American Creek (TSX.V: AMK)

Cunningham Mining Ltd, the acquiror of American Creek, announced the launch of its Nugget Trap Token (NGT) offering, priced at $0.60 USD per token.

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Comment

As an American Creek Shareholder I had mixed feelings abour being acquired, despite the healthy premium being offered, as I felt the higher gold price would lead to some corporate activity sooner or later.

When I learned that this acquisition by Cunningham Mining is being funded by a token issuance, I started to have serious doubts as to whether they can pull this off.

Details of the token are now emerging, and I still have doubts as to whether this idea will work.

If it does work it breaks new ground for mining investment, if it doesn’t, the share price will halve in short order I would imagine. 

I have considered selling my stock and buying the token, but decided against it for now, but am considering a small investment in the token, and I have applied for details.

My final thought is that I have my doubts whether this acquisition will go through, and the market seems to agree with me as the share price is holding at around two thirds of the offer price, yet nobody is rushing in to try and make an easy buck.

Not for widows or ophans.

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Westgold (ASX / TSX: WGX)

Published an updated corporate update showing the new company after the Karora Resources acquisition recently.

The Karora acquisition transformed West gold into a top 5 Australian gold producer with a market cap around A$1.8 billion.

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Westgold Publishes Updated Corporate Update

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Westgold (ASX / TSX: WGX)

Published an updated corporate update showing the new company after the Karora Resources acquisition recently.

The Karora acquisition transformed West gold into a top 5 Australian gold producer with a market cap around A$1.8 billion.

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To read the full news release please click HERE

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The live Spot gold price can be found HERE

We present interesting and exciting junior mining companies listed on the ASX and TSX stock exchanges to a group of city professionals, and private investors, all of whom are active investors with a mandate to invest in junior mining companies.

Our audience is selected and invited individually to ensure interest and relevance for the presenting company.

Meetings are non deal, small group, highly focused and engaged, with a lively Q and A to follow the main presentation.

We create awareness, and maintain interest in presenting companies by disseminating their future news to our entire investor group via email, social media, and our Monthly Review newsletter.

If you wish to present to our select group of active mining investors, please email andrew@city-investors-circle.com

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This website is not sponsored, we are truly independent, and will always remain so.

Companies featured here have either presented to the Circle in London, or have been selected because they are considered to have interesting projects, in good jurisdictions, run by an experienced management team.

All information used in the preparation of this communication has been compiled from publicly available sources that we believe to be accurate and reliable, however, we cannot, and do not, guarantee the accuracy or completeness of this.

These articles are for awareness and informational purposes only, and are not recommendations in any form.  Always consult an investment professional.

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Disclosure

At the time of writing the author holds shares in Westgold

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BPM Minerals (ASX: BPM)

Announced promising high-grade initial rilling results from the second phase of drilling at the Louie Prospect, part of the Claw Gold Project in WA.

The highlight was 30m @ 1.84 g/t Gold from 25 metres including 5m @7.12 g/t Au from 35m.

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High-Grade Gold Discovery at the Claw Gold Project, WA

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BPM Minerals Ltd (ASX: BPM) (‘BPM’ or ‘the Company’) is pleased to announce promising high-grade initial rilling results from the second phase of drilling at the Louie Prospect, part of the Claw Gold Project in WA.

The highlight was 30m @ 1.84 g/t Gold from 25 metres including 5m @7.12 g/t Au from 35m. 

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Highlights

• Initial aircore drilling assay results have returned the following high-grade intercept from the Louie Prospect:
• CAC186 – 30m @ 1.84g/t Au (from 25m) including 5m @ 7.12 g/t Au (from 35m)
• Louie is located immediately south along strike of Capricorn Metals’ (ASX: CMM) 3.24Moz Mount Gibson Gold Project, providing BPM with an exceptional opportunity to explore within a proven gold corridor.
• The drilling program is focused on testing the 1km long, 100ppb gold in regolith anomaly, identified during Phase 1 drilling earlier this year. This anomaly shares similar geology to the gold mineralisation found to the north at the Mount Gibson Gold Project.
• 6 RC holes have been completed that targeted the downdip extent of existing aircore regolith anomalies. Results are awaited.
• Additional aircore drilling is presently underway on 100m infill traverses to better define the substantial gold in regolith anomaly defined to date.
• Planning for Phase 3 follow up RC drilling has commenced.
• Option issue Prospectus to be issued in the next few weeks.

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The Claw Gold Project consists of 33km of highly prospective strike, immediately south along strike of $2.2 billion Capricorn Metals Ltd.’s (ASX:CMM) 3.24Moz Mount Gibson Gold Project (MGGP)
. The MGGP is set to become one of West Australia’s next major gold mines underpinned by a ~5mtpa processing plant with planned production of ~150koz p.a.

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Commenting on the drilling BPM CEO Oliver Judd:

“We’re delighted to have received exceptional results from Louie in this second round of drilling at the Claw Gold Project.

 

“This is shaping as a highly promising greenfields discovery in one of Western Australia’s most prospective gold corridors. We are in a heavily endowed environment at Mt Gibson, immediately along strike rom WA’s next gold mine in a ‘gold bull market.

 

“With additional drilling nearly complete, we are eager to further delineate the high-grade core of this 1km regolith anomaly. The upcoming assays, due within the
month, will guide us toward deeper RC drilling.

 

“This is the beginning, and investors can expect a steady stream of updates as we continue to explore what could turn into a game-changing discovery with clear strategic
potential in relation to Mount Gibson.”

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To read the full news release please click HERE

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The live Spot gold price can be found HERE

We present interesting and exciting junior mining companies listed on the ASX and TSX stock exchanges to a group of city professionals, and private investors, all of whom are active investors with a mandate to invest in junior mining companies.

Our audience is selected and invited individually to ensure interest and relevance for the presenting company.

Meetings are non deal, small group, highly focused and engaged, with a lively Q and A to follow the main presentation.

