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Option to Acquire High Pure Quartz Project in the Northern Territory
Australasian Metals Limited (ASX: A8G, Australasian or the Company) is pleased to advise that the Company has entered into an Option Agreement with Verdant Minerals Limited regarding the Dingo Hole High Pure Quartz Project (EL31078) (Dingo Hole HPQ Project). The acquisition of the highly prospective project will provide Australasian with exposure to the rapidly growing High Pure Quartz (HPQ) sector.
Highlights
- Australasian has signed an option to acquire the Dingo Hole High-Purity Quartz project in the Northern Territory
- High Pure Quartz (HPQ) is defined relative to the IOTA® standard and is a key strategic raw material for global semiconductor and electronics industries
- HPQ resources that can be processed to meet the IOTA® standard are rare globally and growth in AI technologies is resulting in surging demand
Dingo Hole High Pure Quartz Project Highlights:
- Significant outcropping silica mineralisation across the project area with good road access
- Historical geochemical data indicate over 30 surface samples contain greater than 99.94% SiO2 with only minimal sample preparation prior to assay1
- 9 historical samples potentially meet IOTA standard with deleterious elements such as aluminium (Al) below 10 ppm and titanium (Ti) and lithium (Li) below 1 ppm
Dingo Hole High Pure Quartz Project
The Dingo Hole HPQ Project (EL31078) is located in the Georgina Basin, approximately 300km southeast of Tennant Creek (Figure 1). The project covers 35.16km2 and was subject to limited exploration by Rum Jungle Resources Limited (Rum Jungle, renamed to Verdant Minerals Limited) from 2012 to 2016.
Figure 1 Dingo Hole High Pure Quartz (HPQ) project location in Central Northern Territory
In 2015, Rum Jungle conducted a mapping and rock chip sampling program across the Dingo Hole project. 30 of the Dingo Hole samples tested were found to contain greater than 99.94% SiO2 with only minimal sample preparation prior to assay (the samples were pre-leached with 20% Hydrofluoric acid at 60˚ for 4 hours and subsequently washed in Milli-Q water). While this is highly encouraging, it is the low levels of deleterious elements such as aluminium, titanium and lithium contaminants that highlight the project’s world-class potential (Figure 2). Nine of 30 ICP-SMS samples from Rum Jungle’s program contained less than the IOTA® standard for deleterious elements aluminium (Al) at 16.2ppm (16,200ppb), nearly all were better than the 200ppb (0.2ppm) IOTA® level for lithium (Li) and all were well below the 1.2ppm (1,200ppb) level for titanium (Ti).
Click here for the full ASX Release
This article includes content from Australasian 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.
5 Top Weekly TSXV Stocks: Noram Lithium Gains 64 Percent on Updated Resource Estimate
The S&P/TSX Venture Composite Index (INDEXTSI:JX) fell 14.16 points last week to close at 574.09.
Markets saw a significant recovery this past Wednesday (June 12) following the release of the latest US consumer price index (CPI) data and the US Federal Reserve’s interest rate policy decision.
The May CPI figures show a 0 percent change month-on-month and a 3.3 percent increase on an annual basis. Those are declines from April’s 0.3 percent monthly increase and 3.4 percent year-on-year figure.
The improved inflation data wasn’t enough to sway the Fed, and after wrapping up its meeting it said it would hold its benchmark rate at 5.25 to 5.5 percent. Chair Jerome Powell declined to say when cuts can be expected, but said Federal Open Market Committee members are forecasting that the rate will fall to 5.1 percent by the end of the year.
At the same time, he suggested any future cuts will depend on the Fed having confidence that inflation is continuing to sustainably moving toward the central bank’s target level of 2 percent.
The S&P 500 (INDEXSP:.INX) and the Nasdaq-100 (INDEXNASDAQ:NDX) saw volatility immediately following the announcements, but then posted gains to set new record highs this past week. The S&P closed Thursday (June 13) at 5,433.75 points, while the Nasdaq-100 carried its momentum into Friday’s (June 14) session to close at 19,659.8.
Meanwhile, the Dow Jones Industrial Average (INDEXDJX:.DJI) gained more than 150 points during mid-week trading, but saw its gains erased by the end of the week to close the period at 38,589.17.
On a more focused level, the S&P GSCI (INDEXSP:SPGSCI) surged this past Monday (June 10) ahead of the US economic data dump, remaining elevated to close the week with a gain of just under 2 percent. Meanwhile, Canada's S&P/TSX Global Base Metals Index (INDEXTSI:TXBM) was on the decline, closing the week with a loss of more than 3 percent.
Gold and silver prices spiked ahead of the Fed's announcement, but sank on the news that rates will remain unchanged. Gold fell below the US$2,300 per ounce mark before finishing the week in the US$2,330 range. Silver tracked a similar path, falling below the US$29 per ounce price point before seeing a slight gain to end the week in the US$29.50 range.
