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Springdale Graphite Performs Exceptionally in Battery Anode Material Benchmark Tests
Comet Resources Ltd (Comet or the Company) (ASX:CRL) is pleased to provide the results of specialist test work on natural flake graphite from its Springdale Graphite Project (Springdale) located in Western Australia.
The test work results demonstrated the suitability of Springdale's graphite to undergo micronisation (in hammer mills), spheronisation and purification processes to the high specification levels necessary to produce precursor material for use in the manufacture of lithium-ion battery anodes. Additional test work will be conducted to optimise the results of the already impressive initial test results.
Highlights:
• Springdale Graphite Project material has performed exceptionally in test programs at a specialist facility in Germany
• Results from micronisation, spheronisation and purification met industry specification for battery anode material with purification up to 99.99% graphite content achieved
• The graphite also performed exceptionally in jet milling tests – Jet milled graphite products can also achieve premium prices in graphite markets
• Comet is engaged in discussions with multiple parties regarding commercial options for the Springdale Graphite Project
In addition, the Springdale graphite sample was also tested for performance in jet milling. Due to the fine flake size, the material was easy to micronise in a jet mill with good throughput and low energy consumption. The product was assessed as achieving industry standards for jet mill specification. Jet milled product, like lithium-ion battery anode precursor material, can also achieve premium pricing in graphite markets.
The results of the test work confirm Springdale's graphite material is high-value and suitable for value added processing, a key factor for future project economics. No graphite project will produce 100% lithium-ion battery anode precursor material, so it is therefore necessary to have other high-value saleable graphite products for the balance of the graphite produced to achieve the highest average revenue mix. The Company considers it exceptional that Springdale's graphite product has also performed well in jet milled tests, in addition to testing for generation of lithium-ion battery anode precursor materials.
Comet Managing Director, Matthew O'Kane, commented, "The results from the specialist test programs in Germany are fantastic! They confirm graphite material from Springdale has met key battery anode grade benchmarks as well successfully producing highvalue jet milled product. These results greatly increase the prospects for future development of the project. We will now assess future work programs, which include work to further optimise the processing of spherical graphite. With the continued push towards electrification, demand for these battery anode grade products should grow exponentially."
Summary of test programs:
Analysis of the dried concentrate material prior to testing: The concentrate material is a very fine graphite product. As a commercial grade, the concentrate would meet the specification of grade -200 mesh, the finest standard grade for flake graphite.
The loss on ignition (LOI) value of the concentrate material is relatively high at 95% (Carbon content), while fraction analysis showed that the LOI content is relatively similar for all size fractions, indicating successful results from flotation in the production of the concentrate.
The mean particle size, measured by laser analysis, was approximately 30 microns. The specific surface area is higher, however the density was lower when compared to a Chinese standard -200 mesh product.
The oxidation resistance of the product was measured by thermogravimetric analysis. A relatively low oxidation resistance was measured, which is likely due to the relatively high surface area.
Jet Milling and Impact Milling value added graphite products:
In the jet mill, the graphite concentrate processed very well. The throughput was high, and the energy consumption was low. The products from jet milling, as confirmed by laser analysis, appear very typical for this product category. The normal range of jet mill products can therefore be produced with Springdale concentrate as feed material. All properties are in line with common standards for jet milled, with only the density after milling being lower than for normal jet milled product. This lower density may make Springdale jet milled product well suited to applications related to conductivity, where lower density products perform better.
Impact milling was carried out with a hammer mill. Again, the concentrate was used as feed material. After several samples runs stable values were achieved, and it is assumed that stable processing will also be possible in commercial production. All the properties of the product from the impact mill are quite normal, except for the density, which is also lower here, although not as low as in the case of the jet milled product.
Purified Spherical Graphite - Battery Anode Material (BAM):
Micronisation:
As a first step, micronised graphite was produced without issue. Grinding tests were undertaken with the impact (hammer) mill, with two samples of an average particle size of 20 and 14 microns being produced in larger quantities. These two size fractions were then used as feed material for the spheronisation test work.
Spheronisation:
The material performed well during spheronisation. It was possible to get spherical graphite with acceptable properties for battery anode material with relative ease. The particle size distribution of the spheronized material is typical for spherical graphite. The ratio between d90 and d10 particle diameters is acceptable. With a further optimization, all standard target sizes (d50 values) for spherical graphite can likely be achieved exactly. This will be part of the future optimisation test work. Various pictures were taken of the spherical graphite using a scanning electron microscope (SEM). The SEM pictures of the spherical graphite 20 micron (SPG 20) and spherical graphite 14 micron (SPG 14) show that the material consists mainly of very wellrounded graphite spheres, which is very positive. The distribution of different particle sizes is rather narrow, producing a relatively homogenous product, which is also desirable.
