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Ecuador’s president Naboa to attend PDAC
Ecuador’s president Daniel Naboa will attend the PDAC in Toronto, Canada next week to underline the South American country’s commitment to developing its mining sector. Naboa will head a delegation including energy and mines minister Andrea Arrobo and Sonsoles García, minister of production, foreign trade, investment and fisheries. In addition to meeting investors and participating in the Ecuador Day event on Monday 5 March, Naboa is also due to meet Canadian premier Justin Trudeau to continue discussing a possible FTA. It is also possible that the subject of the Canadian government review of Zijin’s Mining’s investment into Solaris Resources (TSX:SLS) may be mentioned. At the start of the year, SLS announced that leading Chinese miner Zijin, would invest C$130M to take a 15% stake in the company. The financing would allow SLS to complete a PFS on its Warintza Cu exploration project in SE Ecuador. Warintza has an April 2022 resource of 287Mt @ 0.79% CuEq as an indicative starter pit at Warintza Central within a larger 1.5Bt resource, containing 6.18Mt Cu, 280kt Mo & 63t Au.
The Canadian government said it would review the investment under the Investment Canada Act on foreign entity of concern grounds. Cu is one of six minerals singled out as a priority under Canada's critical minerals strategy "for their distinct potential to spur Canadian economic growth and their necessity as inputs for priority supply chains". In March 2023, Canada ordered Chinese companies to sell their holdings in three Canadian-listed junior explorers (Power Metals, Lithium Chile and Ultra Lithium), because their investments clashed with concerns over national security. Two of the juniors were not exploring in Canada. Canada's industry minister, François-Philippe Champagne, said at the time that investments by state-owned firms would only be approved on "an exceptional basis, " including small investments. Warintza will ultimately produce Cu-Au concentrates that would likely be shipped to China for smelting, with or without Zijin's participation, as China buys about half of the world's base metals, and so it is unlikely to impact Canada's mineral supply ambitions. The Canadian government a transaction by Zijin in January 2022, when the Chinese company bought Neo Lithium for C$960M, noting that Neo Lithium's sole development project was in Argentina.
Mining is a key part of Naboa’s plans to rebuild Ecuador’s economy and create jobs. Creating economic opportunities are part of a broader effort to combat organised crime in the country and to stem migrant flows to North America. His government recently permitted Adventus Mining (TSXV:ADZN) and Salazar Resources (TSXV:SLR) to build the El Domo-Curipampa project. ADZN is in the process of merging with the Ross Beaty-backed Luminex Resources (TSXV:LR). El Domo will produce 10,463tpa Cu & 21,390tpa CuEq over the life-of-mine from reserves of 6.5Mt grading 5% CuEq. Ecuador has also permitted Chinese miner Ecuacorriente to undertake a US$600M expansion to its Mirador copper mine, which began production in 2019. The new pit will increase the operation's throughput from 60ktpd to 140ktpd and include a new processing line comprising a milling and flotation plant.
ICSID rejects Red Eagle claim against Colombia
The World Bank’s International Centre for Settlement of Investment Disputes (ICSID) has ruled against Red Eagle Mining in its arbitration case against Colombia related to the Vetas gold project in Santander, stating that the prohibition of mining in the paramo ecosystem cannot be considered as an expropriation of its investment. The arbitrators said that prohibiting mining activities in paramo ecosystems is a legitimate exercise by Colombia to regulate the general interest, especially in measures that protect the environment. The tribunal also considered that Colombia did not affect the 2008 Canada-Colombia FTA, considering that when Red Eagle invested, it knew of the probable prohibition of mining activity in paramo ecosystems. Red Eagle sought US$130M indemnification under the FTA for the inability to advance its project, which Colombia will not have to pay.
