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![Tempest Minerals](https://investingnews.com/media-library/tempest-minerals.png?id=52327517&width=1200&height=800)
TEM | Yalgoo Update - Remorse Sampling Indicates Further Prospectivity
Tempest Minerals Ltd (TEM) is pleased to provide information on the Remorse Target. Recently completed soil sampling in the south of the main Remorse Target has yielded comparable copper and zinc to previous work and further cementing the ~ 5km x 1.5km coherent anomaly. Analyses utilising spectral mineralogical show the likely presence of a significant hydrothermal system to a degree much further than identified in geochemistry or fieldwork. This is an exciting improvement to the prospectivity of the target with a 5,000m RC drilling program imminent. Earthworks for drilling are nearing completion and drilling will commence upon arrival of the contracted drill rig.
Key Points
- Expanded copper and zinc footprint from recent surface sampling
- Copper minerals and alteration identified in mineralogical studies increasing prospectivity
- Earthworks nearing completion and drilling to commence shortly thereafter
Background
TEM holds more than 1,000km2 1 of highly prospective tenure in the Yalgoo Region of Western Australia 2. TEM previously announced the presence of large-scale copper zinc anomalies at the Remorse Target based on geology, geochemistry and geophysics that it is progressing towards drilling 3, 4, 5 and that sampling of a previously incomplete block was recently completed.
Existing Prospectivity
TEM has for some time considered the Remorse Target to be a compelling exploration target due to a number of geological factors.
Previous geochemistry
The initial recognition of the Remorse Target was due to the observation of an anomaly in previously conducted wide-spaced regional surface geochemical sampling. The 4.5km anomaly exhibits high-grade (up to 635 ppm copper) samples 6 and has a remarkably coherent layering of elements (zinc, copper, nickel and rare earths) 7.
Geology
The primary mineralisation style being considered at the Remorse Target is Volcanogenic Massive Sulphides (VMS) with a typical geological environment being deep-sea sedimentary stratigraphy with intermingled mafic and felsic volcanics. The stratigraphy often exhibits iron enrichment in the form of banded iron formations and cherts. The presence of magnetite and significant banded iron geology at the Remorse Target is commonly spatially associated with VMS systems in general 8 and also a defining characteristic of the nearby Golden Grove copper-zinc deposit 9.
The Remorse Target features large-scale structures that offset the geology at surface and may serve as feeder systems, contributing to the potential mineralisation of the area. These potential feeder structures are significant as they are integral to the formation of many mineralised VMS systems 10.
Click here for the full ASX Release
This article includes content from Tempest Minerals Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
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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.
5 Top Weekly TSXV Stocks: Gold Stocks Gain as Metal Hits New Record High
Welcome to the Investing News Network's weekly look at the best-performing junior mining stocks on the TSX Venture Exchange, starting with a round-up of Canadian and US market data impacting the resource sector.
The S&P/TSX Venture Composite Index (INDEXTSI:JX) gained more than 5 percent last week to close at 566.41. Meanwhile, the S&P/TSX Composite Index (INDEXTSI:OSPTX) was up by 743.31 points to finish at 23,054.61.
The US Bureau of Labor Statistics released July’s consumer price index (CPI) data this past Wednesday (August 14). The agency indicates that CPI increased 2.9 percent year-on-year, down from the 3 percent recorded in June.
The headline datapoint, however, was a seasonally adjusted 0.2 percent monthly increase. Most market watchers are now anticipating a 25 basis point cut when the US Federal Reserve meets in September.
The gold price gold a boost on Friday (August 16) after the Chinese government issued new gold import quotas for banks in the country following a two month pause. Central bank buying has provided the yellow metal with critical support through the year, and has helped drive bullish sentiment among Asian and emerging market investors.
Markets were positive this week, with the S&P 500 (INDEXSP:.INX) gaining 3.78 percent to 5,554.26 points, and the Nasdaq-100 (INDEXNASDAQ:NDX) surging 5.18 percent to end the week at 19,508.52.
