Cobalt

Continuity of cobalt-gold-bismuth-copper intercepts established in Peanut Lake Zone

Fortune Minerals Limited (TSX: FT) (OTCQB: FTMDF) (" Fortune " or the " Company ") ( www.fortuneminerals.com ) is pleased to report results from the 2021 drill program on its 100%-owned NICO Critical Minerals project (" NICO Project ") in the Northwest Territories (" NWT ") and Alberta. The NICO Project is comprised of a planned open pit and underground mine, mill and concentrator in the NWT and a planned hydrometallurgical refinery in Alberta's Industustrial Heartland northeast of Edmonton to process metal concentrates into value added products. The Mineral Reserves for the NICO cobalt-gold-bismuth-copper deposit (" NICO Deposit ") contain 33.1 million metric tonnes containing 37.3 million kilograms of cobalt, 1.1 million Troy ounces of gold, 46.3 million kilograms of bismuth, and 12.3 million kilograms of copper. Drilling was caried out at the end of 2021 in order to test four prospects that had been identified in earlier geophysical surveys and a 1997 drill program. The recent drilling succesfully confirmed continuity of cobalt-gold-bismuth and local copper mineralization in the Peanut Lake Zone, located 800 metres southeast of the NICO Deposit and also identified a potential east strike extension of the deposit.

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Fortune completed 13 cored drill holes in 2021, totalling 2,482.31 metres, supported in part by two Mineral Incentive Program (" MIP ") grants from the Government of the Northwest Territories, totalling C$244,000. Four holes were drilled to test the continuity of mineralization at Peanut Lake where drilling in 1997 had identified multiple intercepts in five holes with gold grades exceeding 1 gram per tonne over 3 metre core lengths with significant cobalt and bismuth values. A new hole (21-008) was drilled to test the continuity of mineralization in a 135 metre wide gap between Holes 97-090 and 97-092, and intersected three significant intervals of mineralization, including:

  • 3.17 metres, averaging 0.423% cobalt, 0.554 g/t gold, and 0.369% bismuth at a depth of 28.7 metres, including 1.05 metres, grading 0.995% cobalt, 0.247 g/t gold, and 0.562% bismuth;
  • 4.8 metres, averaging 0.118% cobalt and 0.500 g/t gold at a depth of 8 metres, including 1.98 metres, averaging 0.261% cobalt and 1.135 g/t gold;
  • 2.31 metres, averaging 0.108% cobalt and 0.874 g/t gold at a depth of 139.6 metres, including 1.16 metres, grading 0.203% cobalt and 1.635 g/t gold;

The 21-008 intersections correlate well with the earlier intercepts in Hole 97-090, located 78 metres to the east that included 0.355% cobalt, 1.105 g/t gold, and 0.049% bismuth over 3 metres at a depth of 6.4 metres, and 0.148% cobalt and 0.435 g/t gold over 3 metres at a depth of 57.5 metres, plus 0.123% cobalt and 0.14 g/t gold over 3 metres at a depth of 69.5 metres. The 21-008 intersections also correlate with the intercepts previously identified in Hole 97-092 located approximately 70 metres to the west, which included 0.113% cobalt and 0.885 g/t gold over 1.76 metres, and 3 metres, grading 1.82 g/t gold.

Holes 21-009 and 21-014 tested the strike continuity of the Peanut Lake Zone east and west of the aforesaid holes, respectively and identified multiple zones of lower grade cobalt-gold mineralization. These, together with the results of the five 1997 drill hole intercepts, indicate continuity of economically interesting mineralization over a minimum undelimited 400 metre strike length. Hole 21-007 overshot the mineralized horizon but provides useful information to define the trend and geometry of the Peanut Lake Zone for future drill delineation.

