Emerita Resources Corp. (" Emerita " or the " Company ") (TSX-V: EMO; OTCQB: EMOTF; FSE: LLJA) announces that through its wholly-owned Spanish subsidiary, Emerita Resources España S.L.U., it has submitted all the required documentation (the " Supporting Documentation ") to support its application to the "Delegación Territorial de Energía y Minas in Huelva province, Junta de Andalucia" for an exploitation licence (the " Exploitation Licence ") for Emerita's wholly-owned Iberian Belt West project (" IBW " or the " Project "). Please see the Company's September 12, 2023 press release for further details regarding the Company's application for the Exploitation Licence.
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![Emerita Announces AGM Results](https://investingnews.com/media-library/emerita-resources.png?id=31142445&width=1200&height=800)
Emerita Announces AGM Results
Emerita Resources Corp. (TSX – V: EMO; OTCQB: EMOTF; FSE: LLJA) (the “Company” or “Emerita”) is pleased to report that the nominees listed in the management proxy circular dated April 28, 2023 for the annual and special meeting of shareholders of Emerita held on May 31, 2023 (the “Meeting”) were elected as directors of the Company. The appointment of each of the nominees to the Company’s board was approved by more than 94% of the votes cast at the Meeting. Shareholders at the Meeting also approved the appointment of the Company’s auditors and the Company’s stock option plan. Emerita management would like to thank shareholders for their participation and continuing support.
About Emerita Resources Corp.
Emerita is a natural resource company engaged in the acquisition, exploration and development of mineral properties in Europe, with a primary focus on exploring in Spain. The Company’s corporate office and technical team are based in Sevilla, Spain with an administrative office in Toronto, Canada.
For further information, contact:
Vincent Chen
+1 778 990 9433 (Toronto)
info@emeritaresources.com
Cautionary Note Regarding Forward-looking Information
This press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. Forward-looking information includes, without limitation, the Company’s future plans. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. Forward- looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Emerita, as the case may be, to be materially different from those expressed or implied by such forward-looking information, including but not limited to: general business, economic, competitive, geopolitical and social uncertainties; the actual results of current exploration activities; risks associated with operation in foreign jurisdictions; ability to successfully integrate the purchased properties; foreign operations risks; and other risks inherent in the mining industry. Although Emerita has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. Emerita does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Emerita Resources Files Supporting Documentation For Exploitation Licence For The IBW Project
The Supporting Documentation includes all (i) technical aspects for mining and processing at the IBW Project, as well as associated infrastructure, equipment and tailings storage facilities in order to build and operate a mine; and (ii) a restoration plan. Although the Exploitation Licence application and Supporting Documentation is thorough with all technical aspects of the Project necessary to receive the appropriate approvals from the Spanish authorities, it has not been prepared in compliance with National Instrument 43-101 (" NI 43-101 ") and, consequently, economics for the Project cannot be disclosed at this time. The Supporting Documentation, including the environmental parameters, basic engineering, along with a revised mineral resource estimate incorporating new drill results, will comprise the basis for a NI 43-101 compliant economic study in the first half of 2024.
The Exploitation Licence in Spain, when granted, has a 30-year term and can be extended for two subsequent 30-year periods.
According to Joaquin Merino, P.Geo., President of Emerita, "The submission of this detailed documentation in support of the Exploitation Licence application marks an important milestone for Emerita. We are moving from a purely exploration focused endeavor to a development company with an asset that merits proceeding with detailed engineering studies and demonstrates our intention to commit to a very long term investment in Huelva Province. We are very excited to take the IBW Project to the next phase in its development. We have had several very productive meetings with senior Government officials in Huelva Province, and are highly encouraged by the support and advice they have imparted."
Qualified Person
Scientific and technical information in this news release has been reviewed and approved by Mr. Joaquin Merino, P.Geo., President of the Company and a Qualified Person as defined by NI 43-101.
About Emerita Resources Corp.
Emerita is a natural resource company engaged in the acquisition, exploration, and development of mineral properties in Europe, with a primary focus on exploring in Spain. The Company's corporate office and technical team are based in Sevilla, Spain with an administrative office in Toronto, Canada.
For further information, contact:
Ian Parkinson
+1 647 910-2500 (Toronto)
Cautionary Note Regarding Forward-looking Information
This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, without limitation, statements regarding the Exploitation Licence, the Supporting Documentation, the Company's ability to obtain the Exploitation Licence, the mineralization and prospectivity of the Project, the Company's exploration and exploitation plans, permitting for the Project, the commercial viability of the Project and the Company's future plans. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward- looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Emerita, as the case may be, to be materially different from those expressed or implied by such forward-looking information, including but not limited to: general business, economic, competitive, geopolitical and social uncertainties; the actual results of current exploration activities; risks associated with operation in foreign jurisdictions; ability to successfully integrate the purchased properties; foreign operations risks; and other risks inherent in the mining industry. Although Emerita has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. Emerita does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
News Provided by GlobeNewswire via QuoteMedia
Emerita Announces Commencement of Drilling Program at Nuevo Tintillo Project, Spain
Emerita Resources Corp. (TSX–V: EMO; OTCQB: EMOTF; FSE: LLJA) (the "Company" or "Emerita") announces it is commencing with the previously announced diamond drill program (see news release August 30, 2023) (the "Drill Program") at its wholly owned Nuevo Tintillo project ("Nuevo Tintillo" or the "Project") (Figure 1). Due to an unusually hot and dry summer, the restrictions related to fire prevention in the area were extended to mid-October. During the hottest weather in this region of Spain, heavy equipment is not permitted to operate during the daytime hours. According to Joaquin Merino, P.Geo., President of Emerita, "This is the most extended dry period seen in the region in many years. Some rainy weather has started however much more is needed as reservoirs, ponds, smaller streams and rivers are still dry in many cases. The Company will truck water for the drill program."
Construction of drill access roads and platforms at the Project are completed. The drill campaign will start with one rig that will be mobilized next week. Permits for the program and agreements with local landowners are in place.
