8th August 2025 Newsletter
Gold Headlines
McEwen to buy Canadian Gold
McEwen (NYSE:MUX) agreed to acquire Canadian Gold (TSXV:CGC) for a 15% premium in a transaction valued at about C$72.5M to obtain the Tartan mine in Manitoba. Tartan is a high-grade former producing mine with existing infrastructure and exploration potential. CGC also holds greenfield exploration properties in the Hammond Reef and Malartic South projects adjacent to some of Canada’s largest Au mines and development projects in Ontario and Quebec. Tartan produced 47koz Au between 1987 and 1989. CGC recently expanded Tartan’s strike length from 8km to 29.5km along a key regional shear zone via transactions in May with Hudbay Minerals (TSX:HBM) to acquire the Tartan West property, and in June with Searchlight Resources (TSXV:SCLT) to acquire the Flin Flon North property.
Under the proposed transaction, CGC shareholders, which changed its name from Satori Resources in 2023, will receive 0.0225 of a MUX share for each CGC share, representing an offer price of 35c per share. Upon completion, CGC shareholders will own about 8.2% of McEwen. MUX said Tartan has similarities to its Fox Complex in Ontario. A mine restart at Tartan could be achieved in an estimated 24 to 36 months. MUX chair & chief owner Rob McEwen and Ian Ball have conflicts of interest as directors of MUX and as shareholders/interested parties in CGS. Similarly, Alexander McEwen and Jim Downey have conflicts of interest, as they were appointed to the CGC board by Rob McEwen. “Tartan is a high-grade Au deposit with strong exploration potential in Canada, [where] the existing infrastructure, including the mine ramp, roads, and power, provides an opportunity to restart operations within a relatively short timeframe,” said MUX chair & chief owner Rob McEwen.
Torex to buy Prime for US$327M
Torex Gold Resources (TSX:TXG) is to buy Mexico precious metals developer Prime Mining (TSX:PRYM) in a US$327M all-stock deal with an 18.4% premium. The deal will add PRYMs Los Reyes Au-Ag project in Sinaloa, that hosts a combined indicated underground and open-pit resource of 49Mt @ 0.95g/t Au & 34.2g/t Ag containing 1.5Moz Au & 54Moz Ag. It also hosts 17.2Mt of inferred resources. TXG said this will boost its M&I resources by 32% to 6.2Moz Au & inferred resources by 44% to 1.8Moz. The company aims to advance Los Reyes through to production by leveraging its expertise and established track record of exploration, community engagement, project development, and operating success in Mexico. PRYM shareholders will receive 0.06 of a TXG share for each PRYM share, representing C$2.57 per PRYM share and C$449M deal value. “Los Reyes represents a unique opportunity for the TXG team to develop a high-quality asset with the potential for a high margin, low capital, and long-life operation in a jurisdiction that we know very well. The acquisition of PRYM, and the previously announced all-cash acquisition of Reyna Silver (TSXV:RSLV), support our strategy to systematically build a diversified, Americas-focused precious metals producer with a portfolio of producing, development, and exploration stage assets,” president & CEO Jody Kuzenko.
Silver47 completes Summa merger
Silver47 Exploration (TSXV:AGA) completed a merger with Summa Silver (TSXV:SSVR). AGA is a Ag-focused explorer and developer with a portfolio of projects in Alaska, Nevada and New Mexico with total indicated resources of 10Moz AgEq and 236Moz AgEq of inferred resources. SSVR shareholders received 0.452 shares of AGA for each SSVR share. “We are excited to have reached this transformative milestone which begins our rapid growth phase to become a large high-grade USA-focused Ag company,” said ABA executive chair Gary Thompson.
Copper Headlines
Barrick gives Hercules scale potential
Barrick Mining (NYSE:B) will increase its equity stake in Cu-Ag explorer Hercules Metals (TSXV:BIG) under a strategic option agreement that will allow the junior to undertake district-scale exploration over an additional 74,000 acres of unpatented mining claims surrounding the Hercules property and its Leviathan porphyry discovery in Idaho. The agreement grants BIG an option to acquire the 73km Olympus claim belt, which extends in both directions from Leviathan to expand Hercules’s land position to over 100,000 acres. BIG will make staged payments totalling C$8M in cash or stock in four installments of $2M over three years. It will also grant B a NSR of 1% on Olympus, which can be reduced to 0.25%. B owns 33.6M shares of BIG, a 12.82% stake. Option payments will allow B to increase this to a maximum 19.9%. “Consolidating the 73km Olympus Cu belt represents a once-in-a-lifetime opportunity for BIG shareholders and signifies a strong endorsement of our team’s execution and vision,” said BIG CEO Chris Paul.
