Shameer Hareeparsad, Director: Geochemistry, WSP in Africa
South Africa has a long and rich history of mining and has some of the best expertise in the world in applications like coal mining, amongst others. While mining activities have significantly contributed to the development and growth of the country’s economy and its position as a hub on the continent, the legacy of mining across the country presents a growing liability.
There are several recent examples of historic underground mines that are creating new hazards in today’s environment and impacting both water systems and terrestrial ecosystems. Legacy mines were typically closed to the standards of the day, with little to no consideration for future changes in surface conditions, climate or development. Because South Africa is a prolific mining player on the continent, and has been for centuries, the country has many mine sites that are poised to pose a variety of problems, ranging from seepage and mine drainage outflows to structural failures.
These different problems have four factors in common. Firstly, they will continue to deteriorate over time. Secondly, they are addressed by temporary measures. Thirdly, the risk and liability they present will also continue to grow. Fourthly, they will result in large expenditures.
Finding the right way to treat the problem of legacy mines presents a challenge. Typically, water treatment is used to manage output from decant (water discharge), but this is only a temporary management tool, not a solution. This approach also has its own complications, such as brine management and long-term storage of sludge, which just creates two additional waste streams that require management forever. However, not treating historic mines invariably presents unexpected problems down the line.
A recent WSP case study on a closed coal mine located in Kwa-Zulu Natal presents a prime example of a historic mine that is now presenting problems. Exploration and drilling at the site of this mine date back to 1896. The mineral rights were purchased by the current owner in 1954 and the mine operated for nearly 50-years before being closed in 2000, where the pumping of water from underground ceased. The site spans approximately 69 km2 and its depth is approximately 250 m below the surface.
While the coal mine has been closed for more than 20-years our 2024 study revealed that it has decant emanating from the underground in unexpected locations – and not at specific locations associated with old entries/shafts reporting to surface. The mine is relatively deep and there is no access to the underground anymore, and the mine plans that are available are not comprehensive.
There is also no existing infrastructure on the surface but there are additional closure activities happening around capping the fines disposal areas which are far removed from the decant areas. The decant areas are on the surface; these areas are not designed for or permitted to have discharge locations. The source of the decant is not clear – other than it is coming from the flooded underground – and there are many potential pathways that could be fuelling the decant.
This poses a critical question; how do we responsibly – and most effectively – rehabilitate legacy mines such as this? Fortunately, the technology to rehabilitate legacy mines has advanced considerably over the past several years. Paste technology offers a viable solution for rehabilitating seepage, as it involves creating high-density, low-moisture mixtures of solid materials and liquids. These pastes are fluid enough to be pumped but stiff enough to be stable after placement.
Furthermore, paste technology offers environmental and economic benefits. It can reduce the risk of particle segregation; improve the stability of deposited tailings; eliminate the pond on top of tailings deposits and potentially lower overall costs. Additionally, mixing paste with cement is used to create Cemented Paste Backfill (CPB), which can refill mined areas. This improves extraction rates and enhances ground stability.
WSP undertook a project to address the aforementioned coal mine, which afforded us the opportunity to consider two possible solutions to address a historic mine and remediate leakage. The first phase of the project entailed examining the possibility of injecting the brine products from the temporary water treatment system back into the underground.
Although the exact injection rate has not yet been determined – which will become clear in the next phase of the project and once the water treatment plant has been commissioned and is operational – the brine itself is known to have high salinity with elevated levels of total dissolved solids (TDS), sulphates, and chlorides. Another solution we are looking at is using paste backfill to plug the preferential pathways to eliminate decant production.
For the brine storage component, initial assessments indicate that underground voids could serve as a viable short-term containment solution. While there are risks around volume capacity, migration potential and geochemical interactions, these can be managed with targeted monitoring and mitigation measures.
At this stage of the project, it is clear that the use of paste backfills to plug preferential pathways to reduce or eliminate the decant from the underground is a better option. This would allow for reduction or elimination of the water treatment step, which is a long-term cost and liability. There is additional work to be done as part of the next phase of the project and to fully assess the option, but currently no fatal flaw exists to rule out using paste backfill.
This project illustrates that paste technology offers a genuine solution to the need to address historic mines. More importantly, it illustrates that even as historic mines can pose challenges, there are workable solutions. Clearly, we cannot undo the reality of South Africa’s many historic mines, which means that rehabilitating these sites using the technologies available is something that the country must address, one way or another. It is our responsibility to mitigate the environmental impacts of historical mining activities, ensuring that future generations are not burdened by ecological harm or degradation. By addressing the legacy of our mining past, we better safeguard a sustainable future for those who come after us.
Shameer Hareeparsad, Director: Geochemistry, WSP in Africa, and colleague Sue Longo, Principal Engineer, WSP in Canada, jointly presented their paper titled, “Rehabilitation of a historic mine with sudden seepage” at Paste 2025 – the 27th International Conference on Paste, Thickened and Filtered Tailings that took place 8–10 April 2025 in Namibia.
About WSP
WSP is one of the world’s leading professional services firms, uniting its engineering, advisory and science-based expertise to shape communities to advance humanity. From local beginnings to a globe-spanning presence today, WSP operates in over 50 countries and employs approximately 73,000 professionals, known as Visioneers. Together they pioneer solutions and deliver innovative projects across sectors: Transportation & Infrastructure, Property & Buildings, Earth & Environment, Water, Power & Energy and Mining & Metals. WSP is publicly listed on the Toronto Stock Exchange (TSX:WSP).
Pambili Natural Resources Corporation, a junior gold miner listed on the Toronto Stock Exchange (TSX), is poised to accelerate its exploration in Zimbabwe after securing a significant financial lifeline from its largest shareholder. The capital raise underscores mounting investor interest in Zimbabwe’s largely untapped gold reserves and positions Pambili at the forefront of a potential resurgence in the country’s mining sector.
Strategic Capital Raise to Support Expansion
Pambili announced it will raise C$500,000 (US$352,000) through a series of convertible loan notes, pending approval from the TSX Venture Exchange (TSX-V). The raise is anchored by Kavango Resources Plc, which has committed C$340,000 (US$239,000), further entrenching its role as Pambili’s cornerstone investor.