The initial Drill Program at Nuevo Tintillo will focus on targets that have been identified on the west side of the Project, nearest to the Rio Tinto mine (see news release August 30, 2023). The Drill Program will evaluate six priority targets and comprise approximately 3,000 meters in the initial target testing phase (Figures 2 and 3). Subsequent drilling will be budgeted based on results. Targeting is based on a combination of airborne electromagnetic (AEM) surveying, detailed and archived gravity data, detailed mapping and a compilation of historical geology. The area has abundant evidence of base metal mineralization in surface outcrops as well as small historical mines and is situated on trend from large Volcanogenic Massive Sulfide (VMS) deposits such as Rio Tinto mine, Aznalcóllar mine and Cobre Las Cruces mine.
In addition to the drilling at Nuevo Tintillo, the Company has continued to evaluate the potential along strike to the east, towards the center of the property. The exploration team has been mapping and characterizing the lithologies and alteration types in this area. The geological interpretation indicates the stratigraphy correlates well with the western area in the Project and by extension the stratigraphy hosting the Rio Tinto mine further to the west.
Background
The Nuevo Tintillo project comprises 6,875 hectares with an additional 7,625 hectares of claims that are pending final granting to the Company (see the Company's August 30, 2023 press release for further details). As such, it is Emerita's largest landholding in the Iberian Pyrite Belt (IPB). It is situated between several world-class Volcanogenic Massive Sulfide (VMS) deposits, including Rio Tinto, Aznalcóllar and Cobre Las Cruces. Seven known mineralized occurrences and several historic producing mines are located within the Project boundaries (Figure 1).
Figure 1: Location of the Nuevo Tintillo project with respect to Rio Tinto, Aznalcóllar and Cobre Las Cruces deposits. Pending claims shown in blue. The outline of Figure 2 is represented by the blue rectangle on the west side of the Nuevo Tintillo Property.
View Figure 1 here: https://www.globenewswire.com/NewsRoom/AttachmentNg/dec48fa0-686d-49be-8889-694207ca0c62
Figure 2: Plan view detail of gravity data previously shown, merged with TDEM conductivity data that has been filtered to show only very conductive zones (1km grid).
View Figure 2 here: https://www.globenewswire.com/NewsRoom/AttachmentNg/c983469b-911c-497f-aefc-7e1b7944f1bd
Figure 3: Oblique sectional view of surface geology at 1:5000 and TDEM section 724250E illustrating two of the drill targets.
View Figure 3 here: https://www.globenewswire.com/NewsRoom/AttachmentNg/3eabfb97-0bce-4645-a5cb-186f3fd0c9fa
El Cura Target – Iberian Belt West Project
The Company plans to temporarily suspend the drilling at the El Cura target to focus on the Nuevo Tintillo program and maintain a strong focus on the expansion drilling at La Romanera. Drilling has been very slow at El Cura through the fire restriction season, and results will be reported when assays are completed. Additional drill platforms are in the process of being permitted at El Cura, for when drilling resumes there.
According to David Gower, P.Geo., CEO of Emerita, "This combination of high-resolution geophysical coverage and boots-on-the-ground mapping and prospecting has generated six highly prospective targets in the western Nuevo Tintillo sector, of which five have been selected for first-pass drill testing."
An initial program of 3,000 meters has been approved with a potential expansion to an already designed program of 11,500 meters of diamond drilling depending on results. Core will be logged in the Company's processing facilities in Puebla de Guzmán with samples dispatched to ALS.
Qualified Person
The scientific and technical information in this news release has been reviewed and approved by Mr. Joaquin Merino, P.Geo., President of the Company and a Qualified Person as defined by NI 43-101 of the Canadian Securities Administrators.
About Emerita Resources Corp.
Emerita is a natural resource company engaged in the acquisition, exploration and development of mineral properties in Europe, with a primary focus on exploring in Spain. The Company's corporate office and technical team are based in Sevilla, Spain with an administrative office in Toronto, Canada.
For further information, contact:
Vincent Chen
+1 778 990 9433 (Toronto)
info@emeritaresources.com
Cautionary Note Regarding Forward-looking Information
This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, without limitation, the mineralization of the Nuevo Tintillo Project and El Cura; the prospectivity of the Project and El Cura; the Drill Program; the Company's ability to obtain the pending grants of claims for the Project and the Company's future plans. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward- looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Emerita, as the case may be, to be materially different from those expressed or implied by such forward-looking information, including but not limited to: general business, economic, competitive, geopolitical and social uncertainties; the actual results of current exploration activities; risks associated with operation in foreign jurisdictions; ability to successfully integrate the purchased properties; foreign operations risks; and other risks inherent in the mining industry. Although Emerita has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. Emerita does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
News Provided by GlobeNewswire via QuoteMedia
Emerita Intersects 6.3 Meters Grading 0.8% Copper; 1.6% Lead; 3.9% Zinc; 2.8 g/t Gold and 52.0 g/t Silver within a 27.6 Meters Thick Massive Sulphide Zone, Extending La Romanera Deposit at Depth. Three Additional Thick Massive Sulphide Intervals, Assays Pending
Emerita Resources Corp. (TSX V: EMO; OTCQB: EMOTF; FSE: LLJA) (the "Company" or "Emerita") announces additional drilling results from the ongoing drilling program at La Romanera Deposit, part of Emerita's wholly owned Iberian Belt West project ("IBW" or the "Project"). IBW hosts three previously identified massive sulphide deposits: La Infanta, La Romanera and El Cura. Results contained in this release are from La Romanera deposit where drilling is tracing the extension of the deposit at depth.
Results herein are from drill holes LR154 and LR155, which have intercepted polymetallic mineralization in the form of a massive to semi-massive sulphide lens at approximately -450m elevation (approximately 600m below surface). See Figure 1 and Table 1 below.
Table 1: Diamond drill hole data
DDH | Easting | Northing | Elevation | azimuth | dip | depth (m) | FROM | TO | Width (m) | Cu_% | Pb_% | Zn_% | Au_g/t | Ag_g/t | LENS |
LR154 | 646716 | 4172736 | 146 | 235 | -68 | 680.9 | 640.0 | 667.5 | 27.6 | 0.5 | 0.6 | 1.5 | 1.49 | 25.5 | LL |
incl. | 653.9 | 660.2 | 6.3 | 0.8 | 1.6 | 3.9 | 2.82 | 52.0 | LL | ||||||
LR155 | 646751 | 4172871 | 154 | 231 | -56 | 782.7 | 725.9 | 743.1 | 17.2 | 0.2 | 0.5 | 1.3 | 0.34 | 19.5 | LL |
incl. | 739.1 | 743.1 | 4.0 | 0.2 | 1.5 | 4.7 | 0.60 | 57.0 | LL |
The encountered mineralization is very similar in both holes and is characterized by a high pyrite content at the hanging wall side of the lens that changes to a more chalcopyrite-sphalerite dominant zone towards the footwall. The two intercepts are located towards the western edge of the deposit (Figure 1). On the longitudinal section, the two intercepts are approximately 100 m apart. The elevation of the intercepts is shallower than expected because the dip angle of the sulphide zone in this area is not as steep as seen in other areas of the deposit. True thickness is close to 80% of the reported intercept thickness.
