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6 hours ago
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American Creek's JV Partner Tudor Gold Commences 2025 Exploration Drill Program at Treaty Creek
Cardston, Alberta--(Newsfile Corp. - June 20, 2025) - American Creek Resources Ltd. (TSXV: AMK) ("the Corporation" or "American Creek") is pleased to announce that project operator and JV partner Tudor Gold ("Tudor") is reporting on the 2025 exploration drill program at the flagship Treaty Creek Project, located in the Golden Triangle of Northwest British Columbia. 2025 Exploration Program Phase 1 drilling of the 2025 exploration program has commenced and is expected to consist of seven holes totaling approximately 6,000 meters (m) of diamond drilling at the Goldstorm Deposit. The primary objective of the Phase 1 drill program is to expand the recently discovered high-grade gold Supercell-One system (SC-1), which was delineated over an 800 m by 400 m area during 2024. SC-1 is a gold-dominant, quartz-sulphide, breccia-hosted structural corridor open to the northwest, north and east. There is excellent potential to discover further high-grade SC-1 style gold-bearing structures proximal to the Goldstorm Deposit within a 600 m by 400 m area extending from SC-1 to previously identified high-grade intercepts within the 300H and 300N Domains of the Goldstorm Deposit. Drill results from SC-1 in 2022 to 2024 include the following high-grade gold intercepts: GS-23-176-W1: 15.00 m @ 15.64 grams/tonne (g/t) AuEQ (14.89 g/t Au, 4.72 g/t Ag, 0.60% Cu) GS-22-134: 25.50 m @ 9.96 g/t AuEQ (9.66 g/t Au, 1.23 g/t Ag, 0.24% Cu) including 4.50 m @ 20.86 g/t AuEQ (20.61 g/t Au, 1.50 g/t Ag, 0.20% Cu) GS-23-179: 12.00 m @ 10.07 g/t AuEQ (9.78 g/t Au, 1.35 g/t Ag, 0.23% Cu) GS-24-185: 13.50 m @ 9.60 g/t AuEQ (9.58 g/t Au, 0.44 g/t Ag, 0.01% Cu) Drill results from 300H and 300N Domains in 2021 and 2023 include the following high-grade gold intercepts: GS-21-113-W1: 13.50 m @ 8.96 g/t AuEQ (8.77 g/t Au, 15.10 g/t Ag, 0.01% Cu) GS-21-113: 24.00 m @ 6.06 g/t AuEQ (5.81 g/t Au, 20.30 g/t Ag, 0.01% Cu) GS-23-178-W1: 12.00 m @ 6.03 g/t AuEQ (5.90 g/t Au, 12.31 g/t Ag, 0.01% Cu) Click the following links to view the corresponding plan view and oblique view. Plan Map To view an enhanced version of this graphic, please visit: Oblique Map To view an enhanced version of this graphic, please visit: Phase 2 of the 2025 exploration program will consist of 1,600 m of additional exploration drilling contingent on the success of Phase 1 drilling. Underground Permitting The application to permit an underground exploration drill program focused on the high-grade SC-1 is expected to be finalized in the coming weeks. Phase 3 of the 2025 exploration program will consist of two orientated-core geotechnical diamond drill holes, totaling approximately 500 m, targeting the portal and ramp entrance area for the underground development. These holes are planned to be drilled at the end of the 2025 exploration program. Ken Konkin, Senior Vice-President of Exploration for Tudor Gold, comments: "We are focused on increasing the high-grade gold potential of SC-1 with this year's drill program. The planned holes are designed to expand upon the successful intercepts from our recent drill campaigns. The targets are structurally controlled, late-stage, gold-rich breccia systems that complement the four known SC-1 structures: SC-1 A, B, C and D. We look forward to a successful 2025 exploration program in the following months as we begin our quest to develop a multi-million-ounce high-grade gold system peripheral to the gold-copper Goldstorm Deposit." Quality Assurance and Control Ken Konkin, Senior Vice-President of Exploration for Tudor Gold, is the Qualified Person, as defined by National Instrument 43-101, responsible for the Project. Mr. Konkin has reviewed, verified, and approved the scientific and technical information in this news release. About Treaty Creek The Treaty Creek Project hosts the Goldstorm Deposit, comprising a large gold-copper porphyry system, as well as several other mineralized zones. As disclosed in the "NI-43-101 Technical Report for the Treaty Creek Project", dated April 5, 2024 prepared by Garth Kirkham Geosystems and JDS Energy & Mining Inc., the Goldstorm Deposit has an Indicated Mineral Resource of 27.87 million ounces (Moz) of AuEQ grading 1.19 g/t AuEQ (21.66 Moz gold grading 0.92 g/t, 2.87 billion pounds (Blbs) copper grading 0.18%, 128.73 Moz silver grading 5.48 g/t) and an Inferred Mineral Resource of 6.03 Moz of AuEQ grading 1.25 g/t AuEQ (4.88 Moz gold grading 1.01 g/t, 503.2 Mlb copper grading 0.15%, 28.97 Moz silver grading 6.02 g/t), with a pit constrained cut-off of 0.7 g/t AuEQ and an underground cut-off of 0.75 g/t AuEQ. The Goldstorm Deposit has been categorized into three dominant mineral domains and several smaller mineral domains. The CS-600 domain