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Partially Underwritten Renounceable Rights Issue to Raise up to $2.5 Million
Flynn Gold Limited (ASX: FG1, “Flynn” or “the Company”) is pleased to announce that it is undertaking a one-for-two renounceable rights issue (“Rights Issue”) at 3 cents per share to raise up to approximately $2.5 million (before costs). For every two new shares subscribed, eligible shareholders will receive one free attaching new option with an exercise price of 7.5 cents and expiring 30 months from the date of issue. The Company will apply for the quotation of the new options on the ASX.
Highlights
- One-for-two Renounceable Rights Issue to raise up to $2.5 million, partially underwritten to $750,000
- Issue attractively priced at 3 cents per share
- Discount of 30% to the calculated ex entitlement price
- With every two New Shares, shareholders receive one free attaching New Option
- New Options will have Exercise Price of 7.5 cents, term of two and a half years and are proposed to be listed
- Shareholders can trade their rights and apply for additional shares and options
- Rights to start trading from 12 April 2024
- Funds to be used primarily to advance the Company’s Trafalgar gold discovery in Northeast TasmaniaFor further information or to post questions go to the Flynn Gold Investor Hub at https://investorhub.flynngold.com.au/link/7PRJoP
The Rights Issue is open to all eligible shareholders who have a registered address within Australia or New Zealand, and who hold Shares on the Record Date. The Rights Issue will close on 30 April 2024 (unless extended), and eligible shareholders can apply for shortfall in excess of their entitlement. Shareholders can also trade their rights from 12 April 2024.
The Rights Issue is partially underwritten to $750,000 by Lead Manager and Underwriter Mahe Capital Pty Ltd (ACN 634 087 684) (AFSL 517246). Directors may participate in the Rights Issue to the extent of their entitlement.
Managing Director and CEO, Neil Marston commented,
“In very short time Flynn has advanced its Trafalgar discovery at its Golden Ridge Project in Tasmania from a one-hole intercept to a significant gold system with an open strike length of 400m and open depth of 350m. We are now ready to take the next step …”
This fundraising is a major step forward in the value creation journey for the Company and we look forward to continued shareholder support as we advance our exciting gold projects in northeast Tasmania. Funds will be applied primarily towards additional drilling at our Golden Ridge Project, with the aim of advancing our recent gold discoveries to the next level and delivering value for shareholders.”
Funds raised under the Rights Issue will be applied to exploration activities at the Company’s projects in Tasmania and Western Australia and to working capital requirements including meeting the costs of the Offers.
All New Shares issued will rank equally with existing shares on issue and the Company will apply for quotation of the New Shares and Options.
A prospectus in relation to the Rights Issue was lodged with ASIC on 4 April 2024 and, together with a personalised entitlement acceptance form, will be sent to eligible shareholders shortly after the Record Date.
Eligible shareholders should consider the prospectus in deciding whether to acquire securities under the Rights Issue and will need to follow the instructions on the entitlement and acceptance form that will accompany the prospectus.
Click here for the full ASX Release
This article includes content from Flynn Gold, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
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Flynn Gold
Investor Insights
Flynn Gold’s large, high-grade gold footprint in Tasmania provides a compelling investor proposition that leverages a continuing gold bull market.
Overview
Flynn Gold (ASX:FG1) is an Australian mineral exploration company with a portfolio of projects in Tasmania and Western Australia.
Tasmania is home to several world-renowned deposits and is rich in diverse mineral resources and operating mines. The region has established mining districts, excellent infrastructure such as rail and ports, and a skilled workforce, with a stable political and regulatory environment. These features are a big positive for the company’s projects in this region.
The company has nine 100 percent owned tenements in Northeast Tasmania which are highly prospective for gold and tin/tungsten with three major projects — Golden Ridge, Portland and Warrentinna. In Northwest Tasmania, it has the Henty zinc-lead-silver and the Firetower gold and critical minerals projects.
Flynn Gold’s exploration at its Golden Ridge project has focused on an 9-kilometre-long granodiorite-metasediment contact zone with diamond drilling programs completed at the Brilliant and Trafalgar prospects, with multiple high-grade gold vein intersections.
Apart from Tasmania, the company is building a strategic lithium and gold portfolio in Western Australia, targeting hard-rock lithium pegmatites and intrusive related gold deposits in the Pilbara region and Yilgarn Craton. Its five lithium-gold projects in Western Australia are strategically located in districts hosting large gold and lithium deposits or in regions that are relatively under-explored for lithium. Of these, three lithium-gold projects are in the Yilgarn region: Forrestania, Lake Johnston and Koolyanobbing. The remaining two are in the Pilbara region: Mt Dove and Yarrie.
Company Highlights
- Flynn Gold is an Australian mineral exploration company with a portfolio of gold and battery metals projects in Tasmania and Western Australia.
- In Tasmania, the company holds 12 tenements spread across 1,403 sq km, including three main projects in Northeast Tasmania — Golden Ridge, Warrentinna and Portland — that are prospective for gold and tin. Moreover, it has two projects in Northwest Tasmania: the Henty zinc-lead-silver project and the Firetower gold-cobalt-tungsten-copper project.
- Flynn Gold is focused on advancing exploration and drilling at three high-grade gold projects in Tasmania - Golden Ridge, Warrentinna and Firetower.
- In Western Australia, Flynn holds 20 tenements across 1,200 sq km, including lithium-gold projects in the Pilbara and Yilgarn regions. The Yilgarn region has three lithium-gold projects: Forrestania; Lake Johnston and Koolyanobbing. The Pilbara hosts two gold-lithium projects: Mt Dove and Yarrie.
- The company’s senior leadership team has a proven track record in the mining sector to capitalize on the high resource potential of its projects.
Key Projects
Northeast Tasmania
The company is focused on three high-grade gold projects in Tasmania — Golden Ridge, Warrentinna and Firetower. The under-explored Northeast Tasmania region is interpreted to be part of the Western Lachlan Orogen, a geological extension of the rich Victorian Goldfields which boast of historical gold production of over 80 million ounces (Moz). The company’s landholding across nine 100 percent owned tenements in the region has provided it with significant potential for gold and tin discoveries.
Golden Ridge Project
Targeted for intrusive related gold system (IRGS) style mineralization, the Golden Ridge project is located 75 kilometres east of Launceston in Northeast Tasmania. Previous gold exploration at the Golden Ridge Project has been very limited with shallow historical workings located over an 9-kilometre-long granodiorite-metasediment contact zone. Flynn Gold’s exploration has focused on the Brilliant and Trafalgar prospects, with diamond drilling programs completed at both locations between June 2021 and August 2023. In addition, a limited reconnaissance RC drilling program in late 2022 to test for gold mineralisation at the Link Zone confirmed the presence of shallow gold mineralisation between the Brilliant and Trafalgar prospects, highlighting the significant gold potential of the granodiorite-metasediment contact zone.
