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Labrador Gold Announces Sale of Kingsway Project


Labrador Gold Announces Sale of Kingsway Project – Toronto Stock Exchange News Today – EIN Presswire




















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Kurmuk Mining’s gold ambitions on hold as Benishangul officials air doubts over “legitimacy”

Kurmuk Gold Mining Plc says its operations in the gold-rich Benishangul-Gumuz Regional State are being hindered by regional authorities, whom it accuses of refusing the company access to mining sites.

“[The company] will be forced to close its exploration camp and send all its employees home until a solution to these problems is achieved,” reads a letter from Kurmuk Gold Mining (KGM) to the Ministry of Mines on February 27, 2024.

The firm holds three gold exploration licenses in Benishangul, located near the border with Sudan.

Kurmuk was formerly under ASCOM, an Egyptian mining company, before it was re-established as KGM following the political changes of 2018. It was awarded a license to look for gold in Dul Ashashire that year, while the Mestefinfine and Abestelo exploration licenses were issued in 2021.

“Local authorities have denied access to the Dul Ashashire exploration area. KGM has repeatedly requested a support letter from Kurmuk Woreda to access the Dul exploration target for core drilling but the requests have not been accepted,” reads the letter to the Ministry. “KGM is not currently conducting any exploration under this license.”

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The firm goes on to accuse the Benishangul-Gumuz Water, Mine, and Energy Resource Development Bureau of refusing to endorse the exploration licenses granted to it by the Ministry

“KGM could not get access to the exploration license areas,” reads the letter signed by Brox Work, general manager at the firm. “Due to the problems created by regional authorities, it is impossible to implement the approved work program under the three exploration licenses as planned.”

Brox responded to inquiries from The Reporter by saying the problems are “currently being resolved” but declined to comment further. Officials from Benishangul-Gumuz declined requests for comment.

“The problem is KGM license areas are occupied by artisanal miners,” Awoke Tesfaye, communications director at the Ministry of Mines, told The Reporter. “The problem is directly linked to the regional government. We are trying to solve it together.”

KGM secured its licenses during Takele Uma’s tenure as minister of Mines.

Sources at the Benishangul Mine Resource Development Bureau told The Reporter there are two major concerns surrounding KGM’s projects.

“The regional government has questions about the legitimacy of the licensing process. The federal authority did not consult the regional government before taking the license from Ascom and awarding it to Kurmuk,” said the source, who spoke anonymously. “The second major issue is that the federal government reserved 100 hectares of gold-rich land for KGM. This land is the livelihood for a large number of people. Because the population of Benishangul has no culture of farming and livestock, their livelihood depends on artisanal mining. It’s difficult for the regional government to displace the artisanal miners from the land earmarked for the investment.”

KGM is a subsidiary of Allied Gold Corp, a mining company based in Canada, according to its website.

Kurmuk’s license to explore for gold in what is thought to be the area holding largest gold reserves in the country previously belonged to ASCOM Mining Ethiopia Plc, which acquired the license during the EPRDF regime.

ASCOM, a leading Egyptian state-owned mining firm, transferred its shares in Kurmuk to Allied Gold following the political transition of 2018. KGM holds a 20-year concession for gold mining in a 100 square kilometer plot covering the Dish Mountain and Ashashire deposits, with gold exploration licenses covering an additional 1,450 square kilometers in Benishangul, according to a prospectus presented to investors in September 2023.

Experts in the field say Ethiopian officials overestimated the company’s capacity when they awarded a concession covering 100 square kilometers of land in September 2021. The Ethiopian government holds a seven percent stake in the Kurmuk project, according to the document from September 2023.

KGM initially planned to start early works in the final quarter of 2023, with its eye on commercial production in 2026, according to company documents. It was looking to produce close to seven tons of gold annually over the first years of production with a total investment capital requirement of half a billion USD, according to the document.

However, Allied Gold’s financial statements reveal that Kurmuk’s total assets stood at less than USD 200,000 as of September 30, 2023.

