White Metal Resources Corp. (TSXV: WHM) (FSE: CGK1) (OTC Pink: TNMLF) ("White Metal" or the "Company") is pleased to announce that it has received additional drill results from its ongoing Phase 3 drilling program at its flagship Tower Mountain Gold Project (the "Project" or "Property"). The two drill holes TM-21-120 and TM-21-121 were designed to test the down dip and expansion of the Bench Zone and the Company is very pleased to report that both holes were successful in expanding the Bench Zone. The Phase 3 drilling program was designed to further test the encouraging results received from the Company's Phase 1 and 2 drilling programs previously reported that have been testing multiple gold zones (Figure 1).
Table 1: Summary of recent core assay results from two holes, current Phase 3 drilling program, Bench Zone.
Drill Hole
From (m)
To (m)
Interval (m)*
Au (g/t)
TM-21-120
182.00
287.00
105.00
0.91
incl.
216.50
237.50
21.00
2.34
TM-21-121
143.0
210.5
67.5
0.78
incl.
143.0
162.5
19.5
1.08
incl.
182.0
209.0
27.0
1.09
and
257.0
293.0
36.0
0.69
*drill hole intervals are not true widths and are being reported as core lengths.
Michael Stares, President and CEO of White Metal, stated: "These widespread gold intercepts continue to demonstrate Tower Mountain's economic potential and we are encouraged that the Bench Zone has promise to host an open-pit mineral resource. This is further substantiated by the combined Bench Zone,110 Zone and D Zone results which are interpreted to represent a broad, single alteration-mineralization system. We will continue to drill the prospective areas within these zones to further our understanding of this impressive gold system. The total strike distance between the northwest portion of the Bench Zone to the southern area of the 110 Zone is approximately 800 metres although additional drilling is required to fully test if there is continuity between the zones."
TM-21-120 was drilled 30 m to the west-southwest of TM-21-106 (see Company news release dated September 23, 2021) while TM-21-121 was drilled 103 m to the southeast of TM-21-120. Both holes were drilled as follow-up from the Phase 2 drilling program and the encouraging results obtained from holes TM-21-105, 106, and 107 that were also designed to test the down-dip extension of the Bench Zone (see Table 1 results from the Bench Zone).
The ongoing Phase 3 drilling program has been very successful expanding the Bench Zone to the west and demonstrating the continuity of the down-dip extension. It should also be noted that both diamond drill holes ended in gold mineralization, with TM-21-120 returning 0.67 g/t Au from 285.5-287.0 m (End of Hole) and TM-21-121 returning 0.48 g/t Au from 291.5-293.0 m (End of Hole).
This news release focuses on the Bench Zone portion of the ongoing drilling program, with future core assay results to be reported from several of the other zones as they are received, compiled, and interpreted by the Company. Readers are also encouraged to refer to the Company's news release dated January 11, 2022 for more specific details surrounding the Tower Mountain Phase 3 drilling program.
About the Tower Mountain Gold Property
The Tower Mountain Gold Property is located 50 km west of Thunder Bay, Ontario and consists of unpatented and patented lands totalling 1,968 ha (19.68 square kilometres). The Property has excellent infrastructure and can be worked year-round with well-maintained roads and a power grid within
Mineralization hosted by established operations and other exploration projects is not necessarily indicative of mineralization hosted on the Company's Property.
To view drill hole sections and additional project information and maps please visit the White Metal website and slide show at https://www.whitemetalres.com/tower-mountain-au.html. For a detailed overview of the Tower Mountain Gold Project click here.
Qualified Person
Technical information in this news release has been reviewed and approved by Dr. Scott Jobin-Bevans (P.Geo.), Vice President Exploration and a Director of White Metal, who is a Qualified Person under the definitions established by NI 43-101.
White Metal Resources Corp. is a junior exploration company exploring in Canada and southern Africa. The Company's two key properties are the Flagship Tower Mountain Gold Project in Thunder Bay, Ontario, Canada and the Okohongo Copper-Silver Project in Namibia, Africa. For more information about the Company please visit https://www.whitemetalres.com/.
On behalf of the Board of Directors
"Michael Stares" President & CEO
For further information contact: Michael Stares, President & CEO White Metal Resources Corp. 684 Squier Street Thunder Bay, ON P7B 4A8 Phone: +1 (807) 358-2420
Thomas Do, Investor Relations Manager CHF Capital Markets Phone: +1 (416) 868-1079 x 232 Email: thomas@chfir.com
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
The information contained herein contains "forward-looking statements" within the meaning of applicable securities legislation. Forward-looking statements relate to information that is based on assumptions of management, forecasts of future results, and estimates of amounts not yet determinable. Any statements that express predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance are not statements of historical fact and may be "forward-looking statements."
Forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking statements, including, without limitation: risks related to failure to obtain adequate financing on a timely basis and on acceptable terms; risks related to the outcome of legal proceedings; political and regulatory risks associated with mining and exploration; risks related to the maintenance of stock exchange listings; risks related to environmental regulation and liability; the potential for delays in exploration or development activities or the completion of feasibility studies; the uncertainty of profitability; risks and uncertainties relating to the interpretation of drill results, the geology, grade and continuity of mineral deposits; risks related to the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses; results of prefeasibility and feasibility studies, and the possibility that future exploration, development or mining results will not be consistent with the Company's expectations; risks related to gold price and other commodity price fluctuations; and other risks and uncertainties related to the Company's prospects, properties and business detailed elsewhere in the Company's disclosure record. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements. Investors are cautioned against attributing undue certainty to forward-looking statements. These forward-looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances. Actual events or results could differ materially from the Company's expectations or projections.
White Metal Resources Corp. (TSXV: WHM) (FSE: CGK1) (OTC Pink: TNMLF) ("White Metal" or the "Company") is pleased to announce that it has received core assay results from the first three diamond drill holes from its Phase 3 drilling program at its flagship Tower Mountain Gold Project (the "Project" or "Property"). These first three holes were designed to test the strike extent of the A Zone with all three holes intersecting broad intervals of gold mineralization.
TM-21-117: 30.0 m grading 1.30 g/t Au (from 5.0 m).
TM-21-118: 49.5 m grading 1.01 g/t Au (from 8.0 m), including 24.0 m grading 1.8 g/t Au.
TM-21-119: 21.5 m grading 4.05 g/t/Au (from 6.5 m).
Michael Stares, President and CEO of White Metal, commented, "We would like to wish all our shareholders a happy and prosperous 2022 and look forward to this year's very exciting exploration program. We are delighted to report the first assay results from the A Zone drilling that continue to deliver excellent intercepts of gold mineralization, demonstrating that this zone is open for expansion. Encouraged by the success of the Company's Phase 1 and Phase 2 drilling programs, these early results from Phase 3 drilling indicate that the Tower Mountain Gold Project continues to grow while showing potential to host near-surface low-grade bulk tonnage and high-grade gold mineralization. As we await further assay results from the Bench Zone, D Zone and 110 Zone, the current Phase 3 drilling program is targeting the Ellen Zone and the Star Zone, among others."
The Tower Mountain Gold Project represents an area of exceptional and widespread gold endowment hosted predominantly within a broad package of metavolcanic rocks intruded by a Neo-Archean, high-level, multi-phase, sub-alkali intrusion. This widespread gold is characterized by the 21 gold zones that together define some 5.6 km of strike, with interpreted widths exceeding 300 metres. This press release focuses on the A Zone with future core assay results to be reported from several of the other zones.
Figure 1: Tower Mountain Gold Project showing the main gold zones, the location of the field core facility, and the Property boundary.
Previously reported drill hole TM-21-108 returned 23.8 m grading 3.94 g/t Au (from 3.7 m), including 7.5 m grading 8.77 g/t Au (from 8.0 m) (see news release dated October 21, 2021). Drill holes TM-21-117, TM-21-118 and TM-21-119 (Table 1) were drilled to the west of TM-21-108, a distance of 60 m, 40 m and 22 m, respectively.
Table 1: Summary of Phase 3 Drill Core Assay Results in the A Zone.
Drill Hole
From (m)
To (m)
Interval (m)
Au (g/t)
Au (ppb)
Zone
TM-21-117
5.00
35.00
30.00
1.31
1311
A Zone
incl.
5.00
11.00
6.00
2.68
2678
TM-21-118
5.00
54.50
49.50
1.01
1014
incl.
