| To: LoneClone who wrote (21056) | 5/23/2023 3:45:41 PM | | From: LoneClone | | | | Usha Resources Announces Resumption of Drilling at the Jackpot Lake Lithium Brine Project, Commences Multiple Exploration Programs Across Ontario Lithium Pegmatite Portfolio
newswire.ca
Usha Resources Ltd. 18 May, 2023, 07:00 ET
VANCOUVER, BC, May 18, 2023 /CNW/ - Usha Resources Ltd. ("USHA" or the "Company") (TSXV: USHA) (OTCQB: USHAF) (FSE: JO0), a North American lithium mineral acquisition and exploration company focused on the development of drill-ready lithium and other battery and precious metal projects, is pleased to announce the resumption of drilling activities at its flagship Jackpot Lake Lithium Brine Project ("Jackpot Lake") and the commencement of exploration at each of its six (6) lithium pegmatite projects in Ontario.
Highlights:
Figure 1 - Regional map overlaying the location of Usha’s lithium pegmatite portfolio with respect to other significant projects in the area. (CNW Group/Usha Resources Ltd.)
Drilling is anticipated to commence on or about June 1, 2023, with a larger, more powerful drill rig that should allow each of JP22-01 and JP22-02 to be developed and sampled to 2,000 feet in an expanded borehole, something that was not possible using the previous rig. The Company is advancing these holes as part of its fully financed maiden drill program with the goal of delivering a 43-101 resource estimate. The Company presently has a working capital of approximately C$3 million inclusive of drilling costs for JP22-01 and JP22-02.Drilling to 2,000 feet should allow the Company to greatly expand on the 99-foot and 273–foot intervals of the higher-porosity sand and conglomerate zones where it believes the best potential brines are present. Sampling this zone is a high priority for the project as the coarse-grained basal units are a primary focus for expansion at Albemarle's Silver Peak Lithium Brine Minei, the only domestic supplier of lithium within the US, and at Pure Energy's Clayton Valley Project, where they identified a large volume of brine with superior gradesii.The work will build on the recent identification of the highest grades of lithium at the project at JP22-02, where grades as high as 820 ppm were identified in shallow soils (<500 ft). With an average of 334 ppm Li in the thirty samples collected, these results confirmed that the soils at Jackpot Lake are highly enriched in lithium. The highest lithium assay results are over four times the reported historical average and compare very favourably to the reported average of 100 ppm for the Esmeralda Formation, one of the potential sources of the lithium enrichment for the brines present in Clayton Valley which hosts Albemarle's Silver Peak Lithium Brine Mine.Exploration has commenced at each of the Company's six (6) lithium pegmatite projects in Ontario. The program will involve a combination of prospecting, mapping and rock sampling, combined with soil sampling and geophysical surveying with the goal of identifying priority targets for a fall drilling program.
Jackpot Lake Exploration Update
Drilling is anticipated to commence on or about June 1, 2023, with a larger, more powerful drill rig that should allow each of JP22-01 and JP22-02 to be developed and sampled to 2,000 feet in an expanded borehole, something that was not possible using the previous rig. The Company is advancing these holes as part of its fully financed maiden drill program with the goal of delivering a 43-101 resource estimate.
Due to the increased capabilities and capacity of the larger drill rig, USHA is poised to take its exploration efforts to increased depths, expanding the scope of the project by advancing each of JP22-01 and JP22-02 to approximately 2,000 feet, thereby potentially greatly expanding on the 99-foot and 273-foot higher-porosity sand and conglomerate zones already identified in each drill hole, respectively, where it believes the best potential brines are present. Sampling these zones is a high priority for the project as the coarse-grained basal units are a primary focus for expansion at Albemarle's Silver Peak Mine, the only domestic supplier of lithium within the US, and at Pure Energy's Clayton Valley Project where a large volume of brine with superior grades has been identified.