Against that backdrop, these five TSXV-listed mining and energy stocks performed the best last week.
1. Noram Lithium (TSXV:NRM)
Weekly gain: 63.64 percent; market cap: C$14.69 million; share price: C$0.18
Noram Lithium is a lithium exploration and development company focused on the advancement of its Zeus lithium project in Nevada, US. The property, located near Clayton Valley, comprises 146 placer and 136 lode claims covering 1,133 hectares in a region with existing lithium brine operations since 1967. Noram has been exploring the site since 2016.
The most recent update from the project came this past Tuesday (June 11), when Noram released an updated mineral resource estimate, reporting an indicated resource of 564 million metric tons (MT) at a concentration of 956 parts per million (ppm), resulting in 2.9 million MT of contained lithium carbonate equivalent. Zeus' inferred resource stands at 1.3 million MT of contained lithium carbonate equivalent from 287 million MT grading 861 ppm lithium.
2. TriStar Gold (TSXV:TSG)
Weekly gain: 55.56 percent; market cap: C$54.59 million; share price: C$0.21
TriStar Gold is an exploration and development company focused on its flagship Castelo de Sonhos gold project, which is located near the town of Castelo de Sonhos in Northern Brazil's Pará state.
According to a 2021 prefeasibility study, the project hosts an indicated resource of 1.76 million contained ounces of gold from 53.1 million MT at a grade of 1.03 grams per MT (g/t) gold. At the time, the company estimated a mine life of 11 years with an annual production rate of 3.6 million MT of ore, as well as a net present value of US$321 million with an internal rate of return of 28 percent and a payback period of 2.8 years.
Shares of TriStar saw gains this past week after the company announced on Tuesday that the Pará State Environmental Council has approved the site's preliminary license and environmental impact assessment.
3. Black Mammoth Metals (TSXV:BMM)
Weekly gain: 35.29 percent; market cap: C$27.9 million; share price: C$1.15
Black Mammoth Metals is a gold explorer working to advance its US properties in Nevada, Idaho and California.
Its Happy Cat gold property is located in the Ravenswood Mining District in Ladner County, Nevada. The site covers approximately 1,213 hectares and hosts an approximately 4 square kilometer area where the company has identified a potential alteration zone. Black Mammoth completed ground gravity and magnetic surveys at the site in 2023.
The company also owns the Blanco Creek gold property in the Elk Creek Mining District in Central Idaho. The site hosts three historic mines along 3,550 meters of strike length.
In January, Black Mammoth acquired the America Mine property as part of its acquisition of IDA Mining. The site hosts a historical open-pit heap leach gold and silver mine and is located in San Bernardino, California.
On March 28, the company announced that its subsidiary, Antelope Creek, had entered into an option agreement with Gold Royalty (NYSE:GROY) subsidiary Nevada Select Royalty, which is optioning its Quito gold property in Nevada to Antelope Creek for payments totaling US$900,000 over four years.
Shares of Black Mammoth saw gains this past week, although it did not release news.
4. Strathmore Plus Uranium (TSXV:SUU)
Weekly gain: 30.91 percent; market cap: C$14.78 million; share price: C$0.36
Strathmore Plus Uranium is an exploration company focused on the advancement of three uranium projects in Wyoming, US, with plans to explore all three in 2024. The company’s Agate property, located in the Shirley Basin uranium district, is an in-situ recovery project that comprises 52 lode mining claims originally staked in the 1970s. Historical exploration at the site revealed shallow mineralization from depths of 15 to 150 feet.
Night Owl, also located in the Shirley Basin, hosts a past-producing mine that ceased operations due to low uranium prices in the 1960s. Strathmore also owns Beaver Rim, which consists of 131 lode mining claims over 2,706 acres and is located in the Gas Hills, an area where historic exploration has revealed highly prospective uranium mineralization.
Shares of Strathmore Plus saw gains this past week following Monday's announcement that the company has started drilling at its Agate property to follow up on discoveries from its 2023 exploration. It has been approved to drill an additional 200 holes totalling 30,000 feet.
5. Aurania Resources (TSXV:ARU)
Weekly gain: 25.81 percent; market cap: C$20.38 million; share price: C$0.39
Aurania Resources is an exploration company focused on the advancement of precious metals and copper projects in South America. The company’s flagship project is the Lost Cities - Cutucu project in Southeast Ecuador.
The site consists of 42 mining concessions with a land package of 208,000 hectares. It is situated in a region known for copper and gold deposits, and hosts several large-scale precious and base metals mining operations. The company is working on acquiring its exploration permits for the site.
