Chile to redraw constitution following voter defeat
abina Gold & Silver (TSX: SBB; US-OTC: SGSVF) has formally committed to build ing its $610-million Goose gold mine in Nunavut, which it ac quired in 2009 and has been ad vancing ever Constructionsince.atthe site, located in the Back River gold district about 400 km south of Cam bridge Bay in western Nunavut is planned to start in 2023, with first gold production expected in 2025.
The Vancouver-based miner has already completed pre-de velopment activities, while major equipment and materials required for construction have been either procured, delivered or in transit, it said.“This is a milestone decision for the company,” Bruce McLeod, president and CEO said in a state ment. “We are fortunate that our strategy of pre-planning and accelerating procurement efforts has reduced our exposure to infla tionary impacts and supply chain issues, and we are sufficiently funded for construction.”
Of the $610-million capi tal expenditure estimated, about $218-million was identified as direct equipment and materials purchases.Theminer has submitted a reg ulatory package to the Nunavut Planning Commission and the Nunavut Impact Review Board to build the Back River Alternate Energy Centre.
Sabina shares traded at $1.09 in Toronto at press time, jump ing 9% in the two days following the news. The shares have traded within a 52-week window of 93¢ and $1.82. Sabina has a market cap of $597 million.
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Chileans overwhelmingly voted against the proposed new consti tution during a referendum, hand ing left-leaning President Gabriel Boric’s industry-unfriendly poli cies a public reckoning. The pro posed legislation was viewed as one of the world’s most progressive constitutions and represented a sharp shift from its market-friendly constitution dating back to the Augusto Pinochet dictatorship. GMIN GMINF
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SONAMI lauded the voting result, calling it a demonstration of civic“Wematurity.value that citizens have granted this new possibility, which will allow us to establish advances in social matters based on conditions that allow and ensure free entrepre neurship and economic growth so that the changes are sustainable,” said the organization’s new pres ident Jorge Riesco in a statement. He was elected as the organization’s president on Aug. 31.
Chile’s President Gabriel Boric casts his vote for the new constitution. GABRIELBORIC/TWITTER
POLITICS | Rejection shows ‘civic maturity’: SONAMI PM40069240 RIO TINTO STEPS UP HUNT FOR COPPER ASSETS / 3
The mining camp at Sabina Gold & Silver’s Back River property in Nunavut.
NUNAVUT | First
to 4.5 megawatts, a solar panel array with a power capacity of 5 MW and a battery storage system with a capacity of 50 MWh.
SABINA GOLD & SILVER
BY CECILIA JAMASMIE
The company says the centre will significantly reduce projected greenhouse gas emissions, traf fic on the winter ice road, and the number of ships required.
Chile’s national mining asso ciation SONAMI welcomed the Sept. 4 rejection of the country’s proposed new constitu tion, sending lawmakers back to the drawing board to create a more inclusive document “prioritizing the unity of the country.”
Sabina earlier this year raised about $800 million in project financing, which allowed for sig nificant procurement, engineer ing and civil work to be completed at the mine site and port.
If approved, the company will install up to 13 wind turbines, each with a power capacity of up
BY HENRY LAZENBY
Financial services firm JP Mor gan said the referendum result could “force a more moderate and gradual reform impulse.” Ana lyst Diego Pereira wrote in a note to clients that he expected positive market momentum, thanks to less uncertainty and lower risk premi ums“Weahead.believe both real and finan cial investors would prefer that if the current constitution has to be reformed, it’s done by the Con gress or a committee of notables,” PereiraAfterwrote.acknowledging the defeat, President Boric pledged to adjust his government team and work with Congress to draft a new text. Centre-left and right-wing parties have also agreed to negotiate, with SONAMI intent on supporting the process by again making available all experts, white papers, and doc uments it had prepared as part of the initial constitutional reform process.
The new constitution was in tended to significantly increase en vironmental protection, strengthen
INDUSTRY WATCHDOG ISSUES WARNING ON TAILINGS FAILURES / 8 905 841 5004 | geotech.ca VTEM™ | ZTEM™ | Gravity | Geotech_Earlug_2016_Alt2.pdfMagnetics1 2016-06-24 4:27:20 PM WWW.SGS.COM/MINING MINERALS@SGS.COM DELIVERING QUALITY EXPERTISE GLOBALLY ACROSS THE ENTIRE MINING LIFE CYCLE expert advice from exploration to closure .com SEPTEMBER 19 — OCTOBER 2, 2022 / VOL. 108 ISSUE 19 / GLOBAL MINING NEWS • SINCE 1915 / $5.25 / WWW.NORTHERNMINER.COM
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Sabina greenlights Goose mine build gold expected in 2025
the power of Indigenous commu nities in their territories, enshrine a variety of social rights (includ ing education, health and housing), and remove a guarantee that inves tors would receive market prices for expropriated assets.
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Elder Creek Rio Tinto’s deal with McEwen
Rio Tinto steps up hunt for copper assets with McEwen JV, binding deal with Turquoise Hill
McEwen Copper’s Los Azules copper project in San Juan, Argentina. MCEWEN MINING
GLOBAL MINING NEWS THE NORTHERN MINER / SEPTEMBER 19 — OCTOBER 2, 2022 3
Doré Copper Mining on track to develop Quebec’s first copper mine
located about 9 km from SSR Min ing (TSX: SSRM)’s Marigold mine complex in northern Nevada.
Copper will give it the option to become a majority joint venture partner in the Elder Creek project in ToNevada.earn a 60% interest in the project, Rio’s subsidiary Kennecott Exploration would have to invest US$18 million over a maximum of seven years. After that the two companies would form an unincor porated joint venture where Ken necott would be the largest partner and project operator.
In late August, McEwen Min ing subsidiary McEwen Copper received a US$25-million invest ment from Rio Tinto earmarked for Los McEwenAzules.shares were trading at $4.65 at press time in Toronto. The company completed a 10-for-1 share consolidation in July. It has a market cap of $220 million.
He says that it is this exploration success at Corner Bay that is the basis for restarting mining operations at the Chibougamau camp. “We are currently undertaking a feasibility
The most recent offer represents a 67% premium from Turquoise Hill’s closing price of $25.68 a share on Mar. 11, the trading day prior to Rio Tinto’s first proposal.
Released in May, an updated mineral resource for Corner Bay outlined indicated resources of 2.7 million tonnes grading 2.66% copper and 0.26 gram gold per tonne for 157 million lb. contained copper and 22,000 oz. of gold. Inferred resources total 5.9 million tonnes at 3.43% copper and 0.27 gram gold for 443 million lb. copper and 51,000 oz. gold.
DORÉ COPPER
McEwen holds a 1.25% net smelter return royalty on all the claims that comprise the Elder Creek property.
Based on US$3.75 per lb. of copper and US$1,820 per oz. of gold and using an 8% discount rate, the after-tax net present value is $193 million, with an internal rate of return of 22.1%.Initialcapital costs, which would be paid back in 5.5 years, are estimated at $180.6 million and include $14.8 million for the Corner Bay mine and $7 million for Devlin, the company says. Sustaining costs are estimated at $402.4 million over the life of mine, with over half ($247.3 million) of this spent at the Corner Bay mine, and $52 million allocated to the
Rio Tinto, which made its initial offer for Turquoise Hill in March, noted the Montreal-based min
Highlights from the drilling included hole CB-22-71, which intersected 6.7 metres grading 5.41% copper, 0.45 gram gold per tonne, 29.7 grams silver per tonne, and 209 parts per million (ppm) molybdenum; and hole CB-22-68, which returned 10.9 metres grading 4.24% copper, 0.62 gram gold, 15.2 grams silver, and 1,226 ppm molybdenum.
In addition to the infill drilling campaigns, a representative bulk sample of quarter-core is being shipped to a supplier’s facility in the U.S. for additional ore sorting tests. This, he says, is to “verify the sorter performance reported in the PEA and to produce material for additional comminution, flotation, and geochemical test work.”
According to Mast, the positive PEA results stem from the existing surface and underground infrastructure that benefit the camp.
development of Joe Mann (starting in the fourth year after Devlin is depleted). The company also plans to set aside $53.6 million for reclamation and closure costs.
Above: Aerial view of the Copper Rand mill and mine.
It believes the offer undervalues Turquoise Hill, which it expects will generate over $10.5 billion of free cash flow through 2030 assuming US$3.50 per lb. copper.
The Turquoise Hill acquisition will give Rio a direct majority stake in Oyu Tolgoi, one of the world’s largest known copper and gold deposits. Rio, which already holds a 51% interest in Turquoise Hill, signed a US$3.3-billion binding agreement to purchase the 49% of the company it doesn’t already own.
R
These are exciting times for Canadian miner Doré Copper Mining (TSXV: DCMC; US-OTC: DRCMF) as the company looks to restart the prolific Chibougamau mining camp in northern Quebec, roughly 500 km north of Montreal and 10 km by road from the town of Chibougamau.
Left: Ernest Mast, Dore Copper’s president and CEO, looks at mineralized core from the high-grade copper-gold Corner Bay deposit.
The two companies also agreed to amend financing arrangements to help Turquoise Hill address near-term liquidity, including increasing a May advance facility to US$650 million from US$400 million and extending the deadline for a US$650-million equity raising and debt repayment until at least March 2023.
trate over the life of the mine at all-in sustaining costs (AISCs) of U$2.24 per lb. of copper-equivalent.
“We have excellent road access, which allows us to operate all year round. It is also powered with lowcost and environmentally friendly hydroelectricity from the Quebec grid, and our projects have already been mined or partially developed, with portals and underground workings in place and most importantly we have the only mill in the region.”
(36,135 metres) completed to date.
In May, the Toronto-based junior released a preliminary economic assessment (PEA) for the restart of mining operations at Chibougamau. The PEA outlines a hub-and-spoke operation with its flagship high-grade Corner Bay copper-gold deposit as its main underground mine, with the Devlin copper deposit and the former Joe Mann gold mine also feeding its Copper Rand mill.
The preceding Joint-Venture Article is PROMOTED CONTENT sponsored by DORE COPPER MINING and produced in cooperation with The Northern Miner. Visit www.dorecopper.com for more information.
Elder Creek is an early-stage copper-gold porphyry project,
Doré Copper has consolidated a large land package that includes 13 former producing mines, deposits, and resource target areas within a 60-km radius of the company’s Copper Rand mill, which closed in 2008. The Chibougamau and Joe Mann mining camps have previously produced 1.6 billion lb. of copper and 4.4 million oz. of gold.
It consists of 577 unpatented mining claims in Nevada, which is prospective for porphyry copper mineralization and well placed in a district hosting several large copper and gold mines, including Mari gold, Lone Tree and Phoenix.
M&A | Major says its $43-per-share cash offer for Turquoise Hill is final
The transaction will be subject to a shareholder vote expected in the fourth quarter, and will require the approval of two-thirds of the votes cast by Turquoise Hill shareholders, including Rio Tinto, and a simple majority of minority shareholders.
The company also owns the Los Azules copper project in San Juan, Argentina. This is an advanced large-scale porphyry copper explo ration project located in the Andean Cordillera copper belt, about 90 km north of Glencore (LSE: GLEN)’s El Pachón project and near the bor der with Chile.
Turquoise Hill’s equity was trad ing at $40.85, in a 52-week window of $12.15 and $42. It has a market cap of $8.2 billion. TNM
In July and August, Doré Copper released assay results from 27 holes of its 45,000-metre 2022 infill drill program at Corner Bay, with 37 holes
study for the project, which we expect to complete by the end of 2023.”
io Tinto (NYSE: RIO; LSE: RIO; ASX: RIO) made head way on adding to its cop per portfolio in early September: In the same week, Turquoise Hill Resources (TSX: TQR) agreed to a sweetened takeover offer from the major, and Rio also signed a deal with McEwen Mining (TSX: MUX; NYSE: MUX) subsidiary McEwen Copper to option up to 60% of its Elder Creek project in Nevada.
“Since acquiring Corner Bay in 2017, we’ve conducted a significant amount of exploration on the property and have increased the copper grade and tonnes for the deposit from 1.5 million to over 8 million, defining one of the highest grade copper deposits in North America,” says Ernest Mast, Doré Copper’s president and CEO.
“The current drilling at Corner Bay will look to upgrade inferred resources to the indicated category for the feasibility study,” says Mast. “We also plan to undertake approximately 2,000 metres of infill drilling at Devlin.”
He adds that the company also sees considerable scope to further increase the mine life at Chibougamau by extending the Corner Bay and Joe Mann deposits to depth. It is also pursuing several other exploration projects in the camp, with the benefit that the Copper Rand mill will have surplus grinding capacity to handle increased ore throughput.
BY CECILIA JAMASMIE
The PEA envisages an under ground mining operation producing 492 million lb. of copper and 142,000 oz. of gold over a 10.5-year mine life. The operation would produce an average annual output of 53 million lb. of copper-equivalent in concen
JOINT VENTURE ARTICLE
er’s board had unanimously rec ommended the $43-per-share cash offer and said it would not increase its bid despite pressure from minority shareholders.
BY NORTHERN MINER STAFF
However, Pentwater Capi tal Management LP, which holds 11.7% of Turquoise Hill shares, has come out against the deal, and said it is weighing its legal options.
Doré Copper says that the initial capital requirement also includes $54.2 million for refurbishing the Copper Rand mill and to add ore sorting and tailings filtration to the flowsheet. Engineering, procurement, and construction management (EPCM) and indirect costs amount to $22.8 million, infrastructure to $34.5 million, and owner’s costs to $9.9 million, with a further $23.6 million in contingency costs, it says.
Graves noted that automakers and battery manufacturers clamoring to lock down supplies of the light metal will need to offer mine develop ers more — especially given tight supply and the complexity and time involved in getting greenfield product to market.
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Timing is finally right for Quebec’s lithium miners
Quebec’s lithium industry has a rocky history. The North American Lithium mine (previously Quebec Lithium) is on its fourth set of own ers since 2008: Australia’s Sayona Mining (75%) and U.S.-based Piedmont Lithium (25%) bought the asset out of bankruptcy proceedings in 2021. (Notably, the previous owners were China’s Jilin Jien Nickel and battery giantNemaskaCATL.)produced its first spodumene concentrate in early 2017, but suspended production and sought bankruptcy protection only two years later amid growing capital costs and tanking lithium prices. It is now owned 50% by Investissement Québec and, as of May 2022, 50% by U.S.based Livent Corp. A feasibility study due out by the end of the year will outline how much more investment is needed, but the total costs are likely to be $1.5 billion, up from $875 million budgeted in 2019.
Quebec,
Many of the critical minerals on the U.K. list are battery related and from countries where the sup ply is anything but secure. How ever, critical minerals are country specific, and their criticality varies according to supply and demand, technological development and shifting societal needs. Most juris dictions update their lists at least every three years.
On all four lists are antimony, bismuth, cobalt, gallium, graphite, indium, lithium, magnesium, nio bium, PGMs, rare earths, tanta lum, tungsten and vanadium.
With total demand on a lithium carbonate equivalent basis up about 200,000 tonnes in 2022, he noted few new projects are coming onstream that would produce more than 30,000 or 40,000 tonnes annually. “It’s hard to flood the market when a single project is 30,000 tonnes and we need six or seven of them a year just to deal with the (demand) growth.”
4 SEPTEMBER 19 — OCTOBER 2, 2022 / THE NORTHERN MINER WWW.NORTHERNMINER.COM
Liz Truss’s administration (she took over as prime minister on Sept. 6) is starting with the nation in mourning, but the U.K. govern ment will emerge having taken a significant step further to the right, especially with regard to the busi ness environment. The incoming administration will likely reduce corporate bureaucracy and tax rates, and be more favourably dis posed towards mining.
PRESIDENT THE NORTHERN MINER GROUP: Anthony Vaccaro, CFA, MBA avaccaro@northernminer.com
In one of his last acts at BEIS, Kwarteng launched the U.K.’s first critical minerals strategy. As mentioned in this column in August, the government has identified 18 minerals that are considered critical.
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The European Union currently has 30 minerals on its ‘critical’ list, with Canada listing 31 and the U.S. designating 50 minerals as critical. The U.S. identifies 14 of the 15 lanthanides separately (pro methium is missing), whereas the other lists combine them under a ‘rare earth elements’ classification.
As Kwarteng said in July, “The world in 2040 is expected to need four times as many critical miner als for clean energy technologies as it does today. However, critical mineral supply chains are com plex and opaque, the market is volatile and distorted, and China is the dominant player.”
One of Truss’s first announce ments was to promote Kwasi Kwarteng from Secretary of State for Business, Energy and Indus trial Strategy (BEIS) to become the first Black Chancellor of the Exche quer. Kwarteng was replaced at BEIS by industry-friendly Jacob Rees-Mogg, who was Minister of State for Brexit Opportunities in former prime minister Boris Johnson’s cabinet.
You
The reign of our 61st monarch (as a unified, identifiable country, starting with King Egbert in 827) incorporated 15 prime ministers (and 14 U.S. presidents), the lat est being appointed just 48 hours before her death.
The need for these lists is clear. Germany’s Statista portal esti mates that China last year pro duced almost 98% of the world’s gallium, and 84% of the bismuth, magnesium and tungsten. The EU calculates that China provides 98% of its rare earth elements, and warns the bloc is also vulnerable to Turkey (which provides almost all of its borate) and South Africa (providing 71% of the platinum demand).Withthe soaring demand for electric vehicles and batteries, London-based Benchmark Min eral Intelligence recently calcu lated that almost 400 new mines (including 59 new lithium opera tions) might need to be built over the next decade to satisfy pre dicted mineral consumption.
“While the medium-term outlook appeared good for lithium at that time, these mines were a little ahead of market developments, as the tran sition to electric vehicles was just getting underway,” Mohr said in emailed comments to The Northern Miner
While junior lithium producers may not be able to score quite the same terms as a US$6-billion company, it seems that the tides may have turned in the wild lithium market that burned Quebec producers just a few years ago. TNM
While the sting of past failures hasn’t completely faded, Patricia Mohr, independent analyst and founder of Critical Metals for a Sustainable World, says that market conditions now look much more solid than they did just before the pandemic.
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don’t need to be a mon archist to have admired Queen Elizabeth II, who died at the age of 96 on Sept. 8. She was famously discrete in her opinions and never gave an inter view to the press. An exemplar of stability, resolve and duty, Queen Elizabeth had been on the throne since 1952, when she was only 25.
