Exploration projects to watch: Eight companies hunting the globe for gold and critical metals

Exploration is the lifeblood of the mining industry and majors are always looking for junior explorers with prospective projects. Our snapshot this month looks at eight projects in Africa, Eastern Europe, South America, Canada and the United States. 

Awalé Resources

Explorer Awalé Resources (TSXV: ARIC) is focused on Côte d’Ivoire, where it holds a 39% stake in the Odienné copper-gold project in a joint venture with Newmont (TSX: NGT; NYSE: NEM; ASX: NEM). Newmont already owns a 51% stake in the joint venture under an earn-in agreement. In October, the gold major said it would exercise an option to buy an additional 10% stake held by Africa New Geological Technologies Côte d’Ivoire. It can increase its stake to 75% by spending US$10 million and defining a resource of 2 million gold ounces. The project does not yet have a resource. The joint venture covers two of Awalé’s seven permits, or 796 sq. km of the 2,462-sq.-km property in the northwest Denguèlé Region near Côte d’Ivoire’s borders with Mali and Guinea.  

It’s made four gold, gold-copper and gold-copper-silver-molybdenum discoveries within the two permits at the Charger, BBM, Empire, Sceptre and Lando targets.  

At Charger, where gold has been found within near-surface hematite breccias, drill highlights include 57 metres grading 26 grams gold per tonne from 164 metres downhole, including 32 metres of 45.7 grams gold in drill hole OECD-83. Hole OEDD-88 cut 29 metres grading 20 grams gold from 149 metres downhole. These holes are amongst the highest-grade drill intersections this year. 

Drilling at BBM, an 8-km-long copper-gold anomalous corridor, has returned 75 metres of 2.4 grams gold-equivalent from 242 metres in hole OEDD-74. The company expects to complete its first resource for BBM in the second half of next year. 

At Sceptre East, copper targets along a multi-kilometre area have yielded 358.5 metres of 0.34% copper-equivalent from 6.5 metres in drill hole OEDD-43. Rock samples from Lando, a large copper anomaly, have also returned 4.6 grams gold and 3 grams gold. 

At Empire, a 20-km-long gold corridor, assays include 15 metres grading 13.1 grams gold from 69 metres depth in hole OEDD-24. Exploration at Empire has covered about 5 km of the 20-km trend. 

Awale completed an $11.5-million capital raise in April and started exploration on its 100%-owned permits. In October, the company uncovered a 3.5-km gold footprint on its Sienso permit, finding greater than 37 parts per billion gold in termite mounds with a peak value of 1.3 grams gold. The discovery at Sienso is about 4 km along strike from the joint venture’s BBM target. 

Awalé Resources has a market cap of $38.2 million.  

Dundee Precious Metals

Dundee Precious Metals (TSX: DPM) is on track to complete a prefeasibility study on its Čoka Rakita project in Serbia during the first quarter of 2025, submit an environmental impact assessment in 2026, and start concentrate production in 2028. 

Recent infill drilling returned 74 metres at 27.3 grams gold from 426 metres in hole RIDD055, including 37 metres grading 47.44 grams gold and 0.11% copper. Other highlights included 83 metres of 3.9 grams gold and 0.24% copper from 385 metres in RIDD057; 67 metres of 10.61 grams gold and 0.23% copper from 387 metres in RIDD069, and 71 metres of 3.39 grams gold starting 414 metres downhole in RIDD060. 

The project, 35 km northwest of the city of Bor in Serbia, is about 3 km southeast of the company’s Timok gold project and 320 km from its Chelopech mine in Bulgaria. 

Dundee discovered a high-grade deposit at Čoka Rakita in January 2023 and completed a preliminary economic assessment (PEA) earlier this year. The study envisioned an underground mine with an initial 10-year life producing a total of 1.3 million oz. gold or 129,000 oz. gold annually at an all-in sustaining cost of US$1,700 per ounce. The PEA forecast a post-tax net present value (at 5% discount rate) of US$588 million and an internal rate of return of 33%. Initial capital costs were pegged at US$381 million, with payback after 2.4 years. 

