Barksdale Resources Corp. (TSXV: BRO) (OTCQX: BRKCF) ("Barksdale" or the "Company") is pleased to announce that it has closed the previously announced non-brokered private placement of $1,750,000 secured convertible debentures (the "Debentures") arranged through Delbrook Capital Advisors Inc., an existing securityholder of the Company.
The Debentures bear interest at 10% per annum and are secured by a general security agreement over all of the present and after-acquired personal property of the Company as well as a pledge of shares over IC Exploration Ltd., a wholly owned subsidiary of Barksdale that holds the San Antonio, Goat Canyon, and Canelo properties in Arizona. The Debentures mature on December 31, 2022 and are convertible into common shares of the Company at any time prior to maturity at a conversion price of $0.45 per share. The Debentures and any common shares issuable upon conversion thereof are subject to a 4 month hold period expiring May 26, 2022.
The net proceeds of the private placement will be used for general corporate and working capital purposes.
Barksdale Resources Corp. is a base metal exploration company headquartered in Vancouver, B.C. focused on the acquisition, exploration and advancement of highly prospective base metal projects in North America. Barksdale is currently advancing the Sunnyside copper-zinc-lead-silver and San Antonio copper projects, both of which are in the Patagonia mining district of southern Arizona, as well as the San Javier copper-gold project in central Sonora, Mexico.
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 news release.
This new release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws and may not be offered or sold within the United States or to or for the account or benefit of a U.S. person (as defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS AND INFORMATION: This news release includes forward-looking statements and information under applicable securities legislation including, but not limited to, the proposed use of proceeds from the private placement. Such forward-looking statements and information reflect management's current beliefs and are based on a number of estimates and assumptions made by and information currently available to the Company that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements and information. Readers are cautioned that such forward-looking statements and information is neither a promise nor guarantee, and is subject to known and unknown risks and uncertainties including, but not limited to, market conditions, lack of available capital or financing, currency rate fluctuations, delays in obtaining governmental or third party approvals and permits, actual results of exploration activities, unanticipated geologic formations, structures and characteristics, environmental risks, future prices of base and other metals, operating risks, accidents, labor issues, and other risks in the mining industry as well as general business, economic, competitive, political and social uncertainties, and volatile and uncertain equity, debt and capital markets. In addition, there is uncertainty about the spread of COVID-19 and variants of concern and the impact they will have on the Company's operations, supply chains, ability to access mineral properties, conduct due diligence or procure equipment, contractors and other personnel on a timely basis or at all; market conditions; availability of financing; and economic activity in general. All forward-looking statements and information contained in this news release is qualified by these cautionary statements and those in our continuous disclosure filings available on SEDAR at www.sedar.com. Accordingly, readers should not place undue reliance on forward-looking statements and information.Such information and statements are made as of the date hereof and the Company disclaims any intention or obligation to update or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, except as required by law.
THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Barksdale Resources Corp. (TSXV: BRO), Barksdale Resources Corp. ("Barksdale" or the "Company"), a base metal exploration company headquartered in Vancouver, B.C., will be participating in the Deutsche Goldmesse Fall Conference, which will take place on November 24 and 25 at The Westin Grand Frankfurt.
Members of the Barksdale Resources Corp. management team will be taking meetings throughout the day, and will also present at 11:00AM CET on November 24th to an audience of European investors.
Kai Hoffmann, Managing Director of Soar Financial Partners, remarks, "Following two virtual, and four in-person events, Deutsche Goldmesse has established itself as Germany's premier investment conference in the resource space. Being from Germany myself and working solely in the junior mining space for the last 12 years, I understand what German and European investors are looking for. This is why I have focused on bringing together a selective group of impressive and diverse companies, keynote speakers, influencers, HNW investors, asset & fund managers, media partners and more. I am excited to offer this boutique event once again, exclusive to the junior mining sector."
Barksdale Resources Corp., a 2023 OTCQX BEST 50 Company, is focused on the acquisition, exploration and advancement of highly prospective base metal projects in North America. Barksdale is currently advancing the Sunnyside copper-zinc-lead-silver and San Antonio copper projects, both of which are in the Patagonia mining district of southern Arizona, as well as the San Javier copper-gold project in central Sonora, Mexico.
About Deutsche Goldmesse
Deutsche Goldmesse is Germany's largest mining investment conference, based out of Frankfurt—one of Europe's most important financial capitals. The conference brings together leading minds in the industry to foster new business opportunities and facilitate valuable relationships. The exclusive two-day event showcases industry-leading keynote speakers and up to 35 carefully considered companies in a range of commodities and stages from explorers to producers.
Hosted by Soar Financial Partners, Deutsche Goldmesse provides a platform where company management can connect with a vast network of European institutional and HNW investors, retail investors, analysts, influencers, newsletter writers, media, and other local partners.
Barksdale Resources Corp. (TSXV: BRO) (OTCQX: BRKCF) ("Barksdale" or the "Company") is providing an update on the ongoing drilling program at its Sunnyside copper-lead-zinc-silver exploration project in Arizona. This weekend the SUN-001 hole encountered a 20-meter void (karst) as it transitioned from volcanics into the targeted carbonate horizon. The decision was taken to start a new hole from surface.
Rick Trotman, President and CEO of Barksdale, states, "Our geologic and drilling teams have decades of experience in similar drilling conditions, including next door at the Hermosa project. After hitting the void and assessing our options, we made the decision to start a new hole from surface, which will allow us to push HQ rods (89mm or 3.5" diameter) to the target depth and gives us the capability of reducing to NQ (70mm or 2.75" diameter) should we encounter voids going forward (using the HQ rods as an outer casing to cross any voids). This is a small speed bump on our way to drilling a great target. The drill hole and geology were behaving as planned and the bottom of the volcanic sequence was very exciting - strong silicification, actinolite/tremolite veining, and disseminated sulfides including pyrite, galena and sphalerite. Drilling rates are the fastest near surface so we'll be back at that depth in a few weeks."
Scientific and technical information in this news release has been reviewed and approved by Lewis Teal, Senior Consultant to the Company and a 'Qualified Person' as defined under Canadian National Instrument 43-101.
