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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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25 July
PROSPECT RIDGE ANNOUNCES FINAL CLOSING OF ITS OVERSUBSCRIBED PRIVATE PLACEMENT
Prospect Ridge Resources Corp. (the " Company " or " Prospect Ridge ") (CSE: PRR) (OTC: PRRSF) (FRA: OED) is pleased to announce that it has closed the final tranche of its non-brokered private placement of $0.16 units (" NFT Units ") and $0.18 flow-through units (" FT Units ") announced May 29, 2024 and June 14, 2024 respectively, (see news releases for details). The final tranche consists of 2,912,500 NFT Units for gross proceeds of $466,000 plus an additional 7,717,441 FT Units for gross proceeds of $1,389,139.38 .
In total, the Company has raised aggregate gross proceeds of $5,218,847.24 , comprised of $2,860,520 in NFT Units plus an additional $2,358,327.24 in FT Units.
CEO Mike Iverson commented, "We are incredibly grateful to everyone who has supported us during this financing round. Your trust and confidence in Prospect Ridge Resources is deeply appreciated. We look forward to delivering on our promises and working diligently to create value for all our shareholders. Your belief in our vision fuels our commitment to achieving significant results during our upcoming drill program."
In connection with the final tranche, the Company paid aggregate finder fees of $100,801.38 in cash, 73,062 finder warrants having the same terms as the NFT Unit warrants (exercisable at $0.25 ) and 495,063 finder warrants having the same terms as the FT Unit warrants (exercisable at $0.30 ). All securities issued in the final tranche are subject to a statutory hold period expiring on November 25, 2024 . The final tranche and associated finder fees are subject to final Exchange acceptance.
Insiders of the Company purchased an aggregate of 312,500 NFT Units ($50,000) and 27,777 FT Units ($4,999.86) , representing approximately 10.7% and 0.36%, respectively, of the NFT Units and FT Units issued in the final tranche. The common shares so acquired by insiders represent approximately 0.41% of the issued and outstanding common shares upon closing, and together with the common shares issuable on exercise of the warrants so acquired by insiders would constitute an aggregate number of common shares representing approximately 0.61% of the then issued and outstanding shares as of closing.
The participation by insiders constitutes a "related party transaction" within the meaning of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Company is relying upon the exemptions from the formal valuation and minority shareholder approval requirements pursuant to sections 5.5(a) and (b), and 5.7(1)(a), respectively, of MI 61-101 on the basis that neither the fair market value of the subject matter of, nor the fair market value of the consideration for, the transaction insofar as it involves interested parties (within the meaning of MI 61-101) in the transaction exceeds 25% of the Company's market capitalization as calculated in accordance with MI 61-101, and/or on the basis that no securities of the Company are listed or quoted on a stock exchange as specified in MI 61-101.
Use of Proceeds of the Offering
The gross proceeds of the NFT Placement will be used to fund exploration expenditures on the Knauss Creek Property and Holy Grail Property (the " Properties "), corporate development and general working capital, while the gross proceeds of the FT Placement will be used to fund exploration expenditures on the Properties and other Canadian Exploration Expenses that will qualify as "flow-through mining expenditures" as defined in subsection 127(9) of the Income Tax Act ( Canada ), and "BC flow-through mining expenditures", as defined in the Income Tax Act ( British Columbia ).
About Prospect Ridge Resources Corp.
Prospect Ridge Resources Corp. is a British Columbia based exploration and development company focused on gold 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 to have the potential to extend the boundaries of the Golden Triangle to cover this vast under-explored region.
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 anticipated and 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.
View original content to download multimedia: https://www.prnewswire.com/news-releases/prospect-ridge-announces-final-closing-of-its-oversubscribed-private-placement-302206337.html
SOURCE Prospect Ridge Resources Corp.
View original content to download multimedia: http://www.newswire.ca/en/releases/archive/July2024/25/c3787.html
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06 August
Zodiac Gold Receives EPA Permit and Mobilizes Drill Rig to Alasala Target
Zodiac Gold Inc. (TSXV: ZAU) ("Zodiac Gold" or the "Company"), a West-African gold exploration company, is pleased to announce that it has received its Liberian Environmental Protection Agency (EPA) permit for its proposed drilling program at the Alasala target, part of the Company's Todi Gold Project. Following this significant milestone, the Company has successfully mobilized a diamond drill rig and is set to commence drilling activities at Alasala in the coming days.
