Archive | Junior Exploration Sector

Sudbury: Terry MacGibbon, former FNX Mining executive, shares secrets to his billion-dollar success (CBC News Sudbury – June 16, 2019)

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

MacGibbon has been at the helm of 4 mining companies

Terry MacGibbon has been a major player in Sudbury’s mining industry. He pulled the trigger on some million-dollar deals, including selling his company FNX Mining, and being the guiding force behind several other junior mining companies.

But during a recent Laurentian University graduation ceremony, where he was given an honorary doctorate, MacGibbon told CBC’s Morning North that he issued new graduates a challenge.

“Looking forward to the next 50 years, they have to solve the climate, like climate change and it’s not just a single thing that a government or a company can do,” MacGibbon said. “We all have to do it.” “We all have to make our choices of how we live.” Continue Reading →

Agnico Eagle Offers To Acquire Alexandria Minerals – by Allen Sykora (Kitco News – June 14, 2019)

https://www.kitco.com/

(Kitco News) – Agnico Eagle Mines Ltd. (NYSE, TSX: AEM) has made an offer to acquire Alexandria Minerals Corp. (TSXV: AZX), a Toronto-based junior gold and exploration company, for C$26 million, the companies reported Friday. The proposal is based on a purchase price of 5 Canadian cents per share.

Alexandria said that its board of directors concluded that the unsolicited offer constitutes a “superior proposal” as outlined in a prior May 14 agreement with Chantrell Ventures Corp. Chantrell now has a 10-business-day period in which it can amend its own offer for Alexandria.

To enter an agreement with Agnico Eagle, Alexandria would first have to terminate the Chantrell agreement and pay a fee of C$875,000. If the Alexandria board accepts the Agnico Eagle offer, the agreement would be subject to approval of Alexandria shareholders. Continue Reading →

Rare gold specimens unearthed at WA mine compared to ‘finding a needle in a haystack’ – by Jarrod Lucas (Australian Broadcasting Corporation – June 5, 2019)

https://www.abc.net.au/

They say lightning never strikes twice, but spectacular gold specimens have been unearthed at a Western Australian gold mine for the second time in nine months.

Another pocket of rare visible gold has been discovered at the Beta Hunt mine near the historic mining town of Kambalda, 630 kilometres east of Perth.

Underground miners have recovered an estimated 987 ounces of coarse gold in 238 kilograms of rock since Saturday — worth about $1.9 million at today’s gold price. Continue Reading →

Canadian Resource Companies Investing Abroad at Record Levels – by Erik Hertzberg (Bloomberg News – May 30, 2019)

https://www.bloomberg.com/

Canadian resource companies are choosing to invest abroad at record levels, amid waning global interest in the nation’s energy and mining assets.

Statistics Canada reported Thursday that Canadian-based energy and mining companies invested a net C$15.5 billion ($11.5 billion) outside of the country in the first three months of 2019. The exodus of Canadian capital from the sector in the quarter was almost double the previous quarterly record.

It’s a bad sign for industries already struggling to attract capital. The data suggest that Canadian-based resource companies — who have refrained from large foreign investments in recent years — may now be seeking alternatives outside of Canada. Continue Reading →

Osisko finds new gold zone at Windfall (Northern Miner – May 29, 2019)

Northern Miner

Osisko Mining (TSX: OSK) has found a new and shallow gold zone about 350 metres north of the main deposit at its Windfall property in Quebec, one of the highest grade resource-stage gold projects in Canada.

The mineralization occurs between a vertical depth from surface of between 50 metres and 275 metres and is open at depth and along strike.

Highlights include 393 grams gold per tonne over 2.2 metres starting from 100 metres downhole in OSK-W-19-1883 and 31 grams gold over 6.1 metres starting from 211 metres downhole in OSK-W-1911. Continue Reading →

NEWS RELEASE: Rockcliff Announces Appointment of New CEO

http://rockcliffmetals.com/

Toronto, ON – May 23, 2019 – Rockcliff Metals Corporation (“Rockcliff” or the “Company”) (CSE: RCLF) (FRANKFURT: RO0, WKN: A2H60G) is very pleased to announce the appointment of Alistair Ross as the Company’s new President and Chief Executive Officer effective immediately. In addition to his new executive management role, Alistair has also been appointed to the Board of Directors of Rockcliff. The strengthening of Rockcliff’s senior management team is a major component of the Company’s strategic initiative to become a producing mining company.

