23rd January 2026 North America Newsletter
23rd January 2025 North America Newsletter
Featured News
Borealis Mining (TSXV:BOGO)
Commenced mobilization of mining equipment at the Borealis Au mine in Nevada with heavy mining equipment, production drill rigs and support equipment are arriving on site as the prepares for restart mining activities. BOGO engaged Ledcor as its mining contractor responsible for mine development, production drilling and blasting, material movement, crushing, stacking on the leach pad, and ongoing operational support. BOGO also commenced confirmatory drilling at Borealis to validate historical data, refine grade control and support short-term mine planning. “Mobilizing equipment to site is a significant operational milestone and a clear indication that BOGO is moving into execution,” said president & CEO Kelly Malcolm.
Mergers & Acquisitions
Hudbay Minerals (NYSE/TSX:HBM)
Signed an amended and restated option agreement with Japan Organization for Metals and Energy Security (JOGMEC) and Marubeni under which HBM granted JOGMEC an option to acquire a 10% interest in three projects located within trucking distance of its Flin Flon processing facilities in Manitoba. JOGMEC will be required to fund at least C$6M in exploration expenditures over three years.
Marubeni has an option to acquire a 20% interest by funding $12M in exploration. Upon successful completion of both earn-ins, a three-party JV will be formed with HBM as operator, holding a 70% interest, Marubeni 20% and JOGMEC 10%. “This expanded exploration partnership represents a significant milestone towards unlocking potential future value in the Flin Flon region,” said president & CEO Peter Kukielski.
Financing
IsoEnergy to raise C$75M
IsoEnergy (NYSE-A:ISOU) entered a bought deal of 3.3M shares @ C$15 for proceeds of $50M. Concurrently, ISOU intends to complete a non-brokered private placement of 1.7M shares @ $15 with NexGen Energy (NYSE:NXE) for proceeds of $25M to enable NXE to maintain its pro rata ownership interest at 30%. Proceeds will fund the continued development and further exploration in Canada and the US.
ATHA to raise C$25M
ATHA Energy (TSXV:SASK) entered a best-efforts private placement of 24.5M flow-through shares @ C$1.02 for proceeds of $25M. Proceeds will fund the exploration and development of the Angilak Ur project in Nunavut.
Silver North to raise C$10.6M
Silver North Resources (TSXV:SNAG) upsized a best-efforts private placement from C$7M to $10.6M with 5M units @ 40c and 15.3M charity flow-through units @ 56c. Each unit will consist of one share and half a warrant exercisable @ 56c for three years. Proceeds will be used for exploration at the Haldane and Veronica properties in Yukon.
Gold Headlines
Centerra Gold (NYSE:CGAU)
Said its Mount Milligan Au mine in BC received an amended environmental assessment and all related permits to allow for the continuation of operations through 2035, including a 10% expansion in plant throughput beginning in 2028 and increased stockpile capacity. In January 2025, Mount Milligan was selected by BC as one of four mining projects qualifying for expedited permitting to support economic development. CGAU continues to progress engineering and other studies to support future permit authorizations. “We are encouraged by the results of the process that has just concluded and believe that when government, First Nations, and industry are mutually committed to responsible resource development, we can achieve great things,” said president & CEO Paul Tomory.
CGAU also announced an updated resource and PEA for its Kemess project in BC for an open pit and long hole open stoping underground operation to produce 171koz/y Au & 61Mlb/y Cu for a 267koz/y AuEq for 15 years at an AISC of US$971/oz following an initial capital cost of $771M. The project will yield an after-tax NPV5 of $1.1B and IRR of 28.7% at $3000/oz Au, $4.50/lb Cu & $37.50/oz Ag. The updated resource contains 3.3Moz Au & 1.1Blb Cu in the indicated resources and 3.6Moz & 1.2Blb in inferred. “The PEA evaluates only the Kemess Main and Kemess Underground areas, which represent approximately 47% of the total indicated and inferred resource tonnes, highlighting the potential for additional resources to be incorporated into future technical studies,” said Tomory.