"We are thrilled to have obtained the EPA permit and to have our drill rig ready to commence operations at Alasala," said David Kol, CEO of Zodiac Gold. "This achievement is a testament to our team's hard work and our commitment to sustainable and responsible exploration practices. We look forward to advancing our exploration efforts and contributing to the growth and prosperity of Liberia."
After the successful Phase I and II drilling at the Arthington Target, the mobilization of the drill rig to the Alasala target, approximately 16 km west-northwest of Arthington, marks the beginning of the next phase of exploration for Zodiac Gold. Based on the level of artisanal gold mining, historical exploration, recent mapping, sampling, and satellite data interpretation by Zodiac Gold, the Alasala Target is considered to be highly prospective. Zodiac's historical work has reported high-grade gold mineralization, including intercepts of 19.6 meters at 6.17 g/t Au, 6.0 meters at 7.69 g/t Au, and 9.0 meters at 4.46 g/t Au.
As Zodiac Gold embarks on this new chapter, the Company is optimistic about the potential discoveries at Alasala and is dedicated to upholding the highest standards of environmental and social responsibility.
Qualified Person
Tom Dowrick, Director of Exploration at Zodiac Gold, is a Chartered Geologist of the Geological Society of London and a Qualified Person as defined by NI 43-101. He has reviewed and approved the technical and scientific information provided in this release.
For further information, please visit the Zodiac Gold website at www.zodiac-gold.com or contact:
David Kol
President & CEO
info@zodiac-gold.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Information
This news release includes certain "forward-looking statements" within the meaning of Canadian securities legislation.
Forward-looking statements include predictions, projections, and forecasts and are often, but not always, identified by the use of words such as "seek", "anticipate", "believe", "plan", "estimate", "forecast", "expect", "potential", "project", "target", "schedule", "budget" and "intend" and statements that an event or result "may", "will", "should", "could" or "might" occur or be achieved and other similar expressions and includes the negatives thereof. All statements other than statements of historical fact included in this release, including, without limitation, statements regarding the Company's planned exploration programs and drill programs and potential significance of results are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements are based on a number of material factors and assumptions. Important factors that could cause actual results to differ materially from Company's expectations include actual exploration results, changes in project parameters as plans continue to be refined, results of future resource estimates, future metal prices, availability of capital, and financing on acceptable terms, general economic, market or business conditions, uninsured risks, regulatory changes, defects in title, availability of personnel, materials, and equipment on a timely basis, accidents or equipment breakdowns, delays in receiving government approvals, unanticipated environmental impacts on operations and costs to remedy same, and other exploration or other risks detailed herein and from time to time in the filings made by the Company with securities regulators. Although the Company has attempted to identify important factors that could cause actual actions, events, or results to differ from those described in forward-looking statements, there may be other factors that cause such actions, events, or results to differ materially from those anticipated. There can be no assurance that forward-looking statements will prove to be accurate, and accordingly readers are cautioned not to place undue reliance on forward-looking statements.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/218958
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01 August
Quimbaya Gold Announces Strategic Partnership for 100,000 Meters of Drilling
/NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRE SERVICES/
Quimbaya Gold Inc. ("Quimbaya Gold" or the "Company") (CSE: QIM) (OTCQB: QIMGF)Â is excited to announce the signing of a 5-year drilling contract with Independence Drilling S.A. of Colombia ("Independence"). The contract involves completing 100,000 meters of drilling across Quimbaya Gold's properties. As a significant strategic partnership, which took nearly ten months to finalize, it underscores Quimbaya Gold's commitment to advancing its exploration activities and creating value for its shareholders.
Independence, a family-owned company, is highly reputable and the largest Colombian drilling company, with over 40 years of experience and a fleet of 47 rigs for oil & gas, mining, and water drilling. Independence has worked with major oil & gas and mining companies in Colombia , including Ecopetrol, South 32/ Cerro Matoso , Glencore/Cerrejón, Zijin-Continental Gold, Oxy, Sierra Col Energy, Frontera Energy, Parex Resources, and NG Energy.
