- AustraliaNorth AmericaWorld
Investing News NetworkYour trusted source for investing success
Purpose Bitcoin ETF
Silver47 Exploration
First Helium
CI Galaxy Bitcoin ETF
- Lithium Outlook
- Oil and Gas Outlook
- Gold Outlook Report
- Uranium Outlook
- Rare Earths Outlook
- All Outlook Reports
- Top Generative AI Stocks
- Top EV Stocks
- Biggest AI Companies
- Biggest Blockchain Stocks
- Biggest Cryptocurrency-mining Stocks
- Biggest Cybersecurity Companies
- Biggest Robotics Companies
- Biggest Social Media Companies
- Biggest Technology ETFs
- Artificial Intellgience ETFs
- Robotics ETFs
- Canadian Cryptocurrency ETFs
- Artificial Intelligence Outlook
- EV Outlook
- Cleantech Outlook
- Crypto Outlook
- Tech Outlook
- All Market Outlook Reports
- Cannabis Weekly Round-Up
- Top Alzheimer's Treatment Stocks
- Top Biotech Stocks
- Top Plant-based Food Stocks
- Biggest Cannabis Stocks
- Biggest Pharma Stocks
- Longevity Stocks to Watch
- Psychedelics Stocks to Watch
- Top Cobalt Stocks
- Small Biotech ETFs to Watch
- Top Life Science ETFs
- Biggest Pharmaceutical ETFs
- Life Science Outlook
- Biotech Outlook
- Cannabis Outlook
- Pharma Outlook
- Psychedelics Outlook
- All Market Outlook Reports
Results of Updated Scoping Study for Nueva Sabana Mine, Cuba
Antilles Gold Limited (“Antilles Gold” or the “Company”) (ASX: AAU, OTCQB: ANTMF) is pleased to advise the results of the Updated Scoping Study for the first stage of the proposed Nueva Sabana gold-copper mine in Cuba. The Study has been prepared by the 50% owned Cuban joint venture company, Minera La Victoria SA (“MLV”), which is undertaking the project.
- The Updated Scoping Study is based on a pit limited to 100m depth which, at a mining rate of 500,000tpa of ore, will result in an initial mine life of 4.8 years.
- With additional exploration, and a greater mining depth, the project life and NPV could be increased.
- Metallurgical testwork set out in ATTACHMENT C indicates the mine will initially produce a gold concentrate grading ~57.5g/t Au for around 18 months, followed by a blended copper-gold concentrate with an average grade of ~28.3% Cu, and ~29.8g/t Au.
- Payables for these concentrates have been received from a major international commodity trader that the joint venture is negotiating with to establish an offtake agreement.
- The off-take agreement is expected to include a provision for advanced payments for concentrates to assist in the funding of construction costs.
- The 752ha concession covering the Nueva Sabana oxide deposit also hosts the El Pilar, Gaspar, and Camilo porphyry copper intrusives, and numerous shallow gold targets identified by artisanal mining.
- The Nueva Sabana deposit has a small gold cap, an underlying copper-gold zone, and a deeper sulphide copper zone with mineralisation open at depth at 150m which could potentially transition into the El Pilar porphyry copper deposit offset to the south.
- Estimated Operating Profit of ~US$60M from the first 22 months of concentrate production will comfortably permit repayment of the ~US$28.5M project debt before the end of this period.
- MLV intends to drill the copper mineralisation that continues below the stage one mining depth of 100m with the aim of deepening the Nueva Sabana mine and extending its life.
- The Revised MRE for Nueva Sabana which is incorporated as ATTACHMENT A in the Study, established approximately 25M lb of 0.75% copper in Inferred Resources within the 50m below the initial mine depth, which is a positive indication of the potential to extend its life.
- MLV also intends to drill identified oxide gold-copper targets overlying the nearby Gaspar and Camilo porphyry copper deposits to potentially increase resources.
- Subject to the results of additional drilling, consideration will be given to doubling the mining rate in the copper domain to 1.0Mtpa of ore to increase annual profitability and cash flow.
- It is possible that the Nueva Sabana mine could be significantly expanded and extended in the future to mine the three porphyry copper deposits located within the mining concession.
Antilles Gold Chairman, Mr Brian Johnson, commented: “The first stage of Nueva Sabana, while relatively small, has an excellent IRR and will deliver significant free cash within a short timeframe.
MLV’s priority at this time is to finalise current negotiations on a concentrate off-take agreement for the project, and to arrange financing for the mine construction.
Antilles Gold’s share of the estimated NPV8 for the first stage of Nueva Sabana is ~A$70M at current metal prices of US$2,600 per oz Au, and US$9,300/t Cu, and an exchange rate of A$1.00 = US$0.66, which is significantly higher than the Company’s current market capitalisation of A$7.5M.
The opportunity to unlock further value for Antilles Gold will occur with the proposed development of the joint venture’s flagship project, the La Demajagua gold-silver-antimony mine, where the Company’s share of NPV8 reported to ASX on 30 March 2023 was ~A$150M, prior to the joint venture’s decision to expand the project to produce gold doré from the mine’s gold arsenopyrite concentrate, and to increase antimony production.
Before the end of 2024, Antilles Gold will contribute the final US$0.4M of the US$15.0M earn-in for its 50% shareholding in the joint venture company, Minera La Victoria (“MLV”), after which the Company’s cash burn will be substantially reduced.”
