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.
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Sylla Gold
Overview
Gold is a well-respected store of value that builds a strong foundation for any investment portfolio. While commodities are worth considering, investing in a mining company focused on gold allows you to benefit from the company’s growth and rising gold value. West Africa is known for its significant gold mining operations, comprising over 80 percent of Mali’s total exports, making it the fourth largest gold producer in Africa.
The discovery of a new gold belt in an underexplored area of Southern Mali has captured the attention of major mining companies, such as Eldorado Gold Corporation (NYSE:EGO) and Agnico Eagle Mines Limited (NYSE:AEM).
Sylla Gold (TSXV:SYG) is a Canadian junior gold exploration and development mining company focusing on exploring and acquiring gold properties throughout West Africa. 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. An experienced management team with a track record of success within West Africa leads Sylla Gold toward its goals of exploring and developing its promising asset.The company’s Niaouleni project runs contiguously 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 grams per ton (g/t) gold for a total of 1.71 million ounces (Moz) 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 gold for 657,000 oz of contained gold and an inferred resource of 8.7 Mt at 0.94 g/t gold 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 completed its maiden drilling campaign, which included 6,754 meters of reverse circulation (RC) drilling and an additional 10,600 meters of air core 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 meters. The air core drilling was used as a first-pass reconnaissance style drilling and identified multiple additional gold targets for follow-up RC drilling commenced in January 2023 with drilling highlights that include 4.92 g/t gold over 15 meters from drill hole NSRC23-068 including 14.9 g/t gold over 4 meters and 2.56 g/t gold over 7 meters.
Sylla’s management and discovery team has already had success in their previous three West African gold projects, such as the Jilbey Gold discovery of the Bissa Hill deposit, the Merrex Gold discovery of the Siribaya and Diakha deposits, and the Roscan Gold discovery of the Kandiole deposit. Major mining companies acquired Jilbey Gold and Merrex Gold after successful exploration. In addition, the management team and technical advisors bring additional exploration in corporate administration, international finance, and geology.
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 grams per ton (g/t) gold for a total of 1.71 million ounces (Moz) 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 has completed its maiden drilling campaign at Niaouleni, results of which indicate that 48 out of 57 holes intersected high-grade gold mineralization up to 5.17 g/t gold over 25 meters. Phase 2 of the drilling program commenced in January 2023..
- An experienced management team with a track record of success in West Africa leads the company toward fully exploring its blue-sky gold asset.
Key Project
Niaouleni Gold Project
Sylla Gold’s flagship project covers 17,200 hectares within what appears to be a developing mining camp in southwest Mali. The licenses are accessible along maintained roads approximately 128 kilometers southwest of Bamako, Mali’s capital city. The company recently completed its maiden drill campaign and is analyzing drill results.
Project Highlights:
- Promising Exploration Results: The company recently completed its maiden drilling campaign, following up on priority targets identified by completed exploration campaigns. Preliminary results indicated that 48 out of 57 holes intersected high-grade gold mineralization, including:
- 5.17 g/t gold over 25 meters
- 4.51 g/t gold over 4 meters
- 2.81 g/t gold over 12 meters
- 3.94 g/t gold over 3 meters
- 2.13 g/t gold over 25 meters
- Phase 2 RC Drilling Commenced: Sylla Gold began additional drilling in January 2023 consisting of 2,330 meters RC drilling to follow up on and expand the Niaouleni South deposit, and the Libre Plateau along with new mineralized targets identified through recent air core drilling. Sylla later announced that 18 of 19 RC holes have hit high-grade gold mineralization including 4.92 g/t over 15 meters in hold NSRC23-068.
- Adjacent to an Expanding Project: The project is nearby Toubani Resource’s Kobada Gold project, which contains a measured and indicated mineral resource of 61.5 Mt at 0.86 g/t gold for a total of 1.71 Moz of contained gold, and includes mineral reserves.
Management Team
Regan Isenor - President, CEO and Director
Regan Isenor holds a BA from Acadia University and a master’s in project management from St. Mary’s University. Isenor has over 14 years of experience in exploration projects worldwide with publicly traded companies involved in the resource sector. Isenor is formerly CEO of MegumaGold Corp., a TSXV Canadian junior gold exploration company focused on value-oriented exploration within the emerging gold camp of the Meguma Formation in Nova Scotia. Prior to joining MegumaGold Corp. in June 2018, Isenor was involved with various international projects in Turkey (Menderes), West Africa (Burkina Faso, Bissa Hill deposit, Mali Siribaya Gold project), Ireland (Zinc), Northern Ontario, and Nova Scotia. Isenor served as an executive and past president of the Mining Society of Nova Scotia.
J. Francois Lalonde - Chairman
J. Francois Lalonde holds a BSc in civil engineering from Concordia University in Montreal and has been a member of the Order of Engineers of Quebec from 1984 to 2014. Lalonde is an independent consulting civil engineer and has worked for and consulted with multinational engineering and construction companies such as SNC-Lavalin (a Canadian company based in Montreal) and Bouygues Travaux Publics (a French firm based in Saint-Quentin-en-Yvelines). Lalonde has also participated in international business development for the Quebec firm Pomerleau Construction. He has in-depth knowledge of markets and business acquaintances in Canada, United States, Middle East and Africa, where he most notably participated in large-scale energy, motorway and other infrastructure development and mining projects.
