Mount Hope Mining (ASX:MHM) is a copper and gold exploration company based in Australia. The company's flagship Mount Hope project in the prolific Cobar Basin is comprised of four tenements spanning 175 sq km. Mount Hope Mining's acquisition of Fisher Resources has provided it with full control over the project.
The Cobar Basin, a region with a longstanding history of copper and gold mining dating back to the 1870s, has seen a flurry of significant mining activities in recent years. In August 2024, Polymetals Resources (ASX:POL) finalized the acquisition of the Endeavor Mine, located 40 kilometers north of Cobar, which boasts JORC-compliant resources of 16.3 million tonnes grading 8 percent zinc, 4.5 percent lead, and 84 grams per ton (g/t) silver. In 2023, Metals Acquisition (NYSE:MTAL) successfully acquired the CSA copper mine from Glencore, further signalling the growing investment attractiveness of the Cobar Basin as a major hub for copper production.
The Mount Hope project has four granted exploration tenements: EL6837, EL8058, EL8290 and EL8654. The region is historically significant for its rich copper and gold deposits and has contributed substantially to Australia’s mining output since the 1870s. Despite its long-standing mining heritage, the southern Cobar Basin remains underexplored, presenting a unique opportunity for Mount Hope Mining to utilize modern exploration techniques to uncover untapped resources.
This Mount Hope Mining profile is part of a paid investor education campaign.*
Click here to connect with Mount Hope Mining (ASX:MHM) to receive an Investor Presentation
Mount Hope Mining’s strategic location in the prolific and resource-rich Cobar Basin, which has seen increased activity in recent years, signifies the company’s compelling investment proposition.
Mount Hope Mining (ASX:MHM) is an Australian resource company specializing in copper and gold exploration. With its flagship project located in the Cobar Basin of New South Wales, Australia, the company leverages the region's rich mining history and underexplored potential. On August 30, 2024, Mount Hope transitioned to a public company to attract investments for its ambitious mineral exploration goals.
Mount Hope Mining's acquisition of Fisher Resources, a wholly-owned subsidiary of Unico Silver Limited, has provided it with full control over the Mount Hope project. This project spans four tenements covering approximately 175 square kilometers, located in the southern Cobar Basin, a region with a longstanding history of copper and gold mining dating back to the 1870s.
The Cobar Basin has seen a flurry of significant mining activities in recent years, underscoring the region's robust potential for polymetallic resource development. In August 2024, Polymetals Resources (ASX:POL) finalized the acquisition of the Endeavor Mine, located 40 kilometers north of Cobar, which boasts JORC-compliant resources of 16.3 million tonnes grading 8 percent zinc, 4.5 percent lead, and 84 grams per ton (g/t) silver. In 2023, Metals Acquisition (NYSE:MTAL) successfully acquired the CSA copper mine from Glencore, further signalling the growing investment attractiveness of the Cobar Basin as a major hub for copper production.
These activities highlight a dynamic and competitive landscape that Mount Hope Mining can leverage for its own exploration strategy.
The strength and vision of Mount Hope Mining's leadership are critical to its success. The company boasts an experienced and dynamic board and management team, each member bringing a wealth of expertise in mineral exploration, corporate governance, and strategic planning. Their collective experience in mining, resource development, and financial oversight ensures the company is well-equipped to meet its objectives.
The Mount Hope project is Mount Hope Mining’s flagship exploration initiative, located in the southern Cobar Basin of New South Wales, Australia. This project spans approximately 175 square kilometers across four granted exploration tenements: EL6837, EL8058, EL8290 and EL8654. The region is historically significant for its rich copper and gold deposits and has contributed substantially to Australia’s mining output since the 1870s. Despite its long-standing mining heritage, the southern Cobar Basin remains underexplored, presenting a unique opportunity for Mount Hope Mining to utilize modern exploration techniques to uncover untapped resources.
