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Impact Minerals Limited is pleased to announce that it has agreed to sell its 100% owned Blackridge Gold Project in Queensland to an unrelated private company Peter Campbell FT Pty Ltd (PCFT).
$30,000 cash for the outright sale of ML2386
$50,000 cash as a non-refundable option fee to purchase Impact’s subsidiary company Blackridge Exploration Pty Ltd within two years for $350,000 and which holds three exploration licences EPM26806, EPM27410 and EPM27571.
A 1% NSR royalty for all gold produced after the first 5,000 ounces of production.
Impact Minerals’ Managing Director Dr Mike Jones said “The sale of the Blackridge Gold Project continues the rationalisation of our projects in eastern Australia bringing in some cash and also freeing up our time to increase the Company’s focus on its expanding portfolio of strategic and battery metals in Western Australia.
We have a great belief in these new projects and our early work has already identified a significant number of anomalies for follow up work including drilling. We were pleased yesterday to announce a Renounceable Rights Issue to allow all shareholders to participate in what we believe will be a very exciting time over the next two to three years. The offer is open to all shareholders who are on the share registry by close of business on Friday 29th April which would mean today, Wednesday 27th April, is the last day for any new shareholders who wish to participate to come on board.
As part of the renewed focus, a second diamond drill hole will commence later this week at our Silverstar prospect near Hopetoun to follow up a 25 metre thick shear zone with alteration minerals, weak sulphide mineralisation and a narrow spodumene-bearing pegmatite identified in the first ever drill hole in the area. This new hole will test the structure closer to surface and we are looking forward to see what it brings” Dr Jones said.
The terms of the sale are:
The initial combined cash payments of $80,000 are expected in May. The likely sale of the Blackridge project was announced to the ASX on 19th April 2022.
HOPETOUN PROJECT
A diamond drill programme is in progress to test two copper-gold-silver targets at the Hopetoun joint venture project located about 30 km south of the Ravensthorpe mining centre and where lithium-bearing spodumene was recently recognised for the first time in the area by Impact (ASX Releases 19th April 2022 and 22nd April 2022).
Two drill holes have been completed at the Top Knotch prospect and one hole has been completed at Silverstar (ASX Release 22nd April 2022).
At Silverstar, a 25 metre thick (true width) shear zone containing high-temperature alteration minerals with extensive potassium and silica alteration was intersected from about 290 metres down hole. A zone up to 50 cm thick contains minor disseminated chalcopyrite-pyrrhotite mineralisation at about 308.5 metres down hole. In addition, a 30 cm thick quartz-tourmaline pegmatite with about 1% spodumene crystals has also been intersected towards the base of the shear zone (ASX Release 22nd April 2022).
This is an encouraging development and accordingly the Company has decided to drill a second hole at Silverstar to test the structure closer to surface. This hole will commence towards the end of this week.
The core has now been transported back to Perth for cutting and sampling. It is anticipated that assay results will be returned in June.
Click here for the full ASX Release
This article includes content from Impact Minerals Limited , licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
With a mining lease application underway and a scoping study that shows excellent economics, Impact Minerals’ game-changing, advanced Lake Hope high-purity alumina project makes for a compelling investment case.
Impact Minerals (ASX:IPT) is an exploration and development mining company focused on discovering and developing new resource projects within Australia. Lake Hope, a transformational acquisition by the company and its current flagship asset, is a high-purity alumina (HPA) project in Impact’s home territory of Western Australia, a tier-one jurisdiction.
This advanced-stage project allows the company to fast-track the asset toward development, firmly establishing the company on the road to production and increasing shareholder value.
HPA is a high-value product with various uses in several industries that are key to the transition to a low-carbon world. It is mainly used in LED lighting, micro-LED screens, and ceramic-coated separators in lithium-ion batteries. Both these markets are forecast to grow dramatically over the next decade, and a looming supply shortage is predicted for 2026.
HPA is also necessary for producing synthetic sapphire and scratch-resistant glass. With these ever-widening applications for HPA, demand for this resource is expected to grow from US$3.18 billion to US$12.21 billion by 2030 with a compounded annual growth rate of about 20 percent.