SolGold slashes Cascabel PFS capex
SolGold (LSE:SOLG) has published a PFS for its Cascabel Cu-Au project in Imbabura, Ecuador, for a phased block cave mine with a much lower initial capital cost than the April 2022 PFS. The new study details the average production of 123ktpa Cu, 277koz/y Au & 794koz/y Ag for an initial 28-year mine life at an AISC of 69c/lb, with peak copper production of 216ktpa. The project would yield an after-tax NPV of US$3.2B and an IRR of 24%, with a four-year payback after an initial capital investment of $1.55B at $3.85/lb Cu, $1,750/oz Au & $22.50/oz Ag. The initial 28-year mine plan will exploit a resource of 540Mt @ 0.6% Cu, 0.54g/t Au & 1.62g/t Ag containing 3.2Mt Cu, 9.4Moz Au & 28Moz Ag. Some 85% of the reserves are in the proven category in the updated estimate. This mine plan includes exploiting only 18% of the Alpala M&I resource. The new PFS features more than $1B in initial capital expenditure savings compared to the previous estimates, which the company said reflects efficient project development strategies and lower technical risk due to the phased approach. Some $2.6B would be invested in subsequent phases. While happy with the results, SOLG CEO Scott Caldwell further optimisation is possible. "We could have done more on the capital aspects, as we took a very conservative approach to assumptions, and there was some testing we couldn't do because of the time constraints. … The lower initial capex should increase the number of companies potentially interested in developing it," Caldwell told CGS. Examples include the underground ventilation system being designed for a diesel fleet with the potential to use battery-electric, the assumption that every tonne of secondary breakage in the block cave would have to be crushed, and further marketing for a pyrite concentrate with high Au content.
SOLG said that after a two-year ramp-up period, the initial block cave would achieve a production rate of 12Mtpa to extract high-grade ore, grading about 1.45%CuEqq for the first 10 years of production, which would not sterilise the surrounding lower-grade ore. Mining would be expanded by an additional 12Mtpa in year six, to be funded from cash flow. It said the phased approach allows for scaling other capital items over time, such as the TSF, the camp and mining equipment. Production of each metal would be lower and AISC higher than detailed in the 2022 study, which stated Cu production of 132kt/y, 358koz/y Au & 1Moz/y Ag at an AISC of 6c/lb following pre-production capital expenditure of $2.7B. The phased approach would see the development of twin processing trains, each with a SAG mill and ball mill and a flotation circuit. Development of the second line would commence in year five and enter production in year six. In addition to reducing the initial capital cost, this approach reduces capital, execution and operational risk. "There are 75 smaller size SAG mills in the world as opposed to the one big one previously proposed. The overall capital is lower, and the development schedule is shortened by a year. We would have a medium-size block cave, so the risk there is less, and the column height of the cave is not extremely aggressive at 450m," said Caldwell. Block cave development would start at Alpala, which carries higher grade, and then develop the second cave adjacent to it. "There would be no column, and any dilution in the first cave would be from medium grade from the second cave, like at Chuquicamata [Codelco's copper mine in Chile]," said Caldwell. SOLG could supply ore from the TAM, 6km from the mill site, to provide starter mill feed to get the plant up and running before putting the higher-grade Alpala ore through.
SOLG launched a strategic process a year ago, and the feedback obtained, together with that of strategic investors BHP and Newmont, supports a lower capital approach and provided insight that helped shape some parts of the PFS design. "The groups that came through included experienced block cavers, and they commented on things like the cave height, which we incorporated to make it less aggressive than previously," said Caldwell. A limited balance sheet will see SOLG focus on inexpensive derisking activities this year and further reduce its US$2M monthly cash burn rate. These include working with the government to secure a right-of-way for a concentrated pipeline to the coast rather than using trucks, as contained in the PFS. "There is a disused railway like that we are talking with the government about," said Caldwell. Permitting will be a key focus, with the company keen to advance before Ecuador enters the next presidential election cycle. "We estimate it will take 2.5 years to permit. We are proceeding with the new administration and hope to get many permits agreed," said Caldwell. SOLG expects that the smaller footprint the PFS features and its inclusion of renewable energy to achieve low-carbon production will help with environmental permitting. "We have signed agreements to explore the viability of securing hydro or solar power supply. The contractor that did Lundin Gold's (TSX:LUG) declines [at Fruta del Norte], used electric jumbos, so we will explore an electric fleet," said Caldwell.
