White Gold Corp. (TSX.V: WGO, OTCQX: WHGOF, FRA: 29W ) (the "Company") is pleased to announce that surface rock sampling has encountered gold with associated anomalous silver and tellurium in altered and mineralized intrusive rocks over a 1.25 km section of the 2.2 km Chris Creek target, a recently discovered gold-in-soil anomaly on its QV property. The Chris Creek target is located approximately 9 km northwest of the VG deposit and appears to be similar in character to the VG and Golden Saddle deposits which form part of the Company's flagship White Gold Project (Figure 1). The White Gold Project is located in west-central Yukon, Canada, and comprises 16 million tonnes averaging 2.23 gt Au for 1,152,900 ounces of gold in the Indicated Resource category and 19 million tonnes averaging 1.54 gt Au for 942,400 ounces of gold in the Inferred Resource category (1) . These new results form part of the Company's 2024 exploration program on its extensive and underexplored land package in the emerging White Gold District, Yukon, supported by strategic partners including Agnico Eagle Mines Limited (TSX: AEM, NYSE: AEM) and Kinross Gold Corporation (TSX: K, NYSE: KGC).
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Trailbreaker Resources Discovers New Gold Zone at Atsutla Gold Project, Expands Mineralization at Swan Zone
Trailbreaker Resources Ltd. (TBK.V) (“Trailbreaker” or “the Company”) is pleased to announce the results of the 2022 exploration program at its 100%-owned Atsutla Gold project, located in northwestern British Columbia (BC).
First-pass prospecting on newly staked claims has led to the discovery of high-grade gold mineralization 3.5 km northeast of the Highlands zone, in an area now termed the ‘Snook zone.’ Assays of rock grab samples returned values up to 53.3 g/t gold (Au) from quartz vein talus boulders with galena-bornite-chalcopyrite mineralization.
Twenty-four kilometres east of the Highlands and Snook zones, follow-up prospecting and soil sampling at the Swan zone revealed a new gold-in-soil anomaly. This is located about one kilometre northeast of the 900 m x 700 m multi-element anomaly representing the surface expression of a porphyry centre defined in 2021. This new anomaly is about 559 metres long, with values up to 268 ppb Au. Assays of rock grab samples from the Swan zone yielded values up to 11.7 g/t Au and 212 g/t silver (Ag) (separate samples).
Between the Swan and Snook zones lies a large area of un-explored ground. First-pass prospecting in the Shownektaw Creek area led to the discovery of multiple new gossanous alteration zones within the Christmas Creek Batholith. A grab sample of gossanous talus float returned an assay of 22.1 g/t Au.
The 2022 exploration program also included detailed structural and geological mapping at the four high-grade gold zones discovered and defined in 2021, with a focus on drill target generation. Thirty-one samples were sent for petrographic analysis to aid in determining the nature of the widespread gold mineralization. This independent structural report remains outstanding, and the Company will issue another press release providing the results once received.
Daithi Mac Gearailt, CEO of Trailbreaker, commented, “The Atsutla Gold Project continues to deliver new and exciting discoveries. We have now identified high-grade gold showings across 28 kilometers, spanning multiple lithologies. With these new results and the pending detailed geological report, I am confident that we will have a de-risked drill plan in hand by the end of the year.”
Newly discovered Snook zone
The Snook zone is located 3.5 km northeast of the Highlands zone – a 2021 discovery consisting of multiple high-grade and visible gold showings (>100 g/t Au) across a 750 m x 600 m area (see Map 1 – Atsutla West). A previously identified prominent east-west trending fault (the Snook Fault) defines the southern boundary of the zone and cuts through Snook Lake. At least two generations of quartz veining were identified at the Snook zone. The earlier set comprises steeply dipping sheeted veins which are crosscut by later shallow-dipping veins. Sulphide mineralization consists of variable amounts of pyrite, bornite, chalcopyrite, galena, and arsenopyrite. Galena and arsenopyrite appear to be constrained to the later set of quartz veining. The veining occurs within granodiorite of the early Jurassic Christmas Creek Batholith. Highlights include:
- 53.3 g/t Au from a quartz vein boulder with galena-chalcopyrite mineralization (Photo 1);
- 7.55 g/t Au from an outcrop of sheeted quartz veins typically 5-10 cm wide with chalcopyrite-pyrite mineralization (Photo 2);
- 9.78 g/t Au from a quartz vein boulder with arsenopyrite-pyrite mineralization south of the Snook Fault.
Photos 1 and 2: Snook zone quartz-galena-chalcopyrite boulder assaying 53.3 g/t Au (left) and sheeted quartz-chalcopyrite-pyrite veins assaying 7.55 g/t Au.
An Option Agreement has been signed with Mr. Torrey Fredlund (the “Vendor”) for Trailbreaker to obtain a 100% interest in his ‘Golden Echelon’ claim block located between the Snook and Highland zones. The block consists of one claim covering 132 hectares. Prior to the 2022 exploration program, an agreement was made allowing for Trailbreaker to explore and evaluate the claim block before finalizing an option agreement.
Pursuant to the terms of the Option Agreement and subject to receipt of all regulatory approvals, Trailbreaker can earn a 100% interest in the Property by making staged share issuances totaling 80,000 common shares over three years and a making a one-time cash payment of $25,000 as follows:
- 10,000 common shares on receipt of TSX Venture Exchange approval;
- 10,000 common shares on or before November 16, 2023;
- 10,000 common shares on or before November 16, 2024; and
- 50,000 common shares and $25,000 cash payment on or before November 16, 2025.
The Vendor will retain a 1% Net Smelter Royalty and Trailbreaker has the right to buy back the 1% NSR within a two-year period from the exercise of the option for a cash payment of $50,000 and issuance of 100,000 common shares.
Swan zone follow-up and reconnaissance sampling
The 2022 work program included follow-up and reconnaissance exploration at the Swan zone (see Map 2 – Swan). The Swan zone area was initially staked by Trailbreaker to cover a historical molybdenum-copper porphyry prospect that was discovered in the late 1960s and explored periodically since then. Despite the collection of more than 500 soil and surface rock samples, and the completion of almost 1,000 metres of shallow diamond drilling, no geochemical analysis for gold was done before Trailbreaker staked the area.
In 2021, Trailbreaker identified a 900 m x 700 m gold (Au) – arsenic (As) – silver (Ag) – antimony (Sb) – copper (Cu) – molybdenum (Mo) – lead (Pb) soil anomaly, with multiple gold and silver showings in bedrock. The core of the soil anomaly is located ~1.2 km east of the historical drilling.
Exploration in 2022 led to the discovery of additional gold mineralization within the soil anomaly, whereby assaying of rock grab samples returned values up to 11.7 g/t Au, 212 g/t Ag, and 0.12% Cu. Gold is associated primarily with disseminated and massive arsenopyrite mineralization within a porphyritic leucogranite unit of the Upper Cretaceous Glundebery Batholith.
