White Gold Corp. (TSX.V: WGO, OTCQX: WHGOF, FRA: 29W ) (the "Company") is pleased to announce that infill and extension soil sampling has refined and extended the newly discovered gold-in-soil anomaly on its QV property to 2.2 km along strike (Figure 1). The soil anomaly is located approximately 9 km northwest of the VG deposit and appears to be similar in character to the VG and Golden Saddle deposits which form part of the Company's flagship White Gold Project. The White Gold Project is located in west-central Yukon, Canada, and comprises 16 million tonnes averaging 2.23 gt Au for 1,152,900 ounces of gold in the Indicated Resource category and 19 million tonnes averaging 1.54 gt Au for 942,400 ounces of gold in the Inferred Resource category (1) . These new results form part of the Company's 2024 exploration program on its extensive and underexplored land package in the emerging White Gold District, Yukon, supported by strategic partners including Agnico Eagle Mines Limited (TSX: AEM, NYSE: AEM) and Kinross Gold Corporation (TSX: K, NYSE: KGC).
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![Zodiac Gold (TSXV:ZAU)](https://investingnews.com/media-library/zodiac-gold-tsxv-zau.png?id=53057628&width=1200&height=796)
Zodiac Gold: Advancing a District-scale West African Gold Discovery
Zodiac Gold (TSXV:ZAU) is a West African gold exploration company developing a district-scale gold discovery in the Republic of Liberia. The company focuses on its flagship Todi project in Liberia strategically positioned along the fertile Todi Shear Zone. Zodiac Gold is developing a district-scale gold opportunity covering a vast 2,316 sq km land package. The project has undergone de-risking, showcasing proven gold occurrences at both surface and depth, with five drill-ready targets and high-grade gold intercepts.
Zodiac Gold has identified five exploration targets at the Todi property that would form the basis for satellite pits that would support a hub-and-spoke mining strategy.
The Arthington target boasts more than 4 km of soil anomalies with the discovery of a mineralized gold trend along 1.5 km of strike. Highlight intercepts include 9.6 meters at 7.5 g/t gold and 10.6 meters at 6.6 g/t gold. The company recently completed 3,700 meters or trenching and 3,500 meters of drilling at the property and the Phase 2 drill program defined the strike and depth extents of the target.
Company Highlights
- Zodiac Gold is a West African gold exploration company developing a district-scale gold discovery in the Republic of Liberia. The company’s land package totals over 2,300 sq km.
- Zodiac Gold has identified five exploration targets that would form the basis for satellite pits that would support a hub-and-spoke mining strategy.
- Proven gold at surface with five drill-ready targets that are open along strike and depth provide strong upside to organic growth from grassroots exploration.
- Discovery-driven management team led by CEO David Kol and director of exploration Tom Dowrick who have over 25 years of combined in-country experience. Management and insiders also own over one quarter of the company.
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Zodiac Gold
Investor Insight
A large, underexplored land package with potential for district-scale gold deposit makes Zodiac Gold a compelling opportunity amid a positive macroeconomic backdrop for the precious metal sector.
Overview
Zodiac Gold (TSX.V:ZAU) is a gold exploration company focused on its West African flagship Todi project situated in Liberia — an underexplored, politically stable, mining-friendly jurisdiction hosting several large-scale gold deposits. Strategically positioned along the fertile Todi Shear Zone, Zodiac Gold is developing a district-scale gold opportunity covering a vast 2,316 sq km land package. The project has undergone de-risking, showcasing proven gold occurrences at both surface and depth, with five drill-ready targets and high-grade gold intercepts.
Liberia – Stable, Growing and Mining-focused
Liberia is considered a favorable jurisdiction for metals and mining for several reasons: 1) the government has shown a long commitment to developing the mining sector (the mining code is based on Australian legislation), 2) the country has a well-defined regulatory framework (minimal 3 percent royalty rate and a 25 percent basic rate of tax on earnings), and 3) transparent permitting process.
As Africa’s oldest republic, Liberia has had a politically stable democracy since 2003 after signing the Accra Peace Agreement. Additionally, the country has had four successful democratic elections since 2005.
The country is well-endowed with mineral resources that largely remain underexplored. The West African craton hosts numerous world-class deposits with a gold endowment of over 450 Moz. The craton is largely underexplored (~90 percent) with most recent exploration having occurred in the previous 30 years.
Just this year, US iron ore conglomerate High Power Exploration (HPX), founded by mining billionaire Robert Friedland, announced plans to develop the Liberty Corridor – a brand-new multi-user infrastructure corridor connecting Guinea and Liberia.
The Liberty Corridor would comprise a brand-new, world-class rail system connecting the Nimba district of Guinea to a new Liberian deep-water port. The Liberty Corridor is expected to be a leading African example of multi-user, independently operated, and open-access infrastructure that will support the economic opening of the West African region to world markets.
These newly announced Liberian initiatives, coupled with a US-dollar-denominated economy, a majority English speaking population and heavy US presence, makes Liberia a top-tier investment jurisdiction in Africa.
Company Highlights
- Zodiac Gold is a West African gold exploration company developing a district-scale gold discovery in the Republic of Liberia. The company’s land package totals over 2,300 sq km.
- Zodiac Gold has identified five exploration targets that would form the basis for satellite pits that would support a hub-and-spoke mining strategy.
- Proven gold at surface with five drill-ready targets that are open along strike and depth provide strong upside to organic growth from grassroots exploration.
- Discovery-driven management team led by CEO David Kol and director of exploration Tom Dowrick who have over 25 years of combined in-country experience. Management and insiders also own over one quarter of the company.
