Mining Review 18th August 2024

Gold hit a new nominal all-time high this week, breaching $2,500.

Calibre Mining and Orla Mining published good results, and Victoria Gold, as predicted here, went into receivership and the stock will be delisted. 

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City Investors Circle Mining Review 18th August 2024

Gold hit a new nominal all-time high this week, breaching $2,500.

Calibre Mining and Orla Mining published good results,.

Victoria Gold, as predicted here, went into receivership and the stock will be delisted. The company has gone from one disaster to another, and now a shareholder is suing the company and some directors, which looks as though it will get messy.

Management are now blaming their lawyers for instructing them to keep quiet and not issue news releases. Well they employ the lawyers so they should have overridden that advice and informed the Yukon authorities what steps they were taking, and shareholders as well, of course.

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News from our watchlist companies last week is listed below, please click on the links to read the full story.

 Archives

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

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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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Orla Mining (TSX: OLA)

Announced the results for the second quarter ended June 30, 2024.

Second quarter gold production was 33,206 ounces, at an AISC of US$782.

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

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Robust Margin Expansion Driving Record Free Cash Flow

Orla Mining (TSX: OLA / NYSE: ORLA)

Announced that, further to its April 10, 2024, news release, the Company has filed a Request for Arbitration against the Government of Panama under the Canada-Panama Free Trade Agreement.

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Orla Mining Cerro Quema project panoramic view

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Vancouver, BC – July 3, 2024 – Orla Mining Ltd. (TSX: OLA; NYSE: ORLA) (“Orla” or the “Company”) announces that, further to its April 10, 2024, news release, the Company has filed a Request for Arbitration against the Government of Panama under the Canada-Panama Free Trade Agreement (the “FTA”). 

The Request for Arbitration asserts that measures taken by Panama in respect of the Cerro Quema Project constitute violations of Panama’s legal obligations under the FTA and customary international law.

A Notice of Intent to Arbitrate was filed with the Government of Panama under the FTA on March 28, 2024, which was intended to facilitate a 30-day consultation period to reach an amicable resolution to the Company’s claim. As no resolution was reached, the Company has proceeded with filing the Request to Arbitrate.

The arbitration will be facilitated and administered by the International Centre for Settlement of Investment Disputes (ICSID) in Washington, DC, under its Arbitration Rules. As part of the FTA requirements, the Company has submitted an initial and preliminary estimate of damages claimed of no less than US$400 million, plus pre-award and post-award interest.

Although the Company intends to vigorously pursue these legal remedies, the Company’s preference is a constructive resolution with the Government of Panama that results in a positive outcome for all stakeholders.

The Cerro Quema Project is located on the Azuero Peninsula in the Los Santos Province of Southwestern Panama, about 45 km southwest of the city of Chitre. The project includes a pre-feasibility-stage, open-pit, heap leach gold project, a copper-gold sulphide resource, and various exploration targets.

The Company believes that the Cerro Quema Project could be an important social and economic contributor to Panama, creating employment and skills development opportunities and contributing tax, royalty, and other fiscal benefits to the host communities and governments. The Company also maintains a strong commitment to operating in an environmentally responsible manner.

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To View Orla Mining’s historical news, please click here

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.To read the full news release, 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 shares in Orla Mining.

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Orla Mining (TSX: OLA)

Updated on its exploration activities at Camino Rojo Sulphide Extension from the first half of 2024.

Highlight results included 4.57 g/t Au, 19.4 g/t Ag, 2.56% Zn, (6.16 g/t AuEq) over 15m, incl. 51.1 g/t Au, 8.08% Zn over 0.8m.

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Orla Mining project panoramic view and location map – Zacatecas State, Mexico

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Sylvain Guerard, Orla’s Senior Vice President, Exploration

Orla Mining (TSX: OLA)

Announced good results for the first quarter ended March 31, 2024.

Q1 gold production was 33,223 ounces and gold sold was 32,046 ounces, and AISC¹ were $909 per ounce of gold sold.

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To read the full news release, 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  shares in Orla Mining.

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Mining Review 14th April 2024

It was another exciting week for gold, with new all time highs being recorded, before a slight pullback late Friday evening.

The big news of the week was Karora Resources announcing a merger with ASX listed Westgold. Capricorn Metals and Orla Mining reported strong starts to 2024.

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Capricorn Metals Karlawinda Mine

City Investors Circle Mining Review 14th April 2024

It was another exciting week for gold, with new all time highs being recorded, before a slight pullback late Friday evening. Gold had topped out at $2431 at it’s high before the retrace.

Silver slipped back to just under $28 per ounce, after earlier being close to $30 intraday.

On the industrial side, copper had a quiet week after the recent charge, but nickel soared nearly 5%, after the recent long fall, and is now trading at $8.19, well above the recent $7.40 low.