5.00
32.00
24.00
1.80
1796
TM-21-119
6.50
27.50
21.00
4.05
4050
Note: drill hole intervals are not true widths and are being reported as core lengths
Drilling to date has been successful in extending the A Zone a total of 60 m to the west and as a result of the encouraging assays received, the Company will now drill an additional four holes to test the down-dip extent of the A Zone and test an additional 50 m along strike.
Although the A Zone was previously worked by Inco Limited and Noranda Exploration Inc., the Company believes that a true understanding of the control of gold mineralization was not fully understood.
Recent exploration by White Metal, such as the 2021 trenching, returned 20.74 m grading 2.81 g/t Au (see news release dated November 18, 2021). This surface trenching, along with recent drilling as described above, demonstrates the importance of the A Zone.
Phase 3 Drilling Program: Holes Completed To Date
Bench Zone:
Previous drilling in this zone, including Phase 2 drill holes TM-21-105, 106, and 107 were designed to test the strike and down-dip extent. Drill hole TM-21-105 was drilled in the northwest area of the Bench Zone and graded 0.75 g/t Au over 22.5 m, including 10.5 m grading 1.01 g/t Au (from 188.0 m). Hole TM-21-106 was drilled 50 m to the southeast of TM-21-105 and graded 0.5 g/t Au over 150.0 m, including 1.01 g/t Au over 58.5 m, including 15.0 m grading 1.74 g/t Au (from 88.0 m). Drill hole TM-21-107, which was drilled 152.0 m southeast of TM-21-105, intersected 0.84 g/t Au over 49.5 m, including 21.0 m grading 1.29 g/t Au (from 143.5 m).
The Phase 3 drilling program at the Bench Zone is focused on extending gold mineralization to the west and testing the down-dip extension. Drill hole TM-21-120 was drilled 30 m to the west-southwest of TM-21-106 and ended at 287 m (results pending). Hole TM-21-121 was drilled 30 m to the west-southwest of TM-21-107 and ended at 293 m (results pending). All Phase 3 drill holes encountered alteration and sulphide mineralization similar to that observed in previous drill holes.
D Zone:
Phase 3 drilling also tested the D Zone, where previously reported hole TM-21-95 intersected two separate zones of gold mineralization, with 30.0 m grading 0.33 g/t Au (from 21.0 m) and 61.5 m grading 0.51 g/t Au (from 112.5 m).
Phase 3 drill hole TM-21-123, collared 240 m to the west of TM-21-95 and designed to test the down-dip extension of the D Zone, ended at 308 m (results pending). Hole TM-21-122, collared 100 m south of TM-21-123 and designed to test the down-dip extension of the D Zone, ended at 314 m (results pending). The two Phase 3 drill holes encountered various phases of alteration and sulphide mineralization similar to that observed in previous drill holes.
110 Zone:
The 110 Zone, a recent new discovery made as a result of drill-testing a high-priority DasVision 3D-IP chargeability anomaly, is located approximately 250 m southeast of the southern extent of the Bench Zone (see news release dated September 23, 2021). It should be noted that the entire 143 m length of TM-21-110 returned anomalous gold averaging 0.44 g/t Au, with the main part of the zone returning 52.0 m grading 0.75 g/t Au (from 2.5 m), including 7.5 m grading 1.02 g/t Au (from 47.0 m).
Phase 3 drill hole TM-21-125 was drilled 50 m to the west of TM-21-110 and was designed to test the down-dip extension of the TM-21-110 drill hole and to test the volcanic contact at the margins of the intrusive monzonite body. TM-21-125 ended at 152 m (results pending) and encountered various stages of altered and mineralized volcanic rocks with disseminated chalcopyrite and carbonate veins before entering the monzonite body which also showed altered carbonated fractures with veins and pyrite and chalcopyrite mineralization. Hole TM-21-124 was drilled 50 m to the northwest and also encountered the same style of alteration and sulphide mineralization as seen in TM-21-125, ending at 163 m (results pending). Hole TM-22-126 is planned to be drilled a further 50 m to the southeast of TM-21-110 and will completed in the next week.
Core from five drill holes, TM-21-120, 121, 123, 124, and 125 (all in the 110 Zone), has been submitted to Activation Laboratories in Thunder Bay and the Company is awaiting results. For Phase 3 planned drill holes (see news release dated November 9, 2021). A map showing drill holes completed to date can be found by clicking here.
About the Tower Mountain Gold Project
The Tower Mountain Gold Project is located 50 km west of Thunder Bay Ontario and consists of unpatented and patented lands totalling 19.68 square kilometres. The Project has excellent infrastructure with access to the regional power grid and the Trans-Canada Highway, which is less than 4 km away from the centre of the Property and can be easily accessed year-round. Mineralization on the Property is described as intrusive-associated and hosted disseminated gold with broad similarities to gold deposits located within the Abitibi Greenstone Belt of northeastern Ontario such as the Kirkland Lake and Malartic gold camps and the Young-Davidson Mine, which is currently one of Canada's largest underground gold mines, forecast to produce between 190,000 to 205,000 ounces of gold for 2021 (as reported by Alamos Gold). The similarity of the Tower Mountain Gold Project and its related intrusive complex to other intrusive related gold deposits is significant in that these intrusions are deemed to be the source of the gold-bearing hydrothermal fluids. This in turn yields great potential for a significant economic deposit. The widespread nature and intensity of host rock alteration and gold mineralization observed on the Property is attributed to the intrusive complex at Tower Mountain and attests to the exciting potential of the Project.
Mineralization hosted by established operations and other exploration projects is not necessarily indicative of mineralization hosted on the Company's Tower Mountain Gold Project.
Technical information in this news release has been reviewed and approved by Dr. Scott Jobin-Bevans (P.Geo.), Vice President Exploration and a Director of White Metal, who is a Qualified Person under the definitions established by NI 43-101.
White Metal Resources Corp. is a junior exploration company exploring in Canada and southern Africa. The Company's two key properties are the flagship Tower Mountain Gold Project in Thunder Bay, Ontario, Canada and the Okohongo Copper-Silver Project in Namibia, Africa. For more information about the Company please visit www.whitemetalres.com.
On behalf of the Board of Directors
"Michael Stares" President & CEO
For further information contact: Michael Stares President & CEO White Metal Resources Corp. 684 Squier Street Thunder Bay, ON P7B 4A8 Phone: +1 (807) 358-2420
Thomas Do Investor Relations Manager CHF Capital Markets Phone: +1 (416) 868-1079 x 232 Email:thomas@chfir.com
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
The information contained herein contains "forward-looking statements" within the meaning of applicable securities legislation. Forward-looking statements relate to information that is based on assumptions of management, forecasts of future results, and estimates of amounts not yet determinable. Any statements that express predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance are not statements of historical fact and may be "forward-looking statements."
Forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking statements, including, without limitation: risks related to failure to obtain adequate financing on a timely basis and on acceptable terms; risks related to the outcome of legal proceedings; political and regulatory risks associated with mining and exploration; risks related to the maintenance of stock exchange listings; risks related to environmental regulation and liability; the potential for delays in exploration or development activities or the completion of feasibility studies; the uncertainty of profitability; risks and uncertainties relating to the interpretation of drill results, the geology, grade and continuity of mineral deposits; risks related to the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses; results of prefeasibility and feasibility studies, and the possibility that future exploration, development or mining results will not be consistent with the Company's expectations; risks related to gold price and other commodity price fluctuations; and other risks and uncertainties related to the Company's prospects, properties and business detailed elsewhere in the Company's disclosure record. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements. Investors are cautioned against attributing undue certainty to forward-looking statements. These forward looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances. Actual events or results could differ materially from the Company's expectations or projections.
White Metal Resources Corp. (TSXV: WHM) ('White Metal' or 'the Company') further to their news releases of November 23, 2021 and December 9, 2021 the Company announces that it has closed its non-brokered private placement of flow-through shares and non-flow through units for total gross proceeds of $1,749,990 (the "Financing"). The Company notes that due to a high level of investor interest, the private placement was significantly oversubscribed from its initial offering of $600,000 announced on November 23, 2021.
The Company has issued 16,500,000 flow-through shares ("FT Shares") at a price of $0.10 per FT Share, for gross proceeds of $1,650,000. The flow-through shares entitle holders to receive the tax benefits applicable to flow-through shares, in accordance with provisions of the Income Tax Act (Canada).
The Company has also issued 1,111,000 non flow-through units ("Units") at a price of $0.09 per Unit for gross proceeds of $99,990. Each Unit consists of one common share and one half (1/2) of a common share purchase warrant, each full warrant being exercisable for an additional common share of the Company for $0.18 for 24 months form the date of issue.
