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02 February
Astral Resources
Investor Insight
Astral Resources presents a compelling investment case as an ASX-listed gold explorer with a 1.46 Moz resource base in Western Australia's premier Kalgoorlie region, anchored by its flagship Mandilla project which demonstrates robust economics with an AU$442 million NPV and 11-year mine life.
Overview
Astral Resources (ASX:AAR) is a gold mineral exploration company with three gold projects in tier 1 mining jurisdictions of Western Australia. The three assets are the Mandilla gold project, the Feysville gold project, and the Carnilya Hill gold project. The flagship and 100 percent owned Mandilla gold project has a mineral resource containing 1.27 million ounces (Moz) of contained gold. The other key project, 100 percent owned Feysville, hosts an updated Mineral Resource Estimate (MRE) of 5.0 Mt at 1.2g/t gold for 196 koz of contained gold . Feysville could potentially become a satellite source of high-grade ore feed for the flagship Mandilla gold project.
The scoping study completed at Mandilla unveils robust project economics. The cornerstone of the scoping study is the Theia deposit, which alone accounts for 81 percent of the total Mandilla mineral resource estimate. The deposit hosts a mineral resource estimate of 29 Mt at 1.1 g/t gold for 1.02 Moz of contained gold in one large open pit. The scoping study indicates a mine life of 11 years with an annual production of 100,000 oz in the first seven and a half years, dropping to 41,000 oz for the remaining three and a half years. The study outlines compelling financial metrics, including NPV@8 percent of AU$442 million, free cash flow of AU$740 million, and a payback period of nine months.
Astral benefits from a team of professionals boasting extensive expertise in geology and mining.
The company is led by managing director Marc Ducler, who has more than two decades of experience in the mining industry. The management team has a proven track record of executing several successful exploration and development projects, as well as M&A.
Company Highlights
- Astral Resources is an ASX-listed gold exploration company in the Kalgoorlie region of Western Australia, a tier 1 jurisdiction and a mature mining region with a successful development history and granted mining leases.
- The company has three assets - the Mandilla gold project, the Feysville gold project, and the Carnilya Hill gold exploration project.
- The focus is on advancing its flagship Mandilla gold project, with a mineral resource estimate of 37 Mt at 1.1 g/t gold for 1.27 Moz.
- The scoping study at Mandilla highlights the project’s robust economics with a mine life of 11 years, NPV@8 percent of AU$442 million, and free cash flow of AU$740 million.
- Mandilla’s cornerstone Theia deposit comprises 81 percent of the project’s resources, contains 29 Mt at 1.1 g/t gold, with 1.02 Moz of contained gold in one large open pit.
- Updated JORC 2012 mineral resource estimate (MRE) at the Feysville gold project is 5.0Mt at 1.2g/t gold for 196koz of contained gold.
- Including the Mandilla MRE of 37Mt at 1.1g/t gold for 1.27Moz of contained gold, Astral’s total gold MRE is now calculated to be 42Mt at 1.1g/t gold for 1.46Moz of contained gold (Group MRE).
- The company is led by an experienced team with a proven track record of advancing projects to development and M&A.
Key Projects
Mandilla Gold Project
The Mandilla gold project is located within the northern region of the Widgiemooltha greenstone belt, approximately 70 kilometers to the south of the prominent mining hub of Kalgoorlie, Western Australia. Mandilla includes four deposits namely, Theia, Iris, Eos and Hestia. The cornerstone of the project is the Theia deposit, constituting 81 percent of Mandilla's resources, totaling 29 Mt at a grade of 1.1 g/t gold, amounting to 1.02 Moz of contained gold in a single open pit. Mandilla has a total mineral resource estimate of 37 Mt at 1.1 g/t gold for 1.27 Moz.
The scoping study indicates a mine life of 11 years with an annual production of 100,000 oz in the first seven and a half years, dropping to 41,000 oz for the remaining three and a half years. Astral estimates the pre-production capital spend at AU$191 million, and the project is anticipated to generate a free cash flow of AU$740 million (assuming a gold price of A$2,750/oz). The project’s NPV @8 percent is estimated at AU$442 million, and the IRR at 73 percent.
Drill collars at Theia deposit
Astral continues to advance exploration and resource expansion efforts at Mandilla. The company recently completed a four-hole 1,762-metre in-fill diamond drilling program at the Theia deposit late last year. Best results included: 28 metres at 2.63 g/t gold, 15.5 metres at 1.81 g/t gold, 9.6 metres at 27.6 g/t gold, 2.4 metres at 169.1 g/t gold, 24.9 metres at 4.14 g/t gold and 72.2 metres at 1.15 g/t gold.
