Latest news with #Uvre
News.com.au
6 days ago
- Business
- News.com.au
New Zealand's mining dream isn't over, it's back in the race for gold
New Zealand's government led by the business-friendly National Party is keen to boost mining investment Mining friendly policies and the country's prospectivity have increased its attractiveness Gold plays dominate with Uvre the newest company in the country New Zealand may not be the first port of call for resource companies looking for the next big project, but this does not detract from the fact that the country has a rich mineral bounty. The victory of the conservative and business friendly National Party during the November 2023 election has also led to a marked improvement in business sentiment. This is best illustrated in the latest edition of the Fraser Institute's Annual Survey of Mining Companies, which ranked New Zealand as the twelfth most attractive mining jurisdiction in the world, beating out previous power houses such as Western Australia at number 17. Respondents to the survey expressed decreased concerns over uncertainty concerning what areas will be protected, uncertainty over regulation enforcement and uncertainty regarding environmental regulations. New Zealand has flagged interest in doubling its mining exports to NZ$3bn by 2035 and has introduced measures such as the 'Fast Track' legislation, which accelerates permitting processes dramatically by introducing a one-stop shop for permitting. A legend speaks Mining legend Norm Seckold, who was recently appointed as a director of Uvre (ASX:UVA) following the acquisition of his company Octagold and its portfolio of gold projects in the country, believes New Zealand now has all the right ingredients that make it a tasty mining destination. Speaking to Stockhead, he said one reason was the overtly pro-mining stance of the current government and Minister for Resources Shane Jones in particular with the other being its remarkable prospectivity. 'It's relatively underexplored compared to, for example Western Australia where there are lots of new discoveries but it is a very active and competitive exploration market,' he added. 'You've got this highly efficient, very capable exploration industry in West Perth with lots of very smart guys and a whole lot of companies competing for projects. 'But that just hasn't been applied to New Zealand and I just think the opportunity has been overlooked and it shouldn't be because of projects such as the 8Moz Macraes mine in the South Island that has been in production for over 30 years.' Along with the 10Moz endowment on the North Island, it points to the country having serious deposits. 'It's not a little half-million-ounce thing that you hope you can grow a bit, they tend to have scale,' Seckold said. All this matches up closely with his philosophy to exploration which ranks the project first, the location second and the politics in equal second or third place. 'The project, geology and prospectivity has to be number one. And New Zealand is extraordinarily prospective,' he added. The same prospectivity also led Seckold to break one of the tenets of his (admittedly ad hoc) philosophy, which is to focus on the important part. Octagold, which was originally formed by a couple of his former colleagues that then successfully enticed him to become the largest shareholder, had pegged out large tracts of ground over four granted projects, another that is under application and yet another that is being looked over. 'It's a little bit against my religion. I'm a great believer in focus,' Seckold said jokingly about the large landholdings that Uvre now owns. 'I think the whole point is, I can see the rush coming, so despite my beliefs, here's an opportunity and we don't want to just sit there and watch other people pick up the good projects.' Attractive projects As for why he decided to get involved with Octagold, Seckold said the best indicator of where a gold mine could be found was where the old timers had been mining and pointed to Santana Minerals' Rise and Shine discovery as a classic example. 'That's the old Bendigo Goldfield, which was a high grade, low tonnage mine a hundred years ago, or less,' he noted. 'But what happens is you apply more modern geoscience and you find a multi-million ounce deposit. He added that the rising gold price had meant that economically viable open pit mines could now extend to depths of 300m or more compared to between 60m and 70m in the early 1980s. Lower grade finds are also viable and both factors create opportunities. 'The other thing is, there are very good public records in New Zealand and good ore libraries like there are here (in Australia), and you can just see the data,' Seckold added. 