(TheNewswire)
Vancouver, B.C. TheNewswire - August 15, 2022 - Opawica Explorations Inc. (TSXV:OPW) (FSE:A2PEAD) (OTC:OPWEF) (the "Company" or "Opawica") is pleased to announce the positive drill results on its wholly owned Bazooka Property.
Opawica Explorations Inc. (the "Company") (TSXV:OPW) announces that it has granted 500,000 stock options to Directors, Officers, and Consultants of the Company.
The Company has granted a total of 500,000 incentive stock options exercisable at $0.34 per share expiring March 10 th , 2026 and are fully vested as of the grant date. The stock options are subject to the acceptance of the TSX Venture Exchange.
About Opawica Explorations Inc.
Opawica is a Canadian mineral exploration company with a strong portfolio of precious and base metal properties within the Rouyn-Noranda region of the Abitibi gold belt in Quebec and in Central Newfoundland and Labrador. The Company's management has a great record in discovering and developing successful exploration projects. The Company's objective is to increase shareholder value through the development of exploration properties using cost-effective exploration practices, acquiring further exploration properties, and seeking partnerships by either joint venture or sale with industry leaders.
FOR FURTHER INFORMATION CONTACT:
Blake Morgan
President and Chief Executive Officer
Opawica Explorations Inc.
Telephone: 604-681-3170
Fax: 604-681-3552
Neither the TSX Venture Exchange nor its Regulation Service Provider (as the term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy of accuracy of this news release.
Forward-Looking Statements
This news release contains certain forward-looking statements, which relate to future events or future performance and reflect management's current expectations and assumptions. Such forward-looking statements reflect management's current beliefs and are based on assumptions made by and information currently available to the Company. Readers are cautioned that these forward-looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected including, but not limited to, market conditions, availability of financing, actual results of the Company's exploration and other activities, environmental risks, future metal prices, operating risks, accidents, labor issues, delays in obtaining governmental approvals and permits, and other risks in the mining industry. All the forward-looking statements made in this news release are qualified by these cautionary statements and those in our continuous disclosure filings available on SEDAR at www.sedar.com. These forward-looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances save as required by applicable law.
Click here to connect with Opawica Explorations Inc. (TSXV:OPW) to receive an Investor Presentation
(TheNewswire)
Vancouver, B.C. TheNewswire - August 15, 2022 - Opawica Explorations Inc. (TSXV:OPW) (FSE:A2PEAD) (OTC:OPWEF) (the "Company" or "Opawica") is pleased to announce the positive drill results on its wholly owned Bazooka Property.
Opawica's drill program on the Bazooka was designed in collaboration with Goldspot who used integrated and reinterpreted data sets (geochemical, geophysical, geological). As a result, Opawica was provided with a cohesive and informed geoscientific interpretation in efforts to help facilitate drill targeting on the Bazooka property. The drill targets that were generated were derived from an understanding gained from Goldspot based on their analysis. Structural interpretations and 3-D modelling were provided by Goldspot and led to the development of an updated geological model which includes fold events, numerous lithostratigraphic units, as well as faults. The Company completing 5,022 m of drilling over 21 drill holes on the Bazooka and sent in a total of 1,658 rock samples, representing 2,092 linear metres for analysis (See Table 1).
The 21 drill holes were completed on 18 setups testing 18 different drill targets representing less than half of 48 drill targets generated by Goldspot. Thirty (30) Goldspot drill targets have not been tested for gold mineralization.
Gold mineralization on the property occurs within mixed, up to 60-metre-wide (estimated true width), strong quartz-carbonate-sericite and talc-chlorite schists of sedimentary and ultramafic to mafic volcanic protoliths, respectively, and is referred to as the Main zone. The alteration and mineralization are spatially associated with the Cadillac-Larder Lake. The break/fault zone is at the base and is characterized by up to two-metre-wide (estimated true width), strongly graphitic fault. The graphitic fault generally marks the contact between the sedimentary and ultramafic metavolcanic rocks. This mineralization has been identified throughout the region in producing gold mines like the Yorbeau Resources Inc. Ryoun are acquiring, and more to come, our geological team is gathering a greater understanding of the system. Open to depth, north, south and to the west, we will use this new data to generate additional high priority drill targets for our phase two campaign. Opawica holds 7kms of the Cadillac-Larder fault zone within the Bazooka property, and the exploration team has only touched on 20%. It is well documented that this fault system contains multiple million-ounce deposits and Opawica is moving to uncover and expand the already known gold system."
The Company has engaged Abitibi Geophysics to undertake a DasVision 3D Induced Polarization (IP) over an area of 400x400m portion of the property. The IP survey covers the main zone alteration where known zone of mineralization is up to 15m wide in quartz carbonate stock work. The objective of the IP survey is to identify the lateral and vertical extension of known hydrothermal and mineralization zones. In addition, Opawica also plans to undertake downhole geophysics on recent drillholes. The new data will be integrated into the evolving geological model generated by Goldspot for follow up drill targeting.
A follow up program consisting of downhole geophysics (to better define drill targets and define areas for infill drilling) in and around known current and historical gold mineralization in the vicinity of the Bazooka shaft is now being planned.
Mineralization Highlights
18.70 Au g/t over 1 m is within a larger 43.9-meter section of Quartz-sericite stockwork with trace pyrite with visible gold at 279.4 meters.
The 13.70 Au g/t over 1.6 m is in silicified sherd zone with quartz veining with trace tourmaline and fuchsite.
12.70 Au g/t over 0.5 m is in quartz vein stockwork silicified zone with two visible gold flakes.
Hole Name | From | To | Length (m) | Au g/t | Hole Name | From | To | Length (m) | Au g/t | |
OP-21-06 | 272.0 | 278.5 | 4.5 | 1.96 | OP-22-19 | 332.0 | 330.0 | 1.0 | 4.31 | |
Including | 272.0 | 273.5 | 1.5 | 0.18 | Including | 332.0 | 332.5 | 0.5 | 8.47 | |
273.5 | 275.0 | 1.5 | 5.51 | 332.5 | 333.0 | 0.5 | 0.14 | |||
275.0 | 276.5 | 1.5 | 0.18 | OP-22-20 | 278.0 | 281.0 | 3.0 | 6.48 | ||
OP-21-07 | 194.0 | 197.0 | 3.0 | 2.67 | Including | 278.0 | 279.0 | 1.0 | 0.19 | |
Including | 194.0 | 195.5 | 1.5 | 0.35 | 279.0 | 280.0 | 1.0 | 18.70 | ||
195.5 | 197.0 | 1.5 | 4.99 | 280.0 | 281.0 | 1.0 | 0.56 | |||
OP-21-09 | 135.0 | 136.5 | 1.5 | 4.26 | OP-22-20 | 283.3 | 284.4 | 1.1 | 2.40 | |
OP-21-11 | 178.5 | 180.0 | 1.5 | 2.79 | OP-22-22 | 173.0 | 180.2 | 7.2 | 2.34 | |
OP-21-13 | 143.6 | 146.6 | 3.0 | 8.21 | Including | 173.0 | 174.0 | 1.0 | 6.30 | |
Including | 143.6 | 145.2 | 1.6 | 13.70 | 174.0 | 175.0 | 1.0 | 1.09 | ||
145.2 | 146.6 | 1.4 | 2.72 | 175.0 | 176.0 | 1.0 | 1.60 | |||
OP-21-13c | 152.0 | 153.5 | 1.5 | 6.39 | 176.0 | 177.0 | 1.0 | 2.07 | ||
Including | 152.0 | 153.0 | 1.0 | 0.07 | 177.0 | 178.0 | 1.0 | 2.42 | ||
153.0 | 153.5 | 0.5 | 12.70 | 178.0 | 179.0 | 1.0 | 1.51 | |||
OP-22-18 | 237.0 | 238.5 | 3.0 | 3.06 | 179.0 | 180.2 | 1.2 | 1.42 | ||
Including | 237.0 | 238.5 | 1.5 | 5.90 | OP-22-22 | 267.0 | 268.5 | 1.5 | 2.35 | |
238.5 | 240.0 | 1.5 | 0.22 |
Assay results are presented as uncut weighted averages. Interval widths represent drilled NQ core lengths and true width is unknown currently. The balance of the drill results gave negligible values.
