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![Piche Resources (ASX:PR2)](https://investingnews.com/media-library/piche-resources-asx-pr2.png?id=53385140&width=1200&height=800)
Piche Resources: Targeting Globally Significant Uranium and Gold Discoveries in Australia and Argentina
With high-quality, drill-ready assets, with world-class discovery potential, Piche Resources (ASX:PR2) is a compelling business case for investors looking to leverage a bull market for uranium and gold. The company holds a portfolio of drill-ready uranium and gold assets in Argentina and Australia which include the Ashburton uranium project in the Pilbara region; the Sierra Cuadrada uranium project in Argentina; and the Cerro Chacon gold project which shares geological similarities with the Cerro Negro mine.
The Ashburton uranium project comprises three exploration licences and has the potential to host uranium mineral deposits similar to the Pine Creek Geosyncline in Australia’s Northern Territory, and the Athabasca Basin in Saskatchewan, Canada.
iche has an internationally recognized board focused on creating long-term shareholder value, and an in-country technical team in Argentina with a proven track record of taking projects from discovery through to development.
Company Highlights
- The company’s Australian asset is the Ashburton uranium project which has been drilled previously and recorded high-grade uranium intersections over significant widths.
- In Argentina, the company’s Sierra Cuadrada uranium project in the San Jorge Basin has a significant history of high-grade, near-surface uranium mining operations.
- The company is currently drilling one of its prospects at Sierra Cuadrada and has announced visible uranium in numerous holes. Multiple other prospects are drill-ready and have the potential to host tier 1 uranium deposits.
- Exposure to gold with high-quality precious metal projects in Argentina that boast surface outcrop samples with gold grade up to 13 g/t gold.
- Internationally renowned board and management team with extensive uranium and gold exploration and development experience.
This Piche Resources profile is part of a paid investor education campaign.*
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Piche Resources
Investor Insight
With high-quality, drill-ready assets, with world-class discovery potential, Piche Resources is a compelling business case for investors looking to leverage a bull market for uranium and gold.
Overview
Piche Resources (ASX:PR2) holds a portfolio of drill-ready uranium and gold assets in Argentina and Australia. These projects include: the Ashburton uranium project in Western Australia’s prolific Pilbara region; the Sierra Cuadrada uranium project in the San Jorge Basin in Argentina; and the Cerro Chacon gold project which shares geological similarities with the Cerro Negro mine in Argentina. Exploration work at these assets indicate their potential to become world-class projects.
Piche has an internationally recognized board focused on creating long-term shareholder value, and an in-country technical team in Argentina with a proven track record of taking projects from discovery through to development.
Company Highlights
- The company’s Australian asset is the Ashburton uranium project which has been drilled previously and recorded high-grade uranium intersections over significant widths.
- In Argentina, the company’s Sierra Cuadrada uranium project in the San Jorge Basin has a significant history of high-grade, near-surface uranium mining operations.
- The company is currently drilling one of its prospects at Sierra Cuadrada and has announced visible uranium in numerous holes. Multiple other prospects are drill-ready and have the potential to host tier 1 uranium deposits.
- Exposure to gold with high-quality precious metal projects in Argentina that boast surface outcrop samples with gold grade up to 13 g/t gold.
- Internationally renowned board and management team with extensive uranium and gold exploration and development experience.
Key Projects
Uranium: Ashburton Project, Australia
The Ashburton uranium project comprises three exploration licences across a 122 sq kmland package in the Pilbara region of Western Australia, 1,150 km north of Perth. The company has highlighted uranium mineralization across 65 km of strike comprising 14 historic uranium occurrences, with a high-grade zone extending over several kilometres. Of particular interest is the Angelo River prospects that are believed to be part of a larger mineralized uranium system. Historic exploration by Pancontinental (62 holes) highlighted 71 intercepts with grades greater than 500 ppm U3O8 approximating a grade of 1.1 lbs of U3O8 per tonne. High-grade drilling results from the prospect include 10.5 m at 4,380 ppm U3O8 (AR1004) and 9 m at 3,490 ppm U3O8 (AR1009). The potential deposit is open along strike and at depth.
The Ashburton uranium project has the potential to host uranium mineral deposits similar to the Pine Creek Geosyncline in Australia’s Northern Territory, and the Athabasca Basin in Saskatchewan, Canada.
