Tartisan Nickel Corp. (CSE: TN) (OTCQX: TTSRF) (FSE: A2D) ("Tartisan" or the "Company") is pleased to announce that the Company has closed $1,797,000.00 in flow-through financing. This was comprised of 5,615,625 flow-through units of the Company at the price of $0.32 per unit for an aggregate subscription price of $1,798.000. Each unit comprises one flow-through share and one-half of one warrant. Each full warrant will entitle the holder thereof to acquire one additional common share of the Company exercisable at a price of $0.70 per warrant share for a period of 18 months from the Closing date. A finder's commission of 6% cash and 6% brokers warrants was paid to eligible agents including but not limited to GloRes Securities Limited. The units issued under the flow-through financing are subject to a hold period expiring four months and one day from the closing date.
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Tartisan Nickel Corp. Retains Northwest Solutions Inc. to Complete the Kenbridge Nickel Project All-Season Access Road; Names Gregory Edwards as First Nations Liaison
Tartisan Nickel Corp. (CSE: TN) (OTCQB: TTSRF) (FSE: 8TA)("Tartisan'' or the "Company") announces that the Company has retained Northwest Solutions Inc. ("NWS Inc.") an organization based in Thunder Bay, Ontario, to provide technical and human resource support to the Company's flagship Kenbridge Nickel Project, located in the Kenora Mining District, northwestern Ontario. Northwest Solutions Inc. incorporates forestry, mining, and environmental services, as well as training, project management support, and communications consulting services. NWS Inc. has been operating in the Forestry and Natural Resource Sector since 2014 and is a family-owned and operated business. NWS Inc. will provide road design, permitting and project management support to the Kenbridge Nickel Project using leading technologies such as LiDAR, RoadEng and ArcGIS Pro.
Kevin Shorthouse, MScF, R.P.F. who is a co-owner and Director of Northwest Solutions Inc., will be the Road Design and Road Permitting Project Manager for Tartisan Nickel Corps' Kenbridge Nickel Project. Kevin will oversee the road design, permitting, and construction of the Kenbridge access road. Mark Appleby, CEO of Tartisan Nickel Corp., states, "Kevin's extensive background in Canada's Natural Resources Sector spans over a 20-year period and consists of a unique blend of field experience, project management and technological innovation. Kevin will partner alongside forestry and mining companies, Indigenous communities, and landowners to find cost-effective solutions to the all-season road using leading technology such as LiDAR, multispectral imagery, AI analytics and drones." Furthermore, Appleby states, "Kevin will be engaging with Indigenous and local community members as Northwest Solutions collaborates to integrate traditional spaces of spiritual and historical value, while also potentially providing FireSmart and natural resources technical training to local community members, contributing to capacity building and land management practices."
Additionally, joining the team is Brandi Shorthouse MA. Brandi is the Administration and Finance Manager, as well as co-owner, of Northwest Solutions Inc. Brandi will be the Kenbridge Road Project's Finance and Communications Manager. In this role, Brandi will closely monitor and administer the budget for the road build, including supplies, contractors, staffing and any government grants received. Mark Appleby, CEO of Tartisan Nickel Corp., states, "Brandi Shorthouse brings a wealth of experience and expertise to the field of financial project management. Brandi has demonstrated her ability to navigate complex financial landscapes through her decade of experience in business finance and administration. Brandi's upbringing in Northern Ontario, and her close relationship, both personally and professionally, with the Anishinaabe people has truly shaped her worldview. As a settler - who is an engaged ally - she recognizes the importance of reconciliation and commits to heart-centered business practices which prioritizes relational approaches. Brandi will support Tartisan Nickel Corp. in engaging with local Indigenous communities during the consultation process. Her role includes advocating for transparent communication while respecting cultural protocols and ensuring accountability and sound governance."
Further, Tartisan Nickel Corp. is pleased to announce that Gregory (Greg) Edwards, B.Sc., Geo. Eng., who presently serves as Project Manager for the Kenbridge Nickel Project, has been appointed as the Company's First Nations Liaison. Greg is a graduate of The Montana Tech School of Mines where he earned his degree in Geological Engineering and Mining Engineering. Greg Edwards is a seasoned professional in mining and exploration with over 18 years of experience in the mining sector; Greg has spent over 10 years contributing to small-and large-scale construction projects and has 8 years of hands-on experience as a business owner and operator in the private sector. With an educational background in engineering, geology, and exploration techniques, Greg possesses a wealth of knowledge in identifying prospective areas for mineral exploration. Throughout his career, Greg has led exploration teams whilst overseeing the planning and execution of drilling programs, interpreting data, and creating geological models.
In addition to his technical expertise, Greg is well-versed in the regulatory environmental aspects of the mining industry. Greg understands the importance of adhering to ethical and sustainable practices, ensuring that exploration and mining activities are conducted in a responsible manner which minimize environmental impact and respect Indigenous rights and cultural heritage. Greg also excels in building strategic partnerships and fostering positive relationships with stakeholders, local communities, Indigenous groups, government agencies and industry professionals to create mutually beneficial outcomes.
Mark Appleby, CEO of Tartisan Nickel Corp., articulates that, "As the First Nations Liaison for the Kenbridge Nickel Project, Greg recognizes the importance of building trust and establishing meaningful connections with First Nations communities. Greg, guided by a profound respect for Indigenous rights, traditional culture - as well as a transparent, relational process - is unwavering in his commitment to amplify the voices and address the concerns of First Nations communities throughout the mineral exploration process."
Greg will be working closely with Indigenous community leaders, elders, and councils to identify the needs, aspirations, as well as areas of concern, related to mining and exploration activities. Along with his role as a liaison, Greg will explore opportunities for economic development, capacity building, and job creation within First Nations communities, ensuring that the First Nations will benefit from exploration and mining activities in their traditional territories. By implementing effective environmental management practices, as well as incorporating traditional knowledge and indigenous perspectives into decision-making processes, Tartisan aims to develop a more comprehensive and culturally aware approach to resource extraction.
Mark Appleby, CEO of Tartisan, states, "2024 promises to be a milestone year as multiple on-going initiatives come together. Alignment with Indigenous communities, summation of baseline studies, project permitting endeavours, and all-season road access combined with continued efforts to expand the Kenbridge mine life are in focus and should prove to have a profound impact on shareholder value."
About Tartisan Nickel Corp.
Tartisan Nickel Corp., a Canadian-based company specializing in mineral exploration and development, holds the Kenbridge Nickel Project as its flagship asset. Situated in the Kenora Mining District of northwestern Ontario, this project represents a significant endeavor in the field of nickel exploration and extraction.
Tartisan Nickel Corp. common shares are listed on the Canadian Securities Exchange (CSE: TN) (OTCQB: TTSRF) (FSE: 8TA). There are 121,969,004 shares issued and outstanding. There are 130,740,902 outstanding on a fully diluted basis.
For further information, please contact Mark Appleby, President & CEO - and a Director of the Company at 416-804-0280 (info@tartisannickel.com). Additional information about Tartisan Nickel Corp. can be found at the Company's website at www.tartisannickel.com or on SEDAR at www.sedar.com.
This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.
The Canadian Securities Exchange (operated by CNSX Markets Inc.) has neither approved nor disapproved of the contents of this press release.
Tartisan Nickel Corp. Closes $1,798,000 Flow-Through Financing at $0.32 per Unit
The proceeds from the flow-through financing are being used to fund the exploration, development, advancement and feasibility of the Company's flagship Kenbridge Nickel Project, Atikwa Lake Area, Kenora Mining District, Ontario. The Company has commenced the work program as outlined in the July 2022 P.E.A (SEDAR).
About Tartisan Nickel Corp.
Tartisan Nickel Corp. is a Canadian based mineral exploration and development company which owns; the Kenbridge Nickel Project in northwestern Ontario; the Sill Lake Silver Property in Sault Ste. Marie, Ontario as well as the Don Pancho Manganese-Zinc-Lead-Silver Project in Peru. The Company has an equity stake in; Eloro Resources Limited, Class 1 Nickel and Technologies Limited, Peruvian Metals Corp. and Silver Bullet Mines Inc.
