Hudbay Minerals Inc. ("Hudbay" or the "company") ( TSX, NYSE: HBM) is pleased to announce the signing of an option agreement (the "Agreement") with Marubeni Corporation ("Marubeni"), pursuant to which Hudbay has granted Marubeni's wholly-owned Canadian subsidiary an option (the "Option") to acquire a 20% interest in three projects located within trucking distance of Hudbay's processing facilities in Flin Flon, Manitoba, as shown in Figure 1 and further described below. In order to exercise the Option, amongst other things, Marubeni will fund at least C$12 million in exploration expenditures over a period of approximately five years with Hudbay acting as operator and carrying out the exploration activities. Upon successful completion of Marubeni's earn-in obligations, a joint-venture will be formed to hold the selected projects with Hudbay, acting as operator, holding an 80% interest and Marubeni holding the remaining 20% interest. The execution of the Agreement follows the signing of a memorandum of understanding between the parties that set out the framework for a multi-year exploration partnership, as previously announced in July 2023.
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Flem Conductors & Mineralised Gossans Define High Priority Targets, Drilling Underway
Alvo Minerals Limited (ASX: ALV) (Alvo or the Company) is pleased to announce multiple new FLEM conductors around the C3 prospect increasing the prospectivity of the C3 ‘cluster’. Follow-up mapping, sampling and trenching has improved the targeting at Mafico, a new and undrilled VMS prospect to the east of C3. Diamond drilling has recommenced at C3 after extensive drilling at C1. The targets around C3 will be the focus of discovery drilling in coming weeks.
HIGHLIGHTS
- Fixed loop electromagnetic (FLEM) surveys across C3 reveal multiple conductors prospective for Volcanogenic Massive Sulphide (VMS) style mineralisation
- Drilling set to commence imminently at Mafico and Ema
- Multiple conductors on and around C3 indicates it may be situated at the centre of local cluster
- Broad mineralised gossans defined on surface and in trenches at Mafico significantly enhance prospectivity
- Two diamond rigs and one RC rig are operational at C3
- Phase 2 diamond drilling underway - testing extensions to known high-grade mineralisation (C3 remains open to the NE, SW and at depth) and surrounding high priority FLEM conductors
- RC drilling is targeting supergene mineralisation and shallow VMS positions
- Compelling near-term newsflow expected with Phase 1 diamond drilling results at C1 due in coming weeks and metallurgical testwork on C3 diamond core underway
Alvo Minerals’ Managing Director, Rob Smakman, commented on the ongoing exploration:
“The surprising number of conductors surrounding C3 encouraged our geologists to start hunting for mineralised gossans to help rank drill targets. Finding gossanous float at Mafico and following it up with trenching, which defined broad mineralised gossans at surface, has got the team excited for drill testing and enhanced our discovery process.
“Our exploration model of a regional cluster of VMS deposits within the Palma district has been partially confirmed by the FLEM surveys completed across C3 and surrounds. The multiple conductors on and around C3 indicate it may be situated at the centre of local cluster. Drill testing of these new conductors will start shortly, as we seek our first “discovery” and the confirmation of our exploration model.”
Exploration at C3 and surrounds
Alvo initiated FLEM surveys in June 2022 using the recently purchased ‘state of the art’ equipment at the C3 prospect (see Figure 1). The surveys are designed to map and discover conductive minerals which could be mineralised, similar to the VMS style mineralisation currently being explored at C3 and C1.
Figure 1. Compilation plan of FLEM surveys and conductive anomalies around the C3 prospect. New prospects including Mafico, Ema (previously named C3 West), Pelicano and Pombo (Channel 25) all represented at same size scale, with variable colour conductivity scale. Background is VTEM image (channel 30).
The first survey loop1 (Loop 1) targeted the known mineralisation at C3 and was instantly successful in defining the mineralisation previously intersected in drilling by Alvo and the Brazilian Geological Survey (CPRM). Alvo has completed over 4,000m of drilling at C3 to date, with phase 2 diamond drilling currently underway. FLEM surveys and the addition of downhole electromagnetic surveys (DHEM - currently underway) have the ability to expand the prospectivity and refine the drill targeting.
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This article includes content from Alvo Minerals, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Camp Gossans, Mt Oxide Priority Exploration Target - Rock Chips Return Strongly Anomalous Copper, 1.2km Along Strike from Vero
One of TNC’s 2024 priority exploration targets1, Camp Gossans is 1.2km along strike from the Vero Resource (Vero) at TNC’s Mt Oxide Project. TNC completed sampling at Camp Gossans in December 2023.
HIGHLIGHTS
- Camp Gossans is part of the larger Dorman Fault Mineral System, a +10km long trend that hosts Vero.
- Mineralisation is developed in the Gunpowder Creek Formation that hosts several other copper deposits in the region including Vero, Lady Loretta, and Esperanza.
- Potential for a large-scale deposit indicated from mapped strike length and widths of mineralisation.
- Anomalous Cu, Co & As zones identified from multiple gossanous breccia structures that are up to 16m wide with a combined strike length of over 500m including:
- Alpha Gossan – +300m long and up to 9m wide Cu-Co-As trend with +100m strike of gossanous hydrothermal breccias returning up to 0.11% Cu and 0.3 g/t Au.