Barksdale Resources Corp., a 2023 OTCQX BEST 50 Company, is a base metal exploration company headquartered in Vancouver, B.C., that is focused on the acquisition, exploration and advancement of highly prospective base metal projects in North America. Barksdale is currently advancing the Sunnyside copper-zinc-lead-silver and San Antonio copper projects, both of which are in the Patagonia mining district of southern Arizona, as well as the San Javier copper-gold project in central Sonora, Mexico.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes "forward-looking information" under applicable Canadian securities legislation including, but not limited to, the Company's goals for 2023; geological interpretations; the proposed nature, size, timing, targets and impact of the Company's planned drilling program on the Sunnyside project, anticipated drill and exploration results; the estimation of mineral resources; magnitude or quality of mineral deposits; anticipated advancement of mineral properties or programs; future operations; mine plans; future exploration prospects; the completion and timing of technical reports; future growth potential of Barksdale Resources and future development plans for the Sunnyside copper-lead-zinc-silver project; the ability of the Company to obtain the requisite staffing, bonding and financing therefor; and the potential impact of seasonal drilling restrictions on the ability of the Company to effectively carry out such program. Such forward-looking information reflects management's current beliefs and are based on a number of estimates and assumptions made by and information currently available to the Company that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information. Historic drill results from the Sunnyside property are historic in nature and pre-date NI 43-101 standards. They are for informational purposes only and should not be relied on. Readers are cautioned that such forward-looking information are neither promises nor guarantees, and are subject to known and unknown risks and uncertainties including, but not limited to, general business, economic, competitive, political and social uncertainties, uncertain and volatile equity and capital markets, lack of available capital, actual results of exploration activities, environmental risks, future prices of base metals, operating risks, accidents, labor issues, delays in obtaining governmental approvals and permits, and other risks in the mining industry. The Company's proposed drilling program at Sunnyside is an exploratory search for commercial quantities of ore, the discovery of which cannot be assured. The geological similarity and close proximity of South 32's Hermosa project (Taylor, Clark and Peake deposits) to Sunnyside is not necessary indicative of the mineralization at Sunnyside. There are currently no NI 43-101 resources or reserves on the Sunnyside property. There is also uncertainty about the continued spread and severity of COVID-19, the ongoing war in Ukraine and rising inflation and interest rates and the impact they will have on the Company's operations, supply chains, ability to access mining projects or procure equipment, supplies, contractors and other personnel on a timely basis or at all and economic activity in general. All forward-looking information contained in this news release is qualified by these cautionary statements and those in our continuous disclosure filings available on SEDAR at www.sedarplus.ca. Accordingly, readers should not place undue reliance on forward-looking information. The Company 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 as required by law.
Barksdale Resources Corp. (TSXV: BRO) (OTCQX: BRKCF) ("Barksdale" or the "Company") is pleased to announce the arrival of a second drill rig at its Sunnyside copper-lead-zinc-silver exploration project in Arizona. Drilling has commenced at the South Canyon zone, where multiple targets are being tested in the first hole.
Highlights:
The second diamond drill arrived at Sunnyside and drilling is underway at the South Canyon zone.
Hole SUN-002 is targeting multiple carbonate horizons that have the potential to host CRD and skarn mineralization, including the extensions of the Taylor deposit and Peake prospects.
Drilling at the Boundary zone is progressing well and is within 50 meters of the projected volcanics/carbonate contact.
Rick Trotman, President and CEO of Barksdale states, "The addition of the second drill will allow Barksdale to quickly advance the exploration program and prioritize additional targets. The new hole is progressing well and has the potential to hit multiple polymetallic CRD and skarn horizons below approximately 1,100 meters depth, including the extensions of both the Taylor deposit and Peake prospect."
The South Canyon zone is located near the eastern property boundary, roughly 700 meters south of the drill currently testing the Boundary zone (Figure 1). The Company has collared a new HQ-sized diamond drill hole at South Canyon and, based on the geology and potential mineralization encountered, is planning on using this hole as the base for future offsetting wedge holes to the north, west, and northwest. SUN-002 is targeting the projection of two carbonate horizons, including the upper sequence (Concha +/- Scherrer Formations) as well as a lower sequence (Escabrosa Formation). The upper sequence is one of the primary hosts of the Taylor zinc-lead-silver deposit as well as the Boundary copper-zinc-lead-silver target currently being drilled by Barksdale to the north. The lower sequence hosts the Peake copper skarn prospect on the adjacent South32 property.
Drilling at the Boundary zone is also progressing well. The wedge hole SUN-001 is at approximately 1,175 meters depth and is approaching the projected top of the carbonate section (Concha Formation) at approximately. The hole is planned to continue to approximately 1,600 meters depth, which could be adjusted based on drilling conditions and/or encountered geology. The Company will continue to provide additional updates as the drill program progresses.
Figure 1. Plan map showing the Boundary zone target area (orange) as well as the location of the second rig in the South Canyon target area (green). Drill locations are shown with red dots. Deposit and prospect outlines on the neighboring property are taken from publicly disclosed information.
Figure 2. Simplified geologic cross section showing drill hole SUN-002 at the South Canyon target, which is expected to encounter multiple CRD/skarn targets once it reaches the carbonate horizon at depth. Geology and mineralization shown on the neighboring property are approximations based on publicly available information. Assays shown on Sunnyside property are historic in nature and should not be relied upon.
Scientific and technical information in this news release has been reviewed and approved by Lewis Teal, Senior Consultant to the Company and a 'Qualified Person' as defined under Canadian National Instrument 43-101.
Barksdale Resources Corp., a 2023 OTCQX BEST 50 Company, is a base metal exploration company headquartered in Vancouver, B.C., that is focused on the acquisition, exploration and advancement of highly prospective base metal projects in North America. Barksdale is currently advancing the Sunnyside copper-zinc-lead-silver and San Antonio copper projects, both of which are in the Patagonia mining district of southern Arizona, as well as the San Javier copper-gold project in central Sonora, Mexico.
Terri Anne Welyki Vice President of Communications 778-238-2333 TerriAnne@barksdaleresources.com For more information please phone 778-558-7145, email info@barksdaleresources.com or visit www.BarksdaleResources.com.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes "forward-looking information" under applicable Canadian securities legislation including, but not limited to, the Company's goals for 2023; geological interpretations; the proposed nature, size, timing, targets and impact of the Company's planned drilling program on the Sunnyside project, anticipated drill and exploration results; the estimation of mineral resources; magnitude or quality of mineral deposits; anticipated advancement of mineral properties or programs; future operations; mine plans; future exploration prospects; the completion and timing of technical reports; future growth potential of Barksdale Resources and future development plans for the Sunnyside copper-lead-zinc-silver project; the ability of the Company to obtain the requisite staffing, bonding and financing therefor; and the potential impact of seasonal drilling restrictions on the ability of the Company to effectively carry out such program. Such forward-looking information reflects management's current beliefs and are based on a number of estimates and assumptions made by and information currently available to the Company that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information. Historic drill results from the Sunnyside property are historic in nature and pre-date NI 43-101 standards. They are for informational purposes only and should not be relied on. Readers are cautioned that such forward-looking information are neither promises nor guarantees, and are subject to known and unknown risks and uncertainties including, but not limited to, general business, economic, competitive, political and social uncertainties, uncertain and volatile equity and capital markets, lack of available capital, actual results of exploration activities, environmental risks, future prices of base metals, operating risks, accidents, labor issues, delays in obtaining governmental approvals and permits, and other risks in the mining industry. The Company's proposed drilling program at Sunnyside is an exploratory search for commercial quantities of ore, the discovery of which cannot be assured. The geological similarity and close proximity of South 32's Hermosa project (Taylor, Clark and Peake deposits) to Sunnyside is not necessary indicative of the mineralization at Sunnyside. There are currently no NI 43-101 resources or reserves on the Sunnyside property. There is also uncertainty about the continued spread and severity of COVID-19, the ongoing war in Ukraine and rising inflation and interest rates and the impact they will have on the Company's operations, supply chains, ability to access mining projects or procure equipment, supplies, contractors and other personnel on a timely basis or at all and economic activity in general. All forward-looking information contained in this news release is qualified by these cautionary statements and those in our continuous disclosure filings available on SEDAR at www.sedar.com. Accordingly, readers should not place undue reliance on forward-looking information. The Company 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 as required by law.