'You can see very high-grade assays in the Waitekauri project on the bottom level, they just didn't keep drilling far enough.' The brownfields Waitekauri project is the flagship asset that Uvre acquired and is just 8km west of OceanaGold Corporation's 10Moz Waihi gold mine and along trend from three other +1Moz gold deposits in WKP, Golden Cross and New Talisman Gold's Karangahake. One of the three main prospects, Jubilee, has historical production of 260,000oz of gold and silver and is believed to be a potential extension of Karangahake, Recent rock chip sampling has shown grades as high as 18.4g/t gold while early field mapping revealed a much broader area of post-mineral welded ignimbrite than previously recognised, something earlier explorers hadn't fully understood. Other projects include the 1104 hectare Lottin project east of Rotorua on the North Island, a potential VMS system considered similar in style to Australia's Golden Grove and Rosebery, along with the Roaring Meg, Oturehua and Invincible gold projects, all near Macraes and RAS on New Zealand's South Island. Invincible is also known to boast tungsten, which like gold sits on NZ's critical minerals list. Other ASX players While Uvre is now a significant player in New Zealand, it is still a relative newcomer to the country. New Age Exploration (ASX:NAE) operates the 265km2 Lammerlaw gold and antimony project in Otago that's believed to host Macraes-style mineralisation with 1km gold anomalies, bearing similarities to the gold mine which has produced more than 5Moz since opening in 1990. Lammerlaw also contains the historically mined Bella Lode, where gold was mined during the late 1800s with an average grade of 15g/t before the mine closed in 1901. Previous antimony-targeted exploration has also revealed three mineralised trends with rock chip samples of >30% antimony. The company's belief in Lammerlaw having Macraes-style mineralisation received a shot in the arm after its phase 1 drilling intersected mineralisation textures, pathfinder geochemistry and host rock type that's all consistent with early-stage Macraes-style mineralisation. Of the five holes drilled, four returned gold mineralisation with a top result of 2m at 1.05g/t along with elevated tungsten of up to 1750ppm, up to 680ppm arsenic and antimony. Company executive director Joshua Wellischs said the company would now seek to build on these results by targeting potential higher-grade shoots and drill towards a maiden resource. Also engaged in the gold game on the South Island is Siren Gold (ASX:SNG), which is advancing the Sams Creek project – a gold mineralised porphyry dyke that is up to 50m thick, extends for 7km along strike and has a vertical extent of at least 1km. Sams Creek has a resource of 953,000oz at an average grade of 2.4g/t that is contained within the Main Zone fold, one of several gentle northeast plunging folds the Sams Creek Dyke has been folded into. To date, 21,500m of drilling has been completed on the project with 90% focused on the Main Zone. However, similar folds have been interpreted at Riordans, Western Outcrops, Anvil and Barrons Flat along with Doyles and Main Zone extensions. These have the potential to significantly increase the current resource. Additional resources discovered in the Main Zone, Doyles, Western Outcrops and Anvil folds could be accessed from the potential Main Zone underground mine and hauled to the proposed SE Traverse processing facility. Siren expects a decision to be made on its mining permit application by the end of 2025. It then plans to complete infill drilling on the SE Traverse, Carapace and Main Zone by the end of Q2 2026 so the majority of the inferred resource can be upgraded to the higher confidence indicated category. This will be followed by updates to the resource and scoping study. Santana Minerals (ASX:SMI) has been progressing the Rise and Shine deposit within its Bendigo-Ophir project in the Central Otago Goldfields on New Zealand's South Island. Recent drilling has extended the high-grade domain (HG1) beyond the March 2025 indicated resource boundary by confirming mineralised continuity to the north and strengthening the case for future reserve growth. The drilling had targeted down-plunge extensions of Rise and Shine to improve definition of the inferred resource in the northern extent of the deposit with a view to upgrading it to the indicated category for potential inclusion in the mine plan. Notable results include 31.9m at 5.3g/t gold from 303.1m and 11.1m at 9.6g/t from 296.9m. Bendigo-Ophir has a contained resource of 2.34Moz at an average grade of 2.1g/t gold with Rise and Shine hosting the bulk of this at 2.08Moz grading 2.4g/t gold. It benefits from proximity to Queenstown and existing infrastructure including transportation, clean water, green hydropower and low cost power.