Three prospects at Ashburton provide organic upside from exploration. The Atlantis prospect includes high-grade historic drilling results of 5.5 m at 0.62 percent U3O8 and 2.2 m at 0.71 percent U3O8 with rock chip samples of up to 37 percent U3O8. The NDG prospect boasts numerous high-grade rock chip samples of 3.03 percent, 0.71 percent and 0.67 percent U3O8 associated with surface uranium radiometric anomalies. Lastly, the Canyon Creek prospect boasts rock chip samples of 1 percent U3O8 that are also associated with surface uranium radiometric and tempest EM anomalies.
Uranium: Sierra Cuadrada, Argentina
The Sierra Cuadrada project is located in the San Jorge Basin and spans 1,300 sq km, 200 km north of Comodoro Rivadavia. The project is flat lying, with visible uranium assays of >3,000 U3O8 or 6.6 lbs per tonne. The mineralization occurs at varying stratigraphic layers and remains open at depth. There is potential for numerous continuous zones up to 30 km wide and 40 km long. Mineralization is open along strike NW and SW and downdip. Further work will include delineating the deposit with shallow drilling and trenching that Pinche boasts can be done at very low cost.The Argentine National Atomic Energy Commission explored for uranium across Argentina from the mid 1950s resulting in thousands of anomalies and eight developed mining operations. In the Chubut province radiometric and EM surveys have been identified across two large Cretaceous paleochannels in the San Jorge Basin which extend for over 200 km N-S and 30 to 60 km E-W. Three high grade deposits highlighting the development potential of the area include: 1) the Cerro Condor 2) the Los Adobes, and 3) Cerro Solo mining operations. Cerro Condor and Los Adobes are both past-producing operations with grades of 6,000 ppm U3O8 and 1,400 U3O8 found in outcrop, respectively.
Gold: Cerro Chacon, Argentina
The Cerro Chacon gold project is located 10 km south of Paso de Indios, in the Chubut Province of Argentina. The land tenement spans 365 sq km of prospective precious metals occurrences. Structural mapping and geochemical sampling at the Chacon Grid identified mineralized systems consistent with surface signatures at the Cerro Negro Mine that boasts a contained metal inventory of 5.8 Moz of gold and 50 Moz of silver.
Geophysics work at Cerro Chacon has highlighted targets with significant similarities to Cerro Negro. Additionally, mineralization is hosted in low-sulphidation epithermal vein systems that are associated with argillic alteration and are commonly 8 to 15 m in width. Multiple occurrences beyond 13 g/t gold have been recorded in veins and have been demonstrated to continue at depth. Near-term work will include detailed mapping and sampling, extending the geophysical survey to cover up to 6 km of known vein systems, and preparing pads for drilling.
Management Team
John (Gus) Simpson – Executive Chairman
John Simpson has over 37 years’ experience in mineral exploration, development and mining. He has extensive experience across equity capital markets and corporate governance, and was previously the executive chairman/founder at Peninsula Energy Limited (ASX:PEN), a USA uranium producer.
Stephen Mann – Managing Director
Stephen Mann is a geologist with over 40 years’ experience in the exploration, discovery and development of mining projects, including 20 years in the uranium sector. He was previously the Australian managing director of Orano, the world’s third largest uranium producer.
Pablo Marcet –Executive Director
Pablo Marcet is a senior geoscientist with 38 years of experience in the exploration, discovery and development of mineral deposits. He is currently an independent director of lithium producer Arcadium Lithium (NYSE:ALTM) and was previously a director of Barrick Gold (NYSE:GOLD) and U3O8 (TSX:U3O8)
Clark Beyer – Non-executive Director
Clark Beyer is an internationally recognised nuclear industry executive with over 35 years’ experience. He was previously the managing director of Rio Tinto Uranium Limited and is currently principal of Global Fuel Solutions LLC, which provides strategic consulting to the international uranium and nuclear fuels market.
Stanley Macdonald – Non-executive Director
Stanley Macdonald is a nationally recognised mining entrepreneur who has been a founding director and instrumental in the success of numerous ASX listed companies, such as Giralia Resources, Northern Star and Redhill Iron. He is currently a director of Zenith Minerals.
Odienné Results Confirm Mineralised Structures, Extend Targets and Define New Anomaly
Many Peaks Minerals Limited (ASX:MPK) (Many Peaks or the Company) is pleased to announce assay results for the Company’s reconnaissance exploration campaign at the Odienné Project in Côte d’Ivoire. This program comprised 7,741m of auger sampling, and 1,069m of diamond drilling at Odienné South, which covers a 30km extent of the prolific Sassandra Fault corridor. This corridor trends through the adjoining Awalé/Newmont JV project host to recent discovery drilling, and northwest to Predictive Discovery’s 5.4Moz gold deposit.
