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Labyrinth Resources Limited (‘the Company’ or ‘Labyrinth’) provides an update to the entitlement offer timetable which was initially announced on 17 July 2024.
Amendments to the timetable have been made given the initial estimated date of the Extraordinary General Meeting of Shareholders (‘EGM’) for the transaction has been moved to Friday, 13 September 2024.
The updated timetable for the entitlement offer is as follows:
The above dates are indicative only and subject to change.
For further details, refer to the Company’s Notice of EGM lodged with the Company’s ASX platform on 14 August 2024.
Click here for the full ASX Release
This article includes content from Labyrinth 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.
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Labyrinth Resources
Overview
Gold is a long-time favorite store-of-value asset to hedge against global turmoil. Investors have several ways to invest in the precious metal, whether buying bullion, investing in gold ETFs, or buying stock in mining companies. While there are gold deposits worldwide, Australia and Canada remain strong producers of the metal, ranking as the world’s second and fifth-largest gold producers, respectively.
Labyrinth Resources (ASX:LRL) is a junior mining company with underexplored gold assets in tier 1 jurisdictions of Quebec and Western Australia, including the Labyrinth Gold project located in the heart of the Abitibi Gold Belt. The asset has not received significant exploration or development attention for more than 15 years, creating tremendous upside potential.
Labyrinth Resources is exploring its Comet Vale property in Western Australia, which has historically produced over 180,000 ounces (oz) of gold with mining only going to a 250-meter depth. Multiple gold mineralized trends are present across the tenure as well as significant nickel and copper anomalies that have not been followed up. Recent work done by Ardea Resources (ASX:ARL) shows the project is prospective for significant Lithium-Caesium-Tantalum (LCT) pegmatites. The Walter Williams formation hosts Ardea’s KNP containing 854Mt at 0.71 percent nickel (Ni) and 0.045 percent copper (Co). High-grade Ni laterite intersections with proximal high Cu rock chips suggest there is nickel sulphide potential on the Comet Vale property.
The Labyrinth Gold project has an inferred mineral resource of 3 million tons (Mt) @ 5 g/t for 500,000 oz (at 3 g/t.m cut-off) with a notable high-grade component of 150,000 oz @ 10 g/t (above 6 g/t cut-off) and high grades of up to 62.5 g/t and widths up to 16 meters received across five individual lodes from maiden drilling. In 2022, Labyrinth announced outstanding metallurgical results from its comprehensive test work which demonstrate a clear, efficient processing pathway for its 500,000 oz Labyrinth Gold project. The company achieved an outstanding recovery through the gravity/flotation flowsheet, returning a low mass pull, high value 96 g/t gold concentrate at 97.3 percent recovery.
Labyrinth also completed a surface diamond drilling campaign at the Denain gold prospect, with a total of 4,018 meters drilled from 22 holes. The company has received all assays which confirmed the presence of two high-grade gold veins with associated copper that remain open in all directions. In December 2022, Labyrinth commenced an extensive exploration campaign at its Comet Vale Gold-Copper-Nickel project in Western Australia. The program is the first genuine surface exploration undertaken at Comet Vale in 15 years.
The company is well-positioned to acquire 100 percent ownership of the Labyrinth Gold Project from G.E.T.T Gold (TSXV:GETT). The final installment of the revised agreement is due for payment on September 29, 2023.
The company has an experienced, lean management team with a record of success in the natural resources industry. The team comprises mine engineering, geology, corporate administration, and international law experts, building confidence in Labyrinth’s ability to capitalize on its promising assets. In a current global environment desperate for genuine underground operational expertise, the Labyrinth team possesses the required skill set to leverage into value-accretive operating mine opportunities.
Company Highlights
- Labyrinth Resources is a junior mining company with an underexplored gold asset on the Abitibi Gold Belt in Quebec and a highly prospective multi-commodity project in the Yilgarn Craton of Western Australia.
- Quebec is a globally recognized tier 1 mining jurisdiction with strong government and community support.
