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![Poseidon Nickel Limited](https://investingnews.com/media-library/poseidon-nickel-limited.png?id=53217553&width=1200&height=800)
Gold Prospectivity Enhanced at Black Swan and Lake Johnston
Poseidon Nickel (ASX: POS, the Company) is pleased to provide an update of its gold exploration programs across its three projects.
- Geological setting at Black Swan confirmed to be favourable for gold
- Gold bearing structures identified throughout the geological sequence
- Geological setting shown to be very similar to nearby gold mines including Kanowna Belle and Gordon Sirdar
- 52 gold nuggets found so far from the interpreted gold bearing structures
- Low-cost soil sampling program to be completed this month to better define the emerging gold trends. Anomalies identified will be followed up with drilling
- Felsic intrusive copper-gold system indicated at Lake Johnston
- LJPD0032 intersection of 2.26g/t Au and 2.36% Cu confirmed as a mineralised felsic intrusive
- Association of a broad, open ended, Cu-Au soil anomaly at Billy Ray and the likely link to the mineralised Cu-Au drill intersection beneath supports the prospectivity for a larger Cu-Au system
- The Billy Ray Cu-Au soil anomaly is open and strikes into the newly acquired Mantis tenement, presenting a high priority opportunity to undertake a systematic, multi-element soil sampling program for the first time
- Windarra along trend of known gold mineralisation
- Windarra is interpreted to contain strike extensions to the main mineralised gold trend which controls nearby gold camps – Lancefield and Beasley Creek
- Promising gold in soil anomalies within the tenements and over this prospective corridor will also be followed up with modern day soil programs
CEO, Brendan Shalders, commented, “Recent exploration activities have further enhanced the gold prospectivity at Black Swan and Lake Johnston.
Black Swan is located within the Boorara Geological Domain which hosts a number of gold mines including the nearby Kanowna Belle, Mungarra and Gordon Sirdar projects. The 52 gold nuggets recovered to date enhances the prospectivity of the interpreted gold structures that intersect with the geological sequences at Black Swan.
The team plans to complete a soil sampling program at Black Swan this month to further test the gold prospectivity at the project.
At Lake Johnston, further assessment of the open-ended broad Billy Ray gold in soil anomaly has also confirmed coincident copper anomalism. When considering the likely link to the previously reported LJPD0032 drill intersection grading 2.26g/t Au and 2.36% Cu in a mineralised felsic intrusive, support is building for a larger Cu-Au system in the area. Planned soil sampling across the Mantis tenement will include other important pathfinder elements useful in targeting intrusive related gold systems (Bi-Sb-Tb- As-Te-Ag), which were not assayed historically.
When considering the historical nickel focus at all of our projects, there has been very little sustained exploration for other commodities despite all three projects being located in the heart of the Eastern Goldfields region of Western Australia.
The recently reported gold anomalies at Windarra, the increased gold prospectivity at Black Swan and the growing Cu-Au potential at Lake Johnston all offer exciting opportunities to carry out low-cost, high reward exploration programs whilst maintaining our nickel resources and infrastructure options.
The pleasing progress reported today and planned programs remain consistent with our strategy to assess the greenfields potential for multiple commodities across all three of Poseidon’s projects.”
Black Swan Geology Setting Favourable for Gold Mineralisation
The Black Swan project is situated west of the Mt Monger Fault amongst a series of interpreted secondary structures emanating from the primary fault which are commonly associated with gold mineralisation. The secondary structures are similar to those controlling the Golden Valley and Kanowna Sequence which hosts a number of large gold deposits including Kanowna Belle and Gordon Sirdar (see Figure 1).
Figure 1: Black Swan Regional Geology Map & Tenement Locations
Komatiitic nickel deposits such as Black Swan occur as channel like features that are interpreted to be following very early-stage crustal scale structures that remain active throughout the Earth’s geological history. These long-lived structures may become reactivated during the gold mineralising events meaning that separate nickel and gold mineralisation events can share common structural associations (i.e. Beta Hunt).
Following on from the recently reported gold nuggets discovered at Black Swan, metal detecting programs have so far recovered a total of 52 gold nuggets with a combined weight of 17.9 grams.
The nuggets are small in size (typically <0.6 grams in weight) and angular, indicating limited mobility and in-situ formation from a likely nearby source. The nuggets have been found clustered in a single area with the remainder of the tenements not yet tested.
