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- Oil & Mining Letter - June 21, 2026
Oil & Mining Letter - June 21, 2026
Journey Energy, Arrow Exploration, TAG Oil, Greenland Energy, Horizon Petroleum, Quantum Helium, Vaalco Energy, Petro River Oil, Pulsar Helium, Iconic Minerals, Antilles Gold, K2 Gold, GT Resources, Rua Gold, Cassiar Gold, ICG Silver & Gold, Endeavour Silver, Oreterra Metals, Enduro Metals, Kenorland Minerals, Prosper Gold, Goldgroup Mining, Regency Silver, Hillgrove Resources, Turaco Gold, Kingfisher Metals, Thesis Gold & Silver, TDG Gold, Talamore Mining, Auranova Resources, Anteros Metals, Grande Portage Resources, Barton Gold, West Red Lake Gold Mines, Dryden Gold, Salazar Resources, Athena Gold, Mammoth Minerals, and more
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Interesting news last week:
(TSX:JOY OTCQX:JRNGF) Journey Energy Inc. announced it has expanded its 2026 capital program, now anticipating participation in 16 gross (4.2 net) Duvernay wells and associated infrastructure. On May 8, 2026, Journey referred to Duvernay capital expenditures of $60-75 million for 2026, which has now increased to the higher end of the $75 million range due to additional wells and facility capital. Journey's net share of long-term facility investments is estimated to be approximately $20 million for 2026, up from $15 million. The company closed the disposition of its Countess assets for total cash consideration of $7 million on June 1, 2026, which included the Countess gas field and a 4 MW power generation facility producing approximately 950 boe/d. Journey has updated its 2026 capital spending guidance to $100 million, up from previous guidance of $80-$90 million, and asset retirement spending remains at $7 million. Annual average daily sales volumes are now guided at 10,300-10,700 boe/d (65% crude oil & NGL's), with exit rates of 11,400-11,800 boe/d (70% crude oil & NGL's). The company projects all new wells to come on production between June and December of 2026 and expects its power projects to provide significant upside for producing net asset value when both projects are on-stream.
(TSXV:AXL AIM:AXL OTC:CSTPF) Arrow Exploration Corp. announced an operational update on the Icaco field in the Tapir Block, Llanos Basin of Colombia, where Arrow holds a 50 percent beneficial interest. The Icaco-2 exploration well (IC-2) was spud May 18, 2026, reached target depth on May 26, 2026, and was drilled to a total measured depth of 12,020 MD feet (7,399 TVD feet), encountering a total net pay of 100 feet TVD across multiple formations. The well is currently producing from the Ubaque formation at a restricted rate of approximately 830 BOPD gross (415 BOPD net) with oil quality of 13.4° API and a 1% water cut. Including IC-2, total gross corporate production is approximately 5,000 boe/d, and as of June 2, 2026, the company's estimated cash balance is US$26.7 million with no debt. During May 2026, Arrow oil field realized prices averaged approximately $97.48 US/barrel. The company is constructing five additional cellars at the Icaco pad for a total of 7 additional cellars after IC-4HZ. The company projects that the Pepper field is expected to be brought back on production once AECO gas prices improve in the third and fourth quarter of 2026.
(TSXV:TAO OTC:TAOIF) TAG Oil Ltd. announced an update on drilling operations at the Badr Oil Field ("BED-1") in the Western Desert of Egypt, with the NDC-9 drilling rig expected to be mobilized to the BED-1 location this month. Surface site preparation is underway, and other regulatory requirements have been secured. Drilling operations for the T-200 vertical well are anticipated to start by mid-July. The T-200 well is designed as a vertical well with a planned total depth of approximately 4,250 metres and will target the Abu Roash "F" formation. Drilling and completion activities are expected to take approximately 60 days. The company projects that the T-200 well will further evaluate the production potential of this reservoir.
(NASDAQ:GLND) Greenland Energy Company announced a wide-ranging partnership with Envoy Media Co. to produce an original docuseries (six one-hour weekly episodes) hosted by Dr. Phil McGraw and spotlighting Greenland Energy Company's Arctic exploration. The docuseries will chronicle Greenland Energy's historic Jameson Land Basin project and its planned 2026 campaign in East Greenland, the country's first modern onshore oil exploration. Envoy TV's 24/7 distribution includes Spectrum TV from Charter Communications in 41 top U.S. markets and Frndly TV (VMPD), available nationwide. The Envoy FAST channel is projected to reach more than 220 million TV households and connected devices across the United States by the series premiere. Greenland Energy Company recently announced that Arctic shipping vessels are scheduled to depart from Montreal, marking a major milestone toward its planned Jameson Land Basin drilling campaign. The company has disclosed business relationships with key contractors, including Halliburton, Stampede Drilling, and IPT Well Solutions. The series is slated to premiere late summer 2026.