Barksdale Resources Corp (OTCQX:BRKCF TSXV: BRO), based in Vancouver BC, focused on exploration in Arizona, today announced that Rick Trotman, President and CEO, will present live at the Metals and Mining Virtual Investor Conference, hosted by VirtualInvestorConferences.com, on October 4th 2023.
DATE : October 4 th ,12023 TIME: 11:30am EST LINK: https://bit.ly/44FOnTd Available for 1x1 meetings: October 4 th , 5 th , 6 th , 9 th
This will be a live, interactive online event where investors are invited to ask the company questions in real-time. If attendees are not able to join the event live on the day of the conference, an archived webcast will also be made available after the event.
It is recommended that online investors pre-register and run the online system check to expedite participation and receive event updates.
Barksdale Resources Corp. , a 2023 OTCQX BEST 50 Company, is a base metal exploration company headquartered in Vancouver, B.C., that is focused on the acquisition, exploration and advancement of highly prospective base metal projects in North America. Barksdale is currently advancing the Sunnyside copper-zinc-lead-silver and San Antonio copper projects, both of which are in the Patagonia mining district of southern Arizona, as well as the San Javier copper-gold project in central Sonora, Mexico.
About Virtual Investor Conferences ® Virtual Investor Conferences (VIC) is the leading proprietary investor conference series that provides an interactive forum for publicly traded companies to seamlessly present directly to investors.
Providing a real-time investor engagement solution, VIC is specifically designed to offer companies more efficient investor access. Replicating the components of an on-site investor conference, VIC offers companies enhanced capabilities to connect with investors, schedule targeted one-on-one meetings and enhance their presentations with dynamic video content. Accelerating the next level of investor engagement, Virtual Investor Conferences delivers leading investor communications to a global network of retail and institutional investors.
Barksdale Resources Corp. (TSXV: BRO) (OTCQX: BRKCF) ("Barksdale" or the "Company") is pleased to announce that it has commenced drilling at its Sunnyside copper-lead-zinc-silver exploration project in Arizona, with the first hole currently at approximately 765 meters depth. Additionally, the Company is happy to report that the Ninth Circuit Court of Appeals has denied the Plaintiff's motion for an injunction during the appeal process.
The Company's Plan of Operations for the Sunnyside drilling program was recently approved by the United States Forest Service. This program will test our high-grade exploration targets, within a district scale mineral system, for up to seven years. The current Phase I drill program is focused on extending known carbonate replacement mineralization ("CRD") from the eastern claim boundary west towards the Sunnyside copper-molybdenum-silver porphyry.
Highlights:
Drilling has commenced at the first target and a second drill is expected to arrive in October.
The first large-scale target is the Boundary CRD copper-zinc-lead-silver zone that was intersected in historic drilling from the 1980's.
Hole SUN-001 is currently at 765 meters depth and will test for mineralized horizons within the Concha and Scherrer carbonate units occurring from an approximate depth of 1200 meters.
Rick Trotman, President and CEO of Barksdale states, "The drill is actively turning at Sunnyside. After many years of hard work on the permitting front, I'm truly excited to take the next step and start testing our targets. Sunnyside is part of a world-class mineral system and getting the first hole underway is a fantastic achievement. We look forward to providing additional updates as we advance the drilling program."
The first hole from the planned ~16,000-meter drilling program is currently underway at the Boundary zone target, located between the eastern property boundary and the previously drilled Sunnyside copper-molybdenum-silver porphyry system (Figure 1). The Boundary zone is within a larger projected horizon of carbonate host rocks that extend through the northeastern portion of the Sunnyside property. This target was previously intersected by drilling in the 1980's that encountered approximately 362 meters of highly altered carbonate rocks hosting over a dozen mineralized intervals of CRD mantos of massive sulfide mineralization. The Boundary zone target is roughly 1.1 kilometers long (NW-SE) by 700 meters wide (SW-NE), plunging shallowly (5-15 degrees) to the northwest and dipping to the northeast (20-40 degrees).
Figure 1. Plan map showing known and potential zones of mineralization on the Sunnyside property. Deposit and prospect outlines on the neighboring property are taken from publicly disclosed information.
In most CRD systems, the thickest and highest-grade mineralization is often found where key geologic features coalesce, including reactive carbonate host rocks, structural/stratigraphic conduits that aid in channeling metal-rich fluids, and fluid traps that ultimately slow fluid flow and aid metal deposition. The first drill hole will target the upper sequence of Paleozoic carbonates (Concha and Scherrer units) that are located beneath a capping unit comprised of Jurassic and Triassic volcanic rocks, which acted as an aquitard for deposition of polymetallic (Cu-Zn-Pb-Ag) mineralizing fluids. Structural features mapped at surface on the Sunnyside property suggest that a series of deep-seated faults are strongly correlated with near-surface mineralization in the system (Figure 2), which is interpreted to be leakage from strataform CRD mantos at depth. Intersection of these structural features with the host carbonate stratigraphy is the primary target for the drilling program at the Boundary zone.
Figure 2. Plan map showing fault corridors as mapped at surface (black lines) with the Boundary zone target area (orange). Deposit and prospect outlines on the neighboring property are taken from publicly disclosed information.
To initiate the exploration drilling campaign, the Company has re-entered historic drill hole TCH-2 after down-hole surveys determined that the protective casing from the 1980's was intact from surface to 762 meters. After reentering the historic hole, a wedge has been set shortly past the casing and a new hole that projects away from the original drill hole is being advanced in a northwesterly direction. Assuming no deviation, the hole is expected to intersect the altered carbonate units from approximately 1,200 meters depth at a lateral distance approximately 50 meters to the northwest of the first historic intercept in TCH-2. Drill results from the original TCH-2 drill hole included over a dozen mineralized intercepts, summarized in Table 1 below.
Hole Number
From (m)
To (m)
Interval (m)
% Cu
% Zn
%Pb
Ag (g/t)
Zone
TCH-2
428.8
429.4
0.6
0.43
10.95
1.18
5.5
Vein
1228.3
1230.4
2.1
1.27
0.60
0.18
74.1
Manto
1233.2
1234.4
1.2
1.59
0.12
0.09
42.5
Manto
1249.6
1252.4
2.7
0.10
1.05
1.02
46.6
Manto
1257.8
1269.7
11.9
0.71
0.12
0.21
37.7
Manto
1278.6
1282.8
4.3
2.32
0.09
0.73
200.9
Manto
1282.8
1284.7
1.8
0.09
3.39
3.35
54.9
Manto
1293.2
1314.2
21.0
0.27
3.12
2.50
57.6
Manto
1356.3
1368.5
12.2
0.11
1.38
1.57
114.9
Manto
1418.2
1435.5
17.4
1.30
12.20
4.97
371.0
Manto
1452.9
1490.7
37.8
0.23
14.10
0.86
252.3
Manto
1497.4
1499.8
2.4
0.04
3.95
0.28
78.9
Manto
1589.8
1590.1
0.3
0.04
2.10
1.70
56.2
Manto
Table 1. Mineralized intervals in TCH-2 as originally reported by ASARCO. Historic drilling occurred prior to implementation of NI 43-101 and has not been verified by a "qualified person" and therefore should not be relied upon. Intercepts are shown as an indication of the possible mineralization within the Sunnyside property and as a guide to future exploration. See the Company's NI 43-101 technical report on SEDAR for detailed information.
