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Investing Guides
Quarterly Activities Report for the Period Ended 31 March 2024
April 28, 2024
Spartan Resources Limited (Spartan or Company) (ASX:SPR) is pleased to present its Quarterly Activities and Cash Flow Report.
Exploration / Growth
- Drilling at the 952koz Never Never Gold Deposit delivered multiple exceptional high-grade gold intercepts, extending the mineralisation to over 1km depth and remaining open. Significant assays reported during the quarter included:
- 11.55m @ 36.77g/t gold from 875.0m, incl. 4.0m @ 101.07g/t (DGDH052)
- 13.00m @ 25.82g/t gold from 624.0m, incl. 4.0m @ 51.53g/t (DGRC1391-DT)
- 15.85m @ 20.23/t gold from 585.0m, incl. 2.5m @ 64.00g/t (DGRC1400-DT)
- 6.33m @ 33.72g/t gold from 561.7m, incl. 1.0m @ 114.00g/t (DGRC1305-W1)
- 18.60m @ 9.67g/t gold from 696.25m, incl. 6.05m @ 18.17g/t (DGRC1392-DT)
- 16.65m @ 10.29g/t gold from 625.83m, incl. 3.0m @ 52.03g/t (DGRC1377-DT)
- 11.04m @ 11.69g/t gold from 567.0m, incl. 2.83m @ 42.24g/t (DGDH051)
- Updated JORC-compliant “Exploration Target” completed for the Never Never Deposit, inclusive of the December 2023 Never Never Mineral Resource Estimate in March 2024 to 8.1 to 9.9 Mt at 5.8 to 6.7g/t Au for 1,600,000 to 1,900,000 ounces*.
- Outstanding assays from the West Winds and Four Pillars targets, including:
- 20.00m @ 3.49g/t gold from 322.0m, incl. 6.0m @ 7.30g/t (DGRC1422) – WW
- 19.0m @ 2.65g/t gold from 33.0m, incl. 1.0m @ 28.84g/t (DGRC1371) – WW
- 21.0m @ 3.29g/t gold from 233.0m, incl. 5.0m @ 11.01g/t (DGRC1389) – WW
- 15.0m @ 6.06g/t gold from 358.0m, incl. 3.0m @ 23.65g/t (DGDH046) – FP
- Drilling at the Sly Fox target has doubled the mineralised footprint, with assays including:
- 9.0m @ 2.67g/t gold from 228.0m (DGRC1366)
- 23.83m @ 2.44g/t gold from 379.0m, incl. 5.0m @ 5.23g/t (DGRC1382)
- An extensive drilling program is continuing, with three diamond rigs and one Aircore rig currently on site.
- Updated Mineral Resource Estimate (MRE) for the Dalgaranga Gold Project scheduled for delivery by mid-year.
Care and Maintenance (Dalgaranga)
- During the Quarter, a number of maintenance activities were completed including inspection and monitoring of key plant and other site infrastructure to ensure the Dalgaranga site remained in a state for a rapid restart.
Corporate
- Ms Deanna Carpenter appointed as an independent Non-Executive Director, with Mr John Hodder stepping down from the Board.
- Highly experienced mining executive Craig Jones appointed as Chief Operating Officer.
- Post Quarter-end, the Company launched a fully underwritten $80 million placement and accelerated entitlement offer.
- Unmarketable Parcel Share Sale Facility completed, reducing the Company’s ongoing administration costs.
- Total cash and listed company investments at 31 March 2024 of $30.5 million.
Spartan Managing Director and CEO, Mr Simon Lawson, commented:
“Spartan has continued to deliver on all fronts during the March Quarter, with more outstanding high- grade results from across the Dalgaranga Gold Project supporting our objective of delineating more high-grade ounces in front of the Project’s existing high-quality infrastructure and laying the foundations for a sustainable long-life gold business.
“Drilling at the high-grade Never Never gold deposit has continued to deliver broad intersections at very impressive grades, such as an uncut intercept of 15.85m grading 136.80g/t gold including 2.50m grading 697.00g/t gold, reinforcing the deposit’s exceptional endowment.
“Underpinned by the success of our drilling programs to date, we have recently reported an updated JORC Exploration Target for the Never Never deposit of 8.1 to 9.9 million tonnes grading between 5.8 and 6.7g/t gold for 1.6 to 1.9 million ounces of contained gold.
