PALM BEACH, Fla. , Nov. 13, 2024 (GLOBE NEWSWIRE) -- FN Media Group News Commentary - The increasing demand for gold across various sectors, including jewelry, technology, and investment, significantly drives the gold mining market. In the jewelry industry, gold's aesthetic appeal and cultural significance, particularly in countries such as India and China, fuel its demand. Additionally, gold's excellent conductivity and resistance to corrosion make it indispensable in the electronics industry for manufacturing components such as connectors and circuit boards. Furthermore, economic uncertainties often boost gold's status as a haven asset, prompting investors to increase their holdings in gold, thereby driving up its demand and, consequently, mining activities. A report from DataIntello said the global gold mining market size was USD 208.9 Billion in 2023 and is likely to reach USD 274.2 Billion by 2032, expanding at a CAGR of 3.50% during 2024–2032. The market growth is attributed to the impact of automation and robotics in mining operations. The report said: “Automation and robotics have transformed mining operations, making them safer, more efficient, and less labor-intensive. In gold mining, automated drilling systems operate continuously, reducing the need for human intervention and enhancing productivity. Robotic equipment is being used for tasks that are dangerous for humans, such as deep underground operations or in environments that are hazardous due to unstable mine structures or the presence of toxic gases. These technologies improve safety and decrease variability in performance, leading to predictable and optimized outcomes. Furthermore, automation enables real-time data collection and monitoring of mining activities, which assists in precise resource management and operational planning.” Active mining companies in the markets this week include: South Pacific Metals Corp. (OTCQB: SPMEF) (TSX-V: SPMC), K92 Mining Inc. (OTCQX: KNTNF) (TSX: KNT), Newmont Corporation (NYSE: NEM) (TSX: NGT), Founders Metals Inc. (OTCQX: FDMIF) (TSX-V: FDR), SNOWLINE GOLD CORP (OTCQB: SNWGF) (TSX-V: SGD).
DataIntello continued: “Rising technological advancements have revolutionized the gold mining industry by increasing efficiency, reducing costs, and enabling the extraction of gold from previously inaccessible or unprofitable ores. Innovations such as automation, data analytics, and environmentally friendly extraction methods, such as bioleaching, allow mining companies to optimize their operations. These technologies enhance gold recovery rates and minimize environmental impact, making mining projects sustainable and compliant with global regulations. As technology continues to evolve, it is expected to further drive the growth of the gold mining market by opening new avenues for exploration and extraction. The region's market is characterized by advanced technology and a regulatory environment that supports sustainable mining practices. North American markets are significant for their role in global gold trading and investment, with a strong presence of financial institutions that deal in gold products.”
South Pacific Metals Corp. (OTCQB: SPMEF) (TSX-V: SPMC) Taps K92 Exploration Veteran to Lead Anga and Osena Project Drilling in PNG’s Kainantu Gold District - South Pacific Metals Corp. (FSE: 6J00) (“SPMC” or the “Company”) is pleased to announce Dean Williamson has joined the Company as Exploration Manager in Papua New Guinea. Mr. Williamson brings extensive experience gained from his +30 year exploration career, which most recently includes a five-year tenure at K92 Mining, where he led critical exploration initiatives that delivered significant gold-copper discoveries. His geological and operational expertise will play a key role in advancing forthcoming Anga and Osena Project drill programs within the Kainantu Gold District.
Previously, Mr. Williamson was principal leader of the K92 Mining exploration team that discovered the Blue Lake Copper-Gold Porphyry and yielded a major maiden inferred resource estimate, as well as acting as a key leader in managing the infill and extensional drilling of the Kora and Judd lodes. With a demonstrated ability to drive results in complex terrains, Mr. Williamson’s leadership and desire to be in the field will accelerate exploration on SPMC’s adjacent properties.
The Anga and Osena Projects hold substantial promise as K92-adjacent properties with geology and mineralization similar to the prolific Kainantu deposits. Extensive geological work by the Company has indicated potential for lode-gold and large-scale copper-gold porphyry, vein and skarn systems at both Anga and Osena. Recent surface sampling programs have already identified high-priority targets, setting the stage for targeted drilling efforts under Williamson’s direction.
Michael Murphy, Executive Chair of South Pacific Metals, commented, “Dean Williamson's track record in achieving high-impact discoveries at K92 Mining aligns perfectly with our mission to unlock district-scale potential in Papua New Guinea. His insights and proven exploration acumen will be instrumental as we advance Anga and Osena, two of our most prospective properties adjacent to K92’s operations.”
K92 is targeting a maiden mineral resource estimate for Arakompa by Q1 2025, and reports mineralization is open in both directions along strike, at depth and only approximately 40% of the +1.7 km mineralized corridor strike length has been drill tested to date.
Anga Gold-Copper Project Update - The Company is pleased to announce promising results of its preliminary surface sampling program conducted in July–August 2024 at its Anga Gold-Copper Project, located in the gold-copper-producing Kainantu District (see news releases dated July 25, 2024 and September 5, 2024). The exploration program at the Irinke Prospect was designed to target lode-gold and base-metal rich mineralization known to exist on the adjacent property, only 3 km to the southwest at the Arakompa lode-gold drill program and nearby Kainantu Gold Mine.
2024 Irinke Expanded Exploration Program - The ongoing 2024 Irinke Exploration Program comprised comprehensive surface sampling and structural and geological mapping program on the western-most portion of the Project (refer to Figure 2). The program is designed to follow up on positive preliminary surface sampling results from previous work in 2022 (under previous management as Kainantu Resources Ltd., see news release dated December 15, 2022), notably, a high-grade gold-carbonate base-metal vein was sampled that returned 2.28 g/t Au, 9.4 g/t Ag, 418ppm Pb and 1254 ppm Zn.