The project area encompasses several historical mining sites, including the Mount Hope, Comet and Great Central copper mines, alongside the Mount Solitary and Solar gold mines. These sites, although historically productive, have seen limited contemporary exploration, leaving substantial potential for discovering residual and new deposits.
The Mount Hope project is characterized by volcanic and sedimentary sequences with structural features conducive to hosting polymetallic deposits, particularly copper and gold. Fault zones and folding within the tenements act as pathways for mineralization, creating promising exploration targets.
Mount Hope Mining has identified key zones of interest within the project area, including Mount Hope East, Black Hill, Main Road East, Little Mount Solitary, and the Mount Solitary to Solar Trend. These targets are prioritized for exploration based on historical mining data and geophysical anomalies. The company plans to implement a phased approach to exploration, beginning with geophysical and geochemical surveys to refine target zones, followed by drilling campaigns to confirm mineralization and assess the economic viability of the deposits.
The Mount Hope project benefits from its strategic location within the Cobar Basin, an established mining district with access to infrastructure and services. The recent resurgence of mining activity in and around the Cobar Basin, as demonstrated by Polymetals Resources’ acquisition of the Endeavor mine, and Metals Acquisition’s purchase of the CSA copper mine, underscores the region’s significance as a hub for resource development.
Mount Hope Mining aims to build on this momentum, leveraging both historical data and cutting-edge exploration methodologies to maximize the project’s potential. With its focus on copper and gold, commodities essential to green technologies and global markets, the Mount Hope project is well-positioned to contribute to the growth of Mount Hope Mining and the broader Australian resource sector.
Fergus Kiley plays a pivotal role in driving Mount Hope Mining’s exploration and growth strategies. He previously served as Senior Geologist and Technical Business Development Lead at Wyloo, one of Australia’s largest private natural resources investment groups. This role honed his expertise in exploration, geological modeling and project evaluation. Kiley also serves on the board of Grand Gulf Energy (ASX:GGE) and has over a decade of experience managing exploration programs for various ASX-listed companies. His leadership at Mount Hope focuses on leveraging modern exploration techniques and building partnerships to unlock the potential of the Mount Hope project.
Ben Phillips provides strategic oversight and governance to Mount Hope Mining. Appointed on July 5, 2024, he plays a vital role in ensuring the board operates effectively and aligns with the company’s objectives. Phillips’ leadership in other ventures and his focus on strong corporate governance bring additional credibility to Mount Hope’s public presence. His insights into the mining sector and his strategic vision position the company for sustainable growth.
Todd Williams brings significant expertise in mining exploration and operations, particularly within the Cobar Basin. He is currently the managing director of Unico Silver (ASX:USL) and a Non-executive director of Orpheus Uranium (ASX:ORP). As the former owner of the Mount Hope project through Unico, William's historical knowledge of the tenements is an invaluable asset. His extensive work in the region strengthens Mount Hope’s technical and operational strategies.
Advancing a copper and gold-rich asset in the prolific Cobar Basin of New South Wales
North Bay Resources, Inc. (the " Company " or " North Bay ") (OTC: NBRI) is pleased to announce a resource estimate ( non-NI 43-101 ) for the Bullion Alley Zone at the Company's Fran Gold Project. The preliminary resource estimate was completed by the Company using Leapfrog Geo + Edge 3D modelling software and diamond drilling data from 2001, 2005, 2006, 2012, and 2018 totaling 18,000 meters (55,000 feet) in 104 holes utilizing block model, with no cut-off:
Diagram 1. Fran Gold Block Model (Smooth)
| Bullion Alley - Main Zone | |||
| Mass (tonnes) | Average (g/t) | Total (grams) | Total (tr. ounces) |
| 20,035,146 | 0.50 | 10,051,730 | 323,170 |
| Bullion Alley - Main Zone + East Extension | |||
| Mass (tonnes) | Average (g/t) | Total (grams) | Total (tr. ounces) |
| 43,797,234 | 0.34 | 14,743,070 | 474,001 |
Diagram 2. Fran Gold Au >0.1 g/t cutoff
Recent data compilation has resulted in identification of the following significant drill intercepts.