- Gamma Gossan – +310m folded Cu +/- Co As Ag trend of gossanous breccias with visible copper oxide mineralisation and up to 0.12% Cu within the Gunpowder Formation sediments, host to Vero.
- Beta Gossan – +350m intermittently outcropping gossanous breccia with anomalous Co-As and two sub zones of elevated Cu:
- Zone A – +90m Cu Co As geochemical trend over an untested 16m wide intensely oxidised outcrop with leached textures returning up to 0.47% Cu and 0.61% Cu from neighbouring sub-crop.
- Zone B – +20m Cu Co As geochemical trend over intensely oxidised, 5m wide outcrop returning up to 0.15% Cu.
- Similar breccia textures and mineralisation styles to outcrops at Vero (TNC’s 100% owned Mt Oxide Project) and the Esperanza, and Esperanza South Resources (part of 29 Metals Limited’s [ASX: 29M] Capricorn Copper Project located 25km south of Vero).
- The results are the same order of magnitude of geochemical anomalies from the leached gossans formed above Capricorn Copper's deposits. Capricorn Copper’s Esperanza (8.4Mt @ 7.9% Cu)2 and Esperanza South Deposits (2.7Mt @ 2.0% Cu)3 returned up to 0.62% Cu4 and 0.24% Cu4 respectively in historic rock chips from leached gossans at surface. Comparable rock chips from similar leached gossans at Camp Gossans returned up to 0.61% Cu.
COMMENT
True North Copper’s Managing Director, Marty Costello said:
“Camp Gossans is a high priority 2024 exploration target at our Mt Oxide Project. We believe it holds exceptional discovery potential. Mapping and rock chip sampling identified highly anomalous copper and cobalt zones. The footprint and geochemical results at Camp Gossans are also similar in size, mineralisation style and geochemical anomalism to the discovery outcrops at Esperanza and Esperanza South, which have produced significant copper at the Capricorn Copper Project that lies 25kms to the south*.
Despite significant historical investment by previous Mt Oxide owners at the Vero Resource, multiple prospects including Camp Gossans, have never been systematically explored or drill tested. Camp Gossans is now a confirmed TNC priority for geophysics programs and drilling in 2024.
We look forward to sharing our progress and achievements as we venture into this exciting and transformative phase of production, development and exploration including commencing mining operations at our Cloncurry Copper Project, advancing our 2024 exploration program and developing Mt Oxide into our next mine.”
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This article includes content from True North Copper, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Interra Copper Announces Closing of First Tranche Private Placement, Credit Facility and CEO Appointment
Interra Copper Corp. (CSE: IMCX; FRA: 3MX) ("Interra" or the "Company") is pleased to announce that, further to its news release of February 23, 2024, which announced a non-brokered private placement (the "Private Placement") offering up to an aggregate of 2,000,000 units (the "Units") at a price of C$0.20 per Unit for gross proceeds of up to C$400,000, it has closed the first tranche of this non- brokered private placement (the "First Tranche Private Placement") raising aggregate proceeds of $145,000.
The Company issued 725,000 units (each, a "Unit") at a price of $0.20 per Unit. Each Unit consists of one (1) common share in the capital of the Company (a "Share") and one-half (1/2) of one (1) Share purchase warrant, whereby each whole Share purchase warrant (a "Warrant") shall be convertible into an additional Share (a "Warrant Share") at an exercise price of C$0.35 per Warrant Share. Each Warrant shall expire on the date that is two (2) years following the date of issuance (the "Expiry Date"). The Expiry Date is subject to acceleration in the event the volume-weighted average trading price of the Company's common shares on the Canadian Securities Exchange is equal to or greater than C$0.45 for a continuous 30- day period at any time after that date which is four (4) months following the date of issuance, in which case the Expiry Date of the Warrants shall automatically accelerate and the Warrants will expire on that date which is 30 days after the date on which notice of such acceleration event is provided to the holder.
Proceeds from the First Tranche Private Placement are intended for exploration activities and general working capital purposes. The securities issued under the First Tranche Private Placement will be subject to a statutory hold period expiring July 15, 2024.
In connection with the First Tranche Private Placement, two insiders of the Company (the "Insiders") purchased an aggregate of 325,000 Units for total consideration of $65,000 as follows: (i) Richard Gittleman, CEO and Director of the Company, purchased 250,000 Units for total consideration of $50,000, and (ii) Jason Nickel, Chief Operating Officer and Director of the Company, purchased 75,000 Units for total consideration of $15,000. The participation by the Insiders in the First Tranche Private Placement constitutes a "related party transaction" as defined under Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Company is relying on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101, as neither the fair market value of the Units purchased by Insiders, nor the consideration for the Units paid by Insiders, exceeds 25% of the Company's market capitalization. The Company did not file a material change report in respect of the related party transaction at least 21 days before the closing of the First Tranche Private Placement, which the Company deems reasonable in the circumstances in order to complete the First Tranche Private Placement in an expeditious manner.