Dundee also is pursuing additional skarn targets in the area. Results from drilling 1 km north of Čoka Rakita in September included 63 metres of 1.74% copper, 2.18 grams gold and 9.04 grams silver from 639 metres downhole in DPDD018A and 70 metres of 1.26% copper, 1.21 grams gold and 6.89 grams silver from 372  metres in DPDD019B. 

In other news, the company received approval in August to sell its stake in the Tsumeb smelter in Namibia to a subsidiary of China’s Sinomine Resource Group. 

Dundee has a market cap of roughly $2.5 billion. 

Faraday Copper

Exploration drilling at Faraday Copper’s (TSX: FDY; US-OTC: CPPKF) Copper Creek project in Arizona has been the company’s focus since it released a resource estimate and PEA last year. 

Results from a 30,000-metre follow-up drill program at the project, 80 km northeast of Tucson, will be incorporated into an updated estimate in 2025. 

In October, drilling cut 22.7 metres grading 1.31% copper within 50.2 metres of 0.74% copper starting from 46.2 metres depth in hole FCD-24-07 at the Banjo breccia. 

The discovery hole at Banjo, FCD-24-070, returned 117.9 metres of 1.01% copper and 1.87 grams silver from 323.5 metres, including 15.89 metres of 2.15% copper and 2.48 grams silver. 

Other highlights include 20.1 metres grading 1.2% copper, 0.1% molybdenum and 6.8 grams silver starting from 406.6 metres in hole FCD-24-064. The hole ended in mineralization. 

Copper Creek hosts 421.9 million measured and indicated tonnes grading 0.45% copper, 0.01% molybdenum and 1.1 grams silver (0.48% copper-equivalent) in open pit and underground resources. It also holds 83.6 million inferred tonnes grading 0.34% copper, 0.01% molybdenum and 0.6 gram silver (0.36% copper-equivalent). The resource is open in all directions. 

A 2023 PEA envisioned a combined open pit and underground operation producing copper and molybdenum concentrates with silver byproduct credits over a mine life of 32 years. The study forecast annual payable production of 106 million lb. copper, 1.4 million lb. molybdenum and 324,600 oz. silver. Life-of-mine production would total 3.2 billion lb. copper, 45.1 million lb. molybdenum, and 9.7 million oz. silver (3.4 billion lb. copper equivalent). 

With all-in sustaining costs of US$1.85 per lb. copper, the project’s post-tax net present value (at 7% discount rate) was pegged at US$713 million, with an internal rate of return of 15.6%. Initial capex of US$798 million could be paid back in 4.1 years. 

Faraday Copper has a market cap of $183 million. 

Founders Metals

It has been a busy year for Founders Metals (TSXV: FDR) at its Antino gold project in southeastern Suriname, as it works towards an initial resource next year. 

In early November, Founders closed a $12.1-million financing with B2Gold (TSX: BTO; NYSE-AM: BTG), which now owns a 5% stake in the junior. B2Gold’s strategy is to invest “early in discoveries with Tier 1 potential,” CEO Clive Johnson said, and that the technical and management team at Founders had “clearly highlighted the district-scale potential” at Antino. 

The project, in the heart of the Guiana Shield about 275 km south of the capital city of Paramaribo, has also attracted Chris Taylor, the founder and CEO of Great Bear Resources, which Kinross Gold (TSX: K; NYSE: KGC) acquired for $1.8 billion in 2022. Taylor, a structural and economic geologist, joined Founders as an independent director on Oct. 1. 

Capping off October was a bought-deal private placement that raised $20 million. Together with the $12.1 million equity investment from B2Gold, Founders says it will have sufficient funds for exploration next year. 

Highlights from this year’s exploration program in the project’s Buese area include 78 metres grading 2.35 grams gold from 162 metres, including 20 metres at 7.65 grams gold, in drill hole 24BUO11; 16.5 metres of 1.64 grams gold from 6.6 metres in hole 24BU007; and 16 metres of 1.08 grams gold from 215 metres downhole in 24BU004. 

