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 Gold
Overview
The most promising gold mine isn’t worth much if it’s located in an unsafe or non-mining-friendly jurisdiction. Navigating obstructive laws and adapting to political instability can quickly consume a mining company’s resources. Regions with clearly stated mining laws that have demonstrated political stability are essential to the long-term success of a mining project. Even with the current geopolitical climate skyrocketing the price of gold, investors must consider the jurisdiction in which mining companies operate.
The Fraser Institute repeatedly ranks Nevada as the top jurisdiction for investment attractiveness in the entire world. Nevada’s mineral endowments, regulatory certainty and clearly stated public policy are what earned the state its top spot. Overall, North America has quickly become known as a politically stable and mining-friendly continent.
Few countries have embraced the mining industry quite like Canada. The country’s clear sustainability requirements and multiple initiatives that aim to improve the country’s economy by leveraging its natural resources are only a few of the reasons why Canada continues to be an attractive country for mining. Much like real estate, the location of mining projects is vital and investors need to take an asset’s jurisdiction into consideration when performing due diligence.
Newrange Gold (TSXV:NRG,OTC:NRGOF,FSE:X6C.F) is a Canadian-based mining exploration and development company focused on district-scale exploration of prolific assets in safe jurisdictions. The company has projects in Nevada and Ontario that benefit from pro-mining regulations, a highly-trained local workforce and district-scale historical data. Newrange Gold focuses on stable jurisdictions in order to cultivate long-term value for shareholders.The company’s asset portfolio is rich with district scale potential projects, all located within stable and mining-friendly jurisdictions. The Argosy Gold Mine and North Birch Gold Project are both located in the Red Lake District in Ontario. To date, this district has produced 22 million ounces of gold. The projects are nearly contiguous and comprise 4,454 hectares located on the Birch-Uchi Greenstone Belt and adjacent to the prolific Red Lake Greenstone Belt which has similar geographical formations and is three times the size of the Red Lake Belt. Despite this, it is relatively underexplored.
Newrange Gold’s Pamlico Project is located in Nevada. The project is located in the famous Pamlico District, which was known as one of the highest-grade gold districts in the 1880s. However, because it’s been privately held since 1896, the district has largely gone unexplored. Fortunately, the presence of over 300 historic mines in the region has led to the creation of excellent infrastructure to facilitate future development. The project sits on the Walker Lane geographic structure, which is a large-scale multi-phase polymetallic mineralization system that contains multiple gold and copper targets across 5,700 hectares.
On October 25, 2022, the company acquired 100 percent interest in the Coricancha Gold-Silver-Copper-Lead-Zinc Mine in Central Peru. The asset is a high-grade, narrow-vein, gold-silver-copper-lead-zinc underground mine in the Central Polymetallic Belt of Peru, and located 90 kilometres east of Lima on the Central Highway and comprises a 600-tonne-per-day processing plant, dry-stack tailings storage facility and all necessary surface and underground infrastructure. The mine was in production intermittently from 1906 to 2013 and has been on care-and-maintenance since then but is in excellent shape and is fully permitted.
The management team leading Newrange Gold is equally as impressive as its asset portfolio. Robert Archer, president and CEO, has over 40 years of management experience in the mining industry within the Americas. He also possesses a strong scientific background as a professional geologist with an honors BSc. Meanwhile, David Cross, CFO, has 21 years of experience focused on corporate governance and finance. The team is rounded out by independent directors who add their specific expertise to the company, including a geologist, metallurgical engineer and corporate accountant.
Company Highlights
- Newrange Gold is a Canada-based exploration and development mining company dedicated to building long-term shareholder value with its gold-focused assets that leverage district-scale historical data to inform its decisions
- The company has built an asset portfolio that is entirely within mining-friendly jurisdictions with clear legal requirements and regulations that provide confidence in the future of each project.
- Both the Argosy Gold Mine and North Birch Project are located in the Red Lake District in Northwestern Ontario, a region famous for gold production.
- Newrange Gold’s Pamlico Project in Nevada benefits from an incredibly mining-friendly state and is located in a legendary district that has remained relatively unexplored since the late 1800s.
- The company has acquired 100 percent interest in the Coricancha Gold-Silver-Copper-Lead-Zinc Mine in Central Peru.
- The company is led by an impressive management team with decades of experience that is directly relevant to Newrange Gold’s ambitions, including experience managing mining companies that operate in the Americas
Key Projects
The Pamlico Project
This project is located in Nevada, a state that ranks as the most desirable mining jurisdiction in the world and is currently the fifth-largest gold producer. Mines throughout the state produced a combined 5.4 million ounces of gold in 2019 alone and a staggering 169.1 million ounces from 1835 to 2018.
Project Highlights:
- Located on the Prolific Walker Lane Geologic Structure: Current and historic mining operations on the Walker Lane structure have produced 53 million ounces of gold and 519 million ounces of silver
- Unique Opportunity in a Legendary District: The Pamlico District was the highest-grade gold district in Nevada between the 1880s and 1920s. Despite its reputation, much of the property has been in private hands and has been largely unexplored. Newrange Gold is now in a unique position with tremendous potential.
- Excellent Infrastructure and Metallurgy: The region's historical and current emphasis on gold mining has resulted in a reliable infrastructure, along with exceptional metallurgy.
- New Discoveries in a Proven District: Recent geological models suggest the presence of a large gold-copper system with high-grade, near-surface oxide gold mineralization. The same models also indicate lower-grade bulk tonnage gold mineralization, along with skarn and porphyry copper-gold targets.
- Multiple Drill Targets Identified: Newrange Gold has identified promising drill targets to further explore the project’s area, including the McGill Canyon Skarn Zone, the La Panta Mine, and the new ‘91’ zone.
North Birch Gold Project
The North Birch Gold Project sits upon the Birch-Uchi Greenstone Belt, which has similar geology as the famous Red Lake Greenstone Belt. However, limited accessibility has left the area belt largely unexplored. Current exploration data and the proximity to an existing mine create tremendous blue-sky potential for the project.
Project Highlights:
- Proximity to Existing Projects: The Springpole Gold Deposit operated by First Mining Gold has an indicated 4.6 million ounces of gold and is only 12 kilometers away from the North Birch Gold Project.
- Folded Iron Formations (IF) Indicate Gold Deposits: IF-hosted gold deposits are well known around the world and have become attractive targets for gold exploration. Roughly 3,850 hectares of the project are sitting on IF packages.
- IF Yet to Be Drilled: Even though the project has multiple gold showings, the IF has never been drilled, creating blue-sky potential as the company further develops promising targets
- Promising Historical Data: Historic drilling south of the IF has indicated up to 35 g/t gold over 1.6 meters. A grab sample of pyritic IF has indicated 5.64 g/t gold.
- Multiple Strong Drill Targets Identified: Current exploration data has already identified several promising drill targets for further exploration and development.
Argosy Gold Mine
The Argosy Gold Mine is immediately southeast of the North Birch Gold Project and is even closer to the Springpole Gold Deposit, which is only 10 kilometers away. Unlike the North Birch project, Argosy was a high-grade gold mine between 1931 and 1952. Including more recent exploration conducted in the early 2000s, 72 drill holes have generated promising data that have created strong confidence in the project.
Project Highlights:
- Promising Historical High-Grade Production: The Argosy Gold Mine was once the belt’s most significant gold producer before closing in 1952. While in operation, the mine produced 101,875 ounces of gold at 12.7 g/t.
- Recent Exploration Data Indicates Deeper Gold Deposits: The four gold veins that were previously mined reached a maximum depth of 270 meters. However, more recent exploration in 2003-04 indicated that gold mineralizations extend to 400 meters, which includes 10.46 g/t gold over 2.98m and 14.15 g/t gold over 1.65m.
- Underdeveloped Asset Showing Promising Results: Even with the above promising data, the asset has not had any work since 2005. Newrange Gold has leveraged existing data to identify multiple drill targets to commence in 2022.
Management Team
Robert Archer - President and CEO
Robert Archer has more than 40 years’ experience in the mining industry, working throughout the Americas. After spending more than 15 years with major mining companies, he held several senior management positions in the junior mining sector and co-founded Great Panther Mining Limited, now a mid-tier precious metals producer. He served as President & CEO of Great Panther from 2004-2017 and Director until 2020, and joined Newrange Gold Corp. as a Director in March 2018 followed by his appointment as CEO in January 2019 and President in October 2021. Mr. Archer is a Professional Geologist and holds an Honors BSc from Laurentian University in Sudbury, Ontario.
