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March 2022 Quarterly Report
Impact Minerals (ASX:IPT) has released its March 2022 quarterly report.
- BROKEN HILL PROJECT (IPT 100%-IGO earning 75%)
- A large strong EM conductor 420 m by 85 m in dimension identified 350 m below surface at the Platinum Springs prospect in joint venture with IGO.
- The conductor is about 1,000 metres along trend from, and with similar conductance to, a narrow drill intercept of massive sulphide which returned: 0.6 metres at 11.5 g/t platinum, 25.6 g/t palladium, 1.4 g/t gold, 7.6% copper, 7.4% nickel and 44.3 g/t silver from 57.1 metres down hole
- The conductor lies within a possible feeder zone for the extensively mineralised nine-kilometre long Moorkai Trend and is a prime drill target.
- HOPETOUN PROJECT (IPT earning 80%)
- Diamond drilling of the Top Knotch and Silverstar copper-gold-silver targets commenced and still in progress.
- The Hopetoun Project interpreted to cover an interpreted extension of the Ravensthorpe greenstone belt which contains multiple mines and deposits of lithium, nickel and copper-gold.
- JUMBO (IPT earning 80%)
- High priority targets for nickel-copper-Platinum Group Elements (PGM) (3), lithium-caesium-tantalum (LCT) pegmatites (3), Rare Earth Metals (REE) and extensive areas of anomalous rubidium identified in a reconnaissance soil geochemistry survey.
- The soil anomalies occur over significant areas of at least several hundred metres. Further anomalies are expected with more comprehensive coverage of the project area.
- Very high success rate of anomaly identification targets validates Impact’s targeting methodology working in conjunction with its joint venture partner.
- OTHER PROJECTS
- Arkun Ni-Cu-PGM, WA (IPT 100%)
- Land Access Negotiations in progress with about 30 land holders.
- Follow up soil geochemistry completed at Beau. Results due in May.
- Narryer-Dalgaranga
- No work done.
- Arkun Ni-Cu-PGM, WA (IPT 100%)
- CORPORATE
- Placement completed raising $2 million before costs.
- $1.7 million cash as at 31st March 2022
- BROKEN HILL PROJECT
A significant electromagnetic (EM) conductor was identified in the extensive ground EM survey that is still in progress at the company’s Broken Hill Project in NSW and which is being funded by joint venture partner IGO Limited (ASX:IGO) (Figure 1 and ASX Releases 9 th November 2021 and 27th January 2022).
The new EM conductor has been modelled to have a high conductance of about 8,000 siemens and with the top edge of the modelled EM plate centred at a depth of about 350 metres below surface. It has a length of about 420 metres and extends for at least 85 metres down dip moderately to the south.
The conductor is considered prospective for massive sulphide mineralisation based on its discrete dimensions and modelled high conductance. It is a priority target for follow-up work.
Click here for the full ASX Release
This article includes content from Impact 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.
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Impact Minerals Limited
Investor Insight
With a mining lease application underway and a scoping study that shows excellent economics, Impact Minerals’ game-changing, advanced Lake Hope high-purity alumina project makes for a compelling investment case.
Overview
Impact Minerals (ASX:IPT) is an exploration and development mining company focused on discovering and developing new resource projects within Australia. Lake Hope, a transformational acquisition by the company and its current flagship asset, is a high-purity alumina (HPA) project in Impact’s home territory of Western Australia, a tier-one jurisdiction.
This advanced-stage project allows the company to fast-track the asset toward development, firmly establishing the company on the road to production and increasing shareholder value.
HPA is a high-value product with various uses in several industries that are key to the transition to a low-carbon world. It is mainly used in LED lighting, micro-LED screens, and ceramic-coated separators in lithium-ion batteries. Both these markets are forecast to grow dramatically over the next decade, and a looming supply shortage is predicted for 2026.
HPA is also necessary for producing synthetic sapphire and scratch-resistant glass. With these ever-widening applications for HPA, demand for this resource is expected to grow from US$3.18 billion to US$12.21 billion by 2030 with a compounded annual growth rate of about 20 percent.
Lake Hope is the company’s current focus as it moves towards production, and where a very shallow, high-grade resource of HPA precursor material has been identified in the top two meters of a dry salt lake. The deposit has unique physical and chemical properties that will allow for inexpensive digging and mining, with transportation to a processing facility off-site in an established industrial area. This will accelerate the approvals processes required to get into production.
With a mining lease application pending, Impact aims to bring Lake Hope, which contains almost 1 million tons of potential HPA, into production when the forecast average price for 4N HPA (99.99 percent Al2O3) and related products is about US$20,000 per ton. The ‘4N’ designation indicates the purity grade, making it suitable for high-tech end uses.
Outstanding economics from the latest scoping study released by the company shows Lake Hope’s potential to be the lowest-cost producer of HPA globally by up to 50 percent.
Lake Hope has a maiden mineral resource estimate (MRE) of 3.5 million tons at 25.1 percent alumina (Al2O3) for a contained 880,000 tons of alumina. The company also received heritage clearances for the entire Lake Hope deposit further de-risking the project and providing another critical component in the company’s application for a mining lease.
Impact completed a bulk sampling and test pits program at the Lake Hope project in December 2023, and later reached a key milestone by producing HPA greater than 99.99 percent (4N) purity from the metallurgical processing of lake clays acquired from Lake Hope.