Founders notes that artisanal mining in the project area has produced an estimated 500,000 oz. gold. 

The company has an option to earn up to 75% of the Antino project from Nana Resources, and is in the process of earning an initial 51% stake. The parties amended the agreement in September to remove requirements for a completed resource and PEA for earning the initial and increased stakes, respectively. 

Founders Metals has a market cap of $274 million. 

Mawson Finland

Mawson Finland (TSXV: MFL) is exploring for gold and cobalt at its Rajapalot project near the Arctic Circle in northern Finland, about 35 km from the city of Rovaniemi. 

The company was spun out of Mawson Gold (TSXV: MAW) in June, as part of the company’s planned merger with Southern Cross Gold (ASX: SXG), expected to close in November. Mawson Finland completed an initial public offering and started trading on the TSX Venture Exchange on Aug. 19.  

Mawson completed its first exploration program at Rajapalot between January and April, with three rigs drilling 38 holes (11,376 metres) around the Palokas, Hut, Raja and Joki deposits. 

Highlights include 7 metres grading 9.1 grams gold and 706 parts per million (ppm) cobalt from 88.7 metres in drill hole ALO346; 6 metres grading 2.24 grams gold and 302 ppm cobalt from 493.8 metres; and 5.3 metres of 2.75 grams gold and 559 ppm cobalt from 533.2 metres in drill hole PALO361. Hole PALO335 cut 20.7 metres grading 5.25 grams gold and 515 ppm cobalt from 295 metres. 

Rajapalot hosts about 9.8 million inferred tonnes grading 2.8 grams gold and 441 ppm cobalt for 867,000 oz. gold and 4,311 tonnes cobalt. 

A PEA in December 2023 outlined a nine-year mine life producing an average of 78,000 oz. gold and 311 tonnes of cobalt a year — for a total of 700,000 oz. gold and 2,800 tonnes cobalt — at an all-in sustaining cost of US$824 per oz. of gold. The study estimated an after-tax net present value (at 5% discount rate) of US$211 million and a 27% internal rate of return. Initial capex of US$191 million could be repaid in three years. The PEA was based on a US$1,700 per oz. gold price and US$60,000 per tonne cobalt. 

Mawson Finland has a market cap of $49 million. 

Power Nickel

At the end of October, Power Nickel (TSXV: PNPN; US-OTC: PNPNF) reported the “biggest intersection yet” at its Lion Zone discovery near Nemaska in northern Quebec, part of its flagship polymetallic Nisk project. 

Drill hole PN-24-071 cut 39.6 metres of 0.38 gram gold, 19.57 grams silver per tonne, 2.62% copper, 3.37 grams palladium, 0.8 gram platinum and 0.13% nickel (4.19% copper equivalent) starting from 157 metres downhole. The intercept included 11.6 metres of 0.88 gram gold, 49.9 grams silver, 8.25% copper, 9.57 grams palladium, 2.64 grams platinum and 0.34% nickel (12.46% copper equivalent) from 185 metres; and 3.6 metres of 1.56 grams gold, 63.03 grams silver, 10.39% copper, 11.42 grams palladium, 7.9 grams platinum, and 0.32% nickel (16.89% copper equivalent). 

Earlier in October, drill hole PN-24-070 returned 32 metres of 0.45 gram gold per tonne, 20.93 grams silver, 3.62% copper, 8.1 grams palladium, 2.47 grams platinum and 0.18% nickel (6.97% copper equivalent) from 118 metres, including 11.4 metres of 0.6 gram gold, 44.51 grams silver, 8.39% copper, 11.52 grams palladium, 1.24 grams platinum and 0.42% nickel (11.94% copper equivalent). 

In addition to its 2024 drill campaign (8,000 metres in 20 holes), Power Nickel began a property scale exploration program that included downhole and ground-based geophysical surveys.  

In June, the company closed an over-subscribed $20-million flow-through offering with the backing of mining investors Robert Friedland and Rob McEwen. 

