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![Prospect Ridge Resources Discovers New High-Grade Showings on the Holy Grail Property West of the Copper Ridge Zone](https://investingnews.com/media-library/image.png?id=52253612&width=1200&height=800)
Prospect Ridge Resources Discovers New High-Grade Showings on the Holy Grail Property West of the Copper Ridge Zone
May 22, 2024
Prospect Ridge Resources Corp. (the "Company" or "Prospect Ridge") (CSE: PRR) (OTC: PRRSF) (FRA: OED) is pleased to announce many new discoveries on the Holy Grail property. High-grade samples were obtained just west of our Knauss Creek property in the vicinity of the Copper Ridge zone and Leon’s Legacy showings. Other high-grade results on the western limb of the property are located on Mount Garland and the Wesach mountain. The fully owned Holy Grail property, starts approximately 10 km north of Terrace, British Columbia.
The last few days of the 2023 prospecting program gave us a surprise when the field team decided to step out of Copper Ridge and go on the Holy Grail property side. This led to the discovery of two new showings named Golden Bowl and Temple located approximately 1.5 km to the west and 2.5 km to the northwest respectively. On the western limb of the property, the summer of 2023 results are outlining two clusters of samples returned high-grade results, one on Mount Garland and one on the Wesach mountain (Figure 1).
Highlights from outcrop samples:
Golden Bowl
- 9.99 g/t Au, 183 g/t Ag, 1.81% Cu, 7.4% Pb and 0.17% Zn (W500082)
- 8.35 g/t Au, 63 g/t Ag, 0.44% Cu, 3.5% Pb and 0.35% Zn (W386369)
Temple
- 8.16 g/t Au, 137 g/t Ag and 14.8% Cu (W500697)
- 0.18 g/t Au, 94 g/t Ag and 4.6% Cu (W500698)
- 0.08 g/t Au, 22 g/t Ag and 5.9% Cu (W500696)
Mount Garland
- 7.9% Cu, 634 g/t Ag and 0.7% Zn (W387642, erratic block)
- 5.1% Cu, 0.11 g/t Au, 14 g/t Ag and (W489403)
- 2.2% Cu and 98 g/t Ag (W489406)
- 2.1% Cu, 61 g/t Ag and 0.23% Zn (W489408)
Wesach mountain
- 5.43 g/t Au, 9 g/t Ag, 0.22% Pb and 0.47% Zn (W501823)
- 1.13 g/t Au, 102 g/t Ag, 3.27% Pb and 2.57% Zn (W502285)
Prospect Ridge CEO Michael Iverson commented, “I’m thrilled with these new discoveries. Our exploration efforts have unveiled remarkable finds throughout the 2023 summer underscoring the richness of our land package and the skills of our field team. These new showings on the Holy Grail are confirming the extraordinary geological potential in the Terrace area south of the Golden Triangle.”
Prospect Ridge President Yan Ducharme added, “The Golden Bowl and Temple new discoveries are adding pieces to the puzzle connecting previously discovered Copper Ridge and Leon’s Legacy. These polymetallic veins stand as a testament to the barely tapped potential of this underexplored land package, hinting numerous future discoveries to be unearthed. All the mountains of the western reaches of the Holy grail have delivered high-grade showings often within a cluster of lower grade rocks. Summer 2024 will see us initiate the first drill holes on the Copper Ridge zone and we will pick up prospection where we left off.”
Eastern part of Holy Grail
Prospection approximately 1.5 km west of the Copper Ridge zone, in a topographic bowl, led to the discovery of a quartz vein containing 9.99 g/t Au, 183 g/t Ag, 1.81% Cu, 7.44% Pb and 0.17% Zn (W500082). Forty meters from it, another vein with 8.35 g/t Au, 63 g/t Ag, 0.44% Cu, 3.5% Pb and 0.35% Zn (W386369) was sampled. More mineralized veins were sampled at the bottom of the bowl, while two erratic blocks and a vein were sampled on the flank of it. The veins of this Golden Bowl showing are hosted in an intrusion.
Approximately 2.5 km northwest of the Copper Ridge zone and 1 km south of the Leon’s Legacy, 8.16 g/t Au, 137 g/t Ag and 14.8% Cu (W500697) was obtained on a quartz vein. Within 50 meters, two other samples gave 0.08 g/t Au, 22 g/t Ag and 5.92% Cu (W500696) and 0.18 g/t Au, 94 g/t Ag and 4.55% Cu (W500698). More mineralized samples were taken in the vicinity and are part of the Temple showing.
Western part of Holy Grail
The northern flank of Mount Garland is easily accessible by logging roads. The prospecting works led to the sampling of many quartz veins with chalcopyrite and malachite which contains mainly copper and silver, but also occasional gold and zinc occurrences. The best results were obtained from an erratic block, taken on a talus, which yield 7.91% Cu and 634 g/t Ag (W387642). Other in situ veins were sampled and gave 5.07% Cu, 0.11 g/t Au, 14 g/t Ag (W489403), 2.20% Cu, 98 g/t Ag (W489406) and 2.09% Cu, 61 g/t Ag (W489408). These samples are part of a cluster covering an area of 3.5 km by 1.5 km of mineralized veins and blocks. The alpine part of Mount Garland has not been prospected yet.
Figure 1: Location map with new showings.
Figure 2: Best new values obtained on the Holy Grail during the summer 2023 field program.
Prospecting on the southern side of the Wesach mountain, uphill of the Wesach Creek, led to the discovery of many quartz veins bearing gold, silver, lead and zinc. Sample W501823 contains 5.43 g/t Au, 8.5 g/t Ag, 0.22% Pb and 0.47% Zn and sample W502285 contains 1.13 g/t Au, 102 g/t Ag, 3.27% Pb and 2.57% Zn. A cluster of mineralized samples covers an area of 400 m by 400 m. Some sampled erratic blocks returned copper, gold and silver values. The source has yet to be found.
