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)
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
$1.5M Placement
Emu NL (ASX: EMU or the Company) has agreed to place up to 61M fully paid ordinary shares (New Shares) at $0.025 per share to sophisticated and professional investors to raise up to $1.525K.
The placement will be effected in two tranches with 21M shares to be issued forthwith under the Company’s current ASX Listing Rule 7.1 and 7.1A capacities. The second tranche will be issued subject to and upon shareholder approval being obtained at the Company’s Annual General Meeting.
Applicants for New Shares will be issued one (1) free option for every two New Shares. These free options will be issued subject to and upon shareholder approval being obtained. Each option will be exercisable at ten cents ($0.10) on or before 31 October 2026.
Funding from the placement will be applied to exploration within the Georgetown Project ǪLD and general working capital. That exploration will include advanced field work, geochemistry and geophysics directed at positioning the Company to commence drilling early 2025.
The New Shares will be listed on ASX and will rank equally with the existing fully paid ordinary shares currently quoted as ASX:EMU.
Click here for the full ASX Release
This article includes content from EMU NL, 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.
Quarterly Report - September 2024
Astral Resources NL (ASX: AAR) (Astral or the Company) is pleased to report on its activities during the quarter ended 30 September 2024 (the Quarter).
Highlights
Mandilla Gold Project
- Successful completion of a 70-hole/6,512 metre in-fill reverse circulation (RC) drill program at the cornerstone Theia deposit at Mandilla.
- Assay results from the Theia program were reported subsequent to the end of the Quarter on 9 October 20241.
- Metallurgical results at the Hestia, Eos and Iris deposits demonstrate extremely high gold recoveries (up to 99.5%), fast leach kinetics and low reagent consumptions.
Feysville Gold Project
- Assay results reported from a 32-hole/1,673 metre RC drill program completed during the previous quarter at the Rogan Josh Prospect2,3.
- Assay results reported from a 120-hole/3,664 metre program of reconnaissance air-core (AC) drilling completed during the previous quarter4.
- Cube Consulting currently finalising a maiden Mineral Resources Estimate (MRE) for the Kamperman and Rogan Josh prospects, and a revised MRE for the Think Big deposit, together comprising the Feysville MRE. This work is expected to be reported during October 2024.
Corporate
- Announcement of two-tranche placement to raise approximately $25.0 million (before costs) via the issue of approximately 263 million new fully paid shares at an offer price of $0.095 per share (Placement).
- Tranche 1 of the Placement raised approximately $21.0 million (before costs) and was completed on 1 October 2024.
- Cash of approximately $24.1 million as at 30 September 2024 (inclusive of Tranche 1 Placement proceeds net of costs).
- Tranche 2 of the Placement, which involves the issue of new fully paid shares subject to shareholder approval, is set to raise approximately $4.0 million (before costs).
- Additionally, Company Directors subscribed for 789,474 shares on the same terms as the Placement shares, with their participation also subject to shareholder approval.
- Shareholder approval for the issue of shares under Tranche 2 and to the Directors will be sought at the Annual General Meeting to be held on 20 November 2024.
- Astral is now fully funded to FID including acceleration of exploration activities at the Mandilla and Feysville Gold Projects, and completion of the Mandilla Pre-Feasibility and Definitive Feasibility Study.
Figure 1 – Location map identifying Astral’s projects.
MANDILLA GOLD PROJECT
The Mandilla Gold Project is situated in the northern Widgiemooltha greenstone belt, approximately 70 kilometres south of the significant mining centre of Kalgoorlie, Western Australia.
The area hosts world-class deposits such as the Golden Mile Super Pit in Kalgoorlie owned by Northern Star Resources Limited (ASX: NST) and the St Ives Gold Mine south of Kambalda owned by Gold Fields Limited, as well as the substantial Beta Hunt Gold Mine owned by Westgold Resources Limited (ASX: WGX).
Mandilla is covered by existing Mining Leases which are not subject to any third‐party royalties other than the standard WA Government gold royalty.
The Mandilla Gold Project includes the Theia, Iris, Eos and Hestia deposits.
Gold mineralisation at Theia and Iris is comprised of structurally controlled quartz vein arrays and hydrothermal alteration close to the western margin of the Emu Rocks Granite and locally in contact with sediments of the Spargoville Group.
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 Canadian Mining Stocks This Week: Cerrado Gold Sparkles with 76 Percent Gain
Welcome to the Investing News Network's weekly look at the best-performing Canadian mining stocks on the TSX and TSXV, starting with a round-up of Canadian and US data impacting the resource sector.
