WORLD NEWS
USA USA Rare Earth exercises option to acquire stake in Round Top Project
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exas Mineral Resources Corp. (TMRC) has announced that, pursuant to the terms of the approved 2019 amended and restated option agreement, USA Rare Earth has fully funded its US$10 million commitment to earn its 70% interest in the Round Top heavy rare earth, lithium, and critical minerals project in Hudspeth County, Texas, and has exercised its option to acquire an additional 10% of the Round Top Project. As a result of the performance by USA Rare Earth, pursuant to the 2019 amended and restated option agreement, TMRC formed Round Top Mountain Development LLC to hold the joint venture (JV) interests of TMRC and USA Rare Earth. TMRC will own a 20% interest in Round Top Mountain Development LLC. All other corporate activities, such as TMRC’s rare earth elements from coal initiatives, as well as its New Mexico silver exploration project, are not part of the USA Rare Earth JV and remain 100% with TMRC.
USA Rare Earth recently completed a Series C funding round of US$50 million and is now funded through the completion of the definitive feasibility study (DFS). The DFS includes the pre-feasibility study, the pilot plant, and a demonstration plant to be built at the Round Top site later this year, which will include test heap leach pads and continuous ion exchange processing. The demonstration plant will support the DFS and permitting, as well as producing representative materials for evaluation by prospective customers. The Round Top JV has received construction stormwater permits from the Texas Commission on Environmental Quality and has commenced a 20 000 t bulk sample to support the feasibility studies and the demonstration plant. USA Rare Earth will continue to explore additional financing as required with its advisors, Goldman Sachs and Bank of Montreal.
MALI Resolute Mining begins blasting at Syama Mine
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significant milestone for the Resolute and Orica partnership has recently been achieved, with the commencement of production blasting at the Syama mine in Mali using WebGenTM, the world’s first fully wireless initiating system developed by Orica. The WebGen system completely eliminates the need for down-lines and surface connecting wires by sending firing commands through hundreds of metres of rock, air and water, in order to initiate blasts reliably and safely without re-entry into
high-risk areas. Wireless blasting supports Resolute’s strategic vision of being a successful low-cost gold producer. WebGen will drive efficiency and optimisation throughout the production cycle for the mine, including increased cave flow performance and overall ore recovery by reducing the consequences of hole dislocation or loss and redrilling required. Resolute intends to utilise WebGen across its underground production operations and sees WebGen as a critical enabler to achieving its automated mine of the future vision at Syama.
AUSTRALIA Alien Metals commences Phase 2 drilling on Hancock Licence
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lien Metals Ltd, a minerals exploration and development company, has advised that it has commenced the second phase of drilling on the Hancock Licence, part of the Hamersley Direct Shipping Iron Ore High Grade Project in the Pilbara region of Western Australia. This follows the recently completed maiden drilling programme. The company had sufficient confidence from the first batch of drill results from Phase 1 – both analytically and geologically – to return to the field and push on with an in-fill and extension drilling programme, using the same drill rig and drill team. Further, preliminary assay results have been received now
on all samples from the Phase 1 drill programme and, once quality assurance/quality control has been completed and reviewed, the company will update the market as soon as possible. The company’s focus for Phase 2 of drilling will be to seek a potential maiden resource on the Sirius Extension Prospect, adding knowledge and potential to the Ridge E Direct Shipping Ore (DSO) anomaly already defined, and will also test some newly identified DSO targets within the main area already drilled, including ridge C. If possible, the company may also consider surface reconnaissance and mapping on some untested areas to further expand its knowledge of the project. GLOBal mining review // May/June 2021
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