Astral has commenced work on a pre-feasibility study at Mandilla, which is due in the June quarter 2025.
Feysville Gold Project
The Feysville project is situated in Australia's premier gold belt, merely 14 km south of the Golden Mile deposit, which boasts 70 million ounces, located in Kalgoorlie. The project's updated JORC 2012 MRE indicates 5.0 Mt at 1.2 g/t gold for 196 koz of contained gold. Including the Mandilla MRE of 37 Mt at 1.1 g/t gold for 1.27 Moz of contained gold, Astral’s total gold MRE is now calculated to be 42 Mt at 1.1 g/t gold for 1.46 Moz of contained gold (group MRE).
At Feysville, Astral is focusing on the high-grade Kamperman prospect. A recent 31-hole (3,834 m) reverse circulation (RC) drilling program at Kamperman returned encouraging assay results. The latest drilling program returned best assay results of 33 metres at 3.75 g/t gold, 22 metres at 5.21 g/t gold, and 22 metres at 4.44 g/t gold. This high success rate continues to indicate that Kamperman has the potential to be a substantial source of high-grade satellite ore for the Mandilla processing plant.
Carnilya Gold Project
The Carnilya Hill gold project is situated about 20 kilometers south-southeast of the company's Feysville project and approximately 40 kilometers southeast of Kalgoorlie, Western Australia. The project encompasses various tenements – M26/047-049, M26/453 – spanning approximately 2.65 sq. km. Astral holds rights for gold mining, while Mincor Resources NL (ASX:MCR) holds rights to nickel and other minerals.Management Team
Mark Connelly – Non-executive Chairman
Mark Connelly is a mining industry veteran who has held positions of CEO and managing director with several multinational companies across many jurisdictions, including Australia, North America, South America, Africa and Europe. He has a proven track record in deal making and was principally responsible for the merger of Papillon Resources and B2 Gold Corp in October 2014 (value US$570 million), as well as the key person responsible for the merger of Adamus Resources and Endeavour Mining for US$579 million. He is currently the non-executive chair of Calidus Resources, Omnia Metals Group, Alto Metals, Warriedar Resources and Nickel Search.
Marc Ducler – Managing Director
Marc Ducler has more than 20 years of experience in the mining industry. He has held senior operational management roles with GoldFields, BHP, Fortescue Metals, MRL and Roy Hill. He was also the managing director of Egan Street Resources (a gold exploration and development company) until it was acquired by Silver Lake Resources (ASX:SLR).
Peter Stern – Non-executive Director
Peter Stern has experience in corporate advisory, specializing in M&A and capital raising. He has spent six years with Macquarie Bank and three years with UBS and Deutsche Bank. He is a graduate of Monash University with a Bachelor of Science (geology major). Stern is a fellow of the Australian Institute of Company Directors and the chairman of Troy Resources.
David Varcoe – Non-executive Director
David Varcoe is a mining engineer with over three decades of experience. He has extensive operational and managerial experience across various commodities, including gold, iron ore, copper, diamonds, coal, uranium and rare earths. His expertise spans board positions, operations management, project management and consulting. Varcoe is a principal consultant with the leading Australian firm AMC Consulting.
Justin Osborne – Non-executive Director
Justin Osborne is a geologist with over 30 years of experience in exploration. He was previously the executive director at Gold Road Resources (ASX:GOR), where he played a crucial role in developing the world-class Gruyere gold deposit (6.6 Moz gold). Osborne also held senior positions on the exploration executive team at Gold Fields. He was instrumental in developing the Damang Superpit project in Ghana and achieved significant discovery success at the St Ives gold mine.
Brendon Morton – Chief Financial Officer & Company Secretary
Brendon Morton has over 20 years of experience, particularly in the global resources sector across Australia, Africa and Asia. He has held several executive financial and company secretarial roles with ASX-listed and unlisted companies in the resources industry.
Steve Lampron – Technical Services Manager
Steve Lampron is a mining engineer with more than 20 years industry experience. As well as having worked in production roles for companies such as Placer Dome, Barrick and North American Palladium he has also worked as a Consultant for over 10 years.
Julie Reid – Geology Manager
Julie Reid has 36 years of experience working across Australia, Vietnam and Indonesia, covering a variety of commodities in diverse geological terrains. She holds a Bachelor of Applied Science from Curtin University of Technology.
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2h
Gareth Soloway: Gold's Next Key Price Level, Silver and Bitcoin Calls
Gareth Soloway, chief market strategist at VerifiedInvesting.com, shares his thoughts on gold.
