Drilling commences at North Birch. As expected, Newrange has commenced drilling at the North Birch project in the Birch-Uchi Greenstone Belt in the Red Lake Mining area of northwestern Ontario, Canada. Approximately 2,000 meters of drilling is planned, with the first five holes testing a three-kilometer strike length of the main target horizon. Well defined targets. In April 2021, Newrange completed an induced polarization (IP) survey over the eastern portion of the North Birch project area. The survey revealed several well-defined chargeability anomalies which will be targeted for drilling that coincide with the target horizon which is believed to be a sheared limb of a folded iron formation. Argosy in the crosshairs. Newrange is still targeting March to begin first phase drilling at the past-producing Argosy gold mine. Drilling will test the depth of known veins below historic mine workings and the continuity of other veins. 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 activity accelerates at projects in the Birch-Uchi Belt in Ontario. We believe the drilling program could reveal the significant discovery potential at North Birch and unrealized potential remaining at Argosy. Read More >>
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Newrange Gold Corp. - Drilling Commences at North Birch
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Newrange Gold
Overview
The most promising gold mine isn’t worth much if it’s located in an unsafe or non-mining-friendly jurisdiction. Navigating obstructive laws and adapting to political instability can quickly consume a mining company’s resources. Regions with clearly stated mining laws that have demonstrated political stability are essential to the long-term success of a mining project. Even with the current geopolitical climate skyrocketing the price of gold, investors must consider the jurisdiction in which mining companies operate.
The Fraser Institute repeatedly ranks Nevada as the top jurisdiction for investment attractiveness in the entire world. Nevada’s mineral endowments, regulatory certainty and clearly stated public policy are what earned the state its top spot. Overall, North America has quickly become known as a politically stable and mining-friendly continent.
Few countries have embraced the mining industry quite like Canada. The country’s clear sustainability requirements and multiple initiatives that aim to improve the country’s economy by leveraging its natural resources are only a few of the reasons why Canada continues to be an attractive country for mining. Much like real estate, the location of mining projects is vital and investors need to take an asset’s jurisdiction into consideration when performing due diligence.
Newrange Gold (TSXV:NRG,OTC:NRGOF,FSE:X6C.F) is a Canadian-based mining exploration and development company focused on district-scale exploration of prolific assets in safe jurisdictions. The company has projects in Nevada and Ontario that benefit from pro-mining regulations, a highly-trained local workforce and district-scale historical data. Newrange Gold focuses on stable jurisdictions in order to cultivate long-term value for shareholders.The company’s asset portfolio is rich with district scale potential projects, all located within stable and mining-friendly jurisdictions. The Argosy Gold Mine and North Birch Gold Project are both located in the Red Lake District in Ontario. To date, this district has produced 22 million ounces of gold. The projects are nearly contiguous and comprise 4,454 hectares located on the Birch-Uchi Greenstone Belt and adjacent to the prolific Red Lake Greenstone Belt which has similar geographical formations and is three times the size of the Red Lake Belt. Despite this, it is relatively underexplored.
Newrange Gold’s Pamlico Project is located in Nevada. The project is located in the famous Pamlico District, which was known as one of the highest-grade gold districts in the 1880s. However, because it’s been privately held since 1896, the district has largely gone unexplored. Fortunately, the presence of over 300 historic mines in the region has led to the creation of excellent infrastructure to facilitate future development. The project sits on the Walker Lane geographic structure, which is a large-scale multi-phase polymetallic mineralization system that contains multiple gold and copper targets across 5,700 hectares.
On October 25, 2022, the company acquired 100 percent interest in the Coricancha Gold-Silver-Copper-Lead-Zinc Mine in Central Peru. The asset is a high-grade, narrow-vein, gold-silver-copper-lead-zinc underground mine in the Central Polymetallic Belt of Peru, and 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 to 2013 and has been on care-and-maintenance since then but is in excellent shape and is fully permitted.
The management team leading Newrange Gold is equally as impressive as its asset portfolio. Robert Archer, president and CEO, has over 40 years of management experience in the mining industry within the Americas. He also possesses a strong scientific background as a professional geologist with an honors BSc. Meanwhile, David Cross, CFO, has 21 years of experience focused on corporate governance and finance. The team is rounded out by independent directors who add their specific expertise to the company, including a geologist, metallurgical engineer and corporate accountant.
