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Brightstar Resources Limited (Brightstar or the Company) (ASX: BTR) is pleased to present its investor presentation.
Project Overview
- +1Moz JORC Resources – Open and growing to deliver scale to become a material and relevant participant in the WA gold sector
- Tier-1 jurisdiction with compelling land position in two proven goldfields with multi-million ounce endowments:
- Significant operations nearby include Granny Smith, Sunrise Dam, Gwalia, Mt Morgans, King of the Hills
- Excellent regional infrastructure and supplier networks
- Robust Scoping Study1 existing infrastructure highlights a low capital and low risk pathway to production leveraging
- 322koz produced over eight years
- Average production profile over LOM of +40koz Au per annum
- Staged development delivers low pre-production capex of approximately $22 million
- NPV8 of $103m and IRR of 79% @ A$2,900/oz
- NPV8 of $153m and IRR of 138% @ A$3,100/oz (spot gold)
- LOM C1 cash costs A$1,765/oz
- Brightstar’s refurbished mill in Laverton strategically located to unlock regional assets
- Significant Upside to Scoping Study:
- Production target only includes ~30% of current Mineral Resource
- Compelling exploration upside and targets for inclusion in future mine planning
- Mining Pre-Feasibility Studies underway
- Mining Pre-Feasibility Studies underway
- Selkirk Mining JV (50:50) underway at the Menzies Gold Project with partner BML Ventures
- Mine plan of +30kt of ore @ 5g/t Au. Processing through Gwalia mill (GMD.ASX) in Q1 ‘24
- Cash flow enables organic funding for exploration and feasibility studies
- Assessing other small scale mining opportunities at the Menzies Gold Project (= “Selkirk 2.0”)
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This article includes content from Brightstar Resources, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
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Brightstar Resources
Investor Insight
With multiple catalysts ahead, including resource upgrades, expanded production, and further development of its Laverton, Menzies, and Sandstone hubs, Brightstar Resources presents a compelling investment case in a rising gold market.
Overview
Gold has continued to demonstrate its resilience as a store of value, with prices peaking at US$3,500.05 per ounce, its all-time high. Amid ongoing global economic uncertainty, including inflationary pressures, rising geopolitical tensions, and volatile interest rate environments, investors have turned to gold as both a safe haven asset and a hedge against macroeconomic instability.
Brightstar Resources (ASX:BTR) is strategically positioned to capitalize on this environment as a low-cost, multi-asset gold developer with near-term production potential. The company controls over 1,500 square kilometers of highly prospective ground across three of Western Australia’s most prolific gold belts: the Laverton Tectonic Zone, the Menzies Shear Zone, and the Sandstone Greenstone Belt.
Unlike many junior exploration companies, Brightstar has a key differentiator: it owns a fully permitted, strategically located processing facility near Laverton. This existing infrastructure offers the company a critical advantage, enabling a low-capex restart scenario and faster time to cash flow compared to peers who must first secure permits and fund costly plant construction. This plant is subject of a DFS due for announcement in June 2025.
Through a focused multi-hub strategy, Brightstar has built a robust pipeline of development-ready and resource-growth projects, supported by:
- Over 3 million ounces of gold resources across Laverton, Menzies, and Sandstone;
- Ongoing high-grade drilling success in 2024 and 2025, including intercepts of up to 10m @ 43.8 g/t gold;
- A track record of low-cost, value-accretive acquisitions, such as Linden Gold Alliance and Alto Metals;
- A dedicated, in-house technical team executing on aggressive exploration, fast-tracked studies, and staged development.
With global gold demand remaining strong, Brightstar is well-positioned to deliver material shareholder value through its integrated production plan, supported by scalable infrastructure, a growing resource base, and access to capital. The company’s strategic approach includes combining brownfields development, organic exploration, and corporate M&A, placing it at the forefront of a new generation of Australian gold producers.
Company Highlights
- ASX-listed gold exploration and development company with a consolidated mineral endowment of 3 Moz of gold across Laverton, Menzies, and Sandstone hubs in Western Australia.
