
- WORLD EDITIONAustraliaNorth AmericaWorld
May 18, 2022
Timberline Resources Corporation (OTCQB:TLRS);(TSXV:TBR) ("Timberline" or the "Company") is pleased to report results from two more core holes from the 2021 drilling program at its 100%-controlled Eureka Project in Nevada. These are the final outstanding assays from the drill program, and they include one core hole in the Water Well Zone (WWZ) and the completed silver and multielement data from core hole BHSE-206C - totaling 861 meters of drilling.
The results from BHSE-192C confirm a significant zone of strong gold grades in the WWZ between drill holes BHSE-220C and BHSE-212C, which were reported during the first quarter (see Figure 1 and Company news releases dated February 24 and March 9, 2022). Highlights of the mineralization in BHSE-192C include:
- 24.4m at 3.85 grams per tonne (g/t) gold from 349.6 depth, including
- 4.6m at 8.35 g/t gold from 354.2m depth; and including
- 7.6m at 5.72 g/t gold from 364.8m depth.
The Company also received the complete analyses for silver (Ag) and other elements in drill hole BHSE-206C, from which the gold and partial multielement data were reported in a news release dated March 24, 2022. As previously reported, this hole included multiple intervals of anomalous gold, including 7.6m averaging 1.04 g/t and 86.9m of 0.16 g/t. However, the new analyses reveal that the drill hole is more mineralized in silver, lead (Pb), and zinc (Zn) than previously thought. One significant interval hosted by altered dolomite, breccias, and intrusive dikes included more than 202.7m that averaged 5.28 g/t Ag, including 56.4m averaging 9.69 g/t Ag, 0.17% Zn, and 0.11% Pb. This style of Ag-rich mineralization is believed by Timberline geologists to be older than the Carlin-type gold system, likely associated with Cretaceous-aged carbonate-replacement type deposits (CRD).
Patrick Highsmith, Timberline's President and CEO commented, "Drill hole BHSE-192C is an angled hole drilled into the Water Well Zone from the east. It is one of the first core holes to fill in between the high-grade results we reported last quarter. Our core drilling continues to confirm that the breccias at the base of the Dunderberg Shale are consistently mineralized over considerable thickness, but this hole also encountered strong gold grades in sheared and altered mudstones higher up in the Dunderberg. This result also extends the zone well to the east from previous drilling. Given the encouraging gold and silver associated with the IP anomaly in the Graben Zone farther east in BHSE-206C, we look forward to adding more core drilling in this area during the summer."
Figure 1 shows how the new results fit into the growing footprint of >3 g/t gold in the Water Well Zone. The long run of highly anomalous silver is also plotted along the trace of BHSE-206C. The IP anomaly occupies the graben between the Lookout-WWZ and Oswego gold occurrences, and it has yet to be tested at depth. Timberline expects to begin offsetting the new high-grade intercepts at the WWZ and near-surface gold at Oswego in June.
Figure 1 - Orthoimage Showing Lookout Mountain Resource, WWZ, and Oswego Target

Geological Details and Interpretation
BHSE-192C was drilled on an azimuth of 300° at an initial inclination of -65°. The hole was designed to pass through an interpreted fault zone and penetrate the base of the east-dipping Dunderberg Shale. BHSE-206C was inclined -75° in a northeast direction (azimuth 050°) and designed to assess the upper reaches of the large IP chargeability anomaly identified in 2021.
Drillhole BHSE-192C was collared in the post-mineral volcanic rocks that occupy the Graben Zone east of the Lookout Mountain resource. The Cambrian-aged Windfall Formation was encountered at approximately 56m depth. The Windfall is a gray to orange (variably oxidized) thin-bedded limestone or silty-carbonate with frequent argillaceous layers or partings. In this area, the unit is highly faulted and brecciated, resulting in significant amounts of fault gouge and some core loss. The drillhole passed into the Dunderberg Shale at approximately 202m depth. The blue gray to greenish Dunderberg alternates between bedded and massive mudstone and is calcite-veined throughout. The upper portions of the unit exhibit frequent argillaceous partings and more reactive (carbonate-rich) bands. There is also ample evidence of faulting and brecciation. Fine-grained disseminated pyrite is first noted at approximately 210m depth, but there are several intervals of oxidation associated with faulting.
The gold zones occur near the base of the Dunderberg, but the highest-grade assays in the hole (13.75 g/t and 8.41 g/t Au) occur above the basal (carbonaceous and silicified) breccias that have characterized much of the WWZ. The upper zone of mineralization is associated with very fine-grained argillaceous mudstones that are sheared and brecciated, but not highly silicified or carbonaceous. The contact with the underlying Hamburg Dolomite is marked by approximately 8m of black, brecciated, silicified breccias containing sooty pyrite, and this interval is consistently rich in gold. Low levels of anomalous gold continue for at least 30m into the light-gray massive dolomite of the Hamburg, in which the hole was terminated.
BHSE-206C passed through a thick section of limestones - often highly fractured, brecciated, and variably oxidized - that are often anomalous in silver and arsenic in zones of fault breccia and gouge. The degree of brecciation and alteration increases with depth as the limestone passes into a chaotic interval of interbedded sanded dolomite (altered) and fine grained felsic intrusive rock with abundant pyrite, which locally exceeds 10%. The felsic dikes or sills begin at approximately 95m depth. The intrusive unit is light gray to green, fine-grained and has apparent granitic composition, termed an aplite. The aplite has been propylitically altered, evidenced in part by the presence of chlorite, calcite, and sericite.
Gold and silver are most abundant in the dolomite, particularly where it is highly fractured and brecciated. There is a good correlation between the presence of pyrite, gold, and silver, but the most intense silver mineralization is associated with a zone of iron oxide occurring between 270m and 321m depth. Arsenic is a well-known pathfinder element for Carlin-type gold, but it is also associated with the older silver-lead-zinc CRD mineralization in the Eureka District. Almost the entirety of this drill hole is enriched in arsenic, but local anomalies in elements such as bismuth, molybdenum and tungsten support the interpretation of nearby intrusive activity that may be driving the abundant silver (0.05 - 61.3 ppm), lead (2 - 7,000 ppm), and zinc (9 - >10,000 ppm) in the Graben Zone.
