Northern Prospector 2023-24

northern

PROSPECTOR 2023-2024

The annual mining & exploration review An official publication of the Manitoba-Saskatchewan Prospectors and Developers Association

MMDF brings optimism to mineral exploration Saskatchewan’s critical mineral advantage

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The future of nickel mining Natural resources for the next generation of young Canadians

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table of

Contents

The Annual Mining & Exploration Review

Northern Prospector is published by DEL Communications Inc. Suite 300, 6 Roslyn Road Winnipeg, Manitoba, Canada R3L 0G5 www.delcommunications.com

Message from MSPDA President Stephen Masson.....................

Manitoba-Saskatchewan Prospectors and Developers Association Executive..............................................

Message from the Hon. Jim Reiter, Saskatchewan Minister of Energy and Resources....................

6 8

10

Manitoba Is a global destination for mineral resources, reports exponential sales in mineral resources, exploration, investment and sales...........................................

12 Saskatchewan’s critical mineral advantage............................. 14 The Fay Lake Property............................................................. 16 MMDF: Optimistic about mineral exploration........................... 18 Alamos Gold releases updated feasibility study for Lynn Lake Gold Project .............................

20

Acme Lithium focused on discovery in Saskatchewan and Manitoba....................................................

22

Manitoba is at a crossroads when it comes to future resource projects...........................................

24

Establishing a critical metals champion in Canada’s backyard...............................................

26

Natural resources for the next generation of young Canadians................................................

28

Fathom Nickel Inc. exploring for magmatic nickel sulphide deposits in Saskatchewan...............

30 Sensor-based sorting testwork for potash operations.............32 Foremost Lithium is the new kid on the Nasdaq block.............34 Flying Nickel’s Minago Nickel Project: The future of nickel mining......................................................

36 Index to advertisers.................................................................38 4

2021-2022 Northern Prospector

President & CEO DAVID LANGSTAFF Managing Editor LYNDON McLEAN lyndon@delcommunications.com Advertising Sales Manager DAYNA OULION Advertising Sales ROSS JAMES Production services provided by: S.G. BENNETT MARKETING SERVICES Creative Director KATHLEEN CABLE Cover Photo Courtesy of ALAMOS GOLD ©Copyright 2023. Northern Prospector.

All rights reserved. The contents of this publication may not be reproduced by any means, in whole or in part, without the prior written consent of the publisher.

The Manitoba-Saskatchewan Prospectors and Developers Association, as a body of members, is not responsible for statements made or the opinions offered in the publication. While every effort has been made to ensure the accuracy of the information contained, and the reliability of the source, neither the publisher nor the association in any way guarantees nor warrants the information, and are not responsible for errors, omissions or forward-looking statements made by advertisers.

Opinions and recommendations made by contributors or advertisers are not necessarily those of the publisher or the association, or the respective directors, officers or employees. Articles and advertisements in this publication are not solicitations to buy, hold or sell specific securities; they are for information purposes only. Investors should be aware that risk is associated with any security, strategy or investment, and are advised to seek the counsel of a competent investment advi sor before making any investment, or utilizing any information contained in this publication.

Subscription, advertising and circulation can be obtained from the publisher.

Publications mail agreement #40934510 Return undeliverable Canadian addresses to: DEL Communications Inc. Suite 300, 6 Roslyn Road Winnipeg, MB R3L 0G5 Email: david@delcommunications.com

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PRESIDENT’S MESSAGE

Message from the MSPDA president

BY STEPHEN MASSON, M.Sc., P.Geo., President,

Manitoba-Saskatchewan Prospectors and Developers Association

T

his year has certainly been a more positive one. Having passed through the COVID era that devastated much of the economy, we emerged resilient and optimistic, especially in the mineral industry, where strategic metals and battery metals played a very important part in the worldwide stimulation of exploration for traditional as well as battery metals.

Shortfalls in production and increased demand for traditional metals continue to shore up metal prices. Gold had its up and downs, but if you are pessimistic about the sustainability of the economy with high inflation and debt, especially in the US and Europe, we should be able to look forward to a much higher gold price.

The reality of world conflicts and their effect on world energy costs has been dramatic, certainly driving European countries into recession and creating a lot of uncertainty in western markets where the high levels of printing and borrowing money coupled with uncontrolled spending is worrisome. Wars are generally good for the mineral industry when strategic metals are sought after by various countries to shore up their stockpiles, as uncertainty of foreign suppliers in areas critical to the sustainability of their needs have created a high-risk factor.

Energy issues have boded well for uranium producers and those juniors with advanced uranium projects, such as Baseload, therefore greatly benefiting Saskatchewan. Saskatchewan has also benefitted from the world shortfall in fertilizers because of the war in Europe.

6

2023-2024 Northern Prospector

In Saskatchewan, potash is a $30 billion industry and is a global leader.

Saskatchewan is seeing the development of a large base metal mine by Foran at Hanson Lake, which has been over 40 years in the making. New discoveries and extensions of the McIlvenna Deposit, especially with better copper grades from the Tesla and Bridge Zones, suggest the potential for a world-class VMS deposit. As a former president of Foran, it pleases me greatly to see this project move forward under very capable management. Voyageur Mineral Explorers – who hold the royalties on this and other Foran properties, as well as 100 per cent 0wnership of the Former Hanson Lake Mine along strike to the north of McIlvenna Deposit – is one of the few other plays in the area.

Manitoba under Heather Stephenson saw a significant improvement in their permitting process, which was previously holding up, delaying and discouraging investment in the province. Our membership hopes that under the new provincial government and leadership of the Honourable Premier Wab Kinew that this improvement will continue as his government strives for northern development. We hope through his efforts Manitoba can once again rank in the top five places to explore in the world and see real economic development in the north, not just south of latitude 57.

Manitoba has been blessed by numerous areas containing rich rare earth and lithium pegmatites in four main areas.

These include: the Bernic Lake area of southeast Manitoba, where New Age Metals has been very active along with

producer Seomine Resources at the world-class Tanco Mine; the Snow Lake Area, which has seen a flurry of activity from numerous junior players; and recently, the long-known deposits in the God River area are being looked at by Vision Lithium, and the Lynn Lake belt. Minister of Energy and Resources Jim Reiter suggests that progress on Saskatchewan’s Rare Earth Processing Facility will be a hub in processing these metals.

Manitoba has seen the substantial growth of Hudbay Minerals with their acquisition of Rockcliff Metals and their numerous VMS base metal deposits which should allow Hudbay operations to continue well into the future. Other VMS hunters in the Flin Flon Belt include Callinex, which has substantially added to the number and size of their deposits in the Pine Bay area of Flin Flon. T2 is active in the Sherridon area on their various deposits and high-potential ground; and Boreal Gold, exploring between Sherridon and Flin Flon, have begun active exploration on their previous VMS deposits north of Hudbay’s Vamp Lake deposits, as well as new targets.

Rob McEwen investment into the Tartan Lake mine through Canadian Gold Corp. (CGC) and their recent discovery of high-grade gold at depth has refocussed enthusiasm for gold in the Flin Flon Belt. The new president and CEO, Ed Hubert of CGC, brings a

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wealth of experience and knowledge of mining in Manitoba to the company. It is nice to see Alamos Gold (featured) moving forward in the Lynn Lake camp, suggesting that with expected higher gold prices this should make a very profitable future operation. The author is curious why Minnova’s Puffy Lake Mine is not receiving more attention given the gold resources and excellent mill there.

Nickel exploration continues in Manitoba along the Thompson Nickel Belt

by Vale and juniors like CanAlaska and Wolfden. The Rottenstone area of Saskatchewan, featured in this magazine (Fathom Nickle), is also being explored for nickel and platinum group metals where the former Rottenstone deposit was exceptionally high grade in PGMs.

ABOUT MSPDA In Manitoba, our membership currently represents the largest group of stakeholders outside Vale and Hudbay with more than 550,000 ha of dispositions in Manitoba alone. Unlike the MPDA out of Winnipeg, which we should not be confused with, our members are mainly from industry representing junior exploration companies, project generators, prospectors, and exploration supplier and service companies, thus making us the voice of exploration in Manitoba and

along with the Saskatchewan Mining Association, also a voice for exploration in Saskatchewan. MSPDA’s widespread membership throughout Canada, and the distances involved, has not easily facilitated regular meetings but instead communication of concerns, issues, and shared articles are done through emails. This method of communication through online venues did not hamper our efforts as much during the COVID era, although not meeting face to face with government did at times have a less-than-desired outcome. We are your voice, and we welcome and encourage your input.

The history of the MSPDA is almost 100 years as an organization, even older than the PDAC. This history was featured in last year’s magazine in an article by Edgar Wright, our secretary. MSPDA focuses mainly on Issues in Saskatchewan and Manitoba, often taking a lead from SMA in Saskatchewan. We also cover greater central Canada including Nunavut, NWT, and the shield portion of northeast Alberta, although we do not claim to represent exploration in those areas.

Two years ago, during COVID, MSPDA started a monthly online Journal called the Northern Prospectors Journal, which outlines important exploration

activities in Saskatchewan, Manitoba, NWT, Nunavut, and NE Alberta. We feature prospectors’ properties for free, giving them an avenue and medium to seek partners or options. We post relevant articles from the various governments or NGOs that affect our mineral industry and sometimes comment on them. In the Journal, MSPDA’s management or sometimes individual members also voice issues that our affecting our industry, mainly aimed at various levels of government. We have a strong voice, sometimes crying foul and sometimes giving praise. We are the voice of our members, although we admit SMA has a much stronger voice, which reflects their membership and good management.

The monthly Journal is free. Our individual annual membership is $10, $25 corporately, and free for students. Although management is all volunteer and much is given in kind, there are costs associated with maintaining the association, publishing, and attending mineral industry meetings or events where mineral exploration policy is being discussed and developed, so membership is encouraged to offset costs. MSPDA contacts are in the magazine. \MSPDA wishes you all success and good fortune in our wonderful industry.