David Cross - CFO
David Cross is a CPA and CGA with over 21 years’ experience in the junior sector with a focus on finance and corporate governance. He is currently a partner of Cross Davis and Company LLP Chartered Professional Accountant, which specializes in accounting and management services for private and publicly-listed companies within the mining industry, and has recently been appointed CFO of Ashburton Ventures Inc.
Colin Jones - Independent Director
Colin Jones lives in New Zealand and is Principal Consultant for Orimco Resource Investment Advisors, based in Perth, Australia. He has almost 40 years’ experience as a mining, exploration and consulting geologist in a number of different geological environments on all continents. He has managed large exploration and due diligence projects, and has undertaken numerous bankable technical audits, technical valuations, independent expert reports and due diligence studies worldwide, most of which were on behalf of major international resource financing institutions and banks. Jones holds a Bachelor of Science (Earth Sciences) degree from Massey University, NZ.
David Salari - Independent Director
David Salari has worldwide experience in the design, construction and operation of extractive metallurgical plants. He is an engineer with more than 35 years of experience in the mining and mineral processing field and is currently the President and CEO of DENM Engineering.
Ron Schmitz - Independent Director
Ron Schmitz is the Principal and President of ASI Accounting Services Inc., a firm that has provided administrative, accounting and office services to public and private companies since July 1995. Schmitz has served as a Director and/or Chief Financial Officer of various public companies since 1997, and currently holds these positions with various public and private companies.
Newrange and Great Panther Terminate Agreement to Acquire Coricancha Mine in Peru
(TheNewswire)
TSXV:NRG ) (OTC :NRGOF ) ( Frankfurt:X6C) Newrange Gold Corp. (" Newrange " or the " Company ") announces that it has signed a Mutual Termination Agreement with Great Panther Mining Limited ("Great Panther"), terminating the Share Purchase Agreement to acquire the Coricancha Gold-Silver-Copper-Lead-Zinc Mine in Central Peru
"We are deeply disappointed to have arrived at this outcome," stated Robert Archer, President and CEO of Newrange. "We have been working on this acquisition since March and believe strongly in the potential of the Coricancha Mine. However, the current market for mining stocks, one of the worst in decades, has created a serious impediment to financing, especially for new acquisitions. While we attempted to gain an extension to the closing date, the intransigence of Great Panther's creditors has, regrettably, made that impossible."
As a result of the termination of this acquisition, the Company will not be proceeding with the proposed financing, share consolidation and name change at this time and it is anticipated that trading in the Company's shares will resume within days.
About Newrange Gold Corp.
Newrange is currently focused on district-scale exploration for precious metals in the prolific Red Lake District of northwestern Ontario. The past-producing high-grade Argosy Gold Mine is open to depth, while the adjacent North Birch Project offers additional blue-sky potential. Further information can be found on our website at www.newrangegold.com .
Signed: "Robert Archer"
President & CEO
For further information contact :
Email: info@newrangegold.com
Website: www.newrangegold.com
Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release .
Copyright (c) 2022 TheNewswire - All rights reserved.
News Provided by TheNewsWire via QuoteMedia
Newrange Arranges Non-Brokered Private Placement for $10,080,000
(TheNewswire)
VANCOUVER, BRITISH COLUMBIA TheNewswire - November 7, 2022 (TSXV:NRG ) (OTC :NRGOF ) ( Frankfurt:X6C) Newrange Gold Corp. (" Newrange " or the " Company ") announces that it is arranging a non-brokered private placement to raise gross proceeds of up to $10,080,000 (the "Offering"). The placement is anticipated to close on or about November 25, 2022 following a ‘one new for six old' share consolidation (to be voted upon by shareholders at the AGSM on November 23, 2022) and, as such, will be priced at the post consolidation share price of $0.18. The placement will consist of up to 56,000,000 units (the "Units") with each Unit comprising one common share ("Share") in the capital of the Company and one-half share purchase warrant ("Warrant"), whereby each whole Warrant shall be convertible into an additional Share at an exercise price of $0.27 for a period of 36 months from the date of issuance. The Company will have the right to seek an accelerated exercise of the Warrants if the price of the Shares trade in excess of C$0.40 for 10 consecutive trading days. All proceeds will be held by the Company in a separate account pending closing and will be released to the Company concurrently with the closing of the acquisition of the Coricancha Mine. If the closing does not occur by November 25, 2022, or such date to be mutually agreed upon, the proceeds will be returned to the investor without interest or deduction. A finder's fee of up to 7% in cash and 7% in warrants exercisable into Shares at $0.27 for a period of 36 months may also be paid.
The net proceeds raised from the Offering will be used for the acquisition of a 100% interest in the Coricancha Gold-Silver-Copper-Lead-Zinc ("Au-Ag-Cu-Pb-Zn") Mine in Central Peru ("Coricancha"; see Newrange news releases of September 13 and October 26 , 2022), continued care and maintenance costs, exploration and development of the mine and general working capital.
All securities to be issued will be subject to a four-month hold period from the date of issuance and subject to TSX Venture Exchange approval. The securities offered have not been registered under the United States Securities Act of 1933 , as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements.
Coricancha is a high-grade, narrow-vein, underground mine in the Central Polymetallic Belt of Peru. It is located 90 kilometres east of Lima on the Central Highway and comprises a 600 tonne per day processing plant, dry-stack tailings storage facility and all necessary surface and underground infrastructure. The mine was in production intermittently from 1906 – 2013 and has been on care-and-maintenance since then. The mine, plant and dry-stack tailings storage facility are in excellent shape and are fully permitted. Coricancha is located within a well-established mining district and local communities are fully supportive of the operation. Two of three community agreements are already in place, with the third only pending a final signature.
A Mineral Resource Estimate was filed for Coricancha with an effective date of December 20, 2017 1 that is considered by Newrange to be Historical in nature. The Company is not relying on these estimates as a qualified person on behalf of Newrange has not done sufficient work to classify them as current mineral resources. Newrange intends to conduct its own drilling to bring the resource estimate into compliance for the Company. The Historical Resource comprises total Measured and Indicated Resources of 752,759 tonnes at 5.8 grams per tonne ("g/t") Au, 200 g/t Ag, 0.53% Cu, 2.07% Pb and 3.26% Zn (999 g/t silver equivalent ounces 2 ("Ag Eq Oz")), for a contained 24.20 million Ag Eq Oz, and total Inferred Resources of 943,160 tonnes at 5.0 g/t Au, 209 g/t Ag, 0.64% Cu, 1.45% Pb and 3.25% Zn (934 g/t Ag Eq Oz) for a contained 28.36 million Ag Eq Oz. The Historical Resource Estimate and associated Preliminary Economic Assessment are available as a reference on SEDAR at www.sedar.ca .
There are more than twenty veins known in the Coricancha deposit with most past production having come from the Constancia and Wellington Veins, approximately 600 metres apart and parallel to one another. They have a known strike length of more than 1,500 metres and a vertical extent in excess of 1,000 metres. A third vein, Escondida, lies between, and appears to connect, the two and has seen minimal exploration, development or production yet shows excellent potential, particularly where it is exposed on the main haulage level at 3140 metres above sea level. A development drift on this level exposed the Escondida vein over several hundred metres of strike length and ended at a face assaying 429 g/t Ag, 7.17% Cu, 0.42 g/t Au, 0.37% Pb and 0.68% Zn over 2.1 metres. Newrange intends to initially focus on the Escondida vein with the intent to define a new, updated resource estimate and mine plan. At full production, it is estimated that Coricancha could produce approximately 3 million Ag Eq Oz per year.
Note (1): NI 43-101 Resource Update Technical Report on the Coricancha Mine Complex, Huarochiri Province, Lima Region, Peru for Great Panther Silver Limited. Submitted by Golder Associates Inc. as Report Assembler of the work prepared by or under the supervision of the Qualified Persons Named as Authors.
(2): Ag Eq g/t = Ag g/t + (Pb grade x ((Pb price per lb/Ag price per oz) x 0.0685714 lbs per Troy Ounce x 10000 g per %)) +(Zn grade x ((Zn price per lb/Ag price per oz) x 0.0685714 lbs per Troy Ounce x 10000 g per %)) + (Cu grade x ((Cu price per lb/Ag price per oz) x 0.0685714 lbs per Troy Ounce x 10000 g per %)) + (Au grade x (Au price per oz/Ag price per oz)).
About Newrange Gold Corp.
