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![Many Peaks](https://investingnews.com/media-library/many-peaks.png?id=52080788&width=1200&height=799)
Drilling in Progress at Odienne Project, Côte d’Ivoire
Many Peaks Minerals Limited (Many Peaks or the Company) (ASX: MPK) is pleased to advise drilling has commenced at its Odienné Gold Project (Odienne) located in northwest Côte d’Ivoire. The company has initiated a campaign of concurrent diamond drilling and auger sampling. This follows the recent completion of the Company’s acquisition of 100% ownership of CDI Holdings (Guernsey) Ltd from Turaco Gold Ltd and Predictive Discovery Ltd, which holds the right to acquire an 85% interest in four mineral permits totalling a 1,275km2 land package in Cote d’Ivoire, with recent gold discoveries and over US$4 million in prior exploration expenditure (refer to ASX release dated 8 May 2024)
HIGHLIGHTS
- 6,500m drilling campaign is now underway at the Odienne Project in northwest Côte d’Ivoire
- Current phase of work is comprised of diamond drilling and auger with reconnaissance tests including;
- 1,000m diamond drilling planned in 5 holes on 400m spaced lines to follow-up open gold mineralisation highlighted in preliminary air core programmes completed in late 2023
- 4,000m of auger across three priority gold-in-soil anomalies over more than 20km extent
- 1,500m of auger in first follow-up test of surface gold-in-soil anomalism on a 6km long, sub- parallel structure 11km northeast of previous drilling
- The current campaign comprises reconnaissance drilling across an aggregate 26km extent of gold anomalism on two sub-parallel structural trends associated with the flexure in the high-strain corridor proximal to the margin of the Archean Man craton
- High strain corridor targeted is on trend with the 5.4Moz Au Bankan Project (ASX: PDI), the 2.16Moz Au ABC project (LSE: CEY) and is a contiguous land position with the Awalé Resources (TSXV: ARIC) / Newmont joint venture which is host to multiple recent high-grade gold and copper discoveries
“Through our board’s depth of West African operational experience, we have established an experienced technical team and have quickly advanced to a drill-ready stage at the Odienné Project. We are very excited about follow-up work across the extensive anomalies at Odienné and the opportunity to leverage off quality work by previous explorers generating systematic exploration datasets including high-resolution geophysics and surface geochemistry.
Previous work in combination with the current drilling and geochemical campaign positions Many Peaks to advance an aggressive exploration campaign at Odienné over the coming year, with results of the current campaign expected to define multiple prospects for continued drilling at Odienné to dovetail with commencement of drilling activities at the highly prospective Ferké Project in the 2nd half of the year.”
At Odienne, diamond drilling is in progress with a 1,000m programme following up better gold intercepts from an initial air core drilling campaign, completed in late 2023, targeting a 1km extent of surface gold anomalism in the southeast of the Odienne Project (refer to ASX release dated 26 March 2024) The targeted anomaly is located approximately 10km northwest and along trend of the BBM prospect where ongoing drilling is being completed by the Awalé Resources / Newmont joint venture on the adjoining permit to the south (Figure 1).
The recent air core drilling at Odienne intersected gold mineralisation in a predominantly clay-weathered profile, with only limited information that could be inferred about the mineralisation’s style and key structural controls. The current diamond drill holes will represent the first drilling into fresh rock within the extensive anomalous corridor at the Odienne permit.
In addition to the diamond drill programme, over 5,500m of planned auger drilling is anticipated to increase the resolution of geology and surface geochemistry datasets and enhance the target vectoring of follow up drilling planned for the second half of the year. Three auger rigs with Sahara Geoservices have been mobilised, with extensive auger coverage initiated across an approximately 26km extent of gold-in-soil anomalism on two sub-parallel structural corridors. It is anticipated to be completed over the next four weeks.
Figure 1 | Odienne South Permit with gold in soil and auger anomalism outlines, previous air core drilling locations, with proposed diamond drilling and auger sampling locations.
Odienne Project
The Odienne Project, comprising two granted exploration permits, cover an aggregate 758km2 in the north- western region of Cote d’Ivoire. The permits are held under an earn-in agreement between Many Peaks’ wholly owned Ivorian subsidiary and a local entity, under which Many Peaks has already earned into a 65% interest in the projects and holds the right to earn an 85% interest by sole funding exploration to feasibility study.
