Ascot Resources (TSX: AOT)

Provided an update on the progress of the Premier gold project following an initial review conducted by president and chief executive officer Jim Currie and his management team.

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Comment

Ascot is lurching from one failure to another, and we’re in farce territory now.

From the “ship sinking” news release that delayed the start of production, to a withdrawn financing offer, to an eventual minestart that was halted quickly due to a lack of gold production, to finally this, the halting of the restart due to another lack of money!

Any long term holders still holding must be wringing their hands for staying loyal to a company that has overseen one disaster after another.

I sold at a loss, and am so happy I did, because it would have been a much bigger loss had I held on.

A new CEO has been hired, with significant experience in the industry, so there may be hope yet that Ascot will finally commence commercial production. Once the next financing is done this may well be an investment opportunity, but not before, in my opinion.

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2025-02-05 14:59 ET – News Release

ASCOT RESOURCES PROVIDES FURTHER UPDATE ON CEO REVIEW

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Ascot Resources faces delays at Premier

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Ascot Resources Ltd. (TSX: AOT) has provided an update on the progress of the Premier gold project following an initial review conducted by president and chief executive officer Jim Currie and his management team.

Due to the limited availability of trained labour, underground development has commenced later than expected, with slower advancement than anticipated. As a result, the previously outlined timeline for the restart of mill operations is no longer achievable. The company now projects ore throughput to commence in July, 2025. A revised schedule and budget are currently being finalized to reflect this updated timeline.

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Mr. Currie commented:

“Following my initial review, the mill and deposit are both expected to perform in line with prior guidance. However, the delay in development will result in a working capital shortfall.

 

“As such, we are actively engaged in discussions with our major shareholders, debt providers and bankers to address the funding gap. We sincerely appreciate the continued patience and support of our stakeholders as we navigate through this challenging time.”

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Ascot remains committed to transparent and timely communication with its shareholders, stakeholders and the broader investment community. While the company is in discussions regarding potential financing solutions, there is no certainty that sufficient capital will be raised. The company thanks all stakeholders for their continuing support as the company works toward the successful advancement of the Premier gold Mine.

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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.

.

Capricorn Metals (ASX: CMM)

Advised that it has entered into a binding agreement with Top Iron Pty Ltd to acquire the prospective Mummaloo Project tenements and physical assets.

The Mummaloo Project covers approximately 219 square kilometres of tenure located contiguous to the north of Capricorn’s Mt Gibson Gold Project.

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Capricorn Metals projects location map

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ACQUISITION OF MUMMALOO PROJECT
CAPRICORN EXPANDS MT GIBSON PROJECT TENURE

Capricorn Metals Ltd (ASX: CMM) (“Capricorn” or “the Company”) is pleased to advise that it has entered into a binding agreement with Top Iron Pty Ltd (“Top Iron”) to acquire the prospective Mummaloo Project tenements and physical assets (“Mummaloo Project”).

The Mummaloo Project covers approximately 219 square kilometres of tenure located contiguous to the north of Capricorn’s Mt Gibson Gold Project (“MGGP”) in the Murchison region of Western Australia.

The Mummaloo Project is considered highly prospective for gold mineralisation, featuring multiple settings conducive to hosting economic gold deposits. Capricorn has already identified four target zones for exploration within the project tenure, with the highest priority target located only 6 kilometres northeast of current MGGP resources.

The transaction consideration is $3.5 million, of which Capricorn has paid an initial cash deposit of $100,000. The balance of the consideration will be satisfied by the issue of fully paid ordinary Capricorn shares to Top Iron upon completion. The share issue consideration will be determined based on the 5-day VWAP preceding the completion date.

Completion of the acquisition is expected in February 2025, being subject only to procedural conditions precedent.

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Background on Mummaloo Project

The Mummaloo Project, located approximately 295 kilometres north-northeast of Perth.

 This region is well-regarded for its significant mineral discoveries. The Yalgoo-Singleton Greenstone Belt spans 190 kilometres and extends in a northnorthwest direction from Mt Gibson to north of Yalgoo town.

It hosts notable Volcanogenic Massive
Sulphide (VMS) deposits, including the Cu-Pb-Zn-Ag-Au Golden Grove mine, and is also host to significant gold deposits such as Mt Gibson, Deflector, and Karara.

The tenement package is highly prospective for gold mineralisation, featuring multiple settings conducive to hosting economic gold deposits. Historically, gold exploration in this area has been limited to early-stage activities, predominantly in the mid-1990s. 

Capricorn has identified four main target zones for exploration within the Mummaloo Project. The highest priority of these is located only 6 kilometres northeast of current Capricorn MGGP resources. 

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Capricorn Executive Chairman Mark Clark commented:

“The acquisition of the Mummaloo Project significantly expands Capricorn’s Mt Gibson exploration footprint and adds highly prospective targets analogous and proximal to the Company’s current Mt Gibson resources.

 

“This provides Capricorn with an outstanding exploration opportunity with a view to adding meaningful additional ore sources to the Mt Gibson operation.”

 

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To read the full news release please click HERE

.

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

.

=======

,

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

.

To read our full terms and conditions, please click HERE

.

