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10 Largest Producers of Gold by Country (Updated 2024)

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The top countries for gold production are poised to benefit from the current gold bull market, as are the gold mining operations in those countries.

After climbing throughout the year, the price of gold hit a high of US$2,782 per ounce on October 30, up more than US$700 since the start of 2024. While it pulled back to around US$2,600 in the weeks following the US election on November 5, prices are still elevated.

Additionally, falling interest rates, geopolitical tensions in Ukraine and the Middle East and continued central bank gold purchases are providing ongoing support for the price of gold.

Of course, gold’s strong performance in 2024 benefits gold producers and the countries in which they operate. So which countries are producing the most gold?

1. China

Gold production: 370 metric tons

China was the world’s top gold mining country in 2023 with output of 370 metric tons. While China’s gold output peaked at 455 MT in 2016, it hasn’t dipped below 300 MT in more than a decade. This consistent production continues to ensure the China’s status as the world’s top gold producer.

China’s gold mining industry is dominated by state-owned operators. Some of the largest companies include China Gold International Resources (TSX:CGG,HKEX:2099), Shandong Gold (HKEX:1787) and Zijin Mining Group (HKEX:2899).

China also hosts major gold-smelting operations. Its Belt and Road Initiative has resulted in Chinese companies exploring and developing sites elsewhere in Asia and Africa, subsequently sending raw resources back to China for refinement.

In addition to being the top producer of gold in 2023, China was the largest consumer of gold at 1,089.69 metric tons. China’s central bank was the largest buyer of the precious metal in 2023, adding 225 metric tons of gold to its coffers during the year to bring its total to 2,235 MT.

2. Australia

Gold production: 310 metric tons

Australia’s 2023 gold production came in at 310 metric tons, largely on par with the previous year’s 314 MT.

Gold is mined at a slew of major operations in the country, with the top five gold mines all located in different states. The top-producing mine is top producer Newmont’s (TSX:NGT,NYSE:NEM) Boddington mine in Western Australia, which produced 589,000 ounces through the first three quarters of 2023.

Australia hosts the world’s largest gold reserves at 12,000 MT, and has an important role in the global supply of gold. It contributed AU$24 billion to the Australian economy in the 2022/2023 period.

2. Russia

Gold production: 310 metric tons

Gold production from Russia came in at 310 metric tons in 2023, the same as the prior year. The country’s output has risen fairly significantly since 2017, when it produced only 255 MT of gold.

The US Geological Survey states that Russian gold reserves stand at 11,100 MT, making it the second largest country for reserves after Australia. However, despite high production and reserves, Russian gold has had problems reaching world markets since the country’s invasion of Ukraine in February 2022. In response, Russian operators have sought out alternative markets, particularly the BRICS nations and other Asian countries like Kazakhstan.

4. Canada

Gold production: 200 metric tons

For 2023, gold production in Canada was 200 metric tons, down a marginal 6 MT from 2022.

Ontario and Quebec are the largest gold-producing provinces in the country; together, they represent more than 70 percent of Canada’s gold output. The Canadian government states that gold is the nation’s most valuable mined commodity, with domestic exports reaching C$22.34 billion worth of the precious metal in 2022.

Additionally, BC’s Golden Triangle is a hotbed for exploration. The region hosts Newmont’s Brucejack gold mine and Red Chris copper-gold mine, the latter of which is a 70/30 joint venture with Imperial Metals (TSX:III,OTC Pink:IPMLF). Junior companies like Goliath Resources (TSXV:GOT,OTCQB:GOTRF) have also made significant discoveries in the region, which has further fueled optimism about the region’s potential.

5. United States

Gold production: 170 metric tons

In 2023, the Unites States produced 170 metric tons of gold, down slightly from the 173 MT it produced in 2022. While that is a marginal decrease, it continues a trend of production declines from 2017, when the US produced 237 MT of gold.

According to the US Geological Survey, the top state for production of the yellow metal was Nevada, which accounted for 73 percent of total domestic production, followed by Alaska with 13 percent. The top 27 operations in the country were responsible for 97 percent of American gold output in 2023.

An assessment of US gold resources shows that the country has approximately 33,000 MT of gold in identified and undiscovered resources. The US Geological Survey notes that close to a quarter of the gold in undiscovered resources can be found in copper porphyry deposits. Gold reserves in the US are estimated at 3,000 MT.

6. Kazakhstan

Gold production: 130 metric tons

Kazakhstan’s 2023 gold output of 130 metric tons represents continued growth in the country’s production of the yellow metal, up from just 69 MT produced in 2016. Kazakhstan’s largest gold-mining operation is the Altyntau Kokshetau mine, which is owned by mining giant Glencore (LSE:GLEN,OTC Pink:GLCNF).

In August 2023, Anglo-Russian company Polymetal International (AIX:POLY), one of Kazakhstan’s largest producers, delisted from the London Stock Exchange in a move geared at severing the link between its Kazakhstan and Russian subsidiaries; it did so in response to tensions resulting from Russia’s invasion of Ukraine. It remains listed on the Astana International Exchange in Kazakhstan and has major operations in the country.

7. Mexico

Gold production: 120 metric tons

Mexico has a long history of gold mining; in fact, the Spanish colonization of Central America in the early and mid-1500s was largely targeting gold and silver. Today, Mexico is among the global leaders in gold production, extracting 120 metric tons in 2023. Precious metals account for 50 percent of the country’s total metal output.

While much of Mexico’s gold mining is controlled by foreign entities, one of the largest operations, the Herradura mine — owned by Mexico City-based Fresnillo (LSE:FRES,OTC Pink:FNLPF) — produced 355,485 ounces of gold, or about 10.08 MT, in the company’s 2023 fiscal year. The mine represents more than half of Fresnillo’s gold production and generates about a quarter of the company’s total adjusted revenue.

8. Indonesia

Gold production: 110 metric tons

The mining industry is one of Indonesia’s most important sectors, and the country is among the world’s top producers of nickel, copper and gold. In 2023, Indonesia produced an estimated 110 metric tons of gold, up 5 MT over the prior year.

Indonesia is home to several large gold operations. The largest is the Grasberg Mining District, a joint venture between Freeport-McMoRan (NYSE:FCX) and Indonesia’s state-owned Indonesia Asahan Aluminium. In 2023, the area produced 1.98 million ounces of gold, or 56.1 MT; it has an estimated 23.9 million ounces contained in mineral reserves.

9. South Africa

Gold production: 100 metric tons

In 2023, South Africa produced 100 metric tons of gold, up from 89 MT in 2022. An estimated one-tenth of global gold reserves are located in the country, and its Witwatersrand Basin is one of the largest gold resources in the world.

South Africa has been a top gold producer for decades, but between 1980 and 2018 the nation’s gold output fell by 85 percent. In recent years, South Africa has been the site of conflicts between the Association of Mineworkers and Construction Union (AMCU) and gold producers in the area. The AMCU has held many protests and strikes at several gold and platinum mines in the hopes of garnering more wages and stopping any mergers that could cause job losses.

Power outages have been creating further strife for South Africa’s gold industry. Limited power generation in the country has caused rolling blackouts, including for miners, the majority of which are connected to the nation’s power grid.

10. Uzbekistan

Gold production: 100 metric tons

Uzbekistan produced 100 metric tons of gold in 2023, in line with its output over the last decade.

Operated by Navoi Mining and Metallurgical Company, Uzbekistan’s Muruntau gold mine is one of the largest gold operations in the world. Massive deposits of gold were first discovered at the site in the 1950s, and it still holds some of the largest reserves in the world at 4,500 MT. The discovery marked the beginning of gold mining in Uzbekistan. The mine produces more than 2.5 million ounces of gold per year and is expected to continue operating into the 2030s.

Following the fall of the Soviet Union in 1991, mining for the yellow metal fell to its all-time lows in the mid-1990s. In 2019, the country’s government announced renewed investment into development and exploration. While that hasn’t yet been reflected in its annual production, upgrades at Muruntau scheduled to be completed in 2026 are expected to increase its output from 38.5 million to 50 million metric tons of ore per year.

