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Drilling at Star of the East Project Begins
Star Minerals Limited (ASX: SMS, “the Company” or “Star Minerals”) is pleased to advise that it has mobilised to site and commenced an initial Reverse Circulation (RC) drilling program to explore the potential gold mineralisation and add to the Company’s knowledge of the geology and grade characteristics of its recently optioned Star of the East gold project.
HIGHLIGHTS
- Star Minerals commences initial reconnaissance drilling at the recently optioned Star of the East project1
- 300m drill program initiated to explore and expand on the historical drilling and mining data
- Drill targeting to explore for potential gold mineralisation based on the historical gold production
Star of the East is an historic high-grade gold mine in the Murchison, first mined in 1897 after discovery by prospectors. The tenement E51/1561 contains remnant evidence of this historic work, including an old shaft. Records indicate that the mine produced around 27,700oz gold1, working along a main lode down to approximately 50m depth.
Star of the East lies only 2.2km from Star Minerals’ Tumblegum South gold project, containing a reported Inferred Resource estimate of 600kt, at a grade of 2.2 g/t Au2.
As initially stated in its IPO prospectus, Star Minerals has remained open to acquiring new assets to build on its inventory. The location of Star of the East is easily supported using the infrastructure and relationships the Company has put in place to work on Tumblegum South. Star Minerals’ timely drilling program at Star of the East demonstrates how the Company is well placed to rapidly examine potential acquisitions to contribute towards improved shareholder value.
The Company’s maiden drilling at Star of the East has been designed to provide further information on the mineralised structures that are present in the area. This work has been designed with the benefit of the results from the Company’s earlier drilling at Tumblegum South, which shares much of the geology and mineralisation styles believed to be present at Star of the East.
Click here for the full ASX Release
This article includes content from Star Minerals, 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.
Star Minerals: Rapidly Moving Towards Production in Western Australia
5 Top Weekly TSXV Stocks: Gold Stocks Gain as Metal Soars Above US$2,200
The S&P/TSX Venture Composite Index (INDEXTSI:JX) gained 1.41 points last week to close at 552.31.
At its latest meeting this past Tuesday (March 19) and Wednesday (March 20), the US Federal Reserve decided to continue holding its benchmark interest rate at 5.25 to 5.5 percent. Chair Jerome Powell indicated that before it begins reducing rates, the central bank wants to see more data showing inflation is moving toward its 2 percent target.
He also said the Fed is still anticipates three cuts before the end of 2024, but declined to say when they will begin.
Markets responded positively to the announcement, as did gold, which traded above the US$2,200 per ounce mark through much of the trading session on Wednesday and into Thursday (March 21).
The gold price has since retreated from these highs on the back of data such as housing starts for February, which rose 10.7 percent over January. The news helped push the US Dollar Index to a monthly high of 104.64 on Friday (March 22).
Statistics Canada released Consumer Price Index figures this past Tuesday. They show inflation is continuing its downward trend, with a year-on-year increase of 2.8 percent in February versus January’s 2.9 percent. Inflation has now come in below expectations for the second month in a row, solidifying predictions that rate cuts will come in mid-2024.
Against that backdrop, how did TSXV-listed mining stocks perform? Here are the five top gainers this past week.
1. Awalé Resources (TSXV:ARIC)
Weekly gain: 113.89 percent; market cap: C$21.92 million; current share price: C$0.385
Awalé Resources is a copper and gold explorer focused on its Odienné project in Côte D’Ivoire.
The site, located in the country’s northwest, covers an area of 2,462 square kilometers across two granted permits and five under application; two are being advanced as part of an earn-in joint venture with Newmont (TSX:NGT,NYSE:NEM). Newmont has the chance to earn up to 65 percent ownership of the permits via exploration expenditures of US$15 million.
Awalé's most recent news came on Monday (March 18), when it announced it has encountered multiple high-grade intercepts at the BBM target at Odienné, including 2.5 grams per metric ton (g/t) gold equivalent over 44 meters from 131 meters downhole. In its press release, the company said a follow-up drill program will begin in April, and that assay results from the asset's Charger target are expected soon.