 American Creek Resources (TSXV: AMK)

Has entered into a second amendment agreement with Cunningham Mining to amend the previously announced arrangement agreement between the Purchaser and the Company dated September 5, 2024, as amended December 30, 2024 pursuant to which, among other things, the Purchaser will acquire all of the issued and outstanding common shares of American Creek by way of a statutory plan of arrangement.

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Comment

 

Just as I predicted, another delay, and I wonder why?

This is a novel approach to a financing, and I don’t think investors understand it nor are excited by it.

 

I have reduced my holding here and may sell the remainder whilst other gold producers are going up in value.

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Mining Review 2nd February 2025

Calibre Mining celebrated its one millionth ounce of gold produced in Nicaragua.

Gold Road Resources, G Mining Ventures, and Ora Banda Mining all gave a positve outlook and guidance for 2025. Gold hit $2,800 late Friday.

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City Investors Circle Mining Review 2nd February 2025

This was an exciting week to be an investor in gold and precious metals, and companies in production as the gold price hit $2,800 in late trading on Friday in London.

There is a lot of discussion about gold being transferred in huge quantities from the vaults in London to the COMEX in New York, and the reasons for that.

China is known to have resumed buying, and the short term outlook looks to be positive for both gold and silver.

——-

I opened new small positions in Meeka Metals (ASX: MEK) and Horizon Minerals (ASX: HRZ), and added to Lefroy (ASX: LEX) as my buy in price was way higher, in order to lower my average price.

Meeka is looking to commence mining gold in March 2025 with first gold around mid-2025, at Andy Well, which will average 65,000 Oz gold PA for the first 7 years.

Horizon is due to commence gold production from the Paddington Mill this month, on a toll milling basis, and will generate A$30 million of cashflow at A$3600 gold price. (The current gold price in Australia is A$4,500)

Lefroy is negotiating with BLM to contract mine their first pit to generate early cashflow rather than equity dilution. I await the conformation of the deal and commencement of mining.

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Calibre Mining celebrated its one millionth ounce of gold produced in Nicaragua. This was achieved in 5 years. The company also declared a maiden Mineral Resource Estimate for the Talvera deposit of 630,000 ounces of gold.

Gold Road Resources, G Mining Ventures, and Ora Banda Mining all gave a positve outlook and guidance for 2025. Gold hit $2,800 late Friday.

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News from our watchlist companies this week is below, plase click the links to read the full story.

   Mining Review for January 2025 Published

  Awalé its 2.5 g/t Gold Eq. over 34m at the BBM Zone

  Calibre Pours its One-Millionth Ounce of Gold in Nicaragua

  West Red Lake Gold Mines Has New Targets from Surface Sampling

  Gold Road Announces Strong Outlook and Guidance for Gruyere in 2025

  G Mining Ventures Outlines Outlook for 2025

  Ora Banda Mining December Activities Report

  Mining Review 26th January 2025

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.

.

Declaration

At the time of writing the author may hold positions in any of the stocks mentioned.

.

Mining Review January 2025

City Investors Circle Mining Review for January 2025 has been published.

The highlighted company is Catalyst Metals.

Companies reporting good news included Calibre Mining, Orla Mining, Gold Road Resources and Ora Banda mIning.

.

City Investors Circle Mining Review January 2025

City Investors Circle Mining Review for January 2025 has been published.

/

The highlighted company is Catalyst Metals.

Companies reporting good news included Calibre Mining, Orla Mining, Gold Road Resources and Ora Banda mIning.

The review also lists the most significant news from our watchlist companies during January.

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To read the January 2025 Mining Review, please click HERE

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The review highlights the increasing price of Antimony due to Chinese and Russian domination of the market.

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Links to all our news reports from January 2025 are below, click the link to be taken to the full story.

  Awalé Hits 2.5 g/t Gold Eq. over 34m at the BBM Zone

  Calibre Pours its One-Millionth Ounce of Gold in Nicaragua

  West Red Lake Gold Has New Targets from Surface Sampling

  Gold Road Announces Strong Outlook and Guidance for Gruyere in 2025

  G Mining Ventures Outlines Outlook for 2025

  Ora Banda Mining December Activities Report

  Mining Review 26th January 2025

  Wesdome Gold Provides Eagle River Exploration Update

  Capricorn Announce the Acquisition of Deadman Flat Project

  Westgold Production lifts again in Q2, FY25

  Calidus Resources Delisted From the ASX

  West Red Lake Gold Intersects 45.70 g/t Au over 3.85m

  Lefroy and BML Ventures to Advance the Lucky Strike Gold Deposit

  Gold Road Announce Positive Gilmour PFS

  Mining Review 19th January 2025

  American Creek’s JV Partner Tudor Gold Intensifies Exploration Efforts

  Orla Mining Achieves Record Annual Gold Production

  Meeka Metals Announce High-Grade Gold at Turnberry

  Meeka Metals – Initiating Coverage

  Orla’s Proxy Advises Shareholders to Vote for the Musselwhite Acquisition

   Westgold Group Production Lifts in Q2 FY25

  Mining Review 12th January 2025

  Calibre Delivers Record Q4 Gold Production of 76,269 Ounces

  Faraday Copper Intersects 40.06 m at 0.78% Copper

  West Red Lake Gold Announces Positive Pre-Feasibility Study for Madsen

  G Mining Ventures Receives Vital Permit for Oko West

  G2 Goldfields Announces Filing of Reports for Proposed Spin-Out

  Gold Road Announces Record Production in December

  Mining Review 5th January 2025

  Perpetua Receives the Final Permit for Stribnite

  American Creek Resources Announces Amendment to Plan of Arrangement

  Market Review for December 2024 published

Live metal prices 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.

