Precious Metals

Steppe Gold Limited (TSX: STGO) ("Steppe Gold" or the "Company") is pleased to announce its financial results for the third quarter ended September 30, 2020.

The Company's interim consolidated financial results for the third fiscal quarter ended September 30, 2020 have been filed on SEDAR. The full version of the Condensed Interim Consolidated Financial Statements and Management's Discussion & Analysis can be viewed on the Company's website at www.steppegold.com or under the Company's profile on SEDAR at www.sedar.com. Amounts are expressed in United States dollars unless otherwise noted.

Steppe Gold President and CEO, Mr Bataa Tumur-Ochir commented, "We are pleased to report another strong quarter of production at the ATO Gold Mine with operating cash flow from mine operations of $12.7m, for a total of $24.2m in the approximate 6 months of production year to date.

"Most importantly we are proud to report a zero accident safety record.

"Cash costs remain at market-low levels at $572 per ounce in the third quarter and, with strong gold prices, this is allowing us to build up a solid cash balance, at over $37m currently.

"We now have 1.4m tonnes of ore mined and nearly 1m tonnes stacked on Cells 1 and 2. Construction is complete for the leach pad extensions at Cells 3, 4 and 5. We expect to continue our production trend into the fourth quarter with 35,000 oz of gold projected for the first nine months of mine ramp up and targeting a higher run rate in 2021.

"We are well under way with the development of the fresh rock phase 2 of the ATO project. The Bankable Feasibility Study ("BFS") Update and related infrastructure studies are well underway and we are engaging with lenders on the project finance for Phase 2. With a strong cash balance we will look to secure long lead items early in 2021 and we are optimistic we can secure funding soon after the publication of the feasibility study.

"We plan to continue mining and stacking through the winter and look forward to increasing our production run rate from the oxide phase through 2021 and 2022 and a move to fresh rock production starting in 2023."

Third Quarter Highlights (all figures in US$000s unless stated)

  • Revenue for the quarter was $19,360 on 11,352 gold ounces and 6,553 silver ounces sold with average realized prices per ounce of $1,930 and $24 respectively.

  • Operating income from mine operations, before depreciation and depletion, was $12,729.

  • Adjusted EBITDA for the quarter was $9,857.

  • Cash Costs for the quarter were $572 per ounce sold.

  • ATO Gold Mine All in Sustaining Cost (AISC) for the quarter was $794 per ounce sold.

  • Due to tax exemptions arising from the COVID-19 pandemic the Company expects to pay minimal income tax in respect of the 2020 financial year.

  • During the quarter, 362,750 tonnes of ore was mined and the crushing plant processed 207,663 tonnes of ore with an average gold grade of 2.18 g/t and an average silver grade of 8.48g/t.

  • Work continues on the Bankable Feasibility Study (BFS) for the expansion of the ATO Gold Mine. The BFS aims to see expansion of the ATO Gold Mine into fresh rock ore with a planned production profile of approximately 150,000 gold equivalent ounces per year and an estimated ten-year plus mine life.

  • The Company is near completion of a resource update for the ATO1, ATO2 and ATO4 deposits at the ATO Gold Mine in addition to a maiden resource for the Mungu Discovery.

  • The Company continued exploration drilling and trenching programs at the ATO Gold Mine, Mungu Discovery and Uudam Khundii (UK) Gold Project. Updated results should be available by December 2020.

  • The Company received over $10m in an initial tranche of project financing through the government-initiated Gold 2 programme.

  • The Company completed a non-brokered private placement with Eric Sprott, raising approximately $11,100 through the sale of 6,976,944 units at a price of C$2.15 per unit.

  • The Company forced conversion of the 2018 convertible debentures resulting in an additional 16,230,755 shares being added to the share count.

  • COVID-19 continues to pose various challenges for all mining companies. We continue to work hard to mitigate any issues arising.

Details of Non-IFRS Performance Measures noted above can be found in the Company's Management's Discussion & Analysis.

