Newmont Corporation (NYSE: NEM, TSX: NGT, ASX: NEM, PNGX: NEM) (together with its affiliates, " Newmont " or the " Company ") announced today that Newcrest Canada Holdings Inc. (the " Vendor "), a wholly-owned subsidiary of Newmont, sold all 14,674,056 common shares of Azucar Minerals Ltd. (" Azucar ") held by the Vendor to Almadex Minerals Ltd. (" Almadex ") and certain directors and officers of Azucar (collectively with Almadex, the " Purchasers "), for an aggregate purchase price of $220,110.84, being $0.015 per share (the " Transaction "). The Transaction was completed pursuant to a share purchase agreement among the Vendor and the Purchasers dated as of October 21, 2024 (the " Share Purchase Agreement ").
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Many Peaks Minerals Ltd (ASX: MPK) – Trading Halt
Description
The securities of Many Peaks Minerals Ltd (‘MPK’) will be placed in trading halt at the request of MPK, pending it releasing an announcement. Unless ASX decides otherwise, the securities will remain in trading halt until the earlier of the commencement of normal trading on Wednesday, 3 April 2024 or when the announcement is released to the market.
Issued by
ASX Compliance
Click here for the full ASX Release
This article includes content from Many Peaks Minerals, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
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Many Peaks Minerals
Investor Insight
Significant acquisitions of projects in some of the most prolific gold districts of Côte d’Ivoire, West Africa, position Many Peaks for significant discoveries, giving the stock a compelling investment case.
Overview
Many Peaks (ASX:MPK) is an Australia-based mineral exploration company with gold assets in Côte d’Ivoire, West Africa, and exposure to key energy transition assets in Newfoundland, Canada. With drill-ready targets across its projects, Many Peaks aims to realise growth and value creation through exploration discovery and near-term mineral resource definition.
In West Africa, the company is focused on four recent acquisitions in Côte d’Ivoire totaling 1,919 square kilometres, including the more advanced-stage Odienné and Ferké gold projects with recent gold discoveries and more than US$4 million in previous exploration expenditures.
The company acquired a portfolio of three projects from Turaco Gold Ltd in May 2024, consolidating interests held in the projects by Turaco and Predictive Discovery Ltd. The Company’s establishment into one of the fastest growing gold regions in the world was quickly followed with a binding agreement securing an exclusive option to acquire a 100 percent interest in the Baga gold project, which comprises two permits totaling 644 square kilometres in eastern Côte d’Ivoire.
Many Peaks’ Canadian asset targets the lithium potential in Newfoundland, where an emerging lithium district is strategically positioned with access to both European and North American markets.
A management team with a range of experience throughout the natural resources industry leads the company towards achieving its goals of strengthening shareholder value through exploration.
Company Highlights
- Many Peaks is a mineral exploration company focused on advancing its gold projects in Côte d’Ivoire, West Africa: Odienné, Ferké, Baga and Oumé.
- Land holding in West Africa comprises 1,919 sq km within the Birimian Gold Terrain, providing the company a strategic near-term gold resource potential
- Also holds a 100 percent interest in the Aska lithium project in Newfoundland, Canada.
- An expert management team with extensive experience throughout the natural resources industry leads the team toward fully exploring its assets.
Key Projects
Côte d’Ivoire (West Africa)
Many Peaks’ assets in Côte d’Ivoire comprise four projects – Odienné, Ferké, Baga and Oumé.
Odienné Gold Project
Located in northwest Côte d’Ivoire, Odienné comprises two granted exploration permits covering a total area of 758 square kilometres. It is situated on the flexure of a regional scale structure zone hosting mineralisation to the northwest in neighbouring Guinea and immediately south along the margin of the Archean-aged Man craton.
Odienné Project location in the context of Siguiri Basin geology compilation and gold project locations regionally
Auger drilling in early 2023 defined coherent gold in saprolite anomalism, which prompted a maiden air core drilling campaign in late 2023.
Many Peaks has followed up 2023 success with aggressive exploration, expanding the project’s auger drilling coverage within weeks of acquisition. Systematic coverage of auger has succesfully defined three prioritised targets extending across more than 16 kilometres of a 30-kilometre gold anomaly.
The company is now well positioned for follow-up air core and diamond drilling campaigns to further define confirmed gold mineralisation on the project over the coming 2024-25 field season.
Ferké Gold Project
Located in northern Côte d’Ivoire, the Ferké gold project covers 300 square kilometres within a single granted exploration licence. Ferké is situated on the eastern margin of the Daloa greenstone belt at the intersection of major regional scale shear zones.