Assay samples were analyzed at Techni-Lab Abitibi Inc.(Act labs) 184 Rue Principale Ste-Germaine-Boule Quebec (an ISO/IEC 17025:2005 accredited facility). The sampling program was undertaken by Company personnel under the direction of Mr. Yvan Bussieres, P.Eng., A secure chain of custody is maintained in transporting and storing of all samples. The rock samples underwent fire assays, 1E3 - Aqua Regia – ICPOES and select samples underwent gravimetries
Samples of mineralization were taken at 0.5-to-1.5-meter intervals, with sample intervals being adjusted to respect lithological and/or mineralogical contacts and isolate narrow veins or other structures that may yield higher grades. The core was split in two separate sections. One half of the core, the other half is sent for analysis.
One half of the sampled intervals were bagged and tagged with one of the dual sample tags. The individual sample bags are sealed and placed into rice bags and marked with the contents. The samples are delivered in batches in January to Techni-Lab Abitibi Inc. (Actlabs) Ste-Germaine-Boule Quebec, for processing, crushing, pulverizing and analysis.
The Quality Assurance and Quality Control or QA/QC protocols are as follows: A blank sample is inserted at samples ended by the number 10, 30, 70 and 90 in the sample sequence – a blank sample usually consists of white ¾ inch rock that is known not to contain any metals. A low-grade rock standard is inserted at samples ended by the number 50, in the sample sequence. A high-grade rock standard is inserted at samples ended by the number 00, in the sample sequence.
Drill Hole | NAD83E | NAD83N | AZ | Dip | Depth (M) |
OP-21-06 | 641010 | 5339695 | 170 | -68 | 320 |
OP-21-07 | 640966 | 5339649 | 170 | -55 | 252 |
OP-21-08 | 640966 | 5339649 | 170 | -55 | 45.5 |
OP-21-09 | 640833 | 5339533 | 165 | -68 | 170 |
OP-21-10 | 640799 | 5339520 | 165 | -70 | 150 |
OP-21-11 | 640733 | 5339568 | 150 | -55 | 210 |
OP-21-12 | 640812 | 5339601 | 165 | -52 | 65 |
OP-21-13 | 640735 | 5339608 | 150 | -52.1 | 150 |
OP-21-13b | 640734 | 5339608 | 159.8 | -52.9 | 33.7 |
OP-21-13c | 640735 | 5339608 | 159.8 | -52.9 | 222 |
OP-21-14 | 640677 | 5339607 | 153 | -55 | 192 |
OP-22-15 | 640814 | 5339740 | 163 | -64 | 366 |
OP-22-16 | 640814 | 5339740 | 170 | -55 | 351 |
OP-22-17 | 640773 | 5339753 | 168 | -52 | 280.2 |
OP-22-17B | 640773 | 5339753 | 168 | -52 | 280.2 |
OP-22-18 | 640780 | 5339840 | 165 | -60 | 462 |
OP-22-19 | 640783 | 5339813 | 172 | -62 | 417 |
OP-22-20 | 640822 | 5339675 | 160 | -68 | 333 |
OP-22-21 | 640822 | 5339675 | 174 | -62 | 342 |
OP-22-22 | 640763 | 5339713 | 157 | -64 | 381 |
5022.6 |
Subject to TSXV approval, the Company has repriced the following options to $0.10:
1,650,000 options exercisable at $0.60 expiring June 8, 2026
200,000 options exercisable at $0.34 expiring October 20, 2026
495,000 options exercisable at $0.34 expiring December 22, 2026
About Opawica Explorations Inc.
Opawica Explorations is a junior Canadian exploration company with a strong portfolio of precious and base metal properties within the Rouyn-Noranda region of the Abitibi gold belt in Quebec, and in central Newfoundland and Labrador. The company's management has a great record in discovering and developing successful exploration projects. The company's objective is to increase shareholder value through the development of exploration properties using cost-effective exploration practices, acquiring further exploration properties and seeking partnerships by either joint venture or sale with industry leaders.
Opawica's Bazooka properties cover seven kilometres of the prolific CLLB. The Bazooka properties are bound to the west by the Wassamac gold property, which is 100 per cent owned by Richmont Mines Inc.
Yvan Bussieres, P.Eng., OIQ #31985, has reviewed and approved the technical content of this news release. * The Qualified Person has been unable to verify the information on the adjacent properties. Mineralization hosted on adjacent and/or nearby and/or geologically similar properties is not necessarily indicative of mineralization hosted on the Company's properties.
FOR FURTHER INFORMATION CONTACT
Blake Morgan
President and Chief Executive Officer
Telephone: 604-681-3170
Fax: 604-681-3552
Neither the TSX Venture Exchange nor its Regulation Service Provider (as the term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy of accuracy of this news release.
Forward-Looking Statements
This news release contains certain forward-looking statements, which relate to future events or future performance and reflect management's current expectations and assumptions. Such forward-looking statements reflect management's current beliefs and are based on assumptions made by and information currently available to the Company. Readers are cautioned that these forward-looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected including, but not limited to, market conditions, availability of financing, actual results of the Company's exploration and other activities, environmental risks, future metal prices, operating risks, accidents, labor issues, delays in obtaining governmental approvals and permits, and other risks in the mining industry. All the forward-looking statements made in this news release are qualified by these cautionary statements and those in our continuous disclosure filings available on SEDAR at www.sedar.com. These forward-looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances save as required by applicable law.
Copyright (c) 2022 TheNewswire - All rights reserved.
News Provided by TheNewsWire via QuoteMedia
(TheNewswire)
Vancouver, B.C. TheNewswire - June 29 th 2022 - Opawica Explorations Inc. (TSXV:OPW) (FSE:A2PEAD) (OTC:OPWEF) (the "Company" or "Opawica") is pleased to announce it has completed its maiden drill program on the Arrowhead Property in the Rouyn Noranda camp of the Abitibi in Quebec.
Highlights include:
To date, the Company has drilled 13 holes on the Arrowhead Property, comprising 4,305.7 metres. The Company has sent 1,577 rock samples, representing 1,844.75 linear metres, for assay to ALS in Quebec.
