North Birch and Argosy drilling programs. Drilling at North Birch is expected to begin in early February with at least five holes planned along approximately three kilometers of strike on the main target horizon. At the past-producing Argosy gold mine, first phase drilling will begin in March and test the depth of known veins below historic mine workings and the continuity of other veins. Geophysical surveys inform drilling at North Birch. In April 2021, Newrange completed an induced polarization (IP) survey over the eastern portion of the North Birch project area covering the main target horizon. The survey revealed several well-defined chargeability anomalies which will be targeted for drilling that coincide with the target horizon along the limb of the sheared and folded iron formation. A LiDAR survey conducted last summer revealed a pronounced break in the topography reflecting an 8-kilometer-long shear zone along the main fold limb of the iron formation. Going deeper at Argosy. At the historic Argosy mine, only four veins were mined to a maximum depth of about 270 meters. Drilling in 2003 and 2004 intersected gold mineralization to a depth of 400 meters, including 10.46 grams of gold per tonne over 2.98 meters and 14.15 grams of gold per tonne over 1.65 meters, indicating that mineralization continues at depth. Newrange has compiled information from 72 historic drill holes in conjunction with outlines of the underground mine workings to complete a preliminary three-dimensional model that is being used to better understand Argosy's vein system and assist in planning the drill program. Rating is Outperform. We think 2022 will be an eventful year for Newrange as the focus moves to its properties in the Birch-Uchi Belt in Ontario. We believe the drilling program could help investors better understand the significant potential of both projects. We anticipate additional drilling at the company's Pamlico project in Nevada during the second quarter of 2022. Read More >>
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Newrange Gold Corp. - Drilling at North Birch to Commence in Early February
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Newrange and Great Panther Terminate Agreement to Acquire Coricancha Mine in Peru
(TheNewswire)
TSXV:NRG ) (OTC :NRGOF ) ( Frankfurt:X6C) Newrange Gold Corp. (" Newrange " or the " Company ") announces that it has signed a Mutual Termination Agreement with Great Panther Mining Limited ("Great Panther"), terminating the Share Purchase Agreement to acquire the Coricancha Gold-Silver-Copper-Lead-Zinc Mine in Central Peru
"We are deeply disappointed to have arrived at this outcome," stated Robert Archer, President and CEO of Newrange. "We have been working on this acquisition since March and believe strongly in the potential of the Coricancha Mine. However, the current market for mining stocks, one of the worst in decades, has created a serious impediment to financing, especially for new acquisitions. While we attempted to gain an extension to the closing date, the intransigence of Great Panther's creditors has, regrettably, made that impossible."
As a result of the termination of this acquisition, the Company will not be proceeding with the proposed financing, share consolidation and name change at this time and it is anticipated that trading in the Company's shares will resume within days.
About Newrange Gold Corp.
Newrange is currently focused on district-scale exploration for precious metals in the prolific Red Lake District of northwestern Ontario. The past-producing high-grade Argosy Gold Mine is open to depth, while the adjacent North Birch Project offers additional blue-sky potential. Further information can be found on our website at www.newrangegold.com .
Signed: "Robert Archer"
President & CEO
For further information contact :
Email: info@newrangegold.com
Website: www.newrangegold.com
Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release .
Copyright (c) 2022 TheNewswire - All rights reserved.
News Provided by TheNewsWire via QuoteMedia
Newrange Arranges Non-Brokered Private Placement for $10,080,000
(TheNewswire)
VANCOUVER, BRITISH COLUMBIA TheNewswire - November 7, 2022 (TSXV:NRG ) (OTC :NRGOF ) ( Frankfurt:X6C) Newrange Gold Corp. (" Newrange " or the " Company ") announces that it is arranging a non-brokered private placement to raise gross proceeds of up to $10,080,000 (the "Offering"). The placement is anticipated to close on or about November 25, 2022 following a ‘one new for six old' share consolidation (to be voted upon by shareholders at the AGSM on November 23, 2022) and, as such, will be priced at the post consolidation share price of $0.18. The placement will consist of up to 56,000,000 units (the "Units") with each Unit comprising one common share ("Share") in the capital of the Company and one-half share purchase warrant ("Warrant"), whereby each whole Warrant shall be convertible into an additional Share at an exercise price of $0.27 for a period of 36 months from the date of issuance. The Company will have the right to seek an accelerated exercise of the Warrants if the price of the Shares trade in excess of C$0.40 for 10 consecutive trading days. All proceeds will be held by the Company in a separate account pending closing and will be released to the Company concurrently with the closing of the acquisition of the Coricancha Mine. If the closing does not occur by November 25, 2022, or such date to be mutually agreed upon, the proceeds will be returned to the investor without interest or deduction. A finder's fee of up to 7% in cash and 7% in warrants exercisable into Shares at $0.27 for a period of 36 months may also be paid.
The net proceeds raised from the Offering will be used for the acquisition of a 100% interest in the Coricancha Gold-Silver-Copper-Lead-Zinc ("Au-Ag-Cu-Pb-Zn") Mine in Central Peru ("Coricancha"; see Newrange news releases of September 13 and October 26 , 2022), continued care and maintenance costs, exploration and development of the mine and general working capital.
All securities to be issued will be subject to a four-month hold period from the date of issuance and subject to TSX Venture Exchange approval. The securities offered have not been registered under the United States Securities Act of 1933 , as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements.
