Subscribers will receive a bumper issue of IM Project News https://im-projectnews.com/ on January 8, after the holiday season is over. Already the draft stands at over 50 pages – contact [email protected] if you wish to know more. Some of the news so far includes the following – with much more detail on each in the issue.
Cauldron Energy announces a significant upgrade to the Mineral Resource (JORC 2012) estimate at its Bennet Well uranium project, to a total contained uranium oxide content of 30.9 Mlb. The company says “this Mineral Resource upgrade confirms Bennet Well as Western Australia’s largest in-situ recovery (ISR) uranium deposit.”
Torex Gold Resources has made its first gold pour of an estimated 350 oz, and a similar amount of silver, in doré, from its 100% owned El Limon-Guajes mine (ELG) in southwest Mexico. The entire processing circuit, from crushing through to dry stack tailings disposal, is now operational and has been used in the production of these first ounces.
Chesapeake Gold Corp reports on the current status of the updated prefeasibility study on its 100% owned Metates project located in Durango State, Mexico. Chesapeake and M3 Engineering &Technology together with several industry leading international consultants have finished all of the engineering studies and are near completion of all capital and operating cost estimates related to the updated PFS. Metates hosts one of the largest known undeveloped gold, silver and zinc reserves in the world not controlled by a major gold producer.
New Age Exploration announces an updated Inferred Mineral Resource and Exploration Target for its Redmoor tungsten-tin project in Cornwall, UK.
Pilbara Minerals wraps up 2015 drill program at Pilgangoora lithium-tantalum project in Western Australia with further broad intersections of high grade lithium. Highly successful campaign paves the way for next resource upgrade scheduled for late January 2016.
Azure Minerals reports that very encouraging results have been returned from preliminary metallurgical test work on silver mineralisation from Mesa de Plata, part of the Alacrán project located in the northern Mexican state of Sonora.
Novo Resources Corp’s IGR3000 gravity recovery plant has arrived in Western Australia (news release, September 9, 2015 for more details about this plant). Permit applications for a 30,000 t trial mine were submitted to regulators on December 1, and approvals are expected by late February.
Gold developer West African Resources reports preliminary metallurgical test work results from the M1 and M3 prospects, at its 100% owned Tanlouka gold project, Burkina Faso.
ECR Minerals has published the Canadian NI43-101 technical report in respect of the Danglay gold project in the Philippines (formerly known as the Itogon project). The report supports the disclosure in November 2015 of an Inferred mineral resource estimate for oxide gold mineralisation at Danglay.
Wellgreen Platinum (shown in the picture) announces the results of its previous two exploration drilling and field work programs at its 100%-owned Wellgreen PGM-nickel project, located in Canada’s Yukon Territory. The company expects to continue drilling at Wellgreen until the end of the year and is currently planning an additional exploration drilling program with the objective of confirming further Measured and Indicated mineral resources. The results from these programs, along with those from the current campaign, are expected to develop an updated geological deposit model that will form the basis of a prefeasibility study.
Global lithium developer, Lithium Australia (LIT) has appointed Kappes Cassiday & Associates (KCA) to commence scoping work on lithium clay deposits including the Electra project in Mexico and deposits in the northwest of Western Australia.
Amur Minerals Corp, the nickel-copper sulphide mineral exploration and resource development company focused on the far east of Russia, has entered into a subscription agreement with Crede CG III Ltd, to provide funding certainty for a substantial portion of the definitive feasibility study (DFS) and related engineering and design work for the Kun-Manie nickel-copper sulphide project. Specifically, this includes initial access road and power designs, detailed exploration, reserve determination for a combination of open pit and underground production, metallurgical test work, bulk sampling, process design work, site and ancillary support facilities, and assessment of the response of the concentrate to the various smelting alternatives.
Ucore Rare Metals has entered into an agreement with a foreign investment fund through which the Investor will pay $5.0 million to Ucore in consideration for a royalty or profit share on the sale of products and services related to the processing of rare earth elements and other specialty metals and critical materials using SuperLig® Molecular Recognition Technology (MRT).
The development of the Oyu Tolgoi copper-gold underground mine in Mongolia took an important step forward with the signing of a $4.4 billion project financing agreement. Project finance for the underground mine development has been secured with funding by international financial institutions and export credit agencies representing the governments of the US, Canada and Australia, along with 15 commercial banks. The signing in Ulaanbaatar follows the agreement earlier this year of the Oyu Tolgoi Underground Mine Development and Financing Plan by the Government of Mongolia, Turquoise Hill Resources and Rio Tinto, which set out a pathway towards development, including the basis for the funding of the project.
IMX Resources has committed to restructuring its Tanzanian asset portfolio. The Board is keen to unlock the significant value in the worldclass Chilalo graphite project, which it believes is best achieved through the ASX listing of a focussed, standalone graphite company, with a dedicated Board and management team. The proposed transaction will see the flagship Chilalo project become the primary asset and key focus of a new ASX listed company (NewCo), while IMX would retain the existing gold and base metals assets at the company’s Nachingwea property in southeast Tanzania.