Tartisan Nickel Corp. common shares are listed on the Canadian Securities Exchange (CSE: TN) (OTCQX: TTSRF) (FSE: A2D). There are 114,538,128 shares outstanding after this current issuance.
For further information, please contact Mark Appleby, President & CEO, and a Director of the Company, at 416-804-0280 (info@tartisannickel.com). Additional information about Tartisan Nickel Corp. can be found at the Company's website at www.tartisannickel.com or on SEDAR at www.sedar.com.
This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.
The Canadian Securities Exchange (operated by CNSX Markets Inc.) has neither approved nor disapproved of the contents of this press release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/146020
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Tartisan Nickel Corp. Files Preliminary Economic Assessment of the Kenbridge Nickel Project, Northwestern Ontario, on SEDAR
Tartisan Nickel Corp. (CSE: TN) (OTCQX: TTSRF) (FSE: 8TA) ("Tartisan", or the "Company") is pleased to announce the completion and filing of the Preliminary Economic Assessment(" PEA") for the 100% owned Kenbridge Nickel Project, Northwestern Ontario (SEDAR August 26, 2022). The Kenbridge Nickel Project is in the Kenora Mining District, Northwestern Ontario. The property is covered by patented and unpatented mining claims totalling 4,108.42 ha. Since 1937, 665 surface and underground drill holes totalling 99,741 meters have been completed on the property. Kenbridge has an existing shaft to a depth of 2,042 ft (622 m), with 13 level stations at 150 ft. (46 m) intervals below the shaft collar and two levels developed at 350 ft (107 m) and 500 ft (152 m) below the shaft collar.
The PEA was independently prepared by P&E Mining Consultants Inc. ("P&E") of Brampton, Ontario under the supervision of Eugene J. Puritch, P.Eng., FEC, CET.
Highlights of the PEA (All currency is $CDN unless stated otherwise)
This PEA is focused solely on underground mining of the Mineral Resources at the Kenbridge Nickel Project and provides a solid base case for moving the Kenbridge Nickel Project forward. The PEA indicates a 9-year mine plan based on a 1,500 tonne per day underground mining and processing operation, which would have the capacity and could potentially accelerate to 2,000 t.p.d. The mine plan assumes the potentially extractable tonnage of Measured, Indicated and Inferred Mineral Resources which assumes overall dilution of 47% (18% internal dilution from stope designs plus 29% external dilution) and a 94% mine recovery factor. Measured and Indicated Mineral Resources represent 3,445,000 tonnes at 0.97% Ni, 0.52% Cu and 0.013% Co (74 Mlb Ni, 39.1 Mlb Cu). Inferred Mineral Resources represent 1,014,000 tonnes at 1.47% Ni, 0.67% Cu and 0.011% Co (32.7 Mlb Ni, 14.9 Mlb Cu). Metal prices are based on long-term industry consensus forecast with nickel representing the primary contribution to revenues. USD metal prices used in the PEA were USD$10/lb Ni, USD$4/lb Cu and USD$26/lb Co. A $USD:$CDN exchange rate of 0.78 is applied.
LOM revenues from net smelter returns are estimated at $837 million. LOM operating costs are estimated at $292 million. Mining costs are estimated at $38.93per tonne mined, processing costs are $17.74 per tonne and G&A costs are $7.96 per tonne. Cash operating costs are estimated at US$3.76/lb NiEq and all-in sustaining costs ("AISC") are US$4.99/lb NiEq. LOM capital costs are estimated at $227 million and include pre-production capital costs of $133.7-million. Pre-tax Net Present Value ("NPV") is estimated at $182.5 million using a 5% discount rate. Pre-tax Internal Rate of Return ("IRR") is 26%. Payback period is 3.5 years on an after-tax basis.
Mark Appleby President and CEO of Tartisan states: "The Kenbridge Nickel Project PEA is focused solely on the current underground Mineral Resource. There is excellent potential to increase and upgrade the quality of the near surface mineralization at Kenbridge thereby adding additional years of production or providing the basis for an increase in annual throughput. The PEA provides compelling evidence to move into Pre-Feasibility and for the Kenbridge Nickel Project to move into a production scenario. The Company has commenced the necessary baseline studies and has undertaken additional studies which are essential and necessary in Project Permitting. The Company continues to upgrade the access road to site with completion anticipated in late September, October 2022.
Cautionary Statement - The reader is advised that the PEA summarized in this news release is intended to provide only an initial, high-level review of the project potential and design options. The PEA mine plan and economic model include numerous assumptions and the use of Inferred Mineral Resources. Inferred Mineral Resources are considered to be too speculative to be used in an economic analysis except as allowed by NI 43-101 in PEA studies. There is no guarantee the project economics described herein will be achieved.
About Tartisan Nickel Corp.
Tartisan Nickel Corp. is a Canadian based mineral exploration and mine development company whose flagship asset is the Kenbridge Nickel-Copper Project located in the Kenora Mining District, Northwestern Ontario. Tartisan also owns; the Sill Lake Silver Property in Sault St. Marie, Ontario as well as the Don Pancho Manganese-Zinc-Lead-Silver Project in Peru.
Tartisan Nickel Corp. common shares are listed on the Canadian Securities Exchange (CSE: TN) (OTCQX: TTSRF) (FSE: 8TA). Currently, there are 108,922,503 shares outstanding (120,218,018 fully diluted).
Dean MacEachern P.Geo. and Eugene Puritch, P.Eng, FEC, CET are the respective Company and independent Qualified Persons under NI 43-101 and have read and approved the technical content of this News Release.
The Company has filed the PEA on SEDAR at www.sedar.com in accordance with NI 43-101.
For further information, please contact Mark Appleby, President & CEO, and a Director of the Company, at 416-804-0280 (info@tartisannickel.com). Additional information about Tartisan Nickel Corp. can be found at the Company's website at www.tartisannickel.com or on SEDAR at www.sedar.com.
This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.
The Canadian Securities Exchange (operated by CNSX Markets Inc.) has neither approved nor disapproved of the contents of this press release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/135205
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VOX PROVIDES GOLD ROYALTY DEVELOPMENTS AND EXPLORATION UPDATES
Vox Royalty Corp. (TSXV: VOX) (OTCQX: VOXCF) (" Vox " or the " Company ") a returns focused precious metals royalty company, is pleased to provide recent development and exploration updates from royalty operating partners Norton Gold Fields Pty Ltd. (" Norton Gold "), Northern Star Resources Limited (ASX: NST) (" Northern Star "), Black Cat Syndicate Limited (ASX: BC8) (" Black Cat "), Norwest Minerals Limited (ASX: NWM) (" Norwest "), and Tartisan Nickel Corp. (CSE: TN) (" Tartisan ").
Kyle Floyd , Chief Executive Officer stated: "The past two months have seen material progress on certain Vox gold royalty assets, with the opening of the Binduli North gold mine, ongoing construction at the Otto Bore gold mine by Northern Star and meaningful pre-production planning at the Bulong and Bulgera gold toll-treatment projects. This progress continues to support Vox management expectations of organic growth from 6 to 10 or more producing royalties by late 2023 and further revenue growth."
- Official opening of the Binduli North heap leach mine covered by the Janet Ivy gold royalty, released by Zijin Mining Group Co., Ltd.'s (HKSE: 2899) (" Zijin Mining ") subsidiary, Norton Gold ;
- Construction update for the Otto Bore gold mine by Northern Star;
- Final high grade drilling results at the Myhree gold deposit by Black Cat, which is covered by the Bulong royalty;
- Development of pit designs, completion of a potential site layout and preparations for Mining Lease application at the Bulgera gold deposit by Norwest; and
- Completion of a Preliminary Economic Assessment (" PEA ") and permitting update on the Kenbridge nickel project by Tartisan, indicating a potential 9-year mine life with a goal of production in approximately 3 years.
- Vox holds an uncapped A$0.50 /tonne production royalty over the Janet Ivy gold mine in Western Australia ;
- In March 2022 , Zijin Mining filed a mining proposal for the Binduli North 5Mtpa heap leach gold project, which was further described in Vox's operator update released on June 9, 2022 ;
- On July 8, 2022 , the Western Australian State Government announced :
- "The McGowan Government has congratulated Norton Gold Fields for officially opening its A$278 million Binduli North heap leach project;
- The project created 300 jobs during construction and will employ 200 workers during production; and
- The operation has an estimated 10-year life span and is expected to produce an average of 75,000 ounces of gold per year."
