Mining Review 29th October 2023

Gold is over $2,000 as the Gaza situation spirals out of control and the threat of a wider regional conflict increases.

Ascot Resources, Calidus Resources, and Marathon Gold released excellent news this week. 

.

Cornish Metals South Crofty headframe as seen from the adjoining builders merchants yard.

.

City Investors Circle Mining Review 29th October 2023

Gold is over $2,000 as the Gaza situation spirals out of control and the threat of a wider regional conflict increases.

The week is starting with reports of rocket attacks in Iraq, Syria, and Yemen, as well as the worsening crisis in Gaza where Israeli forces are now entering the strip. With US forces now being targeted things look poised to go from bad to worse.

It’s hard to see this stopping and the news appears ready to worsen by the day unless some sensible heads prevail, and that’s looking unlikely with the US and Isreal ignoring the UN’s pleas for a ceasefire.

——-

Ascot Resources, Calidus Resources, and Marathon Gold released excellent news this week.

Many junior miners continue to fall despite the rising price of precious metals (but not base metals), and one wonders how much further they can fall as valuations are starting to look ridiculus compared to historical norms.

Three of our watchlist companies announced good news, yet only Calidus’ price increased, disappointing for holders in those other companies.

It’s interesting that with a record price of gold in Australian dollar terms, and Calidue now producing at quite a healthy margin, and due to fall considerably, the higher share price came as a result of the annoumcement of the SQM investment news in Pirra Lithium.

News from our watchlist companies in the last week is below, click the links to be taken to the full story.

  Global Mining Finance Conference Update

  Gold Road September Quarter 2023 Quarterly Report

  Marathon Gold Provided a Q3 2023 Construction Update

  Ascot Intercepted More High-Grade Gold in the Prew Zone

  Calidus Announced that SQM has taken a 40% stake in Pirra Lithium

  Mining Review 22nd October 2023

Market Data

Weekly price % changes

(US$ unless stated)

Metal Prices

.

.

.

Global Mining Finance Conference

Angelos Damaskos, founder and CEO of Sector Investment Managers has been confirmed as the opening keynote speaker for the conference.

Graham Dallas, Head of Business Development, EMEA, TMX Group, is confirmed as the closing keynote speaker. 

.

Ariana Resources’ Chris Sangster addresses a full house at the Global Mining Finance Conference amid the splendour of The Armourers’ Hall

.

Global Mining Finance Conference, London, November 16th 2023

Angelos Damaskos, founder and CEO of Sector Investment Managers has been confirmed as the opening keynote speaker for the conference.

Graham Dallas, Head of Business Development, EMEA, TMX Group, is confirmed as the closing keynote speaker.

Presenting companies include;

Anglesey Mining

Cabral Gold

Canuc Resources

CleanTech Lithium

Empire Metals

Stakeholder Gold

.

To Register for a complimentary delegate pass, please click here

.

.

Gold Road Resources (ASX: GOR)

Presented its activity report for the quarter ending 30 September 2023.

During the September 2023 quarter, Gruyere delivered quarterly gold production of 88,668 ounces (100% basis), delivered at an AISC of A$1,682 per attributable ounce to Gold Road (June quarter: A$1,620 per ounce). 

.

Gold Road – Gruyere JV Gold Mine at night.

.

.

.

.

Gold Road September Quarter 2023 Quarterly Report

Highlights

Gold Road Resources Limited (ASX: GOR) (Gold Road or the Company), presents its activity report for the quarter ending 30 September 2023.

Production is from the Gruyere Gold Mine (Gruyere), a 50:50 joint venture with Gruyere Mining Company Pty Ltd, a member of the Gold Fields Ltd Group (Gold Fields), which operates Gruyere.

During the September 2023 quarter, Gruyere delivered quarterly gold production of 88,668 ounces (100% basis) (June quarter: 76,053 ounces).

Production was delivered at an All-in-Sustaining Cost (AISC) of A$1,682 per attributable ounce to Gold Road (June quarter: A$1,620 per ounce).