A reconnaissance soil sample line identified a new 550-metre-long gold anomaly located 1 km east of the main Swan zone anomaly. Assaying of soil samples yielded values up to 268 ppb Au within this new anomaly.
First-pass prospecting was conducted on a ridge 2 km west of the Swan zone, across the valley from where the historic diamond drilling was conducted. Multiple new quartz-arsenopyrite showings were identified, and assays returned values up to 0.79 g/t Au.
About the Atsutla Gold Project
Trailbreaker’s 100%-owned Atsutla Gold project is located 70 km south of the Yukon-British Columbia border and 130 km northwest of the community of Dease Lake, BC. The project covers 40,057 hectares of ground with very limited historic exploration. The project represents a district-scale discovery in an under-explored area of British Columbia.
To date, Trailbreaker has identified five gold zones at Atsutla: The Highlands, Christmas Creek, Snook, Willie Jack, and Swan zones, which span a distance of 28 kilometres. The highest grades occur at the Highlands zone, where grab samples have returned values up to 630 g/t (18.38 oz/ton) gold and 1,894 g/t (55.25 oz/ton) silver. High-grade, vein- and wallrock-hosted copper mineralization has also been discovered in the Highlands, Christmas Creek, and Willie Jack zones, with grab sample assays up to 1.7% copper. For more information and detailed maps, see the Atsutla Gold Project section on Trailbreaker’s website.
Message from the President
“The Atsutla Gold project is district-scale discovery with not only the gold-bearing copper porphyry model at Swan but also a large robust high-grade gold system at the Highlands, Christmas Creek, and Snook zones. We own it 100%, it’s brand-new and begging to be drilled!”
ON BEHALF OF THE BOARD
Daithi Mac Gearailt
President and Chief Executive Officer
Carl Schulze, P. Geo., Consulting Geologist with Aurora Geosciences Ltd, is a qualified person as defined by National Instrument 43-101 for Trailbreaker's BC and Yukon exploration projects, and has reviewed and approved the technical information in this release.
For new information about the Company’s projects, please visit Trailbreaker’s website at TrailbreakerResources.com and sign up to receive news. For further information, follow Trailbreaker’s tweets at Twitter.com/TrailbreakerLtd, use the ‘Contact’ section of our website, or contact us at (604) 681-1820 or at info@trailbreakerresources.com.
TRAILBREAKER RESOURCES LTD.
650 W. Georgia Street, #2110
Vancouver, British Columbia
Canada, V6B 4N9
Telephone: 604 681 1820
Facsimile: 604 681 1864
https://www.TrailbreakerResources.com
https://twitter.com/TrailbreakerLtd
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
Statements contained in this news release that are not historical facts are "forward-looking information" or "forward-looking statements" (collectively, "Forward-Looking Information") within the meaning of applicable Canadian securities legislation and the United States Private Securities Litigation Reform Act of 1995. Forward-Looking Information includes, but is not limited to, disclosure regarding possible events, conditions or financial performance that is based on assumptions about future economic conditions and courses of action; expectations regarding future exploration and drilling programs and receipt of related permitting. In certain cases, Forward-Looking Information can be identified by the use of words and phrases such as "anticipates", "expects", "understanding", "has agreed to" or variations of such words and phrases or statements that certain actions, events or results "would", "occur" or "be achieved". Although Trailbreaker has attempted to identify important factors that could affect Trailbreaker and may cause actual actions, events or results to differ materially from those described in Forward-Looking Information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. In making the forward-looking statements in this news release, if any, Trailbreaker has applied several material assumptions, including the assumption that general business and economic conditions will not change in a materially adverse manner. There can be no assurance that Forward-Looking Information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on Forward-Looking Information. Except as required by law, Trailbreaker does not assume any obligation to release publicly any revisions to Forward-Looking Information contained in this news release to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
White Gold Corp. Encounters Gold in Encouraging Host Rocks of Altered and Mineralized Intrusives in Surface Rock Sampling over 1.25km on the Newly Discovered 2.2km Chris Creek Target on the QV Property
"These gold in rock sample results over such a long distance further support the Chris Creek target as an exciting new target on our QV property and another example on the effectiveness of our data-driven exploration protocol to be able to discover a target and quickly advance to maiden diamond drilling. This large target in such close proximity to our flagship deposit remains open for expansion with the highest gold-in-soil values to date encountered right on the western edge. It also forms part of a larger 5.2km mineralized trend which hosts other interesting targets that have seen minimal exploration and no drilling to date. We look forward to continuing to advance this underexplored and prospective area and to further demonstrate the expansiveness of gold mineralization within our district-scale land package in a tier 1 mining jurisdiction," stated David D'Onofrio, CEO.
Maps and images accompanying this news release can be found at http://whitegoldcorp.ca/investors/exploration-highlights/ .
Highlights
- The surface expression of the Chris Creek gold-in-soil anomaly strikes east-northeast, measures 350 m wide x 2.2 km long (see Company Press Release dated August 1, 2024), and is open along strike to the west and to the east and includes some of the highest gold in soil values encountered to date.
- The anomaly displays clear multi-element geochemical zonation, with gold (Au), tellurium (Te), and silver (Ag).
- Gold within favourably altered and mineralized intrusive rocks was encountered in multiple samples along the Chris Creek target.
- All surface rock samples returned anomalous gold including up to 1.06 and 1.09 g/t Au over a 1.25 km section of the gold-in-soil anomaly.
- Rock samples collected suggest strong continuity of the Chris Creek soil anomaly which appears to be underlain by a broad, gold bearing variably altered, brittle fractured, silica flooded monzogranite.
- The Chris Creek target forms part of a larger property-scale mineralized system on the QV property which measures 5.2km in strike, with multiple other prospective targets which have not been drill tested.
- A maiden diamond drilling program at the target has been executed, testing an approximately 400 m strike length of the target with results to be released in due course.
2024 Exploration Program
Exploration work completed on the Chris Creek target in 2024 (Figure 2) included 787 infill and extension soil samples, 5 lines of VLF-EM surveying totalling 6.35-line km plus 2D inversions, 14 rock samples, and maiden diamond drilling.
Results of the soil sampling and VLF-EM surveys were previously announced on August 1, 2024. Gold-In-soil values range from
Magnetic data reveals that the newly identified soil anomaly is situated near a mafic belt with a NNW-SSE orientation, similar to the structural context of the VG, Golden Saddle, and Ryan's Surprise deposits located along strike approximately 9 to 19 km to the SE and SSE. The highly magnetic mafic belts are observed to occupy the hanging wall of E- to ENE-dipping, district-scale thrust faults, with gold mineralization at the VG, Golden Saddle, and Ryan's Surprise deposits occurring where intersected by significant NE- or NW-trending faults. At the newly identified soil anomaly, anomalous gold is localized at a fault intersection of a similar structural and magnetic pattern to those of the mentioned deposits and is associated with a semi-circular magnetic high approximately 1 km in diameter.
