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![Tempest Minerals](https://investingnews.com/media-library/tempest-minerals.png?id=52327517&width=1200&height=800)
TEM | Yalgoo Update - Commencement of Drilling at Remorse
Tempest Minerals Ltd (TEM) ("Tempest" or "the Company") is pleased to announce the commencement of drilling operations at its highly prospective Remorse Copper Target within the Yalgoo Project, Western Australia.
Key Points
- Commencement of 5,000m of reverse circulation drilling at the Remorse Target
Don Smith, Managing Director of Tempest Minerals, commented: "Despite some challenges, we’ve commenced drilling at Remorse. Our methodical approach to exploration has led us to this point, and we are excited to be testing the potential of this promising copper target. We look forward to updating shareholders as results become available."
Yalgoo Project
Background
The current drilling program is designed to test the central area of the Remorse Target, which has demonstrated significant potential through previous geochemical and geophysical surveys. The program consists of approximately 5,000 metres of RC drilling.
The Remorse Target is part of Tempest's broader Yalgoo Project, which spans over 1,000 square kilometres of prospective terrain for base and precious metals. Several long-term exploration efforts, including ground truthing and detailed geological mapping led to the expansion of the current drilling program. Recent multi-data analyses have further reinforced the target's potential.
Next Steps
- Ongoing analysis of drill results as they become available
- Potential for further drilling based on initial results
- Continued exploration activities across multiple promising targets within the portfolio
Figure 01: Reverse Circulation Drilling commencing on WARDH160 at the Remorse Target
The Board of the Company has authorised the release of this announcement to the market.
About TEM
Tempest Minerals Ltd is an Australian-based mineral exploration company with a diversified portfolio of projects in Western Australia considered highly prospective for precious, base and energy metals. The Company has an experienced board and management team with a history of exploration, operational and corporate success.
Tempest leverages the team’s energy, technical and commercial acumen to execute the Company’s mission - to maximise shareholder value through focused, data-driven, risk-weighted exploration and development of our assets.
Investor Information
investorhub.tempestminerals.com
TEM welcomes direct engagement and encourages shareholders and interested parties to visit the TEM Investor hub which provides additional background information, videos and a forum for stakeholders to communicate with each other and with the company.
This article includes content from Tempest Minerals Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
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Tempest Minerals
Investor Insights
The continued positive outlook for gold and copper is creating a strong macro economic environment for Tempest Minerals supported by its highly prolific assets with potential for world-class deposits.
Overview
Tempest Minerals (ASX:TEM) is an exploration and development company based in Australia, with a diversified portfolio of mineral assets prospective for gold, copper, rare earths (REE), lithium and base metals. The company has five projects located in prolific territories in Western Australia: Yalgoo (gold, copper, zinc, silver, iron ore, tungsten, rare earths and more), Mt Magnet (gold, REE), Five Wheels (gold, base metals), Elephant (gold) and Rocky Hill (lithium). Its flagship Yalgoo property is a large land package comprising several targets, located in the prolific Yalgoo Region of Western Australia. Following extensive field exploration and a large geophysical survey, Tempest has defined two exceptional targets - Remorse (copper) and Sanity (gold) - which will be the focus of drill programs in the near term. A third drill target, Wrangler (gold), has also been identified in the Mt Magnet project.
Tempest Minerals is headquartered in Perth, Australia.
Tempest Minerals is led by an experienced board and management team with a history of exploration, operational and corporate success, key to executing the company’s mission to maximise shareholder value through focused, data and technology-driven asset exploration and development.
Company Highlights
- Tempest Minerals’ exploration and development projects are primarily located in Western Australia and highlight a multi-commodity strategy in regions with a strong mining history.
- The company’s main strategy is to promote a project pipeline coupled with hands-on exploration methods aimed at identifying high-growth assets.
- Tempest is embarking on a 5,000 metre drilling campaign at the Remorse target at its Yalgoo project that should generate positive news flow and provide near-term support for the stock.
- This year’s work will focus on delineating additional mineralised systems to define larger targets.
Key Projects
Yalgoo Property
Tempest’s largely unexplored and 100-percent-owned Yalgoo property covers more than 1,000 square kilometres and is highly prospective for gold and base metals with world-class potential. It is located four hours from Perth, close to major infrastructure and adjacent to world-class gold and copper mines, including Golden Grove, Minjar, Rothsay, Mt Mulgine and Deflector.
Tempest has identified two drill targets within Yalgoo, which will be the focus of near-term drilling and exploration work. The Remorse target is prospective for copper and features a 4-kilometre base metal anomaly, with extremely coherent surface geochemistry. The target will undergo a 5,000-metre drilling program in July. The Sanity target is highly prospective for gold, with rock chip samples returning 7 grams per ton (g/t) gold, 0.2 percent copper, and more than 60 percent iron.
Mt Magnet
The 100-percent owned Mt Magnet project spans more than 20 square kilometres located within a world-class mining district and is 5 kilometres from a processing facility. A prolific mining destination with at least 6 million ounces of gold produced to date, the project is surrounded by multiple large-scale gold mines currently in operations, including Dalgaranga and Kirkalocka. The project contains multiple drill targets, of which Wrangler will be a key focus of near-term work.
Elephant
The Elephant project is a 194 square kilometre property in the prolific Fraser Range region with large geological structures and multi-million-ounce targets. The project area itself has strong magnetic anomalies and an 8-kilometre gold in soil geochemical anomaly which could represent a large subsurface gold system.