Newrange is currently focused on district-scale exploration for precious metals in the prolific Red Lake District of northwestern Ontario. The past-producing high-grade Argosy Gold Mine is open to depth, while the adjacent North Birch Project offers additional blue-sky potential. The proposed acquisition of the Coricancha Mine in Peru will give the Company a renewed focus on mine site exploration, development and production but the Company still intends to advance the Red Lake projects. Further information can be found on our website at www.newrangegold.com .
Signed: "Robert Archer"
President & CEO
For further information contact :
Phone: 604-669-0868
Email: info@newrangegold.com
Website: www.newrangegold.com
Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release .
Some of the statements in this news release contain forward-looking information that involves inherent risk and uncertainty affecting the business of Newrange Gold Corp. Actual results may differ materially from those currently anticipated in such statements.
Copyright (c) 2022 TheNewswire - All rights reserved.
News Provided by TheNewsWire via QuoteMedia
Newrange Signs Definitive Agreement to Acquire Coricancha Au-Ag-Cu-Pb-Zn Mine in Peru
(TheNewswire)
TSXV:NRG ) (OTC :NRGOF ) ( Frankfurt:X6C) Newrange Gold Corp. (" Newrange " or the " Company ") announces that, on October 25, 2022 and further to the Letter of Intent signed on September 12, 2022, it signed a Share Purchase Agreement (the "Agreement") with Great Panther Mining Limited ("Great Panther") to acquire a 100% interest in the Coricancha Gold-Silver-Copper-Lead-Zinc ("Au-Ag-Cu-Pb-Zn") Mine in Central Peru ("Coricancha
Coricancha is a high-grade, narrow-vein, gold-silver-copper-lead-zinc underground mine in the Central Polymetallic Belt of Peru. It is located 90 kilometres east of Lima on the Central Highway and comprises a 600 tonne per day processing plant, dry-stack tailings storage facility and all necessary surface and underground infrastructure. The mine was in production intermittently from 1906 – 2013 and has been on care-and-maintenance since then but is in excellent shape and is fully permitted. It is located within a well-established mining district and local communities are fully supportive of the operation. Two of three community agreements are already in place, with the third only pending a final signature.
"We are pleased to have moved forward in our discussions with Great Panther to acquire the Coricancha Mine," stated Robert Archer, President and CEO of Newrange. "We anticipate filing all required documents with the TSX Venture Exchange ("TSXV" or the "exchange") this week, including a NI 43-101 technical report, as the acquisition is subject to exchange approval. In parallel, we are working on a financing to ensure that we have adequate cash for not just the acquisition but for working capital and a drilling program."
Under the terms of t he Agreement, Newrange will purchase all of the shares of Great Panther Peru Holdings Ltd. and Great Panther Silver Peru, S.A.C., both wholly owned subsidiaries of Great Panther and the owners of the Coricancha Mine. Newrange will make a single cash payment of US$750,000 to Great Panther upon closing and the acquisition will be on an "as-is" basis (the "Transaction"). Being an arm's length and cash-only Transaction, shareholder approval will not be required, however, it will constitute a Fundamental Acquisition for Newrange and will be subject to exchange approval, which, in turn will be subject to financing. Completion of the Transaction is also subject to certain conditions including, but not limited to, receipt of court approval by Great Panther.
About Newrange Gold Corp.
Newrange is currently focused on district-scale exploration for precious metals in the prolific Red Lake District of northwestern Ontario. The past-producing high-grade Argosy Gold Mine is open to depth, while the adjacent North Birch Project offers additional blue-sky potential. The proposed acquisition of the Coricancha Mine in Peru will give the Company a renewed focus on mine site exploration, development and production but the Company still intends to advance the Red Lake projects. Further information can be found on our website at www.newrangegold.com .
Signed: "Robert Archer"
President & CEO
For further information contact :
Phone: 604-669-0868
Email: info@newrangegold.com
Website: www.newrangegold.com
Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release .
Some of the statements in this news release contain forward-looking information that involves inherent risk and uncertainty affecting the business of Newrange Gold Corp. Actual results may differ materially from those currently anticipated in such statements.
Copyright (c) 2022 TheNewswire - All rights reserved.
News Provided by TheNewsWire via QuoteMedia
Newrange Signs Letter of Intent to Acquire Coricancha Au-Ag-Cu-Pb-Zn Mine in Peru
(TheNewswire)
VANCOUVER, BRITISH COLUMBIA TheNewswire - September 13, 2022 (TSXV:NRG ) (OTC :NRGOF ) ( Frankfurt:X6C) Newrange Gold Corp. (" Newrange " or the " Company ") announces that, on September 12, 2022, it signed a non-binding Letter of Intent with Great Panther Mining Limited ("Great Panther") to acquire a 100% interest in the Coricancha Gold-Silver-Copper-Lead-Zinc ("Au-Ag-Cu-Pb-Zn") Mine in Central Peru ("Coricancha") . It is anticipated that a Definitive Agreement will be signed in the coming weeks.
Coricancha is a high-grade, narrow-vein, gold-silver-copper-lead-zinc underground mine in the Central Polymetallic Belt of Peru. It is located 90 kilometres east of Lima on the Central Highway and comprises a 600 tonne per day processing plant, dry-stack tailings storage facility and all necessary surface and underground infrastructure. The mine was in production intermittently from 1906 – 2013 and has been on care-and-maintenance since then but is in excellent shape and is fully permitted. It is located within a well-established mining district and local communities are fully supportive of the operation. Two of three community agreements are already in place, with the third only pending a final signature.
"I am very excited about the opportunity to acquire the Coricancha Mine," stated Robert Archer, President and CEO of Newrange. "I believe the project presents an exceptional opportunity to build a significant resource, develop the known veins towards production and further explore the property. Despite the long production history, there have only been 105 holes drilled on the property since 2010 and there is tremendous opportunity to extend the mine life and make new discoveries. In making this acquisition, Newrange is effectively following a well-established business model of bringing a past producing mine back into production, with the intent to supplement the future growth of the Company out of cash flow rather than straight equity."
A Mineral Resource Estimate was filed for Great Panther with an effective date of December 20, 2017 1 that is considered by Newrange to be Historical in nature. The Company is not relying on these estimates as a qualified person on behalf of Newrange has not done sufficient work to classify them as current mineral resources. Newrange intends to conduct its own drilling to bring the resource estimate into compliance for the Company. The Historical Resource comprises total Measured and Indicated Resources of 752,759 tonnes at 5.8 grams per tonne ("g/t") Au, 200 g/t Ag, 0.53% Cu, 2.07% Pb and 3.26% Zn (999 g/t silver equivalent ounces 2 ("Ag Eq Oz")), for a contained 24.20 million Ag Eq Oz, and total Inferred Resources of 943,160 tonnes at 5.0 g/t Au, 209 g/t Ag, 0.64% Cu, 1.45% Pb and 3.25% Zn (934 g/t Ag Eq Oz) for a contained 28.36 million Ag Eq Oz. The Historical Resource Estimate and associated Preliminary Economic Assessment are available as a reference on SEDAR at www.sedar.ca .
There are more than twenty veins known in the Coricancha deposit with most past production having come from the Constancia and Wellington Veins, approximately 600 metres apart and parallel to one another. They have a known strike length of more than 1,500 metres and a vertical extent in excess of 1,000 metres. A third vein, Escondida, lies between, and appears to connect, the two and has seen minimal exploration, development or production yet shows excellent potential, particularly where it is exposed on the main haulage level at 3140 metres above sea level. A development drift on this level exposed the Escondida vein over several hundred metres of strike length and ended at a face assaying 429 g/t Ag, 7.17% Cu, 0.42 g/t Au, 0.37% Pb and 0.68% Zn over 2.1 metres.
There is a general zonation from gold, silver and arsenic in the upper parts of the deposit towards copper and silver in the ‘lower' levels (the system has not been adequately tested below the 3140m level). Lead and zinc occur throughout the deposit in varying amounts.
In the Letter of Intent, the acquisition is contemplated to take place via a share purchase agreement whereby Newrange will purchase all of the shares of Great Panther Peru Holdings Ltd. and Great Panther Silver Peru, S.A.C., both wholly owned subsidiaries of Great Panther and the owners of the Coricancha Mine. Terms of the acquisition call for Newrange to make a single cash payment of US$750,000 to Great Panther upon closing and the transaction will be on an "as-is" basis. Being a cash-only transaction, shareholder approval will not be required. As the acquisition will be subject to financing, the Company is contemplating a ‘one new for six old' share consolidation and subsequent name change to be effective upon closing. The transaction will constitute a Fundamental Acquisition for Newrange and will be an arm's length transaction, further details of which will be announced upon signing of the Definitive Agreement. Similarly, details of the financing, share consolidation and name change, should they occur, will be announced in due course, all of which will be subject to TSXV approval.
