Connect with us

Today’s News

Nullagine Gold Project Production Update

KEY POINTS During the fourth quarter of 2021 (“Q4 2021”), one lost-time injury was recorded (the only lost-time injury for 2021)Lower than forecast…

Published

on

KEY POINTS

  • During the fourth quarter of 2021 (“Q4 2021”), one lost-time injury was recorded (the only lost-time injury for 2021)
  • Lower than forecast gold production of 12,833 oz Au in Q4 20210F1 due to a change in the December mining schedule and reduction in recovery due to technical issues with the carbon regeneration kiln, delivering production of 49,364 oz Au for the year ended December 31, 2021 (“CY 2021”) from the Company’s Beatons Creek conglomerate gold project (“Beatons Creek”)
  • Strong financial position maintained
    • Q4 2021 revenue of C$30 million (A$32.4 million)1F2 from the sale of 13,023 oz Au
    • December 31, 2021 cash balance of C$32.4 million
    • Investment portfolio fair value of approximately C$146 million2F3
  • Extensive exploration program and mechanical sorting Phase 2 testing continued, with C$6.1 million2 incurred in Q4 2021
  • Although there have been minimal COVID-related operational disruptions to date, the Company is experiencing early indications of cost, supply chain, and personnel pressures which may impact operations

                  Key Q4 & 2021 Operational and Financial Performance2

    Q1 2021 Q2 2021 Q3 2021 Q4 2021 CY 2021
Gold Production (oz Au)   3,497   14,890   18,144   12,833   49,364
Mining (tonnes)   174,000   477,000   478,000   434,000   1,563,000
Processing (tonnes)   150,000   366,000   451,000   395,000   1,362,000
Revenue (C$M) $ 7.7 $ 31.7 $ 43.0 $ 30.0 $ 112.4
Cash Position (C$M) $ 21.0 $ 46.3 $ 44.1 $ 32.4 $ 32.4

______________________________________________________________________________________________________

VANCOUVER, British Columbia., Jan. 14, 2022 (GLOBE NEWSWIRE) — Novo Resources Corp. (“Novo” or the “Company”) (TSX: NVO, NVO.WT & NVO.WT.A) (OTCQX: NSRPF) provides a Q4 2021 operational update from Beatons Creek, located in Nullagine, Western Australia.

“The Company continues to implement its optimized mining approach to guide operational efforts,” commented Mr. Mike Spreadborough, Executive Co-Chairman of Novo. “Mining for the quarter was on target, but processing and production were impacted by some short-term plant and scheduling issues. Pleasingly, our plant has resumed operating at a target annualized rate of approximately 1.8 million tonnes per annum. While the inevitable increase in COVID-19 cases in Western Australia may create certain operational challenges in the coming months, the team has been preparing for this situation and is committed to achieving the Company’s goals.”

NULLAGINE GOLD PROJECT

Safety and COVID Update

Safety is a core value, with continuous focus on safety outcomes. During the 12 months through Q4 2021, the Company recorded only one lost time injury. Preparations are ongoing to manage risks associated with the easing of Western Australian state border restrictions scheduled for February 5, 2022. The Company has, however, experienced early indications of cost, supply chain, and personnel pressures due to COVID.

Operations

Production did not meet forecast in Q4 2021. The Company announced its optimized five-year plan on December 13, 2021, including the implementation of a revised mining approach with continued closer-spaced grade control drilling. The forecast mine schedule for December was changed due to a delay in the closer-spaced grade control drilling, assaying and modelling of the higher-grade Golden Crown “OX01” area. In order to ensure the revised mining approach is followed to maximize the grade of material mined and mining recovery, the Company opted to process lower-grade stockpiles available at the Golden Eagle processing plant (the “Golden Eagle Plant”) in the latter half of December in lieu of processing originally planned higher-grade material.

Mining rates at Beatons Creek achieved forecast in Q4 2021, with 434 kt of mineralized material mined from Beatons Creek. A total of 1,563 kt of mineralized material were mined from Beatons Creek in CY 2021.