Operational and Financial Summary

Quarter Ending 30 September 2020
Q3Q2Q1Q3YTDYTD
(USD)
30 Sep
2020
30 Jun
2020
31 Mar
2020
30 Sep
2019
30 Sep
2020
30 Sep
2019
Waste Minedbcm109,86268,811 19,948
198,622 1,986
Ore Minedtonnes362,750 330,225 153,679 - 846,654 157,210
Processedtonnes207,663 164,287 111,866 - 483,816 195,280
Grade (1)g/t2.18 1.67 1.83 - 1.93 -
Gold Recovery(2)%70.0%70.0%70.0%- 70.0%-








Gold Producedoz10,342 15,389 - - 25,731 -
Gold Soldoz11,352 12,458 - - 23,810 -
Silver Producedoz6,516 4,978 - - 11,494 -
Silver Soldoz6,553 3,728 - - 10,281 -








Revenue 000's19,360 19,520

38,880
Gross Profit000's11,324 9,893 - - 21,217 -








Mining Unit CostUS$/t6.34 5.046.76 - 5.91-
Processing Unit CostUS$/t4.06 3.854.01 - 3.97 -
Site G&A Unit CostUS$/t2.48 1.932.60 - 2.29-
Cash CostUS$/oz572595--N/A-
All-in-Sustaining Cost US$/oz794739--N/A-

 

(1)Grade is in respect of the gold grade of ore fed through the heap leach pad.
(2)Gold Recovery of 70% is based on the technical reports and is used to calculate inventories and cost of sales. Actual recoveries may vary

Outlook

The Company intends to continue mining and stacking throughout the winter months at current or higher rates, although it expects a slightly lower rate of production in the first quarter of 2021, the coldest months of the year. For the year ending December 31, 2020 it expects to record total gold sales of around 35,000 ounces, noting that the first gold sale occurred in late April 2020.

It is targeting annual production in 2021 and 2022 of between 50,000 to 60,000 oz and then a transition to the fresh rock ores in 2023.

The Company is pleased to announce the completion of construction of cells 3,4 and 5 of the leach pad. Stacking the first level of the leach pad will continue through the first half of 2021. In addition, a boiler house is under construction which will be used to warm barren solution and the ADR plant. Completion of the boiler house is planned for December 2020

With the Bankable Feasibility Study due for completion in H1 2021, we expect to start construction of the new flotation and CIL circuit in H2 2021 with longer lead items being procured starting in early 2021. DRA Global has been retained for the BFS and Base Metallurgical Laboratories has been retained to complete metallurgical test work. The BFS is based on a previously completed Centerra Gold 2012 Internal Feasibility study together with further internal studies and exploration and infill drilling undertaken by Steppe Gold from 2017 to present.

An upgraded power solution will be required for the fresh rock phase and Wood PLC and EuroKhan LLC has been retained to prepare a power study. A tailings dam study is also underway with a leading global engineering firm.

Financing strategies for the ATO Gold Mine expansion are advancing in parallel with the BFS process, with construction targeted for commencement in Summer 2021. The Company has retained Turms Advisors, a leading firm specializing in credit structuring solutions, to advise on the Project Finance options. The Company has commenced discussions with project finance and lending groups, and it expects to fund any required equity contribution from operating cash flows and cash on hand.

Steppe Gold Limited

Steppe Gold is Mongolia's premier precious metals company.

For Further information, please contact:

Bataa Tumur-Ochir, CEO and President

Shangri-La office, Suite 1201, Olympic street
19A, Sukhbaatar District 1,
Ulaanbaatar 14241, Mongolia
Tel: +976 7732 1914

Cautionary Note Regarding Forward-Looking Statements:

The above contains forward-looking statements that are subject to a number of known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those anticipated in our forward-looking statements. Factors that could cause such differences include: changes in world commodity markets, equity markets, costs and supply of materials relevant to the mining industry, change in government and changes to regulations affecting the mining industry. Forward-looking statements in this release include, among other things, statements regarding the trading of the Common Shares and business, economic, and political conditions in Mongolia. Although we believe the expectations reflected in our forward-looking statements are reasonable, results may vary, and we cannot guarantee future results, levels of activity, performance or achievements. We disclaim any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable law.