His technical analysis shows the US$3,100 to US$3,140 per ounce area will be important to watch for gold moving forward — in his view, that's when bullish players should start re-entering the space.
Soloway also discusses silver and Bitcoin.
Don’t forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
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3h
Reviving the Walker Lane Trend — Nevada’s Next Golden Frontier
Nevada's Walker Lane Trend is rapidly becoming a prime target for mineral exploration, offering investors a unique blend of proven production history and untapped potential.
This geological corridor along the California-Nevada border is experiencing a resurgence, driven by recent discoveries, advanced exploration techniques, a strong precious metals market and growing demand for domestic metal supply.
The Walker Lane Trend's combination of geological richness, a favorable jurisdiction and strategic importance in North American mineral resources presents a compelling case for investors seeking high-reward opportunities in a relatively low-risk environment.
Reintroducing the Walker Lane Trend
Walker Lane is currently one of the hottest, if not the hottest, exploration area plays in the US and is known for its high-grade gold and silver discoveries. The trend is a geologic trough extending along the California-Nevada border, characterized by its sinistral strike-slip faults that have shaped the regional topography. This area has been a focal point for understanding the geological processes that formed the Sierra Nevada mountains and surrounding regions.
Unlike the well-known Carlin and Cortez trends, which are primarily associated with sediment-hosted gold deposits, the Walker Lane is renowned for its diversity of mineral occurrences, including epithermal gold-silver deposits and porphyry copper systems. This geological variety offers explorers a wider range of potential discoveries.
The trend's resurgence can be attributed to advances in exploration techniques, a favorable precious metals market and the increasing demand for domestic mineral resources. Ongoing geological studies and detailed mapping efforts are refining our understanding of the Walker Lane, enhancing the potential for new ore deposit discoveries.
Currently, the Walker Lane Trend hosts several significant precious metal deposits, including Comstock Lode, Round Mountain (Kinross Gold (TSX:K,NYSE:KGC)), Silicon and Merlin (AngloGold Ashanti (NYSE:AU,JSE:ANG)) and Mesquite and Castle (Equinox Gold (TSX:EQX,NYSEAMERICAN:EQX)).
Nevada's favorable infrastructure, skilled laborforce and supportive permitting environment contribute to its high investment attractiveness. The state ranked second globally in the 2023 Fraser Institute Mining Industry Survey.
Macro drivers fueling investor interest
As of the beginning of 2025, the outlook for precious metals, particularly gold and silver, remained optimistic.
Analysts predict the gold price could reach up to US$3,200 per ounce by the end of 2025, driven by potential US Federal Reserve rate cuts and persistent geopolitical tensions. Silver is also expected to perform well, with strong bull market dynamics suggesting a solid upward trajectory. These positive forecasts for precious metals are bolstering interest in exploration and mining activities within the Walker Lane Trend.
Furthermore, there's a growing push in the US to enhance domestic metal supply. This initiative is driven by increasing federal debt and shifting global trade relationships, emphasizing the need for self-sufficiency in critical raw materials. Nevada, with its stable political environment and rich mineral endowment, is perfectly positioned to meet this demand, attracting significant capital inflows to low-risk jurisdictions like the Walker Lane Trend.
Key traits of high-potential juniors in the region
Investors looking to capitalize on the Walker Lane's potential should focus on junior exploration companies that exhibit the following characteristics:
- Robust project pipeline: Companies with a mix of grassroots exploration and advanced-stage assets demonstrate long-term potential and near-term catalysts.
- Experienced management: Teams with a proven track record in mining and exploration are crucial for navigating the complexities of resource exploration and development.
- Strategic land package: The quality and location of land holdings are vital. Companies with 100 percent ownership of their projects can leverage their assets more effectively.
- Infrastructure access: Proximity to existing infrastructure can significantly reduce operational costs and improve project feasibility.
Additionally, investors should look for companies with clear catalysts for value creation, such as upcoming drill programs, resource estimates or strategic partnerships. The potential for consolidation and strategic positioning in the early stages of growth can also be a significant factor in a company's success.
Walker Lane Resources: A case study in strategic repositioning
Walker Lane Resources (TSXV:WLR), formerly known as CMC Metals, exemplifies the emerging narrative of the Walker Lane Trend. The company's recent rebranding and strategic repositioning reflect its commitment to capitalizing on the opportunities within this geologically rich region.
Walker Lane Resources’ project location.
On March 21, 2025, Walker Lane Resources announced its name change and share consolidation, signaling a renewed focus on exploring and developing projects within Nevada's Walker Lane Trend.
