Flynn Gold Limited (“FG1” or “Flynn Gold”) (ASX: FG1) is pleased to announce results from its soil sampling program at its recently optioned2 Parker Dome lithium-gold project, situated in the highly prospective Forrestania Belt in Western Australia.
Highlights
The soil sampling program was designed to provide first-pass geochemical coverage over the Western and Eastern pegmatite trends, delivering the first systematic lithium and associated pathfinder assays for the project.
Managing Director and CEO, Neil Marston commented,
“We are very pleased with the results of the first soil program at Parker Dome, which delineated a series of strong kilometre-long lithium soil anomalies in areas not yet drill tested for lithium, highlighting the exciting lithium potential of the project.”
“The consistency and coherency of the lithium values within these large-scale anomalies is impressive. The coincident pathfinder elements like tantalum and caesium as well as the identification of logged pegmatite in historic drill holes make these areas compelling targets which have been cheaply delineated”.
Figure 1 - Location of Flynn’s Forrestania and Lake Johnston projects and Parker Dome licences under option
Parker Dome Project - Soil Sampling Program
The results from an auger soil geochemistry program at the Parker Dome project have been received and have outlined six new, large-scale, high priority lithium anomalies4 with associated pathfinder geochemistry (Figures 2 - 10).
The soil program was designed to provide first-pass coverage over the Western and Eastern pegmatite trends. The pegmatite trends were outlined by historic, shallow RAB drilling which intersected multiple pegmatite intersections logged over a wide area5, with most holes ending in pegmatite up to 12m thick. The historic drill holes with pegmatite were not assayed for lithium. Flynn believes the soil sampling results announced in this release represent the first significant systematic exploration for lithium at the Parker Dome project.
The auger soil survey was completed on a spacing which varied between 200m x 100m and 400m x 100m, with a total of 679 soil samples collected. Samples were sieved to -80 mesh (180um) and assayed at SGS Australia Pty Ltd, for lithium and associated pathfinder elements by four-acid digest with an ICP-MS finish and gold by 30g fire assay (refer Appendix 1 for further details). The auger soil program has outlined six, large, coherent lithium anomalies with coincident and zoned pathfinder element support (Figures 2 – 10). Three targets (Targets 3, 5 and 6) require further follow-up infill and extensional auger soil sampling. The six targets present as compelling, high order drill targets.
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This article includes content from Flynn Gold, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Flynn Gold Limited (ASX: FG1) is an Australian mineral exploration company with a portfolio of projects in Tasmania and Western Australia.
Tasmania is home to several world-renowned deposits and is rich in diverse mineral resources and operating mines. The region has established mining districts, excellent infrastructure such as rail and ports, and a skilled workforce, with a stable political and regulatory environment. These features are a big positive for the company’s projects in this region.
The company has nine 100 percent owned tenements in Northeast Tasmania which are highly prospective for gold and tin/tungsten with three major projects — Golden Ridge, Portland and Warrentinna. In Northwest Tasmania, it has the Henty zinc-lead-silver and the Firetower gold and critical minerals projects.
Flynn Gold’s exploration at its Golden Ridge Project has focused on an 8-kilometre-long granodiorite-metasediment contact zone with diamond drilling programs completed at the Brilliant and Trafalgar prospects, with multiple high-grade gold vein intersections.
Moreover, the company’s first diamond drilling programs at its Warrentinna and Firetower projects have been completed with assays pending.
Apart from Tasmania, the company is building a strategic lithium and gold portfolio in Western Australia, targeting hard-rock lithium pegmatites and intrusive related gold deposits in the Pilbara region and Yilgarn Craton. Its five lithium-gold projects in Western Australia are strategically located in districts hosting large gold and lithium deposits or in regions that are relatively under-explored for lithium. Of these, three lithium-gold projects are in the Yilgarn region: Forrestania, Lake Johnston and Koolyanobbing. The remaining two lithium-gold projects are in the Pilbara region: Mt Dove and Yarrie.
Flynn’s recent acquisitions have been focused on strengthening its lithium portfolio. This includes the option agreement to purchase two exploration licences at the Parker Dome Project in Western Australia, which is considered highly prospective for lithium. In addition to this, Flynn has also increased its land position closer to the Mt Holland lithium project. Four new exploration licence applications covering approximately 20 sq. km. have been lodged with the Department of Energy, Mines, Industry Regulation and Safety.
