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Gidji JV Exploration Update
Zodiac Gold Announces Commencement of Trading and Introduces Executive Team & Exploration Plans
Zodiac Gold Inc. (“Zodiac Gold” or the “Company”) is pleased to announce that the Company has commenced trading on the TSX Venture Exchange under the symbol (TSX-V:ZAU). Zodiac Gold is also pleased to introduce the Company’s executive team and upcoming exploration plans.
Company Overview:
Zodiac Gold is at the forefront of gold exploration in West Africa, showcasing significant exploration potential at its 100% owned Todi Project, located in the Republic of Liberia. The Todi Project encompasses a 2,316 km2 land package that includes geology and structures known to host gold mineralization, situated in a previously underexplored region of West Africa. Management lives and operates on the ground in Liberia with 24 years of West African experience. The Company has strong government and political knowhow and there is a significant U.S. Government presence in Liberia.
Key Highlights:
- District-Scale Discovery 2,316 km land package along the fertile Todi Shear Zone including the 418 km Todi flagship property and one reconnaissance license covering an additional 1,898 km.
- Proximity to Existing Mines Strategically located 20 km SE of Avesoro Resources’ New Liberty gold mine (1.74 M oz resource) and 30 km from the Ndablama gold mine (0.9 M oz resource).1
- Early Exploration Success and Ongoing Initiatives Phase 1 Scout Drill Programs at Arthington and Alasala targets have intersected multiple wide zones of high-grade mineralization in 40 of 47 holes drilled to date, highlighting the potential for the discovery of new gold deposits. A Phase 2 Drilling Program is underway at Arthington with results expected in Q1 2024. A more comprehensive drilling campaign (up to 10,000m) is expected to follow in 2024 subject to the Company securing additional financing.
- Infrastructure Advantage Well-established local and regional infrastructure with year-round road access, drilling and exploration camp facilities, and close proximity to airports and seaports.
- Experienced Leadership A talented, discovery-driven, and capital market savvy management team led by President CEO David Kol (14 years of West African experience), supported by highly accomplished Board members and strategic advisors including Renaud Adams (CEO of IAMGOLD), Doug Cater, Graham Warren, and Mike Demeter.
The Todi Project:
The Todi Project is the cornerstone of Zodiac Gold's exploration endeavors in the prolific Todi Shear Zone of Central Liberia. Positioned within the West African Craton, one of the world’s great gold provinces and the largest Paleoproterozoic gold-producing region hosting numerous world-class gold deposits with an estimated gold endowment of over 450 Moz2, Zodiac Gold believes that the Todi Project offers a compelling investment proposition.
The Todi Project contains numerous prospects, targets and anomalies distributed throughout the land package. These include conceptual geology targets based on known settings of existing greenstone belts, cross cutting shear zones, coherent gold in soil anomalies, stream sediment geochemistry and geophysical discontinuities and anomalies. Additionally, existing artisanal mining sites are assumed to be located on structural trends that continue onto and through the land package forming highly prospective targets for the discovery of significant gold deposits.
- Prospective Geology and District-Scale Potential: The Todi Property is strategically located along the massive Todi Shear Zone extending over 300 km, a gold-rich regional structure known to host many gold occurrences with hundreds of extensive hard rock artisanal mining sites. The project contains an 18.5 km long mineralization trend identified by consistent gold in soil anomalies containing extensive hard rock artisanal gold mining sites, and five primary multi-km drilling targets with visible gold. Similarly, within the reconnaissance license, stream geochemistry defined at least a 40-km long gold corridor for further exploration and target generation. Zodiac Gold believes that the project holds significant geological promise for gold exploration and discovery. It is located 20 km southeast of Avesoro’s New Liberty Gold Mine and 30 km from the Ndablama gold mine.
- Five High-Priority Exploration Targets: Sampling, mapping, trenching and scout drilling programs were completed along the regional trend of the mineralization and identified at least five multi-km targets for mineralization over 18.5 km of strike length in the project area, including Alasala-Mandingo Hill, Alasala South, Arthington, Benben, FehFeh and Youth Camp.
- Successful Historical and Phase 1 Drill Program: Zodiac’s Phase 1 Scout Drilling Program, completed in July 2022, along with earlier drilling carried out on the project, revealed significant gold mineralization in 20 of 22 drill holes with key intercepts including: 6.15 g/t Au over 19.6m, 4.6 g/t Au over 9.0m, and 7.69 g/t Au over 6.0m at Alasala (2015); and 7.5 g/t Au over 9.6m, 10.6 g/t Au over 6.0m, and 4.7 g/t Au over 5.65m at Arthington (2022).
For further details regarding the Todi Project, refer to the technical report prepared by ACA Howe titled “Technical Report on the Todi Gold Project in Liberia” and dated November 14, 2023, a copy of which is available under Zodiac Gold’s SEDAR profile at www.sedarplus.com.
Exploration Plans:
Phase 2 Drill Program: A 500 m drilling campaign was completed in 2023 as part of the ongoing Phase 2 Drill Program, primarily focusing on the Arthington target. The campaign aimed to test and extend the mineralization along a 2,400 m strike of the +4km mineralized trend identified by the soil anomalies, trenching and high-grade channel chip samples on the bedrock where the shear zones exposed visible gold. The current drill program will serve as a basis for the next stage of extensive drilling program planned at Arthington with the objected of delineating a maiden resource at the property.