News.com.au
01-07-2025
- Business
- News.com.au
Resources Top 5: Sunrise Energy Metals fills scandium war chest after oversubscribed SPP
Robert Friedland's Sunrise chockablock in applications for a $1.5m SPP, taking raise to $7.5m EWC has taken a number of key steps toward securing the funding critical to its future development and growth Uvre will this week complete the purchase of five prospective New Zealand gold assets Your standout small cap resources stocks for Tuesday, July 1, 2025 Sunrise Energy Metals (ASX:SRL) A strongly supported share purchase plan (SPP) has resulted in Sunrise Energy Metals raising $1.5 million, taking the recent capital raising total to $7.5m and filling the company's war chest to advance its Syerston scandium project in NSW. In fact, the SPP was so well supported that applications were received for approximately $4m with the company scaling back applications so that eligible applicants will receive 37.52% of the SPP shares and options sought. The SPP provided eligible shareholders with the opportunity to subscribe for up to $5,000 of SPP shares at 30c per share together with options on a 1-for-1 basis exercisable at 40c and expiring on May 31, 2027. These were the same price and terms as those offered in the placement which raised $6m. Sunrise Energy Metals (ASX:SRL) shares reached $1.195, an increase of 48.44% on the June 30 close, and closed at $1.175. The combined $7.5m raised under the placement and SPP will primarily be used to accelerate work on the Syerston Scandium Project Feasibility Study, which will review the current capital and operating cost estimates for the project through to production of scandium oxide from the Syerston mine site in central NSW. A $1bn stock during a cobalt boom in 2017, SRL is trading at only $130m today. But it's worth watching given the presence of Ivanhoe Mines doyen and mining billionaire Robert Friedland as its non-executive co-chair. While cobalt and nickel were once its focus, scandium is now the metal on the mind of SRL investors. 'On behalf of the board, I would like to thank our shareholders for their participation in the SPP and acknowledge their ongoing support for the company,' Sunrise's managing director Sam Riggall said. 'Whilst the company is delighted with the strong support shown by its shareholders, it is also conscious that the targeted size of the offer has meant that shareholders will not receive their full application amount. 'The company looks forward to applying the total funds raised towards advancing its Syerston Scandium Project located in central New South Wales. 'This project has the potential to become the world's first source of mineable, high-grade scandium at a time of high uncertainty as to the supply of this increasingly valuable critical mineral due to ongoing global trade tensions.' Energy World Corporation (ASX:EWC) After taking a number of key steps toward securing funding critical to its future development and growth, Energy World Corporation (ASX:EWC) surged to a three-year high of 7.5c, an increase of 257.2% on the June 30 close, before closing at 4.8c. These include a change to its capital structure, subject to shareholder approval at an upcoming general meeting, and a number of changes to its board of directors. EWC has a strategy to deliver critical energy solutions for the Philippines and Indonesia and has entered into a subscription agreement with Energy World International (EWI) and Slipform Engineering Group, in relation to the US$432 million plus accrued interest owed under a Debt Repayment and Investment Agreement (DRIA). If approved by shareholders, this will see the conversion of shares in exchange for the full repayment of all debt under the DRIA. Conversion shares will be issued at 88c, about 44x the current 30-day VWAP of A$0.02, and the estimated conversion amount at completion of US$440.5m would result in around 782.2m shares being issued, which is ~25% of current EWC shares on issue. This would see the combined EWI/Slipform shareholding increase from 41% to approximately 53%. The lenders have been instrumental in supporting EWC with the development of its power and LNG related projects, and continue to support the company. Along with the change in capital structure, a number of board changes have been made, including the resignation of Brian Allen as managing director after 24 years. He is also stepping down as chair. Alan Jowell has been appointed interim chair effective July 1, 2025, until a permanent chair can be appointed and Edward McCartin has been appointed CEO, also with effect on July 1. Allen will continue to work for the company for up to six months and remain on the board as a director. McCartin brings a vast amount of experience in the LNG and power industries. In the last 25 years, he has been involved in the financing, construction and operation of power stations in the Philippines, Indonesia and the USA, as well as the development of power stations in Chile, Iceland, India, Kenya, Peru, Thailand, China, Vietnam and the USA. 