Latest news with #Ausenco
Yahoo
2 days ago
- Business
- Yahoo
Probe Awards Key Engineering Contracts to Advance Novador Project Pre-Feasibility Study
Highlights: Ausenco Engineering Canada ULC will lead the Pre-Feasibility Study (PFS) and will be responsible for the process plant design, the supporting infrastructure, overall opex and capex. G Mining Services will lead the mining engineering scope of the project including mining opex and capex. GHD will lead the scope of the project related to the design of tailings and water management infrastructures. Probe has successfully completed a 50,000-metre infill drilling program to support the PFS, which remains on track for completion by year-end 2025. TORONTO, June 03, 2025 (GLOBE NEWSWIRE) -- PROBE GOLD INC. (TSX: PRB) (OTCQB: PROBF) ("Probe" or the "Company") is pleased to announce that it has awarded all major engineering contracts for project management services related to the Pre-Feasibility Study ('PFS') of its flagship Novador Project. The PFS is scheduled for completion by the end of 2025. Ausenco Engineering Canada ULC ('Ausenco') has been appointed to lead the PFS and will oversee project timelines, milestones, and deliverables. Ausenco will contribute technical expertise across core engineering disciplines, including infrastructure, metallurgy, and processing and will produce a project execution plan with related capex and opex to advance the project towards the future Feasibility Study and permitting. G Mining Services Inc. (GMS) has been engaged to lead all mining engineering aspects of the PFS. GMS' scope includes the open pit and underground mining engineering and design, mine planning, mining infrastructure, mining opex and capex, and the development of the mining execution strategy. GHD has been appointed for all engineering aspects related to tailings and water management infrastructures. GHD is currently producing the physical environment baseline studies, and they will be able to leverage their understanding of the Novador project site and the permitting requirements into their design and the selection of optimum solutions. David Palmer, President and CEO of Probe Gold, states 'With these key contracts in place, Probe is well positioned to advance the Novador Project into its next phase of development and deliver a robust, high-quality Pre-Feasibility Study. By working with global leaders, Ausenco for process infrastructure, G Mining Services for mining engineering, and GHD for water and tailings management, we have strong confidence in the technical quality and scope of the work ahead. These collaborations support our timeline to deliver the PFS by year-end. We see significant potential to enhance the current study and look forward to drawing on the expertise of our consultants throughout the process. At the same time, we are making steady progress on our permitting strategy. With the successful completion of our recent financing, Probe is fully funded to advance through the next stages of regulatory and permitting work, creating meaningful value for our shareholders.' About Probe's Novador Project Since 2016, Probe Gold has been consolidating its land position in the highly prospective Val d'Or East area in the province of Quebec with a district-scale land package of 835 square kilometres that represents one of the largest land holdings in the Val-d'Or mining camp. The Novador project represents one property block of 202 square kilometres that hosts four past producing mines (Beliveau Mine, Bussiere Mine, Monique Mine and Beaufor Mine) and contains 80% of the Company's gold resources in Val-d'Or East. Novador is situated in a politically stable and low-cost mining environment that hosts numerous active producers and mills. About AusencoAusenco is a global company delivering innovative, value-add consulting, studies, project delivery, asset operations and maintenance solutions to the minerals and metals and industrial sectors. Ausenco operates from 21 offices across five continents, delivering services worldwide with a strong track record of successfully completing projects in Quebec. Study work in Quebec includes Agnico Eagle Mines' Wasamac FS and FS Update, O3 Mining's Marban PFS and Probe Gold's Novador PEA and PEA Update. Other notable PFS studies completed in Canada include NexGold's Goliath Project and St. Barbara's 15-Mile Project and the recently awarded Mayfair Gold Fenn-Gib Project. Beyond Quebec, Ausenco has also recently executed major projects such as Alamos Gold's Magino Project in Ontario, St. Barbara's Moose River Project in Nova Scotia and SilverCrest Metals' Las Chispas Project in Mexico. ( About G MiningG Mining Services is an entrepreneurial minded and multidisciplinary company which provides professional services to both underground and open pit mining projects in precious, base or industrial metals. G Mining has the expertise to develop a resource through all stages from exploration and development to construction, commissioning, and full-scale operations. ( About GHDGHD is a global, employee-owned professional services company founded in 1928 and headquartered in Australia. Operating across five continents, GHD brings together more than 1,800 professionals in Canada. We collaborate with mining clients across the globe to deliver integrated solutions that address complex environmental and engineering challenges. In Canada, we are currently supporting multiple mine waste and water management Pre-Feasibility Studies across Nova Scotia, New Brunswick, British Columbia, and Quebec. These engagements span key commodities including gold, base metals, and lithium. By bringing together expertise in engineering, environmental science, architecture, and construction, we help our clients plan and deliver sustainable outcomes that create long-term value. ( About Probe GoldProbe Gold Inc. is a leading Canadian company focused on the acquisition, exploration, and development of highly prospective gold properties. The Company is well-funded and dedicated to exploring and developing