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![Antilles Gold Limited (ASX:AAU)](https://investingnews.com/media-library/antilles-gold-limited-asx-aau.png?id=51178883&width=1200&height=737)
Multiple 20m Intercepts with +1.2% to 1.7% Cu from In-Fill Drilling Nueva Sabana Oxide Deposit, Cuba
Antilles Gold Limited (“Antilles Gold” or the “Company”) (ASX: AAU, OTCQB: ANTMF) is pleased to advise results from the final 17 in-fill diamond drill holes into the Nueva Sabana oxide deposit in central Cuba, which were completed in July 2024.
HIGHLIGHTS
Gold Domain – Nueva Sabana
- HOLE PDH-81
- 2m @ 25.26g/t Au from38.5m (incl 1m @ 45.39g/t au)
- 3m @ 19.51g/t Au from 56m (incl 2m @ 26.78g/t Au)
- HOLE PDH-87
- 2m @ 7.46g/t Au from 26m
- HOLE PDH-93
- 1m@ 8.23g/t Au from surface
Copper Domain – Nueva Sabana
- HOLE PDH-89
- 25m @ 1.76%Cu from 52m (incl 4m @ 5.56%Cu)
- HOLE PDH-88
- 21.5m @ 1.73% Cu from 49m (incl 12m @ 2.11%Cu)
- HOLE PDH-80
- 25m @ 1.23% Cu from81m (incl 5m @ 3.02%Cu)
- HOLE PDH-78
- 15m @ 1.52% Cu from 39m
- HOLE PDH-85
- 9m @ 1.07% Cu from40m (incl 3m @ 2.28%Cu)
- HOLE PDH-82
- 6m @ 1.25%Cu from 37m
- HOLE PDH-86
- 5m @ 1.47% Cu from 43m
- HOLE PDH-90
- 24m @ 0.84% Cu from 89m
- HOLE PDH-92
- 22.3m @ 0.82% Cu from 1.7m
- HOLE PDH-79
- 12m @ 0.69% Cu from 14m
Sampling Techniques and Data are set out in the JORC Code 2012 Edition Template attached.
NUEVA SABANA OXIDE DEPOSIT
- The results continue excellent grades for both gold and copper in the oxide deposit that have previously been advised to ASX, and were incorporated in the maiden MRE, reported to the ASX on 6 March 2024, followed by the Scoping Study, reported on 7 May 2024.
- An updated Mineral Resource Estimate (“MRE”) for the proposed Nueva Sabana mine is expected to be completed next month by Brisbane based Mining Associates, after which an updated pit design and mine schedule will be undertaken for the Pre-Feasibility Study.
- The Nueva Sabana oxide deposit is metallurgically simple, and the Nueva Sabana mine is being planned as a copper project which would benefit from the high grade gold cap during initial operations.
- Metallurgical test work by Blue Coast Research Laboratories in Canada has indicated a gold recovery of 85% from a simple rougher flotation circuit with a concentrate of 53.1 g/t Au produced from an ore sample grading 2.11 g/t Au, whilst a copper recovery of 84.5% yields concentrate grades of 27% Cu from a rougher and cleaner circuit, which has formed the basis of the process design criteria for the Nueva sabana concentrator.
- Planning and permitting for the proposed mine is well advanced.
- Total development costs are estimated to be ~US$30 million with ~US$5 million of pre-development costs including US$1.5 million for the acquisition of the deposit, and ~US$25 million for mine construction based on quotations for site works, industrial buildings, and a turnkey offer for the design and construction of the concentrator and associated grid power substation.
- The project requires minimal pre-stripping and will not involve the purchase of a mining fleet which is to be hired from the Cuban subsidiary of an international supplier.
- Finance for the mine construction is being negotiated in the form of an advance on concentrate purchases by an international commodities trader.
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.
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Antilles Gold Limited
Investor Insight
Antilles Gold’s gold and copper projects in Cuba are underpinned by a strong partnership with a Cuban Government-owned mining company that effectively fast-tracks and de-risks its promising projects, offering a strategic value proposition for investors.
Overview
Antilles Gold (ASX:AAU,OTCQB:ANTMF) is an Australian mining company focused on gold and copper projects in Cuba through a joint venture with the Cuban Government’s mining company, GeoMinera. This partnership has resulted in rapid project permitting and access to several new development opportunities for the Australian company.
Antilles Gold offers strong growth potential through two near‐term development projects, Nueva Sabana and La Demajagua, and two exploration projects, the El Pilar porphyry system and Sierra Maestra copper concessions.
Joint venture projects in Cuba
Nueva Sabana is a near‐term, gold‐copper mine development within the joint venture with GeoMinera, and is expected to initially produce around 70 grams per tonne (g/t) gold in a concentrate from a high‐grade gold cap followed by ~27 percent copper concentrate with gold credits. The project development strategy includes the completion of a feasibility study in September 2024, and the commencement of construction soon after.
