Drilling at North Birch. Newrange commenced drilling in February at the North Birch project in the Birch-Uchi Greenstone Belt in northwestern Ontario, Canada with approximately 2,000 meters of drilling planned. Once completed, the rig may be moved to the nearby past-producing Argosy gold mine to test the depth of known veins below historic mine workings, along with the continuity of other veins. Geophysical surveys lead the way. 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 are being targeted for drilling and 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. Drilling confirms expectations. As originally interpreted from the company's geophysical work, the first diamond drill hole on the primary target horizon confirmed the presence of a strong deformation zone greater than 100 meters wide. The sheared and folded basalts and iron formation show moderate to high carbonate alteration, and local quartz veining. Both the iron formation and basalts can be mineralized and the presence of strong shearing and carbonate alteration with local quartz veining and sulphides indicate that Newrange is on the right path. Rating is Outperform. We think 2022 will be an eventful year for Newrange as activity accelerates at both North Birch and Argosy. 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. - On the Right Path
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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)
![Newrange Gold Corp.](https://tnw-c.thenewswire.com/data/tnw/clients/logos/k3wFnoOx.png)
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
Strategy for Cuban Mining Joint Venture
Antilles Gold Limited (“Antilles Gold” or the “Company”) (ASX: AAU, OTCQB: ANTMF) is pleased to advise that on 28 June 2024 Shareholders of the Cuban joint venture mining company, Minera La Victoria SA, formally adopted previously agreed modifications to the existing Joint Venture Agreement.
The changes to the Agreement will enable the joint venture to pursue a strategy to progressively evolve as a substantial mining company, with minimal future contributions required from Antilles Gold.
The clearly defined pathway for Minera La Victoria to meet its objectives follows:
- Q4 2024 - Commence construction of the relatively small Nueva Sabana gold- copper mine.
- Q3 2025 - Complete the DFS for the La Demajagua gold-silver antimony open pit mine.
- Q4 2025 - Cash flow from the Nueva Sabana mine.
- Q4 2025 - Sell up to 50% of the La Demajagua project to a mining company with experience in operating a two-stage fluidised-bed roaster similar to the one that will be utilised for oxidising the project’s sulphide ore.
- Q4 2025 - Commence construction of the La Demajagua mine.
- Q2 2027 – Cash flow from the La Demajagua mine.
If the joint venture follows this strategy, Antilles Gold's future contributions to the joint venture will be limited, and the Company could look forward to a distribution from the sale of an effective 25% interest in the La Demajagua project before the end of 2025, and dividends from the Nueva Sabana mine starting in 2026.
Minera La Victoria could also investigate an opportunity to develop a low cost open pit mine in 2026 based on a high grade outcropping gold deposit held by the Company's Cuban partner, GeoMinera.
Additionally, the joint venture may consider establishing a joint venture with a major copper miner to accelerate exploration and potential development of its porphyry copper properties.
Antilles Gold has been able to assemble an excellent portfolio of development and exploration properties within the joint venture, and is finding GeoMinera to be a pragmatic and supportive partner.
The value and liquidity of the shareholding in Minera La Victoria should continue to increase as the activities of the joint venture progress, and the Company will seek to monetise its investment in Cuba before the end of next year through the proposed partial sale of the La Demajagua project, or the sale of shares in the joint venture company.
Click here for the full ASX Release
This article includes content from Antilles Gold, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
5 Top Weekly TSXV Stocks: Gowest Gold Jumps 86 Percent on Deal to Go Private
The S&P/TSX Venture Composite Index (INDEXTSI:JX) lost 0.89 points last week to close at 569.82.
The US Bureau of Economic Analysis released its latest personal consumption expenditures (PCE) data this past Friday (June 28) in its Personal Income and Outlays report. The PCE minus food and energy is the favored index of the US Federal Reserve.
The report stated that the PCE price index rose 2.6 percent year-over-year in May, and increased just 0.1 percent month-over-month compared to April. This year-over-year increase marks the lowest since March of 2021, the last time it was below the central bank’s target 2 percent inflation rate.