high-quality gold projects. Notably, it owns 100% of its flagship asset, the multimillion-ounce Novador Gold Project in Québec, as well as an early-stage Detour Gold Québec project. Probe controls a large land package of approximately 1,835-square-kilometres of exploration ground within some of the most prolific gold belts in Québec. The Company's recent Novador updated Preliminary Economic Assessment outlines a robust mining plan with an average annual gold production of 255,000 ounces over a 12.6-year mine life. Val-d'Or properties include gold resources totaling 6,728,600 ounces in the Measured and Indicated category and 3,277,100 ounces in the Inferred category along all trends and deposits. On behalf of Probe Gold Inc., President & Chief Executive OfficerPlease visit our website at or contact: Seema SindwaniVice-President of Investor Relationsinfo@ Forward-Looking Statements Neither TSX nor its Regulation Services Provider (as that term is defined in the policies of the TSX) accepts responsibility for the adequacy or accuracy of this release. This news release includes certain "forward-looking statements" which are not comprised of historical facts. Forward-looking statements include estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as 'believes', 'anticipates', 'expects', 'estimates', 'may', 'could', 'would', 'will', or 'plan'. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, the Company provides no assurance that actual results will meet management's expectations. Risks, uncertainties, and other factors involved with forward-looking information could cause actual events, results, performance, prospects, and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, the Company's objectives, goals or future plans, statements, exploration results, potential mineralization, the estimation of mineral resources, exploration and mine development plans, timing of the commencement of operations and estimates of market conditions, expectations about the use of proceeds from the Offering and final acceptance from the TSX. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to the inability of the Company to apply the use of proceeds from the Offering as anticipated, the failure to identify mineral resources, failure to convert estimated mineral resources to reserves, the inability to complete a feasibility study which recommends a production decision, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, inability to fulfill the duty to accommodate First Nations and other indigenous peoples, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, capital and operating costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry, an inability to predict and counteract the effects pandemics or other global events on the business of the Company, including but not limited to the effects of the same on the price of commodities, capital market conditions, restriction on labour and international travel and supply chains, and those risks set out in the Company's public documents filed on SEDAR+. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Associated Press
28-05-2025
- Business
- Associated Press
Prime Announces Selection of Ausenco to Lead PEA Study Work
Preliminary Economic Assessment Targeted for Completion in Q3/2025 [with Clarification of Current Drilling Status] VANCOUVER, British Columbia, May 28, 2025 (GLOBE NEWSWIRE) -- Prime Mining Corp. ('Prime' or the 'Company') (TSX: PRYM) (OTCQX: PRMNF) (Frankfurt: O4V3) announces that it has selected Ausenco Engineering Canada ULC ('Ausenco') to lead the study work for a Preliminary Economic Assessment ('PEA') on its wholly-owned Los Reyes gold-silver project ('Los Reyes' or the 'Project') located in Sinaloa State, Mexico. The Company is targeting the delivery of a PEA reflecting a high return, high margin, low capital and long-life project at Los Reyes. The PEA will be based on drilling to the end of 2024 and incorporate the extensive technical work completed to-date. Since acquiring Los Reyes in 2019, Prime has spent more than $64 million on direct exploration activities and has completed over 221,000 metres of drilling. The PEA is targeted for completion in Q3 2025. Prime CEO, Scott Hicks, commented, 'We are excited to share that we are accelerating our work on a Preliminary Economic Assessment for the Los Reyes Project. This follows a recently completed, robust initial de-risking program of benchmarking capital and operating costs, assessing infrastructure and reviewing design parameters for both mining and processing with the Ausenco team. It builds upon the extensive metallurgical testwork program that we had undertaken, in addition to the geotechnical and mine planning optimization that Prime and previous Project owners have completed. Our approach assumes a low capital, 5,000 tonne-per-day mill fed by a combination of open pit and underground material and may include a higher throughput sensitivity scenario. We look forward to updating the market on our results as we target completion of the PEA in the third quarter of 2025. In parallel with the preparation of the PEA, Prime will prioritize exploration, targeting highly prospective areas with potential to contribute additional resource ounces in future studies.' Ausenco has been chosen to lead the PEA based on its extensive experience with projects of similar scale in Mexico, including advancing Silvercrest's Las Chispas Project from technical studies through construction, leading the delivery of Discovery Silver's Cordero Project Feasibility Study and Vizsla Silver's Panuco PEA and providing process design expertise for GoGold's Los Ricos Project Feasibility Study. Prime will continue to work with AGP Mining Consultants Inc., Knight Piésold Ltd., and Kappes Cassiday & Associates to deliver a high quality, independent study. 