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Canadian Critical Minerals: Advancing Bull River Copper Mine Back to Production
Canadian Critical Minerals (TSXV:CCMI,OTCQB:RIINF) advances two copper projects in tier 1 mining jurisdictions in Canada. The main project is the 100 percent-owned Bull River Mine near Cranbrook, British Columbia with a mineral resource of 135 million pounds (Mlbs) copper. CCMI also owns a 34 percent interest in the Thierry mine at Pickle Lake, Ontario, which has a mineral resource base containing 1.3 billion pounds (Blbs) copper with other metals, including nickel, silver, palladium, platinum and gold.
CCMI plans to restart the Bull River mine and return it to production. The company is currently securing permits to restart the mine at its designed capacity of 700 tons per day (tpd). In the meantime, CCMI has begun selling pre-concentrated copper, gold and silver ore from the surface stockpiles at Bull River through an ore purchase agreement with New Afton.
In April 2024, the company transported 362 wet metric tons (wmt) of mineralized material to New Afton and received a payment of US$72,445 for the shipment. The sale of stockpiles should provide near-term cash flow, which will be used to restart the Bull River mine. The current stockpile at Bull River is estimated at 180,000 tons (or 6.14 Mlbs copper equivalent) valued at approximately C$30 million.
The Bull River project is near Cranbrook, British Columbia and comprises 21 mineral claims covering an area of 10,285 hectares. It is a tier 1 mining jurisdiction with year-round access to the site by paved and all-weather roads, as well as being connected to the BC Hydro hydroelectric power grid. Bull River was a producing mine from 1971 to 1974.
Company Highlights
- Canadian Critical Minerals is a Canada-based exploration and development company focused on the battery and critical minerals space.
- Two advanced Copper projects in Canada – the 100 percent owned Bull River mine in British Columbia and a 34 percent interest in the Thierry mine in Ontario.
- Focused on restarting the past-producing Bull River mine, currently under care and maintenance.
- The mine has a current surface stockpile, which is generating revenue for the company, estimated at 180,000 tons (or 6.14 Mlb copper equivalent), valued at ~C$30 million.
- The Thierry Project is a past-producing copper and nickel mine with excellent infrastructure and year-round access. The current mineral resource estimate indicates 1.3 billion pounds of copper.
- Thierry mine has a PEA study indicating after-tax NPV @6 percent of C$488 million with an IRR of 36 percent.
- Given its 34 percent interest in Thierry mine, CCMI can benefit from any positive assay results from the drilling program at Thierry mine completed last year and future exploration.
- Copper remains in a long-term secular bull market. The demand for copper is forecast to exceed the current supply. CCMI, with its two advanced copper projects, is well positioned to benefit from future growth opportunities.
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Canadian Critical Minerals
Overview
Canadian Critical Minerals (TSXV:CCMI,OTCQB:RIINF) is a mineral exploration company with two advanced copper projects in tier 1 mining jurisdictions in Canada. The main project is the 100 percent owned Bull River Mine near Cranbrook, British Columbia, which has a mineral resource containing 135 million pounds (Mlbs) copper. CCMI also owns a 34 percent interest in the Thierry mine at Pickle Lake, Ontario, which has a mineral resource base containing 1.3 billion pounds (Blbs) copper, along with other metals, including nickel, silver, palladium, platinum and gold.
The near-term focus is restarting the Bull River mine and returning it to production. The project is currently under care and maintenance. CCMI is in the process of securing permits to restart the mine at its designed capacity of 700 tons per day (tpd). In the meantime, CCMI has begun selling pre-concentrated copper, gold and silver ore from the surface stockpiles at Bull River through an ore purchase agreement with New Afton. In April 2024, the company transported 362 wet metric tons (wmt) of mineralized material to New Afton and received a payment of US$72,445 for the shipment. The sale of stockpiles should provide near-term cash flow, which will be used to restart the Bull River mine. The current stockpile at Bull River is estimated at 180,000 tons (or 6.14 Mlbs copper equivalent) valued at approximately C$30 million.