The European list uniquely includes bauxite, borate, coking coal, phosphate rock, phospho rus and strontium. Only Can ada includes copper, helium, molybdenum, potash and ura nium. Critical minerals in the U.S. include arsenic, iridium, rubid ium, ruthenium, yttrium and zir conium, which are on none of the other lists. The U.K. list is the shortest, and does not include any uniquely critical minerals.
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more than any other province in Can ada, has been ahead of the curve in working to join the EV economy. Its vast hydroelectricity infrastructure gives it an advantage in clean, low-car bon energy that is essential to “green” manufactur ing, and it has supported the nascent battery indus try with significant public investment. It was also the first to outline plans for critical minerals exploration and production as well as for the development of a complete battery supply chain in-province — from mining through processing to manufacturing.
The EU’s list is updated every three years and has risen from the original 14 minerals described as critical in 2011. The third revision, in 2020, removed helium (due to a decline in its economic impor tance) and added bauxite, lithium, titanium and strontium.
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“The outlook today appears to be different,” she added. Not only are lithium prices, which began to rebound in late 2020, now at historially high levels about 80% above 2021 prices (battery grade lithium carbon ate was at US$70,700 per tonne in China at the end of August), but the EV transition is also well underway.
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On a recent conference call, Livent president and CEO Paul Graves said there is a fundamental shortage of lithium that will last for at least the next couple of years. “Forecasted lithium demand growth, which shows no signs of slowing down, continues to outpace any reasonable projec tions of supply growth in our industry over the foreseeable future,” he said.
“We continue to believe that simply providing loan commitments or signing non-binding MOUs will do little to accelerate current projects and will not make a difference at all to the fundamental engineering or techni cal challenges many of them face,” said the CEO.
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COLUMN | Critical time for minerals
EDITORIAL
Natural Resources Canada is working on a Critical Minerals Strategy, with the consultation period due to end on Sept. 15.
Livent itelf recently signed an agreement to supply GM with lithium hydroxide (from its brine based South American operations) over six years that, unlike most agreements miners have struck with end users, guaran teed it a prepayment of US$198 million.
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DEPARTMENTS Special Focus 9 Professional Directory 17 Market News 18 Metal, Mining and Money 19 Stock Tables 20-23 COMPANY INDEX Agnico Eagle Mines 13 Aldebaran Resources 7 Allkem 16 Amex Exploration 9 Anglo American 6 Aurumin 7 Barrick Gold 8 BHP 6 Calibre Mining 7 Catalyst Metals 7 Critical Elements Lithium 16 Doré Copper Mining 15 FPX Nickel 6 Freeport-McMoRan 6 Gascoyne Resources 7 Glencore 3, 6, 16 Gold Fields 6 Gold Royalty .....................................................16 Great Boulder Resources 7 Greatland Gold 7 Iamgold 15 Livent 16 Maple Gold Mines 13 Maverix Metals 8 McEwen Mining 3 Newcrest Mining 7 Newmont 16 Nickel North Exploration................................13 Nighthawk Gold 7 NioCorp Developments 12 Northern Superior Resources 14 03 Mining 10 Orford Mining 14 Orosur Mining 7 Osisko Mining 10 Patriot Battery Metals 9 QC Copper & Gold 15 Quebec Nickel 12 Reunion Gold 7 Rio2 6 Rio Tinto 3 Royal Fox Gold 15 Sabina Gold and Silver 1 Sarama Resources 8 Sibanye-Stillwater 7 Skeena Resources 8, 16 SSR Mining 3 Turquoise Hill Resources 3 Vale 6, 8 Vanstar Mining Resources.............................15 Voyager Metals 16 Wallbridge Mining............................................16 Wesdome Gold Mines 10
The U.S. Geological Survey’s latest list, published in February, contains 15 more minerals than the first list in 2018, although much of this increase is the result of splitting the rare earth and platinum group elements into individual entries. The 2022 list also added nickel and zinc while removing helium, potash, rhe nium and strontium.
BY DR CHRIS HINDE Special to The Northern Miner
Mohr noted that after surging in 2017 and early 2018, international lith ium prices began to decline in the second half of 2018 and into 2019, as four lithium mines in Australia came onstream.
Meanwhile, Freeport-McMo Ran has used testimony to the Interagency Working Group on Mining Reform, headed by the Department of the Interior, to lobby for the addition of copper to the department’s list of criti cal minerals (copper was omit ted by the USGS on the grounds that there were no shortages of the metal).William Cobb, Freeport’s vicepresident for environmental ser vices and sustainable devel opment, said: “Designation of copper as a critical mineral merely reflects reality at this point, and inclusion on the list will focus the federal government’s efforts on ensuring a healthy domestic sup ply of copper.” Rees-Mogg might agree; the red metal should surely be on everyone’s list.
Despite that downstream investment, Quebec still doesn’t have a pro ducing lithium mine to feed into the provincial battery supply chain. That is expected to change early next year, when the North Ameri can Lithium mine near La Corne is set to restart production of spodu mene concentrate. Nemaska Lithium’s Whabouchi mine in the James Bay region and its lithium hydroxide plant (to be constructed in Bécancour) is anticipated to follow, with production starting in 2025.
—Dr. Chris Hinde is a mining engineer and the director of Pick and Pen Ltd., a U.K.-based consulting firm. He previously worked for S&P Global Market Intelligence’s Metals and Mining division..
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At the end of August, Ford Motor Company asked U.S. Presi dent Joe Biden’s administration to speed up the permitting process for mining projects, particularly those targeting critical miner als. In a letter to the Department of the Interior, the automaker said the current permitting pro cess was “lengthy, costly and inef ficient,” making it difficult for American businesses to invest in the extraction and processing of critical minerals in the country.
Premier François Legault’s government is targeting $7 billion in private and public investment in the lithium battery sector over a decade, with companies including BASF and GM already announcing new facilities. Even the vaunted Tesla is reportedly looking at setting up in eastern Can ada, with Quebec a strong contender to host a new Tesla facility, according to the website Electric Autonomy
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“We had been looking for an asset to acquire for a few years and came across Canadian Arrow Mines which was trading at a couple of pennies,” recalled Tartisan president and CEO Mark Appleby. “We did some due diligence and put together a deal to take them over through a plan of arrangement. At the time, we were called Tartisan Resources and were a pure play Peruvian company, but we saw the emergence of the electric vehicle revolution and rebranded as Tartisan Nickel.”
Life of mine revenues from net smelter returns are estimated at $837 million while total capital costs are pegged at $227 million, including $133.7 million to be spent pre-production. The PEA reports an estimated pre-tax net present value of $182.5 million using a 5% discount rate and pre-tax internal rate of return of 26% with payback in 3.5 years.
An on-site mill will produce nickel and copper concentrates that will be shipped by rail or truck to Sudbury or another location for further processing. Also accounted for in the PEA’s pre-production capex plan are the refurbishment of the shaft, the installation of underground infrastructure, and the excavation of 13,000 metres of lateral development.
Following a 10,700-metre drill program completed in late 2021, Tartisan Nickel (CSE:TN; US-OTC:TTSRF) has released a preliminary economic assessment (PEA) for its 100%-owned Kenbridge nickel project in northwestern Ontario’s Kenora Mining District.
“We drilled at depth and along strike to see if we could go deeper than the historical 823-metre hole that was drilled by Falconbridge years ago,” Appleby said. “We drilled down to 1,000 metres plus and discovered that the mineralization does continue at depth and along strike, so we think this is an expandable deposit. In fact, as a result of this drill campaign, we were able to increase the resource by
Tartisan Nickel outlines low-cost underground nickel sulphide mine at flagship Kenbridge project
The growing awareness of the need to produce battery metals like nickel in an environmentally responsible way favours sulphide nickel deposits, which use much less energy than laterite deposits in the production process. “The Kenbridge project is a sulphide deposit, so that’s a plus for us,” Appleby said.
Prepared by P&E Mining Consultants, the PEA outlines a lowcost, 1,500-tonne-per-day operation with a potentially short timeline to production. The study forecasts a nine-year mine plan for the underground mining operation with pre-production capital costs of $133.7 million and a potential start-up within three and a half years.
Dean MacEachern, Tartisan’s geological advisor for the project, had a 20-year career with Falconbridge and was aware of the property from his time managing the company’s Winnipeg exploration office. It was MacEachern who picked it up for Canadian Arrow Mines in 2007.
Kenbridge “is a nickel sulphide, gabbro-hosted deposit similar to deposits that were mined in Lynn Lake, Manitoba by Sherritt Gordon Mines years ago,” said MacEachern. “At the top, it’s more disseminated and as you go deeper into the zone, it gets more semi-massive and massive. It gets narrower but the grade gets better.”MacEachern adds that one of the advantages of the project is that the existing infrastructure makes for a modest capex. “It’s under $140 million to get started. That compares with a lot of large low-grade deposits that will take $2 billion to get going.”
The preceding Joint-Venture Article is PROMOTED CONTENT sponsored by TARTISAN NICKEL CORP. and produced in cooperation with The Northern Miner. Visit www.tartisannickel.com for more information.
The low pre-production capital cost and early start-up potential are attributed to the project’s status as a developed prospect with reported resources. It hosts a 622-metre shaft with two working levels that was sunk in 1954 and has sat idle for 64 years. Motivated by the growing demand for battery metals and the transition to electric vehicles (EVs), Tartisan acquired the property in 2018 through a merger with Canadian Arrow Mines.
The Kenbridge project was discovered in 1937 and acquired by Falconbridge in 1952. Falconbridge began construction of the shaft two years later, extracted a bulk sample but then suspended work on the property in 1958.
“The Kenbridge project was part of Falconbridge’s package of ground,” said MacEachern. “Back in the 90s, the price of nickel was US$1.90 per pound and these non-core assets got vended out to various junior mining companies, so this property was on my radar for a while.”
“Although built in the early 50s and currently flooded, the shaft is in very good shape,” MacEachern said. “We dropped a camera down to the bottom and confirmed that it’s in fine condition. The idea would be to slash the shaft out to be able to handle the tonnages we’re looking at. We figure it will take about eight months to get it set up to haul ore. The big advantage for us is that we already have a hole in the ground.”
Given the project’s low initial capex and short lead time to production, “we look at ourselves as low-hanging fruit,” Appleby added.
and indicated categories. Inferred mineral resources total 1 million tonnes at 1.47% nickel, 0.67% copper and 0.011% cobalt.
Tartisan has also budgeted for an additional 8,000 plus metres of drilling to continue to test the downdip extension and bring some of the inferred resource into the indicated category.ThePEA, which is focused solely on the current underground mineral resource, reports 3.4 million tonnes of ore at 0.97% nickel, 0.52% copper and 0.013% cobalt in the measured
lower grade ore near surface offers Tartisan the flexibility to adapt to nickel price fluctuations.
Artist’s rendering of the future Kenbridge mine. A 622-metre shaft with two working levels sunk in 1954 ensures a modest pre-production capex and a short timeline to production.
PARAMINERALS CONSULTING
communities.Since1937, the property has been tested by 665 surface and underground drill holes totalling 99,741 metres, including 40,000 metres drilled by Canadian Arrow Mines and 10,000 metres drilled by Tartisan in 2021.
20%. We also did geophysics on most of the property, including borehole geophysics down existing drillholes, and drilled four holes at a site we call Kenbridge North, three kilometres away. It has similar geophysical and geological characteristics, so it’s possibly a secondary deposit.”
The project is located 70 km southeast of Kenora and has a land position encompassing 42 sq. km, including a mix of patented and unpatented claims. Work currently underway on a 13-km all-season road to the property is scheduled for completion by year end, grid power is within 40 km of the site and a skilled workforce is locally available in Kenora, Dryden, Fort Frances and neighbouring Indigenous
According to Tartisan management, the combination of higher-grade zones at depth and
“There are some underground zones that are higher grade that can be brought into the mining plan early,” MacEachern said. “That will allow us to pay back the project in a little more than three years and if the price of nickel moves up, so much the better. By focusing on the underground, we alleviate risk if the price of nickel goes down to, say, US$6 per Accordingpound.”toproject manager Greg Edwards, Tartisan has strong support from the three First Nations impacted by the project: Naotkamegwanning First Nation, formerly known as the Whitefish Bay First Nation; Northwest Angle #33 First Nation and Northwest Angle #37 First Nation.
GLOBAL MINING NEWS THE NORTHERN MINER / SEPTEMBER 19 — OCTOBER 2, 2022 5 JOINT VENTURE ARTICLE
Since 1937, the Kenbridge property has been tested by 665 surface and underground drill holes totalling 99,741 metres. TARTISAN NICKEL
At one point, the management team looked at the possibility of an open pit at surface but came to the conclusion that optimizing it would negatively impact the shaft, so the decision was made to focus on the higher-grade underground material and leave the surface deposits to sometime in the future.
“I meet with them regularly to keep them informed. Last year, we invited several of the local First Nations groups to our site for a lunch and learn, took them on a tour and brought them up to speed on what we were planning. There was also a ceremonial blessing by an elder from one of the Anticipatingcommunities.”anearlystart to permitting, Tartisan hired Knight Piesold Consulting and Blue Heron Environmental in May to commence baseline environmental work. A second phase of studies began in August and will continue to cover all fourTheseasons.decision to get a jump on the environmental studies reflects the company’s “commitment to an approximate three years to production timeline,” Appleby said.
BY NORTHERN MINER STAFF
• An investment in CDI; or
This company received 250 #/day of mineral ores, crushed, ground, pulverized them, extracted a concentrate that was sold to others or smelted to pour precious metal bars. This could be done on a toll basis or to write a formal engineering report.
FPX scoping study outlines high-purity nickel sulphate operation at Baptiste
FPX Nickel’s Decar property in central British Columbia.
FPX NICKEL/TWITTER
“This scoping study demon strates that Baptiste could become a globally significant producer of low-cost, low-carbon nickel for electric vehicles for decades to come,” said Martin Turenne, pres
Whileissues.”the industry waits to see what the Chilean government’s next move entails, miners continue to work with increased risk and uncertainty. As companies adjust to the new realities in Chile, they will likely put new investments on hold.
Sweeping reform
TNM REFERENDUM from 1
The company also purchased impure silver and gold and refined each for sale. It has Thum Cells and a power supply capable of refining 2000 Troy Ounces of silver per week, along with the laboratory equipment to support this production. It also has crystal washing gear and dryer to prepare the fine silver crystal for casting into bars in its MIFCO model 701 furnace.
three-quarters built in north ern Chile’s Atacama region, the US$900-million mine will enter production early next year.
Disenfranchised Copper is a critical metal in the global quest to achieve carbon neu trality due to its use in the batteries that power electric vehicles, wind turbines and solar panels.
muddled, with BMO Capital Mar kets recently writing that the coun try was headed towards two “lost decades” in terms of copper out put growth, with the current year set to be down on 2004 production levels.“Following the steady ramp-up in the 1990s and early 2000s, out put levels have stagnated, with the projections of 6 million tonnes of copper per year never coming to pass,” wrote analyst Colin Hamil ton in a second-quarter report to clients.“And this is not for a lack of investment, with a number of large new mines coming to market over this period. Rather, it is a function of decline at existing assets. Most notably, SX-EW production in Chile continues to trend inexora bly lower and is now about 500,000 tonnes below peak levels seen over a decadeHamiltonago.”continued: “The abil ity of the supply side to keep up with copper’s demand trajectory is naturally being questioned, amid lower grades, challenging permit ting, high capital expenditures and depletion at existing assets. Thus, in our view, the potential for Chile’s output to keep undershoot ing expectations is more important from an investment thesis stand point than the short-term produc tion
Much equipment is available. Interested parties contact Roger at rsneusch@gmail.com or call him at 303-589-1782.
New tax reforms introduced earlier this year added to Chile-fo cused miners’ discontent. The industry argued that, as they stood, the reforms would add uncertainty to investment decisions needed to help fill a global supply gap as cop per demand rises on the back of the clean energy transition.
concern that Chile’s incumbent government was taking a hard line against the industry. The admin istration’s more radical mem bers and supporters see mining as harmful both to the environment and the country’s economic devel opment.Rating agency Fitch said in a recent note that total taxes for a mining company operating in the South American nation would increase by about 20 percentage points, or close to 60% of pre-tax profits, compared with the current royalty average of about 40%.
In addition, the proposed design is expected to yield cobalt recov eries from flotation concentrate of roughly 95%, resulting in annual production of about 650 tonnes of
Chile is the world’s largest cop per producer, churning out 5.6 million tonnes of copper yearly. However, analysts suggest that Chile has the potential to gener ate 7 to 8 million tonnes of the red metal if projects currently in the pipeline get the go-ahead.
Rio2 has launched an appeal against the decision in its case, while Anglo is also studying an appeal.Further, the Environment Min istry has ordered a revision of approvals granted four years ago to Gold Fields’ (NYSE: GFI; JSE: GFI) Salares Norte project after two short-tailed chinchillas, an endangered Andean rodent, died while being moved by the com pany from the mine site. About
International Mines Group (“CDI”) is soliciting offers for:
65% nickel), without the interme diate smelting typically required for sulphide concentrates or the exten sive, aggressive pressure oxidation conditions required for laterite ores and sulphide concentrates.
6 SEPTEMBER 19 — OCTOBER 2, 2022 / THE NORTHERN MINER WWW.NORTHERNMINER.COM
The study outlines the devel opment of an operation capa ble of producing 43,500 tonnes of nickel contained in sulphate per year, based on nickel recoveries of approximately 97% from Baptiste’s awaruite nickel concentrate. This output would be enough to fulfill roughly 17% of EV battery demand in North America in 2030, as pro jected by Goldman Sachs.
A MINERAL PROCESSOR IN DENVER IS PLANNING TO SHUT DOWN BECAUSE OF CHANGING MARKET
FPX believes capital costs for nickel sulphate production would be competitive with a US$333-mil lion large-scale refinery operation recently developed by Terrafame in Finland. The plant was commis sioned in 2021 and is expected to produce annually 37,400 tonnes of nickel contained in sulphate.
cobalt. At this scale, FPX believes Baptiste would become one of Can ada’s five largest cobalt operations, alongside nickel-cobalt mines oper ated by Glencore (LSE: GLEN) and Vale (NYSE: VALE) in central and easternBasedCanada.onthe study results, the next steps for FPX are to conduct further tests and engineering stud ies on a refinery that can act as a single integrated facility to convert Baptiste’s awaruite nickel concen trate directly to nickel sulphate.
These measures have raised
The company also received solutions that held precious metals, precipitated the metals which were smelted to produce metal for sale. All solutions were further processed to remove hazardous constituents and then disposed of with a licensed waste disposal facility.