Zodiac Gold also intends to expand its drilling on other targets at the Todi Project. The Alasala target, with a +2 km strike length of mineralization defined by consistent trenching results and encouraging scout drilling results, is expected to be a priority.
As part of Zodiac Gold’s regional exploration and target generation strategy, soil sampling will be planned to follow-up the results of stream geochemistry defining a 40-km gold corridor with priority exploration targets along the greenstone belts to confirm the extension of mineralization into the reconnaissance license and identify additional exploration targets. All drilling and exploration work beyond the initial work program identified in the technical report is subject to the Company securing additional financing to fund such activities.
Senior Management & Advisory Team:
Zodiac Gold has assembled a senior management and advisory team that brings a wealth of experience, drive, and proven track records of success. With the CEO and VP, Exploration on-the-ground full-time in Liberia, the Company’s management is well positioned to execute the Company’s exploration strategy.
David Kol – President, CEO, & Director: David 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, David held senior management roles in Gem Rocks Mining Resources, Global Media Group Holdings, The Players Network, Global Media Ventures and Interactive Enterprises. David currently serves on the Board of Directors of BluEarth Carbon Development. David attended the University of California, Davis, where he studied managerial economics, and has an A.A. (Criminal Justice) from Diablo Valley College.
Efdal Olcer – VP, Exploration: Efdal Olcer is a highly accomplished and qualified Exploration Geologist with 18 years of experience. Efdal has unique technical skills and experience gained in various mineral categories and diverse geological environments, including Greenstone, Archean, Proterozoic and Tethyan in Africa, the Middle East, and Turkey. He possesses a demonstrable track record in mineral exploration, specifically gold exploration in diverse deposit types including; epithermal, porphyry, orogenic, and within different terrains. He has also gained extensive greenfield and brownfield exploration and project development experience with the majority resulting in discoveries and several converting into profitable gold mines. Before joining Zodiac, Efdal served as Chief Geologist for Summa Gold and Exploration Manager of MNG Gold, a subsidiary of Avesoro Holdings. Efdal also held senior geological positions for KEFI Minerals, Asia Minor Mining Inc., and Stratex Exploration PLC. Efdal holds a B.Sc. Degree in Geological Engineering from Middle East Technical University. He is a member of the Society of Economic Geologists, Geological Society of London, Australian Institute of Geoscientists, Society of Geology Applied to Mineral Deposits, and Turkish Association of Economics Geologists.
Peter Granata – CFO: 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. Peter 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 & directors engagement, M&A, financing, investor relations, related party transactions, and finance transformation. Peter has a B. Bus and is a Chartered Accountant.
Douglas Cater, P.Geo FGC – Independent 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 NE Ontario. He has held positions with both senior and intermediate gold producers, including Barrick Gold Corp., Placer Dome Inc. and Kinross Gold Corp. His African exploration experience was obtained while serving as an Exploration Consultant for Barrick Gold Corp. 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 Ltd. Mr. Cater is also a director of Sierra Metals Inc., Mayfair Gold Corp., Exploits Discovery Corp. and Gowest Gold Ltd. He is a graduate of the ICD-Rotman Directors Education Program.
Graham Warren, CPA, CMA - Director: Graham Warren is a senior financial executive with over 30 years of experience with emerging and established companies primarily in the mining and oil and gas sectors. His expertise spans financings, M&A transactions, and guiding companies through the going public process. Mr. Warren serves as CFO and Director for Goliath Resources, Pangolin Diamonds Corp., and Platinex Inc. Mr. Warren has his B-Comm and is a Chartered Professional Accountant.
Mark Kol – Independent Director: Mark Kol, a Zodiac Gold co-founder, boasts over 30 years in investor relations, venture capital, finance, and investment banking. With a passion for capital raising, Mark has excelled across diverse industries, including real estate, exploration/mining, technology, biotech, and media/entertainment. Currently an Executive Vice President at CBRE, Mark's career includes impactful roles in San Francisco's investment banking scene, specializing in capital raising and preparing companies for Initial Public Offerings.
Renaud Adams - Advisory Board: Mr. Adams is a decorated mining executive and currently serves as the CEO of IAMGOLD Inc. (TSX:IMG) – a $1.6B market cap senior gold producer. Mr. Adams brings extensive experience, having led the strategic repositioning of New Gold Inc. and served in key roles at Richmont Mines and Primero Mining Corporation. His impactful career also includes managing IAMGOLD's Rosebel mine in Suriname and serving as Senior Vice President, Americas Operations.
Michael Demeter - Advisory Board: Michael Demeter, with over 25 years of equity capital markets and mining investment banking experience, serves as a strategic advisor. He is currently a partner at Fort Capital and held previous roles include Managing Director, Head of Institutional Sales at Haywood Securities Inc. and Associate Director, Institutional Equities at Macquarie Group.
About Zodiac Gold
Zodiac Gold stands at the forefront of gold exploration in West Africa, boasting a district-scale discovery in the Todi Project. Guided by a commitment to responsible exploration and led by an experienced leadership team, Zodiac Gold is poised to play a pivotal role in the flourishing gold sector of West Africa. The company's flagship Todi Project, covering an expansive 2,316 km2 land package, is strategically located in a previously underexplored region with close proximity to the renowned New Liberty Gold Mine. With a robust exploration strategy, excellent access to infrastructure, and a focus on sustainable practices, Zodiac Gold is well-positioned for success in unlocking the full potential of its extensive gold exploration assets.
