Latest news with #EvolutionMining
The Age
a day ago
- Business
- The Age
Gold miners, CBA drive market to record high; ASX makes TPG bungle
Welcome to your five-minute recap of the trading day. The numbers The S&P/ASX 200 hit a record intraday peak of 8848.8 points before settling at its highest-ever close of 8843.7, up 73.3 points, or 0.8 per cent for the day. Ten of the 11 sectors finished in the green, with utilities lower. The broader All Ordinaries rose 78.3 points, or 0.9 per cent, also to a record-high close of 9107.1, after hitting a peak of 9115.4 during the session. The Australian dollar is higher against most major currencies, buying US64.88¢, up from US64.60¢ on Tuesday at 5pm. The lifters Energy and materials stocks led the gains, with gold miners Northern Star (up 5 per cent), Newmont (up 2.2 per cent) and Evolution Mining (up 1.9 per cent) jumping as the price of the haven asset rose overnight. Fortescue (up 1.3 per cent), Rio Tinto (up 1 per cent) and BHP (up 0.3 per cent) were all ahead. Woodside and Santos each added 1.3 per cent, Yancoal jumped 2.5 per cent and Ampol was 0.3 per cent higher. Financial stocks were stronger. Australia's most valuable company and the world's most expensive bank stock CBA led the big four, up 1 per cent to $174. Westpac gained 0.7 per cent while ANZ gained 0.1 per cent and NAB added 0.5 per cent. Rupert Murdoch's News Corp added 7.2 per cent after the media giant reported a growth in revenue in its full-year earnings, released after the closing bell on Wall Street. Its ASX-listed digital real estate business, REA Group, jumped 7 per cent as it reported record figures, after higher listing prices helped drive a 23 per cent lift in net profit after tax.
Yahoo
3 days ago
- Business
- Yahoo
ONGold Announces New Gold Showings and Exploration Update at the October Gold Project
Toronto, Ontario--(Newsfile Corp. - August 5, 2025) - ONGold Resources Ltd. (TSXV: ONAU) (OTCQB: ONGRF) ("ONGold") is pleased to share an update of work performed by Evolution Mining ("Evolution") (ASX:EVN) on it's October Gold project, located in the south Swayze Greenstone Belt, Ontario. Evolution is a gold mining company operating gold deposits in Australia and Canada. During the summer of 2024 and winter of 2025, Evolution collected 339 rock grab samples for lithogeochemistry, 943 till samples and surveyed six lines of Electrical Resistivity Tomography ("ERT") to determine overburden profiles. Three target areas were outlined through the till geochemistry (Stetson, Lariat and Sinnet), with rock grab sample assaying 1.71 g/t Au and 0.907 g/t Au at Stetson in separate locations. These samples are described as highly oxidized sericite schists with quartz pods. These occur within an approximately 10 km long, north-northwesterly trending corridor of albite alteration associated with the west northwest striking regional Ridout Deformation Zone ("RDZ"). ONGold considers that these represent new gold showings on this large, highly prospective property. Gold deposits at the former Jerome Gold mine and IAMGOLD's newly constructed Côté Lake gold mine are all interpreted to be spatially associated with the RDZ. This zone of albite alteration spatially associated with north-northwesterly trending faults, interpreted as possible splays from the RDZ. The anomalous gold values are also associated with elevated values in silver (95th percentile = 0.16 ppm Ag) and arsenic (95th percentile = 30.8 ppm As) as well as lead (95th percentile = 8.7ppm Pb) antimony (95th percentile = 1.89 ppm Sb) Zinc (95th percentile = 162 ppm Zn) and sulphur (95th percentile = 1.47 % S). Of 339 rock samples taken, four (4) returned gold values over 0.10 g/t Au. Table 1: Anomalous gold values in grab samples. SAMPLE ID Easting Northing Au_ppm Ag_ppm As_ppm Pb_ppm S_% Sb_ppm Zn_ppm M174828 389250 5287834 1.71 1.80 5,200 542 5.67 12.95 953 M174826 389249 5287832 0.907 2.49 1,610 208 2.49 11.9 357 M174829 389246 5287831 0.143 0.41 374 414 0.96 2.46 777 M174832 389231 5287803 0.143 0.34 162 175.5 1.47 2.26 375 Figure 1: Regional Geology and location of the October Gold Property within the Swayze Greenstone Belt. To view an enhanced version of this graphic, please visit: Figure 2: Recent gold in till values and historical gold showings on LiDAR hill shade. To view an enhanced version of this graphic, please visit: Evolution will further investigate these target areas during a summer field exploration program inclusive of more detailed infill till sampling (907 samples) and geological mapping, including structural mapping. Testing of the resulting targets by diamond core drilling is expected in Q1, 2026. Figure 3: Stetson target area. Anomalous gold in rock grab samples with recent gold in till values and planned detail till sampling program. To view an enhanced version of this graphic, please visit: Kyle Stanfield CEO and Director of ONGold commented: "Our partnership with Evolution Mining, a leading global gold company, at the