Pyrite increases as the drill hole passes into a light gray to pale green, fine-grained section of altered sediments, which may be affected by contact metamorphism from nearby intrusive rocks. The hole was terminated in an interval with abundant chlorite-sericite-pyrite veining and considerable evidence of faulting (brecciation and fault gouge).
Superimposed mineral systems are common and considered favorable in larger Carlin-type gold districts. The Ruby Hill - Archimedes Mine (i80 Gold Corp.), north of the Eureka Project, is an excellent example where millions of ounces of Carlin-type gold resources are reported to occur as overprinting earlier silver (gold) - lead - zinc mineralization. Similarly, at least three generations of mineralization are reported in the giant Carlin Trend District. The multiple generations of mineralization may have used the same fluid pathways in the rocks; plus, the earlier stage alteration and mineralization may have enhanced the receptiveness of the host rocks to the later Carlin-type fluids. Timberline is ramping up for its 2022 exploration program, which will target the Water Well Zone, the Oswego Target, and the huge IP anomaly that occupies the graben in between.
Sampling Methodology, Chain of Custody, Quality Control and Quality Assurance
Cutting and sampling of core samples was directed by Timberline representatives. Personnel from Timberline or the drilling contractors transported the samples to Timberline's secure Eureka facility, from which the samples were picked up by personnel from ALS USA Inc. (ALS) for sample preparation in Elko, Nevada or Tucson, Arizona. Quality control was monitored by the insertion of numerous blind certified standard reference materials, field duplicates, and blanks into each sample shipment. Drill samples were assayed by ALS for gold by fire assay of a 30-gram charge with an AA or ICP-ES finish (ALS code Au-AA23). The overlimits for gold samples assaying above 10 g/t were determined by a 30-gram fire assay with gravimetric finish. Satisfactory results were achieved for all quality control samples related to the data reported herein. In addition, gold mineralized samples were submitted for multi-element analysis (33 elements) by four-acid digestion and ICP-ES determination (code ME-ICP61).
Steven Osterberg, Ph.D., P.G., Timberline's Vice President Exploration, is a Qualified Person as defined by National Instrument 43-101 and has reviewed and approved the technical contents of this release. Dr. Osterberg is not independent of the Company as he is an officer.
About Timberline Resources
Timberline Resources Corporation is focused on delivering high-grade Carlin-Type gold discoveries at its district-scale Eureka Project in Nevada. The Eureka Property includes the historic Lookout Mountain and Windfall mines in a total property position of approximately 24 square miles (62 square kilometers). The Lookout Mountain Resource was reported in compliance with Canadian NI 43-101 in an Updated Technical Report on the Lookout Mountain Project by Mine Development Associates, Effective March 1, 2013, filed on SEDAR April 12, 2013 (see Cautionary Note to US Investors below).
Resource Category | Tonnage (million short tons) | Grade (oz/ton) | Grade (grams/tonne) | Contained Au (troy oz) |
Measured | 3.04 | 0.035 | 1.2 | 106,000 |
Indicated | 25.90 | 0.016 | 0.6 | 402,000 |
Inferred | 11.71 | 0.012 | 0.41 | 141,000 |
The Company is also operator of the Paiute Joint Venture Project with Nevada Gold Mines in the Battle Mountain District. These properties lie on the prolific Battle Mountain-Eureka gold trend. Timberline also controls the Seven Troughs Project in northern Nevada, which is one of the state's highest-grade former gold producers. Timberline controls over 43 square miles (111 square kilometers) of mineral rights in Nevada. Detailed maps and mineral resources estimates for the Eureka Project and NI 43-101 technical reports for its projects may be viewed at https://timberlineresources.co/.
Timberline is listed on the OTCQB where it trades under the symbol "TLRS" and on the TSX Venture Exchange where it trades under the symbol "TBR".
On behalf of the Board of Directors,
"Patrick Highsmith"
President and CEO
Tel: 208-664-4859
Cautionary Note to U.S. Investors: The terms "mineral resource," "measured mineral resource," "indicated mineral resource" and "inferred mineral resource," as used on Timberline's website and in its news releases are Canadian mining terms that are defined in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101"). These Canadian terms are not defined terms under United States Securities and Exchange Commission ("SEC") Industry Guide 7 and are normally not permitted to be used in reports and registration statements filed with the SEC by U.S. registered companies. The SEC permits U.S. companies, in their filings with the SEC, to disclose only those mineral deposits that a company can economically and legally extract or produce. Accordingly, note that information describing the Company's "mineral resources" is not directly comparable to information made public by U.S. companies subject to reporting requirements under U.S. securities laws. U.S. investors are urged to consider closely the disclosure in the Company's Form 10-K which may be secured from the Company, or online at https://www.sec.gov/edgar.shtml.
Forward-Looking Statements: Statements contained herein that are not based upon current or historical fact are forward-looking in nature and constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements reflect the Company's expectations about its future operating results, performance and opportunities that involve substantial risks and uncertainties. These include, but are not limited to, statements regarding the advancement of projects, the footprint and continuity of mineralization, the growth of resources, and exploration potential. When used herein, the words "anticipate," "believe," "estimate," "upcoming," "plan," "target," "intend," "growth opportunity," and "expect" and similar expressions, as they relate to Timberline Resources Corporation, its subsidiaries, or its management, are intended to identify such forward-looking statements. These forward-looking statements are based on information currently available to the Company and are subject to a number of risks, uncertainties, and other factors that could cause the Company's actual results, performance, prospects, and opportunities to differ materially from those expressed in, or implied by, these forward-looking statements. Factors that could cause or contribute to risks involving forward-looking statements include, but are not limited to, changes in the Company's business and other factors, including risk factors discussed in the Company's Form 10-K for the year ended September 30, 2021. Except as required by law, the Company does not undertake any obligation to release publicly any revisions to any forward-looking statements.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release.