Qualified Person
Efdal Olcer, Vice President of Exploration at Zodiac Gold, is a member of the Society of Economic Geologists, Geological Society of London, Australian Institute of Geoscientists, the Society of Geology Applied to Mineral Deposits, and the Turkish Association of Economics Geologists and a Qualified Person as defined by NI 43-101. He has reviewed and approved the technical and scientific information provided in this release.
On Behalf of Zodiac Gold Inc.
“David Kol”
President & CEO
For further information, please visit the Zodiac-Gold website at www.zodiac-gold.com or contact:
David Kol
President & CEO
info@zodiac-gold.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward looking information: This news release includes certain “forward-looking information” within the meaning of Canadian securities legislation and “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 (collectively “forward looking statements”).
Forward-looking statements include predictions, projections, and forecasts and are often, but not always, identified by the use of words such as “seek”, “anticipate”, “believe”, “plan”, “estimate”, “forecast”, “expect”, “potential”, “project”, “target”, “schedule”, “budget” and “intend” and statements that an event or result “may”, “will”, “should”, “could” or “might” occur or be achieved and other similar expressions and includes the negatives thereof. All statements other than statements of historical fact included in this release, including, without limitation, statements regarding the Company’s planned exploration programs and drill programs and potential significance of results are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements are based on a number of material factors and assumptions. Important factors that could cause actual results to differ materially from Company’s expectations include actual exploration results, changes in project parameters as plans continue to be refined, results of future resource estimates, future metal prices, availability of capital, and financing on acceptable terms, general economic, market or business conditions, uninsured risks, regulatory changes, defects in title, availability of personnel, materials, and equipment on a timely basis, accidents or equipment breakdowns, delays in receiving government approvals, unanticipated environmental impacts on operations and costs to remedy same, and other exploration or other risks detailed herein and from time to time in the filings made by the Company with securities regulators. Although the Company has attempted to identify important factors that could cause actual actions, events, or results to differ from those described in forward-looking statements, there may be other factors that cause such actions, events, or results to differ materially from those anticipated. There can be no assurance that forward-looking statements will prove to be accurate, and accordingly readers are cautioned not to place undue reliance on forward-looking statements.
5 Top Weekly TSXV Stocks: HighGold Climbs 59 Percent Gain on Acquisition News
The S&P/TSX Venture Composite Index (INDEXTSI:JX) lost 4.85 points last week to close at 581.7.
This past Tuesday (April 30) and Wednesday (May 1) brought the latest meeting of the US Federal Reserve’s Federal Open Market Committee (FOMC). With recent data suggesting inflation has stalled and demand in the labor market has outstripped supply, the FOMC held interest rates at 5.25 to 5.5 percent, a level established in July 2023.
In a statement, Fed Chair Jerome Powell said that, while increases were unlikely, the central bank still needed greater confidence that inflation was sustainably on its way toward its target of 2 percent before it would be appropriate to cut rates.
In a release this past Friday (May 3), the US Bureau of Labor Statistics reported slowing hiring rates in April. There were 175,000 jobs added to the economy during the month, well below analysts' estimates of 240,000 and far below the 315,000 added in March. The slower hiring pace could be an indication that the Fed’s policy rate may be starting to cool the economy.
North of the border, Statistics Canada released GDP figures this past Tuesday. In the announcement, the agency reported a 0.2 percent increase to the GDP in February, a slight fall off from January’s 0.5 percent increase. However, the mining, quarrying, oil and gas extraction sector saw positive growth, increasing 2.5 percent.
Gold and silver ore mining in particular was up for the third consecutive month, with gains of 4.4 percent in February. This increase in gold and silver came as multiple mines reported increased production and the country exported all-time high amounts of gold, as reported on April 4. The gold price has climbed to new record highs prices in recent months.
In mining news, there were reports this past Friday that a bidding war for Anglo American (LSE:AAL,OTCQX:AAUKF) may be starting as Glencore (LSE:GLEN,OTC Pink:GLCNF) appeared to be eyeing a takeover. This follows news on April 25 that mining giant BHP (NYSE:BHP,ASX:BHP,LSE:BHP) has made its own bid for Anglo American.
This past week also marked the start of operations for Canada’s Trans Mountain Pipeline expansion. The Canadian government purchased the pipeline from Kinder Morgan (NYSE:KMI) in 2018, but faced regulatory delays that caused the cost to soar to C$34 billion. Until now, producers in Alberta’s oil sands have been forced to sell oil at a discount, but the greater volume will provide improved pricing opportunities.
Against this backdrop, how have small-cap mining companies performed on the TSX Venture Exchange this past week? Below are the top five gainers. Read on to learn what's been moving their share prices.
1. HighGold Mining (TSXV:HIGH)
Weekly gain: 58.62 percent; market cap: C$41.25 million; current share price: C$0.46
Explorer HighGold Mining is advancing its flagship Johnson Tract property near the south coast of Alaska.
The project’s two primary deposits, the high-grade JT deposit and the Elias zone, along with nine other mineral prospects, cover 12 kilometers of strike length on the 21,000 acre property.
A July 2022 technical report shows contained resources of 598,000 ounces of gold, 673,000 ounces of silver, 43.1 million pounds of copper, 51.5 million pounds of lead and 400.8 million pounds of zinc.