Click here for the full ASX Release
This article includes content from Antilles Gold (ASX:AAU), licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Antilles Gold Limited Investor Kit
- Corporate info
- Insights
- Growth strategies
- Upcoming projects
GET YOUR FREE INVESTOR KIT
Antilles Gold Limited
Investor Insight
Antilles Gold’s gold and copper projects in Cuba are underpinned by a strong partnership with a Cuban Government-owned mining company that effectively fast-tracks and de-risks its promising projects, offering a strategic value proposition for investors.
Overview
Antilles Gold (ASX:AAU,OTCQB:ANTMF) is an Australian mining company focused on gold and copper projects in Cuba through a joint venture with the Cuban Government’s mining company, GeoMinera. This partnership has resulted in rapid project permitting and access to several new development opportunities for the Australian company.
Antilles Gold offers strong growth potential through two near‐term development projects, Nueva Sabana and La Demajagua, and two exploration projects, the El Pilar porphyry system and Sierra Maestra copper concessions.
Joint venture projects in Cuba
Nueva Sabana is a near‐term, gold‐copper mine development within the joint venture with GeoMinera, and is expected to initially produce around 70 grams per tonne (g/t) gold in a concentrate from a high‐grade gold cap followed by ~27 percent copper concentrate with gold credits. The project development strategy includes the completion of a feasibility study in September 2024, and the commencement of construction soon after.
The second proposed development is the La Demajagua open-pit mine, which is likely to produce ~50,000 tonnes per annum (tpa) of gold arsenopyrite concentrate (32 g/t gold, 27 percent arsenic), and ~10,000 tpa of gold antimony concentrate (28.8 g/t gold, 48 percent antimony, 1,200 g/t silver) for nine years. According to the plans, construction will commence in late 2025, with commissioning in mid‐2027. La Demajagua will also include the construction of a concentrate processing facility to treat La Demajagua’s gold arsenopyrite concentrate, with the capacity to produce 50,000 oz gold per year in dore, which will further increase JV profit and cashflow.
The joint venture’s two exploration projects comprise the 720‐hectare El Pilar Concession in Central Cuba covering a cluster of three copper‐gold porphyry deposits (El Pilar, Gaspar and San Nicholas), the adjacent 17,000 hectare San Nicholas concession with porphyry style mineralisation, and two concessions totaling 52,600 hectares within the producing Sierra Maestra copper belt in southeast Cuba (La Cristina and Vega Grande), with both indicating of porphyry deposits highly prospective for copper, gold and molybdenum.
Surface mineralisation at El Pilar
Antilles Gold has completed a technical evaluation of the El Pilar porphyry system which was advised to ASX on 15 February 2024.
The joint venture intends to invest part of the surplus cash flow from the Nueva Sabana mine to fund the exploration of major copper targets, including the El Pilar copper‐gold porphyry system, and those in the Sierra Maestra copper belt.
Company Highlights
- Antilles Gold Limited is an Australian mining company listed on the ASX (AAU) and OTCQB (ANTMF).
- The company is focused on gold and copper projects in Cuba through a 50:50 joint venture with the Cuban Government’s mining company, GeoMinera, opening new development opportunities for Antilles and de-risking permitting processes.
- The joint venture is engaged in four development projects: 1) Nueva Sabana gold‐copper mine; 2) La Demajagua gold mine; 3) El Pilar porphyry copper project; and 4) Exploration of two concessions within the Sierra Maestra copper belt. Of these, Nueva Sabana and La Demajagua offer near‐term development opportunities.
- Nueva Sabana is a near‐term gold‐copper mine development that is expected to generate strong cash flow from concentrate sales from end‐2025.
- La Demajagua is an open-pit mine gold project commencing construction in Q4 2025 with commissioning in mid‐2027.
- El Pilar and Sierra Maestra concessions are exploration projects.
- Investment in Cuba offers several benefits, including richness in minerals, low operating costs and royalties, stable government and regulations, several investment incentives and the availability of a skilled workforce.
Key Projects
Nueva Sabana Project
Prominer Mining Technology will supply Nueva Sabana concentrator
Nueva Sabana is the company’s near‐term, gold‐copper mine development project. The project is held in the 50:50 joint venture with GeoMinera. It will be an open-pit mine developed on the oxide zone overlaying the El Pilar porphyry copper deposit in central Cuba.
Results from 24,000 metres of historical drilling, 1,800 metres drilled in 2022, and the 10,000 metres drilled in 2023 have established a mineral resource estimate (MRE). Results of a scoping study were advised to ASX on 7 May 2024, and a feasibility study is in progress for the proposed development which will be followed by a 12‐month construction phase.
Drilling has shown outstanding grades for gold and copper, and increasing lateral and vertical boundaries of the copper domain.
The proposed mining rate for the project will be 500,000 tpa of ore with a low waste‐to‐ore ratio. The anticipated initial production of 70 g/t gold concentrate will be followed by a ~27 percent copper concentrate with gold credits.
The estimated project cost is approximately US$33 million, of which approximately US$6 million is shareholders equity with the balance of $27 million expected to be funded through an advance on purchases of the concentrates by an international commodities trader.
