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Avrupa Minerals Intersects 26.95 Meters @ 2.18% Copper, 2.58% Lead, 5.60% Zinc, and 88.2 ppm Silver at Sesmarias, Portugal
Avrupa Minerals Ltd. (TSXV:AVU)(TSXV:AVU) is pleased to provide new assay results from the Sesmarias massive sulfide target area, Alvalade JV Project, Portugal. The program is a joint venture between Avrupa Minerals (“AVU” or “Company”) and Minas de Aguas Teñidas, S.A. (“Sandfire MATSA” or “MATSA”). Avrupa continues to operate the project through the JV entity PorMining Lda., and MATSA continues to fund the exploration work. Previously, through the JV, during 2020-2021, the Company drilled 17 diamond drill holes, totaling 8,900 meters, on six different fences along a strike length of 400 meters in the Sesmarias North Zone.
The JV returned to drilling at Sesmarias in mid-April, targeting the Central Zone, where Avrupa drilled the high-grade discovery hole, SES002, in 2014 (see February 27, 2014 News Release). Follow-up drilling in the immediate discovery area at that time unsuccessfully targeted shallow extensions of the mineralization seen in SES002 at a depth of about 150 meters. Armed with a significantly upgraded targeting model constructed after a total of 46 holes and nearly 20,000 meters of drilling at Sesmarias since 2014, the JV geological team aimed deeper to 400 meters depth to attempt to locate further high-grade mineralization.
Results from SES23-047 are:
- 26.95 meters of 2.18% copper; 2.58% lead; 5.60% zinc; and 88.2 g/t silver from 393.80 to 420.75 meters depth, within a wider interval of:
- 43.40 meters of 1.51% copper; 2.15% lead; 4.78% zinc; and 64.1 g/t silver from 392.80 to 436.20 meters depth.
At this time, with only one drill hole in the new zone, the true thickness of the massive sulfide mineralization is unknown. The drill hole intercepted at least part of the eastern limb of the target mineralized syncline, and possibly part of the hinge of the syncline. Further drilling is clearly necessary to search for both extension and shape of the mineral body. We are currently drilling a follow-up hole, collared approximately 150 meters southeast of SES23-047, with five more holes planned, also funded by the JV partner.
Paul W. Kuhn, President and CEO of Avrupa Minerals commented, “We are truly excited about the SES23-047 results. The entire team effort putting together a coherent targeting model led to this initial success in the Sesmarias Central Zone, which we hope will continue with follow-up drilling. Previous JV drilling demonstrated the potential for significant thicknesses of massive sulfide mineralization, and we recognized the potential for higher grade mineralization as we moved south towards the Central Zone, perhaps the center of the mineral system. We now recognize that the SES002 lens should be part of the new discovery lens, separated by faulting. Perseverance, continued creative thinking, and strong financial support led to a real success that shows possibilities for further follow-up success.”
The following summary cross section demonstrates the potential for further mineralization on this section line, in the middle of the Central Zone.
Figure 1. SES23-047 cross section showing previous drilling and discovery hole SES002. The mineralized syncline seen here is a continuation from the previously-reported, more northerly sections that show development of an eastern overturned limb, a western normal limb, and development of a robust hinge zone. Further drilling is warranted to develop a potential high grade central zone to the developing system.
Potential for further higher-grade mineralization lies from the present 650S section to the 350S section, north of the present drilling, and possibly for another 300 to 400 meters to the south of the 650S section. We are presently drilling at SES23-048, collared approximately 150 SE of SES23-047, on the 800S section.
Figure 2. Simplified, schematic diagram of Sesmarias massive sulfide “lenses”, actually the limbs of the synclinal mineralization. Note that the Central Zone appears to be open and untested for at least 300 meters in either direction from the 650S section. Presently drilling on the 800S section line at SES23-048.
Results and information for SES21-044, Section 350S, may be found in the January 25, 2022 News Release. Results and information for SES026, located approximately 350 meters SE of SES23-047 on the 1000S section, may be found in the March 11, 2019 News Release.
Notes on analytical methods and quality control. The JV analyzed the mineralized material at two different laboratories, as the table below demonstrates. For certified, NI43-101 – acceptable assay results, we selected the ME-MS61 method performed by ALS Global at their Seville sample preparation facility and Loughrea, Ireland analytical laboratory. For in-house reasons and desire to have overnight results, we authorized preliminary analytical procedures at the non-certified, MATSA laboratory facilities at the Aguas Teñidas Mine.
Table 1. Fully accredited, NI 43-101 compliant, certified analytical results from ALS Global laboratory highlighted in yellow. Overnight analytical results from MATSA mine lab at Aguas Teñidas, Spain.
For technical reasons, at the depth of the Sesmarias mineral intersection, drillers had reduced core size to NQ (47.6 mm diameter). Project personnel collected oriented drill core twice daily from the drill rig and delivered the boxes directly to the Project core storage facilities in Grândola, Portugal. Here, after geological and geotechnical review of the core, a Project geologist measured and marked the core for sampling, with sample length averaging one meter depending on visual factors such as change in texture, style of mineralization, and/or host rock type. Project employees systematically and methodically halved the core, utilizing an electric core saw, and then placed one half of the split material for each sample length into separate, numbered, plastic sample bags. In order to get fast, first-hand results, Project personnel transported the core samples to partner Sandfire MATSA’s Aguas Teñidas Mine laboratory in Almonaster la Real, Spain for preliminary, non-certified analytical information.
After acquiring the preliminary results, Project personnel carried the sample pulps (-80 mesh material used for metals’ digestion) to the ALS Global (“ALS”) sample preparation facility in Seville, Spain. ALS directly shipped the pulp material to their main European analytical laboratory located in Loughrea, Ireland. At the analytical laboratory, we requested the samples to be analyzed via the lab’s ME-MS61 technique which uses a four-acid, near-total metals’ extraction method, followed by analysis using the industry-standard technique of inductively coupled plasma – atomic emission spectroscopy (ICP-AES).
At all times, prior to submission of the samples to ALS Global, Project or Sandfire MATSA personnel maintained supervision, oversight, and custody of the samples.
In addition to ALS Global in-house quality assurance/quality control (QA/QC) for all work orders, the Project conducted its own normal, internal QA/QC from results generated by the systematic inclusion of certified reference materials, blank samples and field duplicate samples. Project personnel reviewed and evaluated the analytical results from the quality control samples in the SES23-047 work orders, and confirmed that these results conform to industry best practice standards.
Minas de Aguas Teñidas, S.A. (Sandfire MATSA) is a modern mining company which owns and operates the MATSA Mining Operations in the Huelva province of Spain. With a processing plant located to the north of the Iberian Pyrite Belt that sources ore from three underground mines, Aguas Teñidas and Magdalena Mines in Almonaster la Real and the Sotiel Mine in Calañas, Sandfire MATSA produces copper, zinc and lead mineral concentrates that are sold from the port of Huelva. Sandfire MATSA also holds an extensive portfolio of exploration tenements in both Portugal and Spain. Sandfire MATSA is a wholly owned company of Sandfire Resources Ltd, a mining and exploration company listed on the Australian Securities Exchange (ASX: SFR).
Avrupa Minerals Ltd. is a growth-oriented junior exploration and development company directed to discovery of mineral deposits, using a hybrid prospect generator business model. The Company holds one 100%-owned license in Portugal, the Alvalade VMS Project, presently optioned to Sandfire MATSA in an earn-in joint venture agreement. The Company now holds one 100%-owned exploration license covering the Slivova gold prospect in Kosovo, and is actively advancing four prospects in central Finland through its in-process acquisition of Akkerman Finland Oy. Avrupa focuses its project generation work in politically stable and prospective regions of Europe, presently including Portugal, Finland, and Kosovo. The Company continues to seek and develop other opportunities around Europe.
For additional information, contact Avrupa Minerals Ltd. at 1-604-687-3520 or visit our website at www.avrupaminerals.com.
On behalf of the Board,
Paul W. Kuhn, President & Director
This news release was prepared by Company management, who take full responsibility for its content. Paul W. Kuhn, President and CEO of Avrupa Minerals, a Licensed Professional Geologist and a Registered Member of the Society of Mining Engineers, is a Qualified Person as defined by National Instrument 43-101 of the Canadian Securities Administrators. He has reviewed the technical disclosure in this release. Mr. Kuhn, the QP, has not only reviewed, but prepared and supervised the preparation or approval of the scientific and technical content in the news release.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Click here to connect with Avrupa Minerals Ltd. (TSXV:AVU) to receive an Investor Presentation
Avrupa Minerals Starts Drilling at Kangasjarvi, Central Finland
Vancouver, BC, October 16, 2024 TheNewswire Avrupa Minerals Ltd. (TSX-V: AVU) is pleased to announce that initial scout drilling at the Kangasjärvi volcanogenic massive sulfide target, located in the Pyhäsalmi Mining District of central Finland, started during the past week. The Company plans to drill two holes, totaling up to 1,000 meters, on the first of two strong, previously un-tested, geophysical targets located in close proximity to historic mining at the location.
