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Channel Sampling at Renforth's Victoria West Delivers Consistent Surface Nickel Mineralization Combined with Copper Enrichment
Renforth Resources Inc. (CNSX:RFR.CN) (OTC:RFHRF) (FSE:9RR) (“Renforth” or the “Company”) is pleased to share the consistent results of channel sampling across the ~275m stripped surface area of the ~5km Victoria West nickel/copper mineralized system within Renforth’s wholly owned ~30,000 hectare Surimeau District Property in NW Quebec. The channel samples demonstrate consistent elevated nickel and cobalt values, along with elevated copper and zinc values. In several locations the two mineralization types “mix”, the highlight of this “mixing” is a 12.9m section of Channel 49 which overall assays 0.121% Ni and 0.013% Co, including 0.224% Ni over 1m, which also includes 5.5m of 0.43% Cu and 1.63% Zn, within which 0.8m assays 2.05% Cu.
Mineralized Channel Sample Highlights
In addition to the channels cut there were several grab samples taken at the beginning of the program as stripping started but before channels could be cut. Grab samples are selected by the geologists and not representative of the whole of the mineralized system, highlights are presented below.
Grab Sample Assay Highlights
Victoria West Channel Map
The channel sampling, carried out after stripping overburden which varied between 0 and 3m in depth, has revealed consistent nickel/cobalt mineralization, similar to what has been seen in the near surface drilling to date, however, it has also resulted in a greater proportion of copper/zinc intersections than seen in drilling. Exploration continues on this >5km polymetallic system, located within a 20km magnetic anomaly, where Renforth has only drilled 5,626m.
“I am happy to deliver results to shareholders which demonstrate that our discovery of a polymetallic, nickel/cobalt and copper/zinc, mineralized system at Victoria West, stretching over >5km and hiding in plain sight, is a surface system. This gives Victoria West another advantage, in addition to numerous road access options and hydro-electric power, we are dealing with easily, and cost effectively, accessed mineralization. For Renforth the multiple metals present, the location and the jurisdiction of this discovery mean we can consider grades which, while they may appear low when compared to other projects around the world and under deeper cover, are in fact very interesting to us. In addition, Surimeau is located approximately 70km from Glencore’s Horne Smelter in Rouyn-Noranda, Canada’s only copper smelter which also engages in recycling of strategic and precious metals, shipping anode to their Montreal refinery, also Canada’s own copper/nickel refinery. If Renforth is fortunate to have an asset in Victoria West which is proven, in the future, to warrant being mined the solution is sitting within an hour from our doorstep. To be clear, Victoria West is not a mine yet, and we do not know if it will be. But we look forward to aggressively pursuing the answer to that question” states Nicole Brewster, President and CEO of Renforth.
Renforth’s Annual General meeting was held, the voting recommendations were passed.
At year end Renforth closed an additional $200,000 in flow through funding, a second close to the previously announced financing. Each Flow-Through Unit was priced at $0.10 and consists of one common share in the capital of the Company issued on a ‘flow-through’ basis, and one-half of one common share purchase warrant. Each whole warrant issued with the Flow Through Unit, entitles the holder to purchase one common share in the capital of the Company at a price of $0.13 for a period of 12 months following closing. All securities issued under the Offering are subject to a four-month statutory hold period in Canada.
Technical disclosure in this press release has been reviewed and approved by Francis R. Newton P.Geo (OGQ#2129), a “qualified person” pursuant to NI 43-101.
For further information please contact:
Renforth Resources Inc.
Nicole Brewster
President and Chief Executive Officer
C:416-818-1393
E: nicole@renforthresources.com
#Unit 1B – 955 Brock Road, Pickering ON L1W 2X9
Follow Renforth on Facebook, LinkedIn and Instagram!
