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![Blackstone Minerals](https://investingnews.com/media-library/blackstone-minerals.png?id=27703010&width=1200&height=802)
Blackstone Appoints High Calibre Independent Non-Executive Director
Dan Lougher is a qualified mining engineer with over 40 years of experience in all aspects of resource and mining project exploration, feasibility, development and operations and has a significant corporate network in the financial and mining community. Dan left his most recent role, CEO and Managing Director of Western Areas, following a merger with IGO Ltd. He is currently a Non-Executive Director of Perseus Mining.
Prior to leading Western Areas, Dan spent 18 years in Africa with BHP Billiton, Impala Plats, Anglo American and Genmin. His professional qualifications include a Bachelor of Science (Honours) of Mining Geology, a Graduate Diploma in Engineering (Mining) and a Master of Science (Engineering). He also holds a First Class Mine Manager’s Certificate of Competency (WA) and is a fellow of the Australasian Institute of Mining and Metallurgy.
Blackstone Minerals’ Chairman Hamish Halliday commented:
“We are delighted to welcome Dan to our board and believe his expertise, work experience in the international mining operations and first-class professional qualifications complements and adds strength to the composition of the Board of Blackstone.”
“We look forward to receiving his guidance and benefitting from his wealth of technical knowledge and experience as we continue our journey to become the world’s leading green battery supplier, enabling a solution from mine to consumer.”
Dan Lougher, Non-Executive Director commented:
“I look forward to joining and working with the Board at such an exciting time, as the Company focusses on advancing the Ta Khoa Project, a project which I have previously visitedin Vietnam. Scott and the team at Blackstone Minerals have done a tremendous job in securing and developing a quality nickel sulphide asset, which are both in high demand and short supply. I look forward to working with Blackstone as the Company seeks to realise it’s downstream ambitions, and becomes a significant supplier to the electric vehicle industry”.
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This article includes content from Blackstone Minerals 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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Blackstone Minerals
Overview
As the world moves closer to a sustainable net-zero future, the need for battery metals continues to mount and nickel may soon be among the metals to see a supply crunch. Though its roots are in the stainless steel sector, it's also a critical component of lithium-ion batteries.
Given that many nations are aiming to replace combustion vehicles with electric cars by 2030, the metal is already experiencing a massive spike in demand. Benchmark Minerals expects the need for battery-grade nickel will increase about 950 percent by 2040.
It's imperative to ramp up global nickel production but the resource sector, for its part, must do so with a much-reduced carbon footprint to influence the sustainability of the entire value chain. Blackstone Minerals (ASX:BSX, OTC:BLSTF, FRA:B9S) recognizes this. As a vertically integrated producer of low-cost, low-carbon nickel, the company aims to become a leading source of low CO2 emission nickel sulphide. Its flagship Ta Khoa Project in Vietnam is representative of that goal.With over 20 active mines and a burgeoning technology sector, Vietnam is on the road to becoming a hub of electric vehicle production and innovation, with low labor costs and regulated electricity pricing further driving its growth. Steadily increasing foreign direct investment in the region is indicative of this as the country seeks to attract $50 billion in new foreign investment by 2030.
Blackstone is uniquely positioned to take advantage of this, thanks to two factors. US President Joe Biden's Inflation Reduction Act, which came into force in August 2022, represents the largest investment into climate action in United States history. A similar initiative is rolling out in the European Union (EU), which maintains a Free Trade Agreement with Vietnam — something multiple partners of the company have expressed interest in.
Blackstone's Ta Khoa Project consists of two streams, the Ta Khoa Nickel Mine and the Ta Khoa Refinery. Recent milestones point to Blackstone’s commitment to advancing this game-changing project.
These milestones include a memorandum of understanding with Cavico Laos Mining to collaborate in a number of areas associated with CLM’s nickel mine in Lao People's Democratic Republic and supply of nickel products for Blackstone’s Ta Khoa Refinery in Vietnam. Blackstone also partnered with Arca Climate Technologies to further investigate the carbon capture potential at the Ta Khoa Project through carbon mineralisation, and explore opportunities to utilise Arca’s carbon capture technologies within the project.
In a bid to collaborate on the supply of renewable wind energy to the Ta Khoa Project, Blackstone signed a direct power purchase agreement with Limes Renewables Energy.
Blackstone received AU$2.8 million as an advance from a research & development (R&D) lending fund backed by Asymmetric Innovation Finance and Fiftyone Capital. The advanced payment reflects the significant investment by Blackstone to develop the Ta Khoa Refinery process and Blackstone’s unique strategy to convert nickel concentrate blends into battery products in the form of precursor cathode active material (pCAM).
In addition to Ta Khoa, the company also maintains the Gold Bridge cobalt and gold project near Vancouver, Canada.
In December 2023, Blackstone entered into an option agreement with CaNickel Mining to acquire the Wabowden nickel project located in the world-class Thompson Nickel Belt in Manitoba, Canada.Company Highlights
- The global nickel market is currently entering a structural deficit, with demand expected to grow 950 percent by 2040.
- Blackstone Minerals is well-positioned to address this deficit as a vertically integrated producer of low-cost, low-carbon nickel.
