- AustraliaNorth AmericaWorld
Investing News NetworkYour trusted source for investing success
- Lithium Outlook
- Oil and Gas Outlook
- Gold Outlook Report
- Uranium Outlook
- Rare Earths Outlook
- All Outlook Reports
- Top Generative AI Stocks
- Top EV Stocks
- Biggest AI Companies
- Biggest Blockchain Stocks
- Biggest Cryptocurrency-mining Stocks
- Biggest Cybersecurity Companies
- Biggest Robotics Companies
- Biggest Social Media Companies
- Biggest Technology ETFs
- Artificial Intellgience ETFs
- Robotics ETFs
- Canadian Cryptocurrency ETFs
- Artificial Intelligence Outlook
- EV Outlook
- Cleantech Outlook
- Crypto Outlook
- Tech Outlook
- All Market Outlook Reports
- Cannabis Weekly Round-Up
- Top Alzheimer's Treatment Stocks
- Top Biotech Stocks
- Top Plant-based Food Stocks
- Biggest Cannabis Stocks
- Biggest Pharma Stocks
- Longevity Stocks to Watch
- Psychedelics Stocks to Watch
- Top Cobalt Stocks
- Small Biotech ETFs to Watch
- Top Life Science ETFs
- Biggest Pharmaceutical ETFs
- Life Science Outlook
- Biotech Outlook
- Cannabis Outlook
- Pharma Outlook
- Psychedelics Outlook
- All Market Outlook Reports
September 2024 Qtr. Activities Report
Rimfire Pacific Mining (ASX: RIM, “Rimfire” or “the Company”) is an ASX-listed Critical Minerals exploration company which is advancing projects within the Fifield (“FI”) and Broken Hill (“BH”) districts of New South Wales (Figure 1).
Highlights
- Maiden Scandium (Sc) Mineral Resources estimated for the Melrose and the northern portion of the Murga area (“Murga North”) comprising;
- 3Mt @ 240 ppm Sc (1,120t Sc Oxide) Indicated and Inferred Mineral Resource at Melrose
- 21Mt @ 125 ppm Sc (4,050t Sc Oxide) Inferred Mineral Resource at Murga North which is open to the south and west
- Significant upside demonstrated by an Exploration Target for the broader Murga area and pipeline of satellite Scandium prospects
- Rimfire funded infill aircore drilling at the Murga Exploration Target has commenced
- Initial assay results for Bald Hill step out diamond drilling confirms high-grade cobalt mineralisation (with associated copper);
- 18m @ 0.16% Co, 0.16% Cu from 110 metres including 5m @ 0.21% Co, 0.23% Cu
- South 32 (S32.ASX) and Red Hill Minerals (RHI.ASX) have recently farmed into leases immediately adjoining Rimfire’s Broken Hill Project
- Rimfire raised $1.15M during the quarter with a placement and an additional $1.2M post end of Quarter following exercise of Options
Commenting on the Quarterly Activities report, Rimfire’s Managing Director Mr David Hutton said: “Rimfire continues to explore for and discover the critical minerals that are associated with global decarbonisation strategies. We are leveraged to and provide unique ASX investment exposure to scandium – an extremely valuable metal.
Announcing maiden Mineral Resource estimates for both Melrose and Murga North as well as the significant upside demonstrated by the Murga Exploration Target is a hugely pivotal moment for the company and its shareholders as we work towards building a globally significant scandium resource inventory across our projects in the Fifield district of NSW.
We have also commenced infill drilling to potentially convert the Murga Exploration Target into our third Scandium Mineral Resource estimate
Along with our Broken Hill Project cobalt and copper exploration success, Rimfire now has several emerging critical mineral opportunities to drive enduring shareholder value”.
Introduction & Operational Summary
During the September 2024 Quarter (the “Quarter”), Rimfire announced a 3Mt @ 240 ppm Sc (1,120t Sc Oxide) Indicated and Inferred Mineral Resource estimate at Melrose and a 21Mt @ 125 ppm Sc (4,050t Sc Oxide) Inferred Mineral Resource at Murga North, together with an Exploration Target for the surrounding Murga area (excluding Murga North) of 100 to 200Mt at 100 to 200ppm Sc (15Kt – 46Kt Scandium Oxide)*.
Declaring maiden Scandium Mineral Resources for Melrose and Murga North and an accompanying Exploration Target for the broader Murga area is an important first step in achieving Rimfire’s objective of building a globally significant scandium resource inventory at Fifield.
Murga North and Murga lie on the Fifield Project and Melrose lies on the Avondale Project. At the end of the Quarter, Rimfire issued a notice of termination to Rimfire’s exploration partner Golden Plains Resources (GPR) in respect of the Fifield Project Earn-in Agreement, with the termination stated to take immediate effect.
