Sylla Gold Corp. (TSXV: SYG) ("Sylla" or the "Company") announces that it has amended the share purchase agreement (the "Agreement") with Namibia Critical Metals. ("NMI") to acquire four gold properties located in Namibia as announced on March 4, 2024. Under the agreement, Sylla is to acquire NMI's 95% interest in its Namibian subsidiaries that own the rights, title and interest to the Grootfontein, Erongo, Otjiwarongo, and Kaoko licences, (Figure 1) and certain associated assets.
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Sylla Gold: Exploring West Africa’s Underexplored Highly Prospective Gold Greenstone Belt
Sylla Gold (TSX.V:SYG) explores and acquires gold properties throughout West Africa through an experienced management team with a track record of success. The company’s flagship asset, the Niaouleni gold project, covers over 17,200 hectares within an emerging gold camp in the prolific Birimian greenstones of southwest Mali.
Niaouleni project runs continuously south along Niaouleni-Kobada-Sanankora Corridor, on strike with Toubani Resource’s Kobada Gold Deposit. The Kobada deposit contains a Measured and Indicated Mineral Resource of 61.5 million tonnes (Mt) at 0.86 g/t gold (Au) for a total of 1.71 million ounces (oz) of contained gold, and includes mineral reserves. Additionally, to the north of Toubani within the same corridor is Cora Gold’s Sanankoro Project, which has an Indicated Resource of 16.1 Mt at 1.27 g/t Au for 657,000 oz of contained gold and an Inferred Resource of 8.7 Mt at 0.94 g/t Au for 263,000 oz of contained gold. These significant resource estimates on adjacent properties indicate the blue sky potential of the Niaouleni project as exploration continues on all three.
Sylla Gold recently completed its maiden drilling campaign, which included 6,754 metres of reverse circulation (RC) drilling and an additional 10,600 metres of aircore drilling. Assays from the RC drilling indicated 48 out of 57 holes hit high-grade gold mineralization up to 5.17 g/t over 25 metres. The aircore drilling was used as a first-pass reconnaissance style drilling and identified multiple additional gold targets for follow-up RC drilling.
Company Highlights
- Sylla Gold is a Canadian exploration and development mining company focusing on highly prospective assets within Mali, a West African country known for its gold deposits.
- Despite a long gold mining history, Mali still contains underexplored assets that have received little to no exploration using modern technologies and techniques.
- The flagship Niaouleni asset covers 17,200 hectares within the newly discovered Birimian greenstone gold belt, which runs along southwest Mali.
- The company’s Niaouleni asset is adjacent to Toubani Resource’s Kobada Gold Project which contains a Measured and Indicated Mineral Resource of 61.5 million tonnes (Mt) at 0.86 g/t gold (Au) for a total of 1.71 million ounces (oz) of contained gold, and includes mineral reserves.
- The Niaouleni's close proximity to prolific gold discoveries indicates the potential for future discoveries and development.
- Sylla Gold recently completed its maiden drilling campaign, results of which indicate that 48 out of 57 holes intersected high-grade gold mineralization up to 5.17 g/t gold over 25m.
- An experienced management team with a track record of success in West Africa leads the company towards fully exploring its blue-sky gold asset.
This Sylla Gold profile is part of a paid investor education campaign.*
Click here to connect with Sylla Gold (TSX.V:SYG) to receive an Investor Presentation
Sylla Gold Amends Share Purchase Agreement to Acquire District Scale Land Package in Namibian Gold Belt
Figure 1
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Terms of the Agreement
As consideration for the Acquisition, the Company shall: (i) issue the Vendor 3,000,000 common shares (each, a "Common Share") in the capital of the Company at a deemed issuance price of $0.05 per Common Share; and (ii) shall pay an aggregate cash payment of $100,000 to the Vendor. The closing date of the transaction has been amended and extended to no later than August 31, 2024. All other terms of the agreement remain in full force and effect.
The Acquisition is subject to the satisfaction (or waiver) of a number of conditions precedent, including, but not limited to receipt of all regulatory approvals and the acceptance of the TSX Venture Exchange. All securities issued pursuant to the Acquisition will be subject to a statutory hold period of four months and one day from the issuance thereof, as applicable, in accordance with applicable securities laws.
Qualified Person Statement
All scientific and technical information contained in this news release was prepared and approved by Gregory Isenor, P.Geo., Director of Sylla Gold Corp. who is a Qualified Person as defined in NI 43-101.
For more information, please contact:
Regan Isenor
President and Chief Executive Officer
Tel: (902) 233-4381
Email: risenor@syllagold.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains forward-looking information which is not comprised of historical facts. Forward-looking information is characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, and opportunities to differ materially from those expressed or implied by such forward-looking information. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, changes in the state of equity and debt markets, fluctuations in commodity prices, delays in obtaining required regulatory or governmental approvals, and includes those risks set out in the Company's management's discussion and analysis as filed under the Company's profile at www.sedar.com. Forward-looking information in this news release is based on the opinions and assumptions of management considered reasonable as of the date hereof, including that all necessary governmental and regulatory approvals will be received as and when expected. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information. The Company disclaims any intention or obligation to update or revise any forward-looking information, other than as required by applicable securities laws.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/212834
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Sylla Gold Announces Intention to Consolidate
Sylla Gold Corp. (TSXV: SYG) (OTCQB: SYGCF) ("Sylla" or the "Company") announces its intention to consolidate its issued and outstanding common shares (the "Common Shares") on the basis of three (3) pre-consolidation Common Shares for every one (1) post-consolidation Common Share (the "Consolidation"). No fractional Common Shares will be issued and any fractional Common Shares will be rounded down to the nearest lower whole Common Share.
The Consolidation is subject to the approval of the TSX Venture Exchange, applicable securities regulatory authorities, and the approval of the shareholders of the Company. The Company anticipates that it will hold its annual and special shareholder meeting in May, 2024.