Bull River Mine
The outlook for copper remains bullish. The transition towards green energy, electric vehicles and artificial intelligence (AI) are driving demand, causing the price of this industrial metal to surge towards a new record high. S&P Global estimates copper demand to double by 2035 to 50 million metric tons. On the other hand, supply is estimated to touch 30 million metric tons by 2036, according to Statista. This clearly implies a shortfall that is likely to support prices in the long term.
Canadian Critical Minerals offers several unique value propositions which make it attractive for investors looking to participate in the copper market. It has an assured revenue stream for the next 15 to 18 months from the sale of stockpiles to New Afton. It is working to secure permits to get the Bull River mine back into production. Bull River is a fully developed underground mine which can be restarted with minimal capital expenditure. Additionally, a 34 percent stake in the Thierry mine offers optionality to investors to participate in any exploration and development success of the project.
Company Highlights
- Canadian Critical Minerals is a Canada-based exploration and development company focused on the battery and critical minerals space.
- Two advanced Copper projects in Canada – the 100 percent owned Bull River mine in British Columbia and a 30 percent interest in the Thierry mine in Ontario which is owned by Cuprum Corp.
- Focused on restarting the past-producing Bull River mine, currently under care and maintenance.
- The mine has a current surface stockpile, which is generating revenue for the company, estimated at 180,000 tons (or 6.14 Mlb copper equivalent), valued at ~C$30 million.
- The Thierry Project is a past-producing copper and nickel mine with excellent infrastructure and year-round access. The current mineral resource estimate indicates 1.3 billion pounds of copper.
- Thierry mine has a PEA study indicating after-tax NPV @6 percent of C$488 million with an IRR of 36 percent.
- Given its 34 percent interest in Thierry mine, CCMI can benefit from any positive assay results from the drilling program at Thierry mine completed last year and future exploration.
- Copper remains in a long-term secular bull market. The demand for copper is forecast to exceed the current supply. CCMI, with its two advanced copper projects, is well positioned to benefit from future growth opportunities.
Key Projects
Bull River Mine Project
The Bull River project is near Cranbrook, British Columbia and comprises 21 mineral claims covering an area of 10,285 hectares. It is a tier 1 mining jurisdiction with year-round access to the site by paved and all-weather roads, as well as being connected to the BC Hydro hydroelectric power grid. Bull River was a producing mine from 1971 to 1974. Between 1996 and 2010 22,000 metres of underground workings were developed and the mine is currently dewatered. The underground infrastructure provides access to the orebodies on seven different levels to depth of 350 metres below surface. The minehas been under care and maintenance since 2014. Due to its historical development, most of the necessary mining infrastructure at Bull River is already established and only requires refurbishment or replacement to become operational again.
CCMI is in the process of securing permits to restart the mine at its designed capacity of 700 tpd. In the meantime, CCMI is generating revenue via the sale of surface stockpiles at Bull River. CCMI has entered into an ore purchase agreement with New Afton to sell stockpiled mineralized materials from the Bull River mine project. The agreement ensures near-term cash flows and reduces financing risk associated with the project.
The most current NI 43-101 compliant resource estimate published December 1, 2021, has indicated resources of 2.261 MT at 2.132 percent copper (or 106.27 Mlbs copper equivalent) and inferred resources of 1.356 MT at 1.918 percent copper (or 57.33 Mlbs copper equivalent).
Thierry Mine Project
The Thierry project is situated about 15 kms west of Pickle Lake, Ontario, accessible year-round via paved and all-weather roads. It is a past producing copper and nickel mine spanning approximately 4,700 hectares and includes an NI 43-101 mineral resource. CCMI owns a 34 percent interest in the mine through a private company called Cuprum Corp.