Ferké Gold Project outline with drill collar locations, including the location of the Ouarigue discovery within the >16km Leraba Gold Trend
Initial exploration work conducted at Ferké defined a more than 16-kilometre-long gold-in-soils anomaly on the Leraba Gold Trend. Previous exploration included systematic surface geochemistry, trenching and reconnaissance reverse circulation (RC) drilling across the broader Ferké area. Early success in reconnaissance RC drilling included initial intercepts into the Ouarigue target area, including results of 25 metres @ 3.06 grams per ton (g/t) gold from 64 metres in hole FNRC016.
The success in RC drilling was followed up with trenching and an initial 18 diamond drill holes, which confirmed a significant outcropping mineralised body associated with a granite intrusion, including intercepts from surface of 91.1 metres @ 2.02 g/t gold in hole FNDC008 and 47 metres @ 3.72 g/t gold from surface in hole FNDC012.
Baga Gold Project
Baga and Oumé project locations on generalised regional scale geology interpretation
The Baga gold project is a 644 sq km landholding comprising two granted permits in Côte d’Ivoire. The project is located 150 km east of the city of Bouaké and covers an underexplored region of structural complexity located just 21 km east of a recent greenfields gold discovery by Endeavour Mining, which over the past three years rapidly defined the 4.5 Moz Assafou gold resource estimate within their Tanda-Iguela permit areas.
Within weeks of securing the option to acquire a 100 percent interest in Baga, Many Peaks has completed the first surface geochemical campaign covering the project area.
The permits are situated where the southern extent of the Duango-Fitini shear zone in Côte d’Ivoire’s north forms a flexure or structural splay into the Oumé-Fetekro parallel shears within Birimian metasediments and metavolcanics. At this change of orientation in structures within the Birimian terrane the Baga project area also covers the intersection, or truncation of the Bui Belt structural trend which hosts Tarkwaiian sediments and conglomerate units extending east and northeast into central Ghana. Baga Gold represents a highly prospective area to advance exploration activity by Many Peaks.
Oumé Gold Project
The Oumé project is an early-stage exploration asset located in south-central Côte D’Ivoire. It comprises a single exploration permit (the Beriaboukro licence) and is situated on the Oumé-Fetekro belt, historically one of Côte d’Ivoire’s most productive greenstone belts. The area is host to Allied Gold’s 2.5 million-ounce (Moz) Bonikro, the 1.9 Moz Agbaou gold deposit and Endeavour’s 3 Moz Lafigué gold project.
Newfoundland (Canada)
Aska Lithium
Many Peaks’ 100-percent-owned Aska project is approximately 45 kilometres east of Cape Ray, Newfoundland. The project covers 193 square kilometres in proven lithium terrane and is situated in a growing lithium district known to host lithium-caesium-tantalum type pegmatites.
Management Team
Travis Schwertfeger - Executive Chairman
Travis Schwertfeger is a geologist with over 25 years of global industry experience primarily in gold and copper projects across Africa, Australia, Africa and the Americas. Schwertfeger has previously held several technical roles in exploration and production, including over seven years operating in West Africa with Newmont Mining and other ASX-listed explorers. He has prior experience as a director of ASX-listed mineral resource companies through previous roles, including a former role with Exore Resources (acquired by Perseus in September 2020 for ~A$80m).
Ben Phillips - Non-executive Director
Ben Phillips has more than 15 years of experience in commercial negotiations and has worked in several industries, including oil and gas, resource, technology and defence. He provides advice on a wide range of operational aspects, from R&D and exploration to production, commercialization and sales. Phillips is the executive chairman of Norfolk Metals (ASX:NFL), was previously a non-executive director at Bronson Group (ASX:BGR) and, subsequently, Mandrake Resources (ASX:MAN). He is currently a corporate executive at Ironside, focused on sourcing, structuring, funding, and management requirements for public and private small-cap companies.
Marcus Harden - Independent Non-executive Director
Marcus Harden is a geologist with extensive gold and base metals exploration and management experience throughout Australia, Africa, Asia and the Americas. Harden's more recent roles include chief geologist of AuTECO Minerals, head of regional exploration for Bellevue Gold, chief geologist of Alicanto Minerals Ltd, and other senior exploration roles with Gryphon Minerals and First Quantum Minerals. He has played key roles in the discovery and definition of several gold deposits globally with ASX-listed junior companies. Among previous projects with contributions to discovery, three are currently operating mines and one is in development. He is also a member of The Australian Institute of Geoscientists.
