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Following the release of the December 2023 PEA1 , and in response to lithium market dynamics, the Root Lithium Project has now been optimised within a new PEA which has strengthened the project economics.
Green Technology Metals Limited (ASX: GT1) (GT1 or the Company), a Canadian-focused multi-asset lithium business, is pleased to announce the completion of its optimisedPreliminary Economic Assessment (PEA) for the standalone Root Lithium Project. The updated PEA outlines a robust development pathway for the Root Project, featuring a combination of open pit mine and underground mining methods. The processing flowsheet features a hybrid Dense Media Separation (DMS) and Flotation concentrator designed to produce 5.5% Spodumene Concentrate.
HIGHLIGHTS
- The Root Lithium Project in Ontario, Canada has been evaluated on a standalone basis and considering the recently updated Root Project MRE, revised pit optimisations and mine development options and changed lithium market conditions (previous 2023 PEA results were combined with the Company’s Seymour Lithium Project also in Ontario)
- The study confirms favourable economics across alternative mine development scenarios, including both open pit and underground mining, reinforcing Root as a viable and resilient standalone project
- The selected development option for the Root Lithium Project delivers:
- An increase in NPV to US$668 million
- A reduction in pre-production CAPEX, largely due to lower pre-stripping costs
- Reduction in Total Material Movement (TMM)
- Lower NPV and longer payback period due to more conservative SC5.5 pricing assumptions in early processing years
- Significantly improved LOM strip ratio of 8.1:1, driven by underground development—resulting in lower mining costs that help offset reduced revenues
PROJECT DASHBOARD
- The Root Lithium Project underpins GT1’s vertically integrated development strategy and is expected to provide long-term feed to the Company’s planned Lithium Conversion facility in Thunder Bay
- The immediate focus for the Root project will be advancing permitting and consultation activities in parallel with the Pre-Feasibility Study (PFS)
"The completion of the optimised PEA marks a major milestone for the Root Lithium Project, confirming it as a technically and economically robust standalone operation. With a longer mine life, reduced upfront capital requirements, and strong economics, Root is well-positioned to support GT1’s broader strategy of establishing a vertically integrated lithium supply chain in Ontario. This study reinforces our confidence in Root as a long-term feed source for the Thunder Bay conversion facility and highlights the project’s strategic importance in the North American battery materials landscape.
The economic advantages of executing a project in Ontario are obvious and compelling, driven by outstanding infrastructure, government incentives and proximity to the North American EV supply chain. We remain committed to advancing our Root Lithium Project to realise our overall strategy in Ontario.”
-GT1 Managing Director, Cameron Henry
Click here for the full ASX Release
This article includes content from Green Technology Metals 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.
Magna Terra Discovers Copper Mineralization and Completes Airborne Geophysical Survey at the Humber Copper-Cobalt Project in Newfoundland
Magna Terra Minerals Inc. (TSXV: MTT) ("Magna Terra" or the "Company") is pleased to announce that it has discovered copper mineralization during early-stage prospecting at its 40,675-hectare, 100% owned Humber Copper-Cobalt Project (the "Humber Project" or the "Project") located in western Newfoundland (Figure 1). The discovery of copper mineralization in bedrock is located on the east end of the Hughes Lake Trend. Copper mineralization from surface rock grab samples^^ from outcrop and subcrop comprises between 0.5 to 5% combined, fracture-controlled, foliation parallel stringers and disseminated, malachite, bornite and chalcopyrite hosted within dolomitized limestone and adjacent altered clastic sedimentary and/or mafic volcanic rocks over an observed strike length of 700 metres and marks the first occurrence of copper noted on this under-explored property (Figures 1, 2, and 3). Ongoing and initial field work consisting of prospecting, geological mapping, and the collection of 1,700 soil samples is focused on following up on the Hughes Lake Trend where an 8-kilometre-long anomalous zone of copper and cobalt in soil samples** is coincident with mafic volcanic rocks of the Hughes Lake Complex and associated magnetic rocks.
All soil and rock samples collected will be submitted to Eastern Analytical Ltd. in Springdale, NL and will be analysed for gold (30 g fire assay) and multi-element geochemistry, including elements Cu, Pb, Zn, Co, and Ag (method ICP-34). Analytical results are pending and will be reported in a future news release.
The Company is also pleased to announce that it has completed the previously announced 2,377 line-kilometre ("km") airborne geophysical survey on the Project. The helicopter-borne survey consisted of a systematic, property-wide, time-domain electromagnetic ("VTEM™ Plus") and horizontal magnetic gradiometer survey and will provide the baseline geophysical data to guide geological mapping and assist in focusing exploration efforts on the discovery of Copper-Cobalt deposits. This is the first geophysical survey of this type in the area. The Company is interested in areas of geophysical anomalies coincident with anomalous copper ("Cu"), cobalt ("Co"), lead ("Pb"), silver ("Ag"), molybdenum ("Mo"), gold ("Au"), arsenic ("As"), and antimony ("Sb") lake sediment values found throughout the Project area (Figures 1 and 2).
