Manuka Resources Limited (“Manuka” or the “Company”) welcomes the inclusion its 100 percent owned subsidiary Trans-Tasman Resources Limited's ("TTR") Taranaki VTM iron sands project off the coast of Taranaki in the government's Schedule 2 of the Fast Track list as released on Sunday 6 October 2024.
The project was assessed by the independent Projects Advisory Group and the responsible Ministers who consider project meets the Bill's purpose to facilitate the delivery of infrastructure and development projects with significant regional and national benefit.
The Fast Track Approvals Bill is now due for reporting back from the Select Committee on 18 October 2024 and expected to be enacted before the end of the year.
The Taranaki VTM project has the potential to significantly increase New Zealand's export earnings and produce the critical minerals required for the transition to a zero-emissions energy system.
"This is a welcome development and we recognise that this is the first step in the government's approvals process, including finalising the Fast Track enabling legislation. Once enacted we will have to then make an application to the Environmental Protection Authority to be assessed under the Bill. Our project offers huge economic development opportunities for New Zealand including hundreds of jobs in the Taranaki region." Manuka Executive Director and TTR Executive Chairman Alan Eggers says.
"It is of national significance as we have identified a world-class vanadium rich iron sands resource that has the ability to contribute $1 billion annually to export earnings, doubling the entire mining sector's current contribution to New Zealand's economy."
Mr Eggers says the Taranaki VTM project proposes to harvest iron sands in the South Taranaki Bight containing iron ore and critical minerals vanadium and titanium that are in high demand globally as countries, including New Zealand, transition from fossil fuels to renewable energy and electrification of their economies.
Furthermore, he notes the benefits to the Taranaki region include 300 Taranaki-based jobs and an additional 170 jobs in the wider region, locally a $250 million annual spend on operations and staff, new infrastructure at Port Taranaki and Whanganui Port, and the establishment of a training institute and logistics hub in Hawera with head office in New Plymouth.
Mr Eggers continues that the company's environmental obligations are incredibly important, and states "we don't for a minute believe that the Fast Track process is a way to minimise or short cut these. We have already agreed to more than 100 operating conditions and a full set of management plans with the Environmental Protection Authority to recover the resource after completing New Zealand's most comprehensive mine development environmental application ever. The project will continuously restore the seabed to its natural state within two years as we progress and, despite what our opponents say, it will have minimal impact on the South Taranaki Bight marine and coastal environment.
The project provides an opportunity for New Zealand to become a world-leader in marine mineral harvesting technologies and, in a time of geopolitical uncertainty, to potentially be the largest producer of vanadium in the western world."
About Manuka Resources Limited
Manuka Resources Limited (ASX: MKR) is an Australian mining and exploration company with key gold and silver assets located in the Cobar Basin (NSW), and offshore vanadium and titanium bearing iron sands in the South Taranaki Bight of New Zealand.
The Taranaki VTM Project (South Taranaki Bight, New Zealand) Manuka is the 100% owner of the Taranaki VTM (vanadium titanomagnetite) Iron Sands Project. The Taranaki VTM Project resource was released on ASX on 1 March 2023.
The Project is located 22 km to 36 km offshore in New Zealand's EEZ, or Exclusive Economic Zone, outside the 12 nautical limit from the shoreline, in waters ranging between 20 to 50 metres depth and has a granted mining permit, MP55581, permitting production of 5Mtpa. On granting of final government approvals to operate the Company will complete its Bankable Feasibility Study on the Project. The Project is anticipated to sit in the lowest quartile of the iron ore production cost curve.
Location of Taranaki VTM Project.
Click here for the full ASX Release
This article includes content from Manuka Resources Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Manuka Resources Limited (ASX:MKR) is an ASX-listed mining company focused on gold and silver-gold projects in the Cobar Basin, one of Australia’s most prolific producers of base and precious metals. The company has 100 percent ownership of two fully permitted precious metals projects in the Cobar Basin - the Mt Boppy gold mine and Wonawinta silver project. In addition, MKR owns the Taranaki VTM iron sands project in New Zealand.
The company revealed a phased strategy focused on delivering maximum value to its shareholders. The first phase focuses on bringing back the Mt Boppy gold mine into production, and has released an optimised production plan for the mine restart. The second phase will involve restarting mining and production at the Wonawinta silver mine, while the third phase will see the development of the Taranaki vanadium titano-magnetite (VTM) project.