The Company exercised a termination right which has arisen as a result of a change of control of GPR following the judgement of the Victorian Supreme Court in: Resource Capital Ltd v Giovinazzo [2024] VSC 548 (Judgement), delivered 6 September 2024.
Separately on its 100% - owned projects, Rimfire drilled 5 diamond holes (974 metres) to test for extensions to previously drilled high-grade cobalt mineralisation at the Bald Hill Cobalt Copper prospect at Broken Hill. Assays received for the first drill hole confirmed further high-grade cobalt mineralisation and associated copper, i.e.; 18m @ 0.16% cobalt, 0.16% copper from 110 metres including 5m @ 0.21% cobalt, 0.23% copper.
Looking ahead to the December 2024 Quarter, our primary focus will be aircore drilling at the Murga Exploration Target to infill existing 400m x 400m spaced drill holes. Rimfire will also receive the remaining assay results from the Bald Hill drilling.
Click here for the full ASX Release
This article includes content from Rimfire Pacific Mining 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.
Rimfire Pacific Mining Investor Kit
- Corporate info
- Insights
- Growth strategies
- Upcoming projects
GET YOUR FREE INVESTOR KIT
Rimfire Pacific Mining
Company Overview
Rimfire Pacific Mining (ASX:RIM) has its roots in NSW with a long history of exploration activity within some of the world's most prolific mining jurisdictions in Central Western NSW and the Broken Hill districts. With a highly capable and accomplished technical team, the company is committed to employing best-in-class geoscience to discovery Australia's next critical minerals mines.
With a combination of 100% owned assets and JV projects, Rimfire's Lachlan Orogen Projects are on the doorstep of some of Australia's truly great gold-copper porphyry mines such as Northparkes, Cadia and Cowal within a region dominated by major international mining businesses.
In the iconic Broken Hill region which has been a major production centre for base metals, Rimfire is primarily focused on chasing up historical occurrences of cobalt mineralisation and has projects proximate to ASX listed Cobalt Blue Ltd's Broken Hill Cobalt Project.
As a company committed to the discovery of critical minerals orebodies of scale, Rimfire aims to deliver enduring value to shareholders.
Dore Copper Mining: Copper-Gold Exploration in the Chibougamau area of Québec, Canada
Doré Copper Mining (TSXV:DCMC,OTCQB:DRCMF,FRA:DCM) is positioning itself as a near-term producer in the prolific Chibougamau region of Québec, Canada. The company is actively advancing its assets toward production, taking advantage of its brownfields high-grade copper and gold projects, existing infrastructure, and supportive jurisdiction. The company aims to establish itself as Quebec’s next copper producer, with a hub-and-spoke mining strategy centered around its Copper Rand mill.
Doré Copper Mining operates in the Chibougamau mining camp, an area known for its historical copper and gold production, within the world-renowned Abitibi Greenstone Belt. The company’s flagship asset, Corner Bay, is complemented by several other projects, including Devlin, Joe Mann, Cedar Bay, and Copper Rand. These properties form the foundation of Doré Copper Mining’s near-term and future production plans.
Doré Copper Mining’s assets are located within a well-known copper and gold mining region, with a long history of production. The company’s current strategy revolves around a hub-and-spoke model, with the Copper Rand mill serving as the processing hub, fed by multiple satellite deposits. The key projects in the PEA include Corner Bay, Devlin, and Joe Mann. Other past producing mines, like Cedar Bay and Copper Rand, have further exploration potential.
Company Highlights
- Doré Copper Mining’s hub-and-spoke mining model—using the Copper Rand mill as the central processing facility for its satellite deposits—would support an initial production target of more than 50 million pounds of copper equivalent annually, with a mine life exceeding 10 years.
- A Preliminary Economic Assessment (PEA) was released in 2022 outlining a relatively modest initial capital expenditure of C$180.6 million, highlighting the economic potential of the project with an after-tax net present value (NPV) of C$193 million and an internal rate of return (IRR) of 22.1 percent.
- A feasibility study is underway, which is expected to provide more detailed engineering data and further de-risk the operations
- Corner Bay, the flagship asset, is among the highest-grade copper deposits in North America, with an indicated resource of 2.6 million tonnes at a grade of 2.66 percent copper and an inferred resource of 5.8 million tonnes at a grade of 3.44 percent copper.
- The 100 percent owned Copper Rand mill will be refurbished for future production and will be the only operating mill in the Chibougamau region. The mill will have extra capacity and provides the ability to process its own ore while potentially offering toll milling services to other nearby mining projects.
- Doré Copper Mining is led by an experienced and highly skilled management team.
