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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.
Aurum Resources Poised for Significant Discovery, Report Says
“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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Brightstar Fast-Tracks Development Timeline with Decision to Proceed to Definitive 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.
Click here for the full ASX Release
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.
Canadian Critical Minerals Investor Kit
- Corporate info
- Insights
- Growth strategies
- Upcoming projects