Lalonde is also a director of Stellar AfricaGold. (TSXV:SPX) and Granite Creek Copper (TSXV:GCX). He was formerly a director of Algold Resources (TSXV:ALG)
Mark McMurdie - Chief Financial Officer
Mark McMurdie has over 30 years of experience in providing financial management services and has provided accounting and financial services to various public and private companies. He currently acts for a publicly traded company on the TSX Venture Exchange. Over his career, McMurdie has acquired valuable experience in several sectors including mining, franchising, oil and gas, merchant banking, distribution, and real estate. McMurdie has specific experience in working with mining and exploration companies, which includes the leadership and development of a corporation’s accounting and finance functions, strategic planning, and restructurings, as well as liaising with shareholders, members of the board of directors, securities regulators, and financial institutions.
Gregory Isenor - Director
Gregory Isenor holds a BSc in geology from Acadia University and is a member of the Association of Professional Geologists of Nova Scotia. Currently, Isenor is an independent director and QP of Roscan Gold Corporation, a company engaged in gold exploration in Western Mali.
Isenor was president, CEO and director (2005 to 2017) of Merrex Gold Inc., up until Merrex was taken over by IAMGOLD Corporation. During that time, Merrex discovered two significant gold deposits in Mali (West Africa): the Siribaya deposit and, with joint venture partner IAMGOLD, the Diakha deposit. To date, these two deposits are estimated to represent a combined resource approaching approximately two million ounces of gold.
Previously, Isenor was the president, CEO and director (2003 to 2005) of Jilbey Gold Exploration Ltd., until Jilbey was acquired by High River Gold Mines Limited. During Isenor's time with Jilbey, he led the team that identified the Bissa gold deposit in Burkina Faso (West Africa), which was placed into production by Nord Gold SE and has a reported resource exceeding 5 million ounces of gold. In addition, from 1979 to 2003, Isenor worked as an independent consulting geologist on mineral exploration projects in Canada, the United States, Australia, New Zealand, Asia and Africa. Isenor founded Jubilee Minerals Inc, to develop the Jubilee zinc deposit and Glencoe Resources Inc. to develop the Glencoe limestone deposit. Both deposits are located in Nova Scotia, Canada.
Darrin Campbell - Director
Darrin Campbell is a chartered professional accountant and certified management accountant with 20 years of executive financial management experience. Campbell is currently the president of Namibia Critical Metals Inc (TSXV:NMI), which is developing the Lofdal Heavy Rare Earth Project under joint venture with Japan Oil Gas & Metals National Corporation (JOGMEC). Campbell also served as the CFO of NMI from March 2017 to April 2021. Campbell has provided contract accounting and financial services to numerous public and private companies and played key leadership roles in financings and transactions taking companies public onto the TSXV. From 2013 to 2014, he was the CFO of Ressources Appalaches and was the financial leader bringing into production Nova Scotia's first operating gold mine in over 14 years. Campbell obtained a Bachelor of Commerce from Saint Mary's University in 1996 and is a member of the Chartered Professional Accountants of Nova Scotia.
Jamie Spratt - Director
Jamie Spratt is president at Walmsley Capital Inc. a corporate finance and advisory firm that he founded in 2019. He has 15 years of capital markets experience in equity research and investment banking. Spratt was previously a partner and equity research analyst at Clarus Securities Inc., where he was a key member of a respected mining practice that participated in many equity financings. Spratt started his career in investment banking where he advised on M&A and corporate finance mandates and achieved valuable transaction experience. Spratt has an MBA from the Rotman School of Management, a BA in applied economics from Queen's University, and a CFA charter holder. He is a member of the Toronto Society of Financial Analysts.
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
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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
![](https://rt.newswire.ca/rt.gif?NewsItemId=C0348&Transmission_Id=202310062018CANADANWCANADAPR_C0348&DateId=20231006)
View original content: http://www.newswire.ca/en/releases/archive/October2023/06/c0348.html
News Provided by Canada Newswire via QuoteMedia
Tartana Minerals
Investor Insight
Tartana Minerals is a new copper producer generating strong cash flow, with a substantial exploration footprint in a tier 1 mining jurisdiction. Tartana Minerals is creating shareholder value through investment in increasing its existing copper, zinc and gold resources and accelerating exploration of key projects within its highly prospective exploration portfolio. Tartana Minerals presents a compelling investment against the backdrop of a strong macroeconomic environment for copper.
Overview
Tartana Minerals (ASX:TAT) is a copper, gold, silver and zinc, producer, explorer and developer in Far North Queensland. Its flagship project is the 100 percent owned Tartana copper and zinc project which comprises four mining leases located north of Chillagoe. The company’s business model has involved refurbishing an existing heap leach - solvent extraction – crystallisation plant which is located on the Tartana mining leases. The refurbishment and commissioning of this plant is now completed and the company is producing copper sulphate pentahydrate which is sold to offtaker, Kanins International. Copper sulphate is priced on a premium plus percentage of the LME copper price and provides investors with leverage to anticipate increasing copper prices.
The company, formerly known as R3D Resources, changed its name to Tartana Minerals in April 2024. Tartana Minerals is based in Sydney, Australia.
Tartana Minerals has reported the following resources:
- 45,000 contained copper at 0.45 percent copper in combined inferred and indicated resources in the Tartana open pit and northern oxide zone
- 39,000 tonnes of contained zinc at 5.29 percent zinc in inferred resources in the Queen Grade project, also located on the Tartana mining leases, and
- 415 koz contained gold at 0.34 g/t in inferred resources at Mountain Maid – subject to a mining lease application.
These copper, zinc and gold resources remain open at depth and along strike and the company has designed drilling programs to expand these resources. In particular, the copper mineralisation and potentially the gold mineralisation have scope to be upgraded through ore sorting.