Aaron Bertolatti - Company Secretary
Aaron Bertolatti is a chartered accountant and company secretary with more than 10 years of experience in the mining industry and accounting profession. Bertolatti has significant experience in the administration of ASX-listed companies, corporate governance and corporate finance.
American Eagle Announces $29 Million Strategic Investment by South32
American Eagle Gold Corp. (TSXV: AE) (OTCQB: AMEGF) ("American Eagle" or the "Company") is pleased to announce that it has entered into a subscription agreement (the "Agreement") with a wholly owned subsidiary of South32 Ltd. (ASX: S32) ("South32"), pursuant to which South32 has agreed to invest approximately $29.16 million in the Company on a non-brokered private placement basis. Under the terms of the Agreement, American Eagle will issue 33,321,577 common shares in the capital of the Company ("Common Shares") at a price of C$0.875 per Common Share, representing a 15% premium to the 5-day volume weighted average trading price of the Common Shares on the TSX Venture Exchange (the "TSX-V") ending on November 8, 2024, for gross proceeds of $29,156,379.88 (the "Offering").
"We are very pleased to welcome South32 as a strategic investor in American Eagle. This investment marks our second major mining enterprise that has endorsed our project and our work at the NAK copper-gold porphyry project. This investment underscores NAK's potential, significantly strengthens our balance sheet, and enhances NAK's profile," said Anthony Moreau, CEO of American Eagle Gold.
"Upon closing of the Offering ("Closing"), American Eagle will hold approximately $37 million in cash, enabling us to thoroughly test our thesis for NAK through a comprehensive drill program to explore the full extent of the system, including the perimeter of the porphyry stock. We believe NAK has the potential for a large-scale resource with near-surface potential, favorable topography, and excellent infrastructure access."
Under the terms of the Agreement, American Eagle will use the proceeds from the Offering to build on the successes of its 2024 drill program, which expanded NAK's scale and identified additional high-grade zones.
No warrants are included in the Offering, and no finders fees or commissions were paid. Closing of the Offering is expected to occur on or about November 26, 2024 (the "Closing Date"), subject to the satisfaction of customary closing conditions including receipt of all necessary regulatory approvals and acceptance of the TSX-V. The Common Shares will be subject to a statutory hold period of four months plus a day following the Closing Date.
Upon Closing, the Company will be funded for substantial drill program expansions in 2025 and 2026. Further details on the 2025 drill program will be shared once assays from the 2024 program are received.
Immediately following Closing, South32 will hold 33,321,577 Common Shares, representing approximately 19.9% of the issued and outstanding Common Shares on a non-diluted basis. South32 currently holds no other securities of American Eagle.
At Closing, the Company and South32 will enter into an investor rights agreement (the "IRA"). Under the terms of the IRA, South32 has been granted participation and top-up rights to allow South32 to maintain its pro-rata ownership in the Company as well as information rights relating to the NAK project so long as South32's ownership in American Eagle remains greater than 5.0% of the Common Shares on a non-diluted basis. The IRA does not contain any right of first refusal in favour of South32 regarding the sale of shares of the Company. Additionally, the exercise of the participation and top-up rights by South32 under the IRA shall, in no event, result in South32 holding 20% or more of the outstanding Common Shares, unless and until American Eagle shall have first received the requisite shareholder and TSX-V approval.
Pursuant to the IRA, South32 shall also be given the right to nominate one director (the "Investor Nominee") for election to the Company's Board of Directors (the "Board") so long as South32 maintains a 10% or more ownership in American Eagle on a non-diluted basis. If South32 exercises its nomination right, American Eagle shall, within 10 days, appoint the Investor Nominee to the Board to serve as a member of the Board until the next annual general meeting of the Company. Election of the Investor Nominee to the Board will thereafter be subject to the approval of the Company's shareholders at each annual general meeting of the shareholders. As at the date of this release, South32 does not currently intend to appoint an Investor Nominee.
South32's purchase of Common Shares was made for investment purposes. South32 has agreed to be restricted from selling any Common Shares for a period of one year from the closing date of the Transaction. After the one year period, South32 may determine to increase or decrease its investment in American Eagle depending on market conditions and any other relevant factors. The foregoing disclosure is being disseminated pursuant to National Instrument 62-103 - The Early Warning System and Related Take-Over Bid and Insider Reporting. Copies of the early warning report with respect to the foregoing will appear on the Company's profile on the System for Electronic Document Analysis and Retrieval at www.sedarplus.ca.