2D inversions of recently completed VLF-EM survey lines over the target indicate the gold-in-soil anomaly is associated with a moderately north-dipping hanging wall – footwall contact zone.
A total of 14 rock samples were collected along a 1.25 km length of the gold-in-soil anomaly. Samples were collected at various depths up to 1 m from hand dug pits and representative composite samples were submitted for analysis. The sampling demonstrated the presence of gold with associated silver and tellurium in rock samples directly overlying the Chris Creek target. Of the 14 samples collected, all samples returned anomalous gold values with including 2 samples that returned 1.06 and 1.09 g/t Au, 1 sample returned 0.46 g/t Au, 5 samples returned between 0.1 to 0.2 g/t Au, and up to 13.66 g/t Ag including 3.318 g/t Ag, and 2.99 g/t Ag. The continuity of rock samples and gold-in-soil values collected suggest the presence of a large mineralized system at the target that remains open and unexplored.
A maiden diamond drill program was recently executed testing an approximately 400 m strike length of the target. All holes were drilled to the south (160°-180° azimuth) at dips ranging from -50° to -75°, with hole ranging from 95.0 to 251.0 m. Drilling assay results are pending and will be announced in due course.
Chris Creek Target
The Chris Creek target represents a prospective new target within White Gold Corp's portfolio, located approximately 9 km northwest of the VG deposit. 2024 soil geochemical sampling at the target returned values as high as 600 ppb Au, including 418.6 ppb Au, 244.6 ppb Au, 237.3 ppb Au, 218.1 ppb Au, and 200.6 ppb Au. These results further define the core of the anomaly and expand the gold-in-soil trend eastward toward the Diego trend. This connection forms an overall gold trend measuring roughly 2.7 km along strike and up to 250 m in width.
The geological features of Chris Creek closely resemble those of the Golden Saddle and VG deposits (Figure 5), all of which remain open for expansion. At Golden Saddle and VG, gold is hosted within brittle-ductile fault zones, quartz vein breccias, and stockwork veining, similar to the structures seen at Chris Creek. Initial rock sampling results suggest Chris Creek shares many of the same features as the Golden Saddle and VG deposits. The strong similarities between Chris Creek, which remains underexplored and open for expansion, and the established Golden Saddle and VG deposits, represent substantial potential for future discoveries within the Chris Creek system. With multiple mineralization styles (Au-Te-Ag, As-Sb, Mo-bearing quartz-carbonate veins, and skarn) across a large structural corridor, there is significant opportunity for continued geophysical surveys, trenching, and drilling to further define and expand the mineralized zones.
QV Property Prospectivity
The QV property comprises 1003 quartz claims which over an area of 19,671 hectares and hosts the VG deposit, which hosts an open pittable Inferred resource of 287,100 oz gold at 1.53 g/t (1) and forms part of the Company's flagship White Gold Project. The mineralization is hosted along a N-E trending, gently south dipping structural zone that has been traced for over 700 m at surface and consists of disseminated to vein-controlled pyrite with brecciation, stockwork quartz-carbonate veining, and sericite alteration. The VG shares strong similarities to the Golden Saddle deposit located 11 km south of the VG deposit on the White Gold property both in structural setting as well as mineralization style and is open along strike and at depth.
The presently defined Chris Creek target sits in the western region of a broader trend (The Chris Creek Trend) that extends 5.2 km east-northeast, beginning at Chris Creek and passing through the Diego target towards the Tetra target. Claims to the east of Diego target were strategically staked in 2023 due to its representation as a continuation and extension of the Chris Creek and Diego anomalies, providing continuity of the trend to the Company. The geochemical anomaly at Tetra is primarily Mo-Au and is bisected by a major west-northwest trending magnetic low, which runs subparallel to a large, mapped occurrence of early Jurassic-aged Long Lake Suite granodioritic intrusives. The entire trend follows a major fault identified through Lidar and is highlighted by anomalous mercury (Hg) along its length.
In addition to targets situated along the Chris Creek trend, the property also hosts several other prospective targets which have received limited exploration work and offer potential for additional discoveries including the Stewart and Shadow targets which have seen limited exploration and no drilling to date. The Stewart target occurs adjacent to a Jurassic intrusive is located 5km N-NW of the VG deposit and consists of a 1.5km E-W trending gold in soil anomaly, with values from trace to 274.1 ppb Au and anomalous Bi-Ag-Te-Mo. The Shadow target is located 12 km north of the VG zone and consists of multiple gold in soil anomalies, ranging from trace to 514ppb Au and is 2.7km long with association to a series of NW and ENE trending structures and strongly anomalous Ag-Pb-Bi+/-As+/-Mo. The Tetra target occurs on the Chris Creek Trend, along an interpreted E-W oriented fault and is located 8km N of the VG, consists of a 1.5km E-W trending gold in soil anomaly with values from trace to 151.5 ppb Au and remains is open and unexplored to the west.
Rock Sampling Methods and Analysis
The 2024 Chris Creek rock sampling program involved digging hand pits above previously collected soil samples. Holes were dug in 20-40 cm increments, and the dirt sieved to collect rock fragments, retaining only those larger than 5 cm diameter. Selected rocks were placed in pre-labeled poly sample bags, indicating the soil sample station ID and depth fraction, and returned to Thistle Camp at the end of the day. At camp, rocks from each depth were washed, and sufficiently large samples were cut with a saw to expose fresh surfaces. An onsite geologist logged the rocks, noting consistent types and alterations across depth partitions. A representative composite sample was collected from each station for analysis.
Analysis work for the 2024 rock sampling program was performed by Bureau Veritas, an internationally recognized analytical services provider at its South Vancouver, British Columbia laboratory. Sample preparation was carried out at its Whitehorse, Yukon facility. All samples were prepared using the PRP70-250 package, where samples were weighed, dried, and crushed to greater than 70% passing a 2mm sieve, then pulverized to greater than 85% passing 75 microns. Samples were then analyzed in accordance with BV's FA430 and MA250 packages, for both gold analysis by fire assay (30g fire assay with AAS finish) and ultra-trace multi-element ICP analysis (0.25 g, 4 acid digestion and ICP-MS analysis).
About White Gold Corp.
The Company owns a portfolio of 15,876 quartz claims across 26 properties covering approximately 315,000 hectares (3,150 km 2 ) representing approximately 40% of the Yukon's emerging White Gold District. The Company's flagship White Gold project hosts four near-surface gold deposits which collectively contain an estimated 1,152,900 ounces of gold in Indicated Resources and 942,400 ounces of gold in Inferred Resources (1) . Regional exploration work has also produced several other new discoveries and prospective targets on the Company's claim packages which border sizable gold discoveries including the Coffee project owned by Newmont Corporation with Measured and Indicated Resources of 2.1 Moz at 1.28 g/t gold and Inferred Resources of 0.2 Moz at 1.04 g/t gold (2) , and Western Copper and Gold Corporation's Casino project which has Measured and Indicated Resources of 7.6 Blb copper and 14.5 Moz gold and Inferred Resources of 3.3 Blb copper and 6.6 Moz gold (3) . For more information visit www.whitegoldcorp.ca.