Additionally, the report indicated that personal income saw a modest 0.5 percent growth in May while personal spending bumped up 0.2 percent since April.
North of the border, Statistics Canada released its Natural Resource Indicators report for the first quarter this past Monday (June 24). The agency reported that real gross domestic product (GDP) for the natural resources sector declined 0.7 percent for the first three months of the year compared to the fourth quarter of 2023.
The decrease was headlined by a 2.5 percent decrease in the forestry subsector followed closely by a drop of 1.1 percent in the minerals and mining subsectors. On a granular level, metallic mineral extraction grew 1.8 percent, which was offset by a 2.8 percent fall in primary manufacturing.
Even though the real GDP decreased, export volumes for the first quarter grew 1.6 percent, with the minerals and mining subsectors leading the way at 5.3 percent, primarily attributed to outgoing shipments of unwrought gold.
Equity markets were largely flat this past week. The S&P 500 saw a modest increase of 0.02 percent to reach 5,460.49 points, the Nasdaq 100 climbed 0.18 percent to 19,682.87 points and the Dow 30 lost 0.17 percent falling to 39,118.86. Meanwhile, the TSX gained 1.35 percent to 21,875.79 points.
Commodities saw little movement this week with the S&P GSCI posting a slight loss of 0.12 percent to 578.38 points, while precious metals were volatile with gold rising slightly to finish the week at US$2,326.41 per ounce and silver falling to US$29.13.
So how have small cap mining companies on the TSX Ventures Exchange performed this past week? These are the top 5 gaining stocks.
1. Gowest Gold (TSXV:GWA)
Weekly gain: 85.71 percent; market cap: C$87.23 million; share price: C$0.13
Gowest Gold is an exploration company focused on advancing its flagship North Timmins gold project in Canada.
The property, located northeast of Timmins, Ontario, consists of 11 mining leases and 56 unpatented mining claims over 10,942 hectares and hosts several target areas including the Bradshaw deposit, the Roussain gold zone and the Sherian zone.
In a project update on May 13 the company reported on its Phase 2 diamond drilling activities as of April 30. The primary focus for Gowest is the Bradshaw deposit, where the company has completed 8,982 meters of drilling so far. The company highlighted an assay of 23.2 grams per metric ton (g/t) gold over 0.6 meters.
In the announcement, Gowest said it has also completed 1,754 meters across five holes at the Roussain zone, but had de-mobilized for the season and would resume exploration activities in late 2024. The company had also drilled 2,033 meters at the Sheridan zone across six holes, with another 400 meters planned.
The most recent news from Gowest came on Monday, when it announced it had entered into a definitive agreement with a group of existing shareholders, who hold 91.5 percent of company shares, to take the company private. The agreement will see the group acquire outstanding shares for cash consideration of C$0.15 per common share, a significant premium over the C$0.07 they were trading on June 21, when the agreement was signed.
2. Gabriel Resources (TSXV:GBU)
Weekly gain: 50 percent; market cap: C$12.56 million; share price: C$0.015
Gabriel Resources is a precious metals explorer and developer focused on advancing its Rosia Montana gold project. Based in Transylvania, Romania, Rosia Montana is in a region that has seen significant historic mining. Covering 2,388 hectares, the site is host to a mid-to-shallow epithermal system containing deposits of gold and silver.
The most recent mineral resource estimate from a 2012 technical report shows proven and probable quantities of 10.1 million ounces of gold and 47.6 million ounces of silver.
Gabriel has invested more than US$760 million into Rosia Montana, but has undertaken little development at the site since the early 2010s, as Romania blocked further development.
In 2015, the company entered into arbitration through the World Bank’s International Center for Settlement of Investment Disputes (ICSID) over permitting at the site and suggested that Romania was in violation of bilateral investment treaties. On March 8, Gabriel issued a press release with an update saying that its case against Romania had been dismissed by the ICSID, which also awarded Romania US$10 million in legal fees and expenses. Gabriel has said it will review the decision with its legal team and plans to evaluate its options.