Company Highlights
- Newrange Gold is a Canada-based exploration and development mining company dedicated to building long-term shareholder value with its gold-focused assets that leverage district-scale historical data to inform its decisions
- The company has built an asset portfolio that is entirely within mining-friendly jurisdictions with clear legal requirements and regulations that provide confidence in the future of each project.
- Both the Argosy Gold Mine and North Birch Project are located in the Red Lake District in Northwestern Ontario, a region famous for gold production.
- Newrange Gold’s Pamlico Project in Nevada benefits from an incredibly mining-friendly state and is located in a legendary district that has remained relatively unexplored since the late 1800s.
- The company has acquired 100 percent interest in the Coricancha Gold-Silver-Copper-Lead-Zinc Mine in Central Peru.
- The company is led by an impressive management team with decades of experience that is directly relevant to Newrange Gold’s ambitions, including experience managing mining companies that operate in the Americas
Key Projects
The Pamlico Project
This project is located in Nevada, a state that ranks as the most desirable mining jurisdiction in the world and is currently the fifth-largest gold producer. Mines throughout the state produced a combined 5.4 million ounces of gold in 2019 alone and a staggering 169.1 million ounces from 1835 to 2018.
Project Highlights:
- Located on the Prolific Walker Lane Geologic Structure: Current and historic mining operations on the Walker Lane structure have produced 53 million ounces of gold and 519 million ounces of silver
- Unique Opportunity in a Legendary District: The Pamlico District was the highest-grade gold district in Nevada between the 1880s and 1920s. Despite its reputation, much of the property has been in private hands and has been largely unexplored. Newrange Gold is now in a unique position with tremendous potential.
- Excellent Infrastructure and Metallurgy: The region's historical and current emphasis on gold mining has resulted in a reliable infrastructure, along with exceptional metallurgy.
- New Discoveries in a Proven District: Recent geological models suggest the presence of a large gold-copper system with high-grade, near-surface oxide gold mineralization. The same models also indicate lower-grade bulk tonnage gold mineralization, along with skarn and porphyry copper-gold targets.
- Multiple Drill Targets Identified: Newrange Gold has identified promising drill targets to further explore the project’s area, including the McGill Canyon Skarn Zone, the La Panta Mine, and the new ‘91’ zone.
North Birch Gold Project
The North Birch Gold Project sits upon the Birch-Uchi Greenstone Belt, which has similar geology as the famous Red Lake Greenstone Belt. However, limited accessibility has left the area belt largely unexplored. Current exploration data and the proximity to an existing mine create tremendous blue-sky potential for the project.
Project Highlights:
- Proximity to Existing Projects: The Springpole Gold Deposit operated by First Mining Gold has an indicated 4.6 million ounces of gold and is only 12 kilometers away from the North Birch Gold Project.
- Folded Iron Formations (IF) Indicate Gold Deposits: IF-hosted gold deposits are well known around the world and have become attractive targets for gold exploration. Roughly 3,850 hectares of the project are sitting on IF packages.
- IF Yet to Be Drilled: Even though the project has multiple gold showings, the IF has never been drilled, creating blue-sky potential as the company further develops promising targets
- Promising Historical Data: Historic drilling south of the IF has indicated up to 35 g/t gold over 1.6 meters. A grab sample of pyritic IF has indicated 5.64 g/t gold.
- Multiple Strong Drill Targets Identified: Current exploration data has already identified several promising drill targets for further exploration and development.
Argosy Gold Mine
The Argosy Gold Mine is immediately southeast of the North Birch Gold Project and is even closer to the Springpole Gold Deposit, which is only 10 kilometers away. Unlike the North Birch project, Argosy was a high-grade gold mine between 1931 and 1952. Including more recent exploration conducted in the early 2000s, 72 drill holes have generated promising data that have created strong confidence in the project.
Project Highlights:
- Promising Historical High-Grade Production: The Argosy Gold Mine was once the belt’s most significant gold producer before closing in 1952. While in operation, the mine produced 101,875 ounces of gold at 12.7 g/t.