Drilling at Trafalgar consisted of 14 holes for 5,218.3 metres with multiple vein intersections grading >100 grams per ton (g/t) gold reported. The best intersections recorded in drilling at Trafalgar were 16.8 g/t gold over 12.3 metres (from 108.7 to 121 metres), including 0.7m at 152.5 g/t gold and 23.7 g/t gold over 4 metres (from 23 to 27 metres), including a high-grade zone of 0.5 metre at 169.8 g/t gold.
Soil sampling at the Golden Ridge project has been progressively undertaken since an initial sampling trial using the UltraFine+ technique was initiated in May 2022. The results of this soil sampling have highlighted the known prospect areas, as well as several new target areas at Grenadier and Big Penny, with gold anomalism not associated with historical workings.
Phase 3 drilling has commenced at the Trafalgar high-grade gold prospect confirming the continuity of multiple sub-parallel high-grade gold veins.
New high-grade gold discoveries have also been made at the Link Zone and Trafalgar North prospects.
At the Link Zone, mapping and vein sampling within the historic Golden Ridge adit has identified a significant new zone of high-grade gold mineralisation with underground grab sampling of mineralised veins in the adit recorded high-grade gold assays including 64.4 g/t gold, 37.6 g/t gold and 15.9 g/t gold.
At Trafalgar North, a high-grade gold vein zone has been discovered in trenching 250 m north of the historic Trafalgar mine with 17 out of 36 grab rock chip samples assayed over 10 g/t gold, including 99.4 g/t gold, 76.6 g/t gold and 67.1 g/t gold. Drilling at Trafalgar North commenced in July 2024.
Warrentinna Project
The Warrentinna project was acquired in 2023 from Greatland Gold plc (LSE:GGP). The project is located in northeast Tasmania and covers an area of approximately 37 sq km immediately adjacent to Flynn’s existing Lyndhurst Project. The tenement encompasses two historic goldfields, Forester and Warrentinna. Both fields produced high-grade gold deposits in the late 1800s and early 1900s. The Warrentinna goldfield is defined by numerous historic workings and largely untested prospects over a strike length of 6 kilometres.
Initial drilling by Flynn in September/October 2023 at Warrentinna consisted of two diamond drill holes, designed to test the continuity and extension of orogenic style gold mineralisation identified in historical drilling. The holes are also designed to provide stratigraphic and structural information critical to advancing understanding of the project.
Portland Project
The Portland gold project comprises three adjacent tenements: Portland, Telegraph and Cameron Tin. The project falls within the region mined historically from 1870 to 1917 and has similarities to Victorian geology with high-grade “Fosterville-style” gold mineralization confirmed. Geochemical surveys and costean sampling programs at Portland confirmed the presence of anomalous gold zones. Drilling at the Grand Flaneur prospect in 2022 and the Popes prospect in 2023 have both confirmed the presence of gold mineralization.
Northwest Tasmania
The company has two projects in the Northwest Tasmania region: the Firetower project and the Henty zinc project.
Firetower Project
The project was acquired in 2023 from Greatland Gold plc (LSE:GGP). The project spans more than 62 sq kms and represents an advanced gold plus battery metals project, which includes three notable prospects: Firetower, Firetower East and Firetower West. The Firetower project lies in the highly mineralized Mt Read volcanic sequence which hosts major polymetallic base metals and gold deposits such as Hellyer and Rosebery, copper-gold deposits such as Mt Lyell (3 million tons contained copper, 3.1 Moz contained gold), and the Henty gold mine (1.64 Moz gold @ 12.5 g/t gold).
Resampling of the historic core at Firetower has confirmed the significant potential for gold and critical minerals - cobalt, tungsten and copper. The results have made it clear this project represents an exciting polymetallic opportunity. The company completed a diamond drilling program in late 2023 to target both the gold and polymetallic minerals potential.
The drilling program was successful in testing for depth extensions of the main mineralised zone with the results demonstrating the continuity of polymetallic mineralisation and highlighting the significant potential for high-grade mineralisation to continue at depth and along strike.
Henty Zinc Project
The project is a 130 sq. km land holding under two 100 percent owned exploration licences and provides the company with a dominant position in a rich base metals field with proximity to an existing zinc/lead concentrate producer (MMG’s Rosebery mine).
The Henty Project has a significant pipeline of exploration targets with the Mariposa and Grieves Siding prospects ready for resource drilling
Western Australia
Flynn holds five gold-lithium projects in the resources-rich state of Western Australia, strategically located near large gold and lithium deposits or in regions that are relatively under-explored for lithium.
The five projects include: Mt. Dove and Yarrie in the Pilbara region; and Koolyanobbing, Forrestania and Lake Johnston in the Yilgarn.
Mt Dove Project
Located 70 kilometres south of Port Hedland in the Pilbara region, Mt Dove comprises four granted licences and one tenement application covering 190 sq. kms. The project is located near the large Hemi gold deposit (De Grey Mining, ASX:DEG) and the large lithium mines at Pilgangoora and Wodgina. The company has completed two soil sampling programs at Mt Dove, which have identified lithium and gold anomalies. The follow-up exploration, which is likely to include aircore drilling, intends to test lithium and gold anomalies identified during the soil sampling program completed in 2022 and 2023.
Yarrie Project
The Yarrie Project comprises two tenements and one application covering 385 sq. kms. Very limited historical exploration has been undertaken for lithium, gold and copper on the project. The project is highly prospective for iron ore, being close to historic mining operations and existing rail infrastructure.
Forrestania Project
The Forrestania project consists of one exploration licence and five exploration licence applications over a 320 sq km area. It is located near the Mt Holland lithium deposit (Wesfarmers (ASX:WES)/ SQM (NYSE:SQM) JV) and the high-grade nickel deposit at Flying Fox (IGO Limited (ASX:IGO)).
Results from the company’s auger soil sampling program, completed on E77/2915, outlined four high-priority lithium anomalies of up to 4,200 metres in length and 500 metres in width.Lake Johnston Project
Lake Johnston consists of three exploration licences over a 110 sq. km area, and is located near the recent Burmeister and Jaegermeister lithium discoveries of TG Metals (ASX:TG6)) and the Medcalf, Mount Gordon, Lake Percy and Mt Day Lithium projects.Koolyanobbing Project
Koolyanobbing comprises one exploration licence and two applications targeting gold and lithium mineralization over an 82 sq. km. area in the Marda-Diemals greenstone belt.
Parker Dome Project
In addition to the above-mentioned projects, Flynn has secured an option agreement to purchase two exploration licences at the Parker Dome project in Western Australia, which is considered highly prospective for lithium. The Parker Dome project covers 42 sq. kms. and is situated 50 kilometres north of the world-class Mount Holland lithium project in Western Australia.
Results from soil sampling have identified multiple, large-scale, high-priority lithium anomalies. The licences are fully permitted allowing for an immediate commencement of drilling.
Management Team
Clive Duncan – Non-executive Chair
Clive Duncan has over four decades of experience at big box hardware chain Bunnings, including as chief operating officer and company director. He has rich experience in corporate and business development, including mergers and acquisitions, business integrations, corporate government, strategy development and marketing. He has completed post-graduate studies at Harvard University and London Business School and is a member of the Australian Institute of Company Directors. He is a long-term significant shareholder of Flynn Gold’s predecessor companies.
