Jim's Mining Letter - March 30, 2025

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Cornish Metals (CUSN.V CUSN.L ZYR1.F) announced that it has closed the second and final tranche of the fundraising previously announced on January 28, 2025 and that James Whiteside has joined the Board of Directors as Non-Executive Director, effective immediately. Proceeds of the £46,666,055 (C$83,406,240) gross fundraising will be principally used to ensure that the company can continue with its path to development through completing the shaft refurbishment and de-watering process, the start of early project works, ordering long lead items and completion of the project finance process up to the point of the formal final investment decision at its South Crofty Tin Mine in Cornwall, United Kingdom. Vision Blue Resources now holds 29.14% of the total voting rights and the National Wealth Fund holds 28.50% of the total voting rights…more

Thor Explorations (THX.V THX.L THXPF T2X.F) announced it has drilled two discovery holes in its Douta-West licence, which lies contiguous to the west of the original Douta licence and, together, constitute the Douta Gold Project, Senegal. The project encompasses the Makosa gold deposit, which currently comprises a total resource of approximately 1.78 million ounces of gold that consists of an indicated resource of 20.2 million tonnes grading 1.3 grammes per tonne gold for 874,900 ounces of gold, together with an inferred resource of 24.1 million tonnes grading 1.2 grammes per tonne gold for 909,400 ounces of gold. The drilling program is at the Baraka 3 Prospect, a 1 kilometre long drill target delineated by the company in 2024 through geological mapping, together with geochemical surveys and rock chip sampling. The two discovery drill holes were drilled one hundred metres apart in two adjacent drill sections. The remaining strike length will be drilled as part of an ongoing drilling program. Geochemical anomalies along this geological trend extend for approximately 3 kilometres. The assay results from the two discovery drill holes include: from drillhole DTWRC129, 19 metres at 2.46 grammes per tonne gold from 29 metres; and from drillhole DTWRC134, 26 metres at 1.31 grammes per tonne gold from 21 metres. In addition, results have been received from a series of diamond drillholes that have been completed along the strike length from the Makosa North to Makosa Tail deposits to test for depth extensions and to upgrade the classification towards the lower parts of the resource. Highlights include 9 metres at 1.35 grammes per tonne gold from 110 metres and 9 metres at 2.06 grammes per tonne gold from 127 metres, 3 metres at 5.3 grammes per tonne gold from 131 metres, 8 metres at 1.31 grammes per tonne gold from 197 metres, 4 metres at 2.44 grammes per tonne gold from 203 metres and 6 metres at 1.71 grammes per tonne gold from 220 metres…more

LaFleur Minerals (LFLR.CSE LFLRF 3WK0.F) announced updates on the Beacon Mill Restart and the Swanson Gold Project. Beacon Mill is a fully refurbished and permitted gold mill situated in Val-d'Or, Québec, on the mineral-rich Abitibi Greenstone Belt, where LaFleur Minerals is focused on restarting gold production using large bulk samples and mineralized material from nearby gold deposits. With the price of gold in excess of $3,000 per ounce, many nearby deposits can be quickly monetized using the company's 100%-owned mill. The mill's operating capacity exceeds 750 tonnes per day and is strategically located in a highly prospective mining region for gold exploration and development, within an area that is host to over 100 historical and currently operating mines. The advancement of operations at Beacon Mill has transformational qualities for the company, evolving it from explorer to a near term gold producer in a Tier 1 jurisdiction with significant upside potential. A final plan and budget to restart the mill will be completed by ABF Mines by late April once final inspections are complete. The company is committed to restart production at Beacon Mill to process bulk samples and/or for custom milling purposes prior to the end of 2025, or once all required restart work has been completed and final approvals have been received by the Québec government. At Swanson, which extends over 16,000 hectares and includes several prospects rich in gold and critical metals, the company has submitted an application for a diamond drilling permit to the Québec government and will be sending requests for quotes to local drilling contractors, with drilling expected to commence in the spring.

Excellon Resources (EXN.TSX EXLLF E4X2.F) announced new confirmatory exploration results from ongoing surface sampling at the Tres Cerros Gold-Silver Project in north-central Peru. Assays returned gold values of up to 9.313 grams per tonne gold in oxidized quartz-sulfide vein outcrops, confirming the presence of a high-sulfidation epithermal system. Silver grades over 1,000 grams per tonne silver were also identified in brecciated zones, highlighting the potential for robust precious-metal mineralization. Elevated copper content (0.3%-0.6%) in select channel samples suggests a deep porphyry-style target. Over 500 samples collected since 2016 confirm a consistent precious-metal anomaly (+100 parts per billion gold and/or 1 ounce per tonne silver) along the full 2,500 metre trend, reinforcing the potential for a large, cohesive mineralized system. Over 19% of these samples assayed above 1 gram per tonne gold and 22% were above 1 ounce per tonne silver. Tres Cerros shares similar host rocks (Tertiary Calipuy volcanic units abutting Cretaceous Chimu silicified arenites), advanced argillic alteration, and structural controls to the Lagunas Norte deposit, which historically produced over 10 million ounces of gold in the same regional belt…more