For the first time ever, in Independence Drilling's history, the company has accepted part payment in Quimbaya Gold shares, aligning its interest with Quimbaya's, reflecting their confidence in management, and ultimately proving their trust in successful discoveries and potential upside impact on the future value of Quimbaya Gold. The contract specifies the execution of drilling campaigns with a minimum of 1,500 meters each, with drilling expected to commence in the third quarter of 2024. Quimbaya's exploration team, consisting of over 20 professionals, is currently defining initial drilling targets, and the Company plans to announce the extension of the first campaign shortly, to be completed within this year.
This partnership brings more than just drilling expertise. Independence possesses an unparalleled understanding of the country's unique geological, social, and regulatory environment, building strong relationships with local communities. These attributes have been instrumental in the success of numerous major exploration projects. The contract is a significant achievement and will assist in Quimbaya Gold's effort to prove the potential existence of gold mineralization in its properties.
Alexandre P. Boivin , President and CEO of Quimbaya Gold, commented, "This partnership marks a significant milestone for Quimbaya Gold. Independence's deep-rooted presence in Colombia , coupled with their proven track record, provides us with a competitive advantage. By leveraging their expertise, we are well-positioned to accelerate our exploration efforts and unlock the full potential of our assets. Moreover, their willingness to share as investor, in our success, highlights the strategic nature of this alliance."
About Quimbaya Gold
Quimbaya aims to consolidate gold reserves through the exploration and acquisition of mining properties in Antioquia, Colombia . Managed by an experienced team in the mining sector, Quimbaya Gold is focused on three projects in the regions of Segovia (the Tahami Project), Puerto Berrio (the Berrio Project), and Abejorral (the Maitamac Project), all located in the Antioquia Province, Colombia.
Quimbaya Gold Inc.
follow on X @quimbayagoldinc
follow on LinkedIn @quimbayagold
Cautionary Statements
Certain statements contained in this press release constitute "forward-looking information" as that term is defined in applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward-looking information. In particular, this news release contains forward-looking information in relation the anticipated results or success of any drilling campaign; any future potential existence of gold mineralization in its properties; the amount the Company will drill; the satisfaction of the payment of the drilling contract and the issuance of compensation shares and cash. Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as "intends", "anticipates", or "plans" or variations of such words and phrases or statements that certain actions, events or results "may", "could", "should", "would" or "occur". Forward-looking information by its nature is based on assumptions and involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Quimbaya to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. Although Quimbaya's management believes that the assumptions made and the expectations represented by such information are reasonable, there can be no assurance that the forward-looking information will prove to be accurate. Furthermore, should one or more of the risks, uncertainties or other factors materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements or information. Readers are cautioned not to place undue reliance on forward-looking information as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Forward-looking information contained in this news release is expressly qualified by this cautionary statement. The forward-looking information contained in this news release represents the expectations of Quimbaya as of the date of this news release and, accordingly, is subject to change after such date. Except as required by law, Quimbaya does not expect to update forward-looking statements and information continually as conditions change.
Neither the Canadian Securities Exchange nor its regulation services provider accepts responsibility for the adequacy or accuracy of this release.
SOURCE Quimbaya Gold Inc.
View original content: http://www.newswire.ca/en/releases/archive/August2024/01/c6763.html
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31 July
Silver Hammer Announces Non-Brokered Private Placement of Units
(TheNewswire)
July 31, 2024 TheNewswire - Vancouver, BC Silver Hammer Mining Corp. ( CSE: HAMR ) (the " Company " or " Silver Hammer ") is pleased to announce that it will proceed with a non-brokered private placement of up to 27,000,000 units of the Company (the " Units ") at CAN$0.055 per Unit for gross proceeds of up to CAN$ 1,485,000 (the " Offering "). Each Unit will consist of one common share in the capital of the Company (a " Share ") and one transferrable common share purchase warrant (a " Warrant "). Each Warrant will entitle the holder thereof to purchase one additional Share at a price of CAN$0.07 for a period of three years from the closing of the Offering.
