(NewsDirect)
Highlights
· More significant results from development study drilling at the Cortadera porphyry discovery , part of the Company's low-altitude, Costa Fuego senior copper development in Chile
Hot Chili Limited (ASX:HCH; TSXV:HCH; OTCQX:HHLKF) ("Hot Chili" or the "Company") advises that it has issued an aggregate of 33,704 ordinary shares of the Company ("Ordinary Shares") at a deemed value of A$1.6665 per Ordinary Share to a holder of convertible notes of the Company (the "Convertible Notes") that elected to convert its Convertible Notes in accordance with the terms thereof. The Convertible Notes were issued by the Company on the terms set out in a trust deed dated May 25, 2017 and varied June 19, 2017.
The Ordinary Shares were issued to persons in offshore jurisdictions pursuant to Ontario Securities Commission Rule 72-503 - Distributions Outside Canada and such securities are not subject to a statutory hold period.
About Hot Chili
Hot Chili Limited is a mineral exploration company with assets in Chile. The Company's flagship project, Costa Fuego, is the consolidation into a hub of the Cortadera porphyry copper-gold discovery and the Productora copper-gold deposit, set 14 km apart in an excellent location - low altitude, coastal range of Chile, infrastructure rich, low capital intensity. The Costa Fuego landholdings, contains an Indicated Resource of 725Mt grading 0.47% CuEq (copper equivalent), containing 2.8 Mt Cu, 2.6 Moz Au, 10.4 Moz Ag, and 67 kt Mo and an Inferred Resource of 202 Mt grading 0.36% CuEq containing 0.6Mt Cu, 0.4 Moz Au, 2.0 Moz Ag and 13 kt Mo, at a cut-off grade of +0.21% CuEq for open pit and +0.30% CuEq for underground. The Company is working to advance its Costa Fuego Project through a preliminary feasibility study (followed by a full FS and DTM), and test several high-priority exploration targets.
Certain statements contained in this news release, including information as to the future financial or operating performance of Hot Chili and its projects may include statements that are "forward-looking statements" which may include, amongst other things, statements regarding targets, estimates and assumptions in respect of mineral reserves and mineral resources and anticipated grades and recovery rates, production and prices, recovery costs and results, and capital expenditures and are or may be based on assumptions and estimates related to future technical, economic, market, political, social and other conditions.These forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by Hot Chili, are inherently subject to significant technical, business, economic, competitive, political and social uncertainties and contingencies and involve known and unknown risks and uncertainties that could cause actual events or results to differ materially from estimated or anticipated events or results reflected in such forward-looking statements.
Hot Chili disclaims any intent or obligation to update publicly or release any revisions to any forward-looking statements, whether as a result of new information, future events, circumstances or results or otherwise after the date of this news release or to reflect the occurrence of unanticipated events, other than as may be required by law. The words "believe", "expect", "anticipate", "indicate", "contemplate", "target", "plan", "intends", "continue", "budget", "estimate", "may", "will", "schedule" and similar expressions identify forward-looking statements.
All forward-looking statements made in this news release are qualified by the foregoing cautionary statements. Investors are cautioned that forward-looking statements are not a guarantee of future performance and accordingly investors are cautioned not to put undue reliance on forward-looking statements due to the inherent uncertainty therein.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Contact DetailsInvestor Relations
Graham Farrell
+1 416-842-9003
Graham.Farrell@harbor-access.com
Investor Relations
Jonathan Paterson
+1 475-477-9401
Jonathan.Paterson@Harbor-Access.com
Managing Director
Christian Easterday
Company Website(NewsDirect)
· More significant results from development study drilling at the Cortadera porphyry discovery , part of the Company's low-altitude, Costa Fuego senior copper development in Chile
· CORMET005 returned 658m grading 0.6% CuEq (0.4% copper (Cu), 0.2g/t gold (Au), 122ppm molybdenum (Mo)) from 232m depth down-hole, including 134m grading 0.8% CuEq (0.6% Cu, 0.2g/t Au, 181ppm Mo) from 470m depth, and including 130m grading 0.9% CuEq (0.6% Cu, 0.2g/t Au, 253ppm Mo) from 662m depth at the main porphyry (Cuerpo 3)
· 30m grading 1.4% CuEq (1.1% Cu, 0.5g/t Au, 165ppm Mo) from 690m depth was recorded outside of the current high grade (+0.6% CuEq) resource model in CORMET005
· All three drill holes reported from Cuerpo 3 at Cortadera confirm expansion of the high grade core ahead of a planned Pre-feasibility study (PFS) and resource upgrade for Costa Fuego later this year
· Drilling underway across three fronts - Cortadera, Productora and Valentina - with further drill results expected in the coming weeks
· Update on PFS workstreams and port negotiations expected shortly
* Copper Equivalent (CuEq) reported for the drill holes at Cortadera were calculated using the following formula: CuEq% = ((Cu% × Cu price 1% per tonne × Cu_recovery) + (Mo ppm × Mo price per g/t × Mo_recovery) + (Au ppm × Au price per g/t × Au_recovery) + (Ag ppm × Ag price per g/t × Ag_recovery)) / (Cu price 1% per tonne). The Metal Prices applied in the calculation were: Cu=3.00 USD/lb, Au=1,700 USD/oz, Mo=14 USD/lb, and Ag=20 USD/oz. Average fresh rock metallurgical recoveries were Cu=83%, Au=56%, Mo=82%, and Ag=37%.
Hot Chili Limited (ASX: HCH) (TSXV: HCH) (OTCQX: HHLKF) ("Hot Chili" or "Company") is pleased to report another outstanding drill result at the Cortadera porphyry deposit, part of the Company's Costa Fuego, coastal range, copper-gold hub in Chile.
Hot Chili's Managing Director Christian Easterday stated that Cortadera has a track record of outperforming expectation.
"The PFS in-fill drill programme across Cortadera has collected important geotechnical and hydrogeological information and has also continued to define and expand high grade resources.
"Upgrading our resources with wide drill intersections grading 0.8% to 1.0% copper equivalent is a great outcome, which demonstrates the quality and growth potential of Costa Fuego as one of the only low-altitude, material, copper developments in the world capable of near-term development."
Latest Significant Drill Results from Cortadera
Latest results from development study drilling at Cortadera have returned further significant intersections.
Diamond drill hole CORMET005 returned 658m grading 0.6% CuEq (0.4% Cu, 0.2g/t Au, 122ppm Mo) from 232m depth, including 134m grading 0.8% CuEq (0.6% Cu, 0.2g/t Au, 181ppm Mo) from 470m depth, and including 130m grading 0.9% CuEq (0.6% Cu, 0.2g/t Au, 253ppm Mo) from 662m depth.
CORMET005 was drilled across the northern flank to the high grade core within the main porphyry (Cuerpo 3) at Cortadera. Pleasingly, the wide significant intersection again confirmed further extension to the high grade core and included an impressive 30m grading 1.4% CuEq (1.1% Cu, 0.5g/t Au, 165ppm Mo) from 690m depth outside of the current high grade (+0.6% CuEq) resource model .
The latest result follows the previous two outstanding drill results (see announcements dated 4 th April 2022 and 29 th April 2022) from Cuerpo 3, which also confirmed further growth of the high grade core, notably:
· 552m at 0.6% CuEq from 276m depth, including 248m at 0.8% CuEq (CORMET003), and
· 876m grading 0.5% CuEq from 246m depth, including 206m grading 0.9% CuEq (CORMET006)
In addition, diamond drill hole CORMET002 has returned 370m grading 0.4% CuEq (0.3% Cu, 0.1g/t Au) from surface, including 20m grading 0.8% CuEq (0.6% Cu, 0.4g/t Au) from 24m depth, and including 22m grading 1.0% CuEq (0.8% Cu, 0.5g/t Au) from 136m depth at Cuerpo 2. These high grade intersections were also outside the current high grade resource at Cuerpo 2.
A final development study diamond drill hole (CORMET004) is being completed at Cortadera and results are also pending for four metallurgical diamond drill holes completed at Productora.
High Grade Satellite Resource Drilling Underway
Resource growth drilling has commenced targeting the San Antonio and Valentina high grade copper deposits, located 5 kms northeast of Cortadera. High grade, copper-gold mineralisation at both deposits remains open at depth and along strike.
Drilling is already underway at Valentina where ten drill holes are planned. A further thirteen drill holes are planned at San Antonio.
San Antonio's maiden Inferred resource, reported in March, extends from surface and already stands at 4.2Mt @ 1.2% CuEq (1.1% Cu, 2.1g/t Ag) for 48kt Cu and 287kt Ag.