'It has been a long journey for the company and its shareholders, and while we still have a way to go before our assets are commercialised, the past nine months have brought transformational changes in strategy and direction,' Jowell said. 'We believe these changes have set the company on a path toward securing the funding critical to its future development and growth.' 'LNG continues to play a vital role in strengthening South East Asia's power and energy markets,' new CEO McCartin said. 'Clean natural gas offers a dependable base load power source - available day and night, in all weather - making it the best option for many nations. 'It not only supports industrial growth and economic development but also provides grid stability for renewable technologies, which are often intermittent. 'With abundant global supply and growing demand, I believe EWC is well positioned to lead in its markets and to help drive sustainable economic progress in Indonesia and the Philippines.' l Uvre (ASX:UVA) Uvre will this week complete the purchase of five prospective New Zealand gold assets, a move welcomed by investors with shares trading up to 13.5c, a new 12-month high and a 35% increase on the previous close, before closing at 12c. The company has met final conditions precedent and is set to acquire the Waitekauri, Lottin Point, Roaring Meg, Oturehua and Invincible projects, which cover about 332km2. This follows confirmation from New Zealand Petroleum & Minerals (NZPAM) stating that the company's application under Section 41AE of the Crown Minerals Act 1991 for change of control has been granted. The flagship NZ project is Waitekauri, which is 8km from OceanaGold's 10Moz Waihi gold mine on the North Island, and the three main exploration prospects sit next to four different 1Moz deposits. Waitekauri historically produced gold and silver at an average grade of 48g/t and last week, Uvre reported rock chips up to 18.4g/t, paving the way for its first drilling program. With much of the project being underexplored, Uvre (ASX:UVA) will seek bonanza-grade gold and silver – and potentially a multi-million-ounce resource. Exploration is ramping up following the rock chip assays from Waitekauri with encouraging sampling results also returned from another brownfield project, Oturehua. As part of the acquisition, highly successful mining executives Norm Seckold and Peter Nightingale will be appointed to the Uvre board as non-executive directors. At a general meeting on June 27, shareholders approved the issue of the consideration shares, meaning Uvre can proceed to settlement of the transaction including board changes. Shareholders also approved Uvre's $4m equity raising at 8c per share by lead manager Bell Potter, with settlement scheduled to occur on Wednesday, July 2, 2025. Asian Battery Metals (ASX:AZ9) As the size of the Oval copper-nickel-PGE discovery continues to grow, Asian Battery Metals believes it may have a camp-scale system on its hands at the Yambat project in Mongolia and investors share the confidence with shares up 22.75% to a daily high of 2.7c, before closing at 2.6c. Final phase 3 assays from 16 holes totalling 2938.9m have confirmed multiple, high-grade copper-nickel massive sulphide zones at Oval. Hole OVD036 extended the high-grade zone 130m down-dip of the previous massive sulphide intercept in OVD025 at North Oval after returning 8.7m grading 2.44% copper, 1.52% nickel, 1.4g/t E3 (platinum, palladium and gold) and 0.06% cobalt from 112.8m, including 2m at 3.72% Cu and 3.82% Ni from 113.3m Drilling also confirmed the northwest extension of high-grade massive sulphides intersected in holes OVD021 and OVD027 at the Oval with OVD040 returning 6.9m at 3.49% Cu, 3.61% Ni, 0.76g/t E3 and 0.14% Co from 93.5m within 70.2m at 0.65% Cu, 0.65% Ni, 0.18g/t E3 and 0.03% Co from 49m. Adding further interest, results from OVD038 and OVD039 suggest that semi-continuous mineralisation is present over a strike of more than 800m including the North Oval and Oval gabbroic intrusions. 