While news of that decision caused Gabriel's share price to plummet in March, it saw gains after closing the initial tranche of a US$5.58 million private placement on May 17.
Its most recent news came this past June 21 when it released a corporate update indicating its application for an extension for its exploration license for an additional five years had been rejected by the Romanian National Agency for Mineral Resources. The company said it believes the decision is politically motivated and intends to vigorously pursue all legal avenues.
3. Arianne Phosphate (TSXV:DAN)
Weekly gain: 46.67 percent; market cap: C$50.72 million; share price: C$0.33
Arianne Phosphate is an exploration company focused on developing its Lac à Paul project in Québec, Canada. The asset, which is the world’s largest greenfield phosphate deposit, is fully permitted and is expected to cost US$1.55 billion to develop based on an engineering study released in March 2023.
Once complete, the mine is projected to produce 3 million metric tons of phosphate concentrate per year. In addition to fertilizer demand, Arianne is also projecting demand from the growth of lithium-iron-phosphate (LFP) batteries.
Shares in Arianne saw gains this past week following a news release on Wednesday (June 27) when the company announced the results of a prefeasibility study for Lac à Paul. The company said it had considered the viability of constructing a purified phosphoric acid plant to transform phosphate concentrate into battery-grade phosphoric acid for use in LFP batteries.
The study showed that the facility would be able to produce 350,000 metric tons of phosphoric acid annually, with an additional 220,000 metric tons of secondary product for use in fertilizers and animal feeds.
4. Golden Horse Minerals (TSXV:GHML)
Weekly gain: 42.86 percent; market cap: C$17.42 million; share price: C$0.10
Golden Horse Minerals is a mineral exploration company working to advance its project in New South Wales, Australia.
The project covers a 1,300 square kilometer land package and is composed of four primary zones containing gold and lithium targets. The area has also hosted a number of historic mining sites that have produced over 12 million ounces of gold. The company is currently working to advance the project to the production stage in 2025.
The most recent exploration announcement from the project came on April 2 when Golden Horse identified several new lithium targets on the property using soil geochemistry and analysis of historic drill cores. The company reported widespread lithium anomalism from the 240 soil samples, with 11 grading over 60 parts per million lithium up to a peak of 87.7 ppm, as well as results showing up to 58.4 ppm cesium and 724 parts per billion gold.
The most recent news from Golden Horse came this past Monday, when it announced it had appointed Nicholas Andersond as managing director and CEO.
5. Maple Gold Mines (TSXV:MGM)
Weekly gain: 41.67 percent; market cap: C$29.02 million; share price: C$0.085
Maple Gold Mines is a gold exploration company focused on the advancement of its Douay and Joutel projects located in the Abitibi Greenstone Belt in Québec, Canada. Both of its projects are 50/50 joint ventures with Agnico Eagle (TSX:AEM,NYSE:AEM).
The Douay project covers an area of 357 square kilometers. In a 2022 technical report, the company said the site hosts indicated quantities of 511,000 ounces of gold from 10 million metric tons with a grade of 1.59 g/t, with an additional inferred value of 2.53 million ounces from 76.7 million metric tons at 1.02 g/t.
The Joutel project covers an area of 39 square kilometers and is located directly south of Douay. The site hosts Agnico’s past producing Eagle-Telbel mine, which operated from 1974 to 1993. However, the mine itself is 100 percent owned by Maple Gold and is not part of the joint venture. To date, the company has used 250,000 meters of historic drill results to create 3D models to aid in current exploration efforts.
On June 20, Maple Gold announced a restructuring of the joint venture with Agnico Eagle that would see Maple Gold obtaining a 100 percent ownership interest in both Douay and Joutel projects in exchange for a 1 percent net smelter royalty. Agnico has the option to acquire 50 percent ownership in the projects when one of several milestones are reached as well, including a mine being approved for construction or the restarting of existing facilities.