Additional intersections into the carbonate stratigraphy will advance the refining of targeted projections of host stratigraphy and will guide future drilling along the Boundary zone target. Depending on drilling conditions, additional wedge holes could be completed from the TCH-2 mother hole.
Drilling will, over time, shift progressively to the west, where the CRD (mantos) are projected to intersect the Sunnyside porphyry copper-molybdenum-silver deposit. This area surrounding the porphyry has the potential to host zones of copper-dominated skarn mineralization such as those seen in the nearby Rosemont copper deposit (Hudbay Minerals Inc.), which is hosted in the same Paleozoic carbonate sequence as Sunnyside.
Barksdale has contracted Boart Longyear ("Boart") to complete the initial drilling program at Sunnyside, utilizing two diamond drill rigs. Boart has a long and distinguished track record of drilling in the area, has a strong local logistical network, and understands the drilling conditions that may be encountered.
Legal Update
As previously announced on September 6, 2023, the United States District Court for the District of Arizona issued a ruling that denied the Plaintiff's request for a preliminary injunction at Sunnyside, which would have prevented the Company from drilling until the final ruling regarding the United States Forest Service's permit was issued by the Court. The Plaintiffs appealed that ruling to the United States Court of Appeals for the Ninth Circuit ("Ninth Circuit"), seeking an emergency injunction that would stop drilling until a ruling has been issued on the appeal. The Ninth Circuit denied the request for an emergency injunction. The Company expects the Ninth Circuit to issue a final ruling on the appeal in December 2023 or January 2024 and the broader lawsuit will continue moving forward over the next year (approximately).
Scientific and technical information in this news release has been reviewed and approved by Lewis Teal, Senior Consultant to the Company and a 'Qualified Person' as defined under Canadian National Instrument 43-101.
Barksdale Resources Corp., a 2023 OTCQX BEST 50 Company, is a base metal exploration company headquartered in Vancouver, B.C., that is focused on the acquisition, exploration and advancement of highly prospective base metal projects in North America. Barksdale is currently advancing the Sunnyside copper-zinc-lead-silver and San Antonio copper projects, both of which are in the Patagonia mining district of southern Arizona, as well as the San Javier copper-gold project in central Sonora, Mexico.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes "forward-looking information" under applicable Canadian securities legislation including, but not limited to, the Company's goals for 2023; geological interpretations; the proposed nature, size, timing, targets and impact of the Company's planned drilling program on the Sunnyside project, anticipated drill and exploration results; the estimation of mineral resources; magnitude or quality of mineral deposits; anticipated advancement of mineral properties or programs; future operations; mine plans; future exploration prospects; the completion and timing of technical reports; future growth potential of Barksdale Resources and future development plans for the Sunnyside copper-lead-zinc-silver project; the ability of the Company to obtain the requisite staffing, bonding and financing therefor; and the potential impact of seasonal drilling restrictions on the ability of the Company to effectively carry out such program. Such forward-looking information reflects management's current beliefs and are based on a number of estimates and assumptions made by and information currently available to the Company that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information. Readers are cautioned that such forward-looking information are neither promises nor guarantees, and are subject to known and unknown risks and uncertainties including, but not limited to, general business, economic, competitive, political and social uncertainties, uncertain and volatile equity and capital markets, lack of available capital, actual results of exploration activities, environmental risks, future prices of base metals, operating risks, accidents, labor issues, delays in obtaining governmental approvals and permits, and other risks in the mining industry. The Company's proposed drilling program at Sunnyside is an exploratory search for commercial quantities of ore, the discovery of which cannot be assured. There are currently no NI 43-101 resources or reserves on the Sunnyside property. There is also uncertainty about the continued spread and severity of COVID-19, the ongoing war in Ukraine and rising inflation and interest rates and the impact they will have on the Company's operations, supply chains, ability to access mining projects or procure equipment, supplies, contractors and other personnel on a timely basis or at all and economic activity in general. All forward-looking information contained in this news release is qualified by these cautionary statements and those in our continuous disclosure filings available on SEDAR at www.sedarplus.ca. Accordingly, readers should not place undue reliance on forward-looking information. The Company 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 as required by law.
Experienced exploration & mining geologist Glenn Poole to be appointed as Chief Executive Officer from 8 July 2024.
Prior appointments include Northern Star (ASX:NST), Greenstone Resources (ASX:GSR), Firefly Resources (ASX:FFR; now ASX:SPR)
On commencement, Glenn to assume all responsibilities with respect to planning the maiden exploration program at the York Harbour Copper Zinc Silver Project in Newfoundland, Canada, including:
First property wide EM Survey to be conducted at York Harbour (est. Aug)
Property wide LiDAR Survey (est. Aug)
Field based reconnissance mapping and sampling (est. August to Sept)
Review of recent and historical drill core (underway)
Planning of Initial drill program (est. Aug/Sept), including submission of plan to expand current permitted drilling locations
Firetail to greatly benefit from Glenn’s wealth of expertise going forward.
Glenn brings a wealth of experience as a technical geologist and a proven track record in developing and rejuvenating mineral assets with numerous ASX listed companies. Most recently, Glenn was Technical Director and Chief Geologist at Greenstone Resources (ASX:GSR) prior to the merger with Horizon Minerals (ASX:HRZ). During his time, Glenn delivered significant increases in resources to the Coolgardie Gold and Norseman base metal Projects. Prior to this, he was technical lead for Firefly Resources and developed the maiden resources for the Yalgoo Project prior to the merger with Spartan Resources (ASX:SPR). Glenn has also held senior positions within Northern Star (ASX:NST) and Superior Gold (TSX- V).
Glenn’s combination of advanced technical and corporate experience will expedite the exploration and development of the York Harbour Copper-Zinc-Silver Project in Newfoundland and Labrador. Mr. Poole will also be managing Firetail’s existing portfolio including its Peruvian copper assets and the Australian mineral assets. Glenn holds a BSc in Geology from the University of Otago and a Master of Business Administration (MBA) from La Trobe University.
The key terms of Mr. Poole’s employment are detailed in Annexure 1.
Incoming Chief Executive Officer, Glenn Poole, commented:
“It is an honour and pleasure to have the support of the board in assuming the role of CEO within the Firetail team. The existing asset base, along with the pending York Harbour acquisition is an enviable portfolio of future facing metals, located in some of the best operating jurisdictions.”