Both high grade satellite deposits are intended to form part of Costa Fuego's next resource upgrade and combined PFS open pit mine schedule later this year.
Santiago Z Target Prepared for First-Ever Drilling
Platform and access clearing across the Santiago Z exploration target is expected to be complete in the coming week and first-pass drilling is expected to commence following conclusion of drilling at Valentina and San Antonio.
Hot Chili's soil results and mapping have confirmed a potentially large copper porphyry footprint measuring over 4km in length and 2km in width at the Santiago Z landholding, located immediately south of Cortadera.
The Company looks forward to releasing further updates from its exploration, drilling and development study workstreams shortly.
This announcement is authorised by the Board of Directors for release to ASX.
For full report please visit www.SEDAR.com
About Hot Chili
Hot Chili Limited is a mineral exploration company with assets in Chile. The Company's flagship project, Costa Fuego, is the consolidation into a hub of the Cortadera porphyry copper-gold discovery and the Productora copper-gold deposit, set 14 km apart in an excellent location – low altitude, coastal range of Chile, infrastructure rich, low capital intensity. The Costa Fuego landholdings, contains an Indicated Resource of 725Mt grading 0.47% CuEq (copper equivalent), containing 2.8 Mt Cu, 2.6 Moz Au, 10.4 Moz Ag, and 67 kt Mo and an Inferred Resource of 202 Mt grading 0.36% CuEq containing 0.6Mt Cu, 0.4 Moz Au, 2.0 Moz Ag and 13 kt Mo, at a cut-off grade of +0.21% CuEq for open pit and +0.30% CuEq for underground. The Company is working to advance its Costa Fuego Project through a preliminary feasibility study (followed by a full FS and DTM), and test several high-priority exploration targets.
Certain statements contained in this news release, including information as to the future financial or operating performance of Hot Chili and its projects may include statements that are "forward‐looking statements" which may include, amongst other things, statements regarding targets, estimates and assumptions in respect of mineral reserves and mineral resources and anticipated grades and recovery rates, production and prices, recovery costs and results, and capital expenditures and are or may be based on assumptions and estimates related to future technical, economic, market, political, social and other conditions.These forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by Hot Chili, are inherently subject to significant technical, business, economic, competitive, political and social uncertainties and contingencies and involve known and unknown risks and uncertainties that could cause actual events or results to differ materially from estimated or anticipated events or results reflected in such forward‐looking statements.
Hot Chili disclaims any intent or obligation to update publicly or release any revisions to any forward‐looking statements, whether as a result of new information, future events, circumstances or results or otherwise after the date of this news release or to reflect the occurrence of unanticipated events, other than as may be required by law. The words "believe", "expect", "anticipate", "indicate", "contemplate", "target", "plan", "intends", "continue", "budget", "estimate", "may", "will", "schedule" and similar expressions identify forward‐looking statements.
All forward‐looking statements made in this news release are qualified by the foregoing cautionary statements. Investors are cautioned that forward‐looking statements are not a guarantee of future performance and accordingly investors are cautioned not to put undue reliance on forward‐looking statements due to the inherent uncertainty therein.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Investor Relations
Graham Farrell
+1 416-842-9003
Graham.Farrell@harbor-access.com
Investor Relations
Jonathan Paterson
+1 475-477-9401
Jonathan.Paterson@Harbor-Access.com
Managing Director
Christian Easterday
https://www.hotchili.net.au/investors/
Copyright (c) 2022 TheNewswire - All rights reserved.
News Provided by TheNewsWire via QuoteMedia
Hot Chili Ltd. ("Hot Chili" or the "Company") (TSXV:HCH, OTCQX:HHLKF, ASX:HCH) is pleased to announce that it has filed a National Instrument 43-101 Technical Report ("The Report") for its Costa Fuego copper-gold project in Chile.
The Report titled "Resource Report For the Costa Fuego Copper Project Located in Atacama, Chile Technical Report NI43-101" and dated May 13, 2022, with an effective date of March 31 2022, was prepared pursuant to National Instrument 43-101 (the "Technical Report"). It is available for review on both SEDAR (www.sedar.com) and the Company's website (www.hotchili.net.au).
The Report supports the news release dated 31 March 2022 announcing a significant increase in the Company's mineral resource estimates at Costa Fuego. This release is also available on SEDAR and at the company's website. There are no material differences between the Technical Report and the information disclosed in the news release dated 31 March 2022.
Technical Information
Scientific and technical information in this Announcement has been reviewed and approved by Mr Christian Easterday, the Managing Director and a full-time employee of Hot Chili Limited whom is a Member of the Australasian Institute of Geoscientists (AIG) and a Qualified Person as defined in NI 43-101. For further information on Costa Fuego please see the Technical Report.
About Hot Chili
Hot Chili Limited is a mineral exploration company with assets in Chile. The Company's flagship project, Costa Fuego, is the consolidation into a hub of the Cortadera porphyry copper-gold discovery and the Productora copper-gold deposit, set 14 km apart in an excellent location - low altitude, coastal range of Chile, infrastructure rich, low capital intensity. The Costa Fuego landholdings, contains an Indicated Resource of 725Mt grading 0.47% CuEq (copper equivalent), containing 2.8 Mt Cu, 2.6 Moz Au, 10.4 Moz Ag, and 67 kt Mo and an Inferred Resource of 202 Mt grading 0.36% CuEq containing 0.6Mt Cu, 0.4 Moz Au, 2.0 Moz Ag and 13 kt Mo, at a cut-off grade of +0.21% CuEq for open pit and +0.30% CuEq for underground. The Company is working to advance its Costa Fuego Project through a preliminary feasibility study (followed by a full FS and DTM), and test several high-priority exploration targets.
Certain statements contained in this news release, including information as to the future financial or operating performance of Hot Chili and its projects may include statements that are "forward-looking statements" which may include, amongst other things, statements regarding targets, estimates and assumptions in respect of mineral reserves and mineral resources and anticipated grades and recovery rates, production and prices, recovery costs and results, and capital expenditures and are or may be based on assumptions and estimates related to future technical, economic, market, political, social and other conditions. These forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by Hot Chili, are inherently subject to significant technical, business, economic, competitive, political and social uncertainties and contingencies and involve known and unknown risks and uncertainties that could cause actual events or results to differ materially from estimated or anticipated events or results reflected in such forward-looking statements.
Hot Chili disclaims any intent or obligation to update publicly or release any revisions to any forward-looking statements, whether as a result of new information, future events, circumstances or results or otherwise after the date of this news release or to reflect the occurrence of unanticipated events, other than as may be required by law. The words "believe", "expect", "anticipate", "indicate", "contemplate", "target", "plan", "intends", "continue", "budget", "estimate", "may", "will", "schedule" and similar expressions identify forward-looking statements.
All forward-looking statements made in this news release are qualified by the foregoing cautionary statements. Investors are cautioned that forward-looking statements are not a guarantee of future performance and accordingly investors are cautioned not to put undue reliance on forward-looking statements due to the inherent uncertainty therein.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
(NewsDirect)
Hot Chili Ltd. ("Hot Chili" or the "Company") (TSXV:HCH, OTCQX:HHLKF, ASX:HCH) is pleased to announce that it has filed a National Instrument 43-101 Technical Report ("The Report") for its Costa Fuego copper-gold project in Chile.
The Report titled "Resource Report For the Costa Fuego Copper Project Located in Atacama, Chile Technical Report NI43-101" and dated May 13, 2022, with an effective date of March 31 2022, was prepared pursuant to National Instrument 43-101 (the "Technical Report"). It is available for review on both SEDAR ( www.sedar.com ) and the Company's website ( www.hotchili.net.au ).
The Report supports the news release dated 31 March 2022 announcing a significant increase in the Company's mineral resource estimates at Costa Fuego. This release is also available on SEDAR and at the company's website. There are no material differences between the Technical Report and the information disclosed in the news release dated 31 March 2022.
Technical Information
Scientific and technical information in this Announcement has been reviewed and approved by Mr Christian Easterday, the Managing Director and a full-time employee of Hot Chili Limited whom is a Member of the Australasian Institute of Geoscientists (AIG) and a Qualified Person as defined in NI 43-101. For further information on Costa Fuego please see the Technical Report.
