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Mining Lease Application Over the Lady Julie North 4 Deposit
Magnetic Resources lodged a Mining Lease application over its Lady Julie North 4 discovery. M38/1315 (pending) overlays Magnetic tenements P38/4170 and E38/3127 and covers an area of 238Ha (Figure 1).
The application was made on the basis of the declared gold resource at LJN4 of 13.1Mt @ 2.0g/t containing 852,000ozs, bringing the total of the Laverton area resources to 22.7Mt @ 1.69 g/t for 1.24Mozs, which was published recently in an ASX release 23 November 2023 (also in Figures 1-2, Tables 1-2).
The rapidly growing LJN4 resource is situated on the Chatterbox shear zone, a regional structure which hosts other significant gold deposits. An aggressive drilling program at LJN4 has led to the recognition of thick high-grade breccia mineralisation and silica-pyrite alteration zones which remain open at depth. Further drilling at depth is anticipated to result in further growth of the LJN4 resource.
Work is continuing on the development of a Mining Proposal which will apply to both M38/1315 and a further Mining Lease over other key deposits (Figure 2). Magnetic can now advise that the application has passed the initial 35-day period and will now move through the Department of Energy, Mines, Industry Regulation and Safety’s review and approvals process.
Figure 1. Magnetic’s Mining Lease Application (M38/1315)
Figure 2. Mining Lease Application (M38/1315) overview
The Table below summarises the updated Total Mineral Resource at a 0.5g/t Au cutoff (Table 1), with Table 2 providing details of the major resources. Details for the smaller resources which have not changed can be found in the 3 February 2023 ASX release.
Table 1. Total Mineral Resource at 0.5 g/t Au Cutoff
Table 2. Resource details by Main Deposits @ 0.5g/t Au cutoff
Managing Director George Sakalidis commented:
“This is a major milestone for the Company. The Mining Lease application is the first stage in the mining approvals process.
Concurrently, we are still drilling at depth below the existing 825,000oz resource beneath the Lady Julie North 4 Resource. Further drilling at depth is anticipated to result in further growth of the LJN4 resource and additional structural studies are being completed on the recent core holes to help understand the setting of the breccia and silica-pyrite zones.
There are currently 2 diamond rigs and an RC rig on site trying to expand the resources both within and to the south along the Chatterbox shear along identified new target areas.”
Click here for the full ASX Release
This article includes content from Magnetic Resources NL, 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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Overview
Magnetic Resources (ASX:MAU) is an Australian company, developing a portfolio of significant gold projects in the established mining province, Laverton region, in Western Australia.
The company owns a 100-percent interest in the Hawks Nest and Lady Julie projects in Laverton, the Homeward Bound South project in Leonora, and the Benjabbering project in Julimar. The main deposits include Hawks Nest 9 (HN9), Lady Julie Central (LJC), Lady Julie North 4 (LJN4), Mount Jumbo and Homeward Bound South, which are all located in an area with well-endowed regional infrastructure, including three processing plants within 10 to 35 kilometres. These plants are owned by well-known operators including Goldfields Genesis/Dacian; Anglo-Ashanti; and Genesis/Dacian.
The projects’ proximity to these existing processing facilities gives enough options to MAU for toll processing without having to invest millions of dollars in constructing its own processing plant.
Several large deposits such as Wallaby, Sunrise Dam and Jupiter Gold are in this jurisdiction. The company’s projects are adjacent to some of these world-class deposits. The Mt Jumbo and Hawks Nest tenements are only 15 kilometres north of the Wallaby deposit. At both HN9 and Lady Julie, Magnetic Resources had identified multiple thickened stacked lodes near-surface, which have some similarities to Wallaby and Sunrise Dam.
LJN4, a key focus for the Laverton project, hosts thick breccia and silica pyrite zones up to 50 metres thick, which are also prevalent in Anglo Ashanti’s world-class Sunrise Dam deposit, both parallel to near-surface breccia zones and vertical mineralization going downwards into several of their deposits. The Mau breccia zones often carry higher grades and are now being extended by new drilling at depth and further to the east and northeast, potentially growing the LJN4 resource.