For more information, please contact:
Regan Isenor
President and Chief Executive Officer
Tel: (902) 233-4381
Email: risenor@syllagold.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Certain statements contained in this news release constitute forward-looking information under applicable Canadian, United States and other applicable securities laws, rules and regulations, including, without limitation, statements with respect to the completion of the Acquisition, the conditions to the completion of the Acquisition that must be fulfilled and the anticipated benefits and advantages of the Acquisition. These statements relate to future events or future performance. The use of any of the words "could", "intend", "expect", "believe", "will", "projected", "estimated" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on The Company's current beliefs or assumptions as to the outcome and timing of such future events. There can be no assurance that such statements will prove to be accurate, as the Company's actual results and future events could differ materially from those anticipated in these forward-looking statements. Factors that could cause actual results and future events to differ materially from those anticipated in these forward-looking statements include the risks, uncertainties and other factors and assumptions made with regard to the Companie's ability to complete the proposed Acquisition; the Companie's ability to secure the necessary legal and regulatory approvals required to complete the Acquisition and the estimated costs associated with the advancement of the Property. Important factors that could cause actual results to differ materially from the Companie's expectations include risks associated with the business of the Company; risks related to the satisfaction or waiver of certain conditions to the closing of the Acquisition; non-completion of the Acquisition; risks related to exploration and potential development of the Property; business and economic conditions in the mining industry generally; the impact of COVID-19 on the Companies' business; 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 indigenous 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; uncertainty as to timely availability of permits and other governmental approvals; and other risk factors as detailed from time to time and additional risks identified in the Company's filings with Canadian securities regulators on SEDAR+ in Canada (available at www.sedarplus.ca). Various assumptions or factors are typically applied in drawing conclusions or making the forecasts or projections set out in forward-looking information. Those assumptions and factors are based on information currently available to the Company. The forward-looking information contained in this news release is made as of the date hereof and the Company undertakes no obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/202562
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Sylla Gold Enters into Agreement to Acquire District Scale Land Package in Namibian Gold Belt
Sylla Gold Corp. (TSXV: SYG) (OTCQB: SYGCF) ("Sylla" or the "Company") is pleased to announce that it has entered into a share purchase agreement with Namibia Critical Metals Inc. ("NMI") to acquire four gold prospective properties encompassing 2,788 square kilometers, located in Namibia within the Central Namibian Gold belt. Sylla is to acquire a 95% interest in NMI's Namibian subsidiary that own the rights, title and interest to Grootfontein, Erongo, Otjiwarongo, and Kaoko Licences (Figure1).
Regan Isenor, President and CEO of Sylla, commented, "the Company is very pleased to acquire such an extensive land package of prospective ground in a truly emerging gold district. The Central Namibian Gold Belt continues to produce world class gold operations as well as new discoveries and we're looking forward to unlocking the value in these licences by applying some of the knowledge gained from the recent discoveries in the district. The licences Sylla is acquiring were assembled in proximity and on strike of significant operating gold mines and recent discoveries in favorable geology conducive to mineralization."
To view an enhanced version of this graphic, please visit:
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The Namibia project consists of 4 licence areas;
Grootfontein- Comprising of two EPLs covering 1,392 km2, The Grootfontein licences are located 80 kilometers northeast of B2Gold's Otjikoto Gold Mine and 20 kilometers northeast of Osino Resources' Otjikoto East Project. A structural interpretation of the entire project area provided a detailed analysis of the area delineating the Grootfontein Shear Zone and associated second and third order structures considered favorable for gold mineralization.
Erongo- Covering an area of 263 km2 within the Navachab-Ondundu gold trend. There are numerous mineral occurrences within the project area including at least two gold occurrences. The area has been prospected but not systematically explored. Target areas on the properties include arsenic anomalies of 2.5km to 6km in length. The Erongo Project is underlain by the Kuiseb Formation which hosts Orsino Resources Twin Hills project 20km to the south.
Otjiwarongo- Covers 150 square kilometers in the heart of the Central Namibia Gold belt on strike with key structures of B2Gold's Otjikoto Mine.
Kaoko- 983 kilometers squared and covering a portion of the central part of the Kaoko Orogen stretching northward towards Angola. The license is under application. The Kaoko Orogen is remote and largely unexplored.
Terms of the Agreement
As consideration for the acquisition, the Company shall: (i) issue to NMI 3,000,000 common shares at a deemed issuance price of $0.05 per common share; and (ii) make a cash payment to NMI of $100,000.
Closing is subject to the satisfaction (or waiver) of a number of conditions precedent, including, but not limited to receipt of all regulatory approvals and the acceptance of the TSX Venture Exchange. All securities issued pursuant to the acquisition will be subject to a statutory hold period of four months and one day from the issuance thereof, as applicable, in accordance with applicable securities laws.
Qualified Person Statement
All scientific and technical information contained in this news release was prepared and approved by Gregory Isenor, P.Geo., Director of Sylla Gold Corp. who is a Qualified Person as defined in NI 43-101.
For more information, please contact:
Regan Isenor
President and Chief Executive Officer
Tel: (902) 233-4381
Email: risenor@syllagold.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains forward-looking information which is not comprised of historical facts. Forward-looking information is characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, and opportunities to differ materially from those expressed or implied by such forward-looking information. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, changes in the state of equity and debt markets, fluctuations in commodity prices, delays in obtaining required regulatory or governmental approvals, and includes those risks set out in the Company's management's discussion and analysis as filed under the Company's profile at www.sedar.com. Forward-looking information in this news release is based on the opinions and assumptions of management considered reasonable as of the date hereof, including that all necessary governmental and regulatory approvals will be received as and when expected. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information. The Company disclaims any intention or obligation to update or revise any forward-looking information, other than as required by applicable securities laws.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/200306
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Sylla Gold Exercises Option Agreement to Acquire 100% of the Deguefarakole Licence at Its Niaouleni Gold Project
Sylla Gold Corp. (TSXV: SYG) (OTCQB: SYGCF) ("Sylla" or the "Company") is pleased to announce that it has exercised its option to acquire a 100% interest in the Deguefarakole exploration licence at its Niaouleni Gold Project by issuing 3,000,000 Common Shares of the Company and amending the Option Agreement dated September 15, 2021 with Niaouleni Gold Inc. (the "Optionor") and Niaouleni Gold Mali SARL. The Deguefarakole licence is one of four exploration licences that comprise the Company's 17,200 sq. km. Niaouleni Gold Project located in the Republic of Mali.
The Niaouleni Gold Project is located in the Sanankoro-Kobada-Niaouleni Gold Corridor and all of the Company's exploration work to date has been completed within the Deguefarakole licence area which represents 9,200 hectares (Figure 1). Between August of 2022 and March 2023, the Company completed 76 reverse circulation drill holes on the Deguefarakole licence encountering anomalous gold grades over significant widths in 66 of 76 RC holes drilled on the property (see Sylla press releases dated August 29, 2022, September 13, 2022, and April 12, 2023). Drilling was mainly focused around the Niaouleni South Prospect. The Company's drilling activities extended the strike length at Niaouleni South to 700 m and remains open to the north, south and at depth. The Niaouleni South prospect sits approximately 6 km along strike from the Kobada gold deposit.
Figure 1: Map of the Niaouleni Gold Project in Mali
To view an enhanced version of this graphic, please visit:
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Under the terms of the original Option Agreement, the final option payment required to exercise the Option included the issuance of 5,000,000 Common Shares of the Company and a cash payment of $500,000. Under the terms of the Amending Agreement, this has been reduced to the issuance of 3,000,000 Common Shares and the final cash payment requirement has been waived. The Company has issued 3,000,000 Common Shares to the Optionors, comprised of 2,000,000 Common Shares required to be issued up to the second anniversary of the Option Agreement, and the final issuance of 1,000,000 Common Shares on or before April 12, 2025. Upon issuance of the 3,000,000 Common Shares, the Option has been exercised in full and the Company has earned a 100% undivided interest in the Deguefarakole exploration licence.