Stephen Masson, President, ✘

Manitoba-Saskatchewan Prospectors and Developers Association

EXECUTIVE

STEPHEN MASSON President more@mymts.net

ED HUEBERT

MSPDA Vice President ehuebert@mymts.net

8

2023-2024 Northern Prospector

ROGER LAMAITRE

Vice President Representative of Saskatchewan rlemaitre@uexcorp.com

EDGAR WRIGHT

Secretary/Treasurer mspda@aski.ca

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Message from the Honourable Jim Reiter, Saskatchewan Minister of Energy and Resources

T

his past year, we launched Securing the Future: Sas-

copper mine, which is targeting carbon neutral production

katchewan’s Critical Minerals Strategy, an impor-

of 65 million pounds of copper equivalent per year.

tant milestone for our government. It represents our roadmap for making Saskatchewan the global

mining powerhouse of the future. It also reinforces that Sas-

katchewan is the best place in Canada to develop natural resources.

The strategy has four goals to expand Saskatchewan’s leadership position in critical minerals.

The first goal is to increase our share of Canadian mineral exploration spending to 15 per cent by 2030. We expanded the Saskatchewan Mineral Exploration Tax Credit (SMETC) and the Targeted Mineral Exploration Incentive (TMEI) to reduce investor risk and ensure exploration firms can secure the funds they need. The SMETC has been tripled to 30 per cent, the highest rate for a program of its kind in Canada. The TMEI cash pool now sits at $4 million, up from $750,000, and covers all hard rock exploration anywhere in Saskatchewan. We are also investing millions of dollars to develop a central geoscience data management system.

The second goal is to double our critical minerals produced by 2030. Beyond existing production of potash, uranium, and helium, Saskatchewan has the potential to advance significant projects in lithium, copper, zinc, REEs, nickel, and cobalt.

Buyers want to source these minerals, which are abundant in Saskatchewan and used in everyday items, from secure regions with sustainable practices. The world is turning to Saskatchewan as that source, and demand for items like semiconductors, batteries, smart phones, electric vehicle motors and nuclear power is increasing. As an example, Foran Mining Corporation is making headway on its McIlvenna Bay 10 2023-2024 Northern Prospector

The third goal is to continue growing Saskatchewan’s potash, uranium, and helium production.

The final goal is to establish Saskatchewan as a rare earth element hub. The Saskatchewan Research Council is making progress on its Rare Earth Processing Facility. Set to be operational in 2024, the facility is building a foundation for a rare earth element supply chain in Saskatchewan.

Our potash reserves continue to feed the world, while ensuring farmers have the best inputs available to maintain their livelihoods. The $30 billion industry has committed to increase production means that Saskatchewan potash will be a global leader for the long term.

The global push to de-carbonize electricity grids using nuclear power is contributing to increased interest in Saskatchewan’s uranium. We are the sole Canadian producer of yellowcake, and the second-largest producer globally. In 2022, Saskatchewan recorded the highest mineral sales ever, over $19.4 billion, with uranium contributing almost $1 billion.

Our government’s Helium Action Plan continues to yield results – helium production increased 79 per cent to 2.4 million cubic metres in 2022. North American Helium’s purification facility and five other plants in Saskatchewan are ensuring healthcare and manufacturing sectors have a secure supply.

Meanwhile, northern employers like Cameco, Orano and SSR Mining continue to hire and work with Indigenous people and local residents, ensuring sustained economic stability for their communities.

Saskatchewan’s future is bright. Have a great year! ✘

Reduce investment risk.

Explore with confidence.

Modernizing Saskatchewan’s Geoscience Data The Saskatchewan Geological Survey is embarking on a two-year, multimillion-dollar project to digitize decades of geoscience and mineral data — and make it publicly available.

Allowing our explorers to spend more time exploring and less time searching for information.

Manitoba is a global destination for mineral resources, reports exponential sales in mineral resources, exploration, investment and sales Provided by Manitoba Resource Development

T

he Manitoba government is focused on growing mineral exploration and development through an enhanced regulatory environment and opportunities that create stronger partnerships and attract investment to foster economic prosperity across the province.

In 2021, the total value of mineral sales in Manitoba was $1.3 billion (B) – up from $1.09B in 2020 and $1.08B in 2019.

For 2022, Natural Resources Canada estimates a 37 per cent increase in the mineral sales value in Manitoba at $1.8B. In 2022, exploration expenditures in Manitoba increased to a record $169.9 million (M), comprising four per cent of the national expenditures total and representing a 71 per cent increase from 2021 and a 175 per cent increase from 2020. Of that investment, $117.1M was spent on exploration activities (up from $76.6M in 2021) and $52.8M was spent on deposit appraisals (up from $22.6M in 2021).

In 2020, exploration spending in Manitoba shifted from precious metals to base metals, with an investment in base metals totaling $27.9M in 2020, nearly doubling in 2021 at $99.2M and almost tripling in 2022 at $110.8M.

ECONOMIC DEVELOPMENT In 2022, Manitoba continued to attract significant mineral industry investments of $723.7M, representing 3.5 per cent of the national share, and an increase from $535.5M in 2021.

12 2023-2024 Northern Prospector

This increased activity is also a reflection of the amount of land currently disposed for mineral exploration. As of December 31, 2022, Manitoba had issued 759 dispositions, compared to 625 dispositions in 2021. The total amount of land in Manitoba under disposition for minerals is roughly 6.45 million hectares (11.7 per cent of the province’s surface area).

Manitoba continues to rise in the rankings as a global destination for mining investment. In its Annual Survey of Mining Companies in 2022, the Fraser Institute ranked Manitoba fifth in Canada and 14th globally for mining investment attractiveness, based on feedback related to geological potential and regulatory environments from 62 globallyactive mining companies.

CRITICAL MINERALS Manitoba is focused on critical mineral development to support the clean and green global transition, with occurrences of 29 or the 31 minerals identified by Canada as “critical.” Of these 29 occurrences, 19 are actively being produced or explored in Manitoba, including lithium, copper, nickel, cobalt, graphite and rare earth elements, recognized by Canada as having the greatest opportunity to fuel domestic manufacturing.

MINERAL DETAILS Potash Manitoba’s first commercial potash development, a partnership between Pot-

ash and Agri Development Corporation of Manitoba Ltd. (PADCOM) and Gambler First Nation, launched in Harrowby in June 2023. The new selective solution facility is anticipated to expand to 250,000 tonnes per year as the facility ramps up production.

The province is also planning to enter another tenure agreement with PADCOM that would expand further exploration to define target areas north of the existing facility.

Gold Manitoba’s total value of shipments for gold reached $278M in 2021, a 39 per cent increase from 2020, and is estimated to reach $334M in 2022.

Manitoba’s precious metal exploration expenditures for 2022 totaled $40.6, an increase from $33.6M in 2021 and nearly double the $20.4M spent in 2018. Recent gold exploration programs in Manitoba include projects in the Snow Lake area by Hudbay Minerals, KG Exploration and Laser Gold.

In addition, 1911 Gold advanced exploration programs near Bissett and Willeson Metals progressed exploration activities in Lynn Lake. There are currently several active gold programs across the province, including projects

by Alamos Gold and 55 North Mining in Lynn Lake; programs by Boreal Gold and Canadian Gold near Flin Flon; and multiple programs in the Snow Lake area by Hudbay Minerals and KG Exploration.

Base Metals Manitoba’s 2021 total value of shipments for base metals totalled $7M for cobalt (estimated at $16M in 2022), $248M for copper (estimated at $261M in 2022 and up from $138M in 2020), $242M for nickel (estimated at $531M in 2022 and up from $187M in 2020) and $341M in zinc (estimated at $407M in 2022 and up from $290M in 2020).

In 2022, base metal exploration expenditures in Manitoba totalled $110.8M, up from $62.8M spent in 2021 and more than five times spending in 2018. Recent base metal exploration programs occurred in the southeast by Grid Metals, the northeast by Wolfden Resources and throughout the Snow Lake and Flin Flon areas by Hudbay Minerals and their recently-acquired Rockcliff Metals. In addition, Vale, Flying Nickel Mining and CanAlaska Uranium advanced programs along the Thompson Nickel Belt. Several active base metal projects are being advanced by Corazon Mining in Lynn Lake; Anglo American near Gillam; Callinex Mines near Flin Flon; throughout the Snow Lake area by Hudbay Minerals, T2 Metals, and Wolfden Resources; and along the Thompson Nickel Belt by Leeuwin Metals, Norcangeo, Metal Energy, Stuhini Exploration, and Vale.

use 1911 Gold’s True North gold mill in Bissett for the production of lithium spodumene concentrate.

Recent exploration programs targeting lithium from hard rock spodumene occur in the southeast region by Grid Metals and Acme Lithium, as well as in the Snow Lake area by 1911 Gold, Foremost Lithium, Strider Resources and Snow Lake Lithium.

In addition to nickel and copper, Grid Metals is targeting platinum group metals at its southeastern properties and Vale’s Thompson Mine is producing platinum group elements from its mineral concentrates processed at Vale’s other facilities in Canada. Gem Oil Inc. is also advancing exploration for rare earth elements near Moose Lake. ✘

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Lithium and Specialty Metals Manitoba is home to Sinomine Resources’ Tanco Mine, the only producer of cesium in North America. At the end of 2021, the Tanco Mine shifted focus from tantalum to lithium spodumene concentrate, with plans to upgrade its mill to expand processing capacity. Sinomine is also undertaking a feasibility study to consider establishing a lithium hydroxide refinery to supply the North American market with battery-grade lithium.

In addition, Grid Metals recently signed a toll milling agreement with the Tanco Mine and a binding lease agreement to Northern Prospector 2023-2024

13

Saskatchewan’s critical mineral advantage The province is at the centre of a worldwide race to find sustainable and reliable sources of minerals

Provided by the Saskatchewan Ministry of Energy and Resources

G

rowing global populations, the

Saskatchewan offers our province a

Saskatchewan is currently the world’s top

adoption of clean technology,

unique opportunity to build upon its

producer of potash, boasts the world’s

and geopolitical uncertainty are

strong foundation as a global supplier of

highest-grade uranium deposits, and has

driving an unprecedented level

food and energy security, and to become

a thriving helium sector, but the province

of focus from governments and compa-

a key supplier of the critical minerals that

has the potential to also advance significant

nies around the world on the sustainable

are essential to the planet’s future.

projects in lithium, copper, zinc, REEs,

In March of 2023, the Government of

nickel, and cobalt to production.