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The big news of the week, and one that disappointed me a great deal, was Karora Resources announcing a merger with ASX listed Westgold.

I thought Karora would grow by acquisition, being in a strong financial position, and mining in Western Australia, where there are an abundance of opportunities to grow. So, I’m personally very disappointed they have taken this route, and I have sold over half my holding already, there are many other producers worth investing in at the moment, so I want to put my money to work somewhere positive.

Karora are offering the incentive of shares in a newco, but in my personal experience they don’t work out well, so I’m not allowing the offer of free shares to distract me from selling a stock that has hit the buffers for now, and putting the funds to work elsewhere.

Capricorn Metals and Orla Mining reported strong starts to 2024. These are well run companies growing by acquisition, and very successfully too. This is why I invested in Karora, as I expected them to follow this model.

I increased my holdings in both these companies this week, using some of the Karora funds.

Exploration companies are off my radar currently as the action is with the producers with the gold price spiking, but I did add a few Pacgold to my existing holding, to bring down my average cost. They seem to have a district scale project, so one I’m happy to buy and put in the bottom drawer whilst they continue to explore the Alice River region.

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Significant news from our watchlist companies this week is listed below, click the links to be taken to the full story.

  Orla Mining Started 2024 with Strong Operating Performance

  G Mining Ventures Provided a Tocantinzinho Project Update

  Calibre Mining’s Q1 Gold Production On Track To Deliver FY 2024 Guidance

  Karora Resurces Announced a Merger With Westgold

  Karora Resources Q1 Results Hampered by Wet Weather

  Capricorn’s Karlawinda Mine Delivers Strong Cashflow

  Mining Review 7th April 2024

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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

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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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Orla Mining (TSX: OLA; NYSE: ORLA)

Provided an interim operational update for the first quarter ended March 31, 2024 and an update on its activities in Panama.

The Camino Rojo Oxide Mine produced 33,223 ounces and sold 32,046 ounces of gold during Q1 2024.

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Orla Mining Starts 2024 with Strong Operating Performance at Camino Rojo

(All amounts expressed in millions of US dollars, as at March 31, 2024 and are unaudited unless otherwise stated)

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First Quarter 2024 Camino Rojo Oxide Mine Operational Update

The Camino Rojo Oxide Mine produced 33,223 ounces and sold 32,046 ounces of gold during the first quarter 2024.

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Orla Mining (TSX: OLA)

Provided an update on its exploration at the South Railroad Project including 2023 activities and 2024 work plans. This news release presents the second update.

The highlight was 51.8m @ 3.24 g/t Au (Sulphide).

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To read the full news release please click HERE

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Live spot metal prices can be found HERE

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To read our full terms and conditions, please click HERE

Orla Mining (TSX: OLA)

Provided an update on its exploration activities at the South Railroad Project in H2  2023.

This news release presents the first of two updates from the 2023 infill and extension drilling, totaling seven drillholes and representing 2,508 m.

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Pinion: 112.7m at 0.72 g/t Au (oxide)
Dark Star: 36.6m at 3.53 g/t Au, including 19.8m at 5.23 g/t Au (oxide)

Vancouver, BC – March 7, 2024 – Orla Mining Ltd. (TSX: OLA; NYSE: ORLA) (“Orla” or the “Company”) is pleased to provide an update on its exploration activities at the South Railroad Project in the second half of 2023.

This news release presents the first of two updates from the 2023 infill and extension drilling, totaling seven drillholes and representing 2,508 metres.

Drilling at South Railroad in 2023 totalled 14,695 metres and additional results from other exploration targets will be shared in a subsequent update.

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Highlights

• Potential expansion of resources at Pinion and Dark Star deposits through new oxide intersections in step-out drilling:
  • Pinion: 0.72 g/t Au over 112.7 metres (oxide)
  • Dark Star: 3.53 g/t Au over 36.6 metres (oxide)
• Successful infilling and metallurgical drilling with confirmation of modeled grade, continuity of mineralization, via infill drill program.
  • Intersection includes 2.20 g/t Au over 163.1 metres (oxide) and 2.50 g/t Au over 88.1 metres (oxide).

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 Sylvain Guerard, Orla’s SVP Exploration stated,

“Since acquiring the South Railroad project in August 2022, Orla has made substantial progress in near-deposit exploration, satellite deposit testing, and expanding our land position along the Carlin Trend.

 

“The recent positive drill results outside the projected open pits highlight the project’s low exploration maturity and significant growth potential. ”

 

In 2024, we will focus on expanding resources at existing deposits and continuing exploration across the property, which could soon be expanded to include Pony Creek”.

 

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2023 Pinion and Dark Star Exploration Highlights

In 2023, Orla extended oxide-hosted gold mineralization at the Pinion and Dark Star deposits, with highly positive drill intersections outside of the projected open pits.