Lion One Metals (LIO.V LLO.ASX LOMLF LY1.F) reported significant new high-grade gold results from 2,194.70 meters of underground infill and grade control drilling at its 100% owned Tuvatu Alkaline Gold Project in Fiji. The drilling is focused on the Ura lode system which is currently being mined and all drilling was conducted from near surface underground workings. The company intersected high-grade mineralized structures in 18 holes. Most of the drill holes did not exceed 130 metres in length and most of the high-grade drill intercepts are located within 50 metres of current underground workings. Drill results include multiple bonanza grade gold assays such as 142.66 grams per tonne over 2.2 metres, 489.52 grams per tonne over 0.4 metres, 168.95 grams per tonne over 0.5 metres, 189.15 grams per tonne over 0.3 metres, and 179.95 grams per tonne over 0.3 metres. The Ura system remains open at depth and is largely untested below the currently modeled lodes. The system is a prime target for resource expansion and upgrade given the high-grade drill results, the underground access already in place, and the lack of drilling down-dip. The company expects to be mining the areas targeted by this drill program in the next three to six months…more

Amaroq Minerals (AMRQ.V AMRQ.L AMRQ.IC) announced its annual report, highlighting resource expansion and financing achievements. The company reported significant 2024 progress with a substantial upgrade in gold resource estimates and robust drill results at its Nalunaq site. Amaroq also enhanced its financial flexibility through successful fundraising and a new credit facility to support continued development. The company marked a key production milestone with the first gold pour at the Nalunaq Gold Mine and ongoing ramp-up plans to 300 tonnes per day, also reporting a 51% increase in estimated gold resources, with updated figures reaching approximately 484,000 ounces and indicated resources at 32.4 grams per tonne. Extensive drilling campaigns were executed across multiple exploration targets, yielding detailed high-grade drill results. Significant financing was secured through a £27.5 million equity fundraising and a new $35 million revolving credit facility to support further development…more

Aurum Resources (AUE.ASX) reported exceptional shallow, high-grade gold intercepts at its 1.59 million ounce Boundiali Gold Project in Côte d'Ivoire, highlighted by an 83 metre intercept at 4.87 grams per tonne gold in drillhole DSDD0148. The results underscore strong exploration potential along strike and at depth, with ongoing drilling and further resource updates planned for 2025. Additional notable intercepts in holes DSDD0141, DSDD0143, and DSDD0142 confirmed variable high-grade gold zones; results indicate that mineralization remains open along strike and at depth, suggesting significant resource potential. All eight of the company’s self-owned diamond rigs are targeting 100,000 metres in 2025, with assay results pending. Two MRE updates and a pre-feasibility study for the Boundiali Project are planned in 2025, supported by strong exploration funding across the Boundiali and Napié projects.

NevGold (NAU.V NAUFF 5E50.F) announced new drill results from its Limousine Butte Project in Nevada, highlighting promising gold and antimony mineralization. The company is advancing re-assay efforts on historical holes to further evaluate the dual commodity potential amid supportive U.S. policy measures. Historic drillholes revealed key intervals with values such as 2.46 grams per tonne gold equivalent over 86.9 metres and 6.77 grams per tonne gold equivalent over 6.7 metres. Multiple zones across the project are said to demonstrate a broad, near-surface mineralized footprint with dual gold and antimony potential. The project is fully permitted and drill-ready, with ongoing re-assay programs to capture higher antimony values beyond previous detection limits. U.S. government actions through an Executive Order to boost domestic mineral production are stated to add strategic context to these findings.

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These are opinions only of the individual author. The contents of this piece do not contain investment advice and the information provided is for educational purposes only and no discussions constitute an offer to sell or the solicitation of an offer to buy any securities of any company. All content is purely subjective and you should do your own due diligence. No representation, warranty or undertaking, express or implied, as to the accuracy, reliability, completeness or reasonableness of the information contained in the piece is made. Any assumptions, opinions and estimates expressed in the piece constitute judgments of the author as of the date thereof and are subject to change without notice. Any projections contained in the information are based on a number of assumptions and there can be no guarantee that any projected outcomes will be achieved. No liability is accepted for any direct, consequential or other loss arising from reliance on the contents of this piece. The author is not acting as your financial, legal, accounting, tax or other adviser or in any fiduciary capacity.