Victory Battery Metals (CSE:VR,FWB:VR61,OTCPINK:VRCFF) pivots to battery metals with a focus on its flagship project, Smokey Lithium situated very close to the only lithium-producing silver mine in North America. The company also maintains five other projects: Stingray Lithium Array in James Bay, Quebec; Georgia Lake Lithium property, Ontario; Tahlo Lake, in the Babine Copper-Gold Porphyry District, British Columbia; Saguenay Nickel Project, Quebec; and Black Diablo Copper and Manganese in Nevada.
These projects’ strategic locations in mining-friendly and infrastructure-ready jurisdictions position Victory to not only explore new sources of critical battery metals required to meet the growing demand but also help disrupt the currently unbalanced supply chain, with China dominating roughly 70 percent of global lithium production despite the fact it only supplies 13 percent of the world's lithium.
Given China's questionable mining practices and propensity for leveraging the global supply chain as a political weapon, the status quo is far from ideal. Unsurprisingly, many countries — Canada and the United States among them — are investing heavily into establishing a domestic lithium supply chain. Victory Battery Metals is ideally positioned to take advantage of these investment efforts.
This Victory Battery Metalsprofile is part of a paid investor education campaign.*
Victory Battery Metals CORP. (CSE:VR)(OTC PINK:VRCFF)(FWB:VR6) is pleased to announce that its board of directors now consist of Gerald Tritt, David Stadnyk and George Tsafalas, all of Vancouver, BC. David Stadnyk has assumed the role of president and CEO. The Company intends to close its recently announced Yellow Chief Uranium acquisition in the next 10 days
The Company wishes to thank Mark Ireton for his service to the company and wishes him well in his future endeavors.
About Victory Battery Metals Corp.
Victory Battery Metals CORP. (CSE:VR) is a publicly traded diversified investment corporation with mineral interests in North America. The company is also actively seeking other exploration opportunities.
For further information, please contact:
David Stadnyk, President
Telephone: TOLL FREE 1 (855) 665-GOLD (4653)
E-mail: info@victorybatterymetals.com
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward Looking Statements
Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. All statements other than statements of historical fact are forward-looking statements, including, without limitation, statements regarding future financial position, business strategy, use of proceeds, corporate vision, proposed acquisitions, partnerships, joint-ventures and strategic alliances and co-operations, budgets, cost and plans and objectives of or involving the Company. Such forward-looking information reflects management's current beliefs and is based on information currently available to management. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "predicts", "intends", "targets", "aims", "anticipates" or "believes" or variations (including negative variations) of such words and phrases or may be identified by statements to the effect that certain actions "may", "could", "should", "would", "might" or "will" be taken, occur or be achieved. A number of known and unknown risks, uncertainties and other factors may cause the actual results or performance to materially differ from any future results or performance expressed or implied by the forward-looking information. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of the Company including, but not limited to, the impact of general economic conditions, industry conditions and dependence upon regulatory approvals. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Company does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by securities laws.
SOURCE: Victory Battery Metals Corp.
News Provided by ACCESSWIRE via QuoteMedia
Victory Battery Metals Corp. (CSE:VR)(OTC PINK:VRCFF)(FWB:VR6) welcomes Gary Musil as a director of the Company, effective July 1, 2024. Gary Musil has more than 35 years of management and financial consulting experience and has served as an officer and director on numerous public companies since 1988. This experience has resulted in his overseeing the financial aspects and expenditures on exploration projects in Peru, Chile, Eastern Europe (Slovak Republic), and British Columbia, Ontario, Quebec, Saskatchewan and New Brunswick (Canada). Prior to his public company work, he was employed for 15 years with Dickenson Mines Ltd. and Kam-Kotia Mines Ltd., as the Controller for their producing silverleadzinc mine in the interior of British Columbia
Mr. Musil replaces David Lane, who has resigned from the Company's Board of Directors. Victory Battery Metals would like to thank Mr. Lane for his contribution to the Company and wish him the best in his future endeavors.