Vimy Resources has released the Public Environmental Review (PER) for its Mulga Rock uranium project. Vimy’s Environmental Scoping Document (ESD) was approved on 26 February 2015. However following Vimy’s successful scoping study which was announced to the ASX on 6 May 2015 it was determined that the life of the project was likely to be longer than had been initially believed when the ESD was prepared and that it would be necessary to amend Vimy’s proposal to reflect the longer duration associated with the proposal and the larger clearance area.
Nautilus Minerals has signed a new agreement with Tongling Nonferrous Metals Group for the sale of the product extracted from the company’s Solwara 1 deposit located in the Bismarck Sea of Papua New Guinea, with first delivery expected in the first half of 2018.
Archer Exploration has been presented with the formal report from a joint graphene research program designed to test the suitability for production into graphene of the company’s high grade Campoona graphite deposit on South Australia’s Eyre Peninsula. The research work is funded by Archer through the University of Adelaide’s School of Chemical Engineering under the direction of Professor Dusan Losic.
Adani Mining’s Carmichael coal mine in Australia is one step closer to fruition after the Land Court of Queensland recommended it be given state approval. The decision, which in conjunction with Commonwealth re-approval earlier in 2015, clears another obstacle for Adani, which has been a target of green activist ‘lawfare’ since the project was declared ‘significant’ in 2010.
Hummingbird Resources reports its maiden Ore Reserves at the Yanfolila gold project in Mali. This represents a 20% increase from the in-pit Mineral Resource in the optimisation study. The Reserve Report is based on the resources at the Komana East and West pits as these will be mined first (Phase 1). The project has significant Resources at other nearby deposits including Guiren West, Gonka, Sanioumale East and Sanioumale West which will be mined at a later stage (Phase 2). The company also gives an update on the development of Yanfolila whilst it completes ongoing due diligence with Taurus Funds Management in advance of the full debt draw down.
Construction of Goldsource Mines’ Phase I Eagle Mountain gold project located in Guyana is nearing completion and testing of selected plant components is underway. Plans for Phase I are based on the PEA, which called for a 1,000 t/d open pit, gravity plant and post-commissioning cash operating costs of $500 to $600/oz of gold.
Tintina Resources has submitted a Mine Operating Permit (MOP) application for the Johnny Lee copper deposit at its flagship Black Butte copper project to the Montana Department of Environmental Quality (DEQ). The application is a comprehensive document detailing the development plan for this high grade project while safeguarding the environment. The MOP application includes detailed studies completed by third party consultants outlining a mining proposal for the Johnny Lee deposit including plans for underground, surface facilities, closure, and reclamation. The company provides explanations of the proposal on its website along with a 3D animation of the planned project showing what the site will look like during mining operations as well as after reclamation.
Rare Element Resources is advancing the Bear Lodge critical rare earth project located in northeast Wyoming. It announced additional results from its successful pilot-plant campaign of its patent-pending, zero-discharge solvent extraction (SX) separation technology, as well as the results of subsequent bench-scale optimisation test work.
Fission Uranium Corp has entered into a binding letter of intent (LOI) with CGN Mining Co. Pursuant to the agreement, Fission and CGN Mining have agreed to proceed towards a C$82,226,059 private placement in which CGN Mining would make a strategic investment in Fission which will result in CGN Mining owning approximately 19.99% of the number of common shares issued by Fission prior to the closing of the offering pursuant to the exercise of outstanding convertible securities of the company. Dev Randhawa, Chairman and CEO, of Fission Uranium: “This is an historic moment for Canada’s uranium industry. It is the first time a Chinese company has invested directly in a Canadian uranium company. We are thrilled that CGN Mining has chosen to invest in Fission, PLS and the Triple R deposit. CGN Mining’s understanding of the uranium business is superb and we are excited at the opportunity to work with them. CGN Mining’s knowledge and expertise will be invaluable as we progress PLS.
Saracen Mineral Holdings advises that development of its 100%-owned Thunderbox gold project in Western Australia is running ahead of schedule with costs running under budget.
Arianne Phosphate, a development-stage phosphate mining company, advancing the Lac à Paul project in Quebec’s Saguenay-Lac-Saint-Jean region, has received project approval from the Cabinet of the Government of Quebec.
Crusader Resources reports that the applications for trial mining licences (Guia de Utilização) (GU), over the high‐grade Juruena gold project, have been lodged with Brazilian authorities. On grant of the GUs, Crusader will be permitted to conduct underground mining on both the Querosene and Dona Maria prospects up to a maximum throughput of 100,000 t of ROM material, or 50,000 t per prospect.