The work will build on the recent identification of the highest grades of lithium at the project at JP22-02, where grades as high as 820 ppm were identified in shallow soils (<500 ft). With an average of 334 ppm Li in the thirty samples collected, these results confirmed that the soils at the Project are highly enriched in lithium. The highest lithium assay results are over four times the reported historical average and compare very favourably to the reported average of 100 ppm for the Esmeralda Formation, one of the potential sources of the lithium enrichment for the brines present in Clayton Valley which hosts Albemarle's Silver Peak Lithium Brine Mine.
"We are thrilled to announce the resumption of drilling operations using a larger drill rig," said Deepak Varshney, CEO of Usha Resources Ltd. "This marks an important step forward in our exploration efforts and understanding what the Jackpot Lake Basin holds. By exploring to a depth of 2,000 feet, we aim to gather a more comprehensive understanding of the mineral potential within our project area, further enhancing the overall resource estimation and project feasibility of Jackpot Lake."
The delay in resuming drilling activities is primarily attributed to additional permitting requirements associated with using the larger drill rig including larger disturbance due to earthworks and expanding the diameter of the wellbore. The company would like to extend its appreciation to the relevant agencies and stakeholders for their support throughout the permitting process.
The Company also wishes to advise that it has not yet received further assay results from the first hole and that samples submitted to the analytical laboratory are still undergoing analysis.
Ontario Lithium Pegmatite Portfolio Exploration Update
The Company is also pleased to announce the initiation of exploration activities at its Ontario Lithium Pegmatite Portfolio. The projects, named White Willow, Lee Lake, Mead, Bluett, Gathering Lake, and Triangle Lake, present significant potential for lithium mineralization in the region.
The exploration program will encompass a comprehensive range of fieldwork activities, including prospecting, mapping, soil and visible outcrop sampling. This extensive approach will provide valuable data and insights into the geological characteristics and lithium potential of each project area.
The primary focus of exploration will be identifying priority targets for a fall drilling program, in particular at White Willow, which has been confirmed to host a fertile lithium-cesium-tantalum system that contains coarse-grained tantalite crystallization only found in one other locale in Ontario: the North Aubrey pegmatite at Green Technology Metals' (GT1) Seymour Lake project, where GT1 has identified a 9.9-million-tonne resource at 1.04 per cent Li2O.
"We are excited to commence exploration at our lithium pegmatite assets," stated Deepak Varshney, CEO of Usha Resources Ltd. "Each of these projects offer considerable exploration upside, as they are situated in highly prospective geological settings known for hosting significant lithium mineralization, and we look forward to providing updates as we explore and develop these promising lithium pegmatite projects in Ontario."
The Company also wishes to confirm that, further to its press release dated April 4, 2023, it confirms it has issued 150,000 common shares (the "Shares") to the Vendors in connection with the first payment of the Option Agreement.
Qualified Person
The technical content of this news release relating to the Jackpot Lake Project has been reviewed and approved by Mr. Seth Cude, P.G., CPG. RM, M.Sc., a qualified person as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101").
The technical content of this news release relating to the White Willow and Nym Lake Projects has been reviewed and approved by Mr. Andrew Tims, P.Geo., a qualified person as defined by National Instrument 43-101.
About Usha Resources Ltd.
Usha Resources Ltd. is a North American mineral acquisition and exploration company focused on the development of quality battery and precious metal properties that are drill-ready with high-upside and expansion potential. Based in Vancouver, BC, Usha's portfolio of strategic properties provides target-rich diversification and consist of Jackpot Lake, a lithium project in Nevada; White Willow, a lithium project in Ontario; and Lost Basin, a gold-copper project in Arizona. Usha trades on the TSX Venture Exchange under the symbol USHA, the OTC Exchange under the symbol USHAF and the Frankfurt Stock Exchange under the symbol JO0.
USHA RESOURCES LTD.
"Deepak Varshney" CEO and Director
For more information, please call Tyler Muir, Investor Relations, at 1-888-772-2452, email tmuir@usharesources.com, or visit www.usharesources.com.