Lion Copper and Gold (CSE:LEO)
Announced a PFS for its Yerington Cu project in Nevada to produce refined Cu cathode from an open pit heap leach project to produce 120Mlb/y of cathode at a C1 cash cost of $1.92/lb over a 12-year mine life, with a peak of 151Mlb in Years 5-7, from reserves of 506.5Mt @ 0.21% Cu, containing 2.14Blb. The project has a recovery of 67.4% recovery from heap leaching, with 73.2% recovery from sulphides using Nuton leach technology and 60% from oxides in a conventional heap leach. The project will yield a base case after tax NPV (7%) of US$694M and 14.6% IRR with 6.7-year payback at following an initial capital investment of $724M at $4.30/lb Cu, a capital intensity of $12,044/t. The project plans to spend $70M to treat Yerington pit lake water to release to the environment.
Critical Minerals Headlines
FAST-41 additions
The US government added Uranium Energy’s (NYSE-A:UEC) Sweetwater Ur complex in Wyoming and Century Lithium’s (TSXV:LCE) Angel Island Li project in Nevada to FAST-41 transparency initiative by the US Federal Permitting Improvement Steering Council under the Executive Order on Immediate Measures to Increase American Mineral Production. Graphite One’s (TSXV:GPH) Graphite Creek project in Alaska completed the FAST-41 60-day coordinated project plan (CPP) process, with the resulting plan for reviews, authorizations and timeline posted on the FAST-41 federal dashboard. It established the Graphite Creek permitting timeline at 13.5 months.
Denison Mines (TSX:DML)
Reported a PEA for ISR mining of the Midwest Main Ur deposit at its 25.17%-owned Midwest project in the Athabasca Basin in Saskatchewan for production (100% basis) of 6.1Mlb/y U3O8 over a six-year mine life following a US$254M capex. Processing is assumed to occur at Orano-Denison’s McClean Lake mill. The project will yield and after-tax base-case NPV(8) of $965M and IRR of 82.7%. Midwest is a JV owned by DML (25.17%) and Orano Canada (74.83%). “The project is estimated to have an all-in cost of production amongst the lowest cost Ur mines in the world, benefitting from a powerful combination of low initial capital costs and low cash operating costs,” said president & CEO David Cates.
DML also received ministerial approval under The Environmental Assessment Act (Saskatchewan) to proceed with the development of the in-situ recovery Ur mine planned for the Wheeler River project. The remaining regulatory requirements to commence construction of the ISR mine planned for the Phoenix deposit include receipt of the Provincial Pollutant Control Facility Permit, federal approval of the EA and receipt of the Federal License to Prepare the Site & Construct. Public hearings are scheduled in October and December.
Nevada Lithium Resources (TSXV:NVLH)
Announced an updated PEA on its Bonnie Claire Li project in Nevada to produce more than 62kt/y of LiCO3 & 130kt/y of boric acid over a 61-year mine life following a US$2.1B initial capex. The project would yield an after tax NPV(8) of $6.8B and 32.3% IRR, with a 2.8-year payback, giving a capital intensity of $34k/t LiCO3. The PEA contemplates an underground operation using a hydraulic borehole mining producing at 8kt/d, with material to be processed by whole-ore agitated tank leaching using sulfuric acid. NVLH is evaluating areas for optimization, including ore beneficiation, additional critical mineral production, reagent pricing, and tax impacts. “Bonnie Claire has emerged as one of the world’s largest and highest grade sedimentary hosted Li and B deposits, and remains open for expansion,” said CEO Stephen Rentschler.
Gold Drilling
Northern Superior Resources (TSXV:SUP)
Announced additional results from its 20,000m expansion drilling campaign at the Philibert Au property in Quebec. Highlights included 9.1m @ 11.99g/t Au in hole 490 in the Corsac Fox hanging wall zone. “Hole 490 intersected very high grades near surface, outside of the current conceptual pit, and confirms the opportunity for significant resource expansion in this area. Drilling has filled in areas previously interpreted as non-mineralized due to sparse historical drilling,” said president & CEO Simon Marcotte.
