Vancouver, British Columbia–(Newsfile Corp. – November 18, 2021) –( ) (AIM: THX) (“Thor” or the “Company“) is pleased to announce an initial NI 43-101 standard Maiden Mineral Resource Estimate (“MRE”) for the Makosa Deposit which is located in the southern portion of the Douta Gold Project in Senegal.
- Maiden Resource Estimate for Douta Project is supported by a total of 35,728 metres of drilling
- Maiden Resource of 730,000 ounces of gold grading at 1.5g/tAu
- Mineralisation at Makosa remains open along strike with further growth potential
- New mineralised discovery at the Mansa Prospect located 5km along strike from Makosa
The MRE is classified as Inferred Resources and is constrained within optimised pit shells and comprises 15.3 million tonnes grading 1.5 grammes per tonne (“g/t”) gold (“Au”) for 730,000 ounces of gold.
The Company is also pleased to announce that exploration drilling at the Mansa Prospect, which is located 5km along strike from Makosa, resulted in encouraging drilling intersections including 4 metres (“m”) grading 3.11 g/t Au, 5m grading 1.75g/t Au and 2m grading 10.65g/t Au.
The Makosa MRE encompasses the Makosa, Makosa North and Makosa Tail zones, which all remain open along strike and down dip, and are expected to grow with ongoing drilling either along strike or at depth.
The MRE provides a foundation for continued resource growth along strike to the north from Makosa North together with the satellite deposits, including the newly discovered Mansa, that are currently being assessed along the 30 kilometre long Makosa gold corridor.
Segun Lawson, President & CEO, stated
“The Makosa Maiden Resource Estimate is the Company’s first major milestone at the Douta Project. The resource is the culmination of the first round of mostly wide-spaced exploration drilling conducted over a strike length of over seven kilometres. This provides for a solid growth platform for Thor following the greenfield discoveries of Makosa and Makosa Tail in 2018 and 2020 respectively.
“We are now focussing our exploration towards expanding the resource along the prospective corridor that runs along the full 30km length of our exploration licence. Priority will be given to extensional drilling at Makosa North where the mineralisation remains open-ended towards the north-east.
“We are equally excited with the first drilling results from our new greenfield discovery Mansa which is located on the same structure as Makosa. In addition to undertaking definition drilling at Mansa the 5km gap between Makosa North and Mansa will also be targeted in our next drilling program.”
is a Canadian mineral exploration company engaged in the acquisition, exploration and development of mineral properties located in Nigeria, Senegal and Burkina Faso. Thor holds a 100% interest in the Segilola Gold Project located in Osun State of Nigeria and a 70% interest in the Douta Gold Project located in south-eastern Senegal. Thor trades on the TSX Venture Exchange under the symbol “THX”.
President & CEO
The above information relating to the resource estimate has been prepared by Mr Babacar Diouf (MSc Queens University, Ontario, M.AusIMM, Member Association des Ingenieurs Geologues sortant de I’IST(AGIST), Principal Geologist of Azimuth Consulting Senegal, who is responsible for this Mineral Resource statement and is an “Independent Qualified Person” as defined in NI43-101 and is a qualified person under the AIM Rules and has reviewed and approves the content of this news release.
The information relating to exploration results has been prepared under the supervision of Alfred Gillman (Fellow AusIMM, CP), who is designated as a “qualified person” under National Instrument 43-101 and the AIM Rules and has reviewed and approves the content of this news release. He has also reviewed QA/QC, sampling, analytical and test data underlying the information.
This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014.
For further information please contact:
Thor Explorations Ltd
Email: [email protected]
Canaccord Genuity (Nominated Adviser & Broker)
Henry Fitzgerald-O’Connor / James Asensio / Thomas Diehl
Tel: +44 (0) 20 7523 8000
Hannam & Partners (Broker)
Andrew Chubb / Matt Hasson / Nilesh Patel / Franck Nganou
Tel: +44 (0) 20 7907 8500
Fig House Communications (Investor Relations)
Tel: +1 416 822 6483
Email: [email protected]
Blytheweigh (Financial PR)
Tim Blythe / Megan Ray / Rachael Brooks
Tel: +44 207 138 3203
The Douta Gold Project is a gold exploration permit, E02038, which covers an area of 58 square kilometres (“km2“) and is located within the Kéniéba inlier, eastern Senegal. The northeast trending permit (Figure 1) has an area of 58 km2. Thor, through its wholly owned subsidiary African Star Resources Incorporated (“African Star”), has a 70% economic interest in partnership with the permit holder International Mining Company SARL (“IMC”). IMC has a 30% free carried interest in its development until the announcement by Thor of a Probable Reserve.
The Douta licence is strategically positioned 4km east of the deposits Massawa North and Massawa Central deposits which form part of the world class Sabadola-Massawa Project that is owned by Endeavour Mining (Figure 1). The Makabingui deposit, belonging to Bassari Resources Ltd, is located immediately to the east of the northern portion of E02038.
Figure 1: Douta Project Location Map
To view an enhanced version of Figure 1, please visit:
Mineral Resource Estimate
Thor is pleased to declare an initial resource estimate (MRE) of 15 million tonnes (“Mt”) grading 1.53g/t Au for 730,000 ounces gold in the Inferred category at the Douta Gold Project in eastern Senegal. The MRE encompasses the Makosa, Makosa North and Makosa Tail zones, which are collectively named the Makosa Resource.
The MRE has been estimated by an independent consultant and is reported at a cut-off grade of 0.3g/t Au within optimised shells using a gold price of US$2,200.
|Deposit||Classification||Tonnage||Grade||Contained Metal||Thor Interest (70%)|
|Mt||Au g/t||koz Au||koz Au|
Table 1: Douta Gold Project Mineral Resource Estimate, November 2021 (reported at cut-off grade of 0.3g/t Au)
- Open Pit Mineral Resources are reported in situ at a cut-off grade of 0.30 g/t Au. An optimised Whittle shell ($2,200) was used to constrain the resources.
- The Mineral Resource is considered to have reasonable prospects for economic extraction by open pit mining methods above a 0.30 g/t Au and within an optimised pit shell.