- Recent Exploration Data Indicates Deeper Gold Deposits: The four gold veins that were previously mined reached a maximum depth of 270 meters. However, more recent exploration in 2003-04 indicated that gold mineralizations extend to 400 meters, which includes 10.46 g/t gold over 2.98m and 14.15 g/t gold over 1.65m.
- Underdeveloped Asset Showing Promising Results: Even with the above promising data, the asset has not had any work since 2005. Newrange Gold has leveraged existing data to identify multiple drill targets to commence in 2022.
Management Team
Robert Archer - President and CEO
Robert Archer has more than 40 years’ experience in the mining industry, working throughout the Americas. After spending more than 15 years with major mining companies, he held several senior management positions in the junior mining sector and co-founded Great Panther Mining Limited, now a mid-tier precious metals producer. He served as President & CEO of Great Panther from 2004-2017 and Director until 2020, and joined Newrange Gold Corp. as a Director in March 2018 followed by his appointment as CEO in January 2019 and President in October 2021. Mr. Archer is a Professional Geologist and holds an Honors BSc from Laurentian University in Sudbury, Ontario.
David Cross - CFO
David Cross is a CPA and CGA with over 21 years’ experience in the junior sector with a focus on finance and corporate governance. He is currently a partner of Cross Davis and Company LLP Chartered Professional Accountant, which specializes in accounting and management services for private and publicly-listed companies within the mining industry, and has recently been appointed CFO of Ashburton Ventures Inc.
Colin Jones - Independent Director
Colin Jones lives in New Zealand and is Principal Consultant for Orimco Resource Investment Advisors, based in Perth, Australia. He has almost 40 years’ experience as a mining, exploration and consulting geologist in a number of different geological environments on all continents. He has managed large exploration and due diligence projects, and has undertaken numerous bankable technical audits, technical valuations, independent expert reports and due diligence studies worldwide, most of which were on behalf of major international resource financing institutions and banks. Jones holds a Bachelor of Science (Earth Sciences) degree from Massey University, NZ.
David Salari - Independent Director
David Salari has worldwide experience in the design, construction and operation of extractive metallurgical plants. He is an engineer with more than 35 years of experience in the mining and mineral processing field and is currently the President and CEO of DENM Engineering.
Ron Schmitz - Independent Director
Ron Schmitz is the Principal and President of ASI Accounting Services Inc., a firm that has provided administrative, accounting and office services to public and private companies since July 1995. Schmitz has served as a Director and/or Chief Financial Officer of various public companies since 1997, and currently holds these positions with various public and private companies.
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.
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AGNICO EAGLE PROVIDES NOTICE OF RELEASE OF FIRST QUARTER 2024 RESULTS, CONFERENCE CALL AND ANNUAL MEETING
Stock Symbol: AEM (NYSE and TSX)
Agnico Eagle Mines Limited (NYSE: AEM) (TSX: AEM) ("Agnico Eagle" or the "Company") today announced that it will release its first quarter 2024 results on Thursday, April 25, 2024 after normal trading hours. Additionally, the Company will host its Annual and Special Meeting of Shareholders (the "AGM") the following day, Friday, April 26, 2024 in a hybrid format (in Toronto and virtually).
Agnico Eagle's senior management will host a conference call on Friday, April 26, 2024 at 8:30 AM (E.D.T.) to discuss the Company's financial and operating results.
Via Webcast :
A live audio webcast of the conference call will be available on the Company's website at www.agnicoeagle.com .
Via URL Entry :
To join the conference call without operator assistance, you may register and enter your phone number at https://emportal.ink/3Rvps04 to receive an instant automated call back. You can also dial direct to be entered to the call by an Operator (see "Via Telephone" details below).
Via Phone :
For those preferring to listen by phone, please dial 416.764.8659 or toll-free 1.888.664.6392. To ensure your participation, please call approximately five minutes prior to the scheduled start of the call.
Replay Archive :
Please dial 416.764.8677 or toll-free 1.888.390.0541, access code 505445#. The conference call replay will expire on May 26, 2024 .
The webcast, along with presentation slides, will be archived for 180 days on the Company's website.
The AGM will begin on Friday, April 26, 2024 at 11:00 AM (E.D.T). During the AGM, management will provide an overview of the Company's activities.