| Hole ID | From (m) | To (m) | Width (m) | Grade g/t |
| 2001-01 | 46.0 | 234.0 | 188.0 | 0.1 |
| incl. | 102.8 | 127.1 | 24.3 | 0.5 |
| incl. | 220.0 | 234.0 | 14.0 | 0.6 |
| 2001-02 | 39.0 | 214.5 | 175.5 | 0.3 |
| incl. | 44.0 | 91.0 | 47.0 | 0.7 |
| incl. | 179.0 | 214.5 | 35.5 | 0.6 |
| 2001-04 | 66.0 | 180.0 | 114.0 | 0.1 |
| incl. | 75.0 | 95.5 | 20.5 | 0.3 |
| 2001-05 | 76.6 | 129.2 | 52.6 | 0.4 |
| 2001-06 | 19.8 | 74.0 | 54.2 | 0.3 |
| 2001-12 | 52.8 | 154.0 | 101.3 | 0.3 |
| 2002-26 | 40.7 | 82.0 | 41.3 | 1.2 |
| 2002-27 | 44.7 | 172.0 | 127.4 | 0.5 |
| 2002-31 | 167.1 | 185.3 | 18.3 | 0.5 |
| 2002-33 | 39.2 | 186.0 | 146.8 | 0.1 |
| incl. | 53.7 | 80.6 | 26.9 | 0.3 |
| 2002-34 | 16.7 | 195.5 | 178.9 | 0.2 |
| incl. | 154.5 | 195.5 | 41.0 | 0.7 |
| 2002-36 | 88.0 | 235.1 | 147.1 | 0.4 |
| 2002-37 | 118.0 | 229.6 | 111.6 | 0.1 |
| incl. | 118.0 | 133.8 | 15.9 | 0.5 |
| 2006-43 | 153.0 | 193.2 | 40.2 | 0.7 |
| 2006-47 | 35.1 | 81.6 | 46.5 | 1.3 |
| 2006-49 | 104.1 | 119.3 | 15.1 | 2.7 |
| 2006-50A | 44.3 | 118.1 | 73.8 | 0.7 |
| 2006-51 | 66.1 | 85.4 | 19.3 | 0.7 |
| 2006-53 | 79.8 | 92.9 | 13.1 | 1.6 |
| 2006-55 | 27.9 | 100.5 | 72.5 | 1.8 |
| 2006-56 | 90.5 | 116.5 | 26.1 | 1.2 |
| 2006-58 | 61.4 | 157.4 | 96.0 | 0.3 |
| 2006-59 | 21.8 | 74.1 | 52.3 | 0.6 |
| 2006-60 | 90.5 | 131.5 | 41.0 | 0.7 |
| 2006-61 | 9.1 | 58.8 | 49.6 | 0.6 |
| 2006-62 | 79.9 | 150.3 | 70.5 | 0.5 |
| 2007-66 | 72.5 | 102.0 | 29.5 | 0.3 |
| 2007-68 | 127.1 | 147.1 | 20.0 | 0.8 |
| 2007-69 | 171.3 | 197.8 | 26.6 | 0.5 |
| 2007-70 | 131.1 | 246.0 | 114.9 | 0.7 |
| 2007-71 | 32.9 | 116.9 | 84.0 | 0.9 |
| 2007-72 | 78.9 | 106.9 | 28.0 | 0.3 |
| 2007-73 | 180.6 | 194.2 | 13.6 | 0.4 |
| 2007-74 | 111.9 | 269.8 | 157.9 | 0.6 |
| incl. | 111.9 | 188.0 | 76.1 | 1.1 |
| 2007-75 | 49.0 | 124.5 | 75.5 | 0.8 |
| 2007-76 | 133.2 | 169.8 | 36.6 | 0.9 |
| 2018-91 | 249.4 | 296.0 | 46.6 | 0.4 |
| 2018-94 | 222.0 | 339.2 | 117.2 | 0.6 |
| 2018-95 | 202.7 | 309.0 | 106.3 | 1.0 |
| 2018-96 | 134.7 | 284.0 | 149.3 | 0.9 |
| 2018-103 | 105.7 | 178.6 | 72.9 | 1.4 |
* Non-weighted interval length has been used to determine avg. grade
The company continues to compile data in preparation for a NI 43-101 Compliant Mineral Resource Estimate . In particular, the addition of surface trenching data and sampling data for areas that have not been drill tested between the Main and East Zones as well as to the East and North-east where a significant gold in soil anomaly exists and may add to the data set. The deposit remains open in these directions as well as to the South where a parallel vein system exists and most significantly, throughout the main zone, at depth.
