Forge Resources Corp. Stock Price, News & Analysis

Forge Resources Corp has unveiled design plans for a mine portal construction at the La Estrella Coal Project in Santander, Colombia. The portal, which began construction on November 20, 2024, will provide essential infrastructure for underground bulk sampling mining exploration. The design includes specialized soil support systems and focuses on environmental and safety standards. The portal will serve as the initial access point for constructing a decline ramp, enabling access to deeper coal seams for further exploration and development activities.

Forge Resources Corp (CSE: FRG) (OTCQB: FRGGF) announces groundbreaking of the decline portal at La Estrella coal project in Colombia, marking a significant milestone in its mining operations development. The company strengthens its project development team with two key appointments: Guillermo Leon as Mine Manager and Mario Alonso Alzate Ferrer as Senior Mining Engineer. Leon brings 25 years of mining industry experience, having worked with Glencore, BHP Billiton, and Prodeco Group. Ferrer contributes 50 years of coal mining expertise and is certified as a Qualified Person by the Colombian Commission of Resources and Reserves.

Forge Resources Corp announces the start of construction on a mine portal at Aion Mining Corp's La Estrella project in Santander, Colombia. Construction is set to begin mid-November 2024, with all necessary permits granted for underground development. The portal will enable access to high-grade metallurgical and thermal coal seams, allowing for underground decline development and extraction of a minimum 20,000 metric tonnes bulk sample. The company also announces an executive site visit scheduled for November 12-13, where executives will review progress and discuss strategic plans. Additionally, the team will explore opportunities to expand their coal project portfolio by evaluating additional Colombian coal concessions.

Forge Resources Corp. (CSE: FRG) (OTCQB: FRGGF) has completed the portal design for its La Estrella Coal Project in Santander, Colombia. The portal will provide surface access to develop the decline towards coal resources, aiming to secure a 20,000 Mt bulk sample of metallurgical and thermal coal. Earthworks have begun, with portal construction expected to start by late October.

The company has contracted experienced professionals, including Enrique Estrada (Senior Mining and Metallurgical Engineer) and Luis Carlos Herrera (Senior Civil Engineer), to ensure stability in the portal area. Additionally, the environmental license has been updated following a site visit by the Corporacion Autónoma Regional de Santander (CAS). Forge Resources has also hired Alejandra Gutiérrez Ardila, an Environmental Engineer, to support the project's environmental aspects.

Forge Resources Corp. (CSE: FRG) (OTCQB: FRGGF) (FSE: 5YZ) has commissioned a detailed structural analysis study for its Alotta Gold-Copper-Molybdenum Porphyry Project in Yukon. The study aims to identify structural relationships and preferred orientations to higher grade gold mineralization, utilizing diamond drilling data collected to date. Key aspects of the study include:

• Analysis of orientated 2024 drill cores
• Staining of select core samples for plagioclase and K-spar
• Re-evaluation of geophysical data, focusing on induced polarization
• Determination of optimal drill orientations for future testing

The study's findings will guide future drilling efforts to target both disseminated and fracture controlled gold mineralization more effectively at Alotta.

Forge Resources Corp. (CSE: FRG) (OTCQB: FRGGF) has signed a non-binding letter of intent (LOI) to acquire a controlling interest in Aion Mining Corp., aiming to increase its shareholding to 60% on a post-closing, fully-diluted basis. The proposed transaction involves a $5 million consideration, comprising $4 million in cash and $1 million in Forge common shares. Forge will receive anti-dilution rights for 12 months post-closing and a right of first refusal on Aion's equity financings for 4 years.

The deal is subject to customary conditions, including due diligence and necessary approvals. Notably, Aion has recently completed an audit of its financial statements for 2022 and 2023, and an independent valuation has affirmed the company's asset value. This strategic move aims to enhance Forge's resource portfolio, particularly with Aion's fully permitted La Estrella coal project.

Forge Resources Corp. (CSE: FRG) (OTCQB: FRGGF) has appointed Peter Jonathan (PJ) Murphy as Chairman and Director. Murphy brings over 25 years of management experience in healthcare and real estate, with a proven track record in junior mining investments. He holds degrees from McGill University and Dalhousie University.

Murphy expressed enthusiasm for advancing the company's two key projects: the La Estrella coal project in Colombia, which is nearing revenue-generating bulk sample extraction, and the Alotta Project, where all six drill holes have shown significant porphyry mineralization.

Additionally, Forge Resources has issued 2,500,000 stock options to directors, officers, and consultants. These options are exercisable over five years at $0.48 per share, expiring on September 4, 2029.

Forge Resources Corp (CSE: FRG) (OTCQB: FRGGF) has announced significant progress at its fully licensed coal project in Colombia. Key developments include:

1. Completion of pilot hole drilling for the 170-meter underground decline, reaching a depth of 175 meters.

2. Engineered site preparation, including drainage systems, slope stability studies, and environmental measures like hydroseeding and tree planting.

3. Camp construction advancements, with completed cafeteria and kitchen areas.

4. Strategic team expansions, hiring experienced professionals Enrique Estrada (Senior Mining and Metallurgical Engineer) and Luis Carlos Herrera (Senior Civil Engineer).

These developments are important for the project's progress towards securing a valuable bulk sample, which will provide essential data for informed decision-making and contribute to the project's overall success.

Forge Resources Corp. (CSE: FRG) (OTCQB: FRGGF) has filed a Business Acquisition Report on SEDAR+ for its 40% stake in Aion Mining Corp, a fully permitted coal project in Santander, Colombia. The report is supported by an audit and independent valuation. Key highlights include:

1. Successful completion of an audit by WDM Chartered Accountants for Aion Mining's financial statements for fiscal years ending December 31, 2022, and 2023.

2. An independent valuation conducted by Evans and Evans, Inc., a Chartered Business Valuator (CBV), affirming the company's asset value.

These developments underscore Forge Resources' commitment to strategic growth and provide a clear perspective on the company's financial standing and strategic positioning.