Geologically, the Odienne South permit area lies on the regional scale Sassandra fault which marks the boundary between the Archean Man craton and the Paleoproterozoic Baoule-Mossi domain (Figure 2). Despite hosting comparable stratigraphy to Guinea’s prolific, gold bearing Siguiri basin, the Odienne region remains largely unexplored. However, recent exploration success in the local area include Centamin Mining’s 2.2Moz ABC gold discovery (refer to Centamin PLC (TSX:CEE) announcement dated 19 December 2023 and available on SEDAR+ - Landing Page (sedarplus.ca) and the emerging gold discoveries contiguous with Odienne South by Awalé Resources (Awalé) (TSXV: ARIC) operating in joint venture with Newmont Corporation.
Click here for the full ASX Release
This article includes content from Many Peaks Minerals, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
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Many Peaks Minerals
Overview
Many Peaks (ASX:MPK) is an Australia-based mineral exploration company with gold-copper assets in West Africa and Australia, and exposure to key energy transition assets in Newfoundland, Canada – all these countries are globally significant and attractive mining jurisdictions. With drill-ready targets across its projects, Many Peaks aims to realise growth and value creation through near-term mineral resource definition and exploration discovery.
In West Africa, the company is focused on the recent acquisition of three mineral projects in Cote d’Ivoire totaling 1,275 square kilometres, including the Odienne and Ferké gold projects with recent gold discoveries and more than US$4 million in previous exploration expenditures.
Queensland assets bolster the portfolio with a land package of over 1,080 square kilometres in central Queensland with significant gold confirmed in drilling across multiple projects, each with open mineralisation ready for follow-up. The company’s Australian portfolio has excellent infrastructure and is host to intrusion related gold systems and copper gold porphyry style mineralisation.
Many Peaks’ Canadian asset targets lithium potential in Newfoundland, where an emerging lithium district is strategically positioned with access to both European and North American markets.
A management team with a range of experience throughout the natural resources industry leads the company towards achieving its goals of strengthening shareholder value through exploration.
Company Highlights
- Many Peaks is a mineral exploration company with assets in West Africa, Australia and Canada – all mining-friendly jurisdictions.
- In West Africa, Many Peaks holds a 65 percent interest and earning to an 85 percent interest in the Ferké and Odienné projects
- Many Peaks holds a 100 percent interest in the Aska Lithium Project in Newfoundland, Canada, and an extensive portfolio of copper-gold assets in Australia.
- An expert management team with extensive experience throughout the natural resources industry leads the team toward fully exploring its assets.
Key Projects
Cote d’Ivoire (West Africa)
Many Peaks’ assets in Cote d’Ivoire comprise three projects – Odienné, Ferké and Oume.
Many Peaks acquired three projects from Turaco Gold in March 2024, triggering a drag-along right in its joint venture on the projects with Predictive Discovery, and consolidating ownership in a holding company owning an Ivorian subsidiary party to a joint venture/farm-in arrangement that has acquired a 65 percent interest in the projects and retains an exclusive right earning into an 85 percent interest by funding the projects through feasibility study.
The projects include - Odienné, Ferké and Oume – comprising four permits across 1,275 square kilometres of land package in Cote d’Ivoire, with recent gold discoveries at both Odienné and Ferké ready for follow-up drilling.
Ferké Gold Project
Located in northern Cote d’Ivoire, the Ferké gold project covers 300 square kilometres with a granted exploration licence. Ferké is situated on the eastern margin of the Daloa greenstone belt at the intersection of major regional scale shear zones.
Initial exploration work conducted at Ferké defined a more than 17-kilometre long gold-in-soils anomaly on the Leraba Gold Trend. Previous exploration included systematic surface geochemistry, trenching and reconnaissance reverse circulation (RC) drilling across the broader Ferké area. Early success in reconnaissance RC drilling included initial intercepts into the Ouarigue South target area, including results of 25 metres @ 3.06 grams per ton (g/t) gold from 64 metres in hole FNRC016.
The success in RC drilling was followed up with trenching and an initial 18 diamond drill holes, which confirmed a significant outcropping mineralised body associated with a granite intrusion, including intercepts from surface of 91.1 metres @ 2.02 g/t gold in hole FNDC008 and 47 metres @ 3.72 g/t gold from surface in hole FNDC012.