Five Wheels
The 100-percent owned, 266-square-kilometre Five Wheels project is geologically similar to Rumble Resources’ zinc-lead-copper discoveries and sits within the boundaries of the Earaheedy Basin in Western Australia, a mineralised sedimentary basin. A major geophysics program is planned for the project, co-funded by the government.
Management Team
Brian Moller – Non-executive Chairman
Brian Moller specialises in capital markets, mergers and acquisitions, and corporate restructuring and has acted in numerous transactions and capital raisings in both the industrial and resources and energy sectors. He has been a partner at the legal firm HopgoodGanim for 30 years and leads the corporate advisory and governance practice. Moller acts for many publicly listed companies in Australia and regularly advises boards of directors on corporate governance and related issues. He is currently chair or a non-executive director of a number of ASX listed companies and was critical in the progression of the high-profile LSE-listed SolGold PLC into becoming one of the largest copper-gold developments in the world.
Don Smith – Managing Director
Don Smith is a geologist and entrepreneur with over 20 years in the mining industry. He has worked in operational, development, exploration and consulting roles for junior through multinational firms intensively internationally on numerous commodities, including base and precious metals and energy minerals.
Smith’s corporate experience includes project acquisition, financing and development, and company management. He has been the founding director of a number of private and public resource companies, including the successful listings on the ASX of Platypus Resources and Alderan Resources. Smith has a Bachelor of Science from Newcastle University and a Master of Business Administration from the Australian Institute of Business.
Andrew Haythorpe – Non-executive Director
Andrew Haythorpe has 30 years’ experience in geology and funds management and has been the director and chairman of a number of TSX and ASX listed companies. Since 1999, Haythorpe has been involved in over AU$300 million of mergers and acquisitions and capital raisings in mining and technology companies listed on the TSX and ASX.
He is currently the managing director at Allup Silica, Goldoz and Stunalara Metals, where he is also a founder. He has previously been a fund manager and analyst at Bankers Trust, an analyst at Suncorp (now a Top 20 ASX-listed company with some AU$96 billion in assets), and a director at Hartley Poynton. More recently, he was the managing director of Crescent Gold, leading that company from a junior explorer to a mid-tier producer within four years; and the managing director of Michelago Resources, which became one of the top-performing ASX-listed companies on its transition to gold production in China.
Owen Burchell – Non-executive Director
Owen Burchell is a mining engineer with 20 years of technical, operational and corporate experience, including management positions at Rio Tinto, BHP and Barrick Gold, as well as numerous mining start-ups, closures and operational turnaround projects.
Burchell holds several post-graduate business qualifications from the West Australian School of Mines and is the holder of a First Class Mine Managers Certificate of Competency. He is also a member of the Australasian Institute of Mining and Metallurgy and a graduate of the Australian Institute of Company Directors.
Burchell currently consults on numerous projects in the resource sector.
Top 10 Biggest Gold Mines in Australia (Updated 2024)
Australia is currently tied with Russia for second place in global gold production.
With gold's price trading at historic highs, it's a good time for investors to find out more about gold mines in Australia.
Read on for a look at where gold is mined in Australia and how much gold is produced at the biggest Australian gold mines.
Where is gold mined in Australia?
One of the nation's more prolific gold-mining areas is Western Australia, which according to the Fraser Institute is one of the best mining jurisdictions in the world. Unsurprisingly, the area has attracted major miners like Rio Tinto (ASX:RIO,LSE:RIO,NYSE:RIO) and BHP (ASX:BHP,NYSE:BHP,LSE:BLT).
In fact, gold was the second most valuable commodity in Western Australia by in 2023, only behind liquefied natural gas; gold sales came in a record AU$20 billion during that time.
Overall, according to statistical data provided by the government of Western Australia, the state alone produced 211.22 tonnes of gold in 2023 compared to just 80.73 tonnes of gold produced in the rest of the country.
Within Western Australia, the Pilbara region has renewed interest and helped increase the country’s consistent gold output. Covering more than half a million square kilometres, the Pilbara area is one of the most resource-rich regions in the state. And while the Pilbara area is better known as an iron ore hotspot, it's currently in the midst of a small gold rush thanks to a major discovery in 2017 by Novo Resources (TSXV:NVO,OTCQX:NSRPF) and Artemis Resources (ASX:ARV,OTCQB:ARTTF).
Some geologists have compared the geology of the Pilbara Craton with South Africa’s Witwatersrand Basin, which is home to the Earth’s largest known gold reserves and is responsible for over 40 percent of worldwide gold production.
Both the Pilbara and Witwatersrand are similar in age and composition, sitting on top of the Archean granite-greenstone basement. The Pilbara area hosts numerous small mesothermal gold deposits containing conglomerate gold — mineralisation known to hold large, high-grade gold nuggets.
What are the biggest Australian gold mines?
Below is a guided tour of the 10 largest gold mines in Australia in terms of gold output, as per Aurum Analytics' Q2 2024 report on Australian and New Zealand gold operations.
1. Boddington
Newmont (TSX:NGT,NYSE:NEM) became the sole owner of this open-pit gold and copper mine in 2009. The asset is located 16 kilometres from Boddington, Western Australia.
Iin calendar year 2023, Boddington produced 745,000 ounces of gold, a 7 percent drop from the 798,000 produced in 2022.
Newmont expects production at Boddington to decline significantly in 2024, setting guidance at only 575,000 ounces, which it attributes to lower-grade ore. However, the company expects production to increase in 2026 as it works to complete laybacks in the north and south pits.
The mine produced 147,000 ounces of gold in the second quarter of 2024.