At the centre of this focus is critical

Saskatchewan launched Securing the

minerals, and Saskatchewan is home to

Future: Saskatchewan’s Critical Minerals

In Saskatoon, the Saskatchewan Research

23 of the 31 minerals found on Canada’s

Strategy, to drive increased exploration

critical mineral list. Critical minerals

and grow resource development in the

are key inputs in renewable power

province.

and reliable supply of natural resources.

generation, fertilizer, clean electricity technologies, electric vehicles, and are essential for electronic devices and other products we commonly use every day. One example of critical minerals in action is smartphones. While brands and devices vary, on average there are a staggering 14 different critical minerals inside a smartphone.

There are three main reasons why governments and companies worldwide are in a race to explore for, mine, process, and refine these minerals. They are of strategic importance to economic and national security, and they are vulnerable to supply-chain disruptions.

The presence of these minerals in 14 2023-2024 Northern Prospector

first

fully

integrated,

commercial

demonstration Rare Earth Processing Facility with hydrometallurgy, separation,

The strategy has focused goals that include

Council is constructing North America’s

increasing

Saskatchewan’s

share of Canadian mineral exploration spending, doubling the number of critical

and metal smelting stages. Expected to be fully operational in late 2024, this facility will be among the world’s most sustainable for the extraction and processing of rare

minerals being produced in the province,

earth elements.

establishing Saskatchewan as a rare earth

Two provincial government programs were

element hub and growing Saskatchewan production of potash, uranium, and helium.

expanded in 2023 to boost investment, encourage exploration and improve the province’s global competitiveness in the

As the world transitions to a clean energy

critical minerals space. The Targeted

economy, global demand for critical

Mineral

minerals is set to skyrocket by 400 to 600

increased from $750,000 to $4 million

per cent over the next several decades.

annually and geographic and mineral

Minerals such as lithium and graphite,

eligibility was expanded. This opens the

used in electric vehicle batteries, will see

program to hard-rock mineral exploration

demand increase by as much as 4,000 per

anywhere in the province. This program

cent.

is

Exploration

intended

to

Incentive

increase

was

exploration

drilling, which is needed to advance new

Exploration in Saskatchewan is also

of

discoveries — key to diversifying the

supported by strong public geoscience,

resources.

province’s resource base.

including

The

province

Saskatchewan

also

enhanced

Mineral

The

Exploration

Tax Credit, tripling its rate to one of the highest rates of its kind in Canada.

a

multimillion-dollar

investment for the development of a centralized geoscience data management system that will make high quality geoscience data more easily accessible.

Government

Saskatchewan

critical

minerals

The Saskatchewan critical minerals advantage is clear. The Fraser Institute’s Annual Survey of Mining Companies 2022 ranked Saskatchewan third in the world and first in Canada in the

It offers a non-refundable 30 per cent

The

tax credit to Saskatchewan taxpayers

allocated an additional $2.4 million in

who invest in eligible flow-through

2023 to establish an integrated system

shares issued by mining or exploration

for the collection, management, and

companies. Exploration is an important

distribution of Saskatchewan’s public

first stage in the mineral development

geoscience data. This will provide an

process and is needed to develop new

online platform to support industry

mines. Incenting the industry with a

access and submission of geoscience

Critical mineral opportunities abound in

tax credit such as this is a key part of

information and will improve service

the province. Saskatchewan is a critical

increasing mining exploration and the

to

minerals leader today and will be a critical

value of mining exports.

enhance the investment attractiveness

Saskatchewan

of

Saskatchewan’s

explorers

and

Investment

Attractiveness

Index.

The province boasts among the most sustainable production of minerals in the World, coupled with a highly competitive business environment for exploration, mining, processing, and manufacturing.

minerals powerhouse tomorrow. ✘

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Northern Prospector 2023-2024

15

THE FAY LAKE PROPERTY

By Stephen Masson, MSPDA President

B

oreal Gold is a private company with two main properties: Fay Lake in Manitoba and Melgurd Lake located in the Shotts Lake Area in Saskatchewan. Only the Fay Lake Property is presented here. Boreal Gold plans to apply for a listing on the CSE this year after completing certain milestones.

Boreal Gold’s Fay Lake Property is located at the boundary of the Kississing Domain and the Flin Flon main camp.

It’s a large property strategically situated between and contiguous with Hudbay’s Vamp Lake Deposits to the south and the Puffy Lake Gold Mine to the northeast.

The geology is arc terrain volcanic rocks containing significant rhyolite and mafic amygdaloidal basalt intruded by various granitic and gabbroic intrusions. Volcanogenic massive sulphides (VMS) and alteration stratigraphically lie between the felsic rhyolites and mafic basalts, locally with abundant chert. Metasediments of the younger Burntwood and Missi formations lie stratigraphic above the volcanic terrain, mainly occupying the Kississing high-grade metamorphic terrain which lies mainly north of volcanic terrain of the main Flin Flon camp.

In this area, there are two main types of metal deposits: VMS similar to the Cu-Zinc-Ag-Au deposits of Hudbay’s Vamp Lake and the shear-hosted gold deposits similar to the Puffy Lake Gold Mine, which generally lies proximal to the basal conglomerates of the Missi Formation. Both deposit types lie on Boreal’s Fay Lake Property. The Redwin Horizon and Sundown Horizon represent a 4.5-kilometre semi to massive sulphide horizon hosting VMS deposits at the contact of rhyolite and basalt and

16 2023-2024 Northern Prospector

a separate nine-kilometre-long Fay Lake structure hosting gold mineralization similar in character and mineralogy to the Puffy Lake Gold mine which claims the Fay Lake project adjoins.

REDWIN Historically, the Redwin-style mineralization dates to the late 1920s, where a 2.6-metre-long section of solid sulphides in the shaft area reportedly assayed 2.5 per cent Cu, 0.1 g/t Au, 30 g/t Ag and a small amount of zinc. Later, in 1931, Brownel of the GSC reported a 1.1-metre section of quartz vein containing 22 g/t Au with a subsection of 53g/t Au across 45 centimetres.

In 1932-33, three shipments totaling 229 tonnes of massive sulphides containing some chalcopyrite along with quartz vein material within or near the sulphides were sent from the Redwin Deposit to Hudbay Mining and Smelting.

The material assayed too low in copper (less than one per cent) but averaged up to 15g/t gold in two shipments and 4.5 g/t gold in a third. Hudbay Mining rejected the project based on the low copper grade which averaged approximately 0.5 per cent Cu/t. Gold was only worth $25/oz/ton at the time.

• 1st shipment 42.6 tonnes of 14.6 g/t Au, 50 g/t Ag and 0.2 per cent Cu • 2nd shipment 40 tonnes of 15.7 g/t Au, 7.9 g/t Ag and 0.65 per cent Cu • 3rd shipment 147 tonnes of 4.5 g/t Au, 4.5 g/t Ag and 0.51 per cent Cu Sampling by the S. Masson revealed that pyritic and chalcopyrite-rich portions of the massive sulphides had significant gold values, whereas the pyrrhotite rich portions assayed poorly.

Quartz veins cutting the massive sul-

phides have significant gold values, with one sample collected in 2021 assaying 58.99 g/t gold, with grab samples collected historically to up eight oz/t Au.

FAY HORIZON The Fay showing lies just east of the railroad east of Fay Lake in an arsenopyrite quartz veined shear zone in silicified mafic volcanic rocks just to the south of a quartz pebble basal conglomerate of the Missi Formation. This conglomerate stretches nine kilometres to the NNE up to the Puffy Lake Gold Mine Property, and it appears that the Fay Lake shear also continues

MILESTONES • In 2022, a National Instrument 43-101 was completed on the Fay Lake Property • In the fall of 2022, Boreal flew an airborne electromagnetic survey over the entire Fay Lake and Melgurd Lake Properties, which outline a number of known conductors as well as new conductor targets. A grid over the Redwin stratigraphy was begun in 2022 and finished in 2023.

• In the summer of 2023, the Redwin grid was mapped and sampled in detail and the large Fay Lake grid initiated.

• Geophysical conductors are presently in the process of being evaluated for drill targets in the context of geology, with drilling planned for this fall subject to permitting.

• A submission to the CSE for listing is planned for late fall.