Production and Guidance

 Gruyere produced a record 88,668 ounces of gold (100% basis) at an AISC of A$1,682 per attributable ounce during the September 2023 quarter (June quarter: 76,053 ounces at an AISC of A$1,620 per attributable ounce).
 2023 annual production guidance is unchanged at between 320,000 – 350,000 ounces (160,000 – 175,000 ounces attributable) and AISC is anticipated to remain within guidance of between A$1,540 to A$1,660 per attributable ounce.

.
.
Financial and Corporate

 Gold Road’s gold sales totalled 44,321 ounces at an average sales price of A$2,946 per ounce. Gold doré and bullion on hand on 30 September 2023 was 1,736 ounces. Gold Road continues to be unhedged and 100% exposed to the spot gold price.
 Gold Road’s attributable operating cash flow from Gruyere for the quarter was
$93.5 million (June quarter: $68.3 million).
 Record free cash flow of $51.7 million for the quarter (June quarter: $30.4 million).
 Gold Road’s Corporate All-In Cost (CAIC) which includes growth capital, corporate and exploration costs was A$1,959 per ounce for the September 2023 quarter.
 Cash and equivalents increased to $209.3 million (June quarter: $157.2 million) prior to dividend payment and investments in October, with no debt drawn.
 On 28 September 2023, Gold Road committed to subscribe for 59,675,554 shares in a two tranche institutional placement by De Grey Mining Ltd (ASX:DEG) at $1.05 per share increasing its strategic shareholding to 19.9%.
 As at 30 September 2023, Gold Road held listed investments with a market value of
approximately $345.1 million which excludes the aforementioned subscription for further
shares in De Grey Mining.
 Following a strong half year result, on 5 October 2023, Gold Road paid a fully franked interim dividend of 1.2 cents per share for the six months to 30 June 2023

.
Discovery
 At the Gruyere JV (50% Gold Road), results continue to be received for drilling completed in the previous quarters at the Golden Highway. Significant intersections received included 6 metres at 4.0 g/t Au from 30 metres, 5 metres at 7.0 g/t Au from 69 metres and 13 metres at 2.8 g/t Au from 22 metres.
 At Yamarna (Gold Road 100%) three drill rigs are operating at the Jatz, Hopwood and Gallagher prospects.
 At Mallina (Gold Road 100%) RC drilling was completed, intersecting encouraging geology and gold results, with follow up diamond drilling scheduled for October. Other on ground activities included soil sampling and mapping.
 At the Greenvale and Galloway projects (Gold Road 100%) in Queensland, on ground activities including soil sampling, rock chipping, mapping and geophysical surveys are ongoing with drilling scheduled for 2024.
.

.
To read the full news release, please click HERE

.

=======

.

Calidus Resources (ASX: CAI)

Announced a maiden Inferred Mineral Resource of 832,000t at 4.1g/t Au for 111,000oz at the Bulletin deposit.

Bulletin sits within the Bamboo Creek historical mining centre that previously produced 220,000oz at 8.7g/t. Bulletin lies within 60 km trucking distance to Warrawoona mill.

.

.

.

.

.

Calidus Announce Maiden Bulletin Resource of 111,000oz at 4.1g/t

.

Calidus Resources Limited (ASX: CAI) is pleased to announce a maiden Inferred Mineral Resource of 832,000t at 4.1g/t Au for 111,000oz at the Bulletin deposit.

Bulletin sits within the Bamboo Creek historical mining centre that previously produced 220,000oz at 8.7g/t. Calidus has identified the Bulletin deposit as a significant opportunity to increase near-term production by trucking high-grade ounces less than 60km to the Warrawoona Gold Project (WGP).

Bamboo Creek forms part of the Haoma Joint Venture (Haoma JV) (CAI 60%: Haoma 40%) and is a priority due to the scale of the mineralized system, proximity to the Warrawoona plant, granted Mining Leases and potential to supply substantial tonnages of high-grade ore to the Warrawoona plant.

Bulletin was previously mined by Haoma in 2004 as a starter pit and has the majority of approvals in place, allowing Calidus to immediately begin planning to incorporate it into the Warrawoona Gold Project.

