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Noboa’s strong PDAC investment message
Ecuador’s president Daniel Noboa told delegates at the 2024 Prospectors and Developers Association Conference in Toronto, Canada of his government’s firm commitment to the development of the mining sector and the many changes he has implemented within the first 100 days of his administration. “Mining has become one of the most important sectors for Ecuador. 2019 marked the start of the era of industrial mining of industrial and precious metals. In 2025, exports could reach $14.8 billion; I hope that number is higher,” said Noboa. 2019 saw the start of production at the Mirador Cu and Fruta del Norte Au mines. Earlier mining and energy minister Andrea Arrobo outlined the five pillars the Noboa government is advancing for the mining sector, which include institutional strengthening and the creation of a multi-ministerial task force, led by her ministry, to review projects to reduce permitting times. “We value time. We don’t like wasting our time or your time. We are going to be very strict in terms of the environment, but also very quick. You will know very soon if things work or they don’t work. We need to solve things at a faster pace than before. … We have changed the KPIs (key performance indicators) of our ministries. The main KPI of the Ministry of Environment is now licenses given, not licenses blocked, a huge change,” said Noboa.
Noboa said that one of the main challenges for Ecuador is creating employment opportunities for its young people, which is the fastest-growing demographic in the country. Lack of opportunity has seen Ecuador’s young be preyed upon by criminal groups and brought insecurity. The government estimates that mining generates 96,000 direct and indirect jobs benefitting 377,000 Ecuadorians. To help create opportunities, the government is offering tax breaks to companies that create jobs for youth. “We have over 50% youth unemployment. 40% of the population is aged between 14 and 35. If we don’t give them jobs and education the whole nation collapses. We have to give them opportunity. There are tax deductions to people and companies that do things right, protect the environment, comply with the law and hire young Ecuadoreans. … We have a pretty straightforward social contract: you help our young people and the government will help you,” said Noboa.
President Noboa also sees the mining sector as a key ally in developing other parts of Ecuador’s economy through a complimentary business model, which encourages private investment in basic infrastructure and public services. “We see complimentary business developments such as mining with energy, mining with water, mining with logistics and mining with energy transmission. Minister of production, foreign trade, investment and fisheries, Sonsoles García spoke about the actions the government has already taken to improve conditions for foreign direct investment, including the economic efficiency law passed in December 2023 and the energy competition law passed in January. The government is also seeking to reform Article 422 of the constitution to allow for international arbitration for private investment. “We have investment protection agreements that offer tax incentives and promote stability for investments above US$100M,” said Garcia. Fiscal incentives include a 5% reduction in income tax, exemption from the currency outflow tax, VAT refunds and an exemption on import duties. Ecuador is also negotiating a FTA with Canada.
President Noboa also spoke of the efforts the government has made to turn around a deteriorating security situation, which saw presidential candidate Fernando Villavicencio gunned down in 2023, and a wave of armed violence sweep the country. “We received a country with over $4.6 billion in delayed payments. Ecuador was cashless, insecure and with complete uncertainty. In the last 100 days, we have given hope to over 18 million Ecuadorians. We tackled corruption. In our first week we changed the heads of the Armed Forces and five of eight police generals because they need to be completely aligned to protect the people of Ecuador and investment,” said Noboa. The Noboa administration’s efforts have seen Ecuador’s country risk rating fall by 800 points from over 2000 in 60 days. “Our bonds are close to investment grade. With the new tax reforms, our economy is sound, and we have exceeded the best expectations from financial institutions and the IMF,” said Noboa.
Ecuador has some $9B of development projects in its pipeline, which could help the sector grow to become the country’s third-largest export sector. These include Dundee Precious Metals’ (TSX:DPM) Loma Larga, Adventus Mining’s (TSXV:ADZN) El Domo, Atico Mining’s (TSXV:ATY) La Plata, Solaris Resources’ (TSX:SLS) Warintza, SolGold’s (TSX:SOLG) Cascabel and Lumina Gold’s (TSXV:LUM) Cangrejos. “Ecuador’s mining projects represent a promising opportunity for economic development. … We have major players seeking opportunities,” said Carolina Orozco, president of Ecuador’s Mining Chamber. To help the mining sector continue to grow, Minister Arrobo said the government is working to reopen the mining cadastral so that exploration companies can request exploration concessions again. The cadastral has been closed for seven years. “We have bought new mining management software financed by the Inter-American Development Bank, and it is due to open in December 2025,” she said.