The Todi Project
Zodiac Gold’s 2,316 sq km, 100 percent owned land package in Liberia includes its flagship Todi property (418 sq km) and other license areas (1,898 sq km) overlying prospective geology and structures known to host gold mineralization. The land package is also strategically located 20 km southeast of Avesoro’s New Liberty Gold Mine (1.8 Moz resource) that produced 360 koz of gold in 2023.
The Todi property has five drill-ready targets:
Arthington
The target boasts more than 4 km of soil anomalies with the discovery of a mineralized gold trend along 1.5 km of strike. Highlight intercepts include 9.6 meters at 7.5 g/t gold and 10.6 meters at 6.6 g/t gold. The company recently completed 3,700 meters or trenching and 3,500 meters of drilling at the property and the Phase 2 drill program defined the strike and depth extents of the target.
Alasala
Target highlights include: 1) a 2.4 km long x 250 meter wide soil anomaly with artisanal workings, 2) rock chip samples up to 107 g/t gold, and 3) drilling intercepts with grades above 6 g/t over just under 20 meters.
Benben
Target highlights include: 1) a 4.5 km long soil anomaly with artisanal workings, and 2) rock chip samples up to 255 g/t gold.
Youth Camp
Target highlights include: 1) a 4 km long soil anomaly with artisanal workings and 2) best historical trenching results of 1 g/t gold over 30 meters.
Alasala South
Characterized by a 1 km long soil anomaly with artisanal workings
Zodiac Gold is developing these five exploration targets that would form the basis for satellite pits that support a hub-and-spoke strategy with material feeding a centralized facility that would process ore.
Management Team
David Kol – Director, President and Chief Executive Officer
David Kol is a highly experienced international business and startup executive with over 20 years of experience in finance, marketing, business development, M&A and executive management, primarily in the resource sector, media/entertainment, real estate and technology industries. Prior to Zodiac, Kol held senior management roles in Gem Rocks Mining Resources, Global Media Group Holdings, The Players Network and Interactive Enterprises, where he worked on projects for Sony, Wink Communications, Netcom, US West (now Qwest Communications), BskyB and JskyB. He currently serves on the board of directors of BluEarth Carbon Development and Global Wholesome Network 501. Kol attended the University of California, Davis, where he studied managerial economics, and has an A.A. (criminal justice) from Diablo Valley College.
Tom Dowrick – Director of Exploration
Tom Dowrick is a seasoned chartered geologist with 17 years of experience in the mining and exploration industry. Since 2011, he has been a driving force at ACA Howe International, where he serves as managing director. In this role, he manages a range of geological and mining consultancy projects around the globe, including serving as a consultant on Zodiac Gold’s Todi project in the Republic of Liberia, West Africa. Dowrick has substantial experience in West Africa, having completed field and desk-based reviews of the exploration activities of both public and private companies in Liberia, Mali, Guinea, Mauritania, Sierra Leone, South Sudan and Mozambique, in addition to projects in Argentina, Brazil, Costa Rica, Ecuador, Kazakhstan and Australia.
Peter Granata – Chief Financial Officer
Peter Granata has more than 18 years of experience in finance and operations management within global organizations. He is a dynamic, results-oriented professional with executive positions in TSXV companies and, prior to these, served as an audit manager for PricewaterhouseCoopers. Granata has prepared financial statements, MD&A, news releases, mine permitting applications and project cash flows. With PricewaterhouseCoopers, he performed audits for Canadian IFRS, US GAAP reconciliations, special purpose financial statements and has executed group reporting under Canadian GAAP. His experience includes CFO for TSXV entities, capital raising, international corporate structures, client engagement, C-suite and directors’ engagement, M&A, financing, investor relations, related party transactions, and finance transformation. Granata has a B. Bus and is a chartered accountant.
Sherry Siu – Corporate Secretary
Sherry Siu has over 30 years of experience working as a paralegal for a boutique law firm in Vancouver, specializing in securities, commercial and corporate matters, and has been corporate secretary of various junior resource companies since 2011. She has worked on a variety of securities-related and corporate transactions, including M&A, spinouts and business combinations, reorganizations, and going-public filings. Siu is a paralegal certified with the BC Paralegal Association.
Douglas Cater – Director
Doug Cater is a professional geologist who has worked extensively across Canada and internationally for more than 35 years, with a particular focus on the Abitibi gold belt located in northeastern Ontario. He has held positions with both senior and intermediate gold producers, including Barrick Gold, Placer Dome and Kinross Gold. His African exploration experience was obtained while serving as an exploration consultant for Barrick Gold in Tanzania, where he was responsible for the project management of an exploration diamond drill program in the Lake Victoria greenstone belt. His most recent executive position was as vice-president, exploration (Canada) with Kirkland Lake Gold. Cater is also a director of Sierra Metals, Mayfair Gold, Exploits Discovery and Gowest Gold. He is a graduate of the ICD-Rotman Directors Education Program.