The company has expanded its footprint in the Walker Lane Gold Trend by optioning three properties — Tule Canyon, Cambridge and Silver Mountain — from Silver Range Resources (TSXV:SNG). Additionally, Walker Lane secured a right-of-first-refusal on the Shamrock property in eastern Nevada. These acquisitions align with the company's strategy to establish a year-round exploration portfolio in a region renowned for its rich mining history and underexplored potential.
This strategic shift aligns Walker Lane Resources with the growing investor interest in domestic metal supplies and the favorable outlook for precious metals. The company's low valuation, combined with its strong upside potential and Nevada focus, makes it an intriguing case study for investors looking to gain exposure to the Walker Lane Trend's resurgence.
Investor takeaway
The Walker Lane Trend offers a unique blend of historical production and untapped potential. As market momentum builds, identifying the right players early can be highly beneficial for investors.
Companies like Walker Lane Resources, with their strategic focus on this trend, represent the kind of opportunities that savvy investors are seeking in the current market environment.
The combination of favorable macroeconomic factors, increasing demand for domestic metal supplies and the geological richness of the Walker Lane Trend creates a compelling narrative for investment. As exploration activities intensify and new discoveries are made, the Walker Lane may well become the next frontier in Nevada's storied mining history.
This INNSpired article is sponsored by Walker Lane Resources (TSXV:WLR). This INNSpired article provides information which was sourced by the Investing News Network (INN) and approved by Walker Lane Resourcesin order to help investors learn more about the company. Walker Lane Resources is a client of INN. The company’s campaign fees pay for INN to create and update this INNSpired article.
This INNSpired article was written according to INN editorial standards to educate investors.
INN does not provide investment advice and the information on this profile should not be considered a recommendation to buy or sell any security. INN does not endorse or recommend the business, products, services or securities of any company profiled.
The information contained here is for information purposes only and is not to be construed as an offer or solicitation for the sale or purchase of securities. Readers should conduct their own research for all information publicly available concerning the company. Prior to making any investment decision, it is recommended that readers consult directly with Walker Lane Resourcesand seek advice from a qualified investment advisor.
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3h
Triumph Gold
Investor Insight
Triumph Gold offers investors exposure to a multi-million ounce gold resource base with established deposits, significant expansion potential, and new discovery opportunities across a true district-scale land package, all strategically positioned in the mining-friendly Yukon.
Overview
Triumph Gold (TSXV:TIG,OTC:TIGCF) is a Canadian gold exploration company strategically positioned to capitalize on the rising gold market. The company is primarily focused on advancing its 100 percent owned Freegold Mountain project, a district-scale property located in the Yukon Territory's prolific Dawson Range gold-copper belt.
Founded with a vision to discover and develop significant precious metal resources, Triumph Gold has assembled a portfolio centered around its flagship Freegold Mountain project. With over 20 mineralized zones identified along a 34 km stretch of the Big Creek Fault system, the company possesses significant exploration upside with established resources across multiple deposits. The project benefits from excellent infrastructure, being accessible via all-weather government roads, which provides cost advantages compared to more remote exploration projects.
The Yukon Territory has a storied history as one of the world's most famous gold jurisdictions, dating back to the legendary Klondike Gold Rush of the late 1890s that drew over 100,000 prospectors to the region. Today, the territory continues to be recognized as one of the world's premier exploration destinations, hosting world-class deposits like Victoria Gold's Eagle mine (3.3 million ounces), Western Copper's Casino project (8.9 million ounces gold, 4.5 billion pounds copper), and Newmont's Coffee project (4 million ounces).
The Yukon government has consistently demonstrated strong support for responsible mining development. The territory offers a stable regulatory environment, clear permitting processes, and collaborative relationships with First Nations, making it an attractive jurisdiction for resource development. Additionally, the Yukon Resource Gateway Project, a $360 million infrastructure initiative, continues to improve access to mineral-rich areas throughout the territory.
With geopolitical tensions, inflationary pressures, and currency devaluation concerns driving investor interest in safe-haven assets, gold exploration companies with substantial resource potential like Triumph Gold are well-positioned to benefit from this strengthening market cycle.