The Conversation (0)
07 April 2022
Timberline Resources Corporation
Timberline Resources Corp is a mineral exploration company. It is principally engaged in the business of exploring for precious metal deposits and advancing them towards production. The company holds interests in Eureka, Paiute, and Seven Trough properties, all located in Nevada.
6h
High-Grade Gold Confirmed at Bronzewing South
Initial assays returned for visible gold zone logged in diamond drill core~40m south of the Bronzewing Mining Lease, with drilling continuing
Hammer Metals Ltd (ASX: HMX) (“Hammer” or the “Company”) is pleased to provide an update on recent exploration progress at its 100%-owned Yandal Gold Project in Western Australia. Diamond drilling continues with the first batch of assays now received for the zone of visible gold reported to the ASX on 2 September 2025. Drilling of the diamond tail to drill-hole BWSRCD081 was completed a depth of 561.7m.
The diamond drilling program has continued with two diamond tails completed at the Bronzewing Central Target, located approximately 1.7km to the south of the Eastern Target Zone. A follow-up diamond tail will commence shortly at the Eastern Target, with drilling anticipated to conclude towards the end of September. Results from this program will continue to be submitted to the laboratory in batches, with results anticipated to be received throughout September and into mid-October.
- Partial results received from the diamond tail of drill-hole BWSRC081 with the visible gold zone returning 15.5g/t Au over 0.48m from 416.5m. This high- grade zone is reported within a broader intercept of:
- 8.95m at 1.32g/t Au from 414m, including:
- 0.48m at 15.5g/t Au from 416.5m; and
- 0.55m at 3.52g/t Au from 422.4m.
- 8.95m at 1.32g/t Au from 414m, including:
- Follow-up drilling along strike from these intercepts is scheduled to commence in the coming days to define the extent of the south-trending zone of gold mineralisation with a diamond tail of drill-hole BWSRCD086.
- Drill results indicate the inadequacy of historical air-core drill testing with a significant search space now open on the boundary with the historical Bronzewing Mining Lease.
- Diamond drilling at the Central Target, located ~1.7km to the south of the Eastern Target and within the same structural corridor, has encountered zones of intense locally massive quartz veining associated with brecciation below historical Hammer gold drilling anomalies of:
- 20m at 1.5g/t Au from 120m in drill-hole BWSRC0037, including:
- 8m at 2.4g/t Au from 120m; and
- 4m at 3.9g/t Au from 120m.1
- 20m at 1.5g/t Au from 120m in drill-hole BWSRC0037, including:
- Assay results from the remaining program will be progressively released in the coming weeks.
Figure 1. Photo of massive quartz carbonate veining intersected in drill-hole BWSRCD082 diamond tail at Hammer’s Central Target Zone (213m to 221.5m).
Hammer’s Managing Director, Daniel Thomas, said:
“The confirmation of high-grade gold mineralisation at Bronzewing South is a significant step in our search for an economically viable gold target at our Yandal Gold Project. High-grade mineralisation can be traced with multiple intercepts to the north of our project area, with the mineralised structure interpreted to extend for hundreds of metres.
“We will now look to test this structure approximately 100m further south on our project area. We are very much looking forward to follow-up drilling at the Eastern Target, as we enter a zone without any previous drilling coverage.
“The team is encouraged by the observations in recent drilling at the Central Target and the potential for this corridor to be connected to the Eastern Target drilling some 1.7km to the north. This corridor is largely untested below the ineffectual air-core drilling and, with a prominent shear zone interpreted to connect these targets, it is of high interest to the team in our search for a significant gold discovery.”
Figure 2. Plan view of the Bronzewing South tenement EPM36/854, showing Bronzewing orebodies on Northern Star Resources mining lease, historical Hammer RC drilling intercepts and the structural corridor of interest containing Hammer’s Central and Eastern Target Zones (refer to ASX announcement 9 November 2020).
Click here for the full ASX Release
This article includes content from Hammer Metals, 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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12 September
Top 5 Canadian Mining Stocks This Week: Guardian Exploration Gains 94 Percent
Welcome to the Investing News Network's weekly look at the best-performing Canadian mining stocks on the TSX, TSXV and CSE, starting with a round-up of Canadian and US news impacting the resource sector.
On Thursday (September 11), Canadian Prime Minister Mark Carney revealed the first tranche of projects selected by the newly created Major Projects Office. The goal of the office is to accelerate timelines for projects deemed to be in the national interest, which include infrastructure, natural resources and technology.
The projects include the Phase 2 expansion of LNG Canada’s Kitimat facility, the development of Foran Mining's (TSX:FOM,OTCQX:FMCXF) McIlvenna Bay copper-zinc mine in Saskatchewan, and an expansion of Newmont (TSX:NGT,NYSE:NEM,ASX:NEM) and Imperial Metals' (TSX:III) Red Chris copper-gold mine in Northern BC.
Carney also stated that a second set of projects would be announced before the CFL’s Grey Cup on November 16.
In major M&A news, mining giants Teck Resources (TSX:TECK.A,TSX:TECK.B,NYSE:TECK) and Anglo American (LSE:AAL,OTCQX:AAUKF) announced on Monday (September 8) that they will combine in a US$70 billion “merger of equals.” If approved, the resulting company will be called Anglo Teck, and will be headquartered in Vancouver, BC.
Teck said the deal will create US$800 million in pre-tax recurring annual synergies by year four, with US$1.4 billion in pre-tax yearly earnings from optimizations at the adjacent Collahuasi and Quebrada Blanca copper mines in Chile.