• Upon listing, further drilling is planned for 2024 upon raising further funds in an offering. ✘

M-63N03-068

M-63N03-067

15

18

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14

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M-63N03-064

54

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42

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35

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Dumbell

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Puffy Lake mine

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78

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20 53 30

84

40

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68

46

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61 80

Kis M-63N02-021

76

40

86

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ing

M-63N03-076

70

siss

46

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Eas tB 87

ay

78

Syn e

74

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clin

FAY 3 MB12983

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FAY 4 MB12984

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Syncline

FAY 7

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64 72

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FAY 5 MB12985

80

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65

62

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to

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Sh err ido n

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FAY 6 MB12986

82

43

Jasper

87

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JASPER MB1281

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81 82

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FAY 1 MB12981

83

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Fay

88

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FAY MB12812

camp

87

*

73

84

WIN 1 MB12990

87

80

86

80

84

87

MEEKA MB12995

84

85

Sunrise

M-63K14-019 Redwin, Site A - Copper Chief

88

85

87

85

83

85

83

M-63K14-020 Fay Lake

M-63K14-019 Redwin, Site C - Pembroke group

81

82

73

untested

33

85 66

80

80

80

81

42

MINE MB13728

85

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Sunrise conductor

87

Redwin

RED MB12991

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Syme Lake Pluton plagioclase-phyric foliated gneiss granite-granodiorite

88

88

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83

WIN 2 MB12993

75

85

M-63K15-057 Koscielny Lake

82

82

65

73

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65

82

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M-63K14-019 Redwin

West Zone

South Bay

Redwin Cu-Au

87

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Cu

70

untested

85

Granges conductor

MAR

85 88

Zn-Cu

BRUCE MB12992

M-63K14-019 Redwin, Site D 80

Spider Lake Pluton quartz-phyric tonalite quartz diorite porphyry

M-63K14-031

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RITA MB12994

83

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85

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M-63K14-019 Redwin, Site B - Sundown group 85

Sundown

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tonalite granodiorite

80 70

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Patton Island

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Echo Lake Pluton quartz diorite hornblende-biotite granodiorite gneiss

M-63K14-018 Vamp Lake: Lake zone

80

80 75

85

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plagioclase-phyric foliated gneiss granite-granodiorite 85

M-63K14-033

Hudbay Minerals

Vamp Lake property

LEGEND Missi metasedimentary rocks - basal conglomerate Gabbro-picritic, high-Al Synvolcanic intrusions, high Ti gabbro Ultramafic sills and dykes Mafic schist - fine-grained metasedimentary rock Intrusive rocks - pegmatitic granite Volcanic metasedimentary rocks and tuffs, chert Intrusive rocks - quartz-phyric tonalite Felsic volcanic rocks Intrusive rocks (orogenic) Dacitic heterolithological volcaniclastic rocks Intrusive rocks - gneissic granodiorite Mafic volcanic rocks Diorite-tonalite intrusion border phase Mafic volcanic rocks - dyke complex Burntwood metasedimentary rocks Mafic volcanic rocks - komatiitic (?)

Missi arkose MEEKA MB12995

Missi metasedimentary rocks

Boreal Gold claim and claim name Boreal Gold Inc. - Fay Lake Project

area of no outcrop or mapping limit

Minnova - Puffy Lake property

fault

Hudbay Minerals - Vamp Lake property

EM conductor

Jasper Significant mineral occurrence

road: gravel; secondary 0

1000

3000

5000 metres

Wetland or area of no outcrop

Scale

Northern Prospector 2023-2024

17

MMDF: OPTIMISTIC ABOUT MINERAL EXPLORATION

By Edward Suzuki, Program Manager, Manitoba Mineral Development Fund

T

he Manitoba Chambers of Commerce (MCC) is midway through a three-year agreement with the Government of Manitoba to deliver the Manitoba Mineral Development Fund (MMDF). The aim is to support strategic projects that contribute to increased mineral exploration and development, including projects that increase Indigenous participation, and sustainable economic growth in Manitoba’s mineral supply chain.

Since the $20-milllion program launched

18 2023-2024 Northern Prospector

in July 2020, the fund has approved more than $9.8 million toward a range of mining and economic development projects across Manitoba, authorized 60 projects, created 283 short term jobs, 152 long term jobs, 152 partnerships, and leveraged investments of more than $61 million.

which were critical to identifying and

Sixty-five percent of the Manitoba Mineral Development Fund went to help mining exploration companies undertake geological mapping, geophysical surveys, and diamond drilling, all of

stage exploration activities. They serve

quantifying mineral resources. Many of these companies are listed on the Toronto Stock Exchange, which provides an efficient avenue to raise equity while providing investors with a regulated market for venture investments. These firms specialize in higher-risk, earlyas project generators for investors and larger producing companies, helping fill the pipeline of future mineral production.

The MMDF provides funding for several prominent mineral exploration and development companies in Manitoba.

Alamos Gold, a Canadian intermediate gold producer, is constructing the Lynn Lake gold mine in Manitoba. The project is currently in the advanced exploration stage, and further drilling and studies are underway to delineate reserves and resources. The estimated capital cost of the project is $500 million, with an additional $87 million to sustain the project over its lifespan.

Building optimism in Flin Flon is Callinex Mines. This Canadian mineral exploration company is focusing on identifying high-quality base and precious metal deposits. Its flagship project, the Pine Bay Project, has shown potential for high-grade zinc, copper, and gold mineralization. Callinex Mines works with local communities and stakeholders to minimize environmental impact and maximize social and economic benefits.

New Age Metals is focusing on the discovery of deposits rich in palladium, platinum, gold, and other strategic metals. Their Summer Field Program defines drill targets to establish an economically exploitable lithium deposit close to Tanco Mine, a rare-metal mine in the Bird River area in southeast Manitoba. It’s known for its production of tantalum, lithium, cesium and spodumene, which are important for the electronics and energy industries.

Boosting investment is the Hudbay Minerals acquisition of Rockcliff Metals Corporation, who are looking to add to their precious base metal inventory.

Rockcliff Metals is known as an exploration and resource development company with advanced-stage, high-grade VMS copper-zinc dominant deposits.

The MMDF support was concentrated on their exploration and drilling program in the Snow Lake Mining Camp.

Companies are leveraging the MMDF to encourage investment in mineral exploration. The fund focuses on manage-

ment teams with extensive experience and a proven track record in the mining industry. The location of the project is also crucial and working with politically stable jurisdictions with supportive regulatory environments and robust infrastructure are preferable. The exploration project’s mineral potential, including size, grade, and estimated value of the mineral deposit, are considered. Finally, the mining company’s financial health, funding history, and market conditions are assessed.

The outlook for the Manitoba Mineral Development Fund remains positive and is targeted to support new mineral exploration and development projects.

These will stimulate economic growth and create employment opportunities.

Manitoba’s mineral sector contributes significantly to the province’s economic growth, and the Manitoba Mineral Development Fund is a key component.

For more information about MMDF, including intake dates, visit, MMDF.ca. ✘

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Prairie Crane is available 24/7 to ensure your project is completely safely and efficiently.

Saskatoon: 306-651-1272 • Regina: 306-721-1272 sales@prairiecrane.com • www. prairiecrane.com Northern Prospector 2023-2024

19

ALAMOS GOLD RELEASES UPDATED FEASIBILITY STUDY FOR LYNN LAKE GOLD PROJECT

By Kelsey James

A

lamos Gold Inc.’s 2023 Feasibility Study for the Lynn Lake Gold Project in northern Manitoba has outlined a larger, longer life

176,000 ounces over the first 10 years,

and lower cost operation with continued

with low-cost profiles are rare, and we

exploration potential.

The study, released at the beginning of August, incorporates a 44 per cent larger

which is a significant increase from 2017,” says Alamos Gold vice-president of exploration Scott Parsons. “Projects wanted to demonstrate that this project – even with updated capital costs for 2023 – is an attractive project with a

mineral reserve and 14 per cent increase

larger reserve and low operating costs.”

in milling rates to 8,000 tonnes per day.

Another significant aspect of Alamos’s

It replaces Alamos Gold’s 2017 Feasibil-

recently released Feasibility Study is the

ity Study and has been updated to reflect

new 17-year mine life for the project.

the larger Mineral Reserve base, the

The operation is now backed by a life of

current costing environment, as well as

mine production of 2.2 million ounces, a

a significant amount of additional engi-

46 per cent increase from the 1.5 million

neering, on-site geotechnical investiga-

ounces reported in 2017.

tion work, and requirements outlined during the Environmental Impact Statement review process.

“Our exploration team has been successful in expanding the reserve and resource base, and as a result, we have a different

“The average gold production over the

but more robust project now compared

first five years is over 200,000 ounces and

to 2017,” Parsons says. “One exciting op-

20 2023-2024 Northern Prospector

portunity at the Lynn Lake Gold Project is the district scale exploration potential across the greenstone belt.”

“We have a pipeline of prospective targets across the Lynn Lake Greenstone belt from earlier stage targets that would typically involve prospecting and mapping through to drill-ready targets,” he adds. “We’ve had great results from the Maynard drilling target, so that’s a target that we intend on continuing to advance.”

The updated Feasibility Study is not the only success Alamos Gold has had this year.

In March, the company completed its Environmental Impact Statement for the Lynn Lake Gold Project and received a positive Decision Statement by the Minister of Environment and Climate Change Canada. As well, in accordance

with the Environment Act, the Province of Manitoba issued Environment Act Licenses for the MacLellan and Gordon sites.

Alamos Gold also recently signed an Impact Benefit Agreement with Marcel Colomb First Nation, with the official signing ceremony being hosted on June 13.

The company began working with the local First Nation as soon as it acquired the Lynn Lake Gold Project in 2016, notes Rebecca Thompson Alamos Gold Vice-president of Public Affairs.

“The agreement is a collaborative approach between the First Nation and the company,” Thompson says. “It’s a holistic approach toward ensuring we can develop the project in an environmentally responsible manner while providing significant socio-economic benefits including maximizing employment from the local community once we get going.”

The Environmental Impact Statement and updated Feasibility Study form the foundation of what will lead to a decision point on whether to move forward with construction and operation of the project. In the meantime, Alamos Gold will continue to explore and advance engineering of the Lynn Lake Gold Project.

“The Lynn Lake Gold Project is one that will provide economic development in northern Manitoba, create jobs, and support the local economy, so this project is part of the benefits to Northern Manitoba’s prosperity,” Thompson says.

In 2024, the company will also focus on the Burnt Timber and Linkwood deposits, which were not included in the study.

Alamos Gold will be advancing the deposits, doing infill drilling, and expanding on them to increase the number of ounces from both deposits.

For more information about Alamos Gold and the Lynn Lake Gold Project, visit www.alamosgold.com. ✘ Northern Prospector 2023-2024

21

ACME LITHIUM FOCUSED ON DISCOVERY IN SASKATCHEWAN AND MANITOBA

A

CME Lithium, a mineral ex-

previous historic sampling in the area

matites with anomalous Tantalum. The

ploration company focused on

that displayed lithium occurrences in

results of the winter drilling program

acquiring, exploring, and devel-

spodumene in the Bailey Lake and Mi-

led to three specific areas on ACME’s

oping battery metal projects in

saw Lake region, with ACME’s large

property that are recommended for fol-

partnership with leading technology and

claim block containing multiple indica-

low up. Much of ACME’s project area

commodity companies, has its sights set

tions of LCT pegmatites. As Saskatch-

in Manitoba remain of interest and are

on central Canada as one of the most ex-

ewan is a highly prospective region for

underexplored.

citing places for lithium exploration and

critical mineral development and the

development.

