Archive | Junior Exploration Sector

Timmins metals explorer signs MOU with First Nation: Pancontinental Resources partners with Flying Post First Nation – by Staff (Northern Ontario Business – October 12, 2018)

https://www.northernontariobusiness.com/

A junior miner searching for battery-grade metals in the Timmins area has signed a memorandum of understanding (MOU) with a nearby First Nation community. Pancontinental Resources (Pancon) inked the cooperation agreement with Flying Post First Nation, northwest of Timmins, which came into effect Oct.1.

The Toronto-based exploration outfit has three early stage nickel-cobalt-copper projects in the area. The MOU indicates that the company respects Aboriginal and treaty rights when engaged in exploration activities, and lays out a framework for future engagement.

It sets down a consultation and accommodation process with the First Nation, that, as the projects advance, can evolve into negotiations for an impact benefit agreement (IBM) should any of the three projects reach the feasibility stage. Continue Reading →

Cobalt refinery edges closer to restart: First Cobalt puts out the mill feed call to North American, international suppliers – by Ian Ross (Northern Ontario Business – October 11, 2018)

https://www.northernontariobusiness.com/

Securing outside feedstock is the key to a faster restart of a cobalt refinery in northeastern Ontario. First Cobalt announced Oct. 10 that it’s in discussions with “several parties” to obtain an outside supply of feedstock that could help finance the restart of its mill near the town of Cobalt.

The Toronto junior miner is evaluating all aspects of how soon to reopen the shuttered operation it purchased in 2017, and position it as a toll milling facility. How soon it reopens depends on the outcome of those talks with suppliers.

The company acquired the 22-year-old facility when it began assembling its sizeable land holdings of more than 11,700 hectares in the Cobalt camp, which includes 50 former silver mines containing cobalt material. Continue Reading →

Batteries Juicing the Nickel Market: LME Nickel Sulfate Contracts in 2019? (Investing News Network – October 8, 2018)

Investing News Network

This INNspired Article is brought to you by Tartisan Nickel Corp.

The recently announced LME nickel sulfate contracts under consideration are a strong indication that the nickel sulfate market and upstream nickel sulfide market are facing considerable growth. Annual sales of electric vehicles are expected to climb from 1.1 million in 2017 to 30 million by 2030. Each one requiring a battery chock full of base metals, especially lithium, cobalt and nickel sulfate.

The price of nickel has climbed nearly 60 percent since mid-2015 on an improved nickel demand forecast, mainly from the steel sector. The surging demand for electric vehicles (EVs) and in turn base metals such as nickel is expected to push those prices up further.

The impressive growth outlook for battery materials has prompted the London Metals Exchange (LME) to consider offering a suite of battery materials futures contracts in 2019 — including lithium, cobalt and nickel sulfate — to better take advantage of the booming EV market. Continue Reading →

Numbers looking solid for River Valley project – by Karen McKinley (Northern Ontario Business – September 20, 2018)

https://www.northernontariobusiness.com/

New Age Metals holds annual tour of proposed platinum group mine, gives updates on progress of project

New Age Metals’ River Valley project could be a historic mine site, according to its developers, so long as investor confidence and the markets remain strong enough to see it become a reality.

Investors, First Nations partners, geologists and curious members of the public were invited on Sept. 12 to take a site tour of the proposed open pit mine, located approximately 100 kilometres northeast of Sudbury.

Visitors were first taken to a core shack in the town of River Valley, 22 kilometres south of the site, to examine samples, and then brought to the 16,000-acre, 16-kilometre-long site itself, to examine outcroppings and drill hole locations. Company representatives also fielded questions on the history of the region, potential economic benefits and recent developments. Continue Reading →

New Voisey’s Bay royalty calculation agreed on – by Marleny Arnoldi (MiningWeekly.com – September 17, 2018)

http://www.miningweekly.com/

TSX-listed Altius Minerals and Nasdaq-listed Royal Gold have entered into an agreement with Vale Canada to settle litigation related to the calculation of the royalty in respect of all concentrates produced from the Voisey’s Bay mine, in Newfoundland and Labrador.

The Voisey’s Bay 3% net smelter return royalty is directly owned by the Labrador Nickel Royalty partnership, of which Altius is a 10% owner and a subsidiary of Royal Gold is a 90% owner.