Lake Hope is the company’s current focus as it moves towards production, and where a very shallow, high-grade resource of HPA precursor material has been identified in the top two meters of a dry salt lake. The deposit has unique physical and chemical properties that will allow for inexpensive digging and mining, with transportation to a processing facility off-site in an established industrial area. This will accelerate the approvals processes required to get into production.
With a mining lease application pending, Impact aims to bring Lake Hope, which contains almost 1 million tons of potential HPA, into production when the forecast average price for 4N HPA (99.99 percent Al2O3) and related products is about US$20,000 per ton. The ‘4N’ designation indicates the purity grade, making it suitable for high-tech end uses.
Outstanding economics from the latest scoping study released by the company shows Lake Hope’s potential to be the lowest-cost producer of HPA globally by up to 50 percent.
Lake Hope has a maiden mineral resource estimate (MRE) of 3.5 million tons at 25.1 percent alumina (Al2O3) for a contained 880,000 tons of alumina. The company also received heritage clearances for the entire Lake Hope deposit further de-risking the project and providing another critical component in the company’s application for a mining lease.
Impact completed a bulk sampling and test pits program at the Lake Hope project in December 2023, and later reached a key milestone by producing HPA greater than 99.99 percent (4N) purity from the metallurgical processing of lake clays acquired from Lake Hope.
In February 2024, a new proprietary metallurgical process for producing HPA from the lake clays was identified. Impact produced 99.99 percent (4N) Al2O3 from a low-temperature leach (LTL) process. The LTL process may lower the capital and operating costs to produce HPA compared to the sulphate process which underpinned the recent scoping study. The LTL process will be included in the ongoing pre-feasibility study in parallel with the sulphate process at marginal extra cost to determine the best processing route to HPA. The PFS is due to be completed in late 2024.
A comparison of the LTL process and the sulphate process
The company is well funded to finance the pre-feasibility study at the Lake Hope High Purity Alumina project and exploration activities at the Arkun battery minerals project.
Impact Minerals was also one of the inaugural cohort of seven companies selected to be part of the prestigious BHP Xplor program. BHP Xplor, an accelerator program introduced by BHP in August 2022, is designed to help provide participants with the opportunity to accelerate their growth and the potential to establish a long-term partnership with BHP and its global network of partners.
The BHP Xplor funding was used to identify new target areas for copper and other energy metals around the Broken Hill area in New South Wales, eastern Australia, where Impact has been quietly adding to its ground position for several years.
Additionally, the company is exploring its large Arkun battery metals project, also in Western Australia which covers nearly 2,900 square kilometres. Three new exploration licence applications were submitted recently immediately north of the Arkun project along trend from the recently discovered REE soil geochemistry anomalies at Hyperion, Swordfish and Horseshoe, and the Caligula copper anomaly. These anomalies require drill testing which will occur in 2024 and is an exciting development in the emerging mineral province of southwest WA.
A strong management team with over 50 years of combined industry experience leads the company. With a mining and exploration geology degree, Dr. Mike Jones, managing director, launched a long career consulting and leading mining organizations. Peter Unsworth, the non-executive chairman, has more than 35 years of experience in multiple financial sectors, such as securities industries and wealth management. Paul Ingram, a non-executive director, has led several mining companies since 2003. Impact Minerals has the experience and expertise to lead the company to success.
Impact Minerals’ Lake Hope HPA project is in Western Australia, a tier-one mining jurisdiction. HPA is a crucial component in many new and emerging technologies, creating ongoing demand for high-grade sources. The Lake Hope project is the company’s flagship as it moves toward production.
The scoping study was underpinned by a sulphuric acid process allowing the company to achieve a new milestone by producing HPA with purity of more than than 99.99 percent (4N) from the metallurgical processing of lake clays acquired from Lake Hope. The company further identified a new proprietary metallurgical process for producing HPA from the lake clays. Known as the low-temperature leach (LTL) process, this also produced 99.99 percent (4N) Al2O3 and has the potential to lower even further the capital and operating costs to produce HPA compared to the sulphate process. The LTL process will be included in the ongoing pre-feasibility study along with the sulphate process to determine the best processing route to HPA. The PFS is due to be completed in late 2024.