In addition to these two holes, drill holes LR156, LR157 and LR158 have all intercepted significant intervals of massive sulphides (Figure 1). LR156 intercepted 37.6 meters of massive sulphide, LR 157 intersected 51.6 meters of massive sulphide and LR 158, which is the western-most drill hole at this depth, intersected 5.5 meters of massive sulphides. Assays are pending for these drill holes and a more detailed description will be provided when assays are available.
Drill hole LR154 encountered 6.3 Meters grading 0.8% Copper; 3.9% Zinc, 1.6% Lead, 2.82 g/t Gold and 52.0 g/t Silver within 27.6 Meters Grading 0.5% Copper; 1.5% Zinc; 0.6% Lead; 1.5 g/t Gold and 25.5 g/t Silver.
Drill hole LR155 encountered 17.2 Meters Grading 0.2% Copper; 1.3% Zinc; 0.5% Lead; 0.3 g/t Gold and 19.5 g/t Silver, including 4.0 Meters Grading 0.2% Copper; 4.7% Zinc; 1.5% Lead; 0.6 g/t Gold and 57.0 g/t Silver.
Figure 1: La Romanera Vertical Longitudinal Section showing location of the drill intercepts
View Figure 1 here: https://www.globenewswire.com/NewsRoom/AttachmentNg/20ef7ff5-960a-4e7b-8dfc-d916798a6e37
The exploration team performed a down hole TEM in LR155. Results indicate a strong geophysical anomaly (conductor) continues at depth, to be tested by drilling.
Currently, the Company has four rigs operating at La Romanera deposit, with the objective to test the continuity of the mineralization in the area below the current NI 43-101 mineral resource estimate (MRE) and increase the drill density in this area so it can be included in an updated mineral resource estimate after the metallurgical program has been completed.
Drilling productivity continues to be hampered due to restrictions related to the fire ban, such that heavy equipment cannot be operated during the hottest part of the day (approximately 12:00PM until 8:00 PM). Due to the unusually extended and hot summer weather this year, reservoirs in the area remain at very low levels and for this reason restrictions have been extended until approximately mid-October. Once these restrictions are lifted, the Company plans to initiate the drilling program at the Nuevo Tintillo Project that was announced previously. Permits and access agreements are in place and the drill contractor is on stand-by to initiate that program.
The metallurgical samples are being processed at the lab in the United Kingdom. Grinding test work is complete and mineral separation work is commencing. The metallurgical program is running 2-3 weeks behind schedule and initial results are now expected in November.
Qualified Person
Scientific and technical information in this news release has been reviewed and approved by Mr. Joaquin Merino, P.Geo., President of the Company and a Qualified Person as defined by NI 43-101.
About Emerita Resources Corp.
Emerita is a natural resource company engaged in the acquisition, exploration, and development of mineral properties in Europe, with a primary focus on exploring in Spain. The Company's corporate office and technical team are based in Sevilla, Spain with an administrative office in Toronto, Canada.
For further information, contact:
Ian Parkinson
+1 647 910-2500 (Toronto)
info@emeritaresources.com
www.emeritaresources.com
Cautionary Note Regarding Forward-looking Information
This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, without limitation, statements regarding the prospectivity of the IBW project, the mineralization and the IBW project, the economic viability of the IBW project, the Company's future exploration plans at the Project and Nuevo Tintillo, the results of metallurgical tests and studies, the Company's ability to update the MRE and the Company's future plans. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward- looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Emerita, as the case may be, to be materially different from those expressed or implied by such forward-looking information, including but not limited to: general business, economic, competitive, geopolitical and social uncertainties; the actual results of current exploration activities; risks associated with operation in foreign jurisdictions; ability to successfully integrate the purchased properties; foreign operations risks; and other risks inherent in the mining industry. Although Emerita has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. Emerita does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
News Provided by GlobeNewswire via QuoteMedia
Emerita Resources Files Exploitation Licence Application for the IBW Project
Emerita Resources Corp. (" Emerita " or the " Company ") (TSX-V: EMO; OTCQB: EMOTF; FSE: LLJA) announces that through its wholly-owned Spanish subsidiary, Emerita Resources España S.L.U., it has submitted an application to the "Delegación Territorial de Energía y Minas in Huelva province, Junta de Andalucia" (the " Junta ") for an exploitation licence (the " Exploitation Licence ") for Emerita's wholly-owned Iberian Belt West project (" IBW " or the " Project ").
The Exploitation Licence in Spain, when granted, has a 30-year term and can be extended for two subsequent 30-year periods. Under Spanish regulations, in support of its Exploitation License application, Emerita has 3 months to submit certain additional documentation to supplement the application for the Exploitation Licence including an environmental impact study and mining plan.
All documentation required to support the Exploitation Licence is currently being prepared by Emerita in a form designed to meet the criteria required to complete the Exploitation Licence application.
The Exploitation Licence, when granted, shall allow the Company to continue to conduct exploration and development activities at the Project. During the time that the Exploitation Licence is being reviewed by the Junta, Emerita's rights under its current exploration licence for the IBW project are extended allowing Emerita to continue with its ongoing exploration program at La Romanera, La Infanta and El Cura deposits at IBW. Definitive feasibility studies and detailed engineering will be completed in due course under the Exploitation Licence in order to finalize the development project that will ultimately be presented for final permitting.
According to Joaquin Merino, P.Geo., President of Emerita, "This application marks a milestone for Emerita as it marks the key transition to advancing the IBW project from purely exploration to the technical development stage with a focus on activities necessary to develop a potential future operation. Local Spanish authorities have expressed support for the application in recent meetings. The Company has been working with a well-respected Spanish engineering firm on conceptual mine plans in order to develop options for infrastructure locations and this along with the metallurgical testing that is in progress will provide the basis for the studies being prepared to support the application for the Exploitation Licence. Meanwhile, we continue to drill and expand the mineral resources at shallow depths on the IBW project."