In February 2024, a new proprietary metallurgical process for producing HPA from the lake clays was identified. Impact produced 99.99 percent (4N) Al2O3 from a low-temperature leach (LTL) process. The LTL process may lower the capital and operating costs to produce HPA compared to the sulphate process which underpinned the recent scoping study. The LTL process will be included in the ongoing pre-feasibility study in parallel with the sulphate process at marginal extra cost to determine the best processing route to HPA. The PFS is due to be completed in late 2024.
A comparison of the LTL process and the sulphate process
The company is well funded to finance the pre-feasibility study at the Lake Hope High Purity Alumina project and exploration activities at the Arkun battery minerals project.
Impact Minerals was also one of the inaugural cohort of seven companies selected to be part of the prestigious BHP Xplor program. BHP Xplor, an accelerator program introduced by BHP in August 2022, is designed to help provide participants with the opportunity to accelerate their growth and the potential to establish a long-term partnership with BHP and its global network of partners.
The BHP Xplor funding was used to identify new target areas for copper and other energy metals around the Broken Hill area in New South Wales, eastern Australia, where Impact has been quietly adding to its ground position for several years.
Additionally, the company is exploring its large Arkun battery metals project, also in Western Australia which covers nearly 2,900 square kilometres. Three new exploration licence applications were submitted recently immediately north of the Arkun project along trend from the recently discovered REE soil geochemistry anomalies at Hyperion, Swordfish and Horseshoe, and the Caligula copper anomaly. These anomalies require drill testing which will occur in 2024 and is an exciting development in the emerging mineral province of southwest WA.
A strong management team with over 50 years of combined industry experience leads the company. With a mining and exploration geology degree, Dr. Mike Jones, managing director, launched a long career consulting and leading mining organizations. Peter Unsworth, the non-executive chairman, has more than 35 years of experience in multiple financial sectors, such as securities industries and wealth management. Paul Ingram, a non-executive director, has led several mining companies since 2003. Impact Minerals has the experience and expertise to lead the company to success.
Company Highlights
- Impact Minerals is an exploration and development mining company focused on rapidly moving its flagship Lake Hope high-purity alumina (HPA) project toward production.
- The Lake Hope project has a high-grade maiden mineral resource estimate (MRE) of 3.5 million tonnes at 25.1 percent alumina (Al2O3), for a contained 880,000 tonnes of alumina that can be converted to HPA.
- HPA is used throughout multiple industries, and the overall HPA market is projected to grow by a CAGR of 18.4 percent by 2030.
- A pre-feasibility study is currently in progress and scheduled to be completed by Q4 2024. A mining lease application for the Lake Hope High Purity Alumina (HPA) was recently lodged with the aim of being granted by 2026.
- The company’s project portfolio also includes assets with high-grade mineral deposits of a range of base, critical and precious metals.
- Impact Mineral’s 2,000-square-mile Arkun nickel-copper-PGE project in Western Australia has produced encouraging assays that motivate further exploration. Maiden drill programmes are planned for early 2025.
- The company is also exploring its Broken Hill copper project in New South Wales following a major grant under the auspices of the BHP Xplor program in 2023..
- A strong management team leads the company with experience in geology, mining and corporate finance.
Key Projects
Lake Hope HPA Project
Impact Minerals’ Lake Hope HPA project is in Western Australia, a tier-one mining jurisdiction. HPA is a crucial component in many new and emerging technologies, creating ongoing demand for high-grade sources. The Lake Hope project is the company’s flagship as it moves toward production.
Project Highlights:
- Maiden Mineral Resource Estimate: A maiden mineral resource of 3.5 million tonnes at 25.1 percent alumina (Al2O3) for a contained 880,000 tonnes of alumina has been defined at the Lake Hope HPA Project. About 88 percent of the resource, or 775,000 tonnes of alumina, is in the higher confidence indicated resource category.
- Amenable to Open-pit Mining: The Lake Hope project is a unique HPA asset amenable to shallow, open-pit mining. The deposit is soft and shallow, allowing for cheap digging and minimal infrastructure requirements. This type of deposit also lowers the environmental footprint of the operation.
- Fast-tracked to Production: A mining lease application is currently underway. Once granted, the company will begin working towards a pre-feasibility study and mini pilot plant. Impact Minerals plans to reach a complete pilot plant by 2026.
- Impressive Results of the 2023 Scoping Study: Outstanding economics show Lake Hope to potentially be the lowest-cost producer of High Purity Alumina (HPA) globally by up to 50 percent. Key outcomes from the scoping study include:
- Annual production of 10,000 tpa of 4N HPA with an initial 25-year mine life
- Annual EBITDA of A$174 million.
- 2 years construction period with 5,000 tonnes of production during the first year, 8,000 tonnes in the second year and 10,000 tonnes of production thereafter.
- US$934 million post-tax NPV8 at an IRR of 55 percent.
- Mining Lease Application: Amining lease application was lodged in mid-2024 over the West Lake resource while a miscellaneous licence application (L63/99) was lodged to cover mine infrastructure and haulage road.
The scoping study was underpinned by a sulphuric acid process allowing the company to achieve a new milestone by producing HPA with purity of more than than 99.99 percent (4N) from the metallurgical processing of lake clays acquired from Lake Hope. The company further identified a new proprietary metallurgical process for producing HPA from the lake clays. Known as the low-temperature leach (LTL) process, this also produced 99.99 percent (4N) Al2O3 and has the potential to lower even further the capital and operating costs to produce HPA compared to the sulphate process. The LTL process will be included in the ongoing pre-feasibility study along with the sulphate process to determine the best processing route to HPA. The PFS is due to be completed in late 2024.