The parties agreed to a new method for calculating the royalty regarding concentrates processed at Vale’s Long Harbour processing plant, which will be effective for all Voisey’s Bay mine production after April 1 this year. Continue Reading →

RNC Minerals does it again with another Beta Hunt gold haul in Kambalda – by Josh Chiat (The West Australian – September 16, 2018)

https://thewest.com.au/

The Kambalda mine that produced more than $15 million worth of spectacular gold specimens a fortnight ago from a single deep cut 500m underground has turned out another precious stone after development restarted after the announcement.

A specimen stone weighing 43kg and estimated to contain 1100 ounces of gold, valued at about $1.8 million, was recovered after work resumed underground at the Beta Hunt gold mine.

The stone, along with another piece weighing 7kg and containing 190oz, will be taken to the Perth Mint and added to a haul that included what was believed to be two of the biggest gold specimens discovered. Continue Reading →

NEWS RELEASE: Wallbridge Announces $3.9 Million Strategic Investment by Eric Sprott (September 14, 2018)

http://www.wallbridgemining.com/

Toronto, Ontario – September 14, 2018 – Wallbridge Mining Company Limited (TSX:WM, FWB: WC7) (“Wallbridge” or the “Company”) is pleased to announce that it has closed a non-brokered private placement (the “Offering”) through the issuance of 30,000,000 units of the Company (each a “Unit”) for gross proceeds of $3,900,000. Eric Sprott, through 2176423 Ontario Ltd., a corporation which is beneficially owned by him, was the sole purchaser of the Offering.

“We are pleased to have a gold investor such as Eric Sprott as one of our large shareholders. Eric is very familiar with high grade gold deposits in the world and Fenelon obviously fit that bill,” stated Marz Kord, President & CEO of Wallbridge. “On behalf of all Wallbridge shareholders, we welcome Eric’s support in our drive to make Fenelon Gold to be the first high grade operating mine in this emerging belt in Northwestern Quebec.”

Under the terms of the Offering, the Units were issued at a price of $0.13 per Unit. Each Unit consists of one common share of the Company (a “Common Share”) and a one-half Common Share purchase warrant. Each whole Warrant (a “Warrant”) will entitle the holder to acquire one additional Common Share (a “Warrant Share”) for a period of twenty-four (24) months from the closing date at an exercise price of $0.20 per Warrant Share. Continue Reading →

[Royal Nickel] Toronto miner unearths boulder that contains 9,000 ounces of gold in Australia, worth about $15M – by Gabriel Friedman (Financial Post – September 11, 2018)

https://business.financialpost.com/

Rare is the story of a modern mining company that unexpectedly strikes a mother lode of gold.

But Toronto-based junior mining company Royal Nickel Corp. announced Sunday night that its employees in Australia at the Beta Hunt mine — which the company has been trying to sell since April — removed a golden boulder like few others in the world: Within a single cube of earth that measured roughly three meters wide, three meters long, and three meters deep, they found 9,000 ounces of gold including two large lumps — all told worth around $14 or $15 million at current prices. That’s equivalent to roughly 40 per cent of RNC’s $35 million market capitalization as of last week.

“It was a nickel mine for years and years,” said Mark Selby, chief executive of RNC. “But we bought it because there were a bunch of gold deposits sitting beneath it.” Royal Nickel stock surged 83 per cent to $0.16 on the Toronto Stock Exchange on Monday. Continue Reading →

Uranium Mining a Decision Best Left to the States – by THE EDITORIAL BOARD (Lynchburg News and Advance – September 9, 2018)

https://www.newsadvance.com/

The Coles Hill Farm uranium deposit in Pittsylvania County has been a bone of contention since the 1970s when geologists discovered it. From the property owners to one mining company after another, extraction of uranium ore has been an ongoing issue.

Likewise, the possibility of mining the deposit has met vehement opposition from environmental advocates and the majority of local residents. For decades, too, uranium mining has been an undercurrent in Southside Virginia politics. It’s about to get much more contentious very quickly.

That’s because Canadian-backed Virginia Uranium Inc. (VUI) and its local and international investors have taken their fight to overturn the commonwealth’s 36-year-old mining moratorium to U.S. Supreme Court. It has just scheduled arguments for Nov. 5, and the stakes for Virginia couldn’t be higher. Continue Reading →

‘I Nearly Fell Over Looking at It.’ Miners Stumble Upon $10 Million in Gold From a Single Blast – by Grace Dobush (Fortune Magazine – September 10, 2018)

http://fortune.com/

Miners in Western Australia have unearthed more than 9,000 ounces of gold from a single blast over the past few days. That’s more than 560 pounds (255 kilograms), or $10 million of gold if you want to just cash it in.