Potential Offering Upsize
Pursuant to a previously disclosed letter agreement between Teck Resources Limited ("Teck") and the Company dated May 25, 2023, Teck has the right to participate, on equal terms, in equity issuances of the Company so as to maintain their pro-rata Common Share ownership in the Company (the "Teck Right"). Pursuant to the Teck Right, the Company shall promptly advise Teck of the Offering. Teck shall then notify American Eagle by the close of business on the 5th business day following the date hereof of their intent to participate in the Offering and maintain up to their pro-rata holdings of the Common Shares. Teck has no obligation to participate in the Offering.
In the event that Teck chooses to exercise the Teck Right to subscribe for Common Shares on terms equal (or substantially equal) to those offered to South32 in the Offering, it is anticipated that South32, in accordance with the Agreement, shall subscribe for such number of additional Common Shares so that, upon Closing, South32 shall hold approximately 19.9% of the outstanding Common Shares on a non-diluted basis.
This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or the securities laws of any state of the United States, and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons (as defined in Regulation S under the U.S. Securities Act) absent registration under the U.S. Securities Act and applicable state securities laws or an exemption from such registration requirements.
About American Eagle's NAK Project
The NAK project is located within the traditional territory of the Lake Babine Nation and lies within the Babine copper-gold porphyry district of central British Columbia. It has excellent infrastructure through all-season roads and is close to the towns of Smithers, Houston, and Burns Lake, B.C., which lie along a major rail line and Provincial Highway 16. Historical drilling and geophysical, geological, and geochemical work at NAK, which began in the 1960's, tested only to shallow depths. Still, the work revealed a very large near-surface copper-gold system that measures over 1.5 km x 1.5 km. Drilling completed in 2022, 2023, and 2024 by American Eagle has returned significant intervals of high-grade copper-gold mineralization that reach beyond and much deeper than the historical drilling, indicating that zones of near-surface and deeper mineralization, locally with considerably higher grades, exist within the broader NAK property mineralizing system.
For the latest videos from American Eagle, Ore Group, and all things mining, subscribe to our YouTube Channel: youtube.com/@theoregroup
About American Eagle Gold Corp.
American Eagle is focused on exploring its NAK copper-gold porphyry project in west-central British Columbia, Canada.
American Eagle Gold Corp
Suite 1805, 55 University Avenue
Toronto, Ontario
M5J 2H7, Canada
Anthony Moreau, Chief Executive Officer
416.644.1567
amoreau@americaneaglegold.ca
www.americaneaglegold.ca
About South32 Ltd.
South32 is a globally diversified mining and metals company. South32's purpose is to make a difference by developing natural resources, improving people's lives now and for generations to come. South32 is trusted by its owners and partners to realise the potential of their resources. South32 produces commodities including bauxite, alumina, aluminium, copper, silver, lead, zinc, nickel and manganese from its operations in Australia, Southern Africa and South America. South32 also has a portfolio of high-quality development projects and options, and exploration prospects, consistent with its strategy to reshape its portfolio toward commodities that are critical for a low-carbon future.
Q.P. Statement
Mark Bradley, B.Sc., M.Sc., P.Geo., a Certified Professional Geologist and 'qualified person' for the purposes of Canada's National Instrument 43-101 Standards of Disclosure for Mineral Properties, has verified and approved the information contained in this news release.
Forward-Looking Statements
Certain information in this press release may contain forward-looking statements. Forward-looking statements in this press release include, but are not limited to, statements regarding whether the Company will be able to complete the Offering as anticipated, the satisfaction of customary conditions precedent, the receipt of regulatory approval, including the approval of the TSX-V, to complete the Offering, the estimated closing date, the intended use of proceeds and intended drill program or its anticipated results at the Company's NAK project, the exercise of the Teck Right and therefor the final size of the Offering, the anticipated Closing Date, the ability of the Company to make the qualifying expenditures as anticipated by management, and other matters ancillary or incidental to the foregoing. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict. Therefore, actual results might differ materially from those suggested in forward-looking statements. American Eagle Gold Corp. assumes no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those reflected in the forward looking-statements unless and until required by securities laws applicable to American Eagle Gold Corp. Additional information identifying risks and uncertainties is contained in filings by American Eagle Gold Corp. with Canadian securities regulators, which filings are available under American Eagle Gold Corp. profile at www.sedarplus.ca.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the TSX Venture Exchange policies) accept responsibility for the adequacy or accuracy of this release.