However, the refurbished heap leach – solvent extraction – crystallisation plant utilises existing copper in the ponds and the heaps and these copper sources will be replenished when we commence mining from the open pit.
The first and second shipments of copper sulphate were sold during the June 2024 quarter with further shipments are currently being prepared. The copper sulphate contains 25 percent copper metal and payment is based on the LME copper price for the preceding month plus a premium. It is one of the few forms of saleable copper where the copper content receives the full LME price.
Exploration
Chillagoe region of Far North Queensland is highly prospective with the discovery and development of a number of key projects over the last few decades including Red Dome (2.5 Moz gold), Mungana (1.2 Moz gold), and King Vol (250 kt zinc). These deposits occur along the Palmerville Fault in a similar location to the Tartana Mining leases.
The mining leases at Tartana contain copper, zinc and gold mineralisation but the company also has significant projects which are both east and west of the Palmerville Fault. In the west it has the Cardross and Mountain Maid copper-gold projects and further north it has the Beefwood project. Mountain Maid has gold resources mentioned above and which are open to the south and at depth while the company is finalising a maiden copper resource for the Cardross project. The Beefwood project comprises a buried geophysical target and surface sampling has recovered samples grading up to 180 g/t Au with no apparent source. Drilling is planned to test this target in the current dry season.
In the east of the Palmerville Fault, the company has the Bellevue/Dry River project, the OK South project and the Dimbulah Porphyry project, all copper projects with historic copper mines and prospects. Like many parts of Far North Queensland, historical exploration has not been systematic and thorough despite many promising expressions of surface mineralisation.
Tartana’s exploration team comprises of experienced exploration geologists with supporting cash flow from their copper production, they expect to be able drill the most promising targets in the short term.
Strong Macroeconomic Environment for Copper
Overall, the macroeconomic environment for copper remains strong. The LME three-month copper price hit US$5.24/lb on May 17, the highest since March 7, 2022, driven by a weaker US dollar, Chinese property stimulus measures, and a short squeeze on the Chicago Mercantile Exchange futures market.
In the near-to-mid term China’s demand for refined copper is expected to grow, due to better-than-expected performances from key consumer segments, including the power grid, solar installations and electric vehicle and air conditioning appliance sales. On the supply side the copper concentrate market is expected to remain in a significant deficit due to the estimated delay in the Cobre Panama mine restart but will be partially offset by the higher projected production from smelters in China. As a result, we see further demand growth and supply tightening for the copper market as positive for base metal equities who maintain significant leverage to increasing prices.
Company Highlights
- Tartana Minerals is producing copper sulphate pentahydrate from its heap leach – solvent extraction – crystallisation plant in Chillagoe with a 100 percent offtake agreement with Kanins International.
- Copper sulphate is priced at a premium plus percentage of the LME copper price, providing exposure to the booming copper market
- With copper, zinc and gold resources in separate projects and all within granted or soon to be granted mining leases, the company is investigating processing options which can potentially utilise available infrastructure.
- Near-term catalysts include targetted drilling programs to increase the JORC resource and expand on metallurgical test work, increasing the resource grade and estimate
- With the copper sulphate plant fully commissioned and in production, the company is now accelerating its exploration activities. The company has a range of prospects from advanced brownfields projects near existing historical mines to many prospects containing ‘ore grade’ surface mineralisation which have not been tested at depth.
- The company’s exploration portfolio includes the Beefwood/Bulimba, Bellevue, Dimbulah, Cardross and Maid projects. The exploration team is focused on target generation, particularly with the addition of critical minerals within its existing tenure and elsewhere.
Management Team
Jihad Malaeb – Non-executive Chairman
Jihad Malaeb is an experienced entrepreneur across a number of industries, including hospitality and construction, as well as having significant experience in mineral exploration and mining operations – both as an active investor and company director. He currently owns and operates a portfolio of hospitality businesses and real estate across Australia, which have been established over the past 30 years. Malaeb was previously a non-executive director of Critical Resources (ASX:CRR), where he helped steer CRR through the past few years as one of its largest shareholders and as a board member.
Dr Stephen Bartrop - Managing Director
Steve Bartrop’s professional experience spans more than 30 years covering periods in both the mining industry and financial sector. With a geology background, Bartrop has worked in exploration, feasibility and evaluation studies and mining in a range of commodities and in different parts of the world. In the financial sector, he has been involved in research, corporate transactions and IPOs spanning more than 20 years, including senior roles at JPMorgan, Bankers Trust and Macquarie Equities.
Bartrop is also a director of Southwest Pacific Bauxite (HK), a company developing a bauxite project in the Solomon Islands and chairman of Breakaway Research.
Bruce Hills – Executive Director
Bruce Hills is an accountant and is currently an executive director of Breakaway Investment Group, which operates the Breakaway Private Equity Emerging Resources Fund. Hills is a director of a number of unlisted companies in the mining and financial services sectors including The Risk Board and Stibium Australia. Hills has 35 years’ experience in the financial sector including 20 years in the banking industry primarily in the areas of strategy, finance and risk.
Dr Alistair Lewis – Non-executive Director
Dr Alistair Lewis is a successful entrepreneur and highly experienced medical doctor with over 40 years’ experience. For the past 10 years Lewis has been involved in the management of mining and exploration companies. In 2017, Lewis established Oosen Lewis Mining in North Queensland. He financed the aggregation of a substantial portfolio of gold, tin, tungsten and antimony assets and instigated subsequent extensive exploration programs. These assets now form part of the QSM portfolio.