The Mt Boppy gold mine was historically one of the richest in NSW, Australia and produced ~500,000oz gold at an average grade of 15 grams per ton (g/t) gold. Accordingly, the company is very excited about its exploration potential.
The current focus is on establishing a processing plant at Mt Boppy and recommence on-site gold production from Q1 2025. The ore from the Mt Boppy mine was previously being processed at the 850,000 to 1 million tpa processing plant at Wonawinta, located nearly 150 kilometres south-west of Mt Boppy. This is about to change as MKR has determined that it could save significantly on transportation costs as well as production efficiencies by building an on-site processing plant at Mt Boppy, which will materially enhance the project economics.
MKR estimates the total cost of building the processing plant to be between AU$10 million and AU$15 million. Compared to this, the annual cost of hauling ore from Mt Boppy to Wonawinta is AU$6 million to AU$7 million (nearly 50 percent of the total capex). MKR anticipates Mt Boppy to deliver total EBITDA of >AU$90 million and cash flow of >AU$80 million over a five-year mine life. It is important to note that the current market capitalization of MKR is just AU$55.1 million, much lower than the anticipated five-year EBITDA and cash flow.
The initial five-year mine plan is largely focused on the screening and processing of gold-bearing waste material above ground on the Mt Boppy mine site. The company has been processing these wastes from June 2023 to December 2023 at its Wonawinta plant and now wants to optimize the process.
The cash flows from the Mt Boppy mine will be used to fund the restart of the Wonawinta silver mine, which is currently under care and maintenance. Wonawinta contains total resources of 38.8 million tons (Mt) at 42 g/t silver for 52.4 million ounces (Moz). Within this, there is a higher-grade component of 4.5 Mt at 97 g/t silver for 14 Moz. Manuka Resources is targeting a mineral resource update for Wonawinta in Q2 2024. The Wonawinta silver project will be the largest primary silver producer in Australia and expected to be back in silver production within 12 months.
The gold and silver market appears to be in an upward trend, with prices for both precious metals hitting their all-time high in 2024, which bodes very positively for MKR.
The Mt Boppy gold project comprises three mining leases, four gold leases and one exploration license, spanning an area of more than 210 sq km in the prolific Cobar Basin in New South Wales, Australia. The project was acquired by Manuka in 2019 and has a current mineral resource of 4.3 Mt at 1.19 g/t gold. This includes a combination of oxidized and transitional/fresh mineralization in the ground, as well as mineralized rock dumps and tailings.
Historically, Manuka Resources has processed its stockpiles and gold mineralized waste products through its Wonawinta processing plant. However, inefficiencies associated with trucking and processing ore at the distant Wonawinta plant has led the company to revise its strategy. It is now looking to construct a processing plant at Mt Boppy so that ore from the mine can be processed on-site. Mt Boppy has excellent infrastructure including a 48-person mine camp and is fully permitted for the proposed processing plant and on-site production.
As a precursor to the commencement of on-site production, Manuka Resources undertook a sonic drilling program at Mt Boppy to improve confidence in the mineral resource base. A 26-borehole, 506-meter sonic drilling evaluation program over the Mt Boppy rock dumps and dry tailings was completed in December 2023. The program led to a 100 percent increase in indicated resources compared to the previous estimate.
The updated mineral resource comprises 4.28 Mt at 1.19 g/t gold for 163 koz of contained gold, of which 82 percent is in the measured and indicated categories. A further high-grade subset of the resource (including open pit, rock dumps and tailings) comprising 1.8 Mt at 1.74 g/t containing 102 koz gold has been identified as a basis for future mine planning.
Following the results of the sonic drill program, MKR determined to establish a 200,000 tpa processing plant at Mt Boppy. The company estimates a five-year mine life and a total gold dore production of >48,000 oz over the initial mine life. The mine plan is fairly low in capex requirements with a total planned capital cost of AU$10 million to AU$15 million. Notably, the annual cost of ore haulage from Mt Boppy to Wonawinta plant is AU$6 million to AU$7 million. Thus, the on-site plant will offer significant cost savings and improve the project economics.