A recent field trip noted the gold nuggets are mapped within hangingwall felsic volcanics with areas of quartz veining and breccias, and ferruginous lag which could be a source for gold mineralisation.
Click here for the full ASX Release
This article includes content from Poseidon Nickel 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.
Nickel Price Update: Q2 2024 in Review
The first quarter of the year saw the nickel price under threat from a market glut as Indonesian supply flooded the market, forcing western producers to begin cutting production amid low profitability.
March brought a great deal of volatility, with nickel breaking through the US$18,000 per metric ton (MT) mark; however, by April 1 the base metal had once again slumped, opening the second quarter at US$16,568.
As Q2 progressed, commodities saw broad gains and nickel hit a year-to-date high of US$21,615 on May 20.
After reaching that high point, nickel couldn't find support and fell rapidly to close the second quarter at US$17,291. Since then, the price of nickel has continued to decline, approaching yearly lows of US$16,090 on July 30.
Russian nickel faces western sanctions
During Q1, nickel prices were negatively affected as Indonesian producers continued to flood the market; however, the base metal began seeing positive momentum as the country experienced delays in approving mining output quotas, and amid speculation that Russian nickel could be sanctioned by the US and UK.
Ultimately, nickel wasn't sanctioned by those countries at the time, and as mining quotas began to work their way through Indonesian red tape, nickel prices once again experienced declines.
However, momentum began to shift again for nickel at the start of Q2. On April 12, news broke that Washington and London had banned US and UK metal exchanges from admitting new aluminum, copper and nickel from Russia. Taking immediate effect, the prohibitions also halted the import of those metals.
In July, the London Metal Exchange extended trading sanctions to Russian miner Norlisk Nickel’s Finnish operations for the trading of briquettes and cathodes; these restrictions are set to come into effect in October.
Joe Mazumdar, editor of Exploration Insights, suggested this move will have little impact on the sector.
“That nickel is still going to make it into the market, it’s just going to go to a different exchange, probably Shanghai … So I could still see that nickel moving and getting consumed in the global market — it’s just not coming to the west,” he explained to the Investing News Network in an interview.
Nickel continued to climb through April and May as a combination of factors drove metals prices more broadly. Dovish statements from the US Federal Reserve helped provide momentum, as did cooling inflation data.
Ultimately nickel prices fell back, with London Metal Exchange stockpiles of the metal increasing through the second quarter, rising from 77,604 MT on April 1 to 95,436 MT on June 28.
Western nickel producers cut output amid low prices
The overhang in the nickel market caused producers to begin curtailing their production in the early part of the year. This trend continued into the second quarter as more producers started to slow output or shut mines altogether.
Among the hardest-hit regions in the latest round of closures has been Australia, where low prices and high operating costs forced First Quantum Minerals (TSX:FM,OTC Pink:FQVLF) to place its Ravensthorpe operations on care and maintenance at the end of April. The mine had been operating at lower capacity through the start of the year as it worked through aboveground stockpiles and used a lower-cost atmospheric leach circuit to process ore.
BHP (ASX:BHP,NYSE:BHP,LSE:BHP), which had been considering cuts earlier in the year, announced on July 11 that it would be suspending operations at its Nickel West operations and West Musgrave project.
In its announcement, it cites oversupply in the global nickel market and indicates consensus that nickel prices will be lower over the next half-decade due to growth in alternative, low-cost supply. BHP said it would begin transitioning its operations starting immediately, with the full suspension being completed between October and December of this year. The company notes that the closure is temporary and said it will review its decision in February 2027.
Mazumdar explained that Indonesia has a competitive advantage, but as more operations begin to cut production it will start to eat into the market surplus, which will be a positive for the nickel market.
“They can’t compete on a cost basis with Indonesia, nobody can. So Indonesia continues to oversupply the market, and now there’s an overhang. What happens is once you get these production cuts, there’s less supply in the market and then that overhang will recede. That’s the best thing that can happen to the nickel market,” he said.
Can government incentives boost western nickel output?
Amid these challenges, the US has set up a number of programs, including tax credits through the Inflation Reduction Act (IRA), to bolster domestic and allied production of nickel and other critical minerals.
The IRA was announced in 2022, but more recently, the Biden administration authorized the US Department of Energy’s Clean Energy Financing Program, which establishes a US$72 billion fund that will be used to provide guaranteed loans to “projects that increase the domestically produced supply of critical minerals.”
Mazumdar doesn’t think incentives like this will be enough to get new projects into the nickel space.