Michael Thirnbeck – Independent Non-executive Director
Michael Thirnbeck is an experienced geologist with over 25 years in managing numerous mineral development projects in Papua New Guinea, Indonesia and Australia. He has been a member of the Australasian Institute of Mining and Metallurgy since 1989 and holds B.Sc (Hons.) degree from University of Queensland.
Exploration Success, Capital Investment and Reserve Growth to Sustain Kibali's Production Profile
All amounts expressed in US dollars unless stated otherwise
Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) – Africa's largest gold mine, Kibali, continues to deliver growth as its strong record of replenishing reserves and resources, and further investment in technology and capacity, position it to sustain its 750,000 ounces annual production past the current 10-year horizon to 15 years and beyond.
Speaking to media and other stakeholders today, Barrick president and chief executive Mark Bristow said Kibali was not only Africa's largest gold mine but also its most automated and, thanks to its three hydropower stations, a leader in renewable energy. When its back-up solar power plant and battery storage system are commissioned next year, the renewable component of its energy mix will increase to 85%.
"When we started building Kibali 14 years ago, this was one of the DRC's most underdeveloped regions. The value we created and the infrastructure we built here have since transformed it into a new economic frontier and a flourishing commercial hub, with a community that has grown from 30,000 to over 500,000 people. We've promoted this growth through investment in community development and partnering with local businesses we have mentored. Our Azambi power station, for example, was built by an all-Congolese team. Since 2010, Kibali's payments to local contractors and suppliers have amounted to almost $2.7 billion (CDF 7.6 trillion)," Bristow said.
"In addition, Kibali has written a new chapter in Barrick's long support for Africa's biodiversity by partnering with African Parks and the DRC Government to re-introduce a sustainable population of white rhino to the DRC's Garamba National Park, which the mine also supports in other ways. This means that, together with the Barrick coffee project in the Haut-Uele region aimed at revitalising the once vibrant Robusta coffee industry which Isiro was once renowned for, we are not only looking after our host countries in the present but also to their national heritage in the future."
Bristow said Kibali was built on partnerships with its stakeholders, notably the government and its host communities. Based on its success, Barrick was ready to invest in new gold and copper opportunities in the DRC, provided the government continued to build alongside it.
Enquiries:
DRC country manager
Cyrille Mutombo
+243 812 532 441
Investor and Media Relations
Kathy du Plessis
+44 20 7557 7738
Email: barrick@dpapr.com
Website: www.barrick.com
Cautionary Statement on Forward-Looking Information:
Certain information contained or incorporated by reference in this press release, including any information as to our strategy, projects, plans, or future financial or operating performance, constitutes "forward-looking statements". All statements, other than statements of historical fact, are forward-looking statements. The words "on track", "value-creating", "perform", "transform', "expect", "continue", "increase", "commitment", "grow", "will", and similar expressions identify forward-looking statements. In particular, this press release contains forward-looking statements including, without limitation, with respect to: the anticipated benefits from Kibali's local procurement initiatives and investment in local partnerships and communities; Barrick's investment in community programs and projects; and Barrick's commitment to the DRC and potential further growth opportunities.
Forward-looking statements are necessarily based upon a number of estimates and assumptions including material estimates and assumptions related to the factors set forth below that, while considered reasonable by the Company as at the date of this press release in light of management's experience and perception of current conditions and expected developments, are inherently subject to significant business, economic, and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements, and undue reliance should not be placed on such statements and information. Such factors include, but are not limited to: fluctuations in the spot and forward price of gold, copper, or certain other commodities (such as silver, diesel fuel, natural gas, and electricity); the speculative nature of mineral exploration and development; changes in national and local government legislation, taxation, controls or regulations and/ or changes in the administration of laws, policies and practices; expropriation or nationalization of property and political or economic developments in the DRC and other jurisdictions in which the Company or its affiliates do or may carry on business in the future; changes in mineral production performance, exploitation, and exploration successes; the possibility that future exploration results will not be consistent with the Company's expectations; disruption of supply routes which may cause delays in construction and mining activities, including disruptions in the supply of key mining inputs due to the invasion of Ukraine by Russia; risk of loss due to acts of war, terrorism, sabotage and civil disturbances; failure to comply with environmental and health and safety laws and regulations; timing of receipt of, or failure to comply with, necessary permits and approvals; uncertainty whether some or all of Barrick's targeted investments and projects will meet the Company's capital allocation objectives and internal hurdle rate; damage to the Company's reputation due to the actual or perceived occurrence of any number of events, including negative publicity with respect to the Company's handling of environmental matters or dealings with community groups, whether true or not; risks associated with new diseases, epidemics and pandemics; litigation and legal and administrative proceedings; employee relations including loss of key employees; increased costs and physical and transition risks related to climate change, including extreme weather events, resource shortages, emerging policies and increased regulations to related to greenhouse gas emission levels, energy efficiency and reporting of risks; and availability and increased costs associated with mining inputs and labor. In addition, there are risks and hazards associated with the business of mineral exploration, development and mining, including environmental hazards, industrial accidents, unusual or unexpected formations, pressures, cave-ins, flooding and gold bullion, copper cathode or gold or copper concentrate losses (and the risk of inadequate insurance, or inability to obtain insurance, to cover these risks).
Many of these uncertainties and contingencies can affect our actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, us. Readers are cautioned that forward-looking statements are not guarantees of future performance. All of the forward-looking statements made in this press release are qualified by these cautionary statements. Specific reference is made to the most recent Form 40-F/Annual Information Form on file with the SEC and Canadian provincial securities regulatory authorities for a more detailed discussion of some of the factors underlying forward-looking statements and the risks that may affect Barrick's ability to achieve the expectations set forth in the forward-looking statements contained in this press release.