The disagreements with regional authorities and security issues mean that it will take a longer time before any gold is pulled out of the ground at Kurmuk, according to sources close to the issue.

However, these sources also claim that KGM is intentionally delaying its operations using various issues as pretext because the company lacks the financing to start its work. According to these sources, the company is using the licenses to boost Allied Gold (AAUC) share value on the Toronto Stock Exchange.

Some insiders claim illicit gold mining is already underway in Kurmuk with the full knowledge of KPM management.

Work, the general manager, denied the allegations.

He told The Reporter that the company has been unable to import mining machinery and equipment because federal authorities failed to approve its requests.

However, officials at the Ministry of Mines told The Reporter they have no records of such requests or denials.

Chart Scan – Apr 19, 2024

Chart Scan – Apr 19, 2024

COIN.V – Tokens.com Corp.

LIFT.V – Li-FT Power Ltd.

RECO.V – Reconnaissance Energy Africa Ltd.

SAY.V – Sparta Capital Ltd.

WLLW.TO – Willow Biosciences Inc

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Silver Mountain Announces Upsize of Previously Announced Public Offering of Units to $9 Million


Silver Mountain Announces Upsize of Previously Announced Public Offering of Units to $9 Million – Toronto Stock Exchange News Today – EIN Presswire




















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Tinga Valley Property to boost copper-gold Portfolio in 2024

Canadian gold mining company Great Pacific Gold Corp’s plan to acquire Tinga Valley Copper & Gold Corp, will see GPAC take over the highly prospective Tinga Valley Property in Papua New Guinea.

Great Pacific Gold Corp in a market announcement confirmed that it has entered into an amalgamation agreement dated April 12, 2024, with privately held Tinga Valley Copper & Gold Corp to acquire the Tinga Valley Property, a highly prospective Papua New Guinea copper-gold project.

The Tinga Valley Property, spanning 347 sq km, is located 140 km along strike of the world-class Ok Tedi Copper-Gold Mine. The property is highly prospective for large and high-grade porphyry style copper-gold mineralization and associated massive sulphide-magnetite skarn mineralization. Several large high priority drill targets have already been identified over a 2.5km x 1.5km footprint.

This property is expected to complement an extensive copper-gold portfolio in PNG, with
exploration planned to unlock major Copper, Gold Porphyry potential in 2024.

According to Great Pacific Gold, historic surface exploration work has identified extensive Copper and Gold grades across a 2km copper mineralized zone, including grades above 1.97 per cent Cu and 12.7g/t Au.

Great Pacific Gold CEO Bryan Slusarchuk stated, “The Tinga Valley Property is known to host significant size and grade potential for copper and gold and has been subject of a substantial amount of preliminary exploration work that has resulted in excellent drill targets. This acquisition adds to an already large and commanding land position within a country that hosts some of the world’s most important copper and gold deposits. With a strong treasury, in-country expertise, and an excellent technical team, we are well positioned to advance on multiple projects within PNG.”

Tinga CEO Martin Pawlitschek echoed these sentiments, noting that the Tinga Valley Property has the potential to host both large size and high-grade deposits.

He added, “Today’s transaction will benefit local communities, Tinga shareholders and all stakeholders as we combine an excellent project with a well-financed entity consisting of team members having a track record of success advancing projects through large-scale exploration in PNG.”

The acquisition is subject to the approval of the Toronto Stock Exchange (TSX) Venture Exchange acceptance and the satisfaction of other customary conditions.

The shareholders of Tinga will receive 12,500,000 common shares of GPAC, and each Tinga Shareholder will receive one Common Share for every one Tinga Share held. The Common Shares issued to the Tinga Shareholders will be subject to voluntary restrictions on resale.

This acquisition marks a significant milestone for Great Pacific Gold, which already boasts a portfolio of high-grade gold projects in Papua New Guinea and Australia.

Venture 50: Early-stage research & development draw investors to clean tech & life sciences sector

While investors continue to show incredible interest in supporting energy transition, they are also paying close attention to early-stage research and development. TSX Venture Exchange’s (TSXV) 2024 Venture 50™ list highlights this trend, with the top-ranked clean tech and life sciences companies posting an average share price appreciation of 87% and average market capitalization increase of 128% over 2023.