FAQs for gold investing

How is gold mined?

Gold is mined by several different methods, including: placer mining, hard-rock mining, by-product mining and by processing gold ore. The method a gold-mining company chooses depends upon the size, location, geological model and metallurgy of the deposit in question.

What is the production cost of gold?

The cost of producing gold varies from one miner to the next, and is reported as the all-in sustaining cost (AISC). AISC was first introduced in 2013 by the World Gold Council. Deposit type, energy costs and inflation are the factors that have the largest impact on AISC. The average AISC for the entire gold industry is calculated by averaging the production costs of the largest gold producers. The average AISC fluctuates with changes in energy costs and inflation.

Which nation is the largest owner of gold?

The country with the largest central bank gold reserves is the US, which had 8,133.5 metric tons as of May 2024. Most US central bank gold is held in deep storage in Denver, Fort Knox and West Point.

Securities Disclosure: I, Dean Belder, currently hold no direct investment interest in any company mentioned in this article.

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2024 Infill Drilling on Satellite Uranium Growth Deposits Complete

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Boss Energy Limited (ASX: BOE; OTCQX: BQSSF) is pleased to announce the conclusion of a successful infill drilling program at the Gould’s Dam and Jason’s satellite deposits within its Honeymoon Uranium project in South Australia.

Highlights

  • Infill drilling campaign completed at the Gould’s Dam and Jason’s satellite deposits within Honeymoon
  • The results will underpin an updated geological/mineralisation model and resource upgrade
  • Gould’s Dam is located ~80km northwest of the Honeymoon Mine (Figure 1) and currently contains a JORC-compliant resource of 25Mlbs of indicated and inferred U308; The Jason’s deposit is located ~13km north of the Honeymoon mine (Figure 1) and contains a JORC Resource of 6.2Mt at 790ppm U308 for 10.7Mlbs contained U308 (Inferred).
  • A total of 47 mud rotary holes for 6,455m were completed at Beulah (within the Gould’s Dam Inferred Resource envelope) and an additional 25 holes for 3,074m within the Inferred resource envelope at Jason’s. Uranium mineralisation highlights from these two programs include (PFN results, ppm pU3O8):
    • 3.25m @ 3,873ppm pU3O8GT 12,587 (WRM0176 from 122.00m)
      • plus 2.75m @ 946ppm pU3O8GT 2,602(WRM0176 from 126.25m)
    • 6.25m @ 1,094ppm pU3O8GT 6,838(WRM0175 from 118.00m)
    • 2.00m @ 714ppm pU3O8GT 1,428 (WRM0180 from 119.25m)
      • plus 4.25m @ 724ppm pU3O8GT 3,077(WRM0180 from 122.50m)
    • 4.50m @ 548ppm pU3O8GT 2,466 (WRM0190 from 121.75m)
    • 1.50m @ 1,381ppm pU3O8GT 2,072 (WRM0192 from 120.25m)
    • 4.00m @ 504ppm pU3O8GT 2,016 (WRM0187 from 111.25m)
    • 2.50m @ 662ppm pU3O8GT 1,655 (WRM0195 from 122.75m)
    • 2.75m @ 517ppm pU3O8GT 1,422 (WRM0211 from 118.25m)
    • 2.25m @ 626ppm pU3O8GT 1,409 (WRM0207 from 123.75m)
    • 1.75m @ 802ppm pU3O8GT 1,404 (WRM0213 from 124.75m)
    • 3.00m @ 960ppm pU3O8GT 2,880 (BMR233 from 86.75m)
    • 1.25m @ 1,258ppm pU3O8GT 1,573 (BMR232 from 89.25m)
      • plus 0.50m @ 1,428ppm pU3O8 GT 714 (BMR232 from 91.50m)
    • 0.50m @ 3,897ppm pU3O8GT 1,949 (BMR238 from 96.25)
  • “These satellite deposits have the potential to drive growth as well as enabling us to leverage existing infrastructure and further capitalise on the opportunity presented by growing global demand for uranium from tier-one locations”. – Boss MD Duncan Craib

The program has returned strong drilling results as well as high-quality modern downhole geophysical data which will be used to build an updated geological and mineralisation model which will feed into a resource update

The two deposits have combined resources of 36.7Mlbs of contained U308. Honeymoon is producing under its current Mining Licence covering 36Mlbs and therefore the Company will now seek government endorsement for the mining of two satellite deposits, effectively doubling the allowance under the License.

This will pave the way for Boss to assess potential increases in the annual production rate and mine life at Honeymoon.

AMC Consultants have been engaged to produce a block model and mineral resource update for these key satellite deposits, which will enable the company to determine those areas which are most economically viable.

Boss Managing Director Duncan Craib said: “With the production ramp-up at Honeymoon progressing so well, we are eager to press ahead with our plans to grow the annual output, cashflow and minelife.

“These satellite deposits have the potential to drive growth as well as enabling us to leverage existing infrastructure and further capitalise on the opportunity presented by growing global demand for uranium from tier-one locations”.

Click here for the full ASX Release

This article includes content from Boss Energy Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.

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Indigenous-owned Mining Royalty Firm Targeting Canadian Resource Opportunities

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Nations Royalty (TSXV:NRC,OTCQB:NRYCF), the first mining royalty company with majority Indigenous ownership, is attracting attention since listing on the TSX Venture Exchange this past June.

With 77 percent ownership by the Nisga’a Nation, the firm is also backed by Canadian businessman Frank Giustra.

As explained on Nations Royalty’s website, the idea is to use mining royalties as a means to achieve financial independence for Indigenous communities, while also providing opportunities for investors.

Mining royalties, a common feature of benefit agreements between resource companies and First Nations, are pooled together under Nations Royalty’s portfolio. By collecting these royalties through a publicly traded entity, the company provides a mechanism for Indigenous groups to monetize future revenues and attract broader investment.

This strategy aligns with the Nisga’a Nation’s goal of self-sufficiency and reducing reliance on government funding.

According to Charles Morven, secretary-treasurer for the Nisga’a Nation, Nations Royalty represents a step toward managing the nation’s wealth independently and achieving financial capacity within capital markets.

“We want to be accountable to ourselves. Nations Royalty will allow us to manage our own wealth, instead of relying on government funding,” Morven told the Canadian Press in a Monday (November 18) article.

Portfolio focused on BC’s Golden Triangle

Nations Royalty currently holds royalties on five major projects in the Golden Triangle of BC, Canada.

These include annual benefit payments tied to high-profile sites like Newmont’s (TSX:NGT,NYSE:NEM) producing Brucejack gold mine and Seabridge Gold’s (TSX:SEA,NYSE:SA) KSM project. Other royalties in the portfolio relate to the Premier gold project, the Red Mountain gold project and the Kitsault molybdenum project.

While the Nisga’a Nation is the majority owner, the company is actively seeking partnerships with other Indigenous groups to expand its shareholder base and royalty portfolio.

Rob McLeod, CEO of Nations Royalty, told the Canadian Press that there are over 400 benefit agreements between First Nations and mining companies across Canada, representing significant untapped potential.

He added that for Indigenous communities with limited access to capital or a single mining project on their land, joining Nations Royalty offers the ability to generate revenue even before mines begin production.

Additionally, shareholders can use their equity to access loans or fund further development projects.

Indigenous governance and recent developments

Nations Royalty’s board of directors and executive team reflect its commitment to Indigenous leadership, with nearly all members coming from Indigenous backgrounds. While McLeod currently serves as CEO, the company plans to transition to Indigenous leadership as it builds capacity within its ranks.

The company’s annual general and special meeting was held on November 14, and Nations Royalty reported strong shareholder support for its business agenda at the event. All director nominees were elected, Deloitte was appointed as auditor and an amended stock option plan was approved.

Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.