Sample | Easting1 | Northing1 | Au (g/t) | Ag (g/t) | Cu (%) | Pb (%) | Zn (%) | AuEq g/t2 |
Golden Bowl | ||||||||
W386366 | 537645 | 6070688 | 0.526 | 23.8 | 0.686 | 0.008 | 0.002 | 1.784 |
W386368 | 537655 | 6070699 | 0.089 | 5.1 | 0.336 | 0.001 | 0.003 | 0.626 |
W386369 | 537643 | 6070822 | 8.350 | 63.2 | 0.438 | 3.500 | 0.345 | 11.100 |
W4894713 | 537202 | 6070540 | 0.704 | 2.3 | 0.004 | 0.146 | 0.029 | 0.800 |
W4894723 | 537273 | 6070565 | 0.018 | 5.1 | 0.385 | 0.001 | 0.007 | 0.625 |
W489473 | 537274 | 6070607 | 1.130 | 0.8 | 0.016 | 0.147 | 0.005 | 1.216 |
W497153 | 537570 | 6070674 | 1.940 | 1.6 | 0.002 | 0.001 | 0.005 | 1.964 |
W500081 | 537650 | 6070693 | 0.022 | 7.5 | 0.421 | 0.000 | 0.005 | 0.708 |
W500082 | 537628 | 6070782 | 9.990 | 183 | 1.810 | 7.440 | 0.173 | 17.442 |
Temple | ||||||||
W489476 | 536364 | 6072676 | 0.026 | 2.2 | 0.107 | 0.000 | 0.006 | 0.206 |
W4894773 | 536329 | 6072483 | 0.346 | 3.4 | 0.413 | 0.000 | 0.001 | 0.970 |
W500695 | 536538 | 6072489 | 0.247 | 13.7 | 0.753 | 0.001 | 0.011 | 1.479 |
W500696 | 536549 | 6072472 | 0.080 | 22 | 5.920 | 0.001 | 0.008 | 8.693 |
W500697 | 536549 | 6072470 | 8.160 | 137 | 14.800 | 0.010 | 0.008 | 30.682 |
W500698 | 536586 | 6072438 | 0.180 | 94.1 | 4.550 | 0.002 | 0.008 | 7.734 |
Golden Bowl and Temple area | ||||||||
W386365 | 536699 | 6071100 | 0.336 | 5.3 | 0.013 | 0.002 | 0.000 | 0.419 |
W489470 | 536759 | 6071107 | 0.696 | 7.4 | 0.001 | 0.004 | 0.000 | 0.788 |
W496077 | 535736 | 6073154 | 0.002 | 0.3 | 0.070 | 0.000 | 0.008 | 0.107 |
W496079 | 536149 | 6073403 | 0.037 | 1.7 | 0.158 | 0.000 | 0.007 | 0.283 |
W500651 | 536677 | 6071905 | 0.002 | 1.9 | 0.031 | 0.120 | 0.008 | 0.114 |
W500652 | 536663 | 6071893 | 0.258 | 45.1 | 0.005 | 1.520 | 0.002 | 1.347 |
W500657 | 536574 | 6071821 | 0.016 | 6.8 | 0.057 | 0.026 | 0.000 | 0.188 |
W500658 | 536661 | 6071839 | 0.089 | 17.1 | 0.021 | 0.008 | 0.003 | 0.329 |
Mount Garland | ||||||||
W3876423 | 520095 | 6066782 | 0.037 | 634 | 7.910 | 0.083 | 0.703 | 19.153 |
W387643 | 520155 | 6066561 | 0.008 | 4.3 | 0.079 | 0.002 | 0.008 | 0.175 |
W3876443 | 520004 | 6066702 | 0.027 | 3.4 | 0.140 | 0.000 | 0.007 | 0.268 |
W387645 | 520050 | 6066573 | 0.002 | 1.6 | 0.079 | 0.000 | 0.007 | 0.135 |
W489394 | 521080 | 6067474 | 0.002 | 3.4 | 0.091 | 0.000 | 0.001 | 0.172 |
W4893953 | 521268 | 6066970 | 0.002 | 4.7 | 0.182 | 0.001 | 0.015 | 0.322 |
W4893963 | 521266 | 6066972 | 0.017 | 0.8 | 0.067 | 0.000 | 0.002 | 0.122 |
W489397 | 520566 | 6067623 | 0.087 | 13 | 1.140 | 0.000 | 0.007 | 1.854 |
W489398 | 520557 | 6067625 | 0.073 | 5.8 | 0.294 | 0.000 | 0.002 | 0.558 |
W489399 | 521361 | 6066538 | 0.013 | 4.2 | 0.117 | 0.001 | 0.007 | 0.232 |
W489400 | 521390 | 6066436 | 0.009 | 14.6 | 0.673 | 0.000 | 0.002 | 1.135 |
W4894023 | 521647 | 6066024 | 0.025 | 3.7 | 0.196 | 0.000 | 0.007 | 0.349 |
W489403 | 521717 | 6065912 | 0.112 | 13.9 | 5.070 | 0.000 | 0.011 | 7.430 |
W489405 | 522375 | 6067175 | 0.002 | 4.3 | 0.055 | 0.011 | 0.015 | 0.141 |
W489406 | 522612 | 6066938 | 0.011 | 98.4 | 2.200 | 0.035 | 0.053 | 4.334 |
W489407 | 522667 | 6066898 | 0.005 | 40 | 0.305 | 0.013 | 0.303 | 1.042 |
W489408 | 522725 | 6066802 | 0.035 | 60.6 | 2.090 | 0.051 | 0.232 | 3.822 |
W496060 | 520312 | 6067914 | 0.006 | 2.3 | 0.134 | 0.000 | 0.003 | 0.224 |
W496061 | 520318 | 6067908 | 0.002 | 8.6 | 0.191 | 0.000 | 0.002 | 0.376 |
W496064 | 519201 | 6067566 | 0.108 | 2.7 | 0.124 | 0.000 | 0.002 | 0.316 |
W5000533 | 522163 | 6067074 | 0.008 | 55.1 | 0.011 | 0.032 | 0.010 | 0.705 |
W500055 | 520461 | 6067513 | 0.026 | 5.3 | 0.004 | 0.021 | 0.012 | 0.108 |
W500635 | 520166 | 6067722 | 0.002 | 31.1 | 0.358 | 0.019 | 0.052 | 0.910 |
W5022773 | 521175 | 6066358 | 0.002 | 7.8 | 0.001 | 0.009 | 0.000 | 0.101 |
W502278 | 521097 | 6066216 | 0.002 | 1.8 | 0.105 | 0.001 | 0.009 | 0.176 |
W5022793 | 521088 | 6066208 | 0.002 | 2.3 | 0.135 | 0.001 | 0.010 | 0.224 |
W5022813 | 521040 | 6066269 | 0.005 | 4.5 | 0.320 | 0.000 | 0.006 | 0.513 |
W502283 | 521121 | 6066020 | 0.006 | 4.3 | 0.334 | 0.005 | 0.005 | 0.532 |
W502284 | 521110 | 6065993 | 0.006 | 2.0 | 0.076 | 0.003 | 0.002 | 0.139 |
Wesach mountain | ||||||||
W3847943 | 519537 | 6076197 | 0.009 | 4.8 | 0.254 | 0.002 | 0.002 | 0.427 |
W387610 | 519186 | 6076179 | 0.008 | 9.6 | 0.002 | 0.602 | 0.208 | 0.420 |
W387611 | 519185 | 6076186 | 0.043 | 14.1 | 0.002 | 0.573 | 0.145 | 0.475 |
W387613 | 519182 | 6076193 | 0.031 | 20 | 0.003 | 1.155 | 0.375 | 0.831 |
W387614 | 519253 | 6076226 | 0.360 | 36.5 | 0.033 | 1.760 | 0.478 | 1.655 |
W387615 | 519260 | 6076230 | 0.169 | 69.7 | 0.007 | 4.380 | 0.998 | 2.955 |
W387617 | 518206 | 6075523 | 0.622 | 2.9 | 0.011 | 0.115 | 0.147 | 0.771 |
W489359 | 519204 | 6076204 | 0.011 | 4.2 | 0.005 | 0.202 | 1.210 | 0.614 |
W489360 | 519186 | 6076204 | 0.073 | 19.6 | 0.003 | 1.150 | 0.568 | 0.942 |
W4894093 | 518304 | 6075043 | 0.107 | 10.8 | 0.291 | 0.001 | 0.020 | 0.656 |
W4894113 | 519368 | 6075852 | 0.481 | 48.6 | 0.289 | 1.970 | 0.061 | 2.194 |
W5006073 | 519194 | 6076234 | 0.079 | 1.8 | 0.261 | 0.002 | 0.005 | 0.471 |
W501809 | 519180 | 6075923 | 0.040 | 7.4 | 0.001 | 0.426 | 0.080 | 0.312 |
W501823 | 518209 | 6075519 | 5.430 | 8.5 | 0.014 | 0.223 | 0.465 | 5.813 |
W502285 | 519190 | 6075944 | 1.130 | 102 | 0.009 | 3.270 | 2.570 | 4.534 |
W502287 | 519249 | 6075965 | 0.088 | 0.5 | 0.017 | 0.003 | 0.010 | 0.123 |
W502288 | 519238 | 6075961 | 0.028 | 1.2 | 0.020 | 0.027 | 0.064 | 0.105 |
W502289 | 519300 | 6075960 | 0.019 | 5.0 | 0.003 | 0.351 | 0.006 | 0.210 |
W502292 | 519217 | 6075941 | 1.860 | 1.0 | 0.071 | 0.000 | 0.005 | 1.974 |
W5022933 | 519270 | 6075964 | 0.052 | 4.5 | 0.004 | 0.247 | 0.262 | 0.302 |
W502294 | 519283 | 6075967 | 0.019 | 6.8 | 0.025 | 0.413 | 0.259 | 0.383 |
Table 1: Best Results from the Holy Grail surface sampling of summer 2023.