The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/68247

News Provided by Newsfile via QuoteMedia

Steppe Gold

Steppe Gold

Overview

Steppe Gold (TSX:STGO) is a precious metals development company and gold producer in Mongolia. The company owns the Altan Tsaagan Ovoo (ATO) and the Uudam Khundii (UK) gold projects in Mongolia.

Steppe Gold has recently commenced gold production at its flagship ATO project. The company has mined, crushed and stacked approximately 715,000 tonnes of ore with an average grade of approximately 2 g/t gold to date. As of June 2020, Steppe Gold has produced and sold a total of 15,389 ounces of gold and 4,978 ounces of silver generating US$25.3 million. The company is on pace to meet its production goal of 60,000 ounces of gold in 2020.

Now that the company has commenced gold production, Steppe Gold intends to continue its feasibility study into the development of the much larger fresh rock resource underlying the current mining operation. The proposed development of a cyanide in leach operation for processing fresh rock is expected to have a life of mine of approximately 12 to 15 years.

Existing defined fresh rock resources are expected to be supplemented by the new discovery of high-grade gold and silver mineralization on the Mungu trend. Steppe Gold’s exploration is showing that the high-grade Mungu discovery is semi-continuous to the structurally-controlled mineralization drilled at the ATO 4 deposit and that significant resource expansion is possible.

The UK project is the first-of-its-kind joint venture (80/20) between Steppe Gold and the Bayankhongor Provincial Government. The company has completed an initial exploration program on this project consisting of IP and magnetic surveys, as well as rock chip and soil geochemical programs. The program resulted in four discoveries that the company plans to further explore with an extensive program of trenching and drilling in the near-term.

Steppe Gold is continuing to asses a number of additional opportunities to acquire exploration licenses and mining projects across Mongolia.

Steppe Gold’s management team has a track record of success in Mongolia. Keeping projects on track and under budget is Steppe Gold’s General Manager of Processing Grant Smith. Smith has experience in constructing and operating heap leach operations and most recently worked on the Tujuh Bukit gold heap leach project in East Java, Indonesia.

Company Highlights

    • Steppe Gold is a gold producer in Mongolia.
      • Initial capital cost of approximately US$20 million, average cash costs less than US$500 per ounce.
    • Approximately 875,225 tonnes of ore with an average grade of 2 g/t gold has been mined to date at the ATO project
    • On pace to hit 2020 production goal of 60,000 ounces of gold
  • US$28 million gold and silver streaming agreement with Triple Flag Mining Finance Bermuda Ltd. in place.
  • Updated resource estimate and feasibility study underway for the larger fresh rock project underlying the current mining project at open cuttable depths. This larger Phase 2 project would involve the construction of a grinding and CIL circuit and would have an expected life of mine of 12 to 15 years and an annual production profile that could reach approximately 150,000 ounces on a gold equivalent basis.
  • Joint venture partnership in place for the UK project with the Mongolian government.
  • Management has a proven track record of success in Mongolia.

Key Projects

Mining in Mongolia

Mongolia is known as one of the last frontiers for large scale mining projects, offering investors and mining companies alike an interesting opportunity. With the success of Oyu Tolgoi, a tier one producer and one of the largest copper mines in the world, Mongolia has demonstrated the geologic potential for mineral wealth. Mongolia had a GDP of US$11.43 billion in 2017 and has an annual growth rate of approximately six percent. The growth of the economy is supported by commodity exports, such as copper and coal, improved business sentiment and the implementation of a government-led economic adjustment program.

The World Bank believes that Mongolia’s growth outlook is positive and is supported by the mining and manufacturing sectors. Gold exploration accounts for 45 percent of the mining sector and 2.6 percent of the country’s GDP, leading to the implementation of policies and programs to help promote gold mining.

In March 2017, the Mongolian government signed a Foreign Investment Promotion and Protection Agreement (FIPA) with Canada. The agreement provides Canadian investors operating in Mongolia with a legal framework that is expected to help bring greater predictability and certainty to their investments. Canada is a significant investor in Mongolia and has invested approximately $6.4 billion in the country.

