Highlights
Closing the oversubscribed brokered offering for $5.75 million of gross proceeds.
Golden Mile Resources is a mineral exploration and project development company focused on growth through a multi-asset, multi-commodity strategy. With a proven leadership team, it advances core projects, acquires high-quality assets, and forms strategic joint ventures to maximize value.
Golden Mile Resources (ASX:G88) is a Western Australia-based resource company with critical and precious metals exploration projects in Western Australia and Arizona, USA. The company’s near-term focus is on advancing its newly acquired Pearl copper project in Arizona, located in the world-class Laramide Porphyry Belt. The company’s longer term focus includes the advancement of the Quicksilver nickel-cobalt project, located in Western Australia, which has an indicated and inferred resource of 26.3 Mt @ 0.64 percent nickel and 0.04 percent cobalt.
Golden Mile is also focused on strategic alliances with joint venture partners to maintain exposure without expense on its other assets, such as its Leonora JV (Patronus Resources earning up to 80 percent) project and Gidgee JV (Gateway earning up to 80 percent).
Concurrently, the company’s leadership team will consider potential divestment or JVs of its non-core assets and also aims to build up a new portfolio of high-quality multi-element assets, from discovery to development.
Overall, the company is focused on creating shareholder value, supported by a management team and board with a proven track record of exploration, development and production success. Led by managing director Damon Dormer, a mining engineer with over 26 years of experience, Golden Mile is well-positioned to execute its strategy moving forward.
Golden Mile secured the Pearl copper project in August 2024. Located in Arizona, the asset hosts more than 50 artisanal copper workings and shares similar geological characteristics to the San Manuel-Kalamazoo and Pinto Valley porphyry copper mines. The project exhibits widespread surface alteration highlighted by rock chip samples of 7.3 percent copper, 0.43 percent molybdenum, 19.9 percent lead, 4.9 percent zinc and 360 g/t silver.
Golden Mile will initially focus on the Odyssey and Ford prospects within the Pearl project area which present immediate, highly prospective, exploration drill targets. The Odyssey prospect is a multi-vein polymetallic target that has never been drilled.Rock chip sampling conducted by the company in 2024 indicated assays of up to 312 g/t silver, 15.2 percent copper, and 24.8 percent zinc, and 12.65 percent lead.
The Ford Prospect is a polymetallic target with a history of copper, lead and gold. Ford was mined to a depth of 55 m and historical records indicate grades of up to 10.6 percent copper, 31.3 percent lead and 0.54oz (16.7g/t) gold.
In 2025, Golden Mile completed reconnaissance mapping and rock chip sampling which identified a promising new gold target – the Aurora Prospect. The reconnaissance rock chip sampling returned high-grade values of up to 10.8 g/t gold and 33.9 g/t silver.
The company has awarded the reverse circulation (RC) drilling contract for the Odyssey and Ford prospects at its Pearl Copper Project to Alford Drilling. The program will consist of 14 to 16 RC drill holes, totaling up to 2,000 metres, marking Pearl’s maiden drilling campaign and the first-ever exploration at the Odyssey and Ford targets. These targets are situated within historical mine workings active between 1915 and 1942, where significant mineral grades were previously reported.
In 2018, Golden Mile announced an indicated and inferred maiden resource estimate of 26.3 Mt @ 0.64 percent nickel and 0.04 percent cobalt. Metallurgical testwork completed in 2023 significantly improved understanding of the unique saprolitic mineralisation at the project and a potential pathway to production.
The company has also identified a customized multi-products flowsheet to produce nickel-cobalt and iron-nickel-cobalt-chromium concentrates, as well as industrial products. The process would require low energy using the physical attributes of the free digging ore.
A mining engineer with over 26 years of experience, including 15 years in mine management and executive roles, Dormer has worked in studies, projects, operations and innovation across Australia, USA, Papua New Guinea and Africa. Dormer has had considerable success turning around mining projects and studies resulting in the construction of multiple mines in Africa, as well as significant operational success in Australia. He has also been heavily involved in mining innovation and has personally developed techniques and strategies for the mining industry. Dormer holds a Bachelor of Engineering in Mining from the Western Australian School of Mines and has held numerous statutory appointments across the African and Australasian regions.
Francesco Cannavo is an experienced public company director with significant business and investment experience working with companies operating across various industries, including in particular mining exploration companies. Cannavo has been instrumental in assisting several listed and unlisted companies achieve their growth strategies through the raising of investment capital and the acquisition of assets. He is currently a non-executive director of Western Mines Group (ASX:WMG) and Stemcell United (ASX:SCU).
Grant Button is a qualified accountant and has significant commercial management and transactional experience. He has over 30 years of experience at a senior management level in the resource industry. He has acted as a managing director, executive director, finance director, CFO and company secretary for a range of publicly listed companies. Most recently, Button has been managing director of Magnum Mining & Exploration (ASX:MGU), and was previously the position executive director of Sylvania Platinum.
Michele Alessandro Bina is a former investment banker based in Hong Kong and is an adviser to Beijing Gage, the parent company of Gage Resource Development (Gage). Bina joins the existing board of Alice Queen as a non-executive director as the nominee of Beijing Gage Capital Management (Beijing Gage).
