Copper and Cobalt in the Prolific Zambia-Congo Copper Belt
Overview
Africa is one the most important sources of copper in the world and is home to two of the world’s top 10 copper-producing countries–– Zambia and the Democratic Republic of Congo. Together, the Zambian-Congo Copper Belt is the largest and most prolific sediment-hosted copper region in the world. The copper belt hosts some of the world’s richest mines, with operators that include Barrick Gold (TSX:ABX), Glencore PLC (LON:GLEN), Ivanhoe Mines (TSX:IVN) and First Quantum Minerals (TSX:FM). As a result, exploration companies with early- to mid-stage copper projects in the copper belt present an exciting opportunity for investors.
Midnight Sun Mining’s (TSXV:MMA) Solwezi licenses in the North-Western province of Zambia span a significant 506 square kilometres in the Zambian-Congo Copper Belt,. The Company’s joint venture partner, Rio Tinto Mining and Exploration (NYSE:RIO), is currently operating the project and has the ability to earn up-to a 75 percent interest in the Solwezi licenses by spending $51 Million USD.
The company is led by a highly experienced management team with a history of discoveries and decades of experience in the exploration and development of high-value mines.
Midnight Sun Mining’s projects are in proximity to multiple producing mines. The Solwezi Licences are adjacent to First Quantum Minerals’ Kansanshi mining complex, one of the world’s largest copper mines and an important gold producer with resources exceeding 1 billion tonnes including copper grades of 0.7 to 0.8 percent and 4 million ounces of gold. Meanwhile, 120 kilometers away is the Sentinel Mine operated by First Quantum Minerals and 60 kilometres away is the Lumwana Mine operated by Barrick Gold. Ivanhoe’s Kamoa-Kakula Mine is less than 200km away, on the DRC side of the border.
Midnight Sun Mining strongly believes that its Solwezi Licences have the potential to host major billion-plus pound discoveries with excellent economics given the proximity to major mines and existing infrastructure.
Midnight Sun’s Company Highlights
Midnight Sun Mining is one of very few junior exploration companies in the prolific Zambian-Congo Copper Belt.
The region hosts multiple producing mines including Barrick Gold’s Lumwana mine, First Quantum’s Sentinel mine and Kansanshi mines, China Molybdenum’s Tenke Fungurume mine, and Ivanhoe’s Kamoa-Kakula mine.
The company’s Solwezi licenses are adjacent to First Quantum Minerals’ Kansanshi mine, which is one of the world’s largest copper mines.
The Solwezi Licences span a significant 506 square kilometres and consist of several highly prospective targets including the Mitu Trend, Dumbwa, Kazhiba Dome, Gameno and Western Flank.
The Mitu Trend and the Kazhiba Dome targets are high-grade discoveries with drill intercepts of 4.23 percent of copper equivalent and 5.71 percent of copper near the surface, respectively.
In April 2020, the company entered into a US$51 million earn-in and joint venture agreement with one of the world’s largest miners, Rio Tinto. The agreement grants Rio Tinto the right to up to a 75 percent interest in the Solwezi Licences.
Midnight Sun Mining is led by a highly experienced management team with a history of discoveries and decades of experience in the exploration and development of high-value mines.
Midnight Sun’s Management Team
Al Fabbro – President, CEO and Lead Director
Al Fabbro has over 40 years of experience in both the finance and mining industries. From 1984 to 1990, Fabbro headed the retail trading department of Yorkton Securities. Fabbro then spent six years with Yorkton’s Natural Resources Group. Fabbro spent 10 years as an investment advisor with Canaccord Capital specializing in the natural resource sector. Fabbro then became Lead Director of Roxgold Inc. which was named the top company on the TSX Venture 50. Fabbro helped raise more than $60 million in equity financing at Roxgold Inc. during his tenure.
Robert Sibthorpe – Vice President, Exploration & Director
Robert Sibthorpe has had extensive experience in the mineral exploration sector. Sibthorpe has worked in geology and business development with senior mining companies including Noranda, Falconbridge and Ivanhoe Mines. He also served as a research and corporate finance analyst in the securities industry for Midland Doherty Ltd., Yorkton Securities Inc. and Canaccord Capital Corp. He has been involved in the discovery and financing of numerous important mineral deposits, including Eskay Creek, Petaquilla and Fire Creek. From 2010 to 2012, Sibthorpe was the president and CEO of Roxgold Inc. in which he financed and discovered the Yaramoko deposit in Burkina Faso. Sibthorpe received his Bachelor of Science in Geology in 1972 and Masters of Business Administration in 1979 from the University of Toronto. Sibthorpe also received the Colin Spence Award from AMEBC for excellence in global mineral exploration.
Brett A. Richards – Director
Brett Richards is a natural resources executive with over 34 years of experience in mining and metals. He has a unique background in mining M&A, mine financing, mine development and senior-level operations experience. He brings publicly-listed CEO experience in the mining sector as well global operational experience with a geographic focus in the last 12 years in Africa. Richards has held positions for private equity shareholders in the past, including CEO of African Thunder Platinum, CEO of Renew Resources and CEO of Octéa. Richards is currently the CEO of Banro Corp. He has also previously served as the transition CEO of Roxgold, CEO of Avocet Mining and was part of the five-person start-up of Katanga Mining. Richard’s publicly-listed experience also includes senior executive positions with Kinross Gold and Co-Steel. He is currently the CEO of Goldshore Resources Inc.
Rick Mazur – Director
Rick Mazur is a designated P. Geo geoscientist with an MBA. Mazur has held positions in the international exploration and mining industry for over 40 years. Mazur has worked as a project geologist, financial analyst and senior executive on uranium, gold, base metals, coal and industrial minerals projects around the world. Mazur worked as an analyst for Canamax Resources Inc. from 1985 to 1991 during the development of three Canadian gold mines. Two of these mines –– Bell Creek in Timmins, Ontario and the Island Mine in Wawa, Ontario –– are still in production. Mazur also served as a director of Roxgold Inc. when it was named the top company on the TSX Venture 50 in 2012. Currently, he is a Director of Alto Ventures Ltd., Impact Silver Corp. and Forum Energy Metals Corp.
Wayne Moorhouse – Director
Wayne Moorhouse is a CFA who has held senior management positions with mining and civil construction companies. He has a proven track record at an operating level and as a financial executive covering all stages of a project’s life. Moorhouse’s project life experience includes grassroots exploration through feasibility and engineering studies, strategic planning, project finance, construction, mine expansion, operations and mergers and acquisitions. Moorhouse has acted for several TSX and TSX Venture listed resource companies including Genco Resources Ltd, Stealth Energy Inc. and Roxgold Inc. Moorhouse is currently a director of I-Minerals Inc. and the COO of EnviroLeach Technologies.
R. Stuart (Tookie) Angus – Advisor
Stuart Angus is an independent business advisor to the mining industry and is currently the chair of K92 Mining Inc. He is the former head of the Global Mining Group for Fasken Martineau. For the past 40 years, Angus has focused on structuring and financing significant international exploration, development and mining ventures. More recently, he was the managing director of mergers and acquisitions for Endeavour Financial and was responsible for merger and acquisition mandates. Angus is the former chairman of the Board of BC Sugar Refinery Limited. He has held former director positions at multiple companies, including First Quantum Minerals Ltd. until June 2005, Canico Resource Corp. until its takeover by Brazil’s CVRD in 2005, Bema Gold Corp. until its takeover by Kinross Gold Corporation in 2007, Ventana Gold Corp. until its takeover by AUX Canada Acquisition Inc. in 2011 and Plutonic Power Corporation until its merger with Magma Energy Corp. in 2011. He resigned as chair of Nevsun Resources Ltd. following its acquisition of Reservoir Minerals in 2017.
Matt MacKenzie – VP, Corporate Development and Corporate Secretary
Matt MacKenzie began his career in finance with GE Capital and BMO Capital Markets. At GE Capital and BMO Capital Markets, MacKenzie worked directly with clients in diverse fields including mineral exploration and production, oil and gas services and transportation. Additionally, MacKenzie has conducted consulting projects for the BC Lions Canadian football team, Vancouver Whitecaps of Major League Soccer and Vancouver Island Helicopters. MacKenzie holds a JD and MBA. MacKenzie served as manager of business and legal affairs for Roxgold Inc. before joining Midnight Sun.
Alastair Brownlow – CFO
Alastair Brownlow is a Chartered Professional Accountant and a U.S. Certified Public Accountant (Washington) specializing in resource-focused accounting and finance. Brownlow has accumulated extensive experience working as CFO of TSX Venture Exchange-listed resource companies. Brownlow’s experience spans exploration, development and production stages. Brownlow has also worked as an auditor in the British Virgin Islands. Before this, Brownlow worked for a Canadian chartered professional accountant firm where he specialized in the mining industry. In this role, Brownlow gained significant accounting experience in auditing resource companies with operations throughout the world. Brownlow holds a Bachelor of Business Administration degree with first-class honours from Simon Fraser University.
However, the majority of the demand growth for copper isn’t expected to come from those sectors –– it’s projected to come from the rise in electric vehicles. Specifically, a single electric vehicle requires 60 to 90 kilograms of copper compared to 23 kilograms for a gasoline-powered car. With the electric vehicle market expected to grow at a compound annual growth rate (CAGR) of 33.6 percent from 2020 to reach nearly $2.5 trillion by 2027, the associated copper market and its rising prices will likely be of significant interest to investors.
Bam Bam Resources Corp. (CSE: BBR / OTC: NPEZF / FSE: 4NPB) (“Bam Bam” or the “Company”) is a mineral company focused on acquiring, exploring, and developing a portfolio of highly prospective copper properties with high-grade potential in North America. The Company’s project is located in Nevada which is one of the top mining jurisdictions in the world and is led by a highly experienced management team with decades of experience in the finance and mining industries.
“Our best grade so far on the drill program that we ran last year is in the oxide copper – we got 2.4 percent (copper equivalent) from surface to 146 feet. That’s a significant hole and that’s a pretty significant starting point. So, we know that the oxide cap could potentially be quite rich and it has some pretty good depth as well. Now our plan is to define and increase the known mineralization in the oxide cap and publish an updated NI43-101 that will be released after the drill program is completed. “This will provide an updated report reflecting the improved understanding of the geology, size, and potential scale of the Majuba Hill Porphyry Copper System”, said VP of Communications, Joel Warawa.
The Company’s flagship Majuba Hill project is located in the mining-friendly region of Pershing County in Nevada in the United States and is 120 miles northeast of Tesla’s Giga factory. The project is a high-grade copper-silver porphyry deposit that also features gold mineralization. Majuba Hill also has a proven history of successful exploration and strong production throughout the years but is still considered to be largely unexplored.
Majuba Hill has outcropping oxide copper mineralization at the surface. The total potential for the project is over 1 billion tons of sulfide oxide mineralization with grades of 0.4 to 0.5 percent for copper, 10-14 g/t of silver and 0.17-0.25 g/t of gold. Surface sampling on Majuba Hill found copper as high as 7.1 percent and silver as high as 3 oz/t. Outcrop rock sampling also found 3 to 10 g/t of gold within the copper zones.
The Company completed a successful multi-phase drilling program on the Majuba Hill project in 2020. The extensive exploration drilling program outlined an oxide copper-silver mineralization body and additional new copper porphyry target areas with the potential to expand the mineralization. Results from this program point to a potentially large and economically significant underlying sulfide deposit.
In September 2021, the Company announced that it expanded its land position by more than 300 percent for the Majuba Hill project to a total size of 15.1 square miles or 39.2 square kilometres. This incredible accomplishment vastly increased the project’s tonnage potential from 500 million tons to over 1 billion tons. The Company strongly believes that Majuba Hill has the potential to be a district size property which could further increase the asset’s resource and overall value.
The Company is fully funded for its 2021 to 2022 expanded exploration program. The exploration program includes step-out and in-fill drilling to extend the tonnage of the oxide cap and expand the scale of the sulfide deposit. The soil sampling coverage has been increased by 100% with assay results currently pending. Going forward, Bam Bam plans to continue the systematic. Phased exploration with soil and rock sampling, geophysics, and drill results.
Company Highlights
Bam Bam is a mineral company focused on acquiring, exploring, and developing a portfolio of highly prospective copper properties with high-grade potential.
The Company’s flagship Majuba Hill project is located in the mining-friendly region of Pershing County in Nevada which was the top mining jurisdiction in the world in 2020. The property is 120 miles northeast of Tesla’s Giga factory.
Majuba Hill is a high-grade copper-silver porphyry deposit that also features gold mineralization and a proven history of successful exploration and strong production throughout the years. The has high-grade, outcropping oxide copper mineralization.
In September 2021, the Company announced that it expanded its land position by more than 300 percent for the Majuba Hill project to a total size of 15.1 square miles or 39.2 square kilometres. This vastly increased the project’s tonnage potential from 500 million tons to over 1 billion tons. The Company strongly believes that Majuba Hill has the potential to be a district size property which could further increase the asset’s resource and overall value.
The Company is fully funded for its 2021 to 2022 expanded exploration program. The company believes that previous results point to a potentially valuable underlying sulfide deposit.
The Company is led by a highly experienced management team with decades of experience in the finance and mining industries.
Key Projects
Majuba Hill
The flagship Majuba Hill is a high-grade copper-silver porphyry project that features gold. It is located in the mining-friendly region of Pershing County in Nevada in the United States. The project is located 120 miles northeast of Tesla’s Giga factory. Bam Bam controls 100 percent of the Majuba Hill Project with extensive mineral and surface rights held by private ownerships, patented mining claims, and Federal Lode Mining claims. The property is accessible all year round through roads and features a favourable physical setting and climate.
Majuba Hill has had historic exploration dating back to the early 1900s with production continuing into the 1950s. Historic production in and around the project includes 2.8 million pounds of copper, 184,000 ounces of silver, 21,000 pounds of tin, 5,800 ounces of gold as well as lead and zinc reported. Majuba Hill has outcropping copper mineralization in the oxide cap. Today, the total potential for the project is more than 1 billion tons of sulfide oxide mineralization at grades as high as 0.4-0.6 percent of copper, 10-14 g/t of silver and 0.17-0.25 g/t of gold based on historic drillings. Surface sampling on Majuba Hill found copper as high as 7.2 percent and silver as high as 3 oz/t.
Bam Bam has conducted drilling, wide spread Drone Magnetic surveys, 3D GIS modeling, rock and soil sampling and deep IP/Resistivity geophysics at Majuba Hill. The Company recently completed a multi-phase drilling program on the property in 2020 that identified an oxide copper-silver mineralization body and target areas with the potential to significantly expand the mineralization prospect. The 2021 to 2022 exploration program is currently underway, including soil sampling which has already begun and drilling which is set to begin shortly.
Management Team
David Greenway – CEO & Director
David Greenway brings more than two decades of experience in managing, financing and developing growth strategies for various TSX Venture Exchange- and Canadian Securities Exchange-listed companies. Greenway has been involved in acquisitions, business valuations, investor relations and his key expertise lies in the management and development of junior public resource companies, especially in the mining and oil and gas sectors. He has held directorships, senior management and business development positions. Greenway was the CEO of Stamper Oil & Gas Corp., Veritas Pharma Inc., Chief Consolidated Gold Mines, SNS Silver Corp., Moneta Resources Inc. and Sterling Mining Company. Greenway also held a board position at Mountain View Conservation Centre. Greenway attended University in Bournemouth in England where he studied accounting and finance.
Natasha Sever – CFO
Natasha Sever is a CPA in both Canada and Australia with a Bachelor of Commerce from Edith Cowan University. She joins the Company with more than 10 years of experience in senior finance roles over a wide range of industries, including mining, retail and technology. Sever has held officer positions at many publicly-listed companies in both Canada and Australia and has a proven record of working in alignment with and to the benefit of the board and associated stakeholders. Sever has extensive experience with company financings as well as Toronto Stock Exchange and Australian Securities Exchange regulatory compliance. This experience will serve to ensure the Company manages its affairs transparently and properly.
Joel Warawa – VP Corporate Communications
Joel Warawa has over 20 years of experience in public and private businesses as a financial and marketing consultant. Warawa;s experience includes business development, negotiations, mergers and acquisitions and increasing brand awareness in the commodities, automotive dealerships and mining sectors. Warawa assisted in productivity and efficiency with the largest automotive group in Canada at the dealership level, including Audi, BMW, Infiniti and Mercedes-Benz. He also has experience running successful businesses, including owning and operating multiple small businesses throughout Canada.
Kelly Pladson – Corporate Secretary
Kelly Pladson has provided corporate governance and regulatory compliance services to many TSX Venture and CSE listed companies since 2009. Pladson has also served as the corporate secretary at many of these companies. She works closely with the company’s CEO and legal counsel in maintaining corporate records, managing the day-to-day operations of the company and ensuring the company’s filings with the securities commissions and exchanges are accurately filed and by their deadlines. Before 2009, Pladson was an assistant to an investment advisor for two years.
Yari Nieken – Director
Yari Nieken has an extensive range of public company and capital market experience. Nieken is a founder of Foremost Capital Inc. which is an exempt market dealer. Today, Nieken provides in-depth consulting for numerous publicly-listed issuers in the health care, mineral extraction, technology and wellness industry. Throughout the years, he has served as an officer of several public and private issuers, including holding board positions. His involvement in those companies led to numerous financings that raised substantial capital. He was formerly an investment adviser at Union Securities Corp. during which he gained significant knowledge in the public market. Nieken holds a Master of Business Administration (MBA) from the Sydney Graduate School of Management and a Bachelor of Arts (BA) from the University of British Columbia.
Bryson Goodwin – Director
Bryson Goodwin is a practiced international executive with over 25 years of experience in finance, management, investor relations and operations with both private and public companies. Goodwin has an operational, market and banking track record in the resource, oil and gas, technology and biotechnology sectors. He has been engaged by many resource, energy, cleantech and technology firms, including holding “C” level executive positions in the resource and energy sectors. Goodwin also sits on the board of several public and private companies. He is well known for his early involvement and corporate turnaround of Klondex Mines. Goodwin held an instrumental role in the transition from explorer to producer of Klondex Mines as well as its finance and marketing.
Brad Dixon – Director
Brad Dixon is an attorney based in Boise, Idaho and a partner with Givens Pursley LLP. He is the co-chair of the Givens Pursley Litigation Group and focuses his practice on a variety of complex commercial litigation matters. Dixon has 20 years of experience in trial procedures involving a variety of significant commercial disputes, including construction litigation, secured transactions, real estate, employment and natural resources. He is a graduate of Boise State University where he earned a Bachelor of Science in Political Science in 1997 with an emphasis on constitutional law and public policy. Dixon received his Juris Doctor from Willamette University College of Law in 2000 in Salem, Oregon.
John Ryan – Advisory Board
John Ryan has been an active entrepreneur in the resources sector for over 20 years. He has extensive experience in the natural resource sector having served as either officer or director of companies such as Bunker Hill Mining, Premium Exploration, Cadence Resources, High Plains Uranium, U.S. Silver Corporation and Western Goldfields Inc. Ryan has public company expertise and extensive executive experience with start-up companies. Ryan also provides valuable insights regarding mining and other operations. Ryan obtained a B.S. in Mining Engineering from the University of Idaho in 1985 and a Juris Doctor from Boston College in 1992.
John Percival – Advisory Board
John Percival is an accomplished entrepreneur and board member of several private and public mining companies in Australia, Canada and the United States. Percival previously served as general manager of investments with Barclays Bank New Zealand Ltd. and was a successful fund manager where he managed over $450 million. Recently, he has played an integral role in raising over $100 million for resource investments in both Australia and New Zealand.
Percival has over 50 years of experience in the financial markets with a focus on mining. He is considered an expert and specialist in investment strategies with a special interest in precious metals, commodity markets and global investments. His experience and well-established network have assisted in funding numerous private and public mining companies. He is considered by many to be a “go-to” source for advice on mining assets globally.
Dr. Mike Ressel – Advisory Board
Dr. Mike Ressel currently works with Mine Development Associates (MDA). MDA is a consulting company, a division of RESPEC, that conducts mineral resource studies for the mining industry. Before MDA, Ressel was an economic geologist and assistant professor for the Nevada Bureau of Mines and Geology at the University of Nevada, Reno (UNR). In these roles, Ressel led field-based studies and published numerous papers on ore deposits of the Great Basin, conducted quadrangle mapping, taught courses, advised graduate and undergraduate students in economic geology and engaged in extensive public service. Before UNR, Ressel spent more than 15 years working in mining and exploration. He was the chief geologist in North America at Newmont for several years. Before working at Newmont, Ressel worked in mine production and development as well as near-mine and generative exploration for Newmont, Kinross, and Victoria Resources in the Great Basin, Alaska and other parts of the U.S., Western Canada, Mexico, Africa and Australia. He also worked for 5 years in geotechnical and groundwater consulting. Ressel obtained his Ph.D. from UNR. He is a fellow with the Society of Economic Geologists and an AIPG certified professional geologist. Ressel is active in many professional geoscience and mining organizations.
Buster Hunsaker – Technical Advisor
Buster Hunsaker has been engaged in the exploration and evaluation of quality mineral deposits for 40 years in the Western United States, Mongolia and Argentina. In 1995, Hunsaker Inc. was formed as a full-service geological consulting business providing field services and all aspects of prospecting, early-stage exploration and project management for mineral exploration companies. Hunsaker Inc. has been retained by numerous junior Canadian mining and exploration companies as well as major Nevada gold companies, including Barrick Gold Corporation, Newmont Exploration, AngloGold Mining, Vista Gold and Kennecott. Before forming Hunsaker Inc., Hunsaker was employed by mid-size and major mining companies, including Newmont, Atlas Precious Metals and Echo Bay where he served as a project geologist, senior geologist, and chief mine geologist.
Developing The Next World-Class IOCG Project In Chile
Overview
The idea that copper is “the new oil" may seem strange at first, but there's good reason for these claims. With the copper industry facing a potential 4.7 million metric ton deficit by 2030—experts like Trafigura Group are now saying new mines will need to be built to supply the estimated 10 million tonnes required to meet global demands for this metal.
There's no denying how much global demand there is for copper. In the last year alone, prices have surged from US$2.50 per pound to US$4.58. This has led investors to shift their attention to Chile, the world's top copper producer, as they look to invest in companies capable of supplying this increasing demand.
Nobel Resources (TSXV:NBLC) (OTCQB:NBTRF) is a mining company that's looking to take advantage of mineralized IOCG deposits in Chile through its flagship Algarrobo project. The company is operating in northern Chile, a strategic and relatively unexplored project that boasts past production that has persisted for decades and continues today. Presently artisanal miners are are direct-shipping ore grading at least 12 percent copper to the plant in Copiapo for processing.
An Iron oxide copper gold ore deposit (IOCG) deposits tend to be large in size, metallurgically simple, relatively high-grade, and suitable for highly profitable mines. The famous Candelaria Mine in the region which is owned by the lundin Group is a member of this deposit classification.
Nobel Resources CEO, David Gower, notes that the area has “never really been explored from a modern perspective" and hopes that “we'll be the first group to go in and apply modern techniques to prove up what's a very large system of mineralization."
Gower also explained to INN how the “Chilean coastal copper belt… is one of the most prolific copper belts in the world." It boasts “exceptional grades," with initial underground sampling with values as high as an approximately 15-30 percent copper range. Copper and, to a lesser extent, gold make Chile the ideal location for a new mining investment project.
The Company is planning a drill campaign, commencing September 10, to test 5 large targets comprising magnetic and coincident IP anomalies and with associated copper mineralization identified near surface in most cases (Figure 2 below shows the targets and approximate locations of the planned drilling). The campaign will comprise 40-50 diamond drill holes ranging in depth from 100 meters to approximately 500 meters for a total of 10,000 – 12,500 meters of drilling. Given the large scale of particularly the Central Target, several long holes per section will be required to evaluate the anomalies. The configuration used for the IP survey penetrates to at least 400 meters and the anomalies persist to that depth. Typically, IOCG deposits have a large vertical extent that can exceed 1 km.
Chile is a world-class, top mining country that contains valuable IOCG deposits. The country's mining potential is even more lucrative when you consider that a large portion of the high-grade mineralization occurs close to the surface. The Algarrobo project is located within 25km of a port and a smelter, plant and mill are located 45km south by road in the nearby city of Copiapó.
Gower describes the opportunity as “a very unique story" and believes Nobel Resources's main project has “a bright future at least for the next few years." Drilling operations have already begun, and the physical program for the project is halfway to completion. The business has achieved a National Instrument (NI) 43-101 from Canada with this progress.
Having started with a C$5 million budget, the company successfully raised over C$9 million, allowing it to accelerate the project and deliver further results over the next 12 months, according to the CEO. As of April 2021, the company maintains a strong cash position. Nobel Resources boasts a fully-funded and permitted exploration program.
Fully diluted, the company has 71,440,690 shares outstanding, which includes 3,755,000 and 1,907,400 shares worth of options and warrants respectively. Nobel Resources can be an excellent opportunity for investors, as it allows them access to an advanced, high-grade IOCG project in an active region with great discovery potential.
Nobel Resources's Company Highlights
Nobel Resources has a fully funded and permitted exploration program with a tight capital structure and shareholder alignment.
The company boasts a proven leadership team, with CEO David Gower bringing over 20 years of industry experience through his time at Falconbridge (now Glencore), and serves as a current Director of Alamos Gold (TSX:AGI).
Initial samples taken at the Algarrobo project site revealed mineralized veins that may be capable of producing up to 14MM tonnes of copper and gold.
The company is operating in a mining-friendly jurisdiction with access to critical infrastructure and additional copper mines in the area.
Nobel Resources has the right to acquire 100 percent of the Algarrobo IOCG property.
Nobel Resources also received approval from the TSX Venture Exchange to acquire 100 percent of the La Salvadora project.
Nobel Resources's Key Project
Algarrobo IOCG Project in Chile
Algarrobo is an extensively mineralized iron oxide copper gold (IOCG) ore region with significant large-scale potential.
The project is strategically located in Chile because the country is a top mining jurisdiction. Chile's mining capabilities benefit from mineralization that is high-grade and close to the surface. Permits are already in place for the operation as well.
Algarrobo is also an ideal mining environment thanks to a low elevation of less than 1,000m above sea level. It's covered and surrounded mainly by a shallow sand cover in the Atacama desert. The ores are of exceptional grade, with mineralized structures in the northeast trend extending at least 6 km. A new mineralized trend called the Gloria Trend has been discovered in thesouth part of the property. Where the two mineralized trends intersect is precisely where the large Central target has been identified in an area that is dune covered and completely unexplored.
Geophysical anomalies and planned drilling at Algarobbo. Partiularly note the Central Target which is 4 km by 2.5 km in an area where the two mineralized structural trends intersect.
The region offers developed infrastructure that's capable of supporting the project. The operation in Algarrobo is within 25 km of port Caldera on the Pacific Ocean, and the world-class IOCG deposits are part of the Major Candelaria coastal belt. A smelter, plant and mill all owned by ENAMI (Chile's National Mining Company) are available for use within 45 km in Copiapó. Paved roads are accessible throughout for easy access.
The deposit type is comparable to that of the major Candelaria deposit 60 km down south or Michilla in the north
Algarrobo contains significant high-grade copper mineralization near the surface. An oxide layer extends over 100 meters in depth, and sulphide mineralization is making its way down 500 meters in adjacent mines. The materialized stockpile has a cut-off grade below 12 percent copper.
Related projects both in the surrounding area and in the past point to the region's high potential for profitable mining operations. Algarrobo is surrounded by mid and large-sized operations; 6 active copper mines can be found within 100 km. For instance, Lundin Mining's Candelaria mine is indicative of IOCG deposits in the district: a 2019A production boasting 320 Mlbs Cu and 88 Koz Au.
The Property has been undercapitalized and possesses a significant upside potential. Nobel is conducting the first systematic evaluation on the 6,161 ha land package and its ample mineralization potential. Deposit mining has only been completed up to 40m, compared to over 500m in adjacent properties. The veins range in thickness between 1m and 8m. The big prize however would be a large tonnage system of the scale Chile is renowned for and targets have been identified with that scale associated with the extensive copper mineralization on the Property.
Nobel Resources' Management Team
David Gower, P.Geo. – CEO
Mr. Gower has held Executive and Director positions with several junior and midsize mining companies for the past 12 years. He has worked with Emerita Resources Corp. and has served as President of Brazil Potash Corp. David spent over 20 years with Glencore (formerly Falconbridge) as Director of Global Nickel and PGM exploration and as a member of the Senior Operating Team for mining projects and operations. He led exploration teams that made brownfield discoveries at Raglan, Sudbury, Matagami and Falcondo and greenfield discoveries at Araguaia in Brazil, Kabanga in Tanzania and Amazonas in Brazil. Mr. Gower is a Director of Alamos Gold.
Lawrence Guy – Director
Mr. Guy is Chief Executive Officer of North 52nd Asset Management Inc. and Chair of Emerita Resources Corp. Previously, Larry was a Portfolio Manager with Aston Hill Financial Inc. Prior to Aston Hill, Mr. Guy was Chief Financial Officer and Director of Navina Asset Management Inc., a company he co-founded that was subsequently acquired by Aston Hill Financial Inc. Mr. Guy has also held senior offices at Fairway Capital Management Corp. and First Trust Portfolios Canada Inc. Mr. Guy holds a Bachelor of Arts (Economics) degree from the University of Western Ontario and is a Chartered Financial Analyst.
Jeff Glass – Director
Jeff Glass is a partner at Blakes, Cassels & Graydon LLP where he advises leading investment dealers and senior issuers on public financings and securities regulatory matters. He also founded the Firm's Investment Products & Asset Management Practice. Jeff has been involved in the reformulation of the regulations and policies of the Ontario Securities Commission and has assisted the Toronto Stock Exchange in a review of its policies and procedures for the regulation of listed entities.
Michael D. Shuh – Director
Michael leads Canaccord Genuity's Financial Institutions Group in Canada. Before he joined Canaccord Genuity in 2017, he was Head of Financial Institutions Investment Banking at CIBC and also worked at National Bank Financial. As well as covering traditional financial institutions, Michael has deep expertise in structured products and special purpose acquisition corps ( SPACs). He also provides advice on raising capital and M&A to alternative financiers and FinTech companies. Michael has a Bachelor of Business Administration Honors from the Lazaridis School of Business & Economics at Wilfrid Laurier University and a Master of Business Administration from the Richard Ivey School of Business at the University of Western Ontario.
Vernon Arseneau, P.Geo. – COO and Director
Mr. Arseneau has over forty years of experience in exploration, project management and development, of which the last twenty-five have been in South America, principally in Peru, Chile and Argentina. Vern spent 20 years working as exploration manager and senior geologist for Noranda Inc. in Canada and South America. He was general manager of Noranda's Peru office and project manager of the El Pachon porphyry Cu-Mo project in Argentina. He has consulted on numerous base and precious metals projects, including work as Vice President of Exploration for Zincore Metals Inc. Arseneau was responsible for the exploration and feasibility studies of two zinc deposits and the discovery of the Dolores Cu-Mo porphyry in Peru. More recently, he was COO of Royal Road Minerals Ltd. exploring for gold in Colombia and Nicaragua. Vern holds a Bachelor of Science in geology.
Greg Duras – CFO
Mr. Duras is a senior executive with over 20 years of experience in the resource sector in corporate development, financial management and cost control positions. He's held the position of CFO at several publicly traded companies, including Savary Gold Corp., Nordic Gold Corp and Avion Gold Corp. He is currently CFO of Red Pine Exploration. Greg is a Certified General Accountant and a Certified Professional Accountant and holds a Bachelor of Administration from Lakehead University.
Damian Lopez – Corporate Secretary
Mr. Lopez is a corporate securities lawyer who works as a legal consultant to various TSX and TSX Venture Exchange listed companies. He previously worked as a securities and merger & acquisitions lawyer at a large Toronto corporate legal firm, where he worked on a variety of corporate and commercial transactions. Mr. Lopez obtained a Juris Doctor from Osgoode Hall and has received a Bachelor of Commerce with a major in Economics from Rotman Commerce at the University of Toronto.
Paul Pint – Director
Paul Pint is a Chartered Professional Accountant with over 30 years of capital markets experience. Mr. Pint started his professional career in 1991 with Ernst & Young in the Financial Services Group. Beginning in 1995, he moved into Institutional Equities with CIBC World Markets. Over the next 20+ years he worked in various senior roles in the investment banking and equity sales industry, holding several senior roles with large Canadian banks as well as boutique investment banks and dealers.
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 Nobel Resources and seek advice from a qualified investment advisor.
The Iberian Pyrite Belt is located across Spain and Portugal. It features a rich history of productive mining that dates all the way back to the Roman Empire. Overall, the average mineral production in Spain is 20,400,119 tonnes between 2009 and 2018. Over 100 minerals can be mined through Spain, with many of these minerals being located on the Iberian Pyrite Belt.
Denarius (TSXV:DSLV) is a Canadian junior exploration company dedicated to advancing mining projects that are located in high-grade mining districts. Its portfolio contains international projects ranging from exploration to near-term production of metal assets that can be leveraged across multiple markets.
Denarius’ flagship project is the Lomero-Poyatos Project, which is located in the Iberian Pyrite Belt in Spain. The historical production at this site was a minimum of 2.6 million tonnes of massive sulphide ore. In August 2021, Denarius received a mining permit for its Lomero-Poyatos project, allowing for exploratory drilling in select historical holes.
The Lomero-Poyatos project is a polymetallic asset that will allow Denarius to mine green metals, such as lead, zinc and copper, in addition to gold. Mining copper directly supports the global initiative towards embracing environmental technologies since copper is required for electric vehicles, wind turbines, solar powers and electric vehicle batteries. It’s estimated that copper demand will increase by 900 percent by 2030. Denarius is poised to capitalize on the increased demand for copper through its Lomero-Poyatos project.
The two projects located in Colombia, Guia Antigua and Zancudo, are both located in historically productive high-grade mining districts. The Guia Antigua project is located in a mining district that has been in continuous operation for 150 years and has produced approximately 6 million ounces of gold, while the Zancudo project is located in a mining district that has been producing ore since 1793.
“Silver is becoming not only such an important thing as a metal but as an industrial metal. As part of all this new green energy that is going to be created, it’s going to be an important element in the making of batteries and conductors,” said Denarius Executive Chairman Serafino Iacono in a recent interview.
Denarius has issued 205,076,865 shares (299,300,565 on a fully diluted basis), creating a market capitalization of C$80 million. Approximately 27 percent of these shares have insider ownership, which shows the confidence of the management team. As of Q1 2021, it reports having US$32.4 million in total cash, US$10 million was used in April 2021 in connection with the acquisition of the Lomero Project and the balance is available to fund the Company’s exploration programs at Lomero and Guia Antigua.
Serafino Iacono is currently the executive chairman and interim CEO. Iacono brings over thirty years of experience throughout numerous natural resource projects around the world. He has raised billions of dollars for these projects throughout his career.
Denarius’ Company Highlights
Denarius is a Canadian junior exploration company with a diverse portfolio of high-grade mines. It is focused on developing projects located in historical productive districts in Spain and Colombia.
Each of the company’s assets is located near existing projects that are massively productive, which creates an existing robust infrastructure that allows Denarius to quickly advance their projects.
All three of the company’s projects have historically returned high-grade minerals that are consistent with their neighbors’ production.
The company has a management team that has international experience and brings plenty of operational expertise that may enable them to quickly advance projects.
Denarius’ Key Projects
Lomero-Poyatos Project
The Lomero-Poyatos project is the flagship project of Denarius. The deposit is located in the northeast section of The Iberian Pyrite Belt. The Iberian Pyrite Belt has been previously explored by prior ownership, who inferred that there are approximately 20.93 mt of resources at the following grades:
Gold – 3.08 g/t
Silver – 62.38 g/t
Copper – 0.90 percent
Lead – 0.85 percent
Zinc – 3.05 percent
As a polymetallic mine, this asset allows Denarius to produce green metals, which are estimated to grow in demand. The demand for these metals coincides with the transition to green energy since copper is required for wind turbines, solar panels, electric vehicles and electric vehicle batteries.
Close proximity to other high-producing projects means there is existing infrastructure that will allow Denarius to quickly develop this project. The site is serviced by water, power, and paved roads that lead to Seville, a nearby town. There are also several nearby villages that represent an opportunity for labor and accommodation.
The 2021 objectives for the Lomero-Poyatos Project are to commence 22,050 meters of drilling, along with metallurgy testing. The 22,050 meters of drilling include 14 drill holes to verify the results of historical drilling, 59 holes planned to infill the previous drilling, and 15 holes to extend the deposit.
Guia Antigua Project
The Guia Antigua project is located in the high-grade Segovia mining district. The mines in this district have historically produced 6 million ounces of gold.. Early exploration initiatives show that there is strong potential for more discoveries in the surrounding area.
This asset produced 78,558 oz silver and 1,174 oz gold from a total of 6,034 tonnes with an average grade of 404.90 g/t silver and 6.05 g/t gold between 2014-2016. In 2018, a rock channel sampling returned the grades of 7.645 g/t gold and 335.1 g/t silver, with a grade range of 0.012 to 133.7 g/t gold and <0.3 to 10,381 g/t silver.
The first phase of this project, which commenced in February 2021, calls for the completion of ongoing soil surveys. Several other exploration technologies will be employed to identify new trill targets and locations, which may include historically productive drill sites. Ongoing development is dependent on positive results from this phase of the project.
Zancudo Project
The Zancudo project includes the Independencia Mine, which has historically been productive. Furthermore, the asset is near GoldMining’s Titiribi project, which is a highly productive gold mine. This project also has an option agreement in place with IAMGOLD to further explore the area for minerals.
Production in this area dates back to 1793 and has been in constant production ever since. It was further developed in 1993 when it was acquired as a silver mine. Denarius acquired the project from GranColombiaGold in 2020.
There are currently seven identified drilling exploration targets that aim to explore locations that are believed to be rich in minerals. Progress has already been made on these exploratory drilling sites. However, the COVID-19 pandemic caused delays on completing the exploratory drilling objective. The company expects to complete the exploratory drilling sometime in 2021.
Denarius’ Management Team
Serafino Iacono — Executive Chairman and Interim CEO
Serafino Iacono has over thirty years of experience in capital markets and public companies and has raised more than $4 billion for numerous natural resource projects internationally. He is currently Executive Chairman of Gran Colombia Gold and is a former Co-Chairman and an Executive Director of Pacific Exploration and Production Corporation and a former director of Petromagdalena Energy Corp. Iacono was also a co-founder of Bolivar Gold Corp and Pacific Stratus Energy, among others, and is involved in numerous resource and business ventures in Latin America, Canada and the United States.
Mike Davies — CFO
Mike Davies is a Chartered Professional Accountant (Ontario) with over 20 years of extensive international and public company experience in financial management, strategic planning and external reporting in resource and other sectors, including management positions with PetroMagdalena Energy Corp., Coalcorp Mining Inc., Medoro Resources Inc., LAC Minerals Ltd. and Pamour/Giant Yellowknife Mines. Davies also holds a Bachelor of Commerce degree from the University of Toronto.
Jeff Couch — Director
Jeff Couch is a financial services executive with extensive experience in the natural resources sector having advised and raised capital for clients globally, with a particular focus on emerging markets. He works with Orion Resource Partners, a mining-focused private equity firm with $6 billion under management. Couch has worked with several financial services firms in Europe, including being Head of Investment Banking Europe for BMO Capital Markets (Bank of Montreal). Couch has also had senior investment banking roles with Credit Suisse Europe and Citigroup (Solomon Brothers). He has public board experience in both the London Stock Exchange and Toronto Exchange and has advised several governments on their natural resources capital requirements.
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 Denarius Silver and seek advice from a qualified investment advisor.
A Near-term Growth Optionality in the Global Electrification Trend
Overview
The global battery metals market is a rapidly growing billion-dollar industry. This market represents the raw materials used in the production of batteries such as lithium, nickel, cobalt, manganese and graphite. With the increasing popularity of electric vehicles, energy storage systems, consumer electronics and electric alternatives to everyday applications, the demand for these metals has seen unprecedented growth.
In 2019, analysts valued the market at US$11.3 billion and projected it to grow at a CAGR of 8.2 percent and reach US$20.5 billion by 2027. A rapid surge in the renewable energy industry has many looking to the battery mineral and metal exploration and development companies to supply the demand, which shows robust projections across global markets.
Battery Mineral Resources (TSXV:BMR,OTCQB:BTRMF) is a Canadian multi-commodity resource company focused on exploring, mining and bringing essential battery minerals to market through project development and production. Its unparalleled management team and high-quality asset portfolio set the company apart from other emerging battery metals players.
BMR stands as the largest claim holder across all minerals in the Ontario Cobalt Belt, which is one of the most richly endowed mining regions in the world. It currently has a robust asset portfolio, including its McAra, Gowganda, Iron Mask, Island 27 projects in Ontario and additional projects in the works across the province and Quebec. As a first-mover in the district, the company has led efforts in recognizing the potential of multiple new, at-surface and high-grade primary cobalt discoveries in this region.
In March 2021, BMR acquired the near-term cash flow Minera Altos de Punitaqui copper-gold project in Chile, which consists of a centralized process plant fed by four satellite copper deposits — San Andres, Cinabrio, Dalmacia and Los Mantos. The past-producing mining operation leverages easy road access to local population centers and presents outstanding exploration opportunities across its classic IOCG and manto style copper-gold-silver veins.
The company's cobalt reach extends into the prolific mining district of Idaho with its three 100 percent owned properties covering 14 significant cobalt prospects in the state. Bonanza, Desert and East Fork properties are strategically positioned near the home of eCobalt Solutions Idaho cobalt project, the only advanced stage, near term, environmentally permitted, primary cobalt deposit in the U.S.
Another exciting addition to the BMR portfolio is its highly prospective graphite assets located in South Korea and lithium assets in prolific U.S. mining districts. The Guemam and Taehwa projects are two past-producing graphite mines, which leverage close proximity to excellent lithium-ion industrial infrastructure and considerable yield and high-grade graphite potential.
The next steps for the company involve extensive drilling in Chile and a 9,000-meter drilling program across its assets in Ontario, targeting eight cobalt silver prospects. Exciting development work and operational construction in the near future could propel exploration and drilling forward significantly. Positive drill results at its Idaho properties also present higher-than-expected cobalt grades and exploration opportunities.
Battery Mineral Resources Corp.'s management team consists of leaders with extensive operational and development experience. Combined with a stellar and supportive shareholder portfolio, the company is primed for exceptional economic growth and well-funded development.
Battery Mineral Resources' Company Highlights
Battery Mineral Resources is a multi-commodity resource company focused on discovering, acquiring and developing battery metals projects (cobalt, lithium, graphite, nickel & copper), in North and South America and South Korea. It's poised to become a premier and sustainable supplier of battery minerals to the electrification marketplace.
BMR is currently developing the Punitaqui Mining Complex and pursuing the potential near-term resumption of operations at the prior producing Punitaqui copper-gold mine.
BMR is the largest mineral claim holder in the historic Gowganda Cobalt-Silver Camp, Canada. It controls a robust portfolio of cobalt assets across the prolific Timmins & Sudbury and Rouyn & Val d'Or Quebec areas.
Its Canadian cobalt portfolio consists of McAra, Gowganda, Iron Mask, Island 27, Fabre in Quebec and several additional highly prospective projects in politically stable jurisdictions of Ontario.
Additional battery mineral exposure includes its strategically acquired graphite assets in South Korea and lithium properties in prolific mining districts like Nevada and California.
BMR's management team combines seasoned experts across related industries in finance, resource development and battery mineral exploration.
Minera Altos de Punitaqui (MAP) is an integrated copper and gold mining complex located in the region of Coquimbo, Chile approximately 50km south of the Andacollo copper mine owned by Teck Resources. The 8.095-hectare asset consists of a centralized process plant that is fed by four satellite copper deposits – San Andres, Cinabrio, Dalmacia and Los Mantos. The fully permitted operation also leverages excellent road access and widespread mineralization.
MAP boasts a past production history and near-term production potential. Cinabrio and San Andres mining zones leverage underground portal access and Mantos-type copper mineralization up to 30 meters thick. The Dalmacia drill target contains copper-silver-gold mineralization which is structurally controlled. All regional targets offer immediate exploration and district-scale potential to BMR.
After its acquisition in March 2021, BMR has been quick to begin development on the asset. The company plans to immediately commence restart activities at the site to resume mining and milling operations which will be carried out in conjunction with an aggressive regional exploration campaign to better define historical mineral resources and add new resources for mining in the future. Re-start is projected to begin within 12 months to a potential annual EBITDA of US$50 million per annum.
Canadian Cobalt Exploration Projects
BMR controls a large 1,100-kilometer squared land package in the Ontario Cobalt Belt, which hosts multiple high-grade and widespread mineralized targets. The company has conducted geotechnical assessments and assays on the property with samples from outcrop revealing target prospects that present up to-21 percent cobalt values.
The project portfolio consists of McAra, Gowganda, Iron Mask, Island 27, other additional Ontario properties and highly prospective cobalt assets in Quebec. The projects access well-serviced mining networks and infrastructure with excellent exploration, development and mining suppliers in the prolific Timmins & Sudbury and Rouyn & Val d'Or Quebec areas. BMR stands as the largest regional landholder with extensive claim packages in the Elk Lake and Gowganda mining camps.
Over 42,244 meters have been drilled on 20 cobalt-silver prospects across seven properties. McAra has a measured and indicated resource of approximately 1,124,000 pounds of cobalt and stands as the highest-grade cobalt dominant deposit worldwide in more than 50 years with grades upwards of 1.5 percent cobalt. Exciting next steps for the company's Ontario cobalt assets include a 9,000-meter drilling program and a projected centralized processing plant at Gowganda.
Idaho Cobalt Projects
Battery Mineral Resources has 434 mineral claims in three 100 percent owned properties covering fourteen significant cobalt prospects within a three by six kilometer cobalt-copper mineralized zone. Its properties include Bonanza, Desert and East Fork assets located in the historic cobalt-copper Blackbird mining district approximately 30 kilometers west of Salmon, Idaho.
The largest Bonanza hosts multiple surface and subsurface shoots of copper-cobalt mineralization hosted along contact with gabbro sill. Historic drilling results demonstrated cobalt grades ranging 0.4 percent to 0.58 percent with anomalous gold from surface level to 100 meters deep. All projects host excellent high-grade copper-cobalt discovery potential.
Graphic Assets — Geumam and Taehwa, South Korea
BMR has 100 percent ownership of Guemam and Taehwa graphite exploration projects containing high-purity flake graphite deposits. Both assets are past-producing mines with existing local infrastructure and near-term production potential. Advantageous positioning in South Korea puts BMR close to established and booming battery industries in Asia.
Guemam is located 20 kilometers from South Korea's second-largest lithium-ion battery factory and has a maiden NI 43-101 resource. Indicated mineral resources on the property stand at approximately 101-kilo tons containing 6.6 percent graphite grades. The Taehwa project also has excellent discovery potential with historical mineral resource estimates of 99,000 tons of graphite at 6.8 percent and additional inferred mineral resource of 70,000 at seven percent graphite grades.
Battery Mineral Resources' Management Team
Lazaros Nikeas — Executive Chairman
Lazaros Nikeas has over 15 years of strategy and capital markets advisory for resource, chemicals and industrial companies, with over US$25 billion of M&A transactions completed. He is currently a principal investment manager of Weston Energy LLC, a Yorktown Partners LLC portfolio company with investments in energy minerals assets. Nikeas was previously a partner of Traxys Capital Partners, a private equity firm backed by The Carlyle Group.
Martin Kostuik — CEO & Director
Martin Kostuik has over 28 years of diversified experience in the mining industry as a mining engineer and senior executive. He was the president and director for the last four years at Arizona Gold Corporation and before was CEO and director of Rupert Resources Limited.
Previously, Kostuik built a broad base of experience in operations, engineering, exploration and capital projects with various companies including Luna Gold (Equinox), Barrick Gold Corporation, Taseko Mines Limited and DMC Mining Services.
Jack R. Cartmel — CPA, CA, CFO
Jack R. Cartmel is a finance executive with over 15 years of experience in the mining industry with expertise in M&A, IPOs, taxation, public company accounting and disclosure and financial and risk management. Previously, he held a position with TSX-listed Monument Mining, a mid-size gold producer in Asia and White Tiger Gold, a mid-size gold producer.
Peter Doyle — VP of Exploration
Peter Doyle has over 40 years of experience in all aspects of mineral exploration from regional reconnaissance to project evaluation and development, in a variety of geological terrains throughout Canada, the U.S., South America and Australia. He was previously with PT Freeport Indonesia, Gold Fields and Troy Resources.
Jacob Willoughby — VP of Corporate Development & Strategy
Jacob Willoughby is a geologist and MBA graduate with nearly 17 years of diversified experience in mining capital markets. He has worked as a mining analyst for over eight years, covering exploration and development companies globally in both precious and base metals. Willoughby also worked as a capital markets consultant, an investor and as a director and senior executive.
Willoughby was most recently VP of Research and Analyst at Red Cloud Securities in Toronto. Prior, he was a partner and mining analyst at Beacon Securities. He began his career in mining equity research at Paradigm Capital, where he worked for five years. He also spent two years as President and Director of Aldridge Minerals, a Canadian public company with assets in Turkey and Papua New Guinea.
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 Battery Mineral Resources and seek advice from a qualified investment advisor.
High Grade Silver in Underexplored Yukon/British Columbia and Polymetallic projects in Central Newfoundland
This CMC Metals Ltd profile is part of a paid investor education campaign.*
Overview
CMC Metals Ltd (TSXV:CMB) has acquired quality exploration properties from the West to the East coast of Canada in some of the most prolific mining jurisdictions in the world – Newfoundland, Yukon and British Columbia. The Company has secured a diverse portfolio of properties all of which have high quality mineral occurrences, are road accessible, range from early to advanced stage, include prospects in precious and base metals, and present exceptional exploration potential.
CMC’s flagship project, Silver Hart, is one of the highest-grade silver-lead-zinc +/- gold +/- copper exploration plays. CMC offers an excellent opportunity for value growth in the short to medium term for investors seeking to gain exposure in a silver focused portfolio.
CMC Metals Ltd (TSXV:CMB) was one of the best performing silver explorers in 2020. At its flagship Silver Hart Project, CMC is continuing to explore and identify new targets and is systematically exploring the entire property area for the first time since exploration commenced in the area back in the mid 1980’s. Through a combination of geochemical and geophysical investigations, geological mapping and prospecting, 3-d modelling, and up to 2,500 meters of drilling in Phase 1, the overall aim for 2021 is to increase known resources and better define the exploration potential within the Silver Hart and Blue Heaven claims. The medium term aim is to generate a sufficient level of resources in terms of both tonnage and grade to then warrant a decision to advance to project economic evaluation (current timeline: late 2022/early 2023).
The company’s silver focused properties include the Silver Hart and Blue Heaven claims (Yukon) and Rancheria South, Amy and Silverknife (British Columbia). These are complimented by polymetallic projects including Bridal Veil and Terra Nova in Newfoundland and Logjam (Yukon).
CMC is seeking joint venture partners for its Rancheria South and Bridal Veil projects as its primary focus will continue to be on its flagship Silver Hart project. The Company also owns a gold processing mill in Bishop, California which it is intending to sell.
The company boasts a strong capital structure, solid shareholder portfolio, and a lot of upside exploration potential. At current valuation CMC Metals (TSX-V:CMB) presents a low price entry point to investors to participate in an emerging silver player. With a strong diversified portfolio.
CMC Metals is backed by a strong technical team with experience in geology, geophysics, and resource estimation that is critical to the current stage of its exploration projects.
CMC Metals’ Company Highlights
CMC Metals has a robust and diverse portfolio of exploration projects including two high grade silver-lead-zinc projects (Silver Hart and Rancheria South) and three polymetallic projects (Bridal Veil, Terra Nova and Logjam).
The company’s flagship Silver Hart project in the Yukon currently comprises of high-grade silver-lead-zinc veins with proven grades 40 percent above the average grade of existing silver mines globally. The property also has significant the potential to host carbonate replacement deposits and skarns.
The Silver Hart and Rancheria South projects take advantage of significant positioning in the emerging silver district of Rancheria. The district is comparable to major silver districts such as Coeur D’Alene, Idaho which was one of the most prolific silver districts.
Its copper-gold polymetallic projects in Newfoundland leverage excellent infrastructure and exploration-friendly conditions in one of the world’s best mining jurisdictions.
CMC Metals stands committed to community participation and First Nations engagement. The company is currently working towards undertaking consultation efforts on its short to medium term exploration plans, and its commitment to maximizing socio-economic impacts and communications with surrounding communities and/or First Nations governments.
The company’s dynamic technical team and exceptional low-price-entry positioning make CMC Metals an excellent investment candidate as a serious player in the silver and base metals mining space.
CMC’s Projects
Silver Hart Project
The flagship Silver Hart Project consists of the Silver Hart and Blue Heaven claims with approximately 4,000 hectares of highly prospective ground for high grade silver-lead-zinc, gold and copper deposits. These claims located in south-central Yukon, are adjacent to each other and road accessible. To support advanced exploration programs, the Company has established a fully serviced 25-person trailer camp and with assistance from the Government of Yukon has been upgrading the 43-kilometer access road to site.
Silver Hart Claims
The 100% owned Silver Hart property comprises of 116 claims (2,017 hectares) within the emerging Rancheria silver district. Three mineralization styles are thought to occur at Silver Hart including: (i) high-grade silver-lead-zinc veins; (ii) skarns; and (iii) carbonate replacement deposits. To date the veins have been the focus of attention and they have been identified in several sub-zones within the Main Zone where they can be traced on surface along strike in excess of 1.4 kilometers.
The Silver Hart area has an extensive exploration history stemming back to the mid 1980’s. Early prospecting efforts identified high grade silver-lead-zinc veins at surface in the area that is now referred to as the Main Zone. Until 2019, several episodes of exploration focused solely on the Main Zone where over 190 diamond drill holes was completed along with 673 meters of adit development, bulk sampling, metallurgical studies engineering and environmental studies.
Since 2019, the Company has undertaken the first systematic exploration program of the entire property which has served to identify several major zones of mineralization and numerous drill targets in areas never previously explored. CMC has expanded its exploration footprint at Silver Hart by over 750%, completed airborne and ground geophysical surveys, an extensive geochemical soil and rock sampling program, integrated all data into a comprehensive 3-D exploration model, and recently completed a detailed geological mapping and prospecting effort of all of the exploration target areas.
On January 15, 2021, the company released a 43-101 compliant resource for Silver Hart prepared by Longford Exploration Services Ltd. of Vancouver, B.C. of inferred resources in four mineralized veins totaling 346,800 tonnes with 7,501,300 silver equivalent ounces with an average grade of 570 g/t silver equivalent, comprising of 301 g/t silver, 1.7% lead and 4.0% zinc. Contained metals within this inferred resource amounted to 3,942,000 ounces of silver, 14,572,100 pounds of lead and 34,573,700 pounds of zinc. The report recommended that additional drilling be completed to test the lateral and vertical extent of the known mineralized veins, along with completion of additional metallurgical, engineering and environmental studies. Infrastructure improvements to the access road and camp facilities were also recommended to help facilitate future exploration and pre-development efforts.
From this the Company has developed a comprehensive understanding of the mineralizing system and an exploration model which is it using as guidance in its current exploration and drill program.
The Company feels that there is significant potential to be able to add further resources by infill and deeper drilling of the known veins in the Main Zone, exploration of other mineralized zones (i.e. KW and South Zones), and pursuing carbonate replacement style targets. The high-grade nature of the current inferred resource at 570 g/t silver equivalent is 40% above the average grade of silver mines and 140% above the average grade of silver explorers/developed in the world.
Blue Heaven Claims
Blue Heaven consists of 121 contiguous mineral claims and are adjacent to the Silver Hart claims to the southeast. CMC Metals can earn a 100 percent interest in the property under an option agreement with Strategic Metals Ltd.
Like the Silver Hart claims, three types of mineralization occur on the Blue Heaven property.
There are 24 known occurrences of northeast trending high-grade silver-lead-zinc veins consisting of galena and sphalerite with varying amounts of pyrite, argentite, arsenopyrite, tetrahedrite and chalcopyrite. The best veins exposed are in the Blue and H zones which returned assays up to 12,396 g/t silver over 20 cm and 10,561 g/t silver over 94 cm, respectively.
Carbonate replacement style mineralization was found in 8 zones and consisted of galena and sphalerite mineralization associated with strongly oxidized, manganiferous siderite and jasperoid replacement zones. Chip samples from an excavated trench in the Desire Zone returned a weighted average of 5.0% lead, 3.6% zinc and 65.6 g/t silver over 35.8 meters.
Skarn mineralization was identified in five tungsten-copper showings and comprised of pyrite, pyrrhotite, chalcopyrite and scheelite. A trench in the Moar zone returned 0.3% WO3 and 0.31% copper over 3.5 meters.
Silver Hart is currently undertaking detailed mapping of the more prospective zones in an effort to define possible drill targets.
Current Activities on the Silver Hart Project
In summary, CMC has recently announced the commencement of drilling at its Silver Hart Project. The company is planning to drill up to 2,500 meters in Phase One as recommended in the 2021 National Instrument 43-101 Resource Estimation Report.
Pending exploration success and additional financing, the Company plans to undertake more significant drilling efforts, engineering and environmental studies, to complete a possible Preliminary Economic Assessment of the project by late 2022/early 2023.
Rancheria South Project
The Rancheria South Project consists of the Rancheria South, Amy and Silverknife claims in north-central British Columbia. All three properties are within a distance of one to 25 kilometers from the existing Silvertip mine and mill complex owned by Coeur Mining which is currently being upgraded and expected to resume operation in late 2021/early 2022.
Rancheria South Claims
The Rancheria South property consists of 12 mineral tenures covering 2008.32 hectares. The property hosts nine mineralized showings comprising of high-grade silver veins, silver-lead-zinc carbonate replacement occurrences and tungsten- copper skarns.