Broken Hill Copper Project
The Broken Hill project has a significant land position of 815 square kilometers and hosts multiple targets with the potential for high-grade copper. Broken Hill is located in New South Wales, Australia, an area known for its prolific silver-lead-zinc mining operations and the giant Broken Hill deposit.
Project Highlights:
- Participant in the BHP Xplor Program: Impact was selected for the BHP Xplor program in 2023 based on its Broken Hill project. The program is designed to allow participants to accelerate growth and establish a long-term partnership with BHP.
- Potential for Additional Minerals and Deposits: As well as copper, the project has significant exploration potential for magmatic nickel-copper-PGE sulphides, and at the time the host rocks were formed, Broken Hill was located close to the world-class nickel-copper-PGE deposit of Jinchuan and the significant Lengquisheng deposit. The project area also has the potential to contain zinc-lead-silver deposits, providing even more value.
Arkun Nickel-Copper-Gold-Lithium-REE Project
The Arkun project is a 2,900-square-kilometer nickel, copper and gold project located in the emerging Ni-Cu-PGE province near the world-class Julimar Ni-Cu-PGE deposit and surrounded by Anglo American Corporation, which secured its ground holding shortly after Impact secured its asset. Anglo-American is one of the world’s top ten mining companies, and their presence in the region brings confidence in the project’s potential.
Project Highlights:
- Additional Exploration Underway: Impact plans follow-up work programs, including drilling, at its priority targets.
- Significant Targets Identified: Recent soil sampling identified two new prospects:
- Hyperion prospect - Located in the northwestern part of the project area returned with rare earth element anomalism of up to 5,880 ppm (0.59 percent) total rare earth oxide (TREO+Y) and neodymium and praseodymium (Nd+Pr) of up to 21 percent.
- Caligula prospect - Initially identified on the roadside, the Caligula prospect is a large and significant target for porphyry copper mineralisation.
- Three New Exploration Licences: Impact applied for three new exploration licences expanding Arkun project along trend from the recently discovered REE soil geochemistry anomalies at Hyperion, Swordfish and Horseshoe as well as the Caligula copper anomaly.
Management Team
Peter Unsworth - Non-executive Chairman
Peter Unsworth, formerly a chartered accountant, has over 35 years of experience in the corporate finance, investment and securities industries and a wealth of management experience with public and private companies. A former executive director with a leading Western Australian stockbroking company, Unsworth has been a director of several public exploration and mining companies. He recently completed a long time serving as chairman of the Western Australian Government-owned Gold Corporation (operator of The Perth Mint). Unsworth is the founding chairman of Impact Minerals.
Dr. Mike Jones - Managing Director
Dr. Mike Jones is the founding managing director of Impact Minerals Limited, which was listed on the Australian Stock Exchange in November 2006. Reporting to the board of directors, he is responsible for the company's performance as it moves towards production at its Lake Hope High Purity Alumina Project and also for implementing strategies to explore and maximize the value of the company's other extensive tenement holdings.
Since listing, he has helped raise more than $60 million to help fund the exploration of Impact’s projects and managed the company through significant adverse events, including the global financial crisis and the Fukushima nuclear disaster, which affected Impact’s considerable investment in the uranium sector, a five-year global downturn in the mining sector and more recently, the COVID-19 pandemic.
Paul Ingram - Non-executive Director
Paul Ingram is a geologist with extensive experience managing major mineral exploration programs for several publicly listed companies and has been involved in the mining sector for over thirty years. He has designed and implemented innovative techniques for exploration in remote areas and has managed projects in countries throughout Australia and East Asia. Ingram has been a director of the following listed companies in the past three years: Polo Resources from January 2008 to January 2011; A-Cap Resources since June 2009; Consolidated Global Investments since September 2006; Caledon Resources from February 2003 to March 2008; and Australian Pacific Coal since March 2011.
Dr Frank Bierlein - Non-executive Director
Dr. Frank Bierlein is a geologist with 30 years of experience as a consultant, researcher, lecturer and industry professional. Bierlein has held exploration and generative geology management positions with QMSD Mining, Qatar Mining, Afmeco Australia and Areva NC, and consulted for, among others, Newmont Gold, Resolute Mining, Goldfields International, Freeport McMoRan, and the International Atomic Energy Agency. He is currently a non-executive director of PNX Metals. He was previously a non-executive director of Gold Australia NL and chaired the advisory board of a Luxembourg-based private equity fund between 2014 and 2021.
Top 5 Canadian Mining Stocks This Week: Cerrado Gold Sparkles with 76 Percent Gain
Welcome to the Investing News Network's weekly look at the best-performing Canadian mining stocks on the TSX and TSXV, starting with a round-up of Canadian and US data impacting the resource sector.
The S&P/TSX Venture Composite Index (INDEXTSI:JX) was up 2.68 percent on the week to close at 621.67 on Friday (October 18). Meanwhile, the S&P/TSX Composite Index (INDEXTSI:OSPTX) was up 1.44 percent to 24,822.54 points over the same period.