The quartz rocks encrusted with gold were found in Beta Hunt, primarily a nickel mine, in the town of Kambalda, in an area of Australia known as the Goldfields.

Miner Henry Dole is credited with hitting the mother lode. “I’ve been an airleg miner for 16 years. Never in my life have I ever seen anything like this,” he told ABC News. “I nearly fell over looking at it … we were picking it up for hours.” Continue Reading →

BHP buys into Ecuador copper project with $35 million SolGold stake – by Melanie Burton (Reuters U.S. – September 4, 2018)

https://www.reuters.com/

(Reuters) – Global miner BHP (BHP.AX) has struck a deal to pay $35 million for a 6.1 percent stake in SolGold (SOLG.L), giving it a share in the promising Cascabel copper-gold project in Ecuador after an earlier attempt failed.

SolGold’s share price leapt around 17 percent as the market took BHP’s acquisition as a vote of confidence in the project, while BHP shares (BLT.L) slipped one percent by 1330 GMT.

BHP’s Chief Executive Andrew Mackenzie said the investment provided exposure to a high quality copper exploration project in Ecuador, a “highly prospective” location. Continue Reading →

Step taken to protect Tatamagouche water supply from gold exploration – by Anjuli Patil (CBC News Nova Scotia – September 23, 2018)

https://www.cbc.ca/news/canada/nova-scotia/

The Municipality of Colchester has taken a first step to protect the French River watershed from proposed gold exploration. The watershed is the source of drinking water for Tatamagouche, N.S.

Last week, council voted in favour of a motion to start the process of getting the watershed designated as a protected area, which would prohibit mining activity.

“That’s an incredible win for the environment and for the voice of the citizens of northern Nova Scotia,” said John Perkins, a member of Sustainable Northern Nova Scotia, a local group that wants to protect the watershed.

Tatamagouche water Continue Reading →

Cobalt 27 is victim of warehouse heist: report (Resource World – August 30, 2018)

http://resourceworld.com/

Cobalt 27 Capital Corp. [KBLT-TSXV, 270-FSE] was among the victims in a warehouse heist in Rotterdam, Holland last month.

According to a report by Bloomberg news service, which was also posted by Scotiabank, thieves stole more than $10 million worth of cobalt, a key component in electric vehicle batteries.

About 112 tonnes of cobalt was stolen from the warehouse, which is owned by Vollers Group Gmbh, according to a statement by Minor Metals Trade Association, a U.K. based industry group, Bloomberg said. That metal is worth approximately $10 million at current prices. Continue Reading →

“… nickel sulphide discoveries in places like Ontario are very infrequent” (Mining Journal – August 28, 2018)

https://www.mining-journal.com/

Balmoral Resources (TSX: BAR) is bolstering its renewed nickel focus with plans to acquire the Gargoyle nickel sulphide project in Ontario, which it says has similarities to the prolific Kambalda nickel camp in Western Australia.

Balmoral last week said drilling at its Detour Gold Trend project had begun but the biggest component of its summer-fall programme would be expansion drilling at its Grasset nickel-copper-cobalt-PGE deposit, which had been put on hold in 2015 due to low metal prices.

The LME spot nickel price had slumped below US$7,500/t in early 2016 but last traded above $13,338/t, a similar level to September 2015.

“The Gargoyle property acquisition supplements our renewed focus on nickel exploration and nicely complements the recently announced drill programme at Grasset,” president and CEO Darin Wagner said yesterday. Continue Reading →

McEwen invests in explorer Great Bear – by Mariaan Web (MiningWeekly.com – August 27, 2018)

http://www.miningweekly.com/

Precious metals miner McEwen Mining and its chief owner Rob McEwen will invest a combined C$6-million in Ontario explorer Great Bear Resources, which last week announced a high-grade gold discovery in the Red Lake district.

Rob McEwen has agreed to purchase $4.8-million and McEwen Mining $1.2-million of the TSX-V-listed exploration company’s private placement financing to raise C$10-million. The private placement, announced on Friday, is priced at C$1.45 a unit.

On completion, the two entities will collectively own 18.8% of Great Bear, which Rob McEwen believes could be onto a “significant new gold discovery” in one of Canada’s premier mining camps. Continue Reading →