Mongolian Assets

Steppe Gold’s ATO Gold-Silver Mine

The 5,493-hectare ATO gold-silver project is located in the Dornod province of eastern Mongolia. Steppe Gold’s mining license for the project is fully-permitted for 30 years.

Steppe Gold commenced production at the ATO project in December 2019. As of July 2020, Steppe Gold has produced and sold a total of 15,389 ounces of gold and 4,978 ounces of silver which generated a net cash flow of US$25.3 million. The company has mined, crushed and stacked approximately 715,000 tonnes of ore where leaching continues.

Steppe Gold remains on pace to produce 60,000 ounces of gold in 2020 at cash costs of circa $500 per ounce from the ATO Mine. The company plans to complete the feasibility study for its Stage 2 expansion project at the ATO mine moving forward. The expansion targets an increase in gold production to 150,000 tonnes per annum from underlying fresh rock ores.

2017 technical report

A 2017 technical report outlined a project development plan for an open-pit heap leach operation at ATO. The project could produce approximately 147,000 ounces of gold and 673,000 ounces of silver from oxide ores over its 4.5-year mine life. Economics are highlighted by an initial capital cost of approximately US$20 million and average cash costs less than US$500 per ounce.

2017 resource estimate

In 2017, Steppe Gold released a resource estimate for ATO. The report outlined a proven and probable mineral reserve of 5.23 million tonnes grading 1.25 g/t gold and 10 g/t silver. It also described a measured and indicated resource of 12.23 million tonnes grading 1.49 g/t gold, 9.99 g/t silver, 0.75 percent lead and 1.34 percent zinc, as well as an inferred resource of 1.05 million tonnes grading 1.03 g/t gold, 25.18 g/t silver, 0.52 percent lead and 1.11 percent zinc.

Exploration

Centerra Gold (TSX:CG), the prior operator and owner of the ATO project, spent over US$25 million on exploration, including the completion of 67,000 meters of drilling and 28,421 meters of trenching. Since acquiring the property, Steppe Gold has completed an additional 20,000 meters of drilling.

ATO4 & Mungu Discovery

The Mungu discovery is located northeast of the current resource from the ATO 4 deposit. The discovery is located on a 20-kilometer long structurally controlled, north-trending, mid-sulfidation epithermal gold-silver system. Steppe Gold believes that the ATO 4 deposit may be semi-continuous to the mineralization at the Mungu discovery. The ATO 4 Deposit currently remains open along strike to the north and at depth.

Moving Forward

Now that the company is in production, Steppe Gold plans to turn its focus towards exploration at the ATO deposits and Mungu discovery. The company is also working towards releasing an updated feasibility study for the fresh rock project that is expected to include the Mungu discovery. Steppe Gold is also looking to complete the following activities at ATO:

  • Receive cyanide permit, begin leaching and pour first gold.
  • Complete maiden mineral resource on Mungu deposit.
  • Restart exploration program at ATO and Mungu deposit.

The UK Gold Project

The 14,397-hectare Uudam Khundii property is comprised of one exploration license and is located 800 kilometers southwest of Ulaanbaatar, Mongolia. The property is an 80/20 joint venture with the Provincial Government of Bayankhongor.

The property is located between Erdene Resource Development Corporation’s (TSX:ERD) Bayan Khundii gold discovery and Altan Nar epithermal gold deposits.

Steppe Gold has completed an initial exploration program on the property that included geological mapping, geochemical sampling and geophysical surveys. The company expects to commence its trenching and drill programs in the near term. Steppe Gold is also looking into expansion opportunities to further consolidate its footprint in the area.

To date the company has completed:

  • 1,940 line kilometer ground magnetic survey
  • 12 line kilometer IP survey
  • 346 rock chip samples
  • 8,427 soil geochemical samples

Steppe Gold plans to commence a trenching and drilling program at the UK project by the end of 2019.

Management Team

Matthew Wood — Chairman

Matthew Wood is a mineral resource explorer and developer with over 25 years of global industry experience in mining and commodities investments. He has managed investment deals in diamonds, coal, energy, ferrous metals, base and precious metals, among other commodities. His unique skills in technical and economic evaluation of resource opportunities have resulted in a record of nurturing resource deals from early-stage, to market listings and exit strategies for his investors.