Statistics Canada released its September consumer price index (CPI) figures on Tuesday (October 15). The data indicated that inflation continued to ease, gaining just 1.6 percent on a year-over-year basis, well below the 2 percent target rate originally set by the Bank of Canada when it started increasing interest rates in March 2022.
The slowing pace of inflation is largely attributable to lower costs at the pumps, with gasoline prices falling 10.7 percent on a yearly basis, which follows a 5.1 percent decline in prices in August. However, the deceleration was offset by an 8.2 percent rise in rent and 2.4 percent increase in food.
South of the border, the US Dollar Index (INDEXUSD:DXY) fell slightly on Friday after investors began to move back into Chinese equities. The shift came after the Chinese government announced new funding initiatives aimed at helping out the beleaguered capital markets in that country. Even with a retreat on Friday, the US dollar posted its third consecutive week of gains, rising 0.58 percent over the past five days.
Its recent strong performance is owed to a shift in the US Federal Reserve policy following a 50 point cut at its September meeting.
Despite the rise in the US dollar, gold set new record highs during Friday’s trading session climbing to US$2,721.27 per ounce at 4:30 p.m. EDT to end the week up by 2.42 percent. Silver also saw strong momentum as it surged 6.88 percent on the week to US$33.67 per ounce.
A rally on Friday did little to ease copper’s woes, which extended its fall, dropping 2.67 percent to US$4.39 per pound on the COMEX. More broadly, the S&P GSCI (INDEXSP:SPGSCI) sank 4.94 percent to close at 531.98 points.
Markets were mixed this week with the S&P 500 (INDEXSP:INX) adding 0.6 percent to 5,864.68, the Nasdaq 100 (INDEXNASDAQ:NDX) declining 0.21 percent to 20,324.04 and the Dow Jones Industrial Average (INDEXDJX:.DJI) climbing 1.11 percent to reach 42,275.90.
Against that backdrop, how did TSX- and TSXV-listed resource stocks perform? Here are the top five best-performing Canadian resource stocks this week.
1. Cerrado Gold (TSXV:CERT)
Weekly gain: 75.51 percent
Market cap: C$33.52 million
Share price: C$0.43
Cerrado Gold is a junior gold production and development company focused on its assets in South America, including two producing mines in Santa Cruz, Argentina.
Its flagship Minera Don Nicolas mine consists of a 333,400 hectare concession package and has been in operation since 2018. Mining feed is derived from the La Paloma and Martinetas open pits and processed at the centralized carbon-in-leach gold plant, which has a capacity of 1,000 metric tons per day.
Cerrado has been working on exploration efforts to expand the mineral resource at Minera Don Nicolas with the intent of extending the life of the mine. On September 19, the company released a preliminary economic assessment (PEA) for the expansion, which showed that measured and indicated mineral resources at the property totalled 490,340 ounces of gold and 6.59 million ounces of silver, the majority of which is found in the Calandrias Sur open pit.
The PEA demonstrates an after-tax net present value of US$111 million at a gold price of US$2,100 per ounce, and estimates a mine life of five years, with an annual production target of 56,000 ounces of gold equivalent per year.
The most recent news from Cerrado came on October 16 when the company announced its Q3 production results for Minera Don Nicolas. In the release, the company reported it produced 37,108 gold equivalent ounces during the first nine months of 2024 with 13,201 gold equivalent ounces ounces produced in Q3.
2. Metallis Resources (TSXV:MTS)
Weekly gain: 56.67 percent
Market cap: C$14.38 million
Share price: C$0.235
Metallis Resources is an exploration company that has spent much of 2024 advancing work at its Greyhound property in Central Idaho, US.
The company acquired the 124 hectare property, which hosts the past producing Greyhound and Bulldog silver-gold mines, in February from Greyhound Mining and Milling.
Since then, Metallis has completed the first phase of its exploration program. The company announced on September 4 that initial assay results showed elevated levels of antimony, with rock samples collected at Bulldog hosting grades of up to 4.54 percent of the critical mineral. The company said three contiguous samples over a 3 meter length returned 0.61 percent antimony, further validating strong mineralization at surface. The company added that none of the areas with the best antimony results have ever been drilled.
In a follow-up release on September 17, the company reported that surface rock samples from the site returned high-grade gold assays of up to 67.02 grams per metric ton gold equivalent with multiple grab samples with more than 10 g/t gold equivalent. Additionally, the company reported that it had identified a new mineralized showing, which it named Akita, that produced two rock samples with 8.0 and 8.5 g/t gold equivalent.
The most recent news from Metallis came on October 14, when it announced it had closed a C$890,500 private placement following the sale of 6.85 million shares at a value of C$0.13 per unit. Proceeds will be used for field exploration work at Greyhound and its Kirkham property in British Columbia, Canada’s Golden Triangle.
3. Gabriel Resources (TSXV:GBU)
Weekly gain: 50 percent
Market cap: C$18.84 million
Share price: C$0.015
Gabriel Resources is a precious metals explorer and developer focused on advancing its Rosia Montana gold project. Based in Transylvania, Romania, Rosia Montana is in a region that has seen significant historic mining. Covering 2,388 hectares, the site is host to a mid-to-shallow epithermal system containing deposits of gold and silver.
The most recent mineral resource estimate from a 2012 technical report shows proven and probable quantities of 10.1 million ounces of gold and 47.6 million ounces of silver.
Gabriel has invested more than US$760 million into Rosia Montana, but has undertaken little development at the site since the early 2010s, as Romania blocked further development.