"Silver Hammer is one of the few pure silver focused exploration and development companies with 100% control of three high-grade silver projects in Nevada and Idaho, where each asset contains historical silver mines that have had limited modern-day exploration. As one of Silver Hammer's largest shareholders, I look forward to a busy year ahead, and the patience and support of our shareholders pushing forward in what appears to be an emerging strong silver bull market," commented Peter A. Ball, President & CEO of Silver Hammer Mining. "Silver Hammer is pleased to have experienced executive level mineral explorers Ron Burk, previous VP of Exploration for Centerra Gold and Silver Standard, and Don Birak, the previous Senior VP of Exploration for Coeur Mining, VP Exploration for AngloGold North America and Hudson Bay Mining & Smelting as members of the Board of Directors."
In connection with the Offering, the Company will pay finders' fees of up to 7.0% of the gross proceeds raised by the Company from the sale of Units to subscribers directly introduced to the Company by eligible finders. In addition, the Company will issue to eligible finders non-transferable finders' warrants of up to 7.0% of the number of Units sold in the Offering. Each finders' warrant will entitle the holder to acquire one Share at a price of CAN$0.07 per Share for a period of three years from the date of issuance.
Closing of the Offering is subject to a number of conditions, including receipt of all necessary corporate and regulatory approvals, including the Canadian Securities Exchange. All securities issued in connection with the Offering will be subject to a statutory hold period of four months plus a day from the date of issuance in accordance with applicable securities legislation.
The Company may, at its discretion, elect to close the Offering in one or more tranches.
The Company intends to use the proceeds raised from the Offering to advance exploration efforts at its 100% controlled projects which includes Silver Strand in Idaho, and Eliza and Silverton in Nevada and also for working capital and general corporate purposes.
The Company will not be proceeding with its previously announced private placement of units most recently disclosed in the Company's news release dated May 27, 2024.
About Silver Hammer Mining Corp.
Silver Hammer Mining Corp. is a junior resource company focused on advancing past-producing high-grade silver projects in the United States. Silver Hammer controls 100% of the Silver Strand Mine in the Coeur d'Alene Mining District in Idaho, USA, as well both the Eliza Silver Project and the Silverton Silver Mine in Nevada and the Lacy Gold Project in British Columbia, Canada. Silver Hammer's primary focus is defining and developing silver deposits near past-producing mines that have not been adequately tested. The Company's portfolio also provides exposure to copper and gold discoveries.
On Behalf of the Board of Silver Hammer Mining Corp.
Peter A. Ball
President & CEO, Director
E: peter@silverhammermining.com
For investor relations inquiries, contact:
Peter A. Ball
President & CEO
778.344.4653
E: investors@silverhammermining.com
Forward Looking Information
This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information in this press release includes, without limitation, statements relating to the Offering and the use of proceeds therefrom and other statements which are subject to a number of conditions, as described elsewhere in this news release. These statements are based upon assumptions that are subject to significant risks and uncertainties, including risks regarding the mining industry, commodity prices, market conditions, general economic factors, management's ability to manage and to operate the business, and explore and develop the projects of the Company, and the equity markets generally. Because of these risks and uncertainties and as a result of a variety of factors, the actual results, expectations, achievements or performance of the Company may differ materially from those anticipated and indicated by these forward-looking statements. Any number of factors could cause actual results to differ materially from these forward-looking statements as well as future results. Although the Company believes that the expectations reflected in forward looking statements are reasonable, they can give no assurances that the expectations of any forward-looking statements will prove to be correct. Except as required by law, the Company disclaims any intention and assume no obligation to update or revise any forward-looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking statements or otherwise.
This news release does not constitute an offer to sell or a solicitation of an offer to sell any of securities in the United States. The securities have not been and will not be registered under the U.S. Securities Act or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
The Canadian Securities Exchange does not accept responsibility for the adequacy or accuracy of this release. The Canadian Securities Exchange has neither approved nor disapproved the contents of this press release.
Not for distribution to the U.S. newswire or for dissemination in the United States
Copyright (c) 2024 TheNewswire - All rights reserved.
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30 July
Horizon Minerals Limited Quarterly Activities Report 30 June 2024
Perth, Australia (ABN Newswire) - Horizon Minerals Limited (ASX:HRZ) is pleased to provide the June 2024 Quarterly Activities Report. Horizon is an exploration and production company within the Kalgoorlie and Coolgardie regions of Western Australia.