largely consists of nested pulses of diorite intrusive stocks and hosts the majority of the copper mineralization within the Goldstorm Deposit. CS-600 has an Indicated Mineral Resource of 15.65 Moz AuEQ grading 1.22 g/t AuEQ (9.99 Moz gold grading 0.78 g/t, 2.73 Blbs copper grading 0.31%, 73.47 Moz silver grading 5.71 g/t) and an Inferred Mineral Resource of 2.86 Moz AuEQ grading 1.20 g/t AuEQ (1.87 Moz gold grading 0.79 g/t, 475.6 Mlb copper grading 0.29%, 13.4 Moz silver grading 5.63 g/t). The Goldstorm Deposit remains open in all directions and requires further exploration drilling to determine the size and extent of the Deposit.1 AuEq = Au g/t + (Ag g/t*0.0098765) + (Cu ppm*0.0001185) Treaty Creek JV Partnership American Creek is a proud partner in the Treaty Creek Project. The project is a Joint Venture with Tudor Gold owning 3/5th and acting as operator. American Creek and Teuton Resources each have a 1/5th interest in the project creating a 3:1 ownership relationship between Tudor Gold and American Creek. Tudor and American Creek entered into a Binding Letter of Intent on June 6, 2025, and announced on June 9, 2025, pursuant to which Tudor will acquire all of the issued and outstanding shares of American Creek by way of a Plan of Arrangement. Currently, American Creek holds a 20% carried interest, and Tudor a 60% interest, in the Treaty Creek Project located in northwest British Columbia. On completion of the proposed Transaction, Tudor will hold an 80% interest in the Treaty Creek Project. About American Creek American Creek is a Canadian junior mineral exploration company with gold and silver properties in British Columbia, Canada. The Corporation has an interest in the Treaty Creek property, a joint venture project with Tudor Gold located in BC's prolific "Golden Triangle". The Corporation also holds the Austruck-Bonanza gold property located near Kamloops. For further information, please contact Kelvin Burton at: Phone: 403 752-4040 or Email: info@ Information relating to the Corporation is available on its website at Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Cautionary Statements regarding Forward-Looking Information This news release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. "Forward-looking information" includes, but is not limited to, statements with respect to the activities, events or developments that the Corporation expects or anticipates will or may occur in the future, including the completion and anticipated results of planned exploration activities. Generally, but not always, forward-looking information and statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or the negative connotation thereof or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" or the negative connation thereof. Such forward-looking information and statements are based on numerous assumptions, including among others, that the Corporation's planned exploration activities will be completed in a timely manner. Although the assumptions made by the Corporation in providing forward-looking information or making forward-looking statements are considered reasonable by management at the time, there can be no assurance that such assumptions will prove to be accurate. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Corporation's plans or expectations include risks relating to the actual results of current exploration activities, fluctuating gold prices, possibility of equipment breakdowns and delays, exploration cost overruns, availability of capital and financing, general economic, market or business conditions, regulatory changes, timeliness of government or regulatory approvals and other risks detailed herein and from time to time in the filings made by the Corporation with securities regulators. Although the Corporation has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information or implied by forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking statements or information. To view the source version of this press release, please visit Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
News.com.au
10 hours ago
- Business
- News.com.au
Resources Top 5: It's ‘Up There Cazaly' as gold drilling kicks off at Duke of York