Odienné Gold Project
Located in northwest Cote D’Ivoire, Odienné comprises two granted exploration permits covering a total area of 758 square kilometres. It is situated on the flexure of a regional scale structure zone hosting mineralisation to the northwest in neighbouring Guinea and immediately south along the margin of the Archean aged Man craton.
Auger drilling in early 2023 defined coherent gold in saprolite anomalism, which prompted a maiden air core drilling campaign in late 2023. Wide spaced reconnaissance drilling covering three prioritised targets extending across more than 16 kilometres of a 30-kilometre gold anomaly intersected significant intercepts of gold on each line of drilling from the intial 160 shallow air core drill holes within the extensive gold anomaly at Odienné. The air core drilling returned its strongest results in 8 to 16 metre zones of mineralisation at 1.0 to 1.30 g/t gold along a strike of 1,200 metres extent.
Oumé Gold Project
The Oumé project is an early-stage exploration asset located in south-central Cote D’Ivoire. It comprises a single exploration permit (the Beriaboukro licence) and is situated on the Oumé-Fetekro belt, historically one of Cote d’Ivoire’s most productive greenstone belts. The area is host to Allied Gold’s 2.5 million-ounce (Moz) Bonikro, the 1 Moz Agbaou gold operations and Endeavour’s 2.5 Moz Fetekro gold project.
Queensland (Australia)
Many Peaks’ Queensland assets total 1,080 square kilometres with promising geological formations indicating intrusion-related gold systems and copper-gold porphyry style mineralization.
Projects:
- Mt. Weary Gold: The Mt. Weary project has drill-ready targets throughout the 3.5-kilometre gold anomaly at the surface. Additionally, drill-proven gold mineralization is already in 600 metres of surface anomalies. Previous drill results indicate up to 6.24 grams per ton (g/t) of gold.
- Monal Gold: As a historical gold field known for hosting high-grade gold mineralization, the Monal Gold project covers an extensive corridor of underground surface workings.
- Rawlins Gold-Copper: The copper-gold porphyry style project contains a newly defined copper-gold target with promising exploration results. The asset is near existing projects that have already produced high-grade copper, gold, and silver assays.
- Mt. Steadman Gold Project: The Mt. Steadman project is a 56-square-kilometre holding, comprising two granted exploration permits, covering an intrusion-related gold (IRG) system situated in the New England Orogenic Province, 30 kilometres northwest of Biggenden, Queensland. The project hosts several outcropping zones of gold mineralization associated with shear-hosted quartz and broad zones of sheeted quartz veining. Drilling by Many Peaks at Mt. Steadman identified a significant extension to shallow gold mineralisation confirmed in previous drilling, with recent results returning 8 metres @ 2.63 g/t gold from 8 metres depth. Continued mapping and surface sampling on the recently identified N-21 target outlines an intrusive breccia target associated with recent extensions to surface gold anomalism.
Newfoundland (Canada)
Aska Lithium
Many Peaks’ 100-percent-owned Aska project is approximately 45 kilometres east of Cape Ray, Newfoundland. The project covers 193 square kilometres in proven lithium terrane and is situated in a growing lithium district known to host lithium-caesium-tantalum type pegmatites.
Management Team
Travis Schwertfeger - Executive Chairman
Travis Schwertfeger is a geologist with over 25 years’ global industry experience primarily in gold and copper projects across Africa, Australia, Africa and the Americas. Schwertfeger has previously held several technical roles in exploration and production, including over seven years operating in West Africa with Newmont Mining and other ASX listed explorers. He has prior experience as a director of ASX-listed mineral resource companies through previous roles, including a former role with Exore Resources (acquired by Perseus in September 2020 for ~A$80m).
Ben Phillips - Non-executive Director
Ben Phillips has more than 15 years of experience in commercial negotiations and has worked in several industries, including oil and gas, resource, technology and defence. He provides advise on a wide range of operational aspects, from R&D and exploration to production, commercialization and sales. Phillips is the executive chairman of Norfolk Metals (ASX:NFL), was previously a non-executive director at Bronson Group (ASX:BGR) and, subsequently, Mandrake Resources (ASX:MAN). He is currently a corporate executive at Ironside, focused on sourcing, structuring, funding and management requirements for public and private small-cap companies.