Turenne added that given the high nickel content and low level of impurities that would be pres
FPX shares were trading at 48¢ apiece in Toronto as of press time, within a 52-week window of 42¢ and 96¢. The junior has a market cap of $104 million. TNM
Freeport-McMoRan (NYSE: FCX) and BHP (NYSE: BHP; LSE: BHP; ASX: BHP) have already said that they are pausing significant investments until they have clar ity on their projects’ legal and fiscal regimes. The harsher permitting climate could only reinforce their hesitation.
BRITISH COLUMBIA | Project could become a ‘globally significant’ supplier for EV market
F
Chile, the world’s largest producer of copper, has been gradually estranging the mining sector since the election of President Boric’s left-leaning government earlier thisFirstyear. came the rejection of Anglo American’s (LSE: AAL) US$3-billion expansion of its Los Bronces mine in May. Since then, authorities have also thrown out Rio2’s (TSXV: RIO) US$200-mil lion Fenix gold project and invest ments at Anglo’s El Soldado operation and two smaller mines, Cerro Negro, and San Cayetano.
ent in Baptiste nickel concentrate, it would be “comparable to inter mediate nickel sulphate feedstocks like mixed hydroxide precipi tate, mixed sulphide precipitate or nickelBaptistematte.”is part of FPX’s 100%owned Decar nickel district, which covers 245 sq. km in the Mount Sidney Williams ultramafic-ophio lite complex, located 90 km north west of Fort St. James, B.C. To date, awaruite mineralization has been identified in four target areas within the complex, with Baptiste being the most accessible and hav ing the biggest known surface foot print.Based on its most recent resource estimate (2020), the Bap tiste deposit alone has nearly 2 bil lion tonnes of indicated material grading 0.12% nickel for 2.4 million tonnes of contained metal.
Chile’s longer-term outlook is
CanadianProject.Dehua
President Boric said on Aug. 30 that he was open to discussing changes in the country’s tax law that would affect the mining sec tor as lawmakers are scheduled to vote on the proposed reform on Sept.
Canadian Dehua International Mines Group is Soliciting Offers for the Wapiti Coking Coal
BY JACKSON CHEN
“If the bill is approved in its current form, Chile will have one of the heaviest tax burdens in the
PX Nickel (TSXV: FPX; OTC: FPOCF) has announced re sults of an internal engineer ing scoping study evaluating the production of nickel sulphate for the electric vehicle battery mar ket from high-grade awaruite to be produced by the company’s Bap tiste nickel project in central British Columbia.Thisstudy highlights FPX’s potential to develop the world’s largest integrated nickel sulphate production facility, linking the company directly into the EV bat tery supply chain via the produc tion of low-cost, low-carbon nickel sulphate over Baptiste’s projected 35-year mine life.
The operation uses a conven tional hydrometallurgical flowsheet for production of high-purity nickel sulphate directly from Baptiste’s awaruite nickel concentrate (60-
The13.bill included a 1% to 2% tax on sales for companies that produce 50,000 to 200,000 tonnes of cop per a year, and 1% to 4% for those that produce more than 200,000 tonnes. Miners producing more than 50,000 tonnes annually would also be subject to a 2% to 32% tax on operating profits, using a slid ing scale of copper prices between US$2 and US$5 per pound.
world, imposing an additional levy on an already challenged indus try,” Fitch analysts wrote.
ident and CEO of the Vancou ver-based junior miner. “Baptiste’s awaruite nickel mineralization has clear technical advantages over sulphide and laterite ores for pro ducing nickel sulphate, offering a lower-cost, lower-carbon path from mine-to-market in the EV battery supply chain.”
As part of FPX’s ongoing threephase metallurgical testing cam paign, approximately 17 tonnes of Baptiste material is currently being treated by a pilot plant at Corem in Quebec City. In addition to sup porting refinement of the upstream mineral processing flowsheet, this large-scale piloting will also gener ate sufficient awaruite nickel con centrate for hydrometallurgical test work, which is expected to run through the fourth quarter of 2022.
Building on the engineering studies to date, FPX will begin a more advanced engineering study in the fourth quarter of 2022, with results available in the second or third quarter of 2023.
• The acquisition of CDI’s interest in the Wapiti Coking Coal Project located in Northeastern BC. For further information, please contact: Qu Bo Liu at qubo.liu@dehua.ca or Hailey Liu at hailey.liu@fticonsulting.com:
Catalyst acquired Henty, which has produced 1.4 million oz. of gold at an averaged mined grade of 8.9 grams gold per tonne since mining began in 1996, in January 2021. Full year 2022 production (ended in June 2022) at Henty was 25,200 oz. Gold at a mined grade of 4 grams gold.
Henty underground gold mine, located near Queenstown in northwestern Tasmania.
Great Boulder Resources (ASX: GBR) had the week’s second-best hole at its Side Well advanced explo ration project near the town of Meekatharra, in the northwestern corner of Western Australia state.
The nearly completed A$7-mil lion drill program will inform a resource update expected in Sep tember, and is part of Catalyst’s plan to increase production to
GLOBAL MINING NEWS THE NORTHERN MINER / SEPTEMBER 19 — OCTOBER 2, 2022 7 TNM DRILL DOWN: Top gold assays of the week September 2-9 TNM DRILL DOWN Top gold assays of the week RANK PROPERTY NAME COUNTRY OWNER DRILL HOLE DEPTH WIDTH GRADE WIDTH ID FROM (m) (m) (G/T GOLD) X GRADE 1 Henty Australia Catalyst Metals (ASX: CYL) Z22563 45.6 8.7 129.0 1,122 2 Side Well Australia Great Boulder Resources (ASX: GBR) 22MBRC038* 88.0 15.0 35.8 537 3 Sandstone Australia Aurumin Ltd. (ASX: AUN) SNTMRD-22-0003* 267.2 352.8 1.5 529 4 Anza Colombia Orosur Mining (TSXV: OMI) PEP-001 0.0 150.9 3.0 453 5 Oko West Guyana Reunion Gold (TSXV: RGD) D22-135 4.5 52.5 5.2 272 6 Colomac Canada Nighthawk Gold (TSX: NHK) C22-27 170.0 1.0 271.4 271 7 Havieron-Paterson Australia Newcrest Mining (ASX: NCM) 70%/ HAD152W2 1,724.0 120.0 2.1 252 Greatland Gold (LSE: GGP) 30% 8 Dalgaranga Australia Gascoyne Resources (ASX: GCY) DGRC1123 191.0 50.0 4.6 229 9 Altar Argentina Sibanye-Stillwater (JSE: SSW); QDM-22-050B 65.6 249.8 0.8 202 Aldebaran Resources (TSX-V: ALDE) earning 80% 10 El Limon Nicaragua Calibre Mining (TSX: CXB) LIM-22-4665 NA 4.6 41.3 190 All data supplied by Mining Intelligence for period of September 2-9 for public companies from exploration stage to production. * indicates Reverse-circulation. Reported lengths are not necessarily true widths. Only the best hole per property is shown. Over $500 million deployed through PearTree in 2021 for the mineral exploration & development sector Expandingpeartreecanada.comtheuniverse of exploration capital. Watch our video in English, Français, Deutsch and Español on our website PearTree structures and funds Canadian resource exploration and development activities accessing Canada’s unique flow-through share tax incentives. Global investors purchase shares stripped of tax value at discounts to market.
Visible gold in drill core from Aurumin’s Central Sandstone project in Western Australia. AURUMIN LTD.
BY ALISHA HIYATE
Our TNM Drill Down feature highlights the top gold assays of the past week. Drill holes are ranked by gold grade x width, as identified by our sister company Mining Intelligence
Investing in the Canadian Resource Sector at Reduced Cost of Capital
Located in Western Austra lia, near the township of Sand stone, 520 km northeast of Perth, the 112-sq.-km Central Sandstone project has existing infrastruc ture that includes a non-operating 500,000 tonne-per-year carbon-inleach processing plant that was last used in 2010.
grams gold. The hole was drilled at the large, high-grade Mulga Bill deposit, the main focus of drilling at the 132-sq.-km Side Well proj ect. Mulga Bill, a 6-km north-south corridor of widespread intense alteration and gold mineralization, is located on the Meekatharra-Wy dgee greenstone belt. The deposit is hosted within felsic to interme diate volcanics and volcaniclas tics, which Great Boulder says is a new style of mineralization for the Meekatharra goldfield.
Two Mile Hill hosts an under ground inferred resource of 14.2 million tonnes grading 1.1 gram gold per tonne for 500,000 oz. gold. The majority of the resource occurs within a tonalite intrusion, with mineralization also occuring within banded iron formation (BIF) beds, and within the basalts that host the tonaliteAurumin’sintrusion.2022 drill program has also targeted the nearby Shill ington BIF gold deposit. It expects to update its resource model by com bining the two deposits as a single geological complex as it continues to advance Central Sandstone. TNM
The top hole came from Cat alyst Metals’ (ASX: CYL)
exploringAustralian-listedassaysThisminingintelligence.com).(www.week’stopthreewerealldeliveredbycompaniesforgoldathome.
35,000 oz. gold annually and lower costs. In its most recent quarter, the mine produced 6,397 oz. at an all-in sustaining cost of A$2,100 per oz.
Reverse-circulation drill hole 22MBR038 cut 15 metres of 35.8 grams gold per tonne from 88 metres for a grade x width of 537. The interval, which is inter preted as being close to true width, also included 6 metres of 83.58
Diamond drill hole Z22563 hit 8.7 metres of 129 grams gold per tonne starting from 45.6 metres depth for a grade x width of 1,122. The hole was drilled in the Darwin South zone, one of several zones (including the Mt Julia, Zone 96, Intermediate and Cradle zones) being targeted in a four-rig, under ground drill program.
Great Boulder noted that hole 22MBR038 extends the high-grade vein area at Mulga Bill 30 metres south, and cut the same vein that previously returned 5.9 metres of 39.37 grams gold from 84.3 metres and 6 metre of 24.33 grams gold from 132 metres. The main highgrade vein area at Mulga Bill has now been defined along 130 metres of strike Roundinglength.out the top three was Aurumin Ltd., (ASX: AUN) which cut 352.8 metres of 1.5 grams gold per tonne from 267.2 metres depth in hole SNTMRD-22-003 (grade x width of 529) at the Two Mile Hill deposit at its Central Sandstone project.
The hole, which continued in mineralization (145.2 metres of 0.5 gram gold) is the third from the current RC and diamond drill program, started as an RC hole, but was drilled as a diamond drill hole below 121 metres depth.
BY NORTHERN MINER STAFF
The contingent payment will be broken down into three payments within six years of closing: US$6 million payable when Eskay Creek receives all the permits required to start construction; US$2 mil lion when Maverix receives US$10 million in payments from the roy alty portfolio (excluding Eskay Creek); and another US$2 mil lion when Maverix receives US$20 million in royalty payments (excluding Eskay Creek).
No reduction in tailings dam failures over the past two decades: Report
formed mineral policy, notably the U.S., Canada and Australia, had markedly lower failure rates rela tive to their share of world mineral production than politically unsta ble nations such as the Philippines, Peru, Mexico, Brazil, Kazakhstan, Romania and Hungary.
The royalty on the refractory sulphide ore project will terminate after 1 million oz. of gold has been sold, and Boroo has the right to buy back the royalty for US$16 million in cash before July 1, 2023.
averix Metals (TSX: MMX; NYSE-AM: MMX) is acquiring 22 royalties from Barrick Gold (TSX: ABX; NYSE: GOLD) including a 1% roy alty on Skeena Resources’ (TSX: SKE; NYSE: SKE) Eskay Creek gold-silver project in British Colum bia for US$50 million in cash and a contingent consideration of up to US$10 million.
Anew assessment of glob al tailings management fa cilities (TMFs) data paints a jarring picture showing that rel ative to global mine production, there has been no improvement in the rate of significant failures, ac cording to watchdog World Mine Tailings Failures (WMTF).
“Applying that failure rate of 0.1 to the expert-predicted 184.3 bil lion tonnes of production between 2015 and 2024, we predict the worst decade in recorded history at 18 ‘very serious’ failures. The decade 2010-2019 had only 15 ‘very serious’
According to Maverix, Augusta plans to complete a pre-feasibility study in the fourth quarter of this year and aims to start commercial production by 2024.
According to data released for the first time on Sept. 6, the rate was constant at 0.09 failures per billion tonnes of production in both the decades of 2000-2009 and 2010-2019.“Including the failures since 2019, the overall failure rate has increased to 0.1,” confirmed the organization’s executive direc tor, Lindsay Newland Bowker, in a statement to The Northern Miner
1%-2% NSR royalties on Sarama Resources’ (TSXV: SWA; ASX: SRR) Tankoro deposit at its Sanu tura project in Burkina Faso.
The organization now says it forecasts the worst decade in his tory for TMF failures.
The past-producing mine is located about 85 km north of Stewart in the Golden Triangle of northwest B.C. Under the Mav erix-Barrick deal, Skeena has the right to purchase 0.5% of the 1% royalty on Eskay Creek for $17.5 million in Augusta’scash.Bullfrog gold project is also a past-producing gold-sil ver mine. The project near Beatty, Nev., has measured and indicated resources of 71 million tonnes grading 0.53 gram gold per tonne and 1.26 grams silver for about 1.2 million oz. of contained gold and 2.9 million oz. silver. Inferred resources add 16.7 million tonnes grading 0.48 gram gold and 0.96 gram silver for about 300,000 oz. gold and 500,000 oz. silver.
“This is without assigning any economic value to the loss of pub lic water supply or impairments to subsistence or commercial crops and harvest or loss of essential nat uralShehabitat.”addsthat Canada “certainly has its share of facilities with a likely undetected [or] unaddressed risk that could mature to failure.”
“That’s a potential liability of US$21.5 million per facility life in the portfolio, and on a global port folio basis, de-risking would cost an estimated $22 billion, or only US1¢ perNewlandtonne,” Bowker said the absence of unified risk-centred or even basic descriptive national inventories of active, inactive and abandoned TSFs seriously hampered an accurate description of the actual risk level in the current world inventory.
Boroo’s Lagunas Norte is an open-pit heap leach mine in north ern Peru’s Alto Chicama district that has produced more than 10 million oz. gold since 2005. The mine, as of July 2021, contained proven and probable reserves of 49.4 million tonnes grading 2.49 grams gold and 6.24 grams silver for about 4 million oz. of gold and 9.9 million oz. silver.
WMTF puts the cumulative cost of the 13 failures it predicts between 2025 and 2029 at US$32.5 billion, or US$2.5 billion per catastro phe inclusive of public liabilities, stranded debt, lost stock value, court-ordered payments and other adjudicated third-party losses.
Mt. Polley, the regulator could have demanded a stability analysis and suspended all operations until that was done. With proper authority, it could then have demanded cor rective measures before allowing Imperial Metals to resume opera tions or any further TMF raises,” said the Brazilresearcher.nowhas such a system following the Brumadinho disas ter.While there isn’t a framework anywhere in the world that gives a perfect working model, New land Bowker said Canada had much more information at its dis posal than most nations to take a more prominent leadership role. However, despite what she calls an enduring lack of proper gov ernment oversight of TMFs, the country’s refined laws help mitigate disaster.“The value and excellence of Canada’s mining law speak for itself in the stats. But Canada also has the least favourable ratio among the top three nations with the U.S. and Australia,” notes Newland Bowker.
internal rate of return of 50%.
The portfolio covers royalties on development, advanced explora tion and exploration-stage projects in North and South America, Aus tralia and Africa. In addition to a 1% net smelter return (NSR) roy alty on Eskay Creek, the key roy alties include a 2% NSR royalty on Augusta Corp.’s Bullfrog gold proj ect in Nevada; a 2% NSR royalty on a refractory sulphide ore proj ect at Boroo Pte. Ltd.’s Lagunas Norte mine in Peru; and a pair of
failures,” said Newland Bowker.
Skeena released a feasibility study on Eskay Creek in early Sep tember that outlined a nine-year open-pit mine producing an aver age of 269,000 oz. gold and 7.4 mil lion oz. silver a year. At a gold price of US$1,700 per oz., the study fore cast a post-tax net present value (5% discount rate) of $1.4 billion and an
In Canada, none of the provinces have a specific de-risking man date. “If it existed, in the case of
Less than a week after the report’s release, a tailings dam fail ure at the Jagersfontein diamond mine in South Africa’s Free State province on Sept. 11 killed one per son and injured 40.
BY HENRY LAZENBY
Newland Bowker said the report marks the first time the supporting failures data has been presented to inform the industry and public.
Despite Vale’s (NYSE: VALE) Brumadinho disaster in Brazil cap turing the media limelight, China is, in fact, host to 20% of global TMF failures over the past two decades, according to the data.
M
PRECIOUS METALS | Nevada Gold Mines JV also makes US$27.5 million sale to Gold Royalty
Workers survey the damage at the Brumadinho dam disaster in Brazil. DIEGO BARAVELLI/ WIKIMEDIA COMMONS
8 SEPTEMBER 19 — OCTOBER 2, 2022 / THE NORTHERN MINER WWW.NORTHERNMINER.COM
The royalties on Samara Resources’ Tankoro deposit termi
“As all our published predictions since 2014 have proven accurate, we have confidence in our current prediction of 13 catastrophic fail ures between 2025 and 2029.”
ENVIRONMENT | Tailings watchdog warns 2020-2030 to be ‘worst in history’
See BARRICK / 16
Of the estimated 12,000 active TSFs in the global portfolio, 270 to 280, or 2%, are likely classifiable as “extreme potential risk” or “very high” on an actuarial basis, that is having a profile most associated with high-consequence failures.
According to the data, among the 17 nations representing 67% of global mineral production which had one or more significant failures since 2000, those with better-in
“These represent an eventual estimated uninsurable, unfundable portfolio-wide ‘life-of-portfolio’ potential liability cost of US$688 billion if they were allowed to mature to failure,” reads the report.
TNM
“But still, if legitimate stability issues are flagged in a new design or an expansion, Canadian citizens, and especially Indigenous Peo ples, have a higher likelihood that the vetting process will be far more effective [for them] in preventing loss and delivering protection than people in the Philippines, Peru, Sumatra, Mexico.”
Barrick sells 22 royalties to Maverix Metals for up to US$60M
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“We have lost ground; not made progress in preventing significant failures,” said the executive. “There have been 35 significant failures through Dec. 31, 2021, on an esti mated 340 billion tonnes of world mineral production.”