1: Coordinates in meters UTM Nad83 Zone 9N
2: Gold equivalents were calculated with a gold price of $1,750/oz, silver at $21/oz, copper at $3.60/lbs, lead at $0.90/lbs and zinc at $1.00/lbs.
3: Erratic block.
Cautionary statements
Outcrop samples are selective by nature and grades may not be representative of mineralized zones. True thickness or mineralization style and geological models cannot be determined with the information currently available.
Quality control
Rock samples were assayed for gold by standard 50 g fire-assaying with atomic absorption finish (Au-AA24) or gravimetric finish (Au-GRA22) or 1000g metallic screening (Au-SCR24) at ALS Canada in Terrace, British Columbia. The samples were also assayed for 35 metals from an aqua regia digestion with ICP-AES finish (ME-ICP41). For samples with overlimit results in silver, copper, lead and zinc, aqua regia with ICP finish was used (OG46 ore grade). A quality assurance/quality control program has been implemented and consists of inserting standards on a regular basis in the samples stream.
Qualified Person
All scientific or technical information included in this news release has been reviewed, verified and approved by Yan Ducharme, P.Geo., President of the Company and a qualified person as defined by National Instrument 43-101. This news release was written by Yan Ducharme.
About the Holy Grail property
The fully owned Holy Grail starts approximately 10 kilometres north of the town of Terrace in the Province of British Columbia, Canada. It is easily accessible by the Transcanadian highway, the Nisga’a highway and a network of logging roads. It covers about 700 square kilometres and is contiguous to our fully owned Knauss Creek property.
Several gold, silver, copper, lead and zinc occurrences were discovered in the past. Almost all the creeks draining the property were exploited at some point and alluvial gold was recovered.
During the 2023 field season, the Company continued exploring this huge land package which contains many showings of interest.
The southern tip of the Golden Triangle is located immediately northwest of the PRR properties. The Bowser Lake and the Hazelton Groups hosting most of the deposits and mines of this area are also underlying the Knauss Creek and Holy Grail properties.
About Prospect Ridge Resources Corp.
Prospect Ridge Resources Corp. is a British Columbia based exploration and development company focused on gold, silver and copper exploration. Prospect Ridge’s management and technical team cumulate over 100 years of mineral exploration experience and believes the Knauss Creek and the Holy Grail properties, near the town of Terrace BC, to have the potential to extend the boundaries of the Golden Triangle to cover this vast under-explored region.
Contact Information
Prospect Ridge Resources Corp.
Mike Iverson
Email: mike.iverson@prospectridgeresources.com
Telephone: 604-351-3351
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
This release includes certain statements and information that may constitute forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking statements relate to future events or future performance and reflect the expectations or beliefs of management of the Company regarding future events. Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as “intends” or “anticipates”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “should”, “would” or “occur”. This information and these statements, referred to herein as "forward-looking statements", are not historical facts, are made as of the date of this news release and include without limitation, statements regarding discussions of future plans, estimates and forecasts and statements as to management's expectations and intentions with respect to, among other things, positive exploration results at the Knauss Creek and Holy Grail projects and the Company’s use of proceeds from the Private Placement. These forward-looking statements involve numerous risks and uncertainties and actual results might differ materially from results suggested in any forward-looking statements. These risks and uncertainties include, among other things, that future exploration results at the Knauss Creek and Holy Grail projects will not be as anticipatedand that the Company will use the proceeds from the Private Placement as anticipated.
In making the forward-looking statements in this news release, the Company has applied several material assumptions, including without limitation, that future exploration results at the Knauss Creek and Holy Grail projects will be as anticipated and that the Company will use the proceeds from the Private Placement as anticipated.
Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Readers are cautioned that reliance on such information may not be appropriate for other purposes. The Company does not undertake to update any forward-looking statement, forward-looking information or financial out-look that are incorporated by reference herein, except in accordance with applicable securities laws. We seek safe harbor.
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The Conversation (0)
15 May
Prospect Ridge Resources
Overview
Prospect Ridge (CSE:PRR,OTC:PRRSF,FRA:OED) is a precious metals exploration company focused on key projects in Northern British Columbia near the prolific Golden Triangle. The Golden Triangle in northwest British Columbia has been a hub for mineral exploration and mining endeavors for over 150 years. The company owns 100 percent of both the Knauss Creek property and the Holy Grail property.
The Knauss Creek property resembles the high-grade mineralization found in the historical Dorreen mine. Exploration at Knaus Creek has revealed high-grade mineralization comprising gold, silver, copper, lead and zinc. The Copper Ridge zone, which is in the southern part of the Knauss Creek property, is particularly interesting. During 2023, a total of 241 samples were collected from this area. The assays from outcrop samples have extended the Copper Ridge mineralized zones over an east-west strike length of 1,550 meters, a north-south strike of 850 meters, and a height difference of 470 meters.
The assay results highlight the area's significant potential, which measured only 200 meters at the start of 2023 and has now extended to over 1.5 kms. Extensive areas of land remain unexplored. The company is in the process of organizing a surface drilling program spanning 5,000 meters to assess the drill-ready Copper Ridge zone and other nearby targets.
The other property, Holy Grail, has also historically produced high-grade gold and silver from placer mining. Prospecting results at the Holy Grail property showed exceptional promise, uncovering significant discoveries of gold, silver, copper, lead and zinc.
Prospect Ridge benefits from a team of professionals boasting extensive expertise in geology and mining. The company is led by Micheal Iverson, CEO, who has more than three decades of experience in mining exploration. The management team has a proven track record of executing several successful exploration and development projects, including Fortuna Silver Mines and NioGold Mining’s Marban project.
Company Highlights
- Prospect Ridge is a Canada-based exploration and development company with two highly prospective land packages in British Columbia.
- The company’s two key assets are the Knauss Creek property and the Holy Grail property, located near the renowned Golden Triangle region in northwestern British Columbia. The Golden Triangle has historically been known for abundant precious and base metal discoveries, with numerous active mining projects and ongoing resource exploration.
- The flagship Knauss Creek property has revealed high-grade surface samples up to 78.9 g/t gold, 4,740 g/t silver, 29.4 percent copper, 33.33 percent lead and 4.10 percent zinc. The Copper Ridge zone is particularly interesting, where a 1.5-km strike zone containing high-grade gold-silver-copper trends were discovered.
- The company plans a 5,000-meter surface drill program to test the drill-ready target Copper Ridge zone as well as other targets.
- Prospecting results from the Holy Grail property are exceptionally promising. They reveal noteworthy discoveries of gold, silver, copper, lead and zinc.
- Prospect Ridge is led by a proven team of executives with more than 100 years of combined experience leading several successful exploration and development projects, including Fortuna Silver Mines and NioGold Mining’s Marban project (sold to Oban Mining, now Osisko Mining).
Key Projects
Knauss Creek Property
The Knauss Creek property, situated 35 kms north of Terrace, BC, spans 2,944. It has excellent infrastructure access, proximity to Highway 16, numerous logging roads traversing it, and the Canadian National Railway passing through.
The property is home to the historical Dorreen mine. Various showings on the property, including the Jay Veins, Hugin, Kandy and Copper Ridge, contain gold, silver, copper, lead and zinc mineralization. The current focus is on the Copper Ridge zone, a high-grade polymetallic mineralization zone spanning 1,500 meters.