Aurum Hits 36 g/t Gold at Boundiali BM Target 1, Extending Strike to 2.5km
Aurum Resources Limited (ASX: AUE) (Aurum) is pleased to report further high-grade gold intercepts from exploration diamond drilling at multiple prospects on the BM Tenement, part of its 1037km2 Boundiali Gold Project in Côte d'Ivoire, West Africa.
Highlights
- Exploration diamond drilling (26 holes for 5,049.5m) from the expanded diamond program targeting multiple prospects on the Boundiali BM tenement returns shallow, wide and high- grade gold hits1 including:
- 1m @ 35.86 g/t Au from 82m & 4.25m @ 3.75 g/t Au from 120m (MBDD070)
- 17m @ 1.60 g/t Au from 230m inc. 10.05m @ 2.02 g/t Au (MBDD057)
- 13m @ 2.07 g/t Au from 139m inc. 4m @ 3.29 g/t Au (MBDD054)
- 6m @ 3.57 g/t Au from 118m inc. 2m @ 10.14 g/t Au (MBDD065)
- Gold mineralisation remains open along strike and down dip at BM Targets 1 (up to 2.5km strike), 2 & 3
- Diamond drilling continues at both Boundiali tenements with assays pending for ~60 holes (13,000m), next batch expected end of November
- Aurum has six self-owned diamond rigs at Boundiali Gold Project with up to ~10,000m drilling capacity per month and will complete more than 45,000m in CY2024
- Results from metallurgical test work overseen by MACA Interquip Mintrex (MIM) and ALS (Perth) expected by year end
- Inaugural Mineral Resource Estimate for Boundiali Gold Project targeted for late CY2024
- Aurum’s takeover of Mako Gold (ASX: MXG)2 progressing well – the merged company will achieve greater scale and market presence, creating a stronger platform for future growth and success in the industry
- Aurum is well-funded (~$19M cash at bank at 30 Sept) for continued aggressive exploration.
Aurum’s Managing Director Dr. Caigen Wang said: “Our exploration drilling at BM continues to grow the known extent of gold mineralisation, which is now up to 2.5km at BM Target 1. Our expanded drilling program at BM is hitting multiple intercepts downhole including shallow high-grade hits such as 1m @ 35.86 g/t Au from 82m and 4.25m @ 3.75 g/t Au from 120m in MBDD070.
Our six rigs are systematically ramping up production and with our new camp coming online, we expect to see increased operational efficiencies to demonstrate the full potential of the Boundiali gold project. We're well-funded with $19 million cash at bank, allowing us to accelerate drilling and build on these encouraging results. We're targeting an inaugural JORC resource for Boundiali by late 2024.”
BM Target 1 - Latest Drill Results
Aurum reports results for 26 holes for 5,049.5m of diamond core drilled at BM Target 1 (19 holes for 3,445m), BM Target 2 (two holes for 314.5m) and BM Target 3 (five holes for 1,290m) on the BM Tenement, part of an expanded drill program on the BM Tenement where Aurum is working toward and 80% project interest3. Best results for these holes4 include:
BM Target 1
- 1m @ 35.86 g/t Au from 82m (Figure 1) & 4.25m @ 3.75 g/t Au from 120m (MBDD070)
- 17m @ 1.60 g/t Au from 230m inc. 10.05m @ 2.02 g/t Au (MBDD057)
BM Target 3
- 13m @ 2.07 g/t Au from 139m inc. 4m @ 3.29 g/t Au (MBDD054)
- 6m @ 3.57 g/t Au from 118m inc. 2m @ 10.14 g/t Au (MBDD065).
Figure 1 Visible gold at 82m in MBDD070
These new results are in addition to diamond holes previously drilled by Aurum at BM Target 1 and reported on 22 January 2024, 1 March 2024 and 18 September 2024, which included:
- 11.46m @ 6.67 g/t Au from 162.54m incl. 1.46m @ 45.04 g/t Au (MBDD049)
- 45m @ 0.93 g/t Au from 78m incl. 8m @ 1.18 g/t Au from 78m & 25m @ 1.15 g/t Au from 98m (MBDD0045)
- 16m @ 1.24 g/t Au from 117m incl. 6m @ 2.44 g/t Au (MBDD0010)
- 7.39m @ 1.94 g/t Au from 139.34m incl. 5.35m @ 2.53 g/t Au (MBDD017)
- 16.3m @ 1.02 g/t Au from 86.7m incl. 8m @ 1.71 g/t Au (MBDD019)
- 16.64m @ 1.45 g/t Au from 56.26m incl. 10.40m @ 2.11 g/t Au (MBDD007)
- 5m @ 4.73 g/t Au from 53.5m incl. 1.10m @ 20.35 g/t Au (MBDD004).
