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."
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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:
https://images.newsfilecorp.com/files/6472/198805_2bb08ec7a4cbf94a_001full.jpg
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.
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SOURCE TSX Venture Exchange
View original content: http://www.newswire.ca/en/releases/archive/October2023/06/c0348.html
News Provided by Canada Newswire via QuoteMedia
Top 5 Canadian Mining Stocks This Week: Sabre Gold Surges on Minera Alamos Acquisition
Welcome to the Investing News Network's weekly look at the best-performing Canadian mining stocks on the TSX and TSXV, starting with a round-up of Canadian and US data impacting the resource sector.
The S&P/TSX Venture Composite Index (INDEXTSI:JX) fell 2.87 percent on the week to close at 603.95 on Friday (November 1). Meanwhile, the S&P/TSX Composite Index (INDEXTSI:OSPTX) was down 0.82 percent to 24,255.16.
Statistics Canada released its August GDP figures on Thursday (October 31). The data indicated GDP remained flat following a 0.1 percent increase in July. Headline data suggests finance, insurance and public administration sectors were up 0.1 percent while goods-producing sectors fell by 0.4 percent to their lowest since December 2021.
On a more granular level, the resource sector saw a 0.6 percent gain in August, led by 1.5 percent increase in oil and gas. Meanwhile, mining and quarrying posted a 0.7 percent increase, marking a fifth month in a row of gains. Iron ore mining increased 4.7 percent, while there was a 2.8 percent increase in copper, nickel, lead and zinc mining.
South of the border, three key releases this week painted a mixed picture of the US economy before a divisive presidential election on November 5, and the US Federal Open Market Committee's meeting on November 6 and 7.
First, on Wednesday (October 30), the US Bureau of Economic Analysis (BEA) released advanced GDP estimates for Q3. The data shows the pace of economic growth in the US may be slowing, posting a 2.8 percent increase, down from the 3.0 registered in the second quarter of the year. The numbers fell short of analysts’ expectations of 3.1 percent.
This was followed by the BEA’s release of September’s personal consumption expenditures price index data on Thursday. The index is the favored indicator of inflation by the US Federal Reserve in making its rate policy decisions. Data for the month showed a 0.2 percent month-on-month increase and was in line with analysts’ expectations. On a yearly basis the data indicated 2.1 percent growth to inflation, down from 2.6 percent just six months ago.
Lastly, the US Bureau of Labor Statistics released its October employment situation summary on Friday. The data indicates nonfarm payrolls remained virtually unchanged, with just 12,000 jobs added during the month — that's well short of the 110,000 expected by analysts. Unemployment remained at 4.1 percent, with 7 million people unemployed.
The agency notes that while disappointing, the lower figures are likely temporary as it’s the first labor force survey conducted since the dual impacts of hurricanes Helene and Milton. The bureau also said the collection period for October was toward the shorter end of the usual 10 to 16 days and likely had a larger influence on its data.
Gold continued to set new highs, climbing to US$2,787.04 per ounce on Wednesday before falling to US$2,733.88 on Friday at 4:00 p.m. EDT. Silver also remained elevated, trading as high as US$34.41 per ounce on Wednesday before regressing to US$32.44 on Friday. Copper was largely flat, closing at US$4.39 per pound on the COMEX.
More broadly, the S&P GSCI (INDEXSP:SPGSCI) fell 1.27 percent to close at 534.79.
Markets were in decline this week, with the S&P 500 (INDEXSP:INX) shedding 1.8 percent to finish at 5,728.81, and the Nasdaq-100 (INDEXNASDAQ:NDX) declining 2.06 percent to close Friday at 20,033.14. Meanwhile, the Dow Jones Industrial Average (INDEXDJX:.DJI) fell 0.5 percent to reach 42,052.18.
Find out how the five best-performing Canadian mining stocks performed against that backdrop.
1. Wolfden Resources (TSXV:WLF)
Weekly gain: 166.67 percent
Market cap: C$14.83
Share price: C$0.08
Explorer and developer Wolfden Resources is focused on base and precious metals projects in North America.
Up until February of this year, the company was working to advance its Pickett Mountain property in Maine, US. The site hosts a high-grade polymetallic massive sulfide deposit and sits within the Gander Terrane.
However, the company announced on February 15 that its rezoning application for the property was denied by commissioners for the Maine Land Use Planning Commission, despite evidence that weighed in favor of the approval.