Justyn Stedwell has over 17 years of experience as a company secretary of ASX listed companies and has also served as a non-executive director on several ASX listed company Boards. He holds a Bachelor of Commerce from Monash University, a graduate diploma in accounting from Deakin University and a graduate diploma in applied corporate governance from the Governance Institute of Australia.
Martin Dormer is an exploration geologist with over 27 years’ experience in mineral exploration and resource development, from greenfields through to feasibility. His experience spans multiple commodities including precious, base metal, and industrial metals across a wide range of geological settings and jurisdictions. Dormer has worked in multiple locations around the globe, including Australia, Asia, and Africa in senior management positions in the private and public sectors. He has also operated a private geological consultancy, Unearthed Elements, for the past 14 years. Dormer is a graduate of the WA School of Mines in Mineral Exploration and Mining Geology and is a member of the Australian Institute of Geoscientists and the Australian Institute of Mining and Metallurgy.
Golden Mile Resources Limited (“Golden Mile”; “the Company”; ASX: “G88”) is pleased to report the Company has completed successful due diligence and entered into a joint venture-acquisition agreement with Outcrop Silver & Gold Corporation (“Outcrop”) over the Pearl Copper Project located in Arizona, United States of America (“USA”).
HIGHLIGHTS
Photo 1: Odyssey Prospect rock chip - Photo 2: Ford Prospect Alteration
Overview
A recently completed field trip, undertaken as part of the due diligence, has confirmed the very high prospectivity of the project area for company-making copper resources.
Figure 1: Significant Copper Mines and Projects in Arizona USA
This field examination, undertaken in late July, and while only preliminary in nature, has delineated the Odyssey and the Ford prospects within the Pearl project area as immediate highly prospective, exploration drill targets.
At Odyssey, a sub outcropping multiple vein copper target with surface mineralised widths up to five metres and a strike length of around 800 metres has been mapped. This prospect hosts the historic largely artisanal Pearl working’s where historical records indicate around 60,000 of ore containing copper oxide and sulphide, lead, silver, and gold was produced from 1915 to 1941 (Force, 1997).
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This article includes content from Golden Mile Resources, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Highlights
Closing the oversubscribed brokered offering for $5.75 million of gross proceeds.
Participation by all directors and officers of the Company, maintaining alignment to shareholders.
Raise was completed without dilutive warrants and without a significant discount to market trading price.
Rua Gold Inc. (TSXV: RUA) (OTCQB: NZAUF) (FSE: X9R) (WKN: A40QYC) ("Rua Gold" or the "Company") is pleased to announce that it has closed its previously announced brokered "best efforts" public offering consisting of 9,583,410 common shares in the capital of the Company (each, a "Common Share"), which included the exercise of the over-allotment option in full, at a price of C$0.60 per Common Share for aggregate gross proceeds of C$5,750,046 (the "Offering").
The Company intends to use the net proceeds from the Offering for continuing the exploration program on its Reefton Project, and for general corporate and working capital purposes, as disclosed in the Prospectus Supplement (as defined below).
Robert Eckford, CEO, commented: "We are pleased to have completed this fully subscribed offering, including the over-allotment under our shelf prospectus. We will now execute on the Company's exploration strategy in Reefton and expand its mineral resources. It was very encouraging to see the support of current shareholders participating in this financing, including all the directors and officers of the Company. As always, we remain aligned with shareholders to make this Company a success."
The Offering was completed pursuant to an agency agreement (the "Agency Agreement") between the Company and Cormark Securities Inc., as sole agent (the "Agent").
In consideration for services rendered in connection with the Offering, the Company paid the Agent a cash fee of C$269,999 and issued to the Agent 575,004 broker warrants (the "Broker Warrants"). Each Broker Warrant is exercisable to acquire one Common Share at an exercise price of $0.60 per Common Share for a period of 24 months following closing of the Offering.
The Offering was completed in Canada pursuant to a prospectus supplement dated February 14, 2025 (the "Prospectus Supplement") to the Company's short form base shelf prospectus dated July 11, 2024 (the "Shelf Prospectus") filed in each of the provinces and territories of Canada, except Québec. Common Shares were also issued in the United States and in offshore jurisdictions pursuant to private placement or similar exemptions in accordance with applicable securities laws. Copies of the Prospectus Supplement, Shelf Prospectus and Agency Agreement are available under the Company's SEDAR+ profile at www.sedarplus.ca. The Offering remains subject to the final acceptance of the TSX Venture Exchange (the "TSXV").
Insiders of the Company (the "Insiders") subscribed to the Offering for an aggregate of 1,890,109 Common Shares. This issuance of the Common Shares to the Insiders constitutes a "related party transaction" as such term is defined under Multilateral Instrument 61-101 — Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Company is relying on an exemption from the formal valuation and minority shareholder approval requirements provided under MI 61-101 pursuant to section 5.5(a) and section 5.7(1)(a) of MI 61-101, on the basis that the participation in the Offering by the Insiders does not exceed 25% of the fair market value of the Company's market capitalization. A material change report was not filed in connection with the participation of the Insiders in the Offering less than 21 days in advance of the closing of the Offering, which the Company considers reasonable in the circumstances so as to be able to avail itself of potential financing opportunities and to complete the Offering in an expeditious manner.