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Orla to Buy Musselwhite Gold Mine from Newmont for US$850 Million

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Orla Mining (TSX:OLA,NYSEAMERICAN:ORLA) has entered into a definitive deal to buy the Musselwhite gold mine from Newmont (TSX:NGT,NYSE:NEM), positioning the company to more than double its annual gold production.

The purchase, valued at US$810 million, with two additional contingent payments of US$20 million each, will set Orla up as a diversified North American gold producer as it marks the company’s entry into Canada.

The first contingent payment will be made if the spot gold price exceeds US$2,900 per ounce in the first year after the transaction closes, and the second will be made if the price exceeds US$3,000 in the second year after closure.

Financing will involve cash reserves, debt facilities, a gold prepay arrangement and convertible notes, with no upfront equity dilution for shareholders. The deal requires shareholder approval under Canadian regulations due to Newmont’s status as a related party. A special meeting of Orla shareholders to finalize the transaction is planned for January 2025.

Musselwhite, which is located on the shore of Opapimiskan Lake in Northwestern Ontario, Canada, has been in operation for over 25 years and has produced nearly 6 million ounces of gold to date.

As mentioned, the purchase is expected to double Orla’s annual gold production to over 300,000 ounces, with potential growth to 500,000 ounces per year by 2027 following the completion of the South Railroad project in Nevada, US.

The mine’s proven and probable reserves currently stand at 1.5 million ounces of gold, while its processing plant operates below capacity, leaving room for increased output through exploration and operational adjustments.

Jason Simpson, Orla’s president and CEO, said the company plans to explore the mine’s 65,000 hectare concession area for new deposits and expand reserves beyond the estimated seven year mine life.

“We have been impressed with the operating team at Musselwhite, which runs an exceptional mine and has developed positive and strong ties with First Nations, local partners, and community members. We are fully committed to respecting and growing these relationships,” Simpson added in a Monday (November 18) statement.

Musselwhite will complement Orla’s existing assets in Mexico and the US. The company believes this geographic diversification will strengthen its position as a North America-focused mid-tier gold producer.

Orla said it intends to eventually put Musselwhite’s underutilized processing facility to work, noting that current annual throughput stands at 1 million metric tons versus a capacity of 1.5 million metric tons.

Musselwhite is projected to contribute average annual free cashflow of US$150 million over the next six years. When combined with cashflow from Camino Rojo, the company believes it will be able to self-fund its growth pipeline.

For Newmont, the Musselwhite sale is part of a broader divestment strategy, bringing total expected gross proceeds from asset sales to US$2.9 billion. The firm is looking to optimize its portfolio and reallocate resources to its core assets.

Newmont began its divestments in February of this year. It notes in a statement that it is committed to responsible asset transitions and expresses confidence in Orla’s ability to manage Musselwhite effectively.

The acquisition is anticipated to close shortly after Orla’s special shareholder meeting in January 2025. Orla plans to provide detailed transaction documentation to shareholders in December of this year.

Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.

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E-Power Resources Inc. Announces Closing of a Third and Final Tranche of Oversubscribed Private Placement

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E-Power Resources Inc. (CSE: EPR) (‘E-Power’ or the ‘Company’) announces that it has closed a third and final tranche of the private placement previously announced on September 24, 2024 (the ‘Private Placement’). The oversubscribed private placement was originally announced for $420,000, but a total of $526,264 was raised in all three tranches.

An aggregate of 3,150,000 units (the ‘ Units‘) of the Company were issued in the third and final tranche at a price of $0.05 per Unit for gross proceeds of $157,500, each Unit being comprised of one common share in the capital of the Company (each a ‘Common Share‘) and one-half common share purchase warrant (each a ‘Warrant‘), each Warrant entitling its holder thereof to acquire one additional common share (each a ‘Warrant Share‘) at a price of $0.10 per Warrant Share for a period of 60 months from the closing date. (the ‘Offering‘).

Net proceeds from the Offering will be used by the Company for general working capital purposes. One insider of the Company participated in the third and final tranche.

No finder’s fees are paid in connection with the third and final tranche.

The securities offered pursuant to the Offering have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the ‘U.S. Securities Act‘) or any U.S. state securities laws, and may not be offered or sold in the United States or to, or for the account or benefit of, United States persons absent registration or any applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. The securities offered pursuant to the Offering are subject to certain trade restrictions pursuant to applicable securities laws.

About E-Power Resources Inc.

E-Power Resources Inc. is an exploration stage company engaged principally in the acquisition, exploration, and development of graphite properties in Quebec. Its flagship asset, the Tetepisca Graphite Property, is located in the Tetepisca Graphite District of the North Shore Region of Quebec, approximately 215 kilometers from the Port of Baie-Comeau. For further information, please refer to the Company’s disclosure record on SEDAR (www.sedarplus.ca) or contact the Company by email at info@e-powerresources.com.

On Behalf of the Company

James Cross
President & CEO
+1 (438) 701-3736
info@e-powerresources.com

Disclaimer for Forward-Looking Information

This news release contains certain forward-looking statements within the meaning of applicable securities laws. All statements that are not historical facts, including without limitation, statements regarding future estimates, plans, programs, forecasts, projections, objectives, assumptions, expectations, or beliefs of future performance are ‘forward-looking statements.’ These forward-looking statements reflect the expectations or beliefs of management of the Company based on information currently available to it. Forward-looking statements are subject to a number of risks and uncertainties, including those detailed from time to time in filings made by the Company with securities regulatory authorities, which may cause actual outcomes to differ materially from those discussed in the forward-looking statements. These factors should be considered carefully and readers are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements and information contained in this news release are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

The CSE has not reviewed, approved, or disapproved the contents of this news release.

Corporate Logo

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/230569

News Provided by Newsfile via QuoteMedia

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SAGA Metals Announces Assay Results from North Wind Iron Ore Project

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Saga Metals Corp. (‘ TSXV: SAGA ‘) (‘ FSE: 20H’ ) (‘ SAGA ‘ or the ‘ Company ‘), a North American exploration company focused on discovering critical minerals, is pleased to announce the results from its initial field program at the North Wind High-Purity Iron Ore project in west central Labrador, Canada.

Key Field Program Highlights

  • High-Grade Iron Ore Potential: Iron content (Fe₂O₃) in samples from the Sokoman Formation ranges from 4.88% to 84.57% , with the highest grades concentrated in the middle and lower iron formation members, spanning an impressive 600–700 meters in combined width .
  • Magnetite-Rich Ore: Davis Tube separation techniques confirm the presence of magnetite-rich taconite ore, along with high-purity hematite, limonite, and goethite. These results are comparable to regional resources at the KéMag, Sheps Lake , and Perrault Lake deposits , which boast strong resource estimates.
  • Extensive Mineralization Zone: Fieldwork identified iron ore mineralization over a 4km NW-SE trend , with indications that the mineralized zone continues southeast. Surface thickness of the mineralized trend ranges between 600 and 700 meters , underscoring the project’s potential scale.

Regional map of the North Wind Iron Ore Project in Labrador, Canada

Figure 1: Regional map of the North Wind Iron Ore Project in Labrador, Canada

SAGA’s North Wind Iron Ore Project

The North Wind Iron Ore property located 16 kilometers southwest of Schefferville, Quebec, within the prolific Labrador Trough, represents a secondary but high-potential asset within Saga Metals’ portfolio. The Labrador Trough, an extensive 1,100-kilometer suite of Proterozoic rocks, is renowned for hosting world-class iron ore deposits and is a major hub for iron ore exploration.

The North Wind property spans 6,375 hectares across 255 claim blocks under a single license. Its geological framework holds significant potential, reinforced by a portion of a historical resource estimate (NI 43-101 compliant) completed in 2013 by New Millennium Iron. This estimate focused on two key types of iron ore commonly found in the Labrador Trough:

  • Soft iron ores: Composed of fine-grained secondary iron oxides, including hematite, goethite, and limonite.
  • Taconites: Fine-grained, weakly metamorphosed iron formations with above-average magnetite content.