Manuka Resources anticipates Mt Boppy to deliver total EBITDA of >AU$90 million and cash flow of >AU$80 million over a five-year mine life.
The Wonawinta silver mine project comprises one mining lease and seven exploration licenses spanning a total area of 920 sq. km. The Wonawinta project hosts a resource of 38.8 Mt @ 42.0 g/t silver, equating to 52.4 Moz contained silver. Within this there is a higher-grade component of 4.5 Mt at 97 g/t silver for 14 Moz silver.
The Wonawinta plant
The Wonawinta project is fully permitted with all the necessary infrastructure, including an 850,000 to 1 million tpa processing plant. The plant has been used for processing ore from Mt Boppy. The Wonawinta silver mine is currently under care and maintenance. The company is considering the possibility of resuming operations at Wonawinta, leveraging the improved silver price environment. Manuka is targeting a mineral resource update for Wonawinta by October 2024 and production in 2025.
The Taranaki VTM project is located within New Zealand's exclusive economic zone, approximately 22 to 36 kilometres offshore, outside the 12 nautical mile boundary from the coastline. The project boasts a JORC resource of 3.2 billion tons at 10.17 percent iron oxide, 1.03 percent titanium dioxide and 0.05 percent vanadium oxide. It holds a mining license allowing initial extraction of 50 million tons annually, resulting in 5 million tons of VTM concentrate per year for 20 years (concentrate grade of 56 to 57 percent iron, 8.5 percent titanium dioxide and 0.5 percent vanadium pentoxide). At this extraction rate, the JORC resource provides approximately 60 years of potential mining inventory.
The project is anticipated to sit in the lowest quartile of the iron ore production cost curve. The next step for Manuka is to complete a bankable feasibility study on the project.
Dennis Karp is a former commodities trader with nearly four decades of corporate experience. He started his career in 1983 and worked in HSBC until 1997 before moving to Tennant, one of Australia’s largest physical commodities trading companies with operations in Asia and Europe. He was a principal shareholder of Tennant Metals until 2010 and a managing director until December 2014. He founded ResCap in December 2014. Since then, he has participated in diverse resource projects and investment opportunities across base metals and bulk commodities. He holds a Bachelor of Commerce from the University of Cape Town.
Alan Eggers has over 40 years of experience in the mining sector. He is a geologist and was the founder of Summit Resources, which became an ASX top 200 company and was acquired by Paladin Energy in 2007 for AU$1.2 billion. Throughout his career, he has held director positions at numerous companies. He holds a Bachelor of Science, Honours, and Master of Science degrees from Victoria University of Wellington. He is recognized as a fellow of the Society of Economic Geologists and holds memberships in AusIMM and the Australian Institute of Geoscientists.
Anthony McPaul possesses over 40 years of expertise in mining and mineral processing. He has overseen a diverse array of operational projects, spanning from base to precious metals, in both surface and underground mining operations. He has directly managed all facets of production and scheduling. He served in senior leadership roles at various companies, including CRA, Denehurst, MIM and, more recently, Newcrest. McPaul is currently the chairman of the NSW Minerals Council Board and Executive Committee, and he is also a member of the newly established Mineral Industry Advisory Council.
John Seton is a lawyer with extensive experience in the mineral resources sector. He has served as director in several ASX and NZX listed companies. He holds a Bachelor of Laws from Victoria University, Wellington, and a Master of Law (Honours) from the University of Auckland and is a chartered fellow of the New Zealand Institute of Directors.
Haydn Lynch – Chief Operating Officer
Haydn Lynch has over 25 years of experience in M&A, capital markets and private equity. He has been involved in executing several domestic and cross-border transactions in various sectors including metals and mining, and industrials. He has held leadership roles in global investment banks, including Bankers Trust Australia, Investec Bank, RBC Capital Markets and Southern Cross Equities. He has undergraduate degrees in mechanical engineering and economics from the University of Queensland and a Master in Commerce from the University of New South Wales.
Rod Griffith has over 30 years of experience in the mining industry, both in Australia and internationally, working in senior management roles, including as chief operating officer and general manager. He has significant Central Western NSW experience with KBL Mining, Silver City Minerals, Girilambone Copper and Cobalt Blue, across a number of commodity groups and mining styles. He earned a Bachelor of Civil Engineering and Surveying from the University of Newcastle, along with a postgraduate diploma in mining engineering from the University of Ballarat.