- The project’s current inferred mineral resource of 3 million tons (Mt) @ 5 grams per ton (g/t) for 500,000 ounces (oz) (at 3 g/t.meters cut-off) with a notable high-grade component of 150,000 oz @ 10 g/t (above 6 g/t cut-off) and high grades of up to 62.5 g/t and widths up to 16 meters received across five individual lodes
- The company’s project is surrounded by prolific mining companies with multi-million-ounce gold deposits, with testing of the Labyrinth deposit barely scratching the surface in comparison to the deep nature of many Abitibi gold operations.
- Comet Vale lies within the prospective Menzies mining area, well-located on the Goldfields highway 100km north of Kalgoorlie.
- There is significant high-grade, multi-lode gold production across the tenement package and under-explored multi-commodity potential
- A combined open pit and underground Indicated and Inferred Minerals Resource of 619,000t at 4.8g/t for 95,710oz
- The Comet Vale UG resource is estimated to be 56,233oz at 7g/t (2.5g/t cut-off) and the open pit resource as 39,477oz at 3.3g/t (0.5g/t cut-off)
- The mineralised shear is open at depth and north and south of the the 5km
- Multiple lodes on the tenement package in historic workings have not been explored below 50-100m
- A management team with a proven track record of success in the natural resources industry adds value to the company. It creates confidence in its ability to fully capitalize on its projects.
Key Projects
Comet Vale Project
The company’s Comet Vale project is located 100 kilometers north of Kalgoorlie. It hosts extensive high-grade gold with existing underground development and infrastructure. The project is surrounded by historic high-grade gold mines with past production from the Sand Queen and Sand George mines totaling 181,000 oz @ 23 g/t with multiple other high-grade satellite deposits.
Drilling at the Comet Vale commenced in March 2023 with an initial 20 holes covering 1,500 meters. The program was designed to test extensions to known mineralization of the high-grade Sovereign Trend. High-grade assays were received and significant results from this program include:
- 5 meters @ 15 g/t gold from 46 meters including 2 meters @ 35.6 g/t from 49 meters in hole CVRC23_008
- 3 meters @ 11.41 g/t gold from 46 meters in hole CVRC23_007
- 2 meters @ 15.53 g/t gold from 126 meters including 1m @ 25.56 g/t from 127 meters in hole CVRC23_016
The Sovereign Trend has an updated high-grade JORC 2012 mineral resource estimate that laid the foundation for further growth:
- Combined open pit and underground indicated and inferred mineral resource of 619,000 tons @ 4.8 g/t gold for 95,710 oz
- Underground resource of 56,233 oz @ 7 g/t (2.5 g/t cut-off)
- Open pit resource of 39,477 oz @ 3.3 g/t (0.5 g/t cut-off)
- Notable high-grade indicated mineral resource component of 42,000 oz @ 10 g/t gold (above 5 g/t gold cut-off)
Compilation of historic results and mapping is in progress, which expands upon the Sovereign Trend and has validated the extensive gold prospectivity still existing below 50m depth across the tenement package.
The Labyrinth Gold Project
The company’s flagship project sits on the Abitibi Gold Belt and has neighbors with multi-million-ounce gold deposits. However, the asset has not received significant exploration attention for the past 15 years. Only one 400-meter hole was drilled in that timeframe, leaving much of the asset untouched by modern exploration technologies. Fortunately, the asset contains a pre-existing and accessible underground mine, significantly reducing upfront development costs.
Project Highlights:
- Multimillion-ounce Potential: Recent exploration campaigns have identified targets for follow-up drilling that indicate targets with ideal historical intersections of multiple lodes. The company has completed maiden underground and surface exploration campaigns in 2022 to facilitate delivery of the maiden JORC estimate and demonstrate high-grade mineralization continuity at increasing depth.
- Updated Resource Estimate: JORC 2012 compliant inferred mineral resource of 3 Mt @ 5 g/t for 500,000 oz (at 3 g/t.m cut-off) with a notable high-grade component of 150,000 oz @ 10 g/t (above 6 g/t cut-off)
- Strong Existing Infrastructure: The project contains an underground mine, reinstated heating, operational surface buildings and ground support.