.

.

Awalé Resources (TSX.V: ARIC)

Reported results from the first two diamond drill holes completed as part of an expanded drill campaign targeting the BBM zone at the Odienné Project in the Ivory Coast.

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HIGHLIGHTS

• 34m @ 2.5 grams per tonne (“g/t”) gold equivalent (“AuEq.”), including 12m @ 3.5 g/t AuEq. from 323m downhole in OEDD-104.
• 29m @ 1.2 g/t AuEq., including 14m @ 1.8 g/t AuEq. from 82m downhole in OEDD-103.
• Drilling continues to demonstrate excellent continuity over significant width and gold tenor at BBM.
• With the success of drilling results, the Company has increased the drill program at BBM from 3000m to 7000m.
• Drilling at Charger is progressing to plan, with drilling at Empire to follow suit.

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Andrew Chubb, CEO of Awalé Resources commented,

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Calibre Mining (TSX: CBX)

Announced a milestone, it has produced its one-millionth ounce of gold in Nicaragua since Q4 2019.

The company also announced a maiden Mineral Resource estimate for its Talavera Gold Deposit, located close to it’s Limon Mill, which includes 3,847,000 tonnes of Inferred Mineral Resource averaging 5.09 g/t Au, yielding 630,000 ounces of gold.

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Calibre Pours Its 1 Millionth Ounce of Gold in Nicaragua and Declares an Initial Mineral Resource at Talavera Located 3 Kilometres from the Limon Mill

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Calibre Mining (TSX: CBX) has announced a significant milestone, producing its one-millionth ounce of gold in Nicaragua since Q4 2019.

The company also revealed a maiden Mineral Resource estimate for its 100% owned Talavera Gold Deposit, which includes 3,847,000 tonnes of Inferred Mineral Resource averaging 5.09 g/t gold, yielding 630,000 ounces of gold.

Located just 3 kilometers from the Limon mill, Talavera has historically produced 800,000 ounces of gold. The company has successfully increased its Nicaragua Mineral Reserves from 140,000 ounces in Q4 2019 to more than 1.1 million ounces at December 31, 2023.

Recent drilling continues to intersect high-grade gold mineralization approximately 750 metres west of the past-producing Talavera underground mine, with the resource remaining open to the west.

For 2025, Calibre plans to focus on expansion and delineation drilling at Talavera while advancing environmental permits. The deposit’s steeply dipping structure and parallel gold-bearing zones make it suitable for low-cost, long-hole mining.

,

,

.To read the full news release please click HERE

.

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 Calibre Mining

.

West Red Lake Gold Mines  (TSX.V: WRLG) 

Announced positive results from the 2024 regional surface mapping and geochemical sampling program across its 100% owned Madsen Property located in the Red Lake Gold District of Northwestern Ontario, Canada.

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Gold Road Resources (ASX: GOR)

Presented 2025 annual guidance and an updated 3-Year production outlook for the Gruyere Gold Mine.

2025 annual guidance for Gruyere is 325,000 – 355,000 ounces (162,500 – 177,500
attributable) at an attributable AISC of between A$2,400 and A$2,600 per ounce.

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Gold Road Announces Strong Outlook and Guidance for Gruyere in 2025

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UNDERGROUND DRILLING COMMENCED

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Gold Road Resources Limited (ASX: GOR) (Gold Road or the Company) is pleased to present the 2025 annual guidance and an updated 3-Year production outlook for Gruyere.

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

Drilling has commenced to assess the potential for a future underground operation at Gruyere that could substantially increase mine life well beyond the current open pit Ore Reserve life to 2032.

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Highlights

2025 Annual Guidance

 2025 annual guidance for Gruyere is 325,000 – 355,000 ounces (162,500 – 177,500
attributable) at an attributable AISC of between A$2,400 and A$2,600 per ounce.
 The substantial increase in production follows the successful stripping down of the Stage 4 pit in 2024 to gain full access to the ore body. This enables the delivery of higher grade run-of-mine ore from the mine to the process plant.
 Annual AISC guidance includes cost inflation, higher gold related royalties (owing to higher gold sales revenue), the cost of conveyor upgrades and other plant improvements, a Tailings Dam lift, the cost of increased quantities of planned waste stripping to secure future production performance at Gruyere and a village expansion to accommodate the labour force required to carry out the increased material movement, as well as future accommodation needs for mining at the Golden Highway.

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3-Year Production Outlook

 Gruyere’s 3-Year production outlook ranges between 335,000 and 375,000 ounces per annum (100% basis).
 The increasing production is expected to be delivered by higher mill head grades and improving plant throughput rates, following the commissioning of a third pebble crusher in late 2023 and further upgrades to the processing plant circuit planned in 2025.
 The production outlook requires minimal growth capital but substantially benefits from the planned increased material movement rates.

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Underground Review and Drilling Commenced

 A preliminary review of potential underground mining was commissioned by the Gruyere JV and completed by SRK in late 2024. The review is based on an assumed extension of the ore body at depth and provides the Gruyere JV partners with the confidence to commence a major exploration program below the open pit in 2025.