“We’re also continuing to see very exciting results from other deposits surrounding the Dalgaranga processing plant, with high-grade results reported from West Winds, Four Pillars and Sly Fox during the reporting period. These results will all contribute towards Our next Resource update for the Dalgaranga Project, which is scheduled for delivery by mid-year.
“With the Company now approaching a critical mass of high-grade gold ounces at Dalgaranga, we have continued to progress mining study work throughout the Quarter to consider the optimal pathway for a return to production.
“As we continue to map this pathway, we were absolutely delighted to appoint Craig Jones as our Chief Operating Officer earlier this month. Craig has an outstanding operational track record – with previous senior roles at Poseidon Nickel, Bellevue Gold and Northern Star Resources – and will be an invaluable asset to Spartan as we work to convert our exploration success into profitable production.
“We were also very pleased to welcome Deanna Carpenter to the Board during the Quarter as a Non- Executive Director. Deanna has extensive experience across equity capital markets, mergers & acquisitions, governance, risk management and corporate compliance and will be a valuable addition to our Board moving forward. We would also like to sincerely thank outgoing Director, John Hodder, who stepped down during the Quarter, for his significant contribution to the Company’s growth and development.
“Looking to the coming months, we have an incredibly busy period ahead, with four drill rigs currently on site, our next Resource update underway and feasibility studies advancing on multiple fronts.”
Click here for the full ASX Release
This article includes content from Spartan 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.
SPR:AU
39m
Takeover Offer for Mako Gold Limited – Share Offer Unconditional and Status of Offers Conditions
Aurum Resources Limited (ASX: AUE) (Aurum) refers to its off-market takeover offer to acquire all of the ordinary shares (Share Offer) and certain options (Option Offers) in Mako Gold Limited (ASX:MKG) (Mako) pursuant to its bidder’s statement dated 30 October 2024 (as supplemented or replaced from time to time) (Bidder’s Statement).
HIGHLIGHTS
- Aurum declares its takeover offer for all the shares in Mako Gold Limited unconditional
- Aurum currently has a relevant interest in Mako of 39.86%
- The Share Offer and Option Offers are due to close at 7.00pm (Sydney time) on 4 December 2024
- The Mako directors have unanimously recommended that Mako Shareholders and Mako Optionholders accept the Offers in the absence of a Superior Proposal and have already accepted into the Offers
- Aurum urges all remaining Mako Shareholders and Mako Optionholders to accept the Offers without delay
The Share Offer is to acquire all Mako Shares for the consideration of one (1) Aurum Share for every 25.1 Mako Shares held and will extend to Mako Shares issued during the Offer Period as a result of the conversion of Mako convertible securities.
The Option Offers are to acquire Mako Options on the basis of:
- one (1) Aurum Share for every 248 Mako January 2025 Options held; and
- one (1) Aurum Share for every 170 Mako June 2025 Options held.
FREEING THE SHARE OFFER OF CONDITIONS
Having reached a relevant interest of 39.86% in Mako, Aurum is pleased to declare the Share Offer unconditional and free of all defeating conditions as set out in section 13.8 of the Bidder’s Statement.
OFFERS CONDITIONS
The Share Offer is wholly unconditional.
The Option Offers remain subject to all defeating conditions in section 14.9 of the Bidder’s Statement. None of the defeating conditions in section 14.9 of the Bidder’s Statement have been fulfilled or waived.
RECOMMENDED OFFERS
The Mako directors have unanimously recommended that remaining Mako Shareholders and Mako Optionholders accept Aurum’s Offers without delay, in the absence of a Superior Proposal. Given its current relevant interest in Mako, Aurum believes it is unlikely that a Superior Proposal will eventuate.
Click here for the full ASX Release
This article includes content from Aurum 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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26 September 2023
Top 10 Gold Reserves by Country
Gold is one of the most important metals on the planet. For millennia it has been used in jewelry, art and currency, capturing the collective imagination as a thing of wonder. Gold's association with royalty and wealth has inspired explorers and treasure hunters alike, who put themselves at risk for a chance to strike it rich.
Today, gold's hold on us as a precious metal is no less powerful. Still used for jewelry and as a store of wealth, the metal also has a variety of modern industrial and electronic applications.