Optimization work indicates Bulletin is on track to deliver an initial 60-
70,000oz at an AISC of A$1,300-A$1,600/oz;

This is not included in current Warrawoona forecasts, offering further growth in production and mine life.

.
HIGHLIGHTS

• Maiden Inferred Mineral Resource at Bulletin of 832,000t at 4.1g/t for 111,000oz
• Preliminary pit optimisation indicates Bulletin could deliver exceptional returns
based on initial production of 60,000-70,000oz via an open-pit at an AISC of
A$1,300 – A$1,600/oz
• Bulletin Mineral Resource is completely open at depth, having only been drilled
to 100m below surface and potentially extends along strike to the east
• Bulletin was previously mined by Haoma in 2004 as a starter pit and has the
majority of approvals in place, allowing Calidus to immediately begin planning to
incorporate it into the Warrawoona Gold Project
• Bulletin is one of four high-priority prospects at the historic Bamboo Creek mining
centre, which produced over 220,000oz at 8.7g/t
• Production from Bulletin is not included in the recently announced Warrawoona
seven-year production profile and therefore offers exceptional upside to the
production and cost outlook given its high-grade and minimal capex requirement
• Additional prospects within the Bamboo Creek mining centre that will now be
reviewed include:
• Mt Prophecy – Perseverance
‒ B-12: 3.05m at 83.5g/t Au from 252m
‒ PUD-360: 1.22m at 76.35g/t Au from 109m
• Wheel of Fortune – Federation
‒ A_21: 17m at 9.9g/t from 50m
‒ A_32: 14m at 8.9g/t from 48m
• True Blue
‒ B-03: 15.24m at 12.5g/t Au from 57m
‒ B-05: 9.24m at 8.1g/t Au from 123m

.
Calidus Resources Managing Director Dave Reeves said:

“This strong maiden Resource at Bulletin is another example of the substantial upside we are establishing at Warrawoona through our strategy to bring satellite deposits into the project.

 

“This approach stands to deliver significant growth in production and mine life while leveraging our existing processing infrastructure.

“Bulletin is a remarkably high-grade deposit that not only outcrops at surface but is more excitingly, completely open at depth.

 

“We will immediately mobilise a drill rig to undertake confirmatory drilling and commence testing the depth potential of the deposit.

“When mining is finished at the Blue Bar satellite deposit, we plan to move this mining fleet to Bulletin. This will enable us to capitalise on its high-grade, low costs and amenability to a simple open-pit with minimal upfront capital requirement. It is also located on granted Mining Leases.

“We will also continue working up the other prospects within the Haoma JV with the aim of bringing these into the Warrawoona production schedule”.

.

To read the full news release, please click HERE

.

=======

.

Marathon Gold  (TSX: MOZ) 

Provided an update on progress at its 100% owned Valentine Gold Project located in central Newfoundland for the quarter ended September 30, 2023.

The Project’s overall budget and schedule remain in line with previous guidance, with first gold on track for the first quarter of 2025.

.

.

Marathon Gold Provides Third Quarter 2023 Construction Report – Project 50% Complete on First Anniversary of Construction

.

TORONTO, ON – October 23, 2023 – Marathon Gold Corporation (“Marathon” or the
“Company”; TSX: MOZ) is pleased to provide an update on progress at its 100% owned
Valentine Gold Project located in central Newfoundland (the “Project”) for the quarter ended September 30, 2023.

.

Highlights include:

• The Project has marked one full year of construction since early works commenced in
October 2022. More than 800,000 hours of site work have been completed without a lost time incident;
• The Project’s overall budget and schedule remain in line with previous guidance, with first gold on track for the first quarter of 2025;
• At quarter end, overall completion stood at 50%;
• During the quarter, important de-risking of the Project was achieved with the completion of earthworks at the process plant and significant advancement of earthworks at the Tailings Management Facility. Rock placement for the tailings dam footprint is now 96% complete;
• During the quarter, 1.56 Mtonnes of overburden and construction waste rock were mined from the Leprechaun and Marathon Pits, with record monthly performance of 0.58 M tonnes during September. Project-to-date, 3.87 Mtonnes have been moved, ably
supporting the Project’s construction schedule, and at mining costs trending below budget;
• During the quarter, Marathon was informed by Impact Assessment Agency of Canada that the addition of the Berry Deposit to the Project’s permitted mine plan does not require a new impact assessment under the Impact Assessment Act;
• Currently, 634 Marathon employees and contractors are employed or providing services to the Project, 85% of whom are residents of Newfoundland and Labrador; and
• The Project now has permanent camp capacity of 424 beds and is on track to be
connected to NL Hydro grid power by the end of the year, one full year before mill
commissioning.