Six holes were drilled to test for an east strike extension of the NICO Deposit beyond a fault that was previously believed to terminate the east end of the deposit. Three holes (21-003, 21-015 and -016) tested for north lateral and depth displacement of the deposit beyond the fault and intersected economically interesting grades over narrow widths. Hole 21-015 intersected 0.110% cobalt and 0.599 g/t gold over 1.98 metres at a depth of 210.52 metres, including 1.08 metres, grading 0.219% cobalt and 0.312 g/t gold. Hole 21-016 intersected mineralizaion, averaging 0.034% cobalt over 6 metres at a depth of 43 metres, including 0.92 metres, grading 0.042% cobalt and 0.111% bismuth. The three holes drilled to test for a south lateral displacement of the deposit did not intersect any significant mineralization. The 2021 drill program successfully identified NICO-style mineralization along the east projection of strike beyond the fault, but additional drilling will be required to identify areas with higher grades and greater widths in order to extend the Mineral Reserves into this area.

Two drill holes tested the strike continuity of grades previously identified in the Ralph Zone in 1997 and one drill hole tested the continuity of copper mineralization identified in the Road Cut Zone at depth. None of these intersected economically interesting mineralization.

The NICO Deposit and Fortune's 100%-owned Sue-Dianne copper-silver-gold satellite deposit (" Sue-Dianne Deposit "), located 25 kilometres to the north, are Iron Oxide Copper-Gold (" IOCG ")-class deposits. Global IOCG analogues, including the Olympic Dam mine in Australia, typically occur in clusters of very large orebodies in similar tectonic and geological settings. The NICO Deposit is locally open for potential expansion at depth. The 2021 drill program has also verified that there is good potential to delineate additional resources along the east projection of strike from known NICO Mineral Reserves, and particularly in the Peanut Lake Zone. There are also several untested geophysical anomalies identified on the NICO leases and surrounding areas. In addition, the Sue-Dianne Deposit remains open for potential expansion.

The NICO Project is an advanced development stage Critical Minerals asset to provide a reliable North American source of three Critical Minerals (cobalt, bismuth and copper). Fortune has expended more than C$137 million to advance the NICO Project from an in-house discovery to a near-term producer with a 20-year supply of Critical Minerals. The Company has received environmental assessment approval and the Type "A" Water License to construct and operate the NICO mine and concentrator. The recently completed Tlicho Highway to the community of Whati, together with the spur road Fortune plans to construct, will enable metal concentrates to be trucked to rail head south of Great Slave Lake for railway delivery to the Company's planned refinery in Alberta. The NICO Project was previously assessed in a positive Feasibility Study by Micon International Limited, which the Company plans to update based on current costs and the project optimiztions it has identified over the past year.

For more detailed information about the NICO Mineral Reserves and certain technical information in this news release, please refer to the Technical Report on the NICO Project, entitled "Technical Report on the Feasibility Study for the NICO-Gold-Cobalt-Bismuth-Copper Project, Northwest Territories, Canada", dated April 2, 2014 and prepared by Micon International Limited which has been filed on SEDAR and is available under the Company's profile at www.sedar.com .

The 2021 drill program was completed with NQ size drill core with logging by geologists qualified under NI 43-101. Mineralized intervals were sawn along the core long axis with half samples, typically in 1 metre core lengths, sent for analysis for 34 elements at ALS Global ("ALS") in Yellowknife and North Vancouver. The program included Quality Assurance / Quality Control (" QA/QC ") measures, including the insertion of blanks and standards with known grades to validate the analytical results. ALS is independent of Fortune. Fortune is not aware of any drilling, sampling, recovery, or other factors that could materially affect the accuracy or reliability of the data referred to herein. Based on the indicative geometry of the mineralization reported in the 2021 drill program, the widths that are reported are believed to closely approximate true widths.

The disclosure of scientific and technical information contained in this news release has been approved by Robin Goad, M.Sc., P.Geo., President and Chief Executive Officer of Fortune, who is a "Qualified Person" under National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101") . Mr. Goad supervised the preparation of the scientific and technical information that forms the basis for this news release and has reviewed and approved the disclosure herein. Mr. Goad supervised the drill program and verified the data disclosed, including sampling, analytical and QA/QC data, underlying the technical information in this news release, including reviewing the reports of ALS, methodologies, results, and all procedures undertaken for QA/QC in a manner consistent with industry practice, and all matters were consistent and accurate according to his professional judgement. There were no limitations on the verification process.