The tap density is lower than best specification. A high tap density is preferred as it results in batteries with higher capacities. More optimisation test work will be undertaken to see if the tap density can be increased further. This optimisation test work will be undertaken both during production of the graphite concentrate, and also during processing into spherical graphite product.
The yield is relatively low at present compared to other graphite. Normally it is possible to achieve yields approximately 50%. The yield for the Springdale material was in the 30 to 40% range. It is probably the high proportion of fines in the feed product that is separated off by the classifier which generates the lower yield. This will also undergo optimisation in future testing to improve yields.
Purification:
After the spheronisation was completed a sample of the material was first purified with an intensive alkaline method, based on a caustic roasting process. The purification went well. An LOI value of 99.96% (carbon content) was measured in the purified product, which is above the general minimum specification for spherical graphite of 99.95%.
Assay of the purified material was then undertaken using the Inductively Coupled Plasma (ICP) technique. Essentially all elements present in the gangue are at a low level after the purification, especially the critical detrimental elements for use in batteries, such as Iron, Silicon, Chromium and Copper, which were measured at levels below the typical specification limits for BAM. Three element assays were slightly elevated, Sodium, Nickel and Calcium. Sodium is very likely a residue from the alkaline digestion (Sodium Hydroxide) and can presumably be reduced significantly by further optimization of the purification process. The same applies for Nickel, which is most probably coming the Nickel crucible used during purification. The only element which was found in higher concentration than usual was Calcium. Presumably, a modified acid treatment can lower the Calcium value. Often a limit of 25 ppm is given for Ca. This should be achievable without great effort.
A second sample of material was then purified using Hydrofluoric Acid (HF). LOI value was measured at 99.99% (carbon content) in the HF purified product, better than the alkaline method, and nearly 100% pure carbon content. ICP assay of the HF purified material is presently underway and results will be reported once received.
Testing Background:
Test work completed initially in 2019 and 2020 identified that graphite concentrate from Springdale, in particular in the high grade area of the resource, was quite a unique product due to its very fine size fraction, and also due the platy nature of the fine flake. Recognising that these properties may potentially have applications for BAM, a decision was made earlier in 2021 to generate a bulk sample of graphite concentrate to send to Germany for evaluation by a specialist graphite test facility. This press release details the results of that testing regime.
Consultants Engaged:
The design of the process flowsheet to produce the concentrate, and the preparation of the graphite concentrate itself, was performed by Independent Metallurgical Operations (IMO) in Perth, Australia. The concentrate was then shipped to ProGraphite GmbH in Untergriesbach, Germany, where the testing programs detailed in this press release were completed.
Commercial Engagement:
The Company is presently engaged in discussions with multiple downstream users of graphite products regarding the Springdale Graphite Project. Detailed results from the testing programs described in this press release have been shared under confidentiality agreements and management is engaged in ongoing discussions. This announcement has been authorised by the Board of Comet Resources Limited
Click here for the full ASX release.
Competent Persons Statement
The information in this report that relates to Mineral Resources and metallurgical test work conducted on sample material from the Mineral Resource is based on information compiled by Matthew Jones, who is a Competent Persons and Member of The Australasian Institute of Mining and Metallurgy. Matthew Jones is a consultant and was previously Exploration Manager of the Company. He has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". Matthew Jones consents to the inclusion in this report of the matters based on their information in the form and context in which it appears.
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.
International Graphite Funding Deal with Comet Resources a Win-Win, Report Says
“Management says the strategic funding transaction will prevent the potential sell down of any of the 40 million International Graphite shares owned by Comet – which delisted from the ASX in January – when they are released from escrow next month,” the report said.
The funding deal included giving International Graphite a majority seat on the Comet board, as IG6 management has called the deal a win-win for shareholders.
Click here to connect with International Graphite (ASX:IG6) for an Investor Presentation.
Bangemall Ground EM Surveys Outline Multiple Norilsk-Style Drill Targets
Miramar Resources Limited (ASX:M2R, “Miramar” or “the Company”) is pleased to advise that ground electromagnetic (EM) surveys have identified multiple drill targets at the Company’s large 100%-owned Mount Vernon and Trouble Bore Projects in the Gascoyne region of Western Australia.
- Ground EM survey completed at Mount Vernon and Trouble Bore Projects
- Multiple large shallow Ni-Cu-Co-PGE targets outlined for RC drill testing
- Regional, project and target-scale similarities to giant Norilsk Ni-Cu-Co-PGE deposits
Miramar’s Executive Chairman, Mr Allan Kelly, said the Company was excited about the district-scale opportunity evolving within the Bangemall Projects and looked forward to the maiden drilling campaign.