Renaud Adams – Advisor
Renaud Adams has over 30 years of global mining experience in senior executive positions and operations. Currently, Adams serves as the president and chief executive officer of IAMGOLD (NYSE:IAG) (TSE:IMG), a mid-tier Canadian gold company with a US$1.4 billion market cap. From 2018 to 2022, he served as the president and chief executive officer of New Gold, where he led the strategic repositioning of the company and turnaround of its operations. Prior to New Gold. Adams served as the president and chief executive officer of Richmont Mines from 2014 until the company was sold to Alamos Gold in November 2017. During his time at Richmont Mines, the primary mine of the company experienced a two-fold increase in production, the mineral reserves were multiplied by more than three, and the costs were reduced significantly, leading to the Island Gold Mine in Ontario becoming one of the most cost-efficient underground mines in the Americas. From 2011 to 2014, Adams served as chief operating officer at Primero Mining Corporation, and prior to that he served as general manager of IAMGOLD’s Rosebel mine in Suriname before being appointed senior vice-president, Americas Operations. Adams holds a Bachelor of Engineering degree in mining and mineral processing from Laval University in Quebec, Canada.
Michael Demeter – Advisor
Michael Demeter is a highly experienced executive with a track record spanning over 30 years in financial services, including the past 22 years in capital markets, advising both companies and buy-side investors as well as raising growth capital for a wide range of companies. Michael has worked with boutique investment dealers, Canadian banks, and global investment banks, providing him with diverse exposure to companies of all sizes. Michael is a Partner with Fort Capital, one of Canada’s leading independent investment banking advisory firms. Mr. Demeter is the former Managing Director and Head of Institutional Sales at Haywood Securities and has held senior management roles at Macquarie Group, Dundee Securities, Royal Bank of Canada, and Scotiabank. Mr. Demeter earned a BA (Economics) from Huron College at the University of Western Ontario, and an MBA from the Rotman School of Management at the University of Toronto. His work in financial services has led him to attain his Chartered Financial Analyst (CFA) designation, Chartered Market Technician (CMT) designation, Chartered Alternative Investment Analyst (CAIA) designation, and Certified Financial Planner (CFP) designation. He is a member of the Rotman Dean’s Global Advisory Board (GAB), and the Loan Review Committee for Rise Asset Management, a charity dedicated to helping people with mental health and addiction challenges achieve financial independence through self-employment or small business ownership.
Ryan Hanley – Advisor
Ryan Hanley is currently the CEO of Springburn Capital, a private investment and consulting company. Before founding Springburn, he was the director and mining analyst at Laurentian Bank Securities in Toronto, where he worked from March 2017 to May 2024. Before joining LBS, Hanley was an equity research analyst specializing in mining and mining services at Research Capital from 2012 to 2017. His career at Research Capital also included roles as a mining research associate from 2009 to 2012, and an investment banking analyst in 2008.
Hanley has been ranked as a top analyst by Bloomberg, Thomson Reuters and Refinitiv, including as the third-ranked "Top Stock Picker (All Sectors)" in Canada in the 2017 Thomson Reuters Analyst Awards. He holds a BA from McMaster University in Hamilton, Ontario.
White Gold Corp. Encounters Highest Gold Values to Date and Doubles Strike Length of the Newly Discovered Gold-In-Soil Anomaly to 2.2 km on the QV Property and Prepares for Maiden Diamond Drill Program
"We are quite encouraged by these latest results from this newly discovered target. Our early-season soil sampling program has considerably extended the strike length of the target by over 1 km to 2.2 km and provided even greater continuity of high gold values. Furthermore, the size, tenor, geochemical and geomagnetic characteristics of this target are also similar to our flagship Golden Saddle and VG deposits and represents exciting expansion potential with a maiden diamond drill program set to commence in the coming weeks" stated David D'Onofrio, Chief Executive Officer.
Shawn Ryan, Co-Founder and Chief Technical Advisor stated, "This newly discovered soil anomaly on the QV property is an interesting grass roots discovery for the Company as it reminds me of the anomaly that led to the discovery of the Golden Saddle and QV deposits which are close by and share a lot of similarities. Soil sampling followed by our systematic evaluation has proven very effective in our district and we are looking forward to drilling this new target."
Maps and images accompanying this news release can be found at http://whitegoldcorp.ca/investors/exploration-highlights/ .
Highlights
- 2024 soil survey consisted of 787 samples (Figure 2).
- The surface expression of the gold-in-soil anomaly strikes east-northeast, measures 350 m wide x 2.2 km long, and is open along strike to the west and east.
- Gold values range from th percentile) in the range of 82.3 to 600 ppb Au.
- The gold anomaly is associated with anomalous tellurium and low arsenic in soils, which represents a geochemical signature similar to the VG and Golden Saddle deposits which both form part of the Company's flagship White Gold Project.
- Magnetic and LiDAR data reveals that the newly identified soil anomaly is hosted within a similar structural environment as the VG and Golden Saddle deposits.
- 2D inversions of recently completed VLF-EM survey lines indicate the gold-in-soil anomaly is associated with a moderately north-dipping hanging wall – footwall contact zone.
- A maiden diamond drill program is currently being planned and expected to commence in the coming days.
2024 Soil Sampling Program
The 2024 soil survey consisted of 787 samples which included both infill and extension samples. The purpose of this year's sampling was to provide better resolution over the main portion of the anomaly which was identified in 2023, and to extend the anomaly along strike to the west and east. Infill soil samples are spaced at 25 m on 50 spaced survey lines, and extension samples are spaced at 50 m on 100 spaced survey lines. The company has collected approximately 1,000 soil samples over the past two field seasons in defining this new target. Gold values range from th percentile) in the range of 82.3 to 600 ppb Au. The anomaly also has associated anomalous tellurium. Arsenic in soil values is low, and overall, the signature appears to be similar to the VG and Golden Saddle deposits suggesting a similar style of mineralization. The surface expression of the gold-in-soil anomaly strikes east-northeast, measures 350 m wide x 2.2 km long, and is open along strike to the west and east towards the previously known Korat Diego anomaly.