“The west can offer cheap loans to get people to build it, but they’re not going to make any money to pay back the loan no matter how cheap it is unless they give them a grant,” he said.
He explained that to get these projects off the ground, the nickel price would need to go higher to incentivize development, or governments would need to provide a guaranteed price to buy the nickel and build their own stockpiles.
Back-and-forth pressures between government initiatives and Chinese dominance have created a bifurcated market and left Indonesia with few options to diversify its exports, even as it negotiates a trade partnership with the US.
This has led to attempts from Indonesia to restructure investment deals with Chinese firms that would allow Indonesian nickel products to qualify for incentives under the IRA.
What factors are driving nickel demand?
Despite the nickel market's oversupply, there is still high demand, much of it from China.
China is the largest consumer of nickel in the world, accounting for around 65 percent of total consumption, with the bulk of it destined for steel products. However, as China’s real estate market has stalled out, so too has demand for steel products, with consumption slumping 3.3 percent during the first half of the year.
Total 2024 consumption is projected to fall to around 900 million MT, down from 933.4 million MT in 2023.
Despite the decline, nickel demand has been bolstered by increasing sales of battery electric vehicles (BEVs) in recent years. Even though reports indicated that demand for BEVs had waned at the start of 2024, growth in the segment has remained resilient, with BEVs' global share of the light vehicle market expected to reach 19.2 percent in 2024.
In China, the uptake has also been enormous, with sales from Chinese BEV producer BYD (OTC Pink:BYDDF,SZSE:002594) projected to exceed those of North American rival Tesla (NASDAQ:TSLA) in 2024.
Additionally, demand for hybrid vehicles is expected to exceed demand for traditional internal combustion engine (ICE) cars. While batteries for hybrids aren’t as large, they still use more nickel than ICE vehicles.
The amount of nickel used in batteries has been increasing in recent years as consumers demand greater range. BEVs use 25.3 kilograms of nickel on average, while hybrids use an average of 6.5 kilograms.
What will happen to the nickel price in 2024?
While production cuts should bring the market more into balance, the nickel price is likely to be determined by supply coming from Indonesia and demand from Chinese steel and battery production.
Even though governments have created initiatives to stimulate western production, they’re not likely to have much ability to increase mining operations as long as nickel prices remain depressed.
As pricing for nickel bottoms out, there may be opportunities for investors who are willing to be patient; however, it could be some time before prices rebound sufficiently for miners to begin restarting their operations.
Long-term predictions show nickel in the US$17,000 range for 2024, slowly improving to US$23,000 level in 2028.
Don’t forget to follow us @INN_Resource for real-time news updates!
Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.
Top 3 Canadian Nickel Stocks of 2024
Some nickel stocks are still thriving in the ongoing tough nickel market. After trending down through 2023, nickel prices climbed to a 10-month high in late May, but they've since pulled back.
Supply is expected to outflank demand over the short term, but the longer-term outlook for the metal is strong. Demand from the electric vehicle industry is one reason nickel's future looks bright further into the future.
“Global nickel consumption is expected to increase due to recovery of the stainless steel sector and increased usage of nickel in electric vehicle batteries. Batteries now account for almost 17 percent of total nickel demand, behind stainless steel," Ewa Manthey, commodities strategist at financial services firm ING said in the lead-up to 2024.
“The metal’s appeal to investors as a key green metal will support higher prices in the longer term."
As for Canada's nickel market, the critical metal is listed as one of the top priorities in the Canadian government's Critical Minerals Strategy, which was announced in 2023. The country is the world's fifth largest producer, with much of the production coming from mines in Ontario's Sudbury Basin, including Vale’s (NYSE:VALE) Sudbury operation and Glencore's (LSE:GLEN,OTC Pink:GLCNF) Sudbury Integrated Nickel Operations.
Additionally, in February, Canada Nickel Company (TSXV:CNC,OTCQX:CNIKF) announced its wholly owned subsidiary NetZero Metals is planning to develop a US$1 billion nickel processing plant in Ontario that would become North America’s largest once complete.
How are Canadian nickel stocks performing in 2024? Below INN has listed the top nickel stocks in Canada on the TSXV and CSE by share price performance so far this year. TSX stocks were considered, but didn't make the cut.
All year-to-date and share price data was obtained on July 30, 2024, using TradingView’s stock screener. The top nickel stocks listed had market caps above C$10 million at that time.