Coricancha is a high-grade, narrow-vein, underground mine in the Central Polymetallic Belt of Peru. It is located 90 kilometres east of Lima on the Central Highway and comprises a 600 tonne per day processing plant, dry-stack tailings storage facility and all necessary surface and underground infrastructure. The mine was in production intermittently from 1906 – 2013 and has been on care-and-maintenance since then. The mine, plant and dry-stack tailings storage facility are in excellent shape and are fully permitted. Coricancha is located within a well-established mining district and local communities are fully supportive of the operation. Two of three community agreements are already in place, with the third only pending a final signature.
A Mineral Resource Estimate was filed for Coricancha with an effective date of December 20, 2017 1 that is considered by Newrange to be Historical in nature. The Company is not relying on these estimates as a qualified person on behalf of Newrange has not done sufficient work to classify them as current mineral resources. Newrange intends to conduct its own drilling to bring the resource estimate into compliance for the Company. The Historical Resource comprises total Measured and Indicated Resources of 752,759 tonnes at 5.8 grams per tonne ("g/t") Au, 200 g/t Ag, 0.53% Cu, 2.07% Pb and 3.26% Zn (999 g/t silver equivalent ounces 2 ("Ag Eq Oz")), for a contained 24.20 million Ag Eq Oz, and total Inferred Resources of 943,160 tonnes at 5.0 g/t Au, 209 g/t Ag, 0.64% Cu, 1.45% Pb and 3.25% Zn (934 g/t Ag Eq Oz) for a contained 28.36 million Ag Eq Oz. The Historical Resource Estimate and associated Preliminary Economic Assessment are available as a reference on SEDAR at www.sedar.ca .
There are more than twenty veins known in the Coricancha deposit with most past production having come from the Constancia and Wellington Veins, approximately 600 metres apart and parallel to one another. They have a known strike length of more than 1,500 metres and a vertical extent in excess of 1,000 metres. A third vein, Escondida, lies between, and appears to connect, the two and has seen minimal exploration, development or production yet shows excellent potential, particularly where it is exposed on the main haulage level at 3140 metres above sea level. A development drift on this level exposed the Escondida vein over several hundred metres of strike length and ended at a face assaying 429 g/t Ag, 7.17% Cu, 0.42 g/t Au, 0.37% Pb and 0.68% Zn over 2.1 metres. Newrange intends to initially focus on the Escondida vein with the intent to define a new, updated resource estimate and mine plan. At full production, it is estimated that Coricancha could produce approximately 3 million Ag Eq Oz per year.
Note (1): NI 43-101 Resource Update Technical Report on the Coricancha Mine Complex, Huarochiri Province, Lima Region, Peru for Great Panther Silver Limited. Submitted by Golder Associates Inc. as Report Assembler of the work prepared by or under the supervision of the Qualified Persons Named as Authors.
(2): Ag Eq g/t = Ag g/t + (Pb grade x ((Pb price per lb/Ag price per oz) x 0.0685714 lbs per Troy Ounce x 10000 g per %)) +(Zn grade x ((Zn price per lb/Ag price per oz) x 0.0685714 lbs per Troy Ounce x 10000 g per %)) + (Cu grade x ((Cu price per lb/Ag price per oz) x 0.0685714 lbs per Troy Ounce x 10000 g per %)) + (Au grade x (Au price per oz/Ag price per oz)).
About Newrange Gold Corp.
Newrange is currently focused on district-scale exploration for precious metals in the prolific Red Lake District of northwestern Ontario. The past-producing high-grade Argosy Gold Mine is open to depth, while the adjacent North Birch Project offers additional blue-sky potential. The proposed acquisition of the Coricancha Mine in Peru will give the Company a renewed focus on mine site exploration, development and production but the Company still intends to advance the Red Lake projects. Further information can be found on our website at www.newrangegold.com .
Signed: "Robert Archer"
President & CEO
For further information contact :
Phone: 604-669-0868
Email: info@newrangegold.com
Website: www.newrangegold.com
Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release .
Some of the statements in this news release contain forward-looking information that involves inherent risk and uncertainty affecting the business of Newrange Gold Corp. Actual results may differ materially from those currently anticipated in such statements.
Copyright (c) 2022 TheNewswire - All rights reserved.
News Provided by TheNewsWire via QuoteMedia
Newrange Signs Definitive Agreement to Acquire Coricancha Au-Ag-Cu-Pb-Zn Mine in Peru
(TheNewswire)
TSXV:NRG ) (OTC :NRGOF ) ( Frankfurt:X6C) Newrange Gold Corp. (" Newrange " or the " Company ") announces that, on October 25, 2022 and further to the Letter of Intent signed on September 12, 2022, it signed a Share Purchase Agreement (the "Agreement") with Great Panther Mining Limited ("Great Panther") to acquire a 100% interest in the Coricancha Gold-Silver-Copper-Lead-Zinc ("Au-Ag-Cu-Pb-Zn") Mine in Central Peru ("Coricancha
Coricancha is a high-grade, narrow-vein, gold-silver-copper-lead-zinc underground mine in the Central Polymetallic Belt of Peru. It is located 90 kilometres east of Lima on the Central Highway and comprises a 600 tonne per day processing plant, dry-stack tailings storage facility and all necessary surface and underground infrastructure. The mine was in production intermittently from 1906 – 2013 and has been on care-and-maintenance since then but is in excellent shape and is fully permitted. It is located within a well-established mining district and local communities are fully supportive of the operation. Two of three community agreements are already in place, with the third only pending a final signature.
"We are pleased to have moved forward in our discussions with Great Panther to acquire the Coricancha Mine," stated Robert Archer, President and CEO of Newrange. "We anticipate filing all required documents with the TSX Venture Exchange ("TSXV" or the "exchange") this week, including a NI 43-101 technical report, as the acquisition is subject to exchange approval. In parallel, we are working on a financing to ensure that we have adequate cash for not just the acquisition but for working capital and a drilling program."