- Blackstone's flagship project Ta Khoa is a brownfield project situated in Vietnam, one of the lowest capital cost countries in the world and an emerging hub for the electric vehicle market with vast reserves of nickel.
- Vietnam is an increasingly attractive region for investment with direct foreign investments that grew from $1.3 billion in 2000 to $15.6 billion in 2020.
- The Ta Khoa project also has infrastructure advantages, via the existing Ban Phuc mine, and processing facilities, access to low-cost and underutilized hydroelectricity, a trained labor force and support from the local government.
- Blackstone Minerals’ downstream pre-feasibility study confirms a technically and economically robust hydrometallurgical refining process to upgrade nickel sulphide concentrate to produce battery-grade nickel
- Blackstone’s key nickel and cobalt feedstocks for the Ta Khoa Refinery Pilot program were delivered to the metallurgical laboratory in Western Australia as of April 2022.
Key Projects
Ta Khoa
Blackstone holds a 90 percent interest in the Ta Khoa Nickel-Copper-PGE Project, located 160 kilometers west of Hanoi in the Son La Province of Vietnam. It includes an existing modern nickel mine built to Australian Standards, which is currently under care and maintenance. The Ban Phuc nickel mine successfully operated as a mechanized underground nickel mine from 2013 to 2016.
Blackstone intends to complement the existing mine through the installation of a large concentrator, refinery and precursor facility, supporting integrated on-site production of nickel, cobalt and manganese precursor products for the Asia-Pacific market. One of Blackstone's key Research and Development objectives with Ta Khoa is to develop a flowsheet that will support this production.
To fulfill this goal, Blackstone is focusing on a partnership model, collaborating with groups committed to sustainable mining. It is also working to minimize its carbon footprint and implement a vertically integrated supply chain.
In addition to the early development of the King Snake and Ban Chang Massive Sulphide deposits, Blackstone plans to produce crystal nickel and cobalt sulphide intermediate products. Staged development of the refinery, meanwhile, predicts an initial train capacity of 200,000 tonnes annually in the first year, with a planned expansion to 400,000 by the second.
The mine is expected to begin production in 2025 and then ramp up to 8 million tons per annum (Mtpa) of nickel sulphide by 2027. Pilot Plant testing and definitive feasibility studies are also underway. Five groups visited the project in 2022 as part of the partnership due diligence process, accompanied by meetings with government representatives, Austrade, Australian department of foreign affairs and trade, financial institutions and other important stakeholders
Project Highlights:
- Multiple Massive Sulphide Deposits: The Ta Khoa project features several incredibly promising deposits including King Snake (up to 4.3 percent nickel and 18.2 grams per ton (g/t) PGE), Sui Phong (2.95 meters @ 2.42 percent nickel, 0.52 percent copper, 0.06 percent cobalt and 0.05 g/t PGE), and Ban Chang. The project is also the site of the Ban Phuc nickel mine, which was operated from 2013 to 2016 by Asia Mineral Resources, along with several exploration targets that have yet to be tested.
- Experienced Leadership: Internally, Blackstone’s owners’ team brings over 50 years of experience in leadership roles at major nickel mines and refineries globally. This experience has been complemented by ALS Group, Wood, Future Battery Industries CRC, Curtin University and the Electric Mining Consortium.
- Large Reserve and Mining Inventory: The entirety of Ta Khoa is estimated to contain probable reserves of 48.7 Mt at 0.43 percent nickel for 210 kilotons (kt) of nickel and a mining inventory of 64.5 Mt at 0.41 percent nickel for 265 kt nickel. This excludes Ban Khoa and other developing prospects.
- A Long-lived Project: The Ta Khoa mine is expected to produce a yearly average of 18 kt of annual nickel concentrate over its ten-year lifespan. Blackstone believes the refinery can potentially extend its life past ten years.
- An Established Mining Operation: Existing infrastructure onsite includes a 450 ktpa Mill and mining camp. The mine will also benefit from a highly supportive community and favorable government legislation — Blackstone is committed to collaborating with community stakeholders in the project's development.
- Feed Flexibility: Ta Khoa's refinery will offer multiple feed options, including nickel concentrate, mixed hydroxide precipitate, nickel matte and black mass. This flexibility greatly improves the security and greatly reduces the risk of the project overall.
- Valued Partnerships: Blackstone is collaborating with multiple industry leaders and groups in the development of Ta Khoa
- Compelling Pre-feasibility Study: The financial outcomes of a base case pre-feasibility study on the project are promising. Based on a conservative NCM811 precursor price forecast, Ta Khoa displays an exceptional internal return rate on capital invested.
- Integrated Vertical Strategy: Blackstone is constructing both the Ta Khoa mine and refinery against a highly supportive ESG, macroeconomic and fiscal backdrop. This along with Ta Khoa's low capital intensity gives the company a significant advantage over competitors. Said low intensity is the result of multiple factors, including competitive labor costs, favorable regulations and low-cost renewable hydroelectric power.