The focus on lithium positions the company to benefit from the global transition towards clean energy. The recent COP28 summit in Dubai signaled the world's desire to move away from fossil fuels over the next few decades to address climate change. Electric vehicles are likely to remain in focus as a key solution to the climate challenges. Most of the lithium is used to make lithium-ion batteries for electric cars and mobile devices. Summarily, lithium will be in high demand given this trend.
The company has three main projects in northeast Tasmania — Golden Ridge, Portland and Warrentinna. The under-explored Northeast Tasmania region is interpreted to be part of the Western Lachlan Orogen, a geological extension of the rich Victorian Goldfields which boast of historical gold production of over 80 million ounces (Moz). The company’s landholding across nine 100 percent owned tenements in the region has provided it with significant potential for gold and tin discoveries.
Targeted for intrusive related gold system (IRGS) style mineralization, the Golden Ridge project is located 75 kilometres east of Launceston in Northeast Tasmania. Previous gold exploration at the Golden Ridge Project has been very limited with shallow historical workings located over an 8-kilometre-long granodiorite-metasediment contact zone. Flynn Gold’s exploration has focused on the Brilliant and Trafalgar prospects, with diamond drilling programs completed at both locations between June 2021 and August 2023. In addition, a limited reconnaissance RC drilling program in late 2022 to test for gold mineralisation at the Link Zone confirmed the presence of shallow gold mineralisation between the Brilliant and Trafalgar prospects, highlighting the significant gold potential of the granodiorite-metasediment contact zone.
Drilling at Trafalgar consisted of 14 holes for 5,218.3 metres with multiple vein intersections grading >100 grams per ton (g/t) gold reported. The best intersections recorded in drilling at Trafalgar were 16.8 g/t gold over 12.3 metres (from 108.7 to 121 metres), including 0.7m at 152.5 g/t gold and 23.7 g/t gold over 4 metres (from 23 to 27 metres), including a high-grade zone of 0.5 metre at 169.8 g/t gold.
Drilling completed at Trafalgar intersected high-grade gold over a strike length of 400 metres and from depths of 40 to 400 metres below surface, confirming a significant new gold discovery that is open in all directions.
Initial metallurgical tests were successfully completed in November 2023 on 26 drill samples from the Trafalgar prospect. Average gold recovery of 94.5 percent was recorded using conventional bottle roll leaching.
The Portland gold project covers 370 sq. kms. and comprises three adjacent tenements: Portland, Telegraph and Cameron Tin. The project falls within the region mined historically from 1870 to 1917 and has similarities to Victorian geology with high-grade “Fosterville-style” gold mineralization confirmed. Geochemical surveys and costean sampling programs at Portland confirmed the presence of anomalous gold zones. Drilling at the Grand Flaneur prospect in 2022 and the Popes prospect in 2023 have both confirmed the presence of gold mineralization.
The Warrentinna project was acquired in 2023 from Greatland Gold plc (LSE:GGP). The Project is located in northeast Tasmania and covers an area of approximately 37 sq km immediately adjacent to Flynn’s existing Lyndhurst Project. The tenement encompasses two historic goldfields, Forester and Warrentinna. Both fields produced high-grade gold deposits in the late 1800s and early 1900s. The Warrentinna goldfield is defined by numerous historic workings and largely untested prospects over a strike length of 6 kilometres.
Initial drilling by Flynn in September/October 2023 at Warrentinna consisted of two diamond drill holes, designed to test the continuity and extension of orogenic style gold mineralisation identified in historical drilling. The holes are also designed to provide stratigraphic and structural information critical to advancing understanding of the project. Assay results are pending.
The company has two projects in the Northwest Tasmania region: the Henty zinc project and the Firetower project.
The project is a 130 sq. km land holding under two 100 percent owned exploration licences and provides the company with a dominant position in a rich base metals field with proximity to an existing zinc/lead concentrate producer (MMG’s Rosebery mine).
The Henty Project has a significant pipeline of exploration targets with the Mariposa and Grieves Siding prospects ready for resource drilling
The project was acquired in 2023 from Greatland Gold plc (LSE: GGP). The project spans more than 62 sq. kms. and represents an advanced gold plus battery metals project, which includes three notable prospects: Firetower, Firetower East and Firetower West. The Firetower project lies in the highly mineralized Mt Read volcanic sequence which hosts major polymetallic base metals and gold deposits such as Hellyer and Rosebery, copper-gold deposits such as Mt Lyell (3 million tons contained copper, 3.1 Moz contained gold), and the Henty gold mine (1.64 Moz gold @ 12.5 g/t gold).