This Doré Copper Mining profile is part of a paid investor education campaign.*
Click here to connect with Dore Copper Mining (TSXV:DCMC) to receive an Investor Presentation
Completion of Transformational Mt Isa Copper and Uranium Acquisition
- Completed the acquisition of all the issued capital in Capella Metals Limited (Capella) (Capella Acquisition). Capella holds a 100% legal and beneficial interest in one granted exploration permit, EPM 28620, and three exploration permit applications, being EPM 28791, EPM 28792 and EPM 28793 (together, the Capella Tenements); and
- Exercised the option (Bacchus Option) with Bacchus Resources Pty Ltd (Bacchus) and subsequently completed the acquisition of a 100% legal and beneficial interest in the five granted exploration permits, being EPM 26987, EPM 27570, EPM 27947, EPM 27439 and EPM 28297 (together, the Bacchus Tenements) (Bacchus Acquisition).
Key Highlights:
- NIS has completed the acquisition of a 100% interest in the Mt Isa North Copper and Uranium Project comprising highly prospective exploration permits covering 2,003km2 in the Mt Isa region in Northwest Ǫueensland, Australia.
- The fully underwritten pro rata non-renounceable entitlements offer to raise $2.1 million has completed.
- In accordance with the Capella Acquisition Agreement, NIS has appointed Bruno Seneque and Richard Maddocks to the Board of the Company as Non-Executive Directors with effect from today.
- NIS is now well funded to commence undertaking exploration activities at Mt Isa North Project with 1,500m reverse circulation (RC) drilling campaign at the high-grade Surprise Cu-Au-Ag prospect, planned for Ǫ4-CY24, subject to all approvals being received.
The Capella Tenements and the Bacchus Tenements (collectively, the Mt Isa North Project) are a portfolio of granted exploration permits and exploration permit applications covering 2,003km2 in the Mt Isa region, Northwest Ǫueensland, Australia. The Mt Isa North Project is considered prospective for copper , uranium, and zinc-lead-silver deposits.
The Mount Isa region is one of the world’s premier exploration and mining locations and hosts extensive mining-oriented infrastructure, numerous mines and processing facilities, water and power utilities, rail and national highway transport connections, frequent commercial air services, and a skilled labour force.
Capella’s exploration model at Mount Isa recognises that world-class discoveries may be made in structurally favourable sites in parts of the stratigraphy largely overlooked by previous explorers, as well as in various units of known prospectivity that have only been superficially explored within the Mt Isa North Project.
Further details about the Mt Isa North Project are set out in the Company's ASX announcement dated 28 August 2024.
Entitlement Offer
In addition, as announced on 11 September 2024, the Company has successfully raised $2,135,424 (before costs) under its Entitlement Offer, which was on the basis of 2 New Shares for every three 3 Shares held by eligible shareholders with 1 free-attaching unquoted option (exercisable at $0.03 and expiring on 30 June 2027) (New Option) for every 2 Shares subscribed for and issued.
Capella Acquisition
The Company, Capella and the key shareholders of Capella (Major Capella Shareholders) entered into a share purchase agreement (Capella Acquisition Agreement) pursuant to which the Company agreed to acquire 100% of the issued capital in Capella from the Major Capella Shareholders. Subsequently, the Company entered into separate share purchase agreements with each minority shareholder of Capella (Minor Capella Shareholders). The Major Capella Shareholders and Minor Capella Shareholder (together, the Capella Vendors) are unrelated third parties of the Company.
In connection with the Capella Acquisition, the Company agreed to issue 88,419,220 Shares (Capella Consideration Shares) to the Capella Vendors (or their nominees) on a pro-rata basis and 15,829,526 unquoted options exercisable at $0.03 on or before 30 June 2027 (New Options) (Capella Consideration Options) to certain Capella Vendors (or their nominees). The Company has since issued the Capella Consideration Shares and Capella Consideration Options to the Capella Vendors in their respective proportions.
In addition, the Company agreed to appoint Mr Bruno Seneque and Mr Richard Maddocks, who were existing directors of Capella, to the Board of the Company as Non-Executive Directors. The Company has now appointed Mr Bruno Seneque and Mr Richard Maddocks to the Board of the Company as Non-Executive Directors with effect from today.
Appendix 3X’s for Messrs Seneque and Maddocks are to be released subsequently.
Further details summarising the material terms of the Capella Acquisition Agreement are set out in the Company's ASX Announcement dated 28 August 2024.
Click here for the full ASX Release
This article includes content from NickelSearch 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.
September 2024 Quarterly Activities Report
Anax Metals Limited – “consolidating base metals production in the Pilbara”
Anax Metals Limited (ASX: ANX, Anax, the Company) is pleased to provide its Activities Report and Appendix 5B for the quarter ended 30 September 2024 (Quarter).