October Gold project is another example of diversification in a gold-rich jurisdiction of Ontario. We are excited by progress to date and plans for continued exploration at the October Gold project". About the October Gold Project The October Gold project is a district scale property consisting of 1,308 claims covering an area of 271 km2 located in northeastern Ontario, 105 km southwest of Timmins and within the Swayze Greenstone Belt. The property is accessible via an all-season highway and network of forestry roads. This property is situated approximately 35 km northwest of IAMGOLD Corporation's Côté Lake project and approximately 50 km southeast of Discovery Silver Corp.'s Borden Lake mine. The October Gold project is in the traditional territory of the Flying Post and the Chapleau Cree First Nations. The October Gold property straddles an approximate 15 km portion of the RDZ which is believed to be the western extension of the Cadillac-Larder Lake break. Aside from a favourable structural association for gold mineralization and proximity to two operating gold mines, evidence for economic gold potential associated with the property includes widespread anomalous gold values from surface sampling (up to 11.5 g/t, obtained by Northern Superior Resources Inc. ("Northern Superior"), the previous owner of the October Gold project), previous diamond drilling, and two strong gold soil gas hydrocarbon anomalies (1.5 km x 3.0 km and 2.0 km by 2.0 km). Prior to ONGold's acquisition of the property, a multifaceted exploration program was undertaken by the previous operators to define drill targets including: i) initial geological mapping, ii) prospecting, iii) rock sampling and channel sampling program, iv) property wide LiDAR survey, v) surficial (Quaternary) geological mapping, vi) orientation biogeochemical and geochemical survey, and vii) a detailed property wide helicopter magnetic survey. From August to October 2022, reconnaissance geological mapping and prospecting were carried out by Northern Superior. Anomalous gold values were found in three new areas and the historic Woman River Showing was located and sampled. Also, grab samples from the southwestern part of the property assayed 0.55 g/t Au, 1,650 ppm Cu and 4,100 ppm Zn, in separate samples. These results suggest the property is prospective for both gold and base metal deposits. Consequently, ground magnetometer surveys were completed in two areas: the South Benton grid for 176.45 line-kms and the Mallard West grid, for 132.55 line-kms. In addition, four diamond drill holes were drilled, for a total of 853 metres to better understand the geology around the Ridout Deformation Zone. Although intervals of sericite and silica alteration and pyrite mineralization were encountered, no significant gold assays were returned (see Northern Superior's Annual Management's Discussion and Analysis, dated May 1, 2023, and MLAS Assessment file No. 20000021159, 2022 Exploration Program, October Property, by M. Rochefort). On November 6, 2023, an option was granted to Evolution a to acquire a 75% undivided interest in October Gold by incurring an aggregate of $7 million in expenditures and making cash payments totaling $1.1 million over a period of 5 years (see Northern Superior's news release of November 6, 2023 for further details). The scientific and technical content of this press release has been reviewed and approved by Rodney Barber, P. Geo. for ONGold, who is a "Qualified Person" as defined by NI 43-101. Mr. Barber is the President of ONGold and is not considered independent. Ongoing verification of scientific and technical information is achieved by direct involvement in the exploration work. About ONGold Resources Ltd. ONGold Resources Ltd. owns significant exploration assets in Northern Ontario and Northern Manitoba, including the district-scale Monument Bay Gold-Tungsten Project, TPK Project, Domain Gold Project and October Gold Project. These projects represent a strategic footprint in some of Canada's most prolific gold-producing regions. ONGold Resources Ltd. on behalf of the Board of Directors Kyle Stanfield, Chief Executive Officer & Director Contact Information Kyle StanfieldChief Executive OfficerTelephone: 1 (855) 525-0992Email: info@ Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release. Cautionary Note Regarding Forward-Looking Statements This news release contains forward-looking statements and forward-looking information (collectively, "forward-looking statements") within the meaning of applicable Canadian securities legislation. These statements relate to matters that identify future events or future performance. Often, but not always, forward looking information can be identified by words such as "could", "pro forma", "plans", "expects", "may", "will", "should", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", "believes", "potential" or variations of such words including negative variations thereof, and phrases that refer to