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More High-grade Gold & Silver at Dynasty
February 27, 2022
Titan (ASX:TTM) is pleased to advise that it has received assays for a further 30 diamond holes and 5 trenches from the Cerro Verde prospect within its Dynasty Gold Project in Southern Ecuador.
Key Highlights include:
- 11.10m @ 4.93g/t gold with 30.7g/t silver from 67.90m in hole CVD087
- 3.05m @ 16.48g/t gold with 61.7g/t silver from 142.15m drill depth
- 2.35m @ 8.29g/t gold with 4.09g/t silver from 156.25m
- 12.08m @ 2.54g/t gold with 7.41g/t silver from 196.15m and
- 3.35m @ 5.97g/t gold with 15.1g/t silver from 219.15m in hole CVD081
- 4.7m @ 5.11g/t gold with 24.1g/t silver from 37.72m and
- 4.9m @ 2.70g/t gold with 15.9g/t silver from 86.9m in hole CVD061
- 1.82m @ 10.88g/t gold with 34.1g/t silver from 103.29m, and
- 7.07m @ 8.56g/t gold with 95.8g/t silver from 125.7m in hole CVD094
- 4.83m @ 5.79g/t gold with 3.25g/t silver from 197.17m in hole CVD071
- 2.16m @ 6.15g/t gold with 33.9g/t silver from 244.50m, and
- 7.10m @ 1.73g/t gold with 10.8g/t silver from 336.19m in hole CVD075
- 5.18m @ 3.08g/t gold with 54.9g/t silver from 116.17m in hole CVD085
- 3.24m @ 6.51g/t gold with 38.7g/t silver from 83.83m in hole CVD096
Noteworthy comments:
- Demonstrable depth continuity of veins up to 300m depth.
- Surface extremity of main veins extended along strike and at depth
- Variable silver to gold ratio’s evidencing multiple phases of fluid flow and telescoping.
- Previously announced CVD072 received additional results, upgrading the significant intercept at a 0.2g/t Au cut-off to 102.7m @ 1.48g/t gold, including 14.14m @ 6.42g/t gold with 16.4g/t silver.
Click here for the full ASX Release
This article includes content from Titan 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.
TTM:AU
6h
$1.5M Placement
Emu NL (ASX: EMU or the Company) has agreed to place up to 61M fully paid ordinary shares (New Shares) at $0.025 per share to sophisticated and professional investors to raise up to $1.525K.
The placement will be effected in two tranches with 21M shares to be issued forthwith under the Company’s current ASX Listing Rule 7.1 and 7.1A capacities. The second tranche will be issued subject to and upon shareholder approval being obtained at the Company’s Annual General Meeting.
Applicants for New Shares will be issued one (1) free option for every two New Shares. These free options will be issued subject to and upon shareholder approval being obtained. Each option will be exercisable at ten cents ($0.10) on or before 31 October 2026.
Funding from the placement will be applied to exploration within the Georgetown Project ǪLD and general working capital. That exploration will include advanced field work, geochemistry and geophysics directed at positioning the Company to commence drilling early 2025.
The New Shares will be listed on ASX and will rank equally with the existing fully paid ordinary shares currently quoted as ASX:EMU.
Click here for the full ASX Release
This article includes content from EMU 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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8h
Quarterly Report - September 2024
Astral Resources NL (ASX: AAR) (Astral or the Company) is pleased to report on its activities during the quarter ended 30 September 2024 (the Quarter).
Highlights
Mandilla Gold Project
- Successful completion of a 70-hole/6,512 metre in-fill reverse circulation (RC) drill program at the cornerstone Theia deposit at Mandilla.
- Assay results from the Theia program were reported subsequent to the end of the Quarter on 9 October 20241.
- Metallurgical results at the Hestia, Eos and Iris deposits demonstrate extremely high gold recoveries (up to 99.5%), fast leach kinetics and low reagent consumptions.
Feysville Gold Project
- Assay results reported from a 32-hole/1,673 metre RC drill program completed during the previous quarter at the Rogan Josh Prospect2,3.
- Assay results reported from a 120-hole/3,664 metre program of reconnaissance air-core (AC) drilling completed during the previous quarter4.
- Cube Consulting currently finalising a maiden Mineral Resources Estimate (MRE) for the Kamperman and Rogan Josh prospects, and a revised MRE for the Think Big deposit, together comprising the Feysville MRE. This work is expected to be reported during October 2024.
Corporate
- Announcement of two-tranche placement to raise approximately $25.0 million (before costs) via the issue of approximately 263 million new fully paid shares at an offer price of $0.095 per share (Placement).
