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![Nordic Nickel](https://investingnews.com/media-library/nordic-nickel.png?id=49472338&width=1200&height=800)
High-Grade Nickel Sulphide Intersected Outside Mineral Resource
Up to 2.4% nickel intersected in addition to multiple disseminated nickel sulphide intersections of up to 195m
Nickel sulphide explorer Nordic Nickel Limited (ASX: NNL; Nordic, or the Company) is pleased to report further significant assay results received from drilling completed at its 100%-owned flagship Pulju project, situated in Northern Finland (Pulju, or the Project) within the Central Lapland Greenstone Belt (CLGB). The Company completed 28 diamond drill holes for 15,432m as part of its maiden drilling program at the Project.
HIGHLIGHTS
- Assays from nine (9) diamond drill holes continue to return extensive zones of nickel sulphide mineralisation, including zones of higher-grade massive stringer sulphides.
- Assay highlights include:
- HOT026
- 41.1m @ 0.25% Ni from 296.9m (incl. 0.45m @ 2.4% Ni, 0.11% Co); and
- 100m @ 0.21% Ni from 353m (incl. 0.55m @ 1.17% Ni, 0.05% Co)
- HOT021
- 195m @ 0.21% Ni from 10m; and
- 107.9m @ 0.17% Ni from 330m
- HOT018
- 184m @ 0.21% Ni from 34m
- HOT023
- 141.75m @ 0.22% Ni from 35.85m (incl. 2m @ 0.80% Ni, 0.04% Co)
- HOT020
- 122m @ 0.21% Ni from 92m; and
- 132.3m @ 0.22% Ni from 347m
- HOT014
- 102.37m @ 0.20% Ni from 137.63m
- HOT026
(See Table 1 and Appendix 1 for details)
- Results reinforce the potential for high-grade, semi-massive and massive nickel sulphides within the extensive areas of disseminated nickel sulphide mineralisation at Hotinvaara.
- Partial leach assaying confirms the predominance of nickel sulphide in the assays received to date.
- Hotinvaara Prospect represents just 2% of the total prospective mineralised belt within the broader Pulju Project.
- Assay results pending for an additional five drill holes from the Phase 1 drilling program at Hotinvaara.
- Updated MRE scheduled for completion by the end of 2023.
Principally, these results have confirmed and expanded the footprint of the extensive zones of disseminated nickel sulphide mineralisation at the Hotinvaara Prospect. Additionally, step-out drilling to the south (HOT026) has demonstrated a large extension of the mineralised system and that the targeting of geophysical anomalies is an effective (Figure 1, Table 1 & Appendix 1).
Figure 1. Collar plan showing Nordic’s drilling (green dots) and historical drilling (black dots). Drill holes reported in this release highlighted in green text. Composite assay intersections highlighted (cut-off:>1,500ppm Ni-total; max. 6m internal dilution). Cross-sections A – A’, B – B’, C – C’, D – D’, E – E’ and F – F’ see Figs. 2 – 7.
Management Comment
Nordic Nickel Managing Director, Todd Ross, said: “We are very encouraged to see zones of high- grade nickel sulphide in these latest assays associated with the extensive zones of disseminated mineralisation which we have been consistently intersecting.
“The Phase 1 drilling program has been extremely successful in confirming and expanding the known mineralised footprint at Hotinvaara, laying the foundations for a resource upgrade due by the end of this year. In particular, the strong correlation of magnetic anomalism with nickel sulphide mineralisation is extremely encouraging as we look to both expand the existing resource and discover larger accumulations of massive sulphides.
“As our understanding of the mineralised system advances, we will be in a strong position to build on the results of the Phase 1 drilling and target new discoveries, both within, and external to, the Hotinvaara licence area. In the meantime, shareholders can look forward to consistent further news-flow as we await final assays from the drilling, an updated MRE and metallurgical testwork results.”
Click here for the full ASX Release
This article includes content from Nordic Nickel, 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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Nordic Nickel
Overview
Nordic Nickel (ASX:NNL) is a nickel sulphide exploration and development company focused on becoming a major supplier of sustainably sourced, traceable, high-purity class 1 nickel and battery minerals through its portfolio of highly prospective assets in Finland. A highly credentialed team with a solid track record and experience throughout the mining industry leads the company in executing its exploration and development strategy.
Finland is a Tier-1, mining-friendly jurisdiction with a long mining history in the Central Lapland Greenstone Belt. Additionally, the country is incentivising battery mineral projects and is positioned to become a major player in the full battery value chain, making it an ideal jurisdiction for exploration and development.
The European Union Critical Minerals Act includes nickel as a critical mineral and will play a vital role in the transition to clean energy and decarbonization.Nordic Nickel’s 100-percent-owned flagship Pulju Project already has a JORC-compliant resource estimate of 133.6 million metric tonnes at 278,520 tonnes of nickel and 12,650 tonnes of cobalt. The Pulju Project’s unique mineralisation is amenable to a dual exploration strategy of both near-surface disseminated nickel and deeper high-grade massive sulphide lenses. The project is in an area of known mineralisation and several major discoveries, including the 304-Mt, open-pit nickel (Ni), copper (Cu), gold (Au), Kevitsa Mine, owned by Swedish mining company Boliden, and the world-class 44-Mt Cu-Ni-PGE Sakatti Deposit discovered by Anglo American. Historical drilling has been shallow with no modern geophysics, which Nordic Nickel has now undertaken. Multiple electromagnetic anomalies have been identified and targeted for the 22,000-meter drilling campaign now underway.