Collective to ramp Guayabales drilling
Collective Mining (TSX:CNL) plans to ramp up its drilling efforts at its Guayabales Au-Cu project in Caldas, Colombia, having just raised C$18.9M from an undisclosed strategic partner. CNL will increase the number of drill rigs operating to five by April or May, and possibly to six by August or September, with at least 40,000m to be drilled this year. Drilling will include the first holes on the Box, Tower and X targets. “We want to be as aggressive as possible. We think we are at the bottom of the cycle, and we want to come out swinging when the cycle turns,” executive chair Ari Sussman told CGS. With the 10Moz Marmato district a few kilometres from Guayabales, Sussman believes Apollo, where most CNLs drilling has been undertaken to date, and the other targets at Guayabales, could constitute a 20Moz gold camp. “Ultimately, we want to sell the company, so we have to hit the area with drilling to see the rough mineralised envelope and gauge the size of company we would attract,” said Sussman.
Rumours have been circulating that the mystery investor was a Chinese company, given that the CNL management team previously sold Continental Gold to Zijin Mining in 2019, and that Yintai Gold beat out Dundee Precious Metals (TSX:DPM) to buy Osino Resources. However, the fact that the transaction is due to close imminently means China is unlikely as the source as a review by Canadian authorities under the Investment Canada Act would not be able to be completed in such a short timeframe.
Exploration News
Collective Mining (TSX:CNL)
Said a second drill rig has been mobilised to the Trap target at its Guayabales Au-Cu project in Caldas, Colombia. due to strong visual mineralisation observed in drilling. CNL recently announced the discovery of a Au-rich porphyry system at Trap, about 3.5km from the Apollo system. Trap covers an area of 2km by 2km, and where initial holes returned 102.2 @ 1.53g/t AuEq in hole TRC-1. “The current drill hole at Trap is very exciting as it highlights the presence of stockwork and sheeted porphyry veins related to pulses of mineralised fluids typical of large systems. Core inspection of this hole [shows] a noticeable increase in total sulphide content relative to the discovery holes,” said special advisor David Reading. “The current drill hole appears to start at the margin of a porphyry system and then enters porphyry quartz diorite with sheeted quartz veins surrounded by pervasive phyllic alteration assemblages composed of sericite (probably muscovite), chlorite and sulphides typical of the upper parts of porphyry copper-gold systems,” said special advisor Richard Tosdal.
CNL also announced results from a programme developed through a strategic alliance with Colombia’s SENA national learning service to strengthen the capacity of rural women from Marmato and Supía, Caldas, through educational training programmes in professions such as community tourism and textile apparel design and management. To date, more than 280 women have graduated from the various courses offered and joined the local labour force. "Increased local employment through expansion of existing supply chains and newly created businesses is a key pillar of CNL’s development goals for the region,” said CEO Omar Ossma.
Adventus Mining (TSXV:ADZN)
And Salazar Resources (TSXV:SLR) said the Ministry of Energy and Mines of Ecuador issued a reform to the existing instructive, including regulations and conditions for the transition of medium-scale mining projects from the exploration to production phases, an announcement that provides clarity to the national regulatory framework and supports the advancement and development of medium-scale mining projects like their El Domo-Curipamba Cu-Au project in central Ecuador. The Instructive outlines the regulations and conditions under which the Government will authorise medium-scale mining projects to transition from exploration to production. Given that medium-scale mining projects are not required to sign production contracts with the Government, this instructive provides the needed clarity to advance. Key elements of the Instructive and transition authorization resolution include recognition by the state of pre-operational investments made within the mining concession area; the specification of authorised activities during the production phase, provision for extending the production phase if new mineral resources are discovered or if the original term is deemed insufficient for full production from mineral reserves and authorisation for the construction of necessary mining infrastructure and associated civil works, among others. ADZN said the instructive provides the framework to advance El Domo from the exploration phase to production, which is expected to be completed during 1H24 and clears the way for construction.
