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Significant 107% Increase of Mineral Resource Ounces at Laverton Project
Magnetic Resources NL (Magnetic or the Company) is pleased to announce an Updated Mineral Resource Estimates from its deposits in the Laverton and Homeward Bound area. The main deposits include Hawks Nest 9 (HN9), Lady Julie Central (LJC), Lady Julie North 4 (LJN4), Mount Jumbo and Homeward Bound South, which are all located in an area with well-endowed regional infrastructure including three processing plants within 35kms.
HIGHLIGHTS
- This update incorporates recent drilling results at Lady Julie North 4 (LJN4) and Lady Julie Central (LJC) since the last resource report in February 2023 (“Expands Mineral Resources estimate ASX release 3 February 2023”).
- Updated combined Mineral Resources estimate for the whole project area of:
- 22.7Mt @ 1.69g/t Au totaling 1.24Moz of gold at 0.5g/t cutoff.
- Increase of 107% of the total ounces over the 3 February 2023 ASX Release.
- Significantly, the contained gold in LJN4 has risen from 204,000oz to 852,000oz Au (a 317% increase).
- LJN4 is now by far the largest resource in the project area – and it remains open at depth; exploration continues for similar deposits along the extensive 12km Chatterbox shear.
- Key deposits are close to each other and form part of one mining field.
- Three processing plants are nearby, within 10km - 35km away providing scope for toll processing. Given the scale of the resource upgrade, consideration is now also being given to a dedicated processing plant.
- Ongoing extension drilling continues and is expected to result in further resource increases.
The update follows extensive infill and down-dip drilling mainly at LJN4 and some at LJC.
The verification and reporting of Mineral Resources on behalf of the Company was completed by its JORC Competent Person, Mr M Edwards of Blue Cap Mining. The Mineral Resources Estimate has been prepared and reported in accordance with the 2012 Edition of the JORC Code.
Total Mineral Resources reported for the Laverton and Homeward Bound South projects is now 22.7Mt @ 1.69g/t Au at 0.5g/t cut-off totaling 1,236,000oz of gold (See Table 1 below). The cutoff grade is considered appropriate for a large-scale open pit operation.
Managing Director George Sakalidis commented:
“The Lady Julie North 4 Resource has been the prime drilling focus as reported in periodic releases to the ASX. It has multiple stacked lodes with a number of thick intersections that have not been closed off at depth. The initial deeper drilling started on the 25 January 2023 and has expanded in subsequent months to a 95-hole RC program for 16,356m. Drilling is continuing, with holes in excess of 400m depth, which is expected to increase the current resource at LJN4 of 13.1Mt at 2.02g/t for 852,000oz at a 0.5g/t cut off (Table 2).
This LJN4 deposit sits within a regional structure called the Chatterbox Shear Zone that extends over a 12km length within the Magnetic tenements. This shear extends southwards of LJN4 and has had initial AC and RC drilling completed and some anomalous intersections that will be followed up with some shallow RC drilling for the purpose of finding further gold deposits.
Drilling in the last 6 months included diamond drill holes for geotechnical evaluation of proposed pits, and for hydrology analysis. Project environmental, heritage and technical background studies are close to completion – optimisation and pit design has commenced on LJC and the expanded LJN4 – the aim is to prepare and submit a Mining Proposal in early 2024. Other strategic opportunities are also being investigated”.
The Table below summarises the updated Total Mineral Resource at a 0.5g/t Au cutoff (Table 1), with Table 2 providing details of the major resources. Details for the smaller resources which have not changed can be found in the 3 February 2023 ASX release.
Table 1. Total Mineral Resource at 0.5 g/t Au Cutoff
Figure 1. Overview of Magnetic’s Laverton and Homeward Bound South Resources
Table 2. Resource details by Main Deposits @ 0.5g/t Au cutoff
The key deposits that have been drilled in the last six months are LJC and LJN4, which are shown in Table 2 and are further summarised below:
LJC Resource
The LJC (Indicated and Inferred) Resource of 1.33Mt at 1.68g/t Au for 72,200oz is 350m by 200m in plan (Figure 2). 59% of the resource falls in the Indicated category. There are some thicker intersections including a number of intersections that start from surface (Figure 3 a, b and c). The long section (Figure 4) shows a thickened, near surface zone which gently plunges to the south-east forming two distinct zones.
Click here for the full ASX Release
This article includes content from Magnetic Resources NL, 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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Magnetic Resources NL
Overview
Magnetic Resources (ASX:MAU) is an Australian company, developing a portfolio of significant gold projects in the established mining province, Laverton region, in Western Australia.
The company owns a 100-percent interest in the Hawks Nest and Lady Julie projects in Laverton, the Homeward Bound South project in Leonora, and the Benjabbering project in Julimar. The main deposits include Hawks Nest 9 (HN9), Lady Julie Central (LJC), Lady Julie North 4 (LJN4), Mount Jumbo and Homeward Bound South, which are all located in an area with well-endowed regional infrastructure, including three processing plants within 10 to 35 kilometres. These plants are owned by well-known operators including Goldfields Genesis/Dacian; Anglo-Ashanti; and Genesis/Dacian.
The projects’ proximity to these existing processing facilities gives enough options to MAU for toll processing without having to invest millions of dollars in constructing its own processing plant.