2021 Drill Hole Location Summary

Hole ID

UTM Easting
(metres)

UTM Northing
(metres)

Elevation
(metres)

Azimuth
(degrees)

Dip
(degrees)

Depth
(metres)

Target

21-001

513057.15

7046304.39

294.59

199.5

-45

155.00

East extension of NICO Deposit

21-002

513119.50

7046314.86

295.94

199.5

-45

131.06

East extension of NICO Deposit

21-003

513412.98

7046392.91

259.23

199.5

-45

259.93

East extension of NICO Deposit

21-004A

513132.06

7046475.46

268.32

199.5

-45

26.00

East extension of NICO Deposit

21-004B

513132.06

7046475.46

268.32

199.5

-45

206.15

East extension of NICO Deposit

21-005

513778.88

7046078.94

226.22

199.5

-45

160.35

Ralph Zone

21-006

514063.14

7046163.11

223.68

199.5

-45

185.00

Ralph Zone

21-007

513592.05

7045763.49

201.80

199.5

-45

105.81

Peanut Lake Zone

21-008

513785.95

7045807.55

213.62

199.5

-45

191.07

Peanut Lake Zone

21-009

514003.01

7045774.81

205.27

199.5

-45

248.02

Peanut Lake Zone

21-011

512744.70

7045382.90

201.13

199.5

-45

168.92

Road Cut Zone

21-014

513686.32

7045808.46

200.20

199.5

-45

186.96

Peanut Lake Zone

21-015

513280.98

7046441.88

226.00

199.5

-45

226.00

East extension of NICO Deposit

21-016

513505.22

7046309.11

232.04

199.5

-45

232.04

East extension of NICO Deposit

About Fortune Minerals:

Fortune is a Canadian mining company focused on developing the NICO cobalt-gold-bismuth-copper Critical Minerals project in the NWT and Alberta. Fortune also owns the satellite Sue-Dianne copper-silver-gold deposit located 25 km north of the NICO Deposit and is a potential future source of incremental mill feed to extend the life of the NICO mill and concentrator.

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This press release contains forward-looking information and forward-looking statements within the meaning of applicable securities legislation. This forward-looking information includes statements with respect to, among other things, the development of the NICO Project, the potential for expansion of the NICO Depositand statements regarding drill results and future drilling and assays. Forward-looking information is based on the opinions and estimates of management as well as certain assumptions at the date the information is given (including, in respect of the forward-looking information contained in this press release, assumptions regarding: the Company's ability to complete construction of a NICO Project refinery; the Company's ability to arrange the necessary financing to continue operations and develop the NICO Project; the support of the federal and/or provincial government for the NICO Project; the receipt of all necessary regulatory approvals for the construction and operation of the NICO Project and the related hydrometallurgical refinery and the timing thereof; growth in the demand for cobalt; the time required to construct the NICO Project; and the economic environment in which the Company will operate in the future, including the price of gold, cobalt and other by-product metals, anticipated costs and the volumes of metals to be produced at the NICO Project). However, such forward-looking information is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information. These factors include the risks that the 2021 drill program may not result in a meaningful expansion of the NICO Deposit, the continuing effects of the COVID-19, the Company may not be able to complete the purchase of the JSFL site and secure a site for the construction of a refinery, the Company may not be able to finance and develop the NICO Project on favourable terms or at all, uncertainties with respect to the receipt or timing of required permits, approvals and agreements for the development of the NICO Project, including the related hydrometallurgical refinery, the construction of the NICO Project may take longer than anticipated, the Company may not be able to secure offtake agreements for the metals to be produced at the NICO Project, the Company's Sue-Dianne Property may not be developed to the point where it can provide mill feed to the NICO Project, the inherent risks involved in the exploration and development of mineral properties and in the mining industry in general, the market for products that use cobalt or bismuth may not grow to the extent anticipated, the future supply of cobalt and bismuth may not be as limited as anticipated, the risk of decreases in the market prices of cobalt, bismuth and other metals to be produced by the NICO Project, discrepancies between actual and estimated Mineral Resources or between actual and estimated metallurgical recoveries, uncertainties associated with estimating Mineral Resources and Reserves and the risk that even if such Mineral Resources prove accurate the risk that such Mineral Resources may not be converted into Mineral Reserves once economic conditions are applied, the Company's production of cobalt, bismuth and other metals may be less than anticipated and other operational and development risks, market risks and regulatory risks. Readers are cautioned to not place undue reliance on forward-looking information because it is possible that predictions, forecasts, projections and other forms of forward-looking information will not be achieved by the Company. The forward-looking information contained herein is made as of the date hereof and the Company assumes no responsibility to update or revise it to reflect new events or circumstances, except as required by law.