The current resource estimate was estimated based on 10,000 meters of historical drilling at the Pulju Project is contained within only 5 square kilometers (2 percent) out of a 240-square-kilometer land package. Since the maiden resource was released Nordic Nickel has completed an additional 15,432-meter drill campaign which has substantially expanded the areas of known mineralization and will see a much larger mineral resource estimate due for release in Q1 2024. Additionally, the company remains focused on targetting Sakatti-style analogues of high-grade massive sulphides and the 2023 campaign is being used now to vector in on the high grade zones.
In 2023, Nordic Nickel secured an exploration licence (EL) for the Pulju Project. The newly granted EL, known as Holtinvaara, is highly prospective for nickel sulphide mineralisation and is three times the size of the Hotinvaara Prospect, which has been the focus of Nordic’s maiden exploration program and the company's resource development activities to date.Nordic Nickel’s second project, the Maaninkajoki 3 (MJ3) asset comprises 30 square kilometers of exploration licenses and is also in a region of known mineralisation or similar mafic/ultramafic lithologies to the nearby Sakatti deposit. The company has an earn-in agreement to acquire 75 percent of the asset as exploration continues.
A management team with a range of expertise throughout the mining industry builds confidence in the company’s goal to explore its assets fully. Expertise includes corporate administration, geology and international finance.
Company Highlights
- Nordic Nickel is an Australian exploration and development company focusing on its district-scale nickel and battery minerals assets in Northern Finland.
- Finland is a Tier-1 mining jurisdiction with a deep exploration and mining history with mining-friendly regulations and a strategy to become a major player in the European battery value chain.
- The European Union Critical Minerals Act includes nickel as a critical mineral and requires 10% of all critical minerals to be sourced from Europe (when presently there is less than 3%). There are only two producing nickel mines in Europe and they are both in Finland and exploration and development activities will benefit from future EU incentives.
- Nordic Nickel’s flagship Pulju Nickel Project already has a near-surface JORC-compliant resource estimate of 133.6 million tonnes, with 278,520 tonnes of Nickel and 12,500 tonnes of cobalt which is contained in less than 2 percent of the Pulju Project.
- The company’s second Maaninkajoki 3 Project covers 30 square kilometers of exploration licenses, and the company has the option to earn up to 75 percent.
- An experienced management team with a track record and deep expertise in the natural resources industry leads the company.
Key Projects
Pulju Nickel Project
The company’s 100-percent-owned flagship Pulju project covers 240 square kilometers of land in Finland's Central Lapland Greenstone Belt. Nordic Nickel has completed a maiden diamond drilling campaign with 15,423 meters completed since the beginning of 2023.
Project Highlights:
- Prolific Resource Estimate with Expansion Potential: The current JORC-compliant resource estimate indicates 133.6 million tonnes for 275,520 tonnes of contained nickel and 12,560 tonnes of contained cobalt. Since the maiden resource was released Nordic Nickel has completed an additional 15,432-meter drill campaign which has substantially expanded the areas of known mineralization and will see a much larger mineral resource estimate due for release in Q1 2024. Additionally, the company remains focused on targetting Sakatti-style analogues of high-grade massive sulphides and the 2023 campaign is being used now to vector in on the high grade zones.
- Encouraging Historical Drill Results: Past drill results, including 51 drill holes for both near-surface and deeper high-grade sulphides, have produced encouraging results.
- Near-surface:
- 97 meters at 0.33% Ni from 102 meters
- 122 meters at 0.25% Ni from 33 meters
- 108 meters at 0.26% Ni from 98 meters
- Massive sulphide intersections:
- 0.26 meters at 9.61% Ni, 0.17% CuCu and 0.36 % cobalt from 147.37 meters
- 0.90 meters at 4.98% Ni%, 0.03 % Cu and 0.14 % cobalt from 190.40 meters
- 0.32 meters at 5.03% Ni%, 0.06 % Cu and 0.24 % cobalt from 45.7 meters
- Near-surface:
- Promising Geology: The regional geology of the project is amenable to rich nickel deposits. The presence of ultramafic rocks mirrors the Sakatti and Kevitsa deposits. The project contains a 35-kilometer continuous prospective strike with considerable blue-sky potential as exploration continues.
- Newly Granted Exploration License: The new Holtinvaara exploration licence is highly prospective for nickel sulphide mineralisation and is three times the size of the Hotinvaara Prospect, which has been the focus of Nordic’s maiden exploration program and the company's resource development activities to date.
- Significant Assay Results: Nordic Nickel completed 28 diamond drill holes for 15,432 meters as part of its maiden drilling program. Assays have returned extensive zones of nickel sulphide mineralisation, including zones of higher-grade massive stringer sulphides.
- Some highlights from the 2023 maiden drill campaign include:
- 91.7m @ 0.22% Ni from 1.6m; and
- 164.15m @ 0.20% Ni from 216m; and
- 26.4m @ 0.59% Ni from 412.6m, including:
- 6.1m @ 0.74% Ni from 412.6m; and
- 4m @ 0.77% Ni from 420m; and
- 3.35m @ 0.91% Ni from 428m, including:
- 1.2m @ 1.02% Ni from 428m; and
- 2m @ 0.52% Ni from 433m
- 125.7m @ 0.19% Ni from 152.3m; and
- 54.25m @ 0.22% Ni from 319.55m, including:
- 5.8m @ 0.57% Ni from 322.25m
- 99.1m @ 0.22% Ni from 4.7m
- 64.3m @ 0.19% Ni from 220.3m; and
- 57.35m @ 0.17% Ni from 331.9m
Maaninkajoki 3 (MJ3) Nickel Project
Nordic Nickel’s MJ3 Project covers 30 square kilometers of exploration licenses. The asset is subject to an earn-in agreement, which gives the company the right to acquire up to 75 percent of the project over two stages. The project is highly prospective for both intrusive-hosted and komatiite-hosted nickel sulphide mineralization.