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.
Forward-looking statements:
This news release may include "forward-looking information" under applicable Canadian securities legislation. Such forward-looking information reflects management's current beliefs and are based on a number of estimates and/or assumptions made by and information currently available to the Company that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors that may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information. Readers are cautioned that such forward-looking information are neither promises nor guarantees and are subject to known and unknown risks and uncertainties including, but not limited to, general business, economic, competitive, political and social uncertainties, uncertain and volatile equity and capital markets, lack of available capital, actual results of exploration activities, environmental risks, future prices of base and other metals, operating risks, accidents, labour issues, delays in obtaining governmental approvals and permits, and other risks in the mining industry.
The Company is presently an exploration stage company. Exploration is highly speculative in nature, involves many risks, requires substantial expenditures, and may not result in the discovery of mineral deposits that can be mined profitably. Furthermore, the Company currently has no reserves on any of its properties. As a result, there can be no assurance that such forward-looking statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements.
i Albemarle Corporation, 2023. SEC Technical Report Summary Pre-Feasibility Study Silver Peak Lithium Operation Nevada, USA.
| ii Pure Energy Minerals, 2018. NI 43-101 Technical Report. Preliminary Economic Assessment (Rev. 1) of the Clayton Valley Lithium Project. Esmeralda County, Nevada.
|
SOURCE Usha Resources Ltd. |
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| To: LoneClone who wrote (21057) | 5/24/2023 3:21:52 PM | | From: LoneClone | | | | Fjordland Reports Promising Graphite Metallurgical Results for the Renzy Project
newsfilecorp.com
Vancouver, British Columbia--(Newsfile Corp. - May 18, 2023) - Fjordland Exploration Inc. (TSXV: FEX) (the "Company") is pleased to announce that it has received promising results from a scoping level metallurgical evaluation of the graphite potential at its Renzy Project located northwest of Maniwaki Quebec.
In early 2023, Fjordland engaged SGS Minerals Lakefield to test a representative graphite sample on drill core derived from its 2022 drill program. The primary objectives of the testing were to develop a preliminary understanding of the metallurgical response of the mineralization and to characterize the graphite concentrate in terms of flake size distribution and total carbon grade of different size fractions. After the third floatation test (F3), the 6th cleaner concentrate grade was 95.6% C(t) with a total carbon recovery of 94.2%. This high concentrate grade was achieved with polishing only, which suggests that the impurities are attached to the surface of the flakes rather intercalated. The flake size distributions of the sample classify the product as relatively coarse with 55% of the concentrate mass reporting to the +100 mesh size fractions. Only 5.1% of the total concentrate mass reported to the very small flake sizes of minus 325 mesh.
James Tuer, Fjordland's President commented, "I'm very encouraged by this early metallurgical testing on the graphite intercepts from our last drill program at Renzy. In order to decide whether further graphite work was warranted, we wanted to make sure that there was good potential for generating a high-grade concentrate. This now appears to be the case and we are looking at expanding the program along the 8km long geophysical signature that's coincident with the graphitic drill intercepts."
The final 2 holes of the 2022 Renzy drill program tested portions of a long surface anomaly referred to as the "S-Conductor" located 6km south-east of the old Renzy mine. The anomaly coincides with a wide zone of graphite mineralization tested by drill holes RZ-22-06 and RZ-22-07 that intersected 34m and 55m core lengths and averaged 0.9% and 0.7% carbon, respectively. Higher grades occurred within the intercepts and the head grade for the metallurgical test measured 1.57% total carbon.