While the company has not provided an update on Pickett Mountain, it said on Tuesday (October 29) that it has entered into an option agreement to earn a 75 percent stake in the Rockland Property in the Walker Lane Trend in Nevada, US.
The terms of Wolfden's agreement with Evergold (TSXV:EVER,OTC Pink:EVGUF) state that to earn an initial 51 percent interest it must complete US$1.18 million in exploration expenditures, including a minimum of 1,500 meters of drilling, and make cash payments totaling US$600,000 over three years by March 2028.
Wolfden can boost its stake to 75 percent by completing a prefeasibility study within five to eight years. It also holds first rights of refusal on the final 25 percent interest and royalties that can be purchased.
The 1,054 hectare property hosts a large epithermal gold-silver system with similar characteristics to Hecla Mining’s (NYSE:HL) neighboring Aurora project and has drill permits in place. The company said through due diligence it retrieved four rock and core assay reject samples containing between 1 gram per metric ton (g/t) gold and 10.4 g/t gold.
2. Argenta Silver (TSXV:AGAG)
Weekly gain: 151.61 percent
Market cap: C$62.572
Share price: C$0.39
Formerly Butte Energy, Argenta announced on October 24 that it was changing its name, and would commence trading under the new symbol AGAG. The change comes after the completion of its acquisition of the El Quevar silver project following the takeover of Silex Argentina for total consideration of US$3.5 million.
The 56,709 hectare site hosts the Yaxtche deposit, which holds an indicated resource of 45.3 million ounces of silver with an average grade of 482 g/t from 2.93 million metric tons of ore. Yaxtche also has an inferred resource of 4.1 million ounces of silver with an average grade of 417 g/t from 310,000 metric tons of ore.
The project has seen more than 100,000 meters of historic drilling and comes with permitting in place. The company says the site is home to a 100 worker camp, with power and transportation already in place.
Additionally, the company announced the appointment of Joaquin Marias as vice president of exploration and development. Marias is a geologist and has been active at El Quevar for more than 10 years.
In the announcement, Argenta also said it had completed a non-brokered private placement for gross proceeds of C$15.27 million, as well as an additional C$925,000 in the form of unsecured, non-interest bearing one year term loans.
3. Sabre Gold Mines (TSX:SGLD)
Weekly gain: 76 percent
Market cap: C$18.32
Share price: C$0.22
Sabre Gold Mines is working to advance its Copperstone gold project located in Western Arizona, US. The site consists of 546 unpatented federal mining claims and two state mineral leases across a total area of 13.8 square miles.
According to the company, historic mining at the property between 1987 and 1993 produced 514,000 ounces of gold from 5.6 million metric tons of ore with grades of 2.8 g/t. Further operations between 2012 and 2013 produced an additional 16,900 ounces of gold from 163,000 metric tons of ore with grades of 3.2 g/t.
A resource estimate from February 2023 demonstrates 300,000 ounces of gold in the measured and indicated categories from 1.21 million metric tons of ore with an average grade of 7.74 g/t gold. Additional inferred values stand at 197,000 ounces of gold from 970,000 metric tons with a grade of 6.3 g/t gold.
An August 2023 preliminary economic assessment presents a base-case scenario with after-tax net present value of US$61.8 million, an internal rate of return of 50.5 percent and a payback period of 1.8 years.
Shares of Sabre surged this week after it announced on Monday (October 28) that it has entered into an agreement to be acquired by Minera Alamos (TSXV:MAI,OTCQX:MAIFF).
4. Compass Gold (TSXV:CVB)
Weekly gain: 77.27 percent
Market cap: C$17.83
Share price: C$0.195
Compass Gold is an exploration and development company working to advance its Sikasso property in Mali into a small-scale mining operation. The site consists of a 1,176 square kilometer land package, which the company says makes it the largest ground position in Southern Mali, and hosts four primary gold trends.
To date, the company has completed 44,206 meters of drilling, confirming bedrock mineralization and identifying four areas with open-pit mining potential: Tarabala, Massala West, Farabakoura and Samagouela.
Compass' most recent news came on Monday, when it entered into a joint production agreement to process ore from the Massala prospect at Sikasso at the nearby small mining facility owned by Malian business group SMAT.
The company said it will allow Compass to advance near-term objectives and expedite near-surface gold production with minimal capital investment. The company still needs to apply for a small mining license from the Malian government; this will allow it to produce 160,000 ounces over a four year period. Funds generated from production will allow the company to repay debts and pursue opportunities to expand production at Sikasso.