Magnetic data reveals that the newly identified soil anomaly is situated near a mafic belt with a NNW-SSE orientation, similar to the structural context of the VG, Golden Saddle, and Ryan's Surprise deposits located along strike approximately 9 to 19 km to the SE and SSE. The highly magnetic mafic belts are observed to occupy the hanging wall of E- to ENE-dipping, district-scale thrust faults, with gold mineralization at the VG, Golden Saddle, and Ryan's Surprise deposits occurring where intersected by significant NE- or NW-trending faults. At the newly identified soil anomaly, anomalous gold is localized at a fault intersection of a similar structural and magnetic pattern to those of the mentioned deposits and is associated with a semi-circular magnetic high approximately 1 km in diameter.
2D inversions of recently completed VLF-EM survey lines over the target indicate the gold-in-soil anomaly is associated with a moderately north-dipping hanging wall – footwall contact zone.
The Company is currently planning a maiden diamond drill program on the target which will consist of a minimum of 1200 m of drilling that will test up to 800 m of strike length.
About the QV Property
The QV property comprises 1003 quartz claims which over an area of 19,671 hectares and hosts the VG deposit, which hosts an open pittable Inferred resource of 287,100 oz gold at 1.53 g/t ( 1) and forms part of the Company's flagship White Gold Project. The mineralization is hosted along a N-E trending, gently south dipping structural zone that has been traced for over 700 m at surface and consists of disseminated to vein-controlled pyrite with brecciation, stockwork quartz-carbonate veining, and sericite alteration. The VG shares strong similarities to the Golden Saddle deposit located 11 km south of the VG deposit on the White Gold property both in structural setting as well as mineralization style and is open along strike and at depth. The property also hosts several other prospective targets which have received limited exploration work and offer potential for additional discoveries.
Soil Sampling Methods and Analysis
The 2024 QV property soil geochemistry survey was contracted to GroundTruth Exploration Inc. of Dawson City, Yukon. Field technicians navigated to pre-planned sample sites using handheld GPS units and collected C-Horizon soil samples using an Eijklcamp brand hand auger at a depth of between 20 cm and 110 cm. Typically, 400 to 500 g of soil is placed in a pre-labeled bag, and a field duplicate sample is taken once every 25 samples. The GPS location of the sample site is recorded with the GPS unit, and the waypoint location is labeled with the project name and the sample identification number. A weather-proof handheld device equipped with a barcode scanner is used in the field to record the descriptive attributes of the sample collected, including sample identification number, soil colour, soil horizon, slope, sample depth, ground and tree vegetation, sample quality, and any other relevant information.
Analytical work for the 2024 soil geochemistry surveys was carried out at Bureau Veritas (BV) Canada, with preparation completed at their Whitehorse, YT facility and analysis at their hub laboratory located in Vancouver, BC. All soil samples were assayed for gold and a 37 multi-element suite using 0.25g aqua-regia digestion and ICP-MS analysis (Code AQ201). BV is an ISO 9001:2008 accredited facility, certificate number FM63007.
About White Gold Corp.
The Company owns a portfolio of 15,876 quartz claims across 26 properties covering approximately 315,000 hectares (3,150 km 2 ) representing approximately 40% of the Yukon's emerging White Gold District. The Company's flagship White Gold project hosts four near-surface gold deposits which collectively contain an estimated 1,152,900 ounces of gold in Indicated Resources and 942,400 ounces of gold in Inferred Resources ( 1) . Regional exploration work has also produced several other new discoveries and prospective targets on the Company's claim packages which border sizable gold discoveries including the Coffee project owned by Newmont Corporation with Measured and Indicated Resources of 2.1 Moz at 1.28 g/t gold and Inferred Resources of 0.2 Moz at 1.04 g/t gold (2) , and Western Copper and Gold Corporation's Casino project which has Measured and Indicated Resources of 7.6 Blb copper and 14.5 Moz gold and Inferred Resources of 3.3 Blb copper and 6.6 Moz gold (3) . For more information visit www.whitegoldcorp.ca.
(1) See White Gold Corp. technical report titled "2023 Technical Report for the White Gold Project, Dawson Range, Yukon, Canada ", Effective Date April 15, 2023, Report Date May 30, 2023, NI 43-101 Compliant Technical Report prepared by Dr. Gilles Arseneau, P.Geo., available on SEDAR+.
(2) See Newmont Corporation Form 10-K: Annual report for the year ending December 31, 2023, in the Measured, Indicated, and Inferred Resources section, dated February 29, 2024, available on EDGAR. Reserves and resources disclosed in this Form 10-K have been prepared in accordance with the Regulation S-K 1300, and do not indicate NI43-101 compliance.
(3) See Western Copper and Gold Corporation technical report titled "Casino project, Form 43-101F1 Technical Report Feasibility Study, Yukon Canada", Effective Date June 13, 2022, Issue Date August 8, 2022, NI 43-101 Compliant Technical Report prepared by Daniel Roth, PE, P.Eng., Mike Hester, F Aus IMM, John M. Marek, P.E., Laurie M. Tahija, MMSA-QP, Carl Schulze, P.Geo., Daniel Friedman, P.Eng., Scott Weston, P.Geo., available on SEDAR+.
Qualified Person
Terry Brace, P.Geo. and Vice President of Exploration for the Company is a "qualified person" as defined under National Instrument 43-101 – Standards of Disclosure of Mineral Projects and has reviewed and approved the content of this news release.