HighGold shares saw significant gains this past Thursday (May 2), following an announcement that it had entered into a definitive agreement with Contango Ore (NYSEAMERICAN:CTGO). Contango plans to acquire HighGold for total consideration of C$0.55 per share and an equity value of C$51 million based on the current exchange rate. Under the terms, HighGold will have the right to appoint one director to the combined company’s board of directors.
2. Africa Energy (TSXV:AFE)
Weekly gain: 53.85 percent; market cap: C$133.74 million; current share price: C$0.10
Africa Energy is a South Africa-focused oil and gas exploration and development company.
Its flagship asset is block 11B/12B located approximately 175 kilometers off the south coast of South Africa. The block covers an area of 18,734 square kilometers and depths between 200 meters and 1,800 meters.
Africa Energy holds a 4.9 percent stake in the joint venture project through its 49 percent ownership of Main Street 1549, which itself owns 10 percent of the asset. The remaining partners are project operator TotalEnergies (NYSE:TTE), which holds a 45 percent stake; Qatar Petroleum, which has a 25 percent stake; and CNR International (TSX:CNQ,NYSE:CNQ), which has a 20 percent stake.
In December 2020, the company announced testing at the site had reached 33 million cubic feet per day of natural gas, 4,320 barrels of condensate per day and 9,820 barrels of oil equivalent per day, but said the figures were limited due to surface equipment limitations.
The most recent news from the project came on March 27, when Africa Energy released its 2023 year-end results. In the announcement, the company said it had been negatively impacted by a US$114.2 million non-cash loss due to changes in base assumptions for discount rate, future development and operating costs.
However, it also noted the joint venture is contemplating accelerating the project through development and using nearby infrastructure to supply natural gas and liquid petroleum products to help provide energy to South African markets.
3. Sage Potash (TSXV:SAGE)
Weekly gain: 40 percent; market cap: C$11.55 million; current share price: C$0.21
Sage Potash is a potash exploration company currently working to advance its portfolio of mineral holdings in Utah’s Paradox basin in the US. Historic oil and gas exploration in the basin dating back a century discovered the potential for the potash beds, but they were too deep for mining methods at the time. Sage has since confirmed their presence through its own exploration.
In a revised technical report from February 2023, the company reported an inferred mineral resource estimate of up to 159.3 million metric tons (MT) of in-place sylvinite from the upper potash bed and up to 120.2 million MT of sylvinite from the lower potash bed.
Shares in Sage saw gains this past week following an announcement on Thursday that it will be undertaking a private placement of 13.5 million shares to raise gross proceeds of C$1,822,500. The company said it will use the proceeds to advance its mineral properties and for general administrative expenses.
4. Eco Atlantic Oil and Gas (TSXV:EOG)
Weekly gain: 38.24 percent; market cap: C$77.74 million; current share price: C$0.235
Eco Atlantic is an oil and gas exploration company working to advance offshore projects in Namibia, South Africa and Guyana.
The company’s projects include a 100 percent working interest in the Orinduik block, which is a 1,345 square kilometer area in the Guyana-Suriname Basin, and a 85 percent working interest in four offshore petroleum licenses in Namibia over a 28,593 square kilometer area.
The company also holds a 50 percent and 20 percent working interest in two projects off the coast in South Africa’s Orange Basin.
The company did not release news last week, but its share price still increased significantly to end the period.
5. Reconnaissance Energy Africa (TSXV:RECO)
Weekly gain: 36.9 percent; market cap: C$200.30 million; current share price: C$1.15
Reconnaissance Energy Africa is an oil and gas exploration company working to advance petroleum licenses in the Kavango Sedimentary Basin in Northeast Namibia and Northwest Botswana. The company’s two licenses cover an area of approximately 34,325 square kilometers.
In its most recent update on April 18, Reconnaissance announced it will begin drilling the first Damara Fold exploration well in June of 2024. The company said it is targeting 163 million barrels of prospective oil resources and 834 billion cubic feet of prospective natural gas resources.
The company has not released any further updates.
FAQs for TSXV stocks
What is the difference between the TSX and TSXV?
The TSX, or Toronto Stock Exchange, is used by senior companies with larger market caps, while the TSXV, or TSX Venture Exchange, is used by smaller-cap companies. Companies listed on the TSXV can graduate to the senior exchange.
How many companies are listed on the TSXV?
As of September 2023, there were 1,713 companies listed on the TSXV, 953 of which were mining companies. Comparatively, the TSX was home to 1,789 companies, with 190 of those being mining companies.
Together the TSX and TSXV host around 40 percent of the world’s public mining companies.
How much does it cost to list on the TSXV?
There are a variety of different fees that companies must pay to list on the TSXV, and according to the exchange, they can vary based on the transaction’s nature and complexity. The listing fee alone will most likely cost between C$10,000 to C$70,000. Accounting and auditing fees could rack up between C$25,000 and C$100,000, while legal fees are expected to be over C$75,000 and an underwriters’ commission may hit up to 12 percent.
The exchange lists a handful of other fees and expenses companies can expect, including but not limited to security commission and transfer agency fees, investor relations costs and director and officer liability insurance.
These are all just for the initial listing, of course. There are ongoing expenses once companies are trading, such as sustaining fees and additional listing fees, plus the costs associated with filing regular reports.
How do you trade on the TSXV?
Investors can trade on the TSXV the way they would trade stocks on any exchange. This means they can use a stock broker or an individual investment account to buy and sell shares of TSXV-listed companies during the exchange's trading hours.