- Vox Management Summary: The official opening of the Binduli North mine is a major growth milestone for Vox and expected to unlock annual royalty revenues of A$2M – A$2.5M over the mine's ~10-year life. This expansion was the key potential catalyst that supported Vox management's decision to acquire the Janet Ivy royalty for ~A$5.5M in March 2021 .
- Vox holds a 2.5% net smelter return royalty (between 42koz – 100koz cumulative production) over the Otto Bore gold project in Western Australia , acquired in conjunction with the producing Janet Ivy / Binduli North gold royalty in March 2021 ;
- On July 20, 2022 , Northern Star announced :
- At Thunderbox, open pit mining continued with D Zone pre-strip and the installation of key infrastructure at Otto Bore to support open pit mining operation;
- 12% of Northern Star's A$650M group growth capex in FY23 is to be spent at Yandal hub on:
- Completion of the Thunderbox mill expansion, which is on track and on budget for commissioning and ramp up in the first half of 2023;
- Establishment of the Otto Bore mine; and
- New tailings dam.
- Vox Management Summary: Otto Bore is expected to become Vox's seventh producing royalty asset, commencing in the second half of 2022. Northern Star are developing this new gold mine as a feed source for the low-cost Thunderbox mill ahead of Vox management expectations.
- Vox holds an uncapped 1% net smelter royalty over part of the Bulong gold project in Western Australia ;
- On July 29, 2022 , Black Cat announced :
- Final Reverse Circulation (" RC ") grade control drilling at Myhree was undertaken in June 2022 . The first half of assay results have been returned and reinforced the high-grade open pit Ore Reserve of 0.6Mt @ 2.4 g/t Au for 46koz (1) ;
- Results include:
- 5m @ 19.63 g/t Au from 33m (22MYGC037);
- 7m @ 7.36 g/t Au from 30m (22MYGC038);
- 3m @ 7.29 g/t Au from 18m and 6m @ 13.91 g/t Au from 32m (22MYGC022);
- 4m @ 12.38 g/t Au from 37m (22MYGC036);
- 7m @ 4.89 g/t Au from 8m (22MYGC031);
- 3m @ 8.21 g/t Au from 6m (22MYGC032);
- 2m @ 10.24 g/t Au from 5m (22MYGC033);
- 4m @ 6.36 g/t Au from 27m (22MYGC039);
- 3m @ 11.12 g/t Au from 27m (22MYGC040);
- All grade control drilling at Myhree is now complete and remaining assays are expected in August 2022 ;
- Myhree open pit is fully approved and mining can commence once an ore processing solution is secured, discussions with interested parties are ongoing; and
- Black Cat's Managing Director, Gareth Solly , said, "Myhree was Black Cat's first discovery in 2018 and it is satisfying to know it has the potential to be our first producing mine. With the final results due within weeks, Myhree is now ready for production, subject to securing a processing solution for the high-grade ore."
- Vox Management Summary: Since Vox acquired the Bulong gold royalty from an Australian automotive group in September 2020 , the project has been aggressively advanced by Black Cat and is progressing closer to production. Black Cat is guiding towards potential commencement of toll-treated production from October 2022 onwards.
- Vox acquired the uncapped 1% NSR royalty over the Bulgera gold project in Western Australia for A$225k in March 2021 ;
- On July 29, 2022 , Norwest announced :
- Economic pit optimisation shells were developed into proper pit designs for the Bulgera, Mercuiri and Price deposits and a site layout completed;
- The company is compiling information and taking steps required to lodge an application for converting the project exploration license to a mining license;
- The application is currently being compiled and submission to the Department of Mines, Industry Regulation and Safety (DMIRS) in Western Australia is expected next quarter;
- Discussions to toll treat Bulgera gold resources continue with the local gold plant operator; and
- A program of drilling 15 x 200m RC holes to the west and east along strike from the Bulgera open cut has been approved and the commencement of this drill program is planned for 2023.
- Vox Management Summary: The Bulgera royalty was acquired for A$225k less than 18 months ago and is rapidly being fast-tracked towards a development decision with a mining license application expected next quarter. We look forward to the outcomes of ongoing discussions with the local gold plant operator regarding potential toll treatment.
- Vox holds an uncapped 1% net smelter return royalty on part of the Kenbridge nickel-copper project in Canada , which is subject to a full buyback right for C$1.5M in favour of Tartisan. Vox's 1% NSR royalty was originally created in January 2018 as part of a debt settlement between former Kenbridge project operator Canadian Arrow Mines Limited and Breakwater Resources Limited (as a subsidiary of Nyrstar);
- On July 12, 2022 , Tartisan announced the completion of a positive PEA for the Kenbridge Nickel Project (2) , with the following highlights:
- A 9-year mine plan based on a 1,500 tonne per day underground mining and processing operation;
- Life of mine revenues from net smelter returns are estimated at C$837 million (assuming USD metal prices of USD$10 /lb Ni, USD$4 /lb Cu and USD$26 /lb Co and a USD:CAD exchange rate of 0.78);
- Measured and Indicated mineral resources represent 3,508,000 tonnes at 0.70% Ni, 0.35% Cu and 0.01% Co (54 Mlb Ni, 27 Mlb Cu); and
- Inferred mineral resources represent 1,013,000 tonnes at 1.21% Ni, 0.56% Cu and 0.01% Co (27 Mlb Ni, 13 Mlb Cu).
- On August 16, 2022 , Tartisan announced that:
- Initial environmental baseline studies have concluded;
- "Phase 2" environmental baseline studies have commenced and are outlined as follows:
- Bathymetry for receiving waterbodies/Lakes surrounding the project;
- Fisheries Studies on creeks and lakes surrounding the project;
- Surface water quality sampling, stream flow monitoring and data download, and groundwater quality sampling from spring 2022 installed monitoring stations;
- Water Quality Profiling and Sampling from receiving waterbodies;
- Stage 1 Archeology Assessment;
- Stage 1 Geochemistry Assessment; and
- Tartisan's CEO Mark Appleby commented, " Baseline studies continue at the Kenbridge Nickel Project and signify the Company's commitment to an approximate three years to production timeline. The Company is continuing to review and implement all necessary steps in the permitting and mining approval process. The recently announced PEA results outlined robust economics and significant value of the Kenbridge Nickel Project. The full PEA Report will be available on SEDAR shortly ".
- Vox Management Summary: The Kenbridge royalty rights were acquired as part of the Nyrstar/Breakwater Resources portfolio of royalties in January 2021 and the project operator is now guiding towards potential first production in approximately three years. As a past-producing underground nickel-copper mine with an existing 609m shaft, this project has potential to be fast-tracked back into production.
Timothy J. Strong , MIMMM, of Kangari Consulting LLC and a "Qualified Person" under NI 43-101, has reviewed and approved the scientific and technical disclosure contained in this press release.
Vox is a returns focused precious metals royalty company with a portfolio of over 50 royalties and streams spanning eight jurisdictions. The Company was established in 2014 and has since built unique intellectual property, a technically focused transactional team and a global sourcing network which has allowed Vox to target the highest return on invested capital in the royalty sector. Since the beginning of 2020, Vox has announced over 20 separate transactions to acquire over 50 royalties.
Further information on Vox can be found at www.voxroyalty.com .
This news release contains certain forward-looking statements. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects" or "does not expect", "is expected", "anticipates" or "does not anticipate" "plans", "estimates" or "intends" or stating that certain actions, events or results " may", "could", "would", "might" or "will" be taken, occur or be achieved) are not statements of historical fact and may be "forward-looking statements".
The forward-looking statements and information in this press release include, but are not limited to, summaries of operator updates provided by management and the potential impact on the Company of such operator updates, statements regarding expectations for the timing of commencement of development, construction at and/or resource production from various mining projects, expectations regarding the size, quality and exploitability of the resources at various mining projects, future operations and work programs of Vox's mining operator partners, the receipt of future royalty payments derived from various royalty assets of Vox, anticipated future cash flows and future financial reporting by Vox, and requirements for and operator ability to receive regulatory approvals.