The S&P/TSX Venture Composite Index (INDEXTSI:JX) was up 2.68 percent on the week to close at 621.67 on Friday (October 18). Meanwhile, the S&P/TSX Composite Index (INDEXTSI:OSPTX) was up 1.44 percent to 24,822.54.
Statistics Canada released its September consumer price index figures on Tuesday (October 15). The data indicates that inflation continues to ease, gaining just 1.6 percent on a year-on-year basis, well below the 2 percent target rate originally set by the Bank of Canada when it started increasing interest rates in March 2022.
The slowing pace of inflation is largely attributable to lower costs at the pumps, with gasoline prices falling 10.7 percent on a yearly basis; that follows a 5.1 percent decline in prices in August.
However, the deceleration was offset by an 8.2 percent rise in rent and a 2.4 percent increase in food costs.
South of the border, the US Dollar Index (INDEXUSD:DXY) fell slightly on Friday after investors began to move back into Chinese equities, but ultimately ended the week up 0.58 percent. The shift came after the Chinese government announced new funding initiatives aimed at helping out the country's beleaguered capital markets.
Despite the rise in the US dollar, gold set new record highs on Friday, climbing to US$2,721.27 per ounce at 4:30 p.m. EDT. Silver also saw strong momentum as it surged 6.88 percent on the week to US$33.67 per ounce.
A rally on Friday did little to ease copper’s woes. The red metal extended its fall, dropping 2.67 percent to US$4.39 per pound on the COMEX. More broadly, the S&P GSCI (INDEXSP:SPGSCI) sank 4.94 percent to close at 531.98.
Markets were mixed this week, with the S&P 500 (INDEXSP:INX) adding 0.6 percent to reach 5,864.68, and the Nasdaq-100 (INDEXNASDAQ:NDX) declining 0.21 percent to finish the period at 20,324.04. Meanwhile, the Dow Jones Industrial Average (INDEXDJX:.DJI) climbed 1.11 percent to reach 42,275.9 at the end of the week.
Find out how the five best-performing Canadian mining stocks performed against that backdrop.
1. Cerrado Gold (TSXV:CERT)
Weekly gain: 75.51 percent
Market cap: C$33.52 million
Share price: C$0.43
Cerrado Gold is a gold production and development company focused on its assets in South America, including two producing mines in Santa Cruz, Argentina. Its flagship Minera Don Nicolas mine consists of a 333,400 hectare concession package and has been in operation since 2018. Mining feed is derived from the La Paloma and Martinetas open pits and processed at a centralized carbon-in-leach gold plant, which has a capacity of 1,000 metric tons per day.
Cerrado has been working on exploration efforts to expand the resource estimate at Minera Don Nicolas with the intent of extending the life of the mine. On September 19, the company released a preliminary economic assessment (PEA) for the expansion, showing that measured and indicated resources at the property total 490,340 ounces of gold and 6.59 million ounces of silver, the majority of which is found in the Calandrias Sur open pit.
The PEA demonstrates an after-tax net present value of US$111 million at a gold price of US$2,100, and estimates a mine life of five years, with an annual production target of 56,000 gold equivalent ounces per year.
The most recent news from Cerrado came on October 16, when the company announced its Q3 production results for Minera Don Nicolas. In the release, the company reported the production of 37,108 gold equivalent ounces during the first nine months of 2024, with 13,201 gold equivalent ounces ounces produced in Q3.
2. Metallis Resources (TSXV:MTS)
Weekly gain: 56.67 percent
Market cap: C$14.38 million
Share price: C$0.235
Metallis Resources is an exploration company that has spent much of 2024 advancing work at its Greyhound property in Central Idaho, US. The company acquired the 124 hectare property, which hosts the past-producing Greyhound and Bulldog silver-gold mines, in February from Greyhound Mining and Milling.
Since then, Metallis has completed the first phase of its exploration program. On September 4, the company said initial assay results showed elevated levels of antimony, with rock samples collected at Bulldog hosting grades of up to 4.54 percent of the critical mineral. Three contiguous samples over a 3 meter length returned 0.61 percent antimony, further validating strong mineralization at surface. None of the areas with the best antimony results have ever been drilled.
In a follow-up release on September 17, Metallis reported that surface rock samples from the site had returned high-grade gold assays of up to 67.02 grams per metric ton (g/t) gold equivalent, with multiple grab samples with more than 10 g/t gold equivalent. Aside from that, the company reported the identification of a new mineralized showing, which it has named Akita. It produced two rock samples grading 8 and 8.5 g/t gold equivalent.
The most recent news from Metallis came on October 14, when it closed a C$890,500 private placement following the sale of 6.85 million units at a value of C$0.13 each. Proceeds will be used for field exploration work at Greyhound, as well as the Kirkham property in the Golden Triangle, which is located in BC, Canada.