A key objective for the Company is on near term gold production and exploration upside within our large tenement package of 939 km2. The Company holds numerous multi - commodity assets including 1.8 Moz of gold resources, the Nimbus Silver Zinc project, 50% of the Mt Thirsty Nickel Cobalt Manganese project in Western Australia, and listed investments including Richmond Vanadium Technology (ASX:RVT) which holds the world class 1.8Bt Richmond vanadium project in northwest Queensland.
Activities during the quarter focussed on completion of the merger with Greenstone Resources Limited (formerly ASX:GSR), conducted by way of schemes of arrangement under the Corporations Act 2001 (Cth), whereby Horizon acquired 100% of the fully paid ordinary shares and listed options in Greenstone, which completed on 18 June 2024.
The merger is a logical combination of complimentary assets resulting in a mineral resource base of 1.8 million ounces Au in the eastern goldfields of WA. This endowment allows the enlarged Horizon to deploy a dual track strategy of near-term gold production and cashflow through toll milling and JV opportunities whilst also undertaking work on the cornerstone Boorara and Burbanks assets for a longer life production scenario.
Following merger completion, integration of the assets and teams has been completed, and implementation of the strategy of near term cashflow from projects, culminating in the execution of an OPA for 1.24 Mt with Norton Goldfields to treat Boorara ore at their Paddington processing plant, and a TMA with FMR to treat ore at their Greenfields plant near Coolgardie.
Multiple studies continued and were commenced during the quarter for Boorara, Kalpini, Pennys Find and Phillips Find. Preproduction activities continued for the Cannon Underground Gold Project with dewatering ongoing and all tenders received from underground contractors.
Resource development work continued in the Cannon project area with a resource update for Monument, and estimation of a maiden resource for Pinner. There was minimal emphasis on drilling during the quarter as resources and expenditure focussed on preproduction activities aimed at getting assets into production to generate near term cashflow for the Company.
The balance sheet was strengthened with the shares in TSX and NASDAQ listed Vox Royalty Corporation sold for A$2.93 million (before broker commission and US withholding tax).
MINE DEVELOPMENT AND OPERATIONS
The Company has a clear strategy of bringing assets into production to bring cashflow into the business during current times of record high gold prices. During the quarter, the Company underpinned this strategy by securing ore treatment at two processing facilities over the course of the next 19 months. Development ready projects include the Cannon underground project and the Boorara open pit project. Multiple studies are advancing across the gold portfolio with the aim to be in sustainable production for the years to come.
*To view the full quarterly report, please visit:
https://abnnewswire.net/lnk/KMK82590
A key objective for the Company is on near term gold production and exploration upside within our large tenement package of 939 km2. The Company holds numerous multi - commodity assets including 1.8 Moz of gold resources, the Nimbus Silver Zinc project, 50% of the Mt Thirsty Nickel Cobalt Manganese project in Western Australia, and listed investments including Richmond Vanadium Technology (ASX:RVT) which holds the world class 1.8Bt Richmond vanadium project in northwest Queensland.
Activities during the quarter focussed on completion of the merger with Greenstone Resources Limited (formerly ASX:GSR), conducted by way of schemes of arrangement under the Corporations Act 2001 (Cth), whereby Horizon acquired 100% of the fully paid ordinary shares and listed options in Greenstone, which completed on 18 June 2024.
The merger is a logical combination of complimentary assets resulting in a mineral resource base of 1.8 million ounces Au in the eastern goldfields of WA. This endowment allows the enlarged Horizon to deploy a dual track strategy of near-term gold production and cashflow through toll milling and JV opportunities whilst also undertaking work on the cornerstone Boorara and Burbanks assets for a longer life production scenario.
Following merger completion, integration of the assets and teams has been completed, and implementation of the strategy of near term cashflow from projects, culminating in the execution of an OPA for 1.24 Mt with Norton Goldfields to treat Boorara ore at their Paddington processing plant, and a TMA with FMR to treat ore at their Greenfields plant near Coolgardie.
Multiple studies continued and were commenced during the quarter for Boorara, Kalpini, Pennys Find and Phillips Find. Preproduction activities continued for the Cannon Underground Gold Project with dewatering ongoing and all tenders received from underground contractors.
Resource development work continued in the Cannon project area with a resource update for Monument, and estimation of a maiden resource for Pinner. There was minimal emphasis on drilling during the quarter as resources and expenditure focussed on preproduction activities aimed at getting assets into production to generate near term cashflow for the Company.