- Owns and operates 100 percent of project areas: 300 sq km in Laverton Tectonic Zone, 80 sq km in Menzies Shear Zone, and 1,200 sq km in Sandstone Greenstone Belt.
- Gold processing operations at the Laverton facility have commenced under an Ore Purchase Agreement (OPA) with Genesis Minerals Ltd (ASX:GMD), marking a significant milestone in transitioning from exploration to production.
- Recent drilling campaigns have yielded strong high-grade results, including:
- 16m @ 8.0 g/t gold at Second Fortune (Laverton)
- 10m @ 43.8 g/t gold at Musketeer (Sandstone)
- 16m @ 8.0 g/t gold at Yunndaga (Menzies)
- Following the successful Linden Gold Alliance acquisition, Brightstar has commenced a DFS for the wider development of its Laverton and Menzies assets which is due for release imminently in June 2025.
- Ongoing Sandstone drilling continues to return high-grade intercepts, further supporting project advancement and MRE conversion.
- In 2024, Brightstar signed a $4 million drill-for-equity deal with Topdrill to fast-track exploration at Sandstone.
- The company has successfully executed a US$11.5 million (AU$18 million) revolving stockpile finance facility with Ocean Partners Australia.
Key Projects
Laverton Hub
Brightstar’s Laverton hub is comprised of the Cork Tree Well, Jasper Hills, Second Fortune, Beta and Alpha project areas.
Highlights:
- Combined, the Laverton Hub JORC mineral resource estimate is 15.7 Mt @ 1.7 g/t gold for 848 koz (49 percent measured and indicated category). All mineral resources are on granted mining leases
- Cork Tree Well (6.4 Mt at 1.4 g/t gold for 292 koz gold)
- Alpha (1.4 Mt at 2.3 g/t gold for 106 koz gold)
- Beta (1.9 Mt at 1.7 g/t gold for 102 koz gold)
- Lord Byron (5.2 Mt at 1.5 g/t gold for 251 koz gold)
- Fish (376 kt at 4.0 g/t gold for 49 koz gold)
- Second Fortune (92 kt at 13.4 g/t gold for 40 koz gold)
- Gilt Key (168 kt at 1.3 g/t gold for 8 koz gold)
- Main project area Cork Tree Well is open at depth and along strike with recent drilling results of 34.4 meters at 7.94 g/t gold from 43.5 meters (CTWMET004) and 27.6 meters at 17.8 g/t gold from 51 m (CTWMET003)
- Second Fortune has a mineral resource estimate head grade of ~11g/t gold with an average ore body width of 0.6 meters.
- Jasper Hills is located 50 km from Brightstar’s existing processing facility along a wholly-owned private haul road, allowing unimpeded, direct access to both projects
- Permitted, previously mined and production-ready
- Last mined by current owners in 2020 with 23,000 oz gold mined
- Growth Drivers:
- Second Fortune: Consistent, stable production and cash generation through 2025
- Fish: Mining activities have commenced and site establishment is continuing.
- First ore production targeted in June
- Open pits development: Large scale production opportunities through mining Lord Byron and Cork Tree Well as multi-year base load ore sources
- DFS: due for delivery in June 2025, including design and costs for expansion of BTR-owned processing infrastructure to 1Mtpa.
Menzies Hub
The Menzies Hub comprises a tenement holding of a contiguous land package of granted mining leases over a strike length of more than 20 km. The majority of deposits hosted along the Menzies Shear Zone are located adjacent to the Goldfields Highway in Menzies (130km north of Kalgoorlie).
Highlights:
- Total Current Resource: 12.7 Mt at 1.4 g/t gold for 589 koz gold (37 percent measured and indicated)
- DFS: due for delivery in June 2025, including design and costs for open pit and underground mining for toll processing/ore sales to a regional Kalgoorlie-Menzies mill.