Several large deposits such as Wallaby, Sunrise Dam and Jupiter Gold are in this jurisdiction. The company’s projects are adjacent to some of these world-class deposits. The Mt Jumbo and Hawks Nest tenements are only 15 kilometres north of the Wallaby deposit. At both HN9 and Lady Julie, Magnetic Resources had identified multiple thickened stacked lodes near-surface, which have some similarities to Wallaby and Sunrise Dam.
LJN4, a key focus for the Laverton project, hosts thick breccia and silica pyrite zones up to 50 metres thick, which are also prevalent in Anglo Ashanti’s world-class Sunrise Dam deposit, both parallel to near-surface breccia zones and vertical mineralization going downwards into several of their deposits. The Mau breccia zones often carry higher grades and are now being extended by new drilling at depth and further to the east and northeast, potentially growing the LJN4 resource.
In November 2023, the company announced a significant increase in the mineral resource estimates. The deposits in the Laverton and Homeward Bound area have seen a significant 107-percent increase over the last report in February 2023. The updated combined mineral resources estimate for the whole project area stands at 22.7 million tonnes (Mt) @ 1.69 grams per ton (g/t) gold totaling 1.24 million ounces (Moz) of gold at 0.5 g/t cutoff.
LJN4 is now, by far, the largest resource in the project area, as its contained gold rose from 204,000 oz to 852,000 oz, a 317-percent increase. Extension drilling continues and is expected to result in further resource increases.
The significance of LJN4’s gold resource has not gone unnoticed, as research firm Argonaut has called it a ‘sleeping giant,’ noting recent drilling at LJN4 “indicates a significant discovery unfolding in the Laverton region.” If MAU can replicate the recent drilling intercepts, the next resource update at LNJ4 could easily make it a 1-Moz deposit. This will position LJN4 as one of the best undeveloped gold assets in the Laverton region.
Company Highlights
- Magnetic Resources (MAU) is an Australian company focused on gold development projects in Western Australia.
- The company owns a 100-percent-interest in the Hawks Nest and Lady Julie projects in Laverton, the Homeward Bound South project in Leonora, and the Benjabbering project in Julimar.
- MAU’s large tenement positions in the Leonora and Laverton districts of Western Australia, are near numerous large deposits with existing mining operations and good infrastructure.
- The presence of three processing plants close to MAU’s Laverton deposits provides scope for toll processing.
- In November 2023, the company announced a 107-percent increase in the resource estimate for Laverton and Homeward Bound South deposits. The revised resource stands at 22.7 Mt @ 1.69 g/t gold totaling 1.24 Moz of gold at 0.5 g/t cutoff.
- For the Laverton project deposits - Lady Julie North 4,Lady Julie Central and Hawks Nest 9 - early work programs, including project environmental, heritage and technical background studies, are close to completion. The aim is to submit a mining proposal in January 2024.
- In October 2023, the company announced the completion of a AU$4.8-million private placement. The company is now fully funded with AU$7 million cash to aggressively advance to the next stage of development.
- The company’s highly experienced senior leadership team has a proven track record to capitalize on the high resource potential of its projects.
Key Projects
Laverton Projects
MAU has 179 sq. kilometres. of prospective exploration tenements in the Laverton region comprising three main deposits - Hawks Nest 9 (HN9), Lady Julie Central (LJC) and Lady Julie North 4 (LJN4). All are 100-percent-owned tenements and within 20 to 30 kilometres of three major gold camps collectively hosting more than 25 Moz of gold resource - Granny Smith (owned by Goldfields Australia), Jupiter (owned by Dacian Gold) and Sunrise Dam (owned by AngloGold Ashanti). In the Laverton Project, extensive drilling programs have been completed with 1,898 RC/DD holes for 147,943 metres with further deeper drilling now planned.
MAU’s updated resource estimate stands at 10.4 Mt indicated @ 1.74 g/t gold containing 584,400 oz and 12.2 Mt inferred @ 1.65 g/t gold containing 651,300 oz for a total of 22.7 Mt @ 1.69 g/t gold, containing 1.24 Moz at 0.5g/t cutoff. The depth of drilling averages only 79 metres on all projects. Note that these estimates include the Homeward Bound South project as well. The discovery cost for all these resources is very low at $24/ounce.
Early work programs have begun at these deposits and all approvals are expected by December 2023. MAU aims to submit a mining proposal to DMIRS in late January 2024. Blue Cap Mining is helping with all key approvals and assessing the economics of the Laverton Project.
Hawks Nest 9: The HN9 (indicated and inferred) resource is estimated at 3.2 Mt at 1.22 g/t gold for 123,000 oz contained within three main zones within a 2-kilometre by 200-metre-wide area and is largely within the indicated category (63 percent). Widespread surface and shallow east-dipping lodes are present in the project area.
Lady Julie Central: The Lady Julie Central (indicated and inferred) resource is estimated at 1.33 Mt at 1.68 g/t gold for 72,200 oz, covering a 350-metre by 200-metre area. Nearly 59 percent of the resource falls in the indicated category.