The company also announces today that it will undertake a non-brokered private placement of up to $675,000 by the issuance of 20,454,545 units at $0.033, each unit consisting of one share and one half a warrant. Each whole warrant entitles the holder to additional share for 2 years at a price of $0.10.
In connection with the Offering, the Company may pay finder's fees in cash or securities or a combination of both, as permitted by the policies of the Canadian Securities Exchange (the "CSE") and applicable securities laws. The common shares and warrants comprising the Units will be subject to a four-month and one-day hold period.
The Company intends to use the net proceeds of the offering for working capital requirements and other general corporate purposes.
About Victory Battery Metals
Victory is a publicly traded diversified investment corporation with mineral interests in North America. The Company's head office is located at 1780-355 Burrard Street, Vancouver, BC, V6C 2C8, and its Common Shares are currently listed on the CSE.
Cautionary Statement Regarding Forward-Looking Information
Statements in this press release regarding the Company which are not historical facts are "forward-looking statements" that involve risks and uncertainties. Such forward-looking information can be generally identified by terms such as "may", "expect", "estimate", "anticipate", "intend", "believe", and "continue" or the negative thereof or similar variations. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties. The Company provides forward-looking statements for the purpose of conveying information about current expectations and plans relating to the future, and readers are cautioned that such forward-looking statements may not be appropriate for other purposes. By its nature, this forward-looking information is subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions may not prove to be accurate, that assumptions may not be correct, and that objectives, strategic goals and priorities may not be achieved. These risks and uncertainties include but are not limited to those identified and reported under the Company's disclosure documents available on its SEDAR+ profile at www.sedarplus.com.
Contact Information
For further information, please contact:
Mark Ireton, President
Phone: +1 (236) 317-2822 or toll-free +1 (855) 665-GOLD (4653)
E-mail: info@victorybatterymetals.com
www.victorybatterymetals.com
Neither the CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this press release.
SOURCE: Victory Battery Metals Corp.
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Victory Battery Metals CORP. (CSE:VR)(OTC PINK:VRCFF)(FRA:VR6) is pleased to announce that it has significantly expanded it's focus on uranium, with the acquisition of the Yellow Chief uranium property in Utah, and a portfolio of four uranium properties in Saskatchewan. When combined with the previously announced Chariot River property in Saskatchewan, the companies holdings comprise 3,643 hectres
Terms of the Option Agreement are:
The Option Agreement dated June 26, 2024, subject to CSE approval, provides Victory the sole exclusive right to acquire 100% interest in the Property in accordance with the following terms: by making aggregate cash payments of $200,000 to Yellow Chief, issuing an aggregate of 16,000,000 common shares to Yellow Chief and incurring aggregate exploration expenditures of $500,000 on the Property as follows:
(a) Paying $200,000 in cash to Yellow Chief as follows: |
(i) $100,000 within 14 days of signature; |
(ii) $50,000 on the first anniversary of the initial payment; |
(iii) $50,000 on the second anniversary date; |
(b) Issuing 16,000,000 common shares of Victory Battery Metals Corp as follows: |
(i) 8,000,000 common shares upon signature of the Agreement; |
(ii) 4,000,000 common shares on or before the 1st anniversary of the Effective Date; |
(iii) 4,000,000 common shares of on or before the 2nd anniversary of the Effective Date; |
c) Incurring aggregate exploration expenditures of $600,000 on the Property as follows |
(i) $100,000 on or before the first anniversary date of the Agreement |
(ii) an aggregate of $200,000 on or before the second anniversary date of the Agreement |
(iii) an aggregate of $300,000 on or before the third anniversary date of the Agreement. |
YELLOW CHIEF URANIUM PROPERTY - Located in mining-friendly Juab County in western Utah, the Yellow Chief property comprises 28 claims covering 130 hectares. Juab county is an active exploration and mining area, with beryllium produced by Materion from the Spor Mountain mine, gold exploration and production at the Tintic mine by Osisko Development Corp, and drilling and exploration at the Tintic project by Ivanhoe Electric (Utah Geological Survey Circular 134, 37 pages).