Phil Bentley has over 40 years of experience in the mining industry across New Zealand, South Africa, and Australia, holding senior geological roles as well as senior management and director positions. He has worked as a Chief Geologist at Randgold Resources and Randgold & Exploration, Global Head of Exploration at Trafigura Mining Services, and Principal Geologist Africa at CSA Global South Africa. He is a Qualified person under NI 43-101 (Canadia) and JORC (Australia) and is a Fellow of the South African Geological Society. He holds a Bachelor of Science (Honours) in Geology at Victoria University of Wellington. He also has a Masters of Science in Economic Geology at Victoria University of Wellington and a Master’s of Science in Mineral Exploration from Rhodes University, Grahamstown South Africa.
HIGHLIGHTS
The assay results from hole first drill hole of the program have returned shallow and wide high grade gold values, the highlight intersection being 33.0 m at 2.4 g/t of gold from 31 m (DDD047).
The drilling program was designed to expand and upgrade the recently announced shallow, high grade, maiden gold inferred resource of 4.93Mt for 452koz of gold at 2.9 g/t Au (1.0 g/t Au cut off)1.
The first hole, DDD047, was drilled in the Domain – SW of the Blaffo Guetto prospect (Figure 1).
Figure 1: Map of the Blaffo Guetto prospect showing location of the new drillholes (the collars are shown as the dots). Trace of the DDD047 is shown for the reference; (a) gold lodes projected on the surface and shown on the geological map; (b) gold lodes.
The mineralised intercept obtained by the first drillhole, DDD047, is located outside of the Blaffo Guetto Inferred Resource envelopes (Figure 2).
Figure 2: Longsection of the lode 3 showing location of the DDD047 intercept relative to the Mineral Resource blocks estimated in this lode.
Mineralisation from hole DDD047 is hosted in a quartz porphyry (Figure 3a). Field traverses have identified sub- crops of the porphyries on the surface above this intersection suggesting that the mineralised porphyry extends to the surface, and it also remains open at depth (Figure 3b).
The discovery of the porphyry acting as a main host of the gold mineralisation is new for the Didievi Project and indicates the presence of a new mineralisation type, which significantly enhances the prospectivity of the project area and the potential for new gold discoveries. The gold lodes delineated by the previous drilling data were preferentially controlled by shear zones cutting the host volcano-sedimentary succession and also distributed along the contacts of the intrusive porphyry bodies. The mineralised porphyries represent new exploration targets and mapped by resistivity high anomalies, which could be due to unexposed and yet to be drill-tested porphyry bodies.
Click here for the full ASX Release
This article includes content from African Gold Ltd., licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
All amounts expressed in US dollars unless stated otherwise
The Twiga partnership between Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) and the Tanzanian government is contributing 51% of the government's revenue from the extractive industry, according to the latest report of the Tanzania Extractive Industry Transparency Initiative. Twiga comprises the North Mara and Bulyanhulu gold mines.
Both mines also led the industry's safety performance, with Bulyanhulu winning this year's Occupational Safety and Health Award and North Mara named as the best company for caring for workers with special needs by Tanzania's Occupational Safety and Health authority.
Speaking to the media and local stakeholders here today, Barrick president and chief executive Mark Bristow said ongoing brownfields exploration around its Bulyanhulu and North Mara mines continued to define additional opportunities to replace and expand depleted reserves, further supporting their life of mine flexibility. In addition, good progress had been made in defining new greenfield areas of interest with potential to add new mines to the company's portfolio.
Bristow said the Barrick-Twiga Future Forward Education initiative had completed its first phase, with Barrick financing a $10 million infrastructure expansion at 64 schools, including the construction of 396 classrooms, 97 dormitories and 600 ablution blocks. The program's second phase is planned to start in the fourth quarter of this year with another $10 million investment which will be followed by a further $10 million third phase.
Meanwhile the Barrick Academy, inaugurated at the beginning of the year by the Minister of Minerals at the closed Buzwagi mine, has already trained more than 1,000 foremen, supervisors and superintendents from across the company's Africa and Middle East region. The Academy is on track to meet its target of training more than 2,000 people this year.