Management Team
Todd Ross - Managing Director and CEO
Todd Ross has over 24 years of experience in finance, derivatives and corporate advisory within the natural resources sector. He is the former managing director and head of Western Australia for BNP Paribas. Ross is a specialist in project and acquisition financings across a range of commodities across multiple jurisdictions. His previous roles include senior positions at BNP Paribas, Westpac, Royal Bank of Canada, CBA and Oakvale Capital. Ross holds a Bachelor of Business from Edith Cowan University and a Graduate Diploma in Applied Finance & Investment from FINSIA.
Marcello Cardaci - Non-executive Chairman
Marcello Cardaci is the former partner of Gilbert & Tobin’s Corporate Advisory Group. He has 25 years’ experience advising public and private equity fundraisings, M&A and divestment. Cardaci has extensive experience in capital raisings, takeovers, schemes of arrangements and joint ventures. His current directorships include ASX-listed Altamin Limited and Manhattan Corporation Ltd. Cardaci holds law degrees (BJuris, LLB) and commerce (BCom).
Robert Wrixon - Executive Director
Robert has over 20 years of experience in corporate strategy, mining M&A and mineral exploration. He is the director of Starboard Global Ltd, private equity and incubation of projects in the metals and mining sector. His current directorships include Rafaella Resources Ltd, Emmerson PLC. Wrixon holds a PhD in mineral engineering from the University of California, Berkeley.
Juho Haverinen - Non-executive Director
Juho Haverinen has over ten years of experience in planning and overseeing mineral exploration in Finland and is currently head of exploration for Magnus Minerals Oy. He has significant experience in Finland with exploration joint ventures with major multinational mining companies and is a member of the board of the Finnish Mining Association (FinnMin) and a board member of Magnus Minerals Oy. Haverinen holds BSc and MSc geology degrees from the University of Helsinki.
Aaron Bertolatti - Company Secretary and CFO
Aaron Bertolatti is a qualified chartered accountant and company secretary with over 15 years of experience. He has significant experience in the administration of ASX-listed companies, corporate governance and corporate finance. He was previously CFO of Highfield Resources Ltd and American Pacific Borates.
Vern Langdale - Country Manager, Finland
Vern Langdale is a mining veteran with 38 years of experience across various roles in mining projects and mines from many countries. He studied mining engineering at the Camborne School of Mines in Cornwall, England and started his career working in gold mines in the Goldfields of Australia. Langdale has been involved with building and commissioning mines often in challenging and remote locations in China, Indonesia and Saudi Arabia. In 2018, he moved to Finland with Nordic Gold. Langdale worked as director of operations for Endomines AB at its US and Finnish operations, where he provided support in the re-start of its mining operations. He was also mine manager at the Nordic Gold in Finland. He was the project manager for Jac Rijk Al Rushaid in Saudi Arabia, where he coordinated the work of a multi-lingual and multi-national workforce for the largest gold mining project of the Ma’aden Gold Group.
Pekka Tuomela - Sustainability & ESG Manager, Finland
Pekka Tuomela has a master of science in geology from the University of Oulu, Finland and an impressive career spanning over 20 years in exploration and mining projects in Finland and internationally, at all project phases. Tuomela has a solid understanding of the Finnish environmental and mining permitting regime, mining ESIAs and associated ESG/CSR sustainability practices including stakeholder communication. In addition, he advises on mineral intelligence and mineral economics policy and strategy matters.
Surge in EV Market Drives Demand for High-density Battery Materials
The electric vehicle (EV) sector is growing, spurring the market for battery materials.
As lithium-ion batteries reach their capacity limit, demand is expanding for other raw materials to manufacture high-density batteries, particularly nickel. This metal boasts a wide range of physical properties that make it ideal for the green energy market — plus it’s an affordable component looked to for next-generation as well as existing products.
Demand for nickel for use in EVs is expected to increase tenfold from 2019 to 2030. Since nickel is also used to generate geothermal energy, hydrogen, hydro, wind and solar power, it’s emerging as a key component in green energy.
EVs driving upwards
As product offerings expand and charging infrastructure improves, consumers’ hesitation is waning and people are buying EVs in ever-increasing numbers. The first half of 2023 saw a 49 percent increase in global sales, reaching 6.2 million units. By 2030, global sales are expected to hit 40 million units.
Many jurisdictions support the move to EVs. In the U.S., for instance, a slate of federal legislation enables the growth of the industry, including tax credits. All new cars and vans sold in the EU must be zero emission as of 2035.
However, the current generation of lithium-ion batteries used for EVs — as well as mobile phones, laptops and just about every other commercial battery-driven product — have their limits. Research efforts across sectors are developing lighter, longer lasting and more efficient batteries.
Next-generation high-density batteries will require a larger array of raw materials, resulting in increased demand.
Why high density?
While lithium-ion batteries have proven themselves a workhorse for consumer products, batteries with a higher energy density can store more energy by weight. Researchers in academia and industry are trying to increase the energy density of lithium-ion batteries, and find alternative materials to make batteries that can contain more energy in smaller and lighter forms.
Currently, EVs weigh about 30 percent more than gas-powered cars — the battery itself weighs an average of 1,000 pounds — increasing the wear-and-tear on roads, bridges and parking garages, and making them more dangerous in collisions.
In the consumer device market, the size and weight of batteries limits the functionality of laptops and smartphones.
Industrial use of batteries, including the potential for battery-powered aircraft, will expand as the weight of batteries decreases.