Neil Marston – Chief Executive Officer and Managing Director
Neil Marston was appointed managing director in May 2023 and has been the company CEO since August 2022. He has more than 30 years of experience in the mining and minerals exploration sector and is a proven ASX-listed company leader, with a strong governance and corporate finance background. Previously, he held several senior roles including managing director at Bryah Resources (ASX:BYH) and Horseshoe Metals (ASX:HOR).
Sam Garrett – Technical Director
Sam Garrett has more than 30 years of exploration management, project assessment and operational experience with multinational and junior mining and exploration companies, including Phelps Dodge and Cyprus Gold. He has a background in copper and gold exploration with strong exposure to iron ore, base metals and specialist commodities. He is associated with discoveries at Mt Elliott (copper), Havieron (copper-gold), and Tujuh Bukit (gold). Moreover, he co-founded Flynn Gold and its predecessor Pacific Trends Resources.
John Forwood – Non-executive Director
John Forwood is a director and chief investment officer of Lowell Resources Funds Management (LRFM). He is qualified as a lawyer and geologist and has more than 20 years of resources financing experience, including with ASX-listed Lowell Resources Trust (ASX:LRT), as a director of RMB Resources, and as manager of Telluride Investment Trust.
Drilling Underway at Link Zone, Golden Ridge, NE Tasmania
Flynn Gold Limited (ASX: FG1, “Flynn” or “the Company”) is pleased to announce the recommencement of drilling activities at the Company’s 100%-owned Golden Ridge Project located in North-east Tasmania.
Highlights
- First ever diamond drilling commenced at the Link Zone gold prospect within the Golden Ridge Project in NE Tasmania, where the Company is targeting large-scale IRGS type gold mineralisation
- Two diamond drill holes planned, totalling 400m, testing for extensions to high-grade gold veins sampled in the historical Golden Ridge Adit between the Brilliant and Trafalgar prospects
- Previously reported underground sampling in the adit recorded high- grade gold assays including 64.4g/t Au, 37.6g/t Au and 15.9g/t Au
- Flynn Gold to receive up to $70,000 under the Tasmanian Government’s Exploration Drilling Grant Initiative (EDGI) to co-fund this drilling program
- For further information or to post questions go to the Flynn Gold Investor Hub at https://investorhub.flynngold.com.au/link/lyazve
This new drilling program will test beneath the historical Golden Ridge Adit, where recent underground sampling of veins recorded results of up to 64.4g/t gold1. The adit is located in the Link Zone prospect area, situated between the Brilliant and Trafalgar prospects at Golden Ridge.
Flynn Gold Managing Director and CEO, Neil Marston commented:
“We are delighted to have commenced our latest drilling program at the Golden Ridge Project in north-east Tasmania.
“This drilling program, which is co-funded under the State Government’s Exploration Drilling Grant Initiative, will see Flynn Gold drilling at the Link Zone beneath the historic Golden Ridge adit, where sampling of mineralised veins earlier this year yielded grades of up to 64 g/t gold.
“This diamond drill program is the first to test this adit, which lies between the historic Brilliant and Trafalgar mines – where we have successfully focused our drilling to date.”
Golden Ridge – Project Background
The Company’s flagship Golden Ridge Project is situated within EL17/2018 in North-east Tasmania (see Figure 1).
Figure 1 – Location of Flynn Gold tenements in NE Tasmania.
Exploration by the Company at Golden Ridge has identified extensive intrusive-related type gold mineralisation (IRGS) extending over a 9km-long zone along the southern contact margin of the Golden Ridge Granodiorite and enclosing meta-sediments (see Figure 2).
The Company’s ongoing work at Golden Ridge is continuing to identify and test multiple exploration targets, confirming the potential for a large-scale gold discovery.
Click here for the full ASX Release
This article includes content from Flynn Gold, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
September 2024 Quarterly Activities Report and Appendix 5B
Flynn Gold Limited (ASX: FG1, “Flynn” or “the Company”) is pleased to report on its activities for the quarter ending 30 September 2024.
Highlights
Exploration – Golden Ridge Project, NE Tasmania
- Multiple gold-bearing quartz veins successfully intercepted in diamond drilling at the new Trafalgar North vein zone discovery. Two drill holes completed at Trafalgar North, with best mineralised intercepts including:
TFDD019
- 4.8m @ 4.0g/t Au from 165.6m; including:
- 0.4m @ 17.9g/t Au from 166.9m, and
- 0.4m @ 24.0g/t Au from 170.0m
- 0.3m @ 25.1g/t Au from 440.5m
TFDD020
- 3.05m @ 4.9g/t Au from 53.1m including
- 0.35m @ 40.0g/t Au
- 2.7m @ 4.1g/t Au from 115.4m, including
- 0.35m @ 26.6g/t Au
- Gold mineralisation at Trafalgar North confirmed from surface to over 150m depth and open in all directions
- New in-situ gold vein system discovered during surface sampling and trenching programs at the Grenadier Prospect
- Flynn Gold to receive up to $140,000 to co-fund drilling under the Tasmanian Government’s Exploration Drilling Grant Initiative (EDGI)
Exploration – Other Projects, NE Tasmania
- New Exploration Licence Application submitted over 40km2 of highly prospective exploration tenure surrounding the historic Beaconsfield Gold Mine
- Exploration landholding in NE Tasmania reduced by 457km2 (30%) to approximately 1,020km2, reducing holding costs significantly
Corporate
- The Company’s cash position at 30 September 2024 was $1.83 million
- An At-The-Market Subscription Agreement signed with Dolphin Corporate Investments, providing Flynn with up to $2,000,000 of standby equity capital over the next three years
JOIN FLYNN GOLD’S INTERACTIVE INVESTOR HUB
to receive announcements and updates and to interact with the Company by asking questions or making comments which our team will respond to where possible
- For further information or to post questions go to the Flynn Gold Investor Hub at https://investorhub.flynngold.com.au/link/qy1Aly
Flynn is an Australian mineral exploration company with a portfolio of 100% owned exploration projects in Tasmania and Western Australia (see Figure 1).
The Company has eight 100% owned tenements in north-east Tasmania which are highly prospective for gold as well as tin/tungsten. The Company also holds the Henty zinc-lead-silver project on Tasmania’s mineral-rich west coast and the Firetower gold and battery metals project located in north-western Tasmania.
Flynn has also established a portfolio of gold-lithium exploration assets in the Pilbara and Yilgarn regions of Western Australia. In addition, Flynn holds a binding Option Agreement to acquire two exploration licences at Parker Dome (Forrestania), Western Australia.
Click here for the full ASX Release
This article includes content from Flynn Gold, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
New Gold Vein System Discovery at Grenadier Prospect, Golden Ridge, NE Tasmania
Flynn Gold Limited (ASX: FG1, “Flynn” or “the Company”) is pleased to announce the discovery of significant gold mineralised quartz veining at the new Grenadier Prospect at the Company’s flagship Golden Ridge Project, located in north-east Tasmania (see Figure 1).