A seven-hole, 2,600-meter drilling program was completed in July 2023. The assay results for two holes were released, while the results for the remaining five are pending. Highlights for the first two drill holes include:
- Hole CCM 23-51 intersected 106 meters at 0.539 percent copper equivalent within 248 meters at 0.438 percent copper equivalent from surface
- Hole CCM 23-52 intersected 244 meters at 0.382 percent copper equivalent from surface
The most current NI 43-101 compliant resource estimate published in January 2021 has measured and indicated resources of 8.815 MT at 1.66 percent copper (or 322 Mlbs), inferred resources of 14.922 MT at 1.64 percent copper (or 538 Mlbs copper), and open-pit resources of 53.614 MT at 0.38 percent copper (or 449 Mlbs). In total, 1.3 Blbs of copper is estimated at the Thierry mine. The current PEA study indicates an after-tax NPV@6 percent of US$488 million and an after-tax IRR of 36 percent.
Management Team
Ian Berzins – CEO, President, and Interim Board Chairman
Ian Berzins is a mining industry veteran with over 35 years of experience and extensive knowledge in all aspects of mining, from operations to maintenance to financing. He has successfully run large mining operations such as Thompson Creek Metals’ Mount Milligan mine and San Gold Corporation’s Rice Lake mine. He holds a B.Sc. in mining engineering from Queen’s University.
Dwayne Vinck – Chief Financial Officer
Dwayne Vinck has over 30 years of experience in public accounting and financial reporting, executive leadership, project leadership, and mergers and acquisitions. He holds a Bachelor of Commerce (Honours) from the University of Manitoba and is a member of the Chartered Accountants of Alberta and the Institute of Corporate Directors. He is also a director of several publicly traded companies.
David Johnston – Director
David Johnston founded Braveheart Resources Canada (now Canadian Critical Minerals). He has considerable public company experience as a director and is also the founder of insurance firm Capital Benefits.
Heather Kennedy – Director
Heather Kennedy has over 30 years of mineral processing plant experience covering mine liaison, operations, projects, and capital expansions. She has worked in senior roles in both the private and public sectors. She holds a B.Sc. in metallurgical engineering from Queen's University and is a registered professional engineer in the Province of Alberta.
Gestur Kristjansson – Director
Gestur Kristjansson has over 30 years of experience in accounting, financial management, corporate finance, and mergers and acquisitions. He has participated in multiple equity and debt raises, with over $400 million sourced. He was previously the chief financial officer and vice-president of finance of a publicly listed Canadian gold mining company. He holds a BA in advanced applied economics from the University of Manitoba and an MBA from the University of British Columbia.
Aaron Matlock – Director
Aaron Matlock is an entrepreneur with experience in operational logistics and risk management. He holds a diploma in agriculture finance from the College of Lethbridge in 2002 and a degree in economics from the University of Lethbridge in 2004.
John Morgan – Director
John Morgan is a seasoned mining executive with more than 40 years of experience in all facets of mining across both domestic and international mining operations. He holds a B.Sc. in geology from the University of British Columbia. Most recently, he was the president, COO, and director at Atlantic Gold Corporation.
Christopher Stewart – Director
Christopher Stewart has over 30 years of management experience and operational and technical experience in the mining industry. He has worked with several mining companies in senior leadership roles, including president and CEO for Minto Metals, Treasury Metals and Liberty Mines; president & COO for McEwen Mining; and vice-president of Operations for Kirkland Lake Gold. He is also a director for Cassiar Gold (GLDC.V) and ESGold (ESAU.CN) and owns CWS Mining Services, a small mining consulting company. He holds a Bachelor of Science in mining engineering from Queen’s University.
Strong Gold Anomalism Outlines Potential Analogue of Kamperman Prospect at Feysville
Assay results from the first two reconnaissance AC drill traverses highlight potential for new discoveries 1.5km north-west of the high-grade Kamperman Prospect at Feysville.
Astral Resources NL (ASX: AAR) (Astral or the Company) is pleased to provide an update on recent exploration activities at its 100%-owned Feysville Gold Project (Feysville), located 14km south of Kalgoorlie in Western Australia (Figure 1).
- Two significant new zones of gold mineralisation (> 1.0 g/t Au) delineated in the first two air-core (AC) drill traverses completed at the Feysville Gold Project as part of an initial 120-hole (3,664 metres) reconnaissance program.