In November 2023, the company announced a significant increase in the mineral resource estimates. The deposits in the Laverton and Homeward Bound area have seen a significant 107-percent increase over the last report in February 2023. The updated combined mineral resources estimate for the whole project area stands at 22.7 million tonnes (Mt) @ 1.69 grams per ton (g/t) gold totaling 1.24 million ounces (Moz) of gold at 0.5 g/t cutoff.
LJN4 is now, by far, the largest resource in the project area, as its contained gold rose from 204,000 oz to 852,000 oz, a 317-percent increase. Extension drilling continues and is expected to result in further resource increases.
The significance of LJN4’s gold resource has not gone unnoticed, as research firm Argonaut has called it a ‘sleeping giant,’ noting recent drilling at LJN4 “indicates a significant discovery unfolding in the Laverton region.” If MAU can replicate the recent drilling intercepts, the next resource update at LNJ4 could easily make it a 1-Moz deposit. This will position LJN4 as one of the best undeveloped gold assets in the Laverton region.
Company Highlights
- Magnetic Resources (MAU) is an Australian company focused on gold development projects in Western Australia.
- The company owns a 100-percent-interest in the Hawks Nest and Lady Julie projects in Laverton, the Homeward Bound South project in Leonora, and the Benjabbering project in Julimar.
- MAU’s large tenement positions in the Leonora and Laverton districts of Western Australia, are near numerous large deposits with existing mining operations and good infrastructure.
- The presence of three processing plants close to MAU’s Laverton deposits provides scope for toll processing.
- In November 2023, the company announced a 107-percent increase in the resource estimate for Laverton and Homeward Bound South deposits. The revised resource stands at 22.7 Mt @ 1.69 g/t gold totaling 1.24 Moz of gold at 0.5 g/t cutoff.
- For the Laverton project deposits - Lady Julie North 4,Lady Julie Central and Hawks Nest 9 - early work programs, including project environmental, heritage and technical background studies, are close to completion. The aim is to submit a mining proposal in January 2024.
- In October 2023, the company announced the completion of a AU$4.8-million private placement. The company is now fully funded with AU$7 million cash to aggressively advance to the next stage of development.
- The company’s highly experienced senior leadership team has a proven track record to capitalize on the high resource potential of its projects.
Key Projects
Laverton Projects
MAU has 179 sq. kilometres. of prospective exploration tenements in the Laverton region comprising three main deposits - Hawks Nest 9 (HN9), Lady Julie Central (LJC) and Lady Julie North 4 (LJN4). All are 100-percent-owned tenements and within 20 to 30 kilometres of three major gold camps collectively hosting more than 25 Moz of gold resource - Granny Smith (owned by Goldfields Australia), Jupiter (owned by Dacian Gold) and Sunrise Dam (owned by AngloGold Ashanti). In the Laverton Project, extensive drilling programs have been completed with 1,898 RC/DD holes for 147,943 metres with further deeper drilling now planned.
MAU’s updated resource estimate stands at 10.4 Mt indicated @ 1.74 g/t gold containing 584,400 oz and 12.2 Mt inferred @ 1.65 g/t gold containing 651,300 oz for a total of 22.7 Mt @ 1.69 g/t gold, containing 1.24 Moz at 0.5g/t cutoff. The depth of drilling averages only 79 metres on all projects. Note that these estimates include the Homeward Bound South project as well. The discovery cost for all these resources is very low at $24/ounce.
Early work programs have begun at these deposits and all approvals are expected by December 2023. MAU aims to submit a mining proposal to DMIRS in late January 2024. Blue Cap Mining is helping with all key approvals and assessing the economics of the Laverton Project.
Hawks Nest 9: The HN9 (indicated and inferred) resource is estimated at 3.2 Mt at 1.22 g/t gold for 123,000 oz contained within three main zones within a 2-kilometre by 200-metre-wide area and is largely within the indicated category (63 percent). Widespread surface and shallow east-dipping lodes are present in the project area.