Meanwhile, infill drill results met expectations, confirming robust oxide mineralization within projected pits, while supplying material for new metallurgical column test work to further optimize the planned development project.

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To read the full news release, please click HERE

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Orla Mining  (TSX: OLA; NYSE: ORLA)

Provided an update on its exploration activities at the South Railroad Project in the second half of 2023.

Drilling at South Railroad in 2023 totalled 14,695 metres and additional results from other exploration targets will be shared in a subsequent update.

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Pinion: 112.7m at 0.72 g/t Au (oxide)
Dark Star: 36.6m at 3.53 g/t Au, including 19.8m at 5.23 g/t Au (oxide)

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Vancouver, BC – March 7, 2024 – Orla Mining Ltd. (TSX: OLA; NYSE: ORLA) (“Orla” or the “Company”) is pleased to provide an update on its exploration activities at the South Railroad Project in the second half of 2023.

This news release presents the first of two updates from the 2023 infill and extension drilling, totaling seven drillholes and representing 2,508 metres.

Drilling at South Railroad in 2023 totalled 14,695 metres and additional results from other exploration targets will be shared in a subsequent update.

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Highlights

• Potential expansion of resources at Pinion and Dark Star deposits through new oxide intersections in step-out drilling:
  • Pinion: 0.72 g/t Au over 112.7 metres (oxide)
  • Dark Star: 3.53 g/t Au over 36.6 metres (oxide)
• Successful infilling and metallurgical drilling with confirmation of modeled grade, continuity of mineralization, via infill drill program.
  • Intersection includes 2.20 g/t Au over 163.1 metres (oxide) and 2.50 g/t Au over 88.1 metres (oxide).

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 —  Sylvain Guerard, Orla’s SVP Exploration

“Since acquiring the South Railroad project in August 2022, Orla has made substantial progress in near-deposit exploration, satellite deposit testing, and expanding our land position along the Carlin Trend.

 

“The recent positive drill results outside the projected open pits highlight the project’s low exploration maturity and significant growth potential.

 

“In 2024, we will focus on expanding resources at existing deposits and continuing exploration across the property, which could soon be expanded to include Pony Creek”.

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2023 Pinion and Dark Star Exploration Highlights

In 2023, Orla extended oxide-hosted gold mineralization at the Pinion and Dark Star deposits, with highly positive drill intersections outside of the projected open pits.

Meanwhile, infill drill results met expectations, confirming robust oxide mineralization within projected pits, while supplying material for new metallurgical column test work to further optimize the planned development project.

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Pinion SE Extension Drilling

At the Pinion deposit, a review of available geological data suggested gold mineralization may be continuous in the southeastern part of the deposit over the Pinion SE target area, where faulting had been previously interpreted as limiting or displacing extension of the mineralization.

To test the continuity of gold mineralization, three drill holes totaling 822 metres were completed. All three drillholes intercepted significant oxide-hosted gold mineralization, including 0.72 g/t Au over 112.7 metres (oxide) confirming the continuity of gold mineralization to the southeast without fault displacement interference.

These results, combined with historical drill intersections, indicate geological continuity and suggests gold mineralization extends to at least 350 metres outside of the projected open pit.

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To read the full news release, please click HERE

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Orla Mining (TSX: OLA)

Announced that it has entered into a definitive arrangement agreement with Contact Gold Corp. (TSX-V: C) whereby Orla will acquire all of the issued and outstanding common shares of Contact pursuant to a court-approved plan of arrangement.

Contact’s land is adjacent to Orla’s South railroad project in Nevada.

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Pony Creek

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Pony Creek Property Located Directly Adjacent to Orla’s South Railroad Project

Vancouver, BC – February 26, 2024 – Orla Mining Ltd. (TSX: OLA; NYSE: ORLA) (“Orla” or the “Company”) is pleased to announce that it has entered into a definitive arrangement agreement (the “Arrangement Agreement”) with Contact Gold Corp. (TSX-V: C) (“Contact”) whereby Orla will acquire all of the issued and outstanding common shares of Contact (the “Contact Shares”) pursuant to a court-approved plan of arrangement (the “Transaction”).

Contact’s key asset is the 100%-owned Pony Creek property, a 4,500 hectare exploration land package, strategically located adjacent to Orla’s South Railroad property in the heart of the Carlin trend in Nevada.

Contact also owns the Green Springs property located in the southern end of the Cortez trend. Green Springs is an early-stage exploration project where Centerra Gold currently has a right to earn into 70% of the project through completion of a four-year, $10.0 million exploration program.

Transaction Terms

Under the terms of the Arrangement Agreement, each holder of Contact shares will receive, for each Contact share held (a “Contact Share”), 0.0063 of an Orla common share (each whole share, an “Orla Share”) (the “Arrangement Consideration”), for total consideration of $0.03 per Contact Share (based on Orla’s closing price on February 23, 2024), representing a total purchase price of approximately US$8.1 million.

