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Quarterly Report For The Period Ended 31 December 2021
Highlights
- Hualilan Gold Project - San Juan, Argentina
- Continued to return outstanding results with 83 holes completed and 10 extended for 30,170 metres during the Quarter with results significantly expanding mineralisation.
- On track to complete the remaining 67,000 metres of drilling in the next 5 months with 9 rigs programmed to be on site during the remainder of this program.
- Next round of drilling at Sentazon returned best result received at Hualilan on a gram x metres basis breaking the previous record from DDH-71 (10.0m at 39.7 g/t AuEq), by more than 50%.
- 63.3m at 9.8 g/t AuEq2 - 8.5 g/t Au, 7.9 g/t Ag, 2.9% Zn from 108.3m including; 24.1m at 23.3 g/t AuEq2 - 20.4 g/t Au, 15.9 g/t Ag, 6.2% Zn from 113.60m and; 1.9m at 17.2 g/t AuEq2 - 13.5 g/t Au, 23.1g/t Ag, 7.8% Zn from 168.7m (GNDD-378).
- Continued to return outstanding results with 83 holes completed and 10 extended for 30,170 metres during the Quarter with results significantly expanding mineralisation.
- The first holes drilled with the portable rig targeting up-dip extensions of the high-grade mineralisation in the Hualilan Hills returned outstanding results including:
- 5.0m at 19.9 g/t AuEq2 - 17.3 g/t Au, 30.1 g/t Ag, 5.1% Zn from 15.0m including; 3.0m at 32.5 g/t AuEq2 - 28.2 g/t Au, 49.8 g/t Ag, 8.3% Zn (GNDD-397).
- 5.4m at 28.7 g/t AuEq2 - 28.6 g/t Au, 11.1 g/t Ag from 24.4m inc 2.4m at 60.2 g/t AuEq2 - 60.0 g/t Au, 20.4 g/t Ag from 26.0m within 67.6m at 2.6 g/t AuEq2 - 2.5 g/t Au, 2.6 g/t Ag from 24.4m (GNDD-434)
- Drilling on the Magnata Fault extended the high-grade Magnata Fault mineralisation to 520 metres strike and 500 metres vertically with mineralisation still open in all directions.
- 4.2m at 16.1 g/t AuEq2 - 10.4 g/t Au, 61.5g/t Ag, 11.4% Zn from 330.8m (GNDD-370)
- 4.0m at 16.9g/t Au from 240.0m (silver and base metal results pending) (GNDD-416).
- Drillhole GNDD-450 testing the prognosed position of the Verde Zone across the Magnata Fault approximately 400 metres south of the known Verde mineralisation intercepted:
- 97.8m at 2.2 g/t AuEq2 - 1.7 g/t Au, 11.9g/t Ag, 0.9% Zn from 313.5m including
16.8 at 9.7 g/t AuEq2 - 7.1 g/t Au, 50.7 g/t Ag, 4.4% Zn from 376.2m including
4.8m at 30.0 g/t AuEq2 - 21.6 g/t Au, 9.3 g/t Ag, 0.2% Zn from 376.2 (GNDD-450)
- El Guayabo/Colorado V Gold/Copper Projects - El Oro, Ecuador
- First drill hole in 100% owned El Guayabo concession in Ecuador has intersected significant Au-Cu-Ag-Mo mineralisation over 784 metres from 16.2m to the end of the hole at 800.5m.
- 784.3m at 0.4 g/t AuEq2 - 0.2 g/t Au, 1.6 g/t Ag, 0.1 % Cu from 16.2m including; 380.5m at 0.5 g/t AuEq2 - 0.3 g/t Au, 2.0 g/t Ag, 0.1 % Cu from 167.5m including; 188.5m at 0.6 g/t AuEq2 - 0.4 g/t Au, 2.3 g/t Ag, 0.1 % Cu from 359.5m including; 21.0m at 1.1 g/t AuEq2 - 0.8 g/t Au, 3.0 g/t Ag, 0.2 % Cu, from 403.0m and30.0m at 1.1 g/t AuEq2 - 0.8 g/t Au, 2.6 g/t Ag, 0.2 % Cu, from 468.5m (Drillhole GYDD-21-001 with the hole ending in mineralisation)
- First drill hole in 100% owned El Guayabo concession in Ecuador has intersected significant Au-Cu-Ag-Mo mineralisation over 784 metres from 16.2m to the end of the hole at 800.5m.