Hybrid Format
The AGM will be held in person at the Arcadian Court, 401 Bay Street, Simpson Tower, 8 th Floor, Toronto, Ontario , M5H 2Y4 and online at: https://meetnow.global/MFJPVMP .
The Company is conducting a hybrid meeting that will allow registered shareholders and duly appointed proxyholders to participate both online and in person. The Company is providing the virtual format in order to provide shareholders with an equal opportunity to attend and participate at the AGM.
For details explaining how to attend, communicate and vote virtually at the AGM please see the Company's Management Information Circular dated March 22, 2024 , filed under the Company's profile on SEDAR at www.sedarplus.ca and on EDGAR at www.sec.gov . Shareholders who have questions about voting their shares or attending the AGM may contact Investor Relations by phone at 416.947.1212, by toll-free phone at 1.888.822.6714 or by email at investor.relations@agnicoeagle.com or may contact the Company's strategic shareholder advisor and proxy solicitation agent, Laurel Hill Advisory Group, by phone at 1.877.452.7184 (toll free in North America ), at 1.416.304.0211 (for collect calls outside of North America ) or by e-mail at assistance@laurelhill.com .
Agnico Eagle Mines Limited
145 King Street East , Suite 400
Toronto, Ontario , M5C 2Y7
investor.relations@agnicoeagle.com
Phone: 416.947.1212
Fax: 416.367.4681
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: https://www.prnewswire.com/news-releases/agnico-eagle-provides-notice-of-release-of-first-quarter-2024-results-conference-call-and-annual-meeting-302097594.html
SOURCE Agnico Eagle Mines Limited
View original content: http://www.newswire.ca/en/releases/archive/March2024/25/c8804.html
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5 Top Weekly TSXV Stocks: Gold Stocks Gain as Metal Soars Above US$2,200
The S&P/TSX Venture Composite Index (INDEXTSI:JX) gained 1.41 points last week to close at 552.31.
At its latest meeting this past Tuesday (March 19) and Wednesday (March 20), the US Federal Reserve decided to continue holding its benchmark interest rate at 5.25 to 5.5 percent. Chair Jerome Powell indicated that before it begins reducing rates, the central bank wants to see more data showing inflation is moving toward its 2 percent target.
He also said the Fed is still anticipates three cuts before the end of 2024, but declined to say when they will begin.
Markets responded positively to the announcement, as did gold, which traded above the US$2,200 per ounce mark through much of the trading session on Wednesday and into Thursday (March 21).
The gold price has since retreated from these highs on the back of data such as housing starts for February, which rose 10.7 percent over January. The news helped push the US Dollar Index to a monthly high of 104.64 on Friday (March 22).
Statistics Canada released Consumer Price Index figures this past Tuesday. They show inflation is continuing its downward trend, with a year-on-year increase of 2.8 percent in February versus January’s 2.9 percent. Inflation has now come in below expectations for the second month in a row, solidifying predictions that rate cuts will come in mid-2024.
Against that backdrop, how did TSXV-listed mining stocks perform? Here are the five top gainers this past week.
1. Awalé Resources (TSXV:ARIC)
Weekly gain: 113.89 percent; market cap: C$21.92 million; current share price: C$0.385
Awalé Resources is a copper and gold explorer focused on its Odienné project in Côte D’Ivoire.
The site, located in the country’s northwest, covers an area of 2,462 square kilometers across two granted permits and five under application; two are being advanced as part of an earn-in joint venture with Newmont (TSX:NGT,NYSE:NEM). Newmont has the chance to earn up to 65 percent ownership of the permits via exploration expenditures of US$15 million.
Awalé's most recent news came on Monday (March 18), when it announced it has encountered multiple high-grade intercepts at the BBM target at Odienné, including 2.5 grams per metric ton (g/t) gold equivalent over 44 meters from 131 meters downhole. In its press release, the company said a follow-up drill program will begin in April, and that assay results from the asset's Charger target are expected soon.
Shares of Awalé saw strong gains this past Wednesday alongside the surging gold price.
2. Hannan Metals (TSXV:HAN)
Weekly gain: 64 percent; market cap: C$39.39 million; current share price: C$0.41
Explorer Hannan Metals is focused on advancing gold, silver and copper deposits in Latin America.