- Tranche 1 of the Placement raised approximately $21.0 million (before costs) and was completed on 1 October 2024.
- Cash of approximately $24.1 million as at 30 September 2024 (inclusive of Tranche 1 Placement proceeds net of costs).
- Tranche 2 of the Placement, which involves the issue of new fully paid shares subject to shareholder approval, is set to raise approximately $4.0 million (before costs).
- Additionally, Company Directors subscribed for 789,474 shares on the same terms as the Placement shares, with their participation also subject to shareholder approval.
- Shareholder approval for the issue of shares under Tranche 2 and to the Directors will be sought at the Annual General Meeting to be held on 20 November 2024.
- Astral is now fully funded to FID including acceleration of exploration activities at the Mandilla and Feysville Gold Projects, and completion of the Mandilla Pre-Feasibility and Definitive Feasibility Study.
Figure 1 – Location map identifying Astral’s projects.
MANDILLA GOLD PROJECT
The Mandilla Gold Project is situated in the northern Widgiemooltha greenstone belt, approximately 70 kilometres south of the significant mining centre of Kalgoorlie, Western Australia.
The area hosts world-class deposits such as the Golden Mile Super Pit in Kalgoorlie owned by Northern Star Resources Limited (ASX: NST) and the St Ives Gold Mine south of Kambalda owned by Gold Fields Limited, as well as the substantial Beta Hunt Gold Mine owned by Westgold Resources Limited (ASX: WGX).
Mandilla is covered by existing Mining Leases which are not subject to any third‐party royalties other than the standard WA Government gold royalty.
The Mandilla Gold Project includes the Theia, Iris, Eos and Hestia deposits.
Gold mineralisation at Theia and Iris is comprised of structurally controlled quartz vein arrays and hydrothermal alteration close to the western margin of the Emu Rocks Granite and locally in contact with sediments of the Spargoville Group.
Click here for the full ASX Release
This article includes content from Astral 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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18 October
Top 5 Canadian Mining Stocks This Week: Cerrado Gold Sparkles with 76 Percent Gain
Welcome to the Investing News Network's weekly look at the best-performing Canadian mining stocks on the TSX and TSXV, starting with a round-up of Canadian and US data impacting the resource sector.
The S&P/TSX Venture Composite Index (INDEXTSI:JX) was up 2.68 percent on the week to close at 621.67 on Friday (October 18). Meanwhile, the S&P/TSX Composite Index (INDEXTSI:OSPTX) was up 1.44 percent to 24,822.54.
Statistics Canada released its September consumer price index figures on Tuesday (October 15). The data indicates that inflation continues to ease, gaining just 1.6 percent on a year-on-year basis, well below the 2 percent target rate originally set by the Bank of Canada when it started increasing interest rates in March 2022.
The slowing pace of inflation is largely attributable to lower costs at the pumps, with gasoline prices falling 10.7 percent on a yearly basis; that follows a 5.1 percent decline in prices in August.
However, the deceleration was offset by an 8.2 percent rise in rent and a 2.4 percent increase in food costs.
South of the border, the US Dollar Index (INDEXUSD:DXY) fell slightly on Friday after investors began to move back into Chinese equities, but ultimately ended the week up 0.58 percent. The shift came after the Chinese government announced new funding initiatives aimed at helping out the country's beleaguered capital markets.
Despite the rise in the US dollar, gold set new record highs on Friday, climbing to US$2,721.27 per ounce at 4:30 p.m. EDT. Silver also saw strong momentum as it surged 6.88 percent on the week to US$33.67 per ounce.
A rally on Friday did little to ease copper’s woes. The red metal extended its fall, dropping 2.67 percent to US$4.39 per pound on the COMEX. More broadly, the S&P GSCI (INDEXSP:SPGSCI) sank 4.94 percent to close at 531.98.
Markets were mixed this week, with the S&P 500 (INDEXSP:INX) adding 0.6 percent to reach 5,864.68, and the Nasdaq-100 (INDEXNASDAQ:NDX) declining 0.21 percent to finish the period at 20,324.04. Meanwhile, the Dow Jones Industrial Average (INDEXDJX:.DJI) climbed 1.11 percent to reach 42,275.9 at the end of the week.
Find out how the five best-performing Canadian mining stocks performed against that backdrop.
1. Cerrado Gold (TSXV:CERT)
Weekly gain: 75.51 percent
Market cap: C$33.52 million
Share price: C$0.43
Cerrado Gold is a gold production and development company focused on its assets in South America, including two producing mines in Santa Cruz, Argentina. Its flagship Minera Don Nicolas mine consists of a 333,400 hectare concession package and has been in operation since 2018. Mining feed is derived from the La Paloma and Martinetas open pits and processed at a centralized carbon-in-leach gold plant, which has a capacity of 1,000 metric tons per day.