Note (1): NI 43-101 Resource Update Technical Report on the Coricancha Mine Complex, Huarochiri Province, Lima Region, Peru for Great Panther Silver Limited. Submitted by Golder Associates Inc. as Report Assembler of the work prepared by or under the supervision of the Qualified Persons Named as Authors.
(2): Ag Eq g/t = Ag g/t + (Pb grade x ((Pb price per lb/Ag price per oz) x 0.0685714 lbs per Troy Ounce x 10000 g per %)) +(Zn grade x ((Zn price per lb/Ag price per oz) x 0.0685714 lbs per Troy Ounce x 10000 g per %)) + (Cu grade x ((Cu price per lb/Ag price per oz) x 0.0685714 lbs per Troy Ounce x 10000 g per %)) + (Au grade x (Au price per oz/Ag price per oz)).
About Newrange Gold Corp.
Newrange is currently focused on district-scale exploration for precious metals in the prolific Red Lake District of northwestern Ontario. The past-producing high-grade Argosy Gold Mine is open to depth, while the adjacent North Birch Project offers additional blue-sky potential. The proposed acquisition of the Coricancha Mine in Peru will give the Company a renewed focus on mine site exploration, development and production but the Company still intends to advance the Red Lake projects. Further information can be found on our website at www.newrangegold.com .
Signed: "Robert Archer"
President & CEO
For further information contact :
Phone: 604-669-0868
Email: info@newrangegold.com
Website: www.newrangegold.com
Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release .
Some of the statements in this news release contain forward-looking information that involves inherent risk and uncertainty affecting the business of Newrange Gold Corp. Actual results may differ materially from those currently anticipated in such statements.
Copyright (c) 2022 TheNewswire - All rights reserved.
News Provided by TheNewsWire via QuoteMedia
Newrange Provides Exploration Update
(TheNewswire)
VANCOUVER, BRITISH COLUMBIA TheNewswire - May 17, 2022 (TSXV:NRG ) (OTC :NRGOF ) ( Frankfurt:X6C) Newrange Gold Corp. (" Newrange " or the " Company ") is pleased to provide an update on its exploration projects in the Red Lake District of Ontario and the Walker Lane Trend of Nevada.
North Birch Project
At the North Birch Project, 110 kilometres northeast of Red Lake, two diamond drill holes were completed for a total of 723 metres. Although the winter drill program was expected to include additional holes, highly variable weather forced a late start and early conclusion. The holes were drilled to test a folded sequence of Iron Formation ("IF") and volcanic rocks in a structural setting similar to the Musselwhite Mine, 190 kilometres to the northeast (see Figure 1 below).
Figure 1: North Birch Drill Holes in ‘Fold Nose' interpreted from airborne magnetics
As previously reported (Newrange Press Release of March 9, 2022), hole NB22001 intersected a deformation zone more than 100 metres wide that had been interpreted from geophysics and LiDAR surveys. The hole collared in massive to pillowed Fe-tholeiitic basalt and shearing started approximately 200 metres downhole, becoming more intense with depth. The basalt becomes increasingly magnetic downhole and laminated IF first appears at 421 metres. Folding is apparent in the IF and both basalt and IF display moderate to intense carbonate alteration and local quartz veining. Pyrite and pyrrhotite mineralization occur as disseminations, stringers and, locally, as ‘clots' within quartz veins and veinlets.
Gold and copper assays increased downhole as shearing intensified. Values were geochemically anomalous, with high values of 0.25 g/t Au and 363 ppm Cu, and the relationship of gold and copper to shearing, quartz-carbonate alteration and pyrite-pyrrhotite mineralization are all encouraging signs considering that this horizon has never been drilled before. Not only does Newrange control about eight kilometres of this horizon but this first hole stopped in highly sheared IF at 460 metres (vertical depth of approximately 320 metres) as the drill had reached its depth limitation. Follow up holes will be drilled in the opposite direction due to the local topography and the sub-vertical dip of the zone.
Hole NB22002 was drilled 800 metres along stratigraphic strike to the northwest to test coincident magnetic and Induced Polarization anomalies. The hole was drilled to 263 metres at -50°, in massive to pillowed basalt and mafic tuff. While the anomalies were explained by the presence of chalcopyrite- pyrrhotite stringers, which returned no significant gold assays, a zone of strong biotite alteration with highly anomalous trace element geochemistry was intersected just below this zone, indicating strong hydrothermal activity. The deformation zone and IF intersected in the first hole were not seen in the second hole indicating that this structure does not appear to follow exactly along the main limb of the fold but likely trends closer to the central axis.
"We are very encouraged by the presence of strong deformation, alteration, and anomalous geochemistry in the initial holes at North Birch," stated Robert Archer, President & CEO of Newrange. "Considering that this horizon is not exposed at surface and has never been drill-tested before, these are all positive indicators that are common to gold systems elsewhere in the Uchi Subprovince. We look forward to follow-up drilling to better understand the overall setting."
Argosy Gold Mine Project
Due to the above-described weather challenges and resulting shortened drilling season, no holes were drilled on the adjacent Argosy Gold Mine Project this past winter. However, the first drill sites have been prepared and the initial holes will test both the down-dip extension of gold mineralization below the historic mine workings and in parallel, un-mined veins closer to surface.
Pamlico Project
Management has conducted an in-depth analysis of results to date on the Pamlico Property in Nevada, including an in-house (not NI43-101 compliant) assessment of the Merritt Decline Area and other exploration targets on the property. Following a comprehensive strategic review, which appropriately considered current market conditions and high holding costs, the Board of Directors has concluded that the continuation of the project is no longer in the best interest of shareholders and has terminated the option agreement.
Potential Acquisitions
As part of the aforementioned strategic review, Newrange is actively reviewing several potential acquisition targets in order to maximize shareholder value. The Board is committed to finding a new flagship project that will have the potential to provide significant upside. Discussions are ongoing in this regard and the Company will inform shareholders of any progress in a timely manner.
QA/QC
All drill core was logged, and samples assayed for gold and multi-elements by AGAT Laboratories in Thunder Bay, Ontario. The Company's QA/QC sample protocol consisted of the collection of samples no less than 0.10 metres and no greater than 1.5 metres in core length over the mineralized portions of the drill hole. Envelopes to mineralized zones were commonly sampled as well. The drill core was cut in half with a diamond saw, with half of the core placed in sample bags and the other half secured in the core box on site. One commercially prepared standard or blank was inserted in series every ten samples (10% of the samples). Samples were then transported by company personnel directly to the AGAT Labs facility. AGAT received, recorded and tracked all samples. Gold analyses were obtained by industry standard fire assay with ICP finish using a 30 gram aliquot. For samples returning values greater than 10 g/t gold, follow-up fire assay with a gravimetric finish is completed. Samples were also analyzed for 35 element trace and major element ICP-OES. AGAT Laboratories is an ISO 9001:2015 and ISO/IES 17025:2017 accredited lab for the preparation and analyses performed on the Newrange samples.
Qualified Person
The technical content disclosed in this press release was reviewed and approved by David Hladky , P.Geo., Senior Geologist for Newrange and a Qualified Person as defined under National Instrument 43-101.
About Newrange Gold Corp.
Newrange is focused on district-scale exploration for precious metals in the prolific Red Lake District of northwestern Ontario. The past-producing high-grade Argosy Gold Mine is open to depth, while the adjacent North Birch Project offers additional blue-sky potential. Focused on developing shareholder value through exploration and development of key projects, the Company is committed to building sustainable value for all stakeholders. Further information can be found on our website at www.newrangegold.com .
President & CEO
For further information contact :
Sharon Fleming
Corporate Communications
Phone: 760-898-9129
Email: info@newrangegold.com
Dave Cross
Chief Financial Officer and Corporate Secretary
Phone: 604-669-0868
Email: dcross@crossdavis.com
Website: www.newrangegold.com
Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release .
Some of the statements in this news release contain forward-looking information that involves inherent risk and uncertainty affecting the business of Newrange Gold Corp. Actual results may differ materially from those currently anticipated in such statements.
Copyright (c) 2022 TheNewswire - All rights reserved.
