Forum Energy Metals Corp. (TSXV: FMC) (OTCQB: FDCFF) ("Forum" or the "Company") announces it has commenced mobilization of its camp, fuel, equipment and second drill to its camp location on the Aberdeen Uranium Project, located adjacent to Orano's 133 million pound Kiggavik uranium deposit in the Thelon Basin, Nunavut. Forum plans a 10,000 metre drill program just two months away in June to follow-up on its successful drill program in 2023. Four drill holes into the Tatiggaq deposit intersected up to 2.25% U3O8 over 11.1 metres over a 200-metre strike length. The structure hosting uranium mineralization extends for 1.5 kilometres within a highly altered uranium mineralized system.
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Rock Chip Assays Of 16.05% Cu Drive Austral’s 2023 Drill Targets
Key highlights:
- Drilling of prioritised phase 1 Anthill 2.0 copper oxide exploration targets within the existing ML are currently in progress.
- Drilling of phase 1 McLeod Hill and Lady Annie copper oxide exploration targets scheduled to be completed in 2022, both targets on existing ML’s.
- Copper Oxide Targets in 2023 include the Drifter trend where recent surface rock chip samples assayed at 16.05% Cu, highly prospective known targets adjacent to the Anthill open pit mine and targets within the Glencore JV.
- Copper Sulphide targets in 2023 include Lady Colleen where Austral continues to define a high- grade zone, Enterprise where Austral reported a Maiden Mineral Resource, Flying Horse, Lady Annie, Investigator and Neptune.
- Flying Horse and Lady Annie have existing Mineral Resource estimates. In 2023 Austral will explore for additional high-grade oxide and sulphide copper mineralisation, including lower-tonnage higher-grade zones within the sulphide mineralisation.
- Austral continues leveraging off the material existing legacy datasets to accelerate the exploration to discovery pipeline.
- $10m budgeted for exploration over 2023 and JV discussion continue with multiple parties.
Austral’s Exploration Strategy Progressed
As previously reported, Austral has committed to an annual exploration and development budget of $10M1.
Austral’s current total JORC compliant Mineral Resource Estimate of 60Mt @ 0.7%Cu, hosts 420,000t of contained copper2. Within this headline number, mineralisation by type is approximately 50% sulphide, 25% transitional and 25% oxide. Austral is constantly reviewing this resource inventory, with the dual aims of expanding and commercialising it.
The Company’s key exploration activities continue to be:
- Extend mine life beyond the current four years at Anthill by discovering additional copper oxide ore;
- The focus in 2022 and 2023 are targets on existing mining leases and/or within 50km of the Mt Kelly SX-EW plant
- Increase the current JORC compliant Mineral Resource estimate of 420kt of contained copper
- Monetise Austral’s current JORC compliant sulphide Mineral Resources of 210kt of contained
- copper
- Explore for primary copper and base metal sulphide mineralisation within the Company’s vast 2,100km2 of exploration tenure.
CY22 copper oxide exploration has systematically progressed
Lady Annie has an existing JORC Compliant resource of 12.2Mt @ 0.76% Cu at a 0.3% Cu cut-off2. Phase 1 exploration drilling is targeting geophysical targets (Figure 1). Exploration program details:
- Lady Treska - geophysical VTEM anomaly occurs with a coincidental gravity anomaly offset 100m to the west. This feature is comparable with the adjacent Lady Annie VTEM anomaly
- Big Nose - the largest geophysical gravity anomaly on ML displays a coincidental spatial distribution of high amplitude gravity with anomalous Cu in soils >500ppm
- Planned drilling in 2022 of prioritised 13 holes for 1,450m. All CHC & CCA in place. Access and drill pads are being developed.
Click here for the full ASX Release
This article includes content from Austral Resources, 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.
TNC Announces Institutional Placement
True North Copper Limited (ASX:TNC) (True North, TNC or the Company) is pleased to advise that it has signed binding documentation with Millinium Capital Managers Limited as trustee for MP Materials and Mining Group Fund for a placement of A$5 million comprising the issue of 41,666,667 fully paid ordinary shares in the Company (Shares) at an issue price of A$0.12 per Share (Placement).