Table 1 : Size x Size Assays on F3 6th Cleaner Concentrate
| Size | Weight | Assay | % Distribution | | Fraction | g | % | % C(t) | C(t) | | 32 mesh | 0.3 | 0.6 | 98.2 | 0.6 | | 48 mesh | 6.6 | 12.2 | 98.1 | 12.7 | | 65 mesh | 9.9 | 18.3 | 96.1 | 18.6 | | 80 mesh | 6.5 | 12.0 | 95.5 | 12.1 | | 100 mesh | 6.2 | 11.5 | 95.1 | 11.5 | | 150 mesh | 11.2 | 20.7 | 93.4 | 20.5 | | 200 mesh | 6.6 | 12.2 | 92.6 | 12.0 | | 325 mesh | 3.9 | 7.2 | 92.3 | 7.0 | | 400 mesh | 1.2 | 2.2 | 93.6 | 2.2 | | -400 mesh | 1.6 | 3.0 | 91.1 | 2.9 | | Total Concentrate | 54 | 100 | 94.7 | 100 | | (calculated) |
SGS Lakefield reported that in order to evaluate the quality of the cleaner concentrates with regards to flake size distribution and total carbon grade of the various size fractions, the final cleaner concentrates from F2 and F3 were submitted for a size fraction analysis. The mass distribution and total carbon grades of the various concentrate size fractions from F3 are depicted in Table 1. There is a trend of higher grade flakes in the coarser fractions, reaching >98% C(t) in the +32 mesh fraction down to ~91% C(t) in the finest -400 mesh fraction. All fractions at +100 mesh or coarser (the classified mesh size for many graphite commercial processing plants) achieved >95% C(t), which is often considered an acceptable flake grade target. Approximately 55% of the concentrate mass was in the +100 mesh fractions, indicating fairly coarse flakes are present in the deposit.
Based on these preliminary results, the Company will concentrate on exploring for locations along the S-Conductor where higher grades may occur. The ultimate value of a graphite deposit is a function of grade and the coarseness of the concentrate grade. Coarser higher grade graphite material, generally referred to as Jumbo Flake, commands significantly higher prices compared with finer concentrates. With the recent announcements regarding the introduction of Electric Vehicle battery manufacturing facilities being built in Bécancour, Quebec. Fjordland believes it is a good position participate in this growth should an economic deposit be developed.
Quality assurance/quality control
Fjordland's 2022 Renzy drill program was managed by Equity Exploration Consultants Ltd. of Vancouver, B.C., which provided qualified Quebec-registered geoscience professionals. For graphite samples, graphitic C was determined by digesting sample in 50 per cent HCl to evolve carbonate as carbon dioxide. Residue is filtered, washed, dried and then roasted at 425 C. The roasted residue is analyzed for carbon by oxidation, induction furnace and infrared spectroscopy (C-IR18). ALS Minerals' analytical laboratory in North Vancouver completed the analysis. Full QA/QC statements can be found in press release dated October 24, 2022. Metallurgical work reported herein was completed by SGS Lakefield in Lakefield Ontario.
About Fjordland Exploration Inc.
Fjordland Exploration Inc. is a mineral exploration company that is focused on the discovery of large-scale economic metal deposits in Canada.
In collaboration with Commander Resources Ltd., Fjordland is exploring the SVB "Pants Lake Intrusive" target which is in a geologic setting analogous to the nearby nickel-cobalt-copper Voisey's Bay deposit. Fjordland has earned a 75% interest in the project.
Fjordland, owns a 100% interest in the Renzy nickel-project located near Maniwaki, Quebec. The project encompasses the former Renzy Mine where, during the period from 1969 to 1972, 716,000 short tons were mined with average grades of 0.70% nickel and 0.72% copper. Fjordland has staked additional claims to increase the size of the project to 530 sq. km.
As well, Fjordland has two copper-gold properties in the Quesnel Trough of central British Columbia, The West Milligan copper-gold project is a joint venture with Northwest Copper Corp. located within 4 km of Centerra's Mount Milligan copper-gold mine. The 103 sq. km. Witch copper-gold project is located another 35 km west of the Milligan mine.
Robert Cameron, PGeo, is a qualified person within the context of National Instrument 43-101 and has read and takes responsibility for the technical aspects of this release.