This was followed by an announcement this past Monday that Maple Gold had completed a non-brokered private placement for gross proceeds of C$4.06 million. The company said funds were received from Agnico Eagle and an arms-length third party.
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 12:00 p.m. PST on June 28, 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.
Prospector Announces Strategic Equity Investment By B2Gold
Prospector Metals Corp. (TSXV: PPP) (OTCQB: PMCOF) (FSE: 1ET) ("Prospector" or the "Company") is pleased to announce that B2Gold Corp. (TSX: BTO) (NYSE American: BTG) (NSX: B2G) ("B2Gold") has agreed to complete a strategic investment into the Company. Pursuant to the transaction B2Gold has agreed to subscribe for an aggregate of 5,578,720 common shares of the Company (the "Shares") at a price of C$0.163 per Share for aggregate gross proceeds to the Company of $909,311.36 (the "Offering").
Rob Carpenter, CEO and Director of Prospector, said, "We are excited to have B2Gold as a keystone shareholder in Prospector Metals and our team is looking forward to their technical input on our flagship ML Project, Yukon. B2Gold is a major global gold producer with a strong commitment to communities, sustainable mining and employee safety. This investment and technical partnership will allow Prospector to advance the ML project more efficiently and it represents an endorsement of our exploration philosophy and targeting methods."
The gross proceeds from the issue and sale of the Shares will be used exclusively for exploration and development purposes on the Company's ML Project in the Yukon (the "ML Project").
The Shares will represent a total position of approximately 9.9% of the issued and outstanding common shares of the Company upon completion of the Offering.
In connection with the strategic investment the Company and B2Gold have entered into an Investor Rights Agreement dated June 28, 2024 (the "Investor Rights Agreement"), pursuant to which the Company will form a four person Technical Committee, of which will one person nominated by B2Gold, that will advise on and oversee exploration and development of the Company's ML Project.
In addition, pursuant to the Investor Rights Agreement:
- B2Gold has been granted subscription rights pursuant to which, subject to regulatory approval, it may subscribe for additional common shares up to maximum amount that B2 Gold's aggregate ownership interest would not exceed 19.9% of the issued and outstanding common shares of the Company;
- B2Gold has been granted a participation right to maintain its pro rata ownership in connection with future equity financings as well as following the exercise of convertible securities of the Company.
- B2Gold has been granted a top-up right to acquire common shares in a market transaction to maintain its pro rata ownership in connection with future share issuances that are not an equity financing;
- B2Gold has been granted a right of first refusal on any transaction resulting in the sale or disposition of any part of the ML Project; and
- For a period of 12 months, subject to limited exceptions, B2Gold will be subject to standstill restrictions.
In the event that B2Gold's aggregate shareholdings are reduced to less than 5% of the issued and outstanding common shares of the Company on an undiluted basis, the Investor Rights Agreement will terminate.
In addition, pursuant to the terms of a property purchase agreement dated December 29, 2023, Troilus Gold Corp. ("Troilus"), who currently holds 9,222,164 common shares in the capital of the Company representing approximately 18.16% of the Company's issued and outstanding common shares, holds a participation right to maintain an ownership percentage of up to 19.9% of the Company's outstanding share capital (the "Troilus Participation Right"). Pursuant to the Troilus Participation Right, as a result of the Offering, Troilus has the right, for a period of up to ten (10) business days from the date hereof to subscribe for up to an additional 4,777,574 common shares at a price of $0.163 per common share (the "Participation Right Offering"). Assuming the Troilus elects to exercise its entire Troilus Participation Right, on closing of the Participation Rights Offering, Troilus will hold an aggregate of 13,999,738 common shares, representing 19.9% of the then issued and outstanding common shares of the Company.
Closing of the Offering and the Participation Right Offering are subject to the satisfaction of certain conditions, including receipt of approval by the TSX Venture Exchange. All securities issued in connection with the Offering and the Participation Right Offering will be subject to a hold period of four months and one day from the date of closing, in accordance with applicable Canadian securities laws.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
ML Project Overview
The ML Project located approximately 80 km from Dawson City, Yukon Territory, and 25 km northeast of the former Brewery Creek Gold Mine. The ML Project geology is extensively metal endowed with numerous instances of high-grade gold, silver and copper in drill holes, trenches and surface rock samples.