Management Team
Jennifer Neild - Chief Executive Officer
Jennifer Neild is a resources executive with more than 18 years of experience in exploration across a broad range of commodities in various jurisdictions. She was most recently chief executive officer of Peak Minerals (ASX:PUA). Neild holds a degree in Geology (Hons) from Laurentian University in Sudbury, Ontario, and a Master's in Geophysics from Curtin University in Perth, Western Australia. She has held senior positions in exploration, resource geology and production geology in both Australia and Canada with Newmont Australia and Falconbridge. She was the general manager of interpretation for expert geophysics group HiSeis. With her geological and geophysics expertise in both Western Australia and Canada and her corporate and executive experience in the resources industry, Neild is ideally placed to drive the next round of exploration at the company’s Labyrinth and Comet Vale projects. She is also a member of the Australian Institute of Company Directors.
Dean Hely - Non-executive Chairman
Dean Hely is the managing partner of West Australian legal firm Lavan, with more than 29 years of experience working in corporate reconstruction, insolvency and commercial litigation. Hely currently serves as a board member of the not-for-profit organizations Rugby WA, the Australian Institute of Management WA and Youth Focus.
Simon Lawson - Technical Director
Simon Lawson is a professional geoscientist with more than 15 years of experience spanning multiple commodities and jurisdictions and was a founding team member of Northern Star Resources (ASX:NST). Currently, Lawson is the managing director of ASX-listed Spartan Resources Ltd (ASX:SPR) (formerly Gascoyne Resources (ASX:GCY)), a West Australian gold-focused mining company, and has personally visited and reviewed the acquired Canadian gold properties.
Matt Nixon - Non-executive Director
Matt Nixon is a qualified mining engineer with more than 13 years of experience in successful underground and open-pit operations working for both mining contractor and mine owner companies across gold and other commodities. Most recently, Nixon worked as the mining manager at Northern Star Resources (ASX:NST) flagship Jundee Operations. He has also held operational and senior positions with St Barbara and Redpath Australia. Nixon holds a Bachelor of Mining Engineering with honors from the University of NSW and a WA first class mine manager’s certificate and is a member of the Australian Institute of Company Directors.
Aurum Secures Licence Renewal for Advanced High-Grade Nyangboue Gold Deposit
Highlights
- Boundiali South (BST) exploration licence renewed; Ministerial approval for exploration drilling at the high-grade Nyangboue deposit (partially located in a classified forest area) expected in coming weeks
- Boundiali South has returned previous impressive exploration results2 including:
- 20m @ 10.45g/t gold from 38m (BRC0004S BIS)
- 30m @ 8.30g/t gold from 39m (NDC007)
- 28m @ 4.04g/t gold from 3m and 6m @ 3.29g/t gold from 47m (BRC003)
- 9m @ 7.90g/t gold from 99m (BRC006)
- Two new diamond drill rigs arriving on site this week, increasing Aurum’s fleet to six; drilling rate to reach ~10,000m per month with assays pending (targeting 45,000m for CY2024)
- New centralised exploration camp progressing on schedule, expected to be operational by end-October 2024, improving efficiency and reducing costs
- Initial Mineral Resource Estimate for Boundiali on track for late CY2024
- Aurum is well-funded (~$20M) for continued aggressive exploration.
Aurum’s Managing Director Dr. Caigen Wang said: “We are pleased to announce that the renewal of the advanced BST exploration licence has been approved by Côte d’Ivoire’s Ministre des Mines, Petrole et Energie.
This advanced tenement hosts the high-grade Nyangboue deposit (20m @ 10.45g/t Au from 38m: BRC0004S BIS) and we are just waiting on sign-off from the Minister for Forest and Water to begin step back diamond drilling to test for depth extensions of these high-grade shoots.
We extend our great thanks to Côte d’Ivoire government’s support in exploring and developing gold resources in this highly promising gold tenement.
With six rigs on site, we'll be drilling ~10,000m per month. We're well-funded to continue our aggressive exploration program, with ~$20 million cash at bank, to accelerate drilling and build on the encouraging results to date and targeting inaugural JORC resources by late 2024.”
Boundiali South (BST) renewal
The BST exploration licence hosts Nyangboue, the most advanced exploration gold play within the broader Boundiali gold project. The exploration licence for BST was renewed by Côte d’Ivoire’s Ministre des Mines, Petrole et Energie on 19 August 2024, covering a substantial area of 167.36km2.