The second proposed development is the La Demajagua open-pit mine, which is likely to produce ~50,000 tonnes per annum (tpa) of gold arsenopyrite concentrate (32 g/t gold, 27 percent arsenic), and ~10,000 tpa of gold antimony concentrate (28.8 g/t gold, 48 percent antimony, 1,200 g/t silver) for nine years. According to the plans, construction will commence in late 2025, with commissioning in mid‐2027. La Demajagua will also include the construction of a concentrate processing facility to treat La Demajagua’s gold arsenopyrite concentrate, with the capacity to produce 50,000 oz gold per year in dore, which will further increase JV profit and cashflow.
The joint venture’s two exploration projects comprise the 720‐hectare El Pilar Concession in Central Cuba covering a cluster of three copper‐gold porphyry deposits (El Pilar, Gaspar and San Nicholas), the adjacent 17,000 hectare San Nicholas concession with porphyry style mineralisation, and two concessions totaling 52,600 hectares within the producing Sierra Maestra copper belt in southeast Cuba (La Cristina and Vega Grande), with both indicating of porphyry deposits highly prospective for copper, gold and molybdenum.
Surface mineralisation at El Pilar
Antilles Gold has completed a technical evaluation of the El Pilar porphyry system which was advised to ASX on 15 February 2024.
The joint venture intends to invest part of the surplus cash flow from the Nueva Sabana mine to fund the exploration of major copper targets, including the El Pilar copper‐gold porphyry system, and those in the Sierra Maestra copper belt.
Company Highlights
- Antilles Gold Limited is an Australian mining company listed on the ASX (AAU) and OTCQB (ANTMF).
- The company is focused on gold and copper projects in Cuba through a 50:50 joint venture with the Cuban Government’s mining company, GeoMinera, opening new development opportunities for Antilles and de-risking permitting processes.
- The joint venture is engaged in four development projects: 1) Nueva Sabana gold‐copper mine; 2) La Demajagua gold mine; 3) El Pilar porphyry copper project; and 4) Exploration of two concessions within the Sierra Maestra copper belt. Of these, Nueva Sabana and La Demajagua offer near‐term development opportunities.
- Nueva Sabana is a near‐term gold‐copper mine development that is expected to generate strong cash flow from concentrate sales from end‐2025.
- La Demajagua is an open-pit mine gold project commencing construction in Q4 2025 with commissioning in mid‐2027.
- El Pilar and Sierra Maestra concessions are exploration projects.
- Investment in Cuba offers several benefits, including richness in minerals, low operating costs and royalties, stable government and regulations, several investment incentives and the availability of a skilled workforce.
Key Projects
Nueva Sabana Project
Prominer Mining Technology will supply Nueva Sabana concentrator
Nueva Sabana is the company’s near‐term, gold‐copper mine development project. The project is held in the 50:50 joint venture with GeoMinera. It will be an open-pit mine developed on the oxide zone overlaying the El Pilar porphyry copper deposit in central Cuba.
Results from 24,000 metres of historical drilling, 1,800 metres drilled in 2022, and the 10,000 metres drilled in 2023 have established a mineral resource estimate (MRE). Results of a scoping study were advised to ASX on 7 May 2024, and a feasibility study is in progress for the proposed development which will be followed by a 12‐month construction phase.
Drilling has shown outstanding grades for gold and copper, and increasing lateral and vertical boundaries of the copper domain.
The proposed mining rate for the project will be 500,000 tpa of ore with a low waste‐to‐ore ratio. The anticipated initial production of 70 g/t gold concentrate will be followed by a ~27 percent copper concentrate with gold credits.
The estimated project cost is approximately US$33 million, of which approximately US$6 million is shareholders equity with the balance of $27 million expected to be funded through an advance on purchases of the concentrates by an international commodities trader.
Chinese engineering group, Prominer Mining Technology, which has extensive experience in designing and constructing gold and copper concentrators, is expected to supply the crushing and flotation circuits for the Nueva Sabana mine.
La Demajagua Project
La Demajagua involves the development of a gold‐antimony‐silver deposit as an open-pit mine by the joint venture company, Minera La Victoria.The project is located within a 900 hectare mining concession on the Isle of Youth, 60 nautical miles from mainland Cuba. The project site is 35 kilometres from the port city of Nueva Gerona and enjoys excellent infrastructure in terms of accessibility by highway, and availability of water, electricity and fiber optic cable.The project has an MRE of 905,000 oz gold equivalent for the open-pit operation. The MRE was calculated from 29,000 metres of drilling undertaken by the JV, and selective results from about 50,000 metres of historic drilling and revised after the receipt of additional antimony assays. The project expects mining of about 815,000 tpa of ore to produce two concentrates: 50,000 tpa of gold‐arsenopyrite and 10,000 tpa of gold‐antimony‐silver for nine years.