A 2000m RC drill program will test beneath old gold workings and attempt to validate historical results at Duke of York Manuka Resources intends to restart the Wonawinta Processing Plant to produce silver and gold Ausgold is busy at the Katanning gold project with drilling, a DFS and permitting Your standout small cap resources stocks for Friday, June 20, 2025 Cazaly Resources (ASX:CAZ) It has been 'Up There Cazaly' for junior gold explorer Cazaly Resources, jumping to 2.6c, an increase of 30% on Thursday's close, before closing up 15% at 2.3c. In homage to the stirring AFL song, Cazaly rose above the pack of ASX juniors after starting drilling this week at the Duke of York prospect in the Goongarrie gold project. A 2000m RC drill program will test beneath old gold workings and attempt to validate historical results. After receiving approval, drill site preparation was completed last week in order to facilitate the first phase of RC drilling, which kicked off this week. The initial phase of drilling is designed to validate historical drill intercepts including 13m at 3.5g/t and 8m at 10.7g/t. This drilling will also inform the next phase of RC drilling to further test for gold mineralisation along strike and down plunge. After Duke of York, Cazaly Resources (ASX:CAZ) plans to drill the Star of Goongarrie prospect. Cazaly's managing director Tara French said: 'I am extremely pleased to announce that drilling has commenced at Duke of York, the first of many gold targets to be tested in this highly prospective district. 'Our team has worked extremely hard to obtain approvals which places us on the ground less than three months after exercising the option to earn up to 80% of the Goongarrie Gold project with Brightstar Resources. 'It's a very exciting time to be drilling beneath historical gold workings in the Eastern Goldfields, and we can't wait to see the results of this first drilling campaign.' Previous drilling at Duke of York was completed in 2001 by Red Back Mining NL in joint venture with Goldfields Exploration, when the gold price was circa US$300. There were 23 RC holes drilled for 2,084m. In 2011 Metaliko Resources completed limited work at Duke of York with three RC holes drilled for 270m. The Duke of York and Star of Goongarrie prospects are priority target areas with anomalous gold mineralisation localised in a structurally complex zone within the Bardoc Tectonic Zone at the junction of two constituent faults. Goongarrie is in the northeastern goldfields, 90km north of Kalgoorlie, and is easily accessible via the Goldfields Highway that runs along the western boundary of the project area. The project consists of 70km2 of greenstone sequence within the Kalgoorlie Terrain. Manuka Resources (ASX:MKR) (Up on no news) With silver and gold production in its sights in the Cobar Basin of NSW as a time of buoyant markets for the safe-haven metals, Manuka Resources intends to restart the Wonawinta Processing Plant that is on active care and maintenance. The silver will come from stockpiles and open pits at and around the Wonaminta plant, south of Cobar, while most of the gold will come from stockpiles at the Mt Boppy east of the traditional mining town. A 10-year Life of Mine plan will see the 1Mtpa Wonaminta processing plant refurbished and 13.2Moz of silver produced supported by gold credits with production scheduled to start in the first quarter of 2026. Restart costs are estimated at A$18.9m including the addition of a deslime circuit and dewatering circuit to the plant to enhance performance. This LOM plan has been estimated to provide Manuka Resources (ASX:MKR) with annual EBITDA of $22M at an average cost of A$35/oz silver for an NPV8 of A$101m and IRR of 109%. Wonaminta project comprises two existing and three planned open pits and has historically produced 3.2Moz including 382,000oz by Manuka between 2022 and 2023. The total 38.5Mt resource at the project comprises 38.3Mt at 41.3g/t Ag in ground and 200,000t at 60g/t Ag and 0.07g/t Au in ROM stockpiles. Mining will start in April 2026 and will see production from the existing Manuka and Boundary pits as well as the new Belah, Bimble and Pothole pits. Gold ore from Mt Boppy stockpiles will be hauled to Wonawinta and blended with silver ore during the first two years of production to deliver a payable gold credit. Mt Boppy was historically one of NSW's richest gold mines, having produced ~500,000oz gold at ~15 g/t. It is on a granted Mining Lease and has an existing 48-bed mining camp and ancillary infrastructure. The resource stands at 2.6Mt at 1.32g/t Au with 400,000t at 4.23g/t in-ground and 2.2Mt at 0.84g/t in rock dumps, tailings and stockpiles. Manuka said there were also opportunities to extend the resource beneath the existing open pit and along strike and en-echelon of the existing deposit. The company also has a large vanadium-rich iron sands resource offshore of the Taranaki Bight in New Zealand and is advancing the Taranaki VTM Project through the NZ approvals process. Manuka shares reached a high of 4.15c, a 12.17% increase on the previous close. Ausgold (ASX:AUC) At the Katanning gold project in WA's Great Southern region, Ausgold has defined one of the state's largest undeveloped resources of 3.04Moz of gold at an average grade of 1.06g/t including higher confidence measured and indicated resources of 2.42Moz and an ore reserve of 1.28Moz at 1.25g/t. That is enough for a plant with proposed throughput of 3.6 million tonnes per annum to comfortably sustain annual production of 136,000oz of gold for an initial 10-year mine life. A major ~19,000m drill program is underway including 