5. East Africa Metals (TSXV:EAM)
Weekly gain: 31.03 percent
Market cap: C$35.01
Share price: C$0.19
East Africa Metals is a gold explorer and developer focused on its Adyabo and Harvest projects in Ethiopia’s Tigray region. Its principal asset is Adyabo, in which it holds a 30 percent net profit interest; Tibet Huayu Mining (SHA:601020) owns the remaining 70 percent. The 195.2 square kilometer site hosts two mining licenses, Mato Bula and Da Tambuk, that are located in an area known for high-grade gold and copper mineralization.
East Africa Metals also owns a 70 percent share of the Harvest polymetallic project, which hosts the Terakimti mining license, as well as a 30 percent streaming interest in the Magambazi gold mine in the Tanga region of Tanzania.
The company saw gains this week alongside a surging gold price, but did not release news.
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.
Data for this 5 Top Canadian Mining Stocks article was retrieved at 12:00 p.m. EDT on November 1, 2024, using TradingView's stock screener. Only companies trading on the TSX and TSXVwith market capitalizations greater than C$10 million are included. Companies within the non-energy minerals and energy minerals sectors were considered.
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 Futures Break US$2,800, 3 Experts Talk US Election Price Impact
The gold price was on the move once again this week, with December COMEX futures briefly passing US$2,800 per ounce on Wednesday (October 30), another new record for the yellow metal.
Gold had pulled back substantially by Friday (November 1), sitting at the US$2,735 level as of 12:00 p.m. PDT. The decline came despite a weak October US jobs report, which has boosted expectations for an interest rate cut next week.
With many undeniably influencing gold right now, arguably the most immediate is the US election.
As voting day approaches, the Investing News Network (INN) team has been asking experts whether the outcome matters for gold, and the responses have been interesting. Overall the consensus seems to be that while voting day turmoil may boost the yellow metal in the short term, larger forces are at play further ahead.
One point that was repeated many times is that neither Donald Trump nor Kamala Harris seems concerned about the growing level of debt in the US, which is an overarching driver for gold both now and in the future.
Here's how Chris Blasi of Neptune Global explained it:
Up until about eight years ago, maybe it was 10, you'd hear politicians talk about balancing the budget, getting the fiscal and financial house in order. No one even says it anymore — you'd look silly, right?
Gold is driven by the growth in debt and creation of money. They won't even give lip service to it anymore because it seems so outlandish. Now it's just about — the reality is debt will always grow, money will keep being created. That's why inflation is with us. So again, it just goes to in my opinion prove that those drivers that will continue to support the price of gold and continue to propel it are firmly in place, and not only is there no political will, but it's really past the point it could even be done. The economy could not survive with balanced budgets and reducing and paying down debt.
Craig Hemke of TFMetalsReport.com made a similar comment, saying that no matter which party ends up in power, the debt situation makes it key to own gold. This is what he said:
(The debt) is not going to change. It doesn't matter who's president, it doesn't matter which party is in charge of either side of the US Congress. This is going to continue.
And if we are in fact heading into a recession — which I have no doubt that we are, if it hasn't already begun — then your tax revenues are going to plummet, the spending is only going to increase. And that deficit and the total debt you're adding is only going to widen out on an annual basis.
So anyway, I have no idea who's going to win the election, but I think for people that are trying to plan for their financial security, to maintain their purchasing power, to see their way through this storm — whoever wins, you still want to keep buying your gold and buying your silver.
Joe Cavatoni of the World Gold Council took a different approach to the question, saying that investors should look six months down the line to see the election's impact on gold. Here are his comments:
Where the election will have impact (for gold) is on how policies will develop. That tends to show itself up six months or so post an election outcome when policies can be discussed, clarified and potentially start to be implemented. And that's why we think that six months into the election outcome is when you're going to start to see more of an effect on the gold price.
There might be, with the emotion that comes along with this election, there might be some increased levels of volatility, there may be some reaction, people looking to position around things. We might even see that globally in terms of some of the central bank behavior, the investors offshore who are looking at the US — looking at what's going to happen and how they're going to be impacted by the fiscal challenges that the US is facing. But overall you're going to need time to tell exactly how that'll play out as a policy — that'll lead to overall impact on the gold price.