The securities referred to in this news release have not been, nor will they be, registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any U.S. state securities laws, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent U.S. registration or an applicable exemption from the U.S. registration requirements. This news release does not constitute an offer for sale of securities, nor a solicitation for offers to buy any securities in the United States, nor in any other jurisdiction in which such offer, solicitation or sale would be unlawful. "United States" and "U.S. person" are as defined in Regulation S under the U.S. Securities Act.
About Rua Gold
Rua Gold (TSXV: RUA) (OTCQB: NZAUF) (FSE: X9R) (WKN: A40QYC) is an exploration company, strategically focused on New Zealand. With decades of expertise, our team has successfully taken major discoveries into producing world-class mines across multiple continents. The team is now focused on maximizing the asset potential of Rua Gold's two highly prospective high-grade gold projects.
The Company controls the Reefton Gold District as the dominant landholder in the Reefton Goldfield on New Zealand's South Island with over 120,000 hectares of tenements, in a district that historically produced over 2Moz of gold grading between 9 and 50g/t.
The Company's Glamorgan Project solidifies Rua Gold's position as a leading high-grade gold explorer on New Zealand's North Island. This highly prospective project is located within the North Islands' Hauraki district, a region that has produced an impressive 15Moz of gold and 60Moz of silver. Glamorgan is adjacent to OceanaGold Corporation's biggest gold mining project, Wharekirauponga.
For further information, please refer to the Company's disclosure record on SEDAR+ at www.sedarplus.ca.
Rua Gold Contact
Robert Eckford
Chief Executive Officer
Phone: (604) 655-7354
Email: reckford@RUAGOLD.com
Website: www.RUAGOLD.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release includes certain statements that may be deemed "forward-looking statements." All statements in this news release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur and specifically include statements regarding: the Company's strategies, expectations, planned operations or future actions including but not limited to exploration programs at its Reefton Project; the intended use of the net proceeds of the Offering; and the final acceptance of the TSXV with respect to the Offering. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements.
Investors are cautioned that any such forward-looking statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. A variety of inherent risks, uncertainties and factors, many of which are beyond the Company's control, affect the operations, performance and results of the Company and its business, and could cause actual events or results to differ materially from estimated or anticipated events or results expressed or implied by forward-looking statements. Some of these risks, uncertainties and factors include: general business, economic, competitive, political and social uncertainties; risks related to the effects of the Russia-Ukraine war; risks related to climate change; operational risks in exploration, delays or changes in plans with respect to exploration projects or capital expenditures; the actual results of current exploration activities; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; changes in labour costs and other costs and expenses or equipment or processes to operate as anticipated, accidents, labour disputes and other risks of the mining industry, including but not limited to environmental hazards, flooding or unfavorable operating conditions and losses, insurrection or war, delays in obtaining governmental approvals or financing, and commodity prices. This list is not exhaustive of the factors that may affect any of the Company's forward-looking statements and reference should also be made to the Company's short form base shelf prospectus dated July 11, 2024, and the documents incorporated by reference therein, filed under its SEDAR+ profile at www.sedarplus.ca for a description of additional risk factors.
Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.
This news release is intended for distribution in Canada only and is not intended for distribution to United States newswire services or dissemination in the United States.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/241633
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February 20, 202 5 Vancouver, B.C. Opawica Explorations Inc. (TSXV: OPW) (FSE: A2PEAD) (OTC: OPWEF) (the "Company" or "Opawica") is pleased to announce the commencement of drilling at its wholly-owned Bazooka Property ("Bazooka") in the Abitibi Gold Belt. Bazooka is contiguous with property controlled by Agnico Eagle, which hosts the Wasamac gold project located 15 km west-southwest of the mining center of Rouyn-Noranda and approximately 100 km west of the Agnico's 100%-owned Canadian Malartic Complex.
In alignment with previous geo-mapping and fieldwork conducted at Bazooka, the 2025 program includes planned targets with 50 m step-outs from the 2022 drill program, where previous values exceeded 10 g/t Au, including:
18.70 Au g/t over 1 m is within a larger 43.9-meter section of Quartz-sericite stockwork with trace pyrite with visible gold at 279.4 m
The 13.70 Au g/t over 1.6 m is in silicified sherd zone with quartz veining with trace tourmaline and fuchsite
12.70 Au g/t over 0.5 m is in quartz vein stockwork silicified zone with two visible gold flakes.
In addition, drill testing will measure continuity of high-grade Au mineralization along southwest and west striking planes.
Blake Morgan, President of Opawica, stated: "We are excited to commence drilling at the Bazooka property, a highly prospective property in the heart of the Abitibi Gold Belt and next to Agnico's Wasamac gold property. The presence of historical mineralization, visible gold, silicified shear zones, and quartz vein stockwork supports our confidence in Bazooka's commercial gold hosting potential.
In the 2022 program, significant visible gold flakes were observed in a quartz vein shear zone within a silicified zone containing 10% fine, fractured black pyrite with trace amounts of arsenopyrite. A quartz vein shear zone was intersected in hole OP-21-13 at a depth of approximately 150.60 m.
Gold mineralization on the property occurs within mixed, up to 60-metre-wide (estimated true width), strong quartz-carbonate-sericite and talc-chlorite schists of sedimentary and ultramafic to mafic volcanic protoliths, respectively, and is referred to as the Main zone. The alteration and mineralization are spatially associated with the Cadillac-Larder Lake.