The Company’s Golden Eagle Plant processed 395 kt in Q4 2021, with 1,363 kt milled in CY 2021. Q4 2021 head grade was 1.16 g/t Au. Processing rates in October and November were affected by a number of unscheduled short-term mill shuts, including the longer shut in early November which accompanied significant crusher maintenance (refer to the Company’s news releases dated November 1, 2021, and November 5, 2021). However, the Golden Eagle Plant resumed operation, with 155 kt processed in December 2021, which is in line with the Company’s forecast to process at an annualized rate of approximately 1.8 million tonnes per annum.

Gold production in Q4 2021 totalled 12,833 ounces of gold with CY 2021 total production of 49,364 ounces of gold. Recovery rates of approximately 91.5% were achieved in Q4 2021 and averaged approximately 93.0% in CY 2021. Recovery rates averaged 92.7% in October and November, however temporarily decreased to 89.2% in December while issues were experienced with the carbon regeneration kiln. The Company has been working to rectify these issues and expects to do so in January 2022.

The Company’s production forecast for the first half of 2022 of 27 koz – 33 koz Au remains influenced by close-spaced drilling and mine-to-mill reconciliation efforts, assumes receipt of requisite approvals1, and is significantly dependent on minimal impact to operations from COVID.

Further to the Company’s news release dated November 5, 2021, the Company has substantially completed major works to raise its tailings storage facility and has approximately 24 months of processing capacity remaining.

Novo Financial Position

Novo’s robust cash balance of C$32.4 million and investment portfolio with a fair value of approximately C$146 million3 have enabled Novo’s continued focus on extensive exploration programs and development of the mechanical sorting program.

Q4 2021 gold sales totalled 13,023 ounces of gold and 1,758 ounces of silver for gross revenue of C$30 million (A$32.4 million)2. CY 2021 gold sales totalled 49,231 ounces of gold and 6,829 ounces of silver for gross revenue of C$112.4 million (A$119.3 million)2. Novo sells its gold in Australian dollars to ABC Refinery of Sydney, Australia and continues to enjoy strong gold price performance in Australian dollar terms.

During Q4 2021, the Company continued to advance its exploration and mechanical sorting projects and committed C$6.1 million2 to these endeavours.

In addition to its cash reserves, the Company’s strategic portfolio of investments held a fair value of approximately C$146 million3 as at December 31, 2021, including its 9.5% investment in New Found Gold Corp. (TSXV: NFG) which was worth approximately C$135 million3.

QP STATEMENT

Dr. Quinton Hennigh (P.Geo.) is the qualified person, as defined under National Instrument 43-101 Standards of Disclosure for Mineral Projects, responsible for, and having reviewed and approved, the technical information contained in this news release. Dr. Hennigh is the non-executive co-chairman and a director of Novo.

CAUTIONARY STATEMENT

The decision by the Company to produce at Beatons Creek was not based on a feasibility study of mineral reserves demonstrating economic and technical viability and, as a result, there is an increased uncertainty of achieving any particular level of recovery of minerals or the cost of such recovery, including increased risks associated with developing a commercially mineable deposit. Historically, such projects have a much higher risk of economic and technical failure. There is no guarantee that that anticipated production costs will be achieved. Failure to achieve the anticipated production costs would have a material adverse impact on the Company’s cash flow and future profitability.

The Company cautions that its declaration of commercial production effective October 1, 2021 only indicates that the Nullagine Gold Project was operating at anticipated and sustainable levels and it does not indicate that economic results will be realized.

ABOUT NOVO

Novo operates its flagship Beatons Creek gold project while exploring and developing its prospective land package covering approximately 13,250 square kilometres in the Pilbara region of Western Australia. In addition to the Company’s primary focus, Novo seeks to leverage its internal geological expertise to deliver value-accretive opportunities to its shareholders. For more information, please contact Leo Karabelas at (416) 543-3120 or e-mail [email protected].

On Behalf of the Board of Directors,

Novo Resources Corp.