No finder's fees were paid in connection with the First Tranche Private Placement.
The second tranche is expected to close on or about March 29, 2024, subject to certain conditions, including, but not limited to, the receipt of all necessary regulatory and other approvals.
The securities described herein have not been registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws, and may not be offered or sold absent registration or compliance with an applicable exemption from the registration requirements of the U.S. Securities Act and applicable state securities laws. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful.
Credit Facility
In addition, as announced in the news release dated February 23, 2024, the Company has entered into a revolving credit facility with a ("Lender") of up to C$400,000. The terms of the facility are as follows:
Amount: C$400,000
Interest: 9 percent annually
Term: 2 years
Security: Unsecured
Termination: Two years, or earlier in the event of a material adverse financial change of the Company
Conversion: At any time, the Lender may notify the Company that any outstanding debt, plus accrued interest, should be converted into equity on a 5-day volume weighted average market price of the Shares. No part of any loan drawn from the facility is callable by the Lender for cash. The Company has the right to pay any amount drawn from the facility, plus accrued interest, in cash without a notice period. President and CEO
Finally, the Company wishes to announce the appointment of Richard Gittleman as President and CEO. Mr. Gittleman has been acting as interim President and CEO since September, 2023. Rick Gittleman, President and CEO, states, "Originally it was not my intent to take on the role of the Chief Executive Officer on a permanent basis. The past six months have convinced me that the Interra team and vision is the right one and that the shareholders of Interra need a CEO fully committed to the Company's success. Accordingly, it is with great pleasure I announce that the Interra Board has asked me, and I have accepted, to serve as the permanent CEO of Interra."
On behalf of the Board of Interra Copper Corp.
Rick Gittleman
CEO & Chairman
For further information contact:
Katherine Pryde Investor Relations investors@interracoppercorp.com
Forward Looking Information
This news release contains certain "forward-looking information" and "forward-looking statements" (collectively "forward-looking statements") within the meaning of applicable securities legislation. Forward-looking statements are frequently, but not always, identified by words such as "expects", "anticipates", "believes", "intends", "estimates", "potential", "possible", and similar expressions, or statements that events, conditions, or results "will", "may", "could", or" should" occur or be achieved. All statements, other than statements of historical fact, included herein, without limitation, statements relating to the expected use of proceeds from the First Tranche Private Placement, and the revolving credit facility, including the terms thereof and the closing of the second tranche of the Private Placement are forward-looking statements. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements reflect the beliefs, opinions and projections on the date the statements are made and are based upon a number of assumptions and estimates that, while considered reasonable by Interra, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors, both known and unknown, could cause actual results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements and the parties have made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation, risks related to the Company receiving all approvals necessary for the completion of the Private Placement and the timing thereof. Readers should not place undue reliance on the forward-looking statements and information contained in this news release concerning these items. Interra does not assume any obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by applicable securities laws.
The Canadian Securities Exchange has not reviewed, approved or disapproved the contents of this press release, and does not accept responsibility for the adequacy or accuracy of this release.
Forte Minerals
Overview
When it comes to mining deposits, there’s no denying the potential output Peru has to offer. In 2023, Peru produced 2.6 million metric tons of copper, making it the world’s second-largest producer of copper. Peru was also one of the largest gold producers in 2023, ranking 7th in the world.
The mining-friendly country’s appeal has attracted the likes of several major mining companies, including Southern Copper (NYSE:SCCO), Freeport-McMoRan (NYSE:FCX), Hudbay Minerals (NYSE:HBM,TSX:HBM), Barrick Gold (TSX:ABX,NYSE:GOLD), Teck Resources (TSX: TECK.A and TECK.B, NYSE: TECK), Rio Tinto (NYSE:RIO), and many more. As a result, mineral exploration companies with projects in Peru may provide investors with an exciting opportunity for investments into a resource-rich country.
Forte Minerals (CSE:CUAU,FSE:2OA,OTCQB:FOMNF) controls assets acquired from its strategic project generative partner GlobeTrotters Resources Peru SAC and an Alta Copper (TSX:ATCU) option deal to form an attractive portfolio of high-quality copper and gold assets in Peru. These properties combine early-stage and drill-ready targets with a historically discovered and drilled porphyry system that is strategically positioned for copper and gold resource development.
Forte Minerals Portfolio
Forte Minerals has a strong land position of 12,000 hectares in Peru, including the Pucarini, Don Gregorio and Esperanza projects. The Don Gregorio project is a 900-hectare copper and gold porphyry project with gold and copper mineralization occurring on the subsurface. This project is under option by Forte Minerals from Alta Copper (previously Candente Copper), whereby Forte Minerals can acquire a 60-percent interest in Don Gregorio by cash payments of US$500,000 over three years, and 10,000-meter diamond drilling over three years upon receipt of drill permits.
The company’s 100-percent-owned Pucarini project is a gold asset with a high sulfidation epithermal gold target located in Puno, Peru. The Pucarini project consists of 1,000 hectares of primary target claims and 6,100 hectares of regional concessions. The project also has an NI 43-101 Technical Report from February 2021.