Approvals Progressing for Nyangboue Drilling
Following the permit renewal, approvals for exploration drilling at the high-grade Nyangboue prospect are advancing. Final Ministerial sign-off is anticipated within weeks. Drilling is expected to commence shortly after receiving the necessary approvals for operations within a classified forest, which covers less than half of the exploration licence.
Figure 1 Nyangboue exploration drilling - plan view (BST tenement)
Multiple Gold Targets Defined3 within BST
Extensive surface geochemical sampling (more than 5,700 soil samples) returned high-grade gold-in- soil values up to 9,964 Au ppb, and delineated three compelling gold anomalies:
- Nyangboue: +6km strike
- Nyangboue South: +2km strike
- Gbemou: +1.5km strike.
Gold mineralisation is observed to be associated with quartz veins, often containing visible gold. The Nyangboue gold deposit sits at the interface of two distinct lithologies.
Extensive Drilling Database
The project boasts a comprehensive historical drilling database, encompassing:
- Aircore: 545 holes, 21,056.00m
- RC diamond tail: 10 holes, 1,658.12m
- Diamond drill: 8 holes, 1,771.33m
- RC drilling: 247 holes, 17,975.00m.
High-Grade Potential Confirmed
Screen fire assay re-assay of high-grade samples by previous explorers yielded a Boundiali Gold Project sample high of 192.5 g/t Au from hole BRC004BIS, underscoring the project's significant potential.
Historic Drill Results at Nyangboue4
Previous drilling at Nyangboue delivered encouraging results, including:
- 20m @ 10.45g/t Au from 38m (BRC0004S BIS)
- 30m @ 8.30g/t Au from 39m (NDC007)
- 28m @ 4.04g/t Au from 3m and 6m @ 3.29g/t Au from 47m (BRC003)
- 9m @ 7.90g/t Au from 99m (BRC006)
- 27m @ 2.42g/t Au from 27m (BRC175)
- 20m @ 1.29g/t Au from 211m (NDC016)
- 2m @ 13.57g/t Au from 130m (NDC017)
- 17m @ 1.09g/t Au from 189m; 20m @ 1.29g/t Au from 211m and 12m @ 2.14g/t Au from 244m EOH (NDC016).
Click here for the full ASX Release
This article includes content from Aurum Resources Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Horizon Minerals
Investor Insight
Horizon Minerals’ near-term cash-flow potential and its significant land package in the prolific Western Australian goldfields with considerable exploration upside position the company to positively leverage the current bull gold market opportunity.
Overview
Horizon Minerals (ASX:HRZ) is an ASX-listed emerging mid-tier gold mining company focusing on a portfolio of highly promising gold projects located in the world-class Western Australian goldfields. The recent merger with Greenstone has added nearly 0.5 million ounces (Moz) of high-grade resource to Horizon, taking its total tally to 1.8 Moz, and resulted in Horizon Minerals total land package of 939 sq km in the Kalgoorlie-Coolgardie district.
The merger brings near-term cash-generating opportunities and adds greater scale to its baseload assets (Boorara) with the high-grade Burbanks deposit. Horizon’s dual-track strategy involves generating immediate cash flows by leveraging a pipeline of development-ready production assets and concurrently advancing the cornerstone assets, Boorara and Burbanks, which have a combined resource inventory of 914 koz at 1.7 grams per ton (g/t) gold with potential to support a profitable, long-life operation.
The recent ore sale agreement with Paddington Gold is encouraging and increases confidence in the management’s ability to generate near-term cash flows. Under the agreement, 1.4 million (Mt) will be processed over a period of 22 months, commencing in September 2024 quarter. The agreement allows Horizon to capitalize on high gold prices to generate significant cash flows.
Horizon is also progressing with other projects, including the Cannon gold project and Penny’s Find underground mine, and actively exploring for new discoveries in the Western Australian Goldfields, targeting gold and other commodities such as nickel-cobalt, silver-zinc, PGEs and lithium across its extensive land holdings. Additionally, Horizon holds a significant stake in one of the world’s largest vanadium projects via its investment in Richmond Vanadium Technology, which is listed on the ASX.