(TSXV:HPL) Horizon Petroleum Ltd. has reached an agreement with San Leon Energy on amended terms for the acquisition of its Polish subsidiaries Energia Karpaty Zachodnie Sp. Z.o.o and Energia Karpaty Zachodnie z ograniczona odpowiedzialnoscia Sp.K. that hold the Bielsko-Biala and Cieszyn Concessions. The Company has paid the final consideration of US$1,600,000 in cash to San Leon Energy, who have confirmed full receipt of the agreed amount. The transaction includes the termination of the 6% Net Profits Interest ("NPI") and the transfer of the plot of land on which the Kety well is located for the price of PLN 1 plus VAT to EKZ. The payment of the consideration is effective as of June 10, 2026 and completes the transaction between Horizon and San Leon Energy. The original deal terms included US$1,080,000 in cash, C$1,000,000 in Horizon shares, and a 6% NPI, but these were amended. The transformation of the Bielsko-Biala and Cieszyn concessions to the new Polish concession structure and the completion of the award of the concessions to EKZ were completed on November 19, 2024. The company projects to unlock the significant potential reserve value at Lachowice and to develop the natural gas resources across its 1,100km2 land base in southern Poland.
(AIM:QHE) Quantum Helium Limited announced the successful completion of the Extended Production Test (EPT) at the Sagebrush-1 well in Colorado, where the Company holds a 90% working interest. Laboratory analysis confirmed helium concentrations of 2.5% in recovered gas samples, significantly above typical industry concentrations of approximately 0.3% to 1.0%. More than 80 barrels of oil have been recovered during testing operations to date, with initial testing and reservoir analysis indicating potential oil production rates of up to 40 barrels per day gross to working interest. The Sagebrush Project hosts a Sproule ERCE independently verified 2U gross helium resource of 134 MMscf, and together with the 0.97 BCF 2U gross helium resource at Coyote Wash, Quantum's total independently certified 2U gross helium resource base stands at 1.104 BCF across its Colorado portfolio. Pressure build-up reached approximately 90% of virgin reservoir pressure as measured by downhole gauges following acid fracture stimulation. The company projects that ongoing cleanup operations will enable a more representative evaluation of long-term gas deliverability and expects to inform flow rate potential from the Leadville following ongoing clean up operations. Additional perforations and completion modifications are underway to increase reservoir exposure and accelerate further required cleanup, with existing production equipment on site to support longer-term operations.
(NYSE:EGY LSE:EGY) Vaalco Energy, Inc. announced positive operational updates offshore Gabon and in Egypt, including the successful drilling, completion, and production of the Ebouri-5H development well with a lateral of 300 meters of net pay in high-quality Gamba sands. The Ebouri-5H well achieved an initial flow rate exceeding 8,000 gross barrels of oil per day (BOPD), with 4,700 BOPD net to Vaalco, and very low water cut. The company has mobilized the rig to the SEENT platform to drill the ETBNM-3 development well, targeting gas and condensate resources in the Dentale D15 reservoir. In Egypt, Vaalco completed and placed on production the HE-9 development well, which encountered 26 meters of net pay in the Asl B reservoir and achieved an initial flow rate of 529 gross BOPD. The company is drilling additional wells in Egypt in 2026 following the success of the 2025 drilling campaign. Vaalco states that the remainder of 2026 will be profitable and remains focused on execution and driving meaningful growth through organic capital programs.
(OTC:PTRC) Petro River Oil Corp. expects to spud the Red Fork Channel 1-3 well today in its Pearsonia West concession in Osage County, Ok. The Red Fork Channel 1-3 well will be drilled to a depth of 2800 feet, similar to the Chat 2-11 that discovered more than 20 feet of oil productive formation. The Pearsonia West concession includes 106,500 contiguous acres adjacent to the Burbank Field, one of the most productive oil fields in the Continental United States. The company's exploration technique utilizes 3-D seismic, which has identified over a dozen fields. These exploration wells have the potential to prove 2.5+ million barrels of oil on 1,610 acres of the 4,480 acres of structural closures. Petro River owns a 20% equity interest in Horizon Energy Partners, LLC. The company’s core holdings are in Northeast Oklahoma and Kern County, California.
(TSXV:PLSR AIM:PLSR OTC:PSRHF) Pulsar Helium Inc. announced an expanded land position at its Topaz Helium Project in Minnesota, with its operating subsidiary Keewaydin Resources Inc. now holding approximately 690 net mineral acres in fee simple and approximately 4,941 net mineral acres under gas leaseholds. The company has successfully drilled all seven Jetstream exploration wells at the Topaz Project, and planning is underway to initiate drilling of two to four production-ready wells that will twin the most successful Jetstream exploration wells. The majority of the leasehold, approximately 2,849 net mineral acres, carries a royalty of just 3% of gross sales, while the balance carries a 20% royalty. Keewaydin Resources Inc. also acquired approximately 1,360 acres of surface land across 34 contiguous tracts in the priority area of the Topaz Project. The company reports that calculated down-hole pressures were higher than anticipated, and that seismic interpretation of a recently conducted 2D seismic survey is now complete. The company projects that the unified geological model will enhance understanding of the reservoir system and inform well targeting for the forthcoming production-ready drill program.