During the mid-1980's, Finnish mining company Pyhäsalmi Mine Oy exploited, via open pit, a small high grade massive sulfide deposit with an in-house calculated resource of approximately 300,000 mt @ 5.4% zinc. The property had remained dormant and un-explored since that time until Akkerman Finland Oy (AFOy—49% Avrupa Minerals, 51% Akkerman Exploration BV) acquired the exploration rights in 2022. AFOy performed an airborne electromagnetic survey (SkyTEM) covering the general mine area and nearby mineral targets, and producing two standout EM conductors close-in to the old mine, but in areas where there has been no historic drilling.
Figure 1. Two strong EM anomalies to be targeted on first-pass scout drilling at Kangasjärvi. Ideally, the Company hopes to drill two holes at the Kangas target and one hole at Kangas North. Difficult access to Kangas North may preclude drilling there, for now. Flight lines are approximately 100 meters apart, and distance between the two conductors is about 700 meters. (Courtesy of AFOy)
Figure 2. Cross section, looking NNW, of the two EM anomalies with general drilling locations. The conceptual drill hole locations in the Kangas main EM target, are marked as white lines. Also shown are traces of previous holes drilled and the outline of the mined Kangasjärvi zinc deposit in red, between the two drill holes at Kangas Main. Advanced Maxwell geophysical modelling of the EM anomalies yielded a strong target plate which is depicted as a straight red line. (Courtesy of AFOy)
The main anomaly is located adjacent to the old workings, but across a prominent fault from the open pit-mined area. The Company plans to drill two "wildcat" exploration drill holes into this anomaly to test the recently-generated target. The first hole will be drilled from stratigraphically below the historic mineralization and fault directly into the conductor, while the second hole will be drilled from above the massive sulfide body and fault into the conductor Drill testing of the less-accessible Kangas North target will be subject to the outcome of these first two holes. Advanced geophysical modeling suggests the possible presence of mineralization in these two locations, along with several other locations on the property, to be tested at a later date. Avrupa expects that the drilling will take 4-6 weeks to complete.
Paul W. Kuhn, President and CEO of Avrupa Minerals, commented, "We are excited to begin this first serious look at the potential for significant, polymetallic massive sulfide mineralization. While these first-pass drill holes are highly speculative, we do have good reason to think that there is further mineralization on the Kangasjärvi exploration permit, especially in the vicinity of previously-exploited mineralization. With our highly competent partner, AFOy, overseeing the drilling program, we are looking forward to the results of this initial drilling program at Kangasjärvi."
Avrupa Minerals Ltd. is a growth-oriented junior exploration and development company directed to discovery of mineral deposits, using a hybrid prospect generator business model. The Company holds one 49%-owned license in Portugal, the Alvalade VMS Project, presently optioned to Sandfire Portugal in an earn-in joint venture agreement. The Company holds one 100%-owned exploration license covering the Slivova Gold Project in Kosovo, optioned to Western Tethyan Resources, and is actively advancing four prospects in central Finland through its partnership with Akkerman Finland Oy (AFOy). Avrupa focuses its project generation work in politically stable and prospective regions of Europe, presently including Portugal, Finland, and Kosovo. The Company continues to seek and develop other opportunities around Europe.
For additional information, contact Avrupa Minerals Ltd. at 1-604-687-3520 or visit our website at www.avrupaminerals.com .
On behalf of the Board,
Paul W. Kuhn, President & Director
This news release was prepared by Company management, who take full responsibility for its content. Paul W. Kuhn, President and CEO of Avrupa Minerals, a Licensed Professional Geologist and a Registered Member of the Society of Mining Engineers, is a Qualified Person as defined by National Instrument 43-101 of the Canadian Securities Administrators. He has reviewed the technical disclosure in this release. Mr. Kuhn, the QP, has not only reviewed, but prepared and supervised the preparation or approval of the scientific and technical content in the news release.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Copyright (c) 2024 TheNewswire - All rights reserved.
News Provided by TheNewsWire via QuoteMedia
Avrupa Minerals Intersects Polymetallic VMS Mineralization at Sesmarias
SES24-054 cuts 41.2 meters of sulfide mineralization containing: 1.59% copper, 1.71% lead, 3.36% zinc, and 54.90 g/t silver.
- Includes 28.6 meters containing: 1.68% copper, 2.42% lead, 4.75% zinc, and 73.90 g/t silver.
SES24-053 cuts 13.15 meters of sulfide mineralization containing: 0.31% copper, 1.57% lead, 3.00% zinc, and 38.40 g/t silver.
- Includes 9.15 meters containing: 0.40% copper, 2.09% lead, 4.02% zinc, and 50.5 g/t silver.
Three of seven holes completed, with results from the first two included; results pending for third hole; fourth hole in progress.
Potential for two additional contingency holes; second drill on its way to the project.
Vancouver, BC, September 19, 2024 – TheNewswire - Avrupa Minerals Ltd. (TSXV: AVU) is pleased to announce the first set of analytical results from the present phase of drilling at the Sesmarias VMS Project in the Alvalade Joint Venture, Iberian Pyrite Belt, Portugal. The drilling program at Sesmarias is part of a joint venture between Avrupa Minerals and Sandfire Mineira Portugal, Unipessoal Lda. ("Sandfire Portugal"), a 100%-owned subsidiary of Minas de Aguas Teñidas, S.A. ("Sandfire MATSA") . Avrupa continues to operate the project through the JV entity PorMining Lda., and Sandfire Portugal continues to fund the exploration work.
At this time, The Company has completed three drill holes in the current Sesmarias Central program, totaling 1,715.4 meters, with a fourth hole in progress. We have seven holes planned, with the contingency of two additional holes to be drilled as/where needed. We expect a second drill in the near future to speed up the completion of this phase of drilling. To date, we have received analytical results from sampling of the first two holes (SES24-53 and SES24-054). Samples from the third hole (SES24-055) are now in the laboratory, and results are pending for these samples.
Paul W. Kuhn, President and CEO of Avrupa Minerals, stated, "These are exciting new assay results, as we continue to develop a potential high-grade polymetallic core zone in the SES Central area. The ongoing drilling program is designed to test for further high-grade copper and zinc-lead-silver mineralization along a 600-meter strike length in the Sesmarias Central zone. Extending both north and south of SES Central, known massive sulfide mineralization totals over 1,700 meters, and is open in both directions along the strike of the targeted, mineral-host black shales in the Sesmarias synform."
Results for SES24-054:
SES24-054 intercepts | |||||||||
From (m) | To (m) | Total (m) | Cu (%) | Pb (%) | Zn (%) | Ag (g/t) | |||
Geological Intercept | |||||||||
(includes Fault breccia, massive, semi-massive replacement, stockwork sulfides) | 377.2 | 418.4 | 41.2 | 1.59 | 1.71 | 3.36 | 54.90 | ||
including best copper intervals | incl. | 377.2 | 412.4 | 35.2 | 1.78 | ||||
incl. | 386.8 | 396.8 | 10.0 | 2.24 | |||||
Best Polymetallic Interval (total) | |||||||||
377.2 | 405.8 | 28.6 | 1.68 | 2.42 | 4.75 | 73.90 | |||
incl. | 385.8 | 393.8 | 8.0 | 1.90 | 4.98 | 9.78 | 131.30 |
Table 1. Results for SES24-054 demonstrate further potential for high grade copper and polymetallic mineralization in the hinge zone of the Sesmarias synform in the Central area. This intersect is located approximately 150 meters SE of SES23-047, drilled last year, which intersected 26.95 meters of 2.18% Cu, 2.58% Pb, 5.60% Zn, and 88.20 g/t Ag within a wider interval of 43.40 meters of 1.51% Cu, 2.15% Pb, 4.78% Zn, and 64.1 g/t Ag. ( SES23-047 results )
Figure 1. Geological cross section 800 S, looking NW, showing mineralization in SES23-048 (western limb/hinge zone) and SES24-054 (hinge zone). See Figure 3 for location of this section.