The Arrangement Consideration represents a 77% premium based on Orla’s and Contact’s 20-day volume weighted average price (“VWAP”) as of February 23, 2024. Following the completion of the Transaction, Contact shareholders will own approximately 0.7% of the issued and outstanding Orla Shares.

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Acquisition Highlights and Transaction Rationale

• Consolidates landholdings adjacent to Orla’s core growth project, South Railroad, which hosts 1.6 moz of mineral reserves at 0.77 g/t Au, 1.8 moz of measured and indicated mineral resources at 0.74 g/t Au, and 719 koz of inferred mineral resources at 1.00 g/t Au.
• Pony Creek boasts existing resources that have potential to add oxide, transition and sulphide to the resource at South Railroad; three mineralized zones with an inferred mineral resource totaling 433,000 oz at 0.52 g/t Au.
• Enhances Orla’s strategic footprint in Nevada, specifically along the prolific Carlin trend. The addition of Pony Creek will complement Orla’s control of the southern part of the Railroad Mining District, representing a natural and seamless expansion of the South Railroad property.
• Contact’s Pony Creek has a similar geology, structural setting, and mineralization style as South Railroad, providing drill-ready targets, including extensions of known deposits and new targets. Significant exploration potential exists in both the Pony Creek and Green Springs land packages as both projects have been historically underfunded and are underexplored.

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Jason Simpson, President and CEO, Orla Mining

“This transaction strengthens our land position in Nevada along the Carlin trend.

 

“Contact’s Pony Creek property is a valuable complement to our South Railroad Project, one our key growth opportunities.

 

“We look forward to making the necessary investments to unlock the combined potential of this now larger, contiguous and highly prospective land package.”

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To read the full news release, please click HERE

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Orla Mining Ltd. (TSX: OLA)

Provided an update on its exploration activities on the extension of the Camino Rojo deposit in the second half of 2023. These recent exploration results emphasize that the Camino Rojo deposit remains open and has substantial upside potential. 

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4.86 g/t Au, 43.6g/t Ag, 1.27% Zn, 0.44% Pb, 0.09% Cu, (6.25 g/t AuEq) over 11.7 m,
incl. 28.6 g/t Au, 224g/t Ag, 4.35% Zn, 2.89% Pb, 0.29% Cu, (34.4 g/t AuEq) over 1.7 m
10.3 g/t Au, 37.8 g/t Ag, 3.81% Zn, 0.08% Pb, 0.12% Cu (12.7 g/t AuEq) over 5.6 m,
incl. 17.8 g/t Au, 71.0 g/t Ag, 7.19% Zn, 0.15% Pb, 0.17% Cu (22.3 g/t AuEq) over 2.9 m

Vancouver, BC – February 22, 2024 – Orla Mining Ltd. (TSX: OLA; NYSE: ORLA) (“Orla” or the “Company”) is pleased to provide an update on its exploration activities on the extension of the Camino Rojo deposit (“Camino Rojo Extension”) in the second half of 2023. These recent exploration results emphasize that the Camino Rojo deposit remains open and has substantial upside potential.

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Camino Rojo Extension (Mexico) Summary

Historical and recent exploration drilling targeted lower stratigraphy, beneath the existing resources. In 2023, a drill section was completed 450 metres down-plunge from the current mineral resources and revealed significant intersections of high-grade polymetallic (Au-Ag-Zn) semi-massive to massive replacement-style mineralization (Figure 1). Recent drilling shows that the Camino Rojo mineral system extends beyond the current mineral resource envelope, presenting a considerable opportunity for resource expansion.

• 2023 Program: The 2023 Camino Rojo Extension drill program involved extending selected infill drillholes beyond the currently defined mineral resources and completing a down-plunge drill section to explore the distal extension into lower stratigraphy; 2,607 metres of drilling across four drill holes. Drill results reported in this press release have returned mineralized intercepts up to 450 metres down plunge of the existing open pitmineral resource boundaries.
• Initial Metallurgy: The initial carbon-in-leach (CIL) bottle roll testing within the Camino Rojo Extension on material from CRSX-22-07 and CRSX-22-08C resulted in impressive gold recoveries between 81-96%. Flotation testing on the CRSX-22-07 material produced a gold concentrate with 85-88% gold recovery and a zinc concentrate with zinc grades of 52% and over 85% zinc recovery, for the polymetallic replacement-style mineralization.
• 2024 Program: The Company plans to complete a 30,000-metre drill program in 2024 with two objectives: 1) to infill the down-plunge geometry, continuity, and endowment potential of mineralization along the projection of the Dike Zone, and 2) to step out broadly and further assess the extensive upside potential of this open mineralized system.