CORPORATE
The Company has allotted the final 4 million of the 18 million shares under the acquisition agreement to complete the 100% acquisition of the El Guayabo Project in Ecuador.
Click here for the full ASX Release
This article includes content from Challenger Exploration, 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.
9 Arrests Made in Canada’s Largest Gold Heist
Nine men have been arrested and more than 19 charges laid after an incident last year.
The exploit, which has been described as Canada’s largest gold heist and the sixth largest in the world, was elaborately planned and included a 5 metric ton truck, as well as rudimentary smelting equipment.
According to the police, the shipment of 6,600 gold bars (400 kilograms) valued at C$20 million, plus C$2.1 million in foreign currency, was en route to an undisclosed refinery in Switzerland.
The cargo arrived for a layover on board an Air Canada (TSX:AC,OTCQX:ACDF) flight at Toronto’s Pearson International Airport on April 17, 2023, at 3:56 p.m. EDT. At approximately 7:00 p.m. EDT, one of the suspects arrived in a 5 metric ton truck at a secure cargo warehouse in possession of an Air Canada-printed airway bill.
"The airway bill was for a legitimate shipment of seafood that was picked up the day before,” said Detective Sergeant Mike Mavity. “This duplicate airway bill was printed off from a printer within Air Canada cargo.”
When Brink's (NYSE:BCO) arrived at the airport to pick up the shipment, it was found to be missing. The police were contacted in the wee hours of the morning on April 18, 2023, and an investigation dubbed Project 24K ensued.
In the year since, nine people have been charged, one a former employee of Air Canada.
Warrants have been issued for an additional three men, one of whom is also a former employee of Air Canada.
The inclusion of two former airport employees prompted police to call the heist “an inside job.”
Peel Police Chief Nishan Duraiappah also noted that one of the suspects who was employed by Air Canada at the time of the theft provided police with a tour of the facility in the early days of the investigation.
On hand during the media briefing was a special agent from the US Bureau of Alcohol, Tobacco and Firearms.
Eric DeGree, special agent in charge, recounted how the suspected getaway driver, Durante King-Mclean, was pulled over in the state of Pennsylvania in the autumn of 2023. King-Mclean fled the scene on foot and his rented vehicle was searched. The search uncovered 65 firearms that were believed to be headed to Canada.
The investigation recovered six pure gold bracelets with an estimated value of C$90,000.
An additional three warrants remain outstanding.
In late 2023, Brink's filed a lawsuit against Pearson International Airport and Air Canada regarding the theft. The lawsuit alleges negligence on the part of the airport and airline, claiming they failed to secure the cargo.
In its response, Air Canada claims Brink's did not obtain insurance for the cargo or disclose its true value.
Don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Georgia Williams, hold no direct investment interest in any company mentioned in this article.
Sarama Completes Second and Final Tranche of Placement
Funds raised will be used to sustain Sarama while it focuses on maximising value from its existing asset base in Burkina Faso, advancing potential opportunities outside Burkina Faso and to fund administration and general working capital costs
Sarama Resources Ltd. (“Sarama” or the “Company”) (ASX:SRR, TSX-V:SWA) is pleased to report that on 17 April 2024, it completed the previously announced A$520,000 equity placement (the “Placement”) (refer to Sarama news releases dated 18 December 2023 and 22 December 2023).
The second and final Tranche of the Placement raised aggregate gross proceeds of A$50,000 with the Company issuing 2,500,000 Chess Depository Instruments (“CDIs”) at an issue price of A$0.02 per CDI to a director, Mr Andrew Dinning. The issuance of the CDIs to Mr Dinning was subject to shareholder approval, as required by the Australian Securities Exchange (“ASX”) Listing Rules, which was obtained at a special meeting held on 11 April 2024. Each new CDI issued under the Placement will rank equally with existing CDIs on issue and each CDI will represent a beneficial interest in 1 common share of the Company.
Tranche 1 of the Placement, completed on 22 December 2023, raised aggregate gross proceeds of A$470,000 with the Company issuing 6,000,000 common shares and 17,500,000 CDIs (the CDIs and together with the common shares, the "Securities") at an issue price of A$0.02 per Security.
Members of Sarama's Board and Management subscribed for an aggregate 6,250,000 CDls in the Placement.