Click here for the full ASX Release
This article includes content from Aurum Resources Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Top Stories This Week: Gold Price Drops, Then Bounces on Trump Victory, Fed Rate Cut
The gold price faced both ups and downs this week as two key events impacted the industry.
The period began on a strong note for the yellow metal, which was steady at around the US$2,740 per ounce level on Monday (November 4) and Tuesday (November 5). However, Donald Trump's victory against Kamala Harris at the polls had a negative effect on gold — it sank to just under US$2,650 on Wednesday (November 6).
What factors drove that decline in gold? John Feneck of Feneck Consulting said in an interview that the drop was a knee-jerk reaction to the election outcome. Here's how he explained it:
"What happened was you had a risk-on moment ... it wasn't that gold and silver were no longer relevant, it was simply that people were celebrating the Trump victory.
Trump's a Republican, most Wall Street participants and Bay Street participants vote Republican, so they were voting with their dollars and basically moving stocks up.
The US dollar rallied sharply (on Wednesday), up about 1.5, 1.6 percent, and when you have a huge move up in the dollar, typically you'll have a move down in gold and silver. It's just a counter-relationship for many years if you go back and look at charts."
Gold was already recovering by Thursday (November 7), rising back above US$2,700 in the lead up to the US Federal Reserve's interest rate decision. It finished the week lower, changing hands at the US$2,684 level.
As was widely expected, the central bank cut rates by 25 basis points, a tamer move than its 50 basis point reduction in September. Speaking at a press conference after the decision was announced, Chair Jerome Powell said that while the Fed is "feeling good" about economic activity, there's still work to do on inflation.
"So we’re not declaring victory, but we feel like the story is very consistent with inflation continuing to come down on a bumpy path over the next couple of years and settling around 2 percent. That story is intact" — Jerome Powell, US Federal Reserve
Even so, he didn't outline the Fed's path forward, instead saying that officials will continue to assess incoming data and other elements. He also emphasized that the outcome of the election won't impact decisions on monetary policy.
Powell gave an even stronger answer whether he will retain his position as Fed chair once Trump takes office. He told reporters that he won't resign if he is asked to, adding that it's "not permitted under the law" for Trump to fire him.
Although Trump appointed Powell as Fed chair in 2018, he has since been critical of Powell's actions.
Trump will be sworn in as president for his second term on January 20, 2025, and the Investing News Network (INN) team will be watching to see how gold and the broader markets react as that day approaches.
INN will also be closely monitoring how Trump's policies could affect the mining sector — already a top Rio Tinto (ASX:RIO,NYSE:RIO,LSE:RIO) executive has called for the president-elect to speed up permitting in the country.
"Permitting in the US is the second-longest in the world. The US needs to provide its own security of supply for this industrial base" — Bold Baatar, Rio Tinto
INN's US election coverage
Check out the links below for more on how the US election impacted gold and other markets:
Want more YouTube content? Check out our expert market commentary playlist, which features interviews with key figures in the resource space. If there's someone you'd like to see us interview, please send an email to cmcleod@investingnews.com.
And don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.
Significant Exploration Target for Golden Ridge, NE Tasmania
Flynn Gold Limited (ASX: FG1, “Flynn” or “the Company”) is pleased to announce a maiden JORC compliant Exploration Target for the Trafalgar, Brilliant and Link Zone prospects at its 100%-owned Golden Ridge Project in North-east Tasmania.
Highlights
- Maiden Exploration Target estimated for the Trafalgar, Brilliant and Link Zone prospects at FG1’s 100%-owned Golden Ridge Project
- The estimated range of potential mineralisation for the Exploration Target* is:
- 3.5 to 5.4 million tonnes grading at 3.0g/t Au to 4.0g/t Au for 449,000oz to 520,000oz of contained gold
*The size and grade of the Exploration Target is conceptual in nature and therefore is an approximation. There has been insufficient exploration to estimate a Mineral Resource and it is uncertain if further exploration will result in the estimation of a Mineral Resource. The Exploration Target has been prepared and reported in accordance with the 2012 edition of the JORC Code.