1. Class 1 Nickel and Technologies (CSE:NICO)
Year-to-date gain: 233.33 percent; market cap: C$32.66 million; share price: C$0.20
Class 1 Nickel and Technologies flagship property is its wholly owned Alexo-Dundonald nickel project near Timmins, Ontario. The past-producing project hosts four nickel sulfide deposits. The company’s pipeline also includes the past-producing Somanike nickel-copper project near Val-d’Or, Quebéc, and the River Valley platinum group elements (PGE) project near Sudbury, Ontario.
Class 1 Nickel released mineral resource updates for the Alexo South and Alexo North deposits in April and May of this year, respectively. This was followed by updated technical reports on each deposit in June and July. The company expects to start work on a preliminary economic assessment in the near-term as part of its plan to bring the project back into production.
The Canadian nickel exploration company's share price started off the year at C$0.06, and it began climbing in April to reach a year-to-date high of C$0.21 on July 26.
2. Power Nickel (TSXV:PNPN)
Year-to-date gain: 158.33 percent; market cap: C$119.22 million; share price: C$0.62
Power Nickel is focused on developing its 80 percent owned Nisk polymetallic property in Quebéc, which hosts nickel, copper, platinum and palladium mineralization. According to the company, it plans to create Canada's first carbon neutral nickel mine. The polymetallic nature of the project is a plus for the economic case for future nickel production in a low price environment.
This ongoing work has generated a succession of positive news flow for the company so far in 2024. After starting 2024 at C$0.24, shares in Power Nickel began gaining forward momentum in mid-April following two key announcements. First was the drill results on the newly discovered Lion copper, platinum, palladium zone 5 kilometers northeast of its main Nisk Deposit. Shortly after, the company announced the completion of its option to earn an 80 percent stake in the property from Critical Elements Lithium (TSXV:CRE).
Power Nickel’s share price jumped more than 15 percent on May 10 to reach C$0.64 following news that drilling continued to expand the high-grade, near-surface Lion discovery with notable assays that included 14.42 meters of 0.59 grams per metric ton (g/t) gold, 69.14 g/t silver, 8.17 percent copper, 6.25 g/t palladium, 8.44 g/t platinum and 0.58 percent nickel.
In June, Power Nickel commenced an 8,000-meter summer drill program at Nisk. This was followed by the closing of a flow-through offering with gross proceeds of over C$20 million, with some of the biggest names in mining — Robert Friedland and Rob McEwen — participating. The company's stock value continued to climb before peaking at a year-to-date high of C$0.88 on June 21.
3. EV Nickel (TSXV:EVNI)
Year-to-date gain: 83.33 percent; market cap: C$48.01 million; share price: C$0.55
EV Nickel’s primary project is the 30,000 hectare Shaw Dome asset near Timmins, Ontario. It includes the high-grade W4 deposit, which has a resource of 2 million metric tons at 0.98 percent nickel for 43.3 million pounds of Class 1 nickel across the measured, indicated and inferred categories. Shaw Dome also holds the large-scale CarLang A zone, which has a resource of 1 billion metric tons at 0.24 percent nickel for 5.3 billion pounds of Class 1 nickel across the indicated and inferred categories.
EV Nickel is also working on integrating carbon capture and storage technology for large-scale clean nickel production, and has procured funding from the Canadian government and Ontario's provincial government. In late 2023, the company announced it was moving its carbon capture research and development to the pilot plant stage.
The company's news so far in 2024 includes the closure of a flow-through financing in March which ultimately saw EV Nickel raise C$5.12 million to fund the development of its high-grade large-scale nickel resources.
In April, EV Nickel launched its 2024 exploration program, which is aimed at advancing the CarLang trend and exploring other nickel targets. The most recent news out of the program came in mid-June with the announcement that diamond drilling on the Langmuir 2 high-priority nickel target had commenced and plans were in place to begin drilling on high-grade nickel targets contained within the Shaw Dome project starting in mid-June.
The Canadian nickel exploration company's share price started off the year at C$0.30 before steadily climbing to reach a year-to-date high of C$0.79 on May 17.
FAQs for nickel investing
How to invest in nickel?
There are a variety of ways to invest in nickel, but stocks and exchange-traded products are the most common. Nickel-focused companies can be found globally on various exchanges, and through the use of a broker or a service such as an app, investors can purchase companies and products that match their investing outlook.
Before buying a nickel stock, potential investors should take time to research the companies they’re considering; they should also decide how many shares will be purchased, and what price they are willing to pay. With many options on the market, it's critical to complete due diligence before making any investment decisions.