Pre-IPO Investment Opportunity
Equity Raise: Canadian company restarting a large-scale tungsten mine in South Korea
Near-term re-rating catalysts: Production start-up and planned public listing (Targeted in Canada - H2 2026)
Fast path to cash flow: Low-capex, high-margin restart with development already underway
Valuation disconnect: Private entry point (pre-IPO) at a fraction of publicly traded tungsten peers
Proven operators: Experienced management with a strong track record in mine acquisitions, restructurings, and restarts
Financing terms: C$5M private placement at C$0.50 per share
(TSXV:ICM OTC:ICMFF) Iconic Minerals Ltd. announced that drilling continues at the New Pass gold property in Churchill County, Nevada, with core samples from the first six drill holes of the 2026 program prepared and submitted for analysis. The 2,140-hectare property is located approximately 150 miles (240 km) east of Reno, and more than 1,900 feet (580 meters) of HQ core drilling has been completed from nine drill sites. All nine holes drilled to date have intersected the limestone unit that hosts the Carlin-type gold mineralization targeted by the program. The New Pass deposit has a historical inferred resource of 15,515,488 short tons at an average grade of 0.022 oz/ton AuEq, containing 341,750 AuEq ounces, 0.202 oz/ton average silver grade, 3,139,054 contained silver ounces, 0.018 oz/ton average gold grade, and 282,986 contained gold ounces. Drilling has been completed at nine sites with pads constructed for an additional 11 holes, and all holes are being drilled at N70 o E, -45 o to test the southwest-dipping mineralized zone up to 250 feet (76 meters) thick. The company projects that the combination of a defined resource and multiple untested targets supports the potential for meaningful resource growth through continued exploration. Samples from the first six drill holes have been submitted to ALS in Reno for gold and silver analysis, and a few representative holes will undergo multi-element analysis.
(ASX:AAU OTC:ANTMF) Antilles Gold has announced that its 50%-owned Cuban joint venture Minera La Victoria S.A. (MLV) has been designated a US sanctions target by the Office of Foreign Assets Control (OFAC) as a Specially Designated National (SDN) on 4 June 2026 in the metals and mining sector in Cuba. As a result, Antilles' US subsidiary AGI has suspended its direct involvement in MLV’s administration, management and funding until further notice, though it is retaining its 50% shareholding in the JV. The company stated that Xinhai Mining is to suspend activity on the EPC contract for the Nueva Sabana mine until either the SDN designation is removed or OFAC licenses MLV to transact with US entities and persons. Previous filings had said the company was still reviewing the implications for project development, financing, governance, operations and strategy. AGI has initiated discussions with the US Department of State and plans to submit a proposal in response to the sanctions issue. Antilles and its subsidiaries will comply with all US sanctions and associated restrictions in the interim. The company has not provided fresh guidance on construction timing, cost impacts or how long the suspension could remain in place.
(TSXV:KTO OTC:KTGDF) K2 Gold Corporation announced the results of its 2026 reverse circulation drilling program at the Si2 Gold Project. A total of 3,871 meters was drilled across 8 holes at the property, with analytical results for the submitted samples ranging from below detection to 2.367 g/t Au, and below detection to 11.38 g/t Ag. Hole SR26006 at AOI4 returned consistently elevated gold over 210m, including 18.28m of 0.213 g/t Au and 4.57m at 0.493 g/t Au with 5.01 g/t Ag. At AOI3, SR26008 intersected a vuggy quartz vein returning 2.376 g/t Au with 8.13 g/t Ag over 1.52m, and a broad interval of 124.97m at 0.063 g/t Au. The 2026 program confirmed the presence of an extensive gold and silver bearing epithermal system at the project, with mineralization identified at all target areas drilled to date. The company is actively pursuing discussions with potential joint venture partners to accelerate exploration and advance the Si2 Project. Management targets further exploration, including expanded geological and structural mapping, spectral analysis, and potential step out drilling at AOI4, AOI3, and AOI1.
(TSXV: GT) (OTCQB: CGTRF) GT Resources Inc. has begun the 2026 field program on the CD Project in Yukon's Dawson Range Gold Belt, located near Carmacks. The CD Project hosts a gold-copper porphyry target with valid drill permits until 2033 and features a 1,200 m x 400 m gold-copper-molybdenum anomaly. Historical drilling in the 1970s returned 0.15% Cu over 15.2 m (hole 76-2) and 0.09 g/t Au, 0.10% Cu over 21.3 m (hole 76-4), while trenching yielded 0.43 g/t Au, 0.15% Cu, 196 ppm Mo over 5 m. The 2026 work program includes an airborne MobileMT survey, field reconnaissance mapping, prospecting, and soil sampling over the Maloney porphyry and Schist vein targets. GT currently intends to conduct a 2,500 to 3,000 meter diamond drill program in 2027 to test the gold-rich copper porphyry potential and high-grade gold-silver vein targets at CD. The Casino deposit, located 90 kilometers to the northwest, hosts a Measured and Indicated Resource Estimate of 7.6 billion pounds of copper and 14.8 million ounces of gold (Roth et al. 2022). The company projects that integrating new MobileMT data with existing datasets will allow for improved definition of Maloney porphyry targets and more efficient allocation of exploration capital.
(TSX:RUA OTC:NZAUF) Rua Gold Inc. announced an update on exploration and development activities at its Auld Creek Gold-Antimony Project in the Reefton Goldfield, New Zealand. The company has completed approximately 10,000 meters of its planned 19,000-meter drill program, with the 100th drill hole collared this week. Highlighted assay results include 2.7m @ 7.6 g/t AuEq (1.8 g/t Au & 2.7% Sb) from 269m and 10.1m @ 2.2 g/t AuEq (2.0 g/t Au & 0.1% Sb) from 331m. Approximately 1,000 kilograms of resource grade mineralization have been shipped to Intertek, Australia for advanced metallurgical testing. The company is on track to complete and incorporate the 19,000-meter drill program and technical studies into the upcoming Pre-Feasibility Study (PFS), with completion anticipated in Q4 2026. The Fast-Track Referral Application is currently under review by the New Zealand Government, with a decision anticipated in July 2026. Since November 2025, the company has conducted more than 500 engagements with local communities, stakeholders, and regulatory agencies.