The issue price of $0.12 per Share represents a 66.67% premium to the last closing price of $0.072 prior to the Placement, demonstrating strong investor confidence in the Company’s future prospects and growth potential.
The Shares will be issued under existing placement capacity pursuant to Listing Rule 7.1A and will be subject to voluntary escrow for a period of 12 months from the date of issue.
Settlement of the placement and the issue of the Shares is expected to occur in tranches within the next 7 business days. The Company intends to apply the funds towards working capital including exploration programs.
MP Materials and Mining Group Fund is a specialist mining investment fund office backed by high net worth and family office investors.
Click here for the full ASX Release
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.
Forte Minerals CEO Highlights Strategy for Prospecting, Acquiring Prolific Assets at Low Cost
Forte Minerals’ (CSE:CUAU) ability to discover and acquire exploration properties at a low cost in Peru has been largely accomplished through two strategies: seeking relinquished properties when the market is down, and employing remote sensing technology for discoveries, according to the company’s president and CEO, Patrick Elliott.
"Through low market times, we thrive on property acquisitions, deals, negotiating," he said. "It's usually around a time when other companies are relinquishing properties. A lot of the majors go through these periods whereby exploration gets the first cut. ... So we remain very flexible to be able to pick up these properties for nothing."
Elliott was commenting on the company’s recent acquisition of two properties in Peru — the Alto Ruri gold prospect and the Cerro Quillo gold-copper-molybdenum prospect — for a one-time cash payment of only US$25,000.
“Predominantly, our model is discovering through remote sensing,” Elliott said. “We've made five or six remote sensing discoveries from space using satellite imagery data, and Peru works really well. It's a phenomenal place to deploy this technique, because there's not a whole lot of vegetation cover in the Andes.”
The same model for prospecting exploration properties has been deployed by Forte since it began operations in Peru, given its remoteness. Remote sensing has allowed the company to scope out assets without the logistical challenges associated with having personnel on the ground, he added.
“The challenge is logistics, remoteness and just finding the time and the team to go in and follow up on the hundreds and hundreds of anomalies that we've depicted and highlighted … Maybe in a year we might get to 10 or 12 new ones, but it takes a while to follow up on them,” Elliott said. "So it's a phenomenal way to acquire properties for (essentially) nothing, and for staking. It's also why we spent 15 years doing this model."
Watch the full interview with Patrick Elliott, president and CEO of Forte Minerals, above.
Disclaimer: This interview is sponsored by Forte Minerals’ (CSE:CUAU). This interview provides information which was sourced by the Investing News Network (INN) and approved by Forte Minerals in order to help investors learn more about the company. Forte Minerals is a client of INN. The company’s campaign fees pay for INN to create and update this interview.
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 Forte Minerals and seek advice from a qualified investment advisor.
This interview may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, receipt of property titles, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. The issuer relies upon litigation protection for forward-looking statements. Investing in companies comes with uncertainties as market values can fluctuate.
TNC Operational Update - Cloncurry Copper Project’s Mining Restart
True North Copper Limited (ASX:TNC) (True North, TNC or the Company) is pleased to provide an operational update on the mining restart at its 100% owned Cloncurry Copper Project (CCP).
HIGHLIGHTS
- TNC will commence mining ore at Wallace North in early Q4 FY24 (see Figure 2).
- Mining preparation at Wallace North progressed in March 2024 (as access and mine areas dried after monsoonal rainfall events in February and early March) including the following:
- Mobilisation of mining equipment and support infrastructure to the Wallace North project site (see Figures 4 & 5).
- Preparation of existing access and haulage roads for upcoming mining activities (see Figure 3).
- Completion of short-term mine scheduling by technical service teams.
- Onboarding of skilled mining fleet operators.
- The mining ramp-up will initially build ore stockpiles, with haulage expected to start in mid-May 2024. Oxide ore will be transported by road train to the Cloncurry Operations Hub's heap leach. Sulphide ore will be transported to a nearby concentrator for toll treatment under TNC's toll-milling agreement with Glencore International AG1 (Glencore).