The project will also include a concentrate processing facility to produce gold doré from the gold-arsenopyrite concentrate. The facility will comprise a 50,000‐tpa two‐stage fluidized‐bed roaster, a carbon-in-leach (CIL) circuit, and an antimony recovery circuit. The overall production target is 75,000 oz gold equivalent per year. Chinese engineering firm BGRIMM Technology Group, which has extensive experience in designing and constructing roasters, is expected to supply the process plant on a turnkey basis.
The total development cost is estimated at US$165 million, expected to be funded by US$75 million of equity, which includes contributions by a third shareholder in the project, and the balance of US$90 million in debt. The life‐of‐mine cash surplus is estimated at ~US$600 million, with an NPV of ~US$330 million based on US$1,800/oz gold, and US$13,000/t antimony.
A revised scoping study including the concentrate processing facility is expected in December 2024, and construction is anticipated to commence in late 2025, with commissioning targeted for mid‐2027.
El Pilar Copper‐Gold Porphyry System Project
El Pilar is an exploration project of a cluster of three copper‐gold porphyry deposits: El Pilar, Gaspar and Camilo. The project comprises a 752 hectare exploration license and an adjacent 17,000 hectare reconnaissance permit covering the San Nicholas copper targets.
The project site benefits from established infrastructure with close access to a major highway, high‐tension power, and a 60 kilometre rail link to Palo Alto port.
Previous mapping, soil sampling, ground magnetics, an aeromagnetic survey and 24,000 metres of shallow drilling confirmed the existence of copper‐gold mineralization and identified the exposures as a potentially large, leached porphyry system. The surface exposures at El Pilar are leached phyllic caps to a cluster of copper‐gold porphyry cores. The extent of surficial hydrothermal alteration indicates the porphyry intrusions have large dimensions, and potential depths greater than 1,000 metres.
Ground magnetics and induced polarization surveys in early 2023 have confirmed a cluster of three potentially large porphyry intrusives – El Pilar, Gaspar and Camilo. A 10‐hole initial program has demonstrated positive results with good copper intercepts in porphyry‐style veining and has indicated the proximity of drilling to the core of El Pilar porphyry intrusive. In particular, drill hole PDH‐004A assayed 1.23 percent copper over its length of 134 metres from 49 metres.
Sierra Maestra Copper Belt Project
The project is an exploration project covering two highly prospective concessions for copper, gold and molybdenum in the Sierra Maestra copper belt in southeast Cuba. It includes a 3,600-hectare geological investigation license in La Cristina, and the adjoining 49,000‐hectare Vega Grande reconnaissance license.
The copper belt spans more than 200 kilometres of Cretaceous‐age geology intruded by Eocene stocks, which are the source of widespread gold and base‐metals mineralization. The project is near the El Cobre mine which is the oldest operating copper mine in the Americas. The concessions incorporate a series of copper‐gold‐molybdenum zones that display significant footprints of hydrothermal alteration normally associated with potentially large porphyry systems.
An extensive, two‐year prospecting program will be carried out on the two concessions, commencing in Q4 2024, to identify drill targets.
Management Team
Brian Johnson – Executive Chairman
Brian Johnson is a graduate of civil engineering from the University of Western Australia and a member of the Institute of Engineers, Australia. He has rich experience in the construction and mining industries in Australia, Southeast Asia and North America. He was instrumental in establishing successful companies in the iron ore and coal sectors. Previously, he has served as a director of two listed gold producers, and of companies with stock exchange listings in London, New York, Vancouver and Australia.
James Tyers – Chief Executive Officer
James Tyers is a member of the AusIMM and has more than 30 years of experience in the mining industry, holding senior management roles in gold and iron ore operations. He has been associated with the Palm Springs Gold Mine in the Kimberley region of Western Australia, and the Cornishman Project, a JV between Troy Resources and Sons of Gwalia. He has experience developing and operating iron ore projects in the mid‐west of Western Australia. He was responsible for developing the Las Lagunas Project and is the project director for the La Demajagua gold mine in Cuba.
Ugo Carlo – Non‐executive Director
Ugo Carlo has more than 30 years of experience in the Australian mining industry. Throughout his career, he has served in several senior leadership roles at Rocklands Richfield, Austral Coal and Conzinc Rio Tinto Australia Group. He is also a former director of the Port Kembla Coal Terminal, the New South Wales Joint Coal Board, and interim chairman of the New South Wales Minerals Council.