The San Martin project is a joint venture with the Japan Organization for Metals and Energy Security (JOGMEC), a Japanese government agency established in 2004 to secure stable resources and fuel supplies. Under the terms of the agreement, JOGMEC can earn up to a 75 percent stake in the project if all its funding goals are met.
The site is located northeast of Tarapoto, Peru, and hosts a copper and silver system with 120 kilometers of combined strike. Exploration has shown grades at the Tabalosos target of 4.9 percent copper and 62 g/t silver over 2 meters.
In addition to the JOGMEC joint venture, Hannan owns a separate copper and silver project in the San Martin region that consists of 27 mining concessions over 267 square kilometers. The company’s third project, located 300 kilometers from the San Martin sites, is the Valiente project, which hosts a previously unknown porphyry and epithermal mineralized belt within a 140 kilometer by 50 kilometer area containing copper, gold, molybdenum and silver.
This past Wednesday, Hannan said it has discovered a new style of sediment-hosted copper-silver mineralization at San Martin. Highlights include 3.1 percent copper and 65 g/t silver over 5.8 meters from surface channel sampling.
3. Compass Gold (TSXV:CVB)
Weekly gain: 53.85 percent; market cap: C$10.92 million; current share price: C$0.10
Compass Gold is advancing its Sikasso property in Mali into a small-scale mining operation.
The site consists of a 1,176 square kilometer land package that hosts four primary gold trends. To date, the company has completed 44,206 meters of drilling at the property; it has confirmed bedrock mineralization and identified four areas with open-pit mining potential: Tarabala, Massala West, Farabakoura and Samagouela.
The most recent news from Compass came on February 5, when the company said that assay results from initial trenches completed at the Massala target in September had encountered grades of 4.13 g/t gold over 20 meters, including an intersection of 19.19 g/t gold over 4 meters.
4. Strikepoint Gold (TSXV:SKP)
Weekly gain: 41.67 percent; market cap: C$17.1 million; current share price: C$0.085
Strikepoint Gold is a gold exploration company with a portfolio of assets located in BC, Canada, and Nevada, US.
Its Cuperite project in Nevada is located on the Walker Lane Gold Trend and is near Allegiant Gold’s (TSXV:AUAU,OTCQX:AUXXF) Eastside project, which hosts a 1.4 million ounce gold resource. This past Tuesday, Strikepoint said it has commenced drilling at Cuperite, and anticipates a 5,000 meter program across seven to 10 holes.
Strikepoint’s Canadian operations consist of the Willoughby and Porter projects, located in Northern BC; however, the company has not released news from these assets since the end of 2022.
In addition to its update from Cuperite, the company also reported this past Monday that it has closed the final tranche of a private placement, raising gross proceeds of C$2 million over two rounds. It will use the money primarily for activities at Cuperite, with additional funds going to claim maintenance, general working capital and other expenses.
5. Golconda Gold (TSXV:GG)
Weekly gain: 33.33 percent; market cap: C$17.11 million; current share price: C$0.26
Golconda Gold is a gold production company with mining operations in South Africa and New Mexico, US.
The company acquired the Galaxy mine near Barberton, South Africa, in 2015. It is one of the oldest mines in the country. Golconda expanded its mining holdings again in May 2021, when it acquired the Summit mine and Banner mill located in Grant County, New Mexico. The site has hosted mining activities since the late 1800s.
In its most recent financial and operating results, which were released in November 2023, Golconda indicated that through the first three quarters of 2023 it produced 5,025 ounces of gold from the two operations. During the third quarter, it generated revenue of US$3 million from the sale of 1,814 contained ounces of gold.
The company saw gains this week along with the surging gold price.
FAQs for TSXV stocks
What is the difference between the TSX and TSXV?
The TSX, or Toronto Stock Exchange, is used by senior companies with larger market caps, while the TSXV, or TSX Venture Exchange, is used by smaller-cap companies. Companies listed on the TSXV can graduate to the senior exchange.
How many companies are listed on the TSXV?
As of September 2023, there were 1,713 companies listed on the TSXV, 953 of which were mining companies. Comparatively, the TSX was home to 1,789 companies, with 190 of those being mining companies.
Together the TSX and TSXV host around 40 percent of the world’s public mining companies.
How much does it cost to list on the TSXV?