Under the terms of t he Agreement, Newrange will purchase all of the shares of Great Panther Peru Holdings Ltd. and Great Panther Silver Peru, S.A.C., both wholly owned subsidiaries of Great Panther and the owners of the Coricancha Mine. Newrange will make a single cash payment of US$750,000 to Great Panther upon closing and the acquisition will be on an "as-is" basis (the "Transaction"). Being an arm's length and cash-only Transaction, shareholder approval will not be required, however, it will constitute a Fundamental Acquisition for Newrange and will be subject to exchange approval, which, in turn will be subject to financing. Completion of the Transaction is also subject to certain conditions including, but not limited to, receipt of court approval by Great Panther.
About Newrange Gold Corp.
Newrange is currently focused on district-scale exploration for precious metals in the prolific Red Lake District of northwestern Ontario. The past-producing high-grade Argosy Gold Mine is open to depth, while the adjacent North Birch Project offers additional blue-sky potential. The proposed acquisition of the Coricancha Mine in Peru will give the Company a renewed focus on mine site exploration, development and production but the Company still intends to advance the Red Lake projects. Further information can be found on our website at www.newrangegold.com .
Signed: "Robert Archer"
President & CEO
For further information contact :
Phone: 604-669-0868
Email: info@newrangegold.com
Website: www.newrangegold.com
Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release .
Some of the statements in this news release contain forward-looking information that involves inherent risk and uncertainty affecting the business of Newrange Gold Corp. Actual results may differ materially from those currently anticipated in such statements.
Copyright (c) 2022 TheNewswire - All rights reserved.
News Provided by TheNewsWire via QuoteMedia
Newrange Signs Letter of Intent to Acquire Coricancha Au-Ag-Cu-Pb-Zn Mine in Peru
(TheNewswire)
VANCOUVER, BRITISH COLUMBIA TheNewswire - September 13, 2022 (TSXV:NRG ) (OTC :NRGOF ) ( Frankfurt:X6C) Newrange Gold Corp. (" Newrange " or the " Company ") announces that, on September 12, 2022, it signed a non-binding Letter of Intent with Great Panther Mining Limited ("Great Panther") to acquire a 100% interest in the Coricancha Gold-Silver-Copper-Lead-Zinc ("Au-Ag-Cu-Pb-Zn") Mine in Central Peru ("Coricancha") . It is anticipated that a Definitive Agreement will be signed in the coming weeks.
Coricancha is a high-grade, narrow-vein, gold-silver-copper-lead-zinc underground mine in the Central Polymetallic Belt of Peru. It is located 90 kilometres east of Lima on the Central Highway and comprises a 600 tonne per day processing plant, dry-stack tailings storage facility and all necessary surface and underground infrastructure. The mine was in production intermittently from 1906 – 2013 and has been on care-and-maintenance since then but is in excellent shape and is fully permitted. It is located within a well-established mining district and local communities are fully supportive of the operation. Two of three community agreements are already in place, with the third only pending a final signature.
"I am very excited about the opportunity to acquire the Coricancha Mine," stated Robert Archer, President and CEO of Newrange. "I believe the project presents an exceptional opportunity to build a significant resource, develop the known veins towards production and further explore the property. Despite the long production history, there have only been 105 holes drilled on the property since 2010 and there is tremendous opportunity to extend the mine life and make new discoveries. In making this acquisition, Newrange is effectively following a well-established business model of bringing a past producing mine back into production, with the intent to supplement the future growth of the Company out of cash flow rather than straight equity."
A Mineral Resource Estimate was filed for Great Panther with an effective date of December 20, 2017 1 that is considered by Newrange to be Historical in nature. The Company is not relying on these estimates as a qualified person on behalf of Newrange has not done sufficient work to classify them as current mineral resources. Newrange intends to conduct its own drilling to bring the resource estimate into compliance for the Company. The Historical Resource comprises total Measured and Indicated Resources of 752,759 tonnes at 5.8 grams per tonne ("g/t") Au, 200 g/t Ag, 0.53% Cu, 2.07% Pb and 3.26% Zn (999 g/t silver equivalent ounces 2 ("Ag Eq Oz")), for a contained 24.20 million Ag Eq Oz, and total Inferred Resources of 943,160 tonnes at 5.0 g/t Au, 209 g/t Ag, 0.64% Cu, 1.45% Pb and 3.25% Zn (934 g/t Ag Eq Oz) for a contained 28.36 million Ag Eq Oz. The Historical Resource Estimate and associated Preliminary Economic Assessment are available as a reference on SEDAR at www.sedar.ca .
There are more than twenty veins known in the Coricancha deposit with most past production having come from the Constancia and Wellington Veins, approximately 600 metres apart and parallel to one another. They have a known strike length of more than 1,500 metres and a vertical extent in excess of 1,000 metres. A third vein, Escondida, lies between, and appears to connect, the two and has seen minimal exploration, development or production yet shows excellent potential, particularly where it is exposed on the main haulage level at 3140 metres above sea level. A development drift on this level exposed the Escondida vein over several hundred metres of strike length and ended at a face assaying 429 g/t Ag, 7.17% Cu, 0.42 g/t Au, 0.37% Pb and 0.68% Zn over 2.1 metres.
There is a general zonation from gold, silver and arsenic in the upper parts of the deposit towards copper and silver in the ‘lower' levels (the system has not been adequately tested below the 3140m level). Lead and zinc occur throughout the deposit in varying amounts.