The Dow Jones Industrial Average (INDEXDJX:.DJI) nudged up 2.79 percent to 40,659.77.
Commodities were mixed, with the S&P GSCI (INDEXSP:SPGSCI) remaining flat with a 0.27 percent loss to finish the week at US$540.07. Gold fell following the release of CPI data on Wednesday, but hit a new record high on Friday, ultimately gaining 3.19 percent during the week to US$2,508.14 per ounce. Silver also saw large price gains on Friday, jumping 5.54 percent on the week to reach US$29.02 per ounce at 4:30 p.m. EDT on Friday.
Which TSXV-listed companies rose the most against that backdrop? Here are the five top gainers.
1. Westhaven Gold (TSXV:WHN)
Weekly gain: 50 percent; market cap: C$31.04 million; share price: C$0.195
Westhaven Gold is working to advance four gold projects along the Spences Bridge Gold Belt located near Kamloops, BC. The four projects, Prospect Valley, Shovelnose, Skoonka Creek and Skoonka North, cover 37,000 hectares along the belt, which hosts similar geology to others that host epithermal style gold-silver mineralization.
The most advanced of its projects, Shovelnose, is located on the northern end of the trend. To date, the company has drilled 465 holes covering 161,597 meters and completed a preliminary economic assessment in July 2023.
In the assessment, the company reported a base case after-tax net present value of C$222 million, with an internal rate of return of 32.3 percent and a payback period of 2.6 years following the start of production.
The included mineral resource estimate for the project reports indicated resources of 612,000 ounces of contained gold and 3.27 million ounces of contained silver from 2.98 million metric tons (MT) of ore with average grades of 6.38 g/t gold and 34.1 g/t silver. The project also hosted inferred resources of 166,000 ounces of gold and 725,000 ounces silver from 1.33 million MT with average grades of 3.89 g/t gold and 16.9 g/t silver.
The company did not release news last week but has seen gains in its share price alongside the price of gold.
2. Lithium Ionic (TSXV:LTH)
Weekly gain: 46.67 percent; market cap: C$99.24 million; share price: C$0.66
Lithium Ionic is an exploration and development company that is acquiring lithium properties in Brazil. It has grouped its assets into two main groups: the Itinga and Salinas properties.
Itinga hosts the company's flagship Bandeira lithium project. A feasibility study completed in May outlines an after-tax net present value of US$1.3 billion at an 8 percent discount, and an after-tax internal rate of return of 40 percent at an average price of US$2,277 per MT for spodumene concentrate grading 5.5 percent Li2O.
The feasibility study also points to a 14 year mine life for Bandeira, during which an underground mining operation will put out an average of 178,000 MT of spodumene concentrate grading 5.5 percent Li2O.
Lithium Ionic has not released news in August.
3. Scorpio Gold (TSXV:SGN)
Weekly gain: 45 percent; market cap: C$12.65 million; share price: C$0.145
Scorpio Gold is an exploration and development company focused on the advancement of its Manhattan District in the Walker Lane Trend in Nevada, US. The district is composed of the 4,300 acre Manhattan project, which hosts two past-producing open pit mines. Scorpio acquired the project from Kinross Gold (TSX:K,NYSE:KGC) in 2021.
Adjacent to Manhattan is Scorpio’s Goldwedge project, a 1,795 acre site that includes a fully permitted underground mine and a 400 MT per day mill facility and gravity circuit.
The company’s most recent news came on August 1 when Scorpio completed the first phase of its 2024 exploration program at the Manhattan project, which consisted of five holes across 1,178 meters. The company also said it had commenced an expanded second phase that will see diamond drilling of 13 holes across 3,109 meters.
The 2024 program is being performed to support the completion of a NI 43-101 technical report with a metallurgical study later in the year.