Nickel’s potential
Once primarily used to make alloys, nickel is now a standard material in the sustainable energy sector.
The global nickel market was $14.61 billion in 2023 and is expected to grow to $44.59 billion in 2024.
As a battery material, nickel can deliver high energy density and storage capacity at a low cost. In fact, it has roughly twice the energy density of other materials, supporting higher voltages and storage capacities, but also offering stability. It’s already an ingredient in most lithium-ion batteries used in EVs.
Because of its use in the sustainable energy sector, nickel’s price has seen increased demand and prices since 2017 — but price fluctuations are common. The average monthly price per tonne was US$18,465 in 2021 and US$25,834 in 2022.
It hit a nine month high of $21,615 per tonne in May 2024 and now sells for under $18,000 per tonne.
Nickel’s limitations
Nickel is mined in over 25 countries. In 2022, world reserves were estimated to be more than 102 million tonnes, with large known reserves in Indonesia, Australia and Brazil.
While there are ample worldwide reserves and nickel remains an affordable raw material, mining can involve challenges.
A handful of nations control the most plentiful nickel reserves, and that has spurred geopolitical wrangling. As the U.S. and China have endeavoured to secure supply lines for EV materials for themselves while warding off others, they have inked partnership around mining and processing with resource-rich nations.
That includes Indonesia, the largest producer of nickel in the world, which has threatened to ban the export of raw or refined nickel, requiring any finished product manufacturing to happen locally. Meanwhile, the country has fewer environmental rules, which can clash with regulations from importing nations and shareholders.
Other top producers include the Philippines, which has been partnering with the US, allegedly to prevent China from gaining access to its reserves. New Caledonia, a French island territory, is dealing with considerable civil unrest that has disrupted mining operations. Russia is also a major holder of nickel reserves.
Meanwhile, mining nickel ecan bnvironmentally intensive, with concerns around water pollution while smelting emits high amounts of greenhouse gases. Technological advances are helping lead to, for instance, cleaner extracting processes.
Promising reserves
Some nickel projects in development offer appealing investment opportunities in stable, democratic jurisdictions with strong environment controls.
Australia is a major player in the sector with 36 mines in operation and a number of promising new sites in development. That includes Australian Mines’ (ASX:AUZ,OTC Pink:AMSLF) Sconi cobalt-nickel scandium project, expected to be in commission in 2028, with 33.89 megatonnes of reserves. Nico Resources (ASX:NCI,OTC Pink:NICOF) is developing the Wingellina nickel-cobalt project, which has reserves of 2 megatonnes of nickel.
Canada is the sixth largest producer of nickel in the world with existing mines largely run by two major players, Vale (NYSE:VALE) and Glencore (LSE:GLEN,OTC:GLNCF). However, more of its in-development mines are run by a larger array of companies with appeal to investors.
The Baptiste nickel project in British Columbia, run by FPX Nickel (TSXV:FPX,OTCQB:FPOCF) purports to be a low-carbon mine with a plan to mine 59,100 tonnes of nickel a year over 29 years.
Ramp Metals (TSXV:RAMP) has three properties covering 40,000 hectares in Saskatchewan that are in exploration mode. Most notably, Rottenstone SW has an eye structure believed to be a major feeder chamber for the regional system that previously supported the Rottenstone Mine. The project’s geology bears striking similarities with the Nova-Bollinger nickel-copper mine in Australia previously owned by Sirius Resources and was eventually sold for AU$1.8 billion. Partial results from the company’s winter geo sampling intercepted multiple zones of gold mineralization, with more results pending.
Investor takeaway
While the price of nickel can fluctuate, the value should continue to climb over time. It’s a reliable ingredient in a wide array of green energy projects, and is a material still looked to for next-generation batteries and other products.
Projects in stable jurisdictions that have continued access to resources, plus follow environmental ethics that appeal to investors, should offer an appealing way to get involved in the sector.
By Diane Peters
Diane Peters is a freelance writer based in Ontario.
This INNSpired article is sponsored by Ramp Metals (TSXV:RAMP). This INNSpired article provides information which was sourced by the Investing News Network (INN) and approved by Ramp Metalsin order to help investors learn more about the company. Ramp Metals is a client of INN. The company’s campaign fees pay for INN to create and update this INNSpired article.
This INNSpired article was written according to INN editorial standards to educate investors.
INN does not provide investment advice and the information on this profile should not be considered a recommendation to buy or sell any security. INN does not endorse or recommend the business, products, services or securities of any company profiled.
The information contained here is for information purposes only and is not to be construed as an offer or solicitation for the sale or purchase of securities. Readers should conduct their own research for all information publicly available concerning the company. Prior to making any investment decision, it is recommended that readers consult directly with Ramp Metalsand seek advice from a qualified investment advisor.
Blackstone Receives A$1 Million R&D Refund Advance
Blackstone Minerals Limited (ASX: BSX) (“Blackstone” or the “Company”) is pleased to announce that it has received A$1 million as an advance from research & development (“R&D”) lending fund backed by Asymmetric Innovation Finance (“Asymmetric”) and Fiftyone Capital ("Fiftyone"), on Blackstone’s future 2024 refundable tax offset for R&D expenditure.
The advanced payment of A$1m received reflects the ongoing investment by Blackstone to develop the Ta Khoa Refinery process and Blackstone’s unique strategy to convert nickel concentrate blends into battery products in the form of precursor cathode active material (“pCAM”). The majority of Blackstone’s investment was directed to process development and piloting programs in Australia. The $1 million will be repaid following lodgement of the R&D claim under the R&D Tax Incentive Program.
The Company’s current cash position is ~$4.1 million following receipt of the advance, with further details of the end of June 2024 cash position to be included in the Quarterly Appendix 5B due prior to the end of July 2024.