The aim of the drilling program is to extend the resource to a depth of approximately 1,200 metres below surface, with infill drilling of the upper portions of the existing and potential underground resources planned to define an Indicated level Resource.

 Assuming successful outcomes of the 2025 exploration program, it is envisaged that exploration programs and studies will evaluate underground mining over several years with an objective of sustaining gold production beyond the current open pit reserve life which extends to 2032.

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Gruyere is guided to produce between 325,000 – 355,000 ounces (162,500 – 177,500 attributable) in 2025, a significant increase on the disrupted 2024 production.

The annualised increase in production will be achieved now that the mining fleet is in the position to access the entire ore body within the Stage 4 pit and, as a consequence, fill the process plant with higher grade ore.

Limited blending with lower grade oxide ore stockpiles is planned to optimise the performance of the milling circuit. Consequently, the average grade of the ore processed will be slightly below the average Ore Reserve grade.

Attributable AISC of between A$2,400 and A$2,600 per ounce includes all capital costs to sustain the operation.

There is no additional growth capital required to operate Gruyere in 2025.

Annual AISC guidance incorporates increased quantities of planned waste stripping during 2025. The increased waste stripping secures future production performance at Gruyere. A summary of the key components to the relative increase (year on year) in AISC is provided below:
 Current and anticipated inflationary adjustments to operating costs
 Increased royalty payments as a result of the higher gold price
 Increased annualised stripping rate to support future production at Gruyere
 Addition of ~200 rooms at the Gruyere Village, a one-off cost to support a larger workforce for the expanded mining fleet and provide future requirements for development of the Golden Highway.

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To read the full news release, please click HERE

.

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 Gold Road Resources

.

G Mining Ventures (TSX: GMIN)

Announced its 2025 operational and cost guidance for Tocantinzinho Gold Mine, along with planned capital expenditures to progress the Oko West Gold Project in Guyana and the Gurupi exploration Project in Brazil.

Planned production is between 175,000 and 200,000 ounces of gold at an AISC of US$996 to US$1125.

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Comment

This is just the type of company I like to invest in.

There’s low cost and growing production, with a near term development project being funded through cashflow, and exploration ongoing in three different projects at the same time.

All this in tier 1 jurisdictions with a management team that have done all this before.

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G Mining Ventures Outlines Outlook for 2025

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BROSSARD, QC, Jan. 21, 2025 /CNW/ – G Mining Ventures Corp. (“GMIN” or the “Corporation“) (TSX: GMIN) (OTCQX: GMINF) announces its 2025 operational and cost guidance for Tocantinzinho Gold Mine (“TZ“), along with planned capital expenditures to progress the Oko West Gold Project (“Oko West“) in Guyana and the Gurupi exploration Project (“Gurupi“) in Brazil.

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Highlights

Production, unit cost and capital expenditure guidance for the full year 2025 are outlined in the table below.

All amounts are in USD unless stated otherwise.

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Figure 1: Full Year 2025 Operational and Cost Guidance

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

“We expect to build on GMIN’s 2024 operational success in the year ahead, as TZ ramps up throughput, reaching nameplate capacity early in the year, generating meaningful free cash flow to advance development activities at Oko West.

 

“TZ will remain our focus in 2025 but will be complemented by Oko West development initiatives, including permitting and early works activities.

 

“We plan to increase our investment in greenfield and brownfield exploration across our portfolio to uncover low-cost, high-value ounces.”

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Tocantinzinho Gold Mine

The Corporation is focused on ramping up production and controlling operating costs at TZ. Annual gold production at TZ is forecasted to range between 175,000 and 200,000 ounces. 

Gold output is anticipated to be higher in the second half of the year (56% of the total) as higher-grade mineralization becomes accessible according to the mine plan. 

In Q1 2025, we aim to complete the installation of an advanced process control system to enhance the efficiency of the grinding and flotation processes at the plant.

Cash Costs and All-in-Sustaining-Costs (“AISC“) are expected in the ranges of $590 and $655 per ounce sold and $995 and $1,125 per ounce sold, respectively.

Approximately 75% of costs are denominated in local currency.

Total sustaining capital expenditures for 2025 are projected at $60 to $70 million, which includes $23 million for capitalized stripping and $2 million for near-mine exploration.

Sustaining capital expenditures, excluding capitalized waste stripping, are estimated at $35 to $45 million. This includes $20 million for mining equipment, $10 million for major components of the mobile fleet, $4.5 million for tailings management, and additional minor expenditures related to the process plant and other capital items.

Regional exploration in the Tapajos within the mining concession and surrounding claims is classified as non-sustaining and excluded from AISC. A budget of $9 million is planned for 2025 to test 23 targets within a 5km radius with the primary goal to identify additional deposits.

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To read the full news release, please click HERE

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Ora Banda Mining (ASX: OBM)

Reported on its activities for the December 2024 quarter – a period during which the Company demonstrated the robustness of its underground strategy with cashflow increasing over $9 million despite spending over $30 million on growth.

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December 2024 – ORA BANDA MINING QUARTERLY ACTIVITIES REPORT

Ora Banda Mining Limited (ASX: OBM) (“Ora Banda”, “Company”) is pleased to report on its activities for the December 2024 quarter – a period during which the Company demonstrated the robustness of its underground strategy with cashflow increasing over $9 million despite spending over $30 million on growth.