Michael Spreadborough

Michael Spreadborough

Executive Co-Chairman

Forward-looking information

Some statements in this news release contain forward-looking information (within the meaning of Canadian securities legislation) including, without limitation, (1) that the Company expects to rectify issues being experienced with its carbon regeneration kiln in January 2022, (2) that reconciliation of mineralized material mined in December supports the new approach of using higher density drilling and block modelling for grade determination, improving the mining team’s ability to forecast future mineralized material volume and quality, (3) that the Company expects to produce 27 koz – 33 koz Au in the first half of 2022, and (4) that the Golden Eagle facility is forecast to process at an annualized rate of approximately 1.8 million tonnes per annum. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. Such factors include, without limitation, customary risks of the resource industry and the risk factors identified in Novo’s management’s discussion and analysis for the nine-month period ended September 30, 2021, which is available under Novo’s profile on SEDAR at www.sedar.com. Forward-looking statements speak only as of the date those statements are made. Except as required by applicable law, Novo assumes no obligation to update or to publicly announce the results of any change to any forward-looking statement contained or incorporated by reference herein to reflect actual results, future events or developments, changes in assumptions or changes in other factors affecting the forward-looking statements. If Novo updates any forward-looking statement(s), no inference should be drawn that the Company will make additional updates with respect to those or other forward-looking statements.

______________________________________________________________________________________

1 Refer to the Company’s news release dated December 13, 2021.
2 Financial figures may differ immaterially from final results due to foreign exchange and rounding differences.
3 This value excludes the fair value of warrants held in GBM Resources Ltd. Novo’s ability to dispose of its investments is subject to certain thresholds pursuant to its senior secured credit facility with Sprott Private Resource Lending II (Collector), LP. Please refer to the Company’s management discussion and analysis for the 9-month period ended September 30, 2021, which is available under Novo’s profile on SEDAR at www.sedar.com. Novo’s investment in New Found Gold Corp. is subject to escrow requirements pursuant to National Instrument 46-201 Escrow for Initial Public Offerings. The value of Novo’s holdings in Elementum 3D, Inc. (“E3D”) is based on E3D’s most recent financing price of US$2.50 per share. Except for its investment in E3D, the fair value of Novo’s investments is based on closing prices of its investments and relevant foreign exchanges rate as at December 31, 2021.

drilling
tsx-nvo
novo-resources-corp
novo resources corp
tsxv-nfg
new-found-gold-corp
new found gold corp
financing
investment
press-release

Author: Author

Today’s News

Lithium Chile Upsizes Its Previously Announced $0.70 Unit Financing

CALGARY, ALBERTA – TheNewswire – January 24, 2022 – Lithium Chile Inc. (“Lithium Chile” or the “Company”) (TSXV:LITH) (OTC:LTMCF) is pleased…

CALGARY, ALBERTA – TheNewswire – January 24, 2022 – Lithium Chile Inc. (“Lithium Chile” or the “Company”) (TSXV:LITH) (OTC:LTMCF) is pleased to announce that it has closed its subscription books, and due to strong investor demand for its recently announced non-brokered private placement of units of the Company (“Units”) at a price of $0.70 per Unit, it has additionally increased the maximum size of the offering from up to 7,500,000 Units for aggregate gross proceeds of up to $5,250,000 to up to 10,060,000 Units for gross proceeds of up to $7,042,000 (the “Offering“). Each Unit will be comprised of one (1) common share of the Company (“Common Share”) and one (1) Common Share purchase warrant (“Warrant”). Each Warrant shall be exercisable at $0.85 per Common Share for a period of 24 months from the date of closing of the Offering. Further to the Company’s news release of December 20, 2021, the one institutional investor that was expected to purchase the Offering was unable to complete its subscription within the deadlines set by Lithium Chile so the Company has terminated that potential subscription. The Offering is now expected to be purchased by several subscribers including a strategic Asian investor that is anticipated to purchase up to $3,000,000 of the Offering.

 

Completion of the Offering is subject to regulatory approval including, but not limited to, the approval of the TSX Venture Exchange. The Common Shares and Warrants issued under the Offering will be subject to a four month hold period from the date of the closing of the Offering.