Each of the directors and officers who participated in the Placement is a "related party" of the Company within the meaning of that term in Canadian Multilateral Instrument 61-101 - Protection of Minority Shareholders in Special Transactions ("MI 61-101"). Participation by them in the Placement is therefore a "related party transaction" within the meaning of MI 61-101. Pursuant to Section 5.5(a) and 5.7(1)(a) of MI 61-101, the Company was exempt from obtaining a formal valuation and minority approval of the Company's shareholders in respect of the Placement due to the fair market value of their participation being below 25% of the Company's market capitalization for the purposes of MI 61-101. The Company filed material change reports in respect of the Placement which detail the participation by directors and officers of the Company. The material change reports were filed less than 21 days prior to the completion of each tranche of the Placement, which the Company deems reasonable in the circumstances so as to be able to avail itself of potential financing opportunities and complete the Placement in an expeditious manner. Each of the directors and officers who participated in the Placement are subject to an Exchange Hold period imposed by the TSX Venture Exchange on the CDIs issued to such persons. The Exchange Hold Period expires 4 months from the date of issue of the securities.
The common shares issued under the Placement are all subject to a four-month hold period from the date of issue in accordance with applicable securities laws.
Click here for the full ASX Release
This article includes content from Sarama 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.
Completion of Rights Issue
$0.5 million partial underwrite of the Rights Issue from Breakaway Investment Group
Key Points:
- Breakaway Investment (controlled by director Dr Stephen Bartrop) has underwritten the Rights Issue to a minimum raise of $0.5 million
- $114,392 raised from eligible shareholders from their entitlements and the Top Up Facility combined
- An additional $385,608 due from the Underwriter by 26 April 2024 to bring the total raise to $500,000
- Further allocations of the shortfall from the Rights Issue possible following the close of the Rights Issue on 10 April 2024
Completion of Rights Issue
The Company will today issue 2,287,828 New Shares pursuant to the Rights Issue entitlements accepted and the Top Up Facility. Additionally, the Company will issue 1,143,916 Options to those participants. These acceptances comprise $95,712 raised from entitlements accepted and a further $18,679 raised from the Top Up Facility. At this stage, the Company does not have sufficient ‘spread’ required to apply for quotation of the Options on ASX as originally envisaged. The Company will review whether there is sufficient spread following the completion of the Shortfall Offer and the issue of Options attaching to the placement in November 2023 which continues to be subject to shareholder approval yet to be sought as at today.
As announced on 27 March 2024, Breakaway Investment Group Pty Ltd (Breakaway Investment), an entity controlled by R3D’s Managing Director, Dr Stephen Bartrop, has committed to underwrite the Rights Issue to a minimum raise of $500,000 (the Underwriting). The Company has provided a notice to Breakaway Investment to subscribe for $385,608 in New Shares by 26 April 2024 in order to achieve the total raise of $500,000. A further issue of securities will be conducted upon receipt of those funds from Breakaway Investment (and or its sub- underwriters).
Further issues of securities beyond the Underwriting may be made up to the $1,023,716 shortfall that will remain under the Rights Issue following the Underwriting. The Company will issue the relevant ASX Appendices 2A and 3G this morning.
Click here for the full ASX Release
This article includes content from R3D Resources Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Aspacia Deposit Records Maiden Mineral Resource at the Menzies Gold Project
Brightstar Resources Limited (ASX: BTR) (Brightstar) is pleased to announce a maiden Mineral Resource Estimate (MRE) at Aspacia, located approximately 1km west of Menzies town (MGP). This MRE was undertaken on over 110 RC and diamond holes including recent programs completed by Brightstar.
HIGHLIGHTS
- Maiden JORC2012 Mineral Resource Estimate (MRE) at Aspacia of 1.37Mt @ 1.6g/t Au for 70koz Au at a 0.5g/t Au cut-off grade
- Brightstar has increased the total Menzies MRE by ~20% since Brightstar ownership commenced in late May 2023
- Mineral Resource growth vindicates Brightstar’s strategy of identifying, drilling and delineating areas considered prospective to hold future potentially mineable ounces
- Within the Aspacia MRE, there is a high-grade subset of 290kt @ 3.72g/t Au for ~35koz using a 2.0g/t Au cut-off grade
- Mineralisation remains open at depth and along strike and will be tested further with upcoming drilling programs to grow and improve the confidence of the MRE
- Combined Brightstar MRE of 1.1Moz Au across the Menzies and Laverton Gold Projects, with an additional ~0.35Moz Au in resources to be added via a successful completion of the off-market takeover of Linden Gold Alliance1
- Pre-Feasibility Study work streams for the Menzies and Laverton Gold Projects are in progress, with significant drill programs commencing imminently across the Brightstar portfolio targeting resource confidence upgrades and material for testwork purposes.