'These results continue to demonstrate the strength of the mineralised system at Yambat,' Asian Battery Metals (ASX:AZ9) managing director Gan-Ochir Zunduisuren said. 'High-grade zones at Oval and North Oval are now confirmed to extend both at depth and along strike.' Magmatic Resources (ASX:MAG) Stage 1 of the purchase by Magmatic Resources of the Weebo gold project in the strongly gold mineralised southern Yandal Greenstone Belt of WA has been completed with the company preparing for its maiden exploration, including aircore drilling. The project, which totals 136km2 near Leinster, is in the vicinity of five gold projects – Vault Minerals' (ASX:VAU) Darlot mine, Gold Fields' Agnew-Lawlers project, Bellevue Gold's (ASX:BGL) namesake mine and Northern Star Resources' (ASX:NST) Bronzewing and Thunderbox mines. Stage 1 covers five exploration licences and a prospecting licence while stage 2 covers the remaining three exploration licences. The deal saw Magmatic Resources (ASX:MAG) pay in $50,000 cash and 36 million in company shares, valued at $1.44m, with a further 14m shares contingent on milestones. MAG shares were up as much as 8.53% to a daily top of 5.2c and ended the day at 5c. Weebo hosts some notable walk-up drilling targets, with previous shallow aircore drilling returning hits like 4m at 29.9g/t gold from 8m. 'Our Western Australian exploration team is already well advanced in designing upcoming exploration programs having spent the past week at all nine tenements,' MAG MD David Richardson said. 'Programs of Work are finalised and upon approval we plan an immediate program of aircore drilling."
Herald Sun
01-07-2025
- Business
- Herald Sun
StockTake: Uvre to dot the i's and cross the t's on New Zealand gold pickup
Don't miss out on the headlines from Stockhead. Followed categories will be added to My News. Stockhead's Fraser Palamara unpacks the latest from Uvre (ASX:UVA), which is set to complete its purchase of a number of New Zealand gold assets. Following final conditions being met, the company is now on track to complete the transaction this week. Watch the video to learn more. This video was developed in collaboration with Uvre, a Stockhead advertiser at the time of publishing. This video does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions. Originally published as StockTake: Uvre to dot the i's and cross the t's on New Zealand gold pickup Stockhead Division 296 may shift wealthy Aussies to assets with steady, realised returns, like private credit. Stockhead Many Peaks Minerals has retained an exclusive option to acquire 100% of the Baga gold project in Côte d'Ivoire.
The Australian
27-06-2025
- Business
- The Australian
UVA unveils high-grade gold at Waitekauri
Uvre fields strong assays from reconnaissance rock chip sampling at its flagship Waitekauri gold project Rock chips include abundant visible gold with assays of up to 18.4g/t Au Waitekauri is located 8km west of OceanaGold Corporation's Waihi gold mine (10Moz) An eight-hole drill program is planned to take place in the September quarter once the Otagold acquisition is complete Special report: Rock chip sampling at the brownfields Waitekauri gold project, which Uvre is in the process of acquiring, has shown grades as high as 18.4g/t gold, clearing the way for the company's first drilling program in New Zealand. Waitekauri is the flagship asset currently being acquired by Uvre (ASX:UVA) as part of its transaction with Norm Seckold's Otagold in May, which includes three exploration permits, one prospecting permit and one prospecting permit application in New Zealand's North and South Islands. Recent sampling work has confirmed the presence of high-grade gold mineralisation at Waitekauri, with some samples containing abundant visible gold in greyish porous blebs enclosed in massive white epithermal quartz. Waitekauri is located 8km west of OceanaGold Corporation's Waihi gold mine (10Moz) and sits in the centre of a mineralised corridor hosting three other +1Moz Au deposits. South of the Scotia prospect at Waitekauri, early field mapping revealed a much broader area of post-mineral welded ignimbrite than previously recognised, something earlier explorers hadn't fully understood. UVA says it may cover potential southern extensions of the mineralised system, thereby preventing detection of the system in soil geochemistry surveys. Rock chips at the Oturehua goldfield on the South Island also returned promising assays of up to 9.3g/t gold. A map of the projects on New Zealand's North and South islands. Pic: UVA Drilling to start in September quarter UVA executive chairman Brett Mitchell said the company has known from historical mining and exploration that Waitekauri hosts high-grade mineralisation. 