The company's share price saw gains this past week after it announced on Monday that it has signed a share purchase agreement with Palamina (TSXV:PA,OTCQB:PLMNF) for the sale of Aurania’s Peruvian subsidiary, Sociedad Menera Vicus Explorations, in exchange for 350,000 common shares of Palamina and a 1 percent net smelter return royalty on certain mining claims held by Vicus.
FAQs for TSXV 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, while 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 September 2023, there were 1,713 companies listed on the TSXV, 953 of which were mining companies. Comparatively, the TSX was home to 1,789 companies, with 190 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 Weekly TSXV Performers article was retrieved at 1:00 p.m. PST on June 14, 2024, using TradingView's stock screener. Only companies with market capitalizations greater than C$10 million prior to the week's gains are included. Companies within the non-energy minerals and energy minerals 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.
$2.5 Million Capital Raise for Continued Development of Rio Grande Sur
Pursuit Minerals Ltd (ASX: PUR) (“PUR”, “Pursuit” or the “Company”) is pleased to announce that that it has received firm commitments from sophisticated and professional investors and Directors to subscribe for a placement of approximately 714 million fully paid ordinary shares (“Shares”) in the Company at an issue price of AU$0.0035 per Share to raise gross proceeds of AU$2.5 million (“Placement”). Each placement participant will also be issued one attaching option for every two Shares subscribed for in the Placement (exercise price $0.007; expiry date 3 years from their date of issue) (“New Options”).
- $2.5 million raised from sophisticated investors and professional investors.
- Strong support received from existing shareholders, as well as overseas and domestic institutional investors, with the placement oversubscribed.
- Funds will be used for further development of the Rio Grande Sur Lithium Project in Argentina which is currently progressing its Stage 1 Drilling Campaign in addition to advancing its Pilot Plant towards the first production of Lithium Carbonate.
The issue price of the Placement Shares represents a 12.5% discount to last close of $0.004.
The capital raising will provide working capital for the ongoing development of the Rio Grande Sur Lithium Project, in particular the Stage 1 Drilling Program and advancement of the 250tpa Pilot Plant towards first production of Lithium Carbonate.
CPS Capital Group Pty Ltd (“CPS Capital”) and Inyati Capital Pty Ltd (“Inyati”) acted as the Joint Lead Managers to the Placement, which was significantly oversubscribed. CPS Capital and Inyati will be paid a cash fee equal to 6% of the amount raised under the Placement and will also be issued New Options, at an issue price of $0.001 each, in an amount equal to 25% of the total Shares issued under the Placement (178,571,428 New Options) (subject to shareholder approval in general meeting).
The Placement has been strongly supported by existing shareholders and introduced several new high net- worth investors and domestic and overseas institutions to the Pursuit register. The Shares under the Placement will be issued in a single tranche using the Company’s existing placement capacity under LR7.1 (425,970,713 Shares) and 7.1A (265,457,858 Shares).
Commenting on the success of the Placement, Managing Director & CEO, Mr Aaron Revelle, said:
“Pursuit is delighted with the strong support for the placement. This raising will provide critical funding to continue near term high value creating work programs at our Rio Grande Sur Lithium Project in Argentina with our maiden drilling program nearing completion of its first hole, with the second hole to commence immediately after. It is expected that the drilling program will result in a JORC resource upgrade before the end of the calendar year. Additionally, our Pilot Plant continues operations towards the production of our first lithium carbonate. It was again a pleasure working with CPS Capital and Inyati to complete the raising. We look forward to delivering for shareholders and stakeholders through execution of our upcoming significant work programs.”
Click here for the full ASX Release
This article includes content from Pursuit 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.
International Lithium
Overview
As the demand for clean technologies grows, so too does the demand for high-tech rechargeable batteries to power the green economy. However, the United States and the European Union’s current dependence on Japan, South Korea and China for 80 percent of the world’s battery production is threatening their auto industry. As the largest processor and producer of these battery materials, China alone can significantly influence pricing and supply chain flows.
The United States and the European Union are working to reduce dependence on these countries and restructure supply chains. Both regions have identified Canada as a secure and stable source of sustainable raw materials, such as lithium, which is critical to the growing electric vehicle market. As a result, mining companies with Canada-based projects that supply materials needed for high-tech rechargeable batteries such as lithium may be an interesting opportunity for investors to consider.
International Lithium (TSXV:ILC,OTC:ILHMF,FRA:IAH,OTCQB:ILHMF) is a mineral exploration company focused on developing a portfolio of lithium and rare metals projects and royalties in Canada and Ireland. The company is led by an experienced management team with a proven track record of advancing prospective projects with low technical risk in established mining jurisdictions.International Lithium delivers shareholder value through project development, strategic partnerships and project sales. The company’s projects include the Raleigh Lake and Avalonia projects.