- Growth Drivers:
- Lady Shenton Open Pit: Proposed multi-year consistent open pit production to provide cash generation. Targeting approvals received and ‘mine ready’ in 2025
- Yunndaga Underground: Planned infill drilling targeting conversion of Inferred Mineral Resources to M+I to support inclusion in future mining operations – recent results from this program include 16m @ 8.0 g/t gold
- Development: Advancing discussions with regional mills for 3rd party processing capacity in the Kalgoorlie-Menzies region, targeting a mining decision.
Sandstone Hub
The consolidated Sandstone project is over 100 km from existing third-party milling operations in the Murchison. This third processing hub boasts Alto’s Sandstone project with a mineral resource of 1.05 Moz at 1.4 g/t gold and Gateway’s Montague gold project with a mineral resource of 0.5 Moz @ 1.6 g/t gold.
Growth Drivers:
- Sandstone: Upgrade the Lords, Vanguard, Indomitable and Havilah camps to Indicated classification (40,000m RC+DD)
- Montague: Infill Montague and Whistler to Indicated classification (5,000m RC and 1,200m DD) – RC
- Greenfields: Follow up drilling of priority prospects across Sandstone Hub (West Hacks, Hancocks, Bulchina, Lords Corridor, Duplex) – recent drilling success includes exceptional intercepts at the Musketeer prospect yielding 10m @ 43.8 g/t gold
- Pre-Feasibility Study: Incorporation of 2025 drilling results into MRE upgrades to then factor into 1H 2026 Sandstone PFS
Management Team
Alex Rovira - Managing Director
Alex Rovira is a qualified geologist and an experienced investment banker having focused on the metals and mining sector since 2013. Rovira has experience in ASX equity capital markets activities, including capital raisings, IPOs and merger and acquisitions.
Richard Crookes - Non-executive Chairman
Richard Crookes has over 35 years’ experience in the resources and investments industries. He is a geologist by training having previously worked as the chief geologist and mining manager of Ernest Henry Mining in Australia.
Crookes is managing partner of Lionhead Resources, a critical minerals investment fund and formerly an investment director at EMR Capital. Prior to that he was an executive director in Macquarie Bank’s Metals Energy Capital (MEC) division where he managed all aspects of the bank’s principal investments in mining and metals companies.
Andrew Rich - Executive Director
Andrew Rich is a degree qualified mining engineer from the WA School of Mines and has obtained a WA First Class Mine Managers Certificate. Rich has a strong background in underground gold mining with experience predominantly in the development of underground mines at Ramelius Resources (ASX:RMS) and Westgold Resources (ASX:WGX).
Ashley Fraser - Non-executive Director
Ashley Fraser is an accomplished mining professional with over 30 years experience across gold and bulk commodities. Fraser was a founder of Orionstone (which merged with Emeco in a $660-million consolidation) and is a founder/owner of Blue Cap Mining and Blue Cap Equities.
Jonathan Downes - Non-executive Director
Jonathan Downes has over 30 years’ experience in the minerals industry and has worked in various geological and corporate capacities. Experienced with gold and base metals, he has been intimately involved with the exploration process through to production. Downes is currently the managing director of Kaiser Reef, a high grade gold producer, and non-executive director of Cazaly Resources.
Dean Vallve – Chief Development Officer
Dean Vallve holds technical qualifications in geology & mining engineering from the WA School of Mines, an MBA, and a WA First Class Mine Managers Certificate. Vallve was previously in senior mining and study roles at ASX listed mid-cap resources companies Hot Chili (ASX:HCH) and Calidus Resources (ASX:CAI).
Nicky Martin – Chief Financial Officer
Nicky Martin is an experienced finance and accounting professional holding tertiary qualifications in accounting and finance and is a qualified CPA. Martin was previously the Head of Finance at Pilbara Minerals Ltd (ASX:PLS) where she oversaw and was actively involved in a rapidly growing mining success story.
Emerging gold producer and district-scale resource developer in Western Australia
GMV Minerals Inc. Announces Updated PEA Results at Mexican Hat Gold Project in S.E. Arizona
GMV Minerals Inc. (the "Company" or "GMV") (TSXV:GMV)(OTCQB:GMVMF) is pleased to announce positive results from the updated Preliminary Economic Assessment ("PEA") study of the Mexican Hat Gold Project (the "Mexican Hat Project"), located in Cochise County, southeastern Arizona.