Polymetal International has entered into a joint venture with OJCS Polyus Gold, under which Polymetal will participate in advancing the development of the Nezhdaninskoye gold deposit in Yakutia, Russia. The arrangement will allow Polymetal to acquire up to 50% in the joint venture entity holding 100% of JSC South-Verkhoyansk Mining Co (SVMC) through an earn-in mechanism. SVMC, which is currently a 100% subsidiary of Polyus Gold, holds the mining and exploration license for the property as well as certain infrastructure adjacent to the deposit.
KAZ Minerals’ Bozshakol project has progressed well to date in the fourth quarter and is currently undergoing commissioning works, including the movement of material through the primary crusher, conveyor and reclaim areas as well as testing of the grinding mills. The first production of copper in concentrate is now expected to occur in January 2016.
Québec Iron Ore, a wholly-owned subsidiary of Champion Iron Ltd, has entered into an Asset Purchase Agreement to acquire, subject to Court approval, the Bloom Lake mine and related rail assets and the Quinto Mining Corp mineral claims in Québec from affiliates of Cliffs Natural Resources that are currently subject to restructuring proceedings under the Companies’ Creditors Arrangement Act (Canada).
Back in October 2015 Tungsten Mining NL (TGN) agreed terms for the acquisition of the Australian tungsten exploration assets of Hazelwood Resources comprising the Mt Mulgine and Big Hill tungsten assets. The settlement of the asset acquisition has now occurred.
With immediate effect Straits Resources will be renamed Aeris Resources. The name change was approved by the Company’s shareholders at an Extraordinary General Meeting (EGM), where they also voted for a longer‐term debt structure with the company’s major lender, Standard Chartered Bank and the introduction of a new strategic partner, Special Portfolio V Limited (PAG SPV) (see announcement on 3 August 2015).
Golden Arrow Resources Corp advises that the previously announced business combination agreement among Golden Arrow, Silver Standard Resources, Mina Pirquitas, and Valle Del Cura S.A. (VDC) dated September 30, 2015, as well as the plan of arrangement contemplated by the Business Combination Agreement, have been approved by the shareholders of Golden Arrow.
Carlisle Goldfields Ltd shareholders have voted overwhelmingly to approve the plan of arrangement pursuant to which Alamos Gold will acquire all of the issued and outstanding common shares of Carlisle in exchange for: (i) 0.0942 of an Alamos common share for each Carlisle common share held, plus (ii) 0.0942 of a warrant to purchase Alamos common shares at an exercise price of C$10.00 with an expiration date of three years from closing of the transaction.
Global Cobalt Corp announces that all of the conditions precedent to the completion of the arrangement transaction amongst the company, Global Energy Metals Corp (GEMC) and Imperial Mining Holding Ltd (IMHL) have now been satisfied or waived and the parties are preparing to complete the transactions contemplated by the July 27, 2015 Arrangement Agreement.
Northern Dynasty Minerals and Mission Gold Ltd announce completion of the previously announced plan of arrangement whereby Northern Dynasty has acquired 100% of the issued and outstanding common shares of Mission Gold.
Atico Mining Corp announces an updated Mineral Resource estimate as of June 30, 2015 for it’s El Roble mine located in Carmen de Atrato, Colombia.
Tiger Resources has now agreed final terms for a $162.5 million finance facility with Taurus Mining Finance Fund (Taurus) and International Finance Corp (IFC), a member of the World Bank Group. The facility will refinance the company’s existing debt facilities with Taurus and Gerald Metals and provide the required expansion capital for the Kipoi Debottlenecking Project, which aims to increase the capacity of the company’s SXEW plant from 25,000 t/y to 32,500 t/y copper cathode. Tiger is targeting completion of the expansion by November 2016.
Fortuna Silver Mines provides an update of construction activities and brownfields exploration at the San Jose mine in Mexico. In December of 2014 (news release dated December 17, 2014), it announced the expansion of the mill to 3,000 t/d and the construction of a dry stack tailings deposit and filter facility. Construction activities for both projects are moving ahead according to plan and are below budget.
China Gold International Resources provides an update on the expansion of the Jiama copper-gold polymetallic mine and revises its 2015 copper production guidance. The original schedule of commissioning Stage One of Phase II expansion at the Jiama Mine by the fourth quarter of 2015 was deferred due to the defects detected during the loaded test run that may not be fully eliminated by the end of 2015. As a result, the company revises its 2015 copper production guidance to 37.5 Mlb, a 21% increase from the 2014 actual copper output of 31 Mlb. The company aims to restart the commissioning of Stage One in the second half of 2016. The construction of Stage Two is under way and is expected to be completed in the second half of 2016.
ALROSA’s Supervisory Board reviewed and approved the budget of the company and ALROSA Group for 2016. “The 2016 mining operations plan is drawn up in accordance with ALROSA’s Long-term Development Program. Diamond production by ALROSA Group is expected to be up to 39 Mct. The key objectives of the 2016 production program is to reach the design capacity of the Mir underground mine and put the second start-up complex of the Udachny underground mine into operation in the second half-year.”