- Metallurgical and mining recovery factors not applied.
- Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability.
- Totals may not add exactly due to rounding.
- The statement used the terminology, definitions and guidelines given in the CIM Standards on Mineral resources and Mineral Reserves (May 2014) as required by NI 43-101.
- Bulk density is assigned according to weathering profile with a weighted average of 2.78.
- Mr B. Diouf (CP), Principal Geologist of Azimuth Consulting Senegal, is responsible for this Mineral Resource statement and is an “Independent Qualified Person” as defined in NI 43-101.
- Mr Diouf has undertaken several site visits during the course of the resource drilling and is satisfied that industry-standard sampling and QAQC procedures have been followed.
Thor completed a total of 37,665m of drilling consisting of 1,937m of diamond drilling and 35,728m of Reverse Circulation (“RC”) drilling which have been used to generate the updated MRE. RC drilling was carried out by International Drilling Company (2017), Sendrill Consulting (2018) and Sengold (2020-2021), while historic diamond drilling was carried out by ADS (2012).
Sample Analysis and Database
Drilling has been almost exclusively sampled on 1m intervals with the primary laboratory for analysis being ALS Global’s laboratory in Bamako, Mali. Split samples ranging in weight from 0.5 kilogrammes (“kg”) to 3.5kg, with an average of 2.3kg were collected for analysis. After the sample preparation analysis, a fire assay with an atomic absorption finish on a 50 grammes (“g”) subsample of the pulp (AA26), was completed umpire samples were submitted to the MSA laboratory in Abidjan.
Standard QA/QC protocols were followed with inserts of certified standards, blanks and duplicates representing approximately 10% of all analyses.
The Company’s database is maintained internally with independent audits carried out by Cube Consulting (Perth) on request.
Mineral Resource Estimation
A two-pass ordinary kriged grade estimation was carried out within hard geological boundaries defined by a nominal modelling grade cut off of 0.5g/tAu. Twenty two individual veins for Makosa/Makosa North and 16 veins for Makosa Tail were created and then combined into a single domain for Makosa/Makosa North and a single domain for Makosa Tail.
A weathering model was developed so bulk densities could be assigned according to weathering state.
The tonnage factor in the block models was determined by assigning the bulk densities to the following material types:
- 2.70 t/m3 for Fresh (FRS),
- 2.65 t/m3 for weakly oxidized (WOX),
- 2.50 t/m3 for moderately oxidized (MOX), and
- 2.40 t/m3 for strongly oxidized (SOX).
At this stage of the project, it is appropriate that blocks within the Makosa mineralised zones have the same average bulk densities as the blocks within the Makosa waste zones.
Exploratory Data Analysis and Top Cut Selection
Prior to selecting the composite length, the average sample length was determined. The majority (91%) of the samples are 1.0m long, thus a 1m composite length was adopted.
Statistical analysis was completed on assay values composited to 1m and extracted from within the mineralised zone domains for the two prospect areas, with a top cut (cap) being selected to reduce the influence of any ‘outlier’ high grades.
Globally, a total of 1,879 composites were included in the database for top capping analysis. At Makosa Main, seven (7) composite gold values that exceeded 15g/t were reduced to 15g/t. At Makosa Tail, three (3) Composite gold values that exceeded 30g/t were reduced to 30g/t. Gold composite values below were unchanged. The effect of the application of the top cuts is summarised in Table 2.
At Makosa, the top capping reduced the average mean grade from 1.31g/t Au to 1.27g/t Au.
At Makosa Tail, the top capping reduced the average mean grade from 1.64g/t Au to 1.51g/t Au.
Table 2: Composite statistics and effect of top cut on contained metal
Variography was carried out on each combined domain with the appropriate parameters used to estimate the gold grade using Ordinary Kriging (OK). Due to the difference in orientation between Makosa Tail and Makosa/Makosa North two separate blocks were created to better align blocks with the orientation of the lode systems.
Block estimation used a two-pass strategy with the number of required samples (2 to 20) maintained in each pass, and search distance increased for the second estimation pass.
Kriging statistics (estimated grade, kriging efficiency, conditional bias slope, average distance to samples) were then plotted against the number of informing samples to optimise the outcomes. This was done primarily to avoid local conditional biases (too few samples) and over-smoothing (too many samples) of the estimated grade.
Mineral Resource Constraints
To test the reasonable prospects for eventual economic extraction, the Makosa Mineral Resource is constrained by an optimised pit shell (revenue factor of 1) defined by the parameters shown in Table 3.
A cross-section showing the pit shell in relation to the mineral resource at Makosa Tail is illustrated in Figure 3.
|SOX||Strongly oxidised: 4% of the resource||45||degrees|
|MOX||Medium oxidised: 6% of the resource||45||degrees|
|WOX||Weakly oxidised: 4% of the resource||50||degrees|
|Fresh||Fresh Rock and sulphides: 86% of the resource||58||degrees|
|– Load and Haul||US$1.2/t @ surface, increase $0.1/t per 5m bench||1.2||$/t|
|D&B – SOX||2.60 Total cost $/t||2.6||$/t|
|D&B – MOX/WOX||3.10 Total cost $/t||3.1||$/t|
|D&B – Fresh||4.00 Total cost $/t||4||$/t|
|– Variable Cost||power, reagents, consumables, direct labour costs||16||$/t ore|
|– G&A + overheads||5.5||$/t ore|
|– Grade Control||blast hole sampling/gc program||0.5||$/t ore|
|– Ore Mining||Included in Mining Cost||$/t ore|
|Product Sell Price||Multiple gold prices to be run||$2,200||US$/oz|
|Mill Limit||2.5||Mill Mt/pa|
Table 3: Open Pit Optimisation Parameters
Drill hole density ranges from 50m to 200m spaced sections with spacing between holes on-section typically 30m (refer Figure 2). Notwithstanding the demonstrated geological continuity over a 7km strike length, the classification as 100% Inferred Resources is considered appropriate for the current level of understanding and development of the Mineral Resource.