“These assets, backed by a highly regarded board and technical support team, provide a robust platform to unlock significant potential for the Company and generate value for shareholders.”
“I look forward to expediting the exploration efforts across the York Harbour Project. York Harbour has both existing substantial drill intercepts requiring follow up, and large scale prospectivity which has never been evaluated. These high impact programs are only the first steps in the process that l will lead to unlock the potential of this Project and wider portfolio.”
Executive Chairman, Brett Grosvenor, commented:
"Glenn will bring valuable technical and management expertise to Firetail that is complementary to the Company’s strong portfolio of assets. With the pending closure of the York Harbour deal, it has enabled Firetail to attract strong talent like Glenn to reinforce our team and lead Firetail into its next phase.
The Board is excited to welcome Glenn and we are very confident in his ability to progress these projects and ultimately, unlock value for our shareholders.”
This article includes content from Firetail Resources, 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.
Copper is the third most-used metal in the world, and experts believe demand for this important commodity is set to rise in the coming years. At the same time, the supply situation is expected to tighten up.
For that reason, market watchers may be asking, “When will copper go up?” The general consensus is that while prices may not break out in the near term, they will rise once the market truly starts to enter a deficit.
In Q2 2024, copper prices swung upwards more quickly than anticipated. The Comex price climbed as high as US$5.20 per pound, or US$11,464 per metric ton, a new all-time high, and the LME three month price set an all-time high of US$11,104 per metric ton the same day. They have since pulled back as of June, but the fundamentals remain.
“Most analysts are modeling growing deficits in the copper market balance by 2027-2028, with a near-term forecast (2024-2026) hinting at surpluses until then; however, recent developments suggest a shift toward deficits by late 2024 due to production shortfalls by large producers," Joe Mazumdar of Exploration Insights said via email.
These concerns have driven copper to highs several times in recent years. A copper supply/demand imbalance sparked a record-breaking rally in 2021, pushing prices to a then all-time high of US$10,724.50 per metric ton (MT) — a record that the metal broke in March 2022, when it hit US$10,730.
Copper had pulled back to about US$8,000 by mid-August 2022 on growing fears of a global recession. In early 2023, prices mounted a campaign to breach the US$9,300 level, once again giving market watchers a reason to believe highs for the metal would soon to be retested. However, that reason soon faded as rising interest rates dampened the outlook for copper-dependent industries globally. China's ongoing real estate crisis also hit copper demand hard in 2023.
With the demand picture unclear, copper couldn't hold above the US$9,000 level. As a result, it went on a slide, reaching US$7,910 as of early October 2023. Copper managed to close the year close to the US$8,500 mark.
This trajectory continued into the first quarter of 2024, keeping copper trading in a range of US$8,000 to US$8,500. Recent production curbs out of top Chinese copper smelters are also helping to support prices.
The closure of First Quantum Minerals' (TSX:FM,OTC Pink:FQVLF) Cobre Panama copper mine last year and Anglo American (LSE:AAL,OTCQX:AAUKF) revised 2024 copper production target were also significant factors behind copper's price momentum.
It began climbing in earnest in Q2 on building anticipation that the Federal Reserve may soon launch its rate cut cycle alongside a worsening supply side picture. On May 20, 2024, the price of copper reached its highest recorded price of US$5.20 per pound, or US$11,464 per MT.
However, the price of the base metal moved back under US$10,000 by the end of the month.
Is the optimism of an impending bull market for the red metal still warranted? Let’s look at the current supply and demand factors that could influence copper prices to the upside.
Green energy in driver’s seat for copper demand
Copper’s many useful properties have translated into demand from diverse industries. Construction and electronics have long been the main drivers for copper demand, and with a conductivity rating that's second only to silver, it’s no wonder copper is also an ideal metal for use in energy storage, electric vehicles (EVs) and EV charging infrastructure.
Energy storage may prove to be one of the most copper-intensive markets in the 21st century. According to a 2022 report on the future of copper by S&P Global Market Intelligence, “The rapid, large-scale deployment of these technologies globally, EV fleets particularly, will generate a huge surge in copper demand.”
The firm is projecting that global refined copper demand will nearly double from 25 million MT in 2021 to about 49 million MT in 2035. Energy transition technologies are expected to account for nearly half of that demand growth. “The world has never produced anywhere close to this much copper in such a short time frame,” the firm notes in its report.
China is the world's largest consumer of the metal, and unsurprisingly its zero-COVID policy wreaked havoc on its economy and demand for copper. When China ended that policy in early 2023, it contributed to the boost seen in copper prices at the time. However, repercussions continue to be seen in the country, particularly in its real estate market.
China's property sector turmoil is in its third year, with housing starts down by more than 60 percent compared to pre-pandemic levels, as per the International Monetary Fund. However, analysts are starting to call for a bottom as China's aggressive efforts to energize the sector slowly right the ship — property investment in China fell by just 9 percent year-on-year in the first two months of 2024, compared with a 24 percent fall in December 2023, reported Reuters.
Property sector aside, copper demand out of China is likely to get a boost from the Chinese government's commitment to investing in its electrical infrastructure and green energy economy.
This push can be seen in ongoing structural reforms intended to secure the nation's place as a global economic powerhouse — these include the Made in China 2025 and China Standards 2035 initiatives. A part of the country's 14th five year plan, these policies target sectors that are heavily reliant on copper, such as 5G networks, robotics, electrical equipment, EVs, industrial internet, intercity transportation and rail systems, ultra-high-voltage power transmission and EV charging stations.
While the next five-year plan is still in the works, there are indications that measures to achieve carbon neutrality and increase renewable energy consumption are still very much a part of China's long-term economic objectives.
On the EV side, S&P Global projects that sales in China will reach 11.5 million units in 2024, up 22 percent from 2023. The country's photovoltaic market is also expected to remain strong in 2024.
The EV market is a growing global source of demand for copper outside China as well. As the Copper Alliance has noted, EVs can use three to four times as much copper as an internal combustion engine passenger car.
Automakers are making large investments in growing their EV production capacity, with some even looking to secure copper supply. Last year, McEwen Copper, a subsidiary of McEwen Mining (TSX:MUX,NYSE:MUX), received a US$155 million investment from Stellantis (NYSE:STLA), the fourth largest carmaker in the world.
Watch the full interview with Rob McEwen and Michael Meding above.
In a recent interview, Rob McEwen and Michael Meding discussed McEwen Copper's plans to release a feasibility study for the company's Argentina-based Los Azules copper project by the first quarter of 2025.
Companies struggling to keep copper supply coming
Of course, demand is just one side of the story for copper prices. For more than a decade, the world’s largest copper mines have struggled with steadily declining copper grades and a lack of new copper discoveries.
The alarm bells have been ringing for a few years now. In a mid-2020 report, S&P Global Market Intelligence metals and mining analyst Kevin Murphy painted a “dismal” picture for copper mine supply. He stated that out of the 224 copper deposits discovered between 1990 and 2019, a mere 16 were discovered in the last decade. These circumstances have led to questions about whether peak copper has arrived.