SPECIAL FOCUS
The Toronto-quoted equi ty of Patriot Battery Met als (TSXV: PMET; US-OTC: PMETF) jumped to a fresh 12-month high on Aug. 31 follow ing the release of the company’s best lithium drill intercept to date on its Quebec-based Corvette property.
The company’s latest news had social media channels buzzing.
SGS IS THE WORLD’S LEADING INSPECTION, VERIFICATION, TESTING AND CERTIFICATION COMPANYDeliveringNAM.NATURALRESOURCES@SGS.COMWWW.SGS.COM/NATURALRESOURCESfit-for-purpose
CRITICAL MINERALS | Chairman calls Corvette property ‘one of the world’s great lithium raw materials discoveries’
The project, which hosts both gold and base metals discoveries, is located about 110 km north of Rouyn-Noranda.TheMontreal-based explorer said Wednesday that hole PEX22-118 had intersected 14.8 metres of 1.7% copper-equiva lent, comprising 0.92% copper, 1.6% zinc, 0.08 gram gold per tonne and 12.26 grams silver per tonne, from 480 metres depth. The hole also returned a high er-grade 3.6-metre interval of 3.58% copper-equivalent, entail ing 3.1% copper, 0.32% zinc, 0.19 gram gold and 28.8 grams silver.
Holes CV22-042 and 044 have extended the high-grade lithium zone — first intersected in CV22017 — along strike and to depth, respectively.Thecompany’s non-execu tive chairman Ken Brinsden said in a news release the scope of lith ium mineralization at Corvette was “incredible.” He added that the intercepts from the summer pro gram continued to demonstrate the scale and grade of the mineralized envelope.“Remaining open to the east,
solutions across the entire mining life cycle
Amex Exploration president and CEO Victor Cantore outside the core shack at the Perron project. AMEX EXPLORATION
The results are the latest batch from the ongoing multi-year 300,000-metre drilling campaign at Perron. While most of the drill ing has been focused on gold, the company is also focused on expanding the known mineral ization of the polymetallic VMS target, located some 200 metres from Perron’s previously defined gold-hosting High Grade Zone (HGZ).Amex currently has one rig dedicated to the QF Zone to sup port a 5,000-metre program fol lowing the zone’s discovery in the second half of 2021. Discovery hole PEX-21-076 returned 2.4% copper, 0.72% zinc, 0.27 grams gold per tonne, and 22.15 grams silver per tonne over 7.8 metres from 663.1 metres depth.
also said hole CV22044 was completed as a stepback to prior hole CV22-017 to test the high-grade zone at depth and returned 86.2 metres grading 2.13% lithium oxide from 244.4 metres depth, including 18 metres of 3.07% from 308.5 metres deep.
Amex said hole PEX-22107W1 intersected 5.5 metres of 0.58% copper equivalent com prising 0.29% copper, 0.57% zinc, 0.03 gram gold and 5.32 grams silver from 625 metres depth.
Investigating a pegmatite outcrop at Patriot Battery Metals’ Corvette lithium project in Quebec. PATRIOT BATTERY METALS
Canaccord Genuity Capital Markets noted the latest results entailed the longest high-grade intersection released from the VMS target to date, which ana lyst Michael Fairbairn believes supports a material expansion of known mineralization at the zone.
EXPLORATION | 300,000-metre drill campaign targets gold, copper-zinc
RENE GRYCNER /ADOBE IMAGES
eries with full credit to the team as we continue to realize its potential,” he said in the Aug. 31 press release.
Patriot shares gained almost 21% or $1.24 to $7.08 on Aug. 31, giving it a market capitalization of $612.4 million. The equity has gained 1,670% over the past 12 months and 136% in the 30 trading days leading up to the new results.
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Hole CV22-042 returned a con tinuous pegmatite interval of 159.7 metres grading 1.65% lithium oxide from 131.8 metres depth, includ ing 9 metres of 4.12% lithium from 249.5 metres. It was completed as a follow-up along strike eastwardly of the 2.22% lithium oxide over 70.1 metres intercept in drill hole CV22017, which the company released on MayPatriot24.
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west, and to depth, in addition to the numerous other lithium peg matite targets on the property, the Corvette project remains highly prospective beyond what we have found to date,” said Brinsden.
QUEBECIN
mex Exploration (TSXV: AMX) has reported the best drill intercepts to date from its copper-rich volcanogen ic massive sulphide (VMS) QF Zone, highlighting the continued exploration upside of the com pany’s flagship Perron project in Quebec’s Abitibi region.
harfangexploration.com | TSXV:HAR •••NE-Mines,Discovery,WealthQuébecandOntarioDrivenbyOurOwnHistoryofDiscoveriesStrongFinancialPositionTechnicallyFocusedBusinessApproachCommitmenttoAllBestPractices See PATRIOT / 16
BY HENRY LAZENBY
The Vancouver-domiciled com pany released the results of six holes as part of the summer phase of the 2022 drill program at its wholly owned property in the province’s James Bay Region.
Patriot appointed Brinsden, a for mer managing director and CEO of Pilbara Minerals, to his role and as a director on Aug. 23.
Mining commentator and newsletter writer James Kwantes tweeted: “What a hit, what a story
“Corvette is one of the world’s great lithium raw materials discov
BY HENRY LAZENBY
Our fit-for-purpose solutions encompass the skills of qualified geologists, geostaticians, analytical chemists, mineralogists, metallurgists, process engineers and mining engineers brought together to provide accurate and timely mineral and process evaluation services across the entire mining life cycle.
MINING & EXPLORATION
Amex reports the best VMS intercept yet from Perron
Patriot Battery Metals rides high on best lithium hit to date
The nearby Normetal mine, a polymetallic copper-gold-silver-
BY MARILYN SCALES
and indicated resource of over 4 million oz. with an average grade of over 10 grams gold per tonne.
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The report assumes a long-term gold price of US$1,700 per oz., and an exchange rate of $1 to US77¢.
“The scale of Windfall and the deposit grade has steadily increased since Osisko’s discov ery of Lynx in late 2016. Lynx now represents almost two-thirds (65%) of the total gold in the (resource), and it continues to impress” with a standalone mea sured and indicated resource of 3.1 million oz. averaging 13 grams gold per tonne, he added.
PRECIOUS METALS | Feasibility study expected to follow in 2023
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In a note to clients, Haywood Capital Markets mining ana lyst Kerry Smith noted that the resource has further to grow — although Osisko’s near-term focus will be on the upcoming feasibil ity“Thestudy.current resource extends from surface to 1,200 metres ver tical depth, and remains open at depth. Osisko has drilled to ~2.7 km vertical depth, has intersected ore grade at this depth, and we expect the vertical continuity over time will at least double.”
return.Osisko Mining stock traded at $2.88 per share at press time, giv ing the company a market capi talization of $1 billion. The stock has traded in a 52-week window of $2.33 and $5.02. TNM
To calculate the resource esti mate, Osisko used a gold price of US$1,600 per oz., a recovery rate of 93%, and a cut-off grade of 3.5 grams gold per tonne.
Smith, who notes the project is already “world class,” expects the mid-term resource target at Windfall is more than 10 million ounces.Thelast economic assessment of Windfall was released in April 2021. The updated preliminary economic assessment for Wind fall projected an 18-year mine life for an underground operation that would produce an average of 238,000 oz. gold per year. The ini tial capital cost was estimated at $544 million, and at US$1,500 per oz. gold and using a 5% discount rate, the after-tax net present value (NPV) was forecast at $1.5 bil lion with a 39.3% internal rate of
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Osisko counts 7.4 million oz gold at Windfall ahead of feasibility study
10 SEPTEMBER 19 — OCTOBER 2, 2022 / THE NORTHERN MINER WWW.NORTHERNMINER.COMSPECIAL FOCUS MINING & EXPLORATION IN QUEBEC THE NEXT MAJOR DISCOVERER IN QUEBEC PROSPECT GENERATOR QUEBEC FOCUS JV MODEL AGREEMENTS/IMPORTANTNEWDISCOVERIES www.midlandexploration.com 2 St. Clair Avenue West, 18th Floor Toronto, ON M4V 1L5 Exploringadmin2@orfordmining.com647-255-8037forGoldandNickelon1,400sqkmsoflandinQuebec.OrfordisexploringthehighgradeQiqavikGoldprojectandhighgradeWestRaglanNickelprojectintheNunavikRegionandtheJoutelGoldprojectsintheAbitibiRegion.
PRECIOUS METALS | Grade rises by 8% in latest resource update at ‘world class’ project to average of over 10 g/t gold
Initial capital spending is esti mated at $435 million and includes mine pre-production, processing and infrastructure such as roads, power distribution, a tailings facil ity, ancillary buildings and water management. The capital intensity ratio (NPV/capex) is 1.1 per dollar invested.
3 Mining (TSXV: OIII; US-OTC: OIIIF) has com pleted a prefeasibility study for its 100% owned Marban gold project, demonstrating its potential to become the next gold producer in the prolific mining region of Vald’Or,TheQue.study, released on Sept. 6, showed robust project economics including a post-tax net present value (at 5% discount rate) of $463 million and post-tax unlevered internal rate of return of 23.2%.
The new resource estimate cov ers the Lynx, Underdog, Main, and Triple 8 deposits to a depth of 1,200 metres from surface. Pro cessing results from a bulk sample taken from the Lynx 600 (Triple Lynx) zone this year are expected in early October. In a release, Osisko CEO John Burzynski noted that previous bulk sam ple results returned higher grades than those indicated by drilling. (Returned grades for two previous bulk samples were 26% and 89% higher than Burzynskianticipated.)saidthe resource update “met and exceeded” the company’s objectives for the Wind fall program — a robust measured
The prefeasibility study outlines a competitive all-in-sustaining cost of US$882 per oz., for a post-tax payback of 3.5 years with $760 mil lion of free cash flow over a 10-year mine“Welife.are pleased with the results of our [prefeasibility] for the Mar ban Engineering project, which demonstrates the potential to be the next gold producer in the Abitibi region in Val-d’Or, Que., the next step in delivering on our promise to be in production by 2026,” said O3 Mining president and CEO Jose Vizquerra in a news release.“With robust economics, Mar ban has shown itself to be a profit able standalone project,” Vizquerra said, adding that the study was a “key achievement” in an inflation ary environment in which mining companies are seeing higher cost increases.Theprefeasibility was based on a March resource update, using results of more than 500,000 metres of drilling, totalling 67.7 million measured and indicated tonnes grading 1.09 gram gold per tonne for 2.4 million oz. of con tained gold. The study outlined the project’s first probable reserves measuring 56.4 million tonnes grading 0.91 gram gold per tonne for nearly 1.7 million oz. gold at a cut-off grade of 0.3 gram gold per tonne.Afull feasibility study on Mar ban is planned for 2023, with a 49,000-metre resource expansion drill program under way.
As it pushes toward complet ing a feasibility study by year-end for its high-grade Windfall gold deposit in the Eeyou Istchee James Bay region of Que bec, Osisko Mining (TSX: OSK) has released an updated resource outlining a total of 7.4 million ounces.Theupdated resource for the project, located between Val-d’Or and Chicoutimi on the Abitibi greenstone belt, is based on nearly 1.9 million metres of drilling. In the measured and indicated cat egory, Windfall now contains 4.1 million oz. in 11.1 million tonnes grading 11.4 grams gold per tonne. This is a 26% increase in ounces and an 8% increase in grade from the company’s last resource esti mate in January 2022. About three–quarters of the ounces are attributable to the Lynx deposit.
In a note to clients, Canaccord Genuity mining analyst Michael Fairbairn said the results of the study were positive, “with many aspects of the study falling broadly in line with or slightly ahead of our estimates.” He also noted that the study made improvements over the previous PEA, including the expanded production profile and updated capital cost numbers that account for the ongoing inflation aryMarbanenvironment.islocated between the cities of Malartic and Val-d’Or, about 550 km northwest of Mon treal, in the Abitibi gold district of Quebec. The project area contains six past-producing mines, which collectively produced 585,000 oz. of gold between 1959 and 1992. O3 Mining’s land package, in the heart of these mining camps, covers 125 sq. km. and is located 12 km from the Canadian Malartic mine and along the same shear structure as Wesdome Gold Mines’ (TSX: WDO; US-OTC: WDOFF) Kiena deposit.O3shares were trading at $1.23 as of press time in Toronto. They have traded in a 52-week window of $1.16 and $2.53. It has a market cap of $84.2 million.
The inferred category contains 3.3 million oz. in 12.3 million tonnes grading 8.4 grams gold. About half of these ounces occur in the Lynx deposits.
It also showed an increased annual throughput and produc tion, from 115,000 oz. of gold as shown in the 2020 preliminary economic assessment to 161,000 oz., but over a shorter mine life (10 years compared with 15 pre viously). The increase in annual production is supported by a 50% rise in mill throughput to 6 mil lion tonnes per year from 4 mil lion tonnes previously, a lower cut-off grade of 0.3 gram gold per tonne, a lower strip ratio of 5.1 and increased mill recoveries.
BY JACKSON CHEN
O3 Mining prefeasibility outlines 10-year mine life, $435M capex for Marban gold project
O3 Mining president and CEO, Jose Vizquerra (right), with VP exploration, Louis Gariepy, visiting drilling operations at the company’s Gold Hawk zone in Quebec. O3 MINING
Analysts are predicting a 30% surge in annual demand for graphite from the battery manufacturing sector over the next decade, and in the absence of new supplies, Benchmark Mineral Intelligence forecasts a deficit of 8 million tonnes of graphite by 2040.Lomiko is developing the strategic stockpile of this critical mineral in Quebec to supply the domestic market.Thecompany holds a 100% interest in its fully permitted La Loutre graphite development project in southern Quebec, which comprises the Battery and EV zones, and drilling is designed for the preliminary feasibility study level data acquisition at the EV Lomikozone.holds 236 claims in total on six projects, all within the southern Laurentian region.
The most concentrated supply of natural flake graphite projects is found in the Grenville geological Province of Quebec — and Lomiko’s La Loutre project is at the centre.
Centre: Visible mineralization in core from La Loutre.
Lomiko is expecting metallurgical testing results by late October.
certification for mineral exploration, which validates companies’ responsible business practices, in March“We2022.aimto be part of a climate success story in southern Quebec.”
The company has also completed geophysical surveys for the six new graphite properties. The initial results are expected to be published in the fall.
GLOBAL MINING NEWS THE NORTHERN MINER / SEPTEMBER 19 — OCTOBER 2, 2022 11SPECIAL FOCUS MINING & EXPLORATION IN QUEBEC JOINT VENTURE ARTICLE
Mineral resources at La Loutre currently stand at 23.2 million indicated tonnes grading 4.51% graphitic carbon for 1 million tonnes of contained graphite and 46.8 million inferred tonnes grading 4.01% graphitic carbon for 1.9 million tonnes of graphite. The estimate was based on a cut-off grade of 1.5% graphite.
In July 2021, a preliminary economic assessment for La Loutre outlined an open-pit mine with a 15-year mine life producing 97,400 tonnes of graphite concentrate annually for a total of 1.4 million tonnes over the life of the mine.
“We are now completing a 4,000-metre infill drill program at the Battery Zone and expect to finish drilling by mid-September.”
The company has also sent more than 800 kg of additional rock samples to SGS in Peterborough,
Ont., for a study to support plant design and to produce flotation concentrate to be used in the further value-added and battery trials.
Anishnaabeg Kitigan Zibi community. Lomiko’s strategic advisor Anne Chabot is leading the engagement process.“Wealso acknowledge and appreciate the communicationscommunity’swithusduring the period of exploration drilling, and we will continue to respond to enquiries on all aspects of our ongoing program at La Loutre, and our leadership as a responsible ECOLOGO certified operator,” Slepcev notes. The company gained the ECOLOGO
Lomiko Metals grows land package in Quebec graphite region
Summer 2022 drilling at La Loutre included 53 holes for a total of 8,999 metres in the EV Zone. One nearsurface intersection in hole LL-22-008 cut 14.43% graphitic carbon (Cg) over 12.5 metres from 48.2 metres depth, with the same hole also cutting 11.31% Cg over 18.5 metres from 7.3 metres depth.The goal of the summer campaign was to confirm results of the previous drilling campaigns, test the extension of the EV Zone and establish the extent of southern deposits.
Above: Examining core at Lomiko Metals’ La Loutre graphite project in Quebec.
“We are pleased to have discovered totally unknown mineralization at the EV deposit,” says Lomiko COO Gordana Slepcev. “We also are pleased with the initial assay results and grades from each of these first results – this is just the beginning, as we plan to release further assay results and complete the exploration campaign with [an] NI 43-101-compliant technical report in early“The2023.zones are open at depth and the grades at this stage are excellent. We’ll do some more follow up drilling to determine the extents,” she adds.
ESG and engagementcommunity
All-in sustaining costs are expected to average US$406 per tonne of graphite concentrate over the mine’s life.Continued exploration is part of Lomiko’s resource expansion work and metallurgical work is also a precursor to the pre-feasibility study.
The preceding Joint-Venture Article is PROMOTED CONTENT sponsored by LOMIKO METALS and produced in cooperation with The Northern Miner. Visit www.lomiko.com for more information.
Right: The core shack at the La Loutre graphite project. LOMIKO METALS
Positive results from the summer drill program at the La Loutre project and the acquisition of six new prospective graphite projects in Quebec position Lomiko Metals (TSXV: LMR; US-OTC: LMRMF) as a prominent explorer in the province — a graphite hotspot.
BY NORTHERN MINER STAFF
The La Loutre project is located about 45 km by road southwest of the city of Mont-Tremblant, within the traditional territory of the Algonquin
Slepcev says the company completed initial value-added metallurgical testing at the La Loutre graphite deposit in April, achieving strong purification results of over 99.95% carbon purity with very low levels of contaminants.
A July 2021 preliminary economic assessment outlined a 15-year mine life for La Loutre, with annual production of 97,400 tonnes of graphite concentrate.
Natural flake graphite is the most important component in all EV batteries on the market today, as 95% of the anode is made of graphite. It is also the heaviest mineral in the EV battery, making it costly and unsustainable to import.
ized with nickel, copper and platinum group ele ments that were discovered at sur face and drilled in the mid-2000s are now getting a more fulsome examination in a 20,000-metre drill program by Quebec Nickel (CSE: QNI; US-OTC: QNICF).
of 0.32% nickel, 1.2% copper, 179 ppm cobalt, 0.7 gram platinum, 0.79 gram palladium, as well as 0.43 gram gold in channel sample four.