Blackstone’s Managing Director Scott Williamson commented “the additional funding allows Blackstone to complete the Ta Khoa Refinery definitive feasibility study over the coming months and continue to progress the joint venture partnership process for the Ta Khoa Project in Vietnam”.
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.
First Two Step-out Holes Extend High Grades at Horden Lake
Pivotal Metals Limited (ASX:PVT) (‘Pivotal’ or the ‘Company’) is pleased to provide the assay results of two further drill holes from its 2024 diamond drill program completed at its 100% owned Horden Lake Project in Quebec, Canada.
Highlights
- High grade copper mineralisation extended down-plunge in hole HN-24-97, the first step-out hole reported from the 2024 drill program.
- 21.5m @ 0.98% CuEq1 (0.56% Cu, 0.12% Ni, 0.07g/t Au, 0.09g/t Pd) plus additional 0.03g/t Pt, 119ppm Co, 8.3g/t Ag from 266.1m
Including 7.2m @ 1.56% CuEq from 280.4m - Deepest hole in this zone, 80-110m diagonally down-plunge from the two nearest historic holes
- 21.5m @ 0.98% CuEq1 (0.56% Cu, 0.12% Ni, 0.07g/t Au, 0.09g/t Pd) plus additional 0.03g/t Pt, 119ppm Co, 8.3g/t Ag from 266.1m
- HN-24-96 extends downwards and infills high grade mineralisation in 130m gap between previously drilled holes.
- 17.1m @ 0.58% CuEq (0.25% Cu, 0.1% Ni, 0.03g/t Au, 0.06g/t Pd) plus additional 0.03g/t Pt, 95ppm Co, 3.9g/t Ag from 203m
Including 5.1m @ 0.95% CuEq from 206.6m - 11.9m @ 1.39% CuEq (0.42% Cu, 0.33% Ni, 0.03g/t Au, 0.13g/t Pd) plus additional 0.04g/t Pt, 230ppm Co, 4.8g/t Ag from 229.7m.
Including 7.8m @ 2.1% CuEq from 229.7m
- 17.1m @ 0.58% CuEq (0.25% Cu, 0.1% Ni, 0.03g/t Au, 0.06g/t Pd) plus additional 0.03g/t Pt, 95ppm Co, 3.9g/t Ag from 203m
- Mineralisation now defined to 200-230m vertical depth in the vicinity of these holes. This is less than half the ~550m depth that mineralisation has been defined to in the central part of Horden Lake.
- Significant gold, silver, palladium, platinum and cobalt metals delineated once again, which were not assayed in this part of the deposit during previous drill campaigns.
- Consistent news-flow ahead, including results from the remaining 5,780m / 28 diamond drill holes and downhole EM surveys to be released, followed by a mineral resource update and metallurgical test-work in H2.
Managing Director, Mr Fairhall said:
“Down plunge extensions are a key pillar of the significant upside story at Horden Lake. The southern flank of the deposit has only been drilled to around 200m, whereas mineralisation is defined to ~550m in the central portion. These high grade results in the south demonstrate the strong potential for resource growth at depth, with the deposit remaining completely open across its full strike extent. In addition, we anticipate increasing the metal content of the resource through inclusion of the significant palladium, gold, cobalt, platinum and silver assays we are seeing which were never before assayed for in this portion of the deposit.
We have a significant amount of news-flow in the pipeline as we release further assays and the results of downhole surveys as they become available.”
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 already completed on the property. Pivotal has recently completed a 7,097m / 34 hole diamond drilling campaign. 705m / 4 holes have been reported prior to this announcement.
The 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 and targeting.
Figure 1: Drill plan map of the Horden Lake Cu-Ni-Au-PGM Project
Drill Hole Discussion
Holes HN-24-96 and HN-24-97 were designed to test step out and infill the deeper extensions in the southern portion of the Horden Lake deposit. Table 1 contains the significant intersections, and Figure 2 is a longitudinal section showing the spatial distribution of historical and new drill hole pierce points.
Table 1: Significant intersections. Lower cut 0.3% CuEq over 1.5m (max dilution 5m). Higher cut 1.1% CuEq over 1.5m (5m max dilution).
Figure 2: Longitudinal section looking southeast through the Horden Lake deposit
Hole HN-24-97 is located 140m down-plunge from the 2024 hole HN-24-95 (refer ASX announcement 16 May 2024), and 80m and 110m respectively diagonally down-plunge from holes previously drilled holes H25315 and H26812. Mineralisation falls within one wide intersection of 21.45m grading 0.98% CuEq (0.56% Cu, 0.12% Ni) from 266.1m (Figure 3). Higher grade intersections include 7.17m grading 1.56% CuEq (1.10% Cu, 0.13% Ni) from 280.38m, which includes 4.53m grading 2.05% CuEq (1.48% Cu, 0.18% Ni) from 282.15m. Mineralisation between 266.1 to 282.85 occurs within meta-pyroxenites, meta-gabbros, and mafic dykes and one semi massive sulphide zone. The highest grade zone, 282.85 to 287.55 m occurs within the metasediments with one massive sulphide mineralisation and included a single assay of 4.08% copper over 0.66m at 282.85m. Whilst an inferred zone of mineralisation above 0.3% CuEq was interpreted in this zone, no higher grade zone extended to this area and this intersection shows very encouraging extensions of high grade mineralisation at depth.
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.
Wyloo to Build Canada’s First Battery Materials Processing Facility in Sudbury
Privately owned critical materials company Wyloo announced on May 29 that it has secured a parcel of land in Sudbury, Ontario, to construct Canada’s first downstream battery materials processing facility.