Historical exploration at North Wind includes data from eight drill holes, which averaged 20.74% Total Fe (iron) content over 590 meters drilled. Notably, the Lower Red Green Chert (LRGC), a key stratigraphic unit within the property, returned an average grade of 24.76% Fe across 277 meters drilled and was intercepted in all eight holes. This LRGC unit forms part of the Sokoman Formation’s ‘Lower Iron Formation,’ a high-priority target confirmed by both New Millennium Iron and SAGA’s exploration team.

North Wind Iron Ore Field Program 2024

As part of routine claims maintenance, Saga Metals conducted a comprehensive field program at the North Wind Iron Ore property in the summer of 2024. The program focused on mapping, prospecting, and rock sampling, targeting the northern and central areas of the property. The primary objective was to verify and ground truth the stratigraphic units previously sampled by New Millennium Iron. A total of 24 rock samples were collected, accompanied by key geological observations.

The Sokoman Formation, a high-priority target for Saga Metals, forms the core focus of exploration. This formation is subdivided into three stratigraphic members based on iron content (Fe₂O₃):

  • Upper Iron Member: 4.88%–33.43% Fe₂O₃
  • Middle Iron Member: 47.44%–60.43% Fe₂O₃
  • Lower Iron Member: 13.31%–75.06% Fe₂O₃

The highest sample collected during the program (Sample ID: 1470687) returned 84.57% Fe₂O₃ , originating from float material likely derived from the Middle or Lower Iron Members of the Sokoman Formation. These middle and lower members of the Sokoman Formation are particularly prospective, offering the most favorable grades based on iron content.

To further evaluate the potential of these units, SAGA employed Davis Tube Magnetic Separation techniques (as seen below in Table 2). This analytical method effectively separates magnetic (magnetite) and non-magnetic fractions (hematite, limonite, goethite and gangue minerals), providing a robust measurement of magnetite content. Results from these tests indicate that the magnetic fraction compares favorably to grades from nearby deposits, including the KéMag, Sheps Lake, and Perrault Lake deposits along the same geological trend. These regional deposits have reported 20%–34% Davis Tube Weight Recovery (DTWR) in NI 43-101 resource estimates.

The 2024 field program confirmed a 4-kilometer NW-SE mineralization trend across the northern and central areas of the property, with indications of continuation southeastward. The combined surface thickness of the mineralized zone ranges from 600–700 meters , underlining the project’s scale and high-grade potential.

These findings reaffirm the North Wind Iron Ore Project’s potential as a high-purity iron ore asset. With iron ore playing a critical role in the steelmaking process and increasing demand driven by infrastructure and renewable energy developments, Saga Metals sees considerable growth potential for the projects value and positions it as a promising contributor to SAGA’s portfolio of critical mineral assets.

Michael Garagan, CGO & Director of Saga Metals Corp. stated: ‘Our due diligence, combined with the exceptional efforts of Sean Gazdewich this summer, has yielded highly encouraging results from the banded iron formations in the Labrador Trough that host our North Wind project. These formations demonstrate strong potential to expand and enhance the 2013 New Millennium resource estimate within our claims. These latest findings not only confirm the continuation of the mineralization trend but also indicate that it remains just as robust as observed in the north.

As part of next year’s claims maintenance, we plan to implement more rigorous sampling program alongside advanced geophysics to delineate targeted zones throughout the property. This next phase will bring us closer to unlocking the full potential of this prospective iron ore asset.’

Results of the 2024 Field Program:

Summary of 2024 assay results with red indicating highest Iron Oxide (Fe2O3) levels

Table 1: Summary of 2024 assay results with red indicating highest Iron Oxide (Fe2O3) levels

Table 1 above is highlighting the weight % Fe ranked from highest (red) to lowest (green) and represents the amount of iron contained within SAGA’s samples as one of several iron mineral phases which includes magnetite and hematite.

Sample location map showing total iron grade overlying a geological map of the area. Higher iron grades (≥ 36.8%) are reported from the lower and middle members.

Figure 2: Sample location map showing total iron grade overlying a geological map of the area. Higher iron grades (≥ 36.8%) are reported from the lower and middle members.

Sample 1470747: Strongly magnetic blue-grey and red banded chert with pervasive sparkly specular hematite

Figure 3: Sample 1470747: Strongly magnetic blue-grey and red banded chert with pervasive sparkly specular hematite

Results from the Davis Tube Separation Analysis

Table 2: Results from the Davis Tube Separation Analysis

Mineral resource estimate of the KéMag deposit. Cut-off grade is 18% DTWR (Davis Tube Weight Recovery). Modified from Géostat, 2007.

Table 3: Mineral resource estimate of the KéMag deposit. Cut-off grade is 18% DTWR (Davis Tube Weight Recovery). Modified from Géostat, 2007.

Mineral resource estimate of the Sheps Lake and Perrault Lake deposits. Cut-off grade 15% DTWR. Modified from Balakrishnan, 2013.

Table 4: Mineral resource estimate of the Sheps Lake and Perrault Lake deposits. Cut-off grade 15% DTWR. Modified from Balakrishnan, 2013.

References:

Balakrishnan, T. (2013). Supplementary assessment report, national instrument 43-101 technical report, resource estimation of Sheps Lake and Perault Lake properties. Prepared for New Millenium Iron Corporation. Newfoundland and Labrador Mineral Lands Division Report, Assessment File 023J/0394.

Géostat, (2007). Technical Report, estimation of the mineral resources of the KeMag iron ore deposit. Énergies et resources naturelles Québecs, GM 64046.

Neal, HE., Watts, Griffis. (2001) Iron deposits of the labrador trough. Explore mining geol. Vol.9, No.2, pp 113-121, 2000.

About Saga Metals Corp.

Saga Metals Corp. is a North American mining company focused on the exploration and discovery of critical minerals that support the global transition to green energy. The company’s flagship asset, the Double Mer Uranium Project, is located in Labrador, Canada, covering 25,600 hectares. This project features uranium radiometrics that highlight an 18-kilometer east-west trend, with a confirmed 14-kilometer section producing samples as high as 4,281ppm U 3 O 8 and spectrometer readings of 22,000cps.

In addition to its uranium focus, SAGA owns the Legacy Lithium Property in Quebec’s Eeyou Istchee James Bay region. This project, developed in partnership with Rio Tinto, has been expanded through the acquisition of the Amirault Lithium Project. Together, these properties cover 65,849 hectares and share significant geological continuity with other major players in the area, including Rio Tinto, Winsome Resources, Azimut Exploration, and Loyal Lithium.

SAGA also holds secondary exploration assets in Labrador, where the company is focused on the discovery of titanium, vanadium, and iron ore. With a portfolio that spans key minerals crucial to the green energy transition, SAGA is strategically positioned to play an essential role in the clean energy future.

For more information, contact:
Saga Metals Corp.
Investor Relations
Tel: +1 (778) 930-1321
Email: info@sagametals.com
www.sagametals.com

Qualified Persons

Peter Webster, P. Geo., of Mercator Geological Services Limited is a ‘qualified person’ as defined under National Instrument 43-101 – Standards of Disclosure for Mineral Projects (‘ NI 43-101 ‘) and has reviewed and approved the scientific and technical content of this news release regarding the North Wind Property.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the accuracy or adequacy of this release. Neither the TSX Venture Exchange nor its Regulation Service 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 Disclaimer

This news release contains forward-looking statements within the meaning of applicable securities laws that are not historical facts. Forward-looking statements are often identified by terms such as ‘will’, ‘may’, ‘should’, ‘anticipates’, ‘expects’, ‘believes’, and similar expressions or the negative of these words or other comparable terminology. All statements other than statements of historical fact, included in this release are forward-looking statements that involve risks and uncertainties. In particular, this news release contains forward-looking information pertaining to results and plans with respect to its mineral exploration properties. 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 Company’s expectations include, but are not limited to, changes in the state of equity and debt markets, fluctuations in commodity prices, delays in obtaining required regulatory or governmental approvals, environmental risks, limitations on insurance coverage, failure to satisfy closing conditions in respect of the Offering, risks and uncertainties involved in the mineral exploration and development industry, and the risks detailed in the Prospectus and available under the Company’s profile at www.sedarplus.ca, and in the continuous disclosure filings made by the Company with securities regulations from time to time. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and the Company will update or revise publicly any of the included forward-looking statements only as expressly required by applicable law.