The break/fault zone is at the base and is characterized by up to two-meter-wide (estimated true width), strongly graphitic fault. The graphitic fault generally marks the contact between the sedimentary and ultramafic metavolcanic rocks.
Opawica's 2022 program assay results, reported below, are as uncut weighted averages. Interval widths reflect drilled NQ core lengths, with true widths currently unknown.
Assay samples were analyzed at Techni-Lab Abitibi Inc.(Act labs) 184 Rue Principale Ste-Germaine-Boule Quebec (an ISO/IEC 17025:2005 accredited facility). The sampling program was undertaken by Company personnel under the direction of Mr. Yvan Bussieres, P.Eng., A secure chain of custody is maintained in transporting and storing of all samples. The rock samples underwent fire assays, 1E3 - Aqua Regia – ICPOES and select samples underwent gravimetries. Samples of mineralization were taken at 0.5-to-1.5-meter intervals, with sample intervals being adjusted to respect lithological and/or mineralogical contacts and isolate narrow veins or other structures that may yield higher grades.
One half of the sampled intervals were bagged and tagged with one of the dual sample tags. The individual sample bags are sealed and placed into rice bags and marked with the contents. The samples are delivered in batches in January to Techni-Lab Abitibi Inc. (Actlabs) Ste-Germaine-Boule Quebec, for processing, crushing, pulverizing and analysis.
The Quality Assurance and Quality Control or QA/QC protocols are as follows: A blank sample is inserted at samples ended by the number 10, 30, 70 and 90 in the sample sequence – a blank sample usually consists of white ¾ inch rock that is known not to contain any metals. A low-grade rock standard is inserted at samples ended by the number 50, in the sample sequence. A high-grade rock standard is inserted at samples ended by the number 00, in the sample sequence.
Yvan Bussieres, P.Eng., has reviewed and approved the technical content of this news release. * The Qualified Person has been unable to verify the information on the adjacent properties. Mineralization hosted on adjacent and/or nearby and/or geologically similar properties is not necessarily indicative of mineralization hosted on the Company's properties.
About Opawica Explorations Inc.
Opawica Explorations Inc. is a junior Canadian exploration company with a strong portfolio of precious and base metal properties within the Rouyn-Noranda region of the Abitibi Gold Belt in Québec. The Company's management has a great track record in discovering and developing successful exploration projects. The Company's objective is to increase shareholder value through the development of exploration properties using cost effective exploration practices, acquiring further exploration properties, and seeking partnerships by either joint venture or sale with industry leaders.
FOR FURTHER INFORMATION CONTACT:
Blake Morgan
President and Chief Executive Officer
Telephone: 236-878-4938
Neither the TSX Venture Exchange nor its Regulation Service Provider (as the term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy of accuracy of this news release.
Forward-Looking Statements
This news release contains certain forward-looking statements, which relate to future events or future performance and reflect management's current expectations and assumptions. Such forward-looking statements reflect management's current beliefs and are based on assumptions made by and information currently available to the Company. Readers are cautioned that these forward-looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected including, but not limited to, market conditions, availability of financing, actual results of the Company's exploration and other activities, environmental risks, future metal prices, operating risks, accidents, labor issues, delays in obtaining governmental approvals and permits, and other risks in the mining industry. All the forward-looking statements made in this news release are qualified by these cautionary statements and those in our continuous disclosure filings available on SEDAR+ at www.sedarplus.ca. These forward-looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances save as required by applicable law.
Copyright (c) 2025 TheNewswire - All rights reserved.
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HIGHLIGHTS:
Heliostar Metals Ltd. (TSXV: HSTR) (OTCQX: HSTXF) (FSE: RGG1) ("Heliostar" or the "Company") is pleased to announce additional results from the 100% owned Ana Paula project in Guerrero, Mexico. The Company has drilled 3,210 metres in phase one of the program and will follow-up the best results with a second phase program.
Heliostar CEO, Charles Funk, commented, "Drilling at Ana Paula continues to demonstrate the deposit's most unique aspect; long intervals of consistent high-grade gold mineralization. The drill program is both expanding the boundaries of the High Grade Panel and infilling sections to upgrade resource classifications. We continue to intersect satellite zones that are open to expansion including 24 metres grading 5.10 g/t gold, over 150 metres below the base of the High Grade Panel and 3 metres grading 21.4 g/t gold in the Parallel Panel. These indicate that more infill drilling can add higher grade ounces to the Ana Paula resource model."
Drill Results
The focus of the holes reported today was to expand the High Grade Panel and test step-out targets at depth beneath this zone. Hole AP-24-321 is on the same section as AP-24-317, and AP-24-318 is a step-out to the West of this section, and these two holes are building out confidence in the northern and southern boundaries of the High Grade Panel.
Hole AP-24-318 shows a 161-metre-long interval of consistent gold mineralization grading 4.26 g/t gold from 101 metres downhole with multiple higher-grade subzones, including 30 metres grading 10.1 g/t gold.
Hole AP-24-321 intersected a zone of limestone to the north of hole AP-24-317, which intersected an interval of 87.8 metres grading 16.0 g/t gold. At the upper contact of this limestone, hole AP-24-321 encountered 15.7 metres grading 10.4 g/t gold from 167.6 metres downhole. This suggests that the very high grades in AP-24-317 are due to gold concentrating along a geological contact.