- New in-situ gold vein system discovered during recent surface sampling and trenching programs at the Grenadier Prospect, within the Golden Ridge Project in NE Tasmania
- The gold vein system was discovered by Flynn’s exploration team following up gold-in-soil anomalies with 29 surface float and in-situ rock chip samples returning assay grades including 16.0g/t Au, 13.2g/t Au, 12.0g/t Au and 10.2g/t Au
- Assays from channel sampling of three initial trenches has confirmed in- situ quartz-sulphide veining, with significant mineralised intercepts including:
- 1.3m @ 6.6g/t Au, including 0.4m @ 17.7g/t Au (Trench 3)
- 1.0m @ 2.2g/t Au (Trench 2)
- 6.4m @ 1.3g/t Au, including 2.0m @ 3.0g/t Au (Trench 1)
- Trenching has exposed the vein hosted mineralisation over a 50 metres strike length (open) with follow-up trenching underway testing for strike extensions and parallel vein zones
- Significantly, there is no evidence of historical workings in the area
- These latest results continue to emphasise the increasing scale of the intrusive-related gold system at Golden Ridge, which has been delineated over a total length exceeding 9km
- For further information or to post questions to management, go to the Flynn Gold Investor Hub at:https://investorhub.flynngold.com.au/link/oPBqVr
Managing Director and CEO Neil Marston, commenting on the results, said:
“We are very pleased to report the discovery of gold mineralisation in quartz veins in trenches at our Grenadier prospect, which forms part of our Golden Ridge Project in north-east Tasmania.
“The trenches were excavated to test gold-in-soil anomalies delineated as part of our on-going regional soil sampling campaign. The gold mineralisation at Grenadier is coincident with the granodiorite-metasediment contact zone, which is the same contact that hosts the extensive Brilliant and Trafalgar vein systems located along strike to the east.
“These results continue to demonstrate the increasing scale of the intrusive-related gold system at Golden Ridge, as well as highlighting the effectiveness of soil sampling as a first- pass exploration tool for identifying gold mineralisation in this environment.
“Soil sampling coverage of the Golden Ridge Granodiorite and its contact zones is continuing to expand. Our aim is to generate further gold anomalies to target with follow-up trenching, sampling and drilling as we continue to define the broader extents of this large, high-grade gold system.”
Click here for the full ASX Release
This article includes content from Flynn Gold, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Drilling Confirms New High-Grade Gold Zone at Golden Ridge, NE Tasmania
Flynn Gold Limited (ASX: FG1, “Flynn” or “the Company”) is pleased to report that high-grade gold mineralisation has been intersected in the first drilling program completed at the Trafalgar North vein zone which is situated within the Company’s 100% owned Golden Ridge Project located in Northeast Tasmania (Figure 1).
Highlights
- Multiple gold-bearing quartz veins successfully intercepted in diamond drilling at the new Trafalgar North vein zone discovery1
- Assay results have been received for two drill holes, TFDD019 and TFDD020, drilled at Trafalgar North.
- Best mineralised intercepts include:
- TFDD020
- 3.05m @ 4.9g/t Au from 53.1m including
- 0.35m @ 40.0g/t Au
- 2.7m @ 4.1g/t Au from 115.4m, including
- 0.35m @ 26.6g/t Au
- 3.05m @ 4.9g/t Au from 53.1m including
- TFDD019
- 4.8m @ 4.0g/t Au from 165.6m; including:
- 0.4m @ 17.9g/t Au from 166.9m, and
- 0.4m @ 24.0g/t Au from 170.0m
- 0.3m @ 25.1g/t Au from 440.5m
- 4.8m @ 4.0g/t Au from 165.6m; including:
- TFDD020
- Trafalgar North gold mineralisation confirmed to extend from surface to exceeding 150m depth and is open in all directions
- Gold mineralised veins now confirmed over a 500m wide zone along the granodiorite-hornfels contact at Trafalgar
- For further information or to post questions go to the Flynn Gold Investor Hub at https://investorhub.flynngold.com.au/link/lya02P
Flynn Gold Managing Director & CEO Neil Marston said:
“These are excellent early results from our on-going exploration at our flagship Golden Ridge project in NE Tasmania.
“Drilling has successfully intersected high-grade gold veins beneath the recently discovered trenching area at Trafalgar North and has confirmed our interpretation that this zone is continuous at depth and potentially is a parallel zone to the Trafalgar prospect mineralisation.
This new vein zone increases the mineralised footprint at Trafalgar from 300m to 500m width across the granodiorite/sedimentary contact and reinforces our view that this project has the potential to host large-scale gold mineralisation.”
Figure 1 - Location of Flynn Gold tenements in NE Tasmania.
Trafalgar Prospect – Phase 3 Drilling
Phase 3 drilling commenced at the Trafalgar prospect in mid-April 2024. The initially planned 1,500m diamond drill program comprised infill and extension drilling targeting down-dip and along-strike extensions to previously drilled high-grade gold intercepts.
During June 2024, a new zone of gold-mineralisation, approximately 250m north of the historic Trafalgar mine was discovered in surface trenches2. This new area at Trafalgar North had the potential to significantly increase the mineralised footprint of the Trafalgar prospect and therefore became the focus of drilling later in the campaign.
Figure 2 - Trafalgar Prospect Drill Hole Location Plan
Two diamond holes for 623m (TFDD019 and TFDD020) have been completed, testing beneath and along strike of mineralisation discovered in the trenches (see Figure 2).
Click here for the full ASX Release
This article includes content from Flynn Gold, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Flynn Secures Strategic Addition to its Gold Portfolio in NE Tasmania with EL Application at Beaconsfield
Flynn Gold Limited (ASX: FG1, “Flynn” or “the Company”) is pleased to advise that it has submitted an Exploration Licence Application (EL13/2024) strategically located surrounding the historical Beaconsfield Gold Mine, located approximately 35km north- west of Launceston in North-East Tasmania (see Figure 1).
Highlights
- New FG1 Exploration Licence Application (EL13/2024) submitted over 40km2 of highly prospective exploration tenure surrounding the Beaconsfield Gold Mine lease in NE Tasmania
- Beaconsfield is the largest gold mine in NE Tasmania with historical production of 3.79Mt @ 14.5g/t Au for 1.77Moz Au1
- EL13/2024 covers brownfields targets with several known gold occurrences outside of the Mining Lease offering excellent discovery potential using modern exploration techniques
- Securing EL13/2024 aligns with Flynn’s strategy of targeting orogenic gold in NE Tasmania which is recognised as an extension of the prolific Victorian gold belts
- Once EL13/2024 is granted, data compilation and reconnaissance exploration programs will commence to identify priority targets
- Concurrently, Flynn has reduced by 30% (457km2) its existing land-holdings in NE Tasmania as its exploration activities focus on higher priority areas based on recent results
- For further information or to post questions go to the Flynn Gold Investor Hub at https://investorhub.flynngold.com.au/link/8r6A0e
The 40km2 Exploration Licence Application surrounds the privately held Mining Lease over the high-grade Beaconsfield Gold Mine and covers a prospective 12km corridor along the Cabbage Tree thrust block that contains numerous historic gold workings and prospects.