In 2015, the company entered into arbitration through the World Bank’s International Center for Settlement of Investment Disputes (ICSID) over permitting at the site and suggested that Romania was in violation of bilateral investment treaties. On March 8, Gabriel issued a press release with an update saying that its case against Romania had been dismissed by the ICSID, which also awarded Romania US$10 million in legal fees and expenses. Gabriel has said it will review the decision with its legal team and plans to evaluate its options.
While news of that decision caused Gabriel's share price to plummet in March, it saw gains after closing the initial tranche of a US$5.58 million private placement on May 17.
The most recent update about the arbitration came on July 8, when the company announced it would be seeking an annulment of the ICSID award. The company said that the original decision was fatally flawed in multiple respects including the disregarding of applicable law and multiple departures from fundamental rules and procedures.
4. Northern Graphite (TSXV:NGC)
Weekly gain: 46.67 percent
Market cap: C$13.11 million
Share price: C$0.11
Northern Graphite is a production and development company and the only producer of flake graphite in North America.
The company owns the Lac des Iles mine in Quebec, Canada, which hosts an indicated amount of 213,000 metric tons of graphitic carbon, with additional inferred amounts of 106,000 metric tons.
In the company’s second-quarter results, Northern reported it had increased production at Lac des Illes to 4,0982 metric tons, up 59 percent from the 2,574 metric tons of graphitic carbon produced in the first quarter. The increase comes as the company is working to increase production at the site to the 25,000 nameplate capacity.
Additionally, the company said it is working on operational scenarios to begin operation at a new open pit by the end of 2024 or early 2025.
On October 9, the company announced it had entered into an agreement with Rain Carbon to on a joint operation to develop and commercialize advanced battery anode materials for electric vehicle batteries.
5. 1911 Gold (TSXV:AUMB)
Weekly gain: 46.43 percent
Market cap: C$25.6 million
Share price: C$0.205
1911 Gold is a gold exploration company working to advance its Rice Lake properties in Eastern Manitoba.
The properties cover more than 58,000 hectares along the Rice Lake greenstone belt in an area that has been explored since gold was discovered in 1911. The exploration properties include two prospective claim blocks, Rice Lake and Central Manitoba, and host the past-producing True North, Central Manitoba, Gunnar and Ogama-Rockland mines.
The most recent update from the site came on October 3, when the company announced it had mobilized a rig for its 2024 surface drill program set to commence in mid-October. The 6,000 meters will be focusing on near-surface targets at the True North mine to test the San Antonio West, San Antonio Southeast and Cohiba East targets.
1911 said the targets show significant potential for high-grade gold and can be easily upgraded to mineral resources due to close proximity to existing infrastructure and historic underground mine workings.
FAQs for Canadian Mining Stocks
What is the difference between the TSX and TSXV?
The TSX, or Toronto Stock Exchange, is used by senior companies with larger market caps, and the TSXV, or TSX Venture Exchange, is used by smaller-cap companies. Companies listed on the TSXV can graduate to the senior exchange.
How many companies are listed on the TSXV?
As of June 2024, there were 1,630 companies listed on the TSXV, 925 of which were mining companies. Comparatively, the TSX was home to 1,806 companies, with 188 of those being mining companies.
Together the TSX and TSXV host around 40 percent of the world’s public mining companies.
How much does it cost to list on the TSXV?
There are a variety of different fees that companies must pay to list on the TSXV, and according to the exchange, they can vary based on the transaction’s nature and complexity. The listing fee alone will most likely cost between C$10,000 to C$70,000. Accounting and auditing fees could rack up between C$25,000 and C$100,000, while legal fees are expected to be over C$75,000 and an underwriters’ commission may hit up to 12 percent.
The exchange lists a handful of other fees and expenses companies can expect, including but not limited to security commission and transfer agency fees, investor relations costs and director and officer liability insurance.
These are all just for the initial listing, of course. There are ongoing expenses once companies are trading, such as sustaining fees and additional listing fees, plus the costs associated with filing regular reports.
How do you trade on the TSXV?
Investors can trade on the TSXV the way they would trade stocks on any exchange. This means they can use a stock broker or an individual investment account to buy and sell shares of TSXV-listed companies during the exchange's trading hours.
Data for this 5 Top Canadian Mining Stocks article was retrieved at 12:00 p.m. EDT on October 18, 2024, using TradingView's stock screener. Only companies trading on the TSX and TSXVwith market capitalizations greater than C$10 million are included. Companies within the non-energy minerals and energy minerals sectors were considered.
Article by Dean Belder; FAQs by Lauren Kelly.
Don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.
Securities Disclosure: I, Lauren Kelly, hold no direct investment interest in any company mentioned in this article.
Top Stories This Week: Gold Breaks US$2,700 as Record Run Continues, Silver Passes US$23
Gold's record-setting run continued this week as the yellow metal breached the US$2,700 per ounce mark for the first time. After starting 2024 around US$2,040, gold is now up approximately 32 percent year-to-date.
What's behind the precious metal's latest price milestone? Among other factors, experts are pointing to safe-haven buying as the US election approaches and as tensions in the Middle East increase.
There's also the latest interest rate cut from the European Central Bank (ECB). Its third reduction so far this year came on Thursday (October 17), with President Christine Lagarde saying the ECB is in the process of breaking the neck of inflation.