Shares of Awalé saw strong gains this past Wednesday alongside the surging gold price.
2. Hannan Metals (TSXV:HAN)
Weekly gain: 64 percent; market cap: C$39.39 million; current share price: C$0.41
Explorer Hannan Metals is focused on advancing gold, silver and copper deposits in Latin America.
The San Martin project is a joint venture with the Japan Organization for Metals and Energy Security (JOGMEC), a Japanese government agency established in 2004 to secure stable resources and fuel supplies. Under the terms of the agreement, JOGMEC can earn up to a 75 percent stake in the project if all its funding goals are met.
The site is located northeast of Tarapoto, Peru, and hosts a copper and silver system with 120 kilometers of combined strike. Exploration has shown grades at the Tabalosos target of 4.9 percent copper and 62 g/t silver over 2 meters.
In addition to the JOGMEC joint venture, Hannan owns a separate copper and silver project in the San Martin region that consists of 27 mining concessions over 267 square kilometers. The company’s third project, located 300 kilometers from the San Martin sites, is the Valiente project, which hosts a previously unknown porphyry and epithermal mineralized belt within a 140 kilometer by 50 kilometer area containing copper, gold, molybdenum and silver.
This past Wednesday, Hannan said it has discovered a new style of sediment-hosted copper-silver mineralization at San Martin. Highlights include 3.1 percent copper and 65 g/t silver over 5.8 meters from surface channel sampling.
3. Compass Gold (TSXV:CVB)
Weekly gain: 53.85 percent; market cap: C$10.92 million; current share price: C$0.10
Compass Gold is advancing its Sikasso property in Mali into a small-scale mining operation.
The site consists of a 1,176 square kilometer land package that hosts four primary gold trends. To date, the company has completed 44,206 meters of drilling at the property; it has confirmed bedrock mineralization and identified four areas with open-pit mining potential: Tarabala, Massala West, Farabakoura and Samagouela.
The most recent news from Compass came on February 5, when the company said that assay results from initial trenches completed at the Massala target in September had encountered grades of 4.13 g/t gold over 20 meters, including an intersection of 19.19 g/t gold over 4 meters.
4. Strikepoint Gold (TSXV:SKP)
Weekly gain: 41.67 percent; market cap: C$17.1 million; current share price: C$0.085
Strikepoint Gold is a gold exploration company with a portfolio of assets located in BC, Canada, and Nevada, US.
Its Cuperite project in Nevada is located on the Walker Lane Gold Trend and is near Allegiant Gold’s (TSXV:AUAU,OTCQX:AUXXF) Eastside project, which hosts a 1.4 million ounce gold resource. This past Tuesday, Strikepoint said it has commenced drilling at Cuperite, and anticipates a 5,000 meter program across seven to 10 holes.
Strikepoint’s Canadian operations consist of the Willoughby and Porter projects, located in Northern BC; however, the company has not released news from these assets since the end of 2022.
In addition to its update from Cuperite, the company also reported this past Monday that it has closed the final tranche of a private placement, raising gross proceeds of C$2 million over two rounds. It will use the money primarily for activities at Cuperite, with additional funds going to claim maintenance, general working capital and other expenses.
5. Golconda Gold (TSXV:GG)
Weekly gain: 33.33 percent; market cap: C$17.11 million; current share price: C$0.26
Golconda Gold is a gold production company with mining operations in South Africa and New Mexico, US.
The company acquired the Galaxy mine near Barberton, South Africa, in 2015. It is one of the oldest mines in the country. Golconda expanded its mining holdings again in May 2021, when it acquired the Summit mine and Banner mill located in Grant County, New Mexico. The site has hosted mining activities since the late 1800s.
In its most recent financial and operating results, which were released in November 2023, Golconda indicated that through the first three quarters of 2023 it produced 5,025 ounces of gold from the two operations. During the third quarter, it generated revenue of US$3 million from the sale of 1,814 contained ounces of gold.