Angela Pankhurst – Non‐executive Director
Angela Pankhurst has more than 20 years of experience as an executive and non‐executive director, primarily in the mining industry. She has been a senior executive for companies with projects in Kazakhstan, Nigeria, Vietnam, South Africa and Australia. She has held senior leadership positions at Antilles Gold and Central Asia Resources. She is currently a director of Consolidated Zinc and a director of Imritec.
Tracey Aitkin – Chief Financial Officer
Tracey Aitkin is a professional member of CPA Australia and has more than 30 years of rich experience in finance, administration and staff management across a range of industries, including mining, manufacturing, retail, transport and agriculture. She joined the company in 2009 and was named CFO in 2010.
Dr. Jinxing Ji – Technical Director
Dr. Jinxing Ji is a seasoned metallurgist with six years of research experience in universities and 26 years of practical experience in the mining industry related to gold, silver, copper, zinc and lead. His broad experience includes due diligence, metallurgical test work, pre‐feasibility study, feasibility study, detailed design, plant commissioning support, and operational support for projects in Turkey, Greece, Canada, China, Romania, Brazil and Papua New Guinea.
Steve Mertens – Mining Director
Steve Mertens is a mining engineer with more than 20 years of industry experience across a range of commodities, including nine years based in Latin America. He has been associated with the Goro Nickel Project in New Caledonia and the Mina de Cobre Project in Panama. Prior to his current role as general manager for the Minera La Victoria JV company, he was the mining manager for Antilles Gold’s Las Lagunas operation in the Dominican Republic.
Chris Grainger – Exploration Director
Chris Grainger holds a PhD in economic geology from the University of Western Australia. He is an Australian geologist with more than 25 years of international experience with involvement in grassroots and brownfield exploration, as well as resource definition and development, with a focus on precious and base metals in South and Central America and the Caribbean. He has been associated with Continental Gold’s Buritica gold‐silver project, and Cordoba Minerals’ Alacran copper‐gold project.
How to Use Gold Investments as a Hedge (Updated 2024)
It can be tempting for investors to focus on specific assets or strategies when building an investment portfolio, but those taking a long-term approach will want to diversify in order to balance out potential portfolio instability.
Gold has a reputation for being a reliable diversifier because it can act as a hedge against various risks.
For those unfamiliar with the term, put simply, a hedge is an investment position whose main purpose is to offset potential losses or gains related to another asset. But how does that work, and what's the best way to get exposure to gold as a hedge?
Read on for a look at how this strategy works and why it's worth considering.
Why use gold investments as a hedge?
Gold is looked at as a hedge investment in many different situations. The first and most popular use of gold as a source of protection is as a hedge against the decline of a currency, typically the US dollar. When the dollar slips, the yellow metal not only becomes less expensive to hold, but also tends to rise in value.
“Gold’s relationship with the dollar is determined by US-based gold supply and demand, as well as by the status of the dollar as the reserve currency globally,” states the World Gold Council. “Historically, a weak dollar tends to provide a stronger boost to gold’s performance than the drag created by a strong dollar.”
By holding the precious metal as a diversification tool when the economy negatively affects currencies, investors can incur gains from the metal’s increased value.
The second reason why gold makes a good hedge is that it can act as a defense against inflation. When the cost of living begins to rise, the stock market often falls. In those cases, investors with assets that are negatively affected by a volatile market need something to balance that out — that’s where gold comes in.
Over the past 50 years, investors have seen gold make huge gains when the stock market is crumbling. As Investopedia points out, “This is because, when fiat currency loses its purchasing power to inflation, gold tends to be priced in those currency units and thus tends to arise along with everything else.”
Interestingly, the yellow metal has also been used as a hedge against deflation, which happens when prices drop, the economy is in a downturn and excessive debt looms. This situation has not occurred since the Great Depression of the 1930s, and to a much smaller degree after the 2008 financial crisis.
Market participants may decide to hoard cash in this type of scenario, and the safest place to hold cash is in gold. Again, while this situation is not commonplace, many investors keep the yellow metal in their portfolios on the off chance that another massive period of deflation will take place.
Finally, gold can be used as a general portfolio hedge when market participants hold investments that are not related to one another. Since the precious metal generally has a negative correlation to stocks, bonds and other financial instruments, investors often diversify by creating a portfolio that combines gold with stocks and bonds in order to reduce both volatility and risk.
While it is true that the yellow metal goes through times of volatility, it has always maintained its value over the long term, making it a steady addition to investors’ portfolios.
Those who have decided to add gold to their portfolio as a hedge have a variety of options. Here’s an overview of three of the most popular ways of getting exposure to gold.
1. How to use physical gold as a hedge
Investors can get the most direct exposure to gold by buying physical gold, and holding the physical metal also adds diversification from digital assets. Physical gold can be purchased through government mints, private mints, precious metals dealers and even jewelry stores.
