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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Graphite Metallurgical Test Work Update
Highlights:
- Bulk sample of Springdale graphite concentrate estimated to be completed in Q2 2021.
- Concentrate material will then be sent to Germany to test its amenability for the production of battery anode material suitable for use in EVs.
- Final test results expected in Q3 2021.
Comet Resources Ltd (ASX:CRL) is pleased provide an update on ongoing test work on natural flake graphite from its Springdale Graphite Project (Springdale) located in Western Australia. Both excellent grade and recoveries were achieved on initial tests, leading to commencement of work to produce a bulk sample for further testing. Importantly, the graphite concentrates previously produced demonstrated a unique and potentially very valuable characteristic in its small size distribution, with two-thirds of the product passing the 38 µm size fraction screen. Generally, this small size fraction of graphite is a by-product of processing of larger flake fractions, which produces smaller size graphite, but in doing so also damages the smaller flake material in the process, reducing their performance and value. Deposits that contain high quality ultra-fine graphite are uncommon and are potentially suitable for supplying the expanding battery anode market, which continues to grow as the sales of electric vehicles (EVs) increase. Graphite suitable for battery anode production also achieves premium pricing in graphite markets, making it a highly sought-after product.
Once the bulk sample of Springdale graphite concentrate is produced it will be forwarded to a specialist lab in Germany where they will assess, among other properties, the performance of the graphite during purification, micronisation and spheronisation. These are the key steps for the processing of natural graphite products for EV battery anode specification markets. Comet’s German lab partners will simulate these to test Springdale’s product suitability to meet industry standards in all of these areas.
Comet Managing Director, Matthew O’Kane, commented, “The results of this ongoing test work will determine the suitability of the natural flake graphite from Springdale for use in the manufacture of battery anodes for electric vehicles. Earlier tests have demonstrated the graphite from Springdale is quite a rare product due to its very small flake size, which could make it ideally suited for anode production. This next stage of specialised testing will hopefully confirm this.”
Further test work on the bulk sample of float concentrate in Germany is designed to assess the ability of the concentrate obtained by flotation to be converted into highly valuable, readily saleable products.
Three different processes are to be tested:
- Purification to carbon content above 99.9%, as these carbon levels pave the way for high tech applications like usage in batteries;
- Micronizing for products which require well defined small flake graphite particles for their end uses; and
- Spheronisation for usage in lithium-ion-battery anodes for the rapidly expanding market for EVs due to the global drive to de-carbonise the transport network.
These test work streams are designed to confirm the suitability of Springdale graphite as a precursor material for these high value-added products. We look forward to receiving the results from these work streams and will provide updates as soon as the information is available.
This announcement has been authorised by the Board of Comet Resources Limited
For further information please contact:
MATTHEW O’KANE
Managing Director
(08) 6489 1600
comet@cometres.com.au
cometres.com.au
Suite 9, 330 Churchill Avenue Subiaco WA 6008
PO Box 866 Subiaco WA 6904
About Comet Resources
Santa Teresa Gold Project (Mexico)
The Santa Teresa Gold Project is comprised of two mineral claims totalling 202 hectares located in the gold rich El Alamo district, approximately 100 km southeast of Ensenada, Baja California, Mexico; and 250 km southeast of San Diego, California, USA. The Project is prospective for high grade gold. In addition to the two claims of the Project, two additional claims totalling a further 378 hectares in the surrounding El Alamo district are being acquired from EARL.
Barraba Copper Project (NSW)
The 2,375ha exploration license that covers the project area, EL8492, is located near the town of Barraba, approximately 550km north of Sydney. It sits along the Peel Fault line and encompasses the historic Gulf Creek and Murchison copper mines. The region is known to host volcanogenic massive sulphide (VMS) style mineralisation containing copper, zinc, lead and precious metals. Historical workings at Gulf Creek produced high-grade copper and zinc for a short period around the turn of the 19th century, and this area will form a key part of the initial exploration focus.
Springdale Graphite Project (WA)
The 100% owned Springdale graphite project is located approximately 30 kilometres east of Hopetoun in south Western Australia. The project is situated on free hold land with good access to infrastructure, being within 150 kilometres of the port at Esperance via sealed roads. The tenements lie within the deformed southern margin of the Yilgarn Craton and constitute part of the Albany-Fraser Orogen. Comet owns 100% of the three tenement’s (E74/562 and E74/612) that make up the Springdale project, with a total land holding of approximately 198 square kilometres.
Forward-Looking Statement
This announcement includes forward-looking statements. Forward-looking statements include, but are not limited to, statements concerning Comet Resources Limited’s planned exploration programs, corporate activities and any, and all, statements that are not historical facts. When used in this document, words such as “could,” “plan,” “estimate,” “expect,” “intend,” “may”, “potential,” “should” and similar expressions are forward-looking statements. Comet Resources Limited believes that its forward-looking statements are reasonable; however, forward looking statements involve risks and uncertainties and no assurance can be given that actual future results will be consistent with these forward-looking statements. All figures presented in this document are unaudited and this document does not contain any forecasts of profitability or loss.