The company saw gains this week along with the surging gold price.
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 March 22, 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.
Editorial Disclosure: Awalé Resources is a client of the Investing News Network. This article is not paid-for content.
Managing Director Appointment Update
Siren Gold Limited (ASX: SNG) (Siren or the Company) refers to the announcement dated 26 February 2024 in respect to the appointment of Mr Victor Rajasooriar as Managing Director and Chief Executive Officer of the Company effective 2 April 2024.
Enclosed with this announcement are the material terms and conditions of Mr Rajasooriar’s appointment.
This announcement has been authorised by the Board of Siren Gold Limited.
Click here for the full ASX Release
This article includes content from Siren 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.
Compelling Scoping Study for Jasper Hills Gold Project
Brightstar Resources Limited (Brightstar or the Company) (ASX: BTR) is pleased to announce the results of a positive Scoping Study for the Jasper Hills Gold Project located in WA’s eastern Goldfields region.
Highlights:
- Positive mine restart study completed for the staged development of the Jasper Hills Gold Project (Jasper Hills) south of Laverton, Western Australia
- Initial mine production target of approximately 2.4Mt @ 1.84g/t Au for 141,958 oz mined over approximately 3.75 years
- Average recovered ounces of ~35koz per annum, with strong potential to increase production profile and mine life
- Total project pre-production capital costs of approximately $12.0 million
- Rapid restart with first gold within six months of final investment decision
- Study highlights robust financials and a competitive cost profile utilising conservative pricing assumptions (gold price of A$3,000/oz) and current cost environment:
- Net Present Value (unlevered, pre-tax, 8%) of approximately A$99.0 million
- Pre-tax internal rate of return of approximately 736%
- Payback period of approximately 9 months, with this period underpinned by 100% of material processed being Measured and Indicated classified ounces
- All-In Sustaining Costs (AISC) of approximately A$1,972/oz
- Jasper Hills is wholly-owned by Linden Gold, which is the subject of a Board-recommended off- market takeover offer by Brightstar
- Jasper Hills is located 50km SE of Brightstar’s processing infrastructure, and will, subject to final feasibility studies, permitting and approvals and final investment decision, support Brightstar’s ambition of becoming a meaningful WA gold producer
Brightstar’s Managing Director, Alex Rovira, commented“It is pleasing to announce the results of a scoping study into the Jasper Hills Gold Project, located only 50km from Brightstar’s wholly-owned processing facilities linked by established haul roads. The study outlines an attractive pathway to cashflow, featuring a low-capital approach with approximately $12 million in pre-production funding required to commence operations at Jasper Hills, with the high-grade Fish underground deposit able to generate ore within six weeks of portal establishment.
Furthermore, the Study outlines a readily deliverable 4 year LOM plan which complements Brightstar’s existing Scoping Study released in September 2023, which if combined will result in Brightstar becoming a meaningful gold producer in the WA Goldfields in conjunction with our existing projects at Menzies and Laverton combining to organically build to a 100kozpa gold producer.
The staged mined development has been optimised to minimise up-front capital costs, utilising operational cash flow to self-fund the larger cutbacks at Lord Byron generating high tonnage, baseload open pit ore feed to nearby processing facilities. The mine plan has been designed to minimise risks associated with ramp up and deliver a profitable gold producer in WA with significant upside to expand on the production profile and mine life.
In parallel with our efforts of combining the Brightstar and Linden Gold assets into a larger Pre-Feasibility Study, we continue to advance exploration efforts across the portfolio with the intent of finding additional ounces to add to the mine plan. We look forward to continuing our dual focus of development and exploration in the Goldfields, and building WA’s next meaningful gold producer”.
Click here for the full ASX Release
This article includes content from Brightstar Resources, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Logical Consolidation to Create a Growing West Australian Gold Producer
Merger of Brightstar Resources Limited and Linden Gold Alliance Limited
This presentation (Presentation) regarding the merger of Brightstar Resources Limited (Brightstar or the Company) and Linden Gold Alliance Limited (Linden) has been prepared by Brightstar and has been authorised for release by the Board of Directors of Brightstar on the basis it is to be read in conjunction with the Key Risks in Appendix 8 and these important notices and disclaimers.