Nickel stocks like those mentioned above could be a good option for investors interested in the space. Experienced investors can also look at nickel futures.
What is nickel used for?
Nickel has a variety of applications. Its main use is an alloy material for products such as stainless steel, and it is also used for plating metals to reduce corrosion. It is used in coins as well, such as the 5 cent nickel in the US and Canada; the US nickel is made up of 25 percent nickel and 75 percent copper, while Canada's nickel has nickel plating that makes up 2 percent of its composition.
Nickel's up-and-coming use is in electric vehicles as a component of certain lithium-ion battery compositions, and it has gotten extra attention because of that purpose.
Where is nickel mined?
The world's top nickel-producing countries are primarily in Asia: Indonesia, the Philippines and New Caledonia make up the top three. Rounding out the top five are Russia and Canada. Indonesia's production stands far ahead of the rest of the pack, with 2023 output of 1.8 million metric tons compared to the Philippines' 400,000 MT and New Caledonia's 230,000 MT.
Significant nickel miners include Norilsk Nickel (OTC Pink:NILSY,MCX:GMKN), Nickel Asia, BHP Group (NYSE:BHP,ASX:BHP,LSE:BHP) and Glencore (LSE:GLEN,OTC Pink:GLCNF).
Don’t forget to follow us @INN_Resource for real-time news updates!
Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: Canada Nickel Company is a client of the Investing News Network. This article is not paid-for content.
Geophysics and Drilling Discovers New Mineralised Structure West of Horden Lake, further Potential along Strike.
Pivotal Metals Limited (ASX: PVT) (‘Pivotal’ or the ‘Company’) is pleased to provide results from two further drill holes and a new airborne magnetic survey that highlights the regional scale growth potential of its 100% owned Horden Lake Project in Quebec, Canada.
Newly discovered mineralised zone adjacent to Horden Lake
- Airborne survey delineates 1.8km parallel magnetic anomaly, “Horden West”, 400m west of the main Horden Lake trend.
- First ever drill hole into Horden West provides strong encouragement for this new zone, highlights of HN-24-113:
- 2.2m @ 0.77% CuEq from 10.6m
- 1.1m @ 0.4% CuEq from 45m
- 1.5m @ 0.84% CuEq from 241m
- Geophysical surveys and follow up drilling are planned to fully investigate the potential of this new discovery.
Additional 600m strike extension potential south of Horden Lake main zone
- 2024 drilling, DHEM and drone magnetics defines up to 600m of potential strike extension to the southwest of Horden Lake.
- 3.2m @ 1.06% CuEq from 180.7m drilled in HN-24-108, in a low mag anomaly.
- Off-hole DHEM conductor coincides with strengthening magnetics to the SW.
- Shallow historical drilling results, which lie outside the Horden Lake 2022 resource boundary, highlight the potential of this extension
- 23.7m @ 1.24% CuEq from 33.4m, incl 7.9m @ 2.16% CuEq in HOR-13-02
- 54m @ 0.56% CuEq from 59.9m in H26820
Pivotal work program delivering
- Significant growth potential shown through drilling and geophysics completed by Pivotal on the Horden Lake property.
- Assay results from 16 holes from the 2024 drilling results are still pending.
- Metallurgical testwork in progress, with resource update expected in Q4 2024.
- Follow up geophysics to refine regional targets planned for Q4 2024.
- Follow up drilling planned for Jan 2025.
Managing Director, Mr Fairhall said:
“The best place to look for a deposit, is next to a deposit. This parallel corridor is a major development in expanding the potential of the project. Previously undrilled, so hitting mineralisation in the first hole is a great first step in developing this into a potentially significant target source of feed to complement the main Horden Lake deposit.
Elsewhere, along strike from Horden Lake, we have further defined a prospective 600m potential strike extension. The new data, combined with exciting intersections in historical drilling, provide clear targets to prioritise as the Company builds its open-pit resources.
Like our successful down-plunge step-out drilling, these are important evidence of the significant potential to enlarge the resource base and bulk-up what is already a sizeable and compelling copper development opportunity.
Overview
Horden Lake is a copper dominant Cu-Ni-Au-PGM-Co Project located 131km north-northwest of Matagami, in Quebec Canada. The Project hosts an indicated and inferred mineral resource estimate of 28mt at 1.5% CuEq, as a result of over 52,464m of drilling previously completed on the property. Pivotal has recently completed a 7,097m / 34 hole diamond drilling campaign of which 3,333m / 16 holes have been reported prior to this announcement.