Lady Julie North 4: LJN4 is by far the largest resource in the project area. The resource (indicated and inferred) is estimated at 13.1 Mt at 2.20 g/t gold for 852,000 oz, covering an 800-metre by 200-metre area, and is open down dip and to the east, which augers well for the potential size. This resource is partly in the indicated category (52 percent). Thick breccia silica pyrite intersections have now been outlined over a 250-metre length in the central and southern part of LJN4, which are very similar to that found in the world-class Sunrise Dam deposit. These zones containing drilling holes (MLJRC789, MLJRC779 and MLJRC679) are now being extended by new drilling at depth and further to the east and northeast. This provides strong potential to grow the LJN4 resource. A 1,390-metre diamond and a 2,555-metre RC program have started and will be scoping out extensions both to the east and northeast with holes planned between 400-metre to 550-metre depth holes.Lady Julie North 4 plan showing resource block grades and drill sections
Some of the outstanding intersections in the 250-metre zone include:
- 120 metres at 2.68 g/t from 152 metres in drill hole MLJRC789,
- 111 metres at 1.76 g/t from 173 metres in drill hole MLJRC779,
- 96 metres at 1.23 g/t from 54 metres in drill hole MLJRC679,
- 45 metres at 2.65 g/t from 130 metres in drill hole MLJDD015,
- 52 metres at 1.14 g/t from 208 metres in drill hole MLJRC790 ,
- 56 metres at 1.37 g/t from 192 metres in drill hole MLJRC801
This is an exciting time for the company, having announced an expanded mineral resource in November 2023 and now looking to further increase the size of the LJN4 resource by further drill testing the thickened high-grade breccia zone and continuation at depth and to the east.
Homeward Bound South
The Homeward Bound South Project comprises seven tenements spanning 13 square kilometres. It covers a 5,000-metre strike length of the Federation shear zone, 40 kilometres east of Leonora. A review of historical data has revealed a 500-metre-long target along the strike length of the Federation Shear Corridor. The 14-hole 1,780-metre-long RC drilling program conducted in 2021 identified numerous high-grade intersections, the best among them being 20 metres at 2.98 g/t from 64 metres in drill hole MHBSRC025.Chatterbox Shear Zone
The Chatterbox shear zone is a complex north to northeast-trending, east-dipping structural corridor that covers 32 kilometres extending from Magnetic Resources’ southern boundary at Mt Jumbo and through LJN4 and as far north as the Beasley Creek gold deposit on Magnetic’s northeast boundary. Importantly, this shear zone is closely associated with gold mineralisation at several locations along its length including MAU’s LJN4 and Mt Jumbo deposit. This shear is gold-rich and gold deposits further north of MAU’s tenements contain the Beasley Creek and Apollo deposits and are interpreted to extend south towards the world-class Wallaby deposit.
Julimar Lookalike Projects
It comprises six separate projects, including Benjabbering, Trayning, Trayning West, Goddard, Koorda and Korrelocking, all of which are 100-percent held by the company. These are nickel-copper-PGE (platinum group elements) projects located 90 kilometres to 150 kilometres northeast of Chalice Gold Mines’ Julimar nickel-lead discovery. These projects were selected based on aeromagnetic interpretation after noting the structural setting of the Julimar complex and the Gonneville mineralized discrete magnetic nickel-copper-PGE body.
The 112-square-kilometre Benjabbering project has a large 25-kilometre-long aeromagnetic pattern very similar to the Julimar. Several thickened zones in the area may represent possible feeder areas for potential nickel-copper-PGE mineralization. Both the Trayning and Korrelocking Projects have a 2-kilometre discrete magnetic target prospective for rare earth elements.
Management Team
George Sakalidis – Managing Director
George Sakalidis has been the founding director and shareholder of the company since its inception in 2006. He brings more than 30 years of experience in developing early-stage natural resource projects and bringing the projects to production. He is experienced in various commodities including gold, diamond, base metals and mineral sands. He has been associated with several significant mineral discoveries in Western Australia, including the Three Rivers and Rose gold deposits, the Blackmans gold deposit, the Dongara Mineral Sands Deposits, the Boonanarring, Gingin South, and the Hyperion Mineral Sands Deposits. He has held several directorships in ASX-listed companies, such as Image Resources and Meteoric Resources. Moreover, he is a founding director of ASX-listed companies Emu and Potash West. He holds an honours degree in geology and geophysics from the University of Sydney.
Eric Lim – Non-Executive Chairman
Eric Lim holds an MBA degree from the Kellogg School of Management and a Bachelor of Accounting from the Nanyang Technological University of Singapore. He is an international investment banker, who built his career in leading financial institutions in Southeast Asia. He has served in several senior roles at UOB, Standard Chartered Bank, OCBC Bank and General Electric Capital.
Chan Hian Siang – Non-Executive Director
Chan Hian Siang holds a Bachelor of Arts (economics) from York University in Toronto, Canada, and a Master of Business Administration from McGill University, Montreal, Canada. He is also a council member of the Singapore Chinese Chamber of Commerce and Industry. He is the founder, executive director and CEO of SP Chemicals in Singapore. He has also been associated with Asiawide Holdings and Asian-American Merchant Bank.
Ben Donovan – Non-Executive Director and CFO
Ben Donovon brings in-depth experience in the areas of compliance, corporate governance, regulations and capital markets. He is currently a director and company secretary of several ASX-listed and public unlisted companies involved in the resource and technology industries. He was a senior adviser at the Australian Securities Exchange in Perth for nearly three years, including as a member of the ASX JORC Committee.
This article was written in collaboration with Couloir Capital.