,

Matt Manson, President and CEO, commented:

“The summer construction season has seen rapid progress at the Valentine Gold Project.

 

“We completed earthworks at our Process Plant, and since August have been preparing concrete foundations and footings for mill equipment and the mill building.

 

“Enclosing of the grinding building is on schedule for completion before the end of the year.

 

“We have been particularly encouraged by the progress achieved at our Tailings Management Facility, the most important earthworks element of the Project.

 

“Mining of construction materials is comfortably supporting TMF progress, and we are consistently achieving all requisite engineering and geotechnical standards.

 

“Our cost and schedule-to-complete estimates remain consistent with our previous reporting, and our procurement and detailed engineering are approaching completion.

 

“Most importantly, we are able to report a consistently safe and environmentally protected work site after one full year of construction.”

A video showing 12 months of construction at the Project is available at
https://vimeo.com/870829907?share=copy.

To read the full news release, please click HERE

=======

.

Ascot Resources (TSX: AOT)

Announced the second batch of assay results from the 2023 exploration drill program at the Company’s Premier Gold Project in the prolific Golden Triangle of northwestern British Columbia.

These are the final results from surface drilling for in-fill and exploration purposes at the Prew Zone in the Premier deposit, southeast of the Premier mill.

.

Ascot Resources Premier Mill B.C.

/

Vancouver, B.C. October 19, 2023 — Ascot Resources Ltd. (TSX: AOT; OTCQX: AOTVF) (“Ascot” or the “Company”) is pleased to announce the second batch of assay results from the 2023 exploration drill program at the Company’s Premier Gold Project (“PGP” or the “project”), located on Nisga’a Nation Treaty Lands in the prolific Golden Triangle of northwestern British Columbia.

These are the final results from surface drilling for in-fill and exploration purposes at the Prew Zone in the Premier deposit, southeast of the Premier mill.

.

Highlights from the drill results include:

• 18.93 g/t Au over 6.87m from a depth of 278.1m in hole P23-2475, including 44.55 g/t Au over 2.30m
• 21.98 g/t Au over 4.28m from a depth of 279.2m in hole P23-2472, including 85.80 g/t Au over 1.05m
• 23.24 g/t Au over 3.86m from a depth of 290.1m in hole P23-2480, including 55.00 g/t Au over 1.00m and including an occurrence of coarse, visible gold
• 28.45 g/t Au over 2.51m from a depth of 318.8m in hole P23-2476, including 55.00 g/t Au over 1.18m
• 42.20 g/t Au over 1.68m from a depth of 274.8m in hole P23-2471

Note: True widths are estimated to be between 75% to 90% of reported interval widths.

.

Derek White, President and CEO of Ascot commented, 

“With seven assays grading over an ounce per tonne gold in just these twelve holes, we are pleased with the high-grade tenor of the drill results, and better than expected sizes and grades in the Prew Zone.

 

“Development work recently commenced on the Premier portal and decline which will access the Prew Zone anticipated in early 2024 prior to mill start-up and initial gold production.

 

“Intercepting more high-grade gold in existing stope shapes and finding extensions and new lenses of mineralization is encouraging, especially for an area so near term in the mine plan.

 

“The Prew Zone of the Premier deposit will be Ascot’s second mining area and will help compliment the existing mining at the Big Missouri deposit, which was initially developed last year.”

.

.

Calidus Resources (ASX: CAI)

Announced that lithium major SQM has agreed to acquire a 30% interest in Pirra from Haoma.

SQM will also provide $3M in funding to Pirra, which will increase its total stake to 40%. 

.