3. Gabriel Resources (TSXV:GBU)
Weekly gain: 50 percent
Market cap: C$18.84 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 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 said it would review the decision with its legal team and 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.
The most recent update about the arbitration came on July 8, when the company announced it would be seeking an annulment of the ICSID award. The company said that the original decision was fatally flawed in multiple respects, including the disregarding of applicable law and multiple departures from fundamental rules and procedures.
4. Northern Graphite (TSXV:NGC)
Weekly gain: 46.67 percent
Market cap: C$13.11 million
Share price: C$0.11
Producer and developer Northern Graphite is the only miner of flake graphite in North America.
The company owns the Lac des Iles mine in Québec, Canada, which hosts an indicated amount of 213,000 metric tons of graphitic carbon, with an additional inferred amount of 106,000 metric tons.
In its Q2 results, released on August 29, Northern reported that it had increased production at Lac des Iles to 4,082 metric tons, up 59 percent from the 2,574 metric tons produced in the first quarter. The increase comes as the company works to boost production at the site to its 25,000 metric ton nameplate capacity. Additionally, Northern said it is working on operational scenarios to begin work at a new open pit by the end of 2024 or early 2025.
On October 9, the company announced it had entered into an agreement with Rain Carbon for a joint operation to develop and commercialize advanced battery anode materials for electric vehicle batteries.
5. 1911 Gold (TSXV:AUMB)
Weekly gain: 46.43 percent
Market cap: C$25.6 million
Share price: C$0.205
1911 Gold is a gold exploration company working to advance its Rice Lake properties in Eastern Manitoba.
The properties cover more than 58,000 hectares along the Rice Lake greenstone belt in an area that has been explored since gold was discovered in 1911. The exploration properties include two prospective claim blocks, Rice Lake and Central Manitoba, and host the past-producing True North, Central Manitoba, Gunnar and Ogama-Rockland mines.
The most recent update from the site came on October 3, when the company announced it had mobilized a rig for a surface drill program set to commence in mid-October. The 6,000 meters will be focusing on near-surface targets at the True North mine to test the San Antonio West, San Antonio Southeast and Cohiba East sites.
1911 said the targets show significant potential for high-grade gold, and can be easily upgraded to resources due to their close proximity to existing infrastructure and historic underground mine workings.
FAQs for Canadian mining stocks
What is the difference between the TSX and TSXV?
The TSX, or Toronto Stock Exchange, is used by senior companies with larger market caps, and the TSXV, or TSX Venture Exchange, is used by smaller-cap companies. Companies listed on the TSXV can graduate to the senior exchange.
How many companies are listed on the TSXV?
As of June 2024, there were 1,630 companies listed on the TSXV, 925 of which were mining companies. Comparatively, the TSX was home to 1,806 companies, with 188 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 Canadian Mining Stocks article was retrieved at 12:00 p.m. EDT on October 18, 2024, using TradingView's stock screener. Only companies trading on the TSX and TSXV with market capitalizations greater than C$10 million are included. Companies within the non-energy minerals and energy minerals sectors 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.
Top Stories This Week: Gold Breaks US$2,700 as Record Run Continues, Silver Passes US$33
Gold's record-setting run continued this week as the yellow metal breached the US$2,700 per ounce mark for the first time. After starting 2024 around US$2,040, gold is now up approximately 32 percent year-to-date.
What's behind the precious metal's latest price milestone? Among other factors, experts are pointing to safe-haven buying as the US election approaches and as tensions in the Middle East increase.
There's also the latest interest rate cut from the European Central Bank (ECB). Its third reduction so far this year came on Thursday (October 17), with President Christine Lagarde saying the ECB is in the process of breaking the neck of inflation.
"Have we broken the neck of inflation? Not yet. Are we in the process of breaking that neck? Yes" — Christine Lagarde, European Central Bank
As an asset that doesn't bear interest, gold tends to fare better in low-rate environments.
Looking more broadly at the yellow metal's rise over the last year, Randy Smallwood of Wheaton Precious Metals (TSX:WPM,NYSE:WPM) said this week that while gold was being driven by eastern buying earlier in 2024, the western world is now beginning to participate. He thinks US$3,000 is in the cards within a couple of years.
Others see US$3,000 gold coming much quicker than that. Delegates at the London Bullion Market Association's annual gathering see gold rising to US$2,941 in the next 12 months. They're calling for an even bigger gain in silver, which is anticipated to rise to US$45 per ounce. Platinum and palladium are expected to stay relatively flat.