In connection with the exercise of the Option, the Optionor has reserved a 3% net smelter returns royalty ("NSR") in its favour, subject to the ability of the Company to purchase up to 2% of the NSR (resulting in the remaining NSR being reduced to 1%) for a purchase price of $2,000,000.
Qualified Person Statement
All scientific and technical information contained in this news release was prepared and approved by Gregory Isenor, P.Geo., Director of Sylla Gold Corp. who is a Qualified Person as defined in NI 43-101.
For more information, please contact:
Regan Isenor
President and Chief Executive Officer
Tel: (902) 233-4381
Email: risenor@syllagold.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains certain "forward-looking information" within the meaning of applicable securities laws. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "would", "potential", "proposed" and other similar words, or statements that certain events or conditions "may" or "will" occur. These statements are only predictions. Forward-looking information is based on the opinions and estimates of management at the date the information is provided and is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information. For a description of the risks and uncertainties facing the Company and its business and affairs, readers should refer to the Company's Management's Discussion and Analysis. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change, unless required by law. The reader is cautioned not to place undue reliance on forward-looking information.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/198805
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TSX Venture Exchange Stock Maintenance Bulletins
TSX VENTURE COMPANIES
BULLETIN TYPE: Cease Trade Order
BULLETIN DATE: October 6, 2023
TSX Venture Company
A Cease Trade Order has been issued by the British Columbia Securities Commission on October 5 , 2023 against the following company for failing to file the documents indicated within the required time period:
Symbol | Tier | Company | Failure to File | Period Ending (Y/M/D) |
AALI | 2 | ADVANCE LITHIUM CORP. | Annual audited financial statements for the year. | 2023-05-31 |
Annual management's discussion and analysis for the year. | 2023-05-31 | |||
Certification of annual filings for the year. | 2023-05-31 |
Upon revocation of the Cease Trade Order, the Company's shares will remain suspended until the Company meets TSX Venture Exchange requirements. Members are prohibited from trading in the securities of the companies during the period of the suspension or until further notice.
________________________________________
BULLETIN TYPE: Cease Trade Order
BULLETIN DATE: October 6, 2023
TSX Venture Company
A Cease Trade Order has been issued by the British Columbia and Ontario Securities Commissions on October 5, 2023, against the following company for failing to file the documents indicated within the required time period:
Symbol | Tier | Company | Failure to File | Period Ending (Y/M/D) |
DGTL | 2 | DGTL HOLDINGS INC. | Annual audited financial statements for the year. | 2023/05/31 |
Annual management's discussion and analysis for the year. | 2023/05/31 | |||
Certification of annual filings for the year. | 2023/05/31 |
Upon revocation of the Cease Trade Order, the Company's shares will remain suspended until the Company meets TSX Venture Exchange requirements. Members are prohibited from trading in the securities of the companies during the period of the suspension or until further notice.
________________________________________
MEDICUS PHARMA LTD. ("MDCX ")
BULLETIN TYPE: New Listing-Shares
BULLETIN DATE: October 6, 2023
TSX Venture Tier 1 Company
Effective at the opening Wednesday, October 11, 2023 , the shares of the Company will commence trading on TSX Venture Exchange. The initial trading price is CAD$2.75 . The Company is classified as a 'research and development in the physical, engineering and life sciences' company.
Corporate Jurisdiction: Ontario
Capitalization: Unlimited common shares with no par value of which
16,153,465 common shares are issued and outstanding
Escrowed Shares: 10,752,088 common shares
Transfer Agent: Odyssey Trust Company
Trading Symbol: MDCX
CUSIP Number: 58471K 10 3
For further information, please refer to the Company's Prospectus dated September 18, 2023 .
Company Contact: Carolyn Bonner , President
Company Address: One First Canadian Place, Suite 3400, Toronto, Ontario , M5X 1A4
Company Phone Number: (610) 636-0184
Company Email Address: cbonner@medicuspharma.com
________________________________________
23/10/06 - TSX Venture Exchange Bulletins
TSX VENTURE COMPANIES
AZTEC MINERALS CORP. ("AZT")
BULLETIN TYPE: Private Placement-Non-Brokered
BULLETIN DATE: October 6, 2023
TSX Venture Tier 2 Company
TSX Venture Exchange has accepted for filing documentation with respect to a Non-Brokered Private Placement announced on August 8, 2023 and August 29, 2023 :
Number of Shares: 6,891,839 shares
Purchase Price: $0 .225 per share
Warrants: 3,445,919 share purchase warrants to purchase 3,445,919 shares
Warrant Exercise Price: $0.30 for a three-year period
Number of Placees: 38 placees
Insider / Pro Group Participation: | ||
Placees | # of Placee (s) | Aggregate # of Shares |
Aggregate Existing Insider Involvement: | 1 | 400,000 |
Aggregate Pro Group Involvement: | 2 | 533,339 |
Aggregate Cash Amount | Aggregate # of Shares | Aggregate # of Warrants | |
Finder's Fee: | $18,324 | N/A | 75,700 Warrants |
Finder's Warrants Terms: 19,180 of the finder's warrants issued entitle the holder to purchase one common share at the price of $0 .225 for period of two years from the date of issuance. 56,520 of the finder's warrants issued entitle the holder to purchase one common share at the price of $0.30 for period of three years from the date of issuance.
The Company issued news releases on August 29, 2023 , September 25 , 2023 and October 4, 2023 confirming the closing of the private placement. Note that in certain circumstances the Exchange may later extend the expiry date of the warrants, if they are less than the maximum permitted term.
________________________________________
PLAYGON GAMES INC. (" DEAL ")
BULLETIN TYPE: Shares for Debt
BULLETIN DATE: October 6, 2023
TSX Venture Tier 2 Company
TSX Venture Exchange has accepted for filing the Company's proposal to issue 21,697,636 shares to five arm's length party and to settle outstanding debt for $1,518,834.48 at a deemed price of $0.07 per share. In addition, a further 10,347,494 shares will be issued to five non-arm's length parties at a deemed price of $0.07 to settle $ 724,324 .57 of debt.
Number of Creditors: 10 Creditor
Non-Arm's Length Party / Pro Group Participation: | ||||
Creditors | # of Creditors | Amount Owing | Deemed Price per Share | Aggregate # of Shares |
Aggregate Non-Arm's Length Party Involvement: | 5 | $ 724,324.57 | $0.07 | 10,347,494 |
Aggregate Pro Group Involvement: | N/A | N/A | N/A | N/A |
For more information, please refer to the Company's news release on July 12, 2023 .
The Company shall issue a news release when the shares are issued and the debt extinguished.
________________________________________
SURGE COPPER CORP. ("SURG ")
BULLETIN TYPE: Shares for Bonuses
BULLETIN DATE: October 6, 2023
TSX Venture Tier 2 Company
TSX Venture Exchange has accepted for filing the Company's proposal to issue 1,544,540 bonus shares (the "Bonus Shares") to settle the amount of $204,431 in 2022 annual discretionary compensation to three members of the executive management of the Company.