Lundin Gold (TSX:LUG)
Reported a net profit of US$179.5M for 2023 on revenues of $902.5M, a jump of 144% compared to the $73.6M reported in 2022, meeting its annual guidance. The company produced 481koz Au from its Fruta del Norte mine in Ecuador, 1% more than in 2022, at an AISC of $860/oz, 6.8% higher than in 2022. Lundin saw its AISC jump 17% in the December quarter to $1,062/oz compared with the September quarter and 22.8% year-on-year. LUG ended 2023 with $268M in cash, 26% lower than at the end of 2022, with long-term debt of $241.9M, 25% lower than at the end of 2022. It also paid $94.9M in dividends to shareholders during 2023. During 2023, it fully repaid the Au prepay facility and the senior debt facility, leaving the stream credit facility as the last remaining project finance facility outstanding. The company can repay 50% of the streaming facility outstanding on June 30 for $150M and/or the other 50% outstanding on June 30, 2026 for $225M. A plant expansion will increase processing capacity to 5000tpd and improve gold recovery to 91%. In 2023, the mill processed an average of 4533tpd with an average recovery of 88.4%.
In 2023, the company completed 11,233m of conversion drilling in 79 drill holes which will be the basis for an updated reserves and resources estimate, due later this quarter. It also drilled 35,305m in its near-mine exploration programme. This year, the company is planning its largest drilling programme ever with 9815m of conversion drilling, 46,000m of near-mine drilling and 10,000m of regional drilling, with an aggregate budget of more than $42M. “Looking ahead to 2024, we are focused on operational excellence and delivering the process plant expansion project to achieve increased throughput and recovery improvements. Furthermore, we continue to make significant headway on our exciting exploration programs; 2024 will be the largest drilling programme ever conducted in the district that hosts Fruta del Norte,” said president & CEO Ron Hochstein.
Founders Metals (TSXV:FDR)
Announced drill core assay results from its 2024 drill programme at the Antino Au project in Suriname. It reported a discovery with an intercept of 45m @ 2.16g/t Au in hole 6, which confirms over 250m of strike in a discovery at the Donut target, ~800m E of the Froyo zone. At Froyo, hole 50 intercepted 8m @ 8.43g/t in 90m down-dip extension to 250m vertical depth. “The widths and grade distribution types suggest a compelling intrusion-hosted, bulk-tonnage target located only 800m from the high-grade shear-hosted Au mineralisation at Froyo. … The potential for two Au deposits less than 1km from each other truly underlines how robust the Antino gold system is,” said CEO Colin Padget.
G2 Goldfields (TSXV:GTWO)
Reported assay results from 20 diamond drill holes for 4,783m at the Ghanie zone at its Oko Au project in Guyana. Ghanie lies between the OMZ discovery and Reunion Gold’s (TSXV:RGD) Block 4 discovery. Both have established the Oko Trend’s multi-million-ounce potential and are currently the subject of ongoing drilling, with further resource estimates expected in March 2024. The results of this programme establish significant widths of Au mineralisation at both the Ghanie Central and South areas to vertical depths exceeding 260m and provide further evidence as to the potential for additional high-grade Au discoveries along the Oko Trend. Hole 70 intercepted 22.3m @ 5.1g/t and 85 2.5m @ 14.1g/t which extended Au mineralisation in the Ghanie Central area. “These results continue to confirm that continuous, structurally controlled shoots occur as multiple mineralisation styles in the Ghanie deposit. … Targeting the intersection of fertile shear structures with these prospective host rocks remains a key focus for GTWO in aspiring for further discoveries in the Ghanie deposit and the remainder of the Oko-Aremu district,” said VP exploration Wade Boaz.
GTWO also announced assay results from maiden reconnaissance drilling at the Northwest Oko prospect, its third discovery. NW Oko is about 3km from OMZ. Multiple diamond drill holes intersected disseminated Au mineralisation over considerable widths within the 70m thick saprolitic horizon. In late 2023, GTWO completed a 24-hole, 2,329m scout program at NW Oko. Highlights included 47.5m @ 0.6g/t Au, 41.5m @ 0.75g/t & 9m @ 2.1g/t. The company has an ongoing drill programme underway.