He was formerly the founder and Executive Chairman of the Mongolian coal company, Hunnu Coal Limited. Hunnu Coal was IPO of the year for all sectors on the ASX in 2010, and its sale for approximately A$500 million in 2011 to Banpu PCL was recognized as the Mines and Money 2012 Deal of the Year. Wood has founded and been involved in many other resource companies and investments over the years. He has extensive experience and many key relationships in Mongolia and was recently awarded the Order of the Polar Star, the highest state honor that can be awarded to a non-citizen of Mongolia. He has an Honours Degree in Geology from the University of New South Wales and a Graduate Certificate in Mineral Economics from the Western Australian School of Mines.

Bataa Tumur-Ochir — President and CEO

Bataa Tumur-Ochir is responsible for new business acquisitions, development, government and community relations and the daily operations in Mongolia. He has strong relationships with all levels of government in Mongolia and was recently appointed independent advisor to the Ministry of Mining and Heavy Industry responsible for foreign investment and promotion.

He is currently a director at GCD Mongolia and CEO and executive director of ASX-listed Wolf Petroleum. Under his guidance, Wolf Petroleum was awarded the “Operator of the Year Award” from the Petroleum Authority of Mongolia, and today, Wolf Petroleum is recognized as the fastest growing petroleum exploration company with the largest petroleum exploration acreage in Mongolia. He holds a bachelor’s degree in business administration and graduate certificates in international business and marketing from Australia and Singapore.

Aneel Waraich — Director and Executive VP

Aneel Waraich is the founder of ATMA Capital Markets and ATMACORP LTD. He is a financial service professional with progressive experience in asset management and corporate finance businesses. Waraich focuses primarily on advising public and private companies in the natural resource sector.

In previous roles at Goodman and Company Investment Counsel and Dundee Capital Markets, he worked as an analyst valuing private companies. Most recently he worked as an investment banker focusing on deal origination, going-public transactions and financings for both public and private companies in the resource and technology sectors. He completed his MBA from the Goodman Institute of Investment Management at the John Molson School of Business.

Jeremy South — Senior VP and CFO

Jeremy South has been a director of Steppe Gold since March 2017. He has over 33 years of experience in M&A, capital markets and private equity in Europe, North America and Australia, including senior positions in investment banking at Deutsche Bank, NatWest Markets and Deloitte. For 10 years, he was a Global Leader and Mining M&A Advisor at Deloitte.

Based in Beijing for four years, he advised leading Asian trading houses and financial investors on mining M&A, financing and strategy, and he has worked with some of Asia’s largest companies. He acted as Chairman of Aldridge Minerals Inc. up until it’s recent sale to Trafigura Ventures. South is a Chartered Accountant and holds a Bachelor of Economics degree from Monash University (Australia). He holds the ICD.D designation as a graduate of the Institute of Corporate Directors.

Greg Wood — VP Operations

Gregory Wood is an Australian citizen and was appointed as Vice President Operations of Steppe Gold LLC in 2016. He is responsible for all mining-related operations in Mongolia. Prior to joining Steppe, he held positions as Director and Non-Executive Chairman of Carajas Copper Company, Operations Manager of Harvest Minerals and as CEO of Black Star Petroleum. He has extensive experience in the oil and gas industry through his past family oil business’s and has completed the Petroleum Engineering for non-engineers programmer in Houston, Texas.

Wood was a systems accountant with over 12 years extensive experience in financial reporting, financial analysis, developing key performance indicators and modeling of financial reports over a number of industries including transport, media and infrastructure. He held management positions at Asciano and Patrick Stevedores.

Enkhtuvshin Khishigsuren — VP Exploration

Enkhtuvshin Khishigsuren has over 30 years of Mongolian mineral exploration experience. He spent the first 10 to 12 years of his career at Central Geological Expedition doing regional geological mapping in various areas of Mongolia, followed by seven years as senior exploration manager on the exploration of precious metal in Mongolia for Harrods Minerals.