 

About Lithium Chile

Lithium Chile is advancing a lithium property portfolio consisting of 69,200 hectares covering sections of 10 salars and two laguna complexes in Chile and 23,300 hectares in Argentina.

Lithium Chile also owns 5 properties, totaling 20,429 hectares, that are prospective for gold, silver and copper. Exploration efforts are continuing on Lithium Chile’s Carmona gold/silver/copper property which lies in the heart of the Chilean mega porphyry gold/ silver/copper belt.  

Lithium Chile’s common shares are listed on the TSX-V under the symbol “LITH” and on the OTC-BB under the symbol “LTMCF”.

To find out more about Lithium Chile Inc., please contact Steven Cochrane, President and CEO via email: [email protected] or alternately, Jose de Castro Alem, Argentina Manager via email [email protected]   

 

NEITHER THE 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.

 

NOT FOR RELEASE IN THE UNITED STATES OF AMERICA

 

This news release does not constitute an offer to sell or the solicitation of an offer to buy any securities in the United States. Any securities referred to herein have not been and will not be registered under the United States Securities Act of 1933 (the “1933 Act“) and may not be offered or sold in the United States or to or for the account or benefit of a U.S. person in the absence of such registration or an exemption from the registration requirements of the 1933 Act and applicable U.S. state securities laws.

 

Forward Looking Statements

 

This news release may contain certain forward-looking information and forward-looking statements within the meaning of applicable securities legislation (collectively “forward-looking statements”). Generally, forward-looking statements can be identified by the use of forward-looking terminology such as “expected”, “anticipated”, “aims to”, “plans to” or “intends to” or variations of such words and phrases or statements that certain actions, events or results “will” occur. In particular, this news release contains forward-looking statements relating to, among other things: the Company’s ability to obtain necessary approvals from the TSX Venture Exchange. Such forward-looking statements are based on various assumptions and factors that may prove to be incorrect, including, but not limited to, factors and assumptions with respect to: the general stability of the economic and political environment in which the Company operates; the timely receipt of required regulatory approvals; the ability of the Company to obtain future financing on acceptable terms; currency, exchange and interest rates; operating costs; the success the Company will have in exploring its prospects and the results from such prospects. You are cautioned that the foregoing list of material factors and assumptions is not exhaustive. Although the Company believes that the assumptions and factors on which such forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct or that any of the events anticipated by such forward-looking statements will transpire or occur, or if any of them do so, what benefits the Company will derive there from. Actual results could differ materially from those currently anticipated due to a number of factors and risks including, but not limited to: fluctuations in market conditions, including securities markets; economic factors; the risk that the new lithium exploration tender process does not yield the anticipated benefits to the Company, if at all; the risk that the Offering will not be completed as anticipated or at all, including the risk that the Company will not receive the approvals necessary in connection with the Offering; and the impact of general economic conditions and the COVID-19 pandemic. The Company does not undertake to update any forward-looking statements herein, except as required by applicable securities laws. All forward-looking statements contained in this news release are expressly qualified by this cautionary statement.

Copyright (c) 2022 TheNewswire – All rights reserved.





Author: Author

Continue Reading

Today’s News

Court of Appeals Rules Favorably on PolyMet Water Permit

MPCA to conduct "Maui" testSt. Paul, Minnesota–(Newsfile Corp. – January 24, 2022) – The Minnesota Court of Appeals today affirmed nearly all aspects…

MPCA to conduct “Maui” test

St. Paul, Minnesota–(Newsfile Corp. – January 24, 2022) – The Minnesota Court of Appeals today affirmed nearly all aspects of the water discharge permit for the NorthMet Project, overruling six of the seven challenges to the permit made by mining opponents, according to Poly Met Mining, Inc., a wholly owned subsidiary of PolyMet Mining Corp. (TSX: POM) (NYSE American: PLM) (together “PolyMet” or the “company”).

The Court of Appeals affirmed virtually every aspect of PolyMet’s permit at issue. In particular, the court endorsed the district court’s factual findings regarding the Minnesota Pollution Control Agency’s (MPCA) and the Environmental Protection Agency’s interactions during the permitting process; agreed with MPCA’s application of state law governing groundwater discharges; upheld the agency’s conclusion that PolyMet’s project has no reasonable potential to violate water quality standards; agreed with MPCA’s finding that PolyMet’s project will not violate the Fond du Lac Band’s water quality standards; and affirmed the agency’s denial of mining opponents’ requests for a contested case hearing.