In connection with the Financing, the Company has paid cash finders' fees, as permitted by the policies of the TSX Venture Exchange, totaling $67,800 and issued 660,000 finders' warrants, with each being exercisable for a common share of the Company at a price of $0.10 for a period of 12 months from the date of issuance.
All securities issued pursuant to the Financing will be subject to a 4-month hold.
The Financing was effected with three insiders of the Company subscribing for $198,000 - 1,980,000 flow-through shares - that portion of the Placement a "related party transaction" as such term is defined under Multilateral Instrument 61- 101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Company is relying on exemptions from the formal valuation and minority approval requirements set out in MI 61-101. The Company is exempt from the formal valuation requirement of MI 61-101 under sections 5.5(a) and (b) of MI 61-101 in respect of the transaction as the fair market value of the transaction, insofar as it involves the interested party, is not more than 25% of the Company's market capitalization. Additionally, the Company is exempt from minority shareholder approval under sections 5.7(1)(a) and (b) of MI 61-101 as, in addition to the foregoing, (i) neither the fair market value of the Units nor the consideration received in respect thereof from interested party exceeds $2,500,000, (ii) the Company has one or more independent directors who are not employees of the Company, and (iii) all of the independent directors have approved the transaction. Material change reports were not filed 21 days prior to the closing of the financing because insider participation had not been established at the time the financing was announced.
The proceeds of the Financing will be used to advance White Metal's various exploration projects, and for working capital purposes.
In addition, the Company announces that it has changed its auditor to Wasser Ramsay Chartered Accountants ("Successor Auditor") from De Visser Gray LLP Chartered Professional Accountants ("Former Auditor"). At the request of the Company, the Former Auditor resigned as the auditor of the Company effective December 7, 2021 and the board of directors of the Company appointed the Successor Auditor as the Company's auditor effective December 7, 2021, to hold office until the next annual meeting of the Company.
There were no modified opinions in the Former Auditor's audit reports for the Company's two most recent financial years and ending at the date of the resignation of the Former Auditor. There are no "reportable events" (as the term is defined in National Instrument 51-102: Continuous Disclosure Obligations ("NI 51-102")) between the Company and the Former Auditor.
In accordance with NI 51-102, the notice of change of auditor, together with the required letters from the Former Auditor and the Successor Auditor, have been filed on SEDAR.
White Metal Resources Corp. is a junior exploration company exploring in Canada and southern Africa. The Company's two key properties are the Flagship Tower Stock Gold Project in Thunder Bay, Ontario, Canada and the Okohongo Copper-Silver Project in Namibia, Africa. For more information about the Company please visit www.whitemetalres.com.
On behalf of the Board of Directors
"Michael Stares"
President & CEO
For further information contact:
Michael Stares President & CEO White Metal Resources Corp. 684 Squier Street Thunder Bay, ON P7B 4A8 Phone: +1 (807) 358-2420
Thomas Do Investor Relations Manager CHF Capital Markets Phone: +1 (416) 868-1079 x 232 Email: thomas@chfir.com
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
The information contained herein contains "forward-looking statements" within the meaning of applicable securities legislation. Forward-looking statements relate to information that is based on assumptions of management, forecasts of future results, and estimates of amounts not yet determinable. Any statements that express predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance are not statements of historical fact and may be "forward-looking statements."
Forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking statements, including, without limitation: risks related to failure to obtain adequate financing on a timely basis and on acceptable terms; risks related to the outcome of legal proceedings; political and regulatory risks associated with mining and exploration; risks related to the maintenance of stock exchange listings; risks related to environmental regulation and liability; the potential for delays in exploration or development activities or the completion of feasibility studies; the uncertainty of profitability; risks and uncertainties relating to the interpretation of drill results, the geology, grade and continuity of mineral deposits; risks related to the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses; results of prefeasibility and feasibility studies, and the possibility that future exploration, development or mining results will not be consistent with the Company's expectations; risks related to gold price and other commodity price fluctuations; and other risks and uncertainties related to the Company's prospects, properties and business detailed elsewhere in the Company's disclosure record. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements. Investors are cautioned against attributing undue certainty to forward-looking statements. These forward looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances. Actual events or results could differ materially from the Company's expectations or projections.
White Metal Resources Corp. (TSXV: WHM) (FSE: CGK1) (OTC PINK: TNMLF) ("White Metal" or the "Company") is pleased to announce that, subject to all regulatory approvals, the Company intends to complete a non-brokered private placement of flow-through shares and non flow-through units (the "Private Placement") for combined aggregate gross proceeds of up to $600,000. The Private Placement is expected to close on or before December 15, 2021.
The Company intends to issue up to 5,000,000 flow-through shares ("FT Shares") at a price of $0.10 per FT Share, for gross proceeds of $500,000. The flow-through shares will entitle the holder to receive the tax benefits applicable to flow-through shares, in accordance with provisions of the Income Tax Act (Canada).
The Company also intends to issue up to 1,111,111 non flow-through units ("Units") at a price of $0.09 per Unit for gross proceeds of up to $100,000. Each Unit will consist of one common share and one half (1/2) of a common share purchase warrant, each full warrant being exercisable for an additional common share of the Company for $0.18 for 24 months from the date of issue.
The securities issued pursuant to the Private Placement are subject to a hold period of four months and one day in accordance with applicable securities laws.
In connection with the private placement, the Company may pay finders' fees in cash or securities or a combination of both, as permitted by the policies of the TSX Venture Exchange. All securities issued pursuant to the private placement will be subject to a four month and one day hold period. The private placement is subject to approval by the TSX Venture Exchange.
The proceeds of the financing will be used to advance White Metal's various exploration projects, and for working capital purposes.
White Metal Resources Corp. is a junior exploration company exploring in Canada and southern Africa. The Company's two key properties are the Flagship Tower Mountain Gold Project in Thunder Bay, Ontario, Canada and the Okohongo Copper-Silver Project in Namibia, Africa. For more information about the Company please visit www.whitemetalres.com.
On behalf of the Board of Directors
"Michael Stares" President & CEO
For further information contact:
Michael Stares President & CEO White Metal Resources Corp. 684 Squier Street Thunder Bay, ON P7B 4A8 Phone: +1 (807) 358-2420
Thomas Do Investor Relations Manager CHF Capital Markets Phone: +1 (416) 868-1079 x 232 Email: thomas@chfir.com
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
The information contained herein contains "forward-looking statements" within the meaning of applicable securities legislation. Forward-looking statements relate to information that is based on assumptions of management, forecasts of future results, and estimates of amounts not yet determinable. Any statements that express predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance are not statements of historical fact and may be "forward-looking statements."
Forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking statements, including, without limitation: risks related to failure to obtain adequate financing on a timely basis and on acceptable terms; risks related to the outcome of legal proceedings; political and regulatory risks associated with mining and exploration; risks related to the maintenance of stock exchange listings; risks related to environmental regulation and liability; the potential for delays in exploration or development activities or the completion of feasibility studies; the uncertainty of profitability; risks and uncertainties relating to the interpretation of drill results, the geology, grade and continuity of mineral deposits; risks related to the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses; results of prefeasibility and feasibility studies, and the possibility that future exploration, development or mining results will not be consistent with the Company's expectations; risks related to gold price and other commodity price fluctuations; and other risks and uncertainties related to the Company's prospects, properties and business detailed elsewhere in the Company's disclosure record. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements. Investors are cautioned against attributing undue certainty to forward-looking statements. These forward looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances. Actual events or results could differ materially from the Company's expectations or projections.
Not for distribution to United States Newswire Services or for dissemination in the United States
White Metal Resources Corp. (TSXV: WHM) (FSE: CGK1) (OTC Pink: TNMLF) ("White Metal" or the "Company") is pleased to provide an exploration update from its Australian joint venture partner Noronex Limited (ASX: NRX) ("Noronex") on the DorWit Copper-Silver Project (the "Project"), located in the Kalahari Copperbelt of central Namibia (see Noronex news release dated November 16, 2021). The Namibian Project comprises three Exclusive Prospecting Licences (EPLs) that cover 72,000 hectares, referred to as the Witvlei (EPL 7028 and EPL 7029) and Dordabis (EPL 7030) properties. The Project is prospective for sedimentary-hosted Cu-Ag mineralization within the prolific Kalahari Copper Belt that spans Namibia and Botswana. The focus of the current exploration efforts will be on the Witvlei Property that comprises EPL 7028 and 7029 (Figure 1).