A National Instrument 43-101 -Standards of Disclosure for Mineral Projects ("NI 43-101") compliant technical report (the "Report") entitled "Updated NI 43-101 Technical Report Preliminary Economic Assessment, Mexican Hat Project" with an effective date of August 8, 2025 will be filed on SEDAR+ at www.sedarplus.ca under the Company's profile within 45 days of this news release. All amounts are stated in second quarter 2025 US dollars (US$).
The Mexican Hat hosts a shallow oxide gold resource with excellent metallurgy and high recoveries, supported by a low strip ratio and minimal pre-stripping. Infrastructure is in place and the Mexican Hat Project demonstrates a robust NPV and IRR. With fast leach kinetics and low reagent consumption, the Company believes the Mexican Hat Project offers exceptional potential economics.
Highlights:
- The Base Case generates a pre-tax Internal Rate of Return ("IRR") of 66.1% (after-tax 50.2%) and a pre-tax net present value ("NPV") at a 5% discount rate of US$390.2 million (after-tax US$268.3 million) with a 1.53 year payback (1.82 year after-tax) of invested capital using a US$2,500 per ounce gold price.
- Based on price sensitivity analysis at approximately the current price of US$3,350 per ounce of gold, the project returns a pre-tax IRR of 106.8% (after-tax 82.5%) and a pre-tax NPV at a 5% discount rate of US$767 million (after-tax US$538.1 million) with a payback period of 1.10 years (1.3 years after-tax).
- Base Case mine life of 10 years with total production of 597,841 ounces, averaging approximately 60,000 ounces per year.
- Crushed mineralized material will be conveyor stacked at a rate of approximately 10,000 tonnes/day on a conventional heap leach pad.
- Capex: US$89,997,000 (including US$15.4 million contingency).
- Opex: US$788 million LOM with Low LOM Strip Ratio of 2.05
- Estimated cash cost of production is US$1,354 per ounce with an all-in-sustaining cost of $1,545 per ounce inclusive of sustaining capital and additional overhead support.
- Engineering design analysis indicates the potential to increase pit size and contained ounces with increased gold prices.
FINANCIAL INDICATORS
The following table summarizes the financial indicators for the Mexican Hat Project for both before and after taxes.
Financial Indicators Before Taxes | Values |
NPV cash flow (undiscounted) | US$537.7M |
NPV @ 5% | US$390.2M |
IRR % | 66.1% |
Payback (years) | 1.53 |
Financial Indicators After Taxes | Values |
NPV cash flow (undiscounted) | US$377.9M |
NPV @ 5% | US$268.3M |
IRR % | 50.2% |
Payback (years) | 1.82 |
GOLD PRICE SENSITIVITY TABLE (US$ MILLIONS)
The following table summarizes the pre-tax and post-tax economic results to gold price sensitivity.
Pre-Tax and Post-Tax Sensitivity to Gold Price
-60% | -45% | -30% | -15% | Base | +15% | +34% | +45% | +60% | |
US$/troy oz Gold | 1,000 | 1,375 | 1,750 | 2,125 | 2,500 | 2,875 | 3,350 | 3,625 | 4,000 |
IRR (Pre-Tax) | 18.3% | 45.0% | 66.1% | 85.0% | 106.8% | 118.7% | 134.2% | ||
NPV @ 5% (Pre-Tax) US$M | -274.7 | -108.5 | 57.7 | 224.0 | 390.2 | 556.4 | 767.0 | 888.9 | 1,055.1 |
IRR (Post-Tax) | 11.3% | 33.4% | 50.2% | 65.2% | 82.5% | 91.9% | 104.2% | ||
NPV @ 5% (Post-Tax) US$M | -274.9 | -117.3 | 25.8 | 149.3 | 268.3 | 387.4 | 538.1 | 625.4 | 744.4 |
INITIAL CAPITAL EXPENDITURES (US$ MILLIONS)
Initial capital expenditures are estimated at US$89,997,000 million as detailed below:
OPERATING COSTS
The mine operating costs were calculated to average $3.49 per tonne mined as summarized below.