About Renforth
Renforth wholly owns the ~260 km2 Surimeau District Property, which hosts numerous areas of polymetallic and gold mineralization, each with various levels of exploration, as well as a significant amount of unexplored ground. Victoria West has been drilled over a strike length of 2.2km, within a 5km long mineralized structure, proving nickel, copper, zinc and cobalt mineralization, in the western end of a 20km magnetic anomaly. The Huston target, during initial reconnaissance, resulted in a grab sample grading 1.9% Ni, 1.38% Cu, 1170 ppm Co and 4 g/t Ag. In addition to this the Lalonde, Surimeau and Colonie Targets are all polymetallic mineralized occurrences which, along with various gold showings, comprise the areas of potential of this NSR free property.
In addition to the Surimeau District battery metals property Renforth wholly owns the Parbec Gold deposit, a surface gold deposit contiguous to the Canadian Malartic Mine property in Malartic, Quebec. In 2020/21 Renforth completed 15,569m of drilling which successfully twinned certain historic holes, filled in gaps in the resource model with newly discovered gold mineralization and extended mineralization deeper. Based upon the success of this significant drill program the Company considers the spring 2020 MRE, with a resource estimate of 104,000 indicated ounces of gold at a grade of 1.78 g/t Au and 177,000 inferred ounces of gold at a grade of 1.78 g/t Au to be out of date. With the new data gained Renforth will undertake to complete the first ever structural study of the mineralization at Parbec, as well as additional total metallic assay work in order to better contextualize the nugget effect on the gold mineralization.
Renforth also holds the Malartic West property, the site of a copper/silver discovery, and Nixon-Bartleman, west of Timmins Ontario, with gold present on surface over a strike length of ~500m.
No securities regulatory authority has approved or disapproved of the contents of this news release.
Forward Looking Statements
This news release contains forward-looking statements and information under applicable securities laws. All statements, other than statements of historical fact, are forward looking. Forward-looking statements are frequently identified by such words as ‘may’, ‘will’, ‘plan’, ‘expect’, ‘believe’, ‘anticipate’, ‘estimate’, ‘intend’ and similar words referring to future events and results. Such statements and information are based on the current opinions and expectations of management. All forward-looking information is inherently uncertain and subject to a variety of assumptions, risks and uncertainties, including the speculative nature of mineral exploration and development, fluctuating commodity prices, the risks of obtaining necessary approvals, licenses and permits and the availability of financing, as described in more detail in the Company’s securities filings available at www.sedar.com. Actual events or results may differ materially from those projected in the forward-looking statements and the reader is cautioned against placing undue reliance thereon. Forward-looking information speaks only as of the date on which it is provided and the Company assumes no obligation to revise or update these forward-looking statements except as required by applicable law.
Ramp Metals Inc. Announces Closing of Qualifying Transaction and Anticipated Trading Date Under the Symbol "RAMP"
Ramp Metals Inc. (TSXV: AAC.P) (formerly Anacott Acquisition Corporation) (the "Company") is pleased to announce that it has closed its previously announced reverse-takeover transaction (the "Transaction") pursuant to a merger agreement (the "Merger Agreement") dated effective July 28, 2023, between the Company (formerly Anacott Acquisition Corporation), Ramp Metals Inc. ("Ramp") and 1429494 B.C. Ltd., a wholly-owned subsidiary of the Company (together, the "Parties").
The Transaction
Effective March 19, 2024, as a condition to the completion of the Transaction, the Company consolidated its common shares ("Common Shares") on the basis of 1.7603584 pre-consolidation Common Shares for one post-consolidation Common Share (the "Consolidation"). Immediately following the Consolidation, the Company had an aggregate of 2,500,000 Common Shares issued and outstanding.
Pursuant to the terms of the Transaction, Ramp amalgamated with 1429494 B.C. Ltd. by way of a three cornered amalgamation pursuant to the Merger Agreement, a copy of which is available under the Company's profile on SEDAR+ at www.sedarplus.ca, and all outstanding shares of Ramp ("Ramp Shares") were exchanged for post-Consolidation Common Shares on the basis of one Common Share for each one Ramp Share, resulting in 29,886,305 Common Shares being issued at a deemed price of $0.20 per Common Share to former shareholders of Ramp. Further details regarding the Transaction can be found in the filing statement of the Company dated March 6, 2024 (the "Filing Statement"), a copy of which is available under the Company's profile on SEDAR+ at www.sedarplus.ca.