The drill program targeted the Cadillac shear zone and intersected prospective geology with a variable amount of quartz veining, brecciation, silicification and quartz stockwork, with associated sulphides.
Visible gold was encountered in a quartz vein shear zone in hole AR-22-13 at a depth of approximately 375.945 metres.
Time-domain downhole EM survey were performed on four holes including AR22-04.
The Company has intersected a section of 16.9 meters (AR-22-04) of silicified mafic tuff interbedded with felsic lapilli tuffs, quart-feldspar veins, and quartz veins.
Company President and chief executive officer Blake Morgan commented, " The Opawica team is thrilled with our maiden drill program on the Arrowhead Project. With visible gold and numerous intersections of up to nearly 17 metres. The team eagerly await assays results and will begin preparations for our phase 2 drill program. Phase two will take place later this year once all data has been received."
The Company has engaged services TMC Geophysics (TMC) of Val-d'or to undertake a downhole 3D Borehole Pulse EM Time Domain survey on four drill holes AR-22-04, AR-22-5, AR22-09 and AR-22-10 (see below). The surveys were done to help identify mineralization that does not have a surface expression.
A 3D Borehole Pulse EM system is used in which an axial component (Z) probe and a cross component (XY) probe measure the three components of the induced secondary field. The first pass with the ‘Z' probe detects any in-hole or off-hole anomalies and gives information on size, conductivity, and distances to the edge of conductors. The second pass with the ‘XY' probe measures two orthogonal components of the EM field in a plane oriented at right angles with the borehole. These results give directional information about the center of the conductive body.
The Arrowhead Project is mainly covered by the metavolcanites of the Blake River Group. Strata are oriented east-west and present a subvertical dip. Volcanic and sedimentary rocks form a series of east-west-trending, steeply dipping monoclinal panels. The sequences are separated by longitudinal contacts parallel to the lithologies. In the southern part of Joannes township, the Cadillac Fault runs along an east-west axis over a lateral distance of about 150 kilometres. In the province of Quebec, more than 40 gold deposits that have produced over 60 million ounces of gold in the past hundred years and are associated with this major structure and its subsidiary faults.*
Figure 1. 3D Borehole Pulse EM system
Derrick Strickland, P. Geo (OGQ No. 35402), independent consultant to the company has reviewed and approved the technical content of this news release. * The Qualified Person has been unable to verify the information on the adjacent properties. Mineralization hosted on adjacent and/or nearby and/or geologically similar properties is not necessarily indicative of mineralization hosted on the Company's properties.
About Opawica Explorations Inc.
Opawica Explorations Inc. is a junior Canadian exploration company with a strong portfolio of precious and base metal properties within the Rouyn-Noranda region of the Abitibi Gold Belt in Québec and in Central Newfoundland and Labrador. The Company's management has a great track record in discovering and developing successful exploration projects. The Company's objective is to increase shareholder value through the development of exploration properties using cost effective exploration practices, acquiring further exploration properties, and seeking partnerships by either joint venture or sale with industry leaders.
FOR FURTHER INFORMATION CONTACT
Blake Morgan
President and Chief Executive Officer
Telephone: 604-681-3170
Fax: 604-681-3552
Neither the TSX Venture Exchange nor its Regulation Service Provider (as the term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy of accuracy of this news release.
Forward-Looking Statements
This news release contains certain forward-looking statements, which relate to future events or future performance and reflect management's current expectations and assumptions. Such forward-looking statements reflect management's current beliefs and are based on assumptions made by and information currently available to the Company. Readers are cautioned that these forward-looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected including, but not limited to, market conditions, availability of financing, actual results of the Company's exploration and other activities, environmental risks, future metal prices, operating risks, accidents, labor issues, delays in obtaining governmental approvals and permits, and other risks in the mining industry. All the forward-looking statements made in this news release are qualified by these cautionary statements and those in our continuous disclosure filings available on SEDAR at www.sedar.com. These forward-looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances save as required by applicable law.
Copyright (c) 2022 TheNewswire - All rights reserved.
News Provided by TheNewsWire via QuoteMedia
(TheNewswire)
Vancouver, B.C. TheNewswire - June 22 nd 2022 - Opawica Explorations Inc. (TSXV:OPW) (FSE:A2PEAD) (OTC:OPWEF) (the "Company" or "Opawica") is pleased to provide an update on its first phase of drilling at the Company's Arrowhead Property in the Rouyn Noranda camp of the Abitibi in Quebec.
Highlights include:
Twelve holes have been completed on the Arrowhead, comprising 3,603 metres. Core logging and sampling are ongoing.
The drill program was designed to target the well-known Cadillac shear zone and the campaign has intersected prospective geology with varying amounts of visible gold, quartz veining, brecciation and silicification, and quartz stockwork with associated sulphides.
The Company has intersected a section of 16.9 meters (AR-22-04) of silicified mafic tuff interbedded with felsic lapilli tuffs, quart-feldspar veins, and quartz veins.
Company President and chief executive officer Blake Morgan commented, "The drilling has progressed very well, and I really like what I am seeing, especially from hole AR-22-04. It looks like we are on the right track, in the right part of the world. We know this area holds elephant sized deposits at depth, as the La Rhonde mine held by Agnico Eagle is located next door to the Arrowhead Property and goes to depths over 3,000m. The Opawica team is thrilled to be hitting visually exciting mineralisation at shallow depths."
In drill hole AR-22-04, at 129.9m to 146.8m a section of well silicified mafic tuff interbedded with felsic lapilli tuffs, quart-feldspar veins, and quartz veins, with bedding measured at 60⁰-50⁰ to core angle, pyrite varied from 1% to 10%, and trace amounts of pyrrhotite were intersected. Drill hole AR-22-04 was drilled at dip of 55⁰ at 187Az to a depth of 270 m. The true thickness of this section is not known. ( See figure below for picture of the drill core from AR-22-04. )
The Arrowhead Project is mainly covered by the metavolcanites of the Blake River Group. Strata are oriented east-west and present a subvertical dip. Volcanic and sedimentary rocks form a series of east-west-trending, steeply dipping monoclinal panels. The sequences are separated by longitudinal contacts parallel to the lithologies. In the southern part of Joannes township, the Cadillac Fault runs along an east-west axis over a lateral distance of about 150 kilometres. In the province of Quebec, more than 40 gold deposits that have produced over 60 million ounces of gold in the past hundred years and are associated with this major structure and its subsidiary faults. *
Figure 1 Drill Hole AR-22-04 129.9m to 146.8m
Initial prospecting on the Arrowhead started in 1920 on the major shear zone located in the northern part of Opawica's property. In 1926, the exploration works consisted of prospecting, pitting, trenching and diamond drilling, mainly to test two shear zones containing quartz-carbonate veins with free gold. Gold values of up to 45.05 g/t were obtained over appreciable widths. Two main veins, designed as A and B, were explored. This work led to underground exploration that started in 1936. A three-compartment shaft was sunk to a depth of 154 metres. Levels were established at depths of 60.96 m (200 feet), 106.68 m (350 feet) and 152.40 m (500 feet). Drifting and crosscutting were carried out on all three levels on the A and B veins.
Assays are still pending on the Bazooka property which is an ongoing frustration. The Company is working with the labs to exercise a timelier process.