Cerrado has been working on exploration efforts to expand the resource estimate at Minera Don Nicolas with the intent of extending the life of the mine. On September 19, the company released a preliminary economic assessment (PEA) for the expansion, showing that measured and indicated resources at the property total 490,340 ounces of gold and 6.59 million ounces of silver, the majority of which is found in the Calandrias Sur open pit.
The PEA demonstrates an after-tax net present value of US$111 million at a gold price of US$2,100, and estimates a mine life of five years, with an annual production target of 56,000 gold equivalent ounces per year.
The most recent news from Cerrado came on October 16, when the company announced its Q3 production results for Minera Don Nicolas. In the release, the company reported the production of 37,108 gold equivalent ounces during the first nine months of 2024, with 13,201 gold equivalent ounces ounces produced in Q3.
2. Metallis Resources (TSXV:MTS)
Weekly gain: 56.67 percent
Market cap: C$14.38 million
Share price: C$0.235
Metallis Resources is an exploration company that has spent much of 2024 advancing work at its Greyhound property in Central Idaho, US. The company acquired the 124 hectare property, which hosts the past-producing Greyhound and Bulldog silver-gold mines, in February from Greyhound Mining and Milling.
Since then, Metallis has completed the first phase of its exploration program. On September 4, the company said initial assay results showed elevated levels of antimony, with rock samples collected at Bulldog hosting grades of up to 4.54 percent of the critical mineral. Three contiguous samples over a 3 meter length returned 0.61 percent antimony, further validating strong mineralization at surface. None of the areas with the best antimony results have ever been drilled.
In a follow-up release on September 17, Metallis reported that surface rock samples from the site had returned high-grade gold assays of up to 67.02 grams per metric ton (g/t) gold equivalent, with multiple grab samples with more than 10 g/t gold equivalent. Aside from that, the company reported the identification of a new mineralized showing, which it has named Akita. It produced two rock samples grading 8 and 8.5 g/t gold equivalent.
The most recent news from Metallis came on October 14, when it closed a C$890,500 private placement following the sale of 6.85 million units at a value of C$0.13 each. Proceeds will be used for field exploration work at Greyhound, as well as the Kirkham property in the Golden Triangle, which is located in BC, Canada.
3. Gabriel Resources (TSXV:GBU)
Weekly gain: 50 percent
Market cap: C$18.84 million
Share price: C$0.015
Gabriel Resources is a precious metals explorer and developer focused on advancing its Rosia Montana gold project. Based in Transylvania, Romania, Rosia Montana is in a region that has seen significant historic mining. Covering 2,388 hectares, the site is host to a mid-to-shallow epithermal system containing deposits of gold and silver.
The most recent resource estimate from a 2012 technical report shows proven and probable quantities of 10.1 million ounces of gold and 47.6 million ounces of silver. Gabriel has invested more than US$760 million into Rosia Montana, but has undertaken little development at the site since the early 2010s, as Romania blocked further development.
In 2015, the company entered into arbitration through the World Bank’s International Center for Settlement of Investment Disputes (ICSID) over permitting at the site and suggested that Romania was in violation of bilateral investment treaties. On March 8, Gabriel issued a press release with an update saying that its case against Romania had been dismissed by the ICSID, which also awarded Romania US$10 million in legal fees and expenses. Gabriel said it would review the decision with its legal team and evaluate its options. While news of that decision caused Gabriel's share price to plummet in March, it saw gains after closing the initial tranche of a US$5.58 million private placement on May 17.
The most recent update about the arbitration came on July 8, when the company announced it would be seeking an annulment of the ICSID award. The company said that the original decision was fatally flawed in multiple respects, including the disregarding of applicable law and multiple departures from fundamental rules and procedures.
4. Northern Graphite (TSXV:NGC)
Weekly gain: 46.67 percent
Market cap: C$13.11 million
Share price: C$0.11
Producer and developer Northern Graphite is the only miner of flake graphite in North America.
The company owns the Lac des Iles mine in Québec, Canada, which hosts an indicated amount of 213,000 metric tons of graphitic carbon, with an additional inferred amount of 106,000 metric tons.
In its Q2 results, released on August 29, Northern reported that it had increased production at Lac des Iles to 4,082 metric tons, up 59 percent from the 2,574 metric tons produced in the first quarter. The increase comes as the company works to boost production at the site to its 25,000 metric ton nameplate capacity. Additionally, Northern said it is working on operational scenarios to begin work at a new open pit by the end of 2024 or early 2025.