In the Letter of Intent, the acquisition is contemplated to take place via a share purchase agreement whereby Newrange will purchase all of the shares of Great Panther Peru Holdings Ltd. and Great Panther Silver Peru, S.A.C., both wholly owned subsidiaries of Great Panther and the owners of the Coricancha Mine. Terms of the acquisition call for Newrange to make a single cash payment of US$750,000 to Great Panther upon closing and the transaction will be on an "as-is" basis. Being a cash-only transaction, shareholder approval will not be required. As the acquisition will be subject to financing, the Company is contemplating a ‘one new for six old' share consolidation and subsequent name change to be effective upon closing. The transaction will constitute a Fundamental Acquisition for Newrange and will be an arm's length transaction, further details of which will be announced upon signing of the Definitive Agreement. Similarly, details of the financing, share consolidation and name change, should they occur, will be announced in due course, all of which will be subject to TSXV approval.
Note (1): NI 43-101 Resource Update Technical Report on the Coricancha Mine Complex, Huarochiri Province, Lima Region, Peru for Great Panther Silver Limited. Submitted by Golder Associates Inc. as Report Assembler of the work prepared by or under the supervision of the Qualified Persons Named as Authors.
(2): Ag Eq g/t = Ag g/t + (Pb grade x ((Pb price per lb/Ag price per oz) x 0.0685714 lbs per Troy Ounce x 10000 g per %)) +(Zn grade x ((Zn price per lb/Ag price per oz) x 0.0685714 lbs per Troy Ounce x 10000 g per %)) + (Cu grade x ((Cu price per lb/Ag price per oz) x 0.0685714 lbs per Troy Ounce x 10000 g per %)) + (Au grade x (Au price per oz/Ag price per oz)).
About Newrange Gold Corp.
Newrange is currently focused on district-scale exploration for precious metals in the prolific Red Lake District of northwestern Ontario. The past-producing high-grade Argosy Gold Mine is open to depth, while the adjacent North Birch Project offers additional blue-sky potential. The proposed acquisition of the Coricancha Mine in Peru will give the Company a renewed focus on mine site exploration, development and production but the Company still intends to advance the Red Lake projects. Further information can be found on our website at www.newrangegold.com .
Signed: "Robert Archer"
President & CEO
For further information contact :
Phone: 604-669-0868
Email: info@newrangegold.com
Website: www.newrangegold.com
Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release .
Some of the statements in this news release contain forward-looking information that involves inherent risk and uncertainty affecting the business of Newrange Gold Corp. Actual results may differ materially from those currently anticipated in such statements.
Copyright (c) 2022 TheNewswire - All rights reserved.
News Provided by TheNewsWire via QuoteMedia
Newrange Provides Exploration Update
(TheNewswire)
VANCOUVER, BRITISH COLUMBIA TheNewswire - May 17, 2022 (TSXV:NRG ) (OTC :NRGOF ) ( Frankfurt:X6C) Newrange Gold Corp. (" Newrange " or the " Company ") is pleased to provide an update on its exploration projects in the Red Lake District of Ontario and the Walker Lane Trend of Nevada.
North Birch Project
At the North Birch Project, 110 kilometres northeast of Red Lake, two diamond drill holes were completed for a total of 723 metres. Although the winter drill program was expected to include additional holes, highly variable weather forced a late start and early conclusion. The holes were drilled to test a folded sequence of Iron Formation ("IF") and volcanic rocks in a structural setting similar to the Musselwhite Mine, 190 kilometres to the northeast (see Figure 1 below).
Figure 1: North Birch Drill Holes in ‘Fold Nose' interpreted from airborne magnetics
As previously reported (Newrange Press Release of March 9, 2022), hole NB22001 intersected a deformation zone more than 100 metres wide that had been interpreted from geophysics and LiDAR surveys. The hole collared in massive to pillowed Fe-tholeiitic basalt and shearing started approximately 200 metres downhole, becoming more intense with depth. The basalt becomes increasingly magnetic downhole and laminated IF first appears at 421 metres. Folding is apparent in the IF and both basalt and IF display moderate to intense carbonate alteration and local quartz veining. Pyrite and pyrrhotite mineralization occur as disseminations, stringers and, locally, as ‘clots' within quartz veins and veinlets.
Gold and copper assays increased downhole as shearing intensified. Values were geochemically anomalous, with high values of 0.25 g/t Au and 363 ppm Cu, and the relationship of gold and copper to shearing, quartz-carbonate alteration and pyrite-pyrrhotite mineralization are all encouraging signs considering that this horizon has never been drilled before. Not only does Newrange control about eight kilometres of this horizon but this first hole stopped in highly sheared IF at 460 metres (vertical depth of approximately 320 metres) as the drill had reached its depth limitation. Follow up holes will be drilled in the opposite direction due to the local topography and the sub-vertical dip of the zone.
Hole NB22002 was drilled 800 metres along stratigraphic strike to the northwest to test coincident magnetic and Induced Polarization anomalies. The hole was drilled to 263 metres at -50°, in massive to pillowed basalt and mafic tuff. While the anomalies were explained by the presence of chalcopyrite- pyrrhotite stringers, which returned no significant gold assays, a zone of strong biotite alteration with highly anomalous trace element geochemistry was intersected just below this zone, indicating strong hydrothermal activity. The deformation zone and IF intersected in the first hole were not seen in the second hole indicating that this structure does not appear to follow exactly along the main limb of the fold but likely trends closer to the central axis.
