Jim's Mining Letter - December 14, 2024

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Amaroq Minerals (AMRQ.V AMRQ.L AMRQF 72Q.F) announced the results of its recent sampling campaign at the Eagle’s Nest target within the Anoritooq licence area, part of the Nanortalik Gold Belt, located 31 kilometres from the Nalunaq Gold Mine in Southern Greenland. The findings, which confirm the presence of two distinct gold quartz veins, align with Amaroq’s strategic focus on developing satellite targets to support operations at the newly commissioned Nalunaq processing facility. Sampling identified gold grades up to 54.5 grams per tonne; the newly discovered veins are believed to be the source of multiple +10 grams per tonne gold float samples identified in prior exploration. The initial geochemical results are suggestive of a similar mineralisation style to Nalunaq. Eagle’s Nest is one of nine identified satellite targets within the Nanortalik Gold Belt within proximity to Nalunaq. This target is said to exemplify the untapped mineral wealth of Southern Greenland and highlights the company's strategic focus on high-grade gold opportunities in this world-class geological setting…more

Southern Cross Gold (SXG.ASX) announced drill results from the Apollo prospect at its Sunday Creek gold-antimony project. The discovery includes 186 meters at 8.8 grams per tonne gold, with a peak of 2,541.9 grams per tonne gold over 0.5 meters. These intersections rank among the most impressive gold intercepts reported globally in recent years. Sunday Creek also is on track to become one of the most significant antimony projects in the Western world. China last week increased supply pressure, imposing an ban on exports of antimony to the United States. This positions the project as one of the few significant future antimony sources in the Western world at a time when defence supply chains face mounting pressure sourcing antimony and other critical metals. Further drill results from 14 holes are pending, with a large exploration program ongoing…more

Neo Energy Metals (NEO.L) announced that it has entered into a sale and acquisition agreement with Sibanye Stillwater (SBSW) to acquire a 100% interest in the Beatrix 4 mine and shaft complex, the processing plant complex and associated infrastructure located in the Witwatersrand Basin, in the Free State Province of South Africa. On completion of the transaction, Sibanye-Stillwater will become the company's largest shareholder with an approximate 40% shareholding and have the right to appoint directors to the board. Sibanye-Stillwater will also hold pre-emption rights of first refusal in respect of any proposed new equity issuance by the company, in order to maintain its strategic shareholding. The project, which has total SAMREC code compliant measured uranium and gold resources of 8.5 million pounds and 0.4 million ounces respectively and further indicated resources of 18.3 million pounds of uranium and 0.8 million ounces of gold, has been subject to various pre-feasibility and development studies.

Mithril Silver and Gold (MTH.ASX MSG.V) announced an update for current drilling at the Target 1 area and the program for 2025 at its Copalquin Silver-Gold District project, Durango State, Mexico. The second stage of the 9,000 metre drill program recently commenced on the eastern side of the Target 1 resource area at El Cometa where drill hole CDH-159 intercepted 33 metres from surface at 31.8 grams per tonne gold and 274 grams per tonne silver (including 7 metres at 144 grams per tonne gold and 1,162 grams per tonne silver from 18 metres). Approximately 1,500 metres of core drilling have been completed since restarting in November after a scheduled break for drill maintenance and drill hole location update. The first two holes of this second stage of the campaign are at the laboratory, the next has left site, two more are being logged and sampled and a sixth hole is commencing, all on the eastern side of the Target 1 area at El Cometa where the company is expanding the resource footprint. The Target 1 area maiden resource update is on schedule for end of Q1 2025. The municipal access road upgrade is progressing well and on schedule for completion late March 2025 by which time drilling is scheduled to commence at the first of two further advanced target areas in the district. The road upgrade and current site preparations will facilitate the significantly expanded and fully funded exploration activities (A$12.5m was raised on 28 October 2024), which includes completion of around 40,000 metres of additional drilling by the end of 2025…more