The Parties to the Transaction have made their final submission to the TSX Venture Exchange (the "Exchange") pursuant to Exchange Policy 2.4 to seek final Exchange acceptance of the Transaction.
Following the completion of the Transaction, the Company changed its name to "Ramp Metals Inc." It is anticipated that the Common Shares will resume trading on the Exchange under the trading symbol "RAMP" on or about March 22, 2024.
Escrowed Shares
On completion of the Transaction, certain Principals (as defined in the policies of the Exchange) of the resulting issuer holding an aggregate of 19,800,100 Common Shares became subject to escrow in accordance with Section 6.2 of Policy 5.4 - Escrow, Vendor Consideration and Resale Restrictions of the Exchange ("Policy 5.4") and pursuant to a surplus escrow agreement dated March 19, 2024 between the Company, Computershare Trust Company, as escrow agent, and such Principals. Pursuant to Section 6.2 of Policy 5.4, 5% of the escrowed Common Shares will be released at the time of the final bulletin of the Exchange (the "Final Exchange Bulletin"), 5% of the escrowed shares will be released 6 months from the date of the Final Exchange Bulletin, 10% of the escrowed shares will be released 12 months from the date of the Final Exchange Bulletin, 10% of the escrowed shares will be released 18 months from the date of the Final Exchange Bulletin, 15% of the escrowed shares will be released 24 months from the date of the Final Exchange Bulletin, 15% of the escrowed shares will be released 30 months from the date of the Final Exchange Bulletin, and 40% of the escrowed shares will be released 36 months from the date of the Final Exchange Bulletin. In addition to these restrictions, two Principals holding an aggregate of 9,600,000 Common Shares are also subject to contractual restrictions on the transfer which provide that the first 15% of such Common Shares held by those Principals shall not be released until 6 months from the date of the Final Exchange Bulletin.
Also on completion of the Transaction, certain shareholders of the resulting issuer holding an aggregate of 400,000 Common Shares became subject to seed share resale restrictions in accordance with Section 10.8 of Policy 5.4.
Certain current and/or former shareholders of the Company are subject to an escrow agreement dated March 17, 2021 (the "CPC Escrow Agreement"), with the Exchange and Computershare Trust Company, as escrow agent, in respect of 1,136,133 Common Shares and 227,226 incentive stock options to acquire Common Shares. Under the terms of the CPC Escrow Agreement, 25% of the escrowed securities will be released at the time of the Final Exchange Bulletin, with an additional 25% released on each 6 month anniversary thereafter.
Board of Directors and Executive Management
Following the completion of the Transaction, the following individuals will comprise the directors and officers of the Company:
Jordan Black | - | Chief Executive Officer, Director |
Rachael Chae | - | Chief Financial Officer |
Pritpal Singh | - | Director |
David Parker | - | Director |
Hermann Peter | - | Director |
Michael Romanik | - | Director |
Auditors
Concurrently with the closing of the Transaction, Crowe MacKay LLP has been appointed as the auditor of the Company.
Year End
Following completion of the Transaction, the fiscal year end of the Company shall be June 30.
Additional Information
The Company's transfer agent, Computershare Trust Company, will be mailing or emailing the direct registration system statements pursuant to the direction of the Company to all former shareholders of Ramp setting out each holder's shareholdings.
Holders of pre-Consolidation Common Shares will be receiving by mail, from Computershare Trust Company, a letter of transmittal with instructions on how to remit their pre-Consolidation Common Shares for post-Consolidation Company Shares, as necessary. The CUSIP number for the Common Shares is 75157B108.
For further information, please refer to the Filing Statement posted to the Company's profile on SEDAR+ at www.sedarplus.ca, as well as the Company's press releases dated March 7, 2024, January 23, 2024, September 25, 2023 and July 28, 2023.
About Ramp Metals Inc.
Ramp is a battery and base metal exploration company with two flagship properties located in northern Saskatchewan and one property in Nye County, Nevada. The management team is passionate about green field exploration and new technologies. The vision of Ramp is to make the next big discovery required to fuel the green technology movement.
