|To: LoneClone who wrote (15815)||4/16/2019 10:43:17 AM|
|Sparton Resources Agrees to Purchase Vanadium Mining License|
GlobeNewswire•April 16, 2019
TORONTO, April 16, 2019 (GLOBE NEWSWIRE) -- Sparton Resources Inc. (TSXV.SRI) ("Sparton" or the "Company") is pleased to announce that its 90% owned subsidiary VStar Industries Inc. (“VSI”), has signed a binding term sheet to acquire 100% of the Bei An Mining License (“BAML”) in Jiangxi Province China.
The BAML is a fully permitted 1.8 sq. kilometre vanadium mining license located in the Xiushui area of Jiangxi where the Company has been developing and evaluating vanadium opportunities for over 10 years.
TERM SHEET AGREEMENT
Under the terms of the agreement VSI will purchase 100% of the Xiushui Bei An Mining Company (“XBAC”) which in turn owns 100% of the BAML. The purchase price will be finalized after technical and commercial due diligence is completed by VSI and will be within the range of RMB 14-22 million (CDN$2.78-$4.37 million). Payment is contemplated to be in a series of tranches related to milestones in the reactivation of mining at Bei An, including full government approvals for the proposed operations. The binding term sheet will be replaced with a binding share purchase agreement subject to final due diligence and any necessary approvals which will be generated as due diligence proceeds.
ABOUT THE BEI AN LICENSE
BAML comprises a 1.8 km square area and covers a 1.3 km strike length of the lower Cambrian black shale (stone coal) horizon hosting vanadium mineralization in the area. It was developed by a series of eight surface trenches (total 570 cubic metres excavated) and five underground tunnels (total 254 metres length) which latter intersected the vanadium horizon 40-50 metres below surface. Underground mining in 2009-10 from three tunnels produced approximately 30,000 tonnes of mineralized material which was trucked to the nearby Rentian processing plant for vanadium recovery. No data is available for average grade of this material or amount of V2O5 produced but full sampling data (over 300 samples) from surface trenches and the underground workings are available. No surface or underground exploration drilling has been done on the property.
Total Historical Estimates of resources calculated in 2005 by Jiangxi Provincial Bureau of Geology and Mineral Resources, Northwestern Brigade, on the BAML from surface to a 60 metre depth are 1,962,000 tonnes grading 0.87% V2O5 in China categories 122b and 333 using a cut off grade of 0.50% V2O5. Thickness of the vanadium horizon varies from 1-12.7 metres and averages 8.9 metres. The vanadium horizon strikes east-west and dips southerly from 20-85 degrees averaging about 60 degrees. Mineralisation is low in iron and sulphur and no uranium is present.
It should be noted that these estimates do not include any more recent estimates or data available to the Company or its subsidiaries, and more work needs to be done to upgrade or verify these Historical Estimates. Further, a qualified person under NI 43-101 has not done sufficient work to classify the Historical Estimates as current mineral resources or mineral reserves; and the Company and its subsidiaries are not treating the Historical Estimates as current mineral resources or mineral reserves.
“Sparton sees this transaction as the initial stepping stone to additional vanadium mining or exploration license acquisitions in the Xiushui area, and the introduction of cost-effective, environmentally-friendly vanadium production there. We believe that exploration drilling can significantly increase the vanadium endowment at Bei An. Additional negotiations with various license owners are underway, and detailed BAML due diligence work will begin shortly,” stated A. Lee Barker Company CEO.
Samples from Bei An have been submitted to the Central America Nickel Inc. (“CAN”) metallurgical laboratory in Thetford, Quebec, for ultrasound-assisted vanadium extraction tests (“UAEx”) and results will be reported when available. See Sparton news release dated February 27, 2019.
CHANGE OF AUDITORS
Effective March 15, 2019 the Company has engaged NVS Chartered Accountants Professional Corporation as its auditors with agreement from its previous auditors, RSM Canada LLP under National Instrument 51-102 of the Canadian Securities Administrators.
A. L. Barker M.A.Sc., P.Eng., P.Geol. is the Qualified Person under NI 43-101 for the technical information in this news release and has visited and reviewed all available data for the Bei An Mining License and approved the contents of this news release.
For more information contact:
A. Lee Barker, M.A Sc., P. Eng., P.Geol.
President and CEO
Tel./Fax: 647-344-7734 or Mobile: 416-716-5762
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Information set forth in this news release involves forward-looking statements under applicable securities laws. The forward-looking statements contained herein include, but are not limited to, financings and transactions being pursued, and all such forward-looking statements are expressly qualified in their entirety by this cautionary statement. The forward-looking statements included in this news release are made as of the date hereof and the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation. Although the Company believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct and, accordingly, undue reliance should not be put on such forward-looking statements. This news release does not constitute an offer to sell or solicitation of an offer to buy any of the securities described herein.
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|To: LoneClone who wrote (15816)||4/16/2019 10:45:38 AM|
|American Lithium Reports Highest Grade Assay To-Date and Expands Discovery to Over 2.5 km Strike at TLC Project|
April 16, 2019 09:00 ET | Source: American Lithium Corp.
VANCOUVER, British Columbia, April 16, 2019 (GLOBE NEWSWIRE) -- American Lithium Corp. (TSXV: LI) (OTCQB: LIACF) (FSE: 5LA1) (“American Lithium” or the “Company”) a leading acquisition, exploration and development operator is extremely pleased to announce outstanding assay results from the phase one drill program on its growing TLC lithium claystone project (“TLC”) located just outside the regional mining centre of Tonopah, Nevada.
Today’s release reports on holes 5 through 7 as well as number 17 of the 18-hole drill program. The assay results for drill hole TLC-1917 were prioritized in order to gain an early assessment of the northern claim area as we commence permitting for our planned phase two drill program. Early indications suggest that the northern grades and thicknesses exceed those identified within our initial discovery drill hole (TLC-1901).