4. Arras Minerals (TSXV:ARK)
Weekly gain: 42.86 percent; market cap: C$29.63 million; share price: C$0.45
Arras Minerals is a copper and gold exploration company working to develop assets in Northeast Kazakhstan.
Its flagship property is the Beskauga project, which is situated within the Central Asian Orogenic belt, 300 kilometers from the capital city of Astana. The property consists of three mineral licenses covering an area of over 900 square kilometers with deposits originally identified in the 1980s during Soviet-era drill programs.
The company also has a strategic alliance with Canada's Teck Resources (TSX:TECK.A,TECK.B, NYSE:TECK) to focus on further exploration projects in Kazakhstan. This initiative, announced in December 2023, will see Teck fund exploration through 2025 across a 1,736 square kilometer land package, and will give it the option to select up to four properties totalling 120 square kilometers, earning a 75 percent interest in each project.
The company has not released news in the past week.
5. Falco Resources (TSXV:FPC)
Weekly gain: 42.86 percent; market cap: C$77.04 million; share price: C$0.30
Falco Resources is an exploration and development company operating within the Abitibi Greenstone Belt in Québec, Canada. Its flagship asset is the Horne 5 polymetallic gold project, which consists of 67,000 hectares of land in the Noranda mining camp and includes 13 historic gold and base metals mining sites, including the historic Horne mine.
A 2021 feasibility study estimates that the project's measured and indicated resources stand at 4.89 million ounces of gold, 48.63 million ounces of silver, 176,982 MT of copper and 839,937 MT of zinc.
The most recent news from Falco came on July 25 when it announced that the Ministry of the Environment, the Fight against Climate Change, Wildlife and Parks would be holding public hearings about the Horne 5 project. The company says this is an important milestone for the project and will allow the company to respond to questions from the public about Horne 5. The hearings will last a maximum of four months.
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 Weekly TSXV Performers article was retrieved at 12:30 pm PST on August 16, 2024, using TradingView's stock screener. Only companies with market capitalizations greater than C$10 million prior to the week's gains are included. Companies within the non-energy minerals and energy minerals 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.
RC Drill Results Further Confirm Kamperman Potential
Astral Resources NL (ASX: AAR) (Astral or the Company) is pleased to report assay results for the final three RC holes from a recently completed 26-hole (2,808 metres) RC drilling program at the Kamperman Prospect, part of the 100%-owned Feysville Gold Project (Feysville), located approximately 14km south of Kalgoorlie in Western Australia (Figure 1).
Highlights
- Assay results for the final three holes from the 26-hole (2,808 metres) reverse circulation (RC) infill and extensional drilling program at the Kamperman Prospect (Feysville Gold Project) have been received, with best results including:
- 10 metres at 5.04g/t Au from 99 metres in FRC350; and
- 32 metres at 2.13g/t Au from 125 metres in FRC360.
- In-fill results continue to support the interpretation of a very continuous, steeply west-dipping, zone of high-grade gold mineralisation in the southern part of the deposit.
- A maiden Mineral Resources Estimate (MRE) for Kamperman is scheduled to be reported in the September Quarter as part of an updated MRE for the broader Feysville Gold Project.
Astral Resources’ Managing Director Marc Ducler said: “We had already considered this 26-hole drill program to be the most successful program completed to date at Kamperman, and when you include these final three holes – we are now certain of it!
“These latest results strengthen our geological interpretation of a broad, 30-metre-wide zone of consistent high-grade gold mineralisation across multiple sections in the southern part of the Kamperman Deposit. This bodes well for the upcoming maiden Mineral Resource Estimate for Kamperman as part of the wider Feysville Gold Project.
“The exploration focus has now returned to the Theia deposit, the cornerstone of our flagship Mandilla Gold Project, where the first phase of a new infill RC drilling program commenced early this month.
“On completion of the phase one program, Astral will return to Feysville for further in-fill and extensional RC drilling at Kamperman, as well as follow up on two significant greenfield gold anomalies announced in July 2024 to the north-west of Kamperman.”