There are a variety of different fees that companies must pay to list on the TSXV, and according to the exchange, they can vary based on the transaction’s nature and complexity. The listing fee alone will most likely cost between C$10,000 to C$70,000. Accounting and auditing fees could rack up between C$25,000 and C$100,000, while legal fees are expected to be over C$75,000 and an underwriters’ commission may hit up to 12 percent.
The exchange lists a handful of other fees and expenses companies can expect, including but not limited to security commission and transfer agency fees, investor relations costs and director and officer liability insurance.
These are all just for the initial listing, of course. There are ongoing expenses once companies are trading, such as sustaining fees and additional listing fees, plus the costs associated with filing regular reports.
How do you trade on the TSXV?
Investors can trade on the TSXV the way they would trade stocks on any exchange. This means they can use a stock broker or an individual investment account to buy and sell shares of TSXV-listed companies during the exchange's trading hours.
Data for this 5 Top Weekly TSXV Performers article was retrieved at 1:00 p.m. PST on March 22, 2024, using TradingView's stock screener. Only companies with market capitalizations greater than C$10 million prior to the week's gains are included. Companies within the non-energy minerals and energy minerals were considered.
Article by Dean Belder; FAQs by Lauren Kelly.
Don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.
Securities Disclosure: I, Lauren Kelly, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: Awalé Resources is a client of the Investing News Network. This article is not paid-for content.
Managing Director Appointment Update
Siren Gold Limited (ASX: SNG) (Siren or the Company) refers to the announcement dated 26 February 2024 in respect to the appointment of Mr Victor Rajasooriar as Managing Director and Chief Executive Officer of the Company effective 2 April 2024.
Enclosed with this announcement are the material terms and conditions of Mr Rajasooriar’s appointment.
This announcement has been authorised by the Board of Siren Gold Limited.
Click here for the full ASX Release
This article includes content from Siren Gold, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Compelling Scoping Study for Jasper Hills Gold Project
Brightstar Resources Limited (Brightstar or the Company) (ASX: BTR) is pleased to announce the results of a positive Scoping Study for the Jasper Hills Gold Project located in WA’s eastern Goldfields region.
Highlights:
- Positive mine restart study completed for the staged development of the Jasper Hills Gold Project (Jasper Hills) south of Laverton, Western Australia
- Initial mine production target of approximately 2.4Mt @ 1.84g/t Au for 141,958 oz mined over approximately 3.75 years
- Average recovered ounces of ~35koz per annum, with strong potential to increase production profile and mine life
- Total project pre-production capital costs of approximately $12.0 million
- Rapid restart with first gold within six months of final investment decision
- Study highlights robust financials and a competitive cost profile utilising conservative pricing assumptions (gold price of A$3,000/oz) and current cost environment:
- Net Present Value (unlevered, pre-tax, 8%) of approximately A$99.0 million
- Pre-tax internal rate of return of approximately 736%
- Payback period of approximately 9 months, with this period underpinned by 100% of material processed being Measured and Indicated classified ounces
- All-In Sustaining Costs (AISC) of approximately A$1,972/oz
- Jasper Hills is wholly-owned by Linden Gold, which is the subject of a Board-recommended off- market takeover offer by Brightstar
- Jasper Hills is located 50km SE of Brightstar’s processing infrastructure, and will, subject to final feasibility studies, permitting and approvals and final investment decision, support Brightstar’s ambition of becoming a meaningful WA gold producer
Brightstar’s Managing Director, Alex Rovira, commented“It is pleasing to announce the results of a scoping study into the Jasper Hills Gold Project, located only 50km from Brightstar’s wholly-owned processing facilities linked by established haul roads. The study outlines an attractive pathway to cashflow, featuring a low-capital approach with approximately $12 million in pre-production funding required to commence operations at Jasper Hills, with the high-grade Fish underground deposit able to generate ore within six weeks of portal establishment.
Furthermore, the Study outlines a readily deliverable 4 year LOM plan which complements Brightstar’s existing Scoping Study released in September 2023, which if combined will result in Brightstar becoming a meaningful gold producer in the WA Goldfields in conjunction with our existing projects at Menzies and Laverton combining to organically build to a 100kozpa gold producer.