Highlights of the property include:
A total of 9 mineralized showings have been identified within the Rancheria South claims comprising high grade silver veins, silver-lead-zinc carbonate replacement occurrences, and tungsten +/- copper skarns. The most prominent showings include Switchback (Halliday), Luck and Gunnar Berg.
Switchback (Halliday) comprises of high-grade silver-lead-zinc veins hosted in quartz-carbonate within and at the edge of a granodioritic intrusion. The alteration envelope around the veins is locally up to 30 meters wide and includes chlorite, sericite, kaolinite, quartz and pyrite. A 14-tonne bulk sample taken from Switchback in 1999 assayed 1.30 g/t gold, 532.01 g/t silver, 29.1% lead, 13.9% zinc and 0.16% copper. The prospect has a historic resource of 36,287 tonnes grading 427.2 g/t silver, 20.78% zinc and 14.95% lead (2,441,730 ounces at 2,039 g/t silver equivalent)1.
Note1: CMC Metals Ltd. does not consider there to be a current resource at this Showing as details on work completed and estimations made by United Keno Hill Mines Ltd. are not sufficient to meet current resource reporting requirements under National Instrument 43-101.
The Luck (Lucky) showing is located near the Tootsee River and comprises of high-grade silver-lead-zinc veins with minor gold. Silver-bearing oxidized, clay/gouge alteration zones and quartz-carbonate veins occur in sheared granodiorite. Sulfides are generally oxidized but galena, sphalerite and tetrahedrite are found locally. Historical exploration has identified the existence of several conductors and subsequent trenching of one of the conductors revealed a strongly altered vein zone that has been tested over a 350-meter strike length with 8 rotary drill percussion drill holes (387 meters). One of the holes (LK 85-3) was reported to have intersected 4.5 meters of quartz carbonate veins and sericite-limonite-chlorite alteration that assayed 433.7 g/t silver over 1.5 meters. Assays of float material in this area have returned up to 17,088 g/t silver, 10% lead, 0.84% zinc, and 0.62% copper.
The Gunnar Berg Showing is located near a branch of the Tootsee River and contains galena, sphalerite, scheelite, molybdenum and silver bearing mineralization. Gunnar Berg comprises of banded and brecciated skarn outcrops and two discontinuous chip samples taken across 12 meters assayed 429.3 g/t silver. An eight (8) hole, 540-meter drill program completed in 1984 identified a breccia zone that is a sheet or tabular body and further exploration was recommended to delineate the higher grade zone. Additional prospecting, geological mapping, and a recent airborne geophysical survey have also served to identify an anomalous zone in excess of 500 meters by 500 meters that merits further exploration.
The Rancheria South Claims have the potential to host high grade silver-lead-zinc veins, carbonate hosted replacement deposits and skarns.
Note: The information on these showings and the historic assays was summarized from the BC Minfile and information provided by the Prospector. The Company notes that they have not verified these results in the field or with sampling at this time.
Amy Claims
The road accessible Amy Property lies 8 kilometers to the west of the Silvertip Mine complex. The Amy claims comprising of 16 mineral tenures (approximately 908.4 hectares) cover part of the Cassiar Batholith, a satellite plug and surrounding calcareous and non-calcareous sediments which in this area is a multikilometer extension of the same geological units that are mineralized in our Silver Hart Property. This highly prospective target stratigraphy extends southwards from our Rancheria South claims and transects the entire Amy claim block that is contiguous with the Rancheria South claims. A total of 7 mineralized showings have been identified within the Amy property comprising of high-grade silver veins and silver-lead-zinc carbonate replacement occurrences. The primary showing comprises of the Amy Showing which is a developed prospect comprising of a galena, sphalerite, pyrite, arsenopyrite, argentite, and friebergite “manto” body formed by replacement mineralization in folded Cambro-Ordovician Kechika Group metasediments. The property has been subjected to geological mapping, geochemical sampling, geophysical surveys and 742 meters of drift/adit development and approximately 33 diamond drill holes focussed on a mineralized zone with a known strike length of 170 meters (BC Minfile 104O 004).
Other mineralized zones and areas within the Amy claims include:
Cub Zone: a channel sample graded 1.88 oz/t (53.3 g/t) silver, 4.6% lead and 3.42% zinc;
Zone 2: trenching produced two samples grading (i) 11.4 oz/t (323.2 g/t) silver, 10.5% lead and 13% zinc; and (ii) 150.5 oz/t (4266.7 g/t) silver, 47.4% lead and 1.9% zinc;
NE anomaly: a soil anomaly measuring 500 by 300 meters where sampling have produced up to 9,200 g/t lead, 4,250 g/t zinc and >20 g/t silver and mineralized float found in the same area grading from 29.82-74.10 oz/t (845.4-1817.2 g/t) silver, 4.6-31.4% lead and 0.33-5.4% zinc;
Breccia Zone: mineralized float sample graded 22.29 oz/t silver (631.9 g/t), 4.82% lead and 2.22% zinc; and,
Underground development: The underground development at the 4450 level comprises 202 feet of adit cross cut and 633 feet of drifting along or parallel to the vein structure. The work was done on the 4450 level which exposed the vein approximately 60 feet below the surface.
Assays reported in the east drift from drilling indicated 19.08 oz/t silver, 0.64% lead and 7.78% zinc along a strike length of 35 feet with a width of 5 feet. Also, the underground development demonstrated that stoping blocks of at least 200 feet in length and a five-foot width exist at Amy. Average grade associated with these stoping blocks was 20.74 oz/t silver, 5.17% lead and 7.46% zinc.
There is deemed potential for increasing the resource estimate at Amy from possible extensions of mineralization at depth and along strike in the immediate development area. Also, several other favorable areas are known to exist on the property and were yet to be explored.
Preliminary metallurgical studies completed on a test sample grading 20.74 oz/t silver, 5.17% lead and 7.46% zinc provided recoveries of 90% silver, 90% lead and 92% zinc in conventional flotation test in combined zinc and lead concentrate cycles.
Surface development and drilling at Amy to date includes:
300,000 line feet of geochemical, EM and magnetometer surveying;
31,000 cubic feet of bulldozer trenching; and
10,498 linear feet of diamond drilling.
Geochemical studies identified four distinct anomalies. The Amy Prospect is one of these (anomaly #1). A trench in anomaly #2 had assay results ranging as high as 150.5 oz/t silver, 47.7% lead and 1.9% zinc and the majority of trenching results in anomalies 1, 2 and 3 ranged up to 13 oz/t silver, 10.5% lead and 17.2% zinc.
In summary, the area of prospectivity at the Amy Property is significant covering an area of over four kilometers in length and widths varying from 500 to 1,300 meters. Combined with the existence of a high-grade historical resource in a developed prospect that remains open to expansion and has the potential for possible similar discoveries, Amy has above average upside exploration potential.
Note: The information on these showings and related non 43-101 compliant historic resources are summarized by the BC Minfile and were included in information provided by the Prospector to the Company prior to acquisition. The Company has also not verified these results at this time nor conducted a field visit due to winter conditions.
Silverknife Claims
The Silverknife Property lies one kilometer by road, immediately west of Coeur Mining’s Silvertip mine leases. Silverknife comprises of 2 mineral tenures covering approximately 538.3 hectares. The Silverknife prospect represents a zone of known silver-lead-zinc mineralization distal to, and stratigraphically lower than the Silvertip Deposit and more proximate to the Cassiar Batholith (heat source). This presents opportunities for the discovery of mineralization associated with chimney-type feeders and mantos that may be related to the SilverTip mineralizing event.
Approximately 30 holes (2,334.7 meters) of drilling was completed on the Discovery Zone that transects both the Silverknife tenures and the Silvertip leases. Drilling to date has identified that galena and sphalerite replacement of carbonates with variable thicknesses has occurred. The presence of a thick mineralized limestone unit (up to 150 meters in thickness) with an overlying graphitic caprock is thought to mimic the dolomite-shale cap of the Silvertip deposit. Historical reports note that there is also potential to expand this zone along structures parallel to the Silver Creek Fault. Lead isotope studies have confirmed the genetic connection of this mineralization to the Silvertip deposit located approximately 700 meters east of the claims.
Other opportunities for potential mineralization within the southwestern portion of Silverknife tenures are yet to be investigated. In this area of the property, the McDame dolomite is overlain by the Sylvester Formation. This contact is where the mineralization is located at Silvertip and provides a possible large area over which manto-type mineralization might be discovered.
In addition, 30.25 line kilometers of induced polarization surveys and 1,115 soil samples at 25 meter intervals in the central portion of the property have served to identify six anomalous areas. Four of the anomalies are silver-lead-zinc targets. None of these targets are yet to be extensively investigated.
Silverknife therefore represents an excellent target for a carbonate replacement style deposit similar to the adjacent Silvertip Mine deposit.
Pursuit of a Joint Venture Partner and Current Efforts
CMC’s properties in the Rancheria South area have the potential to identify high grade silver-lead-zinc deposits that if developed could serve as a highly prospective alternate ore source for Coeur’s Silvertip mine. Rich geology and supportive mine development in British Columbia provide a highly positive outlook for the identification and development of resources at the Rancheria South Project.
Copper-Gold Polymetallic Projects in Newfoundland
CMC Metals has a robust portfolio of copper-lead-silver projects in Newfoundland in close proximity with Newfound Gold’s Queensway project. The company intends to commence preliminary work on the projects in the fall of 2021.
Bridal Veil Claims
Bridal Veil consists of 234 claims (3,992 hectares) with the property transected by the Trans-Canada Highway and located approximately 10 kilometers east of the community of Gander. CMC has an option to earn a 100% ownership of the property
Geologically the property is located within the Gander Zone that is currently being subjected to a high level of exploration activity as a result of the recent significant gold discoveries by Newfound Gold within their Queensway Project.
To date, exploration efforts at Bridal Veil have been limited to less than 15% of the overall property, but yet have served to identify several mineralized showings containing high grades of copper, silver, lead and other metals. The property has also been described as having potential to host a gold deposit.
Highlights of exploration results to date include:
historic grades associated with specific mineral occurrences on the property sampled in 2010 are as follows:
Bridal Veil:
4.6% copper, 5.2% lead and 1.0 oz/t silver
Abbott’s Ridge:
9.4% copper, 1.0% lead and 0.6 oz/t silver
Hidden Outcrop:
4.95% copper, 3.2% lead and 5.4 oz/t silver
Growler:
0.21% copper, 0.85% lead and 1.13 oz/t silver
Meggan’s Rise:
1.74% copper, 8.4% lead and 7.8 oz/t silver
First Burnt Pond:
0.93% copper, 10.2% lead and 5.7 oz/t silver
Lithogeochemical analysis and assays have identified mineral indicators that can be used to identify additional mineralization on the property. Gold, silver, lead, bismuth, and to a lesser degree molybdenum and tellurium correlate with copper. There are also broad correlations of bismuth, gold and lead with silver and bismuth correlates with gold.
Recent exploration efforts further examining the nature of the alteration and quartz stockwork zones, identified anomalous gold (i.e., 3.75 g/t in a grab sample). This is considered to demonstrate the potential for gold mineralization along with possible significant amounts of copper, lead and silver.
An induced polarization geophysical survey covering a small part of the southern portion of the property, identified an anomalous area that is yet to be explained and warrants further exploration by prospecting, trenching and/or drilling.
The northeast Gander Lake Subzone has received little exploration attention despite its geological similarities to the polymetallic (Cu-Ag-Au-Sb-Bi-W-Mo-In) mineralized and lithological correlatives in the Gander Zone of New Brunswick;
Collectively, within the explored portion of the Bridal Veil property (and in this part of the Gander Lake Subzone), most examples of mineralization in indications, showings and prospects, are characterized by epigenetic, structurally controlled, shear-zone hosted veins and vein breccia systems having a polymetallic arsenic-stibnite-gold-silver +/- copper +/-lead +/- zinc +/- molybdenum +/- tungsten +/- bismuth bearing character.
The property is vastly underexplored and merits advanced exploration to define drill targets.
Terra Nova Claims
The Terra Nova property consists of 71 claims located 30 kilometers northwest of Port Blandford in central Newfoundland. Access is from the town of Terra Nova via 12 km of transmission line road built for the Lower Churchill Falls power development. CMC has an option to earn a 100% ownership of the property.
The property lies within the Gander Zone. Highlights of the property include:
The property currently comprises of five mineralized showings: (i) the Copper Vein; (ii) Nancy’s gold vein showing; (iii) New Alteration Zone; (iv) the Silver Pit; and, (v) the Galena Vein Showing.
A grab sample collected at the Copper Vein Showing produced 354 ppb Au, 43.8 g/t Ag, 2.33% Cu and > 1,000 ppm W.
A grab sample at Nancy’s Gold Vein Showing have produced 6,812 ppb Au, 159.6 ppm Ag, 1,562 ppm Cu and > 1,000 ppm W.
The Silver Pit, looking east-northeast.
Samples collected from the Galena Showing have reported assays values of 953 ppb Au, 59.8 g/t Ag, 7.2 % Pb, and > 1,000 ppm W.
Galena Vein Showing. A) Transmission Line Crossing the Terra Nova Property, looking northwest; B) Galena Vein in Outcrop; C) Sample TN-20-08.
An alteration area of 12 square kilometers has been identified at Terra Nova and to date has been subjected to limited exploration. The potential has the potential to host mesothermal gold-polymetallic deposits.
Logjam – A Polymetallic Property in Yukon Available for Option
Logjam Claims
CMC’s 100%-owned Logjam property in the Yukon hosts over ten high-grade vein occurrences containing gold-silver-lead-zinc +/-bismuth +/- tungsten mineralization. The property has been subjected to exploration drilling (approximately 2,971 meters) and includes an historic non-compliant 43-101 resource of 70,144 tonnes with impressive grades of 3.02 g/t gold, 392.2 g/t silver, and 2-3% lead and zinc. CMC is willing to option the property in order to advance exploration efforts on it as it focuses on its flagship silver-lead-zinc properties in the Rancheria silver district.
Company Goals
CMC has established attainable goals for all of its projects.
At its flagship Silver Hart Project the goal is to focus on expanding resources with the aim to warrant a Preliminary Economic Assessment of the project by late 2022/early 2023.
At the Rancheria South Project, their goal is to identify a joint venture partner to undertake a resource evaluation program aimed at delineating sufficient resources to warrant development plans leading to the possible sale of ore to the nearby Silvertip mill owned by Coeur Mining Inc.
Early-stage exploration projects in Newfoundland, including Bridal Veil and Terra Nova present significant opportunity for polymetallic-gold discoveries. CMC is willing to entertain partnership opportunities on these projects.
Logjam is now available for option.
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 CMC Metals Ltd and seek advice from a qualified investment advisor.
Revitalizing Mineral Exploration and Development in the Prolific Gaspe Peninsula, Quebec
Overview
The Gaspe Peninsula in southeastern Quebec covers approximately 11,390 square miles of thick forest and free-flowing rivers and lakes. Despite its humble appearance, this region stands as one of the definitive districts for geological and mineral exploration in Canada, a reputation in the midst of making a strong comeback.
In 1844, Sir William Logan, founder and first director of the Geological Survey of Canada mapped the majestic Gaspe Peninsula, unknowing the exceptional copper mining opportunities the region would later present. After decades of under exploration, Gaspe presents investors and active copper and polymetallic companies the opportunity for exciting discovery and economic success.
1844 Resources Inc. (TSXV:EFF) is an exploration company with a focus on grossly underexplored regions of Gaspé and Chibougamau in Québec. The company’s robust project portfolio includes the Vortex, Native Copper, Davidson and Lac Arsenault projects.
1844 Resources’ strategic positioning in the Gaspe Peninsula allows it to leverage its rich past-producing mining history. The prolific Gaspe Copper Mine, a subsidiary of Noranda Mines Limited in Murdochville, produced approximately 141 million tons at 0.85 percent copper from 1954 to 1999. 1844 Resources could likely see similar margins with exploration and project development today.
The company’s other region of operation in Chibougamau presents exceptional exploration upside potential with its established roadways, railroad transportation access and widespread gold and copper mineralization discovered in the early 1950s. Both Chibougamau and Gaspe are primed for extensive revitalization and exciting first-mover exploration opportunities.
After finalising a purchase agreement to acquire 100 percent undivided interest of nine claims in the Chibougamau region in 2020, 1844 Resources began its initial exploration and prospecting work program on the Davidson Project.
1844 Resources’ secondary asset is the Native Copper project in the Municipality of Chandler, which is comprised of 156 claims. The project is part of the Mont Alexandre syncline, associated with an important metallotect volcanic horizon part of the Lake McKay Member, which lies within the greenstone belt present in the Gaspe Peninsula.
1844 Resources’ management team consists of world-class experts in the mining sector. The team combines over 100 years of experience in copper resources, finance and geological exploration. These attributes prime the company for outstanding economic success and mineral yield potential in the growing copper market.
1844 Resources’ Company Highlights
1844 Resources is focused on the underexplored regions of Gaspé and Chibougamau and its exciting portfolio of copper and polymetallic projects, including the Vortex, Native Copper, Davidson and Lac Arsenault Gold projects.
The Gaspe Peninsula has a rich history of past-producing successes, stemming mainly from its Gaspe Copper mine. The company has strategic positioning close to this especially valuable copper resource.
1844 Resources’ management team consists of strong leaders in the copper and mineral exploration sector, who bring over 100 years of combined expertise in financial resource development and project acquisition.
1844 Resources’ Key Projects
Vortex Project
The Vortex project is a copper, molybdenum and gold project, which adjoins the Glencore and Soquem property, situated at Sullipek East and 25 kilometers west of Murdochville. The project has seen extensive exploratory and developmental work since 2000, which significantly benefits 1844 Resources’ future plans for the project.
Between 2009 and 2011, the Vortex had over 4,700 meters of combined drilling, geophysics and soil surveys and an exciting discovery of 0.94 percent copper at 29 meters in 2012. Strategically positioned near the Glencore and Soquem portion of the property, estimated resources hover between 2,240,000 tons at 1.09 percent copper and 5,500,000 tons at 0.88 percent copper.
The next steps for Vortex include a 7,000-meter drill program planned for 2021. 1844 Resources remains excited for the future of this project and could see similar mineralization and discovery success as past projects from the prolific Gaspe Copper mine.
Native Copper Project
The Native Copper project is an exceptional greenfield copper exploration opportunity situated within the Gaspe greenstone belt, west of Chandler, Quebec. The property comprises 156 claims divided into four sectors: Native Copper South, North-west, North-East and Central. 1844 Resources has 100 percent undivided interest in the entirety of these claims.
This strategically positioned asset spans 28 kilometers in length on a horizon that is known to generate multiple mineralized copper zones and has already shown nine indicators in the area. To date, the project has seen extensive prospecting, trenching and drilling, which has revealed copper grades upwards of 5.38 percent.
The company intends to conduct an exciting Airborne geophysics program in mid-2021.
Davidson Project
The Davidson project comprises 33 claims situated within the historic Chibougamau mining district. The asset is strategically located directly south of the past-producing Icon Mine. 1884 Resources has a 50/50 joint venture with J.A. MacLeod Exploration Reg’d for Davidson.
The project has produced over 1,616,567 tons of copper at grades of 3.07 percent copper across several known sources on the property. Davidson displays exceptional exploration upside with its close proximity to Route 167 North East of Chibougamau and several prospective copper showings, including Clero, Blondeau and Bouzan-Cuivre targets.
The company remains excited to continue exploring this highly prospective project.
Lac Arsenault Gold Project
The Lac Arsenault gold project consists of 75 mining claims equivalent to 3,918 hectares in the southern part of the Gaspé Peninsula and situated North-West of Port-Daniel and North-East of Bonaventure. 1844 Resources has 100 percent undivided interest in the entirety of these claims.
The project sits along the Grand Pabos Fault, which is known for high-grade gold, silver, copper and lead showings North of the Riviere Garin Fault. Between 2005 and 2006, Lac Arsenault saw preliminary prospecting and drilling on the property, but end results were not made available in any government report. In March 2021, the company also announced the commencement of a 2,000-meter diamond drilling program for the project.
1844 Resources’ Management Team
Sylvain Laberge — President, CEO & Director
After obtaining a degree in Hotel management Sylvain Laberge entered into a sales career in a different sector. He became part of a new company founded in 1999, Renmark Financial Communication, an enterprise specializing in Investor Relations, where he became VP and developed an interest in emerging companies and especially mining exploration. Laberge has been managing Gespeg since 2013 and also managed other junior companies during that period. He is presently a director of Omineca Mining.
Andrew Davidsoni CA — CFO, Secretary & Director
A graduate of the University of Calgary (BComm), Andrew Davidson is a Chartered Accountant with Certification in both Saskatchewan and Alberta. Davidson’s extensive experience in junior natural resource finance and international financial reporting standards has been gained through years of experience in the Canadian junior resource markets and in public practice accounting in both the Alberta and Saskatchewan markets, focusing specifically on assurance for publicly listed enterprises. He is also involved as an officer or director in several other junior resource exploration and production.
Bernard-Olivier Marteli — Manager of Exploration
Bernard-Olivier Martel graduated from the University of Quebec in Montreal in 1999. He is a member of the Geologist Order of Quebec and acts as a qualified person under the National Instrument 43-101. His experience includes government services, engineering and geological and mineral exploration. Before and after graduation, he worked on various mapping projects for the Quebec Department of Natural Resources. Since 2004,
Martel has worked exclusively for the mining industry as a consulting geologist for various exploration companies in Quebec and Ontario. In addition to his duties as technical director of geology for Gespeg Copper Resources, Martel acts as a geologist responsible for the exploration work for Explo-Logik Inc., a mineral exploration services company. projects in recent years: Nouveau-Monde Graphite, Maple Gold Mines, Laurion Mineral Exploration Inc. Tarkus Resources, Fancamp Exploration Ltd., Jourdan Resources and many others.
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 1844 Resources Inc. and seek advice from a qualified investment advisor.
Exploring Highly Prospective, Undermined Copper Territories in the Peruvian Coast
Overview
From 2020 to 2021, copper prices increased 80 percent, resulting in an all-time high in 2021. These rising prices of copper coupled with the expected substantial increases in overall demand have made the copper industry a highly attractive market for investors.
Experts at Goldman Sachs project that the price of copper may rise 66 percent from $9000 per tonne to US$15,000 per tonne by 2025 to prevent inventory depletion and enable exploration and discovery for the long-cycle commodity. There is an increasing need for copper discovery as the global movement towards clean energy is expected to increase copper demand by anywhere from 600 to 900 percent by 2030.
Camino Minerals (TSXV:COR,OTCQB:CAMZF) is a Canadian mineral exploration and development company specializing in exploring, identifying, and acquiring copper through high-risk, high-reward discovery drilling projects in the Peruvian and Chilean coasts. The company is led by a highly experienced management team with previous significant achievements in the mining industry.
“This is the right time in the copper cycle to be drilling new projects and making new discoveries,” said Camino Minerals CEO Jay Chmelauskas.
Camino Minerals fully owns all of its projects. In June 2020, the company purchased the Los Chapitos property, and in March 2021, the company purchased the Maria Cecilia complex from Denham Capital, which is one of the largest resource funds in the industry at US$10 billion.
Camino Minerals’ flagship Los Chapitos project has drilling deposits in Chile and Peru that spans the Peruvian and Chilean coast. The project is part of the prolific belt of IOCG (iron oxide-copper gold) mineralization that extends along the Peruvian coastal margin and is supported by promising drilling samples. The company is also running the Maria Cecilia project which is a copper-porphyry resource in Peru and the Plata Dorada exploration project which is a high-grade vein system also located in Peru.
The Los Chapitos drilling project is strategically located in the IOCG belt near deposits that have produced high iron, copper, gold, and silver yields. Notable nearby mines include Minsur’s Mina Justa and Jinzhao Mining Peru S.A.’s Pampa de Pongo. Located in the same Chocolate Formation, the company believes Los Chapitos has the potential to contain a similar sized IOCG deposit to Minsur’s 400 million tonne Mina Justa mine that is only 100 km away.
Camino Minerals has conducted fieldwork and geological sample tests and plans to continue its successful drilling program on its Los Capitos project. The company has also begun fieldwork on Plata Dorada and is in the process of developing a drilling program for 2021 and 2022 on Maria Cecilia.
Following the closing of the Maria Cecilia property purchase, the ownership structure will include a strong portfolio of strategic partnerships including Delbrook Capital and Denham Capital in addition to management. These shareholders bring a valuable contribution to Camino Minerals through a rich history of project success.
The company’s anticipated success and nuanced insight into the mining industry are credited to its unique venturesome drilling exploration program and its exceptional management team. Camino Minerals’ management team boasts several decades of experience and accomplishments in copper mining and exploration and the corporate world. Going forward, the company hopes to make big copper discoveries by chartering highly prospective and undermined territory.
Camino Minerals’ Company Highlights
Camino Minerals Corporation (TSXV:COR,OTCQB:CAMZF) is a Canadian mineral exploration and development company specializing in exploring, identifying, and acquiring copper through venturesome discovery drilling projects in the Peruvian and Chilean coasts.
The company has three early-stage copper discovery projects including Los Chapitos, Maria Cecilia, and Plata Dorada.
Camino Minerals’ flagship Los Chapitos project is in the prolific IOCG belt that extends along the Peruvian coast and has already begun its drilling program with successful sample results.
The Los Chapitos project is a 22,000 hectare property that is located in a region near high-yielding large tonnage IOCG mineral mines such as Mina Justa and Pampa de Pongo.
Caminos Minerals fully owns all of its projects and has acquired a strong and valuable portfolio of owners through strategic partnerships including with Denham Capital and Delbook Capital.
The company is led by a highly experienced management team with several decades in the industry and previous significant achievements in the mining, exploration, and business sector.
Camino Minerals’ Key Projects
Los Chapitos
Camino Minerals’ flagship Los Chapitos project spans the prolific IOCG belt of the Peruvian and Chilean coasts and includes deposits in Mantos Blancos, Chile, La Candelaria, Chile and Mina Justa, Peru. Mineralization deposits in the project include IOCG which contain high grades and frequently contain coproduct metals such as silver. The project is located 15 km from the coastal town of Chala with access to water, power, and a major road network. Los Chapitos is also 100 km away from Minsur’s mine which previously discovered a 400 million tonne deposit.
IOCG deposit at the Los Chapitos project
Camino Minerals optioned Los Chapitos in 2016 and now owns the entire expanded tenement area which covers 22,000 hectares of land. Drilling programs on the property began in 2017 and continued until 2018 in the Adriana and Atajo zones and consisted of 19,161 metres of diamond and RC drilling. The programs successfully identified near-surface oxide copper manto and deeper structurally controlled high-grade sulphide mineralization.
In 2021, the company announced new rock chip sample results from the extensive Lidia Zone copper-gold system at the northern end of the Diva Trend at its Los Chapitos copper project Camino Minerals plans to expand exploration targets in the Diva Trend with a focus on large alteration anomalies in the north and large geochemical anomalies in the south of the previous drilling program. The company believes that the Los Capitos project is highly prospective for becoming a low capital SX-EW project.
Maria Cecilia
The Maria Cecilia project is located 450 km north of Lima, Peru and is in a metallogenic environment in the Cordillera Negra mountain. The 7,110 hectare property is believed to be at the centre of the porphyry complex that includes the Toropunto Epithermal deposit and Emmanuel Porphyry deposit.
The project is located near other exploration properties and mineral-producing mines including Esperanza, Pashpap, El Aguila and Pierina and it is considered to be geologically-similar to one of Peru’s largest copper mines, Antamina, which is 100 km away. Exploration in the Toropunto and Emmanuel projects was done with 32,120 metres of drilling completed between 2013 and 2015. Both projects have a combined tonnage of 125.7 including copper, gold, and silver. The Skarn Zone in Maria Cecilia has copper anomalies as high as 6.7 percent of copper and 110 g/t of silver.
The company is currently in the process of initiating a drilling program for Maria Cecilia in 2021 to target the undrilled centre of the large porphyry district, which the company believes will deliver significant copper yields.
Plata Dorada
The Plata Dorada project is located 158 km east of Cuzco, Peru and covers 3,800 hectares. The property contains predominantly continental sediments and is accessible all year round on paved highways and all-weather dirt roads.
The property has not had any systematic exploitation or exploration done beyond small-scale artisanal mining that dates back to the Colonial era. In September 2020, the company began fieldwork on the property and has identified high-grade vein systems with over 70 channel samples tested for metal content. Sample results include copper values as high as 8.7 and silver values as high as 1,500 g/t. Copper and silver mineralization is structurally controlled and consists of polymetallic quartz sulphide veins averaging 0.5 to 1.5 metres wide.
Diorite filling of argentiferous galena, sphalerite, limonite, goethite and epidote
This year, the company completed an exploration program at Plata Dorada and identified six new polymetallic veins, bringing the total to sixteen identified veins at the project. A rock chip sample taken along the Plata Dorada mesothermal trend identified a new copper and silver mineralized structure with a width of 0.5 m grading 1.19 percent copper (Cu), and 18.35 ppm silver (Ag). Camino also identified new areas of polymetallic vein mineralization south of the existing claim position and acquired 1,700 hectares (ha) of new claims for a total claim area of 5,500. ha
Camino Minerals’ Management Team
Jay Chmelauskas — CEO, President & Director
Jay Chmelauskas has 25 years of experience as an executive and geological engineer in the mining and industrial sectors. Chmelauskas is the former CEO of multiple start-up to production companies including Jinshan Goldmines Corp. which is now China Gold International and Rheominerals (Nevada). Chmelauskas also developed and consolidated Western Lithium Corp. with Lithium Americas Corp. (Nevada and Argentina) which has become a leading developer.
Justin Bourassa — CFO
Justin Bourassa has 15 years of global experience in management, development, governance and the reporting of private and publicly-listed mineral exploration and mining companies.
Keith Peck — Executive Chairman
Keith Peck has 30 years in Investment Banking as VP and Director RBC Dominion Securities, Haywood Securities and Vice-Chairman Yorkton Securities. Peck is the founder of Chilean copper producer Centenario Copper Corporation. Peck also has expert experience as a financier working in M&A, restructuring, business valuations and testimonies.
Olav Langelaar — Director
Olav Langelaar has 25 years of experience in the Canadian capital markets with specific expertise in mining operations and investment banking. Langelaar is the managing director at Dundee Goodman Merchant Partners which is a division of Goodman & Company, Investment Counsel Inc.
Kenneth C. McNaughton — Director, MASc, P. Eng
Kenneth C. McNaughton has 38 years of global exploration experience. McNaughton is one of the founders of silver and gold producers Silver Standard SSR Mining and Pretium Resources (currently SVP). McNaughton is also Chief Exploration Officer P2 Gold Inc.
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 Camino Minerals and seek advice from a qualified investment advisor.
Gold Exploration in the Prolific Canadian Jurisdictions of Quebec and Newfoundland
Overview
Eric Sprott, touted as a “Canada's biggest gold enthusiast," has injected somewhere between $200 and $300 million into the junior mining space in recent times. Sprott's investment strategy has recently shifted from investing in major mining companies towards investing in junior mining companies which he believes could provide him with big returns.
Sprott's investments may be of particular interest to investors considering the coattail investing strategy—this refers to mimicking the trades of well-known and historically successful investors to metaphorically 'ride the coattails' of respected investors in the hopes of realizing returns.
One company that Sprott has invested in recently is Opawica Explorations (TSXV:OPW) (FSE:A2PEAD) (OTC:OPWEF), a Canadian junior mineral exploration and development company focused on Quebec and Newfoundland. The company is backed by a management team with decades of experience and success in the mining industry and lead investors GoldSpot Discoveries (TSXV:SPOT,OTCQX:SPOFF) and Eric Sprott.
Opawica Explorations has strategically located projects near high-yielding mines in the gold-rich and mining-friendly Rouyn-Noranda camp in the Abitibi gold belt in Quebec and the Rogerson structural gold corridor in Newfoundland. The Abitibi gold belt is the world's largest mineral-rich greenstone geological belt and hosts more than 170 million ounces of produced gold while the Rogerson structural gold corridor is well-endowed in gold deposits and showings.
The company has three early-stage projects including Arrowhead, Bazooka and McWatters which have shown promising drill and sample results for significant high-grade gold mineralization. Opawica Explorations may have the potential to replicate the success of several high-yielding nearby mines including Agnico Eagle's Mouska, Yamana Gold's Wasamac and Yourbeau Resources Astoria.
The company is fully funded, having recently raised C$5.3 million in June 2021 through non-brokered private placement despite only seeking to raise C$4 million. As a result of this successful funding round, the company is fully equipped to extend drilling programs without financial constraints.
Opawica Explorations recently signed a service agreement with GoldSpot Discoveries Corp. to assist in the exploration of its projects. The strategic partnership will maximize the chances of mineral discovery through the use of GoldSpot's proprietary technology and geoscience expertise. GoldSpot Discoveries has been granted a 0.5 percent NSR royalty on the Bazooka project and multiple royalty options on various projects.
Opawica Explorations is currently in the process of gaining permits in Quebec and prospecting the Newfoundland property. The company plans to begin drilling no later than October 2021 after sufficient geological assessments are completed on its properties.
Opawica Explorations' Company Highlights
Opawica Explorations is a Canadian junior mineral exploration and development company focused on identifying and acquiring gold in Quebec and Newfoundland.
Opawica Explorations has strategically located projects near high-yielding mines in the gold-rich and mining-friendly Abitibi gold belt in Quebec and the Rogerson structural gold corridor in Newfoundland.
The company has three early-stage projects including Arrowhead, Bazooka and McWatters which have shown promising drill and sample results for significant high-grade gold mineralization.
Opawica Explorations recently entered into a strategic partnership with GoldSpot Discoveries to assist in mineral exploration with its proprietary technology. GoldSpot Discoveries was granted a 0.5 percent NSR royalty on the Bazooka project and multiple royalty options on various projects as a result.
The fully-funded company is backed by a management team with decades of experience and success in the mining industry and lead investors, Eric Sprott and GoldSpot Discoveries Corporation.
Opawica Explorations' Key Projects
Bazooka Project
The Bazooka project is located in the high-grade gold region of the Abitibi gold belt in Quebec on the Cadillac Larder Lake Break. The property spans 1200 hectares including seven kilometres of strike length. The project is contiguous to the south-western border of Yamana Gold's Wasamac gold property that has proven and probable mineral reserves of 1.8 million ounces of gold at 2.56 g/t. Additionally, the Bazooka property is directly west of the IAMGOLD Corporation option which has produced high grades in the past.
From 2003 to 2005, drilling on the Bazooka property yielded widespread gold mineralization from a few hundred ppb to as high as 316.23 g/t of gold over 1.0 m in a singular hole. In 2017, drilling and historical holes confirmed a wide gold zone extending from the west to east at 275 m deep.
The property is believed to host higher-grade gold and will be operated on in three phases. The first phase will consist of a review of drill cores to establish a more consistent lithological code. The second phase will consist of drilling to obtain additional results in the central part of the high-grade gold zone associated with the four mineralized gold zones outlined by previous workings. Lastly, the third phase will conduct a resource estimate, metallurgical testing and preparation of the resource estimate report.
Arrowhead Project
The Arrowhead project is also located in the high-grade gold region of the Abitibi gold belt in Quebec. The property is fully surrounded by Agnico Eagle Mines Ltd. which recently conducted a significant drilling campaign to the west and north of Arrowhead.
The Arrowhead project has a history of exploration and drilling work which includes 34.29 g/t of gold sampled in 1929. Previous drill holes on the property intercepted 40 gold-copper mineralized zones, enhancing the potential for quartz-carbonate auriferous veins associated with E-V trending on the shear zone, gold-rich VMS deposits and gold-rich polymetallic veins. Fine visible gold was seen throughout the historical drilling and on the surface including 4000 ppb of gold at 0.37 m depth.
The property is believed to host new mineralized veins as a result of previous exploration work that was conducted but the economic potential has not yet been proven.
McWatters Project
The MacWatters project is located in the Abitibi gold belt region of Quebec. The project is continuous to the Long Bars Zone Break, the Yourbeau Rouyn property and the Granada Gold property that contains a gold resource of 2.3 million ounces. The project is associated with quartz veins in deformation zones.
The property has a limited exploration history including an MMI survey, walking IP and soil sampling. Several gold showings have been identified both within and in the surrounding area including visible gold reported. Historical drill results done by Opawica Explorations include 7.79 g/t of gold over 3 metres.
The property is believed to host significant gold opportunities for the company.
Opawica Explorations' Management Team
Blake Morgan — CEO, Director
Blake Morgan has 15 years of experience in the mining industry including 10 years dedicated to the mining and natural resource sector in Australia working with Rio Tinto, BMA Metals (a subsidiary of BHP) and Santos Ltd. Gaining first-hand knowledge, culture and an understanding of mining operations, Morgan then made the move from Australia to Canada and has been instrumental in consolidating significant exploration land packages and financing their development for private resource exploration companies in British Columbia.
Sandra Wong — CFO
Sandra Wong is a Chartered Professional Accountant with over 10 years of working experience with several TSX Venture Exchange- and Canadian Securities Exchange-listed companies in the area of financial reporting and company management.
Chris Reynolds — Director
Chris Reynolds has been investing in the natural resource sector for over 10 years. Delivering solutions for corporate structure, strategy and communications for small-cap juniors, Reynolds was an instrumental part in the incubation of Lithium Consolidated Mineral Exploration which went public on the ASX in 2017. He started his career at Longview Capital Partners in corporate development, then worked as an investment advisor at Mackie Research. He is currently the Founder of Progenitor Metals Corp.
Owen King — Director
Owen King has 20 years of experience in the financial markets and management consulting fields. King was employed at Mackie Research as an investment advisor focusing on venture capital financings. Since 2014, King has been working with public companies in business development and assisting with capital raises and IPOs. Before this, King was a management consultant working in the high-tech industry installing auditable quality management systems in small businesses.
Philippe Harvard — Director
Philippe Harvard has been involved in the mineral exploration industry since 2008 and is one of the principals of Investissements Gema Inc., a private company engaged in the purchase and sale of mineral properties in the Province of Quebec. Harvard is also the president of TelKel, an independent telecommunications company in the province of Quebec. Harvard is also the President of Cubicule Studio, a software engineering company.
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 Opawica Explorations and seek advice from a qualified investment advisor.
Unlocking A District of Copper-Gold Deposits in Argentina
Overview
Argentina is moving up the ladder as one of the hottest mining jurisdictions in the world. With new legislation and pro-mining support from the national government, investors should expect to see an uptick in exciting mineral exploration and project development opportunities, especially in the mining friendly provinces within the South American country.
Argentina sits along the Andes mountain range giving it access to one of the world’s metal-rich jurisdictions. In 2021, Argentina created a program to incentivize production for exports, facilitating the flow of foreign currency companies that would be allowed to send abroad for loan and dividend payments. This program comes at a prime time as Argentine authorities estimate that the country could triple its mining exports from US$3.4 billion in 2019 to US$10 billion by 2030. Copper, lithium, gold and silver mining especially present exciting investment opportunities for potential investors in the coming years.
Aldebaran Resources (TSXV:ALDE) (OTCQX: ADBRF) is a Canadian mineral exploration company specializing in identifying and exploring highly prospective copper-gold projects with the potential to become large-high-quality deposits or mines in the future. The same core management team leads the company Regulus Resources (TSXV:REG) and is the former management of Antares Minerals Inc, which they founded in 2004 and sold to First Quantum Minerals in 2010 for C$650 million.
The company’s flagship Altar copper-gold project sits in the mining-friendly jurisdiction of San Juan province in the Argentina Andes. Altar is a district of copper-gold deposits and with a Measured & Indicated Mineral Resource of 1,198.2 million tonnes grading 0.43 percent copper, 0.09 g/t gold and 1.00 g/t silver at the Altar Central & Altar East deposits as well as an early-stage gold deposit at the QDM gold deposit. The company also has additional promising projects in Argentina, including its Rio Grande copper-gold porphyry project and the Aguas Calientes gold project in Salta province.
“The Altar project is an extremely large copper system with an interesting amount of additional gold as a byproduct with it. The project was acquired by Stillwater Mining in 2011 for almost US $500 but then fell off the map as it became a non-core asset for Stillwater. We made a deal with Stillwater in 2018 to acquire up to an 80% in the project on terms that are very favorable compared to the previous sale price. We have been quietly doing a lot of technical work to re-evaluate the potential of the project over the past few years. I think it’s an outstanding moment to take a look at us as being an extremely undervalued company with plenty of potential for the project to move forward,” said Aldebaran Resources CEO John Black.
The Altar copper-gold project leverages strategic positioning nearby several existing large mines and advanced-stage copper projects. Notable geographic neighbors include the Antofagasta Minerals’ Pelambres copper mine, Glencore Xstrata’s El Pachon copper project and McEwen Mining’s Los Azules copper project. Altar has the potential to mimic the success of these large established copper projects and boasts regional expansion potential across the mining-friendly San Juan province.
After two years of conducting extensive fieldwork and geological data collection, the next step at Altar includes an exciting large-scale drilling campaign to drill out higher-grade mineralized zones and to test new greenfield targets expected to commence in Q4 2021.
Aldebaran Resources currently has a joint venture and option agreement with Sibanye-Stillwater Ltd. (JSE:SSW) to earn up to 80 percent interest in the Altar copper-gold project, subject to cash and expenditure conditions. The company is currently earning up to 60 percent interest by spending US$ 30 million over five years and has the right to earn an additional 20 percent interest in the project by spending an extra US$25 million over three years.
Aldebaran Resources has a strong shareholder base consisting of two strategic partners who collectively own about 70% of the company (Sibanye-Stillwater [19.9%] and Route One Investment Corp [46.34%]) along with management and a group of loyal shareholders. This strong shareholder base provides the company with favorable access to capital.
Much of the company’s success can be attributed to its strong technical capabilities and experienced management team. Their decades of experience in project management, copper-focused exploration and corporate governance pushes Aldebaran ahead of the game.
Aldebaran Resources’ Company Highlights
Aldebaran Resources is a Canadian mineral exploration company focused on identifying, acquiring and exploring large high-quality copper projects throughout mining-friendly jurisdictions in South America.
The company has its large flagship Altar copper-gold project in mining-friendly San Juan province, Argentina.
The Altar project consists of several higher-grade copper-gold porphyry deposits over a sizable 8,444-hectare land position. Its currently reported resource estimate stands at over 15.2 billion pounds of copper equivalent with a significant portion of gold by-product and excellent potential for expansion.
Aldebaran has identified higher grade copper-gold cores to several of Altar’s porphyry centers and will focus additional exploration on increasing the size of these higher grade zones.
The company’s management team has a long history of working together as a core group of experts in copper discoveries and project exploration. They share the same leadership team with Regulus Resources and were the former management of the highly successful Antares Minerals.
Aldebaran Resources’ Key Projects
Altar Copper-Gold Project
The flagship Altar copper-gold project is located in San Juan, Argentina, and hosts a cluster of porphyry deposits. The company has identified outstanding revitalized exploration opportunities for the rising copper and gold markets.
The project consists of eight mining concessions covering over 8,444 hectares, two exploration permits and nine mining rights of way. Aldebaran can earn up to 80 percent interest in Altar under joint venture and option agreement with Sibanye-Stillwater.
The vast copper-porphyry system consists of at least four mineralized centres: Altar Central, Altar East, QDM & Radio and Altar North. In 2019, Aldebaran drilled 5,400 meters in four-diamond core holes to explore and expand the higher-grade zones. Discoveries from the campaign revealed a new, highly prospective porphyry center and several new target areas of higher-grade mineralization. The new 2021 resource at the Altar Central and East deposits stand at upwards of 15.2 billion pounds of copper equivalent at average grades of 0.5 percent copper equivalent. The new resource was calculated using an improved geologic model and better structural data which resulted in a better characterization of the distribution of arsenic in the primary copper-gold mineralization at Altar Central and Altar East and demonstrated that arsenic levels are much lower than previously thought. The new resource revealed that the majority of the arsenic is constrained to unmineralized waste material and the secondary supergene mineralization, closer to surface, which could be amenable to a lower CapEx starter operation with SX/EW heap-leach processing.
After extensive data collection in 2020 and a moderate 2021 drill program, Aldebaran is preparing the Altar project for more expansive and exploratory drilling to test prospective extensions to zones of higher-grade mineralization as well as new targets that have never been drill tested before. Aldebaran remains very excited about Altar’s potential for more higher-grade copper-gold discoveries.
Aldebaran Resources’ Management Team
John E. Black — CEO & Director
John E. Black is an economic geologist with more than 30 years of exploration experience in the Americas, Central Asia, the Southwest Pacific and Eastern Europe/Western Asia. He first worked in South America in 1993 and has been actively involved in mineral exploration throughout the continent for several companies since that time. His professional credentials include a B.Sc. degree in Geology from Stanford University in 1983 and an M.S. degree in Geology – Ore Deposits Exploration from the same University in 1988.
Black was the founding president of Antares Minerals Inc. and was instrumental in acquiring the Haquira project in Peru for Antares. He was the key driver in negotiating the sale of Antares to First Quantum Minerals for CAD$650 million. Black’s early career included work with Bear Creek Mining Company, Kennecott Minerals Corporation, Rio Tinto and Western Mining Corporation. He also cofounded and is currently the CEO and director of Regulus Resources Inc and Aldebaran Resources Inc.
Dr. Kevin B. Heather — CGO & Director
Dr. Kevin B. Heather is an economic geologist with more than 35 years of field experience in North and South America. Dr. Heather was a founding member of Antares and directed the exploration that led to discovering the high-grade Haquira East deposit in Southern Peru, which was sold to First Quantum Minerals in December 2010 for CAD$650 million. His professional credentials include a BSc. (honors) degree in Geology from UBC in 1982, an MSc. degree in Geology from Queen’s University in 1985 and a Ph.D. degree from the University of Keele in 2001.
Dr. Heather cofounded and is currently the CGO for Regulus and Aldebaran and is the qualified person (FAusIMM) responsible at a corporate level to oversee the technical aspects of both the companies’ exploration activities.
Mark Wayne — CFO & Director
Mark Wayne is a co-founder, director and the CFO of Aldebaran. He is also currently CFO of Regulus and former CFO of Antares Minerals Inc. Wayne has a law degree and is a Chartered Financial Analyst, specializing in corporate and securities law. Mr. Wayne has raised money for, and served as a director or officer of, a number of public and private companies over the years in the mining, oil and gas and technology sectors
Megan Cameron-Jones — Corporate Secretary
Megan Cameron-Jones has 30 years of experience in providing regulatory and management services to public companies. She is also the corporate secretary of Regulus Resources Inc. and a director and officer of Highway 50 Gold Corp. For 23 years, Cameron-Jones was a director and officer of Goldrock Mines Corp., acquired by Fortuna Silver Mines in 2016 for CAD$130 million. She was also a director and officer of Pachamama Resources Inc., which merged with Regulus in 2012.
Adam Greening — VP of Corporate Development
Adam Greening is a professional geologist with over 12 years of experience in corporate development, exploration and strategy. Before joining Aldebaran, Greening worked at Yamana Gold, where he helped evaluate and execute successful acquisitions and divestitures valued at approximately CAD$4.5 billion. Before Yamana Gold, he worked at Goldcorp and MPH Consulting as a geologist. Adam has an MBA from the Rotman School of Management at the University of Toronto and a B.Sc (honors) from the Memorial University of Newfoundland. Greening is also the VP of Corporate Development for Regulus Resources.
Stanford Foy — VP of Project Development
Stanford Foy is a geological engineer with a B.Sc. from the Montana College of Mineral Science & Technology, Butte, focusing on resource and reserve estimation, mineral economic modeling and advancing exploration projects towards feasibility. His unique 28-year experience combining mineral exploration with operational and technical roles from both open-pit and underground operations provides valuable insight for his new role in Aldebaran as VP of Project Development.
Most recently, Foy was director of Corporate Development for Sibanye-Stillwater and responsible for the Altar project, managed a feasibility study for the Marathon Project in Ontario, and was involved in numerous M&A due-diligence of potential business opportunities.
Laura Brangwin – Manager, Investor Relations
Laura Brangwin has over 6 years of experience working with natural resource companies in South America on marketing and communications strategies. Laura previously worked as international relations manager for Kura Minerals and in media as a project director leading marketing campaigns for executives in the mining sector globally with Global Business Reports (GBR) She has worked and lived across the Americas and Africa including in Argentina, Peru and Brazil. Laura graduated from the University of Manchester in the UK with a First-Class BA Honours in Spanish and Distinction in Portuguese, and speaks both languages fluently. Laura Brangwin is also the Manager of Investor Relations for Regulus Resources Inc.
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 Aldebaran Resources and seek advice from a qualified investment advisor.
Exploring and Developing High-Quality Copper-Silver Projects in Russia
Overview
Russia is not only known for its vibrant cities, rich cultural history and brilliant architecture. It’s also home to some of the most prolific mining districts in the world. According to a report issued by the Fraser Institute for Mining, the country ranks amongst the top 25 jurisdictions in mining attractiveness. That same report revealed that the country boasts an investment attractiveness rating above 70 percent, outranking notable European countries like Sweden, Norway and Spain.
Russia seeks to benefit from Europe’s green energy plans as a major contributor to the world’s precious and base metals, like silver and copper. With several high-quality mines and mineral deposits scattered near the country’s eastern border, active investors could see significant gains and economic success by investing in this European giant.
Azarga Metals Corp. (TSXV:AZR) is a mineral exploration and development company focused on its 100 percent owned Unkur copper-silver project in the Zabaikalsky province in eastern Russia. The project sits in a geographically advantageous region that shares a border with China and Mongolia.
Unkur leverages strategic positioning in a mining-friendly jurisdiction home to Udokan, the third-largest undeveloped copper deposit in the world. The flagship project’s similar geological structure has the possibility to mimic Udokan’s mineralization and copper-silver yield.
Azarga Metals acquired the Unkur copper-silver project in 2016 and quickly began its extensive exploration program. To date, Azarga has comprised mapping, sampling and ground magnetic campaigns. The company has also conducted two diamond drilling programs across 16 drill holes and 186 meters of channel sampling.
Unkur boasts excellent terrain and infrastructure with rich resource networks, like water, high-voltage substations and accessible highway and railway transportation lines. The 5,390-hectare land position has a relatively flat geological profile, which aids in mining and open-pit conditions.
In April 2021, Azarga released positive updates on the flagship project, announcing its Preliminary Economic Assessment (PEA) study will consider various operating scenarios at Unkur, including a low capital and operating cost heap-leaching scenario. Consideration of these new methods creates the opportunity for lower capital expenditure and shorter timeline production for the company.
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The following steps for the company include planning its physical exploration program in the eastern part of Unkur, which it expects to commence in August 2021. The confirmed presence of extensive copper and silver mineralization at Unkur East in January 2021 from a geochemical surveying program demonstrates justification for further exciting exploration and development.
Azarga Metals Corp. has a proven board and management team with experience in Russian mining, capital markets and low-cost exploration. This leadership and its technical team prime the company for outstanding discoveries across Unkur’s potentially vast copper-silver resource.
Azarga Metals’ Company Highlights
Azarga Metals Corp is a mineral exploration and development company focused on its 100 percent owned flagship Unkur copper-silver project in the Chara-Aldan area in eastern Russia.
Unkur is a sediment-hosted stratiform copper-silver deposit with world-class discovery potential. Its current inferred resources hover 62 million tonnes at 0.53 percent copper and 38.6g/t silver grades.
The flagship project leverages excellent infrastructure with power and water on-site and advantageous positioning less than 30 kilometers from the world’s third-largest undeveloped Copper project known as Udokan.
Unkur East is relatively undeveloped and has limited exploration history, which gives Azarga an exceptional first-mover advantage in this mineral-rich region.
The company has a solid and well-versed management team of top mining and finance professionals with proven track records of success.
The neighboring Udokan Copper Project holds copper resources of 26.7 million tonnes (Mt) and is the 3rd largest undeveloped copper deposit globally.
Azarga Metals’ Key Projects
Unkur Copper-Silver Project
The flagship Unkur copper-silver project is a sediment-hosted stratiform copper-silver deposit located in the Zabaikalsky province in eastern Russia. The asset has a 25-year mineral exploitation license across 5,390 hectares and leverages access highways and railway transportation. Mining at Unkur is an open-pit conventional truck and excavator operation.
To date, work has comprised surface geologic mapping and geochemical sampling, approximately 130 line kilometers of ground magnetics geophysics, 4,580 meters of diamond drilling across 16 drill holes and 186 meters of channel sampling from four trenches. The initial results of this 2017 program revealed a maiden NI 43-101 resource estimate of 42 million inferred tonnes at 0.52 percent copper and 38g/t silver, containing 220,000 tonnes of copper and 52 million ounces of silver.
2020 exploration programs completed extensive drilling, metallurgy testing and geological modeling of mineralized envelopes. Recoveries reported up to 96.4 percent copper and 96.7 percent silver with leaching. Azarga remains very excited for new resource estimations and further development of this high-grade prospect.
Azarga Metals’ Management Team
Alexander Molyneux — Non-Executive Chair
Alexander Molyneux has over 20 years of metals and mining industry executive and financier experience. Since 2018, he has been the managing director and CEO of Galena Mining Ltd. Prior he was the CEO of Paladin Energy Limited, one of the world’s largest uranium companies, where he optimized its operating business and completed a US$700M successful recapitalization of the company and a re-listing on the ASX. Molyneux serves on several public company boards, including Ivanhoe Mines Group and Ivanhoe Energy, Argosy Minerals Ltd., Metalla Royalty & Streaming Ltd., Tempus Resources Ltd., Comet Resources Ltd. and AMWolf Capital Corp.
Gordon Tainton — President & CEO
Gordon Tainton is an experienced, successful business leader who, since the early 2000s, has held senior management and board positions in both public and private companies within the mining and extractive industries and physical commodity marketing. His project experience includes involvement with studies and development plans, trading, logistics, off-take agreements and project financing. Tainton also has significant expertise in project generation in the junior mining sector.
Tainton currently serves as a non-executive independent director on the board of Vancouver-based Northern Lights Resources Corp. and Metallum Resources Inc. He holds a BA from Simon Fraser University.
Dr. Alexander Yakubchuk — VP of Exploration
Dr. Alexander Yakubchuk has over 30 years of operational and executive experience in the Former Soviet Union, including Russia, Kazakhstan, Kyrgyzstan, Uzbekistan, Australia, Mongolia, China, Canada and several other European countries. He has been the director of Exploration of Orsu Metals Corporation since 2008.
Dr. Yakubchuk previously worked with and consulted companies such as BHP-Billiton, Norilsk Nickel, Goldcorp, Rio Tinto, World Bank and Inco and previously lectured as an Associate Professor Lomonosov Moscow State University for five years.
Dan O’Brien — CFO
Dan O’Brien is the CFO for several publicly listed exploration companies trading on the TSX and TSX Venture exchanges. He has over 15 years of experience in financial reporting for publicly traded mineral exploration companies and has held CPA & CA certification since 2007. O’Brien was previously a senior manager at a leading Canadian accounting firm specializing in the audit of public companies in the mining and resource sector.
Exploring Compelling Copper-GoldPorphyry Opportunities in British Columbia
This Edgemont Gold Corp Tech profile is part of a paid investor education campaign.*
Overview
Approximately 60 percent of the world’s copper and 95 percent of its molybdenum come from porphyry deposits. Despite making up such a substantial portion of these reserves, these deposits have historically been underexplored and overlooked due to their lower grades.
Companies with copper porphyry assets in mining-friendly jurisdictions like British Columbia have made strides to upgrade infrastructure across their projects in recent years.
Edgemont Gold (CSE:EDGM | FRA: EG8 ) is a Canadian exploration company focused on exploring and developing high-quality copper-gold porphyry assets in Canada. It is currently exploring the Dungate copper-gold porphyry project located 6 kilometers south of Houston in the Omineca mining division of Northern British Columbia. The company has the option to earn 100 percent interest in the project.
The flagship Dungate project hosts exceptional discovery opportunities and widespread mineralization. Groundwork and geological sampling have identified a 1.2 meter high chargeability IP anomaly and a known copper-gold-porphyry intrusive.
“The copper component is compelling. For gold, we are seeing the same mineralized zones as the geology that Sun Summit has. There’s an abundance of opportunity here,” CEO Stuart Rogers commented.
The company is excited about its 2021 development plans for the Dungate project. Projected programming includes permit acquisition, drill testing and fully funded drilling across six holes.
Edgemont Gold has an advantageously low market cap, which sits at C$5.9 million, and a treasury of C$1.94 million.
Edgemont Gold has a proven management team with years of experience in mineral exploration, mining, and financing. The company’s vested interest in the development and economic growth of its high-quality exploration projects preps them for significant mining success.
Edgemont Gold’s Company Highlights
Copper-gold exploration in British Columbia, a safe, established mining district
Focused on the Dungate Project. Accessible by road, with year-round drilling
Drilling 7 km north of high-grade gold/silver discovery, recently announced by Sun Summit Minerals
Permit filed for drilling to test mineralization at depth in Q3 2021
Compelling targets identified by magnetic & IP surveys, soil & outcrop sampling Mineralization at depth confirmed by historic drilling. Only one deep hole (333m long) drilled in 1975 – 142 m of chalcopyrite at bottom of hole
Tight share structure (24M shares outstanding) and low market cap (~$5 Million)
Led by experienced industry professionals with an extensive track record of exploration success
Fully funded for extensive drilling in 2021 with ~$2M
Edgemont Gold’s Key Project
Dungate Copper-Gold Project
The Dungate copper-gold project sits 6 kilometers southeast of Houston, British Columbia, with 1,035.8 hectares of claims staked in 2020 and 546.4 hectares under option. The property sits advantageously in the Omineca mining division, and leverages clear power lines, year-round roadways and close proximity with the closed Equity mine site.
Exploration history on the property dates back to the 1960s with an initial discovery of chalcopyrite and molybdenite mineralization made on the property. In 2018, Edgemont conducted a brief exploration program that collected six rock samples and eight soil samples. This program also confirmed the presence of copper-gold mineralization with grade highlights of 1.7 g/t gold, 0.8 ppm silver and 1,500 ppm copper across multiple samples.