'These rock chips assays confirm the project's excellent potential and set us up for our first drilling program there,' Mitchell said. 'We will now assess the results and devise our maiden drilling program with the aim of drill testing our priority exploration targets at Waitekauri in the September quarter.' Background on Waitekauri Waitekauri sits near the historical Golden Cross and Karangahake mines, along the trend of a recent +2 Moz discovery at WKP by OceanaGold. It displays the hallmarks of a major goldfield in a region with a compelling mineral resource endowment and a 18km mineralised corridor hosting multiple targets and historical workings, as well as three main prospects for exploration – Scotia, Sovereign and Jubilee. Waitekauri also lies adjacent to three other gold deposits, each more than 1Moz, and has historically produced gold and silver at an average grade of 48g/t Au+Ag. What's next? An eight-hole drill program has been designed to explore several of the prospects within the Waitekauri project area and test for geological and structural similarities to the 10Moz Waihi gold mine, 8km to the west. UVA is aiming to zero in on bonanza-style gold-silver low sulphidation veins, with the goal of uncovering a multi-million-ounce resource. The program will get underway after the acquisition goes through, which is up for approval by Uvre shareholders at today's meeting. This article was developed in collaboration with Uvre, a Stockhead advertiser at the time of publishing. This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.
News.com.au
19-05-2025
- Business
- News.com.au
Resources Top 5: Gold diversification puts light at the end of tunnel for Uvre
Uranium and lithium explorer Uvre is diversifying into gold Xanadu Mines has soared after fielding an off-market takeover offer from Bastion Mining Brightstar has upgraded gold resources at key deposits in the Laverton and Menzies hub Your standout resources stocks for Monday, May 19, 2025 Uvre (ASX:UVA) With a shift in focus to gold at a time of strong prices, uranium and lithium explorer Uvre has been a strong mover, rising as much as 22.35% to 11.5c. This comes after the company signed a binding agreement to acquire 100% of Minerals Exploration and its wholly-owned subsidiary Otagold, which holds a portfolio of five exploration and prospecting permits in New Zealand. The acquisition is subject to completion of several conditions, including due diligence on MEL and Otagold and the permits held by Otagold. It is also contingent on Uvre (ASX:UVA) raising at least $4m in a single tranche share placement at 8c per share, managed by Bell Potter Securities. UVA has secured firm commitments for its equity raise following a strongly supported bookbuild, with incoming directors Norman Seckold and Peter Nightingale – both major shareholders of MEL – committing $500,000 and $100,000 respectively, pending shareholder approval. As full consideration, Uvre will issue 75m fully paid ordinary shares at 8c per share, valuing the transaction at $6m. Seckold was previously chairman of New Zealand gold developer Santana Minerals (ASX:SMI) and is currently chairman of Alpha HPA (ASX:A4N), Nickel Industries (ASX:NIC), Fulcrum Lithium (ASX:FUL) and Sky Metals (ASX:SKY). Otagold controls a strategic landholding with 100% ownership of five permits and applications covering 332km2 of highly prospective ground. Its flagship asset is the Waitekauri gold project, roughly 8km west of OceanaGold Corp's 10Moz Waihi gold mine on New Zealand's North Island. UVA executive chairman Brett Mitchell said this transaction was an exceptional opportunity for Uvre on several levels. 'Norm and Peter will bring a wealth of knowledge and experience in the resources business, along with a track record of creating substantial shareholder value through resource asset exploration and project development,' he said. 'The Otagold projects led by Waitekauri have compelling gold exploration upside in a tier-one jurisdiction, as shown by the extensive mineralisation and drilling targets already identified. 