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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.
Company Highlights
- Manuka Resources is an ASX-listed mining company focused on exploring and developing gold and silver assets in the Cobar Basin in New South Wales, Australia.
- The company’s two principal assets – the Mt Boppy Gold Mine and the Wonawinta Silver Mine – are both located in the prolific Cobar Basin. In addition, MKR holds a 100 percent interest in the Taranaki VTM iron sands project, located in New Zealand.
- The primary focus is on bringing the fully permitted Mt Boppy mine back into production by Q4 2024. The company aims to establish an on-site processing plant at Mt Boppy and in turn free up the Wonawinta processing plant for silver production from the Wonawinta silver mine, which was being used to process Mt Boppy ore.
- The results of the recently completed sonic drill program coupled with an updated mineral resources estimate at Mt Boppy (100 percent increase in indicated gold ounces) improve confidence in the recommencement of gold dore production at Mt Boppy.
- A dedicated processing facility at Mt Boppy will improve the project economics and also allow for an additional revenue stream by freeing up the Wonawinta processing plant to process ore from the Wonawinta silver mine (placed on care and maintenance in February 2024, and targeting release of its maiden silver reserve under Manuka ownership before the end of June 2024).
- The cash flows from the Mt Boppy mine will be used to fund the restart of the Wonawinta silver mine, which is also expected to become operational by late Q1 or early Q2 2025.
- Elevated gold and silver prices should substantially benefit Manuka Resources, resulting in improved profitability and cash flows as it brings both its gold and silver projects into production.
This Manuka Resources profile is part of a paid investor education campaign.*
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Manuka Resources
Investor Insight
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.
Strategy Overview
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.
Company Highlights
- Manuka Resources is an ASX-listed mining company focused on producing gold and silver from its two 100 percent owned fully permitted projects (one gold and one silver) in the Cobar Basin in New South Wales, Australia.
- In addition, MKR’s wholly owned subsidiary Trans-Tasman Resources Limited (“TTR”) is the owner of the Taranaki VTM (vanadiferous titanomagnetite) iron sands project, located in the New Zealand EEZ, off the south-west coast of the north island.
- Manuka released the details of the Taranaki VTM project’s pre-feasibility study (PFS) on 26 March 2025, which highlights the extremely robust economics of the project with an NPV10 of US$1.2B and IRR 39 percent
- TTR will also be lodging its application under New Zealand’s Fast Track Approvals Act for the Taranaki VTM project imminently. (The project was included in Schedule 2 of the Act). Successful conclusion of review under the Fast Track pathway will result in final regulatory approvals (marine discharge consent) being granted, completing the full suite of consents to operate the project for 20 years.
- The Company’s primary focus for its precious metals assets is on bringing both the fully permitted Wonawinta silver project and the Mt Boppy gold mine back into production during 2025. The Wonawinta processing plant (primarily constructed for silver production in 2012 with production capacity of 850,000-1 million tpa) has been recently used for both gold and silver processing and is on active care and maintenance for rapid restart..
- The Wonawinta silver project was previously the largest primary producer of silver in Australia, and Manuka expects this to again be the case once production restarts.
- While the substantially higher gold prices have been securing headlines over the past six months, it is worth noting that the silver price is also trading at an all time high which makes restarting the project very attractive (the all time high for silver is against the Australian dollar, currently silver is around AU$54/oz silver).
- Manuka released its maiden silver reserve in October 2024 making it the only production ready silver reserve on a project based in Australia.
- Elevated gold and silver prices should materially benefit Manuka Resources, resulting in strong profitability and cash flows once its projects move into production.
Key Projects
Mt Boppy Gold Project
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.
Wonawinta Silver Mine Project
The Wonawinta plant
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):
- Ore Reserve of 4.8 Mt at 53.8 g/t silver containing 8.4 Moz of silver comprising:
- Proved Ore Reserves of 0.8 Mt at 50.8 g/t silver; and
- Probable Ore Reserves of 4.1 Mt at 54.3 g/t Ag.
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.
Taranaki VTM Project
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.