The company’s fully owned Esperanza project is a 4,000-hectare copper and molybdenum porphyry project located in the prolific and mining-friendly Paleocene belt of Southern Peru. The Paleocene belt hosts many of the largest existing porphyry copper mines and recent discoveries. The Esperanza project has not yet been tested by drilling but holds exciting exploration potential.
Forte Minerals also acquired the Alto Ruri high sulphidation epithermal gold prospect and the Cerro Quillo porphyry gold-copper-molybdenum prospect from its strategic partner Globetrotters Resource Group. The prospects are situated on a contiguous 4,700-hectare block of concessions that were initially acquired by Globetrotters from Compañía Minera Ares S.A.C. These concessions were transferred to Forte's Peruvian subsidiary, Cordillera Resources Perú S.A.C., in exchange for a one-time cash payment of US$25,000.
The team at Forte Minerals boasts deep-seated roots within Peru's mining and exploration community. With a combined experience surpassing 215 years in exploration and mining throughout the Americas, the company’s standing is anchored by its profound community relationships and consistent track record of exploration successes.
Among the company’s esteemed cohort is a former principal geologist and general manager for Teck Resources in Peru, Manuel Montoya, who now champions Forte Minerals’ projects, ensuring every stage aligns with the highest standards. This addition solidifies the company's commitment to blending international expertise with local understanding.
Understanding the complexities of exploration, Forte Minerals also incorporated a full-time in-house social team. This team is more than just a nod to corporate responsibility – it's a testament to the company’s foundational belief that community ties are as vital as geological prospects and exploration.
In pursuing holistic growth and sustainability, Forte Minerals recently collaborated with Social Suite, signaling the commencement of an insightful ESG (environmental, social and governance) reporting journey. This partnership underscores Forte's vision to set industry benchmarks, especially in community engagement, environmental stewardship and its broader societal obligations.
Forte Minerals isn't just exploring terrains; it’s also pioneering a future where its mission amplifies ESG initiatives. The company’s promise remains unshaken: to strengthen community bonds, champion environmental conservation, and uphold societal commitments with unparalleled vigor.
The company hopes to take advantage of near-surface and underexplored metal endowments that are rich in copper and gold in Peru. Forte Minerals plans to leverage unique targeting methods and an effective alteration identification process. The company also aims to advance its projects with the anticipation of drilling permits and additional exploration and thousands of meters of drilling on its properties.
Company Highlights
- Forte Minerals has a strong land position of 12,000 hectares in Peru, including the Pucarini, Don Gregorio and Esperanza projects.
- Pucarini is a high-sulfidation epithermal gold project in Puno, Peru with an NI 43-101 Technical Report from February 2021.
- Don Gregorio is a copper and gold porphyry project with a historically discovered and drilled porphyry system.
- The 100-percent-owned Esperanza project is a copper and molybdenum porphyry asset located in the prolific and mining-friendly Paleocene belt of Southern Peru.
- Forte Minerals has a strong history of engagement with local communities. The company’s team has a combined 215 years of experience in exploration and mining in the Americas and a combined 60 years of successfully managing public companies.
- The company is finalizing drilling permits and preparing for a drilling campaign.
Key Projects
Don Gregorio
The Don Gregorio project is a 900-hectare copper and gold porphyry asset located in Peru.
The property features the historic exploration of 13 relatively shallow diamond drill holes completed on one section corridor since 1977. Both copper and gold mineralization was found in all 13 historical holes. The Don Gregorio project features enrichment grades of up to 0.8 percent copper and primary grades of up to 0.04 percent copper and 0.15 grams per ton (g/t) of gold.
The property is under option by Forte Minerals from Candente Copper Corp. Forte can acquire a 60-percent interest in Don Gregorio subject to cash payments of $US500,000 over three years and a total of 10,000 meters of diamond drilling over three years upon receipt of drill permits.
In 2021, the company began permitting and community engagement on the property. Going forward, Forte Minerals plans to begin phase 1 of a target evaluation drilling program consisting of 5,000 meters as well as preliminary metallurgical studies. The company believes the Don Gregorio project hosts excellent exploration potential to develop into a world-class porphyry copper-gold deposit.
The Esperanza project is a 5,000-hectare copper and molybdenum porphyry project located in the prolific and mining-friendly Paleocene belt of Southern Peru. The Paleocene belt hosts existing porphyry copper mines and recent discoveries.
The project is fully owned by Forte Minerals. It is currently untested by drilling but remains prospective for copper sulfide mineralization. In 2021, the company conducted permitting and target development, including geophysics. The company received an environmental impact statement from the Peruvian Ministry of Energy and Mines (MINEM) in December 2023.
Pucarini
The Pucarini project is a gold project located in Puno, Peru. The property consists of 1,000 hectares of claim and 6,100 hectares of regional concessions. The Pucarini project is accessible by airport and road with proximity to a highway network and electricity. The project features multiple gold-bearing advanced argillic alteration zones within a 3.6 by 1.8-kilometer argillic alteration footprint. The project also contains a Miocene high sulfidation epithermal gold target.