- The program utilised a slimline RC rig to test an interpreted zone of structural complexity, with holes achieving an average penetration depth of 31m.
- Approximately 25% of completed holes returned gold anomalism greater than 0.1g/t Au from four-metre composite sampling, which is considered very successful for first-pass reconnaissance drilling.
- The first gold anomaly is coincident with a magnetic high and is interpreted to be associated with the mineralised Ethereal Shear. Best results include:
- 26 metres at 0.14g/t Au from 27 metres to bottom-of-hole (BOH) in FAC179;
- 16 metres at 0.35g/t Au from 26 metres including 4 metres at 1.24g/t Au from 26 metres in FAC180;
- 18 metres at 0.32g/t Au from 20 metres to BOH including 4 metres at 1.29g/t Au from 24 metres in FAC107; and
- 12 metres at 0.23g/t Au from 21 metres including 3 metres at 0.68g/t Au from 29 metres to BOH in FAC109.
- The second gold anomaly appears to be associated with a previously identified prospect known as Empire Rose, where historic drilling returned results including 3 metres at 5.01g/t Au from 41 metres and 7 metres at 2.47g/t Au from 71 metres in FEC350. Best AC results from the current program include:
- 19 metres at 0.73g/t Au from 4 metres to BOH including 4 metres at 2.46g/t Au from 12 metres in FAC141;
- 6 metres at 0.30g/t Au from 8 metres including 1 metre at 1.02g/t Au from 13 metres to BOH in FAC142; and
- 12 metres at 0.23g/t Au from 23 metres to BOH.
- Reverse circulation (RC) drilling is being planned to follow up both anomalies in the second half of 2024.
- A 26-hole (2,600 metre) RC drill program evaluating the Kamperman prospect is underway. Mineral Resource Estimates (MRE) for the Think Big deposit and the Rogan Josh and Kamperman prospects are scheduled for delivery this quarter.
Astral Resources’ Managing Director Marc Ducler said:“This initial reconnaissance drill program has highlighted two new zones of gold anomalism. The first anomaly represents a potential Kamperman-style analogue located approximately 150 metres north-east of the Empire Rose Prospect, coincident with a large magnetic break, and defined by a zone of thick gold anomalism. The second anomaly, a significant zone of gold anomalism has also been identified associated with intense shearing and interpreted to be the extension of the Ethereal Shear.
“Two potential gold discoveries from the first half of a four line-kilometre reconnaissance drill program is an exciting start. With over 25% of the 120 AC holes drilled intersecting significant gold anomalism (>0.1g/t Au) – well above background and 100-times above the detection limit – we are confident we have demonstrated the potential for further gold discoveries within our Feysville tenement package.
“While the Rogan Josh in-fill program didn’t return the high-grade intervals we might have hoped for, it confirmed our current interpretations of gold mineralisation, closed off parts of the potential resource, and will greatly assist with completion of the Rogan Josh MRE, which is currently underway.
“Meanwhile, the exploration team is progressing an in-fill RC program at Kamperman before our attention turns to a planned 14,000 metre RC in-fill program at the cornerstone Theia deposit at the Mandilla Gold Project. This will provide information vital for progression of advanced mining studies and MRE updates.
“Our intention at Feysville continues to be on the demonstration of its potential to deliver higher-grade satellite ore feed to a Mandilla Processing Hub as contemplated in our September 2023 Scoping Study.
“We are now more confident than ever that Think Big and Kamperman will deliver on this upside. With this new reconnaissance drilling pointing to new upside opportunities with a potential Kamperman-style analogue and possible extensions to the mineralised Ethereal Shear, we see the very real chance of delivering on our growth ambitions from the Feysville Project.”
Click here for the full ASX Release
This article includes content from Astral 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.
Aurum Resources Poised for Significant Discovery, Report Says
Description:
Private equity firm 3L has identified Australian gold explorer Aurum Resources (ASX:AUE) as one of exploration companies primed for significant gold discoveries or research expansions in West Africa’s emerging world-class gold district.