(1) See White Gold Corp. technical report titled "2023 Technical Report for the White Gold Project, Dawson Range, Yukon, Canada", Effective Date April 15, 2023, Report Date May 30, 2023, NI 43-101 Compliant Technical Report prepared by Dr. Gilles Arseneau, P.Geo., available on SEDAR+.
(2) See Newmont Corporation Form 10-K: Annual report for the year ending December 31, 2023, in the Measured, Indicated, and Inferred Resources section, dated February 29, 2024, available on EDGAR. Reserves and resources disclosed in this Form 10-K have been prepared in accordance with the Regulation S-K 1300, and do not indicate NI43-101 compliance.
(3) See Western Copper and Gold Corporation technical report titled "Casino project, Form 43-101F1 Technical Report Feasibility Study, Yukon Canada", Effective Date June 13, 2022, Issue Date August 8, 2022, NI 43-101 Compliant Technical Report prepared by Daniel Roth, PE, P.Eng., Mike Hester, F Aus IMM, John M. Marek, P.E., Laurie M. Tahija, MMSA-QP, Carl Schulze, P.Geo., Daniel Friedman, P.Eng., Scott Weston, P.Geo., available on SEDAR+.
Qualified Person
Terry Brace, P.Geo. and Vice President of Exploration for the Company is a "qualified person" as defined under National Instrument 43-101 – Standards of Disclosure of Mineral Projects and has reviewed and approved the content of this news release.
Cautionary Note Regarding Forward Looking Information
This news release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking statements") within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "proposed", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. In this news release, forward-looking statements relate, among other things, the Company's objectives, goals and exploration activities conducted and proposed to be conducted at the Company's properties; future growth potential of the Company, including whether any proposed exploration programs at any of the Company's properties will be successful; exploration results; and future exploration plans and costs and financing availability.
These forward-looking statements are based on reasonable assumptions and estimates of management of the Company at the time such statements were made. Actual future results may differ materially as forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to materially differ from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors, among other things, include:
The expected benefits to the Company relating to the exploration conducted and proposed to be conducted at the White Gold properties; the receipt of all applicable regulatory approvals for the Offering; failure to identify any additional mineral resources or significant mineralization; the preliminary nature of metallurgical test results; uncertainties relating to the availability and costs of financing needed in the future, including to fund any exploration programs on the Company's properties; business integration risks; fluctuations in general macroeconomic conditions; fluctuations in securities markets; fluctuations in spot and forward prices of gold, silver, base metals or certain other commodities; fluctuations in currency markets (such as the Canadian dollar to United States dollar exchange rate); change in national and local government, legislation, taxation, controls, regulations and political or economic developments; risks and hazards associated with the business of mineral exploration, development and mining (including environmental hazards, industrial accidents, unusual or unexpected formations pressures, cave-ins and flooding); inability to obtain adequate insurance to cover risks and hazards; the presence of laws and regulations that may impose restrictions on mining and mineral exploration; employee relations; relationships with and claims by local communities and indigenous populations; availability of increasing costs associated with mining inputs and labour; the speculative nature of mineral exploration and development (including the risks of obtaining necessary licenses, permits and approvals from government authorities); the unlikelihood that properties that are explored are ultimately developed into producing mines; geological factors; actual results of current and future exploration; changes in project parameters as plans continue to be evaluated; soil sampling results being preliminary in nature and are not conclusive evidence of the likelihood of a mineral deposit; title to properties; ongoing uncertainties relating to the COVID-19 pandemic; and those factors described under the heading "Risks Factors" in the Company's annual information form dated July 29, 2020 available on SEDAR+. Although the forward-looking statements contained in this news release are based upon what management of the Company believes, or believed at the time, to be reasonable assumptions, the Company cannot assure shareholders that actual results will be consistent with such forward-looking statements, as there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking statements and information. There can be no assurance that forward-looking information, or the material factors or assumptions used to develop such forward-looking information, will prove to be accurate. The Company does not undertake to release publicly any revisions for updating any voluntary forward-looking statements, except as required by applicable securities law.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release.
For Further Information, Please Contact:
Contact Information:
David D'Onofrio
Chief Executive Officer
White Gold Corp.
(647) 930-1880
ir@whitegoldcorp.ca
Request Meeting: https://calendly.com/meet-with-wgo/15min
A photo accompanying this announcement is available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/d61eb9fb-9455-46be-9cac-3f78c03919f4
https://www.globenewswire.com/NewsRoom/AttachmentNg/d0ca48ba-1c23-4433-9bc3-9df3e6bc88e6
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World Class Copper Potential Increased at Yataga Copper Project – Georgetown, QLD
EMU NL (“EMU” or “the Company”) is pleased to provide an update on recent exploration work at the Company’s newly named Yataga Copper Project1, located within the Yataga Igneous Complex near Georgetown in North Queensland.
- Recent surface Geochemical surveys have updated EMU’s Ecological modelling and identified multiple intra-pluton porphyry copper centres close to surface within the Yataga Copper Project at Georgetown in Far North Queensland.
- EMU’s consultants have advised that these porphyry centres are concentrated along a “structural belt” and modelled to be near surface and their advice is that the unusual character of these intra-pluton copper centres nay be analogous to the Highland Valley Copper Mine, where a series of porphyry copper deposits host Canada’s largest open pit copper nine which produced more than 130kt in 2021.
- Dr Gregg Morrison, Queensland-based Geological Consultant with 45 years’ experience, has accepted an invitation to be appointed Technical Advisor to the Project. His authority and significant knowledge of the metallogenic systems of northern Queensland adds substantial value to the developing discovery.
- EMU’s recent work has identified a combined area of 8km2 of copper-in-soil anomalism with significant potential for expansion.
- Additional work includes;
- a 220-line km airborne electromagnetics survey (results pending).
- A 20-line km ground-based Pole-Dipole Induced Polarisation (PDIP) and Magnetotelluric (MT) survey currently underway.
- These geochemistry and geophysics survey results will provide an optimized low risk drilling programs to be carried out in the near future.
EMU Non-Executive Chairman Peter Thomas commented:
“Whilst it is still early days, results from EMU’s field work continue to provide encouragement that this project has the potential to be a Global Tier 1 scale copper discovery.
EMU has undertaken a meticulous, methodical and measured exploration programme guided by the best available expertise. EMU has carried out important Geophysical and Geochemical survey work that is assisting Ecological assessment of what appears to be high grade surface mineralisation indicating the presence of multiple Cu-bearing intrusive centres close to surface. EMU is determined to do a professional job driven by fundamentals and first principles.