Forward-looking statements and information are based on forecasts of future results, estimates of amounts not yet determinable and assumptions that, while believed by management to be reasonable, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Forward-looking statements and information are subject to various known and unknown risks and uncertainties, many of which are beyond the ability of Vox to control or predict, that may cause Vox's actual results, performance or achievements to be materially different from those expressed or implied thereby, and are developed based on assumptions about such risks, uncertainties and other factors set out herein, including but not limited to: the requirement for regulatory approvals and third party consents, the impact of general business and economic conditions, the absence of control over the mining operations from which Vox will receive royalties, including risks related to international operations, government relations and environmental regulation, the inherent risks involved in the exploration and development of mineral properties; the uncertainties involved in interpreting exploration data; the potential for delays in exploration or development activities; the geology, grade and continuity of mineral deposits; the impact of the COVID-19 pandemic; the possibility that future exploration, development or mining results will not be consistent with Vox's expectations; accidents, equipment breakdowns, title matters, labor disputes or other unanticipated difficulties or interruptions in operations; fluctuating metal prices; unanticipated costs and expenses; uncertainties relating to the availability and costs of financing needed in the future; the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses, commodity price fluctuations; currency fluctuations; regulatory restrictions, including environmental regulatory restrictions; liability, competition, loss of key employees and other related risks and uncertainties.
Vox has assumed that the material factors referred to in the previous paragraph will not cause such forward looking statements and information to differ materially from actual results or events. However, the list of these factors is not exhaustive and is subject to change and there can be no assurance that such assumptions will reflect the actual outcome of such items or factors. The forward-looking information contained in this press release represents the expectations of Vox as of the date of this press release and, accordingly, is subject to change after such date. Readers should not place undue importance on forward looking information and should not rely upon this information as of any other date. While Vox may elect to, it does not undertake to update this information at any particular time except as required in accordance with applicable laws.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Except where otherwise stated, the disclosure in this press release is based on information publicly disclosed by project operators based on the information/data available in the public domain as at the date hereof and none of this information has been independently verified by Vox. Specifically, as a royalty investor, Vox has limited, if any, access to the royalty operations. Although Vox does not have any knowledge that such information may not be accurate, there can be no assurance that such information from the project operators is complete or accurate. Some information publicly reported by the project operators may relate to a larger property than the area covered by Vox's royalty interests. Vox's royalty interests often cover less than 100% and sometimes only a portion of the publicly reported mineral reserves, mineral resources and production from a property.
(1) | The Myhee drilling results and information in Black Cat's 29 July 2022 announcement that relates to geology, and planning was complied by Mr. Iain Levy, who is a Member of the Australian Institute of Geoscientists. See https://www.asx.com.au/asxpdf/20220729/pdf/45c9knjl083f5m.pdf . |
(2) | Tartisan's press release titled, "Tartisan Nickel Corp. Provides Positive Preliminary Economic Assessment For The Kenbridge Nickel Project, Kenora Mining District, Northwestern Ontario" dated 12 July 2022. Dean MacEachern, P.Geo. and Eugene Puritch, P.Eng, FEC, CET are the respective Tartisan and independent Qualified Persons under NI 43-101. See https://tartisannickel.com/tartisan-nickel-corp-provides-positive-preliminary-economic-assessment-for-the-kenbridge-nickel-project-kenora-mining-district-northwestern-ontario/ . |
SOURCE Vox Royalty Corp.
View original content to download multimedia: https://www.newswire.ca/en/releases/archive/August2022/18/c7341.html
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Tartisan Nickel Corp.: Environmental Baseline Studies Enter Second Phase at the Kenbridge Nickel Project, Northwestern Ontario
Tartisan Nickel Corp. (CSE: TN) (OTCQX: TTSRF) (FSE: 8TA) ("Tartisan", or the "Company") is pleased to announce that the initial environmental baseline studies have concluded, and that "Phase 2" environmental baseline studies have commenced at the Kenbridge Nickel Project, Kenora Mining District, Northwestern Ontario.
Tartisan had previously announced that Knight Piesold Consulting ("KP") and Blue Heron Environmental ("BH") have been retained to carry out these various time sensitive environmental baseline studies (SEDAR). Environmental baseline studies are critical in the permitting and approvals process and overall advancement of the Kenbridge Nickel Project. The Company is taking the necessary steps to advance the Kenbridge Nickel Project with the goal of nickel-copper production in approximately three years.
Work in "Phase 2" is outlined as follows:
- - Bathymetry for receiving waterbodies/Lakes surrounding the project
- - Fisheries Studies on creeks and lakes surrounding the project
- - Surface Water Quality Sampling from spring 2022 installed monitoring stations
- - Water Quality Profiling and Sampling from receiving waterbodies
- - Stream Flow Monitoring and data download from spring 2022 installed monitoring stations
- - Groundwater Quality Sampling from spring 2022 installed monitoring stations
- - Stage 1 Archeology Assessment
- - Stage 1 Geochemistry Assessment
Tartisan Nickel Corp. CEO Mark Appleby commented, "Baseline studies continue at the Kenbridge Nickel Project and signify the Company's commitment to an approximate three years to production timeline. The Company is continuing to review and implement all necessary steps in the permitting and mining approval process. The recently announced PEA results outlined robust economics and significant value of the Kenbridge Nickel Project. The full PEA Report will be available on SEDAR shortly."
The Kenbridge Nickel Project is located via the Trans-Canada Highway, 10.2 km from the township of Sioux Narrows. The Kenbridge Nickel Project has a Mineral Resource Estimate (SEDAR: June 1, 2021), a 622-meter three compartment shaft with two underground level workstations and has never been mined. As previously announced, Tartisan has retained P & E Mining Consultants Inc. to update the historic Preliminary Economic Assessment ("PEA") on the Kenbridge Nickel Project. The full Kenbridge Nickel Project PEA Report will be filed on SEDAR.
About Tartisan Nickel Corp.
Tartisan Nickel Corp. is a Canadian based mineral exploration and mine development company whose flagship asset is the Kenbridge Nickel Deposit located in northwestern Ontario. Tartisan also owns; the Sill Lake Silver Property in Sault St. Marie, Ontario as well as the Don Pancho Manganese-Zinc-Lead-Silver Project in Peru amongst other assets.
Tartisan Nickel Corp. common shares are listed on the Canadian Securities Exchange (CSE: TN) (OTCQX: TTSRF) (FSE: 8TA). Currently, there are 108,922,503 shares outstanding (120,218,018 fully diluted).
Dean MacEachern P. Geo. is the Qualified Person under NI 43-101 and has read and approved the technical content of this News Release.
For further information, please contact Mark Appleby, President & CEO, and a Director of the Company, at 416-804-0280 (info@tartisannickel.com). Additional information about Tartisan Nickel Corp. can be found at the Company's website at www.tartisannickel.com or on SEDAR at www.sedar.com.
This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. The Canadian Securities Exchange (operated by CNSX Markets Inc.) has neither approved nor disapproved of the contents of this press release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/133963
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Tartisan Nickel Corp. Provides Positive Preliminary Economic Assessment for the Kenbridge Nickel Project, Kenora Mining District, Northwestern Ontario
Tartisan Nickel Corp. (CSE: TN) (OTCQX: TTSRF) (FSE: 8TA) ("Tartisan", or the "Company") is pleased to announce the completion of a positive Preliminary Economic Assessment(" PEA") for the 100% owned Kenbridge Nickel Project. The Kenbridge Nickel Project is in the Kenora Mining District, Northwestern Ontario. Kenbridge has an existing shaft to a depth of 2,042 ft (622 m), with level stations at 150 ft. (45 m) intervals below the shaft collar and two levels developed at 350 ft (107 m) and 500 ft (152 m) below the shaft collar.
The PEA was independently prepared by P&E Mining Consultants Inc. ("P&E") of Brampton, Ontario under the supervision of Eugene J. Puritch, P.Eng., FEC, CET.
