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Red River Hits 257 g/t gold at Hillgrove, NSW
Red River Resources Limited (ASX: RVR) is pleased to report visible gold in drill hole BKC008 from its drilling underway at Bakers Creek, part of its Hillgrove Gold Project in New South Wales. The drilling aims to identify extensional mineralisation at the historic Bakers Creek Mine, which produced 304koz of gold from 176kt of ore from ~1880 - 19161.
HIGHLIGHTS
- Significant visual gold in Red River’s first hole at Bakers Creek (BKC008), discovers extensional gold mineralisation at the historic mine
- Assays returned 4.50m @ 29.5 g/t gold (Au) and 0.3% antimony (Sb) from 466.0m downhole including
- 0.45m @ 257g/t Au from 467.75m
- 50+ pieces of visible gold observed ranging from sub-millimetre to 2mm2 in size (Figure 1)
- Bakers Creek historically produced more than 300,000oz of high-grade gold1 and was the most productive deposit in the Hillgrove field
- It has seen minimal exploration in the past century, with Red River’s BKC008 only the fourth hole drilled through Little Reef since mining ceased around 1921
- Red River’s follow-up hole BKC009 is currently being drilled, with two further holes planned to test targets around the Bakers Creek historic workings.
Priority assays from 15.8m of core drilled at BKC008 returned 0.45m @ 257g/t Au from 467.75m within 4.50m @ 29.5 g/t Au and 0.3% antimony (Sb) from 466.0m.
Red River Managing Director Mel Palancian said:
“We are blown away by the high-grade gold from the first hole at our Bakers Creek drilling, exceeding our expectations and it’s just the start of our drill program. This result could be a game changer for us at Hillgrove.
“Bakers Creek produced high-grade gold more than 100 years ago, but it has seen only minimal modern exploration since then. Our first hole was a big step out from the workings and is showing signs there may be much more of this high-grade gold mineralisation yet to be discovered.
“We will continue drilling at Bakers Creek to discover extensions to the gold mineralisation and build our resources at Hillgrove.”
Click here for the full ASX Release
This article includes content from Red River 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.
Top Stories This Week: Gold Consolidates as Stagflation Risks Rise, Copper Breaks US$10,000
The gold price corrected this week, even falling briefly below US$2,300 per ounce. While that's down from levels of over US$2,400 earlier this month, most experts aren't concerned about the yellow metal's price activity.
I asked Craig Hemke of TFMetalsReport.com about the recent pullback, and he said that it's completely normal — he noted that nothing ever goes straight up, and emphasized that a "two steps forward, one step back" pattern is healthy.
With that said, Hemke does see strong upside potential for the precious metal in 2024. He said there are a lot of technical targets that line up with US$2,650 or US$2,700, and said that's probably the next point to watch for. While those heights won't necessarily be achieved this year, he thinks gold could finish the period at US$2,400 or US$2,500.
"Let’s just say, maybe we can finish the year at US$2,400, US$2,500. That would be a pretty good year, that would be 20 percent — that would double what the average has been since the turn of the century” — Craig Hemke, TFMetalsReport.com
Gold's price activity comes against a backdrop of interesting economic data.
Friday (April 26) brought the latest personal consumption expenditures (PCE) price index numbers out of the US, and they show that the all-items gauge rose 2.7 percent year-on-year and 0.3 percent from the previous month. PCE is the US Federal Reserve's preferred measure of inflation, and it's in focus as the central bank gears up to meet next week.
Attracting perhaps even more attention was Thursday's (April 25) GDP report, which shows that the US economy grew at an annualized rate of 1.6 percent during Q1, down from 3.4 percent in Q4 of last year. With inflation still not in line with the Fed's 2 percent goal, experts are now concerned that a stagflationary scenario could be building.