No New Information
To the extent that this announcement contains references to prior exploration results and Mineral Resource estimates, which have been cross referenced to previous market announcements made by the Company, unless explicitly stated, no new information is contained. The Company confirms that it is not aware of any new information or data that materially affects the information included in the relevant market announcements and, in the case of estimates of Mineral Resources that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed.
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.”
Click here for the full ASX Release
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
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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.”
Click here for the full ASX Release
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.
Opportunities for VMS Exploration in Finland
Finland has a well-established reputation as a jurisdiction with rich mineral resources, mining-friendly policies and sophisticated infrastructure. The country also hosts rich polymetallic volcanogenic massive sulfide (VMS) deposits, which represent one of its most significant resource advantages.
These characteristics arguably make Finland one of the most promising European targets for both mining investment and VMS exploration, and prospective investors would do well to understand the country's overall mining landscape.
VMS deposits: A brief overview
Rich in metals such as copper, zinc, lead and silver, VMS deposits can be found all over the world and possess several distinct characteristics that make them particularly valuable from a mining perspective.
First, VMS deposits generally occur in clusters, with the discovery of one mineral-rich resource often preceding the discovery of others. VMS deposits also tend to be well suited to low-cost open-pit mining, if initially discovered mineralization occurs close to the surface. Lastly, VMS deposits tend to possess deep reserves, with a single deposit capable of producing for more than 50 years. Examples of this occur in Canada, Portugal, Spain and Finland.
These characteristics are all connected to how a VMS deposit forms: through deep-sea volcanic activity. Underwater volcanic vents known as black smokers expel mineral-rich hydrothermal fluids into the ocean, and the metals precipitate and settle onto the seafloor. This process, continuing across tens of thousands, even millions of years, may result in multiple high-density mineral deposits centered around the volcanic vents.
Finland’s jurisdictional advantage
Finland has been regarded as one of the most attractive mining jurisdictions in the world.
In 2017, the country even ranked as the top target for mining investment, owing to a winning combination of rich mineral reserves, a stable sociopolitical climate, efficient permitting and competitive tax rates. Finland's established mining infrastructure and extensive clean energy resources are also immensely beneficial, reducing upfront capital costs while making it far easier for mining companies to maintain sustainable operations.
Despite its advantages, the overall perception of Finland as a mining jurisdiction fell in 2023, ranking 16th in policy attractiveness and 29th in overall investment attractiveness, according to a Fraser Institute report. Concerns about labor availability and the country’s legal system are among the reasons cited by respondents for the decreased scoring for Finland, according to the report. Despite the drop in ranking, Finland is an incredibly promising mining jurisdiction and its advantages, compared to other EU and global jurisdictions, remain unchanged.
VMS deposits in Finland
Finland's geography is incredibly rich in resources, with roughly 47 distinct metallogenic areas containing everything from ferrous and precious metals to critical minerals, rare earths and uranium.
Many of Finland's VMS deposits are concentrated at the country's heart, within the Vihanti-Pyhäsalmi Mining District. Situated at the border zone between the northeastern Archaean Craton and the centrally located Paleoproterozoic Svecofennian Domain, Vihanti-Pyhäsalmi hosts two major VMS deposits.
Named Vihanti and Pyhäsalmi, each of these major deposits is surrounded by a number of smaller satellite deposits. The Pyhäsalmi mine is Europe's deepest base metals mining project. Vihanti ceased production in 1992, while the Pyhäsalmi mine ended extraction of metals in 2023. The mine remains open for environmental oversight and cleanup, sales of pyrite concentrates and government-supported research for mine closure activities.
Finland's major players
Finland's mining sector is booming, with operations maintained by mining and exploration companies of all sizes. Many of these companies operate not just in Finland, but throughout Scandinavia as well, prioritizing resources deemed critical for Europe's clean energy transition. Some of the more prominent companies are listed below.
Rupert Resources (TSX:RUP,OTCQX:RUPRF)
Rupert Resources’ 634 square kilometer Rupert Lapland project in Northern Finland is within the Central Lapland Greenstone Belt, which is part of the Fennoscandian Shield. The shield spans across three other countries — Sweden, Norway and Russia — with about 1,700 known mineral occurrences. The project includes the multimillion-ounce Ikkari gold discovery and the Pahtavaara mine and mill, with a preliminary economic assessment showing 4.25 million ounces of gold to be recovered over a 22 year mine life and a US$1.6 billion after-tax net present value.
Agnico Eagle Mines (TSX:AEM,NYSE:AEM)
With gold reserves of nearly 3.7 million ounces, Agnico Eagle Mines' Kittila mine in Lapland, Northern Finland, is the largest gold producer in Europe. The mine is characterized by mafic volcanic and sedimentary rocks, with a strike length of 25 kilometers along the major gold-bearing Suurikuusikko Trend.
Arctic Minerals (STO:ARCT)
Arctic Minerals holds a 100 percent interest in mining and exploration projects hosted throughout Finland. These include multiple VMS-focused projects situated in Central Finland and Finnish Lapland, all highly prospective for copper, nickel and other battery metals. The company also holds mineral rights to two highly promising projects in Norway.