Barrick disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable law.
News Provided by GlobeNewswire via QuoteMedia
RETRANSMISSION: Prospector Announces Strategic Equity Investment By B2Gold
Prospector Metals Corp. ("Prospector" or the "Company") (TSXV: PPP) (OTCQB: PMCOF) (FSE: 1ET) is pleased to announce that B2Gold Corp. (TSX: BTO) (NYSE American: BTG) (NSX: B2G) ("B2Gold") has agreed to complete a strategic investment into the Company. Pursuant to the transaction B2Gold has agreed to subscribe for an aggregate of 5,578,720 common shares of the Company (the "Shares") at a price of C$0.163 per Share for aggregate gross proceeds to the Company of $909,311.36 (the "Offering").
Rob Carpenter CEO and Director of Prospector said "We are excited to have B2Gold as a keystone shareholder in Prospector Metals and our team is looking forward to their technical input on our flagship ML Project, Yukon. B2Gold is a major global gold producer with a strong commitment to communities, sustainable mining and employee safety. This investment and technical partnership will allow Prospector to advance the ML project more efficiently and it represents an endorsement of our exploration philosophy and targeting methods."
The gross proceeds from the issue and sale of the Shares will be used exclusively for exploration and development purposes on the Company's ML Project in the Yukon (the "ML Project").
The Shares will represent a total position of approximately 9.9% of the issued and outstanding common shares of the Company upon completion of the Offering.
In connection with the strategic investment the Company and B2Gold have entered into an Investor Rights Agreement dated June 28, 2024 (the "Investor Rights Agreement"), pursuant to which the Company will form a four person Technical Committee, of which will one person nominated by B2Gold, that will advise on and oversee exploration and development of the Company's ML Project.
In addition, pursuant to the Investor Rights Agreement:
- B2Gold has been granted subscription rights pursuant to which, subject to regulatory approval, it may subscribe for additional common shares up to maximum amount that B2 Gold's aggregate ownership interest would not exceed 19.9% of the issued and outstanding common shares of the Company;
- B2Gold has been granted a participation right to maintain its pro rata ownership in connection with future equity financings as well as following the exercise of convertible securities of the Company.
- B2Gold has been granted a top-up right to acquire common shares in a market transaction to maintain its pro rata ownership in connection with future share issuances that are not an equity financing;
- B2Gold has been granted a right of first refusal on any transaction resulting in the sale or disposition of any part of the ML Project; and
- For a period of 12 months, subject to limited exceptions, B2Gold will be subject to standstill restrictions.
In the event that B2Gold's aggregate shareholdings are reduced to less than 5% of the issued and outstanding common shares of the Company on an undiluted basis, the Investor Rights Agreement will terminate.
In addition, pursuant to the terms of a property purchase agreement dated December 29, 2023, Troilus Gold Corp. ("Troilus"), who currently holds 9,222,164 common shares in the capital of the Company representing approximately 18.16% of the Company's issued and outstanding common shares, holds a participation right to maintain an ownership percentage of up to 19.9% of the Company's outstanding share capital (the "Troilus Participation Right"). Pursuant to the Troilus Participation Right, as a result of the Offering, Troilus has the right, for a period of up to ten (10) business days from the date hereof to subscribe for up to an additional 4,777,574 common shares at a price of $0.163 per common share (the "Participation Right Offering"). Assuming the Troilus elects to exercise its entire Troilus Participation Right, on closing of the Participation Rights Offering, Troilus will hold an aggregate of 13,999,738 common shares, representing 19.9% of the then issued and outstanding common shares of the Company.
Closing of the Offering and the Participation Right Offering are subject to the satisfaction of certain conditions, including receipt of approval by the TSX Venture Exchange. All securities issued in connection with the Offering and the Participation Right Offering will be subject to a hold period of four months and one day from the date of closing, in accordance with applicable Canadian securities laws.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
ML Project Overview
The ML Project located approximately 80 km from Dawson City, Yukon Territory, and 25 km northeast of the former Brewery Creek Gold Mine. The ML Project geology is extensively metal endowed with numerous instances of high-grade gold, silver and copper in drill holes, trenches and surface rock samples.
ML hosts one of the few remaining Tombstone-style intrusions in the Yukon that has not been systematically explored with no significant work completed since 2008 and as such, no modern Intrusion Related Gold (IRGS) exploration models have been applied to ML despite the presence of a diagnostic Au-As-Bi-Te-W geochemical signature.
Previous exploration focused on well exposed Au-Cu-W skarn mineralization proximal to syenite intrusions, however little work was completed within the intrusions. Nonetheless, the presence of skarn Au-Cu mineralization provides key evidence of an active, metal-rich intrusive system with over 24 known high grade Au surface occurrences that have never been drill tested and numerous high-grade Au drill and trench results remain open-ended.
About B2Gold:
B2Gold is a low-cost international senior gold producer headquartered in Vancouver, Canada. Founded in 2007, today, B2Gold has operating gold mines in Mali, Namibia and the Philippines, the Goose Project under construction in northern Canada and numerous development and exploration projects in various countries including Mali, Colombia and Finland.
About Prospector Metals Corp.
Prospector Metals Corp. is a Discovery Group Company focused on district scale, early-stage exploration of gold and base metal prospects. Creating shareholder value through new discoveries, the Company identifies underexplored or overlooked mineral districts displaying important structural and mineralogical occurrences similar to more established mining operations. The majority of acquisition activity occurs in Ontario, Canada - a Tier-1 mining jurisdiction with an abundance of overlooked geological regions possessing high mineral potential. Prospector establishes and maintains relationships with local and Indigenous rightsholders, and seeking to develop partnerships and agreements that are mutually beneficial to all stakeholders.