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Highlights

Cash builds to $57.8 million with Riverina Underground fully paid back
Investment of $30.8 million into growth projects and exploration continues ramp up to
150koz in FY26
Sand King Underground on target to deliver additional higher-grade feed as it advances
to steady state production in FY25

• No Lost Time Injuries
• Gold sold of 22,288oz, taking total first half FY25 gold sold to 47,824oz
• Gold production of 22,973oz with first half FY25 gold produced at 47,300oz
• Sand King Underground ramp up on track to deliver up to 21koz in a stronger second half of FY25
• Riverina Underground achieved payback in the quarter generating positive cash flows only 18 months after commencement. Riverina Underground mined grade continues to reconcile above forecast
• Davyhurst mill throughput increased 9% from the prior quarter to 280kt as upgrades take effect, more improvements are planned for the remainder of FY25
• AISC for the quarter was A$2,536/oz sold, inclusive of $116/oz of non-cash share-based payments and $183/oz relating to the treatment of higher-cost open pit stockpiles mined in prior periods which are now depleted
• Closing cash lifts to $57.8 million, a $9.1 million increase from the prior quarter, after incurring total capital, resource development and exploration expenditure of $30.8 million as follows:
o $20.8 million on Riverina & Sand King Underground development;
o $4.5 million on growth infrastructure; and
o $5.5 million on resource development & exploration activities.
• Available inventory on hand at quarter end totalled 7.5koz, including 3.3koz in GIC

Riverina Underground operation achieved payback of its capital investment within 18 months of the portal being established and the Sand King Underground operations intersected first ore just four months after the portal was established.

Riverina Underground operation continued to deliver physicals which are in line with the required run-rate to achieve FY25 production guidance. As development progresses, the establishment of more levels open will provide additional mining fronts and mining options as the year progresses.

Total ounces mined for the quarter were 22,187oz at 4.4g/t including low grade material. Overall mined grade of 5.3g/t continues to reconcile above the Ore Reserve grade of 4.2g/t with the highergrade lodes extending more than modelled.

The Sand King Underground mine achieved first development ore in December 2024 and remains on track to achieve first stoping ore in March 2025. The development ore will be batched through the Davyhurst mill commencing in February 2025.

This will be achieved 14 months after the first drill hole targeting underground mineralisation was completed.

The Davyhurst mill had a strong quarter, processing 280kt of ore at a head grade of 2.9g/t. Riverina medium and high grade (average 4.9g/t) comprised only 41% of the feed, with the low-grade open pit legacy stockpiles and low-grade Riverina ore (together averaging: 1.5g/t) filling the remainder of the mill capacity.

These low-grade feed sources are expected to be progressively replaced by
higher grade Sand King material in H2 FY25 and FY26.

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

“It is a testament to the quality of Riverina Underground that it has paid itself back in just 18 months and is now delivering strong cash flows which will self-fund Ora Banda’s production outlook towards 150koz in FY26.

 

“With Sand King Underground progressing on schedule, we have also reached an inflection point whereby the higher-grade feed from Sand King will progressively fill the Davyhurst mill, paving the way for production and cashflow to increase and costs to reduce.

 

“As the business strengthens and the results start to come through on our exploration programs, we will be in a position to rapidly advance any additional opportunities that exist in our portfolio”.

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To read the full news release, please click HERE

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Wesdome Gold Mines (TSX:WDO)

Provided a comprehensive update on its exploration activities at its wholly-owned Eagle River Mine near Wawa, Ontario.

At the 300 Zone, infill drilling has confirmed the ontinuity of high-grade mineralization and provided critical geological insights regarding the zone’s behavior.

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Wesdome Gold Mines – Eagle River underground mine

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WESDOME GOLD MINES PROVIDES EAGLE RIVER EXPLORATION UPDATE;
2024 PROGRAM DELIVERS HIGH-GRADE EXTENSIONS AND NEW TARGETS

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Toronto, Ontario – January 21, 2025 – Wesdome Gold Mines Ltd. (TSX:WDO, OTCQX:WDOFF) (“Wesdome” or the “Company”) today provides a comprehensive update on its exploration activities at its wholly-owned Eagle River Mine (“Eagle River”) near Wawa, Ontario.

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Anthea Bath, President and Chief Executive Officer, stated,

“Eagle River delivered exceptional exploration results in 2024, reflecting the prospectivity of this high-grade asset and the strength of our team.

 

“With more than 105,000 metres of surface and underground drilling completed during the year, we successfully delineated and expanded key zones close to existing infrastructure, identified new targets and advanced our understanding of the geology.

 

“At the 6 Central Zone, increased drilling extended the resource envelope down-plunge by approximately 70%, or 250 metres and identified a parallel zone with strong potential for high-grade mineralization. Located near existing development and open down-plunge, the 6 Central zones offer the opportunity to establish a new mining front at intermediate depths.

 

“At the 300 Zone, which currently accounts for the majority of Eagle River’s reserves, infill drilling has confirmed the ontinuity of high-grade mineralization and provided critical geological insights regarding the zone’s behavior. 