Infographics accompanying this announcement are available at:

https://www.globenewswire.com/NewsRoom/AttachmentNg/f72a2715-67cf-4bc1-8948-bdb0dd6ec2a1

https://www.globenewswire.com/NewsRoom/AttachmentNg/52c14650-e8ff-4f24-840d-4f5a4ed99fa8

https://www.globenewswire.com/NewsRoom/AttachmentNg/6b04e863-8614-4f6a-977b-e646cf1d4486

https://www.globenewswire.com/NewsRoom/AttachmentNg/306b0481-186f-467d-b886-1fde317884d5

https://www.globenewswire.com/NewsRoom/AttachmentNg/ae7e23d6-9c44-48ff-87b2-2f70f4360c5f

https://www.globenewswire.com/NewsRoom/AttachmentNg/f8f27147-7295-4d31-8c1a-c1bf56032d5f

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Syntheia

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Investor Insight

Syntheia’s innovative conversational AI solution is transforming the face of customer engagement for the B2B market. Backed by a stable financial foundation, Syntheia is well-placed to execute its growth strategy, offering investors a compelling opportunity.

Overview

Syntheia (CSE:SYAI) has rapidly emerged as an innovative player in the expanding conversational AI platform-as-a-service market.

In an industry poised to transform customer engagement, Syntheia addresses the complex needs of modern communication through cutting-edge AI solutions. Designed to emulate human-like conversations over phone and digital channels, Syntheia’s platform targets both large enterprises and small-to-medium businesses, which often struggle with customer support inefficiencies and high employee turnover in customer-facing roles. Syntheia’s focus on language processing, tonality, sentiment analysis, and conversational behavior makes its offerings distinctive, providing customers an experience that moves closer to natural human interaction than traditional chatbot solutions.

Syntheia

At the core of Syntheia’s strategy is an innovative approach to AI-driven customer service solutions, a sector experiencing explosive growth. The global conversational AI market, valued at $9.9 billion in 2023, is anticipated to reach a staggering $32.62 billion by 2030. With a projected compound annual growth rate of 21.5 percent, the demand for AI solutions that can handle customer inquiries seamlessly is clear. Factors fueling this market growth include the rising demand for customer-centric interactions, the need for operational efficiency, and cost reductions that companies can realize by automating and enhancing their customer support processes. Syntheia is well-positioned within this trend, providing businesses with tools that reduce onboarding costs, language barriers and other operational challenges while enhancing engagement.

Syntheia is listed on the Canadian Securities Exchange under the ticker symbol SYAI, and its stock is closely held, with a tight float that allows for controlled expansion of shares. Financially, the company is in a solid position with $2 million in cash and no debt, and maintains a well-structured capitalization profile that includes options and warrants. This stable financial foundation provides Syntheia with the means to execute its growth strategy while maintaining flexibility to adapt to market shifts.

Company Highlights

  • Syntheia is a conversational AI solution delivering AI-driven, human-like customer service for enterprises and SMBs.
  • The AssistantNLP Platform offers 24/7/365 multilingual support, accessible globally.
  • Syntheia operates on a freemium revenue model, with scalable plans catering to varied business sizes and needs.
  • The conversational AI market is expected to reach $32.62 billion by 2030, with Syntheia well-positioned to capitalize on this growth.
  • Syntheia’s algorithms have achieved an 84 percent success rate in data collection and 98 percent in outreach programs, highlighting exceptional efficiency.
  • Financially stable, Syntheia has $2 million in cash, no debt and trades on the Canadian Securities Exchange.

Key Technology

Syntheia

Syntheia is a front-runner in conversational AI, employing natural language processing (NLP) algorithms that are continually refined for accuracy and contextual understanding. The platform’s advanced NLP technology, bolstered by proprietary algorithms, enables it to understand and respond to various conversational cues, including tone, sentiment, semantics, and even idiomatic expressions. These sophisticated capabilities make interactions feel more fluid, accurate and responsive, which is particularly advantageous in sectors like healthcare, finance and customer service, where nuanced communication is essential. In fact, Syntheia’s algorithms exhibit impressive efficacy rates, achieving an 84 percent success rate in data collection and a 98 percent success rate in outreach initiatives, demonstrating the system’s effectiveness in real-world applications.

Syntheia

One of the most compelling aspects of Syntheia’s solution is its proprietary AssistantNLP platform, which offers 24/7/365 conversational AI service. The AssistantNLP platform is designed to handle high volumes of customer queries in multiple languages and across industries, ensuring a scalable, reliable and flexible solution for diverse customer needs. Syntheia’s platform is also highly accessible, structured around a freemium revenue model that allows businesses to try the service at no cost and then upgrade based on usage and additional features. The freemium model’s flexibility is essential in broadening Syntheia’s customer base by reducing the initial financial commitment for prospective clients and encouraging growth from smaller firms to larger enterprise accounts.

Management Team

Tony Di Benedetto – Chairman, Chief Executive Officer

Tony Di Benedetto has nearly 20 years of IT entrepreneurship, mergers and acquisitions, and capital markets experience. As a seasoned technology business leader, he has successfully built and brought multiple tech businesses to market.

Richard Buzbuzian – President

Richard Buzbuzian is a capital markets executive with over 25 years of investment experience in Canada and Europe, and operates a family office with an investment portfolio of public and pre-IPO companies. Buzbuzian holds a degree from the University of Toronto.

Paul Di Benedetto – Chief Technology Officer

Paul Di Benedetto is a technology visionary with expertise in diverse innovative technologies, including blockchain and AI. He is responsible for overseeing the ongoing development of patent-approved technology at work from Syntheia.

Veronique Laberge – Chief Financial Officer

Veronique Laberge is a chartered professional accountant and holds the title of auditor. With more than 17 years of experience in professional practice, she specializes in certification mandates and general accounting, and acts as a consultant for public and private companies.

Emilio Iantorno – VP of Product & Experience Strategy

Emilio Iantorno, a 20-year design veteran, specializes in crafting engaging product experiences for diverse audiences and industries. Emilio leads the Syntheia design process, effectively harnessing the best technology to tackle business challenges.

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Heritage Mining Further Expands Land Position and Provides Exploration Update

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(TheNewswire)

Heritage Mining Ltd.

VANCOUVER, BC TheNewswire – November 19, 2024 Heritage Mining Ltd. (CSE: HML FRA:Y66) (‘ Heritage ‘ or the ‘ Company ‘) is pleased to announce the claim package expansion at its flagship Drayton Black Lake (‘ DBL ‘)  based on experts recommendations Brett Davis and Dr. Gregg Morrison in addition to an update on the ongoing 2024 exploration program over the Ontario Project Portfolio. The Company believes the progress achieved to date represents important milestones for systematic exploration in one of the last underdevelopment greenstone belts in Northwestern Ontario.

Exploration Highlights: General

Drill Lease and In-House Drilling Team

Heritage has leased an ODR 100 Drill (Figure 1) and engaged Minotaur Drilling Inc. as drill operators with over 35 years of experience. Past drilling experience includes contracts at Hudson Bay Mining and Smelting in Flin Flon and Snow Lake, Rio Tinto, Nutrien,  Mosaic, Placer Dome, Cogema, Cameco, as well as numerous smaller public and privately funded companies. The majority of the experience (+20 years) has been primarily in the greenstone regions of Northern Manitoba, Northern Ontario and Northern Saskatchewan.

The Company looks forward to creating material efficiencies on a go forward basis under this arrangement towards and not limited to its Ontario Project Portfolio. The drill comes complete with all-weather equipment set up.