Highlights
Initial assays received for first 10 holes (~1,900 m) of a ~60 hole (~12,000 m) reverse circulation ("RC") drilling program at the Witvlei Property.
Maiden drilling at the greenfields Otjiwaru Property intersected anomalous Copper confirming the soil geochemistry is reflecting underlying bedrock anomalies with one drilling intercept of 7.0 m grading 0.5% Cu - further results are pending.
Two rigs are currently finalising the drilling program at the Gemboksvlei Property (21 holes for 4,200 m) and next move to the Okasewa South Property to test high priority copper geochemical soil and geophysical IP chargeability targets. Okasewa South is located directly south of the known Okasewa Cu deposit which has an existing JORC (2012) mineral resource of 4.4 Mt at 1.2% Cu (see Noronex news release dated March 8, 2021).
Over 7,000 m of the 12,000 m planned drilling program have now been completed at the Otjiwaru, Christiadore and Gemboksvlei properties.
Drilling is planned to continue in coming weeks at Okasewa South and then move to the high priority targets at the Dalheim Property.
Michael Stares, President & CEO of White Metal, stated, "We are very pleased with the progress that the Noronex technical team has made in the early stages of exploration and drilling programs on the DorWit Copper-Silver Project in the Kalahari Copperbelt of Namibia. In a very short time, we have seen Noronex establish a significant presence in country, build a high-quality team, explore aggressively and rapidly grow our copper project portfolio. The recent addition of a second rig has accelerated drilling at Witvlei and we are looking forward to providing further updates on the Witvlei exploration program as Noronex continues to explore the Project."
Background
The Namibian Projects, comprise three Exclusive Prospecting Licences (EPLs 7028, 7029 and 7030) covering 72,000 hectares that are prospective for sedimentary Cu-Ag mineralisation along the prolific Kalahari Copperbelt that spans Namibia and Botswana. The Namibian Project contains a current JORC (2012) Inferred Mineral Resource of 10 MT grading 1.3% Cu (see Noronex news release dated March 8, 2021). The focus of the current exploration efforts is the five targets on the Witvlei Cu-Ag Project (EPL 7028 and 7029).
Figure 1. Plan map showing the copper-in-soil geochemistry anomalies and high priority targets being drill tested at the Witvlei Cu-Ag Property (Noronex, 2021).
First assay batches have been returned from drilling at Otjiwaru with results received. A program of ten holes drilled for 1,927 m were completed at Otjiwaru (Figure 2 and Table 1). The zone targeted has sub-cropping sediments with malachite stains and a significant geochemical target. The holes intersected the Eskadron sequence containing brown siltstone and interbedded sandstones with debris flow. Minor malachite staining was intercepted down to approximately 25 m with fine pyrite and chalcopyrite developed in the siltstone horizons below. The northernmost holes, 21OTRC001 and 21OTRC010, were drilled north across a major structure into the older metamorphosed phyllites of the Damara, Duruchaus Formation and across a major regional shear that was unmineralized (Figure 3).
RC chip samples were collected at 1.0 m intervals in mineralized intersections and composited to 3.0 m where mineralisation was not visually noted. Samples were prepared in the ALS sample preparation facility in Namibia and assayed at their laboratory in South Africa. Anomalous copper concentrations were intersected in the preliminary investigatory drilling confirming the soil geochemistry, reflecting underlying bedrock anomalies. The best RC drill hole intercept was 7.0 m grading 0.5% Cu from 121.0 m in siltstone with fine chalcopyrite and pyrite noted in the logging.
Table 1. Summary of RC drilling chip intercepts from the first 10 holes at Otjiwaru (Noronex, 2021).
Figure 2. Location of RC drill hole collars for completed holes at Otjiwaru and Christiadore, overlain on copper-in-soil geochemistry and geological interpretation (Noronex, 2021).
Figure 3. Western drill fence at Otjiwaru showing northwest-southeast (looking northeast) cross-section of drilling completed and anomalous copper intersected in the RC drill holes (Noronex, 2021).
First pass drilling is nearing completion at Gemboksvlei with 21 holes being completed for 4,200 metres. Highly ranked priority targets and follow up are being finalised for the remaining program and will be at:
a 2.5 by 1.2 km copper-in-soil anomaly in an altered structural zone south of Okasewa.
sub-cropping copper at Dalheim with a 2 km strike extent.
Okasewa South
Directly south of the Okasewa Inferred Mineral Resource of 4.36 Mt grading 1.15 % Cu (see ASX news release dated 8 March 2021), a large copper geochemical anomaly has been defined over an area of 2.5 by 1.2 kilometres (Figure 4). The anomaly lies on an altered EM conductor in a major mineralised cross structure and is highly prospective for a large scale sedimentary hosted copper deposit.
A trial IP survey was completed over the known mineralised resource and a chargeability anomaly defined at the eastern end of the deposit. Drilling will commence shortly to test the geochemical anomaly and geophysical targets with twenty-one holes planned for 4,000 metres.
Figure 4. Xcite EM airborne survey ch1 z component image with overlying copper soil samples locations and resource drilling at Okasewa. Location of potential altered EM conductor with oxidising fluids altering reduced stratigraphy in the mineralised corridor (Noronex, 2021).
Diamond drilling is expected to follow up on these regional RC drill hole fences to define the style and character of the geology and mineralisation next year.
About Noronex Limited Noronex is an ASX listed copper company with advanced projects in the Kalahari Copper Belt, Namibia and in Ontario, Canada that have seen over 170,000 m of historical drilling. Noronex plans to use modern technology and exploration techniques to generate new targets at the projects and grow the current resource base.
Qualified Person Technical information in this news release has been reviewed and approved by Dr. Scott Jobin-Bevans P.Geo., Vice President Exploration and a Director of White Metal, who is a Qualified Person under the definitions established by the NI 43-101. Information and data in this news release has been largely extracted from Noronex news release dated November 16, 2021.
About White Metal Resources Corp.: White Metal Resources Corp. is a junior exploration company exploring in Canada and southern Africa. The Company's two key properties are the Flagship Tower Mountain Gold Project in Thunder Bay, Ontario, Canada and the Okohongo Copper-Silver Project in Namibia, Africa. For more information about the Company please visit www.whitemetalres.com.
On behalf of the Board of Directors
"Michael Stares" President & CEO
For further information contact:
Michael Stares President & CEO White Metal Resources Corp. 684 Squier Street Thunder Bay, ON P7B 4A8 Phone: +1 (807) 358-2420
Thomas Do Investor Relations Manager CHF Capital Markets Phone: +1 (416) 868-1079 x 232 Email: thomas@chfir.com
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
The information contained herein contains "forward-looking statements" within the meaning of applicable securities legislation. Forward-looking statements relate to information that is based on assumptions of management, forecasts of future results, and estimates of amounts not yet determinable. Any statements that express predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance are not statements of historical fact and may be "forward-looking statements."
Forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking statements, including, without limitation: risks related to failure to obtain adequate financing on a timely basis and on acceptable terms; risks related to the outcome of legal proceedings; political and regulatory risks associated with mining and exploration; risks related to the maintenance of stock exchange listings; risks related to environmental regulation and liability; the potential for delays in exploration or development activities or the completion of feasibility studies; the uncertainty of profitability; risks and uncertainties relating to the interpretation of drill results, the geology, grade and continuity of mineral deposits; risks related to the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses; results of prefeasibility and feasibility studies, and the possibility that future exploration, development or mining results will not be consistent with the Company's expectations; risks related to gold price and other commodity price fluctuations; and other risks and uncertainties related to the Company's prospects, properties and business detailed elsewhere in the Company's disclosure record. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements. Investors are cautioned against attributing undue certainty to forward-looking statements. These forward looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances. Actual events or results could differ materially from the Company's expectations or projections.
White Metal Resources Corp. (TSXV: WHM) (FSE: CGK1) (OTC Pink: TNMLF) ("White Metal" or the "Company") is pleased to announce that it has received assay results from the A Zone trenching program at the Tower Mountain Gold Project (the "Project" or "Property"). The Company mapped and channel sampled the A Zone to gain a better understanding of the controls on high-grade gold mineralization which proved very effective in tracing this zone at surface. The Company is very encouraged with the results of the channel sample assays which correlate well with similar results reported from drill hole TM-21-108 that assayed 3.94 gt Au over 23.8 m (from near surface) (Table 1; see also WHM news release dated October 21, 2021). White Metal has commenced a Phase 3 drilling program with 4,300 metres planned to test the many gold zones on the Property of which approximately 1,000 metres will target the A Zone.