2025 Outlook The Company plans to continue its success-based approach to exploration to further identify new prospective targets, expand the existing resource, and infill drilling. Additional work will include geological mapping and geochemical sampling to identify further discovery areas. On January 28, 2025, drilling was paused in response to a deterioration in the security situation in parts of Sinaloa, including the Los Reyes area. This pause is not currently expected to impact the Company's ability to drill a minimum 40,000m program over 12-months from the recommencement of drilling. Six drill rigs remain on site and drill contractors are on standby to resume drilling as soon as security improves. The Company will continue to work with local authorities to monitor the current situation. Planned fiscal 2025 exploration will focus on: Project activities are also planned to include: About Ausenco Ausenco is a global company redefining what's possible. The team is based out of 21 offices working across five continents to deliver services worldwide. Combining deep technical expertise with a 30-year track record, Ausenco delivers innovative, value-add consulting, studies, project delivery, asset operations and maintenance solutions to the minerals and metals and industrial sectors ( About the Los Reyes Gold and Silver Project Los Reyes is a high-grade, low-sulphidation epithermal gold-silver project located in Sinaloa State, Mexico. On October 15, 2024, Prime announced an updated multi-million-ounce high-grade open pit and underground resource based on exploration drilling up to July 17, 2024. Since acquiring Los Reyes in 2019, Prime has spent more than $64 million on direct exploration activities and has completed over 221,000 metres of drilling. The Company is targeting the delivery of a PEA by the end of Q3, 2025 that will highlight a high return, high margin, low capital and long-life project at Los Reyes. 1. Refer to the Additional Notes section for the gold equivalent grade ('AuEq') calculation method and further information. Drilling and geological interpretation suggests that the three known main deposit areas (Guadalupe, Central and Z-T) are larger than previously reported. Potential also exists for new discoveries where mineralized trends have been identified outside of the currently defined resource areas. Historic operating results indicate that an estimated 1 million ounces of gold and 60 million ounces of silver were recovered from five separate operations at Los Reyes between 1770 and 1990. Prior to Prime's acquisition, recent operators of Los Reyes had spent approximately US$20 million on exploration, engineering, and prefeasibility studies. QA/QC Protocols and Sampling Procedures Drill core at the Los Reyes project is drilled in predominately HQ size (63.5 millimetres 'mm'), reducing to NQ (47.6 mm) when required. Drill core samples are generally 1.50 m long along the core axis with allowance for shorter or longer intervals if required to suit geological constraints. After logging intervals are identified to be sampled, the core is cut and one half is submitted for assay. RC drilling returns rock chips and fines from a 133.35 mm diameter tricone bit. The returns are homogenized and split into 2 halves, with one half submitted for analysis and the other half stored. Sample QA/QC measures include unmarked certified reference materials, blanks, and field duplicates as well as preparation duplicates are inserted into the sample sequence and make up approximately 8% of the samples submitted to the laboratory for each drill hole. Samples are picked up from the Project by the laboratory personnel and transported to their facilities in Durango or Hermosillo Mexico, for sample preparation. Sample analysis is carried out by Bureau Veritas and ALS Labs, with fire assay, including over limits fire assay re-analysis, completed at their respective Hermosillo, Mexico laboratories and multi-element analysis completed in North Vancouver, Canada. Drill core sample preparation includes fine crushing of the sample to at least 70% passing less than 2 mm, sample splitting using a riffle splitter, and pulverizing a 250-gram split to at least 85% passing 75 microns. Gold in diamond drill core is analyzed by fire assay and atomic absorption spectroscopy of a 30 g sample (code FA430 or Au-AA23). Multi-element chemistry is analyzed by 4-Acid digestion of a 0.25-gram sample split (code MA300 or ME-ICP61) with detection by inductively coupled plasma emission spectrometer for a full suite of elements. Gold assay techniques FA430 and Au-AA23 have an upper detection limit of 10 ppm. Any sample that produces an over-limit gold value via the initial assay technique is sent for gravimetric finish via method FA-530 or Au-GRA21. Silver analyses by MA300 and ME-ICP61 have an upper limit of 200 ppm and 100 ppm, respectively. Samples with over-limit silver values are re-analyzed by fire assay with gravimetric finish FA530 or Au-GRA21. Both Bureau Veritas and ALS Labs are ISO/IEC accredited assay laboratories. Additional Notes Prime's MRE as of October 15, 2024 is classified in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum ('CIM') 'CIM Definition Standards - For Mineral Resources and Mineral Reserves' adopted by the CIM Council (as amended, the 'CIM Definition Standards') and in accordance with the requirements of NI 43-101. Mineral resources are not mineral reserves and do not have demonstrated economic viability. Metres is represented by 'm'; 'etw' is Estimated True Width and is based on drill hole geometry or comparisons with other on-section drill holes; 'Au' refers to gold, and 'Ag' refers to silver; 'g/t' is grams per metric tonne; some figures may not sum due to rounding; Composite assay grades presented in summary tables are calculated using a Au grade minimum average of 0.20 g/t or 1.0 g/t as indicated in 'Au Cut-off' column of Summary Tables. Maximum internal waste included in any reported composite interval is 3.00 m. The 1.00 g/t Au cut-off is used to define higher-grade 'cores' within the lower-grade halo. Gold equivalent grades are calculated based on an assumed gold price of US$1,950 per ounce and silver price of $25.24 per ounce, based on the formula AuEq grade (g/t) = Au grade + (Ag grade x $25.24 / $1,950). Metallurgical recoveries are not considered in the in-situ grade estimate but are estimated to be 95.6% and 81% for gold and silver, respectively, when processed in a mill, and 73% and 25% respectively when heap-leached. Additional details are available in the associated Technical Report, filed on November 27, 2024. Qualified Person Scott Smith, Executive Vice President of Exploration, is a Qualified Person for the purposes of NI 43-101 and has reviewed and approved the technical content in this news release. About Prime Mining Prime is managed by an ideal mix of successful mining executives, strong capital markets personnel and experienced local operators all focused on unlocking the full potential of the Project. The Company has a well-planned capital structure with a strong management team and insider ownership. Prime is targeting a material resource expansion at Los Reyes through a combination of new generative area discoveries and growth, while also building on technical de-risking activities to support eventual project development. For further information, please visithttps:// direct enquiries to: Scott Hicks CEO & Director Indi Gopinathan VP Capital Markets & Business Development Prime Mining Corp. 710 – 1030 West Georgia St. Vancouver, BC V6E 2Y3 Canada +1(604) 238-1659 [email protected] Cautionary Notes to U.S. Investors Concerning Resource Estimates This news release has been prepared in accordance with the requirements of the securities laws in effect in Canada, which differ from the requirements of the U.S. securities laws. In particular, and without limiting the generality of the foregoing, the terms 'mineral reserve', 'proven mineral reserve', 'probable mineral reserve', 'inferred mineral resources,' 'indicated mineral resources,' 'measured mineral resources' and 'mineral resources' used or referenced in this presentation are Canadian mineral disclosure terms as defined in accordance with NI 43-101 under the guidelines set out in the CIM Standards. The CIM Standards differ from the mineral property disclosure requirements of the U.S. Securities and Exchange Commission (the 'SEC') in Regulation S-K Subpart 1300 (the 'SEC Modernization Rules') under the U.S. Securities Act of 1933, as amended (the 'Securities Act'). As a foreign private issuer that is eligible to file reports with the SEC pursuant to the multijurisdictional disclosure system, the Company is not required to provide disclosure on its mineral properties under the SEC Modernization Rules and will continue to provide disclosure under NI 43-101 and the CIM Standards. Accordingly, the Company's disclosure of mineralization and other technical information may differ significantly from the information that would be disclosed had the Company prepared the information under the standards adopted under the SEC Modernization Rules. Forward Looking Information This news release contains certain 'forward-looking information' and 'forward-looking statements' within the meaning of Canadian securities legislation as may be amended from time to time, including, without limitation, statements regarding the perceived merit of the Company's properties, including additional exploration potential of Los Reyes, potential quantity and/or grade of minerals, the potential size of the mineralized zone, metallurgical recoveries, and the Company's exploration and development plans in Mexico. Forward-looking statements are statements that are not historical facts which address events, results, outcomes, or developments that the Company expects to occur. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made, and they involve several risks and uncertainties. Certain material assumptions regarding such forward-looking statements were made, including without limitation, assumptions regarding the price of gold, silver and copper; the accuracy of mineral resource estimations; that there will be no material adverse change affecting the Company or its properties; that all required approvals will be obtained, including concession renewals and permitting; that political and legal developments will be consistent with current expectations; that currency and exchange rates will be consistent with current levels; and that there will be no significant disruptions affecting the Company or its properties. Consequently, there can be no assurances that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements involve significant known and unknown risks and uncertainties, which could cause actual results to differ materially from those anticipated. These risks include, but are not limited to: risks related to uncertainties inherent in the preparation of mineral resource estimates, including but not limited to changes to the cost assumptions, variations in quantity of mineralized material, grade or recovery rates, changes to geotechnical or hydrogeological considerations, failure of plant, equipment or processes, changes to availability of power or the power rates, ability to maintain social license, changes to interest or tax rates, changes in project parameters, delays and costs inherent to consulting and accommodating rights of local communities, environmental risks, title risks, including concession renewal, commodity price and exchange rate fluctuations, risks relating to COVID-19 and other future pandemics, delays in or failure to receive access agreements, on-going receipt of amended and/or operating permits, risks inherent in the estimation of mineral resources; and risks associated with executing the Company's objectives and strategies, including costs and expenses, physical access to the property, security risks, availability of contractors and skilled labour, as well as those risk factors discussed in the Company's most recently filed management's discussion and analysis, as well as its annual information form dated March 25, 2024, available on Except as required by the securities disclosure laws and regulations applicable to the Company, the Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change.