Data for this 5 Top Weekly TSXV Performers article was retrieved at 1:00 p.m. PST on May 3, 2024, using TradingView's stock screener. Only companies with market capitalizations greater than C$10 million prior to the week's gains are included. Companies within the non-energy minerals and energy minerals were considered.
Article by Dean Belder; FAQs by Lauren Kelly.
Don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.
Securities Disclosure: I, Lauren Kelly, hold no direct investment interest in any company mentioned in this article.
First Copper Sulphate Shipment Completed
Tartana Minerals Limited (ASX: TAT) (the Company), is pleased to announce that it has completed the first shipment of Copper Sulphate Pentahydrate (Copper Sulphate) from Tartana’s newly recommissioned Copper Sulphate plant.
Highlights:
- First Copper Sulphate shipment completed from Tartana to offtake partner Kanins
- Payment received and start of ongoing cashflow for Tartana
- Further shipments are targeted to commence on a more regular basis as production ramps up
- Copper drilling announced last week is ongoing, with target completion next week with aim to provide bulk samples for mineralogical testwork
“Our first shipment of Copper Sulphate with our 100% offtake partner, Kanins International, is a significant step towards recommencing commercial steady-state production and reflects a coalescence of over two years of work in recommissioning this plant. We now look towards moving into a more regular rhythm of shipments being completed.
“Recent Copper price improvements directly increase the profitability of this project as Copper Sulphate is priced by reference to its Copper weight plus a premium.”
Above: First shipment preparing to leave the Tartana Mine Site on Friday, 3 May 2024
As agreed with the Company’s 100% offtake partner, Kanins International, the Company has been paid for the product immediately upon the product leaving mine site. Cash receipts from Kanins will be reflected in the Company’s quarterly cash flow reporting on and from this Q4 FY24.
Drilling Ongoing
Last week, Tartana announced that it would commence a diamond drill hole for metallurgical sampling, targeting PQ sizing. Tartana is pleased to advise that drilling commenced successfully last week and is expected to be completed next week.
Click here for the full ASX Release
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.
$2.5 Million Rights Issue Closes with Significant Excess Demand
Flynn Gold Limited (ASX: FG1, “Flynn” or “the Company”) is pleased to announce that the renounceable rights issue announced on 4 April 2024 has closed on 30 April 2024 with significant excess demand, raising the full amount of $2,462,114 (before costs).
Highlights
- Rights Issue seeking to raise $2.5 million closes with significant excess demand
- Strong support from existing shareholders and new investors introduced by Mahe Capital
- Funds to be used primarily to advance the Company’s Trafalgar high-grade gold discovery at Golden Ridge in Northeast Tasmania
- Phase 3 drilling at the Trafalgar prospect commenced in April 2024
- 1,500m diamond drill program has been planned
- For further information or to post questions go to the Flynn Gold Investor Hub at https://investorhub.flynngold.com.au/link/7PRD0e
The total includes $1,211,907 received by way of acceptances from shareholders and $1,250,207 received from the shortfall shares placed to existing shareholders and by the lead manager and Underwriter, Mahe Capital Pty Ltd (Mahe Capital).
The Company will issue 82,070,455 new fully paid ordinary shares (Shares) and 41,035,227 new options (subject to rounding) exercisable at $0.075 and expiring on 7 November 2026 (Options). The Company will seek quotation of the Options on the ASX.
The new securities are expected to be issued on Tuesday, 7 May 2024, in accordance with the timetable in the Prospectus and will commence trading on the ASX on a normal settlement basis from Wednesday, 8 May 2024.
The Company would like to thank all its shareholders for their support and welcomes new shareholders introduced by Mahe Capital to the register.
The Board has also exercised its discretion to accept a portion of the excess demand to the value of $250,000. Accordingly, the Company will issue an additional 8,333,333 Shares and 4,166,666 Options, on the same terms as the securities issued under the rights issue, from the company’s current listing rule 7.1 placement capacity.
A supplementary prospectus will be lodged with ASIC and released to ASX in respect of the additional shares and options.
The final capital raising results are set out below:
* The number of new Shares and Options issued is subject to rounding.
A further 5,424,227 Options will be issued to the underwriter.
Managing Director and CEO, Neil Marston commented,
“On behalf of the Board, I would like to thank all our shareholders who have participated in this Rights Issue and to also welcome new shareholders to the Flynn Gold register. This is a very good outcome, particularly in these difficult markets and demonstrates enthusiasm for our future. The Company now has sufficient funds to embark on growing our gold opportunities in Northeast Tasmania with drilling already underway.“
Click here for the full ASX Release
This article includes content from Flynn 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.
+30,000m Drilling Program to Commence Across Brightstar’s Enlarged 1.45Moz Au Portfolio
Brightstar Resources Limited (ASX: BTR) (Brightstar) is pleased to advise that a large reverse circulation (RC) and diamond drilling (DD) program will commence immediately across the broader 1.45Moz Brightstar & Linden Gold (subject of an off-market takeover offer)4 portfolio, targeting gold mineralisation within known pit shells and underground designs outlined within Brightstar’s Scoping Studies.