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Sylvain Guerard, Orla Mining Senior Vice President, Exploration

“The recent drilling results have added a new dimension to our near-mine exploration program, unveiling an exciting new mineralization style in previously disregarded host rocks.

 

“With promising initial metallurgical results and substantial upside extension potential, we are committed to driving Orla’s 2024 exploration efforts towards expansion drilling as we look to unlock the full potential of the growing Camino Rojo deposit.”  –

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To read the full news release, please click HERE

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Mining Review 4th February 2024

The week was once again all about the FED and US interest rates, with positive economic data suggesting a March rate cut was unlikely, causing markets and gold to pull back.

Cabral Gold, i-80 Gold, and Orla Mining all reported strong drilling results this week. 

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i-80 Gold – Ruby Hill, Nevada

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City Investors Circle Mining Review 4th February 2024

The week was once again all about the FED and US interest rates, with positive economic data suggesting a March rate cut was unlikely, causing markets and gold to pull back.

Gold remained above the key $2,000 level despite the hawkish interest rate comments. This was probably helped by the US announced intention to bomb targets in the Middle East, which eventually occurred on Friday night, after days of announcing their intention to do so.

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Turning to companies on our watchlists, there were some positive drill results from Cabral Gold, i-80 Gold, and Orla Mining reported during the week.

One disappointment was the results from Gold Road Resources  where production for the year was at the low end of guidance, and AISC higher. This resulted in a share pullback, and a share that was trading at just above A$2 on the 29th December is now back at A$1.51!

This is really disappointing after waiting so long for GOR to break through the A$2 resistance level, and one reason why I was opposed to them commencing dividend payments.

The guidance for 2024 is around the same so despite such as strong gold price the share price looks as though it will settle down at this lower level once again, and it’s incredibly disappointing.

On the plus side, despite paying the dividend they have a strong treasury and significant investments in IGO and De Grey, amongst others, so the company looks healthy moving forward.

All the news form the last week for our watchlist companies is listed below, click the links to be taken to the full story.

Market Data

Weekly Price Changes

(US$ unless stated)

Metal Prices

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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.

.

.

Orla Mining (TSX: OLA; NYSE: ORLA)

Provided an update on its exploration activities at the Camino Rojo Sulphides in the second half of 2023.

Results included 3.41 g/t Au over 36m, incl. 29.2 g/t Au over 3.0 m, and 2.94 g/t Au over 66.5 m, incl. 4.98 g/t Au over 16.5 m.

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3.41 g/t Au over 36m, incl. 29.2 g/t Au over 3.0 m,

2.94 g/t Au over 66.5 m, incl. 4.98 g/t Au over 16.5 m,

2.44 g/t Au over 49.5 m, incl. 4.59 g/t Au over 21.0 m, and

2.22 g/t Au over 96.5 m, incl. 3.24 g/t Au over 33.9 m

Vancouver, BC – January 25, 2024 – Orla Mining Ltd. (TSX: OLA; NYSE: ORLA) (“Orla” or the “Company”) is pleased to provide an update on its exploration activities at the Camino Rojo Sulphides in the second half of 2023.

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2023 Exploration Highlights: Camino Rojo Sulphides (Mexico)

In 2023, Orla undertook a 37,677-metre drill program, strategically focusing on infilling higher-grade parts of the Camino Rojo Sulphides deposit to support a potential underground Mineral Resource estimate.

The primary objective was to enhance the understanding of geological controls of the deposit while extending selected drill holes to explore for sulphide mineralization beyond the current open pit Mineral Resource boundaries, referred to as the “Camino Rojo Extension.”

Orla previously presented results from 15 of 56 drill holes in the 2023 Sulphide drill program (June 22, 2023) and this news release presents results from an additional 23 drill holes. Results from the remaining 18 drill holes will be shared in the coming weeks.

Overall, infill drilling of the Camino Rojo Sulphides has consistently yielded long intercepts (>30 metres down holes) of greater than 2.0 grams of gold per tonne (g/t Au). These significant drill results align with previous work, reinforcing the potential for an underground mining scenario.

Recent drilling has returned notable high-grade intercepts exceeding 10 g/t Au over core lengths ranging from 0.7 metres to 3.0 metres. These high-grade intersections are part of wider intervals of greater than 2.0 g/t Au over tens of metres. The presence of high-grade gold results highlights the opportunity to enhance value through the potential implementation of more selective and targeted underground mining techniques.

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Sylvain Guerard, Orla’s Senior Vice President, Exploration stated,

“New drill results at Camino Rojo are revealing more about controls on mineralization and hinting at potential for significant expansion below the current Mineral Resource in the Camino Rojo Extension.

 

“This data is crucial for our upcoming underground resource estimation, enhancing our understanding of this important part of our growth pipeline.”