Encouragingly, the Selkirk-First Hit-Lady Shenton trend seems to be distinct to that of the Aspacia deposit, which may lead to similar repetitions north and south of Aspacia and warrants further follow up exploration which we’ll target in our upcoming drilling programs set to re-commence this quarter.
The results from the previous drilling and the MRE output utilising a typical underground mining economic cut-off grade indicates to Brightstar that strong potential exists to assess a modest-scale underground operation at Aspacia given the grades and widths observed.
With the technical PFS work streams underway, RC and diamond drilling will shortly recommence at Brightstar’s projects and conduct large programs targeting conversion and upgrades to our current MREs proposed to be mined within our BTR 2023 Scoping Study, along with Linden Gold projects at Second Fortune and Jasper Hills”.
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.
Further High-Grade Extensional Gold Intercepts Returned at Ricciardo
Warriedar Resources Limited (ASX: WA8) (Warriedar or the Company) is pleased to advise of further assay results from drilling undertaken at the Ricciardo deposit (previously known as Silverstone) within its Golden Range Project, located in the Murchison region of Western Australia.
HIGHLIGHTS:
- Assay results received for an additional six (6) RC holes drilled at the Ricciardo deposit, with all holes intersecting significant gold intervals including:
- 8m @ 11.40 g/t Au from 166m, incl. 3m @ 22.38 g/t Au from 167m (RDRC041)
- 8m @ 2.63 g/t Au from 160m (RDRC034)
- Results further increase the known extent of the high-grade shoot beneath the historic Silverstone pit.
- Represents significant mineralisation intersected outside the current Mineral Resource model delivering immediate growth potential.
- Assays from a residual three (3) RC holes beneath the Ardmore pit (at Ricciardo) are pending, with results anticipated within the next two weeks.
- The Ricciardo deposit remains open along strike and at depth, with further growth- focussed drilling set to commence this quarter.
- Ricciardo sits in the middle of the 25km-long ‘Golden Corridor’ at Golden Range, which hosts six discrete deposits (18 historic pits) that are all open at depth and possess immediate growth potential.
- Ricciardo and the ‘Golden Corridor’ are Warriedar’s key exploration focus in 2024.
Warriedar Managing Director and CEO, Amanda Buckingham, said:
“This is another very pleasing set of results from our recent drilling at Ricciardo. Combined with the initial results released in March, they readily demonstrate why we have made the Golden Corridor the primary focus of our 2024 exploration activities. At Golden Range we have scale, plus grade, and immediate and substantial resource growth potential. We look forward to receiving the remaining assays, as well as recommencing drilling this quarter.”
Click here for the full ASX Release
This article includes content from Warriedar Resources Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Multiple New Gold Target Areas Identified at Golden Ridge
Flynn Gold Limited (ASX: FG1, “Flynn” or “the Company”) is pleased to provide an update on exploration activities at the Company’s 100% owned Golden Ridge Project located in Northeast Tasmania (Figure 1).
Highlights
- Assay results from UltraFine+ soil sampling define anomalous gold in soils over a combined strike length of at least 9km along the granodiorite-metasediment contact zone at Golden Ridge
- The granodiorite-metasediment contact soil anomaly remains open along trend in both directions significantly extending FG1’s target
- New target areas have been identified within the granodiorite and metasediments, further enhancing the potential large scale of the overall Golden Ridge target deposit
- Results confirm the potential of the Ultrafine+ technique as an effective exploration tool at the project
- Infill and extension soil sampling is ongoing over the wider Golden Ridge project area
- Recommencement of drilling at Trafalgar prospect imminent
- For further information or to post questions go to the Flynn Gold Investor Hub at https://investorhub.flynngold.com.au/link/GyVBay
Managing Director and CEO, Neil Marston commented,
“Our flagship Golden Ridge Project in northeast Tasmania keeps delivering exciting results. Last year was significant for Flynn Gold with drilling at Golden Ridge intersecting high-grade gold in multiple vein sets at the Trafalgar prospect.
“The results of our soil sampling program are also very pleasing with significant gold anomalies coinciding with known old workings as well as gold anomalies being identified in several new target areas along the prospect contact zone.
“Follow-up soil sampling will continue over the coming months as this is proving to be a very effective exploration tool, generating new gold targets to evaluate.
“With a rig remobilised back to Golden Ridge this week, we are looking forward to the next phase of drilling, starting at the Trafalgar prospect.”
Click here for the full ASX Release
This article includes content from Flynn Gold, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
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