 

 

“Furthermore, step-out drilling down-plunge targeting the northeast-dipping extension of the structure has successfully demonstrated continuity of mineralization, reinforcing the 300 Zone’s exploration and resource conversion potential.

 

“As part of the ongoing surface exploration program, an induced polarization survey completed late in the year identified multiple anomalies closely associated with known deposits, indicating potential for additional mineralization west of the diorite. These findings confirm the long-term potential at Eagle River and outline several targets for further exploration in the coming year.

 

“Exploration remains a top priority at Eagle River in 2025. The $13 million program covers an estimated 115,000 metres of underground and surface drilling, the completion of an additional geophysical IP survey, as well as extensive surface and structural mapping work.

 

“Additionally, we will continue to advance our global resource model initiative, which is expected to unlock economic mineralization close to surface primarily through the digitization of historic mining data, evaluation of alternative mining methods, and the use of incremental and break-even cut-off grade analysis.”

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To read the full news release, please click HERE

To View Wesdome Gold Mine’s historical news, 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

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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 no shares in Wesdome Gold Mines.

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Capricorn Metals  (ASX: CMM)

Has entered into an agreement with Peregrine Gold Ltd to acquire the prospective Deadman Flat Project tenements covering approximately 270 square kilometres located contiguous to the Company’s Karlawinda Gold Project tenure in the Pilbara region of Western Australia.

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Capricorn Metals Karlawinda Mine

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CAPRICORN SIGNIFICANTLY EXPANDS KARLAWINDA PROJECT TENURE WITH THE ACQUISITION OF DEADMAN FLAT PROJECT

The board of Capricorn Metals Ltd (ASX: CMM) (“Capricorn” or “the Company”) is pleased to advise that it has entered into an agreement with Peregrine Gold Ltd (“Peregrine”) to acquire the prospective Deadman Flat Project tenements covering approximately 270 square kilometres located contiguous to the Company’s Karlawinda Gold Project (“KGP”) tenure in the Pilbara region of Western Australia.

The acquisition consolidates the Company’s holding of Pilbara Craton
greenstones in proximity to the highly prospective Pilbara – Yilgarn Craton margin.

The transaction consideration is $1.5 million, which Capricorn will settle through the issue to Peregrine of fully paid ordinary Capricorn shares upon completion.

Further consideration includes the grant of a 1% net smelter royalty on the sale of all precious minerals and a 1.5% net smelter royalty in respect to the sale of non-precious minerals extracted from the Deadman Flat Project area.

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In addition, the Company has agreed to make contingent deferred payments as follows:

• $750,000 upon the announcement by Capricorn of a JORC compliant Mineral
Resource Estimate in excess of 200,000 ounces of gold on the Deadman Flat Project
tenements; and
• $750,000 upon the announcement by Capricorn of a board decision to commence a
stand-alone commercial mining operation on the Deadman Flat Project tenements
The share issue consideration will be valued at the 20-day VWAP prior to completion occurring.

Completion of the acquisition is expected in February 2025.

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Capricorn Executive Chairman Mark Clark commented:

“The acquisition of the Deadman Flat Project expands the Karlawinda Gold Project exploration footprint and completes the consolidation of the highly prospective southern margin of the Sylvania Inlier, including tenements directly along the strike of the Company’s Central Zone prospect.

 

“This provides Capricorn with an outstanding exploration opportunity with a view to finding meaningful additional ore sources for the Karlawinda operation.”

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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 Capricorn Metals

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To read our full terms and conditions, please click HERE

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Westgold Resources (ASX / TSX: WGX )

Reported results for the period ending 31 December 2024 (Q2 FY25).

Westgold had record gold production in Q2 FY25 of 80,886oz Au @ AISC of A$2,703/oz with increased net mine cashflow of $45M funding the Company’s operational and growth capital requirements.

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CORPORATE

“Q2, FY25 was the first full quarter of Westgold stewardship of the Southern Goldfields assets.

 

“Outputs continue to lift with a record group gold production of 80,886oz – increasing net mine cash flows to $45M and funding the Company’s operational and growth capital requirements. Westgold also drew down $50M from the corporate facility during the period to balance the working capital requirements of our much larger business.

 

“The FY25 strategy is to systematically reconfigure the larger portfolio to generate higher levels of free cashflow with capital investment in critical mine infrastructure at Beta Hunt and Bluebird-South Junction, and resource development drilling key to achieving this.

 

“In the Southern Goldfields we have rapidly demonstrated the ability to lift mine outputs. We are investing for the next decade of operations at Beta Hunt with the key enablers to higher mine productivity including a clean mine water supply, upgrades to underground pumping, power, ventilation and facilities for our workforce. All of these projects are underway and on completion will set this mine up to consistently deliver >2Mtpa run rates during 2025.

 

“In the Murchison, we are steadily expanding the Bluebird-South Junction mine to lift outputs to 1-1.5Mtpa run rates in 2025, ultimately sustaining the Bluebird mill from a single source. A change in ground support methodology to support the expansion and transition to a larger transverse open stoping mining method slowed the progress of this ramp up in Q2, and with those changes now implemented, Bluebird-South Junction mine output is increasing again.