On October 9, the company announced it had entered into an agreement with Rain Carbon for a joint operation to develop and commercialize advanced battery anode materials for electric vehicle batteries.
5. 1911 Gold (TSXV:AUMB)
Weekly gain: 46.43 percent
Market cap: C$25.6 million
Share price: C$0.205
1911 Gold is a gold exploration company working to advance its Rice Lake properties in Eastern Manitoba.
The properties cover more than 58,000 hectares along the Rice Lake greenstone belt in an area that has been explored since gold was discovered in 1911. The exploration properties include two prospective claim blocks, Rice Lake and Central Manitoba, and host the past-producing True North, Central Manitoba, Gunnar and Ogama-Rockland mines.
The most recent update from the site came on October 3, when the company announced it had mobilized a rig for a surface drill program set to commence in mid-October. The 6,000 meters will be focusing on near-surface targets at the True North mine to test the San Antonio West, San Antonio Southeast and Cohiba East sites.
1911 said the targets show significant potential for high-grade gold, and can be easily upgraded to resources due to their close proximity to existing infrastructure and historic underground mine workings.
FAQs for Canadian mining stocks
What is the difference between the TSX and TSXV?
The TSX, or Toronto Stock Exchange, is used by senior companies with larger market caps, and the TSXV, or TSX Venture Exchange, is used by smaller-cap companies. Companies listed on the TSXV can graduate to the senior exchange.
How many companies are listed on the TSXV?
As of June 2024, there were 1,630 companies listed on the TSXV, 925 of which were mining companies. Comparatively, the TSX was home to 1,806 companies, with 188 of those being mining companies.
Together the TSX and TSXV host around 40 percent of the world’s public mining companies.
How much does it cost to list on the TSXV?
There are a variety of different fees that companies must pay to list on the TSXV, and according to the exchange, they can vary based on the transaction’s nature and complexity. The listing fee alone will most likely cost between C$10,000 to C$70,000. Accounting and auditing fees could rack up between C$25,000 and C$100,000, while legal fees are expected to be over C$75,000 and an underwriters’ commission may hit up to 12 percent.
The exchange lists a handful of other fees and expenses companies can expect, including but not limited to security commission and transfer agency fees, investor relations costs and director and officer liability insurance.
These are all just for the initial listing, of course. There are ongoing expenses once companies are trading, such as sustaining fees and additional listing fees, plus the costs associated with filing regular reports.
How do you trade on the TSXV?
Investors can trade on the TSXV the way they would trade stocks on any exchange. This means they can use a stock broker or an individual investment account to buy and sell shares of TSXV-listed companies during the exchange's trading hours.
Data for this 5 Top Canadian Mining Stocks article was retrieved at 12:00 p.m. EDT on October 18, 2024, using TradingView's stock screener. Only companies trading on the TSX and TSXV with market capitalizations greater than C$10 million are included. Companies within the non-energy minerals and energy minerals sectors were considered.
Article by Dean Belder; FAQs by Lauren Kelly.
Don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.
Securities Disclosure: I, Lauren Kelly, hold no direct investment interest in any company mentioned in this article.
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18 October
Top Stories This Week: Gold Breaks US$2,700 as Record Run Continues, Silver Passes US$33
Gold's record-setting run continued this week as the yellow metal breached the US$2,700 per ounce mark for the first time. After starting 2024 around US$2,040, gold is now up approximately 32 percent year-to-date.
What's behind the precious metal's latest price milestone? Among other factors, experts are pointing to safe-haven buying as the US election approaches and as tensions in the Middle East increase.
There's also the latest interest rate cut from the European Central Bank (ECB). Its third reduction so far this year came on Thursday (October 17), with President Christine Lagarde saying the ECB is in the process of breaking the neck of inflation.
"Have we broken the neck of inflation? Not yet. Are we in the process of breaking that neck? Yes" — Christine Lagarde, European Central Bank
As an asset that doesn't bear interest, gold tends to fare better in low-rate environments.
Looking more broadly at the yellow metal's rise over the last year, Randy Smallwood of Wheaton Precious Metals (TSX:WPM,NYSE:WPM) said this week that while gold was being driven by eastern buying earlier in 2024, the western world is now beginning to participate. He thinks US$3,000 is in the cards within a couple of years.
Others see US$3,000 gold coming much quicker than that. Delegates at the London Bullion Market Association's annual gathering see gold rising to US$2,941 in the next 12 months. They're calling for an even bigger gain in silver, which is anticipated to rise to US$45 per ounce. Platinum and palladium are expected to stay relatively flat.