Michael Stares, President and CEO of White Metal, commented, "The A Zone channel sampling program turned out to be very successful and we have now demonstrated that gold mineralization in this area is continuous at surface and correlates well with recent drilling. This program has given us enough structural knowledge to target the A Zone along strike and down-dip. We have so many great gold targets to follow-up on during our Phase 3 drilling program and the A Zone, although a key part of moving the Project forward, is just one of many excellent targets. As we move through the third phase of drilling, I look forward to sharing the results with our shareholders."
A Zone Surface Program Results
Extensive detailed mapping and channel sampling exposed an area roughly 100 m x 60 m that returned consistent moderate- to high-grade gold mineralization (Table 2). The A Zone is underlain by metavolcanic rocks characterized by hydrothermal brecciation and pervasive calcic + sericite hydrothermal alteration and ubiquitous pyrite throughout, locally up to 12%. The A Zone also exhibits the presence of a later structural system of sheeted, parallel quartz veining and fracturing. This later deformation appears to have enriched gold concentrations, possibly through remobilization. This is important as the intersection of structures may form a plunge that hosts the high-grade zones. Previous grab sampling and all current channel sampling has consistently returned positive gold values, reaching up to 23.6 g/t over 1.5 m, with visible gold noted locally within the vein/fracture system. The mineralized zone is at least 20 metres-wide across strike and remains open to the south and at depth.
A diamond drill is being mobilized to the site and six initial drill holes have been designed to test this exciting target at the A Zone. Oriented core will be utilized to gain a better understanding of the vein/fracture system and general structures.
Table 1. Summary of results from Phase 2 drill hole TM-21-108 (A Zone); gold intervals start near-surface.
TM-21-108: 3.94 g/t Au over 23.85 metres
From (m)
To (m)
Interval (m)
Au (g/t)
3.65
5.00
1.35
2.78
5.00
6.50
1.50
0.62
6.50
8.00
1.50
1.22
8.00
9.50
1.50
5.16
9.50
11.00
1.50
11.40
11.00
12.50
1.50
7.11
12.50
14.00
1.50
10.20
14.00
15.50
1.50
10.00
15.50
17.00
1.50
2.02
17.00
18.50
1.50
2.04
18.50
20.00
1.50
3.12
20.00
21.50
1.50
1.41
21.50
23.00
1.50
1.69
23.00
24.50
1.50
1.26
24.50
26.00
1.50
1.74
26.00
27.50
1.50
1.27
Note: drill hole intervals are not true widths and are being reported as drill core lengths.
Table 2. Channel samples and assay intervals, A Zone channel sampling program (click here to see map).
Channel Label
Channel Sample #
Length (m)
Au g/t
Average Au g/t
Interval (m)
J
658305
1.45
0.21
0.52
2.90
658306
1.45
0.86
I
658222
1.03
0.45
1.04
5.15
658223
1.04
1.08
658224
1.11
0.85
658225
1.08
1.77
658226
0.89
1.04
H
658227
0.90
1.04
0.97
5.60
658228
0.80
0.42
658229
1.00
0.58
658230
1.07
1.31
658231
0.89
0.98
658232
0.94
1.37
G
658206
0.90
0.28
1.87
3.70
658207
1.05
0.24
658208
0.90
3.09
658209
0.85
4.27
F
658201
0.50
0.92
2.81
20.74
658202
1.00
1.92
658203
1.00
6.55
658204
0.75
5.03
658205
0.75
5.85
658210
0.90
2.85
658211
1.05
2.38
658212
1.06
3.79
658213
1.17
4.87
658214
1.06
3.76
658215
1.04
7.09
658216
1.20
1.00
658217
0.96
0.50
658218
1.10
1.03
658219
1.40
3.92
658220
1.30
2.94
658234
1.40
0.63
658233
1.40
1.94
658235
1.70
1.34
E
658247
1.30
6.43
3.60
4.00
658248
1.20
3.69
658249
1.50
1.07
D
658243
1.00
1.06
1.45
2.00
658244
1.00
1.84
C
658240
0.65
8.55
12.32
3.65
658241
1.30
1.20
658242
1.50
23.60
B
658238
1.05
2.64
2.00
2.50
658239
1.45
1.47
A
658236
0.75
7.13
3.26
4.15
658237
1.30
4.36
658245
1.00
0.99
658246
1.10
1.40
Single channels
658307
0.80
0.07
0.07
0.80
Single channels
658308
2.00
1.04
1.04
2.00
Single channels
658221
0.75
0.56
0.56
0.75
Single channels
658250
1.80
1.27
1.27
1.80
Single channels
658304
1.80
0.42
0.42
1.80
Note: channel sample intervals are not true widths and are being reported as sample lengths.
The Tower Mountain Gold Project covers 2,038 hectares and is located about 50 km west of the port city of Thunder Bay, Ontario. The Project has year-round access and is proximal to both a major highway and railway lines. Drilling to date on Phases 1 and 2 totals 6,245.5 metres and has confirmed the Property's ability to continuously generate exciting intercepts and the exceptional potential for large-tonnage, low-grade gold deposits with local high-grade gold mineralization. The Phase 3 drilling program is designed to continue to extend length, width and at depth of known zones.
The Tower Mountain Gold Property represents an area of exceptional and widespread gold endowment hosted predominantly within a broad package of metavolcanic rocks intruded by a Neo-Archean, high-level, multi-phase, sub-alkali intrusion. Gold mineralization occurs mostly as disseminated within multi-stage calcic-dominated alteration and also within west-northwest vein arrays and a complex system of hydrothermal breccias which may also have acted as feeder systems.
Qualified Person
Technical information in this news release has been reviewed and approved by Dr. Scott Jobin-Bevans, P.Geo., Vice President Exploration and a Director of White Metal, who is a Qualified Person under the definitions established by NI 43-101. Historical information and data referred to in this news release has not been independently verified by a Qualified Person.
White Metal Resources Corp. is a junior exploration company exploring in Canada and southern Africa. The Company's two key properties are the Flagship Tower Mountain Gold Project in Thunder Bay, Ontario, Canada and the Okohongo Copper-Silver Project in Namibia, Africa. For more information about the Company please visit www.whitemetalres.com.
On behalf of the Board of Directors
"Michael Stares" President & CEO
For further information contact: Michael Stares President & CEO White Metal Resources Corp. 684 Squier Street Thunder Bay, ON P7B 4A8 Phone: +1 (807) 358-2420
Thomas Do Investor Relations Manager CHF Capital Markets Phone: +1 (416) 868-1079 x 232 Email: thomas@chfir.com
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
The information contained herein contains "forward-looking statements" within the meaning of applicable securities legislation. Forward-looking statements relate to information that is based on assumptions of management, forecasts of future results, and estimates of amounts not yet determinable. Any statements that express predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance are not statements of historical fact and may be "forward-looking statements."
Forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking statements, including, without limitation: risks related to failure to obtain adequate financing on a timely basis and on acceptable terms; risks related to the outcome of legal proceedings; political and regulatory risks associated with mining and exploration; risks related to the maintenance of stock exchange listings; risks related to environmental regulation and liability; the potential for delays in exploration or development activities or the completion of feasibility studies; the uncertainty of profitability; risks and uncertainties relating to the interpretation of drill results, the geology, grade and continuity of mineral deposits; risks related to the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses; results of prefeasibility and feasibility studies, and the possibility that future exploration, development or mining results will not be consistent with the Company's expectations; risks related to gold price and other commodity price fluctuations; and other risks and uncertainties related to the Company's prospects, properties and business detailed elsewhere in the Company's disclosure record. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements. Investors are cautioned against attributing undue certainty to forward-looking statements. These forward-looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances. Actual events or results could differ materially from the Company's expectations or projections.
The shareholders of Lundin Mining Corporation (TSX: LUN) together with BHP Group Limited and Filo Corp. (TSX: FIL) have agreed to the terms of a Plan of Arrangement resulting in the combination of the two companies. Each share of Filo Corp. will be exchanged for 2.3578 shares of Lundin Mining or C$33.00 cash subject to proration of a max cash of C$2,767 million and maximum share consideration of 92.1 million Lundin Mining shares.
In expectation of the arrangement closing, Filo Corp. will be removed from the S&P/TSX Composite Index prior to the open of trading on January 15, 2025 . The shares outstanding of Lundin Mining will be increased at the same time to reflect the issuance of shares.