“Aurum is definitely outlining volumes of mineralization that would pull a pit shell and be above the cutoff in a future resource estimate,” the 3L noted in a West Africa Primer titled, West Africa’s Gold - The New Caviar of the Gold Sector, issued in June 2024.
The report cited Aurum’s Boundiali gold project, in Côte d'Ivoire, West Africa, which has had a series of drilling successes during the first scout drilling program. Aurum's diamond drilling has been highly successful with results such as 4 metres @ 22.4 grams per ton (g/t) gold, 73 metres @ 2.15 g/t gold, 90 metres @ 1.16 g/t gold, or 12 metres @ 14.6 g/t gold.
Location of Aurum’s Boundiali Gold Project in Côte d'Ivoire
“Aurum saw strong demand from investors on the back of these results and raised A$17M on June 13. The funds will be used to ramp up drilling to 10,000m per month, and an initial resource estimate is expected in late 2024,” the report said.
Highlights of the report:
- West Africa is emerging as a premier gold mining district, as gold production continues to skyrocket.
- West Africa offers a quick path from discovery to production, with projects like Endeavour’s Lafigué asset, transitioning from exploration to gold production in just six years.
- Aurum Resources is one of eight gold exploration projects in West Africa with significant potential for gold discoveries and resource expansion.
- Investing in West Africa, while still carrying risks in terms of political instability and security, can potentially provide an enormous payoff with the right navigational and strategic approach.
For the full analyst report, click here.
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Rights Issue Offer Results
Tempest Minerals Ltd (TEM) (“Tempest” or the “Company”) is pleased to advise the completion of the pro-rata non-renounceable Entitlement offer (Offer). The Offer comprised one fully paid ordinary share (“New Shares”) in the Company for every five (5) fully paid ordinary shares held at an issue price of $0.008 per New Share.
The Company advises that it received applications for a total of 24,251,886 shares, amounting to $194,015. This comprised applications for:
- 17,662,016 Entitlement shares; and
- 6,589,870 Additional Shares (oversubscriptions).
The New Shares are expected to be issued on Friday 12 July 2024, in accordance with the timetable outlined in the ASX announcement dated 17 June 2024.
The resulting shortfall from the Offer is 79,573,471 shares, which represents a take-up from eligible shareholders of approximately 23.36%.
Tempest would like to thank all shareholders for their support and are excited to further progress our exploration at our Western Australian projects including our upcoming drilling at the Remorse Target.
Under the terms of the Offer Issue as outlined in section 1.11 of the Rights Issue Offer Document, the Directors may allocate the shortfall at their discretion within 3 months of the closing date of the Offer. Following this notification, various parties who have previously expressed potential interest in taking up the shortfall will be approached.
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This article includes content from Tempest 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.
Brightstar Fast-Tracks Development Timeline with Decision to Proceed to Definitive Feasibility Study
Brightstar Resources Limited (ASX: BTR) (Brightstar or the Company) is pleased to announce positive initial results from the ongoing 30,000m RC and Diamond drilling campaigns across its portfolio and workstreams within the Pre-Feasibility study.