Results for SES24-053:
SES24-053 intercepts | |||||||||
From (m) | To (m) | Total (m) | Cu (%) | Pb (%) | Zn (%) | Ag (g/t) | |||
Geological Intercept | |||||||||
Includes stockwork to semi-massive replacement sulfide mineralization | 439.70 | 452.85 | 13.15 | 0.31 | 1.57 | 3.00 | 38.4 | ||
incl. | 439.70 | 448.85 | 9.15 | 0.40 | 2.09 | 4.02 | 50.5 |
Table 2. Results for SES24-053 demonstrate polymetallic potential on the western limb of the Sesmarias synform, but perhaps distal from the hinge zone area. Similar zinc-rich, polymetallic mineralization is present in SES23-052, drilled last year, which cut the western limb some 470 meters SE of SES24-053. ( Sesmarias Results -- 2023 )
Figure 2. Geological cross section 650 S, looking NW, showing mineralization in SES23-047 and SES24-053. See Figure 3 for location of this section.
Kuhn commented further, "Following the great copper and polymetallic results in SES24-054, and the strong zinc-lead-silver results in SES24-053, we are beginning to see a metal zonation centered in the SES Central hinge zone with high copper and associated base metals, transitioning outwards/upwards and along the limbs of the Sesmarias synform to more zinc-rich mineralization. Previous results in the SES North area show lower copper and stronger zinc-lead in the eastern limb of the synform, but we have yet to cross the hinge zone in the north, nor much of the western limb. The present drilling program may shed more light on the perceived metal zonation within the body of mineralization, and we look forward to more strong results."
Figure 3. Contour map showing 2024 new and planned drill hole collar locations in red color and inferred massive sulfide mineralization, using drillhole interval grade (CuEq) as an exploration targeting tool . The aim of the current phase of drilling is to expand the orange-red zone in the SES Central area, and improve continuity of the high-grade, copper and polymetallic mineralization over a strike length of 600 meters, and forming a central core to the deposit.
Notes concerning Figure 3. We use CuEq strictly as a proxy for total metal content, and as such, simply as an exploration targeting tool. In no way, are we commenting on a possible resource size or value. When reporting drill results, we utilize only individual metals' values, as reported by an accredited laboratory.
We have designed the present drill program to upgrade the +2% CuEq zone in the SES Central sector and expand the potential +2% CuEq domain into the SES North sector where historic drilling is less concentrated. Yellow and green zones generally indicate areas where historic drilling missed the target and/or recent, better-targeted drilling is sparse.
For exploration purposes, using the results from Sesmarias drilling, 2014 to present, we calculate the total amount of copper, lead, zinc, silver, and gold, without respect or indication of any/all further downstream activities, followed by calculating the value of said total metal content (in this case, as of September 10, 2024, using: Cu = US$ 4.04/lb.; Pb = US$ 0.89/lb.; Zn = US$ 1.23/lb.; Ag = US$ 28.31/oz.; and Au = US$ 2513/oz.). Finally, we calculate the equivalent content of copper, or CuEq, by dividing the value of the total contained metals by the price of copper at that time. The shape and contouring of the inferred Sesmarias mineralization, using Leapfrog geological modeling software, is courtesy of the Sandfire Portugal geological team. While metals' prices have fluctuated in a fairly narrow range since the original CuEq calculations, the shape of the VMS target area remains much the same, as it depends on metal content, not the price.
Notes on analytical methods and quality contol. T he JV analyzed the mineralized material at ALS Global facilities in Europe. For certified, NI43-101 – acceptable assay results, we selected the ME-MS61 method performed by ALS Global at their Seville sample preparation facility and Loughrea, Ireland analytical laboratory.
Due to good drilling conditions at both holes, the drillers were able to extract HQ-size (63.5 mm) core for the entire mineral intercept to get a large example of the mineralization. Project personnel collected the oriented drill core twice daily from the drill rig and delivered the boxes directly to the Project core storage facilities in Grândola, Portugal. Here, after geological and geotechnical review of the core, a Project geologist measured and marked the core for sampling, with sample length averaging one meter depending on visual factors such as change in texture, style of mineralization, and/or host rock type. Project employees systematically and methodically halved the core, utilizing an electric core saw, and then placed one half of the split material for each sample length into separate, numbered, plastic sample bags. In order to get fast, first-hand results, Project personnel transported the core samples directly to the ALS Global preparation lab in Seville, Spain.
ALS prepared the samples, using their method PREP-31by, to crush to -2mm, split off a 1-kg sample, and to pulverize to 85% passing 75 microns. The pulverized material is shipped to their main European analytical laboratory located in Loughrea, Ireland. At the analytical laboratory, we requested the samples to be analyzed via the lab's ME-MS61 technique which uses a four-acid, near-total metals' extraction method, followed by analysis using the industry-standard technique of inductively coupled plasma – atomic emission spectroscopy (ICP-AES). Another split of the pulverized material is sent to the ALS lab in Vancouver for Sn-XRF05 pressed pellet, XRF analysis to obtain a full value for tin in the drill core.
At all times, prior to submission of the samples to ALS Global, Project or Sandfire MATSA personnel maintained supervision, oversight, and custody of the samples.
In addition to ALS Global in-house quality assurance/quality control (QA/QC) for all work orders, the Project conducted its own normal, internal QA/QC from results generated by the systematic inclusion of certified reference materials, blank samples and field duplicate samples. Project personnel reviewed and evaluated the analytical results from the quality control samples in all work orders, and confirmed that these results conform to industry best practice standards.
Sandfire Portugal is a 100%-owned subsidiary of Sandfire MATSA, a modern mining company which owns and operates the MATSA Mining Operations in the Huelva province of Spain. With a processing plant located to the north of the Iberian Pyrite Belt that sources ore from three underground mines, the Aguas Teñidas and Magdalena Mines in Almonaster la Real and the Sotiel Mine in Calañas, Sandfire MATSA produces copper, zinc and lead mineral concentrates that are sold from the port of Huelva.
Avrupa Minerals Ltd. is a growth-oriented junior exploration and development company directed to discovery of mineral deposits, using a hybrid prospect generator business model. The Company holds one 49%-owned license in Portugal, the Alvalade VMS Project, presently optioned to Sandfire Portugal in an earn-in joint venture agreement. The Company holds one 100%-owned exploration license covering the Slivova Gold Project in Kosovo, optioned to Western Tethyan Resources, and is actively advancing four prospects in central Finland through its partnership with Akkerman Finland Oy. Avrupa focuses its project generation work in politically stable and prospective regions of Europe, presently including Portugal, Finland, and Kosovo. The Company continues to seek and develop other opportunities around Europe.
For additional information, contact Avrupa Minerals Ltd. at 1-604-687-3520 or visit our website at www.avrupaminerals.com .
On behalf of the Board,
Paul W. Kuhn, President & Director
This news release was prepared by Company management, who take full responsibility for its content. Paul W. Kuhn, President and CEO of Avrupa Minerals, a Licensed Professional Geologist and a Registered Member of the Society of Mining Engineers, is a Qualified Person as defined by National Instrument 43-101 of the Canadian Securities Administrators. He has reviewed the technical disclosure in this release. Mr. Kuhn, the QP, has not only reviewed, but prepared and supervised the preparation or approval of the scientific and technical content in the news release.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Copyright (c) 2024 TheNewswire - All rights reserved.
News Provided by TheNewsWire via QuoteMedia
Avrupa Minerals Closes $350,000 Private Placement
Vancouver, BC TheNewswire - September 5, 2024 Avrupa Minerals Ltd. (TSXV:AVU) ("Avrupa" or the "Company") is pleased to announce that it has closed the private placement as announced on August 14 and August 23, 2024.
The Company raised $350,000 from the sale of 10,000,000 Units at $0.035 per Unit. Each Unit is comprised of one common share and one common share purchase warrant. Each common share purchase warrant entitles the holder to purchase one common share for $0.10 per common share until September 5, 2027. The common share purchase warrants are non-transferable. All securities are subject to a four-month hold expiring on January 6, 2025. The Company did not pay any finders' fees.
A director of the Company purchased or acquired direction and control over a total of 371,429 Units under the private placement. The placement to this person constitutes a "related party transaction" within the meaning of TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101") adopted in the Policy. The Company has relied on exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101 in respect of related party participation in the placement as neither the fair market value (as determined under MI 61-101) of the subject matter of, nor the fair market value of the consideration for, the transaction, insofar as it involved the related parties, exceeded 25% of the Company's market capitalization (as determined under MI 61-101).
The proceeds from the issuance of the Units will be used by the Company to fund drilling and exploration programs in Finland (approximately 130,000 euros/C$197,000), to fund ongoing operations in Portugal and Kosovo, and for general corporate purposes. None of the proceeds will be utilized for investor relations activities and no-payments will be made to non-arms-length parties of the Company.