Chinese engineering group, Prominer Mining Technology, which has extensive experience in designing and constructing gold and copper concentrators, is expected to supply the crushing and flotation circuits for the Nueva Sabana mine.
La Demajagua Project
La Demajagua involves the development of a gold‐antimony‐silver deposit as an open-pit mine by the joint venture company, Minera La Victoria.The project is located within a 900 hectare mining concession on the Isle of Youth, 60 nautical miles from mainland Cuba. The project site is 35 kilometres from the port city of Nueva Gerona and enjoys excellent infrastructure in terms of accessibility by highway, and availability of water, electricity and fiber optic cable.The project has an MRE of 905,000 oz gold equivalent for the open-pit operation. The MRE was calculated from 29,000 metres of drilling undertaken by the JV, and selective results from about 50,000 metres of historic drilling and revised after the receipt of additional antimony assays. The project expects mining of about 815,000 tpa of ore to produce two concentrates: 50,000 tpa of gold‐arsenopyrite and 10,000 tpa of gold‐antimony‐silver for nine years.
The project will also include a concentrate processing facility to produce gold doré from the gold-arsenopyrite concentrate. The facility will comprise a 50,000‐tpa two‐stage fluidized‐bed roaster, a carbon-in-leach (CIL) circuit, and an antimony recovery circuit. The overall production target is 75,000 oz gold equivalent per year. Chinese engineering firm BGRIMM Technology Group, which has extensive experience in designing and constructing roasters, is expected to supply the process plant on a turnkey basis.
The total development cost is estimated at US$165 million, expected to be funded by US$75 million of equity, which includes contributions by a third shareholder in the project, and the balance of US$90 million in debt. The life‐of‐mine cash surplus is estimated at ~US$600 million, with an NPV of ~US$330 million based on US$1,800/oz gold, and US$13,000/t antimony.
A revised scoping study including the concentrate processing facility is expected in December 2024, and construction is anticipated to commence in late 2025, with commissioning targeted for mid‐2027.
El Pilar Copper‐Gold Porphyry System Project
El Pilar is an exploration project of a cluster of three copper‐gold porphyry deposits: El Pilar, Gaspar and Camilo. The project comprises a 752 hectare exploration license and an adjacent 17,000 hectare reconnaissance permit covering the San Nicholas copper targets.
The project site benefits from established infrastructure with close access to a major highway, high‐tension power, and a 60 kilometre rail link to Palo Alto port.
Previous mapping, soil sampling, ground magnetics, an aeromagnetic survey and 24,000 metres of shallow drilling confirmed the existence of copper‐gold mineralization and identified the exposures as a potentially large, leached porphyry system. The surface exposures at El Pilar are leached phyllic caps to a cluster of copper‐gold porphyry cores. The extent of surficial hydrothermal alteration indicates the porphyry intrusions have large dimensions, and potential depths greater than 1,000 metres.
Ground magnetics and induced polarization surveys in early 2023 have confirmed a cluster of three potentially large porphyry intrusives – El Pilar, Gaspar and Camilo. A 10‐hole initial program has demonstrated positive results with good copper intercepts in porphyry‐style veining and has indicated the proximity of drilling to the core of El Pilar porphyry intrusive. In particular, drill hole PDH‐004A assayed 1.23 percent copper over its length of 134 metres from 49 metres.
Sierra Maestra Copper Belt Project
The project is an exploration project covering two highly prospective concessions for copper, gold and molybdenum in the Sierra Maestra copper belt in southeast Cuba. It includes a 3,600-hectare geological investigation license in La Cristina, and the adjoining 49,000‐hectare Vega Grande reconnaissance license.
The copper belt spans more than 200 kilometres of Cretaceous‐age geology intruded by Eocene stocks, which are the source of widespread gold and base‐metals mineralization. The project is near the El Cobre mine which is the oldest operating copper mine in the Americas. The concessions incorporate a series of copper‐gold‐molybdenum zones that display significant footprints of hydrothermal alteration normally associated with potentially large porphyry systems.
An extensive, two‐year prospecting program will be carried out on the two concessions, commencing in Q4 2024, to identify drill targets.
Management Team
Brian Johnson – Executive Chairman
Brian Johnson is a graduate of civil engineering from the University of Western Australia and a member of the Institute of Engineers, Australia. He has rich experience in the construction and mining industries in Australia, Southeast Asia and North America. He was instrumental in establishing successful companies in the iron ore and coal sectors. Previously, he has served as a director of two listed gold producers, and of companies with stock exchange listings in London, New York, Vancouver and Australia.
James Tyers – Chief Executive Officer
James Tyers is a member of the AusIMM and has more than 30 years of experience in the mining industry, holding senior management roles in gold and iron ore operations. He has been associated with the Palm Springs Gold Mine in the Kimberley region of Western Australia, and the Cornishman Project, a JV between Troy Resources and Sons of Gwalia. He has experience developing and operating iron ore projects in the mid‐west of Western Australia. He was responsible for developing the Las Lagunas Project and is the project director for the La Demajagua gold mine in Cuba.
Ugo Carlo – Non‐executive Director
Ugo Carlo has more than 30 years of experience in the Australian mining industry. Throughout his career, he has served in several senior leadership roles at Rocklands Richfield, Austral Coal and Conzinc Rio Tinto Australia Group. He is also a former director of the Port Kembla Coal Terminal, the New South Wales Joint Coal Board, and interim chairman of the New South Wales Minerals Council.