The issuance of the Bonus Shares was approved by the disinterested shareholders at the shareholder meeting that was held on September 21, 2023 .
For more information, please refer to the Company's news release dated February 27, 2023 .
________________________________________
Sylla Gold Corp. ("SYG ")
BULLETIN TYPE: Private Placement-Non-Brokered
BULLETIN DATE: October 6, 2023
TSX Venture Tier 2 Company
TSX Venture Exchange has accepted for filing documentation with respect to a Non-Brokered Private Placement announced on September 5, 2023 :
Number of Shares: 9,050,000 shares
Purchase Price: $0 .05 per share
Warrants: 4,525,000 share purchase warrants to purchase shares
Warrant Exercise Price: $0.10 for an eighteen (18) month period
Number of Placees: 12 placees
Insider / Pro Group Participation: | ||
Placees | # of Placee (s) | Aggregate # of Shares |
Aggregate Existing Insider Involvement: | 3 | 3,350,000 |
Aggregate Pro Group Involvement: | 1 | 500,000 |
Aggregate Cash Amount | Aggregate # of Shares | Aggregate # of Warrants | |
Finder's Fee: | N/A | N/A | N/A |
The Company issued news releases on September 5, 2023 , and October 5, 2023 , confirming closing of the private placement. Note that in certain circumstances the Exchange may later extend the expiry date of the warrants if they are less than the maximum permitted term.
________________________________________
TECTONIC METALS INC. ("TECT ")
BULLETIN TYPE: Private Placement-Brokered; Private Placement-Non-Brokered
BULLETIN DATE: October 6, 2023
TSX Venture Tier 2 Company
Private Placement-Brokered
TSX Venture Exchange has accepted for filing documentation with respect to a Brokered Private Placement announced on May 9, 2023 :
Number of Shares: 29,454,570 shares
Purchase Price: $0 .11 per share
Warrants: 14,727,286 share purchase warrants to purchase 14,727,286 shares
Warrant Exercise Price: $0.15 for a two-year period
Private Placement-Non-Brokered
TSX Venture Exchange has accepted for filing documentation with respect to a Non-Brokered Private Placement announced on May 9, 2023 , and August 10, 2023 :
Number of Shares: 45,362,528 shares
Purchase Price: $0 .11 per share
Warrants: 22,681,264 share purchase warrants to purchase 22,681,264 shares
Warrant Exercise Price: $0.15 for a two-year period
Number of Placees: 66 placees
Insider / Pro Group Participation: | ||
Placees | # of Placee (s) | Aggregate # of Shares |
Aggregate Existing Insider Involvement: | 2 | 20,078,789 |
Aggregate Pro Group Involvement: | N/A | N/A |
Agent's Fee:
Canaccord Genuity Corp. - $102,848.41 cash and 1,054,246 agent warrants
Research Capital Corporation - $7,475.67 cash and 70,860 agent warrants
Haywood Securities Inc. – 50,700 agent warrants
3L Capital Inc. - $17,867.68 cash and 277,673 agent warrants
Agent's Warrants Terms: Each non-transferable agent warrant entitles the holder to purchase one common share at $0.11 for two years from the date of issuance.
Aggregate Cash Amount | Aggregate # of Shares | Aggregate # of Warrants | |
Finder's Fee: | $104,659.00 | N/A | 951,447 Warrants |
Finder's Warrants Terms: Each non-transferable finder warrant entitles the holder to purchase a common share at $0.11 for two years from the date of issuance.
The Company issued news releases on June 26, 2023 , August 10, 2023 , and September 29, 2023 , confirming the closing of the private placement. Note that in certain circumstances, the Exchange may later extend the expiry date of the warrants if they are less than the maximum permitted term.
_____________________________________
WAROONA ENERGY INC. ("WHE ")
BULLETIN TYPE: Halt
BULLETIN DATE: October 6, 2023
TSX Venture Tier 2 Company
Effective at 6:15 a.m. PST, Oct. 6, 2023 , trading in the shares of the Company was halted, pending news; this regulatory halt is imposed by Investment Industry Regulatory Organization of Canada , the Market Regulator of the Exchange pursuant to the provisions of Section 10.9(1) of the Universal Market Integrity Rules.
________________________________________
WAROONA ENERGY INC. ("WHE ")
BULLETIN TYPE: Resume Trading
BULLETIN DATE: October 6, 2023
TSX Venture Tier 2 Company
Effective at 8:00 a.m. PST, Oct. 6, 2023 , shares of the Company resumed trading, an announcement having been made.
________________________________________
SOURCE TSX Venture Exchange
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WGC: Central Banks, Investors Fuel Record 2024 Gold Demand
Gold demand surged to a record high in 2024, driven by buying from central banks and individual investors.
Data from the World Gold Council's (WGC) latest report on gold demand shows that in 2024, total annual demand for gold, including over-the-counter transactions, reached a record-breaking 4,974 metric tons (MT).
Annual demand was up by 1 percent year-on-year from 2023's 4,945.9 MT.
Central banks added more than 1,000 MT of gold to their reserves for the third consecutive year, while investment demand hit a four year high, supported by a strong performance in gold exchange-traded funds (ETFs).
Central banks lead gold demand
Central banks remained the largest drivers of gold demand in 2024. As a group, they made cumulative net purchases of 1,045 MT in 2024, with the fourth quarter alone accounting for 333 MT.
The National Bank of Poland led the upsurge, purchasing 90 MT of the yellow metal in 2024, while other emerging market central banks also contributed significantly to the overall total.
This heightened demand from central banks marks a continuous shift in the global monetary system, with central banks increasingly favoring gold as a hedge against currency volatility and geopolitical tensions.
2024 was the third year in a row in which central banks' gold purchases exceeded 1,000 MT, marking a notable increase compared to the pre-2022 average of 473 MT.
Despite questions about future demand, central banks are expected to maintain their purchasing momentum into 2025, particularly as geopolitical risks continue to influence policy decisions.
Investor demand supports gold ETF growth
Gold's appeal to individual investors also remained robust in 2024, particularly in gold ETFs.
Investment demand for the precious metal reached 1,180 MT for the year, a 25 percent increase from 2023, with ETFs drawing significant inflows, especially in the second half of the year. These inflows were driven by factors including lower interest rates, geopolitical instability and a strengthening gold price.
In contrast to the previous three years, during which gold ETFs experienced substantial outflows, 2024 saw near-stagnant holdings by the end of the year, showing a marked shift in investor sentiment.
Market participants increasingly turned to gold as a safe haven, and the US market in particular witnessed considerable ETF inflows, driven by the relative weakness of the US dollar and concerns over inflation.