Highlights:
- Auger results highlight existing high priority targets, and additional new targets within the high strain Archean margin (Sassandra Fault) in northwest Côte d’Ivoire
- Newly defined 4km gold anomaly identified at ‘Zone C’ peripheral to previous soil anomaly
- Reconnaissance diamond drill holes into the 758km2 Odienné Project confirm presence of extensive shearing coincident with gold mineralisation and favourable alteration
- Drilling to commence at Odienné and Ferke projects over the next two months
Auger drilling has delineated priority targets within zones A, B and C totalling >16km of shear zone within the corridor for staged follow-up exploration (Figure 1). With receipt of additional auger assays pending and integration of results with geophysical and mapping datasets, air core drilling to oxidation base in fences 400m apart will be drilled over Q4 post wet season to evaluate.
Concurrently, a reconnaissance diamond drill test targeted a favourable structural contact between igneous and sedimentary units identified in previous results. The maiden drill test did confirm low-level gold results throughout the 800m extent drilled within the 6km Zone A target zones, highlighting a coherent mineralised structure. However, visually the core indicates the targeted igneous body is a late intrusive into the existing structure and is now interpreted to post-date a gold mineralising event. Follow-up along strike to identify a more favourable lithologic and structural setting to focus gold mineralisation.
Many Peaks’ Executive Chairman, Travis Schwertfeger commented:
“With receipt of our first set of assay results from our maiden program at Odienné, we are encouraged to see continuity of mineralisation through multiple lines of auger drilling. This further highlights the discovery potential at Odienné as the company consistently vectors in on more discrete targets with each step in the exploration process. While the diamond assay results are not high grade, they are significant, and the combined results from auger and diamond drilling mark a significant step towards a discovery at the Odienné South permit”.
“We are very pleased with the achievements of our exploration team, and the results of the June-July campaigns across Odienné. Having successfully executed a significant amount of work so quickly on the heels of completing our project acquisition the Company is well positioned for aggressive and targeted drilling going into the upcoming field season in Côte d’Ivoire”.
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.
5 Top Weekly TSXV Stocks: Gold Stocks Gain as Metal Hits New Record High
Welcome to the Investing News Network's weekly look at the best-performing junior mining stocks on the TSX Venture Exchange, starting with a round-up of Canadian and US market data impacting the resource sector.
The S&P/TSX Venture Composite Index (INDEXTSI:JX) gained more than 5 percent last week to close at 566.41. Meanwhile, the S&P/TSX Composite Index (INDEXTSI:OSPTX) was up by 743.31 points to finish at 23,054.61.
The US Bureau of Labor Statistics released July’s consumer price index (CPI) data this past Wednesday (August 14). The agency indicates that CPI increased 2.9 percent year-on-year, down from the 3 percent recorded in June.
The headline number, however, was a seasonally adjusted 0.2 percent monthly CPI increase. Most market watchers are now anticipating a 25 basis point cut when the US Federal Reserve meets in September.
The gold price gold a boost on Friday (August 16) after the Chinese government issued new gold import quotas for banks in the country following a two month pause. Central bank buying has provided the yellow metal with critical support through the year, and has helped drive bullish sentiment among Asian and emerging market investors.
Markets were positive this week, with the S&P 500 (INDEXSP:.INX) gaining 3.78 percent to hit 5,554.26 points, and the Nasdaq-100 (INDEXNASDAQ:NDX) surging 5.18 percent to end the week at 19,508.52.
The Dow Jones Industrial Average (INDEXDJX:.DJI) nudged up 2.79 percent to reach 40,659.77.
Commodities were mixed, with the S&P GSCI (INDEXSP:SPGSCI) remaining flat with a 0.27 percent loss to finish the week at US$540.07. Gold fell following the release of CPI data on Wednesday, but hit a new record high on Friday, ultimately gaining 3.19 percent during the week to come in at US$2,508.14 per ounce. Silver also saw a large price gain on Friday, jumping 5.54 percent on the week to reach US$29.02 per ounce by 4:30 p.m. EDT on Friday.
Which TSXV-listed companies rose the most against that backdrop? Here are the five top gainers.