Company Highlights
- Resource Base: Combined indicated resources of 1 million ounces and inferred resources of 1.08 million ounces gold equivalent across the Freegold Mountain project
- Strategic Location: Positioned in the mineral-rich Dawson Range, home to major deposits including Newmont's Coffee, Western Copper's Casino, and Pembridge's Minto mine
- Multiple Deposit Types: Mineralization found in various forms (porphyry, epithermal, skarn) providing diversified exploration targets
- Expansion Potential: All deposits remain open in multiple directions with numerous untested satellite targets
- Fully Permitted: Exploration permits in place until 2025-2026 allowing for extensive drilling programs
- Experienced Leadership: Management team with proven track records in mineral exploration, mine development and capital markets
Key Projects
Freegold Mountain Project
The Freegold Mountain project represents Triumph Gold's flagship asset – a district-scale property that spans 34 kilometers along the prolific Big Creek Fault mineralization system in the Yukon. What makes this project particularly compelling is the presence of mineralization in every rock type across the property, including Paleozoic metamorphics, Jurassic intrusives and Cretaceous intrusives, each hosting different styles of precious and base metal deposits.
The project currently hosts three defined deposits – Nucleus, Revenue and Tinta Hill – with a combined resource of more than 2 million ounces of gold equivalent. What's particularly exciting about Freegold Mountain is that these deposits represent just a fraction of the more than 20 mineralized zones identified across the property. With extensive permitted exploration programs, ongoing geological work, and vast untested areas, Freegold Mountain exemplifies true district-scale potential where new discoveries could substantially increase the overall resource base.
Nucleus Deposit
The Nucleus deposit represents a compelling bulk tonnage oxide gold opportunity with similarities to Victoria Gold's Eagle mine. With indicated resources of 748,000 ounces gold equivalent and inferred resources of 189,000 ounces gold equivalent, the deposit features favorable metallurgy with approximately 77 percent cyanide recoverable gold based on preliminary testing. Recent drilling has expanded the resource by 50 to 100 meters both laterally and vertically, with mineralization remaining open in all directions. Drilling has also confirmed significant oxide mineralization extending up to 150 meters vertically, enhancing the potential for heap leach processing.
Revenue Deposit
The Revenue deposit is a substantial porphyry system with indicated resources of 252,000 ounces and inferred resources of 677,000 ounces gold equivalent. It shows similarities to Western Copper's Casino deposit but with double the gold grade. The deposit contains multiple high-grade zones including the Blue Sky and WAu zones, which were expanded through recent drilling programs. The company has identified a more than 5 km structural trend connecting various mineralized zones, suggesting significant resource expansion potential. Geophysical and geochemical surveys have identified numerous untested anomalies worth exploring.
Revenue - Casino deposits comparison
Tinta Hill Deposit
With inferred resources of 216,000 ounces gold equivalent, Tinta Hill is a polymetallic deposit with substantial gold, silver, copper, lead and zinc values. The property has historical underground development including two adits with extensive drifting completed in 1980-1981. There's a 25,000-ton stockpile from previous mining operations that could represent near-term cash flow potential. The deposit remains open along strike and at depth, with opportunities to extend mineralization through additional IP and ground magnetic surveys.
Exploration Properties
Beyond the three established deposits, Triumph Gold holds several promising early-stage exploration targets across the Freegold Mountain Project and beyond, including:
- Melissa Zone: A drill-ready target with similarities to the Nucleus deposit, featuring anomalous gold in rock samples and coincident multi-element soil and geophysical anomalies
- Tad/Toro-Big Creek: Located approximately 50 km southeast of the Casino deposit, showing intermediate sulfidation epithermal and porphyry-style mineralization across multiple zones
- Andalusite Peak: A copper-gold-silver porphyry target with three separate mineralized zones showing high-grade rock samples up to 68 percent copper, 2.77 grams per ton (g/t) gold, and 526 g/t silver
Management Team
John Anderson – Interim CEO and Chairman
With over 20 years of experience in resource sector capital marketing, John Anderson brings strategic vision to company growth and management. His extensive background in capital formation and corporate development provides Triumph Gold with strong leadership as it advances its portfolio of projects.
Brian Bower – Lead Director
Brian Bower contributes 30 years of experience in exploration and mining to the Triumph Gold team. He has been a key member in the development of several significant mining projects including New Afton, Kemess South, Blackwater, Mount Milligan mines and the Casino deposit, bringing valuable technical and operational insights to the company's development strategies.
Jesse Halle – VP Exploration
With more than 25 years of experience in mineral exploration, Jesse Halle has specialized in advancing multiple porphyry copper-gold deposits in Yukon and British Columbia. His extensive work with similar deposits, including the Casino and Copper Mountain deposits, brings critical technical expertise to Triumph's exploration programs.
Marty Henning – Principal Geologist
Marty Henning contributes over 15 years of mineral exploration and mining experience to the team. His background includes focused work on construction, production and exploration at the New Afton block cave mine, providing valuable operational perspective to Triumph's exploration approach.