About Hot Chili
Hot Chili Limited is a mineral exploration company with assets in Chile. The Company's flagship project, Costa Fuego, is the consolidation into a hub of the Cortadera porphyry copper-gold discovery and the Productora copper-gold deposit, set 14 km apart in an excellent location – low altitude, coastal range of Chile, infrastructure rich, low capital intensity. The Costa Fuego landholdings, contains an Indicated Resource of 725Mt grading 0.47% CuEq (copper equivalent), containing 2.8 Mt Cu, 2.6 Moz Au, 10.4 Moz Ag, and 67 kt Mo and an Inferred Resource of 202 Mt grading 0.36% CuEq containing 0.6Mt Cu, 0.4 Moz Au, 2.0 Moz Ag and 13 kt Mo, at a cut-off grade of +0.21% CuEq for open pit and +0.30% CuEq for underground. The Company is working to advance its Costa Fuego Project through a preliminary feasibility study (followed by a full FS and DTM), and test several high-priority exploration targets.
Certain statements contained in this news release, including information as to the future financial or operating performance of Hot Chili and its projects may include statements that are "forward‐looking statements" which may include, amongst other things, statements regarding targets, estimates and assumptions in respect of mineral reserves and mineral resources and anticipated grades and recovery rates, production and prices, recovery costs and results, and capital expenditures and are or may be based on assumptions and estimates related to future technical, economic, market, political, social and other conditions.These forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by Hot Chili, are inherently subject to significant technical, business, economic, competitive, political and social uncertainties and contingencies and involve known and unknown risks and uncertainties that could cause actual events or results to differ materially from estimated or anticipated events or results reflected in such forward‐looking statements.
Hot Chili disclaims any intent or obligation to update publicly or release any revisions to any forward‐looking statements, whether as a result of new information, future events, circumstances or results or otherwise after the date of this news release or to reflect the occurrence of unanticipated events, other than as may be required by law. The words "believe", "expect", "anticipate", "indicate", "contemplate", "target", "plan", "intends", "continue", "budget", "estimate", "may", "will", "schedule" and similar expressions identify forward‐looking statements.
All forward‐looking statements made in this news release are qualified by the foregoing cautionary statements. Investors are cautioned that forward‐looking statements are not a guarantee of future performance and accordingly investors are cautioned not to put undue reliance on forward‐looking statements due to the inherent uncertainty therein.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Investor Relations
Graham Farrell
+1 416-842-9003
Graham.Farrell@harbor-access.com
Investor Relations
Jonathan Paterson
+1 475-477-9401
Jonathan.Paterson@Harbor-Access.com
Managing Director
Christian Easterday
https://www.hotchili.net.au/investors/
Copyright (c) 2022 TheNewswire - All rights reserved.
News Provided by TheNewsWire via QuoteMedia
(NewsDirect)
Highlights
· Additional significant intersections returned from development study drilling at the Cortadera porphyry discovery , part of the Company's Costa Fuego senior copper development in Chile
· CORMET003 delivered 552m grading 0.6% CuEq (0.4% copper (Cu), 0.2g/t gold (Au), 89ppm molybdenum (Mo)) from 276m depth down-hole, including 248m grading 0.8% CuEq (0.6% Cu, 0.2g/t Au, 179ppm Mo) from 574m depth - confirming further high grade growth potential at Cuerpo 3
· High grade Indicated resources (+0.6% CuEq), currently standing at 156Mt grading 0.79% CuEq for 1.0Mt Cu, 0.85Moz Au, 2.9Moz Ag & 24kt Mo , set to be further expanded in next resource upgrade later this year
· Assays returned for eleven Reverse Circulation (RC) holes drilled into the large-scale Productora Central target, with several intersections requiring follow-up Diamond Drill (DD) tails
· Drilling to commence across shallow high-grade resource growth opportunities at Valentina and San Antonio in the coming weeks and first drill testing across the large-scale Santiago Z target in the coming month
· Further drill results from Cortadera expected in the coming weeks
* Copper Equivalent (CuEq) reported for the drill holes at Cortadera were calculated using the following formula: CuEq% = ((Cu% × Cu price 1% per tonne × Cu_recovery) + (Mo ppm × Mo price per g/t × Mo_recovery) + (Au ppm × Au price per g/t × Au_recovery) + (Ag ppm × Ag price per g/t × Ag_recovery)) / (Cu price 1% per tonne). The Metal Prices applied in the calculation were: Cu=3.00 USD/lb, Au=1,700 USD/oz, Mo=14 USD/lb, and Ag=20 USD/oz. Average fresh rock metallurgical recoveries were Cu=83%, Au=56%, Mo=82%, and Ag=37%.
Hot Chili Limited (ASX: HCH) (TSXV: HCH) (OTCQX: HHLKF) ("Hot Chili" or "Company") is pleased to announce another strong result from its Cortadera porphyry discovery, as well as first assay results from exploration drilling being undertaken across its coastal range, Costa Fuego copper-gold hub in Chile.
Development study drill holes at Cortadera continue to return impressive assay results, with high-grade intersections reported from all holes in the program so far.
CORMET003 returned a significant intersection of 552m grading 0.6% CuEq (0.4% copper (Cu), 0.2g/t gold (Au), 89ppm molybdenum (Mo)) from 276m depth down-hole, including 248m grading 0.8% CuEq (0.6% Cu, 0.2g/t Au, 179ppm Mo) from 574m depth.
Importantly, the high grade core of the main porphyry (Cuerpo 3) at Cortadera continues to demonstrate further growth potential following the recently announced resource upgrade for Costa Fuego comprising Indicated resources of 725Mt grading 0.47% CuEq for 2.8Mt Cu, 2.6Moz Au, 10.5Moz Ag & 67kt Mo with high grade Indicated resources (+0.6% CuEq) standing at 156Mt grading 0.79% CuEq for 1.0Mt Cu, 0.85Moz Au, 2.9Moz Ag & 24kt Mo ( see announcement dated 31st March 2022).
CORMET001 was drilled into Cuerpo 1 and also returned a strong result of 70m grading 0.6% CuEq (0.5% Cu, 0.1g/t Au and 11ppm Mo) from 86m depth down-hole. CORMET001 also ended in 6m grading 0.6% copper and supplied critical hydrological and geotechnical data that will be used to inform the Costa Fuego Pre-Feasibility Study (PFS) due Q3 2022.
Hot Chili is also pleased to provide an exploration update on drilling and access clearing activities across several large-scale and high grade, satellite targets being tested this year.
Assay results returned for the first eleven drill holes completed at the Productora Central target this year have provided encouragement and further drilling is planned.
In addition, clearing activities are well advanced across Valentina, San Antonio and Santiago Z. Drilling is planned to commence at Valentina and then San Antonio in the coming weeks, and Santiago Z in the coming month.
Further development study drill results from Cortadera are expected in the coming weeks.
Productora Central Exploration Target - First-pass Drill Results
Results have been returned for eleven deep Reverse Circulation (RC) holes drilled across the Productora Central target. Productora Central is a 1.2km by 1.0km geochemical target, located along the western flank of the planned Productora open pit.
Drilling across the target has proved challenging due to issues penetrating an advanced argillic clay zone (alteration zones are known to overlie large-scale porphyry systems), with several drillholes not achieving planned hole depths.
The most encouraging result was returned from drill hole PRF003, located close to the Serrano fault where clay zones mask the target along strike to the northwest. PRF003 recorded an end of hole intersection of 36m grading 0.2% CuEq (0.2% Cu, 0.1g/t Au, 0.5g/t Ag) from 290m, including 12m grading 0.4% CuEq (0.4% Cu, 0.1g/t Au, 0.4g/t Ag).
Importantly, PRF003 ended in copper mineralisation and a diamond tail is planned to extend the drill hole this quarter.
Results from this first-pass RC programme will be used to refine the Company's three-dimensional geochemical model in advance of follow-up drill design. The next phase of drilling will aim to successfully penetrate the clay zone which is masking an area of elevated molybdenum along the Serrano fault.
San Antonio and Valentina – Drilling to Commence in Coming Weeks
Following the recent Costa Fuego resource upgrade ( see announcement dated 31 st of March 2022 ), Hot Chili have been completing platform clearing across the San Antonio and Valentina high grade copper deposits, located 5 kms northeast of Cortadera.
The Inferred maiden resource for San Antonio ( 4.2Mt @ 1.2% CuEq (1.1% Cu, 2.1g/t Ag) is intended to be upgraded in classification and also tested along strike and at depth. Approximately 13 drill holes are planned and clearing is underway.
Platform clearing across the Valentina historical, high grade, copper mine is well advanced with ten platforms already cleared. Drilling will follow-up previous significant intersections recorded by Hot Chili in 2018 including 12m grading 1.5% copper from 28m down-hole depth (including 6m grading 2.7% copper) in drill hole VAP0001 and 8m grading 2.0% copper from 124m down-hole depth (including 2m grading 4.8% copper) in drill hole VAP0003 ( see ASX announcement dated 5 th September 2018 ).