Barrick Mining (TSX:ABX,NYSE:B) said on Wednesday (September 10) that it has reached an agreement to sell its Hemlo gold mine in Ontario to Carcetti Capital (TSXV:CART.H), which will be renamed Hemlo Mining, for gross proceeds of US$1.09 billion through a combination of cash and shares. The sale continues Barrick's divestment of non-core assets.
This week also saw the TSX release its annual TSX30 top companies list. It includes 17 resource companies, 15 of which are focused on precious metals. The top three precious metals stocks were Lundin Gold (TSX:LUG,OTCQX:LUGDF), Avino Silver & Gold (TSX:ASM) and New Gold (TSX:NGD,NYSE:NGD). In other TSX news, Newmont has applied to delist its shares from the exchange, citing low trading volumes. The company has been looking to cut overhead in recent years, and the move could lower administrative costs and improve efficiency, as per Reuters.
South of the border, the US Bureau of Labor Statistics released the latest consumer price index data on Thursday. It shows that inflation ticked up to 2.9 percent over the same period last year.
The numbers, along with last week’s weak jobs report, will be factors for the US Federal Reserve when it meets next week. As of Friday (September 12) afternoon, there was a 95 percent probability that the central will make a 25 basis point interest rate cut, bringing it to the 4 to 4.25 percent range.
For more on what’s moving markets this week, check out our top market news.
Markets and commodities react
Canadian equity markets were mostly positive this week.
The S&P/TSX Composite Index (INDEXTSI:OSPTX) set another new record high on Thursday, climbing to 29,409.74 before retreating to end the week up 0.97 percent to 29,283.82. The S&P/TSX Venture Composite Index (INDEXTSI:JX) performed even better, climbing 3.67 percent to finish Friday at 879.67. However, the CSE Composite Index (CSE:CSECOMP) went the opposite direction, shedding 2.17 percent to end the week at 153.81.
The gold price was in focus again this week as it climbed to a new record high of US$3,667 per ounce on Tuesday (September 9). Gold ended the week up 2.74 percent at US$3,642.70 per ounce.
Silver had a similarly explosive week, climbing past US$42 per ounce for the first time since 2011 and gaining 3.82 percent on the week to close Friday at US$42.16.
Copper also saw gains this week, rising 2.17 percent to US$4.65 per pound. Meanwhile, the S&P Goldman Sachs Commodities Index (INDEXSP:SPGSCI) posted a slight decrease of 0.1 percent to end the week at 548.34.
Top Canadian mining stocks this week
How did mining stocks perform against this backdrop?
Take a look at this week’s five best-performing Canadian mining stocks below.
Stocks data for this article was retrieved at 4:00 p.m. EDT on Friday using TradingView's stock screener. Only companies trading on the TSX, TSXV and CSE with market caps greater than C$10 million are included. Mineral companies within the non-energy minerals, energy minerals, process industry and producer manufacturing sectors were considered.
1. Guardian Exploration (TSXV:GX)
Weekly gain: 94.44 percent
Market cap: C$14.34 million
Share price: C$0.175
Guardian Exploration is an explorer and developer whose properties include the Sun Dog gold project, covering an area of 9,415 hectares in the Kivalliq region in Nunavut, Canada. The site is located near the historic Cullaton Lake mine, which produced 100,000 ounces of gold between October 1981 and September 1985.
The company acquired the project on May 2 from New Break Resources (CSE:NBRK). Under the terms of the deal, Guardian received a 100 percent interest in the property, along with mineral rights and 60 drums of Jet A fuel in exchange for 5 million shares and a cash payment of C$75,000. Guardian also reimbursed New Break C$18,830 for annual rent and granted it the option to buy back a 20 percent interest in the property for C$1.
The most recent news from the project came on Monday, when the company reported that it is commencing a one month field program at the site that will include geological mapping, soil sampling and trenching. Guardian plans to perform follow-up exploration and drilling in 2026.
2. Sokoman Minerals (TSXV:SIC)
Weekly gain: 80 percent
Market cap: C$13.57 million
Share price: C$0.045
Sokoman Minerals is a discovery-oriented company with a portfolio of gold projects and one of the largest land positions in Newfoundland and Labrador, Canada. It also owns a 40 percent stake in the Killick lithium project, a 40/40/20 joint venture with Benton Resources (TSXV:BEX) and Piedmont Lithium (ASX:PLL).
Its primary focus is on its flagship Moosehead gold project located in Central Newfoundland. The project consists of 98 claims covering 2,450 hectares and hosts an orogenic Fosterville-style gold system, according to Sokoman. The company has defined seven zones with high-grade mineralization through over 130,000 meters of drilling.
Sokomon said Friday that it will start diamond drilling at the site with a focus on testing the Eastern and Western Trend gold zones for depth extensions, as well as undiscovered parallel zones. Additionally, the company reported on September 2 that it has expanded its land position at the Crippleback Lake gold-copper property to 13,000 hectares and planned to mobilize for induced polarization surveys, sampling and mapping of the site immediately.
3. CopAur Minerals (TSXV:CPAU)
Weekly gain: 61.11 percent
Market cap: C$11.84 million
Share price: C$0.145
CopAur is a gold exploration and development company advancing its flagship Kinsley Mountain oxide gold project in Nevada, US. The property is home to a historic open-pit gold mine that produced approximately 138,000 ounces between 1995 and 1999. According to the project page, the property hosts an indicated mineral resource of 418,000 ounces of gold with an average grade of 2.63 grams per metric ton (g/t) gold.
On August 7, the company announced that it was shifting its full focus to advance work at its Kinsey Mountain project.
The company’s most recent news came on Monday when it reported that it has hired Andrew Neale as its new CEO. Neale brings more than 35 years of mining experience to CopAur and has held senior positions with Freeport-McMoRan (NYSE:FCX) where he oversaw operations at its Grasberg copper-gold mine in Indonesia.