Bristow said in line with Barrick's commitment to transparency, it had referred the latest in a series of allegations of human rights abuses at the North Mara Mine to the Tanzanian Commission of Human Rights and Good Governance. Following a site visit and investigation, the Commission has completed a report confirming that there was no evidence of human rights violations, refuting allegations made by certain international NGOs.
Barrick Enquiries
Tanzania country manager
Melkiory Ngido
+255 686 945 222
Corporate communications and country liaison manager
Georgia Mutagahywa
+255 754 711 215
georgia.mutagahywa@barrick.com
Group investor and media relations
Kathy du Plessis
+44 20 7557 7738
barrick@dpapr.com
Website: www.barrick.com
Cautionary Statement on Forward-Looking Information
Certain information contained or incorporated by reference in this press release, including any information as to our strategy, projects, plans, or future financial or operating performance, constitutes "forward-looking statements". All statements, other than statements of historical fact, are forward-looking statements. The words "on track", "ongoing", "continue", "opportunity", "progress", "potential", "can", "should", "would", "will", and similar expressions identify forward-looking statements. In particular, this press release contains forward-looking statements including, without limitation, with respect to: Barrick's partnership with the Government of Tanzania; our ability to convert resources into reserves and replace reserves net of depletion from production; Barrick's global exploration strategy and planned exploration activities, including greenfields and brownfields opportunities in Tanzania; and Barrick's sustainability initiatives in Tanzania, including local community relations, continued investments in community projects, training and skills development and economic contributions.
Forward-looking statements are necessarily based upon a number of estimates and assumptions including material estimates and assumptions related to the factors set forth below that, while considered reasonable by the Company as at the date of this press release in light of management's experience and perception of current conditions and expected developments, are inherently subject to significant business, economic, and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements, and undue reliance should not be placed on such statements and information. Such factors include, but are not limited to: fluctuations in the spot and forward price of gold, copper, or certain other commodities (such as silver, diesel fuel, natural gas, and electricity); the speculative nature of mineral exploration and development; changes in national and local government legislation, taxation, controls or regulations and/ or changes in the administration of laws, policies and practices; expropriation or nationalization of property and political or economic developments in Tanzania and other jurisdictions in which the Company or its affiliates do or may carry on business in the future; changes in mineral production performance, exploitation, and exploration successes; the possibility that future exploration results will not be consistent with the Company's expectations; disruption of supply routes which may cause delays in construction and mining activities, including disruptions in the supply of key mining inputs due to the invasion of Ukraine by Russia and conflicts in the Middle East; risk of loss due to acts of war, terrorism, sabotage and civil disturbances; failure to comply with environmental and health and safety laws and regulations; timing of receipt of, or failure to comply with, necessary permits and approvals; uncertainty whether some or all of Barrick's targeted investments and projects will meet the Company's capital allocation objectives and internal hurdle rate; damage to the Company's reputation due to the actual or perceived occurrence of any number of events, including negative publicity with respect to the Company's handling of environmental matters or dealings with community groups, whether true or not; risks associated with new diseases, epidemics and pandemics, including the effects and potential effects of the global Covid-19 pandemic; litigation and legal and administrative proceedings; employee relations including loss of key employees; increased costs and physical and transition risks related to climate change, including extreme weather events, resource shortages, emerging policies and increased regulations relating to related to greenhouse gas emission levels, energy efficiency and reporting of risks; and availability and increased costs associated with mining inputs and labor. In addition, there are risks and hazards associated with the business of mineral exploration, development and mining, including environmental hazards, industrial accidents, unusual or unexpected formations, pressures, cave-ins, flooding and gold bullion, copper cathode or gold or copper concentrate losses (and the risk of inadequate insurance, or inability to obtain insurance, to cover these risks).
Many of these uncertainties and contingencies can affect our actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, us. Readers are cautioned that forward-looking statements are not guarantees of future performance. All the forward-looking statements made in this press release are qualified by these cautionary statements. Specific reference is made to the most recent Form 40-F/Annual Information Form on file with the SEC and Canadian provincial securities regulatory authorities for a more detailed discussion of some of the factors underlying forward-looking statements and the risks that may affect Barrick's ability to achieve the expectations set forth in the forward-looking statements contained in this press release.