Even though gold seems to be everywhere, in reality it's a finite resource. Only 208,000 metric tons (MT) of gold have ever been mined, and two-thirds of that has been extracted since 1950. Comparing that amount to the more than 700 million MT of copper that have been pulled from the ground provides an idea of how precious a resource gold truly is.
For investors interested in the yellow metal and the companies that mine it, it’s important to understand global gold reserves. This data can provide critical information on the long-term viability of supply and which countries have room to grow.
This article uses the most recent data from the US Geological Survey, which uses metric tons for its figures. As gold is often measured and discussed in ounces, this article will contain a mix of the two measurements. To add some perspective, 1 MT of gold is equal to 35,274 ounces — this means at a gold price of US$1,900 per ounce, 1 MT is over US$67 million worth of gold.
According to the US Geological Survey, identified economic gold reserves currently stand at just 52,000 MT globally. So which countries have the largest gold reserves? These 10 top the list.
1. Australia
Gold reserves: 8,400 MT
Outsized is one way to describe Australia. The sixth largest country by land area, it has the most gold reserves of any nation, coming in at 8,400 MT. Australia has been going through somewhat of a modern boom and has been consistent in producing more than 300 MT of gold every year since 2017. Over 60 percent of its gold deposits are in Western Australia.
Large mining operations coupled with elevated levels of production have helped Australia’s Newcrest Mining (ASX:NCM,TSX:NCM,OTC Pink:NCMGF) become one of the largest and most important gold-mining companies in the world. In its 2023 fiscal year, which ended on June 30, the company produced 597,000 ounces from its Cadia mine and 349,000 ounces from its Telfer mine. Cadia is still expanding — the year saw Newcrest deliver the first ore from its new PC2-3 panel cave, and PC1-2 is now under development.
2. Russia
Gold reserves: 6,800 MT
Russia has the largest land area of any country, and unsurprisingly is among the top countries for gold reserves. It boasts an impressive 6,800 MT, although this is down from 7,500 MT in 2021. Russia’s output was steady in 2022 with 320 MT extracted.
Polyus operates four of the country's five largest mines, including the Olimpiada open-pit mine in Russia’s Krasnoyarsk region. The company's four Russian mines combined for 69.48 MT in 2022, 28 MT of which came from Olimpiada alone.
Despite steady production, Russian gold is having difficulties reaching most markets following the country's invasion of Ukraine. The London Bullion Market Association halted trading and removed Russian refiners from its accredited list in March 2022. However, a significant portion of the metal was exported to the United Arab Emirates last year, according to Reuters, and Russian gold has also made its way into the country's stockpiles.
3. South Africa
Gold reserves: 5,000 MT
South Africa remains a powerhouse in terms of global gold reserves, and the country's Witwatersrand Basin is among the top gold jurisdictions in the world. However, while South Africa remains comfortably in the top three countries for reserves with 5,000 MT, the country has lost some of its luster when it comes to production. At the turn of the century, South Africa was the top gold-producing country, with 431 MT extracted in 2000. The country's output has slowly fallen in the decades since though, and has hit all-time lows in recent years — South Africa extracted just 110 MT in 2022.
One reason for lowered production is decreasing gold grades, which have led miners operating in the country to move to greater depths. In fact, as of 2019, eight of South Africa's gold mines were among the 10 deepest mines for any commodity, with AngloGold Ashanti's (NYSE:AU,JSE:ANG) Mponeng gold mine topping the list at 2.4 kilometers to over 3.9 kilometers below surface. This has made makes industrial mining operations prohibitively expensive and more dangerous.
Other factors negatively affecting the mining sector are constant power outages in recent years and limited investment in exploration outside the Witwatersrand Basin.
4. United States
Gold reserves: 3,000 MT
Gold reserves in the US have remained steady at 3,000 MT since 2012. The country is home to well-developed infrastructure, highly experienced companies and an advanced workforce. However, over the last decade, production and refinement of the yellow metal in the US has been in decline, dropping from 230 MT in 2012 to 170 MT in 2022.
One of the largest operations in the country is Nevada Gold Mines (NGM), a joint venture between Barrick Gold (TSX:ABX,NYSE:GOLD) and Newmont (NYSE:NEM,TSX:NGT). NGM includes three of the largest gold mines in the world: Goldstrike, Carlin and Cortez. NGM's operations in Nevada produced more than 3 million ounces in 2022 from a total of five sites, while holding an estimated 47 million ounces more in proven and probable reserves.