We create awareness, and maintain interest in presenting companies by disseminating their future news to our entire investor group via email, social media, and our Monthly Review newsletter.

If you wish to present to our select group of active mining investors, please email andrew@city-investors-circle.com

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This website is not sponsored, we are truly independent, and will always remain so.

Companies featured here have either presented to the Circle in London, or have been selected because they are considered to have interesting projects, in good jurisdictions, run by an experienced management team.

All information used in the preparation of this communication has been compiled from publicly available sources that we believe to be accurate and reliable, however, we cannot, and do not, guarantee the accuracy or completeness of this.

These articles are for awareness and informational purposes only, and are not recommendations in any form.  Always consult an investment professional.

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Disclosure

At the time of writing the author holds shares in BPM Minerals.

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Pacgold Limited (ASX: PGO)

Provided an exploration update on the recommencement of a regional aircore and RC drilling campaign at the Company’s 100% owned Alice River Gold Project, 300km northwest of Cairns, North Queensland.

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Pacgold Alice River drilling 11th August 2022

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Pacgold to Commence Regional Scale Aircore and RC Programmes at Alice River

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Pacgold Limited (ASX: PGO) (‘Pacgold’ or ‘the Company’) is pleased to provide an exploration update on the recommencement of a regional aircore and RC drilling campaign at the Company’s 100% owned Alice River Gold Project (‘the Project’), 300km northwest of Cairns, North Queensland.

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HIGHLIGHTS

• 6,000m aircore bedrock geochemical programme scheduled to commence in first
week of October
• Regional focus aimed at unlocking size potential of overall mineralised system and generation of multiple follow up drill targets for the 2025 exploration season
• Programme to test a comprehensive 14km of IP geophysical and structural targets with maximum coverage possible of known mineralised corridor
• 3,000m reverse circulation (RC) programme designed to following up on existing
regional targets Posie, Jerry Dodds, Central Target and Southern Target areas not
previously drilled
• Multiple target areas of known historic mineralisation coinciding with geophysical structural anomalies to be tested over the next quarter.

New Pacgold Managing Director, Matthew Boyes, commented:

“Having spent the last week on a very successful first site visit to Alice River, I came away extremely impressed with the potential for delineation of a regional large scale gold system at Alice River.

 

“The majority of the system hasn’t been drill tested, with this new programme designed to better understand and unlock a further 12-14km of previously untested strike extensions.”

 

“IP geophysical targets, in conjunction with previously drilled RC, diamond and airtrack holes, have defined anomalous gold mineralisation in approximately 90% of all drillholes drilled to date.

 

“That’s an extremely high success rate and I feel the project purely lacks ‘drills turning’ on more than one of the multiple structural and geophysical targets identified to date to unlock and define a significant system.”

 

“Drilling is commencing within the next 3 weeks with a full team now back on site and clearing and  pegging of the 800 plus drill sites now nearing completion. I’m looking forward to seeing drills turning and initiating some continuous newsflow into the near year”

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To read the full news release please click HERE

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The live Spot gold price can be found HERE

We present interesting and exciting junior mining companies listed on the ASX and TSX stock exchanges to a group of city professionals, and private investors, all of whom are active investors with a mandate to invest in junior mining companies.

Our audience is selected and invited individually to ensure interest and relevance for the presenting company.

Meetings are non deal, small group, highly focused and engaged, with a lively Q and A to follow the main presentation.

We create awareness, and maintain interest in presenting companies by disseminating their future news to our entire investor group via email, social media, and our Monthly Review newsletter.

If you wish to present to our select group of active mining investors, please email andrew@city-investors-circle.com

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This website is not sponsored, we are truly independent, and will always remain so.

Companies featured here have either presented to the Circle in London, or have been selected because they are considered to have interesting projects, in good jurisdictions, run by an experienced management team.

All information used in the preparation of this communication has been compiled from publicly available sources that we believe to be accurate and reliable, however, we cannot, and do not, guarantee the accuracy or completeness of this.

These articles are for awareness and informational purposes only, and are not recommendations in any form.  Always consult an investment professional.

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Disclosure

At the time of writing the author holds shares in Pacgold.

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Capricorn Metals (ASX: CMM)

Has published an updated corporate presentation, which was presented to investors at the recent Diggers and Dealers Mining Conference in Kalgoorlie, Western Australia.

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Capricorn Metals Karlawinda Mine

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Capricorn Metals Updated Corporate Presentation

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Capricorn Metals (ASX: CMM) has published an updated corporate presentation, which was presented to investors at the recent Diggers and Dealers Mining Conference in Kalgoorlie, Western Australia.

The share price is rising as the company progresses at Mt. Gibson, and the gold price rises to an all-time high, sending additional income straight to the bottom line from their Karlawinda mine production.

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To read the full news release please click HERE

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The live Spot gold price can be found HERE

We present interesting and exciting junior mining companies listed on the ASX and TSX stock exchanges to a group of city professionals, and private investors, all of whom are active investors with a mandate to invest in junior mining companies.

Our audience is selected and invited individually to ensure interest and relevance for the presenting company.

Meetings are non deal, small group, highly focused and engaged, with a lively Q and A to follow the main presentation.

We create awareness, and maintain interest in presenting companies by disseminating their future news to our entire investor group via email, social media, and our Monthly Review newsletter.

If you wish to present to our select group of active mining investors, please email andrew@city-investors-circle.com

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=======

,

This website is not sponsored, we are truly independent, and will always remain so.

Companies featured here have either presented to the Circle in London, or have been selected because they are considered to have interesting projects, in good jurisdictions, run by an experienced management team.

All information used in the preparation of this communication has been compiled from publicly available sources that we believe to be accurate and reliable, however, we cannot, and do not, guarantee the accuracy or completeness of this.

These articles are for awareness and informational purposes only, and are not recommendations in any form.  Always consult an investment professional.