certain actions, events or results that may, could, would, might or will occur or be taken or achieved. Forward-looking statements in this news release include, but are not limited to, statements regarding: the planned and future exploration activities at the October Gold project, including the timing, scope, and results of further infill till sampling, geological and structural mapping programs; the anticipated diamond core testing program expected in Q1 2026; the interpretation of geological data and exploration results, including the significance of new gold showings and their potential association with the RDZ and regional geological structures; the potential for the October Gold project to host economic gold, silver, or base metal mineralization; the ability of ONGold and Evolution to advance exploration activities and achieve project milestones; the continuity and success of the partnership with Evolution; the adequacy of funding for planned exploration programs; and ONGold's business strategy and growth plans. In making the forward-looking statements contained in this news release, ONGold has applied several material assumptions, including but not limited to: general business and economic conditions will remain stable; commodity prices, particularly gold prices, will remain at levels that make exploration economically viable; the receipt of any necessary permits, licenses, regulatory approvals, and community support in connection with exploration and potential future development of the October Gold project in a timely manner; the availability of financing on suitable terms for continued exploration and potential development; the accuracy, reliability, and representativeness of sampling, analytical results, and geological interpretations; the continued cooperation and performance of Evolution as operator under its option agreement with ONGold; the availability of qualified exploration personnel, equipment, and services; the receipt of required regulatory, environmental, and Indigenous community approvals and consultations; stable political, regulatory, and fiscal regimes in Ontario; ONGold's ability to comply with all applicable regulations, laws, and agreements, including environmental, health and safety, and Indigenous rights legislation; the accuracy of mineral resource estimates and geological interpretations; and no material adverse changes in existing agreements or partnerships. Investors are cautioned that forward-looking statements are not based on historical facts but instead reflect ONGold's management's expectations, estimates or projections concerning future results or events based on the opinions, assumptions and estimates of managements considered reasonable at the date the statements are made. Although ONGold believes that the expectations reflected in such forward- looking statements are reasonable, such information involves risks and uncertainties, and under reliance should not be placed on such information, as unknown or unpredictable factors could have material adverse effects on future results, performance or achievements expressed or implied by ONGold. Among the key risk factors that could cause actual results to differ materially from those projected in the forward- looking statements are the following: Exploration and Development Risks: The possibility that future exploration results will not meet expectations; difficulties in interpretation of exploration data; failure to establish mineral resources or reserves; technical difficulties in connection with mineral exploration activities; variations in ore grade, tonnage, dilution, recovery rates, and other characteristics; Operational Risks: Equipment failures, accidents, and other operational difficulties; availability and cost of skilled personnel, equipment, and services; labour disputes and work stoppages; supply chain disruptions; Financial and Market Risks: Changes in commodity prices, particularly gold, silver, and base metal prices; currency fluctuations; changes in interest rates; availability of financing on acceptable terms; changes in general economic, business, and political conditions; inflation and cost escalation; Regulatory and Legal Risks: Changes in laws, regulations, and policies affecting mining and exploration operations; delays in obtaining or failure to obtain necessary permits, licenses, approvals, or renewals; title disputes and defects; environmental liabilities and compliance costs; changes to taxation and royalty regimes; Partnership and Third-Party Risks: Risks relating to the partnership with Evolution, including potential disagreements, changes in priorities, or termination of the option agreement; reliance on third-party operators and service providers; Environmental and Social Risks: Environmental incidents and liabilities; climate change impacts; consultation and accommodation requirements with Indigenous communities; community opposition to exploration or development activities; External