The project is geared at bridging a gap in the conversion of raw materials to battery-grade chemicals for Canada’s electric vehicle (EV) supply chain, while also reducing the country's reliance on imports.
Construction is anticipated to align with the development of Wyloo’s Eagle’s Nest mine in Northern Ontario’s Ring of Fire region, with mine construction expected to commence in 2027 and the facility to follow thereafter.
Wyloo's facility will process nickel sourced primarily from Eagle’s Nest. It will also process third-party nickel-bearing feed and recycled battery materials, aiming to meet half of the nickel demand generated by Canada’s burgeoning EV industry.
Wyloo CEO Kristan Straub emphasized the strategic importance of this facility in a company press release.
“The urgency to bolster North America’s capacity for processing metals — particularly nickel — has never been more apparent. Our Sudbury facility will provide a critical link in the supply chain, producing low-carbon nickel sulphate and nickel-dominant precursor cathode active material (pCAM), essential components for EV batteries,” he said.
Canada building EV supply chain momentum
Wyloo’s announcement marks another development in Canada’s growing EV supply chain momentum.
In April, Honda Motor (NYSE:HMC) announced a C$15 billion investment to establish an EV value chain in Ontario.
The company wants to construct an innovative and environmentally responsible EV plant and standalone EV battery plant that will feature a cathode active material and pCAM processing plant.
The project is expected to commence production in 2028, with an annual capacity of 240,000 vehicles. The accompanying EV battery plant will have a production capacity of 36 gigawatt hours per year.
Honda’s investment aligns with Canada's strategy to become a global leader in EV production. According to Wyloo's Straub, the nation's government has committed over C$40 billion to develop a complete EV supply chain, emphasizing local production and reducing reliance on foreign imports.
In addition to its Canadian venture, Wyloo is advancing plans for an integrated battery materials facility in Kwinana, Western Australia. This project, which was announced in April 2023 and is a partnership with IGO (ASX:IGO,OTC Pink:IPDGF), aims to integrate a downstream nickel refinery with a plant producing high-value pCAM.
According to the companies, the Kwinana facility will capitalize on Western Australia’s substantial nickel reserves and existing lithium hydroxide production infrastructure.
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Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
Grid Battery Metals
Overview
Grid Battery Metals (TSXV:CELL,OTCQB:EVKRF) is a Canada-based exploration company focused on high-value battery metals required for the electric vehicle (EV) market. The company, formerly called Nickel Rock Resources, changed its name to Grid Battery Metals in April 2023 and started trading on the TSXV under the ticker CELL.
Grid is focused on EV battery metals exploration through its highly prospective lithium and nickel properties in North America. Grid has three lithium properties in Nevada: Texas Springs, Clayton Valley, and Volt Canyon. The Texas Springs property, located in Elko County, covers approximately 2,500 hectares and is adjoining the southern boundary of the Nevada North Lithium Project owned by Surge Battery Metals (TSXV:NILI). Surge recently announced high-grade lithium of up to 8,070 parts per million (ppm) lithium on the Nevada North lithium project, which increases the likelihood of a large-scale high-grade lithium discovery at Texas Spring. Initial soil sampling at Texas Spring by Grid have shown high-grade lithium over 5,600 ppm as announced on February 7, 2024.
The company has completed the first phase of its initial exploration program at Texas Springs, which included a CSAMT geophysical survey and a detailed soil sampling on a 50-meter by 100-meter spacing. Results from these two exploration programs will be key to determining its 2024 exploration plan and possible drilling locations for clay-based lithium targets.
The 2,300-acre Clayton Valley property is immediately north of Albemarle’s (NYSE:ALB) Silver Peak lithium project, the only producing lithium mine in North America. The property has strong potential to host both lithium brine deposits as well as clay-hosted deposits.
Grid has filed the NI 43-101 technical report for the Clayton Valley lithium project, using the results of prior soil samples, geophysical surveys, and drilling on the property, to help identify structure and target areas favorable to lithium accumulation and determine next steps for its overall exploration plan. The company also commenced its 2024 exploration program for the property with Rangefront Geological to perform a detailed soil sampling on a 250 metre x 250 metre spacing, and to oversee an MT geophysical survey performed by KLM Geoscience.
The Volt Canyon lithium property features sediment-hosted lithium clay targets and has excellent accessibility, enabling exploration and exploitation throughout the year. Although limited exploration has been conducted in the immediate area, regional sediment samples in the region taken by the US government returned up to 108 parts per million (ppm) lithium near the property.
Shareholders should benefit from the company’s strategy of divesting its nickel assets into a separate public company. Grid announced plans to spin off its British Columbia nickel property into a new company (ACDC Battery Metals) which will be listed on the TSX Venture Exchange under the symbol ACDC.
Grid’s management and geological team has been actively exploring for EV battery metals in Nevada for over a decade. They have been successful in finding and funding new lithium discoveries and had a number of successful exits from companies, the most recent being Surge Battery Metals, where they were responsible for the discovery of the Nevada North Lithium Project. The management’s successful track record of lithium exploration in Nevada provides confidence about the company’s future.
The support from both the US and Canadian governments through subsidies and favorable legislation continues to drive EV adoption. In particular, both countries have committed to supporting the mining industry for key battery metals with legislation like the US Inflation Reduction Act, which provides both financial and functional support to the mining industry. Buoyed by government policy, US electric vehicle sales are projected to surpass 4.6 million units by 2030 (versus the 2023 estimate of 1.3 million).
