Warriedar Resources (ASX:WA8) is an advanced gold and copper exploration company backed by a highly skilled team of experts, Warriedar maintains an incredibly strong and stable portfolio of gold assets in both Western Australia and Nevada. Between its three projects – Golden Range, Fields Find and Big Springs – it currently holds more than 2 million ounces of high-grade gold resources with blue-sky potential for growth, and a robust pipeline of high-quality drill targets. Warriedar is well-funded for its planned 2024 drill programs focused on rapidly building its gold resources.
Two of its brownfield projects – Golden Range and Fields Find – are located in Western Australia's Murchison Province, widely known as an active mining and exploration region. Both projects are situated on previously mined and underexplored land, and surrounded by successful, operating gold and base metal mines. Golden Range hosts approximately 950,000 oz gold resource and an existing 800 ktpa processing plant and associated infrastructure (placed on care and maintenance during 2019 by its previous owner). To the east of Golden Range is the Fields Find project, which contains significant levels of gold, copper and nickel.
Warriedar’s Big Springs gold project in Nevada, USA, is adjacent to First Majestic Silver’s Jerritt Canyon gold mine complex, an operating mine with a production history of over 10 Moz gold. Big Springs has an existing resource base of approximately 1 Moz gold within a granted mining licence, surrounded by approximately 93 square kilometers of prime exploration ground prospective for Carlin-style gold.
Warriedar also prides itself on the expertise and experience of its leadership team, driving the company towards successfully achieving its goals and increasing shareholder value. Geophysicist Dr. Amanda Buckingham serves on Warriedar's board of directors, bringing three decades of experience to her role. Mark Connelly, Warriedar’s non-executive chairman, is a financial and commercial executive with extensive experience in the resource industry. Dianmin Chen, a seasoned mining engineer, completes the complementary skill set of the board.
Situated in the middle of Western Australia's highly active Murchison exploration and mining province, the Golden Range project is strategically positioned between several major operating mines and advanced exploration projects. Together with the nearby Fields Find project, it represents a belt-scale opportunity, covering a combined area of 813 square kilometres.
A brownfields project with considerable past exploration and development, Golden Range hosts a gold resource of 945,000 ounces along a dominant central shear corridor. Existing on-site infrastructure includes an 800-ktpa oxide processing plant, which was placed on care and maintenance by the project's previous owner in 2019. This provides Warriedar with an accelerated, low-capital-intensity pathway to future gold production pending the success of an ongoing exploration program.
The Ricciardo deposit, an existing 476-koz resource in the middle of the Golden Corridor along the main shear. Assay results from drilling undertaken at the Ricciardo deposit confirmed the presence of high-grade shoots below existing oxide open pits and demonstrated the excellent exploration potential for further discoveries at Ricciardo
The Fields Find Project and the location of key prospects.
Located just to the east of Golden Range, Fields Find is most notable for its highly irregular geology. Due to an intrusive complex within the greenstone sequence, the area is known to contain elevated levels of nickel, copper and gold. Although the brownfields project has been the site of previous exploration, the focus was exclusively on gold with one notable exception.
At Fields Find's southwest corner stands the historic Warriedar copper mine, which is located at the end of Warriedar's target zone, known as the Warriedar Corridor. It is also worth noting that the Murchison Province is generally known to be rich in copper with both the Golden Grove and Deflector copper mines in geological proximity.
Located in the prolific Nevada Gold Trend, the Big Springs Gold Project stands adjacent to First Majestic Silver's (TSE:FR) Jerritt Canyon Gold Mine Complex, which has a production history of more than 10 Moz gold. The project itself has an existing resource base of roughly 1 Moz gold and is surrounded by approximately 93 square kilometres of exploration ground prospective for Carlin-style gold.
Warriedar is currently collecting the necessary geoscience data to optimise its drill targets while also advancing its exploration permitting. It plans to recommence its drilling program upon approval of expanded permits, with a suitable partner.