 

“Seventeen drill rigs are operational today. At South Junction, intersections such as 68.00m at 5.48g/t Au and 45.00m at 4.18g/t Au highlight the quality and thickness of the mineral endowment. At the Fletcher Zone, five rigs are operational, with highly encouraging results including 6.6m at 41.84g/t and 24.6m at 6.9g/t Au building our confidence in a third mining front.

 

Building a simpler, yet larger scale and more profitable business requires investment and time.

 

Six months on post-merger, Westgold now has the portfolio that can deliver increased levels of free cash flow. Our capital investments are focussed on higher mine productivity and lowering our all in sustaining costs with the Group’s Q4, FY25 exit run rate the measure of our success.”

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To read the full news release please click HERE

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.To View Westgold’s historical news, please click here

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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=======

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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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Calidus Resources

I have been notified by my broker that Calidus Resources has been delisted from the ASX effective the 17th January 2025.

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Calidus Resources commemorative coin

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Comment

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This is the first time I have suffered a total loss in an investment, although I have had quite a few painful losses over the years with junior exploration companies that have struggled to raise finance, or the price plummeted when liquidity dried up and some sold in desperation.

Calidus executed their mine startup perfectly, on time and under budget, and this made me believe that they were going to execute the startup in the same fashion.

When it became obvious they had not, they were honest about it, explained the reasons why, and the actions they were taking to resolve the issues. This was basically calling in professionals to identify the deficiencies and train staff to overcome them.

This retained my belief in management, even when they did a discounted financing that I realise now was the red flag I should have taken as a sign to exit the investment, or at least reduce until the situation was clearer.

When it appeared they had overcome the issues, and after the discounted placing they did, I used the opportunity to average down my investment because I expected management to finally deliver.

In hindsight I should have waited for better news to arrive before increasing my holding.

The decision to call in the receivers was a bolt out of the blue, and perhaps had I been in Australia and more local to their investment discussion scene there may have been some clues, but being so remote means it’s harder to hear about potential issues.

This came as a shock, after so many years in investing I thought I was experienced enought to identify the warning signs, but this is clearly a wake up call.

In reality all one can do is manage investment sizes within one’s portfolio to ensure that, if a loss such as this occurs, it’s only a small part of the total portfolio. I always do this, and was the case here for me.

I think this is a total loss, although the notice below refers to shares transferring to my Trading Account, I don’t think this is going to happen. I will email the company and ask the question, but I think this is a total loss.

The official notice is below.

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West Red Lake Gold (TSX.V: WRLG)

Reported definition drill results from its 100% owned Madsen Mine located in the Red Lake Gold District of Northwestern Ontario, Canada.

Hole MM24D-02-4090-010Intersected 3.85m @ 45.70 g/t Au, from 14.00m to 17.85m.

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Lefroy Exploration (ASX: LEX)

Announced that it has entered into an exclusivity and Heads of Agreement with BML Ventures Pty Ltd to negotiate a mining and profit-sharing agreement for the Lucky Strike Gold Project.

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Comment

This looks like a very sensible deal, given the high gold price in Australian dollars.

Other junior miners are looking to emulate this to cash in on the high gold price and avoid dilution by producing early cashflow.

The Lucky Strike deposit contains a resource of 1.27 Mt at 1.95 g/t Au for 79,600oz.

Lefroy has  signed its own 50-50 profit sharing agreement with BML, who puts up all the capex, which is generally pretty low. After that it’s a 50-50 profit share from the surplus that comes out of the toll treatment agreement.

The higher price of gold in Australian dollars encourages this type of mining agreement, which aligns with my personal prererence for mines going into early production to minimise dilution.

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Lefroy signs Agreement with BML Ventures to advance development of the Lucky Strike gold deposit

Lefroy Exploration Limited (ASX: LEX)  (“LEX” or “the Company”) is pleased to announce that it has entered into an exclusivity and Heads of Agreement with BML Ventures Pty Ltd (“BML”) to negotiate a mining and profit-sharing agreement for the Lucky Strike Gold Project (“Lucky Strike”).

HIGHLIGHTS

• Lefroy has executed an Exclusivity and Heads of Agreement with BML Ventures
Pty Ltd (BML) to support development of the Lucky Strike Gold Project with a
MRE of 1.27 Mt @ 1.95 g/t Au for 79,600 ounces.
• BML is a private mining contractor, with a proven track record of advancing
open pit gold mines in the Kalgoorlie-Kambalda region of WA, including their
recent collaboration with Auric Mining (ASX:AWJ) at Jefferys Find
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• This agreement provides the framework for both parties to complete
negotiations towards finalising a binding mine profit share agreement.
• The indicative non-binding material terms of the Exclusivity and Heads of
Agreement include:
o Once all upfront BML costs have been recovered, the net surplus cash
(profit) to be split between LEX 50% and BML 50%;
o On successful execution of a Profit-Sharing Agreement, BML will
coordinate and fund all pre-production mining approvals, capital and
ongoing operating costs; and
o BML to coordinate toll milling negotiations and scheduling with third party
mill processing plant operators.
• The parties have agreed to enter into binding exclusivity arrangements (30
business days) to complete due diligence and further negotiate and finalise a
Profit-Sharing Agreement in relation to the Lucky Strike Gold Project.
For details of the mine share agreement between Auric Mining and BML Ventures, refer to AWJ ASX

• Lucky Strike represents the first of a potential series of growth projects for the
Company with additional gold resources at Mt Martin and Burns Central
(together with Lucky Strike) totalling greater than 1 million ounces of gold.