About Emerita Resources Corp.
Emerita is a natural resource company engaged in the acquisition, exploration, and development of mineral properties in Europe, with a primary focus on exploring in Spain. The Company's corporate office and technical team are based in Sevilla, Spain with an administrative office in Toronto, Canada.
For further information, contact:
Ian Parkinson
+1 647 910-2500 (Toronto)
info@emeritaresources.com
www.emeritaresources.com
Cautionary Note Regarding Forward-looking Information
This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, without limitation, statements regarding the Exploitation Licence, the Company's ability to obtain the Exploitation Licence, the Company's ability to complete the required reports and studies, the mineralization and prospectivity of the Project, the Company's exploration and exploitation plans, permitting for the Project, the commercial viability of the Project and the Company's future plans. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward- looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Emerita, as the case may be, to be materially different from those expressed or implied by such forward-looking information, including but not limited to: general business, economic, competitive, geopolitical and social uncertainties; the actual results of current exploration activities; risks associated with operation in foreign jurisdictions; ability to successfully integrate the purchased properties; foreign operations risks; and other risks inherent in the mining industry. Although Emerita has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. Emerita does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
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Emerita Announces Planned Drilling Program at Nuevo Tintillo Project, Spain
Emerita Resources Corp. (TSX V: EMO; OTCQB: EMOTF; FSE: LLJA) (the "Company" or "Emerita") announces planned diamond drilling program (the "Drill Program") at its wholly owned Nuevo Tintillo project ("NT" or the "Project). The Drill Program is expected to commence late in the third quarter or early in the fourth quarter of this year. The precise start date for the Drill Program will depend on the easing of regulations presently imposed in southern Spain to reduce the risk of fires. Restrictions typically end around the middle of September as the weather begins to moderate. Presently, heavy equipment is not permitted to operate during the daytime hours due to hotter temperatures.
The initial Drill Program at Nuevo Tintillo will focus on targets that have been identified on the west side of the Project, nearest to the Rio Tinto mine (see below for details). The program will evaluate six priority targets and comprise approximately 3,000 meters in the initial evaluation phase. Subsequent drilling will be budgeted based on results.
According to Joaquin Merino, P.Geo., President of Emerita, "We are excited to see the results of the initial Nuevo Tintillo drill campaign. Our technical team has worked diligently to identify high potential drill targets. Targeting is based on a combination of airborne electromagnetic (AEM) surveying, detailed and archived gravity data, detailed mapping and a compilation of historical geology. The area has abundant evidence of base metal mineralization in surface outcrops as well as small historical mines and is situated on trend from large VMS deposits such as Rio Tinto mine, Aznalcóllar mine and Cobre Las Cruces mine. This is the first modern exploration evaluation that we are aware of for this highly prospective property."
Background
The Nuevo Tintillo project comprises 6,875 hectares with an additional 7,625 hectares of claims that are pending final granting to the Company (see the Company's February 16, 2023 press release for further details). As such, it is Emerita's largest landholding in the Iberian Pyrite Belt (IPB). It is situated between several world-class Volcanogenic Massive Sulfide (VMS) deposits, including Rio Tinto, Aznacóllar and Cobre Las Cruces. Seven known mineralized occurrences and several historic producing mines are located within the Project boundaries (Figure 1).
Figure 1: Location of the Nuevo Tintillo project with respect to Rio Tinto, Aznacóllar and Cobre Las Cruces deposits. Pending claims shown in blue.
View Figure 1 here: https://www.globenewswire.com/NewsRoom/AttachmentNg/679d9b7a-8ac3-4066-8bdd-ff417d434204
Recent Work
In 2022, Emerita completed an 897 line-kilometer Time Domain Electromagnetic (TDEM) geophysical survey over NT at 100m line-spacing (Figure 2). This program highlighted fifteen areas of interest and the Project area was subdivided into three zones for progressive follow-up: West, Central and East. Due to its proximity to the world's largest VMS occurrence at Rio Tinto, and the presence of the historic mines of Santa Flora and Nazaret, work will commence in the western sector first and will be the focus of the initial drill campaign.
Figure 2: Conductive zones identified in TDEM survey (hot colors) and historic producing mines in Nuevo Tintillo (2km grid). The area outlined in blue around the Santa flora Mine is the area detailed in Figure 4.
View Figure 2 here: https://www.globenewswire.com/NewsRoom/AttachmentNg/825c475c-d888-46e9-b0f0-58419a44c704
The combination of TDEM and gravimetry has proven to be highly successful in identifying VMS deposits in the Iberian Pyrite Belt and globally. In early 2023, the Company completed a detailed gravimetric survey over an aerial extent of 6km by 2.5km, comprising 418 stations on 200m centers (Figure 3).
Figure 3: Combined historical and newly acquired gravimetry data collected by Emerita. Hot colors are gravimetric highs. The west portion of the Nuevo Tintillo project occurs in the black outline. The grid on the map is a 1km grid.
View Figure 3 here: https://www.globenewswire.com/NewsRoom/AttachmentNg/040e31f7-5255-424e-aeb1-3fd8c003846b
Following the acquisition of the TDEM data, Emerita deployed a senior geologist with global exploration and production experience on VMS deposits to ground truth the anomalies, complete a detailed geological base, including local lithogic and structural models, and mineralized zones. In the western sector of Nuevo Tintillo, geologic mapping at various scales from 1:250 in the underground workings to 1:2500 and 1:5000 on surface was carried out across a 5km x 2km area (Figure 4).
Mapping and prospecting revealed important similarities between the nearby Rio Tinto district and western sector of Nuevo Tintillo. In both areas, mineralization is located near to the contact between dacitic volcanics and the overlying transition series and within the dacite volcanic suite itself. Halos of proximal intense sericitization and more distal chloritization of host rocks are associated with the mineralizing event and can be used to identify prospective areas.
Figure 4: Portion of 1:5000-scale mapping and prospect sampling, Santa Flora area.