Drilling is expected to commence at Valentina in the coming weeks and then at San Antonio.
Santiago Z Target – First Access and Platform Clearing Well Advanced
Earthmoving works are in progress at Santiago Z, with a 7km principal access track already constructed and six initial drill platforms expected to be ready for drill testing in late Q2 2022.
Hot Chili's soil results and mapping have confirmed a potentially large copper porphyry footprint measuring over 4km in length and 2km in width at the Santiago Z landholding, located immediately south of Cortadera.
Santiago Z contains a large soil molybdenum anomaly that is twice the size and four times the tenor of the soil molybdenum anomaly related to the Cortadera copper-gold porphyry discovery ( see ASX announcement date 9 th May 2021 ).
Hot Chili's soil programmes over Santiago Z in 2021 confirmed enrichment in copper, gold and silver (Cortadera metal signature) and other element zonation patterns consistent with the presence of a potentially large copper porphyry system at depth.
Mapping by Hot Chili has recognised several areas of outcropping copper-bearing hydrothermal breccia at Santiago Z with no drill testing having ever been undertaken across the target area.
Santiago Z will be a priority target as soon as access is fully established for initial drill testing.
Reported on a 100% Basis - combining Mineral Resource estimates for the Cortadera, Productora and San Antonio deposits. Figures are rounded, reported to appropriate significant figures, and reported in accordance with CIM and NI 43-101. Metal rounded to nearest thousand, or if less, to the nearest hundred. Total Resource reported at +0.21% CuEq for open pit and +0.30% CuEq for underground. Refer to Announcement "Hot Chili Delivers Next Level of Growth" (31st March 2022) for JORC Table 1 information related to the Costa Fuego Mineral Resource estimates.
* Copper Equivalent (CuEq) reported for the resource were calculated using the following formula: CuEq% = ((Cu% × Cu price 1% per tonne × Cu_recovery)+(Mo ppm × Mo price per g/t × Mo_recovery)+(Au ppm × Au price per g/t × Au_recovery)+ (Ag ppm × Ag price per g/t × Ag_recovery)) / (Cu price 1% per tonne). The Metal Prices applied in the calculation were: Cu=3.00 USD/lb, Au=1,700 USD/oz, Mo=14 USD/lb, and Ag=20 USD/oz. For Cortadera and San Antonio (Inferred + Indicated), the average metallurgical recoveries were Cu=83%, Au=56%, Mo=82%, and Ag=37%. For Productora (Inferred + Indicated), the average metallurgical recoveries were Cu=83%, Au=43% and Mo=42%. For Costa Fuego (Inferred + Indicated), the average Metallurgical Recoveries were Cu=83%, Au=51%, Mo=67% and Ag=23%.
This announcement is authorised by the Board of Directors for release to ASX.
Table 1 New Significant DD Results at Cortadera
Significant intercepts are calculated above a nominal cut-off grade of 0.2% Cu. Where appropriate, significant intersections may contain up to 30m down-hole distance of internal dilution (less than 0.2% Cu). Significant intersections are separated where internal dilution is greater than 30m down-hole distance. The selection of 0.2% Cu for significant intersection cut-off grade is aligned with marginal economic cut-off grade for bulk tonnage polymetallic copper deposits of similar grade in Chile and elsewhere in the world.
Down-hole significant intercept widths are estimated to be at or around true-widths of mineralisation
* Copper Equivalent (CuEq) reported for the drill holes at Cortadera were calculated using the following formula: CuEq% = ((Cu% × Cu price 1% per tonne × Cu_recovery) + (Mo ppm × Mo price per g/t × Mo_recovery) + (Au ppm × Au price per g/t × Au_recovery) + (Ag ppm × Ag price per g/t × Ag_recovery)) / (Cu price 1% per tonne). The Metal Prices applied in the calculation were: Cu=3.00 USD/lb, Au=1,700 USD/oz, Mo=14 USD/lb, and Ag=20 USD/oz. Average fresh rock metallurgical recoveries were Cu=83%, Au=56%, Mo=82%, and Ag=37%.
Table 2 New RC Drill Results at Productora Central
Significant intercepts are calculated above a nominal cut-off grade of 0.1% Cu. Where appropriate, significant intersections may contain up to 30m down-hole distance of internal dilution (less than 0.1% Cu). Significant intersections are separated where internal dilution is greater than 30m down-hole distance. The selection of 0.1% Cu for intersection cut-off grade above is selected on the basis of exploration significance and is not meant to represent potential marginal economic cut-off grade for bulk tonnage polymetallic copper deposits of similar grade in Chile and elsewhere in the world.
Down-hole significant intercept widths are estimated to be at or around true-widths of mineralisation
* Copper Equivalent (CuEq) reported for the drill holes at Productora were calculated using the following formula: CuEq% = ((Cu% × Cu price 1% per tonne × Cu_recovery) + (Mo ppm × Mo price per g/t × Mo_recovery) + (Au ppm × Au price per g/t × Au_recovery) + (Ag ppm × Ag price per g/t × Ag_recovery)) / (Cu price 1% per tonne). The Metal Prices applied in the calculation were: Cu=3.00 USD/lb, Au=1,700 USD/oz, Mo=14 USD/lb, and Ag=20 USD/oz. Average fresh rock metallurgical recoveries used were: Cu=89%, Au=58%, Mo=60%, and Ag=0%
Significant intercepts are calculated above a nominal cut-off grade of 0.1% Cu. Where appropriate, significant intersections may contain up to 30m down-hole distance of internal dilution (less than 0.1% Cu). Significant intersections are separated where internal dilution is greater than 30m down-hole distance. The selection of 0.1% Cu for intersection cut-off grade above is selected on the basis of exploration significance and is not meant to represent potential marginal economic cut-off grade for bulk tonnage polymetallic copper deposits of similar grade in Chile and elsewhere in the world.
Down-hole significant intercept widths are estimated to be at or around true-widths of mineralisation
* Copper Equivalent (CuEq) reported for the drill holes at Productora were calculated using the following formula: CuEq% = ((Cu% × Cu price 1% per tonne × Cu_recovery) + (Mo ppm × Mo price per g/t × Mo_recovery) + (Au ppm × Au price per g/t × Au_recovery) + (Ag ppm × Ag price per g/t × Ag_recovery)) / (Cu price 1% per tonne). The Metal Prices applied in the calculation were: Cu=3.00 USD/lb, Au=1,700 USD/oz, Mo=14 USD/lb, and Ag=20 USD/oz. Average fresh rock metallurgical recoveries used were: Cu=89%, Au=58%, Mo=60%, and Ag=0%
Figure 2. Location of development study diamond drill holes at Cortadera
Reported on a 100% Basis - combining Mineral Resource estimates for the Cortadera, Productora and San Antonio deposits. Figures are rounded, reported to appropriate significant figures, and reported in accordance with CIM and NI 43-101. Metal rounded to nearest thousand, or if less, to the nearest hundred. Total Resource reported at +0.21% CuEq for open pit and +0.30% CuEq for underground. Refer to Announcement "Hot Chili Delivers Next Level of Growth" (31st March 2022) for JORC Table 1 information related to the Costa Fuego Mineral Resource estimates.
Copper Equivalent (CuEq) reported for the resource were calculated using the following formula: CuEq% = ((Cu% × Cu price 1% per tonne × Cu_recovery)+(Mo ppm × Mo price per g/t × Mo_recovery)+(Au ppm × Au price per g/t × Au_recovery)+ (Ag ppm × Ag price per g/t × Ag_recovery)) / (Cu price 1% per tonne). The Metal Prices applied in the calculation were: Cu=3.00 USD/lb, Au=1,700 USD/oz, Mo=14 USD/lb, and Ag=20 USD/oz. For Cortadera and San Antonio (Inferred + Indicated), the average Metallurgical Recoveries were: Cu=83%, Au=56%, Mo=82%, and Ag=37%. For Productora (Inferred + Indicated), the average Metallurgical Recoveries were: Cu=83%, Au=43% and Mo=42%. For Costa Fuego (Inferred + Indicated), the average Metallurgical Recoveries were: Cu=83%, Au=51%, Mo=67% and Ag=23%.
** Note: Silver (Ag) is only present within the Cortadera Mineral Resource estimate
Competent Person's Statement- Exploration Results
Exploration information in this Announcement is based upon work compiled by Mr Christian Easterday, the Managing Director and a full-time employee of Hot Chili Limited whom is a Member of the Australasian Institute of Geoscientists (AIG). Mr Easterday has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a ‘Competent Person' as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves' (JORC Code). Mr Easterday consents to the inclusion in the report of the matters based on their information in the form and context in which it appears.