Derrick Strickland, P. Geo (OGQ No. 35402), has reviewed and approved the technical content of this news release. * The Qualified Person has been unable to verify the information on the adjacent properties. Mineralization hosted on adjacent and/or nearby and/or geologically similar properties is not necessarily indicative of mineralization hosted on the Company's properties.
About Opawica Explorations Inc.
Opawica Explorations Inc. is a junior Canadian exploration company with a strong portfolio of precious and base metal properties within the Rouyn-Noranda region of the Abitibi Gold Belt in Québec and in Central Newfoundland and Labrador. The Company's management has a great track record in discovering and developing successful exploration projects. The Company's objective is to increase shareholder value through the development of exploration properties using cost effective exploration practices, acquiring further exploration properties, and seeking partnerships by either joint venture or sale with industry leaders.
FOR FURTHER INFORMATION CONTACT
Blake Morgan
President and Chief Executive Officer
Telephone: 604-681-3170
Fax: 604-681-3552
Neither the TSX Venture Exchange nor its Regulation Service Provider (as the term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy of accuracy of this news release.
Forward-Looking Statements
This news release contains certain forward-looking statements, which relate to future events or future performance and reflect management's current expectations and assumptions. Such forward-looking statements reflect management's current beliefs and are based on assumptions made by and information currently available to the Company. Readers are cautioned that these forward-looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected including, but not limited to, market conditions, availability of financing, actual results of the Company's exploration and other activities, environmental risks, future metal prices, operating risks, accidents, labor issues, delays in obtaining governmental approvals and permits, and other risks in the mining industry. All the forward-looking statements made in this news release are qualified by these cautionary statements and those in our continuous disclosure filings available on SEDAR at www.sedar.com. These forward-looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances save as required by applicable law.
Copyright (c) 2022 TheNewswire - All rights reserved.
News Provided by TheNewsWire via QuoteMedia
Opawica Explorations Inc. (TSXV: OPW) (FSE: A2PEAD) (OTCQB: OPWEF) (the "Company" or "Opawica") is pleased to provide an update on the Arrowhead Property in Rouyn Noranda camp of the Abitibi in Quebec.
Highlights include:
Company president and chief executive officer, Blake Morgan, commented, "Drilling is progressing extremely well on our Arrowhead Property. With several visually exciting holes drilled, the team is looking forward to receiving the assay results. This new Yvan Zone has been a high priority to the Opawica geologists, and we are thrilled to not only have drilled a small portion of it, but to have hit visible gold, adding to our new potential extension theory."
In 2016, the Company collected a total of 36 rock outcrop samples over the entire property to cover the outcropping felsic volcanics. These samples were analysed for multi elements, whole rock oxides and rare earth elements to determine the geochemical alteration and element content. The objective of the rock outcrop geochemistry survey was to delineate favourable zones for gold-rich volcanogenic massive sulphide deposits.
Several type geological geochemistry indexes of the chemistry were generated, these included, PER-GH index, Ishikawa index, Sericite index, Chlorite index Spitz-Darling index, Alkali index, and CCPI (Chlorite Carbonate Pyrite Index). A summary of these indexes is present in Figure 1. Figure 1 visually illustrates four areas of interest. There are three areas on the western part of the property, where the much of the historical drill and current drill program is currently being undertaken, and one the area on the eastern side representing a new exploration target.
As a direct result of the 2016 rock analyses, the Company permitted and drilled two holes into the alteration index anomalies on the east side of the property. Holes AR-22-11 and AR-22-12 both have dip of 50⁰ at 175⁰ Az and depth of 447m and 468m respectively.
A preliminary review of the hole AR22-12 at 375m indicates the presence of a quartz vein structure ~ 3x2cm thick with a bleb of chalcopyrite and trace visible gold (Figure 2 below - the Yvan Zone). The gold occurs in Rhyolite- Felsic volcanic rock which is massive in appearance with weak/discrete foliation 70⁰ core access. The mineralization recognized in the core may represent an unknown extension for the known mineralization on the western part of the Arrowhead property.
Figure 1 - Rock Geochemistry Map
To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/1541/126863_f72ba8d364eafb39_001full.jpg
Figure 2 - New Zone Core Sample
To view an enhanced version of Figure 2, please visit:
https://orders.newsfilecorp.com/files/1541/126863_f72ba8d364eafb39_002full.jpg
The Arrowhead project is mainly covered by the metavolcanites of the Blake River Group. Strata are oriented east-west and present a subvertical dip. Volcanic and sedimentary rocks form a series of east-west-trending, steeply dipping monoclinal panels. The sequences are separated by longitudinal contacts parallel to the lithologies. In the southern part of Joannes township, the Cadillac Fault runs along an east-west axis over a lateral distance of about 150 kilometres. In the province of Quebec, more than 40 gold deposits that have produced over 60 million ounces of gold in the past hundred years and are associated with this major structure and its subsidiary faults. *
Derrick Strickland, P. Geo (OGQ No. 35402), has reviewed and approved the technical content of this news release. * The Qualified Person has been unable to verify the information on the adjacent properties. Mineralization hosted on adjacent and/or nearby and/or geologically similar properties is not necessarily indicative of mineralization hosted on the Company's properties.
About Opawica Explorations Inc.
Opawica Explorations Inc. is a junior Canadian exploration company with a strong portfolio of precious and base metal properties within the Rouyn-Noranda region of the Abitibi Gold Belt in Québec and in Central Newfoundland and Labrador. The Company's management has a great track record in discovering and developing successful exploration projects. The Company's objective is to increase shareholder value through the development of exploration properties using cost effective exploration practices, acquiring further exploration properties, and seeking partnerships by either joint venture or sale with industry leaders.
FOR FURTHER INFORMATION CONTACT
Blake Morgan
President and Chief Executive Officer
Opawica Explorations Inc.
Telephone: 604-681-3170
Fax: 604-681-3552
Neither the TSX Venture Exchange nor its Regulation Service Provider (as the term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy of accuracy of this news release.
Forward-Looking Statements
This news release contains certain forward-looking statements, which relate to future events or future performance and reflect management's current expectations and assumptions. Such forward-looking statements reflect management's current beliefs and are based on assumptions made by and information currently available to the Company. Readers are cautioned that these forward-looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected including, but not limited to, market conditions, availability of financing, actual results of the Company's exploration and other activities, environmental risks, future metal prices, operating risks, accidents, labor issues, delays in obtaining governmental approvals and permits, and other risks in the mining industry. All the forward-looking statements made in this news release are qualified by these cautionary statements and those in our continuous disclosure filings available on SEDAR at www.sedar.com. These forward-looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances save as required by applicable law.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/126863
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Vancouver, British Columbia TheNewswire - June 2nd, 2022, (TSXV:OPW) (FSE:A2PEAD) (OTC:OPWEF) (the "Company" or "Opawica") is pleased to announce that it has completed filming for its upcoming educational documentary series "Viewpoint with Dennis Quaid" ( "Viewpoint" ). The long-running award-winning series, hosted by the well-known actor Dennis Quaid produces educational documentaries on a range of topics including business, technology, travel, health, and culture with a focus on highlighting innovation around the world. Viewpoint is distributed nationwide in the United States through public television stations and major networks; including but not limited to CNBC, FOX Business, Bloomberg TV, Discovery Channel, History Channel, National Geographic and HLN and is aired to over 60 million households in the United States.