Silver is finishing the week at the US$33.70 level, a point not seen since 2012. The volatile white metal is known for lagging behind gold when the yellow metal starts to run, but then typically outperforms.
Bullet briefing — Tech giants go nuclear, GM invests in Thacker Pass
Google, Amazon sign SMR deals
Major tech players Google and Amazon (NASDAQ:AMZN) both made headlines this week as they signed deals geared at meeting their growing energy needs using small modular nuclear reactors (SMRs).
Google said on Monday (October 14) that it has signed an agreement to purchase nuclear energy from multiple SMRs that will be developed by Kairos Power. In its release, the company emphasized nuclear energy's importance in meeting power demand from artificial intelligence applications, and said Kairos' first SMR will be online by 2030.
Two days later, Amazon subsidiary Amazon Web Services announced agreements with Dominion Energy (NYSE:D) and Energy Northwest, saying the deals will help it reach its net-zero carbon goal by 2040.
The company will be exploring the development of a Virginia-based SMR with Dominion, while in Washington its deal with Energy Northwest will involve the development of four advanced SMRs.
The news comes less than a month after Constellation Energy (NASDAQ:CEG) announced plans to revive Three Mile Island Unit 1 under a 20 year power purchase agreement with Microsoft (NASDAQ:MSFT).
It also follows this week's news that the US Department of Energy has initiated contracts with four companies for the production of high-assay low-enriched uranium fuel, or HALEU.
"Many advanced reactors will use HALEU to achieve smaller designs, longer operating cycles, and increased efficiencies over current technologies," the government agency's press release states.
GM boosts Lithium Americas investment
General Motors (GM) (NYSE:GM) is strengthening its connection to Lithium Americas (TSX:LAC,NYSE:LAC) via a joint venture centered on advancing the Thacker Pass lithium project in Humboldt County, Nevada.
The companies said on Wednesday (October 16) that GM will provide US$625 million in cash and letters of credit, and will acquire a 38 percent asset-level ownership stake in Thacker Pass. GM previously invested US$320 million into Lithium Americas in February 2023, and the new funds bring its total spend to nearly US$1 billion.
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.
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18 October
Aurum and Mako to Merge, Will Focus on Gold in West Africa
Aurum Resources (ASX:AUE) and Mako Gold (ASX:MKG) said on Wednesday (October 16) that they have come to an agreement to merge, creating a West Africa-focused gold explorer and developer.
Under the deal, Aurum is proposing to acquire Mako, with the combined company set to have a market cap of AU$90 million and AU$20 million in cash. It will advance the Napié and Boundiali gold projects in Côte d’Ivoire.
According to the companies, the merger will take place through off-market takeover bids. Aurum will bid for 100 percent of Mako's shares and 100 percent of its Class A Options and Class B options.
Aurum shareholders will own approximately 79.5 percent of the new entity once the deal is complete, while Mako shareholders will hold the remaining 21.5 percent. The offer is reportedly a 112 percent premium for Mako shareholders.
“We have always believed our Napié Project has potential to host multi-million ounces of gold, and pleasingly, due to relative sizes of Mako and Aurum, Mako securityholders will remain a meaningful part of the expanded group, and therefore will share in the continued upside to the growth in Napié," said Peter Ledwidge, managing director at Mako.
Napié is Mako's 90 percent owned flagship project. Its Tchaga and Gogbala deposits have an inferred mineral resource estimate of 22.45 million tonnes at 1.2 grams per tonne for 868,000 contained ounces of gold.
Ledwidge also noted that a maiden mineral resource estimate for Aurum's Boundiali asset is expected late this year.
“Between driving growth at Napié and being well on the path to delivery of a maiden resource at our own Boundiali Project later this year, we see strong potential for Aurum to become a strong emerging gold developer in Côte d’Ivoire with two assets with long-life potential in close proximity to each other,” said Dr. Caigen Wang, managing director at Aurum. He added that the companies see "strong similarities" between the two properties.
The firms said shareholders will also benefit from Aurum’s strong balance sheet and drilling efficiencies.
Aurum and Mako noted that the full bid implementation agreement and its terms will be available to the public soon.
Don’t forget to follow us @INN_Australia for real-time news updates!
Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: Aurum Resources is a client of the Investing News Network. This article is not paid-for content.
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17 October
Golden Mile Resources Limited (ASX: G88) – Trading Halt
Description
The securities of Golden Mile Resources Limited (‘G88’) will be placed in trading halt at the request of G88, 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 Tuesday, 22 October 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 Golden Mile 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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