Accordingly, EMU remains focused on establishing sound compelling drill vectors that give the project its best chances of success
Prudent and diligent field and desktop work being pursued is a comparatively low-cost avenue to optimise drilling efforts.
We are absolutely delighted and honoured to have secured the services of Dr Gregg Morrison, an expert in the style of mineralisation we are encountering at the Yataga Copper Project. Dr Morrison has already added value with his input to recent exploration and modelling. His technical knowledge on ore controls and hydrothermal system Geometry will be invaluable in defining and building confidence in drill targets as we seek to unlock the potential large-scale economics of the project.
Our recent 27km2 Geochemistry field survey, has demonstrated vast copper-in-soil anomalism over an area of 8km2 in aggregate reflecting very large potential. Our exploration team believes that the abundant and pervasive surficial expression of copper cannot be explained other than that there simply MUST be a near surface local concentrated source. Our goal is to find that source.
The team is working with preliminary pXRF Geochemistry to delineate the likely mineralisation fluid- flow geometry leading to defining priority structural/geological drill targets. Meanwhile, we continue to take samples for Geochemical analysis and to gather Geophysical data directed at providing compelling vectors for drilling at Yataga and, additionally, to assess bonanza grade gold occurrences across the broader 850km2 project.
EMU will prepare an appropriate drilling program the project once its team is comfortable that a higher level of confidence in targets can be achieved.”
Exploration Activity
EMU’s discovery team has made significant progress with the latest Geochemistry field work. The termite mound sampling methodology has proven to be highly reliable and productive.
The 27km2, grid controlled pXRF (Portable X-Ray Fluorescence analyser) programme sampled 1152 termite mounds. The combined area of highly anomalous copper has been substantially extended with copper mineralisation surface expression now covering a vast area – approximately 8km2 including the original discovery prospect – Fiery Creek. (See Figure 1). The potential to extend the area of copper mineralisation even further is possible and will follow from in field geochemistry and geophysics surveys currently in progress.
The areas of copper-in-soil anomalies delineated in this first-pass programme are defined as pXRF values ranging between 150 – 76͘ ppm Cu, equivalent to 5 – 25 times the average crustal abundance (or background values) for copper in Granodiorites.
Figure 1: The termite mound Geochemical sampling programme grid with Copper (Cu) heat map overlying geology. The main Cu-zones of Fiery Creek Prospect and Yataga Valley Prospect are clearly defined. (See also Figure 4.)
Modelling of the surface mineralisation indicates the presence of multiple Cu-bearing intrusive centres close to surface. Planned geophysical surveys to be conducted during September and October are targeted to “nap” the 3-dinensional aspects of the mineralised pluton and provide information on mineral pathways and mineralisation signatures. The surveys will provide a depth component to the surface field data collected to date, enhancing the definition of the erosional level of the mineralised system and the depth extent of the pluton roof and the location of the stocks and dykes that are the source of mineralisation.
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This article includes content from EMU NL, 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.
Outstanding Drill Results Confirm High Grade Uranium Mineralisation at the Ashburton Project
Piche Resources Limited (ASX: PR2) (“Piche” or the “Company”), is pleased to announce the first outstanding intersections received from its reverse circulation drilling programme on its Ashburton project in Western Australia. The results confirm the mineralisation and its downdip continuation at the Angelo A prospect.
HIGHLIGHTS
- Assay results from the first six reverse circulation (RC) drill holes completed at the Angelo A prospect within Piche’s Ashburton project have all returned significant high grade uranium mineralisation.
- Equivalent U3O8 concentrations have been calculated from downhole gamma surveys and results include:
- ARC001 6.98m @ 1,617 ppm eU3O8 from 101.84 metres
- ARC002 4.36m @ 2,205 ppm eU3O8 from 109.89 metres
- ARC003 3.96m @ 1,516 ppm eU3O8 from 86.89 metres
- ARC004 6.02m @ 801 ppm eU3O8 from 83.55 metres
- ARC006 3.45m @ 5,129 ppm eU3O8 from 137.62 metres incl 0.34m @ 16,050 ppm eU3O8 from 139.11 metres
- ARC007 1.30m @ 503ppm eU3O8 from 123.37 metres.
- The ongoing drilling programme is designed to confirm previous high grade uranium results at the Angelo A & B prospects, test a revised model for the controls on mineralisation and identify extensions to the existing mineralisation.
- The drilling is targeting Proterozoic unconformity style uranium mineralisation, like the Pine Creek Geosyncline in Australia and the Athabasca Basin in Canada.
- Further RC results will be released as the drilling programme continues and a diamond drill rig will be mobilised to site in the coming week.
The continuing drilling programme is being undertaken at, and along strike of, the Angelo A prospect. No exploration activities have been carried out at Angelo A over the last 40 years.
Table 1: Angelo A Reverse Circulation drill hole intersections (cut-off grade of 250ppm eU3O8)(All thicknesses are downhole thicknesses as there is currently insufficient information to accurately calculated true widths)
Table 2: Drill hole details of holes referenced above(Table 2 documents the drill hole location details. Coordinates are reported in GDA94)
*ARCD005 is a pre-collar to a planned diamond drillhole which will be completed on arrival of the diamond drill rig
The drill rig will move to Angelo B prospect, approximately 1.3km to the northeast, following the completion of the Angelo A drilling.
This programme will be followed by a diamond drilling programme scheduled for later this month. These drilling programmes are planned to confirm the results from previous exploration by drilling several twin holes, to test a revised model for the control of the uranium mineralisation and explore for extensions to the mineralisation identified between 1973 and 1984.
The project area is located approximately 140km to the west-southwest of Newman in the Pilbara region of Western Australia (Figure 1). Piche holds three tenements totalling about 122km2 in its Ashburton Project (Figure 2).
Piche’s Managing Director, Stephen Mann, commented:
“The Company is very excited following the receipt of results from the first six holes of Piche’s initial drilling programme on its Ashburton Project. Not only have we confirmed the historical results with several twin holes, but we have shown that the mineralization continues downdip. Drilling to date has confirmed that mineralisation occurs within the typical unconformity model, with highly altered uranium rich sandstones at the unconformity, and the potential of mineralized “feeder” zones extending steeply below that unconformity zone. It is expected that further drilling in this campaign should result in more clarity of the distribution and controls of mineralization”.
Previous explorers at the Ashburton Project area focused their efforts on the unconformity between the mid Proterozoic sandstones and the early Proterozoic basement complexes.
The Ashburton Project area hosts unconformity-related uranium mineralisation. Unconformity uranium style deposits constitute approximately 20% of Australia’s total uranium resources and about one-third of the western world’s uranium resources and include some of the largest and richest uranium deposits2. Minerals are uraninite and pitchblende. The main deposits occur in Canada (the Athabasca Basin, Saskatchewan and Thelon Basin, Northwest Territories); and Australia (the Alligator Rivers region in the Pine Creek Geosyncline, NT and Rudall Rivers area, WA1). In both Canada and Australia mineralisation is often found at the unconformity and in the basement complex well below the unconformity.