Assays from outcrop samples gathered during the 2023 prospecting season have revealed numerous high-grade gold, silver and copper findings. Highlights from rock outcrop sampling, include:
- Sample W489444 contains 6.70 grams per ton (g/t) gold, 4,610 g/t silver, 2.23 percent copper
- Sample W489424 contains 15.9 g/t gold, 987 g/t silver, 0.29 percent copper, 17.55 percent lead, 6.99 percent zinc
- Sample W501837 contains 0.49 g/t gold, 134 g/t silver and 29.4 percent copper
- Sample W501812 contains 2.14 g/t gold, 264 g/t silver and 10.35 percent copper
Consequently, the Copper Ridge zone has been extended, now measuring an east-west length of 1,550 meters, a north-south strike length of 850 meters, and a vertical difference of 470 meters. Field data suggests the veins follow a north-south orientation and dip towards the east. The interpretation suggests the zone comprises a network of mineralized veins arranged like a ladder hosted within a dioritic intrusion.
The company is preparing a surface drilling program of 5,000 meters to evaluate drill-ready targets like the Copper Ridge zone, the Leon’s Legacy and Dorreen Mine showings.
Holy Grail Property
The Holy Grail property is located 10 km north of Terrace, BC, and forms a horseshoe that encloses the fully owned Knauss Creek property in its southeastern part. It currently spans 70,109 hectares. The property is easily accessible via a highway, multiple serviced roads, logging roads, and ATV trails that cross cut it.
Prospecting results from the Holy Grail property displayed remarkable potential through substantial findings of gold, silver, copper, lead and zinc. Key highlights of the results include:
- Grab sample C362354 returned 28.0 g/t gold, 56.9 g/t silver and 2.03 percent copper on the 4 Shore showing
- Grab sample C362357 returned 13.7 g/t gold, 39.9 g/t silver and 1.33 percent copper on the 4 Shore showing
- Grab sample C363353 returned 0.37 g/t gold, 58.7 g/t silver and 3.43 percent copper on the Maroon Creek showing
- Grab sample C363092 returned 6.7 g/t gold, 21.1 g/t silver, and 0.12 percent lead on the Iceberg showing.
Management Team
Michael Iverson – CEO and Director
Michael Iverson has over three decades of experience in public and private capital markets. He also has significant experience in the mining industry, having founded Niogold Mining and Fortuna Silver Mines. At Niogold, he spearheaded the acquisition and exploration of an expansive land parcel in Val D’Or, leading to the company's acquisition by Oban Mining, presently known as Osisko Mining , at a substantial premium to its market capitalization. At Fortuna, he played a vital role in the company's prosperous evolution into a silver producer with operational mines in Peru and Mexico. Iverson, over his entire career spanning three decades, has achieved, in aggregate, market capitalizations in excess of $1 billion.
Yan Ducharme – President and Director
Yan Ducharme is a professional geologist with over 25 years of experience in greenfield and brownfield exploration projects in Quebec, Ontario, Africa and South America. He was on the exploration team at SEMAFO and Cambior/Iamgold and was an exploration manager at NioGold (then vice-president exploration), Canadian Malartic, SOQUEM, and Wesdome Gold Mine. He worked in underground mines and open pits. Ducharme obtained a masters in earth sciences from the University of Quebec in Montreal.
Jasmine Lau – CFO
Jasmine Lau is a seasoned finance and accounting expert with a wealth of experience as a CFO in the mineral exploration and resource sector, having worked on projects across the globe. She was employed in internal audit at Teck Resources and Deloitte, where she focused on audits of public mining and resource companies. Lau is a CPA, CA, and holds a Bachelor of Commerce degree from the University of British Columbia.
Simon Ridgway – Chairman and Director
Simon Ridgway is the CEO of Rackla Metals, a Vancouver-based junior gold exploration company listed on the TSX Venture Exchange since September 2011. He is also the CEO, president and director of Volcanic Gold Mines, a Vancouver-based company engaged in gold and silver property acquisition and exploration.
Michael Michaud - Director
Michael Michaud is a professional geologist with over 30 years of experience. He is an expert in developing and executing regional and mine-site exploration strategies across diverse deposit types in North and South America, Africa, Asia and Europe. Michaud is the vice-president of exploration at Wesdome Gold Mines. He also held roles at several firms, including Iamgold, St Andrew Goldfields, SRK Consulting and North American Palladium. Michaud holds an honors B.Sc. from the University of Waterloo and an M.Sc. from Lakehead University.
Toby Lim - Director
Toby Lim has been a practicing solicitor since 1997, focusing on corporate and securities law. He received a Bachelor of Commerce degree with honours from the University of British Columbia in 1992, followed by a Bachelor of Laws degree from Osgoode Hall Law School in Ontario in 1996.
Jacques Brunelle – Director
Jacques Brunelle has over three decades of involvement in the North American mining sector. He has held executive positions as president and director in publicly traded companies, including Niogold Mining, where he served in 2003, culminating in a successful acquisition by Osisko Mining in 2016. Throughout his career, Brunelle has raised substantial funds for exploration and equity financing initiatives in both public and private enterprises.
Bradley Scharfe – Director
Bradley Scharfe has over 25 years of experience in North America's capital markets. Scharfe has led financing endeavors throughout his career and assembled robust companies across various sectors, including resources and commodities. He specializes in raising, deploying and managing venture capital for companies in their early growth stages. Previously, Scharfe served as a venture capital stockbroker with Canaccord Capital, a leading Canadian investment firm. Scharfe holds a Bachelor of Arts degree from the University of Toronto, where he majored in commerce and economics.
This article was written in collaboration with Couloir Capital.
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18 July
Eric Sprott Announces Changes to His Holdings in Freegold Ventures Limited
Eric Sprott announces that today, 2176423 Ontario Ltd., a corporation which is beneficially owned by him, purchased 770,000 common shares (Shares) of Freegold Ventures Limited., over the Toronto Stock Exchange (representing approximately 0.2% of the outstanding shares on non-diluted basis) at an average price of approximately $0.53 per share for aggregate consideration of approximately $408,100.
The acquired Shares were purchased in reliance on the normal course purchase exemption from the formal take-over bid requirements set out in Section 4.1 of National Instrument 62-104 - Take-Over Bids and Issuer Bids (NI 62-104). Such Shares do not represent more than 5% of the outstanding Shares, and the aggregate number of Shares acquired in reliance on this exemption with any joint actors within the last 12 months does not exceed 5% of the Shares outstanding at the beginning of the 12-month period. The Shares trade on the Toronto Stock Exchange and the value of the consideration paid for
the acquired Shares was not in excess of the market price at the date of acquisition, as determined in accordance with section 1.11 of NI 62-104, plus reasonable brokerage fees or commissions actually paid.
Prior to the acquisition of Shares, Mr. Sprott beneficially owned 123,149,556 Shares and 10,250,000 Warrants representing approximately 27.6% of the outstanding Shares on a non-diluted basis and approximately 29.2% of the outstanding Shares on a partially diluted basis assuming the exercise of such Warrants. As a result of the acquisition of Shares, Mr. Sprott now beneficially owns 123,919,556 Shares and 10,250,000 Warrants representing approximately 27.7% of the outstanding Shares on a non-diluted basis and approximately 29.4% on a partially diluted basis assuming the exercise of such Warrants. The acquisition resulted in an increase in holdings, on a partially diluted basis, of approximately 2.1% since the date of the last filing of an early warning report.
The Shares were acquired for investment purposes. Mr. Sprott has a long-term view of the investment and may acquire additional securities including on the open market or through private acquisitions or sell the securities including on the open market or through private dispositions in the future depending on market conditions, reformulation of plans and/or other relevant factors.