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NOVAGOLD Releases 2023 Sustainability Report
- Providing a comprehensive overview of NOVAGOLD's Environmental, Social and Governance (ESG) performance, emphasizing remarkable health and safety records, steadfast dedication to environmental protection, continuous community investment, extensive stakeholder engagement, and robust corporate governance.
- Highlighting NOVAGOLD's investment in our partnerships with Donlin Gold LLC, Calista Corporation ("Calista"), and The Kuskokwim Corporation (TKC) to reinforce Donlin Gold's social license, while emphasizing ongoing community engagement and addressing specific needs.
- Integrated NOVAGOLD's Task Force on Climate-Related Financial Disclosures Report (TCFD) into this year's Sustainability Report and reported in alignment with the Global Reporting Initiative framework (GRI).
NOVAGOLD RESOURCES INC. ("NOVAGOLD" or "the Company") (NYSE American, TSX: NG) is pleased to publish its 2023 Sustainability Report ("Sustainability Report") with a focus on our 2023 performance in the areas of environmental stewardship, health and safety, social responsibility and engagement, and corporate governance.
"Our 2023 achievements continue to build on the excellent work accomplished in the areas of environmental stewardship, health and safety, social engagement, and corporate governance, by the teams at Donlin Gold and NOVAGOLD over many years in advancing the Donlin Gold project for the benefit of our stakeholders and shareholders. The team's unwavering commitment to the Company and steadfast dedication to the project, the Yukon-Kuskokwim (Y-K) region, and Alaska, as well as our Sustainability Committee's and Board of Directors' guidance, have been instrumental in successfully advancing this extraordinary asset in western Alaska," said Greg Lang, President and Chief Executive Officer.
Highlights of NOVAGOLD's 2023 Sustainability Report:
As a development-stage mining company, NOVAGOLD focuses primarily on advancing the Donlin Gold project while adopting a long-term approach to sustainability. This year, the Company proudly presents its fourth annual sustainability report, aligned with the GRI framework and TCFD. Our continuous efforts to advance the Donlin Gold project toward construction and eventual operation are fortified by our strong Alaska Native Corporation partnerships with Calista and TKC. Together, our aim is to deliver economic and social benefits to the Y-K region through the environmentally responsible development of the Donlin Gold project. Emphasizing transparency, our focus is on effectively communicating sustainability priorities and ESG performance.
Central to NOVAGOLD's ethos is an unwavering focus on sustainable development, where collaboration with local communities minimizes environmental impacts, stimulates economic growth, and sets new industry benchmarks. Consistent with our commitment to transparency and sustainability, since 2020, NOVAGOLD's annual sustainability reports have highlighted the Company's significant achievements and dedication to responsible business practices and governance. Collaborative initiatives with Calista and TKC help protect the environment and provide much-needed investment in southwestern Alaska's indigenous communities.
The 2023 sustainability report is available on NOVAGOLD's website here .
About NOVAGOLD
NOVAGOLD is a well-financed precious metals company focused on the development of its 50%-owned Donlin Gold project in Alaska, one of the safest mining jurisdictions in the world. With approximately 39 million ounces of gold in the Measured and Indicated Mineral Resource categories, inclusive of Proven and Probable Mineral Reserves (541 million tonnes at an average grade of approximately 2.24 grams per tonne, in the Measured and Indicated Resource categories on a 100% basis) 1 , the Donlin Gold project is regarded to be one of the largest, highest-grade, and most prospective known open-pit gold deposits in the world. According to the 2021 Technical Report and the S-K 1300 Report (both as defined in the footnote below), once in production, the Donlin Gold project is expected to produce an average of more than one million ounces per year over a 27-year mine life on a 100% basis. The Donlin Gold project has substantial exploration potential beyond the designed footprint of the open pit which currently covers three kilometers of an approximately eight-kilometer-long gold-bearing trend. Current activities at the Donlin Gold project are focused on state permitting, engineering studies, community outreach, and workforce development in preparation for the eventual construction and operation of this project. With a strong balance sheet, NOVAGOLD is well-positioned to fund its share of permitting and advancement efforts at the Donlin Gold project.
NOVAGOLD Contacts:
Mélanie Hennessey
Vice President, Corporate Communications
604-669-6227 or 1-866-669-6227
Frank Gagnon
Manager, Investor Relations
778-990-0299 or 1-866-669-6227
Cautionary Note Regarding Forward-Looking Statements
This media release includes certain "forward-looking information" and "forward-looking statements" (collectively "forward-looking statements") within the meaning of applicable securities legislation, including the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements are frequently, but not always, identified by words such as "expects", "continue", "ongoing", "guidance", "strategy", "poised", "anticipates", "believes", "intends", "estimates", "potential", "possible", and similar expressions, or statements that events, conditions, or results "will", "may", "could", "would" or "should" occur or be achieved. Forward-looking statements are based on a number of material assumptions, including but not limited to the following, which could prove to be significantly incorrect: our ability to achieve production at any of our mineral exploration and development properties; estimated capital costs, operating costs, production and economic returns; estimated metal pricing, metallurgy, mineability, marketability and operating and capital costs, together with other assumptions underlying our resource and reserve estimates; our expected ability to develop adequate infrastructure and that the cost of doing so will be reasonable; assumptions that all necessary permits and governmental approvals will be obtained and the timing of such approvals; assumptions made in the interpretation of drill results, the geology, grade and continuity of our mineral deposits; our expectations regarding demand for equipment, skilled labor and services needed for exploration and development of mineral properties; and that our activities will not be adversely disrupted or impeded by development, operating or regulatory risks. Forward-looking statements are necessarily based on several opinions, estimates and assumptions that management of NOVAGOLD considered appropriate and reasonable as of the date such statements are made, are subject to known and unknown risks, uncertainties, assumptions, and other factors that may cause the actual results, activity, performance, or achievements to be materially different from those expressed or implied by such forward-looking statements. All statements, other than statements of historical fact, included herein are forward-looking statements. These forward-looking statements include statements regarding our long-term approach to sustainability; ongoing support provided to key stakeholders including Native Corporation partners; Donlin Gold's continued support for the state; the potential development and construction of the Donlin Gold project; the sufficiency of funds to continue to advance development of Donlin Gold, including to a construction decision; perceived merit of properties; mineral reserve and mineral resource estimates; Donlin Gold's ability to secure the permits needed to construct and operate the Donlin Gold project in a timely manner, if at all; whether the Donlin Gold LLC board will continue to advance the Donlin Gold project up the value chain; the success of the Donlin Gold community relations plan; and the outcome of exploration drilling at the Donlin Gold project and the timing thereof;. In addition, any statements that refer to expectations, intentions, projections or other characterizations of future events or circumstances are forward-looking statements. Forward-looking statements are not historical facts but instead represent the expectations of NOVAGOLD management's estimates and projections regarding future events or circumstances on the date the statements are made. Important factors that could cause actual results to differ materially from expectations include the need to obtain additional permits and governmental approvals; the timing and likelihood of obtaining and maintaining permits necessary to construct and operate; the need for additional financing to explore and develop properties and availability of financing in the debt and capital markets; lingering effects of COVID-19; uncertainties involved in the interpretation of drill results and geological tests and the estimation of reserves and resources; changes in mineral production performance, exploitation and exploration successes; changes in national and local government legislation, taxation, controls or regulations and/or changes in the administration of laws, policies and practices, expropriation or nationalization of property and political or economic developments in the United States or Canada; the need for continued cooperation between Barrick Gold Corporation and NOVAGOLD for the continued exploration; the need for additional capital if NOVAGOLD determined to proceed with an updated feasibility study on its own; development and eventual construction of the Donlin Gold property; the need for cooperation of government agencies and Native groups in the development and operation of properties; risks of construction and mining projects such as accidents, equipment breakdowns, bad weather, disease pandemics, non-compliance with environmental and permit requirements, unanticipated variation in geological structures, ore grades or recovery rates; unexpected cost increases, which could include significant increases in estimated capital and operating costs; fluctuations in metal prices and currency exchange rates; whether or when a positive construction decision will be made regarding the Donlin Gold project; and other risks and uncertainties disclosed in NOVAGOLD's most recent reports on Forms 10-K and 10-Q, particularly the "Risk Factors" sections of those reports and other documents filed by NOVAGOLD with applicable securities regulatory authorities from time to time. Copies of these filings may be obtained by visiting NOVAGOLD's website at www.novagold.com, or the SEC's website at www.sec.gov, or on SEDAR+ at www.sedarplus.ca. The forward-looking statements contained herein reflect the beliefs, opinions and projections of NOVAGOLD on the date the statements are made. NOVAGOLD assumes no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.