- The CCP currently incorporates the Great Australia Mine Reserve3 (includes Great Australia Mine [GAM], Taipan and Orphan Shear deposits) and the Wallace North Reserve4 totalling 4.7Mt grading 0.80% Cu and 0.13g/t Au containing 37.5kt of copper and 20.0koz of gold (see Figure 1) at a strip ratio of 4.22.
- The CCP restart plan confirms positive project economics including mine revenue of A$367M with free cash flow of A$111M, and a pre-tax NPV10 of A$88M over a 4.6 year mine life, at USD$8,500/t Cu price and USD$1,850/oz Au price (0.7 A$:USD exchange rate)2.
COMMENT
True North Copper’s Managing Director, Marty Costello said:
“This is an exciting and transformative phase for TNC. Thanks to the hard work of our Mining Operations Team we are prepared and ready to deliver on our Cloncurry Copper Project Mining Restart Plan with mining commencing at Wallace North in early Q4 FY24.
CCP project economics confirm a robust mining operation that is low risk and low-cost. Projected mine revenue is A$367M with a free cash flow of A$111M.
Our plans to develop Mt Oxide into our next mine continue as we finalise the Vero mineral resource re-estimation and optimisation study.”
Figure 1. TNC's Cloncurry Copper Project (including current reserves) *see References 3 & 4.
Figure 2. Wallace North copper reserve and pit crest. The Wallace South Gold resource is included for reference.
Click here for the full ASX Release
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.
Copper Reserves: Top 5 Countries (Updated 2024)
Copper has become a hot topic due to its role in the green energy transition and its necessity for urbanization. However, the lack of incoming supply in the long term has experts concerned.
The term “peak copper” was coined because some experts believe that copper reserves may be diminishing; as a result, it’s prudent to know the top copper reserves by country when considering investing in the mining industry.
The Copper Development Association pegs current known worldwide copper ore resources at nearly 5.8 trillion pounds, of which only about 0.7 trillion pounds, or 12 percent, have been mined throughout history. Plus, nearly all of that mined copper is still in circulation, as the red metal’s recycling rate is higher than that of any other engineering metal.
With that in mind, what are the biggest copper reserves by country? According to the most recent data from the US Geological Survey, the countries with the largest copper coffers are Chile, Peru, Australia, Russia and the Democratic Republic of Congo (DRC). Read on to learn more about these copper kingpins.
1. Chile
Copper reserves: 190 million MT
Chile has the largest copper reserves of any country by far, with 190 million metric tons (MT) as of 2023. Chile’s reserves guarantee copper production for roughly the next 100 years at the current extraction rate.
Chile is also the world’s largest copper producer, having produced some 5 million MT of copper from mines in 2023. BHP’s (ASX:BHP,LSE:BHP,NYSE:BHP) Escondida is the largest copper-producing mine in the world, and supply disruptions at the site — for example, due to wage negotiations — can also affect copper prices.
Copper plays a significant role in the Chilean economy, with an estimated 20 percent of the nation’s gross domestic product attributed to copper production. While elevated prices in recent years were a boon for the country, economic and real estate troubles in China, a major importer of Chilean copper, have impacted the Latin American country.
2. Peru
Copper reserves: 120 million MT
Peru holds 120 million MT, or 12 percent, of the world’s copper reserves. In 2023, the country maintained its position as the second largest producer (tied with the DRC), with national copper output of 2.6 million MT.
Peru’s largest copper reserves can be found at the Antamina, Toquepala, Cerro Verde, Cuajone and Tintaya mines. Antamina mine is Peru's largest copper mine, and it's operated by Antamina, a joint venture owned by BHP, Glencore (LSE:GLEN,OTC Pink:GLNCF), Teck Resources (TSX:TECK.A,TSX:TECK.B,NYSE:TECK) and Mitsubishi (TSE:8058). Southern Copper (NYSE:SCCO) operates the Toquepala and Cuajone mines, Freeport-McMoRan (NYSE:FCX) operates Cerro Verde in Arequipa and Glencore operates the Tintaya mine.