HIGHLIGHTS
- +30,000m Reverse Circulation and Diamond Drilling programs to commence imminently across the Brightstar portfolio, targeting resource upgrades & extensions in conjunction with feasibility workstreams at Menzies and Laverton, as well as Linden Gold’s Second Fortune and Jasper Hills Gold Projects
- RC drilling targeting gold mineralisation within conservative ($2,750/oz1 and $2,800/oz2) economic pit shells and underground designs previously announced in Brightstar Scoping Studies1,2, potentially generating higher confidence mineral resources (M&I) and de- risking early stages of future mining operations at Lady Shenton & Lord Byron open pits
- Surface & underground diamond drilling at Second Fortune to build confidence in FY2025 mine plans, with complementary underground exploration program leveraging synergies to explore Second Fortune at depth below the current Mineral Resource Estimate
- RC drilling across Menzies including Link Zone and the greenfields St Francis prospect, located 1.5km along strike from the Selkirk Mine, which was the recent subject of a successful mining JV, generating $6.5M in net profit3 to Brightstar
- Brightstar’s technical team further bolstered by key appointments to geological leadership roles
Concurrently with this infill program at Menzies, Brightstar will also take advantage of operational synergies and drill the St Francis prospect, located 1.5km north-west along strike of the Selkirk deposit which was recently the focus of a successful mining joint venture which generated $6.5M profit to Brightstar.
Additional RC & DD drilling has been planned at Cork Tree Well and Linden Gold’s Second Fortune and Jasper Hills (Fish and Lord Byron deposits) projects to target both high-grade underground gold resources and baseload feed open pit targets.
Brightstar’s Managing Director, Alex Rovira, commented“This drilling program is the start of an aggressive exploration campaign by Brightstar, including deposits within the recently announced Linden Gold merger. Beyond the initial RC campaign at Menzies, the drill rigs will then head to Brightstar’s Laverton Hub with the view to complete diamond and reverse circulation drilling programs across the enlarged Brightstar portfolio. We expect these holes to deliver valuable information for geological, mine planning, geotechnical and metallurgical purposes ahead of the combined pre-feasibility study to be released by the end of the year. We’re also targeting greenfields exploration growth at the St Francis and Delta 2 prospects within the Menzies and Laverton Gold Projects respectively, with both highly compelling targets identified for drill testing.
Concurrently with these programs, we are also thrilled to announce the commencement of Jonathan Gough as General Manager - Geology along with the recent appointment of Edward Keys as Exploration Manager. Jonathan and Ed both come to Brightstar with proven successes in their recent geology management roles at Musgrave Minerals and Prodigy Gold, respectively. In addition, Linden Gold has recently appointed Jamie Brown as Chief Geologist initially based at Second Fortune, with the site team bolstered by Jamie’s strong background in operational underground mine geology.
We are fortunate to attract such high-quality mining professionals with a combined +50 years of gold exploration and mining experience joining our team, and we look forward to their contributions to Brightstar’s exciting growth trajectory as we explore and build on our existing 1.45Moz resource base in the Eastern Goldfields of WA”.
TECHNICAL DISCUSSION
Brightstar is commencing a surface RC and DD campaign across all major deposits within the larger Brightstar & Linden Gold portfolio, along with minor exploration programs targeting near-surface gold mineralisation under shallow cover at the St Francis prospect in Menzies, the Delta 2 prospect located near Cork Tree Well, along with confirmatory drilling at the Beta deposit adjacent to the Brightstar plant.
These programs will commence imminently, with approximately five months of RC drilling including three months of concurrent diamond drilling completed from surface, with a complementary underground program scheduled for June to explore Second Fortune at depth. Table 1 below outlines the broad overview of the program, with one surface RC rig, one surface DD rig and one underground DD rig being utilised in the coming months.
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Pan American Makes US$295 Million Deal to Sell La Arena Mine
Pan American Silver (TSX:PAAS,NASDAQ:PAAS) has announced the sale of its 100 percent interest in La Arena, including the La Arena gold mine and the La Arena II project in Peru, to Singapore’s Jinteng Mining.
Jinteng is a subsidiary of Zijin Mining Group (OTC Pink:ZIJMF,SHA:601899).
Zijin will pay US$245 million cash upfront and grant Pan American a life-of-mine gold net smelter return royalty of 1.5 percent for the La Arena II project upon the deal closing. Additionally, upon the commencement of commercial production from the La Arena II project, an additional contingent payment of US$50 million in cash will be made.
Pan American expects the deal to be finalized in the third quarter of 2024.
"With the sale of La Arena, we continue to deliver on our strategy to optimize our portfolio, following the Yamana transaction, while maintaining future upside through the retention of royalties," President and CEO Michael Steinmann stated in a company press release on Wednesday (May 1).
"Proceeds from the transaction will further strengthen our financial position and allow us to deliver on our capital allocation priorities of investing in high-quality assets, debt reduction and returning capital to our shareholders."
The La Arena property, situated in the La Libertad province of Peru, has seen significant development under Pan American's ownership since its acquisition of previous owner Tahoe Resources in 2019.
Despite the sale of La Arena, Pan American Silver retains a strong foothold in the sector, with interests in exploration and development projects across the region. The company is planning expansions at its Huarón silver mine, also in Peru.
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Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
Brunswick Exploration
Overview
Brunswick Exploration (TSXV:BRW,OTCQB:BRWXF) is among the only public companies aggressively and systematically conducting grassroots exploration for lithium in Canada and Greenland using state-of-the-art exploration technology to identify high-potential targets. Specifically, our team has staked major under explored pegmatite fields across Quebec, Newfoundland and Labrador, Nova Scotia, New Brunswick, Ontario, Manitoba, Saskatchewan and Greenland.