Highlights:
- Massive sulphide mineralisation intersected in drilling at Evelyn
- Multiple exciting high-potential VMS targets identified
- Memorandum of Understanding (MOU) executed with Artemis Resources Ltd
- Commercial-scale trial of aggregate production from previously mined waste rock paves the way for possible near-term revenue through the production of road base and aggregates
- Advancement of the project growth processing hub studies
- Strategic capital raise of $2.54 million completed post Quarter-end
Project Growth (Exploration)
Diamond Drilling
In July 2024, Anax announced commencement of a diamond drilling programme at the Evelyn deposit (Figure 1).12 The programme was designed to increase drill density and test for down- plunge extensions below a 2022 RC hole, 22AER005B, which intersected 13m @ 4.46% Cu, 3.10% Zn, 45 g/t Ag and 1.61 g/t Au from 204 m (Figure 2).2
Figure 1: Whim Creek Project Location in the Pilbara Region of Western Australia
Figure 2: Evelyn Long Section (local grid) showing CuEq grade x thickness contours and current drilling pierce points. The view direction is to northwest.2
The drilling programme was successfully completed in late August 2024 with all holes intersecting visual sulphide mineralisation.13
The best observed intersection from the drilling programme was from 24AED002A, which encountered a strongly mineralised zone between 176.45m and 189.9m. Preliminary results from Minalyzer continuous XRF-scanning have confirmed the high-grade nature of the intersection (Table 1 and Figure 3).13
Table 1: Significant continuous XRF-scanning results for 24AED002A1
CAUTIONARY STATEMENT ON CONTINUOUS XRF SCANNING RESULTS:
Core was processed through the Minalyzer CS (Minalyzer) continuous XRF scanning unit in Perth. Six trays of calibration core samples were submitted with the new drilling, but no high-grade mineralisation was available. The results presented in this announcement are therefore considered partially calibrated as the upper limit of likely assays are not represented in the calibration core. The XRF results that are subject of this report will be submitted for laboratory assay and some variation from the results presented herein should be expected. For further information about the XRF scanning results and Minalyzer refer to the ASX Announcement dated 27 August 2024.
Click here for the full ASX Release
This article includes content from Anax 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 Best-performing Junior Copper Stocks on the TSXV in 2024
Copper prices saw significant momentum in the first half of the year, surging above the US$10,000 per metric ton mark on the London Metals Exchange.
Although prices have retraced to around the US$9,400 mark, they remain elevated in comparison to prices in 2023.
Support for the metal has come from a combination of factors including increasing demand from energy transition sectors that is coming alongside strained supply due to underdevelopment and geopolitical issues.
How have these dynamics affected small-cap copper explorers on the TSXV? Below are the five best-performing junior copper stocks since the start of 2024. Data for this article was gathered on October 16, using TradingView's stock screener, and all companies had market caps of over C$10 million at that time.
1. Koryx Copper (TSXV:KRY)
Year-to-date gain: 388.89 percent
Market cap: C$62.28 million
Share price: C$1.10
Koryx Copper 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 metric tons per year of ore processing with 85 percent copper recovery for a yearly production of 38,337 metric tons of copper and an additional 51,081 metric tons of copper sulfate.
Since the start of 2024, Koryx has published several assay results from exploration at Haib, the most recent came on August 8 when the company provided final results from its 2024 drill program. In the announcement, the company highlighted near-surface grades of 0.30 percent copper over 44 meters, including an intersection of 0.5 percent copper over 8 meters.
Company President and CEO Pierre Léveillé said the program demonstrates that the deposit can deliver grades over 0.3 percent copper for substantial width in the project area. He also said the results indicate above average grades in the outer limits of the deposit.
Following the final results, Koryx released an updated mineral resource estimate from Haib on September 10. The announcement reported indicated resources of 1.46 million metric tons (MT) contained copper from 414 million MT of ore at an average grade of 0.35 percent along with additional inferred resources of 1.14 million MT of copper from 345 million MT of ore at 0.33 percent.
The most recent news from Koryx came on October 15 when it announced it had closed an oversubscribed first tranche of its non-brokered private placement. The company said it had raised C$9.67 million in funding for the sale of 8.79 million common shares and would be increasing the size of the offering up to C$17 million. Koryx noted that the second tranche was fully subscribed and would be closing shortly.
Funds raised will be used to advance the Haib copper project and the Luanshya West copper-cobalt project in Zambia as well as general working capital purposes.
Shares of Koryx reached a year-to-date high of C$1.24 on September 24.
2. Sandfire Resources America (TSXV:SFR)
Year-to-date gain: 244.44 percent
Market cap: C$317.24 million
Share price: C$0.31
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 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 it 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 July 25, when the company released an exploration update that highlighted high-grade copper intercepts of 12.8 percent copper over 13.2 meters.
Although, much of Sandfire’s focus in 2024 has been on the exploration and development of Black Butte, the company also has two copper-producing assets: Motheo in the Kalahari Copper Belt in Botswana and MATSA in the Iberian Pyrite Belt in Spain. In the company’s FY24 report released on August 29, Sandfire reported that it produced 109,000 MT of copper equivalent during the fiscal year, an increase of 47 percent over FY23.