Company Highlights
- Horizon Minerals is an emerging mid-tier gold producer with an extensive portfolio of highly promising gold projects located in the world-class Western Australian goldfields.
- The recently announced merger with Greenstone Resources positions Horizon as a mid-tier gold producer in the Western Australian Goldfields. The combined entity enhanced Horizon’s portfolio with two complementary cornerstone gold assets — Burbanks and Boorara (combined resource of 914,000 oz).
- Mineral resource updates after the merger include 1.8Moz gold, 20.2Moz silver, 104kt zinc, 283kt nickel, 40.5kt cobalt and 296.2kt manganese.
- Changes to the gold MREs include:
- Addition of 297,650oz from Burbanks open pit
- Addition of 167,920oz from Burbanks underground
- Addition of 13,000oz from Pinner
- Addition of 3,000oz from Monument
- Reduction of 20,240oz from Boorara
- Horizon is also progressing with other projects, including the Cannon and Penny’s Find underground mines, and bringing the Boorara open pit into production.
- Amidst the current record gold prices, Horizon seeks to capitalize on this opportunity by advancing its substantial resource endowment towards development, thereby generating cash flow.
Key Projects
Boorara Gold Project
The Boorara gold project is located 15 km east of Kalgoorlie-Boulder in the Western Australian goldfields. Over the past decade, a substantial amount of reverse circulation and diamond drilling has been carried out at Boorara. The project includes a JORC 2012 mineral resource estimate (MRE) by Optiro (now Snowden Optiro), which reported a total of 11.03 Mt grading at 1.26 g/t gold, amounting to 448,000 ounces.
The company views Boorara as a substantial baseload feed source that could be enhanced by lower tonnage, higher-grade feed to sustain a standalone milling facility. This is where the recent acquisition of Greenstone becomes important. Boorara can be supplemented by higher-grade feed from Greenstone’s Burbanks deposit to support an integrated operation.
Boorara is fully environmentally permitted and ready for development, which is expected to commence within 2024. The results of the Boorara Ore Reserve Study (ORS). Independent JORC (2012) Ore Reserve for Boorara completed by AMC Consultants shows a financially viable project highlighted by the following:
- Open pit mine design producing 1.24Mt at a fully diluted grade of 1.24g/t Au for 49.5koz over an approximate 14 month mine life
- Ore Sale Agreement (OSA) at 92.5% metallurgical recovery produces 45.8koz recovered
- Project generates $19.9M in free cash flow (after capital) at a gold price of A$3,300/oz
Nimbus Silver-Zinc Project
The 100 percent owned Nimbus silver-zinc-lead-gold deposit is located 15 kilometres east of Kalgoorlie-Boulder in Western Australia within the Kalgoorlie Terrane. The project's current mineral resource estimate (JORC 2012) includes 12.1 million tons at 52 g/t silver, 0.2 g/t gold and 0.9 percent zinc containing 20.2 million oz of silver, 78,000 oz of gold and 104,000 tons of zinc using lower cut-off grades of 12 ppm for silver, 0.5 percent for zinc and 0.3 g/t for gold over a 2 metre down hole composite. Within this global resource, the Nimbus project has a high-grade silver and zinc resource of 255,898 tons at 773 g/t silver and 13 percent zinc.
A concept study has confirmed the optimal economic development pathway by mining the higher-grade lodes and generation of a silver/zinc concentrate. A programme of work (POW) has been approved and drilling to test the exploration target is expected to be undertaken in the first half of 2025. The Nimbus project is 2 km east of Horizon's cornerstone Boorara project and 6.5 km north-northwest of Golden Ridge, both historic gold mining centres.
Burbanks Gold Project
The Burbanks gold project is situated 9 km southeast of Coolgardie, Western Australia. The project encompasses the Burbanks Mining Centre and more than 5 kilometers of the highly promising Burbanks Shear Zone, historically the most significant gold-producing structure within the Coolgardie Goldfield. Previous underground production at Burbanks has surpassed 420,000 oz to date.
Burbanks currently hosts a total resource of 6.1 Mt @ 2.4 g/t gold for 466 koz, including underground of 1.2 Mt @ 4.4 g/t gold for 168 koz. Burbanks is underexplored and remains open in all directions for future growth.