- The project has an NI 43-101 Technical Report from February 2021. To date, the targets on the property have not been tested by drilling. In 2021, Forte Mineral initiated drill permitting, community engagement and drill permits are expected shortly. The maiden drill program will test a phenomenal coincident geophysical and geochemical anomaly that boosts tremendous high sulphidation alteration. In 2022, an extensive regional follow-up program around Pucarini identified three new discoveries of epithermal mineralization in the Miocene Arc similar to Pucarini. More surface work and geophysics were undertaken in 2022-23 to further understand these prospects.
- The company received an environmental impact statement from the Peruvian Ministry of Energy and Mines (MINEM) after more than two years of environmental baseline studies, archeological assessments, social engagement, and government processing. The final drill permit will be delivered by MINEM upon completion of the prior consultation process (Consulta Previa) with the local Indigenous communities.
Board of Directors and Management Team
Patrick Elliott - President, CEO and Director
Patrick Elliott has more than 18 years of experience in the mining industry. Elliott has a Master of Science in mineral economics and an MBA in mining finance from the Curtin University of Technology in Perth, Australia. He is currently the president and CEO of Lexore Capital, the vice-president of strategy for GlobeTrotters Resource Group and a director of E29 Resources and MLK Gold. He completed his undergraduate Bachelor of Science in geology at the University of Western Ontario. Elliott has spent over 10 years in copper and gold exploration in South America and the United States of America.
Richard Osmond – Chairman
Richard Osmond has over 25 years of experience in the mining sector, including experience with INCO (VBNC), Falconbridge and Anglo American. He was involved in exploration discoveries at Vale’s Voisey’s Bay deposit and Glencore’s Raglan mine. He was later hired as a senior technical leader with Anglo American. At Anglo American, Osmond was responsible for nickel exploration in Northern Canada, Alaska and Scandinavia as well as IOCG and porphyry Cu-Mo exploration in Mexico and Alaska. Osmond is currently the president and CEO of GlobeTrotters. Osmond holds an Honors Bachelor of Science from Memorial University.
Stephanie Ashton - Director
Stephanie Ashton has more than 25 years of experience in the mining industry and natural resources sector. Specifically, Ashton’s experience is in the exploration and development of mining projects. In Latin America, she served on the boards of junior mining companies and as an officer in the capacity of CFO and vice president of corporate development. Ashton holds a Bachelor of Science in international business from California Polytechnic State University, a master’s in business from the HEC School of Management and a master’s in mineral economics from the Universidad de Chile.
Douglas Turnbull - Director
Douglas Turnbull is a consulting geologist with over 30 years of experience in diamond, precious and base metal exploration. He holds an Honors Bachelor of Science degree in geology and is a Qualified Professional Geoscientist recognized by the Engineers and Geoscientists of British Columbia. Turnbull has managed or served on the boards of a number of junior exploration and mining companies with assets ranging from early- to advanced-stage projects worldwide. Turnbull holds an Honors Bachelor of Science in geology from Lakehead University.
Richard Leveille - Director
Richard Leveille has an accomplished career that spans over 40 years. He attended the University of Utah, graduated with a B.Sc. in geology, and later completed his master's in geology from the University of Alaska. His work experience progressed through companies such as AMAX, Kennecott, Rio Tinto and Phelps Dodge. Leveille was also the senior vice-president of exploration for Freeport Copper & Gold, where he managed the team that helped add significant copper to reserves and made the Chukarui Peki discovery in Serbia, which shared the 2016 PDAC Thayer Lindsley International Mineral Discovery Award. Since his retirement at Freeport in 2017, Leveille has been working as a consulting geologist focusing on mineral exploration projects in Australia, South America and the United States.
Jasmine Lau - Chief Financial Officer
Jasmine Lau has an extensive background in the resource sector and has served as CFO of several public exploration companies with international projects. Lau previously worked at Teck Resources and Deloitte & Touche LLP’s Vancouver Assurance & Advisory group, where she focused on audits of public mining companies. She holds a Bachelor of Commerce from the University of British Columbia.
Manuel Montoya - General Manager of Peru
Manuel Montoya is a founder and general manager of GlobeTrotters, Element 29 and Forte Minerals. Montoya is a highly respected exploration professional with more than 43 years of experience in the mining and petroleum industries of Peru. He discovered the Zafranal Cu-Mo porphyry deposit in Peru for Teck. He has also successfully built and led teams exploring copper, gold and zinc in a wide variety of deposit types throughout the Andes of South America for Teck.
Anna Dalaire - VP of Corporate Development and Corporate Secretary
Anna Dalaire has 15 years of capital markets experience specializing in compliance and corporate communications. During her career, she has worked extensively with junior exploration companies in various corporate capacities. Dalaire’s background is in marketing with a focus on digital communications. Dalaire obtained her executive assistant and paralegal certificates.