Management Team
Dennis Karp – Executive Chairman
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 – Executive Director
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 – Non-executive Director
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 – Chief Operating Officer
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 – Chief Metallurgist and General Manager
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 – Chief Geologist
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
Sitka Intercepts Multiple Occurrences of Visible Gold in First Drill Holes of the Summer Season at Its RC Gold Project, Yukon
(TSXV: SIG) (FSE: 1RF) (OTCQB: SITKF) ("Sitka" or the "Company") is pleased to announce that multiple instances of visible gold have been observed in the first drill holes of the summer field season its flagship RC Gold Project located in the Tombstone Gold Belt, Yukon. Three drills are currently operating and a fourth drill rig is on site as part of a fully-funded 30,000 metre drill program planned for 2025 at RC Gold. The primary focus of this year's diamond drilling campaign will be to rapidly expand the Blackjack and Eiger gold deposits while advancing several other high-priority gold targets within the Clear Creek Intrusive Complex (see Figures 4 and 5).
- Three diamond drills currently operating and a fourth diamond drill rig on site as part of the fully funded 30,000 metre drilling campaign planned at RC Gold this year, more than doubling the amount of drilling completed by Sitka Gold since work was initiated in 2020
- Additional visible gold observed in Hole 76 after it was re-entered and extended from 810.8 m to 944.9 m, the deepest hole ever drilled at Blackjack
- Visible gold observed in all drill holes completed so far this year
- Drilling is currently focused on expanding the Blackjack and Eiger deposits and exploring the Saddle zone where a linkage between the two deposits is suggested by geological observations and the largest and strongest gold-in-soil anomaly at the RC Gold Project (see Figures 3 and 4)
Several instances of visible gold have been observed in the drill core from DDRCCC-25-076 to 080, which are the first holes to be completed this summer season, with DDRCCC-25-078 and 079 producing the first visible gold ever observed at Eiger (see Figures 1). Assays are currently pending for all drill holes in this release.
"The summer field season at RC Gold is off to a strong start, with three drill rigs already turning and a fourth rig recently mobilized to site," said Cor Coe, Director and CEO of Sitka. "The presence of visible gold in the first holes of the season, including the first-ever observations of visible gold at the Eiger deposit expansion drilling, continue to demonstrate the exceptional gold endowment within the Clear Creek Intrusive Complex. This is the first follow up drilling we have conducted at the Eiger deposit since 2021 and the observations of visible gold in these initial step out holes to the west, towards the Saddle zone and Blackjack deposit, are very encouraging.
"The fully funded, 30,000 metre drill campaign planned for this year will more than double the total drilling completed since we initiated drilling in 2020, marking a major step forward in advancing RC Gold. To date, we've successfully discovered two gold deposits and outlined multiple high-priority targets ready for drill advancement. With this year's planned drilling equivalent to the past five years combined, there will be lots to look forward to as our team pushes to build on that success with additional new discoveries and meaningful expansion of our known deposits, both of which remain open in all directions."
Figure 1: Examples of instances of visible gold observed throughout holes DDRCCC-25-076 to DDRCCC-25-080. Holes 76, 77 and 80 are from the Blackjack and holes 78 and 79 from the Eiger. Note that the red colour is not a mineral but red marker used in core logging. Additional images of visible gold observed in these drill holes can be viewed HERE.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6144/254144_0e34b09994ab8af2_002full.jpg
Figure 2: Plan map of the Blackjack and Eiger gold deposits showing the location of diamond drill holes DDRCCC-25-076 to -081. Three drill rigs are focused on resource expansion at the Blackjack and Eiger deposits and the first follow-up drilling in the Saddle zone where the largest and strongest gold-in-soil anomaly on the property remains largely undrilled and where DDRCCC-23-054 intersected 84.0 m of 1.21 g/t gold (see news release dated October 30, 2023). Lamprophyre dikes (green lines) define extensional zones including the Blackjack-Saddle-Eiger corridor. Extensional corridors are one of the controls that created pathways for gold-bearing fluids in these mineralized systems.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6144/254144_0e34b09994ab8af2_003full.jpg
Figure 3: Plan map of the Blackjack and Eiger gold deposits showing gold-in-soil values, the location of diamond drill holes DDRCCC-25-076 to DDRCCC-25-081. Three drill rigs are focused on resource expansion at the Blackjack and Eiger deposits and the first follow-up drilling in the Saddle zone where the largest and strongest gold-in-soil anomaly on the property remains largely undrilled and where DDRCCC-23-054 intersected 84.0 m of 1.21 g/t gold (see news release dated October 30, 2023).