2. Cadia Valley
Located in New South Wales, Cadia Valley is now owned and operated by Newmont following its acquisition of Newcrest Mining in November 2023. The mine is made up of the Cadia East underground panel cave mine and the Ridgeway underground mine (currently on care and maintenance), which produce gold doré bars from a gravity circuit and gold-rich copper concentrates from a flotation circuit.
Once the biggest gold mine in Australia, Cadia’s production numbers have been in decline in recent years, slipping from 843,000 in 2020 to 597,000 ounces in fiscal 2023. Output declines in 2023 were due to planned shutdowns as the company worked on development activities for the PC1-2 project and began cave ramp-up on PC2-3.
Newmont is forecasting further declines in production from Cadia in 2024. It set guidance at 370,000 ounces as it continues on underground development on block caves and tailings expansion and plans for the next decade of mine life.
Cadia produced 117,000 ounces of gold in the June quarter of 2024.
3. KCGM
Northern Star Resources (ASX:NST,OTC Pink:NESRF) owns Kalgoorlie Consolidated Gold Mines (KCGM), which includes the Fimiston open pit — also known as the Super Pit — the Mount Charlotte underground mine and the Fimiston and Gidji processing plants. The operations reached the milestone of 50 million ounces of gold production in 2019.
KCGM is located in the legendary Golden Mile, which was once reputed to be the richest square mile on Earth. In its fiscal 2024, KCGM produced 449,032 ounces of gold, and the operations sit on 13.3 million ounces of reserves.
In mid-2023, Northern Star launched a AU$1.5 billion expansion project at KCGM that is expected to increase production to 900,000 ounces per year by 2029. As the expansion enters its second year, the company reported major works would include the installation of grinding, crushing and flotation cells along with site infrastructure.
KGCM produced 116,690 ounces of gold during the second quarter of 2024.
4. Tropicana
Tropicana is co-owned by AngloGold Ashanti (ASX:AGG,NYSE:AU,OTC Pink:AULGF), which owns 70 percent, and Regis Resources (ASX:RRL,OTC Pink:RGRNF), which owns the remaining 30 percent.
The mine spans 3,600 square kilometres and stretches over close to 160 kilometres in strike length along the Yilgarn Craton and Fraser Range mobile belt collision zone. The regional geology is dominated by granitoid rocks, making it a rare example of a large gold deposit within high-grade metamorphic rocks that have undergone widespread recrystallisation and melting.
In calendar 2023, Tropicana produced 442,887 ounces of gold, with AngloGold Ashanti’s 70 percent accounting for 310,000 ounces and the rest attributed to Regis.
As part of AngloGold Ashanti's commitment to lowering its carbon footprint, a 62 megawatt wind and solar facility is currently under construction at Tropicana. The project is expected to be completed during the first quarter of 2025 and will reduce greenhouse gas emissions at the site by an estimated 65,000 per year.
Tropicana produced 102,763 ounces of gold during the second quarter of 2024.
5. Tanami
Tanami has been fully owned and operated by Newmont since 2002 and is located in the Northern Territory's remote Tanami Desert. Both the mine and the plant are located on Aboriginal freehold land that is owned by the Warlpiri people and managed on their behalf by the Central Desert Aboriginal Lands Trust.
Tanami is a fly-in, fly-out operation in one of Australia’s most remote locations. The asset is 270 kilometres away from its closest neighbours, the remote Aboriginal community of Yuendumu.
In 2023, Tanami produced 448,000 ounces, 7 percent lower than the 484,000 ounces from the previous year. Newmont has projected that 2024 will see a further decrease to 400,000 ounces, attributing the reduced output to lower grades from deeper in the underground mine as it continues to develop the expansion.
In October 2023, Newmont announced the Tanami Expansion 2 project, which has an expected commercial production date of late 2025. Once complete, it is expected to extend the mine's life beyond 2040 and increase its annual gold production by approximately 150,000 to 200,000 ounces for the initial five years.
Tanami produced 99,000 ounces of gold in the June quarter of 2024.
6. Cowal
Owned by Evolution Mining, Cowal is the company's largest gold-producing asset. The mine is located near Bland Shire in New South Wales within the traditional lands of the Wiradjuri people.
In 2023, Evolution marked important milestones in the mine’s development with the ramp-up in production of its newly cutback Stage H portion of its open pit mine and the early completion of its underground mine.
The new underground portion of Cowal helped to deliver a record production in its fiscal year 2024 of 312,644 ounces of gold versus 276,314 ounces during its fiscal 2023.
Due to high gold prices and strong production numbers, the company reported that it has been able to repay capital costs for the acquisition and expansion at Cowal. In total, the mine generated AU$604.9 million in fiscal 2024.
Cowal produced 94,826 ounces of gold in the quarter ending June 30.
7. Jundee
Jundee is located in the Northern Goldfields region of Western Australia and is owned by Northern Star after the miner purchased it from Newmont in 2014 for AU$82.5 million. The property is well known due to the fact that it solely uses underground mining. Along with Cadia Valley, Jundee is one of the lowest-cost gold producers on this list.
The asset produced 280,963 ounces of gold in the company’s fiscal 2024, lower than the 320,201 ounces produced the previous year. Production at Jundee was impacted by a fire in the processing plant in Q4 that resulted in 10 days of unplanned downtime.
In June of 2023, Northern Star announced it would be integrating 24 megawatts (MW) of wind and 16.9 MW of solar into its existing gas power station network and would be supplementing the entire system with 12 MW of battery energy storage. Once complete renewable generation is expected to account for 56 percent of the mine's power and will contribute to a 36 percent reduction in Northern Star’s carbon footprint.
