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Denarius-Soma team up for Zancudo
Denarius Metals (CBOE:DMET) received approval of the EIS for the Zancudo Au project in Antioquia, Colombia, from regional environmental authority Corantioquia, allowing the company to commence mining operations. An October 2023 PEA outlined operating at an initial 500tpd using contractor mining at the historical mine to produce a Au-Ag concentrate, subsequently increasing to 1000tpd. It would produce an average of just under 60koz/y Az & 880oz/y Ag over a 10-year mine life following an initial investment of US$14.8M. Zancudo hosts an inferred resource of 4.1Mt @ 6.5g/t Au & 107g/t Ag containing 860koz Au & 14.1Moz Ag. “With the EIS approval in hand, we are about to become a mining company with the first production expected by the end of this quarter,” said executive chair Serafino Iacono.
DMET said its 1000tpd processing plant is expected to be ready to commence operations in 2Q25, but will sell ore to Soma Gold (TSXV:SOMA) in the meantime. SOMA owns the 225tpd capacity El Limon mill, some 250km by road from Zancudo, which has been on care and maintenance since 2020. It is permitted to process up to 400tpd, with processing due to start by the end of February. SOMA, which produced 27koz AuEq in 2024, said it will purchase up to 200tpd of ore from Zancudo. "There are a lot of synergies between SOMA and DMET that make sense for both companies to fully utilise El Limon's capacity while Soma ramps up production at the company's mines and Denarius commissions their new mill at Zancudo,” said SOMA CEO Geoff Hampson.
Hampson told CGS the cost of refurbishing El Limon will be US$250-500k, depending on whether SOMA does a full rehab at once or phases it over time. “That decision will be based on whether we can successfully produce a concentrate with the Zancudo ore or if we need to produce doré,” he said. Zancudo ore has a refractory component associated with arsenopyrite. Metallurgical testing indicates that crushing, grinding, gravity concentration, and froth flotation can produce precious metal recoveries of 85% for gold and 87% for silver. SOMA is undertaking a metallurgical evaluation of Zancudo ore.
Exploration News
Collective Mining (NYSE:CNL)
Announced final assay results from the 2024 drilling at the Trap and Plutus targets of its Guayabales Au project in Caldas, Colombia. At Trap, drilling confirmed and expanded the high-grade area N and discovered a new high-grade vein system in the S of the target area. At Plutus, reconnaissance drilling continued to cut shallow levels of a mineralised porphyry system. CNL has five drill rigs operating as part of a 60,000m programme for 2025. Highlights included 40.5m @ 4.01g/t AuEq within 200.85m @ 1.06g/t in hole 30 in the Trap Main Zone. At the Au vein system discovery, drilling hit 1.3m @ 49.30g/t Au in hole 25. “Trap continues to demonstrate that there is a lot of metal in the system, including the discovery of a new high-grade Au-rich vein system,” said executive chair Ari Sussman.
CNL also commenced drilling at its San Antonio project in Caldas, planning a minimum 2,500m to test three Au-Cu porphyry targets within a well-defined 2.5km mineralised corridor. “I have been convinced by our team that we have a legitimate chance of finding a major Au-Cu porphyry system. The size of the alteration zone and abundance of high-grade mineralisation on the surface is impressive,” said Sussman.
Aris Mining (TSX:ARIS)
Produced 211koz Au in 2024 from its operations in Colombia. It produced 188koz from Segovia in Antioquia and 23koz from Marmato upper mine in Caldas, achieving its revised 2024 guidance. ARIS is expanding processing capacity at Segovia by 50% to 3,000tpd, with commissioning scheduled for 2Q25, with the mill feed rate expected to increase from the current 2,000tpd. Meanwhile, construction of the Marmato lower mine continues to progress, with production expected to ramp up in 2026. The company ended 2024 with US$253M in cash. “Looking ahead to 2025, we expect total Au production of 230-275koz as we begin to realise growth from our expansion projects,” said CEO Neil Woodyer.
Calibre Mining (TSX:CXB)
Produced 242koz Au in 2024, exceeding its guidance, with 207koz from Nicaragua and 35koz from Nevada, USA. The company subsequently produced its 1Moz from Nicaragua since it acquired the assets in 2019. CXB ended 2024 with US$186.7M in cash. It continues to make new discoveries across the Limon Mine Complex in Nicaragua with highlights of 19.9m @ 12.96g/t Au and 7.1m @ 12.57g/t Au. Its Valentine Au mine development in Newfoundland & Labrador, Canada in on track for production in 2Q25. CXB has guided 2025 production of 230-280koz. “2025 is shaping up to be a transformational year for CXB with the first Au production from Valentine. With Valentine fully operational, CXB transitions into a robust, multi-asset, diversified mid-tier Au producer,” said president & CEO Darren Hall.
CXB also announced a maiden resource for its Talavera deposit 3km from the Limon mill, which historically produced 800koz. Talavera hosts an inferred resource of 3.8Mt @ 5.09g/t containing 630koz. The extension of the historical mine and discovery of several parallel sub-vertically dipping veins led to the delineation of this resource. “The resource at Talavera further highlights the enduring nature of the Limón Mine Complex,” said Hall.