Shares of Sandfire reached a year-to-date high of C$0.395 on May 12.
3. T2 Metals (TSXV:TWO)
Year-to-date gain: 234.78 percent
Market cap: C$15.93 million
Share price: C$0.385
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.
The property consists of 28 mining claims and one mineral lease over 4968 hectares, with T2 holding an option agreement with Halo Resources for a 90 percent earn-in stake. The site was home to the Sherridon/Sherritt Gordon mine, which was in operation until 1955 and milled 7.55 million MT of ore with an average grade of 2.46 percent copper.
Today, Sherridon hosts several inferred resources with near-surface targets having been identified with limited drilling activity.
T2 has been exploring Sherridon in 2024, with the latest update coming on October 3 when it announced it had completed the summer/fall phase of its core drilling program, consisting of 2,180 meters across eight holes. The remaining 1,800 meters will be carried out in the first quarter of 2025 after the ground freezes.
The completion of summer drilling marked an expenditure milestone for T2 in its option agreement. The company now owns an 80 percent stake in Sherridon.
In addition to its work at Sherridon, T2 reported on September 18 that it had completed a follow up sampling and mapping at its early stage Copper Eagle project located in Douglas County, Nevada, US, and is awaiting results. Its past samples from the site indicated high sulfidation with elevated tellurium, selenium, antimony, copper and gold.
Share prices in T2 reached a year-to-date high of C$0.395 on October 14.
4. Hannan Metals (TSXV:HAN)
Year-to-date gain: 211.11 percent
Market cap: C$68.65 million
Share price: C$0.56
Explorer Hannan Metals is focused on advancing gold, silver and copper deposits in Latin America.
The San Martin project is a joint venture with the Japan Organization for Metals and Energy Security (JOGMEC), a Japanese government agency established in 2004 to secure stable resources and fuel supplies. Under the terms of the agreement, JOGMEC can earn up to a 75 percent stake in the project if all its funding goals are met.
The site is located northeast of Tarapoto, Peru, and hosts a copper and silver system with 120 kilometers of combined strike. Exploration has shown grades at the Tabalosos target of 4.9 percent copper and 62 grams per metric ton (g/t) silver over 2 meters.
In addition to the JOGMEC joint venture, Hannan wholly owns the Valiente project, which hosts a previously unknown porphyry and epithermal mineralized belt within a 140 kilometer by 50 kilometer area containing copper, gold, molybdenum and silver.
Results from two channel samples were reported in early August confirming extensive leached copper mineralization at the Previsto Central prospect. The two channels, separated by 700 meters, had grades of 0.22 percent copper over 126 meters and 0.16 percent copper over 192 meters. Hannah said the results continue to further their understanding of the mineralization system, with gold-rich areas at higher elevations that transition into copper-rich areas at lower elevations.
This was followed by news on October 8 that the company completed the first stage of an induced polarization geophysical survey at the Previsto prospect. Combined with its other data, the results confirm a 6 kilometer by 6 kilometer copper and gold porphyry epithermal mineralization system. Hannan said the survey identified seven high priority targets that the company is now evaluating for drilling.
Shares in Hannan reached a year-to-date high of C$0.63 on July 22.
5. Awalé Resources (TSXV:ARIC)
Year-to-date gain: 207.14 percent
Market cap: C$39.06 million
Share price: C$0.43
Awalé Resources is a copper and gold explorer focused on its Odienné project in Côte D’Ivoire.
The site, located in the country’s northwest, covers an area of 2,462 square kilometers across two granted permits and five under application; two are being advanced as part of an earn-in joint venture with Newmont (TSX:NGT,NYSE:NEM). Newmont has the chance to earn up to 65 percent ownership of the permits via exploration expenditures of US$15 million.
On May 15, Awalé announced it had advanced to the second phase of its earn-in agreement. The completion of phase 1 of the agreement comes after it had carried out drilling at the Charger and BBM targets during early 2024 exploration programs.
To earn the final 14 percent of the earn-in agreement requires Newmont to fund an additional US$10 million toward exploration of the project. Company CEO Andrew Chubb said that Awalé is on good footing to deliver exploration success between the funding from Newmont and Awalé's C$11.5 million bought-deal equity financing closed on May 8.
Awalé has delivered several exploration announcements in 2024, the latest coming on September 9, when it reported highlighted assays of 0.48 percent copper over 35 meters, including an intersection of 0.6 percent copper over 23 meters at the BBM zone.
Shares in Awalé reached a year-to-date high of C$0.98 on March 25.
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.
Editorial Disclosure: Awalé Resources is a client of the Investing News Network. This article is not paid-for content.
Dore Copper Mining
Investor Insight
Doré Copper Mining is advancing high-grade projects in the Chibougamau region through a hub-and-spoke strategy centered around its flagship high-grade copper Corner Bay deposit, leveraging its unique advantage of owning the only mill in the area, while benefiting from supportive communities and existing infrastructures.