Cautionary Note Regarding Forward Looking Information
This news release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking statements") within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "proposed", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. In this news release, forward-looking statements relate, among other things, the Company's objectives, goals and exploration activities conducted and proposed to be conducted at the Company's properties; future growth potential of the Company, including whether any proposed exploration programs at any of the Company's properties will be successful; exploration results; and future exploration plans and costs and financing availability.
These forward-looking statements are based on reasonable assumptions and estimates of management of the Company at the time such statements were made. Actual future results may differ materially as forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to materially differ from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors, among other things, include:
The expected benefits to the Company relating to the exploration conducted and proposed to be conducted at the White Gold properties; the receipt of all applicable regulatory approvals for the Offering; failure to identify any additional mineral resources or significant mineralization; the preliminary nature of metallurgical test results; uncertainties relating to the availability and costs of financing needed in the future, including to fund any exploration programs on the Company's properties; business integration risks; fluctuations in general macroeconomic conditions; fluctuations in securities markets; fluctuations in spot and forward prices of gold, silver, base metals or certain other commodities; fluctuations in currency markets (such as the Canadian dollar to United States dollar exchange rate); change in national and local government, legislation, taxation, controls, regulations and political or economic developments; risks and hazards associated with the business of mineral exploration, development and mining (including environmental hazards, industrial accidents, unusual or unexpected formations pressures, cave-ins and flooding); inability to obtain adequate insurance to cover risks and hazards; the presence of laws and regulations that may impose restrictions on mining and mineral exploration; employee relations; relationships with and claims by local communities and indigenous populations; availability of increasing costs associated with mining inputs and labour; the speculative nature of mineral exploration and development (including the risks of obtaining necessary licenses, permits and approvals from government authorities); the unlikelihood that properties that are explored are ultimately developed into producing mines; geological factors; actual results of current and future exploration; changes in project parameters as plans continue to be evaluated; soil sampling results being preliminary in nature and are not conclusive evidence of the likelihood of a mineral deposit; title to properties; ongoing uncertainties relating to the COVID-19 pandemic; and those factors described under the heading "Risks Factors" in the Company's annual information form dated July 29, 2020 available on SEDAR+. Although the forward-looking statements contained in this news release are based upon what management of the Company believes, or believed at the time, to be reasonable assumptions, the Company cannot assure shareholders that actual results will be consistent with such forward-looking statements, as there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking statements and information. There can be no assurance that forward-looking information, or the material factors or assumptions used to develop such forward-looking information, will prove to be accurate. The Company does not undertake to release publicly any revisions for updating any voluntary forward-looking statements, except as required by applicable securities law.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release.
For Further Information, Please Contact:
Contact Information:
David D'Onofrio
Chief Executive Officer
White Gold Corp.
(647) 930-1880
ir@whitegoldcorp.ca
Request Meeting: https://calendly.com/meet-with-wgo/15min
Photos accompanying this announcement are available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/ac0d3255-8f52-45f1-a923-82ca73fb9c8b
https://www.globenewswire.com/NewsRoom/AttachmentNg/b4577a98-64b7-49c9-854b-e8870b141d70
News Provided by GlobeNewswire via QuoteMedia
Building A Growing West Australian Gold Producer
Sandstone | Gum Creek Consolidation - August 2024
Important Notices
This presentation (Presentation) regarding the merger of Brightstar Resources Limited (Brightstar or the Company) and Alto Metals Limited (Alto) has been prepared by Brightstar and has been authorised for release by the Board of Directors of Brightstar and Alto on the basis it is to be read in conjunction with these important notices and disclaimers and the Key Risks in Appendix 9.
Disclaimer
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Forward-Looking Statements
- This announcement contains certain "forward-looking statements". The words "expect", "anticipate", "estimate", "intend", "believe", "guidance", "should", "could", "may", "will", "predict", "plan" and other similar expressions are intended to identify forward-looking statements. Indications of, and guidance on, future financial position or performance are also forward-looking statements. Forward-looking statements, opinions and estimates provided in this announcement are based on assumptions and contingencies which are subject to change without notice and involve known and unknown risks and certainties and other factors which are beyond the control of Brightstar and its respective directors and management. Forward-looking statements are provided as a general guide only and should not be relied upon as an indication or guarantee of future performance. Actual results, performance or achievements may differ materially from those expressed or implied in such statements and any projections and assumption on which these statements are based. These statements may assume the success of Brightstar business strategies. The success of any of those strategies will be realised in the period for which the forward-looking statement may have been prepared or otherwise. Readers are cautioned not to place undue reliance on forward-looking statements, particularly in light of the current economic climate and the significant volatility, and except as required by law or regulation, none of Brightstar or their respective representatives or advisers assumes any obligation to update these forward-looking statements. No representation or warranty, express or implied, is made as to the accuracy, likelihood of achievement or reasonableness of any forecasts, prospects, or statements in relation to future matters contained in this announcement. The forward-looking statements are based on information available to Brightstar as at the date of this announcement. Except as required by law or regulation (including the ASX Listing Rules), none of Brightstar and their respective representatives or advisers undertakes any obligation to provide any additional or updated information whether as a result of a change in expectations or assumptions, new information, future events, or results or otherwise. Indications of, and guidance or outlook on future financial position or performance are also forward-looking statements.