“The proceeds of the raise will provide Pambili with the working capital required to develop its Golden Valley A1 mining claim, as well as to conduct initial due diligence on the London Wall option,” said Jon Harris, Chief Executive Officer of Pambili. “We believe the London Wall mine has significant potential to be a company builder.”
The funds will be used to settle outstanding liabilities, sustain operations, and finance exploration across Pambili’s growing Zimbabwean asset base.
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Spotlight on Zimbabwe’s Underexplored Gold Belts
The financing arrives at a pivotal time. Zimbabwe, long viewed as a high-risk mining jurisdiction, is experiencing a cautious reawakening as investors reassess its mineral potential. Pambili’s portfolio reflects a calculated bet on this opportunity.
Last year, the company entered a 12-month agreement with Long Strike Investments to acquire the London Wall group of 21 gold claims in Gwanda, Matabeleland South Province—an area traversed by three major gold-bearing geological structures. Among the claims are two previously producing mines: London Wall and New Jessie.
The acquisition is being marketed as transformational. If successful, it would significantly expand Pambili’s operating footprint, complementing its existing assets—the Golden Valley Mine and the Happy Valley Mine, both located near Bulawayo.
Deal Terms Reflect Junior Market Realities
The capital raise, structured as convertible loan notes, will be redeemed through the issuance of Units priced at C$0.05. Each Unit comprises one common share and one-half of a share purchase warrant. These warrants will entitle holders to buy additional shares at C$0.10 within 12 months.
Pambili will also issue finder’s fees of up to 7% in the form of shares and warrants—standard practice for small-cap resource companies where access to capital remains constrained.
All securities will be subject to a statutory hold period of four months and one day under Canadian law, reinforcing the speculative nature of the investment.
Backing from Kavango Signals Institutional Confidence
Kavango’s lead role in the raise is more than symbolic. It’s a signal to the market that institutional investors still see upside in Zimbabwe’s gold sector, despite the country’s longstanding policy and currency risks.
“Kavango is Pambili’s largest shareholder. Its participation in this raise demonstrates its continued support for our strategic approach to developing the vast modern mining and production potential on offer across Zimbabwe’s underexplored gold belts,” Harris noted.
The alignment is strategic: both companies share a focus on African resources and operate within similarly frontier jurisdictions.
A Calculated Bet on Zimbabwe’s Gold Revival
Pambili’s ambitions align with a broader shift underway in Zimbabwe’s mining industry. The government is pushing to formalize and attract foreign investment into artisanal and small-scale gold mining, which accounts for more than 60% of national output. This trend is opening the door to new entrants, provided they have the capital and risk appetite to operate in the country’s complex environment.
For Pambili, that means striking early while valuations are still depressed and regional consolidation is nascent.
“The potential here is substantial,” said a person familiar with the transaction. “But this is also about timing. Whoever establishes scale and operating credibility first could be very well-positioned.”
Pambili’s latest raise may seem modest in scale, but its implications are far-reaching. With Kavango doubling down and exploration set to begin at the London Wall group, the company is placing itself at the vanguard of Zimbabwe’s gold mining revival. The next 12 months will be critical—both for validating its asset base and for proving that small-cap resource plays can still unlock value in high-risk jurisdictions.
If the bet pays off, Pambili’s story could become a blueprint for navigating one of Africa’s most promising, yet precarious, gold frontiers.
Committed to Mongolia’s vast mining potential, Xanadu Mines discovers and defines international porphyry copper-gold mines in the country and the surrounding region. Spencer Cole, Chief Development Officer, and Colin Moorhead, Managing Director, tell us more.
EXPLORING A GREAT COPPER FRONTIER
Committed to Mongolia and its vast potential as one of the last remaining great copper landmarks, Xanadu Mines (Xanadu) is an exploration company that discovers and defines globally significant porphyry copper-gold deposits.
As an Australian Securities Exchange (ASX) and Toronto Stock Exchange (TSX)-listed operation, Xanadu provides investors exposure to globally significant, large-scale copper-gold discoveries and low-cost inventory growth.
Equally, it remains one of the few junior explorers to jointly control a globally significant mineral deposit with its 50-50 joint venture (JV) partner, Zijin Mining Group (Zijin).
“We see Mongolia as our key advantage – underexplored, flat, a great mining culture, a well-educated population, a location just north of China, and a government that invests in mining infrastructure,” introduces Spencer Cole, Chief Development Officer.
Xanadu is led by an expert team of exploration and mining professionals with a track record of discovery and value creation. With its partners, the company is progressing each project in its portfolio to create value for shareholders.
The company boasts well-trained Mongolian geology and operations teams with vast experience running large exploration programmes and no expatriate (expat) presence on site or in country.
Currently, the industry is facing new and rapidly emerging technological advancements whilst navigating a turbulent geopolitical world.
“The nature of the mining industry has always been closely associated with geopolitics and movements in the global economy. Who we work with and what we focus on moves with both these factors,” details Cole.
This is directly illustrated through new trends such as nickel, lithium, copper, and gold alongside recent events in countries such as Russia and China.
Equally, there is much focus on human impact on the planet and how companies can reduce their environmental footprint and resource consumption.
“Mining is ultimately the solution rather than the problem,” insights Colin Moorhead, Managing Director.
“Solar arrays, wind farms, electric cars, and smart grids all depend on effective output from the mining industry. Communicating that effectively is a challenge for the industry.”
THE FIVE VALUES OF SUCCESS
After graduating with a mechanical and materials engineering degree, Cole began his career as an aerospace material and process engineer in California, eventually moving to ExxonMobil.
It wasn’t until a trip to Australia that he began thinking about transitioning to the mining industry.
After working in myriad commercial and project roles in the booming sector, he received an invitation to join Xanadu in 2020.
“My purpose was to help move the company and its flagship project from an exploration play up the value curve to commercialisation,” he expands.
Conversely, Moorhead has been in the mining industry since the get-go, having trained as a geologist and worked in operations, resource development, and discovery exploration.
With a team that discovered the Ridgeway Mine at Cadia Valley and the Cracow Mine in Queensland, Moorhead has enjoyed a long and successful career in mining, culminating in his position as Managing Director of Xanadu.