Highest grade interval reported now 1201 ppm Li over 44.2m in hole TLC-1917Grade and thickness consistent with results of TLC-1901 through TLC-1904Lithium grades continue to demonstrate consistent grades over wide down hole intervalsExtends known mineralization to over 2.5km (1.5 miles) strike and still open to expansion10 additional drill hole assays are pendingPermitting submitted for 10 additional core drill holes
Drill Hole ID
|Top (m)||Bottom (m)||Interval (m)||Grade (Li ppm)|
|Table 1 - Drill Intersections at a Lithium Cutoff Grade of 600 ppm|
An updated map indicating the locations of the 18-hole drill program is available at: https://www.americanlithiumcorp.com/projects/tlc-nevada/
Mike Kobler, CEO of American Lithium notes, “These results extend the strike of high-grade lithium claystone to over 2.5 km and a width of 0.75 km. Hole TLC-1917 is our highest-grade intersection with 1201 ppm Li over 44.2 m using a 600 ppm Li bottom cut off. With over half of the results of this 18-hole drill program still pending we are demonstrating consistency in mineralisation and thickness of lithium bearing intervals across the project.”
Holes TLC-1905, 06, and 07 and 17 all have shallow depths to mineralization and significant continuous mineralization.
|Drill Hole ID||Top (m)||Bottom (m)||Interval (m)||Grade (Li ppm)||Bottom Cut Off (Li ppm)|
|Table 2 - Drill Intersections at Various Lithium Cutoff Grades|
Additional drill results anticipated within the next two weeks should aid in the determination of area-wide grade and thickness assessment. Company management looks forward to providing further results as they become available.
Drilling was conducted by Harris Exploration Drilling and Associates Inc., of Fallon, Nevada utilizing a “1500 Explorer” reverse circulation rig with a 5 ½ diameter hole with face centred bit. Sampling was conducted using a riffle splitter or a cyclone splitter depending on the moisture content of the sampled material. Sampling was conducted over 5-foot (1.52m) intervals. Sample custody was maintained by the company’s consultants throughout the sampling and logging process. The company has a rigorous QA/QC program utilizing blanks, duplicates and a high and a low-grade lithium standard material. Duplicates and standard material are inserted into the sample stream on a 5% and 5% basis, and blank material was inserted into the sample stream. Samples were sent to American Assay Laboratories in Sparks Nevada for analysis utilizing the ICP-MS analysis protocol. Selected check assays samples were sent to the Bureau Veritas in Reno/Vancouver for analysis by ICP-MS.
About the TLC Discovery
The TLC lithium claystone discovery is an exploration and development project located 12km northwest of Tonopah, Nevada and easily accessible by paved highway. The fieldwork to-date indicates a near surface, relatively flat-lying, free digging lithium claystone region that offers the potential of hosting a wide area of high-grade lithium mineralization. With drilling ongoing, the company expects to deliver a maiden resource and early stage economic study in 2019. Just south of the Crescent Dunes Solar Energy Plant, the project is favorably located for future production given the immediate access to some of the cheapest electricity in Nevada.
About American Lithium Corp. (TSX.V: Li) (OTCQB: LIACF) (FSE: 5LA1)
American Lithium is actively engaged in the acquisition, exploration and development of lithium deposits within mining-friendly jurisdictions throughout the Americas. The Company is currently exploring and developing its recent TLC discovery and FLV Project located in the highly prospective Esmeralda Lithium District in Nevada. These projects, within 48 km (30 miles) of each other, are close to infrastructure, 3.5 hours south of the Tesla Gigafactory, and similar mineralization characteristics as Albemarle’s Silver Peak Lithium Mine, and the advancing deposits and resources including Ioneer Inc.’s (formerly Global Geosciences) Rhyolite Ridge and Cypress Development Corp’s Clayton Valley Project.
The technical information within this news release has been reviewed and approved by Michael Collins, P.Geo., a consultant to the Company and a qualified person under National Instrument 43-101.
American Lithium is a Venture 50 company. For more information, please contact the Company at email@example.com or visit our website at www.americanlithiumcorp.com. Follow us on Facebook, Twitter and LinkedIn.
On behalf of the Board,
American Lithium Corp.
Chief Executive Officer
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Statements in this release that are forward-looking information are subject to various risks and uncertainties concerning the specific factors disclosed here. Information provided in this release is necessarily summarized and may not contain all available material information. All such forward-looking information and statements are based on certain assumptions and analyses made by American Lithium management in light of their experience and perception of historical trends, current conditions and expected future developments, as well as other factors management believes are appropriate in the circumstances. These statements, however, are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information or statements. Important factors that could cause actual results to differ from these forward-looking statements include those described under the heading “Risks Factors” in American Lithium’s most recently filed MD&A. The Company does not intend, and expressly disclaims any obligation to, update or revise the forward-looking information contained in this news release, except as required by law. Readers are cautioned not to place undue reliance on forward-looking information or statements.
+1 604 428-6128
More articles issued by American Lithium Corp. More articles related to: Company Announcement
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|To: LoneClone who wrote (15817)||4/16/2019 10:55:12 AM|
|QMC Drills 2,300 Metres at Irgon Lithium Mine Project|
NewsfileApril 16, 2019
Vancouver, British Columbia--(Newsfile Corp. - April 16, 2019) - QMC Quantum Minerals Corp. (TSXV: QMC) (FSE: 3LQ) (OTC Pink: QMCQF) ("QMC" or "the Company") today provides an update on the company's 100%-owned Irgon Lithium Mine Project located within the prolific Cat Lake-Winnipeg River rare-element pegmatite field of S.E. Manitoba, which also hosts Cabot Corporation's nearby Tantalum Mining Corporation of Canada ("TANCO") rare-element pegmatite.
QMC is pleased to report the successful completion of its 2019 Phase One drilling program on the Irgon Lithium Mine Property. In total, 18 NQ diamond drill holes were collared and completed for a total of just over 2,300 metres of drilling, with most holes intersecting significant visible spodumene mineralization.
