MINEX Forum

Tag: Gold Exploration

  • Strickland Metals Delivers 1.2Moz Maiden Gold Resource at Gradina, Lifting Rogozna Project Scale

    Strickland Metals Delivers 1.2Moz Maiden Gold Resource at Gradina, Lifting Rogozna Project Scale

    Strickland Metals has announced a maiden mineral resource estimate of 1.2 million ounces of gold at its Gradina deposit, significantly enhancing the scale and quality of the broader Rogozna project. The resource carries an average grade of 3.0 g/t gold, a level the company says materially upgrades the overall inventory and underscores the high-grade nature of the discovery.

    The maiden resource was delivered at a discovery cost of just US$10 per ounce, representing a strong return on exploration investment. Managing director Paul L’Herpiniere described the result as outstanding, noting that recent drilling returned multiple high-grade, gold-dominant intercepts along the length of the deposit.

    Gradina’s geometry and grade profile make it well suited to long-hole open stoping, a low-cost underground mining method that uses gravity-assisted ore extraction. The deposit hosts an estimated 3,100 ounces of gold per vertical metre, supporting efficient underground development. Potential access via adits from the eastern flank of the project could further simplify mining and ore haulage.

    The resource has already been optimised using an underground mining model based on a US$2,500/oz gold price and a 1.5 g/t cut-off grade, leaving a wide margin at current gold prices, which are trading above US$4,200/oz.

    Mineralisation at Gradina remains open in all directions. Strickland plans further drilling in several priority areas, including a 10 m to 23 m-wide gap zone between two major resource blocks that has seen little or no testing to date. Additional drilling will also target extensions to the north, south and at depth, where mineralisation remains open over an 800 m strike length.

    Drilling continues across the Rogozna project, with two rigs currently focused on the gap zone and three additional rigs testing regional targets. The company’s next milestone is a resource update for its flagship Shanac deposit, expected early next year.

    Strickland remains well funded, reporting $41.8 million in cash and liquid assets at the end of September, providing ample runway to advance exploration and resource development through the coming year.

  • East Star Resources Signs $25M+ Joint Venture with Endeavour Mining for Gold Exploration in Kazakhstan

    East Star Resources Signs $25M+ Joint Venture with Endeavour Mining for Gold Exploration in Kazakhstan

    East Star Resources Plc has entered into a binding earn-in and joint venture agreement with Endeavour Exploration, a subsidiary of global gold major Endeavour Mining, securing more than $25 million in staged investment for gold exploration across Kazakhstan.

    Under the newly established JV structure, Endeavour can earn up to an 80% stake in a dedicated joint venture company through phased funding. The first stage requires a $5 million investment within two years to secure 51%, followed by a further $20 million over three years to reach 70%. Completion of a NI 43-101 compliant pre-feasibility study would grant Endeavour the final 10% interest.

    East Star will retain a 20% stake upon full earn-in and will manage the joint venture during early operations, receiving compensation for its role. The agreement also includes milestone payments tied to maiden resource and PFS outcomes, to be verified by an independent qualified person.

    CEO Alex Walker described the deal as a transformative step for the company, highlighting Endeavour’s strong discovery and project-development track record, including five mines built in the past decade.

    A webcast for investors will be held on 18 November 2025 to discuss the agreement, with registration available through the Investor Meet Company platform.

  • Strickland Metals Expands Gradina Deposit with High-Grade Gold and Zinc Intercepts

    Strickland Metals Expands Gradina Deposit with High-Grade Gold and Zinc Intercepts

    Strickland Metals has reported a fresh round of encouraging drilling results from its Gradina deposit, part of the 7.4-million-ounce Rogozna gold-equivalent project in Serbia. The latest assays returned several thick gold intervals, including 49 metres at 1.4 g/t gold from 331.2m, highlighted by 14.2m at 3.2 g/t from 365.9m and 6m at 6.2 g/t from 374.2m.

    Additional results included 44.3m at 1.1 g/t gold from 479m, 61.2m at 1.1 g/t from 181.8m with a higher-grade intercept of 5.4m at 6.4 g/t from 229.5m, and 29.9m at 1.3 g/t from 527.1m. A notable 36m section revealed combined gold and zinc mineralisation, grading 1.5 g/t gold and 4.1% zinc from 250m depth.

    “Gradina continues to deliver impressive results, with this latest batch of assays continuing to expand the deposit and reinforce its importance as a key driver of the next phase of resource growth at Rogozna,” said managing director Paul L’Herpiniere.