On behalf of the Board of Directors,
Prospector Metals Corp.
Dr. Rob Carpenter, Ph.D., P.Geo.
President & CEO
For further information about Prospector Metals Corp. or this news release, please visit our website at prospectormetalscorp.com or contact Dr. Rob Carpenter at 604-354-6415 or by email at Rob-carpenter@rogers.com.
Prospector Metals Corp. is a proud member of Discovery Group. For more information please visit: discoverygroup.ca
Forward-Looking Statement Cautions:
This press release contains certain "forward-looking statements" within the meaning of Canadian securities legislation, including, but not limited to, statements regarding the Company's plans with respect to the Company's projects and the timing related thereto, the merits of the Company's projects, the Company's objectives, plans and strategies, and other project opportunities. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are statements that are not historical facts; they are generally, but not always, identified by the words "expects," "plans," "anticipates," "believes," "intends," "estimates," "projects," "aims," "potential," "goal," "objective,", "strategy", "prospective," and similar expressions, or that events or conditions "will," "would," "may," "can," "could" or "should" occur, or are those statements, which, by their nature, refer to future events. The Company cautions that Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made and they involve a number of risks and uncertainties. Consequently, there can be no assurances that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Except to the extent required by applicable securities laws and the policies of the TSX Venture Exchange, the Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change. Factors that could cause future results to differ materially from those anticipated in these forward-looking statements include the risk of accidents and other risks associated with mineral exploration operations, the risk that the Company will encounter unanticipated geological factors, or the possibility that the Company may not be able to secure permitting and other agency or governmental clearances, necessary to carry out the Company's exploration plans, risks and uncertainties related to the COVID-19 pandemic and the risk of political uncertainties and regulatory or legal changes in the jurisdictions where the Company carries on its business that might interfere with the Company's business and prospects. The reader is urged to refer to the Company's reports, publicly available through the Canadian Securities Administrators' System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com for a more complete discussion of such risk factors and their potential effects.
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.
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Significant New Discovery at Ternera East
Multiple Thick Gold Zones in Major New Intrusive Intercept
Tesoro Gold Limited (Tesoro or the Company) (ASX:TSO, OTCQB:TSORF) is pleased to report significant assay results from first-pass drilling of the Ternera East target, which has intercepted a newly identified, thick (+200m), well-mineralised El Zorro Tonalite (EZT) intrusive.
This new discovery (refer Figure 1) is located approximately 300m east of the 1.3Moz Ternera Gold Deposit (Ternera) within Tesoro’s broader El Zorro Gold Project (El Zorro) in Chile.
HIGHLIGHTS
- Hole ZDDH0341 intercepted a newly identified, +200m thick intrusive of EZT, the primary gold host at Ternera.
- The new intrusive body is a potential major fault offset or Ternera ‘repeat’ (Ternera East).
- Two substantial, well-mineralised zones were intercepted in ZDDH0341 including;
- 49.50m @ 0.55g/t Au from 179.00 m, including;
- 15.40m @ 1.21g/t Au from 182.00m; and
- 5.40m @ 2.21g/t Au from 182.0m and;
- 36.00m @ 1.00g/t Au from 281.50m including;
- 17.50m @ 1.91g/t Au from 282.00m
- 7.70m @ 3.64g/t Au from 283.30m
- 2.30m @ 9.50g/t Au from 288.30m
- 49.50m @ 0.55g/t Au from 179.00 m, including;
- Accelerated drilling program in progress to rapidly define the Ternera East target.
Tesoro Managing Director, Zeff Reeves, commented:
“This discovery at Ternera East is one of the most significant results from El Zorro and has the potential to materially change its scale. The identification of this well-mineralised EZT represents a potential uplifted extension or offset of the main Ternera Deposit, which could rapidly add substantial ounces to our existing 1.3Moz Mineral Resource.
“It is an exciting outcome that further validates the targeting model being employed by the Tesoro team at El Zorro. We are now focused on completing additional drilling of the area as quickly as possible to better understand what we have identified at Ternera East.”
Figure 1: El Zorro Gold Project – Ternera area drill locations in current program, location of hole ZDDH0341 within the Ternera East target, and significant results showing areas of open gold mineralisation close to Ternera (refer ASX Announcements 23 March 2021, 25 June 2021, 3 November 2021, 8 November 2022, 18 September 2023, and 13 June 2024). Section location for Figure 2 shown at A-A’ - Datum PSAD56 19S
El Zorro Diamond Drilling Program Delivers Significant New Discovery at Ternera East
An initial diamond drilling program at key target areas within a 1.5 km radius of the existing 1.3 Moz Ternera Deposit is ongoing (refer Figure 1). The program is designed as a first-pass drill assessment of high-priority targets proximate to Ternera, providing the potential for future rapid and shallow additions to the existing Mineral Resource at El Zorro.
These areas include Drone Hill, Buzzard, Ternera East and a direct extension to Ternera. To date, ten holes have been completed in the current program for 2,305m. Hole details are presented in Appendix 1.
At Ternera East, assay results have been returned for hole ZDDH0341(refer Figure 2), which was fast-tracked through the laboratory due to the wide zone of prospective EZT observed in drill core. Significant intercepts for hole ZDDH0341 are presented in Table 1, with full drill hole details in Appendix 1.