JORC (2012) Compliance Statement
Brightstar Mineral Resources
- This presentation contains references to Brightstar’s JORC (2012) Mineral Resources, extracted from the ASX announcements titled “Aspacia deposit records maiden Mineral Resource at the Menzies Gold Project” dated 17 April 2024, “Maiden Link Zone Mineral Resource Estimate” dated 15 November 2023, “Cork Tree Mineral Resource Upgrade Delivers 1Moz Group MRE” dated 23 June 2023 and “Auralia Review” dated 10 September 2020, and ASX announcements for Kingwest Resources Limited titled, "High grade drilling results and high grade resource estimation from the Menzies Goldfield” dated 13 December 2022, "Menzies JORC gold resources surpass 500,000 ounces" dated 26 April 2022 and “Brightstar makes Recommended Takeover Offer for Linden Gold Alliance Limited” dated 25 March 2024.
- Brightstar confirms that it is not aware of any new information or data that materially affects the information included in the previous market announcements and that all material assumptions and technical parameters underpinning the estimates continue to apply and have not materially changed.
Alto Mineral Resources
- This Presentation contains references to JORC (2012) Mineral Resources, as reported by Alto in its announcement released on 3 April 2023 titled “Significant increase in shallow gold resources at Sandstone Gold Project”.
- Alto confirms that the material assumptions and technical parameters disclosed in the announcement continue to apply and have not materially changed. Alto confirms that it is not aware of any new information or data that materially affects the information included in the previous market announcements and that all material assumptions and technical parameters underpinning the estimates continue to apply and have not materially changed.
Gateway Mineral Resources
- This Presentation contains references to JORC (2012) Mineral Resources, as reported by Alto and Brightstar in their joint announcement released on 1 August 2024 titled “Brightstar to drive consolidation of Sandstone”.
- Brightstar confirms that the material assumptions and technical parameters disclosed in the announcement continue to apply and have not materially changed. Brightstar confirms that it is not aware of any new information or data that materially affects the information included in the previous market announcements and that all material assumptions and technical parameters underpinning the estimates continue to apply and have not materially changed.
Scoping Study Cautionary Statement
Menzies and Laverton Gold Project Mine Restart Study
- The production targets and forecast financial information disclosed in this Presentation in relation to the Menzies and Laverton Gold Project Mine Restart Study are extracted from the Company’s ASX announcement titled “Menzies and Laverton Gold Project Mine Restart Study” dated 6 September 2023. Brightstar confirms that all material assumptions underpinning the production targets and forecast financial information derived from the production targets in the previous announcement continue to apply and have not materially changed.
Jasper Hills March 2023 Scoping Study
- The production targets and forecast financial information disclosed in this Presentation in relation to the Jasper Hills March 2023 Scoping Study are extracted from the Company’s ASX announcement titled “Jasper Hills March 2023 Scoping Study” dated 25 March 2024. Brightstar confirms that all material assumptions underpinning the production targets and forecast financial informatio n derived from the production targets in the previous announcement continue to apply and have not materially changed.
- Brightstar considers that the material assumptions underpinning the production targets at the Menzies and Laverton Gold Project Restart Study and Jasper Hills Scoping Study are not adversely affected by the proposal to develop both projects sequentially. Brightstar intends to investigate the joint development under an integrated feasibility study.
Currency
- Unless otherwise stated, all dollar values in this Presentation are reported in Australian dollars.
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This article includes content from Brightstar 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.
Brightstar to Drive Consolidation of Sandstone District
Brightstar and Alto enter into scheme implementation deed. Brightstar acquires Montague East Gold Project from gateway. Brightstar placement to Raise $24 Million.
Brightstar Resources Ltd (ASX: BTR) (Brightstar) and Alto Metals Limited (ASX: AME) (Alto) are pleased to announce that they have entered into a binding Scheme Implementation Deed under which Alto agrees to propose a scheme of arrangement between Alto and its shareholders under Part 5.1 of the Corporations Act 2001 (Cth) (Scheme).
Highlights:
- Brightstar Resources Limited (Brightstar) and Alto Metals Limited (Alto) have entered into a Scheme Implementation Deed (SID) under which Alto agrees to propose a Scheme of Arrangement (Scheme) for the acquisition of 100% of Alto
- Concurrently, Brightstar has entered into a Tenement Sale Agreement with Gateway Mining Limited (Gateway) under which Brightstar has agreed to acquire 100% of the Montague East Gold Project (with Gateway to retain all non-precious metal rights) for consideration of $14.0m comprising cash, scrip and contingent payments (Montague Acquisition)
- Under the Scheme, Alto shareholders will receive 4 Brightstar shares for each Alto share held on the Record Date (Scheme Consideration)
- The Scheme Consideration has an implied value of approximately 6 cents1 per Alto share, representing a significant premium of:
- ~82% to the closing Alto share price of 3.3 cents per share on 30 July 2024; and
- ~81% to Alto’s 30-day VWAP of 3.3 cents per share up to and including 30 July 2024
- The Scheme Consideration implies a fully diluted equity value for Alto of $44.4m
- The Alto Board unanimously recommends the Scheme, and the Alto Directors intend to vote all Alto shares in which they have a relevant interest in favour of the Scheme, in each case in the absence of a superior proposal and subject to the Independent Expert concluding (and continuing to conclude) that the Scheme is in the best interests of Alto shareholders2
- Alto’s largest shareholder, Windsong Valley Pty Ltd representing ~15% of the Alto shares on issue, has confirmed to Alto that it intends to vote such of those shares that it holds at the time of the Scheme vote in favour of the Scheme, in the absence of a superior proposal and subject to the independent expert concluding (and continuing to conclude) that the Scheme is in the best interests of Alto shareholders
- Brightstar to raise up to $24m (before costs) at 1.5 cents per share via a two-tranche placement (Placement), which represents a nil discount to the last traded price
- The Scheme is conditional on completion of the Placement, however neither the Placement nor the Montague Acquisition are conditional on completion of the Scheme
- Following completion of the Placement, the Scheme, the Montague Acquisition and the issue of Topdrill Shares and Genesis Shares (refer below), the pro forma Brightstar Group (Combined Group) will have:
- Pro-forma 3.0Moz Au of JORC (2012) Mineral Resources3
- Pro-forma cash position of $31m with potential debt finance facilities totalling $36m
- Strategic ~1,100km2 landholding in the Sandstone region provides a third production hub (Sandstone Hub) to complement existing Brightstar production, development and exploration asset portfolio
- Existing shareholders of Brightstar (including Placement participants), Alto and Gateway holding approximately 66%, 29% and 5% of the Combined Group4
- Brightstar has separately executed a Non-Binding Indicative Offer (NBIO) with a South Korean strategic investor for a multi-tranche investment of $40m, including an upfront $4m equity investment (unconditional and included in the Placement) and a $36m gold offtake financing arrangement
OVERVIEW
Under the terms of the Scheme, Brightstar will acquire 100% of the shares in Alto and each Alto shareholder will receive 4 new Brightstar shares for each Alto share held on the record date for the Scheme5.
