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Nordgold begins mining at Lefa’s satellite deposit

Sunday, August 8, 2021

The Diguili deposit, located about 35 kilometres (22 miles) from Lefa’ processing facility, is considered a core pillar of Nordgold’s strategy to expand its resource and reserve base through organic growth and selective acquisition of high value projects.

“Our acquisition of Lefa in 2010, combined with the extensive exploration program we have undertaken since then, is precisely in line with that strategy,” COO Louw Smith said in the statement.

Diguili’s proved and probable reserves increased from 78,000 ounces at the end of 2020 to 138,000 ounces in 2021 thanks to an intense exploration program.

The gold miner, majority-owned by billionaire Alexei Mordashov and his sons Kirill and Nikita, has become a key contributor to Guinea’s economic and social development.

Five-year plan
Lefa is owned by Société Minière de Dinguiraye, in which Nordgold holds a controlling interest of 85%, with the remaining 15% held by the government of Guinea.

With four mines in Russia, one in Kazakhstan, three in Burkina Faso, one each in Guinea and Kazakhstan and several prospective projects in feasibility study, Nordgold expects to boost production by 20% over the next five years.

In contrast, production at the world’s largest gold miner, Newmont (NYSE: NEM) (TSX: NGT), is set to remain about the same until 2025.

Nordgold is also seeking to return to the London Stock Exchange, one of the world’s oldest markets, which it left in 2017.

Source: Mining.com

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Queensland Budget backs exploration sector to support jobs

Monday, June 28, 2021

The funding includes $2.5 million towards Collaborative Exploration Initiative grants and a further $2.2 million to help with the development and expansion of the New Economy Minerals industry in Queensland.

Resources Minister Scott Stewart said the resources sector plays a vital role in supporting jobs across the state

“It will be a key part of Queensland’s plan for economic recovery from COVID-19,” Stewart said.

“We know that supporting the exploration industry is important for finding new deposits and developing new projects.

“In turn, more projects mean more royalties, exports and more jobs for Queenslanders. That is why we are backing the sector with a range of grants and opportunities for explorers.”

Association of Mining and Exploration Companies chief executive officer Warren Pearce said Queensland continued to offer a highly supportive environment for exploration and mining investment.

“These grants will drive greater investment into the state,” he said. “Much of this private investment is expected be directed towards finding new economy minerals, vital for producing renewable and clean energy technologies.”

Mineral exploration company Terra Search managing director Simon Beams said exploration was a key part of growing the resources industry and finding the next deposit.

“Grants like this are important to businesses that are focused on exploration,” Mr Beams said.

“There has been a real boom in demand lately for exploration services as companies look to find the next potential deposit.

“Terra Search is based in Townsville and we work closely with a range of junior miners as well as bigger operators to help with their exploration programs.”

Stewart said the latest ABS data showed exploration expenditure continued to grow significantly.

“According to the latest ABS statistics, investment in Queensland exploration has increased by an impressive 22.5 per cent to $705 million in 12 months,” he said.

“Queensland’s boost in exploration expenditure has come from strong growth in exploration for minerals (up 14.5 per cent) and oil and gas (up 53.1 per cent) compared to the previous 12 months.

“Building on this, last year alone the Palaszczuk Government released a total of 8205 square kilometres for gas exploration to maintain a pipeline of future resources projects.”

The Queensland Government has invested more than $6.8 million in exploration grants and programs since 2017.

Source: Australian Mining

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Pancon selected to explore Superfund-designated Brewer gold mine

Monday, January 20, 2020

According to Mining News Pro – Brewer is located 12 kilometres northeast and along trend from OceanaGold’s Haile gold mine, on the underexplored Carolina Slate Belt.

According to Pancontinental, gold was discovered at the site in the early 1800s. Between 1987-1995, Brewer produced 178,000 ounces of oxide gold from open pits that extended to 50-metre depths, where copper and gold-rich sulfides were exposed but could not be processed by the oxide heap leach processing facility.

Based on documents archived at the U.S. Geological Survey, it is possible that Brewer contains a large porphyry copper-gold system at depth, as indicated by widely known prospective geology, including diatreme breccias, as well as by associated high sulphidation alteration, gold and copper mineralization, and geophysics.

In a press release, the Toronto-based company said that the team selected to work in North Carolina includes the geologists that discovered Brewer’s near-surface oxide gold mineralization 40 years ago. These experts also discovered the high-grade, near-surface Buzzard gold project, on trend less than a kilometre southwest of Brewer, and they also intersected near-surface gold mineralization at Jefferson in 2016.

Brewer was explored up to 1997. Two years later, England’s Brewer Gold Company abandoned the site and left the responsibility of land reclamation activities in the hands of the South Carolina Department of Health and Environmental Control and the U.S. Environmental Protection Agency. Later on, in 2005, Brewer was designated a Superfund site.

This is where Environmental Risk Transfer comes in. Given the status of the mine and the fact that its previous owners did not address conditions posing environmental risks, the St. Louis-based firm will work on mitigating the impacts of mining activities in surrounding areas based on the expertise it has gained at the Missouri Cobalt mine. There, Environmental Risk transformed a formerly contaminated site into a hub of economic activity.