Gold jewelry demand struggles as price climbs
While investment demand soared, the jewelry sector struggled in 2024, with global jewelry consumption falling by 11 percent to 1,877 MT. The significant gold price rise during the year led to lower volumes of gold jewelry being purchased, as consumers found it increasingly difficult to afford the yellow metal.
The weakness in jewelry demand was global, though India saw relatively smaller declines compared to China, which experienced a significant drop of 24 percent from 2023.
However, the value of gold jewelry consumption increased by 9 percent, reaching a record high of US$144 billion. This allowed jewelers to achieve higher sales figures, with a marked contrast between demand volume and value.
Technology and industrial demand increases
In the technology sector, demand for gold grew by 7 percent in 2024, which the WGC attributes largely to the increasing adoption of artificial intelligence (AI) infrastructure.
Gold used in electronics rose by 9 percent year-on-year, contributing to the technology sector's solid demand. Overall, total annual gold demand from the tech sector came to 326 MT.
While gold’s role in industrial applications is a smaller portion of overall demand, its usage in advanced technologies continues to grow, underlining its importance in cutting-edge sectors like AI, electronics and renewable energy.
Gold mine and recycling supply rise
Gold supply saw modest growth in 2024, rising by 1 percent to a record 4,974 MT, a new high for the data series. Both mine production and recycling were up compared to the prior year, with recycling climbing 11 percent.
The WGC states that the outlook for gold supply remains strong, with expectations for robust mine production and potential increases in recycling rates in the coming year.
The gold price reached an average of US$2,386 per ounce in 2024, a 23 percent increase from the previous year. In Q4, the average price peaked at US$2,663, contributing to a total value of US$111 billion for the quarter.
What's driving gold's record price highs?
The WGC's report comes as the gold price hits new records, and in an interview with the Investing News Network, Joe Cavatoni, senior market strategist, Americas, at the WGC, shed light on the metal's price drivers.
"I think many investors are seeing the benefits and the merits of having gold as a diversifying asset in their portfolio," he said. "I think they're understanding that the risk shocks you might see to risk assets will continue to be something that will develop over the next two to three months at a minimum as we start to hear and see policies unpacked."
Watch Cavatoni discuss the WGC's latest report.
Cavatoni also pointed to expectations of lower interest rates as a motivating force for gold.
"All of those factors are stacking up to continue to be a very strong performance driver for gold," he said.
Tariff uncertainty is also contributing to gold's movement. The US has placed additional tariffs on China, and although it's deferred tariffs on Canada and Mexico for the time being, much uncertainty remains.
In Cavatoni's opinion, it will be key for sector participants to tune out distractions.
"I think the key thing right now is that you can clearly see the benefits of gold in a portfolio that's diversified. You can see the benefits of having it as a component of your allocation mentality, and I think overall what I'd say is that clients, investors and those who understand the gold market need to understand there'll be a lot of noise," he noted.
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.
Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.
Sarama Resources Geochemistry Program Underway at Cosmo Gold Project
First Major Exploration Program in Several Decades on Highly Prospective Cosmo Project with Soil Sampling Designed to Generate Drill Targets
Sarama Resources Ltd. (“Sarama” or the “Company”) (ASX:SRR, TSX- V:SWA) is pleased to advise that it has commenced a multi-stage regional soil-geochemistry program at its majority- owned(1) 580km² Cosmo Gold Project (the “Project”)(2) in the Eastern Goldfields of Western Australia. The program is the most significant exploration work to be undertaken on the Project in decades and is a foundational stage for drill target generation.
The program follows the Company’s acquisition of a majority and controlling interest in the Project in December 2024 and its agreement to acquire a majority and controlling interest in the nearby Mt Venn Project in January 2025(3). In aggregate, the belt-scale projects will cover approximately 1,000km²(2,3) and +100km of strike-length of greenstone rocks and are well-positioned and underexplored, presenting an exciting opportunity for Sarama in the Laverton Gold District which is known for its prolific gold endowment (refer Figure 1).
- Large-scale soil geochemistry program underway at the Cosmo Project to progress drill targeting
- Program is the most significant exploration works undertaken on the Project in several decades
- Initial focus on areas with large-scale structural features and lithological contacts identified in recent interpretation of airborne geophysical datasets
- Surface grab sampling returned grades up to 52g/t Au(5) in historical exploration within the Project
- Fieldwork already underway with experienced field crews mobilised; first samples for analysis in 2 weeks
- Opportunity for recommencement of modern exploration due to changes in land access
- Follows the recent execution of a non-binding Heads of Agreement to acquire majority interest in belt-scale Mt Venn Project(3)
- Sarama’s recent acquisitions will create in aggregate a 1,000km² exploration position(2,3) capturing 100km of strike length in underexplored terrane
- Projects located in the prolific Laverton Gold District, proximal to the producing Gruyere Gold Mine(4)
Sarama’s President, Executive Chairman, Andrew Dinning commented:
“We are very pleased to get exploration underway and bring the belt-scale Cosmo Project to account. Cosmo is genuinely underexplored, has all the geological ingredients to generate a discovery and with core team members that led the discovery of the multi-million ounce Moto and Sanutura(6) Projects in Africa and we look forward to seeing what this project can deliver. Leveraging its position at the Cosmo Project, upon completion of the transaction to acquire a majority interest in the nearby Mt Venn Project, Sarama will have 1,000km2 of highly prospective ground in the prolific Laverton Gold District.”
Click here for the full ASX Release
This article includes content from Sarama 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.
Positive Soil Sample Results
Strong copper, lead, silver and zinc results confirm historic data at the Mount Hope Project
Mount Hope Mining Limited (“MHM” or the “Company”) is pleased to advise it has received positive results from a pre-IPO orientation soil survey, confirming the historical surface geochemical data at its Black Hill and Mount Hope East prospects.
Highlights
- Strong copper, lead and silver results – Up to 710ppm Lead, 680ppm Copper, 250ppb Silver with anomalous zinc and gold, confirming historical data.
- Results confirm mineralisation – Two distinct metal types (copper-gold and silver-lead-zinc) identified in mineralisation, which is open in all directions at both Black Hill and Mount Hope East.
- Stage 2 soil survey commences – Stage 2 soil survey targeting remaining advanced targets Main Road East and Little Mt Solitary, along with infill grids at Mount Hope East and Black Hill, has commenced.
- Drilling Permits – Drill permit application commenced
“We are excited to present these initial positive results firom our soil orientation survey completed in December 2024. The purpose ofi the orientation survey was to verifiy the historic base metal anomalies defiined by previous explorers across the Company's tenements.
“Our results confiirm elevated lead up to 709 ppm, copper to 680 ppm, silver to 250 ppb with anomalous gold and zinc. These fiindings also confiirm that mineralised corridors extend approximately 200m (north- south) at Mount Hope East and 400m (north-south) at Black Hill, both ofi which remain open in all directions. These results are consistent with the historical data, reinfiorcing the high prospectivity ofi our project and providing confiidence to advance the Stage 2 soil program.