The company’s flagship Raleigh Lake project is a wholly owned and highly prospective lithium, rubidium and caesium project in Ontario. Raleigh Lake spans 48,500 hectares adjacent to the Trans-Canada highway and CPR railway, just outside the town of Ignace, and features promising drill results. Drilling identified stacked tabular dyke-like bodies that gently dip from surface, covering an area of 600 meters along strike by 400 meters downdip with each dyke having grades akin to the 3.78-meter interval grading 1.72 percent lithium oxide and 2,829 parts per million (ppm) rubidium in drill hole RL21-03. Prospecting on newly acquired claims discovered 20 new pegmatites at surface level over several kilometers.
A positive preliminary economic assessment for Raleigh Lake, released in December 2023, shows an annual after-tax cash flow of C$634 million, NPV of C$342.9 million, IRR of 44.3 percent.
International Lithium’s Avalonia project is a joint venture lithium project located in Leinster, Ireland, spanning 29,200 hectares covering a 50-kilometer belt. Drilling on the Avalonia project returned 2.23 percent lithium oxide over 23.3 meters including 3.43 percent lithium oxide over 6 meters and 1.50 percent lithium oxide over 5.6 meters. The Avalonia project is currently under an option agreement. International Lithium currently owns 45 percent.
“International Lithium. is now in by far the strongest financial position that it has been since its listing in 2011, and we look forward to building successfully on that both at our lithium and rubidium project at Raleigh Lake in Ontario and on our other present and future projects,” said chairman and CEO John Wisbey.
In October 2021, the company sold its share in the Mavis Lake joint venture lithium and caesium project in Ontario to Critical Resources (ASX:CRR) with proceeds totaling C$1.48 million and a possible further C$1.38 million linked to resource discovery milestones.
The company also sold its remaining interest in the Mariana project in Argentina for US$13.17 million, which has placed International Lithium in a strong financial position to further increase its liquidity. In 2021 alone, the company raised C$4.9 million in equity financing.
International Lithium is currently focused on developing its flagship Raleigh project, but the company also continues to identify additional properties to grow its portfolio. In February 2024, International Lithium entered into an agreement to acquire 90 percent interest in the Firesteel project, a highly prospective grassroots copper and cobalt property in Northwestern Ontario, signaling an expansion of the company’s critical minerals portfolio. The company completed the purchase of the Firesteel property in May 2024 and has filed applications for permits to conduct the first drilling program at Firesteel targeting copper mineralization and test up to six distinct targets with up to 2,000 metres of core drilling.
Company Highlights
- International Lithium is developing a portfolio of lithium and rare metals projects and royalties in Canada and Ireland, aiming to deliver shareholder value through project development, strategic partnerships and project sales.
- The company’s flagship Raleigh Lake project is a wholly owned and highly prospective lithium, rubidium and caesium project in Ontario, Canada.
- The company produced its maiden resource estimate for lithium and rubidium and has released a positive preliminary economic assessment for Raleigh Lake.
- International Lithium has signed an agreement to purchase 90 percent interest in the Firesteel project, a highly prospective grassroots copper and cobalt property in Northwestern Ontario.
- The company’s 29,200-hectare Avalonia project is a joint venture lithium project located in a large belt in Leinster, Ireland. Drilling on the project returned 2.23 percent lithium oxide over 23.3 meters including 3.43 percent lithium oxide over 6.0 meters and 1.50 percent lithium oxide over 5.60 meters.
- Alongside Canada and Ireland, International Lithium has identified Zimbabwe as a strategic jurisdiction in the company’s global lithium strategy.
- International Lithium is led by an experienced management team with a proven track record of advancing prospective projects with low technical risk in established mining jurisdictions.
Key Projects
Raleigh Lake
The flagship Raleigh Lake project is a fully owned lithium, rubidium and caesium project located immediately west of Ignace in Ontario, Canada. The Raleigh Lake project spans 48,500 hectares and is accessible via the Trans-Canada Highway. The project also features access to the Canadian Pacific railway, natural gas pipelines and a hydropower line that crosses through the property.
Drilling on the property began in April 2021 and returned promising grades of lithium, sizable amounts of rubidium and small amounts of caesium. Drilling identified mineralization hosted in at least four main pegmatites and more observed in outcrops. Drill results include 2.80 of lithium oxide over 9.0 meters as well as 1.05 meters grading 2.69 percent lithium oxide from 31.04 meters and 1.18 meters grading 4210 ppm rubidium from 29.86 meters within a 3.78-meter interval grading 1.72 percent lithium oxide and 2829 ppm rubidium.
In 2021, International Lithium focused on evaluating the regional potential for additional lithium-bearing pegmatites in and around the Raleigh Lake area and, as a result, has expanded the project from 3,000 hectares to more than 47,700 hectares, based on analysis of regional geophysical and geological data.