5. Peru
Gold reserves: 2,900 MT
Gold has been an important part of Peru’s economy for centuries. The country has a well-documented mining industry, and it ranks as one of the top nations in the world when it comes to gold reserves. Between 2012 and 2022, Peru increased its gold reserves from 2,000 MT to 2,900 MT. During this time, production fell from 160 MT to 100 MT. This fall was due to a combination of factors, including increased regulation to combat illegal operations, instability in the country and COVID-19 restrictions.
Large players make up the bulk of Peru's gold industry, with major miner Newmont leading the way at Yanacocha, the biggest gold mine in Peru. There are also artisanal operations in the country, along with operations being run by criminal organizations. While environmental concerns are common in the mining industry, illegal and small-scale gold miners often employ mercury during the extraction process, which is very damaging to the environment.
To counteract illegal mining operations, the Peruvian government instituted Operation Mercury in 2019, which involved military interventions at illegal mine sites and the destruction of mining operations. For small-scale and artisanal mining, programs such as the Fairmined Ecological Gold certification exist to encourage environmentally friendly mining methods by introducing premium prices for gold that meets particular requirements. This also allows gold buyers to identify gold from legal operations that reduce the use of toxic treatments like mercury during the extraction process.
6. Indonesia
Gold reserves: 2,600 MT
Home to remote mining sites and enormous reserves, Indonesia is a destination for gold companies looking to stake a claim. It consistently ranks in the top 10 for gold reserves and is home to the Grasberg mine, one of the world's largest gold operations.
Operated by Freeport-McMoRan (NYSE:FCX), the open-pit copper and gold mine in Papua province has extracted more than 46 million ounces of gold since 1990; as of 2019 it had proven and probable reserves of a further 58.89 million ounces.
7. Brazil
Gold reserves: 2,400 MT
Home to the first modern gold rush over 300 years ago, Brazil has an undeniable history with the precious metal. The country currently has 2,400 MT of reserves, although it extracted only 60 MT in 2022.
Companies like G Mining Ventures (TSXV:GMIN,OTCQX:GMINF) with its Tocantinzinho asset may boost Brazil’s gold position in the years to come. Belo Sun Mining (TSX:BSX,OTCQX:BSXGF) has been stymied by regulatory hurdles at its Volta Grande project, but management remains committed to moving the permitting process forward.
Much like Peru, gold mining in Brazil has a darker side as well. Illegal operators, many of which have found their into mining through social media sites like YouTube and TikTok, are impacting both sensitive rainforest ecosystems and local Indigenous communities. Despite government crackdowns, new operations continue to pop up throughout the Amazon.
8. Canada
Gold reserves: 2,300 MT
Canada has a rich history of gold mining since the metal was first discovered in Québec in the early 1800s. Mining operations can now be found across Canada, but more than 70 percent of the country's gold is produced in Ontario and Québec. Other significant producers are BC with 9 percent, the Yukon with 4 percent and Manitoba with 2 percent.
Canada’s gold reserves have remained constant since 2012 and currently sit at 2,300 MT. However, the country has more than doubled its gold output in that time, jumping from 97 MT in 2012 to 220 MT in 2022.
Because of its well-established natural resource sector, Canada is leading the way in sustainable initiatives to protect the environment and communities. The Mining Association of Canada’s Toward Sustainable Mining initiative has been adopted by organizations around the world, including those in Finland, Brazil and the Philippines.
9. China
Gold reserves: 1,900 MT
While smaller in comparison to the other nations on this list, China’s 1,900 MT of gold reserves have remained unchanged for the past 10 years, as has the country's output of approximately 350 MT per year.
While some deposits have been found in the western part of the country, the largest operations are in Shandong, which is home to the largest find in the country: the Xiling mine. Xiling, which is owned by Shandong Gold Group (SHA:600547), contains more than 580 MT of gold in reserves. The mine is expected to process 10,000 MT of ore per day for the next 30 years.
10. Uzbekistan
Gold reserves 1,800 MT
Even though the first gold mine in Uzbekistan began operating in the 1960s, it’s only recently that the country has begun to develop its resources. After gaining independence from the Soviet Union in 1991, the mining industry in Uzbekistan was in disarray, and most mining projects had stalled. Production hit a low of 65 MT per year in the mid-1990s, but since 2020 output has nearly doubled to 100 MT per year.