Avrupa Minerals Ltd. is a growth-oriented junior exploration and development company directed to discovery of mineral deposits, using a hybrid prospect generator business model. The Company holds one 49%-owned license in Portugal, the Alvalade VMS Project, presently optioned to Sandfire Portugal in an earn-in joint venture agreement. The Company holds one 100%-owned exploration license covering the Slivova gold prospect in Kosovo and is actively advancing four prospects in central Finland through its partnership with Akkerman Finland Oy. Avrupa focuses its project generation work in politically stable and prospective regions of Europe, presently including Portugal, Finland, and Kosovo. The Company continues to seek and develop other opportunities around Europe.
For additional information, contact Avrupa Minerals Ltd. at 1-604-687-3520 or visit our website at www.avrupaminerals.com .
On behalf of the Board,
Paul W. Kuhn, President & Director
This news release was prepared by Company management, who take full responsibility for its content. Paul W. Kuhn, President and CEO of Avrupa Minerals, a Licensed Professional Geologist and a Registered Member of the Society of Mining Engineers, is a Qualified Person as defined by National Instrument 43-101 of the Canadian Securities Administrators. He has reviewed the technical disclosure in this release. Mr. Kuhn, the QP, has not only reviewed, but prepared and supervised the preparation or approval of the scientific and technical content in the news release.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Copyright (c) 2024 TheNewswire - All rights reserved.
News Provided by TheNewsWire via QuoteMedia
Avrupa Minerals $350,000 Private Placement is Fully Subscribed
Vancouver, BC TheNewswire - August 23, 2024 Avrupa Minerals Ltd. (TSXV:AVU) ("Avrupa" or the "Company") is pleased to announce that the $350,000 private placement of Units as announced on August 14 th 2024 is fully subscribed and will close shortly. The proceeds of the private placement financing will primarily be used to fund exploration and drilling at the projects in Finland and for working capital.
Private Placement
Subject to the approval of the TSX Venture Exchange (the "Exchange" or "TSXV"), the Company intends offer by way of a non-brokered private placement offering (the "Offering") 10 million units (each, a "Unit") at a price of $0.035.
Each Unit will be comprised of one common share in the capital of the Company and one common share purchase warrant ("Warrant"). Each Warrant will entitle the holder thereof to purchase one additional common share of the Company at a price of $0.10 for a period of 36 months from the date of closing of the Offering. Finders' fees of 7.0% in cash will be paid to eligible parties.
The proceeds from the issuance of the Units will be used by the Company to fund drilling and exploration programs in Finland (approximately 130,000 euros/C$197,000), to fund ongoing operations in Portugal and Kosovo, and for general corporate purposes. None of the proceeds will be utilized for investor relations activities and no-payments will be made to non-arms-length parties of the Company.
Related parties, particularly Pacific Opportunity Capital Ltd., controlled by Mark T. Brown who is a director of Avrupa, that has supported the Company for many years, has subscribed for $28,000 of the Offering. The issuance of Units to the insider, pursuant to the Offering, is considered a related party transaction within the meaning of TSXV Policy 5.9 and Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions. The Company has relied on exemptions from the formal valuation and minority approval requirements in sections 5.5(a) and 5.7(1)(a) of MI 61-101 in respect of these related party transactions on the basis that the fair market value (as determined under MI 61-101) of the transactions do not, in aggregate, exceed 25% of the market value of the Company.
Closing of the Offering is subject to all applicable regulatory approvals, including the approval of the Exchange. All securities are subject to a hold period of four months and one day in accordance with applicable securities laws.
Avrupa Minerals Ltd. is a growth-oriented junior exploration and development company directed to discovery of mineral deposits, using a hybrid prospect generator business model. The Company holds one 49%-owned license in Portugal, the Alvalade VMS Project, presently optioned to Sandfire Portugal in an earn-in joint venture agreement. The Company now holds one 100%-owned exploration license covering the Slivova gold prospect in Kosovo and is actively advancing four prospects in central Finland through its in-process acquisition of Akkerman Finland Oy. Avrupa focuses its project generation work in politically stable and prospective regions of Europe, presently including Portugal, Finland, and Kosovo. The Company continues to seek and develop other opportunities around Europe.
For additional information, contact Avrupa Minerals Ltd. at 1-604-687-3520 or visit our website at www.avrupaminerals.com .
On behalf of the Board,
Paul W. Kuhn, President & Director
This news release was prepared by Company management, who take full responsibility for its content. Paul W. Kuhn, President and CEO of Avrupa Minerals, a Licensed Professional Geologist and a Registered Member of the Society of Mining Engineers, is a Qualified Person as defined by National Instrument 43-101 of the Canadian Securities Administrators. He has reviewed the technical disclosure in this release. Mr. Kuhn, the QP, has not only reviewed, but prepared and supervised the preparation or approval of the scientific and technical content in the news release.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Copyright (c) 2024 TheNewswire - All rights reserved.
News Provided by TheNewsWire via QuoteMedia
Avrupa Minerals Announces $350,000 Private Placement
Vancouver, BC August 14, 2024 TheNewswire Avrupa Minerals Ltd. (TSXV:AVU) ("Avrupa" or the "Company") is pleased to announce that it intends to complete a $350,000 private placement of Units. The proceeds of the private placement financing will be used to fund exploration and drilling at the projects in Finland and for working capital. Avrupa has two other European drilling projects underway, or soon to be underway, this summer, one for copper and zinc and one for gold and silver, both funded by partners.
Private Placement
Subject to the approval of the TSX Venture Exchange (the "Exchange"), the Company intends to raise $350,000 by way of a non-brokered private placement offering (the "Offering") by issuing 10 million units (each, a "Unit") at a price of $0.035.
Each Unit will be comprised of one common share in the capital of the Company and one common share purchase warrant (each, a "Warrant"). Each Warrant will entitle the holder thereof to purchase one additional common share of the Company at an exercise price of $0.10 per common share, for a period of 36 months from the date of closing of the Offering. Finders' fees of 7.0% in cash will be paid to eligible parties.
The proceeds from the issuance of the Units will be used by the Company to fund drilling and exploration programs in Finland, to fund ongoing operations in Portugal and Kosovo, and for general corporate purposes.
Closing of the Offering is subject to all applicable regulatory approvals, including the approval of the Exchange. All securities are subject to a hold period of four months and one day in accordance with applicable securities laws.
Avrupa Minerals Ltd. is a growth-oriented junior exploration and development company directed to discovery of mineral deposits, using a hybrid prospect generator business model. The Company holds one 49%-owned license in Portugal, the Alvalade VMS Project, presently optioned to Sandfire Portugal in an earn-in joint venture agreement. The Company now holds one 100%-owned exploration license covering the Slivova gold prospect in Kosovo, and is actively advancing four prospects in central Finland through its in-process acquisition of Akkerman Finland Oy. Avrupa focuses its project generation work in politically stable and prospective regions of Europe, presently including Portugal, Finland, and Kosovo. The Company continues to seek and develop other opportunities around Europe.
For additional information, contact Avrupa Minerals Ltd. at 1-604-687-3520 or visit our website at www.avrupaminerals.com .
On behalf of the Board,
Paul W. Kuhn, President & Director
This news release was prepared by Company management, who take full responsibility for its content. Paul W. Kuhn, President and CEO of Avrupa Minerals, a Licensed Professional Geologist and a Registered Member of the Society of Mining Engineers, is a Qualified Person as defined by National Instrument 43-101 of the Canadian Securities Administrators. He has reviewed the technical disclosure in this release. Mr. Kuhn, the QP, has not only reviewed, but prepared and supervised the preparation or approval of the scientific and technical content in the news release.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Copyright (c) 2024 TheNewswire - All rights reserved.
News Provided by TheNewsWire via QuoteMedia
Osisko Metals: Leading the Charge in Base Metal Investments
Investor Insight
Osisko Metals’ high-quality polymetallic assets present a compelling investment opportunity amid a rapidly expanding critical and base metals market, as North America continues to strengthen its domestic supply.
Overview
Osisko Metals (TSXV:OM) is an exploration and development company focusing on two base metal assets in Canada – Gaspé Copper and Pine Point – targeting copper and zinc, both critical minerals necessary for the global transition to clean energy. These assets are past-producing, brownfield projects of significant potential for future production.