“We have also successfiully demonstrated the efifiectiveness ofi the Ultrafiine+™ (UFF) analysis, which has never been trialled in our region. This ground-breaking assay technique, pioneered by LabWest h CSIRO, provides the Company with a fiast and cost-efifiective technique to cover large areas ofi concealed geology without drilling. This will ultimately have a positive efifiect on our expenditure moving fiorward, allowing us to conduct high-quality exploration work with reduced overhead.
“I look fiorward to providing fiurther updates as we progress our second stage ofi exploration at what is fiast becoming a prominent project in the prolifiic Cobar mining region.”
Click here for the full ASX Release
This article includes content from Mount Hope Mining, 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.
Top 5 Canadian Mining Stocks This Week: Orosur Jumps 92 Percent on Assays
Welcome to the Investing News Network's weekly look at the best-performing Canadian mining stocks on the TSX, TSXV and CSE, starting with a round-up of Canadian and US news impacting the resource sector.
On Monday (February 3), the US reached agreements with Canada and Mexico that narrowly averted the start of a trade war as tariffs set to begin Tuesday (February 4) were paused for 30 days.
Both Canada and Mexico offered plans to increase security at their respective borders with the US, some of which were already planned and underway. This aligns with US President Donald Trump's stated goal of increased border monitoring — he has claimed there are increasing numbers of illegal migrants and high volumes of fentanyl entering the US.
Both Canada and the US released upbeat job reports on Friday (February 7), indicating strong employment gains.
Statistics Canada reported that 76,000 jobs were added to the Canadian economy in January, the majority of which were in the private sector. Manufacturing contributed 33,000 new workers, and professional, scientific and technical services added 22,000.
This marks the third consecutive month of net gains following the addition of 91,000 jobs in December and 44,000 in November. The agency indicated that over the past three months, 147,000 full-time jobs were added, while part-time labor increased by 64,000. The additional workers pushed the unemployment rate down 0.1 percent from the previous month to 6.6 percent.
Meanwhile, south of the border, the US Bureau of Labor Statistics released its employment situation summary, which indicated that 143,000 new jobs were added in January. Large gains were seen in healthcare with 44,000 new jobs during the month.
Retail trade increased by 34,000 and social assistance jobs saw gains of 22,000 new workers.
Overall, the employment rate edged down to 4 percent from the 4.1 percent recorded in December, marking the lowest level since May 2024.
Markets and commodities react
While markets saw small losses on Friday, they were broadly positive over the past five days, with the S&P 500 (INDEXSP:INX) gaining 0.94 percent to end at 6,025.98, while the Nasdaq-100 (INDEXNASDAQ:NDX) rose 1.93 percent to 21,491.31. The Dow Jones Industrial Average (INDEXDJX:.DJI) was flat, gaining just 0.08 percent to 44,303.41.
In Canada, the S&P/TSX Venture Composite Index (INDEXTSI:JX) saw a 4.95 percent gain on the week to close at 639.28 on Friday (February 7). For its part, the S&P/TSX Composite Index (INDEXTSI:OSPTX) posted a 1.21 percent increase to hit 25,442.91, and the CSE Composite Index (CSE:CSECOMP) jumped 3.47 percent to reach 135.64.
Gold saw further gains this week as it continued to set new all-time highs.
Overall, the gold price increased 2.26 percent during the week to close at US$2,861.49 per ounce on Friday at 5:00 p.m. EST. Silver performed strongly as well, closing the week up 1.61 percent at US$31.80.
In base metals, the copper price surged 7.67 percent for the week to close at US$4.63 per pound on the COMEX, and the S&P GSCI (INDEXSP:SPGSCI) was largely flat, posting a 0.24 percent gain to close at 563.24.
Top Canadian mining stocks this week
So how did mining stocks perform against this backdrop?
We break down this week’s five best-performing Canadian mining stocks below.
Data for this article was retrieved at 4:00 p.m. EST on February 7, 2024, using TradingView's stock screener. Only companies trading on the TSX, TSXV and CSE with market capitalizations greater than C$10 million are included. Companies within the non-energy minerals and energy minerals sectors were considered.
1. Orosur Mining (TSXV:OMI)
Weekly gain: 91.67 percent
Market cap: C$45.19 million
Share price: C$0.23
Orosur Mining is an exploration company focused on the development of early to advanced-stage assets in South America. Exploration has revealed multiple gold deposits at its flagship Anzá gold project in Colombia, which is located 50 kilometers west of Medellin and sits along Colombia’s primary gold belt.
Orosur also owns several early-stage projects, the El Pantano gold-silver project in Argentina, the Lithium West project in Nigeria and the Ariquemes project in Brazil, which is prospective for tin, niobium and rare earths.
The Anzá gold project was previously a 49/51 joint venture with Minera Monte Aguila (MMA), a corporation owned equally by Newmont (TSX:NGT,NYSE:NEM) and Agnico Eagle Mines (TSX:AEM,NYSE:AEM).
Orosur shares have seen significant gains since the end of November 2024 when the company announced that it had completed its acquisition of MMA, giving Orosur 100 percent indirect ownership of the Anzá gold project.
Following the transaction's completion, exploration resumed at the project’s Pepas prospect in mid-November to test high-grade results from a 2022 drill program. The company announced its most recent drill results on Tuesday, saying it had encountered high-grade gold over long intervals beginning at surface. One highlighted intercept assayed up to 7.24 grams per metric ton (g/t) gold over 76.3 meters.
2. Almonty Industries (TSX:AII)
Weekly gain: 64.1 percent
Market cap: C$480.52 million
Share price: C$1.92
Almonty Industries is a tungsten and molybdenum mining and development company focused with operations in Spain, Portugal and South Korea. It is currently working on developing the Sangdong tungsten-molybdenum mine in South Korea, which hosts the largest tungsten deposit in the world. The mine is expected to begin production at the end of 2026 and has an anticipated mine life of 60 years. When fully ramped up the mine is projected to have an annual throughput of 640,000 metric tons, and will deliver 5,600 metric tons of molybdenum.
On January 29, Almonty announced it had entered into an offtake agreement with SeAH Group (KRX:058650) subsidiary SeAH M&S, a Korean metals company supplying the steel industry. SeAH M&S will purchase the entire production of molybdenum for the life of the Sangdong mine with a hard floor price of US$19 per pound.
Almonty also operates the Los Santos mine in Spain and the Panasqueira mine in Portugal, both producing high-grade tungsten concentrate.
In addition to the offtake agreement Almonty also announced on January 19 its intention to relocate its jurisdiction of incorporation from Canada to the US state of Delaware. It said it would maintain its listings on both the TSX and ASX.
Shares of Almonty began trading higherthis week after China announced on Tuesday it would be restricting metals exports, including tungsten and molybdenum, in response to US trade tariffs.