Highlights of the PEA (All currency is $CDN unless stated otherwise)
This PEA is focused solely on mining of the Mineral Resources at the Kenbridge Nickel Project underground mine and provides a solid base case for moving the Kenbridge Project forward. The PEA indicates a 9-year mine plan based on a 1,500 tonne per day underground mining and processing operation. The mine plan assumes the potentially extractable tonnage of Measured, Indicated and Inferred Mineral Resources which assumes overall dilution of 47% (18% internal dilution from stope designs plus 29% external dilution) and a 94% mine recovery factor. Measured and Indicated Mineral Resources represent 3,508,000 tonnes at 0.70% Ni, 0.35% Cu and 0.01% Co (54 Mlb Ni, 27 Mlb Cu). Inferred Mineral Resources represent 1,013,000 tonnes at 1.21% Ni, 0.56% Cu and 0.01% Co (27 Mlb Ni, 13 Mlb Cu). Metal prices are based on long-term industry consensus forecast with nickel representing the primary contribution to revenues. USD metal prices used in the PEA were USD$10/lb Ni, USD$4/lb Cu and USD$26/lb Co. A $USD:$CDN exchange rate of 0.78 is applied. Life of mine ("LOM") processing recovers 200,900 tonnes of nickel concentrate at 15% Ni and 66,900 tonnes of copper concentrate at 24% Cu. This results in 52.6 million lbs of payable Ni and 30.7 million lbs of payable Cu.
LOM revenues from net smelter returns are estimated at $837 million. LOM operating costs are estimated at $292 million. Mining costs are estimated at $38.94 per tonne mined, processing costs are $17.74 per tonne and G&A costs are $7.96 per tonne. Cash operating costs are estimated at US$3.76/lb NiEq and all-in sustaining costs ("AISC") are US$4.99/lb NiEq. LOM capital costs are estimated at $227 million and include pre-production capital costs of $134 million. Pre-tax Net Present Value ("NPV") is estimated at $183 million using a 5% discount rate. Pre-tax Internal Rate of Return ("IRR") is 26%.
Net cash flow of $837 million less operating costs of $292 million less royalties of $22 million less closure costs of $10 million less capital expenditures of $227 million less taxes of $105 million results in an after-tax cash flow of $180 million. After-tax NPV using a 5% discount rate is estimated at $109 million and after-tax IRR is estimated at 20%. Financial highlights are shown in Tables 1 and 2 below.
Mark Appleby, President and CEO of Tartisan, states: "We are extremely pleased with the results of the PEA which is focused solely on the current underground Mineral Resource. There remains excellent potential to increase and upgrade the quality of the near surface mineralization at Kenbridge thereby adding additional years of production or providing the basis for an increase in annual throughput. By adjusting the mining plan to be an underground operation it allows Tartisan to utilize the existing shaft infrastructure thereby accessing higher grades of mineralization early in the proposed mine life. The PEA provides compelling evidence to move towards Feasibility and for the Kenbridge Nickel Project to move into production. The Company has commenced the necessary baseline studies which are essential and necessary in Project Permitting and is upgrading the access road to site with completion anticipated in September 2022. Tartisan continues to develop positive relationships with its surrounding First Nations through its First Nation consulting partner Talon Resources and Community development Inc. Every effort is being made for the Tartisan Kenbridge Project to become a part of the nickel supply chain this decade!"
Table 1: Net Present Value and Internal Rate of Return Calculations
Pre-Tax | After Tax | |
Undiscounted NPV ($M) | 286 | 181 |
NPV (5%) ($M) | 183 | 109 |
IRR (%) | 26 | 20 |
Payback (years) | 3.4 | 3.5 |
Table 2: PEA Financial Highlights
General | Value | |
Nickel Price (US$/lb) | 10 | |
Copper Price (US$/lb) | 4 | |
Cobalt Price (US$/lb) | 26 | |
Exchange Rate (US$:C$) | 0.78 | |
LOM (years) | 9.0 | |
Production | ||
Ni Production (Mlb) | 52.6 | |
Cu Production (Mlb) | 30.7 | |
NiEq Mine Production (Mlb) | 65.3 | |
Average NiEq Annual Production (Mlb) | 7.3 | |
Operating Costs | ||
Mining Cost ($/t Mined) | 38.93 | |
Processing Cost ($/t Processed) | 17.74 | |
G&A Cost ($/t Processed) | 7.96 | |
Total Operating Costs ($/t Processed) | 64.64 | |
NSR Royalty after 1.5% buyback (%) | 2.50 | |
Cash Costs (US$/lb NiEq) | 3.76 | |
AISC (US$/lb NiEq) | 4.99 | |
Capital Costs | ||
Initial Capital ($M) | 133.7 | |
Sustaining Capital ($M) | 93.1 | |
Closure Costs ($M) | 10.0 | |
Financials | Pre-Tax | After-Tax |
NPV (5%) ($M) | 182.5 | 109.1 |
IRR (%) | 26 | 20 |
Payback (years) | 3.4 | 3.5 |
The previous Mineral Resource Estimate on the Kenbridge Project was disclosed on September 2, 2020, and was based on a combination of pit-constrained and out-of-pit Mineral Resources. There has since been 10 holes drilled in 2021. Updated engineering studies have indicated that potential pit-constrained Mineral Resources are less economic than out-of-pit Mineral Resources. Therefore, the new drill holes have been incorporated into an updated Mineral Resource Estimate based on a potential underground mining operation, as presented in Table 3 below. The effective date of the Mineral Resource is July 6, 2022.
Table 3 Mineral Resource Estimate(1-4) | |||||||||
Class | Cut-off NSR C$/t | Tonnes (k) | Ni (%) | Ni (Mlb) | Cu (%) | Cu (Mlb) | Co (%) | Co (Mlb) | NSR (C$/t) |
Measured | 100 | 1,867 | 0.99 | 41.0 | 0.50 | 20.6 | 0.017 | 0.7 | 184.40 |
Indicated | 100 | 1,578 | 0.95 | 33.0 | 0.53 | 18.5 | 0.009 | 0.3 | 180.26 |
Meas+Ind | 100 | 3,445 | 0.97 | 74.0 | 0.52 | 39.1 | 0.013 | 1.0 | 182.51 |
Inferred | 100 | 1,014 | 1.47 | 32.7 | 0.67 | 14.9 | 0.011 | 0.2 | 263.38 |
Note: Ni =Nickel Cu = Copper, Co = Cobalt, NSR = Net Smelter Return.
1. Mineral Resources which are not Mineral Reserves do not have demonstrated economic viability.
2. The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues.
3. The Inferred Mineral Resource in this estimate has a lower level of confidence than that applied to an Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of the Inferred Mineral Resource could be upgraded to an Indicated Mineral Resource with continued exploration.
4. The Mineral Resources were estimated using the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM Standards on Mineral Resources and Reserves, Definitions and Guidelines (2014) and Best Practices Guidelines (2019) prepared by the CIM Standing Committee on Reserve Definitions and adopted by the CIM Council.
5. The Mineral Resource Estimate is based on US$ metal prices of $8.25/lb Ni, $4.00/lb Cu, $26/lb Co. The US$:CDN$ exchange rate used was 0.76.
6. The NSR estimate uses flotation recoveries of 75% for Ni, 77% for Cu, 40% for Co and smelter payables of 92% for Ni, 96% for Cu, 50% for Co.
7. Mineral Resources were determined to be potentially extractable with the longhole mining method based on an underground mining cost of $77/t mined, processing of $19/t and G&A costs of $4/t.
Cautionary Statement - The reader is advised that the PEA summarized in this news release is intended to provide only an initial, high-level review of the project potential and design options. The PEA mine plan and economic model include numerous assumptions and the use of Inferred Mineral Resources. Inferred Mineral Resources are considered to be too speculative to be used in an economic analysis except as allowed by NI 43-101 in PEA studies. There is no guarantee the project economics described herein will be achieved.
About Tartisan Nickel Corp.
Tartisan Nickel Corp. is a Canadian based mineral exploration and development company whose flagship asset is the Kenbridge Nickel-Copper Project located in the Kenora Mining District, Northwestern Ontario. Tartisan also owns; the Sill Lake Silver Property in Sault St. Marie, Ontario as well as the Don Pancho Manganese-Zinc-Lead-Silver Project in Peru.