Lady Julie Central: The Lady Julie Central (indicated and inferred) resource is estimated at 1.33 Mt at 1.68 g/t gold for 72,200 oz, covering a 350-metre by 200-metre area. Nearly 59 percent of the resource falls in the indicated category.
Lady Julie North 4: LJN4 is by far the largest resource in the project area. The resource (indicated and inferred) is estimated at 13.1 Mt at 2.20 g/t gold for 852,000 oz, covering an 800-metre by 200-metre area, and is open down dip and to the east, which augers well for the potential size. This resource is partly in the indicated category (52 percent). Thick breccia silica pyrite intersections have now been outlined over a 250-metre length in the central and southern part of LJN4, which are very similar to that found in the world-class Sunrise Dam deposit. These zones containing drilling holes (MLJRC789, MLJRC779 and MLJRC679) are now being extended by new drilling at depth and further to the east and northeast. This provides strong potential to grow the LJN4 resource. A 1,390-metre diamond and a 2,555-metre RC program have started and will be scoping out extensions both to the east and northeast with holes planned between 400-metre to 550-metre depth holes.Lady Julie North 4 plan showing resource block grades and drill sections
Some of the outstanding intersections in the 250-metre zone include:
- 120 metres at 2.68 g/t from 152 metres in drill hole MLJRC789,
- 111 metres at 1.76 g/t from 173 metres in drill hole MLJRC779,
- 96 metres at 1.23 g/t from 54 metres in drill hole MLJRC679,
- 45 metres at 2.65 g/t from 130 metres in drill hole MLJDD015,
- 52 metres at 1.14 g/t from 208 metres in drill hole MLJRC790 ,
- 56 metres at 1.37 g/t from 192 metres in drill hole MLJRC801
This is an exciting time for the company, having announced an expanded mineral resource in November 2023 and now looking to further increase the size of the LJN4 resource by further drill testing the thickened high-grade breccia zone and continuation at depth and to the east.
Homeward Bound South
The Homeward Bound South Project comprises seven tenements spanning 13 square kilometres. It covers a 5,000-metre strike length of the Federation shear zone, 40 kilometres east of Leonora. A review of historical data has revealed a 500-metre-long target along the strike length of the Federation Shear Corridor. The 14-hole 1,780-metre-long RC drilling program conducted in 2021 identified numerous high-grade intersections, the best among them being 20 metres at 2.98 g/t from 64 metres in drill hole MHBSRC025.Chatterbox Shear Zone
The Chatterbox shear zone is a complex north to northeast-trending, east-dipping structural corridor that covers 32 kilometres extending from Magnetic Resources’ southern boundary at Mt Jumbo and through LJN4 and as far north as the Beasley Creek gold deposit on Magnetic’s northeast boundary. Importantly, this shear zone is closely associated with gold mineralisation at several locations along its length including MAU’s LJN4 and Mt Jumbo deposit. This shear is gold-rich and gold deposits further north of MAU’s tenements contain the Beasley Creek and Apollo deposits and are interpreted to extend south towards the world-class Wallaby deposit.
Julimar Lookalike Projects
It comprises six separate projects, including Benjabbering, Trayning, Trayning West, Goddard, Koorda and Korrelocking, all of which are 100-percent held by the company. These are nickel-copper-PGE (platinum group elements) projects located 90 kilometres to 150 kilometres northeast of Chalice Gold Mines’ Julimar nickel-lead discovery. These projects were selected based on aeromagnetic interpretation after noting the structural setting of the Julimar complex and the Gonneville mineralized discrete magnetic nickel-copper-PGE body.
The 112-square-kilometre Benjabbering project has a large 25-kilometre-long aeromagnetic pattern very similar to the Julimar. Several thickened zones in the area may represent possible feeder areas for potential nickel-copper-PGE mineralization. Both the Trayning and Korrelocking Projects have a 2-kilometre discrete magnetic target prospective for rare earth elements.