Bullet briefing — Anglo rejects BHP, copper hits US$10,000
Anglo rejects BHP's US$39 billion offer
Major diversified miner BHP (ASX:BHP,LSE:BHP,NYSE:BHP) turned heads this week when it made a US$39 billion takeover offer for Anglo American (LSE:AAL,OTCQX:AAUKF), another global powerhouse.
"The combined entity would have a leading portfolio of large, low-cost, long-life Tier 1 assets focused on iron ore and metallurgical coal and future facing commodities, including potash and copper" — BHP
BHP has touted potential synergies, but Anglo American doesn't see it the same way — the company quickly rejected the proposal, calling it "opportunistic" and saying it fails to value its prospects.
BHP is widely expected to make another bid.
Copper price hits US$10,000
A tie up between BHP and Anglo American would create the world's largest copper miner, and the possible deal has directed even more attention to the red metal. Copper has been in focus since mid-March, when Chinese smelters announced plans to work together to cut output. The move came on the back of reduced supply of the red metal, which forced the smelters to drastically reduce treatment and refining charges.
Since then, there's been broader recognition of copper's tight supply and demand fundamentals, and this week brought prices to US$10,000 per metric ton for the first time in two years. While Chinese demand could be a pain point, usage from the green energy transition is expected to boost copper in the years to come.
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Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
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Falco Resources: Canadian Explorer in the Rouyn-Noranda Mining Camp
Falco Resources (TSXV:FPC) focuses on developing gold and base metal projects in the Rouyn-Noranda region of Quebec, an established mining camp with a long history of exploration and development. The camp has historically produced 19 million ounces (Moz) of gold and 2.9 billion pounds (Blbs) of copper, and yet it is still under-explored for gold.
Falcon’s principal property, Horne 5 project, holds 67,000 acres or nearly 67 percent of the total area of the entire mining camp and is located under the former Horne mine which produced 11.6 Moz of gold and 2.5 Blbs of copper. The 2021 feasibility study on the Horne 5 project suggests strong project economics with a total mine life of 15 years, after-tax NPV at 5 percent of US$761 million, and a payback period of 4.8 years, assuming gold prices at $1,600/oz. At the current gold prices of over $2,300/oz, the project economics will be even better.
Falco Resources operating license and indemnity agreement (OLIA) with Glencore Canada will enable Falco to utilize a portion of Glencore's lands. The agreement entails establishing a technical committee comprising two representatives from Glencore and two from Falco, tasked with safeguarding the uninterrupted operations of Glencore’s Horne copper smelter. Additionally, a parallel strategic committee will be formed. Glencore will nominate one representative to join Falco's board of directors.
The successful completion of the OLIA, coupled with life-of-mine copper-zinc concentrate offtake agreements with Glencore, positions Falco to advance its Horne 5 project towards construction. The company is advancing with the permitting and financing processes for the project.
Company Highlights
- Falco Resources is a Canadian explorer of base and precious metals focused on developing its mineral properties in the Rouyn-Noranda region in Quebec, Canada.
- The company holds 67,000 acres of mining claims in the Rouyn-Noranda mining camp, accounting for nearly 67 percent of the entire mining camp.
- Rouyn-Noranda has a long history of mining and exploration. The area has established infrastructure and has been host to 50 former producers, including 20 base metal mines and 30 gold mines.
- Falco’s principal asset is the Horne 5 project which is a gold project with significant base metal by-products. It is located under the former Horne Mine which produced 11.6 Moz of gold and 2.5 billion pounds of copper.
- The Horne 5 is a world-class deposit containing 7.6 Moz gold equivalent in measured and indicated resources and 1.7 Moz gold equivalent in inferred resources.
- The Horne 5 project represents a robust, high-margin, 15-year underground mining project with attractive economics. The 2021 feasibility study indicates after-tax NPV at 5 percent of US$761 million and after-tax IRR of 18.9 percent.
- The operating lease and indemnity agreement (OLIA) with Glencore coupled with EIA admissibility receipt from the government body positions Falco to advance its Horne 5 project towards construction.