Precipitate poised for action
Precipitate Gold (CVE:PRG) is set to have a memorable year with an earn-in agreement with Barrick Gold (NYSE:GOLD) in Dominican Republic advancing, a mandate to chase down a merger or acquisition and a presidential election which could reinvigorate exploration in Dominican Republic. April will see Barrick complete the fourth year of a six-year earn-in agreement on PRGs Pueblo Grande concessions adjacent to its Pueblo Viejo Au mine. GOLD can earn a 70% interest by spending a minimum US$10M on the project and delivering a PFS. By April, GOLD is expected to have spent $5M on exploration. “The work has been a bit slow, but I am pleased with what they have been doing. They brought in low sulphidation and porphyry specialists to develop a new understanding of the targets. They initiated a drilling programme in [September 2023] and got part way through but then stopped to reevaluate. They saw interesting alteration in the core and want to do more detailed geophysics on a tighter spacing before restart drilling,” CEO Jeff Wilson told CGS.
That delay means GOLD is unlikely to hit its deadline for delivering a PFS to achieve its 70% earn-in. This raises the likelihood that the major would want to negotiate an extension, or possibly buy out the project or PRG directly if it likes what it is seeing. GOLD has drilled in an area called Pueblo Grande Norte, immediately NW of the Pueblo Viejo pits, and is doing early-stage exploration on the other side to the E, where it has delineated some target areas. “I think a realistic assessment is that GOLD will try to negotiate an extension, but as Pueblo Viejo is a tier one asset for them, I imagine its goal would be to attain a 100% interest. GOLD has expressed that it is expanding its exploration footprint in Dominican Republic, so maybe they see enough to take us out,” said Wilson.
A presidential election on 19 May will see the Dominican Republic’s president Luis Abinader bid for a second term, which could prove pivotal for gold exploration in the island state. When he was elected in 2020, expanding the gold sector beyond the Pueblo Viejo mine was one of his aims. Aside from agreeing on an extension to Pueblo Viejo to extend its life beyond 2040, Abinader has been a barrier to further development. GoldQuest Mining (CVE:GQC) has been twiddling its thumbs since 2018 to receive final approval to develop its Romero project in San Juan region in the far west of the country. The Energy and Mines ministry approved the GQCs exploitation permit in January 2018, since when it has sat on the president’s desk for ratification. It is thought Abinader’s pen has been stayed for political reasons, specifically that he sees no political capital gains from allowing the project to proceed. With a two-term limit and an inability to run for office in 2028, he may be more comfortable making decisions and granting GQCs permit. In addition to being great news for GQC, such a decision would also likely spur PRG to invest some of its C$5M treasury on drilling at its Juan de Herrera property, which is adjacent to Romero. “If GQC gets its permit, we can be drilling at Juan de Herrera very quickly as we have advanced targets, we have drilling permits and we have our own drills,” said Wilson.
Much of PRGs future amounts to waiting on the pleasure of other parties. However, sitting around is not in Wilson’s nature. With equity markets for junior explorers still dire, and many chief executives exhausted from the battle to stay afloat, Wilson sees Precipitate’s treasury as leverage for another deal. PRG negotiated a $5M cash payment and 3% net smelter return royalty from GOLD in May 2022 as it sought to acquire the land it required to expand Pueblo Viejo. “We don’t feel compelled to jump into something but we are looking at how we can turn that cash into something where we can spend our money on exploration. The market continues to be soft; it is still a buyers’ market. I would like to find something where we can be in control of our own destiny. We are equipped to maneuver on any front without the overhang many companies have of needing a catalyst to go out and raise money,” said Wilson.
Ecuador prior consultation manual
Ecuador’s Mining & Energy Ministry has issued a manual to direct prior consultation processes for exploration and mining projects while the National Assembly works on producing a prior consultation law, as the Constitutional Court ordered be undertaken in 2019. Prior, free and informed consent for mining is stipulated in Article 57 of the Constitution. The manual was presented as Ministerial Agreement 002 of 6 March as an obligatory process to follow for project proponents whose concessions are in areas with indigenous communities prior to receiving authorisation for exploration, exploitation and commercialisation of mineral resources. The Ministry says the code was drafted in conformance with the Constitution and with reference to international standards and best practices for undertaking prior, free and informed consent consultations.