Tartisan Nickel Corp. common shares are listed on the Canadian Securities Exchange (CSE: TN) (OTCQX: TTSRF) (FSE: 8TA). Currently, there are 108,922,503 shares outstanding (120,218,018 fully diluted).
Dean MacEachern, P.Geo. and Eugene Puritch, P.Eng, FEC, CET are the respective Company and independent Qualified Persons under NI 43-101 and have read and approved the technical content of this News Release.
The Company will file the PEA on SEDAR at www.sedar.com in accordance with NI 43-101 within 45 days of this news release.
For further information, please contact Mark Appleby, President & CEO, and a Director of the Company, at 416-804-0280 (info@tartisannickel.com). Additional information about Tartisan Nickel Corp. can be found at the Company's website at www.tartisannickel.com or on SEDAR at www.sedar.com.
This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.
The Canadian Securities Exchange (operated by CNSX Markets Inc.) has neither approved nor disapproved of the contents of this press release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/130620
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Blackstone Minerals Limited (ASX: BSX) – Trading Halt (2+2)
Description
The securities of Blackstone Minerals Limited (‘BSX’) will be placed in trading halt at the request of BSX, pending it releasing an announcement regarding the outcome of the institutional component of the accelerated entitlement offer. Unless ASX decides otherwise, the securities will remain in trading halt until the commencement of normal trading on Wednesday, 6 November 2024.
Issued by
ASX Compliance
Click here for the full ASX Release
This article includes content from Blackstone 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.
Quarterly Report for the Period Ending 30 September 2024
Blackstone Minerals Limited (ASX:BSX) is pleased to present its Quarterly Report.
HIGHLIGHTS
- Blackstone completed the precursor cathode active material (“pCAM”) NCM811 (nickel-cobalt- manganese in a ratio of 8-1-1) pilot program in October 2024. This is the last stage of outstanding testwork required to finalise the definitive feasibility studies (“DFS”).
- Good progress has been made in advancing the Investment Certificate for the refinery project in Son La Province in northern Vietnam. The Son La provincial government seeks feedback from a number of key ministries on the project. The Investment Certificate is on track for approval in Q4 2024.
- The Company has agreed non-binding indicative terms with a potential Vietnamese partner, FECON Group (“FECON”). FECON has the option to acquire up to 10% in the refinery project. FECON is a leading engineering and construction group in Vietnam and can assist Blackstone considerably in advancing the studies and permitting of our projects.
- The Company is in the final stages of completing the Ta Khoa Refinery (“TKR”) DFS. Outstanding DFS activities include pCAM pilot program analysis and reporting, residue handling testwork and facility design and finalising geotechnical assessments.
- In October 2024, the Company hosted a strategic and Joint Venture (“JV”) investor tour of the Wabowden Project, Manitoba, Canada, showcasing the opportunities which exist within the region, being a long-term feedstock opportunity for the Company’s flagship project, Ta Khoa Refinery, Vietnam.
- End of quarter cash position of $1.85m.
- Listed investments of $1.13m at the end of the quarter.
PROJECT UPDATE
TA KHOA REFINERY COMPLETED pCAM PILOTING
After successful completion of both the Ta Khoa Nickel (“TKN”) and Ta Khoa Refinery (“TKR”) pilot campaigns to produce battery grade nickel and cobalt sulphates (Refer to ASX announcement 15 November 2022), Blackstone announced it completed the 12-week piloting program in early-October 2024. Blackstone will conclude the pilot program analysis and reporting within the next quarter.
The pCAM pilot program was the last stage of testwork required to allow the Company to finalise TKR DFS testwork activities. The pCAM pilot program utilised feedstock generated during the TKR pilot program to produce on-specification pCAM material in the chemistry of NCM811 to ‘typical’ lithium- ion battery standards for the EV market. The samples generated from the pCAM pilot program will now be distributed to JV partners and for marketing purposes.
In July 2024, the Company hosted a number of strategic investor and external technical personnel tours of the piloting facility to showcase the team’s capability and technical viability of the Project. The tour allowed the Company to demonstrate its commitment to developing a vertically integrated flowsheet from pit to pCAM. Within the upcoming quarter the Company will complete the pCAM pilot report to support the conclusion of the TKR DFS.
Click here for the full ASX Release
This article includes content from Blackstone 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.
Nordic Nickel's Rob Wrixon: Positive Metallurgical Results at Hotinvaara Enhance Pulju Project
Nordic Nickel (ASX:NNL) Executive Director Rob Wrixon is enthusiastic about the company’s Pulju project in Finland.
As highlighted by Wrixon, this project stands out due to its rare district-scale potential, particularly within Europe, where such opportunities are seldom found.
“It's about 40 kilometres of known mineralised strike, and it extends to depth as well,” he said, indicating not just surface-level, but extensive possibilities. These factors underline the critical role Pulju could play in fulfilling Europe's growing demand for domestic supply of nickel and cobalt.
The strategic location in Finland adds value, as the country accounts for 1 percent of global production. Wrixon noted, “As Europe goes further down this path of ensuring more domestic supply of these type of metals, then a project like Pulju is going to get more and more important.”
Metallurgical results from Hotinvaara
Nordic Nickel recently announced promising metallurgical test results from the Pulju project. Wrixon elaborated on these findings, emphasising their importance in transforming a low-grade deposit into a potentially viable economic asset.
“The key to everything is the metallurgy,” Wrixon stated, underscoring the critical nature of these results in transforming low-grade deposits into profitable ventures.
The findings reveal that Nordic Nickel could produce an 18.5 percent nickel concentrate, which Wrixon said is “extremely high by global standards.” Additionally, the potential to further enhance recoveries opens avenues for increased efficiency in extracting other valuable metals.
Pulju project’s polymetallic potential
Moving beyond nickel, the Pulju project offers considerable promise with its polymetallic prospects, including vital metals like cobalt, copper and platinum-group metals (PGMs). Wrixon emphasised that while nickel remains the main focus, the presence of other metals such as copper and PGMs might significantly contribute to the project's success.
He noted that during exploration, “When we look for the structural traps for the nickel, we may well be finding where the copper and PGMs are as well.”
Nordic Nickel's Pulju project holds potential for Europe's domestic critical metals supply, anchored by its strategic location and promising geological attributes. Additionally, the project's potential to yield not just nickel, but also cobalt, copper and PGMs, underscores its richness as a polymetallic site, promising diversification and increased market resilience.
Wrixon remains optimistic about the road ahead, signaling ongoing exploration and potential strategic partnerships as the company aims to unlock further value from the Pulju project.
Watch the full interview with Nordic Nickel Managing Director and CEO Todd Ross above.
Disclaimer: This interview is sponsored by Nordic Nickel (ASX:NNL). This interview provides information which was sourced by the Investing News Network (INN) and approved by Nordic Nickel in order to help investors learn more about the company. Nordic Nickel is a client of INN. The company’s campaign fees pay for INN to create and update this interview.
INN does not provide investment advice and the information on this profile should not be considered a recommendation to buy or sell any security. INN does not endorse or recommend the business, products, services or securities of any company profiled.
The information contained here is for information purposes only and is not to be construed as an offer or solicitation for the sale or purchase of securities. Readers should conduct their own research for all information publicly available concerning the company. Prior to making any investment decision, it is recommended that readers consult directly with Nordic Nickeland seek advice from a qualified investment advisor.
This interview may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, receipt of property titles, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. The issuer relies upon litigation protection for forward-looking statements. Investing in companies comes with uncertainties as market values can fluctuate.
September 2024 Quarterly Report
Impressive metallurgical results from Hotinvaara, regional geological mapping campaign completed, detailed BOT database analysis ongoing.
Nordic Nickel Limited’s (“Nordic Nickel” or “the Company”) (ASX:NNL) flagship 100%-owned Pulju Project is located in the Central Lapland Greenstone Belt (CLGB) of Finland, 50km north of the town of Kittilä, with access to world-class infrastructure, grid power, a national highway and an international airport. Pulju is a rare, district scale nickel-copper-cobalt exploration and development opportunity in a progressive mining jurisdiction in Europe. Finland is also home to Europe’s only nickel smelters.
HIGHLIGHTS
- Excellent first-pass metallurgical test results for the Hotinvaara deposit were released post Quarter end.