Fortune Minerals Limited
Troy Nazarewicz
Investor Relations Manager
info@fortuneminerals.com
Tel: (519) 858-8188
www.fortuneminerals.com

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Fortune Minerals Updates NICO Refinery Site Due-Diligence

Fortune Minerals Updates NICO Refinery Site Due-Diligence

Consultants engaged and work nearing completion on site purchase option validation

Fortune Minerals Limited (TSX: FT) (OTCQB: FTMDF) (" Fortune " or the " Company ") ( www.fortuneminerals.com ) is pleased to report that due-diligence activities are advancing on the Company's proposed new refinery site location in Lamont County in Alberta's Industrial Heartland northeast of Edmonton (see Fortune news release dated January 24, 2022). Fortune entered into an option agreement with JFSL Field Services ULC (" JFSL ") in January to allow it to purchase the site and existing facilities of this former steel fabrication plant in order to construct the hydrometallurgical refinery for the planned NICO cobalt-gold-bismuth-copper mine in the Northwest Territories. The refinery would process metal concentrates from the mine to produce Critical Mineral products including cobalt sulphate, bismuth ingots and oxide, and a copper precipitate needed for the transition to new technologies. The NICO Mineral Reserves also contain more than 1.1 million ounces of in-situ gold providing a highly liquid and countercyclical co-product to mitigate Critical Mineral price volatility. The vertically integrated NICO cobalt-gold-bismuth-copper project (" NICO Project ") is one of the few advanced cobalt development assets in the world outside of the Democratic Republic of the Congo to support the near-term demand growth in lithium-ion rechargeable batteries used in electric vehicles (" EV's '), portable electronics and stationary storage cells.

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Fortune Minerals Provides Summary of Key Highlights of the Recent Cobalt Institute Cobalt Market Report 2021

Fortune Minerals Provides Summary of Key Highlights of the Recent Cobalt Institute Cobalt Market Report 2021

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Fortune Minerals Limited (TSX: FT) (OTCQB: FTMDF) (" Fortune " or the " Company ") ( www.fortuneminerals.com ) is pleased to provide a summary of the key highlights from the Cobalt Institute's (" CI ") Cobalt Market Report 2021 (access report here ) released this week. The CI is a trade organization promoting the sustainable and responsible production and use of cobalt with member companies comprised of producers, developers, users, traders, and recyclers of cobalt metals and chemicals. The Cobalt Market Report 2021 confirms cobalt's essential role in diverse industrial applications, and particularly as an enabler of the green economy transition and innovation of rechargeable battery technologies supporting accelerating global electric vehicle (" EV ") sales. Fortune's NICO Cobalt-Gold-Bismuth-Copper Project (" NICO Project ") is a Canadian, vertically integrated, Critical Minerals development and one of the few cobalt assets in the world that can be developed in the timeframe needed to meet today's cathode chemistries in rechargeable batteries used in EV's, portable electronics and stationary storage cells.

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Fortune Minerals Engages Haywood as Financial Advisor

Fortune Minerals Engages Haywood as Financial Advisor

Haywood engaged to assist Fortune in raising the funds needed to advance the NICO Critical Minerals Project through to a construction decision

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES

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Fortune Minerals Welcomes Canada's C$3.8 Billion Critical Minerals Strategy to Support Domestic EV Supply Chains

Fortune Minerals Welcomes Canada's C$3.8 Billion Critical Minerals Strategy to Support Domestic EV Supply Chains