"Have we broken the neck of inflation? Not yet. Are we in the process of breaking that neck? Yes" — Christine Lagarde, European Central Bank
As an asset that doesn't bear interest, gold tends to fare better in low-rate environments.
Looking more broadly at the yellow metal's rise over the last year, Randy Smallwood of Wheaton Precious Metals (TSX:WPM,NYSE:WPM) said this week that while gold was being driven by eastern buying earlier in 2024, the western world is now beginning to participate. He thinks US$3,000 is in the cards within a couple of years.
Others see US$3,000 gold coming much quicker than that. Delegates at the London Bullion Market Association's annual gathering see gold rising to US$2,941 in the next 12 months. They're calling for an even bigger gain in silver, which is anticipated to rise to US$45 per ounce. Platinum and palladium are expected to stay relatively flat.
Silver is finishing the week at the US$33.70 level, a point not seen since 2012. The volatile white metal is known for lagging behind gold when the yellow metal starts to run, but then typically outperforms.
Bullet briefing — Tech giants go nuclear, GM invests in Thacker Pass
Google, Amazon sign SMR deals
Major tech players Google and Amazon (NASDAQ:AMZN) both made headlines this week as they signed deals geared at meeting their growing energy needs using small modular nuclear reactors (SMRs).
Google said on Monday (October 14) that it has signed an agreement to purchase nuclear energy from multiple SMRs that will be developed by Kairos Power. In its release, the company emphasized nuclear energy's importance in meeting power demand from artificial intelligence applications, and said Kairos' first SMR will be online by 2030.
Two days later, Amazon subsidiary Amazon Web Services announced agreements with Dominion Energy (NYSE:D) and Energy Northwest, saying the deals will help it reach its net-zero carbon goal by 2040.
The company will be exploring the development of a Virginia-based SMR with Dominion, while in Washington its deal with Energy Northwest will involve the development of four advanced SMRs.
The news comes less than a month after Constellation Energy (NASDAQ:CEG) announced plans to revive Three Mile Island Unit 1 under a 20 year power purchase agreement with Microsoft (NASDAQ:MSFT).
It also follows this week's news that the US Department of Energy has initiated contracts with four companies for the production of high-assay low-enriched uranium fuel, or HALEU.
"Many advanced reactors will use HALEU to achieve smaller designs, longer operating cycles, and increased efficiencies over current technologies," the government agency's press release states.
GM boosts Lithium Americas investment
General Motors (GM) (NYSE:GM) is strengthening its connection to Lithium Americas (TSX:LAC,NYSE:LAC) via a joint venture centered on advancing the Thacker Pass lithium project in Humboldt County, Nevada.
The companies said on Wednesday (October 16) that GM will provide US$625 million in cash and letters of credit, and will acquire a 38 percent asset-level ownership stake in Thacker Pass. GM previously invested US$320 million into Lithium Americas in February 2023, and the new funds bring its total spend to nearly US$1 billion.
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Aurum and Mako to Merge, Will Focus on Gold in West Africa
Aurum Resources (ASX:AUE) and Mako Gold (ASX:MKG) said on Wednesday (October 16) that they have come to an agreement to merge, creating a West Africa-focused gold explorer and developer.
Under the deal, Aurum is proposing to acquire Mako, with the combined company set to have a market cap of AU$90 million and AU$20 million in cash. It will advance the Napié and Boundiali gold projects in Côte d’Ivoire.
According to the companies, the merger will take place through off-market takeover bids. Aurum will bid for 100 percent of Mako's shares and 100 percent of its Class A Options and Class B options.
Aurum shareholders will own approximately 79.5 percent of the new entity once the deal is complete, while Mako shareholders will hold the remaining 21.5 percent. The offer is reportedly a 112 percent premium for Mako shareholders.
“We have always believed our Napié Project has potential to host multi-million ounces of gold, and pleasingly, due to relative sizes of Mako and Aurum, Mako securityholders will remain a meaningful part of the expanded group, and therefore will share in the continued upside to the growth in Napié," said Peter Ledwidge, managing director at Mako.
Napié is Mako's 90 percent owned flagship project. Its Tchaga and Gogbala deposits have an inferred mineral resource estimate of 22.45 million tonnes at 1.2 grams per tonne for 868,000 contained ounces of gold.
Ledwidge also noted that a maiden mineral resource estimate for Aurum's Boundiali asset is expected late this year.
“Between driving growth at Napié and being well on the path to delivery of a maiden resource at our own Boundiali Project later this year, we see strong potential for Aurum to become a strong emerging gold developer in Côte d’Ivoire with two assets with long-life potential in close proximity to each other,” said Dr. Caigen Wang, managing director at Aurum. He added that the companies see "strong similarities" between the two properties.
The firms said shareholders will also benefit from Aurum’s strong balance sheet and drilling efficiencies.
Aurum and Mako noted that the full bid implementation agreement and its terms will be available to the public soon.
Don’t forget to follow us @INN_Australia for real-time news updates!
Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: Aurum Resources is a client of the Investing News Network. This article is not paid-for content.
Golden Mile Resources Limited (ASX: G88) – Trading Halt
Description
The securities of Golden Mile Resources Limited (‘G88’) will be placed in trading halt at the request of G88, pending it releasing an announcement. Unless ASX decides otherwise, the securities will remain in trading halt until the earlier of the commencement of normal trading on Tuesday, 22 October 2024 or when the announcement is released to the market.