The Gaspé Copper project in Québec has a rapid development plan to begin mining the indicated resource of 495 million tons (Mt) of ore grading 0.37 percent copper equivalent. As the gap between available copper supply and growing demand widens, Osisko Metals is well-positioned to help create and strengthen a domestic supply chain for the North American market.The company’s Pine Point zinc-lead project in the Northwest Territories contains an indicated mineral resource estimate of 49.5 million tons at 4.2 percent zinc and 1.5 percent lead, in addition to significant inferred resources. Zinc is a necessary mineral for the clean energy transition and has important applications throughout the manufacturing industry. This widespread use of this mineral has analysts cautioning about a looming supply shortage.
A preliminary economic assessment (PEA) completed in 2022 indicates the Pine Point project has the potential to become a world-class, high-grade zinc asset, with an after-tax net present value (NPV) of C$602 million and internal rate of return (IRR) of 25 percent.
In February 2023, Osisko Metals announced a C$100-million investment agreement with Appian Natural Resources Fund III for a joint venture on the Pine Point project. The agreement includes C$75.3 million of funding for the project and up to C$24.7 million in cash payments to Osisko Metals.Led by a management team with a wide range of expertise throughout the natural resources industry and experience in geology, exploration, corporate finance and corporate administration, Osisko Metals is well-poised to become a world-class supplier of base metals.
Company Highlights
- Osisko Metals (OM) is focused on becoming a significant base metals producer by bringing two past-producing Canadian brownfield assets back into production: the Gaspé Copper project and the Pine Point zinc and lead project.
- The company’s projects target critical minerals to aid in the global transition to clean energy and net-zero emissions.
- OM’s 100-percent-owned Gaspé Copper project in Québec has a rapid development plan to capitalize on its NI 43-101 indicated resource of 495 million tons of ore grading 0.37 percent copper equivalent to meet the needs of a growing supply gap.
- Copper Mountain hosts the largest undeveloped copper asset in Eastern North America with an in-pit indicated resource of 3.25 billion pounds (1.47 million tonnes) of contained copper, not including significant molybdenum (180 million pounds) and silver (28 million ounces) resources.
- The Pine Point project in the Northwest Territories has the potential to become a top-ten zinc producer with high-grade zinc concentrates.
- C$100 million investment agreement with Appian Natural Resources Fund III for a joint venture on the Pine Point project – including C$75.3 million funding for the project – under which Appian can earn an up to 65 percent ownership in Pine Point.
- A completed preliminary economic assessment for the Pine Point asset indicates an after-tax IRR of 25 percent and an NPV (8 percent) of C$602 million.
- The 2024 mineral resource estimate update for the Pine Point project includes indicated mineral resources of 49.5 Mt grading 4.22 percent zinc and 1.49 percent lead and inferred mineral resources of 8.3 Mt grading 4.18 percent zinc and 1.69 percent lead.
- C$100 million bought deal financing with Canaccord Genuity towards advancing its Gaspé copper project to a construction decision and for general corporate purposes.
- A management team with expertise throughout the mining industry leads the company toward achieving its goal of becoming the leading base metal developer in North America by supplying the base metals necessary for the clean energy transition.
Key Projects
Gaspé Copper Project
The Gaspé Copper project in Québec is among the most significant copper development projects in eastern North America. Osisko Metals completed the100-percent acquisition of Gaspé Copper in July 2023 and has since commenced drilling at the property. Québec has a well-known reputation as one of the most mining-friendly jurisdictions in North America, with a long history of copper production.
Project Highlights:
- Significant Mineral Resource Estimate: The current NI 43-101 resource estimate for the asset demonstrates 3.25 billion pounds of contained copper at a 0.15 percent sulfide copper cut-off. The resource also includes significant molybdenum at 180 million pounds and silver at 28 million ounces. Osisko Metals believes there is room to expand known deposits with its upcoming drill campaign.
- Promising Metallurgy: Preliminary testwork delivered average copper recoveries of 92 percent and average molybdenum recoveries of 65 percent, indicating that Gaspé Copper should produce copper and molybdenum concentrates with excellent metal grades and a payable silver credit added to the copper concentrate.
- Prolific Past Production: The former Gaspé mines were in production from 1955 to 1999 and produced more than 100 million tonnes from a combination of open-pit and high-grade underground mines. The growing demand for copper makes reviving the project economically compelling.
- Robust Infrastructure: The project has infrastructure to quicken development, including paved road access, hydroelectric power on-site, and port access via the Saint Lawrence River and the town of Gaspé.
- 2023 Drill Program: Osisko Metals’ 2023 drill program at Gaspé Copper spanned 8,000 to 10,000 meters focused on continued infill drilling of the inferred mineral resource of the Mount Copper open pit deposit.
- Copper Mountain Updated MRE: The updated mineral resource estimate at Copper Mountain, as part of the Gaspé copper project, comprises an open-pit indicated resource of 495 million tons grading 0.37 percent copper equivalent, representing a 30 percent increase in copper-equivalent metal content, as well as a greater than 99 percent conversion rate from inferred to indicated category.
- 2024 Drill Program: The 2024 drill program is underway at Needle and Copper mountains. Approximately 2,600 meters over 11 holes were drilled at Needle Mountain aimed at understanding the potential for identifying more mineral resources around the former Needle Mountain pit. Drilling is ongoing at the Copper Mountain pit, where a 4,500-metre program is aimed at better defining resources in the enriched core of the deposit.
- Water characterization: Surface water characterization of the mine site and surrounding area is continuing. Detailed sampling of the pit waters and experimental fishing downstream from the mine site are planned to better understand the health of fish populations and the potential impacts of pit dewatering.
- Preliminary economic assessment: Scheduled for early 2025.
Pine Point Zinc-Lead Project
The Pine Point asset in the Northwest Territories has the infrastructure in place to help the company move the project toward development. The project has an existing hydroelectric power substation on site, rail access within 60 kilometers, and paved access roads to the site.
Project Highlights:
- Joint Venture: Pine Point Mining Limited, which holds a 100 percent interest in the Pine Point project, is operated under a joint-venture between Osisko Metals and Appian Natural Resources Fund III. This C$100-million investment agreement was finalized in April 2023 and yielded C$75.3 million of funding for the project; in February 2024, Osisko Metals sold an additional 5 percent ownership interest in Pine Point Mining to a subsidiary of Appian Natural Resources Fund III LP for an expected payment of approximately C$8.33 million. In total, Appian has the right to earn up to 65 percent of Pine Point, with OM retaining 35 percent.
- High-grade Clean Concentrates: Pine Point has demonstrated the potential to produce one of the world’s cleanest concentrates for zinc and lead. A recent metallurgical assessment indicates high recoveries of 87 percent for zinc, and 93 percent for lead using XRT sorting and conventional grinding and flotation processes. Additionally, studies indicate low levels of deleterious elements in the concentrates, making them appealing to smelters around the world that seek to increase the overall purity levels of their concentrate inputs.
- Promising Preliminary Economic Assessment: The 2022 PEA indicates an average annual life-of-mine production of 329 million pounds of zinc and 141 million pounds of lead. Additionally, the 2022 PEA indicates reduced estimated dewatering volume by 30 percent compared to the 2020 PEA.
- 2024 Updated Mineral Resource Estimate: Updated MRE for the Pine Point project highlights the following:
- Indicated mineral resources of 49.5 Mt grading 4.22 percent zinc and 1.49 percent lead (5.52 percent zinc equivalent) containing approximately 4.6 billion pounds of zinc and 1.6 billion pounds of lead in situ (undiluted).
- Inferred mineral resources of 8.3 Mt grading 4.18 percent zinc and 1.69 percent lead (5.64 percent zinc equivalent containing approximately 0.7 billion pounds of zinc and 0.3 billion pounds of lead in situ (undiluted).
- Used variable cut-off grades between 1.41 percent and 1.51 percent zinc equivalent for open pit resources and between 4.10 percent and 4.40 percent zinc equivalent for underground resources.
- The project's East Mill, Central and North Zones now contain approximately 36.2 Mt of indicated resources grading 5.22 percent zinc equivalent, or 3.2 billion pounds of zinc and 1.1 billion pounds of lead in situ.
- Community Support: Osisko Metals has worked hard to earn community support in the nearby towns of Hay River, Fort Smith and Fort Resolution, and has also concluded two separate collaboration agreements with local Indigenous communities: Deninu K’ue First Nation and Northwest Territory Metis Nation. These agreements include education, training, employment, and business opportunities. Additionally, a 2017 exploration agreement was signed with K’atl’odeeche First Nation.