Exploration Highlights: DBL

  • Zone 3: New Areas of Interest Identified for Intrusion-Related Gold Mineralization based on industry experts Brett David and Dr. Gregg Morison Recent Reports from the 2024 site visit and analysis of drill results from September to November 2024 (Figure 2), have resulted in an expanded land package totalling 18,907 Ha (Figure 2).

Below is the revised 2024 exploration program pertaining to Zone 3 and surrounding area:

    • UAV magnetic survey completed November 2024 along the Lake of Bays Batholith Contact Zone – results pending

    • Prospecting program – 90% complete along the Lake of Bays Batholith Contact

    • IP and Drill permit submitted on newly acquired claims – (Permit Pending)

    • Planned Drilling to recommence in short order on permitted areas of Zone 3, Q4 2024

  • New Millennium:

    • Recommence Drilling targeting the intersection of two mineralized quartz vein systems (Figure 3) in the immediate vicinity of the highest-grade sample on the project to date ~2330 g/t Au.

Exploration Highlights: Contact Bay – Rognan Mine

  • UAV magnetic survey completed October 2024 – interpretation report pending

  • Multiple magnetic anomalies identified near past producing Rognan Mine (Figure 4)

  • IP and Drilling permit approval for Rognan Mine Area anticipated by end of November 2024

Brett Davis (Olinda Gold Pty Ltd), Advisor to Heritage Commented ‘ The field and core review identified Zone 3 as having the best gold discovery potential. As we continue to analyze the data and refine our exploration approach, it’s clear that the Drayton-Black Lake project holds significant potential. The recent identification of new areas provides the possibility of more widespread mineralisation in the Heritage tenements away from the orogenic lodes in the volcanics that have been the traditional focus of exploration . I’m eager to see how the next phases of exploration unfold and look forward to working with the Heritage Team’

Kevin Holmgren, Head of Drilling Operations at Heritage Commented ‘As someone with over 37 years of drilling experience across some of the most prolific mining regions, I’m thrilled to bring my expertise to Heritage Mining’s exploration efforts. The greenstone belts of Northern Ontario hold exceptional promise, and with the team’s strategic focus and advanced drilling capabilities, we’re poised to uncover significant mineral potential. It’s an exciting time to be part of this journey.’

Peter Schloo, President CEO and Director Commented ‘The lease of the ODR 100 drill and our collaboration with Minotaur Drilling Inc. signify a key milestone in our exploration strategy. This step allows us to conduct efficient, year-round drilling, on our schedule, as we advance our Ontario Project Portfolio. Guided by the invaluable insights of our experts, Brett Davis and Dr. Gregg Morrison, we are well-positioned to unlock the full potential of this underexplored region. Their expertise, combined with our enhanced capabilities, marks an exciting chapter in the Company’s history.

We look forward to share updates on our exploration progress in the near future. With a packed schedule to close out 2024 and a promising start to the new year on the horizon, the months ahead are shaping up to be both busy and rewarding.’

Figure 1: ODR 100 Diamond Drill – Leased by Heritage


Click Image To View Full Size

Figure 2: DBL Total Property Outline with Bedrock Geology


Click Image To View Full Size

Figure 3: New Millenium Target 2024


Click Image To View Full Size

Figure 4: Contact Bay Project – Rognan Mine

Qualified Person

Mitch Lavery P. Geo, Strategic Advisor for the Company, serves as a qualified person as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects and has reviewed the scientific and technical information in this news release, approving the disclosure herein.

ABOUT HERITAGE MINING LTD.

The Company is a Canadian mineral exploration company advancing its two high grade gold-silver-copper projects in Northwestern Ontario. The Drayton-Black Lake and the Contact Bay projects are located near Sioux Lookout in the underexplored Eagle-Wabigoon-Manitou Greenstone Belt . Both projects benefit from a wealth of historic data, excellent site access and logistical support from the local community. The Company is well capitalized, with a tight capital structure.

For further information, please contact:

Heritage Mining Ltd.

Peter Schloo, CPA, CA, CFA

President, CEO and Director

Phone: (905) 505-0918

Email: peter@heritagemining.ca

FORWARD-LOOKING STATEMENTS

This news release contains certain statements that constitute forward looking information within the meaning of applicable securities laws. These statements relate to future events of the Company. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as ‘seek’, ‘anticipate’, ‘plan’, ‘continue’, ‘estimate’, ‘expect’, ‘forecast’, ‘may’, ‘will’, ‘project’, ‘predict’, ‘potential’, ‘targeting’, ‘intend’, ‘could’, ‘might’, ‘should’, ‘believe’, ‘outlook’ and similar expressions are not statements of historical fact and may be forward looking information. All statements, other than statements of historical fact, included herein are forward-looking statements.

Forward looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such risks include, among others, the inherent risk of the mining industry; adverse economic and market developments; the risk that the Company will not be successful in completing additional acquisitions; risks relating to the estimation of mineral resources; the possibility that the Company’s estimated burn rate may be higher than anticipated; risks of unexpected cost increases; risks of labour shortages; risks relating to exploration and development activities; risks relating to future prices of mineral resources; risks related to work site accidents, risks related to geological uncertainties and variations; risks related to government and community support of the Company’s projects; risks related to global pandemics and other risks related to the mining industry. The Company believes that the expectations reflected in such forward-looking information are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward‐looking information should not be unduly relied upon. These statements speak only as of the date of this news release. The Company does not intend, and does not assume any obligation, to update any forward‐looking information except as required by law.

This document does not constitute an offer to sell, or a solicitation of an offer to buy, securities of the Company in Canada, the United States, or any other jurisdiction. Any such offer to sell or solicitation of an offer to buy the securities described herein will be made only pursuant to subscription documentation between the Company and prospective purchasers. Any such offering will be made in reliance upon exemptions from the prospectus and registration requirements under applicable securities laws, pursuant to a subscription agreement to be entered into by the Company and prospective investors.

NOT INTENDED FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Copyright (c) 2024 TheNewswire – All rights reserved.

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PROSPECT RIDGE CONFIRMS LARGE MINERALIZED SYSTEM AT COPPER RIDGE ZONE OF KNAUSS CREEK PROPERTY IN BRITISH COLUMBIA, CANADA

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Prospect Ridge Resources Corp. (the ‘ Company ‘ or ‘ Prospect Ridge ‘) (CSE: PRR) (OTC: PRRSF) (FRA: OED) is pleased to announce the results of its drilling campaign at the Copper Ridge Zone (‘ Copper Ridge ‘) of its wholly-owned Knauss Creek property located approximately 35 kilometres (km) northeast of Terrace, British Columbia .

Drill Program Highlights

  • The initial drilling campaign at Copper Ridge included a total of 2,229 metres (m) across 9 holes, and targeted surface anomalies covering an area over 1.5 km by 850 m identified during summer 2023 by prospecting. The drilling covered a 300 m by 300 m area in the western portion and 300 m by 150 m in the center portion of Copper Ridge.
  • Mineralized veins were regularly intersected in all holes with additional mineralization observed locally in fractures and the host rock. Three different 20-metre corridors (core length) of gold-silver and copper-gold-silver were identified.
  • During the 2023 field season, 80% of the outcrop samples collected were mineralized yielding results up to 78.9 grams per tonne (g/t) gold (Au), 4610 g/t silver (Ag) and 29.4 % copper (Cu) (see news release of February 21 st , 2024). The holes drilled during the 2024 program intersected similar mineralization down to 120 m depth along strike.

Chief Executive Officer, Michael Iverson , stated: ‘We are pleased to share the results from the first drilling campaign at Copper Ridge, which successfully intersected mineralized intervals that confirm the extension at depth of the veins sampled at surface during the 2023 field season. We were also pleasantly surprised to find mineralization in fractures and disseminated through the intrusive host rock between the veins which we seldom observe on surface due to the intensity of the weathering. This initial drilling shows a large mineralized system of which we’ve tested only a small portion and that remains open in all directions. The results and the geological information collected will be used to vectorize the plans for the next exploration season. With over $2.7M remaining in our treasury, we are well-positioned financially to continue advancing our projects in the year ahead.’