Freegold Ventures Limited is located at P.O. Box 10351, 888 700 West Georgia St., Vancouver, British Columbia, V7Y 1G5. A copy of the early warning report with respect to the foregoing will appear on Freegold Ventures profile on SEDAR+ at www.sedarplus.ca and may also be obtained by calling Mr. Sprott's office at (416) 945-3294 (2176423 Ontario Ltd., 7 King Street East, Suite 1106, Toronto, ON M5C 3C5).
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/217046
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18 July
Silver North Announces Closing of Final Tranche of Private Placement
(TheNewswire)
Vancouver, BC, July 18, 2024 TheNewswire Silver North Resources Ltd. (TSX-V: SNAG, OTCQB: TARSF) " Silver North " or the " Company ") is pleased to announce that it has closed the third and final tranche (the " Final Tranche ") of its non-brokered private placement (the " Offering ") for gross proceeds of $89,000. Further to the Company's news releases dated June 21, 2024 and June 28, 2024, the Company has raised aggregate gross proceeds of $827,380 in the Offering.
In connection with the closing of the Final Tranche the Company issued 556,250 non-flow-through units of the Company (the " NFT Units ") at a price of $0.16 per NFT Unit for gross proceeds of $89,000. Each NFT Unit is comprised of one common share in the capital of the Company (a " Share ") and one common share purchase warrant (a " Warrant ") of the Company. Each Warrant entitles the holder thereof to purchase one Share (a " Warrant Share ") until July 18, 2028 at an exercise price of $0.35 per Warrant Share.
The Company intends to use the proceeds from the Final Tranche for general corporate and working capital purposes.
In connection with the closing of the Final Tranche the Company issued 10,937 finder's warrants (the " Finder's Warrants ") and paid a cash commission of $1,750 to Canaccord Genuity Corp. Each Finder's Warrant entitles the holder thereof to purchase one Share (a " Finder's Warrant Share ") at a price of $0.16 per Finder's Warrant Share until July 18, 2025. The Finder's Warrants issued in connection with the Final Tranche are subject to a statutory hold period and may not be traded until November 19, 2024, except as permitted by applicable securities legislation.
Subject to compliance with applicable regulatory requirements and in accordance with National Instrument 45-106 – Prospectus Exemptions (" NI 45-106 "), a portion of the NFT Units, and the charity flow-through units (" CFT Units " and together with the NFT Units, the " Offered Securities ") were offered for sale to purchasers resident in Canada and/or other qualifying jurisdictions pursuant to the listed issuer financing exemption under Part 5A of NI 45-106 (the " Listed Issuer Financing Exemption "). Because a portion of the Offering was completed pursuant to the Listed Issuer Financing Exemption, that portion of securities issuable from the sale of the Offered Securities to Canadian resident subscribers in the Offering are not subject to a hold period pursuant to applicable Canadian securities laws. 93,750 NFT Units sold in the Final Tranche were issued pursuant to certain private placement exemptions under NI 45-106. Those NFT Units are subject to a statutory hold period of four months and one day in accordance with applicable Canadian securities laws. There is an offering document related to the Offering that can be accessed under the Company's profile at www.sedarplus.ca and on the Company's website at www.silvernorthres.com. Prospective investors should read this offering document before making an investment decision.
The securities described herein have not been, and will not be, registered under the U.S. Securities Act, as amended, or any state securities laws, and accordingly, may not be offered or sold within the United States or the US persons except in compliance with the registration requirements of the U.S. Securities Act and applicable state securities requirements or pursuant to exemptions therefrom. This press release does not constitute an offer to sell or a solicitation to buy any securities in any jurisdiction.
About Silver North Resources Ltd.
Silver North's primary assets are its 100% owned Haldane silver project (next to Hecla Mining Inc.'s Keno Hill Mine project), the Tim silver project (under option to Coeur Mining, Inc. in the Silvertip/Midway District, BC and Yukon) and the GDR project also in the Silvertip/Midway district. Silver North also plans to acquire additional silver properties in favourable jurisdictions.
The Company is listed on the TSX Venture Exchange under the symbol "SNAG", trades on the OTCQB market in the United States under the symbol "TARSF", and under the symbol "I90" on the Frankfurt Stock Exchange.
Mr. Jason Weber, P.Geo., President and CEO of Silver North Resources Ltd. is a Qualified Person as defined by National Instrument 43-101. Mr. Weber supervised the preparation of the technical information contained in this release.
For further information, contact:
Jason Weber, President and CEO
Sandrine Lam, Shareholder Communications
Tel: (604) 807- 7217
Fax: (888) 889-4874
To learn more visit: Â www.silvernorthres.com
X: https://x.com/SilverNorthRes
LinkedIn: https://
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. STATEMENTS IN THIS NEWS RELEASE, OTHER THAN PURELY HISTORICAL INFORMATION, INCLUDING STATEMENTS RELATING TO THE COMPANY'S FUTURE PLANS AND OBJECTIVES OR EXPECTED RESULTS, MAY INCLUDE FORWARD-LOOKING STATEMENTS. FORWARD-LOOKING STATEMENTS ARE BASED ON NUMEROUS ASSUMPTIONS AND ARE SUBJECT TO ALL OF THE RISKS AND UNCERTAINTIES INHERENT IN RESOURCE EXPLORATION AND DEVELOPMENT. AS A RESULT, ACTUAL RESULTS MAY VARY MATERIALLY FROM THOSE DESCRIBED IN THE FORWARD- LOOKING STATEMENTS.
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Copyright (c) 2024 TheNewswire - All rights reserved.
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18 July
Canadian Investment Regulatory Organization Trade Resumption - RUA
Trading resumes in:
Company: Rua Gold Inc.
CSE Symbol:RUA
All Issues: Yes
Resumption (ET): 8:00 AM
CIRO can make a decision to impose a temporary suspension (halt) of trading in a security of a publicly-listed company. Trading halts are implemented to ensure a fair and orderly market. CIRO is the national self-regulatory organization which oversees all investment dealers and trading activity on debt and equity marketplaces in Canada .
SOURCE Canadian Investment Regulatory Organization (CIRO) – Halts/Resumptions
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17 July
RUA GOLD Announces C$8 Million Brokered Offering of Common Shares
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 .
Rua Gold Inc. (CSE: RUA) (OTCQB: NZAUF) (WKN: A4010V) (" Rua Gold " or the " Company ") is pleased to announce that it has entered into an agreement with Cormark Securities Inc., as lead agent and on behalf of a syndicate of agents to be formed (collectively, the " Agents "), pursuant to which the Agents have agreed to act as agents on a "best efforts" basis, in connection with the public offering of 44,445,000 common shares in the capital of the Company (each, a " Common Share ") at a price of C$0.18 per Common Share (the " Offering Price ") for aggregate gross proceeds of C$8,000,100 (the " Offering "). The Offering is expected to close on or about July 25, 2024 (the " Closing Date "), or such other date as agreed upon between the Company and the Agents, and is subject to certain conditions including, but not limited to the receipt of all necessary regulatory approvals.
The Company has granted to the Agents an option (the " Over-Allotment Option ") exercisable, in whole or in part, within 30 days after the Closing Date to sell, at the Offering Price, up to 6,666,750 additional Common Shares (being that number of additional Common Shares equal to 15% of the number of Common Shares issuable pursuant to the Offering) for market stabilization purposes and to cover over-allotments, if any.
The Company intends to use the net proceeds from the Offering for continuing the exploration program on its Reefton Project, and for general working capital and general corporate purposes.