Prior, free and informed consent was one of the key demands made by Conaie, the Confederation of Indigenous Nationalities of Ecuador in June 2022 to end a national strike. The validity of the manual in directing prior consultation processes is likely to be questioned by indigenous groups, such as Conaie. While the Constitutional Court said that environmental and prior consultations can continue to be carried out, until the law is issued, the publication of the manual does not remove the obligation to create a law. Article 57 of the Constitution states that if an agreement is not reached with the communities in a process of prior, free and informed consultation for extractive projects, their undertaking will be handled according to the law. A key bone of contention is that the manual says that the results of a prior consultation are not binding, which allows the state to authorise the execution of a project that lacks the consent of impacted indigenous peoples.
Exploration News
Collective Mining (TSX:CNL)
Announced assays for two holes drilled into the Apollo porphyry system at the Guayabales Au project in Caldas, Colombia. Both holes increased the dimensions with hole 92 expanding the southern portion of the system to E & W while hole 93 expanded the system N. Highlights included 560.05m @ 1.83 g/t AuEq in hole 93. CNL has three drill rigs operating with holes being drilled at Apollo, Olympus Deeps and Trap. A fourth rig has been mobilised to the Box target. “Our exploration goal for the year is to evolve Guayabales into a major mining camp by continuing to expand Apollo, proving that both the recently discovered Trap and Olympus Deeps porphyry systems have the potential for significant scale and to make one more new discovery at either the Box, Tower or X targets,” said executive chair Ari Sussman.
CNL also announced the discovery of high-grade Au & Ag-rich porphyry-style mineralisation at the Box target at Guayabales. Box is about 1.3km W of Apollo and hosts the same mineralisation styles, geochemical footprint and geology as Apollo. A sampling programme was recently completed. The Box target is a porphyry centre measuring 1km by 700m by 400m vertically as defined by soil anomalies for Au, Ag, Zn & Pb, as well as geological mapping and rock chip sampling. “Box is truly a remarkable target. All the ingredients are in place for a new discovery to be made through drilling considering the large scale of the target area with the abundance of high-grade precious metal samples collected from a combination of porphyry-related host rock units,” said Sussman.
Orosur Mining (AIM:OMI)
Orosur Mining has signed a letter of intent to reassume full ownership of the Anzá gold project in Antioquia, Colombia, from Agnico Eagle Mines and Newmont. The two majors are 50:50 partners in Minera Monte Águila (MMA), which has a 2018 exploration agreement on Anzá. Under the initial four-year first phase, MMA earned a 51% interest in the project. MMA said in May 2023 that it was reviewing its alternatives regarding the project and may not proceed to phase 2, which would have included a US$2 million payment to Orosur. Under a March 2023 non-binding letter of intent, Orosur agreed to repurchase MMA's interest in the project for a 1.5% net smelter return royalty and cash payments of up to $15 million, payable upon meeting certain production thresholds. Orosur expects to complete the transaction at the end of April 2024. It has begun preparing to reassume ownership and operatorship, including staff recruitment with the aim to recommence drilling as quickly as possible. "After such a long period in abeyance, we are excited at the prospect of reassuming ownership and control of Anzá at this time of buoyant gold prices and heightened market interest in precious metals. Most importantly, the structure of the Transaction, whereby all consideration is deferred and contingent upon production, allows us to immediately direct our resources to the ground,” said CEO Orosur Brad George.
Lundin Gold (TSX:LUG)
Updated it reserves and resources estimate for its Fruta del Norte Au mine in Ecuador. M&I resources are now 23.53Mt @ 9.24g/t containing 6.99Moz. Reserves are now 21.7Mt @ 7.89g/t for 5.5oz. “With this updated estimate, LUG has grown FDN's reserves since operations began in 2019, adding 2.6Moz before mining depletion. This kind of success is only possible with an asset of exceptional quality like FDN and a strong geology team,” said president & CEO Ron Hochstein.
SolGold (LSE: SOLG)
Signed a joint declaration with the Government of Ecuador in preparation for executing an Investment Protection Agreement (IPA) for the Cascabel Cu-Au project in Ecuador. The signing was conducted by the Minister of Production, Foreign Trade, Investments and Fisheries, Sonsoles García and SOLG CEO Scott Caldwell. In addition to the US$311M investment addressed by the current IPA, the new IPA features a commitment to invest $3.2B at Cascabel, making the project the largest mining investment in Ecuador’s history. "The complementary IPA not only reinforces the protections for our key investment in Ecuador but also symbolizes a deepening of our relationship with the Ecuadorian state,” said Caldwell.