Saskatchewan government recently an-

ACME currently holds mining claims totalling 41,694 hectares at its Bailey Lake project in northeastern Saskatchewan, as well as claims totalling approximately 17,000 acres in the pegmatite

nouncing an expansion to its existing investments and innovation incentives for lithium projects, ACME hopes to be at the forefront of lithium exploration in the province.

fields of the Bird River Greenstone Belt

To the east in Manitoba, ACME spent

in southeastern Manitoba, next door

last winter conducting its Phase 1 drill

to the world class TANCO mine. With

program at its Shatford Lake project in

both regions being highly prospective for lithium and showing encouraging geology, ACME is taking the steps to be at the forefront of lithium exploration in central Canada.

In northeastern Saskatchewan, ACME has just completed a summer exploration program in partnership with AXIOM Exploration Group. The summer exploration program consisted of 1,166 line-km of helicopter borne tri-axial gradiometer magnetics, radiometrics, and LiDAR as well as prospecting for additional drill targets which included 336 rock samples collected for geochemical analysis. Samples have since been sent to SGS Canada Inc. for testing with results expected in Q4 2023.

The exploration program expanded on 22 2023-2024 Northern Prospector

the southeastern corner of the province.

This drill program was based on geological prospecting with lithium determinations by LIBS and geophysical magnetic interpretation. Drilling and magnetic interpretation was successful in defining broad structural belts with multiple unexposed pegmatites and cross structural

ACME Lithium is made up of a team of experience professionals who have successfully built and financed resource companies around the world. Along with holding its two projects in central Canada, ACME holds two mining project areas in one of the most exciting mining jurisdictions in the world: Esmeralda County, Nevada.

In the epicentre of lithium brine development and production, Clayton Valley, ACME has just completed a successful pumping test at its lithium brine project as part of a Phase 2 exploration program.

This successful 2023 campaign is waiting on further results that could lead to a potential initial resource.

features in these broad belts that control

Just over the foothills to the west sits

pegmatite injection. The drill program

ACME’s Fish Lake Valley project (FLV).

consisted of eight drill holes where 26

The FLV project area holds 207 mining

pegmatites were intersected in six of

claims and neighbours Ioneer’s Rhyolite

eight holes. 235 samples were collected

Ridge world class lithium sedimentary

and sent off for testing from the January

claystone project, set to go into mine

to April 2023 drill program, with results

construction in Q1 2024. With all four

indicating four areas with anomalous

North American projects in regions

lithium, tin, or tantalum in pegmatites

that are highly prospective for lithium,

and one area with a broad lithogeo-

ACME is well positioned in a growing

chemical anomaly for lithium, cesium,

battery market that is set to rapidly grow

strontium, and vanadium with thin peg-

in the coming years. ✘

Figure 1: a two-metre wide outcrop at Bailey Lake Project, SK

Figure 2: Pegmatite Boulder at Bailey Lake Project, SK

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Northern Prospector 2023-2024

23

MANITOBA IS AT A CROSSROADS WHEN IT COMES TO FUTURE RESOURCE PROJECTS

By Bill Gallagher, strategist

T

he recent $10 billion settlement to Robinson Huron was the latest in a long line of legal victories for Indigenous communities on

Canada’s road to resource development – a stunning amount of compensation owing for historically failing to honor the Treaty. The legal victory itself doesn’t end the process, as the parties now must sort out a revenue-sharing formula going forward.

Over the past decade, Indigenous Peoples have been averaging 25 legal wins a year in the resources sector (one every two weeks), sounding a steady drumbeat on the rise of Indigenous empowerment, whose clout may not bode well for future resource projects. Harper was oblivious to this phenomenon’s impact until they took out his Northern Gateway.

Trudeau appears to be savvier regarding what’s been happening, but he has major troubles with TransMountain, which is quickly becoming one of the biggest cost over-run boondoggles in our country’s infrastructure history. Today, all politicians appear to be running scared on the road to resources; New Brunswick, Ontario, and Manitoba are clearly devolv-

over the botched clearing work for the

the sole “gatekeepers” on the road to re-

Lake St Martin flood diversion, with the

sources.

Chief Justice ruling: “The absence of any such notification and consultation in my view constitutes a breach of Manitoba’s obligation and is not in accordance with the honour of the Crown.” This was win #337. The Native side responded: “Manitoba severely undermined its relationship with the IRTC First Nations – our relationship with the province was already on shaky ground. This killed any trust that remained.”

Canada’s economic future is further imperiled by the scourge of raging wildfires, which are disproportionately impacting Indigenous communities. As a result of these (now) annual events, Indigenous communities are facing a major choice: become land protectors and work with allies to shore up their traditional uses and land rights or move into the eco-

Here’s what future projects should look like: 1. Significant equity ownership for natives denoting management positions and shared control; 2. Revenue-sharing that compensates for Treaty impacts and risk assumption.

This is the new project template that’s needed to break from the history of fumbling and bumbling that still plays out in Manitoba. It’s a whole new era: critical minerals, battery transition, forestry, hydro, transmission, and pipelines all involve access to traditional lands where Indigenous Peoples have a clear choice to either work collaboratively with a new breed of resource proponent or (default to) save Mother Earth. It’ll take a whole new

nomic mainstream by working with in-

political approach for this to happen.

dustry to promote an Indigenous econo-

Bill Gallagher is the author of Resource

my. This could go either way. Indigenous Peoples may well align with eco-activists to save their own subsistence and lifestyle priorities. Who can blame them

Rulers and Resource Reckoning (two books explaining the rise of native empowerment). He was instrumental in getting Natives on board at Voisey’s Bay for

ing into resource dead-zones on account

given the hype coming at them over crit-

of Indigenous stopping-power.

ical minerals and infrastructure.

The Native legal win-streak is currently

But the stark reality is that proponents

profile Manitoba First Nations disputes.

at 352 resource sector victories. Mani-

can’t get anything built in this country

He addressed the MPDA last December

toba recently took a huge loss at the

anymore. Manitoba has yet to reckon

in a presentation on “The Climax of In-

hands of the Inter-Lake Tribal Council

with the fact that Indigenous Peoples are

digenous Empowerment.” ✘

24 2023-2024 Northern Prospector

Inco. Prior to that, he was federal TLE negotiator dealing with several high-

Registration Now Open January 22 - 25, 2024 Vancouver Convention Centre East roundup.amebc.ca

Exploring for Value Northern Prospector 2023-2024

25

ESTABLISHING A CRITICAL METALS CHAMPION IN CANADA’S BACKYARD

I

n northern Saskatchewan, there’s a company de-risking a growing critical metals deposit with a goal to build building the mine of the future.

Foran Mining (TSX: FOM) (OTCQX: FMCXF) and its flagship McIlvenna Bay copper-zinc-gold-silver deposit are on a path to establish a true Canadian critical metals champion and target carbonneutral production using sustainable mining practices.

What sets Foran apart is a three-pillar strategy: 1) Delivering initial phase production at McIlvenna Bay; 2) Unlocking the untapped value of its properties with systematic exploration; and 3) Its net-positive strategy, focusing on carbon-neutral critical metal production to support a decarbonizing world and other related business opportunities.

This strategy and its focus on maximizing risk-adjusted value per share for existing shareholders is likely a key reason to Foran’s relative outperformance despite current volatile markets, which could also be a good sign when the cycle eventually turns upwards.

DELIVERING INITIAL PRODUCTION AT MCILVENNA BAY In February 2022, Foran announced results from its Initial Phase Feasibility Study highlighting an 18.4-year mine life producing 65.4 million pounds copper equivalent at all-in sustaining costs of $0.90/lb (net of by-product credits).

What makes the project even more exciting is the mine life extension opportunities through the drill bit. The McIlvenna Bay deposit remains open at depth and along strike, while current exploration focus is on near-mine and regional targets to drive more immediate value

to shareholders. Recent discoveries including Tesla and the new Bridge Zone outline the opportunity of this prolific Canadian VMS deposit.

UNLOCKING THE UNTAPPED VALUE OF ITS PROPERTIES Foran is still in the early stages of exploring its vast 1,595-square-kilometre land package. McIlvenna Bay is a volcanichosted massive sulphide (VHMS) deposit, which typically occur in clusters.

At other VHMS camps in Canada, there has been 10 to 21 times more drilling and two to 15 times more resources defined, providing material opportunity for future discoveries across Foran’s properties.

Exploration upside was recently showcased by the new discovery of its Tesla target, located just 300 metres from the McIlvenna Bay deposit. Recent drill intercept highlights include 6.2 per cent copper equivalent over 11.9 metres, and one per cent CuEq over 17.2 metres. Geophysical modelling highlights a 900m strike by 300m wide conductor, with true widths estimated to be 25 to 50 metres. This sizeable, near-mine opportunity is just one across a vast canvas of targets on its properties. Foran’s exploration strategy is working as they successfully unlock this prolific district on its path towards building Canada’s next great mining camp.

FORAN’S NET POSITIVE STRATEGY

Proposed Surface Layout of McIlvenna Bay oposed Surface Layout of McIlvenna Bay

26 2023-2024 Northern Prospector

nlocking The Untapped Value of Its Properties

Foran’s ethos is to be a net-positive community partner delivering critical resources to support global decarbonization. The company signed a landmark

two to 15 times more resources defined, providing material opportunity for future discoveries across Foran’s properties.

Foran Exploration Opportunity Compared to Other VHMS Camps.

Foran exemplifies a strong belief toward sustainable mining practices that are central to the viability of a decarbonized future.

Foran collaboration Exploration agreement Opportunity Compared to Other VHMS Camps with the Peter Ballantyne Cree Nation in July 2023.