Resampling of the historic core at Firetower has confirmed the significant potential for gold and critical minerals - cobalt, tungsten and copper. The results have made it clear this project represents an exciting polymetallic opportunity. The company commenced a diamond drilling program in October 2023 to target both the gold and polymetallic minerals potential.
Flynn holds five gold-lithium projects in the resources-rich state of Western Australia, strategically located near large gold and lithium deposits or in regions that are relatively under-explored for lithium.
The five projects include: Mt. Dove and Yarrie in Pilbara; and Koolyanobbing, Forrestania and Lake Johnston in Yilgarn.
Located 70 kilometres south of Port Hedland in the Pilbara region, Mt Dove comprises five granted licences covering 86.6 sq. kms. and one tenement application. The project is located near the large Hemi gold deposit (De Grey Mining, ASX:DEG) and the large lithium mines at Pilgangoora and Wodgina. The company has completed two soil sampling programs at Mt Dove, which have identified lithium and gold anomalies. The follow-up exploration, which is likely to include aircore drilling, intends to test lithium and gold anomalies identified during the soil sampling program completed in 2022 and 2023.
The Yarrie Project comprises three tenements and one application covering 424 sq. kms. Very limited historical exploration has been undertaken for lithium, gold and copper on the project. The project is highly prospective for iron ore, being close to historic mining operations and existing rail infrastructure.
The Forrestania project consists of one exploration licence and five exploration licence applications over a 320 sq. km. area. It is located near the Mt Holland lithium deposit (Wesfarmers (ASX:WES)/ SQM (NYSE:SQM) JV) and high-grade nickel deposits, Flying Fox and Maggie Hays.
Lake Johnston consists of five exploration licenses over a 116 sq. km. area, and is located near the Burmeister lithium discovery (TG Metals (ASX:TG6)) and the Medcalf, Lake Percy and Mt Day Lithium projects.
Koolyanobbing comprises one exploration licence and two applications targeting gold and lithium mineralization over an 82 sq. km. area in the Marda-Diemals greenstone belt.
In addition to the above-mentioned projects, Flynn has secured an option agreement to purchase two exploration licences at the Parker Dome project in Western Australia, which is considered highly prospective for lithium. The Parker Dome project covers 42 sq. kms. and is situated 50 kilometres north of the world-class Mount Holland lithium project in Western Australia. The licences are fully permitted allowing for an immediate commencement of exploration and drilling. The company expects to commence drilling at Parker Dome in early 2024.
Clive Duncan has over four decades of experience at big box hardware chain Bunnings, including as chief operating officer and company director. He has rich experience in corporate and business development, including mergers and acquisitions, business integrations, corporate government, strategy development and marketing. He has completed post-graduate studies at Harvard University and London Business School and is a member of the Australian Institute of Company Directors. He is a long-term significant shareholder of Flynn Gold’s predecessor companies.
Neil Marston was appointed managing director in May 2023 and has been the company CEO since August 2022. He has more than 30 years of experience in the mining and minerals exploration sector and is a proven ASX-listed company leader, with a strong governance and corporate finance background. Previously, he held several senior roles including managing director at Bryah Resources (ASX:BYH) and Horseshoe Metals (ASX:HOR).
Sam Garrett has more than 30 years of exploration management, project assessment and operational experience with multinational and junior mining and exploration companies, including Phelps Dodge and Cyprus Gold. He has a background in copper and gold exploration with strong exposure to iron ore, base metals and specialist commodities. He is associated with discoveries at Mt Elliott (copper), Havieron (copper-gold), and Tujuh Bukit (gold). Moreover, he co-founded Flynn Gold and its predecessor Pacific Trends Resources.
John Forwood is a director and chief investment officer of Lowell Resources Funds Management (LRFM). He is qualified as a lawyer and geologist and has more than 20 years of resources financing experience, including with ASX-listed Lowell Resources Trust (ASX:LRT), as a director of RMB Resources, and as manager of Telluride Investment Trust.
This article was written in collaboration with Couloir Capital.
Highlights
Managing Director and CEO, Neil Marston commented,
“These are impressive early results from the first hole of our drilling campaign at the Trafalgar Prospect at Golden Ridge in Northeast Tasmania, adding further confidence to our understanding of Trafalgar as a multiple high-grade vein, intrusion-related gold deposit.
“Earlier this year our exploration model for Trafalgar was refined and updated. Based on the new model this first drill hole was designed to test for mineralisation beneath the historic Trafalgar mine, and up dip of previously intersected high-grade intervals. We have intersected high-grade mineralisation in the target zones, which increases confidence in our work and the ability to understand this high-grade gold system.”
