources at Sleeping Giant. This drilling, along with the work accomplished by our Sleeping Giant team, has allowed us to build a solid financial plan for mine development and rapid production ramp-up. Indeed, our surface and underground infrastructure are in very good condition, which will allow us to quickly develop the mine towards a profitable production. Furthermore, we are very excited to see this new promising sector 785N near our underground infrastructure. We believe that we will be able to extend the life of the mine once it is in production."
The main results of holes 78-888 and 78-890 are displayed in Table 1:
| Table 1: Main Underground Drilling Results | |||||||
| DDH | From | To | Intervalle | Au | Vein | ||
| (m) | (m) | (m) | (g/t) | ||||
| 78-888 | 13.10 | 13.60 | 0.50 | 59.25 | Intervals up the 785N vein. | ||
| and | 87.00 | 87.80 | 0.80 | 10.17 | |||
| and | 144.40 | 145.00 | 0.60 | 27.13 | |||
| and | 285.40 | 286.00 | 0.60 | 9.24 | 785N vein | ||
| 78-890 | 273.50 | 275.40 | 1.90 | 24.30 | 785N vein | ||
| Including | 274.20 | 274.80 | 0.60 | 41.90 | |||
| Notes: | |||||||
| 1. The length represents the length measured along the drill core. | |||||||
| 2. Assay results are not capped, but higher-grade sub-intervals are highlighted. | |||||||
The main drilling results are illustrated in Figure 1
Figure 1: Main Results – Interception of 785N Zone.
Drilling data reveal:
Drilling work continues in the 785N zone. Results are being interpreted as they are received. Abcourt will publish all results following the first phase of work.
Alongside the program to enhance the deep mining potential of the Sleeping Giant Mine, drilling activities are currently underway in the upper part of the mine. These efforts aim to:
Renewal of the Drilling Contract with G4 Drilling
Abcourt has renewed the underground drilling contract with G4 Drilling and has requested the addition of a third underground drill rig. This rig will be designed for conventional mining requirements to facilitate movement and installation. This additional drill rig should be ready to drill in a few weeks to accelerate the conversion of our inferred resources to indicated resources and better define our production stopes if needed.
Progress of Financing Procedures
The standard due diligence review, the site visit by an independent team appointed by the potential lender, and the preparation of the final documents for the 8M USD loan are progressing according to the established schedule, marking a significant step forward in the development of mine. See the press release issued April 10 th for the details on the terms of the proposed loan. This review also provided an opportunity to highlight the strategic potential of Sleeping Giant's infrastructure, while confirming our team's exemplary preparation for the restart of operations.
Quality Control Measures (QA/QC)
The drilling and core description work was carried out under the supervision of Mohamed Haithem Bennia, geo, Superintendent Geology, qualified person according to Regulation 43-101.
The core is also oriented using high-precision digital tools (Reflex ACTIII) to provide a better understanding of the geological structure.
The quality assurance and control protocols for the analyses include the insertion of blank, standard and duplicate samples every 25 samples, in addition to the internal control of the laboratory samples.
The half-cores were prepared at the Sleeping Giant mine's internal laboratory according to industry standards.
The samples used in the preparation of this press release were analyzed by the MSALABS laboratory in Val-d'Or, Quebec, using the Photon AssayTM method. MSA operates numerous laboratories worldwide and maintains ISO-17025 accreditation for many metal determination methods. MSA is an ISO-17025 accredited laboratory for the Photon AssayTM method.
Qualified Persons
Mohamed Haithem Bennia, geo, superintendent geology of the Sleeping Giant mine, wrote, collected, verified and approved the technical information contained in this press release.
Pascal Hamelin, Eng, President and Chief Executive Officer of the Corporation, has verified and approved the technical information contained in this press release.
Mr. Hamelin and Mr. Bennia are qualified persons under Regulation 43-101.
About Abcourt Mines Inc.
Abcourt Mines Inc. is a Canadian exploration company with strategically located properties in northwestern Quebec, Canada. Abcourt owns the Sleeping Giant mine and mill and the Flordin property, where it focuses its exploration and development activities.
For more information about Abcourt Mines Inc., please visit our website and view our filings under Abcourt's profile on www.sedarplus.ca .
| Pascal Hamelin | Dany Cenac Robert, Investor Relations |
| President and Chief Executive Officer | Reseau ProMarket Inc., |
| T : (819) 768-2857 | T : (514) 722-2276, poste 456 |
| Email : phamelin@abcourt.com | Email : dany.cenac-robert@reseaupromarket.com |
FORWARD-LOOKING STATEMENTS
Certain information contained in this news release may constitute "forward-looking information" within the meaning of Canadian securities legislation. Generally, forward-looking information can be identified by using forward-looking terminology, such as "plans", "aims", "expects", "projects", "intends", "anticipates", "estimates", "could", "should", "likely", or variations of such words and phrases or statements specifying that certain acts, events or results "may", "should", "will" or "be achieved" or other expressions Similar. Forward-looking statements are based on Abcourt's estimates and are subject to known and unknown risks, uncertainties and other factors that may cause Abcourt's actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking statements or information. Forward-looking statements are subject to business, economic and uncertainties and other factors that could cause actual results to differ materially from these forward-looking statements, including the relevant assumptions and risk factors set forth in Abcourt's public filings, which are available on SEDAR at www.sedarplus.ca . There can be no assurance that these statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Although Abcourt believes that the assumptions and factors used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on such statements. Except as required by applicable securities laws, Abcourt disclaims any intention or obligation to update or revise any such forward-looking statements or information, whether as a result of new information, future events or otherwise.
Neither 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.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/2395b913-1957-497d-ac0f-9f91fe93790e
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