12,000m of RC drilling proximal to the KGP designed to de-risk the first 18 months of production and grow the mineral resource. The infill drilling has delivered near-surface gold intercepts such as 14m grading 4.58g/t gold from 29m in the Central Zone that support the de-risking strategy and high-grade results such as 10m at 10.55g/t gold from 42m in the Southern Zone that support growth potential. Likewise, drilling has extended the Datatine high-grade shoot in the Northern Zone by ~240m down-plunge after returning 6.6m at 3.4g/t gold from 362m, reinforcing its potential as a high-grade underground prospect that remains open down-plunge. Drilling at regional prospects has also intersected broad gold zones, which reinforce Ausgold's belief in the prospectivity of its regional growth pipeline. Shares reached 74.5c, a 4.93% increase on the previous close before ending the trading day at 71c. Ausgold (ASX:AUC) is putting the final touches on a definitive feasibility study which is due for release before the end of June. 'It's starting to look really good, taking shape. I think it's going to be a really strong project,' executive chairman John Dorward told Stockhead. He said the feasibility study was a big step towards putting a milestone out in the public domain and it would be a critical step on the right path for the company. Besides the DFS, Ausgold is focused on permitting. 'We will have our initial application in by the end of this month to start the permitting clock, which we think is around a nine-month timeline,' he said. The current Katanning project is a starter kit for what Ausgold believes will be a multi-decade asset. The company's large landholding means there is plenty of the greenstone belt still to explore for large new gold deposits. 'We have started to actively explore that. We have enough to build a very attractive project. today, but we think it's just the early innings and very much just the starter for what we think will ultimately be there,' Dorward said. Peak Minerals (ASX:PUA) Investors responded positively to Thursday's news from Peak Minerals of a rare earths discovery, including high-value monazite, at the Minta rutile project in Cameroon. After rising to a four-year high of 2.4c on the day of the announcement, PUA today exceeded that, hitting 2.5c, a lift of 13.64% on Thursday's close. The discovery at Minta Est prospect stands to boost the economics of the heavy minerals package at Minta as monazite trades at about three times the value of rutile and zircon. Sampling at Minta Est returned Heavy Mineral (HM) results along with mineral assemblages and rare earth element distribution results. Assays were received from an additional 36 residual and 11 alluvial holes at Minta Est over an initial 121km2 and further assays are pending. The average depth of all holes reported on Minta Est to date is 4m, with all holes intersecting mineralisation from surface. Sampling returned grades of 0.5%-1.2% TREO from free-dig material in monazite separated by conventional mineral sands processing methods. Recent and historical samples show assemblages of up to 73% monazite, up to 35% rutile and up to 28% zircon at Minta Est. 'It is very exciting to release these new drilling assay results representing an entirely new high-grade discovery at Minta Est, located across 121km2 in the northeast portion of Minta rutile project,' Peak Minerals chief executive officer Casper Adson said. 'Monazite makes up to 73% of the heavy mineral assemblage at Minta Est, positioning the project as a potential high-value, world-class asset. 'Importantly, the separated monazite contains up to 22.5% NdPr and 2.7% DyTb – key magnet rare earths critical to the global energy transition.' Hawthorn Resources (ASX:HAW) (Up on no news) Although it has no fresh news, explorer Hawthorn Resources made a positive move, lifting 28.3% to 6.8c. After converting its 19.6% equity interest in the Mt Bevan magnetite project to a 1% FOB royalty, the company is primarily focused on gold at the Trouser Legs 70:30 joint venture with Gel Resources, including the Anglo Saxon project. Anglo Saxon, which has a mineral resource of 157,000 ounces at 6.1g/t, is at Pinjin, about 140km northeast of Kalgoorlie and to the east of Northern Star's Carosue Dam project. Given the prevailing higher gold prices, the JV partners earlier this year completed a revised pit optimisation study as they assess development options for Anglo Saxon. Outcomes of this study are assisting the JV in discussions with third parties aimed at determining the next stage of development and maximising project returns. An 8000m RC drilling program has been designed to infill the upper levels of the southern extension of the resource and de-risk the first stage of any mining of a future cutback. Tendering and a Program of Works have been approved and drilling is expected to take place during the September quarter of 2025.