- A Leader in Low Emissions: Independent assessments from Digbee, Minviro and Circulor, alongside an audit from the Nickel Institute, have confirmed that Ta Khoa will be the lowest-emitting flowsheet in the industry, at 9.8 kilograms of CO2 per kilogram of precursor with opportunities for even further reduction.
- Promising Pilots: With the support of ALS and process engineering partner Wood, Blackstone recently completed a 12-month programme of work that developed a scaled version of its concentrate to sulphate flowsheet. The refinery, which processed more than 9 tonnes of concentrate and MHP, successfully achieved battery-grade nickel sulphate of 99.95 percent, with a nickel recovery rate of 97 percent.
- Current Roadmap: Blackstone's next priority is to complete a series of definitive feasibility studies. Once those are complete, it will focus on fully integrating the mine into the electric vehicle consumer supply chain and finalizing its refining partnership structure.
Gold Bridge
The Gold Bridge Project is located approximately 200 kilometers northwest of Vancouver, BC. It comprises 365 square kilometers of 100 percent Blackstone-owned mining claims located in the Cordilleran Terranes of BC. It includes several, high-grade hydrothermal gold, cobalt, nickel and copper deposits and targets the historic Little Gem and Jewel mines.
Project Highlights:
- Significant Potential: Blackstone's geological model for the Jewel mine suggests it may have a similar geological setting to the world-class Bou-Azzer primary cobalt district in Morocco. There is potential for multiple similar deposits throughout the project.
- Favorably Located Anomalies: Having completed an extensive maiden exploration program, Blackstone has identified multiple large-scale IP anomalies at Little Gem, Erebor, Jewel and Roxey.
- A Nascent Venture: Blackstone is currently actively seeking joint venture partners for the Gold Bridge project.
Management Team
Hamish Halliday - Non-executive Chairman
Hamish Halliday is a geologist with over 20 years of corporate and technical experience. He is also the founder of Adamus Resources Limited, an AU$3 million float that became a multimillion-ounce emerging gold producer.
Scott Williamson - Managing Director
Scott Williamson is a mining engineer with a commerce degree from the West Australian School of Mines and Curtin University. He has over 10 years of experience in technical and corporate roles in the mining and finance sectors.
Dr. Frank Bierlein - Non-executive Director
Dr. Frank Bierlein is a geologist with 30 years of technical and corporate experience, focusing on grassroots to mine-stage mineral exploration, target generation, project management and oversight, due diligence studies, mineral prospectivity analysis, metallogenic framework studies and mineral resources market and investment analysis.
Alison Gaines - Non-executive Director
Alison Gaines has over 20 years of experience as a director in Australia and internationally. She has experience in the roles of board chair and board committee chair, particularly remuneration and nomination and governance committees. She is also the managing director of Gaines Advisory P/L and was recently global CEO of international search and board consulting firm Gerard Daniels, with a significant mining and energy practice.
Gaines has a Bachelor of Laws and a Bachelor of Arts (hons) from the University of Western Australia, a Graduate Diploma in Legal Practice from Australian National University and an honorary doctorate of the University and Master of Arts (Public Policy) from Murdoch University. She is a fellow of the Australian Institute of Company Directors and holds the INSEAD certificate in corporate governance. She is currently the governor of the College of Law Ltd, and non-executive director of Tura New Music.
Dan Lougher - Non-executive Director
Daniel Lougher’s career spans more than 40 years involving a range of exploration, feasibility, development, operations and corporate roles with Australian and international mining companies including a period of eighteen years spent in Africa with BHP Billiton, Impala Plats, Anglo American and Genmin. He was the managing director and chief executive officer of the successful Australian nickel miner Western Areas Ltd until its takeover by Independence Group.
Lougher also holds a first class mine manager’s certificate of competency (WA) and is a fellow of the Australasian Institute of Mining and Metallurgy (AusIMM). Lougher is the chair of the company’s technical committee and nomination committee.
Jamie Byrde - CFO and Company Secretary
Jamie Byrde has over 16 year's experience in corporate advisory, public and private company management since commencing his career with big four and mid-tier chartered accounting firms positions. Byrde specializes in financial management, ASX and ASIC compliance and corporate governance of mineral and resource focused public companies. He is also currently company secretary for Venture Minerals Limited.
Dr. Stuart Owen - Executive
Dr. Stuart Owen holds a Bsc and PhD in geology with over 20 years of experience in mineral exploration. He was senior geologist in the team that discovered the Paulsens Mine (+1Moz) and as an exploration manager at Adamus discovered the Southern Ashanti Gold deposits (+2Moz). Finally, at Venture, he discovered the Mt Lindsay Tin-Tungsten-Magnetite deposits.
Tessa Kutscher - Executive
Tessa Kutscher is an executive with more than 20 years of experience in working with C-Level executive teams in the fields of business strategy, business planning/optimisation and change management. After starting her career in Germany, she has worked internationally across different industries, such as mining, finance, tourism and tertiary education.
Kutscher holds a master’s degree in literature, linguistics and political science from the University of Bonn, Germany and a master’s degree in teaching from Ludwig Maximilian University of Munich.