The company added that it was currently awaiting a decision from the Nevada Bureau of Land Management on a pair of permits for the Kinsey Mountain site, with one allowing it to test for reclamation at the heap leach pad and the other to allow it to restart production.
4. Silver North Resources (TSXV:SNAG)
Weekly gain: 60 percent
Market cap: C$26.72 million
Share price: C$0.40
Silver North Resources is primarily focused on advancing a portfolio of silver assets in the Yukon, Canada.
Its flagship Haldane silver project covers an area of 8,164 hectares in the Yukon’s Keno Hill Silver District and has seen silver exploration dating back to the late 1800s. The property hosts several deposits, including the Main Fault and West Fault targets, which have produced high-grade silver assays up to 3,267 g/t over 1.26 meters at the West Fault and both zones hosting additional amounts of gold, lead, and zinc.
The company announced on August 15 that it commenced a 10 hole drill program at Haldane to follow up on the discovery of the Main Fault zone in 2024. Additionally, the company announced on August 20 that it had begun its initial exploration program at the Veronica property at its GDR project in the Yukon. The program is eligible for partial funding up to C$30,000 as part of the Yukon Mineral Exploration Program.
5. Blue Star Gold (TSXV:BAU)
Weekly gain: 53.12 percent
Market cap: C$25.67 million
Share price: C$0.245
Blue Star Gold is a gold explorer and developer operating in Nunavut, Canada. Its flagship asset is the Ulu gold project, which includes the Ulu mining lease and the Hood River property, together forming a 12,000 hectare land package. The property features a renewable 21 year mining lease for the advanced-stage Flood Zone deposit.
As per a February 2023 updated mineral resource estimate, Ulu holds a measured and indicated resource of 572,000 ounces of gold from 2.54 million metric tons of ore at an average grade of 7.02 g/t gold, along with an additional inferred resource of 303,000 ounces of gold from 1.28 million metric tons of ore at 7.34 g/t.
Blue Star also owns the Roma gold project, located on 11,532 hectares of crown mineral claims and 4,119 hectares of mineral exploration agreements in Nunavut's High Lake greenstone belt.
On Wednesday, Blue Star reported results from surface samples at its Auma prospect at Roma.
The company said it had collected a total of 133 samples, with 44 returning gold grades above 1 g/t, including two samples with grades of 151 g/t and 125 g/t gold. The sampling program extended Zone 3, which is untested by drilling, by an additional 35 meters for a strike length of 130 meters. Additionally, Blue Star found high values of copper in quartz veining, with one sample producing a grade of 7.64 g/t gold and 4.2 percent copper.
FAQs for Canadian mining stocks
What is the difference between the TSX and TSXV?
The TSX, or Toronto Stock Exchange, is used by senior companies with larger market caps, and the TSXV, or TSX Venture Exchange, is used by smaller-cap companies. Companies listed on the TSXV can graduate to the senior exchange.
How many mining companies are listed on the TSX and TSXV?
As of May 2025, there were 1,565 companies listed on the TSXV, 910 of which were mining companies. Comparatively, the TSX was home to 1,899 companies, with 181 of those being mining companies.
Together, the TSX and TSXV host around 40 percent of the world’s public mining companies.
How much does it cost to list on the TSXV?
There are a variety of different fees that companies must pay to list on the TSXV, and according to the exchange, they can vary based on the transaction’s nature and complexity. The listing fee alone will most likely cost between C$10,000 to C$70,000. Accounting and auditing fees could rack up between C$25,000 and C$100,000, while legal fees are expected to be over C$75,000 and an underwriters’ commission may hit up to 12 percent.
The exchange lists a handful of other fees and expenses companies can expect, including but not limited to security commission and transfer agency fees, investor relations costs and director and officer liability insurance.
These are all just for the initial listing, of course. There are ongoing expenses once companies are trading, such as sustaining fees and additional listing fees, plus the costs associated with filing regular reports.
How do you trade on the TSXV?
Investors can trade on the TSXV the way they would trade stocks on any exchange. This means they can use a stock broker or an individual investment account to buy and sell shares of TSXV-listed companies during the exchange's trading hours.
Article by Dean Belder; FAQs by Lauren Kelly.
Don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.
Securities Disclosure: I, Lauren Kelly, hold no direct investment interest in any company mentioned in this article.
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12 September
Editor's Picks: Gold Knocks Out Inflation-Adjusted High, Silver Breaks US$42
Gold's record-setting price run continued this week, with yet another new all-time high in the books. Silver also fared well, breaking US$42 per ounce.
According to Bloomberg, gold has now also surpassed its inflation-adjusted all-time high of US$850 per ounce, which it set more than 45 years ago on January 21, 1980. The news outlet notes that at the time the US was dealing with currency issues, inflation and recession concerns.
These are problems that sound all too familiar today. This week brought the release of the latest US consumer price index (CPI) data, which shows a 0.4 percent month-on-month increase for the all-items index — that's ahead of estimates and the most since the start of 2025.
Meanwhile, core CPI, which excludes the food and energy categories, was up 0.3 percent from July. On an annual basis, core CPI was up 3.1 percent, while overall CPI rose 2.9 percent.
US producer price index (PPI) data also came out this week.
The index, which measures costs at a wholesale level, showed an unexpected 0.1 percent month-on-month decrease for August; the result was the same for core PPI.
Attention is now shifting to the US Federal Reserve's next meeting, which is set to run from September 16 to 17. For weeks now the central bank has been widely expected to cut interest rates, and experts believe this week's CPI and PPI numbers support that idea.
“Today’s CPI may appear to offset yesterday’s PPI, but it wasn’t hot enough to distract the Fed from the softening jobs picture. That translates into a rate cut next week — and, likely, more to come" — Ellen Zentner, Morgan Stanley Wealth Management
CME Group's (NASDAQ:CME) FedWatch tool now shows odds of 93.9 percent for a 25 basis point cut, while the likelihood of a 50 basis point reduction stands at 6.1 percent.