Cannon Underground Project
The Cannon gold project is located 30 km east-southeast of Kalgoorlie-Boulder. It is a fully permitted project with a pre-feasibility study completed in 2022, which shows strong project economics with a free cash flow of AU$10.1 million over the mine's life. The company has finished commissioning a dewatering pipeline and a pumping system, representing a major milestone in the advancement of its Cannon Underground project. Discussions with mining contractors and potential JV mining partners are underway. First ore production from the Cannon Project is expected to commence in Q4 2024.
Penny’s Find
Penny’s Find is about 50 km northeast of Kalgoorlie in the Eastern Goldfields of Western Australia, near the company’s wholly-owned Kalpini gold project. It comprises a granted mining lease and other associated leases covering 91 hectares. The mineral resource estimate updated in December 2023 boasts 63,000 ounces of gold in the indicated and inferred category. A pre-feasibility study for exploitation using underground mining methods is currently underway. This study will include mine design and financial analysis.
Rose Hill
Rose Hill is 0.5 km southeast of Coolgardie and 35 km west of Kalgoorlie-Boulder, on the western edge of the Archean Norseman-Menzies Greenstone Belt. The current JORC 2012 resource at Rose Hill contains 93,300 oz , comprising an open-pit mineral resource of 0.3 Mt grading 2.0 g/t gold for 18,400 oz, and an underground mineral resource of 0.5 Mt grading 4.6 g/t gold for 74,900 oz. Nearly 70 percent of the resource is in the measured and indicated JORC categories.
Kalgoorlie Regional
Horizon owns several promising tenements within the Kalgoorlie region. These project areas include the greater Boorara-Cannon project area, Lakewood, Binduli-Teal project area, Kalpini, Balagundi-Kanowna South and Black Flag.
Coolgardie Regional
Horizon manages several promising tenements within the Coolgardie region, including Rose Hill, Brilliant North and Yarmany.
Management Team
Ashok Parekh – Non-executive Chairman
Ashok Parekh has over 33 years of experience advising mining companies and service providers in the mining industry. He has spent many years negotiating mining deals with publicly listed companies and prospectors, leading to new IPOs and the initiation of new gold mining operations. Additionally, he has been involved in managing gold mining and milling companies in the Kalgoorlie region, where he has served as managing director for some of these firms. Parekh is well-known in the West Australian mining industry and has a highly successful background in owning numerous businesses in the Goldfields. He was the executive chairman of ASX-listed A1 Consolidated Gold (ASX:AYC) from 2011 to 2014. He is a chartered accountant.
Warren Hallam - Non-executive Director
Warren Hallam is currently a non-executive director of St Barbara Limited and Poseidon Nickel Limited, and non-executive chairman of Kingfisher Mining Limited. Hallam has a built a strong track record over 35 years in operations, corporate and senior leadership roles across multiple commodities. This includes previous Managing Director roles at Metals X Limited, Millenium Metals Limited and Capricorn Metals Limited. Hallam is a metallurgist with a Master in Mineral Economics from Curtin University.
Chris Hansen – Non-executive Director
Chris Hansen is a multidisciplinary metals and mining professional, combining core technical fundamentals with a strong finance and project development mind-set. Having initially focused on building a solid technical foundation with industry majors such as Fortescue Metals Group and Barrick Gold, Hansen later joined a pre-eminent London-based mining private equity fund developing robust investment skills, project development expertise, market knowledge and strong industry relations. Since returning to Australia, Hansen has leveraged his experience in both public and private markets, most recently having led mining business development activities for one of Australia’s largest private investment groups. He holds a BSc in geology from the University of Auckland, and an MSc in Mineral Economics from Curtin University.
Grant Haywood – Managing Director and Chief Executive Officer
Grant Haywood brings over three decades of experience in both underground and open-cut mining operations. During his career, he has served in senior leadership capacities in various mining companies, guiding them from feasibility through to development and operations. His experience spans various roles within junior and multinational gold mining companies, predominantly in the Western Australian goldfields, including positions at Phoenix Gold, Saracen Mineral Holdings, and Gold Fields. He is a graduate of the Western Australian School of Mines (WASM) and has also earned a Masters in Mineral Economics from the same institution.