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The shareholders of Lundin Mining Corporation (TSX: LUN) together with BHP Group Limited and Filo Corp. (TSX: FIL) have agreed to the terms of a Plan of Arrangement resulting in the combination of the two companies. Each share of Filo Corp. will be exchanged for 2.3578 shares of Lundin Mining or C$33.00 cash subject to proration of a max cash of C$2,767 million and maximum share consideration of 92.1 million Lundin Mining shares.
In expectation of the arrangement closing, Filo Corp. will be removed from the S&P/TSX Composite Index prior to the open of trading on January 15, 2025 . The shares outstanding of Lundin Mining will be increased at the same time to reflect the issuance of shares.
For more information about S&P Dow Jones Indices, please visit www.spdji.com
ABOUT S&P DOW JONES INDICES
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Copper was trading on the COMEX at under US$4 per pound at the beginning of 2024, but by May 21, the red metal's price had surged to a record high of US$5.11 per pound.
Price momentum at the start of the year was owed to several factors, including increasing demand from energy transition sectors, bottlenecks at Chinese refiners and near-zero copper treatment charges.
The price was volatile through the second and third quarters, slipping back below US$4 per pound before soaring above US$4.50 at the end of Q3. Read on for more on how copper performed in 2024, from prices to supply and demand.
Copper price in Q4
Copper started the fourth quarter of the year on a strong note. On October 2, the metal reached its quarterly high of US$4.60 before starting a month-long slide to US$4.31 on October 31.
Volatility was the story at the start of November. Copper soared to US$4.45 on November 5 before dropping to US$4.22 on November 6, then spiked to US$4.41 on November 7; finally, it crashed to US$4.05 on November 15.
While copper did see a couple of rallies as the year ended, it only briefly broke through resistance of US$4.20 from December 9 to 11 before settling toward the US$4 mark at the end of the month.
As of December 23, the copper price was sitting at US$4.02.
Copper concentrate market to stay tight
In an October report, Fastmarkets predicts that the concentrate market will remain tight in 2025.
This tightness will continue to impact refiner treatment charges. Though they are expected to rebound to around US$20 to US$30 per metric ton (MT), they will still be short of the US$80 mark reached in 2023.
The situation has become more challenging as new operations, particularly in China, expand capacity in 2024. Fastmarkets anticipates no change in the situation in 2025, as new smelters are set to come online in China, Indonesia and India. The additional capacity will see more refiners fighting for the available supply.
The research firm says several other factors are contributing to copper concentrate shortages, including the loss of material from First Quantum Minerals' (TSX:FM,NYSE:FM) Cobre Panama mine after it was ordered shut down in November 2023. Other miners that have cut their production forecasts are also adding to supply woes.
For example, Teck Resources (TSX:TECK.A,TECK.B,NYSE:TECK) revised its copper production guidance when it released its third quarter results on October 23. In its release, Teck indicates that the updated range now stands at 420,000 to 455,000 MT, down from the 435,000 to 500,000 MT estimated at the start of the year.
The company said the reduction was due to challenges with labor availability and problems with autonomous systems in its new haul trucks at its Highland Valley mine in BC, Canada.
China’s economy dragging on copper
A significant headwind for copper at the end of 2024 has been the continued challenges posed by China’s faltering economy. Although the country has introduced stimulus measures, they have made little difference.
The most recent stimulus announcement came on December 24, when the Chinese government announced it would issue US$411 billion worth of special treasury bonds in 2025. This package would be the highest on record, and would represent an increase over the US$137 billion issued in the past year.
The move follows President Xi Jinping’s keynote address at the country’s annual economic policy meeting on December 11 and 12. Xi said at the time that the economy was stable, and that the government would be working to boost consumption through looser monetary policy and more active fiscal policy. Few details were given on how the country would achieve its goals, and the US$411 billion debt injection could be the first sign of that policy.
In addition, in September, the Chinese government announced measures to increase credit, support cities in purchasing unsold homes and restructure debt. These efforts have failed to turn around the world’s second largest economy.
China is the world’s largest copper consumer, and any shift in the strength of the nation's economy will have implications for the price trajectory of base metal.
Copper supply was in focus in Q1 as First Quantum provided an update on its Cobre Panama mine.
The mine was forced to close at the end of 2023 after the Panamanian Supreme Court walked back a company-friendly deal initially approved in October 2023.
At the beginning of 2024, First Quantum pursued several avenues to resolve the issue and reopen the mine, including arbitration. It also waited for the results of Panama’s May election in hopes of more mining-friendly leadership.
The second quarter was dominated by news of output curtailments at Chinese smelting operations.
The cuts came as lower production levels from copper miners began to stress treatment charges at refiners as they competed for the limited availability of copper concentrate.
Speaking to the Investing News Network at the time, Joe Mazumdar, editor of Exploration Insights, said that 50 percent of the world’s smelting capacity is in China. For that reason, the end price is dictated by treatment and refining charges, which nearly turned negative due to the lack of available concentrate.
In turn, this pushed the price of copper prices higher at major exchanges.
“So there’s the cathode price. That’s stated in the LME, and Shanghai and the COMEX in the states. But if the market is tight in any of those regions locally, you will see a cathode premium … over the price of the copper,” he said. “People are willing to pay more to incentivize people that have copper inventory to release it into the market."
Copper supply and demand both saw growth during Q3.
The International Copper Study Group reported in an October 21 release that mined production of copper had increased by 2 percent year-on-year to 14.86 million MT during the first eight months of 2024.
Much was owed to 3 percent growth from Chile, with increases at BHP’s (ASX:BHP,NYSE:BHP,LSE:BHP) Escondida mine, as well as the Collahausi mine, which is a joint venture between Anglo American (LSE:AAL,OTCQX:AAUKF), Glencore (LSE:GLEN,OTC Pink:GLCNF) and Mitsui (OTC Pink:MITSF,TSE:8031).
Output from the Democratic Republic of Congo increased 11 percent, while Indonesia's production rose 22 percent.
At the same time, demand increased slightly by 2.5 percent. Much of the additional demand came from 2.7 percent growth in Asian markets, which includes a 0.5 percent increase in Chinese refined copper imports.
Investor takeaway
The copper market has been tight all year, with new demand accelerating beyond new mine supply.
This demand growth is expected to continue as the world transitions from fossil fuels to renewable technologies that require more copper, like wind and solar. However, copper demand is still constrained by weakness in the Chinese economy, particularly in its housing sector, which is an important driver of global demand for the metal.
Ultimately, in the longer term, copper supply will be lacking from new projects and expanded production to meet demand. The base metal is expected enter a supply deficit over the next few years.
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Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.
Copper Price Forecast: Top Trends for Copper in 2025
Copper prices saw impressive gains in 2024, even breaking the US$5 per pound mark in May. However, the red metal's gains didn't last, and by the end of the year copper had retreated back to the US$4 range.
The start of 2025 could be eventful, with Donald Trump returning to the Oval Office, a new stimulus package coming into effect in China and a continued push for greener technologies around the world.
What will these factors mean for copper prices in the new year? Will they rise, or can investors expect the base metal to remain rangebound? Here's a look at what experts see coming for the important commodity.0
How will Trump's presidency impact US copper projects?
Trump will be sworn in for his second term as US president on January 20.
During his campaign, he made bold promises that could shake up the American resource sector, pushing a "drill, baby, drill" mantra and committing to increasing oil production in the country.
When it comes to copper, Trump's proposed changes to environmental regulations could have key implications. While the Biden administration has sought to toughen these rules, Trump will look to relax them.
In an email to the Investing News Network (INN), Eleni Joannides, Wood Mackenzie's research director for copper, said changes to environmental regulations are likely to benefit the mining sector overall.
“The former president has already pledged to overturn a 20 year moratorium on mining in Northern Minnesota. This pro-mining approach means more mines could be permitted and put into production,” she said.
One project that was being planned before the Biden administration restricted access to federal lands in the Superior National Forest belongs to Twin Metals Minnesota, a subsidiary of Antofagasta (LSE:ANTO,OTC Pink:ANFGF). The company has been working to advance its underground copper, nickel, cobalt and platinum-metals group project since 2006, and has submitted plans to state and federal regulatory agencies.
Another copper-focused project that may benefit from the incoming Trump administration is Northern Dynasty Minerals' (TSX:NDM,NYSEAMERICAN:NAK) controversial Pebble project in Alaska.
The company has been exploring the Bristol Bay region since acquiring the property in 2001, but the US Army Corps of Engineers denied approval in 2020; the Environmental Protection Agency did the same in 2021.
Northern Dynasty has been fighting these decisions at both the state and federal level. It reached the Supreme Court in January 2024, but was denied a hearing until the dispute is examined at the state level.