Yahoo
18 hours ago
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Cygnus raises $18.3m to accelerate resource growth and mining studies
The raising follows outstanding drilling results at the flagship Corner Bay deposit and Golden Eye prospect, which both offer substantial upside TORONTO and PERTH, Australia, June 19, 2025 (GLOBE NEWSWIRE) -- Highlights Cygnus has received firm commitments totalling A$18.3m via a share placement to institutional and sophisticated investors The Placement was priced at A$0.086 per share, being an 8.5% discount to the last sale price of A$0.094 The Placement was extremely well-supported with strong demand from existing and new investors, particularly North American investors, resulting in applications being scaled back The Placement will be split into two tranches: Tranche 1 – unconditional tranche to raise approximately A$18.2m; and Tranche 2 – A$0.1m tranche to a director, subject to shareholder approval Following a highly successful drilling campaign at the flagship Corner Bay deposit and the identification of high-grade gold/copper at the new Golden Eye prospect, the Company is planning a Resource update next quarter Funds from the Placement will be used for Resource growth, Resource conversion, exploration of multiple prospects, permitting and advancing studies Canaccord Genuity and Euroz Hartleys acted as Joint Lead Managers to the Placement. Cygnus Managing Director David Southam said: 'We have been generating outstanding results at Chibougamau and the proceeds of this raising will enable us to unlock the value much faster.'There is clearly immense scope to grow and upgrade the project's resource on the back of Corner Bay and Golden Eye. Given this potential, we want to move as quickly as possible on the exploration front and advance our study work at the same time.'This comes against a backdrop of increased M&A activity in the copper space which demonstrates that finding high-grade copper/gold projects with infrastructure in mining friendly jurisdictions are rare – we just happen to have one of the best'. Cygnus Metals Limited (ASX:CY5) is pleased to advise that it has received commitments from institutional and sophisticated investors to raise A$18.3 million (before costs) through the issue of 212,790,697 fully paid ordinary shares in the Company ('Shares') at an issue price of A$0.086 per Share ('Placement'). Pro-forma cash at bank at 30 June 2025 is forecast to be approximately A$23.7m (before Placement costs). Use of funds Proceeds of the Placement are planned to be used at the Chibougamau Copper-Gold Project to cover exploration, resource growth, resource conversion, permitting and advancing studies from the preliminary economic assessment ('PEA') previously completed by Doré Copper Mining Corp. in 2022. Other uses include general working capital and costs associated with the Placement. Note: Cygnus cautions that the PEA is a preliminary technical, conceptual and economic study undertaken by Doré of the initial evaluation and potential development of the Chibougamau Project. It is at scoping study level only, which is based on a lower level of technical assessment that is not sufficient to support the estimation of Ore Reserves and is inherently uncertain. The production targets and forecast financial information disclosed in the PEA are underpinned by Measured Mineral Resources (approximately 1.17%), Indicated Mineral Resources (approximately 32.10%) and Inferred Mineral Resources (approximately 66.73%). However, Cygnus is not able to disclose the outcomes of the PEA as the significant proportion of Inferred Resources included in the Life of Mine means that pursuant to ASX and ASIC guidance there is not considered to be sufficiently reasonable grounds for the production targets and forecast financial information disclosed in the PEA. Accordingly, Cygnus is not disclosing the production targets and forecast financial information reported in the PEA and cautions investors against making investment decisions based on such targets and forecasts. Placement Cygnus will undertake the Placement in two tranches: Tranche 1 of 211,627,907 Shares ('Tranche 1 Shares') will be conducted using the Company's existing capacity under ASX Listing Rules 7.1 (126,025,591) and 7.1A (84,925,316) to raise a total of A$18,200,000 (before costs), with settlement expected to occur on 26 June 2025. The first tranche is not subject to shareholder approval. Tranche 2 of 1,162,790 Shares ('Tranche 2 Shares') will be issued to Non-Executive Director Raymond Shorrocks or his nominees, subject to shareholder approval, to raise up to an additional A$100,000 (before costs). The second tranche is conditional and will be subject to shareholder approval at a forthcoming General Meeting expected to be held in August 2025. The issue price represents a discount of 8.5% to the last closing price of A$0.094 on Tuesday, 17 June 2025 and an 11.1% discount to the 15-day VWAP of A$0.097. Indicative Timetable* Event Date Trading Halt lifted Friday, 20 June 2025 Settlement of Tranche 1 Shares Thursday, 26 June 