Since 2005, he has been running his own company, Erdenyn Erel, which provides exploration and consulting services to western exploration and mining companies. He is responsible for identifying targets and properties based on his knowledge and experience. His experience has resulted in the discovery of several prospective gold and copper deposits in Mongolia; such as the multimillion-ounce gold deposit Olon Ovoot, the Zuun mod molybdenum porphyry deposit and the Shand copper porphyry deposit. He holds a bachelor degree in geological exploration from Azerbaijan State University and a Master’s degree in geological science from Shimane University, Japan.

Grant Smith — General Manager of Processing

Grant Smith has over 15 years of heap leach experience beginning with Which Creek Copper in the Pilbara region in Western Australia since 2003. Following that, Smith spent time in Laos, Egypt and Mauritania as well as held consultative roles in Mongolia, Kazakhstan and Armenia. More recently, his extensive experience led him to Indonesia where he was responsible for the construction and operation of the heap leach at Tujuh Bukit gold heap leach in East Java, Indonesia.

Patrick Michaels — Director

Patrick Michaels is the Chairman of Zuri-Invest AG and the Chairman of Asty Capital AG in Zurich, Switzerland. He has been involved in numerous financings of gold mines in North America, among others. He is a well-respected financial adviser and fund manager throughout Europe.

Michaels has extensive experience in the fields of mining finance, fund management and asset allocation. He has a background in law and economics and did his training in the areas of private banking and investment research at UBS in Zurich. Additionally, he attended post-graduate courses at the Colorado School of Mines in Golden, Colorado.

Dr. Zamba Batjargal — Director

Dr. Zamba Batjargal has over 35 years of experience working for the government in Mongolia, dealing with issues of environmental protection and climate change. He was the Minister of the Environment of Mongolia from 1990 to 1996 and Director General of the National Agency for Meteorology, Hydrology and Environmental Monitoring from 1996 to 2001. Dr. Batjargal has experience in working outside of Mongolia due to his engagement in international bi-and multilateral cooperation activities.

He was Ambassador of Mongolia to Japan from 2001 to 2005. Between 2005 and 2011, he worked in New York as a Representative of the World Meteorological Organization (WMO) to the UN. Since 2014, he has served as an independent consultant on climate change and the development of green policy for public institutions and non-profit organizations. He was also an advisor at the Office of the President of the United Nations Environmental Assembly (UNEA) in Ulaanbaatar (2014 to 2016). He received his Ph.D. in physics and mathematics in 1978 from the Hydrometeorological State University, St.Petersburg, Russia.

Batukhuu Budnyam — Director

Batukhuu Budnyam is a successful entrepreneur and financial expert who has extensive experience in the banking and finance sectors in Mongolia. Until recently, Budnyam served as Advisor to Chinggis Khaan Bank. Prior to joining Chinggis Khaan Bank, he was Managing Director of Organic Solutions Mongolia LLC and previous to that, he was Managing Director of MFS Capital LLC. Budnyam is a Mongolian native and speaks fluent English, Russian and German. He has a Bachelor’s Degree in Economics from the National University of Mongolia.

Sereenen Jargalan — Director

Sereenen Jargalan has been a professor at the Mongolian University of Science and Technology since September 2003 and head of the Department of Mineral Exploration since 2011 where she teaches ore geology and metallogeny to bachelors, masters and doctorate students and supervises Ph.D. student research projects. She has a Ph.D. and Master’s degree in Earth Science from the Institute of Mineralology, Petrology and Economic Geology at Tohoku University in Japan, focused on petrology of igneous rocks and a Bachelor of Mineral Exploration from the Mongolian Polytechnical University.

She completed post-doctorate work focused on the REE potential in Mongolia at the Mineral Resources Research Group, Institute for Geo-Resources and Environment and the National Institute of Advanced Industrial Science and Technology, Japan. She has co-authored or contributed to over 50 academic books, articles and other publications. She has been the recipient of numerous academic awards and honors in both Magnolia and Japan.

Steve Haggarty – Director

Steve Haggarty is the Managing Director of Haggarty Technical Services Corporation and a registered member of the Professional Engineers Ontario. He has over 35 years of industrial experience both on-site and at a corporate level, involving several precious metal and copper producers, with a background in project design, commissioning, start-up, metallurgy, process optimization, project management, reclamation and closure.

