Genesis to acquire Laverton Gold Project in WA for $162m
This move is poised to bolster Genesis Minerals' production capabilities and cash flow, while unlocking significant synergies by combining deposits with regional processing infrastructure.
The acquisition also includes 455km2 of gold-prospective land, offering considerable exploration potential both in-mine and regionally.
The transaction, with no conditions precedent, is expected to be completed by early June 2025.
Funding for the acquisition will come from Genesis' existing cash reserves and an upsized corporate revolver facility, which has increased from $120m to $225m.
This leaves Genesis with approximately A$350m in available funding post-completion, ensuring continued balance sheet flexibility.
Genesis views this acquisition as a step towards merging the Laverton assets of both Focus and Genesis, which include the recently reactivated three million tonnes per annum (mtpa) Laverton mill.
Located approximately 30km from the Laverton mill, the Laverton Gold Project boasts a mineral resource of 73 million tonnes (mt) at 1.7g/t, amounting to 3.9 million ounces (moz).
The Laverton Gold Project's assets, including site infrastructure like workshops and haul roads, as well as a historical production of about 3.6moz, will now fall under Genesis' ownership.
Genesis managing director Raleigh Finlayson said: 'This is the perfect bolt-on acquisition. It delivers a substantial 4moz resource with immense exploration upside right next to our Laverton mill. It offers supplementary open pit and underground ore to our Laverton mill and in the process gives us flexibility regarding the most efficient pairing of deposits and processing infrastructure between Laverton and Leonora.
'With more ore available at Laverton, our flagship Tower Hill deposit can potentially be processed at Leonora resulting in significantly lower operating costs. With both the Laverton and Leonora mills now 'long ore', studies into staged plant expansions continue apace. These benefits make the transaction entirely consistent with our 'ASPIRE 400' accelerated growth strategy'.
Brightstar Resources initiated gold processing at the Laverton Mill in March, with ore sourced from Brightstar's Second Fortune mine and stockpiles at Lord Byron.
"Genesis to acquire Laverton Gold Project in WA for $162m" was originally created and published by Mining Technology, a GlobalData owned brand.
The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
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We optioned the project having recognized that key aspects of two known veins on Sarape indicate excellent potential to host high grades of silver and gold mineralization similar to Las Chispas and many other low-sulphidation systems in deposits and mines both in Mexico and elsewhere. Now we have several key vectors, including geochemistry, lithologies, alteration, and vein textures to direct our exploration and drilling,' says Joanne Freeze, Xali Gold President and CEO. 'This gives us a clear path forward, and we look forward to the next phase of work, including detailed geological mapping, re-logging of historic drill core, targeted sampling, and the delineation of drill targets to fully assess Sarape's potential.' Joanne Freeze will participate in a webinar hosted by Adelaide Capital at 2:00 pm ET today (Wednesday, July 23rd) to discuss the Sarape Project in more detail. Questions can be submitted during the session or in advance to deborah@ . Register here: . The webinar livestream will also be available to watch on the Adelaide Capital YouTube Channel, where a replay will be posted after the event: . Figure 1: Sarape location map showing proximity to major producing mines The Sarape Project is located in the Rio Sonora Valley of northern Mexico and comprises two main epithermal veins - Sarape and Chiltepin - that lie on either side of an uplifted block of volcanic rock. Many vein exposures and drill intersections display high-level low-sulphidation epithermal features and elevated gold-silver values. The highest-grade samples reported from surface were 3.63 grams per tonne ('gpt') Au and 10.25 gpt Ag over 0.5m at the Sarape vein and 3.66 gpt Au and 177 gpt Ag over 1.0m from the Chiltepin vein. The Sarape vein, which varies in width from 3 to 12 metres ('m'), has been mapped and sampled over a strike length of 5000m, of which only 1.2km has been drill tested. Previous drilling on the project, from 2019 to 2020, included 19 holes targeting the Sarape Vein of which nine intersected the vein. The Chiltepin Vein, which averages 3m in width on surface, has been traced over a strike length of 2500m and occurs south of the Sarape Vein. Two holes drilled between 2019 and 2020 targeted the Chiltepin vein, and anomalous levels of gold and silver were intersected. Highlights from previous drilling on the Sarape Vein showed elevated gold and silver values which are typical for levels above the boiling zone in low-sulphidation systems and confirm that the epithermal fluids are precious metal-bearing. Results include: The comprehensive review of historical data includes drill core photos, logs, assays, and geological maps. Most of the historical exploration and all previous drilling have focused on the central portion of the Sarape Vein. This analysis revealed that textures typically associated with the boiling zone are present in the historically drilled area (Photos 1 - 3), and a fence of drill holes suggests that these textures improve with depth, indicating that the full boiling zone is likely preserved below the current levels of drilling. Additionally, drilling along strike has intersected the vein but likely only the upper part of the mineralized zone, indicating that the system may gently to moderately plunge, which is consistent