1. Westhaven Gold (TSXV:WHN)
Weekly gain: 50 percent; market cap: C$31.04 million; share price: C$0.195
Westhaven Gold is working to advance four gold projects along the Spences Bridge Gold Belt located near Kamloops, BC. The four projects — Prospect Valley, Shovelnose, Skoonka Creek and Skoonka North — cover 37,000 hectares along the belt, which hosts similar geology to others that contain epithermal-style gold-silver mineralization.
The most advanced of its projects, Shovelnose, is located on the northern end of the trend. To date, the company has drilled 465 holes covering 161,597 meters; it also completed a preliminary economic assessment in July 2023.
In the assessment, the company reported a base-case after-tax net present value of C$222 million, with an internal rate of return of 32.3 percent and a payback period of 2.6 years following the start of production.
The resource estimate for the project outlines indicated resources of 612,000 ounces of contained gold and 3.27 million ounces of contained silver from 2.98 million metric tons (MT) of ore with average grades of 6.38 grams per MT (g/t) gold and 34.1 g/t silver. The project also hosts inferred resources of 166,000 ounces of gold and 725,000 ounces silver from 1.33 million MT with average grades of 3.89 g/t gold and 16.9 g/t silver.
The company did not release news last week, but has seen gains in its share price alongside the price of gold.
2. Lithium Ionic (TSXV:LTH)
Weekly gain: 46.67 percent; market cap: C$99.24 million; share price: C$0.66
Lithium Ionic is an exploration and development company that is acquiring and moving forward at lithium properties in Brazil. It has arranged its assets into two main groups: the Itinga and Salinas properties.
The Itinga properties hold the company's flagship Bandeira lithium project. A feasibility study completed in May outlines an after-tax net present value of US$1.3 billion at an 8 percent discount, and an after-tax internal rate of return of 40 percent at an average price of US$2,277 per MT for spodumene concentrate grading 5.5 percent Li2O.
The feasibility study also points to a 14 year mine life for Bandeira, during which an underground mining operation will put out an average of 178,000 MT of spodumene concentrate grading 5.5 percent Li2O.
Lithium Ionic has not released news in August.
3. Scorpio Gold (TSXV:SGN)
Weekly gain: 45 percent; market cap: C$12.65 million; share price: C$0.145
Scorpio Gold is an exploration and development company focused on the advancement of its Manhattan District in the Walker Lane Trend in Nevada, US. The district is composed of the 4,300 acre Manhattan project, which hosts two past-producing open-pit mines. Scorpio acquired the project from Kinross Gold (TSX:K,NYSE:KGC) in 2021.
Adjacent to Manhattan is Scorpio’s Goldwedge project, a 1,795 acre site that includes a fully permitted underground mine and a 400 MT per day mill facility and gravity circuit.
The company’s most recent news came on August 1, when Scorpio completed the first phase of a 2024 exploration program at the Manhattan project; it consisted of five holes across 1,178 meters. The company also said it had commenced an expanded second phase that will see diamond drilling of 13 holes across 3,109 meters.
The program is being performed to support a resource estimate with a metallurgical study later in the year.
4. Arras Minerals (TSXV:ARK)
Weekly gain: 42.86 percent; market cap: C$29.63 million; share price: C$0.45
Arras Minerals is a copper and gold exploration company working to develop assets in Northeast Kazakhstan.
Its flagship property is the Beskauga project, which is situated within the Central Asian Orogenic belt, 300 kilometers from the capital city of Astana. The property consists of three mineral licenses covering an area of over 900 square kilometers, with deposits originally identified in the 1980s during Soviet-era drill programs.
The company also has a strategic alliance with Canada's Teck Resources (TSX:TECK.A,TECK.B, NYSE:TECK) to focus on further exploration projects in Kazakhstan. This initiative, announced in December 2023, will see Teck fund exploration through 2025 across a 1,736 square kilometer land package, and will give it the option to select up to four properties totaling 120 square kilometers, earning a 75 percent interest in each project.
The company has not released news in the past week.
5. Falco Resources (TSXV:FPC)
Weekly gain: 42.86 percent; market cap: C$77.04 million; share price: C$0.30
Falco Resources is an exploration and development company operating within the Abitibi Greenstone Belt in Québec, Canada. Its flagship asset is the Horne 5 polymetallic gold project, which consists of 67,000 hectares of land in the Noranda mining camp, and includes 13 historic gold and base metals mining sites, including the Horne mine.