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The company has drilled 9,000 metres at the eastern part of the Ducros project so far this year.
New assay results from the Fortin Sill Zone at the junior’s 100%-owned Ducros project in Quebec, 80 km northeast of Val-d’Or, returned 35.6 metres grading 0.59% nickel, 0.54% copper, 238 parts per million cobalt, 0.44 gram platinum per tonne, 0.42 gram palladium and 0.15 gram gold starting from 11.7 metres depth in step-out hole QDG-22-29.
12 SEPTEMBER 19 — OCTOBER 2, 2022 / THE NORTHERN MINER WWW.NORTHERNMINER.COMSPECIAL FOCUS MINING & EXPLORATION IN QUEBEC
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Over the last year, Quebec Nickel has traded in a range of 9¢ and 41¢ per share and at press time traded at 19¢. The company has about 71.6 million common shares outstand ing for a market cap of about $13.9 million.
.com
Ultramafic
In addition, Quebec Nickel com pleted a 250 line-km high-resolu tion UAV (drone) magnetic survey over the Fortin Sill target area, and an additional 882 line-km survey was flown over targets in the west ern part of the project. The com pany is planning another 1,200 line-km of UAV magnetics over high priority targets this year.
NioCorp’s demonstration processing plant in Trois-Rivières, Que.. NIOCORP
The final phase is designed to demonstrate the technical viability of separating high-purity versions of several target magnetic rare earth products from Elk Creek ore samples, as well as confirming previously achieved high recovery rates for high-purity scandium tri oxide. The potential magnetic rare earth products include neodymi um-praseodymium oxide, dyspro sium oxide and terbium oxide.
Quebec Nickel’s Ducros nickel-copper-PGE project, 80 km north of Val-d’Or, Que.
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Due
ioCorp Developments’ (TSX: NB; US-OTC: NIOBF) demonstrationscale processing plant in Trois-Riv ières, Que., has started processing ore samples from the company’s Elk Creek critical minerals project in Nebraska. The plant is intended to demonstrate that the company can extract and separate rare earth elements from ore mined at the project, and that its simplified pro cess for producing niobium, scan dium and titanium is both techni cally and economically feasible.
BY JACKSON CHEN
The junior explorer also reported results from recent channel sam pling in June with highlights includ ing 13 metres of 0.37% nickel, 0.93% copper, 179 ppm cobalt, 0.5 gram platinum, 0.58 gram palla dium, and 0.31 gram gold in chan nel sample two; and a 3.8-metre interval in channel sample four
The demonstration plant, which employs nine people, will process Elk Creek ore samples in three phases. Phase 1 is designed to demonstrate a new approach to the initial processing of the ore that NioCorp expects to mine from the site (subject to funding), including calcination, initial leaching and rare earth extraction. The second
BY NORTHERN MINER STAFF
Atsheet.Elk Creek, 105 km south east of Lincoln, Neb., NioCorp has been looking to develop North America’s only niobium-scandi um-titanium advanced materials manufacturing facility co-located with an underground mine.
Quebec Nickel drills greater than 1% nickel at Ducros
But the highlights from the hole were sub-intervals of 11.8 metres grading 1.44% nickel, 1.49% copper, 461 ppm cobalt, 1.23 grams plati num, 1.16 grams palladium and 0.4 gram gold starting from 35.5 metres, which also contained 8.4 metres of 1.85% nickel, 1.65% copper, 576 ppm cobalt, 1.5 grams platinum, 1.37 grams palladium, 0.4 gram gold.A second hole, QDG-22-28, cut 43.4 metres of 0.24% nickel, 0.25% copper, 146 ppm cobalt, 0.1 gram platinum, 0.14 gram palladium, and 0.11 gram gold, starting from 5.6 metres downhole.
QUEBEC NICKEL
NioCorp starts up demo plant to test rare earth recovery process on Elk Creek samples
EXPLORATION | 20,000-metre drill program under way at nickel-copper-PGE project near Val-d’Or
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A total of US$1.14 billion in upfront capex is required for the project, said Jim Sims, NioCorp’s VP external affairs, in an email to The Northern Miner NioCorp will utilize conven tional solvent extraction (SX) technology to test a rare earth separation approach that it has developed alongside L3 Process Development.“Manyofthese processes have already been successfully tested at the bench scale,” NioCorp COO Scott Honan said in a release. “Given our team’s years of experi ence in hydrometallurgy, includ ing rare earth separations, I expect that we will demonstrate posi tive results. I also look forward to potentially demonstrating how our simplified process flowsheet can more efficiently and cost-effectively produce niobium, scandium and titanium.”Thedemonstration plant testing is expected to be completed over several weeks. Honan added that once operations have concluded and data analyzed, work can then turn to the design and engineer ing of the new process flowsheet, which in turn is expected to be incorporated into an updated Elk Creek project feasibility study that will include an economic analysis of separated rare earth oxide prod ucts and the simplified process flow
The two holes were collared to the southeast of the Fortin Sill Zone discovery outcrop.
The three key targets so far at the project are Fortin Sill, the Ducros Sill Complex and the Ducros Gab bro.Fortin Sill is the pyroxenitehosted nickel-copper-PGE surface showing where historic grab sam ples returned up to 2.64% copper and 0.49% nickel, along with 3.44
grams platinum-palladium-gold. At the Ducros Sill Complex, three holes were drilled in the 1980s that encountered an interpreted 3.5-km-long and up to 700-metrewide ultramafic sill with anomalous nickel values, and Ducros Gabbro is a poorly exposed, roughly 5-km by 5-km mafic intrusion largely inferred from regional magnetic data.The 151.5-sq.-km project lies in the eastern portion of Quebec’s Abitibi Greenstone Belt. A pro vincial highway (113) crosses the property on the east side, there are rail and power lines within 5 km of the project, and a regional airport 100 km to the southwest.
rocks mineral
phase is designed to demonstrate an improved process for the sec ond stage of leaching along with niobium and titanium separation.
The deposit contains highgrade niobium oxide (Nb2O5), titanium oxide (Ti2O) and scan dium, with probable mineral reserves currently sitting at 36.7 million tonnes grading 0.811% Nb2O5, 2.29% Ti2O and 70.2 ppm scandium.NioCorp shares traded at $1.09 apiece as of press time in a 52-week range of 76¢-$1.55 per share.
RARE EARTHS | Results to inform feasibility study for Nebraska project
marketNickelareoccurrences,copper-nickel-cobalt-PGMabouthalfofwhichstillundrilledoruntested.NorthExplorationhasacapof$3.8million.
QUEBEC SNAPSHOT: EIGHT COMPANIES TO WATCH
With
province.witharedevelopers.mineraljurisdictionsworld’sQuebecainfrastructurepolicies,favourabledevelopment,miningexcellentandskilledworkforce,isoneofthetopminingforexplorersandBeloweightcompaniesoperationsinthe
Maple Gold Mines has a market cap of $58.8 million.
n MAPLE GOLD MINES
Maple Gold says it has drilled about 16,450 metres of a 30,000metre planned 2022 drill program
He added that the new resource places the company in an “excel lent position” for planning the next large drill program to further define high-grade out-of-pit tar gets and expanding pit-constrained resources in late 2022 to summer 2023.The Hawk Ridge property is located near tidewater and com prises a 50-km belt of strong mag matic
Canadian explorer Maple Gold Mines (TSXV: MGM; US-OTC: MGMLF) is aiming to establish a new gold district in the heart of the prolific Abitibi greenstone belt of western and central Quebec.
In July, the Canadian junior released an updated resource esti mate for the 173-sq.-km prop erty, which delivered a significant increase over the initial resource reported in 2013. The project now contains 34.7 million inferred tonnes grading 0.22% nickel, 0.56% copper, 0.013% cobalt, 0.19 gram palladium per tonne, 0.05 gram platinum per tonne, and 0.025 gram gold per tonne, a 76.6% increase
2.5 million gold ounces.
In May, Maple Gold reported an updated mineral resource for Douay and Joutel. The pit-con strained indicated resources now stand at 10 million tonnes grad ing 1.59 grams gold per tonne for 511,000 oz. contained gold and 76.7 million inferred tonnes grad ing 1.02 grams gold per tonne for
n NICKEL EXPLORATIONNORTH
GLOBAL MINING NEWS THE NORTHERN MINER / SEPTEMBER 19 — OCTOBER 2, 2022 13SPECIAL FOCUS MINING & EXPLORATION IN QUEBEC
across its Quebec portfolio, with assay results from Eagle reported for about 5,400 metres, represent ing 59% of completed drilling on theTheproperty.company currently has two drill rigs operating on Eagle, with the deep drilling program expected to include three holes in the Telbel mine area beneath and adjacent to the historical underground mine workings, which it says extend to about 1,200 metres below surface.
Nickel North says that most of the updated estimate is pit-con strained, with 29.4 million tonnes grading 0.2% nickel, 0.52% cop per, 0.012% cobalt, 0.19 gram pal ladium, 0.04 gram platinum, and 0.021 gram gold. The total under ground resource, which was not included in the 2013 estimate, was estimated at 5.2 million tonnes of 0.35% nickel, 0.79% copper, 0.014% cobalt, 0.23 gram palla dium, 0.06 gram platinum, and 0.04 gram gold.
of exploration and
BY CARL A. WILLIAMS a long and storied history mine
The Vancouver-headquartered junior has a 50:50 joint venture with Agnico Eagle Mines (TSX: AEM; NYSE: AEM) to jointly advance the district-scale Douay and Joutel gold projects in the belt. It also holds an exclusive option to acquire 100% of the Eagle Mine property in Joutel.
Maple Gold says that the projects benefit from access to existing infra structure as well as approximately 400 sq. km of highly prospective ground including a gold resource at Douay that shows potential for significant expansion, as well the past-producing Eagle, Telbel, and Eagle West mines at Joutel, which collectively produced 1.1 million
In mid-August, the company released initial assay results from the first drill hole, EM-22-009, of its second round of drilling at the 100%-controlled Eagle mine. That hole intersected 3 metres grading 11.39 grams gold per tonne starting from 990 metres downhole, includ ing 2 metres at 15.53 grams gold and 1 metre at 24.4 grams gold.
over the 19.3 million tonnes esti mated in the initial resource.
Tony Guo, Nickel North’s pres ident and CEO, said the updated resource delivered on its key objectives — better definition of and increasing pit-constrained resources and establishing an ini tial resource for potential under ground mining.
Orford Mining’s 100%-owned Qiqavik gold exploration property in Nunavik, Quebec. ORFORD MINING
New Canadian Nickel Project at HSP GO METALS GO@GOMETALS.CACSE: GOCO ALL THE PRODUCEDGOLD CSE:SEAG | US:SEHKF | GR FSE: 7SR www.seahawkgoldcorp.comManagementcontrolscosts=fewersharesissued=lessdilutionThe Abitibi - 90% of ALL GOLD PRODUCED in Canada and is still leading today Owning 45% - Insiders protectmotivatedaretotheinterestofshareholders See SNAPSHOT / 14
Nickel North Exploration (TSXV: NNX) is focused on advancing its flagship 100%-owned Hawk Ridge nickel-copper-cobalt-plati num group metals (PGM) project at Ungava Bay in northern Quebec.
oz. of gold between 1974 and 1993.
The new estimate encompasses resource updates on the previ ously reported Hope Advance Main and Hope Advance North zones, and Gamma and Falco 7 deposits. According to the com pany, higher-grade “Raglan-type” sulphide mineralization exists in all four sulphide deposits. All of them remain open along strike and down-dip, it said.
The drill program comprises four (approximately 4,700 metres) master diamond drill holes and one daughter diamond drill hole to test potential extensions of min eralization along and beneath the past-producing, high-grade Eagle-Telbel mine trend.
Sudbury-headquartered Northern Superior Resources (TSXV: SUP; US-OCT: NSUPF) is primarily exploring for gold in Ontario and Quebec.InQuebec, the Canadian junior holds a 100% interest in the Lac Surprise and Croteau East prop erties located in the highly pro spective Chapais-Chibougamau mining camp,500 km north of Montreal.InJuly, Northern Superior announced a new gold discovery in a previously unexplored area of the 125.5-sq.-km Croteau East property as part of its winter core drilling and reverse circulation programs.Thediscovery hole, CRO22_120, intersected 26.3 metres grading 1.06 grams gold per tonne starting 204 metres downhole, including higher-grade intervals of 11 metres at 1.93 grams gold and 3 metres at 4.98 grams gold. That hole was drilled 650 metres northeast and parallel to the 1.1-km-long Cro teau Bouchard Shear Zone (CBSZ), which contains 11.6 million inferred tonnes grading 1.7 grams gold per tonne for 640,000 oz. con tained gold. The zone remains open
“In addition, several new prom ising and very exciting targets out side of the core 43-101 resource area have now been identified from the distribution and concentration
“This new discovery hole cou
of anomalously high gold grain val ues released today and in late 2021.”
In June, Orford announced the launch of its 2022 exploration pro gram on Qiqavik. The program includes 3,000 metres of diamond drilling to target the source of the high-grade Annick glacial boulder train, where grab samples returned grades of up to 648.8 grams gold per tonne, as well as splays from major structures where, it said, gold min eralization indicators are strong.
along strike in both directions.
Northern Superior Resources has a market cap of $42.7 million.
CEO, said in a July 19 press release announcing the new discovery.
He added that Northern Supe rior is in the process of “integrating this gold grain data with bedrock geochemistry, lithology and alter ation information recovered from the recent core drilling and RC programs,” and that information from the current bedrock mapping and prospecting programs will also be integrated into this database.
VOYAGER METALS
According to Northern Supe rior, all eight core drill holes (2,407.2 metres) from the winter drilling intersected lithologies and alteration similar to the CBSZ.
14 SEPTEMBER 19 — OCTOBER 2, 2022 / THE NORTHERN MINER WWW.NORTHERNMINER.COMSPECIAL FOCUS MINING & EXPLORATION IN QUEBEC SNAPSHOT from 13
The company said that it plans to refine further gold exploration targets on the CBSZ and across the Croteau East property for drill-testing this fall.
He added that “After starting from scratch on this property we have built an impressive geolog ical, geochemical and geophysi cal data base which is pointing to strong targets. The 2022 program will be the most aggressive pro gram on the Qiqavik property in its short Orfordhistory.”Mining has a market cap of $13.2 million.
Orford Mining (TSXV: ORM) is a gold explorer with a land pack age totalling nearly 1,400 sq. km that encompasses six projects in highly prospective and under explored areas of northern Que bec. These include the 390-sq.-km Qiqavik gold-copper project, the 707-sq.-km West Raglan nick el-copper-platinum group metals project, and the 260-sq.-km Joutel Regional gold-copper properties.
pled with the released results from the core and RC drill programs fur ther substantiates that the system associated with the CBSZ 43-101 resource is much larger than previ ously understood,” Thomas Mor ris, the company’s president and
The company said that the explo ration will include 40 line-km of induced polarization (IP) geophys ical surveying to help target the sul phide-rich silicified mineralization seen in the Annick boulder train; re-gridding and merging of previ ous magnetic surveys conducted on the property to help understand the property and local structures; and interpretation of glacial till and frost boil sample results to identify areas to investigate with IP geo physics and Commentingdrilling.ina June 21 press release, David Christie, Orford’s president and CEO, said that the company was excited to drill “what we believe is the source to the high grade Annick trend.”
n ORFORD MINING
See SNAPSHOT / 14
n NORTHERN SUPERIOR RESOURCES
Voyager Metals’ Mont Sorcier Iron ore property located 18 km from Chibougamau, Que.
QC COPPER & GOLD
www.nnexploration.com FOCUSED ON DEFINING A CU-NI-PGM RESOURCE Nickel North Exploration is a Canada-based exploration company focused on expanding an Ni-Cu-Co-PGE mineral resource and defining more high grade massive sulfide “Raglan type” mineralization “potato”at its Hawk Ridge Project in Northern Québec. The directors, advisors and management team are experienced, successful mine finders. Over $20M working expensing to date has defined four zones of known mineralization in the mining friendly jurisdiction. PIO ZONE GAMMA ZONEHOPE ADVANCE ZONE
n QC COPPER & GOLD
Royal Fox Gold’s Philibert gold project in Quebec. ROYAL FOX GOLD
alent). Inferred resources add 21.4 million tonnes grading 0.51% cop per and 0.3 gram gold (0.73% cop per-equivalent) for 239.8 million lb. copper and 209,200 oz. gold (345.8 million lb. copper-equivalent).
starter pit area that demonstrated higher grades and lesser strip ratio in the resource area between vein #1 and vein #3 and include vein #2. The current drill program, it said, is designed to improve the mineral resources by reducing the strip ratio and upgrading inferred resources to indicated and identi fying additional mineralized struc tures.Opemiska currently contains a pit-constrained resource of 81.7 million measured and indicated tonnes grading 0.65% copper and 0.31 gram gold per tonne (0.88% copper-equivalent) for 1.2 billion lb. contained copper and 815,600 oz. gold (1.6 billion lb. copper-equiv
Canadian gold explorer Royal Fox Gold (TSXV: FOXG) is focused on advancing its Philibert project in Quebec, approximately 60 km southwest of the town of Chibou gamau.One of Quebec’s largest gold projects, the 53.9-sq.-km Philib ert property lies 9 km northeast of Nelligan, a 75:25 joint ven ture between Iamgold (TSX: IAG; NYSE IAG) and Vanstar Mining Resources (TSXV: VSR; US-OTC: VMNGF), and 10 km west of Doré Copper Mining’s (TSXV: DCMC; US-OTC: DRCMF) Joe Mann gold mine.InAugust, Royal Fox reported assay results from 18 drill holes on Philibert as part of its 2022 explo ration program, two of which tested the Fault zone area and six teen testing the Fennec Fox zone. It said the drilling tested miner alization over a 480-metre strike length and up to 250 metres verti calDrilleddepth. on the northwest ern limit of the defined Fennec Fox zone, hole PB-22-377 inter sected 21.5 metres grading 4.29 grams gold per tonne from 78.5 metres downhole. That hole, said the company, represents a signif icant future target to expand near
n ROYAL FOX GOLD
Above: (left to right) Wallbridge Mining’s Chris Kelly, senior project geologist, and Quinn Dabros, geologist. WALLBRIDGE MINING
QC Copper and Gold has a mar ket cap of $24.1 million.