Phase 3 of the diamond drilling program, which began in September 2022 at Zone 1 of the Raleigh Lake Lithium project intersected spodumene-bearing pegmatite, demonstrating tremendous continuity of the mineralized body.
Phase 3 drill highlights
- All Phase 3 holes testing Pegmatite 1 in Zone 1 intersected spodumene-bearing pegmatite, demonstrating tremendous continuity of the mineralized body
- Thicker and higher-grade mineralization intersected closer to the surface as anticipated.
- Phase 1, 2 and 3 pierce points have intersected Pegmatite 1 along a strike length of over 800 meters and along its dip for over 400 meters.
Pegmatite 1 Spodumene Zone Intersection Highlights*
- RL22-45: 4.85 meters grading 2.06 percent lithium oxide in lower spodumene zone (from 89.5 meters);
- RL22-48: 15.82 meters grading 2.25 percent lithium oxide (from 65.56 meters);
- RL22-49: 2.21 meters grading 2.47 percent lithium oxide (from 72.69 meters);
- RL22-50: 4.62 meters grading 2.29 percent lithium oxide (from 56.12 meters);
- RL22-56: 2.96 meters grading 2.13 percent lithium oxide (from 72.42 meters);
Pegmatite 1 Rubidium-bearing Microcline Intersection Highlights*
- RL22-45: 3.98 meters grading 1.21 percent rubidium oxide from 85.52 meters;
- RL22-57: 4.69 meters grading 0.60 percent rubidium oxide from 152.51 meters.
Maiden Mineral Resource Estimate
International Lithium released its lithium and rubidium mineral resource estimates (MRE), which are closely related due to their spatial relationships, but their respective resource estimates are considered separate and unique.
Lithium MRE
This is a summary of the lithium MRE for lithium-caesium-tantalum (LCT) pegmatites of the Raleigh Lake pegmatite field. The open pit and underground MREs are constrained via optimized pit shell and minable shape wireframes, respectively.
Rubidium MRE
An independent MRE has been calculated for the rubidium contained within microcline zones of the LCT pegmatites. Rubidium also occurs throughout the LCT pegmatites within the lithium-bearing spodumene at a lower cutoff but is not included in this rubidium MRE. Rubidium reaching grades greater than 4,000 ppm is attributed to pockets of high modal abundance of microcline (potassic feldspar). The open pit and underground MREs are constrained via optimized pit shell and minable shape wireframes, respectively.
Rubidium Open Pit and Underground MRE
In December 2023, International Lithium released its positive preliminary economic assessment (PEA) for a proposed lithium mining operation to produce spodumene concentrate at Raleigh Lake. The PEA has demonstrated a highly favourable economic scenario based on the production of a spodumene concentrate containing 6 percent lithium oxide. Project economics show an after-tax cash flow of C$634 million, NPV of C$342.9 million and IRR of 44.3 percent per annum, with a nine-year mine life and project duration of 11 years.
Avalonia
Spodumene in boulder at Avalonia
The Avalonia project is a joint venture lithium project located in Leinster, Ireland. The property spans 29,200 hectares covering a 50-kilometer belt with around 29 significant lithium pegmatite occurrences. Drilling on the Avalonia project returned 2.23 percent lithium oxide over 23.3 meters including 3.43 percent lithium oxide over 6.0 meters and 1.50 percent lithium oxide over 5.60 meters. However, some drill results on the property are still pending.
International Lithium currently owns 45 percent of the project while Ganfeng Lithium owns 55 percent. Ganfeng Lithium has the option to acquire 79 percent of the project by spending C$10 million for exploration activities by September 2024 or by producing a positive feasibility study. If the option is exercised, International Lithium will retain 21 percent of the Avalonia project which may reduce further if the company does not contribute to the project. However, if the company’s ownership becomes less than 10 percent then its share will convert to a 1 percent NSR.
Firesteel Copper Project
The 6,600-hectare Firesteel property consists of 17 mining claims, making up 316 mining claim units in Northwestern Ontario. The property is adjacent to Highway 17, less than 10 kilometers west of Upsala, Ontario stretching westward to the Firesteel River for approximately 16 kilometers.
Firesteel is located within the central Wabigoon Sub-province at the eastern limit of the Lumby Lake Greenstone Belt, which contains massive mafic flows or gabbro interspersed with thin felsic meta volcanic and rare pillowed mafic units. Historical assay results from samples taken at locations approximately 1.6 kilometers northeast and 2.8 kilometers southwest of the Roadside 1 Copper Zone returned values of up to 2.6 percent copper, 3.327 ppm gold and 2.6 percent copper, 4.294 ppm gold, respectively (Bumbu 1995).