HIGHLIGHTS
- Positive results from drilling1,2 and Pre-Feasibility workstreams have encouraged Brightstar to elect to upgrade the previously announced PFS3 into a Definitive Feasibility Study due for completion with a Final Investment Decision (FID) in early 2025
- The current drilling programs will provide sufficient geological, metallurgical and geotechnical information to enable Ore Reserves to be declared at the Lady Shenton System, Fish and Lord Byron deposits as the first mines to be developed by Brightstar
- Brightstar has identified an opportunity to fast-track gold production via an expedited development of the Fish underground deposit ahead of open pit mining complexes at Lord Byron, Lady Shenton and Cork Tree Well
- Previously mined existing stockpiles at Brightstar’s Beta and Lord Byron projects in Laverton provide an important low-cost ore source for blending with Second Fortune and Fish underground ore in ramp up
- Engagements with suppliers including mining contractors, accommodation camp builders and camp service providers ongoing to support advanced timelines
- Feasibility Study philosophy focused on a low CAPEX approach, with the DFS to detail the refurbishment of the existing Laverton processing infrastructure and development strategy of the project areas and deposits comprising the Laverton and Menzies Hubs
- Ongoing proactive interactions with local stakeholders in the Laverton & Menzies areas including Shires, Traditional Owners and Pastoralists and regulatory bodies ensure Brightstar is well positioned on permitting and approvals to make FID in 1H 2025
With the addition of the Second Fortune Gold Mine and the near-term Jasper Hills Project (consisting of the Fish and Lord Byron deposits) via the merger with Linden Gold Alliance4 resulting in the growth of the Mineral Resource in the ‘Laverton Hub’ to 862koz at 1.8g/t Au, Brightstar has identified a streamlined development pathway which will focus on advancing the Laverton Hub to support its ambition of becoming a meaningful gold producer.
Brightstar’s Managing Director, Alex Rovira, commented“With the integration of the Linden Gold team and assets into the Brightstar business, it is prudent to reflect on the combined scoping studies previously released to the market and outlined in the Merger Presentation5 which articulated Brightstar’s mining operations initially commencing at Menzies ahead of a transition to the Laverton Hub to reduce capital requirements.
With the combination of the Brightstar and Linden assets, it is logical to consolidate and prioritise the Laverton Hub given the logical operational and geographic synergies potentially generating meaningful gold production from a single operational hub, with the Menzies assets to be developed separately to build Brightstar into a multi-asset gold producer in 2025.”
Figure 1 - Diamond (foreground) and RC (background) drill rigs at Second Fortune Gold Mine
Next Steps
Brightstar will continue to progress the Definitive Feasibility workstreams, with advice, gap analyses and cost variations received from key consultants to upgrade the previously announced PFS workstreams into definitive feasibility study levels of accuracy.
Information from ongoing drilling programs will continue to feed into feasibility workstreams, with two Reverse Circulation (RC) drills presently at the Lord Byron and Fish deposits at the the Jasper Hills Project, with the Diamond rig at Second Fortune Gold Mine completing the final three holes targeting orebody extensions at depths ahead of mobilising to Fish.
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This article includes content from Brightstar 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.
Update on the Pre-Feasibility Study at the Lake Hope High Purity Alumina Project WA
Impact Minerals Limited’s (ASX:IPT) is pleased to provide an update on the progress of the Pre-Feasibility Study (PFS) underway on the Lake Hope High Purity Alumina (HPA) project located 500 km east of Perth in Western Australia and on schedule to be finished by the end of 2024 (Figure 1). Impact can take an 80% interest in Playa One Pty Limited, which owns the Lake Hope Project and associated intellectual property, by completing the PFS (ASX Releases March 21st 2023).
The Pre-Feasibility Study (PFS) for the Lake Hope Project continues on schedule to be completed in Q4 this year, with significant progress made on the three main pillars of the Study: the mine, the process plant and product development, marketing and offtake.
The Mine at Lake Hope:
- A negotiation protocol for Land Access and Cultural Heritage agreements with the Ngadju peoples is under review.
- Applications for a Mining Lease and associated Miscellaneous Lease will be lodged shortly.
- Infill drilling to define a maiden Measured Resource and Proven Reserve completed with resource calculations and economic studies in progress.
- Further flora fauna and heritage surveys are being planned for the mine haul road.
The Process Plant:
- Kwinana selected as the location for a benchmark production of 10,000 tonnes per annum of HPA due to access to providers of the required input chemical reagents, buyers of the fertiliser and acid by-products and access to suitable land. Combined, these provide substantial strategic advantages for the project with savings on capex and opex.
- The Low-Temperature Leach process selected as the most straightforward processing method to produce HPA at scale.
- CPC Engineering selected to provide a design and engineering study for the full-scale plant that is underway.