GLOBAL MINING NEWS THE NORTHERN MINER / SEPTEMBER 19 — OCTOBER 2, 2022 15SPECIAL FOCUS MINING & EXPLORATION IN QUEBEC
See SNAPSHOT / 16
0.23 gram gold from 234 metres; and OPM-22-214 hit 42.8 metres at 0.36% copper and 0.23 gram gold from 35.2 metres and 3.5 metres at 1.49% copper and 1.29 grams gold from 120 metres.
The headframe at Maple Gold’s Douay site in Quebec. MAPLE GOLD MINES
Toronto-headquartered QC Cop per and Gold (TSXV: QCCU; US-OTC: QCCUF) is develop ing copper projects in the Chapa is-Chibougamau region of Quebec. These include the Opemiska proj ect and Roger deposit, 15 km east of TheOpemiska.Canadian junior is focused on advancing the 130-sq.-km Opemiska property, which hosts the two past producing high-grade underground copper-gold mines comprising the Opemiska Copper Complex.InAugust, QC reported the lat est assay results from its current drill program on Opemiska, where it aims to upgrade the resource by converting waste into in-pit miner alization.Theresults include three drill holes that all intersected wide zones of in-pit mineralization. Hole OPM-22-209 cut 39.5 metres of 0.38% copper and 0.38 gram gold per tonne from 86.5 metres downhole and 13.6 metres at 0.75% copper and 1.34 grams gold from 198 metres; OPM-22-211 returned 28.5 metres grading 0.42% copper and 0.18 gram gold from 51 metres and 54 metres at 0.62% copper and
TSXV: NNX
Left: Drill core from QC Copper & Gold’s Opemiska project.
QC said that these holes were drilled in the Gap zone within the
SNAPSHOT from 14
ics from sharing of underground infrastructure.” Canaccord also pointed out that multinational metals trader Glencore’s (LSE: GLEN) Horne smelter is nearby in Rouyn-Noranda, offering a hypo thetical toll-mill processing option for copper-rich VMS ore from Per ron in the future.
based on a mine plan derived from the North zone, with indicated resources of 559 million tonnes grading 28.2% magnetite and 0.21%
n WALLBRIDGE MINING
surface, high-grade mineralization along the 3-km Philibert trend.
Amex stated that it plans to con duct further borehole geophys ics to help define the system and that several assays from its ongo ing gold-focused drill program are expected to be received soon.
TNM
AMEX from 9
PATRIOT from 9
SNAPSHOT from 15
An employee at Northern Superior Resources’ Croteau Est property in Quebec. NORTHERN SUPERIOR RESOURCES
zinc deposit that was in production for about 50 years, producing about 10.1 million tonnes grading 2.24% copper, 5.41% zinc, 0.53 gram gold per tonne and 44.45 grams silver, helped to establish and support the town of Normetal.
Nevada Gold Mines deal
The study estimated the after-tax net present value to be US$1.6 bil lion (at 8% discount) with an aftertax internal rate of return of 43%.
He added that Mont Sorcier is located in an established mining region and “has excellent access to existing infrastructure already in place, which reduces upfront cap ital requirements and shortens the development schedule.”
$PMET.V With demand skyrock eting & Cdn EV battery metals sec tor taking shape, right place and right time for lithium discoveries.”
He added that the company is optimistic that further work in the area will link mineralization of the northwest and southeast zones. Royal Fox Gold has a market cap of $13 million.
All-in sustaining costs came in at US$28 per tonne over the life mine.
Voyager Metals (TSXV: VONE) is focused on advancing the Mont Sorcier iron-vanadium project in Quebec, approximately 18 km east of Chibougamau. The project consists of the North and South deposits.InJuly, Voyager released a new preliminary economic assessment (PEA) for Mont Sorcier that targets an average production of 5 million
Meanwhile, Patriot says drill holes CV22-063 and 066, with 39.9 metres and 113.4-metre core length intercepts of spodumene-bear ing pegmatite, respectively, have extended the strike length of the main lithium pegmatite deposit to at least 2,000 metres, as tested by drilling, spanning laterally from drill hole CF21-004 through CV22063/066.AsofAug. 24, the company had completed 15,497 metres of drill ing over 53 holes out of a planned 20,000 metres this year. The results of 19 drill holes that are headed to an assay lab or in process are pending.
Voyager said that the PEA was
The discovery is central to the 200-sq.-km property and about 15 km south of the Trans-Taiga allweather road and powerline infra structure corridor. The junior made its initial discovery at Cor vette in 2017.
Attila Péntek, the company’s vice-president of exploration, said in an Aug. 4 press release that the infill sampling program “has exceeded our expectations, with a substantial number of previously unsampled drill core intervals returning assays above the cut-off grade for the existing [resource].”
Simon Marcotte, Royal Fox’s president and CEO, said in an Aug. 29 press release that the drill results from the Fault zone “demonstrate the potential for continued min eralization within the 300-metre gap between the northwestern and southeastern domains of the Phi libert trend.”
tonnes of high-grade, low-impu rity iron concentrate grading 65% iron with 0.52% vanadium pentox ide (V2O5) over a 21-year mine life.
Drilled on the southeastern end of the zone, PB-22-355 and PB-22362 were designed to target the up-dip surface extent of the min eralized zone. PB-22-355 returned 1 metre grading 4 grams gold from 20 metres and 15.8 metres at 1.17 grams gold from 34 metres, includ ing 5 metres at 2.83 grams gold. Hole PB-22-362 hit 28.3 metres grading 0.72 gram gold from 33.5 metres, including 11.1 metres at 2.55 grams gold.
n VOYAGER METALS
Wallbridge Mining (TSX: WM; US-OTC: WLBMF) is focused on advancing its flagship 100%owned Fenelon gold property located along the Detour‒Fenelon Gold trend in northwestern Que bec, approximately 75 km north west of the town of Matagami.
BARRICK from 8
Initial capital costs were pegged at US$574 million, including US$118 million in contingency, which would be paid back in just under two years. Total operating costs over the life of mine are pro jected at US$66 per tonne of con centrate.Commenting in a July 25 press release announcing the results of the PEA, Cliff Hale-Sanders, Voyager’s president and CEO, said: “We are very pleased that the results of this PEA more than support our continued efforts to improve the economics and prog ress with development plans for the Mont Sorcier project, we see the potential of the project to be a profitable, long-life mine.”
In August, the company released assay results from its ongoing infill drill program on Fenelon, which it said includes additional gold min eralization and extensions to min eralized intervals in previously unsampled sections of drill core within and adjacent to the existing resourceHighlightsarea. from the drilling included holes 19-0915-026, which intersected 34 metres grading 1.36 grams gold per tonne starting from 436.1 metres downhole, includ ing 0.95 metre at 8.49 grams gold; FA-21-260, which returned 27.5 metres grading 2.13 grams gold from 372 metres, including 7.6 metres at 6.91 grams gold; and FA-19-086-W1, which hit 14.6 metres at 0.86 gram gold from 448.5 metres, including 1.5 metres at 4.06 grams gold.
CV13, is situated less than 4.5 km from its CV5-1 pegmatite corridor where drilling is currently focused.
The transaction with Barrick brings Maverix’s total portfolio to 147 royalties and streams. Maverix will pay for the deal in cash with the deal expected to close in Sep tember.
Of the remaining royalties under the deal, 12 are on assets in Australia, two are in the United States, and one is each in Argen tina, Canada and Chile.
Patriot announced the discov ery of a new and significant lithium pegmatite cluster at its Corvette property on Aug. 11. The cluster,
Based on a US$100 per tonne iron ore (62%) price and premi ums of US$15 per tonne for vana dium credits and US$20 per tonne for iron ore (65%), the project would generate an average annual free cash flow of US$235 million.
VoyagerV2O5 Metals has a market cap of $12.1 million.
He added that “this underscores the quality and scale of the gold mineralization at Fenelon and has allowed us to delineate wider mineralized zones and adjust our models for future resource esti mates.”Wallbridge Mining has a market cap of $128 million. TNM
Patriot has announced plans for a listing on the Australian Stock Exchange. If all approvals are received, it expects to start trading on the ASX before year-end. TNM
Wallbridge said that it has prior itized more than 30,000 metres of previously unsampled drill core for infill sampling by the third quar ter of 2022 and will focus on inter vals that occur within or adjacent to known mineralized zones. To date, approximately 25,914 metres of previously unsampled drill core have been collected as part of the 2022 infill program, of which results for 19,215 metres have been received, it said.
The project lies in an emerg ing lithium district in upper James Bay, in the same region as the James Bay lithium project being advanced by Australia’s Allkem (ASX: AKE), the Rose lithium-tan talum project owned by Critical Elements Lithium (TSXV: CRE), and the Whabouchi project held by Nemaska Lithium (itself owned 50/50 by Investissement Québec and Livent Corp. [NYSE: LTHM]).
nate after 1 million oz. of gold have been sold from the covered areas. Tankoro contains 9.4 million indi cated tonnes grading 1.9 grams gold for 600,000 oz. gold and 43.6 million inferred tonnes at 1.4 grams gold for 1.9 million ounces.
In a separate statement, Nevada Gold Mines, a joint venture between Barrick (61.5%) and Newmont (TSX: NGT; NYSE: NEM) (38.5%) announced that it has entered into a US$27.5-million agreement to sell a portfolio of royalties to Gold Roy alty (NYSE-AM: GROY) Corp.
Tankoro is the primary deposit at Santuro, located in Burkina Faso’s Hounde Belt.
“The area is known as ‘VMScountry’ on account of the Normetal Mine Horizon, the geological pack age that hosted the Normetal mine and the adjacent Normetmar zinc deposit. The Horizon extends for about 4.5 kilometres on Perron and offers reasonable prospectivity for a material VMS discovery, helped by the fact that VMS deposits tend to occur in clusters,” Fairbairn wrote in a note to Canaccordclients.isconvinced the cop per-zinc story at Perron is starting to materially evolve given the width of PEX-22-118, which was inter cepted roughly 75 metres vertically above the discovery. While it’s still early, Fairbairn sees this as a possi ble indication of a high-grade core of mineralization forming within QF, potentially supporting a future resource for the zone if the company continues to intersect high-grade mineralization.Theanalysthad previously noted the QF Zone presented “intrigu ing optionality” to base metals for Amex, particularly in light of the zone’s 200-metre proximity to the HGZ, “which may present oppor tunities for improved econom
The portfolio consists of three royalties on the production of min erals from the Granite Creek and Bald Mountain projects located in Nevada. Gold Royalty will issue 9.4 million common shares in return for the Uponassets.closing, Nevada Gold Mines, the largest gold mining complex in the world, is expected to hold roughly 7% of the issued and outstanding shares of Gold Royalty on a pro forma basis.
The company expects to release an initial resource for Perron before year-end.Amex remains well funded to carry out its exploration plans after completing a $50 million equity financing in February. The compa ny’s Toronto-quoted equity gained as much as 4.3% on Sept. 7 to $1.69, giving it a market capitalization of $171.9 million. Its shares have traded in a 52-week window of $1.45 and $3.36. TNM
16 SEPTEMBER 19 — OCTOBER 2, 2022 / THE NORTHERN MINER WWW.NORTHERNMINER.COM
GLOBAL MINING NEWS THE NORTHERN MINER / SEPTEMBER 19 — OCTOBER 2, 2022 17 CONCRETE SOLUTIONS Shotcrete - Concrete Paste www.sika.com/miningBackfill Offering the industry leading precision, absolute accuracy and sensitivity for Optically Pumped Potassium, Overhauser and Proton Precession Magnetometers/Gradiometers with new add-on or standalone VLF-EM systems for resistivity depth sections. UAV - Airborne – Ground Solutions Visit the website or call for a QUOTE today Highest Precision Magnetometers in the World • info@gemsystems.ca • Tel: +1.905.752.2202 • +1.888.635.1829 www.gemsystems.ca Leading the World of Magnetics since 1980DRONEMag™ INSTRUMENTATIONGEOPHYSICS MAKE Mining oftheBasicthe inAvailableNowSpanish PROFESSIONAL DIRECTORY MAKE SENSE OF THE MINING INDUSTRY Mining Explained is a 164-page reference manual (written in layman’s language) that includes the following chapters: Basic Geology • Ore Deposits • High-Tech Prospecting Sampling & Drilling • Mining Methods • Processing Ore • Mining & the Environment • The Mining Team • The Business of Mining • Feasibility: Does it Pay? • Metal Markets • Making Sense of the Numbers • Investing in Mining • Glossary of Mining Terms Call 1-888-502-3456 or email info@northernminer.com Order Your Copy Today! Spanish WEEKLY REPORT Email Newsletter for Mining Professionals Join thousands of high-performing mining professionals already receiving The Northern Miner’s free Weekly Report update. SUBSCRIBE FOR FREE www.canadianminingjournal.com SUBSCRIBE MININGCANADA’STO:FIRSTPUBLICATION Mining and Mineral Processing news Since 1882. Print edition is FREE for Canadians involved in mining. Digital Edition and Daily News is FREE. CONSULTANTS 1,800+ CLIENTS | 8,000+ PROJECTS 38+ YEARS’ EXPERIENCE Corporate GeotechnicalConsultancyEngineering MiningGeologyEngineering amcconsultants.com Specialists in mining and exploration projects across all commodities and all stages of project development. csaglobal.com info@csaglobal.com CORPORATE I MINING I RESOURCES I EXPLORATION I TECHNOLOGY I WATER FOR MORE INFORMATION ABOUT RESERVING SPACE IN OUR PROFESSIONAL DIRECTORY, PLEASE CONTACT: ROBERT416-898-6654HERTZMAN Toll free from North America: rhertzman@northernminer.com1-888-502-3456
Vizsla Silver VZLA 1310 1.79 + 0.27
Electra Batt ELBM 150 3.89 0.16
The Dow Jones Industrial Average gained 833.27 points during the Sept. 6-9 trading session, rising 2.66%, to 32,151.71, while the S&P 500 climbed143.1 points or 3.65% to 4,067.36.Thisweek’s top gainer in value was roy alty and streaming firm Franco-Nevada, ris ing US$4.38 to end the week at US$125.97. Franco-Nevada released its second-quarter results in August, reporting record quarterly revenue of US$352.3 million, a 1% increase from the period one year earlier. However, the result was primarily driven by the com pany’s energy assets, which more than offset a decrease in precious metals revenue. Ana lysts expect the company to capture poten tially record earnings in 2022. However, with crude oil prices well off their highs and it being unclear whether precious metals will pick up the slack, the market could see annual earn ings per share peak in the short term.
Cauchari-Olaroz mine in Argentina toward its first production. The company owns a 44.8% stake in the mine, with China’s Gan feng Lithium owning 46.7% and the Argen tinian firm Jujuy Energía y Minería Sociedad del Estado (JEMSE) accounting for 8.5%. As of Jul. 28, Lithium Americas had completed 90% of construction at the mine and expects early-stage production by 2023. The company also holds the large Thacker Pass lithium clay project in Nevada. The 2021 approval of the project by the Bureau of Land Management has been challenged in federal court by envi ronmental and Indigenous groups as well as a local rancher, with a decision expected shortly.
Wheaton Prec WPM 4833 43.06 + 2.09
Prosper Gold PGX 73 0.38 0.00 0.38 + 49.0
Western Alaska WAM 98 3.50 0.70
TSX-V GREATEST PERCENTAGE CHANGE
Cleghorn Min CZZ 1 0.07 0.00 0.07 35.0
Anfield
Lithium Amer LAC 3006 42.35 35.70 41.30 + 14.8
Marathon Gold MOZ 2888 1.46 1.13 1.26 8.0
18 SEPTEMBER 19 — OCTOBER 2, 2022 / THE NORTHERN MINER WWW.NORTHERNMINER.COM
O3 Mining OIII 430 1.22 0.17
VOLUME WEEK (OOOs) CLOSE CHANGE 32.17 + 3.87 States S* X 67496 25.22 + 3.51 Copp* SCCO 6616 49.20 + 3.51 Tinto* RIO 16815 57.93 + 3.44 AA 28412 52.62 + 3.37
VOLUME WEEK (OOOs CLOSE CHANGE TSX-V MOST ACTIVE ISSUES C3 Metals CCCM 7279 0.05 0.00 0.04 0.01 Baru Gold BARU 6362 0.04 0.03 0.04 + 0.01 Aurcana Silver AUN 5033 0.02 0.01 0.01 unch 0.00 Fuse Cobalt FUSE 4972 0.12 0.08 0.09 0.03 Pure Gold Mg PGM 4814 0.11 0.10 0.11 0.01 Arctic Star ADD 4463 0.08 0.06 0.08 + 0.02 Aston Bay BAY 4054 0.07 0.06 0.06 0.02 Sable Res SAE 4013 0.19
RTG Mining RTG 4 0.06 0.00 0.06 14.3
Sigma Lithium SGML 175 32.39 + 3.04
MAG Silver MAG 750 17.09 + 1.78
MARKET NEWS
Orea Mining OREA 2022 0.11 0.08 0.09 10.5
Triple Flag TFPM 96 16.20 0.35
The equity has been garnering attention on the back of the recent announcement that its subsidiary, McEwen Copper, has signed a deal with Rio Tinto that gives the global miner an option to become a majority joint venture partner in the Elder Creek project, in Nevada. Rio’s subsidiary Kennecott Explora
U.S. MOST ACTIVE ISSUES Vale* VALE 152155 13.54 11.72 13.51 + 1.34 Barrick Gold* GOLD 92200 15.97 14.71 15.92 + 1.02 Freeport McMoR* FCX 80727 32.28 27.30 32.17 + 3.87 Yamana Gold* AUY 74153 4.70 4.20 4.69 + 0.24 United States S* X 67496 25.26 21.40 25.22 + 3.51 Cleveland-Clif* CLF 64764 18.85 16.54 18.73 + 1.92 Kinross Gold* KGC 60730 3.57 3.18 3.55 + 0.27 Newmont Corp* NEM 47914 43.41 40.90 43.17 + 1.50 Chevron Corp* CVX 42700 160.65 152.62 159.97 + 2.12 Harmony Gold* HMY 40372 2.56 2.16 2.39 0.11 VOLUME WEEK (OOOs) HIGH LOW CLOSE CHANGE U.S. GREATEST PERCENTAGE CHANGE Ero Copper* ERO 297 11.11 9.03 11.08 + 18.0 United States S* X 67496 25.26 21.40 25.22 + 16.2 Lithium Amer* LAC 13302 32.50 27.17 31.72 + 15.8 McEwen Mng* MUX 1426 3.60 2.93 3.55 + 14.9 IAMGOLD* IAG 23266 1.36 1.13 1.33 + 14.7 Freeport McMoR* FCX 80727 32.28 27.30 32.17 + 13.7 Coeur Mng* CDE 16429 3.07 2.62 3.06 + 12.9 Buenaventura* BVN 19912 6.35 5.42 6.33 + 11.4 Cleveland-Clif* CLF 64764 18.85 16.54 18.73 + 11.4 Vale* VALE 152155 13.54 11.72 13.51 + 11.0 CONSOL Energy* CEIX 3039 76.93 65.25 66.53 8.4 Nexa Resources* NEXA 717 5.69 5.00 5.15 7.2 Peabody Enrgy* BTU 30949 26.88 22.16 23.33 5.7 Harmony Gold* HMY 40372 2.56 2.16 2.39 4.4 Arch Resources* ARCH 3126 151.72 132.15 138.50 2.4 Gatos Silver* GATO 1767 2.91 2.65 2.77 1.4 CONSOL Energy* CNX 10491 17.77 16.46 17.18 1.0 Suncor Energy* SU 19714 32.31 30.01 31.65 0.5 Chevron Corp* CVX 42700 160.65 152.62 159.97 + 1.3 Turquoise HIl* TRQ 19882 32.09 30.58 31.26 + 1.9 VOLUME WEEK (OOOs) HIGH LOW CLOSE CHANGE U.S. GREATEST VALUE CHANGE MartinMarietta* MLM 1696 356.30 + 15.70 NACCO Ind* NC 72 47.32 + 4.62 Franco-Nevada* FNV 2770 125.97 + 4.38 Lithium Amer* LAC 13302 31.72 + 4.33 Freeport McMoR* FCX 80727
high-grade intercepts below. The ongoing drill program continues to intersect multi ple zones of mineralization at depth along a strike length of 1,500 metres, reinforcing the underground expansion potential below the planned Magino open pit. The deep drill ing program has now tested the gold min eralization along a 1.5-km trend to depths greater than 1 km. With the Elbow and Cen
Blue
Verde Potash NPK 1569 7.30 5.38 5.70 17.3
Moneta Porcpn ME 467 1.77 0.11
3731
McEwen Mng MUX 87 4.66 3.85 4.65 + 14.3
Frontier Lith FL 873 2.58 + 0.20
New Gold NGD 9114 1.06 0.80 0.99 + 0.12
Midasco Cap MGC.H 2 0.08 0.00 0.08 48.4
Itafos IFOS 261 2.19 0.38
Atlas Salt SALT 1669 3.13 0.22
McEwen Mining was also high on the list
Agnico Eagle Mines was another top value gainer this week, adding $2.77 to close at $57.41 per share. The senior gold producer released exploration results from several of its assets last month, reporting significant step-
VOLUME WEEK (OOOs) CLOSE CHANGE
of top percentage gainers during the week, adding 14.9% to close at US$3.55 per share.