Additional exploration on the property includes a ground magnetometer survey, a soil sample survey, geological mapping and prospecting. The project’s 2020 development campaign explored the main Quartz Feldspar Porphyry intrusive, which hosts promising mineral anomalies and drill target possibilities.
Edgemont has filed a permit application for a six hole drill program intended to test mineralization at depth in 2021.
Edgemont Gold’s Management Team
Stuart Rogers — President & CEO
Stuart Rogers has been involved in the venture capital space since 1987. He is the founder and president of West Oak Capital Group, a privately held investment banking firm specializing in the early-stage financing of resource and technology projects through the junior capital markets in Canada and the United States. Rogers has served as a director of client companies listed on the TSX Venture Exchange, the Toronto Stock Exchange and NASDAQ Small Capital Market.
Rogers currently serves as the president of Elysee Development, an investment issuer with a focus on the junior mining sector, and as a director of Gold Terra Resource, a gold exploration company that he co-founded in 2007.
Gordon Steblin, B.Comm, CPA, CGA — CFO
Gordon Steblin has over 25 years of financial experience in the junior mining and exploration sector. He serves as the CFO of Elysee Development and Freegold Ventures. Steblin obtained a Bachelor of Commerce degree in 1983 from the University of British Columbia and became a Certified General Accountant in 1985.
Kevin Arias — VP of Corporate Development
Kevin Arias has worked in the investment sector since 2003. He began his career at CIBC Capital Markets and worked in institutional trading at Scotia Capital and then later at Dundee Securities. Since 2015, Arias has worked directly with several publicly-traded companies active in the mining and mineral exploration sector in Alberta, Australia, Ontario, Idaho, Nevada, Colombia, Brazil and Kazakhstan. His roles have included management positions in corporate finance, business development and institutional investor relations.
*Disclaimer: This profile is sponsored by Edgemont Gold (CSE:EDGM | FRA: EG8). This profile provides information that was sourced by the Investing News Network (INN) and approved by Edgemont Gold, in order to help investors learn more about the company. Edgemont Gold is a client of INN. The company’s campaign fees pay for INN to create and update this profile.
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 Edgemont Gold and seek advice from a qualified investment advisor.
Exploring the Americas for Large Scale Copper-Gold Deposits
Overview
Copper is now referred to as “the new oil” and the “metal of the future” because its durability, recyclability and superior conductivity make it a valuable resource as the world transitions towards sustainability. Electric vehicles (EVs) contribute to a more sustainable future and copper is a major component in the production and use of green mobility. In the US alone, 7 million EVs will be required by 2025. As the world travels the road to sustainable energy, the demand for copper increases.
C3 Metals Inc. (TSXV:CCCM) is an ambitious exploration company focused on creating shareholder wealth through the identification, acquisition, and exploration of large-scale copper-gold exploration opportunities in mining-friendly jurisdictions like Peru, which is recognized as the second-largest copper exporter in the world.
C3’s most exciting venture is their acquisition of the Jasperoide project, covering 57 square meters in the heart of ‘elephant country’ in Southern Peru. This project is located just 50km from notable copper-gold deposits like Las Bambas (1.2 BT at 0.61 percent Cu), Constancia (534 MT at 0.31 percent Cu) and Haquira (569 MT at 0.56 Cu). Additionally, past exploration results have revealed that high-grade mineralization exists at the surface, containing 14g/t gold and 18.5 percent copper in rock chips.
Preliminary drilling on the Jasperoide project has already provided good news for the company. According to a May 2021 press release, “Results from seven holes on the first drill section intersected broad zones of high-grade copper-gold mineralization within a larger low-moderate grade envelope. The drill program will now proceed to its planned 10,000m looking to expand the near-surface copper-gold footprint.”
Another advantage of the Jasperoide project is the fact that the initial infrastructure is already in place. This should simplify the logistical processes required to ramp up future production. In addition to Jasperoide, the company has 100 percent control over five mineral exploration licenses covering 207 square kilometers of highly prospective copper-gold terrain in Jamaica.
C3 Metals also operates in Jamaica, a country that is recognized as a diverse mining region that boasts unique mineralogy. Historically, Jamaica was best known as a producer of bauxite, but more recently, has seen the discovery of gold and copper porphyry occurrences. C3 Metals’ early entry into Jamaica means it should benefit from first-mover advantage and be best positioned to capitalize on these opportunities.
One of the company’s two BC copper – gold projects is under JV to Tocvan Ventures (TOC:CSE) who has the ability to earn 80% by spending on exploration and issuing shares. The other project in BC – Mackenzie – is currently available for option or sale.
C3 Metals’ management team has a proven track record of returning value to shareholders. Management brings decades of experience in mineral exploration, resource development and project management, providing the needed industry expertise to oversee complex mining projects.
C3 Metals’ Company Highlights
C3 Metals is an ambitious exploration company focused on creating shareholder wealth through the identification, acquisition, and exploration of large-scale copper-gold exploration opportunities in mining-friendly jurisdictions.
The company’s flagship project is the acquisition of the Jasperoide project, covering 57 square meters in the heart of ‘elephant country’ in Southern Peru.
Preliminary drilling on the Jasperoide project has shown high-grade gold-copper deposits, and the company will move forward with drilling to 10,000 m.
The company also has 100 percent control over five mineral exploration licenses covering 207 square kilometers of highly prospective copper-gold terrain in Jamaica.
CCCM’s 52-week performance is +230 percent, and the recent confirmation of high-grade mineral deposits in their flagship project means that the strong performance can be expected to continue into the future.
C3’s management team has decades of experience in mineral exploration, resource development, and project management. This lends C3 expertise and understanding of the industry which they have leveraged for strategic positioning in Peru and Jamaica.
C3 acquired 100 percent of Hochschild Mining PLC’s interest in the Company’s flagship Jasperoide Copper-Gold Project1, Peru held by Compañia Minera Ares S.A.C., a wholly owned subsidiary of Hochschild (the “Acquisition”).
C3 Metals’ Key Projects
Jasperoide Project
C3’s flagship project is the 57 square kilometer Jasperoide project located in Southern Peru.
Considerable upside potential at Jasperoide lies in the interpreted “STACKED” skarn system with well-developed mineralogic zonation which shows garnet, diopside skarn and magnetite skarn. There is a drill-defined near-surface oxide copper zone, deeper porphyry-style mineralization and intermediate sulphidation vein overprinting. Given the large volume of skarn mineralization seen at Jasperoide, the potential for a very large copper-gold deposit similar in scale to neighboring mines is very high.
Access is by primary and secondary roads from the regional capital of Cusco. The average elevation at the Jasperoide site is 4,300m, located on a gently rolling plateau. Previous exploration has identified copper and gold mineralization in a magnetite skarn with a classic hydrothermal alteration signature of an underlying copper porphyry system.
Mineral Exploration Licenses in Jamaica
C3 Metals Inc. controls 100 percent of five mineral exploration licenses covering 207 square kilometers of highly prospective copper-gold terrain in Jamaica.
Excellent potential at BGP (Bella’s Gate Project) exists for economically viable copper-gold deposits, with porphyry, epithermal, skarn, oxide and copper gold (IOCG) type targets.
The company has identified seven porphyry systems at the Bellas Gate Project where recent drilling has discovered a new zone with the initial drill hole intersecting 339m of 0.34 percent CuEq, including 10m of 1.79 percent CuEq.
New mineral exploration and development is welcome and encouraged by the Jamaican Government. The country has a long history of mining, beginning with the Spanish in the 16th Century, continuing with the British in the 19th Century, and today the modern bauxite industry is still thriving.
Mineral extraction in Jamaica is a very large contributor to the country’s GDP. British-based law, Canadian banking institutions, good infrastructure, and ready access to deep water shipping ports all contribute to a beneficial mining environment.
C3 Metals’ Management Team
Kevin Tomlinson – President & CEO
Kevin Tomlinson is a Canadian/Australian Structural Geologist and Investment Banker with over 35 years of experience in the exploration, development and financing of mining projects globally, and particularly in the North American, Australasian and European capital markets. Kevin’s diverse career commenced with 15 years in technical and senior exploration management roles predominantly at Plutonic Resources followed by several years as the Managing Director and CEO of ASX listed junior Austminex, and as Head of Research for Hartleys stockbroking in Australia.
For the past 20 years, Mr. Tomlinson has been an effective Resources Investment Banker, M&A advisor and Company Director for some of the most successful junior exploration and development companies globally including Centamin Plc, Orbis Gold, Medusa Mining, Cardinal Resources and Bellevue Gold.
John McNeice, CA, CPA – Chief Financial Officer
John McNeice is a Chartered Professional Accountant registered in Ontario, Canada. Mr. McNeice provides financial consulting and chief financial officer services to emerging private and junior public companies. Presently Mr. McNeice is also CFO of Gold79 Mines Ltd. (TSX-V: AUU) and Northern Graphite Corp. (TSX-V: NGC) where he is responsible for financial and regulatory reporting as well as day-to-day financial management.
From September 2005 to May 2007, Mr. McNeice was Chief Financial Officer of Ur-Energy Inc. (TSX: URE), a uranium exploration and development company. He was a key member of the management team completing the initial public offering on the Toronto Stock Exchange. During Mr. McNeice’s tenure, Ur-Energy raised an aggregate of $150 million in a series of private placements, the IPO and several secondary financings which funded the development and eventual production of uranium at the Lost Creek Project in Wyoming, USA.
Stephen Hughes – VP Exploration
Mr. Hughes is an economic geologist with over 20 years of technical and management experience covering exploration, development and mine geology. Specializing in porphyry copper-gold, skarn and epithermal systems has led to the discovery-delineation and development of more than 2 billion tonnes of copper-gold resources in the Asia-Pacific region since 1999. Steve’s experience includes 12 years with PT Freeport Indonesia at the giant Grasberg mine, both in the open pit and as manager of the underground mine geology and exploration groups and 14 years as Exploration Manager – Indonesia for Oxiana Limited and VP – Exploration for Tigers Realm/Asiamet Resources where his roles have focused on managing the acquisition, exploration and development of Company making Cu-Au opportunities.
Recent successes include the acquisition and development of the Beutong porphyry Cu-Au deposit, as well as the discovery and development of the BKM copper and BKZ polymetallic deposits in Indonesia, all of which are currently being advanced through resource delineation and/or feasibility studies.
Alec Rowlands – VP Investor Relations
Mr. Rowlands has over 25 years of experience in mining finance. He is the former managing director of First Marathon Securities (London) and former Head of Sales for Gordon Capital (NYC). Since 1999, Mr. Rowlands has held several senior finance positions, including with Yorkton Securities, Westwind Partners, Jennings Capital and PowerOne Capital Markets Ltd.
Mr. Rowlands has been an active investor and founding shareholder in several mining ventures, notably Auryx Gold, which was acquired by B2Gold for its Otjikoto project in Namibia in 2011. He is currently Vice-President, Investor Relations and Corporate Development for Cardinal Resources Inc. (TSX: CDV).
Jeffrey Ackert, BSc. – VP Business Development
Mr. Ackert began his career as a regional geologist with St. Joe Minerals, Bond Gold Canada and LAC Minerals in the 1980s. In 1990 he became a mine geologist at LAC Minerals’ Golden Patricia Mine (Barrick Gold Corp after 1994) where he specialized in production and exploration. In 1996 he was appointed VP Exploration for Orezone Resources Inc. focusing on West Africa and was subsequently named VP Technical Services in 2005.
During his time at Orezone, its market cap increased from $2M to over $300M due to resource development of various projects in West Africa including Essakane, Sega and Bondigui in Burkina Faso. Since 2007, Mr. Ackert has been the sole principal of JSA International Geoconsulting and since early 2008 a Director of Advance Gold Corp.
Chris Irwin, B.A., LL.B – Corporate Secretary
Mr. Irwin is a principal of Irwin Lowy LLP, a Toronto-based law firm specializing in Corporate and Securities Law. Between 2004 and 2006, he was associated with Wildeboer Dellelce LLP. From 1998 to 2004, he was associated initially with Boyle & Company and subsequently with Power Budd LLP. Presently Mr. Irwin is a director and/or officer of several public companies. Mr. Irwin was Corporate Secretary for Kinbauri Gold Corp. from 2004-2009.
Mr. Irwin received his Bachelor of Arts from Bishop’s University in Lennoxville, Quebec in 1990 and his Bachelor of Laws from the University of New Brunswick in Fredericton, New Brunswick in 1994. He has been a member of the Law Society of Upper Canada since 1996.
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 C3 Metals and seek advice from a qualified investment advisor.
Future demand for nickel is projected to reach an all-time high, with much of that growth coming from the electric vehicle industry. Within that industry alone, global nickel demand is expected to reach 2.6Mt by 2040 compared to only 92kt in 2020. Specifically, nickel is an important component of EV batteries, and the resulting demand is projected to rise 64 percent between 2019 and 2025 according to research firm Wood Mackenzie.
Generating enough supply, however, is a continuing challenge. The nickel industry is slow to increase capacity efficiently, requiring significant shifts upward in nickel prices as demand rises before there is a supply response. High-profile industry experts like Robert Friedland, Executive Co-Chairman of Ivanhoe Mines and Elon Musk, CEO of Tesla, have expressed a need for more nickel production in the future, while CEO and Chairman of General Motors, Mary Barra, stated the need for electric vehicles in the future. Major automotive manufacturers have committed to hybrid and electric vehicles, and international government policies from the US, EU and China aim to continue this trend towards zero carbon emissions by 2050.
Nickel Creek Platinum Corp. (TSX: NCP; OTCQB: NCPCF) is a Canadian mining exploration and development company focused on delivering value to stakeholders through diversified exposure to nickel, copper and platinum group metals (PGM) in Canada’s Yukon Territory. The Company’s principal business activity is the exploration and evaluation of its 100%-owned Nickel Shäw project, located in southwestern Yukon, Canada.
Nickel Creek Platinum’s Nickel Shäw project contains 1.9 billion pounds of nickel, 1.1 billion pounds of copper and nearly 6 million troy ounces of platinum, palladium and gold. Platinum-group metals (PGMs) account for approximately a quarter of the project’s resources and represent one of the larger PGM resources outside of South Africa and Russia. Copper, which is also critical to electric vehicle infrastructure, accounts for 13 percent, while cobalt, another necessary metal for the battery market, makes up 7 percent.
Nickel Creek Platinum enjoys the support of the Yukon government. The company has a strong relationship with the Kluane First Nation and the local community for the Nickel Shäw project. An Advisory Committee facilitates two-way communication to address any issues or concerns regarding the project. Nickel Creek also offers community support, training, and employment opportunities.
Nickel Creek has a strong commitment to ESG where it continues to collect baseline environmental data on its primary project for permitting purposes and is confirming the science behind the opportunity for carbon sequestration of the future tailings produced, ultimately illustrating a low-carbon footprint for the project.
Thanks to the mining-friendly Yukon Territory and positive relationships with the First Nations and local governments, Nickel Shäw is on its way to becoming one of the most productive initiatives in the industry.
The US and Canada both see nickel and cobalt as critical metals of strategic importance, and Stuart Harshaw, President and CEO of Nickel Creek, is confident the organization can help fulfil the need, stating that “… we have completed extensive metallurgical testwork on the full representation of the deposit to produce a product that can go to market. With our higher value per tonne than other similar projects, Nickel Creek Platinum is well positioned to move forward.” Mr. Harshaw sees the company “producing nickel for over 25 years.”
Nickel Creek Platinum’s Company Highlights
Nickel Creek Platinum is focused on the Nickel Shäw project, which hosts one of the most promising deposits for nickel, copper, cobalt, and PGMs in the world thanks to pre-existing regional infrastructure and an expansive open-pit potential.
The Nickel Shäw project location is ideal and low-risk, offering access to the Alaska Highway. The company has long-term relationships with large institutional shareholders, and management has proven experience in related markets and project operations.
Nickel in general is a vital component in battery technologies and will have a variety of uses for the growing electric vehicle market.
Nickel Creek Platinum is dedicated not only to providing value for shareholders but also achieving a carbon neutral future in a way that is socially responsible. The organization is working with First Nations groups as well as local governments to minimize waste and promote positive environmental and social impacts.
Nickel Creek Platinum’s Flagship Project
Nickel Shäw Project
An undeveloped nickel sulphide location in the Yukon, the Nickel Shäw project boasts a favourable location and a diverse resource base of various metals including copper, cobalt, and PGMs. Investors will be exposed to several different metals when working with Nickel Creek Platinum.
The project hosts over:
1.9 billion pounds of nickel
1.1 billion pounds of copper
5.7 million ounces of PGMs
107 million pounds of cobalt
The project is located southwest of Canada’s Yukon Territory, approximately 300 kilometres west-northwest of the capital, Whitehorse. This locale grants the project exceptional infrastructure, including the paved Alaska Highway and its year-round access to deep sea shipping ports in Haines and Skagway. There is potential for railway access in the future as well as options for renewable energy with the local community.
Nickel Creek Platinum’s Management Team
Stuart Harshaw, B.Sc., MBA — President, CEO, Director
Stuart Harshaw is a seasoned mining executive with a successful international career with Vale SA and Inco Limited. Most recently, as Vice President of Ontario Operations for Vale, Mr. Harshaw was responsible for the Base Metal operations of Vale in Ontario that included six underground mines, a mill, smelter, nickel refinery, cobalt refinery, precious metal refinery, and hydro-electric production facilities.
He previously held various senior roles with Vale including marketing and sales for a broad range of metal concentrates and finished metals worldwide.
Since leaving Vale, he has been consulting in the global mining business and is a member of the Board of Directors of several mining companies, as well as the Laurentian University of Sudbury, Canada. Mr. Harshaw earned a BSc. in Metallurgical Engineering from Queen’s University and an MBA from Laurentian University.
Joe Romagnolo, CPA, CA, B. Comm. — Senior Vice President and Chief Financial Officer
Joe Romagnolo has extensive experience in the mining sector and in all areas of external financial reporting, budgeting, compliance, and cash flow management. He has also implemented financial reporting systems at all stages of a company’s growth and development from exploration to construction.
Mr. Romagnolo was recently with OceanaGold Corporation and Romarco Minerals Inc. He was responsible for the successful conclusion of over $500 million in equity financings and integrally involved in a US$200 million project debt financing with a syndicate of international banks with Romarco.
Before that role, Mr. Romagnolo was Corporate Controller of Centenario Copper Corporation, Atlas Cold Storage, and The Molson Companies Limited. Mr. Romagnolo is a Chartered Professional Accountant (CPA, CA) and is a member of the Institute of Chartered Professional Accountants of Ontario.
Heather White, P. Eng. — Advisor to Technical Committee of the Board of Directors
Heather White has over 20 years of experience in the mining industry where she has served in senior operating and executive roles with major companies like NOVAGOLD Resources, Vale Canada, and Voisey’s Bay Nickel Company. She was also the Chief Mine Engineer and subsequently Mine Manager for Voisey’s Bay, where she was responsible for development of the Feasibility Study through to mine operations.
Ms. White is a Professional Mining Engineer and President of White Mining Consulting Inc. She offers her advisory services, including Qualified Person and Project Management services for resource development, scoping analysis, PEA, PFS, and FS level mining studies to a diverse group of clients that includes The Electrum Group LLC, NOVAGOLD Resources Inc., Trilogy Metals Inc., and most recently Nickel Creek Platinum Corp.
During her time at Vale, Ms. White gained extensive experience in the nickel market, having planned and managed the worldwide nickel supply chain for Vale. Her duties involved the alignment of production of all products at all finished nickel smelting and refining facilities with market demand.
Myron Manternach, B.Sc., MBA — Chairman of Board of Directors
Mr. Manternach is President of Castle Grove Capital, LLC, an investment firm that provides strategic and financial advice, and raises capital for institutional investors and portfolio companies. He has over 25 years of experience in corporate finance, mergers and acquisitions, and corporate issuers. Mr. Manternach worked as an investment banker at JPMorgan Chase & Co. and as an analyst and manager of institutional investment funds with extensive experience in the mining and metals industry. Most recently he was Executive Vice President, Finance and Corporate Development at Lithium Americas Corp., and Managing Director and Senior Portfolio Manager of Ambac Assurance Corp., a subsidiary of Ambac Financial Group. He has been a director of Nickel Creek Platinum Corp. since July 2012 and was previously a director of Lithium Americas Corp. prior to its merger with Western Lithium Corp. Mr. Manternach holds a B.Sc. degree in Electrical Engineering with distinction from Iowa State University and an MBA from the Wharton School of the University of Pennsylvania.
Mike Sylvestre, M.Sc., P.Eng. — Director
Mr. Sylvestre is currently the Senior Vice-President, Americas Operations, for Kinross Gold Corporation. For most of his career, Mr. Sylvestre worked with Inco Ltd. where he held senior management positions domestically and internationally. Most notably, he was the Chief Executive Officer of Vale Inco, New Caledonia, President of Vale Inco, Manitoba Operations and the Vice President of Operations PT Inco, Indonesia. Mr. Sylvestre was also previously the President and Chief Executive Officer of Castle Resources Inc. and the Interim Chief Executive Officer of Claude Resources Inc. as well as Chair of the Board. Mr. Sylvestre brings over 40 years of mining experience to Nickel Creek Platinum. Mr. Sylvestre holds a M.Sc. and a B.Sc. in Mining Engineering from McGill University and Queen’s University, respectively. He is a member of the Professional Engineers of Ontario and the Canadian Institute of Mining. Mr. Sylvestre is also a graduate of the directors’ education program offered by the Institute of Corporate Directors (ICD) in partnership with the Rotman School of Management, University of Toronto.
Michele S. Darling — Director
Ms. Darling has over 30 years of global business experience, with particular expertise in Human Resources Management and Corporate Governance. She is the President of Michele Darling and Associates Inc., a management consulting business that provides human resources and strategic planning consulting services to Canadian and American businesses. Prior to establishing her consulting practice, Ms. Darling was the Executive Vice President, Corporate Governance and Human Resources, with Prudential Financial, Inc. from 1996 to 2002. She played a very significant role in the transformation of Prudential Financial from a mutual company into a public company and was honoured as Human Resources Executive of the Year in 2000. From 1991 to 1996, she was the Executive Vice President, Human Resources at Canadian Imperial Bank of Commerce, having joined the bank in corporate banking. Ms. Darling also held various Human Resources positions during her 10 years with The Oshawa Group Limited. Ms. Darling was a Director with Stornoway Diamond Corporation during 2018 and 2019 and a Director with Osisko Mining Corporation from 2012 – 2014. Ms. Darling holds a Bachelor of Arts (Honours) degree from the University of Sydney and obtained her Master’s degree in Education from the University of Toronto. Ms. Darling is a certified Human Resources Professional, and she is also a graduate of the directors’ education program offered by the Institute of Corporate Directors (ICD) in partnership with the Rotman School of Management, University of Toronto.
Wayne Kirk LL.B. — Director
Mr. Kirk has over 35 years of experience as a corporate attorney, including nine years’ experience as Vice President, General Counsel and Corporate Secretary of Homestake Mining Company, and over 16 years of experience as a board member of publicly held companies, including as a member of audit and governance committees. He is currently a member of the Board of Directors of Northern Dynasty Minerals Ltd. Mr. Kirk holds a B.A. in Economics (Distinction) from the University of California (Berkeley) and an LL.B (magna cum laude) degree from Harvard University and has been a member of the California Bar since 1969.
Mark Fields P.Geo., B.Comm. (Hon) — Director
Mr. Fields has over 30 years of experience in increasingly senior positions in the mineral exploration and mining industry with major and junior companies and currently operates his consulting practice, MC Fields Ventures Inc. Mr. Fields has and continues to serve on boards of publicly held companies involved in mineral exploration and development and on March 15, 2017, Mr. Fields was appointed as the Interim President and CEO of Discovery Harbour Resources Corp. and on December 17, 2019 was appointed President and CEO. He was involved in the acquisition and development of the Diavik diamond mine for the Rio Tinto Group through the 1990s. Mr. Fields was Vice President of La Teko Resources Ltd. when it negotiated a friendly take-over by Kinross Gold Corporation. As Executive Vice President of Pine Valley Mining Corporation, he was a key member of the executive team which brought the Willow Creek metallurgical coal mine into commercial production, for which he received the E.A. Scholz Award for excellence in mine development. Mr. Fields was President and CEO of Geodex Minerals from 2009 through 2014 and negotiated the joint venture and sale of the Sisson tungsten-molybdenum project to Northcliff Resources followed by the re-organization of Geodex Minerals. Mr. Fields holds a B.Sc. in Geology from the University of British Columbia and a B.Comm. (Honours) from Queen’s University.
*Disclaimer: This profile is sponsored by Nickel Creek Platinum Corp. (TSX: NCP; OTCQB: NCPCF). This profile provides information which was sourced by the Investing News Network (INN) and approved by Nickel Creek Platinum Corp. in order to help investors learn more about the company. Nickel Creek Platinum Corp.is a client of INN. The company’s campaign fees pay for INN to create and update this profile.
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 Nickel Creek Platinum Corp. and seek advice from a qualified investment advisor.
Exploration and the potential for fast track production at the past-producing Shakespeare Mine in Sudbury, Ontario
Overview
At Tesla’s quarterly earnings call in late 2020, Chief Executive Elon Musk urged participants, “Well, I’d just like to re-emphasize, any mining companies out there, please mine more nickel.” During Tesla’s Battery Day event on September 22, 2020, Musk shared the company’s goal of implementing a vertically integrated battery supply model centered in North America in order to produce batteries with zero high-cost cobalt and more low-cost nickel.
On top of this, experts forecast that 2021 will be a big year for nickel as a recovery in China and speculated demand from the electric vehicle battery sector create a perfect storm.
Historically, the Sudbury region in Ontario has been where some of the most significant nickel deposits in the world have been discovered. The Sudbury Basin currently has 8 producing mines, and has produced over 11 million tonnes of nickel since production started over 125 years ago. The geological endowment of the Sudbury region, coupled with the city’s status as one of the global epicenters of historical nickel production, mean that most of the mining operations and prospective land packages in the region are almost exclusively owned and controlled by prominent global mining corporations such as Vale(NYSE:VALE), Glencore (LON:GLEN) and KGHM.
One exception to this, however, is Magna Mining (TSXV:NICU). Due to some prescient strategic thinking at a low point in the mining cycle in 2016, a group of Sudbury mining professionals acquired the past producing Shakespeare Mine and its surrounding property package, which is located approximately 60km from the city of Sudbury. In addition to the mine site, Magna’s property package today also includes over 180km² of prospective adjacent land, which has seen little exploration activity to date.
Magna Mining’s flagship project, the 100 percent owned Shakespeare Mine, also boasts an NI 43-101 resource, major permits required for the construction of an open pit mine, mill and tailing storage facility. The Shakespeare mine has an indicated open pit resource of 14.4 million tonnes at 0.34 percent nickel, 0.37 percent copper and 0.9g/t total precious metals (TPM).
Following a successful go-public transaction in May 2021, Magna Mining is planning an aggressive and exciting exploration program at Shakespeare, which will include multiple drill targets adjacent to the company’s existing deposit. The existing resource and permits at Shakespeare also offer the opportunity to bring the deposit back into production on an accelerated timeline, a unique advantage for a junior mining company.
A successful capital raise concurrent with the go-public transaction is facilitating this new expenditure at the Shakespeare project, reflecting the first significant expenditure in this part of the Sudbury region in over ten years. It’s a prospect which company CEO Jason Jessup is looking forward to: “We think that our company has the potential and the capacity to grow into a significant base metals company within 12 to 24 months, which is largely thanks to having many pieces of the puzzle, such as the existing resource and permits, already in place”
The team that has put this company together also possess the necessary skills sets to realize this vision. The management team, many of whom are Sudbury-based, brings over 80 years of combined experience in mining operations, geology, Sudbury-region exploration and capital markets, along with experience at working with many of the prior successful companies in the region such as Inco, FNX and Vale.
Magna Mining: Company Highlights
Magna Mining is a Sudbury-focused base metal exploration and development company.
The flagship asset is the Shakespeare Mine, a past producing, Ni-Cu-PGM mine with major permits in place. The permits cover the construction of a 4,500 tonne per day mine, mill and tailings storage facility.
The current deposit at Shakespeare hosts an NI 43-101 indicated open pit resource of 14.4 million tonnes.
Throughout 2008 to 2012, the Shakespeare Mine processed over 480,000 tons of ore through a third-party mill at average grades of 0.33 percent nickel, 0.38 percent copper and 0.9g/t PGM + Au. This means that the metallurgy of the deposit is already well understood.
The extensive Sudbury-region experience of Magna Mining’s management team should position the company well for both exploration and operational success.
Overall, Magna Mining boasts many features which are rare to find in a junior mining company, including experienced local leadership and an advanced stage asset with major permits to go into production. Augmenting this is a large contiguous land package with significant exploration potential.
Magna Mining’s Shakespeare Project
Location
The Shakespeare project sits 60 kilometers southwest of the City of Greater Sudbury and spans over 180 km2 of contiguous and underexplored property.
Exploration Targets
The project has three priority exploration targets: Gap & S-13 (near to the mine), Bird’s Bane and P-4.
The Shakespeare Project hosts both near-mine exploration targets as well as regional targets across on their regional land package. There are 12 electro-magnetic geophysical plates that have been modeled on the property which have never been drill tested. Some of these plates are associated with mineralization on surface and are highly conductive and indicative of massive sulphides.
Exploration drilling is underway at Shakespeare. Currently the Phase 1 drilling program is budgeted to include 6000m of drilling in the area of the Shakespeare Deposit and an additional 3000m of drilling to test regional targets such as the highly prospective P-4 target.
Magna Mining’s Management Team
Jason Jessup, MBA — CEO & Director
Jason Jessup was a co-founder of Magna Mining and has 25 years of experience in the mining industry. His industry experience comprises operations management, corporate development and project evaluation. He has held senior positions in FNX Mining, Sandstorm Gold, Premier Royalty and INCO.
Derrick Weyrauch, CPA — CFO & Director
Derrick Weyrauch is an experienced mining executive with over 27 years in capital markets and operational expertise in scaling and restructuring companies. Currently, he is the CEO of Palladium One. Weyrauch was formerly the CFO of Jaguar Mining and Andina Minerals Inc.
Paul Fowler, CFA — Senior VP
Paul Fowler is an experienced capital markets professional who has worked with publicly listed Canadian mining companies for over 15 years. He has previously held investment banking, corporate finance and equity sales positions for several Canadian banks and brokerages, including National Bank Financial and Paradigm Capital.
Dr. Mynyr Hoxha — Vice President of Exploration
Dr. Hoxha has been an Advisor to the company since its inception in 2016 and participated in the initial due diligence on the Shakespeare property prior to the acquisition in 2017.
Dr. Hoxha is a Professional Geoscientist with more than 30 years of mining and exploration industry experience, most recently serving as Chief Geologist at the Young Davidson Mine for Alamos Gold since 2015. In 2004, he joined FNX Mining as Senior Geologist and in 2008 was promoted to Chief Geologist.
Marshall Hall, M.Sc., P.Geo — Exploration Manager
Marshall Hall is an experienced exploration geologist who joined Magna in 2018. He has been instrumental in compiling the historic Shakespeare data and the development of the new Shakespeare geological model. Marshall has 16 years of experience in Sudbury geology and previously worked for Wallbridge Mining.
Exploring in Prolific Mining Jurisdictions in Canada for Copper & Gold
Overview
Over the last several years, demand and reduced supply have created strong momentum for the price of copper. Due to its unique material properties, copper is integral to many industries including electric vehicles, alternative energy generation, energy storage, consumer electronics, and modern infrastructure. It is essential for the green energy revolution to succeed if the world wants to reduce its reliance on fossil fuels as a source of power generation. Decarbonization is an emerging trend across the planet and copper will have a fundamental role as the world progresses to a more ‘green’ economy. According to a recent report from Bernstein Research, copper production will need to increase by 3–6% per year to provide the copper necessary to meet CO2 emissions reduction targets outlined in the Paris Climate Agreement as each ton of copper mined reduces carbon emissions by 500 tons. Two hundred copper mines currently in operation will reach the end of their productive lives before 2035, yet the copper industry has seen insufficient investment, exploration, development, and production capacity in the last decade – making an increase in the metal price necessary moving forward.
Rockridge Resources Ltd. (TSXV: ROCK) is a publicly traded mineral exploration company focused on the acquisition, exploration, and development of mineral resource properties in Canada, with a primary focus on copper. The company’s flagship Knife Lake Project is located in Saskatchewan, ranked third as one of the world’s mining jurisdictions by the Fraser Institute. Over the last 100 years, the Flin-Flon mining camp in Manitoba and Saskatchewan has produced over 180 million tons of sulphide ore from over 35 VMS deposits worth in excess of $30 billion dollars. Rockridge also owns 100% of the Raney Gold Project, which is attractively positioned near the world-class Timmins and Kirkland Lake lode gold mining camps in Ontario.
The inaugural Knife Lake NI 43-101 resource estimate, released in 2019, provides an excellent anchor for the project with 3.8 MT @ 1.02% copper equivalent of indicated resources and 7.9 MT @ 0.67% copper equivalent of inferred resources. The deposit is a remobilized portion of a presumably larger primary VMS deposit and most of the historical work has consisted of shallow drilling at the deposit area with little regional work carried out and limited deeper drilling below the deposit. There is strong discovery potential in and around the deposit area as well as at regional targets on the 55,471 hectare property package and Rockridge is actively exploring the property for VMS-style, predominantly copper deposits along newly defined conductors and targets.
In April 2021, Rockridge staked an additional 22,808 hectares at Knife Lake (an increase of 70% on the previous land package) and also expanded its drill program from 1600 meters to 2,100 meters due to encouraging visible mineralization in the preliminary holes, which were drilled at Gilbert Lake North & South, 5-6km to the west of the Knife Lake Deposit. Additional infill drilling at the Knife Lake deposit was also carried out to further substantiate and potentially increase the resource estimate. The Company is looking forward to testing additional targets at the Knife Lake Deposit area, as well as regionally at Gilbert Lake North & South which hosts over 14 kilometres of prospective VMS stratigraphy.
Rockridge also owns 100% of the Raney Gold Project which is a high-grade gold property covering ~2,800 hectares located ~110 km southwest of the prolific gold district of Timmins, Ontario. The project borders Newmont’s (NYSE:NEM, TSX:NGT) Borden Gold Project host to the operational Borden underground gold mine. In early 2020, drilling at Raney entailed 2,070 metres in nine diamond drill holes with a highlight intercept in hole RN 20-06 of 28 g/t gold over 6 metres at a shallow vertical level of 95 metres.
Rockridge currently trades at a total enterprise value/total resources on copper equivalent ratio of CAD$0.05. “The most important part about why an investor might be attracted to Rockridge right now is due to its valuation on both an absolute and relative basis. The company has a market capitalization of approximately CAD$10 to $12 million, it trades at the low end of the valuation curve amongst its North American copper peers,” noted Rockridge CEO Jonathan Wiesblatt.
In March 2021, Rockridge appointed Jonathan Wiesblatt as CEO of the company. Mr. Wiesblatt has over two decades of experience in the financial industry in various roles, including focused expertise in the mining industry as an analyst, advisor, portfolio manager and institutional investor for several multi-strategy funds and resource focused asset managers including Sprott. This expertise and vested interest in the company’s success will be invaluable to its future growth.
Rockridge’s goal is to maximize shareholder value through new mineral discoveries, committed long-term partnerships and the advancement of exploration projects in geopolitically favourable jurisdictions.
Rockridge Resources’ Company Highlights
Rockridge Resources is a mineral exploration company focused on acquiring, exploring and developing mineral resource properties across mining-friendly jurisdictions in Canada.
The company is currently advancing its large, 55,471 hectare, flagship Knife Lake project in the Flin Flon-Snow Lake mining district on the Saskatchewan side of the border.
The inaugural Knife Lake NI 43-101 resource estimate includes indicated resources of 3.8 million tonnes at 1.02 copper equivalent and inferred resources of 7.9 million tonnes at 0.67 percent copper equivalent.
The deposit is a remobilized portion of a presumably larger primary VMS deposit and most of the historical work has consisted of shallow drilling at the deposit area with little regional work carried out and limited deeper drilling below the deposit; there is strong discovery potential in and around the deposit area as well as at regional targets.
Rockridge is actively advancing and drilling the Knife Lake project through 2021.
The Company also owns 100% of the Raney gold project SW of Timmins, Ontario. The Raney gold project sits in the Archean Swayze Greenstone Belt as part of the Abitibi Greenstone Belt, which hosts the world-class Timmins and Kirkland Lake lode gold mining camps. Its broad structural corridor contains high-grade gold concentration potential.
Both properties leverage exceptional mineralization, strategic positioning amongst prominent mining giants and existing infrastructure.
Rockridge has a world-class management team and boasts a robust mix of experts in capital markets, geology, mineral exploration and management.
Significant insider ownership and a growing institutional shareholder base.
Rockridge Resources’ Key Projects
Knife Lake Project
The Knife Lake project consists of 81 dispositions totaling 55,471 hectares within the Flin Flon – Snow Lake mining district, Saskatchewan. The company is searching for a remobilized portion of a presumably larger “primary” near-surface VMS deposit. The stratabound mineralized zone is approximately 15m thick and contains copper, silver, zinc and cobalt mineralization which dips 30° to 45° eastward over a strike-length of ~4,000 m, with an average horizontal width of approximately 300 m. Over 400 diamond drill-holes have been completed in and around the current property boundaries, with much of the drill core stored under cover and in very good condition.
Extensive exploration data dates back to the 1960s with over 300 shallow holes drilled which, combined with the 2019 drill program, allowed the company to complete the inaugural NI 43-101 resource estimate of the Knife Lake deposit. Highlighted drilling results from the 2019 drilling campaign included 2.03% copper, 9.88 g/t silver, 0.19 g/t gold, 0.36% zinc and 0.01 percent cobalt over 37.6 meters in hole KF19003. The company is currently awaiting assays from the 2,100 metre drill program which began in March 2021 to conduct infill drilling at the Knife Lake Deposit, along with testing regional targets Gilbert Lake South & Gilbert Lake North.
Over CAD$1.6 billion has been invested into mine development in the surrounding Flin Flon district and over 50% of deposits in the Flin Flon district have been advanced to production, which have led to nearly 100 consecutive years of mining. Several other companies are active in the region including Foran Mining (TSXV.FOM), which has it’s McILvenna high-grade base metal deposit ~80km south of Knife Lake. Hudbay (TSX.HBM) operates the several mines nearby, and recently discovered a new high-grade zinc zone between the two mines Chisel North and Lalor. In addition, a new entrant to the region is Rockcliff Metals (TSXV.RCLF), a well-funded exploration company with high-grade copper- and zinc-dominant VMS deposits, as well as joint ventures with Kinross and Hudbay.
Raney Gold Project
The 100% owned Raney Gold Project is a large prospective gold property covering approximately 2,800 hectares located 110 kilometers southwest of the prolific gold district of Timmins, ON. The project is ideally positioned in the Archean Swayze Greenstone belt, which is a part of the Abitibi Greenstone belt. The broad structural corridor that hosts the mineralization is open for expansion and historic mapping and surface sampling data show that it may extend over several hundred metres, with no drilling completed over a large extent of this corridor. A notable disruption in the airborne magnetic data approximately 2 km west of the recent drilling and in line with the projected structural corridor provides a compelling target area for future exploration.
Raney presents Rockridge with excellent early-stage exploration potential with its limited exploration history but highly prospective gold mineralization across the property. In early 2020, the company completed 2,070 meters of drilling with a highlight intercept of 28 g/t gold over 6 metres at a shallow vertical level of 95 meters. The company conducted a follow up 3000m drill program which was designed to evaluate a number of exploration ideas/concepts including testing the down-plunge and depth continuity of high-grade gold mineralization intersected in previously drilled holes, the eastward and westward continuity of the Raney gold zone.
Rockridge Resources’ Management Team
The company’s expert leadership and technical team apply their exploration experience and technical skills to acquire and develop its strategically positioned mineral projects. This world-class management team primes the company for growth and mining success.
Jordan Trimble, B.Sc., CFA – Director & President
Jordan Trimble is the founder and president as well as a director of Rockridge Resources Ltd. He is an entrepreneur and has worked in the resource industry in various roles with numerous companies specializing in management, corporate finance and strategy, shareholder communications, deal structuring and capital raising. Previously, he was the corporate development manager for Bayfield Ventures, a gold company with projects in Ontario, which New Gold successfully acquired in 2014.
Throughout his career, Trimble has founded and helped manage several public and private companies and has been instrumental in raising substantial capital for mining companies with his extensive network of institutional and retail investors. He is a frequent speaker at resource and mining conferences globally and has appeared on various media outlets, including BNN and the Financial Post.
Trimble holds a Bachelor of Science Degree with a Minor in Commerce from the University of British Columbia. He is a CFA Charterholder currently serving as a director of the CFA Society Vancouver.
Jonathan Wiesblatt – CEO
Jonathan Wiesblatt has over two decades of experience in the financial industry in various roles, including focused expertise in the mining industry as an analyst and institutional investor. Wiesblatt specializes in equity research, portfolio management, capital markets, hedge funds and investment management. His expertise in US and Canadian capital markets. He has spent the last 15-years as an institutional investor working as a portfolio manager for several multi-strategy funds, a Canadian Equity Mutual Fund at Sprott Asset Management, and recently served as an advisor to Canada’s largest Family Offices, Reichmann International Development Corp.
Wiesblatt is a graduate of The University of Western Ontario and a Chartered Investment Manager Designation holder.
Joseph Gallucci, MBA, B.Comm, – Director
Joseph Gallucci is a capital markets executive with over 15 years of experience in investment banking and equity research focused on mining, base metals, precious metals and bulk commodities on a global scale. Joseph is currently the managing director and the head of Mining Investment Banking at Laurentian Bank Securities Inc. His career has spanned across various firms, including BMO Capital Markets, GMP Securities, Dundee Securities. He was a founding principal of Eight Capital, where he recently led their Mining Investment Banking Team.
He has acquired experience in corporate finance, mergers, acquisitions, business and operational development, financings, and corporate strategy in his previous roles. He was directly involved in raising over CAD$1 billion for mining companies with focused expertise on Canadian base metal companies.
Prior, Gallucci spent over a decade in equity research focusing on global mining at both GMP and Dundee Securities. At Dundee Securities, he was a managing director and head of the Metals and Mining Research Team, where he oversaw the entire mining franchise. He has traveled extensively, visiting well over 100 mining properties across the globe.
Gallucci holds a Bachelor of Commerce degree from Concordia University and an MBA in Investment Management from the Goodman Institute of Investment Management.
Ron Netolitzky – Strategic Advisor
Ron Netolitzky has had an illustrious career in the mining and exploration industry with over 40 years of experience and having been directly associated with three major discoveries in Canada that subsequently went into production: Eskay Creek, Snip and Brewery Creek. Mr. Netolitzky has been honored with the Prospector of the Year award from the PDAC, and Developer of the Year award from the BC & Yukon Chamber of Mines. In 2015, he was inducted into the Canadian Mining Hall of Fame.
Richard Kusmirski, P.Geo, M.Sc., – Director, Head Technical Advisor & Qualified Person
Rick Kusmirski has over 40 years of exploration experience in North America and overseas and has actively participated in discovering several uranium, gold and base metal deposits. For several years, he directed Cameco Corporation’s uranium exploration projects in the Athabasca Basin in his capacity as an exploration manager. In 1999, Kusmirski joined JNR Resources, becoming VP of Exploration in 2000. Subsequently, he directed the exploration program that led to the discovery of the Maverick Zone on the Moore Lake uranium joint venture in the Athabasca Basin in Saskatchewan with partner Kennecott Canada. Kusmirski became JNR’s president and CEO in January of 2001.
Near-term Production East of Thunder Bay in Ontario
Overview
Market experts believe that global zinc demand is set to outpace production growth in 2021. The zinc market could see upwards of 2.9 percent to 14 million tonnes in production increases as producers worldwide continue to ramp up output in the face of surging demands.
Global zinc production continues to struggle to meet increasing demand. In 2019, 12.8 million tons of zinc was mined, with 33.7 percent of that coming from China. Companies operating advanced, high-quality zinc production assets in the West present investors with an opportunity to satisfy growing global demand without the same level of exposure to geopolitical risk.
One such company is Metallum Resources (TSXV:MZN), which acquired the Superior Lake zinc project from Superior Lake Resources (ASX:SUP). Superior Lake has a prospective JORC-compliant bankable feasibility study. Highlights from the report include an IRR of 31 percent (pre-tax), 9-year mine life with current reserve/resources.
The Superior Lake zinc project consists of two high-grade resource targets: Winston Lake and Pick Lake. Winston Lake produced historic average recoveries at 93.7 percent zinc and 78.3 percent copper, 37 percent Ag and 38 percent Au with approximately 900 Mlbs Zn, 53.7 Mlbs Cu, 1,172 koz Ag, 51.17 koz Au. Likewise, Pick Lake hosts highlighted drilling results of zinc grades up to 40.6 percent over 0.51m and 30.47 percent over 13.4m.
With most major permitting in place, the company plans to commence an extensive drilling campaign and further its established exploration programs to identify additional targets across the Superior Lake property. Existing infrastructure and historic revitalization of the project present the company with fast-tracked and lower-cost development conditions.
Metallum Resources has advantageous positioning in the space of zinc developer valuation. Compared to other players in the market, Metallum Resources presents an excellent CAD$21 million market cap with a robust post-transaction share distribution portfolio. The company has no material debt.
Metallum Resources’ management team has a proven track record of bringing shareholder value. The company is part of the Gold Group, a winning team of results-driven leaders with world-class expertise in mine building, resource expansion and established stakeholder value.
Metallum Resources’ Company Highlights
Metallum Resources’ flagship Superior Lake zinc project is near-production, with all infrastructure in place, in the mining-friendly jurisdiction of Ontario, and is one of the highest-grade zinc development resources in North America.
Current resources estimates place Superior Lake with upwards of 2.07 million indicated tonnes of zinc at 18 percent zinc grades. The current mine life of Superior Lake stands at nine years and the asset has the potential for resource expansion with additional exploration.
The Lower Pick Lake massive sulphide Deposit has exceptional historic intercepts but is still largely untested, leaving huge potential for undiscovered, high grade massive sulphide mineralization that is close to existing underground development.
The Superior Lake zinc project’s 2 deposits, Winston Lake and Pick Lake, are both highly prospective VMS deposits that host very rich zinc and other metals mineralization.
Superior Lake Resources released a JORC-compliant (but not NI 43-101 compliant) Bankable Feasibility Study for the Superior Lake Zinc Project in 2019. Highlights from the report include an IRR of 31 percent (pre-tax), 9-year mine life with current reserve/resources, at 3 percent cut off grade.
The company is a significant proponent of stakeholder participation and mining best practices. It boasts strong relationships with community and local skilled workforces and emphasizes safety and sustainability while providing exceptional economic and project development potential.
Metallum Resources’ Key Projects
Superior Lake Zinc Project
The Superior Lake zinc project sits approximately 200 kilometers east of Thunder Bay, Ontario. The project covers 175 kilometers squared and consists of two deposits – Winston Lake and Pick Lake. The property leverages excellent existing infrastructure, including all-weather access roads, transmission lines, tailings dam and over 180,000 meters of surface and undergrounding drilling.
Both highly prospective VMS deposits host very rich zinc and other metals mineralization, which presents Metallum with exceptional exploration and yield possibilities. The project boasts a good 43-101 indicated resource of 2.07 million tonnes at 17.9 percent zinc, 0.8 percent copper, 0.4g/t gold and 33.6 g/t silver and inferred resources at 0.27 million tonnes at 16.2 percent zinc, 1.0 percent copper, 0.3 g/t gold and 37.2 g/t silver. Pick Lake recoveries stand at 97 percent zinc and 54 percent concentrate returned from a test stope conducted before acquisition by Metallum.
Past work on the project includes successful exploratory testing, soil sampling and monitor surveying to measure dilution processing. In 2019, the project saw downhole EM surveying and the completion of three significant drill holes by Superior Lake Resources. This drill campaign adds to the 1,812 surface and underground drill holes in the asset’s database.
Over the next 12 months, the company plans to increase the zinc resources across the asset, dewater the mine and leverage its developmental momentum in advancing potential production. Metallum remains excited for the future of the Superior Lake zinc project and the economic growth that it’s projected to experience.
Superior Lake Resources released a JORC-compliant (but not NI 43-101 compliant) Bankable Feasibility Study for the Superior Lake Zinc Project in 2019. Highlights from the report include an IRR of 31 percent (pre-tax), 9-year mine life with current reserve/resources. Metallum Resource intends to upgrade this study in 2021.
Metallum Resources’ Management Team
Kerem Usenmez — President, CEO & Director
Kerem Usenmez is a geological engineer and a mining entrepreneur with over 20 years of global experience. He has worked in various technical and leadership roles with Inco, Vale and Amec. Usenmez has been involved in mineral discovery exploration and various VMS deposits and discoveries in Canada, such as Duck Pond NFLD, Bathurst in New Brunswick and Northern Manitoba, working mainly in base metals, such as Zinc. Usenmez co-owns Atom Bits, a rapidly growing diamond drilling bit manufacturer in Canada. He is a member of the board of directors of the PDAC and is the co-chair of the Public Affairs Committee.
Kevin Bales — CFO
Kevin Bales has over 20 years of financial reporting experience in the mining and information technology industries. He currently serves as CFO for several public junior exploration companies with operations in Canada, the U.S, Latin America, and Europe. Bales holds a Bachelor of Management degree with a major in accounting.
Robert Middleton — Exploration Manager
Robert Middleton is an exploration geoscientist with over 50 years of experience in the mining and exploration industry in more than 40 countries through Canada, United States, Central America, Europe and Africa. He was involved in VMS deposit discoveries and expanding significant deposits such as Hemlo, Flin Flon, and Bell Creek. He worked as an exploration manager with junior and major companies such as Newmont. He holds a mining diploma from the Provincial Institute of Mining in Haileybury, a B.Sc. and M.Sc. in Applied Geophysics from Michigan Technological University. Middleton was named The Prospector of the year in 2008 by the Ontario Prospectors Association and MNDM, won the “Discovery of the year” awards in 2004 and 2001 and holds Lifetime Achievement Award from NWOPA.
Precious and Base Metals Project Generator in Canada
Overview
The prospect generator model has become one of the resource industry’s best strategies for minimizing risks associated with exploration-stage projects. With the intent to maximize rewards, this model combines diverse portfolios, strong partnerships and capital structures that reduce dilution. Because of this, investors get an opportunity to capitalize on some of the most prospective exploration and mining companies in the world under highly favorable conditions.
The prospect generator model is a unique take on exploration. Analysts point out that most of the value in prospective companies is the team’s intellectual capital and talents rather than its assets. With the right team, investors could see substantial returns and exposure to potential discoveries that some companies only dream of.
Benton Resources (TSXV:BEX) is a project generator and mineral exploration company focused on base and precious metal exploration. The company’s diverse property portfolio includes several highly prospective Canadian projects that leverage mining-friendly judicial conditions, strong partnerships and tremendous infrastructure for mining success. Many of Benton’s high-grade projects are available for option and cover various mineral assets, including gold, silver, nickel, copper and platinum group metals (PGMs).
Benton’s key projects and equity positions are in partnership with some of Canada’s biggest mining and exploration players. For example, Rio Tinto Canada currently operates its Bark Lake project and Baril Lake West PGM project. In January 2021, Benton announced it had received the second-anniversary option payment of C$25,000 from Rio Tinto Canada for the Baril Lake West project. This project is particularly exciting due to 2018 discoveries of significant mineralization grading 4.78 percent nickel and 0.43 percent copper over 2.08 m on Rio’s neighboring claim.
Benton’s diverse portfolio presents investors with tremendous near and long-term upside. The company currently has over 34 million combined shares in some of Canada’s most exciting mining and exploration projects and jurisdictions. This includes 24.6 million shares of Clean Air Metals (TSXV:AIR), which is advancing the high-grade Thunder Bay North and Escape Lake PGM projects; 4.0 million shares of Quadro Resources (TSXV:QRO), which is advancing the Staghorn Gold project in Central Newfoundland near Marathon Gold’s multi-million ounce gold discovery; 1.38 million shares of Metallica Metals (CSE:MM), which is working on the Saganaga Gold (now Starr) project; and 3.6 million shares of Maxtech Ventures (TSXV:MVT), which is advancing the company’s Panama Lake gold project in the prolific Red Lake District.
Partnerships like these provide Benton with excellent project generation and expansion opportunities while giving investors exposure to other exciting projects inside Benton’s portfolio, such as its highly prospective Far Lake and Iron Duke gold projects. Benton hosts other significant investor opportunities, and the company focuses on retaining net smelter royalties (NSR) when possible for potential long-term cash flow.
The company’s high-quality property portfolio is matched with a world-class management team. In 2007, management members received the PDAC Bill Dennis Award and later the NWOPA Discovery of the Year Award in both 2015 and 2017.
Benton’s Key Projects
Far Lake Project
Benton acquired the Far Lake project from White Metal Resources (TSXV:WHM) with the option to earn up to 70 percent interest. The project has strong infrastructure, including access to logging roads starting at the Trans-Canada Highway, the CN rail and efficient power.
In 2017, WHM discovered the primary copper-sulfide occurrence on the property. Further soil geochemical sampling identified excellent copper zone targets, which poses exciting potential discoveries as prospecting and mapping structures and project geology continue. Trenching and sampling programs at the Far Lake provided results that include a 0.7 m channel sample that assayed 22.0 percent copper, 30.2 g/t silver and 0.25 g/t gold.
The first phase drilling has discovered wide zones of copper mineralization including 0.15 percent copper (Cu) over 60.4 m, 0.35 percent Cu over 15.6 m and 1.43 percent Cu over 2.6 m in FL-20-11, and further samples have been submitted as current results ended in copper mineralization. Drill hole FL-20-11 is located approximately 1,900 m NW along the same structure as the Far Lake main zone which also produced significant results, including 0.19% Cu over 34.6m including 0.89% Cu 1.08g/t Ag over 4.0m in FL-20-03. It should be noted that drilling in holes FL-20- 01 to FL-20-05 in the Far Lake main zone was interrupted by a series of diabase dykes, and further deeper drilling is being planned to intersect the zones further away from the dykes.
In December 2020, the company hired Abitibi Geophysics to complete a detailed 12 km2 DasVision 3D Induced Polarization (IP), which identified high priority targets for the Phase II drill program that is currently underway.
Results of the first drill program are as follows:
Thunder Bay North (TBN) and Escape Lake Project
On July 2, 2019, Benton Resources announced that it had executed two separate binding purchase agreements with Rio Tinto Exploration Canada (RTEC) and Panoramic Resources (PAN) (ASX:PAN) to purchase 100 percent interest in the TBN and Escape Lake deposits located only 50 km from the company’s office in Thunder Bay and approximately 60 km south of Impala Canada’s Lac des Iles Mine.
Under the agreements, Benton paid RTEC C$3 million on signing with further C$3 million paid over 3 years. RTEC retained a 1 percent Net Smelter Royalty (NSR) on the Escape Lake claims. Under the PAN Agreement, Benton would acquire PAN’s wholly owned Canadian subsidiary, Panoramic PGMs Canada Ltd., which holds the Thunder Bay North Project (the ‘TBN Project’) for $9 million CAD.
Subsequently Benton entered into an agreement with Regency Gold, which later changed its name to Clean Air Metals (TSXV:AIR). Clean Air would pay all remaining payments and complete all commitments under the agreements. Benton received 24.6 million shares of AIR and retains a 0.5 percent net smelter return royalty from production on the Escape Lake Deposit and a 0.5 percent net smelter return royalty from production on any mineral claims comprising the TBN portion of the project where a net smelter royalty has not previously been granted, which includes the Beaver and Cloud Zones plus portions of the Bridge Zone, each being part of the Current Lake deposit excluding the northern portion of the TBN deposit under Current Lake, where there is an existing 3 percent NSR.
Since the closing of the transaction, and in a short period of time, Clean Air has aggressively and efficiently advanced the project with a recent new mineral resource estimate prepared by Nordmin Engineering. It was based on an underground ramp-access constrained resource model with a cut-off value equating to 1.56 g/tonne PdEq (2.56 g/t PtEq) using 3 year trailing average metal prices for all metals except cobalt, which used a 2 year trailing average.
The Current Lake deposit contains an Indicated Mineral Resource of 11,999,177 tonnes grading 3.44 g/t PdEq and an Inferred Mineral Resource of 6,406,960 tonnes grading 2.02 g/t PdEq. The Escape Lake deposit contains an Indicated Mineral Resource of 4,286,220 tonnes grading 3.67 g/t PdEq and an Inferred Mineral Resource of 3,445,179 tonnes grading 2.23 g/t PdEq equating to 1,834,158 ounces PdEq indicated and a total Inferred Resource of 663,660 ounces PdEq.
The TBN project is located 40 km north of the City of Thunder Bay, Ontario and 65 km south of the Lac des Iles palladium mine owned by Impala Canada. Two drills continue to turn, and Clean Air is expected to deliver a PEA in the second quarter of 2021.
Bark Lake and Baril Lake West Projects
Benton has executed an option to joint venture agreement with Rio Tinto Exploration Canada Inc. on the Bark Lake project. Under the terms of the Option, Rio Tinto can earn a 70 percent interest by incurring C$3 million in exploration expenditures and by paying Benton C$50,000 cash over 5 years (the “First Option”). After the First Option period, RTEC may either form a joint venture with Benton on a 70/30 basis or, at its election, increase its interest to 80 percent (the “Second Option”) by spending an additional C$5 million in exploration expenditures over 4 years and by paying Benton C$100,000 cash within 30 days after electing to exercise the Second Option. Upon exercising the Second Option, RTEC may elect to form a joint venture with Benton on an 80/20 basis.