Mako Mining (TSXV:MKO)
Produced 15koz Au @ 9.73g/t and 13koz Ag @ 8.75g/t in 4Q24 from its San Albino mine in Nicaragua, bringing the total for 2024 to bout 40koz Au. MKO delivered 41koz Ag for the Sailfish Ag loan and ended 2024 with cash of US$14.5M. “Production in 4Q24 was back to normal after a relatively weak 3Q due to a brief delay in receiving an EIA permit, which was received in July. Recovered Au ounces were up 134% quarter over quarter, with gold sales generating $28.8M in revenue,” said CEO Akiba Leisman.
G Mining Ventures (TSX:GMIN)
Received an interim environmental permit from Guyana's Environmental Protection Agency following its EIA and EIS submissions made in November 2024 for its Oko West Au project. Together with the "no objection" letter received from the Guyana Forestry Commission, GMIN has fulfilled the requirements to initiate early works construction activities, which it intends to initiate in 1H25. These will include a barge landing facility, main access road and internal roads, airstrip, permanent camp, water and sewage treatment plants, power generation and a communication tower. Looking ahead, additional development catalysts at Oko West include a FS (2Q25), a full permit (2Q25) and a formal construction decision. “We are excited to have the opportunity to commence early works activities ahead of schedule and to grow the local team in preparation for the main construction phase,” said president & CEO Louis-Pierre Gignac.
Silvercorp Metals (TSX:SVM)
Provided an update on its El Domo CU VMS development project in Ecuador, which targets the first production in 2H26. SVM moved the Ecuador management team to the El Domo sites from the Quito office, is advancing detailed engineering, including reviewing the previous technical work for optimisation, optimized the TSF, starter dam, saprolite waste dump and non-contact water channel designs, selected a new process plant site so its preparation will provide non-acid generating rocks for the construction of the TSF starter dam, and commenced metallurgical test work on selective flotation potentially leading to higher Au & Ag recoveries and improved payabilities. SVM also executed a powerline contract with the Ecuadorian state-owned power company CNEL and awarded its first construction contract for the temporary camp, TSF starter dam, internal haul roads, and other items to CRCC 14 Bureau Group.
Lumina Gold (TSXV:LUM)
Announced progress regarding power infrastructure for its Cangrejos Au-Cu project in Ecuador. It received approval of the FS-level designs for connection to the national grid from state utility CELEC. The designs include two transformers at the La Avanzada substation and a 138kV single-circuit transmission line that will run 20km from the substation to the project. LUM said Ausenco Engineering has completed 92% of the FS work, and it is on schedule for completion during 2Q25. Work for the EIS is progressing on schedule,e allowing for submission in mid-2025. LUM targets receiving its environmental license by early 2026.
G2 Goldfields (TSX:GTWO)
Defined a parallel high-grade shoot, partially closing the 800m gap between the April 2024 Ghanie and OMZ resources at its Oko-Aremu Au project in Guyana. Drilling highlights included 9m @ 2.6g/t Au & 4m @ 36.8g/t in hole 228. To date, GTWO has drilled 139,180m in 509 holes at the 2.2km long system. Subsequent to the April 2025 resource estimate, it has completed an additional 200 holes for 56,887m, which will provide additional data for an updated estimate due in 1Q25. “These new results definitively demonstrate that, despite almost five hundred holes being completed to date, Oko remains very much a growth story. In 2025 we will continue to aggressively explore this emerging Au district,” said CEO Dan Noone.
Omai Gold Mines (TSXV:OMG)
Announced assay results from drilling at the Wenot Au deposit at its Omai project in Guyana with a highlight of 57m @ 4.48g/t in hole 92. A total of 26 diamond drill holes for 13,716m were completed in 2024, mostly focused on expanding the Wenot deposit. OMG plans 10,000m of drilling in 2025, and a Wenot resource and PEA update for 3Q25. "Wenot continues to deliver very strong drill results, and in particular, we are encouraged by the continuity of mineralisation and increasing grades with very impressive widths at depth. The current results include the best intercept in our company's history, which is outside of the current NI43-101 Resource and below previous drilling,” said president & CEO Elaine Ellingham.
Founders Metals (TSXV:FDR)
Announced a new high-grade Au discovery 1.8km W of the Lawa prospect at its Antino Au project in Suriname, with grab samples up to 66.8g/t, and a channel sample of 17.8m @ 5.68g/t over the newly identified high-grade structure. It said the discovery highlights an emerging, multi-kilometre parallel Au trend E of the main >15km Antino structure. FDR has begun drilling the target as part of 60,000m planned for 2025. Au mineralisation at Upper Antino currently has a drill defined strike length of 1.6km, depth of 280m, and remains open. FDR plans to complete up to 20,000m of drilling at Upper Antino in 2025. A second drill will split its time between Buese and Lower Antino to determine the extent of their mineralised footprints, with ~8,000m of drilling planned. Da Vinci will see 3,000m of drilling, and a maiden programme will begin at Lawa. Other advanced targets for 2025 drilling include Maria Geralda and Parbo. “Our focus this year is on making new discoveries and continuing to grow what we know at Antino,” said president & CEO Colin Padget.