.

Disclosure

At the time of writing the author holds shares in Capricorn Metals.

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Mining Review 15th September 2024

Gold reached a new intraday all-time high as anticipation of a US rate cut boiled over.

American Creek was acquired by Cunningham Mining, as the takeover season hots up, with Centamin Egypt also being bought out, and Newmont sold out their interest in Haveiron to Greatland Gold.

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City Investors Circle Mining Review 15th September 2024

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Gold reached a new intraday all-time high as anticipation of a US rate cut boiled over, and heightened political tensions over the west arming Ukraine with long range weapons to strike deep inside Russia.

Silver also responded and other industrial metals turned positive after Russia threatened to cease the export of certain strategic metals to “unfriendly countries”.

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American Creek was acquired by Cunningham Mining, as the takeover season hots up. This is a strange transaction as Cunningham is funding the takeover with a token issue, as opposed to raising capital via a share issue or simply paying cash.

The takeover price is 43 cents, considerably higher than the share price on the day of the offer, over 100% in fact. The current share price of 27 cents is puzzling, and suggests that the market doubts that Cunningham can pull off the deal in my opinion.

I wonder if there’s an opportunity here?

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Centamin Egypt , listed in London, is also being bought out, by Anglogold Ashanti, and Newmont sold out their interest in Haveiron to Greatland Gold. 

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Looking at the news from other companies on our watchlists, G Mining Ventures and Calibre Mining continue to churn out good news with regularity. Westgold also reported further good news during the week.

To read the news in full for last week, please click on the links below to be taken to the full story.ive

Uranium Energy Corp (NYSE: UEC)

Reported drill results from the Roughrider Project in Saskatchewan, Canada.

Drilling 850 metres northeast of the Roughrider Project Deposit has intersected additional high-grade uranium mineralization, drill hole RR-961 had grades of 11.4% eU₃O₈ over 2.4 metres.

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UEC logo on the NYSE

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Uranium Energy Corp Intersects 11.4% eU3O8 over 2.4 metres at Roughrider North Discovery, 850 meters Northeast of the Roughrider deposit

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Calibre Mining (TSX: CXB)

Announced drill results from the Company’s 2024 exploration program within the Limon Mine Complex in Nicaragua, including a new discovery, San Jose, situated approximately 2.5km north of the high-grade Panteon Norte deposit along the VTEM Gold Corridor.

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Limon Mine, Nicaragua

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CALIBRE MAKES A NEW DISCOVERY ALONG THE VTEM GOLD CORRIDOR AT THE LIMON MINE; DRILLING AT THE PAST PRODUCING TALAVERA MINE HITS ADDITIONAL HIGH-GRADES; DRILLING INTERCEPTS INCLUDE 13.26 G/T GOLD OVER 4.9 METRES AND 4.92 G/T GOLD OVER 10.3 METRES

Westgold (ASX: / TSX: WGX)

Provided an update in relation to recent mining activities at the Western Flanks orebody at Beta Hunt. 

Sediment hosted coarse gold mineralisation confirmed within Western Flanks
Provides significant production upside potential.

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Westgold Reports Bonanza Grade Coarse Gold Zones At Western Flanks

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Perth, Western Australia, 11 September 2024: Westgold Resources Limited (ASX: WGX, TSX: WGX, OTCQX: WGXRF) (Westgold or the Company) is pleased to provide an update in relation to recent mining activities at the Western Flanks orebody at Beta Hunt.

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Highlights

Sediment hosted coarse gold mineralisation confirmed within Western Flanks
– providing significant production upside potential.
Mineralisation style is consistent with the bonanza grade “Father’s Day Vein”
– previously mined in the parallel A Zone deposit.
Potential for similar style high grade positions within Beta Hunt – including in
the rapidly evolving Fletcher Zone.

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Westgold Managing Director and CEO Wayne Bramwell commented:

“Coarse gold occurrences at Beta Hunt, such as the famous “Father’s Day Vein” discovered in 2018, have to date been limited to the A Zone deposit.

 

“The confirmation of this style of mineralisation within the Western Flanks deposit not only provides increased production upside, it also indicates the potential for additional bonanza grade zones within other mineralised structures such as the Fletcher Zone.

 

“Westgold sees a much larger opportunity at Beta Hunt and across our Southern Goldfields assets, with drilling the catalyst to defining their real scale.”

To read the full news release please click HERE

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The live gold price can be found HERE

We present interesting and exciting junior mining companies listed on the ASX and TSX stock exchanges to a group of city professionals, and private investors, all of whom are active investors with a mandate to invest in junior mining companies.

Our audience is selected and invited individually to ensure interest and relevance for the presenting company.

Meetings are non deal, small group, highly focused and engaged, with a lively Q and A to follow the main presentation.

We create awareness, and maintain interest in presenting companies by disseminating their future news to our entire investor group via email, social media, and our Monthly Review newsletter.

If you wish to present to our select group of active mining investors, please email andrew@city-investors-circle.com

.

=======

,

This website is not sponsored, we are truly independent, and will always remain so.

Companies featured here have either presented to the Circle in London, or have been selected because they are considered to have interesting projects, in good jurisdictions, run by an experienced management team.

All information used in the preparation of this communication has been compiled from publicly available sources that we believe to be accurate and reliable, however, we cannot, and do not, guarantee the accuracy or completeness of this.

These articles are for awareness and informational purposes only, and are not recommendations in any form.  Always consult an investment professional.

.

Disclosure

At the time of writing the author holds shares in Westgold.

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G Mining Ventures (TSX: GMIN)

Announced the results of its 2024 Preliminary Economic Assessment Study for the development of its wholly owned Oko West Gold Project, located in Guyana.