Physical gold investors should generally focus on 0.999 fine items, as these will also be the easiest to sell. The majority of gold bullion products fit this description.
One of the most common choices for investors are gold bullion coins, such as the South African Krugerrand or the Canadian Gold Maple Leaf, which are 0.999 fine. The American Gold Eagle is reputable and popular as well, but has a lower purity at 91.67 percent. Another option is gold rounds, which are similar to coins, but are not legal tender, making them often slightly cheaper.
Gold bars are another popular option, and because they come in a variety of sizes, they can accommodate a range of investors. Large investments may best be made in bars since bigger sizes are available. Further, it is often easier to manage several large products than it is to manage an array of smaller gold items.
When deciding on what to purchase, gold buyers will want to keep their plans for selling in mind. For example, large products may be more difficult and thus slower to sell, meaning it could be harder to take advantage of gold price movements or convert it to cash in an emergency. Individuals making ongoing or significant investments may therefore want to consider purchasing gold in various weights to give them versatility.
Click here to learn more about physical gold as an investment.
2. How to use gold ETFs as a hedge?
One of the common ways investors add gold as a hedge is through investing in a gold exchange-traded fund (ETF), which trade on a stock exchange just like equities. There are several kinds of gold ETFs, offering exposure to different aspects of the gold market. Gold ETFs can offer investors access to gold price movements by holding physical gold or the gold futures market through holding futures contracts. There are also gold ETFs focused on gold mining stocks, providing a more stable alternative to investing in individual gold stocks.
It is important to keep in mind that investors who own gold ETFs do not own any physical gold — even gold ETFs that track physical gold generally cannot be redeemed for it, with the exception of the Vaneck Merk Gold Trust ETF (ARCA:OUNZ). Nonetheless, gold ETFs are a good option for getting exposure to the precious metal without personally trading physical gold, gold futures or gold stocks.
Click here for a list of five popular gold ETFs, and here for more information on gold ETFs.
3. How to use gold futures as a hedge?
A futures contract is an agreement to buy or sell gold on a date in the future for a price determined when the contract is initiated. In a gold futures transaction, two parties agree on a price, the amount of gold being purchased and the future delivery month.
The futures market is often referred to as an arena for paper trading. The bulk of the activity is just that, as metal is not actually exchanged and settlements are made in cash. It allows investors to buy or sell gold as they want without management fees, and taxes are split between short-term and long-term capital gains.
In some cases, the futures market can be an arena for purchasing physical gold. However, obtaining gold through the futures market requires a large investment and involves a list of additional costs. The process can be complicated, cumbersome and lengthy, which is why actually buying physical gold through futures is considered best for highly experienced market participants.
Click here to learn more about gold futures.
This is an updated version of an article first published by the Investing News Network in 2019.
Don’t forget to follow us @INN_Resource for real-time news updates!
Securities Disclosure: I, Lauren Kelly, hold no direct investment interest in any company mentioned in this article.
McPhillamys Gold Project in Jeopardy After Federal Government Issues Protection Order
Regis Resources (ASX:RRL,OTC Pink:RGRNF) said its McPhillamys gold project in New South Wales (NSW) is no longer viable after a decision from Tanya Plibersek, Australia's minister for the environment and water.
Plibersek made a declaration of protection over part of the approved project site under Section 10 of the Aboriginal and Torres Strait Islander Heritage Protection Act 1984, as per Regis' Monday (August 19) press release.
The company said the declaration applies to freehold land that it owns and impacts a "critical area" of McPhillamys, which has already received approval under both state and federal regulations.
According to Regis, this week's declaration affects McPhillamys' proposed tailings storage facility, which falls within the boundaries of the declaration area. Plibersek's decision follows a four year assessment process during which Regis reportedly emphasised to the minister that the project would not be feasible if such a declaration were issued.
McPhillamys was granted development consent by the NSW Independent Planning Commission in March 2023 after a review process that involved input from Aboriginal representatives and the local community. In May 2023, it was also approved under the Environmental Protection and Biodiversity Conservation Act by a delegate of Plibersek.
While Plibersek has claimed the declaration will not halt the mine, Regis does not agree. The company expressed surprise at the minister’s decision, highlighting that it contradicts earlier approvals and the outcome of various assessments.
The company has also noted that finding an alternative site for the tailings storage facility would require restarting the approval process, potentially taking between five and 10 years with no assurance of a feasible solution.
Regis said it will now have to reassess the US$190 million carrying value of McPhillamys. The company is also considering its legal options while determining the project’s future and its commitment to ongoing expenditures.
Regis plans to hold an analyst and market briefing to discuss the situation in further detail.