The Bark Lake property hosts widespread greenstone and granitic rock coverage along the Quetico Fault. It is approximately 100 km west of the Escape Lake and Thunder Bay North projects. The Bark Lake property is host to a number of platinum (Pt), palladium (Pd), gold (Au), copper (Cu) and nickel (Ni) showings contained in mineralized ultramafic rock either in outcrop or dozens of mineralized boulders. The mineralized occurrences are situated along the Quetico Fault, a major crustal-scale east west oriented structure. Grab samples collected by Hackl Prospecting have returned grades up to 4.35 g/t Pd, 2.64 g/t Pt, 0.74 g/t Au, 1.2 percent Cu and 0.5 percent Ni. Samples collected by Benton personnel have confirmed significant precious and base metals across the project area. More recent sampling has returned individual assays grading up to 1.5 percent Ni, 1.2 percent Cu, 2.6 g/t Pt, 1.4 g/t Pd and 0.7 g/t Au. Twelve out of the 16 samples taken from the area returned results higher in Platinum than Palladium. Also of particular interest was the discovery of several semi-massive, net-textured sulphide boulders, with one measuring around 1 cubic metre in size and assaying 1.5 percent Ni. The boulders are angular in nature and believed to be located very close to the source.
In order to determine the source of the high-grade boulders, Benton carried out an extensive exploration program on the property including line-cutting, ground magnetics, ground IP, geological mapping and prospecting. The Mag and IP survey helped to define an ultramafic intrusion to the north of the property. Drill targets were defined based on the geophysical interpretation and Benton intersected the ultramafic intrusion in holes BL-08-04 and BL-08-05. Weak mineralization was present in these intersections but not to the same degree as in the boulders.
Subsequent drilling completed by RTEC in 2018 on the Bark Lake project encountered mineralization of 0.31 percent Cu and 0.72 g/t Pt + Pd over 19.2 m (see PR: Benton Receives Results from Rio Tinto on Bark Lake Option, dated May 25, 2018).
Benton has also entered into an option agreement with Rio Tinto Exploration Canada Inc. whereby RTEC will have the right to earn a 100% interest in Benton’s Baril Lake West claims located approximately 5 km west of Benton’s Bark Lake project which is currently under option to RTEC. Pursuant to the terms of the agreement, RTEC can earn 100 percent of the Baril project by paying Benton C$200,000 over 4 years and should RTEC achieve commercial production at the project, will pay Benton an additional C$1,000,000. The Company will also retain a 2 percent Net Smelter Royalty (NSR), 1 percent of which can be purchased by RTEC for C$1,000,000. The Company considers the Baril Lake project to be a favourable setting to potentially host copper-nickel and platinum group metals. Drilling completed by RTEC on it 100 percent owned Baril Lake Project located approximately 700 m east of Benton’s Baril Lake West had discovered a new significant mineralized zone grading 4.78 percent Ni and 0.43 percent Cu over 2.08 m in 2018 (Ontario ENDM Assessment File: 200000017073).
Saganaga Gold-Silver Project (now Starr Property)
Benton announced on August 11, 2020 that it had entered into an Option Agreement with 2752300 Ontario Inc., a private Ontario company, which has now been acquired by Metallica Metals Corp. (through its ownership of 2752300 Ontario Inc.). The company can earn up to a 100 percent interest in the Project by completing the following:
paying the company $50,000 in cash (paid) and issuing the greater of 1,000,000 Cameo common shares or 3 percent of the issued and outstanding common shares of Metallica to the company upon execution of the Agreement; (1,380,000 shares issued)
paying the company $50,000 in cash and issuing the greater of 1,000,000 Metallica common shares or 2 percent of the then issued and outstanding common shares of Metallica to the company and incurring a minimum of $200,000 in qualified exploration expenditures on or before the first anniversary of the effective date of the Agreement; and,
paying the company $50,000 in cash and issuing the greater of 1,000,000 Metallica common shares or 1.5 percent of the then issued and outstanding common shares of Metallica to the Company and having completed a further $200,000 in qualified exploration expenditures on or before the second anniversary of the effective date of the Agreement.
Metallica, at its election, may then provide the company with the notice that it intends to earn an additional 30 percent interest (taking its interest to 100 percent, subject to underlying NSRs) in the Project by:
paying the company $50,000 cash and issuing 2,000,000 Cameo common shares to the company and completing further $400,000 in qualified exploration expenditures on the project
in the event that Metallica completes a resource calculation for the project in accordance with NI 43-101, Metallica will issue to the company 1,000,000 common shares.
Drilling highlights include 5.36 g/t gold over 20m at the Starr zone and 32.0 g/t at the Powel zone.
Panama Lake Gold Project
The Panama Lake gold project is hosted in the prolific Red Lake Mining District and stands 55 km northeast of Ear Falls Township. The property has a limited exploration history with minimal drilling conducted by Noranda Exploration in 1988. The drill campaign yielded results of up to 2.8 g/t gold grades over 4.5 m in a 20 to 30 m wide mineralized shear zone.
Benton’s primary focus is on the highly prospective Panama gold zone on the property. In 2018, a drill campaign opened seven new prospective drill holes for testing and mapping purposes. Indicated gold grades from an adjacent mineralized zone showed 6.17 g/t gold surface sampling with the potential for even higher grades with additional drilling.
Ongoing exploration for the project includes high-resolution heliborne magnetic surveying over the entire Panama project. Data from this program will help add additional exploration targets for further prospecting and potentially drilling.
On October 24, 2019, Benton entered into an option agreement with Maxtech Ventures (MVT), pursuant to which MVT will have the option to earn up to a 100 percent interest in Benton’s 100 percent owned Panama gold project. Under the terms of the Option Agreement, subject to regulatory approval, Maxtech will be required to complete the following:
Issue 2,000,000 Maxtech common shares to Benton on signing at an underlying price of C$0.05 per share;
Pay Benton C$100,000 in cash or share equivalent on the first anniversary, based upon a 10 day VWAP at the time of the share issuance and complete C$200,000 in exploration expenditures on the project;
Pay Benton C$100,000 in cash or share equivalent on the second anniversary, based upon a 10 day VWAP at the time of the share issuance and complete C$250,000 in exploration expenditures on the project at which point a 50 percent ownership interest will vest to MVT;
Pay Benton C$100,000 in cash or share equivalent on the third anniversary, based upon a 10 day VWAP at the time of the share issuance and complete C$250,000 in exploration expenditures on the project at which point a 70 percent ownership interest will vest to MVT; and
Pay Benton C$300,000 in cash or share equivalent on the fourth anniversary, based upon a 10 day VWAP at the time of the share issuance and complete C$300,000 in exploration expenditures on the project at which point a 100 percent ownership interest will vest to MVT.
The Option Agreement contains a 2 km area of influence clause that covers the project’s claim boundary. Benton will retain a 2 percent NSR on the project with MVT having the option to buy back 1 percent for C$1 million. In addition, MVT will issue to Benton an additional 1 million MVT common shares upon completion of its initial NI 43-101 compliant resource calculation as defined in the Option Agreement. Should Maxtech earn a 50 percent interest but elect to earn no additional interest, a 50 percent MVT-50 percent Benton joint venture would then be formed. Alternatively, should Maxtech earn a 70 percent interest in the project but not elect to earn any further interest, a 70 percent MVT and 30 percent Benton joint venture would then be formed according to the terms of the Option Agreement.
Staghorn Gold Project
The Staghorn gold project is in proximity to Marathon Gold’s flagship Newfoundland project and is being advanced by Quadro Resources. Benton currently has 4.2 million shares of Quadro Resources.
The property has 160 claim units covering 4,000 hectares. With fieldwork already underway, Quadro has the potential to expand exploration efforts on the three recently identified gold-rich systems, which require follow-up drilling. In December 2020, the latest drill campaign totaled 1,696 m with 13 completed drill holes. The exciting discovery of a new gold zone at Marks Pond saw 3.22 g/t gold over 5 m.
Quadro commenced follow-up drilling in February 2021, emphasizing the Marks Pond area. Soil anomalies and ideal winter mining conditions make this next step in exploring the Staghorn project a very promising one.
Iron Duke Gold Project
The Iron Duke gold project is located 20 km east of the past-producing Mattabi/Sturgeon Lake base metal deposits and 30 km south of the past-producing St. Anthony gold mine in Northwestern Ontario. Benton has 100 percent interest in the project via staking.
The property hosts limited exploration history and comprises 47 units in three claims. Past property owners have engaged in some diamond drilling and base metal exploration with reported grades of 0.19 g/t gold at 11.8 m and 1.07 g/t gold at 0.5 m.
The property’s widespread anomalous gold values and potentially unique iron formation horizon merit picking up exploration efforts from past property ownership. The company expects drilling commencement in August 2021 to test previously obtained high-grade trenching sample results.
Benton Resources’ Company Highlights
Over C$11 million in equities inside the company and about C$2.5 million in cash.
Over 33 million combined shares in established and high-quality mining companies throughout North America. These companies include Clean Air Metals, Quadro Resources, Sokoman Minerals, Metallica Metals and Maxtech Ventures.
Core assets for the company include the high-grade TBN and Escape Lake PGM projects, Panama gold project, Staghorn gold project, Bark Lake and Baril Lake PGM projects, Far Lake copper-gold-silver project and Iron Duke gold project. Benton holds large equity positions with respective project operators/companies.
The company’s high-profile management team primes it for exceptional growth and economic success. The relationships built from the world-class team has allowed Benton discovery exposure to numerous prospective precious metal projects and first-mover opportunities.
Members of Benton management were awarded the PDAC Bill Dennis Award in 2007 and the NWOPA Discovery of the Year Award in 2000, 2015 and 2017.
Benton Resources’ Management Team
Stephen Stares — President & Director
Stephen Stares is a successful business entrepreneur with over 25 years of mineral exploration experience. His first seven years were spent with Noranda Exploration on such projects as the Hemlo gold mines, Eagle River gold deposit and the Geco and Mattabi base metal camps. The next 10 years of Stares’ career were spent managing Stares Contracting Corp’s operations, a successful mineral exploration services company in Thunder Bay, Ontario.
Since founding the company in 2004, Stares has been president of Benton Resources. He has been directly involved in the start-up of 10 publicly traded companies on the TSX Venture Exchange by assembling projects of merit and raising millions of dollars for these junior exploration companies. Throughout his career, Stares has discovered several major mineral occurrences in Canada that have been the subject of extensive exploration programs.
In March of 2007, Stephen and Michael Stares, along with the rest of the Stares/Keats family, were the proud recipients of the Prospectors and Developers Association (PDAC) Bill Dennis Prospector of the Year Award. This award was given to recognize the family’s contributions to the industry for the past 40 years.
Evan Asselstine, CPA, CA — CFO
Evan Asselstine received his Honours Bachelor of Commerce Degree from Lakehead University and is a member of the Institute of Chartered Professional Accountants of Ontario. Asselstine has been the CFO of Benton Resources Inc. since its inception in 2012. Prior, he has been the controller and then CFO for Alset Energy Corp. (formerly Benton Capital Corp.) and has served as controller for Metals Creek Resources Corp., a public exploration company, since its inception in January 2008. Prior, Asselstine spent over four years in finance positions in private industry, including over two years as controller for a private land development firm and over seven years working in public accounting, and obtained his Chartered Accountant designation with Ernst & Young LLP in 2002.
Nathan Sims, P.GEO — Senior Exploration Manager
Nathan Sims has filled various technical roles at Benton since 2006. A graduate of Lakehead University (HBSc) and Sir Sandford Fleming College (GIS-AS), Sims is the Qualified Person for Benton’s disclosure requirements and is a current member of both the Association of Professional Geoscientists of Ontario (#2009) and the Professional Engineers and Geoscientists Newfoundland & Labrador (#9409).
Exploring Base and Precious Metal Opportunities in Canada and Namibia’s Major Copper Belts
Overview
Diversification is one of the golden rules of investing, no matter which industry you are looking at and when it comes to the mining sector, project diversification is a powerful strategy to mitigate risk. Companies with a diverse portfolio of prospective projects have more protection against the inherent ups and downs of commodities cycles and more exposure to potential mineral discoveries.
Mining producers with sole investment in one market may be hit the hardest when demand or prices rapidly decline. However, finding companies with the expertise to diversify their project portfolio and target materials with robust markets is like striking gold. These companies have the potential to offer safety and provide stakeholders significant exploration success.
White Metal Resources (TSXV:WHM) is a Canadian mineral exploration company focused on precious and base metal projects in Ontario and Newfoundland in Canada, as well as in Namibia, Africa. White Metal’s well-seasoned management team and board of directors has the geological, technical, corporate governance and financial capabilities, along with numerous years of experience and achievements in the mining industry, to plan and execute various strategies to enhance value for its shareholders.
White Metal Resources’ Company Highlights
Has a diverse portfolio in areas with excellent infrastructure in mining-friendly jurisdictions.
Multiple projects have historical deposits which show excellent possibilities to be expanded.
Some projects are adjacent to other important projects, deposits, and mines such as the case of the Seagull Lake PGE Project and Impala Canada’s Lac des Iles PGE-copper-nickel mine.
Multiple targets on the Tower Stock Gold Project with unexplored area between main historical deposits, the U-V and Bench zones, in addition to historical drill holes which ended in gold mineralization.
Okohongo in Central African Copperbelt. (Belt estimated to contain 5 billion tonnes of copper grading about 4 percent Cu).
DorWit in the Kalahari Copperbelt (Belt is a major zone of Stratabound copper-silver deposits).
White Metal Resources’ Key Projects
The company is currently operating three prospective projects in Ontario:
Seagull Lake Platinum Group Element (PGE) project (100 percent owned)
Far Lake Copper-Silver project (JV – White Metal carries an interest of 30 percent)
Tower Stock Gold project, its flagship project (100 percent owned)
The Company is also currently operating three prospective projects which are in Newfoundland and Namibia Africa including:
Startrek Gold-Antimony – Newfoundland (White Metal 30 percent carried interest)
DorWit Copper-Silver – Namibia (White Metal 30 percent carried interest)
The Tower Stock Gold Project in northwestern Ontario, is White Metal’s flagship project. The asset covers approximately 1,994 hectares and consists of single cell mining claims and boundary cell mining claims. Also included in this area are 188 hectares of patented mining claims. Strategically positioned about 40 kilometers northwest of the port city of Thunder Bay, Ontario, Tower Stock leverages a nearby highway, railway and hydro with exploration facilities located on the Property.
A recent visit to the Tower Stock Gold Project site
Past exploration campaigns have determined gold mineralization is hosted within Tower Stock’s volcanic and sedimentary rock units and within the associated Tower Mountain Intrusive Complex (“TMIC”). Historical drill core intercepts have outlined both high-grade and low-grade gold zones. With at least 2 km of potential strike between the U-V Zone gold deposit in the northwest and the last recorded exploration drilling (TM-07-58: 6.0 meters @ 5.42 g/t Au) to the southeast, the Company believes there is ample opportunity to build both high-grade and low-grade (bulk tonnage) gold resources through in-fill drilling and to expand current mineral resources through additional drilling. Given the Property’s extensive historical database and the plethora of gold mineralization known across the Property, White Metal believes they are on the doorstep of making significant discoveries.
Favourable assay results from 2020 summer sampling programs show potential to connect
the main zones gold mineralization between the U-V Zone and Bench Zone.
Historical mineral resource estimates from 2006 place Property resources just under 4 million tonnes of Inferred gold at potential grades hovering around 0.7 g/t Au. Grab samples taken in 2020 returned much higher grades, including one sample of 16.2 g/t Au.
Far Lake Copper-Silver Project (Ontario)
The newly discovered Far Lake Copper-Silver Project is a highly prospective joint venture option with Benton Resources. The Property infrastructure includes excellent access to established logging roads, an on-site power flank, national railways, and the Trans-Canada Highway.
Benton reported in early 2021 that it had discovered wide zones of mineralization at Far Lake including 0.15 percent Cu and 0.15 g/t Ag over 60.4 meters, including 0.35% Cu and 0.51 g/t Ag over 15.6 meters, and 1.08 percent Cu and 1.63 g/t Ag over 2.6 meters (drill hole FL-20-11). This drill hole is located approximately 1,800 meters northwest along strike from the same structure as the Far Lake Discovery Zone where surface sampling produced copper grades up to 22 percent Cu over 0.7 meters. Drill holes FL-20-01 to FL-20-05, completed at the Discovery Zone, yielded results that included 0.19 percent Cu and 0.34 g/t Ag over 33.6 meters, including 1.11 percent Cu and 1.33 g/t Ag over 3.1 meters (drill hole FL-20-03).
Seagull Lake PGE Project (Ontario)
The Seagull Lake PGE Project occupies a large land position comprising 357 single cell mining claims over 10,411 hectares. Established mining operations proximal to the Property (<50 km away) include Clean Air Metals’ (TSXV:AIR) Thunder Bay North PGE property and Impala Canada’s (OTCQX:IMPUY) Lac des Iles PGE-copper-nickel mine. The Project’s excellent infrastructure, natural gas pipeline, and favorable geological conditions primes it for significant discoveries.
The primary target in the Project area is the Seagull Lake Intrusion (“SLI”), described as a 10 km diameter, circular intrusive composed of ultramafic rocks with a high olivine content and derived from a deep mantle source. Layering and multiple phases of intrusion have been recognized, creating a favourable setting for Noril’sk Type sulphide accumulation. The SLI is located in the Nipigon Plate, which is interpreted to represent the failed third arm of a Proterozoic-aged, mid-continent rift system, the bulk of which lies beneath Lake Superior to the south.
This rifting event is interpreted to be associated with significant Cu-Ni-PGE mineralization such as:
the Duluth Gabbro Complex deposits (Dunka Road, Minnamax, Local Boy, etc.) in Minnesota, USA,
the Eagle Nickel Mine (Lundin Mining) in Michigan, USA, and
the Great Lakes Nickel deposit in Ontario.
The discovery of Noril’sk-type Cu-Ni-PGE sulphide mineralization became the focus for subsequent exploration programs, which reported from diamond drilling 3.6 g/t Pt+Pd, 0.34 percent Cu and 0.21 percent Ni over 2.1 meters and 1.04 g/t Pt+Pd, 0.14 percent Cu and 0.16 percent Ni over 16 meters (from Pettigrew, 2002).
Startrek Gold-Antimony Project (Newfoundland)
Leveraging the current revitalization of gold exploration in Canada’s easternmost province of Newfoundland, the Company has entered a binding letter of intent to option up to a 70% interest in the Startrek Gold-Antimony Project.
The Property consists of 278 claim units over 7,371 hectares. It is located approximately 20 km east of Gander, Newfoundland, and New Found Gold Corp’s (TSXV:NFG) Queensway Property and the Keats Discovery Zone, which reported a diamond drill core intersection of 19.0 meters at 92.9 g/t Au starting at 96 meters.
The Startrek Property’s three main exploration zones host significant high-grade gold mineralization. One grab sample from the Central Zone assayed 40.9 g/t Au and 6.7 g/t Ag. The remaining zones pose promising potential for additional high-grade gold discoveries.
DorWit and Okohongo Copper-Silver Project (Namibia Africa)
The Company currently controls two excellent copper-silver prospects in Namibia:
The DorWit Copper-Silver Project, defined by EPLs 7028, 7029 and 7030, is located approximately 150 km from Windhoek, Namibia’s capital, and spans about 65 km across the Kalahari Copper Belt. The Project’s three licenses cover approximately 78 865 hectares, and leverages rail lines, power lines and a local skilled workforce. The Property’s six copper deposits show excellent potential for resource expansion.
Exploration plans for 2021 include an airborne electromagnetic geophysical survey which will mark the first time this type of modern geophysical survey has been completed over the Property.
Mineral Resources are considered historical in nature, have not been independently verified by a QP and are non-compliant with NI 43-101.
Okohongo/Taranis Copper-Silver Project (Namibia)
The Okohongo/Taranis Copper-Silver Project, defined by licence EPL 7071, is located in the Central African Copperbelt and covers about 19,805 hectares, located in the northwestern region of Namibia. The licence contains the historical Okohongo Cu-Ag deposit which extends over 600 meters in strike length and is hosted by metasedimentary strata which is analogous to the stratiform sediment-hosted deposits found in the Central African Copperbelt of Zambia.
Historical Inferred Mineral Resources (2006) measure approximately 10.2 million tonnes grading 1.12 percent Cu and 17.75 g/t Ag.
The company is currently completing an over 3,000 meters reverse circulation drilling program over the Okohongo copper-silver deposit in order to generate a new National Instrument 43-101 compliant Mineral Resource Estimate and Technical Report.
White Metal Resources’ Board and Management Team
Michael Stares—Project Manager, President & CEO
Michael Stares is a successful entrepreneur and has been involved in the mining exploration business for over 30 years. Stares is co-owner of Stares Contracting Corp., an exploration services company, which he has successfully managed for the past 15 years. In March of 2007, Stares, along with the rest of the Stares/Keats family, were the proud recipients of the Prospectors and Developers Association of Canada (PDAC), “Bill Dennis Prospector of the Year Award.”
He has served on the board of several junior mining companies and at present is a director of Metals Creek Resources Corp. and Benton Resources Inc. In 2009, he and his brother Stephen started Rare Earth Metals Inc., for which he served as president and CEO for three years. He is excited to share the knowledge he has gained over the past 30 years to advance White Metal Resources and contribute to its growth now and into the future.
Elliot Strashin, Director (Chairman)
Dr. Elliot Strashin graduated from the University of Toronto School of Medicine in 1980 after which he practiced in the community of Elliot Lake. It was during his tenure in Northern Ontario that he began prospecting and staking mineral claims. From 1996-2001 he served as a director of Maple Minerals Inc. In April of 1999 he joined the board of Canadian Golden Dragon Resources Ltd. as Secretary and became President and C.E.O. in January of 2000. He continued to serve as an officer of the corporation through its time as Trillium North Minerals Ltd., until June of 2014 when it became White Metal Resources Inc. Dr Strashin is also a member of the board for other public and private companies involved in various green technologies.
Jean-Pierre Colin—Director
Jean-Pierre Colin DCS, LL.L, MBA, is a corporate strategy consultant to high-growth publicly listed mining companies. He has been an effective mining executive and securities industry professional. Over three decades, Colin’s investment banking background has extended to firms such as Richardson Greenshields, JP Colin Securities, Deacon Capital, Octagon Capital and Desjardins Securities, where he provided corporate financing and mergers and acquisitions services to hundreds of prosperous mining issuers. Colin co-founded and managed the highly successful NIM group of mining funds in the 1980s and the Caratax mining funds of the 1990s, collectively working a portfolio of over C$750,000,000 of flow-through shares and invested in over 200 junior mining companies in Canada.
Colin is also a director of dynaCERT Inc. and Sego Resources Inc., and he has formerly served as director of Premier Gold Mines, Wolfden Resources, Virginia Gold and Pelangio Mines. He was the initiator and a founding shareholder of Detour Gold, one of Eastern Canada’s most extensive gold mining operations.
Scott Jobin-Bevans—Vice President Exploration & Director
Dr. Scott Jobin-Bevans has +30 years in the mineral exploration business, including fieldwork, management and administrative duties, research, report writing, presentations, and project finance. Dr. Jobin-Bevans has nearly 20 years of direct experience with public and private companies as an officer, director and technical advisor, and has taken several private companies public. He is a registered geoscientist with the Association of Professional Geoscientists of Ontario (APGO), an adjunct professor in the Department of Geology, Lakehead University and a certified Project Management Professional (PMP). He also has a wide range of exploration experience in most commodities, including magmatic sulfides and PGE mineralization, gold, silver, copper (porphyry) and base metals (VMS). Dr. Jobin-Bevans has an extensive industry and government network and served as president and a director of the Prospectors and Developers Association of Canada (PDAC).
Nikolaos S. Tsimidis—CFO
Nikolaos S. Tsimidis. Nick is an entrepreneur and a specialist in real estate investments’ financial aspects. He graduated with a Bachelor of Commerce from the University of Toronto in 1987. Upon graduation, he spent six years at KPMG in the audit department, providing services to various clients. In September 1993, Nick left KPMG to set up his chartered accounting firm, focusing on tax and financial planning. Nick is the CFO and the Principal Broker for Union Capital Management Inc. The CFO of Haven Property Development Inc. Nick is also the CFO and a director of Metals Creek Resources Corp. and Bold Stroke Ventures.
Disclaimers
It is not known if drill hole intervals represent true widths and are therefore being treated as core length intersections.
Mineral Resources are considered historical in nature, have not been independently verified by a QP and are non-compliant with NI 43-101.
Mineralization reported from adjacent or proximal exploration properties and operating mines is not necessarily indicative of the mineralization to be expected on the property itself.
Exploring and Developing Exciting Porphyry Copper-Gold Projects in the Americas
Overview
Canada’s West Coast is becoming one of the world’s hottest exploration regions for copper and gold. Home to the renowned Golden Triangle of British Columbia, the area hosts some of the most resource-rich mineral deposits that have piqued the interest of investors globally.
The Golden Triangle is situated within the Sulphurets Hydrothermal System, known for its large mineral concentrations. Gold and copper estimated reserves hover around 188 million ounces and 55 billion pounds, respectively. With these inferred resources, British Columbia offers prospective mining companies exceptional discovery potential and exploration opportunities.
Libero Copper & Gold (TSXV:LBC) is a mineral exploration and development company focused on developing a collection of highly prospective porphyry deposits throughout the Americas. The company currently operates assets out of the prolific and stable Golden Triangle jurisdiction of British Columbia and can work year round in South America in the mining-friendly San Juan province of Argentina and Colombia.
The flagship Big Red project in British Columbia hosts 19 porphyry copper-gold and high-grade gold targets over its 26,000 hectare land span. Libero optioned the asset in 2019 after the project saw years of sampling on individual titles and consolidation in the mid-2010s.
Big Red could see similar mining and production success to neighboring GT Gold’s (TSXV:GTT) projects, which hosts a similarly aged geological profile and widespread copper and gold soil anomalies.
In December 2020, Libero confirmed a significant porphyry copper discovery at the deposit’s initial Terry target drill hole. The discovery saw grades of 0.45 percent copper equivalents over 24 meters from surface-level. “We are encouraged with the results from this first hole into the Terry target as it confirms our geological model for the area and is consistent with the copper grades discovered at surface earlier in the season,” Libero CEO Ian Slater commented. This hole was followed up in January with a further five holes all mineralized from surface to end of hole, including 0.41 percent copper equivalent over 120 meters from surface level. Depth of drilling was limited by the reverse circulation drill rig.
Another of the company’s projects is its Mocoa deposit located on the Jurassic porphyry belt in Central Colombia. The property has already seen a prefeasibility study conducted by the Colombian government and United Nations in 1983. Since then, extensive work has been performed on the property to advance this exciting mineral project towards economic success, including further drilling and metallurgical testing, including drilling 0.67 percent copper equivalent over 634 meters ending in high grade mineralization.
In January 2021, Libero announced its option for the Esperanza porphyry copper-gold and epithermal gold project located in the prolific precious and base metal-rich Huachi Mining district in San Juan Province, Argentina. This advanced-stage exploration project leverages excellent existing infrastructure and offers Libero extensive geological data and potential for fast-tracked drilling of an advanced exploration project.
The company’s market cap currently sits at C$20 million with 148 million shares outstanding. Its ownership portfolio includes management at 10 percent and B2Gold Corp (TSX:BTO) at 7 percent.
Libero Copper & Gold’s Company Highlights
Libero Copper & Gold is a mineral exploration company focused on developing its highly- prospective mineral projects in North and South America. Fantastic available funding, drill-ready conditions and an experienced exploration team primes Libero for mining success.
The company’s flagship projects are the Big Red project in British Columbia; the Esperanza project in San Juan, Argentina; and the Mocoa project in Central Colombia. All projects have seen extensive groundwork and some initial drilling, with Mocoa hosting a resource of 636 million tonnes at 0.45 percent copper equivalent.
The Big Red asset leverages similar mining conditions to its direct geographic neighbors, including GT Gold. The property hosts 19 identified targets, including the Terry target with high conductivity and high grade copper rock samples over a kilometer.
Libero currently holds a 100 percent interest in the Mocoa property and intends on unlocking the value of the enormous resource with ongoing permitting and community engagement. Similar projects in the same Jurassic porphyry belt include Corriente’s Mirador mine which was sold for $690 million and Solaris’ Waritza project which has a valuation of $600 million.
The company optioned the Esperanza porphyry copper-gold and epithermal gold project in the mining-friendly Huachi Mining district, Argentina. The advanced stage project hosts multiple copper-gold drill targets and high-grade surface rock samples. The discovery hole included 1 percent copper equivalent from surface over 232 meters.
Libero Copper & Gold’s Key Projects
Big Red Copper-Gold Project
Big Red comprises 20 contiguous claims over 26,000 hectares in the Golden Triangle of Northwestern British Columbia. The region is known for its prodigious copper and gold mineralization and hosts some of Canada’s most prolific mines, including Premier, Red Chris and Eskay Creek.
Surface samples at the Terry target revealed up to 5.5 percent copper and 0.5 g/t gold grades. Six holes have been drilled at this new discovery, with more expansion on the way. Each drill hole was mineralized throughout. Results included 0.41 percent copper equivalent over 120 meters and 0.43 percent copper equivalent over 80 meters. The company intends to continue its drill program in June 2021 with a core drill rig with significantly more depth capabilities.
Mocoa Porphyry Copper-Molybdenum Deposit
The Mocoa deposit sits along the Jurassic porphyry belt in the department of Putumayo, 10 kilometers from the town of Mocoa, Colombia. Libero holds a 100 percent interest in the Mocoa property. The project also leverages mining-supportive government and geological conditions and resource-rich properties.
Between 1978 and 1983, extensive groundwork was conducted on the property. This work includes geological mapping, ground geophysics, a positive pre-feasibility study and 31 diamond drill holes totaling 18,321 meters. Mineral resources are estimated at 636 million tonnes at 0.33 percent copper and 0.04 percent molybdenum for 4.60 billion pounds of copper and 510.5 million pounds of molybdenum.
Drill holes to date include 0.67 percent copper equivalent over 634 meters and 0.59 percent copper equivalent over 779 meters. The company intends on furthering exploration efforts after drill permitting is complete later in 2021. Drilling will test expansion along strike and at depth as well as test satellite targets.
Preliminary metallurgical work indicates that mineralization on the property can be processed by conventional processing.
Esperanza Porphyry Copper-Gold Project
The newly optioned Esperanza porphyry copper-gold and epithermal gold project is located in the mining-friendly Huachi Mining district of San Juan Province, Argentina. The advanced stage project is road accessible and contains multiple copper-gold drill targets supported by high-grade surface sample testing. Results for the samples ranged between 0.10 and 8.29 percent copper.
The property hosts a confirmed copper-gold porphyry system with epithermal gold mineralization. Drilling in its high-grade epithermal gold zones has revealed 3 meters at 65 g/t gold and 7 meters at 4.7 g/t gold.
“We are very excited about this exceptional drill target as a 2018 drill program intercepted 387 meters of 0.78 percent copper equivalent from the surface through to the end of the hole, which was never followed up on due to market conditions,” CEO Harris commented. Libero intends to begin its Esperanza 5,000 meter drill program in April 2021.
Libero Copper & Gold’s Management Team
Ian Harris ― CEO
Ian Harris is a mining engineer with over 20 years of experience leading mining projects worldwide, including over 10 years working and living in South America. Previously, he served as CEO of AMAK Mining and Para Resources. Harris was also senior vice president and country manager of Corriente Resources. He successfully led the push to reactivate Corriente’s mining projects in Ecuador by building national and local support and navigating through a new constitution and a new mining law, leading to the sale of Corriente for C$690 million.
Thomas Mumford, Ph.D., P.Geo ― VP of Exploration, Canada
Dr. Thomas Mumford is a registered professional geologist with Engineers and Geoscientists – British Columbia (EGBC). He has served as a lecturer at Carleton University and the British Columbia Institute of Technology. Dr. Mumford holds a B.Sc. and M.Sc. from the University of New Brunswick and was awarded the Leopold Gélinas medal for the best M.Sc. thesis from the GAC Volcanology and Igneous Petrology division. He also holds a Ph.D. from Carleton University focused on magmatic controls for the Thor Lake REE deposit in the Northwest Territories. He has over 15 years of mineral exploration experience for multiple commodities across Canada. Dr. Mumford sits on the board of directors of the Association for Mineral Exploration (AME).
Lisa Peterson ― Chief Financial Officer
Ms. Peterson has over 13 years’ experience within the mining, renewable energy, infrastructure, and professional services industries. Most recently, she served as Vice-President of Corporate Reporting & Global Accounting at SkyPower Global, a large-scale, international, renewable energy developer, and provider. Prior to joining SkyPower Global, Ms. Peterson spent 3 years at Barrick Gold Corporation as Chief of Staff Capital Projects and Chief of Staff of the Frontera District within their technical services, project development, and life of mine planning group. In these roles, she helped advance large-scale projects, liaised with stakeholders and joint venture partners, and performed value assurance reviews on the companies’ operating and expansion assets. Prior to joining Barrick, Ms. Peterson spent 5 years working at KGHM leading their international Corporate Reporting group. Ms. Peterson started her career in finance and accounting at KPMG. She is a Chartered Accountant and holds a Bachelor of Business Administration degree from Simon Fraser University.
Ian Slater ― Executive Chairman
Mr. Slater is a serial entrepreneur who has founded numerous companies and been involved in the Mining industry for 25 years. Previously, Mr. Slater was the Managing Partner of both Ernst & Young’s Canadian and Arthur Andersen’s Central Asian Mining Practices. Mr. Slater is a Chartered Accountant.
Bill Bennett ― Director
Mr. Bennett is a recently retired British Columbia Mines Minister with sixteen years’ experience as an MLA and Minister. There are few people in Canada who have such a strong combined knowledge of government processes, of the mining industry and of First Nations. Mr. Bennet holds a Law degree from Queen’s University.
Ernest Mast ― Director
Ernest Mast has over 30 years’ experience in various technical and executive roles in the mining industry, across a wide range of commodities, geographies and development stages. Mr. Mast is on the Board of Scottie Resources. Corp. He previously held the positions of President and Chief Executive Officer at Primero Mining Corp., Vice President of Corporate Development at Copper Mountain Mining Corporation, Vice President of Operations at New Gold Inc. and President and CEO of Minera Panama S.A., Inmet Mining Corporation’s subsidiary, developing the $6B Cobre Panama project. Mr. Mast began his career with Noranda Inc. and its affiliates, where he took on roles of increasing responsibility over a 20-year timeframe. He is a member of l’Ordre des ingénieurs du Québec and holds a Bachelors’ and Masters’ degrees in metallurgical engineering from McGill University. Mr. Mast also received post-secondary business training at Henley College in the UK and at the Universidad Catolica in Chile.
Robert Pease ― Director
Mr. Pease has been involved with mineral exploration and mine development projects worldwide for the past four decades. He was the CEO of Sabina Gold & Silver and the Founder, CEO, and a Director of Terrane Metals, which was acquired by Thompson Creek Metals in 2010. Previously, Mr. Pease was employed by Placer Dome for 25 years, most recently as General Manager, Canada Exploration and Global Major Projects. He was responsible for managing all aspects of Placer Dome’s Canadian exploration and overseeing the geological aspects of world-wide advanced, major exploration, and developments projects. Mr. Pease holds a B.Sc. degree in Earth Science from the University of Waterloo, a Professional Geologist (British Columbia) certification and is a Fellow of the Geologic Association of Canada. He is also a past Chairman of the Association for Mineral Exploration British Columbia. Mr. Pease chairs the Technical and Sustainability Committee.
Bradley Rourke ― Director (Nominated)
Mr. Rourke is a Corporate Finance Executive with over 30 years’ experience in Mining, Energy, and Real Estate. He holds a proven track record with successful start-up companies. His leadership experience and entrepreneurial approach have given new direction and scale to the Scottie Resources efforts in the Golden Triangle where he currently serves as Chief Executive Officer. Mr. Rourke sits on the board of AUX Resources.
Jay Sujir ― Director
Mr. Sujir is a securities and natural resources lawyer with 25 years’ experience in advising and assisting public companies. He is a senior partner with Farris, Vaughan, Wills & Murphy LLP. Mr. Sujir is a member of the Law Society of British Columbia, the Canadian Bar Association, and the British Columbia Advisory Committee of the TSX Venture Exchange.
High Potential, Early-Stage Metals Exploration in BC
Overview
It’s no secret that finding high-potential, early-stage mining companies is a real challenge. And unlike tech’s unicorns and high valuations, few industries require the perfect mix of experience, funding and strategy quite like the mining sector. Success in the mining industry is all about accurate sampling and data, execution, timing and favorable market conditions.
Xplore Resources (TSXV:XPLR) is an early-stage company that is focused on giving stakeholders the chance to invest on the ground floor in the copper sector and other precious metals sectors as they continue to expand their portfolio. The company’s management team leverages decades of executive and senior management experience across all aspects of mining and production — including exploration, discovery, mine construction and operation — to find and build high-value projects.
The company’s fully owned Valk project is located in the prolific Nanaimo Mining Division of British Columbia. The project consists of 1,614 hectares situated roughly 20 kilometers northwest of Port Hardy and 25 km northwest of the historic Island copper mine, the second largest of its kind in Canada, as well as the prolific North Island copper and gold project.
The nearby Island mine produced 345 tonnes of the increasingly precious metal at average grades of 0.41 percent copper, 0.017 percent molybdenum, 0.19 percent gold and 1.4 grams per tonne (g/t) silver. The mine remained in operation for a period of over 26 years. The North Island copper-gold project, located 25 km southwest of the Valk project, encompassed the Hushamu and Red Dog deposits, which carried a National Instrument 43-101 resource estimate of 305 tonnes at 0.24 percent copper, 0.28 g/t gold and 0.008 percent molybdenum in the Indicated category, and 189 tonnes at 0.19 percent copper, 0.24 g/t gold and 0.007 percent molybdenum in the Inferred category.
The Valk property is dominated by rocks belonging to the Triassic-aged Karmutsen Formation, which overlies the Sicker Group, a lower metavolcanic rock unit that hosts a number of base metal-rich mineral deposits, including zinc, copper, gold and silver. The Sicker Group underlies Myra Falls, the site at which 1 million tonnes of ore are mined per year, including 102,000 tonnes of zinc concentrate, roughly 60,000 tonnes of copper concentrate and 14,000 to 38,000 ounces of gold.
Historical geochemical and rock sampling at the Valk property indicate the presence of geologic markers closely associated with known copper-gold porphyry discoveries in the surrounding area. Mineralization defines a northeast trend encompassing an estimated 4 km in strike length. The project benefits from significant infrastructure and easy access through an extensive network of provincial highways, local roads and logging roads. Xplore Resources is managed by a team of industry veterans with decades of expertise across all aspects of mineral exploration, resource and reserve estimation, project evaluation, development, construction and operations. The Canada-based company balances risk by maintaining a regional focus on the Americas and targeting underexplored regions within established mining jurisdictions that present strong mineralization opportunities.
Xplore Resources’ Company Highlights
Xplore Resources is an early-stage mining exploration company led by a team of industry veterans with decades of experience across all aspects of mining and production.
The company’s fully owned Valk project consists of 1,614 ha in British Columbia’s Nanaimo Mining Division.
The project is located 25 km north of the historic Island copper mine, the second largest copper mine in Canada, and 25 km southwest of the prolific North Island copper-gold project.
The property is dominated by Triassic-aged rocks that overlie the Sicker Group, a lower metavolcanic rock unit that hosts a number of base-metal-rich deposits, including Myra Falls.
Xplore Resources’ Key Project: Valk Project
The Valk project consists of 1,614 ha on Vancouver Island, British Columbia. The project can be found within the province’s Nanaimo Mining Division and is easily accessible through an extensive network of provincial highways, local roads and logging roads.
Geology
The Valk property has demonstrated copper potential and is dominated by volcanic flows, pyroclastics and minor sediments of the Karmutsen Formation, a Triassic-aged volcanic sequence that underlies the Sicker Group, which hosts several zinc-copper-gold-silver deposits.
Notable among these deposits is Myra Falls, located 150 km southeast of the Valk property and home to two past-producing mines. Myra Falls Operations employs 400 people and produces 1 million tonnes of ore per year, including 102,000 tonnes of zinc concentrate, 60,000 tonnes of copper concentrate, up to 38,000 ounces of gold and 0.4 to 1.3 million ounces of silver. Nearby operations also include the historic Island copper mine and the North Island copper-gold mine, both of which have demonstrated enormous success while offering similar geologic markers as can be found throughout the Valk property.
Xplore Resources’ Management Team
Wesley C. Hanson—President and CEO
Wes Hanson provides over 35 years of industry experience covering all aspects of mineral exploration, resource and reserve estimation, project evaluation, development, construction, operation and corporate management.
He worked on a number of large capital projects as a consulting geologist with Kilborn – SNC Lavalin before transitioning into senior management roles with Kinross Gold, Western Goldfields and Silver Bear Resources. Wes served as President and CEO of Noront Resources from 2009 through 2012. Since then he has provided contract geological services for various junior companies listed on the TSX Venture Exchange.
Wes graduated from Mount Allison University with a BSc Geology (1982) and is a practicing member of the Association of Professional Geoscientists of Ontario.
Charles Edgeworth—CFO
Charles Edgeworth is currently the Managing Director of Union Merchant Capital. He has over 20 years of experience in debt, equity and project finance as well as cash management and risk mitigation. He has advised and structured numerous financings for junior and senior mining companies globally. He has an extensive network of corporates, banks, law firms, accounting firms, multilateral finance agencies & foreign governments throughout North & South America, UK, Europe and Africa.
Previously, Charles was responsible for corporate banking in Europe and Africa for Export Development Canada and prior to this, he was with HSBC Bank and Canaccord Genuity. In addition, Charles has served as a senior officer in the Royal Canadian Navy.
Charles holds a B.A. in Political Science & Economics from the University of Victoria, BCom in Entrepreneurial Management from Royal Roads University and MBA in Finance from HEC Montreal.
Jamie Hyland—Director
Jamie Hyland brings more than 25 years of experience in the public markets as a financial and marketing consultant, a corporate founder and manager of numerous early stage public and private businesses. His industry expertise includes mining, publishing, financial services, oil & gas, hospitality, technology, alternative energy and healthcare appliances. He is currently a Director of Tasca Resources Corp., Resolve Ventures Inc. and BLOK Technologies Inc. Hyland has an extensive network of contacts within the financial community including brokers, fund managers, industry analysts and media throughout North America, the United Kingdom and continental Europe. He earned a Bachelor of Commerce in Entrepreneurial Management from Royal Roads University.
Dave Patterson—Director
For more than 30 years Dave Patterson has been involved in the administration and finance of exploration companies based in North America. He has also been a director and/or officer of several public companies listed on the TSX Venture. Patterson holds a Master of Business Administration from Simon Fraser University (1991) and a Bachelor of Arts from Simon Fraser University (1977).
Tim McGuire—Director
Tim McGuire is a 20 year banking executive focusing on corporate debt, credit structuring, loan syndications, M&A, project finance, credit and political risk insurance. The past 12 years have been spent on leading global business development and management of a $20 billion portfolio for companies in the mining, energy and banking sectors. McGuire earned a Bachelor of Commerce (with Distinction) in International Business from the University of Victoria, Canada.
*Disclaimer: This profile is sponsored by Xplore Resources (TSXV:XPLR). This profile provides information which was sourced by the Investing News Network (INN) and approved by Xplore Resources in order to help investors learn more about the company. Xplore Resources is a client of INN. The company’s campaign fees pay for INN to create and update this profile.
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 Xplore Resources and seek advice from a qualified investment advisor.
Acquisitions Transform Company Presenting Exciting Growth Opportunities in 2021
Overview
Power Nickel (TSXV:PNPN) has historically been a Chilean focused company. However, with two substantial acquisitions announced in Q4 2020 the Company has been reshaped into a multi project junior miner. Power Nickel now has an advanced high grade nickel copper cobalt PGE in the James Bay Area – the NISK deposit – the very interesting Golden Ivan project in the heart of the Southern portion of the Golden Triangle kilometers away from the recently announced Ascot Resources mine and of course its historic Chilean properties led by the Tierra De Oro project.
Power Nickel’s Company Highlights
Power Nickel is a mining exploration company with assets in Chile (Tierra de Oro, Zulema), British Columbia, Canada (Golden Ivan) and a pending acquisition in Quebec Canada (NISK).
The company recently closed C$3 million in financing.
The company receives 3 percent NSR royalty for its Copaquire deposit, which sold for upwards of C$3 million.
The company’s wholly owned Tierra de Oro and Zulema projects are located within Chile’s prolific iron-oxide-copper-gold (IOCG) belt, which hosts a number of significant copper-gold deposits.
The company recently acquired 100 percent of the Golden Ivan property located within British Columbia’s world-class Golden Triangle.
Power Nickel’s Key Projects
Nisk
Located in the James Bay region of Quebec this high grade Nickel Copper Cobalt PEG project with a Historical resource of over three million tonnes was optioned from Critical Elements Lithium Corporation (TSXV:CRE) in December 2020, subject to TSXV approval and agreement to acquire 80 percent of the NISK property via a series of option payments and work commitments.
The Nisk Deposit – Location Map
Previous Work
The NISK-1 property hosts a nickel showing discovered and evaluated by INCO and its subsidiary, Nemiscau Mines, in the period from 1962 to 1969. At the time, the Nemiscau area was very remote and INCO had large quantities of high-grade nickel ore in the Sudbury area, so the property was abandoned.
From 1987 to 1988 Muscocho Explorations Ltd completed surficial explorations that included an airborne VLF-EM and total magnetic field geophysical survey, collection, and analysis of surface rock samples, and completed diamond drilling of 16 holes totalling 1,843 m at the NISK-1 showing.
In 2006 to 2008 Golden Goose Resources completed further surficial explorations that included an airborne AeroTEM 2 – EM and magnetometry geophysical survey, and a ground TEM geophysical survey. Golden Goose Resources also completed diamond drilling of 63 holes totaling 13,088 m at the NISK-1 showing.
The 63 holes drilled by Golden Goose Resources were utilized to develop a NI 43-101 mineral resource. The resource estimation was completed by RSW INC and is detailed in their report entitled Resource Estimate for the NISK-1 Deposit, Lac Levac Property, Nemiscau, Québec. Dated ‘December 2009’. The 2009 resource estimation is considered to be a ‘Historical Estimate’ as defined by the National Instrument 43-101 Standards of Disclosure for Mineral Projects
The historical resource estimation culminated in the definition of Nickel, Copper, Cobalt, Palladium, Platinum resources, containing Measured, Indicated, and Inferred confidence categories as described in Table 1 below. The simplified sectional resource is developed along a single continuous drill hole intersections, developed with a cut-off grade of 0.4 percent nickel over a minimum width of 0.5 meters, within estimation blocks measuring up to 75 meters along respective sections to define the nickel-bearing zone.
Table -1: Historical Resource Estimate figures for respective confidence categories at the NISK-1 deposit, After RSW Inc 2009: Resource Estimate for the NISK-1 Deposit, Lac Levac Property, Nemiscau, Québec.
The information regarding the NISK-1 deposit was derived from the technical report titled “Resource Estimate for the NISK-1 Deposit, Lac Levac Property, Nemiscau, Québec” dated December 2009. The key assumptions, parameters and methods used to prepare the mineral resource estimates described above are set out in the technical report.
Future Exploration:
Future Work
The company plans to further advance the previously defined historic resources with confirmation drilling, additional infill, and resource definition drilling commencing in Q2. An updated resource estimate will be prepared upon completion of the additional drilling. Surface exploration is also contemplated for other prospective targets on the property.
Golden Ivan
The Golden Ivan property is situated toward the south of British Columbia’s prolific Golden Triangle, which hosts numerous profitable mineral deposits and is known to be highly prospective for large scale mineral systems, including large-scale porphyry systems, high-grade gold and silver veins, and volcanogenic massive sulphides. The Golden Triangle is host to past and current mining operations including Pretium, Eskay Creek, Johnny Mountain, Red Mountain, Snip Mine, Premier Mine, Golden Bear and Valley of the Kings. The Golden Triangle has reported mineral resources (past production and current resources) in total of 67 million oz of gold, 569 million ounces of silver and 27 billion pounds of copper.
The Golden Ivan property is located approximately 15km south west of the Red Mountain Gold/Silver deposit and 30 km south of the historic Premier Gold mine which just announced construction financing being completed to place this past producer again into production. Immediately to the south of the property significant Silver resources have recently been established at the Porter-Idaho deposit, along several mineralized veins that strike onto the Golden Ivan property.
Figure 1 – Golden Ivan as noted in Maps above is located in the heart of Golden Triangle & Close to Stewart
“Golden Ivan is a great acquisition for Chilean. The recent news from Ascot Resources regarding their now financed plans to build the Premier mine within a few kilometres of our property is certainly a positive one for all property owners in the Southern part of the Triangle. Geographically Golden Ivan’s location between StrikePoint’s Silverado project to the south and Scottie Resources to the North on a under explored and undrilled land package is certainly very interesting to us on a geological basis. The recent Geophysical work done by the Optionor makes us anxious to get in their next summer and drill those three Porphyry looking targets.” Commented Terry Lynch Power Nickel CEO.
Future Exploration
The company intends to focus future exploration efforts to determine the potential causative source intrusions of the mineralization observed across the property, and surrounding areas. The initial phase of exploration is anticipated to include systematic geological and structural and alteration mapping, as well as geochemical sampling across the property to determine any local areas of anomalism. This would be followed by ground-based geophysics to confirm local structural trends prior to proceeding with an initial drill program in the summer/fall of 2021.
Projects in Chile
Chile’s prolific Atacama iron-oxide-copper-gold (IOCG) belt hosts a number of significant copper-gold deposits, including Mantos Blancos, Manto Verde and Candelaria. The Candelaria deposit, owned by Lundin Mining (TSX:LUN), has produced 470 Mt at 0.95 percent copper, 0.22 grams per ton (g/t) gold and 3.1 g/t silver. It holds the title as the world’s second-largest iron-oxide-copper-gold deposit.
Power Nickel (TSXV:PNPN) wholly owned 5,600 hectare Tierra de Oro and 4,300 hectare Zulema projects are located within the belt. Zulema is located just 30 kilometers from the Candelaria deposit, with which it shares similar geography.
Previous exploration data generated by both the company and other historic operators have been compiled and 8,660 training points were subjected to evaluation by Windfall’s propriety CARDS AI model. CARDS uses data mining techniques to analyze compiled exploration data and to identify areas target zones with high statistical similarity to known “signatures” of areas of copper, gold and silver mineralization (Figures 3 and 4 below). A total of thirteen (13) prospective target zones were identified by the prediction analysis, of which the company has elected to drill test two of the zones.
The ‘Chanchero’ Zone has previously been identified as being prospective for copper porphyry style mineralization and remains untested. The area comprises a 0.75 square kilometres zone of argillic and quartz-sericite-pyrite alteration hosted by augite-hornblende diorite to granodiorite with roof pendants of hornblende monzonite. A significant colour anomaly is also evident. The area was surveyed by 3-D Induced Polarization (IP) methods in 2008 and generated a chargeability anomaly greater than 50MV/V at its core which is open at depth. The area is to be the focus of four (4) core holes that are proposed to intersect the chargeability anomaly longitudinally and at depth.
Figure 1: Locations of 4 Proposed drill holes at the Chanchero target, relative to the outline/projected shape of the greater at than 50MV/V chargeability anomaly as defined by the 2008 3-D Induced Polarization survey.
The ‘Iron Skarn’ zone is an AI generated target Gold anomaly which occurs along a pronounced structure and is located along strike from existing shallow artisanal gold workings. A single core hole is to be orientated to intersect the structure at depth below the projected level of the adjacent historical workings.
The Phase 1 program is to consist of 1,500 meters of core drilling is expected to be completed by mid December (2020) and assays are expected to be received in mid to late January (2021).
In addition to the drilling program, the company intends to complete a systematic sampling program over the remaining target areas identified by the AI analysis. Limited ground truth sampling on three of the AI targets produced sample results including 10.32 and 5.79 grams per tonnes gold at the Cobalt zone, and another series of nine (9) samples that graded between 0.77 percent to 3.23 percent Copper. In addition to wider surface sampling in areas where no surface indications are visible the company plans to conduct localized IP.
Figure 2: Tierra De Oro property CARDS target model-A for Copper anomalism
Figure 3: Tierra De Oro property CARDS target model-A for Gold anomalism
Figure 4: Chanchero 3D IP anomalism
“We were excited to commence drilling on TDO. In particular we believe the AI guidance will focus our search and enhance our odds of drilling success. Chanchero the large IP anomaly was home of the Chanchero Gold Rush in Chile in the early 1900s and we believe it is possible the large IP anomaly could be the causative source of that mineralization. It’s the type of drill hole Junior Miners dream about. We have de-risked it as much as we can and now we await the results of the Assays which we would expect towards the end of January,” commented Terry Lynch, Chilean Metals’ CEO.
All three of the company’s projects benefit significantly from exceptional infrastructure and access. Chilean Metals’ management team brings decades of experience and an extensive track record of success in mining exploration and resource development. The company plans to leverage technological innovation as well as C$3 million in completed financing to further develop its diverse portfolio of assets.
Power Nickel’s Management Team
Peter Kent — Chairman
Formerly with the TecSyn Group of Companies, at which he was Vice President General Counsel and Corporate Secretary. Peter brings over 25 years of business experience regarding complex business and legal affairs. In addition to his time at Tecsyn, Peter was also a corporate commercial lawyer at Bassel Sullivan, a Toronto-based boutique law firm.
Terry Lynch — CEO
Terry Lynch graduated in 1981 from St. Francis Xavier University with a joint honours degree in Economics and BBA. Prior to becoming a director with International PBX Ventures in 2012, Lynch had been CEO of privately held Nevada-focused Relief Gold. He also had been a director and later CEO of TSX-listed Firstgold Corp. He assumed the CEO position after the company had run into financial difficulty bringing its Relief Canyon mine into production. He arranged a sale of 51 percent of the company for a total capital injection of $26.5 million from Northwest Non-Ferrous Metals, one of China’s largest mining engineering and consulting groups.
From 2005 to 2008, Lynch was a partner with Kingsmill Capital Partners, a financial advisory firm specializing in advising public and private early stage growth companies. Prior to joining Kingsmill Capital, he spent 15 years operating startup companies in industrial products, oil and gas and media. Mr Lynch is currently a director and co-founder of Cardiol Therapeutics.
Greg McKenzie — Director
Greg McKenzie is a senior investment banker with 20 years of experience in financing, M&A, financial advisory, valuation and strategic advice primarily to mid-cap companies. His transactions are valued in excess of $18 billion. McKenzie has worked in New York and Toronto and has held positions with Morgan Stanley, CIBC World Markets, Haywood Securities and Salman Partners. While at these firms, Greg advised management and boards of companies in various sectors including: metals and mining, industrials, consumer products, technology and healthcare. McKenzie was also called to the bar in New York and Ontario and practiced law with a leading Canadian securities and M&A law firm.
Ximena Perez — Managing Director of Chile
Ximena Perez has 13 years of experience in Chile as an exploration and production geologist, the first five years of which she spent as a production geologist in underground mining in Cu. She developed a career as an Exploration Geologist with extensive experience in drilling program supervision, data management and geological modeling. She participated in the exploration for the expansion of Skarn Las Cenizas (Cu-Ag), Talcuna (stratabound and veins Cu-Au), Punitaqui (stratabound and veins Cu-Ag-Au) and Dayton (epithermal of Au), in the latter two as Chief Exploration Geologist.
Perez has experience in exploration consultancies for medium-sized mining, as well as independent work in resource inventories. She has served as Exploration Geologist for Chilean Metals Inc., and since 2018 she has been Managing Director Chile in the company.
Les Mallard — Director
Les Mallard is a graduate from The University of Prince Edward Island with a BA in Economics. He has spent over 30 years in the Canadian Produce Industry employed in various capacities with Chiquita Canada and Chiquita Brands North America. After retiring from Chiquita in 2017, he started Mallard Produce Solutions, a produce consulting company focused on providing North American and Latin American clients with business solutions to expand their market potential. Les is also on the Board of Directors for the Canadian Produce Marketing Association and Hydroponic Life.
*Disclaimer: This profile is sponsored by Power Nickel (TSXV:PNPN). This profile provides information which was sourced by the Investing News Network (INN) and approved by Power Nickel in order to help investors learn more about the company. Power Nickel is a client of INN. The company’s campaign fees pay for INN to create and update this profile.
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 Power Nickel and seek advice from a qualified investment advisor.
Developing Highly-Prospective Gold-Copper VMS Assets in Latin America
Overview
Volcanogenic massive sulphide (VMS) deposits are some of the world’s most prosperous base metal and precious metal deposits. This type of deposit is found across the globe, and often forms in clusters. The oldest known VMS deposits date back three billion years, and new ones are still being formed. VMS deposits have impressive mineralization and high grades, but only 2.2 percent of world gold production and 6 percent of copper production currently comes from VMS deposits.
Atico Mining (TSXV:ATY,OTC:ATCMF), operating in Colombia and Ecuador, has two projects that are VMS style surrounded by large land packages. Such strategic positioning gives Atico the potential to mimic successes seen with the Fortuna Silver Mines (TSX:FVI,NYSE:FSM), a company with an estimated market cap of US$2 billion that was founded by the team currently leading Atico.
“We have a very strong production profile along with a pipeline of growth prospects for a small company. And we generate a robust free cash flow from which we can finance all of our exploration plans,” commented Igor Dutina, the company’s Corporate Development lead.
The stable mining jurisdictions of Latin America have proven to be a premier place for acquisition and mining development for Atico. The company is also looking at avenues of growth in the possible acquisition of a third project.
The company’s flagship El Roble mine in Colombia has proven to be an extremely valuable asset. The gold-copper mine generates roughly 21 million pounds of copper and 11,000 ounces of gold per year with a life of mine of about four years. This VMS asset primes the company to achieve the mid-tier producer level Atico intends on reaching.
The company’s second asset, the La Plata project in Ecuador, is a pre-development stage asset with a mineralized profile containing high-grade gold, copper, zinc and silver. Past exploration campaigns and a completed PEA have also aided in pushing along this highly prospective asset’s advancement. With 60 percent ownership of the project and an earn-in option of up to 75 percent, the future of La Plata has tremendous exploration and development potential.