Andrew Strickland - Executive
Andrew Strickland is an experienced study and project manager, a fellow of the Australian Institute of Mining and Metallurgy, University of WA MBA graduate, with undergraduate degrees in chemical engineering and extractive metallurgy from Curtin and WASM.
Before joining Blackstone, Strickland was a senior study manager for GR Engineering Services where he was responsible for delivering a series of scoping, PFS and DFS studies for both Australian and international projects. Over his career, he has held a variety of project development roles across both junior to mid-tier developers (including Straits Resources, Perseus Mining and Tiger Resources) and major multi-operation producers (South32).
Graham Rigo - Executive
Graham Rigo is an experienced study manager with over a decade of on-site production experience, holding undergraduate degrees in chemical engineering and finance from Curtin University, WA.
Before joining Blackstone, Rigo was a study manager for Ausenco where he was responsible for delivering a series of scoping, PFS and DFS studies for both Australian and international projects over a range of different commodities.
Rigo has over 11 years of site experience in nickel and cobalt hydromet production experience, in supervisory/superintendent level roles as well as process engineer experience.
Lon Taranaki - Executive
Lon Taranaki is an international mining professional with over 25 years of extensive experience in all aspects of resources and mining, feasibility, development and operations. Taranaki is a qualified process engineer from the University of Queensland Australia. He holds a Master of Business Administration, and is a fellow of the Australian Institute of Company Directors. Taranaki has established his career in Asia where he has successfully worked (and lived) across multiple jurisdictions and commodities ranging from technical, mine management and executive management roles.
Prior to joining Blackstone in February 2022, Taranaki was the chief executive officer of Minegenco, a renewable-energy-focused independent power producer. Preceding this, he was managing director of his private consultancy, AMG Mining Global, where he was providing services to the mining industry in Singapore, Guyana, Indonesia and Cambodia. Additionally, Taranaki has held various senior positions with Sakari Resources, PTT Asia Pacific Mining, Straits Resources, Sedgmans and BHP Coal.
Jaguar Nickel Sulphide Project – Feasibility Study
Positive Feasibility Study Demonstrates Strong Economics And Clear Pathway To Develop A Sustainable, Long-Life And Low-Cost Nickel Sulphide Project In Northern Brazil
Centaurus Metals (ASX Code: CTM) is pleased to announce the completion of a positive Feasibility Study (FS) for the development of its 100%-owned Jaguar Nickel Sulphide Project in the Carajás Mineral Province of northern Brazil, which highlights strong economics from an initial concentrate-only project delivering a long-life production profile at first quartile operating costs.
Forecast production averaging 18,700tpa of nickel over an initial 18-year open pit mine life for Post Tax operating cash flow of US$2.11 billion
Maiden Jaguar JORC Ore Reserve of 63Mt @ 0.73% Ni for 459,200 tonnes of contained nickel
First quartile life-of-mine C1 cash cost and AISC of US$2.30/lb and US$3.57/lb Ni respectively
Low capital intensity with pre-production capex of US$371 million (incl. pre-strip and contingency)
Post Tax NPV8 of A$997 million and IRR of 31% pa
The Jaguar Project represents a cornerstone asset for Centaurus that will underpin the Company’s ambition to build a diversified Brazilian critical minerals business with best-in-class ESG credentials.
The outcomes of the Jaguar Feasibility Study demonstrate the potential for Jaguar to become a sustainable, long-term and low-cost producer of low-emission nickel for global markets, generating strong financial returns while also delivering significant social and economic benefits for the local communities where the Project is located. Jaguar is currently one of the largest undeveloped nickel sulphide projects globally and a highly strategic potential source of unencumbered nickel concentrate product, particularly for the EV battery supply chain.
The Feasibility Study only considers open pit nickel sulphide ore over an initial 18-year mine life, delivering nickel sulphide feed to a 3.5Mtpa conventional nickel flotation plant to produce approximately 18,700 tonnes of recovered nickel metal per year at a low life-of-mine (LOM) C1 operating cost of US$2.30/lb and AISC of US$3.57/lb, on a contained nickel basis.
KEY FEASIBILITY STUDY OUTCOMES & PROJECT HIGHLIGHTS
Production Base, Nickel Price & FID Timing
- Production of a high-quality nickel concentrate via a conventional 3.5Mtpa nickel flotation circuit.
- Forecast nickel production averaging 18,700 tonnes per annum (tpa) of contained nickel metal over the current initial 18-year open pit evaluation period.
- Life-of-Mine (LOM) nickel price assumption of US$19,800/tonne (US$8.98/lb) and 76% nickel payability.
- FID targeted for Q2 2025 based on the current environmental approvals and development timeline.
- JORC Mineral Resource Estimate (MRE) of 109.2Mt @ 0.87% Ni for 948,900 tonnes of contained nickel.
- Maiden JORC Proved and Probable open pit Ore Reserves of 63.0Mt @ 0.73% Ni for 459,200t of contained nickel.
- First production targeted for H2 2027 with LOM recovered nickel of 335,300 tonnes.
- Ideally positioned to meet forecast growth in demand for Class-1 nickel from the EV battery market.
