MINEX Forum

Tag: gold

  • Kingsrose-BHP Alliance Uncovers High-Grade Copper and Precious Metals in European Exploration

    Kingsrose-BHP Alliance Uncovers High-Grade Copper and Precious Metals in European Exploration

    Kingsrose Mining Limited (ASX: KRM) has announced significant progress in its exploration alliances with global mining giant BHP, targeting critical minerals in Norway and Finland. The joint efforts, part of one of Europe’s largest generative exploration programs, have yielded high-grade copper, gold, silver, and platinum group elements (PGEs), signaling potential for major discoveries.

    In Norway’s Finnmark region, rockchip sampling revealed exceptional results, including 29.7% copper, 1.1 g/t gold, and 0.54 g/t palladium at the Porsanger target, and 4.4% copper with 1.8 g/t gold at Virdnechokka. These findings, hosted in sulphide veins, suggest proximity to deeper magmatic systems, akin to Anglo American’s Sakatti deposit in Finland. A 5,067-line km airborne gravity survey and 208 rockchip samples underpin the 2024 campaign, with helicopter-borne electromagnetic surveys slated for February 2025 to identify conductive bodies indicative of massive sulphides.

    In Central Finland, the alliance focused on the Kotalahti Nickel Belt, historically rich in nickel-copper deposits. Drone and ground magnetic surveys covering 4,980-line km identified new mineralized zones at the Rehula target, including a 0.46% copper and 110 ppm cobalt sample. The program aligns with Kingsrose’s strategy to discover new polymetallic “camps” through systematic geophysical and geochemical analysis.

    Managing Director Fabian Baker emphasized the success of advanced exploration techniques and stakeholder collaboration, stating, “These results underscore the prospective nature of these underexplored regions. Our commitment to environmental and social values ensures sustainable progress.” The company has engaged Indigenous communities and conducted biodiversity surveys to secure social licenses, particularly in Sami-inhabited areas of Norway.

    With 2.7millionofa5 million Year 1 budget spent, Kingsrose plans further fieldwork in 2025, leveraging BHP’s expertise to prioritize drill targets. The alliances highlight Europe’s growing role in supplying critical minerals amid global decarbonization efforts.

    Kingsrose, a ASX-listed explorer, holds 100% interests in the Finnmark and Central Finland projects, backed by BHP’s Xplor accelerator program. Forward-looking statements caution inherent risks, but the findings position the company as a key player in Europe’s mineral exploration frontier.

    For more details, visit www.kingsrose.com.

  • Erdene Resource Development: A Dual Promise of Near-Term Gold Production

    Erdene Resource Development: A Dual Promise of Near-Term Gold Production

    Erdene Resource Development Corp. (ERD.CA) is gaining attention as a standout investment opportunity, combining imminent gold production with significant exploration upside.

    The company’s flagship Bayan Khundii (BK) deposit in Mongolia is on track for its first gold pour by mid-2025. BK’s high-grade, open-pit structure and favorable economics position it as a key driver of Erdene’s growth. With proven and probable reserves of 513,700 ounces of gold and an average head grade exceeding 3 g/t — three times the global average for open-pit mines — the project boasts an after-tax net present value of $275 million (at $2,200/oz gold) and an internal rate of return of 49%. All-in sustaining costs are projected to be just $869/oz, suggesting robust profitability in today’s high gold price environment.

    Exploration in a High-Potential District
    Erdene holds a 50% stake in the broader Khundii district, which it controls alongside Mongolian Mining Co. Over the years, the company has identified several additional gold and polymetallic targets within the district.

    The Khundii region lies within the Central Asian Orogenic Belt, known for hosting world-class deposits such as Kumtor (14 million ounces), Almalyk (25 million ounces), Muruntau (140 million ounces), and Oyu Tolgoi (62 million ounces). Ongoing exploration suggests that Khundii could develop into a similarly large-scale gold district.

    Drilling programs across Erdene’s property licenses have consistently delivered high-grade results, and the company expects more market-moving updates as the year progresses.

    Progress Toward Production
    Erdene and its local partner are rapidly advancing the BK project toward construction and cash flow. The company’s ability to pair near-term production with continued exploration success highlights its unique value proposition.