Automakers cannot produce electric vehicles without access to battery metals such as lithium and nickel. Fear of missing out is pushing automakers to lock supplies of minerals for electric vehicle batteries. As such, we are seeing increasing partnerships between miners and auto OEMs. Automakers, including General Motors, Ford, BMW, Tesla and Stellantis, have committed large investments in direct financing of mines. We see more carmakers following suit as they strive to own the full supply chain from mine to product.
Company Highlights
- Grid Battery Metals is a Canada-based exploration company focused on high-value battery metals required for the electric vehicle (EV) market.
- The company has three highly prospective lithium properties in Nevada, USA: Texas Springs, Clayton Valley and Volt Canyon. In addition, it holds a nickel project under its wholly owned subsidiary, AC/DC Battery Metals called the Grid Nickel Group, based in British Columbia, Canada.
- As Grid focuses on its lithium projects in Nevada, Grid has entered into an arrangement agreement to transfer ownership of its interests in its nickel properties in British Columbia to its wholly owned subsidiary AC/DC Battery Metals Inc. (ACDC). ACDC will be listed as a public company on the TSX Venture Exchange (TSXV) in 2024. All three lithium projects are in the early stage with exploration planned for 2024. Grid commenced its 2024 exploration program at the Clayton Valley lithium project in March 2024.
- Grid has filed the NI 43-101 Technical Report for the Clayton Valley lithium project, dated March 4, 2024, prepared by Steven McMillin P.G. of Rangefront Geological.
- Grid’s management and exploration team has been actively exploring for EV battery metals in Nevada for over a decade, and has been very successful in finding and funding new lithium discoveries, the most recent being the discovery of the Nevada North lithium project.
- EV sales are booming with projections of 4.6 million units by 2030 in the US. Battery metals such as lithium are critical for EVs. Grid Battery Metals is well positioned to be a pioneering player in the battery metals market with a strong focus on lithium, and promising properties in the US.
Key Projects
Texas Spring Project, Nevada
The Texas Spring lithium project, located in Granite Range, Nevada, is 100 percent owned by the company. The project covers approximately 400 hectares (988.4 acres) of area with 34 full lode claims and 30 partial lode claims. It is adjacent to the southern boundary of the Nevada North lithium project, owned by Surge Battery Metals. Surge’s initial drilling efforts have successfully identified lithium-rich clay deposits. A recent discovery in September 2023 showed values of up to 8,070 ppm of lithium. Initial soil sampling at Texas Spring by Grid has shown high-grade lithium over 5,600 ppm as announced on February 7, 2024.
The proximity to Nevada North Lithium certainly increases optimism for the Texas Spring Project. On top of that, the key founders and members of Surge’s geological team are also the founding management team of Grid, which further increases confidence in the project. The project enjoys excellent infrastructure in terms of paved highways and country roads.
The company recently completed the first phase of its initial exploration program at Texas Springs which included a CSAMT geophysical survey and a detailed soil sampling. Together, they would help predict geological structure and possible drilling locations for lithium targets.
Clayton Valley Project, Nevada
The Clayton Valley lithium project, located in Clayton Valley Nevada, is 100 percent owned by the company. The project is spread over approximately 930 hectares (~2,300 acres) with 118 claims. The project is located approximately 344 kilometers (~214 miles) from Reno in the northwest and Las Vegas in the southeast. Moreover, the property is around 315 kilometers (~196 miles) from the Tesla giga-factory and features good infrastructure with excellent road access and a nearby electrical substation.
The project claims are adjacent to the Silver Peak lithium project of Albemarle Corporation, which is the only producing lithium mine in North America. Clayton Valley’s lithium is contained in both underground reservoirs (aquifers) in the form of salty groundwater (brine), and in clay-hosted deposits. Historic exploration work dating back to 2021, which included three reverse circulation holes, has inferred the existence of a graben that may be a sub-basin of the larger Clayton Valley basin and may represent a secondary trap for lithium brines.
Volt Canyon Project, Nevada
The Volt Canyon lithium project, located in Monitor Valley, Nevada, is 100 percent owned by the company. The project covers an area of approximately 635 hectares (~1,569 acres) with 80 claims and is located approximately 122 kilometers northeast of Tonopah, Nevada. It benefits from excellent accessibility that enables exploration throughout the year.
Although limited exploration has been conducted in the immediate area, regional sediment samples in the region taken by the US government returned up to 108 ppm lithium near the property. The deposit’s origin is thought to be similar to Clayton Valley clay deposits, located about 180 kilometers to the south.
The exploration program includes surface sampling, auger or push drill water sampling along with geophysical work to identify drilling sites for an initial drill test on the property. Subsequently, additional surface and subsurface sampling will be executed in the form of drilling.
Management Team
Tim Fernback – President and CEO
Tim Fernback holds a Bachelor of Science from McMaster University in Hamilton, Ontario and an MBA with a concentration in finance from the University of British Columbia. He also holds a Certified Professional Accounting (CPA, CMA) designation in Canada. He has more than 30 years of experience in finance with both public and private companies in Canada and is currently a director of several publicly traded companies.
Robert Guanzon - CFO
Roberts Guanzon holds a Bachelor of Science degree in accounting and has rich experience in finance, accounting and corporate strategy. He serves as the CFO of several junior resource companies listed on the TSXV and holds a certified professional accounting (CPA, CMA) designation in Canada.
Tina Whyte – Corporate Secretary
Tina Whyte has more than 20 years of experience in the corporate and securities industry. She is an expert in several areas including corporate governance, continuous disclosure, financing transactions and regulatory filings and compliance. She also holds corporate secretary positions with other publicly listed companies.
Jay Oness – Director
Jay Oness has rich experience in all aspects of corporate management including strategic planning, business development and investor relations for public companies. He has over 20 years of experience and has served as a director, senior executive and consultant to public companies in the resource and non-resource sectors. He is currently VP of business and corporate development of Southern Silver Exploration.