The drill program developed and overseen by QMC's consultant, SGS Canada, was designed to confirm historic spodumene grades and intersections encountered in the 1956 drill intersections and in channel samples taken across the dike on the -61 metre (-200 foot) crosscuts during that period. The deepest hole in the current drill campaign, IR-19-18 (-65o) cut 14 metres (not true width) of spodumene-bearing pegmatite approximately 130 metres vertically below the surface of the dike. This intersection is well below the 61-metre level of the historic underground workings and confirms that significant spodumene mineralization continues to depth. The widest drill intersections cutting through the Irgon Pegmatite Dike were in holes IR-19-03 and 10 which cut 21 and 23.5 metres, respectively (not true width). Both these intersections reported significant visual spodumene mineralization.
The results obtained from the current drill program plus all previous historical data will be utilized by SGS Canada to prepare a resource estimate of the Irgon Dike.
The core is currently being logged in detail with all pegmatite intersections being sawn and sampled. An initial drill-site evaluation of the core by QMC geologists confirmed significant visual white (suggesting a low iron content) spodumene mineralization. Definitive assays results are pending.
QMC and SGS Canada have implemented a quality assurance and quality control (QA/QC) program to ensure the reliability of all sampling and analyses of both surface and drill core samples. QMC inserted certified control standards, duplicates and blanks into the sample stream which provides the ability to monitor data quality. The results of all data quality controls will be carefully reviewed by QMC and SGS Canada prior to the public release of any data.
All samples will be shipped directly to SGS Labs in Lakefield Ontario, a certified sample preparation facility and laboratory. Upon receipt, the SGS Lakefield laboratory will analyze the samples for 56 elements including Li, Ta, Nb, Rb and Cs using a sodium peroxide fusion followed by Inductively Coupled Plasma Atomic Emission Spectroscopy (ICP-AES / ICP-MS). Analytical results remain pending and will be released upon receipt of the final lab reports, subsequent to the data having been compiled and evaluated.
Between 1953-1954, the Lithium Corporation of Canada Limited drilled 25 holes into the Irgon Dike and subsequently reported a historical mineral estimate of 1.2 million tons grading 1.51% Li20 over a strike length of 365 metres and to a depth of 213 metres (Northern Miner, Vol. 41, no.19, Aug. 4, 1955, p.3). This historical estimate is documented in a 1956 Assessment Report by B. B. Bannatyne for the Lithium Corporation of Canada Ltd. (Manitoba Assessment Report No. 94932). This historical estimate is believed to be based on reasonable assumptions, and neither the company nor the QP has any reason to contest the document's relevance and reliability. The detailed channel sampling and a subsequent drill program will be required to update this historical estimate to current NI 43-101 standards. Historic metallurgical tests reported an 87% recovery from which a concentrate averaging 5.9% Li2O was obtained.
During this historical 1950s era work program, a complete mining plant was installed onsite, designed to process 500 tons of ore per day, and a three-compartment shaft was sunk to a depth of 74 metres. On the 61-metre level, lateral development was extended off the shaft for a total of 366 metres of drifting, from which seven crosscuts transected the dike. The work was suspended in 1957 awaiting a more favourable market for lithium oxides. During this time, the mine buildings were removed.
The mineral estimate cited above is presented as a historical estimate and uses historical terminology which does not conform to current NI43-101 standards. A qualified person has not done sufficient work to classify the historical estimate as current mineral resources or mineral reserves. Although the historical estimates are believed to be based on reasonable assumptions, they were calculated prior to the implementation of National Instrument 43-101. These historical estimates do not meet current standards as defined under sections 1.2 and 1.3 of NI 43-101; consequently, the issuer is not treating the historical estimate as current mineral resources or mineral reserves.
Qualified Person and NI 43-101 Disclosure
The technical content of this news release has been reviewed and approved by Bruce E. Goad, P. Geo., who is a qualified person as defined by National Instrument 43-101.
About the Company
QMC is a British Columbia based company engaged in the business of acquisition, exploration and development of resource properties. Its objective is to locate and develop economic precious, base, rare metal and resource properties of merit. The Company's properties include the Irgon Lithium Mine project and two VMS properties, the Rocky Lake and Rocky-Namew, known collectively as the Namew Lake District Project. Currently, all of the company's properties are located in Manitoba.
On behalf of the Board of Directors of
QMC QUANTUM MINERALS CORP.
President and Chief Executive Officer
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
New York, New York
To view the source version of this press release, please visit newsfilecorp.com
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|To: LoneClone who wrote (15818)||4/16/2019 11:22:48 AM|
|[Cobalt] UEX: Fourth Tranche of West Bear Co-Ni Samples Received|
GlobeNewswire•April 15, 2019
SASKATOON, Saskatchewan, April 15, 2019 (GLOBE NEWSWIRE) -- UEX Corporation (UEX:TSX) (“UEX” or the “Company”) is pleased to announce the fourth tranche of assay results have been received for twenty-three additional holes from the winter drilling program expanding the West Bear Cobalt-Nickel Deposit (the “Deposit”) on the 100% owned West Bear Property, located in the eastern Athabasca Basin of northern Saskatchewan.
The drilling program commenced in early January and field activities concluded for the spring thaw at the end of March. The Company completed 126 holes totaling 11,412.5 metres during the winter drill program. To date, assay results have been received for seventy-nine drill holes. UEX announced assay results from the first fifty-six holes in the Company’s news releases dated February 7, 2019, March 18, 2019 and April 1, 2019, available at www.sedar.com or UEX’s website at www.uex-corporation.com.
Assay results from twenty-one of the twenty-three holes received in the fourth tranche returned composite grades that exceed the cobalt equivalent (“CoEq”) grade of 0.023% CoEq, the same cut-off grade used in UEX’s maiden resource estimate for the West Bear Cobalt-Nickel Deposit announced on July 10, 2018 available at www.sedar.com or UEX’s website at www.uex-corporation.com.