This press release does not constitute an offer of securities for sale in the United States. The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and such securities may not be offered or sold within the United States absent U.S. registration or an applicable exemption from U.S. registration requirements.
The TSXV has in no way passed upon the merits of the Transaction and has neither approved nor disapproved of the contents of this press release.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
FORWARD-LOOKING STATEMENTS
This news release contains "forward-looking statements" within the meaning of applicable securities laws. All statements contained herein that are not clearly historical in nature may constitute forward-looking statements. Generally, such forward-looking information or forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or may contain statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "will continue", "will occur" or "will be achieved". The forward-looking information and forward-looking statements contained herein include, but are not limited to, statements regarding: the delivery of materials from Computershare Trust Company to holders of pre-Consolidation Common Shares in connection with the Consolidation; the final approval of the TSXV of the Transaction and the anticipated resumption of the trading of the Common Shares; and other factors.
These statements involve known and unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements to differ materially from those expressed or implied by such statements, including but not limited to risks related to the business of the Company and market conditions.
Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Accordingly, readers should not place undue reliance on any forward-looking statements or information. No forward-looking statement can be guaranteed. Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and the Company does not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.
For further information, please contact:
Ramp Metals Inc.
Jordan Black
Chief Executive Officer
info@rampmetals.com
Prit Singh
Director
905 510 7636
info@rampmetals.com
Nickel's Role in the Critical Energy Transition
The European Union, Canada, the US and Australia have all added nickel to their lists of critical minerals, deeming it essential for global sustainable energy and decarbonisation.
In spite of the resource's ubiquity and long history in multiple sectors, many investors know very little about it, overlooking the investment potential of this underhyped base metal.
Through an understanding of nickel's overall market as well as its industrial applications, role in electrification and position in the clean energy landscape, investors can position themselves to identify and leverage a range of promising opportunities.
The many faces of nickel
A silver-white base metal notable for its high corrosion resistance, ductility and thermal conductivity, nickel has historically been used in everything from coins and wires to gas turbines and rocket engines. The metal is a key ingredient in alloys such as stainless steel, which accounts for roughly 69 percent of all nickel usage.
Additionally, nickel-copper alloys are used in desalination plants and boat propeller shafts. Nickel can also be added to glass to give it a green hue and used as a catalyst in the hydrogenation of vegetable oils.
Nickel's radioactivity is among its least-known characteristics — roughly five stable nickel isotopes can be found in nature, with Nickel-58 being the most abundant. These isotopes rarely emit enough radiation to be harmful to life, and the majority of nickel production comes from non-radioactive lateritic deposits. Interestingly enough, this trait may be part of the reason for the extremely high radiation resistance of certain nickel alloys.
Nickel-cobalt-iron-chromium-manganese, for example, barely reacts to radiation and may be used in radiation shielding for commercial spaceflight.
Nickel’s application as a key component in batteries for electric vehicles and energy storage, however, is the primary driver for its designation as a critical mineral. Some of the most efficient lithium-ion batteries to date use an 80 percent nickel cathode, while high-nickel batteries are expected to represent 50 percent of all production by 2030.
In addition to powering electric cars, nickel-based batteries provide critical energy storage for sustainable power grids. This is in addition to a multitude of other use cases in the energy sector. Components that rely on nickel alloys include wellheads, tubing, pipes and valves in oil and gas, turbines in fossil energy production and heat transfer systems, cooling systems and radiation shielding in nuclear power.
Nickel alloys are also used to produce the storage containers used in biofuel production. Wind and hydroelectric power generation use nickel for generator and gearing components. Finally, in solar energy production, nickel-containing stainless steel may be used for collector pipes and storage tanks.
Volatile supply with immense potential
Nickel is the fifth most common element on Earth, with an estimated 102 million tonnes of reserves worldwide. Indonesia and Australia each account for 21 percent of these reserves, followed by Brazil (16 percent). As of 2022, global nickel resources were estimated at over 300 million tons, with 60 percent contained in laterite and 40 percent contained in magmatic sulphide.