Fran Gold Project
The Fran Gold Project is next to Centerra Gold's Mt. Milligan Project, with Reserves of 264Mt grading 0.3 gram per tonne gold and 0.2% copper and proximate to Artemis Gold's Blackwater Mine, with Proven and Probable Reserves of 334Mt grading 0.8 grams per tonne gold. Both Mt. Milligan and the Blackwater Mine are two of the largest new mines in North America in the modern era. The Blackwater Mine has a Measured and Indicated Resource in excess of 10M ounces of gold.
Historical exploration and development planning at Fran focused on delineation of mid-high grade veins with an eye to underground mining of these veins. Very limited focus was placed on bulk tonnage and disseminated gold, although discussed in reports from 2006, no follow-up appears to have occurred. North Bay's recent ongoing focus has been the development of mid-high grade surface material as feedstock for its Bishop Gold Mill. This in turn has led to a re-evaluation of the project potential resulting in what is currently a dual focus with high grade surface material going to the Company's mill and further evaluation of the larger potential of the mass tonnage gold deposit. Data indicates substantial expansion potential at depth beyond 300m (984 feet) and extensions of the disseminated gold zones to the East and North-East where copper grades begin to rise. Drilling was stopped in these directions due to the loss of the mid-high grade veins that were the focus of historical exploration and these areas remain largely unexplored.
In addition to the bulk gold deposit, the Company continues to develop the project as mid-high grade feedstock for its 100 ton per day Bishop, California gold mill utilizing existing stockpiles and development of the surface oxide zone where trenching has shown consistent grade of 16 grams (0.5 ounces per ton) over 30m (110 feet) in trenches B+C.
Corporate Update
The Company has settled a demand loan totalling $361,951, and has now converted $350,000 of that debt into a 2 year secured debenture at 10% and issued warrant coverage on a dollar for dollar basis at an exercise price of $0.0007 totalling 500,000,000 warrants with a term of 3 years. Any shares issued (as a result of warrant exercise) are subject to a statutory one-year hold from the date of issuance of the debenture. A balance of $11,951 remains as a demand loan at the end of Q1 2025.
The Company has begun work with the Company's prior auditors for the purpose of returning to SEC reporting status and upon completion may commence the uplisting process.
On behalf of the Board of Directors of
North Bay ResourceS INC.
Jared Lazerson
CEO
X: @NorthBayRes
YouTube: North Bay Resources - YouTube
LinkedIn: North Bay Resources Inc | LinkedIn
This news release may contain certain "Forward-Looking Statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws.
Photos accompanying this announcement are available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/3185942d-335c-4522-84fe-7253039eb433
https://www.globenewswire.com/NewsRoom/AttachmentNg/9550097c-8782-40b7-abb3-af5a6f03939a
News Provided by GlobeNewswire via QuoteMedia
HIGHLIGHTS
The Pansy Pit MRE is shown in Table 1 on page 3.
Figure 1. Pansy Pit rotated and unclipped longsection view looking north with the optimised pit shell in grey, drill traces as black lines and the block model coloured by classification.
Figure 2. Pansy Pit rotated cross section view looking south at ~6,762,078mN +/- 10m with the optimised pit shell in black, drill traces as black lines and the block model coloured by estimated Au grade.
Click here for the full ASX Release
This article includes content from Reach 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.