The Common Shares will be issued pursuant to a prospectus supplement (the " Supplement ") to the Company's base shelf prospectus dated July 11, 2024 (the " Shelf Prospectus ") that will be filed in each of the provinces and territories of Canada , except Quebec . The Common Shares may also be sold in the United States on a private placement basis pursuant to available exemptions from the registration requirements of the United States Securities Act of 1933, as amended (the " U.S. Securities Act ") and applicable U.S. state securities laws, and other jurisdictions outside of Canada and the United States pursuant to available prospectus or registration exemptions in accordance with applicable laws provided that no prospectus, registration statement or similar document is required to be filed in such jurisdiction.
Copies of the Supplement, following filing thereof, and the Shelf Prospectus may be obtained on SEDAR+ at www.sedarplus.ca . The Shelf Prospectus contains, and the Supplement will contain, important detailed information about the Company and the proposed Offering including the proposed use of proceeds therefrom. Prospective investors should read the Supplement, accompanying Shelf Prospectus and the documents incorporated by reference therein before making an investment decision.
The securities referred to in this news release have not been, nor will they be, registered under 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 (CSE: RUA, OTCQB: NZAUF, WKN: A4010V) is a new entrant to the gold mining space, specializing in gold exploration and discovery in New Zealand . Upon closing of the transaction with Siren Gold Limited announced in July 2024 , the Company will have permits enveloping 90% of the Reefton Goldfield in New Zealand's South Island. This district has a rich history dating back to the gold rush in the late 1800s. The Company also has a highly prospective tenement package in the North Island, located within 3kms of OceanaGold's biggest pipeline project, Wharekirauponga. Rua Gold combines traditional prospecting practices with modern technologies to uncover and capitalize on valuable gold deposits.
The Company is committed to responsible and sustainable exploration, which is evident in its professional planning and execution. The Company aims to minimize its environmental impact and to execute on its projects with key stakeholders in mind. Rua Gold has a highly skilled team of New Zealand professionals who possess extensive knowledge and experience in geology, geochemistry, and geophysical exploration technology.
For further information, please refer to the Company's disclosure record on SEDAR+ at www.sedarplus.ca .
Website: www.RUAGOLD.com
This news release includes certain statements that may be deemed "forward-looking statements". All statements in this new 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; filing of the Supplement; the size of the Offering; the intended use of the net proceeds of the Offering; the timing of the Closing Date and completion of the Offering; the exercise of the Over-Allotment Option; the receipt of all necessary regulatory approvals; and the proposed acquisition of Reefton Resources Pty Limited. 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: capital markets related risks, risks relating to the receipt of necessary regulatory approvals, risks relating to the terms and conditions of the proposed acquisition of Reefton Resources Pty Limited, 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 unfavourable 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 Shelf Prospectus 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.
SOURCE Rua Gold Inc.
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17 July
Clarification: Historical Mineral Resource Estimate at Reefton
Rua Gold Inc. (CSE: RUA) (OTC: NZAUF) (WKN: A4010V) (" Rua Gold " or the " Company ") provides a clarification in relation to its news release of July 15, 2024 (" Rua Gold to acquire Siren Gold's Reefton assets and become the dominant Reefton Goldfield explorer ").
Previously, the Company disclosed that "the tenements owned by [Reefton Resources Pty Limited] hosts a total JORC-compliant inferred mineral resource estimate (at a 1.5 g/t Au cut-off grade) containing 444koz Au @ 3.81g/t Au and 8.7kt Sb @ 1.5% Sb". The Company wishes to clarify that the tenements presently owned by Reefton Resources Pty Limited ("Reefton Resources") do not contain a current mineral resource estimate. The Company intended to disclose the aforementioned "inferred mineral resource estimate" as a "historical estimate" within the meaning of National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101"). As a result, the Company also wishes to provide additional information and cautionary language required by NI 43-101.
The Company would like to clarify its statement regarding the tenements owned by Reefton Resources as follows:
The tenements owned by Reefton Resources host the following historical estimates:
Alexander River Gold Project (Exploration Permit 60446)
- The Alexander River MRE is reported at 1.07 Mt and 4.95 g/t for 170 koz. The mineral resource is reported at a 1.5 g/t cut-off for all areas of the resource. The resources are estimated as at the end of January 2023 . 1 2
Big River Gold Project (Exploration Permit 60448)
- The Big River MRE is reported at 0. 834 Mt at 3.94 g/t for 105.5 koz of gold at a 1.5g/t cut-off. The resources are estimated as of the end of April 2023 . 3
Supreme Gold Project (Exploration Permit 60747)
- The Supreme Inferred MRE is reported at 1.15 Mt at 2.78 g/t for 103.4 koz. resources are based on a 1.5 g/t Au cut-off grade. The resources are estimated as of the end of May 2023 . 4
Auld Creek Project (Exploration Permit 60648)
- The Auld Creek MRE is reported at 0.58 Mt at 3.5g/t Au and 1.5% Sb for for 66 koz of gold and 8.7t of antimony. This equates to a gold equivalent (AuEq) of 7.1g/t and 132koz based on a gold equivalent formula of AuEq = Au g/t + 2.36 x Sb% using a gold price of US$1,750 /oz and an antimony price of US$13,000 per tonne. The mineral resource is reported at a 1.5 g/t AuEq cut-off. The Mineral Resources are estimated as of the end of August 2023 . 5
The foregoing historical estimates were classified as "inferred", in accordance with the Australasian Code for Reporting of Exploration Results, Mineral Resources, and Ore Reserves, 2012 edition (the "JORC Code"), which does not have the same meaning as the one ascribed to "inferred mineral source" by the Canadian Institute of Mining, Metallurgy and Petroleum ("CIM") in the CIM Definition Standards on Mineral Resources and Mineral Reserves adopted by the CIM Council on May 19, 2014 , as amended as JORC and CIM use different definitions of the "inferred" classification based on the certain matters including the level of confidence of quantity and grade.
The Company believes verification of the historical estimates is required to upgrade the historical estimates to current mineral resources. The Company expects such verification will require, among other things: (i) additional diamond drilling and core density sampling; (ii) further detailed modelling on ore controls and deposit structural setting; (iii) continued metallurgical studies for gold recovery factors; and (iv) underground mining scoping and optimization studies to determine the optimal cut-off grade and appropriate mining methods. The Company believes that the historical estimate is relevant in assisting the Company in its targeted drill program but is unable to comment on the reliability of historical resources as insufficient work has been done to make this determination. A qualified person has not done sufficient work to classify the historical estimates referenced herein as current mineral resources or mineral reserves and the Company is not treating the historical estimate as current mineral resources or mineral reserves.
About Rua Gold
Rua Gold (CSE: RUA, OTC: NZAUF, WKN: A4010V) is a new entrant to the mining industry, specializing in gold exploration and discovery in New Zealand . With permits that have a rich history dating back to the gold rush in the late 1800's, Rua Gold combines traditional prospecting practices with modern technologies to uncover and capitalize on valuable gold deposits.
The Company is committed to responsible and sustainable exploration, which is evident in its professional planning and execution. The Company aims to minimize its environmental impact and to execute on its projects with key stakeholders in mind. Rua Gold has a highly skilled team of New Zealand professionals who possess extensive knowledge and experience in geology, geochemistry, and geophysical exploration technology.
For further information, please refer to the Company's disclosure record on SEDAR+ at www.sedarplus.ca .
Technical Information
Simon Henderson CP, AUSIMM, a qualified person under National Instrument 43-101 Standards of Disclosure for Mineral Projects , has reviewed and approved the technical disclosure contained herein.
Website: www.RUAGOLD.com
This news release includes certain statements that may be deemed "forward-looking statements". All statements in this new 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; and the work required to verify the historical mineral estimates as current mineral resources or mineral reserves. 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 unfavourable 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 annual information form dated April 19, 2024 , 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.