This Falco Resources profile is part of a paid investor education campaign.*
Click here to connect with Falco Resources (TSXV:FPC) to receive an Investor Presentation
Antilles Gold Takes Up Second $1.0 Million Convertible Note
Antilles Gold Limited (“Antilles Gold” or the “Company”) (ASX: AAU, OTCQB: ANTMF) advises that it has exercised its option to take up a second A$1.0M Convertible Note from Patras Capital Pte Ltd on the same commercial terms as the first A$1.0M Convertible Note which was issued on 8 March 2024.
The basic terms of the second Convertible Note are as follows;
Principal Amount | A$1,000,000 |
Maturity Date | 30 April2026 |
Interest | NIL |
Discount to Principal Amount | A$100,000 (in lieu of interest) |
Early Repayment | At the Company’s option at 110%of any outstanding balance of the Convertible Note within the first year after issue, and 115% in the second |
Conversion | TheNote holder may convert all or partof any outstanding amount of the Convertible Note at a conversion price equal to: i)$0.04 per share; or ii)A 10% discount to the numericaverage of the lowest 5 daily VWAP’s in the 15 trading days prior to conversion which can not be less than $0.015 per share |
Security | 40,000,000 AAU shareson the issueof the Convertible Note which can be applied to any conversion. |
Law & Jurisdiction | Queensland |
Antilles Gold has sufficient placement capacity under Listing Rule 7.1, or 7.1A for the second Convertible Note.
The Company has issued 27,000,000 AAU shares at $0.02 each to Patras Capital as Security Shares for the second Convertible Note from existing capacity under Listing Rule 7.1A.
The balance of the Security Shares (13,000,000) will be issued in due course.
The majority of the funds raised will be applied to subscribing for shares in the Cuban joint venture company, Minera La Victoria, for it to continue pre-development activities for the Nueva Sabana gold-copper mine.
Click here for the full ASX Release
This article includes content from Antilles 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.
March 2024 Quarterly Report
Astral Resources NL (ASX: AAR)(Astral or the Company) is pleased to report on its activities during the quarter ended 31 March 2024 (the Quarter).
HIGHLIGHTS
Mandilla Gold Project – near Kalgoorlie, WA
- Assays results reported for the final three holes of the six-hole/1,832 metre Theia diamond drilling (DD) program completed during November 1.
- The Theia DD program was targeting extensional and in-fill mineralisation at the Theia deposit.
- Planning underway for further drilling programs and commencement of Mandilla Pre-Feasibility Study.
Feysville Gold Project – near Kalgoorlie, WA
- Assay results reported for the three-hole/495 metre DD program completed at the Kamperman prospect during the previous Quarter 2.
- A total of 4,924 metres of drilling completed during the Quarter, inclusive of:
- oA 67-hole/2,248 metre regional air-core (AC) Program on prospecting licences P26/4351-4353;
- oA three-hole/217 metre slimline reverse circulation (RC) program at the Kamperman Prospect; and
- oA 19-hole/2,459 metre RC program at the Kamperman Prospect.
- Assay results from the AC Program and slimline RC Program reported during the Quarter 3.
- Assay results from the Kamperman RC Program reported during and subsequent to the end of the Quarter 4, 5.
Corporate
- Cash of approximately $0.62 million as at 31 March 2024.
- Mr Mark Connelly elected Chair following the resignation of Mr Leigh Warnick as Director.
- Share placement of 140 million shares at $0.05 per share to raise $7 million (before costs) announced on 28 March 2024 (Placement), with funds received after Quarter’s end.
- Directors of the Company subscribed for an additional 2.1 million shares at $0.05 per share, subject to the approval of shareholders at a meeting to be held on 20 May 2024 (Director Participation Shares).
- Astral is now well-funded to pursue its various exploration programs and commence the Mandilla Pre-Feasibility Study.