(TSXV:GLDC OTC:CGLCF) Cassiar Gold Corp. announced the official opening of its exploration camp and the launch of its fully funded 2026 field season at its flagship Cassiar Gold Property in northern British Columbia. The Company has initiated Phase 1 of its 2026 diamond drilling program, targeting 10,000 meters at the Taurus Deposit in the Cassiar North project area. The Taurus Deposit hosts an Inferred resource of 0.95 g/t Au for 1.93 million ounces of gold and an Indicated resource of 1.43 g/t Au for 410,000 ounces of gold, with 91% of ounces occurring within 150 metres of surface. Historical underground mines in the Cassiar South area have yielded over 315,000 ounces of gold at average head grades between 10 and 20 g/t Au. The Hopeful prospect's mineralized footprint has expanded to a 475 m x 330 m area, and Newcoast has a 4-kilometre prospective corridor with confirmed broad intervals of gold mineralization. The Company also holds a 100% interest in properties covering most of the Sheep Creek gold camp located near Salmo, British Columbia, Canada. The company projects that the 2026 program will focus on evaluating extensions of known veins, testing for blind parallel and stacked vein systems, and integrating new geophysical and geochemical data to refine drill targets.
(CSE:ICG OTC:ICGSF) ICG Silver & Gold Ltd. announced that it has entered into local drilling support arrangements with Modern Land & Development LLC ("ML&D"), a Nevada-based contractor, to support the Company's upcoming Phase 1 Drill Program. ML&D has been engaged to provide drill pad, access road, and related earthwork support for ICG's planned 3,000-metre Phase 1 Drill Program. ICG controls 100% of the approximately 10,000-acre land package in the Tuscarora District in northern Nevada, where extensive rock chip sampling, thousands of meters of reverse circulation and core drilling, and tens of kilometers of CSAMT geophysics have been completed. The initial scope of work is expected to include construction and preparation of access roads, drill pads, and sumps required to support the upcoming drill campaign. The program is expected to focus on numerous silver-gold targets, including areas with limited modern exploration but favorable historical results and strong geological potential. The Company's current operational planning includes advancing access preparation, final drill logistics, water sourcing, and site readiness ahead of mobilization. Further updates will be provided as the Company advances toward commencement of drilling.
(TSX:EDR NYSE:EXK LSE:EDV) Endeavour Silver Corp. announced positive drill results from its exploration program at its newest mine, Terronera, located in Jalisco, Mexico. Since 2025, the Company has completed 43 drill holes totaling 7,015 metres on the La Luz system and 10 drill holes totaling 1,904 metres targeting the Terronera vein. Key highlights include LL-43: 574 g/t Ag, 23.92 g/t Au for 2,607 g/t AgEq over 1.06 metres true width, and LL-77: 1,271 g/t Ag, 0.81 g/t Au for 1,340 g/t AgEq over 0.94 metres true width. At Terronera, TRU-001 returned 282 g/t Ag, 1.80 g/t Au for 435 g/t AgEq over 8.11 metres true width, and TRU-003 returned 150 g/t Ag, 6.30 g/t Au for 686 g/t AgEq over 5.32 metres true width. Two drill rigs are currently operating at Terronera and are expected to continue testing the extension of mineralization along strike and at depth through the middle of the fourth quarter. Management expects the mining of the high grade La Luz deposit will commence in 2027 through a combination of long hole and cut and fill mining methods. The 2026 campaign has been completely analyzed by SGS laboratory.
(TSXV:OTMC) Oreterra Metals Corp. announced that the TSX Venture Exchange has provided final approval for, and the Company has now closed, the amending agreement dated April 27, 2026, as amended by a second amending agreement dated June 12, 2026, amending the terms of the January 31, 2022 royalty agreement with Enduro Metals Corporation (TSXV:ENDR OTC:ENDMF). Under the agreement, Enduro Metals Corporation has the option to acquire up to 50% of the 2% net smelter returns royalty interest held by Oreterra in the Newmont Lake Project in exchange for 3,900,000 shares (issued in full to Oreterra on closing) and cash valued at approximately $1.1 million ($175,000 of which was paid to Oreterra on closing), plus a potential future $22 million in staged and advanced royalty payments. Oreterra retains a 1% NSR for future exposure to the Newmont Lake Project. The Optionee must issue 3,900,000 common shares and make aggregate payments of $550,000 over two years, with $175,000 paid on closing and $375,000 (up to $250,000 of which may be payable in cash or shares) during the term. Additional potential future consideration includes a $500,000 cash payment upon delivery of a maiden NI 43-101 compliant resource estimate (up to $300,000 may be in shares), a $1,750,000 cash payment and a $1,750,000 advance royalty payment upon completion of the first feasibility study, a $10,000,000 cash advance royalty payment upon a decision to proceed toward mine permitting, and a one-time payment of $8,000,000 prior to commencement of extraction to buy back 50% of the existing NSR. The Second Amending Agreement establishes a deemed floor price of $0.135 for any share consideration potentially payable to Oreterra pursuant to the NSR Agreement. The company projects completion of a maiden two-phase, approximately 10,000 metre drill program at Trek South this summer, fully funded by a $9.7 million financing closed in March.