The best results are compiled in Table 1, while Figure 1 illustrates the drill hole locations in relation to the 2023 surface sampling program and the interpreted zones. Figure 2 illustrates a cross-section of the drill holes in the central portion of Copper Ridge.

Holes CR-24-001 and CR-24-002 targeted the westernmost portion of the zone where metal zonation was suspected based on the surface sampling results (see Figure 1). The Company hypothesized that a gold-silver area was followed to the north by a copper-gold-silver one. Hole CR-24-001 appears to have straddled both zones, intersecting an interval of 0.51 g/t Au and 1.7 g/t Ag over 20.5 m between 124.2 and 144.7 m along the hole and a further interval of 0.47 g/t Au, 34.3 g/t Ag and 0.40 % Cu over 2.0 m between 239.3 and 241.3 m . Hole CR-24-002 intersected regularly mineralized veins, which appear to be part of the gold-silver trend.

Holes CR-24-003, CR-24-004 and CR-24-005 targeted the surface anomaly cluster in the central portion of the Copper Ridge system where it was initially discovered. All three holes intersected a wide mineralized interval, interpreted as part of the same zone now referred to as the Green Manalishi. Hole CR-24-003 returned 0.39 g/t Au, 9.9 g/t Ag and 0.39 % Cu over 19.1 m ; CR-24-004 returned 0.18 g/t Au, 8.4 g/t Ag and 0.39 % Cu over 21.0 m ; and CR-24-005 returned 0.12 g/t Au, 3.3 g/t Ag and 0.19 %Cu over 22.7 m . Several additional mineralized intervals were intersected in all three holes suggesting another zone, GM2 (see Table 1) and demonstrating continuity of the structures. Surface samples can be correlated to those two zones.

Holes CR-24-006, CR-24-007 and CR-24-008 were drilled east of the previous holes and were testing the same cluster of anomalies, but also the continuity at depth of the Green Manalishi zone. This zone was intersected in all three holes: CR-24-006 returned 0.10 g/t Au, 2.7 g/t Ag and 0.11 %Cu over 6.7 m ; CR-24-007 intersected 5.44 g/t Au, 21.1 g/t Ag and 1.89 % Cu over 1.5 m ; and CR-24-008 returned 1.6 g/t Au, 6.1 g/t Ag and 0.17 % Cu over 4.7 m . Another zone, GM3, was interpreted in all three holes (see Table 1). Hole CR-24-008 which targeted rocks further north intersected alternating granodioritic intrusions, feldspar porphyry dikes and mudrocks. The presence of the sedimentary rocks suggests either an irregular contact with the intrusion, which is known to exist more to the east, or they are xenoliths. The sediments are locally mineralized, especially in silver, with also amounts of copper, gold and zinc.

The six Green Manalishi zone intercepts reveal a mineralized corridor that is oriented north-south and dips to the east. It primarily consists of chalcopyrite, but also of pyrite and malachite, found within quartz veins, fractures and disseminated in the host granodiorite. The GM2 and GM3 zones are believed to have a similar orientation as the Green Manalishi zone.

Hole CR-24-009 tested the western part of the same anomaly cluster and intersected 20.5 m at 0.05 g/t Au, 4.3 g/t Ag and 0.05% Cu, which correlate well with the location of the surface anomalies and are interpreted as the shallow expression of the GM2 zone.

This initial drilling campaign, generated entirely by Prospect Ridge from a surface discovery, has revealed a powerful gold-copper-silver mineralized system that remains open in all directions. The Company is developing a strategy for the next field season to further advance this target and apply the newly acquired knowledge to the mineralized showings to the rest of the property.

Figure 1: Map of the Copper Ridge system illustrating the location of all the drill holes and the interpreted zones. (CNW Group/Prospect Ridge Resources Corp.)

Figure 2: Cross-section of the central portion of Copper Ridge with three interpreted zones. (CNW Group/Prospect Ridge Resources Corp.)

Table 1: Best results of the drilling campaign on the Copper Ridge mineralized system.

Hole

From
(m)

To
(m)

Length
(m)

Au
(g/t)

Ag
(g/t)

Cu
(%)

AuEq
(g/t) 1

ZONE

87.0

87.8

0.8

0.144

16.9

0.20

0.522

124.2

144.7

20.5

0.512

1.7

0.00

0.481

incl

138.0

143.2

5.2

1.413

1.0

0.00

1.283

151.4

152.3

0.9

1.300

5.8

0.01

1.232

CR-24-001

214.0

220.0

6.0

0.040

3.5

0.11

0.198

239.3

241.3

2.0

0.465

34.3

0.40

1.196

265.6

267.0

1.4

0.100

12.9

0.07

0.293

328.5

330.6

2.1

0.469

28.1

0.19

0.910

347.3

348.3

1.0

0.370

32.6

0.16

0.824

CR-24-002

20.0

21.0

1.0

0.280

10.1

0.02

0.366

276.8

281.5

4.7

0.190

4.8

0.00

0.221

13.9

33.0

19.1

0.394

9.9

0.39

0.887

Green Manalishi

CR-24-003

76.0

90.0

14.0

0.097

21.9

0.14

0.455

GM2

96.0

97.0

1.0

0.274

11.6

0.12

0.488

101.0

102.0

1.0

0.199

7.7

0.11

0.379

3.0

4.5

1.5

0.367

11.1

0.39

0.872

12.0

33.0

21.0

0.179

8.4

0.39

0.686

Green Manalishi

incl

20.0

25.5

5.5

0.543

22.1

0.98

1.806

Green Manalishi

CR-24-004

76.3

88.0

11.7

0.016

2.8

0.02

0.065

GM2

94.5

95.5

1.0

0.165

6.5

0.98

1.319

118.5

119.5

1.0

0.552

23.6

0.07

0.806

9.3

32.0

22.7

0.116

3.3

0.19

0.349

Green Manalishi

incl

20.7

25.3

4.6

0.420

6.3

0.46

0.957

Green Manalishi

CR-24-005

96.0

99.0

3.0

0.042

4.6

0.04

0.131

GM2

140.0

141.5

1.5

0.079

13.9

0.04

0.253

192.0

193.5

1.5

1.790

30.4

0.00

1.908

24.0

28.2

4.2

0.031

1.7

0.10

0.152

GM3

CR-24-006

54.0

60.7

6.7

0.097

2.7

0.11

0.242

Green Manalishi

98.5

100.0

1.5

0.279

12.8

0.03

0.404

17.0

25.5

8.5

0.141

3.1

0.12

0.297

GM3

CR-24-007

47.7

49.3

1.6

0.161

9.3

0.16

0.417

56.8

58.3

1.5

5.440

21.1

1.89

7.224

Green Manalishi

66.7

68.0

1.3

0.048

8.5

0.24

0.394

12.0

14.0

2.0

0.068

5.0

0.02

0.128

37.0

44.0

7.0

0.038

12.2

0.02

0.168

GM3

CR-24-008

58.0

76.0

18.0

0.083

2.3

0.06

0.160

Green Manalishi

incl

71.3

76.0

4.7

0.159

6.1

0.17

0.389

Green Manalishi

86.0

87.0

1.0

2.250

5.6

0.13

2.220

CR-24-009

6.0

26.5

20.5

0.053

4.3

0.05

0.144

GM2

1: Gold Equivalent values (AuEq) were calculated with a gold price of US$1,750/oz, silver at US$21/oz and copper at US$3.60/lbs. Metallurgical recoveries are assumed (no metallurgical testing have been made yet on the Copper ridge mineralization) to be of 90% for gold, 80% for silver and 80% for copper.

Table 2: Technical details of the holes drilled on the Copper Ridge mineralized system.