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Dynasty Gold
Investor Insight
Dynasty Gold stands apart from its peers, offering a compelling investment value proposition, given its portfolio of brownfield, high-grade gold assets with millions of dollars in exploration expenditures, driven by an expert management and technical team.
Overview
Dynasty Gold (TSX-V:DYG) is a Canadian mineral exploration and development company with a compelling, high-grade gold project located in Northwest Ontario, Canada. The 100 percent owned Thundercloud project is a highly prospective property with significant exploration upside backed by extensive, historical exploration data. The property was acquired from Teck Resources in 2021, with $10 million in previous exploration expenditure and an NI 43-101 resource estimate completed in December 2021.
A brownfield project, Thundercloud represents a lower-risk investment opportunity potentially delivering huge value as exploration continues and the resource is expanded and upgraded. Previous drilling at the property has returned high-grade gold assays, including 73.5 m of 8.4 g/t, 34 m of 6.5 g/t, 12m of 11.0 g/t, and 14.8m of 7.14 g/t.
Since taking over the project, Dynasty has completed 7,000 meters of drilling at Thundercloud, which has resulted in considerable resource increase from 187,000 ounces inferred to 232,000 ounces measured and indicated at a high grade of 8.04 g/t gold at 3.03 g/t cut-off (internal estimate, not NI 43-101 compliant). The project also suggests a potential for open-pit mining, as more than 90 percent of the drill holes to date are less than 250 meters and it opens at depth. Despite the impressive drill results to date, about 90 percent of the property still has seen very limited drilling, presenting a tremendous opportunity for further discoveries.
Dynasty’s secondary exploration project, Golden Repeat, is located within the Midas Gold Camp in Elko County, Nevada. The project is drill-ready with permits in place.
Established in 2000 and Dynasty Gold is led by a highly experienced management and technical team setting the company on a strategic path for success. Max Baker, the former chief geologist for Newcrest Mining with over 35 years of experience in greenfield and brownfield exploration, is the lead geologist. A tightly held share capital structure with approximately 61 million issued shares, more than 40 percent of the company is owned by insiders and long-term shareholders, including Rob McEwen, Dynasty’s largest shareholder.
Company Highlights
- Dynasty Gold has two highly prospective, high-grade gold projects in North America - Thundercloud and Golden Repeat.
- The flagship Thundercloud project, acquired from Teck Resources in 2021 with 12,000 meters of drilling and more than $10 million in previous exploration expenditures, is the current focus of Dynasty’s exploration and drilling program.
- Drilling and exploration work done by Dynasty to date has effectively increased the resource at Thundercloud from 187,000 ounces inferred to 232,000 ounces measured and indicated at a high grade of 8.04 g/t gold calculated at a possible open pit cut-off grade of 3.03 g/t. At 0.5 g/t cut-off, the project hosts 439,000 ounces at 2.14 g/t.
- To date, more than 90 percent of the drill holes are less than 250 meters in length with 90 percent of the property seeing only spaced drilling.
- Thundercloud is a brownfield project with extensive historical data, making it a lower-risk investment compared to other greenfield exploration projects.
- A tight share capital structure with approximately 61 million shares issued and outstanding, more than 40 percent of the company is owned by insiders and long-term shareholders, including Rob McEwen, Dynasty’s largest shareholder.
- The project is led by a highly accomplished technical team and directors with a track record in discoveries.
Key Projects
Thundercloud Project
*Internal resource estimate, not NI 43-101 compliant
Previously owned by Teck Resources, the project has been de-risked with about $10 million dollars spent on drilling and exploration in the 2000s. Dynasty has benefited from this vast historical dataset and has been able to expedite its exploration and advance it to the current resource stage in a span of two years.
Historical drilling and exploration at Thundercloud – consisting of 87 drill holes for approximately 16,793 meters of drilling – have identified several zones of gold mineralization, with high-grade intercepts suggesting the presence of an extensive gold system. Drill holes have intercepted mineralization at depths of up to 350 m below surface. Gold mineralisation has been defined along a strike length of 1.5 km east-west trend in the Pelham Zone. The West Contact Zone is untested.
During the 2022 and 2023 drilling seasons the company successfully increased its non-compliant internal resource estimate to approximately 232,000 oz gold at 8.04 g/t. At 2.14 g/t, the project hosts 439,000 oz gold (this is an internally generated new resource model, not NI 43-101 compliant). Nearly 2,200 meters of the 4,000 meter 2024 drill program have been completed. Assays are pending as further drilling continues on the property. The company aims to have an updated NI 43-101 Resource Estimate by the end of 2024.
Thundercloud’s high-grade mineralization sets it apart from neighbouring gold projects with relatively lower grade gold intercepts, including NexGold’s Goliath and Goldlund gold projects which has a resource of 1.5 Moz of gold at 1.5 g/t, and 2.3 Moz gold at 1.5 g/t, respectively. NexGold’s similar market valuation, highlights the market’s underappreciation of Dynasty Gold’s advanced-stage, higher-grade asset.
Thundercloud comprises two main zones – Pelham and West Contact – with planned follow-up drilling in these zones expected to take place in September-October 2024.
