Archive | Junior Exploration Sector

Mines Minister Mungall addresses a B.C. mining exploration sector facing challenges – by Derrick Penner (Vancouver Sun – January 20, 2020)

https://vancouversun.com/

Energy and Mines Minister Michelle Mungall greeted a mining-exploration sector that is looking for more certainty, clarity and speed from government on permitting its activities as she helped open its annual convention in Vancouver on Monday.

Mungall is “a fabulous supporter” of mining, said Kendra Johnston, CEO of the Association of Mineral Exploration B.C., but exploration firms need certainty around the timeliness of permits and consistency around permit requirements. “Government is well aware of the issues industry has been having,” Johnston said.

Mungall, along with Paul Lefebvre, the federal parliamentary secretary for natural resources, helped open the Association for Mineral Exploration’s 2020 Roundup convention, which brings together more than 5,000 delegates from industry, government and First Nations for one of the biggest technical conferences on mining exploration in Canada. Continue Reading →

Toronto mining company eyes rare earths near Uranium City – by Alex MacPherson (Saskatoon StarPhoenix – January 20, 2020)

https://thestarphoenix.com/

James Sykes said he needed just a few seconds with a hammer and a pry bar to knock a 60-kilogram hunk of rock from an outcrop just south of Saskatchewan’s border with the Northwest Territories a couple of years ago.

The veteran prospector liked what he found. “We have surface showings. That (rock) was 40 per cent rare earth oxide,” said Sykes, who has spent his career exploring for uranium and, along the way, helped discover several major deposits in northern Saskatchewan.

Today, Sykes is the vice-president of exploration and development at Appia Energy Corp., a Toronto-based junior mining company aiming to capitalize on a growing interest in developing a new supply of rare earth elements in Saskatchewan. Continue Reading →

Inventus trades heavily on Sudbury update (Resource World – Janary 13, 2020)

https://resourceworld.com/

Inventus Mining Corp. [IVS-TSXV] shares advanced in heavy trading Monday January 13 after the company said it has updated the terms of a previously announced non-brokered private placement that aims fund projects in the Sudbury, Ontario region.

It said the updated private placement will be for up to 12.4 million units at 10.5 cents per unit, raising gross proceeds of $1.3 million.

Each unit will consist of one common share and one common share purchase warrant, each of which will entitle the holder to acquire one common share for 17 cents for a period of two years after the closing date of the offering. Continue Reading →

Lac des Iles exploration boss joins base metal junior miner – by Staff (Northern Ontario Business – January 13, 2020)

https://www.northernontariobusiness.com/

Grid Metals seeks to advance platinum-palladium project near Sudbury

North American Palladium’s former head of exploration has found a home with a Toronto outfit looking for base metals in northeastern Ontario. Grid Metals Corp. has appointed Dave Peck to be its vice-president of exploration and business development.

Peck is regarded as a world expert in platinum group metals (PGM) and nickel-copper sulfide projects, mining districts and markets. He is credited as one of the senior managers that led the turnaround of North American Palladium (NAP) culminating in its $1-billion acquisition by Impala Platinum of South Africa last October.

From 2012 to 2019, Peck worked the exploration side at NAP’s Lac des Illes palladium mine, north of Thunder Bay, finishing as vice-president of exploration. Continue Reading →

Billionaire Eric Sprott dishes on his golden investment spree: ‘It’s like being at a table with a winning run’ – by Gabriel Friedman (Financial Post – December 18, 2019)

https://business.financialpost.com/

One week before Halloween, Canada’s biggest gold enthusiast, the septuagenarian billionaire Eric Sprott, wearing a neatly pressed tuxedo, bounded onto a stage in a downtown Toronto ballroom and accepted his induction into Canada’s Investment Industry Hall of Fame.

He declared himself both humbled and honoured, and then rollicked into the wee hours of the night at his home in a nearby tower with expansive views of the city’s sparkling skyline. The next morning, though 75 and technically retired, he showed up at his office, grumbling about a lack of sleep, but dressed in a magenta-coloured, paisley button-up, ready for a 9 a.m. meeting with a penny stock exploration company.