    Eight rigs are currently drilling across the Rogozna project, three of which are dedicated to Gradina, with the aim of defining a maiden mineral resource later this year. Mineralisation remains open in all directions, both at depth and up-dip towards surface.

    The company recently uncovered a new copper-gold zone at the nearby Shanac deposit, where drilling returned grades of up to 6.8% copper and thick gold-equivalent intercepts exceeding 300 metres.

    With gold prices at record highs near US$3,870 per ounce, Strickland is pressing ahead with a 50,000m drill campaign across Rogozna in 2025, targeting resource growth at both Gradina and Shanac. The company maintains a strong financial position, holding $52.4 million in cash and liquid assets, along with a 15.7% stake in Gateway Mining.

  • Middle Island Resources Begins Exploration at Bobija Polymetallic Project in Serbia

    Middle Island Resources Begins Exploration at Bobija Polymetallic Project in Serbia

    Australian copper and gold explorer Middle Island Resources announced on Wednesday that it has commenced exploration activities at the Bobija polymetallic project in western Serbia, which is prospective for gold, silver, copper, lead, and zinc.

    “The Bobija deposit and surrounding region remains inadequately explored and offers potential for the delineation of significant polymetallic mineralisation through a systematic exploration program. Furthermore, the full extent of the gold mineralisation is yet to be fully quantified, with gold potentially representing a major component,” the company stated.

    Earlier this month, Middle Island signed a binding share sale and purchase agreement to acquire local peer Konstantin Resources, whose Serbian portfolio includes the Bobija, Priboj, and Timok projects. Together, these projects cover 620 square kilometres and are prospective for gold and copper.

    The Bobija project itself comprises six mineral licences across 208 square kilometres. Historic work in the area included exploratory underground development and multiple drilling campaigns during the 1960s and 1980s by the former Yugoslav government, focused on barium, lead, zinc, and silver. Recent limited rock chip sampling by Konstantin Resources returned promising results, including assays of up to 5.24 grams per tonne of gold, 120 g/t of silver, 4.66% zinc, and 4.36% lead.

    Middle Island will seek shareholder approval for the acquisition of Konstantin Resources at a meeting scheduled for late October. The projects are located within the Western Tethyan Belt, a globally significant mineral province hosting major deposits such as Zijin Mining’s Čukaru Peki and Dundee Precious Metals’ Čoka Rakita in Serbia, as well as Rio Tinto’s Jadar project and Dundee’s Vareš project in Bosnia and Herzegovina.

  • First Nordic Metals and Mawson Finland Merge to Form NordCo Gold, a C$259M Scandinavian Explorer

    First Nordic Metals and Mawson Finland Merge to Form NordCo Gold, a C$259M Scandinavian Explorer

    First Nordic Metals (TSXV: FNM), backed by Agnico Eagle Mines (TSX, NYSE: AEM), has announced an all-share acquisition of Mawson Finland to create NordCo Gold, a new gold exploration and development company focused on Sweden and Finland. The combined entity will have a market capitalization of about C$259 million ($187 million), positioning it among the most significant junior gold companies in Scandinavia.

    The move underscores a growing trend of consolidation in the gold sector, as companies seek greater scale and de-risked projects to attract capital in a competitive exploration environment. Investors are demanding larger, development-ready portfolios, and NordCo aims to meet that demand.

    First Nordic brings its 45–55% joint venture with Agnico Eagle at Sweden’s Barsele project, which hosts 324,000 indicated ounces and 2.1 million inferred ounces of gold. It also owns Finland’s Oijärvi project, with 143,000 indicated ounces of gold and 1.2 million ounces of silver. Mawson adds its Rajapalot project in Finland, holding 867,000 inferred ounces of gold with cobalt credits, and supported by a 2023 PEA outlining a 10-year mine life with 1 million ounces of recovered gold, an NPV (5%) of $211 million, and a 27% IRR at $1,700/oz.

    “This combination is about scale, quality and execution,” said First Nordic CEO Taj Singh. “Mawson’s Rajapalot project adds resource growth and development visibility across our expanded portfolio.” Mawson CEO Noora Ahola called the merger “the optimal path forward” for shareholders, citing improved capital markets access and technical expertise.

    The new company will control over 1,230 sq. km of ground across the Nordic region. A concurrent non-brokered financing aims to raise up to C$30 million at C$0.38 per subscription receipt, earmarked for exploration, transaction costs, and working capital.