Julian Tambyrajah – Chief Financial Officer & Company Secretary
Julian Tambyrajah is an accomplished global mining finance executive with more than 25 years of industry expertise. He is a certified public accountant and chartered company secretary. He has served as CFO of several listed companies including Central Petroleum (CTP), Crescent Gold (CRE), Rusina Mining NL, DRDGold, and Dome Resources NL. He has extensive experience in capital raising, some of which includes raising US$49 million for BMC UK, AU$122 million for Crescent Gold and AU$105 million for Central Petroleum.
Glenn Poole – Chief Geologist
Glenn Poole is a geologist with 15 years’ experience in exploration and production environments, having principally worked within orogenic gold systems for several major mining companies in Western Australia. Poole brings extensive experience in structurally controlled narrow vein gold and sulphide-associated gold deposits. He has previously held senior management roles with major Australian gold producer, Northern Star, during which time, he played a pivotal role in the identification and definition of new ore resources and mining fronts at both the Paulsens and Kundana operations. Most recently, Poole was the senior geologist at Firefly Resources (ASX:FFR), principally responsible for setting exploration strategy and leading the definition of the maiden JORC 2012 resource at Yalgoo. Poole holds a Bachelor of Science Geology & Geography from The University of Otago, and a Master of Business Administration from La Trobe University.
Golden Mile Resources
Investor Insight
Golden Mile Resources is a project development and mineral exploration company, with a focus on growing the company with a multi asset and multi commodity strategy through advancing core projects, acquisition of high-quality assets, and tactical alliances with joint venture partners. Golden Mile’s value proposition is driven by a highly experienced leadership team with proven expertise across the resources sector from exploration to development and production.
Overview
Golden Mile Resources (ASX:G88) is a Western Australia-based resource company with critical metals exploration projects in Western Australia and Arizona, USA. The company’s near-term focus is on advancing its newly acquired Pearl copper project in Arizona, located in the world-class Laramide Porphyry Belt. The company’s longer term focus includes the advancement of the Quicksilver nickel-cobalt project, located in Western Australia, which has an indicated and inferred resource of 26.3 Mt @ 0.64 percent nickel and 0.04 percent cobalt.
Golden Mile is also focused on strategic alliances with joint venture partners to maintain exposure without expense on its other assets, such as its Leonora JV (Patronus Resources earning up to 80 percent) project and Gidgee JV (Gateway earning up to 80 percent). Concurrently, the company’s leadership team will consider potential divestment or JVs of its non-core assets, and also aims to build up a new portfolio of high-quality multi-element assets, from discovery to development.
Overall, the company is focused on creating shareholder value, supported by a management team and board with a proven track record of exploration, development and production success. Led by managing director Damon Dormer, a mining engineer with over 26 years of experience, Golden Mile is well positioned to execute its strategy moving forward.
Company Highlights
- Golden Mile Resources has a diversified portfolio of both advanced projects and exploration assets in tier 1 jurisdictions of Australia and the US.
- The recently acquired Pearl copper project in Arizona is located in the renowned Laramide Porphyry Belt.
- The Quicksilver nickel-cobalt project near Perth has an indicated and inferred mineral resource of 26.3 Mt @ 0.64 percent nickel and 0.04 percent cobalt.
- Golden Mile is backed by a highly experienced management team with proven success in project engineering and development from exploration to production across multiple continents.
Key Projects
Pearl Copper Project
Golden Mile secured the Pearl copper project in August 2024. Located in Arizona, the asset hosts more than 50 artisanal copper workings and shares similar geological characteristics to the San Manuel-Kalamazoo and Pinto Valley porphyry copper mines. The project exhibits widespread surface alteration highlighted by rock chip samples of 7.3 percent copper, 0.43 percent molybdenum, 19.9 percent lead, 4.9 percent zinc and 360 g/t silver.
The most significant working within the project area are the Pearl and Ford mines. The Pearl mine is located on the north-western portion of the Pearl project within the Odyssey prospect. It produced up to 60,000 tons of ore containing copper oxide and sulphide, lead, silver and gold from largely artisanal workings from 1915 to 1941 (Force, 1997).