Alistair brings to Rockcliff a broad spectrum of in-depth mining experience and mining innovation in both small to large-scale projects as he prepares to lead the Company in its next phase of growth. His career has spanned three continents beginning with Rio Tinto in Zimbabwe, Phelps Dodge in New Mexico as well President of Lonmin’s South African operations, the world’s third largest platinum producing company from 2005 through 2008.

Alistair also spent a combined seven years with Inco/Vale most recently directing a team responsible for the re-build of Vale’s Sudbury mining operations which consisted of six mines and approximately 2,000 employees. Continue Reading →

Australian gold miners on the hunt for Canadian assets – by Niall McGee (Globe and Mail – May 21, 2019)

https://www.theglobeandmail.com/

Here come the Aussies. Flush with cash, Australian mining companies are buying Canadian gold mines and more are expected to join the fray.

Last week, Melbourne-based St. Barbara Ltd. reached a friendly agreement to buy Vancouver’s Atlantic Gold Corp. for $722-million. Atlantic owns and operates a very profitable gold mine in Nova Scotia with a long reserve life.

Earlier this year, Australia’s biggest gold company, Newcrest Mining Corp., paid US$806-million for a majority stake in Red Chris, one of Imperial Metal Corp.’s prized gold and copper mines. Continue Reading →

Northern Superior discovers gold-bearing structures at massive TPK project in Ontario – by Staff (Mining.com – May 17, 2019)

http://www.mining.com/

Northern Superior Resources (TSXV: SUP) reported the discovery of eight gold-bearing structures and alteration zones at its Ti-pa-haa-kaa-ning gold-silver-copper project located in northwestern Ontario.

In a press release, the miner said the discoveries represent a critical and important advance in defining bedrock-hosted high-grade gold mineralization, necessary to yield the unique world-class gold grain-in-till dispersal apron and high-grade boulders defined and recovered within the Big Dam area, one of the three management zones into which the property has been subdivided.

According to Northern Superior, the structures have the potential to host economic deposits of gold because they have elevated gold values in widths of up to 20 metres, mineralized alteration envelopes with widths up to 30 metres, and a strike length of up to 2 kilometres, defined by tying mineralized structure to geophysical signature. Continue Reading →

‘Cash crunch’: Canada’s shrinking junior mining sector struggles for relevance — and deals – by Gabriel Friedman (Financial Post – May 15, 2019)

https://business.financialpost.com/

Cannabis companies raised $4 billion in 2018 compared to $217 million by mining companies

Last spring, Vancouver-based Hecla Mining Company’s chief executive Philip Baker Jr. announced a $600 million deal to purchase three gold mines in Nevada at a 59 per cent premium.

Baker assured investors his company conducted extensive due diligence to justify the hefty price tag. “There isn’t anyone on the planet who knows this asset better than us,” he told the Financial Post.

About one year later, Hecla has initiated “a comprehensive review” after running into a flurry of problems in Nevada, including “unacceptable” costs, lower than expected production, problems expanding the mine life, excessive water in one mine and other issues. The mines produced 10,000 ounces of gold in the first quarter, down from the 162,000 annual production estimate given at the time of the purchase. Continue Reading →

Australia’s St Barbara snaps up Canada’s Atlantic Gold for $536 mln – by Melanie Burton (Reuters Canada – May 14, 2019)

https://ca.reuters.com/

MELBOURNE (Reuters) – Australian gold miner St Barbara said on Wednesday it will buy smaller Canadian peer Atlantic Gold Corp for C$722 million ($536 million), marking a second overseas acquisition for cashed-up Australian producers.

St Barbara’s C$2.90 a share cash offer represents a 39% premium to Atlanta Gold’s closing price on Tuesday in a deal that analysts said opened up growth options, but could lead to a call on capital and crimp dividends.