On December 20, Alaska Governor Mike Dunleavy added his support for the project when he petitioned the incoming president to issue an Alaska-specific executive order on his first day in office. The order would effectively reverse decisions made by the Biden administration, including the permitting of the Pebble project.
In addition to Pebble, projects like Rio Tinto (ASX:RIO,NYSE:RIO,LSE:RIO) and BHP’s (ASX:BHP,NYSE:BHP,LSE:BHP) Resolution, and Hudbay Minerals' (TSX:HBM,NYSE:HBM) Copper World, both of which are in Arizona, may benefit from Trump’s plan to reduce permitting times on projects worth over US$1 billion.
Currently, large-scale operations like these can take up to 20 years to move from exploration to production in the US. Copper is considered a critical mineral for the energy transition, and is increasingly becoming a security concern as the US is largely dependent on China for its supply of copper.
Copper price volatility expected under Trump tariff turmoil
As tensions continue to grow between the west and eastern nations like China and Russia, it may not take much to threaten markets for critical materials, including copper.
Trump has already promised to impose a 60 percent tariff on all goods coming from China.
A tariff on copper imports could upend the president-elect's plans for the resource sector. It would increase the prices of copper imports and disrupt the overall economy.
“The risk is that the president-elect’s threatened tariffs, including 60 percent on China and 20 percent on all other nations, could derail global economic growth, lead to higher inflation and, with that, tighten monetary policy and also lead to a change in trade flows. Copper will suffer if demand takes a hit," Joannides said.
"In addition, there is likely to be continued volatility in prices,” she added.
In its recent analysis of Trump’s policies, ING sees an overall negative impact on global metals demand.
The firm believes that many of his plans, including tariffs, will cause the US Federal Reserve take a longer-term approach to reducing interest rates, which could affect investment in large-scale copper projects.
S&P Global expressed a similar view after Trump's win. Immediately after the election, copper prices sank 4 percent to fall under US$4.30, with the firm suggesting that is likely just the beginning. The organization notes that while the market may have already priced in Trump’s tariffs, a larger trade war could impact prices even further.
Economic recovery in China could further boost copper prices
China's faltering economy has been a major headwind for copper over the past several years.
The country's housing market accounts for roughly 30 percent of global demand for the red metal, meaning that any shifts could have significant implications for the copper market.
The sector has been struggling for the past few years as the country deals with economic issues, including fallout from the COVID-19 pandemic, which caused disruptions to supply chains and a spike in unemployment.
Ultimately, economic factors struck China's real estate sector, an important driver of the country’s gross domestic product; this caused the collapse of the nation's top two developers, China Evergrande Group and Country Garden.
So far, the government’s attempts to stimulate the economy and jumpstart the beleaguered real estate sector have largely failed. In September, it announced measures aimed at property buyers, such as reducing interest rates for existing mortgages by 50 points and cutting the minimum downpayment requirement for homes to 15 percent.
Other changes introduced at the time include more help from the People’s Bank of China, which will provide a lending facility for state-owned firms to acquire unsold flats for affordable housing.
China followed this up with an announcement in November that it will provide additional support for local governments by increasing their debt-raising capacity by 6 trillion yuan over the next six years.
While these measures may not be felt for some time, kickstarting the Asian nation's real estate sector could be a boon for copper producers and investors.
“If the Chinese real estate market were to post a recovery, this would see domestic demand for copper tick higher and could lead to a tighter supply and demand balance overall, assuming all other things remain unchanged. This would underpin even higher prices than we are currently projecting,” said Joannides.
Copper industry needs more investment dollars
With copper demand projected to grow long term, supply-side concerns are rising. According to Joannides, there is already recognition that copper exploration has been underinvested over the past few years.
“We are seeing signs this could change. Much of the growth over the last five years has come from brownfield expansions rather than greenfield/new discoveries," she explained to INN.
"Technology will likely help increase the chance of discovery, and broadly I would say that policymakers are now more supportive of mineral exploration as the push to secure critical raw materials supply has moved up the agenda."
Joannides pointed to greenfield projects already in the pipeline, including Capstone Copper’s (TSX:CS,OTC Pink:CSCCF) Santo Domingo in Chile, Southern Copper’s (NYSE:SCCO) Tia Maria in Peru and Teck Resources' (TSX:TECK.A,TECK.B,NYSE:TECK) Zarfanal in Peru.
There's also Northmet, a Teck and Glencore (LSE:GLEN,OTC Pink:GLCNF) joint venture in Minnesota.
Rising copper prices could also increase the flow of money from the major companies into the junior space, where most of the exploration is currently occurring.
“Copper has become the standout strategic preference for the major mining companies. The risk-adjusted cost of developing organic copper assets is higher than the cost of acquiring them,” Joannides said.
This kind of acquisition activity could help reduce the development time of assets compared to companies starting exploration from scratch.
Investor takeaway
While copper supply and demand conditions are expected to remain tight in 2025, competing forces are at play.
One of the biggest factors is Trump’s return to the White House. If the president-elect takes action as quickly as he has promised, investors could soon gain insight on the long-term implications of his policies.
In terms of China, it will take time to get the property sector back to where it was before the pandemic; however, there may be sparks early in the year as new measures start to work their way through the market.
During 2025 it may be even more prudent than usual for investors to do their due diligence on copper and keep an eye on the forces that may affect the market.
Don’t forget to follow us @INN_Resource for real-time news updates!
Securities Disclosure: I, Dean Belder, hold shares of Northern Dynasty Minerals.
Editorial Disclosure: Dore Copper is a client of the Investing News Network. This article is not paid-for content.
The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.
Lobo Tiggre: Copper is My Highest-Confidence Trade for 2025 — Here's Why
Lobo Tiggre, CEO of IndependentSpeculator.com, gave the Investing News Network his updated thoughts on the US economy, as well as his outlook for gold, silver and uranium in 2025.
However, he said his highest-confidence trade for next year is copper.
"I think that it's easier to see — and highly likely to see — copper moving higher next year," Tiggre explained.
That said, he's not quite ready to pull the trigger on copper stock purchases.
"I'm not rushing out to buy yet, because I think even in the little time we have left this year we're going to see more bad economic news, and Dr. Copper with a PhD in economics always goes down with that sort of news. So I'm looking to that as a buying opportunity — I'm looking to maximize my upside by taking advantage of that."
Watch the interview above for more from Tiggre on copper, plus gold, silver and uranium. You can also click here to view the Investing News Network's New Orleans Investment Conference playlist on YouTube.
Don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.
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Gianni Kovacevic: 3 Copper Stocks for Speculators, Watch These Metals Under Trump
Investor and author Gianni Kovacevic shared his thoughts on copper market dynamics, saying that while the long-term trend is up, speculators can create significant shorter-term prices moves.
He also mentioned three copper companies he's interested in right now: CopperNico Metals (TSX:COPR,OTCQB:CPPMF), Entree Resources (TSX:ETG,OTCQB:ERLFF) and Horizon Copper (TSXV:HCU,OTCQX:HNCUF).
In addition to copper, Kovacevic spoke about the growing opportunity he sees in lithium, highlighting how major miners like Rio Tinto (ASX:RIO,NYSE:RIO,LSE:RIO) are increasing their exposure to this important battery metal.
"We are going to have a supply shortage. Not in the distant future — in the next 18 to 36 months it'll be a front-page story, and it will be dovetailed with ... oil and gas. And with that comes the oil and gas investor," he said.
Explaining his view, Kovacevic said oil and gas companies are becoming interested in direct lithium extraction.
"(The oil and gas investors) are the ones that are going to really take the speculation in lithium to the next level once again. It'll be 'lithium mania 3.0' coming to a screen near you," he told the Investing News Network.
Watch the interview above for more from Kovacevic on copper and lithium, as well as Donald Trump's second term.
Don’t forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.
Mining giant BHP (ASX:BHP,NYSE:BHP,LSE:BHP) introduced its Xplor 2025 cohort on Monday (January 6), choosing eight out of hundreds of applicants worldwide.
Under Xplor 2025’s terms, each of the companies is entitled to receive an equity-free grant of up to US$500,000 and access to a network of BHP and external industry experts to build out and accelerate their exploration concepts.
The selected companies and the countries they focus on are as follows:
“As the energy transition gathers pace it becomes more urgent that we can identify, develop and commercialize the discoveries required to support the transition,” BHP’s Group Exploration Officer Tim O’Connor said. “The 2025 Xplor cohort are the sorts of explorers that naturally embrace innovation in bringing promising new projects to life.”