The Broken Hill project has a significant land position of 815 square kilometers and hosts multiple targets with the potential for high-grade copper. Broken Hill is located in New South Wales, Australia, an area known for its prolific silver-lead-zinc mining operations and the giant Broken Hill deposit.
The Arkun project is a 2,900-square-kilometer nickel, copper and gold project located in the emerging Ni-Cu-PGE province near the world-class Julimar Ni-Cu-PGE deposit and surrounded by Anglo American Corporation, which secured its ground holding shortly after Impact secured its asset. Anglo-American is one of the world’s top ten mining companies, and their presence in the region brings confidence in the project’s potential.
Peter Unsworth, formerly a chartered accountant, has over 35 years of experience in the corporate finance, investment and securities industries and a wealth of management experience with public and private companies. A former executive director with a leading Western Australian stockbroking company, Unsworth has been a director of several public exploration and mining companies. He recently completed a long time serving as chairman of the Western Australian Government-owned Gold Corporation (operator of The Perth Mint). Unsworth is the founding chairman of Impact Minerals.
Dr. Mike Jones is the founding managing director of Impact Minerals Limited, which was listed on the Australian Stock Exchange in November 2006. Reporting to the board of directors, he is responsible for the company's performance as it moves towards production at its Lake Hope High Purity Alumina Project and also for implementing strategies to explore and maximize the value of the company's other extensive tenement holdings.
Since listing, he has helped raise more than $60 million to help fund the exploration of Impact’s projects and managed the company through significant adverse events, including the global financial crisis and the Fukushima nuclear disaster, which affected Impact’s considerable investment in the uranium sector, a five-year global downturn in the mining sector and more recently, the COVID-19 pandemic.
Paul Ingram is a geologist with extensive experience managing major mineral exploration programs for several publicly listed companies and has been involved in the mining sector for over thirty years. He has designed and implemented innovative techniques for exploration in remote areas and has managed projects in countries throughout Australia and East Asia. Ingram has been a director of the following listed companies in the past three years: Polo Resources from January 2008 to January 2011; A-Cap Resources since June 2009; Consolidated Global Investments since September 2006; Caledon Resources from February 2003 to March 2008; and Australian Pacific Coal since March 2011.
Dr. Frank Bierlein is a geologist with 30 years of experience as a consultant, researcher, lecturer and industry professional. Bierlein has held exploration and generative geology management positions with QMSD Mining, Qatar Mining, Afmeco Australia and Areva NC, and consulted for, among others, Newmont Gold, Resolute Mining, Goldfields International, Freeport McMoRan, and the International Atomic Energy Agency. He is currently a non-executive director of PNX Metals. He was previously a non-executive director of Gold Australia NL and chaired the advisory board of a Luxembourg-based private equity fund between 2014 and 2021.
It was another record-setting week for gold, which neared the US$2,700 per ounce mark on Thursday (September 26). The new milestone came only six days after the metal closed above US$2,600 for the first time.
Gold is now up about 30 percent since January after starting the year at the US$2,040 level, putting it ahead of the S&P 500 (INDEXSP:.INX) and the Nasdaq Composite (INDEXNASDAQ:.IXIC).
Market participants have also been keeping a close eye on silver, which tends to lag behind gold and then outperform. While the white metal remains far from its all-time peak, this week it passed US$32.60 per ounce, marking a 12 year high.
Silver has risen approximately 37 percent in 2024, beating gold's increase.
Analysts have pointed to China's recent economic stimulus efforts as a catalyst for the metal. Announced on Tuesday (September 24), the package is the country's largest since the COVID-19 pandemic, and includes measures such as a cut to a key short-term interest rate and a reduction in the amount of money banks have to hold in reserve.
Although silver is a precious metal, it has important industrial uses as well, including in solar panels.
In a recent conversation, Brien Lundin of Gold Newsletter reminded investors that the silver price can be highly volatile. However, that can also be an opportunity — right now he thinks silver juniors offer the most torque on gold's historic price move. In his view, these companies are primed to take off like they did during the spring of 2020.