(TSXV:KLD OTC:KLDCF) Kenorland Minerals Ltd. has entered into an agreement to acquire a 100% interest in the Golden Sidewalk Project from Prosper Gold Corp. (TSXV:PGX OTC:PGXFF) for total consideration of $1,000,000 in cash. The acquisition will consolidate and form part of Kenorland's recently staked Central Uchi Project, which now covers approximately 75,913 hectares in the Birch-Uchi Greenstone Belt of Ontario, approximately 60 kilometres east of Red Lake. The Central Uchi Project spans approximately 30 kilometres of Mesoarchean greenstone stratigraphy and includes the Golden Sidewalk Agreement Area, which hosts several historical gold occurrences, including the past-producing Bathurst Mine and the Joe, KT, Dunkin, and Vihonen prospects. Kenorland holds a 4% net smelter return royalty on the Frotet Project in Quebec, which contains an Inferred Mineral Resource of 14.5 Mt at 5.47 g/t Au for 2.55 Moz of gold. The transaction is subject to the receipt by Prosper Gold Corp. of the approval of its shareholders for the disposition and the approval of the TSX Venture Exchange. The company believes the combination of favourable structural architecture, historical high-grade gold mineralisation, district-scale gold-in-till anomalies, and limited historical systematic exploration provides strong potential for the discovery of additional gold systems within the consolidated Central Uchi Project area.
(TSXV:GGA OTC:GGAZF) Goldgroup Mining Inc. has commenced a 24,000-metre diamond core drilling program at its 100% owned San Francisco gold project in Sonora, Mexico. The drill program is expected to be completed in the third quarter of 2026 and has a budget estimated at approximately US$8 million, funded in-house. The San Francisco project is fully permitted for a rapid restart of mining operations and is comprised of two open pits, heap leach processing facilities, and associated infrastructure. The project has Measured & Indicated resources of an estimated 1.2 million oz gold (NI 43-101 Technical Report dated May 1, 2026). The company targets a re-start of gold production at the San Francisco project for the end of 2026 or early 2027. Goldgroup is also advancing a proposed business combination with Gold Resource Corporation, which holds a 100% interest in the producing Don David gold mine in Oaxaca, Mexico, and the Back Forty gold/silver development project in Michigan, USA. The company states that successful execution of this transaction could be potentially transformative.
(TSXV:RSMX OTC:RSMXF) Regency Silver Corp. reported the complete results of its 2025/2026 drilling campaign at its wholly owned Dios Padre project near Yecora, Sonora, Mexiko. The campaign included 9 drill holes totaling 6,234 meters in 2026, with a broader campaign of 14 holes totaling 9,375 meters from REG-25-23 to REG-26-35. Drill hole REG-26-35 returned 5.06 g/t Gold (Au), 41.85 g/t Silver (Ag), and 1.10% Copper (Cu) over 36.35 meters within a wider 96.00 meter zone averaging 2.08 g/t Gold. REG-26-29 intersected 266.04 g/t Ag and 0.56% Cu over 7.55 meters within a 21.2 meter zone averaging 107.73 g/t Ag and 0.27% Cu, approximately 250 meters below the historic Dios Padre silver mine. The breccia body hosting mineralization has now been confirmed to extend vertically about 775 meters, with mineralized breccia dimensions at depth of approximately 230 m × 150 m × 50 m and a high-grade core of about 150 m × 75 m × 50 m. A technical report dated March 2, 2023, estimates an inferred mineral resource of 11,375,000 ounces silver equivalent: 1,384,000 tonnes at 255.64 g/t AgEq. The company plans to continue drilling after completion of analysis and is continuing mapping and sampling at Dios Padre and the nearby La India property.
(ASX:HGO OTC:HLGVF) Hillgrove Resources Limited has reported high-grade intersections from the Emily Star copper-gold lode at the Kanmantoo underground mine in South Australia as work progresses towards a Stage 2 final investment decision. Drilling commenced in early April following the establishment of the first drill platform at the Emily Star exploration incline. Seven holes were completed through to end-May targeting extensions to the north of Emily Star mineralisation focused on the upper conceptual development levels beneath the backfilled open pit. Assays from five holes confirmed the presence of high-grade copper-gold mineralisation with highlights of 19 metres at 1.49% copper and 0.13 grams per tonne gold from 287m, 15.87m at 1.53% copper and 0.21g/t gold from 254.13m, and 4.5m at 0.77% copper and 0.06g/t gold from 319.88m. The grades broadly align with expectations from the Emily Star inferred resource estimate of 2.6 million tonnes at 0.77% copper, 0.08g/t gold, and 1.6g/t silver for 20,000 tonnes copper metal and 7,000 ounces gold. Underground drilling completed to the end of May totalled 25,727m, including 2,806m at Emily Star. Drilling at Emily Star will continue into the September quarter to support a final investment decision for the Stage 2 expansion, in parallel with studies across geotechnical conditions, ventilation design, mine infrastructure, and mine planning.