Competent Person's Statement- Costa Fuego Mineral Resources
The information in this report that relates to Mineral Resources for Cortadera, Productora and San Antonio which constitute the combined Costa Fuego Project is based on information compiled by Ms Elizabeth Haren, a Competent Person who is a Member and Chartered Professional of The Australasian Institute of Mining and Metallurgy and a Member of the Australian Institute of Geoscientists. Ms Haren is a full-time employee of Haren Consulting Pty Ltd and an independent consultant to Hot Chili. Ms Haren has sufficient experience, which is relevant to the style of mineralisation and types of deposits under consideration and to the activities undertaken, to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code of Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Ms Haren consents to the inclusion in the report of the matters based on her information in the form and context in which it appears. For further information on the Costa Fuego Project, refer to the technical report titled "Resource Report for the Costa Fuego Technical Report", dated December 13, 2021, which is available for review under Hot Chili's profile at www.sedar.com.
Reporting of Copper Equivalent
Copper Equivalent (CuEq) reported for the resource were calculated using the following formula: CuEq% = ((Cu% × Cu price 1% per tonne × Cu_recovery)+(Mo ppm × Mo price per g/t × Mo_recovery)+(Au ppm × Au price per g/t × Au_recovery)+ (Ag ppm × Ag price per g/t × Ag_recovery)) / (Cu price 1% per tonne). The Metal Prices applied in the calculation were: Cu=3.00 USD/lb, Au=1,700 USD/oz, Mo=14 USD/lb, and Ag=20 USD/oz. For Cortadera and San Antonio (Inferred + Indicated), the average Metallurgical Recoveries were: Cu=83%, Au=56%, Mo=82%, and Ag=37%. For Productora (Inferred + Indicated), the average Metallurgical Recoveries were: Cu=83%, Au=43% and Mo=42%. For Costa Fuego (Inferred + Indicated), the average Metallurgical Recoveries were: Cu=83%, Au=51%, Mo=67% and Ag=23%.
For further information please visit www.SEDAR.com
About Hot Chili
Hot Chili Limited is a mineral exploration company with assets in Chile. The Company's flagship project, Costa Fuego, is the consolidation into a hub of the Cortadera porphyry copper-gold discovery and the Productora copper-gold deposit, set 14 km apart in an excellent location – low altitude, coastal range of Chile, infrastructure rich, low capital intensity.The Costa Fuego landholdings, contains an Indicated Resource of 391Mt grading 0.52% CuEq (copper equivalent), containing 1.7 Mt Cu, 1.5 Moz Au, 4.2 Moz Ag, and 37 kt Mo and an Inferred Resource of 334Mt grading 0.44% CuEq containing 1.2Mt Cu, 1.2 Moz Au, 5.6 Moz Ag and 27 kt Mo, at a cut-off grade of 0.25% CuEq.The Company is working to advance its Costa Fuego Project through a preliminary feasibility study (followed by a full FS and DTM), and test several high-priority exploration targets.
Certain statements contained in this news release, including information as to the future financial or operating performance of Hot Chili and its projects may include statements that are "forward‐looking statements" which may include, amongst other things, statements regarding targets, estimates and assumptions in respect of mineral reserves and mineral resources and anticipated grades and recovery rates, production and prices, recovery costs and results, and capital expenditures and are or may be based on assumptions and estimates related to future technical, economic, market, political, social and other conditions.These forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by Hot Chili, are inherently subject to significant technical, business, economic, competitive, political and social uncertainties and contingencies and involve known and unknown risks and uncertainties that could cause actual events or results to differ materially from estimated or anticipated events or results reflected in such forward‐looking statements.
Hot Chili disclaims any intent or obligation to update publicly or release any revisions to any forward‐looking statements, whether as a result of new information, future events, circumstances or results or otherwise after the date of this news release or to reflect the occurrence of unanticipated events, other than as may be required by law. The words "believe", "expect", "anticipate", "indicate", "contemplate", "target", "plan", "intends", "continue", "budget", "estimate", "may", "will", "schedule" and similar expressions identify forward‐looking statements.
All forward‐looking statements made in this news release are qualified by the foregoing cautionary statements. Investors are cautioned that forward‐looking statements are not a guarantee of future performance and accordingly investors are cautioned not to put undue reliance on forward‐looking statements due to the inherent uncertainty therein.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Investor Relations
Graham Farrell
+1 416-842-9003
Graham.Farrell@harbor-access.com
Investor Relations
Jonathan Paterson
+1 475-477-9401
Jonathan.Paterson@Harbor-Access.com
Managing Director
Christian Easterday
https://www.hotchili.net.au/investors/
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Prices for several metals jumped this week as the London Metal Exchange (LME) banned metal produced in Russia from its system. The moratorium applies to material produced on or after April 13 of this year.
The restrictions apply to copper, nickel and aluminum, and were passed down by the US Department of the Treasury and the British government on April 12. They are also in place for the Chicago Mercantile Exchange (CME).
This move aims to curb financial flows that fuel Russia's military activities in Ukraine, which began in February 2022.
According to Bloomberg, aluminum soared as much as 9.4 percent, marking its highest jump since 1987, while nickel increased by 8.8 percent, signaling traders' confidence that removing a major producer will boost prices.
Copper, the third metal affected by the ban, saw a 1.6 percent bump amid an ongoing bull market.
Russia is a major producer of all three metals, contributing 6 percent of the world's nickel, 5 percent of its aluminum and 4 percent of its copper. As of March, 91 percent of the aluminum in LME-approved warehouses came from Russia, while Russian copper accounted for 62 percent of LME stockpiles. Thirty-six percent of LME nickel was from Russia.
Even with the sanctions in place, owners of Russian metal produced before April 13 can still place their metal on LME warrant, provided they furnish evidence of production dates.
The ban will affect major Russian metal producers such as Rusal (MCX:RUAL), one of the world’s largest producers of aluminum, and Norilsk Nickel (MCX:GMKN), which mines metals including nickel.
Despite this, market watchers do not foresee any immediate supply shocks.
"From a fundamental perspective, it is important to recognise that these exchange focused rule adjustments will not generate a necessary supply-demand shock," noted one Goldman Sachs (NYSE:GS) analyst.
Rusal is also optimistic that the sanctions will not have a significant impact on its supply streams.
"The announced actions have no impact on Rusal's ability to supply since Rusal's global logistic delivery solutions, access to banking system, overall production and quality systems are not affected," the company told Reuters.
Rusal shares dipped by 1.7 percent on Moscow's stock exchange post-announcement.
The company also explained that the measures primarily affect the LME and derivatives; it will be able to keep providing hedging services and will stay committed to market-based pricing.
Some analysts have observed that while both Norilsk Nickel and Rusal predominantly trade under bilateral contracts, their shipments may decrease, potentially leading to a new discount to exchange prices.
Amid the new LME and CME sanctions on Russian metal, Reuters reported on Monday (April 15) that Russian copper producer RCC and Chinese firms have found a way to bypass taxes and evade the impact of existing western sanctions by engaging in trades where new copper wire rod is disguised as scrap.
This deceptive activity involves the shredding of copper wire rod in China's Xinjiang Uyghur region by an intermediary, making it difficult to differentiate from scrap.
By doing so, both exporters and importers profit from the disparity in tariffs applied to scrap and new metal.
Russia's export duty on copper rod stood at 7 percent in December, lower than the 10 percent levy on scrap, while imports of copper rod into China face a 4 percent tax; that's compared to no duty on Russian scrap imports.
This method of circumventing regulations began in December, and has led to discrepancies between Chinese and Russian data, with Chinese customs reporting a significant increase in copper scrap imports from Russia, contrasting sharply with negligible amounts recorded in Russian data.
While RCC maintains it only supplies products to Russian companies, concerns persist about the potential repercussions of such trade maneuvers amid international scrutiny. The disguising of new copper wire rod as scrap not only evades taxes, but also complicates identification and tracing, facilitating its sale to Chinese manufacturers.
As the situation evolves, market watchers and investors are closely monitoring developments, including any potential retaliatory measures from Russia or further sanctions imposed by international bodies.
Don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
Trident Royalties (AIM:TRR,OTC:TDTRF) is a mining royalty company which provides investors with exposure to lithium, gold, copper, silver, iron ore, and other commodities (excluding thermal coal). Its diversified commodity portfolio aims to bridge the gap in the royalty sector, which is currently dominated by precious metal royalty companies. Trident is establishing itself as a royalty company with the intent of building a portfolio which broadly reflects the diverse spectrum of the entire mining sector.