The COVID-19 pandemic further exacerbated challenges in the global copper supply chain as both mining and refining activities in several top copper-producing countries were slowed or halted altogether. The economic uncertainty also led miners to delay further investments in copper exploration and development — a complicating factor given that it can take more than 15 years to develop a newly discovered deposit into a producing mine.
Speaking at the Prospectors & Developers Association of Canada (PDAC) convention in March 2024, Murphy discussed another factor influencing new copper supply coming to market: inflation. He presented data highlighting how inflation has hamstrung the mining sector. In 2023, exploration budgets for all metals totaled US$12.8 billion, down 3 percent over the previous year.
Murphy also suggested that current economic trends are not only preventing projects from entering the pipeline, but also sandbagging current projects.
“Drilling has been in a downtrend as well, and it’s a bit worse than budgets in 2023, which indicates some inflation has hit the mark," he stated. "It’s a hard industry. The standard is about 3 percent, (and) at the moment we’re thinking that budgets are probably down 5 percent (in 2024)."
Supply instability out of the world’s largest copper-producing countries, Chile and Peru, has also weighed heavily on the market in the past few years. Together, they represent a combined 40 percent of global output.
In Chile, some of the world’s biggest copper miners, including BHP (ASX:BHP,NYSE:BHP,LSE:BHP) and Anglo American (LSE:AAL,OTCQX:AAUKF), are facing royalty rate increases due to a tax reform bill. The country is also dealing with water woes as drought intensifies, causing tension for miners that rely on water to pump copper to the surface, and for the smelting and concentration processes.
To the north, in Peru, copper miners have been nervous about the sociopolitical unrest following the impeachment and jailing of former President Pedro Castillo in December 2022, including protests against the mining industry.
However, mining investment is still alive and well in Peru, especially when it comes to copper, and current President Dina Boluarte supports the industry. According to EY, "Of the new mining investments, US$38.5 billion is expected to be allocated to mining projects in Peru, with copper projects accounting for 72 (percent) of the total."
The supply side of the copper market is also being impacted by production challenges out of some of the world’s major producers. Facing sociopolitical pressure, First Quantum Minerals had to shut down its Cobre Panama mine in late 2023; it accounted for about 350,000 MT of annual global copper production.
Furthermore, Anglo American revised down its 2024 copper production target to a range of 730,000 to 790,000 MT of copper compared to the previous guidance of 1 million MT. This was due in large part to production shortfalls at its Los Bronces copper mine, which is expected to continue into 2025.
Bull market for copper or bust?
So when will copper go up? Together, strong demand and tight supply can create the right market environment for higher prices.
Copper’s strong rally in recent years has encouraged the idea that even higher copper prices are ahead, which could be a golden opportunity for junior copper companies in the long-term. At a Vancouver Resource Investment Conference copper panel, one speaker explained why this segment of the metals market has piqued his interest.
“I’m a copper bull, it’s a long-term performing asset, but 'quality' is what you have to add to the phrase, and I think copper is essential. As we all see the population growth, modernization, electrification, it’s going to be a key metal going forward,” said panelist Ivan Bebek, chairman of Torq Resources (TSXV:TORQ,OTCQX:TRBMF).
"Copper is the new oil," declared Jeff Currie, chief strategy officer of Energy Pathways at Carlyle, during his mid-May Bloomberg TV interview. The analyst is pointing to the explosion of AI technology, the energy transition and military spending as top drivers of copper demand that could push prices for the red metal up to US$15,000 per MT in the near future.
The Bank of America sees potential for copper prices to reach US$12,000 per MT for 2026. As demand is set to increase, the bank's analysts have said the severe lack of new copper projects is "finally starting to bite."
For its part, Citigroup (NYSE:C) is also projecting a copper price of US$12,000 by 2026 in its base-case scenario on higher demand for the red metal from the green energy revolution. The firm's analysts do see a more bullish case for US$15,000 copper over the next two to three years in the event of a strong economic recovery.
This is an updated version of an article first published by the Investing News Network in 2021.
Don’t forget to follow us @INN_Resource for real-time news updates!
Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.
Copper has a huge role to play in both electrification and the global energy transition — and at our current level of production, demand will soon outpace supply.
The current global supply dynamic exacerbates this problem. According to S&P Global, copper production is more concentrated than oil. Chile is currently the world's largest copper producer, producing roughly 5 million metric tons (MT) of the metal in 2023. Peru, the second largest producer, produced only 2.6 million MT, while Australia was in third place with 810,000 MT. Chile and Peru account for 38 percent of world copper production.
This current supply landscape is unsustainable. Diversifying global supply chains for copper production is necessary to meet the increasing demand. North American governments recognized this issue. They implemented policies and incentives to boost domestic supply.
Understanding these measures, as well as copper's supply and demand dynamic, is essential for anyone seeking to invest in this important metal.
Unstable, unsustainable supply chains
Copper prices rallied significantly over the past year, increasing from US$3.75 per pound in December 2023 to US$5.15 per pound around the beginning of May 2024.
What's more, copper prices on May 20 reached a record high of US$5.20 per pound, effectively freezing out Chinese spot trading for a day before closing at US$5.11. Analyst firm Morningstar has even referred to copper as the new oil.
A complex mixture of supply and demand issues drive the copper price today. There are several critical factors contributing to the dynamic price changes:
Rising demand from electric vehicles and green energy
Falling demand from housing construction
While these factors can force short-term fluctuations in the copper price, most analysts agree that the long-term trend appears to be upwards.
In a May 23 Financial Times article, veteran hedge fund manager and commodities trader Pierre Arnurand said that what we've witnessed this year is only the beginning. He predicts copper prices could increase by as much as 288 percent over the next few years. This demand, says Arnurand, will be driven both by traditional applications, such as power infrastructure, and emerging ones, such as electric vehicles, wind farms, solar panels and the defense sector.
The digital economy will also play an incredibly important role in driving copper demand, particularly artificial intelligence.
A single server rack in an AI data center, for instance, will draw up to 60 kilowatts of power. In contrast, a traditional data center rack usually tops out at roughly 15 kilowatts. Powering and maintaining these facilities will require a massive volume of copper, increasing demand by up to 1.5 percent in the US alone.
Electric vehicles are even more copper hungry, with the International Energy Forum projecting that full electrification will require that copper production increase by as much as 55 percent.
According to the Energy Information Administration, sources of renewable energy like wind and solar use between 2.5 and seven times more copper per unit of power — copper demand from these two sources alone is projected to reach 600,000 MT by 2040.
Giant bank BMO Capital Markets projects copper demand could reach 40.4 million metric tons per year by 2030, with a compound annual growth of 3 percent.
In addition to falling short of projected demand, the current copper supply is heavily impacted by permitting issues, political risks, environmental impacts and development challenges, effectively slowing the pace at which new mines come online. These issues are also heavily impacting supply chains. Moreover, the increasing instability of supply from South America is already causing a shortage, one which analysts predict could last until at least 2030.