Pirra Lithium – Lithium outcropping at surface

Global lithium producer SQM takes 40% interest in Pirra
Lithium

Calidus to retain its 40% stake in Pirra, which holds extensive
lithium exploration acreage in WA’s Pilbara

Calidus Resources Limited (ASX:CAI) (“Calidus” or “Company”) is pleased to announce
that lithium major SQM has agreed to acquire a 30% interest in Pirra from Haoma.

SQM will also provide $3M in funding to Pirra, which will increase its total stake in the
Company to 40%.

Calidus also advises that Pirra has agreed to acquire a further 348km2 of lithium rights
from Haoma in the East Pilbara.

These additional tenements will be added to the existing lithium rights sharing
agreements between Pirra and Haoma first announced on 21 February 2022 via a variation deed agreed between the parties.

Pirra has now commenced mapping and sampling of priority lithium targets including the Tabba Tabba South tenement in the West Pilbara of WA, along strike from Wildcat Resources’ recently announced major new discovery.

HIGHLIGHTS

 SQM subsidiary SQM Australia Pty Ltd to purchase 30% of Pirra Lithium Limited
(Pirra) from Haoma Mining NL (Haoma) and ultimately increase ownership to 40%
by injecting $3M to fund further exploration
 Calidus will ultimately retain 40% ownership of Pirra by injecting $2M to fund
exploration
 SQM will assist Pirra’s exploration campaign by being part of a technical
committee that will have oversight of the proposed exploration programme and
budgets
 Pirra controls 8km of the Tabba Tabba shear (Tabba Tabba South), approximately
20km from Wildcat Resources’ (ASX:WC8) recent lithium discovery
 Mapping and sampling of priority targets has commenced at Tabba Tabba South
to define potential drill targets
 Pirra expands East Pilbara tenement holdings by 348km2 to 1,411km2
 SQM’s investment is a strong endorsement of Pirra and the significant potential of
its WA lithium portfolio.

.
Calidus Managing Director Dave Reeves said:

“SQM’s acquisition of a large stake in Pirra is a big vote of confidence in the prospectivity of the Company’s lithium exploration acreage in the Pilbara.

“With an increased landholding of over 1,411km2 in the Pilbara, Pirra is now funded to rapidly progress exploration across these tenements.

 

“An initial focus will be the Tabba Tabba South tenements which lie immediately along strike from known lithium occurrences and on a belt that hosts significant lithium resources.

“Calidus will maintain its position in Pirra at 40% due to the significant potential of the land package and will re-assess its options for this holding as exploration continues.

 

In line with this approach, there is no plan to seek an IPO of Pirra in the
immediate term”.

.
Calidus is also pleased to announce that completion has now occurred pursuant to the binding terms sheet between Pirra and Haoma first announced in the Company’s announcement dated 17 March 2023.

.

For brevity, this summary has been redacted, to read the full news release, please click HERE

.

=======

.

Mining Review 22nd October 2023

The price of gold has reached a record high in Australian dollar terms, at A$3,091.

Orla Mining announced a production guidance increase, and Calidus Resources requested a trading halt due a potential announcement re their Pirra Lithium subsidiary.

.

.

.

Nevada King Atlanta Gold Mine – Atlanta infrastructure

.

.

.

City Investors Circle Mining Review 22nd October 2023

The price of gold has reached a record high in Australian dollar terms, at A$3,091.

This resulted in a strong end of the week for ASX lsted gold miners, including our own Gold Road Resources which finiahed the week at A$1.86 per share, bringing the market cap to the A$2 billion level.

——-

The reason for the rise in the price of gold is, of course, the ongoing conflict in the Middle East, and the incresing liklihood of a wider conflict, possibly involving other states such as Iran, and Hezbollah from Lebanon.

It seems everyone is spoiling for a fight, and once the Israeli Gaza offensive begins, this looks very likely to spread very quickly, in my view.

I think Israel will react very badly to an attack from Iran, so quite how far the conflict spreads is difficult to determine.

One problem is a severe escalation will result in falls in the equities markets, so physical gold and holdings in gold ETFs look a safer bet for now than the miners themselves, who may well get dragged down in a falling market.