Historical records from the Ford mine, located within the Pearl copper project mine claims, have reported lead assays from 5.7 percent to 31.3 percent, copper assays from 5.8 percent to 10.6 percent and that gold increases in the deeper levels from 0.01 oz to 0.54 oz (16.7g/t) (Baird, 1942).
Significant upside from organic exploration exists given Pearl’s geographic location, situated in the heart of the world-class Laramide Porphyry Copper Belt and 1 km of the San Manuel mine (historic production of 4.7 Mt) that has been operating for 44 years.
A tier 1 mining jurisdiction, Arizona represents approximately 70 percent of domestic US copper production. The Pearl project was historically mined from 1915 to 1941.
Quicksilver Nickel-Cobalt Project
The Quicksilver nickel-cobalt project is located approximately 280 km southeast of Perth in Western Australia. The project comprises an area of about 50 sq km that boasts excellent local infrastructure, including easy access to a grid power, sealed roads and a railway line to key ports.
In 2018, Golden Mile announced an indicated and inferred maiden resource estimate of 26.3 Mt @ 0.64 percent nickel and 0.04 percent cobalt. Metallurgical testwork completed in 2023 significantly improved understanding of the unique saprolitic mineralisation at the project and a potential pathway to production.
The company has also identified a customized multi-products flowsheet to produce nickel-cobalt and iron-nickel-cobalt-chromium concentrates, as well as industrial products. The process would require low energy using the physical attributes of the free digging ore.
Board and Management Team
Damon Dormer – Managing Director
A mining engineer with over 26 years of experience, including 15 years in mine management and executive roles, Dormer has worked in studies, projects, operations and innovation across Australia, USA, Papua New Guinea and Africa. Dormer has had considerable success turning around mining projects and studies resulting in the construction of multiple mines in Africa, as well as significant operational success in Australia. He has also been heavily involved in mining innovation and has personally developed techniques and strategies for the mining industry. Dormer holds a Bachelor of Engineering in Mining from the Western Australian School of Mines and has held numerous statutory appointments across the African and Australasian regions.
Francesco Cannavo – Non-executive Director
Francesco Cannavo is an experienced public company director with significant business and investment experience working with companies operating across various industries, including in particular mining exploration companies. Cannavo has been instrumental in assisting several listed and unlisted companies achieve their growth strategies through the raising of investment capital and the acquisition of assets. He is currently a non-executive director of Western Mines Group (ASX:WMG) and Stemcell United (ASX:SCU).
Grant Button – Non-executive Chairman
Grant Button is a qualified accountant and has significant commercial management and transactional experience. He has over 30 years of experience at a senior management level in the resource industry. He has acted as a managing director, executive director, finance director, CFO and company secretary for a range of publicly listed companies. Most recently, Button has been managing director of Magnum Mining & Exploration (ASX:MGU), and was previously the position executive director of Sylvania Platinum.
Michele Alessandro Bina – Non-executive Director
Michele Alessandro Bina is a former investment banker based in Hong Kong and is an adviser to Beijing Gage, the parent company of Gage Resource Development (Gage). Bina joins the existing board of Alice Queen as a non-executive director as the nominee of Beijing Gage Capital Management (Beijing Gage).
Justyn Stedwell - Company Secretary
Justyn Stedwell has over 17 years of experience as a company secretary of ASX listed companies and has also served as a non-executive director on several ASX listed company Boards. He holds a Bachelor of Commerce from Monash University, a graduate diploma in accounting from Deakin University and a graduate diploma in applied corporate governance from the Governance Institute of Australia.
Martin Dormer – Exploration Manager
Martin Dormer is an exploration geologist with over 27 years’ experience in mineral exploration and resource development, from greenfields through to feasibility. His experience spans multiple commodities including precious, base metal, and industrial metals across a wide range of geological settings and jurisdictions. Dormer has worked in multiple locations around the globe, including Australia, Asia, and Africa in senior management positions in the private and public sectors. He has also operated a private geological consultancy, Unearthed Elements, for the past 14 years. Dormer is a graduate of the WA School of Mines in Mineral Exploration and Mining Geology and is a member of the Australian Institute of Geoscientists and the Australian Institute of Mining and Metallurgy.
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