ON BEHALF OF THE BOARD OF DIRECTORS
"James Tuer"
James Tuer, CEO
For further information:
James Tuer
Ph: 604-688-3415
tuer@fjordlandex.com
www.fjordlandex.com
Forward-Looking Statements
This news release includes certain forward-looking statements or information. All statements other than statements of historical fact included in this news release, including, without limitation, statements regarding the use of proceeds from the private placement, and other future plans and objectives of the Company are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's plans or expectations include market prices, general economic, market or business conditions, regulatory changes, timeliness of government or regulatory approvals and other risks detailed herein and from time to time in the filings made by the Company with securities regulators. The Company expressly 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 otherwise required by applicable securities legislation.
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. |
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| To: LoneClone who wrote (21058) | 5/24/2023 3:34:47 PM | | From: LoneClone | | | | Fremont Stakes Additional Lithium Targets in Nevada
newsfilecorp.com
Vancouver, British Columbia--(Newsfile Corp. - May 24, 2023) - Fremont Gold Ltd. (TSXV: FRE) (OTCQB: FRERF) (FSE: FR20) ("Fremont" or the "Company") is pleased to announce that it has staked 600 lode claims for lithium-bearing clays and an additional 105 brine claims over two hydrologically enclosed caldera basins in central Nevada: the northern Diamond Valley and Tub project in the Crescent Valley.
As described in the Company's news release of May 9, 2023, Fremont's exploration team headed by VP Exploration Dr. Clay Newton, has identified and staked enclosed, Li-prospective, basins in central Nevada, using the Thacker Pass deposit as a model. These two basin environments are previously unrecognized Eocene-age calderas; one in the northern end of Diamond Valley, which straddles the borders of Eureka and Elko Counties, hereafter referred to as the 'Diamond Caldera' and the Tub Project in Crescent Valley in Lander County.
Figure 1. Diamond Caldera showing geology, caldera ring fractures, claim blocks
To view an enhanced version of this graphic, please visit:
images.newsfilecorp.com
Fremont's VP Exploration Dr. Clay Newton explains, "The two types of lithium deposits found in Nevada are lithium brines and lithium-bearing clays. Lithium brines are found in closed evaporative basins in which there is ample water inflow into the basin but no outflow. Lithium, boron, and alkali elements are residually enriched as the playa lake water evaporates.
Lithium-bearing sediments, also common in arid evaporative basins, may also contain clays or salts which are enriched in lithium and boron and are frequently found as caldera lake sediments. The lithium is thought to be sourced from the leaching of adjacent or underlying caldera-fill rhyolitic tuffs. The best environments in the western US for forming both lithium brines and lithium-bearing clay deposits are enclosed calderas hosting rhyolitic volcanics.
At the Diamond Caldera, the geology is remarkably similar to that reported for the Miocene-age McDermitt Caldera in Humboldt County, Nevada, which hosts the world-class Thacker Pass lithium deposit. It is an enclosed basin with no out-flowing stream. An arc of rhyolitic lavas thought to be resurgent magmas, which fueled hydrothermal fluids moving though caldera-fill felsic tuffs, occur on the northeast rim. As mentioned above, the ultimate source for the lithium in the Nevada-style deposits are rhyolitic intra-caldera tuffs. Indeed, these tuffs show similar lithium concentrations as the tuffs in the vicinity of the Thacker Pass deposit. In this model, it is waning hydrothermal activity within the McDermitt caldera that altered original smectite clays to illite, the ore host. Illite clay is able to host several times the concentration of lithium compared to smectite and is key for the formation of world-class economic deposits.
Since the caldera is Eocene in age, most of the original rhyolitic tuffs have been eroded away, probably washed into Diamond Valley. The enclosed basin, Diamond Valley, also hosts abundant artesian springs, some of them thermal, a very encouraging trait for mineralization that indicates active fluid movement and residual hydrothermal activity within the basin sediments and underlying felsic volcanics."