A 2021 feasibility study estimates that the project's measured and indicated resources stand at 4.89 million ounces of gold, 48.63 million ounces of silver, 176,982 MT of copper and 839,937 MT of zinc.
The most recent news from Falco came on July 25, when the company announced that Benoit Charette, the minister of the environment, the fight against climate change, wildlife and parks, had given a mandate for an inquiry and a public hearing to be held for Horne 5. The company said this is an important milestone for the project, and will allow it to respond to questions from the public about Horne 5. The mandate will last a maximum of four months.
FAQs for TSXV stocks
What is the difference between the TSX and TSXV?
The TSX, or Toronto Stock Exchange, is used by senior companies with larger market caps, while the TSXV, or TSX Venture Exchange, is used by smaller-cap companies. Companies listed on the TSXV can graduate to the senior exchange.
How many companies are listed on the TSXV?
As of June 2024, there were 1,630 companies listed on the TSXV, 925 of which were mining companies. Comparatively, the TSX was home to 1,806 companies, with 188 of those being mining companies.
Together the TSX and TSXV host around 40 percent of the world’s public mining companies.
How much does it cost to list on the TSXV?
There are a variety of different fees that companies must pay to list on the TSXV, and according to the exchange, they can vary based on the transaction’s nature and complexity. The listing fee alone will most likely cost between C$10,000 to C$70,000. Accounting and auditing fees could rack up between C$25,000 and C$100,000, while legal fees are expected to be over C$75,000 and an underwriters’ commission may hit up to 12 percent.
The exchange lists a handful of other fees and expenses companies can expect, including but not limited to security commission and transfer agency fees, investor relations costs and director and officer liability insurance.
These are all just for the initial listing, of course. There are ongoing expenses once companies are trading, such as sustaining fees and additional listing fees, plus the costs associated with filing regular reports.
How do you trade on the TSXV?
Investors can trade on the TSXV the way they would trade stocks on any exchange. This means they can use a stock broker or an individual investment account to buy and sell shares of TSXV-listed companies during the exchange's trading hours.
Data for this 5 Top Weekly TSXV Performers article was retrieved at 12:30 pm PST on August 16, 2024, using TradingView's stock screener. Only companies with market capitalizations greater than C$10 million prior to the week's gains are included. Companies within the non-energy minerals and energy minerals were considered.
Article by Dean Belder; FAQs by Lauren Kelly.
Don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.
Securities Disclosure: I, Lauren Kelly, hold no direct investment interest in any company mentioned in this article.
TEM | Yalgoo Update - Remorse Sampling Indicates Further Prospectivity
Tempest Minerals Ltd (TEM) is pleased to provide information on the Remorse Target. Recently completed soil sampling in the south of the main Remorse Target has yielded comparable copper and zinc to previous work and further cementing the ~ 5km x 1.5km coherent anomaly. Analyses utilising spectral mineralogical show the likely presence of a significant hydrothermal system to a degree much further than identified in geochemistry or fieldwork. This is an exciting improvement to the prospectivity of the target with a 5,000m RC drilling program imminent. Earthworks for drilling are nearing completion and drilling will commence upon arrival of the contracted drill rig.
Key Points
- Expanded copper and zinc footprint from recent surface sampling
- Copper minerals and alteration identified in mineralogical studies increasing prospectivity
- Earthworks nearing completion and drilling to commence shortly thereafter
Background
TEM holds more than 1,000km2 1 of highly prospective tenure in the Yalgoo Region of Western Australia 2. TEM previously announced the presence of large-scale copper zinc anomalies at the Remorse Target based on geology, geochemistry and geophysics that it is progressing towards drilling 3, 4, 5 and that sampling of a previously incomplete block was recently completed.
Existing Prospectivity
TEM has for some time considered the Remorse Target to be a compelling exploration target due to a number of geological factors.
Previous geochemistry
The initial recognition of the Remorse Target was due to the observation of an anomaly in previously conducted wide-spaced regional surface geochemical sampling. The 4.5km anomaly exhibits high-grade (up to 635 ppm copper) samples 6 and has a remarkably coherent layering of elements (zinc, copper, nickel and rare earths) 7.
Geology
The primary mineralisation style being considered at the Remorse Target is Volcanogenic Massive Sulphides (VMS) with a typical geological environment being deep-sea sedimentary stratigraphy with intermingled mafic and felsic volcanics. The stratigraphy often exhibits iron enrichment in the form of banded iron formations and cherts. The presence of magnetite and significant banded iron geology at the Remorse Target is commonly spatially associated with VMS systems in general 8 and also a defining characteristic of the nearby Golden Grove copper-zinc deposit 9.