(ASX:TCG) Turaco Gold Limited has completed a pre-feasibility study (PFS) for its Afema gold project in south-east Côte d’Ivoire, confirming strong development economics for a large-scale open pit mining operation. The PFS supports average life-of-mine production of approximately 200,000 ounces of gold per annum over an initial 10.3-year mine life, with Afema forecast to produce 230,000oz of gold in its first year and average approximately 215,000oz per annum during the first seven years. The maiden JORC probable ore reserve is 55.1 million tonnes at 1.1 grams per tonne gold for 1.91 million ounces, and the project is expected to process 65.1Mt at 1.1g/t gold for 2.3Moz of contained gold, generating recovered gold production of 2.0Moz at average recoveries of 87% to 88%. Total development capital costs are estimated at US$410 million, including mining establishment costs and a US$24m contingency, with an additional US$32m for building a run-of-mine stockpile. At a gold price of US$3,000/oz, Afema generates a post-tax net present value of US$1.486 billion and a post-tax internal rate of return of 60%, with the NPV increasing to US$2.102b at US$3,500/oz and US$2.717b at US$4,000/oz. The company targets delivery of a definitive study in the second quarter of calendar 2027 and first gold production in 2029.
(TSXV:KFR OTC:KGFMF) Kingfisher Metals Corp. announces the commencement of its fully funded 2026 exploration program at the HWY 37 and Forrest Kerr projects, located within the Golden Triangle of British Columbia. The 2026 program features a 15,000 m, three-rig diamond drill campaign designed to test priority porphyry Cu-Au and epithermal Au-Ag targets. The first drill is now on site at the HWY 37 Project, with the first hole expected to be collared within the next one to two days at the Hank porphyry Cu-Au target area, which previously returned 425 m of 0.15% Cu, 0.21 g/t Au, and 2.2 g/t Ag (0.40% CuEq) in hole HW-25-011. The program also includes ground-based induced polarization (IP) geophysics, airborne mobile magnetotelluric (MMT) and magnetic surveys, expanded LiDAR coverage, and a targeted surface mapping and geochemistry campaign across the Company's 1,135 km² Golden Triangle land package. The Company currently has 140,198,584 shares outstanding as of the date of this news release. The company anticipates assay turnaround times of approximately six to eight weeks from sample submission, with potential for further delays. The company projects that assay results will be released as soon as they are verified and approved by the Company's qualified person.
(TSXV:TAU OTC:THSGF) Thesis Gold & Silver Inc. announced that the 2026 exploration and project advancement programs are now underway at the Lawyers-Ranch Project, located in British Columbia's prolific Toodoggone Mining District. The 2026 program includes approximately 20,000 metres of drilling, with about 12,000 m focused on exploration targets at Ranch and Ranch East, and approximately 8,000 m of geotechnical, hydrogeological, metallurgical, and geochemical drilling to support a Feasibility Study (FS). The Prefeasibility Study (PFS) announced in December 2025 outlined an open pit and underground operation with a 15-year mine life, an after-tax NPV5% of C$2.37 billion, an after-tax IRR of 54.4%, and a payback period of 1.1 years, based on gold and silver prices of US$2,900/troy ounce and US$35/oz, respectively. The company continues to advance the Environmental Assessment (EA) process, which commenced in December 2025, and targets receipt of an EA decision in early 2029. The 2026 exploration program will focus on expanding high-grade gold and silver mineralization at Ranch, following up on porphyry targets identified in 2025, and advancing engineering studies for the feasibility study.
(TSXV:TDG OTC:TDGGF) TDG Gold Corp. provided an update on ongoing metallurgical test work for its 100%-owned Shasta Gold-Silver Project, located within the Greater Shasta-Newberry Project area in the Toodoggone District of north-central British Columbia. Average recoveries of 92.4% gold and 90.3% silver were achieved using conventional gravity and open circuit flotation methods, with up to 25% of gold recovered through gravity concentration prior to flotation. Locked-cycle testing demonstrated over 91% recovery of both gold and silver, and the concentrate generated contained 45.4% sulphur at a mass pull of only 1.4%. The average concentrate grade of the open circuit data set was 47 g/t gold, 2,005 g/t silver, and 41.8% sulphur, with significant silver contribution (~38%) in the recovered metal value in the tested Shasta composites. Eight auger samples from the Baker tailings impoundment showed average recoveries of 68% gold and 61% silver to combined gravity plus rougher flotation concentrates, while the METS prospect sample recovered 83.8% gold and 71.8% silver. The company projects that additional testing is planned and that the results will support the previously announced Preliminary Economic Assessment (PEA) for the Shasta Gold-Silver Project.