New results include an expanded gold anomaly, which is coincident with elevated pathfinders of copper, bismuth and tellurium. The pathfinder suite, gold rock chips up to 3.28 g/t Au, and the dominant NNE-SSW trend orientation set this area as priority for follow up work.
Binano Prospect – New Anomaly Discovered - Approximately 1.5 km to the east of Irinke is the Binano area. Previously a rock float sample returned 0.27% Cu from a sample described as a quartz veined intrusive with disseminated pyrite-chalcopyrite. Follow up work included a soil sampling grid, which has now identified a coincident gold and pathfinder anomaly over 700 x 300 metres. Similarly to Irinke, Binano contains structural fabrics of a similar orientation to Arakompa. The area between Irinke and Binano is through a valley floor with minimal outcrop. It is possible these prospects connect or there are further as yet undiscovered anomalies and targets in areas under shallow cover. CONTINUED… Read this full press release and more news for South Pacific Metals at: https://www.financialnewsmedia.com/news-spmc/
Other recent developments in the mining industry of note include:
K92 Mining Inc. (OTCQX: KNTNF) (TSX: KNT) recently announced its third set of drilling results consisting of 19 holes for total results of 30 holes released to date from its maiden surface diamond drill program at Arakompa, located approximately 4.5 km from the Kainantu Gold Mine Process Plant in Papua New Guinea. K92’s maiden drill program at Arakompa represents the first drilling on the target in 32 years, with limited historic drilling completed, comprising 18 holes totaling 1.8 km of mostly shallow drilling.
John Lewins, K92 Chief Executive Officer and Director, stated, “The significant and rapid progress at Arakompa is a very exciting time for K92, our stakeholders and Papua New Guinea. These latest 19 holes reported extended the known strike length by approximately 50%, discovered a potential thick high-grade zone at the southern limit of K92’s drilling to date towards the Tankaunan Porphyry, while also extending the bulk mineralized zone a commensurate amount along strike. With Arakompa open in both directions along strike, we believe that we are still only scratching the surface and this is precisely why we have increased the number of drill rigs from one in Q1 2024 to now four.”
Newmont Corporation (NYSE: NEM) (TSX: NGT) recently announced the commissioning of its first battery-electric large mining truck at the Cripple Creek and Victor (CC&V) mine in Teller County, Colorado, U.S. The vehicle, dubbed the Early Learner Cat® 793 XE, is an important milestone for Newmont, made possible through its strategic alliance with Caterpillar Inc.
“The arrival of the Early Learner Cat 793 XE underscores our ongoing commitment to reducing greenhouse gas (GHG) emissions across our business,” said Natascha Viljoen, Chief Operating Officer at Newmont. “As we look toward the future, our focus remains on creating a safer and more productive mining environment and this battery-electric large mining truck is one more step we are taking to further advance our safety and sustainability commitments.”
Currently, surface and underground mining diesel combustion machines are responsible for a significant portion of Newmont’s carbon emissions. Introducing innovative solutions like the Early Learner 793 XE at the mine-site level demonstrates our ongoing commitment towards reducing emissions.
Founders Metals Inc. (OTCQX: FDMIF) (TSXV: FDR) recently announced drill core assay results from its maiden drill program at Lower Antino on the Antino Gold Project (“Antino” or “Project”) in southeastern Suriname. Founders reports 81.9 metres (m) of 1.01 grams per tonne (g/t) gold (Au) within a broader, >200 m wide zone of anomalous gold. The zone was intersected in unweathered rock approximately 100 m down-dip of a historical auger gold anomaly with assay values up to 49.30 g/t Au. With the success of these preliminary drilling results, the Company has increased the Phase 1 Lower Antino drill program from 1,500 m to 4,500 m and will release additional results as assays are received.
“With this new discovery at Lower Antino, we have yet another example of the potential scale that Antino represents,” stated Founders' President & CEO, Colin Padget. “After intersecting the gold mineralization in drill hole 3, we were very excited to see the results and quickly modified the drill plan to follow-up. We continue to credit our rapid assay turnaround times for our ability to move quickly on a discovery like this and look forward to communicating further results as they become available.”
SNOWLINE GOLD CORP (OTCQB: SNWGF) (TSX-V: SGD) recently announced additional analytical results from its 2024 Valley deposit drilling campaign on the Rogue Project in Canada's Yukon Territory alongside updates on regional exploration. A fence of drill holes (V-24-088, 090 & 091) across the northwest end of the Valley deposit confirm strong, consistent gold grades from surface, with mineralization extending outside of the current resource constraint. At Cynthia, geochemical samples delineate a 500 x 200 m gold and silver anomaly in talus fines immediately north of an area with limited historical drilling. A continuous chip sample across a mineralized dike yielded 0.58 g/t Au and 45.0 g/t Ag over 8.0 m. The Company awaits analytical results from the majority of its 2024 exploration campaign, including >21,400 m of drilling in 37 holes across five different targets.
“We are encouraged to see results from Valley continuing to live up to the high standards set by the deposit model, in hole after hole-in our view, this is a key hallmark of a high-quality mineral deposit,” said Scott Berdahl, CEO & Director of Snowline. “We are further encouraged by ongoing indications of widespread regional gold fertility across our extensive mineral tenure in the eastern Yukon, evidenced by advancement of yet another greenfield target, on our Cynthia Project, in the broader Rogue Plutonic Complex.”
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