“Whilst many nickel producers are under pressure at the moment, mafic intrusion-hosted deposits such as Nova and Nebo Babel can be large and very valuable, due to the mix of metals present, which makes them immune to short-term fluctuations in the nickel price,” he added.
“At Mount Vernon and Trouble Bore, we are seeing all the ingredients needed for the formation of this type of deposit,” he said.
“We have nickel and copper-bearing dolerite sills intruding into sulphidic sediments, evidence of differentiation, including mafic cumulate rocks, and indications of accumulations of conductive sulphides within and/or beneath the sills,” he added.
Miramar is exploring for mafic intrusion-hosted nickel, copper, cobalt and platinum group element (Ni-Cu- Co-PGE) sulphide mineralisation related to 1070Ma aged Kulkatharra Dolerite sills, part of the Warakurna Large Igneous Province and the same age as the large Nebo-Babel deposits in the West Musgraves.
Geophysical contractor Wirelines Services Group has finished a ground EM survey comprising a mixture of Fixed Loop (FLTEM) and Moving Loop (MLEM) methods which tested five airborne EM anomalies within the Mount Vernon and Trouble Bore Projects (Figure 1).
The survey has confirmed and refined each of the airborne EM anomalies and outlined large shallow conductive drill targets consistent with Miramar’s Norilsk-style Ni-Cu-Co-PGE deposit model (Figure 2).
Target D is the last target to be tested within the Mount Vernon Project as part of the current programme.
The FLTEM survey at Target D covered part of a large airborne EM anomaly at the western end of the Project (Figure 3). The FLTEM survey refined the location of the southern VTEM anomaly, which remains open to the east.
When modelled, the FLTEM data indicates the presence of two large shallow, sub-horizontal plates with strong conductances, up to approximately 1600 Siemens (Figure 4).
Upcoming work programme
Miramar’s initial aim is to show “proof of concept” of the Norilsk-style deposit model by discovering Ni-Cu- Co-PGE sulphide mineralisation.
Over the previous 24 months, the Company has progressed from regional-scale area selection to collection of project-scale datasets and, more recently, to delineation of individual drill targets.
Upcoming work includes systematic rock chip sampling and preparation for the maiden drilling campaign.
Click here for the full ASX Release
This article includes content from Miramar 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.
Culpeo Minerals Identifies New Target at Fortuna Project
Culpeo Minerals Limited (“Culpeo” or the “Company”) (ASX:CPO, OTCQB:CPORF) is pleased to announce that assay results returned from ongoing regional mapping and sampling programs at its Fortuna Project (the Project) have led to the discovery of new mineralisation at the El Quillay East Prospect. The Company intends to quickly delineate the full extent of this new target prior to drill testing.
HIGHLIGHTS
- Newly discovered El Quillay East Prospect hosts high-grade copper and gold mineralisation 500m to the east of the main El Quillay Fault (see Figure 1).
- Rock chip samples returned assay grades up to 3.29% Cu and 1.32g/t Au, with all samples being greater than 1.0% Cu.
- Samples collected over an initial area of 250m x 150m with potential to extend in all directions.
- The El Quillay East Prospect is located on a structure parallel to the main El Quillay Fault and remains open to the southeast.
- The El Quillay Fault Zone spans >3km and links the El Quillay South, Central and North Prospects, where previous drilling returned an intersection of 26m @ 0.81% CuEq1.
- New breccia targets defined at Lana Corina and Vista Montana are scheduled for drilling in the coming weeks.
Culpeo Minerals’ Managing Director, Max Tuesley, commented:
“We are highly encouraged by these promising initial results from our target generation programs. The newly defined and well mineralised El Quillay East Prospect illustrates an abundance of copper mineralisation at surface within the structural corridor. Given this prospect has never been drilled, we see good potential for a second mineralised trend to be discovered, parallel to the 3km long El Quillay Fault.”
Figure 1: Plan View showing recent El Quillay East and Central results1, 2, 3.
EL QUILLAY EAST AND CENTRAL MAPPING AND SAMPLING
The El Quillay East Prospect is a newly discovered zone of mineralisation located 500m east of the El Quillay North Prospect where previous drilling returned an intersection of 26m @ 0.81% CuEq1. Samples were taken from outcrop and subcrop locations, and areas where copper and gold mineralisation has historically been exploited by small scale surface and underground mining (see Figure 1).
Results from sampling returned grades up to 3.29% Cu with strong gold mineralisation of up to 1.32g/t Au (refer Table 1).
Confirmatory sampling was also completed at El Quillay Central where assay results returned grades up to 1.88% Cu and gold mineralisation of up to 2.20g/t Au (refer Table 2).
Click here for the full ASX Release
This article includes content from Culpeo 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.”
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.
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.”
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.
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