Management Team
John Wisbey - Chairman and CEO
John Wisbey joined the board of ILC in 2017. After a few months, he became deputy chairman and then he became chairman and CEO in March 2018. He has personally invested significant funds in ILC since joining the board and is now ILC’s largest shareholder. He has had a career as a technology entrepreneur and is also a former banker. More recently, Wisbey was a green energy entrepreneur. He founded two London AIM-listed companies –– IDOX plc which provides software for the UK local government and Lombard Risk Management plc which specializes in software for bank risk management and regulation. He also established CONVENDIA Ltd. which is a private company that specializes in software for cash flow forecasting, project valuation and M&A financial analysis. Wisbey holds various non-executive director roles in the UK and Switzerland. He was formerly a banker at Kleinwort Benson. At Kleinwort Benson, he held various roles, including a director in the derivatives group, head of options and corporate lending. Wisbey has acted as a public company chairman, CEO, or director for twenty years. He is a graduate of Cambridge University.
Maurice Brooks - Director and CFO
Maurice Brooks joined the board of ILC in 2017. He is a licensed senior statutory auditor in the UK. Since 2000, he has been a senior partner at Johnson Smith & Co. in Staines, Surrey. Before that, Brooks was a senior partner in Johnsons Chartered Accountants in the London Borough of Ealing. His commercial and investment experience includes executive directorships in manufacturing and an investment accountant role to the superannuation fund of the Western Australian state government. His early professional employment includes Ball Baker Leake LLP and LLC and Price Waterhouse Coopers-UK.
Anthony Kovacs - Director and COO
Anthony Kovacs joined the board of ILC in 2018 and has worked with the company since 2012. He has over 25 years of experience in mineral exploration and development. Before joining ILC, he held senior management roles in which he sourced and advanced iron ore and industrial minerals projects. Kovacs was involved in early-stage work at the Lac Otelnuk Iron Ore project in Quebec, Canada and the Mustavaara Vanadium Mine in Finland. Before that, Kovacs worked for Anglo American where he focused on Ni-Cu-PGE and IOCG projects. At Anglo-American, Kovacs was directly involved in several discoveries internationally. Kovacs has significant experience with industrial minerals, ferrous metals, non-ferrous metals and precious metals projects throughout the Americas, Europe and Africa.
Ross Thompson - Non-executive Director
Ross Thompson joined the board of ILC in 2017 and is the chair of the audit and remuneration committees. He is a speaker and expert in marketing behavioral science. In 1995, he founded Giftpoint Ltd. which is now one of the largest specialist promotional merchandise businesses in the UK. with offices in London and Shanghai. Giftpoint Ltd.’s clients include L’Oreal, Oracle, Ocado and Pernod Ricard among others. Thompson was president of IGC Global Promotions, one of the world’s oldest and largest global networks of premium resellers, for seven years. He is an active investor with a special interest and understanding of natural resources businesses.
Geoffrey Baker, Non-executive Director
Geoff Baker joined the board of ILC at the end of 2022, and is a member of the audit committee. He has a distinguished career in the natural resource and finance industries. He is a director of Tim Trading, a company offering consultancy services in the oil and gas industry. During his tenure as manager of Insch Black Gold Funds, Baker received the Investors Choice Swiss Fund Manager of the Year Award. He is a co-founder of a digital collectible non fungible token CryptoChronic and of Cannastore, a pilot e-commerce website. Baker holds a bachelor's degree from the University of Windsor in Ontario.
17.65% Niobium & Exceptional REE Results from In-Situ Source at Wabli Creek Project
Reach Resources Limited (ASX: RR1 & RR1O) (“Reach” or “the Company”) is pleased to advise that assay results from the latest field program at Wabli Creek have identified a primary source of high grade Nb/REE mineralisation previously only found in surface eluvial samples on site (Figure 2).
HIGHLIGHTS
- In-situ or bedrock source of high-grade Niobium (Nb) and Rare Earth Elements (REE) has been discovered during the latest program of rock chip sampling at Wabli Creek, Gascoyne, W.A.
- The recently identified ovoid late-stage intrusive feature (ASX Announcement 28 May 2024) is considered the likely parental source of the Nb-Y-Ta-Ti-REE enriched pegmatites at Wabli Creek. Further, geochemistry indicates that a carbonatite association cannot be ruled out in addition to the pegmatites.
- This ovoid intrusive feature is younger than the surrounding country rock, with a diameter in excess of 3km’s and a circumference greater than 8km’s.