In its decision the panel concluded that the MPCA should still consider whether “any discharges to groundwater will be the functional equivalent of a discharge to navigable waters, and thus, whether the Clean Water Act applies to those discharges.” The Court remanded the permit to the MPCA to conduct this functional-equivalence analysis, which the U.S. Supreme Court established in County of Maui v. Hawaii Wildlife Fund, a new precedent set more than a year after PolyMet’s permit was issued.

“We are pleased that we have prevailed on the majority of the issues and the court has narrowed the case to just this single issue regarding Maui, where considerable scientific data already exists,” said Jon Cherry, chairman, president and CEO. “MPCA has already determined there is not a permittable discharge to groundwater and we are optimistic the agency will reach the same conclusion from the Maui test. This will mean a little more process, but it gives us a clear roadmap to the reactivation of this permit,” Cherry said.

The NorthMet mine will feed the mineral supply chain to meet the growing global demand for copper, nickel, cobalt and other metals needed for the U.S. and global transition to clean energy technologies such as solar and wind farms, battery storage and electric mobility, Cherry said. Most of the known resources of nickel and cobalt in the U.S. are found in Minnesota according to the U.S. Geological Survey.

* * * * *

About PolyMet

PolyMet is a mine development company that owns 100% of the NorthMet Project, the first large-scale project to have received permits within the Duluth Complex in northeastern Minnesota, one of the world’s major, undeveloped mining regions. NorthMet has significant proven and probable reserves of copper, nickel and palladium – metals vital to infrastructure improvements and global carbon reduction efforts – in addition to marketable reserves of cobalt, platinum and gold. When operational, NorthMet will become one of the leading producers of nickel, palladium and cobalt in the U.S., providing a much needed, responsibly mined source of these critical and essential metals.

Located in the Mesabi Iron Range, the project will provide economic diversity while leveraging the region’s established supplier network and skilled workforce and generate a level of activity that will have a significant effect in the local economy. For more information: www.polymetmining.com.

For further information, please contact:

Media
Bruce Richardson, Corporate Communications
Tel: +1 (651) 389-4111
[email protected]

Investor Relations
Tony Gikas, Investor Relations
Tel: +1 (651) 389-4110
[email protected]

PolyMet Disclosures

This news release contains certain forward-looking statements concerning anticipated developments in PolyMet’s operations in the future. Forward-looking statements are frequently, but not always, identified by words such as “expects,” “anticipates,” “believes,” “intends,” “estimates,” “potential,” “possible,” “projects,” “plans,” and similar expressions, or statements that events, conditions or results “will,” “may,” “could,” or “should” occur or be achieved or their negatives or other comparable words. These forward-looking statements may include statements regarding the ability to receive environmental and operating permits, job creation, and the effect on the local economy, or other statements that are not a statement of fact. Forward-looking statements address future events and conditions and therefore involve inherent known and unknown risks and uncertainties. Actual results may differ materially from those in the forward-looking statements due to risks facing PolyMet or due to actual facts differing from the assumptions underlying its predictions.

PolyMet’s forward-looking statements are based on the beliefs, expectations and opinions of management on the date the statements are made, and PolyMet does not assume any obligation to update forward-looking statements if circumstances or management’s beliefs, expectations and opinions should change.

Specific reference is made to risk factors and other considerations underlying forward-looking statements discussed in PolyMet’s most recent Annual Report on Form 40-F for the fiscal year ended December 31, 2020, and in our other filings with Canadian securities authorities and the U.S. Securities and Exchange Commission.

The Annual Report on Form 40-F also contains the company’s mineral resource and other data as required under National Instrument 43-101.

No regulatory authority has reviewed or accepted responsibility for the adequacy or accuracy of this release.