Mike Carter - Lead Energy Advisor
Mike Carter has been a significant figure in renewable energy for over 25 years. As a founding partner at First Green Energy, Carter helped push forward new developments in renewable energy. He has led essential mineral exploration projects in Chile and Peru and has taken charge of significant initiatives in solar energy, energy storage and hydroelectric projects. His strong leadership at First Green Energy and experience in sectors like mining, manufacturing, agriculture and the automotive industry speak for themselves. Carter highlighted the benefits of combining renewable energy with traditional mining at the World Bank's Climate Smart Mining conference. He's known for working with top mining companies providing expertise in adding solar energy to their operations. He helped develop and secure over $15 million in grant funding to demonstrate new viable technologies at a significant profit. This served as a template resulting in successful exits from follow-on projects which bid Canadian record-breaking rates into the Province of Alberta’s call for power. His work in agrivoltaics – combining solar projects with farming – is an excellent example of his ongoing innovative approach towards energy development.
Tom Henricksen - Technical Advisor
Tom Henricksen has more than 35 years of experience in the mining industry. Henricksen is an exploration geologist with many discoveries, including Constancia, Corani and Ollachea while consulting Rio Tinto. He was instrumental in the resource development of Zafranal for AQM Copper and the discovery of Franke in Chile for Centenario Copper (Quadra) and Hot Maden in Turkey. Henricksen is a recipient of the 2018 Colin Spence Award.
Ricardo Labó - Mineral Economist Advisor
Ricardo Labó is a Peruvian mineral economist with more than 22 years of industry experience in Peru, Latin America and Africa, both in the public and private sectors. He is currently the country manager in Peru for Element 29 (TSXV:ECU), a partner at LQG Energy and Mining Consulting, General Manager of LQG Ambiental and Executive Director of the Australia Peru Chamber of Commerce.
He has held several high-level positions in the Ministry of Energy and Mines of Peru including Vice Minister of Mines, advisor to the Minister of Energy and Mines as well as director of mining promotion and development where he successfully promoted responsible mining exploration and development investment in the country. In the private sector, he held several senior positions at Rio Tinto, Roche, Phelps Dodge and Grupo Apoyo, provided strategic advisory and consultancy services to several international mining companies and institutions, and was a board member of several private and state-owned mining and energy companies.
Peter Espig - Financial Advisor
Since November 2013, Peter Espig has been the president and CEO of Nicola Mining (TSXV: NIM). He has been active in the turnaround of mining projects and has functioned in management and director roles for numerous mining companies. He is experienced in the analysis of investment opportunities, raising capital, deal sourcing, financial structuring, and corporate turnaround.
Espig served as vice-president of the Principal Finance and Securitization Group and Asia Special Situations Group for Goldman Sachs Japan. Before joining Goldman Sachs, Espig was vice-president of Olympus Capital, a New York private equity firm, where he participated in corporate restructurings, investment analysis and financing negotiations for both domestic and international investments.
Updated Nifty Mineral Resource Estimate Reaches 1 Million Tonnes Contained Copper
Australian copper company, Cyprium Metals Limited (ASX: CYM) (Cyprium or the Company), is pleased to present an updated 2024 Mineral Resource Estimate (MRE) for its flagship asset the Nifty Copper Mine (Nifty) in Western Australia.
HIGHLIGHTS
- Nifty Measured and Indicated mineral resource grows to 119mt at 0.84% pct Cu for 1 million tonnes contained copper
- Potential to further enhance mineral resource from existing mineralised heap leach inventory
- Updated MRE incorporates past underground modelling of Nifty in detail and supports plans for a large-scale, open-cut mine
- 95% of global resource now Measured and Indicated
“We’re pleased to produce an updated Mineral Resource Estimate for Nifty,” said Executive Chair Matt Fifield. “Nifty is one of the largest non-operational copper projects in Australia, and the only brownfield project that can be reactivated in short order. This update is the result of a disciplined process run by the Cyprium team and MEC Mining. Our objective with this MRE scope was to ensure a strong foundation for our planning work, including pit optimisation and mining studies.”
Table 1: Nifty Copper Deposit March 2024 Mineral Resource Estimate (MRE) above 0.25% Cu.Numbers are rounded to reflect a suitable level of precision. Numbers may not sum due to rounding.
Table 2: 2024 Nifty MRE update cut-off grades totals.
Nifty’s sedimentary-hosted copper resource showcases stable mineralisation patterns, defined by comprehensive drilling and mining activities spanning more than 30 years. This robust dataset, in conjunction with geological and structural information not included in the previous estimate, has given the company a better understanding and sharper definition of the deposit and significantly upgraded the resource classifications and its economics.
Plan, long-section looking north and cross section looking west showing the Nifty Middle Carbonate Unit wireframe and drilling used in the 2024 MRE update. (MEC Mining Nifty 2024 MRE release memorandum).
“As a result of the detailed study work, the proportion of the resource categorised as Measured & Indicated has risen from 80% to 95%, bolstering the project’s feasibility and long-term economic prospects,” said Fifield.
3D View of Nifty 2024 MRE resource categories. (MEC Mining Nifty 2024 MRE release memorandum).
“This MRE is the basis for our workstreams to redevelop Nifty into a significant new copper mine,” said Fifield. “With a million tonnes of contained copper, this resource should support a large scale mine. This is the long-term opportunity at Nifty.”