Independence Gold (TSXV:IGO)
Reported assays from three additional diamond drill holes at the 3Ts project in British Columbia that further confirm the continuity and high-grade nature of the Johnny Vein System and expands the known footprint of mineralization. Highlights included 52.46m @ 2.51g/t Au & 19.73g/t Ag in hole 31. “These results further validate the Johnny Vein System as a high-grade, laterally extensive target with strong potential for resource expansion,” said president & CEO Randy Turner.
NexGold Mining (TSXV:NEXG)
Provided additional drill results from a recently-completed 26,854m diamond drill program at the Goldboro open pit gold project in Nova Scotia designed to infill specific areas of the open pit resource. Highlights included 17.7m @ 40.09g/t Au in hole 570. “The high grades over considerable thicknesses encountered in recent drilling will be important to the ongoing work on the Goldboro resource and mine planning. Goldboro continues to demonstrate the presence of high-grade zones, near surface, within the planned open pits. We are encountering this style of mineralization at open pit depths with all intersected zones projecting to surface,” said president & CEO Kevin Bullock.
NEXG also provided results from an additional 12 infill holes at Goldboro in the proposed E pit. Highlights included 5.3m @ 23.73g/t Au in hole 589. “The high-grade intercepts in recent drilling in the east pit will be important to ongoing work on the Goldboro resource and mine planning,” said Bullock.
Arizona Gold & Silver (TSXV:AZS)
Announced further results from on-going core drilling at its Philadelphia project in Arizona. Highlights included 22.6m @ 4.24g/t Au, including 1.52m @ 14.5g/t in hole 155 that demonstrated continuity of vein thickness and an increase in grade as drilling progresses down dip on the vein. “The evolving vein textures are classic markers of a high-grade epithermal system and signal that we are approaching the heart of the boiling zone, where Au grades typically spike significantly,” said VP exploraiton Greg Hahn.
American Pacific Mining (CSE:USGD)
Reported results from the final six of eight RC drill holes of its phase 1 programme at its Madison project in Montana. Highlights included 7.6m @ 10.2g/t Au in hole 8, which included 1.5m @ 44.1g/t. “Our drilling shows a clear link between the historical Madison and Broadway mines, with the best Au interval from the program highlighting a tremendous opportunity to extend higher-grade skarn mineralization along strike at shallower depths and vector towards the porphyry feeder system we believe is responsible for the higher-grade mineralization within the skarn,” said CEO Warwick Smith.
Integra Resources (TSXV:ITR)
Announced initial results from resource growth drilling at its Florida Canyon mine in Nevada. Initial results from the North mine dump confirmed broad, near-surface intervals of oxide Au mineralization with consistent grades and excellent heap leach potential. Highlights included 68.6m @ 0.28g/t oxide Au in hole 569. This drill program has been increased from ~10,000m to ~16,000m. Initial results from inter-pit areas confirmed broad, near-surface intervals of Au mineralization with consistent grades and heap leach potential. Highlights included39.6m @ 0.47g/t in hole 588. “Broad, consistent oxide Au-mineralized intercepts confirm excellent grade continuity and underscore the potential to grow resources and extend mine life. We also see promising results from the drilling in the inter-pit areas, which suggest the potential for pit expansions,” said president & CEO George Salamis.
Sitka Gold (TSXV:SIG)
Announced drill results from a 30,000m diamond drill program at its RC Au project in Yukon’s Tombstone Belt, including the discovery of a third intrusion-related Au deposit. Highlights included 152.1m @ 1g/t Au from surface in hole 3 at the Rhosgobel target, broadly defined by a 1.5km x 2km Au-in-soil anomaly. Visible Au was observed in the majority of the drill holes. “Results suggest that Rhosgobel hosts Au grades comparable to those seen at the Blackjack Au deposit located 5km N. Every hole that has been reported to date from Rhosgobel has returned intervals that exceed 100 gram-metres Au, confirming that another intrusion-related Au deposit has been discovered,” said CEO Cor Coe.