(TSXV:TALA OTC:TALMF) Talamore Mining Corporation announced results from the first fifteen holes of an ongoing 40,000-metre infill and exploration drilling program at its wholly-owned Coffee Gold project in Canada's Yukon Territory. Drilling is targeting the higher-grade Supremo Extension zone, which currently hosts an Indicated Resource of 2,437 kt at a grade of 1.18 grams per tonne (g/t) gold for a contained 92,000 ounces of gold, and an Inferred Resource of 6,059 kt at a grade of 1.72 g/t gold for a contained 335,000 ounces of gold. The first fifteen reverse circulation holes totalled 1,961 metres of a planned 25,000 metres of infill drilling at Supremo Extension, with a total of 125 drill holes for approximately 16,500 metres completed to date this year. Highlighted drill results include 1.94 g/t Au over 16.3 m in hole 26-SPX-RC003, 4.77 g/t Au over 3.8 m in hole 26-SPX-RC008, and 9.28 g/t Au over 3.0 m in hole 26-SPX-RC011. The current open-pit mineral resource estimate for the Coffee Gold Project comprises Measured 1,200 kt at 1.80 g/t for 69 koz, Indicated 78,846 kt at 1.14 g/t for 2,888 koz, Measured + Indicated 80,046 kt at 1.15 g/t for 2,957 koz, and Inferred 21,200 kt at 1.17 g/t for 800 koz. Economic parameters used in the resource include a gold price of US$2,500/oz, heap leach average recoveries of 86.3% for Oxide, 76.0% for Upper Transition, 54.5% for Middle Transition, and 31.4% for Lower Transition, mining cost of C$3.27-$3.50/t, processing costs of C$6.64/t, and general and administrative costs of C$6.0/t. The company states that the 2026 drilling program is designed to grow the resource base across the broader Coffee property, expand mineralization beyond the current pit limits, and convert and add higher-grade ounces for inclusion in the Feasibility Study currently underway.
(TSXV:KLD OTC:KLDCF) Kenorland Minerals Ltd. and Auranova Resources Inc. (TSXV:AURA) announced complete assay results from the 2026 spring (phase 3) diamond drill program at the South Uchi Project, with six drill holes totalling 3,187 metres. Drill hole 26PADD046 intersected more than 122.80 m of mineralisation grading more than 0.28 g/t gold across 220.15 m of downhole core length, including 0.58 g/t gold over 21.00 m, 0.34 g/t Au over 65.45 m, 0.31 g/t Au over 35.65 m, and 0.28 g/t Au over 14.00 m. High-grade intervals included 7.07 g/t gold over 1.00 m in 26PADD046 and 9.09 g/t gold over 1.45 m in 500 m step-out drill hole 26PADD043. The North Papa mineralisation has been extended to 1 km of strike length, and the Papaonga target footprint now covers approximately 7 km of strike east-west. Kenorland has received $500,000 in cash payments and currently holds 9,242,267 common shares of Auranova, confirming Auranova has earned a 51% ownership interest in the Project. The company projects follow-up exploration in Q3-2026, including detailed geophysical surveys and additional drill planning, and Auranova may earn up to a 70% interest by incurring an additional $10,000,000 in qualifying expenditures.
(CSE:ANT) Anteros Metals Inc. announced plans to commence a strategic trenching and channel sampling program at its 100%-owned Havens Steady Polymetallic VMS Project located in central Newfoundland. The program is fully funded and permitted, scheduled to commence early summer 2026, and will focus on a high-priority copper-gold-silver target identified during the Company's 2025 field program, where grab samples returned grades up to 2.17% copper, 21.3 g/t silver, and 0.22 g/t gold. The target area is approximately 200 metres northeast of the Main Mineralized Zone and occurs within a corridor identified by historical copper-in-soil anomalies and geophysical features. Historical drilling on the Property totals approximately 8,000 metres, including intercepts such as 7.0 metres grading 0.5% Cu, 1.26% Pb, 4.36% Zn, 29 g/t Ag, and 1.0 g/t Au (drill hole HS-88-3, 1988), and 2.72 metres grading 2.1% Cu, 3.6% Pb, 6.2% Zn, 56 g/t Ag, and 1.8 g/t Au (drill hole HS09-18, 2009). The Company completed geological modelling, field validation, and prospecting programs in 2025, confirming historical data and discovering high-grade mineralization in a previously untested area. The Company believes the program will refine future drill targeting and advance evaluation of the broader Havens Steady mineralized corridor. Management states that the upcoming program represents the first systematic attempt to expose the bedrock source of the copper-gold-silver mineralization discovered during the 2025 field program.
(TSXV:GPG OTC:GPTRF) Grande Portage Resources Ltd. announced the commencement of its 2026 drilling program at the New Amalga Gold property, which includes up to 4,300 meters of diamond drilling from up to 14 drillholes and installation of downhole instrumentation. The 2026 program is being conducted under a Plan of Operations approved by the US Forest Service on January 16, 2026, and utilizes contractors such as SRK Consulting Inc, Timberline Drilling Inc, Piton Exploration LLC, and Coastal Helicopters Inc. The New Amalga Gold Project hosts an Indicated Resource of 1,438,500 ounces of gold at an average grade of 9.47 g/t Au (4,726,000 tonnes) and an Inferred Resource of 515,700 ounces of gold at an average grade of 8.85 g/t Au (1,813,000 tonnes), as well as an Indicated Resource of 891,600 ounces of silver at an average grade of 5.86 g/t Ag and an Inferred Resource of 390,600 ounces of silver at an average grade of 7.33 g/t Ag. The Preliminary Economic Assessment (PEA) with an effective date of February 11, 2026, demonstrates after-tax NPV 5 of US$721m and after-tax IRR of 56% at a base case gold price of US$3,200/oz, and after-tax NPV 5 of US$1,557m and after-tax IRR of 91% at an upside case gold price of US$5,000/oz. The project has completed 6+ years of environmental baseline water sampling and received metallurgical recoveries up to 98.2%. The company projects that the current development concept will eliminate the need for an onsite gold recovery plant or tailings storage facility, reducing capital costs and environmental footprint. A LOI has been signed with Goldbelt Inc for development of an ore export terminal at Cascade Point, 22km from the project site.