- 3.5 to 5.4 million tonnes grading at 3.0g/t Au to 4.0g/t Au for 449,000oz to 520,000oz of contained gold
- Exploration Target is open in all directions and represents less than 30% of the known strike of the 9km gold anomaly that defines the gold mineralised system at Golden Ridge
- Diamond drilling underway at Link Zone testing extensions of known gold-vein mineralisation along strike and down-dip of the historic Golden Ridge Adit
- Further drilling planned to expand the Exploration Target and convert to a Mineral Resource
- To hear our Managing Director Neil Marston discuss this Exploration Target announcement and to further engage with the Flynn Gold team head to: https://investorhub.flynngold.com.au/link/WrAB1P
The combined Exploration Target range is listed in Table 1:
Table 1 – Combined Exploration Target for Trafalgar, Brilliant and Link Zone
Flynn Gold’s Managing Director and CEO, Neil Marston states: “Following several successful drill campaigns testing the gold mineralisation at Golden Ridge, we are pleased to report an initial JORC-compliant Exploration Target for the Trafalgar, Brilliant and Link Zone prospects.
“The Exploration Target is open in all directions and encompasses less than 30% of the known gold anomalism at Golden Ridge which highlights the substantial future growth potential of this exciting project.
“This is a significant step toward our next goal of defining a maiden JORC Mineral Resource for the project. There is potential to significantly increase the tonnage and grade at Golden Ridge with in-fill and expansion drilling, which will be a major focus for the Company during 2025.”
Exploration Target
The Golden Ridge Project is located within EL17/2018 in North-east Tasmania (see Figure 7).
Flynn has calculated JORC compliant Exploration Targets for the Trafalgar, Brilliant and Link Zone prospects at Golden Ridge dated 8th November 2024. Table 2 below provides a summary of the Exploration Targets for each prospect:
Table 2 - Exploration Targets for Trafalgar, Brilliant and Link Zone prospects at the Golden Ridge project.
The combined Exploration Target only encompasses areas where Flynn has drill-tested vein mineralisation at locations shown in Figure 1 and does not include areas of anomalous soil geochemistry, which the Company considers to be highly prospective for gold mineralisation and intends to drill-test in the future.
The drill-tested Trafalgar, Brilliant and Link Zone prospects define a significant zone of gold mineralisation extending over a strike length of approximately 3km, which is contained within a broader 9km zone of gold anomalism that trends along the contact between the Golden Ridge granodiorite and the Mathinna supergroup metasediments (Figures 1 - 3).
Potential gold vein extensions at Trafalgar and Brilliant ,defined by anomalous gold-in-soil geochemistry along strike of and surrounding the Exploration Target veins, were not included in the Exploration Target calculation.
Work is currently in progress to in-fill these areas with soil sampling and trenching prior to exploration drill-testing.
Click here for the full ASX Release
This article includes content from Flynn Gold, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Fed Cuts Rates in Post-Election Meeting, Gold and Silver Gain
Hot on the heels of Donald Trump’s victory in the US presidential election was a meeting of the US Federal Reserve’s Federal Open Market Committee (FOMC) on Wednesday (November 6) and Thursday (November 7).
At the meeting, officials decided to lower the benchmark interest rate by 25 basis points to 4.5 to 4.75 percent. This marks the second cut this year by the FOMC, which made an outsized 50 basis point cut at its meeting in September.
The rate cuts have come as inflation has cooled toward the 2 percent target set by the Fed when it first began raising interest rates in February 2022. The Personal Consumption Expenditures (PCE) Price Index, the Fed's preferred measure of inflation, was up 2.1 percent year-on-year in September, as per the US Bureau of Economic Analysis.
In a press conference following the decision, Fed Chair Jerome Powell suggested that while he thinks the American economy and policy are in very good positions, there is still some uncertainty.
He said future data will inform other rate decisions, adding that the FOMC will react appropriately.
“We know that reducing policy restraint too quickly could hinder progress on inflation. At the same time, reducing policy restraint too slowly could unduly weaken economic activity and employment,” Powell said.
“We are not on any preset course. We will continue to make our decisions meeting by meeting.”
Speaking about the election, Powell suggested the results will have no influence on rate decisions in the short term.
“We don’t know what the timing and substance of any policy changes will be,” he explained to reporters.
“We therefore don’t know what the effects on the economy would be, specifically whether and to what extent those policies would matter for the achievement of our goal variables of maximum employment and stable prices.”