Blake Morgan, President, and CEO of Opawica, noted: "We are thrilled to have completed filming as a featured company on Viewpoint with Dennis Quaid. Having this sort of exposure to approximately 60 million homes will dramatically assist in telling the Opawica story. With a big year of drilling, assays, and exploration work ahead of us, Opawica is ready to take the next step.
Background
In 2021, Viewpoint producers reached out to the CEO of Opawica Explorations Inc, Blake Morgan, as part of their search for a featured company to headline a planned episode on Junior Mining and Exploration in Canada. After several months of discussions with senior producers and writers, the Company was chosen and offered the chance to participate. Given the educational aim of the series, one of the primary goals of the episode will be to bring attention to Opawica and their impact on mineral exploration. Opawica's use of AI technology, it's CEO and elite projects fit this mandate, and were significant contributing factors in Viewpoint's selection.
Opawica's management and Viewpoint production team began filming on May 24 th , 2022 and created content to be released to over 60 million homes in approximately July of 2022. In addition to the final products designed for television release, the Company will also retain all the high-definition raw camera footage (5+ hours) for potential future use.
Content & Distribution
There will be two segments produced for television release:
Public Television Segment
This documentary segment aims to educate the audience about the featured topic of the episode – in Opawica's case – the business and technology of mining exploration in Canada. The segment is distributed via public television stations (including PBS) in all US states. Each public television station will have the right to air the segment for one year, and on average these segments appear 45-60 times per quarter, reaching approximately 60 million households.
Educational Commercial Spot for Major Networks
This 60-second educational commercial segment is designed for distribution via major networks in the U.S. It will air once nationally, and 400 times regionally in the top 100 most populous cities. Viewership is estimated at approximately 84 million households, and all airings will occur between 6 – 11p.m. prime time, in their respective time zones. Example networks which will carry the segment include CNBC, FOX Business, Bloomberg TV, Discovery Channel, History Channel, National Geographic and HLN.
Opawica was responsible for paying a participation fee, and crew travel fees, for an aggregate of US$27,900. Most costs were covered through public television funding sources for the series. Viewpoint estimates that costs for a comparable, unsubsidized project (including filming, editing, airings, distribution, Dennis Quaid, ownership, licencing rights, etc.) would typically total in excess of US$250,000.
About Opawica Explorations Inc.
Opawica Explorations Inc. is a junior Canadian exploration company with a strong portfolio of precious and base metal properties within the Rouyn-Noranda region of the Abitibi Gold Belt in Québec and in Central Newfoundland and Labrador. The Company's management has a great track record in discovering and developing successful exploration projects. The Company's objective is to increase shareholder value through the development of exploration properties using cost effective exploration practices, acquiring further exploration properties, and seeking partnerships by either joint venture or sale with industry leaders.
FOR FURTHER INFORMATION CONTACT
Blake Morgan
President and Chief Executive Officer
Telephone: 604-681-3170
Fax: 604-681-3552
Neither the TSX Venture Exchange nor its Regulation Service Provider (as the term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy of accuracy of this news release.
Forward-Looking Statements
This news release contains certain forward-looking statements, which relate to future events or future performance and reflect management's current expectations and assumptions. Such forward-looking statements reflect management's current beliefs and are based on assumptions made by and information currently available to the Company. Readers are cautioned that these forward-looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected including, but not limited to, market conditions, availability of financing, actual results of the Company's exploration and other activities, environmental risks, future metal prices, operating risks, accidents, labor issues, delays in obtaining governmental approvals and permits, and other risks in the mining industry. All the forward-looking statements made in this news release are qualified by these cautionary statements and those in our continuous disclosure filings available on SEDAR at www.sedar.com. These forward-looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances save as required by applicable law.
Copyright (c) 2022 TheNewswire - All rights reserved.
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Ero Copper Corp. (TSX: ERO, NYSE: ERO) ("Ero" or the "Company") is pleased to announce that it has signed a definitive earn-in agreement ("Agreement") with Salobo Metais S.A, a subsidiary of Vale Base Metals Limited ("VBM"), to earn a 60% interest in the Furnas Copper Project ("Furnas" or the "Project") located in the Carajás Mineral Province in Pará State, Brazil.
The terms of the Agreement align with the previously signed binding term sheet outlined in the Company's press release dated October 30, 2023. For additional detail on the Project, including location maps, geologic cross sections, historical drill intercepts and a description of the Company's work programs, please refer to the Company's press release dated October 30, 2023.
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
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Astudy published by the US Geological Survey shows that earthquakes can have a "substantial" impact on mining, smelting and refining operations, creating lasting impacts for the global economy and supply chains.
Focusing on copper and rhenium, a silver-gray transition metal, the study aims to quantify the risks that earthquakes pose to supply — a variable that has not previously been systematically categorized.
According to the study, many of the world's largest copper and rhenium production facilities are located in regions prone to high seismic activity, such as South America, East Asia and the Pacific.
Chile and Peru are particularly significant for copper, taking the first and second spots for global output.
The US Geological Survey notes that 76 out of 101 combined copper-producing facilities in both countries are located in areas with a high probability of experiencing significant seismic activity within the next 50 years.
The analysis estimates the expected annual disruption (EAD) of global copper production due to earthquakes, noting that it ranges from 0.3 to 1.1 percent of worldwide production. Smelters fall between the 1.8 and 4 percent bracket, while refineries are within the 1.5 to 3.3 percent range.
The potential financial impact of these disruptions is substantial. The study estimates revenue loss from earthquake-induced disruptions to range from US$315 million to US$1.29 billion for copper mining, US$1.92 billion to US$4.33 billion for copper smelting and US$2.06 billion to US$4.52 billion for copper refining.
Rhenium, a by-product of copper and molybdenum mining, is crucial for making superalloys used in jet engines.
The US Geological Survey study identifies 12 major rhenium production facilities globally, with significant capacities located in the US, Chile and South Korea. Like copper facilities, many rhenium production sites are in high-risk seismic zones, such as parts of East Asia, posing a similar threat to their production stability.
In terms of impact, rhenium has an EAD of 0.32 to 1.32 percent. The study tallies estimated revenue loss in disrupted rhenium production to range from US$337,000 to US$1.4 million.
The study further underscores the tangible effects of disrupted supply chains to the global economy, such as higher prices for commodities, production delays and economic losses across sectors dependent on these minerals.
While the ability of unaffected facilities to ramp up production and compensate for losses is a mitigating factor, the overall economic impact would still be significant, especially for countries heavily reliant on copper and rhenium.
Dr. Kishor Jaiswal, a US Geological Survey research structural engineer and lead author of the study, believes that the framework produced by the study can help national governments and key producers make crucial decisions, and can serve as a template for similar studies on other mineral commodities.
“While our study assessed the potential for the disruption to the supplies of copper and rhenium due to earthquake hazards, this published framework will serve as a template for other mineral commodities of interest around the world,” he explained in a Thursday (July 18) press release.