2025 Issue and application for quotation of Tranche 1 Shares Friday, 27 June 2025 General meeting of Cygnus shareholders to approve issue of Tranche 2 Shares Targeting August 2025 Settlement of Tranche 2 Shares Shortly after receipt of shareholder approval * The above timetable is indicative only and remains subject to change at Cygnus' discretion, subject to compliance with the Corporations Act, the ASX Listing Rules and other applicable laws. Cygnus reserves the right to change the timetable, subject to regulatory requirements. David Southam Ernest Mast Media: Executive Chair President & Managing Director Paul Armstrong T: +61 8 6118 1627 T: +1 647 921 0501 Read Corporate E: E: T: +61 8 9388 1474 About Cygnus Metals Cygnus Metals Limited (ASX: CY5, TSXV: CYG, OTCQB: CYGGF) is a diversified critical minerals exploration and development company with projects in Quebec, Canada and Western Australia. The Company is dedicated to advancing its Chibougamau Copper-Gold Project in Quebec with an aggressive exploration program to drive resource growth and develop a hub-and-spoke operation model with its centralised processing facility. In addition, Cygnus has quality lithium assets with significant exploration upside in the world-class James Bay district in Quebec, and REE and base metal projects in Western Australia. The Cygnus team has a proven track record of turning exploration success into production enterprises and creating shareholder in to access your portfolio
Yahoo
18 hours ago
- Business
- Yahoo
Cygnus raises $18.3m to accelerate resource growth and mining studies
The raising follows outstanding drilling results at the flagship Corner Bay deposit and Golden Eye prospect, which both offer substantial upside TORONTO and PERTH, Australia, June 19, 2025 (GLOBE NEWSWIRE) -- Highlights Cygnus has received firm commitments totalling A$18.3m via a share placement to institutional and sophisticated investors The Placement was priced at A$0.086 per share, being an 8.5% discount to the last sale price of A$0.094 The Placement was extremely well-supported with strong demand from existing and new investors, particularly North American investors, resulting in applications being scaled back The Placement will be split into two tranches: Tranche 1 – unconditional tranche to raise approximately A$18.2m; and Tranche 2 – A$0.1m tranche to a director, subject to shareholder approval Following a highly successful drilling campaign at the flagship Corner Bay deposit and the identification of high-grade gold/copper at the new Golden Eye prospect, the Company is planning a Resource update next quarter Funds from the Placement will be used for Resource growth, Resource conversion, exploration of multiple prospects, permitting and advancing studies Canaccord Genuity and Euroz Hartleys acted as Joint Lead Managers to the Placement. Cygnus Managing Director David Southam said: 'We have been generating outstanding results at Chibougamau and the proceeds of this raising will enable us to unlock the value much faster.'There is clearly immense scope to grow and upgrade the project's resource on the back of Corner Bay and Golden Eye. Given this potential, we want to move as quickly as possible on the exploration front and advance our study work at the same time.'This comes against a backdrop of increased M&A activity in the copper space which demonstrates that finding high-grade copper/gold projects with infrastructure in mining friendly jurisdictions are rare – we just happen to have one of the best'. Cygnus Metals Limited (ASX:CY5) is pleased to advise that it has received commitments from institutional and sophisticated investors to raise A$18.3 million (before costs) through the issue of 212,790,697 fully paid ordinary shares in the Company ('Shares') at an issue price of A$0.086 per Share ('Placement'). Pro-forma cash at bank at 30 June 2025 is forecast to be approximately A$23.7m (before Placement costs). Use of funds Proceeds of the Placement are planned to be used at the Chibougamau Copper-Gold Project to cover exploration, resource growth, resource conversion, permitting and advancing studies from the preliminary economic assessment ('PEA') previously completed by Doré Copper Mining Corp. in 2022. Other uses include general working capital and costs associated with the Placement. Note: Cygnus cautions that the PEA is a preliminary technical, conceptual and economic study undertaken by Doré of the initial evaluation and potential development of the Chibougamau Project. It is at scoping study level only, which is based on a lower level of technical assessment that is not sufficient to support the estimation of Ore Reserves and is inherently uncertain. The production targets and forecast financial information disclosed in the PEA are underpinned by Measured Mineral Resources (approximately 1.17%), Indicated Mineral Resources (approximately 32.10%) and Inferred Mineral Resources (approximately 66.73%). However, Cygnus is not able to disclose the outcomes of the PEA as the significant proportion of Inferred Resources included in the Life