The balance sheet was strengthened with the shares in TSX and NASDAQ listed Vox Royalty Corporation sold for A$2.93 million (before broker commission and US withholding tax).
MINE DEVELOPMENT AND OPERATIONS
The Company has a clear strategy of bringing assets into production to bring cashflow into the business during current times of record high gold prices. During the quarter, the Company underpinned this strategy by securing ore treatment at two processing facilities over the course of the next 19 months. Development ready projects include the Cannon underground project and the Boorara open pit project. Multiple studies are advancing across the gold portfolio with the aim to be in sustainable production for the years to come.
*To view the full quarterly report, please visit:
https://abnnewswire.net/lnk/KMK82590
About Horizon Minerals Limited:
Horizon Minerals Limited (ASX:HRZ) is a gold exploration and mining company focussed on the Kalgoorlie and Menzies areas of Western Australia which are host to some of Australia's richest gold deposits. The Company is developing a mining pipeline of projects to generate cash and self-fund aggressive exploration, mine developments and further acquisitions. The Teal gold mine has been recently completed.
Horizon is aiming to significantly grow its JORC-Compliant Mineral Resources, complete definitive feasibility studies on core high grade open cut and underground projects and build a sustainable development pipeline.
Horizon has a number of joint ventures in place across multiple commodities and regions of Australia providing exposure to Vanadium, Copper, PGE's, Gold and Nickel/Cobalt. Our quality joint venture partners are earning in to our project areas by spending over $20 million over 5 years enabling focus on the gold business while maintaining upside leverage.
Source:
Horizon Minerals Limited
Contact:
Grant Haywood
Chief Executive Officer
T: +61 8 9386 9534
E: grant.haywood@horizonminerals.com.au
Michael Vaughan
Media Relations - Fivemark Partners
T: +61 422 602 720
E: michael.vaughan@fivemark.com.au
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30 July
Zodiac Gold Appoints Tom Dowrick as Director of Exploration
Zodiac Gold Inc. (TSX: ZAU) ("Zodiac Gold" or the "Company"), is pleased to announce the appointment of Tom Dowrick as Director of Exploration. In this role, Mr. Dowrick will oversee Zodiac Gold's exploration initiatives, including the identification of high-value targets, creation and supervision of drill campaigns, and the overall development and execution of exploration programs.
Mr. Dowrick is a seasoned Chartered Geologist with 17 years of experience in the mining and exploration industry. Since 2011, he has been a driving force at ACA Howe International Limited, where he serves as Managing Director. In this role, he manages a range of geological and mining consultancy projects around the globe, including serving as a consultant on Zodiac Gold's Todi Project in the Republic of Liberia, West Africa. Mr. Dowrick has substantial experience in West Africa, having completed field and desk-based reviews of the exploration activities of both public and private companies in Liberia, Mali, Guinea, Mauritania, Sierra Leone, South Sudan, and Mozambique, in addition to projects in Argentina, Brazil, Costa Rica, Ecuador, Kazakhstan, and Australia.
Tom graduated with a BSc in Geology and Geography from the University of Leicester in 2007 and immediately commenced his career in the industry with Laramide Resources, where he worked on uranium exploration in Queensland and the Northern Territory of Australia. He later transitioned to coal bed methane exploration with Earth Data in Australia, followed by near-mine and regional copper exploration with CST Mining at the Lady Annie Copper Mine, near Mount Isa, Australia, before returning to the UK with ACA Howe.
Mr. Dowrick's involvement with Zodiac Gold since 2019 provides a unique advantage, as he is already familiar with the Todi Project and the geology of the Todi Shear Zone, having authored the most recent NI 43-101 report. This familiarity will allow him to hit the ground running as he focuses on Zodiac's drilling at the Alasala target. With his leadership, Zodiac Gold aims to optimize its exploration efforts and achieve significant milestones as it advances the Todi Project.
The Company wishes to thank outgoing VP, Exploration, Efdal Olcer, for his service to the Company. During his tenure as VP, Exploration, Mr. Olcer played a pivotal role in advancing the Company's exploration programs, go public process and establishing a solid foundation for future growth. Mr. Olcer will remain involved with the Company as a shareholder and consultant as he spends more time in his native Turkey.