Arbitration Award for Antilles Gold’s Subsidiary
Antilles Gold Limited (“Antilles Gold” or the “Company”) (ASX: AAU, OTCQB: ANTMF) advises that an Award has been issued by the Tribunal of the International Centre for Settlement of Investment Disputes (“ICSID”) which conducted Arbitration proceedings to determine several Claims by wholly owned subsidiary, EnviroGold (Las Lagunas) Limited (“EVGLL”), against the Government of the Dominican Republic (‘the Government”, or “the State”).
The Claims relate to the Las Lagunas Gold Tailings Project which involved EVGLL recovering approximately 5.0 million tonnes of 3.5g/t gold tailings stored in a dam at Las Lagunas in the Dominican Republic, which originated from the adjacent Pueblo Viejo mine, and then oxidising the toxic sulphide tailings before producing a gold dore for refining overseas, and the sale of bullion.
The Project operated from July 2012 to December 2019, and was carried out under the terms of a Contract between EVGLL and the State dated 28 April 2004.
ICSID, which is based in Washington DC, and is a Unit of the World Bank, has been conducting the Arbitration through a three-member Tribunal established on 5 August 2020. The Award was issued on 24 April 2024, and received by EVGLL on 25 April 2024 following a final hearing in early June 2023.
EVGLL has been awarded US$4,070,283.85 (~A$ 6,308,940 at an exchange rate of A$1:00 = US$0.65) including interest to 24 April 2024. Simple interest continues to accrue at 7.3% pa.
The attached “Review Of Arbitration Award” details the Claims made, and the reasons for certain adverse decisions by the Tribunal which are perplexing, and in the Company’s view, unreasonable.
The result is disappointing, and is primarily as a result of the Tribunal rejecting EVGLL’s principal Claim of US$15.5 million for additional costs, and reduced gold production that resulted from the State’s failure to meet its contractual obligation to provide a site for the construction of a tailings storage facility into which reprocessed tailings could be deposited.
As a consequence, the reprocessed tailings had to be redeposited back into the Las Lagunas Dam behind substantial rock retaining walls at a considerable cost.
The Tribunal found that EVGLL had preferred to redeposit the reprocessed tailings back into the Las Lagunas Dam, and despite acknowledging the State’s breach of contract, ruled that EVGLL had effectively waived the State’s obligation to provide a site for the construction of a new dam.
In the opinion of the two Executive Directors of EVGLL involved in the Project, the Tribunal failed to take into account, or believe, their sworn Witness Statements, and oral testimony which reinforced EVGLL’s rights, and commitment to build a new tailings dam had the site been provided by the State.
A positive element of the Award was the Tribunal ordering the State to compensate EVGLL for the State’s breach of EVGLL’s entitlement to a special compensatory and fiscal regime, and to lift illegal garnishments that have prevented EGVLL from selling plant and equipment stored at Las Lagunas since October 2019, and to not reimpose them.
This will allow EVGLL to sell approximately A$3.0 million to A$4.0 million of surplus assets. While the State was directed to reimburse EVGLL for the Jurisdictional Phase of the Arbitration settled in EVGLL’s favour on 31 March 2022, the Award in relation to legal costs for the Merits
Phase of the Arbitration is based on EVGLL having to pay for 86% of the total of both parties legal costs, after winning only 14% of the total amount of its Claims. EVGLL will reimburse the State ~US$1,500,000 of its legal costs, plus simple interest accruing at 7.3%pa.
The A$6.3 million awarded to EVGLL is expected to be received in the near term, and will assist the Antilles Gold Group to fund the outstanding US$2.0 million of its farm-in to a 50% shareholding in Cuban joint venture company, Minera La Victoria, and the development of its first project, the Nueva Sabana gold-copper mine.
The Chairman of Antilles Gold, Mr Brian Johnson, commented that“the Tribunals’ reasons for rejecting the main Claim are difficult to comprehend, but there is no right of appeal. The Company would not have expended so much time and money on arbitration of this Claim if the Board, and its legal advisors had not thought it to be both genuine, and justified.
EVGLL will collect its entitlement to A$6.3M, and the Group will move on with its projects in Cuba.”
Click here for the full ASX Release
This article includes content from Antilles 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.
Lodgement of Bidder’s Statement
Brightstar Resources Limited (ACN 100 727 491) (ASX:BTR) (Company or Brightstar) is pleased to announce it has today lodged with ASIC and sent to Linden Gold Alliance Limited (ACN 643 313 722) (Linden) a bidder’s statement (Bidder’s Statement) in relation to its off-market takeover for all of the fully paid ordinary shares and options on issue in Linden (Takeover Offer). A copy of the Bidder’s Statement is attached.
The Takeover Offer will open on 29 April 2024 and is scheduled to close at 5.00pm (Perth time) on 30 May 2024 unless extended in accordance with the Corporations Act 2001 (Cth).
The Takeover Offer is subject to a number of conditions as set out in the Bidder’s Statement. These include a 90% minimum acceptance condition, so as to ensure the merger will only proceed if Brightstar becomes entitled to acquire all of Linden’s issued securities.
This ASX announcement has been approved by the Managing Director on behalf of the board of Brightstar.
Click here for the full ASX Release
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.
P2 Gold Increases Inferred Resources at Gabbs by 69%
P2 Gold Inc. ("P2" or the "Company") (TSXV: PGLD) (OTCQB: PGLDF) reports the completion of the April 2024 Updated Mineral Resource Estimate ("2024 MRE") for its wholly-owned Gabbs Project located on the Walker-Lane Trend in Nevada. The 2024 MRE was prepared by P&E Mining Consultants Inc. ("P&E") in accordance with National Instrument 43-101, Standards of Disclosure for Mineral Projects ("NI 43-101").