Most of Uzbekistan's gold is mined at the massive state-owned Muruntau gold mine in the Qizilqum Desert. This open-pit mine produced 56.7 MT tonnes of gold in 2020 and is calculated to hold more than 4,000 MT in total reserves.
Don’t forget to follow us @INN_Resource for real-time news updates!
Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.
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1h
A Guide to Investing in Physical Gold (Updated 2024)
Gold is known as an attractive safe-haven investment and has been used to store wealth during volatile times through history.
It has interesting currency-like tendencies, and retains its purchasing power better than paper currencies.
For that reason, gold market analysts typically recommend that investors build a diversified portfolio with a portion of their wealth in gold bullion. Here the Investing News Network explains what's involved in building and managing a physical gold portfolio.
In this article
- What physical gold product is best to buy?
- What is the difference between the gold spot price and retail price?
- Where can investors buy physical gold?
- How and when to sell physical gold?
- How should physical gold be stored?
- Is it possible to purchase physical gold through the futures market?
- What are some alternatives to physical gold?
What physical gold product is best to buy?
Physical gold investors are generally looking for items that are 0.999 fine. Most gold bullion coins fit this description, including the Canada Gold Maple Leaf, the South African Krugerrand and the American Buffalo Gold coin. American Gold Eagles are popular with investors, but they are have a much lower purity at 91.67 percent.
An alternative to gold coins is gold rounds, which are also 0.999 fine but are not legal tender. This makes them slightly cheaper than gold coins, as the premium for gold coins is higher because of the credibility that comes from being fabricated by government mints.
Both gold coins and gold rounds come in various sizes, usually ranging from 1/10 ounce to 1 ounce, though other less common sizes are available.
Gold bars are another popular option. These also come in a variety of sizes, and as choices can range from a 1 gram bar to 400 ounce bar, this category of products can accommodate a range of investors. They are also 0.999 fine.
When the objective is to get the most metal for the least money, it’s generally best to shop for gold rounds and gold bars, which tend to be cheaper than gold coins of the same weight.
Another factor that may need to be considered is the amount to be invested. Bars may be the best option for large investments since bigger sizes are available. Further, it is often easier to manage large products than it is to manage an array of smaller gold items.
However, physical gold investors also need to give forethought to when they may want to sell their gold. Large products will require liquidating a more sizeable portion of one’s gold portfolio, and such products may be more difficult to sell in some instances. Individuals making ongoing or significant investments may want to consider purchasing gold in various weights.
What is the difference between the gold spot price and retail price?
Investing in physical gold is often oversimplified, and the misconceptions can begin with pricing.
A spot price by definition is the cost of immediate delivery, and is a way to gauge the legitimacy of an ask or retail price. The spot price is what is reported on and what most gold price charts will show. Unfortunately, some investors don't realize until they make their first purchase that the spot price is not what one actually pays for physical gold.
The retail price of gold is based off the spot price but includes a markup, also called a premium. In addition to premiums, there are numerous other expenses investors should be prepared to pay when purchasing pure gold, including shipping, handling and insurance. In some instances, prices may be higher for individuals who choose to pay with a credit card.
There may also be processing fees to own the yellow metal or fees for small lot purchases. On the other hand, gold prices are sometimes lower for those purchasing larger quantities.
Where can investors buy physical gold?
Gold buying can be done through government mints, private mints, precious metals dealers and even jewelry stores. Some of these locations will offer numismatic coins or other gold items geared toward collecting and gift giving, which bullion investors should generally avoid. These products are for play in a different ball game and are not what the average gold investor needs.
When choosing where to buy gold, it is again best to give thought to reselling it. Some businesses that sell gold will also buy it back. Some will even buy gold that they didn’t sell, but may pay lower prices.
Furthermore, premiums and fees are not one size fits all when buying physical gold. Different sellers may offer the same items at different prices, so investors should take the time to find the best deal.
How and when to sell physical gold?
Just as buying gold often provides investors with a pricing wakeup call, investors who decide to sell are sometimes surprised at the prices they receive. That is because the buyback price, or bid, is lower than the asking price. The difference between the two is referred to as the spread, and it is a loss that the seller initially bears.