Flynn Gold Managing Director & CEO Neil Marston said:
“This is an important strategic addition to our extensive portfolio of high-quality gold exploration tenure in North-East Tasmania. The new Exploration Licence Application encompasses highly prospective ground covering the strike extensions to the Beaconsfield Gold Mine host sequence. This was the largest gold mine in North-East Tasmania with historical production of about 1.8 million ounces of gold when underground mining operations ceased at Beaconsfield in 2012.
“The acquisition complements our strategic focus on exploring for high-grade gold in North-East Tasmania, a recognized extension of the prolific Victorian goldfields.
“While the Mining Lease is excluded from our application, we believe there is significant potential for fresh gold discoveries to be made within the licence application area. Once the Exploration Licence is granted, we’ll compile and evaluate the historical information to generate targets before commencing field activities.”
Figure 1 - Location of Flynn Gold tenements in NE Tasmania.
About the Beaconsfield-Salisbury Goldfield
Alluvial gold was first discovered in the Beaconsfield-Salisbury area in 1869 and, in 1877, the cap of the Tasmania Reef (now known as the Beaconsfield Gold Mine) was discovered outcropping on Cabbage Tree Hill.
Gold production commenced almost immediately, and the mine operated continuously until 1914. The mine was reopened in more recent times, operating between 1999 and 2012, with the gold processing plant still largely intact within the Mining Lease. The historical production of 3.785Mt @ 14.51g/t Au (1,774koz Au) makes Beaconsfield the largest gold mine in NE Tasmania.
Figure 2 – Beaconsfield Tenement Location Map
The Tasmania Reef at the Beaconsfield Gold Mine is a Devonian aged structurally- controlled orogenic gold style quartz reef similar in type to gold deposits hosted in the Victorian orogenic belts. The reef is hosted by sediments located in the Cabbage Tree thrust block which is bound by the underlying and overlying Cabbage Tree and Cobblestone Creek Thrusts respectively (see Figure 2).
Concurrent with the early development of the Beaconsfield Gold Mine, several other small-scale mining and prospecting activities were undertaken throughout the wider goldfield, many of which are within Flynn’s licence application area, with upwards of 70 historical small-scale mines and prospects recorded over a 10km strike length. Most of these prospects are located within the same geological host rocks as the Beaconsfield deposit. Previous exploration outside of the Beaconsfield Gold Mine area was limited and many targets within Flynn’s Exploration Licence area remain poorly tested using modern techniques.
Click here for the full ASX Release
This article includes content from Flynn Gold, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Metal Hawk Limited (ASX: MHK) – Trading Halt
Description
The securities of Metal Hawk Limited (‘MHK’) will be placed in trading halt at the request of MHK, pending it releasing an announcement. Unless ASX decides otherwise, the securities will remain in trading halt until the earlier of the commencement of normal trading on Thursday, 14 November 2024 or when the announcement is released to the market.
ASX Compliance
Click here for the full ASX Release
This article includes content from Metal Hawk 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.
More Wide, High-Grade Intercepts at Kamperman
Significant assays such as 33m at 3.75g/t Au with high-grade zones up to 63.4g/t Au confirm the high-grade nature and upside potential of the Kamperman Deposit
Astral Resources NL (ASX: AAR) (Astral or the Company) is pleased to report assay results for the final 11 holes for 1,254 metres of the recently completed 31-hole (3,834-metre) in-fill and extensional RC drill program at the Kamperman Prospect, part of the 100%-owned Feysville Gold Project (Feysville), located approximately 14km south of Kalgoorlie in Western Australia (Figure 1).
HIGHLIGHTS
- Assay results received for the final 11 holes (1,254 metres) of a 31-hole (3,834 metre) reverse circulation (RC) drill program at the Kamperman Deposit, part of Astral’s 100%-owned Feysville Gold Project near Kalgoorlie. Best results include:
- 33 metres at 3.75g/t Au from 58 metres including 3 metres at 14.8g/t Au from 75 metres in hole FRC387;
- 10 metres at 1.63g/t Au from 131 metres and 22 metres at 5.21g/t Au from 149 metres including 2 metres at 30.9g/t Au from 164 metres and 2 metres at 12.2g/t Au from 168 metres in hole FRC389;
- 22 metres at 4.44g/t Au from 105 metres including 2 metres at 25.9g/t Au from 121 metres in hole FRC388;
- 6 metres at 12.8g/t Au from 76 metres including 1 metre at 63.4g/t Au from 77 metres in hole FRC385;
- 12 metres at 1.19g/t Au from 18 metres and 24 metres at 1.29g/t Au from 80 metres in hole FRC381;
- 13 metres at 1.14g/t Au from 24 metres in hole FRC384; and
- 20 metres at 0.79g/t Au from 30 metres in hole FRC382.
- RC holes FRC387, FRC388 and FRC389 represent a very successful in-fill test of the deposit, with the three holes averaging 112 gram-metres1.
- RC hole FRC385 targeted high-grade gold mineralisation associated with a zone of silicification intersected in three previous holes. FRC385 targeted a potential high-grade zone oriented in a north-west – south-west orientation and successfully intersected 6 metres at 12.8g/t Au including a 1 metre interval of 63.4g/t Au, confirming geological interpretations.
- Results of the 31-hole RC program were not included in the maiden Kamperman Mineral Resource Estimate (MRE) announced on 1 November 2024 of 2Mt at 1.3g/t Au for 83.8koz of contained gold6. The results demonstrate the opportunity for continued MRE growth at Kamperman.
- The RC rig relocated to the Mandilla Gold Project to complete the in-fill program at the Iris Deposit. The RC drill rig is currently completing the final hole of this program and then will commence a 16-hole drill program at Eos testing the extent of fresh rock gold mineralisation adjacent to the Eos palaeochannel deposit.
- Also at Mandilla, a diamond drill (DD) rig has commenced a four-hole/1,600 metre drill program ahead of an update to the Theia MRE, which is expected to be reported in the March Quarter, 2025.
- The first hole of this DD program has already been completed with a significant number of visible gold occurrences observed during the logging process. (Refer to Cautionary Note below).
Figure 1 – Map illustrating the location of the Mandilla and Feysville Gold Projects.
Astral Resources’ Managing Director Marc Ducler said: “Following the recent release of the maiden Kamperman MRE, it is highly encouraging to now be reporting further high-grade in-fill results and a successful drill test of a previously identified high-grade zone. These results highlight the potential for MRE upside at Kamperman.
“The in-fill drill line (FRC387, FRC388 and FRC389) testing the high-grade southern zone at Kamperman returned excellent results including 33 metres at 3.75g/t Au, 22 metres at 4.44g/t Au and 22 metres at 5.21g/t Au. These three in-fill holes averaged a gold accumulation of 112 gram-metres through this high-grade southern zone. This is clearly a very successful in-fill test and bodes well for the potential to upgrade the MRE in this area.