Graeme Hopkins – Chief Technical Officer
With 20 years of experience in data management and GIS, Graeme Hopkins has been involved with the Freegold Mountain project since 2008. His long-term knowledge of the project and technical expertise provides valuable continuity and insight to Triumph's exploration and development activities.
Emily Halle – Project Manager
Emily Halle brings over 15 years of experience in exploration and project management to the team. Her focus on porphyry copper-gold systems in British Columbia and Yukon, combined with additional experience in South Africa, Alaska and Eastern Canada, ensures efficient and effective management of Triumph's exploration programs.
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7h
AngloGold Sells Two African Assets to Resolute Mining
AngloGold Ashanti (NYSE:AU,JSE:ANG)has agreed to sell its interests in two Côte d’Ivoire gold projects to Resolute Mining (ASX:RSG,LSE:RSG) as it hones its focus on its US operating and development assets.
The company said on April 30 that it will sell the Doropo and Archean-Birimian Contact (ABC) projects, both owned by Centamin West Africa Holdings, to Resolute for US$175 million and US$10 million, respectively.
AngloGold acquired an indirect interest in the projects when it acquired Centamin in November 2024.
“This transaction ensures we maintain our focus on disciplined capital allocation and driving efficiencies from our existing portfolio,” said AngloGold Ashanti CEO Alberto Calderon. “It also ensures these projects are in good hands.”
AngloGold said it performed a company review and determined that selling the properties to a company with the requisite operational focus and financial capacity would be the best way to maximize value.
Resolute's focus on Africa made the divestment easier, with the sale having no conditions. The company has producing gold mines in Mali and Senegal, as well as exploration properties in Mali, Senegal and Guinea.
In November 2024, Resolute CEO Terence Holohan and two company executives were detained in Mali due to claims that the company owed US$162 million in back taxes. They were released later that month.
The company agreed to a settlement of US$160 million, split into three payments: an initial US$80 million, a second payment of approximately US$50 million and a final payment of about US$30 million completed on December 31, 2024.
In connection with the sale of its Côte d’Ivoire projects, AngloGold will acquire Toro Gold Guinée Sarlu from Resolute. It owns the titles to the Guinea-based Mansala project, which is adjacent to AngloGold's Siguiri operations.
This acquisition is subject to several conditions, including the renewal of project permits and approval from the Guinea government. If conditions aren't satisfied within 18 months of the sale's completion, the acquisition will lapse.
Resolute's new Côte d’Ivoire projects
The sale of Doropo and ABC went through on May 30, and they now belong to Resolute.
Doropo is in Northeastern Côte d’I’voire, and is comprised of seven exploration permits covering about 1,850 square kilometers. The licence covers 13 gold deposits, 11 of which are concentrated within a 7 kilometer radius.
A definitive feasibility study for Doropo was completed in 2024. It has received regulatory approval for its environmental and social impact assessment, with the environmental permit awarded in June 2024.
ABC is an exploration project consisting of three permits. It is situated 460 kilometers west of the Doropo project and covers a highly prospective area of 1,143 square kilometers along the underexplored contact zone between the Archean and Birimian cratons. Exploration at ABC has delineated the Lolosso gold corridor, a north-south trending gold-mineralized corridor, over a 30 kilometer strike length within the Kona permit.
Don’t forget to follow us @INN_Resource for real-time news updates!
Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.
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02 May
Top 5 Canadian Mining Stocks This Week: Lion Rock Jumps 60 Percent
Welcome to the Investing News Network's weekly look at the best-performing Canadian mining stocks on the TSX, TSXV and CSE, starting with a round-up of Canadian and US news impacting the resource sector.
The Liberal Party of Canada and Prime Minister Mark Carney will form a minority government following their victory in Canada’s national election on Monday (April 28). The Liberals won 168 seats, just shy of the 172 required to form a majority, meaning the Liberal government will have to work with the Bloc Québécois or the NDP, which won 23 and 7 seats, respectively.
The Conservative Party of Canada, led by Pierre Poilievre, won 144 seats. While the CPC was originally expected to win the election, the trade war and sovereignty threats from new US President Donald Trump turned the tide in favor of Carney, who took a firmer stance against Trump. Other election issues included the high cost of living, housing, immigration and crime.
Both parties came into the election with visions for Canada’s economy, which included energy and infrastructure corridors, a commitment to energy production and a focus on resource nationalism.
Statistics Canada released February’s gross domestic product by industry figures on Wednesday (April 30). According to the data, the resource sector’s January gains were largely erased by contractions in February. Oil and gas extraction slipped by 2.8 percent, while mining and quarrying contracted by 2.6 percent during the month. Metal ore mining posted its second month of declines, falling 2.5 percent. On the other hand, non-metallic mineral mining climbed by 2.7 percent, including a 3.5 percent rise in potash mining.