'The combination of Norman's well-known record in building successful mining projects combined with the talented Uvre team, the immense exploration upside at these projects and the strong financial position which will follow the placement will leave Uvre very well-placed to create significant value." UVA will be targeting bonanza style gold-silver low sulphidation veins with the objective to identify a multi-million-ounce resource. An eight-hole drill program has been designed with landowner compensation agreement completed and significant potential identified at depth and along strike. UVA shares settled at 10c, up 6.4%, but well above the 8c issue price of the raising and deal. Xanadu Mines (ASX:XAM) ASX and TSX listed Mongolian copper-gold explorer Xanadu Mines has soared 55% to 7.9c on volume of more than 74m after fielding an off-market takeover offer from Bastion Mining Pte Ltd. A Bid Implementation Agreement has been entered by the parties and this comes after the offer was recommended unanimously by an XAM Takeover Board Committee. Bastion represents a consortium of Boroo Pte Ltd, a private Singapore-incorporated entity which invests in major gold projects internationally, and Xanadu director Ganbayar Lkhagvasuren. The offer price of A$0.08 cash per share represents a 57% premium to Xanadu's closing price of 5.1c on May 16, 2025, and 62% to its 10-day volume weighted average price of 4.9c up to and including May 16. This offer implies a total equity value for Xanadu of A$160m, excluding the proposed share issue to Bastion. Bastion will subscribe for 286,829,633 shares in Xanadu at A$0.06 per share, representing an initial investment of A$17.2 million to fund the company's share of joint venture cash calls, working capital and associated corporate costs during the offer period. Boroo's key assets include Lagunas Norte, a producing gold mine in Peru and a portfolio of development-stage projects in South America. Xanadu Mines (ASX:XAM) has a suite of Mongolian exploration plays with the most advanced being the global-scale Kharmagtai copper-gold project held with 50-50 JV partner Zijin Mining Group. The Takeover Board Committee, together with XAM's legal and financial advisers, recommend that shareholders accept the offer in the absence of a superior proposal and subject to the Independent Expert concluding (and continuing to conclude) that the offer is fair and reasonable. 'The proposed acquisition of Xanadu by Bastion is aligned with the company's strategy of generating returns for shareholders and also providing a liquidity event,' Xanadu executive chairman and managing director Colin Moorhead said. 'Bastion's offer provides Xanadu shareholders with an attractive premium, which recognises the company's inherent value and considerable achievements in progressing the Kharmagtai copper-gold project,' he said. 'Together with my partners at Boroo, I am pleased to be making this supported offer to Xanadu shareholders,' said Ganbayar Lkhagvasuren, on behalf of Bastion. 'The Bastion offer provides Xanadu shareholders with the certainty of cash at a significant premium to Xanadu's share price, against a market backdrop of considerable uncertainty. 'Bastion is ideally positioned to advance Kharmagtai to the next stage of development with the benefit of Boroo's experience in acquiring, financing and developing mining operations in Mongolia.' CAAF Ltd, Xanadu's largest independent shareholder which holds a relevant interest in the company of 11.85%, has stated its intention to accept the offer. Bastion has agreed that once it acquires a relevant interest in at least 50.1% of the shares in Xanadu it will declare the offer unconditional. Upgraded resources at key deposits within the Laverton and Menzies hubs of Brightstar Resources in WA's Goldfields have seen shares push 7.98% higher to 74.5c. They later settled up 2.2%. The resource estimates come ahead of a definitive feasibility study and are set to underpin future mining operations. The most noteworthy upgrades are a 34% increase in total measured and indicated resources at the Lord Byron deposit to 251,000oz at 1.5g/t gold along with a 25% increase in resource grade at the Lady Shenton system to 273,000oz at 1.5/t gold. Cork Tree Well has also seen total indicated ounces increase 6% to 292,000oz at 1.4g/t gold while total resources at Fish deposit have increased 22% to 49,000oz at 4g/t gold. Resource grade at the Second Fortune underground mine increased 23% to 40,000oz at 13.4g/t gold while the Link Zone deposit has seen total resources upgraded 38% to 29,000oz at 1g/t gold. Brightstar Resources (ASX:BTR) managing director Alex Rovira said the 2024 drilling was aimed at preparing the deposits for near-term development and dependable, deliverable mining operations. 