Five holes returned composite grades exceeding 0.25% CoEq. All five of these holes confirm that cobalt and nickel mineralization extends down-dip below the West Bear Uranium Deposit. Highlights from these five holes include WBC-104A, which intersected 3.0 m averaging 0.38% Co and 0.54% Ni from 42.0 m to 45.0 m, WBC-111 which assayed 0.30% Co and 0.53% Ni over 3.0 m from 33.5 m to 36.5 m, and WBC-117 which returned 4.0 m of 0.31% Co and 0.28% Ni from 34.5 m to 38.5 m (see Tables 1, 2 and Figure 1).
The fourth tranche results included assays from three holes targeting a parallel structure approximately 100 m southeast of the West Bear Cobalt-Nickel Deposit. These three holes followed up existing cobalt-nickel mineralization in historical holes WBE-103 and WBE-108. WBE-103 contained 1.16% Co and 0.89% Ni over 0.32 m in a single isolated sample between 22.03 m and 22.35 m and WBE-108 averaged 0.24% Co and 0.18% Ni over 0.9 m from 24.3 m to 25.2 m. Hole WBC-114 drilled down dip of WBE-108 assayed 0.18% Co and 0.16% Ni over 6.0 m from 29.5 m to 35.5 m.
The Company has also collected and submitted to the laboratory an additional 757 samples from 60 historical sonic drill holes and 12 historical diamond drill holes identified as containing previously unsampled intervals considered favourable for hosting cobalt-nickel mineralization. UEX is still awaiting the results from these drill holes.
Sample Collection and Compositing
Samples are selected using a portable X-Ray Fluorescence (“XRF”) Spectrometer to aid in the identification of mineralized intervals. Selected drill core is then split in half sections on site and one half is collected for analysis with the other half core remaining on site for reference. Where possible, samples are collected at a standardized 0.5 m interval through zones of mineralization but respect geological units and intervals.
The samples were shipped to the Geoanalytical Laboratory at the Saskatchewan Research Council (“SRC”) in Saskatoon, Saskatchewan. Analysis at the SRC laboratory for Cobalt and Nickel was completed using the ICP-OES method with an Aqua Regia digestion. The SRC Geoanalytical Laboratory is an ISO/IEC 17025:2005 accredited facility (#537) by the Standards Council of Canada.
Assay intervals were composited using a cut-off grade of 0.023% Cobalt equivalent (CoEq) using the equation CoEq = Co + (Ni x 0.2). All depth measurements and sample intervals reported are down-hole measurements from drill core.
About the West Bear Cobalt-Nickel Deposit
The West Bear Property is an advanced exploration project located in the eastern Athabasca Basin of northern Saskatchewan, Canada that contains both the West Bear Cobalt-Nickel Deposit and the West Bear Uranium Deposit. The Property is approximately 740 kilometres north of Saskatoon, west of Wollaston Lake and measures approximately 7,983 hectares comprising of 24 contiguous areas to which UEX has 100% ownership, with the exception of Mineral Lease 5424 in which UEX owns a 77.575% interest. The Deposit is located within an area of the Athabasca Basin that has excellent infrastructure and is situated within 10 km of an existing all-weather road and power lines that service Cameco Corporation’s nearby Cigar Lake Mine and Rabbit Lake Operation, as well as Orano’s McClean Lake Operation.
The West Bear Cobalt-Nickel Deposit currently has a strike length of over 600 m and a dip length of over 100 m. On July 10, 2018, the Company announced a maiden inferred resource estimate for the Deposit of 390,000 tonnes grading 0.37% cobalt and 0.22% nickel, which equates to 3,172,000 pounds of cobalt and 1,928,000 pounds of nickel. The West Bear Cobalt-Nickel Deposit mineral resources were determined using a cut-off grade of 0.023 percent cobalt equivalent (“CoEq”), using the equation CoEq = Co + (Ni x 0.2). Only mineralization located within a conceptual open pit was included in the final resource estimate.
Qualified Persons and Data Acquisition
The technical information in this news release has been reviewed and approved by Roger Lemaitre, P.Eng., P.Geo., UEX’s President and CEO and Trevor Perkins, P.Geo., UEX’s Exploration Manager, who are each considered to be a Qualified Person as defined by National Instrument 43-101.
UEX (TSX:UEX, OTC:UEXCF.PK, UXO.F) is a Canadian uranium exploration and development company involved in nineteen uranium projects, including eight that are 100% owned and operated by UEX, one joint venture with Orano Canada Inc. (“Orano”) and ALX Uranium Corp. (“ALX”) that is 50.1% owned by UEX and is under option to and operated by ALX, as well as eight joint ventures with Orano, one joint venture with Orano and JCU (Canada) Exploration Company Limited, which are operated by Orano, and one project (Christie Lake), that is 60% owned by UEX with JCU (Canada) Exploration Company Limited which is operated by UEX.
The company is also involved in one cobalt-nickel exploration project located in the Athabasca Basin of northern Saskatchewan. The West Bear Project was formerly part of UEX’s Hidden Bay Project and contains the West Bear Cobalt-Nickel Deposit and the West Bear Uranium Deposit.
The nineteen projects are located in the eastern, western and northern perimeters of the Athabasca Basin, the world's richest uranium belt, which in 2017 accounted for approximately 22% of the global primary uranium production. UEX is currently advancing several uranium deposits in the Athabasca Basin which include the Christie Lake deposits, the Kianna, Anne, Colette and 58B deposits at its currently 49.1%-owned Shea Creek Project (located 50 km north of Fission’s Triple R Deposit and Patterson Lake South Project, and NexGen’s Arrow Deposit) the Horseshoe and Raven deposits located on its 100%-owned Horseshoe-Raven Development Project and the West Bear Uranium Deposit located at its 100%-owned West Bear Project.