Reunion Gold (TSXV:RGD)
Announced an updated resource estimate at the Kairuni zone on its Oko West Au project in Guyana, increasing both grades and contained Au. The updated total open pit and underground indicated resource is now 64.6Mt @ 2.05g/t containing 4.3Moz, compared to the June 2023 resource estimate of 2.5Moz @ 1.84g/t. Oko West also hosts 1.6Moz in inferred resources. Within the updated estimate, the indicated open pit resource increased 71.2 % to 4.2Moz, while the grade increased 11.7%. Au grades contained in the total open pit and underground indicated resource increased 11.6 % to 2.05g/t. “The increase in size and grade has the potential to add tremendous value to the Oko West project. We are particularly encouraged by both the substantial increase in the open pit resource size and grade as well as the initial size and grade of the underground resource, which remains open below the 1km depth of drilling to date. With this update, 90% of the open pit resource is now in the indicated category,” said president & CEO Rick Howes. This resource will be used in a PEA, expected to be released before the end of 2Q24.
RGD also announced additional drill results from Oko West, which included drilling from the resource expansion programme below Block 4 and continued infill drilling within areas of inferred resources. The resource expansion programme intersected the down-dip continuation of high-grade mineralisation from Block 4 down to and below 1,000m depth. Highlights included 14.3m @ 8.84g/t Au in hole 360A-W2 and 10.5m @ 6.09g/t in hole 359-W1. RDG has now closed and handed over an updated database to prepare an updated resource estimate expected to be announced by the end of February. “This confirms we have significant underground potential below what is already very significant open pit potential. Once the open pit resource model is updated and the new underground resource model is complete, both the open pit and underground mine design scenarios will be evaluated as part of the PEA work already underway. … We expect to release the PEA before the end of June. Permitting also continues on schedule,” said president & CEO Rick Howes.
RGD also announced additional drill results from Oko West from resource expansion and continued infill drilling. Highlights from the resource expansion programme, which intersected the down-dip continuation of high-grade mineralisation from Block 4 down to and below 1,000m depth, included 14.3m @ 8.84g/t Au & 10.5m @ 6.09g/t in hole 360A. An updated resource is expected to be announced by the end of February. “This confirms we have significant underground potential below the already very significant open pit potential. Once the open pit resource model is updated and the new underground resource model is complete, both the open pit and underground mine design scenarios will be evaluated as part of the PEA work already underway,” said Howes.
Omai Gold Mines (TSXV:OMG)
Reported an updated resource estimate on its Omai Au property in Guyana, including an expansion to the Wenot and Gilt Creek deposits. Indicated resources at Wenot increased 10% to 834koz @ 1.48g/t Au and Inferred 45% to 1.6Moz @ 1.99g/t. The combined resource is now 2Moz indicated and 2.3Moz inferred. This updated resource will form the basis of the PEA expected 1Q24. “Very importantly, there has been a notable increase in the Au grades. With this expansion, the contained ounces in our resource estimate exceed the total Au produced from the former mine and at similar grades (3.8Moz @ 1.5g/t between 1993 and 2005). When in production, Omai was the largest primary Au producer in South America, averaging over 300koz/y. … Omai is proving the potential to rival its historical status,” said president & CEO Elaine Ellingham.
Volcanic Gold Mines (TSXV:VG)
And Radius Gold (TSXV:RDU) Announced the start of a first-pass drilling campaign on the Mila Au discovery within the Motagua Norte project in Guatemala. Mila is defined over a 250m by 600m area of quartz outcrop, subcrop and boulder float with visible Au. Drill holes are designed to establish the width, grade and geometry of Au mineralisation, and VG anticipates drilling 1,000-3,000m of diamond core. “The results of several rock chip sampling programmes conducted in recent months along the belt has revealed several new areas of interest where we are seeing similar high grades,” said president & CEO Simon Ridgway.
Newmont (NYSE:NEM)
Newmont dropped its option to earn a 25% interest in eight exploration concessions N & S of Lundin Gold’s (TSX:LUG) Fruta del Norte Au mine and terminated the earn-in agreement. LUG is assessing various options for some or all of these concessions. Newmont took over the earn-in agreement after it acquired Newcrest Mining, a strategic investor in LUG, in November 2023.
Enami
Ecuador’s state mineral company Enami has signed a US$120M exploration agreement with Hanrine Ecuadorian Exploration & Mining, with the award of 28,276 hectares of exploration concessions. Enami launched a tender process in November 2023 soliciting investment offers. Hanrine is the local subsidiary of Gina Rinehart’s Hancock Prospecting.