Management Team
George Sakalidis – Managing Director
George Sakalidis has been the founding director and shareholder of the company since its inception in 2006. He brings more than 30 years of experience in developing early-stage natural resource projects and bringing the projects to production. He is experienced in various commodities including gold, diamond, base metals and mineral sands. He has been associated with several significant mineral discoveries in Western Australia, including the Three Rivers and Rose gold deposits, the Blackmans gold deposit, the Dongara Mineral Sands Deposits, the Boonanarring, Gingin South, and the Hyperion Mineral Sands Deposits. He has held several directorships in ASX-listed companies, such as Image Resources and Meteoric Resources. Moreover, he is a founding director of ASX-listed companies Emu and Potash West. He holds an honours degree in geology and geophysics from the University of Sydney.
Eric Lim – Non-Executive Chairman
Eric Lim holds an MBA degree from the Kellogg School of Management and a Bachelor of Accounting from the Nanyang Technological University of Singapore. He is an international investment banker, who built his career in leading financial institutions in Southeast Asia. He has served in several senior roles at UOB, Standard Chartered Bank, OCBC Bank and General Electric Capital.
Chan Hian Siang – Non-Executive Director
Chan Hian Siang holds a Bachelor of Arts (economics) from York University in Toronto, Canada, and a Master of Business Administration from McGill University, Montreal, Canada. He is also a council member of the Singapore Chinese Chamber of Commerce and Industry. He is the founder, executive director and CEO of SP Chemicals in Singapore. He has also been associated with Asiawide Holdings and Asian-American Merchant Bank.
Ben Donovan – Non-Executive Director and CFO
Ben Donovon brings in-depth experience in the areas of compliance, corporate governance, regulations and capital markets. He is currently a director and company secretary of several ASX-listed and public unlisted companies involved in the resource and technology industries. He was a senior adviser at the Australian Securities Exchange in Perth for nearly three years, including as a member of the ASX JORC Committee.
This article was written in collaboration with Couloir Capital.
Quarterly Activities Report for Period Ended 31 March 2024 and Appendix 5B
Tartana Minerals Limited (ASX: TAT) (the Company) is pleased to announce that it has achieved several milestones during the March quarter and in April 2024. With the refurbishment of the solvent extraction – crystallisation plant in 2023 the Company produced its first 28 bag shipment of Copper Sulphate Pentahydrate (Copper Sulphate) and which has been sold to Kanins International, our offtake partner.
Highlights:
- The Copper Sulphate Pentahydrate plant is continuing production and achieving its first sale;
- Purchase of a new 3 Deck Kason Vibroscreen Separator to further increase production quality;
- Standard Conduct and Compensation Agreement signed with landholder on the Maid EPM 27735;
- Dr Alistair Lewis appointed to the Board;
- Major subsequent events including:
- $1.8 million raised including $1.7 million of new capital beyond Rights Issue subscriptions from shareholders – with $1.5 million of that amount being at $0.05 and the balance $0.3 million being a loan.
- Name and ASX code change completed to Tartana Minerals Limited (ASX:TAT) and corporate rebranding including a new website www.tartanaminerals.com.au
Elsewhere, the Tartana Copper resource has an existing open pit resource to 130 m depth comprising of 10.039Mt @ 0.45% Cu for 44,781 tonnes of contained Copper using a 0.2% Cu cutoff grade as reported to the ASX on 9th February 2023. While the average grade increases by increasing the cutoff grade above 0.2% Cu, the Company believes a better solution is ore sorting, which has the potential to lift an average ore feed grade above 1% Cu and also minimises the open pit strip ratio.
Further, a Standard Conduct and Compensation Agreement (CCA) has been finalised with the landholder on the Maid EPM 27735. This CCA extends from 1 May 2024 through to 31 December 2025 and relates to proposed exploration activities including drilling regional prospects within EPM 27735, whilst excluding activities related to Tartana’s existing Mining Lease Applications at Cardross and Maid which lie within the surrounding EPM 27335 area.