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G Mining Ventures Delivers PEA for High-Grade Oko West Gold Project in Guyana

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BROSSARD, QC, September 9, 2024 – G Mining Ventures Corp. (“GMIN” or the “Corporation”) (TSX: GMIN, OTCQX: GMINF) is pleased to announce the results of its 2024 Preliminary Economic Assessment Study (the “PEA” or the “Study”) for the development of its wholly owned Oko West Gold Project, located in Guyana (“Oko” or the “Project”).

The PEA, completed by G Mining Services Inc. (“GMS”) as lead consultant, supported by other engineering consultants, confirms robust economics for a low-cost, large-scale, conventional open pit (“OP”) and underground (“UG”) mining and milling operation, with operating costs below industry averages, in addition to a high rate of return.

The Project is ideally sequenced to leverage the strong macroeconomic conditions
including a strong gold (“Au”) price, lower inflation, and Guyana’s rapidly developing economy.

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All amounts are in USD unless stated otherwise
• After-tax NPV5% of $1.4 billion, IRR of 21% and payback of 3.8 years at $1,950/oz base case gold price (long-term consensus)
• After-tax NPV5% of $2.5 billion, IRR of 31% and payback of 2.0 years at $2,500/oz spot gold price
• Average annual gold production of 353,000 ounces at an AISC of $986/oz for 12.7 years
• Startup capital cost of $936 million and sustaining capital of $537 million over the life of mine
• ESIA submission targeted by year end while progressing towards a Feasibility Study for Q1-2025
• An average of 1,260 direct permanent jobs to be created from the Oko West Project

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Louis-Pierre Gignac, President & Chief Executive Officer, commented:

“The Oko PEA, based on the long-term consensus gold price of $1,950 per ounce, outlines a high-production, long-life, high-margin operation with an after-tax NPV5% of $1.4 billion and IRR of 21%. Oko is ideally sequenced to benefit from GMIN’s regional footprint, development expertise, anticipated free cashflow from our in-production Tocantinzinho Gold Mine in Brazil and historically high gold prices.

 

“GMIN announced last week commercial production at Tocantinzinho, delivering our first operating mine on-time and on-budget, and we will seek to repeat this success with Oko using essentially the same team.

 

“I am excited that this exceptionally positive PEA only captures a snapshot of the potential value of Oko, as we continue to explore the prospective land package and evaluate value-enhancement opportunities for improved economics in a feasibility study planned for the first quarter of 2025. I look forward to the tremendous
shared-value creation for our stakeholders, including the country of Guyana.”

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To read the full news release, please click HERE

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G Mining Ventures(TSX: GMIN)

Announced that it has entered into a purchase and sale agreement to acquire tenements in the Gurupi Gold Belt from wholly-owned subsidiaries of BHP Group Limited (ASX: BHP, NYSE: BHP, LSE: BHP)

This includes the CentroGold Project.

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G Mining Ventures to Acquire the CentroGold Project from BHP

BROSSARD, QC, September 9, 2024 – G Mining Ventures Corp. (“GMIN” or the “Corporation”) (TSX: GMIN, OTCQX: GMINF) is pleased to announce that it has entered into a purchase and sale agreement to acquire tenements in the Gurupi Gold Belt from wholly-owned subsidiaries of BHP Group Limited (“BHP”) (ASX:
BHP, NYSE: BHP, LSE: BHP, JSE: BHG).

This includes the CentroGold Project (“CentroGold” or the “Project”). In consideration for the acquisition, GMIN will grant BHP a 1.0% NSR royalty on the first 1 million
ounces of gold produced at the tenements and a 1.5% NSR royalty on gold production thereafter (the “Transaction”).

CentroGold is in the state of Maranhão, located in northern Brazil, and comprises 47 tenements encompassing ~1,900 square kilometers (“km2”).

The Project hosts multiple identified gold targets along a +80 km mineralized trend, including the Blanket, Contact and Chega Tudo open pit deposits, which currently
host 2.3 million ounces of JORC-compliant gold resources and remain open for expansion.

In July 2019, Oz Minerals Limited (“Oz Minerals”), which was later acquired by BHP in 2023, released a pre-feasibility study on the Blanket and Contact deposits. The pre-feasibility study envisioned a 10-year mine life with an average annual gold production of 100,000 to 120,000 ounces per year, with 190,000 to 210,000 ounces of gold per year in the first two years of production.

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Highlights

o GMIN to acquire the CentroGold Project in Brazil’s prospective Gurupi Gold Belt from BHP
o CentroGold contains 1.7 million ounces of indicated and 0.6 million ounces of inferred JORC-compliant gold resource that is open for expansion in all directions and at depth
o District-scale land package comprises 47 tenements covering ~1,900 km2 and offers potential for multiple new discoveries
o CentroGold to provide long-term growth following Tocantinzinho ramp-up and Oko West development
o Accretive transaction adds to GMIN’s project pipeline with no upfront cost

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GMIN views the Project as an advanced-stage exploration asset with extensive exploration and engineering work completed to date, which includes over 135,000 meters of exploration core drilling. The Project’s size, scope, and development timeline will be redesigned to suit GMIN’s long-term growth plans, ensuring resources are allocated in line with our strategy of maximizing value for all stakeholders.

GMIN intends to build on CentroGold’s existing geologic model and redesign the Project from first principles to better fit today’s new permitting requirements and economic environment.

Shortly after the Transaction’s closing, GMIN plans to update the JORC-compliant gold resource to meet National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”).

The current corporate priorities that will take precedence are ramping up the Tocantinzinho Gold Mine in Brazil to nameplate capacity and advancing the Oko West
Gold Project in Guyana toward a construction decision in H2-25.

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Louis-Pierre Gignac, President & Chief Executive Officer, commented:

“We are excited to acquire another prospective project and begin to grow into the multi-asset growth company we always envisioned to become.

 

“CentroGold boasts an attractive starting resource base on a large land package that covers ~1,900 km2 with significant exploration upside, located within a proven geological belt.