- Premium concentrate can be produced with good nickel and cobalt recovery.
- Positive ramifications for the entire Pulju project.
- Further Bottom of Till (“BOT”) drill sample results from the Pulju Project area acquired from the Geological Survey of Finland (GTK) during the Quarter.
- Database now contains over 13,000 samples, a source of data previously unknown to the Company.
- Excellent geochemical targeting information, detailed analysis is ongoing.
- Detailed summer mapping program to prioritise future drilling targets completed during the Quarter.
- Board re-structure and other cost saving measures were implemented during the Quarter.
- An additional A$1.05M in funding was raised during the Quarter via an undiscounted private placement to existing shareholders.
- Discussions with potential strategic partners at Pulju are ongoing.
Pulju Nickel-Copper-Cobalt Project
The known nickel mineralisation in the CLGB is typically associated with ultramafic cumulate and komatiitic rocks such as those at Pulju, with high-grade, massive sulphide lenses often associated lower grade disseminated sulphides. The disseminated nickel-cobalt at Pulju is widespread both laterally and at depth and indicates the presence of a vast nickel-rich system.
Following the conclusion of the 2023 drilling campaign, in March 2024, Nordic Nickel reported an updated in situ Mineral Resource Estimate for the Hotinvaara Prospect at the Pulju Project which comprises 418 million tonnes grading 0.21% Ni, 0.01% Co and 53ppm Cu for 862,800 tonnes of contained Ni, 40,000t of contained Co and 22,100t of contained Cu1. However, the drilled footprint at Hotinvaara represents just 2km of the known 35km of strike within the known mapped, mineralised ultramafic unit at Pulju, highlighting the potential for significant resource growth.
Pulju is located 195km from Boliden’s Kevitsa Ni-Cu-Au-PGE mine and 9.5Mtpa processing plant in Sodankylä, Finland. Kevitsa provides feed for the 35ktpa Harjavalta smelter, which is located approximately 950km to the south and processes concentrate from Kevitsa’s disseminated nickel sulphide ore. Europe’s only other smelter is Terrafame’s 37ktpa Sotkamo smelter, located 560km south-east of Pulju which processes ore from the nearby Talvivaara nickel-zinc mine.
Click here for the full ASX Release
This article includes content from Nordic Nickel, 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.
Top 9 Countries by Nickel Reserves (Updated 2024)
Investors interested in nickel stocks are often curious about which countries produce significant amounts of the metal. After all, major producers are often home to many miners and explorers.
But investors should also be aware of which countries hold significant nickel reserves. Why? Many countries that produce large amounts of nickel have big nickel reserves, which shows they have the potential to continue being players in the space long term. On the other hand, some countries produce little nickel, but have high reserves of the metal.
Much of global demand for nickel comes from the steel making industry, particularly in China. The Asian nation is the largest consumer of nickel in the world, accounting for around 65 percent of total consumption, with the majority of it making its way into steel products. The electric vehicle (EV) battery market is emerging as another key market for nickel.
It’s possible that in the future countries with vast nickel reserves could become major players in the space, so exploration companies that already have boots on the ground could be worth watching.
With that in mind, here’s an overview of the nine countries with the largest nickel reserves. Total world nickel reserves are greater than 130 million metric tons (MT), with nickel reserves in countries outside these top nine nations making up just 9.1 million metric tons. All nickel reserves by country data is based on the US Geological Survey’s most recent report, and mine data is sourced from mining database MDO.
1. Indonesia
Nickel reserves: 55 million metric tons
Indonesia has the highest nickel reserves in the world, coming in at 55 million metric tons, and it also takes the top spot for nickel production, with 1.8 million MT of the metal produced last year.
Indonesia’s nickel production has grown exponentially from 2017’s output of 345,000 MT. In fact, it only broke the 1 million MT mark in 2021, meaning it increased by 800,000 MT in just two years. The massive increase is part of the country’s work to build out its EV battery industry in the hopes of being a major supplier to China.
While the electrification push is meant to help save the planet from the catastrophic environmental damage of climate change, in an ironic twist, the massive push for increased EV battery-grade nickel mining in Indonesia is threatening the existence of one of the world's last uncontacted hunter gatherer tribes, as per the BBC.
Two of the countries biggest nickel producing mines are the Hengjaya nickel-iron-cobalt mine and the Weda Bay nickel mine. Nickel Industries (ASX:NIC) owns an 80 percent stake in the Hengjaya nine, which is comprised of a large tonnage, high grade nickel laterite deposit with a mine life expected to extend to 2035. The Weda Bay mine, considered the largest nickel in the world, is operated by PT Weda Bay Nickel, a joint venture (43/57) between Eramet Group (EPA:ERA) and Chinese private company Tsingshan Holding Group.
2. Australia
Nickel reserves: 24 million metric tons
Australia has the second highest nickel reserves in the world, at 24 million metric tons. However, it should be noted that Australia's JORC-compliant proven and probable reserves stand at 865 million MT. In terms of nickel output, Australia only ranks sixth among the world's largest nickel producers, with 160,000 MT produced in 2023.
Australia might see its production levels drop next year as some of the top-producing nickel mines in Australia are mothballed due to oversupply from Indonesia.
BHP's (NYSE:BHP,ASX:BHP,LSE:BHP) Nickel West assets saw 85 percent of its nickel production sold to global battery materials suppliers. However, market conditions have led to the company to make a decision to place Nickel West on care and maintenance by the end of 2024. This follows First Quantum Minerals' (TSX:FM,LSE:FQM) decision to shutter the Ravensthorpe mine, in which South Korean steelmaker POSCO (NYSE:PKX,KRX:005490) has a 30 percent equity stake.
3. Brazil
Nickel reserves: 16 million metric tons
The third largest nickel reserves belong to Brazil, which has a total of 16 million metric tons. The country has seen a rise in nickel production the past few years, with output expanding from 76,100 MT in 2021 to 89,000 MT in 2023. Even so, it still came in as the eighth largest nickel producer in the world.
Brazilian mining company Vale (NYSE:VALE) is a major nickel producer in the country. It owns a 90 percent stake in the the Onca Puma mine, one of the world's largest global producers of the metal.
Other companies mining and exploring for the base metal in the country include Anglo American (LSE:AAL,OTCQX:AAUKF), which owns the world-class Barro Alto ferronickel mine and processing complex, and Centaurus Metals (ASX:CTM,OTCQX:CTTZF), which is developing the Jaguar nickel sulfide project. Jaguar has a defined global mineral resource estimate totaling 138.2 million MT at 0.87 percent nickel for 1.2 million MT of contained nickel. Centaurus is aiming to make a final investment decision by the second quarter of 2025.
4. Russia
Nickel reserves: 8.3 million metric tons
Russia, the world’s fourth largest nickel producer in 2023, holds a vast amount of nickel reserves at 8.3 million metric tons. The country experienced a production slump last year, putting out 200,000 MT compared to 222,000 MT in 2022.
Norilsk Nickel (MCX:GMKN), one of the world’s largest nickel and palladium producers, operates in Russia.
Analysts are concerned about the impact of the Russia-Ukraine war on global nickel supply. For the most part, the country’s nickel production feeds into the steelmaking sector rather than the battery market. “Russia plays an outsize role in nickel markets," the New York Times notes in an article. “Norilsk is among a limited number of companies authorized to sell a specialized form of nickel on the London Metal Exchange, which handles all nickel trading.”
5. New Caledonia
Nickel reserves:7.1 million metric tons
New Caledonia hosts the world's fifth largest nickel reserves at 7.1 million metric tons, and the South Pacific French Territory is also the third largest nickel producer, with output of 230,000 MT in 2023. Its nickel industry is the centerpiece of New Caledonia's economy.
Historically, New Caledonia had resisted selling nickel ore directly to large nickel-consuming countries such as China in order to preserve its domestic smelting and refining industry, which is one of its key sources of revenue. However, in recent years, New Caledonia has begun exporting to China, with 39.2 percent of its nickel exports in 2022 going to the Asian country.