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This article includes content from Cyprium Metals, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Hudbay and Marubeni Sign Flin Flon Option Agreement to Advance Exploration Partnership
"This exploration partnership with Marubeni represents a significant milestone towards unlocking potential future value in the Flin Flon region," said Peter Kukielski, Hudbay's President and Chief Executive Officer. "This arrangement allows us to partner with Marubeni and leverage our operational and exploration expertise to test our large Flin Flon land package to potentially bring another mine into production and utilize Hudbay's idle processing infrastructure in Flin Flon. Hudbay has discovered and operated 29 mines in our nearly 100-year history in Manitoba and we have the potential to continue that success with this renewed focus on exploration in Flin Flon."
Masafumi Ichigetsu, General Manager, Copper Mining Dept., Marubeni, commented, "The signing of an option agreement with Hudbay gives us access to the Flin Flon Greenstone Belt, one of the most prospective base metal VMS camps in the world. We see tremendous opportunity to partner with Hudbay's technical expertise and proven track record of successful discovery, development and operation of many mines in the region. This is our first step to a long-lasting and prosperous relationship with Hudbay that will undoubtedly yield exceptional results."
Highlights of the Agreement
- During the earn-in period, Marubeni will fund exploration expenditures of up to C$12 million across three highly prospective projects over five years. A significant budget of C$7 million has been agreed to for the 2025 winter exploration program.
- Upon successful completion of Marubeni's earn-in obligations, Marubeni may exercise its Option to form a joint venture with Hudbay for any of the designated projects.
- The joint venture will allow both parties to jointly pursue development of the projects, with Hudbay holding an 80% interest and Marubeni holding the remaining 20% interest.
- After formation of the joint venture, all subsequent costs for exploration and development of the properties will be funded by each member in proportion to their respective participating interest.
- Hudbay will act as the joint venture operator and manage work programs to progress the exploration and development efforts. Should any of the projects advance to production, the parties may discuss the utilization of Hudbay's idle Flin Flon milling complex to process ore.
Flin Flon Projects
The Agreement focuses on three projects in the Flin Flon region, namely Cuprus-White Lake, Westarm and North Star, which were selected by Marubeni following a period of detailed due diligence. All three properties hold past producing mines that generated meaningful production with attractive grades of both base metals and precious metals. The properties remain highly prospective with potential for further discovery based on the attractive geological setting, limited historical deep drilling and promising geochemical and geophysical targets. Cuprus-White Lake, Westarm and North Star are all within 20 kilometres of Hudbay's Flin Flon milling complex.
Cuprus-White Lake
The Cuprus-White Lake project is located about 10 kilometres southeast of Flin Flon, consisting of 3,384 hectares including 94 claims. Historically, the area included the Cuprus mine, which produced 463,000 tonnes at grades of 3.25% copper and 1.3 grams per tonne gold in the early 1950s and the White Lake mine, which produced 850,000 tonnes at grades of 1.98% copper and 0.72 grams per tonne gold over ten years in the 1970s and 1980s. The geology in the area hosts favourable juvenile arc rocks on several parallel horizons, and most historical drilling was done without modern geophysical targeting.
Westarm
The Westarm project is located 14 kilometres south of Flin Flon, with three primary claims covering 727 hectares. The region saw production of over 1.4 million tonnes from the 1970s to 1990s, with average grades of 3.2% copper and 1.58 grams per tonne gold. A compilation of historical work programs outlined 210 surface drillholes with only 16% of the holes at depths below 300 metres, and numerous VTEM anomalies.
North Star
The North Star area is located 17 kilometres east of Flin Flon and includes 22 claims consisting of 406 hectares. The region had two historical producing mines, the North Star mine with production of over 242,000 tonnes with average grades of 6.11% copper and 0.34 grams per tonne gold, and the Don Jon mine with production of 79,000 tonnes at 3.09% copper and 0.96 grams per tonne gold. Both were in operation in the 1950s, with the region having seen limited modern exploration techniques. The area has had an IP survey over half the property with favourable chargeability anomalies that warrant further investigation.
Next Steps
The exploration work will begin in the summer of 2024 with various geochemical and mapping programs. The 2025 winter exploration program is expected to be significant with up to 20,000 metres of drilling and several geophysical programs to generate additional drill targets on the properties.
Figure 1: Map of Three Projects Selected for the Option Agreement
Hudbay has granted Marubeni an option to acquire a 20% interest in three projects located within trucking distance of Hudbay's processing facilities in Flin Flon, Manitoba. The exploration activities will be funded by Marubeni and carried out by Hudbay. All three properties hold past producing mines that generated meaningful production with attractive grades of both base metals and precious metals. The properties remain highly prospective with potential for further discovery based on the attractive geological setting, limited historical deep drilling and promising geochemical and geophysical targets.