  • Navoi Mining and Metallurgical Combine Boosts Production by 39% in 2024

    Navoi Mining and Metallurgical Combine Boosts Production by 39% in 2024

    Navoiy Mining and Metallurgical Combinat (NGMK), Uzbekistan’s leading gold mining company, has shared its 2024 performance results. In 2024, NGMK produced goods worth 93.9 trillion sums, representing a 5.3% growth compared to 2023. However, when compared to the 2023 report, the production volume in sum terms increased by 39.1%.

    NGMK paid 57.5 trillion sums in taxes and dividends to the Uzbekistan state budget.

    Investment programs were implemented with a total value of $790 million, creating 715 new jobs. As part of the localization program, NGMK produced goods worth 916 billion sums and procured products worth 6.2 trillion sums through inter-industry industrial cooperation.

    By implementing a set of measures to optimise costs, NGMK managed to reduce the production cost by 3.7 trillion sums.

    In October 2024, NGMK issued its first Eurobonds worth $1 billion on the London Stock Exchange (LSE). The bonds consist of two tranches: one worth $500 million with a four-year maturity and a 6.7% annual coupon rate, and another worth $500 million with a seven-year maturity and a 6.95% annual coupon rate.

    The total demand for the Eurobonds reached $5.5 billion, the highest for Uzbekistan issuers since the first sovereign bond issuance in 2019. NGMK plans to issue another $500 million worth of Eurobonds in 2025.

  • Kumtor: Securing Kyrgyzstan’s Mining Future

    Kumtor: Securing Kyrgyzstan’s Mining Future

    “Despite recent challenges, the Kumtor mine continues to generate profit, and the gold reserves in the tailings and other deposits are sufficient for the further development of Kyrgyzstan’s mining industry.” This is the opinion of Duishenbek Kamchybekov, Chairman of the Board of the Association of Miners and Geologists, and Doctor of Technical Sciences.

    According to him, the difficulties arose in 2021 due to a crack in block 20.

    “This was indeed a critical moment for the country’s mining industry. If the block had ceased operating, the consequences could have been severe, as gold production in the republic depends on the functioning of this deposit. Previously, 93-97 per cent of Kyrgyz citizens worked in the mining industry, and many of these professionals still work in this field. The mine employees noticed the problem with the crack, took the correct measures, and work continued. This allowed the plan to be fulfilled and production to be maintained,” the expert explained.

    He stated that Kumtor remains the most important project in Kyrgyzstan’s mining industry. At the start of the project in 1994, it was stated that the Kumtor deposit contained 716 tonnes of gold. Before the departure of the Canadian company Centerra Gold, it had extracted about 400 tonnes of gold, with revenues of approximately $14 billion, of which about 30 per cent was allocated to expenses, wages, and social payments. As of 1 October 2024, a further 72 tonnes of gold have been mined, and the net profit amounted to $174 million.

    “Despite initial problems, the project continues to generate significant profit and benefit the country’s economy. We can be proud that the gold mined at Kumtor remains in the Kyrgyz Republic. It is important to note that this project continues to develop and bring benefits to the republic. We are seeing an increase in production volumes and profits, which has a positive impact on the economy,” said Duishenbek Kamchybekov.

    For example, as of 1 October this year, 9.5 tonnes of gold have been mined at Kumtor. According to the expert’s forecast, this year’s plan will be fulfilled.

    Calculations show that, in addition to current expenditures, Kumtor has sufficient gold reserves for open-pit mining until 2028-2029. However, further development requires additional research. Duishenbek Kamchybekov emphasises that there are approximately 115 tonnes of gold reserves underground. The company has already obtained a licence to mine them.

    The Head of the Association also spoke about the tailings. He noted that Kumtor’s tailings undoubtedly have the potential for gold extraction, which could significantly impact the country’s economy.

    “Today, the tailings contain about 118 tonnes of gold. Canadian specialists have carried out work, and tenders have been organised for the processing of waste, which has yielded results. However, the process of extracting gold from tailings is a complex task, as gold and cyanide remain in the ore, which are difficult to extract. Today, there are various approaches, including the use of bacteria for processing, but this requires high energy consumption and sophisticated equipment. Perhaps, in the future, a more efficient technology will be developed, which will allow work to continue in this direction,” concluded Duishenbek Kamchybekov.