 

“This acquisition rounds out a high-quality portfolio of gold assets, which includes a producing mine in Tocantinzinho, a development project in Oko West, and a high-potential exploration project in CentroGold.

 

“I believe this cash-flowing and high-growth portfolio offers our shareholders tremendous opportunity for value creation.”

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Dušan Petković, Senior Vice President, Corporate Strategy, commented:

“The acquisition of CentroGold perfectly aligns with our strategy of acquiring high-quality, undervalued assets that GMIN is uniquely qualified to unlock.

 

“2024 has been a transformational year for GMIN, headlined by two acquisitions that have grown our gold resource base from 2.1 million ounces measured and indicated to 8.1 million ounces, and from 50 thousand inferred to 2.2 million ounces, creating an exciting pipeline of near-term and longer-dated growth projects.

 

“Looking forward, we are excited to demonstrate and realize our asset base’s immense potential.”

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To read the full news release, please click HERE

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American Creek Resources(TSX.V: AMK)

Announced that it has entered into a definitive arrangement agreement dated September 5, 2024 with Cunningham Mining Ltd. pursuant to which CML has agreed to acquire all of the issued and outstanding common shares of American Creek at a price of $0.43 per Share in an arm’s-length, all-cash transaction valued at approximately $207 million on a fully diluted basis.

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American Creek Resources – Treaty Creek

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Ascot Resources (TSX: AOT)

After careful consideration, the Company has decided that, to enable sufficient mine development, it will suspend operations.

Ascot will focus on mine development until the combination of the Big Missouri and PNL mines can sustainably deliver enough ore feed to profitably run the operation. The Company’s intention is to seek funding to complete the necessary mine development.

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Ascot Resources – Big Missouri portal

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Vancouver, B.C., September 6, 2024 – Ascot Resources Ltd.  (TSX: AOT; OTCQX: AOTVF) (“Ascot” or the “Company”) today announced that over the period of the past two months, mill operations at the Company’s Premier Gold Mine have poured 3,430 oz of gold, which is 418% above the amount recorded over the entire second quarter.

Additionally, in August, the mill has operated near or above its design capacity.

The mill operations have progressed well; however, we believe that the amount of mine development at the Big Missouri mine has fallen behind schedule by approximately one to two months, and with the delay in the start of the Premier Northern Lights (“PNL”) ramp from July to December last year, PNL production is also delayed.

As a result, the number of stoping areas is not sufficient to provide enough production to adequately feed the mill. Although the Company is on track for first development ore at PNL this month, further development is required to access deeper ore than was initially planned, which will extend the timing to complete the development and ramp up of the PNL mine.

After careful consideration, the Company has decided that, to enable sufficient mine development, it will suspend operations. Ascot will focus on mine development until the combination of the Big Missouri and PNL mines can sustainably deliver enough ore feed to profitably run the operation. The Company’s intention is to seek funding to complete the necessary mine development.

The Company’s initial estimate is that approximately three to six months of development will be required to be undertaken, primarily at the PNL mine, subject to further investigation and cost determinations.

At the end of August, the Company had a cash resource of approximately C$15 million. This amount is expected to be sufficient to undertake proper suspension of operations for the oncoming winter season and ensure that the Company maintains all its environmental compliance programs.

 The Company is in discussions with its secured creditors regarding its obligations during the suspension period.

There is no certainty the Company will be able to raise the funds required to complete the necessary mine development work and to restart operations.

While the Company expects that operations will be sustained once restarted following development work, there is no certainty that this will be the case.

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Derek White commented:

“This is difficult news for all of our stakeholders, and especially all of our employees and contractors who have worked extremely hard during the commissioning period.

 

“The Company believes we need to focus on mine development to prioritize asset value and ensure we have the best path forward to sustainable and profitable operations.”

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To read the full news release please click HERE

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The live gold price can be found HERE

We present interesting and exciting junior mining companies listed on the ASX and TSX stock exchanges to a group of city professionals, and private investors, all of whom are active investors with a mandate to invest in junior mining companies.

Our audience is selected and invited individually to ensure interest and relevance for the presenting company.

Meetings are non deal, small group, highly focused and engaged, with a lively Q and A to follow the main presentation.

We create awareness, and maintain interest in presenting companies by disseminating their future news to our entire investor group via email, social media, and our Monthly Review newsletter.

If you wish to present to our select group of active mining investors, please email andrew@city-investors-circle.com

.

=======

,

This website is not sponsored, we are truly independent, and will always remain so.

Companies featured here have either presented to the Circle in London, or have been selected because they are considered to have interesting projects, in good jurisdictions, run by an experienced management team.

All information used in the preparation of this communication has been compiled from publicly available sources that we believe to be accurate and reliable, however, we cannot, and do not, guarantee the accuracy or completeness of this.

These articles are for awareness and informational purposes only, and are not recommendations in any form.  Always consult an investment professional.

.

Disclosure

At the time of writing the author holds no shares in Ascot Resources.

.

Westgold Resources (ASX / TSX: WGX)

Announce the commencement of mining of the South Junction Lode within the Bluebird-South Junction mining complex at Meekatharra.

Ramp up targets a 100kt per month run rate for the Bluebird-South Junction mine by Q3 FY25.

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Westgold Commences Mining at South Junction

14.93m @ 15.95g/t Au in drill hole 24SJDD029

Perth, Western Australia, 5 September 2024: Westgold Resources Limited (ASX: WGX, TSX: WGX, OTCQX: WGXRF) (Westgold or the Company) is pleased to announce the
commencement of mining of the South Junction Lode within the Bluebird-South Junction mining complex at Meekatharra.

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Highlights

Mining of the South Junction Lode has commenced – ramp up targets a 100kt
per month run rate for the Bluebird-South Junction mine by Q3 FY25.