Figure 2: Makosa Drillhole Location Plan
To view an enhanced version of Figure 2, please visit:
Thor has submitted metallurgical samples to ALS (Perth) and preliminary recovery results indicate that oxide material may be recovered by normal gravity/CIL methods whereas the fresh material is refractory to partially refractory and may be recovered by either Biological Oxidation (BIOX) or Pressure Oxidation (POX) methods. Ongoing metallurgical test work is focussed on achieving the optimal operational flow sheet for the fresh material.
The initial metallurgical results at Makosa are comparable to those reported from initial test work at the Massawa deposit which is located 4km to the west and which is owned by Endeavour Mining. Following exhaustive metallurgical testing the optimal laboratory flow sheet for Massawa achieved recoveries of 88% for fresh (refractory to partially refractory) using a BIOX processing route and 90% for oxide to transitional.
Until a representative number of samples has been fully tested using optimal recovery techniques Thor has adopted similar recovery factors used at Massawa.
This is considered appropriate for the current level of classification and understanding of the Mineral Resource.
No impediments with respect to reserves, parks or other areas of significance have been identified on the project area. The Douta exploration licence consists of a modified environment as a result of human activities including harvesting forest flora and burning vegetation as part of sporadic and unregulated historic artisanal mining activity. There are no settlements within the licence boundary.
Thor abide by the Senegal 2016 Mining Code which introduced an obligation for mining title-holders to contribute annually to a local development fund in the amount of 0.5% of sales, minus annual fees. Under the 2016 Code, mining projects require a prior environmental impact assessment, to be approved by the Directorate of the Environment and Classified Establishments.
To gain initial environmental baseline information within the Douta exploration licence a dry season ecology survey was undertaken in May 2021 by Senegal-based Synergie Afrique – a registered environment consultancy in Senegal. The survey will form part of the overall Environment and Impact Assessment (“EIA”) which is expected to be completed in 18 months. It is planned to undertake a wet season ecology survey in the near future when the ephemeral streams are running.
Figure 3: Cross Section through Makosa Tail
To view an enhanced version of Figure 3, please visit:
Exploration Upside: Mansa Prospect Exploration Results
The Mansa Prospect is located 5km along strike to the northeast from Makosa. The exploratory RC drilling programme comprised 31 holes totalling 2,405m and tested anomalous zones as defined by the regional auger geochemical survey completed in 2020. Significant intersections are listed in Table 4 and located in Figure 4. Drill samples were analysed by ALS laboratories in Mali using the AA26 fire assay method (50g charge).
This initial RC programme focussed on the zone from surface to a vertical depth of about 60m, and although this initial drill coverage wide-spaced with drill sections spaced between 200m and 400m apart, the results have confirmed primary gold mineralisation associated with two parallel zones suggested by the geochemical data.
The geological setting of Mansa is similar to that of Makosa with mineralisation hosted by deformed sedimentary rocks near the contact with gabbro or volcaniclastics. Gold mineralisation appears to be controlled by the northeast trending brittle-ductile shear zones that dips steeply towards the northwest. Grade and thickness variations occur along with the shear zone.
|HOLE-ID||Easting||Northing||Elevation||Length (m)||From (m)||To (m)||Interval (m)||Grade (g/tAu)||True Width (m)|
Table 4: Mansa Significant Results
(0.5g/t Au lower cut off; maximum 2m internal dilution)
Figure 4: Mansa Drillhole Location Map
To view an enhanced version of Figure 4, please visit:
The initial exploration results from Mansa indicate the occurrence of gold mineralisation over a wide area measuring approximately 800m wide and 2,000m along strike.
The best results, including 4m grading 3.11g/t Au from 55m, were returned from drillhole DTRC363 which is located on the eastern shear zone in the northern portion completed of the drilling coverage. There is very little drilling over the eastern shear zone which appears to have been intersected in hole DTRC339, located 2km to the southwest from DTRC363 and intersected 2m at 10.65g/t Au from 56m.
Thor intends to progress the Makosa Resource expansion drilling together with parallel workstreams including detailed metallurgical sampling and testing, environmental and social baseline monitoring as part of an Environmental and Social Impact Assessment, geotechnical and hydrological studies.
The main resource expansion priorities are:
- Extensional drilling northwards from the Makosa Resource that will bridge the gap between Makosa and Mansa prospect.
- Infill and resource definition drilling at Mansa Prospect.
- Continue exploration northwards from Mansa.
The broad Project-level objectives are:
- To upgrade the Inferred Resource to a sufficient inventory of material in the Indicated Resource category so that preliminary mining studies can be undertaken.
- To identify higher grade mineralisation in the oxide zone that can be upgraded. to Indicated Resources as a priority.
- Continued drilling to increase the overall resource base through extensional drilling along the prospective corridor.
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.
This press release does not constitute an offer to purchase securities. The securities to be offered in the offering have not been and will not be registered under the United States Securities Act of 1933, as amended, or any state securities laws and may not be offered or sold in the United States or to, or for the benefit or account of, a U.S. person, except pursuant to an available exemption from such registration requirements.
Cautionary Note Regarding Forward-Looking Statements
Except for the statements of historical fact contained herein, the information presented constitutes “forward-looking statements” within the meaning of certain securities laws, and is subject to important risks, uncertainties and assumptions that could cause the actual results of the Company to differ materially form the forward-looking statements. Such forward-looking statements, including but not limited to, the Company’s ability to fully finance the Project, to bring the Project into operation or to produce gold from the Project, and the use of the proceeds. The words “may”, “could”, “should”, “would”, “suspect”, “outlook”, “believe”, “anticipate”, “estimate”, “expect”, “intend”, “plan”, “target” and similar words and expressions are used to identify forward-looking information. The forward-looking information in this news release describes the Company’s expectations as of the date of this news release and accordingly, is subject to change after such date. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. While the Company may elect to, it does not undertake to update this information at any particular time.
NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR
DISTRIBUTION TO U.S. WIRE SERVICES
Mansa Drillhole Data
|HOLE-ID||Easting||Northing||Elevation||Length (m)||Azimuth||Dip||From (m)||To (m)||Interval (m)||Grade (g/tAu)||True Width (m)|
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/104023
Monument Reports First Quarter Fiscal 2022 (“Q1 FY2022”) Results
Gross Revenue of $2.38 Million and Cash Cost of US$1,430/OzVANCOUVER, British Columbia, Nov. 29, 2021 (GLOBE NEWSWIRE) — Monument Mining Limited (TSX-V:…
Gross Revenue of $2.38 Million and Cash Cost of US$1,430/Oz
VANCOUVER, British Columbia, Nov. 29, 2021 (GLOBE NEWSWIRE) — www.sedar.com for full financial results).( and FSE: D7Q1) “Monument” or the “Company” today announced its first quarter of fiscal 2022 production and financial results for the three months ended September 30, 2021. All amounts are expressed in United States dollars (“US$”) unless otherwise indicated (refer to
President and CEO Cathy Zhai commented, “2022 fiscal year is full of challenge and would be rewarding for Monument when the Company stays focused on execution of the corporate strategies. During the quarter, the Selinsing flotation plant construction was kicked off with engineering design near completion, long lead items procured, and the earthworks at site reached 90% completion. The Phase 1 drilling at Murchison was completed by overcoming the shortage of drill rigs. Peranggih continued to provide additional mill feed that helped to sustain the cash flow. The Delays in gold production is anticipated to be caught up after the monsoon season in the third quarter.”
First Quarter Highlights:
- Phase one drilling program completed in Q1 at Murchison Project with 91% assay results received to date;
- Phase 1&2 RC drilling program completed at Peranggih Gold Prospect in Q1 with positive intercept results;
- Selinsing Flotation Plant Project progressing on time in Q1 with 31% completion to date;
- Long lead item contracts awarded to reputable suppliers for Selinsing Flotation Plant Project;
- Selinsing Gold Mine production recovered gradually after the mining ban lifted due to Covid 19 Pandemic;
- 1,423 ounces (“oz”) of gold sold for $2.38 million (Q1, FY 2021: 3,100oz for $5.92 million);
- Average quarterly gold price realized at $1,829/oz (Q1, FY2021: $1,909/oz);
- Cash cost per ounce sold was $1,430/oz (Q1, FY2021: $923/oz);
- Gross margin decreased by 88% to $0.35 million (Q1, FY2021: $3.06 million);
- 1,043oz of gold produced (Q1, FY2021: 3,504oz);
- All-in sustaining cost (“AISC”) increased to $2,052/oz (Q1, FY2021: $1,055/oz).
First Quarter Production and Financial Highlights
|Three months ended September 30,|
|Ore mined (t*)||74,972||81,576|
|Ore processed (t)||156,611||166,432|
|Average mill feed grade (g/t*)||0.54||0.98|
|Processing recovery rate (%)||65.0||%||63.6||%|
|Gold recovery (oz)||1,777||3,343|
|Gold production (1) (oz)||1,043||3,504|
|Gold sold (oz)||1,423||3,100|
|Financial (expressed in thousands of US$)||$||$|
|Gross margin from mining operations||348||3,059|
|Income (loss) before other items||(755||)||1,943|
|Net income (loss)||(1,267||)||138|
|Cash flows provided from operations||23||747|
|Earnings (loss) per share – basic and diluted (US$/share)||(0.00||)||0.00|
|*grams/tonne (“g/t”); tonnes (“t”)|
|Three months ended September 30,|
|Average realized gold price per ounce sold(2)||1,829||1,909|
|Cash cost per ounce (3)|
|Operations, net of silver recovery||20||5|
|Total cash cost per ounce||1,430||923|
|All-in sustaining costs per ounce (4)|
|By-product silver recovery||1||1|
|Accretion of asset retirement obligation||22||11|
|Exploration and evaluation expenditures||11||10|
|Sustaining capital expenditures||551||92|
|Total all-in sustaining costs per ounce||2,052||1,055|
|(1)||Defined as good delivery gold bullion according to London Bullion Market Association (“LBMA”), net of gold doŕe in transit and refinery adjustment.|
|(2)||Monument realized 1,829US$/oz for the three months ended September 30, 2021 which excludes gold prepaid delivered of 723oz for comparison purposes.|
|(3)||Total cash cost per ounce includes production costs such as mining, processing, tailing facility maintenance and camp administration, royalties and operating costs such as storage, temporary mine production closure, community development cost and property fees, net of by-product credits. Cash cost excludes amortization, depletion, accretion expenses, idle production costs, capital costs, exploration costs and corporate administration costs. Readers should refer to section 15 “Non-GAAP Performance Measures”.|
|(4)||All-in sustaining cost per ounce includes total cash costs and adds sustaining capital expenditures, corporate administrative expenses for the Selinsing Gold Mine including share-based compensation, exploration and evaluation costs, and accretion of asset retirement obligations. Certain other cash expenditures, including tax payments and acquisition costs, are not included. Readers should refer to section 15 “Non-GAAP Performance Measures”.|
Q1 2022 Production Analysis
- Q1 2022 gold production was 1,043oz, a 70% decrease as compared to 3,504oz for Q1 2021. The decrease mainly resulted from a large quantity of super low-grade ore being fed into the mill although gold recovery was slightly higher.
- Q1 2022 ore processed decreased to 156,611t from 166,432t for Q1 2021. The decreased mill feed was mainly due to less leachable sulphide ore and old tailings being fed into plant.
- Average mill feed grade was 0.54g/t Au as compared to 0.98g/t Au of Q1 2021. Q1 2022 processing recovery rate increased to 65.0% from 63.6% for Q1 2021. The slight increase in processing recovery rate was mainly due to significant increase in Peranggih oxide materials being processed.
- Q1 2022 cash cost per ounce increased by 55% to $1,430/oz from $923/oz for Q1 2021. This increase was primarily due to a significant reduction in the mill feed grade from 0.98g/t Au to 0.54g/t Au and significantly more low-grade leachable sulphide ore and low-grade Peranggih materials being processed.