The main objectives of the drilling program were to infill missing by-product multi-element assay information, target resource expansion potential (which remains open at depth across its full extent) and collect a distribution of metallurgical sample for a complete test work program. Downhole EM surveys have also been completed to dimension future exploration potential targets.
Click here for the full ASX Release
This article includes content from Pivotal Metals, 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.
Quarterly Report for the Period Ending 30 June 2024
Blackstone Minerals Limited (ASX:BSX) is pleased to share its quarterly report for the period ending 30 June 2024.
HIGHLIGHTS:
• The Company commenced the precursor cathode active material (“pCAM”) NCM811 (nickel-cobalt- manganese in a ratio of 8-1-1) pilot program in May 2024. This is the last stage of outstanding testwork required to finalise the definitive feasibility studies (“DFS”).
• The Company is in the final stages of completing the Ta Khoa Refinery (“TKR”) DFS. Outstanding DFS activities include, pCAM piloting program, residue handling testwork and facility design and finalising geotechnical assessments. Completion of these activities will allow the Company to release the DFS within CY24.
• The Company continues to engage the Son La Provincial Government and with respect to the TKR Investment Policy application. The Company has progressed drafting the Ta Khoa Nickel (“TKN”) Investment Policy Application document.
• End of quarter cash position of $4.16m, following receipt of ~$1m research and development advance funding agreement.
• Listed investments of $1.6m at the end of the quarter.
For a video summary of the announcement head to the Blackstone Investor Hub
https://investorhub.blackstoneminerals.com.au/link/7PRd7e
PROJECT UPDATE
TA KHOA REFINERY COMMENCES pCAM PILOTING
After successful completion of both the Ta Khoa Nickel (“TKN”) and Ta Khoa Refinery (“TKR”) pilot campaigns to produce battery grade nickel and cobalt sulphates (Refer to ASX announcement 15 November 2022), Blackstone commenced pCAM piloting in May 2024.
The pCAM pilot program is the last stage of testwork required to allow the Company to finalise TKR DFS testwork activities. The pCAM pilot program will utilise feedstock generated during the TKR pilot program to produce on-specification pCAM material in the chemistry of NCM811 to ‘typical’ lithium-ion battery standards for the EV market.
Click here for the full ASX Release
This article includes content from Blackstone Minerals, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
5 Top Weekly TSXV Stocks: Alaska Energy Metals Powers Up with 93 Percent Gain
Welcome to the Investing News Network's weekly look at the best-performing junior mining stocks on the TSX Venture Exchange, starting with a round-up of Canadian and US market data impacting the resource sector.
The S&P/TSX Venture Composite Index (INDEXTSI:JX) lost 0.76 points last week to close at 579.33. Meanwhile, the S&P/TSX Composite Index (INDEXTSI:OSPTX) gained 59.82 to close at 22,814.81.
The US Bureau of Economic Analysis (BEA) released its advanced GDP estimates for Q2 2024 this past Thursday (July 25). The data showed the economy grew 2.8 percent in the May to June period, higher than the 1.4 percent increase seen in the first quarter of 2024.
Increases in spending in the service sector saw contributions from health care, housing and utilities, while higher spending for goods came from auto sales, recreational goods and furnishings.
The BEA also released June’s personal consumption expenditures index data this past Friday (June 26). In that release, the bureau indicated further easing of inflation with June reporting a year-over-year increase of 2.5 percent, down from May’s increase of 2.6 percent.
The index is a favored measure by the Federal Reserve in tracking progress as it works to bring inflation down to its 2 percent target rate. The central bank will use the figures to determine rate changes when it meets next Tuesday and Wednesday. While most analysts do not see the Fed making any changes yet, the new data has increased sentiment for cuts in September.
Equity markets saw broad gains above 1 percent on Friday but were mixed over the past week.
The S&P 500 (INDEXSP:.INX) was down more than 1 percent, finishing the week at 5,459.09 points. The Nasdaq-100 (INDEXNASDAQ:NDX) was down sharply following a rout of tech stocks in the aftermath of the Crowdstrike (NASDAQ:CRWD) outage on July 19, losing 3.65 percent on the week closing out Friday at 19,023.66. Meanwhile, the Dow Jones Industrial Average (INDEXDJX:.DJI) saw a modest gain of 0.43 percent to close at 40,589.34.