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Drill result highlights include:

Mining Review 28th January 2024

We initiated coverage of exploration junior Angus Gold this week.

Impact Minerals, Calidus Resources, i-80 Gold, and Orla Mining all announced significant exploration successes this week.

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Ruby Hill, Nevada

City Investors Circle Mining Review 24th January 2024

We initiated coverage of exploration junior Angus Gold this week.

Impact Minerals, Calidus Resources, i-80 Gold, and Orla Mining all announced significant exploration successes, after a quiet week following the Vancouver conference last week.

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The price of some battery metals, most notably lithium, remains very week, and I remain sceptical of the EV take up in the longer term due to cost of vehicles, range concern, and lack of esential charging infrastructure across the western world.News that Avis in the USA has sold 20,000 EV models and replaced them with the same number of petrol engined vehicles in an example of resistance to change, or a lack of popularity amongst their customers.

Tesla has been reducing prices in the US and China, as have BYD and Ford amongst other EV producers, and it does seem that after the rush of early adopters, there is some difficulty in selling to the next level of consumers.

It will be interesting to see how car producers overcome this, the cost of batteries curtails thir ability to reduce prices much more, despite the 755 fall in the price of lithium on the last year.

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Orla Mining (TSX: OLA)

Provided an update on its near-pit exploration activities at Camino Rojo completed in the second half of 2023.

In 2023, Orla completed 6,500 metres of drilling near the Camino Rojo Oxide Mine in Mexico to define additional oxide mineralization near the open pit.

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

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Targeting Additional Near Mine Oxide Ounces

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Vancouver, BC – January 18, 2024 – Orla Mining Ltd. (TSX: OLA; NYSE: ORLA) (“Orla” or the “Company”) is pleased to provide an update on its near-pit exploration activities at Camino Rojo completed in the second half of 2023.

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2023 Exploration Highlights: Camino Rojo Oxides (Mexico)

In 2023, Orla completed 6,500 metres of drilling near the Camino Rojo Oxide Mine in Mexico to define additional oxide mineralization near the open pit.

This near-pit exploration included 2,500 metres of drilling to confirm oxide gold mineralization on the Fresnillo plc property (the “Layback Area”), located immediately north of and adjacent to the Camino Rojo Oxide Mine open pit, and 4,000 metres of drilling targeting the extension of oxide gold mineralization hosted by key structures controlling deeper levels of oxide mineralization within and beyond the currently designed oxide open pit .

An updated resource is planned for the first half of 2024, incorporating, for the first-time, mineral resources in the Layback Area.

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Sylvain Guerard, Orla’s Senior VP, Exploration, Orla MIning stated,

“Our 2023 near-mine exploration validated near-surface oxide gold in the Layback Area and uncovered oxide expansion potential near the edge of the Camino Rojo Oxide Mine.

 

“The positive results from our near-mine oxide drilling program highlight the opportunity to replace a portion of the depleted ounces at the mine by incorporating incremental near-mine oxide material.

 

“These positive results pave the way for the 2024 near-mine drill program.”

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The Layback Area drilling confirmed and delineated gold mineralization immediately north of and adjacent to the Camino Rojo Oxide Mine open pit (Figure 2). Results from the Layback Area drill program confirmed historical drill results and the continuity of oxide hosted gold mineralization across the property boundary.

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Highlights of the Layback Area drill program:

Mining Review 21st January 2024

A solid set of news releases from our watchlist in what was a busy week for news. Maybe the forthcoming conferences in Vancouver next week caused the rush of exploration results?

Calibre Mining confirmed the acquisition of Marathon Gold, establishing a potential mid-tier mining company producing 250,000 ounces of gold within a year and a half or so.

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Calibre Mining Plant in Nicaragua

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City Investors Circle Mining Review 21st January 2024

A solid set of news releases from our watchlist in what was a very busy week for news.

Maybe the forthcoming conferences in Vancouver next week caused the rush of exploration results?

Calibre Mining confirmed the acquisition of Marathon Gold, establishing a potential mid-tier mining company producing 250,000 ounces of gold within a year and a half or so.

They are diversifying production from a single country, Nicaragua, and now have production in Nevada, and within a year in Newfoundland, both low country risk tier1 jurisdictions.

The other big news is that Uranium Energy Corp. is restarting production in Wyoming. I had expected them to restart their Texas facility a while ago, as the uranium price is substantially higher than they need, but they have opted for their Wyoming facility later this year.

Orla mining beat production guidance in another succesful year, with the only negative being the government of Panama cancelling their Cerro de Quema licence. This may change after the forthcoming Panamanian election, and will be the subject of an international court in due course, alongside First Quantum Minerals’ action for the loss of their licence in Panama, ans that government has turned rogue on mining.

Karora Resources announced record gold production at their Beta Hunt and Higginsville mines.