Risks: Epidemics, pandemics, or other health emergencies (such as COVID-19) and their impacts on operations, supply chains, and financial markets; natural disasters; geopolitical instability; cyber security threats; and Technical and Resource Risks: Uncertainties in geological interpretation and continuity of mineralization; reliability of sampling and analytical procedures; adequacy of infrastructure; technological challenges. Additional risks and uncertainties are described under the heading "Risk Factors" in ONGold's most recent Management's Discussion and Analysis and other continuous disclosure documents filed with Canadian securities authorities, copies of which are available under ONGold's SEDAR+ profile at Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although ONGold has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended. ONGold does not intend, and does not assume any obligation, to update this forward-looking information except as otherwise required by applicable law. To view the source version of this press release, please visit
The Australian
3 days ago
- Business
- The Australian
ASX200: Gold the bright spot on flat day for local markets
Shaky US jobs data and the subsequent sacking of the labour statistics chief has seen investors flocking to Australian gold stocks on Monday. While the ASX200 closed up by the barest of margins on Monday, the gold index benchmark grew 3.5 per cent to start the week. At the close of trade, strong consumer staples and materials sectors had dragged the S&P/ASX200 to a 0.02 per cent gain, closing up 1.7 points to 8663.7. The All Ords rose 0.06 per cent. Gold shares were the shimmering highlight on the day, with the S&P/ASX All Ordinaries Gold benchmark gaining 3.57 per cent. Western Australian, Northern Territory and Alaskan operator Northern Star Resources – up 13 per cent on the year – tacked on another 5.6 per cent gain ($16.16) following the presentation of details from a site visit in Kalgoorlie. The inland city is hosting the Diggers and Dealers mining forum this week, and the historic town will be heaving following Monday's sterling gold results. Bellevue Gold shot up 6.4 per cent ($0.82), Mineral Resources' price lifted 3 per cent ($30.76), and Evolution Mining rose 2.5 per cent ($7.23). Evolution Mining boss Lawrie Conway warned the Kalgoorlie conference that boom cycles had been squandered before. 'As an industry, we have been poor allocators of capital through these periods of record margins,' he said on Monday. The gold price has risen $1000 in the space of four months. 'It's imperative for us … when the cycle turns, our shareholders aren't left looking and saying, 'Where is the cash?',' Mr Conway said. Across the border, the Whyalla steelworks and its associated iron ore mines are the target of a potential offer from Bluescope Steel and an international consortium. That news pushed Bluescope's share price down 1.2 per cent, closing at $23.10. The surge in gold has been ignited and sustained by rumblings in the US. Underwhelming jobs data at the end of their week prompted Donald Trump to sack the Bureau of Labor Statistics chief, sowing doubt in US economic data. 'The dire US jobs report raised expectations of a Fed rate cut in September and prompted risk aversion flows, including buying of gold,' said IG market analyst Tony Sycamore. 'The rebound from the $US3265 support zone suggests gold is consolidating gains from the first half of this year in a range between $US3450 and $US3250.' After an eight-month high a couple of weeks ago, the Aussie dollar has settled at 64.8 US cents. Trailing the materials sector at the top of the heap, consumer staples also had a bountiful day. This charge was led by gains for Coles (1.7 per cent) and Woolworths (1.3 per cent). In lock-step, health and wellness food company OMG Group shot to a 7 per cent gain ($0.008), while Farm Pride Foods, Pure Foods Tasmania, Synlait Milk and Ricegrowers Ltd all rose more than 3.6 per cent. From the farmgate to the bar stool, pub and hospitality giant Endeavour Group surged to a 2.9 per cent gain on the news its dual chairman-chief executive was quitting over board disagreements. Endeavour owns Dan Murphy's and BWS. The company already lined up former Virgin Australia chief executive, Jayne Hrdlicka, to take charge in the new year. Despite Monday's bump, Endeavour shares are down 23 per cent on this time last year. With an essentially flat day in local trading, six of 11 sectors finished in the red, with financials, energy and industrials being the dead weight. Blair's journalism career has taken him from Perth, to New Zealand, Queensland and now Melbourne. Business Breaking News One of the country's key water agencies is axing nearly a quarter of its workforce, blindsiding employees and drawing union backlash. Business Breaking News Australia's biggest food retailers say they are not interested in buying beef from the US and will stick to their homegrown approach.