Marcus Harden - Independent Non-executive Director
Marcus Harden is a geologist with extensive gold and base metals exploration and management experience throughout Australia, Africa, Asia and the Americas. Harden's more recent roles include chief geologist of AuTECO Minerals, head of regional exploration for Bellevue Gold, chief geologist of Alicanto Minerals Ltd, and other senior exploration roles with Gryphon Minerals and First Quantum Minerals. He has played key roles in the discovery and definition of several gold deposits globally with ASX-listed junior companies. Among previous projects with contributions to discovery, three are currently operating mines and one is in development. He is also a member of The Australian Institute of Geoscientists.
Aaron Bertolatti - Company Secretary
Aaron Bertolatti is a chartered accountant and company secretary with more than 10 years of experience in the mining industry and accounting profession. Bertolatti has significant experience in the administration of ASX-listed companies, corporate governance and corporate finance.
Sarama Corporate Presentation - June 2024
50KM UNEXPLORED GREENSTONE BELT IN WA + 0.5M OZ OF GOLD IN WEST AFRICA
Sarama has signed a Non-Binding MOU1 to acquire the Cosmo Newbery Project, highlights include:
- Project situated on one of the last unexplored greenstone belts in Western Australia
- Tenure is contiguous over 583km2 and covers the entire +50 km of greenstone belt
- The belt has seen virtually no modern exploration and no drilling of merit
- Located 95km west of +7Moz Gruyere (Gold Road) and 85km northeast of Laverton
- Documented historical gold workings (discovered in 1890’s)
- Reserve since 1980 but Land access now obtained, easy access via Great Central Road
Material additional value includes:
- Burkina Faso gold assets including 100% owned, 0.5Moz (Inf) Bondi Gold Deposit2
- Significant arbitration claim3
COSMO NEWBERY PROJECT LOCATION
LOOKING FOR GOLD IN AN AREA SURROUNDED BY GOLD
LARGE AND PROSPECTIVE SYSTEM WITH MULTIPLE TARGETS TO BE TESTED
- Cosmo Newbery greenstone belt has clear gold showings and strong geological and structural similarities to the adjacent Dorothy Hills greenstone belt which hosts the +7Moz Gruyere gold deposit
- Project is underlain by prospective volcanic and volcano-sediment rocks with localised intrusives, however is mostly under shallow cover and has seen little to no significant exploration
- A major regional fault/shear system extends for over 50km through the Project
- The fault/shear system combined with granite-greenstone rocks has the potential to provide requisite fluid pathways and favorable host rocks that are amenable to gold mineralization
- Historic, small-scale mining east of this regional system indicates gold deposition in the immediate area
- Soil geochemical and geophysical surveys identified numerous exploration targets for gold and nickel-cobalt
- Currently 8 areas of interest & 17 specific interpreted targets for follow up
This article includes content from Sarama Resources, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Sarama Signs MOU Over West Australian Gold Project
Sarama Resources Ltd. (“Sarama” or the “Company”) (ASX:SRR, TSX- V:SWA) is pleased to announce that it has signed a non-binding Memorandum of Understanding (“MOU”) with Cosmo Gold Limited (“Cosmo”) and Adelong Gold Limited (“Adelong”) to acquire rights to the Cosmo Newbery Project (the “Project”), located in Eastern Goldfields of Western Australia, which have historically been highly prospective.
The acquisition will be subject to completion of due diligence, execution of a definitive agreement and satisfaction of certain Conditions Precedent including but not limited to, shareholder and stock exchange approvals and assignment of land access agreements. The MOU contemplates that Sarama will acquire this interest through a combination of share and cash payments and tenement expenditure. The Key Commercial Terms and Conditions Precedent are set out in Schedule 1 to this news release.
PROJECT HIGHLIGHTS
- Located between Laverton and Gold Road Resources’ Gruyere gold mine
- One of the last effectively unexplored greenstone belts in Western Australia
- Land access impediments restricted modern exploration
- Land access obtained with Agreements in place with Traditional Owners and Ministerial Consent
About the Cosmo Newbery Project
The Project is comprised of 7 early-stage gold exploration properties located in the Eastern Goldfields of Western Australia. The Project is located approximately 85km northeast of Laverton and is readily accessible via the Great Central Road which services the Cosmo Newbery Community and the >7Moz Gruyere Gold Mine, 95km to the east.