FOR FURTHER INFORMATION PLEASE CONTACT
Vice President, Corporate Relations
This news release contains statements that constitute "forward-looking information" for the purposes of Canadian securities laws. Such statements are based on UEX's current expectations, estimates, forecasts and projections. Such forward-looking information includes statements regarding the West Bear Co-Ni Deposit drill program, UEX's drill hole results, uranium, cobalt and nickel prices, outlook for our future operations, plans and timing for exploration activities, and other expectations, intentions and plans that are not historical fact. Such forward-looking information is based on certain factors and assumptions and is subject to risks, uncertainties and other factors that could cause actual results to differ materially from future results expressed or implied by such forward-looking information. Important factors that could cause actual results to differ materially from UEX's expectations include uncertainties relating to the, interpretation of drill results and geology, assay confirmation, additional drilling results, continuity and grade of deposits, fluctuations in uranium, cobalt and nickel prices and currency exchange rates, changes in environmental and other laws affecting uranium, cobalt and nickel exploration and mining, and other risks and uncertainties disclosed in UEX's Annual Information Form and other filings with the applicable Canadian securities commissions on SEDAR. Many of these factors are beyond the control of UEX. Consequently, all forward-looking information contained in this news release is qualified by this cautionary statement and there can be no assurance that actual results or developments anticipated by UEX will be realized. For the reasons set forth above, investors should not place undue reliance on such forward-looking information. Except as required by applicable law, UEX disclaims any intention or obligation to update or revise forward-looking information, whether as a result of new information, future events or otherwise.
Photos accompanying this announcement are available at:
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|To: LoneClone who wrote (15819)||4/18/2019 11:06:48 AM|
|Indium: Prices remain depressed by scale of Fanya stockpiles|
Posted on 17th April 2019 in General News.
Indium prices are at their lowest level for a decade as stockpiles from the failed Fanya Metal Exchange, which operated from 2011–2015 in Kunming, China, continue to suppress a recovery.
Mandy Yin, product manager at Zhuzhou Keneng New Material, told delegates at the MMTA International Minor Metals Conference in Edinburgh that, while global indium consumption had increased by around a third in the last decade, Fanya had “stimulated” Chinese indium production in excess of market demand.
As a result, some 3.6kt of indium is reported to be held in physical Fanya stockpiles, representing more than four years’ global primary indium supply. Roskill estimates primary indium output to have been around 750-800t in 2018, with a similar volume coming from secondary sources.
In January 2019, the Kunming Intermediate People’s Court auctioned nearly 35t of indium stocks through the Alibaba e-commerce platform, but failed to attract any bids. A second 35t indium auction was announced on 17th April, scheduled to take place on Alibaba on 24th April, with a starting price 10% lower than the January auction. Material purity is reported to be 99.995%.
Roskill view The failure of the recent indium auction has further affected market sentiment, with participants unsure of how the stockpiles will be managed if the forthcoming auction fails again. Keneng’s Yin outlined five potential outcomes, including adding the stocks to a national reserve, the return of products to investors, and the purchase of stocks by state-owned enterprises.
With some of the inventory comprising material brands that Yin reported were “unfamiliar to the market”, potential buyers may prefer to purchase from their established contacts—particularly as prices remain suppressed—rather than bidding for material of unknown provenance.
Industry participants will likely be watching the indium situation closely for signs of how stockpiles of other metals traded on Fanya may be dealt with. Fanya’s tungsten stocks, for example, are equivalent to just over 30% of China’s production of ammonium paratungstate (APT) in 2018—a factor that has helped to keep prices in check, despite environmental reforms continuing to affect Chinese supply.
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|To: LoneClone who wrote (15820)||4/18/2019 11:12:05 AM|
|[Graphite] South Star Mining Provides Update on the Pre-feasibility Study for its Santa Cruz Graphite Project |
April 17th, 2019 / TheNewswire / Vancouver, B.C. - South Star Mining Corp. ("South Star" or the "Company") (TSXV: STS) (OTCQB: STSBF) is pleased to provide an update on the pre-feasibility study ("PFS") on its Santa Cruz Graphite Project ("Project") in Bahia, Brazil. The PFS is projected to be completed during the 3rd quarter of this year.
The Company has assembled an excellent team in Brazil to carry out all necessary aspects of the planned study to produce a technical report compliant with the requirements under NI 43-101. The study will include both an initial 5,000 tpy trial mining plant and the 20,000 tpy facility originally contemplated under the Company's previously released PEA. Both plants will incorporate dry stack tailings. IGEO, a leading mining engineering firm based in Sao Paulo, will be responsible for all engineering including final flow sheet, layout and drawings, equipment specifications, infrastructure and costings. MCB of Belo Horizonte will complete an updated resource report that incorporates the results of the recent in-fill drilling program. Luiz Eduardo Pignatari, a Qualified Person under NI 43-101, will do mine planning, resource to reserve conversion modeling and oversee the preparation of the final report. In parallel with the PFS work, the Company intends to complete the applications and file all necessary information for its initial environmental license and a Guia de Utilizacao or Trial Mining License. Completion of the report and the licensing activities is forecast for Q3 2019.
Company CEO Eric Allison stated "We are excited to be working with such an excellent group of professionals as we move forward with these critical activities. Their successful completion will advance the Santa Cruz Graphite Project along the road to production and closer to our goal of positive cash flow in 2020."
Richard L. Pearce is a Qualified Person as defined by National Instrument 43-101 and is responsible for the preparation and approval of the technical information disclosed in this news release
ABOUT SOUTH STAR MINING CORP.
South Star Mining Corp. is focused on the acquisition and development of near-term mine production projects in Brazil to maximize shareholder value. To learn more, please visit the Company website at www.southstarmining.com.
On behalf of the Board,
Mr. Eric Allison
Chief Executive Officer
Ph: +1 (203) 918-3098
For additional information, please contact:
Mr. Dave McMillan
Ph: +1 778-773-4560
Mr. Kris Kottmeier
VP Corp Communications
Ph: +1 604 506-2502
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
This news release and the PEA contain references to inferred resources. The PEA is preliminary in nature and includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves. There is no certainty that the PEA will be realized.