Drilling across South Junction continues to extend the system – with further
recent significant intersections including:
 14.93m @ 15.95g/t Au in hole 24SJDD029
 6.83m @ 15.31g/t Au in hole 24SJDD027
 13.00m @ 3.65g/t Au in hole 24SJDD032
 11.42m @ 4.92g/t Au in hole 24SJDD029
 8.95m @ 4.01g/t Au in hole 24SJDD026

South Junction Resource Definition drilling program continues – with 2 surface
rigs targeting deeper extensions of the South Junction and Polar Star Lodes around
800m below surface.

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Westgold Managing Director and CEO Wayne Bramwell commented:

“Drilling continues to unlock value and point to the potential scale of the Bluebird-South Junction mining complex at Meekatharra.

 

“The commencement of mining on the South Junction Lode is a company milestone, achieved in short order by a focussed team.

 

“This lode is one of many mineralised lodes being tested across the Bluebird-South Junction mining complex, with the Polar Star Lode the next target to being evaluated.

 

“Westgold can now contemplate a significantly larger, multi-decline mining complex emerging on the doorstep of our 1.6-1.8M tpa processing plant.

 

“Each new mining front we define can increase mine output, with the continued expansion of Bluebird-South Junction providing new opportunities to reduce haulage and optimise processing infrastructure across our Murchison business”.

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To read the full news release please click HERE

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The live gold price can be found HERE

We present interesting and exciting junior mining companies listed on the ASX and TSX stock exchanges to a group of city professionals, and private investors, all of whom are active investors with a mandate to invest in junior mining companies.

Our audience is selected and invited individually to ensure interest and relevance for the presenting company.

Meetings are non deal, small group, highly focused and engaged, with a lively Q and A to follow the main presentation.

We create awareness, and maintain interest in presenting companies by disseminating their future news to our entire investor group via email, social media, and our Monthly Review newsletter.

If you wish to present to our select group of active mining investors, please email andrew@city-investors-circle.com

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This website is not sponsored, we are truly independent, and will always remain so.

Companies featured here have either presented to the Circle in London, or have been selected because they are considered to have interesting projects, in good jurisdictions, run by an experienced management team.

All information used in the preparation of this communication has been compiled from publicly available sources that we believe to be accurate and reliable, however, we cannot, and do not, guarantee the accuracy or completeness of this.

These articles are for awareness and informational purposes only, and are not recommendations in any form.  Always consult an investment professional.

.

Disclosure

At the time of writing the author holds shares in Westgold.

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G Mining Ventures (TSX: GMIN)

Has reached commercial production on time and on budget at its 100%-owned Tocantinzinho Gold Mine located in the State of Pará, Brazil.

Commercial production is defined as a period of 30 consecutive days of operations during which the mill operated at a minimum of 60% of nameplate throughput of 12,890 tonnes per day.

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Comment

The team that achieved four mine builds on time and on budget for other mining companies before deciding to run their own mine has achieved their target once again!

They are experienced in this part of the world ,having now built five mines in the region, and will now turn their focus to their next development project on the same shield, Oko West, in Guyana.

It always pays to follow good management that have achieved before, and I feel they are poised to become a mid-tier gold producer in the medium term once Oko West commences production.

G Mining Ventures Declares Commercial Production at Tocantinzinho Gold Mine

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BROSSARD, QC, September 3, 2024 – G Mining Ventures Corp. (“GMIN” or the “Corporation”) (TSX: GMIN, OTCQX: GMINF) is pleased to announce that it has reached commercial production on time and on budget at its 100%-owned Tocantinzinho Gold Mine (“TZ” or the “Mine”) located in the State of Pará, Brazil.

Commercial production is defined as a period of 30 consecutive days of operations during which the mill operated at a minimum of 60% of nameplate throughput of 12,890 tonnes per day (“tpd”). During August 2024, the mill operated at 76% of nameplate throughput, processing a total of 304,312 ore tonnes (9,817 tpd) at a recovery rate of 88%.

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Highlights

o Tocantinzinho reaches commercial production on time and on budget in less than two years
o Tocantinzinho engineered to have a 10.5-year mine life with an average annual gold production of 174,700 ounces, and an average annual gold production of 196,200 for the first five full years
o Nameplate throughput expected by Q1 2025
o Share price outperformed GDXJ by +120% since the construction decision in September 2022

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Louis-Pierre Gignac, President & Chief Executive Officer, commented:

“I am proud to announce this momentous achievement of starting commercial production at the Tocantinzinho Gold Mine.

 

“We have delivered TZ on time and on budget, with an industry-leading safety record. This achievement is the culmination of 5.8 million person-hours focused on building, testing and ramping up production at Brazil’s newest major gold mine.

 

|”I would like to recognize the immense efforts of our dedicated team, who have invested their talent, expertise, and passion in reaching this transformational milestone.

 

“With this accomplishment behind us, we remain committed to enhancing plant performance and achieving our production and cost KPIs.”

 

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The plant’s ramp-up continues to progress in line with internal production schedules, with all major equipment demonstrating the capability to operate at or above design levels.

After the initial pour announced in July 2024, GMIN has focused on ramping production to test the processing circuits’ ability to handle nameplate loads while improving recovery toward a life of mine average of 90%.

The Corporation plans to ramp up production through H2-24, targeting nameplate throughput by Q1 2025.

TZ is engineered to have a 10.5-year mine life with an average annual gold production of 174,700 ounces and 196,200 ounces for the first five full years, capitalizing on the record-high gold price environment.

The Corporation plans to provide annual guidance for TZ in January 2025.

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To read the full news release, please click HERE

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Ora Banda Mining (ASX:OBM)

Povided an update on its Riverina and Sand King underground mines which form part of the Davyhurst Gold Project and together are the centrepiece of the Company’s DRIVE TO 150 Project with an outlook annual production of 140,000oz to 160,000oz in FY26.