In its 2024 report released in August, the company reported that three of the four planned wind turbines have been installed, with the fourth on track for commissioning later in 2024.
During the second quarter of 2024, Jundee produced 72,661 ounces of gold.
8. St. Ives
Owned and operated by Gold Fields (NYSE:GFI,JSE:GFI), St. Ives consists of multiple open-pit and underground mines near Kambalda in Western Australia.
In Gold Fields’ 2023 annual report, the company detailed that output from St. Ives came in at 371,800 ounces of gold during the calendar year, a slight decline from the 376,700 ounces achieved in 2022. The company set guidance at St. Ives for 2024 at approximately 355,000 ounces of gold.
In March 2024, Gold Fields announced the construction of a microgrid project at St. Ives that will add 42 MW of wind and 35 MW of solar, generating 73 percent of the operation’s electrical requirements. The company expects the microgrid to be operational toward the end of 2025. Overall, it is projected to reduce scope 1 and 2 emissions at the mine by 50 percent in 2030.
St. Ives produced 70,147 ounces of gold in the second quarter of 2024.
9. Duketon South
Owned by Regis Resources, Duketon is located in the North Eastern Goldfields of Western Australia. The operation is composed of the Garden Well and Rosemont mines, with both hosting open pit and underground operations.
The primary processing facility at Garden Well has a 5 million tonne per annum throughput rate with a two-stage crushing circuit, scrubber and ball mill, as well as a 7.5 million tonne per annum carbon-in-leach circuit, which also handles slurry from Rosemont.
In the company’s fiscal 2024 report, it indicated production had decreased to 244,455 ounces of gold for the year ended June 30 from 252,672 ounces produced in 2023.
In May 2024, Regis announced it approved development for a new underground mining area at Garden Well and an extension to the Rosemont underground mine. Once these are complete, Regis is projecting annual production of 100,000 to 120,000 ounces of additional capacity by fiscal 2027.
During the quarter ending June 30, Duketon South produced 66,102 ounces of gold.
10. Fosterville
Fosterville, which is owned by Agnico Eagle Mines (TSX:AEM,NYSE:AEM), is a high-grade, low-cost underground gold mine located in the state of Victoria.
The mine has been operational since 1989, with a lifetime production of over 16 million ounces of gold. The asset produced 277,694 ounces of gold in calendar 2023, a decrease from the 338,327 ounces produced in 2022. Agnico Eagle attributes the decrease to lower grades as it processes the remaining areas of the Swan zone.
The company has forecast continued declines from Fosterville putting the mid-point of guidance at 210,000 ounces in 2024, 150,000 ounces in 2025 and 150,000 ounces in 2026. The expectation is the Swan zone will be largely depleted by the end of 2024. Steeper declines will be offset by improved ventilation, increasing the mining rate at Robbins Hill by 10 percent.
Fosterville produced 65,963 ounces of gold during the second quarter of 2024.
How to invest in Australian gold stocks?
Investing in Australian gold stocks is similar to stocks in other sectors. Gold companies issue shares on stock exchanges that are available for investors to trade. When you purchase shares of a gold stock, you are essentially purchasing a stake in the company.
Many gold companies in Australia are listed on the ASX, making them easily accessible to Australian investors. To invest in the companies that are listed on international exchanges, Australian investors will have to use a broker that has access to that market.
For North American investors looking to invest in Australian gold companies, some are dual-listed on Canadian and US stock exchanges as well, making them more accessible.
As for deciding which type of gold company to invest in, whether you choose to invest in gold-mining stocks or gold companies at the development or exploration stage should be based on your risk tolerance. In general, established companies that are producing metal are more stable and less risky than smaller companies that are still exploring for gold or building a mine.
Although no investing strategy is 100 percent foolproof, experts often recommend gold stocks as a way to hedge exposure to general stock market. That's because they tend to move in tandem with the price of gold.
For more ideas in how to invest in Australian gold stocks, check out our articles on the biggest ASX-listed gold stocks and the top-gaining ASX gold stocks year-to-date.
This is an updated version of an article first published by the Investing News Network in 2019.
Don’t forget to follow us @INN_Australia for real-time updates!
Securities Disclosure: I, Dean Belder, currently hold no direct investment interest in any company mentioned in this article.
Aurum Resources
Investor Insights
Aurum Resources offers a compelling value proposition through its highly prospective gold asset in Côte d'Ivoire, a fast-emerging gold region in West Africa. It's cost-effective exploration strategy of drill rig ownership, also sets it apart from its peers.
Overview
Aurum Resources (ASX:AUE) is a mineral exploration company primarily focused on gold through its flagship Boundiali gold project located in Côte d’Ivoire, West Africa.
Côte d'Ivoire's gold mining sector is experiencing significant growth and development, with several key projects contributing to the country's economic expansion. The overall gold mining sector in Côte d'Ivoire is supported by substantial investments in infrastructure and exploration.
Geopolitically, Côte d'Ivoire outperforms most developing countries in the world in political, legal, tax and operational risk metrics. Additionally, Côte d'Ivoire continues to make notable strides in its political stability and Absence of Violence and Terrorism Index.
Aurum is led by a board and management team with considerable experience and a track record of success in the mining industry and a history of creating shareholder value.
Company Highlights
- Aurum Resources is a precious metals company with exploration prospects in the same greenstone belt as the Syama (11.5 Moz), Sissingué (1.0 Moz), Tongon (5.0 Moz) and Kone Gold (4.5 Moz) deposits of West Africa.