“I keep reading that people are never making (gold) discoveries, the rate of discoveries is going down,” he said, occasionally rubbing his temples and closing his eyes. “The funny thing, well, I guess I’m the sucker then because I keep buying guys who say they’re making discoveries.” Continue Reading →

Gold exploration trends: drilling up, Canada leads – September 2019 – by Vladimir Basov (Mining.com – December 11, 2019)

https://www.mining.com/

Mining Intelligence data indicates that after a bleak month of August, exploration activity in the gold sector jumped in September and hit the second highest bar since the beginning of 2019, and both the number of drilled projects and the number of drillholes reported in September, were up in all major regions.

A trend towards exploration of advanced projects, rather than greenfield opportunities, was reversed in September with companies willing to take more early-stage exploration risks.

There was a noticeable improvement in overall drill intersection grades, with reported gold intersections with grades greater than 2 g/t have risen from 23% of their total count in August to 40% in September 2019. Continue Reading →

Barrick to sell Senegal gold project for $430-million – by Niall McGee (Globe and Mail – December 11, 2019)

https://www.theglobeandmail.com/

Barrick Gold Corp. is selling its Massawa gold project in Senegal for up to US$430-million to West African junior producer Teranga Gold Corp., as part of its push to shed assets that don’t move the financial needle.

After buying African-focused Randgold Resources Ltd. earlier this year for US$6-billion, Toronto-based Barrick has been ridding itself of anything it deems too small, or not sufficiently profitable.

In the past month alone, Barrick has sold US$1.2-billion in assets, or about 80 per cent of what it hopes to achieve by the end of next year. Continue Reading →

Save Canadian Mining initiative launched – by Staff (Mining.com – November 19, 2019)

https://www.mining.com/

The CEO of Chilean Metals (TSX.V:CMX), Terry Lynch, launched this week Save Canadian Mining – an advocacy group with the goal to give voice to the specific interests of Canada’s junior mining sector.

In a press release, Lynch said that Save Canadian Mining will work to raise awareness of the importance of the junior mining segment for the country’s economy. It will also advocate for positive change on their behalf with government and regulatory agencies.

“The current rules in our equity markets have created an environment for predatory short-selling practices to thrive, particularly on our vulnerable junior markets,” the executive said in the media brief. Continue Reading →

Moose Cree First Nation withdraws legal obstacle for NioBay exploration (CBC News Sudbury – November 18, 2019)

https://www.cbc.ca/news/canada/sudbury/

Company hopes to conduct test drilling on area approximately 45 km south of Moosonee

Moose Cree First Nation says it has withdrawn its application for a judicial review of mining company NioBay’s drilling permit in the James Bay lowlands.

In January, NioBay had received a permit from Ontario’s Ministry of Energy, Northern Development and Mines to drill eight test holes near South Bluff Creek for deposits of niobium, which is used in electronics and to strengthen steel.

But in March, NioBay reported that MCFN and a member of the community had brought the application forward, seeking to set aside the company’s exploration permit. Chief Mervin Cheechoo and the Moose Cree Council said now they withdrew the application because NioBay had promised in writing not to build a mine without the support of Moose Cree First Nation. Continue Reading →

Sudbury junior miner permitted to drill on contentious ground – by Colleen Romaniuk (Northern Ontario Business – October 31, 2019)

https://www.northernontariobusiness.com/

Flag Resources obtains provincial permit to resume exploration at Wolf Lake, despite opposition

An environmentally contentious mineral exploration program in the Sudbury area will be allowed to proceed.

Junior miner Flag Resources (1985) Limited, a holder of mining leases in the Wolf Lake area, has been issued a mineral exploration permit by the Ministry of Energy, Northern Development and Mines, with no conditions attached.

The decision was announced on Oct. 31. Flag Resources applied for the permit earlier this fall. The permit will allow Flag to perform exploration drilling to assess mineral resource potential in the Township of Mackelcan in the Wolf Lake region, 47 kilometres northeast of Sudbury. Continue Reading →

Northwestern Ontario could host one of Canada’s largest gold mines (Northern Ontario Business – October 18, 2019)

https://www.northernontariobusiness.com/

First Mining Gold’s technical study places 12-year mine life on Springpole project

A technical study is putting a 12-year mine life on a proposed open pit gold and silver mine in the Red Lake area of northwestern Ontario. First Mining Gold released a new preliminary economic assessment (PEA) for its $959-million Springpole Gold Project mine and mill operation.