Don't forget to follow us @INN_Australia for real-time updates!
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
Odienné Results Confirm Mineralised Structures, Extend Targets and Define New Anomaly
Many Peaks Minerals Limited (ASX:MPK) (Many Peaks or the Company) is pleased to announce assay results for the Company’s reconnaissance exploration campaign at the Odienné Project in Côte d’Ivoire. This program comprised 7,741m of auger sampling, and 1,069m of diamond drilling at Odienné South, which covers a 30km extent of the prolific Sassandra Fault corridor. This corridor trends through the adjoining Awalé/Newmont JV project host to recent discovery drilling, and northwest to Predictive Discovery’s 5.4Moz gold deposit.
Highlights:
- Auger results highlight existing high priority targets, and additional new targets within the high strain Archean margin (Sassandra Fault) in northwest Côte d’Ivoire
- Newly defined 4km gold anomaly identified at ‘Zone C’ peripheral to previous soil anomaly
- Reconnaissance diamond drill holes into the 758km2 Odienné Project confirm presence of extensive shearing coincident with gold mineralisation and favourable alteration
- Drilling to commence at Odienné and Ferke projects over the next two months
Auger drilling has delineated priority targets within zones A, B and C totalling >16km of shear zone within the corridor for staged follow-up exploration (Figure 1). With receipt of additional auger assays pending and integration of results with geophysical and mapping datasets, air core drilling to oxidation base in fences 400m apart will be drilled over Q4 post wet season to evaluate.
Concurrently, a reconnaissance diamond drill test targeted a favourable structural contact between igneous and sedimentary units identified in previous results. The maiden drill test did confirm low-level gold results throughout the 800m extent drilled within the 6km Zone A target zones, highlighting a coherent mineralised structure. However, visually the core indicates the targeted igneous body is a late intrusive into the existing structure and is now interpreted to post-date a gold mineralising event. Follow-up along strike to identify a more favourable lithologic and structural setting to focus gold mineralisation.
Many Peaks’ Executive Chairman, Travis Schwertfeger commented:
“With receipt of our first set of assay results from our maiden program at Odienné, we are encouraged to see continuity of mineralisation through multiple lines of auger drilling. This further highlights the discovery potential at Odienné as the company consistently vectors in on more discrete targets with each step in the exploration process. While the diamond assay results are not high grade, they are significant, and the combined results from auger and diamond drilling mark a significant step towards a discovery at the Odienné South permit”.
“We are very pleased with the achievements of our exploration team, and the results of the June-July campaigns across Odienné. Having successfully executed a significant amount of work so quickly on the heels of completing our project acquisition the Company is well positioned for aggressive and targeted drilling going into the upcoming field season in Côte d’Ivoire”.
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.
Piche Resources: Targeting Globally Significant Uranium and Gold Discoveries in Australia and Argentina
With high-quality, drill-ready assets, with world-class discovery potential, Piche Resources (ASX:PR2) is a compelling business case for investors looking to leverage a bull market for uranium and gold. The company holds a portfolio of drill-ready uranium and gold assets in Argentina and Australia which include the Ashburton uranium project in the Pilbara region; the Sierra Cuadrada uranium project in Argentina; and the Cerro Chacon gold project which shares geological similarities with the Cerro Negro mine.
The Ashburton uranium project comprises three exploration licences and has the potential to host uranium mineral deposits similar to the Pine Creek Geosyncline in Australia’s Northern Territory, and the Athabasca Basin in Saskatchewan, Canada.
iche has an internationally recognized board focused on creating long-term shareholder value, and an in-country technical team in Argentina with a proven track record of taking projects from discovery through to development.
Company Highlights
- The company’s Australian asset is the Ashburton uranium project which has been drilled previously and recorded high-grade uranium intersections over significant widths.
- In Argentina, the company’s Sierra Cuadrada uranium project in the San Jorge Basin has a significant history of high-grade, near-surface uranium mining operations.
- The company is currently drilling one of its prospects at Sierra Cuadrada and has announced visible uranium in numerous holes. Multiple other prospects are drill-ready and have the potential to host tier 1 uranium deposits.
- Exposure to gold with high-quality precious metal projects in Argentina that boast surface outcrop samples with gold grade up to 13 g/t gold.
- Internationally renowned board and management team with extensive uranium and gold exploration and development experience.
This Piche Resources profile is part of a paid investor education campaign.*
Click here to connect with Piche Resources (ASX:PR2) to receive an Investor Presentation
5 Top Weekly TSXV Stocks: Gold Stocks Gain as Metal Hits New Record High
Welcome to the Investing News Network's weekly look at the best-performing junior mining stocks on the TSX Venture Exchange, starting with a round-up of Canadian and US market data impacting the resource sector.