"As part of the 2024 Preliminary Economic Assessment underway for the Gabbs Project, we have updated the operating costs for both heap leach and mill processing," commented Joe Ovsenek, President and CEO of P2. "These operating costs have been used to update the pit-constrained Mineral Resource for the Gabbs Project. We now have substantially more mineralized material above the cut-off grades for the heap leach and mill. The known zones of mineralization at Gabbs all outcrop and remain open along strike and at depth, with excellent potential for non-outcropping zones of mineralization."
Gabbs Project 2024 Mineral Resource Estimate
The 2024 MRE was prepared by P&E based on four diamond drill holes and 27 reverse circulation drill holes completed by the Company in 2021 and 2022 and 494 drill holes completed by prior Gabbs Project operators between 1970 and 2011.
The main difference between the 2024 MRE and the June 2023 Mineral Resource Estimate (see news release dated September 11, 2023) is the decrease in the oxide cut-off grade to 0.27 g/t gold equivalent from 0.28 g/t gold equivalent and a decrease in the sulphide cut-off grade to 0.36 g/t gold equivalent from 0.44 g/t gold equivalent. As a result, both oxide and sulphide Mineral Resources have increased.
Table 1: 2024 Gabbs Project Pit Constrained Mineral Resource Estimate(1)(2)(3)(4)
Mineral |
| Gold Grade | Silver Grade | Copper |
|
|
| Gold Eq. Grade |
|
Indicated | 49.8 | 0.45 | 1.36 | 0.27 | 0.72 | 2.17 | 297.0 | 0.73 | 1.16 |
Inferred | 112.2 | 0.35 | 0.84 | 0.23 | 1.28 | 3.04 | 567.1 | 0.63 | 2.29 |
(1) | Mineral Resources which are not Mineral Reserves do not have demonstrated economic viability. The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, sociopolitical, marketing, or other relevant issues. |
(2) | The Inferred Mineral Resource in this estimate has a lower level of confidence than that applied to an Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of the Inferred Mineral Resource could be upgraded to an Indicated Mineral Resource with continued exploration. |
(3) | The Mineral Resources in this press release were estimated using the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), Standards on Mineral Resources and Reserves, Definitions (2014) and Best Practices (2019) prepared by the CIM Standing Committee on Reserve Definitions and adopted by CIM Council. |
(4) | The Mineral Resource Estimate was prepared for a potential open pit scenario using a constraining pit shell (with 50 degree slopes) at respective 0.27 g/t and 0.36 g/t oxide and sulphide gold equivalent cut-off grades. The gold equivalent cut-off grades were derived from US$1,838/oz gold, US$3.96/lb copper, US$1.60/tonne mining cost, and US$11.40 and $19.60/tonne respective oxide and sulphide processing costs; US$1.00/tonne G&A cost, 78.3% and 95.2% respective Au oxide and sulphide process recoveries; and 48% and 78% respective Cu oxide and sulphide process recoveries. |
(5) | Silver not included in gold equivalent calculation. |
Oxide Mineral Resources at Gabbs consist of Indicated Mineral Resources of 760,000 ounces of gold equivalent (33.7 million tonnes grading 0.46 g/t gold, 1.43 g/t silver and 0.26% copper) and Inferred Mineral Resources of 1,040,000 ounces of gold equivalent (52.0 million tonnes grading 0.39 g/t gold, 0.81 g/t silver and 0.21% copper). See Table 2 below for a breakdown of the oxide and sulphide Mineral Resources.
Table 2: 2024 Gabbs Project Pit Constrained Mineral Resource Estimate by Rock Group(1)(2)
|
| Gold Grade | Silver Grade | Copper Grade |
|
|
| Gold Eq. Grade | Gold Eq. |
Oxide | 33.7 | 0.46 | 1.43 | 0.26 | 0.50 | 1.55 | 196.6 | 0.70 | 0.76 |
Oxide | 52.0 | 0.39 | 0.81 | 0.21 | 0.66 | 1.36 | 243.8 | 0.62 | 1.04 |
Sulphide | 16.1 | 0.43 | 1.21 | 0.28 | 0.22 | 0.62 | 100.4 | 0.77 | 0.40 |
Sulphide | 60.2 | 0.32 | 0.87 | 0.24 | 0.62 | 1.68 | 323.3 | 0.65 | 1.25 |
(1) | See Notes 1 to 4 to Table 1 above. |
(2) | Tables may differ and not sum due to rounding. |
Qualified persons
The 2024 MRE was prepared under the supervision of Eugene Puritch, P.Eng., FEC, CET of P&E Mining Consultants Inc., who is an Independent Qualified Person, as defined by NI 43-101. Mr. Puritch has reviewed and approved the technical contents of this news release relating to the 2024 MRE.
Ken McNaughton, M.A.Sc., P.Eng., Chief Exploration Officer, P2 Gold, is the Qualified Person, as defined by NI 43-101, responsible for the Gabbs Project. Mr. McNaughton has reviewed, verified, and approved the scientific and technical information in this news release.
About P2 Gold Inc.P2 Gold is a mineral exploration and development company focused on advancing precious metals and copper discoveries and acquisitions in the western United States and British Columbia.