“We look forward to releasing further drilling results as this program progresses over the coming weeks.”
Figure 1 - Location of Flynn Gold tenements in NE Tasmania.
Trafalgar Prospect - Phase 3 Drilling
Phase 3 drilling commenced at the Trafalgar prospect in mid-April 2024. The planned 1,500m diamond drill program will initially comprise infill and extension drilling targeting down-dip and along-strike extensions to previously drilled high-grade gold intercepts. Initial holes are designed as infill and close-spaced step-outs around the previous wide-spaced drilling (100m average drill hole spacing) and will be used to test and refine the current vein model and inform targeting of further step-out strike and depth extension drilling.
The first hole, TFDD016, was drilled to 355.9m and was designed to in-fill widely-spaced drilling and test all 3 of the main veins (Trafalgar Main, Magazine, and Trafalgar South veins) and associated splays identified in Flynn’s recent modelled interpretation of the deposit
Assay results have been received for TFDD016 from 18.0m to 274.0m depth with the remaining samples (274.0-355.9m) at the laboratory.
TFDD016 was drilled into granodiorite, drilling towards the south under historical workings. As predicted, multiple zones with visible signs of mineralisation, including visible gold, were intersected in the hole. Significant intercepts are shown in Figure 2 and Figure 3 with full drilling details shown in Tables 1 & 2.
Figure 2 - Trafalgar Prospect collar location plan with interpreted mineralised veins projected to [surface].
The second hole, TFDD017, was completed last week with a final depth of 248.4m. It was also designed to test all the main veins (Trafalgar Main, Magazine, and Trafalgar South veins) (see Figure 2). This hole is currently being logged and sampled.
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This article includes content from Flynn Gold, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Highlights
Geological modelling of the multiple high-grade veins intersected in drilling at the Trafalgar Prospect in 2022/23 has been completed. The next phase of diamond drilling (Phase 3) has commenced to test in-fill and extensional drilling targets generated from the new geological model.
Managing Director and CEO, Neil Marston commented,
“Since the completion of drilling at the Trafalgar prospect at Golden Ridge in 2023, Flynn Gold has been undertaking geological modelling of the high-grade gold intersected in multiple vein sets.
“This modelling work, in combination with our recent soil sampling activities, demonstrates the potential for extensive gold mineralisation at Golden Ridge.
“Based on the latest information we have designed a program of drill holes with the goal being to target down-dip and along-strike extensions to previous high-grade gold intercepts.
“As gold prices hit record highs, it’s an exciting time for our team to be drilling this new Tasmanian gold discovery.”
Figure 1 - Location of Flynn Gold tenements in NE Tasmania.
Trafalgar Prospect – Geological Vein Model
A 3D geological vein model was recently completed for the Trafalgar prospect. The model interprets 3 main gold mineralised veins, accompanied by a network of subsidiary mineralised splay veins and sheeted vein swarms bifurcating off the main veins (see Figure 2).
All of the main mineralised veins transect the granodiorite – hornfelsed metasediments contact, with gold mineralisation hosted in both the granodiorite and metasediment host rocks.
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This article includes content from Flynn Gold, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
HIGHLIGHTS:
This is the first diamond drill program at Ricciardo since 2014, when just three (3) diamond holes were drilled by the previous operator.
The results reported in this release are for four (4) (255m) of the 16 (1420m) diamond holes drilled to date. Approximately 2,200m of diamond drilling is planned as part of the current phase of combined RC and diamond drilling at Ricciardo and M1.
The results from these initial four diamond holes extend the high-grade shoot below the Silverstone North pit and infill a previous gap in the high-grade zone of the MRE below the northern part of the Ardmore pit (adding confidence and continuity to the MRE in this area).
These outcomes, while stemming from only a small part of the overall current phase of drilling, continues to demonstrate the outstanding MRE growth potential that exists at Ricciardo and along the broader ‘Golden Corridor’ trend.
Figure 1: The Golden Range and Fields Find Projects Mines and projects within trucking distance of the Warriedar tenure are shown. The location of the Ricciardo deposit within the 25km-long ‘Golden Corridor’ at the Golden Range Project is annotated
The Ricciardo gold system (within the Golden Range Project) spans a strike length of approximately 2.3km, with very limited drilling having been undertaken below 100m depth. Ricciardo possesses a current Mineral Resource Estimate (MRE) of 8.7 Mt @ 1.7 g/t Au for 476 koz gold.1 The oxide material at Ricciardo has been mined by previous operators.