“Pancon and ERT worked together since March 2019 to win the competitive selection process led by the Brewer Gold Receiver,” Layton Croft, the miner’s president and CEO, said in the media brief. “We are ready to quickly investigate this underexplored project, with the goal of discovering new oxide gold mineralization and the underlying copper-gold porphyry system by 2021.”

 

Source: Mining.com

 

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Canada Cobalt returns massive native silver grades at Castle East

Saturday, January 11, 2020

According to Mining News Pro – The drill program and sampling protocol are being managed by geologists from GoldMinds Geoservices. Holes CS-19-08-W01 to W04 were wedges drilled off the historic CA-11-08 hole, the company said in a media release. Samples were collected using a 0.3-metre minimum length, 1.0-metre maximum length. Drill core recovery averaged 95%.

Canada Cobalt Works also announced separately that it has closed its deal to acquire PolyMet Labs, the only facility in the Northern Ontario Silver-Cobalt district that combines bullion pouring, bulk sampling, commercial assaying and e-waste processing.

At market close Friday, Canada Cobalt Works’ stock was up nearly 5%. The company has a C$57 million market capitalization.

Source: Mining.com

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Osisko Gold grabs Barkerville, creates North Spirit Discovery

Tuesday, September 24, 2019

The Montreal-based miner said each Barkerville shareholder would receive 0.0357 common share of Osisko for each share of Barkerville held, implying a value of C$0.58/share, based on Osisko’s Sept. 20 closing price on the Toronto Stock Exchange.

The deal gives it access to Barkerville’s touted Cariboo gold project in British Columbia, which Osisko sees as a “potentially world-class asset” with significant infrastructure in place.

The company said the asset has similar attributes to Canadian Malartic mine, when it identified the opportunity.

“Osisko and Barkerville will take advantage of their combined mine building, exploration, permitting, development and construction expertise to advance the Cariboo gold project,” the company’s chief executive chair of the board, Sean Roosen, said in the statement.

According to a preliminary economic assessment (PEA) for the Cariboo project, published last month, the proposed underground mine would produce a high-quality concentrate averaging 20.5 grams of gold per tonne.

Located near a site where the old historic Cariboo Gold Quartz Mine operated from the 1930s to the 1960s, the operation will have a 11-year productive life, providing 320 full-time positions and 120 construction jobs.
Branching out

The company noted it would fund planned work through available liquidity, future revenue from royalties and streams, project debt as well as outside private equity and joint venture (JV) capital through the creation of a new company — the North Spirit Discovery Group.

The new firm is expected to become a leading resource development and finance company, which may seek joint venture partners and/or private equity capital.

Following the highly publicized multi-billion mergers of Barrick – Randgold and Newmont – Goldcorp, rising gold prices have spurred an anticipated wave of consolidation in the sector, which has favoured Canada and Australia.Earlier this month, Osisko announced it was buying fellow Canadian Stornoway Diamond, which has filed for bankruptcy protection.

The company, formed in 2014, is a royalty firm, which means that it seeks agreements giving it the right to a share of income from mines operated by other companies.

Its primary focus is the North American precious metal offtake market, with more than 135 royalties and a portfolio of resource companies such as a 16.6% interest in Osisko Mining Inc. and a 19.9% interest in Falco Resources Ltd.

Source: www.mining.com
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Desert completes buyout of Ashanti Gold

Saturday, August 24, 2019 – 10:59:17 AM

In a media statement, Desert said that each shareholder of Ashanti will receive 0.2857 Desert Gold shares for each Ashanti share held. In parallel, 21,097,657 Desert Gold shares were issued to Ashanti shareholders.

The buyout increases Desert’s land position along and near the Senegal-Mali Shear Zone and Main Transcurrent Fault Zone by 28% to 296.9 square kilometres. This is due to the addition of the Kossanto East project, located in western Mali, near the border with Senegal.

“Both of these regional structures are related to multi-million-ounce gold mines and deposits owned by B2Gold, Barrick, AngloGold Ashanti/IAMGOLD and Teranga,” the British Columbia-based miner said in the press release.

According to Dessert, the Ashanti concession hosts five gold zones with drill intercepts to 2.04 g/t Au over 75 metres. Gold mineralization in these zones is related to hydrothermal-type breccia zones and typical, structurally-controlled shear and fault zones hosted by both volcanics, sediments and felsic intrusions.

 Source: www.mining.com
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Development of IMPASCO Explorations

Tuesday, July 2, 2019

According to Mining News Pro – Vajihollah Jafari, CEO of Iran Minerals Production and Supply Company (IMPASCO) also said that the amount of company’s exploratory drilling last year was more than 51.7 thousand meters. Compared to 2017 (34.8 thousand meters) it had grew by 49 percent.

“During the last year, the company had 32300 meters of polymetal drilling, 37600 meters of iron ore and 6000 meters of coal drilling”, he said.

“In 2017, IMPASCO had 10 exploration permits and 5 exploration licence and in 2018 the company received 11 exploration permits and 3 exploration licence”, Jafari said.

“The company also has many exploratory activities this year and defined its exploratory zones”, added the CEO of IMPASCO.

Mining News Center

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