Bullet briefing — Mining majors in mega M&A, Newmont to exit TSX
Anglo, Teck to merge in US$53 billion deal
Anglo American (LSE:AAL,OTCQX:AAUKF) and Teck Resources (TSX:TECK.A,TSX:TECK.B,NYSE:TECK) announced that they plan to merge in a US$53 billion transaction.
The new entity, which the companies say will be one of the world's largest copper producers, will have assets in Canada, the US, Latin America and Southern Africa.
Its primary listing will be in London, but its headquarters will be in Canada — a commitment that Teck CEO Jonathan Price told BNN Bloomberg will be "perpetual." In a bid to safeguard its critical minerals sector, Canada said last year that it will only greenlight foreign takeovers of large critical minerals miners in "exceptional circumstances."
The companies expect annual pre-tax synergies of about US$800 million by the end of the fourth year following the completion of the arrangement.
Experts say the zero-premium, all-share tie up is the second largest mining deal ever, and the biggest in more than a decade. It comes not long after other high-profile M&A attempts involving both companies — Teck rejected a bid from (LSE:GLEN,OTC Pink:GLCNF) in 2023, and Anglo turned down an offer from BHP (ASX:BHP,NYSE:BHP,LSE:BHP) last year.
Newmont to delist from TSX
While the Anglo-Teck deal puts Canada front and center, major miner Newmont (TSX:NGT,NYSE:NEM,ASX:NEM) is backing away from the northern nation. The company said it has applied to voluntarily delist its shares from the TSX amid low volumes.
Newmont also said the move will help boost administrative efficiency and reduce expenses. The firm has faced increasing costs since acquiring Newcrest Mining in 2023, and sources familiar with the matter recently told Bloomberg that it's looking to lower costs by around 20 percent.
Newmont will retain its primary listing in New York, as well as listings in Australia and Papua New Guinea. Its TSX delisting is expected to be effective on September 24.
Barrick to sell Hemlo for US$1.09 billion
Also making a move away from Canada this week was Barrick Mining (TSX:ABX,NYSE:B), which has agreed to sell its Hemlo gold mine to Carcetti Capital (TSXV:CART.H) for US$1.09 billion.
Located in Ontario, Hemlo has operated for 30 years, producing over 21 million ounces of gold during that time. The sale comes as Barrick divests non-core assets and pivots toward copper.
The company put Hemlo up for sale earlier this year, and in July was rumored to be selling the operation to Discovery Silver (TSX:DSV,OTCQX:DSVSF); that deal ultimately didn't pan out.
Carcetti will be renamed Hemlo Mining once the transaction closes, and is expected to uplist from the TSX Venture Exchange's NEX Board. Its backers include Robert Quartermain, who is known for leading SSR Mining (TSX:SSRM,NASDAQ:SSRM) and Pretium Resources.
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Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
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12 September
Admission to Trading on the OTCQB Market
Hamak Gold Limited (LSE: HAMA / OTCQB: HASTF), a company combining traditional gold exploration in West Africa with a Digital Asset Treasury Management strategy, is pleased to announce that the Company's shares have been admitted to trading on the OTC Venture Market ("OTCQB") in the United States, under the symbol "HASTF". No new Ordinary Shares have been issued by the Company for this parallel trading of its shares.
The purpose of the listing of shares on the OTCQB is to broaden the Company's exposure to the North American investor markets and to increase trading liquidity in a drive to deliver shareholder value.
The OTCQB is a middle-tier market for entrepreneurial and development U.S. and International companies, and is recognised by the Securities and Exchange Commission ("SEC") as an established public market.
Nick Thurlow, Executive Chairman of Hamak Gold, commented:
"We are pleased to announce approval from the Financial Industry Regulatory Authority for Hamak to list on the OTCQB market. This is an important first step in a larger U.S. strategy designed to widen the investor base for Hamak."
For further information you are invited to view the Company's website at www.hamakgold.com or please contact:
Hamak Gold Limited Nick Thurlow Karl Smithson | n.thurlow@hamakgold.com k.smithson@hamakgold.com |
Peterhouse Capital Limited (Corporate Broker) Yellow Jersey PR Annabelle Wills | +44 (0) 20 7469 0930 +44 (0) 20 3004 9512 |
About Hamak Gold Limited
Hamak Gold Limited (LSE: HAMA) is a UK listed company focussed on gold exploration in Africa and with a strategy of pursuing a BTC/ crypto treasury management policy. Through its LSE main board listing investors underweight crypto can get professional exposure to this asset class.
Important Notice
The Company maintains some of its treasury reserves and surplus cash in Bitcoin, a form of cryptocurrency. The Company is not authorised or regulated by The Financial Conduct Authority (FCA) and Bitcoin investments are generally not subject to regulaton by the FCA or otherwise in the United Kingdom. Neither the Company nor investors in the Company's shares are protected by the UK's Financial Ombudsman Service or the Financial Services Compensation Scheme.
However the FCA considers Bitcoin investments to be high-risk. The value of Bitcoin can go up as well as down, leading to fluctuations in the value of the Company's Bitcoin holdings, and the Company may not be able to realise its Bitcoin holdings for the same amount it paid to acquire them, or even for the value the Company currently attributes to its Bitcoin positions.
The Company's Board of Directors have identified the following risks in relation to the holding of Bitcoin, which are not exhaustive:
- The value of Bitcoin can be highly volatile, with its value falling as quickly as it rises. Investors in Bitcoin must be prepared to lose all money invested.
- The Bitcoin market is largely unregulated. There is a risk of losing money due to factors such as cyber-attacks, financial crime, and counterparty failure.
- The Company may not be able to sell its Bitcoin at will. The ability to sell Bitcoin depends on various factors, including the supply and demand in the market at the relevant time. Operational failings such as technology outages, cyber-attacks, and comingling of funds could cause unwanted delays.