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ORA BANDA MINING DAVYHURST GOLD PROJECT UPDATE

Ora Banda Mining Limited (ASX:OBM) (“Ora Banda”, “Company”) is pleased to provide an update on its Riverina and Sand King underground mines which form part of the Davyhurst Gold Project and together are the centrepiece of the Company’s DRIVE TO 150 Project with an outlook annual production of 140,000oz to 160,000oz in FY26.

Portal established and mining commenced Jumbo boring at the face Underground survey markup OBM Leadership Team after 1st firing

At Riverina, mining has been progressing steadily and remains on schedule with stoping and face advancement rates in line with expectations.

Excellent Drill Intercepts Highlight Riverina’s High-Grade and Consistency
Sand King Portal Established and Mining Underway Riverina Underground Mine
• Latest infill drilling results from Riverina underground confirm the consistency and highgrade nature of the Riverina ore lodes
• Results from 122 holes intersected significant gold intercepts above 10 gram metres on 102 occasions and included 45 intercepts over 20 gram metres
• A second underground diamond rig is scheduled to start mid-September to accelerate
resource extension and exploration drilling
• Two surface exploration rigs are scheduled to start early in the December-Quarter to
explore for southern extensions and depth extensions (Figure 5)
• Mining at Riverina remains on track with development and stoping performance in line
with expectations (See Figures 2 to 4)
• Significant intercepts from grade control infill drilling continue to demonstrate the highgrade and consistent nature of the Riverina main lodes, including:
o 2.7m @ 65.9g/t Inc. 2.1m @ 85.6g/t o 5.4m @ 6.4 g/t
o 4.4m @ 22.1 g/t Inc. 2.8m @ 33.6 g/t o 1.5m @ 23.2 g/t

The mine also continues to be the focus of increased exploration as Ora Banda seeks to test mineralisation extensions to the south-west and north-east.

Latest infill drilling up to July 2024 has provided excellent results and confirm the consistency and high-grade nature of the Riverina ore lodes. The results from 122 holes intersected significant gold intercepts above 10 gram metres on 102 occasions and included 45 intercepts over 20 gram metres.

A second underground diamond rig is scheduled to start mid-September to accelerate resource extension and exploration drilling plus two surface exploration rigs are
scheduled to start early in the December-24 Quarter to explore for southern extensions and depth extensions.

Mining operations have commenced at the Sand King underground mine with the portal
established and mine development underway. The decline is advancing well in good ground conditions and recruitment of specialty management and technical staff is well on track.

At Sand King, first development ore is expected in the December-24 quarter and first stoping ore in the March-25 Quarter with steady state of 60k ozpa commencing in the June-25 Quarter.

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Ora Banda’s Managing Director, Luke Creagh, said:

“As mining and drilling progresses at Riverina, our confidence is growing that we are only at the very early stages in unlocking what is presenting as a large and high-grade system.

 

“The addition of a second underground diamond rig as well as two surface drill rigs in the coming months is an exciting catalyst for the next wave of drill results as we target material extensions to the current Riverina system.

 

“Commencing Sand King is also an exciting time for the Company, demonstrating commitment to our strategy and placing us on the path to deliver 140,000 to 160,000oz in FY26.”

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To read the full news release, please click HERE

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Barton Gold (ASX:BGD)

Announced high-grade assays from the Tarcoola Goldfield at the Tarcoola Gold Project  in South Australia.

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Barton Gold High Grade Assays Confirm New Tolmer Gold System

Significant alteration zone with shallow quartz sulphide veining

Barton Gold Holdings Limited (ASX:BGD, FRA:BGD3, OTCQB:BGDFF) (Barton or Company) is pleased to announce high-grade assays from the Tarcoola Goldfield at the Tarcoola Gold Project (Tarcoola) in South Australia.

Assays have now confirmed a new gold mineralised system at Tolmer, comprised of quartz veining within a broader zone of alteration.

Further Perseverance Mine assays remain outstanding.

HIGHLIGHTS

• Recent seismic survey mapped several new and untested structures across the historical high-grade Tarcoola Goldfield, and identified key targets for ‘repeats’ of the Perseverance gold system
• During May-July 2024 Barton completed ~10,000m reverse circulation (RC) drilling to validate its structural interpretation, and target further mineralisation in the Perseverance open pit mine
• New high-grade assay results have confirmed a newly interpreted gold mineralised system at Tolmer, comprised of quartz sulphide veining hosted within broader zones of alteration

• New significant assay results include:
Hole ID Interval (m) Grade (g/t Au) Depth (m) Target Area
TBM0131 2 @ 2.55 from 100 Old Flame
TBM0135 7 @ 1.60 from 56 Old Flame
TBM0148 9 @ 3.92 from 202 Tolmer
TBM0154 1 @ 6.20 from 88 Tolmer
TBM0161 4 @ 24.6 from 95 Tolmer
TBM0162 5 @ 3.15 from 97 Tolmer
TBM0163 2 @ 2.71 from 20 Tolmer
TBM0181 14 @ 1.41 from 80 Tolmer
TBM0171 3 @ 11.6 from 78 Warburton
• Additional Perseverance Mine open pit floor drilling assays outstanding.

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Commenting on the latest Tarcoola exploration drilling results, Barton MD Alexander Scanlon said:

“We are excited to confirm that the first significant test of Tarcoola’s new structural model has confirmed a new gold mineralised system at Tolmer.

 

“We have also successfully intersected high-grade mineralisation at multiple
other targets, demonstrating Tarcoola’s broader potential to host multiple shallow, high-grade gold zones.

 

“We are also awaiting further assay results from the open pit Perseverance Mine, where we are hoping to convert further shallow mineralisation in the pit floor into additional high-grade Resources for a ‘Stage 1’ operation.

 

“This is another step toward the realisation of our lower-cost, lower-risk development strategy leveraging our existing processing infrastructure, and we are only just scratching the surface of the broader regional potential.”