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Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
Copper prices saw some gains during the first quarter of the year, but supply concerns and rising demand caused the copper price to surge in Q2 to a record high on the COMEX of US$5.20 per pound, or US$11,464 per metric ton, on May 20.
Although strong demand from the energy transition has been expected to impact supply chains for some time, lower treatment charges from Chinese refiners during the first quarter introduced added pressure into the market. The low charges caused cuts to output, ultimately bottlenecking the supply of refined copper to end users.
How have TSX-listed copper companies performed since the start of 2024? Learn about the top 5 best performing copper stocks in 2024 below.
Year-to-date gain: 75 percent; market cap: C$941.54 million; share price: C$3.22
Taseko Mines is a copper producer and development company and holds a portfolio of assets in British Columbia, Canada and Arizona, US.
Its primary asset is the Gibraltar mine located in Central BC. The mine is Canada’s second largest open-pit copper mine after Teck Resources' (TSX:TECK.A,TECK.B,NYSE:TECK) Highland Valley mine. Gibraltar boasts an 85,000 MT per day processing capacity and in 2023 produced 123 million pounds of copper.
On March 25, Taseko acquired 100 percent ownership of the Gibraltar mine after it entered into an agreement with Dowa Metals and Mining (TSE:5714) and Furukawa (TSE:5715) to purchase the remaining 12.5 percent interest in the property. The company said the agreement was made as both Dowa and Furukawa are divesting themselves of their copper-mining investments.
On June 1, Taseko announced that operations at Gibraltar had been suspended due to strike action being carried out by mine workers. The strike lasted approximately two weeks, with the company and union coming to terms on a new agreement.
The company announced on June 19 that the union ratified the agreement and that operations restarted at concentrator 2. It added that concentrator 1 would continue to remain offline while the crusher relocation project and general maintenance are completed.
Shares in Taseko reached a year-to-date high of C$4.05 on May 27.
Year-to-date gain: 72.22 percent; market cap: C$52.2 million; share price: C$0.62
Alta Copper is a copper exploration company that is working to advance its flagship Cañariaco project in Northern Peru. The project includes the Cañariaco Norte and Cañariaco Sur deposits and the Quebrada Verde prospect.
On May 15, the company released figures from an optimized preliminary economic assessment. In the report, the company indicated a base case pre-tax net present value of US$4.1 billion with an internal rate of return of 32.4 percent based on copper prices of US$4 per pound along with all-in sustaining costs of US$1.96 per pound of copper.
On the production side, Alta reported the projected life of the mine was 27 years, with an average annual metal production in the first 10 years of 347 million pounds of copper, 70,000 ounces of gold and 1.5 million ounces of silver.
In a follow-up technical report released on June 11, Alta shared updated resources for its project at cutoff grades of 0.1 percent copper. According to the report, Cañariaco Norte hosts measured and indicated resources of 9.33 billion pounds copper, 2.16 million ounces of gold and 60.37 million ounces of silver from 1.13 billion metric tons (MT) of ore, as well as additional inferred resources of 2.41 billion pounds of copper, 520,000 ounces gold and 16.9 million ounces of silver from 416 million MT of ore.
The company also reported inferred resources for the Cañariaco Sur deposit, with 2.52 billion pounds of copper, 1.34 million ounces gold, 17.61 million ounces of silver and 24.04 million pounds of molybdenum.
Shares in Alta reached their year-to-date high of C$0.79 on May 20.
Year-to-date gain: 67.61 percent; market cap: C$4.94 billion; share price: C$12.18
Hudbay Minerals is a copper production and development company with producing mines in Peru and Canada, as well as projects in Peru and the US states of Arizona and Nevada.
According to Hudbay’s Q1 results, the Constancia mine and neighboring Pampacancha satellite pit in Peru produced a combined 24,576 MT of copper in the first three months of 2024. Copper Mountain in BC produced 7,024 MT of copper and Snow Lake in Manitoba produced an additional 3,149 MT of copper.
In addition to its mining assets, the company is also working to advance its Copper World project in Arizona. In the Q1 report the company indicated it is continuing to work on receiving the final state permits for the site and expects to receive them sometime in 2024. The company is also in the process of completing a three prerequisites plan that is required for sanctioning which it expects in 2025.
When complete, the mine is expected to have a 20 year life span, and according to a mineral resource estimate included in a March 28 annual reserve and resource update, Hudbay reported proven and probable average grades of 0.54 percent copper from 385 million MT.
The company is also working on its greenfield Mason project in Nevada. Hudbay says it is developing the project as a long-term future asset and expects it to have a 27 year lifespan.
Resource estimates from the site show measured and indicated average grading of 0.29 percent from 2.22 billion MT of ore, with additional inferred grading of 0.24 percent from 237 million MT.
On May 24, the company announced it had completed an upsized bought deal offering, generating proceeds of US$402.5 million for the sale of 42.37 million common shares at US$9.50 per share. The company said it intends to use funds for near-term growth initiatives and accelerate development at its Copper Mountain asset.
Shares in Hudbay reached a year-to-date high of C$14.15 on May 20.
Year-to-date gain: 64.23 percent; market cap: C$15.32 billion; share price: C$17.77
First Quantum Minerals is a copper mining and development company with a global portfolio of assets.
Its primary asset has been the Cobre Panama mine located west of Panama City, Panama. The mine boasts 3 billion MT of proven and probable reserves and represents 1 percent of the World’s copper supply. The mine was ordered to close down in November 2023 after the Panamanian Supreme Court invalidated an extension to the mine's license.
In a December 2023 release, the company said it was working on developing a closure plan for the mine that it expects to present in June 2024, but also noted it is pursuing all appropriate legal avenues to protect its investment and rights.
In the company’s Q1 2024 financial update, released on April 24, First Quantum said it was continuing to work on a preservation and safe management plan for Cobre Panama, and was also working to deliver the 121,000 MT of concentrates that remain on site.
Due to the ongoing situation in Panama, the company noted that it has undergone a refinancing program to improve its balance sheet and improve liquidity. This program has included working out a prepayment agreement with Jiangxi Copper for US$500 million, the completion of a US$1.6 billion senior secured second-lien at 9.38 percent due in 2029, and the issuance of 139.93 million common shares to raise proceeds of US$1.15 billion.
In addition to the updates on its mine in Panama, First Quantum reported the production of 100,605 MT of copper through Q1, down 59,595 MT compared to Q4 2023. The production drop was largely attributed to the closure of Cobre Panama.
The company is also operating several mines in Zambia, including its Kansanshi copper-gold mine, Sentinel copper mine and Enterprise nickel mine. First Quantum noted that production may be impacted in 2024 due to severe drought conditions in Zambia caused by El Nino, which reduced water levels in the Kafue and Zambezi rivers. This led the government to declare a national emergency in March, and power generation throughout the country has been impacted.
First Quantum has been working to mitigate these challenges and entered into offtake agreements with third-party traders for power sourced from the Southern African Power Pool for a total of 80 megawatts. The agreements are expected to cost US$25 million.
Shares of First Quantum reached a year-to-date high of C$20.00 on May 20.
Year-to-date gain: 53.3 percent; market cap: C$7.81 billion; share price: C$9.74
Capstone Copper is a mining company with a portfolio of assets in the US, Mexico and Chile.
