Jim's Mining Letter - June 26, 2024

G2 Goldfields (GTWO.TSX GUYGF) announced an update on the ongoing exploration program at the company’s 27,719 acre OKO-Aremu gold project, where the company recently announced an updated mineral resource estimate for the project comprised of 922,000 ounces of gold indicated and 1,099,000 ounces of gold inferred. The gold resource lies along a prominent 2.5 km long north-south structure which is defined by the high grade OMZ resource to the north (688,000 ounces Au @ 9.03 g/t Au indicated and 495,000 ounces Au at 6.38 g/t Au inferred), and the Ghanie open pit and underground resource to the south. G2 is currently drilling the southern half of the structure, where results demonstrate significant potential for the expansion of the established resource. Diamond drilling continues to significantly expand the mineralized envelope at the 1.2 km long Ghanie Zone, with both near-surface and deeper drill holes intersecting gold mineralization. Results are said to demonstrate that the OKO-Aremu district is still very much in the discovery phase. G2 is currently growing its resource by drilling two discoveries, NW Oko and Ghanie simultaneously, while advancing numerous greenfields targets. The company intends to provide an updated mineral resource estimate in early Q1 2025…more

Solaris Resources (SLS.TSX SLSR) announced the first significant precious metals assays from ongoing regional exploration that has expanded the footprint of epithermal-style mineral alteration from the Caya area into the adjacent Mateo target and now several kilometers further south. Reconnaissance rock-chip sampling in this new southern area returned values of up to 11,570 grams per tonne silver and 12.3 grams per tonne gold across 30cm of breccia outcrop discovered as part of this program. Follow-up fieldwork is underway to refine targets for exploration drilling in late Q3 or early Q4 2024…more

Thor Explorations (THX.V THX.L T2X.F) announced the first set of results from its 2024 drilling programme at the Douta gold project, Senegal. The drill-intersections of significant gold mineralisation are from the Makosa East prospect where the programme commenced.The Douta gold 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 for 874,900 ounces of gold together with an inferred resource of 24.1 million tonnes grading 1.2 grammes per tonne for 909,400 ounces of gold. A reverse circluation drilling programme has focussed on the extensions to Makosa East which runs parallel to the main Makosa mineralised trend with the priority being to increase the oxide component of the existing resource. Assay results include grades as high as 3.53 grammes per tonne of gold.

SolGold (SOLG.TSX SLGGF SOLG.L S8F.F) announced that management's discussions for a significant potential funding package for the Cascabel project are progressing. As an interim measure, Franco-Nevada Corporation has provided a $10 million loan facility to the company. The loan facility was provided to support SolGold's ongoing operations as discussions regarding the longer-term financing advance. Franco-Nevada is a partner in the project and is supportive of developments. The loan facility is subject to a 12% per annum interest rate and matures on 19 July 2024. SolGold says it is focused on securing the necessary financing to develop the project and is confident in its potential to become a world-class copper-gold operation…more

Argosy Minerals (AGY.ASX ARYMF AM1.F) announced that through local JV company, Puna Mining, it has provisionally registered an additional 5,812 hectares of tenement area for the Rincon lithium project. The project area now comprises up to 8,606 hectares of significant lithium and associated infrastructure services/mining easement landholdings that can be utilised for the planned 10,000tpa operation expansion, including commercial and industrial development requirements. The new landholdings provide the company greater access to increased water, infrastructure, energy sources, and land usage availability. Some of the additional tenements are located within the drilling areas used for the latest JORC mineral resource estimate. These landholdings can be used with the existing drill data to upgrade the current MRE and update the recent dynamic modelling works to increase the lithium brine abstraction and pumping timeframes for the two production rate scenarios developed. The new tenements are pending formal grant by the Salta Mining Tribunal, with all legal requirements completed and submitted. Once the registration process is completed, Puna Mining will have a 100% interest in the new tenements…more

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