“A potential high-grade gold zone was also tested with hole FRC385, returning a spectacular intercept of 6 metres at 12.8g/t Au from 76 metres including 1 metre at 63.4g/t Au from 77 metres.
“Previous drilling in the vicinity has seen this characteristically silicified zone intersected in three holes with assay results of 3.7 metres at 12.2g/t Au, 5 metres at 3.11g/t Au and 10 metres at 5.04g/t Au including 1 metre at 28.5g/t Au inFRC350.
“This further successful test of an interpreted high-grade shoot adds confidence as to the continuity of this zone and our ability to interpret controls and presents as further upside to the current Kamperman MRE.
“The RC rig is now progressing with the in-fill and extensional programs at Iris and Eos respectively and, once complete, will be returned to Kamperman to complete a 15-hole (2,110 metre) in-fill program.
“Diamond drilling of four in-fill holes at Theia is progressing well. The first hole of this program has already been completed with, pleasingly, a significant number of occurrences of visible gold observed during the logging process.
Plans are underway to secure a second diamond drill rig. This has the potential to increase the rate of progress of both the current four-hole in-fill program at Theia and the geotechnical program required to inform the open pit parameters for the Hestia and Eos open pits in the Mandilla PFS.”
Click here for the full ASX Release
This article includes content from Astral Resources, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Drilling Commenced at Ferke Gold Project, Cote d’Ivoire
Many Peaks Minerals Limited (ASX:MPK) (Many Peaks or the Company) is pleased to announce that exploration activities have commenced at both the Ferké gold project and the Odienné gold project in Côte d’Ivoire, now the wet season is drawing to a close. The first month of this 2024/25 field season will see two concurrent drilling campaigns commence with auger drilling at Ferké, and air core drilling at Odienné.
HIGHLIGHTS
- Over 10,000m of drilling planned for December quarter to follow-up previous drilling successes at the Odienné and Ferké gold projects, Côte d’Ivoire
- Ferké project auger drilling has commenced, with a 5,000m campaign covering +9km segment of gold anomalism, targeting extensions to high-grade gold mineralisation confirmed in previous drilling
- Odienné project air core drilling planned to commence over coming weeks to assess priority targets generated in previous quarter’s auger results
- Both projects fully funded for follow-up diamond and RC drilling as part of staged exploration campaigns planned to continue through the 2024/25 field season
Auger drilling has already commenced at the Ferké gold project, with three drill rigs mobilised to cover 9km of reconnaissance drilling along the highly prospective structural corridor hosting the Ouarigue South prospect. This program is designed to delineate extensional targets to open gold mineralisation confirmed in previous drilling that returned:
- 47m @ 3.72g/t gold from surface
- 77.6m @ 2.33 g/t gold from 45.9m
- 91.1m @ 2.02 g/t gold from surface
- 45.3m @ 3.16g/t gold from 45.9m
Concurrently, field work has commenced at the Odienné project, ahead of a planned 5,000m air core campaign that will assess priority targets delineated from the previous quarter’s auger drill results (refer to ASX release dated 20 August 2024). The drilling will be focussed on target delineation within more than 16km of anomalous gold trends located in the same high-strain corridor that hosts Predictive Discovery’s 5.4Moz Au Bankan deposit, as well as the recent discovery by Awalé Resources/Newmont joint venture, which is located on a contiguous land holding.
Many Peaks’ Executive Chairman, Travis Schwertfeger commented:
“Following the end of the West African wet season, we are pleased to have commenced Many Peaks’ 2024/2025 exploration program at our high-grade Cote d’Ivoire projects. Plans for the coming months include our maiden drilling at Ferké, where three auger rigs will drill 5,000m to identify extensional targets of historic holes that include 45.3m @ 3.16g/t and 39.7m @ 3.54g/t gold. We will also drill 5,000m of air core holes at Odienné, following up on extensive gold anomalism identified from drilling we conducted here in the previous season. We look forward to updating investors on our findings as we systematically assess the potential of these highly prospective projects.”
Ferké Gold Project
The Ferké Gold Project (Ferké) comprises 300km2 in a single granted exploration permit in northern Côte d’Ivoire currently undergoing a renewal process and remaining permitted for exploration activity. Ferké is situated on the eastern margin of the Daloa greenstone belt at the intersection of major regional scale shear zones (Figures 1 & 3). The project area has seen substantial previous exploration activity confirming gold mineralisation but with limited follow-up work. Previous work includes high resolution geophysics, soil sampling, trenching, and RC and Diamond drilling (refer to ASX release dated 26 March 2024).
Planned Work
Many Peaks’ initial field programme at Ferké is a 5,000m auger drilling campaign focused on extending the auger coverage at Ferké along an additional 9km of strike extent in the >16km long corridor of soil anomalism referred to as the Leraba trend. The auger campaign is estimated to be completed in 3 to 4 weeks’ time with 400m to 600m spaced lines of sampling and planned 25m spacing between samples. Results are anticipated to refine targeting for follow-up drilling within the extensive gold anomalism which measures over 2km in width in most places (Figure 1).
Figure 1 | Ferké Project proposed auger drilling locations with locations of previously drilling auger, RC and diamond core drilling on regional scale geology.
The planned auger drilling at Ferké is focused on expanding the footprint of gold mineralisation confirmed in previous drilling success. An initial 18 diamond holes drilled into a limited segment of the extensive gold corridor confirmed gold mineralisation at Ferké that remains open in all directions. Results from previous drilling include 45.3m @ 3.16g/t gold from 45.9m drill depth in hole FNDC001 and 39.7m @ 3.54g/t gold from 51.4m in drill hole FNCD008 (refer to ASX announcement dated 26 March 2024).
The current programme is designed to define extensional targets within in the predominantly undrilled north-south trending segment of gold in soil anomalism of the Leraba trend. This may justify expansion of planned follow-up RC and diamond drilling work over the coming field season, and complement drill ready targets already defined on open mineralisation at the Ouarigue South prospect.
Click here for the full ASX Release
This article includes content from Many Peaks Minerals, 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.
Yvonne Blaszczyk: Global Gold Rush is On — BRICS Takeaways, US Election Impact
Speaking to the Investing News Network, Yvonne Blaszczyk, president and CEO of BMG Group, laid out her key takeaways from the recent BRICS Summit, saying that although a BRICS currency wasn't announced, the BRICS nations continue to accumulate gold and to strengthen connections amongst themselves.
"The world is going to be very much bipolar, and the global village has changed," she explained. "Right now it's west against east, and everything is turning to the east. So that is a very serious consideration."
Blaszczk noted that while it's tempting to focus on issues close to home, a wider perspective is key.
"The major emphasis is on global geopolitical developments," she commented.
When it comes to gold, Blaszczk is standing by her US$3,000 per ounce prediction, adding that it is likely to happen soon.
"There is a global race for gold — it's a gold rush in some ways," she said, pointing to ongoing central bank buying.
"Gold is going up, and it will be going up," Blaszczk continued. "I don't think people should worry about the trends going up and down. I think people are (too) preoccupied on a daily basis with gold, or a monthly basis."