"The place to be right now I think for the most torque on this move in gold is really the silver junior mining stocks — the ones that have silver resources" — Brien Lundin, Gold Newsletter
Copper, which is known as a barometer for global economic health, was also on the rise this week after China's news. On Wednesday (September 25), it broke through US$10,000 per metric ton, a price not seen since May of this year.
Uranium has stayed out of focus in recent months as the spot price has consolidated in the low US$80s per pound. But interest snapped back this week after Constellation Energy (NASDAQ:CEG) announced plans to revive Three Mile Island Unit 1 under a 20 year power purchase agreement with Microsoft (NASDAQ:MSFT).
Microsoft reportedly plans to use the power to run data centers, which provide the energy needed for artificial intelligence (AI) technology. Like many big tech companies, Microsoft is getting increasingly entrenched in the AI sector, with its efforts including a multibillion-dollar partnership with OpenAI, the creator of ChatGPT.
"Under the agreement, Microsoft will purchase energy from the renewed plant as part of its goal to help match the power its data centers in PJM use with carbon-free energy" — Constellation Energy
The Three Mile Island news has proven to be positive for stocks. Sector major Cameco (TSX:CCO,NYSE:CCJ) rose over 5 percent this past week, while Denison Mines (TSX:DML,NYSEAMERICAN:DNN) is up more than 4 percent and Uranium Energy (UEC) (NYSEAMERICAN:UEC) has risen close to 10 percent.
UEC also made headlines on Monday (September 23) with the news that it will be acquiring Rio Tinto America’s Wyoming assets, including the Sweetwater plant and a portfolio of uranium-focused projects
Want more YouTube content? Check out our expert market commentary playlist, which features interviews with key figures in the resource space. If there's someone you'd like to see us interview, please send an email to cmcleod@investingnews.com.
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Securities Disclosure: I, Charlotte McLeod, 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.
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IN OR INTO THE UNITED STATES.
Vancouver, British Columbia, Canada September 27, 2024 TheNewswire JZR Gold Inc. (the " Company " or " JZR ") ( TSX-V: JZR ) is pleased to announce that it intends to undertake a non-brokered private placement offering (the " Offering ") of up to 5,000,000 units (each, a " Unit ") at a price of $0.15 per Unit, to raise aggregate gross proceeds of up to $750,000. Each Unit will be comprised of one common share (each, a " Share ") and one share purchase warrant (each, a " Warrant "). Each Warrant will entitle the holder to acquire one additional common share (each, a " Warrant Share ") in the capital of the Company at an exercise price of $0.20 per Warrant Share for a period of thirty-six (36) months after the closing of the Offering.
The Units will be offered pursuant to available prospectus exemptions set out under applicable securities laws and instruments, including National Instrument 45-106 – Prospectus Exemptions. The Offering will also be made available to existing shareholders of the Company who, as of the close of business on September 24, 2024, held common shares (and who continue to hold such common shares as of the closing date), pursuant to the existing shareholder exemption set out in BC Instrument 45-534 Exemption From Prospectus Requirement for Certain Trades to Existing Security Holders (the " Existing Securityholder Exemption ") . The Existing Securityholder Exemption limits a shareholder to a maximum investment of CAD$15,000 in a 12-month period unless the shareholder has obtained advice regarding the suitability of the investment and, if the shareholder is resident in a jurisdiction of Canada, that advice has been obtained from a person that is registered as an investment dealer in the jurisdiction. If the Company receives subscriptions from investors relying on the Existing Shareholder Exemption which exceeds the maximum amount of the Offering, the Company intends to adjust the subscriptions received on a pro-rata basis.
Certain Insiders (as such term is defined under the policies of the TSX Venture Exchange (the " Exchange ")) of the Company may participate in the Offering. Any participation of Insiders in the Offering will constitute 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 intends to rely on exemptions from the formal valuation and minority shareholder approval requirements provided under subsections 5.5(a) and 5.7(a) of MI 61-101 on the basis that participation in the Offering by Insiders will not exceed 25% of the fair market value of the Company's market capitalization.