Figure 2: El Zorro Gold Project – Ternera East drilling, ZDDH0341 showing significant mineralised zones and location relative to the Ternea Gold Deposit MRE Block Model and USD1800 optimised Pit Shell., looking north. Hole ZDDH0341 was drilled toward 000 and is projected onto section. Previous drilling shown as pale grey drill traces. Refer ASX announcement 6 December 2021 for hole ZDDH0223 results.
ZDDH0341 was drilled to a final downhole depth of 400.15m and intercepted several small EZT dykes from near surface to 178.70m downhole. These dykes returned zones of sporadic gold mineralisation. Between 178.70m to 390.85m downhole, a thick body of EZT was intercepted containing two main zones of gold mineralisation.
Click here for the full ASX Release
This article includes content from Tesoro Gold Ltd, 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.
Anvil Drilling Intersects New Mineralisation Increasing Sams Creek Resource Potential
Siren Gold Limited (ASX: SNG) (Siren or the Company) is pleased to provide an update on its Sams Creek Project.
Highlights
- Maiden drilling program targeting the Anvil Zone (1.5km to the east of the Main Zone), extensive Ionic leach survey and Lidar topography analysis all successfully completed for the Same Creek Project.
- Sams Creek is an intrusion-related gold deposit (IRGD) with known mineralisation contained within a porphyry dyke which is over 7kms long, up to 60m thick, and extends down dip for at least 1km.
- Only 15% of the Sam’s Creek porphyry dyke (SCD) has been drilled to date and contains a Mineral Resource Estimate of 824koz @ 2.8g/t Au from the Main Zone target.
- Four “scouting” holes targeting the SCD at the Anvil Zone intersected alteration and mineralisation remarkably similar to the Main Zone.
- Lidar topography analysis has identified the Main Zone circular structure and the Anvil Zone circular structure which are ~2kms wide and ~1.3kms wide respectively. These structures may reflect buried porphyry intrusions.
- An extended Ionic Leach (IL) soil survey identified a number of targets both around and inside the circular structures.
- The circular structures anomalies have been divided into five dyke and six porphyry targets.
- The SCD targets have an Au-As signature, and the porphyry targets have an Au-Cu-REE signature.
- The circular structures and multi-element responses indicate potential for a large multi-metal, multi- phase mineral system at Sams Creek.
“These results continue to demonstrate the significant potential for a multi-million-ounce project at Sams Creek. Ionic leach soil surveys have proven to be a strong indicator for economic gold mineralisation at Sams Creek. The Anvil anomaly has many characteristics in common with the Main Zone, which hosts the 824koz @ 2.8g/t Au Resource. We believe we have only scratched the surface at Sams Creek and look forward to unlocking the full potential with more exploration programs on these targets.”
Anvil Drilling Results
Four diamond drillholes for a total of 526m were drilled at Anvil West from two sites on the Cobb Valley Road (Figure 1). These holes were drilled before the extended IL results were available and the two circular structures recognised. All four holes intersected the SCD, which is around 20m thick and has been extensively altered with three stages of alteration similar to the Main Zone recognised.
The first stage of alteration is represented by a biotite, ankerite ± magnetite assemblage, which is like the alteration found in many calc-alkaline and alkaline porphyry Cu–Mo–Au deposits, where it represents an early high temperature stage. The second stage of alteration consists of extensive silicification and thin quartz veinlets. Stage three mineralisation consists of irregular to planar gold-bearing arsenopyrite-pyrite ± sphalerite veins. Stage 3 mineralisation is generally associated with areas of silicification.
Click here for the full ASX Release
This article includes content from Siren Gold, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Gold Price Update: Q2 2024 in Review
After a record-setting first quarter, the gold price started 2024's second quarter with strong momentum, breaking through US$2,400 per ounce in the middle of April and setting new all-time highs.
At the beginning of April, gold was at US$2,250, finding support from investors betting on a June interest rate cut from the US Federal Reserve, as well as strong central bank buying. The precious metal found further support in May as geopolitical and sovereign debt concerns weighed on investors in China and the Middle East.
On May 20, gold hit US$2,450.05, its highest price ever. Read on for more on how it got there and what's next.
Gold price hits new all-time highs
The biggest story for gold in Q2 was its price activity. As mentioned, strong momentum carried over from March, allowing the yellow metal to break through US$2,400 in mid-April. Its price gains were influenced by various factors, including continued buying from central banks, strong demand from Chinese retail investors and better sentiment from western investors, which helped to stem flows out of gold exchange-traded funds (ETFs).
In a May interview with the Investing News Network (INN), Jeff Clark, editor of Paydirt Prospector, noted several other market dynamics that caused the price of gold to rise so dramatically. He said the real starting point was the end of February, when the Fed indicated it was expecting three or four rate cuts in 2024.
“All of a sudden, gold was off to the races. It jumped so high that all of a sudden you had some short covering that needed to happen then as well. So you had short covering, which means they’re buying. And then you had momentum chasers and traders jumping all in. That was a pretty good spike ... I think's what kind of started all of this,” Clark said.
Gold price, Q2 2024.
Chart via Trading Economics.
Gold's rise in the second quarter also coincided with an improving economic situation in the US. The country's consumer price index cooled slightly in April, buoying expectations for a rate cut from the Fed.
Ultimately a June cut wasn’t in the cards, and since then better personal consumption expenditures and consumer price index data in May and June, along with a strong May jobs report, have sent mixed messages. CME Group's (NASDAQ:CME) FedWatch tool now shows about a 60 percent chance of a cut in September.
This uncertainty has created resistance for gold, which finished Q2 at the US$2,325 level.