3. Australia
Copper reserves: 100 million MT
At 100 million MT, Australia has the third largest copper reserves, housing around 10 percent of global reserves. However, its output is much lower than the top two countries, with 810,000 MT mined in 2023.
According to the Australian government, the nation’s copper resources are largely concentrated at the Olympic Dam copper-uranium-gold deposit in South Australia and at the Mount Isa copper-lead-zinc deposit in Queensland. Other important copper resources in the country are at the Northparkes copper-gold, CSA copper-lead-zinc and Girilambone copper deposits in New South Wales; the Ernest Henry, Osborne and Mammoth copper and copper-gold deposits at Selwyn in Queensland; the copper-zinc deposits at Golden Grove; and the Nifty copper deposit in Western Australia.
4. Democratic Republic of Congo
Copper reserves: 80 million MT
The DRC has seen its copper reserves increase dramatically in recent years to tie with Russia as of 2023. One major copper asset in the DRC is Ivanhoe Mines’ (TSX:IVN,OTCQX:IVPAF) Kamoa-Kakula project, a joint venture the company shares with partner Zijin Mining Group (OTC Pink:ZIJMY,SHA:601899).
As more projects are developed, the DRC is on track to eclipse Peru for the number two spot in copper production. In 2023, production in the African country reached 2.5 million MT.
4. Russia
Copper reserves: 80 million MT
Though it isn’t particularly known for its copper production, Russia’s status in terms of copper reserves makes it a top global competitor. Its reserves are docketed at 80 million MT, but 2024 production was low, coming in at just 910,000 MT.
One of the biggest copper operations in Russia is the Udokan deposit in Siberia, which is currently owned by Udokan Copper, previously named Baikal Mining Company. The deposit made headlines a few years back when it was revealed that the company was looking to raise US$1.25 billion to develop a mining and metallurgical plant at the project. The company successfully launched copper concentrate production at the new plant in September 2023.
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Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.
Forum Commences Mobilization for 10,000 Metre Drill Program at the Aberdeen Uranium Project, Thelon Basin, Nunavut
Figure 1 Inuit-owned Peter's Expediting Ltd. has commenced Forum's overland haul of fuel tanks and supplies across the Arctic tundra from Baker Lake to its camp location, 120 km to the west.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4908/203018_c444c116341909cd_003full.jpg
Dr. Rebecca Hunter, Vice President, Exploration commented, "We are excited to commence our 2024 exploration program in Nunavut starting with the large task of moving our drill camp, second drill and consumables overland from Baker Lake to our new Aberdeen Camp."
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/203018
News Provided by Newsfile via QuoteMedia
Avrupa Minerals CEO Eyes Joint Ventures for VMS Projects in Europe
Avrupa Minerals (TSXV:AVU,OTC Pink:AVPMF,FWB:8AM) has achieved exploration milestones at the fully funded Alvalade copper-zinc volcanogenic massive sulfide project in Portugal and the Slivova gold project in Kosovo. CEO Paul Kuhn is keen to look for potential joint ventures to advance the company's projects.
“The idea is that we start the early phases of the project," he said. "We do the early exploration and hopefully discovery, which we've done at Slivova in Kosovo and the Sesmarias (target) in Portugal, and get them to a point where they are 'venturable.'”
Joint ventures, according to Kuhn, work better by allowing Avrupa and its partners to work together and resolve any problems related to exploration.
“Finland is early (stage). We need to dress up the properties with good basic exploration work, a few drill holes, and then I feel we'd be able to make a strong joint venture there,” he said. “And we're looking for partners that can bring our properties to mining. We're not miners, we're explorers. We do a real good job of exploring and finding."
Watch the full interview with Avrupa Minerals CEO Paul Kuhn above.
Disclaimer: This interview is sponsored by Avrupa Minerals (TSXV:AVU,OTC Pink:AVPMF,FWB:8AM). This interview provides information which was sourced by the Investing News Network (INN) and approved by Avrupa Minerals in 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 interview.
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.
This interview may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, receipt of property titles, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. The issuer relies upon litigation protection for forward-looking statements. Investing in companies comes with uncertainties as market values can fluctuate.
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