Mine Operating Cost Center | Unit Cost (US$/t mined) |
Owner Mining Personnel | $0.11 |
Owner Supplies & Misc. | 0.03 |
Contractor Mining | 3.35 |
Total Cost (Rounded) | $3.49 |
The life-of-mine operating costs were calculated to average US$20.44/tonne resource processed as summarized below.
Operating Cost | Cost per Tonne of Crushed Material Processed (US$/t) |
Mining | $10.60 |
Processing | $8.79 |
G&A | $1.05 |
Total Site Operating Cost | $20.44 |
MINERAL RESOURCES
An updated Mineral Resource Estimate prepared by DRW Geological Consultants Ltd., with an effective date of August 8, 2025, was used in the PEA. Details of the Mineral Resource Estimate can be found in the Report to be filed on SEDAR+ within 45 days of this release.
Category | Cut-off (g/t Au) | Grade (Au, g/t) | Tonnes | Gold Oz | Strip Ratio |
Inferred | 0.20 | 0.58 | 36,733,000 | 688,000 | 2.36 |
- The Mineral Resource Estimate has been constrained to a preliminary optimized pit shell, using the following parameters: SG = 2.57 gm/cc based on testwork, mining costs = $3.00/tonne, mining recovery = 98%, mining dilution = 2%, process cost = $5.00 per tonne, G&A = $1.05 per tonne, gold price = $2,500 per troy ounce, throughput at 10,000 tpd., discount rate = 5%. A cost of $0.03 was added per bench to the mining cost below the existing level surface.
- A top cut of 32 gpt gold is applied to all zones except Zone 6 which has a top cut of 50 gpt gold.
- Mineral Resources have been calculated using the Inverse Distance Squared method.
- Mineral Resources constrained to optimized pit shells are not Mineral Reserves and do not have demonstrated economic viability.
- Conforms to NI 43-101, Companion Policy 43-101CP, and the CIM Definition Standards for Mineral Resources and Mineral Reserves. Inferred Resources have been estimated from geological evidence and limited sampling and must be treated with a lower level of confidence than Measured and Indicated Resources.
- All numbers are rounded. Overall numbers may not be exact due to rounding.
- There are no known legal, political, environmental, or other risks that could materially affect the potential development of the mineral resources.
MINE PLAN
The mine plan is conceived as a conventional open pit tuck and shovel/loader operation. There are two independent pits which are developed with five-phase or pushback designs. Pit shells were designed using 6.0-meter benches with a catch bench installed every 18 meters. A bench face angle of 66° was used, resulting in an inner-ramp angle of 45° when catch benches were included. An 88% overall gold recovery has been used in this study, which was based on bottle roll and column leach test results. Base case haulage ramps are 26 meters wide and have a design gradient of 10%. Processing rates are based on a daily crushing rate of approximately 10,000 tonnes per day utilizing two stage crushing
The mine and crushing will be operated by contractors with oversight by GMV mine management. The mine plan produces a nominal tonnage to the crushing and heap leach of 3,500 Ktonnes per year (10,000 tpd) from a total material movement of 93.8 Ktonnes for the life of mine (26,106 tpd LOM average).
The PEA is preliminary in nature; it includes inferred Mineral Resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as Mineral Reserves, and there is no certainty that the PEA will be realized. There is no Mineral Reserve at the Mexican Hat Project at this time. Mineral resources that are not mineral reserves do not have demonstrated economic viability. Over the course of the mine life, 38.6 Mtonnes of Mineralized Resource is planned for processing out of a total material movement of 117.8 Mtonnes.
INFRASTRUCTURE & PROCESS PLANT
The Mexican Hat Project is located in the southeastern part of the State of Arizona, approximately 72 miles east-southeast of Tucson, and can be accessed from the Old Ghost Town Road., a gravel road extending south of the Town of Pearce or north from Gleeson Road.