Angela Pankhurst – Non‐executive Director
Angela Pankhurst has more than 20 years of experience as an executive and non‐executive director, primarily in the mining industry. She has been a senior executive for companies with projects in Kazakhstan, Nigeria, Vietnam, South Africa and Australia. She has held senior leadership positions at Antilles Gold and Central Asia Resources. She is currently a director of Consolidated Zinc and a director of Imritec.
Tracey Aitkin – Chief Financial Officer
Tracey Aitkin is a professional member of CPA Australia and has more than 30 years of rich experience in finance, administration and staff management across a range of industries, including mining, manufacturing, retail, transport and agriculture. She joined the company in 2009 and was named CFO in 2010.
Dr. Jinxing Ji – Technical Director
Dr. Jinxing Ji is a seasoned metallurgist with six years of research experience in universities and 26 years of practical experience in the mining industry related to gold, silver, copper, zinc and lead. His broad experience includes due diligence, metallurgical test work, pre‐feasibility study, feasibility study, detailed design, plant commissioning support, and operational support for projects in Turkey, Greece, Canada, China, Romania, Brazil and Papua New Guinea.
Steve Mertens – Mining Director
Steve Mertens is a mining engineer with more than 20 years of industry experience across a range of commodities, including nine years based in Latin America. He has been associated with the Goro Nickel Project in New Caledonia and the Mina de Cobre Project in Panama. Prior to his current role as general manager for the Minera La Victoria JV company, he was the mining manager for Antilles Gold’s Las Lagunas operation in the Dominican Republic.
Chris Grainger – Exploration Director
Chris Grainger holds a PhD in economic geology from the University of Western Australia. He is an Australian geologist with more than 25 years of international experience with involvement in grassroots and brownfield exploration, as well as resource definition and development, with a focus on precious and base metals in South and Central America and the Caribbean. He has been associated with Continental Gold’s Buritica gold‐silver project, and Cordoba Minerals’ Alacran copper‐gold project.
Asara Recommences Exploration Activities at Kada
Asara Resources Limited (ASX: AS1; Asara or Company) is pleased to announce that it has recommenced exploration activities at its flagship asset, the Kada Gold Project in Guinea (Kada).
HIGHLIGHTS
- Relogging of core samples.
- Drone survey to identify additional mineralisation recently undertaken.
- Geological and structural mapping of new drone imagery and fieldwork.
- Planning for the commencement of a drill program in early 2025 to upgrade the existing Mineral Resource Estimate.
- Community engagement to strengthen relationships with local communities.
- Preparation for commencement of environmental studies.
Managing Director, Tim Strong commented:
“We are excited to recommence work at Kada following a pause in field activities throughout 2024. Our team is back on the ground, refurbishing camp facilities, re-logging core samples, undertaking geological and structure mapping in the Massan area and establishing important community relationships. In addition, we have deployed a drone to assist in determining the structural orientation of historical work undertaken and identify potential areas of gold mineralisation that may not have been previously recognised.
Looking ahead, we expect drilling to begin in the March quarter of 2025. The drilling program will focus on upgrading portions of the Massan Mineral Resource to the Measured category, as well as testing additional structures that are not currently included in the Mineral Resource Estimate.’’
KADA GOLD PROJECT
Exploration Activities
Activities at Kada recommenced during October with the installation of a new water borehole and a 10,000 litre capacity water tower at the Niandankoro Camp. All camp areas were connected to the new water system providing running water throughout.
The camp has undergone a detailed inventory, and store areas have been prepared in readiness for the commencement of fieldwork and then drilling.
Figure 1: Niandankoro Camp
Figure 2: Geology stores and RC chip storage
Figure 3: New drone imagery of Massan showing structure and geologists inspecting areas of mineralisation
Geological and structural mapping of the workings have commenced. This is a combination of desktop interpretation of recent drone imagery and fieldwork.
Figure 4: Fieldwork at the Massan deposit
Figure 5: Weather station installed at Niandankoro Camp and meetings with local dignitaries and community leaders
Community and Environment
The Company recognises the importance of engaging the local community, strengthening working relationships and to share information and understand local expectations and resolve any issues as and when they arise. To that end, work has commenced to establish social and environmental baselines. Over the last month, meetings were held with Company representatives, local elders, the Mayor of Niandankoro and Sous-Prefet which were beneficial and greatly appreciated by all attendees.
A weather station has been installed at Asara’s Niandankoro Camp giving vital baseline data for the environmental studies that will commence in 2025.
Burkina Faso
As announced on July 14, 2024, the Company entered into a binding Share Purchase Agreement (SPA) with Bic West Africa Limited (BIC) for the sale of its non-core Kouri and Babonga gold projects for total consideration of US$2.2m cash. The Company is continuing to work towards satisfying the Conditions Precedent outlined in the SPA, having recently obtained approval from the Tax Office with approval of the transaction by the Minister of Mines the final step. Following approval from the Tax Office, BIC made an advance payment of US$550,000 (against the final Completion Payment of US$1.1m). It is expected that the final payment of US$550,000 will be made by BIC once the Mininter of Mines has approved the transaction. It is expected that this approval will be obtained by the end of the December 2024 quarter.