Part of its strategy is to produce carbonneutral critical metals. At McIlvenna Bay, carbon neutrality could be achieved in part by using power from renewable energy sources, mining with electric vehicles, and treating ore with environmentally conscious methods, in addition to other new technologies to reduce

carbon emissions. and zinc are Exploration upsideCopper was recently showcased by the new discovery of its Tesla target, located just 300 elements metres from the McIlvenna Bay deposit. Recent drill intercept highlights include 6.2 critical of the electrification per cent copper over 11.9 metres, and one per cent CuEq over 17.2 metres. revolution, and equivalent Foran exemplifies a Geophysical modelling highlights a 900m strike by 300m wide conductor, with true widths strong belief estimated to toward be 25 tosustainable 50 metres.mining This sizeable, near-mine opportunity is just one across a practices that central viability Foran’s exploration strategy is working as they vast canvas ofare targets onto itsthe properties. successfully unlock this prolific district on its path towards building Canada’s next great of a decarbonized future. ✘ mining camp.

Ballantyne Peter Ballantyne Cree Nation Chief Karen Bird and Foran Executive Chairman &Peter CEO Dan Cree Nation Chief Myerson at Collaboration Agreement signing ceremony Karen Bird and Foran Executive Chairman & CEO Dan Myerson at Collaboration Agreement signing ceremony.

Target Rich Land Package

Target Rich Land Package Northern Prospector 2023-2024

Foran’s Net Positive Strategy

27

NATURAL RESOURCES FOR THE NEXT GENERATION OF YOUNG CANADIANS

I

By Young Canadians for Resources

n the middle of what some are call-

areas are literacy, advocacy, and career

tent. We have also hosted panels, done

ing a climate crisis and what some

development.

speaker series, and recently started a

are calling an energy crisis, it’s no secret that how Canada manages

its natural resources has become a polarizing topic to discuss. Young Canadians for Resources (YCR) is a youth advocacy initiative created by students and young professionals for students and young professionals. YCR encourages young Canadians to have balanced and informed conversations about our

At its core, YCR, provides young people with resource literacy. If young Canadians don’t understand Canada’s resource sectors and all the positive things these sectors do for people and the environment, young Canadians can’t appreciate these sectors and become advocates for them. For this reason, YCR creates informative content on Canada’s natural resources that is made in ways that

podcast where we talk to leaders in Canada’s natural resource industries.

What makes our content different is that it is all done by young Canadians for young Canadians. It’s not written by PhDs or industry veterans, but by young Canadians who are also just learning and who understand the importance of making information simple and digestible for people who don’t know the first thing about natural resources.

natural resources and the environment.

young Canadians can understand and

There are several ways YCR promotes

enjoy. We regularly post blogs, info-

This past summer, the literacy compo-

such discussions, but three main focus

graphics, short videos, and other con-

nent of our program saw new heights.

We were able to take our summer students on educational field trips to places including Blackfoot Crossing Historical Park, an oil & gas drill site, and a functioning Cattle Ranch where a pipeline was also being constructed.

Another literacy focused element of our program that grew to new heights this summer were our three summer

Application intake is now open!

Apply online for the Manitoba Mineral Development Fund at mmdf.ca An initiative of

student advocacy team competitions.

Firstly, the case competition had students research and propose their solutions for addressing Canada’s federal oil & gas emissions cap. Secondly, the Dragons Den competition had students propose their resource advocacy campaign ideas to executives from downtown Calgary to develop unique ways

28 2023-2024 Northern Prospector

to reach young Canadians. Lastly, stu-

across Canada where we do trivia with

tice in school or at their summer jobs.

dents adopted the perspectives of dif-

students to see what they know about

YCR also provides young Canadians

ferent countries and attempted to de-

Canadian natural resources and maybe

velop resolutions on balancing global

share a few things with them they didn’t

with plenty of opportunities to network

energy security with emission reduc-

know.

tions in our Model United Nations.

with senior executives and hiring managers in the resource sector at our own events and at the various industry con-

Once young Canadians feel comfortable

bour shortage concerns by attracting

ferences we send young Canadians to.

and informed talking about Canadian

more young professionals into resource

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If you or anyone you know would be interested in getting involved with YCR, the best way to start is by checking out our website, following us on our social media (@ycresources), and by attending events. We have representation from across Canada, but if you’re struggling

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Northern Prospector 2023-2024

29

FATHOM NICKEL INC. EXPLORING FOR MAGMATIC NICKEL SULPHIDE DEPOSITS IN SASKATCHEWAN

By Ian Fraser P.Geo., CEO, VP Exploration, Director

F

athom Nickel Inc. is an energy metals exploration company that is targeting high-grade nickel sulphide discoveries for use in the rapidly expanding electric vehicle and green energy markets. The company is accelerating exploration at its two magmatic nickel sulphide projects; the Gochager Lake and Albert Lake projects both located in the prolific Trans Hudson Corridor in northern Saskatchewan.

Both projects host historic resources and the Albert Lake Project, hosts the historic Rottenstone mine, which is recognized as one of the highest-grade (nickel, copper, platinum group metals) deposits of its type ever mined in Canada. The company has assembled two large land packages and, through methodical and successful exploration, aims to demonstrate the province of Saskatchewan can be host to world-class nickel camps like the Thompson Nickel Belt (MB) and the Raglan (PQ) operations that also occur within the Trans-Hudson Corridor.

Formed in 2015, the company was private until the spring of 2021 when it was granted a listing on the CSE and commenced trading in May of 2021. Exploration efforts in 2021 through to the end of 2022 were focused on the 90,460ha Albert Lake project, specifically in the area around the historic Rottenstone Mine.

The historic Rottenstone deposit references the “Hill of Rotten Stone”, a gossanous outcrop approximately 50 metres in diameter by 10 metres in height, when mined in 1965-1969, produced approximately 26,000 tonnes grading 3.3 per

30 2023-2024 Northern Prospector

cent Ni, 1.83 per cent Cu and >9.0 g/t Pd+Pt+Au (3PE)1.

Since 2021, Fathom has drilled 10,713 metres in 60 drillholes at the Albert Lake property and in the process has confirmed that the historic Rottenstone deposit does not occur in isolation and that the high nickel grade and metal tenor associated with the deposit is part of a significant magmatic nickel sulphide system. The company has discovered more Rottenstone mineralization south of the historic mine; drillhole AL21024 intersected 1.06 per cent Ni, 0.88 per cent Cu and 4.36 g/t 3PE / 7.47m. The company has determined the Rottenstone deposit is in fault contact with a northeast trending shallow dipping fault that appears to have truncated the deposit. Geophysical evidence suggests a possible footwall offset occurring at depth and approximately 200 to 300 metres west of the mine workings. At 400 to 500 metres west-northwest of the mine, Fathom drilling has defined a new zone (discovery) of ultramafic hosted NiCu+3PE mineralization: the Bay-Island Trend. The discovery of the Bay-Island Trend resulted from surface geochemistry, re-interpretation of 2008 VTEM survey results, follow-up drilling of mineralized ultramafic rock intersected in a 2003 drillhole, and the use of borehole electromagnetic (BHEM) surveys. The Bay-Island Trend consists of continuous nickel mineralization over a strike of 300+ metres, is open along strike; however, the company does recognize that nickel tenor associated with this

Rottenstone-like mineralization is lower.

Drillhole AL21052; 0.62 per cent Ni, 0.29 per cent Cu and 0.21 g/t 3PE / 13.27m is evidence of this. Nonetheless, the discovery of ultramafic, Rottenstone-like mineralization away from the Rottenstone deposit is evidence of a significant, large magmatic nickel sulphide system occurring at the Albert Lake property.

In summer 2022, Fathom was able to acquire by staking the final piece of the Albert Lake property. The TremblayOlson claim area defines an area two kilometres south-southwest of the Rottenstone mine that hosts historic mineralized ultramafic occurrences. In the fall of 2022, Fathom initiated a soil geochemical program in the area and results have defined a very robust ~ 2km x 2km multi-element in-soil anomaly. Nickel occurs up to 743ppm in soil and an individual soil sample returned 1.21 g/t 3PE. A summer 2023 ground EM survey in the Tremblay-Olson claim area has defined an EM conductor measuring 450m in strike and approximately 150m in width. Modelling results of this robust conductor place the conductor at a depth of roughly 300m below surface which is coincident with surface gravity inversion results which suggest a body of more dense rock at the same depth. Furthermore, Fathom recognizes this conductor occurs along an interpreted unconformity contact between older granitoid rocks and younger supracrustal rocks. It’s along this contact where favourable structural traps occur; traps that host the Rottenstone deposit

and the Bay-Island Trend. The company looks forward to drill testing this target in Q1-2024.

Our second project, the Gochager Lake Project, has expanded through agreements and staking to the current 22,620 ha. The property is host to the Gochager Lake nickel deposit, a historic resource of approximately 4 million tons at an approximate 0.3 per cent nickel grade2.

February drilling by Fathom was designed to confirm nickel-copper mineralization occurring in historic drillhole I-12 drilled in 1967 (0.58 per cent Ni, 0.11 per cent Cu / 290.4m), and for the first time analyse this mineralization for cobalt and 3PE. Also, for the first time, the company utilized BHEM to measure conductivity associated with zones of semi-massive to massive sulphide mineralization occurring within the historic deposit. Drillhole GL23003 intersected a broad zone of gabbro hosted disseminated sulphide mineralization containing thick zones of semi-massive to massive nickel sulphide mineralization.

Results of GL23003 included 0.63 per cent Ni, 0.17 per cent Cu, 0.05 per cent Co / 170.95m with a thick zone of semimassive to massive sulphide mineralization grading 2.43 per cent Ni, 0.51 per cent Cu and 0.18 per cent Co / 18.10m.

As expected, this style of mineralization produces very strong in-hole conductivity BHEM responses but importantly the BHEM recognizes very strong off-hole conductivity responses. Drilling, BHEM and surface EM all suggest the Gochager Lake deposit is open for expansion along strike to the northeast, the southwest and to depth below the historic boundary of the Gochager Lake deposit.