The Offering may close in one or more tranches, as subscriptions are received. The Securities will be subject to a hold period of four months and one day from the date of issuance. Closing of the Offering, which is expected to occur on or about October 4, 2024, will be subject to satisfaction of certain conditions, including, but not limited to, the receipt of all necessary regulatory and other approvals, including approval by the Exchange.
The Company intends to use the net proceeds from the Offering to prepare and commence operation of the gravimetric processing mill that was constructed on the Vila Nova gold project located in the state of Amapa, Brazil, and for general working capital purposes.
For further information, please contact:
Robert Klenk
Chief Executive Officer
rob@jazzresources.ca
Forward-Looking Statements
This news release contains forward-looking statements, which includes any information about activities, events or developments that the Company believes, expects or anticipates will or may occur in the future. Forward-looking statements in this news release include statements with respect to the details of the Offering, including the anticipated use of the net proceeds. Forward-looking information reflects the expectations or beliefs of management of the Company based on information currently available to it. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information. These factors include, but are not limited to: risks associated with the business of the Company; business and economic conditions in the mineral exploration industry generally; the supply and demand for labour and other project inputs; changes in commodity prices; changes in interest and currency exchange rates; risks related to inaccurate geological and engineering assumptions; risks relating to unanticipated operational difficulties (including failure of equipment or processes to operate in accordance with the specifications or expectations, unavailability of materials and equipment, government action or delays in the receipt of government approvals, industrial disturbances or other job action and unanticipated events related to health, safety and environmental matters); risks related to adverse weather conditions; geopolitical risk and social unrest; changes in general economic conditions or conditions in the financial markets; and other risk factors as detailed from time to time in the Company's continuous disclosure documents filed with the Canadian securities regulators. The forward-looking information contained in this press release is expressly qualified in its entirety by this cautionary statement. The Company does not undertake to update any forward-looking information, except as required by applicable securities laws.
Neither the TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
None of the securities of JZR have been registered under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities law, and may not be offered or sold in the United States or to, or for the account or benefit of, persons in the United States or "U.S. persons" (as such term is defined in Regulation S under the U.S. Securities Act) absent registration or an exemption from such registration requirements. This news release shall not constitute an offer to sell or the solicitation of an offer to buy in the United States nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful.
Copyright (c) 2024 TheNewswire - All rights reserved.
News Provided by TheNewsWire via QuoteMedia
Astral Resources (ASX:AAR) is funded through to a final investment decision thanks to "firm commitments" to raise approximately AU$25 million via a placement of new company shares.
The amount will be secured across two tranches, with Astral set to issue approximately 263 million new fully paid shares at AU$0.095 each. It has already raised AU$21 million via the first tranche.
The second tranche is subject to shareholder approval, and is anticipated to bring in about AU$4 million.
“Proceeds of the placement ensure that Astral is funded through to completion of the Mandilla PreFeasibility Study (PFS) and Definitive Feasibility Study (DFS),” Astral said in a Wednesday (September 25) press release.
The company specified that the funds will be used along with its current cash reserves to conduct various study and technical work streams related to the PFS and DFS. The proceeds will also go toward exploration, infill drilling and ongoing resource estimate updates for Mandilla, as well as the Feysville project.
“We are delighted with the strong support shown by both new and existing investors in the Placement,” said Astral Managing Director Marc Ducler in a statement from the company.
“The calibre of new investors we were able to attract and the quantum of funds we were able to raise is testament to the quality of the Mandilla Gold Project as one of Australia’s best near-term gold development stories.”
Both Mandilla and Feysville are located south of Kalgoorlie in Western Australia. Astral says that together the assets have consolidated resources of 1.38 million ounces of gold.
Don’t forget to follow us @INN_Australia for real-time news updates!
Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.
Flynn Gold Limited (ASX: FG1, “Flynn” or “the Company”) is pleased to advise that it has been successful with two applications in Round 10 of the Tasmanian State Government’s Exploration Drilling Grant Initiative (EDGI).
The successful applications will support exploration drilling targeting new zones of gold mineralisation at the Company’s flagship Golden Ridge Project, located in north-east Tasmania (see Figure 1).