Calibre Mining (TSX:CXB)
Announced drill results from its 2023 resource expansion and infill programme at the Tigra, Limon Norte and Pozo Bono open pit deposits next to the Limon processing plant in Nicaragua. These high-grade intercepts, combined with the recent positive news from the Panteon VTEM Au corridor and demonstrate that the entire Limon district remains open for expansion and discovery. Highlights included 2m @ 68.72g/t in hole 4875.“Drilling efforts have not only instilled confidence at the yet-to-be-developed Pozo Bono open pit project but have also identified underground potential along the Limon trend. These results … put us in a solid position to replace reserves for year-end 2023,” said president & CEO Daren Hall.
Atico Mining (TSXV:ATY)
Announced additional drill results in an area of historical mining at its El Roble Cu mine in Choco, Colombia to expand tonnage, and the results for seven other holes, including a highlight of 4.45m @ 5.17% Cu & 10.47g/t Au and 4.90m @ 9.35% Cu & 2.94g/t Au. Drilling aims to define zones of mineralisation within the extent of main historical massive sulphide body that were not exploited by previous operators and to expand the historically identified resource. A total of 7,880m of drilling were completed. El Roble has reserves of 1Mt @ 3.02% Cu & 1.76g/t Au. “We are pleased to report that our mine vicinity drill campaign continues to intercept new mineralisation and extend the main historical massive sulphide body at El Roble. While this area was mined by operators previous to ATY obtaining control of the mine, these results are intercepting additional high-grade mineralisation beyond the previously outlined mineralised shell, which remains open at depth and along strike,” said CEO Fernando Ganoza.
Founders Metals (TSXV:FDR)
Announced drill results from the Antino Au project in SE Suriname, with two further holes from the Froyo zone, including 15m @ 8.18g/t Au in hole 48 and 26m @ 5.52g/t in hole 49. "These two holes are further evidence of a much broader Au system [at Froyo} than previously recognised by earlier explorers on the property. … We are also set to begin drill testing some new Upper Antino targets as part of our larger 2024 exploration plans,” said CEO Colin Padget.
FDR also announced drilling results from the Donut target at Antino, including 19m @ 14.23g/t Au in hole 7, showing Donut's ability to deliver high-grade intervals alongside broader, lower-grade intervals. FDR will begin follow-up drilling at Donut soon. "Donut is about 800m across strike from Froyo and was a high-priority drill target following our 2023 ground exploration and geophysical programmes.
Precipitate Gold (TSXV:PRG)
Said Barrick Gold (TSX:ABX) provided an exploration update on the phase II diamond drilling programme and continued advancement of additional targets within PRGs Pueblo Grande project in Dominican Republic. ABX’s exploration is part of an earn-in agreement to earn a 70% interest. ABX completed four diamond drill holes for 1,200m. Three encountered encouraging permeable volcanic lithologies affected by high-sulphidation type alteration with several events of strong sulphide dissemination. Significant Au & Ag values are not anticipated from these initial holes. ABX plans to conduct a detailed ground magnetic survey and a follow-up drilling.
Rugby Resources (TSXV:RUG)
Reported identified a new Mo stockworked porphyry occurrence 1km NE of the Cobrasco Central drilling area at its Cobrasco Cu project in Choco, Colombia. Reconnaissance mapping indicates the new Mo porphyry may represent a continuation of the primary mineralisation intersected in drill holes 1km to the SW. Sampling at Cobrasco North returned assays of up to 4.77% Cu, 3.98g/t Au, 50g/t Ag & 0.09% Mo.
Max Resource (TSXV:MAX)
Reported the discovery of five mineralised outcrops (collectively AM-14) within the AM District of its Cesar Cu-Ag project in Cesar, Colombia. Mineralised layers are exposed up to 285m along strike and range in thickness from 80cm to 4m, with multiple Cu-Ag bearing horizons within thick sedimentary rock sequence and evidence of 1.5km continuity between the new discovery and AM-07. “As we continue to obtain high-grade results and locate significant structural and stratiform Cu-Ag mineralisation, the company's staunch belief in Cesar as a potential for significant deposits comes ever closer to fruition,” said CEO Brett Matich.