Hamilton Spectator
27-05-2025
- Business
- Hamilton Spectator
Prime Announces Selection of Ausenco to Lead PEA Study Work
VANCOUVER, British Columbia, May 27, 2025 (GLOBE NEWSWIRE) — Prime Mining Corp. ('Prime' or the 'Company') (TSX: PRYM) (OTCQX: PRMNF) (Frankfurt: O4V3) announces that it has selected Ausenco Engineering Canada ULC ('Ausenco') to lead the study work for a Preliminary Economic Assessment ('PEA') on its wholly-owned Los Reyes gold-silver project ('Los Reyes' or the 'Project') located in Sinaloa State, Mexico. The Company is targeting the delivery of a PEA reflecting a high return, high margin, low capital and long-life project at Los Reyes. The PEA will be based on drilling to the end of 2024 and incorporate the extensive technical work completed to-date. Since acquiring Los Reyes in 2019, Prime has spent more than $64 million on direct exploration activities and has completed over 221,000 metres of drilling. The PEA is targeted for completion in Q3 2025. Prime CEO, Scott Hicks, commented, 'We are excited to share that we are accelerating our work on a Preliminary Economic Assessment for the Los Reyes Project. This follows a recently completed, robust initial de-risking program of benchmarking capital and operating costs, assessing infrastructure and reviewing design parameters for both mining and processing with the Ausenco team. It builds upon the extensive metallurgical testwork program that we had undertaken, in addition to the geotechnical and mine planning optimization that Prime and previous Project owners have completed. Our approach assumes a low capital, 5,000 tonne-per-day mill fed by a combination of open pit and underground material and may include a higher throughput sensitivity scenario. We look forward to updating the market on our results as we target completion of the PEA in the third quarter of 2025. In parallel with the preparation of the PEA, Prime will prioritize exploration, targeting highly prospective areas with potential to contribute additional resource ounces in future studies.' Ausenco has been chosen to lead the PEA based on its extensive experience with projects of similar scale in Mexico, including advancing Silvercrest's Las Chispas Project from technical studies through construction, leading the delivery of Discovery Silver's Cordero Project Feasibility Study and Vizsla Silver's Panuco PEA and providing process design expertise for GoGold's Los Ricos Project Feasibility Study. Prime will continue to work with AGP Mining Consultants Inc., Knight Piésold Ltd., and Kappes Cassiday & Associates to deliver a high quality, independent study. 2025 Outlook The Company plans to continue its success-based approach to exploration to further identify new prospective targets, expand the existing resource, and infill drilling. Additional work will include geological mapping and geochemical sampling to identify further discovery areas. Six drill rigs remain on site at Los Reyes, with planned fiscal 2025 exploration focused on: Project activities are also planned to include: About Ausenco Ausenco is a global company redefining what's possible. The team is based out of 21 offices working across five continents to deliver services worldwide. Combining deep technical expertise with a 30-year track record, Ausenco delivers innovative, value-add consulting, studies, project delivery, asset operations and maintenance solutions to the minerals and metals and industrial sectors ( ). About the Los Reyes Gold and Silver Project Los Reyes is a high-grade, low-sulphidation epithermal gold-silver project located in Sinaloa State, Mexico. On October 15, 2024, Prime announced an updated multi-million-ounce high-grade open pit and underground resource based on exploration drilling up to July 17, 2024. Since acquiring Los Reyes in 2019, Prime has spent more than $64 million on direct exploration activities and has completed over 221,000 metres of drilling. The Company is targeting the delivery of a PEA by the end of Q3, 2025 that will highlight a high return, high margin, low capital and long-life project at Los Reyes. Drilling and geological interpretation suggests that the three known main deposit areas (Guadalupe, Central and Z-T) are larger than previously reported. Potential also exists for new discoveries where mineralized trends have been identified outside of the currently defined resource areas. Historic operating results indicate that an estimated 1 million ounces of gold and 60 million ounces of silver were recovered from five separate operations at Los Reyes between 1770 and 1990. Prior to Prime's acquisition, recent operators of Los Reyes had spent approximately US$20 million on exploration, engineering, and prefeasibility studies. QA/QC Protocols and Sampling Procedures Drill core at the Los Reyes project is drilled in predominately HQ size (63.5 millimetres 'mm'), reducing to NQ (47.6 mm) when required. Drill core samples are generally 1.50 m long along the core axis with allowance for shorter or longer intervals if required to suit geological constraints. After logging intervals are identified to be sampled, the core is cut and one half is submitted for assay. RC drilling returns rock chips and fines from a 133.35 mm diameter tricone bit. The returns are homogenized and split into 2 halves, with one half submitted for analysis and the other half stored. Sample QA/QC measures include unmarked certified reference materials, blanks, and field duplicates as well as preparation duplicates are inserted into the sample sequence and make up approximately 8% of the samples submitted to the laboratory