Due to its volatile market price, nickel is colloquially referred to as the devil's metal. According to last year's ASA Commodities Report, there are numerous factors contributing to this volatility, including fear of bank failures and a substantial reduction in trading volumes. Additionally, because nickel is used so extensively for industrial applications, uncertainty about commercial and industrial policies has played a large role in price variations over the past several years.
Currently, the global nickel market is valued at an estimated US$33.51 billion and is expected to reach US$53.39 billion by 2031 with a compounded annual growth rate of 7.98 percent. Electrification represents a major driver of this growth. As battery and sustainable energy production continues to ramp up, this may prove problematic.
Although there are extensive nickel reserves worldwide, not all of these reserves are of high enough purity. Both industrial applications and sustainable energy require Class 1 nickel. Also known as battery-grade nickel, Class 1 nickel contains a 99.8 percent or higher concentration of the metal.
Class 2 nickel, meanwhile, refers to all nickel with a purity of less than 99 percent, including nickel pig iron. It's far easier to process than high-grade nickel.
The world currently faces an impending supply shortage of Class 1 nickel for several reasons. First, the ongoing Russia-Ukraine conflict has introduced further uncertainty into the nickel market, creating widespread supply chain disruptions. In the US, the Eagle mine — the country's primary source of nickel — is due to close in 2025.
Lastly, as is the case with many critical minerals, demand for nickel has simply grown at a far faster rate than supply.
Importance of sustainable nickel production
To ensure the sustainable production of critical mineral resources, European regulators introduced the EU Battery Regulation.
A legislative framework encompassing the entire battery lifecycle, the regulation requires battery manufacturers to report the carbon footprint of battery production. This includes not only manufacturing, but also mining and processing. Additionally, if this footprint exceeds a maximum value, a company may potentially be restricted from participating in Europe's battery market.
The EU Battery Regulation went into full effect on February 18, 2024.
Because the creation of battery-grade nickel is historically a resource-intensive process with a large carbon footprint, ensuring sustainable production represents a considerable challenge. Fortunately, emerging production methods, such as high-pressure acid leaching alongside the use of sustainable power, may potentially enable net-zero nickel production. Nickel deposits that require minimal processing can also prove helpful.
Notable nickel projects
As noted by S&P Global Market Intelligence, major nickel discoveries in recent years have been relatively scarce. As such, larger companies such as Vale (NYSE:VALE), Glencore (LSE:GLEN,OTC Pink:GLCNF) and Eramet (EPA:ERA) are expected to play a major role in shoring up Europe's nickel supply chain. With that said, two mining and exploration companies in Europe display promise in terms of nickel production.
Nordic Nickel (ASX:NNL)
Nordic Nickel has two district-scale nickel-copper exploration assets in the Central Lapland Greenstone Belt of Northern Finland, totaling 515 square kilometres. Situated in what many have come to regard as the world's newest major nickel sulphide districts, the projects will further benefit from the country's extensive mining history and commitment to incentivising battery metals projects.
Nordic Nickel's Pulju project contains the Hotinvaara prospect area, which has a JORC resource of 418 million tonnes at 0.21 percent nickel, 0.01 percent cobalt and 53 parts per million copper for 862,800 tonnes of contained nickel, 40,000 tonnes of contained cobalt and 22,100 tonnes of contained copper. Hotinvaara represents only 2 percent of the total Pulju project exploration area and the remainder of the belt remains highly prospective for high-grade massive nickel sulphide and extensive shallow disseminated nickel mineralisation across 35 kilometres of prospective strike.
Nordic’s second project, the Maaninkijoki 3 project, also contains highly prospective ultramafic lithologies similar to the nearby Sakatti deposit.
Kuniko (ASX:KNI)
Kuniko holds roughly 1,065 square kilometres of exclusive license areas in Norway. Its assets are highly prospective for nickel, cobalt and copper, making the company ideally positioned to become a major supplier in the EU battery production chain. As with Nordic Nickel's projects in Finland, Kuniko's projects will benefit from Norway's rich mining history and dedication to supporting critical resource projects.