Corporate Logo

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/111376




Author: Author

Continue Reading

Today’s News

Discovery Harbour Announces Fortuity 89, Nevada Drilling Underway

Vancouver, British Columbia–(Newsfile Corp. – January 24, 2022) – Discovery Harbour Resources Corp. (TSXV: DHR) (OTC Pink: DCHRF) (FSE: 4GW) (the "Company"…

Vancouver, British Columbia–(Newsfile Corp. – January 24, 2022) – Discovery Harbour Resources Corp. (TSXV: DHR) (OTC Pink: DCHRF) (FSE: 4GW) (the “Company” or “Discovery Harbour“) announces that Newcrest Resources, Inc., a wholly owned subsidiary of Newcrest Mining Limited (“Newcrest“), has confirmed that its planned drill program at Fortuity 89, Nevada is underway.

Subject to the continued impacts of COVID-19, Newcrest plans to drill a minimum of eight drill holes and 3,400 metres to test a series of low sulphidation epithermal gold targets on Fortuity 89. Newcrest has implemented a comprehensive safety plan for the drill program, including extensive COVID-19 protocols.

Newcrest completed an initial exploration program in 2021 which included a geophysical program encompassing a 675 line kilometre drone airborne magnetic survey, a 250 station ground gravity survey and a 45 line kilometre audio band magnetotellurics (AMT) resistivity survey as well as geological and alteration mapping and sampling with a soil geochemical program (see news release July 14, 2021). The three geophysical surveys showed anomalies consistent between each different geophysical method and the geological and alteration mapping, establishing promising drill targets. The drill targets are proximal to a very limited outcrop on Fortuity 89 and extend into a large plain overlain by a gravel cover.

Newcrest’s program was designed to evaluate the limited outcrop and provide interpreted extrapolations of the geological and structural mineralization controls, which are prospective for concealed low sulphidation epithermal gold mineralization below the shallow unconsolidated alluvial gravels.

Mark Fields, President & CEO of Discovery Harbour comments, “Newcrest has planned this drill program so it can be executed in the most effective manner to test the targets they identified. We are looking forward to the results as they become available.”

Alan Morris, CPG, is the Qualified Person for Discovery Harbour as defined in NI 43-101 and has reviewed and approved the technical contents of this news release.

About Discovery Harbour

Discovery Harbour is focused on sourcing, exploring and developing mineral properties in mining-friendly jurisdictions. Its current primary focus is the drill program on Caldera, a low sulphidation epithermal gold project in Nevada. Additionally, Discovery Harbour has an agreement with Newcrest Mining Limited on its Fortuity 89 property in Nevada.

About Newcrest

Newcrest Mining Limited (ASX: NCM) (TSX: NCM) (PNGX: NCM) is one of the world’s largest gold mining companies. Its purpose is to create a brighter future for people through safe and responsible mining. Newcrest owns and operates a portfolio of predominantly low cost, long life mines and a strong pipeline of brownfield and greenfield exploration projects – predominantly in the Asia-Pacific and North and South America.

ON BEHALF OF THE BOARD OF DISCOVERY HARBOUR RESOURCES CORP.

“Mark Fields”

Mark Fields, B. Sc. (Geology), B.Comm.(Hon.)
President and Chief Executive Officer
Discovery Harbour Resources Corp.
Tel: (604) 681-3170
Fax: (604) 681-3552

Disclaimer for Forward-Looking Information

This news release contains forward‐looking information that involves various risks and uncertainties regarding future events. Such forward‐looking information can include without limitation statements based on current expectations involving a number of risks and uncertainties and are not guarantees of future performance of Discovery Harbour. There are numerous risks and uncertainties that could cause actual results and Discovery Harbour’s plans and objectives to differ materially from those expressed in the forward‐looking information, including: (i) adverse market conditions; (ii) exploration results, (iii) permitting requirements or (iv) the financial position of the Company. Actual results and future events could differ materially from those anticipated in such information. These and all subsequent written and oral forward‐looking information are based on estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this notice. Except as required by law, Discovery Harbour does not intend to update these forward‐looking statements.

Neither the 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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/111334





newcrest mining limited



Author: Author

Continue Reading

Trending