Harmony Gold* HMY 40372 2.39 0.11
tral Zones on the eastern margins and the South Zone on the west, a large-scale min eralized system has been shown to continue significantly down-dip below the planned open pit at Magino, where construction of a 10,000-tonne-per-day operation is under way. First gold at the mine, which has seen escalating capital costs during construction, is expected next spring. TNM
HIGH LOW
First Quantum FM 14820 24.16 20.11 23.82 + 2.45
TORONTO STOCK EXCHANGE / SEPTEMBER 6 – 9, 2022
Suncor Energy SU 77946 42.40 39.61 41.24 0.56
NextSource Mat NEXT 295 3.06 2.50 2.98 + 16.0
Niocorp Dev NB 967 1.19 0.93 1.11 + 14.4
Taseko Mines TKO 1190 1.54 1.25 1.54 + 14.1
BCM Res B 1603 0.19 0.12 0.12 36.1
IsoEnergy Ltd ISO 610 4.92 + 0.81
Alcoa*
CONSOL Energy* CNX 10491 17.18 0.17
Suncor Energy* SU 19714 31.65 0.16
results including 3 metres of 9.69 grams gold per tonne and 1.8 metres of 13.13 gram gold – the highest grades returned to date from the project. Golden Sidewalk comprises 160 sq. km of claims in the western Birch-Uchi greenstone belt. The Skinner target is a 2 by 3-km prospective area with limited outcrop ping bedrock. TNM
Los Andes LA 75 14.60 + 0.80
Lundin Mng LUN 16416 7.21 6.51 7.20 + 0.60
Alpha Lithium ALLI 761 0.98 0.16
Argonaut Gold AR 9828 0.57 0.44 0.55 + 0.09
The S&P/TSX Venture Composite Index rose over the Labour Day-shortened Sept. 6-9 trading session by 2.1% or 13.55 points to end the week at 645.57.
TSX VENTURE EXCHANGE / SEPTEMBER 6 – 9, 2022
Noble Metal NMG.H 16 0.01 0.00 0.01 50.0
United
Pangolin Dia PAN 43 0.01 0.00 0.01 +100.0
B2Gold Corp BTO 19446 4.54 3.88 4.51 + 0.41
Fort St James FTJ 133 0.05 0.00 0.04 46.7
New Gold NGD 9114 1.06 0.80 0.99 + 13.8
Newmont Corp NGT 827 56.26 + 1.55
IAMGOLD* IAG 23266 1.33 + 0.17
3703
Lithium Americas was the second-best value gainer this week, adding US$4.33 to close the week at US$31.72. Lithium Ameri cas shares rebounded sharply in July and car ried its momentum through August, gaining 15.7% in the month. The company is setting itself up as a critical new producer of lith ium chemicals required by the electric vehi cle boom. Lithium Americas is advancing its
Fortune Min FT 816 0.10 0.09 0.09 10.0
Millennium Sil MSC 91 0.01 0.00 0.01 +100.0
Imperial Metal III 109 2.46 0.14
tion would have to invest US$18 million over seven years to earn the option. After that, the two companies would form an unincorpo rated joint venture where Kennecott would be the most significant partner and project operator. Elder Creek is an early-stage cop per-gold porphyry project located about 9 km from SSR Mining’s Marigold mine com plex in northern Nevada. TNM
TSX-V GREATEST VALUE CHANGE
Over the Sept. 9 trading period, the S&P/ TSX Composite Index gained 502.49 points or 2.6%, to 19,773.34. The S&P/TSX Global Mining Index jumped 5.48 points or 6.25% to 93.23 and the S&P/TSX Global Base Met als Index fell 11.9 points or 7.79% to 164.63.
Discovery Harb DHR 31 0.01 0.00 0.01 50.0
Serabi Gold SBI 9 0.53 0.00 0.45 18.2
Orla Mining OLA 2504 4.24 0.24
Ero Copper ERO 810 14.44 + 2.00
U.S. MARKETS / SEPTEMBER 6 – 9, 2022
Agnico Eagle AEM 7105 57.41 + 2.77
Verde Potash NPK 1569 5.70 1.19
Medgold Res MED 55 0.02 0.00 0.02 + 50.0
Torex Gold TXG 1429 9.51 0.13
Nouveau Monde NOU 286 8.55 + 0.72
Vista Gold VGZ 29 0.74 0.67 0.67 9.5
I-Minerals IMA 34 0.02 0.00 0.02 + 50.0
Novo Res NVO 490 0.53 0.42 0.45 11.8
Denison Mines DML 11378 1.98 1.70 1.90 + 0.15
Teck Res TECK.B 6928 44.98 + 1.93
Southern
The S&P/TSX Global Gold Index rose by 10.34 points or 4.59% to 235.47 and spot gold ended the week US90¢ per oz. higher, or 0.05%, at US$1,714.40 per ounce.
Gatos Silver* GATO 1767 2.77 0.04
Rio
was discovered in 2020, to complete an initial resource for the deposit to 800 metres depth. Propelled by channel sampling results at its Golden Sidewalk project in Red Lake, Ont., Prosper Gold rose 12¢ or 46% to end the week at 38¢. The junior, which is working to identify drill targets in the Skinner North area of the project, reported channel sample
Platinum Gp Mt PTM 151 2.24 1.78 2.22 + 19.4
American Lith LI 1855 2.54 + 0.33
Lithium Amer LAC 3006 41.30 + 5.32
VOLUME WEEK (OOOs) HIGH LOW CLOSE CHANGE
Gatos Silver GATO 54 3.63 0.10
First Quantum FM 14820 23.82 + 2.45
Sable Res SAE 4013 0.19 0.10 0.11 40.5
DRDGOLD* DRD 1197 5.66 + 0.18
Transforma Res TFM 180 0.05 0.00 0.03 40.0
Karnalyte Res KRN 124 0.41 0.30 0.33 19.8
Franco-Nevada FNV 1883 164.04 + 4.31
C3 Metals boasted the highest share vol ume for the week, at 7.3 million shares traded. However, the Toronto-based junior shed 1¢ to end the period at 4¢ per share. On Sept. 9, C3 released drill results from its recently completed second-phase drill program at its Jasperoide copper-gold skarn/porphyry project in Peru. Hole JAS2900-02 cut 81.6 metres of 0.89% copper and 0.25 gram gold per tonne from 21 metres depth, including 21.1 metres of 2.79% copper and 0.59% gold. Drilling also extended the high-grade zone about 100 metres north from hole JA280001, which previously cut 48.2 metres of 1.24% and 0.43 gram gold. The 20-hole, 6,811metre program at Jasperoide has outlined a near-surface, high-grade oxide deposit at the Montana de Cobre zone with a strike length of more than 550 metres and true thickness of 50 to 250 metres. Drilling also tested the nearby Cresta Verde copper-sulphide zone. Shares in Callinex Mines added 68¢ to finish the week at $2.45, up 38.4% on the Sept. 7 announcement of a new discovery at its Pine Bay project, near Flin Flon, Man.
Western Potash WRX 328 0.33 0.00 0.32 + 39.1
Arch Resources* ARCH 3126 138.50 3.35
VOLUME WEEK (OOOs) HIGH LOW CLOSE CHANGE
Ridgestone M’g RMI 17 0.02 0.00 0.02 + 50.0
Currie Rose Rs CUI 101 0.04 0.00 0.04 + 40.0
Tudor Gold TUD 649 0.95 0.15
Highwood Asset HAM 0 8.50 0.50
TSX GREATEST PERCENTAGE CHANGE
Petrolympic PCQ 60 0.07 0.00 0.07 + 44.4
Adex Mining ADE 170 0.01 0.00 0.01 50.0
Cascadero Copp CCD 498 0.02 0.00 0.02 + 50.0
Ucore Rare Mtl UCU 112 0.71 0.14
Peabody Enrgy* BTU 30949 23.33 1.40
CONSOL
TSX GREATEST VALUE CHANGE
Monumental Min MNRL 1060 0.30 0.16 0.29 + 75.8
Cornerstone Ca CGP 62 3.02 0.29
Kinross Gold K 10956 4.66 4.17 4.62 + 0.30
Barrick Gold ABX 46332 20.80 19.31 20.73 + 1.15
Candente Coppr DNT 209 0.17 0.15 0.15 9.1
outs at two of its larger operations, including Detour Lake in northeastern Ontario, and encouraging results at several other assets. This exploration success combined with steady reserve growth has set Detour Lake up for production growth and a longer mine life, with the possibility that it could become a million-ounce producer. Despite this news, Agnico Eagle is trading at lower levels and continues to be hurt by weak sentiment sec tor-wide amidst aggressive interest rate hikes by central banks.
Nutrien* NTR 10452 95.06 + 3.09 Energy* CEIX 3039 66.53 6.12
TSX MOST ACTIVE ISSUES
Argonaut Gold AR 9828 0.57 0.44 0.55 + 19.6
Nexa Resources* NEXA 717 5.15 0.40
Marathon Gold MOZ 2888 1.26 0.11
Ero Copper ERO 810 14.47 11.88 14.44 + 16.1
Infield Min INFD 499 0.04 0.00 0.03 33.3
VOLUME WEEK (OOOs) CLOSE CHANGE
VOLUME WEEK (OOOs) HIGH LOW CLOSE CHANGE
Hole ALC-114 at the high-grade Alchemist VMS discovery returned 4.4 metres grading 1.6% copper, 5.14% zinc, 0.4 gram gold per tonne and 21.78 grams silver (4.02% cop per equivalent) from 847.6 metres. Discov ery hole ALC-111, designed to test a 600 by 400-metre highly conductive anomaly, cut 2.4 metres of 0.9% copper, 0.22 gram gold, 7.05 grams silver, 1.76% zinc (1.78% copper equivalent) from 713.6 metres. With four drill holes reported from the Alchemist and one pending, the company says the deposit has a minimum strike length of 140 metres. Callinex says it has also completed enough drilling (41,500 metres) at its high-grade Rainbow deposit, which lies 1.4 km east and
Argonaut Gold was one of the top per centage gainers in the week, adding 19.6% to close at 55¢ per share. On Sept. 6, Argo naut reported positive drill results from deep drilling at its Magino project in Ontario, with
Suncor Energy SU 77946 41.24 0.56
Nutrien NTR 6473 123.80 + 2.98
Nutrien was this week’s top value-gainer, adding $2.98 to close at $123.80 on no news. However, the company recently reported record interim profits, with its realized pot ash price levels recovering to multi-year highs. Nutrien’s net profit for the second quarter of 2022 was up 224% year-on-year to US$3.6 bil lion. CEO Ken Seitz told an analyst conference call that the ripple effects of the conflict in east ern Europe will continue to drive demand for Nutrien products for many years. Nutrien’s operating income was US$4.5 billion in the second quarter, up 169.3% year-over-year, prompting the board to declare a quarterly dividend of US48¢ per share.
Yamana Gold YRI 10508 6.13 5.56 6.09 + 0.22
Serabi Gold SBI 9 0.45 0.10 0.10 0.11 0.08 Thunder BLUE 0.02 0.01 0.01 unch 0.00 Energy AEC 0.09 + 0.01
0.07 0.08
Callinex Mines CNX 377 2.45 + 0.68
Uranium Roylty URC 471 4.15 + 0.39
Leeta Gold HIVE 1727 6.61 + 0.33
Fabricated: US$24.96 per oz.
Standard Uran STND 1409783 1352513 7/31/2022
METAL PRICES (London fix, LBMA silver price, US$ per troy oz.) Gold AM 1734
Palladium 2109
Nomad Royalty Company Ltd. (NSR.WT)
Alpha Lithium Corporation (ALLI.WT) - One warrant to purchase one common share at $1.10 per share.
Prices current Sept. 13, 2022
Uranium: U3O8, Trading Economics spot price: US$52.70 per lb.
S&P/TSXV Composite 645.57 637.14 631.64 623.57 632.02 1025.77 582.37 S&P/TSX 60 1196.21 1174.04 1163.43 1153.43 1164.88 1344.63 1104.88 S&P/TSX Global Gold 235.47 231.31 230.24 223.24 225.13 379.45 217.97 DJ Precious Metals 202.07 197.39 195.65 191.24 191.24 338.35 184.45 52 weeks NORTH AMERICAN STOCKEXCHANGE INDICES NEW 52-WEEK HIGHS AND LOWS AUGUST 22–26, 2022 19 New Highs RacklaPanNrthnMasivoGoldbankGanderFuseFuseEmgoldDoubleviewDoubleviewDLPCarlyleBrunswickBrightRock*ExplComm*Resouces*GldGld*MiningCobaltCobalt*GoldMng*SilverShieldAmericanE*Metals* Turquoise HIl Turquoise HIl* Walker WhitehavenRiverCoa* 73 New Lows Aftermath Silv* Almonty Ind Almonty Ind * Alphamin Res Alphamin Res * Altaley Mining* Apollo BlackrockBlackBentonAshantiSilverSanko*Res*SwanSilv Blackrock Silv* Canada Silver Canada Silver* Cerrado Gold Clear Sky* Cruz GoldGoGoldGlobexEskayEskayEquityEquinoxEquinoxEmeritaEmeritaBatteryResRes*GoldGold*Metals*MngMng*MngResFields* Goldshore Res* LomikoLibertyLabradorLabradorKodiakIrvingIntlIntlIntegraHochschildHeritageHarmonyGreatGreatGratomic*PantherPanther*Gold*MgMg*Res*Star*TowerHil*Res*Copper*GoldGold*Gold*Mtls* Lundin Mng* Mako PurePanOceanusOceanusOceanicOceanaGoldNewloxNewcoreNewNewMonarchMetalsMedaroMasonMiningGraphite*Mining*Creek*MiningFoundGoldGold*GoldGoldIronO*ResRes*GlobalRes*Energy* Pure Gold Mg* Reliant Gold Reyna Silver* Rio WinstonWesternVictoriaVictoriaTudorTreasurySpearmintSouthernSouthernSableTinto*ResCopp*Silvr*Res*MetalGold*GoldGold*Mag*Gold* Financial information provided by Fundata Canada Inc. ©Fundata Canada Inc. All rights reserved LEGEND A Australian Securities Exchange C Canadian Stock Exchange L London Stock Exchange N New York Stock Exchange O U.S. over-the-counter Q NASDAQ or U.S. OTC T Toronto Stock Exchange V TSX Venture Exchange X NYSE American * Denotes price in U.S.$ STAFF INVESTMENT POLICY The Northern Miner does not permit any editorial employee to file stories about companies in which the writer owns shares. Editorial employees are also not permitted to take part in initial public offerings or to engage in short selling. CONVERSIONS OF WEIGHTS & MEASURES 1 troy ounce = 31.1 grams 1 kilogram = 32.15 troy ounces 1 kilogram = 2.2046 pounds 1 (metric) tonne = 1,000 kilograms 1 (metric) tonne = 2,204.6 pounds 1 (short) ton = 2,000 pounds 1 (metric) tonne = 1.1023 (short) tons 1 gram per (metric) tonne = 0.02917 troy ounces per (short) ton = 0.03215 troy ounces per (metric) tonne 1 kilometre = 0.6214 miles 1 hectare = 2.47 acres
Millennial Lithium Corp. (ML.WT) - One warrant to purchase one common share at $4.25 per share.
First Quantum FM 6665033 -1945324 7/31/2022
Boreal Metals Corp. (BMX.WT) - One warrant to purchase one common share at $0.50 per share.
Copper
Nexgen Energy NXE 6767770 -1223364 7/31/2022
Copper Mtn Mng CMMC 10428389 1139505 7/31/2022
Aris Gold Corporation (ARIS.WT) - One Warrant to purchase one Common Share of the Issuer at $2.75 until expiry.
- One warrant to purchase one common share at $2.00 per share.