Overview
Doré Copper Mining (TSXV:DCMC,OTCQB:DRCMF,FRA:DCM) is a copper-gold exploration and development company, positioning itself as a near-term producer in the prolific Chibougamau region of Québec, Canada. With a clear strategic focus, Doré Copper Mining is actively advancing its assets toward production, taking advantage of its brownfields high-grade copper and gold projects, existing infrastructure, and supportive jurisdiction. The company’s overarching goal is to establish itself as Quebec’s next copper producer, with a hub-and-spoke mining strategy centered around its Copper Rand mill.
Doré Copper Mining's operations are located in the Chibougamau mining camp, an area known for its historical copper and gold production, within the world-renowned Abitibi Greenstone Belt. The company’s flagship asset, Corner Bay, is complemented by several other projects, including Devlin, Joe Mann, Cedar Bay, and Copper Rand. These properties form the foundation of Doré Copper Mining’s near-term and future production plans.
The company is unique because it owns the only mill in the area. The Copper Rand mill is designed to process an average of 1,350 tonnes-per-day and will need to be refurbished. This infrastructure gives Doré Copper Mining a significant competitive advantage, both in terms of reducing capital expenditure requirements and potentially generating additional revenue streams by processing ore from third-party operations.
Québec, as a mining jurisdiction, provides strong support for mineral exploration and development. It ranks highly in the Fraser Institute’s rankings of mining-friendly jurisdictions, offering political stability, favorable tax incentives, and access to well-established infrastructure, including roads, rail, and power.
Doré Copper Mining is led by an experienced and highly skilled management team. Ernie Mast, the company’s president and CEO, has over three decades of experience in the mining industry, including leadership roles at companies such as Primero Mining and Minera Panama (Inmet Mining). Mast’s background in managing junior and small-cap mining companies is well-suited to Doré Copper Mining’s current development phase. The broader management and technical teams bring a wealth of operational expertise, with several individuals having extensive experience in exploration, project development, and mining operations in Canada and internationally.
Company Highlights
- Doré Copper Mining’s hub-and-spoke mining model—using the Copper Rand mill as the central processing facility for its satellite deposits—would support an initial production target of more than 50 million pounds of copper equivalent annually, with a mine life exceeding 10 years.
- A Preliminary Economic Assessment( PEA) was released in 2022 outlining a relatively modest initial capital expenditure of C$180.6 million, highlighting the economic potential of the project with an after-tax net present value (NPV) of C$193 million and an internal rate of return (IRR) of 22.1 percent.
- A feasibility study is underway, which is expected to provide more detailed engineering data and further de-risk the operations
- Corner Bay, the flagship asset, is among the highest-grade copper deposits in North America, with an indicated resource of 2.6 million tonnes at a grade of 2.66 percent copper and an inferred resource of 5.8 million tonnes at a grade of 3.44 percent copper.
- The 100 percent owned Copper Rand mill will be refurbished for future production and will be the only operating mill in the Chibougamau region. The mill will have extra capacity and provides the ability to process its own ore while potentially offering toll milling services to other nearby mining projects.
- Doré Copper Mining is led by an experienced and highly skilled management team.
Key Projects
Doré Copper Mining’s assets are located within a well-known copper and gold mining region, with a long history of production. The company’s current strategy revolves around a hub-and-spoke model, with the Copper Rand mill serving as the processing hub, fed by multiple satellite deposits. The key projects in the PEA include Corner Bay, Devlin, and Joe Mann. Other past producing mines, like Cedar Bay and Copper Rand, have further exploration potential.
Corner Bay (Main Asset):
Corner Bay is the cornerstone of Doré Copper Mining’s portfolio. This copper-gold deposit has demonstrated exceptional grades and exploration potential, positioning it as one of the highest-grade copper projects in North America. The latest resource estimate, as of 2022, includes 2.7 million tonnes of indicated resources at a grade of 2.66 percent copper and 5.8 million tonnes of inferred resources at a grade of 3.44 percent copper. The deposit remains open in several directions and at depth, suggesting that further drilling could potentially expand the resource base and extend the mine life.
Corner Bay is expected to be mined by longhole open stoping with pillars and Avoca underground mining methods. The project will utilize existing infrastructure, including a portal and decline to a depth of 115 meters. The ore will be processed at the Copper Rand mill, with pre-concentration of the material through ore sorting technology at the Corner Bay site.
The PEA for the project anticipates a mine life of over 10 years, with the potential to produce 53 million pounds of copper equivalent annually. Metallurgical testing at Corner Bay has yielded positive results, with copper recoveries ranging from 96.8 percent to 98.2 percent, and the concentrate is of high commercial quality, making it highly attractive to smelters.