Product development, offtake and marketing
- Significant test work on HPA and fertiliser by-products completed with assays due in August. Quotes received and discussions in progress for designing and constructing a pilot plant to provide bulk samples to customers.
- Experimental work has produced a hydrated alumina product that may have major applications in the catalyst and flame retardant industries.
- Early-stage discussions are underway for potential synergies with existing alumina businesses in Europe and the USA.
- A marketing and product development team is being assembled.
All material assumptions underpinning the production target and the forecast financial information derived from the production target in the Scoping Study continue to apply and have not materially changed within the +/-30% parameters (ASX November 9th 2023).
Impact Minerals’ Managing Director, Dr Mike Jones, said, “The Lake Hope Pre-Feasibility Study is like a large jigsaw puzzle where we know what the final picture looks like and are now starting to see many of the individual pieces falling into place at a great pace. We have been focused on the puzzle's edges with progress made at the proposed mine at Lake Hope itself, the process plant, which will be in Kwinana and increasingly, product offtake and marketing.
We are filling the puzzle with discussions with the Ngadju peoples, preparing a Mining Lease Application and completing drilling to help define a maiden Reserve. We have selected Kwinana as the site for the processing plant and our proprietary Low-Temperature Leach as the best method to scale up HPA production to the planned 10,000 tonnes per annum because of substantial strategic advantages. These include ready providers for all the reagents we need, ready buyers for our by-products and a site possibly suitable for the plant. As a result, we recently commissioned CPC Engineering to provide design engineering and capital and operating costs for the LTL process plant on that site.
Our test work is progressing well, and as part of that, we recently discovered a product that may have various industrial uses with further research being done. We are looking at ways of accelerating a pilot plant development that will provide HPA in quantity to potential customers and are starting to assemble a marketing team to continue our outreach to them. Recent developments with Alpha HPA Limited, which has shown very strong global demand for HPA and related products, clearly demonstrate to me that “if we build it, they will come”. We continue on schedule to complete the PFS by the end of the year and set ourselves up for significant strides towards production in 2025”.
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This article includes content from Impact Minerals, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
The Golden Triangle’s Growing Mining Potential
British Columbia’s mineral-rich Golden Triangle might be even bigger than assumed.
Gold, silver and copper abound in the Golden Triangle, a region in Northwestern British Columbia housing the mineral-rich Stikine Terrace. Since the end of the 19th century, more than 150 mines have operated in the region. A resurgence in the area is revealing opportunities both within its traditional boundaries and beyond.
Prospecting in Northwestern BC has been increasing in recent years, and new technologies are revealing more deposits of gold, silver and other valuable materials both within the Golden Triangle and beyond. Improved infrastructure, a stable geopolitical situation and strong local support is making this one of the hottest mining regions in the world.
History of the Golden Triangle
The Golden Triangle is also called the Iskut district, and it is a well-mineralized region in BC that extends from Kisault in the south to Iskut in the north and to the Stikine River in the northwest. Volcanic activity during the Late Triassic and Early Jurassic era caused extensive mineralization in the area, the terrane of which is often known as Stikinia, or the Stikine terrane.
Gold was first discovered in the area in 1861, at the confluence of the Stikine and Anuk rivers, triggering the region’s first gold rush, which was later followed by two more. Since then, more than 150 mines have operated in the region.
Success stories include the Silbak Premier mine, which was the richest mine in North America in the 1920s. Another is the Eskay Creek gold and silver mine, which entered production in 1994 and produced 3 million ounces of gold and 150 million ounces of silver by the time it closed in 2008. Skeena Resources (TSX:SKE) is currently working to revitalize the mine.
A resurgence of activity
Exploration in the region grew quiet in the 1990s and 2000s, as access challenges caused by cold winters and poor roads plus the depressed price of gold caused projects to shut down. However, it has since seen a renewal both inside the traditional boundaries of the Golden Triangle and nearby.
Work in the region has been enabled by the installation of high-voltage transmission lines, offering a reliable and affordable source of energy in the remote region. The Stewart-Cassiar Highway has transformed ground access. By water, the port in Stewart now has improved facilities.