In addition to the Scheme, Brightstar, via a newly incorporated wholly owned SPV ‘Montague Gold Project Pty Ltd’ (MGP), has entered into a Tenement Sale Agreement with Gateway Mining Limited (ASX:GML) (Gateway), and its wholly owned subsidiary Gateway Projects Pty Ltd (GPWA), under which MGP proposes to acquire Gateway and GPWA’s interests held in certain mining tenure in respect of Gateway’s Montague
East Gold Project, with MGP obtaining 100% of the gold mineral rights and Gateway retaining all other mineral rights (Montague Acquisition).
The Montague Acquisition is not conditional on the Scheme completing and, subject to the satisfaction of the relevant conditions precedent (see description further below), will proceed independently of the Scheme.
On implementation of the Scheme and completion of the Montague Acquisition, Brightstar will become a significant junior West Australian gold explorer, developer and producer with a material exploration and development platform. The Scheme and Montague Acquisition will consolidate highly prospective exploration ground in the Sandstone region which will complement Brightstar’s existing production, development and exploration asset portfolio, for the benefit of both Brightstar, Alto and Gateway shareholders.
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This article includes content from Brightstar 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.
Quarterly Activity Report 30 June 2024
EMU NL (“EMU” or “the Company”) is pleased to report on its activities for the quarter ending 30 June 2024. Throughout the quarter, EMU has continued its primary focus on the Fiery Creek Prospect within the Georgetown Project, in North Queensland.
Highlights
- Successful geochemistry program completed at the Fiery Creek Prospect with high-grade copper assays up to 23.5% Cu from rock-chip samples
- The mineralised discovery zone, tested by pXRF over soil, termite mound and rock chip sample mediums, covers an area approximately 720m long x 480m wide
- pXRF geochemistry programme confirmed extensive broad copper mineralised zone with grades up to 2,484ppm Cu from pXRF soil samples and highest termite mound sample recorded was 1,675ppm Cu
- Results indicate the mineralisation is significant and pervasive between outcropping high- grade copper veining and stockwork veining within the discovery zone and is interpreted to be a subset of a much broader and significant system
- Additional sampling has defined a mineralised, copper anomalous, shear zone extending at least 2.5 km to the SE
- Interpretation of aeromagnetic data suggests that this zone of structural geologic disruption with potential mineralisation and hydrothermal alteration extends approximately 6km to the SSW within the Yataga Igneous Complex
- Drone LiDAR and photogrammetry works now complete with data processing underway
- Geophysics survey (including pole dipole, IP, resistivity and MT) on target to commence August-September 2024
- Airborne aeromagnetic survey over Yataga Igneous Complex scheduled between July and October
- ~$1.45 million total capital raising initiative completed comprising of:
- $250k placement to sophisticated and professional investors;
- 3:5 fully underwritten, non-renounceable rights Issue raising ~$1.2 million.
Georgetown Project
Located within the Georgetown mining district, the Georgetown Project is a richly endowed but under-explored area of Far North Queensland with a history of significant mining activity and mineral discoveries. EMU has the right to earn up to an 80% interest in 3 exploration permits for minerals (EPM’s), covering 850km2 in the Georgetown mining district, Queensland, under a Heads of Agreement and Joint Venture Agreement with Rugby Resources Ltd (TSXV: RUG). The district has a substantial mineral endowment with more than 1,000 mines, prospects and identified mineral occurrences.1
Fiery Creek Copper Prospect
The Fiery Creek Copper Prospect (FCCP) within the Georgetown Project in North Queensland has been identified as a potential massive scale copper porphyry system.
The Fiery Creek Copper prospect is hosted within a major NNW striking shear zone developed in the core of the Yataga Igneous Complex. The complex is a medium grained, equigranular, ovoid, granodiorite body, which at ~29km2 is the largest such igneous body known in the Georgetown Inlier. The prospect’s mineralised, hydrothermal alteration zone has been identified to extend over an area of approximately 6km in strike and up to 2km wide. The structure is characterised by multiple interleaved shear zones with quartz hosted copper vein swarms, stockwork and disseminated copper at surface with petrographical studies indicating several impulse phases of hydrothermal fluidisation. The alteration mineralogy, mineralisation geochemistry and the areal extent of Fiery Creek copper and silver rich vein system suggests the likelihood of a previously unknown sub adjacent porphyry system.