The Australian
3 days ago
- Business
- The Australian
Evolution Mining CEO: Glencore smelter closure threatens green energy goals
A major Australian miner said it was nonsensical for the Albanese government to pursue lofty renewables targets without also stepping in to save Australia's only copper smelter and refinery, given the metal's importance as a supply source for green energy. The Glencore refinery and smelter in Queensland remain on the brink of closure after weeks of warnings from the company and talks with the state and federal governments. That's led to fears of another heavy industry shutdown just months after Labor campaigned on revitalising Australia's manufacturing sector, which is battling high labour and energy costs. The Albanese government is funding the underwriting of an expanded capacity investment scheme, which aims to fast-track the construction of major solar and wind projects to meet its 2030 target of 82 per cent renewables. Evolution Mining chief executive Laurie Conway said if the copper smelter closed, it would never re-open, and Australia would be forever consigned to importing the processed copper needed in big volumes for the energy transition. 'I think the Queensland and federal governments need to really understand that if that smelter closes, it will never reopen,' he said on the opening day of the Diggers & Dealers mining conference in Kalgoorlie. 'Having smelting capacity for a commodity that is going to be critical to the renewable pathway is fundamentally important, and I think the government has a role to play.' Anthony Albanese was given a green light to turbocharge his clean energy revolution, with the Productivity Commission declaring the net-zero transition will cost even more than expected and that greater government intervention, regulation, incentives and carbon pricing are needed to hit Labor's climate targets without crippling the power grid or damaging productivity. Mr Conway said the Queensland government's role was to provide services and support in the region, while the federal government needed to weigh up its responsibilities alongside its renewables targets and support for that industry. 'The more copper that you can process here, (the more it helps) in terms of renewables. You need copper to achieve those targets,' he said. 'If you don't have that capacity ... you are beholden to others.' It is understood Glencore held talks with the Queensland government on Monday but remains at an impasse in Canberra. Swiss-based Glencore is due to release its half-year results on Wednesday and provide an update on the future of the smelter and refinery that are losing about $30m a month. Glencore has said it will make its final decision by the end of September and has offered the federal government a range of assistance options, including handing part ownership to taxpayers. Mr Albanese talked tough on Glencore in parliament last Friday, but acknowledged his government wanted to protect the national interest and jobs in Mt Isa, where the smelter is based. 'Let's be clear about Glencore though. It is a highly profitable company. Just this year they paid $2.2bn in dividends to their shareholders. Australia has been pretty good to Glencore. It's about time that Glencore recognised it needs to be good back to Australia,' he said. Glencore's Mount Isa mining operation, known as MICO, closed last week, leaving it more reliant on supply from small and medium-sized copper mines in the northwest of Queensland. Evolution has a life-of-mine offtake agreement with Glencore covering copper produced from the Ernest Henry mine that Evolution acquired from Glencore for $1bn in 2021. The closure of the smelter would put the future of northern Australia's largest inland town in doubt. Mount Isa is the anchor city of Queensland's northwest, with its businesses and hospital servicing not only its 18,000 residents but the region as a whole. A global desire to decarbonise by 2050 would require a significant increase in the number of mines and volumes produced, according to experts. EY said part of the energy transition would require massive volumes of copper – about 41 million tonnes – necessitating the construction of about 40 new large copper mines globally. The Productivity Commission report also raised the issue of the government's controversial Capacity Investment Scheme for renewables which is due to stop in 2030 as potentially meaning the electricity sector might not decarbonise quickly enough in the next decade. Andrew Forrest's Squadron Energy said it advocated for policy settings that reflect 'the true value of firmed renewables' and enabled investment in generation storage, grid upgrades, and regional development. 'This aligns with the Commission's recommendation to replace the Renewable Energy Target and Capacity Investment Scheme with more effective market mechanisms post-2030,' Squadron said in a statement. Read related topics: Climate Change Politics Business leader Warwick Smith has warned Anthony Albanese to hasten slowly with any reforms agreed upon at the upcoming economic roundtable, amid warring unions and corporate groups. Business Australia will set minimum prices for rare earth minerals and broker national supply deals to break China's grip on the critical defence material.