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Fortune Minerals Limited (TSX: FT) (OTCQB: FTMDF) (" Fortune " or the " Company ") ( www.fortuneminerals.com ) is pleased to report on the C$3.8 billion of financial support for Critical Minerals announced in last week's Government of Canada budget for 2022 (" 2022 Budget "). The funds are being allocated to accelerate domestic production and processing of Critical Minerals, particularly cobalt, nickel and lithium used in the manufacture of lithium-ion rechargeable batteries for electric vehicles (" EV's "), portable electronics, and stationary storage cells to make electricity use more eficient. Fortune's 100%-owned NICO cobalt-gold-bismuth-copper project (" NICO Project ") is a vertically integrated Critical Minerals development comprised of a planned open pit and underground mine and mill in Canada's Northwest Territories (" NWT ") and a planned hydrometallurgical refinery in Alberta. The NICO Project is one of the few advanced cobalt development assets in the world that can be developed in the timelines required to meet current cathode chemistries and will benefit from implementation of these programs. The Mineral Reserves for the NICO deposit also include 1.1 million ounces of gold, 12% of global bismuth reserves, and copper as a minor by-product.

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Fortune Minerals Secures Option to Purchase Brownfield Site in Alberta's Industrial Heartland for NICO Refinery

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Fortune Minerals Limited (TSX: FT) (OTCQB: FTMDF) (" Fortune " or the " Company ") ( www.fortuneminerals.com ) is pleased to announce that it has entered into an option agreement with JFSL Field Services ULC (" JFSL "), a wholly-owned subsidiary of a large international engineering company, to purchase its former steel fabrication plant, located in Lamont County within Alberta's Industrial Heartland northeast of Edmonton. Pursuant to the agreement, Fortune will have six months to carry out additional due-diligence and complete the purchase of the JFSL facility for C$5.5 million. Fortune intends to acquire this brownfield site in order to construct the hydrometallurgical refinery for the planned NICO Cobalt-Gold-Bismuth-Copper mine in the Northwest Territories (" NWT "). The proposed refinery would process concentrates from the mine and produce cobalt sulphate for the rapidly expanding lithium-ion rechargeable battery industry and their use in electric vehicles (" EV's "), portable electronic devices, and stationary storage cells to make electricity use more efficient. In addition to cobalt, the unique mineral assemblage of the NICO deposit includes a highly liquid 1.1 million ounce in-situ gold co-product, 12% of global bismuth reserves, and copper. The vertically integrated NICO development (" NICO Project ") would provide a reliable North American source of three Critical Minerals produced responsibly with Canadian environmental-social governance (" ESG ") values that are essential to support the transformation to new technologies and the growing green economy.

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Stillwater Critical Minerals Announces Participation in THE Mining Investment Event of the North, Canada's First Tier I Mining Conference

 Stillwater Critical Minerals (TSXV: PGE), focused on battery, catalytic and precious metals at the Company's flagship Stillwater West project in Montana, USA, is pleased to announce that it will be participating in THE Mining Investment Event of the North, which will be held IN PERSON and will take place on June 19-21, 2022, at the Fairmont Chateau Frontenac and Voltigeurs de Quebec Armoury in Quebec City, Canada.

CEO, Michael Rowley will be presenting at 2:50PM ET on June 20th. Management from Stillwater Critical Minerals will also be holding one-on-one investor meetings throughout the three-day conference. Interested parties should contact Nancy Larned at nlarned@vidconferences.com to inquire about registering to attend.

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Ellis Martin: Name Change for Major Battery Metals and Platinum Group Elements Company in a Premiere US Mining District

Malibu, CA, United States (ABN Newswire) - Join Ellis Martin for a conversation with Michael Rowley, the President and CEO of Stillwater Critical Minerals Corp. (CVE:PGE)(OTCMKTS:PGEZF)(FRA:5D32).

Group Ten Metals Announces Name Change to Stillwater Critical Minerals Corp.

Group Ten Metals Inc. is pleased to announce that, effective at market opening on June 13, 2022, the common shares of the Company will trade on the TSX Venture Exchange under the name "Stillwater Critical Minerals Corp." to better reflect the commodity suite of battery, catalytic and precious metals at the Company's flagship Stillwater West project in Montana, USA. The project hosts a total of eight metals (nickel, cobalt, chromium, palladium, platinum, rhodium, iridium and ruthenium) designated as critical by the United States government with a mandate to secure domestic supplies based on economic and national security concerns. Stillwater West also hosts significant copper resources.