Click here for the full ASX Release
This article includes content from Asara Resources Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
High-Grade Gold & Copper Assays at Thorpe Prospect
Artemis Resources Limited (‘Artemis’ or the ‘Company’) (ASX/AIM: ARV) is pleased to provide an update on further exploration undertaken on the 100% owned Karratha Gold Project in the West Pilbara region of Western Australia.
Highlights:
- ROCK CHIP SAMPLING ASSAYS RETURN GRADES OF UP TO 45.8 G/T GOLD AND 10.3% COPPER AT THORPE PROSPECT
- SURFACE GOLD FOOTPRINT OF CARLOW TENEMENT CONTINUES TO INCREASE
- ROCK CHIP SAMPLING OF VEINS WITHIN TWO STRUCTURES AT THORPE DELIVERS HIGH-GRADE GOLD, COPPER AND SILVER ASSAY RESULTS, INCLUDING:
- Rock Chip Assay Results (Sample No)
- 45.8 g/t Au, 3.7% Cu & 38.6 g/t Ag (24AR22-020)
- 12 g/t Au, 1.1% Cu & 3.7 g/t Ag (24AR22-014)
- 5.9 g/t Au, 1.0% Cu & 17.8 g/t Ag (24AR22-006)
- 3.4 g/t Au, 2.5% Cu & 4.2 g/t Ag (24AR22-031)
- 3.0 g/t Au, 2.1% Cu & 24 g/t Ag (24AR22-026)
- 6.2% Cu, 0.8 g/t Au & 5.6 g/t Ag (24AR22-016)
- 6.1% Cu, 1.6 g/t Au & 13.5 g/t Ag (24AR22-009)
- 10.3% Cu, 0.4g/t Au & 69.4 g/t Ag (24AR22-013)
- PLANS FOR DRILL TESTING PRIORITY TARGETS WHICH INCLUDE AREAS OF HIGH GRADE GOLD, COPPER AND SILVER VEINS AT SURFACE, IS ADVANCED
The Company has undertaken further ground reconnaissance and rock chip sampling across the Carlow tenement, with the goal to map all outcropping mineralised veins and structures and define additional priority targets for drilling.
The current exploration strategy is to use industry best techniques including geochemical and geophysical surveys combined with structural interpretations to identify targets within what Artemis considers is a wide, highly prospective and underexplored structural corridor with potential to host substantial gold deposits.
Executive Director George Ventouras commented:“We are very excited that prospects located on the Carlow tenement continue to deliver further high-grade gold, copper and silver results from extensive veins at surface.
While several of these prospects have had minor drilling programs, the exploration team continues to compile data to identify the source of the widespread gold discovered at surface. Combined with the Titan prospect and other targets in the immediate Carlow area, the future looks very bright for the Karratha Gold Project.”
Figure 1. Artemis West Pilbara tenements with current known prospects named
Thorpe Prospect
The Thorpe Prospect is located in the southeast part of the Carlow tenement, E47/1797. The recent ground reconnaissance program involved collecting additional rock chip samples at Thorpe to define the extent of the gold bearing veins and other structures. A small number of samples were also taken close to the Carlow deposit.
Click here for the full ASX Release
This article includes content from Artemis Resources, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
New Murchison Gold Provides a Mineral Resource Update for the Crown Prince Deposit
New Murchison Gold Limited (ASX: NMG) (“NMG” or the “Company”) is pleased to announce an updated Mineral Resource Estimate (MRE), reported in accordance with the JORC Code, for the Crown Prince Deposit (Crown Prince) at the Company’s flagship Garden Gully Gold Project (Garden Gully) near Meekatharra, Western Australia.
HIGHLIGHTS
- Mineral Resource Estimate substantially increased for the Crown Prince Deposit at Garden Gully with a 3G% increase in the Indicated classification estimate to 226koz at 4.6 g/t Au.
- The total Mineral Resource has grown by 16% from the February 2024 estimate, to 27Gkoz at 3.G g/t/Au.
- With 81% (up from 68%) of gold ounces in the Indicated Mineral Resource classification, there is now a strong understanding of the Crown Prince deposits, reflecting enhanced drill density, in some places to 15 m x 15 m grid.
- Mineral Resources are shallow and delineated from surface. Gold mineralisation is open at depth and will be followed up with deeper drilling as the project progresses.
- Crown Prince’s mineralisation is mostly situated within a 300 m x 380 m area. The Mineral Resource Estimate, beneath the mineralised cap rock, shows an average of 1,538 oz of gold per vertical metre between 10 m and 150 m depth.
- The structural corridor, which hosts the Crown Prince deposits, is open to the south and is relatively untested. To the north, recent passive seismic delineated a wide and thick paleochannel (up to 60 m depth). The northern area below the paleochannel may be better explored from underground or base of open pit positions.
- Crown Prince is strategically located in the heart of the prolific Murchison gold district, with close proximity to numerous operating gold mines, processing facilities and other key infrastructure.
- NMG is close to announcing a detailed Feasibility Study (environmental, social, mining, metallurgy, geotechnical, hydrogeological) to support a robust value proposition for mining Crown Prince
Alex Passmore, NMG’s CEO commented: “Following a busy year of exploration and development work in 2024, the Company is delighted to report an increased Crown Prince Mineral Resource Estimate from the additional drilling undertaken.