Watch the interview above for more of her thoughts on the BRICS and gold.
Don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.
Top 7 ASX Gold ETFs in 2024
The price of gold set a record high in Australian dollars on October 30 as its momentum carried the Australian dollar gold price to an all-time high of AU$4,253.48 per ounce.
After first crossing the US$2,700 mark last month following a prolonged period of strength for the gold price, it pulled back following news in early November that Donald Trump had won the US presidential election, which sent the US dollar higher and pushed investors away from gold and into bonds.
While gold briefly bounced back following a 25 point interest rate cut at the US Federal Reserve's most recent meeting on November 6 and 7, it fell back towards US$2,600 — and below AU$4,000 — at the beginning of the following week. As for the Reserve Bank of Australia, it decided to once again hold interest rates at 4.35 percent on November 5.
For many investors, gold is a tool for diversification. The precious metal is known for its ability to act as a safe haven and hence operates as a protective option when building a balanced portfolio.
Gold exchange-traded funds (ETFs) give investors a relatively easy way to get exposure to physical gold without having to worry about the extra hassle of buying and storing the metal — not to mention insuring it. Gold ETFs can also track a basket of gold-focused stocks, allowing investors to spread risk instead of betting on individual companies.
Below the Investing News Network has listed the five ASX gold ETFs and exchange-traded products (ETPs) that provide exposure to physical gold, and the two ASX gold ETFs that offer exposure to gold companies. The ETFs are listed by assets under management, and data was retrieved from each company’s website on November 7, 2024.
1. Global X Physical Gold (ASX:GOLD)
Total assets under management: AU$3.73 billion
Unit price: AU$37.26
Previously known as ETFS Physical Gold, Global X Physical Gold is an ETP that promises a "low-cost and secure way to access physical gold via the stock exchange," while avoiding the struggle of storage.
The entity is backed by gold held in a London vault by JPMorgan Chase (NYSE:JPM). Investors can redeem shares for physical gold, not just the cash equivalent; however, this comes with a fee of AU$1,000 per redemption. Global X's website suggests that for smaller orders, a more cost-effective option is selling units on the secondary market.
This ETP has a management fee of 0.4 percent.
2. Perth Mint Gold (ASX:PMGOLD)
Total assets under management: AU$1.01 billion
Unit price: AU$39.98
Owned by the Western Australian government, Perth Mint Gold is an ETP that tracks the international price of gold in Australian dollars. Investments are backed by gold bullion stored in the Perth Mint. Perth Mint Gold is the only gold product on the ASX that maintains a government guarantee for holdings.
This ETF has a management fee of just 0.15 percent, making it the lowest-cost physical gold ETF on the ASX.
3. BetaShares Gold Bullion ETF (ASX:QAU)
Total assets under management: AU$711.16 million
Unit price: AU$22.94
The BetaShares Gold Bullion ETF tracks the price of physical gold. It is backed by gold bullion stored by JPMorgan Chase in London. Although the ETF is based on physical gold, you do not own physical gold by owning the ETF. Rather, when you sell shares of your ETF, you receive the cash equivalent of the gold.
This ETF has a management fee of 0.59 percent.
4. VanEck Gold Miners ETF (ASX:GDX)
Total assets under management: AU$585.88 million
Unit price: AU$59.10
The VanEck Gold Miners ETF provides investors with exposure to the largest global gold producers and royalty companies involved in the precious metals space. Its top holdings include Newmont (NYSE:NEM,TSX:NGT), Agnico Eagle Mines (NYSE:AEM,TSX:AEM) and Barrick Gold (NYSE:GOLD,TSX:ABX).
This ETF also offers exposure to Australian gold miners, with just over 10 percent of its holdings allocated to Australian gold operators, including Northern Star Resources (ASX:NST,OTC Pink:NESRF).
GDX provides a yearly dividend, currently set at 1.65 percent. The ETF has a management fee of 0.53 percent.
5. iShares Physical Gold ETF (ASX:GLDN)
Total assets under management: AU$189.63 million
Unit price: AU$32.25
Established in October 2023, iShares Physical Gold ETF was designed to provide investors with exposure to the spot price of gold without the need for physical storage of personal gold holdings.
Like many gold-based ETFs, this product is considered high risk and is intended for investors who are looking to maintain their investment for more than five years. Since its inception, GLDN has benefitted from the relative strength in the gold market and has provided investors with an 18 percent return.
iShares Physical Gold ETF's management fees are among the lowest on this list at 0.18 percent.
6. Betashares Global Gold Miners ETF (ASX:MNRS)
Total assets under management: AU$85.87 million
Unit price: AU$6.80
The Betashares Global Gold Miners ETF allows Australian investors to add a diverse range of global companies in the gold mining space to their portfolio by focusing on the biggest ex-Australia precious metals companies.
Its top holdings include Newmont, Barrick, Agnico Eagle and royalty company Wheaton Precious Metals (NYSE:WPM,TSX:WPM).
This ETF has a management fee of 0.57 percent.
7. VanEck Gold Bullion ETF (ASX:NUGG)
Total assets under management: AU$77.06 million
Unit price: AU$40.24
Established in December 2022, the VanEck Gold Bullion ETF allows investors exposure to the gold market without the need to purchase physical gold. It is backed by physical gold bullion bars sourced from Australian gold producers.
This ETF has a management fee of 0.25 percent and since its inception has returned 21.36 percent.
Don't forget to follow us @INN_Australia for real-time news updates!
Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.
American Eagle Announces $29 Million Strategic Investment by South32
American Eagle Gold Corp. (TSXV: AE) (OTCQB: AMEGF) ("American Eagle" or the "Company") is pleased to announce that it has entered into a subscription agreement (the "Agreement") with a wholly owned subsidiary of South32 Ltd. (ASX: S32) ("South32"), pursuant to which South32 has agreed to invest approximately $29.16 million in the Company on a non-brokered private placement basis. Under the terms of the Agreement, American Eagle will issue 33,321,577 common shares in the capital of the Company ("Common Shares") at a price of C$0.875 per Common Share, representing a 15% premium to the 5-day volume weighted average trading price of the Common Shares on the TSX Venture Exchange (the "TSX-V") ending on November 8, 2024, for gross proceeds of $29,156,379.88 (the "Offering").
"We are very pleased to welcome South32 as a strategic investor in American Eagle. This investment marks our second major mining enterprise that has endorsed our project and our work at the NAK copper-gold porphyry project. This investment underscores NAK's potential, significantly strengthens our balance sheet, and enhances NAK's profile," said Anthony Moreau, CEO of American Eagle Gold.
"Upon closing of the Offering ("Closing"), American Eagle will hold approximately $37 million in cash, enabling us to thoroughly test our thesis for NAK through a comprehensive drill program to explore the full extent of the system, including the perimeter of the porphyry stock. We believe NAK has the potential for a large-scale resource with near-surface potential, favorable topography, and excellent infrastructure access."