Devlin (Secondary Asset):
Devlin is a smaller satellite deposit located approximately 10 kilometers west of Corner Bay. The project has a measured and indicated resource of 775,000 tonnes at a grade of 2.17 percent copper, along with an inferred resource of 484,000 tonnes at a grade of 1.79 percent copper. While Devlin’s size is modest compared to Corner Bay, it plays a crucial role in Doré Copper Mining’s hub-and-spoke mining strategy. Ore from Devlin will be transported to Corner Bay for pre-concentration, before being trucked to the Copper Rand mill for final processing. The company is planning to employ room-and-pillar and drift-and-fill mining methods at Devlin, with operations expected to commence shortly after Corner Bay comes online.
Cedar Bay:
Cedar Bay is a past-producing mine located near the Copper Rand mill. It produced 3.9 million tonnes of ore at an average grade of 1.63 percent copper and 3.21 grams per tonne gold during its operating life. Doré Copper Mining drilling programs have defined in the southwest zone 130,000 tonnes of indicated resources at a grade of 9.44 grams per tonne gold and 1.55 percent copper, and 230,000 tonnes of inferred resources at a grade of 8.32 grams per tonne gold and 2,13 percent copper .
Joe Mann:
The Joe Mann gold-copper deposit is another component of Doré Copper Mining’s hub-and-spoke strategy. Located 60 km south of the Copper Rand mill, Joe Mann produced 1.2 million ounces of gold and 28 million pounds of copper over its mine life, at an average grade of 8.26 grams per tonne gold and 0.25 percent copper. The current resource estimate includes 608,000 tonnes of inferred resources, with an average grade of 6.78 grams per tonne gold and 0.24 percent copper. The PEA plan is to have Joe Mann operational once Devlin is depleted, and its ore will also be processed at the Copper Rand mill.
Copper Rand:
Copper Rand was historically the largest copper mine in the Chibougamau camp, producing over 16 million tonnes of ore during its operational life, which spanned from 1959 to 2008. The mine has excellent exploration potential, particularly at depth, where limited drilling was conducted before the mine’s closure. Copper Rand has historical reserves and resources, and excellent potential below previously mined areas.
Board and Management
Mario Stifano – Executive Chairman and Director
Mario Stifano is a seasoned mining executive and chartered professional accountant with over 16 years of experience working with exploration, development and producing mining companies. Stifano is currently the chief executive officer of Galantas Gold. Stifano has held a number of senior executive positions including chief executive officer of Cordoba Minerals, executive chairman with Mega Precious Metals, vice president and chief financial officer with Lake Shore Gold, and vice president and chief financial officer of Ivernia. Stifano has been instrumental in raising over $700 million to explore and fund mining projects, including raising over $500 million at Lake Shore Gold, to develop three gold mines which are currently producing over 180,000 ounces of gold annually, and are now part of the Canadian assets within Pan American Silver.
Ernest Mast – President, CEO, and Director
Ernest Mast has 30 years of experience in various technical and executive roles in the mining industry, across a wide range of commodities, geographies and development stages. Mast is on the board of Scottie Resources. Mast previously held the positions of president and chief executive officer at Primero Mining, vice president of corporate development at Copper Mountain Mining, vice president of operations at New Gold and president and CEO of Minera Panama S.A., Inmet Mining Corporation’s subsidiary, developing the $6 billion Cobre Panama project. Mast began his career with Noranda and its affiliates, where he took on roles of increasing responsibility over a 20-year timeframe. Mast is a member of l’Ordre des ingénieurs du Québec and has a bachelors’ and masters’ degree in metallurgical engineering from McGill University. Mast also received post-secondary business training at Henley College in the UK and at the Universidad Catolica in Chile.
Gavin Nelson – CFO
Gavin Nelson has over 15 years of finance experience in public practice and corporate accounting and reporting, including being responsible for all levels of financial reporting and day-to-day accounting oversight for several public mining exploration companies. Nelson has held a number of financial oversight positions in mineral exploration companies, including chief financial officer of Mexican Gold. Nelson is a member in good standing of the chartered professional accountants of Ontario. Nelson holds a Bachelor of Administrative and Commercial Studies (Finance), with a minor in Political Science, from the University of Western Ontario.
Nicholas Kwong – COO
Nicholas Kwong, P.Eng., MBA, has more than 15 years of corporate, technical, operations experience in the mining industry, predominantly in gold and base metals in North American, Australia, Latin American and Saudi Arabia. Most recently, Kwong was general manager at Ma’aden Gold’s’ Sukhaybarat & Bulghah gold mines in Saudi Arabia. There he completed the mine and mill expansion and modernization which resulted in a significant increase in production and decrease in unit costs, all while controlling capital costs during the COVID-19 pandemic. Prior, he worked at New Gold from 2005 to 2019 in progressively responsible leadership and management roles, starting as a project engineer for the design and construction of the New Afton underground mine and gradually progressing to manager of mining engineering and director of technical services.