When commenting on the longer-term implications of a Trump presidency, Powell was neutral in his remarks, saying any government could implement policies that might have economic effects that would matter over time.
Powell said the Fed will take those factors into account in future modeling.
When asked if he is concerned that Trump’s incoming administration will ask him to step down as Fed chair, Powell answered “no.” He also said he will not step down before his term ends in 2026. Even though the president is responsible for appointing the chair of the central bank, terms are fixed at four years and cannot be overridden.
Market reactions to the rate cut decision boosted gold. By 3:30 p.m. EST, the yellow metal was up 1.84 percent from the start of the day at US$2,707.93 per ounce, while silver was up 3.12 percent at US$32.12 per ounce.
Equity markets had experienced slight gains as of that time, with the S&P 500 (INDEXSP:INX) rising 0.84 percent to reach 5,978.81, the Nasdaq-100 (INDEXNASDAQ:NDX) adding 1.66 percent to hit 21,123.64 and the Dow Jones Industrial Average (INDEXDJX:.DJI) increasing 0.15 percent to reach 43,793.06.
How Trump's policy promises could affect inflation
While Powell did not address Trump's proposed policies in his statement, some market watchers have suggested that if Trump enacts the policies he discussed frequently during his campaign, there may be an increase in deficit spending, which would cause further inflation. That could influence future interest rate decisions.
For example, Trump's proposed changes would see tariffs applied broadly to goods entering the US, which would make everyday goods more costly for Americans. This is because tariffs are paid by importers in the US when they purchase goods from overseas, and the cost increases are passed along to consumers.
Likewise, Trump's promise to deport 20 million undocumented migrants would cost US$88 billion a year to enforce. The impact would be felt by business owners who are already struggling to fill job openings, especially in the agricultural sector. This would likely lead to higher costs at the grocery store or reduced availability of produce.
Additionally, the loss of undocumented workers would see US$100 billion per year in lost tax revenue, requiring the government to increase deficits to pay for government programs.
Don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.
Newmont Files Early Warning Report
Pursuant to the Transaction, the Vendor sold 14,674,056 common shares of Azucar (" Azucar Shares "), representing approximately 19.9% of the issued and outstanding Azucar Shares as of the date of the Share Purchase Agreement. Accordingly, the disposition of the Vendor's Azucar Shares represents a decrease in Newmont's ownership from approximately 19.9% to 0% of the issued and outstanding Azucar Shares.
The Vendor's Azucar Shares were sold in reliance on the "private agreement exemption" in Section 4.2 of National Instrument 62-104 Take-Over Bids and Issuer Bids (" NI 62-104 "). In particular, the purchase of the Azucar Shares was made from not more than 5 persons in the aggregate, the bid was not made generally to security holders of the class of securities that was the subject of the bid, and the value of the consideration paid by the Purchasers for the Azucar Shares, including brokerage fees and commissions, was not greater than 115% of the market price of the Azucar Shares at the date of the bid as determined in accordance with section 1.11 of NI 62-104.
This press release is issued pursuant to the early warning provisions of Canadian securities legislation. To obtain a copy of the Early Warning Report filed by Newmont under National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues , please contact Neil Backhouse at +1 (303) 837-5002 or investor.relations@newmont.com . A copy of the Early Warning Report to be filed by Almadex in connection with the transactions described above will be available on the Almadex's SEDAR+ profile at www.sedarplus.ca .
Newmont's address is 6900 E Layton Avenue, Suite 700, Denver, CO 80237.
About Newmont
Newmont is the world's leading gold company and a producer of copper, zinc, lead, and silver. The Company's world-class portfolio of assets, prospects and talent is anchored in favorable mining jurisdictions in Africa, Australia, Latin America & Caribbean, North America, and Papua New Guinea. Newmont is the only gold producer listed in the S&P 500 Index and is widely recognized for its principled environmental, social, and governance practices. Newmont is an industry leader in value creation, supported by robust safety standards, superior execution, and technical expertise. Newmont was founded in 1921 and has been publicly traded since 1925.
At Newmont, our purpose is to create value and improve lives through sustainable and responsible mining. To learn more about Newmont's sustainability strategy and initiatives, go to www.newmont.com .
View source version on businesswire.com: https://www.businesswire.com/news/home/20241107569334/en/
Investor Contact – Global
Neil Backhouse
investor.relations@newmont.com
Media Contact – Global
Jennifer Pakradooni
globalcommunications@newmont.com
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