With increased drilling density, the understanding of the Crown Prince deposit is at a strong confidence level with 81% of the ounces (i.e., 22C,000 oz) now reporting to the Indicated Mineral Resource classification. Pleasingly, the average ounce per vertical metre endowment sits at 1,538 within key areas of our conceptual open pit development.
This resource underpins the detailed feasibility study work which is well advanced to confirm the mining, metallurgical, geotechnical, economic and environmental parameters to develop the Crown Prince Gold Project.
Initial economic optimisation modelling of the Crown Prince resource confirms that there is sufficient grade and tonnage to sustain an open pit mining operation.”
Table 1: Crown Prince MRE Summary November 2024
This MRE (Table 1, Figure 1) was prepared by Cube Consulting, an independent consultant, using geological and mineralisation interpretations prepared by NMG using all available reverse circulation and diamond drillhole data. The updated Crown Prince MRE incorporates all drilling completed and assayed up to October 2024. Over the course of 2024, NMG’s exploration team completed 21,974 m of reverse circulation and diamond drilling within the Crown Prince area.
Following the discovery of the south eastern zone (SEZ) of mineralisation at Crown Prince in 2022, follow up exploration in 2023 and 2024 successfully added resource inventory via infill and extensional drilling.
Multiple phases of drilling were undertaken in 2024 (Table 2) with resulting assays now incorporated into the resource model supporting the November 2024 estimate for Crown Prince.
Mineralisation envelopes at the Main and Northern Zones were also better defined for this model. Additionally, new high-grade lodes were discovered in the Northern Zone contributing to the uplift seen in this updated MRE.
The Crown Prince deposit is hosted within quartz-carbonate veins within altered and sheared mafic units. In the weathered profile, primary mineralisation (fresh rock) has in places been enriched with a supergene overprint. Notably, primary mineralisation persists at depth and remains open (Figure 2). Further drilling will be undertaken to test for extensions.
Table 2: Drilling Summary for Crown Prince
Figure 1: Crown Prince MRE mineralisation wireframes, isometric view looking north.
Figure 2: Isometric view looking north of Crown Prince block model
Material Information Summary – Mineral Resources
Information required by ASX Listing Rule 5.8.1 (summary of technical information pertaining to the Mineral Resource Estimate) is detailed in the following sections.
Click here for the full ASX Release
This article includes content from New Murchison Gold Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
New Orleans Investment Conference Marks 50 Years of Market Insights and Contrarian Wisdom
Taking place a few weeks later than usual — likely to accommodate the US election — this year's New Orleans Investment Conference saw many resource sector analysts, newsletter writers, speculators and contrarians offer insight on the economy, potential market movements and which commodities to watch.
Hosted by Brien Lundin, CEO and president of Jefferson Financial and editor of Gold Newsletter, the New Orleans Investment Conference first launched in 1975 as the brainchild of entrepreneur James Blanchard, a well-known dealer of fine coins and precious metals and the founder of Blanchard and Company.
Blanchard was fondly remembered at the conference's 50th anniversary by presenters and panelists, including popular investor and speculator Rick Rule, proprietor of Rule Investment Media.
Rule recounted first attending the event in 1986, beginning his presentation with an acknowledgment of the show’s founder, noting that Blanchard was one of the “most wonderful mentors and best friends of my life.”
He spent the remainder of his 20 minute presentation — "Another Bull Market: Don’t Waste This One!" — pointing out that the precious and industrial metals markets are in an early stage bull run driven by mounting US debt and liabilities.
To address these challenges, Rule expects the US government to print more money — boosting gold.
He underscored the need for a contrarian approach, explaining the difference between beta, the outperformance of a sector relative to the broad market, and alpha, an investment or speculation that outperforms even the beta.
"If the gold sector does well, beta would be the difference between the performance of gold stocks relative to the stock market in general," he said. Alpha would be gold stocks that outperform gold even as the metal is outperforming.
"If you aren't a contrarian in this racket, you're going to be a victim,” he said several times during his presentation.
Rule's nostalgic sentiment was echoed by economist and author Dr. Mark Skousen, who told audience members that he has been attending the New Orleans Investment Conference since the late 1970s.
Skousen showed several photos of him and previous event guests over the decades.
"There I am burning my Social Security card, and later I tore up my Medicare card,” he said pointing to a large screen. “And today I am on Social Security and Medicare. So much for tearing up these state-run programs.”
He later quipped that Social Security has yielded poor returns compared to the stock market.
“Let me tell you something — these state-run programs are lousy programs, because for Social Security, if you had invested your money in the S&P 500 (INDEXSP:.INX), you wouldn't be getting US$3,000 or US$4,000 a month, you'd be getting US$12,000 a month, which you can live on,” Skousen commented.
A family affair
In addition to the many notable speakers and presenters, this year’s New Orleans Investment Conference was attended by hundreds of investors, with some even bringing their whole family.
Eric and Lila Wohlwend, along with their two sons, were among the attendees looking to garner investment advice at the conference. The Investing News Network (INN) caught up with Lila and her 17-year-old son Deven, who also attended the conference in 2022, to find out what they thought of this year’s event.
“I'm learning a lot from this conference, especially about mining for gold, silver and copper,” said Deven. “Some of the speakers talking about the economy have really incredible insights.”
The teen listed some commodities and assets he is interested in, including Bitcoin, silver and particularly gold.