  • Terra Balcanica Resources CEO Updates Exploration Progress in Bosnia-Herzegovina

    Terra Balcanica Resources CEO Updates Exploration Progress in Bosnia-Herzegovina

    Aleksander Miskovic, CEO of Terra Balcanica Resources, spoke with Steve Darling from Proactive to provide an update on the exploration drilling conducted within the Viogor-Zanik project in Bosnia-Herzegovina. The company completed approximately 2,200 meters of drilling, with a focus on a shallow, high-grade, silver-dominated, intermediate sulfidation polymetallic vein system at the Chumavichi locality.

    The maiden drillhole at Chumavichi Ridge yielded promising results, intercepting 824.2 grams per tonne (g/t) of silver equivalent (AgEq) over 4.0 meters from a depth of 29 meters, including 1,634.4 g/t AgEq over 2.0 meters. Another drillhole at Chumavichi Ridge intercepted 816.1 g/t AgEq over 2.0 meters. Additionally, exploration efforts targeted the Brezani area, revealing a surficial auriferous skarn overlaying an Ag-Pb-Zn-Au mineralized, northeast-shallowing structural system, situated above porphyry andesites stock from a depth of 550 meters. Drill testing of the 650-meter-wide conductivity high at Brezani resulted in intersections of 0.61 grams per tonne (g/t) of gold equivalent (AuEq) over 88.0 meters and 0.58 g/t AuEq over 28.6 meters.

    In uranium exploration, Terra Balcanica has acquired licenses on the outskirts of the Athabasca Basin in Saskatchewan. Partnering with Fulcrum Metals PLC, they aim to explore a 600 square kilometer area targeting Beaver Lodge and basement-style uranium mineralization. Initial steps include airborne geophysics and ground truthing, followed by drilling the ranked targets. Mišković expressed excitement about the potential for shear-hosted gold, VMS, nickel, and copper in the portfolio. The company anticipates a robust stream of news releases in the coming months, reflecting ongoing activities in Serbia and Bosnia, amidst favorable market conditions for gold and silver.

  • How much gold does the UK own compared to other countries?

    How much gold does the UK own compared to other countries?

    Several countries around the world are stockpiling gold as a strategic reserve. Here’s a rundown of some of the key players and the amount of gold they hold:

    1. USA: The United States leads the pack with a massive 8,133.46 tonnes of gold bullion, stored in various depositories across the country, including the famous Fort Knox.

    2. Germany: Coming in second, Germany holds 3,352.65 tonnes of gold. Concerns during the Cold War led Germany to spread its gold reserves globally, with a significant portion repatriated in recent years.

    3. Italy: Italy holds slightly more gold than France, with 2,451.84 tonnes stored in vaults in Rome and abroad, managed by the Banca d’Italia.

    4. France: France has stockpiled 2,436.97 tonnes of gold, acquired largely during the 1950s and 1960s. Most of its reserves are held in vaults under the Banque de France in Paris.

    5. Russia: Russia has been aggressively increasing its gold reserves, currently holding 2,332.74 tonnes. This move is seen as a strategic effort to reduce reliance on the US dollar.

    6. China: China boasts 2,235.39 tonnes of gold, making it the world’s largest gold producer and a significant importer as well. The country’s reserves have been steadily increasing over the years.

    7. Switzerland: Switzerland holds 1,040 tonnes of gold, with the majority stored at home. The country’s reputation for financial stability has made it a preferred location for storing gold.

    These countries, among others, view gold as a valuable asset for diversifying their reserves and protecting against economic uncertainty.

  • Growing value through discovery in the Balkans

    Growing value through discovery in the Balkans

    Terra Balcanica, a junior Canadian explorer of critical metals, eyes untapped opportunities at Europe’s doorstep.

    What do you get when you combine a millennia of mining history, two resource extraction-friendly European jurisdictions with clear paths to permitting mineral exploration concessions, a knowledgeable workforce, and a continent starved for critical metallic resources?