Outcrop Silver & Gold (TSXV:OCG)
Reported assays from drilling from the La Ye vein at its Santa Ana Ag project in Tolima, Colombia. Recent drilling confirmed a 450m strike extension of the vein, with mineralisation extending to 200m down-dip, which it said reinforces the potential from La Ye to grow Santa Ana resources. Highlights included 2.41m @ 227g/t AgEq in hole 421 in the La Ye North vein and 1.41m @ 457g/t in hole 429 in the newly discovered Lupe vein. "The recent results from La Ye highlight its exceptional potential to contribute to mineral resource expansion and, together with the discovery of the Lupe vein, shows the scalability and continuity of the system," said VP exploration Guillermo Hernandez.
Orosur Mining (TSXV:OMI)
Reported drill intercepts from the Pepas target at its Anzá Au project in Antioquia, Colombia, with holes drilled downdip of previous holes at opposing ends of the current mineralised zone to test structural complexities anticipated to the SW. Highlights included 43.7m @ 3.13g/t Au in hole 16, 40.2m @ 2.06g/t in hole 17 and 54.1m @ 6.01g/t from sthe urface in hole 18.
Libero Copper & Gold (TSXV:LBC)
Announced results from the first drill hole of its 14,000m resource expansion programme at its Mocoa Cu-Mo project in Putumayo, Colombia which the clarification of the forestry reserve boundary reprioritised. Hole 44 was designed to fill in the geological model that indicated a prospective feed zone to the deposit and confirmed mineralisation from the surface. The hole returned 1,141m @ 0.27% Cu & 0.04% Mo for a 0.46% CuEq from the surface. However, the first 132m (0.04% Cu) and last 51m (0.08% Cu) were waste. The main interval was 959m @ 0.32% Cu from 132m depth. "The recent clarification of the forestry reserve boundary provides opportunities to explore the western area, where promising mineralisation controls have been identified, “ said president & CEO Ian Harris.
LBC also announced results from follow-up exploration at the Piedralisa and Estrella targets at Mocoa with rock samples returning up to 1,930.5ppm Cu, 695.7ppm Mo, 14,200ppm Zn & 4,232.5ppm Pb. Piedralisa and Estrella confirm the presence of elevated metal concentrations in sericite-altered porphyry units, aligning with 3D radial symmetric isosurface and demagnetized zones. A 2.5km x 2km area was selected for continued exploration.
“Follow-up work at Piedralisa and Estrella shows this system may extend well beyond the known footprint, pointing to multiple porphyry centres. With a drill programme in 2025 that’s 50% larger than all previous drilling combined, our focus is on expanding the main deposit and testing this broader district potential,” said Harris.
Quimbaya Gold (CSE:QIM)
Announced the results of a rock sampling on the Tahami North project near Segovia in Antioquia, Colombia, with grades up to 5.86g/t Au & 133g/t Ag along a 2km trending vein system. The targeted veins trend to the NW within the company's claims. A follow-up programme has been designed to test the continuation of the Au-Ag veins along the trend. "These results provide a strong foundation to advance the exploration programme and define drilling targets at Tahami North," said president & CEO Alexandre Boivin.
Corporate News
Aura completes Bluestone buy
Aura Minerals (TSX:ORA) completed the acquisition of Bluestone Resources (TSXV:BSR). ORA paid C$26.3M in cash and issued 1M ORA shares and 146.5M contingent value rights (CVRs) to BSR shareholders. CVRs provide the potential to receive a cash payment of up to 21c per share contingent upon the Cerro Blanco Au project in Guatemala achieving commercial production.
Sun Valley to up Mineros stake
The Colombian Superintendent of Finance halted trading of Mineros (TSX:MSA) in Colombia due to an application by principal shareholder Sun Valley to make a public tender offer to acquire 5-9% of the issued and outstanding shares through the Colombia Stock Exchange at an offering price of 4,600 pesos per share, equivalent to C$1.56. Sun Valley currently owns 30.8% of the company and can increase its ownership to 39.8% via its tender offer. The purchase of 9% would cost about C$42M.
Omai to raise C$15M
Omai Gold Mines (TSXV:OMG) (announced a bought deal private placement of 50M shares @ 30c for proceeds of C$15M. The proceeds will be used for exploration and development at its Omai Au project in Guyana. The offering is expected to close on February 13.
Rugby C$1M loan
Rugby Mining (TSX:RUG) obtained a C$1M unsecured loan from a director bearing no interest for working capital purposes. The loan is due on January 20, 2026.
Omai appoints Stewart
Omai Gold Mines (TSXV:OMG) appointed David Stewart, PEng as VP corporate development & IR. Stewart is a mining engineer with 15 years of mining sector experience including mine development and planning, sell-side equity research, corporate development and investor relations. He was most recently VP corporate development and shareholder communications at Ascot Resources.
Denarius promotes Restrepo
Denarius Metals (CBOE:DMET) promoted COO Federico Restrepo to CEO.