SOLG also announced the signing of a MOU with Grupo Empresarial Semaica, a construction company in Ecuador, and Enerhydra, an American company whose partners have participated in large projects throughout Latin America and have developed seven hydroelectric projects in Ecuador, and Constructora Nacional, a prominent construction company with experience in hydroelectric development in Ecuador. This collaboration aims to spearhead a hydro-solar initiative to power SOLGs Cascabel Cu-Au project. The MOU delineates the shared objectives and responsibilities of each party towards the development of a sustainable power project to deliver 200MW of clean, renewable energy to Cascabel. The MOU encompasses key considerations such as a potential Power Purchase Agreement and financing arrangements. SOLG will not be directly responsible for financing, building, or operating the power project. "Cascabel is already a remarkable project, but the prospect of harnessing clean hydroelectric and solar energy elevates its potential even further…. This endeavour could position Cascabel as one of the world's largest Cu-Au mines aiming to achieve a carbon-neutral footprint,” said Caldwell.
SOLG also provided an update on the Blanca-Nieves project, where exploration identified a porphyry target at El Cielto Norte covering 2.5 x 2.5km with a greater in extent than the Alpala system to the S at Cascabel. At Florida, new assays from channel samples of Au-bearing epithermal quartz vein outcrops with up to 6.15m true thickness returned results of 6.15m @ 7.46g/t Au. SOLG said there is potential for future integration of Blanca-Nieves with Cascabel given their 8km distance. "Our team is excited about the overall prospect of the Blanca-Nieves Project, including the potential for future integration with Cascabel. The district scale opportunity reinforces our view that mining has the potential to be a significant, multi-generational sector in Ecuador,” said chief geologist Santiago Vaca.
Atico Mining (TSXV:ATY)
Signed an investment agreement with the Government of Ecuador for its La Plata mining project in Ecuador. Through Minister Sonsoles Garcia, the Ecuadorian administration formalised the agreement, representing a commitment exceeding US$157M. The document delineates the Ecuadorian State's commitment to assist and expedite the progress of La Plata, including the facilitation in securing all requisite approvals, licenses and permits. This agreement lays the foundational groundwork for executing a formal Investment Protection Agreement.
Adventus Mining (TSXV:ADZN)
Signed an investment agreement with the Government of Ecuador to develop the Condor mining project in SE Ecuador. This milestone provides a foundation for the project's continuing development advancement and for the negotiation of an Investment Protection Agreement (IPA). The agreement covers an investment commitment by ADZN for a minimum of US$100M, which includes $52M of historical spending made on the project from 2010 to 2023 and the future investment commitment of $48M between 2024 and 2038.
Dundee Precious Metals (TSX:DPM)
Expects to receive three reports from Ecuador’s MAATE environment ministry this year as part of the environmental impact assessment process for the Loma Larga Au-Cu project in Azuay, Ecuador, while it prepares for the next work stream required for a FS, including geotechnical drilling, hydrogeology and additional resource work. With the company required to complete a prior consultation process with an indigenous group, president & CEO David Rae is pleased the government published a manual to guide such processes earlier this month. “It is very good the government has taken a position to clarify exactly what will need to be done. The president's [Daniel Noboa] is doing a good job of stabilizing [the country], and there's a lot of activity going on with the ministries behind the scenes. The bottom line is the president is talking about the mining sector as a force of future direct investment and an employment vehicle, which he sees as absolutely necessary, particularly for the youth. It is clear that his ministers are very supportive of what he's trying to do and are executing on his vision,” Rae told CGS.
Calibre Mining (TSX:CXB)
Announced an updated resource and reserve estimate for its Nicaragua and Nevada properties, with reserves growth net of depletion. CXB said it continues to make discoveries and convert these into reserves as evidenced at the VTEM Au corridor within the Limon Mine Complex in Nicaragua, which has seen YoY reserve growth of 36%. The corridor now contains reserves of 1.25Mt @ 8.25g/t Au for 332koz. Overall, CXB now has over 4.1Moz of reserves, 8.6Moz of M&I resources (including reserves) and 3.6Moz of inferred resources. The company has a >130,000m resource expansion and discovery drilling programme underway across all assets. “We have crystalised a significant portion of our resources into reserves for a record 1.42Moz in Nicaragua and Nevada, net of record 2023 production of 283,525oz,” said president & CEO Darren Hall.