Figure 1 – Project Location Map
MANDILLA GOLD PROJECT
The Mandilla Gold Project (Mandilla) is situated in the northern Widgiemooltha greenstone belt, approximately 70 kilometres south of the significant mining centre of Kalgoorlie, Western Australia (Figure 1).
Mandilla is covered by existing Mining Leases which are not subject to any third-party royalties other than the standard WA Government gold royalty.
The Mandilla Gold Project includes the Theia, Iris, Eos and Hestia deposits.
Gold mineralisation at Theia and Iris is comprised of structurally controlled quartz vein arrays and hydrothermal alteration close to the western margin of the Emu Rocks Granite and locally in contact with sediments of the Spargoville Group.
Click here for the full ASX Release
This article includes content from Astral 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.
Antilles Gold Limited (ASX: AAU) – Trading Halt
Description
The securities of Antilles Gold Limited (‘AAU’) will be placed in trading halt at the request of AAU, 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 Tuesday, 30 April 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 Antilles 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.
Rio Silver
Overview
Rio Silver (TSXV:RYO) is a precious metals mining and exploration company with a focus on the acquisition, exploration and development of precious metals deposits in South America. The company is currently focused on advancing its 100 percent-owned Niñobamba silver-gold project in Peru. The company has decades of experience navigating the mining regulatory landscape of Peru and considers itself to be well-positioned for the coming mining cycle.
Rio Silver’s flagship Niñobamba property is located in the Department of Ayacucho about 330 kilometers southeast of Lima. The 3,933-hectare property is wholly owned by the company and the project is drill ready. The Niñobamba project is partially comprised of a 2,200 hectare property which was previously owned by Newmont Mining (NYSE:NEM) and Southern Peru Mining. The balance was held by AngloGold Ashanti and Bear Creek Mining but has since been strategically acquired and consolidated into Rio Silver’s property. The Ninobamba project engulfs an a colaped caldera, an anchient volcano, where the Niñobamba North and South zones were mineralized in a hot spring environment within the wall rock of the caldera surrounded by areas that contain high-sulfidation mineralization with near surface silver and gold deposits modeled for Rio Silver using leapfrod 3D software. The neighbouring Jorimina deposit, 6.5 kilometers to the west, where Newmont spent more than US$7 million, concluded an internal, positive, preliminary economic assessment, detailing a predominantly gold-rich, low to mid-sulfidation, deposit found in the floor structure of this collapsed caldera.
The company’s management and advisory team is made up of experienced industry veterans, some with as many as 25 years of experience working in Peru. The team has an in-depth understanding of the regulatory processes associated with mining exploration in the country.
To date, Rio Silver and other historical operators have completed US$10 million in exploration expenditure on the Niñobamba property. The company has low overhead expenditure and strong alliances in Peru that are helping it achieve new initiatives for enhanced sustainability.
The company now holds a 3 percent net smelter return (NSR) royalty with guaranteed minimum payments from a recent property sale and these initiatives enable more exploration by helping Rio Silver with sustaining costs.
Rio Silver is currently working on additional silver-focused initiatives, yet to be announced and the company has achieved social license and has successfully completed an access agreement at Jorimina with immediate plans to expand on the successful internal preliminary economic assessment (PEA), conducted by Newmont in 2012 through a diamond drilling campaign in Q3 2024 to delineate this resource.
Company Highlights
- Rio Silver owns six mineral concessions covering 4,100 hectares of wholly-owned land in a historic Peruvian mining district.
- The property was historically surrounded by big-name miners (Newmont, Southern Peru Copper) and is now wholly owned by Rio Silver.
- Experienced management team with more than two decades of mining experience in Peru.
- Extensive trenching completed at the Niñobamba zone.
- The management team holds a 29 percent stake in the company.
- US$10 million in exploration expenditure completed to date by Rio and historical operators.
- All the historical data has been collected from previous owners.
- Historical drilling on the Niñobamba property intersected 130 meters of 2.55 oz/t silver and 72.3 meters of 1.19 g/t gold.