_____________________________________________________
1 Donlin Gold data as per the report titled "NI 43-101 Technical Report on the Donlin Gold Project, Alaska, USA" with an effective date of June 1, 2021 (the "2021 Technical Report") and the report titled "S-K 1300 Technical Report Summary on the Donlin Gold Project, Alaska, USA" (the "S-K 1300 Report"), dated November 30, 2021. Donlin Gold possesses Measured Resources of approximately 8 Mt grading 2.52 g/t and Indicated Resources of approximately 534 Mt grading 2.24 g/t, each on a 100% basis and inclusive of Mineral Reserves, of which approximately 4 Mt of Measured Resources and approximately 267 Mt of Indicated Resources inclusive of Reserves is attributable to NOVAGOLD through its 50% ownership interest in Donlin Gold LLC. Exclusive of Mineral Reserves, Donlin Gold possesses Measured Resources of approximately 1 Mt grading 2.23 g/t and Indicated Resources of approximately 69 Mt grading 2.44 g/t, of which approximately 0.5 Mt of Measured Resources and approximately 35 Mt of Indicated Resources exclusive of Mineral Reserves is attributable to NOVAGOLD. Donlin Gold possesses Proven Reserves of approximately 8 Mt grading 2.32 g/t and Probable Reserves of approximately 497 Mt grading 2.08 g/t, each on a 100% basis, of which approximately 4 Mt of Proven Reserves and approximately 249 Mt of Probable Reserves is attributable to NOVAGOLD. Mineral Reserves and Resources have been estimated in accordance with NI 43-101 and S-K 1300.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/dfef9e75-dcf4-4f66-b621-9a0b379a64a0
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Impact Minerals Limited
Overview
Impact Minerals (ASX:IPT) is an exploration and development mining company focused on discovering and developing new resource projects within Australia. Lake Hope, a recent transformational acquisition by the company and its current flagship asset, is a high-purity alumina (HPA) project in Impact’s home territory of Western Australia, a tier-one jurisdiction.
This advanced-stage project allows the company to fast-track the asset toward development, firmly establishing the company on the road to production and increasing shareholder value.
HPA is a high-value product with various uses in several industries that are key to the transition to a low-carbon world. Its main uses are in LED lighting, micro-LED screens, and ceramic-coated separators in lithium-ion batteries. Both these markets are forecast to grow dramatically over the next decade, and a looming supply shortage is predicted for 2026.
HPA is also necessary for producing synthetic sapphire and scratch-resistant glass. With these ever-widening applications for HPA, demand for this resource is expected to grow from US$3.18 billion to US$12.21 billion by 2030 with a compounded annual growth rate of about 20 percent.
Lake Hope is the company’s current focus as it moves towards production, and where a very shallow, high-grade resource of HPA precursor material has been identified in the top two meters of a dry salt lake. The deposit has unique physical and chemical properties that will allow for inexpensive digging and mining, with transportation to a processing facility off-site in an established industrial area. This will accelerate the approvals processes required to get into production.
Impact is currently focused on lodging a mining lease application. The company aims to bring Lake Hope, which contains almost 1 million tons of potential HPA, into production when the forecast average price for 4N HPA (99.99 percent AL203) and related products is about US$20,000 per ton. The ‘4N’ designation indicates the purity grade, making it suitable for high-tech end uses.
Outstanding economics from the latest scoping study released by the company shows Lake Hope’s potential to be the lowest-cost producer of HPA globally by up to 50 percent.
In June 2023, Impact announced a maiden mineral resource estimate (MRE) of 3.5 million tons at 25.1 percent alumina (Al2O3) for a contained 880,000 tons of alumina. The company also received heritage clearances for the entire Lake Hope deposit further de-risking the project and providing another critical component in the company’s application for a mining lease.
Impact completed a bulk sampling and test pits program at the Lake Hope project in December 2023. The company recently announced a key milestone having produced HPA greater than 99.99 percent (4N) purity from the metallurgical processing of lake clays acquired from Lake Hope.
In February 2024, a new proprietary metallurgical process for producing HPA from the lake clays was identified. Impact produced 99.99 percent (4N) Al2O3 from a low-temperature leach (LTL) process. The LTL process may lower the capital and operating costs to produce HPA compared to the sulphate process which underpinned the recent scoping study. The LTL process will be included in the ongoing pre-feasibility study in parallel with the sulphate process at marginal extra cost to determine the best processing route to HPA. The PFS is due to be completed on schedule in late 2024.
A comparison of the LTL process and the sulphate process
The company received a significant research and development refund of $753,000 from its exploration activities completed in the financial year ending June 30th, 2022. The company is well funded to finance the pre-feasibility study at the Lake Hope High Purity Alumina project and exploration activities at the Arkun battery minerals project.
Impact Minerals was also one of the inaugural cohort of seven companies selected to be part of the prestigious BHP Xplor program. BHP Xplor, an accelerator program introduced by BHP in August 2022, is designed to help provide participants with the opportunity to accelerate their growth and the potential to establish a long-term partnership with BHP and its global network of partners.
The BHP Xplor funding was used to identify new target areas for copper and other energy metals around the Broken Hill area in New South Wales, eastern Australia, where Impact has been quietly adding to its ground position for several years.
Additionally, the company is exploring its large Arkun battery metals project, also in Western Australia which covers nearly 2,900 square kilometres. Three new exploration licence applications were submitted recently immediately north of the Arkun project along trend from the recently discovered REE soil geochemistry anomalies at Hyperion, Swordfish and Horseshoe, and the Caligula copper anomaly. These anomalies require drill testing which will occur in 2024 and is an exciting development in the emerging mineral province of southwest WA.
A strong management team with over 50 years of combined industry experience leads the company. With a mining and exploration geology degree, Dr. Mike Jones, managing director, launched a long career consulting and leading mining organizations. Peter Unsworth, the non-executive chairman, has more than 35 years of experience in multiple financial sectors, such as securities industries and wealth management. Paul Ingram, a non-executive director, has led several mining companies since 2003. Impact Minerals has the experience and expertise to lead the company to success.
Company Highlights
- Impact Minerals is an exploration and development mining company focused on rapidly moving its flagship Lake Hope high-purity alumina (HPA) project towards production.
- Lake Hope project has a high-grade maiden mineral resource estimate (MRE) of 3.5 million tonnes at 25.1 percent alumina (Al2O3), for a contained 880,000 tonnes of alumina that can be converted to HPA.
- HPA is used throughout multiple industries, and the overall HPA market is projected to grow by a CAGR of 18.4 percent by 2030.
- A pre-feasibility study is currently in progress, and Impact plans to lodge a mining lease application by Q3 2024 after results of its scoping study indicated that Lake Hope could potentially be one of, if not the lowest-cost producer of HPA globally, possibly by a significant margin of up to 50 percent.
- The company’s project portfolio also includes assets with high-grade mineral deposits of a range of base, critical and precious metals.
- Impact Mineral’s 2,000-square-mile Arkun nickel-copper-PGE project in Western Australia has produced encouraging assays motivating further exploration with maiden drill programmes planned for 2024.
- The company is also exploring its Broken Hill copper project in New South Wales under the auspices of the BHP Xplor program.
- A strong management team leads the company with experience in geology, mining and corporate finance.
Key Projects
Lake Hope HPA Project
Impact Minerals’ Lake Hope HPA project is in Western Australia, a tier-one mining jurisdiction. HPA is a crucial component in many new and emerging technologies, creating ongoing demand for high-grade sources. The Lake Hope project has become the company’s flagship as it moves toward production.
Project Highlights:
- Maiden Mineral Resource Estimate: A maiden mineral resource of 3.5 million tonnes at 25.1 percent alumina (Al2O3) for a contained 880,000 tonnes of alumina has been defined at the Lake Hope HPA Project. About 88 percent of the resource, or 775,000 tonnes of alumina, is in the higher confidence indicated resource category.
- Amenable to Open-pit Mining: The Lake Hope project is a unique HPA asset amenable to shallow, open-pit mining. The deposit is soft and shallow, allowing for cheap digging and minimal infrastructure requirements. This type of deposit also lowers the environmental footprint of the operation.
- Fast-tracked to Production: The company is currently awaiting its Mining Lease Application. Once granted, the company will begin working towards a pre-feasibility study and mini pilot plant. Impact Minerals plans to reach a complete pilot plant by 2026.