That growing investor interest in research and development for biotech companies is front and centre on this year’s ranking. Despite some of these companies not yet being revenue producing, investors are demonstrating their confidence in the potential of scientific advancements and their transformative impact on society.

Canadian bioscience firm Satellos Bioscience Inc. (TSX: MSCL) is a prime example of this trend. The company’s work in regenerative medicine has captured the attention of investors, who see value in its research to treat degenerative muscle diseases. Although its oral, small molecule drug is still in development, investors have shown interest in its potential to treat Duchenne muscular dystrophy.

That confidence is leading to growth. With nearly $50 million in financing to advance development, Satellos recently graduated from TSXV to Toronto Stock Exchange.

“Research and development-focused companies can represent a riskier asset class, so the interest we are seeing is a testament to well-managed organizations with great potential that investors are willing to support,” said Dani Lipkin, Managing Director, Global Innovation Sector, Toronto Stock Exchange and TSX Venture Exchange. “Investing in R&D indicates a significant evolution in investor confidence and an increased appetite for sectors that are high risk but also potentially high reward.”

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The 2024 ranking features R&D-focused life sciences firms and also shows a growing interest in companies supporting the energy transition. Together, these 10 companies are playing a role in advancing Canada’s innovation agenda.

It also suggests a more future-looking approach among investors. They are betting on the long-term potential of these companies, recognizing that today’s scientific breakthroughs could become tomorrow’s groundbreaking therapies.

NervGen Pharma Corp. (TSXV: NGEN), another biotech company on the 2024 Venture 50 list, recently finished its phase one clinical trial for a drug intended to enable the nervous system to repair itself after injury. It also received fast-track designation from the U.S. Food and Drug Administration to begin clinical trials for a potentially revolutionary spinal cord injury drug.These advancements have pushed the company closer to getting the treatment onto the market–and investors have taken note. They recently completed a $23 million bought deal, a significant influx of venture capital that can help fuel NervGen’s operations and growth.

“Canadian companies are leading the way on cutting-edge solutions, from developing novel medical treatments to pioneering new clean energy technologies,” Lipkin said. “That makes these companies attractive to investors looking to ensure intellectual property is generated in and remains in Canada to drive economic growth.”

Along with R&D-focused life sciences firms, this year’s clean tech and life sciences ranking also shows a growing interest in companies supporting the energy transition. At the top of the list is Westbridge Renewable Energy Corp. (TSXV: WEB), a solar company at the forefront of this trend. Its work in harnessing utility-scale solar power is contributing to the global shift towards renewable energy sources.

Other notable players in cleantech include GreenPower Motor Company Inc. (TSXV: GPV), which manufactures purpose-built electric cargo vans, shuttles, and school buses, as well as CHAR Technologies Ltd. (TSXV: YES), which transforms woody materials and organic waste into renewable energy.

“There was a strong showing for cleantech companies on the 2024 Venture 50 list, once again highlighting investors’ interest in alternative fuels and energy options,” Lipkin noted. “Investors increasingly acknowledge the importance of decarbonization and the pivotal role of cleantech companies in achieving this goal.”

As the effects of climate change become clearer, these companies are helping the global push towards cleaner, more sustainable energy sources.

The transition to a low-carbon economy also presents significant economic opportunities. The alternative energy sector is expected to experience substantial growth, creating new industries and jobs. Plus, investors are increasingly placing emphasis on environmental, social, and governance (ESG) factors in their investment decisions. Investing in alternative fuels aligns with ESG goals and demonstrates a commitment to sustainable practices.

Overall, this year’s Venture 50 ranking reflects the growing interest in companies that can advance Canada’s innovation agenda.

To learn more about the clean technology and life sciences issuers on the 2024 Venture 50, watch this playlist. You can view the complete list of ranked companies, including those in the diversified industries, energy, mining, and technology sectors on our website.
 


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