South of the Border, The United States Bureau of Labor Statistics released its April employment situation summary on Friday (May 2). In the report, the agency said that 177,000 new nonfarm jobs were added to the economy in April, which exceeded analysts’ expectations of 133,000 jobs.
The biggest gains came in the healthcare sector, which added 51,000 workers, followed by transportation and warehousing, where 29,000 people found new employment.
Overall, the unemployment rate remained steady at 4.2 percent, and the participation rate was unchanged at 62.6 percent.
However, there were some caveats, most notably, downward revisions of 15,000 fewer jobs in February and 43,000 jobs in March than initially reported.. Long-term unemployment also ticked up by 179,000 to 1.67 million in April, the highest since March 2022.
While the number showed strength in the job market, many analysts expect these gains to be temporary, as the effects of US tariffs have yet to be felt in the economy.
The US government also announced on Wednesday that it signed a critical minerals deal with Ukraine. Under the terms of the agreement, the US will provide funding for Ukraine’s reconstruction in exchange for preferential access to the country’s natural resources, including rare earth minerals, which are critical to tech and military development and supply chains.
Additionally, the Trump administration announced it added 10 new projects to be fast-tracked to its federal permitting dashboard on Friday. The projects include the NorthMet copper and nickel project in Minnesota, which is a 50/50 joint venture between Teck (TSX:TECK.A,TECK.B,NYSE:TECK) and Glencore (LSE:GLEN,OTC Pink:GLCNF), as well as Sibanye Stillwater’s (NYSE:SBSW) Stillwater platinum and palladium project in Montana.
Markets and commodities react
In Canada, major indexes posted gains by the week's close. The S&P/TSX Composite Index (INDEXTSI:OSPTX) gained 1.32 percent during the week to close at 25,031.51 on Friday, the S&P/TSX Venture Composite Index (INDEXTSI:JX) moved up 0.01 percent to 656.40 and the CSE Composite Index (CSE:CSECOMP) climbed 2.52 percent to 122.75.
US equity markets also posted gains by close on Friday, with the S&P 500 (INDEXSP:INX) increasing 2.85 percent to close at 5,686.66, the Nasdaq-100 (INDEXNASDAQ:NDX) gaining 3.45 percent to 20,102.61 and the Dow Jones Industrial Average (INDEXDJX:.DJI) rising 2.8 percent to 41,317.44.
The gold price fell from recent highs, closing out Friday at US$3,233.98, down 2.56 percent over the week. The silver price was also down, shedding 3.21 percent during the period to US$32.03.
In base metals, the COMEX copper price fell 4.29 percent over the week to US$4.69 per pound. Meanwhile, the S&P GSCI (INDEXSP:SPGSCI) was down 3.17 percent to close at 520.19.
Top Canadian mining stocks this week
So how did mining stocks perform against this backdrop?
Take a look at this week’s five best-performing Canadian mining stocks below.
Stock data for this article was retrieved at 3:30 p.m. EDT on Friday using TradingView's stock screener. Only companies trading on the TSX, TSXV and CSE with market capitalizations greater than C$10 million are included. Companies within the non-energy minerals and energy minerals sectors were considered.
1. Lion Rock Resources (TSXV:ROAR)
Weekly gain: 60 percent
Market cap: C$20.51 million
Share price: C$0.32
Lion Rock Resources is a gold and critical mineral exploration company focused on advancing its Volney gold-lithium-tin project in South Dakota, United States.
The property is situated on 142 hectares of private land with surface and mineral rights in place. The site hosts historic gold and tin mining operations dating back to the 1920s. Additionally, the site contains the Giant Volney pegmatite body, from which 15 grab samples graded an average of 4.4 percent lithium oxide, with the highest grading 5.4 percent.
The most recent news from the project came on Thursday (May 1) when Lion Rock announced that it had started its 2025 exploration program, including a high-resolution magnetic survey, mapping and sampling. The company said that the program will target high-grade lithium, gold and tin, and results will be used to refine drill targets and expand known mineralized zones.
The company also released its year-end 2024 financial report on Tuesday (April 29).
2. Foremost Clean Energy (CSE:FAT)
Weekly gain: 42.86 percent
Market cap: C$14.27 million
Share price: C$1.30
Foremost Clean Energy is a uranium exploration company working to advance projects in the Athabasca Basin in Northern Saskatchewan, Canada.