The World Gold Council does make an interesting point in a recent report, noting that on average, US gold bar and coin demand seems to increase during Democratic presidencies, possibly because buyers may be Republican-leaning.
INN's US election coverage
The US election is only a few days out, so it won't be long before we see gold's immediate reaction.
Check out the links below for more on how the election could affect gold, as well as other markets:
- Trump vs. Harris: How Could the US Election Affect the Gold Price?
- Trump Presidency: A Threat to EV Growth and Battery Supply Chain Expansion?
- What Does the US Election Mean for the Future of Cleantech?
- How Will the US Election Affect the Crypto Industry?
- Harris vs. Trump: The 2024 US Election, Drug Prices and Healthcare
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.
Pinnacle Silver and Gold: District-Scale Silver-Gold Exploration and Development in the Americas
Pinnacle Silver and Gold (TSXV:PINN) stands out as a promising precious metals explorer with its strategic focus on high-potential projects in North and South America. The company presents a compelling investment opportunity in the precious metals sector as it continues to advance its existing projects and pursue new opportunities, offering investors an attractive entry point into the dynamic world of silver and gold exploration.
The company is strategically positioned to capitalize on the growing demand for these valuable resources driven by several key factors including a robust pipeline of projects at various stages of exploration and development and effective capital management practices.
El Potrero lies within 35 km of four operating mines, including the 4,000 tons-per-day (tpd) Ciénega mine by Fresnillo, Luca Mining’s 1,000 tpd Tahuehueto mine, and the 250 tpd Topia mine owned by Guanajuato Silver. The El Potrero property had undergone small-scale production from 1989 to 1990 and contains a 100 tpd plant that can be refurbished/rebuilt at relatively low cost.
Company Highlights
- Pinnacle Silver and Gold is a Canada-based exploration and development company dedicated to building long-term shareholder value with its silver- and gold-focused assets in North and South America.
- The company has built an asset portfolio entirely within mining-friendly jurisdictions with clear legal requirements and regulations that provide confidence in the future of each project.
- Both the Argosy Gold Mine and North Birch Project are located in the Red Lake District in Northwestern Ontario, a region famous for gold production.
- The company's expansion to Mexico, through a recent agreement, gives it access to the prolific and resource-rich Sierra Madre Trend and further diversifies its portfolio of high-grade assets.
- The company is led by an impressive management team with decades of experience managing mining companies that operate in the Americas.
This Pinnacle Silver and Gold profile is part of a paid investor education campaign.*
Click here to connect with Pinnacle Silver and Gold (TSXV:PINN) to receive an Investor Presentation
Mawson Finland: Gold, Cobalt Exploration in Lapland Region, Northern Finland
Mawson Finland (TSXV:MFL) is a mining development company focused on gold-cobalt in northern Finland advancing its the Rajapalot gold-cobalt project in the Lapland region. Driven by a highly experienced local management and technical team, and supported by a strong Finnish investor ownership, the company is poised to become a key player in the gold-cobalt market.
Mawson Finland's Rajapalot project spans 18,000 hectares and boasts an inferred resource of 9.8 Mt consisting of 867,000 oz gold at 2.8 g/t and 4,311 tonnes of cobalt at 441 parts per million (ppm). A completed preliminary economic assessment (PEA) estimated a net present value (NPV) of US$211 million and a 27 percent internal rate of return (IRR) based on US$1,700 gold price, with significant upside from greenfield exploration.
The Rajapalot gold-cobalt project is the company's cornerstone asset. Covering approximately 18,000 hectares, Rajapalot is distinguished by its significant gold and cobalt mineralization, making it one of the notable dual-commodity projects in Europe.
Company Highlights
- Mawson Finland is a newly listed exploration company focused on advancing its gold-cobalt project in the Lapland Region of Finland, a tier 1 mining jurisdiction.
- The project hosts multiple high-grade zones, which have been the focus of extensive exploration activities.
- The completed PEA on Rajapalot has an inferred resource of 9.78 million tonnes containing 867,000 ounces of gold and 4,311 tonnes of cobalt with grades of 2.8 g/t and 441 ppm, respectively. Additionally, the PEA includes an NPV (5 percent) of US$ 211 million with a 27 percent IRR.
- Cobalt, a key by-product of the Rajapalot project, is crucial for the manufacturing of electric vehicle (EV) batteries and renewable energy storage solutions.