- Granitic pegmatite is now confirmed as a primary source of mineralisation with in-situ assay results including:
- 17.65% Nb2O5, 0.15% Y2O3, 10.81% Ta2O5, 31.39% TiO2, 0.37% TREO (24WRCK049)
- 13.22% Nb2O5, 0.13% Y2O3, 6.27% Ta2O5, 18.97% TiO2, 1.13% TREO (24WRCK046)
- These outstanding results have been chipped straight off bedrock (in-situ) and hold similar concentrations to the previously reported high grade weathered surface material (eluvial samples previously reported 32% Nb2O5 and 2.57% TREO -ASX Announcement 21 December 2023). Importantly, the in-situ assay results taken straight from the bedrock were taken approximately 0.5km from the historically reported 32% Nb2O5.
- The majority of the ovoid intrusive feature most prospective for Nb-Y-Ti-REE mineralisation (the margin zone), is poorly exposed and remains under-explored.
- Detailed airborne magnetic and radiometric surveys recently acquired are currently being interpreted by Southern Geoscience to identify and refine key priority targets for further exploration.
- The Company is actively progressing its heritage discussions with the Native Title custodians of the land and will return to site for additional sampling in the short term.
Most importantly, these latest high-grade assay results (17.65% Nb2O5 and 13.22% Nb2O5) confirm that the hard rock source material holds the same or similar high-grade concentrations as the weathered surface material (eluvial material), previously reported by the Company (32% Nb2O5 and 2.57% TREO - ASX Announcement 21 December 2023). Further, the in-situ samples have been chipped straight off the bedrock (in-situ) approximately 0.5km from the previously reported sample returning 32% Nb2O5.
Figure 1: Large black rock fragments chipped directly from the in-situ granitic pegmatite outcrop, Wabli Creek, Gascoyne, W.A (Sample – 24WRCK046).
Located in the highly prospective Gascoyne Province of Western Australia, approximately 150km north of Gascoyne Junction, the Wabli Creek project has previously reported high grade niobium and TREO eluvial results up to 32% Nb2O5 and 2.57% TREO (ASX Announcement 21 December 2023).
These latest in-situ results, in addition to the large ovoid intrusive feature (ASX Announcement 28 May 2024), provide a fundamental change in the prospectivity at Wabli Creek.
Figure 2: High grade assay results from granitic pegmatite collected at the margins of the late stage, ovoid intrusive feature, Wabli Creek, Gascoyne, W.A (24WRCK046 & 24WRCK049), including historical results approximately 0.5km away reporting 32% Nb2O5 (ASX Announcement 21 December 2023).
During the Company’s current program, a total of 49 rock chip samples were taken from Wabli Creek (E09/2377), during May 2024. Sampling was focused on the Priority 1 geochemical targets outlined by Sugden Geoscience (ASX Announcement 21 December 2023).
Click here for the full ASX Release
This article includes content from Reach Resources, 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.
Critical Metals Corp. to Acquire Tanbreez, One of the World’s Largest1 Known Rare Earths Assets
European Lithium Limited (ASX: EUR, FRA:PF8, OTC: EULIF) (European Lithium or the Company) is pleased to announce that Critical Metals Corp. (Nasdaq: CRML) (Critical Metals Corp), a mining development company focused on critical metals and minerals, and producing strategic products essential to electrification and next generation technologies for Europe and its western world partners, today announced that it has signed a binding heads of agreement to acquire a 92.5% controlling interest in the Tanbreez Greenland Rare Earth Mine (the Tanbreez Project) from Rimbal Pty Ltd., a company controlled by geologist Gregory Barnes (Rimbal). European Lithium will retain its 7.5% ownership in the Tanbreez Project.
HIGHLIGHTS
- Critical Metals Corp. has signed a binding heads of agreement to acquire a 92.5% controlling interest in the Tanbreez Greenland Rare Earth Deposit, for a total of $US211m in CRML shares at $US 10.71/share and $US5m in cash
- EUR owns a 7.5% direct interest in the Tanbreez Project
- Exploitation license granted with a license to mine the asset granted
- As China dominates more than 90% of the world’s REEs, the Tanbreez Project offers an alternative permitted rare earth asset for the Western World
The Tanbreez Project is a permitted, globally significant critical minerals asset positioned to unlock a sustainable, reliable and long-term rare earth supply for North America and Europe. Once operational, the Tanbreez Project is expected to supply rare earth elements (REEs) to customers in the western hemisphere to support the production of a wide range of next-generation commercial products, as well as demand from the defense industry. The Tanbreez Project is expected to possess greater than 27% heavy rare earth elements (HREE), which carry a much higher value than light rare earth elements. In an industry where competitors primarily target light rare earth elements (LREE), the Tanbreez Project is believed to be unique not only due to its significant size, but also because of its HREE asset mix.
Critical Metals Corp CEO and Chairman, Tony Sage commented: “Tanbreez is a game-changing rare earth asset for the West and is a key step towards positioning Critical Metals Corp as the preeminent critical minerals supplier with a diversified, multi-asset portfolio that spans multiple geographies”.