In an Oct. 16 release, the company said the PEA provides updated metallurgical work that should significantly improve gold and silver recoveries.

Located 110 kilometres northeast of Red Lake, the company refers to Springpole as being “one of the largest undeveloped open pit gold projects in North America.” Continue Reading →

Investors bought Cobalt 27 for its massive stockpile — now they’re being asked to cash out just as cobalt prices are poised to surge – by Gabriel Friedman (Financial Post – October 4, 2019)

https://business.financialpost.com/

Cobalt 27 Capital Corp., which raised hundreds of millions of dollars promoting cobalt — an obscure metal that’s increasingly in demand because of its use in electric vehicle batteries — announced a new proposal this week to ditch cobalt just as its price rises.

On Tuesday, the company said its largest shareholder Pala Investments Ltd. would offer $4 per share for the company’s cobalt assets up from its earlier $3.57 offer, and also give them equity in a new company, Nickel 28.

“We have responded to the concerns expressed by shareholders and believe we have delivered a significantly improved transaction,” Philip Williams, chairman of Cobalt 27’s special committee said in a press release. Continue Reading →

How a salmon scientist got hooked into a battle over the world’s largest gold mine – by Warren Cornwall (Science Magazine – September 26, 2019)

https://www.sciencemag.org/

It’s hard to think small in Alaska. The largest of the United States is home to North America’s highest mountain range. It’s a place where undammed rivers run more than 1000 kilometers, glaciers collapse into the ocean, and polar bears roam.

Daniel Schindler, however, is here hunting for something the size of a grain of rice. Crouching in tiny Allah Creek, hemmed in by alders and smeared in blood, he grasps a rotting sockeye salmon carcass and nearly decapitates the fish with a stroke of a carving knife.

With tweezers, he delves into a cavity of creamy goo tucked behind the brain and plucks out a sliver of what looks like bone. It is an otolith, a bit of calcium carbonate that sits within the inner ear and acts like an internal gyroscope, helping the fish orient its movements. Continue Reading →

Cobalt 27 faces investor outcry amid accusations it’s selling ‘crown jewel’ assets at a loss – by Gabriel Friedman (Financial Post – September 7, 2019)

https://business.financialpost.com/

Proposed buyout has some shareholders feeling like the company bought high and sold low as it tries to steer investors from cobalt to nickel

Toronto-based Cobalt 27 Capital Corp., which billed itself as an investment in the electric vehicle revolution, is facing outcries from some of its largest shareholders as it tries to sell its most valuable assets during a market low-point.

The company roared into the market in mid-2017 with an initial public offering, ultimately raising hundreds of millions of dollars to stockpile and acquire royalties on cobalt, an essential metal used in lithium-ion batteries. Within about a year the price of cobalt had hit a five-year peak, only to crash in the latter half of 2018 and never fully recover.

Now the company wants to steer its investors into nickel and to sell its main cobalt assets to its largest shareholder, Pala Investments. Other shareholders would receive $3.57 in cash, plus equity in Nickel 28, a new company that would hold the remaining assets including a stake in a nickel mine in Papua New Guinea. Continue Reading →

Junior Explorers Just Scratching the Surface In Northern Quebec’s Abitibi Gold Belt – by Neils Christensen (Kitco News – August 15, 2019)

https://www.kitco.com/

(Kitco News) – Northern Quebec is one of the most prolific gold regions in the world; it is home to the Abitibi Greenstone Belt, which has produced 180 million ounces of gold during the last century.

The Val d’Or/Abitibi region is also home to Canada’s largest gold mine: Malartic, which is run by Agnico Eagle Mines (NYSE: AEM, TSX: AEM) and Yamana Gold (NYSE; AUY, TSX: YRI). However, junior explorers working in the area are demonstrating that miners have just literally scratched the surface and the region’s potential is limitless.

Since the 1920’s the region has been home to about 100 different mines; at the same time, about 300 gold deposits have been identified in the area. “There is no doubt. This is mining country,” said Philippe Cloutier, president and CEO of Cartier Resources (TSX.V: ECR), just one of the junior explores breathing new life into existing mining camps. “The mines in Northern Quebec shut down because of economics not because they ran out of ounces.” Continue Reading →