Click here for the full ASX Release
This article includes content from Centaurus Metals, 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.
Deeper Drilling Discovers Substantially Thicker Mineralisation at Horden Lake; Corresponding DHEM Results Indicate Exciting Depth Continuity
Pivotal Metals Limited (ASX:PVT) (‘Pivotal’ or the ‘Company’) is pleased to provide the assay results of three further drill holes and, for the first time, the associated downhole electromagnetic survey (DHEM) results, from its 2024 diamond drill program completed at its 100% owned Horden Lake Project in Quebec, Canada.
Highlights
- Step-out drilling and DHEM results discover material resource growth potential at the Horden Lake deposit
- Step-out drilling delivers 32.1m @ 1.2% CuEq1, representing a substantially wider copper zone down plunge in HN-24-98
- 32.1m @ 1.2% CuEq (0.57% Cu, 0.19% Ni, 0.08g/t Au, 0.13g/t Pd) plus additional 0.04g/t Pt, 192ppm Co, 8.2g/t Ag from 264.3m. Includes 14.2m @ 1.79% CuEq from 275.9m.
- Deepest hole in this zone, 70-90m diagonally down-plunge from the two nearest historic holes.
- Strong down-hole electromagnetic (DHEM) plates project extensions of mineralisation at depth
- HN-24-98 plate indicates the highly conductive mineralised zone extends equally each way along strike, up-dip 170m, and is more responsive below the hole, extending 225m down-plunge.
- HN-24-96 stacked plates indicate the hole hit the edge of a strongly mineralised zone which sits deeper and to the north of the previously reported 17.1m @ 0.58% CuEq and 11.9m @ 1.39% CuEq.
- These first two plates link over 300m of strike extent which remains open down-plunge. Additional DHEM survey results pending.
- Shallow infill drilling delivers 33.8m @ 0.81% CuEq from 38m in HN-24-100
- Results again highlight the significant Au, Ag, PGM and Co by-products never previously assayed.
- Demonstrates continuity of the wide zone of shallow open-pittable copper mineralisation.
- Significant depth extension via drilling and DHEM in the southern zone
- The lesser-drilled southern zone now demonstrates potential to match or possibly exceed the central zone where economic resources extend to 550m (still open), 50-60% deeper than currently defined in the south.
- Only ~30% of the strike length has been drilled below 220m, yet this deeper area already hosts ~30% of the current JORC resource.
- Assays from 25 holes remain pending, including multiple step-out and DHEM results across zones of open mineralisation.
“These results show clearly the tremendous potential for Horden Lake to deliver substantial exploration upside, with hole 98 showing the copper zone expanding at depth with one of the best intersections on the project.
Most excitingly, we couple this with very strong DHEM conductors indicating this mineralisation has continuity along strike and clearly extends at depth.
It is important to highlight that drilling has defined high grade mineralisation to over 550m in the central zone (and still open), and we now see no reason why the southern zone cannot achieve a similar, or possibly better, result. We have a significant amount of news-flow in the pipeline and we shall release further assays as they become available, along with downhole EM results where surveyed.”
Overview
Horden Lake is a copper dominant Cu-Ni-Au-PGM-Co Project located 131km north-northwest of Matagami, in Quebec Canada. The Project hosts an indicated and inferred mineral resource estimate of 28mt at 1.5% CuEq, as a result of over 52,464m of drilling already completed on the property. Pivotal has recently completed a 7,097m / 34 hole diamond drilling campaign. 1,317m / 6 holes have been reported prior to this announcement.
The objectives of the drilling program were to infill missing by-product multi-element assay information, target resource expansion potential (which remains open at depth across its full extent) and collect a distribution of metallurgical sample for a complete test work program. Downhole EM surveys have also been completed to dimension future exploration potential and targeting.
The results of drilling in HN-24-98 together with HN-24-93 and HN-24-94, and DHEM across HN24-98 and HN-24- 96 provide strong evidence of substantial resource growth potential at depth. This southern portion of the deposit has only a couple of holes below ~200m vertical depth. In the central portion, drilling has defined continuous zone of resources to approximately 550m.
Figure 1: Drill plan map with significant 2024 results, Horden Lake Cu-Ni-Au-PGM Project
Drill Hole and DHEM Discussion
Reported results are focused in the southern portion of the Horden Lake deposit. Hole HN-24-98 was designed to test step out potential, whilst holes HN-24-99 and HN-24-100 were shallower holes designed to infill continuity and collect by-product assay information not taken previously. DHEM survey results for HN-24-98 are also reported here, along with the survey results of HN-24-96 (assays reported on 10 June 2024).
Click here for the full ASX Release
This article includes content from Pivotal Metals, 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.
Surge in EV Market Drives Demand for High-density Battery Materials
The electric vehicle (EV) sector is growing, spurring the market for battery materials.
As lithium-ion batteries reach their capacity limit, demand is expanding for other raw materials to manufacture high-density batteries, particularly nickel. This metal boasts a wide range of physical properties that make it ideal for the green energy market — plus it’s an affordable component looked to for next-generation as well as existing products.