Tanbreez Project Asset Highlights:
- Exploitation License Granted: the project is permitted with a license to mine the asset granted by the Greenland Government in 2020.
- Reliable and Long-term REE Supply Unlocked for the West: securing one of the largest, rare-earth deposits in the world for national defense.
- Strategically Located: the asset is favorably located in Southern Greenland in close proximity to airport and shoreline transportation options with established infrastructure in place for year round direct shipping of end-products.
- Environmentally Friendly Asset: minimal harmful products expected to be produced in the mineralization of REEs at the project.
Tanbreez Project Asset Overview
The Tanbreez Project is expected to have access to key transportation outlets as the project’s area features year-round direct shipping access via deep water fjords that lead directly to the North Atlantic Ocean. The outcropping ore body known as Kakortokite covers an area of 8 x 5 km and is approximately 400m thick.
This foundational rare earth asset is expected to benefit from robust regulatory tailwinds in both Europe and North American and long-term secular trends for next-generation technology for both commercial and government applications. With China dominating more than 90% of the world’s rare earth assets, this acquisition would represent a strategic move for Critical Metals Corp as it continues to position itself as a leading supplier of critical minerals for the western world. By centralizing the supply chain for critical minerals and working with Critical Metals Corp and the Tanbreez Project, western countries can reduce their dependence on foreign imports, thereby bolstering their national security.
Click here for the full ASX Release
This article includes content from European Lithium, 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.
Volvo's Battery Passport Seeks to Improve EV Supply Chain Accountability
Volvo (STO:VOLV-B) has introduced a new supply chain tracker for its line of EX90 electric SUVs
The Wall Street Journal reported on June 4 that the tracker will provide transparency about the origins of raw materials — such as lithium, cobalt and nickel — used in the Swedish carmaker's electric vehicle (EV) batteries.
Known as a "battery passport," the tracker is a digital record that contains verified information on the raw materials' origins, weight, size and chain of custody, as well as the recycled content within each battery.
The tool was designed to ensure responsible sourcing and improve battery sustainability. It was developed by Volvo together with British technology firm Circulor in response to growing ESG concerns surrounding battery components.
Starting this year, the battery passport will be available in Volvo's EX90 models in the European Union and the US.
Customers can access the battery passport through an app or a QR code located inside the vehicle. The passport makes use of Circulor’s blockchain technology to maintain a secure and transparent digital ledger.
“The purpose of the battery passport is to source more responsibly and prove you are trying to improve the sustainability of batteries,” Circulor Chief Executive Doug Johnson-Poensgen told the Wall Street Journal. “The main driver is to effectively shine a light into the deeper parts of a supply chain that were previously pretty opaque.”
The passport will also include data on the CO2 footprint of the battery pack and the percentage of recycled material used; life cycle data will be available as well to show battery health and improve battery recyclability.
Vanessa Butani, Volvo's head of global sustainability, emphasized that ensuring an ethical supply chain for battery raw materials is a key focus. “By providing our electrified Volvo cars with an individual battery passport, we boost transparency around the origin of the materials used in our batteries and how we manage their entire life cycle,” she noted.
EV batteries increasingly driving raw material demand
The International Energy Agency's Global EV Outlook 2024 highlights the extent to which the EV market is expanding and by extension driving demand for metals like lithium, cobalt and nickel.
According to the organization, EV battery demand surpassed 750 gigawatt hours in 2023, marking a 40 percent rise compared to 2022, although growth decelerated slightly compared to the 2021 to 2022 period.
Looking at raw materials, around 140,000 metric tons (MT) of lithium were required for battery production in 2023, accounting for 85 percent of total lithium demand and marking a 30 percent increase from the previous year.
Similarly, cobalt demand for batteries rose to 150,000 MT last year, making up 70 percent of the total demand and reflecting a 15 percent increase. Nickel demand for battery production, while representing a smaller portion of overall demand, reached nearly 370,000 MT in 2023, showing an increase of almost 30 percent from 2022.
Volvo and others are looking to combat the ESG issues associated with mining these materials.
For instance, a large portion of the world's cobalt supply comes from the Democratic Republic of Congo, where artisanal mining practices can involve child labor and unsafe working conditions.
Lithium mining, primarily in South America, has raised concerns about water usage and environmental degradation. Nickel mining, widespread in countries like Indonesia and the Philippines, has also been linked to ecological damage.
Andy Leyland, co-founder of battery analysis firm SC Insights, noted that transparency in supply chains is crucial for both consumers and governments to ensure responsible sourcing of materials and components.
"Transparency is crucial for supply chains associated with the energy transition," he told the Wall Street Journal. "Both consumers and governments want to know that materials and components are sourced responsibly."
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Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
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