ML hosts one of the few remaining Tombstone-style intrusions in the Yukon that has not been systematically explored with no significant work completed since 2008 and as such, no modern Intrusion Related Gold (IRGS) exploration models have been applied to ML despite the presence of a diagnostic Au-As-Bi-Te-W geochemical signature.
Previous exploration focused on well exposed Au-Cu-W skarn mineralization proximal to syenite intrusions, however little work was completed within the intrusions. Nonetheless, the presence of skarn Au-Cu mineralization provides key evidence of an active, metal-rich intrusive system with over 24 known high grade Au surface occurrences that have never been drill tested and numerous high-grade Au drill and trench results remain open-ended.
About B2Gold:
B2Gold is a low-cost international senior gold producer headquartered in Vancouver, Canada. Founded in 2007, today, B2Gold has operating gold mines in Mali, Namibia and the Philippines, the Goose Project under construction in northern Canada and numerous development and exploration projects in various countries including Mali, Colombia and Finland.
About Prospector Metals Corp.
Prospector Metals Corp. is a Discovery Group Company focused on district scale, early-stage exploration of gold and base metal prospects. Creating shareholder value through new discoveries, the Company identifies underexplored or overlooked mineral districts displaying important structural and mineralogical occurrences similar to more established mining operations. The majority of acquisition activity occurs in Ontario, Canada - a Tier-1 mining jurisdiction with an abundance of overlooked geological regions possessing high mineral potential. Prospector establishes and maintains relationships with local and Indigenous rightsholders, and seeking to develop partnerships and agreements that are mutually beneficial to all stakeholders.
On behalf of the Board of Directors,
Prospector Metals Corp.
Dr. Rob Carpenter, Ph.D., P.Geo.
President & CEO
For further information about Prospector Metals Corp. or this news release, please visit our website at prospectormetalscorp.com or contact Dr. Rob Carpenter at 604-354-6415 or by email at Rob-carpenter@rogers.com.
Prospector Metals Corp. is a proud member of Discovery Group. For more information please visit: discoverygroup.ca
Forward-Looking Statement Cautions:
This press release contains certain "forward-looking statements" within the meaning of Canadian securities legislation, including, but not limited to, statements regarding the Company's plans with respect to the Company's projects and the timing related thereto, the merits of the Company's projects, the Company's objectives, plans and strategies, and other project opportunities. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are statements that are not historical facts; they are generally, but not always, identified by the words "expects," "plans," "anticipates," "believes," "intends," "estimates," "projects," "aims," "potential," "goal," "objective,", "strategy", "prospective," and similar expressions, or that events or conditions "will," "would," "may," "can," "could" or "should" occur, or are those statements, which, by their nature, refer to future events. The Company cautions that Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made and they involve a number of risks and uncertainties. Consequently, there can be no assurances that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Except to the extent required by applicable securities laws and the policies of the TSX Venture Exchange, the Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change. Factors that could cause future results to differ materially from those anticipated in these forward-looking statements include the risk of accidents and other risks associated with mineral exploration operations, the risk that the Company will encounter unanticipated geological factors, or the possibility that the Company may not be able to secure permitting and other agency or governmental clearances, necessary to carry out the Company's exploration plans, risks and uncertainties related to the COVID-19 pandemic and the risk of political uncertainties and regulatory or legal changes in the jurisdictions where the Company carries on its business that might interfere with the Company's business and prospects. The reader is urged to refer to the Company's reports, publicly available through the Canadian Securities Administrators' System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedarplus.ca for a more complete discussion of such risk factors and their potential effects.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES FOR DISSEMINATION IN THE UNITED STATES
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/214949
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Newmont Welcomes Industry Veteran Red Conger to Board of Directors
Newmont Corporation (NYSE: NEM, TSX: NGT, ASX: NEM, PNGX: NEM) today announced the appointment of Harry M. (Red) Conger to its Board of Directors, who will also serve on the Safety and Sustainability Committee. Red brings over 46 years of extensive mining and leadership experience to Newmont's Board of Directors, having recently retired from Teck Resources, where he served as President and Chief Operating Officer.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240627078254/en/
![Newmont Welcomes Industry Veteran Red Conger to Board of Directors (Photo: Business Wire)](https://mms.businesswire.com/media/20240627078254/en/2172915/4/Red_Conger_Head_Shot_highres.jpg)
Newmont Welcomes Industry Veteran Red Conger to Board of Directors (Photo: Business Wire)
"We are pleased to welcome Red Conger to Newmont's Board of Directors. Throughout his distinguished career, he has gained a wealth of unparalleled experience in the mining sector and strategic insights. Red brings significant operational leadership to Newmont's Board," said Tom Palmer, Newmont President and CEO.