Geoscientist Steve Beresford, who has explored for magmatic nickel-copper-PGE deposits in 66 countries, joined the team as a special advisor in May. 

To the west of the Lion Zone discovery, the Nisk Main zone extends over 650 metres to a depth of 500 metres.  

The main zone hosts a combined in-pit and underground indicated resource of 5.43 million tonnes grading 1.05% nickel-equivalent and 1.8 million inferred tonnes grading 1.35% nickel equivalent, according to an initial estimate in November 2023. 

Power Nickel has a market cap of $156 million. 

Premium Nickel

Premium Nickel (TSXV: PNRL) is focused on the redevelopment of two fully permitted mines—Selebi and Selkirk — that previously produced nickel, copper, cobalt and platinum group elements in eastern Botswana.  

The Selebi project consists of the Selebi North and Selebi Main deposits. The Selebi shaft opened in 1980 and operated for 36 years while the shaft at Selebi North opened a decade later and operated for 26 years. Selebi produced 26.6 million tonnes grading 0.58% nickel and 1.03% copper, and Selebi North 13.9 million tonnes grading 0.74% nickel and 0.66% copper. 

In October, Premium Nickel discovered new mineralization outside of its initial resource at Selebi North. Drill hole SNUG-24-096-W1 cut 12.9 metres of 1.54% copper, 0.955 nickel and 0.05% cobalt (4.12% copper equivalent or 2% nickel equivalent) from 685 metres downhole. 

Premium released its first resource estimate for Selebi in June. Selebi North hosts 3 million indicated tonnes grading 0.9% copper and 0.98% nickel and 5.8 million inferred tonnes of 0.9% copper and 1.07% nickel. Selebi Main contains about 18. 9 million inferred tonnes grading 1.69% copper and 0.88% nickel. 

Recent assays from Selebi North include SNUG-24-123, which returned 13.8 metres of 1.29% copper, 2.33% nickel and 0.12% cobalt (6.08% copper equivalent or 2.95% nickel equivalent) from 247 metres and 7.2 metres of 1.89% copper, 2.71% nickel and 0.11% cobalt (7.48% copper equivalent or 3.63% nickel equivalent) from 336 metres downhole in SNUG-23-131. 

At Selkirk, about 75 km from Selebi, Premium Nickel is re-sampling historic drill core and recently reported highlights of 139 metres grading 0.47% copper, 0.38% nickel, 0.02% cobalt, 0.08 ppm gold, 0.16 ppm platinum and 0.68 ppm palladium (1.55% copper equivalent or 0.90% nickel equivalent) from 71 metres in drill hole DSLK012. 

Premium Nickel has a market cap of $106 million. 

Rox Resources

In late October, Rox Resources (ASX: RXL) released the second batch of assays from an 11,000-metre drill program at its 100%-owned Youanmi gold project near Mt. Magnet in Western Australia, which included 30.1 metres grading 19.81 grams gold from 325 metres downhole. The interval from drill hole RXDD129 included 23.9 metres of 24.7 grams gold from 324.5 metres. 

Results from the first batch of holes reported earlier in the month included 3 metres of 16.71 grams gold from 111 metres in RXDD107; 2.4 metres of 15.44 grams gold from 265 metres in RXD106; and 3.9 metres of 4.69 grams gold from 176 metres RXD104. 

A prefeasibility study released in July outlined a mine life of 7.7 years producing an average of 103,000 oz. a year at an all-in sustaining cost of A$1,676 (US$1,101.52) per ounce. Pre-production capex was pegged at A$245 million. The company expects to complete a definitive feasibility study next year. 

The project hosts underground probable reserves of 546,000 oz. In 3.8 million tonnes grading 4.4 grams gold. Combined open pit and underground indicated resources are 10.7 million tonnes at 4.5 grams gold for 1.6 million oz. Inferred resources come to 5.5 million tonnes grading 4.2 grams gold for 740,000 oz.Rox Resources has a market cap of about A$79 (US$52) million.