Goro and the Societe Le Nickel are two of the major nickel mines in New Caledonia. Operated by Prony Resources New Caledonia, in which Trafigura has a 19 percent stake, Goro produces a chemical form of nickel and cobalt known as mixed hydroxide precipitate that can be used in EV batteries. The Societe Le Nickel mine is a joint venture between Eramet Group (56 percent), the New Caledonia provincial government (34 percent) and Nisshin Steel (10 percent).
New Caledonia became a hot bed of political unrest with pro-independence rioting in May 2024. This has further damaged its beleaguered economy, and halted nickel mining operations.
6. Philippines
Nickel reserves: 4.8 million metric tons
Next on this nickel reserves list is the Philippines, coming in at 4.8 million MT. The country’s nickel production grew significantly last year, rising from 345,000 MT in 2021 to 400,000 MT in 2023.
Nickel Asia is one of the country's leading nickel producers. It's wholly owned nickel operations include the Cagdianao and Hinatuan mines. The company also has a significant stake in the Rio Tuba (60 percent) and Taganito (65 percent) nickel mines.
Nickel Asia supplies limonite ore from its Rio Tuba mine to the Philippines' first hydrometallurgical nickel processing plant. The Coral Bay plant is owned by Coral Bay Nickel, in which Nickel Asia has a 10 percent equity interest.
7. China
Nickel reserves: 4.2 million metric tons
China hosts the seventh largest nickel reserves in the world, coming in at 4.2 million metric tons. The country’s nickel production in 2023 was nearly on par with the previous year, totaling 110,000 MT compared to 114,000 MT in 2022.
Although China is seventh in terms of both nickel reserves and production, the Asian nation plays a significant role in nickel pricing due to the commodity’s role in stainless steel production. China is both the largest steel-producing country and the largest consumer of the alloy metal.
8. Canada
Nickel reserves: 2.2 million metric tons
Next up on this list of largest nickel reserves is Canada with 2.2 million metric tons of nickel. The country also ranks as the fifth largest nickel producer, increasing its output from 143,000 MT in 2022 to 180,000 MT in 2023.
Canada’s key nickel mines include Vale’s Sudbury, Thompson and Voisey’s Bay operations, as well as Glencore’s (LSE:GLEN,OTC Pink:GLCNF) Raglan mine in Quebec and Sudbury Integrated Nickel Operations in Ontario. Also in the Sudbury, Ontario region. Global miner KGHM Polska Miedz (WSE:KGH) is constructing the Victoria underground copper-nickel mine.
9. United States
Nickel reserves: 340,000 metric tons
Last on this largest nickel reserves list is the US, which hosts nickel reserves of 340,000 metric tons. With much less nickel in its back pocket than the other nations here, the US is also at the bottom when it comes to the world’s largest nickel producers. In 2023, the country’s nickel output came in at 17,000 MT, a slight decrease of 500 MT from the year before.
The US has only one primary nickel operation: Lundin Mining’s (TSX:LUN,OTC Pink:LUNMF) Eagle mine, located on the Yellow Dog Plains in the Upper Peninsula of Michigan.
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Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.
Excellent Metallurgical Results at Hotinvaara Enhance Entire Pulju Project
Premium nickel concentrate can be produced from the extensive disseminated pentlandite present throughout the Hotinvaara deposit.
Nordic Nickel Limited (ASX: NNL; Nordic, or the Company) is pleased to announce extremely positive results from its first pass metallurgical testing program for its Hotinvaara nickel-cobalt deposit in northern Finland. The current in in-situ JORC (2012) Mineral Resource Estimate at Hotinvaara is for 418Mt @ 0.21% Ni and 0.01% Co (0.22% NiEq1) for 862,800t contained Ni and 40,000t contained Co2.
HIGHLIGHTS
- Master composite from 11 samples across the Hotinvaara deposit produced a clean concentrate of 18.4% Ni and 0.66% Co after Locked Cycle Testing.
- Ni recovery of 62% achieved in a first pass program, employing a straightforward, conventional grinding and flotation process (cobalt recovery 51%).
- On average for the master composite, 75% of the total nickel assay is in sulphide form, and nickel deportment in the sulphides is almost entirely in pentlandite.
- Excellent results achieved with a relatively coarse grind of 90 microns, with no re- grind required.
- Comminution test work indicates the ore would be amenable to SAG milling and is not abrasive, both positive for project economics.
- Result is a superior, high-grade nickel concentrate with payable cobalt.
- Hotinvaara’s metallurgical properties compare favourably with similar lower grade nickel sulphide deposits currently under development in Canada.
- Achieving such a premium quality concentrate can be achieved from the abundant lower grade disseminated nickel sulphides at Hotinvaara bodes well for the rest of the Pulju Belt project area.
The Hotinvaara licence itself, within which the deposit sits, covers 5km2 to the southwest of the 240km2 Pulju Project area. The drilled footprint at Hotinvaara represents just 2km of the known 35km of mineralised strike that the prospective ultramafic unit lies within, highlighting the strong potential for resource growth.
The Pulju Project is a rare, district scale nickel-copper-cobalt exploration and development opportunity within a progressive mining district in Europe. To date, Pulju has been shown to host predominantly shallow, disseminated lower-grade nickel sulphides, such as those forming the majority of the current Hotinvaara deposit, but also some minor, but extremely high-grade massive/remobilised sulphides. Regarding the latter, these thin zones of concentrated, remobilised iron-nickel sulphides so far intersected at Hotinvaara have attained grades of up to 9.6% Ni3, demonstrating that Pulju has the potential for a style of extremely high-grade nickel sulphide mineralisation that has yet to be targeted.
The metallurgical test results reported here demonstrate that the lower grade disseminated nickel sulphide mineralisation at Hotinvaara is amenable to conventional processing and can produce a premium concentrate. Therefore, the next stage of exploration at Pulju may confidently focus on both known styles of mineralisation to achieve potentially valuable outcomes:
1) Increasing the existing resource base by targeting more of the shallow disseminated nickel zones, particularly in the known higher-grade areas. Although the overall grade of the current Hotinvaara resource is 0.22% NiEq, substantial higher-grade zones exist within these wide areas of dissemination, generally associated with greater levels of recrystallisation/remobilisation and higher Ni-in-sulphide content, including:
- 97m @ 0.33% Ni and 0.01% Co in HOV0073;
- 13m @ 0.47% Ni and 0.01% Co in HOV0103;
- 13m @ 0.33% Ni and 0.03% Co in HOV0263; and
- 26m @ 0.59% Ni and 0.02% Co in HOT0164.
Preferentially targeting these zones within the shallow disseminated nickel mineralisation becomes a valuable and viable path for future exploration.
2) Identifying and testing the structures that may have trapped and further concentrated these extensive remobilised sulphides found at Pulju. As a reminder, drilling at Hotinvaara has confirmed that conditions exist for the formation of extremely high grade remobilised and massive sulphides, albeit only in thin zones thus far, for example:
- 0.26m @ 9.61% Ni, 0.36% Co and 0.17% Cu in HOV0323;
- 0.90m @ 4.98% Ni, 0.14% Co and 0.03% Cu in HOV0323;
- 0.32m @ 5.03% Ni, 0.24% Co and 0.06% Cu in HOV0393; and
- 0.60m @ 4.66% Ni, 0.10% Co and 0.02% Cu in HOT0065.
An important next step in pursuit of this depositional model is a detailed structural analysis of the entire Pulju Belt to highlight structural features that may host depositional trap sites for accumulating and concentrating these remobilised sulphides. This analysis will integrate current and historical datasets such as airborne geophysics, surface mapping and the newly acquired BOT sampling database to prioritise later drill testing.
Hotinvaara Metallurgical Test Program - Report Summary
The testwork was conducted by Blue Coast Research in Parksville, British Columbia, Canada and was initiated to develop a baseline metallurgical treatment scheme aimed at making a saleable grade nickel concentrate. Comminution and flotation data sufficient to provide cost input into a potential future economic study of the project were to be created, together with preliminary estimates of recoveries and concentrate quality.
Sixteen samples in total were selected to represent a variety of expected metallurgical response types. Most are siliceous samples from the predominant ultramafic unit spanning a range of nickel head grades and sulphide nickel contents, selected to provide a geospatially and geostatistically valid representation of the main ore body, albeit with a logical bias in favour of shallower samples.
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This article includes content from Nordic Nickel, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
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