Prior to Teck, Red spent more than a decade at Freeport-McMoRan, ending his tenure at the company as President and Chief Operating Officer, Americas. He began his mining career at Kennecott Copper's Bingham Canyon mine, followed by more than two decades at Phelps Dodge Corporation, where he oversaw mining and processing across multiple operations in North America and South America. Across his various roles, Red excelled at creating operational efficiencies and supporting stable production throughout challenging cycles.
In addition to his corporate roles, Red continues to be an active leader across the broader mining industry, at organizations such as the National Mining Association where he previously served as Chairman, and the New Mexico Mining Commission where he previously served as Commissioner. He has been recognized for his leadership and contributions to the mining industry, reflected in a variety of industry awards, including most recently being elected to the National Academy of Engineering.
About Newmont
Newmont is the world's leading gold company and producer of copper, zinc, lead, and silver. The company's world-class portfolio of assets, prospects and talent is anchored in favorable mining jurisdictions in Africa, Australia, Latin America & Caribbean, North America, and Papua New Guinea. Newmont is the only gold producer listed in the S&P 500 Index and is widely recognized for its principled environmental, social, and governance practices. Newmont is an industry leader in value creation, supported by robust safety standards, superior execution, and technical expertise. Founded in 1921, the company has been publicly traded since 1925.
At Newmont, our purpose is to create value and improve lives through sustainable and responsible mining. To learn more about Newmont's sustainability strategy and initiatives, go to www.newmont.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240627078254/en/
Media Contact
Jennifer Pakradooni
globalcommunications@newmont.com
Investor Contact
Neil Backhouse
Investor.relations@newmont.com
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Astral Resources NL (ASX: AAR) – Trading Halt
Description
The securities of Astral Resources NL (‘AAR’) will be placed in trading halt at the request of AAR, pending it releasing an announcement. Unless ASX decides otherwise, the securities will remain in trading halt until the earlier of the commencement of normal trading on Tuesday, 2 July 2024 or when the announcement is released to the market.
Issued by
ASX Compliance
Click here for the full ASX Release
This article includes content from Astral 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.
Top 5 Gold Stocks on the TSX in 2024
The price of gold soared to record highs during the second quarter of 2024, reaching US$2,450.05 on May 19.
The historic gains were due to several factors including waning inflationary figures and speculation an improving economic outlook would cause the US Federal Reserve to begin cutting rates. Gold prices also saw continued momentum from central bank buying in April and slower outflows to Western ETFs.
However, the gold price saw its biggest drop in two years at the beginning of June as a strong jobs report cut the likelihood of a September rate cut and the People’s Bank of China reported it made no gold purchases in May.
The precious metal saw further declines in its price through June as the US dollar and bond yields both gained strength making gold a less attractive option for investors.
Despite the fall, gold remains near historic levels, trading above the US$2,300 mark.
What has this meant for gold stocks on the TSX? The list below outlines the five biggest gainers so far this year. Data for this article was retrieved on June 25, 2024, using TradingView's stock screener, and only companies with market capitalizations greater than C$50 million are included.