The Remorse Target features large-scale structures that offset the geology at surface and may serve as feeder systems, contributing to the potential mineralisation of the area. These potential feeder structures are significant as they are integral to the formation of many mineralised VMS systems 10.
Click here for the full ASX Release
This article includes content from Tempest Minerals 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.
RC Drill Results Further Confirm Kamperman Potential
Astral Resources NL (ASX: AAR) (Astral or the Company) is pleased to report assay results for the final three RC holes from a recently completed 26-hole (2,808 metres) RC drilling 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 for the final three holes from the 26-hole (2,808 metres) reverse circulation (RC) infill and extensional drilling program at the Kamperman Prospect (Feysville Gold Project) have been received, with best results including:
- 10 metres at 5.04g/t Au from 99 metres in FRC350; and
- 32 metres at 2.13g/t Au from 125 metres in FRC360.
- In-fill results continue to support the interpretation of a very continuous, steeply west-dipping, zone of high-grade gold mineralisation in the southern part of the deposit.
- A maiden Mineral Resources Estimate (MRE) for Kamperman is scheduled to be reported in the September Quarter as part of an updated MRE for the broader Feysville Gold Project.
Astral Resources’ Managing Director Marc Ducler said: “We had already considered this 26-hole drill program to be the most successful program completed to date at Kamperman, and when you include these final three holes – we are now certain of it!
“These latest results strengthen our geological interpretation of a broad, 30-metre-wide zone of consistent high-grade gold mineralisation across multiple sections in the southern part of the Kamperman Deposit. This bodes well for the upcoming maiden Mineral Resource Estimate for Kamperman as part of the wider Feysville Gold Project.
“The exploration focus has now returned to the Theia deposit, the cornerstone of our flagship Mandilla Gold Project, where the first phase of a new infill RC drilling program commenced early this month.
“On completion of the phase one program, Astral will return to Feysville for further in-fill and extensional RC drilling at Kamperman, as well as follow up on two significant greenfield gold anomalies announced in July 2024 to the north-west of Kamperman.”
Figure 1 - Map illustrating location of Mandilla and Feysville Gold Projects.
FEYSVILLE GOLD PROJECT
The Feysville Gold Project is located within the north-north-west trending Norseman – Wiluna Greenstone Belt, within the Kambalda Domain of the Archean Yilgarn Craton, approximately 14km south of the KCGM Super Pit in Kalgoorlie.
Significant gold and nickel mineralisation occurs throughout the belt, including world-class deposits such as the Golden Mile Super Pit in Kalgoorlie owned by Northern Star Resources Limited (ASX: NST) and the St Ives Gold Mine south of Kambalda owned by Gold Fields Limited. The area also hosts the substantial Beta Hunt Gold Mine owned by Westgold Resources Limited (ASX: WGX).
Feysville hosts an MRE of 3Mt at 1.3g/t Au for 116koz of contained gold1 at the Think Big deposit, providing a foundation for the project to potentially become a source of satellite ore feed for a future operation based on Astral’s flagship Mandilla Gold Project.
Click here for the full ASX Release
This article includes content from Astral Resources, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Top Stories This Week: Gold Price Hits New Record of US$2,500, Mining M&A Continues
The gold price began the week on a strong note, rising to just over US$2,475 per ounce ahead of the latest US consumer price index (CPI) data, which was released on Wednesday (August 14).
The CPI was up 2.9 percent year-on-year in July, and 0.2 percent from the previous month. Core CPI, which excludes food and energy, was up 3.2 percent on an annual basis and 0.2 percent month-on-month.
The numbers, along with Tuesday's (August 13) producer price index data, shifted market watchers' expectations for next month's US Federal Reserve meeting. While an interest rate cut is still all but guaranteed, CME Group's (NASDAQ:CME) FedWatch tool now shows more experts anticipate a 25 basis point cut instead of a 50 basis point decrease.
Gold dipped down to the US$2,441 level on Thursday (August 15), but moved substantially higher on Friday (August 16), breaking the US$2,500 mark for the first time ever and closing above that level. US Department of Commerce data showing a fifth monthly decrease in a row for homebuilding reportedly helped push the precious metal upward.