Goliath Resources (TSXV:GOT)
Announced assay from hole 317 within the Bonanza Zone at Surebet on its Golddigger property in British Columbia. It returned 18.73m @ 3.17g/t Au , including 11m @ 5.1g/t. GOT said 2025 drilling has more than doubled the known extent of the Bonanza Zone from 550m to over 1.1km across, with 25,000m completed in 34 holes within the first month with 81 holes for ~35,000m on Surebet remaining. “With 100% of drill holes completed this year intersecting mineralization, as well as 94% of the holes containing Au visible to the naked eye, we are on track to complete the most ambitious drill program on Surebet to date,” said founder & CEO Roger Rosmus.
Bullion Gold Resources (TSXV:BGD)
Said its Australian partner Olympio Metals (ASX:OLY) intersected high-grade Au mineralisation in the first two holes of the maiden drill program at the Paquin prospect of the Bousquet project in the Cadillac Break in Quebec. Highlights: included 5.4m @ 7.6g/t Au, including 2.9m @ 10.27g/t in hole 27. The mineralized trend at Paquin now extends over 300m. “We are very excited to have intersected high-grade gold mineralisation in our first two holes at the Bousquet Project. It’s a great start to our maiden drilling program,” said OLY MD Sean Delaney.
Brixton Metals (TSXV:BBB)
Announced a second batch of drill results from its Thorn Cu-Au porphyry project in British Columbia. Shallow drilling extended Glenfiddich Zone mineralization 105m NE. Highlights included 16m @ 3.4g/t Au, 96.08g/t Ag, 0.59% Cu & 0.12% Sb from 61m depth in hole 322. “We believe these feeder structures are related to the Camp Creek porphyry at depth. Based on these new high-grade results and the fact that the Glenfiddich Zone remains open, more shallow drilling in this area is warranted,” said chair & CEO Gary Thompson.
1911 Gold (TSXV:AUMB)
Reported assays from 10drill holes for 3,079m from the ongoing surface program at the True North projectat its Rice Lake Au property in Manitoba. AUMB said drilling confirmed the down-dip extensions of the near-surface quartz vein hosted Au mineralization on the new San Antonio Southeast target with highlights including 6.5m @ 5.52g/t Au in hole 33. “These results have further extended the vein system parallel to the San Antonio Mine vein system to over 550m depth,” said president & CEO Shaun Heinrichs.
Copper Drilling
Gladiator Metals (TSXV:GLAD)
Announced results from its 11 hole (2,695m) drill program at its Arctic Chief prospect in Yukon to evaluate near surface Cu-Au skarn mineralization. Highlights included 14m @ 0.82% Cu & 2.06g/t Au. “Initial drilling at the Arctic Chief trend has returned some of the most significant Au values returned by GLAD to date within the Whitehorse Cu project. These results at Arctic Chief highlight the underexplored, near surface resource potential of this emerging mineralized corridor,” said CEO Jason Bontempo.
Ramp Metals (TSXV:RAMP)
Received assays from 10 of 20 holes drilled at Rottenstone in Saskatchewan confirming the discovery of a Cu-Zn VMS system at the Rush target. Highlights included 3.53m @ 1.21% Cu, 9.34% Zn & 5.59g/t Ag in hole 1. “These intercepts could be compared to those from the initial phases of Foran Mining’s McIlvenna Bay deposit, also in Saskatchewan. Rush hosts high-grade, near-surface mineralization alongside a large, untested anomaly, with results pointing to the potential for a significant and high-impact VMS system,” said CEO Jordan Black.
Magna Mining (TSXV:NICU)
Announced additional drill results from the McCreedy West mine in Ontario drilled in support of production planning and potential production expansion into areas where narrow vein mining methods could be applied. Highlights included 1.8m @ 17.9% Cu, 0.6% Ni & 28.1g/t Pt+Pd+Au in hole 119. “The data we are gathering from this drilling will be instrumental in guiding our development ore headings, optimizing mining stope designs and maximizing ore grade. These narrow, massive sulphide veins found along the footwall of the 700 Zone can be incorporated into our mine plan and provide an opportunity for selective mining of high margin ore in 2026,” said VP mines geology Mynyr Hoxha.