Groundwater will be used as the source of water for mining operations. No permitting restrictions or quantity issues are anticipated.
A 69 kV powerline to site will be supplied by Sulphur Springs Valley Electric Cooperative from their power plant located 30 km north of the project site.
The crushing plant will be operated by a contractor to produce a crushed product for heap leaching with a 25 mm top size. Pregnant solution from the heap leach will be processed in a conventional adsorption desorption recovery (ADR) plant. The process plant will produce doré gold bars.
TECHNICAL REPORT AND QUALIFIED PERSONS
The Report entitled Updated Preliminary Economic Assessment, Mexican Hat Project", with an effective date of August 8, 2025 and which was prepared by the following Qualified Persons (as defined under NI 43-101), all of whom are independent of the Company, will be filed by the Company within 45 days of this release on www.sedarplus.com:
- Mr. Brian Olson, Q.P., Samuel Engineering, Inc. (Metallurgical Test Work and Recovery, Process Plant and Process Operating Costs)
- Mr. Steven Pozder, P.E., Samuel Engineering, Inc. (Project Economics and Infrastructure)
- Dr. Dave Webb, Ph.D., P.Eng., P.Geo., DRW Geological Consultants Ltd. (Mineral Resource Estimate, Property Description and Location, Accessibility, Climate, Local Resource, Infrastructure and Physiography, History, Geological Setting and Mineralization, Deposit Types, Exploration, Drilling, Sample Preparation, Analysis and Security, Data Verification).
- Mr. Thomas L. Dyer, P.E., RESPEC LLC. (Mine Design, Production Schedule, Capital and Operating Costs)
- Mr. Francisco J. Barrios, P.E., BBA Consultants International LP (Pad Design and Loading)
- Ms. Dawn Garcia, CPG, PG, Stantec Consulting Services Inc. (Environmental)
All Qualified Persons have contributed to their corresponding sections in Interpretation, and Recommendations. The Qualified Persons have reviewed and approved the scientific, technical, and economic information obtained in this news release.
For a description of the data verification process and limitations, underlying assumptions and the results of surveys and quality assurance program regarding exploration information, please refer to the Company's existing NI 43-101 Technical Report filed on SEDAR+ entitled "Preliminary Economic Assessment, Mexican Hat Project" with an effective date of October 20, 2020.
Ian Klassen, President & CEO remarked that "The robust PEA confirms our contention that the project's strong economic potential de-risks the development pathway, providing a solid foundation for advancement. The results validate the open-pit, heap-leach concept, demonstrate excellent metallurgy and recoveries, and outline a simple mining and processing strategy. With high margins, rapid payback, and straightforward engineering, the PEA positions the project well for the future, where detailed design, capital optimization, and permitting can advance with confidence."
2025-2026 Forward Looking Plan
The Mexican Hat Project PEA economics justify continued investment in project development. The forward-looking plan for Mexican Hat includes work required to advance the project through Feasibility Study and into the permitting process.
These tasks include:
- Approx. 7000 meters of in-fill drilling to increase confidence in the current geological understanding and mineral resource estimation to sufficient level to support mineral reserve development
- Metallurgical column, hardness, and grinding tests to further optimize and improve heap leach gold recovery, and to provide information for feasibility design work
- Performing a trade-off study for self-mining and crushing versus contract mining and crushing
- Geotechnical drilling and analysis to optimize pit slope design parameters
- Conduct base-line water sampling, and update of hydrologic, cultural, and environmental studies for permitting
About GMV Minerals Inc.
GMV Minerals Inc. is a publicly traded exploration company focused on developing precious metal assets in Arizona. GMV, through its 100% owned subsidiary, has a 100% interest in a Mining Property Lease commonly referred to as the Mexican Hat Project, located in Cochise County, Arizona, USA. The project was initially explored by Placer Dome (USA) in the late 1980's to early 1990's. GMV is focused on developing the asset and realizing the full mineral potential of the property through near term gold production.