- Ore stockpile has reduced mainly due to adverse impact from the delay in blast permit issuance, rainfall in the first quarter and shortage of explosive supplies resulting in a lower mining rate that has yet to return to normal. The covid-19 pandemic has not helped in achieving the target. The Company has devoted its effort to improve the stockpile balance.
Q1 2022 Financial Analysis
- Q1 2022 gold sales generated revenue was $2.38 million as compared to $5.92million from Q1 2021. Gold sales revenue was derived from the sale of 1,423oz (Q1 2021: 3,100oz) of gold at an average realized gold price of $1,829 per ounce (Q1 2021: $1,909 per ounce) and the delivery of 723 oz (Q1 2021: 723 oz at $1,625 per ounce gold equivalent) in fulfilling gold prepaid obligations.
- Q1 2022 total production costs decreased by 29% to $2.04 million as compared to $2.86 million from Q1 2021. Cash cost per ounce increased by 55% to $1,430/oz as compared to $923/oz of the same period last year. The increase was attributable to a 45% decrease in the mill feed grade from 0.98g/t to 0.54g/t but an increase in recovery to 65.0% (Q1 2021: 63.6%) as a result of processing significantly more leachable sulphide ore and other low grade ores.
- Gross margin for Q1 2022 was $0.35 million before operation expenses and non-cash amortization and accretion. That represented an 89% decrease as compared to $3.06 million from Q1 2021. The decrease in gross margin was attributable to significant lower-grade of ore fed, much lower volume of gold sold, and increased cash costs.
- Net loss for Q1 2022 was $1.26 million, or ($0.00) per share as compared to net income of $0.14 million or $0.00 per share from Q1 2021. The net loss was mainly caused by lower operating margins.
- Cash and cash equivalents balance as at September 30, 2021 was $35.57 million, a decrease of $3.05 million from the balance at June 30, 2021 of $38.62 million. As at September 30, 2021, the Company had positive working capital of $44.53 million as compared to that at June 30, 2021 of $48.54 million.
Selinsing Gold Mine
At Selinsing the engineering, procurement, construction and project management (EPCM) progress has reached 31% completion for the flotation plant construction and mine development. 80% of the flotation design work was completed during the first quarter. Civil and structural drawings were completed subsequent to the quarter, and mechanical and piping drawings will be issued for construction by November 2021. All major contracts for long lead items were awarded to suppliers and 90% of the major equipment has been procured at the end of the quarter. Procurement for construction contractors are short listed and tender documents have been distributed.
Flotation construction includes earthworks, civil engineering, structural engineering, mechanical and electrical installation and other associated plant upgrades. Earthworks were initiated in April 2021 and are 90% completed to date. Civil foundation work is scheduled to start in January 2022 and expected to be completed by the end of April 2022.
The flotation pilot plant has been assembled and is successfully running at SGMM research and development laboratory. The pilot plant features a ball mill and classifier, rougher/scavenger flotation cells and three stages of cleaner flotation to replicate the flowsheet of the full-scale flotation plant. The pilot plant will be used for operator training, reagent trials, and for the preparation of concentrate samples for potential customers.
The Tailing Storage Facility (“TSF”) is under expansion to accommodate the new mine life. The construction to raise the current TSF to 540m RL continued during the quarter and is expected to be completed by March 1, 2022
Murchison Gold Project
Murchison Project development is put on hold. The existing processing plant is under care and maintenance and in good condition. It is ready for start-up production with installation of the refurbished plant.
At Peranggih the reverse circulation (“RC”) drilling campaign covering areas of Peranggih Central and South for 3,317m over 68 RC holes was initiated last fiscal year and was completed during the first quarter of fiscal 2022. It was done in two phases: Phase 1 was 34 drill holes for 1,697m and Phase 2 was 34 holes for 1,620m. All assay results for the 3,901 samples were received for analysis up to date, including assay results for 1,681 samples during the quarter ended September 30, 2021. The RC drilling is down 70m deep with space of 20m by 20m following steeply dipping high-grade mineralized structure. Overall, 70% of the designed holes hit gold mineralization above an oxide cut-off (>0.35 g/t Au Au) at relatively shallow depth, 50m below the surface. The results defined wider lower grade mineralization over an 830m long by 60m wide zone.
Fiscal year 2022 started with regional exploration at Murchison Gold Project. A 2-year exploration program and associated periodical rolling budget has been implemented to potentially add significant amount of additional resources to the current resource base. The aim is to establish Murchison as the company’s cornerstone gold project should the Murchison Project be potentially developed into a gold producing mine.
The Phase 1 drill program commenced on July 4th 2021 and was completed on August 21st 2021 at Burnakura. A total of 3,465m for 46 RC holes was finished for the Munro Bore Extension as well as the FLC2 and FLC3 prospects and a total of 10,484m for 349 aircore (“AC”) holes was completed with a focus on high quality structural targets including the Junction exploration target. A combined total of over 6,000 RC and AC samples were sent to ALS Geochemistry, Perth for analysis, of which 91% have been received up to November 2021, subsequent to the first quarter. The results will be announced as soon as the data is fully received and has been interpreted.
( , FSE:D7Q1) is an established Canadian gold producer that owns and operates the Selinsing Gold Mine in Malaysia. Its experienced management team is committed to growth and is also advancing the Murchison Gold Projects comprising Burnakura, Gabanintha and Tuckanarra JV (20% interest) in the Murchison area of Western Australia. The Company employs approximately 200 people in both regions and is committed to the highest standards of environmental management, social responsibility, and health and safety for its employees and neighboring communities.
Cathy Zhai, President and CEO
Suite 1580 -1100 Melville Street
Vancouver, BC V6E 4A6
FOR FURTHER INFORMATION visit the company web site at www.monumentmining.com or contact:
Richard Cushing, MMY Vancouver T: +1-604-638-1661 x102 [email protected]
“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.”