On the exploration front, Firefly Metals and West Red Lake Gold reported spectacular drill results, and Calidus Resources reported a lithium discovery.

All the news from this week can be read in full by clicking the links below.

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Spot mineral prices can be found HERE

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Orla Mining (TSX: OLA)

Provided an interim operational update for Q4 ended December 31, 2023.

This news release also includes the Company’s 2024 annual guidance which contains the outlook for production, operating and capital costs, and exploration spending across the Company’s portfolio.

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The Company Repays Nearly $60 million in Debt in 2023

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Vancouver, BC – January 16, 2024 – Orla Mining Ltd. (TSX: OLA; NYSE: ORLA) (“Orla” or the “Company”) is pleased to provide an interim operational update for the fourth quarter ended December 31, 2023.

This news release also includes the Company’s 2024 annual guidance which contains the outlook for production, operating and capital costs, and exploration spending across the Company’s portfolio.

(All amounts expressed in million U.S. dollars, unaudited as at December 31, 2023 unless otherwise stated)

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Fourth Quarter 2023 Camino Rojo Oxide Mine Operational Update

The Camino Rojo Oxide Mine produced a record 34,484 ounces of gold during the fourth quarter and 121,877 ounces of gold for the full year 2023, exceeding the increased gold production guidance range of 110,000 to 120,000 ounces.

Gold sold was 31,300 ounces during the fourth quarter and 118,993 ounces for the full year.

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During the fourth quarter, Orla repaid $25.0 million towards its revolving credit facility reducing the balance outstanding under its credit facility to $88.4 million.

The Company also paid the final installment of $22.8 million to Fresnillo plc as part of the Layback Agreement. In 2023, the Company repaid $58.9 million towards its debt outstanding.

At December 31, 2023, Orla had a cash position of $96.6 million and total debt position of $88.4 million, resulting in a net cash position of $8.2 million¹.

The Company has $61.7 million undrawn on its revolving credit facility which supports total liquidity of $158.3 million at year end¹. Current unaudited liquidity position shown below. Financial and operating results for the fourth quarter and year end 2023 will be provided on March 19, 2024.

Liquidity Position

1. Net cash and liquidity are non-GAAP measures. See the “Non-GAAP Measures” section of this news release for additional information.

2. Long-term debt and undrawn debt may not tie due to rounding

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Production and Cost Outlook 2024

Gold production from the Camino Rojo Oxide Mine is expected to be 110,000 to 120,000 ounces in 2024.

The Company is planning to mine approximately 8.3 million tonnes of ore and 9.9 million tonnes of waste for a total of 18.2 million tonnes resulting in a strip ratio of 1.2. The increased strip ratio in 2024 is a result of increased waste mining planned for the east-west pit expansion following the receipt of applicable permits.

Camino Rojo’s 2024 total cash cost is expected to be in a range of $625 to $725 per ounce of gold sold, including royalties and net of changes in inventory, while sustaining capital expenditures are expected to total $18.0 million, of which $12.5 million is for the planned heap leach pad expansion (phase 2) which is scheduled for the first half of 2024 and $0.5 million is for capitalized exploration on the Camino Rojo oxide layback.

 All-in sustaining costs for 2024 is expected to be in the range of $875 to $975 per ounce of gold sold. The higher AISC guidance range in 2024 versus 2023 is predominantly a result of increased waste stripping at Camino Rojo (~$85/oz) and sustaining capital related to the heap leach pad expansion (~$110/oz).
The only exploration expenses that are expected to impact the Company’s AISC are capitalized exploration (sustaining) on the Camino Rojo layback area totalling $0.5 million. All other exploration is either capitalized as non-sustaining or expensed (regional exploration).

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Orla focused on multiple exploration projects throughout 2023. Near the Camino Rojo Oxide Mine, a 6,500-metre drilling campaign defined additional oxide mineralization, targeting the layback and oxide extensions. The layback drilling validated historical drill results, confirming the continuity of oxide gold mineralization and extending into the Fresnillo property. Oxide extension drilling revealed significant mineralization with plans for 2024 follow-up.

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Orla also executed a successful 34,000-metre drill program into the Camino Rojo Sulphides deposit, enhancing understanding of the Camino Rojo Sulphides and testing for sulphide mineralization extension below the limits of current resources. The south-oriented drill holes substantially improved understanding and strengthened the continuity of higher-grade mineralization, with the objective of upgrading existing resources and exploring for new sulphide mineralization beyond current resources.

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At South Railroad in Nevada, Orla remains dedicated to evaluating the project upside potential, producing positive drill results that enhance the continuity of oxide gold mineralization over the southeast extension of the Pinion Deposit, and uncover high-grade oxide at Dark Star.

Drilling at the North Bullion deposit is aimed at enhancing the resource classification. The 2023 drill program tests across the South Railroad property contributed to an improvement of the geological understanding and led to the identification of new target areas.