View Figure 4 here: https://www.globenewswire.com/NewsRoom/AttachmentNg/9f015992-bbde-41c4-b2d6-4cea4a497d48
Structurally, much of the fold-thrust deformation is accommodated by the weaker sedimentary rocks and the boundaries between these and the dacitic volcanic rocks. North-dipping thrusts are commonly localized in purple and black (graphitic) shale units, which are clearly evident as through-going, highly conductive planar features in the TDEM sectional data. As such, shale-hosted thrust faults at or near to the dacite-sedimentary contacts where correlated with geophysical anomalies are interpreted to be highly prospective.
Integration of Geology, TDEM and Gravimetry for Targeting
Within this geological framework, the high-resolution gravimetry merged with the 2022 TDEM data yields a combined target-level guide to search for coincident anomalies that are both highly dense and highly conductive, which are key characteristic rock properties of massive sulfide bodies. TDEM anomalies that coincide with gravity highs constitute potential targets for testing, as shown in Figure 5 below.
Figure 5: Plan view detail of gravity data previously shown, merged with TDEM conductivity data that has been filtered to show only very conductive zones (1km grid).
View Figure 5 here: https://www.globenewswire.com/NewsRoom/AttachmentNg/4385a741-96be-4b14-8833-bdf28a6b00bd
Figure 6: Oblique sectional view of surface geology at 1:5000 and TDEM section 724250E.
View Figure 6 here: https://www.globenewswire.com/NewsRoom/AttachmentNg/1c5a8e6b-c2e4-4d90-8b12-2864a5c590a1
Figure 7: TDEM section 724250E and geological XS 724250E.
View Figure 7 here: https://www.globenewswire.com/NewsRoom/AttachmentNg/2db2fc0f-aa7f-4f7e-88b1-bdcd865656f2
According to David Gower, P.Geo., CEO of Emerita, "This combination of high-resolution geophysical coverage and boots-on-the-ground mapping and prospecting has generated six targets in the western Nuevo Tintillo sector, of which five have been selected for first-pass drill testing. The western Nuevo Tintillo area is under no special environmental restrictions with regards to exploration activity and as such the permitting process is simplified and managed solely by the Mining Department. It is anticipated that drilling could commence as early as October 2023, subject to the end of fire-related restrictions in the area and timely approval of the drill plan by the Mining Department."
An initial program of 3,000 meters has been approved with a potential expansion to an already designed program of 11,500 meters of diamond drilling depending on results. Core will be logged in the Company's processing facilities in Puebla de Guzman with samples dispatched to ALS.
Qualified Person
The scientific and technical information in this news release has been reviewed and approved by Mr. Joaquin Merino, P.Geo., President of the Company and a Qualified Person as defined by NI 43-101 of the Canadian Securities Administrators.
About Emerita Resources Corp.
Emerita is a natural resource company engaged in the acquisition, exploration and development of mineral properties in Europe, with a primary focus on exploring in Spain. The Company's corporate office and technical team are based in Sevilla, Spain with an administrative office in Toronto, Canada.
For further information, contact:
Vincent Chen
+1 778 990 9433 (Toronto)
Cautionary Note Regarding Forward-looking Information
This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, without limitation, the mineralization of the Nuevo Tintillo Project; the prospectivity of the Project; the Drill Program; the Company's ability to obtain the pending grants of claims for the Project and the Company's future plans. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Emerita, as the case may be, to be materially different from those expressed or implied by such forward-looking information, including but not limited to: general business, economic, competitive, geopolitical and social uncertainties; the actual results of current exploration activities; risks associated with operation in foreign jurisdictions; ability to successfully integrate the purchased properties; foreign operations risks; and other risks inherent in the mining industry. Although Emerita has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. Emerita does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
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Potential Extension to 8 Mile Dam Gold Deposit Outlined by IP Survey at Gidji JV
Miramar Resources Limited (ASX:M2R, “Miramar” or “the Company”) is pleased to advise that Induced Polarisation (IP) surveys have upgraded the high-priority “8-Mile” Target within the Company’s 80%-owned Gidji JV Project and adjacent to Northern Star Resources Limited’s 313koz “8 Mile Dam” gold deposit.
- IP survey outlines potential extensions to 313koz 8 Mile Dam gold deposit
- Significant aircore EOH gold results above IP anomalies offset by faulting
- Drill testing at 8-Mile planned after maiden Bangemall Ni-Cu-Co-PGE drilling campaign
Miramar’s Executive Chairman, Mr Allan Kelly, said the new IP anomaly was shallower than expected.
“It appears the 8 Mile Dam deposit could continue for some distance to the north but has been offset by faulting, including at the tenement boundary,” he said.
“The fact that we have multiple aircore holes ending in elevated gold over the IP anomalies strengthens this theory,” he said.
“It’s also pleasing to see that the northern part of the IP anomaly is shallower than expected,” he added. “We look forward to drill testing this high priority target later in the year,” he said.
Figure 1. Collecting IP data at Miramar’s 8-Mile target.
Figure 2. IP anomalies and aircore EOH gold results in relation to the 8 Mile Dam gold deposit.
Background
According to publicly available data, the 8 Mile Dam gold deposit (7Mt @ 1.4g/t Au for 313,977oz1) comprises shallow supergene and deeper primary gold mineralisation hosted in:
- Quartz-carbonate-sulphide veins within hanging wall sediments; and
- A hydrothermally altered mafic unit cut by quartz veins with sphalerite, chalcopyrite and visible gold
Figure 3 shows a cross section through the deposit, approximately 60m south of the tenement boundary.
Click here for the full ASX Release
This article includes content from Miramar Resources Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Top 5 ASX Copper Stocks of 2024
Copper has hit record highs in recent years, and after setbacks at the start of 2024 its fortune has begun to turn.
Prices rebounded to an all-time high on the COMEX of US$5.20 per pound, or US$11,464 per metric ton, on May 20 on tightening supply and increasing demand from the transition to renewable energy.
In the longer term, many market watchers see tight supply and higher consumption from sectors like the electric vehicle industry creating a robust outlook for copper.
Against that backdrop, the top ASX copper stocks have put on impressive year-to-date share price performances. The list below outlines the best performing copper stocks on the ASX, and was generated on June 26, 2024, using TradingView’s stock screener; all copper shares listed had market caps above AU$50 million at that time. Read on to learn more about them.