Capstone's 100 percent owned Pinto Valley copper mine in Arizona, US, is fully permitted until 2039 and is expected to produce 58,000 to 64,000 MT of copper in 2024. Capstone acquired Pinto Valley from BHP in 2013, and the mine has produced more than 4 billion pounds of copper since it began operating in 1972.
It also is the sole owner of the Cozamin copper and silver mine in Zecatacas, Mexico, which boasts a 1,000 MT per day throughput and is projected to generate 22,000 to 24,000 MT of copper in 2024, as well as the Mantos Blancos copper mine in Antofagasta, Chile, which underwent an expansion in 2021 to extend its mine life significantly.
The company also owns a 70 percent stake in the Mantoverde mine in the Atacama region of Chile, with the remaining 30 percent owned by Mitsubishi Materials (OTC Pink:MIMTF,TSE:5711). The mine is currently in the process of ramping up to commercial production, and Capstone announced on June 25 that it produced its first saleable copper concentrate. Capstone expects to achieve nameplate operating rates during Q3 of 2024.
Shares in Capstone reached a year-to-date high of C$11.20 on May 16.
Many experts have a positive long-term outlook for the red metal based on supply concerns and its growing role in the energy transition. Copper's price has climbed to new all time highs in 2024, bringing many stocks with it.
Investors who are interested in copper should make sure to perform their due diligence, as the volatility and unpredictability of markets and economies at the moment means that nothing is guaranteed.
Copper is used in many industries, from construction to electronics to medical equipment. In fact, in 2020, 32 percent of copper globally was used in equipment manufacturing and 28 percent in building construction.
Two other growing sectors for copper are the burgeoning electric vehicle and green energy industries. Electric vehicles require a significant amount of the red metal per vehicle.
Investors can get exposure to copper in a variety of ways. Holding physical copper is possible, but plenty of storage would be required to hold any significant value of the metal.
For investors looking to invest in the metal without physically holding it, there are a few options. Copper stocks such as those on the TSX, TSXV and ASX are worth looking at. Additionally, there are copper exchange-traded funds and the copper options and futures markets on the London Metal Exchange.
Copper exchange-traded funds (ETFs) can be a good way to diversify an investment portfolio, and they can be a more stable option compared to individual copper miners or explorers. There are multiple options available on the market, and they can usually be purchased in the same way one could purchase stocks through a broker or trading platform.
In May 2022, Horizons launched Canada’s first copper equities ETF, the Horizons Copper Producers Index ETF (TSX:COPP), which is focused solely on pure-play and diversified copper-mining companies.
There are two ETFs available on the US ARCA exchange as well. The Global X Copper Miners ETF (ARCA:COPX) tracks the Solactive Global Copper Miners Index, which includes copper miners, as well as copper explorers and developers. The other option is the United States Copper Index Fund (ARCA:CPER), which gives investors exposure to copper futures contracts by tracking the SummerHaven Copper Index Total Return (INDEXNYSEGIS:SCITR).
The copper price is tracked in two ways: COMEX copper and London Metal Exchange (LME) copper. The COMEX and LME are both options and futures metal exchanges, with the former being headquartered in New York and the latter in London. COMEX copper is priced by the pound, while LME copper is priced per metric ton.
Once copper is mined, the ore goes through multiple steps to reach a market-ready state. First, the ore is ground to roughly separate the rock from the copper, as copper typically only makes up 1 percent of the mined rock.
The resultant copper is then slurried with water and chemical reagents, after which air is used to float the copper to the top of the mixture. After the copper is removed from this, it is typically at 24 to 40 percent purity.
Lastly, the copper is refined at a refining plant or smelter using one of two methods, pyrometallurgy and hydrometallurgy. Pyrometallurgy is employed for copper ore that is sulfide rich, while hydrometallurgy is used when the ore is oxide rich. The Investing News Network's guide on copper refining goes into further detail about how those processes work. Once these processes are complete, the copper is concentrated to up to 99.99 percent purity.
Copper is mined throughout the world, with significant production found on every continent besides Antarctica. Chile was the top producer in 2022, putting out 5 million metric tons of the metal. Rounding out the top five are Peru with 2.6 million MT, the Democratic Republic of Congo with 2.5 million MT, China with 1.7 million MT and the United States with 1.1 million MT.
Article by Dean Belder; FAQs by Lauren Kelly.
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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.
Many Canadian junior copper stocks are up significantly in 2024 thanks to a strong copper price.
The second quarter of 2024 saw carried-over momentum from March. Easing inflation and speculation of a manufacturing rebound fueled broad gains in commodity markets, helping to push COMEX copper prices to a record high of US$5.20 per pound, or US$11,464 per metric ton, on May 20.
Prices have found support over demand growth from energy sectors as wind and solar projects see greater uptake, particularly in China and India.
Even though there has been some slow down in the pace of electric vehicle growth, automakers have begun increasing their production of hybrids, which also require more copper than vehicles with internal combustion engines.
With the demand for copper set to soar within the next several years, has this elevated pricing helped small-cap copper explorers on the TSXV?
These are the five best-performing junior copper stocks since the start of 2024. Data for this article was gathered on April 24, using TradingView's stock screener, and all companies had market caps of over C$10 million at that time. Read on to see what's been moving their share prices.
Year-to-date gain: 283.33 percent; market cap: C$353.06 million; share price: C$0.345
Sandfire Resources America is a copper development company focused on its Black Butte copper project located east of Helena, Montana, in the US. In 2021, a state district court revoked the company's mine operating permit for Black Butte, halting construction activities of the underground mine.
Sandfire describes the project as one of the highest grade undeveloped copper deposits in the world; a resource estimate for the project's Johnny Lee deposit completed in 2020 reported measured and indicated resources of 10.9 million metric tons (MT) grading 2.9 percent copper for a total of 311,000 MT contained copper.
Shares of Sandfire soared following a February 26 decision by the Montana Supreme Court to reinstate the company's mine operating permit. The win is a crucial step for Sandfire to continue the construction of its mine.
Sandfire is working to improve Black Butte's economics as it works towards a final investment decision. The most recent update from the project came on April 30, when the company released an exploration update that highlighted high-grade copper intercepts of 7.4 percent copper over 9.54 meters, including an intersection of 10.7 percent over 6.26 meters.
Shares of Sandfire Resources America reached a year-to-date high of C$0.395 on May 13.
Year-to-date gain: 268.89 percent; market cap: C$38.47 million; share price: C$0.83
Formerly Deep-South Resources, the company announced in November 2023 that it would be changing its name to Koryx Copper to better represent its core values. The company is focused on the advancement of copper exploration projects in Namibia and Zambia.
Its flagship asset is the Haib copper project located in Southern Namibia near the border with South Africa. In an amended preliminary economic assessment released on January 8, the company indicated 20 million MT per year of ore processing with 85 percent copper recovery for a yearly production of 38,337 MT of copper and an additional 51,081 MT of copper sulfate.
Since the start of 2024, Koryx has published several assay results from exploration at Haib, with the most recent coming on May 15. In the announcement, the company highlighted grades of 0.51 percent copper over 137.6 meters, including an intersection of 0.68 percent copper over 72 meters.