“Gold's been around for 5,000 to 10,000 years. It goes back before recorded history, and it's probably going to be around for the foreseeable future,” he explained. “So I see it as one of the safest investments anyone could make.”
Lila expressed interest in learning more about the intricacies of the resource sector.
“I'm big into real estate, (but) I don't know a lot about the mining sector, so I've been learning a lot about that,” she said, noting that she had visited the Battle Bank booth and is intrigued by the new financial endeavor.
Richard Hunt, an investor from Chesapeake, Virginia, was attending the conference for his fifth time. Hunt, who was accompanied by his son Matteo, noted that sentiment from fellow attendees was positive.
“I see a sense of encouragement for the market tide to change,” he said.
Although many of this year’s presenters made the case for investment in Bitcoin, Hunt prefers more tangible assets.
“I don't believe in investing in anything I don't understand,” he said. “I had no regrets not buying it.”
He went on to explain that part of his investment thesis is being able to lie down at night and not worry.
Gold and silver are among his preferred metals, and he also underscored the opportunity he sees in uranium.
“I like uranium because I see artificial intelligence coming aboard. With Microsoft (NASDAQ:MSFT), Amazon (NASDAQ:AMZN) and other big tech companies, they need energy. And there's not enough to go around,” he said.
When asked what keeps bringing him back to the Big Easy for the annual New Orleans Investment Conference, Hunt pointed to the community of likeminded investors.
“Here there's a network of people that are doing the same thing that I'm doing,” he said.
“It's not just about going to the conference, seeing the booths, it's interacting with people. And from what I'm seeing, people are positive, people are buying, and people are saying, ‘Yes, it's been down, but I'm going to buy because I see nowhere for it to go but up.'"
Keep an eye out for the rest of INN’s coverage from the New Orleans Investment Conference, including exclusive video interviews and full panel overviews.
Don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Georgia Williams, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.
Côte d'Ivoire: The Golden Frontier of West African Mining
As global investors seek new frontiers in the precious metals sector, Côte d'Ivoire is rapidly emerging as a high-potential gold region in West Africa. This West African nation, known for its stable political climate and pro-mining regulations, is becoming an increasingly attractive destination for gold exploration companies and investors alike.
Côte d'Ivoire's geological landscape is dotted with significant gold deposits within and nearby, including Resolute Mining’s (ASX:RSG,OTC Pink:RMGGF) renowned Syama deposit in Mali with gold resource of 10.3 million ounces, the Sissingué gold mine, which produces 70,000 to 100,000 ounces of gold per year, and Barrick Gold's (TSX:ABX,NYSE:GOLD) prolific Tongon operation.
These substantial resources are just some of the known deposits that underscore the country's potential to become a major player in the global gold-mining industry.
Infrastructure and regulation
The Ivorian government's commitment to developing a robust mining sector is evident in its strategic infrastructure investments and mining-friendly policies. The country's 2014 Mining Code, which replaced the previous 1995 regulation, has been instrumental in creating a favourable environment for mining operators while ensuring accountability to local communities and environmental considerations.
One of the key strengths of Côte d'Ivoire's mining sector is its well-developed transportation network. The government's ongoing investments in road infrastructure have significantly reduced operational costs and exploration timelines for mining companies. This advantage allows explorers to allocate resources more efficiently, accelerating the pace of discoveries and project development.
Moreover, the regulatory framework, particularly Articles 52 and 64 of the 2014 Mining Code, delineates specific zones where only Ivorian nationals may engage in mining activities. This approach not only fosters local participation, but also creates a unique synergy between international expertise and local knowledge, further enhancing the country's appeal to global mining entities.
Key gold players
A prime example of a company capitalizing on Côte d'Ivoire's golden opportunity is Aurum Resources (ASX:AUE), with its flagship Boundiali gold project. This project, consisting of four neighboring exploration tenements, has already shown promising results with high-grade intercepts reported during initial drilling activities.
What sets Aurum Resources apart is its innovative, cost-efficient exploration model. By owning and operating its drilling rigs, the company has managed to slash exploration costs dramatically. While industry-standard drilling rates can reach up to $200 per meter, Aurum has achieved costs as low as $45 per meter. This strategic approach not only allows for more extensive exploration programs but also significantly enhances the project's economic viability.
The company's ability to manage its drilling operations internally enables it to allocate resources more effectively and accelerate exploration timelines without compromising on the quality of data collected. This efficiency is crucial in the competitive landscape of gold exploration, where time and cost management can make or break a project's success.
Another noteworthy player in Côte d'Ivoire's gold sector is Montage Gold (TSXV:MAU,OTCQX:MAUTF), with its flagship Kone project. The Kone project, boasting 4.5 million ounces of gold, exemplifies how companies can leverage the country's favourable mining environment to advance significant projects. In July 2024, the company was awarded a mining permit for the Kone project by the Council of Ministers of Côte d'Ivoire, marking a crucial step towards commencing mining activities.
Unlocking future growth
The future of gold exploration in Côte d'Ivoire looks particularly bright, with vast areas of underexplored greenstone belts offering significant potential for new discoveries. These geological formations, known for hosting substantial gold deposits, present exciting opportunities for companies willing to invest in comprehensive exploration programs.