"We are very encouraged by the presence of strong deformation, alteration, and anomalous geochemistry in the initial holes at North Birch," stated Robert Archer, President & CEO of Newrange. "Considering that this horizon is not exposed at surface and has never been drill-tested before, these are all positive indicators that are common to gold systems elsewhere in the Uchi Subprovince. We look forward to follow-up drilling to better understand the overall setting."
Argosy Gold Mine Project
Due to the above-described weather challenges and resulting shortened drilling season, no holes were drilled on the adjacent Argosy Gold Mine Project this past winter. However, the first drill sites have been prepared and the initial holes will test both the down-dip extension of gold mineralization below the historic mine workings and in parallel, un-mined veins closer to surface.
Pamlico Project
Management has conducted an in-depth analysis of results to date on the Pamlico Property in Nevada, including an in-house (not NI43-101 compliant) assessment of the Merritt Decline Area and other exploration targets on the property. Following a comprehensive strategic review, which appropriately considered current market conditions and high holding costs, the Board of Directors has concluded that the continuation of the project is no longer in the best interest of shareholders and has terminated the option agreement.
Potential Acquisitions
As part of the aforementioned strategic review, Newrange is actively reviewing several potential acquisition targets in order to maximize shareholder value. The Board is committed to finding a new flagship project that will have the potential to provide significant upside. Discussions are ongoing in this regard and the Company will inform shareholders of any progress in a timely manner.
QA/QC
All drill core was logged, and samples assayed for gold and multi-elements by AGAT Laboratories in Thunder Bay, Ontario. The Company's QA/QC sample protocol consisted of the collection of samples no less than 0.10 metres and no greater than 1.5 metres in core length over the mineralized portions of the drill hole. Envelopes to mineralized zones were commonly sampled as well. The drill core was cut in half with a diamond saw, with half of the core placed in sample bags and the other half secured in the core box on site. One commercially prepared standard or blank was inserted in series every ten samples (10% of the samples). Samples were then transported by company personnel directly to the AGAT Labs facility. AGAT received, recorded and tracked all samples. Gold analyses were obtained by industry standard fire assay with ICP finish using a 30 gram aliquot. For samples returning values greater than 10 g/t gold, follow-up fire assay with a gravimetric finish is completed. Samples were also analyzed for 35 element trace and major element ICP-OES. AGAT Laboratories is an ISO 9001:2015 and ISO/IES 17025:2017 accredited lab for the preparation and analyses performed on the Newrange samples.
Qualified Person
The technical content disclosed in this press release was reviewed and approved by David Hladky , P.Geo., Senior Geologist for Newrange and a Qualified Person as defined under National Instrument 43-101.
About Newrange Gold Corp.
Newrange is focused on district-scale exploration for precious metals in the prolific Red Lake District of northwestern Ontario. The past-producing high-grade Argosy Gold Mine is open to depth, while the adjacent North Birch Project offers additional blue-sky potential. Focused on developing shareholder value through exploration and development of key projects, the Company is committed to building sustainable value for all stakeholders. Further information can be found on our website at www.newrangegold.com .
President & CEO
For further information contact :
Sharon Fleming
Corporate Communications
Phone: 760-898-9129
Email: info@newrangegold.com
Dave Cross
Chief Financial Officer and Corporate Secretary
Phone: 604-669-0868
Email: dcross@crossdavis.com
Website: www.newrangegold.com
Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release .
Some of the statements in this news release contain forward-looking information that involves inherent risk and uncertainty affecting the business of Newrange Gold Corp. Actual results may differ materially from those currently anticipated in such statements.
Copyright (c) 2022 TheNewswire - All rights reserved.
News Provided by TheNewsWire via QuoteMedia
AGNICO EAGLE FILES TECHNICAL REPORT FOR THE DETOUR LAKE MINE
Stock Symbol: AEM (NYSE and TSX)
Agnico Eagle Mines Limited (NYSE: AEM) (TSX: AEM) ("Agnico Eagle" or the "Company") today announced that it has filed an updated technical report for the Detour Lake mine in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects.
The technical report is available on SEDAR+ ( www.sedarplus.ca ) and on the Company's website ( www.agnicoeagle.com ).
About Agnico Eagle
Agnico Eagle is a Canadian based and led senior gold mining company and the third largest gold producer in the world, producing precious metals from operations in Canada , Australia , Finland and Mexico . It has a pipeline of high-quality exploration and development projects in these countries as well as in the United States . Agnico Eagle is a partner of choice within the mining industry, recognized globally for its leading environmental, social and governance practices. Agnico Eagle was founded in 1957 and has consistently created value for its shareholders, declaring a cash dividend every year since 1983.
View original content to download multimedia: https://www.prnewswire.com/news-releases/agnico-eagle-files-technical-report-for-the-detour-lake-mine-302254136.html
SOURCE Agnico Eagle Mines Limited
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Extension of TransAsia Debt Facility
Manuka Resources Limited (“Manuka” or the “Company”) is pleased to advise that it has reached an agreement with TransAsia Private Capital Limited (“TransAsia”) to extend the maturity date of its existing debt facility to 31 January 2025.
As previously advised1, Manuka is executing its development plan to restart production from its 100% owned Mt Boppy gold mine (“Mt Boppy”) located in the Cobar Basin, NSW. The development plan includes a fit-for-purpose low capex processing facility at Mt Boppy to produce gold doré.
In parallel with development works at Mt Boppy, Manuka is advancing a process to refinance the TransAsia debt facility, which has yielded proposals from multiple parties. The extension will facilitate completion of the refinancing process and align this with the restart of Mt Boppy.