In December 2020, Atico Mining announced the closing of US$6.5 million of its unsecured convertible debenture private placement. This news follows its report announcing US$5 million in income from mining operations a month earlier. The company intends to use funds and proceeds from the offering to further advance its La Plata project, including a full feasibility study delivered by mid 2022.
Atico Mining has a world-class team of mine developers and mine operators. With several generations of mining in Latin America and extensive experience in the industry and regional networking sectors, this team understands the mining industry. Moving into 2021, Atico intends to generate significant cash flow at the El Roble mine and explore its highly prospective VMS targets.
Atico Mining’s Company Highlights
Atico Mining is a Canada-based mining exploration and development company operating out of Latin America. The company is headed by the founders of the mining heavyweight Fortuna Silver Mine.
The company’s primary focus is its robust flagship El Roble Mine project in Colombia as well as the La Plata project in Ecuador. Both assets are VMS deposits with high-grade copper and gold mineralization clustering.
Atico Mining’s well-engineered business model primes the company for the self-financing potential to the benefit of shareholders and future investors. This model helps to focus on free cash flow generation and reduce dilution.
The El Roble project currently generates roughly 21 million pounds of copper and around 11,000 ounces of gold per year. The mine has a projected four-year mine life and high-margin potential.
The La Plata project has a completed PEA and hosts highly prospective exploration targets. The company is currently working on a 2022 feasibility study.
The company acquired the remaining 40 percent of the issued and outstanding shares of Compañia Minera La Plata S.A. (, which owns the concessions comprising the La Plata project
Atico Mining’s Key Projects
El Roble Mine
Atico’s El Roble mine is the only copper mine currently in production in Colombia. Under-explored until 1990, the 6,355 hectare asset has processed approximately 1.8 million tonnes of primarily pyrite-chalcopyrite ore with an average grade of 2.67 percent copper and an approximate grade of 2.63 g/t gold. Currently, the mine has an 850 tonne per day throughput capacity and 15 prospective geochemical VMS exploration targets that extend over 10 kilometers across the property.
The land package, which is located in Carmen de Atrato, also leverages a strategically positioned infrastructure with proximity to paved roads, a power grid and established mine and plant facilities on site. As of January 2021, the company owns 90 percent of the operating mine and surrounding claims.
Future plans for the project include a continued focus on drilling into recently discovered resources and mineralization exploration along the strike’s depth. With the impressive cluster profile of VMS deposits, El Roble has the potential to generate significant cash flow and shareholder returns for the company as production advances. The current available free cash flow stands at approximately US$13 million.
La Plata Project
This Noranda/Kuroko-type VMS deposit hosts nine priority exploration targets over a land package that spans 2,300 hectares near Quito, Ecuador. Surrounded by large Atico-controlled land packages, the property operates in an investor-friendly jurisdiction with governmental mining support. It hosts an infrastructure with high road accessibility and good natural resource networks.
This pre-development asset hosts the characteristic VMS cluster profiling which reinforces the prospect of further nearby deposits and significant exploration potential. Currently, La Plata has prospective resources of 1.9 million tonnes at 12.9 grams per tonne gold equivalent mineralization. Historic resources based on past drilling campaigns are estimated at 913,977 tonnes graded at 8.01 g/t gold and 5.01 percent copper. High-grade silver, lead and zinc have also been found along the over 9 kilometers of favorable strike geology on the property.
Atico Mining has been quick to begin exploring and developing this exciting project after its acquisition in late 2019. By 2022, the company intends on completing a full feasibility study for the project and to prepare the asset for the initial development of prospective targets.
Atico Mining’s Management Team
Fernando E. Ganoza B. Sc. Engineering, MBA—CEO & Director
Fernando E. Ganoza has over 15 years of management experience in Latin America, including key roles in developing mines in Peru and Mexico as the project manager and country manager for Canada-based producer Fortuna Silver Mines Inc.
He has strategic planning and business development experience with Cargill, at which he participated in the valuation and structuring of deals with a cumulative value of over US$350 million. Fernando holds a BSc. in Mining Engineering from the Universidad de Antofagasta in Chile and an MBA from the Darden School of Business at the University of Virginia.
Luis D. Ganoza B.Sc. Engineering, MBA, M.Sc.—Chairman of the Board
Luis D. Ganoza has held the position of CFO in Fortuna Silver Mines Inc. since 2006 and has over 12 years of experience in the financial management of public mining companies. He has participated in debt and equity financings for mining projects in Peru and Mexico for over C$120 million. Luis has a B.Sc. in Mining Engineering from the Universidad Nacional de Ingenieria in Peru; an MBA from ESAN, a Tier 1 Latin American Business School; and an M.Sc. in Accounting and Finance from The London School of Economics.
Jorge Ganoza A. B. Sc. Engineering—VP Operations & Director
Jorge Ganoza has over 40 years of experience in the Latin American mining industry, holding senior leading roles in the founding and development of private and public mining companies.
For the past six years, he has held the position of VP of Operation in Fortuna Silver Mines Inc. Jorge has a B.Sc. in Engineering from the Universidad Nacional La Molina and also completed advanced finance studies at the Escuela Superior de Administration, ESAN, in Peru. Jorge is a third-generation miner from a Peruvian family that has owned and operated underground gold, silver and base metal mines in Peru and Panama.
Alain Bureau, B.Sc. Professional Engineering—President
Alain Bureau has over 25 years of leadership in project management, operating in North and Latin American countries gained through notable projects including mines in Peru, Chile, Mexico, Panama and Canada.
Joseph A. Salas B. Sc. Geological Engineering—Senior Exploration Manager
Joseph A. Salas has 20 years of experience in exploration, mine geology, project evaluation and development with vast expertise in gold-copper and copper-molybdenum porphyries in Colombia and Peru.
For the past three years, he has held the position of Exploration Country Manager in Colombia for Barrick Gold Corporation. From 1996 to 2002, he worked in various exploration positions of increasing responsibility for Anglo American. Joseph has a B. Sc. in Geological Engineering from the Universidad Nacional de San Agustín de Arequipa in Peru and is affiliated with the Society of Economic Geologists Inc.
Matias Herrero—CFO
Matias Herrero is a Canadian chartered accountant, with 15 years of progressive senior level experience as a mining professional in various areas including finance, mergers and acquisitions, international arbitration, treasury management, risk management, regulatory compliance, and multi-jurisdictional public company reporting. Prior to joining Atico, Mr. Herrero served as the CFO before becoming the CEO of Gold Springs Resource Corp. Prior to that, he served as the CFO of a gold producer in South America.
He began his career with PricewaterhouseCoopers and gained experience working in senior management roles in publicly-traded companies with gold projects in North America, South America, and Africa. Mr. Herrero earned a bachelor’s degree in accounting from the University of Belgrano in Buenos Aires, Argentina, he is fluent in English and Spanish and holds a CPA in both Colorado and Washington.
Igor Dutina, BA Marketing Mgmt, Econ—Corporate Development
Igor Dutina has an extensive background in financial and capital market analysis, with more than 12 years of experience in the mineral exploration and mining industry, working with several publicly listed companies.
Leveraging the Green Energy Movement With Strategic Copper and Nickel Royalties
Overview
As the world continues its transition away from many carbon-based forms of energy, so too does the urgency arise for sustainable sources for critical components that go into green technology. Copper and nickel, the irreplaceable building blocks enabling the energy transition, are expected to be in short supply. Investing in a company with direct exposure to these building blocks not only means investing in more sustainable resources but also the future of greener energy.
This transition has grown significantly over the last several years. Mandates from governments, corporations, financial institutions and portfolio companies worldwide have not been shy to demonstrate their desire for a greener world. The rise of Tesla Inc. (NASDAQ:TSLA) is another growth story highlighting the push for greener technology. The company brought in US$8.77 billion in earnings in Q3 alone, which represents a small fraction of the entire electric vehicle market. As critical deposits/components like copper and nickel are forecasted to be leaders in this move, so will the royalty and the mining companies that supply it.
Nova Royalty Corp. (TSXV:NOVR,OTCQB:NOVRF) is a royalty company focused on copper and nickel as the foundational building blocks in clean energy substitution from fossil fuels. As a first-mover in this renewable energy space, Nova is on course to becoming a leading royalty company in the transition to the future of sustainable energy. With a diversified portfolio of strategically important and scarce royalty assets operating out of mining-friendly and highly prospective jurisdictions, this company is one to consider.
Nova has been acquiring royalties on copper and nickel in some of the world's most strategic and prolific jurisdictions. In focusing on the highest quality assets and partnering with the world's top miners, the company has made significant strides towards building a foundational portfolio of royalties in key world-class deposits, which are much more scarce than those in gold and silver but also typically feature much higher mine lives. The average copper mine among the world's top 60 has an expected mine life of 77 years based on today's expected depletion dates, and these dates are often pushed back even further.
As a royalty company, Nova has substantially reduced overall risk with a global portfolio of top notch assets. Additionally, a royalty model offers direct exposure and optionality to commodity price appreciation and production increases, while protecting investors from direct operating and exploration costs typically associated with a traditional mining business.
Nova Royalty has acquired royalties in proven projects that have major mining companies leading development and exploration. These operators and their accompanying assets include First Quantum's (TSX:FM) Taca Taca, Teck Resources (TSX:TECK.A,NYSE:TECK) and Newmont's (TSX:NGT) NuevaUnion, Antofagasta's (LSE:ANTO) Twin Metals, Waterton Global's Dumont and Rio Tinto's (ASX:RIO) Janice Lake. With several other exploration assets, Nova Royalty is well prepared for adding new cash flow generating royalties to its roster.
The company raised C$5.85 million in February 2020 at 50 cents per unit for its acquisition of a 2 percent royalty on Teck/Newmont's NuevaUnion project. It subsequently did a direct listing of its shares on the TSX Venture exchange on October 1, 2020, under the ticker NOVR. In conjunction with the listing, Nova secured a US$15 million financing facility from well-known institutional investor Beedie Capital. The company subsequently completed royalty acquisitions on Janice Lake, Taca Taca and Twin Metals and also an equity raise of C$14.4 million at C$1.45 per share in November, 2020. Its shares closed at C$5.66 on the TSX Venture on January 22, 2021, capitalizing Nova on a fully diluted basis at C$440 million.
In January 2021, the company announced that its common shares commenced trading on the OTCQB under the ticker NOVRF. This move provides additional liquidity and increased visibility within the US investment community.
The Nova Royalty management team has years of combined expertise in mining, marketing management and royalty investment. With dedicated prospectors, Nova's team continues to access and acquire top-tier royalty assets from industry leaders all around the world.
Nova Royalty's Company Highlights
Nova Royalty is a royalty company focused on leveraging the transition to green energy with a direct investment in valuable copper and nickel assets, the building blocks for the energy transition.
The company has a global investment portfolio with projects spanning strategic jurisdictions in Chile, Argentina, Canada and the US. The region that hosts the Dumont mining project in Quebec has the world's largest emerging reserves of nickel.
As a royalty company, Nova is exposed purely to revenues and is protected from any direct operating, carrying, exploration, or development costs. It offers optionality on copper/nickel price appreciation and production increase without additional costs.
Strategic operators in Nova's portfolio include First Quantum, Teck, Newmont, Waterton Global, Antofagasta, Rio Tinto and Transition Metals (TSXV:XTM). The company also has several other exploration royalties.
Nova Royalty completed a royalty purchase agreement with Sociedad Minera Auromín Limitada to acquire the rights to be granted a 1.0 percent net proceeds royalty on the West Wall copper-gold-molybdenum project for US$4.2 million in cash.
The company entered into a royalty purchase agreement with Macocozac, S.A. de C.V. to acquire an existing 1.0 percent net smelter return royalty on the Aranzazu copper-gold-silver mine in Zacatecas, Mexico for $9.0 million comprised of $8.0 million in cash and $1.0 million in common shares of Nova.
Nova Royalty's Key Projects
Taca Taca Copper-Gold-Molybdenum Project
This key development project is owned by First Quantum Minerals, one of the world's leading copper producers. This major copper company has helped energize its Taca Taca mining property in Salta province, Argentina and recently said that it is First Quantum's next development priority. The proven and probable reserves currently measure 1.758 billion tonnes at 0.44 percent copper, 0.012 percent molybdenum and 0.09 g/t gold. As exploration continues, there is significant promise for the property for discovering more high-grade base metals.
In November 2020, First Quantum reported a maiden reserve for the property of 7.7 million tonnes of copper. The update also guided to a production decision in 2023-2024 and an initial expect mine life of 32 years with maximum annual production of 275,000 tonnes of copper.
Nova currently holds 0.24 percent NSR on Taca Taca over the entire mining plan of the property and recently announced an acquisition of an additional 0.18 percent NSR.
NuevaUnion Copper-Gold Project
The NuevaUnion copper-gold development project in Chile focuses on the highly prospective copper and gold La Fortuna deposit. In a 50/50 joint venture between operators Teck Resources and Newmont, exploration and development are currently underway of proven and probable reserves. These reserves are calculated at approximately 682 million tonnes at 0.51 percent copper and 0.47g/t gold.
In February 2020, Teck and Newmont announced a US$152 million planned drilling program that would focus on deep extensions of the deposit. The Teck Annual Information Form revealed reserve increases from 557 million tonnes at 0.53 percent copper and 0.48 g/t gold to 682 million tonnes at 0.51 percent copper and 0.47 g/t gold in the same month. This extension is an exciting step for the company and showcases the rapid growth in potential discoveries and yield.
Nova has a 2.0 percent NSR covering all copper royalty revenue from the project's Cantarito block, which comprises approximately 20 percent of the La Fortuna project. Given the deposit's current size and aggressive growth, it is a natural property to bring into production during the upcoming copper cycle. Both Teck and Newmont have the project highly ranked in their development pipelines.
Dumont Nickel-Cobalt Project
Operating out of the Abitibi mining camp in Quebec, Canada, this is a fully permitted, construction-ready project, which hosts the world's second largest nickel reserve at 2.8 million tonnes. In a feasibility study released in mid-2019, findings highlighted the project's large scale, low cost and potentially long life. Nickel production in concentrate rose from 33,000 per annum in Phase One (first five years) to 50,000 tonnes per annum in Phase Two (25 years).
Nova currently holds a 2.0 percent NSR on approximately 21 percent of the deposit.
Twin Metals Copper-Nickel-Platinum Group Metals Project
The Twin Metals nickel and copper project is currently developing base metal and platinum deposits on a highly prospective property located in Minnesota, US. This historically mined jurisdiction's iron ore and taconite mining have been vital to the US economy since the 1800s. The Duluth Complex, where Twin Metals is located, hosts 95% of all US nickel reserves and 34 percent of all copper reserves. In collaboration with operator Antofagasta, the project is currently developing property resources measuring at 1.293 billion tonnes at 0.57 percent copper and 0.18 percent nickel.
Nova currently holds a 2.4 percent NSR on contained copper and nickel metal on a portion of the project that is approximately 18 percent of the highly prospective resource. This royalty is payable at one third of the gross value of copper and nickel.
This project is part of a statewide effort to achieve and operate ethical best practices in the name of sustainability. In September 2020, Twin Metals Minnesota and Minnesota Conservative Energy Forum announced a Clean Energy Partnership that would look into more environmentally friendly mining practices that could prolong the industry's success for years to come.
Janice Lake Copper-Silver Project
The Janice Lake property is 55 kilometers southeast of Key Lake, Saskatchewan, and encompasses a 52 kilometer long district of the Wollaston Copperbelt. With over 20 known occurrences of copper on the property and a safe jurisdiction, the Janice Lake project is strategically positioned for systematic exploration and potentially significant yield.
Nova owns a 1.0 percent NSR on the Rio Tinto (ASX:RIO) owned property with buyback currently set at 0.375 percent for C$750,000. In September 2020, Rio Tinto announced the completion of its summer programming, which included drilling, substantial mapping and the construction of an 80 person camp. The company plans on conducting a diamond drilling program in 2021.
Other Exploration Royalties
Nub East (British Columbia): 1.00 percent NSR
Copper King (British Columbia): 1.00 percent NSR
Pinnacle (British Columbia): 1.00 percent NSR
Homathko (British Columbia): 1.00 percent NSR
Dundonald (Ontario): 1.25 percent NSR
Saturday Night (Ontario): 1.00 percent NSR
West Matachewan (Ontario): 1.00 percent NSR
Maude Lake (Ontario): 1.00 percent NSR
Elephant Head (Ontario): 1.00 percent NSR
Bancroft (Ontario): 1.00 percent NSR
Management Team
Alex Tsukernik — President & CEO, Director
Alex Tsukernik co-founded Nova Royalty in 2018. He has over 15 years of experience in metals and mining finance as an executive, investor and corporate adviser. Before Nova Royalty, he spent more than seven years as an independent principal of his own merchant banking/advisory firm, Syntella Partners, at which he focused on creating value-added investment opportunities in the mining space. Before becoming an independent principal, Tsukernik co-founded the Metals and Mining investment banking group at Rodman & Renshaw. He was Director and Head of Metals and Mining and involved with over US$2 billion of completed mergers, acquisitions and capital raising transactions. Tsukernik holds a B.A. in Math and Economics from Cornell University and an MBA from Columbia Business School. He is also a CFA Charterholder.
Brett Heath — Non-Executive Chairman
Brett Heath has a comprehensive career in the structured finance, corporate finance and investment management industry. He is the Founder, President & CEO of Metalla Royalty & Streaming (NYSE: MTA). He was previously the Chairman and CEO of High Stream Corporation before Metalla acquired it in August 2016. High Stream was a specialty streaming and royalty consulting company where Heath worked with First Mining Finance and several other private equity funds, advising and brokering metal streaming transactions. Before that, he was the President of a private streaming company at which he deployed $11 million in four producing streaming transactions in three separate jurisdictions. Heath has held a position as the founding principal of KSIR Capital Management, a hedge fund focused on small and micro-cap mining companies. He also advised several mining companies with KSIR Capital, the corporate finance division of KSIR.
Parviz Farsangi — Chief Technical Advisor
Parviz Farsangi has over 30 years of mining industry experience. He was formerly Executive Vice President and Chief Operating Officer of Vale Inco from 2007 to 2009 and was with Falconbridge Limited from 1987 to 2007 in roles that included General Manager, Sudbury Mines. More recently, he held the positions of President, CEO and Director of Scorpio Mining Corporation.
Farsangi holds a B.Eng. in Mining Engineering from Laurentian University, an M.Eng. in Rock Mechanics and a Ph.D. in Mining Engineering from McGill University, and an Executive MBA from Queen's University. He has served on several mining association boards and is also a director of several TSX listed companies.
Bill Tsang — Chief Financial Officer
Bill Tsang is a Chartered Professional Accountant with a Bachelor of Commerce from the University of British Columbia, with over 10 years of financial accounting and auditing experience in the mineral exploration and mining industry. He has worked in public practice providing professional services and advice to publicly traded companies on the NYSE, TSXV and OTC markets on various public reporting services. Tsang has served as the CFO of several companies listed on the TSXV and OTC markets.
Brian Ferrey —Vice President of Corporate Development & Strategy
Brian Ferrey has been involved with the Company in an advisory capacity since 2018. He brings a broad network and significant experience across capital markets and mining finance and has been involved with over $2 billion in mining royalty and streaming transactions.
Prior to joining Nova, Brian was a Director, in CIBC Capital Markets Investment Banking group in Vancouver , where he specialized in the metals and mining sector. Prior to this, he held positions at Denham Capital Management, where he focused on mining investments in North and South America and at UBS Securities Canada, where he worked concurrently in the Equity Capital Markets and Global Mining Investment Banking groups. Brian holds an Honours Business Administration degree from the Ivey Business School at Western University , where he graduated as an Ivey Scholar.
Denis Silva — Non-Executive Director
Denis Silva is a corporate and securities partner at law firm Gowling WLG in Vancouver. He has 11 years of experience in corporate, securities, mining and regulatory legal experience. He has acted for various companies listed on Canadian and US exchanges, focusing on mining. Silva holds a BA from the University of British Columbia, an MPA from Queen's University and an LLB from the University of Windsor.
Andrew Greville — Non-Executive Director
Since 2014, Mr. Greville has been the principal of his own consulting firm, West End Mining & Consulting. From 2005 to 2013, Mr. Greville held multiple roles at Xstrata Copper, including Executive General Manager, Business Development & Strategy, where he was responsible for all M&A activity and coordination of strategic planning. From 2000 to 2005, he was Vice President of Ores & Concentrates for Pechiney World Trade (now Rio Tinto Limited). From 1996 to 1999, he was Vice President, Commercial for BHP Copper North America with commercial responsibility for BHP's North American operations.
E.B. Tucker — Non-Executive Director
E.B Tucker is director of Midas Capital Partners, a capital markets consultancy. He previously held positions including senior analyst and editor of several widely followed financial newsletters. Before launching his own Strategic Investor, he wrote The Casey Report on behalf of Doug Casey, The Bill Bonner Letter and Stansberry's Investment Advisory. He is the author of Why Gold? Why Now? which details the wealth-creating power of mineral royalties. Tucker was a founding partner of KSIR Capital Management, an asset management firm focused on precious metal equities, and KSIR Capital, a corporate finance advisory firm focused on the precious metal industry. Tucker holds a B.Sc. in Business Administration with an area of study in Finance from the College of Charleston in Charleston, South Carolina.
Johanna Fipke — Independent Director
Ms. Fipke is currently a partner at Fasken Martineau DuMoulin LLP, one of Canada's leading law firms, and a core member of their Global Mining Group. Johanna has been recognized for her mining expertise by Lexpert, Who's Who Legal, the Best Lawyers in Canada and the Legal 500. Ms. Fipke is also a founding and current director of Women in Mining British Columbia. She holds a Bachelor of Law, Bachelor of Commerce and Bachelor of Arts, each with distinction, from the University of Alberta. In 2018, Johanna was chosen as one of the top 100 Global Inspirational Women in Mining.
Strategic shareholders
Adrian Day Asset Management
A native of London, after graduating with honors from the London School of Economics, Mr. Day spent many years as a financial investment writer, where he gained a large following for his expertise in searching out unusual investment opportunities around the world. He has also authored two books on the subject of global investing: International Investment Opportunities: How and Where to Invest Overseas Successfully and Investing Without Borders.
His latest book, widely praised by readers, is Investing in Resources: How to Profit from the Outsized Potential and Avoid the Risks (Wiley, 2010).
Mr. Day is a recognized authority in both global and resource investing. He is frequently interviewed by the press, domestically and abroad.
Beedie Capital
Beedie Capital is the family office investment arm of Beedie, the largest private industrial owner, developer, and property manager in Western Canada
Stephens Investment Management
Stephens Investment Management is a boutique investment firm that manages a family of financial products. The underlying core to their strategy is based on conducting fundamental research on growing companies and sectors. They are long-term investors, with a focus on value-priced growth companies.
Mining is one of the biggest industries in Canada, generating C$97 billion in 2018 — or 5 percent of the country’s GDP. The country is one of the world’s largest producers of uranium and gold but at one time, over 100 years ago, it was a top silver producer as well. In the early 1900s the country boasted two of the greatest silver discoveries in the world. Keno Hill, in the Yukon, and the Cobalt District in Ontario, contributed over 15 percent of the world’s silver. Since then, there has not been a discovery that comes close to equaling the significance of these two deposits and Canada no longer finds itself in the top 10 of silver producing countries worldwide.
In recent years, preliminary work has been completed on a small project in Newfoundland that has led to comparisons with these great silver districts from the past. Sterling Metals (TSXV:SAG) is a mineral exploration company currently exploring this exciting new potential district. Named after the shape of a pond on the project which local lore suggested resembled a Sail, the company presently has the option to earn a 100 percent interest after C$500,000 in spending by September 23, 2021 and another C$1 million by September 23, 2023.
Sterling Metals CEO Mathew Wilson describes the Sail Pond project as “A completely new discovery that while early, shows a potential district sized footprint with world class silver and copper grades on surface along at least a 12 kilometer strike.”
Over the last three years, approximately C$1.5 million has been spent preparing this project for drilling. Work is currently being completed by its partner Goldspot Discoveries (TSXV:SPOT) to use advanced technology to combine the datasets and determine the best drill locations. This drilling will hope to uncover the source of the surface footprint, of which grab samples have yielded up to 6,784 grams per tonne of silver equivalent. The company is fully funded for an aggressive initial drill program this spring and projects to earn 100 percent of this project this year.
Currently, Sterling Metals’ shareholder portfolio includes Altius Minerals (TSX:ALS), which serves as a 19 percent shareholder and partner, as well as many close insiders, company management and institutional owners which make up approximately 50 percent of the current shares outstanding.
Sterling Metals’ experienced and dedicated management team has primed the company to take advantage of Newfoundland’s favorable silver and copper macro environment. With years of combined experience in the mining, energy and finance sectors, the team is ready to advance its rare and exciting silver exploration project.
Sterling Metals’ Company Highlights
Sterling Metals is a mineral exploration company primarily focused on exploration and mining opportunities in Canada.
The company is currently working on advancing its flagship Sail Pond silver and base metals project in Newfoundland. The 13,500 hectare asset has never been drilled and hosts unique high-grade silver and base metal potential over a 12 kilometer strike length
Since 2017, there has been approximately C$1.5 million on the project via surface sampling, trenching and geophysics which has led to drill targets which will be drilled in the spring of 2021.
The company has the option to earn 100 percent ownership of the Sail Pond project by spending C$1.5 million over 3 years and granting a 2 percent NSR
Initial work combines a district sized soil footprint with high grade grab samples up to 4526 g/t silver, 14.9 percent copper, 0.9 g/t gold, 7.5 percent lead, 9.6 percent zinc and 5 percent antimony.
With 41 million shares outstanding and a large insider ownership, the company is fully funded for its initial drill program this spring which will take advantage of Newfoundland’s favorable mining and economic conditions.
Sterling Metals’ Key Project
Sail Pond Project
The Sail Pond flagship asset spans 13,500 hectares and is located on the Great Northern Peninsula of Newfoundland, Canada. The property is highly accessible from various natural resource networks, paved highways and the St. Anthony regional airport on the province’s northern-most tip.
The property’s geological landscape hosts high-grade silver, copper, lead and zinc associated with quartz-carbonate veining. In January 2021, the company reported rock grab samples assaying 6,783.2 g/t and 3,172 g/t silver equivalents collected from an initial prospecting program. These findings help support estimates of high-grade mineralization across the entire 12 kilometer strike and efforts to advance future drill target generation.
Currently, Sterling Metals has two defined target zones over a combined strike-length of 9 kilometers. Along with high-grade silver, SEM and multi-element analysis have revealed grades of 0.9 g/t gold, 14.9 percent copper, 7.5 percent lead, 5.0 percent antimony and 9.6 percent zinc. Sail Pond’s diverse mineralization portfolio and lack of drill history present unique and promising exploration opportunities for Sterling Metals.
Future plans include continuing to prepare Sail Pond for future drilling programs through potential target identification and commencement of rig operations. With an option to own 100 percent of the property, the company is primed for significant advancement of this flagship silver and base metal project.
Sterling Metals’ Management Team
Mathew Wilson, CEO & Director
Mr. Wilson has spent the last 11 years as an active venture investor and executive. Over the last three years, Mathew led the company through a 10,000 meter exploration program and mine restart in Paraguay, an asset sale, and a rebrand and refocus from a South American gold production and exploration company to the Canadian focused silver and base metal company, Sterling Metals. Prior to his work as an executive, Mathew was a Principal at Pinetree Capital, a diversified investment fund focused primarily on the small cap mining sector. Mathew has acted as CEO for private venture capital companies and as a director for public TSX venture listed companies. Mathew holds a Masters in Finance from Queens University and is a CFA Charterholder.
Richard Patricio, Director
Richard Patricio is the CEO and President of Mega Uranium Ltd., a uranium-focused investment and development company with assets in Canada and Australia. He is a qualified lawyer (Ontario) with over 15 years of experience working with and for public companies. He has built several mining companies with global operations and spent 10 years with a TSX-listed investment company focused on the resource and early-stage investment space. Patricio holds and has held senior officer and director positions in several mining companies listed on the TSX, ASX, NYSE and AIM exchanges. Patricio received his law degree from Osgoode Hall and was called to the Ontario bar in 2000.
Stephen Keith, Director
Stephen Keith has over 20 years of experience working with mining and energy projects from concept to feasibility study, engineering design, project management and construction through financing and acquisitions. He has worked on projects in more than 30 countries, with an emphasis on the Americas, having been involved in more than C$2 billion in financing and merger and acquisition transactions for natural resource projects. Currently, Keith is the founding partner at Strategy4Growth, a private advisory firm assisting resource companies to bridge the gap between projects in Latin America and the global financial markets and is CEO of 4B Mining, an iron ore/ manganese developer in Brazil. Keith is currently on the Board of Directors of Aura Minerals as lead director and chairman of the Audit Committee.
Dennis Logan, CFO
Dennis Logan has over 25 years of financial advisory and senior financial management and accounting experience, having spent 17 years in Investment Banking before transitioning into Public Company CFO Roles. Logan currently serves as the CFO of Planet 13 holdings, the chair of the Audit Committee of Eurocontrol Technics Group Ltd. and Magna Terra Minerals Inc. and serves as a part-time CFO BTU Metals Corp. Previously, Logan served as the CFO, director and corporate secretary of Almonty Industries Inc., a publicly traded tungsten mining and processing company. Logan is a CPA, CA, and started his finance and accounting career with Ernst & Young LLP.
Advisory Board
Denis Laviolette
Over the last 15 years Mr. Laviolette has worked as a production and exploration geologist in Timmins, Kirkland Lake, Red Lake, Norway, and Ghana. After his time in the field, he worked as a mining analyst with Pinetree Capital. Most recently, Mr. Laviolette has acted as founder and President of New Found Gold and founder and Executive Chairman of Goldspot Resources. Mr. Laviolette remains at the cusp of technology and exploration success as Goldspot levers its advanced AI technology for advanced target generation. Sterling Metals will be levering the Goldspot technology, Mr. Laviolette’s understanding of a successful Newfoundland exploration program, and his extensive geological knowledge as it advances its project forward.
Kelly Malcolm
Mr. Malcolm is a Professional Geologist (Ontario) with extensive exploration experience focused on precious metal exploration. He is currently Vice President Exploration at Amex Exploration Inc., which has made several discoveries on the Perron project in Quebec. He was involved in the discovery and delineation of Detour Gold’s high grade 58N gold deposit, and acts as director, advisor, or management for several public and private mineral exploration companies. He holds a BSc in geology and a BA in economics from Laurentian University. Sterling will rely on Mr. Malcolm and his extensive experience in successfully leading exploration programs on some of the most exciting new discoveries in Canada over the last several years.
Mark Raguz
Mr. Raguz manages the royalty portfolio at Altius Minerals Corporation. Prior to his current role, he was Vice President, Investment banking at several leading full-service boutique investment dealers. He was previously a mining and metals analyst in both buy-side and sell-side research. He has served as a director of various TSX Venture listed companies. Mr. Raguz holds a Bachelor of Applied Science from the Lassonde Mineral Engineering Program at the University of Toronto. Sterling has already benefited greatly from its partnership with Altius Minerals Corporation as it advances its Sail Pond asset forward in Northwest Newfoundland. Sterling will further lever its partnership by drawing on his 12 years of successful and diverse exploration experience.
Developing One of the Largest Advanced Copper Deposits in Chile
Overview
The copper market has seen an exciting uptick and revitalization in recent years. Besides being a staple metal for building and construction, analysts' forecast copper valuation may exceed historic highs of US$10,000 per tonne with the increased demand for the metal in electric vehicle wiring and solar panel manufacturing.
One of the most prominent players in this arena is Chile. As a country with many of the largest copper mines in the world and some of the most investor-friendly mining jurisdictions to date, Chile is already playing a significant part in producing the copper needed to power the new green world.
Los Andes Copper (TSXV:LA, OTCQX: LSANF) is a Canadian company focused on developing its flagship Vizcachitas copper-molybdenum project, which is one of the largest advanced copper deposits in Chile.
For years, Chile has hosted many international mining projects, with its stable taxation regime for foreign companies to work and a democratic government supportive of mining operations. Los Andes Copper is strategically positioned to leverage Chile's prominent past-producing geological positioning and take advantage of rising copper prices despite production disruptions from COVID-19 in 2020.
Los Andes' diverse investor portfolio demonstrates the vast and enthusiastic interest surrounding the company. Along with a large group of loyal and very active retail investors, the company is also seeing interest generated from the development of drilling programs conducted from 2015 to 2017. The campaign results showed significant grades hovering above 0.5 percent copper in near-surface supergene mineralization.
Additionally, a preliminary economic assessment (PEA) published in June 2019 measured copper on the Vizcachitas property at US$3.50 per pound with an IRR of 26.7 percent and at US$3.00 per pound with an IRR of 20.7 percent. Resource estimates measured 254.4 million tonnes grading 0.439 percent copper, 119 ppm molybdenum and 1.26 g/t silver, giving a 0.489 percent copper equivalent.
With the net present value of the Vizcachitas asset set at US$1.8 billion as of the PEA, Los Andes Copper is favorably positioned to leverage the robust economic and geological conditions of this large copper project for years to come.
The company expects to publish a pre-feasibility study (PFS) for its flagship project in late 2021. This study would include robust economics, updated resource estimates of prospective mining reserves and metallurgical testing results of copper and molybdenum mineralization. As part of the PFS, Los Andes is undertaking work programs that will contribute to the design of an environmentally friendly operation that will position Vizcachitas on the forefront of global environmental trends for mining.
With commitments to environmentally friendly best practices and community participation, Los Andes Copper's management team has primed the company for development and mining success. Its track record of accomplishments in mining, community affairs and project development means that company leadership has the expertise to push its Vizcachitas project to levels seen in neighboring porphyry deposits.
Los Andes Copper's Company Highlights
Los Andes Copper is a Canadian company focused on the development of its flagship Vizcachitas copper-molybdenum project. This deposit is forecasted to become Chile's next major copper mine.
The company owns 100 percent of the Vizcachitas copper deposit. This asset is one of the largest advanced copper deposits in South America.
Preliminary economic assessment conducted in June 2019 revealed robust project economics and competitive mineralization with measured copper on the Vizcachitas property at US$3.50 per pound with IRR of 26.7 percent and US$3.00 per pound copper with IRR of 20.7 percent.
In 2019, Fernando Porcile joined the Los Andes board of directors as executive chairman. Along with a diverse and world-class management team, this leadership primes the company for significant development advancement.
Los Andes Copper is currently working on a 2021 PFS in preparation for robust economics, drilling and expected production in 2025.
Significant exploration upside at Vizcachitas with the potential to increase the resource base beyond the initial 45 year mine life modelled in the PEA
Los Andes Copper's Key Projects
Vizcachitas Copper-Molybdenum Project
Los Andes Copper's flagship project is 100 percent owned and focuses on developing an advanced copper-molybdenum porphyry deposit in Central Chile. The company expects to publish its PFS in late 2021.
The project is located approximately 150 kilometers northeast of Santiago with accessible water resource networks and good infrastructure. It operates on the same geological belt that has historically hosted competitive and clean grade copper production. This includes the Rio Blanco-Los Bronces deposit, which has seen over 101 million tonnes of contained copper.
Additionally, the deposit has a measured and indicated resource of approximately 1.28 million tonnes at a copper grade of 0.40 percent and a copper equivalent grade of 0.45 percent. Total mineralization estimates also include 11.2 billion pounds of copper, 400 million pounds of molybdenum and 43.4 million ounces of silver.
Los Andes Copper is currently working on completing its 2021 PFS and Environmental Impact Statement (DIA) to acquire the permits that will allow for drilling and mining development. With a strong showing from the company's 2019 PEA, the Vizcachitas copper project demonstrates significant exploration potential and is expected to begin production in 2025.
Los Andes Copper's Management Team
Fernando Porcile - Executive Chairman
Fernando Porcile is a mining engineer with over 50 years of experience in the mining industry. He has been responsible for the development, implementation, commissioning and operation of new mining projects and the management of various world-class operations. His experience with engineering companies is vast and varied, as senior process engineer, and as client and consultant. Most of his experience has been in copper, but has also included nitrates, iodine and iron ore. During the period 2010-2014, he was Director of the Codelco Board and lately he has been consultant for other mining companies developing copper, iron and gold projects.
Mr. Porcile was President of Compañía Doña Inés de Collahuasi in the period 2007-2009; he was also President of the Falconbridge Copper Business Unit for five years. During his presidency Falconbridge was developing projects that included El Morro, Pachón and the expansion of Collahuasi. Prior to these responsibilities he was Vice President Project Development for BHP Billiton's Base Metals Division and before that President of Compañía Minera Cerro Colorado of Rio Algom, participating in the development of the Antamina and Spence projects.
From 1989 to 1991, he was Operations Manager of Soquimich, responsible for the operations to produce nitrate and iodine in Chile's Region of Antofagasta. Mr. Porcile worked for Codelco for nine years, from 1980-1989. At Codelco he worked in the El Teniente and Chuquicamata Divisions. At Chuquicamata he was General Manager at a time when a large expansion program was developed at the mine, concentrator, smelter, electrolytic refineries, leaching and supporting facilities.
Mr. Porcile holds a Masters of Science in Mineral Engineering from Columbia University in the city of New York. Prior to that, he studied Mining Engineering at the University of Chile.
R. Michael Jones - Chief Executive Officer
Mr. Jones is an experienced CEO and Director, with a history of developing, permitting, and adding significant value to mining companies. He has taken multiple large mines, with values of up to $1 billion, from the discovery stages, through to feasibility studies and construction decisions. He is a well known promoter of exciting mining projects, and a finance specialist with a successful background in undertaking fundraises, take overs and mergers and acquisitions.
A qualified mining engineer, by trade, with a whole host of experience, Mr. Jones received his Bachelor's Degree in Applied Science, Geological Engineering from the University of Toronto. A few years later he went on to be granted an engineering licence as a Professional Engineer in Ontario Canada. Mr. Jones is a Fellow of the Geological Society of South Africa, as well as the winner of multiple discovery awards.
Warren Gilman - Non-Executive Director
Warren Gilman has over 30 years of experience as a deal maker and investor in the metals and mining sector. Mr. Gilman was a founder of the Canadian Imperial Bank of Commerce ("CIBC") Global Mining Team in Toronto in 1988. He subsequently led the team's efforts out of Australia and China. During his time with CIBC, he was responsible for some of the largest equity capital markets financings in Canadian mining history. He served as advisor to the largest mining companies in the world including BHP, Rio Tinto, Anglo American, Noranda, Falconbridge, Meridian Gold, China Minmetals, Sumitomo, Mitsubishi, Jinchuan and Zijin.
Corinne Boone - Non-Executive Director
Corinne Boone has more than 25 years of experience focused on sustainable business, climate risk, carbon markets and executive leadership. Currently, Ms. Boone is Board Chair of the Canadian Energy Research Institute (CERI), an organisation focused on energy sector research and analysis. In addition, she is CEO of Climate and Sustainable Innovation, a boutique consultancy focusing on sustainable finance; carbon markets and pricing; and overall ESG considerations. She is on the Board of Efficiency One, a leading energy efficiency enterprise. She also sits on the Alternative ESG Fund Independent Review Committee for Waratah Capital Advisors. She formerly held the role of Managing Director of Hatch's Environmental Services Group and was globally responsible for environment, community engagement and investment, climate change, overall sustainability, and annual corporate sustainability reporting. Ms. Boone also formerly held the role of Managing Director, CantorCO2e, a Cantor Fitzgerald subsidiary, focused on global carbon markets.
Antony Amberg - Chief Geologist
Antony Amberg is a chartered geologist with 32 years of diverse experience working in Asia, Africa and South America. Amberg is a Qualified Person under NI 43-101 and has managed various exploration projects ranging from grassroots through to JORC compliant feasibility studies. In 2001, he returned to Chile, where he started a geological consulting firm specializing in project evaluation and NI 43-101 technical reports. Amberg began his career in 1986 working with Anglo American in South Africa before moving on to work for Severin-Southern Sphere, Bema Gold, Rio Tinto and Kazakhstan Minerals Corporation.
Manuel Matta - Director of Vizcachitas Project
Manuel Matta is a mining engineer with 30 years of mining experience in operations, planning and projects. He has experience in M&A, asset optimization, due diligence for major projects worldwide and the development of concentrate treatment technology. Matta has also worked for Barrick Gold as vice president of project construction, responsible for constructing large capital projects worldwide. Before that, he worked at Rio Algom in the mid 1990s, where he worked with Fernando Porcile through all the development phases of the Spence copper project, from exploration to conceptual engineering, pre-feasibility and feasibility. During this period, he also assisted Mr. Porcile's team in optimizing the throughput of the recently commissioned Cerro Colorado copper mine. Matta worked for Falconbridge and Xstrata as vice president of projects and development, where he led the expansion of the Collahuasi project. He was also general manager of the Altonorte Smelter in Antofagasta, Chile, where he led the operation upgrade for this custom copper smelter, one of the world's largest.
Ignacio Melero - Director of Corporate Affairs and Sustainability
Ignacio Melero is a lawyer from Pontificia Universidad Católica de Chile. He has vast experience in corporate and community affairs. Before Los Andes, Melero was responsible for community affairs at CMPC, having managed community and stakeholder affairs for many pulp and forestry divisions throughout the country. Ignacio has also worked for the Government of Chile in the Ministry General Secretariat of the Presidency. He was responsible for the inter-ministerial coordination of the ChileAtiende project, a multi-service network linking communities, regional governments and public services.
Harry Nijjar - CFO
Harry Nijjar holds a CPA CMA designation from the Chartered Professional Accountants of British Columbia and a BComm from the British Columbia University. He is currently a managing director of Malaspina Consultants and has been working with public and private companies for the past 10 years in various roles. He is also presently the CFO of Darien Business Development Corp. and Clarmin Explorations Inc.
Pedro Loch - Controller
Pedro Loch is a certified accountant with over 30 years of experience with multinational companies. Loch has worked as Regional Financial Officer for the Chilean subsidiary of Mincom International from 1997 to 2010. He has also worked at Raychem as a controller for Chile and Peru and he was a controller for seven years at the Chilean subsidiary of Transammonia Inc. in New York.
Magin Torres - Senior Metallurgist
Magin Torres is a metallurgist and mining engineer with a Master of Science in Extractive Metallurgy and Mining Engineering from the University of Chile. He has 12 years of experience as a process consultant in copper-moly, gold and iron operations. Before joining Los Andes Copper, Torres was in charge of milling operations at the Codelco Chuquicamata mine. He was the senior metallurgist at Minera Las Cenizas mine and the QA operations manager at SGS Minerals, Chile.
Magin is also a Competent Person in Extractive Metallurgy under the Chilean Mining Commission (Reg. No. 0409).
Alejandro Cassi - Manager of Community Relations
Alejandro Cassi is a sociologist and candidate for a Master's Degree in Political Communication and Public Affairs. He has 10 years of experience in community management. Cassi has worked for Esval (water utility) in charge of communities, for Codelco as deputy manager for Community Relations for the Ventanas smelter and Kinross Chile as community relations specialist.
*Disclaimer: This profile is sponsored by Los Andes Copper (TSXV:LA). This profile provides information which was sourced by the Investing News Network (INN) and approved by Los Andes Copper in order to help investors learn more about the company. Los Andes Copper is a client of INN. The company's campaign fees pay for INN to create and update this profile.
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 Los Andes Copper and seek advice from a qualified investment advisor.
Advanced Precious and Base Metals Properties in Mexico and Arizona
Overview
Barksdale Resources (TSXV:BRO,OTCQX:BRKCF) is a Canadian exploration company focused on the acquisition and exploration of highly prospective mineral properties in the USA and Mexico. The company’s assets are centered in high value mining districts where discovery and future consolidation potential is strong. Barksdale has spent years developing a loyal following, including key shareholders such as Teck Resources (TSX:TECK.A,NYSE:TECK) and Osisko Development Corp (TSX:ODV).
Barksdale’s flagship asset is a portfolio of four projects located in the Patagonia mining district of southern Arizona, which has seen a significant mineral discovery as well as $1.6 billion of M&A since 2018. Following years of consolidation, Barksdale is now the second largest mineral claim holder in the area behind South32 (ASX:S32), and controls four projects including Sunnyside, San Antonio, Four Metals and Guajalote. Barksdale is actively advancing exploration drill permits so that it can fully explore its projects, especially Sunnyside, where the company hosts a large copper porphyry and the extension of South32’s Taylor deposit.
Barksdale’s immediate focus will be at San Javier, which is a copper-gold project in central Sonora, Mexico. The project is located within a kilometre of both the national highway and power grid and is less than two hour drive from the state capital of Hermosillo. With over $10 million of historical work including 30,000 meters of drilling conducted, Barksdale is positioned to fast-track their San Javier project.
Copper is a key element in the manufacturing of many electrical products used across the world today. With increasing interest in renewable resources, which heavily depend on copper for the transmission of electricity, the demand for this resource only stands to increase. Barksdale’s portfolio of assets deliver investors catalysts at every stage of the copper mining life cycle from discovery, exploration and near term production.
Barksdale Resources’ Company Highlights
Barksdale Resources CEO Rick Trotman has successfully acquired and integrated world class properties; his integral experience and reputation has allowed him to recruit industry leaders and partners.
Barksdale currently operates four key projects: Sunnyside, San Antonio and Four Metals projects in the Patagonia district, Arizona and San Javier in Sonora, Mexico.
Arizona is the heart of copper production in the US – 68% of all copper mined in America comes from Arizona. Most notable are the significant porphyry copper deposits found in Southern Arizona.Barksdale is actively permitting three projects for exploration and will commence drilling in early 2021.Teck Resources and Osisko Development Corp are key shareholders, with approximately 20% combined ownership
Barksdale is actively reviewing and qualifying other properties as an ongoing strategy to increase shareholder value.
Barksdale Resources’ Key Projects
Sunnyside Project
The Sunnyside project is located in the Patagonia district of southern Arizona and is adjacent to South32’s development stage Hermosa project. The highly accessible project site covers approximately 21 square kilometers and hosts a large intrusive complex at its core. Historic drilling has indicated the presence of a large copper porphyry system at Sunnyside that also hosts associated skarn and manto mineralization that are rich in copper, lead, zinc and silver. Planned exploration of the project is expected to commence once exploration permits are obtained.
The Sunnyside project will likely prove to be one of the most exciting assets in Barksdale’s portfolio. The Sunnyside Porphyry was discovered by ASARCO in the 1970s and while looking for the edge of the porphyry the high-grade skarn system was discovered. Before Arizona Mining was purchased by South32 their drill rigs were systematically marching towards the property boundary where the high-grade discovery holes reside on the Sunnyside property. The Sunnyside porphyry itself sits entirely within the Barksdale claim position and is an incredible asset. Sunnyside is a site to watch for when the permit is granted.
Not only does the Sunnyside porphyry contain copper, but also is major source of lead, zinc and silver. As can be seen in the above photograph, are increasing levels of silver, copper and especially zinc, from TCH -1 and TCH -2 drill holes next to the property boundary. South32’s Hermosa project hosts one of the largest zinc deposits in the world, which sits next to Barksdale’s property.
San Javier Project
The San Javier project is located in Sonora, Mexico, approximately 125 kilometers east of the capital city of Hermosillo. The property consists of 12 distinct mineral concessions covering about 1,184 hectares of land. To date, multiple zones of copper mineralization have been identified. Due to the San Javier property’s lack of mining activities since 2008, Barksdale has a significant first-mover advantage for exploring the project and consolidating the district.
In addition to the oxide copper mineralization, highly prospective gold-dominant oxide and copper-gold sulfide mineralization at San Javier require additional investigation. Barksdale expects to explore and expand them significantly.
The San Javier project has shown mining and investor interest as multiple companies have previously explored the property, including Servicios Industriales Peñoles, Phelps Dodge, Outokumpu Oyj and Constellation Copper.
Approximately 30,000 meters of drilling has been completed in three separate zones, two of which are historically producing and contain high-grade copper and other precious metals. With these discoveries, San Javier has shown the potential to mimic the success of other high profile copper mines in the area – the Sonora region is home to Cananea (Grupo Mexico, BMV: GMEXICOB), the largest copper mine in all of Mexico, and one of the largest in the world.
Barksdale’s technical objectives are three-fold. The company plans to execute a campaign to delineate high-grade zones, discover new highly prospective zones and to increase overall project size.
San Antonio Project
The San Antonio project is located in the Patagonia Mountains of southern Arizona. The company’s primary exploration focus at San Antonio is an untested, near-surface, blind porphyry copper target. Extensive geophysical research, including magnetics, IP, gravity, and passive seismic have outlined a geophysical anomaly that has the hallmark signature of a porphyry copper deposit sitting beneath shallow non-mineralized cover.
With land for exploration spanning over 25.5 square kilometers, the project is favorably positioned in Patagonia’s rich mineral region and easily accessible to experienced workforces and necessary infrastructure.
The company owns 100 percent of the project which was acquired from Teck Resources. (TSX:TECK.A, NYSE:TECK)
Four Metals Project
The Four Metals project is situated on a 760-acre property surrounded by federal mineral claims held by South32. Like Barksdale’s other projects, this site is positioned in the Patagonia district of southern Arizona, approximately 4 kilometers south of the Sunnyside property.
The Four Metals property area covers the former Four Metals copper mine that has been past-producing and historically explored by several mining companies since the 1960s.
The mineralization also consists of supergene enriched chalcocite at the near-surface level, with a broad foundation of primary pyrite, chalcopyrite and molybdenite. Barksdale plans to test the Four Metals property further.
The company currently has an option to acquire a 100 percent interest in Four Metals from Minquest Ltd. and Allegiant Gold Corp.
Barksdale Resources’ Management Team
Rick Trotman — President & CEO
Rick Trotman is a professional geologist with a broad range of experience within the mining industry, having worked in both buy-side and sell-side positions and technically focused responsibilities with major mining companies. Trotman was previously with Resource Capital Funds, a leading mining-focused private equity firm. He was involved in executing a broad range of investments spanning the precious, base and minor metal spaces. Before Resource Capital Funds, Trotman worked as a mining industry equity research analyst in New York City and was an exploration geologist with leading gold producers such as Barrick Gold Corp, Meridian Gold Inc. and Yamana Gold Inc. in both the USA and Mexico. He holds a Master of Science in Economic Geology from the University of Nevada Reno and a Bachelor of Science in Geology from Washington State University.
Michael N. Waldkirch — CFO
Michael N. Waldkirch is a Senior Partner with the Public Accounting firm Michael Waldkirch and Company, Certified Public Accountants in Vancouver, BC. He has extensive experience in providing a wide variety of financial and business consultancy services to public and private companies. Waldkirch currently serves as the Chief Financial Officer of TSX listed Gold Standard Ventures. Waldkirch holds a Bachelor of Arts in Economics from the University of British Columbia and has been a Certified Public Accountant since 1998.
Andrew Pooler — Senior Vice President of Project Development
Mr. Pooler has more than 30 years of experience as a mining engineer and operations executive with numerous companies throughout the Americas. Mr. Pooler has had a tremendous track record of success that includes executive roles at Pan American Silver Corp, Esperanza Resources, Amax Gold Inc., Maritime Resources Corp, Abacus Mining and Exploration Corp, among others. Mr. Pooler has extensive US and Latin American experience and has overseen the successful construction, expansion and/or operation of over 16 mines as well as completion of numerous technical and development studies. Mr. Pooler is also a current board member of the Colville Tribal Federal Corporation, which is a diversified company owned by the Confederated Tribes of the Coleville Reservation in Washington state, a business that has over 500 employees and over US$100 million in annual revenue.
Thomas Simpson – Senior Vice President of Exploration
Tom has more than 40 years of extensive mineral exploration and mining experience with base and precious metals in the US, Canada, Chile and Peru. Tom has a strong track record of discovery, having successfully identified precious and base metal deposits in Canada and the US. Tom’s prior roles include Principal Geologist with Rio Tinto Exploration, Geology District Manager for Newmont Mining, and Exploration Manager for ASARCO, where he spent significant time exploring for copper porphyries in Arizona, including the Patagonia district where Barksdale’s key projects are located.
Terri Anne Welyki — Vice President of Corporate Communications
Terri Anne Welyki has more than 15 years of experience working with public and private mining companies, including Calico Resources and EMC Green Group S.A. She has a broad knowledge of the mining industry, including financing, permitting and stakeholder management and has worked across the United States, Peru and Canada.
Nancy Heiser — Director of External Relations
Nancy Heiser has many years of experience working in community and government relations in Southern Arizona. Heiser has extensive knowledge of stakeholder and constituent management as well as communications and public relations strategies. Before joining Barksdale, Heiser worked for Hudbay Minerals Inc. and led the community relations team for Congresswoman Martha McSally. Heiser’s background is in education with undergraduate and graduate programs in elementary and special education from Northern Arizona University.
Lewis Teal — Senior Consultant & QP
Lewis Teal is a Certified Professional Geologist with over 35 years of experience in minerals exploration spanning both North and South America. Lewis worked with Newmont Mining Corporation in various senior positions, including Group Executive South American Exploration/Development from 2011 to 2015, Director South America Generative Exploration from 2006 to 2011 and Exploration Manager, Newmont – Minera Yanacocha from 2002 to 2006. Lewis holds a Master of Science in Economic Geology and a Bachelor of Science in Geology, both from the University of Texas at El Paso.
Peter Megaw — Senior Technical Advisor
Peter is a Co-founder and Chief Exploration Officer of Mag Silver Corp with more than 30 years of relevant experience focused on silver and gold exploration in Mexico. He has a Ph.D. in Geology from the University of Arizona, and he is a registered Certified Professional Geologist by the American Institute of Professional Geologists as well as an Arizona Registered Geologist. Megaw has been instrumental in several mineral discoveries in Mexico, including new ore bodies at existing mines such as Excellon Resources’ Platosa mine and MAG Silver’s Juanicipio and Cinco de Mayo properties. Megaw is the author of numerous scientific publications on ore deposits and is a frequent speaker at academic and international exploration conferences. He is also the 2017 recipient of the prestigious Thayer Lindsley Award for mine finding from the Prospectors and Developers Association of Canada.
Low-capex Silver Polymetallic Exploration Projects in Finland and Norway
Overview
Norden Crown Metals (TSXV:NOCR) is a resource exploration company working towards the discovery of silver, zinc, copper and gold deposits in Sweden and Norway. The company’s focus in Scandinavia is borne out of the region’s stable mineral tenure, low regulatory risk as well as easy and fast permitting. Additionally, countries like Norway, Sweden and Finland have minimal corporate taxes at 27 percent, 22 percent and 20 percent respectively.
Ranked by the Fraser Institute as among the top 10 mining regions globally, Scandinavia has solid infrastructure with six smelters in the region, deep water ports near projects and road and rail systems that provide easy access. Projects in the region are no more than a two-hour drive from any major airport.
Norden Crown Metals has two key projects in Scandinavia — the Burfjord Iron Oxide Copper Gold (IOCG) project in Norway and the Gumsberg Volcanogenic Massive Sulfide (VMS) project in Sweden — and is focused on discovering new economic mineral deposits in mining regions that have yet to benefit from modern exploration techniques.
The company’s Burfjord IOCG project, which has six exploration licenses, is located near Kåfjord, Norway. The mineralization at Burfjord is a part of the IOCG deposit clan. Additionally, Burfjord is made up of broad arrays of copper, gold and cobalt-bearing veins and has the potential to host a large copper deposit. Norden Crown commenced the ~3,500 meter diamond drill program at its 100 percent owned Burfjord Project in northern Norway in collaboration with Boliden Mineral AB. The jointly planned diamond drill program ais based on geological, geochemical, and geophysical anomalies identified during the 2020 Summer exploration programs and aims to test the copper-gold grades and continuity of new targets, historical mines, and prospects.
The Gumsberg VMS project and has five exploration licenses in the Bergslagen Mining District in southern Sweden, spanning over 18,000 hectares that contain multiple zones of VMS-style mineralization.
In 2020, Norden Crown obtained an exploration permit and an off road driving permit for the Fredriksson Gruva project in Sweden where the company intersected high grade and significant widths of Broken Hill Type mineralization in all three holes drilled in March 2021.
Norden Crown prides itself on having a strong board and technologically-driven team. With its focus in Scandinavia, Norden Crown has a competitive advantage due to the region’s solid mining infrastructure in Sweden and Norway.
Norden Crown Metals’ Company Highlights
Focused on silver, zinc, copper and gold deposits in Sweden and Norway
Scandinavia has a historical background as a mining district with strong infrastructure and smelters, particularly in Sweden
Two key projects — the Burfjord IOGC project in Norway and the Gumsberg VMS project in Sweden
The Gumsberg VMS is the company’s flagship project and has five prospects: Östra Silvberg, Vallberget, Loberget, Fredriksson Gruvan and Gumsberg West
The Burfjord IOCG Project has six exploration licenses with the project’s mineralization a part of the IOCG deposit clan
Strong board of directors and technologically-driven team
Norden Crown intersected high grade and significant widths of Broken Hill Type mineralization in all three holes drilled at its Fredriksson Gruva Prospect.
Norden Crown’s Key Projects
The Fredriksson Gruva Prospect
Norden Crown’s current focus project is the 100 percent owned Fredriksson Gruva prospect in Sweden. The company recently announced an exceptional discovery at its 100% owned Fredriksson Gruva prospect (“Fredriksson Gruva”) demonstrated by significant results from the first three holes drilled below historical mine workings. The discovery holes intersected significant mineralized widths ranging from 8.15 to 13.60 metres of precious and base metal, massive and semi-massive sulphide mineralization, within a geological setting unique to mineralization belonging to the Broken Hill Type (“BHT“) clan of silver rich zinc-lead ore deposits.