I am not selling any of my producing gold miners, but am concerned about earlier stage explorers, and may exit a couple of positions just to hold cash for now.

.

News from stocks on our watchlist in the last week

Orla Mining announced a production guidance increase, and Calidus Resources requested a trading halt due a potential announcement re their Pirra Lithium subsidiary.

Following recent drill results we initiated coverage of Nevada King Gold Mines, which looks a good prospect, in a prolific gold belt, the Battle Mountian Trend, in Nevada, a world class jurisdiction.

To read all the news from watchlist companies this week, please click the links below to be taken to the full story.

  Eloro Resources Filed an Iska Iska NI 43-101 MRE

  Calidus Resources Requested a Trading Halt re Pirra Lithium

  Initiating Coverage of Nevada King Gold

  Impact Minerals’ Lake Hope HPA Project on Schedule

  Orla Mining Increased its 2023 Production Guidance

  Argosy Minerals Rincon Lithium Project Update

  Mining Review 15th October 2023

.

.

Market Data

Week on Week Price Changes

(US$ unless stated)

.

Metal prices

.

.

 Eloro Resources (TSX: ELO)

Announced the filing of the National Instrument 43-101 Technical Report in support of the initial mineral resource estimate  for the Iska Iska silver-tin polymetallic project in the Potosi Department of southwestern Bolivia.

.

.

.

.

Calidus Resources (ASX: CAI)

Requested that its securities be placed in a trading halt and provides the following information in accordance with ASX Listing Rule 17.1.

This is pending a potential announcement re Pirra Lithium.

.

Pirra Lithium – Lithium outcropping at surface

.

,

Comment

This looks interesting.

The obvious reason for the halt would be they are about to announce the spinout of Pirra Lithium, as previously announced by the company.

Given the poor execution so far, although improving, it could possibly be a deal where Calidus exchange their ownership of the Pirra Lithium project for other gold tenements that could become satellite projects for their Warrawoona Gold Mine.

I am favouring the latter option personally, although they could totally surprise us with a different announcement of course.

Looking forward to next week, this looks way too cheap for a producing gold mine at current gold prices, but they need a catalyst to arrest the slide and turn it around.

.

.

Nevada King (TSX.V: NKG)

Following recent long drill intercept of gold in Nevada, arguably the best mining jurisdiction on the planet, we are initiating coverage of Nevada King Gold.

They fulfil the criteria we require and are producing spectacular drill intercepts in a prolific gold belt.

.

Nevada King Atlanta Gold Mine

Initiating Coverage of Nevada King Gold Corp.

Nevada King (TSX.V: NKG) Following recent long drill intercept of gold in Nevada, arguably the best mining jurisdiction on the planet, we are initiating coverage of Nevada King Gold Corp.

They fulfil the criteria we require, good amnagement team, tier 1 jurisdiction, and are producing spectacular drill intercepts in a proligic gold producing region.

.

About Nevada King Gold Corp.

Nevada King Gold Corp. is a Canada-based mineral exploration company engaged in the acquisition, exploration and evaluation of resource properties in Nevada, United States.

.

.

Impact Minerals (ASX: IPT)

Released an update for their Lake Hope High Purity Alumina (HPA) project.

Intermediate aluminium salts have been produced from Stage 3 that require further purification in Stages 4 and 5 to make HPA, with results expected by late this Quarter or early Q1 2024. 

.

.

.

.

Orla Mining (TSX: OLA)

Provided an interim operational update for the third quarter ended September 30, 2023.

During Q3 the Camino Rojo Oxide Mine produced and sold 32,425 and 31,060 ounces of gold, respectively. Year to date, Camino Rojo has been performing better than plan and, as a result, the Company is increasing full year gold production guidance to 110,000 to 120,000 Oz Gold.

.

Orla Mining heap leach pad, Solution pond, and Merrill-Crowe plant

.

.

.

.

.

Vancouver, BC – October 16, 2023 – Orla Mining Ltd. (TSX: OLA; NYSE: ORLA) (“Orla” or the “Company”) is pleased to provide an interim operational update for the third quarter ended September 30, 2023.