The staged mined development has been optimised to minimise up-front capital costs, utilising operational cash flow to self-fund the larger cutbacks at Lord Byron generating high tonnage, baseload open pit ore feed to nearby processing facilities. The mine plan has been designed to minimise risks associated with ramp up and deliver a profitable gold producer in WA with significant upside to expand on the production profile and mine life.
In parallel with our efforts of combining the Brightstar and Linden Gold assets into a larger Pre-Feasibility Study, we continue to advance exploration efforts across the portfolio with the intent of finding additional ounces to add to the mine plan. We look forward to continuing our dual focus of development and exploration in the Goldfields, and building WA’s next meaningful gold producer”.
Click here for the full ASX Release
This article includes content from Brightstar 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.
Logical Consolidation to Create a Growing West Australian Gold Producer
Merger of Brightstar Resources Limited and Linden Gold Alliance Limited
This presentation (Presentation) regarding the merger of Brightstar Resources Limited (Brightstar or the Company) and Linden Gold Alliance Limited (Linden) has been prepared by Brightstar and has been authorised for release by the Board of Directors of Brightstar on the basis it is to be read in conjunction with the Key Risks in Appendix 8 and these important notices and disclaimers.
JORC (2012) Compliance Statement
Brightstar Mineral Resources
- This presentation contains references to Brightstar’s JORC (2012) Mineral Resources, extracted from the ASX announcements titled “Maiden Link Zone Mineral Resource Estimate” dated 15 November 2023, “Cork Tree Mineral Resource Upgrade Delivers 1Moz Group MRE” dated 23 June 2023 and “Auralia Review” dated 10 September 2020, and ASX announcements for Kingwest Resources Limited titled, "High grade drilling results and high grade resource estimation from the Menzies Goldfield” dated 13 December 2022 and "Menzies JORC gold resources surpass 500,000 ounces" dated 26 April 2022.
- Brightstar confirms that it is not aware of any new information or data that materially affects the information included in the previous market announcements and that all material assumptions and technical parameters underpinning the estimates continue to apply and have not materially changed.
Linden Mineral Resources
- This Presentation contains references to Linden’s JORC (2012) Mineral Resources, as reported in the announcement released by Brightstar on 25 March 2024 titled “Brightstar makes Recommended Takeover Offer for Linden Gold Alliance Limited”.
- The Company confirms that the material assumptions and technical parameters disclosed in the announcement continue to apply and have not materially changed. Brightstar confirms that it is not aware of any new information or data that materially affects the information included in the previous market announcements and that all material assumptions and technical parameters underpinning the estimates continue to apply and have not materially changed.
Scoping Study Cautionary Statement
Menzies and Laverton Gold Project Mine Restart Study
- The production targets and forecast financial information disclosed in this Presentation in relation to the Menzies and Laverton Gold Project Mine Restart Study are extracted from the Company’s ASX announcement titled “Menzies and Laverton Gold Project Mine Restart Study” dated 6 September 2023. All material assumptions underpinning the production targets and forecast financial information derived from the production targets in the previous announcement continue to apply and have not materially changed.
Jasper Hills March 2023 Scoping Study (“Jasper Hills Scoping Study”, released 25 March 2024)
- The production targets and forecast financial information disclosed in this Presentation in relation to the Jasper Hills March 2023 Scoping Study are extracted from the Company’s ASX announcement titled “Jasper Hills March 2023 Scoping Study” dated 25 March 2024. All material assumptions underpinning the production targets and forecast financial information derived from the production targets in the previous announcement continue to apply and have not materially changed.
- The Company considers that the material assumptions underpinning the production targets at the Menzies and Laverton Gold Project Restart Study and Jasper Hills Scoping Study are not adversely affected by the Company’s proposal to develop both projects sequentially, as set out in slide 8. The Company intends to investigate the joint development under an integrated feasibility study.
Currency
- Unless otherwise stated, all dollar values in this Presentation are reported in Australian dollars.
Click here for the full ASX Release
This article includes content from Brightstar 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.
Brightstar Makes Recommended Takeover Offer for Linden Gold Alliance Limited
Brightstar Resources Limited (ASX:BTR) (Brightstar) and unlisted Linden Gold Alliance Limited (Linden) are pleased to announce that they have entered into a Bid Implementation Agreement (BIA), pursuant to which Brightstar will acquire all of the issued ordinary shares and options in Linden via an unanimously recommended off-market scrip takeover offer (Offer).