1. Galiano Gold (TSX:GAU)
Year-to-date gain: 87.9 percent; market cap: C$597.2 million; share price: C$2.33
Galiano Gold is a gold producer that is operating and developing the Asanko gold mine.
Asanko is located on the Asankrangwa Gold Belt in Ghana and consists of four open-pit mining areas: Abore, Miradani North, Nkran and Esaase. The site hosts a 5.8 million MT per year carbon-in-leach processing plant and, according to a March 2023 technical report, has proven and probable mineral reserves of 2.07 million ounces of gold.
Asanko was previously a joint venture in which both Galiano and Gold Fields (NYSE:GFI) owned 45 percent and the government of Ghana owned 10 percent. However, in late 2023, Galiano entered into a binding agreement with Gold Fields to acquire its 45 percent interest. The deal, which closed on March 4, saw Gold Fields receive 19.9 percent of Galiano shares, US$65 million and a 1 percent net smelter return royalty capped at 447,000 ounces of gold from the Nkran deposit.
In an announcement on March 11, Galiano reported high-grade results from infill drilling at Asanko’s Abore deposit, with one hole producing grades of 12.4 g/t gold over 45 meters from a depth of 191 meters.
The company used the results from the drill program to update Abore’s mineral resource and reserve estimates, as well as provide 2024 production and cost guidance.
Galliano shared these on April 16, announcing that 2024 guidance for the Asanko gold mine is expected to be within the 140,000 to 160,000 ounce range, with an all-in sustaining cost of between US$1,600 and US$1,750 per ounce. It also reported a 38 percent increase to Abore’s measured and indicated mineral resource estimate for a total of 658,000 ounces from 30.6 million MT with 1.25 g/t grading.
The company followed this announcement with its Q1 2024 financial results, reporting the production of 30,386 ounces, with production expected to ramp up in the second half of the year after the completion of waste stripping. It also said it had generated US$65.5 million in revenue from the sale of 31,840 ounces of gold at an average price of US$2,056 per ounce.
Shares of Galiano reached their year-to-date high of C$2.51 on May 28.
2. G2 Goldfields (TSX:GTWO)
Year-to-date gain: 85.33 percent; market cap: C$293.10 million; share price: C$1.39
G2 Goldfields is a gold exploration and development company that is working to advance projects in South America and West Africa. The company's founders were previously part of Guyana Goldfields, where they were involved in the discovery, financing and development of the Aurora gold mine in Guyana, the country’s largest gold mine, for Guyana Goldfields, before Zijin Mining (OTC Pink:ZIJMF,SHA:601899) acquired the latter company in 2020.
The company’s flagship Oko Aremu District is a 27,719 acre property located in Guyana’s Cuyuni Mining District. The project boasts 17 kilometers of prospective strike. To date, the company has drilled 235 holes.
Shares in G2 saw gains following a news release on April 3, when it announced an updated mineral resource estimate reporting an increase of 320 percent of indicated gold quantities to 922,000 ounces and a 69 percent increase of total contained gold to 2 million ounces from the combined Oko Main Zone and Ghanie Zone.
The company said the maiden resource estimate for Ghanie is a step toward realizing the scale of the Oko gold system.
In a follow-up announcement on April 8, G2 reported that it had received final approval to be listed on the Toronto Stock Exchange and that it would no longer be trading on the Ventures Exchange. The company said the graduation would provide better access to institutional investors and international capital.
In the most recent update from the project on June 25, G2 announced that diamond drilling was continuing to expand the Ghanie zone, including at depth, reporting it had encountered a highlighted intersection of 9.7 g/t gold over 10 meters at a depth of 628 meters.
Shares in G2 Goldfields reached a year-to-date high of C$1.41 on May 30.
3. Perpetua Resources (TSX:PPTA)
Year-to-date gain: 81.37 percent; market cap: C$564.13 million; share price: C$7.69
Perpetua Resources is an exploration and development company focused on the advancement of its Stibnite gold project located in Central Idaho, US.