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6144/254144_0e34b09994ab8af2_004full.jpg
Figure 4: A plan map of the Clear Creek Intrusive Complex (CCIC) showing the updated resource areas at Blackjack and Eiger, and the six additional areas that have drill targets indicated by the mauve hatched areas. The map highlights the numerous drill targets that Sitka has outlined within the CCIC which all are connected by the road network on the project and occur in an area measuring five (5) km north-south and twelve (12) km east-west. Additional areas highlighted by strong gold in soil anomalies are being advanced to the drill ready stage with additional geological work in 2025.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6144/254144_0e34b09994ab8af2_005full.jpg
Figure 5: Long Section showing target areas from the Blackjack deposit to the Rhosgobel target and the proposed drilling allocated as part of the 30,000 metre diamond drilling program planned for 2025.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6144/254144_0e34b09994ab8af2_006full.jpg
Blackjack Drilling
Drilling at Blackjack continues to be directed at expanding the deposit, testing both the deeper underground and the near surface potential where the deposit remains open in all directions. Drill hole DDRCCC-25-076 (azimuth of 037° and dip of -75°) was extended to a depth of 944.9 m, the longest hole completed on the property to date. Visible gold was observed at 859.2 m down the hole within quartz veining in altered metasedimentary rocks. DDRCCC-25-080 (azimuth of 040o and dip of -55o) tested shallower extensions of mineralization and encountered visible gold in several locations from approximately 107 to 220 m depth.
Eiger Drilling
Drill holes DDRCCC-25-078 (azimuth of 345o and dip of -50o) and 079 (azimuth of 345o and dip of -55o) are the first holes completed on the Eiger deposit expansion program. The Eiger deposit has not been drilled since its discovery in 2021. These first two holes were drilled to expand the deposit to the west. Hole 78 encountered strongly altered metasediments with quartz veining and visible gold before being terminated in a fault zone prior to intersecting the Eiger intrusion. Hole 79 was drilled from the same set-up at a steeper angle and successfully penetrated the fault zone which was the faulted contact with the Eiger intrusion. Visible gold was encountered in Hole 79 within sheeted quartz veining within the metasediments and the Eiger intrusion.
Saddle Drilling
Drill hole DDRCCC-25-081 (azimuth of 025o and dip of -50o) is the first drill hole collared in the Saddle zone since the most recent drilling completed in 2023 which intersected 84.0 m of 1.21 g/t gold in Hole 54 and 29.0 m of 0.68 g/t gold in Hole 53. The Saddle zone is midway between the Blackjack and Eiger deposits and is defined by the largest and highest grade gold-in-soil anomaly on the property within an extensional zone containing lamprophyre and quartz monzonite intrusives dikes and sills. Drilling in 2025 is targeted to follow-up on previous drilling and define an initial resource in this area which is within the conceptual pit limits of the Blackjack deposit and explore the linkage between the two deposits. This drill hole collared in metasediments and is planned to a depth of 350.0 m.
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 in 39,962,000 tonnes grading 1.01 g/t gold in an indicated category and 1,044,000 ounces of gold in 34,603,000 tonnes grading 0.94 g/t in an inferred category at Blackjack and 440,000 ounces of gold in 27,362,000 tonnes 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).
To date, 73 diamond drill holes have been drilled into this system by the Company for a total of approximately 25,851 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). Results from DDRCCC-25-075, completed during winter drilling in 2025, produced the best high-grade intercepts drilled to date at Blackjack, returning 352.8 m of 1.55 g/t gold including 108.9 m of 3.27 g/t gold and 45.0 m of 4.52 g/t gold.
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 Au (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 Au 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 AurMac Project with an Inferred Mineral Resource of 347.49 million tonnes grading 0.63 gram per tonne gold (7.00 million ounces)(4) and the Valley Deposit, with a current Measured and Indicated Mineral Resource of 7.94 million oz gold at 1.21 g/t and an additional Inferred Mineral Resource of 0.89 million oz at 0.62 g/t gold(5).
(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) 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...
(5) https://snowlinegold.com/2025/05/15/snowline-gold-...