For example, if an investor pays US$2,500 for a 1 ounce Canadian Maple Leaf and decides to sell it back the same day, the buying price may only be US$2,419. The spot price is generally in the middle of the two.
Furthermore, there are usually other costs involved with selling gold, including shipping, insurance and liquidation fees. Some businesses have minimum purchase requirements, and depending upon payment arrangements, it may be necessary for the investor to pay bank wire fees or postage to receive a check.
Individuals who want to sell their gold quickly may consider “we buy gold” businesses as a convenient alternative. However, while these businesses can serve as a quick source of liquidity, they are usually not the best option, as their underlying business strategy often involves making lower-than-average offers, meaning you will receive less than you would at a bullion exchange or mint.
The reality is that, given the spread and the costs associated with acquiring and selling gold, a sharp price move is generally needed to turn a profit. Investors are encouraged to consider building positions in physical gold as a long-term investment, possibly even for retirement savings.
How should physical gold be stored?
Determining the best storage option involves weighing risks against costs.
Paying for secure storage eats into profits from the metal’s gains, so some people choose to store their gold at home or in their office. In theory, that is the riskiest option as it involves the highest potential for loss due to theft or disaster. But in many instances these risks are not substantial enough to justify the cost of other storage options. For home storage of smaller amounts of gold, mitigate theft risk by keeping it hidden somewhere that is less likely to be discovered. Of course, a sturdy home safe comes with an upfront cost and a footprint, but it can help protect valuables from theft and some disasters.
As mentioned, gold can also be stored in a depository or safe deposit box for a cost. If an investor chooses this route, there are a few things to consider. Rates can vary between banks, so price comparison is important. Additionally, the contents of safety deposit boxes in financial institutions are generally not insured. Last but not least, some banks do not technically permit the storage of bullion, so it's important to make sure it's possible before signing a terms and conditions agreement. The information should be listed in the agreement as well.
Is it possible to purchase physical gold through the futures market?
A gold futures contract is an agreement to buy or sell gold on a date in the future for a price that is determined when the contract is initiated. The futures market is often referred to as an arena for paper trading. Generally, the bulk of the activity is just that, as metal is not actually exchanged and settlements are made in cash.
However, the futures market can also be an arena for purchasing physical gold. That is not to suggest that it is the best source of metal for all investors as it may not increase one’s purchasing power. Obtaining gold through the futures market requires a large investment and involves a list of additional costs. The process can be complicated, cumbersome and lengthy, which is why this option is considered best for highly experienced market participants.
What are some alternatives to physical gold?
Purchasing metal is not the only way to gain exposure to physical gold. Indeed, the popularity of exchange-traded funds (ETFs) underscores how easily people can get into the gold market without actually owning physical gold.
Gold ETFs may track gold-focused stocks or they may track the yellow metal's price. Investors looking for the closest analog to buying physical gold will likely want to focus on the latter. However, it's important to be aware that ETFs that follow the gold price are generally not vehicles to acquire gold, even if they are physically backed.
One advantage of gold ETFs is that they can be easier to trade than physical gold. Some investors choose to hold a set amount of physical gold at all times and use ETFs to trade the metal's ups and downs.
To learn about your options, take a look at our lists of gold ETFs on the NYSE Arca and gold ETFs on the ASX.
This is an updated version of an article originally published by the Investing News Network in 2012.
Don’t forget to follow us @INN_Resource for real-time news updates!
Securities Disclosure: I, Lauren Kelly, hold no direct investment interest in any company mentioned in this article.
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3h
Providence Insider Participates in Financing
Providence Gold Mines Inc. (“the Company) is pleased to announce further to the Private placement announced on November 14, 2024 that an insider of the Company is participating in the first tranche of the private placement in the amount of $75,000 Cdn for 1,500,000 units at $0.05 per unit. Each unit comprises of one common share and one non-transferable warrant exercisable into one common share of the Company at a price of $0.09 for a period of two years from the date of closing. The funds will be used for general purposes.
As announced, a placement of up to $1,800,000 Cdn for 36,000,000 units at $0.05 per unit is now underway. Each unit will comprise of one common share and one non-transferable warrant, exercisable into one common share of the Company at a price of $0.09 for a period of two years from the date of closing.