1. Encounter Resources (ASX:ENR)
Year-to-date gain: 93.1 percent; market cap: AU$252.01 million; share price: AU$0.56
Exploration-stage Encounter Resources controls a portfolio of wholly owned copper and niobium/rare earth projects in Australia's Northern Territory and Western Australia. The company is also advancing large-scale copper projects via partnership and farm-in agreements with South32 (ASX:S32,OTC Pink:SHTLF) and IGO (ASX:IGO).
The company's partners have released multiple news items this year. In March, IGO announced a significant copper anomaly discovery at the Yeneena project in Western Australia, for which IGO has a farm-in agreement.
The following month brought news out of the Jessica copper project in the Northern Territory, where a South32 subsidiary completed assays on drill core confirming "the presence of copper sulphide bearing veins and alteration signatures associated with iron oxide copper gold (IOCG) style mineralisation."
As for Encounter's wholly owned projects, the company reported significant copper mineralisation discovered during drilling at its Sandover copper project in the Northern Territory in mid-May.
Encounter's share price climbed to a year-to-date high of AU$0.62 on June 24.
2. Aeris Resources (ASX:AIS)
Year-to-date gain: 62.07 percent; market cap: AU$237.04 million; share price: AU$0.235
Aeris Resources has three primary copper assets in Australia, with two currently in production: the Tritton operations, and the North Queensland operations. The company recently placed its Jaguar zinc-copper operation on care and maintenance. Its portfolio also contains the producing Cracow gold mine in Queensland.
In its first quarter 2024 activities report, Aeris reported copper production of 5,900 tonnes. The company’s 2024 copper production guidance stands at 28,000 to 35,000 tonnes.
Aeris' pipeline includes the Stockman copper-zinc-gold-silver project in Victoria, and its Canbelego copper joint venture project in New South Wales. The company expects to complete a feasibility study at Stockman in the second half of 2024.
At Canbelego, Aeris’ JV partner Helix Resources’ (ASX:HLX) drill program testing an induced polarisation geophysics anomaly recently intersected a large new structural zone with associated copper mineralisation.
Aeris’ share price traded with the rising copper price to hit a year-to-date high of AU$0.34 on May 20.
3. Cyprium Metals (ASX:CYM)
Year-to-date gain: 43.33 percent; market cap: AU$64.04 million; share price: AU$0.043
Near-term copper producer Cyprium Metals is focused on developing multiple copper projects throughout Western Australia. Its most advanced is the Nifty copper mine project located in Western Australia's Pilbara region, which operated until 2019, when it was put on care and maintenance because of low copper prices.
In late May, Cyprium announced the completion of a positive scoping study on the restart of the Nifty copper mine, the results of which prompted a board decision to move the project to the pre-feasibility stage.
"A moderate investment in the brownfield processing plant capacity can nearly double the potential throughput of the plant, enabling the surface mine to produce around 36,000 tonnes of copper metal per year by matching strong mine design, right equipment selection and expanded processing capacity," Cyprium Executive Chair Matt Fifield commented.
Shares in Cyprium reach a year-to-date of high of AU$0.05 on June 7.
4. Bougainville Copper (ASX:BOC)
Year-to-date gain: 40 percent; market cap: AU$198.53 million; share price: AU$0.49
Bougainville Copper is working to reopen the past-producing Panguna copper complex, which ceased operations in 1989.
Panguna is considered one of the largest copper deposits in the world, and according to the company, its successful restart is viewed as a critical component of future economic independence for Bougainville, which is an autonomous region in Papua New Guinea. The country's government holds a 36.5 percent share in the company.
In early February, after much deliberation, Bougainville Copper was granted a five year extension to its Panguna mining licence, which the company hoped would open the door for advanced-stage prefeasibility and feasibility exploration activities.
The news sent shares of the company spiking to their best year-to-date close of 2024 — AU$0.80 on February 2 — more than double Bougainville Copper's close of AU$0.35 the previous day.
However, the company announced in late May it was served with notice of a class action lawsuit on behalf of Bougainville residents seeking compensation for claimed environmental and social harm due to the Panguna mine's previous operations.
"The company will fully consider the matters raised in the claim and intends to vigorously defend its position," Bougainville Copper stated in the press release.
5. AIC Mines (ASX:A1M)
Year-to-date gain: 21.74 percent; market cap: AU$239.77 million; share price: AU$0.42
AIC Mines owns the high-grade Eloise copper mine in North Queensland, as well as a portfolio of exploration-stage copper-gold projects in Australia. Eloise started production in 1996, and the company is looking to expand the life of the operation by the nearby Jericho deposit.
In late March, the company posted a new ore reserve estimate for Jericho, followed shortly by an announcement that drilling has begun at the recently discovered Swagman prospect, located between Eloise and Jericho. Later in May, AIC announced it will start development work at Jericho via an underground link drive directly from the Eloise decline following mining studies that compared the method with another option.
In its report for the quarter ended March 31, 2024, AIC Mines reported production of 3,066 tonnes of copper and 1,532 ounces of gold in concentrate. The company said it's on track to meet its 2024 production guidance of 12,000 tonnes of copper and 5,000 ounces of gold.
Record copper prices lifted AIC Mines’ share price to a year-to-date high of AU$0.60 on May 20.
Don’t forget to follow us @INN_Australia for real-time updates!
Securities Disclosure: I, Melissa Pistilli, currently hold no direct investment interest in any company mentioned in this article.
Lundin Mining Completes the Transaction to Increase Ownership in Caserones to 70%
TSX: LUN) (Nasdaq Stockholm: LUMI) Lundin Mining Corporation ("Lundin Mining" or the "Company") is pleased to announce the closing of the option to acquire an additional 19% interest in the issued and outstanding equity of SCM Minera Lumina Copper Chile ("Lumina Copper"), which owns the Caserones copper-molybdenum mine ("Caserones'") located in Chile from JX Advanced Metals Corporation 1 ("JX"), as previously announced on June 26, 2024 (the "Call Option Exercise").
The consideration for the Call Option Exercise was paid for in cash and consisted of a payment of $350 million for an additional 19% interest in Caserones, bringing the Company's ownership to 70%. Upon closing of the call option, Lumina Copper declared a cash dividend of $150 million of which 70% will be distributed to Lundin Mining and 30% to JX.
About Lundin Mining
Lundin Mining is a diversified Canadian base metals mining company with operations and projects in Argentina , Brazil , Chile , Portugal , Sweden and the United States of America , primarily producing copper, zinc, gold and nickel.