Our team of geologists begins by compiling available data and conducting research to identify locations where they believe the potential for minerals of interest might be found. Our technical field team is dispatched to conduct a prospecting program by gathering robust observational data using tried-and-true field geology techniques. The goal of the program is to reveal the presence of mineralization that may predict the presence of an unknown mineral deposit.
The company's exploration team is led by Robert Wares, co-founder of the Osisko Group of Companies. Wares is an established and award-winning professional geologist with over 35 years of experience in mineral exploration and development.
Brunswick Exploration has identified five high-priority projects in the Eeyou Istchee-James Bay region of Quebec: Mirage, Elrond, Anatacau, PLEX and Mythril. In 2023, grassroots lithium discoveries were made at Mirage, Elrond and Anatacau, which are currently the focus of drilling.
Company Highlights
- Brunswick Exploration Inc. (BRW) is a Montreal-based mineral exploration company listed on the TSX-V under symbol BRW. The Company is focused on grassroots exploration for lithium in Canada and Greenland, a critical metal necessary to global decarbonization and energy transition.
- This has generated one of the largest grassroots lithium portfolios globally.
- BRW's board includes Robert Wares, one of the founders of Osisko Mining.
- BRW was recognized as one of the Top 50 TSX Venture listed companies in 2023.
- The company has staked hundreds of untested prospective pegmatites measuring a minimum strike length of 500 meters and within 50 kilometers of infrastructure.
- In 2023, three discoveries were made in the Eeyou Istchee-James Bay region of Quebec at the Mirage, Anatacau Main and Elrond projects.
- In 2023, BRW completed a maiden 3,712-meter drill program at the Anatacau West project in Quebe that generated up to 26.5 metres at 1.51% Li2O.
- BRW completed 2 drill programs at the Mirage project, located in the Eeyou Istchee-James Bay region of Quebec. Intercepts include up to 58.1 metres at 1.59% Li2O.
- The company also completed a maiden drill program in early 2024 at the Elrond project to test the Arwen pegmatite discovered in 2023. Results are pending.
- The company will launch a Maiden drill program at the Anatacau Main project in the Eeyou Istchee-James Bay region of Quebec to test the Anais showing in H2 2024.
- Sirios Resources signed an agreement with Brunswick Exploration granting it the right to purchase a 0.5 percent net smelter return (NSR) held by Sirios on eight claims that are part of Brunswick Exploration's Mirage lithium property located in Eeyou Istchee James Bay.
Key Projects
Mirage Project
The Mirage Project comprises 427 claims with a total surface area of 21,230 hectares (staked and optioned claims), located roughly 40 kilometers south of the Trans-Taiga Highway in Quebec’s James Bay region. Fruitful discussions with a geologist that worked the area twenty-five years ago for gold exploration led to the staking of the BRW claims, as he recorded the presence of several angular pegmatitic glacial boulders hosting well-defined, decimetric spodumene crystals. The largest observed boulder measured 8 meters by 4 meters by 3 meters. In the fall of 2023, BRW discovered several high grade spodumene outcrops over a 2.5 kilometer trend as well as an adjacent 3.0 kilometer spodumene boulder train that has different minerology than the discovered outcrops.
In 2023, BRW completed a 5,000-meters drill program at the Mirage Project. The phase 1, 26-hole program, aimed to test the continuity and widths of the six widest spodumene-bearing pegmatite dykes that have been discovered to date on the property over a total cumulative strike length of 2,500 meters. Final drill results from the 2023 program at the Mirage project have outlined two new spodumene mineralized dykes (MR-5 and MR-6) with significant thickness and grade, all within the Central Zone. MR-23-28 intersected high-grade mineralization of 1.80 percent Li2O over 37.2 meters starting from surface in newly discovered dyke MR-6 located 500 metres northeast of MR-3. Evidence of potential stacking of dykes in Central Zone where MR-23-35 intercepted 11.5 meters grading 1.1 percent Li2O approximately 100 meters south of MR-3 in new dyke MR-5.
In H1 2024, a Phase II drilling campaign, containing 35 holes was completed at the Mirage project by targeting the extensions of known pegmatite dykes (MR-1 to MR-6) while new prospective outcrops have yet to be drill-tested. Results have generated up to 58.10 meters of 1.59% Li2O. Final results will be released when available.
In 2024, Brunswick Exploration signed an agreement with Sirios Resources to repurchase an existing 0.5 percent NSR on certain claims within the Mirage projectElrond Project
The Elrond Project comprises 136 claims with a total area of 7,048 hectares, located roughly 12 kilometers east of the Billy Diamond Highway in Quebec’s James Bay region. Elrond is part of the Mythril option agreement with Midland Exploration whereby BRW can earn a maximum of 85 percent interest in the project.
In the fall of 2023, BRW uncovered a new, undocumented spodumene-bearing pegmatite, known as the Arwen showing, that is exposed over a surface area measuring approximately 250 meters by 100 meters, dipping very shallowly to the north. The pegmatite remains open in all directions.
The Arwen outcrop is well mineralized in spodumene throughout the showing with an apparent higher-grade zone, containing up to 30 percent spodumene, which has a visible extent of approximately 75 by 15 meters. The spodumene crystals are well formed and up to 30 centimeters in length with an off-white color and were confirmed through LIBS analysis and UV light.