Hole AP-24-321 also intercepted a deeper interval of 13 metres grading 3.5 g/t gold from 327 metres downhole that may be a narrow depth extension beneath the High Grade Panel.
Hole AP-24-319 is, we believe, perhaps the most interesting of today's results. It was the first north to south hole on a new cross-section through the deposit and hit multiple gold zones. It intersected 3 metres grading 21.4 g/t gold from 111 metres downhole in a step down in the Parallel Panel. Beneath the High Grade Panel, it returned a best intercept of 4.6 metres grading 7.9 g/t gold from 189 metres downhole amongst multiple narrow intercepts. These zones suggest good potential to extend the High Grade Panel deeper than currently modelled on this section.
Further downhole again in AP-24-319, a broad satellite zone over 150 metres beneath the High Grade Panel with 24 metres grading 5.1 g/t gold from 349 metres downhole has room to expand above and below the drillhole.
Hole AP-24-320 was drilled to the east of the High Grade Panel and returned 1.0 metres grading 5.0 g/t gold from 102 metres downhole.
To date, the Company has completed nine holes for a total of 3,210.1 metres. The team also completed four geotechnical and water monitoring holes to the end of 2024.
Figure 1: A West to East section with the resource model from 2023 Mineral Resource Estimate highlighting the High Grade Panel (clipped to greater than 2 g/t gold resource blocks). Recent drill results are highlighted.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7729/241611_11f28ed5a4fc78a8_003full.jpg
Figure 2: A cross section with the resource model from 2023 Mineral Resource Estimate highlighting the High Grade Panel (clipped to greater than 2 g/t gold resource blocks) and new holes AP-24-318 and AP-24-321.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7729/241611_11f28ed5a4fc78a8_004full.jpg
Figure 3: A cross section with the resource model from 2023 Mineral Resource Estimate highlighting the High Grade Panel (clipped to greater than 2 g/t gold resource blocks) and new hole AP-24-319.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/7729/241611_11f28ed5a4fc78a8_005full.jpg
Drilling Results and Coordinates Tables
HoleID | From (metres) | To (metres) | Interval (metres) | Au (g/t) | Topcut Au (to 67 g/t) |
AP-24-318 | 108.0 | 269.0 | 161.0 | 4.26 | |
including | 209.0 | 239.0 | 30.0 | 10.1 | |
AP-24-319 | 91.0 | 114.0 | 23.0 | 4.15 | |
including | 111.0 | 114.0 | 3.0 | 21.4 | |
including | 189.0 | 193.6 | 4.6 | 7.91 | |
and | 212.5 | 281.0 | 68.5 | 1.44 | |
and | 349.0 | 373.0 | 24.0 | 5.10 | |
including | 349.0 | 352.0 | 3.0 | 10.9 | |
and including | 363.15 | 368.15 | 5.15 | 14.0 | |
AP-24-320 | 15.15 | 18.95 | 3.80 | 2.43 | |
and | 102.0 | 103.0 | 1.0 | 4.99 | |
AP-24-321 | 117.15 | 184.0 | 66.85 | 3.12 | 2.20 |
including | 136.3 | 146.0 | 9.7 | 2.22 | |
and including | 167.6 | 183.3 | 15.7 | 10.4 | 6.53 |
and | 327.0 | 340.0 | 13.0 | 3.50 | |
including | 330.5 | 333.1 | 2.6 | 10.4 |
Table 1: Significant Drill Intersections
Hole ID | Northing (WGS84 Zone 14N) | Easting (WGS84 Zone 14N) | Elevation (metres) | Azimuth (°) | Inclination (°) | Length (metres) |
AP-24-318 | 410,106 | 1,998,128 | 943.2 | 180 | -57 | 332.0 |
AP-24-319 | 410,181 | 1,998,124 | 903.5 | 180 | -55 | 394.5 |
AP-24-320 | 410,321 | 1,998,047 | 887.7 | 180 | -50 | 138.8 |
AP-24-321 | 410,124 | 1,998,161 | 928.4 | 180 | -55 | 350.0 |
Table 2: Drill Hole Details
Heliostar Metals Included In 2024 TSX Venture 50
Heliostar Metals is further pleased to announce that it has been included in the 2024 TSX Venture 50™ list. The TSX Venture 50™ is a ranking of the top fifty performing companies on the TSXV over the prior year.
TSX Venture 50 is an annual ranking of the top-performing companies over the last year on the TSX Venture Exchange, a world-leading capital formation platform for early-stage growth firms. The companies are ranked based on three equally weighted criteria of one-year share price appreciation, market capitalization increase, and Canadian consolidated trading value.
The Company takes pride in its share performance in 2024 and the benefits that it brings our shareholders. We believe the steps we took in 2024 have set the company up for strong growth again in 2025 and beyond.
Quality Assurance / Quality Control
Core samples were shipped to ALS Limited in Zacatecas, Zacatecas and Hermosillo, Sonora, Mexico for sample preparation and for analysis at the ALS laboratory in North Vancouver. The Zacatecas, Hermosillo and North Vancouver ALS facilities are ISO/IEC 17025 certified. Gold was assayed by 30-gram fire assay with atomic absorption spectroscopy finish and overlimits were analysed by 30-gram fire assay with gravimetric finish.