- Impressive Results of the 2023 Scoping Study: Outstanding economics show Lake Hope to potentially be the lowest-cost producer of High Purity Alumina (HPA) globally by up to 50 percent. Key outcomes from the scoping study include:
- Annual production of 10,000 tpa of 4N HPA with an initial 25-year mine life
- Annual EBITDA of A$174 million.
- 2 years construction period with 5,000 tonnes of production during the first year, 8,000 tonnes in the second year and 10,000 tonnes of production thereafter.
- US$934 million post-tax NPV8 at an IRR of 55 percent.
The scoping study was underpinned by a sulphuric acid process allowing the company to achieve a new milestone by producing HPA with purity of more than than 99.99 percent (4N) from the metallurgical processing of lake clays acquired from Lake Hope. The company further identified a new proprietary metallurgical process for producing HPA from the lake clays. Known as the low-temperature leach (LTL) process, this also produced 99.99 percent (4N) Al2O3 and has the potential to lower even further the capital and operating costs to produce HPA compared to the sulphate process. The LTL process will be included in the ongoing pre-feasibility study along with the sulphate process to determine the best processing route to HPA. The PFS is due to be completed in late 2024.
Broken Hill Copper Project
The Broken Hill project has a significant land position of 815 square kilometers and hosts multiple targets with the potential for high-grade copper. Broken Hill is located in New South Wales, Australia, an area known for its prolific silver-lead-zinc mining operations and the giant Broken Hill deposit.
Project Highlights:
- Participant in the BHP Xplor Program: Impact was selected for the BHP Xplor program based on its Broken Hill project. The program is designed to allow participants to accelerate growth and establish a long-term partnership with BHP.
- Potential for Additional Minerals and Deposits: As well as copper, the project has significant exploration potential for magmatic nickel-copper-PGE sulphides, and at the time the host rocks were formed, Broken Hill was located close to the world-class nickel-copper-PGE deposit of Jinchuan and the significant Lengquisheng deposit. The project area also has the potential to contain zinc-lead-silver deposits, providing even more value.
Arkun Nickel-Copper-Gold-Lithium-REE Project
The Arkun project is a 2,900-square-kilometer nickel, copper and gold project located in the emerging Ni-Cu-PGE province near the world-class Julimar Ni-Cu-PGE deposit and surrounded by Anglo American Corporation, which secured its ground holding shortly after Impact secured its asset. Anglo-American is one of the world’s top ten mining companies, and their presence in the region brings confidence in the project’s potential.
Project Highlights:
- Additional Exploration Underway: Impact plans follow-up work programs, including drilling, at its priority targets.
- Significant Targets Identified: Recent soil sampling identified two new prospects:
- Hyperion prospect - Located in the northwestern part of the project area returned with rare earth element anomalism of up to 5,880 ppm (0.59 percent) total rare earth oxide (TREO+Y) and neodymium and praseodymium (Nd+Pr) of up to 21 percent.
- Caligula prospect - Initially identified on the roadside, the Caligula prospect is a large and significant target for porphyry copper mineralisation.
- Three New Exploration Licences: Impact applied for three new exploration licences expanding Arkun project along trend from the recently discovered REE soil geochemistry anomalies at Hyperion, Swordfish and Horseshoe as well as the Caligula copper anomaly.
Management Team
Peter Unsworth - Non-executive Chairman
Peter Unsworth, formerly a chartered accountant, has over 35 years of experience in the corporate finance, investment and securities industries and a wealth of management experience with public and private companies. A former executive director with a leading Western Australian stockbroking company, Unsworth has been a director of several public exploration and mining companies. He recently completed a long time serving as chairman of the Western Australian Government-owned Gold Corporation (operator of The Perth Mint). Unsworth is the founding chairman of Impact Minerals.
Dr. Mike Jones - Managing Director
Dr. Mike Jones is the founding managing director of Impact Minerals Limited, which was listed on the Australian Stock Exchange in November 2006. Reporting to the board of directors, he is responsible for the company's performance as it moves towards production at its Lake Hope High Purity Alumina Project and also for implementing strategies to explore and maximize the value of the company's other extensive tenement holdings.
Since listing, he has helped raise more than $60 million to help fund the exploration of Impact’s projects and managed the company through significant adverse events, including the global financial crisis and the Fukushima nuclear disaster, which affected Impact’s considerable investment in the uranium sector, a five-year global downturn in the mining sector and more recently, the COVID-19 pandemic.
Paul Ingram - Non-executive Director
Paul Ingram is a geologist with extensive experience managing major mineral exploration programs for several publicly listed companies and has been involved in the mining sector for over thirty years. He has designed and implemented innovative techniques for exploration in remote areas and has managed projects in countries throughout Australia and East Asia. Ingram has been a director of the following listed companies in the past three years: Polo Resources from January 2008 to January 2011; A-Cap Resources since June 2009; Consolidated Global Investments since September 2006; Caledon Resources from February 2003 to March 2008; and Australian Pacific Coal since March 2011.
Dr Frank Bierlein - Non-executive Director
Dr. Frank Bierlein is a geologist with 30 years of experience as a consultant, researcher, lecturer and industry professional. Bierlein has held exploration and generative geology management positions with QMSD Mining, Qatar Mining, Afmeco Australia and Areva NC, and consulted for, among others, Newmont Gold, Resolute Mining, Goldfields International, Freeport McMoRan, and the International Atomic Energy Agency. He is currently a non-executive director of PNX Metals. He was previously a non-executive director of Gold Australia NL and chaired the advisory board of a Luxembourg-based private equity fund between 2014 and 2021.
Newmont Publishes 2023 Sustainability Report and 2023 Tax & Royalties Report
Recognizing 20 Years of Transparent Sustainability Reporting
Newmont Corporation (NYSE: NEM, TSX: NGT, ASX: NEM, PNGX: NEM) today published its 2023 Sustainability Report and its 2023 Taxes and Royalties Contributions Report . The reports highlight the company's material ESG and socio-economic contributions over the past year. This year marks the 20 th anniversary for Newmont's Annual Sustainability Report, representing a milestone for the company as a longstanding industry leader in sustainability.
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Newmont's 2023 Sustainability Report (Graphic: Business Wire)
"Our 2023 Sustainability Report demonstrates our unwavering commitment to responsible resource management and the integral role that Newmont plays in creating a more sustainable future," said Newmont Chief Safety and Sustainability Officer Suzy Retallack. "We recognize the responsibility we have to mitigate our environmental impact and make a difference in the areas we operate, while continuously working to improve, partner, and learn so that we leave a positive legacy."
Highlights of Newmont's 2023 Sustainability Report :
- Expanded our Fatality Risk Management program to address risks associated with exposures to hazardous dust and fumes
- Completed more than 650,000 critical control verifications to ensure the safety of our workforce
- Aligned all 11 priorities facilities across Newmont with the new Global Industry Standard on Tailings Management..
- Advanced the Respect at Work program, introducing a new Camp and Facilities Standard with inclusive site requirements and procedures.
- Increased female representation among senior leaders to 33 percent up from 31 percent in 2022, advancing our target of achieving gender parity in senior leadership by 2030.
- Reduced global freshwater consumption by 31 percent since 2018 and advanced work to incorporate climate projections into site water balance models.
- Fulfilled our $20 million commitment to support host communities and countries to address the impacts of the COVID-19 pandemic.
- Recognized for nine consecutive years as the #1 gold mining company on the Dow Jones Sustainability World Index;
- Ranked #29 and top mining company by 3BL's 100 Best Corporate Citizens list.
Newmont recognizes the most important measure of success is and will always be keeping everyone healthy and safe. The company is deeply saddened by the recent losses of colleagues at our Brucejack, Ahafo North, and Cerro Negro mines. We extend our sincere condolences to their families and friends. These tragic incidents are a reminder of the need to be eternally vigilant and work continuously to improve safety across the business.
Our commitment to sustainability is crucial to achieving our purpose of creating value and improving lives through sustainable and responsible mining. From supporting our workforce to implementing sustainable practices and meeting our financial obligations, we will continue striving for excellence in everything we do.
Newmont's 2023 Sustainability Report was prepared in accordance with the GRI (Global Reporting Initiative) Standards including the Mining and Metals Sector Supplement, and the Sustainability Accounting Standards Board (SASB) Metals & Mining Standard. The Report was externally assured on select publicly reported material data, reflecting Newmont's commitment to transparency and reporting obligations as a founding member of the International Council on Mining and Metals (ICMM), and as an early adopter of the UN Guiding Principles Reporting Framework.