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This article includes content from Warriedar Resources Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Tartana Minerals is a new copper producer generating strong cash flow, with a substantial exploration footprint in a tier 1 mining jurisdiction. Tartana Minerals is creating shareholder value through investment in increasing its existing copper, zinc and gold resources and accelerating exploration of key projects within its highly prospective exploration portfolio. Tartana Minerals presents a compelling investment against the backdrop of a strong macroeconomic environment for copper.
Tartana Minerals (ASX:TAT) is a copper, gold, silver and zinc, producer, explorer and developer in Far North Queensland. Its flagship project is the 100 percent owned Tartana copper and zinc project which comprises four mining leases located north of Chillagoe. The company’s business model has involved refurbishing an existing heap leach - solvent extraction – crystallisation plant which is located on the Tartana mining leases. The refurbishment and commissioning of this plant is now completed and the company is producing copper sulphate pentahydrate which is sold to offtaker, Kanins International. Copper sulphate is priced on a premium plus percentage of the LME copper price and provides investors with leverage to anticipate increasing copper prices.
The company, formerly known as R3D Resources, changed its name to Tartana Minerals in April 2024. Tartana Minerals is based in Sydney, Australia.
Tartana Minerals has reported the following resources:
These copper, zinc and gold resources remain open at depth and along strike and the company has designed drilling programs to expand these resources. In particular, the copper mineralisation and potentially the gold mineralisation have scope to be upgraded through ore sorting.
However, the refurbished heap leach – solvent extraction – crystallisation plant utilises existing copper in the ponds and the heaps and these copper sources will be replenished when we commence mining from the open pit.
The first and second shipments of copper sulphate were sold during the June 2024 quarter with further shipments are currently being prepared. The copper sulphate contains 25 percent copper metal and payment is based on the LME copper price for the preceding month plus a premium. It is one of the few forms of saleable copper where the copper content receives the full LME price.
Sprinklers operating on the lower heap. Note the presence of copper (blue).Chillagoe region of Far North Queensland is highly prospective with the discovery and development of a number of key projects over the last few decades including Red Dome (2.5 Moz gold), Mungana (1.2 Moz gold), and King Vol (250 kt zinc). These deposits occur along the Palmerville Fault in a similar location to the Tartana Mining leases.
The mining leases at Tartana contain copper, zinc and gold mineralisation but the company also has significant projects which are both east and west of the Palmerville Fault. In the west it has the Cardross and Mountain Maid copper-gold projects and further north it has the Beefwood project. Mountain Maid has gold resources mentioned above and which are open to the south and at depth while the company is finalising a maiden copper resource for the Cardross project. The Beefwood project comprises a buried geophysical target and surface sampling has recovered samples grading up to 180 g/t Au with no apparent source. Drilling is planned to test this target in the current dry season.
In the east of the Palmerville Fault, the company has the Bellevue/Dry River project, the OK South project and the Dimbulah Porphyry project, all copper projects with historic copper mines and prospects. Like many parts of Far North Queensland, historical exploration has not been systematic and thorough despite many promising expressions of surface mineralisation.
Tartana’s exploration team comprises of experienced exploration geologists with supporting cash flow from their copper production, they expect to be able drill the most promising targets in the short term.
Overall, the macroeconomic environment for copper remains strong. The LME three-month copper price hit US$5.24/lb on May 17, the highest since March 7, 2022, driven by a weaker US dollar, Chinese property stimulus measures, and a short squeeze on the Chicago Mercantile Exchange futures market.
In the near-to-mid term China’s demand for refined copper is expected to grow, due to better-than-expected performances from key consumer segments, including the power grid, solar installations and electric vehicle and air conditioning appliance sales. On the supply side the copper concentrate market is expected to remain in a significant deficit due to the estimated delay in the Cobre Panama mine restart but will be partially offset by the higher projected production from smelters in China. As a result, we see further demand growth and supply tightening for the copper market as positive for base metal equities who maintain significant leverage to increasing prices.
Jihad Malaeb is an experienced entrepreneur across a number of industries, including hospitality and construction, as well as having significant experience in mineral exploration and mining operations – both as an active investor and company director. He currently owns and operates a portfolio of hospitality businesses and real estate across Australia, which have been established over the past 30 years. Malaeb was previously a non-executive director of Critical Resources (ASX:CRR), where he helped steer CRR through the past few years as one of its largest shareholders and as a board member.