Robert Setter – Director
Robert Setter holds a degree in economics and has over two decades of experience in business development, marketing and research. Previously, he has served as the senior financial editor for Report on Mining. He currently sits on the boards of three other listed mining companies.
Ali H. Alizadeh – Director
Ali H. Alizadeh is a senior geologist possessing extensive experience in mineral exploration & project management. He has been responsible for several uranium, gold and base metal projects during his exploration career with various exploration companies. He graduated with a geology degree in 1991, a M.Sc. in petrology in 1995, and an MBA at Queen’s University in 2010. He is also a member of the Association of Professional Engineers and Geoscientists of British Columbia.
Jeremy Hanson – Geological Advisor
Jeremy Hanson is a professional geoscientist with a decade of experience in mineral exploration in Canada. He is also a founder of Hardline Exploration, a geological consulting firm focused on Western Canada.
Steven McMillin - Geological Advisor
Steven McMillin boasts over 35 years of hands-on experience in mineral exploration within the United States, particularly in Nevada, earning him widespread recognition as a seasoned exploration geologist. Currently serving as the field operations manager at Rangefront Geological, he spearheads the coordination and execution of drill programs. His role includes liaising with vendors and regulatory bodies, ensuring drill safety measures, overseeing drilling and sampling procedures, and managing site reclamation efforts.
Tartisan Nickel Corp. Acquires Additional Claims for the Kenbridge Nickel Project, Advances Baseline Studies
Tartisan Nickel Corp. (CSE: TN) (OTCQB: TTSRF) (FSE: 8TA)("Tartisan", or the "Company") is pleased to announce that the Company has acquired additional contiguous claims at the Kenbridge Nickel Project, Northwestern Ontario. The total property size now consists of 93 contiguous patents, 153 single cell mining claims and 4 Mining Licenses which in total cover 4,273 ha. The patents and staked cells are owned 100% by Tartisan Nickel Corp. through wholly owned subsidiaries.
The Kenbridge Nickel Project is in the north-central part of the Atikwa Lake area and the south-central part of the Fisher Lake area, Kenora Mining Division, 70 kms east-southeast of the Town of Kenora in northwestern Ontario, Canada. The Kenbridge Nickel Deposit hosts a Nickel-Copper Resource with a 622-meter shaft.
Tartisan Nickel Corp. is also pleased to announce that Aspen Biological Ltd. staff have commenced 2024 baseline study field work which includes completing the baseline aquatic and terrestrial fieldwork within the project footprint and access road options. These studies, along with baseline data previously collected will be used to develop baseline environmental reports to support provincial and federal reviews, approvals, and permitting for advanced exploration and eventual mine development. Ongoing species at risk surveys will also help meet monitoring requirements for exploration activities under Ontario's Endangered Species Act.
Aspen Biological Ltd. is a biological consulting firm based in Thunder Bay, Ontario and provides professional consulting services to the natural resources sectors in northern Ontario. Aspen's principal, Lindsay Spenceley (H.B.Sc-Biology) is a biologist with 23 years of professional experience across North America, specializing in Species at Risk, terrestrial and aquatic baseline environmental assessments and post-development monitoring and compliance. Ms. Spenceley has provided biological support for over 70 hydroelectric, mining, solar, wind, transmission, and development projects during the baseline, impact assessment, construction & operations, and decommissioning phases of a project's life cycle. Ms. Spenceley's main professional focus has involved Species at Risk baseline screenings, habitat assessments, surveys, mitigation, monitoring, and permitting within boreal ecosystems. She has significant expertise carrying out monitoring programs for boreal caribou, wolverine, SAR bat species, and eastern whip-poor-will. She has been involved with and contributed to SAR early exploration mitigation plans, permitting under Ontario's Endangered Species Act, and baseline studies for several mining projects in northern Ontario. Mark Appleby, CEO of Tartisan Nickel Corp. states, "In addition to excellent field skills in all seasons and environments, Lindsay has considerable project management skills. Aspen Biological can leverage its network of experienced resource professionals to pull together, as needed, multi-disciplinary teams to deliver upon project requirements and timelines in a cost-effective manner".
Mark Appleby goes onto say, "Lindsay is also experienced in indigenous consultation and engagement, aboriginal traditional knowledge interviews, land use and occupancy studies, and providing environmental and biological training to Indigenous communities. She routinely works collaboratively with environmental monitors during field programs and is always willing to incorporate input, perspectives, and the opinions of others. Lindsay recently completed a 10-day Indigenous Traditional Values Data Collection Training by Terry Tobias and Associates".
About Tartisan Nickel Corp.
Tartisan Nickel Corp. is a Canadian based mineral exploration and development company which own; the Kenbridge Nickel Project in northwestern Ontario; the Sill Lake Silver Property in Sault Ste. Marie, Ontario as well as the Don Pancho Manganese-Zinc-Lead Liver Property in Peru.
Tartisan Nickel Corp. common shares are listed on the Canadian Securities Exchange (CSE: TN) (OTCQB: TTSRF) (FSE: 8TA). Currently, there are 121,969,004 shares outstanding (127,669,004 fully diluted).
For further information, please contact Mark Appleby, President & CEO, and a Director of the Company, at 416-804-0280 (info@tartisannickel.com). Additional information about Tartisan Nickel Corp. can be found at the Company's website at www.tartisannickel.com or on SEDAR at www.sedar.com.
This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.
The Canadian Securities Exchange (operated by CNSX Markets Inc.) has neither approved nor disapproved of the contents of this press release.
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