Both Cole and Moorhead have brought their expertise to the company, working to leverage the experience and relationships developed over their careers to deliver low-cost and effective discovery and resource growth.
Equally, to continue its growth and reputation for success, Xanadu adheres to five key values – sustainability, integrity and honesty, scientific basis, disciplined capital management, and culture and performance.
On the former, Cole notes that Xanadu is a good corporate citizen and neighbour to its partners in Mongolia.
“We operate and explore in a way that keeps our team safe, cares for the environment, and supports the communities where we operate,” he dictates.
Regarding integrity and honesty, the company goes out of its way to comply with all standards and requirements alongside operating to the highest levels of safety, sustainability, and disclosure.
To ensure a scientific basis, Xanadu uses modern techniques and best practices for exploration and project development.
“We aim to fail fast. If results and science fail to back a project to deliver our objectives, we move on to the next,” insights Moorhead.
The management team treats shareholder money like their own to ensure disciplined capital management. Equally, the company behaves as owners and emphasises long-term value creation over short-term gains.
Finally, in terms of culture and performance, Xanadu promotes technical excellence and innovation, aiming to attract and retain the best people.
“We lead by example, support each other to act with integrity and accountability, and consistently live out our values,” dictates Moorhead.
A REPUTATION FOR EXPERTISE
Xanadu’s most substantial endeavour to date is the Kharmagtai copper-gold project located in Omnogovi Province, approximately 420 kilometres (km) southeast of Ulaanbaatar.
As an estimated 2.2 billion tonne (t) resource containing 4.7 metric tonnes (Mt) of copper and 11 million ounces (Moz) of gold, the project has been granted a 30-year mining licence and is now certified as a registered water resource, signifying its importance.
“Scale and mine life are globally meaningful. The project will likely extend to become an underground block cave mine,” details Cole.
The Kharmagtai deposit remains open at depth, demonstrating increasing grade as it goes further down and indicating vast potential for a significant underground discovery.
In 2023, Xanadu joined a 50-50 JV with Zijin for the project’s progression, highlighting that the deposit is one major companies are interested in.
“Kharmagtai is too big for us to build on our own, which is why we brought in Zijin. This gave legitimacy to the project, funding for the next stage, and clarity that there was sufficient financial heft to develop it into a fruitful success,” notes Moorhead.
Equally, whilst many new projects are taking longer to come online due to being deeper, harder to mine, and burdened with environmental, social, and governance (ESG) barriers, Kharmagtai is a conventional truck and shovel mine with an outcropping orebody which has the capacity to be up and running within the next three years due to available infrastructure, government support, flat ground, and its proximity to the Chinese border.
The project will be the third global-scale copper mine in the country and the second established by foreign direct investment (FDI) – something the Mongolian government is directly supporting.
“The DNA of the company is to explore, discover, develop, and move projects on to deliver a liquidity event for our shareholders and then do it all again,” explains Moorhead.
As Xanadu continues to look towards a successful future of exploration and discovery, it is highlighting its sustainability efforts and support for local communities.
The company endeavours to commit to safe and healthy operations, minimise its environmental footprint, develop and maintain strong relationships with communities and government, and act transparently and ethically.
“One of our key initiatives is a school refurbishment programme in regional communities near our operations,” discloses Cole.
“This has been highly successful and is currently being expanded.”
Alongside its school refurbishment programme, Xanadu supports local communities through hospital upgrades, education initiatives to send local students to university, and various health programmes.
It also pays for groundwater wells and training for well monitoring and water quality analysis, provides animal feed during cold winters, and takes part in cultural events and celebrations.
In addition to its sustainability endeavours and community support, the company’s key priorities for the upcoming year include the continual progression of Kharmagtai alongside its Red Mountain and Sant Tolgoi projects.
Ultimately, as Xanadu works towards further triumph and expansion in the mining industry, it is continuing to emphasise the qualities that make it truly unique.
By creating value for shareholders through giving exposure to large-scale copper-gold discoveries in Mongolia, creating liquidity events at peak points in the mining life cycle, and progressing projects from discovery to pre-feasibility, Xanadu is positioned for continued growth and success well into the future.
“We will also continue to evaluate new base metals and copper-gold project opportunities in Mongolia and the surrounding region and process new project acquisitions at the appropriate time,” Cole concludes.
Toronto Stock Exchange (TSX)-listed Pambili Natural Resources Corporation has announced plans to raise C$500,000 (US$352,000) through a series of convertible loan notes issued to qualified investors. The raise is subject to approval by the TSX Venture Exchange (TSX-V).
By Ryan Chigoche
Kavango Resources Plc, Pambili’s largest shareholder, has committed C$340,000 (US$239,000) to the raise, reaffirming its position as a cornerstone investor in the company.
According to a company circular, the funds will be used for general working capital purposes, including debt settlement and the initial evaluation of the London Wall group of mines, over which Pambili has secured a purchase option.
Jon Harris, Chief Executive Officer of Pambili Natural Resources, emphasized that the proceeds would support exploration and development of the company’s Zimbabwean gold assets, including the Golden Valley A1 gold claim.
“Kavango is Pambili’s largest shareholder. Its participation in this raise demonstrates its continued support for our strategic approach to developing the vast modern mining and production potential on offer across Zimbabwe’s underexplored gold belts.
“The proceeds of the raise will provide Pambili with the working capital required to develop its Golden Valley A1 mining claim, as well as to conduct initial due diligence on the London Wall option. We believe the London Wall mine has significant potential to be a company builder, and we look forward to being able to announce positive news from that opportunity in the near future,” he said.
The transaction is subject to TSX-V approval. Redemption will be made through the issuance of Units priced at C$0.05 per Unit.
Each Unit will consist of one Pambili share and one-half of a common share purchase warrant (each whole warrant being a “CLN Warrant”).
Each CLN Warrant will entitle the holder to purchase one additional share (a “CLN Warrant Share”) at C$0.10 within 12 months of notice.
Subject to regulatory approval, Pambili will also pay finder’s fees of up to 7% on funds raised, to be settled through the issuance of shares and warrants on the same terms as the Units.
All securities issued under the transaction will be subject to a four-month-and-one-day statutory hold period from the date of closing, in accordance with Canadian securities laws, in addition to any other restrictions applicable in jurisdictions outside Canada.