Fathom launched a second drill campaign in September of 2023 and expects to drill approximately 2,000 metres in six to seven drillholes. The company anticipates assay results will be available for dissemination towards the end of Octo-

The Historic Rottenstone Mine

The Historic Rottenstone Mine Mine The Historic Rottenstone

The Historic Rottenstone Mine.

Blebby Interstitial to Semi-Massive Nickel Sulphide Mineralization Drillhole AL22052 – The Bay-IslandDrillhole Trend, Albert Lake Project.

Blebby Nickel Sulphide SulphideMineralization Mineralization Drillhole AL22052 The BlebbyInterstitial Interstitial to to Semi-Massive Semi-Massive Nickel AL22052 – –The Bay-Island Project Bay-Island Trend, Trend, Albert Albert Lake Lake Project

Blebby Interstitial to Semi-Massive Nickel Sulphide Mineralization Drillhole AL22052 – Bay-Island Trend, Albert Lake Project

Semi-Massive to Massive Sulphide Mineralization Drillhole GL23003, Gochager Lake Project.

Semi-Massive to to Massive Massive Sulphide Sulphide Mineralization Semi-Massive MineralizationDrillhole DrillholeGL23003, GL23003,Gochager GochagerLake LakeProject Project

ber and into the first week of November.

1) The reliability of the historical data and resource estimate presented here cannot be confirmed by the authors,

delineation of this mineral resource impossible. Fathom Nickel is not treating the historical estimate as a current mineral resource.

Semi-Massive to Massive Sulphide Mineralization Drillhole GL23003, Gochager Lake P 2) The Saskatchewan Mineral Deposit nor can the assumptions, parameters and methods used to prepare the esti-

Index (SMID #0880) reports drill indi-

mates. The estimate is not considered

cated reserves of 4,262,400 tons grading

NI43-101 Compliant by the definition

0.295 per cent Ni and 0.081 per cent Cu

of a “mineral resource” and further

mineable by open pit. Fathom cannot

work is required to verify the histori-

confirm this resource estimate, nor the

cal estimate as a current mineral re-

parameters and methods used to pre-

source. Furthermore, records suggest

pare the reserves estimate. The estimate

(Saskatchewan Mineral Deposit Index

is not NI43-101 compliant and further

#0958) that some of this historical re-

work is required to verify this historical

source has been exploited making a

drill indicated reserve. ✘ Northern Prospector 2023-2024

31

SENSOR-BASED SORTING TESTWORK FOR POTASH OPERATIONS

By Erin Matthews, Saskatchewan Research Council

S

ensor-based sorting (SBS) technologies and testwork

mineralogical characterization, which assesses the type of sen-

are evolving, offering the mining industry another tool

sor technology and the amenability of the ore — based on spe-

in the mineral processing toolbox. SBS is a collection

cific sensor responses and mineralogical characteristics. Using

of technologies that use sensors to separate ore from

waste, either on a particle basis (particle sorting) or “parcel”-ofore basis (bulk sorting).

Using different sensor techniques — such as X-ray transmission (XRT), near infra-red (NIR), colour and laser scattering — the Saskatchewan Research Council (SRC) provides SBS testing solutions that help industry clients select the most ideal sorting technologies and applications to upgrade their ore and reduce waste.

Used for decades in the recycling and food industry, as well as in the diamond industry, SBS technologies have begun to rapidly expand into other mining sectors in recent years due in part to the increased speed and accuracy at which sensor data can be processed. This has enabled sensor-based measurements to be applied to ore processing streams and downstream separation mechanisms in near real-time.

Sorting can potentially remove waste or provide valuable upgrading possibilities for the potash industry. Knowing mineral properties in near real-time can enable effective and efficient preconcentration or separation of ores before expensive grind-

this data, target minerals can be identified and the potential for upgrading or waste removal is determined.

SRC uses a mineralogical sample preparation method for potash that was developed in-house and is proprietary. SRC also tests sensor responses for all commercially available sensors, including XRT, XRF, NIR, colour, laser scattering, radiometric, electromagnetic, and more.

UNDERSTANDING INSOLUBLES Understanding the individual minerals within the waste (called “insolubles”) is one of the important factors in applying sensorbased sorting to potash. This includes the proportion of potassium-bearing minerals to other soluble salts. Sensor-based sorting targets minerals (such as clays) within wastes differently and is important for understanding the types of insolubles and how they present within the ore.

In the second stage, targeting (selecting the target mineral, particle size and corresponding sorting technology) and modelling help potash clients decide on a desirable sorting strategy – up-

ing, beneficiation, and hydrometallurgy.

grading or waste removal. Before deciding on a pilot testwork

HOW DO YOU KNOW IF SORTING IS FOR YOU?

data. Clients can then use this valuable modelling tool to test

SRC has developed a testing regime to assist industry clients with choosing the right sensor-based sorting technology for

strategy, SRC develops a sorting model from sensor response out various scenarios — including sizes, grades, and sorter parameters — while designing their final flowsheet.

their needs. This regime has evolved over the years through

Finally, SRC’s pilot testing stage allows industry clients to ob-

SRC’s work with industry clients, helping to select, adopt and

tain real-world sorting performance data and an understand-

test effective sensor-based sorting applications. Using a data driven approach, SRC’s testing regime helps to maximize early decision-making. It also helps to minimize the sample required and streamlines the metallurgical testwork needed for design and adoption.

SRC’s testing stages for potash sorting starts with sensor-based 32 2023-2024 Northern Prospector

ing of sorting yields and recoveries under these conditions, as well as general performance of the full circuit. This phase is important in determining the feasibility and capital costs of a sorting project. SRC currently possesses two XRT sorters for these purposes and is evaluating options for introducing other sorting sensor technologies.

WHY IS TESTING SO IMPORTANT FOR POTASH?

right sorting solution for their operation in the most cost-effec-

Through our testing regime, SRC’s sorting team plays a key role

tive and streamlined way. Using a unique combination of min-

in the optimum application of SBS technologies for potash. We

eralogical work, sensor testing and data, SRC helps navigate the

help the potash industry to identify, integrate and optimize the

application of sorting technologies. ✘

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Northern Prospector 2023-2024

33

FOREMOST LITHIUM IS THE NEW KID ON THE NASDAQ BLOCK

I

t’s been a busy last few months for Foremost Lithium Resource & Technology. On August 24, 2023, the Company announced that it successfully listed on the Nasdaq Capital Market under the symbols “FMST” (CSE: FAT) and closed a public offering at $4 Million USD. It also announced that it had engaged with Dahrouge Geological Consulting Ltd (“DCG”) to undertake an extensive summer exploration program on its “Lithium Lane Properties” and completed a successful drill program in June on its Jean Lake Lithium/Gold property. Most recently, Foremost provided some positive assay results from its rock sampling program, returning values up to 2.13 per cent Li2O at the Zoro Lithium Project and up to 1.86 per cent Li2O at Jean Lake Lithium Project.

“We have a consistent systemic exploration approach that includes prospecting and geological evaluations combined with onsite rock geochemistry,” Foremost Lithium’s President and CEO Jason Barnard notes. “Our robust mapping and sampling program continues to indicate that our Lithium Lane Properties are not short on potential targets for producing high-quality battery minerals. The extensive geological data behind our 2023 exploration campaign enabled us to identify the high-quality assets and advance our lithium projects while we work to build long-term shareholder value. As we define drill targets in preparation of this upcoming drill season, we continue to have great confidence that this fertile area can be a significant future supplier of the battery minerals needed for global transition towards decarbonization.”

Foremost, situated near the mine friendly district of Snow Lake Manitoba, is a hard-rock exploration company strategi-

34 2023-2024 Northern Prospector

cally located to capitalize on the world’s growing EV appetite. The company’s current focus is on its Zoro and Jean Lake Property for a winter drill campaign.

THE ZORO PROPERTY This property consists of 16 claims totaling 8,377-acre /3,390-hectares. The property hosts 16 spodumene-bearing pegmatite dykes discovered to date. It was revisited this past summer for sampling and detailed structural mapping to assist with targeting for the upcoming winter drill season. Sample results included 2.13, 0.57, 0.64, 0.10, 1.09, 1.45 per cent Li2O. The Zoro 1, hosts an inferred resources of 1,074,567 tons at a grade of 0.91 per cent Li2O, with a cut-off of 0.3 per cent in accordance with the Company’s SK1300 Technical Report Summary (2023) and NI-43101 Technical Report (2018).

Dyke 1 and Dyke 8 are the most prominent dykes and remain open at depth and along strike to perform additional in-fill drilling and delineate additional tonnage of resource.

Earlier in the year, Foremost had announced that it completed a successful program with XPS Expert Process Solutions and SGS Canada Inc. to develop a process to produce and refine a near six per cent Li2O spodumene concentrate into a saleable battery-grade lithium hydroxide product from a 500-kilogram bulk sample from the Zoro Property.

“We achieved a global lithium recover of 81.6 per cent at a spodumene concentrate grade of 5.88 per cent, while returning an extremely favourable OPEX/ CAPEX to our company,” adds Barnard.

“This will position Foremost to market future lithium production to battery

manufacturers and other strategic partners while it’s still in the ground for potential off-take agreements.”

JEAN LAKE PROPERTY The Jean Lake Property consists of five contiguous claims totaling 2,476 acres/1,002 hectares, and three spodumene bearing pegmatite dykes, however B1-B2 pegmatite is now understood to possibly be one spodumene-bearing pegmatite with a minimum 350-metre length. The property was visited the past summer where additional overburden was stripped from the B1 and B2 occurrence, revealing more spodumene mineralization. Four chip samples were collected during the 2023 field program, three of which were from spodumene bearing pegmatite. Assay results included 0.01, 1.82 and 1.86 per cent Li2O from the three samples.

Foremost’s next steps on both these properties include work permit approval and drill targeting for a winter drill program on both Zoro and Jean Lake.

Drilling on Zoro will seek to expand the existing resource on Dyke 1, as well as further investigate the spodumenebearing pegmatites on Dyke 8 and Dyke 16. The drill program at Jean Lake will follow up on the results from the previous winter 2023 drill program with the hopes of expanding the high-grade spodumene occurrences at B1 and B2.