During the past months Fremont has filed 133 claims for lithium brines within the Diamond Caldera as well as staked 600 lode claims for lithium-bearing clays on the northern margin of the caldera as shown in the figures above and below, which are currently being recorded.
Soil geochemical results
Recent soil sampling within the Diamond Caldera has revealed a boron and lithium anomalous zone on the northern edge of the playa lake between the outer and inner caldera ring fractures, as presented in the image below.
Figure 2. Diamond Valley gravity map (violet is low) with superimposed boron soil geochemistry within the lode claim area
To view an enhanced version of this graphic, please visit:
images.newsfilecorp.com
Tub Project, Caetano Caldera claim block
The Tub Project, in Crescent Valley, is another previously unrecognized Eocene-age enclosed caldera basin that hosts felsic tuffs and volcanics. The Caetano Caldera is a Late Eocene caldera that was dismembered and offset along a left-lateral fault. A portion of the caldera remains intact on the east side of the fault and hosts a resurgent dome that may have driven hydrothermal fluid flow across the fault into the block offset to the southwest. The offset portion is a fault-bounded basin with a central gravity low that is a lithium brine target.
Fremont Gold has 105 placer claims staked at Tub and is in the process of recording these.
Figure 3. Tub Project gravity map showing suggested resurgent dome and claim block
To view an enhanced version of this graphic, please visit:
images.newsfilecorp.com
President and CEO Dennis Moore comments, "These new lithium assets are extremely exciting additions to the Fremont portfolio, providing Fremont shareholders with an additional important commodity play. The compelling geological model behind these exploration plays is supported by our recent geochemical results which display elevated lithium and boron values where we would expect to see them. We plan to drill test the Diamond Project later this year or early next year depending on permitting."
Qualified person
The content of this news release was reviewed by Dennis Moore, Fremont's President and CEO, a qualified person as defined by National Instrument 43-101.
About Fremont
Fremont's mine-finding management team has assembled a portfolio of high-quality Nevada gold and lithium projects with the goal of making a new discovery. The Company has also been seeking world-class mineral opportunities within the central Tethyan belt of Armenia and Georgia. Besides Cobb Creek, Griffon, and Hurricane in Nevada, Fremont has entered into a letter of intent regarding the Vardenis property and applied for an exploration license over the Urasar area, which are located in central and northern Armenia respectively.
On behalf of the Board of Directors,
"Dennis Moore"
Dennis Moore
President and CEO, interim Chairman
Fremont Gold Ltd.
For further information, contact:
Corporate Information
Fremont Gold Ltd.
Dennis Moore, President and CEO, interim Chairman
Telephone: +351 9250 62196
www.fremontgold.net
api.newsfilecorp.com
api.newsfilecorp.com
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.
Forward looking statements
Certain statements and information contained in this press release constitute "forward-looking statements" within the meaning of applicable Canadian securities laws. Such forward-looking statements are based on several material factors and assumptions and involve known and unknown risks, uncertainties and other factors which may cause the completion of the Private Placement or the actual use of proceeds to differ materially from those anticipated in such forward-looking information. You are cautioned not to place undue reliance on forward-looking statements contained in this press release. Actual results and future events could differ materially from those anticipated in such statements. Fremont undertakes no obligation to update or revise any forward-looking statements included in this press release if these beliefs, estimates and opinions or other circumstances should change, except as otherwise required by applicable law. |
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| To: LoneClone who wrote (21059) | 5/24/2023 3:49:50 PM | | From: LoneClone | | | | Gratomic informs Operational Update on the Aukam Graphite Mine Site
accesswire.com
Tuesday, May 9, 2023 8:00 AM
Gratomic Inc.
gratomic.ca
TORONTO, ON / ACCESSWIRE / May 9, 2023 / Gratomic Inc. ("Gratomic", "GRAT", or the "Company") (TSXV:GRAT)(OTCQX:CBULF)(FSE:CB82) is pleased to provide the following operational update for its 100% owned Aukam graphite mine and processing plant located 200 km east of the port of Lüderitz in Namibia.