The Company has also raised $1.82m including $0.3m in a new convertible note and the Rights Issue Shortfall Placement. This places the Company on sound financial footing with Copper Sulphate production expected to provide ongoing cash flow.
Copper Sulphate Production
While plant commissioning commenced last October and progressed through November, the onset of the extended wet season in December led to a slow start to production this year. This stems from high water levels in the Walsh River, which blocked access to the mine northwest of Chillagoe. In particular, it prevented the delivery of reagents, including sulphuric acid and diesel, to the mine site.
Production recommenced in April, with the completion of the first shipment of 28 bags (34 tonnes), and the completion of the second shipment is expected soon. Copper is being sourced from the ponds, which hold an estimated 96 tonnes of Copper in solution, and which equates to more than 300 tonnes of Copper Sulphate, assuming 80% recovery. Copper will then be sourced from the heaps, which contain an estimated 1,364 tonnes of Copper (as reported to the ASX on 22 July 2022), before the Company is to address the mining of remnant oxide and transition ore.
Additional LIX for the solvent extraction has been ordered and is expected to increase daily production to the forecast 6-8 bags per day. Combined with an additional roster, it will significantly increase production.
Plant reliability is improving, and the Company is recovering from both the challenges of the wet season and the deterioration of equipment such as the screen. The Company has purchased a new 3 Deck Kason Vibroscreen Separator from DTD Engineering, which will improve the product, enabling the sale of Tartana copper sulphate to premium markets with stricter product requirements. The bag scales are also being repaired to ensure constant bag weights.
Click here for the full ASX Release
This article includes content from Tartana Minerals Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Antilles Gold Quarterly Report & Appendix 5B – 31 March 2024
Antilles Gold Limited (“Antilles Gold” or the “Company”) is participating in the development of two mines to produce gold, silver, antimony, and copper, and in the exploration of substantial porphyry copper prospects in Cuba, through a 50:50 joint venture with the Government’s mining company, GeoMinera.
JOINT VENTURE
Minera La Victoria SA (“MLV”) was registered as a foreign joint venture company in August 2020 to develop the largest known gold deposit in Cuba at La Demajagua on the Isle of Youth off the south west coast.
The joint venture has since committed to progressively establishing itself as a broadly based mining company to develop previously explored mineral deposits controlled by GeoMinera, and to date the Nueva Sabana project, and three exploration concessions hosting porphyry copper prospects have been added to its portfolio.
Features of the Joint Venture include:
- A foreign Bank account will hold all proceeds from loans, or product sales, with the only funds remitted to Cuba being for local expenses, which will minimise Country credit risk.
- Antilles Gold nominates all senior management.
- Income tax rate of 15% waived for 8 years.
- No import duties on plant & equipment.
- Low entry cost for near term development of previously explored properties.
- Low operating costs.
- Association with GeoMinera ensures rapid permitting.
ACTIVITIES DURING MARCH QUARTER 2024
MINERA LA VICTORIA SA
Corporate
- Negotiation of revisions to Joint Venture Agreement.
PROPOSED NUEVA SABANA GOLD-COPPER MINE
Pre-development Activities
- Initial MRE established.
- Pit optimisation and mining schedule completed from initial MRE
- Metallurgical test work for gold and copper gold concentrates and process design criteriacompleted for Scoping Study. Additional optimisation metallurgical testwork commenced.
- Scoping Study progressed.
- Environmental Permitting progressed.
PROPOSED LA DEMAJAGUA GOLD-ANTIMONY-SILVER MINE
Pre-development Activities
- Metallurgical test work for design of roaster and CIL circuit by BGRIMM Technology Groupprogressed.
- Metallurgical testwork for neutralisation of arsenic at Kemetco Research in British Columbia commenced and progressed.
- Revised Scoping Study progressed.
EL PILAR COPPER PORPHYRY SYSTEM
Exploration
- Summary of Exploration results to date completed and advised to ASX on 14th February 2024
- Summary of Prospecting results to date completed and advised to ASX on 3rd March 2024
Click here for the full ASX Release
This article includes content from Antilles 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.