Endurance Gold (TSXV:EDG)
Announced a maiden inferred resource of 19.6Mt @ 2.3g/t for 1.45Moz at its Reliance project in BC, with 1.12Moz in a near-surface, open pit resource and 330koz in an underground resource. Infill drilling within the constraining pit shell is expected to expand and upgrade the near-surface resource, while deeper, step-out drilling will expand the underground resource. “Reliance originated as a grassroots discovery five years ago. Our disciplined exploration strategy, along with the robust characteristics of the project, has resulted in a 70% drilling success rate and a discovery cost of C$9/oz,” said president & CEO Robert Boyd.
Liberty Gold (TSXVLGD)
Said its Black Pine oxide project in Idaho was accepted into the US Federal Permitting Improvement Steering Committee Council FAST-41 process providing access to a coordinated permitting timetable and project advisor, with enhanced interagency coordination, transparency and accountability as federal and state agencies advance environmental review and permitting activities. LGD is advancing FS-level engineering, environmental baseline studies, and state and federal permitting.
Tudor Gold (TSXV:TUD)
Reported an updated resource estimate for the Goldstorm deposit at its Treaty Creek project in the Golden Triangle of BC, with higher-grade sensitivities giving a 15% increase, with an indicated resource of 912.3Mt @ 0.85g/t Au, 5.07g/t Ag & 0.15% Cu containing 24.9Moz Au, 148.7Moz Ag & 3.05Blb Cu, with another 4Moz Au, 18.6Moz Ag & 327.7Mlb Cu in inferred. “Now that we have the 2026 resource in hand, we can start to advance our strategy for placing Treaty Creek in production with an underground mine initially targeting roughly 300koz/y. Metallurgical testing is underway, and we have started the process of developing a mine plan around the higher-grade mineralization at Goldstorm,” said president & CEO Joe Ovsenek.
Copper Headlines
Gunnison Copper (TSX:GCU)
Eliminated all outstanding principal owed to Nebari Natural Resources from US$15M to zero when it received additional conversion notices from Nebari. The latest conversions total $4.75M @ 20.97c per share, resulting in the issuance of 22.7M shares.
Trilogy Metals (NYSE-A/TSX:TMQ)
Expanded its advisory and leadership teams, with Egizio Bianchini as strategic advisor, Olav Langelaar as VP corporate development, Matthew Keevil as VP investor relations and business development and Kimberly Lim as director of corporate communications.
Gold Drilling
i-80 Gold (NYSE-A:IAUX)
Announced assays from its drilling at the Granite Creek underground project in Nevada with results from 40 holes focused on infill drilling to support the conversion of mineral resources from inferred to indicated. Seven holes tested the expansion potential of the South Pacific Zone. Results will be combined with infill drilling data from 2023 and 2024 to produce an updated resource estimate that will form the basis of the upcoming Granite Creek Underground FS in 2Q26.
The project is IAUXs first underground Au operation and ramp-up activities continue to advance. 16,000m were drilled in 46 holes with infill highlights including 13.2m @ 40.4g/t in hole 31. “These drill results reinforce our view that similar success could be achieved with the planned 2026 drill programs at Archimedes underground and Mineral Point open pit on the Ruby Hill property,” said VP geology Tyler Hill.
Sitka Gold (TSXV:SIG)
Announced the final results from 2025 diamond drilling at the Rhosgobel target at its RC project in the Tombstone belt in Yukon that continue to expand known mineralization. Highlights included 150.3m @ 1.49g/t in from 15.8m in hole 33. A maiden resource estimate is planned for 1Q26. “Rhosgobel has rapidly advanced from an early-stage discovery to a deposit-scale system, with 43 diamond drill holes now defining a zone of substantial Au endowment that extends at least 1.1km in strike length. … In addition, W assays point to the potential for a valuable critical mineral by-product,” said CEO Cor Coe.
Scottie Resources (TSXV:SCOT)
Reported assays from 2025 drilling around the Scottie mine in BC, where hole 445 intersected 9.8m @ 14.8g/t, including 2m @ 69.8g/t within the M-Zone. “These results demonstrate exactly what we believe makes Scottie special, high-grade holes, strong continuity and multiple zones delivering meaningful intercepts,” said CEO Brad Rourke.