The project lies within a historic mining district that hosted large-scale operations dating back to the early 1900s. Perpetua is working to reclaim the historic Yellow Pine and Hangar flat open pit mines, while also reprocessing historic tailings and restoring streams and fish migration routes on the site.
In the company’s November 2020 feasibility study, it reported an after-tax net present value of US$1.9 billion based on an average gold price of US$1,850 per ounce, providing for an internal rate of return of 27.7 percent and a payback period of 2.5 years. It also indicated a total gold recovery of 4.28 million ounces of gold over a 15-year lifespan of the mine with an annual recovery of 301,000 ounces.
The site also hosts significant amounts of antimony, which is classed as a critical mineral, with measured and indicated quantities of 205.89 million pounds. This has allowed the company to secure funding from the US government under the Defense Production Act, with the most recent US$34.6 million being awarded on February 12.
Perpetua is currently awaiting a decision on its environmental impact statement, which it expects during the second half of 2024. Permitting and construction for the project is expected in 2025 with the first production slated for 2028.
On March 21, the company announced it had received US$8.5 million from Franco-Nevada (TSX:FNV,NYSE:FNV) in exchange for a royalty on all payable silver revenue over the life of the mine.
The most recent funding news came on April 8, when the company announced it had received a letter of interest from the Export-Import Bank of the United States for potential debt financing up to US$1.8 billion through the bank’s Make More in America program and its China and Transformational Exports program.
Shares in Perpetua reached a year-to-date high of C$9.42 on June 3.
4. G Mining Ventures (TSX:GMIN)
Year-to-date gain: 69.72 percent; market cap: C$1.08 million; share price: C$2.41
G Mining Ventures is a gold development and mining company, working to complete the Tocantinzinho mine in the Tapajos region of Brazil, which is expected to begin commercial production in the second half of 2024.
In a February 2022 feasibility study, the company reported an after-tax net present value of US$622 million with an internal rate of return of 24 percent at a gold price of US$1,600 per ounce. According to the study, the project hosts measured and indicated reserves of 2 million ounces of gold.
Shares in G Mining soared following a release on June 11 that it had begun the hot commissioning process after receiving the necessary permits from the Para State Environmental Agency. The permits allow G Mining to begin processing ore at the site as well as disposing of tailings and selling and exporting gold.
The company said the Tocantinzinho mine is 97 percent complete and is on budget and on schedule to come online in H2 2024. When fully operational, the mine will produce 175,000 ounces of gold per year, with a 10.5 year mine life.
Shares in G Mining reached a year-to-date high of C$2.41 on June 26.
5. Mineros (TSX:MSA)
Year-to-date gain: 67.69 percent; market cap: C$321.28 million; share price: C$1.09
Mineros is a mid-tier gold producer focused on Latin America.
Its primary assets are the Nechi alluvial mine in Colombia and the Hemco property in Nicaragua. Nechi features a cyanide- and mercury-free recovery extraction process using gold-hosted sands mined from closed ponds. In its 2023 management’s discussion and analysis report, released on February 15, the company indicates that 2023 production at Nechi totaled 93,756 ounces of gold, an increase of 1,372 ounces over 2022.
The company's Hemco operations consist of the Panama and Pioneer mines, and also have an arrangement to process ore from third-party artisanal miners. Production for 2023 reached a total of 125,951 ounces of gold, an increase of 6,569 ounces of gold compared to 2022. Mineros is expecting to begin production from the Porvenir satellite deposit at Hemco in 2027, which it says will add 44,700 ounces of gold output per year.
On May 19, Mineros released operating results for the first quarter of the year. In the announcement the company reported producing 51,741 ounces of gold during the quarter, a 14 percent decrease from the 60,248 ounces produced in Q1 2023. The decline was due to the discontinued operation at its Gualcamayo property in Argentina. However, its production at its current assets is still up year-over-year, as they combined for 50,609 ounces in Q1 2023.
Mineros reached its year-to-date high of C$1.25 on April 18.
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Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.
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