"In early 2024, data from underperforming copper mines from 2023 and the Panamanian government shutdown of the Cobre Panama Mine brought the ongoing copper supply issue front and center," explains Matthew Badiali, CEO of Quetzal Copper (TSXV:Q). "And while we saw a rapid rise in the copper price, it was hardly unprecedented in the commodity space. Historical context shows that copper could run much higher."
Boosting domestic copper production
Copper is part of both the Canadian federal government's C$4 billion Critical Minerals Strategy and the Inflation Reduction Act in the US. These strategies from both governments include multiple tax incentives for sustainability, mining and exploration. In Canada, for instance, provincial mining taxes and royalties related to mineral resource income are fully deductible on federal income tax.
The Canadian government also provides favorable capital cost allowances, allows exploration expenses to be claimed at a 100 percent deduction, and allows development expenses to be deducted at 30 percent. The government also offers a C$1.5 billion critical minerals infrastructure fund and investment tax credits of 30 percent for exploration activities.
In addition to these tax benefits, Canada offers the Mineral Exploration Tax Credit (METC), a 15 percent non-refundable tax credit that can be applied by investors against tax they would otherwise pay for a year and may be carried back three years and carried forward 20. In 2024, Deputy Prime Minister and Minister of Finance Chrystia Freeland announced that the current METC, set to expire on March 31, 2024, will instead be extended through 2025.
In the US, the Inflation Reduction Act provides a US$7,500 per vehicle consumer tax credit when purchasing electric vehicles from select suppliers. By 2026, 80 percent of all EV components will need to be extracted and processed either in the US or with one of the country's free trade partners. If at least half of a battery's components are manufactured or assembled in North America, there is also an additional US$3,750 tax credit.
Most notably, the legislation extends additional loan guarantees of up to US$40 billion to support critical minerals projects.
Together, these incentives are being leveraged by junior mining companies to fuel a new wave of exploration and development in highly prospective regions, such as BC and the Yukon. Already, there are many different copper projects at varying stages of development across North America.
Below, we've listed a few of the more promising investment possibilities.
Princeton
Located immediately north of the Copper Mountain mine, Quetzal Copper’s 11,500 hectare Princeton copper property houses multiple promising anomalies, including three drill-ready targets. Quetzal identified Bud South and Knob Hill as particularly high-priority targets — both have standout geophysical anomalies with supporting trenching and drilling data. Drilling is set to commence in 2024.
Quetzal has the option to earn 80 percent interest in the Princeton project, as well as the option to earn a 100 percent interest in the Big Kidd and DOT properties near Merritt, BC.
Black Butte
Notable for being one of the world's highest-grade undeveloped copper projects, Black Butte is 87 percent owned by Sandfire Resources (ASX:SFR) subsidiary Sandfire Resources America (TSXV:SFR,OTCQB:SRAFF). Sandfire intends to combine best-practice technology and modern mining techniques to develop Black Butte into an underground mine that has a minimal environmental impact and a low surface footprint. In February 2024, Sandfire scored a major win on the project when the Montana Supreme Court reversed a 2022 decision to invalidate its mining permit.
Owned and operated by Canadian Copper (CSE:CCI), Murray Brook West is an underexplored project located adjacent to the Murray Brook deposit. Due to the fact that it is situated between the Caribou and Restigouche mines, the property is highly prospective for copper. Future work at the property will involve comprehensive exploration and drill target development, including prospecting activities geared toward identifying potential mineralization.
Investor takeaway
Copper is arguably one of the most critical minerals to both electrification and the clean energy transition. Unfortunately, current copper supply is not keeping pace with demand. In order to change that, governments are working to incentivize further exploration and development with the goal of developing a stable domestic supply.
In North America, this represents a considerable investment opportunity — anyone interested in adding copper properties to their portfolio would do well to pay attention.
This INNSpired article is sponsored by Quetzal Copper (TSXV:Q). This INNSpired article provides information which was sourced by the Investing News Network (INN) and approved by Quetzal Copperin order to help investors learn more about the company. Quetzal Copperis a client of INN. The company’s campaign fees pay for INN to create and update this INNSpired article.
This INNSpired article was written according to INN editorial standards to educate investors.
INN does not provide investment advice and the information on this profile should not be considered a recommendation to buy or sell any security. INN does not endorse or recommend the business, products, services or securities of any company profiled.
The information contained here is for information purposes only and is not to be construed as an offer or solicitation for the sale or purchase of securities. Readers should conduct their own research for all information publicly available concerning the company. Prior to making any investment decision, it is recommended that readers consult directly with Quetzal Copper and seek advice from a qualified investment advisor.
Amid the looming copper deficit, World Copper (TSXV:WCU) CEO Gordon Neal believes the market needs to look at more nimble operations, like the company’s Zonia copper oxide project in Arizona, US, for a less expensive and faster path to production.
Neal first explained the problem with the large sulfide deposits major copper companies are developing.
"The majors are spending billions of dollars to put these into production. The average is probably anywhere between $2 billion to $6 billion, some even $10 billion. And the timeline to get them into production is anywhere between eight to 12 years for permitting," he said.
“We need copper now. So most of us think that we're going to look down market to smaller, more nimble, cheaper, faster-to-production scenarios — mainly the oxide deposits," he continued. According to Neal, only 15 percent of the world's copper deposits are oxides.
The Zonia copper oxide project is a past producer located on private land, factors that Neal said will make it easier to bring back into production. The project also has a stockpile of 7 million tons of unprocessed ore on the last leach pad grading 0.4 percent copper.
"I've got private land, a 1:1 strip (ratio), power, water and a stockpile of ore that can give me pre-production revenue," Neal said. "It doesn't get any better than this."
Zonia's mineral resource estimate includes 75.7 million short tons grading 0.3 percent total copper (indicated resource) containing 450.5 million pounds of copper, and 122 million short tons grading 0.24 percent total copper (inferred resource) containing 575.4 million pounds of copper.
Watch the full interview with World Copper CEO Gordon Neal above.
Disclaimer: This interview is sponsored by World Copper (TSXV:WCU). This interview provides information which was sourced by the Investing News Network (INN) and approved by World Copper in order to help investors learn more about the company. World Copper is a client of INN. The company’s campaign fees pay for INN to create and update this interview.
INN does not provide investment advice and the information on this profile should not be considered a recommendation to buy or sell any security. INN does not endorse or recommend the business, products, services or securities of any company profiled.
The information contained here is for information purposes only and is not to be construed as an offer or solicitation for the sale or purchase of securities. Readers should conduct their own research for all information publicly available concerning the company. Prior to making any investment decision, it is recommended that readers consult directly with World Copper and seek advice from a qualified investment advisor.
This interview may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, receipt of property titles, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. The issuer relies upon litigation protection for forward-looking statements. Investing in companies comes with uncertainties as market values can fluctuate.
Miramar Resources Limited (ASX:M2R, “Miramar” or “the Company”) is pleased to advise that Induced Polarisation (IP) surveys have upgraded the high-priority “8-Mile” Target within the Company’s 80%-owned Gidji JV Project and adjacent to Northern Star Resources Limited’s 313koz “8 Mile Dam” gold deposit.