Additionally, the Tahltan Nation and Nisga’a Nation, whose traditional unceded territories make up the Golden Triangle, are supportive of the mining industry. The two nations formed a partnership to strengthen their position as industry leaders and welcome investment from mining companies that respect their people and sovereignty, according to Mining News North.
There are currently two operating gold mines in the Golden Triangle, Brucejack and Red Chris. Both are owned by Newmont (TSX:NGT,NYSE:NEM) following its acquisition of Newcrest Mining, and produced 273,000 ounces and 39,000 ounces of gold respectively in Newmont's fiscal 2023.
Major finds include those by Seabridge Gold (TSX:SEA,NYSE:SA), which has a market cap of $1.23 billion and whose Kerr-Sulphurets-Mitchell (KSM) project hosts significant amounts of gold, copper, silver and molybdenum. Reportedly, it’s the largest undeveloped gold resource in the world and the third largest undeveloped copper resource.
The region is also home to Tudor Gold's (TSX:TUD) Goldstorm deposit at the Treaty Creek project, considered one of the larger gold discoveries made in recent decades.
Other notable projects in the Golden Triangle include Ascot Resources’ (TSX:AOT) Premier and Red Mountain projects.
Expanding the search
While discoveries are ongoing inside the traditional boundaries of the triangle, much of BC is abundantly mineralized. On the outskirts of the Golden Triangle, there have been numerous notable discoveries that have been less publicized, but still offer powerful investment potential.
Trailbreaker Resources' (TSXV:TBK) Atsutla gold project is located in the Atsulta mountain range 70 kilometers south of the BC-Yukon border. The company has defined five significant gold zones over 26 kilometers.
Cassiar Gold (TSXV:GLDC) owns the Cassiar Gold project, which covers 590 square kilometers near the Golden Triangle, with two main project areas hosting substantial gold resources. The Williams project in Northern BC, owned by CopAur Minerals (TSXV:CPAU), covers a land package of 9,700 hectares and hosts substantial gold and copper discovery potential.
Prospect Ridge Resources (CSE:PRR) has made some significant exploration progress near the edge of the Golden Triangle as well. Its two key assets, Knauss Creek and the placer past-producing Holy Grail property, exhibit high-grade potential for gold, silver, copper, lead and zinc. Exploration work at Knauss Creek, 35 kilometers north-east of Terrace, has shown high-grade mineralization, particularly in the Copper Ridge zone.
The Mt Hart project, run by Rare Earth Ridge Resources, is adjacent to the Golden Triangle in BC's tin-tungsten belt. The project hosts peralkaline granite that contains high levels of rare earth and critical metals, and it is also prospective for tin greisen deposits.
On the edge of discoveries
Investment opportunities just outside the Golden Triangle come with a range of benefits. Many of them are close enough to the triangle to benefit from its infrastructure upgrades, including power upgrades and improved roads. The larger region boasts a skilled workforce that is willing to locate where there are opportunities.
Many pockets in the province once housed mines, and new technologies are discovering untapped deposits near these facilities. Revitalizing these regions can tap into existing local roads, power and communities.
Investor takeaway
British Columbia is a stable jurisdiction that supports the mining industry, and natural resources are a longstanding key industry for the province. The path well-worn by previous ventures has aided in gaining government approvals and brokering positive relationships with local Indigenous communities. These factors are supportive of projects both in and near the Golden Triangle.
Importantly, Golden Triangle investment opportunities garner worldwide attention, but there are numerous underexplored regions on the fringes that offer novel investment opportunities for those willing to look a little farther afield.
Diane Peters is a freelance writer based in Ontario.
This INNSpired article is sponsored by Prospect Ridge (CSE:PRR,OTC:PRRSF,FRA:OED). This INNSpired article provides information which was sourced by the Investing News Network (INN) and approved by Prospect Ridge in order to help investors learn more about the company. Prospect Ridge 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 Prospect Ridge and seek advice from a qualified investment advisor.
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