Figure 1 - Map illustrating location of Mandilla and Feysville Gold Projects.
FEYSVILLE GOLD PROJECT
The Feysville Gold Project is located within the north-north-west trending Norseman – Wiluna Greenstone Belt, within the Kambalda Domain of the Archean Yilgarn Craton, approximately 14km south of the KCGM Super Pit in Kalgoorlie.
Significant gold and nickel mineralisation occurs throughout the belt, including world-class deposits such as the Golden Mile Super Pit in Kalgoorlie owned by Northern Star Resources Limited (ASX: NST) and the St Ives Gold Mine south of Kambalda owned by Gold Fields Limited. The area also hosts the substantial Beta Hunt Gold Mine owned by Westgold Resources Limited (ASX: WGX).
Feysville hosts an MRE of 3Mt at 1.3g/t Au for 116koz of contained gold1 at the Think Big deposit, providing a foundation for the project to potentially become a source of satellite ore feed for a future operation based on Astral’s flagship Mandilla Gold Project.
Click here for the full ASX Release
This article includes content from Astral Resources, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Project Rationalisation
As previously advised, Golden Mile Resources Limited (“Golden Mile”; “the Company”; ASX: “G88”) has been undertaking a detailed review of all projects in its current portfolio. As a part of this strategic review, the Company has now completed its detailed technical assessment of the Marble Bar and Murchison Projects.
Marble Bar
A 120-sample stream sediment programme was carried at the Marble Bar Project to determine the Project’s potential, and whether the geochemical sampling results warranted further exploration activities. The results of this programme indicated only weak metal anomalism, and no further exploration activities are warranted.
Murchison
A review and field evaluation, reported previously, were carried out at the Murchison Project, E20/1005. This included reconnaissance mapping, and rock chip sampling, with a focus on the outcropping granitoids, pegmatitic veins, shear zones, and the local tungsten workings.
Rationalisation
As a result of these project reviews, the Board has made the decision to relinquish the Marble Bar and Murchison tenements. This entails the surrender of granted exploration licences E45/6210, E45/6211 and E20/1005, and the withdrawal of Exploration Licence Application ELA45/6709. These granted Exploration Licences carried minimum annual expenditure commitments of $114,000, and approximately $23,000 in Department of Energy, Mines, Industry Regulation & Safety (DEMIRS) rent and shire rates payments.
This decision allows the Company to focus on its projects which have the greatest potential, including the recent joint venture-acquisition of the highly prospective Pearl Copper Project located in Arizona, USA.
Click here for the full ASX Release
This article includes content from Golden Mile Resources, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Don Durrett: Gold, Silver Price Targets, Plus When to Buy Gold Stocks
Don Durrett of GoldStockData.com weighed in on the recent market meltdown, saying he sees it as another indicator that the US economy is in trouble and heading toward a recession as the year continues.
"I think that we're going to see kind of like a 2008 scenario where you start seeing big events," he explained.
"We had a couple banks go bad, but we haven't had a really big bankruptcy (like a) Lehman or a Bear Stearns event. And I think those are coming — I think Q4 is going to be very, very negative for the markets and better for gold and silver."
He also shared his price targets for gold and silver, and discussed buying levels for gold stocks.
Watch the interview above for more of Durrett's thoughts on those topics and more.
Don’t forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.
Victoria Gold Placed into Receivership After Heap Leach Pad Failure at Eagle Gold Mine
Victoria Gold (TSXV:VGCX,OTC Pink:VITFF), the owner of the Yukon-based Eagle gold mine, has been placed into receivership after the collapse of a heap leach pad at the site in June.
The company said on Wednesday (August 14) that the Yukon government had made a receivership application to the Ontario Superior Court of Justice, and the court granted the application later that day.
According to the Globe and Mail, the Yukon is looking to exert greater control over cleanup and impact mitigation efforts after the heap leach pad incident, which has raised questions about the future of mining in the territory.