The objective of the drill program was to demonstrate that mineralization continues beneath the historical mine workings, which extend to 91 metres below surface. The program was also designed to confirm historical silver-zinc-lead grades, thicknesses, and to test the continuity of this mineralization. Holes GUM-20-09 and GUM-20-10 are positioned 30 metres down plunge of the historical underground workings and are spaced 40 metres apart. Hole GUM-20-11 is 30 metres below GUM-20-10 (60 metres below the historical workings).
BHT Ag-Zn-Pb deposits constitute some of the largest and highest-grade ore deposits in the world2 (see Table 4). The namesake deposit, Broken Hill, is located in western New South Wales, Australia, and represents the largest accumulation of Pb, Zn, and Ag on Earth2. BHT deposits constitute a distinctive type of stratiform, sediment hosted lead-zinc mineral deposits. BHT deposits are characterized and distinguished from other silver-zinc-lead deposits by the chemistry of the sediment that host them and that they are usually associated spatially and temporally with volcanism.
The Gumsberg VMS Project
Gumsberg VMS mineralization was first mined in the 13th century through to the early 1900s with more than 30 mines on the property. Although there is a long-lived production history, little modern exploration has been done on the property.
Gumsberg VMS is a highly prospective precious metal-enriched zinc-silver-lead volcanogenic sulfide drill project located in the Bergslagen mining district in between the past-producing Falun and Saxberget nines and active Garpenberg and Zincgruvan mines. With extensive historical mining done on the property from shallow workings, recent exploration has shown there is additional potential for further mining.
The project is located 40 kilometers southwest of Alta, which is a regional airport and is accessible by road while only being 7.5 kilometers from tidewater.
Contained in the Gumsberg VMS Project are five prospects including Östra Silvberg, Vallberget, Loberget, Fredrickssongruvan and Gumsberg West.
The Östra Silvberg prospect is the company’s main focus in the Gumsberg VMS Project, which has exploration potential for silver and gold-enriched base metal mineralization. The prospect also has a deep history as Sweden’s largest silver mine between 1250 and 1590. Additionally, there are only five historic drill holes in the mine, all of which are shallow.
Between 2017 and 2019, Norden Crown Metals conducted drilling programs on the property that confirmed high-grade silver and zinc mineralization with lead located at-depth and peripheral to historical mine workings.
Most recent drill results from the Östra Silvberg in July 2019 returned up to 5.12 percent zinc, 2.27 percent lead and 93 g/t silver over 8.04 meters and additionally suggested that mineralization in the area is more extensive than previously thought.
Also within the Gumsberg VMS project is the Fredriksson Mine, where the company conducted a soil survey in September 2020. Over 110 soil samples were collected at 15 to 25 cm below the organic horizon across three test lines. There was an average sample station spacing of 15 meters and an average line spacing of 100 meters.
The Fredriksson Mine was discovered in 1976 with exploration conducted between then and 1977. Norden staked the Fredriksson Gruva prospect as part of a larger staking acquisition in March 2017.
The Burfjord IOCG Project
Located near Kåfjord, Norway, the company’s Burfjord IOCG Project has six exploration licenses with mineralization identified as part of the Iron Oxide Copper Gold (IOCG) deposit clan. Additionally, Burfjord is made up of broad arrays of copper, gold and cobalt-bearing veins and has the potential to host a large copper deposit.
The Burfjord IOCG Project has six exploration licenses with the project’s mineralization a part of the IOCG deposit clan.
Copper mineralization was mined in the Burfjord area during the 19th century. With over 30 historic mines and prospects, Burfjord was developed along the flanks of a prominent 4 by 6-kilometer anticlinal structure comprised of interbedded metasedimentary and metavolcanic rocks.
Located 40 kilometers northwest of regional airport Alta, the project is road-accessible and only 7.5 kilometers from tidewater. It is also 32 kilometers west of the Kåfjord copper mines, the first major industrial enterprise north of the Arctic Circle.
In June 2020, Norden Crown Metals signed an option agreement with Boliden Minerals regarding Norden’s 100-percent-owned Burfjord project. As part of the agreement, Boliden could earn a 51 percent interest in the project by spending US$6,000,000 on exploration and development at Burfjord within four years of the date of the agreement.
The four-year period to exercise the agreement may be extended if exploration and development at Burfjord is delayed by an event of force majeure. If the agreement is exercised, Boliden could earn an additional 29 percent interest in the Burfjord for an aggregate 80 percent interest by solely funding further advancement work through the delivery of a NI 43-101 and PERC (Pan European Reserves & Resources Reporting Committee) compliant feasibility study and solely funding all annual costs to keep the project in good standing.
In August 2020, Norden announced exploration is officially underway at Burfjord in collaboration with Boliden. Exploration will include geological mapping focused on the hydrothermal alteration, lithology and structural controls on gold and copper mineralization. The exploration program will also entail detailed geochemical sampling, as well as geophysics including EM and a property-wide airborne magnetic survey.
Norden Crown Metals’ Management Team
Patricio Varas—Executive Chairman and CEO
Patricio Varas is a professional geoscientist with over 30 years of experience in exploration, project development and corporate management. Mr. Varas has a vast background working in operating mines, exploration projects, feasibility studies and mine development. Mr. Varas founded and acted as president and CEO of Western Potash Corp, which discovered and developed the world class Milestone Potash deposit in Saskatchewan.
Jeannine Webb, CPA, CGA—CFO
Jeannine Webb has over 25 years of experience in the mineral exploration sector, serving as Chief Financial Officer, Corporate Secretary and Director for private, and junior “small cap” domestic and international public companies. She has a wide range of skills on financial management and regulatory reporting, and currently serves as CFO and Corporate Secretary for private companies and various Canadian venture companies with operations in Canada, the US, and South America. She is a Chartered Professional Accountant of British Columbia.
Daniel MacNeil—VP of Exploration
As a precious and base metals specialist, Daniel MacNeil has over 15 years of experience with continental-scale projection generation to in-mine resource expansion. Mr. MacNeil has worked in a wide range of geological settings in the Americas and Eastern Europe, with his expertise including exploration strategy, target and opportunity identification, district entry strategy, business development and strategic evaluation of geologic terranes among others.
Discovery and Development of World Class Mineral Deposits
Overview
Sanatana Resources (TSXV:STA) is a mineral exploration company with a focus on prospective gold and copper properties. The Sanatana Resources management team has decades of combined experience in finance and mineral exploration. CEO Peter Miles has served as an advisor to a number of public and private companies in the natural resource sector, including Roughrider Uranium Inc. At the private stage, he financed Roughrider and was later instrumental in the Hathor Exploration Inc.’s acquisition of Roughrider by Hathor, which was later acquired by Rio Tinto plc in 2011 for US$654 million. President Buddy Doyle is a veteran geologist whose track record of success includes the discovery and evaluation of the Lihir Gold Mine in Papua New Guinea and the Diavik Diamond mine in Canada. Doyle is the recipient of the 2004 Hugo Dummitt award for Excellence in Diamond Exploration.
The company’s “Gold Rush” project is located in the world-class mining district of Timmins, Ontario. The Timmins Gold Camp has produced more than 70 million ounces of gold and recent exploration activity in the region has highlighted the district’s potential for further significant gold discoveries. Sanatana is fully permitted and has begun an initial exploration campaign at Gold Rush that will lead to a drill program planned for January 2021.
The company also plans to explore the copper and gold potential of its Tirua project in the Solomon Islands, as well as the Sutakiki project. Located north of Australia and east of Papua New Guinea, the Solomon Islands is a stable mining jurisdiction with all the benefits of its geological address in the mineral-rich Pacific Ring of Fire.
Sanatana holds a 1 percent royalty on the Watershed Property that surrounds IAMGOLD’s Cote deposit in Ontario. In October 2020, Sanatana announced that Ely Gold Royalties sold the Watershed Royalty to Ely Gold for consideration comprising $2,500,000 in cash and 1,000,000 Ely Gold warrants.
Sanatana Resources Company Highlights
Prospective exploration project in world-class gold jurisdiction with excellent infrastructure.
Fully permitted exploration underway at Gold Rush project, drilling planned for early 2021 with steady news flow to follow.
Pipeline of projects includes copper-gold properties in mineral-rich Pacific Ring of Fire.
Tight share structure with significant inside ownership.
Award-winning management team with decades of finance and mineral exploration experience.
Grab sampling from August 2020 has returned samples up to 27.3 g/t gold & up to 53.5 G/t silver.
Sanatana Resources Key Projects
Gold Rush, Ontario
Sanatana Resources’ Gold Rush project is situated approximately 25 kilometers west-northwest of the city of Timmins, Ontario. The well-known Timmins Gold Camp mining district has excellent infrastructure in place, including road access and grid power.
The 2,200-hectare Gold Rush property is located 11 kilometers north-northwest of Pan American Silver’s Timmins West Mine—which has produced more than 750,000 ounces of gold. About 7 kilometers to the south of Gold Rush is Melkior Resources’ Carscallen Project with recently released drill intersections of 25.7 g/t gold over 6.0 meters and 8.05 g/t gold over 2.0 meters.
The Gold Rush project is divided into the 875-hectare north block and the 1,525-hectare south block. Numerous gold bearing float and outcrop found in different zones across the project have yet to be systematically explored. Airborne electromagnetic survey data has highlighted untested anomalies on the project.
At Gold Rush North, two separate areas prospected by Laviolette (2017, 2019) returned 5.86, 5.96, 4.95 and 4.07 g/t gold from the North Shaft Zone area. Samples from the North Vein Zone returned 1.64 g/t gold.
At Gold Rush South, historical work shows that the gold mineralization appears to be controlled by both north-trending structures such as the DeSantis vein, and by east trending structures which have seen very little exploration such as the North Shaft Zone and the Lalonde East Shear.
The DeSantis vein has been mapped for 51.8 meters in length and has a width of 1.22 meters at surface, widening to 1.52 meters at depth. Historical sampling (1972) from the 38-meter level in the south drift returned assays ranging from 4.35 g/t gold to 18.0 g/t gold within the quartz vein. Historical grab sample assays (1983) from trenching returned up to 7.58 percent copper. Grab samples collected in 1998 from trenches to the south of the shaft returned assays up to 77.35 g/t gold.
Exploration underway
In August 2020, Sanatana ground crews began prospecting, rock-chip sampling and establishing access routes. More than 150 rock-chip samples have been taken from historical and newly identified zones of interest. Grab sampling has returned samples up to 27.3 g/t gold & up to 53.5 G/t silver. Numerous gold-bearing vein systems were also identified. Of significance was a new gold-bearing quartz vein named “DC”.
In addition, the company recently completed a 50-meter spaced, drone-flown, magnetic geophysical survey over the project area.
In October 2020, Sanatana received the necessary exploration permits for Gold Rush. “Our work to date, awaiting the permit, has been to locate, characterize and prioritize the numerous gold showings on the property,” stated Sanatana President Buddy Doyle in a press release. “This work successfully identified old prospects, including some that have not seen any work since the 1930s, and located new showings. Our team is impressed by the number of showings carrying gold on the Project, which now number over 10. Only one, the DeSantis shaft, has ever been drill tested, with shallow 30-meter drill holes.”
With the permits in hand, the company has commenced an expanded exploration program on the North Shaft area that includes mechanized stripping, trenching and channel sampling as well as ground based geophysics. The data from this program will be combined with the rock-chip sampling and drone based geophysical program results to define drill collar locations for a drill program expected to commence in January 2021.
“We are now able, for the first time, to apply modern exploration methods in a focused program to the entire group of claims,” added Doyle.
Tirua Copper-Gold Project, the Solomon Islands
Sanatana Resources’ 100-percent owned Tirua copper-gold project consists of a 282-square-kilometer prospecting license that covers a 16-kilometer wide mineralized collapsed caldera in a prolific copper-gold mining district of the Solomon Islands.
Located north of Australia and east of Papua New Guinea, the Solomon Islands is a stable mining jurisdiction with all the benefits of its geological address in the mineral-rich Pacific Ring of Fire. This region is home to the Papua New Guinea-Solomon copper-gold trend, a prolific mineralized belt with numerous world-class gold and copper mines with combined known resources of more than 158 million ounces of gold and 26 million tonnes of copper.
Previous drilling at Tirua includes six holes by Newmont and 12 holes by AngloGold Ashanti all focused on central intrusive complex for porphyry copper. The best intersections from this drill work include HD2 62 meters at 0.45 percent copper and TRDD003 14 meters at 1.45g/t gold.
Exploring gold and copper potential
Sanatana’s exploration team has recognized a primary lithocap covered porphyry target based on element zonation in soil geochemistry nearby to the southwest of the drill confirmed copper intercepts, now interpreted as leakage up faults.
The company also plans to give attention to the epithermal gold potential of the caldera where previous drilling intercepted this style of mineralization, returning assays of 14m at 1.4 g/t gold. Numerous positive assays for gold in the soil, trenches, rock chips (up to 153 g/t gold) were never drill targeted as the focus was copper mineralization.
Airborne geophysics show other potential porphyry centres in the caldera which have never been drill tested, additionally porphyry style IP chargeability anomalies untested.
Now that forestry activity has opened up the area to exploration, Sanatana plans to map and sample the road system with the aid of an excavator.
The company is also currently in the process of acquiring additional land in the Solomon Islands and have entered into a letter agreement for a joint venture partnership with Cobre Nuevo Exploration, a private Australian company.
Sanatana Resources Management Team
Peter Miles—Chief Executive Officer and Director
Peter Miles has a B.Comm from the University of British Columbia. A former Vice President of Midland Doherty Inc., he has over 25 years of experience in finance. Prior to becoming President and CEO of Sanatana Resources Inc., Miles offered advisory services to a wide range of companies both public and private, primarily in the natural resource sector and enjoyed successful relationships with each of these firms. He is also a successful commercial pilot who boasts an impressive 3000 hours pilot in command of over 15 different types of aircraft.
Buddy Doyle—President and Director
Buddy Doyle has a degree in Geology, from the Queensland University of Technology. Since leaving this institution he has been primarily involved in the mineral exploration industry. Highlights include being involved in the discovery of the Diavik Diamond mine in Canada. In 2004, he received the Hugo Dummitt award for Excellence in diamond exploration for the fundamental role which he played in the Diavik discovery. Since 2004, Doyle has been involved in geology consulting and creating and operating mining exploration start-ups which have gone on to be listed on the Toronto Venture Exchange and the AIM London Exchange.
Simon J. Anderson—Chief Financial Officer
Simon Anderson is a Chartered Professional Accountant with a broad range of public company experience in Canadian and US markets. For the more than ten years, he has worked in the financial management of public companies, ensuring that public disclosure meets current standards and planning and implementing acquisitions and divestitures. Previously, Anderson was a partner with an international accounting and consulting firm practicing in the areas of business valuation and mergers and acquisitions.
Darcy Will—Non-Executive Director
Mr. Will is a commercial real estate developer and president, director and co-founder of the publicly traded company Gamehost Inc.
Ian Smith—Chairman and Independent Director
Mr. Smith, a mining engineering graduate of the University of Queensland, Australia, has 50 years’ experience in corporate, operations, and project management and consulting within the international base and precious metals industries. He has a broad range of underground and open pit operating experience. He managed a 250tpd shrinkage/resuing silver/gold mine in Sonora, Mexico and consulted on numerous underground high grade silver/gold mines within the Mexican precious metals belt. He held senior operating positions at the 90,000 tpd Bougainville Copper and 72,000tpd La Caridad startups in Papua New Guinea and Mexico respectively, and as President and CEO engineered and constructed a 2,500 tpd (70,000 opy) CIL gold project in Uruguay. As President & CEO of bcMetals Corp. he engineered the 30,000tpd Red Chris copper/gold porphyry project for development in northwest BC prior to being acquired by Imperial Metals Corp. As President & CEO of Yellowhead Mining Inc. he took the Harper Creek Project from exploration to development stage with the completion of a Pre-Feasibility and a Feasibility Study for a 70,000tpd open pit in a period of 18 months. Mr. Smith was President and founding partner of one of North America’s most successful mining industry consulting companies until purchased by Canadian interests in 1995.
Anthony Dutton—Non-Executive Director
Mr. Dutton is a seasoned business executive and entrepreneur with a successful track record as an early stage investor and business founder. He was most recently co-founder, CEO and director of Cannex Capital, a pioneering US cannabis company, before its acquisition of 4Front Holdings Ltd. to create 4Front Ventures (CSE:FFNT), a large multi-state cannabis operator. Prior to Cannex, he was co-founder, CEO and director of IBC Advanced Alloys (TSX.V:IB), a manufacturer of high-performance alloys serving advanced manufacturing and aerospace contractors globally. He currently serves on the board of Value Capital Trust (TSX.V:VLU.P). Mr. Dutton has a BA (Econ) from UBC, a M. Architecture from Dalhousie and a joint MBA from the Cranfield School of Management, UK and the École Supérieure de Commerce in Lyon, France.
Sanatana Resources Advisory Board
Mr. Jonathan Hill
Mr. Hill is a successful geologist and accomplished mining industry professional with over 30 years of global exploration, mining operational and project development experience. He has served in senior exploration and operational roles with major mining companies Anglo American Corporation and AngloGold Ashanti Ltd and has been directly involved with the discovery and development of several world class greenfields and brownfields projects in Africa and the Americas. Mr. Hill is the founder and president of Exploration Outcomes Ltd., a geological exploration advisory firm headquartered in Brazil, is a director of Royal Road Minerals (TSX-V:RYR) and Stratabound Minerals Corporation (CVE: SB), and is a senior advisor to the management committee of Jaguar Mining Inc. (TSE:JAG).
Mr. Hill’s experience in mining and exploration geology, project development and management, and his broad range of contacts in the mining industry has resulted in a unique skill set and an in-depth appreciation and understanding of the global mining business. Mr. Hill holds a BSc (Hons) Economic Geology and a BAppSc in Applied Geology. He is a Fellow of the Australasian Institute of Mining and Metallurgy.
A Hybrid Generator Building a Diverse Project Portfolio in British Columbia
Overview
Pacific Empire Minerals Corp. (TSXV:PEMC,OTCQB:PEMSF) is a resource development company pursuing a unique hybrid generator model with a focus on the exploration and development of gold and copper resources in British Columbia.
Pacific Empire Minerals owns a portfolio of assets in British Columbia, including several projects of focus in addition to a number of pipeline projects. The company is currently focused on its copper and gold properties, particularly the Jean Marie property, the Pinnacle Porphyry project, and the Copper King property, all of which are located in British Columbia.
By focusing on projects located in British Columbia, Pacific Empire Minerals benefits from the province’s straightforward permitting policy and friendly tax incentives that allow the company to drastically reduce its exploration and development costs.
Unlike traditional prospect generators that generally limit themselves to conducting initial exploration such as mapping and geophysics before seeking a joint venture or partner, Pacific Empire Minerals is pursuing a hybrid generator model through the use of its own proprietary reverse circulation drill. This approach allows the company to advance its own projects further than normal prospect generators, preserving value by conducting drill work itself. As a hybrid generator, Pacific Empire is also willing to consider partnerships at various stages of exploration depending on the circumstance.
Pacific Empire Minerals’ RC drill allows the company to reduce its exploration and development costs, which has the potential to increase the company’s overall odds of discovery. Pacific Empire Minerals’ drill is cost-effective, allowing the company to drill up to 100 meters in a 10 hour shift with low environmental impact and no need for a water supply.
Pacific Empire Minerals is currently focused on the development of its copper and gold projects, which the company believes offer the most potential for growth. The company’s Jean Marie project is of particular interest as the company believes it can be developed as a gold-enriched project rather than a copper-molybdenum project was the focus of historical exploration programs. “We always believed there was potential for significant gold mineralization at Jean Marie and these initial results clearly support this,” Pacific Empire President and CEO Brad Peters said. “With a project of this scale, these results are a significant revelation for us and we will work to further expand and develop the potential for a gold-enriched copper deposit on this project. As we progress towards drilling in the fall, it is encouraging to uncover new mineralized areas concealed beneath shallow cover, at surface.”
In addition to its own drilling work, Pacific Empire Minerals has secured a number of partner-funded agreements to drill its projects, including the Pinnacle Porphyry project, where 1111 Acquisition Corp. is expected to continue with exploration during the 2021 season. Under the terms of the agreement, 1111 has the option to earn 70 percent interest in the property by completing $5.7 million in exploration expenditures and making C$375,000 in cash payments to Pacific Empire. “Our hybrid business model gives shareholders the opportunity to have partner-funded drilling in addition to PEMC-funded drilling, resulting in multiple ongoing drill programs and opportunities for discovery,” Peters said.
Under Pacific Empire Minerals’ hybrid generator model, the company continuously pursues its own exploration activities as informed by advisor Dr. Paul Johnston, who brings considerable experience and knowledge of copper porphyry systems to the team. Johnston previously worked with Teck Resources Limited (TSX:TECK.A,TECK.B,NYSE:TECK) and is expected to be instrumental in future exploration work and acquisition analysis.
Pacific Empire Minerals’ Company Highlights
Hybrid generator model allows Pacific Empire to pursue its own drilling programs while also enabling partner-funded drilling
Pacfic Empire Minerals’ own RC drill cuts exploration costs and allows for the drilling of new targets quickly and efficiently
Flagship Jean Marie project has recently shown potential as a copper-gold project after first being identified as a copper-molybdenum project
The newly identified Leap Target Area at Jean Marie has returned 8.79 g/t gold, 86.6 g/t silver and 1.75 percent copper
Pinnacle porphyry is being explored through partner-funded drilling, including approximately $5.7 million in exploration expenses
Copper King project has shown the potential to host a buried porphyry system and is wholly owned by Pacific Empire
2020 exploration program at the Weedon property is underway, drill-testing the T1 target area
Copper porphyry expert Dr. Paul Johnston brings significant copper-gold experience to the team and is expected to advise on future exploration projects
Pacific Empire Minerals’ Flagship Jean Marie Project
Pacific Empire Minerals’ flagship Jean Marie project is a copper-gold-silver-molybdenum porphyry prospect comprising 7,352 hectares in Central British Columbia, approximately 180 kilometers north of the town of Prince George. The property is located only 50 kilometers west of Centerra Gold’s (TSX:CG) Mt. Milligan copper-gold mine, which hosts 959 million pounds of copper and 2.4 million ounces of gold. The Jean Marie property contains a number of zones of mineralization that remain open for expansion with additional drilling.
Exploration
Historical exploration work was conducted on the Jean Marie property between 1970 and 1974, including over 10,000 meters of drilling and dozens of ground-based geophysical and geochemical surveys. Historical exploration predominantly focused on three copper porphyry zones: the A, B, and C zones, each of which straddle the Jean Marie fault, a major structure that runs through the property.
Historical drilling conducted on the southwest margin of the A zone returned assays of up to 4.43 percent copper and 0.95 g/t gold and remains open at depth to the north and northwest. More extensive drilling was conducted on the B zone, including drill hole J97-11, which runs 277 meters deep and intercepted a high-grade hydrothermal breccia between 181 and 208 meters. Pacific Empire believes the presence of the breccia is direct evidence of a mineralized porphyry system at depth beneath the B-zone.
In 2020, Pacific Empire Minerals announced the assay results of its latest exploration program on the Jean Marie project, which expanded the zones of mineralization found on the property.
Highlights from the 2020 exploration program included continuous chip samples yielding 1.37 percent copper, 0.08 g/t gold and 67.4 g/t silver at C zone south, with additional base metal and precious metals veins that suggest high-level porphyry mineralization. Rock samples at the newly identified Leap Target Area returned 8.79 g/t gold, 86.6 g/t silver and 1.75 percent copper.
Pacific Empire’s Pinnacle Porphyry property comprises the company’s NWT and Pinnacle Reef properties, which have been combined together to create a 14,040 hectare land package. The property was acquired through staking in 2012 and has since seen over $2 million in partner-funded exploration.
The property saw limited exploration between 2014 and 2017, including 14 diamond drill holes and four induced polarization (IP) surveys. During this era, exploration at the Elbow Zone returned five holes of anomalous gold, including 94 meters grading 0.34 g/t gold. In 2018, Pacific Empire Minerals staked the northern half of the Pinnacle property, covering an anomalous area of gold geochemistry in stream sediments. The company later completed a high-resolution airborne magnetic survey over the entirety of the property to determine if greater levels of detail could help improve its understanding of the underlying bedrock.
Modern Exploration
Pacific Empire Minerals conducted a 20 hole RC drill program in 2019 that was focused on high-priority targets discovered during partner-funded exploration work in 2015. This exploration program targeted both the Elbow Zone and the Sooner Zone found at Pinnacle, with the goal of establishing additional drill targets for the future.
The mineralization discovered at the Elbow Zone is believed to suggest the potential for a porphyry-style system with a broad halo based on the distribution of gold mineralization associated with the anomaly. Additional drill targets were defined on the property and could be the focus of further exploration work in the future.
In August of 2020, Pacific Empire signed a letter of intent to grant 1111 Acquisition Corp the option to earn 70 percent interest in the Pinnacle project. According to the agreement, 1111 has the option to earn 70 percent interest in the property by completing $5.7 million in exploration expenditures and making C$375,000 in cash payments to Pacific Empire.
The partnership with 1111 is part of Pacific Empire’s hybrid generator model, which is designed to leverage the power of partnerships in order to explore the company’s portfolio of properties in a cost-effective manner.
Pacific Empire Minerals’ Copper King Project
The Copper King project is comprised of 4,178 hectares in North-central British Columbia. The project is wholly owned by Pacific Empire Minerals, which began exploring the property through reconnaissance IP surveillance and rock chip sampling in 2015. The company later followed up this exploration work with two airborne magnetic surveys that covered the northeast portion of the property.
In 2018, Pacific Empire Minerals conducted a reverse circulation drill program at the Copper King property that was focused on the North Valley Target Area. Four drill holes totaling 459 meters were cut on the property with the company’s own mounted RC drill, revealing disseminated chalcocite mineralization in two of the four holes. Based on the widespread copper mineralization found at Copper King, Pacific Empire Minerals believes there is significant potential to discover a buried porphyry system. Moving forward, the company is looking for partners on the Copper King project.
Pacific Empire Minerals’ Weedon Project
The Weedon property is an early-stage copper-gold project located in Central British Columbia, 80 kilometers north of Prince George. The project is accessible by vehicle and has access to nearby infrastructure. Teck Resources completed a geochemical sampling program at Weedon in 2010 and 2011, delineating several porphyry copper-gold targets.
In 2019, Pacific Empire conducted passive seismic surveys that discovered overburden thickness at the 2007 drill site, allowing the company to access the T1 target with its RC drill. Pacific Empire began drilling on the Weedon project in September 2020 with a focus on the T1 target and the surrounding area. The company’s goal is to be the first company to reach bedrock in the area, which Pacific Empire believes is highly prospective.
Pacific Empire Minerals’ Management Team
Brad Peters—CEO, President and Director
Mr. Peters began working for Canadian junior exploration companies in 2007 and has been involved in mineral property exploration, management, acquisition, development and research in British Columbia, the Yukon, Ontario, Arizona and Mexico. Mr. Peters’ diverse skill set, exploration experience and market knowledge have provided insight to all facets of the exploration industry. Mr. Peters graduated from the University of British Columbia in 2009 with a Bachelor of Science degree in Earth and Ocean Sciences, and he earned an honours diploma in Broadcast Communications from BCIT in 2002.
Peter Schloo – Director, CEP, CA, CFA
Mr. Schloo has over eight years of progressive experience in capital markets, operations and assurance. He holds the CPA, CA and CFA designations. He has over C$80 million in associated capital raising opportunities comprising of public and private companies, with the majority in the junior natural resource sector.
Doug Reed – Chief Financial Officer
Mr. Reed holds a Bachelor of Science from the University of Victoria and is a Chartered Professional Accountant, CA. Mr. Reed brings more than 10 years of accounting experience in the mineral exploration and mining industry focusing on financial reporting, regulatory compliance, internal control and corporate finance activities. He has also worked in public practice as an audit manager overseeing the annual audits of public companies and auditor requirements related to various special transactions. Mr. Reed is Chief Financial Officer of Revelo Resources and the Corporate Controller of EMX Royalty Corporation. He was formerly the CFO of Sundance Minerals Ltd.
Kim Casswell – Corporate Secretary
Ms. Casswell has been the Corporate Secretary of several public companies listed on the TSX Venture Exchange and the Toronto Stock Exchange since 1994. Ms. Casswell has played an important role in the growth of these companies and is familiar with regulations governing public companies in several jurisdictions. Ms. Casswell is currently the Corporate Secretary for Atico Mining Corporation, EMX Royalty Corporation, Revelo Resources Corp., Lara Exploration and Legend Gold Corp, and was Corporate Secretary for Reservoir Minerals Inc. before it was acquired by Nevsun Resources Ltd. in June 2016.
Larry Donaldson – Director
Mr. Donaldson is a Chartered Professional Accountant with over 40 years of accounting, auditing and tax experience. He graduated from the University of British Columbia in 1971 with a Bachelor of Commerce degree. He is the managing partner of a local Chartered Professional Accounting firm and has extensive experience in public company audits and in accounting and tax planning for mineral exploration based companies. Mr. Donaldson is currently the Chief Financial Officer of Rockhaven Resources Ltd., ATAC Resources Ltd., Strategic Metals Ltd., Trifecta Gold Ltd., GGL Resources Corp., Califfi Capital Corp. and Silver Range Resources Ltd.
Samantha Shorter – Director and Chair of Audit Committee
Ms. Shorter is a senior finance and accounting professional with 15 years of experience in the mineral exploration sector and has served as CFO of various junior mining companies. She has extensive international experience with development projects as well as operating assets. Ms. Shorter was also previously employed as an audit manager at a major Canadian accounting firm specializing in the mining industry and has extensive experience providing financial reporting and corporate services to companies in the mining and mineral exploration industries. Ms. Shorter is a CPA, CA and CIA and holds a Bachelor of Commerce degree with Honours from the University of British Columbia.
Dr. Paul Johnston – Advisor
Mr. Johnston was most recently with Teck Resources Limited and has valuable in-depth knowledge of copper, silver and gold deposits. His extensive experience with porphyry copper systems is valuable in enhancing the value of PEMC’s portfolio of copper-gold porphyry projects and guiding future exploration and potential acquisitions.
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 Pacific Empire Minerals and seek advice from a qualified investment advisor.
Developing Precious Metals Projects in Safe and Stable Canadian Jurisdictions
Victory Resources (CSE:VR) is an international mining company working to grow a portfolio of gold, silver and precious metals opportunities. The company is currently developing a pair of projects located in safe and stable mining jurisdictions in Canada, including its flagship Hammond Reef South project located in Ontario. As part of its acquisition strategy, Victory Resources is focused on identifying and acquiring projects that are conducive to mining and benefit from both existing infrastructure and government support. Both the company’s flagship Hammond Reef South project and its Mal-Wen gold project also offer the potential for year-round exploration and development.
Total Shares Outstanding: =
Total Reserve: 61,847,132
The Hammond Reef South project adjoins Agnico Eagle Mines’ (TSX:AEM,NYSE:AEM) Hammond Reef property and is located only three kilometers south of the Hammond Reef Deposit, a large and low-grade gold deposit that hosts open-pit measured and indicated mineral resources estimated at 208 million tonnes grading 0.67 g/t gold. Victory Resources believes there is the possibility that Hammond Reef South could contain extensions of the Hammond Reef zone or similar structures. The company has begun a 2020 exploration program at Hammond Reef South that is expected to include prospecting and mapping of anomalous trends previously identified by Osisko Mining (TSX:OSK). The data from this exploration program is expected to help define further drill targets.
In addition to Victory Resources’ Hammond Reef South project, the company is also working to explore its Mal-Wen project, located in South-central British Columbia. The Mal-Wen project comprises six land claims totaling 1,143.58 hectares that have shown various types of mineralization, including copper-gold veins, copper skarn, stockwork mineralization and hydrothermal breccias.
Victory Resources has targeted projects in both British Columbia and Ontario due to the provinces’ friendly mining policies and the potential to conduct exploration year-round. According to the Fraser Institute’s 2019 Survey of Mining Companies, Ontario ranked as the 16th best jurisdiction in the world when it comes to investment attractiveness, while British Columbia was recognized as the 19th most favorable jurisdiction. Moving forward, Victory Resources intends to pursue strategic acquisitions that fit this profile, specifically those that allow for year-round exploration and development.
Victory Resources’ Company Highlights
Flagship Hammond Reef South property located in Ontario has returned anomalous grab samples between 0.18 and 4.75 g/t gold.
Hammond Reef South is three kilometers south of the Hammond Reef Deposit, home to a measured and indicated resource of 208 million tonnes at .67 g/t gold.
Mal-Wen property comprises six land claims totaling 1,143.58 hectares that are 100 percent owned by Victory Resources.
Exploration at Mal-Wen has shown mineralization that includes copper-gold veins, copper skarn, stockwork mineralization and hydrothermal breccias.
Wen Prospect vein has returned locally high grades including up to 16.6 g/t gold.
Both Ontario and British Columbia are safe and stable mining jurisdictions that offer the potential for year-round exploration.
Victory Resources’ Hammond Reef South
Victory Resources acquired the Hammond Reef South property in August 2020 via an option agreement, giving the company complete control of the project. Under the terms of the agreement, Abitibi Royalties has retained a 2 percent net smelter royalty on the project, with the expectation that Victory Resources makes cash payments totaling C$275,000 and spends C$550,000 in exploration during the first three years of ownership.
The Hammond Reef South property is located in Northwestern Ontario and adjoins Agnico Eagle’s Hammond Reef project, which contains an open-pit measured and indicated mineral resource of 208 million tonnes grading 0.67 g/t gold with an open-pit inferred mineral resource of 0.5 million tonnes grading 0.74 g/t gold. Hammond Reef South is situated in the Wabigoon subprovince of the Superior Province of the Canadian Shield.
Exploration
In August 2020, Victory Resources announced an exploration program to be conducted at Hammond Reef South that will include an extensive soil survey, mapping and magnetometer surveys. The company hopes to put this information towards a drill program in 2020, pending the appropriate permits. Victory Resources has engaged Clark Exploration of Thunder Bay to complete the proposed work program.
Victory Resources began the first phase of exploration at Hammond Reef South in September 2020. The company intends to continue prospecting and mapping along anomalous trends that have previously been identified by Osisko Mining. Moving forward, Victory Resources and its exploration team are focused on defining a gold trend at Hammond Reef South similar to Agnico Eagle’s Hammond Reef project, which adjoins Hammond Reef South.
Victory Resources’ Mal-Wen Property
Victory Resources’ flagship Mal-Wen property comprises six land claims that are wholly owned by Victory Resources. The land claims cover approximately 1,143.58 hectares in South-central British Columbia, located approximately 30 kilometers southeast of Merritt. The property can be accessed via road by taking highway 97C southeast to the Loon Lake Road Exit, which connects to the logging road network and the property.
Exploration
Victory Resources has established an exploration target at Mal-Wen that is an alkalic porphyry with similar age and mineralization as the Afton and Copper Mountain deposits, which are located nearby. Like Afton and Copper Mountain, Mal-Wen occurs within the Nicole Group of rocks and is found along the same trend.
Victory Resources believes alkalic porphyry deposits such as that found at Mal-Wen have significant potential for a number of reasons, including their ability to form larger copper deposits compatible with open-pit mining. These deposits have also been found to be rich in gold relative to calc-alkalic porphyry deposits and are often lower in sulfides.
Copper mineralization has been found across the Mal-Wen property, including the HN-Wen, Mal, Malachite7 and Echo showings. Various types of mineralization have been identified on the Mal-Wen property including copper-gold veins, copper skarn, stockwork mineralization, hydrothermal breccias and possible propylitic and localized potassium alternations. A total of six drill programs and a number of geochemical and geophysical surveys have been conducted at Mal-Wen, targeting the various styles of copper-gold mineralization. The Wen Prospect vein, a chalcopyrite-bearing quartz vein with erratic, locally high gold values, returned up to 16.6 g/t gold.
Moving forward, Victory Resources is focused on the under-explored areas between the Mal and Wen deposits while also working to assess the possibility of extending the northern boundary of the Wen Zone.
Victory Resources’ Management Team
David Lane—President
Mr. David Lane has over 35 years of experience as a startup specialist with a keen eye for strategic direction and raising capital. Mr. Lane has ample experience in senior management positions across multiple industries including oil and gas, major sports, financial services and health pharmaceutical. His roles have included, but were not limited to, Management, Ownership, Operations, Marketing and Corporate Finance positions within both the public and private sectors. Mr. Lane is currently President and CEO of Victory Resources. Before that, he was President and CEO of Quikflo Health Inc., which eventually became Friday Night Inc. and then 1933 Industries Inc., in the medicinal marijuana sector. Prior to Quikflo, Mr. Lane was President and CEO of M-Pharmaceutical, which focused on a biomedical device for the self-monitoring of glucose levels as it related to diabetes.
Glen Harder—Director
Glen Harder is the principal of Harder & Company, a Vancouver-based, boutique venture capital, corporate finance and securities law firm. He advises local and international clients on information technology, biotechnology, mining, the emerging cannabis industry, virtual currency, public and private capital raising and other matters. He advises clients on SaaS, PaaS, IaaS contracts and applications, assists with the formation and evaluation of Cloud Service Agreement models and assists clients in minimizing related contractual disputes. He also acts as a director, officer and special committee member of assorted publicly traded and private companies.
Allan Levien—Director
Allan Levien has been the owner and operator of full-service hotels since 1980. From 2006 to 2015 he served as the President, CFO and Director of Supreme Resources. Levien currently operates as a Director at Victory Resources.
Tatiana Kovaleva—Chief Financial Officer
Presently, Tatiana Kovaleva is Chief Financial Officer at Glenbriar Technologies, Inc., Chief Financial Officer for Codebase Ventures, Inc., and Chief Financial Officer of Victory Resources Corp. Kovaleva previously served as Chief Financial Officer at The Supreme Cannabis Co. Inc., Chief Financial Officer at Callitas Health Inc. and Treasurer for Park Place Energy Corp.
David Deering, B.Sc. Mining Engineering—VP Exploration and Director
Mr. Deering achieved his B.Sc. degree in Mining Engineering – Colorado School of Mines, Golden, Colorado) and has had extensive management experience in the mineral exploration industry strategic planning, budgeting, logistics and technical evaluation. Independent consultant for mine development: property acquisition, geology, evaluation of mineral deposits, mining, metallurgy and environmental assessment.
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 Victory Resources and seek advice from a qualified investment advisor.
Working towards a Feasibility Study and Production Decision at the Kenbridge Nickel Deposit, Kenora, Ontario.
Overview
Tartisan Nickel Corp (CSE:TN)(OTCQX:TTSRF)(FSE:A2D) is a Canadian battery metals exploration and development company focused on developing the Kenbridge nickel–copper–cobalt project located in Northwestern Ontario, Canada. Tartisan Nickel Corp., through Minera Tartisan Peru S.A.C, is also beginning a bulk sampling program at the Don Pancho property in Peru. The company additionally owns the Sill Lake silver–lead property in Sault St. Marie, Ontario. The company has an equity stake in: Eloro Resources Ltd (TSXV:ELO), plus a 2 percent net smelter return (NSR) on the La Victoria asset in Peru; Class 1 Nickel & Technologies Inc. (CSE:NICO) plus a 0.5 percent NSR on the Alexo-Kelex asset; and Peruvian Metals Corp. (TSXV:PER).
Developing High-Grade Copper and Polymetallic Deposits in Spain
Pan Global Resources (TSXV:PGZ,OTC:PGNRF) is a junior resource company in pursuit of base and precious metals projects in Spain. The company’s flagship Escacena project is located in southern Spain’s Iberian Pyrite Belt, a world-class volcanogenic massive sulfide (VMS) district that hosts at least nine giant VMS ore deposits (>100 million tonnes) and several operating mines.
Pan Global’s land package in the Iberian Pyrite Belt totals approximately 5,760 hectares and lies directly adjacent to the Aznalcollar (>70 million tonnes) and Los Frailes (>90 million tonnes) deposits. The Escacena project is also located only 12 kilometers from the active Cobre Las Cruces mine (42 million tonnes at 2.95% copper) which has been mining grades of more than 5% copper in the open pit. Pan Global is currently focusing on two targets at Escacena, the La Romana massive sulfide copper deposit and the Cañada Honda gravity anomaly. Recent drill results at the La Romana target have returned high multi-metal (copper, tin, silver, zinc) grades from near surface with every hole hitting mineralization indicating the potential for a large size deposit. Escacena’s exceptional land position, great infrastructure and multiple large untested targets make it an exciting prospect for the company.
Pan Global Resources Project Location and Infrastructure Map – Southern Spain
Pan Global has been exploring the Aguilas project since 2017 which comprises more than 16,000 hectares in northern Andalucia, Spain. The Aguilas project contains several major faults and breccia structures with indications of hematite-dominant iron oxide copper-gold (IOCG) and polymetalic lead-zinc-silver mineralization.
Pan Global Resources’ Company Highlights
Pan Global’s exploration activities are focused in the mining friendly jurisdiction of Andalucia, Spain
Flagship Escacena project is located in Spain’s Iberian Pyrite Belt, a world-class VMS district host to at least 9 ore deposits and several operating mines
Iberian Pyrite Belt hosts several exploration and mining companies, such as Lundin, Grupo Mexico, First Quantum, Trafigura, Mubadala, Atalaya and juniors including Avrupra Minerals, Ascendant Resources and Emerita Resources
Escacena project includes the recent La Romana copper-tin-silver discovery and several other large untested targets
Escacena project is located adjacent to the Aznalcollar-Los Frailes mines and only 12 kilometers from the active Cobre Las Cruces mine, one of the highest grade open pit copper mines in the world
Aguilas project has returned high-grade drill intervals up to 16.85 % lead, 1.9 % zinc and 85 g/t silver
Pan Global’s strong management team has a track record of discoveries in Spain and brings decades of resource industry experience and expertise to the company
Pan Global Resources’ Escacena Project
In June 2017, Pan Global Resources acquired the Escacena project. The project hosts two large gravity anomalies, La Romana and Cañada Honda. Historical wide-spaced drilling at the La Romana gravity anomaly confirmed massive sulfide and stockwork mineralization including a best drill interval of 4.68 meters at 2.94 percent copper.
Exploration
Pan Global Resources began its initial exploration of the Escacena project in early 2019, including gravity, induced polarity (IP) and geochemical surveys. The results of this initial exploration work confirmed the La Romana and Cañada Honda gravity targets, allowing the company to move forward with drilling.
Pan Global Resources commenced drilling in July 2019, testing shallow IP targets previously identified at the La Romana and Cañada Honda targets. This included two drill holes at La Romana and one drill hole at Cañada Honda, totaling 547 meters. Channel sampling of the Cañada Honda mine tunnel at the Escacena project returned 26 meters at 0.43 g/t gold and up to 2.91 g/t gold and 0.39 percent copper.
In October 2019, Pan Global announced the results of its first two drill holes at Escacena testing the La Romana target, including discovery drill hole LRD-02 at La Romana with 20.55m at 1.5% copper equivalent. Both drill holes LRD-01 and LRD-02 intersected shallow volcanic-associated copper stockwork, semi-massive and massive sulphides.
Pan Global Resources Escacena Project Area Map (~5760 ha)
Pan Global continued its exploration of Escacena in 2020 including geochemistry and geophysics designed to identify new targets on the property. The second phase of drilling commenced in February and included the first step out drill holes at the La Romana copper target. The new drill holes intersected copper mineralization over wide intervals and showed the mineralization extends from near surface over several hundred meters of strike and shows copper in several layers open in most directions. Pan Global’s own geophysics results and historical geophysics by Exxon indicate a potential for the copper mineralization to continue more than 2 kilometres along strike.
Selected drilling highlights include:
LRD-02: 20.55m at 1.5 percent copper equivalent (1.02 percent copper, 0.11 percent tin, 4.7 g/t silver) from 37.45m, including 7m at 3.43 percent copper equivalent (2.50 percent copper, 0.23 percent tin, 10.1 g/t silver, 0.014 g/t gold, 0.11 percent zinc, 133 ppm cobalt) from 48m.
LRD-03: 21.3m at 1.03 percent copper equivalent (0.73 percent copper, 0.055 percent tin, 4.1 g/t silver) from 47.3m, including 6.6m at 2.05 percent copper equivalent (>1 percent copper) combined thickness.
LRD-05: 21m at 1.55 percent copper equivalent (1.19 percent copper, 0.069 percent tin, 5.8g/t silver) from 16m, including 11m at 2.60 percent copper equivalent (>1 percent copper or 0.5 percent tin) combined thickness.
Drill core at Escacena Project
In August 2020, Pan Global Resources commenced phase three follow-up drill program at La Romana. The 25-hole drill program is designed to test the multi-layer copper potential and significantly expand the mineralization in the area. The program is also expected to test two large down-hole EM conductor plate anomalies and help define vectors to areas of stronger mineralization.
Pan Global Resources extended its holdings at the Escacena project through the acquisition of the rights to the “Al Andalus” property investigation permit and completed the acquisition of the property in early 2020. Al Andalus is located adjacent to the company’s initial holdings at Escacena and includes potential eastern extensions to the company’s La Romana prospect and several large untested gravity anomalies. The property comes to within 600 meters of the edge of the Aznalcollar open pit and also includes both the historical mining areas of the El Pozo and La Zarcita, and the La Jarosa target where a historical drill hole by Exxon in the mid-1980’s returned 9.5 meters at 1.42 percent. Exploration will commence on the Al Andalus property as soon as permitted.
Pan Global Resources’ Aguilas Project
The Aguilas project comprises nine investigation permits covering a total of 16,300 hectares in northern Andalucia, Spain. The main targets on the property are major cross-cutting fault zones in the Pedroches Batholith, including the Torrubia and Zumanjo trends. The project hosts IOCG-style copper mineralization along the Torrubia copper trend, which was drilled by the company in 2019 and confirmed wide zones of breccia over several kilometers of strike length. Drill holes on the Zumajo trend targeted high grade polymetallic (lead, zinc, silver and lesser copper and gold) vein or breccia mineralization. Several shallow historical mine shafts and ancient workings occur along both trends.
Pan Global first began drilling on the Aguilas project in April 2019, and so-far completed 27 wide-spaced drill holes totaling 3,908 meters. This includes thirteen of the holes along 4.1 kilometers of the more than 20 kilometer long Zumajo lead-zinc-silver trend and 14 drill holes along three sections of the more than 10 kilometer long Torrubia trend.
On the Zumajo trend, high-grade polymetallic mineralization was intersected with an 8 to 20- meter-wide, steeply-dipping zone of multi-stage breccia and veins. High-grade intervals included hole VAC-02 with 14.85% lead, 0.11% zinc, 67.1g/t silver (16.91% lead equivalent or 634g/t silver equivalent) over 1.3 meters and hole VAC-06 with up to 16.85 % lead, 1.9 % zinc and 85 g/t silver (22.15 % lead equivalent or 815 g/t silver equivalent) over 0.6 meters. The drill results show potential for a significant zone of high-grade lead, zinc and silver mineralization near the San Luis and San Cayetano mine workings over several kilometers of strike and open at depth. Several other targets along the Zumajo trend require testing.
Drilling conducted at the Torrubia trend included 40 to 90-meter-wide intervals of intense multi-stage breccia and hematite-quartz-carbonate alteration over several kilometers of strike. The best grades at Torrubia included 2.65% copper, 125ppm cobalt and 3 g/t silver (2.76% copper equivalent) over 0.8m and 1.65% copper, 240ppm cobalt and 2.1 g/t silver (2.05% copper equivalent) over 0.7m in drill hole TOR-001; and 3m at 1.16g/t gold from 74m, including 0.8m at 3.48g/t gold and 1.5g/t silver in drill hole TN-06. The breccia includes fragments or casts with high contents of chalcopyrite and hematite indicating an early copper mineralizing stage and further potential both along-strike and at depth.
Pan Global Resources’ Management Team
Patrick Evans—Chairman and Director
For over 30 years, Mr. Evans has enjoyed an exemplary career as a mining executive holding multiple senior management positions in the industry. Of note are CEO of Dominion Diamond Mines and Norsemont Mining and Vice President of Placer Dome Inc. He has extensive M&A experience and has helped a number of public mining companies discover and develop base metals, precious metals, and diamond mining projects on four continents. Mr. Evans is a graduate of the University of Cape Town and served as Consul-General of South Africa to Canada.
Tim Moody—Director
Mr. Moody has over 30 years of experience in the mining industry including mineral exploration, resource assessment, business development and strategy. He spent 24 of those years with Rio Tinto, where he held the posts of Exploration Director, Vice President and Director of Business Development. Mr. Moody has a Bachelor of Science in Geology and Geophysics (Honours) from the University of New England. He is a graduate of the Senior Leadership Program from the London Business School, a graduate of the Business Leadership Development Program from the Australian Graduate School of Management and a Fellow of the Society of Economic Geologists.
Directorships: Pan Global Resources, Prism Resources, Indico Resources and Xiana Mining.
Brian Kerzner—Director
Mr. Kerzner has over 25 years of experience as a successful entrepreneur in the retail and real estate industries. He is the founder and President of Rocky Mountain Chocolate Factory Canada Inc. and he established several private companies that have completed extensive residential and commercial developments throughout North America. Mr. Kerzner has been broadly involved in providing seed capital for many successful public and private companies in the resource, environmental, and technology sectors. Mr. Kerzner is a graduate of the University of Toronto Bachelor of Commerce (Honours) program. He is a member of the British Columbia’s Children’s Hospital Circle of Care and is actively involved in many other charitable organizations.
Directorships: Pan Global Resources, Prism Resources Inc and Indico Resources.
Patrick Downey—Director
Mr. Downey brings over 25 years of international experience in the resource industry and he is currently President and CEO of Orezone. His past senior positions include President and CEO of Aura Minerals Inc. and Viceroy Exploration Ltd. before its acquisition by Yamana Gold Inc. in 2006 for $600 million. He also negotiated the successful merger of Consolidated Trillion Resources Ltd and Oliver Gold Corporation that became Canico Resource Corp, which was purchased by CVRD in 2006 for over $800 million. Mr. Downey holds a BSc (Honours) degree in Engineering from Queens University in Belfast, Ireland.
Directorships: Orezone and Pan Global Resources
Bob Parsons—Director
As a Chartered Professional Accountant and partner at PricewaterhouseCoopers, Mr. Parsons spent 34 years heading up the firm’s global mining practice. He has advised governments around the world on mineral policy matters and has served on the boards of the PDAC, Indonesian Mining Association, Canada Indonesia Chamber of Commerce, World Mines Ministries Forum, Canadian Minerals Industry Federation, Advisory Council of the Centre for Resource Studies at Queens University, and the Professional Advisory Board of the Government of Canada’s Petroleum Monitoring Agency. In 2005, the PDAC presented Mr. Parsons with their Distinguished Services Award, and in 2013 the Government of Canada awarded him the Queen Elizabeth II Diamond Jubilee Medal for his contribution to Canada’s mining industry. Mr. Parsons is a graduate of McGill University (B.Com).
Directorships: Pan Global Resources, Kennady Diamonds Inc, Indico Resources Ltd, Prism Resources Inc.
Following a Prospect Generator Model in South America
Overview
Latin Metals (TSXV:LMS, OTCQB:LMSQF) is a resource exploration company focused on precious metals and copper projects in historically resource-rich regions of South America, specifically Peru and Argentina.
The company operates on a prospect generator model, focusing on acquiring prospective exploration properties at minimum cost, then completing initial evaluation through cost-effective exploration to establish drill targets. Latin Metals ultimately secures joint venture partners to fund drilling and advanced exploration, and in doing so, exposes shareholders to the upside of mineral discoveries while conserving capital.
Latin Metals' Company Highlights
Focus on high-potential projects in Latin America, including under-explored areas of Peru and Argentina
Management and advisors have decades of experience working for major mining companies and have a comprehensive understanding of industry needs
Portfolio of 20 projects provides commodity exposure to gold, silver, copper and battery metals
Less than 50M shares were issued and almost 50% with management and board
Latin Metals ultimately retains a minority or royalty interest in all projects providing shareholders with exposure to exploration or discovery upside
Investment by partners is non-dilutive and preserves corporate structure. Cash payments to Latin Metals reduces the need for equity financing.
Latin Metals acquired a 100 percent interest in the Yanba copper exploration project, Coastal Coper Belt, Peru, close to its Lacsha copper project.
Latin Metals' Key Projects — Argentina
Organullo Gold Project
Latin Metals' Organullo gold project is 100-percent owned and consistent with the company's model; the project was acquired by staking at a minimal cost. The Organullo project includes almost 11,000m of historical drilling, in addition to rock and soil sampling geochemistry that has been conducted on the property.
Gold anomalies on the property have been shown to extend over approximately seven kilometers of strike length, defining one of the largest geochemical targets in Argentina. Only a small portion of this strike length has been tested by drilling to date.
Esperanza Copper-Gold Project
Argentina has a proven history of copper production, with 11 significant copper projects in the country's northwest region controlled by large mining companies. The Esperanza copper-gold project hosts an extensive copper-gold porphyry system exposed at the surface and extends to at least 400m depth. Latin Metals' most recent drill campaign returned 387m @ 0.57% copper and 0.27 g/t gold from the surface with mineralization open at depth.
The project is optioned to Libero Copper and Gold (TSX.V: LBC), who can earn a 70% interest by making payments to the underlying owner of US$1,900,000, cash payments of US$500,000 to Latin Metals, and incurring exploration expenditure of US$2,000,000.
Santa Cruz Properties
The Deseado Massif region of Santa Cruz is home to many advanced-stage exploration projects owned or operated by major mining companies. Since 1990, discoveries in this region have included almost 600 million ounces of silver and approximately 20 million ounces of gold. Latin Metals owns six properties in the Santa Cruz Province, all of which are close to known deposits or mines.
Mina Angela Property
Having completed the sale of the Mina Angela project to Patagonia Gold in Q2 2021, Latin Metals holds a 1.25% NSR royalty on future production. An additional US$500,000 cash payment is also due to Latin Metals on receipt of mine permits.
Latin Metals' Key Projects — Peru
Lacsha Project
The 100%-owned, 4,000-hectare Lacsha project is located within the Cretaceous age Coastal Copper Belt where discoveries include copper porphyry, VMS, IOCG and intrusion-related gold deposits. The project is prospective for copper-molybdenum porphyry. The project is located south and contiguous with Newmont's (TSX:NGT) Sumacwayra copper-molybdenum discovery.
The project was acquired by staking in 2020, and Latin Metals has moved quickly to complete surface exploration, resulting in the discovery of two large copper-molybdenum mineralized zones. Highlights include surface rock chip sampling, which has identified consistent copper mineralization at surface.
Latin Metals' Key Objectives
2021 Completed Deals:
Esperanza Copper Gold Project, Argentina – Optioned out to Libero Copper and Gold in US$4.5 million deal. Latin Metals retains 30% interest.
Mina Angela Gold Project, Argentina – Sale of asset for US$1.1 million. Latin Metals retains 1.25% royalty on future production.
2021 Objectives Going Forward:
Lacsha Copper-Molybdenum Project, Peru – complete surface mapping, geochemistry and geophysics to define drill targets. Permitting of initial drill tests to be completed prior to securing a partner to fund drill testing.
Organullo Gold Project, Argentina – secure option partner to complete substantial exploration program.
Auquis Copper-Gold Project, Peru – complete community agreement and commence surface exploration.
Santa Cruz Precious Metals Projects, Argentina — secure option partner to complete substantial exploration program.
El Quemado Lithium Project, Argentina – secure option partner of purchaser for the project.
Project Generation, Peru – identification and acquisition of additional exploration projects throughout Argentina and Peru
Latin Metals' Management Team
Keith Henderson — President, CEO & Director
Henderson has 25 years' global experience in the mineral exploration industry throughout Africa, Europe, and North and South America. He was educated in Europe, graduating with B.Sc. (Hons) and M.Sc. in geology and has extensive experience in multiple mineral deposit types and commodities.
Eduardo Leon — Exploration Manager, Peru
Leon worked as a Senior geologist on Lumina Copper's Taca Taca project in northern Argentina from 2011-12, where he helped manage an extensive drilling campaign that resulted in a major copper-gold porphyry discovery. Thereafter, Eduardo held a variety of senior technical positions with companies working in Peru, Mexico, El Salvador, Nicaragua and Brazil. Most recently, he served as Exploration Manager for Auryn Resources.
Dr. Mario Castelli — President
Dr. Castelli is a trained lawyer with 30 years of experience, featuring a particular specialization in exploration and mining. Mario has also held a variety of senior agency positions at both the Provincial and Federal levels.
Daniel MacNeil — Technical Advisor
MacNeil is a precious and base metal specialist with more than 19 years of experience from continental-scale project generation to in-mine resource expansion in a wide variety of geological settings. Daniel currently consults with mid-tier, private and junior mining/exploration companies on mine resource expansion and early through advanced exploration target delineation, drill testing and exploration property evaluations globally.
Dani Palahanova — Chief Financial Officer and Corporate Secretary
Ms. Palahanova currently serves as Chief Financial officer of the Company. She has been working with publicly listed Canadian companies in the minerals exploration sector for over 15 years. She has held positions as CFO, Controller and Corporate Secretary for various junior exploration and technology companies in Vancouver. Ms. Palahanova holds an Executive MBA degree from Simon Fraser University and a CPA, CGA designation.
Elyssia Patterson — Manager Investor Relations
Ms. Patterson has an extensive knowledge of the going public process with private start-ups and works closely with private companies implementing strategies in order to list on the TSX or the CSE. Currently, Ms. Patterson is the CEO of Lycan Capital Corp., a corporate communications and marketing consulting company focused on activities such as coordinating investor relations and advancing general corporate development of public companies.
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 Latin Metals and seek advice from a qualified investment advisor.
Delivering the Next Generation of Nickel Sulfide Projects
Overview
Canada Nickel (TSXV:CNC, OTC:CNIKF) is advancing the next generation of nickel-sulphide projects to deliver nickel required to feed the high growth electric vehicle and stainless steel markets. Canada Nickel Company has applied in multiple jurisdictions to trademark the terms NetZero Nickel TM , NetZero Cobalt TM , NetZero Iron TM and is pursuing the development of processes to allow the production of net zero carbon nickel, cobalt, and iron products.