Highlights of Newmont's 2023 Taxes and Royalties Contribution Report:
Our strong sustainability focus also delivered significant economic benefits for our stakeholders, as detailed in our third annual Taxes and Royalties Contribution Report . The report outlines our tax strategy and payments to communities and governments where we operate – revenue sources that foster development and economic stability in our host countries. In 2023 we:
- Paid $1.3 billion in taxes, royalties and other payments to governments, representing 13.3 percent of our total economic contribution.
- Distributed $9.8 billion in direct economic contributions, including wages and benefits, operating and capital spend, and community investments.
To learn more about Newmont's approach to sustainability and related disclosures, visit www.newmont.com/sustainability .
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 and 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/20240417961090/en/
Jennifer Pakradooni
globalcommunications@newmont.com
News Provided by Business Wire via QuoteMedia
Las Alteras Project Presentation - April 2024
ARGENTINA URANIUM
NUCLEAR INDUSTRY – CURRENT LANDSCAPE
- Argentina has 3 nuclear reactors operating along with small modular reactors (SMR) under construction plus negotiations for the possible construction of a fourth nuclear power plant are ongoing
https://www-pub.iaea.org/MTCD/Publications/PDF/CNPP- 2021/countryprofiles/Argentina/Argentina.htm#:~:text=Argentina%20has%20three%20nuclear%20power,%2C%20and%20E mbalse%20(CNE) - Argentina currently imports approximately 500,000 lbs of U3O8 annually
https://blueskyuranium.com/assets/docs/Argentinas-Expanding-Nuclear-Energy-Industry-Needs-Domestic- Uranium-Supply.pdf - No significant uranium production in the country
- With rising uranium prices, there is a likely exploitation of known resources previously defined at Cerro Solo, Laguna Salada, Sierra Pintada, and Ivana
- Integrated exploration at an Argentinian basin level has not been carried out and the known resources are plausibly only a fraction of country’s uranium potential
- Centre for Nuclear Energy in Agriculture Centro (CNEA) controls Argentina's uranium market (since the 1950s) however this may change with the new administration and current uranium price environment
LAS ALTERAS PROJECT
- Via Greenshift Commodities Ltd (GCOM) subsidiary Buenavida Metales S.A; Norfolk has exclusivity to 22 claims totaling 60,396 hectares know as the Las Alteras Project
- Las Alteras project is a uranium project portfolio along Paleochannels and Calcrete environments favorable to giant uranium deposits
- Las Alteras land package represents a significant opportunity to be a major uranium explorer within the Cerro Solo District
- Fluvial and pyroclastic sediments constituting the Chubut Group settled down upon a Jurassic age basement
- These Jurassic volcanics (grouped as the Marifil Formation) covered much of eastern Chubut and Rio Negro and potentially supplied the material that makes up the Chubut Group sediments that host the mineralization
- Uranium hosted with pyrobitumen, indicating fluid mixing with methane. Potential for major uranium district with in-situ leach mining extraction considerations
Click here for the full ASX Release
This article includes content from Norfolk Metals, 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.
$80 Million Equity Raise Investor Presentation - April 2024
Investment Highlights
Rapid Resource Growth & Step-Out Exploration Success
- Growth of Never Never Mineral Resource to 953koz @ 5.7g/t1 – drill campaign funded for 2024/2025 and updated Mineral Resource Estimate expected to be released in mid-2024
- Never Never Exploration Target of 8.1 – 9.9 million tonnes at a grade of between 5.8 – 6.7g/t for 1.6 – 1.9Moz (inclusive of December 2023 MRE)2
- Multiple high-grade, wide intercepts in the past 18 months, including 59.0m @ 12.5g/t, 12.6m @ 34.5g/t and 54.0m @ 6.55g/t3
- One of the highest-grade deposits and most exciting recent discoveries in Australia
High-Impact Regional Targets
- Exploration success at Pepper including 17.5m @ 15.9g/t4 validates Spartan’s exploration thesis at the Dalgaranga Gold Project (Dalgaranga)
- Pepper sits parallel to Never Never and displays the same Never Never style mineralisation characteristics
- Multiple additional high-grade targets extending from the Gilbey’s Pit, including Four Pillars, West Winds and Sly Fox – lookalike mineralisation to Never Never
- Positive intercepts from recent drilling, including 17.5m @ 15.9g/t4 (Pepper), 20m @ 3.49g/t4 (West Winds) and 15m @ 6.06g/t4 (Four Pillars)
Infrastructure & Proximity
- < 6-year-old processing plant located less than 2.5km from Never Never and Gilbey’s deposits
- Installed infrastructure substantially reduces timeline and expenditure to restart operations
- Spartan currently investigating multiple strategies on potential development approach, including optimizing mill throughput to match sustainable mining schedules
Well Positioned to Execute Strategy
- Strong balance sheet strength with pro-forma cash of $110m5 and nil-debt on completion of the Offer
- Focused team with proven experience in exploration and resource development
- Spartan focused on exploration with proposed underground exploration decline to take Spartan within 50 to 100 metres of the Never Never orebody
- Importantly, this investment in the underground exploration decline will offset any future restart capex and reduce lead time to production
Click here for the full ASX Release
This article includes content from Spartan Resources Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
A$80m Fully Underwritten Equity Raising to Accelerate Exploration and Development of Dalgaranga Gold Project
Proceeds to fund underground exploration decline to facilitate drill-out of Never Never, Pepper and Four Pillars, ongoing surface drilling, development studies and regional exploration
Spartan Resources Limited (Spartan or Company) (ASX:SPR) has today announced a fully underwritten $80 million Equity Raising to be conducted via a $33 million 1-for-17 pro rata accelerated non- renounceable entitlement offer and a $47 million placement to institutional, professional and sophisticated investors.
Highlights
- Fully underwritten $80m equity raising (Equity Raising) comprising:
- Institutional placement to raise approximately $47m (Placement); and
- A 1-for-17 pro rata accelerated non-renounceable entitlement offer of 56.8m shares to raise approximately $33m (Entitlement Offer).
- Equity Raising being conducted at a fixed offer price (Offer Price) of $0.58 per share, representing a 11.5% discount to the last closing price of $0.655 per share on 17 April 2024.
- The Equity Raising follows the Company’s continued run of exploration success at the high-grade Never Never deposit and its very recent success with the discovery of the high-grade Pepper Prospect, including an intersection of 17.5m @ 15.9g/t1:
- Pepper sits perpendicular to Never Never just 90m to the south and displays the same “Never Never” style mineralisation characteristics;
- The Pepper discovery further validates Spartan’s exploration thesis for the Dalgaranga Gold Project and will be a key focus for its upcoming drilling campaign along with other key targets including Sly Fox, Four Pillars and West Wings.
- Proceeds from the Equity Raising to be used to underpin a significantly expanded exploration campaign at Dalgaranga in 2024/25, including:
- Accelerated Resource extension drilling at Never Never, Pepper and the broader Gilbey’s Complex including “lookalike” targets (Sly Fox, Four Pillars, West Wings);
- The development of an underground exploration decline, which is scheduled to commence in the second half of 2024; and
- Site infrastructure early works, general working capital, care and maintenance, tenement commitments and corporate and transaction costs.
- Spartan is well-funded with pro-forma cash position of $110m on completion of the Equity Raising2.
Spartan Managing Director and Chief Executive Officer, Simon Lawson, said:
“This is a landmark capital raising for Spartan which puts the Company in an exceptional position to deliver on the huge potential of the Never Never discovery and our other recent exploration successes at Dalgaranga.
“The proceeds will allow us to establish an underground exploration decline that will take underground development to within 50 to 100 metres of the Never Never orebody. This will allow us to cost effectively drill-out Never Never, the new Pepper discovery and Four Pillars to a very high level of definition, while also testing other ‘look-alike’ targets in the vicinity.
“Importantly, the underground exploration decline is also likely to provide for an accelerated pathway to re-commence mining at the time of a Final Investment Decision to re-start production. The Spartan team is committed to ensuring a thorough and diligent approach is taken to the delineation of the high-grade orebodies at Dalgaranga. The proceeds of this capital raise will ensure we have the balance sheet strength to progress our robust and thorough re-start plan, and the financial flexibility to commence early works in advance of the re-start decision.”
Click here for the full ASX Release
This article includes content from Spartan Resources Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
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