Demand for nickel for use in EVs is expected to increase tenfold from 2019 to 2030. Since nickel is also used to generate geothermal energy, hydrogen, hydro, wind and solar power, it’s emerging as a key component in green energy.
EVs driving upwards
As product offerings expand and charging infrastructure improves, consumers’ hesitation is waning and people are buying EVs in ever-increasing numbers. The first half of 2023 saw a 49 percent increase in global sales, reaching 6.2 million units. By 2030, global sales are expected to hit 40 million units.
Many jurisdictions support the move to EVs. In the U.S., for instance, a slate of federal legislation enables the growth of the industry, including tax credits. All new cars and vans sold in the EU must be zero emission as of 2035.
However, the current generation of lithium-ion batteries used for EVs — as well as mobile phones, laptops and just about every other commercial battery-driven product — have their limits. Research efforts across sectors are developing lighter, longer lasting and more efficient batteries.
Next-generation high-density batteries will require a larger array of raw materials, resulting in increased demand.
Why high density?
While lithium-ion batteries have proven themselves a workhorse for consumer products, batteries with a higher energy density can store more energy by weight. Researchers in academia and industry are trying to increase the energy density of lithium-ion batteries, and find alternative materials to make batteries that can contain more energy in smaller and lighter forms.
Currently, EVs weigh about 30 percent more than gas-powered cars — the battery itself weighs an average of 1,000 pounds — increasing the wear-and-tear on roads, bridges and parking garages, and making them more dangerous in collisions.
In the consumer device market, the size and weight of batteries limits the functionality of laptops and smartphones.
Industrial use of batteries, including the potential for battery-powered aircraft, will expand as the weight of batteries decreases.
Nickel’s potential
Once primarily used to make alloys, nickel is now a standard material in the sustainable energy sector.
The global nickel market was $14.61 billion in 2023 and is expected to grow to $44.59 billion in 2024.
As a battery material, nickel can deliver high energy density and storage capacity at a low cost. In fact, it has roughly twice the energy density of other materials, supporting higher voltages and storage capacities, but also offering stability. It’s already an ingredient in most lithium-ion batteries used in EVs.
Because of its use in the sustainable energy sector, nickel’s price has seen increased demand and prices since 2017 — but price fluctuations are common. The average monthly price per tonne was US$18,465 in 2021 and US$25,834 in 2022.
It hit a nine month high of $21,615 per tonne in May 2024 and now sells for under $18,000 per tonne.
Nickel’s limitations
Nickel is mined in over 25 countries. In 2022, world reserves were estimated to be more than 102 million tonnes, with large known reserves in Indonesia, Australia and Brazil.
While there are ample worldwide reserves and nickel remains an affordable raw material, mining can involve challenges.
A handful of nations control the most plentiful nickel reserves, and that has spurred geopolitical wrangling. As the U.S. and China have endeavoured to secure supply lines for EV materials for themselves while warding off others, they have inked partnership around mining and processing with resource-rich nations.
That includes Indonesia, the largest producer of nickel in the world, which has threatened to ban the export of raw or refined nickel, requiring any finished product manufacturing to happen locally. Meanwhile, the country has fewer environmental rules, which can clash with regulations from importing nations and shareholders.
Other top producers include the Philippines, which has been partnering with the US, allegedly to prevent China from gaining access to its reserves. New Caledonia, a French island territory, is dealing with considerable civil unrest that has disrupted mining operations. Russia is also a major holder of nickel reserves.
Meanwhile, mining nickel ecan bnvironmentally intensive, with concerns around water pollution while smelting emits high amounts of greenhouse gases. Technological advances are helping lead to, for instance, cleaner extracting processes.
Promising reserves
Some nickel projects in development offer appealing investment opportunities in stable, democratic jurisdictions with strong environment controls.
Australia is a major player in the sector with 36 mines in operation and a number of promising new sites in development. That includes Australian Mines’ (ASX:AUZ,OTC Pink:AMSLF) Sconi cobalt-nickel scandium project, expected to be in commission in 2028, with 33.89 megatonnes of reserves. Nico Resources (ASX:NCI,OTC Pink:NICOF) is developing the Wingellina nickel-cobalt project, which has reserves of 2 megatonnes of nickel.
Canada is the sixth largest producer of nickel in the world with existing mines largely run by two major players, Vale (NYSE:VALE) and Glencore (LSE:GLEN,OTC:GLNCF). However, more of its in-development mines are run by a larger array of companies with appeal to investors.
The Baptiste nickel project in British Columbia, run by FPX Nickel (TSXV:FPX,OTCQB:FPOCF) purports to be a low-carbon mine with a plan to mine 59,100 tonnes of nickel a year over 29 years.
Ramp Metals (TSXV:RAMP) has three properties covering 40,000 hectares in Saskatchewan that are in exploration mode. Most notably, Rottenstone SW has an eye structure believed to be a major feeder chamber for the regional system that previously supported the Rottenstone Mine. The project’s geology bears striking similarities with the Nova-Bollinger nickel-copper mine in Australia previously owned by Sirius Resources and was eventually sold for AU$1.8 billion. Partial results from the company’s winter geo sampling intercepted multiple zones of gold mineralization, with more results pending.