Neither the TSX Venture Exchange (the "Exchange") nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward Looking Information
This press release contains "forward-looking information" within the meaning of applicable securities laws that is intended to be covered by the safe harbours created by those laws. "Forward-looking information" includes statements that use forward-looking terminology such as "may", "will", "expect", "anticipate", "believe", "continue", "potential" or the negative thereof or other variations thereof or comparable terminology. Such forward-looking information includes, without limitation, information with respect to the Company's expectations, strategies and plans for the Gabbs Project including the Company's planned expenditures and exploration activities.
Forward-looking information is not a guarantee of future performance and is based upon a number of estimates and assumptions of management at the date the statements are made. Furthermore, such forward-looking information involves a variety of known and unknown risks, uncertainties and other factors which may cause the actual plans, intentions, activities, results, performance or achievements of the Company to be materially different from any future plans, intentions, activities, results, performance or achievements expressed or implied by such forward-looking information. See "Risk Factors" in the Company's annual information form for the year ended December 31, 2023, dated March 21, 2024 filed on SEDAR+ at www.sedarplus.ca for a discussion of these risks.
The Company cautions that there can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, investors should not place undue reliance on forward-looking information.
Except as required by law, the Company does not assume any obligation to release publicly any revisions to forward-looking information contained in this press release to reflect events or circumstances after the date hereof.
Norfolk Metals
Overview
Norfolk Metals (ASX:NFL) is an ASX-listed exploration company focused on its uranium in South Australia and Argentina. The company’s flagship property is the Orroroo uranium project in South Australia. It also holds a gold-copper project, the Roger River Property in Tasmania. Norfolk Metals is currently focused on advancing its uranium project and evaluating uranium assets for acquisition. In April 2024, the company announced it is acquiring the Las Altares uranium project in Argentina, through an exclusivity agreement with Green Shift Commodities.
Uranium prices have been on an upward trajectory since 2023, with prices rising from less than $50/lb to over $100/lb in 2024. The prices are currently hovering around $90/lb and could increase further, driven by a supply deficit. Kazatomprom, the world's largest uranium miner, announced in February 2024 that it is reducing uranium production. The company said production levels at its operations in Kazakhstan are anticipated to remain 20 percent lower, chiefly attributed to the sulfuric acid shortage prevailing in the country. Cameco, the world’s largest publicly traded uranium supplier, has provided a 2024 production guidance which is also not very bullish.
While the supply remains challenging, the demand continues to ramp up. The surge in uranium demand has been predominantly fueled by heightened utility contracting, a trend that offers robust support and sustainability to elevated price levels. The World Nuclear Association’s Nuclear Fuel Report indicates that global nuclear reactor demands are projected to almost double by 2040, rising from 65,650 tU in 2023 to 130,000 tU in 2040. According to Sprott, utilities have nearly 1.5 billion pounds of uncovered uranium requirements through 2040, compared to current annual production of around 150 Mlbs. Further, substantial underinvestment in new mining projects has exacerbated an already constrained supply side, leading to prolonged strain in the years ahead.
The uranium market appears to remain firmly in an uptrend driven by rising demand and constrained supply. Elevated prices also enhance the prospects for junior miners to progress their projects and potentially secure future supply agreements with utilities.
Norfolk Metals boasts uranium assets in a tier-1 mining jurisdiction of South Australia. The recent maiden drill program at the Orroroo project intersected a uranium-bearing floodplain, boosting confidence in the potential of the project.
Norfolk continues to review complementary projects with plans to expand its uranium project suite. In 2024, the company signed an exclusivity agreement with Green Shift Commodities (TSXV:GCOM) to acquire Las Alteras uranium project in Argentina. Las Alteras is surrounded by non-JORC foreign estimates at URAmerica’s Meseta Central deposit (19.1 Mlbs U308), CNEA’s Cerro Solo deposit (11.49 Mlbs U308), ISO Energy’s Laguna Salada deposit (10.1 Mlbs U308), along with the Cerro Condor and Los Adobes historical uranium mines.
Company Highlights
- Norfolk Metals is an ASX-listed uranium-focused explorer with assets located in South Australia (Orroroo uranium project), Argentina (Las Alteras uranium project) and Tasmania (Roger River gold/copper project).
- The primary focus is on advancing the Orroroo uranium project located in the Walloway Basin in South Australia. Orroroo comprises three granted exploration licenses, which together cover 723 square kilometres. of contiguous tenements. The land holding is divided into three project areas named Orroroo, Johnburgh and Black Rock.
- Orroroo has geological similarities to well-endowed South Australian uranium producers such as Boss Energy’s Honeymoon Uranium project and Heathgate Resources’ Four Mile mine.
- Norfolk completed a maiden drill program at Orroroo which delineated uranium in 10 of the 17 holes with grades reaching as high as 796 ppm. The maiden drill program also identified a uranium-bearing floodplain 50 meters south of the Wongway Creek Target.
- In Argentina, Norfolk has signed an exclusivity agreement with Green Shift Commodities to acquire Las Alteres uranium project, a project surrounded by multiple uranium deposits and historical mines in every direction including the Cerro Solo government owned deposit
- The Roger River Project comprises two granted exploration licenses, which together cover 261 square kilometers, located in Tasmania. The project is prospective for gold and copper.
- Norfolk is evaluating other projects for acquisition, which includes complementary projects to the South Australian uranium project suite.