No Hole

UTM Nad83 Zone 9

Elevation
(m)

Azimuth

Dip

Length
(m)

Easting

Northing

CR-24-001

539084

6071504

1910

320

-50

447

CR-24-002

539084

6071504

1910

270

-50

381

CR-24-003

539720

6071515

1847

270

-45

200

CR-24-004

539720

6071515

1847

250

-50

204

CR-24-005

539720

6071515

1847

230

-50

216

CR-24-006

539795

6071509

1826

270

-45

252

CR-24-007

539795

6071509

1826

242

-45

255

CR-24-008

539795

6071509

1826

305

-45

135

CR-24-009

539605

6071520

1851

275

-45

139

Cautionary Statement

Outcrop samples are selective by nature and grades may not be representative of mineralized zones. The drilling results reported are core length, true thickness of the mineralized zones has not yet been determined.

Quality Control

The drilling was conducted by Driftwood Diamond Drilling Ltd. The NQ caliber core was measured, photographed, logged and sampled by Prospect Ridge’s personnel. The holes were sampled from the start to the end.

Core samples were assayed for gold by standard 50 g fire-assaying with atomic absorption finish (Au-AA24), gravimetric finish (Au-GRA22) or 1000g metallic screening (Au_ SCR24 ) at ALS Canada in Terrace, British Columbia . The samples were also assayed for 36 metals from an aqua regia digestion with ICP-AES finish (ME-ICP41). For samples with over-limit results in silver, copper, lead and zinc, aqua regia with ICP finish was used (OG46 ore grade). A quality assurance/quality control program has been implemented and consists of inserting standards on a regular basis in the samples stream and blanks and sample duplicates in suspected mineralized zones.

Qualified Person

All scientific or technical information included in this news release has been reviewed, verified and approved by Yan Ducharme , P.Geo., President of the Company and a qualified person as defined by National Instrument 43-101. This news release was written by Yan Ducharme .

About Knauss Creek Property

The wholly-owned Knauss Creek is approximately 35 kilometres northeast of Terrace, British Columbia , Canada. It is easily accessible by Highway 16 and a network of logging roads. It covers approximately 30 square kilometres and is contiguous to the Company’s wholly-owned Holy Grail property.

Several gold, silver, copper, lead and zinc occurrences were discovered, previously. The most notable is the Dorreen mine where four adits were developed and, according to historical documents, approximately 700 tons of ore were mined out at an average grade of 16.8 g/t Au, 58 g/t Ag, 0.22% Cu, 2.1% Pb and 1.4% Zn from a quartz vein (not 43-101 compliant).

During the 2023 field season, the Company explored the Copper Ridge mineralized zone which has become the main focus for exploration on the property.

The southern tip of the Golden Triangle is located immediately northwest of Prospect Ridge’s properties. The Bowser Lake and the Hazelton Groups hosting most of the deposits and mines in this area also underly the Knauss Creek and Holy Grail properties.

About Prospect Ridge Resources Corp.

Prospect Ridge Resources Corp. is a British Columbia based exploration and development company focused on gold exploration. Prospect Ridge’s management and technical team cumulate over 100 years of mineral exploration experience and believe the Knauss Creek and the Holy Grail properties to have the potential to extend the boundaries of the Golden Triangle to cover this vast under-explored region.

Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.

This release includes certain statements and information that may constitute forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking statements relate to future events or future performance and reflect the expectations or beliefs of management of the Company regarding future events. Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as   ‘   intends   ‘ or   ‘   anticipates’   , or variations of such words and phrases or statements that certain actions, events or results   ‘   may’,   ‘   could   ‘,   ‘   should   ‘,   ‘   would   ‘ or   ‘   occur   ‘   . This information and these statements, referred to herein as ‘forward-looking statements’, are not historical facts, are made as of the date of this news release and include without limitation, statements regarding discussions of future plans, estimates and forecasts and statements as to management’s expectations and intentions with respect to, among other things, positive exploration results at the Knauss Creek and Holy Grail projects and the Company’s use of proceeds from the Private Placement. These forward-looking statements involve numerous risks and uncertainties and actual results might differ materially from results suggested in any forward-looking statements. These risks and uncertainties include, among other things, that future exploration results at the Knauss Creek and Holy Grail projects will not be as anticipated   and that the Company will use the proceeds from the Private Placement as anticipated.

In making the forward-looking statements in this news release, the Company has applied several material assumptions, including without limitation, that future exploration results at the Knauss Creek and Holy Grail projects will be as anticipated and that the Company will use the proceeds from the Private Placement as anticipated.

Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or 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 such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Readers are cautioned that reliance on such information may not be appropriate for other purposes. The Company does not undertake to update any forward-looking statement, forward-looking information or financial out-look that are incorporated by reference herein, except in accordance with applicable securities laws. We seek safe harbor.

Prospect Ridge Resources Corporation Logo (CNW Group/Prospect Ridge Resources Corp.)

Cision View original content to download multimedia: https://www.prnewswire.com/news-releases/prospect-ridge-confirms-large-mineralized-system-at-copper-ridge-zone-of-knauss-creek-property-in-british-columbia-canada-302309794.html

SOURCE Prospect Ridge Resources Corp.

Cision View original content to download multimedia: http://www.newswire.ca/en/releases/archive/November2024/19/c5802.html

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Nuclear Fuels Inc. to Attend the 50th Annual New Orleans Investment Conference

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Nuclear Fuels Inc. (CSE: NF) (OTCQX: NFUNF) (‘Nuclear Fuels’ or the ‘Company’) is pleased to announce its participation at the upcoming New Orleans Investment Conference. Nuclear Fuels will give a corporate presentation at 6:00 pm CT on Friday, November 22nd at the Hilton New Orleans Riverside, in room Churchill B2, second floor.

About Nuclear Fuels Inc.

Nuclear Fuels Inc. is a uranium exploration company advancing early-stage, district-scale In-Situ Recovery (‘ISR’) amenable uranium projects towards production in the United States of America. Leveraging extensive proprietary historical databases and deep industry expertise, Nuclear Fuels is well-positioned in a sector poised for significant and sustained growth on the back of strong government support. Nuclear Fuels has consolidated the Kaycee Wyoming district under single-company control for the first time since the early 1980s. Currently executing its second drill program at the Kaycee Project, the Company aims to expand on historic resources across a 35-mile trend with over 430 miles of mapped roll-fronts. The Company’s strategic relationship with enCore Energy Corp., America’s Clean Energy Company™, offers a mutually beneficial ‘pathway to production,’ with enCore retaining the right to back- in to 51% ownership in the flagship Kaycee Project in Wyoming’s prolific Powder River Basin.

About The New Orleans Investment Conference

The New Orleans Investment Conference is the one place where the world’s most sophisticated investors gather every year to discover new opportunities and strategies, exchange ideas, plan for the coming year and enjoy the camaraderie of like-minded individuals in America’s most fascinating and entertaining city.

For more information or to register for the 50th Annual New Orleans Investment Conference by clicking here.

For further information:
Gregory Huffman, Chief Executive Officer
P: 647-519-4447
E: info@nfuranium.com
W: www.nfuranium.com

The Canadian Securities Exchange has not reviewed this press release and does not accept responsibility for the adequacy or accuracy of this news release.

Certain information in this news release constitutes forward-looking statements under applicable securities laws. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as ‘may’, ‘should’, ‘anticipate’, ‘expect’, ‘potential’, ‘believe’, ‘intend’ or the negative of these terms and similar expressions. Forward-looking statements in this news release include, but are not limited to, statements relating to planned exploration programs and the results of additional exploration work in seeking to establish mineral resources as defined in NI43-101 on any of our properties. Forward-looking statements necessarily involve known and unknown risks, including, without limitation, risks associated with the completing planned exploration programs and the results of those programs; the ability to access additional capital to fund planned and future operations; regulatory risks including exploration permitting; risks associated with title to our mineral projects; the ability of the company to implement its business strategies; and other risks including risks contained in documents available for review at www.sedar.com under the Company’s profile. Readers are cautioned not to place undue reliance on forward-looking statements as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement.

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To view the source version of this press release, please visit https://www.newsfilecorp.com/release/228942

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