The property covers the northern portion of the past producing open pit, and prospective volcanic tuff units trending to the northeast of the pit. The Yellow Chief Mine was developed from 1959 to 1962 as an open pit,
" …..which reached horizontal dimensions of 1,200 by 300-500 feet (366 m by 91-152 m) and a depth of 100-150 feet (30-46 m). Approximately 100,000 tons (90,700 metric tons) of 0.20-0.23 percent uranium ore was produced from the deposit (Bowyer, 1963)." * |
* As reported in; (URANIUM MINERALIZATION IN FLUORINE-ENRICHED VOLCANIC ROCKS, Burt, D. M. et. Al, 1980, prepared for the U. S. Department of Energy. Subcontract No. 79-270-E)
"Uranium mineralization at the Yellow Chief mine occurs as lenses of disseminated secondary uranium minerals (mostly beta-uranophane) in a 100-to 120-foot (30-37 m) thick sequence of conglomerate and tuffaceous sandstone that directly underlies the "beryllium tuff member" of the Spor Mountain Formation." ** |
** As reported in; (URANIUM POTENTIAL IN UTAH, Gloyn, R. W. and Krahulec, K, 2004, UTAH GEOLOGICAL SURVEY)
The Yellow Chief uranium mine is only 6 kilometers east of Materion Corp.'s open pit operations for beryllium (Be) ore. Beryllium is a high-value, essential, light metal with wide applications in the aerospace, computer, telecommunications, electronics, medical, satellite and defence sectors. The Spor Mountain operations are the largest source of beryllium in the United States, accounting for approximately 63 per cent of the world's annual production in 2020.
Little information is available regarding previous exploration programs in the area. The Company will conduct mapping and sampling of the open pit sites, with a focus on planning a drill program to test for the favorable uranium (+/- Be) units, North and Northeast of a mapped East to North-East trending fault mapped in the pit.
PK Property - The PK property covers 1 claim comprising 1090.0 hectares located northeast of the Athabasca Basin, within the Charlebois-Higginson uranium district. Also known as the "Pinkham East" property, the claims were last explored in the late 1970's. Assessment reports indicate the PK property high (to 100 times background) radioactivity in pegmatite. Radioactivity is reported to be associated with a coarse-grained, off-white leucocratic pegmatite. This rock contains white feldspar and local large biotite books. The pegmatite may extend along strike more than 1700 m. Only limited sampling (3 samples) was completed with uranium values of up to 0.035% U3O8.
Fine-grained, reddish brown sandstone boulders cover the grid area of the PK property with boulders reported up 1 metre in diameter and friable, that are unlikely to have survive glacial ice transport over large distances. It was interpreted that they may be sourced from an outlier of the Athabasca Formation. If found insitu, this would be the furthest north occurrence of Athabasca Formation and the unconformity would be an attractive target for uranium mineralization.