Management Team
Robert Wares - CEO
Robert Wares is a professional geologist with more than 35 years of experience in mineral exploration and development. He was responsible for discovering the Canadian Malartic bulk tonnage gold mine, which Osisko Mining subsequently developed into one of Canada’s largest gold producers. Among other awards, Wares was a co-winner of the Prospectors and Developers Association of Canada’s “Prospector of the Year Award” for 2007 and was named, together with John Burzynski and Sean Roosen, as “Mining Men of the Year” for 2009 by the Northern Miner. Wares sits on the board of directors of Brunswick Exploration. Wares has a Bachelor of Science and an honorary doctorate in earth sciences from McGill University.
John Burzynski - Executive Chairman
John Burzynski most recently served as the chairman, chief executive officer and a director of Osisko Mining where he led his team in the discovery, development and sale of the Windfall Gold project to Gold Fields Ltd. for C$2.2 billion. Burzynski has over 35 years' experience as a professional geologist on international mining and development projects. He was one of the three original founders of Osisko Mining which developed and sold the Canadian Malartic mine in 2014 to an Agnico Eagle Mines Limited and Yamana Gold Inc. partnership for C$3.9 billion , and created Osisko Gold Royalties (today a C$5 billion company). Burzynski was a co-winner together with Sean Roosen and Robert Wares of the Prospectors and Developers Association of Canada (PDAC)'s "Prospector of the Year Award" for 2007 and the Northern Miner's "Mining Man of the Year" for 2009; and the "Prospector of the Year Award" for 2024, among numerous other awards. Burzynski holds a Bachelor of Science (Honours) degree in geology from Mount Allison University , and a Master of Science in exploration and mineral economics (MINEX) degree from Queen's University. He is a registered P.Geo. in Québec, a Fellow of the Royal Canadian Geographical Society and an honorary colonel with the Royal Canadian Air Force. He currently serves as chairman and a director of O3 Mining.
Don Njegovan - President
Don Njegovan most recently served as chief operating officer at Osisko Mining prior to its sale to Gold Fields. He was previously a director of St. Andrew Goldfields until it was acquired by Kirkland Lake Gold in 2016 and is currently on the board of directors of Cornish Metals. He was formerly managing director of Global Mining at Scotiabank from August 2010 to June 2014. Njegovan was a Toll Cross Securities Inc. investment banker from June 2005 to July 2010. Njegovan has over 30 years of experience in the mining industry, starting in 1989 for Hudson Bay Mining & Smelting Co. He holds a Bachelor of Science in mining engineering from Michigan Technological University and a Bachelor of Arts from the University of Manitoba.
Blair Zaritsky - Chief Financial Officer
Blair Zaritsky most recently served as the chief financial officer of Osisko Mining. He is a chartered professional accountant and has over 20 years of Canadian public practice experience, with exposure to various types of engagements and clients, gained through managing audit engagements of publicly listed companies traded on the Toronto Stock Exchange, TSX Venture Exchange, and Canadian Securities Exchange. Zaritsky obtained his chartered professional accountant designation in 2003 and holds dual Bachelor of Arts degrees in accounting and economics from Brock University and Western University, respectively. Zaritsky currently serves as a director of STLLR Gold.
Amanda Johnston - Vice President Finance
Amanda Johnston most recently served as the vice-president of finance of Osisko Mining. She is a chartered professional accountant and has over 20 years of experience in the mining industry and audit and assurance groups. Johnston obtained her chartered professional accountant designation in 2013 and holds a Bachelor of Accounting (Honours) Co-Op degree from Brock University. Johnston currently serves as a director of Metalla Royalty & Streaming.
Alexandria Marcotte - Vice President Exploration
Alexandria Marcotte most recently served as vice-president of project coordination of Osisko Mining. She is a professional geologist registered in Ontario with over 15 years of progressive senior level experience working internationally for senior and junior companies. Marcotte holds an Honours Bachelor of Science degree from the University of Toronto and an MBA from the Schulich School of Business. She currently serves as a director of Angel Wing Metals.
Lili Mance - Vice President, Corporate Secretary
Lili Mance has served as the corporate secretary of Osisko Metals since 2018. She also served as vice-president and corporate Secretary of Osisko Mining. She has 30 years of experience in the financial, wealth management and resource industries serving in a legal, compliance and corporate secretarial capacity. Mance spent 18 years with the Dundee group of companies in various increasingly senior level legal and compliance roles and its various public and private subsidiaries. Mance is a member of the Institute of Corporate Directors and has been a member of the Governance Professionals of Canada since 2004.
Jeff Hussey - Director and CEO of Pine Point Mining Limited
Jeff Hussey has 32 years of professional experience in the mining industry. He has worked in both open-pit and underground mine operations at various stages of mine life, from start-up to mine closure, and more recently, working in mineral exploration and development projects. He spent 19 years with Noranda/Falconbridge. His mine operation experience includes work at the Brunswick No. 12 mine, Gaspé Copper mines, the Antamina mine start-up in Peru, as well as the Raglan mine in Northern Québec. As a senior scientist with the Mining Technology Group at the Noranda Technology Centre in 2002, he enhanced his network in the metallurgical research and mining innovation fields. As a consultant since 2007, Jeff Hussey and Associates has helped junior mine development companies by offering exploration, mining, and geo-metallurgical support services. These include Champion Iron Mines, Focus Graphite, Puma Exploration and Starcore International in Mexico. While at Champion Iron Mines, he participated in building significant high-quality iron ore resources, completing feasibility studies and participating in raising more than $70 million for corporate development. While working with Focus Graphite, development responsibilities included a feasibility study and associated work with community stakeholders and governments. Hussey has a Bachelor of Science in geology from the University of New Brunswick.
Anthony Glavac - Chief Financial Officer
Anthony Glavac has more than 17 years of experience in financial reporting, including over 12 years in the mining industry. Since August 2017, Glavac has served as vice-president, corporate controller for Falco Resources. He previously served as director of financial reporting and internal controls at Dynacor Gold Mines, and interim chief financial officer at Alderon Iron Ore. Before joining Alderon, Glavac spent 10 years at KPMG, working with both public and private companies, providing audit, taxation, strategic advisory and public offering services. Glavac is also involved with other public companies in the mining industry.
Ann Lamontagne - Vice-president, Environment and Sustainable Development
Ann Lamontagne is a civil engineer who obtained her doctoral degree in mining environment from Laval University in 2001. She has worked in the mining industry for over 25 years as a consultant for geotechnical, water management, hydrogeology, and environmental projects. She has been involved in the development of several mining projects where her expertise has been invaluable in minimizing environmental risks throughout the mine planning process, from initial design through to closure and reclamation. Lamontagne has also been involved in many R&D projects with mining companies, including Nouveau Monde Graphite, Troilus Gold, and Mason Graphite.
Killian Charles - Strategic Advisor
Killian Charles has been president and CEO of Brunswick Exploration since 2020. Prior to this, he was vice-president, corporate development for Osisko Metals, where he now remains as a special advisor. Charles was a mining analyst at Laurentian Bank Securities and at Industrial Alliance Securities (Broker) for six years. He also worked as a manager of corporate development at Integra Gold, until its acquisition by Eldorado Gold in 2017. Charles received an undergraduate degree in Earth and Planetary Sciences from McGill University.
Burrendong Minerals Limited IPO
Impact Minerals Limited (ASX:IPT) is pleased to announce that the Prospectus for an Initial Public Offering of Burrendong Minerals Limited (proposed ASX code: BIG) is now available at the following page on Impact’s InvestorHub:
https://impactminerals.com.au/burrendong-priority-offer and at https://www.burrendongminerals.com.au/
- The Prospectus for an Initial Public Offering (IPO) of shares in Burrendong Minerals Limited, who have the right to earn an interest in Impact’s highly prospective Commonwealth project in the prolific Lachlan copper-gold province in New South Wales, is now available.
- Impact’s shareholders have a priority entitlement of $2 million in the IPO and all shareholders and other interested parties are encouraged to review the prospectus.
- Burrendong will issue shares at 20 cents per share with a one-for-two free attaching option exercisable at 25 cents within 36 months of listing. Enterprise Value of $4.3 million on listing.
- Should Burrendong list on the ASX, Impact will retain a 49% interest in Commonwealth and receive a cash payment of $275,000. It will also be the largest shareholder in Burrendong with a 12.5% shareholding. Burrendong may acquire a further 24% interest in the Commonwealth Project by expending $5 million within three years of listing.
- Burrendong is to own all or a share of three resources at Commonwealth, Silica Hill and Galwadgere that are all open at depth and along trend and which will be the focus of a fully permitted significant drill programme to commence shortly after listing.
- The resources contain a combined 120,000 ounces of gold, 3.3 million ounces of silver and modest tonnages of copper, zinc and lead.