Last year, Pambili entered a 12-month agreement with Long Strike Investments to acquire the London Wall group of 21 gold assets in Gwanda, located in Zimbabwe’s Matabeleland South Province.
The option agreement for the London Wall group of gold mines, which includes two previously producing mines—London Wall and New Jessie—covers claims situated along three major regional gold-bearing geological structures. The company believes this acquisition has the potential to be a transformative asset.
The company also owns and operates two gold mines near Bulawayo: the Golden Valley Mine (GVM) and the Happy Valley Mine, which is located approximately 15 km from the city. Pambili sees strong acquisition potential in the region, supported by a track record of historical mining success.
With continued backing from key investors and a growing portfolio of promising gold assets, Pambili Natural Resources is positioning itself as a key player in Zimbabwe’s mining revival.
As exploration and development efforts ramp up across underexplored gold belts, the company’s strategic focus on sustainable growth and operational expansion could mark a pivotal chapter in its journey—and potentially, in Zimbabwe’s booming gold mining sector.
Sulliden Mining Capital Inc. has acquired a 5.2 % indirect stake in a nickel, zinc, and lead mining exploration project in Poland. This acquisition was made through the purchase of 10 % of the issued and outstanding shares of Sustainable Royalty Corp., a private company, from Mr. Stan Bharti, the former director and CEO of Sulliden Mining Capital Inc. The Project includes the Szklary and Dabrowka concessions.
Showing the location of Szklary Nickel and Dabrowka Zn Pb in the southwestern and southern parts of Poland, respectively. Image Credit: Sulliden Mining Capital Inc.
Sulliden Mining Capital Inc. acquired a 10 % equity interest in a Polish mining project by purchasing one million common shares of the Target, under a share purchase agreement dated April 3, 2025. The transaction involved Mr. Stan Bharti retaining a 63 % stake in the Target. The Polish company, Ferrite Resources Polska sp. Z.o.o., which controls the Szklary and Dabrowka concessions, is 52 % owned by the Target.
In exchange, Sulliden paid C$100,000 and committed to investing an additional 250,000 euros into the project within six months of closing. The acquisition was conducted as an arm’s-length transaction under the Toronto Stock Exchange’s rules, with no change in control of Sulliden, and no finder’s fees were involved.
About fifty kilometers south of Wroclaw, Poland, is the nickel laterite deposit known as Szklary. With the Ni-laterite exposed in the first 20 meters below the surface, the deposit forms a remarkably elongated ridge running from north to south. Historical data reports 28,000 tonnes (3.5 Mt @ 0.79 % Ni) of production.
A technical report compliant with NI 43-101 standards was previously prepared for the central area of the property, which includes 2,500 drill holes from the Soviet era (Redstone Exploration Service, February 2022). To confirm the historical inferred mineral resource, the company plans to drill an additional 30 holes due to the absence of drillcore.
The Company plans to conduct continued exploration at the Szklary nickel laterite deposit, with a focus on examining the potential deep-sulphide deposit that remains uncharted. Szklary has a JORC-compliant historical inferred mineral resource of 32.9 million tonnes (Mt) at 0.70 % Ni, as reported by Northern Mining Ltd. in July 2008.
The Dabrowka site, located 25 kilometers north of Katowice, Poland, has an already mined-out shaft but requires the development of a modest decline shaft to a maximum depth of 80 meters. The Company expects minimal initial development for the project. The historical non-compliant inferred mineral resource for Dabrowka, as assessed by M. O’Brien in February 2024, includes:
Zinc – 22.4 Mt @ 2.8 % = 634,940 tonnes
Lead – 22.4 Mt @ 0.7 % = 154,000 tonnes
To support the historical exploration, the company plans to drill an additional 27 holes.
Upside Benefits of the Project:
Two smelters are located less than 20 km from the project and are accessible by rail.
The project employs room and pillar mining methods, with a decline setup.
Magnetic separation of ore is a proven technology currently utilized in various mines.
There is a prospective second Zn-Pb deposit located about 80-100 meters from the primary deposit, at a depth of 40-50 meters.
We are pleased to announce our strategic investment in a Polish mining asset, reinforcing our commitment to expanding our portfolio in key resource sectors.
Fred Leigh, Chief Executive Officer, Sulliden Mining Capital Inc.
Vancouver, B.C. – Starcore International Mines Ltd. (TSX: SAM) (“Starcore” or “the Company”) is pleased to provide an update on the local geology of its Kimoukro Project, located within the prolific Fetekro-Oumé greenstone belt in Côte d’Ivoire.
The Kimoukro Project is a fully-permitted exploration project located at the western border of the Fetekro-Oumé greenstone belt (FOGB), in central Côte d’Ivoire, 30 Km south of the capital Yamoussoukro. Such FOGB is a highly prospective Birimian-aged terrane, stretching some 280 km NNE-SSW, and known for hosting multi-million-ounce gold deposits, including the Lafiguè mine at its northern edge, and Bonikro and Hiré mines. The latter are located 30 km S of the project and share similar geological characteristics. Yet, the perspective area of Kimoukro is underexplored.
The Fetekro-Oumé greenstone belt is made-up by Paleoproterozoic basalts and andesites and volcano-sedimentary sequences, bounded by granitic-gneissic basement rocks. The belt is structurally complex and was deformed in greenschist-facies metamorphism conditions during the compressional and transpressive events of Eburnean Orogeny; late-stage deformation was accompanied by emplacement of felsic (granitoid) intrusions.
At a regional scale, the prominent tectonic trends and the shape of the FOSZ are highlighted by regional geophysics and remote-sensing. The main structural features are referred to N30°E oriented western splays of the Brobo-N’Zi shear zone, and a number of higher-order, anastomosing structures. At the latitude of the Kimoukro project, the FOGB is about 20 km wide and trends N-S to NNW, shows bending and rotation of the tectonic fabric of about 35° to the W, with flexure trending as NW-SE regional lineaments; a number of intrusions of different size are present. (Figure 1).
As a result, the greenstones and sedimentary cover are affected by extensive shear, folding and thrusting, providing favourable conditions for gold mineralization, which is locally enhanced by ductile-to-brittle shear and fracturing especially around late-stage intrusions.