CXB also announced drill results from its 2023 exploration and infill drill programme at the Volcan Au deposit 5km S of its Libertad mill in Nicaragua. These new results support advancing toward a mining decision in mid-2024 with permitting ongoing. Highlights included 5.9m @ 2.05g/t Au in hole 170. “These drill results at Volcan are encouraging as we aim to expand and confirm the initial open pit resource. With Volcan having an initial open pit resource averaging 2g/t, the 2023 exploration and infill drilling confirms that the deposit can host higher grade, near surface Au mineralisation,” said Hall.
Mako Mining (TSXV:MKO)
Provided an update from the ongoing reverse circulation (RC) drill programme at its newest mining area, Las Conchitas, immediately S of its San Albino Au mine in Nicaragua. Since the most recent resource estimate, MKO has completed 9,951m in 176 RC holes. The main objectives of the near-surface, extension and confirmation campaign were to gain a higher level of confidence of the grade and geometry of Au mineralisation within six areas of interest where it has received a permit to process material through the San Albino plant and to identify Au mineralisation for potential resource expansion beyond the current estimate. Highlights included 9m @ 13.43g/t Au & 36.8g/t Ag at Mango, one of the widest mineralised, shallow, high-grade intervals reported. “This exceptionally wide and high-grade intercept outside of our current resource is another clear example of the expansion potential of our current resource,” said CEO Akiba Leisman.
Founders Metals (TSXV:FDR)
Announced drilling assays from its Antino Au project in Suriname, with a highlight of 38m @ 10.9g/t Au in hole 24GG04, its furthest NW Froyo drill hole to date. Due to the abundant coarse Au, samples have been resubmitted for metallic screening. "Today's results are some of the best we've seen at Antino and are yet another example of the exceedingly high-grade, near-surface Au mineralisation at Froyo,” said CEO Colin Padget.
Reunion Gold (TSXV:RGD)
Said Guyana’s EPA approved the Terms of Scope for the ESIA on the Oko West Au project. “This represents a significant milestone in advancing the permitting process for the project. The company remains on track with its accelerated development timeline for Oko West, which includes the completion of a PEA by the end of Q2 2024,” said president & CEO Rick Howes.
Soma Gold (TSXV:SOMA)
Announced the results of the initial diamond drill programme at the La Aurora Au mine on the Machuca project in Antioquia, Colombia. Three drill holes for 656m were completed in December 2023. Highlights included 1m @ 4.35g/t Au in hole 3. La Aurora is on the western side of the Otu Fault. This fault, along with associated quartz veins, forms a series of en-echelon segments.
Volcanic Gold Mines (TSXV:VG)
And JV partner Radius Gold (TSXV:RDU) provided an update on the first-pass drilling at the Motagua Norte project in Guatemala. Drilling has confirmed that the broad area of boulder float with abundant visible Au and bonanza grade assay results is underlain by a serpentinite package and that the colluvial boulders of quartz and schists bearing the high-grade Au values have likely moved downslope from a major structural corridor that we have named the Veta Madre Fault Zone. The Veta Madre Fault contains a wide quartz vein and, where sampled, has returned relatively high Ag & Pb results but poor Au numbers. Drilling has cut 6-15m of colluvium composed of quartz and schist float, bearing visible Au in places before passing into a serpentinite package. With the drill data in hand, it appears that the green schists and serpentinite contact is at the Veta Madre Fault Zone, and the Mila zone within this major structural corridor is the target to be tested. “The more we work, the more we learn. This recent geological interpretation has significance for the belt as we see similar structural settings in many of the zones we have sampled along the belt,” said president & CEO Simon Ridgway.
Outcrop Silver & Gold (TSXV:OCG)
Said the start of its 2024 drilling programme at the Santa Ana Ag project in Tolima, Colombia is expected to commence in April. The programme is designed to expand resources in areas previously identified for their potential and test new targets along the 18.5km of strike that has been drill permitted. It will focus on extending mineralisation along strike and down dip at El Dorado, including veins not previously included in the 2023 maiden resource due to insufficient drill density and untested veins, such as the Aguilar-Guadual target and Los Mangos. "2024 is a watershed year for OCG as we launch an extensive drilling programme to unlock the full potential of Santa Ana. By strategically shifting our drilling contractors and focusing our exploration efforts, we aim to establish a robust roadmap for expanding our resource base across established and new targets within our extensive land holdings,” said president & CEO Ian Harris.