Mining royalties are contractual arrangements that provide a mining company with a lump-sum upfront payment in exchange for a share of its future revenues. Royalties offer several advantages over other investment structures, including no dilution risk from future financings (as royalties are typically structured as a fixed percentage of revenue), while retaining exposure to resource growth and project expansion upside. Royalty companies enjoy various benefits, including diversification, high profit margins, and reduced risk. By investing in multiple mines simultaneously, royalty companies can mitigate the impact of an underperforming mine, as they continue to generate revenue from others. Investing in royalty companies offers investors exposure to the price movements of the underlying commodity while eliminating exposure to the risks associated with the capital and operating costs of the mine.
For mining companies, royalty financing offers several benefits compared to traditional forms of funding. For example, in contrast to debt, royalty financing comes with extended terms, no fixed payments, and is generally simpler to implement, with limited covenants. While, in contrast to equity, royalties are non-dilutive to share capital.
Historically, the royalty model has mostly been confined to the precious metals sector and, as such, has been unavailable for many investors looking for exposure to other metal classes and broader mining industry, as a whole. Trident’s royalty model is unique as it aims to bring under its umbrella the entire gamut of the mining industry, providing exposure to commodities such as lithium, copper, iron ore and other metals. This should attract investors willing to participate in the growth of metals such as lithium and copper, without taking the risk associated with investing directly in the mining companies themselves.
Since listing in mid-2020, the company has acquired 21 assets (royalties and gold offtake agreements), of which 13 are currently cash-flowing. While the current revenue mix is weighted toward gold, asset-level developments across the portfolio, specifically at the Thacker Pass (lithium) and Mimbula (copper) projects, continue to indicate a higher mix of lithium and copper royalty revenue going forward. Thacker Pass is on track to be the largest lithium producer in North America within the next three years. The cash flow from this royalty, at current lithium prices and full production, should be roughly $21 million per annum (assuming partial operator buy-back occurs, LCE price of $25k/t, 80 k/t per year production rate).
Trident has developed a portfolio which not only provides material revenue today but includes a tangible growth profile to significantly grow revenue over the next few years. A significant portion of future revenue is underpinned by assets already in construction, including Thacker Pass, Mimbula (in production, ramping-up) and Greenstone (discussed in detail below). Longer-term revenue growth is supported by a mix of expansions and new project development.
In addition to the revenue shown below, Trident anticipates two material one-off payments of $8.75 million in 2025 from Avino Silver and $13.2 million in 2026 from Lithium Americas.
Trident holds a 60 percent stake in a 1.75 percent gross revenue royalty (1.05 percent, net to Trident) covering Lithium Americas’ Thacker Pass Lithium Project, which stands as one of the most substantial lithium resources in North America. It is Trident’s flagship royalty asset and is currently under construction with first production targeted for 2027.
Lithium Americas made significant asset-level progress towards the development of Thacker Pass with several recent milestones, including:
Thacker Pass holds considerable national significance for the US, which currently produces limited lithium domestically, as it endeavors to establish and enhance its independent critical minerals supply chain.
Trident’s gold offtake portfolio comprises ten projects owned by different operators. Of these, nine projects are currently producing and have generated $6.8 million in revenue in FY 2023. The portfolio will further benefit from progress made across various assets including the advancement of Equinox Gold’s Greenstone project in Ontario, Canada. The Greenstone project is 96 percent complete as of November 2023, with pre-commissioning activities ongoing currently. Over 15 million tonnes of material have been moved thus far, and the buildup of the ore stockpile is progressing ahead of schedule, with the first gold pour expected in May 2024.
Trident holds a gold offtake agreement for the Greenstone project with an annual cap of 58,500 oz, and previously secured a guarantee from Premier Gold Mines Limited (a subsidiary of Equinox) that any shortfall in deliveries for 2024 and 2025 will be compensated at a rate of $23.50/oz. Gold offtakes are similar to a stream in that it entitles Trident the right to purchase the gold at a price below spot, allowing Trident to simultaneously sell the gold at spot and thus clipping a margin which has historically yielded an NSR equivalent of 1.33 percent.
The Mimbula Copper project is owned by Moxico Resources. The project comprises a deposit abundant in copper oxides and sulfides, situated in the Zambian Copperbelt on the outskirts of Chingola. Trident owns a 0.3 percent gross revenue royalty (GRR) over all copper produced from the Mimbula Mine.
Phase 1 mining operations, which are expected to produce 10,000 tons of copper cathode per annum, commenced in early 2023. The Phase 2 expansion to 56,000 tons of annual copper production is underway, with Moxico Resources targeting Phase 2 production to commence in mid-2025.
The Paradox Lithium project is owned by Anson Resources. It is an advanced lithium development project spanning 167 sq. km. in the Paradox Basin located in southern Utah, USA. Trident owns a 2.5 percent net smelter return (NSR) royalty, applicable to all projects owned by Anson Resources in the Paradox Basin.
In October 2023, Anson reported a 45 percent increase in the mineral resource to a total of 1.05 MT lithium carbonate equivalent, directly benefiting Trident’s royalty.
The La Preciosa Silver project is operated by Avino Silver and Gold Mines. The project is a development-stage property, hosting one of the most significant undeveloped silver resources in Mexico. Trident owns a 1.25 percent NSR royalty over La Preciosa. Moreover, Trident has the right to receive a milestone payment of US$8.75 million from Avino within 12 months of first silver production.
The Antler copper project is located in Arizona, USA, and is operated by New World Resources. Trident owns a 0.90 percent NSR royalty on the project. The project is exceptionally high-grade and is located in an attractive mining jurisdiction with high-quality existing infrastructure. Pre-construction work on the project is expected to begin in Q1 2025.
The royalty comprises two buyback provisions, enabling the acceleration of cash flow while ensuring Trident maintains significant ongoing exposure to the project and potential exploration success. Additionally, Trident has a right of first refusal, granting the company the privilege to match any new royalty or streaming transaction until 12 months after the commencement of commercial production at Antler.
The management team has significant experience in private equity, banking, operational and commodity markets.
Adam Davidson has over a decade of experience in the natural resources sector. His most recent role was with Resource Capital Funds (RCF), a prominent mining-focused private equity firm. Before joining RCF, Davidson held positions in metals and mining equity research at BMO Capital Markets and in strategic planning at Orica Mining Services. His extensive background encompasses mining capital markets in various jurisdictions and commodities. He began his career at T. Rowe Price and has also served in the US Marine Corps.
Richard Hughes’ background encompasses diverse mining capital markets and advisory roles across various jurisdictions and commodities. He established an independent consultancy in 2019, offering corporate finance advisory services to mining and royalty finance companies. Before this venture, he served as a senior member of the metals and mining investment banking team at RBC Capital Markets in London from 2010 to 2018. Hughes commenced his career at CIBC, contributing as a member of the global mining group.
Albert Gourley is a managing partner of Faskens law firm and has held directorship positions in numerous mining and mineral exploration companies listed on the TSX, TSX-V and AIM. Notably, he was involved with a company acquired by Franco-Nevada for its gold royalty on the Newmont Ahafo Mine in Ghana. His mining industry experience includes working with the Noranda Group from 1992 to 1995, and he served as the CEO of an AIM-listed industrial mineral producer from 2011 to 2012.
Helen Pein has over 30 years of experience as an economic geologist in the natural resource sector. She currently serves as a director of Pan Iberia (UK) and is a founding member of Panex Resources (Mauritius and SA), a private company dedicated to discovering and developing global mining projects. She was previously a director and shareholder at Pangea Exploration for two decades. As a member of the executive team, she played a pivotal role in the direct discovery and evaluation of several world-class gold and mineral sands deposits across Africa.
Peter Bacchus boasts over 25 years of experience as a prominent global M&A adviser. He currently serves as the chairman and chief executive of Bacchus Capital, an independent investment banking boutique specializing in the natural resources sector. He has been involved in large M&A transactions, financed substantial deals, and advised on development projects worldwide. He served as the global head of mining and metals at Morgan Stanley and held senior-level positions at Jefferies and Citigroup. He also sits on the boards of Gold Fields Limited, Kenmare Resources, and Galaxy Resources.
David Reading has over 40 years of experience in the mining industry, with expertise across all phases of mine development, encompassing exploration, feasibility, financing, construction and operations. He holds an MSc in economic geology and is recognized as a fellow of the Institute of Materials, Minerals, and Mining, as well as a fellow of the Society of Economic Geologists.
Leslie Stephenson has more than 30 years of experience in the financial services sector. She has worked for two major insurance companies in the US. Additionally, she has held positions in banking and undertaken senior roles at HSBC, particularly in the areas of strategic planning and risk management. She holds an MBA from the Richard Ivey School of Business and a BA from Western University.