The S&P/TSX Venture Composite Index (INDEXTSI:JX) gained more than 5 percent last week to close at 566.41. Meanwhile, the S&P/TSX Composite Index (INDEXTSI:OSPTX) was up by 743.31 points to finish at 23,054.61.
The US Bureau of Labor Statistics released July’s consumer price index (CPI) data this past Wednesday (August 14). The agency indicates that CPI increased 2.9 percent year-on-year, down from the 3 percent recorded in June.
The headline number, however, was a seasonally adjusted 0.2 percent monthly CPI increase. Most market watchers are now anticipating a 25 basis point cut when the US Federal Reserve meets in September.
The gold price gold a boost on Friday (August 16) after the Chinese government issued new gold import quotas for banks in the country following a two month pause. Central bank buying has provided the yellow metal with critical support through the year, and has helped drive bullish sentiment among Asian and emerging market investors.
Markets were positive this week, with the S&P 500 (INDEXSP:.INX) gaining 3.78 percent to hit 5,554.26 points, and the Nasdaq-100 (INDEXNASDAQ:NDX) surging 5.18 percent to end the week at 19,508.52.
The Dow Jones Industrial Average (INDEXDJX:.DJI) nudged up 2.79 percent to reach 40,659.77.
Commodities were mixed, with the S&P GSCI (INDEXSP:SPGSCI) remaining flat with a 0.27 percent loss to finish the week at US$540.07. Gold fell following the release of CPI data on Wednesday, but hit a new record high on Friday, ultimately gaining 3.19 percent during the week to come in at US$2,508.14 per ounce. Silver also saw a large price gain on Friday, jumping 5.54 percent on the week to reach US$29.02 per ounce by 4:30 p.m. EDT on Friday.
Which TSXV-listed companies rose the most against that backdrop? Here are the five top gainers.
1. Westhaven Gold (TSXV:WHN)
Weekly gain: 50 percent; market cap: C$31.04 million; share price: C$0.195
Westhaven Gold is working to advance four gold projects along the Spences Bridge Gold Belt located near Kamloops, BC. The four projects — Prospect Valley, Shovelnose, Skoonka Creek and Skoonka North — cover 37,000 hectares along the belt, which hosts similar geology to others that contain epithermal-style gold-silver mineralization.
The most advanced of its projects, Shovelnose, is located on the northern end of the trend. To date, the company has drilled 465 holes covering 161,597 meters; it also completed a preliminary economic assessment in July 2023.
In the assessment, the company reported a base-case after-tax net present value of C$222 million, with an internal rate of return of 32.3 percent and a payback period of 2.6 years following the start of production.
The resource estimate for the project outlines indicated resources of 612,000 ounces of contained gold and 3.27 million ounces of contained silver from 2.98 million metric tons (MT) of ore with average grades of 6.38 grams per MT (g/t) gold and 34.1 g/t silver. The project also hosts inferred resources of 166,000 ounces of gold and 725,000 ounces silver from 1.33 million MT with average grades of 3.89 g/t gold and 16.9 g/t silver.
The company did not release news last week, but has seen gains in its share price alongside the price of gold.
2. Lithium Ionic (TSXV:LTH)
Weekly gain: 46.67 percent; market cap: C$99.24 million; share price: C$0.66
Lithium Ionic is an exploration and development company that is acquiring and moving forward at lithium properties in Brazil. It has arranged its assets into two main groups: the Itinga and Salinas properties.
The Itinga properties hold the company's flagship Bandeira lithium project. A feasibility study completed in May outlines an after-tax net present value of US$1.3 billion at an 8 percent discount, and an after-tax internal rate of return of 40 percent at an average price of US$2,277 per MT for spodumene concentrate grading 5.5 percent Li2O.
The feasibility study also points to a 14 year mine life for Bandeira, during which an underground mining operation will put out an average of 178,000 MT of spodumene concentrate grading 5.5 percent Li2O.
Lithium Ionic has not released news in August.
3. Scorpio Gold (TSXV:SGN)
Weekly gain: 45 percent; market cap: C$12.65 million; share price: C$0.145
Scorpio Gold is an exploration and development company focused on the advancement of its Manhattan District in the Walker Lane Trend in Nevada, US. The district is composed of the 4,300 acre Manhattan project, which hosts two past-producing open-pit mines. Scorpio acquired the project from Kinross Gold (TSX:K,NYSE:KGC) in 2021.
Adjacent to Manhattan is Scorpio’s Goldwedge project, a 1,795 acre site that includes a fully permitted underground mine and a 400 MT per day mill facility and gravity circuit.
The company’s most recent news came on August 1, when Scorpio completed the first phase of a 2024 exploration program at the Manhattan project; it consisted of five holes across 1,178 meters. The company also said it had commenced an expanded second phase that will see diamond drilling of 13 holes across 3,109 meters.
