Archive | Junior Exploration Sector

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Moose Cree First Nation says it has withdrawn its application for a judicial review of mining company NioBay’s drilling permit in the James Bay lowlands.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

Idaho tribe sues mining company over pollution at idle site – by Keith Ridler (Associated Press/Times Union – August 9, 2019)

https://www.timesunion.com/

BOISE, Idaho (AP) — The Nez Perce Tribe has filed a lawsuit to force a Canadian company to clean up an idle central Idaho mining area — which the company says it plans to do if it gets approval from U.S. officials to restart mining at the site.

The tribe contends in the federal lawsuit filed Thursday that British Columbia-based Midas Gold is illegally allowing arsenic, cyanide and mercury to remain in the area where the tribe has had hunting and fishing rights since an 1855 treaty with the U.S.

Midas Gold itself has never mined in the area about 40 miles (65 kilometers) east of McCall, but in the past decade has acquired existing mining claims and developed a plan it says will clean up the mess left by a century of mining by other companies. The tribe in the lawsuit said it’s time for the company to act. Continue Reading →

NEWS RELEASES: Canadian Orebodies Announces Untimely Passing of President & CEO Gordon McKinnon (August 1, 2019)

In Memory (Published on Feb 15, 2019)

TORONTO, August 1, 2019 – The Board of Directors of Canadian Orebodies Inc. (the “Company”) (TSXV:CORE) regrettably announce the tragic and untimely passing of the Company’s President and Chief Executive Officer, Gordon (“Gord”) McKinnon. Gord served as the President and Chief Executive Officer, as well as a director and leader of the Company since its inception in 2008.

John Harvey, a director of the Company commented, “Gord McKinnon, the son of Don McKinnon, was following in his father’s footsteps and was most recently involved in reinvigorating Ontario’s highly productive Hemlo mining camp.

With his prospecting heritage and financial expertise he has been involved in several successful efforts at Hemlo and other exploration projects, and was instrumental in guiding the Company. His good nature, amiable personality, and dedication to the mineral exploration industry will be immensely missed by colleagues and friends alike.” Continue Reading →

Alaska mine developer Northern Dynasty wins U.S. EPA reprieve, shares soar – by Nichola Saminather (Reuters Canada – July 30, 2019)

https://ca.reuters.com/

TORONTO (Reuters) – The Trump administration said on Tuesday it would lift an Obama-era restriction on the world’s biggest undeveloped gold and copper resource owned by Northern Dynasty Minerals Ltd, sending the Canadian company’s shares soaring.

Under former U.S. President Barack Obama, the U.S. Environmental Protection Agency in 2014 proposed limits on large-scale mining in Alaska’s Bristol Bay watershed, citing environmental concerns. Under President Donald Trump, the EPA has dismantled scores of environmental rules and Trump rejects mainstream climate science.

Northern Dynasty’s site is near Lake Iliamna in southwestern Alaska between the headwaters of two rivers that drain into Bristol Bay, and is known for its huge salmon runs, wilderness and abundant brown bears. Continue Reading →

Golden blunders: How a string of technical mishaps has hampered Canada’s junior gold miners – by Niall McGee (Globe and Mail – July 13, 2019)

https://www.theglobeandmail.com/

Reports overestimating the amount of gold led to junior miners flying high, but the gold was ‘never there’

Junior gold-mining executive Scott Caldwell was in a jovial mood as he sat down for a national television interview in February, 2016. Even though the price of gold bullion had tumbled by more than a third from its 2011 peak, and many of his competitors were struggling, his company was defying the odds.

Guyana Goldfields Inc. had managed to raise US$700-million from investors and put a high-grade gold mine into production in early 2016.

Mr. Caldwell, an avuncular mining engineer with a soothing tone, was happy to promote the company’s Aurora mine, located in a remote Guyanese rainforest, as a cash machine. Indeed, at the prevailing gold price of US$1,200 an ounce, Guyana looked like a surefire winner. Continue Reading →

Marathon Gold ‘prime takeout candidate’: National Bank of Canada analyst (Northern Miner – July 11, 2019)

Northern Miner

Marathon Gold (TSX: MOZ) is on track to release a new resource estimate in September for its Leprechaun deposit in the company’s Valentine Gold camp in Newfoundland and Labrador.

The latest drilling has expanded the high-grade area within Leprechaun’s Main Zone corridor to a strike length over 480 meters with a width of 30 to 100 metres and extending to a depth of 350 metres.

Leprechaun is one of four near-surface deposits, mainly pit-shell constrained, at Marathon’s Valentine Gold camp, and remains open at depth and along strike. The four deposits stretch over a 20-km system of gold-bearing veins. Continue Reading →

Area Play: The Val d’Or, Quebec Camp in Canada is Heating Up – by David Erfle (Kitco News – July 12, 2019)

https://www.kitco.com/

Full Disclosure: I have purchased shares of ECR.V and BTR.V in the open market and have also recommended them both to my subscribers.

In the early 20th century, the discovery of the Cadillac Fault ushered in the Abitibi-Témiscamingue Gold Rush and the geological anomaly continues to have a major impact on Quebec’s mining history.

The massive fault is roughly 160 kilometers long and extends from the town of Val d’Or, in Quebec, to Kirkland Lake, in Ontario. Its name derives from the township of Cadillac, where it was first discovered.

Although its name in French means “valley of gold,” there is no valley in Val d’Or, however, there is still plenty of gold remaining in the surrounding area. The town of roughly 32,000 inhabitants was founded by miners in 1934 and its economy depends chiefly on mining gold, zinc, lead, molybdenum, and copper. The lumber business is also important to the economy of Val-d’Or, as the forests of the Abitibi region provide 65% of the lumber produced in Québec. Continue Reading →