"Tom Dowrick's extensive experience and proven track record in exploration planning and resource development make him an invaluable addition to our team," said David Kol, CEO of Zodiac Gold. "His expertise in mineral exploration, combined with his in-depth knowledge of West African geology and existing familiarity with the Todi Project, will be instrumental in driving our projects forward and achieving our exploration goals."
"Working more closely with Zodiac Gold at this pivotal moment in its journey is an exciting opportunity," said Tom Dowrick. "I look forward to working with the team to unlock the potential of our projects and to deliver on the Company's ambitious goals. There's potential for a multimillion-ounce discovery, and I'm eager to get started."
About Zodiac Gold
Zodiac Gold Inc. (TSX: ZAU) is a West-African gold exploration company focused on its flagship Todi Project situated in Liberia-an underexplored, politically stable, mining-friendly jurisdiction hosting several large-scale gold deposits. Strategically positioned along the fertile Todi Shear Zone, Zodiac Gold is developing a district-scale gold opportunity covering a vast 2,316 km2 land package. The Todi project has undergone de-risking, showcasing proven gold occurrences at both surface and depth, with five drill-ready targets and high-grade gold intercepts.
For further information, please visit the Zodiac Gold website at www.zodiac-gold.com or contact:
David Kol,
President & CEO
info@zodiac-gold.com
Forward Looking Information
This news release includes certain "forward-looking statements" within the meaning of Canadian securities legislation.
Forward-looking statements include predictions, projections, and forecasts and are often, but not always, identified by the use of words such as "seek", "anticipate", "believe", "plan", "estimate", "forecast", "expect", "potential", "project", "target", "schedule", "budget" and "intend" and statements that an event or result "may", "will", "should", "could" or "might" occur or be achieved and other similar expressions and includes the negatives thereof. All statements other than statements of historical fact included in this release, including, without limitation, statements regarding the Company's planned exploration programs and drill programs and potential significance of results are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements are based on a number of material factors and assumptions. Important factors that could cause actual results to differ materially from Company's expectations include actual exploration results, changes in project parameters as plans continue to be refined, results of future resource estimates, future metal prices, availability of capital, and financing on acceptable terms, general economic, market or business conditions, uninsured risks, regulatory changes, defects in title, availability of personnel, materials, and equipment on a timely basis, accidents or equipment breakdowns, delays in receiving government approvals, unanticipated environmental impacts on operations and costs to remedy same, and other exploration or other risks detailed herein and from time to time in the filings made by the Company with securities regulators. Although the Company has attempted to identify important factors that could cause actual actions, events, or results to differ from those described in forward-looking statements, there may be other factors that cause such actions, events, or results to differ materially from those anticipated. There can be no assurance that forward-looking statements will prove to be accurate, and accordingly readers are cautioned not to place undue reliance on forward-looking statements.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/218171
News Provided by Newsfile via QuoteMedia
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29 July
Zodiac Gold Announces Final Closing of Oversubscribed Non-Brokered Private Placement and Shares for Debt Settlement
Zodiac Gold Inc. (TSXV: ZAU) ("Zodiac Gold" or the "Company"), a West-African gold exploration company, is pleased to announce that it has closed the third and final tranche of its non-brokered private placement (the "Offering"). The Company originally planned to raise gross proceeds of $1,000,000 under the Offering, but due to increased investor demand, the Company subsequently increased the size of the Offering twice and completed it for total gross proceeds of CAD$1,348,647. The Company intends to use the net proceeds to continue exploration and drilling at its flagship Todi Gold Project, and for working capital purposes. The Company is also pleased to announce that, in order to preserve its cash resources, it intends to settle an aggregate of CAD$215,555.50 owing to certain directors, officers and service providers of the Company by issuing a total of 2,155,555 Common Shares to them at a price of CAD$0.10 per share.
Closing of Offering
In the third tranche of the Offering the Company issued 5,403,470 units of the Company (the "Units") at a price of CAD$0.10 per Unit. Each Unit consists of one common share of the Company (a "Common Share") and one common share purchase warrant (a "Warrant"). Each Warrant entitles the holder thereof to acquire one Common Share (a "Warrant Share") at a price of CAD$0.20 per Warrant Share for a period of 24 months following the closing date of the third tranche.