The S&P GSCI (INDEXSP:SPGSCI) commodity index also saw losses this week losing around 1 percent on the week to trade at US$549.27 this past Friday. Precious metals were also down with silver falling 4.44 percent ending the week trading at US$27.92 and gold shedding 0.58 percent to end the week at US$2,386.74.
How has this affected small-cap mining companies on the TSX Venture Exchange? These are the top 5 gainers from the past week.
1. Alaska Energy Metals (TSXV:AEMC)
Weekly gain: 93.1 percent; market cap: C$31.28 million; share price: C$0.28
Alaska Energy Metals is an exploration company working to advance its critical mineral properties in Alaska, US, and Quebec, Canada. The company’s flagship property, the Nikolai project, is located in Southeast Alaska and hosts the Eureka deposit. In a resource estimate from a technical report published in February, the company reported contained indicated values of 3.88 billion pounds of nickel, 1.28 billion pounds of copper, 303 million pounds of cobalt along with 4 million ounces of platinum from 813 million metric tons.
The company also owns the Angliers project located in western Quebec. The site is composed of 464 mineral claims covering an area of 26.417 hectares in a region known to host mineralized bodies of nickel, copper, platinum group metals, gold, molybdenum and zinc. The company announced on June 5, that it had acquired the adjacent Bambino nickel and copper property which would add 57 new claims over 3,320 hectares.
The most recent news from the company’s projects came on July 16, when it announced the start of a drilling program to test geochemical targets at the Canwell block at its Nikolai project.
2. Nevada King Gold (TSXV:NKG)
Weekly gain: 44.23 percent; market cap: C$121.94 million; share price: C$0.375
Nevada King Gold is a gold exploration company focused on the advancement of its Atlanta Gold project in southeast Nevada, US. The property is home to a past-producing open-pit gold mine that produced 110,000 ounces of gold and 800,000 ounces of silver between 1975 and 1985.
The site consists of six primary zones, and according to a 2020 resource estimate hosts measured and indicated quantities of 460,000 ounces of gold and 4.22 million ounces of silver from 11 million metric tons of ore, with additional inferred values of 142,000 ounces of gold and 1.24 million ounces of silver from 5.31 million metric tons of ore.
In a project update released this past Tuesday (July 23) the company reported drill results that included a highlighted intercept of 6.28 grams per metric ton (g/t) gold over 54.9 meters. The company said mineralization from the interval was consistent over its entire length and that it was the most important hole drilled at Atlanta to date.
The most recent news from Nevada King came this past Friday, when the company announced that it had received final approval from the Supreme Court of British Columbia to spin out its non-Atlanta projects. The deal will see its other properties including, Lewis, Horse Mountain - Mill Creek, and Iron Point projects spun out to shareholders. The new company will also retain a 3 percent smelter return royalty on all gold and silver production from Atlanta.
3. Abcourt Mines (TSXV:ABI)
Weekly gain: 42.86 percent; market cap: C$24.73 million; share price: C$0.05
Abcourt Mines is a gold exploration and development company focused on operations at its Sleeping Giant mine in the Abitibi region of Quebec, Canada. The mine property consists of four mining leases covering an area of 458 hectares and 69 claims. The site hosts an underground mine along with a mill capable of processing 750 metric tons per day.
The company also owns the Pershing-Manitou gold exploration project also located in the Abitibi region is composed of 322 claims covering an area of 12,307.55 hectares. Abcourt has been carrying out bulk sampling using the mill at Sleeping Giant.
On July 10, the company announced that Sleeping Giant had produced 327.6 ounces of gold from 1,428 metric tons and also produced 140 ounces from 5,000 metric tons acquired from the bulk sampling program at Pershing-Manitou. The company said it would be using the mill to process development material to access new stopes.
The most recent news from Abcourt came this past Thursday when the company announced the closing of C$4.5 million private placement. The company said funds would be used for exploration and development at Sleeping Giant.
4. Volt Lithium (TSXV:VLT)
Weekly gain: 34.92 percent; market cap: C$54.62 million; share price: C$0.425
Volt Lithium is a lithium development and production company working to advance its Direct Lithium Extraction (DLE) technology. The company is currently operating in the Permian Basin to develop its DLE technology which will allow it to extract battery grade lithium from oilfield brines. Oilfields in the basin produce 19 million barrels of brine per day.