This article was written in collaboration with Couloir Capital.
Forum Energy Metals Corp. (TSXV: FMC) (OTCQB: FDCFF) ("Forum" or the "Company") has reviewed initial data processed from its Ambient Noise Tomography (ANT) survey conducted over the Tatiggaq anomaly during the summer of 2023, The survey successfully established new drill targets over a one plus kilometer east-northeast extension along the Tatiggaq fault zone, which hosts the high-grade Tatiggaq uranium discovery at Forum's 100% owned Aberdeen Project in the Thelon Basin, Nunavut. The Aberdeen project comprises 95,500 hectares and is located adjacent to Orano's 133 million pound Kiggavik uranium project* (Figure 1).
Dr. Rebecca Hunter, Forum's VP, Exploration commented, "The ANT survey may be a game-changing geophysical method for targeting unconformity systems in the northeast Thelon Basin. By measuring the velocity change interfaces throughout our anomalies, we can potentially image the faults that host the mineralization and the location of the mineralized bodies themselves. The survey results obtained suggest we will be able to target our drilling with a much higher degree of precision than what could be done in the past. I am very excited to resume on our Aberdeen Project in 2024."
HIGHLIGHTS
Tatiggaq Deposit
Forum drilled four holes in 2023 and the first two holes targeted the Tatiggaq Main area. The objective was to drill through to main mineralized zone at a more optimal angle and show that the mineralization is within a series of steep-dipping, high-grade lenses. TAT23-001 was lost and TAT23-002 intersected 2.25% U3O8 over 11.1 from 148.5 to 159.6 m (incl. 3.32% U3O8 over 3.1 m). TAT23-003 and TAT23-004 were drilled along trend to the SW up to 200 m from TAT23-001/-002. These holes were designed to infill and expand known areas of mineralization at Tatiggaq West. TAT23-003 intersected 0.40% U3O8 over 12.8 m from 136.0 to 148.8 m (incl. 1.08% U3O8 over 1.3 m) and TAT23-004 intersected 0.40% U3O8 over 18.9 m from 151.4 to 170.3 m (incl. 1.01% U3O8 over 6.2 m).
Mineralization within the Tatiggaq deposit consists of two zones - the Main and West Zones and is located at depths between 80 and 180 m. The mineralization is hosted in a series of high-grade subparallel, steep, south-dipping fault zones that sit within a 50 m wide area (Figure 2). Individual high-grade mineralized structures are up to 10 m in width. The strike extent of the Main Zone is at least 60 m but is open to the northeast and the West Zone is now 150 m in strike length and is open to the southwest. Further delineation is required between the two zones to determine if they are connected. In addition, the entire 0.7 km wide by 1.5 km long Tatiggaq gravity anomaly remains open for additional uranium mineralization both along strike of the known zones but also along numerous sub-parallel fault zones to the north and south.
Ambient Noise Tomography Survey (ANT)
The ANT survey is a passive seismic technique that detects seismic waves by natural sources like ocean wave action that is then used to image the subsurface.
In 2023, Patterson Geophysics Inc. (PGI) was contracted to deploy and recover a total of 475 seismic 1D Nodular Recording Units (NRUs) over the Tatiggaq (Figure 3), Ned and Bjorn grids. Geophysical Technology Inc. NuSeis NRUN1 autonomous seismic nodal recording units were used for the survey. In total, 475 NRUs were deployed in three (3) grid areas on the Aberdeen Project in July 2023. 344 NRUs were deployed on the Tatiggaq grid at 60 m intervals; 77 NRUs were deployed on the Ned grid at 150 m intervals, and 54 NRUs were deployed on the Bjorn grid at 150 m intervals. The PGI crew returned to the Thelon project to retrieve the NRUs after a recording period of 24-26 days. The data was downloaded from the NRUs using GTI's Portable Data Management system and a GTI-supplied laptop with NuSite, NuSeis, and NuScribe software.
Ongoing data processing is being completed by Ambient Reservoir Monitoring Inc. (ARM) through the direction of Kyle Patterson at Convolutions Geoscience. A preliminary 3D slice of the processed velocity data is shown for the Tatiggaq Grid (Figure 4).
*Source: Areva Resources Canada Inc., The Kiggavik Project, Project Proposal, November 2008 and Kiggavik Popular Summary, April, 2012 submission to the Nunavut Impact Review Board.
Rebecca Hunter, Ph.D., P.Geo., Forum's Vice President of Exploration and Qualified Person under National Instrument 43-101, has reviewed and approved the contents of this news release.
Figure 1 The Thelon Basin is a geologic analogue to the Athabasca Basin in Saskatchewan. Orano's uranium deposits are along the same controlling structures as Forum's Tatiggaq deposit and over 20 other targets are present within the project, which could host additional uranium deposits similar to the Athabasca Basin.
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Figure 2 The Tatiggaq Main and West zones are interpreted to be a series of near vertical, uranium- bearing lenses that trend for 1.5 km. The width of the mineralized section is interpreted to be approximately 50 m but its total width is not yet determined. TAT23-002 only intersected two of these lenses that were intersected in near vertical holes by Cameco's previous drilling (for example 0.85% over 13.7m in hole TUR14A). Proposed future drill holes will target mineralization to intersect the true width of the zone and its strike extent.
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Figure 3 Location of Nodular Recording Units deployed at the Tatiggaq Grid.
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Figure 4 ENE-WSW section through the Tatiggaq Grid showing the ANT processed 3D velocity data. Data viewed in Leapfrog Geo. Velocity data highlights steep NW-trending faults and changes in velocity are possible interfaces of different alteration strengths and/or rock units. Interpretation is still preliminary.
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About Forum Energy Metals
Forum Energy Metals Corp.(TSXV: FMC) (OTCQB: FDCFF) is focused on the discovery of high-grade unconformity-related uranium deposits in the Athabasca Basin, Saskatchewan and the Thelon Basin, Nunavut. In addition, Forum holds a diversified energy metal portfolio of copper, nickel, and cobalt projects in Saskatchewan and Idaho.
For further information: https://www.forumenergymetals.com.
This press release contains forward-looking statements. 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. Forward-Looking information is subject to known and unknown risks, uncertainties and other factors that may cause Forum's actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information. Such factors include but are not limited to: uncertainties related to the historical data, the work expenditure commitments; the ability to raise sufficient capital to fund future exploration or development programs; changes in economic conditions or financial markets; changes commodity prices, litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; technological or operational difficulties or an inability to obtain permits required in connection with maintaining or advancing its exploration projects.
ON BEHALF OF THE BOARD OF DIRECTORS
Richard J. Mazur, P.Geo.
President & CEO
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information contact:
Rick Mazur, P.Geo., President & CEO
mazur@forumenergymetals.com
Tel: 604-630-1585
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/205494
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Ero Copper Corp. (TSX: ERO, NYSE: ERO) (the "Company") will publish its first quarter 2024 operating and financial results on Tuesday, May 7, 2024 after market close. The Company will host a conference call to discuss the results on Wednesday, May 8, 2024 at 11:30am Eastern time (8:30am Pacific time).
CONFERENCE CALL DETAILS
Date: | Wednesday, May 8, 2024 | ||
Time: | 11:30am Eastern Time (8:30am Pacific Time) | ||
Dial In: | Canada/USA Toll Free: 1-844-763-8274, International: +1-647-484-8814 Please dial in 5-10 minutes prior and ask to join the call | ||
Pre-Register: | Registration link Register using the link above to bypass the live operator queue | ||
Replay: | Canada/USA Toll Free: 1-855-669-9658, International: +1-604-674-8052 | ||
Replay Passcode: | 0848 | ||
ABOUT ERO COPPER CORP
Ero is a high-margin, high-growth, low carbon-intensity copper producer with operations in Brazil and corporate headquarters in Vancouver, B.C. The Company's primary asset is a 99.6% interest in the Brazilian copper mining company, Mineração Caraíba S.A. ("MCSA"), 100% owner of the Company's Caraíba Operations (formerly known as the MCSA Mining Complex), which are located in the Curaçá Valley, Bahia State, Brazil and include the Pilar and Vermelhos underground mines and the Surubim open pit mine, and the Tucumã Project (formerly known as Boa Esperança), an IOCG-type copper project located in Pará, Brazil. The Company also owns 97.6% of NX Gold S.A. ("NX Gold") which owns the Xavantina Operations (formerly known as the NX Gold Mine), comprised of an operating gold and silver mine located in Mato Grosso, Brazil. Additional information on the Company and its operations, including technical reports on the Caraíba Operations, Xavantina Operations and Tucumã Project, can be found on SEDAR+ at www.sedarplus.ca/landingpage/ and on EDGAR (www.sec.gov). The Company's shares are publicly traded on the Toronto Stock Exchange and the New York Stock Exchange under the symbol "ERO".