Critical Minerals Drilling
NexGen Energy (NYSE/TSX:NXE)
Announced additional from Patterson Corridor East (PCE) in the Athabasca Basin in Saskatchewan. Highlights included 12m @ 3.46% U3O8 in hole 227, including 2.5m @ 14.9% 100m down plunge of hole 232, and 100m up dip from hole 222. “These new assays demonstrate PCE’s high grade intensity and scale of mineralization, reflecting the emergence of a second major high-grade mineralized system 3.5km to the east of Arrow. PCE is mirroring Arrow in many respects,” said CEO Leigh Curyer.
Antimony Resources (CSE:ATMY)
Reported assays from five additional holes from drilling at it sBald Hill Sb project in New Brunswick. Highlights included 3m @ 14.91% Sb in hole 8. A total of 3,150m was completed, which extended the drilled area to the SE and intersected antimony stibnite bearing breccia. The Sb-bearing stibnite mineralization has been outlined in surface outcroppings over a distance of at least 300m beyond the original drilling. “The results obtained in these first samples have increased our confidence in the validity of the previous drilling results and will assist in establishing the drill hole density we will need for a resource, said CEO Jim Atkinson.
IsoEnergy (NYSE-A:ISOU)
And Purepoint Uranium Group (TSXV:PTU) announced initial assays from the discovery drill holes at the Nova discovery of their Dorado JV in Saskatchewan’s Athabasca Basin. Hihglights included 1m @ 2.2% U₃O₈ in hole 1, including 30cm @ 5.4%. “These assays validate the significance of the mineralization first intersected at Q48,” said president & CEO Chris Frostad.
Endurance Gold (TSXV:EDG)
Announced assays for four additional holes at its Reliance Au project in British Columbia. All four intersected Au mineralization hosted in the Royal Shear contact with a highlight of 3.3m @ 5.63g/ Au & 5.12% Sb in hole 113. “In this area we have also intersected a significant Sb-enriched portion of the Royal Shear with our best grade over width for Sb to date,” said president & CEO Robert Boyd.
Financing
Faraday raised C$48.8M
Faraday Copper (TSX:FDY) closed a bought deal financing, including the full exercise of the underwriters’ over-allotment option for 26.1M shares @ C$1.10 for proceeds of C$28.8M, concurrently with a non-brokered private placement of 18.2M shares for proceeds of $20M. Proceeds will fund advancement of the Copper Creek project in Arizona. Lundin family trusts acquired 9.5M shares.
Revival raised C$29M
Revival Gold (TSXV:RVG) closed a strategic non-brokered private placement financing with EMR Capital Management for proceeds of C$29M. EMR subscribed for 32M shares @ 48c for proceeds of $15.4M, and a concurrent non-brokered private placement of 28.55M shares @ 48c for proceeds of $13.68M to take a 11.8% ownership interest. Dundee Corporation exercised its participation right and participated in the concurrent offering to maintain its equity ownership at 5.3%. RVG entered into an investor rights agreement with EMR and granted EMR the right to nominate a director to the board and anti-dilution rights.
First Mining Gold raised C$24.4M
First Mining Gold (TSX:FF) closed an upsized non-brokered private placement for proceeds of C$24.4M. Together with the previously closed public offering of $12M in July, FF raised $36.4M.
It issued 95M units @ 18c for proceeds of $17.1M and 33.4M flow-through units @ 22c for proceeds of $7.3M. Each unit is comprised of one share and half a warrant exercisable @ 27c for three years. Proceeds will be used to advance the Springpole and Duparquet Au projects in Ontario and Quebec.
Hercules to raise C$15M
Hercules Metals (TSXV:BIG) announced a best efforts brokered private placement of 21.4M shares @ 70c for proceeds of C$15M. Proceeds will be sued for the exploration and development of its Hercules property in Idaho.
Tectonic to raise C$13.5M
Tectonic Metals (TSXV:TECT) announced brokered and non-brokered offerings of up to 14.2M shares @ 95c for proceeds of C$13.5M which was upsized to $19M and 20M shares. TECTs largest shareholder, Crescat Capital, which owns 20.98% of the stock, will participate with a $2M investment. Proceeds will be used to advance the Flat Au project in Alaska.
Stallion to raise C$12M
Stallion Uranium (TSXV:STUD) announced a non-brokered private placement of 60M flow-through units and non-flow through units @ 20c per unit for proceeds of C$12M. Each FT unit will consist of one share and a warrant exercisable @ 26c for five years. Proceeds will be used to incur exploration expenditures in the Athabasca Basin in Saskatchewan.
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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