This news release includes statements containing forward-looking information about Monument, its business and future plans (“forward-looking statements”). Forward-looking statements are statements that involve expectations, plans, objectives or future events that are not historical facts and include the Company’s plans with respect to its mineral projects and the timing and results of proposed programs and events referred to in this news release. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. The forward-looking statements in this news release are subject to various risks, uncertainties and other factors that could cause actual results or achievements to differ materially from those expressed or implied by the forward-looking statements. These risks and certain other factors include, without limitation: risks related to general business, economic, competitive, geopolitical and social uncertainties; uncertainties regarding the results of current exploration activities; uncertainties in the progress and timing of development activities; foreign operations risks; other risks inherent in the mining industry and other risks described in the management discussion and analysis of the Company and the technical reports on the Company’s projects, all of which are available under the profile of the Company on SEDAR at www.sedar.com. Material factors and assumptions used to develop forward-looking statements in this news release include: expectations regarding the estimated cash cost per ounce of gold production and the estimated cash flows which may be generated from the operations, general economic factors and other factors that may be beyond the control of Monument; assumptions and expectations regarding the results of exploration on the Company’s projects; assumptions regarding the future price of gold of other minerals; the timing and amount of estimated future production; the expected timing and results of development and exploration activities; costs of future activities; capital and operating expenditures; success of exploration activities; mining or processing issues; exchange rates; and all of the factors and assumptions described in the management discussion and analysis of the Company and the technical reports on the Company’s projects, all of which are available under the profile of the Company on SEDAR at www.sedar.com. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company does not undertake to update any forward-looking statements, except in accordance with applicable securities laws.
Denarius Announces Third Quarter and First Nine Months 2021 Results
TORONTO, Nov. 29, 2021 (GLOBE NEWSWIRE) — Denarius Silver Corp. (“Denarius” or “the Company”) (TSXV: DSLV) announced today that it has filed…
TORONTO, Nov. 29, 2021 (GLOBE NEWSWIRE) — www.denariussilver.com and by reviewing its profile on SEDAR at www.sedar.com. All financial figures contained herein are expressed in U.S. dollars unless otherwise noted.(“Denarius” or “the Company”) ( ) announced today that it has filed its unaudited interim condensed consolidated financial statements and accompanying management’s discussion and analysis (MD&A) for the three and nine months ended September 30, 2021. These documents can be found on its website at
Third Quarter and First Nine Months 2021 Highlights
- Denarius is a junior exploration company currently drilling its Lomero-Poyatos polymetallic deposit located on the Spanish side of the prolific copper rich Iberian Pyrite Belt. The Company also commenced drilling its Guia Antigua silver-gold project in Colombia in mid-2021 and is carrying out an exploration program on the Company’s Zancudo Project in Colombia as part of an earn-in option agreement. Denarius is fully funded to carry out its current exploration campaigns with a cash balance at September 30, 2021 of $18.3 million.
- Denarius was formed through a reverse take over transaction (“RTO Transaction”) in February 2021 and commenced trading on the TSX Venture Exchange (“TSXV”) under the symbol “DSLV” in March 2021. The Company currently has 207.4 million common shares issued and outstanding and has a strong shareholder base with approximately 27% owned by GCM Mining Corp. (formerly, ) ( ) and 19% owned by King Street Capital.
- Initially, the Company focused on two silver-gold exploration projects, the Guia Antigua and Zancudo Projects, both of which are located in high-grade mining districts in Colombia. Concurrently with the closing of the RTO Transaction, 1255269 B.C. Ltd. (a party to the RTO Transaction and the “Guia Antigua Vendor”) completed a private placement financing and the gross proceeds of CA$8.4 million (approximately $6.7 million) were released from escrow to the Company. These funds are being used by Denarius to fund the exploration program at the Guia Antigua Project and for general corporate purposes.
- In April 2021, the Company added its third project (the “Lomero Project”) with the acquisition of a 100% interest in the Investigation Permit Nº 14,977, also identified as Rubia, covering the areas occupied by the former Lomero-Poyatos Concessions and the mine within them in Southern Spain. The Lomero Project has a historical estimate in the inferred category of 20.93 Mt of 3.08 g/t gold, 62.38 g/t silver, 0.90% copper, 0.85% lead and 3.05% zinc that remains open at depth and along strike. In October 2021, the Company commenced a 23,500 meters drilling campaign at the Lomero Project.
- In preparation for the Lomero Project acquisition and the planned exploration program, the Company completed a non-brokered private placement financing in March 2021 of 75,000,000 subscription receipts (the “Subscription Receipts Financing”) at a price of CA$0.45 per subscription receipt for aggregate gross cash proceeds of approximately CA$33.8 million (equivalent to approximately $26.9 million). The Subscription Receipts were converted into common shares and warrants on April 29, 2021. The warrants commenced trading on the TSXV under the symbol “DSLV.WT” in July 2021.
- The Company reported a net loss for the third quarter of 2021 of $0.9 million, or $0.00 per share, compared with net loss of $Nil in the third quarter of 2020, principally reflecting general, administrative and marketing expenses incurred in the third quarter of 2021 as the Company ramps up its activities around its exploration projects. For the first nine months of 2021, the net loss amounted to $17.0 million, or $0.12 per share, compared with net loss of $Nil in the first nine months of 2020. The largest items included in the net loss in the first nine months of 2021 were the $12.9 million one-time charge related to the RTO Transaction in February 2021, $2.4 million of share-based compensation expense associated with stock options granted by the Company under its long-term incentive plan to directors, executive officers, management and consultants, and $1.5 million of general, administrative and marketing expenses.
The Company is currently carrying out 23,500 m of drilling at the Lomero Project with an estimated cost of $4.0 million. The infill drilling program of 15,600 m has been designed to increase the confidence in the estimates to an Indicated Mineral Resources and to aid in the identification of different mineralization styles. The use of orientated core supplemented with televiewer information will increase the confidence in the structural controls on the project and geotechnical and hydrogeological modelling. The campaign will then proceed to conduct a 50×50 meters in-fill drilling program in the lower levels of the same mine. Initial results from the drilling program are expected toward the end of the year.
The Company is also continuing its drilling program at its Guia Antigua Project in Colombia. Assay results are pending from the initial in-fill drillholes and are expected to be announced before the end of the year.