Quarterly Activities Report - Quarter Ended 31 March 2024
Siren Gold Limited (ASX: SNG) (Siren or the Company) is pleased to provide the following summary of its activities for the three months ended 31 March 2024.
Highlights
- The first diamond drillhole for 2024, ACDDH015 intersected both the Bonanza East and Fraternal Shoots.
- The Bonanza Shoot downhole intersection assayed 12.4m @ 5.3g/t Au and 14.9% Sb from 69.6m, with an estimated true width of 6m.
- The Fraternal Shoot downhole intersection assayed 23.0m @ 4.0g/t Au and 0.22% Sb from 105m, with an estimated true width of 8m.
- The Bonanza East intersection contains significant antimony mineralisation, including a very rich section that assayed 6.0m @ 5.2g/t Au and 25.6% Sb.
- The second hole drilled, ACDDH016 was targeted to intersect near the interpreted top of the Bonanza East Shoot approximately 120m above ACDDH015. The hole intersected 21m of moderate to strong arsenopyrite mineralisation from 68m with intermittent stibnite veining in the first six metres. Assay results are awaited.
- The Company has engaged Alton Drilling Ltd (Alton) as its drilling contractor at Sams Creek.
- Drilling program targeting approximately 1,000m of diamond drilling at the Anvil prospect at Sams Creek commenced in the second week of April 2024
- Alton has indicated a willingness to accept equity as part-payment for drilling services to be provided at Sams Creek to a maximum of AUD $125,000
- A Capital raising consisting of $2.2m was raised during the quarter with strong support from existing shareholders and new institutional investors to fund exploration on the Company’s projects.
- Highly experienced mining executive Victor Rajasooriar appointed as Managing Director and Chief Executive Officer.
- The Company has applied for both the “Reefton Gold and Antimony Project” and the “Sams Creek Gold Project” to be considered and be included as a “listed project” in the Fast-Track Approvals Bill (Bill).
- The Government has established the Fast Track Project Advisory Group to identify listed projects for inclusion in the Bill.
Background
Siren is a New Zealand focussed gold and antimony explorer, with two key projects in the upper South Island of New Zealand: Reefton (Reefton, Lyell and Paparoa goldfields) and Sams Creek (Figure 1).
The Reefton Goldfield produced ~2Moz of gold at an average recovered grade of 16g/t from 84 historic mines, plus an estimated alluvial gold production of 8Moz. Most underground mining ceased by 1942, with the famous Blackwater mine closing in 1951, when the shaft failed, after producing ~740koz of gold down to 710m below surface.
OceanaGold Limited (OGL) developed an open pit on the historic Globe Progress mine between 2007 and 2015. OGL recovered an additional 700koz at around 2g/t Au, increasing total hard rock production at Reefton to around 2.7Moz @ 12g/t Au.
Federation Mining Limited (FML) a privately owned company, is currently developing the Snowy River Mine on the Birthday Reef (Figure 2), which historically produced 740koz of gold at an average recovered grade of 14.2g/t.
Sams Creek is a gold mineralised porphyry dyke, the extends for 7km and is up to 60m thick. The Sams Creek Dyke (SCD) was discovered in 1974 and has not been historically mined. The Main Zone and Anvil projects are contained within an Exploration Permit (EP40338) that is part of a Joint Venture between Siren (81.9%) and New Zealand’s largest gold miner, OceanaGold (TSX:OGC), which holds the remaining interest (18.1%).
Click here for the full ASX Release
This article includes content from Siren 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.
Labyrinth Reinvigorates Exploration at Comet Vale
Labyrinth is revisiting the enormous opportunity at Comet Vale as gold reaches unprecedented highs
Labyrinth Resources Limited (ASX: LRL) (‘Labyrinth’ or ‘the Company’) is pleased to report on the Company’s activities for the March 2024 quarter. This includes an in-house evaluation of the current projects and opportunities that have not been explored previously.