Mozzie Halo East and Mozzie Halo West Properties - This package comprises three blocks of claims, located around the core Mozzie East and West Properties. The Mozzie East and West Properties are held by other land owners. Combined the Company's three properties total 445 hectares with two blocks adjacent to the Mozzie West property, and one claim adjacent to the Mozzie East property. The Mozzie West and East properties were previously held by Pegasus Resources Ltd. (refer to Pegasus Press Release, October 20, 2021):
"The Mozzie Lake property consists of two claim blocks that are situated approximately 25 and 40 km northeast of the edge of the Athabasca basin. It is located within the Charlebois-Higgingson Lake uranium district. Highlights: - Historical resource estimate at the 20A zone with 204,200 tons at 0.119 per cent triuranium octoxidem at an average width of 15.8 feet (4.8 metres), containing 535,718 pounds of uranium*; |
The mineralization is hosted within pegmatite intrusions. The pegmatite deposits of the Charlebois-Higgingson Lake uranium district have remained largely dormant since it was first explored in the 1940s to 1960s era. There are historical references to rare-earth-element-(REE)-bearing minerals in the region, including at the Pinkham Lake prospects on the Mozzie Lake property. The company believes that a re-evaluation of the district with respect to REE mineralization should be conducted to potentially bolster the uranium potential of the project(s). |
*The historical resource estimate was completed by Trigg, Woollett & Associates Ltd. on behalf of King Resources Company in 1968 (Sask. assessment report 74P07-0043). The historical mineral resource estimates listed above either use categories that are not compliant with National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") and cannot be compared to NI 43-101 categories, or are not current estimates as prescribed by NI 43-101, and therefore should not be relied upon. A qualified person has not done sufficient work to classify the estimates as current resources and Pegasus is not treating the estimates as a current resource estimate." |
Mr. Mark Ireton, Victory President and CEO noted "Victory is pleased to advise having enhanced the property portfolio with the addition of these uranium properties bringing total uranium holdings to 12,815 Ha including Sept Ilse Uranium, Quebec with 9,042 Ha, 130 Ha in Juab County, Utah and 3,643 Ha in Saskatchewan. Uranium focus comes with geographic diversity and encouraging property advancement potential given results, features and findings from past work programs on all properties prior to their acquisition by Victory."
Scientific and technical information contained in this press release was reviewed and approved by Mr. Helgi Sigurgeirson (P.Geo. with EGBC) and a "qualified person" under NI 43-101 and Consultant to Victory Battery Metals Corp.
About Victory Battery Metals Corp.
Victory Battery Metals CORP. (CSE:VR) is a publicly traded diversified investment corporation with mineral interests in North America. The company is also actively seeking other exploration opportunities.
For further information, please contact:
Mark Ireton, President
Telephone: +1 (236) 317 2822 or TOLL FREE 1 (855) 665-GOLD (4653)
E-mail: info@victorybatterymetals.com
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward Looking Statements
Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. All statements other than statements of historical fact are forward-looking statements, including, without limitation, statements regarding future financial position, business strategy, use of proceeds, corporate vision, proposed acquisitions, partnerships, joint-ventures and strategic alliances and co-operations, budgets, cost and plans and objectives of or involving the Company. Such forward-looking information reflects management's current beliefs and is based on information currently available to management. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "predicts", "intends", "targets", "aims", "anticipates" or "believes" or variations (including negative variations) of such words and phrases or may be identified by statements to the effect that certain actions "may", "could", "should", "would", "might" or "will" be taken, occur or be achieved. A number of known and unknown risks, uncertainties and other factors may cause the actual results or performance to materially differ from any future results or performance expressed or implied by the forward-looking information. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of the Company including, but not limited to, the impact of general economic conditions, industry conditions and dependence upon regulatory approvals. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Company does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by securities laws.
SOURCE:Victory Battery Metals Corp.
News Provided by ACCESSWIRE via QuoteMedia
Victory Battery Metals Corp. (CSE:VR)(FWB:VR61)(OTC PINK:VRCFF) ("Victory" or the "Company") is pleased to announce its sale of its Tahlo Lake, British Columbia property to a private company, Trimera Metals Corp., of Vancouver, British Columbia
Highlights of the Tahlo Lake Sale:
Mark Ireton, Victory CEO and Director noted: "The recent announcement of our option agreement to acquire 100% interest in the Kachiwiss Uranium Project in Quebec is indicative of renewed strategic focus for the Company. The Kachiwiss Uranium deposit has significant historical reports, defining a zone of interest1 that represents the best application of our resources, with the aim to return benefits to Victory shareholders in the shorter term. Selling Tahlo Lake at this time serves our renewed strategic focus."
1 Kachiwiss Uranium Project Historical Findings:
2Quebec Government Sigeom - Lac Kachiwiss File CGM 22J/01.001 - Oct 21/2011.
Scientific and technical information contained in this press release was reviewed and approved by Mr. Réjean Girard, Quebec Geologist, P.Geo (OGQ 521) and a "qualified person" under NI 43-101.