Barrick disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable law.
News Provided by GlobeNewswire via QuoteMedia
Vertex Minerals (ASX:VTX) is a near-term gold producer in one of the highest-grade, if not the highest-grade, gold mining districts in Australia. The company is advancing its Reward gold mine, scheduled to commence production in January 2025, with a current mineral resource estimate of 419,000 tonnes at a high-grade of 16.7 grams per ton (g/t) gold for 225,000 oz contained gold.
The Reward gold mine is committed to sustainable, low-impact, low-cost operations through the use of gravity separation technique, which has been hailed as one of the more sustainable alternatives for ore recovery. Gravity technology reduces the use of harsh chemicals, resulting in a more environmentally friendly extraction process. Among its other benefits include, reduced power consumption, faster and efficient processing, lower operating costs, and improved recovery rates.
The Hill End gold project is a historic gold mining town in the Bathurst Regional Council in New South Wales. The Hill End trough is a 70 km-wide and more than 200 km long, deep marine basin that is underlain by Ordovician volcanic rocks that lie between the Molong Volcanic Belt to the west and the Rockley-Gulgong Volcanic Belt to the east. Both these volcanic belts belong to the Ordovician Macquarie Arc in the Lachlan Fold Belt of eastern Australia.
Vertex Mineral plans to reinstall a refurbished 110 ktpa Gekko gravity gold plant, commence gold production from existing stockpiles and develop the Reward mine.
This Vertex Minerals profile is part of a paid investor education campaign.*
Click here to connect with Vertex Minerals (ASX:VTX) to receive an Investor Presentation
With several significant gold and copper discoveries in recent years, Awalé Resources has built a compelling value proposition that allows investors exposure to West Africa’s rich mineral resource.
Awalé Resources (TSX:ARIC) is a mineral exploration company focused on high-quality gold and copper-gold deposits. The company’s Odienné project is located in Côte d’lvoire (Ivory Coast) in West Africa, close to the borders of Guinea and Mali.
Côte d’lvoire has earned a reputation as an attractive investment destination for mining, based on several factors. First, its stable regulatory framework mirrors French civil law, and the government has reduced bureaucracy and established transparency. Second, the region has excellent infrastructure comprising road networks, ports, airports, and electricity networks. Third, the country’s attractive geological profile is rich in several minerals including gold, copper, manganese, bauxite and iron. West Africa is widely regarded as a promising gold-producing region with 300 Moz of gold resources. Fourth, its socio-economic environment reflects its diverse economy with a substantial labor force. Lastly, the country offers several tax incentives to attract foreign investors.
Why Awalé Resources is a brand new opportunity
The Odienné project offers Awalé Resources a major foothold in this promising gold province. The project area spans 2,462 sq km over seven permits and is home to several gold and copper-gold discoveries.
The project has seen four significant discoveries, including three in 2023 (Empire, Charger, and Sceptre East) and one in early 2024 (BBM). Empire returned high-grade gold intercepts, while Charger and Sceptre East returned iron oxide copper gold (IOCG) style mineralization.
The BBM target, discovered in January 2024, is a new gold-copper discovery with significant scope for rapid expansion. In addition to the new discovery, further significant results with visible gold have been returned from the first two scout holes at the Lando Target, which lies 10 kilometres northwest of BBM.
Another important feature of the company’s bright prospects is its relationship with Newmont, the world’s leading gold company. Newmont increased its stake in Awalé to 15.48 percent in December 2023 following a private placement of nearly C$1 million. This investment will enable Awalé to accelerate the exploration of its wholly owned permits and signals a vote of confidence in the significant potential of Awalé.
Newmont holds a joint venture agreement on two of the seven permits at the Odienné project and is funding 100 percent of the exploration on the JV permits. Newmont has the option to earn up to a 75 percent interest in the Odienné project by funding US$15 million in exploration expenditures and defining a gold resource of 2 million ounces.
Under the initial phase, Newmont invested US$5 million in exploration expenditure which will allow it to earn 51 percent interest in the Odienné project. With successful Phase 1 results, including positive drill results and four discoveries, Newmont has progressed to Phase 2 of the earn-in agreement. This is a significant milestone that underscores the ongoing success and potential of the Odienné gold-copper project through which Newmont could earn a further 14 percent interest (for a total 65 percent interest) by spending $10 million in exploration and defining a minimum 2-million-ounce gold resource.