FIGURE 1: Regional geology over shaded TMI magnetic image and major structures
Local Geology
The Kimoukro project lies in low-land near the Bandama river; most of the area is covered by recent alluvial sediments, which are mostly clay, with pockets of sand and gravel material that are locally anomalous in gold.
The alluvial cover has a maximum thickness of about 20 m while it is only 1-3 m-thick in the central area of the permit, disappearing to the east, where latisoils occur. Alluvial sediments obviously truncate the original laterite soil profile; residual and dismantled cuirass are reworked in the alluvial.
The geology of the Kimoukro Project consists of deformed metasedimentary rocks interlayered with volcanic sequences, representing a deep-water succession common to the Toumodi-Oumé region. A preliminary bedrock geology map is based on data collected from artisanal mineworks and sporadic outcrops, results of auger drilling, IP and ground Magnetic survey. The central portion of the permit is dominated by a package of highly sheared, fine-grained metasediments exhibiting NNW- to N-trending foliation. The metasediments package includes dark shales, banded siltstone and claystone, of mafic composition; the interlayered rocks are amphibole-rich metabasites, and felsic siltstones. On the western side, basaltic and fine-grained andesitic rocks are present, while the northeastern portion hosts a granitoid intrusion (monzogranite to tonalite), with its contact zones showing evidence of mylonitization and widespread mineralization. Additionally, a second granitoid body is exposed in the southwestern part of the permit. A network of felsic dykes including rhyolite and microgranite, crosscuts the sedimentary sequences, displaying NW, NNW, and NE trends. Hematite, sericite and silica alteration occur in the contact halos of the felsic intrusions and dykes.
FIGURE 2: Local geology and major structures. Contours of gold anomalies are shown.
Structural Geology
The structural framework of the Kimoukro Project reflects the progressive deformation associated with the Eburnean orogeny. The area is characterized by steeply dipping, NNW-trending foliation planes, interpreted as a product of intense shearing and transpressive tectonics.
Metamorphism in the area is within the greenschist facies, and primary bedding of metasediments has been largely transposed into the dominant foliation fabric, which dips steeply westward. The structural environment is interpreted as a steeply dipping monocline, potentially forming the western flank of a larger (Km-scale), faulted synclinorium. Subsequent tectonic accidents occurred in the area, noticeably, multiple intrusions of granitic bodies, causing local perturbation to the tectonic grain with folding, fracturing and dyke emplacement.
All the granite bodies show limited deformation, except near their contact zones where shear bands are evident. Extension and shear quartz veins are consistent with progressive shear deformation associated to the intrusive emplacement. This deformation event is tentatively correlated to the high-angle crenulation of quartz veins parallel to the metamorphic layering (Figure 2). This implies two events of deformation and veining, developed under a different tectonic regime. Although the field evidences only identify progressive deformation which can result from progressive re-orientation of the local stress field, this multi-stage evolution is tentatively ascribed to separate events, at least at local scale, named D1 and D3, the latter coeval to the granitoid intrusions which correlate to regional descriptions in literature.
Accordingly, the Kimoukro area has undergone multiple deformation phases,
D1 Event Characterized by tight folding and thrusting and development of pervasive foliation, which reworked the original layering. Progressive quasi-coaxial deformation observed in shear bands, pervasive s-c structures. There is no sufficient evidence yet to univocally separate the two events.
First mineralisation event with development of quartz veins consistent with progressive layer-parallel shear; likely occurred during progressive shear. No evidence for reworking early systems.
D3 Event: Development of a prominent north-trending shear corridor in transpressive regime, anastomosing shear zones develop and local stress is re-oriented. Room is made for syn-tectonic intrusion emplacements.
Intrusion of granitoids and second gold veining event: tentatively late D3 deformation event. Rise and emplacement of felsic intrusions and dykes, with associated mineralised veins. NW and NE-trending structures provided space accommodation for the intrusions. Local trend of the veins is variable, reflecting local stress field orientation, with NW to NNW preferential trend in the Kimoukro permit.
Quartz veining occurs in the foliation planes throughout the permit, however, is particularly associated with late-stage shear deformation, displaying varying structural styles depending on the host rock. Within metasediments, veins and silicified material often exhibit ductile deformation, stretching and boudinage along shear planes, whereas in felsic dykes, brittle behaviour prevails, and veins are mainly extensional. Granitic bodies are crossed by both extensional veins and shear bands and veins. The regional foliation of the greenstones is affected by non-coaxial folding and crenulation, deviating by approximately 35°W from the regional trend. Shear veins within mylonitic zones along the Granite-Tonalite contacts have been progressively deformed and transposed, while extensional veins continue to form, indicating a protracted mineralizing event, related to, or enhanced by the intrusion’s emplacement occurred during late-stage tectonic events.
FIGURE 3. Style of quartz-veining and progressive deformation.
Mineralization
The gold mineralisation at Kimoukro is both primary and secondary: the secondary mineralisation is hosted in laterite and in some sandy-gravel alluvial deposits. The primary gold mineralization is structurally controlled and associated with both shear quartz veins and intrusion-related systems. Extensive artisanal mining further supports the presence of significant gold mineralization especially in the deformation zones surrounding the granite-tonalite contacts.
Figure 4 shows the in-soil gold anomaly, encompassing 2km x 600 m over 50 ppb Au and over 1300x400m over 200 ppb Au, in the central part of the permit. Another continuous anomaly zone, 600×400 m >50 ppb Au, is found in the alluvial sediments SW of the permit and it is open to W and NW.
Grab rock samples from artisanal mineworks returned 0.5 to 1.5 g/t Au with peaks of 18 g/t Au in mylonites at the contact with the Granite-Tonalite intrusive. The general trend of the mineralisation is NNW-SSE to N-S over the permit, while in the artisanal mining zone, most veins trend N130°. The mineralisation is open to the east side.
FIGURE 4. Distribution of gold anomaly from soil and rock samples
The primary mineralisation occurs in quartz veins of different nature. Shear veins millimetre-size to >0.5 m wide (smokey quartz, or Qz+Car+Alb+Py±Au veins), are usually parallel to the tectonic shear in contrast to extensional veins. The latter often are progressively deformed and reworked in shear zones which are thought to be coeval with mylonitic shear at the southern contact of the Granite-Tonalite intrusive. The mineralisation style is generally sulphide-poor, with Pyrite <0>
Among several exploration targets represented by exposed or worked veins, the deformation and alteration halos around the Granite-Tonalite contact are obvious perspective targets for further exploration.