Adventus Mining (TSXV:ADZN)
Entered into a binding interim agreement for an earn-in and JV with Japan Organization for Metals and Energy Security (JOGMEC), for the Tres Picachos mineral concession in Ecuador. JOGMEC can earn a 75% ownership interest by investing US$5M over four years. ADZN will manage and operate the exploration programmes and receive a management fee based on expenses. The first-year work programme will consist of stream sediment samples, soil sampling, rock sampling, surface mapping, extension of the ground magnetics and an IP programme to identify and prioritise potential drill targets. "ADZN is pleased to continue the long-term exploration partnership with JOGMEC in Ecuador, originally established by Luminex Resources. It is important for us to find accretive ways to advance our greenfield portfolio while we devote our capital to the planned advancement and construction of the El Domo-Curipamba Cu-Au project,” said president & CEO Christian Kargl-Simard.
Solaris Resources (TSX:SLS)
Announced a trilateral cooperation agreement with the Interprovincial Federation of Shuar Centers (FICSH) and the Alliance for Entrepreneurship and Innovation (AEI) of Ecuador. The agreement aims to promote the economic and social development of Shuar communities represented by FICSH, including the communities of Warints and Yawi, which host the Warintza Cu project on their lands, with programmes in health, education, skills training, entrepreneurship, innovation and sustainable mineral resource development. FICSH was legally established by a Ministry of Social Welfare of Ecuador in 1964. It includes 50 associations comprising 500 Shuar communities and 143,000 Shuar indigenous people. “The Shuar communities of Warints and Yawi support this agreement, which follows our request for FICSH to represent us and our interests and extend benefits to other member communities. … We are the legitimate registered owners of the ancestral lands on which Warintza resides, and we have the right and have chosen, through our general assembly, to participate in the project,” said Froilan Juank, president of Yawi Center.
Max Resource (TSXV:MAX)
Received high-grade assay results from rock chip channel sampling at the AM-14 target at its Cesar Cu-Ag project in Cesar, Colombia. Results included 2.2% Cu & 12.8g/t Ag over 5.2m and 4.8% Cu & 53.6g/t Ag over 2.2m. “We are elated to confirm that high-grade Cu & Ag assay results over substantial widths from the numerous outcrops at AM-14 not only confirm our thesis of Kupferschiefer style mineralisation but also substantiate our belief that the 15km corridor of mineralisation has the potential to host a significant deposit,” said CEO, Brett Matich
Corporate News
Collective raised C$18.9M
Collective Mining (TSX:CNL) closed a strategic investment by an undisclosed purchaser in a non-brokered private placement consisting of 4.5M units @ C$4.20 for proceeds of C$18.9M. Each unit comprises one share and half a warrant exercisable @ $5.01 for three years. CNL entered into an investor rights agreement giving the investor the right to participate in future financings to maintain its pro rata ownership interest or acquire up to a 9.99% ownership interest in CNL.
Outcrop raised C$3.5M
Outcrop Silver & Gold (TSXV:OCG) closed an offering of 23M units @ 15c for proceeds of C$3.5M, including the full exercise of the over-allotment option. Each unit comprises one share and a warrant exercisable @ 22c for two years. The proceeds will be used to explore and develop the Santa Ana Ag project in Tolima, Colombia.
Libero raised C$2.9M
Libero Copper & Gold (TSXV:LBC) closed a non-brokered private placement for proceeds of C$2.9M. It issued 11M units @ 26c, each unit comprises one share and a warrant exercisable @ 50c for three years. Proceeds will be used for working capital and general corporate purposes. Frank Giustra participated as a strategic investor. LBC retained Giustra’s Fiore Management & Advisory to provide financial, regulatory and corporate administration services.
Unigold to raise C$2M
Unigold (TSXV:UGD) announced a non-brokered private placement of up to 25M units @ 8c for proceeds of up to C$2M. Each unit will consist of one share and half a warrant exercisable @ 12c for four years. The proceeds will fund the exploration and development of the Neita concession in Dominican Republic.
Outcrop raised C$1.2M
Outcrop Silver & Gold (TSXV:OCG) issued 6M shares and raised C$1.2M under its ATM programme in the December quarter of 2023.
Calibre included in GDX
Calibre Mining (TSX:CXB) has been included in the GDX index.
Calibre director resignation
Calibre Mining (TSX:CXB) said Matthew Manson stepped down as a director. Manson became a director when CXB acquired Marathon Gold for its Valentine Au development project in Newfoundland and Labrador, Canada in January.
Founders names Senger
Founders Metals (TSXV:FDR) appointed Natalie Senger as VP resource development. Senger is a PGeo with over 15 years of exploration experience, most recently serving as VP resource development for Tudor Gold.