“Buying an unknown asset in a new country which itself potentially requires a fresh injection of capital… could present an additional barrier for some investors,” said RBC Capital in a report. Continue Reading →

Struggling junior miners woo investors to fund exploration projects – by Nichola Saminather (Reuters U.S. – May 2, 2019)

https://www.reuters.com/

NEW YORK (Reuters) – Junior miners, struggling to fund exploration as institutions seek lower risk and better returns from larger rivals and newer industries, sought to sell potential investors on projects on Thursday, with mixed success.

The proliferation of index funds, sluggish gold price growth and a shift into cannabis and cryptocurrencies by risk investors has left junior miners short of funding. While the mining industry has seen a tentative revival in interest, much of that capital has flowed to larger producers.

“There has never been greater divergence between big and small companies in the mining sector. Big companies are healthy. … They have a lot of (earnings),” Peter Grosskopf, chief executive of asset manager Sprott Inc, said at the Mines and Money Conference. “The juniors are nowhere near that.” Continue Reading →

Sponsored Content: Little House of Gold on the Prairie: Gold Exploration in Saskatchewan (Investing News Network – April 24, 2019)

Investing Network News

Gold exploration in Saskatchewan is an overlooked but promising segment of the industry in a stable jurisdiction with the least amount of regulatory uncertainty of any Canadian province.

When discussing mining in Saskatchewan, uranium and potash take most of the attention and there is good reason why. Saskatchewan’s uranium and potash reserves are of global significance. Resource size, purity and accessibility are key to Saskatchewan’s C$6.7 billion in mineral sales last year.

Gold exploration in Saskatchewan would seemingly be an afterthought. After all, Ontario and Quebec produced roughly 75 percent of Canada’s total gold in 2017. By comparison, Canada’s prairie provinces of Alberta, Saskatchewan and Manitoba produced a mere 3.8 percent combined. A 2012 report into Saskatchewan’s gold potential reveals just how underexplored the province is despite historic and current operations. Continue Reading →

California company backed by Gates, Bezos staking claims in Sask. – by Alex MacPherson (Saskatoon StarPhoenix – April 26, 2019)

https://thestarphoenix.com/

KoBold Metals, which is based in California, is looking for ethical sources of cobalt, which is used in electric car batteries.

An American startup whose search for cobalt for batteries is backed by some of the world’s wealthiest people, including Bill Gates and Jeff Bezos, is staking claims in the northeast corner of Saskatchewan.

Public records show Faith in Gravity Holdings Inc., which is registered in British Columbia, staked its mineral claims this month. The holding company’s directors are the top three executives of California-based KoBold Metals.

Kobold Metals has raised money from the California venture capital firm Andreesen Horowitz as well as Breakthrough Energy, a two-year-old fund backed by, among others, Gates, Bezos, Richard Branson and Michael Bloomberg. Continue Reading →

GOLD: Keith Barron loans $3 million to Aurania Resources (Northern Miner/Canadian Mining Journal – April 22, 2019)

http://www.canadianminingjournal.com/

ECUADOR – Keith Barron, who owns 53% of the outstanding common shares of Aurania Resources, has agreed to loan the company up to $3 million to support exploration at its 100% owned Los Cities gold project.

The chairman and CEO also participated in the company’s rights offering in March that raised $5.25 million. Barron acquired 1.48 million of the 1.95 million shares issued at $2.70 per common share.

The geologist privately co-founded Ecuador gold explorer Aurelian Resources and discovered the Fruta del Norte deposit in 2006. The company was acquired by Kinross Gold in 2008 for $1.2 billion. Continue Reading →

Australians drawn to Iroquois Falls for nickel – by Staff (Northern Ontario Business – April 18, 2019)

https://www.northernontariobusiness.com/

Perth explorer has high production hopes in expanding holdings in northeastern Ontario

A Sudbury junior miner has flipped a northeastern Ontario base metal property to an Australian exploration outfit.

Transition Metals announced April 15 that it has completed the sale of the Dundonald nickel-copper-near Iroquois Falls to Legendary Ore Mining. Legendary is a subsidiary of VaniCom of Perth, Western Australia. The two parties signed a binding letter of intent last August.

The terms of the sale involved an initial payment of $50,000 to Transition Metals at the signing the letter of intent followed by a second payment of $100,000 upon closing the definitive purchase agreement. Continue Reading →