In early 2024, the company completed a maiden drilling campaign at the Elrond project to test the Arwen spodumene-bearing pegmatite. The Arwen pegmatite is well mineralized and three representative grab samples returned values between 1 and 3 percent Li2O. A high-resolution airborne magnetic survey was flown in the fall of 2023 and suggests that the Arwen showing is emplaced in a favorable structural corridor that is 4 kilometers long and 500 meters wide. The target area is proximal to infrastructure, located approximately 12 kilometers from the Billy-Diamond Highway and drilling activities will be ground supported via a winter road.
Results will be released when available.
Anatacau
Comprising the Anatacau Main and Anatacau West projects, these assets are under an option agreement with Osisko GP, a subsidiary of Osisko Development, under which Brunswick Resources can earn a 90 percent interest in the projects. The Anatacau property is located just east of Allkem’s (TSX:AKE) James Bay Lithium deposit (previously known as the Cyr deposit), which has a total mineral resource of 110.2 million tons (Mt) at 1.30 percent lithium oxide and a total ore reserve of 37.3 Mt at 1.27 percent lithium oxide.
BRW completed a maiden drill program at the Anatacau west property totalling 3,712 meters. 17 of the 18 drilled holes intersected spodumene mineralization that generated up to 26.5 metres at 1.51% Li2O
In the summer of 2023, Brunswick discovered a significant lithium pegmatite outcrop, measuring at least 100 meters long by 15 meters wide known as the Anais showing in Anatacau Main. The outcrop is within a larger cluster of pegmatite dykes all of which contain high-grade lithium mineralization.
This discovery is located 22 kilometers east of Anatacau West and Allkem’s James Bay Project along a large-scale E-W deformation corridor which is host to the known lithium-bearing pegmatite dykes in the region. This structure runs through both the Anatacau West and Anatacau Main properties over a total of 15.5 kilometers, all of which has never been explored for lithium.
BRW is planning a maiden drill program in 2024 to test the Anais pegmatite as well as a property wide prospecting and geochemical program.
Management Team
Robert Wares - Executive Chairman
Robert Wares is a professional geologist with more than 35 years of experience in mineral exploration and development. He was responsible for discovering the Canadian Malartic bulk tonnage gold mine, which was subsequently developed by Osisko Mining into one of Canada's largest gold producers. Wares was a co-winner of the Prospectors and Developers Association of Canada's "Prospector of the Year Award" for 2007. He was also named one of the"Mining Men of the Year" for 2009 by the Northern Miner. Wares will remain at Osisko Metals in an advisory capacity. He has a bachelor of science and an honorary doctorate in Earth sciences from McGill University.
Killian Charles - President and CEO
From 2017 to 2021, Killian Charles worked as VP of corporate development for Osisko Metals. Charles was previously the manager of corporate development at Integra Gold Corp, which was an advanced-stage gold development company until it was acquired by Eldorado Gold in July 2017. He worked as a mining analyst at Industrial Alliance Securities and Laurentian Bank Securities. Charles covered small and mid-cap exploration and production companies as a mining analyst. Charles holds a bachelor of science with a major in Earth and planetary sciences from McGill University.
Anthony Glavac - CFO
Anthony Glavac has more than 17 years of experience in financial reporting, including over 12 years in the mining industry. Since August 2017, Glavac has served as vice-president, and corporate controller for Falco Resources, and previously served as director, financial reporting and internal controls at Dynacor Gold Mines. Glavac spent 10 years at KPMG, working with both public and private companies, providing audit, taxation, strategic advisory and public offering services. Glavac is also involved with other public companies in the mining industry.
François Goulet - Exploration Manager, Quebec
François Goulet holds a master’s degree in structural geology from the Université du Québec à Montréal (UQÀM). In recent years he was president and CEO of Harfang Exploration, a gold project generator in the James Bay region. He has extensive experience working in the James Bay region of Quebec as well as international experience in a variety of exploration projects. Goulet has worked for Virginia Mines, Unigold, Maya Gold and Silver, the Canadian Malartic Partnership, Glencore Canada and several other junior companies. He is a member of the board of directors of l’Association de l’exploration minière du Québec (AEMQ) and a registered geologist with the Ordre des géologues du Québec since January 2011.
Charles Kodors - Exploration Manager, Atlantic Canada
Mr. Kodors is the Manager, Atlantic Canada at Brunswick Exploration Inc. and has been with the company since January 2021. Having 15 years of experience in the mining and exploration industry, he most recently served as an Exploration Manager for Osisko Metals and a Senior Exploration Geologist for Kirkland Lake Gold. Mr. Kodors received his B.Sc. from Brock University and is a registered Professional Geologist within the provinces of New Brunswick, Newfoundland, Nova Scotia, Ontario, Quebec, Manitoba and Saskatchewan.
Simon Hébert - Vice-president, Development
Simon Hébert is a professional geologist with over 13 years in the mining exploration industry. He began his career with Virginia Mines and Osisko Mining. Hébert has worked on several metallogenic projects and in various environments, mainly in the Baie-James territory, Nunavik and the Northwest Territories. He was a mining director in April 2019 where he participated in the formation of NQ Mining Investment, where he subsequently became general manager in 2023. Hébert is a registered professional geologist and a member of the Ordre des Géologues du Quebec since 2012. He has sat on the AEMQ board of directors since 2019, serving as vice-president. He is president of the board of directors of the Table Jamésienne de concertation minière. Hébert holds a bachelor’s degree in geology from Université Laval.
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