This Mawson Finland's profile is part of a paid investor education campaign.*
Click here to connect with Mawson Finland (TSXV:MFL) to receive an Investor Presentation
Ashburton Mineralisation Expands as Project Delivers Wide and High-grade Uranium Drill Results
Piche Resources Limited (ASX: PR2) (“Piche” or the “Company”) is pleased to announce drilling results from a further eight holes at its Ashburton uranium project in Western Australia. Results to date highlight the potential for both high grade and broad zones of uranium mineralisation.
- ADD003 has delivered the widest intersection recorded to date with a 39m intersection immediately above the Proterozoic unconformity.
- Equivalent U3O8 concentration from recent drillholes include:
ADD003 39.28m @ 553 ppm eU3O8 from 124.12m
incl 1.28m @ 1,460 ppm eU3O8 from 125.46m
and 0.84m @ 1,184 ppm eU3O8 from 151.54m
and 2.42m @ 2,681 ppm eU3O8 from 155.10m
and 1.90m @ 2,215 ppm eU3O8 from 161.40m
ARC008 3.86m @ 720 ppm eU3O8 from 137.36m
ARCD005 6.50m @ 639 ppm eU3O8 from 115.23m
incl 3.02m @ 930 ppm eU3O8 from 115.23m
ADD005 10.48m @ 1412 ppm eU3O8 from 114.30m
incl 2.04m @ 3508 ppm eU3O8 from 115.72m and 0.50m @ 2911 ppm eU3O8 from 119.28m
4.08m @ 2075 ppm eU3O8 from 141.94m
incl 2.04m @ 2875 ppm eU3O8 from 142.10m
1.04m @ 1918 ppm eU3O8 from 145.80m
1.04m @ 1103 ppm eU3O8 from 148.44m
- Analyses of the drill core has
- demonstrated a northwest structural control on mineralisation
- mineralisation along the unconformity and
- within the overlying sandstone and the basement.
The combined reverse circulation and diamond drilling programme has exceeded the Company’s expectations, having met its original aims of confirming historical results, testing the potential northwest structural control of mineralisation, and expanding the known uranium mineralised envelope.
Results from the drilling are included in Table 1 with the drill hole details in Table 2. In total, 1,776m of reverse circulation drilling and 1,147m of diamond drilling have been completed for a total of 18 holes.
Drilling at Angelo A has confirmed the continuity of mineralisation, identified a steeply dipping mineralised structure and highlighted the undulating nature of the Proterozoic unconformity (Figure 1). A potential northwest trending structure containing uranium mineralisation was intersected between ARC004 and ARC006.
Evidence of a mineralised northwest oriented structure was encountered in ADD001, located over 1km to the northwest of Angelo A. Structural logging of this hole highlighted a shallow dipping (35 degrees) mineralised structural trending to the northwest.
The drilling programme has also confirmed historical drill results from over 40 years ago.
Figure 1: Simplified Long Section C’ of Angelo A highlighting the flat lying nature of uranium mineralisation, with steeply dipping structures between ARC004 and ARC006.
Diamond drill hole ADD003 identified 39.28 metres of uranium mineralisation (Figure 2), highlighting the potential to expand the area of mineralisation at both the Angelo A & B prospects, and along strike to the northwest and southeast.
Click here for the full ASX Release
This article includes content from Piche 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.
Astral’s Group Gold Mineral Resource Increases to 1.46Moz with Updated Feysville MRE
Astral continues to deliver robust resource growth with an updated Feysville MRE, including maiden MREs for Kamperman and Rogan Josh and an updated MRE for Think Big, of 196koz at 1.2g/t Au.
Astral Resources NL (ASX: AAR) (Astral or the Company) is pleased to report an updated JORC compliant (2012 Edition) Mineral Resource Estimate (MRE) for the 100%-owned Feysville Gold Project (Feysville), located 14km south of Kalgoorlie in Western Australia (refer to Figure 2 below).
- Updated JORC 2012 Mineral Resource Estimate (MRE) of 5.0Mt at 1.2g/t Au for 196koz of contained gold completed for the 100%-owned Feysville Gold Project (Feysville), located 14km south of Kalgoorlie in WA (Feysville MRE).
- The Feysville MRE includes maiden MREs for both the Kamperman and Rogan Josh deposits, as well as an updated MRE for the Think Big deposit.