Steve Bartrop’s professional experience spans more than 30 years covering periods in both the mining industry and financial sector. With a geology background, Bartrop has worked in exploration, feasibility and evaluation studies and mining in a range of commodities and in different parts of the world. In the financial sector, he has been involved in research, corporate transactions and IPOs spanning more than 20 years, including senior roles at JPMorgan, Bankers Trust and Macquarie Equities.
Bartrop is also a director of Southwest Pacific Bauxite (HK), a company developing a bauxite project in the Solomon Islands and chairman of Breakaway Research.
Bruce Hills is an accountant and is currently an executive director of Breakaway Investment Group, which operates the Breakaway Private Equity Emerging Resources Fund. Hills is a director of a number of unlisted companies in the mining and financial services sectors including The Risk Board and Stibium Australia. Hills has 35 years’ experience in the financial sector including 20 years in the banking industry primarily in the areas of strategy, finance and risk.
Dr Alistair Lewis is a successful entrepreneur and highly experienced medical doctor with over 40 years’ experience. For the past 10 years Lewis has been involved in the management of mining and exploration companies. In 2017, Lewis established Oosen Lewis Mining in North Queensland. He financed the aggregation of a substantial portfolio of gold, tin, tungsten and antimony assets and instigated subsequent extensive exploration programs. These assets now form part of the QSM portfolio.
Michael Thirnbeck is an experienced geologist with over 25 years in managing numerous mineral development projects in Papua New Guinea, Indonesia and Australia. He has been a member of the Australasian Institute of Mining and Metallurgy since 1989 and holds B.Sc (Hons.) degree from University of Queensland.
All amounts expressed in US dollars unless stated otherwise
Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) – Africa's largest gold mine, Kibali, continues to deliver growth as its strong record of replenishing reserves and resources, and further investment in technology and capacity, position it to sustain its 750,000 ounces annual production past the current 10-year horizon to 15 years and beyond.
Speaking to media and other stakeholders today, Barrick president and chief executive Mark Bristow said Kibali was not only Africa's largest gold mine but also its most automated and, thanks to its three hydropower stations, a leader in renewable energy. When its back-up solar power plant and battery storage system are commissioned next year, the renewable component of its energy mix will increase to 85%.
"When we started building Kibali 14 years ago, this was one of the DRC's most underdeveloped regions. The value we created and the infrastructure we built here have since transformed it into a new economic frontier and a flourishing commercial hub, with a community that has grown from 30,000 to over 500,000 people. We've promoted this growth through investment in community development and partnering with local businesses we have mentored. Our Azambi power station, for example, was built by an all-Congolese team. Since 2010, Kibali's payments to local contractors and suppliers have amounted to almost $2.7 billion (CDF 7.6 trillion)," Bristow said.
"In addition, Kibali has written a new chapter in Barrick's long support for Africa's biodiversity by partnering with African Parks and the DRC Government to re-introduce a sustainable population of white rhino to the DRC's Garamba National Park, which the mine also supports in other ways. This means that, together with the Barrick coffee project in the Haut-Uele region aimed at revitalising the once vibrant Robusta coffee industry which Isiro was once renowned for, we are not only looking after our host countries in the present but also to their national heritage in the future."
Bristow said Kibali was built on partnerships with its stakeholders, notably the government and its host communities. Based on its success, Barrick was ready to invest in new gold and copper opportunities in the DRC, provided the government continued to build alongside it.
Enquiries:
DRC country manager
Cyrille Mutombo
+243 812 532 441
Investor and Media Relations
Kathy du Plessis
+44 20 7557 7738
Email: barrick@dpapr.com
Website: www.barrick.com
Cautionary Statement on Forward-Looking Information:
Certain information contained or incorporated by reference in this press release, including any information as to our strategy, projects, plans, or future financial or operating performance, constitutes "forward-looking statements". All statements, other than statements of historical fact, are forward-looking statements. The words "on track", "value-creating", "perform", "transform', "expect", "continue", "increase", "commitment", "grow", "will", and similar expressions identify forward-looking statements. In particular, this press release contains forward-looking statements including, without limitation, with respect to: the anticipated benefits from Kibali's local procurement initiatives and investment in local partnerships and communities; Barrick's investment in community programs and projects; and Barrick's commitment to the DRC and potential further growth opportunities.