The information in this release is subject to the disclosure requirements of Lundin Mining under the Swedish Financial Instruments Trading Act. The information was submitted for publication, through the agency of the contact persons set out below on July 2, 2024 at 14:30 Pacific Time .
Cautionary Statement on Forward-Looking Information
Certain of the statements made and information contained herein is "forward-looking information" within the meaning of applicable Canadian securities laws. All statements other than statements of historical facts included in this document constitute forward-looking information, including but not limited to statements regarding the Company's plans, prospects and business strategies. Words such as "believe", "expect", "anticipate", "contemplate", "target", "plan", "goal", "aim", "intend", "continue", "budget", "estimate", "may", "will", "can", "could", "should", "schedule" and similar expressions identify forward-looking statements.
Forward-looking information is necessarily based upon various estimates and assumptions including, without limitation, the expectations and beliefs of management, including that the Company can access financing, appropriate equipment and sufficient labour; assumed and future price of copper, nickel, zinc, gold and other metals; anticipated costs; ability to achieve goals; the prompt and effective integration of acquisitions; that the political environment in which the Company operates will continue to support the development and operation of mining projects; and assumptions related to the factors set forth below. While these factors and assumptions are considered reasonable by Lundin Mining as at the date of this document in light of management's experience and perception of current conditions and expected developments, these statements are inherently subject to significant business, economic and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements and undue reliance should not be placed on such statements and information. Such factors include, but are not limited to: global financial conditions, market volatility and inflation, including pricing and availability of key supplies and services; risks inherent in mining including but not limited to risks to the environment, industrial accidents, catastrophic equipment failures, unusual or unexpected geological formations or unstable ground conditions, and natural phenomena such as earthquakes, flooding or unusually severe weather; uninsurable risks; volatility and fluctuations in metal and commodity demand and prices; significant reliance on assets in Chile ; reputation risks related to negative publicity with respect to the Company or the mining industry in general; delays or the inability to obtain, retain or comply with permits; risks relating to the development of the Josemaria Project; health and safety laws and regulations; risks associated with climate change; risks relating to indebtedness; economic, political and social instability and mining regime changes in the Company's operating jurisdictions, including but not limited to those related to permitting and approvals, nationalization or expropriation without fair compensation, environmental and tailings management, labour, trade relations, and transportation; inability to attract and retain highly skilled employees; risks inherent in and/or associated with operating in foreign countries and emerging markets, including with respect to foreign exchange and capital controls; project financing risks, liquidity risks and limited financial resources; health and safety risks; compliance with environmental, unavailable or inaccessible infrastructure, infrastructure failures, and risks related to ageing infrastructure; changing taxation regimes; the inability to effectively compete in the industry; risks associated with acquisitions and related integration efforts, including the ability to achieve anticipated benefits, unanticipated difficulties or expenditures relating to integration and diversion of management time on integration; risks related to mine closure activities, reclamation obligations, environmental liabilities and closed and historical sites; reliance on key personnel and reporting and oversight systems, as well as third parties and consultants in foreign jurisdictions; information technology and cybersecurity risks; risks associated with the estimation of Mineral Resources and Mineral Reserves and the geology, grade and continuity of mineral deposits including but not limited to models relating thereto; actual ore mined and/or metal recoveries varying from Mineral Resource and Mineral Reserve estimates, estimates of grade, tonnage, dilution, mine plans and metallurgical and other characteristics; ore processing efficiency; community and stakeholder opposition; regulatory investigations, enforcement, sanctions and/or related or other litigation; financial projections, including estimates of future expenditures and cash costs, and estimates of future production may not be reliable; enforcing legal rights in foreign jurisdictions; risks associated with the use of derivatives; risks relating to joint ventures and operations; environmental and regulatory risks associated with the structural stability of waste rock dumps or tailings storage facilities; exchange rate fluctuations; compliance with foreign laws; potential for the allegation of fraud and corruption involving the Company, its customers, suppliers or employees, or the allegation of improper or discriminatory employment practices, or human rights violations; risks relating to dilution; risks relating to payment of dividends; counterparty and customer concentration risks; activist shareholders and proxy solicitation matters; estimation of asset carrying values; relationships with employees and contractors, and the potential for and effects of labour disputes or other unanticipated difficulties with or shortages of labour or interruptions in production; conflicts of interest; existence of significant shareholders; challenges or defects in title; internal controls; risks relating to minor elements contained in concentrate products; the threat associated with outbreaks of viruses and infectious diseases; and other risks and uncertainties, including but not limited to those described in the "Managing Risks" section of the Company's MD&A and the "Risks and Uncertainties" section of the Company's Annual Information Form for the year ended December 31, 2023 , which are available on SEDAR+ at www.sedarplus.com under the Company's profile.
All of the forward-looking statements made in this document are qualified by these cautionary statements. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated, forecast or intended and readers are cautioned that the foregoing list is not exhaustive of all factors and assumptions which may have been used. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking information. Accordingly, there can be no assurance that forward-looking information will prove to be accurate and forward-looking information is not a guarantee of future performance. Readers are advised not to place undue reliance on forward-looking information. The forward-looking information contained herein speaks only as of the date of this document. The Company disclaims any intention or obligation to update or revise forward‐looking information or to explain any material difference between such and subsequent actual events, except as required by applicable law.
_____________________________________ |
1 Previously named JX Metals Corporation. |
SOURCE Lundin Mining Corporation
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True North Copper Commences Mining at Wallace North, QLD
True North Copper Limited (ASX: TNC) (TNC or the Company) is pleased to announce mining operations at its Wallace North deposit in northern Queensland have commenced, with clearing activities and blast hole drilling underway.
HIGHLIGHTS
- Mining activities at True North Copper’s Wallace North deposit, part of its Cloncurry Copper Project (CCP) in Queensland, have commenced with clearing and blast hole drilling underway
- TNC is on track to become Australia’s next copper producer and critical metals supplier via its restart of CCP
- CCP is estimated to generate free cash flow of ~$200 million at current copper spot prices over its initial 4.6-year mine life1
- TNC has binding offtake and toll milling agreements with Glencore International AG (Glencore)2 for 100% of copper concentrate from CCP and for toll milling of up to 1Mt of ore per year
- Recent executive appointments have bolstered TNC’s executive team ahead of operations restart.