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To read the full news release please click HERE

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The live gold price can be found HERE

We present interesting and exciting junior mining companies listed on the ASX and TSX stock exchanges to a group of city professionals, and private investors, all of whom are active investors with a mandate to invest in junior mining companies.

Our audience is selected and invited individually to ensure interest and relevance for the presenting company.

Meetings are non deal, small group, highly focused and engaged, with a lively Q and A to follow the main presentation.

We create awareness, and maintain interest in presenting companies by disseminating their future news to our entire investor group via email, social media, and our Monthly Review newsletter.

If you wish to present to our select group of active mining investors, please email andrew@city-investors-circle.com

.

=======

,

This website is not sponsored, we are truly independent, and will always remain so.

Companies featured here have either presented to the Circle in London, or have been selected because they are considered to have interesting projects, in good jurisdictions, run by an experienced management team.

All information used in the preparation of this communication has been compiled from publicly available sources that we believe to be accurate and reliable, however, we cannot, and do not, guarantee the accuracy or completeness of this.

These articles are for awareness and informational purposes only, and are not recommendations in any form.  Always consult an investment professional.

.

Disclosure

At the time of writing the author holds shares in Barton Gold.

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Minera Alamos (TSX V: MAI)

Provided an operations update and select financial highlights from the second quarter of 2024 as well as some guidance regarding improved operations activity so far during Q3.

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Comment

My greatest weakness in investing is hanging on too long, particularly if I like management, and I think the project is solid, and in a good jurisdiction.

I sold Minera some time ago after a comment by management that didn’t impress me, and the price has fallen considerably since then, so this is one stock I managed to call right.

Minera have a number of newsletter type followers who are all still hanging on to their buy recommendations, but I’m pleased I followed my gut feeling here. There’s no hiding the fact that these results are very disappointing.

If they begin to turn this around I may re-invest, but the news doesn’t attract me currently, and the situation regarding mining permits in Mexico remains tricky, and long winded.

One for the watchlist, nothing more at present, in my opinion.

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 Darren Koningen, CEO, Minera Alamos stated,

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Mining Review 1st September 2024

Calibre Mining and Cornish Metals published drill results.

G Mining Ventures received the Operating licence for TZ.

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City Investors Circle Mining Review 1st September 2024

Calibre Mining and Cornish Metals published drill results.

G Mining Ventures received the Operating licence for TZ.

Our Monthly Market Review can be read here

A list of this week’s news is below, click on the link to be taken to the full story.

   Market Review August 2024 published

  Impact Minerals Lodged a Mining Lease for the Lake Hope HPA Project, WA.

  G Mining Ventures Receives Operating Licenses for Tocantinzinho

  Calibre Mining Discoversed Above Reserve Grade Gold at The Pan Mine

  Gold Road Results Effected by Rain and Flooding

  Cornish Metals Reported Final Drill Reports

  Mining Review 25th August 2024

Click here for all company news archives

Market Data

Weekly Price Changes

(US$ unless stated)

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We present interesting and exciting junior mining companies listed on the ASX and TSX stock exchanges to a group of city professionals, and private investors, all of whom are active investors with a mandate to invest in junior mining companies.

Our audience is selected and invited individually to ensure interest and relevance for the presenting company.

Meetings are non deal, small group, highly focused and engaged, with a lively Q and A to follow the main presentation.

We create awareness, and maintain interest in presenting companies by disseminating their future news to our entire investor group via email, social media, and our Monthly Review newsletter.

If you wish to present to our select group of active mining investors, please email andrew@city-investors-circle.com

.

=======

,

This website is not sponsored, we are truly independent, and will always remain so.

Companies featured here have either presented to the Circle in London, or have been selected because they are considered to have interesting projects, in good jurisdictions, run by an experienced management team.

All information used in the preparation of this communication has been compiled from publicly available sources that we believe to be accurate and reliable, however, we cannot, and do not, guarantee the accuracy or completeness of this.

These articles are for awareness and informational purposes only, and are not recommendations in any form.  Always consult an investment professional.

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Market Review August 2024

The highlighted company is Faraday Copper.

The review focuses on producing goldminers looking to scale up their operations from cashflow, Calibre Mining, Capricorn Metals, G Mining Ventures, and Ora Banda Mining.

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City Investors Circle Market Review August 2024

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The highlighted company this month is Faraday Copper, exploring for copper in Nevada.

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The review focuses on producing goldminers looking to scale up their operations from cashflow, Calibre Mining, Capricorn Metals, G Mining Ventures, and Ora Banda Mining.

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The Review also concloudes the Victoria Gold heap leach disaaster story,a nd it’s bad news for investors in that company sady.

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We review the news from our watchlist companies over the month of August, and update our commodity price data showing the risers and fallers.

To receive our Monthly Review, and invitations to our free to attend events, please email andrew@city-investors-circle.com

To view the August 2024 Market Review, please click HERE

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We present interesting and exciting junior mining companies listed on the ASX and TSX stock exchanges to a group of city professionals, and private investors, all of whom are active investors with a mandate to invest in junior mining companies.

Our audience is selected and invited individually to ensure interest and relevance for the presenting company.

Meetings are non deal, small group, highly focused and engaged, with a lively Q and A to follow the main presentation.

We create awareness, and maintain interest in presenting companies by disseminating their future news to our entire investor group via email, social media, and our Monthly Review newsletter.

If you wish to present to our select group of active mining investors, please email andrew@city-investors-circle.com

.

=======

,

This website is not sponsored, we are truly independent, and will always remain so.

Companies featured here have either presented to the Circle in London, or have been selected because they are considered to have interesting projects, in good jurisdictions, run by an experienced management team.

All information used in the preparation of this communication has been compiled from publicly available sources that we believe to be accurate and reliable, however, we cannot, and do not, guarantee the accuracy or completeness of this.

These articles are for awareness and informational purposes only, and are not recommendations in any form.  Always consult an investment professional.

.

Disclosure

At the time of writing the author shares in some of the companies mentioned.

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