    Add to that a world class metallogenic expertise and a plethora of innovative geochemical and geophysical techniques that helped define grassroot drill targets in less than a year, all of which proved to be mineralised. Welcome to Terra Balcanica Resources Corp. and its ~350km² polymetallic portfolio of the Western Balkan Peninsula.

    Terra Balcanica is a junior Canadian explorer of precious and base metal resources in Europe’s front yard, where it has been advancing five exploration licenses in Bosnia and Serbia. Listed on both the Canadian Securities Exchange, and the Frankfurt Stock Exchange, the company has made strides since acquiring its flagship land package in eastern Bosnia in 2020.

    Called the Viogor-Zanik Project, the 215km² aggregate of licences surrounds the operation Sase mine (Mineco Ltd.) with an annual production of 350,000 tonnes of Pb-Zn-Ag+/- Sb concentrate, and is centred upon a mining district mined as far back as the Roman times when it was known as Argentaria.

    A multidisciplinary approach to target definition

    In slightly over three years, Terra’s technical and field teams have mapped, sampled, surveyed, and drilled two out of three highly prospective target zones within the only Oligo-Miocene manifestation of the highly prolific Western Tethyan orogen in Bosnia and Herzegovina.

    The belt, whose mapped southeastern extension reaches Afghanistan via the Balkans, Turkey, and Iran, features world class porphyry copper and epithermal gold-silver deposits (Sarcheshmeh, Sari Guni, Kişladag, Skouries, Olympias, Trepca), and terminates right at Terra Balcanica’s feet as the metalliferous Srebrenica Magmatic Complex.

    Here, a meticulously systematic approach of layering dozens of data sets obtained by months of lithological and structural mapping, combined by those gained from airborne geophysics, satellite multispectral terrain surveys, and thousands of rock and soil chemical assays revealed two genetically distinct, yet equally attractive targets worth drill testing.

    And drill, Terra did. Both the Cumavici and Brezani targets were tested to the tune of over 2,000m of diamond drilling, respectively, with attractive metal grades intercepted close to surface but the story does not stop with Bosnia.

    In neighbouring Serbia and another mining heavyweight of Europe (e.g. Timok District), Terra Balcanica operates two exploration concessions in the historic Rashka district, once home to many a medieval Saxon miner employed by the Serbian kings of the epoch.

    Here, the Ceovishte and Kaludra licences comprise a 130km² land portfolio rich in Zn-Pb-Ag-Au-Cu showings. Particularly interesting is the former, where Terra’s geologists have collected high-grade precious metal samples on-surface that overlay historical workings featuring highly enriched vein-hosted mineralisation. None of the Serbian targets have been drill tested to date, and remain Terra’s immediate focus for the 2024 Phase III campaign.

    As only the second (foreign) mineral explorer in Bosnia, Terra Balcanica is poised to capitalise on regional early-mover opportunities, while remaining a nimble, agile, and cost-effective explorer of choice in SE Europe.

    For many at Terra, discovering mineable resources needed by the world of tomorrow is not just a self-evident mission but an homage to the proud, century-long history of mining in Europe.

    The art of discovery

    Ours is a disciplined and creative team of mining professionals that has demonstrated an ability to make discoveries in places overlooked or abandoned by others, and to leverage these forgotten or neglected gems as incubators of the mining continuum, and value creators for our shareholders.

    Whether it is systematically rehashing volumes of archived data sets, modelling newly acquired geophysical data, or rapidly ground-truthing the rugged vast expanse of the Western Balkan Peninsula aimed at targeting the ‘sweet spots’ – discovery is in our geological DNA. Our leadership group and technical team are fully vested and singularly committed to this goal.

    The Čumavići target

    Within the Viogor-Zanik Project of eastern Bosnia and Herzegovina lies the Čumavići target. This shallow, high-grade, polymetallic target area extends for over seven kilometres NW/SE through the project. Tens of mineralised showings which returned assay grades up to 128 g/t silver and 20% zinc are visible alongside historic mining works. Silver-zinc-manganese-antimony all show anomalism in soil geochemistry, coupled with linear magnetic low responses (indicative of possible host structures).

    Terra has completed diamond drilling at two locations and discovered polymetallic veins and breccias returning assay grades up to 11m at 505 g/t silver equivalent (gold-silver-lead-antimony-zinc recalculated to the value of silver) in 2022 drillhole CMVDD004.