Investor takeaway
Many investors overlook the potential of nickel as a critical resource investment, owing to its ubiquity and volatility. Given current market trends and ongoing exploration and discovery, nickel’s significant investment opportunity can no longer be ignored. Nickel has immense potential as an investment — specifically, if a company can produce it sustainably and gain access to the European electric vehicle battery production value chain.
This INNSpired article is sponsored by Nordic Nickel (ASX:NNL). This INNSpired article provides information which was sourced by the Investing News Network (INN) and approved by Nordic Nickelin order to help investors learn more about the company. Nordic Nickelis 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 Nordic Nickel and seek advice from a qualified investment advisor.
Blackstone Update on Refinery Byproduct Offtake Strategy
Blackstone Minerals Limited (ASX: BSX) (“Blackstone” or the “Company”) is pleased to announce an update to its recent refinery byproduct offtake MOU announcement.
- Blackstone Minerals Limited (“Blackstone” or the “Company”) has progressed the Ta Khoa Refinery (“TKR” or “Project”) byproduct offtake strategy (refer ASX announcement 21 December 2023). The Company has signed a non-binding Memorandum of Understanding (“MOU”) with three Vietnamese companies to sell Ta Khoa Refinery byproducts, being manganese sulphate (or epsomite) and sodium sulphate. The identified companies include Vietnam Chemical Group (“VinaChem”), PV Chemical and Equipment Corporation (“PVChem”) and Nam Phong Green Joint Stock Company (“Nam Phong”);
- The offtake arrangements would create a pathway for Ta Khoa Refinery byproducts to enter the market as well as significantly improve revenues for the Ta Khoa Project, thus improving project financial credentials and operating costs (net of byproduct credits);
- The identified companies are also chemical suppliers, capable of suppling the necessary reagents to the Ta Khoa Refinery to convert nickel sulphide concentrate (and other intermediate products) into precursor cathode active material (“pCAM”) NCM811;
- Blackstone has signed a non-binding MOU with Development for Resources Environmental Technology Joint Stock Company (“DRET”) to investigate opportunities to repurpose and trade waste material (or residue) from the Ta Khoa Refinery into construction material products;
- Execution of residue offtake agreement/s will yield significant cost savings for the Project as it will reduce capex associated with on site storage requirements and improve revenue.
For a video summary of the announcement head to the Blackstone Investor Hub
https://investorhub.blackstoneminerals.com.au/link/4PK1xe
Byproduct Offtake & Reagent Supply Agreements
The Company has signed non-binding MOUs with three Vietnamese companies to develop opportunities to trade byproducts produced from its Vietnamese Ta Khoa Refinery.
The refinery will produce three different byproducts, these are:
- copper cathode (LME grade),
- magnesium sulphate in the form of epsomite,
- sodium sulphate.
The TKR prefeasibility study did not consider epsomite and sodium sulphate as ‘cash generating’. The inclusion of epsomite and sodium sulphate as a saleable byproduct will improve revenues for the TKR DFS, thus improving project financial credentials and operating costs (net of byproduct credits).
The engaged companies will use TKR byproducts to produce products such as fertiliser, detergents, construction materials and other chemical products. These products are then used in Vietnamese and global industries such as, but not limited to, agriculture, construction, industrial cleaning products, medical, textile, chemical, paper and glass manufacture.
Importantly, the engaged companies can take the full amount produced by the refinery. The Companies confirmed the byproduct volumes produced from the refinery are only a small portion of what is currently being imported into Vietnam, demonstrating offtake security. Blackstone believes it has a competitive advantage to displace the imported epsomite and sodium sulphate products given its location within 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.
Substantial Increase in Hotinvaara Resource Establishes Pulju as Globally Significant Nickel Sulphide District
Updated in-situ Mineral Resource Estimate sees contained nickel metal increase to 862,800t, demonstrating scale and significance of the Pulju Project.
Nickel sulphide and battery metals explorer Nordic Nickel Limited (ASX: NNL; Nordic, or the Company) is pleased to announce an updated in-situ JORC (2012) Mineral Resource Estimate (MRE) for the Hotinvaara Prospect (Hotinvaara) at its flagship, 100%-owned Pulju Nickel Project (Pulju, or the Project) in Finland following an extensive drilling campaign in 2023.
