Latest Gold And Copper Exploration News

Novo Resources reduced its nine-month loss and operating cash burn, while a C$16.4 million revaluation of its San Cristobal Mining investment lifted marketable securities to C$37.8 million. The stronger balance sheet still faces a major test in December, when approximately A$10 million of deferred consideration falls due.

Northstone Resources has secured an oversubscribed $2.37 million placement as its shares return to trading, funding a run of technical and drilling milestones in Serbia. The raise puts a maiden JORC resource estimate for the Tlamino gold-silver project in sharper focus, while also adding substantial option exposure to the capital structure.

Sunstone Metals has reported broad gold-copper trench results at Porotillo, including 126.32 metres at 0.41 g/t AuEq, as it tests extensions to Bramaderos’ 6.2Moz resource. Further trenching between Copete and Melonal keeps the exploration pipeline active, but the results do not yet establish resource continuity or a new estimate.

Far East Gold’s cash position has tightened sharply, with only A$593,000 remaining after a September quarter of takeover costs and exploration spending. The company says it needs new funding while a board-control fight threatens to add further uncertainty.

Scorpion Minerals has strengthened the development case for its Old Prospect gold deposit, with a new open-pit optimisation identifying 16,159 ounces at a A$6,000 per ounce gold price. The project now has a proposed processing pathway and a mining lease application in the Right to Negotiate stage, but funding remains limited as drilling and studies ramp up.

Magmatic Resources has completed 2,596 metres of RC drilling at Weebo, with assays due around November, while Fortescue-funded work at Myall returned further copper-bearing intervals near the Kingswood resource. The explorer ended September with $4.28 million in cash, or an estimated 3.5 quarters of funding at the reported spending rate.

Barys Resources has added a 110.8-square-kilometre gold exploration licence in Kazakhstan, taking its North Balkhash portfolio to 445.8 square kilometres. The expansion comes with a sharper funding constraint: cash fell to A$1.039 million at quarter-end, equivalent to about one quarter of funding at the reported spending rate.

Moonlight Resources has outlined a conceptual gold Exploration Target of up to 662,000 ounces at Clermont, while advancing drilling across gold and copper prospects. The company ended September with A$3.168 million in cash, equivalent to 1.1 quarters of funding at the reported spending rate.

Titan Minerals has uncovered a new shear-hosted gold-silver zone outside its existing Dynasty resource, while drilling continues to extend and define the Cerro Verde orebody. The exploration momentum comes with a sharper funding issue: Titan ended September with US$2.84 million and less than one quarter of estimated cash cover.

Taruga Minerals has mobilised its first diamond drill rig at the Weioko Gold Deposit since 2009, while preliminary oxide testwork returned gold recoveries of up to 96.27%. The results are encouraging, but the company’s cash position remains tight before a post-quarter option exercise raised A$1.5 million.

Sultan Resources has ended the September quarter with $1.652 million in cash as it builds a copper-gold exploration portfolio spanning Namibia and New South Wales. The company’s most advanced near-term work remains contingent on a licence grant, geophysical reviews and shareholder approvals.

Sunstone Metals has lifted the Bramaderos Mineral Resource by 72% to 6.2Moz AuEq after drilling success, while restarting deep drilling at its much larger conceptual El Palmar target. The exploration gains come with a clear funding constraint: A$6.5 million of cash represented about 1.8 quarters of estimated funding at quarter-end.