JORC (2012) Compliance Statement
Brightstar Mineral Resources
- This presentation contains references to Brightstar’s JORC (2012) Mineral Resources, extracted from the ASX announcements titled “Maiden Link Zone Mineral Resource Estimate” dated 15 November 2023, “Cork Tree Mineral Resource Upgrade Delivers 1Moz Group MRE” dated 23 June 2023 and “Auralia Review” dated 10 September 2020, and ASX announcements for Kingwest Resources Limited titled, "High grade drilling results and high grade resource estimation from the Menzies Goldfield” dated 13 December 2022 and "Menzies JORC gold resources surpass 500,000 ounces" dated 26 April 2022.
- Brightstar confirms that it is not aware of any new information or data that materially affects the information included in the previous market announcements and that all material assumptions and technical parameters underpinning the estimates continue to apply and have not materially changed.
Linden Mineral Resources
- This Presentation contains references to Linden’s JORC (2012) Mineral Resources, as reported in the announcement released by Brightstar on 25 March 2024 titled “Brightstar makes Recommended Takeover Offer for Linden Gold Alliance Limited”.
- The Company confirms that the material assumptions and technical parameters disclosed in the announcement continue to apply and have not materially changed. Brightstar confirms that it is not aware of any new information or data that materially affects the information included in the previous market announcements and that all material assumptions and technical parameters underpinning the estimates continue to apply and have not materially changed.
Scoping Study Cautionary Statement
Menzies and Laverton Gold Project Mine Restart Study
- The production targets and forecast financial information disclosed in this Presentation in relation to the Menzies and Laverton Gold Project Mine Restart Study are extracted from the Company’s ASX announcement titled “Menzies and Laverton Gold Project Mine Restart Study” dated 6 September 2023. All material assumptions underpinning the production targets and forecast financial information derived from the production targets in the previous announcement continue to apply and have not materially changed.
Jasper Hills March 2023 Scoping Study (“Jasper Hills Scoping Study”, released 25 March 2024)
- The production targets and forecast financial information disclosed in this Presentation in relation to the Jasper Hills March 2023 Scoping Study are extracted from the Company’s ASX announcement titled “Jasper Hills March 2023 Scoping Study” dated 25 March 2024. All material assumptions underpinning the production targets and forecast financial information derived from the production targets in the previous announcement continue to apply and have not materially changed.
- The Company considers that the material assumptions underpinning the production targets at the Menzies and Laverton Gold Project Restart Study and Jasper Hills Scoping Study are not adversely affected by the Company’s proposal to develop both projects sequentially, as set out in slide 8. The Company intends to investigate the joint development under an integrated feasibility study.
Currency
- Unless otherwise stated, all dollar values in this Presentation are reported in Australian dollars.
Click here for the full ASX Release
This article includes content from Brightstar Resources, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Brightstar Makes Recommended Takeover Offer for Linden Gold Alliance Limited
Brightstar Resources Limited (ASX:BTR) (Brightstar) and unlisted Linden Gold Alliance Limited (Linden) are pleased to announce that they have entered into a Bid Implementation Agreement (BIA), pursuant to which Brightstar will acquire all of the issued ordinary shares and options in Linden via an unanimously recommended off-market scrip takeover offer (Offer).