- High-grade drill results from previous work to be followed up in the drill programme include:
Main Shaft: 5.7 metres at 3.8 g/t gold, 347 g/t silver, 10.8% zinc and 3.7% lead including 0.5 metres at 4.9 g/t gold, 917 g/t silver, 10.2% zinc and 4.6% lead.
Commonwealth South: 8 metres at 5.1 g/t gold, 20 g/t silver, 1.3% zinc and 0.5% lead including 0.5 metres at 34.3 g/t gold, 40 g/t silver, 5.8% zinc and 2.3% lead; and 4 metres at 41.8 g/t gold (1.3 ounces per tonne), 93 g/t silver, 5.5% zinc and 2.3% lead.
Silica Hill: 22.5 metres at 1.7 g/t gold and 276 g/t silver; including 0.3 metres at 1.8 g/t gold and 4,200 g/t (135 ounces or 0.42%) silver; and also including 0.8 metres at 13.6 g/t gold and 40 g/t silver.
Galwadgere: 53 metres at 0.55% and 0.75 g/t gold, including 6 metres at 1.0% copper and 2.15 g/t gold; and 5 m at 1.98% copper and 3.9 g/t gold.
Impact Minerals Managing Director Dr. Mike Jones stated, “The Burrendong Minerals IPO presents an exciting opportunity to participate in one of Australia’s most prolific mineral belts—the Lachlan Copper-Gold Belt in New South Wales, which is home to major deposits like Cadia-Ridgeway and recent discoveries such as Boda-Kaiser. Once listed, Burrendong will take control of our exceptionalCommonwealth gold-silver-copper project, which has been on hold due to our focus on the Lake Hope High Purity Alumina project. It is appropriate for Burrendong to conduct further exploration with Impact to maintain a significant interest in both the new company and the project. Burrendong’s maiden drill program will target extensions to known high-grade resources, particularly the very high- grade massive sulphide bodies found at Main Shaft. We have always believed that Main Shaft has strong similarities to the world-class Eskay Creek Project in British Columbia’s Golden Triangle, one of the world’s premier mining sites. This belief is why we have made an effort to retain a significant interest in the new company and the project. I encourage all shareholders and other interested parties to review the Burrendong prospectus on our InvestorHub.”
Burrendong is looking to issue 25 million shares to raise $5 million at $0.20 per share with a free one- for-two attaching option exercisable at 25 cents within 36 months of listing. The funds will be used to explore a prospective tenement package in the prolific Lachlan copper-gold belt in New South Wales, including Impact’s Commonwealth Project under a share sale agreement. This agreement also provides Impact shareholders with a priority entitlement of $2 million, as detailed at the end of this report (ASX Release March 19th 2024).
If Burrendong lists on the ASX, Impact will receive a cash payment of $275,000, a 12.5% shareholding in Burrendong, and a 49% interest in Commonwealth. Within three years of listing, Burrendong can earn a further 24% interest in the project by spending $5 million (ASX Release March 19th, 2024).
Burrendong will have an Enterprise Value of $4.3 million on listing should the minimum amount of $5 million be raised.
About Burrendong’s Projects
Subject to listing, Burrendong will hold tenements covering 675 km2 in the heart of the Lachlan Fold Belt, home to numerous world-class copper-gold mines, such as Cadia-Ridgeway (>30 Moz of gold and > 10 Mt copper), North Parkes (5.5 Moz gold and 4.5 Mt copper), and Cowal (>15 Moz gold). Recent discoveries have also attracted attention to the region, particularly the Boda-Kaiser copper-gold porphyry deposit (8.3 Moz gold and 1.5 Mt copper) located adjacent to Commonwealth (Figure 1).
Burrendong will control three resources, all of which comply with the JORC 2012 Code and contain 120,000 ounces of gold, 3,300,000 ounces of silver, and 30,250 tonnes of copper (Figure 2). The resources are at Commonwealth Mine and Silica Hill, part of the Commonwealth project, and Galwadgere, located 10 km along the trend to the south of Commonwealth (Figure 1). On listing, Burrendong will purchase a 100% interest in Galwadgere from Sky Metals Limited (ASX Release: SKY July 14th 2023).
Click here for the full ASX Release
This article includes content from Impact Minerals, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
British Columbia Creates New Ministries for Energy and Mining
British Columbia (BC) has introduced two new ministries designed to focus on advancing its goals for clean energy and critical mineral development.
Premier David Eby announced on November 18 the restructuring of the former Ministry of Energy, Mines, and Low Carbon Innovation, which will now be split into the Ministry of Energy and Climate Solutions and the Ministry of Mining and Critical Minerals.
The changes reflect the province's commitment to addressing climate change and seizing opportunities in critical mineral production to support the global energy transition.
Under the new structure, the Ministry of Energy and Climate Solutions will oversee BC’s energy policies to ensure its alignment with climate goals, specifically under the Paris Agreement. The Climate Action Secretariat, which coordinates the province’s climate initiatives, will also now operate under this ministry. Adrian Dix, previously responsible for health, will lead it.
The ministry will manage the electricity, alternative energy and petroleum resource sectors, while also working to expand the province's electricity and low-carbon energy projects. This will include oversight of major projects such as the North Coast Transmission Line and BC Hydro’s Capital Plan.
Meanwhile, the Ministry of Mining and Critical Minerals, led by Jagrup Brar, will focus on enhancing the province's mining capabilities, particularly in critical minerals like copper, lithium and rare earth elements.
BC’s focus on critical minerals aligns with global trends as the demand for materials such as lithium is projected to grow significantly, driven by the transition to low-carbon energy systems. These materials are essential for the renewable energy infrastructure critical for the ongoing energy transition, as well as technologies such as lithium-ion batteries and electric vehicles.
Government data suggests that copper demand could double by 2050, creating opportunities for BC to attract investment and generate employment, particularly in rural areas.
Brar, who previously served as Minister of State for Trade, is expected to prioritize regulatory reforms and streamline project approvals. The ministry will oversee the advancement of 17 critical mineral projects and work to modernize the Mineral Tenure Act to meet regulatory requirements, including Indigenous consultation standards.
The provincial government sees the critical minerals sector as a driver for economic growth and a contributor to North American energy security goals. However, it has acknowledged the need to address environmental concerns and Indigenous rights as part of the development process.
The creation of a dedicated mining ministry has been welcomed by industry leaders. The Association of Mineral Exploration and the Mining Association of British Columbia (MABC) view the restructuring as a step toward attracting investment and addressing long-standing issues such as permitting delays and regulatory uncertainty.
Michael Goehring, CEO of MABC, stated that the new ministry offers an opportunity to modernize regulations and ensure environmental standards are upheld.
“Recognizing the urgent need to modernize and speed mine permitting, the NDP platform committed to guaranteed permit review timelines while maintaining environmental and safety standards,” he added.
Keerit Jutla, president of the Association of Mineral Exploration, emphasized the significance of streamlining permitting processes and the importance of meeting guaranteed timelines for reviews.
“In order for BC to realize its full potential as a natural resource leader, a whole-of-government approach will be needed to ensure it is built holistically, and representative of all of B.C., urban and rural,” Jutla said.
With more than 1,100 exploration and mining companies headquartered in Vancouver, British Columbia is a hub for the global mining industry.
The province’s ability to meet domestic and international demand for critical minerals is expected to bolster its economy and position it as a leader in sustainable resource development.
Don't forget to follow us @INN_Resource for real-time news updates!
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
Rio Tinto's Ongoing Fight Against Workplace Harassment
Rio Tinto's (ASX:RIO,NYSE:RIO,LSE:RIO) latest review on workplace culture has revealed an increase in reports of harassment and bullying across its global operations, highlighting challenges in the company’s ongoing efforts to implement cultural reforms.
The findings of the 2024 Everyday Respect report, part of a two-year external Progress Review led by former Australian Sex Discrimination Commissioner Elizabeth Broderick following the first Everyday Respect Report, draw attention to the broader complexities of achieving cultural change in a diverse and global organization.
The review incorporated extensive feedback, with over 11,600 contributions from employees and contractors globally. Broderick's team conducted surveys, listening sessions and site visits across Rio Tinto’s operations in countries such as Mongolia, Canada, the United States, New Zealand and Australia.
While Rio Tinto has implemented all 26 recommendations from the first Everyday Respect Report, the data underscores the need for continued vigilance, presenting a complex picture of progress and persistent harmful behaviors within the workplace.
The portion of respondents who experienced bullying in the previous 12 months rose from 31 percent in 2021 to 39 percent in 2024. While the portion that experienced sexual harassment held at 7 percent, eight respondents said they experienced actual or attempted sexual assault or rape, an increase from five in 2021.