Investor takeaway
While the price of nickel can fluctuate, the value should continue to climb over time. It’s a reliable ingredient in a wide array of green energy projects, and is a material still looked to for next-generation batteries and other products.
Projects in stable jurisdictions that have continued access to resources, plus follow environmental ethics that appeal to investors, should offer an appealing way to get involved in the sector.
By Diane Peters
Diane Peters is a freelance writer based in Ontario.
This INNSpired article is sponsored by Ramp Metals (TSXV:RAMP). This INNSpired article provides information which was sourced by the Investing News Network (INN) and approved by Ramp Metalsin order to help investors learn more about the company. Ramp Metals is 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 Ramp Metalsand seek advice from a qualified investment advisor.
Blackstone Receives A$1 Million R&D Refund Advance
Blackstone Minerals Limited (ASX: BSX) (“Blackstone” or the “Company”) is pleased to announce that it has received A$1 million as an advance from research & development (“R&D”) lending fund backed by Asymmetric Innovation Finance (“Asymmetric”) and Fiftyone Capital ("Fiftyone"), on Blackstone’s future 2024 refundable tax offset for R&D expenditure.
The advanced payment of A$1m received reflects the ongoing investment by Blackstone to develop the Ta Khoa Refinery process and Blackstone’s unique strategy to convert nickel concentrate blends into battery products in the form of precursor cathode active material (“pCAM”). The majority of Blackstone’s investment was directed to process development and piloting programs in Australia. The $1 million will be repaid following lodgement of the R&D claim under the R&D Tax Incentive Program.
The Company’s current cash position is ~$4.1 million following receipt of the advance, with further details of the end of June 2024 cash position to be included in the Quarterly Appendix 5B due prior to the end of July 2024.
Blackstone’s Managing Director Scott Williamson commented “the additional funding allows Blackstone to complete the Ta Khoa Refinery definitive feasibility study over the coming months and continue to progress the joint venture partnership process for the Ta Khoa Project in Vietnam”.
Click here for the full ASX Release
This article includes content from Blackstone 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.
First Two Step-out Holes Extend High Grades at Horden Lake
Pivotal Metals Limited (ASX:PVT) (‘Pivotal’ or the ‘Company’) is pleased to provide the assay results of two further drill holes from its 2024 diamond drill program completed at its 100% owned Horden Lake Project in Quebec, Canada.
Highlights
- High grade copper mineralisation extended down-plunge in hole HN-24-97, the first step-out hole reported from the 2024 drill program.
- 21.5m @ 0.98% CuEq1 (0.56% Cu, 0.12% Ni, 0.07g/t Au, 0.09g/t Pd) plus additional 0.03g/t Pt, 119ppm Co, 8.3g/t Ag from 266.1m
Including 7.2m @ 1.56% CuEq from 280.4m - Deepest hole in this zone, 80-110m diagonally down-plunge from the two nearest historic holes
- 21.5m @ 0.98% CuEq1 (0.56% Cu, 0.12% Ni, 0.07g/t Au, 0.09g/t Pd) plus additional 0.03g/t Pt, 119ppm Co, 8.3g/t Ag from 266.1m
- HN-24-96 extends downwards and infills high grade mineralisation in 130m gap between previously drilled holes.
- 17.1m @ 0.58% CuEq (0.25% Cu, 0.1% Ni, 0.03g/t Au, 0.06g/t Pd) plus additional 0.03g/t Pt, 95ppm Co, 3.9g/t Ag from 203m
Including 5.1m @ 0.95% CuEq from 206.6m - 11.9m @ 1.39% CuEq (0.42% Cu, 0.33% Ni, 0.03g/t Au, 0.13g/t Pd) plus additional 0.04g/t Pt, 230ppm Co, 4.8g/t Ag from 229.7m.
Including 7.8m @ 2.1% CuEq from 229.7m
- 17.1m @ 0.58% CuEq (0.25% Cu, 0.1% Ni, 0.03g/t Au, 0.06g/t Pd) plus additional 0.03g/t Pt, 95ppm Co, 3.9g/t Ag from 203m
- Mineralisation now defined to 200-230m vertical depth in the vicinity of these holes. This is less than half the ~550m depth that mineralisation has been defined to in the central part of Horden Lake.
- Significant gold, silver, palladium, platinum and cobalt metals delineated once again, which were not assayed in this part of the deposit during previous drill campaigns.
- Consistent news-flow ahead, including results from the remaining 5,780m / 28 diamond drill holes and downhole EM surveys to be released, followed by a mineral resource update and metallurgical test-work in H2.
Managing Director, Mr Fairhall said:
“Down plunge extensions are a key pillar of the significant upside story at Horden Lake. The southern flank of the deposit has only been drilled to around 200m, whereas mineralisation is defined to ~550m in the central portion. These high grade results in the south demonstrate the strong potential for resource growth at depth, with the deposit remaining completely open across its full strike extent. In addition, we anticipate increasing the metal content of the resource through inclusion of the significant palladium, gold, cobalt, platinum and silver assays we are seeing which were never before assayed for in this portion of the deposit.