- Upcoming catalysts include a maiden mineral resource estimate expected to be completed by the end of 2024. The company believes mineralization is open at depth and along strike and highlights the existence of numerous gold mineralization targets within the large land holding of Aurum’s Boundiali Gold Project.
- Aurum operates its own drill rigs, allowing the company to significantly reduce its exploration costs relative to peers.
- Management has a track record of creating value for shareholders from exploration through to project development, mine construction and gold production.
- Strong leverage to increasing gold prices that will benefit from a declining interest rate environment and rising global geopolitical risk factors.
- Well-funded for greater than 12 months and over 100,000 metres diamond drilling programs and metallurgical study
Key Project: Boundali Gold Project
The Boundiali gold project in Cote d’Ivoire is located within the Boundiali Greenstone Belt, which hosts Resolute’s Syama gold operation (11.5 Moz) and the Tabakoroni deposit (1 Moz) in Mali. Neighbouring assets also include Barrick’s Tongon mine (5 Moz) and Montage Gold’s Kone project (4.5 Moz).
The Boundiali project area covers the underexplored southern extension of the Boundiali belt, where a highly deformed synclinal greenstone horizon traverses finer-grained basin sediments, and to the west, Tarkwaian clastic rocks lie in contact with a granitic margin. The project benefits from year-round road access and excellent infrastructure.
The first stage of drilling at Boundiali occurred in the fourth quarter of 2023 and the first quarter of 2024 for both the BM and BD tenements (BM1 and BM2; BD1, BD2 and BD3 targets) and was designed to test below-gold-in-soil anomalies oriented along NE trending structures. Having completed its initial exploration program, Aurum is now ramping up and undertaking a scout and step-back diamond drilling campaign with plans to increase its drilling fleet to include six rigs targeting a drilling rate of ~10,000 metres per month. The company expects to drill more than 45,000 metres of diamond core at Boundali to support an inaugural mineral resource estimate that is anticipated by the end of 2024.Drilling costs are estimated at US$45 per metre, as Aurum owns all of its drilling rigs and employs its operators, representing a significant value proposition relative to peers who use commercial drilling companies that charge upwards of $200 per meter. The company believes there is potential for multi-million ounce gold resources to be defined with hundreds thousands meters of drilling over years within the Boundiali Gold Project’s land holding areas.
The Boundiali gold project comprises four contiguous granted licenses: PR0808 (80 percent interest), PR0893 (80 to 88 percent interest), PR414 (100 percent interest), and PR283 (70 percent interest). Historic exploration at PR0893 includes 93 AC drill holes and four RC holes. Airborne geophysical surveying, geological mapping and extensive soil sampling have also been performed at PR0893, while PR0808 has had 91 RC holes drilled for 6,229 metres along with geochemical analysis and modeling. Detailed geochemical sampling and drilling at PR414 revealed three strong gold anomalies and returned impressive high-grade results.
Following the renewal of its Boundali South (BST) exploration licence in September 2024, drilling at the Nyangboue deposit is ramping up. Previous exploration at BST has returned impressive results, including 20 m at 10.45 g/t gold from 38 meters, and 30 m at 8.30 g/t gold from 39 m.
In May 2024, Aurum entered a strategic partnership agreement to earn up to a 70 percent interest in exploration tenement PR283, to be renamed Boundiali North (BN). Aurum, through subsidiary Plusor Global Pty Ltd, has partnered with Ivorian company Geb & Nut Resources Sarl and related party (GNRR) to explore and develop the Boundiali North (BN) tenement which covers 208.87sq km immediately north of Aurum’s BD tenement. Further to this agreement, Aurum announced it has earned 51 percent project interest after completing more than 8,000 m of diamond core drilling. Aurum is continuing diamond drilling on the BM tenement targeting an initial JORC resource by late 2024.
Management Team
Troy Flannery – Non-Executive Chairman
Troy Flannery has more than 25 years’ experience in the mining industry, including nine years in corporate and 17 years in senior mining engineering and project development roles. He has a degree in mining engineering, masters in finance, and first class mine managers certificate of competency. Flannery has performed non-executive director roles with numerous ASX listed companies and was the CEO of Abra Mining until October 2021. He has worked at numerous mining companies, mining consultancy and contractors, including BHP, Newcrest, Xstrata, St Barbara Mines and AMC Consultants.
Dr. Caigen Wang – Managing Director
Dr. Caigen Wang founded Tietto Minerals (ASX:TIE), where he led the company as managing director for 13 years through private exploration, ASX listing, gold resource definition, project study and mine building to become one of Africa’s newest gold producers at its Abujar gold mine in Côte d’Ivoire. He holds a bachelor, masters and PhD in mining engineering. He is a fellow of AusIMM and a chartered professional engineer of Institution of Engineer, Australia. Wang has 13 years of mining academic experience in China University of Mining and Technology, Western Australia School of Mine and University of Alberta, and over 20 years of practical experience in mining engineering and mineral exploration in Australia, China and Africa. Other professional experience includes senior technical and management roles in mining houses, including St. Barbara, Sons of Gwalia, BHP Billiton, China Goldmines PLC and others.
Mark Strizek – Executive Director
Mark Strizek has nearly 30 years’ experience in the resource industry, having worked as a geologist on various gold, base metal and technology metal projects. He brings invaluable geological, technical and development expertise to Aurum, most recently as an executive director at Tietto Minerals’, which progressed from an IPO to gold production at the Abujar gold project in West Africa. Strizek has worked as an executive with management and board responsibilities in exploration, feasibility, finance and development-ready assets across Australia, West Africa, Asia and Europe.