Prevalence of sexual harassment was highest for those working in the iron ore and copper product groups, and
Despite the troubling statistics, the review also notes improvements, including greater employee confidence in the company’s ability to create meaningful change and a notable cultural shift towards more open discussions on workplace respect.
Survey results showed that around half of respondents perceived improvements in workplace behavior, with 47 percent reporting that sexual harassment had improved and 46 percent reporting the same for racism.
However, harmful behaviors persist, and the report indicates that women remain disproportionately affected. A greater portion of women in the company's mining workforces experienced bullying, and women were more likely to report experiencing multiple incidences of bullying than men.
Broderick, who conducted the review, noted that resistance to cultural change within the organization remains a challenge. Instances of gendered bullying appear linked to perceived opposition against diversity initiatives.
The report emphasizes that such resistance is common in large-scale reform efforts but reaffirmed the importance of sustained focus to ensure positive change across all levels of the organization.
Building on the recommendations from the 2022 iteration, Rio Tinto is advancing its long-term strategy to address these challenges by outlining new measures to further its cultural transformation efforts.
These include expanding employee engagement initiatives and listening sessions through its employee resource groups and village councils. Another key area of progress is streamlining reporting mechanisms for employees experiencing workplace misconduct and increasing transparency in resolving such cases.
Training programs are also being redesigned, with a focus on raising awareness about harmful behaviors and fostering accountability. The company aims to have over 90 percent of employees and contractors complete this training by the end of 2025.
Despite the challenges, approximately two-thirds of employees expressed confidence in Rio Tinto's ability to foster meaningful change over the next few years. Broderick pointed out that while certain behaviors persist, early indicators suggest that Rio Tinto’s efforts are laying a robust foundation for long-term transformation.
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Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
Impact Receives $512,000 from Research and Development Rebate
Impact Minerals Limited (ASX:IPT) is pleased to announce that it has received a rebate of $512,000 before costs from the Research and Development Tax Incentive scheme for the financial year ending June 2024.
These funds will be used to continue the Pre-Feasibility Study on Impact’s flagship Lake Hope High Purity Alumina (HPA) Project, which is scheduled for completion in Q1 2025. They will also contribute to the accelerated start of the recently announced research and development project in conjunction with CPC Engineering and Edith Cowan University to help build a pilot plant for the Lake Hope Project. The project will also be funded by the recently announced grant of $2.87 million under the Federal Government’s CRC- P programme (ASX Releases October 22nd, 2024, and November 18th, 2024).
Impact’s Managing Director, Dr Mike Jones, said,“The unique mineralogy and patented and proprietary processing techniques for the Lake Hope High Purity Alumina project have allowed us to claim back a significant proportion of our expenditures on it through the R and D Tax Incentive programme and this will be the case moving forwards. The funds will be put towards the Lake Hope Pre-Feasibility Study and the start of our exciting research project with CPC Engineering and Edith Cowan University to build a pilot plant to produce HPA from the clays at Lake Hope. The end result will likely be one of the most cost effective feasibility studies in the industry”.
The company would like to thank Ernst and Young and Kate Griffiths, in particular, for their help preparing the R and D applications over the past nine years.
Click here for the full ASX Release
This article includes content from Impact Minerals, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Bald Hill Confirmed as a High-Grade Cobalt Opportunity
Rimfire Pacific Mining (ASX: RIM, “Rimfire” or “the Company”) is pleased to advise that all remaining drill assays have now been received for a step out diamond drilling program completed during the September 2024 Quarter at the 100% - owned Bald Hill Cobalt Copper Prospect which is located approximately 30 kilometres west of Broken Hill, NSW (Figure 1).
Highlights
- Further high-grade cobalt sulphide mineralisation returned from step out diamond drilling 30km west of Broken Hill at Rimfire’s 100% - owned Bald Hill prospect;
- 18m @ 0.16% Co, 0.16% Cu from 110m in FI2612 including 5m @ 0.21% Co, 0.23% Cu
- 29m @ 0.17% Co, 0.10% Cu from 67m in FI2613,
- 17m @ 0.16% Co, 0.11% Cu from 152m in FI2613,
- 16m @ 0.16% Co, 0.11% Cu from 173m in FI2613,
- 63m @ 0.18% Co, 0.08% Cu from 118m in FI2614, including 11m @ 0.21 % Co, 0.1% Cu and 9m @ 0.22% Co, 0.09% Cu,
- 21m @ 0.15% Co, 0.07% Cu from 211m in FI2614,
- 31m @ 0.12% Co, 0.07% Cu from 129m in FI2615. including 10m @ 0.14% Co, 0.08% Cu and 13m @ 0.14% Co, 0.08% Cu,
- Rimfire’s drilling to date indicates that Bald Hill hosts some of the highest-grade cobalt mineralisation in the Broken Hill district
- Strong copper anomalism associated with the cobalt highlights the significant copper potential at Bald Hill
Commenting on the announcement, Rimfire’s Managing Director Mr David Hutton said: “The latest drilling has substantially expanded the known sulphide hosted mineralised footprint at Rimfire’s 100%-owned Bald Hill cobalt-copper prospect to over 500m by 200m in area.
We continue to intersect some of the highest-grade cobalt sulphides in the district and the presence of associated copper highlights the potential to find significant copper mineralisation at Bald Hill with further drilling.
While Bald Hill remains open and there are plenty of other cobalt targets to follow up, we are mindful of the current cobalt commodity prices and believe enough work has now been completed to demonstrate the prospect’s significance, which can be leveraged when commodity prices improve in the future.
We will continue to assess the Broken Hill Project but only at a level of activity that doesn’t detract from the company’s flagship Fifield scandium assets, which represent the strategic and commercial priorities for the Company and its shareholders right now.”
Bald Hill diamond drilling results
Cobalt mineralisation and associated copper anomalism at Bald Hill occurs within a folded and faulted sulphide-bearing quartz - albite psammopelitic composite gneiss unit which broadly dips to the east and is underlain by a barren quartz – potassium feldspar gneiss.
Cobalt and copper are associated with disseminated to semi massive sulphides (pyrite – pyrrhotite +/- chalcopyrite) that are locally brecciated, and silica altered.
5 diamond holes (FI2612 – FI2616 / 974 metres) were drilled through August and September 2024 to test for extensions of previously drilled high-grade cobalt (Co) mineralisation at Bald Hill, e.g., 33m @ 0.11% Co from 58 metres in FI2469 including 4m @ 0.23% Co and 2m @ 0.21% Co, and 125m @ 0.13% Co from 198 metres in FI2470 including 97m @ 0.15% Co (see Rimfire’s ASX Announcement dated 8 Augst 2024).
Each of the new drillholes intersected multiple broad zones (downhole widths) of sulphides 100 – 300 metres away from Rimfire’s previous high-grade drill intercepts (see Table 1 for drill hole specifications) with assay results returning (Figures 2 and 3);
- 2m @ 0.37% Cu from 63 metres in FI2612,
- 29m @ 0.12% Co from 66 metres in Fi2612,
- 18m @ 0.16% Co, 0.16% Cu from 110 metres in FI2612 including 5m @ 0.21% Co, 0.23% Cu
- 29m @ 0.17% Co, 0.10% Cu from 67 metres in FI2613,
- 20.6m @ 0.13% Co, 0.09% Cu from 96.4 metres in FI2613,
- 17m @ 0.16% Co, 0.11% Cu from 152 metres in FI2613,
- 16m @ 0.16% Co, 0.11% Cu from 173 metres in FI2613,
- 63m @ 0.18% Co, 0.08% Cu from 118 metres in FI2614, including 11m @ 0.21 % Co, 0.1% Cu and 9m @ 0.22% Co, 0.09% Cu,
- 6m @ 0.14% Co, 0.08% Cu from 185 metres in FI2614,
- 21m @ 0.15% Co, 0.07% Cu from 211 metres in FI2614,
- 9m @ 0.14% Co, 0.04% Cu from 129 metres in FI2615,
- 31m @ 0.12% Co, 0.07% Cu from 129 metres in FI2615, including 10m @ 0.14% Co, 0.08% Cu and 13m @ 0.14% Co, 0.08% Cu,
- 1m @ 0.11% Co, 0.09% Cu from 74 metres in FI2616,
- 1m @ 0.12% Co, 0.06% Cu from 83 metres in FI2616, and
- 1m @ 0.14% Co, 0.05% Cu from 97 metres in FI2616.
Click here for the full ASX Release
This article includes content from Rimfire Pacific Mining Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
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