Forward-looking statements are necessarily based upon a number of estimates and assumptions including material estimates and assumptions related to the factors set forth below that, while considered reasonable by the Company as at the date of this press release in light of management's experience and perception of current conditions and expected developments, are inherently subject to significant business, economic, and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements, and undue reliance should not be placed on such statements and information. Such factors include, but are not limited to: fluctuations in the spot and forward price of gold, copper, or certain other commodities (such as silver, diesel fuel, natural gas, and electricity); the speculative nature of mineral exploration and development; changes in national and local government legislation, taxation, controls or regulations and/ or changes in the administration of laws, policies and practices; expropriation or nationalization of property and political or economic developments in the DRC and other jurisdictions in which the Company or its affiliates do or may carry on business in the future; changes in mineral production performance, exploitation, and exploration successes; the possibility that future exploration results will not be consistent with the Company's expectations; disruption of supply routes which may cause delays in construction and mining activities, including disruptions in the supply of key mining inputs due to the invasion of Ukraine by Russia; risk of loss due to acts of war, terrorism, sabotage and civil disturbances; failure to comply with environmental and health and safety laws and regulations; timing of receipt of, or failure to comply with, necessary permits and approvals; uncertainty whether some or all of Barrick's targeted investments and projects will meet the Company's capital allocation objectives and internal hurdle rate; damage to the Company's reputation due to the actual or perceived occurrence of any number of events, including negative publicity with respect to the Company's handling of environmental matters or dealings with community groups, whether true or not; risks associated with new diseases, epidemics and pandemics; litigation and legal and administrative proceedings; employee relations including loss of key employees; increased costs and physical and transition risks related to climate change, including extreme weather events, resource shortages, emerging policies and increased regulations to related to greenhouse gas emission levels, energy efficiency and reporting of risks; and availability and increased costs associated with mining inputs and labor. In addition, there are risks and hazards associated with the business of mineral exploration, development and mining, including environmental hazards, industrial accidents, unusual or unexpected formations, pressures, cave-ins, flooding and gold bullion, copper cathode or gold or copper concentrate losses (and the risk of inadequate insurance, or inability to obtain insurance, to cover these risks).
Many of these uncertainties and contingencies can affect our actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, us. Readers are cautioned that forward-looking statements are not guarantees of future performance. All of the forward-looking statements made in this press release are qualified by these cautionary statements. Specific reference is made to the most recent Form 40-F/Annual Information Form on file with the SEC and Canadian provincial securities regulatory authorities for a more detailed discussion of some of the factors underlying forward-looking statements and the risks that may affect Barrick's ability to achieve the expectations set forth in the forward-looking statements contained in this press release.
Barrick disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable law.
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Prospector Metals Corp. ("Prospector" or the "Company") (TSXV: PPP) (OTCQB: PMCOF) (FSE: 1ET) is pleased to announce that B2Gold Corp. (TSX: BTO) (NYSE American: BTG) (NSX: B2G) ("B2Gold") has agreed to complete a strategic investment into the Company. Pursuant to the transaction B2Gold has agreed to subscribe for an aggregate of 5,578,720 common shares of the Company (the "Shares") at a price of C$0.163 per Share for aggregate gross proceeds to the Company of $909,311.36 (the "Offering").
Rob Carpenter CEO and Director of Prospector said "We are excited to have B2Gold as a keystone shareholder in Prospector Metals and our team is looking forward to their technical input on our flagship ML Project, Yukon. B2Gold is a major global gold producer with a strong commitment to communities, sustainable mining and employee safety. This investment and technical partnership will allow Prospector to advance the ML project more efficiently and it represents an endorsement of our exploration philosophy and targeting methods."
The gross proceeds from the issue and sale of the Shares will be used exclusively for exploration and development purposes on the Company's ML Project in the Yukon (the "ML Project").
The Shares will represent a total position of approximately 9.9% of the issued and outstanding common shares of the Company upon completion of the Offering.
In connection with the strategic investment the Company and B2Gold have entered into an Investor Rights Agreement dated June 28, 2024 (the "Investor Rights Agreement"), pursuant to which the Company will form a four person Technical Committee, of which will one person nominated by B2Gold, that will advise on and oversee exploration and development of the Company's ML Project.
In addition, pursuant to the Investor Rights Agreement:
In the event that B2Gold's aggregate shareholdings are reduced to less than 5% of the issued and outstanding common shares of the Company on an undiluted basis, the Investor Rights Agreement will terminate.
In addition, pursuant to the terms of a property purchase agreement dated December 29, 2023, Troilus Gold Corp. ("Troilus"), who currently holds 9,222,164 common shares in the capital of the Company representing approximately 18.16% of the Company's issued and outstanding common shares, holds a participation right to maintain an ownership percentage of up to 19.9% of the Company's outstanding share capital (the "Troilus Participation Right"). Pursuant to the Troilus Participation Right, as a result of the Offering, Troilus has the right, for a period of up to ten (10) business days from the date hereof to subscribe for up to an additional 4,777,574 common shares at a price of $0.163 per common share (the "Participation Right Offering"). Assuming the Troilus elects to exercise its entire Troilus Participation Right, on closing of the Participation Rights Offering, Troilus will hold an aggregate of 13,999,738 common shares, representing 19.9% of the then issued and outstanding common shares of the Company.