MAX also discovered two additional mineralised outcrops at target AM-14 within the AM District of its Cesar Cu-Ag project. The discoveries bring the total number of outcrops at AM-14 to seven and confirm that several stratiform mineralisation horizons are present within the sedimentary sequence in the AM District. The Cu-Ag-bearing outcrops are exposed up to 285m along strike and are up to 4m thick, with strong evidence for continuity of mineralised layers between AM-14 and AM-07, a distance of 1.5km. MAX also received final data from a 10,000 line-km property-wide airborne magnetic and radiometric survey. Data analysis and a structural interpretation are underway, with results expected in Q2. “Concentrated exploration in each of these three areas along 120km of the Cesar Basin continues to expand the Cu-Ag mineralisation footprint,” said Matich.
Auxico Resources Canada (CSE:AUAG)
Announced sampling results from the Minastyc REE property in Vichada, Colombia. Samples were taken from eight pits spanning 1.8km within the TA Area, Area 50, and in other areas. All the samples contain REE and other critical minerals. Highlights included 139.6g/t Nb, 26.4g/t Ga & 73.6g/t Rb in an Area 50 channel sample. At TA, a channel sample returned 18.1 to 36.5g/t Ga & 11.9 to 24.9g/t Rb. “AUAG compiled a vast amount of sampling data which not only validates the prospective nature of the property but also allows management and our technical team to develop an accurate plan with key targets as we move towards a stage of production,” said chair Mark Billings.
Great Eagle Gold (CSE:GEGC)
Said its strategy involves developing and acquiring certified Au resources to exchange into digital green Au tokens. By keeping the Au secured in the ground while tokenising and monetising its value, GEGC introduces an innovative, ESG-friendly approach to wealth creation in the traditional Au mining industry. GEGCs inaugural Au resource development project is in Bajo Cauca in Antioquia, Colombia. Hacienda Río Rayo encompasses three permitted exploration and production concessions, hosting nine alluvial Au mining operations with an average monthly output of 35kg.
Corporate News
Collective raised C$18.9M
Collective Mining (TSX:CNL) announced a strategic investment from an undisclosed source consisting 4.5M units @ C$4.20 for proceeds of $18.9M. Each unit will comprise one share and half a warrant exercisable @ $5.01 for three years. Proceeds will be used for exploration.
Libero raises C$3M
Libero Copper & Gold (TSXV:LBC) earlier closed a non-brokered private placement of 20M units @ 15c, for proceeds of C$3M, and followed a 10:1 share rollback. The proceeds be used for exploration at Mocoa in Putumayo, Colombia. Each unit comprises one share and a warrant exercisable @ 20c for four years. Frank Giustra acquired 4.2M units and now owns and/or controls 11.21% of the company's issued and outstanding shares. LBC issued 750,000 non-transferable two-year warrants @ 20c to Slater Capital concerning a loan agreement.
Libero to raise C$2.86M
Libero Copper & Gold (TSXV:LBC) announced a non-brokered private placement of 10M units @ 25c for proceeds of $2.5M, which was upsized to $2.86M. Each unit will consist of one share and a warrant exercisable @50c for three years. LBC intends to use the proceeds for working capital.
Omai raised C$2.1M
Omai Gold Mines (TSXV:OMG) closed a non-brokered private placement and issued 29.5M units @ 7c for proceeds of C$2.1M. Each unit consisted of one share and half a warrant exercisable @ 11c for 18 months. The proceeds will fund exploration of the Omai Au project in Guyana.
Aris appoints directors
Aris Mining (TSX:ARIS) appointed Gonzalo Hernández and Germán Arce as independent directors. Hernández has been appointed to the audit and sustainability committees, and Arce has been appointed to the compensation committee. The appointments follow the passing of director Hernan in late 2023. Hernández holds a PhD in Economics from the University of Massachusetts-Amherst, is an Economist from the Universidad Javeriana, and is a professor of its Department of Economics. He is a director of Ecopetrol. Arce is and former President of the National Trade Council of Colombia. He holds an MSc in International Securities, Investment and Banking from the University of Reading. He was minister of Mines and Energy (2016-2018).