BHP opened applications for the 2025 Xplor program last September, once again “seeking visionary teams focused on uncovering new sources of critical minerals crucial for a sustainable future.”
The eight successful applicants are focused on critical metals needed for electrification, with many targeting copper.
Now in its third edition, Xplor helps accelerate the work of promising mineral companies.
The program is often set on a six-month period, with each of the companies collaborating with BHP Xplor to expedite their geological concepts and position the projects for potential further investment and partnership with BHP.
“We were delighted with the strength of applications — the quality of exploration projects was extremely high … Successful applicants demonstrated strong leadership, a commitment to innovation in their exploration programs, and a willingness to push industry boundaries in applying new concepts, data and testing techniques,” BHP Xplor Head Marley Palin said.
According to BHP, this edition holds the most geographically diverse cohort yet. Xplor 2024 had teams focused on Botswana, Australia and Kazakhstan, while Xplor 2023 included companies working in Africa, Australia, Canada, Mongolia, Norway and Finland.
Xplor 2025 also has the highest number of successful applicants at eight; Xplor 2023 included seven companies and 2024 had six.
This month, the 2025 cohort is set to gather in Perth for Bootcamp Week. BHP said the bootcamp will teach them key strategy, operational and technical frameworks that will set them up for success over the next six months.
Filo Corp. (TSX: FIL) (Nasdaq First North Growth Market: FIL) (OTCQX: FLMMF) (" Filo " or the " Company ") is pleased to announce that the deadline for registered shareholders (the " Registered Shareholders ") of the issued and outstanding common shares of Filo (the " Filo Shares ") and for holders of stock options of Filo (the " Optionholders ") to make elections in respect of the consideration receivable pursuant to the Arrangement (as defined below) is 5:00 P.M. (Toronto Time) on January 9, 2025 (the " Election Deadline "). PDF Version
The letter of transmittal and election form (the " Letter of Transmittal ") outlines the necessary documentation and information required to be sent to the depositary for the Arrangement, Computershare Investor Services Inc. (the " Depositary "), by each Registered Shareholder and Optionholder in order to receive the consideration to which they are entitled under the Arrangement, and make an election with respect to the form of consideration they wish to receive. For complete instructions, please refer to the Letter of Transmittal previously mailed to Registered Shareholders and Optionholders on December 12, 2024 and also available under Filo's profile on SEDAR+ at www.sedarplus.ca and on the Company's corporate website at http://filocorp.com/investors/corporate-filings/ .
All elections and deposits made under a Letter of Transmittal are irrevocable and may not be withdrawn. However, an election made under a Letter of Transmittal on or prior to the Election Deadline may be changed by depositing a new Letter of Transmittal with the Depositary on or prior to the Election Deadline. Should the Arrangement not proceed for any reason, the deposited certificates and/or DRS advices representing Filo Shares (if applicable) and other relevant documents shall be returned.
The Letter of Transmittal is for use by Registered Shareholders and Optionholders only. Beneficial (nonregistered) shareholders whose Filo Shares are registered in the name of a broker, investment bank, bank, trust company, custodian, nominee or other intermediary (each, an " Intermediary ") should contact that Intermediary for instructions and assistance in making an election.
Shareholders who hold Filo Shares directly or indirectly through the central securities depository in Sweden run by Euroclear Sweden AB (" Euroclear Holders ") do not need to submit a Letter of Transmittal. For complete instructions for Euroclear Holders, please refer to the press release of the Company dated December 11, 2024 .
Filo is also pleased to announce that it has obtained all key regulatory approvals required to complete the previously announced arrangement involving, among others, the Company, BHP Investments Canada Inc. (" BHP "), a wholly-owned subsidiary of BHP Group Limited, and Lundin Mining Corporation (TSX: LUN) (OMX: LUMI) (" Lundin Mining ", and together with BHP, the " Purchaser Parties "), pursuant to which the Purchaser Parties will, among other things, acquire all of the Filo Shares not already owned by the Purchaser Parties and their respective affiliates (the " Arrangement ").
Subject to the satisfaction or waiver of the remaining conditions to implementing the Arrangement, it is expected that the Arrangement will close on or about January 15, 2025 .
Following completion of the Arrangement, the Filo Shares will be delisted from the Toronto Stock Exchange and the Nasdaq First North Growth Market. An application will also be made for the Company to cease to be a reporting issuer in the applicable jurisdictions following completion of the Arrangement.
About Filo Corp.
Filo is a Canadian exploration and development company focused on advancing its 100% owned Filo del Sol copper-gold-silver deposit located in San Juan Province, Argentina and adjacent Region III, Chile . The Company's shares are listed on the Toronto Stock Exchange and Nasdaq First North Growth Market under the trading symbol "FIL", and on the OTCQX under the symbol "FLMMF".
Additional Information
The Company's certified adviser on the Nasdaq First North Growth Market is Bergs Securities AB, +46 8 506 51703, rutger.ahlerup@bergssecurities.se .
The information contained in this news release was accurate at the time of dissemination, but may be superseded by subsequent news release(s).
The information was submitted for publication by the contact persons below on January 6, 2025 at 1:00 am EST .
CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION: This press release may contain certain "forward-looking information" and "forward-looking statements" (collectively "forward-looking information") within the meaning of applicable securities legislation. All statements, other than statements of historical fact, included herein, including, without limitation, the consummation and timing of the Arrangement; the satisfaction of the conditions precedent to the Arrangement; the expected timing of closing of the Arrangement; and the expected timing of delisting from stock exchanges, may be forward-looking information. Forward-looking information is frequently, but not always, identified by words such as "expects", "anticipates", "believes", "intends", "estimates", "potential", "possible", and similar expressions, or statements that events, conditions, or results "will", "may", "could", or "should" occur or be achieved.
Forward-looking information involves various risks and uncertainties. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. Important factors that could cause actual results to differ materially from the Company's expectations include failure to satisfy or waive the closing conditions to the Arrangement; changes in laws, regulations and government practices; government regulation of mining operations; environmental risks; and other risks and uncertainties disclosed in the Company's periodic filings with Canadian securities regulators and in other Company reports and documents filed with applicable securities regulatory authorities from time to time, including the Company's Annual Information Form available under the Company's profile at www.sedarplus.ca . The Company's forward-looking information reflects the beliefs, opinions, and projections on the date the statements are made. The Company assumes no obligation to update the forward-looking information or beliefs, opinions, projections, or other factors, should they change, except as required by law.
Cygnus Metals and Doré Copper Mining said on Wednesday (January 1) that they have completed their merger.
The combined entity will be a critical minerals explorer and developer with two core assets in Québec, Canada.
Cygnus acquired all of the issued and outstanding common shares of Doré on Tuesday (December 31) through a Canadian statutory plan of arrangement, finalizing the deal. Cygnus shares are listed on the ASX under the symbol CY5, and are expected to start trading on the TSXV under the symbol CYG on or about Friday (January 3).
The company has also applied to list on the OTCQB under the ticker symbol CYGGF.
The merger of equals between Cygnus and Doré was announced this past October, with the companies emphasizing at the time that the deal would create value for shareholders on both sides. Under the agreement, each former Doré shareholder will receive 1.8297 Cygnus shares for each share they held before the transaction was finalised.
"By combining the proven exploration and management skills of the Cygnus team with the high-grade resource and immense upside at the Chibougamau Copper-Gold Project, we have the potential to unlock substantial value," Cygnus Executive Chair David Southam said at the time, adding that plans for "aggressive exploration" were in the works.
The new company's two main assets are the Chibougamau copper-gold project and the James Bay lithium project.
Chibougamau currently has a measured and indicated resource of 3.6 million metric tons at 3 percent copper equivalent, and an inferred resource of 7.2 million metric tons at 3.8 percent copper equivalent.
James Bay's Pontax project holds a resource of 10.1 million metric tons at 1.04 percent lithium oxide.
Doré brought the Chibougamau asset to the table, and in Wednesday's release former President and CEO Ernest Mast said the Cygnus team has the ability to maximize the value of the project.
“This merger will provide the funding, additional expertise and the strategy aimed at generating superior shareholder returns with an exciting exploration program at Chibougamau,” he noted.
Southam will now act as executive chair of the new company, while Mast will hold the position of president and managing director in Canada. The board will also have two non-executive directors from each of the merged companies.
Cygnus said that results from a pre-Christmas drill program at Chibougamau are expected to be released early this quarter. Following on from that, the company will begin a drilling and geophysics program at the site.
Don’t forget to follow us @INN_Resource for real-time news updates!
Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.
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