Silver is finishing the week at the US$33.70 level, a point not seen since 2012. The volatile white metal is known for lagging behind gold when the yellow metal starts to run, but then typically outperforms.
Bullet briefing — Tech giants go nuclear, GM invests in Thacker Pass
Google, Amazon sign SMR deals
Major tech players Google and Amazon (NASDAQ:AMZN) both made headlines this week as they signed deals geared at meeting their growing energy needs using small modular nuclear reactors (SMRs).
Google said on Monday (October 14) that it has signed an agreement to purchase nuclear energy from multiple SMRs that will be developed by Kairos Power. In its release, the company emphasized nuclear energy's importance in meeting power demand from artificial intelligence applications, and said Kairos' first SMR will be online by 2030.
Two days later, Amazon subsidiary Amazon Web Services announced agreements with Dominion Energy (NYSE:D) and Energy Northwest, saying the deals will help it reach its net-zero carbon goal by 2040.
The company will be exploring the development of a Virginia-based SMR with Dominion, while in Washington its deal with Energy Northwest will involve the development of four advanced SMRs.
The news comes less than a month after Constellation Energy (NASDAQ:CEG) announced plans to revive Three Mile Island Unit 1 under a 20 year power purchase agreement with Microsoft (NASDAQ:MSFT).
It also follows this week's news that the US Department of Energy has initiated contracts with four companies for the production of high-assay low-enriched uranium fuel, or HALEU.
"Many advanced reactors will use HALEU to achieve smaller designs, longer operating cycles, and increased efficiencies over current technologies," the government agency's press release states.
GM boosts Lithium Americas investment
General Motors (GM) (NYSE:GM) is strengthening its connection to Lithium Americas (TSX:LAC,NYSE:LAC) via a joint venture centered on advancing the Thacker Pass lithium project in Humboldt County, Nevada.
The companies said on Wednesday (October 16) that GM will provide US$625 million in cash and letters of credit, and will acquire a 38 percent asset-level ownership stake in Thacker Pass. GM previously invested US$320 million into Lithium Americas in February 2023, and the new funds bring its total spend to nearly US$1 billion.
Want more YouTube content? Check out our expert market commentary playlist, which features interviews with key figures in the resource space. If there's someone you'd like to see us interview, please send an email to cmcleod@investingnews.com.
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Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.
Aurum and Mako to Merge, Will Focus on Gold in West Africa
Aurum Resources (ASX:AUE) and Mako Gold (ASX:MKG) said on Wednesday (October 16) that they have come to an agreement to merge, creating a West Africa-focused gold explorer and developer.
Under the deal, Aurum is proposing to acquire Mako, with the combined company set to have a market cap of AU$90 million and AU$20 million in cash. It will advance the Napié and Boundiali gold projects in Côte d’Ivoire.
According to the companies, the merger will take place through off-market takeover bids. Aurum will bid for 100 percent of Mako's shares and 100 percent of its Class A Options and Class B options.
Aurum shareholders will own approximately 79.5 percent of the new entity once the deal is complete, while Mako shareholders will hold the remaining 21.5 percent. The offer is reportedly a 112 percent premium for Mako shareholders.
“We have always believed our Napié Project has potential to host multi-million ounces of gold, and pleasingly, due to relative sizes of Mako and Aurum, Mako securityholders will remain a meaningful part of the expanded group, and therefore will share in the continued upside to the growth in Napié," said Peter Ledwidge, managing director at Mako.
Napié is Mako's 90 percent owned flagship project. Its Tchaga and Gogbala deposits have an inferred mineral resource estimate of 22.45 million tonnes at 1.2 grams per tonne for 868,000 contained ounces of gold.
Ledwidge also noted that a maiden mineral resource estimate for Aurum's Boundiali asset is expected late this year.
“Between driving growth at Napié and being well on the path to delivery of a maiden resource at our own Boundiali Project later this year, we see strong potential for Aurum to become a strong emerging gold developer in Côte d’Ivoire with two assets with long-life potential in close proximity to each other,” said Dr. Caigen Wang, managing director at Aurum. He added that the companies see "strong similarities" between the two properties.
The firms said shareholders will also benefit from Aurum’s strong balance sheet and drilling efficiencies.
Aurum and Mako noted that the full bid implementation agreement and its terms will be available to the public soon.
Don’t forget to follow us @INN_Australia for real-time news updates!
Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: Aurum Resources is a client of the Investing News Network. This article is not paid-for content.
Golden Mile Resources Limited (ASX: G88) – Trading Halt
Description
The securities of Golden Mile Resources Limited (‘G88’) will be placed in trading halt at the request of G88, 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, 22 October 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 Golden Mile 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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