Awalé underwent a major overhaul in May 2023, appointing a new CEO and board. Under the new management, led by CEO Andrew Chubb, the Awalé team is well positioned to lead the company in its future growth endeavors.
The Odienné project is the company’s flagship asset. The project spans over 2,462 sq km and comprises seven permits, of which two are under a JV agreement with Newmont. These permits hold great promise for gold and copper-gold deposits.
The project has similar geological characteristics to the Carajas Mineral Province and other IOCG provinces that are major suppliers of gold and copper. It is in West Africa, which boasts over 300 Moz of gold deposits. There are several +10 Moz deposits adjacent to the project’s boundaries. Other adjacent gold resources include Predictive’s deposit in Guinea, and Centamin’s deposit which is roughly 50 kilometres south of the Odienné project.
The project is characterized by several high-potential targets and discoveries. These include: 1) Empire discovery located along the 20-kilometre Empire Gold Corridor; 2) Sceptre East and Main copper-gold targets; 3) Charger, a high-grade gold-copper discovery; 4) Lando, a 4-kilometre-long copper-gold target; 5) and BBM, a 3.5-kilometre-long copper-gold target.
The first discovery was at Empire, a high-potential gold prospect located around 5 kilometres from Sceptre and other copper-gold targets on the 20-kilometre-long Empire structural corridor.
So far, only five kilometres of this trend have been drilled. The key results for this target include - 1) Hole OEDD-2: 27 metres at 3.1 grams per ton (g/t) gold from 43.2 metres, and 2) Hole OEDD-24: 15 metres at 13.1 g/t gold from 69 metres. Beyond this main target, there is potential for discovering large gold deposits along the east-west corridor.
The second discovery was at Charger, where several phases of drilling have been completed. A total of 11 holes were drilled at Charger with Hole OEDD-45 containing three high-grade intervals within a 65-metre-wide zone of mineralization, including 12 metres at 4.9 g/t gold. Some of the key results at Charger include 32 metres @ 3.0 g/t gold, 0.17 percent copper, and 6.6 g/t silver, including 4 metres @ 12.4 g/t gold, 0.7 percent copper, and 30 g/t silver from 78 metres.
The third discovery was at the Sceptre East target that spans around a 1.5-kilometere-long copper-gold-molybdenum-silver anomaly. Sceptre East is part of the large 20 sq km gold/copper/silver/molybdenum bearing mineralized system, called Sceptre. Discovery drilling commenced at Sceptre East in Q4 2022, and the initial phase comprised a total of seven holes totaling 1,092.2 metres. Follow-up drilling in Q2 2023 consisted of nine reverse circulation (RC) and three diamond drill holes for a total of 1,730 metres. The key results in the follow-up program include hole OEDD-43, which returned 358.5 metres at 0.34 percent copper equivalent from 6.5 metres downhole.
Besides these three discoveries, the company announced a new gold-copper discovery in January 2024 at the BBM target. A total of four holes were drilled at BBM, all of which intersected high-grade gold. The key results were:
Furthermore, significant results with visible gold have been returned from the first two scout holes at the Lando Target, which lies 10 kilometres northwest of the new BBM discovery. Initial drilling at Lando is encouraging and warrants further systematic drilling at this target.
Andre Chubb holds a BSc degree from the University of New England, Australia, and is a member of the Australian Institute of Geologists and the Society of Economic Geologists. He is a geologist with more than two decades of experience in exploration and mining in different geographies, including Africa, Europe and Australia. His experience spans different domains including leading large teams, operations and advisory roles. He was involved in leading the Mantra Resources’ Mkuju Project in Tanzania, from exploration through to feasibility and finally to takeover by ARMZ/Uranium One for AU$1.02 billion.
Andrew Smith is an accomplished economic geologist with over 14 years of exploration and mining experience. Smith has proven discovery success in both greenfield and near-mine gold exploration. He has well-developed skills in both technical and management roles for exploration and development projects across West Africa and Canada. More recently, this has included roles as director of exploration geology for Coeur Mining, chief geologist for Awalé Resources, and exploration manager for Randgold Resources in Senegal. Smith has an Honours Degree in Geology and Petroleum Geology from the University of Aberdeen in Scotland, is a fellow of the Geological Society of London, and member of the Society of Exploration Geologists.