The Company paid finder's fees to certain finders, consisting of a cash fee of $35,910 and 359,100 finder warrants (the "Finder Warrants") pursuant to the third tranche. Each Finder Warrant entitles the holder to acquire one Unit at a price of CAD$0.10 per Unit for a period of 24 months from the date of issuance. Each Unit from the exercise of a Finder Warrant is comprised of one Common Share and one Warrant.
All securities issued pursuant to the Offering, including Common Shares issuable upon the exercise of Warrants, are and will be subject to a hold period of four months and one day after the date of issuance. The Offering remains subject to TSXV final approval.
The securities described herein have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws, and accordingly, may not be offered or sold within the United States 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.
Shares for Debt Settlement
The Company has entered into agreements to settle an aggregate of CAD$215,555.50 owing to certain directors, officers and service providers of the Company, including David Kol (director and Chief Executive Officer) and Peter Granata (Chief Financial Officer) by issuing a total of 2,155,555 Common Shares to them at a price of CAD$0.10 per share. The amounts owing represent accrued and unpaid fees for services previously provided to the Company as well as cash advances that have previously been provided to the Company to fund certain short term working capital expenditures. The Company is proposing to complete these settlements to preserve cash to fund future operations. The disinterested members of the Company's board of directors believe that the debt settlements are in the best interests of the Company and have unanimously approved them. Completion of the debt settlements is subject to the receipt of all necessary TSXV approvals.
Because insiders will be participating in the debt settlement, it is considered to be a "related party transaction" as defined under the policies of the TSXV and Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Company is relying on exemptions from the minority shareholder approval and formal valuation requirements applicable to the related-party transactions under sections 5.5(a) and 5.7(1)(a), respectively, of MI 61-101, as neither the fair market value of the Common Shares to be issued to the participating insiders nor the consideration received from them exceeds 25% of the Company's market capitalization.
About Zodiac Gold
Zodiac Gold Inc. (TSXV: ZAU) is a West-African gold exploration company focused on its flagship Todi Project situated in Liberia-an underexplored, politically stable, mining-friendly jurisdiction hosting several large-scale gold deposits. Strategically positioned along the fertile Todi Shear Zone, Zodiac Gold is developing a district-scale gold opportunity covering a vast 2,316 km2 land package. The project has undergone de-risking, showcasing proven gold occurrences at both surface and depth, with five drill-ready targets and high-grade gold intercepts.
For further information, please visit the Zodiac Gold website at www.zodiac-gold.com or contact:
David Kol
President & CEO
info@zodiac-gold.com
Forward-Looking Information
This news release includes certain "forward-looking statements" within the meaning of Canadian securities legislation.
Forward-looking statements include predictions, projections, and forecasts and are often, but not always, identified by the use of words such as "seek", "anticipate", "believe", "plan", "estimate", "forecast", "expect", "potential", "project", "target", "schedule", "budget" and "intend" and statements that an event or result "may", "will", "should", "could" or "might" occur or be achieved and other similar expressions and includes the negatives thereof. All statements other than statements of historical fact included in this release, including, without limitation, statements regarding the Company's planned exploration programs and drill programs and potential significance of results are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements are based on a number of material factors and assumptions. Important factors that could cause actual results to differ materially from Company's expectations include actual exploration results, changes in project parameters as plans continue to be refined, results of future resource estimates, future metal prices, availability of capital, and financing on acceptable terms, general economic, market or business conditions, uninsured risks, regulatory changes, defects in title, availability of personnel, materials, and equipment on a timely basis, accidents or equipment breakdowns, delays in receiving government approvals, unanticipated environmental impacts on operations and costs to remedy same, and other exploration or other risks detailed herein and from time to time in the filings made by the Company with securities regulators. Although the Company has attempted to identify important factors that could cause actual actions, events, or results to differ from those described in forward-looking statements, there may be other factors that cause such actions, events, or results to differ materially from those anticipated. There can be no assurance that forward-looking statements will prove to be accurate, and accordingly readers are cautioned not to place undue reliance on forward-looking statements.
The securities described herein have not been, and will not be, registered under the United States Securities Act, or any state securities laws, and accordingly may not be offered or sold within the United States 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.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
NOT FOR DISSEMINATION IN THE UNITED STATES
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/218041
News Provided by Newsfile via QuoteMedia
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