Control samples comprising certified reference and blank samples were systematically inserted into the sample stream and analyzed as part of the Company's quality assurance / quality control protocol.
Statement of Qualified Person
Stewart Harris, P.Geo., a Qualified Person, as such term is defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects, has reviewed the scientific and technical information that forms the basis for this news release and has approved the disclosure herein. Mr. Harris is employed as Exploration Manager of the Company.
About Heliostar Metals Ltd.
Heliostar aims to grow to become a mid-tier gold producer. The Company is focused on developing the 100% owned Ana Paula Project in Guerrero, Mexico and has recently entered into an agreement to acquire a portfolio of production and development assets in Mexico.
FOR ADDITIONAL INFORMATION PLEASE CONTACT:
Charles Funk President and Chief Executive Officer Heliostar Metals Limited Email: charles.funk@heliostarmetals.com Phone: +1 844-753-0045 | Rob Grey Investor Relations Manager Heliostar Metals Limited Email: rob.grey@heliostarmetals.com Phone: +1 844-753-0045 |
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Statement Regarding Forward-Looking Information
This news release includes certain "Forward-Looking Statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and "forward-looking information" under applicable Canadian securities laws. When used in this news release, the words "anticipate", "believe", "estimate", "expect", "target", "plan", "forecast", "may", "would", "could", "schedule" and similar words or expressions, identify forward-looking statements or information. These forward-looking statements or information relate to, among other things, The drill program is both expanding the boundaries of the High Grade Panel and infilling sections to upgrade resource classifications and these indicate that more infill drilling can add higher grade ounces to the overall Ana Paula resource model.
Forward-looking statements and forward-looking information relating to the terms and completion of the Facility, any future mineral production, liquidity, and future exploration plans are based on management's reasonable assumptions, estimates, expectations, analyses and opinions, which are based on management's experience and perception of trends, current conditions and expected developments, and other factors that management believes are relevant and reasonable in the circumstances, but which may prove to be incorrect. Assumptions have been made regarding, among other things, the receipt of necessary approvals, price of metals; no escalation in the severity of public health crises or ongoing military conflicts; costs of exploration and development; the estimated costs of development of exploration projects; and the Company's ability to operate in a safe and effective manner and its ability to obtain financing on reasonable terms.
These statements reflect the Company's respective current views with respect to future events and are necessarily based upon a number of other assumptions and estimates that, while considered reasonable by management, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors, both known and unknown, could cause actual results, performance, or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements or forward-looking information and the Company has made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation: precious metals price volatility; risks associated with the conduct of the Company's mining activities in foreign jurisdictions; regulatory, consent or permitting delays; risks relating to reliance on the Company's management team and outside contractors; risks regarding exploration and mining activities; the Company's inability to obtain insurance to cover all risks, on a commercially reasonable basis or at all; currency fluctuations; risks regarding the failure to generate sufficient cash flow from operations; risks relating to project financing and equity issuances; risks and unknowns inherent in all mining projects, including the inaccuracy of reserves and resources, metallurgical recoveries and capital and operating costs of such projects; contests over title to properties, particularly title to undeveloped properties; laws and regulations governing the environment, health and safety; the ability of the communities in which the Company operates to manage and cope with the implications of public health crises; the economic and financial implications of public health crises, ongoing military conflicts and general economic factors to the Company; operating or technical difficulties in connection with mining or development activities; employee relations, labour unrest or unavailability; the Company's interactions with surrounding communities; the Company's ability to successfully integrate acquired assets; the speculative nature of exploration and development, including the risks of diminishing quantities or grades of reserves; stock market volatility; conflicts of interest among certain directors and officers; lack of liquidity for shareholders of the Company; litigation risk; and the factors identified under the caption "Risk Factors" in the Company's public disclosure documents. Readers are cautioned against attributing undue certainty to forward-looking statements or forward-looking information. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be anticipated, estimated or intended. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or forward-looking information to reflect changes in assumptions or changes in circumstances or any other events affecting such statements or information, other than as required by applicable law.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/241611
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Freegold Ventures Limited (TSX: FVL) (OCTQX: FGOVF) ("Freegold" or the "Company") is pleased to announce additional results based on the ongoing metallurgical test work on drill hole composites from the 2020 2022 drill programs. The objectives of the recently completed testwork were:
Eight drill core composites, representing different locations and grades within the Dolphin and Cleary areas, were created using continuous drill intervals chosen to reflect potential mill feed. (Refer to the map below for hole locations.) The selections of drill holes and intervals included the three primary gold-hosting lithologies. The results indicate that a gold recovery rate of 93% can be achieved using standard and commercially employed mineral processing operations. The composites were prepared from laboratory assay rejects of fresh rock intervals located well below the existing oxide cap at Golden Summit. Eight drill hole composites were utilized, comprising 1,192 meters of drill intercepts that represent 587 continuous mineralized intervals with a total material weight of over 5,100 kilograms.