Canada Nickel provides investors with leverage to nickel in low political risk jurisdictions. Canada Nickel is currently anchored by its 100% owned flagship Crawford Nickel-Cobalt Sulphide Project in the heart of the prolific Timmins-Cochrane mining camp. The Company’s shares trade on the TSX Venture Exchange under the symbol ‘CNC’ and are quoted on the OTCQX under the symbol ‘CNIKF’. For more information, please visit www.canadanickel.com
Canada Nickel’s Company Highlights
Completed Preliminary Economic Assessment on wholly-owned Crawford Nickel Sulphide Project $US1.2 billion NPV8% and 16%IRR. Feasibility study scheduled for mid 2022.
One of the top 10 nickel sulphide resources globally, with significant expansion potential from regional land package
Peak production of 42ktpa of nickel – would be one of five largest nickel sulphide operations when in production. 25 year mine life generates 842kt of nickel, 21 Mt of iron, and 1.5 Mt of chrome.
First percentile CO2e intensity according to Skarn Associates. Launched wholly-owned NetZero Metals Inc. to develop zero-carbon production of Nickel, Cobalt and Iron and applied for the trademarks NetZero NickelTM, NetZero CobaltTM and NetZero IronTM across several jurisdiction
Canada Nickel’s Crawford Project
Canada Nickel’s flagship Crawford nickel-sulfide project is located in Ontario’s Timmins mining camp, which is home to nearby mining infrastructure including the Kidd Metallurgical Site. The Timmins mining camp has a 100 year history of mining activity.
Canada Nickel filed its maiden resource at the Crawford project in February 2020, including a measured and indicated resource of approximately 263 million tonnes at 0.31 percent nickel, 0.013 percent cobalt, and 0.038 g/t palladium and platinum. Existing exploration establishes the resource as one of the 12 largest nickel sulfide assets in the world.
The company provided amineral resource update for the project in October 2020. The update reported that measured resources in the Main Higher Grade Zone measured increased by 162 percent to 153 million tonnes (Mt) at 0.32% nickel and the total measured and indicated resource increased by 9 percent to 657 Mt at 0.26 percent nickel for 1.7 Mt nickel. Lastly, the total inferred resource increased by 121 percent to 646 Mt at 0.24 percent nickel for 1.6 Mt nickel, including an increase of 50 percent in the Main Zone (433 Mt at 0.23 percent nickel) and an initial resource from the East Zone of 213 Mt at 0.24 percent nickel (505,000 tonnes nickel).
The Crawford property was previously explored by Inco in the 1960s in each large anomaly, with minimal exploration conducted in the following decades. The land package was then owned by a forestry company before being acquired by Noble Mineral Exploration for resource purposes again in 2011. In December of 2019 ownership of the Crawford project was transferred from Noble Mineral Exploration to Canada Nickel in exchange for 12 million shares of Canada Nickel and $2 million in cash.
Canada Nickel believes the Crawford nickel-sulfide project shares similarities to the Dumont project. The Dumont deposit contains approximately 6.1 billion pounds of nickel in proven and probable reserves, with another 9.75 billion pounds of nickel resources in the measured and indicated category.
Significant Exploration Potential >50% Crawford + Multiple New Targets
The 4,909 hectare Crawford Nickel-Sulphide Project and five other option properties ranging in size of 903 to 5,543 hectares give Canada Nickel access to five additional high potential, regional nickel targets.
Fully consolidated properties contain multiple nickel-bearing target structures 30km of total strike length and 150 – 600m wide
For reference, the Crawford Main Zone resource is 1.7 km long and 225-425 metres wide
Historic drilling yielded nickel-bearing intersections on all of the target structures
Kingsmill – 0.30% Ni over 503m from 118m in historic hole KML-12-02 (2012) and 0.31% Ni over 302m from 20m in historic hole 27090 (1966)
Nesbitt-North – 0.28% Ni over 163m from 233m in historic hole 27083 (1966)
Mahaffy-Aubin – 0.23% Ni over 127m from 82m in historic hole 31901 (1966) and of 276m of serpentinized ultramafic mineralization (similar host mineralization at Crawford) in historic hole T2-80-2 (1980) with no assays provided
Dargavel – 0.24% nickel over 173m with local assays up to 0.40% nickel in historic hole 25014
PGM-enriched structures similar to Crawford also identified at Kingsmill
1.0 g/t PGM over 2m from 96m within 0.3 g/t PGM over 30m from 69m in historic hole KML-12-11 (2012), 0.8 g/t PGM over 5m from 523m within 0.5 g/t PGM over 24m in historic hole KML-12-07 (2012)
Airborne magnetic and gravity survey totaling 2,731 km completed.
Canada Nickel’s Management Team
Mark Selby — Chairman and CEO
Mark was formally President & CEO of RNC Minerals (Royal Nickel Corporation) where he led a team that successfully raised over $100 million and advanced the Dumont nickel-cobalt project from initial resource to a fully permitted, construction-ready project. He has held a number of senior management roles with Quadra Mining, Inco, and Purolator Courier, and was a partner at Mercer Management Consulting.
Since 2001, Mr. Selby has been recognized as one of the leading authorities on the nickel market. He graduated from Queen’s University with a Bachelor of Commerce (Honours) and has also served on the boards of multiple junior mining companies and is currently a Director and Chair of Orford Minerals.
Wendy Kauffman — CFO
Wendy brings more than twenty-five years of experience leading junior and mid-tier publicly-listed mining companies in project financing, capital structuring, capital markets, accounting and internal controls, tax, and financial reporting and public disclosure. Her skills and experience include the completion of a $4 billion finance package for Cobre Panama during her time at Inmet Mining, one of largest finance packages assembled by mid-tier mining company. She was also previously the CFO at Khiron Life Sciences Corporation and held CFO and senior finance positions at Pasinex Resources Limited, Primero Mining Corporation and Inmet Mining Corporation. Wendy holds a Bachelor of Business Administration from Wilfrid Laurier University and is a Chartered Professional Accountant (CPA, CA).
Steve Balch — VP of Exploration
Steve is an Ontario registered geoscientist with 32 years of experience in geophysics, specializing in the magnetic and electromagnetic methods, but also with experience in large exploration compilations. After working at Inco for six years in the Sudbury Basin and at Voisey’s Bay, Steve joined Aeroquest in 2001 and helped develop the AeroTEM system, focusing on the on-time measurements of the linear triangular waveform. In 2007, Mr. Balch founded Triumph Instruments and developed the AirTEM system, a multi-coil helicopter-borne EM system that is now in use in Mexico, China, Canada, and Eastern Europe. Steve has also been active in borehole geophysics and has worked to develop new technology including north-seeking gyros, temperature compensated induction conductivity probes, UAV-based magnetometers, and high sensitivity magnetic gradiometers.
David Smith — Director
David is Senior Vice-President, Finance and Chief Financial Officer of Agnico Eagle and has held this position since 2012. He has also held the position of Senior Vice-President, Strategic Planning and Investor Relations. Prior to joining the Company’s investor relations team in 2005, Mr. Smith, a Professional Engineer, was a mining analyst and held a variety of mining engineering positions in Canada and abroad. He is a Chartered Director holding a Directorship with Sprott Resource Holdings Inc. and is formerly a Director at eCobalt Solutions Inc. He holds a B.Sc. (Queen’s University) and M.Sc. in Mining Engineering (University of Arizona).
Mike Cox — Director
Mike has over thirty years of experience in Base Metal operations with Inco Ltd and Vale SA. He has held a number of senior leadership positions in Europe, Canada and Asia including the oversight of operations which have delivered nickel products to consumers for use in multiple generations of nickel batteries. Most recently, Mr. Cox was Head of UK and Asian Refineries at Vale with responsibility for a portfolio of precious metal and nickel refineries. He is now a Managing Partner at CoDa Associates, a consultancy that provides a range of advisory services to the corporate and public sectors in Europe and Asia. Mr. Cox holds a BSc (Hons) in Chemistry and an MBA, both from the University of Glamorgan.
Developing gold and copper projects in the top mining jurisdiction of Nevada.
Developing gold and copper projects in the top mining jurisdiction of Nevada.
Overview
Getchell Gold Corp. (CSE:GTCH,OTCQB:GGLDF) is a mineral exploration company advancing its growing portfolio of gold and copper projects in the premier mining jurisdiction of Nevada.
Getchell Gold’s flagship Fondaway Canyon features a significant historical gold resource, and the 2020 drill program extended broad zones of mineralization and discovered new high grade zones. The company is also actively exploring the Copper-gold-silver Star Project, and owns the Dixie Comstock gold and Hot Springs Peak gold projects.
Getchell Gold has stated that it will be one of the more active explorers in the region in 2021, with drill programs starting in May and continuing throughout the year. Getchell Gold and its projects benefit from Nevada’s prominence as one of the top mining jurisdictions in the world due to the state’s mineral-rich geology, clear and consistent permitting process, low-cost drilling, excellent access to infrastructure and well-established local labor pool. Nevada boasts 23 major gold mines and is ranked fourth in the world for gold production, producing 5.5 million ounces of gold annually.
Getchell Gold is managed by a team of mining professionals and resource-based capital market specialists. Bill Wagener, CEO, is a seasoned mining executive with over 40 years of international mining and exploration experience in a variety of commodities. President Mike Sieb, a very experienced geologist and mining executive, is taking an active role in directing the Company’s exploration activities.
Getchell Gold’s Company Highlights
Recent, low-cost acquisition of two advanced stage gold projects with historic resource estimates and past mining operations
Cost-effective plan to add ounces through re-analysis of large legacy dataset amassed over multiple exploration and mining campaigns, and construct a new mineralization 3D model
Work towards developing an economic assessment of the Company’s flagship Nevada-based assets.
Getchell Gold’s Fondaway Canyon Gold Project
The western extent of Fondaway Canyon was the site of major activity, tungsten exploration and mining, from 1956 through to 1976 until gold was discovered farther up the canyon to the east in 1977. Since then there have been various operators conducting multiple exploration and drill campaigns (>600 drill holes), at least two periods of underground exploratory development and two periods of small-scale open-pit mining (~200,000 tons of oxide ore). The most recent exploration occurred in 2017, when Canarc Resource Corp. (“Canarc”) drilled 7 holes collared across the project area.
Prior to the 2017 drill program, Canarc commissioned a Technical Report authored by Techbase International Ltd. reporting a historical Indicated resource estimate of 409,000 gold ounces contained in 2,050,000 tonnes grading 6.18 g/t and Inferred resource estimate of 660,000 gold ounces contained in 3,200,000 tonnes grading 6.4 g/t, using a 1.8 m width cut-off and a cut-off grade of 3.43 g/t gold. Of note, the historical resource estimate does not include the 7 holes Canarc drilled in 2017, which all intersected multi-gram mineralization both inside and outside of the area of the historical estimate.
Re-evaluating the historic resource estimates at a variety of cutoff grades and mining widths could add ounces to Fondaway Canyon. This re-evaluation is expected to also provide direction for the development of a comprehensive exploration program.
The historical 2017 technical report also reported on significant metallurgical testing that included a sizable bulk sampling program. Using an oxidize pre-treatment followed by CIL leaching yielded gold recoveries of 86 percent to 95 percent. Using a two-product flotation circuit, producing a carbon concentrate, then a sulfide concentrate, followed by CIL leaching of the flotation tails, yielded gold recoveries from 93 percent to 95 percent.
Fondaway Canyon hosts multiple untested exploration targets, including near-surface oxide gold along favorable structural and host rock targets and deeper extensions of the sulfide zones. One of the most significant opportunities includes a lower grade halo around the resource shell unaccounted for in the historical resource estimate. In addition, there is significant exploration upside along trend and under-explored infill areas of the known gold occurrences, and all of the mineralized zones remain open to depth.
Getchell Gold’s Complementary Nevada Projects
Star Point Gold-Copper Project
The Star Point property is an early-stage gold-copper project covering 1,600 hectares in Pershing County, Nevada. Located on the West Central Rift of the Northern Nevada Rift which hosts the prolific Sleeper deposit, the Star Point property has large scale mineralization potential. The project contains three surface mineralized project areas named Star Point, Star South and HS Canyon.
The property has four identified mineralized targets, including known copper mineralization with possible mineralized porphyry connection to concealed intrusion, Phoenix-style intrusive copper-related and potential skarn-hosted gold, potential Carlin-style sediment-hosted gold identified by sampling and geophysics and a potential gold target under pediment identified by geophysics. Exploration of these four targets to date includes mapping, sampling and geophysics.
Star Point is the site of a historic, near-surface, mining operation underlain by a magnetically defined intrusion. The IP-Resistivity survey over the intrusion returned chargeability and resistivity highs that have been interpreted as potential copper sulfide mineralization, possibly intrusion-related. Surface sampling returned grades up to 3.23 percent copper.
The Star South is a historic artisanal shallow mining area that contains surface copper-gold oxide mineralization along northeast-trending faults and along the thrust fault boundary at the surface. An IP-Resistivity survey returned elevated chargeability and a resistivity high indicating the presence of a strong conductor. Surface sampling returned grades up to 2.65 percent copper. A target to the west of Star South in the pediment was identified by geophysics which indicated that there is a shallow strong chargeability for intrusion-related mineralization at a nearby magnetic high
The HS Canyon is a new target on the BVP property defined by the IP/Resistivity survey as a downward continuation of surface Carlin-style alteration and gold mineralization. During mapping, 0.5 g/t gold mineralization was discovered.
Dixie Comstock Gold Property
The Dixie Comstock gold project covers 26 unpatented lode claims in Churchill County, Nevada. The project hosts a low-sulfidation epithermal system localized along an east-dipping range-front normal fault (Dixie Comstock Mine Fault) on the east flank of the Stillwater Range Mineralization.
The original gold discovery occurred in April 1934. By 1940 a 200-foot decline shaft and a 100-foot vertical shaft with four levels at 38ft, 57ft, 73ft and 88ft had been developed. A 40-ton amalgamating mill with a flotation circuit was constructed to treat the ore at site.
The majority of the historic mining occurred prior to 1942 when the War Production Board issued a limitation work order under which the Dixie Comstock Mine was shut down after producing 17,880 tons of gold-silver ore. The ratio of gold:silver was reported to be 2:3, with a “gold equivalent” grade of 0.793 oz/ton. In subsequent years, sporadic small-scale mining occurred, but the majority of activities focused on further delineation of the gold mineralization with 180 holes drilled in close vicinity to the mine workings over multiple drill campaigns and operators.
A historical resource estimate was conducted for the project, but Getchell is not relying on this estimate and a qualified person for Getchell Gold Corp. has not done sufficient work to confirm the historic resources.
Hot Springs Peak Gold Project
The Hot Springs Peak (HSP) property is an early-stage gold exploration project in Humboldt County, Nevada. The HSP gold project has seen limited exploration, but there are indications of a Carlin-style alteration system. The property is located within the Northern Nevada Rift, which is home to numerous mines and deposits and is at a structural intersection similar to the Barrick and Newmont’s Getchell Gold Mine.
Drilling by Getchell Gold in the summer of 2019 had positive results including in hole HSP-RC5 which intersected a 26-meter gold-arsenic zone. The zone averages 0.133 g/t gold with one interval running 0.69 g/t gold.
Getchell Gold’s Management Team
William Wagener — Chairman of the Board and CEO
William Wagener is an internationally experienced mining executive who has been involved in the exploration, development and operation of resource projects across the globe in a variety of commodities. He has held numerous executive positions in publicly traded resource companies. Wagener received a Bachelor of Science in Mining Engineering from the University of Missouri – Rolla.
Mike Sieb — President
Before becoming president of Getchell Gold, Mike Sieb served as a director since December, 2018. He has also been a director and officer of numerous publicly traded companies over his 30 year career with his expertise extending across multiple commodities and jurisdictions. He is currently President of Explorex Resources Inc., focused on the acquisition and development of international cobalt projects and other elements critical to the battery sector; and he is Senior Project Manager for the development stage Mariana Lithium Brine Project in Argentina. Mike Sieb holds an MBA and a Bachelor of Science degree in Geology.
Jerry Bella — Director
Jerry Bella is an independent financial consultant with over 40 years of experience assisting numerous private and publicly-traded companies including oil and gas, exploration, mineral resource exploration, manufacturing and high tech companies. Until recently, he has been providing services to a multi-billion-dollar market capitalized leading China based integrated lithium producer.
Exploring and Developing the High-Margin Baptiste Nickel Project in in Canada
Overview
Nickel plays a vital role in electric vehicle (EV) and battery manufacturing, a sector that sees rapid expansion year after year. Market research projects a growing nickel demand to reach upwards of 1.3 million metric tonnes per annum by 2030 as nickel content in electric vehicles increases to over 40 kilograms per car battery.
Despite its significant role in powering a global shift to greener energies, analysts also project an undersupply of nickel for the next several years due to decreasing production and a lack of new active mines. Mining companies operating high-grade nickel projects offer investors exposure to a market that has great economic growth and success potential.
One such company is FPX Nickel (TSXV: FPX) (OTXQB: FPOCF), focused on exploring and developing its wholly-owned advanced development-stage Tier 1 Baptiste project in the Decar Nickel District in central British Columbia. The company’s project developments demonstrate the Decar Nickel District’s potential to supply high-concentration nickel and cobalt sulfates suitable for the growing electric vehicle battery industry as well as more traditional markets for nickel such as stainless steel.
The Decar Nickel District hosts the Baptiste project, which leverages an existing 2020 Preliminary Economic Assessment (PEA) and mineral resource estimate. Together, these NI 43-101 compliant reports show the Baptiste project has the potential to become one of the world’s largest-scale, lowest-cost nickel producers. The positive geological interpretation of the Van target at Decar offers further blue sky potential for the Decar property.
The Decar Nickel District project has the potential to mimic the successes of its geographic neighbors such as New Gold’s (TSX:NGD, NYSEMKT:NGD) CAD$1.8 billion Blackwater Gold open-pit project, which recently received federal and provincial environmental assessment certificates, a key milestone on the path to becoming a fully-permitted mine.
FPX Nickel released an updated PEA for the Baptiste project in 2020. According to the report, at the PEA base case of US$7.75 /lb nickel, the Baptiste Project is expected to generate an after-tax net present value of US$1.7 billion and an after-tax internal rate of return of 18.3 percent.
Additionally, the company closed $16.1 million in a bought deal public offering in April 2021. FPX Nickel intends to put net proceeds of the financing towards the exploration and development of the Baptiste nickel project.
The Baptiste project presents FPX Nickel with the potential to produce refined nickel with a significantly lower carbon footprint than other sources of production in the global nickel industry. Recent leach testing of awaruite nickel concentrates produced from Baptiste achieved nickel recoveries of 98.8 percent to 99.5 percent in producing a high-purity chemical solution containing 69.4 to 70.1 g/L nickel.
One of FPX Nickel’s long-term goals for the Baptiste project is to build a carbon-neutral mining operation. In keeping with that goal, FPX Nickel and mining companies such as Anglo American majority-owned (LSE:AAL,OTCQX:AAUKF) DeBeers and Canada’s Government has co-founded a multi-university led research program aimed at studying carbon capture and storage at mining sites.
FPX Nickel’s management team consists of highly experienced capital markets and mining professionals, including chairman of the Board, Dr. Peter Bradshaw and director Rob Pease. With nearly five decades of mineral exploration experience across 30 countries, Dr. Bradshaw has made numerous key discoveries earning him the honorable distinction of being a Member of the Canadian Mining Hall of Fame.
Additionally, geologist Rob Pease has more than 30 years of experience in exploration, mine development and construction, including as the former CEO of Terrane Metals during the development of the Mt. Milligan copper-gold mine was later acquired by Thompson Creek for C$650 million. Pease also served as the former director of Richfield Ventures, which was acquired along with the Blackwater Gold project by New Gold for CAD$500 million.
FPX Nickel’s Company Highlights
FPX Nickel is a Canadian resource company focused on exploring and developing its wholly-owned advanced development-stage Baptiste nickel project in the Decar Nickel District, central British Columbia.
The company favorably leverages a low-cost operation and mining best practices. It operates one of the few major nickel deposits in the mining-friendly jurisdiction of British Columbia.
The Baptiste property hosts high-grade nickel mineralization with low impurities and little to no sulfides. This production-quality asset has potential applications for direct feed to stainless steel or the electric vehicle battery market, with recoveries coming in at 98.8 percent to 99.5 percent.
FPX Nickel operates a tight share structure consisting largely of management and other strategic high net-worth and institutional shareholders at approximately 18.5 percent and 35 percent holding, respectively.
Baptiste’s amended PEA highlights the project’s potential to be among the world’s lowest-cost nickel mines in operating costs and capital intensity.
FPX Nickel’s Key Projects
Decar Nickel District – Baptiste Project
The Decar Nickel District covers 245 square kilometers and 80 kilometers west of the Mt. Milligan mine, central British Columbia. The property hosts the highly prospective Baptiste nickel project, which has the potential to become the world’s best development-stage nickel project. The asset is accessible via logging and paved road, with railway and hydropower nearby.
In February 2021, the company released results from initial field tests, demonstrating the potential for significant direct air carbon capture in the tailings on the property. “These exciting results mark an important step in our objective to develop Baptiste as the world’s first large-scale, carbon-neutral nickel operation,” commented FPX Nickel president and CEO Martin Turenne.
Baptiste hosts nickel-iron alloy mineralization, bulk-tonnage potential and open-pit nickel mining possibilities across its four primary targets. Exploration has also indicated resources at an average grade of 0.123 percent DTR nickel for 2.3 million tonnes and 391 million tonnes of inferred resources with an average grade of 0.115 percent DTR nickel. Its main Van target is drill-ready with advantageously mild-pressure leaching conditions.
Since 2010, FPX Nickel has spent approximately CAD$25 million in the exploration and development of Decar. The company put this funding towards surface sampling, PEA reporting, processing plant construction and diamond drilling campaigns.
FPX Nickel’s Management Team
Martin Turenne, CA — President, CEO & Director
Martin Turenne is a senior executive with over 15 years of experience in the commodities industry, including over five years in the mining industry. He has extensive leadership experience in strategic management, fundraising, economic analysis, financial reporting, regulatory compliance and corporate tax. Turenne formerly served as CFO of First Point Minerals Corp. from 2012 to 2015 and in positions at KPMG LLP and Methanex Corporation. He is a member of the Canadian Institute of Chartered Accountants.
Trevor Rabb, P.Geo. — Consulting Geologist
Trevor Rabb is a professional geologist with over ten years of experience in mineral exploration, including over five years specializing in nickel-iron alloy deposits. Rabb formerly served as First Point’s senior geologist and VP of Exploration from 2010 to 2016. He was a crucial player in exploration discoveries for First Point’s Decar, Mich, Wale and Klow properties.
Christopher Mitchell, P.Eng., MBA — CFO & Corporate Secretary
Christopher Mitchell is a business consultant with more than 40 years of experience in the mineral industry. He served as senior VP of Viceroy Resource Corp., executive VP and CFO of Orvana Minerals Corp. Mitchell holds MBA and M.Sc. degrees, University of British Columbia and is a member of the Association of Professional Engineers of British Columbia. He is also a director of Endurance Gold Corp.
Dr. Peter M. D. Bradshaw, P.Eng. — Chairman
Dr. Peter Bradshaw is a geologist with 45 years of international mineral exploration experience in over 30 countries with Barringer Research, Placer Dome and Orvana Minerals. He is a member of the Canadian Mining Hall of Fame. Dr. Bradshaw’s key discoveries and projects he was directly involved with include: Porgera Gold Mine, Papua New Guinea; Kidston Gold Mine, Queensland, Australia; Misima Gold Mine, Papua New Guinea; Big Bell Gold Mine, Western Australia; Omai Gold Mine, Guyana; Decar Nickel Project, British Columbia, Canada; director of Aquila Resources; co-founder and first chairman of the Mineral Deposit Research Unit, University of British Columbia.
Rob Pease, P. Geo. — Director
Rob Pease is a geologist with over 30 years of experience in exploration, mine development and construction. He served as the former CEO of Terrane Metals, acquired by Thompson Creek for CAD$650 million. Pease also served as the former director of Richfield Ventures, acquired by New Gold for CAD$500 million. He is a Director of Pure Gold Mining Inc. and Liberty Gold Corp.
William H. Myckatyn — Director
William Myckatyn is a mining engineer with over 34 years of experience in the mining industry. Myckatyn is the founder and CEO of Quadra Mining Ltd. He served as chairman and subsequently co-chairman of Quadra FNX Mining until its takeover in 2012. Prior, Myckatyn was chairman, president and CEO of Dayton Mining Corp., where he led the restructuring and merger with Pacific Rim Mining Corp. He also served as the former president and CEO of Princeton Mining and Gibraltar Mines Ltd. For over 17 years, he worked for various operations controlled by Placer Dome Inc. and its associated predecessor companies, including four separate mines in Australia and the Philippines. He is a director of San Marco Resources and OceanaGold.
Peter Marshall, P. Eng. — Director
Peter Marshall is a mining engineer with 30 years of experience in mine development and construction. Marshall was formerly VP of Project Development at New Gold and SVP Project Development at Terrane Metals. He has extensive mine development experience in central British Columbia, including completing the Blackwater gold project feasibility study and development and early construction of Mt. Milligan copper-gold mine, acquired by Thompson Creek for CAD$650 million in 2010.
James S. Gilbert, MBA — Director
James Gilbert has more than 30 years of investment and transaction execution experience, with more than 20 years focused on the international mining and metals industry. Gilbert held senior management positions with Rothschild, Gerald Metals Inc. and Minera S.A., a private mining investment company. His experience covers mergers and acquisitions, debt and equity financing, off-take and specialty refining agreements, joint venture negotiations and strategic marketing. He was formerly director of AQM Copper Inc., acquired by Teck Resources in 2016.
Dr. John A. McDonald, P.Geo. — Director
Dr. John McDonald is a geologist with more than 40 years of international experience as both a professor and mineral explorer. He served as VP of Exploration for both Diamondex and Winspear Diamonds Inc. He and his technical team were directly responsible for discovering and developing the Snap Lake diamond deposit. De Beers acquired Winspear’s majority ownership in the Snap Lake deposit for US$305 million in 2000. In 2000, McDonald received the HH “Spud” Huestis Award for excellence in prospecting and mineral exploration from the B.C. and Yukon Chamber of Mines. In January 2008, he received the Hugo Dummett Diamond Award for Excellence in Diamond Exploration and Development. He is a director of Canterra Minerals Corp., Hudson Resources Inc.and Independence Gold Corp.
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 FPX Nickel Corp and seek advice from a qualified investment advisor.
Avrupa Minerals (TSXV:AVU) is a junior exploration and development company based in Vancouver, British Columbia. The company follows a unique prospect generator model focused on aggressive modern exploration for world-class mineral deposits in politically-stable jurisdictions across Europe, including Portugal, Kosovo and Morocco.
Avrupa’s prospect generator model is designed to create shareholder value by building an extensive portfolio of projects suitable for joint venture or sale to larger mining companies. The company routinely leverages new techniques and technologies in order to improve exploration efforts and facilitate new discoveries. In some cases, companies following the prospect generator model have become royalty companies by allowing partners to dilute them to a valuable royalty, and Avrupa has significant exposure to this route to liquidity.
The company’s projects are all located in areas with existing mines and strong geological potential for the discovery of further economic metal deposits. For example, the company’s flagship Avalade JV project is located in the pyrite belt of southern Portugal, a hotspot for resource exploration.
Avrupa Minerals’ Company Highlights
Operates in mining-friendly jurisdictions that are also prospective for large deposits
Europe offers established mining districts, pro-mining policies and a variety of metals including gold, silver, copper, lead, zinc and tungsten
Seeking partners for strategic alliances and/or project-specific JVs to fund large drill programs.
Owns the Alvalade JV (VMS-copper-zinc), located in the Pyrite Belt of southern Portugal.
JV earn-in agreement signed with MATSA on the Alvalade copper project
MATSA expected to partially fund and operate the Alvalade copper project
Slivovo JV (gold, silver) with Byrnecut International in the Vardar Mineral Belt in Kosovo. Discovery made in 2015. Initial Gold Resource Estimate completed in April, 2016.
Made two significant discoveries: the Slivovo gold target and the Sesmarias VMS at Alvalade.
Extensive work conducted on Alvito IOCG project in Portugal
Avrupa Minerals’ Alvalade copper project
The Iberian Pyrite Belt (IPB) is one of the world’s largest and most prolific copper-zinc-iron massive sulfide belts with mining history dating back more than 2,000 years. Three out of four of the last greenfield discoveries in the IPB are now large operating mines including the giant Neves Corvo copper-zinc-tin massive sulfide mine. However, the area has not experienced any real exploration since the mid-1990s, when Avrupa Minerals’ team began applying their expertise to the region resulting in a new discovery at Alvalade.
Avrupa Minerals’ IPB licenses (including the Alvalade and Alvito JVs) are located along trend to the northwest of Neves Corvo, which is currently the largest operating copper-zinc mine in Europe.
The Alvalade project involves an earn-in agreement that Avrupa (the operator) does not have to fund at present. The project was previously optioned to Antofagasta Minerals, one of the world’s largest copper producers. Armed with a new geological model, Avrupa Minerals was able to successfully complete four rounds of drilling at Alvalade between April 2012 and October 2014.
The initial 2014 drill program made a significant VMS discovery in the Sesmaria West target on the Alvalade JV; the first of its kind on the Iberian Pyrite Belt in 20 years. New massive sulfide targets were also identified at Sesmarias East and at Pombal 15km south of the Sesmarias area.
The key highlights of the 2014 Drill Program results include:
The potential for a largescale Sesmarias system, with previously-documented sulfide mineralization around the peripheries of the present target area
The comparison of the size of a potential Sesmarias system to the size of the giant Neves-Corvo deposits, located 50 kilometers southeast of Sesmarias and presently mined by Lundin Mining Company
Historic drilling missed the actual target rock package, leaving a 2,500-meter strike length of undrilled target area at Sesmarias
The complicated geology and structure of the Sesmarias area increase the difficulty in locating lenses of massive sulfide mineralization
Under a new partner, a drill program was initiated in Q4 2015. Four holes were drilled around the area of SES010 and results confirmed and extended the massive sulfide lens to a present length of 300 meters with a 35-40 meter thickness.
Sesmarias “2” Lens
In March 2019, Avrupa Minerals released assay results for drill hole SES003, which was drilled on the Avalade project back in 2014. The results from SES003 were not initially analyzed due to its general proximity to SES002.
In October 2019 Avrupa Minerals entered into a letter of intent with Minas de Aguas Teñidas, S.A.U. (MATSA) to form an earn-in exploration and exploitation joint venture on the Alvalade copper-zinc massive sulfide project. Under the terms of the agreement, the companies have created a new joint venture company to direct future operations.
The first stage of the JV is designed to delineate a deposit at Sesmarias and the other mineralized targets within the boundaries of the Alvalade license including the past-producing Lousal Mine, Monte de Bela Vista and the past-producing Caveira Mine. Avrupa has also defined a number of additional drill-ready targets across the property.
Sesmarias “10” Lens
In February 2019, Avrupa Minerals reported additional drill results from the Sesmarias prospect, located on the Alvalade license in the Pyrite Belt of south Portugal. The company completed six holes totaling 2,498 meters including results from SES026, which extended the “10” lens by 300 meters to the north.
In order to acquire a 51 percent interest in the new JV company, MATSA must make a series of payments, including 1.2 million euros during the first year of the agreement and another 1.2 million euros at MATSA’s discretion over the following two years. MATSA also has the opportunity to earn-in to 85 percent of the project by providing a bankable feasibility study while also making all required payments to the original JV partner.
Avrupa Minerals’ Slivovo JV Project
The Slivovo JV project in Kosovo’s Vardar Mineral Trend is operated and funded by partner Byrnecut International Ltd. Byrnecut has completed an 85 percent earn-in requirement by spending over 3 million euros for exploration on the 15.2 km2 Slivovo license, outlining a maiden gold resource estimate of 98,700 ounces of gold indicated in 640,000 metric tonnes grading 4.8 grams per ton gold. Byrnecut is a mining contractor and has completed a study to earn up to 85 percent of the project.
In 2011, widescale geological mapping of the Peshter gossan zone on the Slivovo property led to the discovery of the potential for the gold-bearing, massive sulfide mineralization common in the Vardar Mineral Trend.
Discovery outcrop at Main Gossan
Under the JV signed in 2014, Avrupa Minerals stepped up the exploration activity at Slivovo with an aggressive exploration program that has included trenching, first-pass and follow-up geological mapping, sampling and drill targeting. Phase one drilling totaled 1,002 meters and was completed in Q4 2014 (see December 17, 2014 and January 27, 2015 news releases). Highlights of this first drill campaign include:
12 meters @ 12.2 g/t gold, including 7.4 meters @ 19.3 g/t gold in SLV005
8 meters @ 1.25 g/t gold and 3.4 meters @ 3.12 g/t gold in SLV006
Phase two drilling totaled 1,025 meters and was completed in Q2 2015 (see May 28, 2015 news release) and included 30 meters @ 6.92 g/t gold and 16.20 g/t silver in SLV011.
Drilling at SLV001 Slivovo JV
Phase three drilling was completed which totaled 46 holes and 5,040 meters. Results released by Avrupa Minerals include:
57.35 meters @ 2.09 g/t gold and 15.94 g/t arsenic in SLV014 (see June 25, 2015 news release).
125 meters of 6.91 g/t gold and 19.19 g/t silver in SLV018( see August 17, 2015 news release)
SLV025 intercepts 24 meters of 11.59 g/t gold, 9.26 g/t silver (see September 21, 2015 news release)
42 meters @ 9.20 g/t gold and 9.57 g/t silver in SLV033 (see October 26, 2015 news release)
74 meters @ 6.02 g/t gold and 20.23 g/t silver in SLV037 (see November 25, 2015 news release)
“The final results from the Phase 3 drilling clearly enhance the mineral inventory at Peshter gossan zone on the Slivovo property. The Project has been a real success. We have completed our goals in a timely manner, within budget, and with an industry best-practices standard. We are excited to be able to produce an initial resource estimate at Slivovo within 19 months of start-up for just two million euros. In addition, looking ahead, we are also excited about the nearby targets with gold potential as we unlock the geological story and use this knowledge to direct further exploration to increase the size of the gold deposit,” said Paul W. Kuhn, president and CEO of Avrupa Minerals.
Byrnecut completed a large program in 2017 to follow up on a section of mineralization that hit a new extension of gold in three deeper holes that had similar grades to the average of the resource estimate at 4.8 g/t gold. This data is not currently in the resource estimate. Avrupa has chosen not to fund its share of the program and could be diluted to a 2 percent NSR without any further funding from the company.
Avrupa Minerals’ Alvito IOCG Project
The Alvito iron oxide-copper-gold project covers 853 km2 straddling the northeastern margin of the IPB.
Highly successful fieldwork at Alvito has already identified the potential for significant copper-gold mineralization and led to the discovery of a large epithermal silver-lead-zinc veining system.
Avrupa has completed further geological mapping, in-fill soil sampling, and sub-surface rock sampling, utilizing a portable drill rig to access down to a maximum of approximately 20 meters depth. 29 short holes were drilled, totaling 356 meters, at eight targets located along two sub-parallel trends of strong copper-in-soil anomalism.
Location of the short hole drilling at the Alcaçovas IOCG prospect.
Avrupa Minerals also has three other licenses in the IPB including Marateca, Santa Margarida do Sado and Mertola.
In April 2017, Avrupa entered into an option agreement for the Alvito project with OZ Minerals, based out of Australia. As part of the agreement, OX may earn-in up to 51 percent by spending AUS$1 million on project initiatives. Meanwhile, Avrupa maintained its status as the primary project operator and led a series of exploration initiatives over the summer of 2017.
Exploration work conducted in that period included ground geophysical surveys, data collection, rock sampling and geological mapping. Sample results uncovered copper and gold mineralization with results of up to 13.1 ppm gold and 5,820 ppm copper, and 4.52 ppm gold and 7,900 ppm copper. These activities led to the uncovering of new copper targets and the company established drill targets for a 1,500-meter to 2,000-meter drilling program to be launched in April 2018.
In the summer of 2018, Avrupa conducted a first-pass exploration drill program on the Alvito project. Highlights included 83 meters at 0.16 percent copper, including 9.8 meters at 0.41 percent copper in EMS001. The exploration program was fully funded by OZ Minerals, which had the opportunity to spend AUS$1 million to earn a 51 percent earn-in on the project. The company later declined its earn-in rights, giving 100 percent ownership of the project back to Avrupa Minerals.
Avrupa Minerals’ Management Team
Paul Kuhn—CEO & Director
Mr. Kuhn joined Avrupa Minerals in July 2010 after working with Metallica Mining in Oslo, Norway since August 2008. He has more than 30 years of experience in the minerals exploration business in North America, Central Asia and Europe. He earned an A.B. Degree from Dartmouth College, US, in 1978, and an M.S. Degree from the University of Montana, US, in 1983. Mr. Kuhn has worked in a variety of geological terrains, exploring for gold, silver, base metals, uranium, and phosphate deposits, and has spent time as a production geologist in the deep underground mines of the Coeur d`Alene Mining District, historically one of the world’s most important silver districts. Mr. Kuhn has managed successful exploration programs in the US and Turkey, and was involved in a number of base and precious metal discoveries in Turkey, including the Taç and Çorak polymetallic deposits (presently being developed by Mediterranean Resources), the Cerattepe Cu-Au volcanogenic massive sulfide deposit (held by Inmet Mining), the Altıntepe epithermal Au deposit (being developed by Stratex International), the Diyadın Carlin-style Au deposit (developed by Newmont Mining and currently held by Koza Altin), and the Karakartal porphyry Cu-Au deposit (being developed by Anatolia Minerals). Mr. Kuhn was also involved with the original mapping and description of the Çöpler porphyry Au deposit (presently under mine construction and development by Anatolia Minerals).
Mark T. Brown—Director
Mr. Brown is the President of Pacific Opportunity Capital Ltd., headquartered in Vancouver B.C. Pacific Opportunity is a financial consulting and merchant banking firm active in venture capital markets in North America. Mr. Brown has assisted in the successful establishment of several private and public companies. In the mining and mineral exploration sector, Mr. Brown has played key roles in the success of Rare Element Resources Ltd., Sutter Gold Mining Ltd., Portal Resources Ltd., Pitchstone Exploration Ltd., Animas Resources, and other junior exploration companies. His corporate activities include merger and acquisition transactions, financing, strategic corporate planning, and corporate development. Prior to joining Pacific Opportunity, Mr. Brown managed the financial departments of two TSE 300 companies, Miramar Mining Corp. and Eldorado Gold Ltd. Mr. Brown has a Bachelor of Commerce from the University of British Columbia and qualified as a Chartered Professional Accountant in 1993, while working with PricewaterhouseCoopers in Vancouver.
Paul Dircksen— Director
Mr. Dircksen has more than 35 years of experience in the mining and exploration industry, serving in executive, managerial, and technical roles at several companies. He has a strong technical background, serving as a team member on ten gold discoveries, seven of which later became operating mines. Mr. Dircksen has held senior management positions with a number of resource groups including Orvana Minerals, Lacana Gold, The Cordex Group, Brett Resources, and the Bravo Venture Group. He holds an M.S. in Geology from the Mackay School of Mines at the University of Nevada.
Mr. Dircksen is currently the President and CEO of Timberline Resources Corporation which is listed on the NYSE Market Exchange under the symbol “TLR” and on the TSX Venture Exchange under the symbol “TBR”. Timberline holds a 50-percent carried interest ownership stake in the Butte Highlands Joint Venture in Montana, USA. Timberline Resources focuses on exploration and development of precious metal deposits in the western United States.
Frank Högel – Director
Mr. Högel currently serves as the CEO of Peter Beck Performance Funds GbR and sits on the advisory board of Concept Capital Management. Concept Capital is an asset management company focused on evaluating and investing in Canadian resource companies through equity investments, convertible bonds and gold, silver and copper off-take agreements. Mr. Högel has a MBA with a focus on financial management, banking, and international business and management from the University of Nürtingen, Germany. He also sits on the board of several other public companies listed on the TSX Venture Exchange.
Paul Nelles—Director
Dr. Nelles graduated from TU Berlin in 1972 with a degree in mining engineering and obtained a PhD in mineral processing in 1975. He worked internationally in base metal mining for Metallgesellschaft between 1975 and 1991, at which stage he held the position of General Manager Project Development. In 1991 he was employed as technical director and appointed to the executive board of DESTAG, a leading dimension stone producer and worldwide trader. He was subsequently appointed CEO of the company. Dr. Nelles joined Normandy LaSource in France, as executive director for gold production and industrial minerals in 1997. In 2002 he was appointed as the “Trepca Manager” by the United Nations Mission in Kosovo and was promoted to Deputy Managing Director of the Kosovo Trust Agency in 2004, in charge of all major publicly owned enterprises. Since 2006 he has worked as an independent mining industry advisor and has been instrumental in the formation of Innomatik Exploration Kosovo LLC, a wholly-owned subsidiary of Avrupa Minerals.
Winnie Wong – CFO
Ms. Wong received a Bachelor of Commerce Degree (Honours) from Queen’s University in 1996 and is a Chartered Professional Accountant. She is currently Vice President of Pacific Opportunity Capital Ltd. Prior to joining Pacific Opportunity Capital Ltd., Ms. Wong was the controller of Pivotal Corporation, a company providing software, services, and support to a variety of businesses. Between 1996 and 1999, Ms. Wong worked with Deloitte & Touche, Chartered Accountants.
INN does not provide investment advice and the information on Investingnews.com 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.
Readers should conduct their own research for all information publicly available concerning the company.
High-Grade Copper and Zinc Opportunities in Southern Spain
Overview
Merida Minerals Inc. is developing the Puebla de la Reina (PBR) high-grade copper–zinc–lead project in the historic mining district of Extremadura in southern Spain. The rich geology of this region has given rise to more than 1,000 known mineral deposits and benefits from well-established mining infrastructure.
First discovered by Spain’s National Institute of Mining and Geology (IGME) in 1981, the PBR project hosts a copper-zinc-lead volcanic- hosted massive sulphide (VMS) deposit with an extensive historical exploration database including an historic resource base. Merida plans to leverage this historical database as it further develops the PBR project in an upcoming property-wide exploration program. Merida is committed to spending 250,000 euros on the property in 2020.
VMS style deposits are well-known for their potential to host economically significant levels of a wide range of metals such as zinc and copper. The long-term market outlooks for both these metals are highly favorable. Zinc and copper are essential metals across a wide variety of industries, including high growth sectors such as infrastructure and energy. Both metals are facing widening supply gaps in the next few years.
Merida Minerals counts the PBR project’s location in Spain as a huge plus for the company given the government’s pro-mining policies which promote low taxes and other fiscal incentives for exploration and mining activities.
The PBR property is not the first Spain-based project for Merida’s management team, which collectively has more than 80 years of experience in the mining industry. CEO Norman Brewster was one of the founders of Iberian Minerals Corp. and instrumental in bringing the Andaluca-based Aguas Tenidas copper-lead-zinc mine into production. In 2012, Iberian Minerals and the mine were acquired by Trafigura Group Pte. Ltd. for C$995.6 million. Still in operation today, the Aguas Tenidas mine is one of the largest base metals projects in Europe.
Merida’s Company Highlights
Merida is operating in a pro-mining jurisdiction with well-developed infrastructure and a skilled workforce.
The PBR project is located in an established mining district with rich geology and access to roads, power and water.
Historical exploration and research was conducted by IGME and Outokumpu in the 1980s and 1990s.
Drilling by IGME cut a mass of approximately 300,000 tons with average grades of 11 percent zinc, 1.6 percent copper, 1.2 percent lead and 32 ppm silver.
Outokumpu established a historical indicated resource of 500,000 tonnes of ore grading 1.6 percent copper, 11 percent zinc, 1.2 percent lead and 32 g/t silver.
Merida has planned an upcoming exploration program to further develop the potential of the PBR project.
Insiders own 70 percent of the company’s shares.
Merida has a strong management team with extensive experience in the mining industry, including bringing the Aguas Tenidas copper-lead-zinc mine into production in Spain which lead to the C$995.6 million acquisition of Iberian Minerals by Trafigura Group Pte. Ltd.
The PBR Project
The 90-square-kilometer PBR copper-zinc-lead project is located in an established mining district in the province of Badajoz in southern Spain. The major cities of Seville, Madrid and Lisbon, Portugal, are all within a 300-kilometers radius of the property.
The PBR project benefits from easy access to mining infrastructure such as roads, water and power as well as a skilled workforce. Merida has been working with the Spanish government which is highly supportive of the project. The government has set forth proactive legislation including legal stability, low taxes and incentives to help promote the development of the mining sector.
Regionally, the PBR project resides in the autonomous community of Extremadura. Extremadura has a rich mining history with a strong mineral potential as evidenced by the more than 1,000 registered metallic deposits in the region. Due to the vast amounts of exploration in the area, an extensive database of highly-developed geological, geochemical, geophysical and mineral occurrence data has been developed to aid in understanding the region.
Historical Exploration
The PBR deposit was initially discovered in 1981 by IGME. The deposit is comprised of several stratiform lenses up to nine-meters thick and 150 meters long. The footwall and hanging wall of the deposit show a pervasive hydrothermal alteration, which is strongly dependent on the type of protolith. Aside from defining the PBR deposit, IGME also completed 1,732.90 meters of drilling, mapping, prospecting, geophysics, trenching and stream sediment surveys. Drilling by IGME cut a mass of approximately 300,000 tons with average grades of 11 percent zinc, 1.6 percent copper, 1.2 percent lead and 32 ppm silver. Samples from these exploration surveys were primarily assayed for copper, lead and zinc but also for gold and silver.
Between 1999 and 2001, Outokumpu gained control of the property and completed 4,866.75 meters of drilling, mapping, soil sediment surveying and geophysics. Outokumpu also completed a provisional mineral resource estimate for the PBR deposit. The report outlined an indicated resource of 500,000 tonnes of ore grading 1.6 percent copper, 11 percent zinc, 1.2 percent lead and 32 g/t silver. As part of its report, Outokumpu suggested that further exploration was needed to the west and southwest of the deposit in order to increase the tonnage and mine life of the deposit.
Due to the low demand for zinc in 2001, Outokumpu left the PBR project. Merida believes that current commodity supply, metal prices, grade, and technological advances since the 1990s make PBR occurrence and attractive exploration and development project.
Ongoing Exploration
As part of its agreements with the property owner and Spanish government, Merida is required to spend 250,000 euros on the property in 2020. The company plans to conduct an airborne geophysical survey across the property. The goal is to trace the mineralized horizon and identify key lithologic, structural and mineralized features on the property.
Once the airborne geophysical survey is complete, Merida intends to carry out one of two scenarios for follow-up exploration. The first scenario outlines a geochemical analysis program on bedrock samples as well as surface exploration to identify additional fertile down-dip extensions. The second scenario encompasses a through surface investigation and rock sampling program across the property. Merida plans to focus its attention on fault-controlled mineralized occurrences noted in IGME’s maps. Depending on the results of these exploratory scenarios, Merida may plan on conducting diamond drilling on high-priority targets.
Merida’s Management Team
Norman Brewster, B.Sc., P.Geo. — CEO and Director
Norman Brewster has been involved in mining internationally for over 45 years, serving on many public and private company boards over his career in the mineral industry. He was the Executive Chariman, and interim President of Iberian Minerals Corp., successfully financing, developing and putting into production the Aguas Tenidas mine in Andalucia, Spain. During his tenure, Brewster led negotiations for the purchase of the Condestable mine in Peru by Iberian Minerals, and led a committee in reviewing the successful bid by Trafigura Group Pte. Ltd. (revenue in 2015 of $97 billion) to acquire Iberian Minerals. Brewster also sat on a committee, as a Director of Spider Resources Inc., which reviewed the successful all-cash acquisition of Spider Resources by Cliffs Natural Resources Inc. Currently, he is the President, Director and CEO of Cadillac Ventures Inc., with development projects in Ontario (copper) and New Brunswick (tungsten). He holds a Bachelor of Science and Education Degrees from Acadia University and was approved as a Member of the Association of Geoscientists of Ontario.
Kyle Appleby, CA — CFO
Kyle Appleby is a seasoned CFO, with management and board experience working at multiple companies over the past 18 years. Currently, he is the CFO of Renforth Resources; DigiMax and Spaceify, which all benefit from his accounting expertise and pedigree. He has also served on the boards of several companies, including URU Metals and Captor Capital among others. Appleby has a Master’s Degree from Southern Federal University and earned his Chartered Accountant Designation in 2001. Since that time has worked on both the audit and the issuer side of the business, concentrating on providing, contract CFO services to a number of reporting issuers and private companies active in the resource, agritech, technology and cannabis spaces with experience in take-overs and amalgamations.
Brian H. Newton, P.Geo. — Chief Geologist
Brian Newton has over 30 years of experience in all facets of exploration from business development and program management to field supervision and program execution. He has been working with Minroc Management, a mining exploration service consulting firm, where he has ample experience in planning, budgeting and executing mining exploration programs in small and medium-sized mining companies from prospecting to advanced surface and underground programs. He is actively involved in projects in Ontario, Quebec, New Brunswick, Nunavut and has been active in Spain, Mexico and Columbia. He has experience in writing technical reports for mining companies. Currently, he is responsible for drafting the NI 43-101 report for the PBR project.
Eduardo Olarte, JD — Director
Eduardo Olarte has been working as an international lawyer focusing on business and corporate law. He has a law degree from the University of Barcelona, and a master’s degree in International and Comparative Business Law from London Metropolitan University. His practice focuses on business law with specific expertise on the inter-jurisdictional transactions in the mining and energy sector, and has been advising companies worldwide, including in the UK, Canada and Australia. He has experience in drafting title and corporate legal opinion for companies to comply with stock exchanges in London, Toronto and Sydney in raising funds for Spanish exploration and other mining operations.
Rahim Allani, MBA — Director
Rahim Allani has been involved in the Canadian and international capital markets for 20 years. He is now a Managing Director at OCI Inc., a global corporate finance advisory firm focused on cross-border mergers and acquisitions, corporate finance and go-public work. He has extensive experience in working with Canadian and international mining companies for financing and going public on exchanges in North America and Asia. He also sits on boards and advisory boards for companies in several countries. He holds an MBA degree from the DeGroote School of Business at McMaster University and a B.A. (Hons) from the University of Toronto.
Patrick Burns — Director
Patrick Burns has over 40 years of experience throughout the Caribbean, Central and South America. He was directly involved in the discovery of the world’s largest copper deposit in Chile, and also multiple copper and gold project in Chile and Canada. He has been involved in publicly-traded mining companies for 35 years and is an experienced board member as well as previously founding his own junior resource company. He is currently a consultant to several groups working primarily in Chile and Peru, where he has several of his own projects under option to third parties and also provides properties of merit for international junior resource companies. He holds a B.Sc. (Hons Geology) from the University of British Columbia, is fluent in Spanish and currently resides in Argentina.
Miguel Cabal, Eurogeol — Director
Miguel Cabal is a Eurogeologist with more than 20 years of experience in the mining sector. Born and raised in mining environments, he works as a consultant and advisor to national and international mining companies, where he works in mining project management, geology and geotechnics, direction of environmental impact studies, environmental authorizations and natural resources. He is the President of the Scientific Committee for the Metallic Mining Hall in its first two editions (2015 and 2017 – the Spanish equivalent of the PDAC event held in Toronto annually). He is also a Member of the Editor Committee of the Rocks and Minerals Magazine of Fueyo Editores. Lastly, he has also worked as an advisor for construction companies such as Ferrovial Agromán and Acciona.
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 Merida Minerals Inc. and seek advice from a qualified investment advisor.
Conquest Resources Ltd is a mineral exploration company that is engaged in the exploration and evaluation of properties located in Northern Ontario. The company owns an interest in Alexander Red Lake Property, Smith Lake Property, King Bay Gold Project and Golden Rose project.
Altiplano Metals Inc. (APN: TSX-V) is a Canadian mineral development company focused on acquiring projects with significant potential for advancement from discovery through to production. Altiplano’s goal is to grow into a mid-tier mining company through developing a portfolio of near-by production and cash flowing assets focusing on copper, gold and silver. Management has a …
Quaterra Resources Inc is a Canadian mineral exploration company that is engaged in the acquisition, exploration, and development of copper projects in Nevada, United States. The company owns MacArthur and Yerington properties.
Emerita Resources Corp. (TSX V: EMO; OTC: EMOTF) is a Canadian natural resource company that acquires, explores and develops mineral properties in Spain. Emerita Resources and its joint venture partner Grupo Aldesa, a major Spanish construction and infrastructure firm with international operations, each hold a 50 percent interest in the Plaza Norte zinc project in the Reocin mining district in northern Spain.
The Plaza Norte project is adjacent to the past-producing Reocin mine, which produced approximately 62 million tonnes grading 11 percent zinc and 1.4 percent lead, and hosts mineralization extensions from the mine. The historical database for Plaza Norte includes over 300 drill holes and numerous high-grade intercepts including 18.96 meters grading 9.72 percent zinc and 8.20 meters grading 7.05 percent zinc.
Drilling is currently underway at Plaza Norte to develop a NI 43-101-compliant mineral resource estimate for the property. Once the resource estimate is released, Emerita Resources will continue to drill to increase the resource and develop a preliminary economic assessment (PEA) for the property.
Emerita Resources is also in the process of acquiring two additional properties in southern Spain: Aznalcollar and Paymogo. Each property has defined deposits that the company is interested in developing further.
Heading Emerita Resources’ management team is CEO David Gower and President Joaquin Merino-Marquez. Gower brings over 20 years of experience in mineral exploration and has made brownfield discoveries at Raglan and Sudbury, Matagami, Falcondo and greenfield discoveries at Araguaia, Kabanga and Amazonas. Merino-Marquez is a professional geologist with over 20 years of experience in the mining industry and has extensive international experience in South America, Europe and Asia-Pacific. Management holds approximately 12 percent of the company’s shares.
Emerita Resources’ Company Highlights
Cantabria region includes an industrial port and excellent rail and road network.
Partnership in place with Aldesa, a major Spanish construction and infrastructure firm with international operations.
Plaza Norte project is adjacent to the past-producing Reocin mine and hosts mineralization extensions from the mine.
The property comes with an extensive historical database and numerous high-grade intercepts.
Drilling underway with results expected in the near term.
PEA development is planned.
Acquisitions underway for two additional properties in Spain.
Knowledgeable management team with a wealth of experience in exploration across the globe.
Management holds approximately 12 percent of the company’s shares.
Plaza Norte Project
In October 2017, Emerita Resources and its joint venture partner Aldesa, a major Spanish construction and infrastructure firm with international operations, acquired the 3,600-hectare Plaza Norte project through a public tender process. Emerita and Aldesa each own 50 percent of the project but Emerita is the primary operator on the project. The rights to Plaza Norte have been granted for an initial three-year term with the option to renew.
The property is located in the Cantabria region in northern Spain and resides in the Reocin mining district. The Cantabria region is known for its infrastructure which includes an industrial port and excellent rail and road network. The property is adjacent to the past-producing Reocin mine, which produced approximately 62 million tonnes grading 11 percent zinc and 1.4 percent lead, and hosts mineralization extensions from the mine. Glencore’s (LSE:GLEN) San Juan de la Nieva zinc smelter is approximately 180 kilometers to the west of the property.
Exploration
The historical database for Plaza Norte includes over 300 drill holes. Through the historical data, Emerita Resources has identified five areas of interest – San Miguel, Queveda, Yuso, San Gabriel and Mercadal – and numerous high-grade intercepts including 18.96 meters grading 9.72 percent zinc and 8.20 meters grading 7.05 percent zinc.
In the 10-kilometer extension from the Reocin mine, a conceptual cross-section shows several ore bodies. Previous drilling identified the zones with multiple ore grades intercepts that remain open. Emerita Resources’ 2018 exploration program focused on confirming and delineating drill targets to outline a 20 million tonne to 40 million tonne deposit.
In 2019, Emerita Resource initiated its first drill program on the property which is focused on establishing a NI 43-101-compliant mineral resource estimate. The company is following up on drill intercepts identified by a previous operator. The program marks the first systematic exploration program in the region since the Reocin mine closed in 2003. Emerita Resources has been drilling on the 1.3-kilometer by one-kilometer Queveda target. Two holes have been completed on the property to date. Initial results include a four-meter intercept grading 9.02 percent zinc within a wider mineralized zone of 9.5 meters grading 4.57 percent zinc.
Moving forward
Emerita Resources is working towards releasing its mineral resource estimate for Plaza Norte within a year. After that, the company intends to establish a PEA and to continue drilling on other high-priority targets to expand the resource.
Emerita Resources’ Management Team
David Gower, P.Geo. — CEO and Director
David Gower is the President of Brazil Potash Corp. which has discovered the largest and highest-grade potash deposit to date in Brazil. He has over 20 years of experience in exploration with Falconbridge, (now Xstrata/Glencore) most recently as Director of Global Nickel and PGM exploration. He was a member of the Senior Operating Team for mining projects with Falconbridge. He has led exploration teams that made brownfield discoveries at Raglan and Sudbury, Matagami, Falcondo and greenfield discoveries at Araguaia in Brazil, Kabanga in Tanzania and Amazonas in Brazil. He has held executive and director positions with several junior and midsize mining companies for the past 10 years.
Joaquin Merino-Marquez, P.Geo. — President and Director
Joaquin Merino-Marquez is a professional geologist with 20 years of experience in the mining industry. He was previously Vice President Exploration for Primero Mining Corp. and before that Vice President Exploration for Apogee Minerals Ltd. Previously, he was the exploration manager for Placer Dome at Porgera mine and a mine geologist at Hecla Mining’s La Camorra mine. He has extensive international experience in South America, Europe and Asia-Pacific. Merino-Marquez holds a M.Sc. from Queens University, and a B.Sc. in Geology from the University of Seville (Spain). He is a member of the Association of Professional Geoscientists of Ontario.