- Cryptoassets carry a perception of fraud, money laundering, and financial crime.
An investment in the Company is not an investment in Bitcoin itself, but prospective investors in the Company are encouraged to conduct their own research before investing and should be aware that they will have indirect exposure to the high-risk nature of cryptoassets, including their volatility, and could therefore sustain large or total losses of their investment.
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12 September
Barrick’s Plan to Sell Hemlo Mine for US$1.09 Billion Marks Canadian Exit
Barrick Mining (TSX:ABX,NYSE:B) has agreed to sell its Hemlo gold mine in Ontario, Canada, for up to US$1.09 billion, continuing the company's shift away from non-core assets.
The company announced on Thursday (September 11) that Carcetti Capital (TSXV:CART.H), which will be renamed Hemlo Mining, will acquire the mine under terms that include US$875 million in cash, US$50 million in Hemlo Mining shares and as much as US$165 million in contingent payments tied to future gold prices and production.
Barrick President and Chief Executive Mark Bristow said the sale is part of the company’s ongoing capital allocation approach, noting that proceeds will help bolster the firm's balance sheet and fund returns to shareholders.
“The sale of Hemlo at an attractive valuation marks the close of Barrick’s long and successful chapter at the mine and underscores our disciplined focus on building value through our Tier One gold and copper portfolio,” Bristow said.
Hemlo, located near Marathon, Ontario, has produced more than 25 million ounces of gold over three decades of continuous operation. The mine transitioned from open-pit to underground operations in 2020.
The incoming Hemlo Mining board will include Robert Quartermain, founder of Pretium Resources and former CEO of SSR Mining (NASDAQ:SSRM,TSX:SSRM). He played a key role in the original discovery of Hemlo while at Teck Resources (TSX:TECK.A,TSX:TECK.B,NYSE:TECK). The company will be led by incoming CEO Jason Kosec, and supported by a consortium that includes Wheaton Precious Metals (TSX:WPM,NYSE:WPM) and Orion Mine Finance.
To finance the acquisition, Hemlo Mining has secured a US$1 billion package comprised of US$400 million in gold streaming from Wheaton, US$415 million in equity and US$200 million in debt.
Wheaton will also take up to US$50 million of the equity raise.
“Hemlo offers a unique opportunity to add immediate, accretive gold ounces from a politically stable jurisdiction, backed by a long history of production and a capable operating team,” said Wheaton CEO Randy Smallwood.
Under the streaming agreement, Wheaton will purchase 13.5 percent of Hemlo’s payable gold until 181,000 ounces are delivered, after which the rate will fall to 9 percent for another 157,330 ounces, and then to 6 percent for the remainder of the mine’s life. Wheaton’s attributable production is expected to average around 20,000 ounces annually for the first decade and more than 17,000 ounces annually over the life of mine, which is forecast to extend for at least 14 years.
For Barrick, the sale continues a multi-year effort to trim smaller, less profitable operations in favor of large, long-life assets that meet its “tier one” criteria. Earlier this year, the company also divested its stakes in Donlin and Alturas, bringing expected gross proceeds from non-core asset sales in 2025 to more than US$2 billion.
While Barrick has emphasized that Canada remains an important exploration jurisdiction, the Hemlo arrangement effectively ends its role as a mine operator in its home country.
Reports of a potential sale had circulated since mid-2024, spurring rumors that Barrick was in advanced talks with Discovery Silver (TSX:DSV,OTCQX:DSVSF) to divest Hemlo; those discussions ultimately did not result in a deal.
Don't forget to follow us @INN_Resource for real-time news updates!
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
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11 September
Top 5 Australian Mining Stocks This Week: Zenith Minerals Strikes Gold at Red Mountain
Welcome to the Investing News Network's weekly round-up of the top-performing mining stocks listed on the ASX, starting with news in Australia's resource sector.
Companies focused on a mix of minerals and resources once again form this week’s top stocks list, including ones searching for gold, rutile, graphite, lithium and oil.
Significant news, including broad mineralisation discoveries and new acquisitions, drove the top performers this week, which you can learn more about in the list below.
Looking at the bigger picture, Australian lithium stocks took a hit this week following the announcement of Chinese battery giant Contemporary Amperex Technology's (SZSE:300750,HKEX:3750) reported production restart at its Jianxiawo lithium mine in Yichun. Lithium prices and mining companies had previously been lifted in mid-August after the mine was suspended.
Market and commodities price round-up
The S&P/ASX 200 (INDEXASX:XJO) posted a 0.75 percent decrease this week, opening at 8,871.20 on Monday (September 8) and closing at 8,805.00 on Thursday (September 11).
As for precious metals, gold increased 1.3 percent increase in US dollars, going from US$3,586.27 per ounce on Monday to US$3,632.87 by the close of Australian trading on Thursday. The metal also saw an increase in Australian dollars, climbing 0.5 percent from AU$5,468.95 to AU$5,496.45 over the same period.
Silver ended the period flat in US dollars, starting on Monday and closing on Thursday at US$41.07, but fell 0.77 percent in Australian dollars, moving from AU$62.63 to AU$62.15.
Top ASX mining stocks this week
How did ASX mining stocks perform against this backdrop?
Take a look at this week’s five best-performing Australian mining stocks below as the Investing News Network breaks down their operations and why these companies are up this week.
Stocks data for this article was retrieved at 4:00 p.m. AEST on Thursday (September 11) using TradingView's stock screener and reflects price movements between Monday and Thursday. Only companies trading on the ASX with market capitalisations greater than AU$10 million are included. Mineral companies within the non-energy minerals, energy minerals, process industry and producer manufacturing sectors were considered.
1. Zenith Minerals (ASX:ZNC)
Weekly gain: 83.33 percent
Market cap: AU$31.77 million
Share price: AU$0.11
Zenith Minerals is an exploration company based in West Perth, Australia. Previously focused on lithium, this year the company has pivoted strategically to focus on gold at its Red Mountain and Dulcie gold projects. It still owns three lithium projects across its portfolio, alongside one zinc project.