The mineralization styles at Kimoukro align with key gold systems observed throughout the Fetekro-Oumé belt, reinforcing its potential as a major gold-bearing structure within this prolific region. The geological characteristics of the Kimoukro Project highlight its strong potential for further discovery, positioning it as a key target within the expanding gold exploration landscape of Côte d’Ivoire.
Qualified Person
The scientific and technical disclosure in this news release has been supervised and approved by Dr. Riccardo Aquè, Ph.D. Eurogeol., a Qualified Person as that term is defined in NI 43-101. He is independent of the Company.
About Starcore
Starcore International Mines is engaged in precious metals production with focus and experience in Mexico. While this base of producing assets has been complemented by exploration and development projects throughout North America, , Starcore has expanded its reach internationally with the project in Côte d’Ivoire. The Company is a leader in Corporate Social Responsibility and advocates value driven decisions that will increase long term shareholder value. You can find more information on the investor friendly website here: www.starcore.com.
ON BEHALF OF STARCORE INTERNATIONAL MINES LTD.
(Signed) “Robert Eadie” Robert Eadie, President & Chief Executive Officer
The Toronto Stock Exchange has not reviewed nor does it accept responsibility for the adequacy or accuracy of this press release.
This news release contains “forward-looking” statements and information (“forward-looking statements”). All statements, other than statements of historical facts, included herein, including, without limitation, management’s expectations and the potential of the Company’s projects, are forward looking statements. Forward-looking statements are based on the beliefs of Company management, as well as assumptions made by and information currently available to Company’s management and reflect the beliefs, opinions, and projections on the date the statements are made. Forward-looking statements involve various risks and uncertainties and accordingly, readers are advised not to place undue reliance on forward-looking statements. 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. The Company assumes no obligation to update forward‐looking statements or beliefs, opinions, projections or other factors, except as required by law.
A common phrase being bandied around in markets regarding US President Donald Trump is a phrase oft used in the context of stock market investing.: “Sell hubris, buy humiliation.”
The implication being to sell assets or investments that are inflated by excessive confidence and optimism (hubris) and buy those considered undervalued and seemingly ignored by the market – even if it feels like a humbling choice (humiliation) – essentially betting against the current hype by looking for potential bargains not seen by others.
Within this backdrop, Mining.com.au‘s United State of Mining: A North American outlook series has been highlighting themes and trends affecting the market in 2025 including aggressive US protectionism, deglobalisation, and policy uncertainty.
Parts one and two reveal emerging trends in North America include sector consolidation and increased dealmaking, a ramping up of capital raisings and initial public offerings, with critical minerals supply chains other key themes to keep an eye out for in 2025.
Wrapping up the series, Mining.com.au focuses on Trump’s publicised want to annex Canada as the ‘51st state’, implications of his executive order to boost America’s mineral production, and the importance of reallocating resources to high-potential projects in order to strengthen resilience against economic volatility and external pressures.
Tick, tick, boom!
According to Dean McPherson, Head of Global Mining for the TMX Group (TSX:X) – which operates the Toronto Stock Exchange (TSX) and TSX Venture Exchange (TSX-V) – expectations are that this global uncertainty will subside as early adjustments to the new US administration progresses.
McPherson says it’s important to keep focused on the fundamentals and ignore the noise in “emotion-fueled” headlines and rhetoric. The fundamentals say there is a significant gap in the supply and demand for copper (and other critical minerals) and uranium to meet growth/energy transition and technology demands (AI advancement in particular).
“Against the backdrop of improving global macroeconomic performance in the world’s largest markets, mining could be in for an even better performance in 2025,” TMX Group’s Head of Global Mining tells this news service.
As Lion Selection Group (ASX:LSX) CEO Hedley Widdup explains to Mining.com.au, one clear symptom of the Trump spectre over the market is a new uncertainty about what is around the corner.
“I think part of the Trump effect could be forcing investors to re-assess valuations and what they are happy to pay for distant future earnings, and the clearest part of the market that might play out is in big tech,” Widdup says.
“It is connected because a deflating US market that is led down by the magnificent seven becoming the much-more-normal-seven would affect investors everywhere and could become a negative sentiment much more broadly.
“Historically, when markets have been led to exuberance by tech, the beneficiary of a collapse is the commodity sector. This thematic is the basis of my thoughts on what to expect in North America and elsewhere in the mining market, and I think it’s a driver of the mining market and clock towards and then past 6 o’ clock as the next boom starts to take place, over say the next 18 months or so.”
The clock Widdup refers to is the Lion Investment Clock, which is at ‘mergers’ now and is ticking towards ‘cash takeovers’ followed by ‘boom’ time. The clock is universal – it’s the same time for all markets and commodities around the world. Driving this boom-preceding activity, says Widdup, will be cashed-up producers pursuing synergistic bolt-on acquisitions in respective domestic markets to bolster existing operations.
Reducing global economic interdependence
A Sprott Asset Management special report suggests these aforementioned converging forces are driving a shift to reduce global economic interdependence, creating a challenging environment for economic growth and stability.
The pandemic exposed vulnerabilities in global supply chains and fuelled protectionism and nationalism. These vulnerabilities are being compounded by current macroeconomic forces such as aggressive US protectionism, which is tracking to become a key catalyst for deglobalisation in 2025, as reported.
In 2025, there is likely to be a further decoupling between two groups of commodities — the traditional industrial commodities, strongly influenced by China’s economic activity, and those tied to the energy transition, electrification and digitalisation of the US economy.
“This decoupling has been shaped by significant global events in the 2022-2024 period, like the Shanghai covid outbreak and the Russia-Ukraine war. These events exacerbated market volatility, highlighted vulnerabilities in global supply chains and catalysed the shift toward new energy systems. As a result, prices of critical materials commodities have outpaced those of China-led commodities,” Sprott reports.