Additional exploration details related to 2023 results and 2024 plans, including specific exploration programs, will be provided through separate press releases in the first quarter 2024.

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Fourth Quarter 2023 Conference Call

Orla will host a conference call on Wednesday March 20, 2024, at 10:00 AM, Eastern Time, to provide a corporate update following the release of its financial and operating results for the fourth quarter 2023:

Dial-In Numbers / Webcast:

Conference ID:           5844017

Toll:                             1 (646) 960-0685

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

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To read the full news release, please click HERE

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Mining Review 24th December 2023

Two major announcements by companies on our watchlist list up a normally quiet final week before Christmas.

Galiano Gold acquired the other 45% of the Asanko mine in Ghana from their JV partner, and Calidus Resources announced a stunning deal to acquire the Nullagine mine and immediately lease out 80% of the camp for 10 years bringing in much needed cash to the company.

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City Investors Circle Mining Review 24th December 2023

Two major announcements by companies on our watchlist list up a normally quiet final week before Christmas.

Galiano Gold acquired the other 45% of the Asanko mine in Ghana from their JV partner, and Calidus Resources announced a stunning deal to acquire the Nullagine mine and immediately lease out 80% of the camp for 10 years bringing in much needed cash to the company.

In addition, both Eloro and Wesdome reported high grade drill intercepts at their respective projects in Bolivia and Canada respectively.

There was one item of bad news, which  predictably came from Orla Mining who informed the market that the Panamanian governement were cancelling their rights to mine their Cerro de Quema copper gold project, following on from their similar actiona against First Quantum, closing their producing copper mine there.

Orla and First Quantum have both promised legal action via intenational courts, but this process takes years and does not have a certain outcome.

Orla now need to focus on South Railroad in Nevada whilst the Panamanian issue is addresses legally.

Click on the links below to read the full stories.

  Galiano Gold Consolidates Ownership of the Asanko Gold Mine

  Calidus Enhances Cash Position and Production Upside With Purchase of     Nullagine Gold Project

  Galiano Gold Reports Q3 Operating and Financial Results

  Eloro Resources Intersects 279.22 Ag/t, 0.47% Pb and 0.43% Sn

  Orla Mining Update on Panama and Cerro Quema

  Wesdome Drilling Continues to Return High Grades

  Mining Review 17th December 2023

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Orla Mining (TSX: OLA)

Notes that the Panamanian Ministry of Commerce and Industryhas rejected the requests for extension for the three mining concessions comprising the Company’s Cerro Quema Project, declared the concessions cancelled, and declared the area comprising the concessions to be a reserve area.

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Cerro Quema Project, Panama

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Vancouver, BC – December 18, 2023 – Orla Mining Ltd. (TSX: OLA; NYSE: ORLA) (“Orla” or the “Company”) notes that the Panamanian Ministry of Commerce and Industry (“MICI”) has rejected the requests for extension for the three mining concessions comprising the Company’s Cerro Quema Project, declared the concessions cancelled and declared the area comprising the concessions to be a reserve area.

While the Company regrets this decision by the Panamanian Government, the Company will continue to monitor developments in Panama, which remain uncertain and quickly evolving.

However, until the Company has greater certainty with respect to the mining concessions, as well as fiscal and legal stability in Panama, the Company will not consider additional spending towards the development of the Cerro Quema Project.

The Company will explore all legal remedies available to protect historical investments and potentially unlock additional value for its stakeholders, including taking measures to protect its rights under international law.

The Cerro Quema Project is located on the Azuero Peninsula in the Los Santos Province of Southwestern Panama, about 45 km southwest of the city of Chitre. The project includes a pre-feasibility-stage, open-pit, heap leach gold project, a copper-gold sulphide resource, and various exploration targets.

The Company believes that the Cerro Quema Project could be an important social and economic contributor to the host communities. To date, the Company has invested over US$120 million in Panama and, if constructed, the Cerro Quema Project is expected to create employment and skills development opportunities, and contribute tax, royalty, and other fiscal benefits to the host communities and governments.

On November 3, 2023, the National Assembly of Panama passed Law 407, which instituted a moratorium on granting, renewing, or extending concessions for the exploration, extraction, transportation or exploitation of metal mining in Panama.

The Company continued to monitor the impact of Law 407 and other developments in Panama on the Cerro Quema Project.

On December 15, 2023, Minera Cerro Quema, S.A., the Company’s subsidiary, received three resolutions from MICI. The resolutions rejected the request for extension for the concessions, declared the concessions canceled due to expiration and declared the area comprising the concessions to be a reserve area under the Panamanian mining code. Under the Panamanian mining code, MICI is prohibited from granting mining concessions for exploration or extraction on a reserve area.

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To read the full news release, please click HERE

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