Thesis Gold (TSXV:TAU)
Announced assays from the 2025 drill program at the Steve Zone at its Lawyers-Ranch Au-Ag project in the Toodoggone district of BC designed to test zones interpreted to potentially host high-grade Au mineralization that was not included in the resource estimate or PFS. The results show the potential for Steve to contribute to future resource growth. Highlights included 38mm @ 3.62g/t Au in hole 5.
“Steve continues to deliver results that underscore the strength of our exploration thesis at Ranch. The intersection of shallow, high-grade Au within broad mineralized zones confirms continuity from earlier drilling and demonstrates the scale and upside potential of the system,” said president & CEO Ewan Webster.
Goliath Resources (TSXV:GOT)
Reported assays for the remaining holes from the 2025 drill campaign at the Surebet discovery on its Golddigger property in the Golden Triangle of BC. Highlights included 6.1m @ 19.13g/t in hole 319 with drilling confirming predictable continuity, grade and width across give Au-rich zones. The 2026 program will be focus on expanding the five main mineralized zones. “The Surebet high-grade gold discovery continues to grow during every new season of drilling. To date, we have discovered a series of stacked gently dipping high-grade gold veins analogous to the Pogo mine in Alaska,” said founder & CEO Roger Rosmus.
Americas Gold and Silver (NYSE-A:USAS)
Announced drilling results at the Galena Complex in Idaho that expanded the 034 vein complex with the discovery of eight high-grade Ag-Cu-Sb veins. Highlights included 50cm @ 4,458g/t Ag, 3.34% Cu & 1.50% Sb. Preliminary estimates indicate an overall exploration target of 550-650kt @ 290-310g/t Ag, 0.2-0.3% Cu & 0.15-0.2% Sb. “The identification of eight new high-grade Ag-Cu-Sb splay veins has grown the 034 Vein discovery last year into an entire complex of high-grade veins now called the 034 Vein Complex,” said chair & CEO Paul Andre Huet.
Liberty Gold (TSX:LGD)
Reported additional infill and targeted step-out RC and core drill results from drilling at the Black Pine oxide project in Idaho to validate geological continuity, improve confidence in the spatial distribution of mineralized domains and expand the resource ahead of the upcoming FS. Drilling at the Discovery Zone continues to confirm expected continuity of oxide Au mineralization within areas of historically sparse drilling. Results from the Rangefront Zone continue to exceed expectations both within the core of the ore body and expanding mineralization on the margins.
Highlights included 123.4m @ 0.86g/t in hole 1197 at Rangefront. A high-grade discovery 300m to the NE of the Rangefront resource has been further defined by drilling. “The infill drilling is confirming what we already know – we are tightening our geological model ahead of FS where historical drill coverage was low and in the higher grade domains,” said VP exploration Pete Shabestari.
Dolly Varden Silver (NYSE-A:DVS)
Announced results from drilling on the Wolf Vein at its Kitsault project in BC. 32 holes were completed at the Wolf Vein in 2025 combining infill and vertical extension as well as step-outs. Highlights included 15.32m @ 467g/t Ag in hole 435, including 2.32m @ 1,309g/t. DVS discovered mineralization similar to that of the Torbrit Ag deposit at a shallow depth in drilling across the Central Valley Fault with 52cm @ 518g/t intersected in hole 470. “The discovery of Ag-bearing mineralization similar to Torbrit is a very significant step in connecting the Wolf Vein with Torbrit, 1km to the S. Connecting the two largest Ag deposits in the Kitsault Valley trend has been a priority goal of our exploration team,” said president & CEO Shawn Khunkhun.
Trident Resources (TSXV:ROCK)
Announced results of the remaining six diamond drill holes from the 19-hole 2025 program at the Contact Lake project in Saskatchewan to test for the down-dip extension of Au mineralization below the historically defined Main Zone of the Bakos Shear Zone. A 10,000m winter 2026 drill program is now underway. Highlights included 15m @ 5.73g/t in hole 17. “These results clearly demonstrate the potential to significantly expand Au mineralization at depth, well below the historical mine workings. These first few deeper holes illustrate the discovery potential beneath the old infrastructure and reinforce our belief that Contact Lake is a large, robust orogenic Au system,” said CEO Jon Wiesblatt.