Kwong holds a Bachelor of Applied Sciences in Mining Engineering and a Master of Business Administration from the University of British Columbia.
Infill Scandium Drilling Underway at Murga Exploration Target
Rimfire Pacific Mining (ASX: RIM, “Rimfire” or “the Company”) is pleased to advise that it has commenced a scandium aircore drilling program at the Murga Exploration Target which is located on the Company’s Fifield Project approximately 70 km NW of Parkes in central NSW (Figures 1 and 2).
Highlights
- Initial phase of infill drilling underway at the Murga Exploration Target
- Current 50-hole (1,500m) aircore program to infill strong scandium anomalism previously obtained from wide spaced (400m x 400m) drilling throughout the area, i.e.;
- 13m @ 188ppm Sc from 3 metres in FI2514 including 4m @ 248ppm Sc
- 6m @ 111ppm Sc from 6 metres in FI2513
- 21m @ 106ppm Sc from 3 metres in FI2547
- 3m @ 127ppm Sc from 13 metres in FI2549
- 18m @ 174ppm Sc from 1 metre in FI2561 including 3m @ 226ppm Sc
- 27m @ 188ppm Sc from 0 metres in FI2434 including 12m @ 224ppm Sc
- Drilling is sole funded by Rimfire with results expected late November 2024
- If successful, the drill results will be used to convert the Murga Exploration Target to a Mineral Resource estimate.
Commenting on the announcement, Rimfire’s Managing Director Mr David Hutton said: “the commencement of infill aircore drilling at Murga is the critical next step in converting the Murga Exploration Target into a Mineral Resource.
In conjunction with the Melrose and Murga North Mineral Resources, Rimfire is well on the way to achieving its primary objective of building a globally significant scandium resource inventory at Fifield.
With results expected late November we look forward to updating shareholders when new information becomes available”.
Murga Drilling details
At Murga scandium occurs within a strongly weathered horizon overlying magnetic ultramafic (pyroxenite) intrusive rocks of the Ordovician-age Murga Intrusive Complex interpreted to be part of a large scale arcuate shaped mafic – ultramafic intrusive complex that has a surface area of approximately 20km² (Figure 2).
Rimfire has previously announced a Mineral Resource estimate of 21Mt @ 125ppm Sc (4,050t Scandium Oxide) for Murga North and an Exploration Target for the broader Murga area (excluding the Murga North Mineral Resource) of 100 to 200Mt at 100 to 200ppm Sc (15Kt – 46Kt Scandium Oxide)*. (Rimfire ASX Announcement dated 5 September 2024).
The Exploration Target is based on an outline of the scandium-bearing pyroxenite interpreted from aeromagnetic data and results of Rimfire’s 2024 reconnaissance aircore drilling (on nominal 400m x 400m centres) throughout the Murga area which successfully intersected strong scandium anomalism (see Rimfire ASX Announcement dated 6 May 2024), i.e.;
- 13m @ 188ppm Sc from 3 metres in FI2514 including 4m @ 248ppm Sc,
- 6m @ 111ppm Sc from 6 metres in FI2513,
- 21m @ 106ppm Sc from 3 metres in FI2547,
- 3m @ 127ppm Sc from 13 metres in FI2549,
- 18m @ 174ppm Sc from 1 metre in FI2561 including 3m @ 226ppm Sc, and
- 27m @ 188ppm Sc from 0 metres in FI2434 including 12m @ 224ppm Sc
To better understand the significance of the wide spaced drilling results, an initial phase of infill aircore holes (50 holes / 1,500 metres) is currently being drilled on 100m x 100m spacings (as recommended by Rimfire’s external resource consultant) to better define internal grade zones and mineralisation thickness variation. As shown in Figure 3 the initial phase of holes will be drilled in the southern portion of the Murga Exploration Target and will also test several magnetic anomalies that are interpreted to represent underlying scandium source rocks (i.e.; pyroxenite).
The drilling is sole funded by Rimfire and is part of a planned larger drilling program that will resume next month when the current drill rig becomes available again. If successful, the results of the infill drilling will be used to convert the Murga Exploration Target to a Mineral Resource estimate.
Next Steps
The Murga aircore drilling will take approximately 2 weeks to complete with analytical results expected 4 weeks after drilling completion and Rimfire looks forward to providing further market updates as new information comes to hand.
Click here for the full ASX Release
This article includes content from Rimfire Pacific Mining 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.
Latest News
Rimfire Pacific Mining Investor Kit
- Corporate info
- Insights
- Growth strategies
- Upcoming projects
GET YOUR FREE INVESTOR KIT
Latest Press Releases
Element79 Announces Private Placement
Related News
TOP STOCKS
Investing News Network websites or approved third-party tools use cookies. Please refer to the cookie policy for collected data, privacy and GDPR compliance. By continuing to browse the site, you agree to our use of cookies.