In 2025, its primary focus has been its Hatchet Lake property, part of its Eastern Athabasca projects. The site consists of nine mineral claims within two blocks covering an area of 10,2012 hectares and has seen exploration dating back to the 1960s.
Foremost announced in October 2024 that it had completed the first phase of an option agreement with Denison Mines (TSX:DML,NYSEAMERICAN:DNN) to acquire a 20 percent stake in 10 uranium properties, including Hatchet Lake, in exchange for 1.37 million common shares.
Under the terms of the agreement, Foremost can earn up to a 70 percent stake in the properties in exchange for meeting certain milestones within 36 months.
This Thursday, Foremost announced a new uranium discovery at Hatchet Lake from initial results of the company’s ongoing inaugural drill program.
In the announcement, the company said the discovery included multiple intervals of mineralization, highlighting one grading 0.22 percent equivalent U3O8 over 0.9 meters, including an intersection of 0.5 percent over 0.1 meters.
3. Baru Gold (TSXV:BARU)
Weekly gain: 42.86 percent
Market cap: C$13.53 million
Share price: C$0.05
Baru Gold is a development company working to advance its Sangihe gold project in Indonesia.
The company holds a 70 percent stake in the 42,000 hectare project, with the remaining 30 percent interest held by three Indonesia-based companies.
Baru Gold is progressing towards approval of its production operations plan, which was redesigned due to the significant macroeconomic shift and increase in the gold price since its last mineral resource estimate in May 2017.
On February 14, the company published a technical report with an updated mineral resource estimate. The mineral resource estimate demonstrated an indicated resource of 114,000 ounces of gold and 1.93 million ounces of silver from 3.15 million metric tons of ore with grades of 1.12 grams per metric ton (g/t) gold and 19.4 g/t silver. The project also hosts an inferred resource of 91,000 ounces of gold and 1.08 million ounces of silver from 2.3 million metric tons of ore with grades of 1.22 g/t gold and 14.5 g/t silver.
The update marks a significant step towards government approval for production operations status, with the only remaining requirement being the payment of taxes.
The most recent news came on April 2 when the company announced the closing of the first tranche of a private placement for C$336,321.88. Funding raised through the placement will be used in part for payment of land use taxes on the Sangihe property.
4. Taranis Resources (TSXV:TRO)
Weekly gain: 42.5 percent
Market cap: C$21.07 million
Share price: C$0.285
Taranis Resources is a copper explorer focused on advancing work at its Thor project in Southeast British Columbia, Canada.
The site has seen previous mining dating back to the early 1900s and hosts at least seven different epithermal zones. In a February mineral resource estimate update, the company reported an indicated resource of 1.14 million metric tons of ore containing 27,400 ounces of gold, 5.58 million ounces of silver, 3.1 million pounds of copper, 47.8 million pounds of lead and 77.9 million pounds of zinc.
The most recent news from the Thor project came on April 9, when Taranis provided an update on its 2024 deep drilling program. The company finalized an alteration study of the drill holes, which encountered anomalous gold, zinc and arsenic, and plans to use the results to improve targeting and lower costs for its 2025 drilling program.
5. Black Iron (TSX:BKI)
Weekly gain: 41.18 percent
Market cap: C$38.02 million
Share price: C$0.12
Black Iron is an exploration and development company working to advance its Shymanivske iron project in Ukraine.
The 300 hectare property is located approximately 330 kilometers south-east of the capital of Kiev and is situated within the well-known iron ore mining district of KrivBass.
According to a March 2020 preliminary economic assessment, project economics demonstrated an after-tax net present value of US$1.44 billion at a discount rate of 10 percent with an internal rate of return of 34.4 percent and a payback period of 3.3 years.
The included mineral resource estimate reported a measured and indicated resource of 645.8 million metric tons of ore with an average grade of 31.6 percent total iron and 18.8 percent magnetic iron.
Although Black Iron did not release any news this week, the company’s share price gained alongside news of the US and Ukraine reaching a critical minerals agreement.
FAQs for Canadian mining stocks
What is the difference between the TSX and TSXV?
The TSX, or Toronto Stock Exchange, is used by senior companies with larger market caps, and the TSXV, or TSX Venture Exchange, is used by smaller-cap companies. Companies listed on the TSXV can graduate to the senior exchange.
How many mining companies are listed on the TSX and TSXV?
As of February 2025, there were 1,572 companies listed on the TSXV, 905 of which were mining companies. Comparatively, the TSX was home to 1,859 companies, with 181 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.
Article by Dean Belder; FAQs by Lauren Kelly.
Don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.
Securities Disclosure: I, Lauren Kelly, hold no direct investment interest in any company mentioned in this article.
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