for each drill hole. Samples are picked up from the Project by the laboratory personnel and transported to their facilities in Durango or Hermosillo Mexico, for sample preparation. Sample analysis is carried out by Bureau Veritas and ALS Labs, with fire assay, including over limits fire assay re-analysis, completed at their respective Hermosillo, Mexico laboratories and multi-element analysis completed in North Vancouver, Canada. Drill core sample preparation includes fine crushing of the sample to at least 70% passing less than 2 mm, sample splitting using a riffle splitter, and pulverizing a 250-gram split to at least 85% passing 75 microns. Gold in diamond drill core is analyzed by fire assay and atomic absorption spectroscopy of a 30 g sample (code FA430 or Au-AA23). Multi-element chemistry is analyzed by 4-Acid digestion of a 0.25-gram sample split (code MA300 or ME-ICP61) with detection by inductively coupled plasma emission spectrometer for a full suite of elements. Gold assay techniques FA430 and Au-AA23 have an upper detection limit of 10 ppm. Any sample that produces an over-limit gold value via the initial assay technique is sent for gravimetric finish via method FA-530 or Au-GRA21. Silver analyses by MA300 and ME-ICP61 have an upper limit of 200 ppm and 100 ppm, respectively. Samples with over-limit silver values are re-analyzed by fire assay with gravimetric finish FA530 or Au-GRA21. Both Bureau Veritas and ALS Labs are ISO/IEC accredited assay laboratories. Additional Notes Prime's MRE as of October 15, 2024 is classified in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum ('CIM') 'CIM Definition Standards - For Mineral Resources and Mineral Reserves' adopted by the CIM Council (as amended, the 'CIM Definition Standards') and in accordance with the requirements of NI 43-101. Mineral resources are not mineral reserves and do not have demonstrated economic viability. Metres is represented by 'm'; 'etw' is Estimated True Width and is based on drill hole geometry or comparisons with other on-section drill holes; 'Au' refers to gold, and 'Ag' refers to silver; 'g/t' is grams per metric tonne; some figures may not sum due to rounding; Composite assay grades presented in summary tables are calculated using a Au grade minimum average of 0.20 g/t or 1.0 g/t as indicated in 'Au Cut-off' column of Summary Tables. Maximum internal waste included in any reported composite interval is 3.00 m. The 1.00 g/t Au cut-off is used to define higher-grade 'cores' within the lower-grade halo. Gold equivalent grades are calculated based on an assumed gold price of US$1,950 per ounce and silver price of $25.24 per ounce, based on the formula AuEq grade (g/t) = Au grade + (Ag grade x $25.24 / $1,950). Metallurgical recoveries are not considered in the in-situ grade estimate but are estimated to be 95.6% and 81% for gold and silver, respectively, when processed in a mill, and 73% and 25% respectively when heap-leached. Additional details are available in the associated Technical Report, filed on November 27, 2024. Qualified Person Scott Smith, Executive Vice President of Exploration, is a Qualified Person for the purposes of NI 43-101 and has reviewed and approved the technical content in this news release. About Prime Mining Prime is managed by an ideal mix of successful mining executives, strong capital markets personnel and experienced local operators all focused on unlocking the full potential of the Project. The Company has a well-planned capital structure with a strong management team and insider ownership. Prime is targeting a material resource expansion at Los Reyes through a combination of new generative area discoveries and growth, while also building on technical de-risking activities to support eventual project development. For further information, please visit or direct enquiries to: Scott Hicks CEO & Director Indi Gopinathan VP Capital Markets & Business Development Prime Mining Corp. 710 – 1030 West Georgia St. Vancouver, BC V6E 2Y3 Canada +1(604) 238-1659 info@ Cautionary Notes to U.S. Investors Concerning Resource Estimates This news release has been prepared in accordance with the requirements of the securities laws in effect in Canada, which differ from the requirements of the U.S. securities laws. In particular, and without limiting the generality of the foregoing, the terms 'mineral reserve', 'proven mineral reserve', 'probable mineral reserve', 'inferred mineral resources,' 'indicated mineral resources,' 'measured mineral resources' and 'mineral resources' used or referenced in this presentation are Canadian mineral disclosure terms as defined in accordance with NI 43-101 under the guidelines set out in the CIM Standards. The CIM Standards differ from the mineral property disclosure requirements of the U.S. Securities and Exchange Commission (the 'SEC') in Regulation S-K Subpart 1300 (the 'SEC Modernization Rules') under the U.S. Securities Act of 1933, as amended (the 'Securities Act'). As a foreign private issuer that is eligible to file reports with the SEC pursuant to the multijurisdictional disclosure system, the Company is not required to provide disclosure on its mineral properties under the SEC Modernization Rules and will continue to provide disclosure under NI 43-101 and the CIM Standards. Accordingly, the Company's disclosure of mineralization and other technical information may differ significantly from the information that would be disclosed had the Company prepared the information under the standards adopted under the SEC Modernization Rules. Forward Looking Information This news release contains certain 'forward-looking information' and 'forward-looking statements' within the meaning of Canadian securities legislation as may be amended from time to time, including, without limitation, statements regarding the perceived merit of the Company's properties, including additional exploration potential of Los Reyes, potential quantity and/or grade of minerals, the potential size of the mineralized zone, metallurgical recoveries, and the Company's exploration and development plans in Mexico. Forward-looking statements are statements that are not historical facts which address events, results, outcomes, or developments that the Company expects to occur. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made, and they involve several risks and uncertainties. Certain material assumptions regarding such forward-looking statements were made, including without limitation, assumptions regarding the price of gold, silver and copper; the accuracy of mineral resource estimations; that there will be no material adverse change affecting the Company or its properties; that all required approvals will be obtained, including concession renewals and permitting; that political and legal developments will be consistent with current expectations; that currency and exchange rates will be consistent with current levels; and that there will be no significant disruptions affecting the Company or its properties. Consequently, there can be no assurances that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements involve significant known and unknown risks and uncertainties, which could cause actual results to differ materially from those anticipated. These risks include, but are not limited to: risks related to uncertainties inherent in the preparation of mineral resource estimates, including but not limited to changes to the cost assumptions, variations in quantity of mineralized material, grade or recovery rates, changes to geotechnical or hydrogeological considerations, failure of plant, equipment or processes, changes to availability of power or the power rates, ability to maintain social license, changes to interest or tax rates, changes in project parameters, delays and costs inherent to consulting and accommodating rights of local communities, environmental risks, title risks, including concession renewal, commodity price and exchange rate fluctuations, risks relating to COVID-19 and other future pandemics, delays in or failure to receive access agreements, on-going receipt of amended and/or operating permits, risks inherent in the estimation of mineral resources; and risks associated with executing the Company's objectives and strategies, including costs and expenses, physical access to the property, security risks, availability of contractors and skilled labour, as well as those risk factors discussed in the Company's most recently filed management's discussion and analysis, as well as its annual information form dated March 25, 2024, available on . Except as required by the securities disclosure laws and regulations applicable to the Company, the Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change.
Associated Press
08-05-2025
- Business
- Associated Press
Meridian Appoints Ausenco Brazil as Lead Engineer for the Cabaçal Definitive Feasibility Study and Signs LOI with Aurubis AG
Highlights: LONDON, UK / ACCESS Newswire / May 8, 2025 / Meridian Mining UK S (TSX:MNO)(Frankfurt/Tradegate:2MM)(OTCQX:MRRDF) ('Meridian' or the 'Company') is pleased to announce that it has appointed Ausenco do Brasil Engenharia Ltda ('Ausenco') to undertake the Definitive Feasibility Study ('the DFS') for its advanced Cabaçal Au-Cu project ('Cabaçal'), located in Mato Grosso, Brazil. Ausenco is an internationally respected engineering firm with extensive global and Brazilian experience in conducting feasibility studies on projects similar to the scale of Cabaçal. On completion of the DFS, Meridian will be positioned to make a final investment decision on the Cabaçal build in 2026. Mr. Gilbert Clark, CEO, comments: 'Having completed the PEA and PFS on Cabaçal, the later delivering nearly a billion dollars in NPV for Cabaçal, I'm delighted to continue this long-term relationship with Ausenco by having them perform Cabaçal's DFS. With Ausenco's 'A' team on the DFS who are already familiar with Cabaçal means that we can kick off the study immediately, progress it rapidly, and after its potential successful reporting, focus on the build. I'm very pleased to have established an important corporate relationship with Aurubis that will greatly help to grow the Company from being a resource developer to a mining and exporting company. With the Agreement, we can now start preparing the Company to be compliant with the import regulations of Germany and the European Union, look to access strategic European equity and project financing facilities while maintaining our schedule to be Brazil's next near-term copper-gold-silver concentrate exporter'. Cabaçal Definitive Feasibility Study Launch Cabaçal's Pre-Feasibility Study (effective date March 10, 2025) delivered strong economic results with a base case after-tax NPV5 of USD 984 million and 61.2% IRR from a pre-production capital cost of USD 248 million ('the PFS'). This provides a strong platform from which to launch Cabaçal's DFS and it is expected that the core elements of the PFS will be further developed to the DFS level with minimal change. An updated resource and mine plan will be produced using drill results obtained after the PFS database was cut off. This will include such recent highlighted drill results1 of : Cabaçal's process flowsheet is expected to remain similar to that devised for the PFS with a moderately finer primary grind to be adopted. Ausenco has developed a schedule to complete Cabaçal's DFS and the time needed to generate the additional data required for the study's completion. This indicates that the study should be completed before the end of 1H 2026. The company has advanced on complementary contracts related to the DFS with groups such as Brazil's GE21 who were part of the PFS success. Aurubis LOI Meridian and Aurubis ('together the Parties') - a globally leading non-ferrous metals group - have signed a non-binding Letter of Intent to initiate a long-term corporate relationship and technical exchange to optimize Cabaçal's future high-quality copper-gold-silver sulphide concentrates ('the LOI'). The Parties will explore and exchange technical ideas to optimize future Cabaçal clean high-grade copper concentrate, with payable gold and silver credits, as outlined in Cabaçal's PFS, for Outotec flash smelter performance. Flash smelters are the most common type of copper smelters in Europe, where Aurubis operates two sites; Hamburg (Germany) and Zlatitsa-Pirdop (Bulgaria). The Parties will also work together to advance Meridian's future compliance to the EU Supply Chain Due Diligence Act and the OECD Due Diligence Guidance. The result of this co-operation by the Parties is that the Company will be prepared for the future regulatory compliance to export Cabaçal's copper concentrates to the 3rd largest market for copper concentrates, the European Union. Strategic Equity and Project Finance Process Meridian is actively engaging with international and domestic project finance banks and funds to advance the project financing process alongside the progress of the DFS. The LOI presents an opportunity to potentially access both debt and equity capital from German and other European government-backed institutions. This includes debt guarantees under the UFK Untied Loan Guarantee scheme and equity from the KfW2-managed Raw Materials Fund. Meridian's management has over a decade of funds management and banking relationships with KfW. Such future arrangements would be associated with a copper concentrate off-take agreement, of a proportion of Cabaçal's production, that would benefit a smelter group such as Aurubis or European manufacturers requiring copper units. About Meridian Meridian Mining is focused on: The Pre-feasibility Study technical report (the 'PFS Technical Report') dated March 31, 2025, entitled: 'Cabaçal Gold-Copper Project NI 43-101 Technical Report and Pre-feasibility Study' outlines a base case after-tax NPV5 of USD 984 million and 61.2% IRR from a pre-production capital cost of USD 248 million, leading to capital repayment in 17 months (assuming metals price scenario of USD 2,119 per ounces of gold, USD 4.16 per pound of copper, and USD 26.89 per ounce of silver). Cabaçal has a low All-in-Sustaining-Cost of USD 742 per ounce gold equivalent & production profile of 141,000-ounce gold equivalent life of mine, driven by high metallurgical recovery, a low life-of-mine strip ratio of 2.3:1, and the low operating cost environment of Brazil. The Cabaçal Mineral Reserve estimate consists of Proven and Probable reserves of 41.7 million tonnes at 0.63g/t gold, 0.44% copper and 1.64g/t silver (at a 0.25 g/t gold equivalent cut-off grade). Readers are encouraged to read the PFS Technical Report in its entirety. The PFS Technical Report may be found under the Company's profile on SEDAR+ at and on the Company's website at The PFS Technical Report was prepared for the Company by Tommaso Roberto Raponi (P. Eng), Principal Metallurgist with Ausenco Engineering Canada ULC; Scott Elfen (P. E.), Global Lead Geotechnical and Civil Services with Ausenco Engineering Canada ULC; John Anthony McCartney, Ausenco Chile Ltda.; Porfirio Cabaleiro Rodriguez (Engineer Geologist FAIG), of GE21 Consultoria Mineral; Leonardo Soares (PGeo, MAIG), Senior Geological Consultant of GE21 Consultoria Mineral; Norman Lotter (Mineral Processing Engineer; of Flowsheets Metallurgical Consulting Inc.; and, Juliano Felix de Lima (Engineer Geologist MAIG), of GE21 Consultoria Mineral. On behalf of the Board of Directors of Meridian Mining UK S Mr. Gilbert Clark - CEO and Director Meridian Mining UK S 8th Floor, 4 More London Riverside London SE1 2AU United Kingdom Email: [email protected] Ph: +1 778 715-6410 (BST) Stay up to date by subscribing for news alerts here: Follow Meridian on Twitter: Further information can be found at: Cautionary Statement on Forward-Looking Information Some statements in this news release contain forward-looking information or forward-looking statements for the purposes of applicable securities laws. These statements address future events and conditions and so involve inherent risks and uncertainties, as disclosed under the heading 'Risk Factors' in Meridian's most recent Annual Information Form filed on While these factors and assumptions are considered reasonable by Meridian, in light of management's experience and perception of current conditions and expected developments, Meridian can give no assurance that such expectations will prove to be correct. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, Meridian disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events, or results or otherwise. 1 Meridian Mining News Releases of February 24, 2025 and April 29, 2025. 2 KfW, 'Kreditanstalt fuer Wiederaufbau',is the German state-owned investment and development bank, based in FrankfurtSOURCE: Meridian Mining SE press release