Uranium mineralisation at the Ashburton Project area occurs along the Lower Proterozoic Wyloo Group/Mid Proterozoic Bresnahan Group contact. Uranium mineralisation has previously been identified from broad spaced drilling at Angelo A and B prospects (Figure 3). Mineralisation intersected in this first phase of drilling by Piche has identified significant uranium at, or near the unconformity, but also in units immediately above the unconformity and well into the underlying basement units. Mineralisation is commonly associated with hematitic alteration of felspathic medium to coarse grained sandstones and is spatially associated with carbonaceous and graphitic shales. Visible uraninite has been recognised in several intersections.
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This article includes content from Piche Resources, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Athena Gold Samples up to 50.6 g/t Gold From Buster Mine at Excelsior Springs Project, Esmeralda County, Nevada
Athena Gold Corporation (CSE:ATHA)(OTCQB:AHNR) ("Athena" or the "Company") is pleased to report high-grade gold and silver samples from its first-ever underground mapping and sampling program at its flagship Excelsior Springs project in Nevada's prolific Walker Lane Trend. Five samples were collected underground from the past-producing Buster Mine, which historically produced an estimated 19,200 oz Au at an average grade of 41.1 g/t Au. Two of these samples returned high-grade Au, including:
- 50.6 g/t Au and 33.7 g/t Ag over 0.3 m, from the 75' level; and,
- 28.1 g/t Au and 29.6 g/t Ag over 1.0 m, from the 125' level.
The reconnaissance program conducted in August 2024 represents Athena's first-time underground at the Buster Mine, providing an opportunity for the team to have a close-up look at the mineralized orebody and gain a better understanding of structural controls at Excelsior. Historical sampling included four samples which exceeded the upper detection limit of 10 g/t Au; however, these were never analyzed to completion. The geologist who collected the surface and underground samples at the Buster Mine in 1986 estimated a mineralized zone containing a historical mineral inventory of up to 200,000 oz Au within a shallow depth of 61 m. This estimate is historical in nature and should not be relied upon as a current mineral resource. A qualified person has not done sufficient work to classify the historical estimate as current mineral resources or mineral reserves.
"We are pleased to see sampling results confirm the high-grade nature of the epithermal veins at the historic Buster Mine. In addition, we now have a much better understanding of structural controls on mineralization at Excelsior, which should bode well for planning our upcoming drill program" stated John Power, President & CEO of Athena Gold. "Due to small stoping dimensions and uncertain ground conditions, we were unable to sample over broader zones - however, we have reason to believe that high-grade, vein-hosted mineralization ‘bleeds' into the host rock as evidenced by previous drilling at Excelsior. The Buster Mine area is located 400 meters from the Western Slope Zone where our recent RC drill campaigns returned several impressive intercepts including up to 5.2 g/t Au over 33 m. Importantly, the geochemistry at Buster and the Western Slope Zone appear very similar, providing evidence that both mineralized zones may be part of the same system, and opens up the possibility of a larger, mineralized system connecting these two zones."
Two distinct structural orientations were observed and believed to be controlling mineralization, both east-west striking. The first is very steeply north dipping and yielded 50.6 g/t Au over 0.3 m (Figure 1). This sample was collected near the eastern stope on the 75' level, where historical sampling returned 5.8 g/t Au over 1.07 m. Historically, the higher-grade samples which exceeded the 10 g/t Au detection limit were collected from the western stope on the 75' level. Most of the past production occurred within the western stope, which extends from near surface to the 125' level.
On the 125' level, a shallow 35° north dipping fault zone yielded 28.1 g/t Au over 1.0 m (Figure 2). The steeper structures identified on the 75' level appear to be cut by this younger, shallow structure.
This work program demonstrated the important role these shallow structures, which can be traced on surface, play in the control of mineralization at Excelsior Springs. Additional surface and underground mapping will be conducted to better understand the distribution and extent of mineralization along these structures to better target future drilling.
Figure 1: Plan map of the historic Buster Mine, 75' level.
Figure 2: Photograph of 125' Level at Buster Mine, showing sample location and identified structures, looking east.
About the Buster Mine
The Buster Mine is located on the Fortunatus patented claim owned by Athena and is an integral part of our flagship Excelsior Springs Project.
Mineralization at the Buster Mine was discovered in 1872 and has been through several periods of small-scale mining and exploration efforts. During the late 1800s and perhaps the early 1900s there was unconfirmed reported production from the Buster Mine of an estimated 19,200 oz Au at an average grade of 41.1 g/t Au.
The Buster Shaft is 235' deep, with workings on the 75', 125', and 175' levels. It is estimated there is approximately 1,540' of accessible workings, most of which are on the 75' and 125' levels.
Technical Information
The data disclosed in this news release includes historical exploration sampling results. The reader is cautioned that the historical results are based on prior data and reports prepared by previous property owners and other sources. Athena has not independently analyzed the results of the historical exploration work to verify the results. The reader is cautioned not to treat them, or any part of them, as current and that a qualified person has not done sufficient work to verify the results and that they may not form a reliable guide to future results. No independent QA/QC protocols are known for these samples and as such analytical results may be unreliable. Athena's current and future exploration work includes verification of the historical data through further exploration.
QA/QC
Sample preparation and gold analysis was performed by ALS Global in Reno, Nevada. Rock samples were analyzed for gold and 50 other elements by inductively coupled plasma followed by mass spectrometry (ME-MS41) and gold by 30-gram fire assay followed by atomic absorption (Au-AA23). Gold over limits were determined by a gravimetric method (Au-GRA21).
Qualified Person
Technical information in this news release has been reviewed and approved by Matthew R. Dumala, P.Eng., a geological engineer with Archer, Cathro & Associates (1981) Limited and a qualified person for the purposes of National Instrument 43-101.
About Our Flagship Excelsior Springs Project
The Excelsior Springs Project (the "Project") lies within the prolific Walker Lane tectonic trend, a large region of northwest-trending, strike-slip fault zones that host a significant number of precious metal deposits having very strong structural control for mineralization. The Walker Lane trend is experiencing a major resurgence of intense and successful exploration and development.
The Project contains numerous prospect pits, trenches, roads, surface sampling sites and 113 drill holes to date within a 300m X 3,000m wide (1,000 foot-wide and 10,000-foot-long east-west trending zone of shearing and alteration. Underground workings on the two patented claims within the Project had unverified, historical production of 19,200 oz at 41.1 g/t Au.
Gold mineralization discovered at the Project to date occurs in quartz veins, stock-works, and silicified zones in hornfels and calc-silicate altered country rock and is generally close to porphyry dykes. The best grades and thicknesses discovered recently were found in oxidized and altered sedimentary rock immediately above porphyry dykes intruded along preexisting east- and east-northeast trending faults. The mineralized stock-work vein zones are shallow and have a relatively flat plunge, making them potentially amenable to open pit mining methods.