Pelham Zone
The Pelham Zone is the most advanced exploration target within the Thundercloud project. It is 47 m south-east of Dryden in Northwest Ontario. It has been the focus of much of the drilling and exploration efforts due to its substantial high-grade, open-pit gold potential. During the 2022 exploration season, the discovery hole DP22-03 returned 8.42 g/t over 73.5 m including 6.5 m of 72.2 g/t. The zone is characterized by a series of east-west trending shear zones containing quartz-carbonate veins with visible gold. These shear zones are hosted within mafic metavolcanic rocks, which have undergone significant hydrothermal alteration.
West Contact Zone
The West Contact Zone is located 1 km to the southeast of the Pelham Zone. Limited drilling in the West Contact Zone has encountered gold mineralization associated with quartz veins and brecciated zones, with grades comparable to those found in the Pelham Zone. Further exploration is planned to expand on these initial findings. A rock chip sampling program was completed in the West Contact zone, an area immediately to the south of where Teck’s trenching data returned 8.02 g/t gold over 39 meters. The assay results from the company’s trenching program extended the mineralization by 30 meters. Total surface mineralization is 69 meters averaging 5.85 g/t gold.
Management Team
Ivy Chong – President, CEO and Director
Ivy Chong has held senior executive positions in the mining and oil and gas industries since 1996. She was credited for closing several option and joint venture agreements with Teck, AngloGold Ashanti, Azimut, Avocet Mining, and others. Chong has assisted multiple companies with their IPOs and raised capital for resource companies in Asia, Europe and North America. Prior to entering the resource industry, she worked for the Hong Kong Stock Exchange and Deloitte and Touche, LLP.
Roman Shklanka – Director
Roman Shklanka is an explorationist with over 45 years of international experience in the mining industry. His past positions include, chairman of Canico Resources, which was acquired by CVRD (Vale) in 2005; chairman of Sutton Resources, acquired by Barrick Gold Corporation; and vice-president of exploration for Placer Dome. He was responsible for the acquisition and exploration of numerous major mines, among them the Australian Granny Smith gold mine, Osbourne copper mine and the Kidston gold mine. He has received a number of achievement awards and was inducted into the Canadian Mining Hall of Fame in 2009.
Larry Kornze – Director
Larry Kornze brings more than 30 years of international gold exploration experience. Kornze was credited with the discovery of Barrick's 40 million ounce gold deposit at the Betze Mine on the Carlin Trend in Nevada, in the late 80s. He was part of Barrick's team responsible for the discovery of the Miekle, Deepstar, Screamer and Rodeo deposits in Nevada. Kornze has held positions with Newmont and Getty Mining in North America, prior to joining Barrick Gold.
Richard Redfern – Director
Richard Redfern is a certified professional geologist and “qualified person” under NI 43-101 and a consultant with 35 years of exploration and mining industry experience worldwide. He held positions as senior exploration geologist with Barrick Gold in Mexico, VP Exploration for Goldstake Explorations in South Dakota and Australia, and has worked for Homestake Mining in the western United States. Redfern has extensive exploration experience in gold and porphyry-type prospects in the southwestern US, Mexico and British Columbia. He was instrumental in the recent discovery of the Moly Dome molybdenum-rhenium-gold-silver porphyry deposit in northern Nevada.
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Summary information
This Presentation has been prepared by Metal Hawk Ltd (Metal Hawk). This document contains background information about Metal Hawk current at the date of this presentation. The presentation is in summary form and does not purport be all inclusive or complete, it does NOT contain all of the information that may be required for evaluating Metal Hawk, its assets, prospects or potential opportunities. Recipients should conduct their own investigations and perform their own analysis in order to satisfy themselves as to the accuracy and completeness of the information, statements and opinions contained in this Presentation. This Presentation is for information purposes only and is not a disclosure document for the purposes of the Corporations Act 2001 (Cth). This Presentation contains references to exploration results previously announced. Pursuant to Listing Rule 5.23.2 Metal Hawk confirms that it is not aware of any new information or data that materially affects the information included.
Not financial product advice or an offer
Neither this presentation nor the information contained in it constitutes an offer, invitation, solicitation or recommendation in relation to the purchase or sale of shares in any jurisdiction. This presentation does not constitute investment advice and has been prepared without taking into account the recipient's investment objectives, financial circumstances or particular needs and the opinions and recommendations in this presentation are not intended to represent recommendations of particular investments to particular persons. Recipients should seek professional advice when deciding if an investment is appropriate. All securities transactions involve risks, which include (among others) the risk of adverse or unanticipated market, financial or political developments. To the fullest extent permitted by law, Metal Hawk , its officers, employees, agents and advisers do not make any representation or warranty, express or implied, as to the currency, accuracy, reliability or completeness of any information, statements, opinions, estimates, forecasts or other representations contained in this presentation. No responsibility for any errors or omissions from this presentation arising out of negligence or otherwise is accepted.
Forward Looking Statements
This presentation may include forward-looking statements. Forward-looking statements are only predictions and are subject to risks, uncertainties and assumptions which are outside the control of Metal Hawk . Actual values, results or events may be materially different to those expressed or implied in this presentation. Given these uncertainties, recipients are cautioned not to place reliance on forward looking statements. Any forward-looking statements in this presentation speak only at the date of issue of this presentation. Subject to any continuing obligations under applicable law and the ASX Listing Rules (when applicable), Metal Hawk does not undertake any obligation to update or revise any information or any of the forward-looking statements in this presentation or any changes in events, conditions or circumstances on which any such forward looking statement is based.
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This article includes content from Metal Hawk Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
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