During the quarter the Company mobilised its highly experienced exploration team to site to undertake extended geochemistry programs to further investigate and build upon this potentially significant copper porphyry discovery.
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This article includes content from EMU NL, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Quarterly Activities Report for Period Ended 30 June 2024 and Appendix 5B
Tartana Minerals Limited (ASX: TAT) (the Company), is pleased to announce that copper sulphate pentahydrate (copper sulphate) production continues to increase with sales totalling 97.5 tonnes during the quarter, representing $411K in revenues. This combined with the $201K received this Quarter from earlier sales of zinc slag, brings the total to $612K for the Quarter.
Highlights:
- Sales revenue increasing: cash receipts of $612K including $411K on 97.5 tonnes of copper sulphate pentahydrate during the quarter and receipt of $201K from earlier sales of zinc slag.
- Process optimisation is underway to reach a target production of at least 5 tonnes per day.
- Metallurgical hole D15 assays and testing are underway.
- Tartana Copper project (45,000 t Cu at 0.45% Cu using a 0.2% Cu, further details below)1 studies are underway to establish copper flotation recoveries, concentrate grades and Tomra ore sorting upgrades on a 650 kg bulk sample.
- New EPM 29067 application (Bottle Bird) adjacent to the Tartana Copper project lodged.
- Landholder Standard Conduct and Compensation Agreement (SCCA) executed on Beefwood EPM 26399, Maid EPM 27735 and mining lease applications for Mountain Maid gold and Cardross copper.
- Ms Shuyi (Kiara) Wang appointed as a director on 17 July 2024.
- Significant financings completed in the quarter: repayment of a A$1 million convertible note, raising $1.5 million in a rights issue and shortfall placement at $0.05, and borrowing $0.3 million from another party.
- Name change completed from R3D Resources Limited to Tartana Minerals Limited.
Assaying and metallurgical testwork have commenced on PQ and HQ core from D15. D15 was drilled to 300 m below TRC098 which was drilled in 2022, reporting 72.1 m at 0.63% Cu from 15.6 m2. D15 is located in the central portion of the Tartana Copper project and provides samples of typical mineralisation applicable across the orebody.
The testwork will provide estimated key metallurgical parameters necessary for commercial development of primary copper resources within Tartana’s open pit.
Tartana Minerals lodged a new EPM (29067) application covering an area adjacent to Tartana mining leases which also covers prospective ground near the Company’s Nightflower Silver project.
Elsewhere, the Standard Conduct and Compensation Agreement (SCCA) covering Beefwood EPM 26399 has been finalised as the Company progresses early work on this site. This follows finalisation of SCCAs over Maid EPM 27735, including the Mountain Maid Gold project3 and the Cardross Copper project. Tartana is in progress of finalising a Native Title Agreement with the Wakaman Kung Kung Aboriginal Corporation, following this drilling will commence.
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This article includes content from Tartana Minerals 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.
Intercepts up to 41g/t Au from In-Fill Drilling Program Nueva Sabana, Cuba
Antilles Gold Limited (“Antilles Gold” or the “Company”) (ASX: AAU, OTCQB: ANTMF) is pleased to advise results from the first 7 of 25 shallow diamond drill holes in a 2,000m in-fill program on the Nueva Sabana oxide deposit in central Cuba, which was completed in July 2024.
The aim of the program was to increase the Indicated Resources in the Initial Mineral Resource Estimate advised to ASX on 6 March 2024.
HIGHLIGHTS
Gold Domain – Nueva Sabana
Copper Domain – Nueva Sabana
Sampling Techniques and Data are set out in the JORC Code 2012 Edition Template attached.
NUEVA SABANA GOLD-COPPER MINE
- The in-fill results continue the excellent grades for both gold and copper in the oxide deposit that were incorporated in the Scoping Study for the first stage of the proposed Nueva Sabana gold-copper mine reported to ASX on 7 May 2024.
- Results from the remaining 18 holes are expected by the end of this month.
- An updated Mineral Resource Estimate (“MRE”) for the proposed mine is expected to be completed within two weeks of receiving these results, after which the pit design and mine schedule will be updated, followed by a Pre-Feasibility Study in September 2024.
- The Nueva Sabana oxide deposit is metallurgically simple, and the mine is being planned as a copper project which will benefit from the high-grade gold cap during initial operations.
- Metallurgical test work by Blue Coast Research Laboratories in Canada has indicated a gold recovery of 85% from a simple rougher flotation circuit, and a concentrate of 70.2 g/t Au.
- A copper recovery of 84.5% yielded concentrate grades of 27% Cu from a rougher and cleaner circuit, which has formed the basis of the process design criteria for the Nueva Sabana concentrator.
- Planning and permitting for the proposed mine is well advanced.
- Total development costs are estimated to be ~US$30 million including ~US$5 million of pre- development and concession acquisition costs, and ~US$25 million for mine construction based on quotations for site works, industrial buildings, and a turnkey offer for the design and construction of the concentrator and associated power station.
- The project requires minimal pre-stripping and will not involve the purchase of a mining fleet which is to be hired from the Cuban subsidiary of an international supplier.
- Finance for the mine construction is being negotiated in the form of an advance on concentrate purchases by an international commodities trader.
- The Nueva Sabana project, which is being developed by the 50% owned joint venture company, Minera La Victoria SA, is expected to be development-ready in October 2024.
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This article includes content from Antilles Gold, 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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