Cosmo Newbery Project location
The Project is situated on one of the last unexplored greenstone belts in Western Australia and it has seen virtually no modern exploration or drilling of merit, with only soil sampling and limited RAB drilling being undertaken and no holes deeper than 32m vertically below surface. The Project tenure is contiguous and covers approximately 583km2 and the entire +50km extent of the greenstone belt (the “Cosmo Newbery Belt”).
The Cosmo Newbery Belt represents a large and prospective system with gold first being discovered in the area in the 1890’s. Multiple historical gold workings are documented within the Project area and work undertaken to date, has identified multiple exploration targets for follow up.
Click here for the full ASX Release
This article includes content from Sarama Resources, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Proposed Agreement to Settle Cosmo Gold Loan
Adelong Gold Limited (ASX:ADG) (Adelong Gold or the Company) is pleased to announce that it has entered into a non-binding Memorandum of Understanding (MOU) with Cosmo Gold Limited (Cosmo) and Sarama Resources Ltd. (ASX:SRR) (Sarama) to accept fully paid ordinary shares and options in Sarama in full settlement of the loan obligations owed by Cosmo to Adelong Gold.
HIGHLIGHTS
- Adelong Gold agrees to proposed settlement of outstanding loan to Cosmo Gold
- Non-Binding Agreement with both Sarama Resources Ltd. and Cosmo Gold Ltd.
- Agreement reached as part of a proposed transaction between Adelong Gold and those companies
Adelong Gold Chairman Ian Hastings commented:
“Adelong Gold is pleased to reach in principal agreement to settle the outstanding loan owed to it by Cosmo by agreeing to accept shares and options in Sarama Resources Ltd, with whom Cosmo is pursuing a transaction to transfer the Cosmo project to Sarama. Whilst the proposed transaction is subject to numerous Conditions Precedent and approvals, Adelong Gold is pleased to support it. Together with the initial consideration received by Adelong Gold when it sold the project to Cosmo, Adelong Gold is pleased to now potentially recover much of its Cosmo loan.”
Background
On 27 August 2020, the Company announced its intention to sell its Cosmo Newbery gold project to Cosmo, its then wholly owned subsidiary, and for Cosmo to undertake an initial public offering (IPO) and seek admission to the ASX. As consideration for the transfer of the Cosmo project, Cosmo would pay $750,000 to Adelong for costs incurred in relation to the Cosmo project (of which $500,000 has been received by the Company).
On 25 June 2021, Adelong Gold announced that Cosmo had withdrawn the IPO following delays associated with obtaining the required ministerial approvals of a mining permit for part of the Cosmo project caused by the then-recent Western Australian (WA) election. The IPO initially received commitments in excess of the $5 million target raising. However, the continued delays in receiving the mining permit from the WA government resulted in the withdrawal of the IPO.
The Company has continued to advance loan funds to Cosmo for its operations pursuant to a secured loan arrangement, where the amount presently owed by Cosmo to Adelong Gold is $1,538,957.
Proposed settlement of Loan
The Company has executed a non-binding MOU with both Sarama and Cosmo, pursuant to which it is intended that Cosmo will sell 80% of its interest in the project to Sarama and Sarama taking on certain funding obligations for the project. The transaction is subject to numerous Conditions Precedents (as set out in the MOU and below), including full settlement of the loan owed by Cosmo to the Company. The loan is proposed to be fully settled in consideration of the Company receiving 25 million fully paid ordinary shares in Sarama (SRR Shares) and 7.5 million options to acquire shares in Sarama exercisable within 2 years at $0.05 per option (SRR Options) issued to Cosmo under the transaction. Based on the closing SRR share price of $0.022 on 14 June 2024, the SSR Shares to be transferred to the Company as part settlement of the loan to Cosmo are valued at $550,000.
Click here for the full ASX Release
This article includes content from Sarama Resources, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Sarama Resources Ltd (ASX: SRR) – Trading Halt
Description
The securities of Sarama Resources Ltd (‘SRR’) will be placed in trading halt at the request of SRR, pending it releasing an announcement. Unless ASX decides otherwise, the securities will remain in trading halt until the earlier of the commencement of normal trading on Wednesday, 19 June 2024 or when the announcement is released to the market.
Issued by
ASX Compliance
Click here for the full ASX Release
This article includes content from Sarama Resources, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Non-Renounceable Entitlement Offer
Antilles Gold Limited (“Antilles Gold” or the “Company”) (ASX: AAU, OTCQB: ANTMF) advises that it has lodged a prospectus with ASX and ASIC on 17 June 2024 (Prospectus) pursuant to which the Company is undertaking a non-renounceable entitlement offer.