Manuka’s Executive Chairman, Dennis Karp, commented:
“Once again, we wish to note our appreciation of the ongoing support provided by TransAsia. They have been an outstanding financing partner for Manuka from 2019 and continue to provide us with the flexibility to ensure a positive outcome for the Company and its growth strategy.”
Over the coming months, the Company anticipates:
1. releasing an updated production forecast for the Mt Boppy gold project
2. completion of the refinancing of the TransAsia debt facility
3. recommencement of mining operations at Mt Boppy; and
4. releasing of a restart feasibility study and Ore Reserve for Wonawinta.
Furthermore, the Company is awaiting feedback on its application to the New Zealand Government with respect to the inclusion of the Taranaki vanadium-titanomagnetite iron sands project (“Taranaki VTM Project”) in the Fast Track Consenting approvals list. Subject to final approvals, the Company will use cashflows from Mt Boppy and Wonawinta to advance the world-class Taranaki VTM Project through a Bankable Feasibility Study and toward an investment decision. Vanadium and titanium have both been included in the NZ Government’s recently released draft Critical Minerals List2.
BurnVoir Corporate Finance are acting as Financial Advisors to the Company.
Click here for the full ASX Release
This article includes content from Manuka 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.
Top 7 ASX Gold ETFs in 2024
The price of gold surged toward the US$2,600 mark for the first time in mid-September, following an interest rate cut in Europe and speculation the US Federal Reserve was considering a larger 50-point cut when it meets on September 17 and 18.
The news also caused gold to set a record high in Australian dollars as its momentum carried the AUD gold price to an all-time high of AU$3,852.54 on September 13.
For many investors, gold is a tool for diversification. The precious metal is known for its ability to act as a safe haven and hence operates as a protective option when building a balanced portfolio.
Gold exchange-traded funds (ETFs) give investors a relatively easy way to get exposure to physical gold without having to worry about the extra hassle of buying and storing the metal — not to mention insuring it. Gold ETFs can also track a basket of gold-focused stocks, allowing investors to spread risk instead of betting on individual companies.
Below the Investing News Network has listed the five ASX gold ETFs and exchange-traded products (ETPs) that provide exposure to physical gold, and the two ASX gold ETFs that offer exposure to gold companies. The ETFs are listed by assets under management, and data was retrieved from each company’s website on September 16, 2024.
1. Global X Physical Gold (ASX:GOLD)
Total assets under management: AU$3.39 billion; unit price: AU$35.32
Previously known as ETFS Physical Gold, Global X Physical Gold is an ETP that promises a "low-cost and secure way to access physical gold via the stock exchange," while avoiding the struggle of storage.
The entity is backed by gold held in a London vault by JPMorgan Chase (NYSE:JPM). Investors can redeem shares for physical gold, not just the cash equivalent; however, this comes with a fee of AU$1,000 per redemption. Global X's website suggests that for smaller orders, a more cost-effective option is selling units on the secondary market.
This ETP has a management fee of 0.4 percent.
2. Perth Mint Gold (ASX:PMGOLD)
Total assets under management: AU$947.94 million; unit price: AU$38.35
Owned by the Western Australian government, Perth Mint Gold is an ETP that tracks the international price of gold in Australian dollars. Investments are backed by gold bullion stored in the Perth Mint. Perth Mint Gold is the only gold product on the ASX that maintains a government guarantee for holdings.
This ETF has a management fee of just 0.15 percent, making it the lowest-cost physical gold ETF on the ASX.
3. BetaShares Gold Bullion ETF (ASX:QAU)
Total assets under management: AU$687.29 million; unit price: AU$21.44
The BetaShares Gold Bullion ETF tracks the price of physical gold. It is backed by gold bullion stored by JPMorgan Chase in London. Although the ETF is based on physical gold, you do not own physical gold by owning the ETF. Rather, when you sell shares of your ETF, you receive the cash equivalent of the gold.
This ETF has a management fee of 0.59 percent.
4. VanEck Gold Miners ETF (ASX:GDX)
Total assets under management: AU$589.74 million; unit price: AU$59.31
The VanEck Gold Miners ETF provides investors with exposure to the largest global gold producers and royalty companies involved in the precious metals space. Its top holdings include Newmont (NYSE:NEM,TSX:NGT), Agnico Eagle Mines (NYSE:AEM,TSX:AEM) and Barrick Gold (NYSE:GOLD,TSX:ABX).
This ETF also offers exposure to Australian gold miners, with just over 10 percent of its holdings allocated to Australian gold operators, including Northern Star Resources (ASX:NST,OTC Pink:NESRF).
GDX provides a yearly dividend, currently set at 1.65 percent. The ETF has a management fee of 0.53 percent.
5. iShares Physical Gold ETF (ASX:GLDN)
Total assets under management: AU$171.12 million; unit price: AU$30.57
Established in October 2023, iShares Physical Gold ETF was designed to provide investors with exposure to the spot price of gold without the need for physical storage of personal gold holdings.
Like many gold-based ETFs, this product is considered high risk and is intended for investors who are looking to maintain their investment for more than five years. Since its inception, GLDN has benefitted from the relative strength in the gold market and has provided investors with an 18 percent return.
iShares Physical Gold ETF's management fees are among the lowest on this list at 0.18 percent.
6. Betashares Global Gold Miners ETF (ASX:MNRS)
Total assets under management: AU$82.07 million; unit price: AU$6.74
The Betashares Global Gold Miners ETF allows Australian investors to add a diverse range of global companies in the gold mining space to their portfolio by focusing on the biggest ex-Australia precious metals companies.