Havana Underground Gold Project Gets Green Light from Tropicana Joint Venture Partners
Regis Resources (ASX:RRL,OTC Pink:RGRNF) said on Monday (September 9) that development of the Havana underground gold project has been approved by the Tropicana joint venture.
The joint venture is a partnership between Regis and AngloGold Ashanti (NYSE:AU), with the former owning 30 percent and the latter holding a 70 percent management stake in the initiative.
First gold was produced at Tropicana in 2013 after the site was discovered in 2005. The area currently contains four known mineralised zones: Tropicana, Boston Shaker, Havana and Havana South.
According to Regis, the underground Havana project will fall below the Havana open pit, which is now in production. Once it starts up, Havana will be the third underground mine at the Tropicana site.
The company said Havana will deliver "incremental gold production" above output already planned at Tropicana.
“Tropicana has consistently replaced underground Ore Reserves at levels beyond depletion, and the approval to develop the Havana Underground Project provides us with further confidence in the long-term future of Tropicana’s underground growth,” said Jim Beyer, managing director and CEO of Regis, in a press release.
Havana will be able to leverage existing infrastructure at Tropicana, including the workshop, camp and process plant. However, it will require additional minor power, communication, ventilation and dewatering infrastructure.
Mining costs for Havana are expected to be similar to those for Tropicana's existing underground mining areas.
Tropicana is located on the western edge of the Great Victoria Desert, and as mentioned was discovered in 2005. Over 3 million ounces of gold have reportedly been mined via open pit during its life.
Following Tropicana's discovery, the joint venture made a discovery at Havana in 2006.
Gold production from the first stope ore underground at Havana is anticipated to commence in Q3 of the 2027 fiscal year, and will continue over three years. Life-of-mine output from the asset is set at 55,000 ounces of gold.
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Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.
Aurum Earns 51% Interest in Boundiali BM tenement
Aurum Resources Limited (ASX:AUE) is pleased to announce the Company has earned 51% project interest on the BM Joint Venture (JV) project, part of its Boundiali Gold Project in Côte d'Ivoire, West Africa, after completing more than 8,000m of diamond core drilling.
Highlights
- Aurum subsidiary Plusor Global Pty Ltd drilled 8,408.35m diamond holes on the Plusor- Minex JV tenement, one of four exploration tenements comprising the Boundiali Gold Project in Côte d’Ivoire, fulfilling the Company’s commitment for earning 51% project interest in this JV tenement within first 12 months of JV commencement.
- BM tenement has significant artisanal workings, some of them are still active.
- Aurum’s scout drilling campaign of 31 diamond holes completed in late 2023, with a total of 4,876.9m drilled, delivered very encouraging results including1:
- 16m @ 1.24 g/t Au from 117m incl. 6m @ 2.44 g/t Au from 127m for diamond drill hole MBDD010
- 7.39m @ 1.94 g/t Au from 139.34m incl. 5.35m @ 2.53 g/t Au from 141.37m (MBDD017)
- 16.3m @ 1.02 g/t Au from 86.7m incl. 8.0m @ 1.71 g/t Au from 95m (MBDD019)
- 15.82m @ 0.94 g/t Au from 5.18m incl. 4.5m @ 1.77 g/t Au from 16.5m (MBDD008)
- Aurum drilled 19 diamond holes for 3,531.45m from June 2024 to 17 August 2024 on BM tenement, with assay results pending and expected in early October.
- Aurum is continuing diamond drilling on the BM tenement targeting an initial JORC resource by late CY2024.
- Aurum has six self-owned diamond rigs at Boundiali Gold Project with up to 10,000m per month drilling capacity to fulfil 45,000m drilling for CY2024.
- Initial Mineral Resource Estimate for Boundiali on track for late CY2024
- Aurum is well-funded (~$20M) for continued aggressive exploration.
Aurum’s Managing Director Dr. Caigen Wang said:“We are pleased to announce that through our careful and geologically-driven planning and execution of diamond drilling programs, in the second phase of our Plusor-Minex JV, we have drilled 8,000m diamond holes to earn 51% project interest, thanks to our JV partner’s strong support and diligent work by our in-country exploration team.
While the scouting drilling results released early this year are very encouraging, we are more excited about pending assay results in early October for new holes drilled in recent months.
With ongoing diamond drilling continues through the rest of this year, we are expecting inaugural JORC resources to be defined on this JV project, together with initial JORC resources from the BD tenement where very impressive drilling results have been intercepted and report.”
Boundiali Minex (BM) Plusor JV interest earning process
As of 18th August 2024, the first anniversary of the Boundiali Minex (“BM”) JV, Plusor has earnt a 51% interest through carrying out diamond drilling programs of 8,000m to earn 80% interest in two stages.
The agreement terms are:
- 4,000m of diamond holes to earn 30% interest - completed
- A further 4,000m of diamond holes to earn accumulated 51% interest - completed
- Earn an accumulated 80% interest from a total exploration expenditure of US$2.5M using a nominal diamond drilling cost of US$140/m in calculation for expenditure commitment.
- 80-88% interest in future gold production company (Government gets 10% free carry from local partner):
- 80% if local partner contributes 11% capex
- 85% if local partner does not contribute capex – they go to 5% free carry
- 88% if local partner sells us 3% of their interest they go to 2% free carry.
Click here for the full ASX Release
This article includes content from Aurum Resources Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Top 5 Canadian Mining Stocks This Week: American Creek Soars 85 Percent on Acquisition News
Welcome to the Investing News Network's weekly look at the best-performing Canadian mining stocks on the TSX and TSX Venture Exchange, starting with a round-up of Canadian and US data impacting the resource sector.