Entitlement Offer
A non-renounceable entitlement offer of one (New Share) for every one Share held by Eligible Shareholders on Thursday, 20 June 2024 (Record Date) at an issue price of $0.004 per Share together with one free attaching option (New Options) for every two Shares applied for and issued to raise up to $3,986,139 (based on the number of Shares on issue as at the date of the (Prospectus). The Entitlement Offer is open to Eligible Shareholders who have a registered address within Australia or New Zealand, and who hold Shares on the Record Date. The Entitlement Offer will close at 5:00pm on Tuesday, 9 July 2024 (unless extended), and Eligible Shareholders can apply for any shortfall in excess of their entitlement. As the Entitlement Offer is non-renounceable, Eligible Shareholders cannot trade their rights under the Entitlement Offer.
Indicative Timetable
The indicative timetable of the Entitlement Offer is set out below:
* The Directors may extend the Closing Date by giving at least 3 Business Days’ notice to ASX prior to the Closing Date. Accordingly, the date the Securities are expected to commence trading on ASX may vary.
Click here for the full ASX Release
This article includes content from Antilles Gold, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Top Stories This Week: Gold Recovers After Big Price Drop, Norway Rare Earths Discovery Makes Waves
The gold price has yet to fully recover after falling off a cliff on June 7.
Last week's steep drop below US$2,300 per ounce was a double-whammy — US jobs data came in stronger than expected, while news hit that China's central bank didn't add to its gold reserves in May.
Gold got back above US$2,300 this week, but faced ups and downs, especially on Wednesday (June 12), which brought the release of new US consumer price index (CPI) numbers, as well as the Federal Reserve's latest meeting.
Statistics shared by the Department of Labor show that the CPI rose 3.3 percent year-on-year in May, lower than April's 3.4 percent increase; the index was flat month-on-month compared to April's uptick of 0.3 percent. Core CPI, which excludes food and energy, had monthly and yearly readings of 0.2 and 3.4 percent, respectively.
Gold moved higher after the CPI report came out, nearly hitting US$2,340. But it fell back after the Fed announced it would once again leave interest rates unchanged. The central bank also indicated that only one cut is on deck in 2024. However, its dot plot shows four reductions amounting to one percentage point are now anticipated in 2025.
In its statement, the Fed said "modest progress" has been made in reaching its goal of 2 percent inflation, with Chair Jerome Powell echoing that idea during a press conference.
"We see today’s report as progress and as, you know, building confidence. But we don’t see ourselves as having the confidence that would warrant beginning to loosen policy at this time," he said.
Bullet briefing — Europe's largest rare earths discovery, missing Russian copper
Rare Earths Norway makes Europe's largest discovery
Privately owned Rare Earths Norway has released an initial inferred resource estimate for its Fen carbonatite complex in Norway, and according to the company it shows that the property hosts Europe's largest rare earths deposit.
"The Maiden Inferred Mineral Resource, which satisfies the RPEEE is at 559 Mt at 1.57% Total Rare Earth Oxides (TREO). This means that the Fen Carbonatite Complex contains 8.8 Mt TREO with a reasonable prospect for eventual economic extraction. Within the TREOs, there is estimated to be 1. 5 Mt of magnet-related rare earth used in electric vehicles and wind turbines" — Rare Earths Norway
China's rare earths dominance is well known, and discoveries outside the country tend to attract attention as the world looks to diversify supply. As Rare Earths Norway's CEO told CNBC, Europe currently doesn't produce any rare earths.
The company plans to continue exploration at Fen, and has already planned a drill program for this year. It also wants to set up a pilot factory close to the deposit.
Chinese trader loses copper worth US$20 million
A copper shipment from Russia has gone missing, leaving a Chinese commodities trader with a loss of about US$20 million. The firm reportedly bought 2,000 metric tons of the red metal from Russian company Regional Metallurgical in late 2023, and although it was due to be delivered last month it never showed up.
Records from the shipping line that dealt with the transaction show that instead the copper was listed as granite, which is much cheaper, and may have ended up in Turkey. Bloomberg notes that the incident isn't likely to impact the global copper market, but is a blow to the reputation of international metals trading.
Other recent incidents include trading group Trafigura's 2023 loss of about half a billion dollars due to fraud.
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