HudBay Min HBM 7441504 319775 7/31/2022
Gran Colombia Gold (GCM.WT.B) - One warrant to purchase one common share of the Issuer at $2.21 until expiry.
PRODUCER AND DEALER PRICES
Firefox Gold Corp. (FFOX.WT) - One warrant to purchase one common share at $3.00 per share.
- One Warrant to purchase one common share of the Issuer at US$0.17 until expiry Royal Nickel Corporation (RNX.WT) - One Warrant to purchase one common share of the Issuer at $0.50 until expiry.
Metal stocks (in
Treasury Metals Inc. Wt (TML.WT) - One Warrant to purchase one common share of the Issuer at $1.50 until expiry.
Largest short positions
Sandfire Resources America Inc. (SFR.RT)
Barrick Gold ABX 10076214 -4778302 7/31/2022
Goldstar Minerals Inc. (GDM.RT) - One (1) Right and $0.05 are required to purchase one common share. Hot Chili Limited (HCH.WT) - One warrant to purchase one common share at $2.50 per share.
Cordoba Minerals Corp. (CDB.RT) - One right to purchase one common share at $0.54 per share.
- Each whole Warrant entitles the holder to acquire between 1.00 and 1.25 additional common shares (as bulletin 2018-0062 table ) determined based on the Applicable Reference Cobalt Price at an exercise price of $1.95 per Warrant at any time prior to the Expiry Date
Sabina Gd&Slvr SBB 7176657 -43686 7/31/2022
tonnes) held in London Metal Exchange warehouses at opening on Aug. 25 2022 (change from August 18 2022 in brackets):
METALS, MINING AND MONEY MARKETS
Giga Metals Corporation (GIGA.WT) - One warrant to purchase one common share at $0.60 per share. Giga Metals Corporation (GIGA.WT.A)One warrant to purchase one common share at $0.45 per share.
Osisko Development Corp. (ODV.WT) - One warrant to purchase one common share at $10.00 per share.
Goldstar Minerals (GDM.RT) - One Right to purchase one common share at $0.03 per share.
Taseko Mines TKO 9058309 873462 7/31/2022
TSX VENTURE SHORT POSITIONS
Aurania Resources Ltd. (ARU.WT.B) - One warrant to purchase one common share at $2.20 per share.
GoviEx Uranium GXU 1655959 -48529 7/31/2022
Eros Resources Corp. (ERC.WT) - One (1) Right exercisable for (1) Unit at $0.05 per Unit.
Pure Gold Mg PGM 2042737 -176870 7/31/2022
Prime Mining PRYM 66870 -1145877 7/31/2022
Cascadero Copper Corporation (CCD.RT) - One right and $0.015 are required to purchase one Share.
Lion One Metals Limited (LIO.WT) - One warrant to purchase one common share at $2.75 per share.
Coal: Central Appalachia, 12,500 Btu, 1.2 S02-R,W: US$192.90
eCobalt Solutions Inc. J (ECS.WT) - One Warrant to purchase one common share of the Issuer at US$1.95 per share until expiry Excellon Resources Inc (EXN.WT.A) - One warrant to purchase one common share of the Issuer at $2.80 until expiry Excellon Resources Inc. (EXN.WT) - One Warrant to purchase one common share of the issuer at $1.40 per share until expiry Excelsior Mining Corp. (MIN.WT) - One Warrant to purchase one Common Share of the Issuer at $1.25 until expiry.
ABE Resources Inc. (ABE.WT) - One warrant to purchase one common share at $0.15 per share.
Silver: Handy & Harman Base: US$19.97 per oz.; Handy & Harman
Rock Tech Lith RCK 1492129 1430105 7/31/2022
PRECIOUS 1712.40 1706 1706.90 1715.90 1694.30 1712.50 17.7700 17.9150 845 838 840 2080 2033 2018
Alpha Lithium Corporation (ALLI.WT) - One warrant to purchase one common share at $1.10 per share.
Largest decrease in short position
Warrant to purchase one common share of the Issuer at $3.00 until expiry.
Mako Mining Corp. (MKO.WT.A) - One warrant to purchase one common share at $0.60 per share.
American Lithium Corp. (LI.WT) - One warrant to purchase one common share at $0.30 per share.
Vision Lithium Inc. (VLI.WT) - One warrant to purchase one common share at $0.15 per share.
Defiance Silvr DEF 82665 -881031 7/31/2022
New Gold NGD 9975053 -1372407 7/31/2022
Avidian Gold Corp. (AVG.RT) - Three rights and $0.11 are required to purchase one Share.
Denison Mines DML 9254950 -764790 7/31/2022
Boreal Metals Corp. (BMX.WT) - One warrant to purchase one common share at $0.30 per share.
Largest increase in short position
Coal: Powder River Basin, 8,800 Btu, 0.8 S02-R, W: US$16.20
Lead 1996.5/1996 1978/1979 1948/1948 1913/1916 1888/1885
TSX VENTURE WARRANTS
DAILY METAL PRICES EXCHANGE RATES Date Sep 09 Sep 08 Sep 07 Sep 06 Sep 05 US$ in C$ 1.3082 1.3082 1.3131 1.3155 1.3130 C$ in US$ 0.7644 0.7644 0.7616 0.7602 0.7616 Exchange rates (Quote Media, September 09, 2022) C$ to AUS C$ to EURO C$ to YEN C$ to Mex Peso C$ to SA Rand 1.1299 0.7637 109.9620 15.2493 13.3771 C$ to UK Pound C$ to China Yuan C$ to India Rupee C$ to Swiss Franc C$ to S. Korea Won 0.6635 5.3185 60.9163 0.7405 1057.3098 US to AUS US to EURO US to YEN US to Mex Peso US to SA Rand 1.4782 0.9990 143.8490 19.9471 17.4987 US to UK Pound US to China Yuan US to India Rupee US to Swiss Franc US to S. Korea Won 0.8680 6.9576 79.7065 0.9687 1384.1000 CANADIAN GOLD MUTUAL FUNDS FundName Sep 09 ($) Sep 02 ($) Change ($) Change (%) YTDChange (%) MER (%) TotalAssets (M$) BMO Prec Mtls Fd A 19.59 18.62 0.97 5.22 -16.57 2.41 BMO ZGD 55.50 52.62 2.89 5.49 -16.97 0.60 40.53 BMO ZJG 52.99 50.20 2.78 5.54 -13.62 0.61 62.57 CANL Prec Mtl Fd A 14.23 13.54 0.68 5.05 -20.00 2.58 14.14 CI Pre Met Fd A 41.67 2.68 6.66 -18.93 2.31 266.09 CIBC Prec Metal Fd A 11.41 0.68 6.13 -14.89 2.27 47.79 Dyn Prec Metls Fd A 9.97 9.56 0.40 4.21 -22.19 2.67 464.63 Har vest HGGG 19.72 1.07 5.57 -19.07 0.68 14.58 Horizons GLCC 20.53 1.15 5.80 -17.38 0.81 IG MacGbPreMetCl A 12.06 11.50 0.56 4.86 -19.54 2.63 15.08 iShares XGD 14.13 0.83 6.07 -17.61 0.61 918.61 NBI PrecMetFd Invt 14.42 0.87 6.23 -17.09 2.47 22.01 NP Silver Equ A 5.83 5.49 0.34 6.23 -26.85 3.24 NPT Go&PrMinFd A 39.42 37.80 1.63 4.30 -20.53 3.19 RBC GblPreMetFd A 41.18 2.37 5.97 -20.42 2.09 257.42 TD Prec Mtl Fd Inv 39.38 37.75 1.63 4.32 -15.17 2.26 102.97 Date AUG 29 AUG 30 AUG 31 SEPT 1 SEPT 2 BASE METALS (London Metal Exchange — Midday official cash/3-month prices, US$ per tonne) Al Alloy 1750/1750 1750/1750 1750/1750
U308
Giga Metals GIGA 1131205 -53491 7/31/2022
IndexName Sep 09 Sep 08 Sep 07 Sep 06 Sep 05 High Low S&P/TSX Composite 19773.34 19413.00 19241.44 19088.27 19270.85 22213.07
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Mineworx Technologies Ltd. (MWX.RT)For every one (1) Share held, Shareholders will receive one (1) Right exercisable for One (1) Share at $0.015 per Share.
Sherritt International Corporation (S.WT)
Caldas Gold Corp. (CGC.WT) - One warrant to purchase one common share at $2.75 per share.
Silver 18.6950 17.9450
IAMGOLD IMG 8932899 -2018149 7/31/2022
Platinum Group Metals Ltd. (PTM.WT.U)
Karora Resources Inc. (KRR.WT) - One
Artemis Gold ARTG 1358745 -93345 7/31/2022
LithiumBank Resources Corp. (LBNK.WT)
Alio Gold Inc. (ALO.WT) - 10 Warrants to purchase one common share of the Issuer at $7.00 until expiry Alio Gold Inc. J (ALO.WT.A) - One Warrant to purchase one common share of the Issuer at $8.00 until expiry
Ruthenium: Mid-mkt US$750 per oz.
Manganese X Energy Corp. (MN.WT) - One warrant to purchase one common share at $0.15 per share.
Copper: US$3.62/lb.
Westhaven Gold Corp. (WHN.WT) - One warrant to purchase one common share at $1.00 per share.
Iron Ore 62% Fe CFR China-S: US$102
TSX SHORT POSITIONS
Suncor Energy SU 11188916 -2828982 7/31/2022
Largest short positions
Cobalt: US$23.26/lb.
UEX Corp UEX 5039382 1433712 7/31/2022
Short positions outstanding as of August 15, 2022 (with changes from July 31, 2022)
Firefox Gold Corp. (FFOX.WT) - One warrant to purchase one common share at $0.60 per share.
- Forty one (41) Rights exercisable for One (1) Share at $0.15 per Share.
Zinc 77125 (2175)
Platinum 858
Cabral Gold Inc. (CBR.WT) - One warrant to purchase one common share at $0.80 per share.
Three Valley Copper Corp. (TVC.WT) - 20 warrants to purchase one Class A common share at $6.66 per share.
Zinc: US$1.46 per lb.
Rhodium: Mid-mkt US$20,250/tr. oz.
Lead: US$0.87/lb.
Tin: US$9.66/lb.
Dolly Vard Sil DV 82716 -1484473 7/31/2022
American CuMo MLY 1067876 1033950 7/31/2022
Nevada Copper Corp. (NCU.WT) - One Warrant to purchase one common share of the Issuer at $0.20 until expiry Nevada Copper Corp. (NCU.WT.A) - One Warrant to purchase one common share of the Issuer at $0.22 until expiry
Copper 122,125 (-1160)
GLOBAL MINING NEWS THE NORTHERN MINER / SEPTEMBER 19 — OCTOBER 2, 2022 19
Metallis Res MTS 20190 -576392 7/31/2022
Empress Royalty Corp. (EMPR.WT) - One warrant to purchase one common share at $0.75 per share.
Novo Resources Corp. (NVO.WT.A) - One
LSC Lithium Corporation (LSC.RT) - One (1) right exercisable for One (1) Unit at $0.40 per Unit.
Equinox Gold Corp (EQX.WT) - One warrant to purchase one common share at $3.00 per share.
Mexican Gold Corp. (MEX.WT) - One war-
Tintina Resources Inc. (TAU.RT) - Nine(9) Rights exercisable for one share at $0.06 per share.
Capstone Mng CS 5327977 1752137 7/31/2022
Metron Capital INEO 1021204 994204 7/31/2022
Canada Silver CCW 1713470 -21107 7/31/2022
Nickel 21500/21540 21365/21400 21250/21310 20520/20575 20175/20150
Aluminium Alloy 2120 (0)
Strikepoint Gd SKP 2261657 -570809 7/31/2022 1750/1750 1750/1750
Novo Resources Corp. (NVO.WT) - One warrant to purchase one common share at $4.40 per share.
Lundin Mng LUN 11156156 -141361 7/31/2022
Blue Sky Uran BSK 2191357 383182 7/31/2022
Liberty Gold Corp. Wt (LGD.WT) - One Warrant to purchase one common share of the Issuer at $0.90 until expiry may 16, 2019 Lithium Americas Corp (LAC.WT) - One Warrant to purchase one common share of the Issuer at $0.90 until expiry
Cordoba Minerals Corp. (CDB.RT) - One (1) Right exercisable for One (1) Rights Share at $0.05 per Share.
Warrant to purchase one common share of the Issuer at $0.50 until expiry.
Vizsla Silver Corp. (VZLA.WT) - One warrant to purchase one common share at $3.25 per share.
Largest increase in short position
- One Warrant to purchase one common share of the Issuer at $1.71 until expiry.
Gold PM 1730.30
Orezone Gold Corporation (ORE.WT) - One warrant to purchase one common share at $0.80 per share.
ALX Resources AL 1046956 1028482 7/31/2022
Short positions outstanding as of August 15, 2022 (with changes from July 31, 2022)
Mineworx Technologies Ltd. (MWX.RT)One right to purchase one common share at $0.015 per share.
Guanajuato Sil GSVR 1114364 -77568 7/31/2022
Aurania Resources Ltd. (ARU.RT) - Fourteen (14) Rights exercisable for one common share at $2.70 per common share.
Kinross Gold K 9538622 -2126480 7/31/2022
Lion One Mtls LIO 2222881 610053 7/31/2022
Rock Tech Lith RCK 1492129 1430105 7/31/2022
Giyani Metals Corp. (EMM.WT) - One warrant to purchase one common share at $0.60 per share.
Aurania Resources Ltd. (ARU.WT) - One warrant to purchase one common share at $5.50 per share.
Antioquia Gold Inc. (AGD.RT) - One (1) Right and $0.042 are required to purchase one share.
Northern Vertex Mining Corp. (NEE.WT)One warrant to purchase one common share at $0.80 per share.
Sandfire Resources America Inc. (SFR. RT) - Eight (8) Rights exercisable for One (1) share at $0.06 per unit.
Iridium: NY Dealer Mid-mkt US$6,100/tr oz.
Suncor Energy SU 11188916 -2828982 7/31/2022
Copper: CME Group Futures October 2022: US$3.63/lb.; November 2022: US$3.62/lb.
IAMGOLD IMG 8932899 -2018149 7/31/2022
Aurania Resources Ltd. (ARU.WT.A) - One warrant to purchase one common share at $4.25 per share.
Blackrock Silv BRC 2095782 830819 7/31/2022
Fortuna Silvr FVI 10964836 145076 7/31/2022
Ivanhoe Mines IVN 21070264 1869979 7/31/2022
Aluminum 2493/2484.5 2406/2404.5 2368/2356 2305.5/2300.5 2308/2300 8313/8279.5 7909.5/7875 7719/7700 7701/7663 7585/7516
American Cumo Mining Corp. (MLY.RT)2 rights and $0.07 are required to purchase one share
LME WAREHOUSE LEVELS
TSX WARRANTS
Kaizen Discovery Inc. (KZD.RT) - One warrant to purchase one common share at $0.51 per share.
Trevali Mining Corporation (TV.WT) - One Warrant to purchase one common share of the Issuer at $0.23 until expiry.
Mako Mining Corp. (MKO.RT) - Rights exercisable for One (1) share at $0.10 per share.
Maple Gold Mines Ltd. (MGM.WT) - One warrant to purchase one common share at $0.40 per share
rant to purchase one common share at $0.12 per share.
Star Royalties Ltd. (STRR.WT) - One warrant to purchase one common share at $1.00 per share.
Copper Mtn Mng CMMC 10428389 1139505 7/31/2022
Standard Uran STND 1409783 1352513 7/31/2022
Zinc 3676/3596 3590/3498 3538/3454 3299.5/3233.5 3143.5/3104
Falco Resources Ltd. (FPC.WT) - One warrant to purchase one common share at $1.70 per share.
Elevation Gold Mining Corporation (ELVT. WT) - One warrant to purchase one common share at $4.80 per share.
Yellowhead Mining Inc. (YMI.RT) - One (1) Right and $0.12 are required to prchase one Share 18169.86
Ivanhoe Mines IVN 21070264 1869979 7/31/2022
Denarius Silver Corp. (DSLV.WT) - One warrant to purchase one common share at $0.80 per share.
Tin 4335 (165)
Novo Resources Corp. (NOVO.WT.A) - One Warrant to purchase one common share of the Issuer at $3.00 until expiry.
Maple Gold Mines Ltd. (MGM.WT) - One warrant to purchase one common share at $0.40 per share
Ucore Rare Metals Inc. (UCU.RT) - One (1) right exercisable for one share at $4.00 per share.
Cordoba Minerals Corp (CDB.WT) - One warrant to purchase one common share at $1.08 per share.
Lead 38100 (-800)
Lydian International Limited (LYD.WT)One Warrant to purchase one additional ordinary share of the Issuer at $0.36 per share until expiry
Freeman Gold Corp (FMAN.WT.U) - One warrant to purchase one common share at US$0.65 per share.
Kinross Gold K 9538622 -2126480 7/31/2022
Nickel 55074 (-936)
Wheaton Prec WPM 6932030 286051 7/31/2022
Largest decrease in short position
Cordoba Minerals Corp (CDB.WT) - One warrant to purchase one common share at $1.08 per share.
Tin 24425/24200 23725/23595 23575/22975 21575/21600 21600/21200
Purepoint Uran PTU 2584244 -6555 7/31/2022
Re-Publishing
Barrick Gold ABX 10076214 -4778302 7/31/2022
Strikepoint Gd SKP 2261657 -570809 7/31/2022
Orezone Gold Corporation (ORE.WT) - One warrant to purchase one common share at $0.80 per share.
Aluminium 280125 (6350)
LaSalle Exploration Corp. (LSX.WT) - One warrant to purchase one common share at $0.15 per share.
Millennial Lithium Corp. (ML.WT) - One right to purchase one common share at $4.80 per share.
Millennial Precious Metals Corp. (MPM. WT) - One warrant to purchase one common share at $0.50 per share.
Centamin CEE 1169375 1095037 7/31/2022
Silver Mountain Resources Inc. (AGMR. WT) - One warrant to purchase one common share at $0.70 per share.
New Found Gold NFG 1190712 -32924 7/31/2022
Sandstorm Gold (SSL.WT.B) - One Warrant to purchase one common share of the Issuer at US $14.00 until expiry.
American CuMo MLY 1067876 1033950 7/31/2022
24 SEPTEMBER 19 — OCTOBER 2, 2022 / THE NORTHERN MINER WWW.NORTHERNMINER.COM