Based on the results of previous drilling programs, the Project has the potential to host one or more shallow gold deposits amenable to open pit mining, along with deeper, higher grade feeder zones that may be found and could be mined by underground methods. In the opinion of management and its consultants, the Project is very promising and further exploration has the potential to expand the known mineralization and establish additional mineralized zones.
About Athena Gold Corporation
Athena is engaged in the business of mineral exploration and the acquisition of mineral property assets. Its objective is to locate and develop economic precious and base metal properties of merit and to conduct additional exploration drilling and studies on the Project.
For further information about Athena Gold Corporation and our Excelsior Springs Gold project, please visit www.athenagoldcorp.com.
On Behalf of the Board of Directors
John C. Power
Chief Executive Officer and President
For further information, please contact:
John C. Power
Email: johnpower@athenagoldcorp.com
Jason Libenson
President and CCO
Castlewood Capital Corporation
Phone: (647)-534-9884
Email: jason@castlewoodcapital.ca
Forward Looking Statements
This press release contains forward-looking statements and forward-looking information (collectively, "forward-looking statements") within the meaning of applicable Canadian and U.S. securities laws. All statements, other than statements of historical fact, included herein including, without limitation, statements regarding future exploration plans and the completion of a phase 2 drill program at the Project, future results from exploration, and the anticipated business plans and timing of future activities of the Company, are forward-looking statements. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are typically identified by words such as: "believes", "will", "expects", "anticipates", "intends", "estimates", "plans", "may", "should", "potential", "scheduled", or variations of such words and phrases and similar expressions, which, by their nature, refer to future events or results that may, could, would, might or will occur or be taken or achieved. In making the forward-looking statements in this press release, the Company has applied several material assumptions, including without limitation, that there will be investor interest in future financings, market fundamentals will result in sustained precious metals demand and prices, the receipt of any necessary permits, licenses and regulatory approvals in connection with the future exploration and development of the Company's projects in a timely manner, QAQC procedures at the Project were followed, the availability of financing on suitable terms for the exploration and development of the Company's projects and the Company's ability to comply with environmental, health and safety laws.
The Company cautions investors that any forward-looking statements by the Company are not guarantees of future results or performance, and that actual results may differ materially from those in forward-looking statements as a result of various factors, including, operating and technical difficulties in connection with mineral exploration and development activities, actual results of exploration activities, the estimation or realization of mineral reserves and mineral resources, the inability of the Company to obtain the necessary financing required to conduct its business and affairs, as currently contemplated, the timing and amount of estimated future production, the costs of production, capital expenditures, the costs and timing of the development of new deposits, requirements for additional capital, future prices of precious metals, changes in general economic conditions, changes in the financial markets and in the demand and market price for commodities, lack of investor interest in future financings, accidents, labor disputes and other risks of the mining industry, delays in obtaining governmental approvals, permits or financing or in the completion of development or construction activities, risks relating to epidemics or pandemics such as COVID-19, including the impact of COVID-19 on the Company's business, financial condition and results of operations, changes in laws, regulations and policies affecting mining operations, title disputes, the inability of the Company to obtain any necessary permits, consents, approvals or authorizations, including of the Canadian Securities Exchange, the timing and possible outcome of any pending litigation, environmental issues and liabilities, and other factors and risks that are discussed in the Company's periodic filings with the SEC and disclosed in the final long form prospectus of the Company dated August 31, 2021.
Readers are cautioned not to place undue reliance on forward-looking statements. The Company undertakes no obligation to update any of the forward-looking statements in this press release or incorporated by reference herein, except as otherwise.
SSR Mining Plans Restart of Seabee Gold Operations After Wildfire Shutdown
SSR Mining (TSX:SSRM,NASDAQ:SSRM) announced that operations at its Seabee site in Northern Saskatchewan will resume by the second half of October after a temporary shutdown caused by wildfire activity last month.
The fire, which led to a total evacuation of personnel, impacted some remote equipment at the site. Crucial infrastructure, including the Santoy underground mine and the Seabee process plant, were largely unaffected.
In the aftermath of the evacuation, a small team remained on site to work with the Saskatchewan Public Safety Agency to manage the situation. With the fire risk now significantly reduced, the company has cleared its workforce to return and begin repairing damaged equipment, including power poles and piping.
SSR also said in its Monday (September 23) release that it will provide updated production and cost guidance when it releases its third quarter financial results. Seabee's output for 2024 was previously projected at 75,000 to 85,000 ounces of gold at an all-in sustaining cost of between US$1,495 and US$1,535 per payable ounce.
SSR acquired Seabee in 2016 when it purchased Claude Resources. The mine is about 125 kilometers northeast of La Ronge, Saskatchewan, and consists of two main mining areas: the Seabee underground mine and the Santoy mine.
Santoy has been in commercial production since 2014, while Seabee, which began operations in 1991, exhausted its mineral resources in 2018. All ore from the mining operations is processed at the Seabee mill, which has also been running since 1991. The mill produces gold doré bars that are shipped to third-party refineries for final processing.
SSR has made efforts to optimize operations at Seabee, including process improvements and exploration activities. The acquisition of Taiga Gold in April 2022 expanded the company's exploration platform.
According to SSR's website, the Seabee site’s proven and probable mineral reserves currently total 343,000 ounces of gold at an average grade of 5.17 grams per metric ton (g/t). Its measured and indicated resources stand at 218,000 ounces of gold grading 4.36 g/t, while its inferred resources total 463,000 ounces grading 5.2 g/t.
The company continues to explore opportunities for reserve growth, particularly at the Santoy and Gap Hangingwall targets. SSR is also conducting further analysis and seeking permits for potential future mining at the Porky/Porky West area, where mineralization has been identified along a strike length of 2.5 kilometers.
Beyond Seabee, SSR has a portfolio of mining assets across the Americas. These include the Marigold mine, an open-pit gold mine located in Nevada, and the Puna operations, a silver-lead-zinc mine in Argentina. It also holds several development projects, including the San Luis gold-silver project in Peru and the Pitarrilla silver project in Mexico.
The company has faced challenges elsewhere in its portfolio. Earlier this year, SSR's Çöpler gold mine in Turkey was temporarily closed following a heap leach landslide that resulted in the deaths of nine workers.
Work to resume normal operations is underway, with cleanup efforts at the site involving the removal of an estimated 10 million metric tons of material.
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.