To listen to the Interview, please visit:
https://www.abnnewswire.net/press/en/110673/pge



About Stillwater Critical Minerals Corp.:

Stillwater Critical Minerals Corp. (CVE:PGE) (OTCMKTS:PGEZF) is a mineral exploration company focused on the development of high-quality platinum, palladium, nickel, copper, cobalt, and gold exploration assets in top North American mining jurisdictions. The Company's core asset is the Stillwater West project adjacent to Sibanye-Stillwater's high-grade PGE mines in Montana. Stillwater Critical Minerals also holds the high-grade Black Lake-Drayton Gold project adjacent to Treasury Metals' development-stage Goliath Gold Complex in northwest Ontario, and the Kluane PGE-Ni-Cu-Co project on trend with Nickel Creek Platinum's Wellgreen deposit in Canada‘s Yukon Territory.



Source:
Stillwater Critical Minerals Corp.

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Group Ten Metals Announces Name Change to Stillwater Critical Minerals

Group Ten Metals Announces Name Change to Stillwater Critical Minerals

Group Ten Metals Inc. (TSX.V:PGE; OTCQB:PGEZF; FSE:5D32) (the "Company" or "Group Ten") is pleased to announce that, effective at market opening on June 13, 2022, the common shares of the Company will trade on the TSX Venture Exchange under the name "Stillwater Critical Minerals Corp." to better reflect the commodity suite of battery, catalytic and precious metals at the Company's flagship Stillwater West project in Montana, USA. The project hosts a total of eight metals (nickel, cobalt, chromium, palladium, platinum, rhodium, iridium and ruthenium) designated as critical by the United States government with a mandate to secure domestic supplies based on economic and national security concerns. Stillwater West also hosts significant copper resources

Group Ten Metals Inc. , Thursday, June 9, 2022, Press release picture

President and CEO Michael Rowley commented "Rebranding Group Ten Metals to Stillwater Critical Minerals reflects our increasing focus on our flagship project and the great potential we see in the iconic and famously productive Stillwater mining district. With the recent addition of two renowned Bushveld and Platreef geologists to our team we are well positioned to advance the next phase of large-scale critical mineral supply from the district, building on past production of nickel, copper, and chromium, and the on-going production of platinum group and other metals by our neighbor, Sibanye-Stillwater. Our Platreef-style nickel and copper sulphide deposits contain a compelling suite of critical minerals and are open for expansion along trend and at depth. We look forward to further announcements including assay results from our 2021 resource expansion drill campaign and our 2022 exploration plans in the near term."

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Austral Resources Australia Ltd Complementary Exploration Earn-in Agreements with Glencore

Brisbane, Australia (ABN Newswire) - Copper producer Austral Resources Australia Ltd (ASX:AR1) is pleased to announce that the Company has entered into reciprocal non-binding exploration earn-in agreements ("Earn-in Agreements") with MIM, a subsidiary of one of the world's largest mining companies, Glencore.

The reciprocal nature of the Earn-in Agreements is value generating for both parties. For Austral, this will involve expanding its oxide exploration activity in both the Exploration Area and within MIM's prospective Russell Fault EPM. Under the Earn-in Agreements, the parties agree to share exploration data and certain resources.

Under the Earn-in Agreements, MIM will have the rights to earn-in up to a 65% interest of Austral's JV EPM's by spending A$6.3m over four years. Austral retains the right to explore for and commercially exploit oxide copper ore within the Exploration Area. Additionally, under the Earn-in Agreement with MIM, Austral is entitled to earn-in up to 65% interest within MIM's Russell Fault EPM by spending A$2.0m over four years, effectively increasing our copper exploration area by 116km2.

The Earn-in Agreements are non-binding and subject to formal documentation being entered into.

Austral will keep the market updated on its status as required.

Key details of the Earn-in Agreements are contained in the balance of this announcement. The Earn-in Agreements with MIM are the culmination of negotiations held with several parties eager to joint venture into portions of Austral's highly prospective exploration tenure and obtain an option to participate in the Company's future growth potential.