During the third quarter of 2023, the Camino Rojo Oxide Mine produced and sold 32,425 and 31,060 ounces of gold, respectively.

Year to date, Camino Rojo has been performing better than plan and, as a result, the Company is increasing full year gold production guidance to 110,000 to 120,000 ounces from its initial guidance of 100,000 to 110,000 ounces. 

As at September 30, 2023, Orla had a cash position of US$132.7 million and US$36.7 million undrawn on its revolving credit facility for total liquidity of US$169.4 million.

Subsequent to quarter end, Orla repaid US$25 million towards its revolving credit facility, reducing the balance outstanding under the facility to US$88.4 million.

Third Quarter 2023 Conference Call

Orla will host a conference call on Tuesday November 14, 2023, at 10:00 AM, Eastern Time, to provide a corporate update following the release of its financial and operating results for the third quarter 2023:

Dial-In Numbers / Webcast:

Conference ID:           5844017

Toll Free:                     1 (888) 550-5302

Toll:                             1 (646) 960-0685

Webcast:                    https://orlamining.com/investors/presentations-and-events/

.

=======

.

Argosy Minerals (ASX: AGY)

Provided an update on key developments at our Rincon Lithium Project.

The Company is progressing operational works at the 2,000tpa lithium carbonate facility
targeting continuous production operations.

.

.

Argosy Minerals Rincon Project Vista, Salta, Argentina

.

.

The Company is progressing operational works at the 2,000tpa lithium carbonate facility targeting continuous production operations.

Argosy Minerals Limited (ASX: AGY) provided an update on key developments at our Rincon Lithium Project.

HIGHLIGHTS

2,000tpa operation works progressing;

Performance testing works being conducted within primary solids filtration circuit
to improve filtration rates
Specialist filtration consultants engaged to improve operational performance
Pre-development works progressing for 10,000tpa operation expansion;
Works on pre-FID scope progressed, including conceptual engineering
Contractor engagement to support evaluation and selection of EPCM contractor
Argosy progressing to become the 2nd ASX-listed battery quality lithium carbonate
producer.

.

2,000tpa Lithium Carbonate Operations

The Company is progressing operational works at the 2,000tpa lithium carbonate facility
targeting continuous production operations. Current works are focussed on the primary solids filtration circuit to improve filtration rates by resolving equipment performance issues via modifications to piping and design layout.

Specialist filtration consultants are engaged to assist with troubleshooting, with actions and test-works being actively conducted to improve operational performance and facilitate the ramp up of production operations.

Production output is currently constrained due to downtime associated with equipment
modifications and the performance testing conducted on the primary solid’s filtration circuit, which are being prioritised to expedite continuous production operations.

All chemical process technology reviews, validation and verification works have been
successfully completed, confirming the Company’s capability to produce battery quality
lithium carbonate product, with average product quality achieved up to 99.9% to date.

10,000tpa Operation Expansion Pre-Development Works

The Company is continuing to progress applicable pre-development works for the 10,000tpa operation expansion, with scope definition and conceptual engineering works being conducted in preparation for FID (financial investment decision), EPCM contractor
evaluation and selection process works prior to EIA regulatory approval receipt, on-going recruitment and build-out of the project team, and industrial water drilling operations, to ensure operational readiness for the 10,000tpa facility construction works.

10,000tpa Environmental Impact Assessment Process

The Company continued engagement with key Salta government officials and regulatory authorities to expedite the 10,000tpa operation EIA regulatory approval process.

Argosy and Puna Mining senior executives, along with a representative from a potential strategic group, recently held a meeting with Salta government officials – Production Minister Mr Martin de los Rios and Mining Secretary Ms Romina Sassarini, to ensure effective finalisation of the Company’s EIA approval process.

The Company has finalised and submitted all requested updated technical hydrogeological information, received notification that the Salta Mining Court has processed and approved our EIA submission, with final official approval by the Mining Secretary now awaited.

.

Argosy Managing Director, Jerko Zuvela said

“The Company is prioritising works to achieve continuous production operations at our 2,000tpa lithium carbonate operation.

“In addition, significant progress is being made with the pre-development works for the
10,000tpa operation expansion.