Magna Terra would like to acknowledge and thank both the Province of Newfoundland and Labrador and the Atlantic Canada Opportunities Agency ("ACOA") for their financial assistance through Junior Exploration Assistance ("JEA") program for work on the Humber Copper-Cobalt Project.
"We are very encouraged to have discovered in-situ copper mineralization within the first few days of working on the Humber Project. This important discovery supports our concept that the Humber Project has the potential to host Sediment-hosted Stratiform Copper Deposits, and with our exploration team currently on the ground we look forward to assessing additional targets across the extensive property. With the completion of the airborne survey, we will have one of the requisite data layers upon which to base further targeting for similar style mineralization. We look forward to updating shareholders on the results of this initial work program and sincerely appreciate the financial support of the Province of Newfoundland and Labrador and ACOA through the JEA program.
"At the Humber Copper-Cobalt Project, we have assembled a rare, first-mover, district-scale project opportunity, that will continue to leverage our expertise. We are eager to demonstrate the Project's prospectivity focused on critical metal discovery and the value we believe this Project brings to our investors."
~ Lew Lawrick, President and CEO, Magna Terra Minerals Inc.
Humber Project Highlights
- Potential for discovery of significant Cu-Co deposits;
- Host to regionally anomalous Cu, Co, Ag, Pb +/- Au, Mo, As, and Sb lake sediments;
- 8+ km Hughes Lake Copper-Cobalt Trend;
- Analogous to the Kalahari Copper Belt, Namibia and Botswana; Central African Copper Belt, Zambia and the Democratic Republic of Congo (DRC); and the Kupferschiefer Belt, Poland;
- Globally, these Sediment-hosted Stratiform Copper ("SSC") deposit types represent 20% of Cu production* and 60% of Co production^;
- District-scale land package now comprising 40,675 hectares;
- Located within the premier mining jurisdiction of Newfoundland and Labrador;
- Year-round accessibility with road access to the majority of the Project;
- First mover advantage in a previously unrecognized area of exploration potential; and
- Acquired through staking - cost effective acquisition and with no underlying royalties or option payments.
About the Geophysical Survey
The helicopter-borne survey was completed by Geotech Ltd. and comprised a Versatile Time-Domain Electromagnetic (VTEM™ Plus) and horizontal magnetic gradiometer survey. The survey was flown at 200 metre spacing in a northwest trend across the strike of the underlying geology with perpendicular tie lines flown at 2 kilometre spacing.
Lake Sediment Geochemistry and Global Analogues
The Project is underlain by rocks of the sedimentary Humber Arm Allochthon and adjacent plutonic and volcanic Hughes Lake Complex, which is centred on a series of anomalous lake sediment samples (Davenport et al., 1996) that show regionally elevated levels of Co (up to 160 ppm), Ag (up to 0.6 ppm), Pb (up to 84 ppm), Cu (up to 185 ppm), As (up to 142 ppm), Mo (up to 15 ppm), and Au (up to 10 ppb). An analysis of the lake sediment geochemical data via Principal Component Analysis has indicated that the metal suite present within the Project area is likely related to a black shale source, as many of the anomalous lake sediments have low-Ni values which precludes association with the nearby ophiolite complexes to the immediate west.
This metal signature (Cu, Co, Ag, Pb +/- Au, Mo, As, Sb) and geological environment is supportive of the area being host to SSC deposits. SSC deposits host 60% of global Cobalt production^ and 20% of global Copper production* in deposits such as the Central African Copper Belt, which is thought to be analogous to the geological setting of the Humber Copper-Cobalt Project. SSC deposits are often laterally continuous along bedding and contain consistent grades (1.2 to 5% Cu)* and large resources of by-product Au, U, platinum-group, and rare-earth elements. The exploration potential is also underscored by the presence of base metal deposits nearby including the York Harbour and Daniels Harbour Deposits located at lower stratigraphic levels of the region.