- New gold zone identified including 56 meters at 98.9 g/t silver and 21.77 meters at 1.32 g/t gold, 102.46 g/t silver.
Key Project
Niñobamba Silver Project, Peru
Located 330 kilometers southeast of Lima in the Department of Ayacucho, the Niñobamba property is 100 percent wholly owned by Rio Silver. The property includes 6 mineral concessions covering 3,933 hectares. The district has historically been mined by major international gold miners including Newmont Goldcorp and Southern Peru Mining.
The property was initially explored by AngloGold (JSE:ANG) in 2001. Anglo drilled five widely-spaced core holes totaling 861 meters focusing in an area of intense hydrothermal surface alteration. AngloGold’s drilling highlights included assay results of 87.0 grams per tonne (g/t) silver over a drilled interval of 130 meters starting from a depth of 9 meters reported from drill hole DDH-2 and 54.0 g/t silver over a drilled interval of 96 meters starting from 23 meters reported from the AN-04 drill hole.
Adjacent zones acquired from major miners.
In 2016, Rio Silver consolidated its property by acquiring the surrounding 2,200 hectares of adjoining land from Newmont Mining and Southern Peru Copper. These included the Jorimina zone, which is located about 6.5 kilometers west of the Niñobamba and is believed to be part of the same high-sulfidation silver-gold system identified in the main Niñobamba zones. Along with the property came an extensive database of information including results and reports from an exploration program by the mining majors which encompassed 553 hectares. Newmont’s exploration included mapping, 2,147 rock samples and induced polarization geophysics. This historic exploration indicated a gold anomalous area of more than 700 meters by 1,000 meters as well as four strong chargeability anomalies coinciding with gold-silver in rock anomalies. Newmont’s historic data includes samples of 17.4 meters of 3.06 g/t gold and 200 meters of 0.26 g/t gold. Historic exploration in the Jorimina zone conducted by Newmont in 2009 and 2010 shows highlights of 72.3 meters of 1.19 g/t gold starting at 53-meter depth.
Exploration and trenching results
To date, extensive trenching has been completed by Rio Silver on the Niñobamba property. In 2012, the company began conducting surface trenching in areas proximate to historical drilling locations. Exploration has focused primarily on the north and south zones of silver mineralization approximately 400 meters apart with variable thicknesses. Surface sampling near trenches in the north zone returned highlights of 1.32 g/t gold and 102.46 g/t silver. Sampling near trenches in the south zone returned highlights of 42.62 meters of 130.98 g/t silver. Additional highlights can be found on Rio Silver’s website.
Management Team
Chris Verrico - President, CEO, and Director
Chris Verrico has extensive experience with rural-remote infrastructure construction and contract mining throughout BC, the Yukon, Alaska and Nunavut. He has been a director for a dozen startup junior mining companies, most which have become public companies. Verrico has managed numerous exploration projects in North America, Mexico and throughout western South America. He is currently the director of Juggernaught Exploration.
Christopher Hopton - CFO
Christopher Hopton has over 25 years of experience in senior accounting and financial roles. He is currently the CFO of Sirona Biochem.
Steve Brunelle - Chairman
Steve Brunelle is the former officer and director of Corner Bay Silver, which was acquired by Pan American Silver. He has 35 years of experience in mineral exploration throughout the Americas and is currently an Officer and Director for several TSXV companies.
Jeffrey J Reeder - Advisor
Jeffrey J Reeder is a professional geologist with more than two decades of experience working in Peru. Reeder possesses an in-depth understanding of the rules, practices, and processes involved in conducting mining and exploration in the country and is currently the president of Peruvian Metals that owns a custom toll milling facility in northern Peru.
Edward J Badidaa, - Director
Edward J Badidaa is a professional accountant with over 40 years of financial management and corporate governance experience. He currently serves as a director for Patagonia Gold.
Richard Mazur - Director
Richard Mazur is the co-founder and past managing director of RLG International operating in over 30 countries worldwide with more than 300 employees.
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