With a mining career spanning nearly four decades, Haggarty’s industry experience includes 24 years in operations and 14 years in corporate and EPCM-related roles. Most recently, he was Senior Director for the Metallurgy at Barrick Gold Corp. In this role, he was responsible for operational performance improvements, defining GeoMet models, processing strategy and risk mitigation. Haggarty has worked at multiple mine sites around the world, including as General Manager of Barrick Gold’s Veladero heap leach project in Argentina. He is considered a technical leader in heap leach processing, implementation and optimization.

Labyrinth Resources

Assays of +20g/t Further Extend Known Mineralisation 375m Down-Dip

Maiden JORC Resource set for release next month; Latest results, which significantly extend known lodes and reveal gold in previously unmodelled zones, will form part of subsequent Resource update

Labyrinth Resources Limited (ASX: LRL) (‘Labyrinth’ or ‘the Company’) is pleased to announce that assays received for the first three holes of the maiden surface exploration program at its flagship Labyrinth Gold Project in Quebec, Canada contain high-grade results which extend the mineralisation significantly.
Keep reading...Show less
Breaker Resources NL

Exceptional Manna Drilling Results

Please find attached information relating to more exciting infill and extensional drilling results from a 20,000m program of reverse circulation drilling currently being undertaken by Global Lithium Resources Limited (GL1), at the Manna Lithium Project within Breaker Resources NL’s 1.7Moz# Lake Roe Gold Project.

Keep reading...Show less
gold bar and coins with stock chart

VIDEO — David Garofalo: Gold Due for Dramatic Move as Unprecedented Inflation Looms

David Garofalo: Gold Due for Dramatic Move as Unprecedented Inflation Loomsyoutu.be

After falling briefly below the US$1,700 per ounce level in July, gold has picked back up.

David Garofalo, president and CEO of Gold Royalty (NYSEAMERICAN:GROY), remains confident in the yellow metal's future. He's previously put forward a US$3,000 price point for 2022, and recently reiterated his positive outlook.

"Gold's retained value in the face of a very severe bear market that we've experienced this year, with equities down 10 to 20 percent depending on what major market you're looking at," he said at the Rule Symposium.

Keep reading...Show less
Greenstone Belts: A World-class Source of Gold

Greenstone Belts: A World-class Source of Gold

Named for their distinctive green hue, greenstone belts host economic deposits of many different minerals, including silver, copper and zinc.

However, they are best known for their rich gold stores, making them incredibly compelling to gold exploration and mining companies. Archean-age greenstone belts, the most common kind, frequently house the largest and most successful producing gold mines in the world.

To understand why greenstone belts are so important to mining and exploration, one must first understand what they are, how they are formed and where they can be found.

Keep reading...Show less

RETRANSMISSION: Sarama Resources Extends High-Grade Gold Mineralisation

First Drill Program After ASX Listing Extends High-Grade Gold Mineralisation in Oxide Material

Sarama Resources Ltd. ("Sarama" or the "Company") (ASX:SRR, TSX-V:SWA) is pleased to announce that assays returned from an initial 1,700m drilling of the ongoing +50,000m program at its 100%-owned(4), multi-million ounce Sanutura Project (the "Project") have extended gold mineralisation in several directions at the Obi Prospect (refer Figure 1) and discovered a new trend for exploration

News Provided by ACCESSWIRE via QuoteMedia

[subscribe_company_profile use_post="101692214"]

Keep reading...Show less

Tempus Intersects up to 523g/t Gold over 0.42 metres at Elizabeth Project

Tempus Resources Ltd ("Tempus" or "the Company") (ASX:TMR)(TSXV:TMRR)(OTCQB:TMRFF) is pleased to announce assay results for the first three drill-holes completed at the Elizabeth Gold Project during the 2022 season

HIGHLIGHTS

News Provided by ACCESSWIRE via QuoteMedia

[subscribe_company_profile use_post="101618410"]

Keep reading...Show less

Latest Press Releases

Related News

×