- Mineral Resources have been estimated using a 0.39g/t Au lower cut-off and constrained within pit shells derived using a gold price of A$2,500 per ounce (consistent with the price used for the current MRE at the Mandilla Gold Project (Mandilla) reported on 20 July 20231 (Mandilla MRE), noting that, at that time, the spot gold price was considerably less than it is today.
- Mineralisation encompassing the Kamperman and Rogan Josh MREs was discovered at an average cost of approximately $19 per ounce. This compares to Astral’s peer group, members of which are currently trading at enterprise values in the range of $38 to $82 per mineral resource ounce2.
- The oxide and transitional deposits at Rogan Josh and Think Big total 1.6Mt at 1.3g/t Au for 68.2koz of contained gold. Combined with the 2.0Mt at 1.3g/t Au for 83.8koz of contained gold at Kamperman, Astral considers there to be significant potential to increase the production target for the Mandilla Pre-Feasibility Study (Mandilla PFS), with work well underway.
- The Mandilla Scoping Study (Mandilla Scoping Study) reported during September 20233 included processing lower grade material of approximately 4.5Mt of Mandilla ore grading less than 0.70 g/t Au during the first five years of operations. The higher grade Feysville ore is expected to displace this ore, contributing significant economic upside to the Mandilla PFS compared to the Mandilla Scoping Study.
- The Mandilla PFS is likely to incorporate a pit shell design parameter of at least A$2,600 per ounce for mine optimisation. This exceeds the gold price parameter of A$2,500 incorporated in the calculation of Mineral Resources for both Mandilla and Feysville and, therefore, is likely to support a relatively high conversion rate of Mineral Resources into the Mandilla PFS production target.
- Including the Mandilla MRE of 37Mt at 1.1g/t Au for 1.27Moz of contained gold4, Astral’s total gold MRE is now calculated to be 42Mt at 1.1g/t Au for 1.46Moz of contained gold (Group MRE) (refer to Table 10).
Astral Resources’ Managing Director Marc Ducler said: “When we returned to drilling at Feysville in November 2022, we did so with a view to building critical mass to support our flagship Mandilla Gold Project. As our understanding of Feysville increased, we formed the view that the highly-underexplored Feysville tenement package had the potential to contribute several 100,000-ounce open pit opportunities to the broader Mandilla Gold Project as contemplated in the Mandilla Scoping Study3.
“With today’s Feysville MRE announcement, Astral is well on the way to delivering on this potential.
“The Mineral Resource Estimates across both Mandilla and Feysville are now consistently reported within pit shells incorporating a A$2,500 gold price and cut-off grades of 0.39g/t Au.
“While we acknowledge that using a gold price of A$2,500 to constrain the Feysville MRE is too conservative given the current spot gold price exceeds A$4,000, we intend to update the Group MRE using a more appropriate gold price and cost assumptions as the current data becomes available through advancement of the Mandilla PFS. To adjust revenue pricing assumptions prior to gaining certainty over cost assumptions is not considered appropriate.
“Importantly, the maiden Kamperman MRE has yielded a 1.3g/t open pit resource with a 5.9:1 strip ratio. Given our intention is to use a gold price of at least A$2,600 for pit design for the Mandilla PFS, we are very confident that a strong conversion of this resource into the production target will be achieved and, hence, make a material contribution to the economics of the Mandilla PFS.
“It is also important to note that the Kamperman deposit offers further significant growth potential based on the results of the recent 31-hole/3,834 metre reverse circulation (RC) drill program recently completed. These results are not included in the Kamperman MRE; however, one of the reported intercepts – 3 metres at 177g/t Au from 74 metres as part of a broader intersection of 25 metres at 24.3g/t Au from 68 metres in hole FRC3785 – is quite outstanding and suggests there to be scope for considerable upside with further drilling.
“Similarly, the supergene deposits present at both the Think Big and Rogan Josh MREs are also likely to have a very high conversion rate into a production target.
“Astral remains committed to further increasing the Group MRE through extensional drilling, as well as increasing the geological confidence levels – and, hence, MRE categories – through further in-fill drilling. Two rigs are currently on site at Mandilla, a diamond drill (DD) rig and an RC rig, with the RC rig expected to relocate to Kamperman before the Christmas period for further in-fill and extensional drilling.
“Astral expects to report revised MREs for both Mandilla and Feysville in Q1 next year, ahead of the anticipated completion of the Mandilla PFS in Q2 2025.”
Click here for the full ASX Release
This article includes content from Astral 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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