The company believes the tenement package offers enormous untapped potential for growth in existing gold resources.
Mark Connelly is a seasoned financial and commercial executive with extensive resource industry experience in management leadership and board roles. His direct operational and capital markets experience spans many jurisdictions including Australia, North America, South America, Africa and Europe.
Connelly’s North American operating and development experience includes several years based in the U.S. working for Newmont Mining, one of the world’s leading gold mining companies. This included extensive exposure to and knowledge of Newmont’s flagship Nevada gold operations.
Connelly also has an outstanding track record of shareholder value growth and realisation, particularly over the last decade. This includes the development and eventual sale of Papillon Resources for approximately US$570 million and the US$597 million consolidation of Endeavour Mining with Adamus Resources.
Dr. Amanda Buckingham is a geophysicist who has been involved in mineral exploration for 30 years. She co-founded award-winning and industry-leading geophysical consulting firm Fathom Geophysics in late 2007, based in both Australia and the United States.
Buckingham has extensive exploration experience globally. Her early career involved work as a geoscientist and project manager at majors such as Rio Tinto, listed juniors in both Canada and Australia and several years consulting at SRK.
She also co-founded Cygnus Metals (ASX:CY5) and Desert Minerals (ASX:DM1). She is currently a director of several private companies and a research fellow at the University of Western Australia.
Dr. Dianmin Chen is a mining engineer with more than 35 years of experience in metal mining. He has held a wide range of roles in the mining industry including technical, production and management positions in Australia, China and Canada.
Chen held executive roles with Sino Gold (general manager), Citic Pacific Mining (chief operating officer), CaNickel (executive director and CEO) and Norton Goldfields (managing director and CEO) and served as a non-executive director for several publicly listed companies in Australia and Canada, including Kalgoorlie Mining, Bullabulling Gold Mines, Sherwin Iron, Norton Goldfields, NKWE Platinum and CuDeco. He is currently a non-executive director of Global Lithium Resources (ASX:GL1).
Chen holds a Bachelor of Engineering in mining, a PhD in mining geomechanics and a WA First Class Mine Manager’s Certificate of Competency.
Stuart Burvill is a legal, commercial and compliance manager and civil and structural engineer with over 30 years of experience in mining, petroleum, energy, shipbuilding, defence and civil infrastructure development including rail, roads, bridges and tunnels.
Burvill has extensive experience in M&A, corporate and project finance, capital raising, ownership and funding structuring, joint ventures, construction contracts and disputes, corporate governance and administration and enterprise risk management. He holds a Bachelor of Engineering (Hons), Bachelor of Laws, MBA and Grad Dip in Applied Corporate Governance.
Graeme Morissey joins Warriedar from previous director-level roles in the audit divisions of global accounting firms EY, KPMG and Grant Thornton. He has over 15 years of direct experience in servicing clients within the mining exploration and development sector. This includes specific expertise extending across compliance with Australian Securities Exchange (ASX) and Department of Mines regulation.
Morissey has also consulted directly with CFOs within the Australian mining sector, which has included optimisation of internal reporting processes on performance, cash flow forecasting, and adherence to budgets. He is a chartered accountant and a fellow of the Governance Institute of Australia.
Morissey holds a Bachelor of Commerce from McMaster University in Canada.
David Palumbo from Mining Corporate is a chartered accountant and graduate of the Australian Institute of Company Directors with over 14 years of experience across company secretarial, corporate advisory and the financial management and reporting of ASX-listed companies. He currently acts as company secretary for a number of ASX-listed companies and serves on the board of Krakatoa Resources (ASX:KTA) and Kaiser Reef (ASX:KAU).
Steve McMillin is a highly experienced and well-respected exploration geologist. He has over 35 years of practical mineral exploration experience in the United States, with particular expertise in Carlin-style gold projects in Nevada.