Denarius is a Canadian-listed public company engaged in the acquisition, exploration, development and eventual operation of mining projects in high-grade districts, with its principal focus on the Lomero Project in Spain and the Guia Antigua Project in Colombia. The Company also owns the Zancudo Project in Colombia which is currently being explored by IAMGOLD Corp. pursuant to an option agreement for the exploration and potential purchase of an interest in the project.
Cautionary Statement on Forward-Looking Information
This news release contains “forward-looking information”, which may include, but is not limited to, statements with respect to exploration programs, funding and anticipated business plans or strategies. Often, but not always, forward-looking statements can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or variations (including negative variations) of such words and phrases, or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Denarius to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Factors that could cause actual results to differ materially from those anticipated in these forward-looking statements are described under the caption “Risk Factors” in the Company’s Filing Statement dated as of February 18, 2021 which is available for view on SEDAR at www.sedar.com. Forward-looking statements contained herein are made as of the date of this press release and Denarius disclaims, other than as required by law, any obligation to update any forward-looking statements whether as a result of new information, results, future events, circumstances, or if management’s estimates or opinions should change, or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements.
For Further Information, Contact:
Amarillo to be acquired by Hochschild
TORONTO, Nov. 29, 2021 (GLOBE NEWSWIRE) — Amarillo Gold Corporation (“Amarillo” or the “Company”) (TSXV: AGC, OTCQB: AGCBF) has entered into…
TORONTO, Nov. 29, 2021 (GLOBE NEWSWIRE) —(“Amarillo” or the “Company”) ( , OTCQB: AGCBF) has entered into an agreement (the “Arrangement Agreement”) with Hochschild Mining PLC (“Hochschild”), whereby Hochschild will acquire all of the outstanding shares of Amarillo by way of a plan of arrangement (the “Arrangement”) under the Business Corporations Act (British Columbia). Pursuant to the Arrangement, each share of Amarillo will be exchanged for cash consideration of C$0.40 and one share of a new Brazil-focused exploration company, Lavras Gold Corp. (“Lavras SpinCo”), based in Toronto, Ontario.
Lavras SpinCo will be capitalized with C$10 million cash and will hold all assets and rights with respect the Lavras do Sul gold project (the “Lavras Project”) located in southern Brazil in the state of Rio Grande do Sul.
The cash consideration (not including the value of the Lavras SpinCo shares) represents a premium of 66% over the 20-trading day volume weighted average trading price of the Amarillo shares on the TSX Venture Exchange of C$0.24. The total transaction value is approximately C$164.5 million, excluding Lavras SpinCo’s asset value and C$10 million of cash. It is anticipated that Lavras SpinCo will complete a share consolidation immediately following the completion of the Arrangement.
Highlights of the proposed transactions:
- Cash consideration of C$0.40 per Amarillo share;
- Amarillo shareholders also receive one share of Lavras SpinCo for every Amarillo share held;
- Lavras SpinCo will have C$10 million cash and will hold a stake of the Lavras Project assets; and
- Lavras SpinCo will have a 2% net smelter return royalty over certain of Amarillo’s exploration properties located outside of the current Posse resource and mine plan at Amarillo’s Mara Rosa property.
“This acquisition delivers an immediate and compelling opportunity for our shareholders to monetize their investment in Amarillo at an attractive valuation and significant premium to the current and historical trading price of Amarillo’s shares,” said Mike Mutchler, President and Chief Executive Officer. “The transaction also provides our shareholders with additional value through their continued participation in the future exploration and advancement of the prospective Lavras Project through Lavras SpinCo, where our leadership team will be focussed on unlocking the true value of this project.”
BOARD APPROVAL AND RECOMMENDATION
Following an extensive review and detailed analysis of the proposed Arrangement and the recommendation of the special committee (the “Special Committee”) of the board of directors (the “Board”) of Amarillo, the Board has unanimously: (i) approved the Arrangement and the entering into of the Arrangement Agreement; (ii) determined that the Arrangement is in the best interests of Amarillo and is fair, from a financial point of view, to Amarillo’s shareholders, and (iii) determined to recommend that Amarillo’s shareholders vote in favour of the Arrangement.
Research Capital Corporation acted as advisor to the Special Committee and has provided its verbal fairness opinion (the “Fairness Opinion”) to the Special Committee and the Board that, as of the date of the Fairness Opinion, and subject to the limitations, qualifications and assumptions disclosed to the Special Committee and the Board in connection therewith, the consideration to be received by Amarillo’s shareholders pursuant to the transaction is fair, from a financial point of view to Amarillo’s shareholders. The full text of the written Fairness Opinion, which describes the assumptions made, procedures followed, matters considered and limitations and qualifications on the review undertaken, will be included in Amarillo’s management information circular.
The Arrangement is subject to the approval of the Amarillo shareholders. A special meeting of the Amarillo shareholders is expected to be held in early 2022 to consider the Arrangement, with an information circular to be mailed to Amarillo shareholders prior to the meeting.
Directors and officers of Amarillo who collectively hold 6.51% of the outstanding shares of Amarillo have entered into voting and support agreements with Hochschild, supporting the Arrangement, pursuant to which they have agreed to vote their shares held in favour of the approval of the Arrangement at the meeting.
In addition, Eric Sprott, through 2176423 Ontario Ltd., a corporation which is beneficially owned by him, and Baccarat Trade Investments Limited, which beneficially hold 68,300,000 and 76,099,500 shares (representing 17.69% and 19.71% of the outstanding shares), respectively, have also entered into similar voting and support agreements with Hochschild supporting the Arrangement.
Subject to the satisfaction of all of the conditions to closing set out in the Arrangement Agreement, it is anticipated that that the Arrangement will close in the first quarter of 2022. Conditions to closing under the Arrangement Agreement include, among other matters, receipt of all required regulatory and stock exchange approvals, receipt of required court approvals, receipt of approval from the shareholders of Amarillo and Hochschild and the absence of material adverse changes respecting Amarillo.