Aurum Resources, for instance, is planning to complete a maiden mineral resource estimate for its Boundiali project by the end of 2024. This milestone could potentially unveil additional gold resources, further cementing Côte d'Ivoire's position as a key player in the global gold mining landscape.
In a bid to strengthen its foothold in the region, Aurum has embarked on a bid to acquire Mako Gold (ASX:MKG) another Australian exploration company with a strategic gold asset in Côte d'Ivoire. The merger will see Aurum take over Mako’s Napié gold project and advance it alongside the Boundiali project.
The country's emerging status as a gold exploration hub is further reinforced by the continued investments from major players in the industry. Companies like Endeavour Mining (TSX:EDV,OTCQX:EDVMF), with developments in the Lafigué mine and Koulou gold projects, are testament to the growing interest and potential within Côte d'Ivoire's mineral landscape.
A golden opportunity for investors
For investors seeking exposure to the gold sector, Côte d'Ivoire presents a compelling proposition.
The combination of untapped geological potential, favourable regulatory environment, and improving infrastructure creates an attractive investment climate. Companies operating in the region, particularly those with strategic land positions and efficient exploration programs like Aurum Resources, offer investors the opportunity to participate in the early stages of potentially significant gold discoveries.
The country's emergence as a gold exploration hub is not just a boon for mining companies but also a catalyst for economic development. As exploration activities intensify and new mines come online, Côte d'Ivoire stands to benefit from increased foreign investment, job creation and economic diversification.
Key takeaway
Côte d'Ivoire's gold sector is at an inflection point, poised for substantial growth in the coming years. With its rich geological endowment, supportive government policies, and the presence of innovative exploration companies, the country is well positioned to become a leading gold producer in Africa.
For investors and mining companies alike, Côte d'Ivoire represents not just a golden opportunity, but a chance to be part of a transformative chapter in West African mining.
This INNSpired article is sponsored by Aurum Resources (ASX:AUE). This INNSpired article provides information which was sourced by the Investing News Network (INN) and approved by Aurum Resourcesin order to help investors learn more about the company. Aurum Resourcesis a client of INN. The company’s campaign fees pay for INN to create and update this INNSpired article.
This INNSpired article was written according to INN editorial standards to educate investors.
INN does not provide investment advice and the information on this profile should not be considered a recommendation to buy or sell any security. INN does not endorse or recommend the business, products, services or securities of any company profiled.
The information contained here is for information purposes only and is not to be construed as an offer or solicitation for the sale or purchase of securities. Readers should conduct their own research for all information publicly available concerning the company. Prior to making any investment decision, it is recommended that readers consult directly with Aurum Resources and seek advice from a qualified investment advisor.
Rua Gold Acquires Siren Gold's Reefton Assets for AU$22 Million
Siren Gold (ASX:SNG) announced on Tuesday (November 26) that it has completed the sale of its wholly owned subsidiary, Reefton Resources, to Rua Gold's (TSXV:RUA,OTCQQB:NZAUF)wholly owned subsidiary, Reefton Acquisition.
Reefton Resources is the owner of the Reefton project in New Zealand.
The sale will establish Rua Gold as a dominant landholder in the Reefton region, with approximately 1,196 square kilometers of tenements in the historical and past-producing Reefton Goldfields, which produced over 2 million ounces at 15.8 grams per tonne gold.
According to Siren’s September 17 resource update for Reefton, the project's deposits host a combined inferred JORC compliant mineral resource of 483,000 ounces of gold from ore grading 3.86 grams per tonne gold, as well as 14,500 tonnes of antimony at a grade of 1.7 percent.
Rua will also be positioned as the preeminent gold explorer in New Zealand, with a market capitalisation of approximately AU$41.9 million.
In exchange for Reefton Resources, Rua will pay Siren AU$18 million in shares and a further AU$4 million cash. The cash payments include: forgiving an AU$1 million promissory note upon signing the agreement, an AU$1 million cash payment at completion and the issue of 10,000,000 Siren shares to Rua (or its nominee) at AU$0.20 per share around the completion date.
Once the sale is complete, Siren will have a 26.1 percent stake in Rua, and Rua will hold a 7.51 percent stake in Siren. Rua will also transfer the Langdons antimony-gold project back to Siren.
“Since we listed Siren on the ASX in 2020, the vision has been to consolidate the historical Reefton belt to give it the best chance of bringing the multiple high-grade projects into a central processing hub model,” Siren Managing Director and CEO Victor Rajasooriar said.
Following this transaction, Siren will concentrate on the Sams Creek gold project and the Langdons and Queen Charlotte antimony-gold projects.
For its part, Rua will focus on the exploration and development of the combined Reefton belt. The company completed a C$8 million capital raising in July.
Siren first publicised this transaction on July 15, and the deal was approved by its shareholders on October 28.
Don’t forget to follow us @INN_Resource for real-time news updates!
Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: Rua Gold is a client of the Investing News Network. This article is not paid-for content.
Latest News
Antilles Gold Limited Investor Kit
- Corporate info
- Insights
- Growth strategies
- Upcoming projects
GET YOUR FREE INVESTOR KIT
Latest Press Releases
Related News
TOP STOCKS
Investing News Network websites or approved third-party tools use cookies. Please refer to the cookie policy for collected data, privacy and GDPR compliance. By continuing to browse the site, you agree to our use of cookies.