Austral's Chief Executive Officer, Steve Tambanis, commented:

"We are excited to collaborate with Glencore on this exploration JV in Queensland's Northwest Minerals Province. Both parties hold a significant tenure position within the region, and it makes absolute sense to combine the tenure for an intensive exploration programme. Glencore are our offtake partners for 40,000t of our Anthill copper cathode and we look forward to working together from an exploration perspective.

This is a win-win transaction for both Austral and Glencore with the potential to discover new orebodies that can extend operations of both companies in the region. Glencore is focussed on discovering new base/precious metal orebodies in this metal-rich area and Austral believes there is excellent potential to define additional oxide copper resources to be processed at its nearby Mt Kelly SXEW plant.

The prospectivity of the area has been significantly enhanced by two new geophysical datasets (Heli-VTEM and a separate fixed wing Falcon Gravity survey) flown by Glencore in late 2021 and processed earlier this year. This new data has generated a number of priority targets for the JV and drilling is expected to commence within months.

Of note, Austral has retained its rights to explore for oxide copper mineralisation on its own tenure and has negotiated the right to explore MIM's tenure for oxide copper mineralisation. We believe that the increased drilling activity in this area will yield more shallow copper oxide mineralisation.

Of Austral's 2,100km2 of EPM tenure, this Earn-in agreement applies to a 330km2 portion immediately about the Lady Loretta Mine (Figure 1*). Austral retains 1,800km2 of EPMs for other exploration initiatives.

Austral recently commenced processing ore from its Anthill Copper Mine - building to rate of 10,000tpa of copper cathode from mid-2022 for a four-year period. This will now allow the Company to increase the pace of its exploration and development activities.

We look forward to further updating shareholders as we build copper production from Anthill and scale-up exploration and development activities."

*To view full details of the transaction, please visit:
https://abnnewswire.net/lnk/037YMZ16



About Austral Resources Australia Ltd:

Austral Resources Australia Ltd (ASX:AR1) is a copper cathode producer operating in the Mt Isa region, Queensland, Australia. Its Mt Kelly copper oxide heap leach and solvent extraction/electrowinning (SXEW) plant has a nameplate capacity of 30,000tpa of copper cathode. Austral is developing its Anthill oxide copper mine which has an Ore Reserve of 5.06Mt at 0.94% Cu. The Company expects to produce 40,000t of copper cathode over a four-year period from mid-2022.

Austral owns a significant copper inventory with a JORC compliant Mineral Resource Estimate of 60Mt at 0.7% Cu and 1,940km2 of highly prospective exploration tenure in the heart of the Mt Isa district, a world class copper and base metals province. The Company is implementing an intensive exploration and development programme designed to extend the life of mine and increase then review options to commercialise its copper resources.



Source:
Austral Resources Australia Ltd

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Cobalt Supply Growth to Come from These 5 Key Assets

According to a Cobalt Institute report, supply growth is likely to lag behind demand in the medium term, with the market expected to shift into a deficit by 2024.

“Rising prices over the last 12 months have incentivized further supply side investments but these are currently insufficient to meet the rate of demand growth,” the document states. “Mined supply will continue to see healthy increases year-on-year in 2022 and 2023 before starting to fall away from 2024 onwards.”

After falling in 2020, cobalt mine supply rose 12 percent year-on-year to reach 160,000 metric tons (MT) in 2021. The Democratic Republic of Congo (DRC) remained the top producer of the commodity, accounting for 74 percent of global output and 87 percent of annual growth.

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Sherritt Announces Results of Modified Dutch Auction to Purchase Secured Notes and Fixed Price Tender Offer to Purchase Junior Notes

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Sherritt International Corporation (" Sherritt " or the " Corporation ") (TSX:S) announced today the results of its offers to purchase (i) its outstanding 8.50% senior second lien secured notes due 2026 (the " Secured Notes ") pursuant to a modified Dutch auction process (the " Secured Notes Dutch Auction ") and (ii) its outstanding 10.75% unsecured PIK option notes due 2029 (the " Junior Notes ", and collectively with the Secured Notes, the " Notes ") pursuant to a fixed price tender offer process (the " Junior Notes Fixed Price Tender Offer " and, together with the Secured Notes Dutch Auction, the " Offers " or the " Transaction ").

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