According to Koryx President and CEO Pierre Léveillé, the results indicate the deposit's average grade may exceed the one reported in its existing mineral resource estimate. Assay results for the remaining eight drill holes from the program have yet to be released.
Shares of Koryx reached a year-to-date high of C$1.13 on June 10.
Year-to-date gain: 230.43 percent; market cap: C$10.98 million; share price: C$0.38
T2 Metals is a copper exploration company that has spent 2024 focusing on advancing its Sherridon copper, gold and zinc project near Flin Flon, Manitoba, Canada.
T2 holds an option agreement with Halo Resources to earn a 90 percent interest in the property, which consists of 28 mining claims and one mineral lease over 4,968 hectares. The site was home to the Sherridon/Sherritt Gordon mine and hosts multiple volcanogenic massive sulfide-style ore deposits.
Today, Sherridon hosts several inferred resources with near-surface targets discovered having been identified with limited drilling activity. T2 has been working to advance exploration activities in early 2024, with the latest update coming on March 1, when it reported assays of 1.18 percent copper or 7.4 percent copper equivalent over 23.5 meters, including an intersection of 2.48 percent copper or 25 percent copper equivalent over 8.67 meters.
Shares in T2 surged toward the end of the second quarter when the company released news on June 7 that it had received a C$300,000 development grant from Manitoba’s Mineral Development Fund to advance exploration at Sherridon. The company said planning and permitting were underway for both follow-up drilling and testing additional targets on the site.
T2's share price reached a year-to-date high of C$0.41 on July 7.
Year-to-date gain: 200 percent; market cap: C$18.45 million; share price: C$0.075
Freeport Resources is focused on the advancement of its Yandera copper, gold and molybdenum project located in Madan, Papua New Guinea. Yandera covers an area of 245.5 square kilometers and has been explored since the 1960s. Freeport acquired the project in August 2021, when it bought out Carpo Resources and its subsidiary Era Resources.
A 2017 prefeasibility study commissioned by Era projects a net present value of US$1.04 billion with an internal rate of return of 23.5 percent and a payback period of five years and eight months. It also shows measured and indicated resources of 2.81 million MT of contained copper equivalent and a projected mine life of 20 years.
This past February, Freeport announced that it had been granted a two year extension for its exploration license from the government of Papua New Guinea.
The most recent news came on July 2, when the company announced that it had closed an oversubscribed private placement and for proceeds of C$5.2 million. Freeport said the funds would be used to complete an internal optimization of the Yandera copper project and to advance a definitive feasibility study.
Shares in Freeport reached a year-to-date high of C$0.09 on July 3.
Year-to-date gain: 179.25 percent; market cap: C$75.59 million; share price: C$0.74
American Eagle Gold is a copper and precious metals exploration company working to advance its NAK property in Central BC, Canada.
Hosted within the Babine copper-gold district, the NAK property has seen historical exploration dating back to the 1960s. American Eagle completed the acquisition of the site in December 2021.
On January 8, the company announced results from the final hole of its 2023 program, which returned the highest grading seen in the program. It reported a large 302 meter intersection containing 0.53 grams per metric ton (g/t) gold, 0.4 percent copper, 1.27 g/t silver and 431.4 parts per million molybdenum.
On May 27, the company announced it had commenced its phase 3 drill program at NAK. The company said the 15,000 meter drill program would be focusing on testing areas surrounding existing mineralization and connecting zones drilled in 2022 and 2023 programs.
In an update from the project on July 2, American Eagle said that it had discovered a copper-bearing outcrop in a previously untested zone in the southeastern region of the project area.
Shares of American Eagle reached a year-to-date peak of C$0.81 on May 9.
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Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.
Two Chinese copper smelters have announced plans to reduce production next year due to diminishing profit margins caused by an ongoing shortage of ore concentrate, Bloomberg reported on Tuesday (July 16).
These decisions were revealed during a quarterly meeting of Chinese smelters held in Shanghai last week.
Daye Nonferrous Metals, a major smelter based in the country's Hubei province, plans to cut its smelting output by 20 percent in 2025. The company has already implemented smaller reductions, resulting in a decline in its total refined copper production capacity, which now stands at 930,000 metric tons on an annual basis.
Baotou Huading Copper Industry Development, a smaller firm with an annual capacity of 200,000 metric tons of blister and 30,000 metric tons of refined copper, plans to cut its smelting output by 40 percent next year. According to Bloomberg, the company already reduced its output by 20 percent last month due to a concentrate shortage.
The imbalance between mine supply and smelting capacity has been squeezing the profit margins of smelters. This situation has been exacerbated by the continuous expansion of smelting facilities across Asia.
Processing fees, known as treatment charges, have collapsed to near zero in the spot market. Most smelters are able to get the majority of their supply at better annual terms, but these terms may also be set to drop sharply.
These factors have contributed to bullish market sentiment, driving copper to record highs earlier this year. The red metal hit its highest recorded price of US$5.20 per pound, or US$11,464 per metric ton, on May 20 of this year. This move is part of a long-term upward trend, with prices having increased over 500 percent since January 2000.
In addition to production challenges, the global copper market is experiencing shifts in demand patterns.
The State Grid Corporation of China, the world's largest buyer of copper, has slowed its purchases of copper wire this year and increased its purchases of aluminum wire, a cheaper substitute.
However, some traders and industry executives believe the substitution of copper with aluminum is a temporary response to high prices rather than a permanent shift.
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Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
Hudbay Minerals Inc. ("Hudbay" or the "company") ( TSX, NYSE: HBM) senior management will host a conference call on Tuesday, August 13, 2024 at 11:00 a.m. ET to discuss the company's second quarter 2024 results.
Second Quarter 2024 Results Conference Call and Webcast | |
Date: | Tuesday, August 13, 2024 |
Time: | 11:00 a.m. ET |
Webcast: | www.hudbay.com |
Dial in: | 1-844-763-8274 or 647-484-8814 |
Hudbay plans to issue a news release containing the second quarter 2024 results before market open on Tuesday, August 13, 2024 and post it on the company's website. An archived audio webcast will be available on Hudbay's website following the call.
About Hudbay
Hudbay (TSX, NYSE: HBM) is a copper-focused mining company with three long-life operations and a world-class pipeline of copper growth projects in tier-one mining-friendly jurisdictions of Canada, Peru and the United States.
Hudbay's operating portfolio includes the Constancia mine in Cusco (Peru), the Snow Lake operations in Manitoba (Canada) and the Copper Mountain mine in British Columbia (Canada). Copper is the primary metal produced by the company, which is complemented by meaningful gold production. Hudbay's growth pipeline includes the Copper World project in Arizona (United States), the Mason project in Nevada (United States), the Llaguen project in La Libertad (Peru) and several expansion and exploration opportunities near its existing operations.
The value Hudbay creates and the impact it has is embodied in its purpose statement: "We care about our people, our communities and our planet. Hudbay provides the metals the world needs. We work sustainably, transform lives and create better futures for communities." Hudbay's mission is to create sustainable value and strong returns by leveraging its core strengths in community relations, focused exploration, mine development and efficient operations.
For further information, please contact:
Candace Brûlé
Vice President, Investor Relations
(416) 814-4387
investor.relations@hudbay.com
News Provided by GlobeNewswire via QuoteMedia
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