of Mine means that pursuant to ASX and ASIC guidance there is not considered to be sufficiently reasonable grounds for the production targets and forecast financial information disclosed in the PEA. Accordingly, Cygnus is not disclosing the production targets and forecast financial information reported in the PEA and cautions investors against making investment decisions based on such targets and forecasts. Placement Cygnus will undertake the Placement in two tranches: Tranche 1 of 211,627,907 Shares ('Tranche 1 Shares') will be conducted using the Company's existing capacity under ASX Listing Rules 7.1 (126,025,591) and 7.1A (84,925,316) to raise a total of A$18,200,000 (before costs), with settlement expected to occur on 26 June 2025. The first tranche is not subject to shareholder approval. Tranche 2 of 1,162,790 Shares ('Tranche 2 Shares') will be issued to Non-Executive Director Raymond Shorrocks or his nominees, subject to shareholder approval, to raise up to an additional A$100,000 (before costs). The second tranche is conditional and will be subject to shareholder approval at a forthcoming General Meeting expected to be held in August 2025. The issue price represents a discount of 8.5% to the last closing price of A$0.094 on Tuesday, 17 June 2025 and an 11.1% discount to the 15-day VWAP of A$0.097. Indicative Timetable* Event Date Trading Halt lifted Friday, 20 June 2025 Settlement of Tranche 1 Shares Thursday, 26 June 2025 Issue and application for quotation of Tranche 1 Shares Friday, 27 June 2025 General meeting of Cygnus shareholders to approve issue of Tranche 2 Shares Targeting August 2025 Settlement of Tranche 2 Shares Shortly after receipt of shareholder approval * The above timetable is indicative only and remains subject to change at Cygnus' discretion, subject to compliance with the Corporations Act, the ASX Listing Rules and other applicable laws. Cygnus reserves the right to change the timetable, subject to regulatory requirements. David Southam Ernest Mast Media: Executive Chair President & Managing Director Paul Armstrong T: +61 8 6118 1627 T: +1 647 921 0501 Read Corporate E: E: T: +61 8 9388 1474 About Cygnus Metals Cygnus Metals Limited (ASX: CY5, TSXV: CYG, OTCQB: CYGGF) is a diversified critical minerals exploration and development company with projects in Quebec, Canada and Western Australia. The Company is dedicated to advancing its Chibougamau Copper-Gold Project in Quebec with an aggressive exploration program to drive resource growth and develop a hub-and-spoke operation model with its centralised processing facility. In addition, Cygnus has quality lithium assets with significant exploration upside in the world-class James Bay district in Quebec, and REE and base metal projects in Western Australia. The Cygnus team has a proven track record of turning exploration success into production enterprises and creating shareholder in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
a day ago
- Business
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Miata Targets Golden Hand's Centre After Drilling Broad Mineralized Zones at Sela Creek Gold Project in Suriname
VANCOUVER, British Columbia, June 19, 2025 (GLOBE NEWSWIRE) -- Miata Metals Corp. (CSE: MMET) (FSE: 8NQ) (OTCQB: MMETF) ('Miata' or the 'Company') is pleased to announce assay results from drill holes 10 to 12, as it continues to vector towards the centre of the Golden Hand target. These three holes represent 564.2m of the ongoing 10,000m drill program. To date, assays for 2,011m of drilling have been released, with approximately 80% of the total planned program still to come. The project covers a total area of 215km2. Golden Hand represents just 2km of strike length within a broader 8km corridor of active and historic artisanal mining. It is the first of seven high-priority targets identified to date within the concession. As drilling progresses, Golden Hand is being assessed both as an open pit and underground mineralized system. Less than 10% of the artisanal mining area of Sela Creek has been drill-tested at depth, leaving considerable room for further discovery. The majority of holes drilled by Miata have intersected multiple near-surface gold-bearing veins. As this marks the first-ever drilling campaign at Golden Hand, Miata's technical team is gaining valuable insights into the bedrock mineralogy, significantly enhancing its understanding of the project's structural controls. This knowledge will also be applied across the remaining targets to increase the precision and effectiveness of the ongoing 10,000m drill program. Highlights Results of the three holes reported today indicate potentially significant zones of interest near what the Company believes to be the centre of the Golden Hand target. Wide intercepts indicate a potentially substantial mineralized zone at Golden Hand, including: 25DDH-SEL-010: 13.1m at 0.46 g/t Au from 38.0m 25DDH-SEL-010: 24.2m at 0.24 g/t Au from 55.0m Including 2m at 1.32 g/t Au from 58.7m 25DDH-SEL-010: 25.5m at 0.36 g/t Au from 180.5m Including 2m at 2.35 g/t Au from 204m 25DDH-SEL-011: 50.1m at 0.30 g/t Au from 52.9m* Including 2.1m at 1.49 g/t Au from 52.9m Assays for a further five drill holes at Golden Hand are pending. Hole 25DDH-SEL-017, which targets the interpreted centre of Golden Hand, is currently being drilled. Golden Hand is the most active artisanal mining area of the Sela Creek concession. Drilling at Golden Hand has yielded a refined structural model, which is now being applied across the broader concession. 