Wallace North is part of True North Copper’s Cloncurry Copper Project (CCP) and one of four open-pit deposits making up CCP. Wallace North has an Ore Reserve totalling 0.7Mt (Probable) grading 1.01% Cu and 0.46g/t Au for 6.8kt Cu and 10.0koz Au3.
TNC will operate dry hire equipment at Wallace North, which its own personnel will operate, with most mining equipment already on site. Dewatering of the pit area is well advanced, with all blast hole drilling expected to be in dry holes.
A recruitment process for the operations team is close to finalisation, and a supportive technical team is in place ready for mining to start.
True North Copper’s newly appointed Managing Director Bevan Jones said: “We have commenced mining operations at Wallace North, which will allow our CCP to restart copper production. This has been our major goal since listing on the ASX. I thank our team for their efforts in moving towards this goal to allow TNC to become Australia’s next copper and critical metals producer.
“CCP is estimated to deliver free cash flow of about $200 million at current prices over its 4.6-year initial mine life, based on existing JORC Reserves. Cash flow from mining will be used to explore further opportunities to build this inventory.”
Mining ramp-up will initially build ore stockpiles, with road haulage expected to start within a few weeks of startup. Oxide ore will be transported by road train to TNC’s Cloncurry Operations Hub's (COH) heap leach. Sulphide ore will be transported to a nearby concentrator for toll treatment under TNC's toll-milling agreement with Glencore International AG.
The COH is 2km from the town of Cloncurry in northern Queensland and will service all four of TNC’s deposits with essential infrastructure, technical systems and support. An active oxide heap leach and solvent extraction (SX) processing plant, mine buildings, site administration facilities, workshops, open pit mine facilities, onsite explosive magazines, site storage, water management systems and existing site power supply are located at the COH.
Click here for the full ASX Release
This article includes content from True North Copper, 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.
Lundin Mining Announces Updated Share Capital and Voting Rights
TSX: LUN) (Nasdaq Stockholm: LUMI) Lundin Mining Corporation ("Lundin Mining" or the "Company") reports the following updated share capital and voting rights, in accordance with the Swedish Financial Instruments Trading Act:
The number of issued and outstanding shares of the Company has increased by 83,063 to 776,725,529 common shares with voting rights as of June 28, 2024. The increase in the number of issued and outstanding shares from June 1, 2024 to date is a result of the exercise of employee stock options or the vesting of employee share units.
About Lundin Mining
Lundin Mining is a diversified Canadian base metals mining company with operations and projects in Argentina , Brazil , Chile , Portugal , Sweden and the United States of America , primarily producing copper, zinc, gold and nickel.
The information in this release is subject to the disclosure requirements of Lundin Mining under the Swedish Financial Instruments Trading Act. The information was submitted for publication, through the agency of the contact persons set out below on June 28, 2024 at 14:30 Pacific Time .
SOURCE Lundin Mining Corporation
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Forum Announces Closing of Private Placement, Stock Option Grant and Liquidity Services Agreement
Forum Energy Metals Corp. (TSXV: FMC) (OTCQB: FDCFF) ("Forum" or the "Company") is pleased to announce that, further to its news releases of June 3 and June 24, 2024, it has closed its non-brokered private placement and has issued 7,084,020 units (the "Units") at a price of $0.135 per Unit for gross proceeds of $956,343 (the "Offering"). Each Unit consists of one common share and one-half of one share purchase warrant (each whole warrant, a "Warrant"). Each Warrant entitles the holder to purchase one common share (each a "Warrant Share") at a price of $0.20 per Warrant Share for a period of 24 months expiring June 26, 2026.
In connection with the Offering, the Company paid cash commissions totalling $51,141 equal to 6% of certain of the gross proceeds raised under the Offering. The Company also issued 378,819 finder warrants of the Company. Each finder warrant shall entitle the holder thereof to purchase one common share of the Company at a price of $0.20 expiring June 26, 2026.
All securities issued are subject to a four month hold period expiring October 27, 2024. The net proceeds of the Offering will be used for general working capital.
Insiders of the Company participated in the Offering for 780,000 Units or $105,300, and such Units issued to insiders are subject to a four month hold period pursuant to applicable policies of the TSX Venture Exchange. The issuance of Units to insiders is considered a "related party transaction" within the meaning of Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Company is relying on exemptions from the formal valuation requirements of MI 61-101 pursuant to section 5.5(a) and the minority shareholder approval requirements of MI 61-101 pursuant to section 5.7(1)(a) in respect of such insider participation as the fair market value of the transaction, insofar as it involves interested parties, does not exceed 25% of the Company's market capitalization.
The securities referred to in this news release have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent registration under the U.S. Securities Act and applicable state securities laws, unless an exemption from such registration is available. This news release does not constitute an offer for sale of securities for sale, nor a solicitation for offers to buy any securities. Any public offering of securities in the United States must be made by means of a prospectus containing detailed information about the company and management, as well as financial statements. "United States" and "U.S. person" have the respective meanings assigned in Regulation S under the U.S Securities Act.
Stock Option Grant
The Company also announces that in accordance with the Company's stock option plan, it has granted to certain of its directors, officers, employees and consultants incentive stock options to purchase up to an aggregate of 3,200,000 common shares exercisable on or before June 28, 2029 at a price of $0.135 per share.
Marketing Agreement
The Company has entered into an advisory agreement (the "Agreement") with DS Market Solutions Inc. ("DS Market Solutions"), an equity trading advisory and liquidity provider located in Mississauga, Ontario, whereby DS Market Solutions has agreed to provide the Company with liquidity services with the object of enhancing market depth and increasing liquidity of the Company's common shares, as further described in the Agreement, for a month-to-month term in exchange for remuneration of $5,000 per month, plus applicable taxes.
About Forum Energy Metals
Forum Energy Metals Corp. (TSXV: FMC) (OTCQB: FDCFF) is focused on the discovery of high-grade unconformity-related uranium deposits in the Athabasca Basin, Saskatchewan and the Thelon Basin, Nunavut. For further information: https://www.forumenergymetals.com.
ON BEHALF OF THE BOARD OF DIRECTORS
Richard J. Mazur, P.Geo.
President & CEO
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information contact:
Rick Mazur, P.Geo., President & CEO
mazur@forumenergymetals.com
Tel: 604-630-1585
Not for distribution to United States Newswire Services or for dissemination in the United States
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/214909
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