First Quantum Minerals (TSX:FM,OTC Pink:FQVLF)
First Quantum Minerals owns and operates the Pyhäsalmi mine complex. A Canada-based mining corporation, First Quantum positions itself as an expert in unlocking value from complex mineral projects. In addition to Pyhäsalmi, the company owns and operates mining projects in Spain, Mauritania, Zambia, Western Australia, Turkey, Panama, Peru and Chile.
Capella Minerals (TSXV:CMIL,OTCQB:CMILF)
Capella Minerals owns and operates multiple exploration projects throughout Norway and Finland. The company's European assets are focused around copper, cobalt, gold and lithium. In Finland, Capella holds a 70 percent initial interest in both the Northern Finland copper-gold project and the Perho lithium-rare earths project, alongside a portfolio of multiple reservations in Central Finland.
Barsele Minerals (TSXV:BME,OTCQB:BRSLF)
In late 2023, Barsele Minerals merged with Gold Line Resources, Finland's largest mineral rights holder.
According to a press release from Gold Line, this created one of the largest license packages in Scandinavia, covering a total area of 104,000 hectares across Finland and Sweden. Much of this package is focused on the Gold Line Belt, situated on the western edge of the Skelleftea polymetallic VMS belt.
Barsele also maintains 45 percent ownership of the Barsele project in Sweden, which contains both intrusive-hosted and gold-rich VMS deposits. Agnico Eagle holds the remaining 55 percent interest.
Avrupa Minerals (CVE:AVU)
A growth-oriented junior exploration and development project generator, Avrupa Minerals is currently advancing no less than four separate prospects in Finland with its joint venture partner Akkerman Exploration, through the joint venture entity Akkerman Finland. This includes two recently approved applications for copper-zinc targets in the Pyhäsalmi District, Kangasjärvi and Hallaperä. Akkerman holds two other permits in the district, Kolima and Rauha. In addition to its Finnish operations, Avrupa operates a copper-zinc joint venture project in Portugal and owns a partner-operated gold project in Kosovo.
Avrupa's unique growth strategy focuses on attracting well-funded partners to support its exploration and development efforts and building up a portfolio of projects situated in historic mineral belts. Currently, the company has strategic partners in Portugal and Kosovo, while Finland encompasses the bulk of its recent portfolio growth. Avrupa is actively seeking new investors from Europe, Mexico, Canada and the US.
Investor takeaway
Although Finland's reputation as a mining jurisdiction is perhaps not as flawless as it once was, the country nevertheless remains one of the most promising regions in the world for mining and exploration. There is little doubt that, alongside the other Nordic countries, Finland will be instrumental in fueling Europe's transition to net-zero carbon. In the process, investors can expect the region to generate a wide range of investment opportunities.
This INNSpired article is sponsored by Avrupa Minerals (TSXV:AVU). This INNSpired article provides information which was sourced by the Investing News Network (INN) and approved by Avrupa Mineralsin order to help investors learn more about the company. Avrupa Minerals is a client of INN. The company’s campaign fees pay for INN to create and update this INNSpired article.
This INNSpired article was written according to INN editorial standards to educate investors.
INN does not provide investment advice and the information on this profile should not be considered a recommendation to buy or sell any security. INN does not endorse or recommend the business, products, services or securities of any company profiled.
The information contained here is for information purposes only and is not to be construed as an offer or solicitation for the sale or purchase of securities. Readers should conduct their own research for all information publicly available concerning the company. Prior to making any investment decision, it is recommended that readers consult directly with Avrupa Minerals and seek advice from a qualified investment advisor.
Forum Engages Investor News Network and Grants Stock Options
Forum Energy Metals Corp. (TSXV: FMC) (OTCQB: FDCFF) ("Forum" or the "Company") announces it has entered into an agreement with Investing News Network ("INN") to provide an advertising and investor awareness campaign. The agreement is for a term of one year commencing March 1, 2024 and ending March 2, 2025. The cost of the campaign is $30,000 payable as to $15,000 on March 1, 2024 and $15,000 on September 1, 2024.
The Company also announces that, in accordance with the Company's stock option plan, it has granted to a consultant incentive stock options to purchase up to an aggregate of 100,000 common shares exercisable on or before March 11, 2025 at a price of $0.15 per share.
Forum Energy Metals Corp.(TSXV: FMC) (OTCQB: FDCFF) is focused on the discovery of high-grade unconformity-related uranium deposits in the Athabasca Basin, Saskatchewan and the Thelon Basin, Nunavut. In addition, Forum holds a diversified energy metal portfolio of copper, nickel, and cobalt projects in Saskatchewan and Idaho. For further information: https://www.forumenergymetals.com.
ON BEHALF OF THE BOARD OF DIRECTORS
Richard J. Mazur, P.Geo.
President & CEO
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information contact:
Rick Mazur, P.Geo.
President & CEO
mazur@forumenergymetals.com
Tel: 604-630-1585
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/201190
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