The S&P/TSX Venture Composite Index (INDEXTSI:JX) lost 22.75 points this week to close at 545.22. Meanwhile, the S&P/TSX Composite Index (INDEXTSI:OSPTX) was down 564.75 points to finish at 22,781.43.
Statistics Canada's August labor force survey, released on Friday (September 6), shows the unemployment rate ticked up by 0.2 percent from July to hit 6.6 percent. The rate is the highest it's been since 2017, not including the pandemic.
The Canadian economy added 22,000 jobs in August, with 66,000 part-time job gains being offset by 44,000 full-time job losses. With the country's overall employment rate ticking down just 0.1 percent to reach 60.8 percent, the underlying shift shows employment growth is being outpaced by a rising population in Canada.
South of the border, the US Bureau of Labor Statistics released its August employment situation summary on Friday. The data shows 142,000 jobs were added, with unemployment ticking down to 4.2 percent from 4.3 percent in July.
With 7.1 million people unemployed, the release shows a clear cooling in the economy from a year ago, when the unemployment rate was 3.8 percent and the number of unemployed people was at 6.3 million.
In a speech at the University of Notre Dame on Friday, Christopher J. Waller, a member of the US Federal Reserve's board of governors, said “the time has come” to cut interest rates, echoing Fed Chair Jerome Powell’s recent remarks in Jackson Hole, Wyoming. Waller also opened the door for multiple cuts before the end of 2024.
Friday’s news did little to move equity markets, which trended downward this week. The S&P 500 (INDEXSP:.INX) declined to 5,408.43 points, while the Nasdaq 100 (INDEXNASDAQ:NDX) was off by 5.56 percent to 18,421 points. The Dow Jones Industrial Average (INDEXDJX:.DJI) fell 2.47 percent to close the week at 40,345 points.
Commodities were also down, with the S&P GSCI (INDEXSP:SPGSCI) shedding 6.07 percent to finish the week at US$511.05. As of 5:00 p.m. EDT on Friday, gold was at US$2,496.09 per ounce and silver was at US$27.91 per ounce.
Against that backdrop, which TSX- and TSXV-listed resource stocks rose the most? Find out below.
1. American Creek Resources (TSXV:AMK)
Weekly gain: 93.94 percent; market cap: C$85.32 million; share price: C$0.32
American Creek Resources is a junior exploration company with a 20 percent interest in the Treaty Creek project, located within the Golden Triangle in BC, Canada. The remainder of the project is owned by Tudor Gold (TSXV:TUD,OTC Pink:TDRRF) with a 60 percent stake, and Teuton Resources (TSXV:TUO,OTCQB:TEUTF) with 20 percent.
The current focus at the project is the Goldstorm zone. In February, Tudor announced a resource estimate showing indicated quantities of 21.66 million ounces of gold grading 0.92 grams per metric ton (g/t), 128.73 million ounces of silver at 5.48 g/t and 2.87 billion pounds of copper at 0.18 percent from 730.2 million metric tons (MT).
The most recent news from the project came on August 14, when American Creek reported that Tudor had produced assay results from the first four holes of a 10,000 meter 2024 exploration program. Highlights from the program include 4.25 g/t gold, 224.59 g/t silver and 5.96 percent copper over 6.3 meters.
American Creek saw significant gains on Friday after it announced it has entered into a definitive arrangement agreement to be acquired by Cunningham Mining. Under the terms, Cunningham will pay C$0.43 per common share of American Creek, a 274 percent premium over the company's June 5 closing price of C$0.115.
2. Patagonia Gold (TSXV:PGDC)
Weekly gain: 40 percent; market cap: C$13.95 million; share price: C$0.035
Patagonia Gold is a precious metals exploration, development and production company primarily focused on advancing its Cap-Oeste and Calcatrau underground projects in Argentina. Located in Santa Cruz province, Cap-Oeste hosted open-pit mining operations until 2018. While Patagonia is working on the exploration and development of the underground resource at the site, it has been able to recover gold and silver from residual leaching on site.
A 2018 resource estimate for Cap-Oeste shows measured and indicated values of 704,300 ounces of gold and 21.43 million ounces of silver from 10.56 million MT with average grades of 2.07 g/t gold and 63.2 g/t silver.
In the company’s management discussion and analysis, released on August 28, it reported production of 889 ounces of gold and 42,363 ounces of silver from Cap-Oeste during the first six months of 2024.
For its part, Calcatreu is located in Argentina’s Rio Negro province and covers approximately 90,000 hectares. A 2018 resource estimate outlines measured and indicated values of 669,000 ounces of gold and 6.28 million ounces of silver from 9.84 million MT with average grades of 2.11 g/t gold and 19.8 g/t silver.
Patagonia's latest news came on Tuesday (September 3), when it said it has reached the final stage of permitting approval for Calcatreu and has received public support and recommendations from the Secretariats of Mining and the Environment and Climate Change of Rio Negro. The final permitting decision is expected in the next two months.
3. Petro Victory Energy (TSXV:VRY)
Weekly gain: 38.89 percent; market cap: C$25.58 million; share price: C$1.25
Petro Victory Energy is an oil and gas developer and producer advancing properties in Brazil. The company’s assets consist of 38 fully owned licenses covering a total of 257,604 acres in Brazil’s Portiguar and Barreirinhas basins.
On Thursday (September 5), Petro Victory reported oil sales of 5,814 barrels from its Sao Joao field in Q2, a 99 percent increase in volume year-on-year. A workover campaign was completed at the asset in April.