The most recent news came on July 17 when it announced it had scaled up its processing capabilities at its field simulation center in Calgary, Alberta, Canada to 96,000 litres per day with lithium recovery rates of up to 99 percent from brine concentrations as low as 31 milligrams per litre. The company said it’s a significant milestone and will allow it to build and deploy its first field unit during Q3 2024.
5. Founders Metals (TSXV:FDR)
Weekly gain: 28.7 percent; market cap: C$183.96 million; share price: C$2.87
Founders Metals is a gold exploration company working to advance exploration efforts at its Antino Gold project in southeast Suriname. The property covers 238 square kilometers and has the necessary permits for drilling and mining. The site has previously hosted small-scale open pit mining operations with approximately 500,000 ounces of gold having been extracted.
Results from the company’s most recent exploration activities were reported this past Monday (July 22) when it reported highlighted assays of 5.31 g/t gold over 46 meters which included 12.05 g/t gold over 10 meters. The company said results expand on previously identified mineralization 150 meters east of the main Froyo zone and intends to continue exploration of the parallel zone over the coming weeks to explore strike and depth.
Data for this 5 Top Weekly TSXV Performers article was retrieved at 11:00 am PST on July 26, 2024, using TradingView's stock screener. Only companies with market capitalizations greater than C$10 million prior to the week's gains are included. Companies within the non-energy minerals and energy minerals were considered.
Don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.
Q2 2024 Quarterly Report
Pivotal Metals Limited (ASX: PVT) (‘Pivotal’ or the ‘Company’) is pleased to provide its Appendix 5B cash flow statement for the quarter ended 30 June 2024, along with the following operational summary.
Quarter Highlights
- Drill results from the 34 hole diamond drilling program totalling 7,092m at Horden Lake. As at the date of this report, 16 holes have now been released. Highlights include:
- 37.5m at 1.31% CuEq from 51.2m, incl 15m @ 2.15% CuEq (HN-24-93).
- 32.1m @ 1.2% CuEq from 264.3m, incl 14.2m @ 1.79% CuEq (HN-24-98)
- 28.6m @ 1.05% CuEq from 74m, incl 10.2m @ 2.3% CuEq (HN-24-103).
- 39.1m @ 0.97% CuEq from 154m, incl 19.7m @ 1.41% CuEq (HN-24-94)
- 21.5m @ 0.98% CuEq from 266.1m, incl 7.2m @ 1.56% CuEq (HN-24-97).
- 33.8m @ 0.81% CuEq from 38m (HN-24-100). o 11.9m @ 1.39% CuEq from 229.7m & 17.1m @ 0.58% CuEq from 203m (HN-24-96).
- Significant depth extension via drilling and DHEM in the southern zone clearly defined at Horden Lake
- The lesser drilled southern zone demonstrates potential to match or possibly exceed the central zone where economic resources extend to 550m (still open), 50-60% deeper than currently defined in the south.
- Assays confirm Pd, Pt, Au, Co and Ag metals are present. These were never before assayed for in large parts of the Horden Lake project, and represent upside to contained metal in future resource updates.
- Magnetotelluric “MT” geophysical survey shows large magnetic anomalies outlined on a newly mapped prospective contact, which hosts the historical high-grade discoveries ‘Alotta’ and ‘Midrim’ on the 100% owned BAGB project.
- $1.27m cash balance, with further news-flow expected as the Company releases remaining drilling and DHEM results, and advances work across its properties. o A$0.216m has been received since quarter end from delayed March 24 quarter sales tax refunds. A further ~A$0.157m is expected before the September 2024 quarter end.
Managing Director Ivan Fairhall said:
“The June quarter was an important one for Pivotal, where we delivered the first drilling results in over a decade on the Horden Lake project. Results fully validate our beliefs in the substantial upside potential at Horden Lake. Stepout drilling is complemented by DHEM to show that the shallower zones continue strongly at depth. Deeper drilling in the central zone gets us very excited by what we are seeing as we step-out in the south. Infill drilling is adding byproduct metal assays in previously untested areas, and enhancing the value of the 28mt resource which we have already defined. We look forward to bring this all together in a resource update in Q4 24.
The MT survey is an exciting enhancement to our BAGB geological model, showing Midrim and Alotta are indicators of an extensive magmatic intrusion which acted as the plumbing system for these high-grade surficial deposits, with the survey pointing to potential sulphide accumulations of scale.”
We look forward to sharing continued exploration results from Horden Lake through the September quarter.”
Click here for the full ASX Release
This article includes content from Pivotal Metals, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
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