LEFROY CEO, GRAEME GRIBBIN, COMMENTED:

“We are excited to embark on this major next step, in partnership with BML Ventures, towards unlocking value from our high-grade gold resource at the Lucky Strike Project.

 

“Partnering with a highly experienced mining contractor, we look forward to finalising negotiations with BML Ventures over the coming weeks, to secure a mine profit share agreement.

 

“The proposed mining and profit share agreement, whilst mutually beneficial to both parties, presents a very low risk pathway to development for Lefroy, with upfront capital
and ongoing operating costs funded by BML Ventures.”

BML Ventures is a privately owned mining contractor based in Kalgoorlie.

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To read the full news release, please click HERE

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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=======

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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 Lefroy Exploration

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Gold Road (ASX: GOR)

Announced a positive PFS for their Gilmour gold project, with a low capex, and a mining start date of late 2026.

The project pre-tax free cash flow estimated at A$377 million at a flat A$3,500 per ounce and A$569 million at a flat A$4,300 per ounce gold price assumption.

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GOLD ROAD ANNOUNCE A POSITIVE GILMOUR GOLD PROJECT PRE-FEASIBILITY STUDY & MAIDEN ORE RESERVE

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Gold Road Resources (ASX: GOR) Announced a positive PFS for their Gilmore gold project, with a low capex, and a mining start date of late 2026.

The project pre-tax free cash flow estimated at A$377 million at a flat A$3,500 per ounce and A$569 million at a flat A$4,300 per ounce gold price assumption.

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HIGHLIGHTS

 The Gilmour pre-feasibility study (PFS)1 presents an after-tax net present value (NPV5%) of A$231 million at a flat gold price of A$3,500 per ounce and A$354 million at a flat gold price of A$4,300 per ounce.
*
 Project pre-tax free cash flow estimated at A$377 million at a flat A$3,500 per ounce and A$569 million at a flat A$4,300 per ounce gold price assumption.*
 PFS mine life of 5 years averaging 50,300 ounces per annum at an average AISC of A$2,004 per ounce, producing a life of mine total production of 0.25 million ounces at 3.9 g/t Au from underground and open pit.
* Orebody remains open at depth with drilling planned for 2025.
 High-grade underground mine producing 0.20 million ounces over 4-year underground mine life.
*
Comprising a high-grade component of 0.10 million ounces at 9.34 g/t Au and lower
grade component of 0.10 million ounces at 3.89 g/t Au.*
 Establishment capital is estimated at $36 million which includes site infrastructure and haul roads. Ore is modelled as being hauled to the Gruyere process plant, 60 kilometres by road.
No additional growth capital outside of AISC and the initial establishment capital.
*
 Project remains on schedule to be shovel ready from late 2026, with the timing of initial production to be optimised in line with the future Gruyere Joint Venture ore processing schedule.
As at 31 December 2024, the maiden Gilmour Ore Reserve totals 1.5 million tonnes at 4.10 g/t Au for 0.19 million ounces.
*
The Ore Reserve is derived from open pit and underground designs at a gold
price of A$2,250 per ounce and includes:
 High-grade underground Ore Reserves of 0.6 million tonnes at 6.6 g/t Au for 0.13 million ounces* , and
 Open Pit Ore Reserve of 0.8 million tonnes at 2.2 g/t Au for 0.06 million ounces*
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Cautionary Statement

The Pre-feasibility Study (PFS) life of mine total production (and derived forecast financial information) referred to in this announcement is under pinned by Indicated Mineral Resources of approximately 72% and Inferred Mineral Resources of approximately 28% over the evaluation period.

Ore Reserves are based solely on Indicated resources.

There is a low level of geological confidence associated with Inferred Mineral Resources and there is no certainty that further exploration work will result in the determination of Indicated Mineral Resources or that the production target
will be realised.

The Company believes it has a reasonable basis to disclose a production target that includes some Inferred Mineral Resources as the Inferred Resources are not a determining factor in the viability of the Gilmour Project.

Importantly, the feasibility of the development scenario outlined in the PFS does not hinge on the current Inferred Mineral Resources.

* See cautionary statement and forward-looking statement on pages 1, 2 and 10 of this announcement respectively 1 The PFS Life-of-Mine plan assumes 0.18 million ounces classified as Indicated, 0.07 million ounces classified as Inferred.

Duncan Gibbs, Managing Director and CEO said:

“This is a significant outcome for shareholders and a pleasing return on our ongoing exploration efforts at our 100% owned Yamarna Project.

 

“Gold Road has a history of delivering value to shareholders and we remain focused on making further discoveries across our Australian portfolio.”

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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 Gold Road Resources

.

Mining Review 19th January 2025

Orla Mining announced results that beat the improved guidance for the year by 19%.

Westgold is set to increase production in Q1. Meeka Metals announced a high-grade gold dicovery at Turnberry, Murchison.

Archives

American Creek (TSX.V: AMK)

Announced that project operator and JV partner Tudor Gold has initiated the permitting process for the construction of approximately 3,000 meters of underground development to provide an exploration ramp for targeting the Supercell One Zone with infill and expansion drilling.

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American Creek Resources – Treaty Creek

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