Before joining Warriedar Resources, McMillin was at Jerritt Canyon Gold for seven years, including as chief mine geologist. The producing Jerritt Canyon Gold Mine is located only 20 kilometres away from Big Springs along the same mineralisation trend. During his time there, he led underground near-mine exploration and resource development, helping to discover 12 new economic deposits and develop several.
Prior to 2016, McMillin was chief mine geologist at Fire Creek with Klondex, senior exploration geologist with Midway Gold at the Spring Valley and Pan-Goldrock deposits, senior mine geologist at Jerritt Canyon with AngloGold and Queenstake Resources and project geologist with Newmont Exploration in Nevada.
He is a certified professional geologist with American Institute of Professional Geologists, and member of the Geological Society of Nevada and the Society of Economic Geologists.
Thomas Dwight has worked in mineral exploration for several years across Australia and within multiple commodities. He has previously focused on Western Australia gold exploration, including the development of the Tampia Hill Resource with Explaurum Operations, but also has experience in porphyry copper mineralisation managing exploration for Duke Exploration in Queensland.
During his time in the industry, his focus has been exploration, project development and database management. Dwight holds a Bachelor of Science with Honours from the University of Otago, majoring in geology/earth science.
Peng Sha is a geologist with more than 12 years experience in the exploration and evaluation of copper, gold, lead, zinc, silver, rare earth and lithium mining and exploration projects. He has extensive expertise working with several different deposit types across prospective mining jurisdictions, including Australia, Serbia, China and Latin America.
Sha held senior geologist roles in Global Ore Discovery, Ballarat Gold Mine and AuKing Mining. He was also the exploration manager for Zijin Mining Serbia, where he led the exploration team in the development of annual greenfield and brownfield exploration programmes for world-class porphyry, high and low sulphidation epithermal gold and copper deposits and VMS lead-zinc-silver deposits.
Sha holds a Master of Applied Science, Geology and an Honours Degree in Economic Geology (first class) from James Cook University. He is a member of the Society of Economic Geologists and AusIMM.
HIGHLIGHTS:
This is the first diamond drill program at Ricciardo since 2014, when just three (3) diamond holes were drilled by the previous operator.
The results reported in this release are for four (4) (255m) of the 16 (1420m) diamond holes drilled to date. Approximately 2,200m of diamond drilling is planned as part of the current phase of combined RC and diamond drilling at Ricciardo and M1.
The results from these initial four diamond holes extend the high-grade shoot below the Silverstone North pit and infill a previous gap in the high-grade zone of the MRE below the northern part of the Ardmore pit (adding confidence and continuity to the MRE in this area).
These outcomes, while stemming from only a small part of the overall current phase of drilling, continues to demonstrate the outstanding MRE growth potential that exists at Ricciardo and along the broader ‘Golden Corridor’ trend.
Figure 1: The Golden Range and Fields Find Projects Mines and projects within trucking distance of the Warriedar tenure are shown. The location of the Ricciardo deposit within the 25km-long ‘Golden Corridor’ at the Golden Range Project is annotated
The Ricciardo gold system (within the Golden Range Project) spans a strike length of approximately 2.3km, with very limited drilling having been undertaken below 100m depth. Ricciardo possesses a current Mineral Resource Estimate (MRE) of 8.7 Mt @ 1.7 g/t Au for 476 koz gold.1 The oxide material at Ricciardo has been mined by previous operators.
Click here for the full ASX Release
This article includes content from Warriedar 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.
“Applying a peer-based EV/resource multiple approach, we derive the valuation of AU$0.09 in a base case scenario and AU$0.11 per share in a bull case scenario,” analyst Behzad Golmohammadi wrote in the report.