- Uranium prices are likely to remain firm on the back of supply deficit. Kazakhstan, the world’s largest uranium supplier, has warned of lower production in 2024, while demand continues to remain high as governments around the world embrace nuclear power to reduce reliance on fossil fuels.
Key Projects
Orroroo Uranium Project
The Orroroo uranium project consists of three exploration licenses - EL6552, EL6814, and EL6948 - spanning a total of 723 square kilometers, situated roughly 274 kilometers northwest of Adelaide, South Australia. The large land holding is divided into three project areas named Orroroo, Johnburgh and Black Rock.
Orroroo lies within the Walloway Basin, an underexplored uranium region characterized by sediments of similar age to those found in the nearby Frome Embayment, where Boss Energy’s Honeymoon project is located.
Norfolk Metals completed a two-phase drilling program at Orroroo Project (EL6552), identifying uranium in 10 of 17 holes with grades reaching as high as 796 parts per million (ppm). Phase 2 of the drill program also identified a uranium-bearing floodplain 50 meters south of the Wongway Creek Target. The confirmation of uranium-bearing floodplain deposits upstream of Wongway Creek has strengthened confidence in the paleochannel model. Crucial drill holes, including ORMR015A and ORMR017, have offered valuable insights into floodplain features and the identification of kaolinitic clay marker beds, crucial for unraveling the basin’s geological evolution.
Drill samples from ORMR015A showing the kaolonitic clay marker unit from 121-130 metres and floodplain silt from 130-137 metres.
ORMR015A intersected what seems to be a floodplain dominated by silt, with minor gravel and two elevated gamma anomalies indicating uranium at both the top and bottom of this unit. In ORMR017, there was a heightened gamma response at approximately 132 meters depth, aligning with the top of the floodplain identified in ORMR015A. This suggests that the paleochannel may be situated just meters away from the target. Additionally, the detection of a mustard-colored limonite-rich fluid in certain drilling locations suggests potential uranium sources.
The identification of paleochannels offers geologists precise targets for uranium exploration. By mapping geological characteristics and comprehending past river systems, exploration endeavors can be concentrated on regions with an increased probability of harboring uranium deposits.
The maiden drill program has further substantiated Orroroo as a potential emerging uranium district within the renowned Walloway Basin in South Australia. Norfolk is moving forward on the future planning and approvals for Orroroo with a focus on the uranium-bearing floodplains intersected near the Wongway Creek target.
In 2024, Norfolk will begin operations on exploration permit EL6814, which is adjacent to the north and south of EL6552. The initial activities on EL6814 will be planned based on the findings and analysis from the inaugural drilling program at EL6552.
The company remains optimistic about the potential of the Walloway Basin beyond EL6552 (Orroroo project), particularly in areas such as the northern region (Johnburgh Project) and the southern region (Black Rock Project), where significant portions have yet to undergo geophysical surveys or drilling operations.
Las Alteras Uranium Project
Through an exclusivity agreement with Green Shift Commodities (GCOM) Norfolk has rights to 22 claims totaling 60,396 hectares comprising the Las Alteras uranium project to the west and east of the 11.49M lbs (Reasonably Assured Resource) Cerro Solo uranium deposit.
Las Alteras is surrounded by UrAmerica’s Meseta Central deposit (19.1 Mlbs eU308), CNEA’s Cerre Solo deposit (11.49M lbs U308), and ISO Energy’s Laguna Salada deposit (10.1 Mlbs U308). The project is also close to two historical mines, Cerro Condor and Los Adobes.
Norfolk plans to complete a due diligence on the project and pursue completion of the acquisition of the property from Green Shift Commodities.
Roger River Project
The Roger River Project comprises two granted exploration licenses encompassing a total area of 261 square kilometres. Positioned 410 kilometres northwest of Hobart, Tasmania, the project is deemed prospective for gold and copper.
During 2023, Norfolk continued its exploration program to obtain a better understanding of the copper and gold mineralization to guide the next exploration phase and potential drilling. The exploration work included a soil sampling program. The soil program entailed the collection of new surface samples and the re-analyses of selected historical soil samples over the White Water and A2 prospects which were submitted for Cu analysis.
Fresh surface samples were gathered on a grid measuring 200 by 100 meters around A2, totaling 98 samples. This sampling covered an area of roughly 1.2 kilometers by 1.5 kilometers along the interpreted splay from the Roger River Fault. The findings reveal a persistent copper anomaly surrounding the A4 and A5 prospects, situated along the interpreted fault splay originating from the Roger River Fault.
The historical samples re-analyzed revealed a continuous copper anomaly around the A4 and A5 prospects located along the interpreted fault splay from the Roger River Fault.
Management Team
Ben Phillips – Executive Chairman
Ben Phillips brings over 15 years of experience in commercial negotiations across diverse industries, including oil and gas, resources, medical technology, software-as-a-service and defense. He guides departments spanning from R&D and exploration to production, commercialization, and sales. Previously, Phillips served as a non-executive director at Bronson Group (ASX:BGR) and later at Mandrake Resources (ASX:MAN). In his current role as a corporate executive at Ironside, he focuses on sourcing, structuring, funding and managing requirements for small-cap companies, both private and public. Phillips has been with Ironside Capital since its inception, previously serving at Merchant Corporate Finance.