Closing of the Offering and the Participation Right Offering are subject to the satisfaction of certain conditions, including receipt of approval by the TSX Venture Exchange. All securities issued in connection with the Offering and the Participation Right Offering will be subject to a hold period of four months and one day from the date of closing, in accordance with applicable Canadian securities laws.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
ML Project Overview
The ML Project located approximately 80 km from Dawson City, Yukon Territory, and 25 km northeast of the former Brewery Creek Gold Mine. The ML Project geology is extensively metal endowed with numerous instances of high-grade gold, silver and copper in drill holes, trenches and surface rock samples.
ML hosts one of the few remaining Tombstone-style intrusions in the Yukon that has not been systematically explored with no significant work completed since 2008 and as such, no modern Intrusion Related Gold (IRGS) exploration models have been applied to ML despite the presence of a diagnostic Au-As-Bi-Te-W geochemical signature.
Previous exploration focused on well exposed Au-Cu-W skarn mineralization proximal to syenite intrusions, however little work was completed within the intrusions. Nonetheless, the presence of skarn Au-Cu mineralization provides key evidence of an active, metal-rich intrusive system with over 24 known high grade Au surface occurrences that have never been drill tested and numerous high-grade Au drill and trench results remain open-ended.
About B2Gold:
B2Gold is a low-cost international senior gold producer headquartered in Vancouver, Canada. Founded in 2007, today, B2Gold has operating gold mines in Mali, Namibia and the Philippines, the Goose Project under construction in northern Canada and numerous development and exploration projects in various countries including Mali, Colombia and Finland.
About Prospector Metals Corp.
Prospector Metals Corp. is a Discovery Group Company focused on district scale, early-stage exploration of gold and base metal prospects. Creating shareholder value through new discoveries, the Company identifies underexplored or overlooked mineral districts displaying important structural and mineralogical occurrences similar to more established mining operations. The majority of acquisition activity occurs in Ontario, Canada - a Tier-1 mining jurisdiction with an abundance of overlooked geological regions possessing high mineral potential. Prospector establishes and maintains relationships with local and Indigenous rightsholders, and seeking to develop partnerships and agreements that are mutually beneficial to all stakeholders.
On behalf of the Board of Directors,
Prospector Metals Corp.
Dr. Rob Carpenter, Ph.D., P.Geo.
President & CEO
For further information about Prospector Metals Corp. or this news release, please visit our website at prospectormetalscorp.com or contact Dr. Rob Carpenter at 604-354-6415 or by email at Rob-carpenter@rogers.com.
Prospector Metals Corp. is a proud member of Discovery Group. For more information please visit: discoverygroup.ca
Forward-Looking Statement Cautions:
This press release contains certain "forward-looking statements" within the meaning of Canadian securities legislation, including, but not limited to, statements regarding the Company's plans with respect to the Company's projects and the timing related thereto, the merits of the Company's projects, the Company's objectives, plans and strategies, and other project opportunities. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are statements that are not historical facts; they are generally, but not always, identified by the words "expects," "plans," "anticipates," "believes," "intends," "estimates," "projects," "aims," "potential," "goal," "objective,", "strategy", "prospective," and similar expressions, or that events or conditions "will," "would," "may," "can," "could" or "should" occur, or are those statements, which, by their nature, refer to future events. The Company cautions that Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made and they involve a number of risks and uncertainties. Consequently, there can be no assurances that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Except to the extent required by applicable securities laws and the policies of the TSX Venture Exchange, the Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change. Factors that could cause future results to differ materially from those anticipated in these forward-looking statements include the risk of accidents and other risks associated with mineral exploration operations, the risk that the Company will encounter unanticipated geological factors, or the possibility that the Company may not be able to secure permitting and other agency or governmental clearances, necessary to carry out the Company's exploration plans, risks and uncertainties related to the COVID-19 pandemic and the risk of political uncertainties and regulatory or legal changes in the jurisdictions where the Company carries on its business that might interfere with the Company's business and prospects. The reader is urged to refer to the Company's reports, publicly available through the Canadian Securities Administrators' System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com for a more complete discussion of such risk factors and their potential effects.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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