Figure 1: A map showing the Humber Project with underlying geology of the Humber Arm Allochthon, coincident anomalous Cu (ppm) lake sediment samples and location of the recently staked Hughes Lake Block.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/11586/259089_270eb151d4c83a9d_002full.jpg
Figure 2: A map showing the geology, lake sediment samples (Cu-ppm) and reconnaissance soil samples** (Cu-ppm) and location of recent copper discovery along the 8-kilometre long Hughes Lake mafic volcanics, Humber Project.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/11586/259089_270eb151d4c83a9d_003full.jpg
Figure 3: Field photographs of representative rock samples displaying fracture and foliation parallel stringer malachite, bornite and chalcopyrite mineralization hosted within dolomitized limestone along the Hughes Lake Trend, Humber Project.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/11586/259089_270eb151d4c83a9d_004full.jpg
Qualified Person and Technical Disclosure
This news release has been reviewed and approved by David A. Copeland, P.Geo., a non-independent consultant to the Company and a "Qualified Person" as defined under National Instrument 43-101 - Standard for Disclosure for Mineral Projects.
All quoted soil and lake sediment samples results were compiled from historic assessment and government reports obtained from the government of Newfoundland and Labrador. The Qualified Person has not completed sufficient work to validate these historic results.
^^Grab samples are selective by nature and may not represent the true metal content of the mineralized zone.
^Petavratzi, E, Gunn, G, Kresse, C. (2019). Commodity review: Cobalt. British Geological Survey.
**(Galloper Gold Corp.; Fage, 2022)
About Magna Terra
Magna Terra Minerals Inc. is a precious and critical metals focused exploration company, headquartered in Toronto, Canada. Magna Terra is focused on acquiring and advancing its high-potential mineral projects in Atlantic Canada and Argentina while generating value for shareholders and minimizing shareholder dilution through option and joint venture partnerships where appropriate; leveraging our ability to explore, grow, and transact projects. The Company is focused on exploring our 100%-owned Humber Copper-Cobalt Project in Newfoundland and Labrador; our 100% owned Rocky Brook Gold and Critical Metals Project in the historic Bathurst Mining Camp of New Brunswick; and our 100%-owned Cape Spencer Gold Project in New Brunswick. In addition, the Company has optioned the Great Northern Project in Newfoundland to Gold Hunter Resources Inc. ("Gold Hunter") for total cash and share consideration of $9.5 million over a 2-year period, and currently holds an approximate 28.9% equity interest in Gold Hunter. Further, the Company maintains a significant exploration portfolio in the province of Santa Cruz, Argentina which includes its large 100% owned Boleadora Project recently retained from Newmont Corp.; a precious metals discovery on its Luna Roja Project proximal to Cerrado Gold's operating Don Nicholas Project infrastructure, as well as several additional district scale drill ready projects available for purchase or option/joint venture.
Forward-Looking Statements
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Statements Regarding Forward-Looking Information
This news release contains forward-looking statements and forward-looking information (collectively, "forward-looking statements") within the meaning of applicable Canadian legislation. All statements in this news release that are not purely historical are forward-looking statements and include statements regarding beliefs, plans, expectations and orientations regarding the future including, without limitation, the ability of the Company to file a report that complies with National Instrument 43-101. Although the Company believes that such statements are reasonable and reflect expectations of future developments and other factors which management believes to be reasonable and relevant, the Company can give no assurance that such expectations will prove to be correct. Forward-looking statements are typically identified by words such as: "believes", "expects", "anticipates", "intends", "estimates", "plans", "may", "should", "would", "will", "potential", "scheduled" or variations of such words and phrases and similar expressions, which, by their nature, refer to future events or results that may, could, would, might or will occur or be taken or achieved. In making the forward-looking statements in this news release, the Company has applied several material assumptions, including without limitation, and the ability of the author of the Technical Reports to finalize same.
Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to differ materially from any future results, performance or achievements expressed or implied by the forward-looking information. Such risks and other factors include the inability of the Company to execute its proposed business plans and carry out planned future activities. Other factors may also adversely affect the future results or performance of the Company, including general economic, market or business conditions, future prices of gold, changes in the financial markets and in the demand for precious metals, changes in laws, regulations and policies affecting the mineral exploration industry, and the Company's investment and operation in the mineral exploration sector, as well as the risks and uncertainties which are more fully described in the Company's annual and quarterly management's discussion and analysis and in other filings made by the Company with Canadian securities regulatory authorities under the Company's SEDAR+ profile at www.sedarplus.ca. Readers are cautioned that forward-looking statements are not guarantees of future performance or events and, accordingly, are cautioned not to put undue reliance on forward-looking statements due to the inherent uncertainty of such statements.
These forward-looking statements are made as of the date of this news release and, unless required by applicable law, the Company assumes no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those projected in these forward-looking statements.
FOR FURTHER INFORMATION, PLEASE CONTACT:
Magna Terra Minerals Inc.
Lewis Lawrick
President and CEO, Director
647-478-5307
Email: info@magnaterraminerals.com
Website: www.magnaterraminerals.com