Warriedar Resources is an advanced gold and copper exploration company with an existing resource base of about 2 million ounces of gold between its projects in Western Australia (Golden Range and Fields Find) and Nevada, USA (Big Springs). The analyst report cites Warriedar’s successful exploration to date of Golden Range and Fields Find with highly encouraging results suggesting a potential for high-grade gold discoveries and a porphyry system hosting polymetallic mineralisation, including gold, copper, molybdenum and silver.
“Successful resource expansion from the upcoming aggressive drilling campaigns, enhanced by
positive metallurgy and new discovery potential could drive a substantial rerating, in our view,” Golmohammadi wrote.
The report also cited the current positive gold outlook that is expected to drive gold prices higher, adding to the upside potential of Warriedar Resources.
For the full analyst report, click here.
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HIGHLIGHTS:
GOLDEN RANGE
FIELDS FIND
Today’s results extend the high-grade shoot below the Ardmore pit and broaden the mineralisation envelope. Drilling continues to demonstrate the outstanding Mineral Resource growth potential that exists at Ricciardo and along the broader ‘Golden Corridor’ trend.
Assay results from drilling carried out at the Fields Find Project late last calendar year have also been received. Drilling at Fields Find successfully extended Rothschild to the east and highlighted a new greenfields discovery at the Provenance prospect (approximately 700m north of Rothschild).
Figure 1: The Golden Range and Fields Find Projects Mines and projects within trucking distance of the Warriedar tenure are shown. The location of the Ricciardo deposit within the 25km-long ‘Golden Corridor’ at the Golden Range Project is annotated.
Robust high-grade depth extensions continue at Ricciardo
The Ricciardo gold system (within the Golden Range Project) spans a strike length of approximately 2.3km, with very limited drilling having been undertaken below 100m depth. Ricciardo possesses a current Mineral Resource Estimate (MRE) of 8.7 Mt @ 1.7 g/t Au for 476 koz gold.1 The oxide material at Ricciardo has been mined by previous operators.
Click here for the full ASX Release
This article includes content from Warriedar 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.
Overview
The Comet Vale Option and Distilled Acquisition align with the Company’s strategy to consolidate and grow underexplored high grade gold mines across the Menzies, Leonora and Leinster corridor that are close to infrastructure.
Figure 2: Regional location of Vivien.
Historical underground production from the Vivien leases between 1902 and 1911 totalled 76,000oz at an average grade of 12.4 g/t Au. The Vivien open pit was mined between 1997 and 1998 and produced 410,000 tonnes at 2.70 g/t Au for 35,600oz.3
Ramelius ceased mining at Vivien in early 2023, with the last ore load coming to surface on 11 January 2023. Gold production for Vivien over the period of Ramelius’ operatorship (2015-2023) was 1.5Mt at 5.68g/t Au for 260koz4 processed through its Mt Magnet Mill situated 296km west of Vivien. Vivien was acquired by Ramelius in 2013 from Gold Fields at a cost of $10 million and, over its life, generated net cash flows of $130 million for Ramelius.5
Vivien comprises five Mining Licences (M36/111, M36/292, M36/34, M36/61 and M36/64) and one Prospecting Licence (P36/1890) with an area of 20.4km².
The wider Vivien project provides a commercially compelling brownfield gold exploration opportunity with six (6) priority drill targets based on historical gold intercepts that were not prioritised by Ramelius as part of its mining focussed activities at Vivien.
Vivien provides Labyrinth a near-term opportunity to define a JORC mineral resource across the Vivien Main Pit and Vivien Gem Prospect from the existing project drill database. There are also five (5) separate gold processing mills within 100km of Vivien that potentially provide a lower commercial threshold to profitable gold production.
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.
Franco-Nevada Corporation announced today that it will report its second quarter 2024 results as follows:
Second Quarter 2024 Results Release: |
View original content: https://www.prnewswire.com/news-releases/franco-nevada-to-release-second-quarter-2024-results-302198643.html
SOURCE Franco-Nevada Corporation
View original content: http://www.newswire.ca/en/releases/archive/July2024/16/c0408.html
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