GFG Resources (TSXV:GFG)
Reported six holes and two hole extensions from the 12-hole, 2,650m Phase 2-drill program at the Aljo project on the Goldarm property in the Timmins district of Ontario designed to confirm and expand mineralization across the Main, Hangingwall and Footwall Zones. Infill and step-out drilling in the Main and HW Zones confirmed continuity, expanded mineralization at depth, and refined the geological model. Highlights included 51.5m @ 1.01g/t in hole 36. “Infill drilling is doing exactly what it should – confirming continuity of high-grade Au mineralization within the Main and HW Zones – while deeper drilling continues to expand the FW system and deliver new zones of gold mineralization,” said president & CEO Brian Skanderbeg.
Talisker Resources (TSX:TSK )
Announced results from the first 20 drill holes from late 2025 targeting dip and strike extensions on the Alhambra, BK, and BK-9870 veins at its Mustang mine at its Bralorne project in BC. Highlights included 50cm @ 99.6g/t in hole 16 on the BK9870 Vein. In 2025, of 35 underground holes for 7,515m were completed at Mustang, and 15 surface holes for 5,367m at Bralorne West. The underground program was focused on infill drilling. “The infill drilling data is feeding into mine planning and optimization as we leverage our currently producing Mustang mine and capitalize on current Au prices,” said VP exploration Kyle Orr.
Canterra Minerals (TSXV:CTM)
Reported results from diamond drilling at its Wilding project in Newfoundland where 1,243m was drilled in 18 holes, with highlights of 31.5m @ 10.89g/t. “These results demonstrate that Wilding has the potential to host a high-grade, district-scale Au system,” said president & CEO Chris Pennimpede.
Tectonic Metals (TSXV:TECT)
Announced assays from 42 holes for 3950m from the Flat project in Alaska, highlighted by 36.58m @ 9.94g/t at Chicken Mountain, including 22.86m @ 15.73g/t Au. “There aren’t many times in your career when you can announce a 364g/m intercept. Every single hole hit Au, which we believe is evidence of a very robust mineralizing Au system,” said president & CEO Tony Reda.
Copper Drilling
NorthWest Copper (TSXV:NWST)
Reported the final three holes of an 18-hole 2025 exploration progamme at the Kwanika project in BC that focused on areas outside the main Kwanika Central deposit. NWST is advancing toward delivering an updated resource in 1Q26. Hole 279 intersected the interpreted mineralized zone and extended it by 90m SE with an intercept of 43.6m @ 0.17% Cu & 0.03 Au for a 0.21% CuEq.
NWST also reported results from its 2025 metallurgical program at Kwanika that tested higher-grade zones and demonstrated improvements in recoveries of 34% for Au and 37% for Ag, which will be reflected in an updated resource in 1Q26 followed by a new PEA in mid-2026. The results confirm a refined flow sheet, including leaching, can deliver substantially improved precious metal recoveries compared to the 2023 PEA. Au recoveries of ~94.6-96.3% and Ag recoveries of ~96.3% can be achieved, while maintaining Cu recovery of ~88.9-90.2%. “Drill results from 2025 have consistently demonstrated higher grades over significant widths. When combined with these recovery results, the work exceeded our expectations and aligns with our objective of supporting a more economically compelling open pit and underground development plan than that presented in the 2023 PEA,” said CEO Paul Olmsted.
Faraday Copper (TSX:FDY)
Announced the results of the first eight drill holes from the 40,000m Phase IV drilling at the Copper Creek project in Arizona that targeted near-surface Cu mineralization in the American Eagle area as well as infill drilling and geotechnical objectives. Highlights included 177m @ 0.30% in hole 134, expanding the extent of the Winchester breccia to within 100m from surface. “These initial results from Phase IV drilling continue to increase our confidence in expanding the near surface mineralization in the American Eagle area, further supporting the potential to define a significant open pit mineral resource in this area,” said president & CEO Paul Harbidge.
Pacific Empire Minerals (TSXV:PEMC)
Reported final assays for diamond drill hole 1 at the Trident Cu-Au project in BC that returned 240m @ 0.93% CuEq. “What stands out now is the scale. … Equally important is the recognition of broad, altered fault zones at depth, which provides important information on the deeper structural architecture of the system,” said president & CEO Brad Peters.