FOR MORE INFORMATION, PLEASE CONTACT
Courtney Lynn, SVP, Corporate Development, Investor Relations & Sustainability
(604) 335-7504
info@erocopper.com
News Provided by GlobeNewswire via QuoteMedia
Copper prices hit a nearly two year high this week, and according to analystsat investment bank Citigroup (NYSE:C) that's a sign the red metal has entered its second secular bull market of the century.
Over the past two months, copper has surged by more than 15.75 percent, fueled by disruptions at mining operations that have threatened refined copper production in China, a major global supplier.
“The recent disruptions to major mines are starting to ripple through the industry,” said strategist Daniel Hynes of Melbourne's ANZ Bank. “A group of 13 major copper smelters in China is preparing for a possible 10 percent production cut due to a collapse in treatment and refining charges.”
In an article published on Thursday (April 11), Warren Patterson and Ewa Manthey of research firm ING said they believe copper's price move can be attributed to a global supply deficit.
“The main catalyst for copper’s rally is the unexpected tightening in the global mine supply, most notably First Quantum’s (TSX:FM,OTC Pink:FQVLF) mine in Panama, which has removed around 4,000,000 tonnes of the metal from the world’s annual supply," they wrote. The Cobre Panama mine was forced to shut its doors at the end of 2023.
Copper's 2024 price performance.
Chart via the London Metal Exchange.
“In addition, Anglo American (LSE:AAL,OTCQX:AAUKF), said it was cutting output by 200,000 tonnes. And Codelco, the world’s biggest copper producer, is struggling to recover from the lowest output in a quarter of a century,” they added.
Analysts at Bank of America (NYSE:BAC) also believe copper supply is at risk, citing a lack of new mines. The firm recently raised its 2024 price target to US$9,321 per metric ton (MT), up from its previous forecast of US$8,625.
On the demand side, China's economic recovery is adding fuel to the fire. Positive signs like a strong Purchasing Managers' Index and rising exports are raising hopes for a renewed surge in Chinese copper demand.
During the 2000s bull market, copper prices leaped more than fivefold in three years on the back of rapid urbanization and industrialization in the Asian nation. Analysts suggest a similar trend could unfold over the next three years.
Other base metals, including zinc, have also experienced gains amid concerns over Chinese refined output risks.
Copper supply woes are not a new issue — decades-old problems are behind the growing shortfall.
Declining exploration spending has disproportionately impacted junior mining companies. These companies, which are vital for early stage discovery, witnessed an 8 percent drop in exploration expenditures in 2023.
Junior explorers play a key role in finding new copper deposits, but lack of investment makes it difficult for them to secure funding for the high-risk, high-reward projects needed to identify the next generation of copper mines.
While overall copper exploration funding saw a 12 percent increase last year, the majority of these investments — around US$3.12 billion — went toward existing or near-production assets instead of discovery.
Copper’s positive price fundamentals have prompted analysts to anticipate further increases in the coming months.
As of 9:57 a.m. EDT on Thursday (April 11) copper was trading at US$9,374 on the London Metal Exchange.
Don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
Copper has hit record highs in recent years, and after setbacks at the start of 2024 its fortune has begun to turn.
Prices rebounded to 14 month highs at the beginning of Q2 on improved global manufacturing data, encouraging economic indicators in China and supply disruptions at key mines. In the longer term, many market watchers see tight supply and higher consumption from sectors like the electric vehicle industry creating a robust outlook for copper.
Against that backdrop, the top ASX copper stocks have put on impressive year-to-date share price performances. The list below outlines the top gainers, and was generated on April 9, 2024, using TradingView’s stock screener; all copper stocks listed had market caps above AU$50 million at that time. Read on to learn more about them.
Year-to-date gain: 78.57 percent; market cap: AU$240.64 million; current share price: AU$0.625
Bougainville Copper is working to reopen the past-producing Panguna copper complex, which ceased operations in 1989. Panguna is considered one of the largest copper deposits in the world, and according to the company, its successful restart is viewed as a critical component of future economic independence for Bougainville, which is an autonomous region in Papua New Guinea. The country's government holds a 36.5 percent share in the company.
In early February, after much deliberation, Bougainville Copper was granted a five year extension to its Panguna mining licence, which will open the door for advanced-stage prefeasibility and feasibility exploration activities.
The news sent shares of the company spiking to their best year-to-date close of 2024: AU$0.80 on February 2. That's more than double Bougainville Copper's close of AU$0.35 the previous day.
Year-to-date gain: 24.14 percent; market cap: AU$4.09 billion; current share price: AU$9
Sandfire Resources has an extensive portfolio of copper mines across the globe, including the MATSA mining complex in Spain, the DeGrussa copper-gold mine in Western Australia and the Motheo copper mine in Botswana. The company also has multiple development- and exploration-stage projects.
As a producer of the red metal, Sandfire’s share price has benefited from improving copper prices. It started out the year at AU$7.37 and rose throughout much of the quarter to reach a year-to-date high of AU$9.15 on April 4.
DeGrussa was placed on care and maintenance in mid-2023. However, output at MATSA, which the company acquired in February 2022 for US$1.87 billion, and from the newly commissioned Motheo copper mine, are taking the operation's place as major sources of copper production for Sandfire.
Comprised of three underground mines, MATSA operated at a record rate of 4.6 million tonnes per annum in the first half of Sandfire's 2024 fiscal year, which ended on December 31, 2023. Production came to 28,600 tonnes of copper and 42,600 tonnes of zinc for the period. Meanwhile, Motheo’s production during the same period exceeded its nameplate capacity for output of 16,800 tonnes of copper and 396,000 ounces of silver.
Year-to-date gain: 22.03 percent; market cap: AU$125.27 million; current share price: AU$0.072
Xanadu Mines is a copper and gold exploration company with several advanced exploration projects in Mongolia. The company’s flagship project is the Kharmagtai copper-gold project, and it's also exploring its Red Mountain porphyry copper-gold project, both of which are in the country's South Gobi region.
In the last quarter of 2023, the company released an upgraded resource estimate for Kharmagtai as part of its work toward completing a prefeasibility study for the project. The new resource estimate stands at 1.3 billion tonnes containing 3.4 million tonnes of copper and 8.5 million ounces of gold, which represents a 15 percent increase in contained copper and a 9 percent increase in contained gold. Xanadu is on track to complete a prefeasibility study and a maiden ore reserve estimate for Kharmagtai by Q3 of this calendar year. On March 25, the company began a 5,000 metre drill program to test five target areas at Red Mountain; it expects to release assay results from that work in June.
Xanadu's share price climbed significantly throughout March, and reached a year-to-date high of AU$0.76 on April 9.
Year-to-date gain: 16.67 percent; market cap: AU$110.1 million; current share price: AU$0.21
Caravel Minerals is developing its namesake Caravel copper porphyry project in Western Australia, which it claims is “Australia’s largest undeveloped copper deposit and the fourth-largest copper discovery worldwide in the last decade.”
Caravel recently updated the mineral resource estimate for the project to 3.03 million tonnes of contained copper and an ore reserve of 1.4 million tonnes. The company is working toward completing a feasibility study by the end of this year. In its quarterly report for the period ended December 31, 2023, management states that the “project development timeline remains favourably in line with the forecast copper market supply deficit from 2026-2027.”
Higher copper prices at the start of Q2 boosted Caravel's share price to a year-to-date high of AU$0.21 on April 9.
Year-to-date gain: 6.67 percent; market cap: AU$173.43 million; current share price: AU$0.40
AIC Mines owns the high-grade Eloise copper mine in North Queensland, as well as a portfolio of exploration-stage copper-gold projects in Australia. Eloise started production in 1996, and the company is looking to expand the life of the operation through the development of the nearby Jericho deposit.
In Q3 2023, AIC Mines reported record production of 3,402 tonnes of copper and 1,820 ounces of gold in concentrate, which it followed with record production of 3,759 tonnes of copper and 1,890 ounces of gold in concentrate for Q4.
Positive newsflow and improving copper prices lifted AIC Mines’ share price by 6.67 percent from the start of the year to AU$0.40 on April 9. In late March, the company posted a new ore reserve estimate for Jericho, followed shortly by an announcement that drilling has begun at the recently discovered Swagman prospect, located between Eloise and Jericho.
Don’t forget to follow us @INN_Australia for real-time updates!
Securities Disclosure: I, Melissa Pistilli, currently hold no direct investment interest in any company mentioned in this article.
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