This news release contains "forward-looking information" within the meaning of applicable securities laws. Generally, any statements that are not historical facts may contain forward-looking information, and forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or indicates that certain actions, events or results "may", "could", "would", "might" or "will be" taken, "occur" or "be achieved". Although the Company believes in light of the experience of its officers and directors, current conditions and expected future developments and other factors that have been considered appropriate, that the expectations reflected in this forward-looking information are reasonable, undue reliance should not be placed on them because the Company can give no assurance that they will prove to be correct. Readers are cautioned to not place undue reliance on forward-looking information. Actual results and developments may differ materially from those contemplated by these statements.
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|From: LoneClone||4/18/2019 12:05:13 PM|
|Victory Metals Demonstrates Over 90% Vanadium Recovery Using a Hydrometallurgical Leach Process at the Iron Point Project, Nevada |
Victory Metals Inc Apr 17, 2019, 08:30 ET
VANCOUVER, April 17, 2019 /CNW/ - Victory Metals ("TSX-V:VMX") ("Victory" or the "Company") is pleased to announce results from initial metallurgical tests conducted by McClelland Laboratories, Inc. ("McClelland Laboratories") of Sparks, Nevada, on drill cuttings from the Company's Iron Point Vanadium Project. Test work using hydrometallurgical processes at atmospheric pressure has yielded vanadium recoveries in excess of 90% in leach times of less than eight hours.
Highlights – Phase I Metallurgical Testwork
Figure 1: Hole Locations for RC Drill Cutting Intervals used in the Master Composite (CNW Group/Victory Metals Inc)
Jeff Woods, Victory's Chief Metallurgist stated: "Preliminary testing last year by McClelland Laboratories on drill core samples indicated that a low-cost atmospheric leach may be suitable for Iron Point vanadium mineralization. A review of published work led to the first phase of experimental tests released today utilizing RC drill cuttings. Our preliminary tests confirm that an atmospheric leach process can successfully recover vanadium at levels greater than 90% with potential for relatively low acid consumption. We are in the process of augmenting the initial test work to optimize recovery and minimize operating costs, before starting variability testing and solvent extraction/precipitation testing."
- Initial bench-scale hydrometallurgical leach testing on Iron Point RC drill cuttings demonstrate up to 94.3% vanadium recovery at atmospheric pressure and 8-hour leach times
- RC drill cutting Master Composite used in testing had a median head grade of 0.38% V205
- 16 preliminary tests were completed utilizing the Master Composite and varying four test factors: temperature, slurry solids density, and concentrations of hydrofluoric and sulphuric acid
- Phase II testing is underway that will further define operating parameters required to develop an economic atmospheric leaching process for Iron Point vanadium mineralization
Paul Matysek, Executive Chairman, stated: "Initial metallurgical testing conducted at McClelland Laboratories is very encouraging, creating a pathway forward to a potentially economic processing route for the Iron Point Vanadium Project. Importantly, the methods explored are done at ambient pressure without the use of costly pressure oxidization or roasting. Furthermore, these hydrometallurgical methods are commonly utilized in base metal processes and show promise for applicability to vanadium recovery. Our maiden drilling campaign clearly outlined a large mineralized system. With promising initial metallurgical results returned to date, we can work towards identifying an economic process that will allow us to fast track towards resource definition and a Preliminary Economic Assessment."
Phase I Testwork
A total of 197 Reverse Circulation ("RC") drill reject samples were delivered to McClelland Laboratories of Sparks, Nevada, for sample prep, assaying, and compositing. McClelland Laboratories, established in 1986, is recognized as a top mineral-processing laboratory with a focus on hydrometallurgical extraction of precious and base metals, as well as specific experience in vanadium metallurgy. Their experience and knowledge have accelerated the development of Victory's atmospheric hydrometallurgical process.
A Master Composite sample was constructed using 197 drill cuttings interval samples that best represented both the spatial and stratigraphic distribution of mineralized zones throughout the Iron Point Project as described in Table 1 and shown in Figure 1. Specifically, the Master Composite is made up of cuttings from drill intervals ranging between a depth of 1.5 m to 164.6 m. Intervals incorporated into the composite had a minimum grade of 0.17% V205, a maximum grade of 1.14% V205, a median grade of 0.38% V205, and a mean (unweighted) grade of 0.34% V205 from triplicate analysis.
|Table 1: RC Drill Cutting Intervals used in the Master Composite |
| ||Number |
|Range of Depth m |
|V2O5 % |
|RC Hole ID |
After a review of published work and some early test work on drill core samples, a Design of Experiments program (DOE) was initiated as a scoping level trial using four primary leaching factors, namely: leach temperature, slurry solids density, hydrofluoric acid dosage and sulfuric acid dosage. DOE methods are used to determine the effects of several factors at once and are statistically analyzed to determine the effects of each factors, i.e. acid dosage or temperature, also the interaction of two or more factors on the system, i.e. temperature and slurry solids density. Owing to the number of factors, a two-level factorial design was used for the initial runs. Sixteen tests were run using different combinations of Hi and Lo values for each of the factors. All tests were run at atmospheric pressure with a leach time of eight hours. Initial factor high and low levels were selected based on similar unit operations currently used in the industry, i.e. slurry solids density 20 to 50 percent, which is common in flotation concentrate products and gold leach circuits, respectively. Owing to the atmospheric leaching process, maximum temperature considered was 100 degrees centigrade. Intermittent samples were taken at two, four, and six hours and each solution analyzed for pH, oxidation-reduction potential (ORP), and acid concentration. For each test make-up, water and reagents were added as required to maintain the DOE factor levels. At the termination of the test, samples were filtered with dried solids and leach solutions submitted for analyses. Statistical analysis of the data was done using Stat-Ease's Design Expert and SAS' JMP statistical analysis software.
|Table 2: DOE Parameter Matrix with Summary Agitation Leach Test Results, Iron Point Master |
Composite, for each of the 16 Tests
|Test ID |
|Factor 1 |
|Factor 2 |
|Factor 3 |
|Factor 4 |
|*Conditions for DOE-8 are being re-run owing to anomalies with the acid balance results. |
Table 2 shows the high and low level for each of the tests, as well as two of the primary responses, namely vanadium recovery percentage and sulfuric acid consumption. Highlighted areas correspond to the upper quartile of vanadium recovery, i.e. the top four tests. The highest vanadium recoveries are associated with some combination of higher sulfuric acid dosage and temperature. The best four combinations average 91.7% vanadium recovery with the highest recovery of 94.3% associated with a low percentage of solid solution, and higher temperature and acid dosage. The upper quartile vanadium tests show acid consumptions ranging between 88 kg/t and 142 kg/t with an average of 109 kg/t.