HIGHLIGHTS
- Updated Mineral Resource Estimate (MRE) completed for the Hotinvaara Prospect:
- MRE increased to 418Mt @ 0.21% Ni, 0.01% Co and 53ppm Cu for 862,800t of contained Ni, 40,000t of contained Co and 22,100t of contained Cu;
- Indicated Resource now 42Mt @ 0.22% Ni, for 92,700t of contained Ni;
- Inferred Resource of 376Mt @ 0.21% Ni, for 770,100t of contained Ni.
- A substantial portion of the updated MRE is located within 250m of surface, including 90,338t of contained Ni in the Indicated category and 368,750t as Inferred.
- The Company’s 28 holes drilled during 2023 have more than tripled the in-situ contained nickel estimate and the updated MRE now exceeds the upper end of the Company’s previously published Exploration Target.1
- Previously reported test work indicated 83-94% of the total nickel is in sulphides, with excellent liberation characteristics.
- Detailed metallurgical test work program is now underway.
- Revised, in-situ MRE demonstrates that the Hotinvaara Prospect represents a fertile ultramafic system that hosts extensive disseminated nickel sulphides that continue well beyond the current exploration area.
- Positions Pulju as a strategically significant project in the context of the rapidly growing battery materials supply chain in Europe.
- Exploration planning underway to refine the next phase of exploration, with an emphasis on potential high-grade targets within the vast disseminated nickel sulphide complex defined at Pulju.
Pulju is located in the Central Lapland Greenstone Belt (CLGB) of Finland, 50km north of Kittilä with access to world-class infrastructure, grid power, national highway, an international airport and, most importantly, Europe’s only two nickel smelters. The municipality of Kittilä also hosts western Europe’s largest gold mine, Suurikuusikko, operated by Agnico Eagle.
This updated MRE establishes Pulju as a globally significant nickel sulphide project, particularly given its proximity to the fast-growing European battery materials and EV sector.
The known nickel mineralisation in the CLGB is typically associated with ultramafic cumulate and komatiitic rocks with high-grade, massive sulphide lenses and veins enveloped by very large, lower grade disseminated nickel near-surface. The disseminated nickel at the Hotinvaara Prospect is widespread, while the known massive sulphides and higher-grade accumulations remain the primary target for upcoming drill campaigns at Hotinvaara.
The revised in-situ JORC (2012) MRE of 418Mt @ 0.21% Ni, is focused primarily on the potential of the near-surface disseminated mineralisation. Importantly, the area containing the MRE is limited solely to the Hotinvaara Exploration Licence area, which represents just 5km2 of Nordic’s total prospective project area of 240km2 at the Pulju Project.
Management Comment
Nordic Nickel Managing Director, Todd Ross, said the substantial increase in the in-situ MRE reflected the success of the Company’s maiden drill program in 2023, with the outcomes demonstrating the enormous scale and significance of the Pulju Project.
“Achieving a more than threefold increase in overall tonnages and contained metal is a fantastic result for our shareholders which really puts Pulju on the global nickel map,” he said.
“While cautioning that this is an in-situ MRE and further work is underway to fully establish its economic potential, the updated MRE clearly establishes the size of the disseminated nickel sulphide system – which remains open in almost all directions. It is also particularly significant that the updated MRE represents just two per cent of our overall landholding in North Finland.
“The revised MRE shows that Hotinvaara is a very fertile ultramafic system with disseminated sulphides now defined over a vast area. Our geology team, supported and advised by some of the world’s best nickel sulphide experts, believe this represents a clear marker or pathfinder to potential zones of higher-grade mineralisation, as well as delineating a major deposit in its own right.
“Strategically, this will be our focus over the coming months as we progress further studies to evaluate the disseminated mineralisation – principally detailed metallurgical testwork.
“The discovery of a significant zone of Sakatti-style mineralisation at Pulju could quickly transform the project and elevate the importance of the disseminated mineralisation already defined.
“We believe that Pulju is a project that is perfectly positioned to benefit from what we expect to be a significant recovery in the global nickel market in the coming years as the Western World seeks new sources of Class-1 nickel.