According to Deloitte, shaping critical mineral supply chains is poised to be a major industry trend in 2025. Balancing growth opportunities with supply chain risks requires clear initiatives, strategic planning, forming strong partnerships, ensuring ethical sourcing, security, and stability to meet market demands and operational challenges.
Element79 Gold (CSE:ELEM) CEO James C Tworek agrees that all commodities appear to be heading into a state of scarcity of supply, scarcity of processing capacity, and increased global demand. This seems especially true for critical mineral supplies around the globe, given certain economies having cut off exports of critical metals and raw materials, disrupting former supply chains and overall accessibility.
While it depends on your perspective of gold and silver being ‘strategic’ or ‘critical’ metals, Element79’s focus is to feed global demand by bringing actual production online and provide some form of feedstock (concentrate, perhaps dore) to the global supply chains in the near term, Tworek tells Mining.com.au.
While shaping critical mineral supply chains are emerging as a major theme this year, Questcorp Mining (CSE:QQQ) is seeking to diversify, restructure, and stick to geopolitically safe countries and continents.
“Management have been working towards reallocating resources for some time now and that is why the companies have taken the steps it believes are necessary for the long term success and potential ROI for investors is to be reflected over the couple of years,” CEO Saf Dhillon tells this news service.
Copper Lake Resources (TSX-V:CPL) CEO Terry MacDonald believes the critical minerals strategy will not only be a key component of the Canadian mining industry in 2025 but also through 2026.
“Much of the focus over the past couple of years has been on the development of upstream infrastructure such as battery plants and roads, etcetera. However, I believe that the emphasis in the next 12 to 24 months will be on exploration and securing the sources of the critical minerals, which has been neglected over the past decade,” the CEO says.
America first mandate
On 20 March, US President Donald Trump signed an executive order to boost American mineral production, streamline permitting, and enhance national security. Minerals covered by the order include critical minerals, copper, gold, potash, uranium, and any other element, compound, or material as determined by the Chair of the NEDC, such as coal.
Under the ‘Immediate Measures to Increase American Mineral Production’ order, agencies will compile a list of all mineral production projects that have submitted a plan of operations, permit application, or any other approval request to that agency in order to expedite the review and advancement of those projects in coordination with the National Energy Dominance Council (NEDC).
The Secretary of the Interior will prioritise mineral production activities over other types of activities on federal land that hold critical mineral deposits. The Defense Production Act (DPA) will be used to expand domestic mineral production capacity.
Financing, loans, and investment support will be provided for new mineral production projects, including a dedicated critical minerals fund established through the United States International Development Finance Corporation in collaboration with the Department of Defense.
Demand for critical minerals has been dubbed the ‘gold rush of the 21st century’ due to their importance in emerging technologies.
Trump’s executive order is based on the US currently importing a significant portion of its minerals from foreign countries, despite possessing a vast supply of critical minerals. The US is import-reliant on at least 15 critical minerals and imports of nonfuel mineral commodities make up more than half of the country’s consumption.
The 51st state
It’s largely why Trump keeps talking about making Canada the 51st state.
Canada, much like Australia, is well-endowed with natural resources, including critical minerals. The north of both countries are rich in resources yet have somewhat underdeveloped infrastructure. They are sparsely populated where large proportions of the inhabitants are indigenous. Both are large physical areas with similar geopolitical environments and are well-endowed with minerals and resources.
In his first speech after winning the race to lead Canada’s governing Liberal Party, Mark Carney took direct aim at President Trump and his publicised want to annex Canada as the ‘51st state’. Undoubtedly, the President’s comments have conjured up a range of emotions among all Canadians.
Element79 Gold CEO James C Tworek understands the US’ desire to access the bounty of natural resources in Canada, “to protect its borders from drugs and dare I say Communist or Socialist threats”, as well as gain access to the Northern Passage through ownership of Canada.
“Having said that, I’m a proud Canadian that has lived in both the East and West and think that it’s a beautiful country that is going through a major upheaval and identity crisis at the moment, spurred by abusively misguided leadership over the past decade. Change is good, but giving up sovereignty of a once-great nation just because someone else wants it like a shiny new toy isn’t the answer, new leadership here in Canada and rewriting diplomacy is,” Tworek tells Mining.com.au.
In terms of Trump’s rhetoric affecting the North American mining sector, Tworek can only hope it will spur further development of both existing assets, create new production (milling, smelting, refining) capacity and new jobs in the mining industry, whether in densely-populated areas or in the hinterland.
Questcorp’s Dhillon says such comments show the ‘businessman Donald Trump’ sees value in wanting Canada to be a part of the US. The Trump Presidency has highlighted the fact that Canada is an extremely resources rich country that hasn’t nearly begun to show its true potential.
“If he didn’t see any value in us (Canada) he’d want to distance himself from us rather than want to absorb us into the family,” Dhillon adds.
“President Trump realises the natural resources wealth Canada holds and understands the key to wealth for the citizens of the country is utilising its endowment”
Elaborating on this sentiment, Dhillon’s colleague Director Tim Henneberry notes Trump’s interest spurs from Canada being rich in natural resources, albeit within an “antidevelopment administration that believes they should be locked up”.
“President Trump realises the natural resources wealth Canada holds and understands the key to wealth for the citizens of the country is utilising its endowment. He is giving Canadians a wake up call that should be heeded,” Henneberry continues.
“The Trump presidency will help explorers and developers in the US as the administration is pro-business and development and understands the importance of domestic sources of natural resources and should also curtail red tape around permitting and development.”
Cutting red tape
Some executives are critical of Canada’s government curtailing growth opportunities through burdensome red and green tape. But these issues are not confined to North America. An S&P Global examination of average times for mines to come online around the world found it took an average of 17.9 years in 2020–23, compared to just 12.7 years for some mines that started operations before 2009. In Canada, the average timeframe to start operations was around 18 years, which aligns with global trends.
While Canada and Australia are similar in terms of government structures and permitting processes, shortening timelines to permitting mines allows projects to launch faster and have a more immediate impact on the economy, decreasing timeframes for investor returns and bolstering confidence for current and future projects.
Considering there are more than 1,000 listed mining companies on the TSX and TSX-V with “40% of all the money raised in the world for mining going through Toronto”,Trojan Gold (CSE:TGII) CEO Charles J Elbourne says Canada should be the benchmark and leader in this regard.