Forward-Looking Information
This news release contains forward-looking information within the meaning of applicable Canadian and United States securities legislation. Forward-looking information includes, but is not limited to, the exercise of the Option, the entry by the parties into joint venture agreement in the event that the Option is exercised and the potential timing related thereto; the final and definitive terms of such agreement; Hudbay's expectations regarding exploration in Flin Flon and the potential for future discoveries on Hudbay's land claims; and Hudbay's strategies regarding the applicable projects. Forward-looking information is not, and cannot be, a guarantee of future results or events. Forward-looking information is based on, among other things, opinions, assumptions, estimates and analyses that, while considered reasonable by the company at the date the forward-looking information is provided, inherently are subject to significant risks, uncertainties, contingencies and other factors that may cause actual results and events to be materially different from those expressed or implied by the forward-looking information.
The risks, uncertainties, contingencies and other factors that may cause actual results to differ materially from those expressed or implied by the forward-looking information may include, but are not limited to, the risk that Marubeni does not exercise the Option, the risk that the parties are not able to negotiate a mutually acceptable definitive joint venture agreement in the event that the Option is exercised, risks generally associated with the mining industry and the current geopolitical environment, such as economic factors (including future commodity prices, currency fluctuations, energy prices and general cost escalation), risks associated with the permitting process with respect to our projects, uncertainties related to the development and operation of our projects, as well as the risks discussed under the heading "Risk Factors" in Hudbay's most recent Annual Information Form and under the heading "Financial Risk Management" in Hudbay's most recent management's discussion and analysis.
Should one or more risk, uncertainty, contingency or other factor materialize or should any factor or assumption prove incorrect, actual results could vary materially from those expressed or implied in the forward-looking information. Accordingly, you should not place undue reliance on forward-looking information. Hudbay does not assume any obligation to update or revise any forward-looking information after the date of this news release or to explain any material difference between subsequent actual events and any forward-looking information, except as required by applicable law.
About Marubeni
Marubeni Corporation is a major Japanese integrated trading and investment business conglomerate that handles products and provides services in a broad range of business activities across wide-ranging fields. Marubeni and its consolidated subsidiaries use their broad business networks, both within Japan and overseas, to conduct importing and exporting (including third country trading), as well as domestic business, encompassing a diverse range of business activities across wide-ranging fields including lifestyle, IT solutions, food, agri business, forest products, chemicals, metals & mineral resources, energy, power, infrastructure project, aerospace & ship, finance, leasing & real estate business, construction, industrial machinery & mobility, next generation business development and next generation corporate development. Additionally, the Marubeni Group offers a variety of services, makes internal and external investments, and is involved in resource development throughout all of the above industries.
About Hudbay
Hudbay (TSX, NYSE: HBM) is a copper-focused mining company with three long-life operations and a world-class pipeline of copper growth projects in tier-one mining-friendly jurisdictions of Canada, Peru and the United States.
Hudbay's operating portfolio includes the Constancia mine in Cusco (Peru), the Snow Lake operations in Manitoba (Canada) and the Copper Mountain mine in British Columbia (Canada). Copper is the primary metal produced by the company, which is complemented by meaningful gold production. Hudbay's growth pipeline includes the Copper World project in Arizona (United States), the Mason project in Nevada (United States), the Llaguen project in La Libertad (Peru) and several expansion and exploration opportunities near its existing operations.
The value Hudbay creates and the impact it has is embodied in its purpose statement: "We care about our people, our communities and our planet. Hudbay provides the metals the world needs. We work sustainably, transform lives and create better futures for communities." Hudbay's mission is to create sustainable value and strong returns by leveraging its core strengths in community relations, focused exploration, mine development and efficient operations.
For further information, please contact:
Candace Brûlé
Vice President, Investor Relations
(416) 814-4387
investor.relations@hudbay.com
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/869d2f9e-b504-47f2-abaa-afd6b2f19f85
News Provided by GlobeNewswire via QuoteMedia
Mineralised Structure at Cumbre Coya Extended to Over 170m Strike Length
Australian battery minerals explorer, Firetail Resources Limited (“Firetail” or the “Company”) (ASX: FTL) is pleased to provide an update on the maiden diamond drilling (DD) program at the Picha Copper Project in Peru.
Assay results have been received from drill hole 23PCCD0002 at the Cumbre Coya target, which has intersected the same mineralised structure as the first drill hole (23PCCD0001) thereby confirming the mineralised structure extends over 170m in strike length and is open in all directions.
Highlights include:
- Mineralised structure at Cumbre Coya now extended to at least 170m strike length and is open in all directions.
- Same structure has been mapped at surface, extending for at least 500m strike length.
- This NW-SE trending structural corridor is interpreted to be the same as that intersected in the previous drill hole at Cumbre Coya1 (23PCCD0001) which returned 15.5m @ 0.72% Cu and 130g/t Ag from 3.25m
Figure 1a: Plan view of drillholes at Cumbre Coya Target overlain on Geological Map
Executive Chairman, Brett Grosvenor, commented:
"The latest results from our Cumbre Coya target at Picha are starting to demonstrate the potential of scale and what a special project this could be. The confirmation of the continuation of the mineralisation over 170m with the structure open in all directions gives us huge encouragment for what we may have here.
“We continue to be excited about the potential at Picha, and these latest results are a validation of all the hard work by the team in advancing this project.
“Work continues on site as we move into the latter part of the drill program, and we eagerly await the next results to to further develop our understanding of this system.”
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This article includes content from Firetail Resources Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
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