    Under the deal, Mawson shareholders will receive 1.7884 shares of NordCo for each Mawson share. The merger follows a four-for-one consolidation of First Nordic shares, reducing the count to about 79.6 million. Post-merger and financing, NordCo is expected to have around 139 million shares outstanding. The transaction is subject to shareholder, court, and TSX Venture Exchange approval, with closing expected shortly after Mawson’s December shareholder vote.

    The Barsele joint venture offers exposure to multimillion-ounce resources, Rajapalot brings strong project economics and cobalt credits, while Oijärvi and Paubäcken add silver and exploration upside. Combined, NordCo aims to establish itself as the leading Nordic-focused gold developer.

  • Strickland Metals Reports Further High-Grade Gold Hits at Serbia’s Rogozna Project

    Strickland Metals Reports Further High-Grade Gold Hits at Serbia’s Rogozna Project

    Australian miner Strickland Metals has announced a fresh series of high-grade gold intercepts at the Gradina prospect, part of its expansive Rogozna gold and base metals project in southern Serbia. The latest drill results confirm strong mineralisation at depth and bolster the company’s confidence in the site’s potential.

    Among the standout results were 34.4 metres grading 2.6 grams per tonne (g/t) of gold from a depth of 329.5 metres, including a higher-grade interval of 14.5 metres at 4.4 g/t from 332.1 metres, and another 4.0 metres at 4.0 g/t from 359.9 metres.

    “These latest results continue to demonstrate the continuity of the gold-dominant system towards the northern end of the deposit,” said Strickland Managing Director Paul L’Herpiniere. He added that further assay results are expected in the coming weeks, with a maiden Mineral Resource Estimate for Gradina targeted by late 2025.

    This marks the third set of high-grade gold intercepts from Gradina since May, reinforcing the site’s reputation as a key asset in the Rogozna portfolio. The broader Rogozna project spans 184 square kilometres and contains an estimated 7.4 million ounces of gold equivalent across four exploration licences. Strickland has said Rogozna has the potential to become one of the world’s largest undeveloped gold deposits.

    The company currently has eight drill rigs active on the project, with five focused on Gradina’s southern zone following the completion of drilling in the north.

    In April, Strickland secured a AU$5 million ($3.2 million) strategic investment from Chinese mining giant Zijin Mining Group to help accelerate development at Rogozna. That same month, Strickland completed a $37 million deal to acquire Betoota Holdings, which owns 100% of Zlatna Reka Resources — the Serbian entity holding the Rogozna project.

  • Kazakhstan to Auction 50 Gold and Rare Metal Deposits in June 2025

    Kazakhstan to Auction 50 Gold and Rare Metal Deposits in June 2025

    Kazakhstan’s Ministry of Industry and Construction has announced that 50 deposits containing gold and rare metals will be made available for exploration and production rights via an electronic auction set for June 2025.

    Almas Kushumov, Director of the Ministry’s Department of Subsoil Use, revealed the plans during the MINEX Kazakhstan forum. According to Kushumov, the auction will include deposits with confirmed balance reserves of gold, coal, rare metals, and polymetals.

    The auction will take place through the Unified Subsoil Use Platform (minerals.e-qazyna.kz), and all procedures — including document submission — will be handled online. Licenses granted through this process will cover both exploration and production, with the latter valid for 25 years.

    Companies from the United States, European Union, and China have already expressed interest and submitted applications. The Ministry expects to publish the full list of 50 available deposits in the coming days.

    Between 2023 and 2024, Kazakhstan successfully awarded 117 deposits through similar electronic auctions, raising more than KZT29 billion (approximately $55.9 million) in signing bonuses.

    Kazakhstan currently has over 9,000 registered deposits, including 987 solid mineral sites. Due to outdated geological data—some of it over 30 years old—the government is putting strong emphasis on both exploration and production.

    The 2018 introduction of the Code on Subsoil and Subsoil Use has notably improved the investment environment, reportedly tripling private capital inflow into the sector.

    The state mining firm Tau-Ken Samruk is also pushing forward with exploration at the Kuirektykol rare earth site, where recent studies suggest the potential for significant new reserves that could elevate Kazakhstan’s standing as a global rare earth leader.

  • East Star Resources Discovers Potential Copper and Gold Reserves in Kazakhstan

    East Star Resources Discovers Potential Copper and Gold Reserves in Kazakhstan

    British company East Star Resources Plc has reported the discovery of additional potential copper and gold reserves at the Verkh-Uba, Snezhnoye, and Talovskoye exploration sites in Kazakhstan, with Verkh-Uba identified as the most promising deposit.