PEA Information and Cautionary Note Regarding Inferred Mineral Resources
The mine plan evaluated in the PEA is preliminary in nature and includes Inferred Mineral Resources, as defined by NI 43-101 that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be converted to Mineral Reserves. Additional drilling and technical studies will need to be completed in order to fully assess its viability. There is no certainty that a production decision will be made to develop the Mexican Hat Project or that the economic results described in the PEA will be realized. Mine design and mining schedules, metallurgical flow sheets and process plant designs will require additional detailed work and economic analysis and internal studies to ensure satisfactory operational conditions and decisions regarding future targeted production.
Cautionary Note to U.S. Investors
The United States Securities and Exchange Commission permits U.S. mining companies, in their filings with the SEC, to disclose only those mineral deposits that a company can economically and legally extract or produce. We use certain terms in this report, such as "measured," "indicated," "inferred," and "resources," that the SEC guidelines strictly prohibit U.S. registered companies from including in their filings with the SEC.
Cautionary Statement Regarding Forward-Looking Information
This news release includes certain "forward-looking information" under applicable Canadian securities legislation. Forward-looking information include estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking information may be identified by such terms as "believes", "anticipates", "expects", "estimates", "may", "could", "would", "will", or "plan". Forward-looking information contained in this news release include, but are not limited to, statements or information with respect to: the results of the PEA, including the IRR and NPV, life of mine and production, capital and operating expenditures, cost estimates; permitting restrictions, and the mine plan, including infrastructure requirements and future plans; the filing of the PEA, including timing thereof, mineral resources; and future gold prices. Since forward-looking information are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties as described in the Company's filings with Canadian securities regulators. Assumptions upon which forward-looking information contained in this news release is based, without limitation, include: results of future exploration; gold prices; accuracy of the results of the PEA, including key assumptions and methods used to determine mineral resources and the results of the PEA; the ability to obtain required permits and approvals; the ability to execute future plans; exchange rates; ability to obtain funding; and changes in regulatory or community environment; Risks, and uncertainties include: results of further exploration; risks related to mineral tenure, permits and approvals; risks related to the execution of future plans; changes in gold price and exchange rates; risks related to obtaining financing; foreign country risks; regulatory risks and liabilities; and those risks and uncertainties as further described in the Company's filings with Canadian securities regulators which can be found on SEDAR+ at www.sedarplus.ca under the Company's profile. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.
Dr. D.R. Webb, Ph.D., P.Geo., P.Eng. is the Q.P. responsible for this release within the meaning of NI 43-101 and has reviewed the technical content of this release and has approved its content.
ON BEHALF OF THE BOARD OF DIRECTORS
Ian Klassen, President
For further information please contact:
GMV Minerals Inc.
Ian Klassen
Tel: (604) 899-0106
Email: info@gmvminerals.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.
Grande Portage Submits Special Use Permit Application for Environmental Infrastructure at the New Amalga Gold Project
- An environmental data collection station at the potential location of the mine's surface facilities to collect key meteorological data and inform project development decisions as well as future application for an Alaska Department of Conservation Air Quality Control permit and Alaska Pollutant Discharge Elimination System (APDES) permit.
- Additional meteorological monitoring equipment above the potential future location of underground workings.
- Stream gauging sensors to understand seasonal fluctuations in river levels and support design of a mine water treatment and handling system which is protective of fish habitat.
- Satellite uplink communications and power infrastructure necessary for system operation.
This infrastructure is intended to be utilized not only for preliminary environmental studies but also for ongoing monitoring during construction, operations, and closure of the potential mine facility.
Ian Klassen, President and CEO comments: "The submission of the Special Use Permit application is a key step towards gathering all the data necessary to design and permit a low-footprint mining operation which is protective of the surrounding environment. Installation of this equipment is also a milestone as the first instance of developing long-term infrastructure at the project site that could be utilized throughout construction, operation and closure of a future mine."