Commenting on the EDGI grants, Flynn Gold Managing Director & CEO, Neil Marston, said:
“We are delighted to have received such strong support from the Tasmanian State Government through these grants, which are designed to help uncover the next generation of mineral discoveries in Tasmania.
“Flynn will receive up to $140,000 in EDGI grant funds, allowing the Company to fast-track the next phase of drilling at our flagship Golden Ridge Project.
“One grant of $70,000 will co-fund drilling beneath the historical Golden Ridge Adit, where recent underground sampling of veins recorded results of up to 64g/t gold.
“The second $70,000 grant will co-fund a fence of drill-holes at the Link Zone, approximately 900 metres south-west of the Trafalgar Prospect, testing for western extensions to the high-grade gold mineralisation intersected in our earlier drilling.
“The Company expects to be able to commence drilling once grant documentation and drilling approvals are received.”
Click here for the full ASX Release
This article includes content from Flynn Gold, 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.
Speaking to the Investing News Network, Brien Lundin, editor of Gold Newsletter, gave his thoughts on gold's recent price activity, including which stocks are likely to provide the most torque on its move.
"The place to be right now I think for the most torque on this move in gold is really the silver junior mining stocks — the ones that have silver resources," he said during the interview. "I think they are going to take off like we saw in the spring of 2020, when we had a tremendous move in the silver miners. I think that's going to happen again."
Looking at the outlook for gold as it continues to make fresh all-time highs, Lundin gave a positive forecast.
"Gold is in a unique spot in that it will benefit no matter what happens," he explained.
"If there is a no landing — or a slow landing — and we are in an easier money environment and real interest rates are dropping, then gold and the metals and miners are going to do quite well and keep up with stocks I believe."
In Lundin's opinion, the yellow metal will also do well in a recession scenario. Whether or not that will happen remains to be seen — he currently places the odds of a recession at 40 to 50 percent.
He also shared details on the New Orleans Investment Conference, which will run from November 20 to 23. This year will be the 50th anniversary, and Lundin said his team will be pulling out all the stops — speakers will include Rick Rule, Jim Grant, Brent Johnson, Danielle DiMartino Booth, Lawrence Lepard, Peter Boockvar and many more.
Watch the interview above for more from Lundin, and click here to register for the event.
Don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Charlotte McLeod, 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.
Affiliate Disclosure: The Investing News Network may earn commission from qualifying purchases or actions made through the links or advertisements on this page.
Kestrel Gold Inc. ("Kestrel" or the "Corporation")(TSXV:KGC) is pleased to provide an update on work completed by Centerra Gold Inc. ("Centerra") on the QCM gold property ("QCM") located in the Manson-Germanson area of central British Columbia. Centerra is currently in the process of earning a 75% interest in QCM by making cash payments totaling $900,000 and completing $6,500,000 in exploration work, which must include a minimum of 13,500 metres of drilling, by May 7th, 2029
Centerra collected 1,245 soil samples from the area of the 14 Vein showing and the Main Zone during May and June. Follow-up soil sampling and prospecting as well as a trial induced polarization ("IP") geophysical survey over the 14 Vein showing are underway. Current plans are for a reverse circulation ("RC") drill test of showings and anomalies to commence in early October.
Highlights from Centerra's soil sampling program show that the 14 Vein showing, where RC drilling in 2022 returned 2.33 g/t Au over 44.19 metres, is located within the northwest portion of an approximate 1.8 kilometre long by up to 500-metre-wide southeast trending gold soil anomaly. Gold values from within this anomaly range from background to 1870.7 ppb with strongly anomalous gold typically associated with anomalous arsenic. The historically recognized gold in soil anomaly located over Main Zone, where hole 2004-002 returned 2.86 g/t Au over 110.95 metres, was extended approximately 550 metres to the southeast of previous limits. Gold values from the southeast extension range from background to 207 ppb.