    “Recent exploration work has yielded encouraging results across both of our current operational areas. The findings at Verkh-Uba demonstrate that we are advancing this already significant copper asset while refining other targets, including Talovskoye, for near-term drilling. Additionally, the discovery of a large epithermal gold deposit at Snezhnoye, constrained by old artisanal gold workings, is undoubtedly exciting,” said East Star CEO Alex Walker.

    East Star, which has been operating in Kazakhstan for over three years, expressed optimism that 2025 would mark significant progress in all three exploration projects.

    As of February 4, the company completed drilling three boreholes at Verkh-Uba, each confirming copper deposits beyond previously explored areas. All 238 core samples have been sent to ALS in Karaganda for analysis, with results expected by the end of February. Furthermore, satellite data revealed a substantial gold-in-soil anomaly measuring four by one kilometer at the Snezhnoye site.

    Drilling at Verkh-Uba commenced on November 12, 2024, and paused for the winter break on December 19, 2024. Based on analysis results, the company will determine whether to proceed with additional drilling in 2025 and assess the potential for substantial reserves. If viable, East Star may initiate open-pit mining operations.

    Verkh-Uba remains the company’s most promising project, with a preliminary JORC-compliant resource estimate of 20.3 million tonnes containing 1.16% copper, 1.54% zinc, and 0.27% lead. East Star Resources is listed on the London Stock Exchange under the ticker EST.

  • Arras Minerals Reports Significant Gold Intersections at Elemes Project

    Arras Minerals Reports Significant Gold Intersections at Elemes Project

    Arras Minerals Corp. has announced further positive drill results from its ongoing exploration at the Elemes project in Northeast Kazakhstan. The latest findings reveal substantial gold and copper mineralization, reinforcing the project’s potential for large-scale development.

    A highlight of the program is drill hole EL24004 at the Berezski East target, which intersected a significant 304.8-meter zone grading 0.54 g/t gold-equivalent (AuEq), starting from just 1.2 meters below surface. Within this, a higher-grade section of 37.8 meters returned 1.50 g/t AuEq, suggesting the possibility of a sizeable open-pit gold deposit. A deeper zone within the same hole also yielded 50 meters at 0.45 g/t AuEq from a depth of 210 meters.

    At the K-Ozek target, drill hole EL24009 intersected several gold-bearing quartz veins, with a notable interval of 2 meters grading 1.55 g/t AuEq. This supports the presence of a high-grade low-sulphidation epithermal vein system. Meanwhile, drill hole EL24008 at a separate target returned 128 meters of mineralization grading 0.10 g/t AuEq, indicating broader but lower-grade mineralized zones.

    The Elemes project, located in the Bozshakol-Chingiz Magmatic Arc, is positioned near the Bozshakol Copper Mine, one of the largest copper-gold operations in the region. The Phase 1 drill program, which began in September 2024 and concluded in December, has focused on high-priority targets identified through extensive exploration, including geophysical surveys and soil sampling.

    Commenting on the results, Arras Minerals CEO Tim Barry expressed optimism about the project’s potential, particularly at Berezski East. “The continuous near-surface gold mineralization in EL24004 is a major step forward. The results indicate the presence of a large mineralized system that could support an open-pit operation,” Barry stated. President Darren Klinck added that the findings reinforce the Elemes project’s potential to host significant copper and gold mineralization.

    With these encouraging results, Arras Minerals plans to continue its exploration efforts, refining its understanding of the mineralized zones and identifying further opportunities for resource expansion.

  • Lykos Metals Updates Shareholders on Bosnia Mining Projects

    Lykos Metals Updates Shareholders on Bosnia Mining Projects

    Lykos Metals Limited has provided shareholders with key updates on its mining projects in Bosnia and Herzegovina, highlighting progress and strategic adjustments. The company has accepted the government’s proposal to reduce the tenement application size for its Sockovac project, allowing it to prioritize primary drill targets. Meanwhile, the Jezero project’s exploration permit has been extended, with new results indicating promising mineralization.

    Beyond exploration, Lykos Metals is actively evaluating potential acquisitions and capital-raising opportunities to bolster its financial position and maximize shareholder value. These strategic initiatives align with the company’s long-term vision of expanding its asset portfolio and strengthening its presence in the region’s mining sector.

    Lykos Metals focuses on epithermal gold and polymetallic mineralization in Bosnia and Herzegovina. The company remains committed to advancing its projects through exploration and targeted investments.