Correcting statement:
On April 18, 2024, VBM announced entering into an option agreement dated April 11, 2024 to acquire 100% interest in four claim groupings in the Sept Iles region of Quebec from GLOBEX MINING ENTERPRISES INC. (GMX - Toronto Stock Exchange, G1MN - Frankfurt, Stuttgart, Berlin, Munich, Tradegate, Lang & Schwarz, LS Exchange, TTMzero, Düsseldorf and Quotrix Düsseldorf Stock Exchanges and GLBXF - OTCQX International in the US). The press release stated terms of payment to include the issuance of 1.5 million shares to Globex Mining Enterprises Inc. over 3 years. The actual amount of shares to be issued is 1,250,000.
For further information, please contact:
Mark Ireton, President
Telephone: +1 (236) 317 2822 or TOLL FREE 1 (855) 665-GOLD (4653)
E-mail: info@victorybatterymetals.com
About Victory Battery Metals Corp.
Victory Battery Metals CORP. (CSE:VR) is a publicly traded diversified investment corporation with mineral interests in North America. The company is also actively seeking other exploration opportunities.
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. All statements other than statements of historical fact are forward-looking statements, including, without limitation, statements regarding future financial position, business strategy, use of proceeds, corporate vision, proposed acquisitions, partnerships, joint-ventures and strategic alliances and co-operations, budgets, cost and plans and objectives of or involving the Company. Such forward-looking information reflects management's current beliefs and is based on information currently available to management. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "predicts", "intends", "targets", "aims", "anticipates" or "believes" or variations (including negative variations) of such words and phrases or may be identified by statements to the effect that certain actions "may", "could", "should", "would", "might" or "will" be taken, occur or be achieved. A number of known and unknown risks, uncertainties and other factors may cause the actual results or performance to materially differ from any future results or performance expressed or implied by the forward-looking information. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of the Company including, but not limited to, the impact of general economic conditions, industry conditions and dependence upon regulatory approvals. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Company does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by securities laws.
SOURCE: Victory Battery Metals Corp.
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Victory Battery Metals CORP. (CSE:VR)(OTC PINK:VRCFF)(FWB:VR6) is pleased to announce that it has entered into an option agreement dated April 11, 2024 to acquire 100% interest in four claim groupings in the Sept Iles region of Quebec. These claims are being optioned from GLOBEX MINING ENTERPRISES INC. (GMX - Toronto Stock Exchange, G1MN - Frankfurt, Stuttgart, Berlin, Munich, Tradegate, Lang & Schwarz, LS Exchange, TTMzero, Düsseldorf and Quotrix Düsseldorf Stock Exchangesand GLBXF - OTCQX International in the US). Under terms of the agreement Victory will pay to Globex $400,000 in cash and 1,500,000 Victory shares over 3 years. In addition, Victory commits to execute a work program of a minimum of $3,000,000 on the claims over a 4-year period
The claims cover the Kachiwiss Uranium deposit with a reported historical, 1978 non-Ni 43-101, compliant, non-classified resource of 16,598,000 tonnes grading 0.016% U3O8 within a pegmatic dyke oriented NW45o. The zone, as currently defined, measures 975 metres long by 610 metres to 760 metres wide and is open. Historical metallurgical test work suggested recoveries of up to 92.9% can be achieved 1. The same report mentions the presence of thorium in the region, In addition to the Kachiwiss deposit, the option includes a large package of claims covering lake bottom sediment sample uranium anomalies farther to the north. In total, 156 mining claims make up the package with Globex retaining a 10-kilometre area of mutual interest surrounding the current claim blocks.
Under the agreement, Globex also retains a 3% Gross Metal Royalty on all metals, minerals, elements or compounds including but not limited to uranium, thorium or any other marketable product from the claims. Victory may, at anytime, purchase 1% GMR from Globex for a single cash payment of $1,000,000.