Composite DDH Make Up | GS2201 | GS2203 | GS2206 | GS2207 |
GS2208 | GS2209 | GS2168 | GS2167 | |
Test Calc Grade | gold recovery % | |||
Au g/t | Gravity | Flotation | Post Oxidation Stage | Total |
1.15 | 40 % | 55 % | 97 % | >93% |
Summary of Gold Recovery
Since 2020, drilling activities at the Golden Summit project have significantly bolstered its potential, reinforcing the project's viability through positive metallurgical outcomes and a marked increase in overall resources. The current pit-constrained resource includes both oxide and primary resources, with the oxide component located within the upper 70 meters. Previous column tests on the oxide material indicate that heap leach gold recoveries can reach 85% within two weeks. Ongoing optimization efforts are focused on delineating the most effective flow sheet for the sulphide component before initiating a pre-feasibility study.
The strategic plan for 2025 outlines extensive drilling initiatives aimed at upgrading resources from the inferred category to the indicated category, which is crucial for completing the planned pre-feasibility study. The September 2024 Primary Resource, using a 0.5 g/t cut-off, is 346,304,000 tonnes at 1.08 g/t Au (12,050,000 contained ounces) in the indicated mineral resource category and 308,311,000 tonnes at 1.04 g/t Au (10,306,000 contained ounces) in the inferred mineral resource category.
In 2024, 41 holes, totaling 25,708m , were drilled. Assay results from twelve drill holes related to the 2024 program are pending. Results from the 2024 program will be incorporated into an updated mineral resource estimate expected to be released later in 2025.
Ongoing Metallurgical Work: The primary areas of focus in the next phase of metallurgical test work are in progress and include:
Link to Map Showing Location of Metallurgical Composite Holes and 2024 Drilling
https://freegoldventures.com/site/assets/files/6287/metdrillingplanmap_february2025.pdf
The Qualified Person for this release is Alvin Jackson , P.Geo., Vice President of Exploration and Development for Freegold, who has approved the scientific and technical disclosure in this news release.
About Freegold Ventures Limited
Freegold is a TSX-listed company focused on exploration in Alaska . It holds the Golden Summit Gold Project near Fairbanks and the Shorty Creek Copper-Gold Project near Livengood through leases.
Some statements in this news release contain forward-looking information, including, without limitation, statements as to planned expenditures and exploration programs, potential mineralization and resources, exploration results, the completion of an updated NI 43-101 technical report, and any other future plans. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements to be materially different from any future results, performance, or achievements expressed or implied by the statements. Such factors include, without limitation, the completion of planned expenditures, the ability to complete exploration programs on schedule, and the success of exploration programs. See Freegold's Annual Information Form for the year ended December 31st, 2023 , filed under Freegold's profile at www.sedar.com , for a detailed discussion of the risk factors associated with Freegold's operations. On January 30, 2020 , the World Health Organization declared the COVID-19 outbreak a global health emergency. Reactions to the spread of COVID-19 continue to lead to, among other things, significant restrictions on travel, business closures, quarantines, and a general reduction in economic activity. While these effects have been reduced in recent months, the continuation and re-introduction of significant restrictions, business disruptions, and related financial impact, and the duration of any such disruptions cannot be reasonably estimated. The risks to Freegold of such public health crises also include employee health and safety risks and a slowdown or temporary suspension of operations in geographic locations impacted by an outbreak. Such public health crises, as well as global geopolitical crises, can result in volatility and disruptions in the supply and demand for various products and services, global supply chains, and financial markets, as well as declining trade and market sentiment and reduced mobility of people, all of which could affect interest rates, credit ratings, credit risk, and inflation. As a result of the COVID-19 outbreak, Freegold has implemented a COVID management program and established a full-service Camp at Golden Summit to attempt to mitigate risks to its employees, contractors, and community. While the extent to which COVID-19 may impact Freegold is uncertain, it is possible that COVID-19 may have a material adverse effect on Freegold's business, results of operations, and financial condition.
SOURCE Freegold Ventures Limited
View original content to download multimedia: http://www.newswire.ca/en/releases/archive/February2025/20/c9885.html
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Lode Gold Resources Inc. (TSXV: LOD) (OTCQB: LODFF) ("Lode Gold" or the "Company") is pleased to announce that a shareholder meeting has been scheduled to approve the plan of arrangement for the tax-efficient spinout of Gold Orogen. The meeting will take place on Monday, March 10, 2025, at 10:00 AM MST. Details regarding Lode Gold's Annual General Meeting (AGM) are available on our website: https:lode-gold.cominvestors2024-agm.
The two companies will trade as separate entities upon court filing with the court, 5 to 10 days after shareholder and TSX-V approval.
Before the Record Date, all Lode Gold shareholders will receive Gold Orogen spinout shares. The Company plans to close its private placement by March 10, 2025. Each $0.18 unit includes one common share and a warrant, allowing the holder to buy a share at $0.35 for three years after closing.
Upon completion of the spin-off, the Companies will be structured as follows:
Gold Orogen (Spin Co.)
Gold Orogen is an exploration pure play with two choice assets. Both assets are located in highly prospective areas and each can potentially be a company maker and a standalone asset.
Asset 1:
Confirmed on WIN:
Asset 2:
Lode Gold (Parent): Underground Mine Potential (previously mined at 10.7 g/t Au)
The Fremont Gold project is located on the Mother Lode Belt Lode Gold on patented private land in Mariposa County. Lode Gold is the first owner since mining suspension in 1942, to evaluate the project as an underground opportunity.