Abitibi Metals (CSE:AMQ)
Reported a high-grade Cu-Au intercept from Phase 3 drilling at the B26 polymetallic deposit in Québec as part of a resource improvement campaign that improve the high-grade zone of the western down plunge. Highlights included 5m @ 6.15% Cu & 7.93g/t Au for a 12.83% CuEq in hole 269W6. “The consistency of these intercepts continues to exceed expectations and further reinforces our confidence in the significant growth potential of this highly valuable zone. Our Phase 4 drill program is underway and focused on this priority area,” said CEO Jonathon Deluce.
ONGold Resources (TSXV:ONAU)
Announced results from a nine-hole diamond drilling program for 2,169m in the Gold Ridge area of the Ti-pi-ha-kaa-ning (TPK) project in Ontario that confirmed a pervasively mineralised and structurally complex system. Highlights included 40cm @ 11.1% Cu, 218g/t Ag & 4.45g/t Au in hole 12 at West Discovery. “The identification of a massive sulphide zone in the Gold Ridge-West Discovery area containing high grade Cu & Ag substantially adds to the previously announced high grade Au Gold Ridge Discovery Zone results,” said CEO Kyle Stanfield.
Kingfisher Metals (TSXV:KFR)
Announced final assays from 2025 drilling at the HWY 37 project in the Golden Triangle in BC, where hole 11 confirmed a blind Cu-Au porphyry system discovery below the Hank epithermal Au-Ag mineralized system, with 425m @0.15% Cu, 0.21g/t Au & 2.2g/t Ag for a 0.40% CuEq. “The final hole of the 2025 program validates our long-standing belief that the shallow Hank Au-Ag epithermal mineralization is driven by a large porphyry Cu-Au system. This impressive first intercept is interpreted to be on the margin of the system, with anticipated increases in grade toward the conceptual core,” said CEO Dustin Perry.
Osisko Metals (TSX:OM)
Announced drill results from the Gaspé project in Québec, including 29 mineralized intercepts from ten holes within the 2024 resource model, focused on upgrading inferred resources to M&I. Highlights included 738m @ 0.31% Cu in hole 1155.
Critical Minerals Drilling
PMET Resources (TSX:PMET)
Announced assays for all remaining holes from its 57,024m 2025 drill campaign at the Shaakichiuwaanaan Li-Ta property in James Bay, Quebec, with highlights of wide and high-grade lithium intercepts from Vega Zone infill drilling including 55m @ 2.58% Li2O including 29.9m @ 4.11% Li2O in hole 1006. A new high-grade, near surface Li-Ta zone was discovered at the CV13 pegmatite including 8.8m @ 2.97% Li2O in hole 984. “This batch of results include the best Li intercepts reported to date from the high-grade Vega Zone and from the property overall. The abundance of spodumene mineralization in these holes at Vega is among the strongest to have ever been reported globally,” said EVP exploration Darren Smith.
Q2 Metals (TSXV:QTWO)
Reported results from the 2025 drill program at the Cisco Li project in the James Bay region of Quebec that extended the mineralized zone with 179.2m @ 1.24% Li₂O in hole 65. 74 holes for 31,961m have been completed at Cisco. Drilling has resumed focused on infill drilling for inclusion in an inaugural PEA, targeted for late 2026. “Drill hole 65 demonstrates the continued growth potential of Cisco. This hole was designed to define the limits of the system but instead discovered that the trend extends beyond our expectations,” said VP exploration Neil McCallum.
Paul Harris
Paul has more than twenty years’ experience in the mining sector in investor relations, communications, research and news reporting roles. Paul has 16 years’ experience in the Colombia gold sector including investor relations roles with Continental Gold, Gran Colombia Gold and Mineros.
Paul founded the successful Colombia Gold Symposium in 2016 and has written for industry leading publication Mining Journal since 2015. Previously, Paul spent five years in Chile reporting and researching the copper sector for CRU and Metal Bulletin. Paul received a BA in Business Administration from the University of the West of England, UK; and a MA in International Relations from the University of Chile, Santiago Chile. He is fluent in English and Spanish.
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