Showings on Geology (area of detail soil sample maps outlined in gold)
14 Vein Gold in Soil Map
Grid soil sampling in the 14 Vein area did not return significant gold anomalies over several showings including at Alcove (1.17 g/t Au from a 9.0m chip sample) and at Adit Zone where previous soil sampling returned up to 7,689 ppb Au. The loosely defined and sporadic nature of the 1.8 kilometre long by up to 500-metre-wide southeast trending gold soil anomaly and the lack of anomalies over several showings may be the result of glacial till dispersion and masking. Ice flow in this area is northwest to southeast.
Main Zone Gold in Soil Map
Pat Lynch, President and CEO of Kestrel, states: "We are pleased to see Centerra continue to make quality progress at QCM. The identification of a 1.8 kilometre long by up to 500-metre-wide gold in soil anomaly encompassing the 14 Vein showing suggests strong size potential for this target. We are also excited to see a 550-metre expansion of the gold in soil anomaly overlying Main Zone. Overall, work continues to support our belief that QCM is host to several large-scale gold targets and we look forward to results from the soon to commence drill test of these targets."
QCM Project Highlights:
QCM is comprised of 8,729 hectares covering an approximate 15-kilometre strike length of the Manson Fault Zone which is thought to be a controlling structure for much of the gold mineralization in the district.
Peak values from historical drilling completed within the Main Zone were found within hole 2004-002 which intersected an interval of 2.86 g/t Au over 110.95 metres, including a high-grade interval of 173 g/t Au over 1.5 metres, true widths unknown.
Prospecting during 2022 resulted in the discovery of the 14 Vein showing, drilling of which returned 2.33 g/t Au over 44.19 metres. Geology consists of silica-ankerite-pyrite altered greywacke cut by sheeted quartz veins. For further details see Kestrel's October 26, 2022 news release: https://www.kestrelgold.com/news/oct-25-2022-e7yzr.
Numerous historical showings occur throughout the project area, including Farrell where historical values of up to 1,777 g/t Au and 3,560 g/t Ag were returned from grab samples of a 3.0-metre-wide quartz vein and Flagstaff where historical values of up to 5.9 g/t Au and 1,153 g/t Ag were reported for grab samples of quartz veins and stockworks.
Kestrel owns a 100% interest in the QCM Property. For further details see Kestrel's March 22, 2024 news release: https://www.kestrelgold.com/news/march-22-2024. Kestrel subsequently granted Centerra the option to earn a 75% interest in QCM. For further details see Kestrel's May 8, 2024 news release: https://www.kestrelgold.com/news/may-8-2024.
Recently completed logging and associated road building has significantly improved access throughout the property which is proving of significant value to exploration efforts.
About Kestrel Gold
Kestrel Gold Inc. is an exploration company headquartered in western Canada and focused on the Canadian Cordillera. Kestrel has earned a 100% interest, subject to a 2% NSR royalty with buydown provisions, in the QCM Property which is an orogenic gold target located in the Manson-Germanson placer district. Kestrel has also earned a 100% interest, subject to a 2.5% NSR royalty with buydown provisions, in the KSD Property which is an orogenic gold target located in the Yukon portion of the Tintina Gold Belt. Kestrel is listed on the TSX Venture exchange under the symbol KGC. Readers are encouraged to refer to the Corporation's website "www.kestrelgold.com" for further information.
Qualified Person
Derek Torgerson P.Geo., a Qualified Person as defined by National Instrument 43-101, has reviewed and approved the technical information contained in this news release.
Forward-Looking Statements
The information and statements in this news release contain certain forward-looking information. This forward-looking information relates to future events or the Corporation's future performance including exploration activity that could take place on the Corporation's properties or projects. This forward-looking information is subject to certain risks and uncertainties and may be based on assumptions that could cause actual results to differ materially from those anticipated or implied in the forward-looking information. The Corporation's forward-looking information is expressly qualified in its entirety by this cautionary statement. Except as required by law, the Corporation undertakes no obligation to publicly update or revise any forward-looking information.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (as that term is defined in the policies of the TSX Venture Exchange) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
For further information contact:
Pat Lynch, President and CEO
Office: (403) 660-3329
Email: pat@kestrelgold.com
SOURCE: Kestrel Gold Inc.
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