________________________________________________________ | |
1 Source: "Alexander River Mineral Resource Estimate Report" dated April 2023 and prepared by Christopher Grove, B App Sci, MAusIMM, principal geologist, and Matt Binks, senior geologist, of Measured Group Pty Ltd. Assumptions from source: The resource has been estimated based on an assumption of mechanised underground mining for the Alexander River deposit (long hole stoping or sub-level open stoping). No mining dimensions or dilution were considered. No metallurgical recovery factors were applied to the Mineral Resources Estimate. | |
2 Additional assumptions, parameters, and methods used to prepare the historical estimate, as identified by Mr. Simon Henderson: Geological wireframing in Leapfrog Geo; hard boundary compositing using Leapfrog – Edge Module (Leapfrog Edge); Variography and Ordinary Kriging using Leapfrog Edge; Block Model Estimation using Leapfrog Edge. The historical mineral resources are reported according to the terminology, definitions and guidelines given in the JORC Code (as defined herein). | |
3 Source: "Mineral Resource Estimate Report – Big River Gold Project" dated June 2023 and authored by Mark McCulloch, BSc, MAusIMM, a consultant to Siren Gold Limited. Assumptions: The resource has been estimated based on an assumption of mechanised underground mining for the Big River deposit (long hole stoping or sub-level open stoping). No mining dimensions or dilution were considered. No metallurgical recovery factors were applied to the Mineral Resources Estimate. See also note 2. | |
4 Source: "Mineral Resource Estimate Report – Supreme Gold Project" dated June 2023 and authored by Mark McCulloch, BSc, MAusIMM, a consultant to Siren Gold Limited. Assumptions: The resource has been estimated based on an assumption of mechanised underground mining for the Supreme deposit (long hole stoping or sub-level open stoping). No mining dimensions or dilution were considered. No metallurgical recovery factors were applied to the Mineral Resources Estimate. See also note 2. | |
5 Source: "Mineral Resource Estimate Report – Auld Creek Project" dated October 2023 and authored by Mark McCulloch, BSC, MAusIMM, a consultant to Siren Gold Limited. Assumptions: The resource has been estimated based on an assumption of mechanised underground mining for the Fraternal deposit (long hole stoping or sub-level open stoping). No mining dimensions or dilution were considered. No metallurgical recovery factors were applied to the MRE. See also note 2. |
SOURCE Rua Gold
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15 July
RUA GOLD to acquire Siren Gold's Reefton assets and become the dominant Reefton Goldfield explorer
Rua Gold Inc. (CSE: RUA) (OTC: NZAUF) (WKN: A4010V) (" Rua Gold " or the " Company ") is pleased to announce it has entered into a definitive share purchase agreement (the " Agreement "), pursuant to which the Company will acquire 100% of the issued and outstanding shares of Reefton Resources Pty Limited (" Reefton "), a 100% owned subsidiary of Siren Gold Ltd. (ASX:SNG) (" Siren ") with tenements located adjacent to the Company's suite of properties in New Zealand's prolific Reefton Goldfield (the " Transaction ").
The Transaction will establish the Company as the dominant landholder in the Reefton Goldfield on New Zealand's South Island, with approximately 120,000 hectares (" ha ") of tenements. The district produced over two million ounces at gold grades ranging from 9 to 50g/t. The Reefton Goldfield is seeing a resurgence in interest, led by the construction of Federation Mining's Blackwater mine, which is expected to produce 70koz per annum at US$738 /oz AISC 1 .
Actively Advancing a District-Scale Discovery in a Tier 1 Jurisdiction:
- Represents the next chapter in Rua Gold's development towards our goal to be a major gold producer in New Zealand .
- Newly consolidated project represents one of the least explored, high-grade gold districts in the world.
- Permits, access, and consents in place for aggressive drilling following a district-wide reassessment of targets and potential on the combined land package.
- The Transaction will increase regional tenement holdings from ~34k ha to ~120k ha and cover all known past production camps outside of Blackwater and the Globe Progress mine.
- Potential for lower overall project capital expenditures through the development of a potential central processing hub.
- The Transaction creates a bigger player in New Zealand , allowing greater opportunity to work alongside a pro-mining Government in helping them draft their Minerals Strategy for New Zealand .
- Backed by team of mining professionals with +200 years of combined experience.
________________________ |
1 Source: Federation-Mining-Deck-July-2023-020823-V2.pdf (federationmining.com.au) . |
More information can be found at the Company's website: www.ruagold.com
Following the completion of the Transaction, the Company will be well positioned as the preeminent gold explorer in New Zealand with a pro forma market capitalization of ~C$60 million .
Combining properties and exploration activities in the Reefton Goldfield provides many strategic benefits, including:
- Increased profile with a very supportive local community that has a long history and skilled work force in mining.
- Opportunity to realize significant synergies and cost savings.
- Combined data sets, local work force and historic knowledge, leading to higher quality target generation with a greater scale of opportunities.
- Ability to expand exploration programs and generate more consistent news flow.
- Consolidation of permitting activities with an expedited project development timeline.
Transaction Highlights
- Under the terms of the Agreement, Siren shall receive:
- A$2 million ( C$1.8 million ) in cash, of which A$1 million has been paid and the remaining A$1 million will be paid at the close of the Transaction; and
- 83,927,383 fully paid shares of Rua Gold representing A$18 million ( C$16.6 million 2 ), to be issued at the close of the Transaction with agreed contractual resale restrictions.
- The total consideration represents:
- an implied value of A$20 million ( C$18.5 million ); and
- an acquisition price of ~US$25 /oz AuEq based on Reefton's 0.5 Moz AuEq Resource 3 .
- Upon completion of the Transaction, Siren will own ~30% of Rua Gold , and Siren Chairman, Mr. Brian Rodan , will join the Rua Gold Board. Mr. Rodan is a Fellow of the Australian Institute of Mining and Metallurgy (FAusIMM) with 48 years' experience. Previously, Mr. Rodan was the owner and managing director of Australian Contract Mining Pty Ltd. (ACM), a contract mining company completing $1.5 billion worth of work over a 20-year period. Mr. Rodan held various roles with Eltin Limited over 15 years as General Manager between 1993 and 1996 and Executive Director from 1996 to 1999), being Australia's largest full service ASX listed contract mining company with annual turnover of +$850 million. Mr. Rodan was a founding Director of Dacian Gold Ltd. 2013 and Desert Metals Ltd. 2020. Mr. Rodan was the founding director and is currently Chairman of Siren, Iceni Gold Limited (ICL) and Augustus Minerals (AUG), all listed on the ASX.
- The Transaction is targeted to close in Q4-2024 (subject to regulatory approvals and satisfaction of all conditions under the Agreement).
_______________________________ |
2 Calculated using Rua Gold's 30-day VWAP on the CSE as of July 12, 2024 of C$0.1983 at an AUD:CAD exchange rate of 0.9246. |
3 Gold equivalency calculated using metals prices of US$2,200/oz Au and US$20,500/t Sb. |
Simon Henderson, COO of Rua Gold commented: "This Transaction creates a significant opportunity in an under explored orogenic gold district. The Company has focused on the Reefton Goldfield and in four years combined rapid geochemical sampling, ultra-detailed geophysical surveying and mapping to highlight the potential of exploring old workings at depth as well as several new greenfield prospects. It is very exciting to combine Rua Gold and Siren data sets, combined knowledge, and have the whole orogenic district to explore. We will be looking at a combination of new discoveries and scalability of historic high-grade gold mines to develop the next major gold producer in the region."