“This has been an exciting phase for our company and its shareholders,” Barnard says. “Positioning Foremost for trading on the Nasdaq was a significant milestone that opened us to a global audience and exchange. Dahrouge continues to be a great exploration partner, and we look forward to achieving future success.” ✘

P

Ea X re hy

“W 5.

B

Figure 1.0 – Overview of the Zoro Property showing spodumenebearing pegmatites and untested LCT pegmatites which are targets for future exploration

Figure 1.0 – Overview of the Zoro Property showing spodumene-bearing pegmatites and untested LCT pegmatites which are targets for future exploration

The Zoro 1, hosts an inferred resources of 1,074,567 tons at a grade of 0.91 per cent Li2O, with a cut-off of 0.3 per cent in accordance with the Company’s SK-1300 Technical Report Summary (2023) and NI-43101 Technical Report (2018). Dyke 1 and Dyke 8 are the most prominent dykes and remain open at depth and along strike to perform additional in-fill drilling and delineate additional tonnage of resource.

Photo 1 – Large spodumene crystals at Dyke 1 on the Zoro Property.

Photo 1 – Large spodumene crystals at Dyke 1 on the Zoro Property.

arlier in the year, Foremost had announced that it completed a successful program with XPS Expert Process Solutions and SGS Canada Inc. to develop a process to produce and spodumene concentrate a saleable battery-grade lithium efine a near six perPhoto cent Li2– 2OLarge spodumene crystalsinto found in outcrop at the B1 pegmatite ydroxide product from a 500-kilogram bulk sample from the Zoro Property.

We achieved a global lithium recover of 81.6 per cent at a spodumene concentrate grade of .88 per cent, while returning an extremely favourable OPEX/CAPEX to our company,” adds Barnard. “This will position Foremost to market future lithium production to battery

Northern Prospector Photo 2– Large spodumene crystals found in outcrop at the B1 pegmatite2023-2024

35

FLYING NICKEL’S MINAGO NICKEL PROJECT:

THE FUTURE OF NICKEL MINING

F

lying Nickel Mining’s (TSXV:

ment, signaling the unwavering commit-

electric vehicles, thanks to its low GHG

FLYN; OTC: FLYNF) flagship

ment to responsible mining and open-

supply chain emissions and high-quality

Minago project in Manitoba

pit operations processing 10,000 tonnes

covers 197 square kilometres of

concentrate.

per day at Minago.

prime land and hosts one of Canada’s largest greenfield open-pit nickel sulphide deposits. Located in the southern region of Manitoba’s renowned Thompson Nickel Belt, North America’s second most productive nickel mining zone, Minago nickel sulphide project has received over C$70 million in investments since its launch in 1966.

ENVIRONMENTAL RESPONSIBILITY

The project is also expected to complete a carbon sequestration study to maximize the low carbon footprint and cap-

Minago’s strategic location, traversed

ture in the Ultramafic tailings basin dur-

by Manitoba Provincial Highway 6 and

ing the Feasibility Study Update.

a high-voltage (230 kV) hydroelectric power transmission line, positions it as a potential global leader in low carbonintensity nickel projects. The company is actively exploring various initiatives

When operation starts, the Minago project is expected to produce less than one tonne of carbon dioxide per tonne of nickel-equivalent production over the life of the mine, about 97 per cent lower than the industry average of 33.4 tonnes of CO2 in 2021, the study found.

Flying Nickel is currently pursuing a

to minimize the carbon footprint of a

three-pronged development strategy

prospective mining operation, including

at Minago, encompassing exploration,

the examination of a fully electric mine

permitting, and the anticipated update

fleet and utilizing renewable Manitoba

to the 2010 feasibility study. Additional

hydroelectricity to power ore and waste

Minago holds immense promise, reflect-

work is in progress to produce an updat-

processing. The Manitoba Agriculture

ing the structural, geological, and min-

ed MRE to fully capture the value of the

and Resource Development Depart-

eralogical characteristics of deposits in

Platinum metals group mineralization as

ment (ARDD) has voiced support for the

the Thompson Dome to the north. The

well. The company is highly committed

Minago Project, recognizing its pivotal

exploration journey so far has outlined a

to engaging with First Nation stakehold-

role in supplying much-needed Class

substantial nickel resource, both in open

ers and cultivating mutually beneficial

1 high-purity nickel for nickel-lithium

pit and underground reservoirs, total-

partnerships with local communities.

batteries that are vital to the era of fast-

ing 721.6 million pounds of measured

growing EV markets.

and indicated nickel and 318.9 million

PERMITTING

Anticipated to possess an industry-lead-

EXPLORATION POTENTIAL

pounds of inferred nickel. The nickel mineralization at Minago continues be-

In August 2011, the Minago Project

ing low carbon footprint that surpass 99

achieved a major milestone when the

per cent of existing global nickel pro-

Environment Act License (EAL) was is-

duction according to a study by Skarn

sued by the province of Manitoba. Sub-

Associates, a metals and mining ESG

sequently, in December 2013, the previ-

research company. Minago is poised to

Substantial volumes of nickel miner-

ous project operator filed a noteworthy

significantly reduce the carbon dioxide

alization that are presently defined by

Notice of Alteration (NOA) to the EAL,

(CO2) emissions associated with con-

drilling in the Nose Zone and North

addressing the relocation of the tailings

ventional nickel production. The nickel

Limb Zone were excluded from the cur-

management area to address First Na-

concentrate from Minago is uniquely

rent MRE by the cut-off grades applied.

tion concerns. Flying Nickel has since

positioned to fuel high-performance

The current optimized pit shell has a

submitted substantial updates on the

nickel batteries, a crucial component

maximum depth of approximately 350

2014 NOA to the Manitoba Govern-

powering the next wave of modern

metres below surface.

36 2023-2024 Northern Prospector

yond 350 metres in depth and along the strike, heralding a future of prolific mining.

per cent lower than the industry average of 33.4 tonnes of CO2 in 2021, the study found.

Figure 1. Thompson Nickel Belt Map Source: Company Data Figure 2. Minago Map Figure 2. Minago Map.

Figure 1. Thompson Nickel Belt Map.

Substantial volumes of nickel mineralization that are presently defined by drilling in the Nose Zone and North Limb Zone were excluded from the current MRE by the cut-off grades applied. The current optimized pit shell has a maximum depth of approximately 350 metres below surface.

Source: Company Data Source: Data Table 1:1:Minago Project MRE Sensitivity Study At Lower – Effective February 8,Company 2022 February Table Minago Project MRE Sensitivity StudyCut-off At Lower Cut-off – Effective 8, 2022 Type

Ni % Cut-off

Open Pit Potential0.15 Exploration

Category

Tonnes (‘000)

Ni %

Nickel (‘000 lbs)

Measured and Indicated

33,750

0.59

438,995

Inferred 3,610 0.45 mineralogical 35,814 Minago holds immense promise, reflecting the structural, geological, and Underground of deposits 0.3 Measured and Indicated 31,910 The exploration 0.65 457,271 characteristics in the Thompson Dome to the north. journey so Inferred 0.6 444,981 far has outlined a substantial nickel resource, both in open33,640 pit and underground reservoirs, totaling 721.6 million0.15/0.3 pounds ofMeasured measured indicated nickel and 318.9 Combined and and Indicated 65,660 0.62million pounds 897,483 of inferred nickel. The nickel mineralization at Minago continues beyond 0.59 350 metres in depth Inferred 37,250 484,520 and along the strike, heralding a future ofestimate prolific mining.

Source: Anindependent independent Minago mineral was published February 2022 by Mercator Source: An Minago mineral resourceresource estimate (“MRE”) was (“MRE”) published in February 2022 byin Mercator Geological Services Limited (“Mercator”), Minago Project Mineral Resource Estimate – EffectiveFeb 8, 2022 Resource Estimate – EffectiveFeb 8, 2022 Geological Services Limited (“Mercator”), Minago Project Mineral

Regionally, historical drilling completed

sion. There has been cumulative 90,783

core drilling programs to expand exist-

metres of drilling at the Minagoto Project five kilometres tohistorical the south ofdrilling the Nosecompleted ing mineral and update the Regionally, five kilometres the south of theresources Nose Zone (South

sixnorthwest operators since Addition-Limbhistoric Zone (Southand Target), and kilometres three kilome- toby reinforcing Target), three the of1966. the North Zonefeasibility (O Limbstudy, Target) by its ally, Flying Nickel drilled nickel 2,718 metres in tres to theExploration northwest of the North1969 Limb to 1971 dedication to sustainable and Amax from encountered mineralization similar in stylegrowth to that 2022 afterthese acquiring thespecific Minago Project Zone (O Limb Target)

by Amax Exploenvironmental responsibility. To encapat Minago.

The company believes that two areas represent high-priority in February 2021. ration fromfor 1969 to 1971exploration encountered and potential resource expansion.sulate, Flying Minago project targets further There hasNickel’s been cumulative

nickel mineralization similar in style epitomizes theAdditionally, future of nickel mining, 90,783 metres of drilling at to the Minago Project six operators 1966.

The current Minagoby Mineral Resource since

Flying NickelThe drilled 2,718 metresEstimate in 2022(MRE) afterunderscores acquiringitsthe Minago Project in February 2021. that at Minago. company believes heralding a new era of eco-conscious status that two specific areasMineral representResource and its community-focused pracas one ofEstimate Canada’s largest undeveloped Thethese current Minago (MRE) underscores status as one mining of

high-priority targets forundeveloped further explo- sulphide tices, forming a compelling value proposulphide nickel deposits.

In the upcomCanada’s largest nickel deposits.

In the upcoming year, the company ration potential resource expan- programs sition. ✘ ing year, the plans to conduct plansand to conduct core drilling tocompany expand existing mineral resources and update the

historic feasibility study, reinforcing its dedication to sustainable growth and environmental Northern Prospector 2023-2024 37 responsibility. To encapsulate, Flying Nickel’s Minago project epitomizes the future of nickel

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