Its top holdings include Newmont, Barrick, Agnico Eagle and royalty company Wheaton Precious Metals (NYSE:WPM,TSX:WPM).
This ETF has a management fee of 0.57 percent.
7. VanEck Gold Bullion ETF (ASX:NUGG)
Total assets under management: AU$71.15 million; unit price: AU$38.15
Established in December 2022, the VanEck Gold Bullion ETF allows investors exposure to the gold market without the need to purchase physical gold. It is backed by physical gold bullion bars sourced from Australian gold producers.
This ETF has a management fee of 0.25 percent and since its inception has returned 21.36 percent.
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Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.
Unlocking Cashflow Potential in Mining Ventures
The months and years after a significant mineral discovery can be financially complex for mining companies. Getting to mining operations requires careful cashflow strategies to keep the venture afloat.
There is a path to cashflow generation that can take an organization through the stages of discovery to production. These strategies can enable such companies to keep moving through the much-needed work of early stage mine development.
Mining cycle
Every mining project goes through a process, which can be thought of as a five stage cycle.
It includes exploration, discovery, development, production and reclamation. The three stages before mining production, however, can take decades.
The exploration stage, also known as prospecting, entails collecting research, current and historical, to locate a target area. Geologists and mining engineers are consumed with geophysical measurements, geochemical analysis, water, oil and soil tests, surveys, drilling and sampling. The results of such testing will often be put into a model to show a potential deposit.
Discovery and advanced exploration entail doing substantially more detailed assessments of the area, including ground geophysics, channel sampling, trenching and drilling. This is also the stage where important paperwork such as permits, leases and licenses are undertaken. Environmental assessments may also take place.
Development is where the mine’s infrastructure gets put in place, if the company determines the project is economically viable. The company will raise money at this point to begin constructing the mine and any needed infrastructure around it such as roads, power lines, processing facilities and housing.
The junior explorers
Junior mining companies specialize in the early stages of mining exploration. Since the work itself generates no revenue, such companies posit themselves as investment opportunities, issuing share ownership in turn for investment into their treasury. There’s risk involved, but also opportunity for excellent outcomes if projects do well.
These stocks often have low market capitalization, often under $50 million. Many of the projects these companies develop are not about taking a mine all the way to production, which takes a different level of expertise, but about getting the project ready for a larger, experienced mining operation to acquire it.
Grande Portage Resources (TSXV:GPG,OTCQB:GPTRF) is a good example of a junior that has diligently spent time and money to impressively expand its gold resource located in Southeast Alaska.
“The process from discovery to production is incredibly laborious. So many complex and diverse factors need to align in order to get to a finish line, which is why so few discoveries actually advance to an economically viable scenario. However, when things do come together it can be a very exciting and profitable time for the team and shareholders alike,” said Ian Klassen, president and CEO of Grande Portage. Based in Vancouver, BC, the junior exploration company is advancing its high-grade Herbert gold deposit, which is located 25 kilometers north of Juneau, Alaska.
The cashflow challenge
Early stage mining development is all about balancing the investment in the potential future mine and keeping cashflow to fund the numerous steps involved — from the geophysical to the regulatory hurdles — and keep the project progressing.
Junior mining companies must engage a range of cashflow strategies to be successful in this high-risk aspect of the industry.
Joint ventures and partnerships
A strategy with a myriad of upsides is for junior miners to partner up with a larger, established mining company in a joint venture. Overall, joint ventures are on the rise in the mining industry, creating larger ventures, but they offer a great "yin and yang" for early stage projects. The junior is nimble and can devote time to the complex work of exploration, discovery and development without having to be distracted by any day-to-day operations.
Such companies are often willing to give up equity in the project to get cash in hand, expertise and access to talent to allow the project to advance the developmental timeline. Thus, a strategic joint venture between the larger operator and junior can emerge — leveraging each other’s strengths making a mutually beneficial partnership.
One recent example is a 50/50 joint venture between Lode Gold Resources (TSXV:LOD,OTCQB:SBMIF) and Fancamp Exploration, which has created one of the largest prospective land packages in the Canadian province of New Brunswick. Lode Gold’s 111 square kilometer McIntyre Brook property and Fancamp’s 309 square kilometer Riley Brook property will become a joint venture between the two companies, featuring a sizable property on a highly prospective belt.
Mergers and acquisitions
For many junior mining companies, the goal is not to take a mine to production, but either work with a partner to sell to one, and move on with more prospective mines.
As with joint ventures, more established mining companies, be they mid-tier or majors, will take a keen interest in early stage exploration projects with strong proof of concept, then leverage their own expertise to take the project into production. While not always, this usually takes place once a preliminary economic assessment has been completed or the junior is at the prefeasibility stage.
With many large mining companies seeing a decline in their reserves, there’s demand from buyers. In 2023, there were 2,698 deals in the mining and metals sector with an overall value of US$228 billion.
Offtake agreements
These deals involve a binding contract between a junior company and a future buyer. An offtake agreement ensures the mine and its products have a future and a future market.
Such deals aid cashflow in two ways: they sometimes entail cash up front, which of course, helps the developer. As well, the deal itself can help the junior mining company secure financing.
Generally, offtake agreements are negotiated after a feasibility study is completed and prior to mine construction; they help assure producers that there is a market for the material they plan to produce. That is beneficial for a number of reasons — most obviously, it means the mining company won’t have to worry about being able to sell its metal.
Direct-shipping ore
For properties with the right opportunity, embarking on direct-shipping ore (DSO) offers a quicker path to market, and therefore fewer cashflow challenges.