The high temperature runs consistently outperformed the low temperature runs with respect to vanadium. Acid dosages have a lower level of impact than temperature on recovery. High solids density has a negative influence on the recovery, though not as statistically significant as temperature or sulfuric acid dosage.
Phase II Testing Underway
Further testing is underway that will better define operating parameters required to develop an economic atmospheric leaching process. It should be noted that the initial DOE runs are not optimized. Supplemental testing is in progress to augment the initial DOE with additional runs to optimize the leach parameters. It is expected that improvements in recovery and acid consumption are likely.
Testing of several samples spatially distributed throughout the deposit and at different vanadium grades, will also be completed ("variability testing") to confirm metallurgical responses throughout the deposit. Results of the variability testing will be used to develop the geometallurgical model for the Iron Point deposit and support the engineering and design process. Additionally, bulk samples will be used to generate pregnant leach solution for subsequent solvent extraction and vanadium precipitation testing. Owing to the nature of the Victory leach process, downstream processing of the vanadium rich solutions will be via a commercially proven process to produce a high grade V2O5 product.
The scientific and technical information in this news release has been reviewed and approved by Jeffrey L. Woods, B.Sc., SME-QP, MMSA-QP, who is a Qualified Person as defined by National Instrument 43-101.
About Victory Metals
Victory owns a 100% interest in the Iron Point Vanadium Project, located 22 miles east of Winnemucca, Nevada. The project is located within a few miles of Interstate 80, has high voltage electric power lines running through the project area, and a railroad line passing across the northern property boundary. The Company is well financed to advance the project through resource estimation and initial feasibility study work. Victory has a proven capital markets and mining team led by Executive Chairman Paul Matysek. Major shareholders include Casino Gold (50%), and management, directors and founders (25%). Approximately 51% of the Company's issued and outstanding shares are subject to an escrow release over three years.
Please see the Company's website at www.victorymetals.ca.
On Behalf of the Board of Directors of
VICTORY METALS INC.
Executive Chairman and Director
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains certain forward-looking information and forward-looking statements within the meaning of applicable securities legislation (collectively "forward-looking statements"). Certain information contained herein constitutes "forward-looking information" under Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "expects", "believes", "aims to", "plans to" or "intends to" or variations of such words and phrases or statements that certain actions, events or results "will" occur. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made and they are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed by such forward-looking statements or forward-looking information, including the business of the Company, the speculative nature of mineral exploration and development, fluctuating commodity prices, competitive risks, and delay, inability to complete a financing or failure to receive regulatory approvals. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. The Company does not undertake to update any forward-looking statements or forward-looking information that are incorporated by reference herein, except as required by applicable securities laws.
SOURCE Victory Metals Inc
For further information: contact Collin Kettell at firstname.lastname@example.org or (301) 744-8744.
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|To: LoneClone who wrote (15822)||4/18/2019 12:08:14 PM|
|[Mineral Sands] Kenmare Resources: Q1 2019 Production Report|
April 11, 2019 02:00 ET | Source: Kenmare Resources
Kenmare Resources plc (“Kenmare” or “the Company”)
11 April 2019
Q1 2019 Production Report
Kenmare Resources plc (LSE:KMR, ISE:KMR), one of the leading global producers of titanium minerals and zircon, which operates the Moma Titanium Minerals Mine (the "Mine" or "Moma") in northern Mozambique, is pleased to provide a trading update for the quarter ending 31 March 2019 (“Q1 2019”).
Continued strong safety performance with lost time injury frequency rate (“LTIFR”) of 0.08 per 200,000 man-hours worked (Q1 2018: 0.38) – Kenmare’s lowest ever level15% increase in Heavy Mineral Concentrate ("HMC") production to 358,700 tonnes (Q1 2018: 311,000 tonnes)13% increase in ilmenite production to 238,100 tonnes (Q1 2018: 211,000 tonnes)7% increase in primary zircon production to 12,100 tonnes (Q1 2018: 11,300 tonnes)80% increase in concentrates production to 10,100 tonnes (Q1 2018: 5,600 tonnes), benefitting from the introduction of the mineral sands concentrate product34% decrease in total shipments of finished products to 176,500 tonnes (Q1 2018: 267,200 tonnes) as a result of adverse weather conditions, including Cyclone Idai, and unscheduled maintenance work – 2019 total shipment volumes are not expected to be affectedDefinitive Feasibility Study (“DFS”) for Wet Concentrator Plant (“WCP”) B move to Pilivili is progressing well and on track for completion before the end of H1 2019Improved demand for ilmenite in Q1 2019 and market expected to tighten further during the remainder of the yearZircon market remained stable in Q1 2019, with strong long-term fundamentals
Statement from Michael Carvill, Managing Director:
“Production in Q1 2019 was robust, benefitting from increased contribution from WCP B following the upgrade work in 2018. Shipments were lower than anticipated due to poor sea conditions and unplanned maintenance work. However we are confident that 2019 total sales volumes will not be impacted.
Titanium feedstock markets strengthened in Q1 2019 and we expect ilmenite prices to continue to rise in Q2 2019, driven by increasing Chinese demand.
We are deeply saddened by the devastating effect of Cyclone Idai on the people of central Mozambique and commend our employees’ collective initiative to support the relief effort.”