In April our technical team arrived at the Aukam mine site to advance the plant in order to batch process one hundred tonnes of a high purity graphite concentrate which will be shipped to industry partners in Asia, Europe and USA for integration into end-user applications. This program completes our operational readiness ahead of commercial production and is contemplated to run through mid-August. This work will complete the installation of the polishing mill and the stirred media mill. These two mills are designed to remove minor impurities from the surface of graphite particles to attain the specification required by customers. This circuit should be installed at the Aukam site by mid-June.
The processing plant is designed to operate optimally at a graphite feed grade of 35%. From previous programs and test results, we were able to achieve an average grade between 94.8% and 97.3%, with a recovery between 87% and 94% (see Press Release of December 20,2021 with metallurgical results).
Within the next sixty days, our engineering team will carry out the following actions to prepare for delivery of the final product:
- Complete the final assembly of the modified flotation columns and spargers
- Set up and level the base frames for the flotation columns
- Install a cover for the reagent area
- Install the dosing pumps for the frother
- Assemble and install the conditioning tanks
- Construct the sumps for the flotation columns
- Connect the air lines for the flotation columns
- Connect the water feed for the flotation columns
- Install the upgraded cyclones at the mill discharge
- Install the mill feed water control system
- Install the head chute of CV1 conveyor belt
- Retrofit the CV2 and CV8 conveyor with chevron belts
- Install the spill boards for the run-of-mine (ROM) bin
- Assemble fencing for the core storage and mine access.
This work is expected to be completed in approximately 60 days.
Arno Brand, President and CEO of Gratomic stated "We are very pleased with the progress at Aukam and look forward to the completion of our final stages and the commencement of production. I'd like to thank our entire
Gratomic team for their efforts and we look forward to enhancing shareholder value and servicing our global customers".
Gratomic wishes to emphasize that no Preliminary Economic Analysis, Preliminary Feasibility Study or Feasibility Study has been completed to support any level of production. In fact, no mineral resources let alone mineral reserves demonstrating economic viability and technical feasibility, have been delineated on the Aukam property.
The Company is working towards completing a Feasibility Study (FS) on the Aukam Processing plant. The study, its recommendations, and their subsequent implementation, will provide conclusions and recommendation at a FS level of comfort relating to the scale up of the existing processing plant to a commercial scale processing facility capable of producing the desired concentrate grades and production rates.
Gratomic wishes to emphasize that the supply of graphite is conditional on Gratomic being able to bring the Aukam project into a production phase, and for any graphite being produced to meet certain technical and mineralization requirements. Gratomic continues to move its business towards production and as part of its business plan, expects to file a National Instrument 43-101 Standards of Disclosure for Mineral Projects resource estimate in Q3 2023.
Risk Factors
No mineral resources, let alone mineral reserves demonstrating economic viability and technical feasibility, have been delineated on the Aukam Property. The Company is not in a position to demonstrate or disclose any capital and/or operating costs that may be associated with the processing plant until the FS (Feasibility Study) is completed.
The Company advises that it has not based its production decision on even the existence of mineral resources let alone on a Preliminary Feasibility Study or FS of mineral reserves, demonstrating economic and technical viability, and, as a result, there may be an increased uncertainty of achieving any particular level of recovery of minerals or the cost of such recovery, including increased risks associated with developing a commercially mineable deposit.
Historically, such projects have a much higher risk of economic and technical failure. There is no guarantee that production will begin as anticipated or at all or that anticipated production costs will be achieved.
Failure to commence production would have a material adverse impact on the Company's ability to generate revenue and cash flow to fund operations. Failure to achieve the anticipated production costs would have a material adverse impact on the Company's cash flow and future profitability.