Leo Pilapil – Non-Executive Technical Director
Leo Pilapil has over 30 years of experience as a geoscientist. Throughout his career, he has held director positions at numerous junior companies across Australia, Africa and Turkey. In these roles, he has been primarily responsible for technical project evaluations, project acquisitions, project management and business development. Pilapil's notable achievements include the discovery of the Harlequin Gold Deposit (1 Moz) under salt lake conditions in Norseman, Western Australia. Additionally, he has played a key role in the extension and discovery of several ore deposits in Australia, Africa and Turkey. Pilapil has served as a geological consultant for numerous companies across the globe, including Aditya Birla in Australia, Alacer Gold Corporation in Turkey, African Uranium in Namibia, and NIKKI Lao in Lao PDR.
Patrick Holywell – Non-Executive Director
Patrick Holywell possesses over 15 years of expertise in accounting, finance and corporate governance, having worked at Deloitte and Patersons (now Canaccord Genuity). He is a chartered accountant and a fellow of the Governance Institute of Australia. Over the past decade, Holywell has primarily focused on director and company secretarial roles within the resources and technology sectors. His recent engagements include positions at De Grey Mining, Si6 Metals, and Pentanet.Rio Silver: Leveraging 25 Years of Mining Experience in Peru
Rio Silver (TSXV:RYO) focuses on the acquisition, exploration and development of precious metals deposits in South America. The company is currently advancing its 100 percent-owned Niñobamba silver-gold project in Peru. The The 3,933-hectare Niñobamba property is a drill-ready project located in the Department of Ayacucho about 330 kilometers southeast of Lima.
To date, Rio Silver and other historical operators have completed US$10 million in exploration expenditure on the Niñobamba property. The company has low overhead expenditure and strong alliances in Peru that are helping it achieve new initiatives for enhanced sustainability.
In 2016, Rio Silver consolidated its property by acquiring the surrounding 2,200 hectares of adjoining land from Newmont Mining and Southern Peru Copper. These included the Jorimina zone, which is located about 6.5 kilometers west of the Niñobamba and is believed to be part of the same high-sulfidation silver-gold system identified in the main Niñobamba zones.
Company Highlights
- Rio Silver owns six mineral concessions covering 4,100 hectares of wholly-owned land in a historic Peruvian mining district.
- The property was historically surrounded by big-name miners (Newmont, Southern Peru Copper) and is now wholly owned by Rio Silver.
- Experienced management team with more than two decades of mining experience in Peru.
- Extensive trenching completed at the Niñobamba zone.
- The management team holds a 29 percent stake in the company.
- US$10 million in exploration expenditure completed to date by Rio and historical operators.
- All the historical data has been collected from previous owners.
- Historical drilling on the Niñobamba property intersected 130 meters of 2.55 oz/t silver and 72.3 meters of 1.19 g/t gold.
- New gold zone identified including 56 meters at 98.9 g/t silver and 21.77 meters at 1.32 g/t gold, 102.46 g/t silver.
This Rio Silver profile is part of a paid investor education campaign.*
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Quarterly Activities Report for the Period Ended 31 March 2024
Warriedar Resources Limited (ASX: WA8) (Warriedar or the Company) is pleased to report on its activities for the quarter ended 31 March 2024.
HIGHLIGHTS
Golden Range and Fields Find Projects, Western Australia
- Drilling activities for CY2024 commenced at the Golden Range Project with a reverse circulation (RC) program at the Ricciardo deposit, twenty-one (21) holes drilled for 3,500m drilling.
- Ricciardo sits in the middle of the 25km-long ‘Golden Corridor’ at Golden Range, which hosts six discrete deposits (18 historic pits) that are all open at depth and possess immediate growth potential.
- Assay results from three (3) holes drilled in December and eighteen (18) holes drilled in February were received during the quarter, with all holes returning significant gold mineralisation. Results include:
- 32m @ 3.59 g/t Au from 148m, incl. 1m @ 10.85 g/t Au from 151m
- 8m @ 11.40 g/t Au from 166m, incl. 3m @ 22.38 g/t Au from 167m
- 3m @ 5.61 g/t Au from 114m, incl. 1m @ 11.20 g/t Au from 114m
- 11m @ 3.43 g/t Au from 149m
- 6m @ 4.69 g/t Au from 142m
- 8m @ 2.63 g/t Au from 160m
- 9m @ 1.97 g/t Au from 201m
- 20m @ 1.03 g/t Au from 177m
- 14m @ 1.15 g/t Au from 114m
- Results demonstrate the excellent potential for further Resource growth along the ‘Golden Corridor’, below and between historic open pits.
- Assay results from a further three (3) holes drilled beneath the Ardmore pit are pending, with results anticipated this month.
- Further growth-focused drilling along the ‘Golden Corridor’ is planned for Q2 CY2024.
- Proposed Plan of Operation (PoO) application continues to progress.
Corporate
- Resignation of Non-Executive Director Mr Mingyan (Joe) Wang.
- Successful bookbuild for A$6.0 million two-tranche equity placement, with binding commitments received from new and existing shareholders.
- Cash of A$4.8 million as at 31 March 2024 and zero debt (excluding typical trade creditor balances).
Western Australian Projects
The Golden Range and Fields Find Projects (the Projects) are located approximately 350 km northeast of Perth and 260 km east-southeast of Geraldton (Figure 1). The total consolidated land package of the Projects is 813 km2, extending for over 70 km of strike from north to south and covering much of the central Yalgoo-Singleton and Warriedar Archean greenstone belts.
Click here for the full ASX Release
This article includes content from Warriedar 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.
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