Endeavour Mining (EDV.L EDV.TSX EDVMF 6E2.F) announced that it has recently completed a positive pre-feasibility study for the Assafou-Dibibango project on the Tanda-Iguela property in Côte d’Ivoire. The study results meet Endeavour’s strategic targets and confirm Assafou’s potential to be a tier 1 asset, which justifies advancing the project to the definitive feasibility study stage. Per Ian Cockerill, CEO, the company has defined a large, low-cost and long mine life project, capable of producing 330,000 ounces of gold a year over the first ten years, while remaining in the lowest cost quartile. All in sustaining costs are $892 per ounce. Project economics are said to be robust with an after-tax NPV5 of $1.526 billion and an IRR of 28% at a $2,000 per ounce gold price…more

Founders Metals (FDR.V FDMIF 9DL0.F) announced drill core assay results from the newly discovered Da Vinci prospect at the Antino Gold project in southeastern Suriname. The company reported results from the first five holes at Da Vinci where gold mineralization occurs from surface over two broad shear zones including 21 metres of 3.24 grams per tonne gold within a broader 67 metres of 1.26 grams per tonne gold and 36 metres of 2.21 grams per tonne gold. Drilling confirms from surface gold mineralization in two parallel shears over 100 metres of strike and 180 metres vertical depth in the first five holes. Visual confirmation in additional drill holes pending assays of similar quartz and sulphide-rich zones extend strike to over 250 metres and around 200 metres vertical depth. The initial three-hole drilling plan has been expanded to twelve holes, with additional results expected in early Q1 2025. Per Founders' President and CEO, Colin Padget, with 60,000 metres of fully funded drilling in 2025, the company is set for an exciting year ahead…more

Collective Mining (CNL CNL.TSX GG1.F) announced the discovery of a new silver zone in the northern section of the Apollo system, located within the company's Guayabales project in Caldas, Colombia. Collective currently has four drill rigs operating at the project as part of its fully funded and on-schedule 40,000 metre drilling program for 2024 with three rigs operating at Apollo and one rig at the Trap system. The company plans on embarking on a fully funded 60,000 metre diamond drill program in 2025, which will be the largest annual drilling campaign in Collective's history. Approximately 102,000 metres of diamond drilling has been completed to date at the Guayabales project, including 68,000 metres at Apollo. There are currently 23 drill holes awaiting assaying with results expected over the coming weeks. Highlighted results to date include 75.45 metres at 80 grams per tonne silver equivalent from 22.50 metres including 13.00 metres at 315 grams per tonne silver equivalent from 81.00 metres, 53.55 metres at 59 grams per tonne silver equivalent from 73.70 metres including 18.00 metres at 125 grams per tonne silver equivalent from 73.70 metres, and 24.10 metres at 50 grams per tonne silver equivalent from 101.50 metres including 5.05 metres at 112 grams per tonne silver equivalent from 101.50 metres, 1.20 metres at 7.63 grams per tonne gold equivalent from 378.60 metres, 0.90 metres at 21.25 grams per tonne gold equivalent from 257.20 metres, and 0.90 metres at 16.24 grams per tonne gold equivalent from 452.85 metres…more

Greatland Gold (GGP.L GRLGF G8G.F) announced an update on operations at its Telfer gold-copper mine. On 8 December 2024, the first gold bars under Greatland ownership were poured at Telfer. Greatland completed its acquisition of Telfer and Havieron from Newmont Corporation on 4 December 2024. Prior to completion, processing operations were utilising only one of the two nominal 10 million tonnes per annum processing trains, preserving Telfer ore and stockpiles for Greatland to process after completion. Shortly following completion of the acquisition, Greatland resumed dual-train processing operations. An estimated 30.5 million tonnes to 34.5 million tonnes of stockpiles were acquired by Greatland on completion. The stockpiles include an estimated 11.5 million tonnes of high-grade run-of-mine grade ore stockpiles, plus a further estimated 19.0 to 23.0 million tonnes of low grade stockpiles. Mining is continuing in the West Dome open pit and Main Dome underground. Greatland has purchased gold put options in respect of 150,000 ounces of Telfer gold production volumes at an average strike price of A$3,905.17 per ounce.

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