Elbourne notes these delays hamper initiation of new mining projects and deter potential investors, affecting the mining sector’s growth, economic prospects, and overall valuations.
As any junior explorer will attest – the small end of town is inherently undervalued.
Despite this, any mining executive listed on the Canadian stock exchanges will tell you they’re inherently undervalued. Elbourne suggests the market could be at an inflection point in this regard.
“I think we’ve definitely seen the bottom in the junior mining market. It’s just that the public has not taken any interest in it yet to speak of. But I’ve got an old saying that ‘The public is always right in the middle and wrong at both ends’ when it comes to the stock market,” Elbourne tells this news service.
“I follow the market very much. I think the Dow (Jones) has got a double head on it now, and I think it’s going to crash.”
Trojan Gold’s CEO says an ailing real estate market in certain parts of the US has dropped almost 40%, mirroring the period from 2006 through 2008 when everything crashed, culminating in the global financial crisis (GFC).
“Same crap, same stuff happening. So when you look at the market right now, I’m absolutely convinced the junior market has bottomed. It’s just there’s no traction by retail investors. And part of the reason for that is when marijuana stocks – and marijuana was approved here in Canada – all the money that would normally be going into junior mining went into the marijuana stocks. That’s what happened … 90% of them lost their money.”
As Questcorp’s Dhillon notes, however, there are still plenty of opportunities for growth. But with the tightening of liquidity in recent years investors are lacking the confidence to back such micro-cap sized companies until they start achieving stated milestones.
Dhillon’s perspective reflects the findings of a report issued by professional services firm Deloitte, which states active portfolio management and strong senior leadership commitment are essential for adapting to market changes.
Reallocating resources
Element79 Gold (CSE:ELEM) CEO James C Tworek says reallocating resources to high-potential projects and pursuing long-term goals in order to strengthen resilience against economic volatility and external pressures has been the driving force in his company’s current business model. Under this strategy, Element79 has pivoted away from a portfolio aggregation phase (growing from one to 20 projects in under two years) into a production-focused model.
“Let’s be honest – to clearly articulate the value of one core project is difficult enough in a 15-20 minute discussion, and to try to discuss 20-plus projects is (in my opinion) impossible. We have pared down from 20 to currently one project with the intent of bringing Lucero, a past-producing high-grade gold and silver mine back into commercial production in the near term,” he says.
Element79 in late April is aiming to complete community negotiations that include a long-term surface rights access permit at the Minas Lucero Project. As part of its commitment to responsible mining and sustainable development, Element79 Gold’s local team has been actively engaging with community leaders and stakeholders in Chachas and surrounding annexes at the project, which is located in the Arequipa region of Peru.
With the US President rolling out his tariffs on various commodities and countries unabated, American Salars Lithium (CSE:USLI) is one company hedging its portfolio to avoid getting caught up in the fallout. With the potential for new tariffs on lithium imports under the Trump administration, the Vancouver-based company has positioned itself to secure a stable, tariff-free lithium supply through its Black Rock South Lithium Project in Nevada.
The project is located around 116km north of the Tesla Gigafactory, 150km southwest of Lithium Americas’ (TSX:LAC) Thacker Pass mine — which is the most advanced development-stage lithium project in Nevada — and 346km northwest of the US’ only producing lithium operation, the Silver Peak lithium brine mine owned by Albemarle (NYSE:ALB).
Beyond its Nevada project, American Salars has acquired a diversified portfolio of lithium assets in Canada, Brazil, and Argentina, positioning the company for potential resource development and enhanced market flexibility amid shifting global trade policies.
American Salars is strengthening its footprint in Argentina’s Lithium Triangle, a globally recognised region containing some of the highest-grade lithium brine deposits. The company says this strategic positioning enhances its potential for future exploration and development in one of the world’s most significant lithium-producing areas.
American Salars CEO Nick Horsley states: “The lithium market is evolving rapidly, and shifting trade policies could create new challenges. By securing strategic lithium assets in key regions of North and South America, we have hedged ourselves geopolitically to meet the growing demand driven by electric vehicles and renewable energy storage.”
“This strategy reduces our exposure to uncertain supply chains and trade war implications”
“This strategy reduces our exposure to uncertain supply chains and trade war implications. Amid the tariff war, talk of Argentina and the United States entering a trade pact bodes well for our Salar de Pocitos flagship project, positioning it as a critical asset in a stabilising Western supply chain, especially as US policies increasingly prioritise domestic and allied sourcing of critical minerals.
“As trade uncertainties grow, American Salars Lithium’s Nevada property serves as a critical safeguard against rising costs and potential supply chain disruptions. By owning and developing a US-based lithium source, the company guarantees a reliable, domestic supply of lithium, reducing exposure to geopolitical risks and import restrictions. This strategic positioning not only strengthens American Salars Lithium’s role in the US lithium market but also supports North America’s push for energy independence in the face of shifting trade policies.”
As Peak Asset Management founder Niv Dagan explains, there are other trends to look out for in 2025 for miners in Australia and North America.
“It’s all about the USD and the 10-year bond yields. We feel that Trump is purposely pushing for a recession, in order to drive US yields lower. We have to remember that the US has over US$7 trillion of debt maturing in 2025 and hence, if he can refinance this debt at lower interest rates, the market will bounce strongly,” Dagan says.
“This is driving inflows towards gold, silver, and copper – on the back of a ‘flight to safety’ and US tariffs.”
TSX Group’s Head of Mining Dean McPherson is using sentiment at PDAC 2025 – the largest gathering for the global mining sector – as the benchmark for forecasting the year ahead.
“Our takeaway was that this year the general sentiment was one of optimism for the global mining sector and its continued recognition as a critical source in not only energy transition but global development and growth in general. This year there was a wider field of country delegations, with Saudi Arabia, Uzbekistan and the Baltic nations joining African and Latin American delegations,” McPherson tells Mining.com.au.
“Mining is certainly now being recognised as a global critical sector. Shadowing this optimism was the uncertainty as the impact of tariffs and impending trade wars was ever present and being discussed throughout the various panels and receptions. So perhaps, ‘cautiously improving optimism’ is the best way to describe the sentiment.”