We have a significant amount of news-flow in the pipeline as we release further assays and the results of downhole surveys as they become available.”
Overview
Horden Lake is a copper dominant Cu-Ni-Au-PGM-Co Project located 131km north-northwest of Matagami, in Quebec Canada. The Project hosts an indicated and inferred mineral resource estimate of 28mt at 1.5% CuEq, as a result of over 52,464m of drilling already completed on the property. Pivotal has recently completed a 7,097m / 34 hole diamond drilling campaign. 705m / 4 holes have been reported prior to this announcement.
The objectives of the drilling program were to infill missing by-product multi-element assay information, target resource expansion potential (which remains open at depth across its full extent) and collect a distribution of metallurgical sample for a complete test work program. Downhole EM surveys have also been completed to dimension future exploration potential and targeting.
Figure 1: Drill plan map of the Horden Lake Cu-Ni-Au-PGM Project
Drill Hole Discussion
Holes HN-24-96 and HN-24-97 were designed to test step out and infill the deeper extensions in the southern portion of the Horden Lake deposit. Table 1 contains the significant intersections, and Figure 2 is a longitudinal section showing the spatial distribution of historical and new drill hole pierce points.
Table 1: Significant intersections. Lower cut 0.3% CuEq over 1.5m (max dilution 5m). Higher cut 1.1% CuEq over 1.5m (5m max dilution).
Figure 2: Longitudinal section looking southeast through the Horden Lake deposit
Hole HN-24-97 is located 140m down-plunge from the 2024 hole HN-24-95 (refer ASX announcement 16 May 2024), and 80m and 110m respectively diagonally down-plunge from holes previously drilled holes H25315 and H26812. Mineralisation falls within one wide intersection of 21.45m grading 0.98% CuEq (0.56% Cu, 0.12% Ni) from 266.1m (Figure 3). Higher grade intersections include 7.17m grading 1.56% CuEq (1.10% Cu, 0.13% Ni) from 280.38m, which includes 4.53m grading 2.05% CuEq (1.48% Cu, 0.18% Ni) from 282.15m. Mineralisation between 266.1 to 282.85 occurs within meta-pyroxenites, meta-gabbros, and mafic dykes and one semi massive sulphide zone. The highest grade zone, 282.85 to 287.55 m occurs within the metasediments with one massive sulphide mineralisation and included a single assay of 4.08% copper over 0.66m at 282.85m. Whilst an inferred zone of mineralisation above 0.3% CuEq was interpreted in this zone, no higher grade zone extended to this area and this intersection shows very encouraging extensions of high grade mineralisation at depth.
Click here for the full ASX Release
This article includes content from Pivotal Metals, 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.
Wyloo to Build Canada’s First Battery Materials Processing Facility in Sudbury
Privately owned critical materials company Wyloo announced on May 29 that it has secured a parcel of land in Sudbury, Ontario, to construct Canada’s first downstream battery materials processing facility.
The project is geared at bridging a gap in the conversion of raw materials to battery-grade chemicals for Canada’s electric vehicle (EV) supply chain, while also reducing the country's reliance on imports.
Construction is anticipated to align with the development of Wyloo’s Eagle’s Nest mine in Northern Ontario’s Ring of Fire region, with mine construction expected to commence in 2027 and the facility to follow thereafter.
Wyloo's facility will process nickel sourced primarily from Eagle’s Nest. It will also process third-party nickel-bearing feed and recycled battery materials, aiming to meet half of the nickel demand generated by Canada’s burgeoning EV industry.
Wyloo CEO Kristan Straub emphasized the strategic importance of this facility in a company press release.
“The urgency to bolster North America’s capacity for processing metals — particularly nickel — has never been more apparent. Our Sudbury facility will provide a critical link in the supply chain, producing low-carbon nickel sulphate and nickel-dominant precursor cathode active material (pCAM), essential components for EV batteries,” he said.
Canada building EV supply chain momentum
Wyloo’s announcement marks another development in Canada’s growing EV supply chain momentum.
In April, Honda Motor (NYSE:HMC) announced a C$15 billion investment to establish an EV value chain in Ontario.
The company wants to construct an innovative and environmentally responsible EV plant and standalone EV battery plant that will feature a cathode active material and pCAM processing plant.
The project is expected to commence production in 2028, with an annual capacity of 240,000 vehicles. The accompanying EV battery plant will have a production capacity of 36 gigawatt hours per year.
Honda’s investment aligns with Canada's strategy to become a global leader in EV production. According to Wyloo's Straub, the nation's government has committed over C$40 billion to develop a complete EV supply chain, emphasizing local production and reducing reliance on foreign imports.
In addition to its Canadian venture, Wyloo is advancing plans for an integrated battery materials facility in Kwinana, Western Australia. This project, which was announced in April 2023 and is a partnership with IGO (ASX:IGO,OTC Pink:IPDGF), aims to integrate a downstream nickel refinery with a plant producing high-value pCAM.
According to the companies, the Kwinana facility will capitalize on Western Australia’s substantial nickel reserves and existing lithium hydroxide production infrastructure.
Don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
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