Key Points
- At the beginning of the quarter, Labyrinth announced the intention to divest Labyrinth Gold Project to Gold Projects WA Pty Ltd (‘GPWA’) for a cash consideration of USD $3,500,0001;
- Post-quarter LRL announced that the Project Sale Conditions were satisfied or waived and in addition2:
- the deposit of USD$175,000 paid by the purchaser, GPWA, to Labyrinth is now non- refundable in all circumstances;
- settlement is to occur by 15 May 2024; and
- interest of 6% per annum, to be accrued from 29 February 2024.
- Labyrinth announced the successful negotiation amending the terms of the Project Acquisition Agreement with G.E.T.T. Gold Inc. with respect to the obligation to deliver a 450 ounce Physical Gold Payment by 31 December 20233;
- The payment reduced to 200 ounces with the remaining 250 ounces to be paid upon profitable production at Labyrinth Mine (to be assumed by GPWA as part of Share Purchase Agreement (‘SPA’));
- Labyrinth received a significant tax refund of circa $470k in relation to Canadian resource expenditure4.
- At the beginning of the quarter, the assay results from a field program completed at Comet Vale in September 2023 were announced5:
- LCV0029: 129 g/t Au, 0.1% Cu
- LCV0033: 39.1g/t Au, 6.3% Cu and 271 g/t Ag
- LCV0028: 28.9 g/t Au, 3.0% Cu, 0.07% Co and 0.5% Ni
- LCV0017: 3.6 g/t Au, 8.4% Cu and 9.2 g/t Ag
- LCV0021: 8.5 g/t Au, 0.3% Cu
- The rock chips represent part of a nearly 3km corridor of high-grade gold, copper, cobalt, nickel, tungsten and silver.
Figure 1 – Comet Vale Project location, WA
COMET VALE
During the quarter, significant focus has been placed on the divestment of Labyrinth Gold Project in Canada. Meanwhile, targeting and planning of exploration activities is well underway at Comet Vale. Strong performance in the gold price this quarter shows no signs of slowing, bolstering Labyrinth’s interest in Comet Vale Gold Project. With gold and base metal potential still high, the Company is leaving no stone unturned in finding suitable drill targets to truly test the potential.
LRL has previously announced the commitment to refocus exploration activities at Comet Vale Project near Menzies, Western Australia. The project is a joint venture project between Labyrinth (51%) and Sand Queen Gold Mines Pty Ltd (49%). In 2023 an updated Mineral Resource Estimate was completed on the Comet Vale Underground (‘UG’) and Open Pit (‘OP’) historic resource (see Table 1 and 2)6. Figure 2 demonstrates the substantial Resource growth potential of the currently only shallowly defined Sand George mineralisation.
Click here for the full ASX Release
This article includes content from Labyrinth Resources, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Arbitration Award for Antilles Gold’s Subsidiary
Antilles Gold Limited (“Antilles Gold” or the “Company”) (ASX: AAU, OTCQB: ANTMF) advises that an Award has been issued by the Tribunal of the International Centre for Settlement of Investment Disputes (“ICSID”) which conducted Arbitration proceedings to determine several Claims by wholly owned subsidiary, EnviroGold (Las Lagunas) Limited (“EVGLL”), against the Government of the Dominican Republic (‘the Government”, or “the State”).
The Claims relate to the Las Lagunas Gold Tailings Project which involved EVGLL recovering approximately 5.0 million tonnes of 3.5g/t gold tailings stored in a dam at Las Lagunas in the Dominican Republic, which originated from the adjacent Pueblo Viejo mine, and then oxidising the toxic sulphide tailings before producing a gold dore for refining overseas, and the sale of bullion.
The Project operated from July 2012 to December 2019, and was carried out under the terms of a Contract between EVGLL and the State dated 28 April 2004.
ICSID, which is based in Washington DC, and is a Unit of the World Bank, has been conducting the Arbitration through a three-member Tribunal established on 5 August 2020. The Award was issued on 24 April 2024, and received by EVGLL on 25 April 2024 following a final hearing in early June 2023.