 

“The Company is working toward finalising upcoming significant milestones that will support Argosy’s ambitions and near-term growth phase to fully develop the Rincon Lithium Project.”

.

To read the full news release, please click HERE

.

——-

.

Mining Review 15th October 2023

Gold powered back as the risk of escalation in the Middle East increased during a politically tense week.

Karora Resources announced strong Q3 production numbers, i-80 Gold and West Red Lake Gold posted positive updates. 

.

Karora Resources underground mining at Beta Hunt Gold Mine, WA.

.

City Investors Circle Mining Review 15th October 2023

.Gold powered back as the risk of escalation in the Middle East increased during a tense week. The situation with Israel about to invade Gaza looks set to intensify, and if Iran is attacked all bets will be off for the gold price.

The London Global Mining Finance Conference issued it’s preliminary presentor list for their Autumn conference in the Pewterers’ Hall, Barbican, here.

Karora Resources announced strong Q3 production numbers, i-80 Gold and West Red Lake Gold posted positive updates.

.

News from our watchlist companies this week is below, click the link to be taken to the story

  I-80 Gold Provides Granite Creek Update

  Karora Resources Announced Q3 Gold Production Of 39,548 Oz

  West Red Lake Gold Intersected 45.20 g/t Au over 2m

  Lithium Power Intl. Responded to Media Speculation

  Global Mining Finance Conference November 2023

  West Red Lake Gold Provided Project Update

  Mining Review 8th October 2023

Market Data

Weekly price changes

(US$ unless stated)

.

.

i-80 GOLD CORP. (TSX:IAU)

Announced positive mine developments with record monthly tonnage and gold mineralization mined in August as well as high-grade results from a renewed drill program targeting the South Pacific Zone at the Company’s Granite Creek Property located in Humboldt County, Nevada.

.

i-80 Gold Ruby Hill Mine, Nevada, USA.

.

Karora Resources Inc. (TSX: KRR)

Announced strong consolidated gold production of 39,548 ounces for the third quarter of 2023 from its Beta Hunt and Higginsville mines in Western Australia.

Gold sales for the third quarter were 41,278 ounces.

.

Karora Resources – Beta Hunt Mine Specimen Stone

.

.

Karora Announces Strong Third Quarter Gold Production Of 39,548 Ounces, Gold Sales Of 41,278 Ounces And Increased Cash Position Of $84.2 Million

To read the full news release, please click HERE

.

.

West Red Lake Gold Mines (TSXV: WRLG)

Reported additional drill results from its 100% owned Rowan Property located in the prolific Red Lake Gold District of Northwestern Ontario, Canada.

Notably, Hole RLG-23-169 intersected 14.61 grams per tonne gold over 1.5 m, including 42.62 g/t Au over 0.5m at approximately 420m vertical depth in the Vein 101 Zone. 

.

.

Lithium Power Intl. (ASX: LPI)

Refers to recent media speculation (including as published by Bloomberg on 11 October 2023 regarding discussions between Corporación Nacional del Cobre de Chile (“Codelco”) and Lithium Power about a potential transaction. 

.

.

.

Global Mining Finance Conference

The preliminary lineup for the London Global Mining Finance Conference has been released.

They are; Anglesey Mining, Cabral Gold, Canuc Resources, CleanTech Lithium, Empire Metals, and Stakeholder Gold.

.

Ariana Resources’ Chris Sangster addresses a full house at the Global Mining Finance Conference amid the splendour of The Armourers’ Hall.

.

Global Mining Finance Conference London November 2023

The preliminary lineup for the TMX Group sponsored London Global Mining Finance Conference has been released.

They are; Anglesey Mining, Cabral Gold, Canuc Resources, CleanTech Lithium, Empire Metals, and Stakeholder Gold.

The companies will be joined by keynote speakers Graham Dallas of the TMX Group, and Chris Berlet, who has a very interesting presentation about metal funds.

The venue is the wonderful Pewterers’ Hall, Oat Lane, Barbican, and the event opens its doors at 8.45 am and the program commences at 9.30 am.

There are two coffee networking sessions and a buffet luncheon with refreshments.

To register for a free delegate pass, please click here

.