Ardem Keshishian brings over 15 years of progressive experience in corporate development, investor relations, finance, and capital markets, specializing in the mining sector. Most recently, Ardem served as VP of corporate development and investor relations at Moneta Gold, a Canadian gold developer with assets in the Timmins Gold Camp, Ontario, until its merger with Nighthawk Gold. Prior to Moneta Gold, he held roles at Royal Road Minerals, Pollitt & Co., Haywood Securities, and Van Berkom & Associates. He is a CFA charter holder and holds a Bachelor of Science from Concordia University and a Master of Business Administration from the John Molson School of Business.
Stephen Stewart holds a BA degree from Western University in London, Ontario, an MBA from the University of Toronto, and an MSc degree from the University of Florida. He has more than 18 years of senior leadership experience with several Canadian companies, including Orecap, QC Copper & Gold, Mistango River Resources and Baselode Energy. He is also the founder and chairman of the largest mining-focused charitable organization and fund in Canada, the Young Mining Professionals Scholarship Fund.
Anthony Moreau is the CEO and Director of American Eagle Gold and also serves as a Director of QC Copper & Gold, Orecap Invest, and Mistango River Resources. He was formerly with IAMGOLD, where he held various roles in Business Development and Innovation. Anthony is also the leader of the Young Mining Professionals Toronto. He also co-founded the YMP Scholarship Fund, which has raised over $1.25 million since its inception seven years ago. Anthony is a Queen's School of Business graduate and a Chartered Financial Analyst (CFA).
Karl Akueson is an Ivorian born natural resources entrepreneur who co-founded Awalé Resources following a career in metals and mining investment banking at BMO Capital Markets in London. He recently founded and is the current CEO of Switch Metals, a private exploration company focused on technology metals in Cote d'Ivoire. Karl is based in Abidjan. He is a graduate from Imperial College Royal School of Mines - MSc Metals and Energy Finance, and the University of Manchester - MEng Chemical Engineering.
Charles Beaudry holds a BSc degree in geology from the University of Ottawa and a master's degree in geology from McGill University. He has three decades of experience in business development, exploration, and project management. Previously, he has been associated with IAMGOLD and Noranda-Falconbridge-Xstrata.
Dr. John Scott is a results-focused exploration geologist, with more than 27 years of experience within teams that have delivered numerous discoveries and significant business growth in both near-mine and greenfield settings internationally. John's career as a seasoned technical lead has spanned North America, Sub-Saharan Africa, the Middle East, Southeast Asia and Australasia. Scott specializes in practical mentorship to upskill field teams, target generation, identifying mineralization controls, and developing robust geologic models at deposit, district and country scales. He holds a Bachelor of Science with Honors (First Class) from the University of Adelaide, Australia, as well as a PhD in Structural Geology from the University of Otago, New Zealand. Scott is also a fellow of the Society of Economic Geologists and a member of both the Australasian Institute of Mining and Metallurgy, and the Society for Geology Applied to Mineral Deposits.
Kirmat Noormohamed is an exploration geologist with technical and operational skills developed through more than 25 years in company and consulting roles within the mining and exploration industry across multiple countries in Africa. She has extensive experience from greenfield exploration to feasibility studies as part of diverse teams within multinational companies such as Anglo American, AngloGold Ashanti, Falconbridge, Redback Mining, Kinross Gold and Teranga Gold, where she has led and been part of teams discovering over 2.5 million ounces of gold. She holds a BSc from Abilene Christian University in the US, and is currently completing her MBA at University of Illinois.
Sharon Cooper is qualified as a chartered accountant, with over 10 years of experience in accounting and auditing roles for mining and mining-related companies. Before Awalé, she was associated with Ernst and Young and several junior exploration and mining companies.
Karl Akueson holds an MSc degree in chemical engineering from the University of Manchester and MSc in metals and energy finance from the Royal School of Mines. He is a co-founder of the company and has served as an advisor since listing. He has also worked with BMO Capital Markets in London.