About Lode Gold
Lode Gold (TSXV: LOD) is an exploration and development company with projects in highly prospective and safe mining jurisdictions in Canada and the United States.
In Canada, its Golden Culvert and WIN Projects in Yukon, covering 99.5 km2 across a 27-km strike length, are situated in a district-scale, high grade gold mineralized trend within the southern portion of the Tombstone Gold Belt. A total of four RIRGS targets have been confirmed on the property. A NI 43-101 technical report has been completed in May 2024.
In New Brunswick, Lode Gold has created one of the largest land packages with its Acadian Gold JV Co; consisting of an area that spans 445 km2 and a 44 km strike. McIntyre Brook covers 111 km2 and a 17-km strike in the emerging Appalachian/Iapetus Gold Belt; it is hosted by orogenic rocks of similar age and structure as New Found Gold's Queensway Project. Riley Brook is a 335 km2 package covering a 26 km strike of Wapske formation with its numerous felsic units. A NI 43-101 technical report has been completed in August 2024.
In the United States, the Company is advancing its Fremont Gold project. This is a brownfield project with over 43,000 m drilled and 23 km of underground workings. It was previously mined at 10.7 g/t Au in the 1930's.
Mining was halted in 1942 due the gold mining prohibition in World War Two (WWII) just as it was ramping up production. Unlike typical brownfield projects that are mined out, only 8% of the veins have been exploited. The Company is the first owner to investigate an underground high grade mine potential at Fremont.
The project is located on 3,351 acres of private and patented land in Mariposa County. The asset is a 4 km strike on the prolific 190 km Mother Lode Gold Belt, California that produced over 50,000,000 oz of gold and is instrumental in the creation of the towns, the businesses and infrastructure in the 1800s gold rush. It is 1.5 hours from Fresno, California. The property has year-round road access and is close to airports and rail.
Previously, in March 2023 the company completed an NI 43 101 Preliminary Economic Assessment ("PEA"). A sensitivity to the March 31, 2023 PEA at USD $2,000/oz gold gives an after-tax NPV of USD $370M and a 31% IRR over an 11-year LOM. At $1,750 /oz gold, NPV (5%) is $217M. The project hosts an NI 43-101 resource of 1.16 Moz at 1.90 g/t Au within 19.0 MT Indicated and 2.02 Moz at 2.22 g/t Au within 28.3 MT Inferred. The MRE evaluates only 1.4 km of the 4 km strike of Fremont property. Three step-out holes at depth (up to 1200 m) hit structure and were mineralized.
All NI 43-101 technical reports are available on the Company's profile on SEDAR+ (www.sedarplus.ca) and the Company's website (www.lode-gold.com)
ON BEHALF OF THE COMPANY
Wendy T. Chan, CEO & Director
Information Contact
Winfield Ding
CFO
info@lode-gold.com
+1-604-977-4653
Kevin Shum
Investor Relations
kevin@lode-gold.com
+1 (647) 725-3888 ext. 702
Cautionary Note Related to this News Release and Figures
This news release contains information about adjacent properties on which the Company has no right to explore or mine. Readers are cautioned that mineral deposits on adjacent properties are not indicative of mineral deposits on the Company's properties.
Cautionary Statement Regarding Forward-Looking Information
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release includes "forward-looking statements" and "forward-looking information" within the meaning of Canadian securities legislation. All statements included in this news release, other than statements of historical fact, are forward-looking statements including, without limitation, statements with respect to the use of proceeds, advancement and completion of resource calculation, feasibility studies, and exploration plans and targets. Forward-looking statements include predictions, projections and forecasts and are often, but not always, identified by the use of words such as "anticipate", "believe", "plan", "estimate", "expect", "potential", "target", "budget" and "intend" and statements that an event or result "may", "will", "should", "could" or "might" occur or be achieved and other similar expressions and includes the negatives thereof.
Forward-looking statements are based on a number of assumptions and estimates that, while considered reasonable by management based on the business and markets in which the Company operates, are inherently subject to significant operational, economic, and competitive uncertainties, risks and contingencies. These include assumptions regarding, among other things: the status of community relations and the security situation on site; general business and economic conditions; the availability of additional exploration and mineral project financing; the supply and demand for, inventories of, and the level and volatility of the prices of metals; relationships with strategic partners; the timing and receipt of governmental permits and approvals; the timing and receipt of community and landowner approvals; changes in regulations; political factors; the accuracy of the Company's interpretation of drill results; the geology, grade and continuity of the Company's mineral deposits; the availability of equipment, skilled labour and services needed for the exploration and development of mineral properties; currency fluctuations; and impact of the COVID-19 pandemic.
There can be no assurance that forward-looking statements will prove to be accurate and actual results, and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations include a deterioration of security on site or actions by the local community that inhibits access and/or the ability to productively work on site, actual exploration results, interpretation of metallurgical characteristics of the mineralization, changes in project parameters as plans continue to be refined, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, uninsured risks, regulatory changes, delays or inability to receive required approvals, unknown impact related to potential business disruptions stemming from the COVID-19 outbreak, or another infectious illness, and other exploration or other risks detailed herein and from time to time in the filings made by the Company with securities regulators, including those described under the heading "Risks and Uncertainties" in the Company's most recently filed MD&A. The Company does not undertake to update or revise any forward-looking statements, except in accordance with applicable law.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/241602
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