In iron ores, for example, the ores appear in hematite, which can be mined, crushed and screened and then exported, so requires no complex refining before being read for market. If the iron content of the hematite is over 60 percent, it’s suitable for direct shipping.
One iron ore project that has leveraged this strategy is the Joyce Lake project. The project, which published a feasibility study in December 2022, is owned by Century Global Commodities (TSX:CNT) through its subsidiary Joyce Direct Iron. The resource includes 23.97 million metric tons at 58.63 percent iron in the measured and indicated categories.
Grande Portage may also strategically pursue a DSO strategy for its New Amalga mine project (formerly the Herbert gold project). Klassen confirmed the company is taking a very hard look at the DSO pathway for an offsite-processing configuration providing a number of potential benefits, including.
- Elimination of the requirement to develop a tailings disposal facility near the mine. No tailings would be generated at the site.
- Elimination of the requirement for permanent waste rock storage facilities. All waste rock generated from mine access development would be returned to the underground workings for stope backfill.
- No use of gold processing reagents at the site.
- Dramatically reduced land usage and overall environmental footprint.
- Greatly simplified post-mining closure and reclamation.
- De-risking of the environmental review and permitting process.
- Minimization of project construction CAPEX.
Cashflow potential
Even with an already considerable high-grade resource, Grande Portage is just scratching the surface with its New Amalga Mine project. Exploration work to date has confirmed the deposit has significant potential for future expansion.
Consisting of 91 unpatented lode claims spanning 2,000 acres, the property lies within the historic 160 kilometer Juneau Gold Belt, which produced over 8 million ounces of gold. The company recently updated the mineral resource estimate for the asset, which includes 1.44 million ounces of gold at 9.47 grams per metric ton gold in the indicated category, as well as 515,700 ounces at 8.85 grams per metric ton gold in the inferred category.
Investor takeaway
Investing in junior mining companies or early stage mining projects can be considered high-risk for some. Understanding the numerous options available to such ventures for enabling cashflow and financing themselves over the many years it takes to reach production offers good insights to investors willing to track promising companies and mitigate risk.
This INNSpired article is sponsored by Grande Portage Resources (TSXV:GPG,OTCQB:GPTRF). This INNSpired article provides information which was sourced by the Investing News Network (INN) and approved by Grande Portage Resourcesin order to help investors learn more about the company. Grande Portage 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 Grande Portage Resources and seek advice from a qualified investment advisor.
SAVE THE DATE: NOVAGOLD 2024 Third Quarter Financial Results Release, Conference Call and Video Webcast
NOVAGOLD RESOURCES INC. (TSX, NYSE American: NG) will release its 2024 third quarter financial results after market close on October 2, 2024. A conference call and video webcast to discuss these results will take place October 3, 2024, at 8:00 am PT (11:00 am ET).
During the webcast, NOVAGOLD's President and Chief Executive Officer, Greg Lang; and Vice President and Chief Financial Officer, Peter Adamek, will provide a summary of the company's third quarter financial results and an update on the Donlin Gold project.
Questions may be submitted prior to the call at info@novagold.com . Conference call participants will also have an opportunity to ask questions during the webcast following the presentation.
The video webcast and conference call-in details are provided below.
Video Webcast: www.novagold.com/investors/events/
North American callers: 1-844-763-8274
International callers: 1-647-484-8814
The webcast will be archived on NOVAGOLD's website for one year. For a transcript or replay of the call, please visit https://www.novagold.com/investors/presentations/ or email info@novagold.com .
NOVAGOLD Contact:
Mélanie Hennessey
Vice President, Corporate Communications
Frank Gagnon
Manager, Investor Relations
604-669-6227 or 1-866-669-6227
www.novagold.com
News Provided by GlobeNewswire via QuoteMedia
Sarama Completes Issue of Shares for Debt and ASX Cleansing Notice
Sarama Resources Ltd. (“Sarama” or the “Company”) (ASX:SRR, TSX- V:SWA) is pleased to report that on 18 September 2024, it had completed the issue of shares in part settlement of deferred executive salaries and director fees (the “Compensation Shares” or the “Shares for Debt”) as previously announced in a news release dated 17 July 2024.
The Shares for Debt arrangement comprised the issue of 22,348,980 Chess Depository Instruments (“CDIs”) at a deemed issue price of A$0.02 per CDI, equivalent to A$446,979.60 as detailed in Table 1 below. Each new CDI issued under the Placement will rank equally with existing CDIs on issue and each CDI will represent a beneficial interest in one common share of the Company. The issuance of the Shares for Debt was subject to TSXV and shareholder approval which was obtained at the annual general meeting held on 11 September 2024 (the “Meeting”).
Table 1
The Compensation Shares and Shares for Debt were issued upon receipt of shareholder approval, as required by the Australian Securities Exchange Listing Rules, at the Meeting. An Appendix 2A was announced to the ASX on 18 September 2024 and provides further detail on the issue of the Compensation Shares and Shares for Debt.
The Share for Debt arrangement will reduce the Company’s liabilities.
The CDIs issued under the Placement are subject to a TSX Venture Exchange (“TSXV”) “hold period” of 4 months and one day from the date of issue of the CDIs.
The Securities have not been and will not be registered under the U.S. 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 unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from registration is available. This announcement does not constitute an offer to sell or a solicitation of an offer to buy any of the Securities within the United States or to, or for the account or benefit of, U.S. Persons (as defined under Regulation S under the U.S. Securities Act), nor shall there be any sale of these Securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
Click here for the full ASX Release
This article includes content from Sarama Resources, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
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