'These wider intercepts are very encouraging since they delineate a significant zone of interest with shallow-dipping vein arrays and greatly expand our understanding of this system. Shallow-dipping zones of mineralization often identify compelling open-pit targets,' stated Dr. Jacob Verbaas, CEO of Miata Metals. 'We believe we are now drilling the centre of the Golden Hand system with 25DDH-SEL-017. By drill testing Golden Hand, we have identified the structural controls for the widespread gold mineralization at Sela Creek, which has also prepared us well for drilling other high-priority targets such as Puma.'Figure 1. Golden Hand drilling outlining a large open fold that is superimposed on the folds hosting gold at the Jons trend. The interference of these two folds is a likely structural trap for secondary gold enrichment and is tested with drill hole 25DDH-SEL-017. Golden Hand Results of the three holes reported today indicate potentially significant zones of interest near what the Company believes to be the centre of the Golden Hand target. Exploration drilling at Golden Hand has yielded a refined structural model that is now being applied across the broader concession. Results are currently pending for a further five drill holes at Golden Hand. Hole 25DDH-SEL-15 and 16 were drilled underneath an active pit and targeted both a mineralized shear and F2 folding in the eastern portion of Golden Hand. Hole 25DDH-SEL-17 was collared closer to the centre of the mineralized structural zone where shallowly dipping veins were intersected in holes 25DDH-SEL-10 to 12. This same zone was also intersected in hole 25DDH-SEL-14 and yielded sulphide bearing veining at 256m (Fig 1). Hole 25DDH-SEL-15 and 16 were targeted in an active pit on the eastern side of Golden Hand testing a similar structural zone. For a table showing complete drill results to date, click 2. Drill collars to date in red and target areas in white, overlain on orthophotos flown in 2024 on the 215km2 Sela Creek gold project. QAQC Samples were sent to a Filab, a certified laboratory in Paramaribo for analysis. Samples were analysed by fire assay in 50g aliquots. Any samples yielding over 10 g/t Au were also analysed through gravimetry and select samples with visible (coarse) gold were analysed using metallic screen. The Company and the lab insert standards, duplicates and blanks at regular intervals. All QAQC samples fall within acceptable width of drill intercepts is within 90% of disclosed width unless otherwise stated. *True width 33m. QP Statement The scientific and technical information in this news release has been reviewed and approved by Dr. Jacob Verbaas, a director of the Company and Qualified Person as defined under the definitions of National Instrument 43-101 – Standards of Disclosure for Mineral Projects. About Miata Metals Corp. Miata Metals Corp. (CSE:MMET) is a Canadian mineral exploration company listed on the Canadian Securities Exchange, as well as the OTCQB (OTCQB:MMETF) and Frankfurt (FSE:8NQ) Exchanges. The Company is focused on the acquisition, exploration, and development of mineral properties. The Company holds a 70% interest in the ~215km2 Sela Creek Gold Project in Suriname with an option to acquire a full 100% interest in the project, and a 70% beneficial interest in the Nassau Gold Project in Suriname with an option to acquire 100%. Both assets are located in the greenstone belt of Suriname. On Behalf of the Board Dr. Jacob (Jaap) Verbaas, | CEO and Director info@ +1 778 488 9754This press release contains certain forward-looking statements as well as historical information. Readers should not rely on information in this summary for any purpose other than for gaining general knowledge of the Company. Forward-looking statements include, but are not limited to the scope and timing of the Company's drilling programs. The words 'expected', 'believes', 'will' and similar expressions are intended to be among the statements that identify forward looking statements. Although the Company believes that its expectations as reflected in any forward-looking statements, are reasonable, such statements involve risks and uncertainties and no assurance can be given that actual results will be consistent with these forward-looking statements. Except as required by law, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates, opinions or other factors should change. The Canadian Securities Exchange has not reviewed this press release and does not accept responsibility for the adequacy or accuracy of this news release. Photos accompanying this announcement are available at in to access your portfolio