EVGLL has been awarded US$4,070,283.85 (~A$ 6,308,940 at an exchange rate of A$1:00 = US$0.65) including interest to 24 April 2024. Simple interest continues to accrue at 7.3% pa.
The attached “Review Of Arbitration Award” details the Claims made, and the reasons for certain adverse decisions by the Tribunal which are perplexing, and in the Company’s view, unreasonable.
The result is disappointing, and is primarily as a result of the Tribunal rejecting EVGLL’s principal Claim of US$15.5 million for additional costs, and reduced gold production that resulted from the State’s failure to meet its contractual obligation to provide a site for the construction of a tailings storage facility into which reprocessed tailings could be deposited.
As a consequence, the reprocessed tailings had to be redeposited back into the Las Lagunas Dam behind substantial rock retaining walls at a considerable cost.
The Tribunal found that EVGLL had preferred to redeposit the reprocessed tailings back into the Las Lagunas Dam, and despite acknowledging the State’s breach of contract, ruled that EVGLL had effectively waived the State’s obligation to provide a site for the construction of a new dam.
In the opinion of the two Executive Directors of EVGLL involved in the Project, the Tribunal failed to take into account, or believe, their sworn Witness Statements, and oral testimony which reinforced EVGLL’s rights, and commitment to build a new tailings dam had the site been provided by the State.
A positive element of the Award was the Tribunal ordering the State to compensate EVGLL for the State’s breach of EVGLL’s entitlement to a special compensatory and fiscal regime, and to lift illegal garnishments that have prevented EGVLL from selling plant and equipment stored at Las Lagunas since October 2019, and to not reimpose them.
This will allow EVGLL to sell approximately A$3.0 million to A$4.0 million of surplus assets. While the State was directed to reimburse EVGLL for the Jurisdictional Phase of the Arbitration settled in EVGLL’s favour on 31 March 2022, the Award in relation to legal costs for the Merits
Phase of the Arbitration is based on EVGLL having to pay for 86% of the total of both parties legal costs, after winning only 14% of the total amount of its Claims. EVGLL will reimburse the State ~US$1,500,000 of its legal costs, plus simple interest accruing at 7.3%pa.
The A$6.3 million awarded to EVGLL is expected to be received in the near term, and will assist the Antilles Gold Group to fund the outstanding US$2.0 million of its farm-in to a 50% shareholding in Cuban joint venture company, Minera La Victoria, and the development of its first project, the Nueva Sabana gold-copper mine.
The Chairman of Antilles Gold, Mr Brian Johnson, commented that“the Tribunals’ reasons for rejecting the main Claim are difficult to comprehend, but there is no right of appeal. The Company would not have expended so much time and money on arbitration of this Claim if the Board, and its legal advisors had not thought it to be both genuine, and justified.
EVGLL will collect its entitlement to A$6.3M, and the Group will move on with its projects in Cuba.”
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This article includes content from Antilles 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.
Lodgement of Bidder’s Statement
Brightstar Resources Limited (ACN 100 727 491) (ASX:BTR) (Company or Brightstar) is pleased to announce it has today lodged with ASIC and sent to Linden Gold Alliance Limited (ACN 643 313 722) (Linden) a bidder’s statement (Bidder’s Statement) in relation to its off-market takeover for all of the fully paid ordinary shares and options on issue in Linden (Takeover Offer). A copy of the Bidder’s Statement is attached.
The Takeover Offer will open on 29 April 2024 and is scheduled to close at 5.00pm (Perth time) on 30 May 2024 unless extended in accordance with the Corporations Act 2001 (Cth).
The Takeover Offer is subject to a number of conditions as set out in the Bidder’s Statement. These include a 90% minimum acceptance condition, so as to ensure the merger will only proceed if Brightstar becomes entitled to acquire all of Linden’s issued securities.
This ASX announcement has been approved by the Managing Director on behalf of the board of Brightstar.
Click here for the full ASX Release
This article includes content from Brightstar Resources, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
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