    Individual drill core samples have returned values as high as 1,420 g/t silver over 1.7m and 31% combined lead and zinc over 90cm. Terra has only scratched the surface of the Čumavići story and is excited to continue drilling in 2024. As more mineralisation is discovered within the Čumavići corridor it is worth noting the proximity of Terras discovery to the operating Sase Mine, actively depleting their ore reserves.

    The Brežani target

    Just 11km to the southeast, within the Viogor-Zanik Project. lies the Brežani target. A greenfield discovery in 2021, Brežani presents a kilometre-scale mineralised hydrothermal system first identified as a large magnetic anomaly, coupled with over 700m strike length of elevated gold in soil. Drilling at the target has revealed not only that the gold on surface extends down to 88m (results from drillhole BREDD002) but is also host to strong epithermal mineralisation at depth.

    The gold in drill core was consistent at 0.5 g/t, reaching up to 1.5 g/t for six metres. Brežani represents the only gold mineralised skarn (a calc-silicate rock) in Bosnia and Herzegovina and is set to grow with further drilling.

    Recently discovered and extensive epithermal mineralisation encountered downhole shallows to the east-northeast, where a similar element assemblage of silver-arsenic-antimony is present within rock and soil samples from a topographic low, coupled with a magnetic low. This offers shallower drill targets for this prospective polymetallic mineralisation.

    Prospective work at Ceovishte

    Terra Balcanica also operates in neighbouring Serbia, where it holds 80km² of highly prospective land in the historic Raška mining district. The Ceovishte Project represents a previously overlooked high grade gold-copper target with surface rock chip assay results up to 64 g/t gold and 2% copper.

    What is in store for 2024?

    As a regional Balkans explorer, Terra Balcanica has proven capabilities of identifying prospective projects and discovery mineralisation. Being on the doorstep of Europe, and given the demand for critical metals such as lithium, Terra has identified a prospective area and is looking to move into the battery metal exploration space.

    The western Balkan Li-B (lithium-boron) metallogenic zone spans for over 1,500km through Croatia, Bosnia and Herzegovina, Serbia, and Kosovo along its path to Turkey to the east. The Serbian portion of the zone hosts Rio Tinto’s Jadar Project, a sediment hosted lithium-boron deposit discovered in 2004 hosting indicated resources of 85.4Mt at 1.76% Li2O and 16.1% B2O3 with further inferred resources of 58.1Mt at 1.87% Li2O and 12.0% B2O3 as of 31 December 2021.

    Terra Balcanica is excited to commence its lithium exploration journey in 2024 and add value to an already diversified portfolio of assets.

    Sustainable mineral exploration practices

    At Terra Balcanica, we emphasise responsible engagement with local communities, municipal governments, and key stakeholders. The company is committed to proactively implementing Good International Industry Practice (GIIP) and sustainable health, safety, and environmental management.

    We are particularly proud of our workplace safety and environmental protection record that include safety trainings, baseline environmental surveys, and regular community initiatives. The goal is to have our employees return to their families safely while maintaining a minimal environmental footprint.

  • NewPeak sells Finland, NZ gold assets as it switches to battery metals

    NewPeak sells Finland, NZ gold assets as it switches to battery metals

    Australia-based NewPeak Metals has announced the sale of its Finland and New Zealand gold permits as part of the company’s strategic rejuvenation plan to focus on battery and critical metals.

    The ASX-listed company on Monday announced a binding term sheet to sell 100% of its interest in its Finnish subsidiary companies to Canco – a Canadian unlisted private company, run by resource entrepreneur Emma Fairhurst.

  • Underground gold mining has begun at the Kumtor deposit in Kyrgyzstan

    Underground gold mining has begun at the Kumtor deposit in Kyrgyzstan

    Underground gold mining has begun at the Kumtor deposit, the press service of the Kyrgyz government reported on Thursday.

    “The First Deputy Chairman of the Cabinet of Ministers of Kyrgyzstan Adylbek Kasymaliev launched a project for underground gold mining at the Kumtor deposit,” the press service reported.

    According to preliminary calculations, using the underground mining method it will be possible to obtain 115 tons of gold.