The company's proven and probable reserves currently stand at 6.87 million barrels of oil equivalent at a net present value of US$257.7 million at a discount rate of 10 percent. The operations update also outlines a partnership with Azevedo Travassos Petroleo (ATP) to develop the Andorinha field and block 281. The partnership will see ATP fund a workover program at the CR-2 well at block 281, as well as the drilling of two in-field wells at Andorinha. Once costs are recovered, the companies will see a 50/50 split of income generated from production.
4. Mkango Resources (TSXV:MKA)
Weekly gain: 30 percent; market cap: C$32.21 million; share price: C$0.13
Mkango Resources is a rare earths exploration and development company focused on the advancement of rare earths mining and recycling projects. Shares of the company have seen gains since it reported on August 29 that HyProMag will be participating in an 8 million euro GREENE project that is intended to re-engineer rare earths permanent magnets to be more resource-efficient and offer improved magnetic performance.
GREENE is an initiative funded by the European Commission’s Horizon Europe program, and will see 15 industry and academic partners work to advance the performance of rare earths batteries for electric motors.
HyProMag is owned by Maginito, in which Mkango holds a 79.4 percent stake. The remaining 20.6 percent interest is held by CoTec Holdings (TSXV:CTH,OTCQB:CTHCF). The August 29 news was followed on Tuesday by an update indicating that Maginito has entered into a binding and exclusive agreement with Inserma Anoia for the pre-processing of hard disc drives, loudspeakers and electric motors. The company said it will provide a scalable solution for the removal and recovery of magnets contained within the electronic devices, and will provide a steady neodymium feed to HyProMag.
5. Panoro Minerals (TSXV:PML)
Weekly gain: 26.47 percent; market cap: C$55.52 million; share price: C$0.215
Panoro Minerals is a copper explorer focused on the advancement of its flagship Cotabambas project in the Apurimac region of Southern Peru. Consisting of two primary mineralized zones, exploration on the property dates back to the mid-1990s and has largely been focused on an 18 square kilometer area in the northeast portion of the property.
The most recent resource estimate for the project was published in January, and outlines indicated values of 3.75 billion pounds of copper, 3.29 million ounces of gold, 39.45 million ounces of silver and 24.02 million pounds of molybdenum from 507.3 million MT, with average grades of 0.33 percent copper, 0.2 g/t gold, 2.42 g/t silver and 0.002 percent molybdenum. The company saw gains this past week, but has not published a news release.
FAQs for TSXV 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, while 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 1:00 p.m PST on September 6, 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 Dips Below US$2,500, US$970 Million Silver Deal Turns Heads
The gold price experienced ups and downs this week, sinking to nearly US$2,470 per ounce on Wednesday (September 4) before rebounding back above US$2,500 the next day.
The precious metal closed below the US$2,500 level on Friday (September 6) following August employment data from the US Bureau of Labor Statistics. The report shows nonfarm payroll employment rose by 142,000 last month, with the unemployment rate staying steady at 4.2 percent. The healthcare and construction sectors led job gains.
August's 142,000 number for jobs missed analysts' expectations of 160,000, solidifying thoughts that the US Federal Reserve will cut interest rates at its next meeting, scheduled to run from September 17 to 18.
However, market watchers are still divided on how big of a reduction the central bank will make — CME Group's (NASDAQ:CME) FedWatch tool currently shows a 75 percent likelihood of a 25 basis point cut.
Speaking ahead of this week's jobs release, Gareth Soloway of VerifiedInvesting.com said that while a cut will almost certainly be good news for gold, a large decrease could signal concerns about the economy from the Fed.
"What (does the Fed) know about the economy that's going wrong — that the rest of Wall Street is ignoring, that investors are ignoring? Now number one, that's probably pretty good for gold, because it's a safety asset," he said.
"For a stock market that had fallen sharply about three, four weeks ago and is now rebounding to almost all-time highs — that's a big concern for me, and I think we have to just be aware that you have to read between the lines. It's good the Fed might cut, but if the Fed has to cut too much it's because something has drastically gone wrong in the economy."
Bullet briefing — US$970 million silver deal, Goldman copper forecast
First Majestic to acquire Gatos Silver
First Majestic Silver (TSX:FR,NYSE:AG) said on Thursday (September 5) that it plans to acquire Gatos Silver (TSX:GATO,NYSE:GATO), expanding its presence in Mexico.
If approved, the US$970 million deal will see First Majestic gain ownership of Gatos Silver's 70 percent stake in the Los Gatos joint venture, which operates the Cerro Los Gatos silver mine in the country. The combined entity is anticipated to produce 30 million to 32 million silver equivalent ounces annually.
First Majestic's Keith Neumeyer is known for his bullish views on silver, which he believes will reach triple digits. Although the white metal made it past the important US$30 per ounce level earlier this year, it's currently around US$28.50.
Goldman Sachs cuts copper forecast
According to Bloomberg, Goldman Sachs (NYSE:GS) made a significant cut to its 2025 copper price forecast, reducing its call to US$10,100 per metric ton, down from US$15,000 previously.
Copper reached an all-time high of close to US$11,500 in May of this year, but it's since fallen substantially, currently at the US$8,915 level. Goldman states that its outlook has been dampened by weaker-than-expected demand from China, the top consumer of the red metal, as well as risks to the Asian nation's economic outlook.
Goldman also reduced its aluminum price outlook, and remains bearish on nickel and iron ore. But on a brighter note, the investment bank is maintaining its gold price target of US$2,700 for early 2025. It describes the yellow metal as "the commodity where we have the highest confidence in near-term upside."
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.
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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.
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