'The infill drilling, both RC and DD, has provided increased confidence across the deposits and reduced geological risks for future mining, which will be crucial as Brightstar looks to progress the deposits toward production,' he said. 'This update features Brightstar's first resource estimates for several of the recently acquired deposits across the portfolio. 'It is therefore particularly encouraging to see these results, which include increases in head-grade and measured & Iindicated classification, considering the utilisation of Brightstar's robust in-house mining-focused estimation parameters.' The company already has more than 1Moz of gold in high confidence measured and indicated resources with +300,000oz in producing or near-term deposits such as Second Fortune, Fish and Lord Byron at Laverton as well as Lady Shenton and Link Zone at Menzies. A steady mover has been Resource Mining Corporation with an exploration and development update for the Mpanda copper-gold project being the catalyst for another 22% increase to 2.8c. After a positive update from the Tanzanian project on May 13, shares have climbed from 0.6c and this prompted a price and volume query from the ASX. Previous results from the project have returned impressive gold and copper grades from rock samples up to 36.7g/t gold and 11.89g/t copper from Kabungu and 13.58% copper and 3.24g/t gold from Stalike. Analysis of copper-gold auger and soil samples is progressing focused on Stalike and Kabungu prospects. Multiple small-scale mines form a northwest-southeast trend which combined with soil geochemistry and rock and drilling results, extends more than 40km. Ten prospects make up the Mpanda Project and the company believes results to date provide an indicator of the presence of an extensive mineralised system. There have been 16 rock chip samples from small-scale mines gathered within RMC's tenements with five samples exceeding 11g/t gold and two exceeding 10% copper from the Kabungu prospect. As well as ongoing exploration, RMC is assessing near-term production opportunities at Stalike and Kabungu by utilising nearby existing third-party processing infrastructure. 'Renewed investor interest in RMC in the past week has been very encouraging following our recent update of ongoing exploration activities,' executive chairman Asimwe Kabunga said. 'These works are ongoing and will help form the basis for a more structured and targeted low-cost drill program that we can execute in the near-term once we complete the current sampling program. 'As well as our exploration activities, given the extensive small-scale workings located across our Stalike and Kabungu projects where local miners have exploited the near-surface material, RMC is uniquely positioned to accelerate development of its own mineral production operations without extensive capex.' Raiden Resources (ASX:RDN) Investors have shown their approval of initial assay results from ongoing 2025 Phase 2 diamond drilling program on the Vuzel Gold Project of Raiden Resources in south-eastern Bulgaria, with shares 75% higher at 0.7c. All eight Phase 2 holes at Vuzel hit near-surface gold and significant intersections include: 24.8m at 1.96g/t gold from 0m, including 13.3m at 3.40g/t from 0m; 56m at 1.09g/t Au from 0m, including 8m at 1.50g/t from 7m and 8.3m at 4.94g/t from 47.7m; and 47.5m at 0.53g/t Au from 2.5m. Results indicate that Vuzel may host an extensive, near-surface mineralised gold system with a high-grade component. 'I am pleased to report that all assay results received to date from the second phase of the Vuzel drilling campaign have confirmed significant gold mineralisation, extending over a meaningful strike length and width,' managing director Dusko Ljubojevic said. 'These results build on the strong foundation of our maiden drilling program, which also intersected gold mineralisation in every hole. 'Importantly, this phase has delivered high-grade intercepts and has significantly improved our understanding of the controlling structures that acted as conduits for fluid emplacement. 'This growing geological insight is expected to enable more precise targeting of high-grade zones in future drilling. 'We believe that recent transactions in the region support management's view that discoveries in the district hold the potential for significant value generation for shareholders.'