with other regional deposits (Figure 2). Supporting this interpretation are low gold-silver ratios, classic boiling textures, near-equal proportions of quartz and calcite, and anomalous antimony-gold-silver values. Together, these features suggest that the exposed veins on the Project represent the upper levels of a low-sulphidation epithermal system, with the potential for stronger mineralization at depth. These deeper zones now represent compelling targets for follow-up drilling. Additionally, since epithermal veins often occur in clusters, the Sarape Project also remains open for further exploration to identify additional near-surface and blind veins. Photo 1: Banded, rhythmic, colloform, crustiform texture in Hole SAR19-04 (24.68m of 0.18 gpt Au and 8.9 gpt Ag). Photo 2: Boiling Texture – Quartz replacing carbonate 'lattice calcite' in Hole SAR19-04. Photo 3: Colloform, banded texture in Hole SAR19-05 Figure 2: Long section of Sarape Vein Future Exploration Xali Gold is planning an exploration program to better delineate drill targets by surface mapping, core re-logging and re-sampling. In the historic drill core, particular focus will be given to vein textures, cross-cutting relationships between vein phases, and any visible signs of mineralization. Where appropriate, samples will be collected for assay to better understand how each vein phase contributes to mineralization. A 3D geological model will then be developed to accurately represent the vein geometry, structural framework, and historical drill results. This model, along with insights from mapping and regional analogues, will form the basis for drilling by Xali Gold. Additional information about the Sarape Project, including the terms of the agreement with AALI, can be found in the February 28 th , 2025 News Release and on the Xali Gold website . About Xali Gold Xali Gold holds several gold and silver projects in both Mexico and Peru. Xali Gold has recently acquired the right to earn a 49% interest in the Sarape silver-gold Project ('Sarape'), in Northern Mexico from Advanced Lithium Corp. The Sarape Project is located in the Rio Sonora Valley of northern Mexico, a prolific gold-silver mining district that includes First Majestic Silver's Santa Elena/Ermitano Mine, Premier Gold Mines' Mercedes Mine and Coeur Mining's Las Chispas Mine. The Sarape Project is located approximately 20 km northeast of the Las Chispas Mine which was recently purchased by Coeur for C$2.4 billion. Xali Gold recognizes the Project's immense potential and plans to leverage our expertise in low-sulphidation epithermal gold systems such as El Oro, to unlock its full value. Las Chispas, Ermitano and Sarape have similar geological settings, occur within the same structural corridor and are all low-sulphidation epithermal vein projects. Las Chispas and Ermitano are high-grade gold and silver mines, with low costs of production and generate remarkable free cash flow. The Company's flagship project, El Oro, is a district scale historic producer of gold and silver. While the Company's main goal at El Oro is to make a new discovery, similar to the multi-million ounce ('oz') gold and silver ore bodies mined historically, the Company has entered into two agreements with third parties for the rights to produce gold and silver from specific shallow areas of the El Oro Project which are expected to bring in cash flow and open up underground access for drilling. The El Oro property hosts 20 veins with past production and more than 57 veins in total, with two veins alone producing approximately 6.4M ozs of gold and 74M ozs of silver from mining that averaged only 200m depth (Ref. Mexico Geological Service Bulletin Nr. 37, Mining of the El Oro and Tlalpujahua Districts, by T. Flores in 1920). With renewed interest in gold and silver exploration in South America, Xali Gold has recently been reviewing high-sulphidation gold targets with features similar to Yanacocha and Pierina, within proven high-sulphidation epithermal belts in Peru. Joanne Freeze, CEO of Xali Gold was the Qualified Person for the Pierina project from discovery to purchase by Barrick. The Company maintains other properties in Peru. Xali Gold is dedicated to being a responsible community partner. Joanne C. Freeze, President and CEO is the Qualified Person as defined by National Instrument 43-101 for the projects discussed above. Ms. Freeze has reviewed and approved the contents of this release. Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release. On behalf of the Board of Xali Gold Corp. 'Joanne Freeze' President, CEO and Director For further information please contact: Joanne Freeze, President & CEO Tel: + 1 604-512-3359 info@ Forward-looking Information This news release may contain forward-looking information (as such term is defined under Canadian securities laws) including but not limited to historical production records and resource estimates. While such forward-looking information is expressed by Xali Gold in good faith and believed by Xali Gold to have a reasonable basis, they may address future events and conditions and are therefore subject to inherent risks and uncertainties including those set out in Xali Gold's MD&A. Factors that cause the actual results to differ materially from those in forward-looking information include, without limitation, gold prices, results of exploration and development activities, regulatory changes, defects in title, availability of materials and equipment, timeliness of government approvals, potential environmental issues, availability of capital and financing and general economic, market or business conditions. Xali Gold expressly disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except in accordance with applicable securities laws. A photo accompanying this announcement is available at:
