The continued positive outlook for gold and copper is creating a strong macro economic environment for Tempest Minerals supported by its highly prolific assets with potential for world-class deposits.
Tempest Minerals (ASX:TEM) is an exploration and development company based in Australia, with a diversified portfolio of mineral assets prospective for gold, copper, rare earths (REE), lithium and base metals. The company has five projects located in prolific territories in Western Australia: Yalgoo (gold, copper, zinc, silver, iron ore, tungsten, rare earths and more), Mt Magnet (gold, REE), Five Wheels (gold, base metals), Elephant (gold) and Rocky Hill (lithium). Its flagship Yalgoo property is a large land package comprising several targets, located in the prolific Yalgoo Region of Western Australia. Following extensive field exploration and a large geophysical survey, Tempest has defined two exceptional targets - Remorse (copper) and Sanity (gold) - which will be the focus of drill programs in the near term. A third drill target, Wrangler (gold), has also been identified in the Mt Magnet project.
Tempest Minerals is headquartered in Perth, Australia.
Tempest Minerals is led by an experienced board and management team with a history of exploration, operational and corporate success, key to executing the company’s mission to maximise shareholder value through focused, data and technology-driven asset exploration and development.
Tempest’s largely unexplored and 100-percent-owned Yalgoo property covers more than 1,000 square kilometres and is highly prospective for gold and base metals with world-class potential. It is located four hours from Perth, close to major infrastructure and adjacent to world-class gold and copper mines, including Golden Grove, Minjar, Rothsay, Mt Mulgine and Deflector.
Tempest has identified two drill targets within Yalgoo, which will be the focus of near-term drilling and exploration work. The Remorse target is prospective for copper and features a 4-kilometre base metal anomaly, with extremely coherent surface geochemistry. The target will undergo a 5,000-metre drilling program in July. The Sanity target is highly prospective for gold, with rock chip samples returning 7 grams per ton (g/t) gold, 0.2 percent copper, and more than 60 percent iron.
The 100-percent owned Mt Magnet project spans more than 20 square kilometres located within a world-class mining district and is 5 kilometres from a processing facility. A prolific mining destination with at least 6 million ounces of gold produced to date, the project is surrounded by multiple large-scale gold mines currently in operations, including Dalgaranga and Kirkalocka. The project contains multiple drill targets, of which Wrangler will be a key focus of near-term work.
The Elephant project is a 194 square kilometre property in the prolific Fraser Range region with large geological structures and multi-million-ounce targets. The project area itself has strong magnetic anomalies and an 8-kilometre gold in soil geochemical anomaly which could represent a large subsurface gold system.
The 100-percent owned, 266-square-kilometre Five Wheels project is geologically similar to Rumble Resources’ zinc-lead-copper discoveries and sits within the boundaries of the Earaheedy Basin in Western Australia, a mineralised sedimentary basin. A major geophysics program is planned for the project, co-funded by the government.
Brian Moller specialises in capital markets, mergers and acquisitions, and corporate restructuring and has acted in numerous transactions and capital raisings in both the industrial and resources and energy sectors. He has been a partner at the legal firm HopgoodGanim for 30 years and leads the corporate advisory and governance practice. Moller acts for many publicly listed companies in Australia and regularly advises boards of directors on corporate governance and related issues. He is currently chair or a non-executive director of a number of ASX listed companies and was critical in the progression of the high-profile LSE-listed SolGold PLC into becoming one of the largest copper-gold developments in the world.
Don Smith is a geologist and entrepreneur with over 20 years in the mining industry. He has worked in operational, development, exploration and consulting roles for junior through multinational firms intensively internationally on numerous commodities, including base and precious metals and energy minerals.
Smith’s corporate experience includes project acquisition, financing and development, and company management. He has been the founding director of a number of private and public resource companies, including the successful listings on the ASX of Platypus Resources and Alderan Resources. Smith has a Bachelor of Science from Newcastle University and a Master of Business Administration from the Australian Institute of Business.
Andrew Haythorpe has 30 years’ experience in geology and funds management and has been the director and chairman of a number of TSX and ASX listed companies. Since 1999, Haythorpe has been involved in over AU$300 million of mergers and acquisitions and capital raisings in mining and technology companies listed on the TSX and ASX.
He is currently the managing director at Allup Silica, Goldoz and Stunalara Metals, where he is also a founder. He has previously been a fund manager and analyst at Bankers Trust, an analyst at Suncorp (now a Top 20 ASX-listed company with some AU$96 billion in assets), and a director at Hartley Poynton. More recently, he was the managing director of Crescent Gold, leading that company from a junior explorer to a mid-tier producer within four years; and the managing director of Michelago Resources, which became one of the top-performing ASX-listed companies on its transition to gold production in China.
Owen Burchell is a mining engineer with 20 years of technical, operational and corporate experience, including management positions at Rio Tinto, BHP and Barrick Gold, as well as numerous mining start-ups, closures and operational turnaround projects.
Burchell holds several post-graduate business qualifications from the West Australian School of Mines and is the holder of a First Class Mine Managers Certificate of Competency. He is also a member of the Australasian Institute of Mining and Metallurgy and a graduate of the Australian Institute of Company Directors.
Burchell currently consults on numerous projects in the resource sector.
Ero Copper Corp. (TSX: ERO, NYSE: ERO) ("Ero" or the "Company") is pleased to announce an update of its National Instrument 43-101 ("NI 43-101") compliant mineral reserve and resource estimates for its Xavantina Operations, located in Mato Grosso State, Brazil. The updated mineral reserve and mineral resource estimates incorporate drilling activities and mining depletion on the properties through June 30, 2024.
HIGHLIGHTS
"Our ongoing exploration program at the Xavantina Operations continues to deliver exceptional results," stated David Strang, Chief Executive Officer. "When we acquired this asset in 2016, it had no mineral reserves, no mine life, and annual production of just 25,000 ounces. We have since transformed it into a robust operation with nearly 600,000 ounces of measured and indicated resources, including 459,000 ounces of proven and probable reserves. The successful completion of our NX 60 Initiative in 2023, highlighted by first production from the Matinha Vein, was a major milestone, positioning Xavantina to sustain annual production of approximately 55,000 to 60,000 ounces in the years ahead.
"We are equally excited about Xavantina's untapped potential, both near the mine and regionally. Our dual strategy remains focused on extending mine life and discovering new vein structures to expand mine and mill feed, enabling us to fully utilize the mill's installed capacity of up to 300,000 tonnes per annum."
Xavantina Operations Proven & Probable Mineral Reserve Evolution Since IPO
Note: Mineral reserve estimates were prepared in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum ("CIM") Definition Standards for Mineral Resources and Mineral Reserves, adopted by the CIM Council on May 10, 2014 (the "CIM Standards"), and the CIM Estimation of Mineral Resources and Mineral Reserves Best Practice Guidelines, adopted by CIM Council on November 29, 2019 (the "CIM Guidelines"), using geostatistical and/or classical methods, plus economic and mining parameters appropriate for the deposit. Please refer to the Notes on Mineral Reserves and Mineral Resources section of this press release for a discussion on the assumptions, parameters and methods used to estimate the mineral reserves for 2024. 2024 mineral reserve estimate effective date of June 30, 2024. Please see the 2018 Xavantina Technical Report, the 2019 Xavantina Technical Report, the 2020 Xavantina Technical Report, the January 2022 Press Release, the 2022 Xavantina Technical Report and the 2023 AIF, as applicable and as defined below, for a discussion on the assumptions, parameters and methods used to estimate the mineral reserves for 2018, 2019, 2020, 2021, 2022 and 2023, respectively. All figures have been rounded to the relative accuracy of the estimates.
2024 MINERAL RESERVE AND RESOURCE ESTIMATE
| 2023 Mineral Reserves & Resources | 2024 Mineral Reserves & Resources | Change | |||||||||||||||
| Tonnes | Grade | Contained | Tonnes | Grade | Contained | Contained | % | ||||||||||
| (kt) | (Au gpt) | Au (koz) | (kt) | (Au gpt) | Au (koz) | Au (koz) | |||||||||||
| Santo Antônio Vein | |||||||||||||||||
| Proven Reserves | 290 | 8.57 | 80.0 | 223 | 9.68 | 69.4 | (10.5) | (13) | |||||||||
| Probable Reserves | 1,072 | 7.80 | 268.7 | 1,155 | 9.76 | 362.3 | 93.6 | 35 | |||||||||
| Proven & Probable Reserves | 1,362 | 7.96 | 348.7 | 1,378 | 9.75 | 431.8 | 83.1 | 24 | |||||||||
| Measured Resources | 277 | 10.54 | 93.7 | 333 | 9.57 | 102.3 | 8.7 | 9 | |||||||||
| Indicated Resources | 1,042 | 9.92 | 332.2 | 1,222 | 11.57 | 454.6 | 122.3 | 37 | |||||||||
| Measured & Indicated | 1,318 | 10.05 | 425.9 | 1,554 | 11.15 | 556.9 | 131.0 | 31 | |||||||||
| Inferred Resources | 154 | 9.05 | 45.0 | 259 | 13.49 | 112.2 | 67.2 | 150 | |||||||||
| Matinha Vein | |||||||||||||||||
| Proven Reserves | — | — | — | — | — | — | — | NA | |||||||||
| Probable Reserves | 144 | 7.81 | 36.1 | 93 | 9.20 | 27.5 | (8.6) | (24) | |||||||||
| Proven & Probable Reserves | 144 | 7.81 | 36.1 | 93 | 9.20 | 27.5 | (8.6 ) | (24 ) | |||||||||
| Measured Resources | — | — | — | — | — | — | — | NA | |||||||||
| Indicated Resources | 150 | 9.90 | 47.6 | 130 | 9.59 | 40.1 | (7.5) | (16) | |||||||||
| Measured & Indicated | 150 | 9.90 | 47.6 | 130 | 9.59 | 40.1 | (7.5 ) | (16 ) | |||||||||
| Inferred Resources | 202 | 11.94 | 77.5 | 216 | 11.54 | 80.3 | 2.7 | 4 | |||||||||
| Brás & Buracão Veins | |||||||||||||||||
| Measured Resources | — | — | — | — | — | — | — | NA | |||||||||
| Indicated Resources | 7 | 3.36 | 0.7 | 7 | 3.36 | 0.7 | — | — | |||||||||
| Measured & Indicated | 7 | 3.36 | 0.7 | 7 | 3.36 | 0.7 | — | — | |||||||||
| Inferred Resources | 157 | 4.71 | 23.8 | 157 | 4.71 | 23.8 | — | — | |||||||||
| Total Xavantina Operations | |||||||||||||||||
| Proven Reserves | 290 | 8.57 | 80.0 | 223 | 9.68 | 69.4 | (10.5) | (13) | |||||||||
| Probable Reserves | 1,215 | 7.80 | 304.8 | 1,248 | 9.72 | 389.8 | 85.1 | 28 | |||||||||
| Proven & Probable Reserves | 1,505 | 7.95 | 384.7 | 1,471 | 9.71 | 459.2 | 74.5 | 19 | |||||||||
| Measured Resources | 277 | 10.54 | 93.7 | 333 | 9.57 | 102.3 | 8.7 | 9 | |||||||||
| Indicated Resources | 1,198 | 9.88 | 380.6 | 1,359 | 11.34 | 495.4 | 114.9 | 30 | |||||||||
| Measured & Indicated Resources | 1,474 | 10.00 | 474.2 | 1,691 | 10.99 | 597.8 | 123.5 | 26 | |||||||||
| Inferred Resources | 513 | 8.86 | 146.2 | 632 | 10.64 | 216.2 | 70.0 | 48 | |||||||||
Note: 2024 mineral reserve and resource estimates are effective as at June 30, 2024. 2023 mineral reserve and resource estimates are effective as at December 31, 2023. Presented mineral resources are inclusive of mineral reserves. All figures have been rounded to reflect the relative accuracy of the estimates. Summed amounts may not add due to rounding. Mineral resources that are not mineral reserves do not have a demonstrated economic viability. See below notes on mineral reserve and resource estimates for additional technical and scientific information.
NOTES ON MINERAL RESERVES AND RESOURCES
The 2024 mineral reserve and mineral resource estimates are effective as at June 30, 2024. Mineral resources are presented, including mineral reserves. All figures have been rounded to the relative accuracy of the estimates. Summed amounts may not add due to rounding. Mineral resources that are not mineral reserves do not have a demonstrated economic viability.
The 2024 mineral reserve and resource estimates for the Xavantina Operations are prepared under the supervision of and verified by Mr. Cid Gonçalves Monteiro Filho, SME RM (04317974), MAIG (No. 8444), FAusIMM (No. 329148) and Resource Manager of the Company who is a "qualified person" within the meanings of NI 43-101.
Reference herein of $ or USD is to United States dollars and BRL is to Brazilian reais. Mineral Reserves for the Xavantina Operations have been estimated using a gold price of $1,900/oz, and the exchange rate used for mineral reserve and resource estimates was USD/BRL 5.10.
Grade shells using a value of 1.20 gpt gold were used to generate a 3D mineralization model of the Xavantina Operations. Within the grade shells, mineral resources were estimated using ordinary kriging within 10 meter by 10 meter by 2 meter block size, with a minimum sub- block size of 1.0 meter by 1.0 meter by 0.5 meter, and the mineral resource estimate was constrained using a minimum stope dimension of 2.0 meters by 2.0 meters by 1.5 meters, a cut-off of 1.20 gpt based on underground mining and processing costs of US$72 per tonne and a gold price of US$1,900 per ounce.
The 2024 mineral reserve estimates were prepared in accordance with the CIM Standards and the CIM Guidelines, using geostatistical and/or classical methods, plus economic and mining parameters appropriate for the deposit. Mineral reserves are the economic portion of the measured and indicated mineral resources. Mineral reserve estimates include operational dilution of 17.4% plus planned dilution of approximately 8.5% within each stope for room- and-pillar mining areas and operational dilution of 3.2% plus planned dilution of 21.2% for cut-and-fill mining areas. Mining recovery of 92.5% and 94.7% assumed for room-and-pillar and cut-and-fill areas, respectively. Practical mining shapes (wireframes) were designed using geological wireframes / mineral resource block models as a guide.
Where applicable, for scientific and technical information on historic mineral resource and reserve estimates on the Xavantina Operations, please refer to the following reports:
QUALIFIED PERSONS
Mr. Cid Gonçalves Monteiro Filho, SME RM (04317974), MAIG (No. 8444), FAusIMM (No. 329148) has reviewed, verified and approved the scientific and technical information contained in this press release, including the sampling, analytical and test data underlying the information contained in this press release. Mr. Monteiro is Resource Manager of the Company and is a "qualified person" within the meanings of NI 43-101.
QUALITY ASSURANCE & QUALITY CONTROL
Current QA/QC Program
At the Xavantina Operations, the Company is currently drilling underground with third-party contracted core drill rigs. During the period from October 2022 to June 2024, third party drill rigs were operated by Trust Drilling Solutions and Servitec Foraco Sondagem S.A. who are independent of the Company. Drill core is logged, photographed and split in half using a diamond core saw at our secure core logging and storage facilities. Half of the drill core is retained on site and the other half-core is used for analysis, with samples collected on a minimum of 0.2 meters and a maximum of 2.0 meters with an average length of 0.5 meters. Sampling commences at least 1.0 meter before the start of the mineralized zone and continues at least 1.0 meter beyond the limit of the mineralized zone. Sample collection is performed at our core logging facilities with all sample preparation performed at ALS Brasil Ltda.'s laboratory or SGS Geosol - Laboratórios Ltda's laboratory, both of which are located in Goiânia, Brazil. Samples are analyzed by the certified laboratories of ALS Peru S.A. or SGS Geosol - Laboratórios Ltda, both of whom are independent of the Company. Gold content is preferentially determined using screen fire assay. If the sample isn't sufficiently weighted, fire assay is used. All sample results used in the preparation of the 2024 updated mineral resource and reserve estimate have been monitored through a quality assurance and quality control ("QA/QC") program that includes the insertion of certified standards, blanks and field duplicates at a rate of one standard, one blank, and one field duplicate sample per every 20 samples for a blended rate of approximately 5%.
QA/QC Validation
The QA/QC validation process undertaken for the 2024 updated mineral resource and reserve estimates for the Xavantina Operations is consistent with the process set out in the 2022 Xavantina Technical Report.
ABOUT ERO COPPER CORP
Ero Copper is a high-margin, high-growth copper producer with operations in Brazil and corporate headquarters in Vancouver, B.C. The Company's primary asset is a 99.6% interest in the Brazilian copper mining company, Mineração Caraíba S.A. ("MCSA"), 100% owner of the Company's Caraíba Operations, which are located in the Curaçá Valley, Bahia State, Brazil, and the Tucumã Operation, an open pit copper mine located in Pará State, Brazil. The Company also owns 97.6% of NX Gold S.A. ("NX Gold") which owns the Xavantina Operations, an operating gold and silver mine located in Mato Grosso State, Brazil. In July 2024, the Company signed a definitive earn-in agreement with Vale Base Metals for a 60% interest in the Furnas Copper-Gold Project, located in the Carajás Mineral Province in Pará State, Brazil. For more information on the earn-in agreement, please see the Company's press releases dated October 30, 2023 and July 22, 2024. Additional information on the Company and its operations, including technical reports on the Caraíba Operations, Xavantina Operations, Tucumã Operation and the Furnas Copper-Gold Project, can be found on the Company's website ( www.erocopper.com), on SEDAR+ ( www.sedarplus.ca/landingpage/) and on EDGAR ( www.sec.gov). The Company's shares are publicly traded on the Toronto Stock Exchange and the New York Stock Exchange under the symbol "ERO".
FOR MORE INFORMATION, PLEASE CONTACT
Courtney Lynn, SVP, Corporate Development, Investor Relations & Sustainability (604) 335-7504
info@erocopper.com
CAUTION REGARDING FORWARD LOOKING INFORMATION AND STATEMENTS
This press release contains "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and "forward-looking information" within the meaning of applicable Canadian securities legislation (collectively, "forward-looking statements"). Forward-looking statements include statements that use forward-looking terminology such as "may", "could", "would", "will", "should", "intend", "target", "plan", "expect", "budget", "estimate", "forecast", "schedule", "anticipate", "believe", "continue", "potential", "view" or the negative or grammatical variation thereof or other variations thereof or comparable terminology. Forward-looking statements may include, but are not limited to, statements with respect to the Company's expected production at the Xavantina Operations; the estimation of mineral reserves and mineral resources; the discovery of additional mineralized veins and the associated positive impact on throughput rates; the significance of any particular exploration program or result and the Company's expectations for current and future exploration plans including, but not limited to, planned areas of additional exploration and the potential to convert any portion of the inferred mineral resource base to economically viable mineral reserves; and any other statement that may predict, forecast, indicate or imply future plans, intentions, levels of activity, results, performance or achievements.
Forward-looking statements are not a guarantee of future performance. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements involve statements about the future and are inherently uncertain, and the Company's actual results, achievements or other future events or conditions may differ materially from those reflected in the forward-looking statements due to a variety of risks, uncertainties and other factors, including, without limitation, those referred to herein and in the Company's most recent Annual Information Form under the heading "Risk Factors".
The Company's forward-looking statements are based on the assumptions, beliefs, expectations and opinions of management on the date the statements are made, many of which may be difficult to predict and beyond the Company's control. In connection with the forward-looking statements contained in this press release and in the AIF, the Company has made certain assumptions about, among other things: favourable equity and debt capital markets; the ability to raise any necessary additional capital on reasonable terms to advance the production, development and exploration of the Company's properties and assets; future prices of copper, gold and other metal prices; the timing and results of exploration and drilling programs; the accuracy of any mineral reserve and mineral resource estimates; the geology of the Caraíba Operations, the Xavantina Operations, the Tucumã Operation and the Furnas Copper-Gold Project being as described in the respective technical report for each property; production costs; the accuracy of budgeted exploration, development and construction costs and expenditures; the price of other commodities such as fuel; future currency exchange rates and interest rates; operating conditions being favourable such that the Company is able to operate in a safe, efficient and effective manner; work force continuing to remain healthy in the face of prevailing epidemics, pandemics or other health risks, political and regulatory stability; the receipt of governmental, regulatory and third party approvals, licenses and permits on favourable terms; obtaining required renewals for existing approvals, licenses and permits on favourable terms; requirements under applicable laws; sustained labour stability; stability in financial and capital goods markets; availability of equipment; positive relations with local groups and the Company's ability to meet its obligations under its agreements with such groups; and satisfying the terms and conditions of the Company's current loan arrangements. Although the Company believes that the assumptions inherent in forward-looking statements are reasonable as of the date of this press release, these assumptions are subject to significant business, social, economic, political, regulatory, competitive and other risks and uncertainties, contingencies and other factors that could cause actual actions, events, conditions, results, performance or achievements to be materially different from those projected in the forward-looking statements. The Company cautions that the foregoing list of assumptions is not exhaustive. Other events or circumstances could cause actual results to differ materially from those estimated or projected and expressed in, or implied by, the forward-looking statements contained in this press release. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.
Forward-looking statements contained herein are made as of the date of this press release and the Company disclaims any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or results or otherwise, except as and to the extent required by applicable securities laws.
CAUTIONARY NOTES REGARDING MINERAL RESOURCE AND MINERAL RESERVE ESTIMATES
Unless otherwise indicated, all reserve and resource estimates included in this press release and the documents incorporated by reference herein have been prepared in accordance with National Instrument 43-101, Standards of Disclosure for Mineral Projects ("NI 43-101") and the Canadian Institute of Mining, Metallurgy and Petroleum (the "CIM") — CIM Definition Standards on Mineral Resources and Mineral Reserves, adopted by the CIM Council, as amended (the "CIM Standards"). NI 43-101 is a rule developed by the Canadian Securities Administrators that establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. Canadian standards, including NI 43-101, differ significantly from the requirements of the United States Securities and Exchange Commission (the "SEC"), and reserve and resource information included herein may not be comparable to similar information disclosed by U.S. companies. In particular, and without limiting the generality of the foregoing, this press release and the documents incorporated by reference herein use the terms "measured resources," "indicated resources" and "inferred resources" as defined in accordance with NI 43-101 and the CIM Standards.
Further to recent amendments, mineral property disclosure requirements in the United States (the "U.S. Rules") are governed by subpart 1300 of Regulation S-K of the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act") which differ from the CIM Standards. As a foreign private issuer that is eligible to file reports with the SEC pursuant to the multi-jurisdictional disclosure system (the "MJDS"), Ero is not required to provide disclosure on its mineral properties under the U.S. Rules and will continue to provide disclosure under NI 43-101 and the CIM Standards. If Ero ceases to be a foreign private issuer or loses its eligibility to file its annual report on Form 40-F pursuant to the MJDS, then Ero will be subject to the U.S. Rules, which differ from the requirements of NI 43-101 and the CIM Standards.
Pursuant to the new U.S. Rules, the SEC recognizes estimates of "measured mineral resources", "indicated mineral resources" and "inferred mineral resources." In addition, the definitions of "proven mineral reserves" and "probable mineral reserves" under the U.S. Rules are now "substantially similar" to the corresponding standards under NI 43-101. Mineralization described using these terms has a greater amount of uncertainty as to its existence and feasibility than mineralization that has been characterized as reserves. Accordingly, U.S. investors are cautioned not to assume that any measured mineral resources, indicated mineral resources, or inferred mineral resources that Ero reports are or will be economically or legally mineable. Further, "inferred mineral resources" have a greater amount of uncertainty as to their existence and as to whether they can be mined legally or economically. Under Canadian securities laws, estimates of "inferred mineral resources" may not form the basis of feasibility or pre-feasibility studies, except in rare cases. While the above terms under the U.S. Rules are "substantially similar" to the standards under NI 43-101 and CIM Standards, there are differences in the definitions under the U.S. Rules and CIM Standards. Accordingly, there is no assurance any mineral reserves or mineral resources that Ero may report as "proven mineral reserves", "probable mineral reserves", "measured mineral resources", "indicated mineral resources" and "inferred mineral resources" under NI 43-101 would be the same had Ero prepared the reserve or resource estimates under the standards adopted under the U.S. Rules.
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TSX: LUN) (Nasdaq Stockholm: LUMI) Lundin Mining Corporation ("Lundin Mining" or the "Company") reports the following updated share capital and voting rights, in accordance with the Swedish Financial Instruments Trading Act: View PDF Version
The number of issued and outstanding shares of the Company has increased by 28,519 to 776,905,492 common shares with voting rights as of November 29, 2024 . The increase in the number of issued and outstanding shares from November 1, 2024 to date is a result of the exercise of employee stock options or the vesting of employee share units.
About Lundin Mining
Lundin Mining is a diversified Canadian base metals mining company with projects or operations in Argentina , Brazil , Chile , Portugal , Sweden and the United States of America , primarily producing copper, zinc, gold and nickel.
The information in this release is subject to the disclosure requirements of Lundin Mining under the Swedish Financial Instruments Trading Act. The information was submitted for publication, through the agency of the contact persons set out below on November 29, 2024 at 14:30 Pacific Time .
SOURCE Lundin Mining Corporation
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With a copper-focused exploration strategy and North American assets, Quetzal Copper is in an excellent position to capitalize on the widening copper supply and demand gap and play a key role in the critical minerals race.
Quetzal Copper (TSXV:Q) is a copper exploration company focused on three drill-ready copper projects in British Columbia, Canada: Princeton, Big Kidd and DOT. All three projects are situated in the copper-rich jurisdiction of British Columbia and nearby producing mines such as Teck's Highland Valley copper mine, Hudbay's Copper Mountain mine, and the Craigmont mine.
The company’s flagship is the Princeton copper project, which is immediately to the north of the Copper Mountain mine. The project has seen limited historical drilling, and studies have identified targets characterized by copper mineralization and geochemical anomalies. Quetzal plans to begin drilling at the Princeton and Big Kidd projects in 2024.
The recent acquisition of the Cristinas copper project in Mexico is encouraging. The Cristinas project is an exciting exploration target boasting all the key features required for success, such as proximity to infrastructure, road access, exceptional geology with high grades, and a history of successful exploration. Historical drilling at Cristinas yielded impressive results, intersecting 4.7 meters @3.2 percent copper and 3.7 meters @3 percent copper. The Cristinas project offers shareholders a compelling risk/reward profile for an exploration venture, with plans to begin drilling in 2024.
The company’s focus on copper is very attractive given current supply and demand dynamics. The supply of copper is far more concentrated than oil. While three countries account for 40 percent of the oil supply, only two countries – Chile and Peru, contribute 38 percent of the copper supply. Given the history of political instability in these countries, a supply source from North America, with its stable policy environment, makes it very attractive. Government-supported tailwinds also encourage domestic copper supply, with Canada and the US promoting copper production through tax breaks and incentives.
The demand scenario for copper looks attractive given expectations of rapid growth. According to Nornickel, global copper demand is estimated to rise by 20 percent to 30 million metric tons (MT) per year by 2035, from around 24.8 million MT per year in 2022. This growth in the demand will be led by applications such as electric transport, power transmission grids and renewable electricity generation.
Quetzal Copper is likely to be a beneficiary of Western countries trying to realign their supply chain of critical minerals by sourcing them domestically or from friendly countries. Quetzal, with its portfolio of copper projects in tier 1 mining jurisdictions, is well positioned to offer domestically sourced copper to fill any supply gap.
The Princeton copper project spans an area of 11,500 hectares and is approximately 5 kilometers from Princeton town in British Columbia. The project is located to the north of Copper Mountain mine. The project represents an ideal location and favorable geology for copper exploration, located between the Copper Mountain mine and the Miner Mountain properties. Several operators have conducted various property surveys over the past 60 years. The geophysical and geochemistry surveys conducted in 2020 and 2021 have identified multiple drill targets. The project has three key targets: Bud South, Knob Hill and Aura.
The company has an option to acquire 100 percent interest in this project. The Big Kidd copper project spans an area of 4,055 hectares in southern British Columbia. It is located just 20 kilometers from the city of Merritt, and benefits from excellent infrastructure in terms of accessibility by a network of roads. The region hosts several copper and gold deposits, such as the Copper Mountain mine and the Craigmont mine.
The historic exploration dates back to the 1890s. In 1916, 10 tons of ore was extracted with 1,000 lbs of copper. Moreover, in 1918, a mine produced 44 tons of ore with 12 percent copper, 68 g/t silver, and 0.57 g/t gold. In 2019, Jiulian Resources completed a drill program on the project. A 2004 resource estimate has identified a non-compliant resource of 122.4 Mt at 0.33 g/t gold and 0.15 percent copper. Additional drilling has expanded the footprint of the mineralization beyond the 2004 estimate.
The project has three important targets for 2024. 1) Target 1 – a narrow target spanning 100 m x 400 m; 2) Target 2 – that spans an area of 200 m x 350 m; 3) Target 3 – this opportunity is in the Dago zone.
The company has an option to acquire 100 percent interest in this project. The DOT copper project spans 846 hectares and is located in the southern portion of the Guichon Creek batholith. The project is located just 25 kilometers away from Merritt, and enjoys excellent accessibility by roads. DOT is located in a region with a history of copper exploration for more than 130 years. Moreover, the project is adjacent to Highland Valley mine (20 km) and Craigmont mine (12 km). In 2008, Aurora Geosciences estimated a non-compliant indicated resource of 5.3 Mt at 0.49 percent copper equivalent and 2.9 Mt of non-compliant indicated resource 0.45 percent copper equivalent.
Moreover, in 2010, a resource report identified the following grades: 30.2 meters @ 1.32 percent copper, 27.4 meters @ 2.58 percent copper, and 76.2 meters @ 0.91 percent copper. These grades and thicknesses indicate a robust copper system on the property.
The project covers five zones of copper-gold-silver-molybdenum mineralization: southeast, northwest, west, east and copper zones. All five zones remain open. The company is planning an exploration program at DOT, which will include a comprehensive IP survey across the property, drilling at the east zone and northwest zone, trench and drilling at the southeast zone, and metallurgical testing.
The Cristinas copper project spans 685 hectares and is located in the northeastern Chihuahua state in Mexico. The project encompasses a historic copper mine that was operational in the 1950s, focusing on shallow copper oxide mineralization.
The project boasts a copper mineralization zone exceeding 1,250 meters in length, identified through surface rock chip samples and 12 historical drill holes from 2014. This mineralization remains open along strike and at depth, with significant expansion potential indicated by limited geophysical surveys. Historical drilling at Cristinas yielded impressive results intersecting 4.7 meters @3.2 percent copper and 3.7 meters @3 percent copper.
The recent surface sampling program returned encouraging results, ranging from <0.1 to 7 percent copper, mainly in copper oxides. Only four of the 18 samples returned less than 1 percent copper.
The Cristinas Project offers shareholders a compelling risk/reward profile for an exploration venture, with plans to begin drilling in 2024. The company intends to conduct an initial drill program spanning 1,500 to 3,000 meters, incorporating downhole electromagnetic surveying to enhance the accuracy of geophysical targets.
Matthew Badiali holds an M.Sc. degree in geology from Florida Atlantic University. He is a geologist and has over 18 years of experience as a financial analyst covering the natural resources sector with Stansberry Research. He is also a founder of Mangrove Investor Media, a publishing company.
Chris Lloyd is a geologist with over 35 years of experience, working in Canada and Mexico. He is a co-founder of Soltoro, which discovered the El Rayo silver deposit and was acquired by Agnico Eagle. He was also associated with the Panuco Project of Vizsla Silver.
Charles Funk is a geologist with experience in gold, silver and copper projects, and is associated with multiple deposit discoveries in Australia and Mexico. He has more than 14 years of experience with several mining companies, including Evrim Resources and Newcrest. He is also the CEO of Heliostar Metals.
Dr. Roy Grieg is a geologist highly experienced in advancing copper projects. He served for over two years as vice-president of exploration for Amarc Resources, where he advanced their district-scale porphyry copper-gold-molybdenum projects in British Columbia in collaboration with major partners Freeport McMoRan and Boliden. Greig holds a Ph.D. from the University of Arizona.
Lisa Thompson brings over 20 years of experience as a corporate/securities paralegal, working with large and small public companies listed for trading on US and Canadian stock exchanges. Thompson provided corporate secretarial consulting services for US and Canadian companies for over five years. She is a co-founder of Meraki Corporate Services in Vancouver, BC.