Perth Now
4 days ago
- Business
- Perth Now
Gold bright spot on flat day of trade on ASX
Shaky US jobs data and the subsequent sacking of the labour statistics chief has seen investors flocking to Australian gold stocks on Monday. While the ASX200 closed up by the barest of margins on Monday, the gold index benchmark grew 3.5 per cent to start the week. At the close of trade, strong consumer staples and materials sectors had dragged the S&P/ASX200 to a 0.02 per cent gain, closing up 1.7 points to 8663.7. The All Ords rose 0.06 per cent. Gold shares were the shimmering highlight on the day, with the S&P/ASX All Ordinaries Gold benchmark gaining 3.57 per cent. Western Australian, Northern Territory and Alaskan operator Northern Star Resources – up 13 per cent on the year – tacked on another 5.6 per cent gain ($16.16) following the presentation of details from a site visit in Kalgoorlie. Australian gold miners have built warchests with a flood of investors seeking safehaven. Credit: Supplied The inland city is hosting the Diggers and Dealers mining forum this week, and the historic town will be heaving following Monday's sterling gold results. Bellevue Gold shot up 6.4 per cent ($0.82), Mineral Resources' price lifted 3 per cent ($30.76), and Evolution Mining rose 2.5 per cent ($7.23). Evolution Mining boss Lawrie Conway warned the Kalgoorlie conference that boom cycles had been squandered before. 'As an industry, we have been poor allocators of capital through these periods of record margins,' he said on Monday. The gold price has risen $1000 in the space of four months. 'It's imperative for us … when the cycle turns, our shareholders aren't left looking and saying, 'Where is the cash?',' Mr Conway said. Six of eleven ASX sectors finished in the red on Monday, with financials and energy losses weighing heavy. Photo: NewsWire / Gaye Gerard Credit: News Corp Australia Across the border, the Whyalla steelworks and its associated iron ore mines are the target of a potential offer from Bluescope Steel and an international consortium. That news pushed Bluescope's share price down 1.2 per cent, closing at $23.10. The surge in gold has been ignited and sustained by rumblings in the US. Underwhelming jobs data at the end of their week prompted Donald Trump to sack the Bureau of Labor Statistics chief, sowing doubt in US economic data. 'The dire US jobs report raised expectations of a Fed rate cut in September and prompted risk aversion flows, including buying of gold,' said IG market analyst Tony Sycamore. 'The rebound from the $US3265 support zone suggests gold is consolidating gains from the first half of this year in a range between $US3450 and $US3250.' After an eight-month high a couple of weeks ago, the Aussie dollar has settled at 64.8 US cents. Trailing the materials sector at the top of the heap, consumer staples also had a bountiful day. This charge was led by gains for Coles (1.7 per cent) and Woolworths (1.3 per cent). In lock-step, health and wellness food company OMG Group shot to a 7 per cent gain ($0.008), while Farm Pride Foods, Pure Foods Tasmania, Synlait Milk and Ricegrowers Ltd all rose more than 3.6 per cent. From the farmgate to the bar stool, pub and hospitality giant Endeavour Group surged to a 2.9 per cent gain on the news its dual chairman-chief executive was quitting over board disagreements. Endeavour owns Dan Murphy's and BWS. The company already lined up former Virgin Australia chief executive, Jayne Hrdlicka, to take charge in the new year. Despite Monday's bump, Endeavour shares are down 23 per cent on this time last year. With an essentially flat day in local trading, six of 11 sectors finished in the red, with financials, energy and industrials being the dead weight.