Under the terms of the Agreement, American Eagle will use the proceeds from the Offering to build on the successes of its 2024 drill program, which expanded NAK's scale and identified additional high-grade zones.
No warrants are included in the Offering, and no finders fees or commissions were paid. Closing of the Offering is expected to occur on or about November 26, 2024 (the "Closing Date"), subject to the satisfaction of customary closing conditions including receipt of all necessary regulatory approvals and acceptance of the TSX-V. The Common Shares will be subject to a statutory hold period of four months plus a day following the Closing Date.
Upon Closing, the Company will be funded for substantial drill program expansions in 2025 and 2026. Further details on the 2025 drill program will be shared once assays from the 2024 program are received.
Immediately following Closing, South32 will hold 33,321,577 Common Shares, representing approximately 19.9% of the issued and outstanding Common Shares on a non-diluted basis. South32 currently holds no other securities of American Eagle.
At Closing, the Company and South32 will enter into an investor rights agreement (the "IRA"). Under the terms of the IRA, South32 has been granted participation and top-up rights to allow South32 to maintain its pro-rata ownership in the Company as well as information rights relating to the NAK project so long as South32's ownership in American Eagle remains greater than 5.0% of the Common Shares on a non-diluted basis. The IRA does not contain any right of first refusal in favour of South32 regarding the sale of shares of the Company. Additionally, the exercise of the participation and top-up rights by South32 under the IRA shall, in no event, result in South32 holding 20% or more of the outstanding Common Shares, unless and until American Eagle shall have first received the requisite shareholder and TSX-V approval.
Pursuant to the IRA, South32 shall also be given the right to nominate one director (the "Investor Nominee") for election to the Company's Board of Directors (the "Board") so long as South32 maintains a 10% or more ownership in American Eagle on a non-diluted basis. If South32 exercises its nomination right, American Eagle shall, within 10 days, appoint the Investor Nominee to the Board to serve as a member of the Board until the next annual general meeting of the Company. Election of the Investor Nominee to the Board will thereafter be subject to the approval of the Company's shareholders at each annual general meeting of the shareholders. As at the date of this release, South32 does not currently intend to appoint an Investor Nominee.
South32's purchase of Common Shares was made for investment purposes. South32 has agreed to be restricted from selling any Common Shares for a period of one year from the closing date of the Transaction. After the one year period, South32 may determine to increase or decrease its investment in American Eagle depending on market conditions and any other relevant factors. The foregoing disclosure is being disseminated pursuant to National Instrument 62-103 - The Early Warning System and Related Take-Over Bid and Insider Reporting. Copies of the early warning report with respect to the foregoing will appear on the Company's profile on the System for Electronic Document Analysis and Retrieval at www.sedarplus.ca.
Potential Offering Upsize
Pursuant to a previously disclosed letter agreement between Teck Resources Limited ("Teck") and the Company dated May 25, 2023, Teck has the right to participate, on equal terms, in equity issuances of the Company so as to maintain their pro-rata Common Share ownership in the Company (the "Teck Right"). Pursuant to the Teck Right, the Company shall promptly advise Teck of the Offering. Teck shall then notify American Eagle by the close of business on the 5th business day following the date hereof of their intent to participate in the Offering and maintain up to their pro-rata holdings of the Common Shares. Teck has no obligation to participate in the Offering.
In the event that Teck chooses to exercise the Teck Right to subscribe for Common Shares on terms equal (or substantially equal) to those offered to South32 in the Offering, it is anticipated that South32, in accordance with the Agreement, shall subscribe for such number of additional Common Shares so that, upon Closing, South32 shall hold approximately 19.9% of the outstanding Common Shares on a non-diluted basis.
This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or the securities laws of any state of the United States, and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons (as defined in Regulation S under the U.S. Securities Act) absent registration under the U.S. Securities Act and applicable state securities laws or an exemption from such registration requirements.
About American Eagle's NAK Project
The NAK project is located within the traditional territory of the Lake Babine Nation and lies within the Babine copper-gold porphyry district of central British Columbia. It has excellent infrastructure through all-season roads and is close to the towns of Smithers, Houston, and Burns Lake, B.C., which lie along a major rail line and Provincial Highway 16. Historical drilling and geophysical, geological, and geochemical work at NAK, which began in the 1960's, tested only to shallow depths. Still, the work revealed a very large near-surface copper-gold system that measures over 1.5 km x 1.5 km. Drilling completed in 2022, 2023, and 2024 by American Eagle has returned significant intervals of high-grade copper-gold mineralization that reach beyond and much deeper than the historical drilling, indicating that zones of near-surface and deeper mineralization, locally with considerably higher grades, exist within the broader NAK property mineralizing system.
For the latest videos from American Eagle, Ore Group, and all things mining, subscribe to our YouTube Channel: youtube.com/@theoregroup
About American Eagle Gold Corp.
American Eagle is focused on exploring its NAK copper-gold porphyry project in west-central British Columbia, Canada.
American Eagle Gold Corp
Suite 1805, 55 University Avenue
Toronto, Ontario
M5J 2H7, Canada
Anthony Moreau, Chief Executive Officer
416.644.1567
amoreau@americaneaglegold.ca
www.americaneaglegold.ca
About South32 Ltd.
South32 is a globally diversified mining and metals company. South32's purpose is to make a difference by developing natural resources, improving people's lives now and for generations to come. South32 is trusted by its owners and partners to realise the potential of their resources. South32 produces commodities including bauxite, alumina, aluminium, copper, silver, lead, zinc, nickel and manganese from its operations in Australia, Southern Africa and South America. South32 also has a portfolio of high-quality development projects and options, and exploration prospects, consistent with its strategy to reshape its portfolio toward commodities that are critical for a low-carbon future.
Q.P. Statement
Mark Bradley, B.Sc., M.Sc., P.Geo., a Certified Professional Geologist and 'qualified person' for the purposes of Canada's National Instrument 43-101 Standards of Disclosure for Mineral Properties, has verified and approved the information contained in this news release.
Forward-Looking Statements
Certain information in this press release may contain forward-looking statements. Forward-looking statements in this press release include, but are not limited to, statements regarding whether the Company will be able to complete the Offering as anticipated, the satisfaction of customary conditions precedent, the receipt of regulatory approval, including the approval of the TSX-V, to complete the Offering, the estimated closing date, the intended use of proceeds and intended drill program or its anticipated results at the Company's NAK project, the exercise of the Teck Right and therefor the final size of the Offering, the anticipated Closing Date, the ability of the Company to make the qualifying expenditures as anticipated by management, and other matters ancillary or incidental to the foregoing. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict. Therefore, actual results might differ materially from those suggested in forward-looking statements. American Eagle Gold Corp. assumes no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those reflected in the forward looking-statements unless and until required by securities laws applicable to American Eagle Gold Corp. Additional information identifying risks and uncertainties is contained in filings by American Eagle Gold Corp. with Canadian securities regulators, which filings are available under American Eagle Gold Corp. profile at www.sedarplus.ca.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the TSX Venture Exchange policies) accept responsibility for the adequacy or accuracy of this release.
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