Mr. Mark Ireton, Victory President and CEO noted "This is the first meaningful uranium acquisition of such that will position the company in both battery metals and energy metals spaces. We at Victory Battery Metals are excited by the potential this property holds. Uranium is a proven source of clean cheap power and advanced research into thorium is emerging a primary source of power for the future Located in the mining friendly province of Quebec, the project is in a region known for its deep-water port, its excellent infrastructure, and a labor pool strongly rooted in the mining industry."
Scientific and technical information contained in this press release was reviewed and approved by Mr. Réjean Girard, Quebec Geologist, P.Geo (OGQ 521) and a "qualified person" under NI 43-101.
About Victory Battery Metals Corp.
Victory Battery Metals CORP. (CSE: VR) is a publicly traded diversified investment corporation with mineral interests in North America. The company is also actively seeking other exploration opportunities.
For further information, please contact:
Mark Ireton, President
Telephone: +1 (236) 317 2822 or TOLL FREE 1 (855) 665-GOLD (4653)
E-mail: info@victorybatterymetals.com
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward Looking Statements
Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. All statements other than statements of historical fact are forward-looking statements, including, without limitation, statements regarding future financial position, business strategy, use of proceeds, corporate vision, proposed acquisitions, partnerships, joint-ventures and strategic alliances and co-operations, budgets, cost and plans and objectives of or involving the Company. Such forward-looking information reflects management's current beliefs and is based on information currently available to management. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "predicts", "intends", "targets", "aims", "anticipates" or "believes" or variations (including negative variations) of such words and phrases or may be identified by statements to the effect that certain actions "may", "could", "should", "would", "might" or "will" be taken, occur or be achieved. A number of known and unknown risks, uncertainties and other factors may cause the actual results or performance to materially differ from any future results or performance expressed or implied by the forward-looking information. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of the Company including, but not limited to, the impact of general economic conditions, industry conditions and dependence upon regulatory approvals. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Company does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by securities laws.
SOURCE:Victory Battery Metals Corp.
News Provided by ACCESSWIRE via QuoteMedia
Management Comment
Mr. Mark English, Managing Director:
“The first ore was shovelled at Jeffreys Find in May 2023. In just a couple of years this short-life mine has now generated more than $100 million in gold sales for the Project.
“Before starting we estimated a gold price of A$2,600 an ounce. Who could have envisaged that we would be selling gold at more than A$4,600 an ounce. By any measure it’s a brilliant result.
“However, not all the money is in the bank yet. We are expecting millions more in surplus cash to be received. we are expecting millions more in cash over the next few months.
“For the 2024/25 period, Stage Two of the Project, we’ve produced more than 17,900 ounces of gold with more processing to come. Our partner BML is negotiating a toll milling agreement for a parcel of up 60,000 tonnes, which is currently on the ROM Pad at the mine site. When everything is completed, we will get the final picture on just how successful the Jeffreys Find Gold Mine has been.
“Our JV agreement with BML Ventures stipulates that only after all the gold has been sold and all costs have been paid is the final surplus cash distribution paid.
“We’ve just received a further $1.5 million as an interim payment from BML which brings us to $8.1 million in total for Stage Two payments.
“BML has advised to expect an additional $3 million to $4 million in cash payments once the last of the gold is sold.
“Jeffreys Find Gold Mine has been a defining experience for Auric,” said Mr English.
Photo: The Goodbye Cut at Jeffreys Find Pit. Photo – 27 January 2025.
Through Auric’s joint venture partner BML Ventures Pty Ltd of Kalgoorlie (BML) a total of 17,901 ounces of gold has been sold from Stage Two mining at Jeffreys Find as of 21 February 2025.
Ore was milled in multiple campaigns at The Greenfields Mill, Coolgardie (Greenfields) and at the Three Mile Hill Plant, Coolgardie (Three Mile Hill) during 2024 and early 2025.
For Stage Two the highest gold price achieved was A$4,625 an ounce whilst the average price was A$4,024 per ounce.
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This article includes content from Auric Mining, 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.