3. Blue Lagoon Resources (CSE:BLLG)
Weekly gain: 89.29 percent
Market cap: C$20.58 million
Share price: C$0.265
Blue Lagoon Resources is an exploration and development company focused on advancing its gold and silver projects in British Columbia, Canada.
Its flagship Dome Mountain gold project, located near Smithers, BC, is a past-producing asset composed of 26 claims covering 21,000 hectares and hosts 15 known high-grade gold veins.
A February 2022 updated resource estimate from the site demonstrated measured resources of 45,000 ounces of gold and 250,000 ounces of silver from 136,000 metric tons with average grades of 10.32 g/t gold and 57.31 g/t silver. Additionally, the resource estimate outlines indicated resources of 173,000 ounces of gold and 876,000 ounces of silver from 662,000 metric tons of ore grading 8.15 g/t gold and 41.19 g/t silver.
Blue Lagoon's shares saw significant gains this week after the company announced on Thursday (February 6) that it had received the final mine permits and is preparing to begin mining operations as soon as July 2025.
“We are delivering to our shareholders one of only a handful of mining permits granted in British Columbia over the last decade,” Chief Geologist Bill Cronk said. Once in operation, annual production will be limited to 55,000 metric tons of ore, from which the company expects to recover 15,000 ounces of gold.
4. Electric Metals USA (TSXV:EML)
Weekly gain: 58.33 percent
Market cap: C$13.75 million
Share price: C$0.095
Electric Metals is a mineral development company focused on advancing its flagship Emily manganese project in Minnesota, US. According to the company, the asset is North America’s highest-grade manganese resource.
A May 2024 resource estimate shows Emily hosts an indicated resource of 6.23 million metric tons with grades of 19.27 percent manganese and 22.41 percent iron with an additional inferred resource of 4.91 million metric tons with grades of 17.5 percent manganese and 20.44 percent iron with a cut off of 10 percent manganese.
Shares of Electric Metals have seen recent gains after a January 28 news release, when the company announced it was starting work on a preliminary economic assessment for the Emily manganese project. It expects the report to be completed during the second quarter of 2025.
5. Goldgroup Mining (TSX:GGA)
Weekly gain: 51.22 percent
Market cap: C$34.79 million
Share price: C$0.31
Goldgroup Mining is a gold production, development and exploration company working to advance its Cerro Prieto heap-leach gold mine. The 4,335 hectare property, located in Sonora, Mexico, produces an annual average of 11,500 ounces of gold and has produced more than 120,000 ounces since its beginning in March 2013.
Goldgroup is currently working to double the capacity of the mine to more than 25,000 ounces per year. The last update on progress came in October 2024, when it announced that it had installed the primary crusher with a 2,200 metric ton per day throughput. It also said it had expanded pumping and irrigation capacity.
Goldgroup's most recent news came on February 6, when it announced that all shareholders holding share purchase warrants from financing rounds completed in September and November 2024 had informed the company they would exercise all outstanding warrants. The company had previously informed shareholders it was accelerating the warrants, changing the expiry date to February 9. Goldgroup will receive gross proceeds of C$1.87 million.
FAQs for Canadian mining stocks
What is the difference between the TSX and TSXV?
The TSX, or Toronto Stock Exchange, is used by senior companies with larger market caps, and the TSXV, or TSX Venture Exchange, is used by smaller-cap companies. Companies listed on the TSXV can graduate to the senior exchange.
How many companies are listed on the TSXV?
As of June 2024, there were 1,630 companies listed on the TSXV, 925 of which were mining companies. Comparatively, the TSX was home to 1,806 companies, with 188 of those being mining companies.
Together the TSX and TSXV host around 40 percent of the world’s public mining companies.
How much does it cost to list on the TSXV?
There are a variety of different fees that companies must pay to list on the TSXV, and according to the exchange, they can vary based on the transaction’s nature and complexity. The listing fee alone will most likely cost between C$10,000 to C$70,000. Accounting and auditing fees could rack up between C$25,000 and C$100,000, while legal fees are expected to be over C$75,000 and an underwriters’ commission may hit up to 12 percent.
The exchange lists a handful of other fees and expenses companies can expect, including but not limited to security commission and transfer agency fees, investor relations costs and director and officer liability insurance.
These are all just for the initial listing, of course. There are ongoing expenses once companies are trading, such as sustaining fees and additional listing fees, plus the costs associated with filing regular reports.
How do you trade on the TSXV?
Investors can trade on the TSXV the way they would trade stocks on any exchange. This means they can use a stock broker or an individual investment account to buy and sell shares of TSXV-listed companies during the exchange's trading hours.
Article by Dean Belder; FAQs by Lauren Kelly.
Don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.
Securities Disclosure: I, Lauren Kelly, hold no direct investment interest in any company mentioned in this article.
Top Stories This Week: Gold Price Passes US$2,880 in Record-Setting Week
It was yet another record-setting week for the gold price, which broke though US$2,800 per ounce and continued rising, reaching the US$2,880 level on Wednesday (February 5) and closing the period around US$2,860.
Gains came on the back of concerns about global trade as Donald Trump settles back into his role as US president.
These worries are fueling safe-haven demand from investors, and have also spurred activity among major gold market players — they're reportedly looking to front-run potential tariffs by shifting the yellow metal from London to New York.
According to the Financial Times, traders and financial institutions have moved 393 metric tons of gold into Comex vaults in New York since the US election, boosting inventories by nearly 75 percent to the highest level seen since August 2022.
The number could be larger depending on how much has been sent to private vaults.
"There is a feeling that Trump could go across the board and impose new tariffs on raw materials coming into the US, including gold. There is a bit of a scramble among participants in the gold market to protect themselves" — Michael Haigh, Société Générale (EPA:GLE)
This movement has created withdrawal delays at the Bank of England, which stores the precious metal for third parties.
Although the central bank has said the process is happening in an orderly fashion, withdrawal slots are in high demand, and wait times have created a situation where Bank of England bars are trading at a discount to the wider market.
“All of those bodies who ship the gold, they’ve all got the delivery slots they need over the next few weeks. If you were coming in new to us, you might have to wait a bit longer because all the existing slots are booked up. But this is a very orderly process" — Dave Ramsden, Bank of England
There's also a broader disconnect between New York gold futures prices and London physical gold prices that has further piqued traders' desire to send metal to the US.
Bullet briefing — China curbs critical minerals exports, VRIC coverage
China limits critical minerals exports
While US tariffs on Canadian and Mexican goods were deferred on February 3, the Trump admin has gone ahead with an additional 10 percent tariff on all Chinese imports.
China responded swiftly, saying that starting on February 10 it will impose 15 percent tariffs on US coal and liquefied natural gas, plus 10 percent tariffs on crude oil, farm equipment and some vehicles.
In a separate decision, the country's commerce and customs divisions have put export controls in place on tungsten, tellurium, molybdenum, bismuth and indium with the aim of "safeguard(ing) national security interests."