The program is being performed to support a resource estimate with a metallurgical study later in the year.
4. Arras Minerals (TSXV:ARK)
Weekly gain: 42.86 percent; market cap: C$29.63 million; share price: C$0.45
Arras Minerals is a copper and gold exploration company working to develop assets in Northeast Kazakhstan.
Its flagship property is the Beskauga project, which is situated within the Central Asian Orogenic belt, 300 kilometers from the capital city of Astana. The property consists of three mineral licenses covering an area of over 900 square kilometers, with deposits originally identified in the 1980s during Soviet-era drill programs.
The company also has a strategic alliance with Canada's Teck Resources (TSX:TECK.A,TECK.B, NYSE:TECK) to focus on further exploration projects in Kazakhstan. This initiative, announced in December 2023, will see Teck fund exploration through 2025 across a 1,736 square kilometer land package, and will give it the option to select up to four properties totaling 120 square kilometers, earning a 75 percent interest in each project.
The company has not released news in the past week.
5. Falco Resources (TSXV:FPC)
Weekly gain: 42.86 percent; market cap: C$77.04 million; share price: C$0.30
Falco Resources is an exploration and development company operating within the Abitibi Greenstone Belt in Québec, Canada. Its flagship asset is the Horne 5 polymetallic gold project, which consists of 67,000 hectares of land in the Noranda mining camp, and includes 13 historic gold and base metals mining sites, including the Horne mine.
A 2021 feasibility study estimates that the project's measured and indicated resources stand at 4.89 million ounces of gold, 48.63 million ounces of silver, 176,982 MT of copper and 839,937 MT of zinc.
The most recent news from Falco came on July 25, when the company announced that Benoit Charette, the minister of the environment, the fight against climate change, wildlife and parks, had given a mandate for an inquiry and a public hearing to be held for Horne 5. The company said this is an important milestone for the project, and will allow it to respond to questions from the public about Horne 5. The mandate will last a maximum of four months.
FAQs for TSXV 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, while 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 Weekly TSXV Performers article was retrieved at 12:30 pm PST on August 16, 2024, using TradingView's stock screener. Only companies with market capitalizations greater than C$10 million prior to the week's gains are included. Companies within the non-energy minerals and energy minerals 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.
TEM | Yalgoo Update - Remorse Sampling Indicates Further Prospectivity
Tempest Minerals Ltd (TEM) is pleased to provide information on the Remorse Target. Recently completed soil sampling in the south of the main Remorse Target has yielded comparable copper and zinc to previous work and further cementing the ~ 5km x 1.5km coherent anomaly. Analyses utilising spectral mineralogical show the likely presence of a significant hydrothermal system to a degree much further than identified in geochemistry or fieldwork. This is an exciting improvement to the prospectivity of the target with a 5,000m RC drilling program imminent. Earthworks for drilling are nearing completion and drilling will commence upon arrival of the contracted drill rig.
Key Points
- Expanded copper and zinc footprint from recent surface sampling
- Copper minerals and alteration identified in mineralogical studies increasing prospectivity
- Earthworks nearing completion and drilling to commence shortly thereafter
Background
TEM holds more than 1,000km2 1 of highly prospective tenure in the Yalgoo Region of Western Australia 2. TEM previously announced the presence of large-scale copper zinc anomalies at the Remorse Target based on geology, geochemistry and geophysics that it is progressing towards drilling 3, 4, 5 and that sampling of a previously incomplete block was recently completed.
Existing Prospectivity
TEM has for some time considered the Remorse Target to be a compelling exploration target due to a number of geological factors.
Previous geochemistry
The initial recognition of the Remorse Target was due to the observation of an anomaly in previously conducted wide-spaced regional surface geochemical sampling. The 4.5km anomaly exhibits high-grade (up to 635 ppm copper) samples 6 and has a remarkably coherent layering of elements (zinc, copper, nickel and rare earths) 7.
Geology
The primary mineralisation style being considered at the Remorse Target is Volcanogenic Massive Sulphides (VMS) with a typical geological environment being deep-sea sedimentary stratigraphy with intermingled mafic and felsic volcanics. The stratigraphy often exhibits iron enrichment in the form of banded iron formations and cherts. The presence of magnetite and significant banded iron geology at the Remorse Target is commonly spatially associated with VMS systems in general 8 and also a defining characteristic of the nearby Golden Grove copper-zinc deposit 9.
The Remorse Target features large-scale structures that offset the geology at surface and may serve as feeder systems, contributing to the potential mineralisation of the area. These potential feeder structures are significant as they are integral to the formation of many mineralised VMS systems 10.
Click here for the full ASX Release
This article includes content from Tempest 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.
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