Central bank buying still a story for gold
Central banks were strong buyers of gold in Q1, purchasing 289.7 metric tons (MT), in line with numbers from 2022 and 2023. Turkey, China and India led the way, with acquisitions of 30.12 MT, 27.06 MT and 18.51 MT, respectively.
This buying trend continued into the start of the second quarter, with central banks adding 33 MT to their collective reserves in April. Turkey made purchases for the 11th consecutive month, adding 8 MT to its coffers in April, while China saw a drastic reduction, buying just 2 MT, well below its 18 MT average over the past 17 months.
Though complete data for May isn’t available at this time, reports indicate that the People’s Bank of China halted purchases of gold for the first time in 18 months. At the same time, analysts have noted that the Chinese central bank has been making unreported acquisitions of the precious metal for some time now.
There is also speculation that China's central bank will resume buying once gold has eased off of recent highs. As of April, China’s gold reserves stood at 2,265 MT, accounting for 4.9 percent of its foreign exchange holdings.
Looking forward, a central bank survey from the World Gold Council indicates that as a whole the buying spree isn't over, with 29 percent of the 70 respondents saying they plan to continue adding gold to their reserves over the next year.
Gold ETF outflows slow in Q2
Gold ETFs continued to see outflows in the second quarter, albeit at a reduced pace. Outflows from western funds have declined, while funds elsewhere in the world have seen higher inflows.
According to the World Gold Council, the first quarter of the year saw North American and European gold funds lose a combined 122.4 MT from their holdings, while Asian funds added 9.9 MT. So far in the second quarter, combined outflows from North America and Europe have fallen to 47.7 MT, while gains in Asian funds accelerated to 24.2 MT.
As of May 24, the top 10 fund inflows were dominated by Chinese ETFs, which captured four spots, including the top three, and accounted for 18.6 MT of Asian demand. The lead spot went to Huaan Yifu Gold ETF (SHA:518880), whose holdings increased by 7.4 MT. Other Asian funds on the list came from Japan and India, which accounted for 4.3 MT.
US and European funds weren’t left out. Switzerland’s UBS ETF Gold (SWX:AUUSI), the US-based SPDR Gold Shares (NYSE:GLD), the Sprott Physical Gold Trust (NYSE:PHYS) and Ireland's Royal Mint Responsibly Sourced Physical Gold ETC (LSE:RMAU) all recorded inflows during the quarter.
On the flip side, the worst-performing ETFs for the quarter in terms of flows were primarily from Europe, with German and UK funds holding six of the slots, with two Swiss, one French and one American fund rounding out the bottom 10.
When will gold stocks go up?
For the most part, gold stocks haven’t yet reacted to the elevated gold price.
In a June interview with INN, Rick Rule, proprietor at Rule Investment Media, suggested that the disconnect is related to the fact that central banks have been such strong buyers of gold.
"The central banks have been buyers of gold, but they aren't buyers of gold shares. So it makes perfect sense that because the audience for gold, at least temporarily, has changed, that this dichotomy exists," he said.
Newmont (TSX:NGT,NYSE:NEM), the world’s largest gold producer, has seen a modest gain of about 5 percent since the start of the year, while rival Barrick Gold (TSX:ABX,NYSE:GOLD) has fallen by around 4 percent.
That's not to say there haven’t been winners. On the TSX, Galiano Gold (TSX:GAU,NYSEAMERICAN:GAU) is up 88.71 percent gain year-to-date, and G2 Goldfields (TSX:GTWO,OTCQX:GUYGF) has surged 78.67 percent.
When it comes to the juniors, Clark thinks they are ready to take off. He pointed out that the VanEck Junior Gold Miners ETF (ARCA:GDXJ) has outperformed gold since the precious metal took off at the end of February.
Clark also noted that the juniors that aren’t in the GDXJ have been underperforming, but given how well gold has performed it’s just a matter of time. “I think the fuse has been lit, because once gold starts to move the money will move down into the producers, then developers and then juniors,” he said.
Small-cap winners on the TSXV include Adyton Resources (TSXV:ADY,OTC Pink:ADYRF) which has seen an 1,100 percent increase year-to-date, and Black Mammoth Metals (TSXV:BMM,OTC Pink:LQRCF), up 959 percent in that time.
Rob McEwen, founder of Goldcorp and current chairman and chief owner of McEwen Mining (TSX:MUX,NYSE:MUX), told INN in June that he thinks gold stocks are poised for a breakout.
“With the price of gold above US$2,000 an ounce, people are looking at junior explorers and saying, 'What have they found and could that really grow?' You’re watching the high-cost producers suddenly start performing because now they’re moving into the positive territory in their earnings, and there are some M&As still going around as people say it’s faster and possibly cheaper to buy the ounces than to drill and wait for the results,” he said.
Investor takeaway
With the price of gold changing so fast, Clark has had to make some adjustments to his forecast for the rest of the year. For him, the next level to watch is US$2,500, and he is confident it will get there this year.
“We had a 38 percent rise in the gold price, in this upcycle, but the average upcycle is much higher, and if this upcycle were to end today it would be the lowest in history,” Clark said.
David Morgan, publisher of the Morgan Report, also sees gold reaching US$2,500 before the end of 2024.
These predictions are in line with prices from major financial institutions. The Bank of America (NYSE:BAC) sees gold climbing to US$3,000 over the next 12 to 18 months, while JPMorgan (NYSE:JPM) sees US$2,500 by the year's end.
Overall, experts believe a great deal of potential has yet to be unlocked in the gold price as well as gold companies. The current market may provide opportunities for investors who have been waiting on the sidelines to invest in producers or ETFs, and — depending on risk appetite — chances to get exposure to well-positioned juniors.
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.
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.
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