Greg Duras — CFO
Greg Duras has over 10 years of corporate and project finance experience in the resource sector. Some of his previous positions include, Vice President of Finance and Administration at S.C. Rosia Montana Gold Corporation S.A. (RMGC), a mineral exploration and mining development company based in Romania. He has also held a number of senior finance roles, including Controller of TSX-listed Gabriel Resources Ltd. and High River Gold Mines Ltd. He is a Certified General Accountant and a Certified Professional Accountant, and holds a Bachelor of Administration from Lakehead University.
Damian Lopez — Corporate Secretary
Damian Lopez is a corporate securities lawyer who works as a legal consultant to various TSX and TSXV-listed companies. He previously worked as a securities and M&A lawyer at a large Toronto corporate legal firm, where he worked on a variety of corporate and commercial transactions. Lopez obtained a Juris Doctor from Osgoode Hall and he received a Bachelor of Commerce with a major in Economics from Rotman Commerce at the University of Toronto. He is also a director of the Canadian Hispanic Bar Association.
Marilia Bento — Director
Marilia Bento has over 20 years of experience in the financial industry and Canadian capital markets. Some of her previous positions include, Managing Director and Head of Equity Capital Markets Canada at Macquarie Capital Markets Canada Ltd. (formerly Orion Securities Inc.) and Vice President of Corporate Development for various resource companies. She was on the Board of Directors of Orion Securities Inc. and has been a board member of junior mining companies.
Lawrence Guy — Director
Lawrence Guy is Chief Executive Officer of North 52nd Asset Management Inc. Previously, he was a Portfolio Manager with Aston Hill Financial Inc. Prior to Aston Hill, he was Chief Financial Officer and Director of Navina Asset Management Inc., a company he co-founded that was subsequently acquired by Aston Hill Financial Inc. He has also held senior offices at Fairway Capital Management Corp. and First Trust Portfolios Canada Inc. He holds a Bachelor of Arts (Economics) degree from the University of Western Ontario and is a Chartered Financial Analyst.
Catherine Stretch — Director
Catherine Stretch is the Chief Commercial Officer of Aguia Resources Limited, an ASX and TSXV-listed company engaged in the exploration and development of phosphate and copper assets in Brazil. She has 20 years of experience in capital markets with a particular focus on the formation, development and operation of resource companies. She has a Bachelor of Arts in Economics and History from Western University and a Masters of Business Administration from the Schulich School of Business at York University.
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 Emerita Resources Corp. and seek advice from a qualified investment advisor.
Copper Exploration and Development in North America
Overview
Copper Fox Metals Inc. (TSXV:CUU,OTC Pink:CPFXF) is a Canadian resource development company focused on value creation through the acquisition, exploration and development of potentially low-cost, large polymetallic porphyry copper projects in North America. The company holds a 25 percent carried interest in the Schaft Creek joint venture project with Teck Resources Limited (TSX:B) in British Columbia and a 100 percent interest in three additional projects in the US.
According to the US Geological Society, copper is the third most consumed industrial metal in the world. The red metal is well known for its high ductility and electrical conductivity, making it an important part of the renewable energy and electric vehicle (EV) revolutions. Global copper demand reached 23.6 million tons in 2018 and is expected to reach 30 million tons by 2027, according to an article by Forbes. However, analysts are predicting that supply is not going to be able to keep up with demand, making it essential for new projects to be put into production.
With this in mind, Copper Fox is focusing its efforts on its advanced-stage copper project, more specifically, the Schaft Creek copper project in British Columbia. The project has a 2013 feasibility study that outlines a proven and probable mineral reserve of 940.8 million tonnes grading 0.27 percent copper, 0.19 g/t gold, 0.18 percent molybdenum and 1.72 g/t silver. The feasibility study forecasts annual production of 105,000 tonnes of copper, 201,000 ounces of gold, 1.2 million ounces of silver and 10.2 million pounds of molybdenum once the property is put into production.
The Schaft Creek joint venture (SCJV) is investigating a 133,000 tonne per day mining scenario at the Schaft Creek project. The SCJV has dedicated C$2.1 million to trade-off studies related to that mining scenario including a review of the permitting and environmental requirements needed for the 133,000 tonnes per day scenario as well as new engineering improvements and collecting additional baseline environmental data.
Next in the company’s project pipeline is the development of the Van Dyke copper project in Arizona. Copper Fox released a preliminary economic assessment (PEA) in November 2015 that returned several recommendations for optimizing the project’s economics. In March 2020 the company announced the results of an updated resource estimate for the project that was prepared by Moose Mountain Technical Services. Highlights of the resource estimate include 97.6 million tonnes, grading 0.33 percent total copper and 0.24 percent total recovered soluble copper containing 717 million pounds of total copper and 517 million pounds of recoverable soluble copper in the indicated category.
Copper Fox is also advancing its exploration-stage Mineral Mountain and Sombrero Butte copper projects in Arizona. Both projects reside in well-defined major porphyry copper belts in Arizona that host large porphyry copper deposits, such as the Resolution, Ray, San Manuel and Kalamazoo deposits.
Copper Fox also owns 24.4 percent of the issued and outstanding shares of District Copper Corp. (TSXV:DCOP), providing its shareholders with exposure to a gold project in Newfoundland. In early 2019, District Copper diversified its project portfolio by acquiring the Stony Lake gold project in Newfoundland. The company also owns the Eaglehead copper-molybdenum-gold project in British Columbia, which has recently been placed on care and maintenance.
Copper Fox’s Company Highlights
Copper Fox’s focus is on projects that maximize asset value per dollar spent.
Balanced property portfolio ranging from exploration to advanced-stage development projects.
The company is focused on large, low-cost copper projects in proven copper districts in North America.
25 percent carried interest in the advanced-stage development project, Schaft Creek. Teck Resources Limited holds the remaining 75 percent interest in the project and is the project operator.
Copper Fox has a 100 percent interest in the Van Dyke project, an advanced-stage in-situ leach (“ISL”) copper project.
The 2020 resource estimate at Van Dyke includes 97.6 million tonnes, grading 0.33 percent total copper and 0.24 percent total recovered soluble copper containing 717 million pounds of total copper and 517 million pounds of recoverable soluble copper in the indicated category
A pre-tax net asset value of approximately C$423 million based on NI 43-101 technical reports for the Schaft Creek and Van Dyke deposits.
Copper Fox owns a 24.4 percent interest in District Copper, providing its shareholders with exposure to an additional copper project in British Columbia and a gold project in Newfoundland.
Proven management team with the ability to develop projects.
Copper Fox’s Key Projects
Schaft Creek Joint Venture Project — British Columbia
The Schaft Creek project is an advanced stage porphyry copper-gold-molybdenum-silver project in northwest British Columbia. The project comprises approximately 55,779.56 hectares in the Cassiar-Liard mining division located 278 kilometers from the Port of Stewart, North America’s closest deep-water seaport to China.
In July 2013, Copper Fox and Teck executed a joint venture agreement whereby Copper Fox holds a 25-percent carried interest in the Schaft Creek Joint Venture (SCJV) and Teck holds 75 percent along with operatorship. Since 2013, the SCJV completed additional geotechnical studies, diamond drilling, collected environmental baseline data and an updated geological model for the project.
First discovered in the late 1950s, Schaft Creek has an extensive exploration history including the completion of 444 drill holes totaling 108,459 meters. The deposit contains three mineralized zones: the Liard zone (also referred to as the Main zone), the West Breccia zone and the Paramount zone.
2013 Feasibility Study
Copper Fox completed a feasibility study on the property in January 2013. Highlights of the study include:
Initial mine life of 21 years at a milling rate of 130,000 tonnes per day – open pit mine at 2:1 strip ratio;
Initial capital cost of $3.26 billion, which includes contingencies of $374 million;
Proven and probable mineral reserves total 940.8 million tonnes grading 0.27 percent copper, 0.19 g/t gold, 0.018 percent molybdenum and 1.72 g/t silver containing 5.6 billion pounds of copper, 5.8 million ounces of gold, 363.5 million pounds of molybdenum and 51.7 million ounces of silver;
The NPV and IRR of the project are most sensitive to the foreign exchange (FOREX) followed by the price of copper. A FOREX of C$0.97 and US$1 was used in the feasibility study;
One percentage point change in the FOREX increases the project NPV by US$75 million (discounted at eight percent) over the life of mine;
The project has positive NPV and IRR;
Five-year, pre-production period (includes permitting, road, power line and facilities construction);
The feasibility study also identified a number of enhancements that could improve the economics of the project.
The feasibility study was based on a proven and probable reserve of 940.8 million tonnes grading 0.27 percent copper, 0.19 g/t gold, 0.18 percent molybdenum and 1.72 g/t silver, containing 5.6 billion pounds of copper, 5.7 million ounces of gold, 363.5 million pounds of molybdenum and 51.7 million ounces of silver. From this, Copper Fox expects annual production of 105,000 tonnes (232 million pounds) of copper, 201,000 ounces of gold, 1.2 million ounces of silver and 10.2 million pounds of molybdenum over the life of mine.
The feasibility study also included a measured and indicated resource of 1.2 billion tonnes grading 0.26 percent copper, 0.017 percent molybdenum, 0.19 g/t gold and 1.69 g/t silver and an inferred resource grading 0.22 percent copper, 0.016 percent molybdenum, 0.17 g/t gold and 1.65 g/t silver. The proven and probable reserves are included in the measured and indicated resources.
Resource Category
Tonnes (Mt)
Cu (%)
Mo (%)
Au (g/t)
Ag (g/t)
Cu (lb)
Mo (lb)
Au (ozs)
Ag (ozs)
Measured
146.62
0.31
0.017
0.24
1.78
1,001,766,488
54,935,582
1,131,345
8,390,811
Indicated
1,081.84
0.26
0.017
0.18
1.68
6,199,375,936
405,343,811
6,260,749
58,433,655
Inferred
597.19
0.22
0.020
0.17
1.65
2,895,654,872
263,241,352
3,264,015
31,680,149
Technical Studies
In 2014, the SCJV commenced a series of optimization studies to advance the project, including metallurgical, pit slope design, geological modeling and environmental monitoring. Fieldwork conducted at this time led to the discovery of the copper-gold mineralization in the LaCasse zone.
In 2015, the SCJV completed studies that were focused on daily throughput rates, mine and infrastructure planning, water management, updating the resource model and tailings storage. Optimization studies also included a comminution study to determine power requirements, milling capacity and circuit design, Geomet Unit definition, generation of new Whittle pits and preparation of mine schedules.
The SCJV also completed re-logging approximately 43,000 meters of drill core from the Schaft Creek deposit. The company also completed surface mapping and geochemical and geophysical surveys on the property that identified several new exploration targets to the north and south of the deposit.
The Conceptual infrastructure of Schaft Creek deposit based on 2013 feasibility study
The following year, the SCJV used drilling results from 2013 and re-logged drill core information to update that resource model for the Schaft Creek deposit with an emphasis placed on better understanding the controls on the copper and precious metals. In 2017, the SCJV completed resource remodeling, desktop engineering and trade-off studies, collection of environmental baseline data, applied for a multi-year area-based permit and engaged in social activities with the Tahltan Nation.
The positive outcome of the 2017 work program formed the basis of the 2018 sizing and infrastructure alternative study. The study investigated four sizing scenarios targeting capital, operating and sustaining cost reductions, a higher-grade initial starter pit and other ways to improve project economics. The final report suggested that a 133,000 tonnes per day scenario should be selected for in-depth study in 2019.
In 2019, the SCJV dedicated C$2.1 million to evaluate the identified engineering improvement options further to reduce capital and operating costs assuming the 133,000 tonnes per day throughput case. The 2019 program also includes a review of the site characteristics of potential revisions to key infrastructure elements, such as tailing storage, conveyance systems, ore and waste transport options and mill location based on a 133,000 tonnes per day throughput case.
Van Dyke Copper Project – Arizona
Copper Fox holds a 100-percent interest in the 1,312.8-acre Van Dyke in-situ leach (ISL) copper project. The property is located in the Globe-Miami mining district, 90 miles east of Phoenix, Arizona. The district is located along the Globe-Miami and Casa Grande structural trend, which hosts the Casa Grande, Florence, Ray, Resolution and Globe-Miami copper deposits.
The Van Dyke copper deposit is located within the Globe-Miami mining district, which hosted four principle orebodies: Live Oak, Thornton, Miami Caved and Miami East. The property was first explored and developed in the early 1900s. Between 1929 and 1945, the Van Dyke property was in production and reportedly produced 11.8 million pounds of copper with a grade of five percent copper.
2015 PEA and Resource Estimate
In January 2015, Copper Fox completed a NI 43-101 resource estimate for the project reporting an inferred resource estimate of 261.7 million tonnes grading 0.25 percent copper at a 0.05 percent copper cut-off (estimated 1.44 billion pounds of copper) and completed a PEA for the Van Dyke deposit in December 2015.
The 2015 PEA is the first NI 43-101 engineering technical study completed on the project and suggests that Van Dyke is a technically sound ISL copper project, using underground access, conventional solvent extraction and electrowinning (SX-EW) recovery methods with low cash costs, strong cash flows and an after-tax internal rate of return (IRR) of 27.9 percent.
2015 PEA Highlights (based on US$3 per pound copper):
Gross revenue of US$1.37 billion over 11-year life of mine;
Cumulative net free cash flow after recovery of initial capital costs of US$453.1 million before tax and US$342.2 million after-tax;
Net free cash flow within the first six years is approximately US$72 million per year before tax, declining after that;
LOM direct operating cost of US$0.60 per pound copper;
Production plan of 60 million pounds of copper within the first six years, declining thereafter;
Initial capital cost (including pre-production costs) totals US$204.4 million, including contingencies of US$42.4 million;
LOM soluble copper recovery estimated at 68 percent with acid consumption of 1.5 pounds of acid per pounds of copper produced;
After-tax payback of initial capital in 3.9 years.
“The PEA has fulfilled its purpose and indicates that the project warrants more detailed testing and engineering,” said Stewart. “The PEA has identified several aspects that, with positive results from the updated resource estimate along with additional testing and engineering, could extend the mine life and significantly increase project economics, indicating that Van Dyke could become a strong project in the mid-size copper development space.”
The 2015 PEA identified several aspects of the project that could have a positive impact on the project’s economics. The report also recommended that a pre-feasibility study should be completed to move the project forward.
Exploration
Between 1968 and 1980, Occidental Minerals Corporation drilled 70 exploration holes (62 of which encountered measurable copper mineralization) on the Van Dyke property. Forty-six of these were used to estimate a historical resource of 112 million tons at a grade of 0.52 percent copper. Occidental also conducted two ISL tests on the Van Dyke oxide copper deposit. Results of Occidental’s ISL tests were positive.
In July 2014, Copper Fox completed a six-hole (3,211.7-meter) verification diamond drill program on the Van Dyke oxide copper deposit. All six drill holes intersected oxide copper mineralization over broad intervals with the soluble copper concentrations to total copper concentration ratio ranging from 73 percent to 97 percent. Based on modeling completed after the 2014 drilling program, the deposit is interpreted to be open to the west.
In late 2014, Copper Fox announced the results of in-situ pressure leaching tests on samples of the oxide copper mineralization from the Van Dyke deposit. The objectives of the test work were to evaluate copper dissolution kinetics, total soluble copper extraction (recovery), acid consumption and to simulate the underground hydraulic pressure in an in-situ leaching process. The test work indicated that approximately 89 percent of the copper contained in the samples reports as soluble copper with copper extractions averaging 63 percent over a 120 day leach period.
In 2019, Copper Fox commenced a program to re-analyze all historical pulp samples and selected core intervals. The objectives of the program were to define the full extent of the soluble copper envelope for the Van Dyke deposit and to update the geological model for the project. Initial results show a 29 percent increase in acid-soluble copper concentration and thicker mineralized intervals when compared to the project’s original database.
The results from the analytical program and an updated geological model form the basis for the updated resource estimate for the Van Dyke deposit. Copper Fox retained Moose Mountain Technical Services to complete the updated resource estimate, which was released in March 2020. Highlights from the resource estimate include:
An indicated resource of 97.6 million tonnes, grading 0.33 percent total copper and 0.24 percent total recovered soluble copper containing 717 million pounds of total copper and 517 million pounds of recoverable soluble copper
An inferred resource of 168.0 million tonnes, grading 0.27 percent total copper and 0.19 percent total recovered soluble copper containing 1.0 billion pounds of total copper and 699 million pounds of recoverable soluble copper
The 2019 re-assay program conducted by Copper Fox and updated geologic interpretation resulted in a significant increase in contained soluble copper within the Van Dyke copper deposit when compared to the previous 2015 estimate. The mineralized envelope of the Van Dyke copper deposit is open to the south and southwest. Moving forward, the company intends to continue to explore the property in order to define unknown zones of mineralization.
“The 2019 work program has increased the confidence level in the project resources and significantly increased the recoverable soluble copper content of the Van Dyke deposit. The 2019 review of historical exploration data combined with the current resource estimation, indicates the deposit could be open to the south and southwest with a possible strike extension of between 1 and 2 kms. Additional drilling will be required to realize this potential and to define the un-explored portions of the Van Dyke deposit,” said Stewart.
Mineral Mountain Copper Project – Arizona
Copper Fox has 100-percent ownership of the 4,905-acre Mineral Mountain copper project located east of Florence, Arizona. The Laramide porphyry copper province in Arizona is one of the most prolific copper mineralized districts in the world. The Globe-Miami, Resolution, Florence and Casa Grande copper districts are located in central Arizona and occur along a northeast trend. The Mineral Mountain copper project is located on this trend between the Florence and Resolution copper deposits.
“The discovery of new porphyry copper districts in geopolitically stable areas is fundamental to the future of the copper industry,” explained Stewart. “The Mineral Mountain project exhibits the surface characteristics of a buried porphyry copper deposit and provides Copper Fox considerable exposure to copper exploration in the Laramide porphyry copper province of Arizona in an easily accessible location.”
Historical Exploration
Historical exploration for the project includes bulldozed trenching and an Induced potential geophysical survey (1971) completed within a 3,000-foot by 2,000-foot area of copper +/- molybdenite mineralization hosted in a Laramide age quartz monzonite intrusion.
“The review of a number of historical exploration reports has significantly advanced our understanding of the property and focussed the 2018 exploration program,” said Stewart. “The porphyry copper target is hosted in a Laramide age quartz monzonite, the main host rock for porphyry copper deposits in Arizona. The precious metal targets were previously mined for higher-grade gold-silver-base metal mineralization. Based on our review, the area does not appear to have been explored for lower-grade precious metal mineralization.”
Ongoing Exploration
Between 2015 and 2018, Copper Fox identified two large areas of porphyry-style copper-molybdenum-gold mineralization on the property. The first target known as Area 1, hosts approximately 600 copper showings in outcrops over a 4,500-meter-long by up to 2,000-meter-wide area in that portion of the quartz monzonite stock along the contact with the Precambrian Pinal schist. The primary copper minerals are malachite, chrysocolla, chalcocite as well as rare covellite and chalcopyrite occur as disseminations, in quartz veinlets and along fractures primarily hosted in potassic and phyllic-altered Laramide age quartz monzonite. Within the area of copper mineralization, three zones of disseminated copper-molybdenum mineralization occur; the largest of which measures approximately 1,000 meters long by 350meters to 450 meters wide with concentrations of up to 0.2 percent molybdenum. The copper mineralization correlates with a positive chargeability and resistivity anomaly (1,800 meters by 900 meters) outlined in 1971. The molybdenite mineralization (“B” veins – porphyry terminology) and spatial distribution of the different styles of copper mineralization suggest an outward progression from the core of a porphyry system.
The copper mineralization in Area 2 occurs over an area that measures 2,800 meters long, averages 400 meters wide and is characterized by quartz vein and fracture-controlled copper mineralization in Laramide age dikes and Precambrian age Pinal schist, diabase and granite. The copper mineralization in Area 2 contains significantly lower concentrations of molybdenum than Area 1. The lower molybdenum concentrations and different styles of copper mineralization are interpreted to reflect the depth to the potential porphyry stock.
The average metal concentrations of the three styles of copper mineralization in Area 1 and Area 2 are shown below.
Style of Mineralization
Number of Samples
Cu (ppm)
Cu (%)
Mo (ppm)
Au (ppb)
Ag (ppm)
Disseminated
47
5,752
0.575
71.8
57.9
6.6
Quartz Vein
141
12,020
1.202
65.3
127.5
16.3
Fracture
135
4,223
0.422
13.6
43.1
7.3
Average Concentration
The 2018 rock chip sampling program was completed over the two target areas to characterize the mineralized structures exposed in outcrops. The sampling program returned values of up to 10.38 percent copper and 0.208 percent molybdenum in Area 1.
Sombrero Butte Project – Arizona
The 2,913-acre Sombrero Butte project is located in the Bunker Hill mining district in the Laramide porphyry copper province in Arizona; one of the most prolific copper mineralized districts in the world. The project is located on a trend that hosts large porphyry copper deposits such as the San Manuel-Kalamazoo, Ray and Copper Creek deposits. The region is a well-known mining jurisdiction with excellent and readily available infrastructure. The property is 100-percent owned by Copper Fox. During the early 1900s, copper mining activities were conducted within the property with Magma Chief being the largest mine in the district.
Exploration Activities:
Mineralized breccia pipes commonly represent the surface expression of buried porphyry copper deposits in Arizona. Between 2006 and 2008, Bell Copper Corp. (TSXV:BCU) completed 34 diamond drill holes testing seven mineralized breccia pipes located at the north end of the property. This program yielded significant copper mineralization. Selected mineralized intervals from the Bell Copper drilling are listed below:
Breccia Pipe
DDH
From (m)
To (m)
Int. (m)
Cu (%)
Mo (%)
Au (ppm)
Ag (ppm)
Campstool
SB-03
224
466
318
492
94
26
0.23
1.19
0.005
0.013
0.05
0.08
1.31
4.83
Sunset
SB-05
18
86
40
104
22
18
4.38
1.37
0.001
tr
tr
tr
5.03
tr
Rattler
SB-09
96
110
14
0.83
tr
tr
tr
Audacious
SB-14
24
86
62
1.43
tr
tr
tr
Magna
SB-23
276
306
458
306
358
506
30
52
48
0.68
0.82
1.27
0.001
0.004
0.040
tr
0.03
0.09
tr
0.69
3.81
The mineralized intervals listed in the above table do not represent true widths.
Copper Fox purchased the project in 2012 and completed surface exploration which identified two surface exploration targets.
Copper Fox commissioned a Titan-24 DCIP survey in July 2015, and the results of the IP survey support the interpretation of the presence of a buried porphyry copper system. The chargeability signature exhibits a strong positive correlation with the alternation, mineralization and copper-molybdenite geochemical anomalies outlined in 2013 as well as the mineralized breccia pipes and historical drill results.
Two large porphyry copper targets have been identified on the property. At the south end of the property a 2,000-meter-long porphyry copper target consisting of copper-molybdenum geochemical anomalies, copper-molybdenite veins, associated potassic and argillic alteration, pyrite veining (now limonite) and 40 mineralized breccia pipes, of which only six have been drill tested. Within this target, at least 12 breccia pipes show intense dickite alteration—an indicator mineral of advanced argillic alteration, an alteration that occurs in many of the region’s porphyry copper deposits, including BHP Group PLC’s (LSE:BHP) San Manuel-Kalamazoo deposit.
Copper Fox released the results of a study completed in October 2016 on the chemistry of six hydrothermal breccia pipes within an area that measures 300 meters by 400 meters at the north end of the Sombrero Butte project. The remaining 18 hydrothermal breccia pipes at the north end of the property and hydrothermal breccia pipes located in the center of the property were not included in the study due to the lack of geochemical data.
“This study supports the presence of a buried porphyry system and shows that the breccia pipes acted as a pathway for a complex multi-phase introduction of metals,” said Stewart. “In addition to the pipes that contain significant concentrations of copper-molybdenum-gold-silver mineralization, the bottom 500-meter interval of diamond drill hole SB-23 is interpreted to have intersected the outer portion of a porphyry system commonly referred to as a ‘pyrite shell.’ The fact that the 2015 Titan-24 DCIP survey mapped the mineralized breccia pipes has advanced our interpretation of other chargeability anomalies within the property.”
The 2016 study focused on trace elements, such as molybdenum, gold, silver, arsenic, antimony and tungsten, elements that are commonly associated with a porphyry copper system. While analytical results for copper were previously announced by Bell Copper, the results for molybdenum-gold-silver and associated elements had not been previously announced.
A mapping and sampling program is planned to commence in the near term on the Sombrero Butte property. The program is expected to focus on the surface expression of the large chargeability and resistivity anomaly located in the south-central portion of the property. Copper Fox is looking for vein types, alteration and distribution of copper-molybdenite mineralization in this area.
District Copper Investment
Copper Fox owns 24.4 percent of the issued and outstanding shares of District Copper (formerly Carmax Mining Corp.). Looking to capitalize on the rising gold prices, District Copper picked up assets in the gold exploration space in 2018. District Copper now has two properties in its portfolio: the Stony Lake gold project and the Eaglehead copper-molybdenum-gold-silver project.
Stony Lake Project – Newfoundland
The 13,025-hectare Stony Lake gold project covers a 27-kilometer portion of the Cape Ray-Valentine Lake Structural trend in central Newfoundland. This area is part of Canada’s newest emerging orogenic gold district. The region hosts several recent high-grade gold discoveries including Sokoman Iron Corporation’s Moosehead discovery, Antler Gold Inc.’s (TSXV:ANTL) Twilight zone and Marathon Gold Corp.’s (TSX:MOZ) Valentine Lake gold deposit. The Stony Lake property is located between the Twilight and Moosehead discoveries.
Following the acquisition of the Stony Lake project, District Copper expanded the size of the Stony Lake project by acquiring the Duffitt and Island Pond gold projects which are contiguous with or adjacent to the Stony Lake project.
Exploration
In 2019, prospecting and sampling (286 samples) and mapping of lithologies, alterations, and styles of mineralization was completed. Selected samples were collected from outcrop, sub crop and large angular boulders (close to bedrock) to characterize the precious and base metals and trace element geochemistry present in veins, other mineralized structures and outcrops.
An airborne geophysical survey was completed in August 2019. The compilation and interpretation of the geophysical results are in progress.
The 2019 program outlined eight areas of anomalous to low-grade gold mineralization (greater than 50 to 4,026 ppb). The gold mineralization is hosted in pyrite and arsenopyrite bearing quartz-feldspar porphyry, reduced sandstone, quartz stockwork and quartz veins, characterized by varying intensities of sericite, silica, ankerite, carbonate and chlorite alteration typically as pervasive alteration and envelopes around quartz stockwork, quartz veins. The mineralization exhibits arsenic-antimony-molybdenum geochemical associations.
The parameters that characterize the anomalous to low-grade gold mineralization located on the Stony Lake property suggest the potential for a sediment-hosted intrusion-related gold environment. Sediment-hosted intrusion-related gold mineralization is characterized by faulted and folded siliciclastic rocks, granitic intrusions, regional-scale faults, sericite with late carbonate alteration, mineralization hosted in sheeted veinlets, stockwork, disseminated and vein swarms with gold, silver, bismuth, tungsten and molybdenum geochemical associations.
The zones of anomalous to low-grade gold mineralization are located along an interpreted northeast-southwest trending corridor located in the western side of the property. Sampling to the west and east of the interpreted corridor returned low (less than 20 ppb gold) concentrations of gold. It is expected that the results of the airborne survey should provide insight into the structural control if any of these areas of anomalous to low-grade gold mineralization.
Eaglehead Project—British Columbia
The 15,956-hectare Eaglehead copper-molybdenum-gold-silver project is located in the Laird mining district in northern British Columbia. The project is currently on care and maintenance.
Exploration
Between 2014 and 2018, District Copper re-logged 94 historical diamond drill holes, completed airborne and ground geophysical surveys, preliminary rock characterization test work and drilled six holes to test the continuity of the East, Bornite and Pass zones. The company also sampled, re-sampled and re-analyzed 22,697 meters of drill core from 99 historical drill holes. In 2018, District Copper completed the re-logging, sampling and resampling work required to eliminate “legacy data” issues relating to the Eaglehead project.
In 2017, Copper Fox released a NI 43-101 technical report on the Eaglehead project. The report recommended that C$4.95 million is warranted to evaluate the potential of the project.
Preliminary Metallurgical Testing
Preliminary flotation test work on mineralization from the Eaglehead deposit indicates about 88 percent copper, 74 percent gold, 72 percent silver and a minimum of 55 percent molybdenum recoveries into a clean 28-36 percent copper concentrate.
Copper Fox’s Management Team
Elmer B. Stewart, P.Geol, MSc. – Chairperson of the Board, President and CEO
Elmer Stewart has over 42 years of domestic and international experience in mining and exploration for gold, uranium, base metals and copper. During his career, he has been involved in the financing and acquisition of a number of base metal and gold projects as well the development and construction of two underground mines and the construction and operation of three open pit gold mines. With approximately 30 years of experience at the senior management level for various companies listed on the TSX and TSXV, he is currently the Chairman, CEO and President of Copper Fox Metals Inc., Chairman of District Copper Corp. and is a Director of Liard Copper Mines Ltd. Stewart is Copper Fox’s representative on the Management Committee for the Schaft Creek Joint Venture
Braden Jensen, CA, B.Comm. – Chief Financial Officer
Braden Jensen is a chartered accountant with a bachelor of commerce degree from the University of Victoria. Jensen began his career and training with KPMG LLP. He was in the public practice sector for six years, concentrating in commodities-based accounting and tax prior to entering the resource sector where he has been responsible for reporting on exploration and operations.
Hector MacKay-Dunn, Q.C. – Director
Hector MacKay-Dunn is a Senior Partner at Farris, Vaughan, Wills & Murphy LLP where he advises private and public high-growth companies in a broad range of industries on domestic and cross-border private and public securities offerings, mergers and acquisitions, tender offers and international partnering transactions. MacKay-Dunn is recognized by Lexpert, a respected Canadian legal publication, as being among the top 100 Canada/US cross-border corporate lawyers in Canada and among Canada’s leading lawyers in mergers in acquisitions, technology and biotechnology. Appointed Queen’s Counsel in 2003, he holds the highest (AV Pre-eminent) legal ability rating from Martindale-Hubbell, an authoritative and global source for identifying leading lawyers and law firms, and the Best Lawyers in Canada ranks him as a national leader in technology and biotechnology.
Michael Smith – Director
Michael Smith has been a director of Copper Fox Metals since September 2004 and was Executive Vice-President until his retirement in September 2013. Smith had a 38-year banking career with RBC Royal Bank, holding senior management positions in Calgary, Edmonton, Montreal and New York. Mr. Smith is currently a Director and a member of the Audit Committee for Copper Fox, a Director and Chairman of the Audit Committee for District Copper as well as a Director and Treasurer of a registered public charity.
Ernesto Echavarria, CPA – Director
Ernesto Echavarria is a Certified Public Accountant and has extensive experience both at the executive and board levels of large corporations. He is a significant investor with a number of major corporations in Mexico including MegaCable Holding Sab, a controlling shareholder, and is an executive and Director of Franks Distributing, a major international distributor of fruits and vegetables. Echavarria is also an investor and Director of numerous other entities, including mining companies.
Erik Koudstaal, CA – Director
Erik Koudstaal is a Canadian Chartered Accountant and a retired partner of Ernst and Young. His accounting career spans 40 plus years in The Netherlands, Canada, Africa (Nigeria), Asia (Singapore), Europe (Spain) and the United States. Koudstaal retired from Ernst and Young’s New York International office in 2001. His multinational clients were in natural resources, banking, manufacturing and technology. Since retiring, he has been a financial consultant and a Board Member (Treasurer) of two organizations. In January 2008, Koudstaal completed the Governance Essentials Program for Directors (not-for-profit) at the Institute of Corporate Directors and the Rotman School of Management, University of Toronto.
Precious and Base Metal Prospect Generator in Ontario
Overview
Noble Mineral Exploration (TSXV:NOB,FWB:NB7,OTC Pink:NLPXF) is a junior exploration company operating under a prospect generator model in the Timmins-Cochrane area of Northern Ontario. As a prospect generator, the company intends to sign multiple joint venture partnerships that consist of large share and warrant positions. The model is expected to provide Noble Mineral with additional liquidity opportunities while de-risking early-stage exploration as the company’s partners fund exploration on the project.
Noble Mineral holds the 79,000-hectare Project 81 property which hosts numerous drill-ready gold, nickel, cobalt, platinum, palladium and VMS-base metal targets. The property is adjacent to Glencore’s (LSE:GLEN) Kidd Creek zinc–copper–silver (VMS) mine and milling complex. Noble Mineral has also signed MOUs with the Mattagami, Matachewan and TTN First Nations communities to ensure that there is mutual respect for the land and a responsible approach to exploration.
Due to the enormous size of the property, Noble Mineral has divided Project 81 into separate sections for the purpose of forming a number of joint venture exploration projects across the property. The company is planning multiple drill programs across the property that are expected to commence in the near term.
Noble Mineral recently created a pure-play nickel company, Canada Nickel Company, through the repurchase and consolidation of 100 percent of the Crawford nickel sulfide project, a part of Project 81. The company also announced its intent to complete a fully-subscribed $5 million private placement into Canada Nickel to fund the cost of the Crawford project consolidation and continue exploration and mineralogical work.
Canada Nickel is to be led by Mark Selby, who is expected to be appointed Chairman and CEO. Mark Selby was most recently President and CEO of RNC Minerals, where he led the development of the Dumont nickel-cobalt project through to a fully-permitted, construction-ready project. Before RNC Minerals, he held senior management roles at Quadra and Inco. He is recognized as a leading authority on the nickel market.
Noble Mineral has also formed numerous strategic financial and technical partnerships that apply state-of-the-art technology to help identify various types of mineralization. Some of the company’s partners include MacDonald Mines Exploration Ltd. (TSXV:BMK), a Canadian precious metals explorer; Orix Geoscience Inc., a geological consulting firm; BECI Exploration Consulting, an innovative airborne mineral exploration technology developer; CGG Multiphysics, a fully-integrated geoscience company providing leading geological, geophysical (airborne gravity gradiometer) and reservoir services; Albert Mining (TSXV:AIIM) to produce artificial intelligence (AI); IBK as their financial advisor; and Franco-Nevada (TSX:FNV) (NSR-royalty holder).
Noble Mineral’s Company Highlights
Operates under a prospect generator model.
Wholly-owned 79,000-hectare Project 81 precious, nickel-cobalt and base metal property near Timmins, Ontario.
Property adjacent to Glencore’s Kidd Creek VMS mine and milling complex.
MOUs in place with First Nations communities.
Recently created a pure-play nickel company, Canada Nickel Company with the consolidation of 100 percent of the Crawford nickel sulfide project.
Follow-up exploration planned on several areas of the project.
Noble closes acquisition of 50 percent interest in claims in Carnegie, Kidd, wark and Prosser townships near Timmins, Ontario.
Project 81
The 79,000 plus-hectare Project 81 property is located in the Timmins-Cochrane area of northern Ontario and is comprised of patented mineral rights, as well as additional contiguous staked mining claims. The property remains mostly underexplored and is prospective for gold, silver, nickel, cobalt, platinum group metals (PGM), chromium, copper, lead, VMS and zinc deposits.
Project 81 is within three kilometers of Glencore’s Kidd Creek zinc-copper-silver mine complex, 30 kilometers from the Porcupine-Destor main break and within 25 kilometers of the city of Timmins, Ontario. The property is accessible by paved highway and has access to high-voltage transmission lines, hydropower, water, mining personnel and mining service suppliers and contractors.
Noble Mineral recently began negotiating the reduction of the net smelter return (NSR) for the Project 81 patented mineral rights from five percent to two percent. “We’re pleased to have reached this understanding in relation to the NSR on Project 81, as we believe the significant reduction of the NSR Royalty will attract more option and joint venture partners to pursue and fund the exploration of our Project 81,” said Noble Mineral President and CEO Vance White.
Crawford
The Crawford nickel sulfide project covers 9,000 hectares of the larger Project 81 property and is approximately 14 kilometers north of the Kidd Creek mine. Noble Mineral recently consolidated the Crawford project into the Canada Nickel Company.
In 2017, Noble Mineral engaged Orix Geoscience Inc. to compile the historical data for several sections of Project 81, including the Crawford property. Orix identified several historical drill holes with significant nickel assay results. Drill highlights include 433.43 meters grading 0.25 percent nickel, 236.2 meters grading 0.34 percent nickel and 253.4 meters grading 0.24 percent nickel.
Noble Mineral then completed an airborne magnetic and EM survey that displayed strong magnetic anomalies over nickel-bearing bodies on the property. The anomaly has a two-kilometer strike length which could be favorable to large tonnage, low-grade and near-surface nickel deposits. It could also be amenable to low-cost, open-pit mining methods.
In 2018, Noble Mineral and its joint venture partner completed an airborne gravity gradiometer survey and an AI study over the entire township area which led to a drill program on the property. Highlights from the program include 291 meters grading 0.293 percent nickel, 118 ppm cobalt, 0.011 g/t platinum, 0.020 palladium and 0.002 g/t gold and 130.5 meters grading 0.299 percent nickel, 140 ppm cobalt, 0.028 g/t platinum, 0.055 palladium and 0.006 g/t gold and 196.5 meters grading 0.332 percent nickel, 135 ppm cobalt, 0.010 g/t platinum, 0.027 g/t palladium and 0.002 g/t gold.
In 2019, Noble Mineral released the results of its mineralogical studies which sought to determine if nickel occurs in the sulfide state and if it could be economically extracted. Twelve samples were tested and found that most of the mineralization is contained in nickel sulfides. Noble Mineral intends to follow up these results with metallurgical testing.
During the company’s 2019 winter drill program, Noble Mineral intersected 12 meters of zinc mineralization with some sections that graded greater than one percent zinc. Another hole encountered up to 18 meters of massive to semi-massive sulfide that contained anomalous and low-grade zinc.
Noble Mineral completed the project property transfer to Canada Nickel in December 2019. Since taking over the project, Canada Nickel has completed its inaugural drill program on the property, completing nine holes for a total of 5,267 meters. Four of the holes returned mineralization over a total of 500 meters, extending the strike length to over 1.4 kilometers. The area of interest remains open along strike, at depth and to the north.
A higher-grade area to the north of the structure was defined across a one-kilometer strike length. The company intersected 390 meters grading 0.271 percent nickel, 0.014 percent cobalt, including 134 meters grading 0.357 percent nickel, 0.015 percent cobalt and 0.09 g/t platinum and palladium. The structure remains open to the north, west and at depth.
Canada Nickel plans to mobilize a second drill to the property to begin drilling on additional targets and to establish an initial resource. The company also plans to accelerate its mineralogy and metallurgical testing.
Lucas
Between the 1960s and 1980s, drilling and exploration were conducted at the Lucas gold project. No significant exploration work, however, has been completed on the property since the 1980s. Historic (non-NI 43-101 compliant) drill highlights include 9.14 meters grading 3.14 g/t gold and 8.84 meters grading 3.5 g/t gold. The project also has six discrete parallel IP anomalous trends that require follow-up exploration.
In 2012 and 2018, Noble Mineral completed airborne electromagnetic and magnetic geophysical surveys on the property. The surveys outlined an anomalous gold trend that was followed up with a 3,183.93-meter drill program over 650 meters of the 1,700-meter strike length. Highlights from the 2018 drill program include five meters grading 1.42 g/t gold and 9.5 meters grading 1.84 g/t gold.
The company believes that the gold mineralization at Lucas is structurally-controlled and occur as discrete lenses stacked within the pyrite-gold mineralized tuff unit. Noble Mineral intends to conduct follow-up drilling during future work programs.
Kingsmill
The 10,000-hectare Kingsmill property hosts a nickel-cobalt deposit with a strike length of 2,500 meters, a width between 400 meters and 800 meters and a depth of over 600 meters. The deposit has an average grade of 0.25 percent nickel and 113 ppm cobalt.
In 2012, Noble Mineral completed airborne electromagnetic and magnetic geophysical surveys on the property which were followed by a 4,922-meter drill program. Highlights from the program include 114.2 meters grading up to 0.25 percent nickel and 437.6 meters grading up to 0.28 percent nickel.
Preliminary metallurgical studies have also been conducted on the drill core samples. In 2018, a peroxide fusion analysis was performed on 32 samples from the 2012 drill program to evaluate and compare the cobalt grade of the deposit.
Carnegie
Noble Mineral also has signed an option and joint venture agreement with a group of private investors for 2,000 hectares and a 51 percent interest in the Carnegie project. In 2017, the joint venture completed 2,100-line-kilometers of airborne electromagnetic and magnetic surveys over the property, an airborne gravity gradiometer survey, and an AI study over the entire 10,000-hectare township.
Mahaffy
The 4,855-hectare Mahaffy township project is approximately 20 kilometers northwest of the Kidd Creek mine. The work completed on the project includes airborne electromagnetic and magnetic geophysical surveys as well as an airTEM survey. The airTEM survey displayed a strong magnetic body that strikes east-southeast for seven kilometers.
There are also two EM conductor trends on the property that occur near, but not within, magnetic features. Noble Mineral believes that the trends are altered structures that could host gold, nickel, copper and PGEs. Noble Mineral plans to follow up on these trends with a drill program in the upcoming work season.
Calder, Lennox and Bradburn
The 2,400-hectare Lennox project and 8,300-hectare Calder and Bradburn projects are approximately 33 kilometers north of the Kidd Creek mine. Modern airborne electromagnetic and magnetic geophysical surveys were completed on the properties in 2012. Follow-up orientation and definition airborne magnetic and EM surveys were completed in 2017.
Noble Mineral has identified several drill-ready targets within the Calder, Lennox and Bradburn townships.. The first target is a copper-gold-silver target with a 900-meter strike length residing in the Calder township. The second target is in Lennox township and is a 1,700-meter trend that has seen limited historical exploration. In the 1960s, Inco drilled 13.4 meters grading 0.24 percent copper. The third target is a 400-meter VMS copper-lead-zinc trend in Bradburn township. Bradburn also hosts what Noble Mineral’s believes is the faulted extension of the Kingsmill nickel deposit.
MacDiarmid
The 3,681-hectare MacDiarmid property is 10 kilometers west of the Kidd Creek mine. In 2018, an airborne electromagnetic and magnetic geophysical survey was completed on the property. The survey outlined a well-developed EM magnetic feature with a 2.5-kilometer strike length that appears to be dipping steeply to the south. Noble Mineral intends to conduct follow up drilling on the property in the near term.
Moving forward
Noble Mineral is in discussions for two additional option and joint venture partnerships for Project 81. Noble Mineral also intends to follow up on the known mineralized structures with drill programs on various parts of the property.
Noble Mineral’s Management Team
Vance White – President, CEO and Director
Vance White has served as President and Director of the company since 2003. He has been actively involved in the mineral exploration and production industry for over 40 years. He has also been a director and/or officer of several other reporting issuers, including Dickenson Mines Limited (taken over in 1980’s to form Goldcorp) and was the founder of AfriOre Limited (taken over by Lonmin in the 1990’s).
Robert Suttie – CFO
Robert Suttie currently works with Marrelli Support Services as its Vice President. He possesses over 20 years of experience, 10 of which were in public accounting prior to his tenure with the Marrelli organization. He specializes in management advisory services, accounting and the financial disclosure needs of the Marrelli group’s public client base. In addition to Noble, Suttie also serves as CFO for a number of other junior mining companies listed on the TSX and TSXV, leveraging his skills and experience to become integral to the reporting issuers.
Randy S.C Singh, P.Geo. (ON), P.Eng. (ON) – VP Exploration and Project Development
Randy Singh has worked as a geologist in various capacities for a number of major companies, including Utah Mines Ltd., HBMS, Noranda, Syncrude and Placer Dome in Canada, the US, Mexico, Guyana, Venezuela, Ghana and Zimbabwe, as well as for a number of juniors including Golden Star Resources, Guyana Gold Corp., Venezuelan Goldfields, Mount Grant Mines, South American Goldfields, Queenstake Resources and Gold Port Resources. He has also worked as an engineer for Syncrude Canada Ltd., EBA Engineering and Thurber Consultants.
Denis Frawley is a corporate and securities lawyer at Ormston List Frawley LLP, where he has been practicing since 2006. He regularly advises companies involved in the mineral resource exploration and mining industries on matters related to corporate law, securities law, corporate governance matters and related areas. He also routinely advises private and public companies on financings, mergers and acquisitions, joint ventures and general commercial and business matters. In addition, as part of his practice advising public companies, he frequently advises on reverse takeovers and other transformative transactions.
Prior to founding Ormston List Frawley LLP, he was a partner in Toronto at another leading Canadian law firm. He received his LL.B (common law) and B.C.L. (civil law) from McGill University in 1996, and his B.Soc.Sc (Economics) from the University of Ottawa in 1992. He is permitted to practice in Ontario and New York.
Birks Bovaird – Director
For a majority of his career, Birks Bovaird’s focus has been on the provision and implementation of corporate financial consulting and strategic planning services. He was previously the VP of Corporate Finance for one of Canada’s major accounting firms. He presently is the Chairman of Energy Fuels Inc., a premier US-based integrated uranium miner listed on the TSX and NYSE. He is Chairman of GTA Resources and Mining Inc. as well as a member of the audit committee. He has previously been involved with numerous public resource companies, both as a member of management and as a director. He is a graduate of the Canadian Director Education Program and holds an ICD.D designation.
Michael C. Newbury, P.Eng. – Director
Michael Newbury is a professional engineer, banker and project finance specialist with over 30 years experience in the operation, financing and evaluation of natural resource projects. His mining and technical expertise, as well as financial and engineering capabilities, enable the evaluation and assessment of projects, to the development of operational plans and financial structures that manage project risk, minimize equity requirements and maximize shareholder value.
Newbury has a B.Sc. from McGill University, managed Barclays Bank’s World Mining Group and the Credit Suisse Corporate Banking Group. He was one of the initial partners in Endeavour Financial and provided his technical expertise to that group for over 10 years. He has extensive experience in the evaluation and financial structuring of natural resource projects in emerging market countries including Russia, Uzbekistan, Kazakhstan, South Africa, China and Venezuela. Currently, he operates as an independent consultant and is on the Boards of a number of junior mining companies. He is Noble Mineral Exploration Inc.’s designated Qualified Person (QP) for geological reporting.
Yvan Champagne – Director
As the President of Blue Source Canada, the largest developer and marketer of greenhouse gas (GHG) reduction projects in Canada, Yvan Champagne oversees project sourcing, offset sales and brokerage and advisory services for the Canadian market. An experienced leader and entrepreneur in carbon markets, he has a great passion for and understanding of environmental technologies and GHG reduction projects.
His broad experience includes GHG project screening, assessment and contracting, advising companies and organizations across Canada on sustainable environmental strategies and programs, government relations consulting in the energy sector, public affairs and marketing, and growing companies in new markets. Champagne obtained his B.A. in Political Science from Yale University with a focus on environmental policy and business-government relations. He is also a graduate of the Kellogg-Schulich Executive MBA Program.
Dr. Samuel Peralta, Ph.D., P.Eng. – Director
Dr. Samuel Peralta has 35 years of business experience in the energy and technology sectors, overseeing business development, product and process innovation and corporate transformation. He holds a Ph.D. in physics, with industry background in energy, mobile platforms and digital media, advanced sensors and semiconductors. Currently, he is CEO of Windrift Bay, which develops and manages a portfolio of technology and media properties. He was previously Director of Business and Corporate Development at Kinectrics, overseeing $70 million annually in high-tech programs for the energy industry.
Previously, he was CEO of Qvadis, a smartphone software provider; CTO for OH Solar, a photovoltaic firm based on an acquisition from Texas Instruments; and served in key positions at Ontario Power Generation and the Ontario Laser and Lightwave Research Centre. Dr. Peralta has served on the Board of Directors of public, private and non-profit firms, with committee leadership in governance, finance and audit and special projects (M&A), including for the boards of Qvadis, Envergence, OPEL Solar, Axiom NDT, POET Technologies and the Organization of Canadian Nuclear Industries. He is currently sitting on the boards of Cobalt Blockchain Inc., Noble Mineral Exploration and Windrift Bay.
Stephen Balch, P.Geo. – Director
Stephen Balch has over 30 years of experience in mineral exploration as an exploration geophysicist. He is one of Canada’s leading experts on geophysical techniques used to identify nickel-copper sulfide and platinum-group-metal targets. Since 2010, he has served as President and a director of Triumph Instruments, a company that conducts airborne time-domain electromagnetic surveys in North America, China and Mexico.
Since 2001, he has been President of Balch Exploration Consulting Inc., a company that provides consulting services to major mining and junior exploration companies. He previously served as the President and a director of Canadian Mining Geophysics Ltd., a geophysical data recording company, from 2007 to 2015. He was President, CEO and a director of Chevrier Metals Corp. (formerly Tawsho Mining Inc.), previously a TSXV listed mining exploration company, from 2013 to 2016, as well as a director of RHC Capital Corporation (formerly Rockefeller Hughes Corporation), a TSXV listed exploration company developing oil and gas resources in Texas, from 2013 to 2016.
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 Noble Mineral Exploration and seek advice from a qualified investment advisor.
Western Copper and Gold Corporation (TSX:WRN,NYSE:WRN) is focused on developing the Casino project, Canada’s premier copper–gold project. In July 2020 Western Copper and Gold updated the resource estimate at the Casino deposit based on its 2019 drilling results. The updated estimate includes 14.5 million ounces of gold in the measured and indicated category and 6.6 million ounces of gold in the inferred category in addition to 7.6 billion pounds of copper in the measured and indicated category and 3.3 billion pounds of copper in the inferred category. The deposit is located in Canada’s Yukon Territory, which ranks among the top 10 most attractive mining investment jurisdictions in the world.
The company has recently acquired the Canadian Creek project, which is adjacent to both the Casino project and Newmont Goldcorp’s (TSX:NGT,NYSE:NEM) Coffee project. On September 24, 2019 Western announced that they had hit a high-grade gold intercept that, if proven, could allow for a starter operation and be a game-changer for the project. Further drilling results are pending and expected to be included in an updated resource estimate for the Casino project.
Western Copper and Gold is led by a highly-knowledgeable management team with a proven record of success. For example, Western Copper and Gold’s parent company, Western Silver Corporation, was acquired by Glamis Gold for $1.6 billion in May 2006. Glamis Gold was subsequently bought by Goldcorp, now Newmont Goldcorp, in November 2006. Management is supported by a highly-qualified team of engineers dedicated to bringing Casino into production.
“Casino is a rare asset in that it is sizeable, economic, well-advanced and located in a great jurisdiction. Casino is the key asset in the emerging Yukon gold district.” said Western Copper and Gold President and CEO Paul West-Sells.
Western Copper and Gold’s Company Highlights
The Casino deposit hosts a significant resource of almost 21 million ounces of gold and 11 billion pounds of copper (M+I+I) according to a July 2020 update.
The Casino project is economic at current spot prices.
The Casino project is located in an emerging gold district in which several majors (Newmont Goldcorp, Agnico Eagle, Kinross) have all made investments.
The federal government announced a funding package to fund two access roads into the district.
Results of the Preliminary Economic Assessment (PEA) on the Casino copper-gold-molybdenum deposit in the Yukon supersedes all previous studies and incorporates the updated mineral resource with an effective date of July 3 , 2020. New column testing on various lithology samples representing the feed to the heap leach indicated that the gold recovery in the heap leach could be increased from 66 percent to 70 percent.
Western Copper and Gold’s Casino Project
The Casino project is a large porphyry-type copper-gold-molybdenum deposit located 560 kilometers from the year-round port of Skagway, Alaska and 380 kilometers from the capital city of Whitehorse in the Yukon Territory of Canada.
The Yukon is ranked as one of the most attractive mining investment jurisdictions in the world and has attracted the attention of numerous major mining companies over the last few years. Additional investment in the Yukon has been spurred by recent infrastructure funding from the regional and federal governments. In September 2017, the territorial and federal governments announced that they would provide approximately C$130 million in funding to upgrade and subsidize a large portion of the Casino access road, as part of the Yukon Gateway project.
“Since 2006, we have been working with the federal, territorial and First Nations governments and top environmental consultants to ensure that the planned road leading into the Casino site will have the lowest possible environmental impact and will ensure maximum benefit for local communities and First Nations,” said West-Sells.
Feasibility Study: Excellent Economics
Using base commodity prices of $1,400 per ounce gold and $3 per pound copper, the 2013 feasibility study shows the project has promising economics, such as a 20.1 percent IRR and an after-tax $1.83 billion NPV, due in large part to a best-in-class strip-ratio and initial high-grades.
One of the largest undeveloped copper-gold deposits in Canada, Casino contains a NI 43-101 compliant proven and probable reserve of 8.9 million ounces of gold and 4.5 billion pounds of copper contained in 1.12 billion tonnes of ore. The project holds plenty of upside potential as well, with an inferred resource of 9.0 million ounces of gold and 5.4 billion pounds of copper.
The project has an initial mine life of 22 years at 120,000 tonnes per day throughput, with the potential for an additional 25 years if the inferred resource is mined as well. The deposit is naturally hedged with copper accounting for approximately for 46 percent and gold contributing 34 percent of the projected revenue.
The feasibility study is based on a conventional open-pit mine, concentrator complex and heap leach operation. The study shows an initial capital investment of $2.46 billion, which is in-line with other copper projects of this size. Combined mining and milling operating costs are estimated at $8.52 per tonne ore milled, with a net smelter return of $31.59 per tonne for the first four years and $22.59 per tonne for the life of the mine.
Adding onto the promising capital and operating costs, the low strip-ratios are some of the lowest in the industry. A strip-ratio of less than 1:1 is considered low in the industry. The Casino project has a predicted strip ratio of 0.49:1 for the first four years of operation and a strip ratio of 0.59:1 for the life of mine.
“This project is economic at spot prices. And that’s one of the main aspects of what separates Casino from other developing projects. We are not positioning this for a recovery in commodity prices – Casino is economic at this point in this cycle,” said West-Sells.
A review of the feasibility study in 2017 indicated that the economic metrics (e.g. IRR and NPV) at current prices and exchange rates was comparable to the base case metrics.
Engineering and Construction
Western Copper and Gold is actively advancing key aspects of the engineering work at Casino. The company has signed an agreement with M3 Engineering and Technology to build the mine and has an LOI with the engineering firm for the operations and management of the mine once in production.
Western Copper and Gold has also secured an MOU with Siemens concerning operations, equipment supply and funding for a power plant and other electrical equipment required for mining and processing facilities. In addition, initial agreements have been made with potential suppliers of liquefied natural gas.
Delivering Copper at the Right Time
As a result of underinvestment in new projects, declining grades at existing mines and a myriad of recent production issues, the copper market is headed toward a supply deficit with a forecasted 10 million tonne deficit by 2028.
Upcoming Catalysts
Permitting
In November 2018, the company completed its best available tailings technology study for the project, which was conducted with First Nation, Yukon Environmental and Socio-economic Board (YESAB) and Yukon government participation.
The design enhancements include:
Significantly reduced water storage within the facility during operations;
A reduction in the height and slope of the embankment;
Relocation of potentially acid generating tailings to the rear of the facility, confined by waste rock;
Minimized long-term water storage in the facility at mine closure.
This 18-month-long process was conducted to review the tailings and mine waste disposal plan and is a significant component of the environmental assessment application. It reviewed 11 locations and five different technologies and assessed them from an environmental, technical, economic and social point of view.
The selected option impounds tailings and mine waste in a facility limited by an embankment constructed by cyclone tailings material. It is similar to that which was proposed in the original feasibility study, with proposed design enhancements including reduced water storage during operations, reduced height and slope of the embankment, relocation of potentially acid-generating tailings and minimized long-term water storage at mine closure.
In 2018, Western Copper and Gold also completed several First Nation traditional land use studies, continued its baseline data collection program and conducted numerous smaller environmental studies.
Resource Estimate and Ongoing Exploration
In June 2019, Western Copper and Gold commenced a 10,000-meter drill program at the Casino project, primarily focused on the Casino deposit. The aim of the exploration program was to convert inferred mineralization into indicated mineralization. The company later announced the drill results of its 2019 campaign at Casino, including 55.1 g/t gold over 2.97 meters at a depth of 147.98 m.
The results of Western Copper and Gold’s 2019 exploration were later incorporated into the company’s 2020 resource estimate which increased the measured and indicated Mill resource by 106 percent to 2.2 billion tonnes. The 2020 Casino resource estimate now includes 14.5 million ounces of gold in the measured and indicated category and 6.6 million ounces in the inferred category in addition to 7.6 billion pounds of copper in the measured and indicated category and 3.3 billion pounds in the inferred category. Moving forward the company intends to continue to explore the Casino project through a 2020 drill program designed to test the High Gold Zone, Northern Porphyry and Canadian Creek targets identified by its 2019 program.
The Canadian Creek Project
In July 2019, Western Copper and Gold acquired the Canadian Creek Property from Cariboo Rose Resources Ltd. (TSXV:CRB). The property shares a six-kilometer-long north-south boundary on the eastern side with the Casino project and a 12-kilometer-long east-west boundary on the northside with Newmont Goldcorp’s Coffee project. As part of the Yukon’s Gateway project, the Coffee-Casino connector road also lies on some of the property.
“The acquisition of the Canadian Creek project will considerably strengthen the Casino project. It will add significant exploration potential, with a number of exploration targets with the potential to increase mineralization of the Casino project – particularly the initial heap leach. By increasing the overall land package and increased border with the Coffee project, it will also further solidify the key position of the Casino project in the region,” said West-Sells.
Exploration Potential
Western Copper and Gold believes that the Casino deposit may extend onto the Canadian Creek project. To test this theory, the company intends to drill a 700-meter untested area between the most westerly Casino drill ho
IOCG deposit at the Los Chapitos project
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Thunder Bay North (TBN) and Escape Lake Project
Figure 2: Tierra De Oro property CARDS target model-A for Copper anomalism
Figure 3: Tierra De Oro property CARDS target model-A for Gold anomalism
Figure 4: Chanchero 3D IP anomalism
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