“European end-users in particular are already looking for potential sources of high-quality ‘green nickel’ to fuel the EV and battery industries of the next decade. Cheap Indonesian nickel is simply not an option for these customers, and that is the gap in the market we are chasing.
“European battery makers and auto giants are in the market for raw materials that come from within Europe and have solid green credentials. There aren’t many new mines in this part of the world to meet that demand – and that’s where projects like Pulju come in.
“This updated MRE sets a very strong value foundation for Nordic Nickel and provides us with an excellent launch pad to move forward into our second year of operations in Finland. We are looking forward to a busy year ahead with the resumption of drilling, metallurgical testwork results and other strategic developments that could significantly enhance the project.”
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This article includes content from Nordic Nickel, 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.
Blackstone Receives R&D Refund and Firms Up Cash Position
Blackstone Minerals Limited (ASX: BSX) (“Blackstone” or the “Company”) is pleased to announce that it has received A$4.25 million from the Australian Research and Development Tax Incentive Scheme for the 2023 financial year.
Following the receipt of the $4.25m, the $2.8m advance received in July 2023 (see ASX announcement 18 July 2023) was fully repaid to Asymmetric Innovation Finance.
In addition to the R&D refund, the company recently received $2m in cash from the sale of its shareholding in NiCo Resources Ltd (ASX: NC1), which together with the net R&D refund adding a total of $3.45 million to our cash position.
Blackstone’s Managing Director Scott Williamson commented“the additional funding firms up our cash position and allows Blackstone to focus on advancing the joint venture partner search whilst finalising the studies and permitting activities at the Ta Khoa Project in Vietnam”.
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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.
Australian Ambassador to Vietnam Visits Blackstone’s Projects
Blackstone Minerals Limited (ASX: BSX) (“Blackstone” or the “Company”) is pleased to announce that His Excellency, Mr Andrew Goledzinowski, Australian Ambassador to Vietnam visited Son La Province and met with Son La Provincial Peoples Committee and toured the Company’s mining and refining projects (“Ta Khoa Project”) in Northern Vietnam to highlight the key role the Ta Khoa project plays in the global transition to net zero.
Blackstone was invited to join the official meeting between the Ambassador and the Chairman of the Son La Provincial Peoples Committee (“Son La PPC”), Hoang Quoc Khanh in which the two discussed the current status of the Ta Khoa Project and the importance to both countries to develop this globally significant project. Both the Ambassador and the Chairman confirmed that the Australian Government and the Son La PPC are very supportive of the project.
Figure 1: His Excellency, Mr Andrew Goledzinowski, Australian Ambassador to Vietnam formally meets Chairman of the Son La Provincial Peoples Committee, Hoang Quoc Khanh
The Ambassador, accompanied by Son La PPC, Vice Chairman, Dang Ngoc Hau visited the Ban Phuc Nickel Mine (“BPNM”) with the first official duty to open the Blackstone Mining Information Centre. The Company together with the Son La PPC agreed that more effort was needed to promote the benefits of mining and to show case Australia’s high standard mining practices’ that are applied to the Ta Khoa Project. The Company intends to operate mine site tours for all stakeholders to promote the benefits of mining, show case high environmental standards and educate on the Ta Khoa Project.
Figure 2: Opening of the Blackstone Information Centre
The Ambassador then undertook a site visit of the Ban Phuc Nickel Mine, inspecting;
- the impressive core shed, the store for over 130,000 metres of core,
- the lower portal and existing BPNM concentrator, and
- the pilot plant facility which undertook the metallurgical testwork for the definitive feasibility study (“DFS”).
Figure 3: Site visit of the Ban Phuc Nickel Mine
The visit was concluded with a boat trip from BPNM in Bac Yen District to the Ta Khoa Refinery location in Phu Yen District. The Company was able to highlight to the Ambassador and the Son La PPC representatives the huge benefit of using the Da River for managing logistics. Barging is not only a lower cost transportation method, it also enables a lower carbon footprint and most importantly it eliminates the interaction with the community which has been deemed a high risk activity.
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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.
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