Highlights:
- Brightstar Resources Limited (Brightstar) to acquire Linden Gold Alliance Limited (Linden) via unanimously recommended off-market scrip takeover offer (Offer)
- Linden is a gold producer, developer and explorer with existing mineral resources of 350koz @ 2.1g/t Au1 near Brightstar in the Laverton district
- Under the Offer, Linden securityholders are to receive 6.9 Brightstar shares for every 1 Linden share held and 6.9 Brightstar options for every 1 Linden option held, equating to an implied Offer price of 11.04 cents per share2
- The Offer implies an undiluted equity value for Linden of approximately $23.7 million3
- Linden’s Directors unanimously recommend Linden shareholders accept the Offer, in the absence of a superior proposal
- Linden Directors representing 13.2% and Linden’s major shareholders, including St Barbara Limited (St Barbara), representing approximately 67.3% have signed pre-bid agreements with Brightstar or have signed intention statements to accept the Offer in respect of all current Linden shares and Linden options they own and control, in each case in the absence of a superior proposal
- The Offer is subject to conditions including a minimum 90% acceptance condition by the Linden shareholders and Linden optionholders
- Brightstar has entered into a trading halt to raise up to A$12.0 million at A$0.014 per share via a two-tranche placement (Placement), which is not subject to the Offer being successful
- Strong cornerstone support from Brightstar and Linden’s major shareholders Collins Street Asset Management and St Barbara for a total $4.3 million of the Placement.
- Mining investment house Lion Selection Group (ASX:LSX) have committed to $2 million in the Placement to become a Brightstar shareholder
- Linden Directors Andrew Rich and Ashley Fraser to be appointed as Executive Director and Non-Executive Director respectively of Brightstar at successful completion of the Offer
- Highly regarded natural resources industry professional Richard Crookes will join the Board of Directors as Independent Non-Executive Chairman subject to the successful completion of the Offer.
- Strengthened pro forma balance sheet ($22m cash and nil debt) provides operational flexibility and allows Brightstar to fast-track the development for the enlarged portfolio of assets
- Brightstar to assume the deferred consideration obligations to the vendors of Lord Byron Mining Pty Ltd to Linden and the contingent payment obligations to St Barbara
- The combination of Linden and Brightstar will create a gold producer and development company with a material resource base that supports our strategy of becoming a mid-tier gold producer
Under the terms of the Offer, each Linden Shareholder will receive 6.9 Brightstar shares for every one Linden share held (Exchange Ratio).
The unlisted options held by the Linden optionholders, if not exercised into ordinary shares before the Offer closes, will be exchanged for unlisted options in Brightstar (having various exercise prices between nil and of $0.036 per option and expiry date of 25 February 2025 (Brightstar Options)) on comparable terms, applying the Exchange Ratio under the Offer.
Following implementation of the Offer, shareholders of Brightstar and Linden will hold 62% and 38%, respectively. The Offer implies an undiluted equity value for Linden of approximately $23.7 million.
SUPPORT FROM LINDEN DIRECTORS AND MAJOR SHAREHOLDERS
Linden’s Directors have unanimously recommended that Linden shareholders and optionholders accept the Offer, in the absence of a superior proposal.
All of the Directors of Linden intend to accept or procure the acceptance of any Linden shares (representing 13.2% of Linden’s current shares on issue) and options (representing 2.5% of Linden’s current options on issue) that they own or control, in the absence of a superior proposal.
St Barbara has entered into a pre-bid acceptance agreement with Brightstar under which it has agreed to accept the Offer in respect of its existing 19.8% holding in Linden, in the absence of a superior proposal.
Furthermore, Linden major shareholders and their associated entities (Mako Mining Pty Ltd (Mako), Mine Trades and Maintenance – Electrical Pty Ltd (MTM) and Blue Capital Equites Pty Ltd (BCE)) have each separately advised the Linden Board that they intend to accept the Offer in the absence of a superior proposal (representing a further 47.5% of Linden’s current shares on issue and detailed in Annexure A).
Click here for the full ASX Release
This article includes content from Brightstar Resources, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Brightstar Resources Limited (ASX: BTR) – Trading Halt
Description
The securities of Brightstar Resources Limited (‘BTR’) will be placed in trading halt at the request of BTR, pending it releasing an announcement. Unless ASX decides otherwise, the securities will remain in trading halt until the earlier of the commencement of normal trading on Wednesday, 27 March 2024 or when the announcement is released to the market.
Issued by
ASX Compliance
Click here for the full ASX Release
This article includes content from Brightstar Resources, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
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