Jim's Mining Letter - February 4, 2025

Ariana Resources (AAU.L 4A6.F) released new assay results from five geotechnical holes drilled for the purposes of the pre-feasibility study at the Dokwe gold project in Zimbabwe. DPD126 intercepted 2 metres at 17.11 grams per tonne gold in the Eastern Zone, bridging a gap between previous intercepts and providing a strike length of ~270 metres. DPD127 was drilled approximately down-dip within a dacitic unit, confirming the continuity of mineralisation, with intercepts including 8 metres at 4.32 grams per tonne gold from 116 metres, 5 metres at 5.14 grams per tonne gold from 142 metres, 10 metres at 1.64 grams per tonne gold from 160 metres, 10 metres at 1.73 grams per tonne gold from 176 metres, 5 metres at 4.30 grams per tonne gold from 213 metres, and 36 metres at 2.38 grams per tonne gold from 261 metres. DPD128 confirms grade continuity on the northeastern limits of the mineralisation, which remains open at depth and northwards along strike. Per Dr. Kerim Sener, Managing Director, results confirms the presence of significant gold mineralisation occurring within an area now referred to as the Eastern Zone, demonstrating considerable strike continuity of over 270m for this zone alone, in addition to pointing towards the further depth extent of the deposit…more

i-80 Gold (IAUX IAU.TSX 8JI.F) announced that it has closed its prospectus offering of 28,212,593 common shares at a price of C$0.80 per share for aggregate gross proceeds of approximately C$22,570,074. The previously announced concurrent private placement offering to certain directors and officers of the company is expected to close in the first week of February 2025 , subject to the receipt of all required regulatory approvals, including the approval of the Toronto Stock Exchange and the NYSE American. i-80 has the third largest gold mineral resources in the state of Nevada . The recapitalization plan underway is designed to unlock the value of the company's high-grade gold deposits to create a Nevada mid-tier gold producer.

Marula Mining (MARU.AQSE 48U0.F) announced additional assay results of copper concentrate samples from the Kinusi copper mine in the Mpwapwa District of Tanzania's Dodoma Region. The assays were completed by SGS Tanzania at their facilities in Tanzania, on mined and processed copper taken from the Kinusi No. 4 Open Pit in January 2025 and reported an average grade of 19.72% copper. Individual assay results of the seven samples were 22.56%, 20.87%, 22.10%, 18.60% 14.78%, 21.46% and 19.64% copper. The samples were taken from the mined, processed and already bagged saleable copper concentrates at Kinusi and were selected by representatives of one of the Swiss-based global commodity trading groups, during their site visit. Per Jason Brewer, CEO, these assay results are further confirmation of the high-grade copper concentrates that the company ready for sale at the Kinusi and with these additional results now received it allows Marula to finalise its initial sales.

Rua Gold (RUA.V NZAUF) announced an update from the exploration campaign underway at the Reefton project on the South Island of New Zealand with significant added potential of antimony within the project. The company is sitting on the vast majority of New Zealand’s antimony, whose spot price increased 250% in 2024 and has held at all time high levels of over US$40,000 per tonne. Rock chips have been found in several areas across the Reefton District with grades with up to 40.3% antimony and gold grades up to 74.3 grams per tonne. It is common for high grade gold and stibnite (antinomy ore mineral) to be co-located and the stibnite it is often used as a pathfinder for gold. Both gold and antimony are on New Zealand's critical minerals list.

Panthera Resources (PAT.L) announced a maiden mineral resource estimate for the K1A deposit at the Kalaka project in Mali, highlighting substantial gold potential. The estimate reports 49.9 million tonnes at 0.50 grams per tonne for a total of 803,000 ounces of gold; assays confirm high-grade copper with samples showing an average of 19.72% copper. The resource includes 6.8 million tonnes of oxide and transitional material and 43.1 million tonnes of sulphide. The project is positioned strategically near major gold mines, enhancing its development potential. Further exploration and drilling are planned to expand the resource base and test additional targets within the project area.

Japan Gold (JG.V JGLDF)Corp. announced initial drill results at the Barrick Alliance Togi project, confirming a concealed gold-bearing system with significant strike potential. High-grade drill intercepts along the Mori fault are said to support further exploration efforts. Initial drill holes at the Akasaka target confirmed a concealed low-sulfidation gold system with potential strike extensions up to 2 kilometres and drill intercepts returned high-grade values, with some samples reaching up to 79.7 grams per tonne, supporting the advanced exploration model along the Mori fault. The Togi drill program was fully funded by Barrick Gold (GOLD ABX.TSX ABR.DE); a joint Japan Gold/Barrick technical committee oversees the work programs. Advancement of the Togi project will be prioritized based on results of drill programs scheduled to commence at the Hakuryu and Ebino projects in April this year. The Togi project comprises an area of 3,990 hectares and covers the historic Togi goldfield…more

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