Brian Rodan , Chairman of Siren commented: "Having personally been involved with the Reefton Project for over 6 years, I firmly believe that the Reefton Goldfield has enormous untapped potential to create a substantial long-term, high-grade gold and antimony mining operation. Antimony being a rare critical mineral will also provide the opportunity to create a world class operation that will assist the western countries transition to greener economies through securing a long-term supply of antimony, which is necessary to construct solar panels, wind turbines, electric vehicles, power storage batteries and defense needs. The decisions taken by the Boards of both Siren and Rua to take a major step to consolidate the 40km line of strike of the entire Reefton field is truly visionary and will realize significant long-term benefits to the Reefton district as a whole. The additional flow on effects created from this consolidation will also bring long term generational growth in regional development through increased infrastructure spending and increased employment opportunities that are created by the "mining multiplier affect". The significant improvement in regional infrastructure and employment opportunities that will follow will be transformational for the entire West Coast and New Zealand as a whole."
The Transaction will deliver the following benefits to the Company's shareholders:
- Increased scale and resources by combining projects and exploration teams.
- Increased exposure to the highly prospective and under-explored Reefton Goldfield, as the largest landholder in the district with approximately 120,000 ha of combined tenements.
- The tenements owned by Reefton host a total JORC-compliant inferred mineral resource estimate (at a 1.5 g/t Au cut-off grade) containing 444koz Au @ 3.81g/t Au and 8.7kt Sb @ 1.5% Sb 4 with the excellent opportunity to define further mineralization with aggressive exploration across the combined land package.
- Improved investor visibility and positioning amongst peers, with the opportunity to broaden the Company's shareholder base.
- Potential for future operational synergies (i.e., centralized infrastructure and workforce) by realizing economies of scale across the whole land package.
- Continued exposure to the Company's highly prospective asset, Glamorgan on the North Island of New Zealand .
____________________________ |
4 Source: Siren AGM presentation: www.sirengold.com.au/site/pdf/3e3b3e4b-9e32-4842-aac3-809c9506778b/AGM-Presentation.pdf . |
Transaction Details
The Transaction will be effected by way of a share purchase agreement under applicable Canadian laws.
As consideration for the acquisition of Reefton, the Company will:
- pay an aggregate of A$2.0 million (subject to a working capital adjustment) to Siren, of which (i) A$1.0 million was paid by the Company upon entering into the Agreement in the form of a forgivable loan (repayable only in the event the Agreement is terminated prior to consummation of the Transaction), evidenced by a promissory note issued by Siren in favor of the Company and secured by an enforceable security interest in all of Reefton's present and after-acquired personal property; and (ii) A$1.0 million will be payable at the completion of the Transaction (the " Closing Date "); and
- on the Closing Date, issue 83,927,383 common shares in the capital of the Company to Siren at a deemed price of C$0.1983 per Rua Gold Share (based on the 30-day volume-weighted average price of the common shares on the Canadian Securities Exchange prior to the date of the Agreement), having an aggregate value of A$18.0 million 5 (the " Consideration Shares ").
Key conditions precedent to the completion of the Transaction include, amongst others:
- the parties obtaining all required corporate, shareholder and regulatory approvals for the Transaction;
- the parties obtaining all required material third party, regulatory and ministerial consents; and
- other conditions customary for a public transaction of this nature.
____________________________ |
5 Calculated using Rua Gold's 30-day VWAP on the CSE as of July 12, 2024 of C$0.1983 at an AUD:CAD exchange rate of 0.9246. |
The Agreement otherwise includes customary representations, warranties, covenants and conditions contained in agreements for transactions of this nature.
In connection with the closing of the Transaction, the Company will enter into a shareholder rights agreement with Siren pertaining to Siren's interest in the Consideration Shares, which will include, amongst others, the following terms:
- Siren shall have the right to nominate one member to the board of directors of the Company, so long as Siren maintains at least a 10% equity interest in the Company's issued and outstanding common shares.
- The Consideration Shares shall be subject to the following contractual resale restrictions:
- 22.2% will be restricted from trading for a period of six months from the Closing Date;
- 22.2% will be restricted from trading for a period of 12 months from the Closing Date;
- 22.2% will be restricted from trading for a period of 15 months from the Closing Date;
- 22.2% will be restricted from trading for a period of 18 months from the Closing Date; and
- the remaining Consideration Shares will be restricted from trading for a period of 24 months from the Closing Date.
- The contractual resale restrictions above shall be lifted if, at any time after six months following the Closing Date, Rua Gold's market capitalization is five times greater (or more) than its market capitalization measured as of July 12, 2024 (being the date the Agreement was signed).
- For so long as Siren owns or controls 10% or more of the issued capital of Rua Gold , Siren shall agree to vote, or cause to be voted, all Consideration Shares in the same manner as the board of directors of Rua Gold at any general or special meeting of shareholders of the Company.
Conference Call and Presentation
Rua Gold will host a conference call and presentation on July 15, 2024 at 9:00 a.m. ( Toronto time) to discuss the Transaction.
Webcast:
- Participants can access the webcast at the following link: https://event.choruscall.com/mediaframe/webcast.html?webcastid=hdiq90oN
- An archive of the webcast will be available until end of day on October 15, 2024 .
Conference Call:
Participants may gain expedited access to the conference call with the following registration link . Upon registering, call in details will be displayed on screen. Using these call details will by-pass the operator and avoid the call queue. Registration will remain open until the end of the live conference call. Participants who prefer to dial-in and speak with a live operator, can access the call by dialing 1-844-763-8274 or +1-647-484-8814 . It is recommended that you call 10 minutes before the scheduled start time.
Advisors and Legal Counsel
Cormark Securities Inc. is acting as financial advisor to the Company and its Board of Directors. McMillan LLP is acting as Canadian legal counsel to the Company and Simpson Grierson is acting as New Zealand legal counsel to the Company.
Red Cloud Securities Inc. is acting as financial advisor to Siren and its Board of Directors. Steinepreis Paganin is acting as Australian legal counsel to Siren and Cassels Brock & Blackwell LLP is acting as Canadian legal counsel to Siren.
Intention to list on the TSX Venture Exchange
Aligned to executing on the growth strategy, the Company is also pleased to announce that it has applied to list the common shares of the Company on the TSX Venture Exchange (" TSX-V ") under the symbol "RUA". The Company's application remains subject to TSX-V approval. In connection with listing on the TSX-V, it is expected the Company's common shares will be voluntarily delisted from the Canadian Stock Exchange (" CSE ").
About Rua Gold
Rua Gold (CSE: RUA, OTC: NZAUF, WKN: A4010V) is a new entrant to the mining industry, specializing in gold exploration and discovery in New Zealand . With permits that have a rich history dating back to the gold rush in the late 1800's, Rua Gold combines traditional prospecting practices with modern technologies to uncover and capitalize on valuable gold deposits.
The Company is committed to responsible and sustainable exploration, which is evident in its professional planning and execution. The Company aims to minimize its environmental impact and to execute on its projects with key stakeholders in mind. Rua Gold has a highly skilled team of New Zealand professionals who possess extensive knowledge and experience in geology, geochemistry, and geophysical exploration technology.
For further information, please refer to the Company's disclosure record on SEDAR+ at www.sedarplus.ca .
Technical Information
Simon Henderson CP, AUSIMM, a qualified person under National Instrument 43-101 Standards of Disclosure for Mineral Projects , has reviewed and approved the technical disclosure contained herein.
Website: www.RUAGOLD.com
This news release includes certain statements that may be deemed "forward-looking statements". All statements in this new 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; the strategic benefits of the Transaction; the benefits of the Transaction to shareholders; closing of the Transaction and the satisfaction of the conditions thereof, including but not limited to the receipt of all corporate and regulatory approvals and consents; listing the Company's common shares on the TSX-V and the receipt of TSX-V approval therefor; and delisting the common shares from the CSE. 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 unfavourable 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 annual information form dated April 19, 2024 , 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.
SOURCE Rua Gold Inc.
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