On the Heels of Inflation, Why Experts Expect Gold Prices Will Climb to Record Highs in 2025
FN Media Group News Commentary - Gold prices are forecast to climb to record highs in the coming year. The price of gold has soared to new heights this year and is positioned to climb into early 2025, rising to new record highs, according to Goldman Sachs Research. The precious metal has increased more than 20% this year, peaking at a record of more than $2,500 per troy ounce. Goldman Sachs Research forecasts the price will reach $2,700 by early next year, buoyed by interest rate cuts by the Federal Reserve and gold purchases by emerging market central banks. The metal could get an additional boost if the US imposes new financial sanctions or if concerns mount about the US debt burden. They see that Gold prices are forecast to climb to record high. Goldman Sachs says that: "Gold is our strategists' preferred near-term long (the commodity they most expect to go up in the short term), and it's also their preferred hedge against geopolitical and financial risks. In this softer cyclical environment, gold stands out as the commodity where we have the highest confidence in near-term upside," Goldman Sachs Research strategists Samantha Dart and Lina Thomas write. Active Mining Companies in the markets today include Asia Broadband Inc. (OTCPK: AABB), Equinox Gold Corp. (NYSE American: EQX), Kinross Gold Corporation (NYSE: KGC), Barrick Gold Corporation (NYSE: GOLD), IAMGOLD Corporation (NYSE: IAG).
In an additional article , Goldman Sachs added: "The yellow metal typically only guards against very high inflation and large inflation surprises caused by losses in central bank credibility and geopolitical supply shocks. Gold usually didn't perform well in response to positive demand shocks when the central bank responded swiftly by hiking rates. Gold emerged as the best commodity to serve as a potential hedge against inflation and geo-political risks. Goldman Sachs Research's base case is that gold appreciates to $2,700/troy ounce by year-end, an increase of about 16%, on solid demand from central banks in emerging markets and from Asian households. Gold could help shield against potential stock market drops if a trade war erupts, and it has upside if concerns mount about the US debt load or if the Fed is subordinated by a new administration."
Asia Broadband Inc. (OTCPK: AABB) Gold Production Continues Upward Trend For Third Quarter, As Ore Stockpile Processing Plant Advances Towards Completion - Asia Broadband Inc. ("AABB" or the "Company) is pleased to announce that the Company's operations for the 3rd quarter ending September 30, 2024, will be completed next week and production levels have already surpassed the second quarter. The Company has exceeded its production and gross profit levels achieved in both the 1st and 2nd consecutive record quarters this year. Gold production more than doubled in the 1st quarter of 2024, in comparison to the 4th quarter of 2023, due to higher grade selection, recovery efficiencies and increased daily throughput levels. Additionally, the economies of scale from higher productions levels reduced production costs and added to the bottom-line gross profit, which has continued in an upward trend over the last three quarters.
The elevated operational strategies and efficiencies of the AABB mining team continued in the 3rd quarter and has firmly established the foundation for the high production levels to follow the completion of the Company's processing plant. The new facility is currently under construction in Etzatlan, Mexico, and its capacity will be primarily dedicated to processing the estimated $1 billion dollar ore value of the Company's exclusive rights surface stockpile. AABB continues to develop the processing plant and will release updates as progress milestones are reached. The Company will release a processing plant project update in October.
"The elevation of our production processes by the mining operations team in all three quarters of this year will have a multiplier effect with increased production levels. We are eagerly awaiting to extend this expertise to our massive ore stockpile processing when the new plant is complete. This will take us to a much higher level than we have ever reached before," expressed Chris Torres, the Company President and CEO.
AABB continues to implement its mining property acquisition strategy to optimize development capital utilization by focusing operations in regions of Mexico where AABB has a comparative advantage of development resources and expertise readily available for rapid expansion and duplication of the Company's previous gold production success. CONTINUED… Read this full release for Asia Broadband at: https://www.financialnewsmedia.com/news-aabb/
Other recent developments in the mining industry include:
Barrick Gold Corporation (NYSE: GOLD) recently said it is projecting a 30% growth in the production of gold-equivalent ounces from its existing assets by the end of this decade while it continues to unlock the value embedded in its portfolio, says president and chief executive Mark Bristow.
Speaking at the Gold Forum Americas , Bristow said while Barrick was alert to potentially value-accretive opportunities generated by the consolidation of the industry, it had the rare luxury of doing so from an asset base that would support organic growth well into the future.
"Five years ago, we set out to build a sustainably profitable gold and copper business focused on world-class assets. We did not have to buy them at a premium: they were embedded in the merged portfolio of Barrick and Randgold and we just had to unlock their value," he said.
Kinross Gold Corporation (NYSE: KGC) recently provided an update on the Great Bear project (the "Project"), located in Red Lake, Ontario, Canada. Kinross has completed a Preliminary Economic Assessment( PEA) for the Great Bear project which supports the Company's acquisition thesis of a top tier high-margin operation in a stable jurisdiction with strong infrastructure. Based on mineral resources drilled to date, the PEA outlines a high-grade combined open pit and underground mine with an initial planned mine life of approximately 12 years and production cost of sales of $594 per ounce. The Project is expected to produce over 500,000 ounces per year at an all-in sustaining cost (AISC) of approximately $800 per ounce during the first 8 years through a conventional, modest capital 10,000 tonne per day (tpd) mill.
Kinross has also released an updated mineral resource estimate increasing the inferred resource estimate by 568koz. to 3.884 Moz. which is in addition to the existing M&I resource estimate of 2.738 Moz. The mineral resource estimate and PEA for the Great Bear project are available here .
Equinox Gold Corp. (NYSE American: EQX) recently announced an updated Mineral Resource Estimate ("MRE") for its 100% owned, exploration-stage Hasaga Property ("Hasaga" or the "Property") in Red Lake, Ontario.
"Hasaga is located in the Red Lake Gold District of northwestern Ontario, which is renowned for its high gold grades and prolific historical gold production. This updated Mineral Resource Estimate focuses on the high-grade nature of the gold mineralization and is a departure from the previous bulk-tonnage approach," stated Scott Heffernan, EVP Exploration of Equinox Gold. "As expected, the updated Mineral Resource Estimate contains fewer gold ounces but at significantly higher average gold grades.
"Further, the main zones of gold mineralization included in the updated Mineral Resource Estimate remain open, with numerous historical gold intersections defining drill-ready targets highlighting the potential for resource growth and new discoveries."
IAMGOLD Corporation (NYSE: IAG) recently announced that the Côté Gold Mine ("Côté Gold" or "Côté") has reached commercial production. Côté Gold is located in Ontario, Canada and is operated as a joint venture between IAMGOLD, as the operator, and Sumitomo Metal Mining Co., Ltd. ("Sumitomo"). Commercial production is defined as the achievement of reaching a minimum of 30 consecutive days of operations during which the mill operated at an average of 60% of nameplate throughput of 36,000 tpd.
"I would like to commend our teams at Côté Gold who have come together to achieve another great milestone as we progress and ramp up what we believe will be one of Canada's largest gold mines and a model for modern mining in Canada," said Renaud Adams, President and Chief Executive Officer of IAMGOLD. "Since achieving the first pour of gold on March 31, 2024, our teams have spent the last four months methodically and iteratively testing and ramping up all facets of the mine. This process has required remarkable commitment, ingenuity and teamwork to bring all the systems online together to achieve this milestone."
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