Gold was also in focus this week as investor Michael Burry of "The Big Short" fame reportedly sold the Sprott Physical Gold Trust (ARCA:PHYS) shares that he bought in the first quarter of this year.
Among other activities, Burry added to his position Alibaba Group Holdings (NYSE:BABA) and initiated a stake in Shift4 Payments (NYSE:FOUR); however, overall he shrank his equity portfolio by half. There's no official word on why Burry sold his Sprott Physical Gold Trust shares, but some have speculated that he could have traded them for physical metal.
Bullet briefing — Gold Fields to buy Osisko, Escondida workers on strike
Gold Fields to buy Osisko Mining
M&A was in the air again this week, with major South African miner Gold Fields (NYSE:GFI,JSE:GFI) announcing plans to acquire Osisko Mining (TSX:OSK,OTC Pink:OBNNF) for C$2.16 billion.
Through the all-cash deal, Gold Fields will gain full control of the Quebec-based Windfall gold project, which it currently jointly and equally owns and manages with Osisko. The companies have been working together on the asset since 2023, and Gold Fields said it sees the property as the next cornerstone in its portfolio.
"Throughout our joint ownership of the project since May 2023, and the due diligence that preceded it, we have developed a strong understanding of Windfall and its potential and view it as the next long-life cornerstone asset in our portfolio" — Mike Fraser, Gold Fields
If approved, the companies expect to close the transaction in Q4 of this year.
Victoria Gold placed into receivership
Beleaguered Victoria Gold (TSXV:VGCX,OTC Pink:VITFF) was placed into receivership by the Ontario Superior Court of Justice on August 14 after it reviewed an application from the Yukon government.
The company has been engaged in cleanup efforts at its Eagle gold mine since late June, when the collapse of the heap leach pad at the site unleashed cyanide-laced rocks into the environment. While Victoria Gold maintains that it has "essentially achieved" all the directives issued by the Yukon government, legislators aren't satisfied with its efforts. The local First Nation is also disappointed with Victoria Gold's work so far.
"We have essentially achieved all of the directives that they have issued. We’ve just, in some cases, done it in a different way" — John McConnell, Victoria Gold
With the receivership in place, PwC is now managing Victoria Gold. Shares of the company have been halted from trading on the TSX after falling more than 90 percent.
Copper gets boost from Escondida strike
Copper prices got a boost this week as workers at BHP's (ASX:BHP,NYSE:BHP,LSE:BHP) Escondida mine in Chile went on strike. The strike began on August 13 as contract negotiations between the company and a union fell apart.
The union is looking for a larger share of profits, and has accused BHP of engaging in anti-union practices by replacing striking workers who have walked out. BHP has said this was necessary to maintain basic operations at the Escondida site. As of Thursday (August 15), the parties hadn't been able to return to the table to restart negotiations.
Escondida is the world's largest copper mine, responsible for close to 5 percent of global supply in 2023. Strikes in previous years have impacted BHP's ability to supply the metal.
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Project Rationalisation
As previously advised, Golden Mile Resources Limited (“Golden Mile”; “the Company”; ASX: “G88”) has been undertaking a detailed review of all projects in its current portfolio. As a part of this strategic review, the Company has now completed its detailed technical assessment of the Marble Bar and Murchison Projects.
Marble Bar
A 120-sample stream sediment programme was carried at the Marble Bar Project to determine the Project’s potential, and whether the geochemical sampling results warranted further exploration activities. The results of this programme indicated only weak metal anomalism, and no further exploration activities are warranted.
Murchison
A review and field evaluation, reported previously, were carried out at the Murchison Project, E20/1005. This included reconnaissance mapping, and rock chip sampling, with a focus on the outcropping granitoids, pegmatitic veins, shear zones, and the local tungsten workings.
Rationalisation
As a result of these project reviews, the Board has made the decision to relinquish the Marble Bar and Murchison tenements. This entails the surrender of granted exploration licences E45/6210, E45/6211 and E20/1005, and the withdrawal of Exploration Licence Application ELA45/6709. These granted Exploration Licences carried minimum annual expenditure commitments of $114,000, and approximately $23,000 in Department of Energy, Mines, Industry Regulation & Safety (DEMIRS) rent and shire rates payments.
This decision allows the Company to focus on its projects which have the greatest potential, including the recent joint venture-acquisition of the highly prospective Pearl Copper Project located in Arizona, USA.
Click here for the full ASX Release
This article includes content from Golden Mile Resources, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
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