China is the top producer of all of those metals, accounting for a whopping 80 percent of the world's tungsten and bismuth output. Speaking to Bloomberg, Lewis Black of tungsten miner Almonty Industries (TSX:AII,OTCQX:ALMTF) called the move from China a "warning shot," noting that the metal is key for defense and manufacturing.
Shares of the company were up nearly 50 percent for the week as of February 6.
INN's VRIC coverage
The Investing News Network's videos from the Vancouver Resource Investment Conference (VRIC) are now all posted, and if you haven't seen them already, you can check them all out in this playlist.
Experts like Rick Rule, Adrian Day, Lobo Tiggre and many more shared valuable insights, and although the news cycle is moving quickly their thoughts remain valuable for portfolio planning.
One key takeaway from the event was basic, but worth repeating — know yourself as an investor, because what works for one person may not align with your goals.
Want more YouTube content? Check out our expert market commentary playlist, which features interviews with key figures in the resource space. If there's someone you'd like to see us interview, please send an email to cmcleod@investingnews.com.
And don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.
New Murchison Gold Limited
Investor Insight
For investors with an eye on mining stocks, New Murchison Gold (ASX:NMG) presents a unique opportunity. The company's shallow, high-grade Crown Prince gold deposit, significant land package in the prolific Murchison goldfields, and strategic alliance with established Australian gold producer Westgold Resources position it as a noteworthy contender in the Western Australian gold exploration space. As NMG continues to navigate the path to production, its journey is one that astute investors will watch with keen interest.
Overview
Within the heart of Australia's Murchison gold district, a region host to more than 35 Moz gold endowment (historic production and current resources), stands New Murchison Gold, a forward-thinking gold explorer with a clear strategy to maximise shareholder value driven by a highly experienced management team. The company’s value proposition centres on growing and de-risking its shallow, high-grade Crown Prince gold deposit (part of the company’s Garden Gully gold project) and a strategic alliance with established Australian gold producer Westgold Resources (ASX:WGX), offering a clear pathway to production and cash flow generation.
The Westgold alliance has resulted in a binding ore purchase agreement with Big Bell Gold Operations, a wholly owned operating subsidiary of Westgold Resources. The agreement will underpin production from NMG’s Crown Prince deposit in 2025, and will see the company delivering 30 kt to 50 kt of ore to Westgold per month.Key Project
Garden Gully
New Murchison Gold's flagship Garden Gully gold project is located 20 km northwest of Meekatharra, Western Australia. The project boasts a 677 sq km tenement package that covers the Abbotts Greenstone Belt. The project includes granted mining leases and Native Title agreements in place over the Crown Prince, Abbotts and Lydia prospects. Garden Gully is in close proximity to a number of operating gold mines and existing gold processing facilities.
New Murchison Gold has a strong pipeline of exploration and development prospects at Garden Gully, with the most advanced being Crown Prince.
Crown Prince deposit
The Crown Prince deposit has an updated mineral resource estimate of 2.2 Mt at 3.9 g/t gold for 279 koz, which includes an indicated resource estimate of 226 koz at 4.6 g/t Au. (81 percent of the total MRE). The total also includes the maiden resource for the Southeastern Zone (SEZ) of 1 Mt at 5.2 g/t gold for 164 koz (discovered in late 2022).
The resource is shallow, delineated from surface, remains open at depth and along strike, and located within a 300 m x 200 m area demonstrating strong open pit mining potential. There is significant resource growth potential at new mineralised zones at the northeastern end of SEZ and Crown Prince East (350 m from SEZ).
New Murchison Gold also published strong metallurgical performance from advanced test work at Crown Prince with high recovery of gold through gravity and cyanide leach test work, reporting overall gold recovery rates ranging from 98.2 to 99.8 percent.
Recent high-grade gold intersections at SEZ
Westgold Strategic Alliance
New Murchison Gold announced a strategic alliance and $6 million placement with Australian gold producer Westgold Resources.
The Westgold transaction provides a clear pathway to commercialising Crown Prince in a strong gold price environment, validates the quality of the deposit and enables New Murchison Gold to leverage Westgold’s internal resources, intellectual property and infrastructure to accelerate development.
The primary aim of the strategic alliance is to fast track the development of New Murchison Gold’s Crown Prince deposit into production. As part of the strategic alliance, New Murchison Gold and Westgold has entered into a binding ore purchase agreement (OPA) with Westgold subsidiary Big Bell Gold Operations, for gold produced at Crown Prince. Under the agreement, NMG will deliver 30 kt to 50 kt of ore to Westgold per month with no fixed term. Crown Prince is located only 33 km from Westgold’s 1.6 – 1.8 Mtpa Bluebird Mill.
In addition to the OPA, the strategic alliance may also encompass other strategic collaboration initiatives such as access to Westgold’s expertise and infrastructure. Upon completion of the strategic placement, Westgold will be an 18.7-percent shareholder (undiluted basis) and have the right, but not the obligation to a New Murchison Gold board seat and an equity participation right.
Proceeds from the strategic placement and current cash will allow New Murchison Gold to fast track further resource development, project development and mining proposal workstreams at Crown Prince and continue systematic regional exploration across Ora’s commanding 677 sq km tenure.
Major players are increasingly partnering with junior explorers to secure access to high-grade, quality gold resources. New Murchison Gold's collaboration with Westgold epitomises this movement, setting a blueprint for mutual success in the industry.
Key Focus
The near-term focus for New Murchison Gold will be further resource growth and rapidly advancing project development and mining proposal workstreams at Crown Prince:
- Crown Prince Drilling: Further delineating new high-grade mineralised zones at the north-eastern end of SEZ and Crown Prince East (350 metres from SEZ) and resource definition drilling along strike and below 100 metre vertical depth
- Crown Prince Resource: Updated Mineral Resource Estimate expected in September of 2024.
- Crown Prince Development: progress detailed technical programs, preliminary project development and mining proposal workstreams and agree on an ore purchase agreement and other strategic collaboration initiatives with Westgold
- Regional: Continue systematic regional exploration programs across Ora’s commanding 677 sq km tenure package
Management Team
New Murchison Gold is led by a team of experienced professionals with a diverse set of skills and expertise. At the helm of the company's operations is CEO Alex Passmore, a qualified geologist with extensive corporate finance experience to guide New Murchison Gold's strategic plan. The board is chaired by Rick Crabb, with extensive experience in the legal and mining sectors providing invaluable governance and oversight.
Supporting the company's governance structure, Malcolm Randall serves as a non-executive director, bringing a wealth of knowledge from his tenure in the resource sector, including 25 years at Rio Tinto. Frank DeMarte, director and company secretary, contributes over 39 years of mining industry experience in areas of financial management governance and secretarial practice.
The collective experience of New Murchison Gold's board and management is a cornerstone of the company's success, positioning it to capitalise on the opportunities within the Garden Gully project and beyond.
For further information on New Murchison Gold's strategic initiatives and investment opportunities, sign up for a free investor kit.
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