About 4 million metric tons of cyanide-laden rock collapsed at Eagle on June 24, releasing around 2 million metric tons of contaminated material into the surrounding environment, extending beyond the mine's containment zone.
The mine, which is situated on the traditional territory of the First Nation of Na-Cho Nyak Dun, has since become the center of a contentious battle between the mining company and the Yukon government. The company has since been managing the cleanup, but its efforts have been criticized by both the government and the First Nation.
The Globe and Mail notes that the government has already stepped in to take over parts of the environmental mitigation process after Victoria Gold failed to meet certain directives, including the construction of a critical safety berm.
Victoria Gold said in Wednesday's press release that it would oppose receivership.
While the company is committed to moving forward at Eagle, stakeholders' frustration is growing.
“The company has lost our confidence and we do not believe they will be able to effectively address this disaster they created in our traditional territory,” said First Nation of Na-Cho Nyak Dun Chief Dawna Hope in an August 1 statement.
The First Nation has requested a public inquiry to investigate the failures that led to the incident, and to ensure similar disasters do not occur in the future; it also wants Victoria Gold leadership to be removed from cleanup efforts.
The environmental impact of the cyanide spill continues to unfold. Last week, Yukon officials reported that dead fish were found in a creek near the mine, likely killed by contaminants released from the site. Additionally, water samples taken downstream from the mine have shown cyanide levels that exceed guidelines for aquatic life.
Groundwater contamination has also been detected, although Yukon’s chief medical officer of health, Dr. Sudit Ranade, has assured the public that the contamination does not pose a threat to drinking water. "These are separate systems, and so at this time, the drinking water system that is regulated is still not at risk," he told the Canadian Press on August 9.
PwC has been appointed the receiver for Victoria Gold, and will now be responsible for mitigation work at Eagle.
Don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
Westgold Resources Shares Maiden Ore Reserve for South Junction, Mining to Start This Month
Westgold Resources (ASX:WGX,TSX:WGX,OTCQX:WGXRF) released a maiden ore reserve statement for its South Junction mine, part of the Bluebird - South Junction mining complex, on Wednesday (August 14).
According to the company, the ore reserve for Bluebird - South Junction has increased by 233 percent and now stands at 3 million tonnes at 2.8 grams per tonne (g/t) gold for 277,000 ounces of the yellow metal.
South Junction contributed 2.6 million tonnes at 2.7 g/t gold for 225,000 ounces of gold.
Westgold said the 233 percent boost is in comparison to its 2023 fiscal year ore reserve post-depletion.
Located in the regional town of Meekathara, South Junction is owned by Westgold and was identified as a priority growth opportunity after initial drill testing of the project was done in early 2023.
A drill program was initiated in January of this year with the aim of extending and infilling the project. This program is ongoing, with two rigs active on the surface and in the underground environment, respectively.
The company released an updated resource estimate for Bluebird - South Junction in April, reporting 6.4 million tonnes at 3.1 g/t gold for 827,000 ounces; that was an increase of 134 percent from the previous estimate.
Wednesday's release shows a further increase of 130,000 ounces post-depletion of 14,000 ounces. The property's resource estimate now stands at 10.71 million tonnes at 2.8 g/t gold for 960,000 ounces.
The company said in its release that mining at South Junction is scheduled to commence in August, and that production rates at the asset will rapidly increase as the project moves along.
Overall, the company's strategy is to further expand its biggest mines and focus on grade moving forward. This includes the expansion of the Bluebird underground to include new mining fronts from South Junction.
"The maiden Ore Reserve for South Junction and the rapid expansion of the Bluebird-South Junction mining complex to a 1.2Mtpa run rate by Q3, FY25 has been a remarkable success story and underpins the value in drilling," said CEO Wayne Bramwell, adding that the company will be drilling at properties across its portfolio in the months to come.
Don’t forget to follow us @INN_Resource for real-time news updates!
Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.
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