USE OF PROCEEDS
The funds from this placement will be used for evaluation of the new gold surface discovery reported for reference on May 6, 2024 and for a significant drilling program of up to 2500m designed to target the historical McCarthy and Mexican shafts and as well as an area north of the Mexican shaft where significant ground preparation provides a favourable structural setting for hanging wall splay veins analogous to the historical ”Bonanza” stope at the Providence mine first stope at surface alone produced 50,000 ounces. Ron Coombes states, “exploration efforts have modelled potential for robust significant high-grade gold targets”.
All securities issued will be subject to a hold period of four months and one day from the closing date of the private placement, in accordance with applicable Canadian securities laws.
BOARD APPOINTMENT
In addition, the Company is extremely pleased to announce the CFO and director appointment of Brian Crawford CPA, CA.
Brian Crawford CPA, CA, has extensive experience as a senior financial executive. Brian was formerly a partner with a national firm of Chartered Professional Accountants and founded several public companies trading on the TSX Venture Exchange (“TSX.V”) and the Canadian Securities Exchange (“CSE”). Brian currently serves as a Director, Corporate Secretary and or Chief Financial Officer of several TSX.V and CSE-listed issuers.
QUALIFIED PERSON
Lee Groat Ph.D., P. Geo, a geologist and qualified person (as defined under NI 43-101) has read and approved of the technical information contained in this news release.
ON BEHALF OF THE BOARD
"Ronald Coombes"
Ronald A. Coombes, President & CEO
Phone: (604) 724-2369
Email: rcoombes@providencegold.com
STAY TUNED! VISIT OUR WEBSITE FOR MORE DETAILS
www.ProvidenceGold.com
LIKE & FOLLOW @providencegoldmines
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CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
Neither the OTC-Pinks and or 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.
All statements, trend analysis and other information contained in this press release relative to markets about anticipated future events or results constitute forward-looking statements. All statements, other than statements of historical fact, included herein, including, without limitation, statements relating to the permitting process, future production of Providence Gold Mines, budget and timing estimates, the Company’s working capital and financing opportunities and statements regarding the exploration and mineralization potential of the Company’s properties, are forward-looking statements. Forward-looking statements are subject to business and economic risks and uncertainties and other factors that could cause actual results of operations to differ materially from those contained in the forward-looking statements. Important factors that could cause actual results to differ materially from Providence Gold Mines expectations include fluctuations in commodity prices and currency exchange rates; uncertainties relating to interpretation of drill results and the geology, continuity and grade of mineral deposits; the need for cooperation of government agencies and native groups in the exploration and development of properties and the issuance of required permits; the need to obtain additional financing to develop properties and uncertainty as to the availability and terms of future financing; the possibility of delay in exploration or development programs and uncertainty of meeting anticipated program milestones; and uncertainty as to timely availability of permits and other governmental approvals. Forward-looking statements are based on estimates and opinions of management at the date the statements are made. Providence Gold Mines does not undertake any obligation to update forward-looking statements except as required by applicable securities laws. Investors should not place undue reliance on forward-looking statements.
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20 November
TEM | Yalgoo Update - Further Excellent Iron Results
Tempest Minerals Limited (ASX: TEM) is pleased to update that recent RC drilling at the Remorse Target has identified the presence of thick, high-grade, magnetite-hosted iron in initial assays which has now been confirmed with multiple drill holes over several kilometres of strike length. The Remorse Target is situated within the Company’s 100% owned Yalgoo Project which has multiple world-class iron ore operations nearby.
Key Points
- Additional high-grade magnetite iron intercepted in RC drilling
- Consistent intercepts over >2 km of drilled strike length
- Identical outcropping geology mapped over a 5 km total strike length
- Potential for a large-scale iron ore deposit nearby other world-class processing facilities
Remorse Target
High-grade iron
In addition to the lab results for the first drillhole previously reported 1, the Company is pleased to announce the completion of drilling and that follow-up results in subsequent drillholes confirm the presence of high-grade iron at the Remorse Target. New results include:
WARDH00180 16m @ 32.6% Fe from 93m (pXRF)
WARDH00169 20m @ 32.3% Fe from 120m (pXRF)
and 11m @ 30.8% Fe from 182m (pXRF)
WARDH00166 7m @ 32.8% Fe from 96m (Lab)
WARDH00171 8m @ 30.1% Fe from 130m (pXRF)
* Portable XRF (pxrf) results are not comparable in reliability to authorised laboratory results and should be not relied on for quantitative purposes outside indicative demonstrations of potential order of magnitude of enrichments.