ARRANGEMENT AGREEMENT TERMS
The Arrangement Agreement contemplates a reciprocal expense reimbursement/non-completion fee of C$2.5 million payable if the required shareholder approval is not obtained or on the occurrence of certain other circumstances. In addition, the Arrangement Agreement provides for a termination fee of C$5 million payable by Amarillo to Hochschild in the event that the Arrangement is not completed or is terminated by Amarillo or Hochschild in certain circumstances, including if Amarillo enters into an agreement with respect to a superior proposal or if the Board, in certain circumstances, withdraws or modifies its recommendation with respect to the Arrangement. The Arrangement Agreement also provides for customary non-solicitation covenants, subject to customary “fiduciary out” provisions entitling Amarillo to consider and accept a superior proposal and a right in favor of Hochschild to match any superior proposal.
A copy of the Arrangement Agreement will be filed by Amarillo on SEDAR and will be reviewable under Amarillo’s profile at www.sedar.com.
The Arrangement is a culmination of Amarillo’s exploration and development successes in Brazil. Amarillo’s management views the Arrangement as an opportunity for its shareholders to realize value for a large portion of Amarillo’s assets, at an attractive premium to the recent market performance of its shares and other metrics, while continuing to participate directly in the upside of Lavras SpinCo’s planned exploration at the Lavras Project in Brazil. Lavras SpinCo is expected to be well-capitalized at inception with significant cash, no debt, and led by Amarillo’s current management team.
As part of the Arrangement, Lavras SpinCo will be capitalized with C$10 million in cash and Amarillo’s current interests in the Lavras Project. Lavras SpinCo’s vision is to be a leading independent exploration and production company in Brazil, maximizing shareholder value by bringing its disciplined exploration approach to the Lavras Project and other potential opportunities.
ADVISORS AND COUNSEL
Research Capital Corporation acted as advisor to the Special Committee and Amarillo engaged Osler, Hoskin & Harcourt LLP and Irwin Lowy LLP as its legal counsel in connection with the Transaction. Hochschild has engaged RBC Capital Markets as its financial advisor, sole sponsor and corporate broker, Stikeman Elliott LLP as its Canadian legal counsel, Pinheiro Neto Advogados as its Brazilian legal counsel, and Linklaters LLP as its UK legal counsel in connection with the Transaction.
A webcast will be held at 10:00 a.m. Toronto time on November 30, 2021 for investors and analysts.
Register at: https://my.6ix.com/paColcfT
Amarillo is advancing two gold projects located near excellent infrastructure in mining-friendly states in Brazil. The development stage Posse Gold Project is on the Company’s Mara Rosa Property in Goiás State. It has a positive definitive feasibility study that shows it can be built into a profitable operation with low costs and a strong financial return. Mara Rosa also shows the potential for discovering additional near-surface deposits that will extend Posse’s mine life beyond its initial 10 years. The exploration stage Lavras do Sul Project in Rio Grande do Sul State has more than 23 prospects centered on historic gold workings.
|Mike Mutchler||Annemarie Brissenden|
|President & CEO||Investor Relations|
|[email protected]||[email protected]amarillogold.com|
Neither the TSX Venture Exchange nor its Regulation Services Provider (as defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of the content of this news release.
FORWARD-LOOKING STATEMENTS AND CAUTIONARY LANGUAGE
Certain information provided in this news release constitutes forward‐ looking statements. Specifically, this press release contains forward‐looking statements relating to: (i) the anticipated timing of the Amarillo shareholder meeting to approve the Arrangement, (ii) the anticipated timing of the closing of the Arrangement, the exploration and development prospects of Lavras SpinCo, and (iv) planned exploration and development activities of Lavras SpinCo.
The forward‐looking statements are based on certain key expectations and assumptions. With respect to the anticipated timing of the Amarillo shareholder meeting, these include expectations and assumptions concerning the time required to convene the meeting and complete and mail the related information circular. With respect to the anticipated timing of the closing of the Arrangement, these include expectations and assumptions with respect to the timely receipt of all required court, shareholder and regulatory approvals and the satisfaction of all other conditions to the closing of the Arrangement. With respect to the remaining forward-looking statements, these include expectations and assumptions concerning the availability of capital, the success of future drilling and development activities, Lavras SpinCo’s contractual rights, prevailing commodity prices and economic conditions, the availability of labour and services, the ability to transport and market production, timing of completion of infrastructure and transportation projects, weather and access to drilling locations.
Although Amarillo believes that the expectations and assumptions on which the forward-looking statements are based are reasonable at the time of preparation, undue reliance should not be placed on the forward-looking statements as Amarillo can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. With respect to the timing of the completion of the Arrangement, these include risks that the required court, shareholder and regulatory approvals are not obtained on a timely basis, on terms acceptable to the parties or at all and risks that other conditions to the completion of the Arrangement are not satisfied. There is no guarantee that the Arrangement will close at the anticipated time or at all. With respect to the exploration and development prospects of Lavras SpinCo, the planned exploration and development activities of Lavras SpinCo and such factors and risks include, but are not limited to: general economic, market and business conditions; fluctuations in commodity prices; the test results and performance of exploration and development drilling, fluctuation in foreign currency exchange rates; the uncertainty of historic resource estimates and estimates of the value of undeveloped land; changes in environmental and other regulations; risks associated with mineral operations; and other factors, many of which are beyond the control of Amarillo. These and other risks are described further in Amarillo’s most recently filed management discussion and analysis and its annual information form for the year ended December 31, 2019, which have been filed on SEDAR and may be reviewed under Amarillo’s profile at www.sedar.com.
The forward-looking statements contained in this press release are made as of the date hereof. Except as may be required by applicable securities laws, Amarillo assumes no obligation to publicly update or revise any forward‐looking statements made herein or otherwise, whether as a result of new information, future events or otherwise.
This news release shall not constitute an offer to sell or a solicitation of an offer to buy any securities and shall not constitute an offer, solicitation or sale in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful. The securities to be distributed pursuant to the Arrangement have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the U.S. Securities Act and applicable state securities laws. The securities to be distributed pursuant to the Arrangement will be offered and sold in the United States pursuant to the exemption from registration set forth in Section 3(a)(10) of the U.S. Securities Act and similar exemptions under applicable state securities laws.
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