Production from the Moma Mine in Q1 2019 was as follows:
Excavated ore and grade prior to any floor losses.Concentrates include secondary zircon and mineral sands concentrate.
| ||Q1 2019||Q1 2018||Variance ||Q4 2018||Variance|
|Production|| || || || || |
During Q1 2019 Kenmare continued its strong safety performance, with a LTIFR of 0.08 per 200,000 man-hours worked, the Company’s lowest ever level. One lost time injury was recorded during the period and Kenmare continues to focus on improving its safety culture.
Kenmare delivered a 15% increase in HMC production to 358,700 tonnes (Q1 2018: 311,000 tonnes). Despite a 10% decrease in ore grades, which averaged 4.07% (Q1 2018: 4.51%), production benefitted from a higher volume of ore mined. This included an increased contribution from WCP B following the 20% capacity upgrade in 2018, improved utilisation at WCP B due to Projecto Oitenta, which is focused on increasing mine utilisation from 70% to 80%, and additional dry mining. In line with 2019 guidance, ore grades are expected to be lower for the remainder of the year.
Ilmenite production increased by 13% to 238,100 tonnes during the period (Q1 2018: 211,000 tonnes), primarily as a result of higher HMC availability.
Primary zircon production also benefitted from higher HMC availability in Q1 2019, increasing by 7% to 12,100 tonnes (Q1 2018: 11,300 tonnes).
Rutile production remained flat at 2,100 tonnes (Q1 2018: 2,100 tonnes).
Concentrates production was 10,100 tonnes during Q1 2019 (Q1 2018: 5,600 tonnes). Q1 2019 represented the first full quarter of mineral sands concentrate production following the successful commissioning of this product stream in Q4 2018. The first shipment is expected to leave Moma in Q2 2019.
Although Kenmare’s Q1 2019 production exceeded Q1 2018, it was weaker than in Q4 2018. This was primarily because Q4 2018 was an exceptionally strong quarter, including a record month of production in December 2018, and ilmenite circuit maintenance was scheduled during Q1 2019. At the end of the first quarter, Kenmare remains on track to achieve its 2019 guidance on all stated metrics.
Kenmare shipped 176,500 tonnes of finished products during the period (Q1 2018: 267,200 tonnes), which was comprised of 163,100 tonnes of ilmenite, 9,300 tonnes of primary zircon, 800 tonnes of rutile and 3,300 tonnes of concentrates. This represented a 34% decrease compared to Q1 2018 as a result of adverse weather conditions, including the previously announced suspension of shipments for seven days due to the impact of Cyclone Idai, and unscheduled maintenance work required on the product dispatch conveyor in March 2019. This resulted in an increased closing stock of finished products of 286,500 tonnes at the end of Q1 2019, compared with 200,000 tonnes at the start of the year. Management is confident that total shipping volumes in 2019 will not be affected.
Closing stock of HMC at the end of Q1 2019 was 36,600 tonnes, compared with 19,600 tonnes at the start of the year. This increase was due primarily to planned maintenance work being undertaken during the quarter on the Mineral Separation Plant, reducing HMC processing capacity.
Capital projects update
Kenmare previously announced three development projects that together have the objective of increasing ilmenite production to 1.2 million tonnes (plus co-products) per annum on a sustainable basis from 2021. By the end of 2018 the first development project, the 20% expansion of WCP B, was commissioned, on time and at a cost of more than 25% below what was budgeted. Production from WCP B has already increased as a result of this expanded capacity.
The second development project, the construction of WCP C, is well underway, with commissioning scheduled for Q4 2019. Fabrication of the dredge pontoons at the shipbuilders has now been completed and the construction of the WCP is on track. The starter pond and construction site for WCP C are progressing in line with the project delivery timeline.
The DFS for the third development project, the relocation of WCP B to the high grade Pilivili ore zone, is progressing well. Kenmare is continuing to optimise the mine plan for WCP B and the DFS is expected to be finalised later in H1 2019. The move of WCP B is scheduled to be completed during H2 2020.
Kenmare saw stronger demand for ilmenite products in Q1 2019, compared to Q1 2018.
In China, whilst destocking and seasonal weakness was evident in the pigment industry, demand for imported ilmenite was robust. Chinese pigment production remained stable and feedstock imports from other countries continued to decrease, due to the ongoing suspension of mining in India, delayed renewal of Vietnam’s export quota and reducing production from other African countries. This reduction in imports is starting to be reflected in ilmenite spot prices in China.
The ilmenite market is expected to tighten further in Q2 2019 as the northern hemisphere painting season commences. The second half of 2019 is also expected to be strong as pigment destocking comes to an end and ilmenite inventories continue to decrease.
After a period of strong growth, market conditions for zircon stabilised during Q4 2018 and remained steady in Q1 2019. The zircon concentrates market in China softened slightly in Q1 due to an increase in supply. Kenmare expects the zircon market to be stable in 2019, with long-term positive market fundamentals.
For further information, please contact:
Kenmare Resources plc
Michael Carvill, Managing Director
Tel: +353 1 671 0411
Tony McCluskey, Financial Director
Tel: +353 1 671 0411
Jeremy Dibb, Corporate Development and Investor Relations Manager
Tel: +353 1 671 0411
Mob: + 353 87 943 0367
Tel: +353 1 498 0300
Mob: +353 87 690 9735
Bobby Morse / Chris Judd
Tel: +44 207 466 5000
Forward Looking Statements
This announcement contains some forward-looking statements that represent Kenmare's expectations for its business, based on current expectations about future events, which by their nature involve risks and uncertainties. Kenmare believes that its expectations and assumptions with respect to these forward-looking statements are reasonable. However, because they involve risk and uncertainty, which are in some cases beyond Kenmare's control, actual results or performance may differ materially from those expressed or implied by such forward-looking information.
More articles issued by Kenmare Resources More articles related to: Other News Company Announcement European Regulatory News Interim information Management statements
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