Pending the release of significant news, Zenith requested a trading halt on Tuesday (September 9), and normal trading recommenced Thursday alongside its release.
That day, Zenith announced the first gold assay results from its Red Mountain gold project in Queensland. The results from its 2025 drilling campaign included one core that intersected a broad mineralized gold zone, extending 139.7 metres at an average grade of 1.05 grams per tonne gold. The interval, which started at a depth of 214.9 metres, included semi-massive sulphide mineralisation. Further assays are expected in the coming weeks.
Zenith added that it is preparing to start a fully funded 9,000 to 12,000 metre reverse circulation drilling program at its Dulcie gold project in Western Australia by the end of September.
Shares of the company gained significantly once trading recommenced, closing at AU$0.11 on Thursday.
At the start of the week, the company announced a share sale facility of unmarketable parcels under a value of AU$500 based on a share price of AU$0.06. The 1,233 shareholders with these small holdings can opt out by October 20, but otherwise the company will purchase the shares back automatically.
2. Fortuna Metals (ASX:FUN)
Weekly gain: 81.82 percent
Market cap: AU$13.11 million
Share price: AU$0.10
Fortuna Metals is an exploration company focused on rutile-graphite projects in Malawi following acquisition news this week. Its portfolio also includes rare earth and base metal assets in Western Australia and South Australia. The company changed its name from Lanthanein Resources last month.
Fortuna announced the acquisition agreement for the Mkanda and Kampini rutile-graphite projects on Thursday. The projects sit south of Sovereign Metals’ (ASX:SVM) Kasiya rutile and flake graphite deposit.
“The projects cover some of the most prospective geology outside of Kasiya, which hosts the world’s largest rutile and second largest flake graphite resource,” CEO Tom Langley commented. The mineral rutile is a high-grade source of titanium.
In its acquisition presentation, the company shared next steps, including data review and Phase 1 soil sampling and hand auger drilling, for which results are expected in Q4. Further exploration at identified targets will begin in 2026.
Fortuna requested a trading halt on Wednesday pending the acquisition news, which it released during pre-market trading Thursday. Its share price spiked to AU$0.125 at Thursday’s open and closed at a weekly high of AU$0.10.
3. IRIS Metals (ASX:IR1)
Weekly gain: 70.33 percent
Market cap: AU$32.39 million
Share price: AU$0.155
US-focused IRIS Metals is a hard-rock lithium explorer and developer that is currently advancing near-term production through its Beecher and Tin Mountain lithium projects on private land in the Black Hills of South Dakota. The company aims to develop a hub-and-spoke model in the state, with multiple mines and centralised processing.
Adding to its holdings in the state, the company said on Wednesday that it acquired a portfolio of private lands and federal mineral claims in the region from Rapid Critical Metals (ASX:RCM). The acquisition includes the Ingersoll project, which hosts the past-producing Bob Ingersoll lithium-beryllium mine. IRIS intends to start drilling at the Ingersoll project towards the end of 2025.
“Combined with our Beecher, Tin Mountain and Edison projects, (Ingersoll) establishes a robust foundation for IRIS’ near-term lithium production ambitions and enhances our exposure to critical minerals such as beryllium and tantalum,” US Operations President Matt Hartmann stated.
He added that private land ownership is strategically advantageous as it positions IRIS as “the leading lithium explorer in the region.” The acquisition brought the company’s private land holdings to over 41 hectares.
Shares of the company climbed to AU$0.14 by Wednesday’s close and closed even higher Thursday at AU$0.155.
4. Red Sky Energy (ASX:ROG)
Weekly gain: 66.67 percent
Market cap: AU$27.11 million
Share price: AU$0.005
Established in 2001, Red Sky Energy is an oil and gas exploration company headquartered in Melbourne.
Its flagship asset is its wholly owned Killanoola oil project in Otway Basin, South Australia, which covers an area of 17.5 square kilometres and has recorded rates of 300 barrels per day.
On Thursday, Red Sky Energy reported that construction has commenced at Killanoola’s KN2 well site following approval from the South Australian Department for Energy and Mining (DEM).
Drilling and completion costs for the KN2 well are being 75 percent funded by Condor Energy Services, Chawla Group and VB Energy through a farm-in agreement. Once complete, the companies will hold a 45 percent working interest in the well, and Red Sky will retain 55 percent.
Completion of construction is expected within the next two weeks, with initial activities including the removal and stockpiling of topsoil. The company added that installation of the access gate and fencing will follow after construction is complete.
Red Sky Energy shares climbed on the news, closing at AU$0.005 on Thursday.
5. Resources & Energy Group (ASX:REZ)
Weekly gain: 45 percent
Market cap: AU$20.93 million
Share price: AU$0.029
Resources & Energy Group is a gold explorer and miner headquartered in Sydney.
It is currently performing small-scale gold production at its East Menzies gold project in Western Australia, which is located 130 kilometres north of Kalgoorlie and consists of over 50 tenements.
The company performed its second gold doré pour in Q2, with 34.14 ounces of gold minted at the Perth Mint.
On Tuesday, Resources & Energy Group announced that an amendment to its mining proposal for the Maranoa deposit at East Menzies has been approved, meaning it can construct eight additional vat leach cells with combined processing capacity of 40,000 tonnes of ore. The approval allows the company to move from small-scale trial to full-scale vat leach production at the deposit.
“Ultimately, cash flow from production will directly support resource drilling, exploration, and further development across the entire East Menzies gold project. This marks the beginning of a new growth phase for REZ,” Managing Director J. Daniel Moore said.
Shares of Resources & Energy Group climbed through the week after the announcement, closing at AU$0.029 on Thursday.
Don’t forget to follow us @INN_Australia 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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