Corporate Update
The Company is pleased to announce that, subject to regulatory approval, it has entered into an amendment agreement for the OGI Property, Yukon. The targets at OGI are an intrusion-related gold deposit such as the Valley, RC Gold and Aurmarc deposits in Yukon and Fort Knox in Alaska and also a SEDEX style, stratabound Zinc-Lead-Silver (Zn-Pb-Ag) deposit, similar to Howards Pass and many other zinc-rich base and precious metal occurrences within Yukon's Selwyn Basin. In consideration for 300,000 shares and $50,000, the required $2,500,000 work expenditures will be eliminated. The Company has spent approximately $550,000 to date on the OGI Property. This amendment will give the Company 100% ownership of the OGI Property, subject to the underlying royalty interest.
The Company is also pleased to announce that, subject to regulatory approval, it has entered into an amendment agreement for the Burro Creek Property, Arizona. The Burro Creek Property covers a low-sulphidation epithermal vein system that hosts gold and silver Indicated and Inferred Historical Mineral Resource estimates. In consideration for 2,000,000 shares and $100,000, the required $4,000,000 work expenditures will be eliminated. The Company has spent approximately $1,200,000 to date on the Burro Creek Property and has a 1,000,000 share payment due in September 2025. This amendment will give the Company 100% ownership of the Burro Creek Property, subject to the underlying royalty interest. This amendment agreement is considered a related-party transaction pursuant to Multilateral Instrument 61-101, as the Vendor is controlled by Cor Coe, the chief executive officer and a director of the Company. This amendment agreement is exempt from the need to obtain minority shareholder approval and a formal valuation as required by and under applicable provisions of MI 61-101.
For more information on the OGI and Burro Creek properties, please visit www.sitkagoldcorp.com
Upcoming Events
Sitka Gold will be attending and/or presenting at the following events*:
- Take Stock - Calgary, AB : July 2 - 3, 2025
- Yukon Mining Alliance Property Tours - Dawson City, Yukon: July 11 - 14, 2025
- Precious Metals Summit, Beaver Creek, Colorado: September 9 - 12, 2025
- Yukon Geoscience Forum, Whitehorse, YT: November 16 - 19, 2025
- Swiss Mining Institute, Zürich, Switzerland: November 19 - 22, 2025
*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 $24 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, all of which are 100% owned by the Company.
*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 Cor Coe, P.Geo., Director and CEO 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.
Kalgoorlie Gold Mining: Unlocking Gold Deposits in the Heart of Western Australia’s Eastern Goldfields
Kalgoorlie Gold Mining (ASX:KAL) is a technically focused gold explorer targeting large-scale, multi-million-ounce gold systems in the Eastern Goldfields of Western Australia. The company employs a modern, methodical approach—combining geophysical interpretation, structural analysis, geochemistry, and systematic aircore and RC drilling—to uncover gold deposits concealed beneath shallow cover in historically overlooked terranes.
Central to this strategy is the flagship Pinjin Project, situated along the underexplored southern extension of the prolific Laverton Tectonic Zone, which has produced over 30 million ounces of gold from world-class operations such as Sunrise Dam, Granny Smith, and Wallaby. Located just 20 km north of Ramelius Resources’ Rebecca Gold Project, Pinjin occupies a highly prospective but underexplored district.
Kalgoorlie Gold has already defined a maiden JORC 2012 Inferred Resource of 76,400 ounces (2.34 Mt @ 1.0 g/t Au) at the Kirgella Gift and Providence prospects. These results confirm shallow mineralization and validate the company’s exploration model. Numerous high-priority structural targets remain untested across the broader project area, offering significant discovery potential.
Company Highlights
- District-scale Positioning: Kalgoorlie Gold controls an expansive, underexplored land package in the Laverton Tectonic Zone, south of major operations like Sunrise Dam and Wallaby and just 20 km north of the planned Rebecca gold mine.
- Lighthorse Discovery: Thick, high-grade gold intercepts under shallow cover confirm a significant greenfields discovery, with potential for resource definition and scale.
- JORC Resource Established at Pinjin: An initial 76,400 oz gold resource at Kirgella Gift and Providence validates the company’s targeting strategy.
- Systematic Exploration Success: >10 targets tested, ~50 percent hit rate with anomalous high-grade gold. Over 90 percent of the company’s target inventory remains untested.
- Experienced Leadership: Matt Painter, managing director, brings deep structural geology expertise and a strong history of generating successful exploration targets globally.
- Favorable Market Tailwinds: With gold trading near all-time highs, Kalgoorlie Gold offers leveraged upside through discovery-driven valuation re-rates.
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