Highlights:
- Brightstar Resources Limited (Brightstar) to acquire Linden Gold Alliance Limited (Linden) via unanimously recommended off-market scrip takeover offer (Offer)
- Linden is a gold producer, developer and explorer with existing mineral resources of 350koz @ 2.1g/t Au1 near Brightstar in the Laverton district
- Under the Offer, Linden securityholders are to receive 6.9 Brightstar shares for every 1 Linden share held and 6.9 Brightstar options for every 1 Linden option held, equating to an implied Offer price of 11.04 cents per share2
- The Offer implies an undiluted equity value for Linden of approximately $23.7 million3
- Linden’s Directors unanimously recommend Linden shareholders accept the Offer, in the absence of a superior proposal
- Linden Directors representing 13.2% and Linden’s major shareholders, including St Barbara Limited (St Barbara), representing approximately 67.3% have signed pre-bid agreements with Brightstar or have signed intention statements to accept the Offer in respect of all current Linden shares and Linden options they own and control, in each case in the absence of a superior proposal
- The Offer is subject to conditions including a minimum 90% acceptance condition by the Linden shareholders and Linden optionholders
- Brightstar has entered into a trading halt to raise up to A$12.0 million at A$0.014 per share via a two-tranche placement (Placement), which is not subject to the Offer being successful
- Strong cornerstone support from Brightstar and Linden’s major shareholders Collins Street Asset Management and St Barbara for a total $4.3 million of the Placement.
- Mining investment house Lion Selection Group (ASX:LSX) have committed to $2 million in the Placement to become a Brightstar shareholder
- Linden Directors Andrew Rich and Ashley Fraser to be appointed as Executive Director and Non-Executive Director respectively of Brightstar at successful completion of the Offer
- Highly regarded natural resources industry professional Richard Crookes will join the Board of Directors as Independent Non-Executive Chairman subject to the successful completion of the Offer.
- Strengthened pro forma balance sheet ($22m cash and nil debt) provides operational flexibility and allows Brightstar to fast-track the development for the enlarged portfolio of assets
- Brightstar to assume the deferred consideration obligations to the vendors of Lord Byron Mining Pty Ltd to Linden and the contingent payment obligations to St Barbara
- The combination of Linden and Brightstar will create a gold producer and development company with a material resource base that supports our strategy of becoming a mid-tier gold producer
Under the terms of the Offer, each Linden Shareholder will receive 6.9 Brightstar shares for every one Linden share held (Exchange Ratio).
The unlisted options held by the Linden optionholders, if not exercised into ordinary shares before the Offer closes, will be exchanged for unlisted options in Brightstar (having various exercise prices between nil and of $0.036 per option and expiry date of 25 February 2025 (Brightstar Options)) on comparable terms, applying the Exchange Ratio under the Offer.
Following implementation of the Offer, shareholders of Brightstar and Linden will hold 62% and 38%, respectively. The Offer implies an undiluted equity value for Linden of approximately $23.7 million.
SUPPORT FROM LINDEN DIRECTORS AND MAJOR SHAREHOLDERS
Linden’s Directors have unanimously recommended that Linden shareholders and optionholders accept the Offer, in the absence of a superior proposal.
All of the Directors of Linden intend to accept or procure the acceptance of any Linden shares (representing 13.2% of Linden’s current shares on issue) and options (representing 2.5% of Linden’s current options on issue) that they own or control, in the absence of a superior proposal.
St Barbara has entered into a pre-bid acceptance agreement with Brightstar under which it has agreed to accept the Offer in respect of its existing 19.8% holding in Linden, in the absence of a superior proposal.
Furthermore, Linden major shareholders and their associated entities (Mako Mining Pty Ltd (Mako), Mine Trades and Maintenance – Electrical Pty Ltd (MTM) and Blue Capital Equites Pty Ltd (BCE)) have each separately advised the Linden Board that they intend to accept the Offer in the absence of a superior proposal (representing a further 47.5% of Linden’s current shares on issue and detailed in Annexure A).
Click here for the full ASX Release
This article includes content from Brightstar 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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