(ASX:BGD OTC:BGDFF) Barton Gold has added 10,500 metres to a Phase 2 upgrade drilling campaign at its Tunkillia gold project in South Australia. The campaign began in March with a planned 29,500m following Phase 1 reverse circulation drilling of 18,900m in November to infill the S1 and S2 high-value starter-pit areas. Best assays reported from Phase 1 included 23m at 2.25 grams per tonne gold from 62m, 2m at 5.45g/t from 69m, 1m at 7.5g/t from 75m, 1m at 8.9g/t from 81m, and 22m at 2.43g/t gold from 100m including 1m at 17.6g/t from 107m. Barton has announced plans to expand the reverse circulation (RC) component of the campaign to a total 40,000m. The S1 and S2 starter pits have been modelled to produce an operating profit of $1.3 billion during the first 2.5 years of operation. All other work programs remain on track for target completion of a pre-feasibility study (PFS) before year end. PFS results will inform a mining lease application and project finance discussions scheduled for next year.
(TSXV:WRLG OTC:WRLGF) West Red Lake Gold Mines Ltd. announced the commencement of a fully funded surface drilling program at the historic past-producing Starratt-Olsen Mine, located approximately 1.1 kilometers southwest of its 100% owned Madsen Mine in the Red Lake Mining District of Northwestern Ontario, Canada. The drill program at Starratt will consist of up to 4,000 metres of oriented HQ diameter diamond drilling, focusing on up- and down-plunge extensions to previously mined panels and testing for new sub-parallel lenses. Starratt is the second largest gold producer historically on the Madsen property, with approximately 164,000 oz of gold produced between 1948-1956 at an average grade of 6.17 grams per tonne gold. The 4,000m program is expected to be completed mid-August 2026, with assay results released as they become available. The company projects that the deposit at Fork is advancing toward inclusion in the Madsen production profile in 2027. West Red Lake Gold Mines Ltd. controls a 47 km² land package in the Red Lake district, which has historically produced over 20 million ounces of gold from high grade systems. The Rowan Property in Red Lake, covering 31 km², includes three past producing mines and represents a key source of future production growth.
(TSXV: DRY OTC:DRYGF) Dryden Gold Corp. announced the launch of its 2026 regional summer exploration program across its district-scale land package in the Dryden Gold District of Northwestern Ontario. The fully funded program will include extensive regional mapping and prospecting initiatives, heavy mineral concentrate ("HMC") sampling on targets identified from the Company's 2025 gold-in-till substrate sampling program, and an expanded gold-in-till sampling program on newly acquired claims. The company will deploy three geological mapping crews and two prospecting teams throughout the summer and fall, and the program is expected to include approximately 740 HMC samples collected across the property. These efforts will complement the Company's 45,000-metre drill program primarily focused on expanding and advancing the Company's flagship Gold Rock Target Area. A second drill rig is scheduled to commence operations in early July, allowing the Company to simultaneously evaluate deeper targets on Elora and Big Master, and will also be deployed for drilling at Mud Lake, Selby and Hyndman. The mapping program will be completed at scales ranging from 1:20,000 to 1:30,000, and sampling will be conducted on an average grid spacing of 1,000 metres by 500 metres. The company projects that the program is expected to generate a steady stream of exploration results and news flow.
(TSXV:SRL OTC:SRLZF) Salazar Resources Limited reported results from rock chip sampling and geologic mapping at its 100%-owned El Tigre Project in Loja Province, Ecuador. The T2 Zone returned 45m grading 8.94 g/t AuEq (weighted average from semi-continuous rock chip samples), and the T3 Zone returned 50m grading 2.02 g/t AuEq. The gold-bearing barite-rich horizon measures approximately 650m x 500m at surface and is locally exposed within a ravine with up to 60m of vertical relief. A total of 66 rock chip samples were collected between March and June 2026, with 15 samples returning values above 0.4 g/t Au, representing 23% of the total. The company is now designing a scout drill program to test both surface mineralization and potential subsurface sulphide mineralization at depth. The El Tigre Project comprises a 288-hectare concession in southern Ecuador, within the Alamor-Lancones Basin. The company notes geological similarities to the Tambo Grande district (TG1 deposit, Peru), a world-class VMS system.
(CSE:ATHA OTC:AHNRF) Athena Gold Corporation announced an exploration update from its Excelsior Springs Project in Nevada, where Mammoth Minerals Limited (ASX: M79 OTC:FIRTF) is earning an 80% interest over five years, providing Athena a free-carry to Definitive Feasibility Study. Mammoth reported high-grade silver assays up to 17,582 g/t Ag from the Blue Dick Mine Prospect, including 0.20m @ 17,582 g/t Ag, 0.75 g/t Au, 2.76% Cu, and 1.72% Sb, as well as 15,336 g/t Ag, 7.46 g/t Au, 2.53% Cu, and 0.31% Sb from grab samples. Channel sampling highlighted critical mineral potential with results such as 3.02m @ 1.61% Cu, 14.3 g/t Ag and 4.57m @ 1.49% Cu, 24.5 g/t Ag. The Blue Dick area contains more than 6 km of prospective strike, with parallel trends each extending over 3 km, and an RC drilling program is planned to commence in Q3 2026. Athena's Laird Lake project in Ontario covers more than 7,000 hectares and its Forester project is a 4,900-hectare land package in northwestern Ontario.
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