    According to Kasymaliev, this ore mining method will help increase gold production, as well as reduce the negative impact on the environment, including glaciers.

    “We look forward to the successful implementation of this project, given its environmental importance and economic efficiency,” he said.

    Currently, gold mining at Kumtor is carried out by open-pit mining.

    Kumtor is one of the largest gold mines in Central Asia, located in the Issyk-Kul region in northern Kyrgyzstan, 60 km from the border with China at an altitude of more than 4 thousand meters.

    Kumtor was one of the largest foreign investment projects in Kyrgyzstan. The mine was owned by Canadian Centerra Gold Inc., which operated it through its subsidiary Kumtor Gold Company in accordance with a 2009 agreement with the country’s government.

  • Erdene Secures $80M to Build Mongolia’s Largest Gold Mine

    Erdene Secures $80M to Build Mongolia’s Largest Gold Mine

     We are very pleased to close the financing for the Bayan Khundii Gold Project with our strategic partner MMC, Mongolia’s leading publicly traded mining company. With the first gold scheduled in 2025, Bayan Khundii will be one of the highest grade, open pit gold mines globally and Mongolia’s largest primary gold producer when it reaches full production.

    Peter Akerley, President and CEO, Erdene Resource Development Corp.

    Akerley continued, “The strengthening of our relationship with MMC through this financing supports our goal of creating a major new mining district in southwestern Mongolia. With MMC’s experience in large-scale mining, expertise in construction, power supply, transportation and logistics, and national and international relationships.”

     The Bayan Khundii Gold Project will form a strong foundation for future growth in the Khundii Minerals District. Together we will grow the Mongolian mining sector, increase the industry’s contribution to the national economy, and create value for our shareholders.

    Peter Akerley, President and CEO, Erdene Resource Development Corp.

    Bayan Khundii Financing

    Erdene and MMC signed a financial agreement to build the Bayan Khundii Gold Project. The funding is set up as a shareholder loan from MMC to Erdene Mongol LLC which is a joint venture between Erdene and MMC and has the mining licenses for Bayan Khundii, Altan Nar, and the extremely promising Ulaan exploration license.

    The US$50 million shareholder loan will finance the building of the Bayan Khundii gold mine and processing complex.  Up to five tranches totaling at least US$5 million may be drawn from the loan. The loan will mature five years after the initial draw date, and interest will be charged at a rate of 13.8 %, which will be paid in arrears every three months.

    The first four interest payments are capitalizationable at EM’s discretion. When the loan matures, it will be fully repaid. Under the same conditions, MMC may choose to make available an additional US$30 million. Additionally, EM and commercial banks in Mongolia are negotiating a loan package for up to $30 million.

    A 50 % guarantee from Erdene and Erdene’s interests in the Project, including its shares of EM and NSR interest and preferential rights over the Khundii, Altan Nar, and Ulaan licenses, will finance the shareholder financing. Under the terms of the companies’ Strategic Alliance agreement, MMC will have first dibs on Erdene’s Zuun Mod project and priority voting rights for as long as the loan is outstanding.

    Erdene also has the option to become a lending shareholder on the same terms as MMC and buy 50 % of the loan.

    This funding comes after MMC invested US$40 million as part of the Strategic Alliance Agreement to acquire a 50 % equity stake in EM. MMC will contribute a maximum of US$120 million toward the Bayan Khundii Gold Project’s development. The Strategic Alliance’s highlights are as follows:

    • The main board of the Hong Kong Stock Exchange lists MMC, as the largest mining firm in Mongolia that is traded worldwide.
    • MMC has made a $40 million investment in EM, Erdene’s Mongolian affiliate that had the Ulaan exploration license in addition to the Khundii and Altan Nar mining licenses.
    • In addition to the first 400,000 ounces of gold recovered, Erdene is still the owner of a 50 % equity position in EM and a 5.0 % Net Smelter Return royalty on production from the Khundii, Altan Nar, and Ulaan licenses. Erdene also retains ownership of any properties purchased within a 700 km2 area of interest.
    • The massive Zuun Mod Molybdenum-Copper deposit and Khuvyn Khar Copper project, which are around 30 km east of Bayan Khundii and next to a proposed railroad development, are both owned 100% by Erdene.