IP survey outlines potential extensions to 313koz 8 Mile Dam gold deposit
Significant aircore EOH gold results above IP anomalies offset by faulting
Drill testing at 8-Mile planned after maiden Bangemall Ni-Cu-Co-PGE drilling campaign
A recently completed IP survey at the 8-MileTarget (Figure 1) has extended the chargeability anomaly offset from the northern end of the 8 Mile Dam gold deposit and which underlies multiple significant aircore end of hole (EOH) gold results (Figure 2).
Miramar’s Executive Chairman, Mr Allan Kelly, said the new IP anomaly was shallower than expected.
“It appears the 8 Mile Dam deposit could continue for some distance to the north but has been offset by faulting, including at the tenement boundary,” he said.
“The fact that we have multiple aircore holes ending in elevated gold over the IP anomalies strengthens this theory,” he said.
“It’s also pleasing to see that the northern part of the IP anomaly is shallower than expected,” he added. “We look forward to drill testing this high priority target later in the year,” he said.
Figure 1. Collecting IP data at Miramar’s 8-Mile target.
Figure 2. IP anomalies and aircore EOH gold results in relation to the 8 Mile Dam gold deposit.
Background
According to publicly available data, the 8 Mile Dam gold deposit (7Mt @ 1.4g/t Au for 313,977oz1) comprises shallow supergene and deeper primary gold mineralisation hosted in:
Quartz-carbonate-sulphide veins within hanging wall sediments; and
A hydrothermally altered mafic unit cut by quartz veins with sphalerite, chalcopyrite and visible gold
Figure 3 shows a cross section through the deposit, approximately 60m south of the tenement boundary.
This article includes content from Miramar Resources 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.
Copper has hit record highs in recent years, and after setbacks at the start of 2024 its fortune has begun to turn.
Prices rebounded to an all-time high on the COMEX of US$5.20 per pound, or US$11,464 per metric ton, on May 20 on tightening supply and increasing demand from the transition to renewable energy.
In the longer term, many market watchers see tight supply and higher consumption from sectors like the electric vehicle industry creating a robust outlook for copper.
Against that backdrop, the top ASX copper stocks have put on impressive year-to-date share price performances. The list below outlines the best performing copper stocks on the ASX, and was generated on June 26, 2024, using TradingView’s stock screener; all copper shares listed had market caps above AU$50 million at that time. Read on to learn more about them.
Exploration-stage Encounter Resources controls a portfolio of wholly owned copper and niobium/rare earth projects in Australia's Northern Territory and Western Australia. The company is also advancing large-scale copper projects via partnership and farm-in agreements with South32 (ASX:S32,OTC Pink:SHTLF) and IGO (ASX:IGO).
The company's partners have released multiple news items this year. In March, IGO announced a significant copper anomaly discovery at the Yeneena project in Western Australia, for which IGO has a farm-in agreement.
The following month brought news out of the Jessica copper project in the Northern Territory, where a South32 subsidiary completed assays on drill core confirming "the presence of copper sulphide bearing veins and alteration signatures associated with iron oxide copper gold (IOCG) style mineralisation."
As for Encounter's wholly owned projects, the company reported significant copper mineralisation discovered during drilling at its Sandover copper project in the Northern Territory in mid-May.
Encounter's share price climbed to a year-to-date high of AU$0.62 on June 24.
Aeris Resources has three primary copper assets in Australia, with two currently in production: the Tritton operations, and the North Queensland operations. The company recently placed its Jaguar zinc-copper operation on care and maintenance. Its portfolio also contains the producing Cracow gold mine in Queensland.
In its first quarter 2024 activities report, Aeris reported copper production of 5,900 tonnes. The company’s 2024 copper production guidance stands at 28,000 to 35,000 tonnes.
Aeris' pipeline includes the Stockman copper-zinc-gold-silver project in Victoria, and its Canbelego copper joint venture project in New South Wales. The company expects to complete a feasibility study at Stockman in the second half of 2024.
At Canbelego, Aeris’ JV partner Helix Resources’ (ASX:HLX) drill program testing an induced polarisation geophysics anomaly recently intersected a large new structural zone with associated copper mineralisation.
Aeris’ share price traded with the rising copper price to hit a year-to-date high of AU$0.34 on May 20.
Near-term copper producer Cyprium Metals is focused on developing multiple copper projects throughout Western Australia. Its most advanced is the Nifty copper mine project located in Western Australia's Pilbara region, which operated until 2019, when it was put on care and maintenance because of low copper prices.
In late May, Cyprium announced the completion of a positive scoping study on the restart of the Nifty copper mine, the results of which prompted a board decision to move the project to the pre-feasibility stage.
"A moderate investment in the brownfield processing plant capacity can nearly double the potential throughput of the plant, enabling the surface mine to produce around 36,000 tonnes of copper metal per year by matching strong mine design, right equipment selection and expanded processing capacity," Cyprium Executive Chair Matt Fifield commented.
Shares in Cyprium reach a year-to-date of high of AU$0.05 on June 7.
Bougainville Copper is working to reopen the past-producing Panguna copper complex, which ceased operations in 1989.
Panguna is considered one of the largest copper deposits in the world, and according to the company, its successful restart is viewed as a critical component of future economic independence for Bougainville, which is an autonomous region in Papua New Guinea. The country's government holds a 36.5 percent share in the company.
In early February, after much deliberation, Bougainville Copper was granted a five year extension to its Panguna mining licence, which the company hoped would open the door for advanced-stage prefeasibility and feasibility exploration activities.
The news sent shares of the company spiking to their best year-to-date close of 2024 — AU$0.80 on February 2 — more than double Bougainville Copper's close of AU$0.35 the previous day.
However, the company announced in late May it was served with notice of a class action lawsuit on behalf of Bougainville residents seeking compensation for claimed environmental and social harm due to the Panguna mine's previous operations.
"The company will fully consider the matters raised in the claim and intends to vigorously defend its position," Bougainville Copper stated in the press release.
AIC Mines owns the high-grade Eloise copper mine in North Queensland, as well as a portfolio of exploration-stage copper-gold projects in Australia. Eloise started production in 1996, and the company is looking to expand the life of the operation by the nearby Jericho deposit.
In late March, the company posted a new ore reserve estimate for Jericho, followed shortly by an announcement that drilling has begun at the recently discovered Swagman prospect, located between Eloise and Jericho. Later in May, AIC announced it will start development work at Jericho via an underground link drive directly from the Eloise decline following mining studies that compared the method with another option.
In its report for the quarter ended March 31, 2024, AIC Mines reported production of 3,066 tonnes of copper and 1,532 ounces of gold in concentrate. The company said it's on track to meet its 2024 production guidance of 12,000 tonnes of copper and 5,000 ounces of gold.
Record copper prices lifted AIC Mines’ share price to a year-to-date high of AU$0.60 on May 20.
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Securities Disclosure: I, Melissa Pistilli, currently hold no direct investment interest in any company mentioned in this article.
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Figure 1. Collecting IP data at Miramar’s 8-Mile target.
Figure 2. IP anomalies and aircore EOH gold results in relation to the 8 Mile Dam gold deposit.