Background
TEM has completed the first phase of RC drilling at the Remorse Target of its flagship Yalgoo Project. In total, 21 RC holes were drilled for 4,005m. Samples have been Boxscanned (pXRF) and submitted to the lab and final assay results are expected in December 2024.
The previously reported iron intercept from the first hole drilled at Remorse was WARDH00160 of 32m @ 30.0% Fe from 96m (including 7m @ 37% Fe) (Lab).
The Remorse Target is part of Tempest's broader Yalgoo Project which spans over 1,000 square kilometres of prospective terrain for base metals, precious metals and iron ore.
Figure 01: Section through iron mineralisation WARDH00180
Figure 02: Section through iron mineralisation WARDH00169 and WARDH00163-165.
All samples collected have been analysed using a Boxscan unit which includes a mounted portable X-ray fluorescence (pXRF). Although not as accurate as laboratory analysis, pXRF data when collected in a quality and consistent manner can also exhibit high accuracy and precision. The pXRF data has been compared with assays received to date (>800 samples) and has an average variance of -4.2% and a median of -4.3%. The results indicate the accuracy is considered acceptable for current exploration reporting purposes (and potentially an overall slight underestimation by pXRF).
Remaining assay results are due in December and are expected to correlate strongly with the pxrf results announced.
As previously advised, the drill program design was focused on the strong base metal geochemical anomaly exhibited at the Remorse Target 2. The planned holes were focused strongly on testing the 'hanging wall' stratigraphy at Remorse and were not initially focused on the newly identified iron layer. However, the program did result in the 4 most northerly drill holes intercepting the main magnetite layer and numerous holes intercepting adjacent magnetite-rich layers.
The widely spaced drilling shows continuity and consistency over more than 2 kilometres and identical iron-rich stratigraphy outcrops can be traced over an extensive 5-kilometre zone correlating with the original Remorse Target footprint.
Click here for the full ASX Release
This article includes content from Tempest 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.
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20 November
Divestment of Non-Core Whiteheads Gold Project
Great Boulder Resources (“Great Boulder” or the “Company”) (ASX: GBR) is pleased to provide an update regarding its Whiteheads Gold Project located 40km north of Kalgoorlie, Western Australia.
HIGHLIGHTS
- Great Western Gold Pty Ltd (GWG) to acquire 100% of Great Boulders’ interest in the Whiteheads Gold Project (Whiteheads) located in Kalgoorlie, Western Australia
- Great Boulder to receive the following consideration for the sale of Whiteheads:
- Exclusivity Fee: $50,000 cash payment (Paid)
- Cash Payment: a one-off cash payment at Listing, less the Exclusivity Fee, as a reimbursement for reasonable cash payments incurred by Great Boulder with respect to exploration and expenditure commitment at Whiteheads during the period commencing on the Execution Date (today) and Completion Date (estimated costs of ~$250,000 to be incurred)
- Equity: Upfront and deferred equity consideration in GWG totalling $1,200,000 (assuming a $0.20 per share Listing price)
- GWG intends to complete an initial public offering (IPO) on the Australian Securities Exchange (ASX) in 1H-CY25
- The divestment of the non-core Whiteheads Gold Project allows Great Boulder to continue to prioritise management time and capital allocation on progressing its flagship Side Well Gold Project, whilst retaining equity upside to Whiteheads
Great Boulder’s Managing Director, Andrew Paterson commented:
“This is a great outcome for Great Boulder shareholders. The prospectivity and potential of Whiteheads has been overlooked given the significant exploration success at Side Well, resulting in the prioritisation of funds and management time, and we’re pleased to be working with Great Western Gold to unlock value here.
In addition to maximising the value for Great Boulder shareholders from Whiteheads, this transaction will further sharpen our focus on Side Well, where we are progressing a fully funded +50,000m drill program to deliver material resource growth and new discoveries.
As we exit the project I’d like to thank our Joint Venture partner Scott Wilson for his support. Whiteheads was an important stepping stone for Great Boulder back in 2019 and Scott has been a great supporter of the Company ever since.”
Click here for the full ASX Release
This article includes content from Great Boulder Resources licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
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