The Conversation (0)
May 20, 2024
Siren Gold Limited (ASX: SNG) (Siren or the Company) is pleased to announce that it has entered into a marketing and sales agency agreement (the Agreement) with Ocean Partners USA, Inc. (Ocean Partners) for the future sale of gold-antimony concentrate from its Reefton Project.
Highlights
- Siren has appointed Ocean Partners as its sole and exclusive marketing agent for the worldwide sale of gold- antimony concentrate (Product) from its Reefton Project.
- Siren’s aim is to advance its Projects to production and produce gold doré and gold-antimony concentrate at a central processing facility.
- Ocean Partners have been mandated to seek a long-term third party off-take contract that includes debt or equity financing for up to US$5 million by the third party, on terms agreed by Siren.
- Drilling at both Sams Creek and Reefton is currently ongoing, with further drilling results expected next month.
Siren Managing Director and CEO, Victor Rajasooriar commented:
“We are delighted to work with Ocean Partners, a well-established agent with extensive technical, commercial and financial experience. The Agreement will provide an important platform for Siren’s strategic growth initiatives and support Project financing in the future.
Antimony has been recognised as a critical mineral by many Western countries and the potential gold – antimony concentrate from the Reefton Project is a highly desirable product which is highly sought after. We look forward to working with Ocean Partners in delivering a comprehensive solution that benefits our shareholders and sets us up on the ground as we advance towards anticipated future development as a gold and antimony producer”.
Background
Siren is a New Zealand focused gold and antimony explorer, with two key projects in the upper South Island of New Zealand: Reefton (Reefton, Lyell and Paparoa goldfields) and Sams Creek.
In 2024, Siren’s strategy at Reefton is to test all four mineralised shoots at Auld Creek (Fraternal, Fraternal North, Bonanza and Bonanza East) identified from soil sampling, surface trenching and diamond drilling carried out over the past 12 months. The Sams Creek Project is currently undergoing drill testing at the Anvil Zone, identified from an Ionic Leach survey carried out in late 2023.
Click here for the full ASX Release
This article includes content from Siren 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.
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Newmont (TSX:NGT,NYSE:NEM) has deployed drones and a remote-controlled scoop to help rescue three workers trapped underground since Tuesday (July 22) at its Red Chris gold mine in BC.
The incident occurred during work on a non-producing section of the mine’s underground development project.
According to the company, the three contract employees were initially located more than 500 meters beyond the site of the first collapse. They were directed to relocate to a designated refuge chamber before a second fall of ground sealed off the access way and disrupted communication.
“Following the first event, contact was established with the individuals and confirmation was received that they had safely relocated to one of multiple self-contained refuge bays,” Newmont said in a Wednesday (July 23) statement. “The refuge stations are equipped with adequate food, water and ventilation to support an extended stay.”
The company is using aerial drones to assess underground conditions, while a remote-controlled scoop has been deployed from Newmont’s Brucejack mine, also in BC.
It will begin clearing the estimated 20 to 30 meters of debris obstructing the tunnel.
Communication with the trapped miners remains severed after the second collapse, but the company said the men are believed to be sheltering in a chamber designed to support up to 16 people.
Operations at Red Chris have been suspended to focus entirely on rescue efforts. The company said that it has activated emergency protocols and assembled specialized rescue teams from nearby mine sites.
While the full extent of the damage underground is still being assessed, the use of unmanned equipment is intended to reduce risk to emergency personnel while the area remains geotechnically unstable.
Newmont has not provided an estimated timeline for reestablishing contact or extracting the workers, but emphasized that all available technology and expertise are being brought to bear.
The Red Chris mine, located roughly 80 kilometers south of Dease Lake and more than 1,000 kilometers north of Vancouver, is operated by Newmont under a 70/30 joint venture with Imperial Metals (TSX:III,OTC:IPMLF).
The operation has been producing since 2015, though the incident occurred in a non-producing development zone.
Last year, Red Chris produced approximately 40,000 ounces of gold, making it one of the smaller contributors in Newmont’s global portfolio. The company acquired its majority stake in the mine through its 2023 purchase of Newcrest Mining, which previously managed the asset.
Don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
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Don’t forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Georgia Williams, hold no direct investment interest in any company mentioned in this article.
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“(An environmental analysis) report should be submitted to the minister in the next few months, and the final decision has to be done by decree,” said Luc Lessard, president and CEO of Falco Resources, in an interview with Investingnews.com. The company is hoping the decision will come sometime late in 2025, Lessard added.
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The chief executive also noted the Horne 5 project leverages several environmental innovations, including a set of measures to protect waterways and drinking water intake, the Implementation of a dust collection system to reduce metal emissions from mine ventilation by 98.64 percent, and the use of already disturbed sites unlikely to be rehabilitated without the mining project.
Falco is also looking to the future with significant exploration potential for the Horne 5 project, beyond its current deposit.
Falco owns about 67,000 hectares of land package in the Abitibi, Lessard noted. “That gives us the possibility to increase additional resources closer to the surface, add some feed to the central mill of the Horne 5 project, and that will increase the life of mine.”
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