The Company has also conducted contracted fieldwork over the preceding two months which includes identification of fish-habitat streams and mapping of aquatic resources in the project vicinity as well as delineation of wetlands around the potential areas of mine surface infrastructure development. This new data is now being incorporated into the design and layout of the mine facilities to ensure protection of fish habitat, maintain integrity of wetlands, and minimize overall ecological footprint which will help facilitate the future environmental review and permitting process for the project.
The facilities at the project site are not planned to include an ore processing plant. Due to the resource location near tidewater and less than 4 miles (6.5km) from existing paved highway (Fig. 1), the Company considers off-site processing by a third party to be the most favorable configuration for the project. This setup provides several potential benefits:
- Eliminates the need to build a concentrator, minimizing mine footprint, power requirements and reducing project construction CAPEX.
- Eliminates the need to develop a tailings disposal facility at the site, as no tailings would be generated.
- No permanent waste rock storage facilities. Waste rock generated from mine development would be returned to the underground workings for permanent disposal as stope backfill.
- No use of chemical reagents for gold processing at the site.
- Dramatically reduces land usage and overall environmental footprint.
- Greatly facilitates post-mining closure and reclamation.
- Simplifies the environmental review and permitting process.
Fig. 1: Location of the New Amalga Gold Project
Kyle Mehalek, P.E.., is the QP within the meaning of NI 43-101 and has reviewed and approved the technical disclosure in this release. Mr. Mehalek is independent of Grande Portage within the meaning of NI 43-101.
About Grande Portage:
Grande Portage Resources Ltd. is a publicly traded mineral exploration company focused on advancing the New Amalga Mine project, the outgrowth of the Herbert Gold discovery situated approximately 25 km north of Juneau, Alaska. The Company holds a 100% interest in the New Amalga property. The New Amalga gold system is open to length and depth and is host to at least six main composite vein-fault structures that contain ribbon structure quartz-sulfide veins. The project lies prominently within the 160km long Juneau Gold Belt, which has produced over eight million ounces of gold.
The Company's updated NI#43-101 Mineral Resource Estimate (MRE) reported at a base case mineral resources cut-off grade of 2.5 grams per tonne gold (g/t Au) and consists of: an Indicated Resource of 1,438,500 ounces of gold at an average grade of 9.47 g/t Au (4,726,000 tonnes); and an Inferred Resource of 515,700 ounces of gold at an average grade of 8.85 g/t Au (1,813,000 tonnes), as well as an Indicated Resource of 891,600 ounces of silver at an average grade of 5.86 g/t Ag (4,726,000 tonnes); and an Inferred Resource of 390,600 ounces of silver at an average grade of 7.33 g/t silver (1,813,000 tonnes). The MRE was prepared by Dr. David R. Webb, Ph.D., P.Geol., P.Eng. (DRW Geological Consultants Ltd.) with an effective date of July 17, 2024.
ON BEHALF OF THE BOARD
"Ian Klassen"
Ian M. Klassen
President & Chief Executive Officer
Tel: (604) 899-0106
Email: Ian@grandeportage.com
Cautionary Statement Regarding Forward-Looking Information
This news release includes certain "forward-looking statements" under applicable Canadian securities legislation. Forward-looking statements include estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as "believes", "anticipates", "expects", "estimates", "may", "could", "would", "will", or "plan". Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties as described in the Company's filings with Canadian securities regulators. 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. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.
Please note that under National Instrument 43-101, the Company is required to disclose that it has not based any production decision on NI 43-101-compliant reserve estimates, preliminary economic assessments, or feasibility studies, and historically production decisions made without such reports have increased uncertainty and higher technical and economic risks of failure. These risks include, among others, areas that are analyzed in more detail in a feasibility study or preliminary economic assessment, such as the application of economic analysis to mineral resources, more detailed metallurgical and other specialized studies in areas such as mining and recovery methods, market analysis, and environmental, social, and community impacts. Any decision to place the New Amalga Mine into operation at levels intended by management, expand a mine, make other production-related decisions, or otherwise carry out mining and processing operations would be largely based on internal non-public Company data, and on reports based on exploration and mining work by the Company and by geologists and engineers engaged by the Company.
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