About Gratomic
Gratomic is a multinational company with projects in Namibia, Brazil, and Canada. The Company aims to become a leading graphite supplier and to secure a strong position in the electric vehicle battery supply chain through the development of its flagship Aukam graphite mine and ongoing exploration at the Capim Grosso property. The Company will continue to explore graphite opportunities that show the potential to produce the specific flake size and purity required for active anodes.
Large quantities of high-quality vein graphite have been shipped for testing to confirm its suitability as anode material. Gratomic is confident that the test results will provide a unique competitive advantage in the desired target markets. The Company will continue to update the public on the status of these tests and will share results as they become available.
On the January 25, 2023 Gratomic announced that it had entered into a LOI with Graphex Technologies to supply graphite through existing facilities and develop a downstream processing facility in the continental US.
Gratomic has entered into a collaborative agreement with Forge Nano to use its patented atomic layer technology (ALD) to coat of spherical graphite required in lithium-ion batteries.
For more information: visit the website at www.gratomic.ca or contact:
Arno Brand at abrand@gratomic.ca or (416) 561- 4095
Subscribe at gratomic.ca/contact/ to be added to our email list.
For Marketing and Media information, please email: info@gratomic.ca
"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."
Forward Looking Statements:
This news release contains forward-looking statements, which relate to future events or future performance and reflect management's current expectations and assumptions. Such forward-looking statements reflect management's current beliefs and are based on assumptions made by and information currently available to the Company. Investors are cautioned that these forward-looking statements are neither promises nor guarantees and are subject to risks and uncertainties that may cause future results to differ materially from those expected. These forward-looking statements are made as of the date hereof and, except as required under applicable securities legislation, the Company does not assume any obligation to update or revise them to reflect new events or circumstances. All of the forward-looking statements made in this press release are qualified by these cautionary statements and by those made in our filings with SEDAR in Canada (available at www.sedar.com)
SOURCE: Gratomic Inc. |
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| To: LoneClone who wrote (21060) | 5/24/2023 3:52:25 PM | | From: LoneClone | | | | [Graphite] Cullinan Metals Announces Completion of Airborne Geophysical Survey at Lac-des-Iles West Graphite Project
ca.finance.yahoo.com
Cullinan Metals Corp.
May 11, 2023·2 min read
Figure 1
Survey flight lines dimensions
VANCOUVER, British Columbia, May 11, 2023 (GLOBE NEWSWIRE) -- Cullinan Metals Corp. (CSE: CMT)(OTCQB: CMTNF) (“Cullinan” or the “Company”) is pleased to announce the successful completion of geophysical surveys at the Lac-des-Isles West graphite project. Airborne magnetic (MAG) and time-domain electromagnetic (TDEM) geophysical surveys were conducted over the Property by Prospectair Geosurveys, a leading provider of airborne geophysics services.
The Lac-Des-Iles property consists of 43 mineral claims in one contiguous block covering approximately 2,276 hectares land, near the town of Mont-Laurier in southern Québec. The claims are located adjacent to the north and west of the Lac des Iles Graphite Mine (LDI mine) previously owned by Imerys Graphite and Carbon, which has been in operation for over 20 years and is the only significant graphite producer in North America. Cullinan Metals property has excellent infrastructure support, road accessible, located 150 kilometres from Montreal, water, power and manpower available locally.
In April 2023, Prospectair completed a total of 328 line-km of MAG and TDEM surveys over the Property. The survey was carried out with traverse lines oriented N106 to properly map the dominant magnetic/geological strike, and with a 100m line spacing. Control lines were flown perpendicular to traverse lines and at a 1000 m line spacing (see Figure 1 below). The survey data is being processed and will be released as soon as available.
“We are excited about getting our exploration program up and running for the season. The geophysics will help identify high priority targets,” said Marc Enright-Morin, President and CEO of Cullinan Metals. “The identification of high-priority targets will provide us with a clear roadmap for our upcoming exploration program, and we look forward to advancing our understanding of the property's potential.”
Figure 1: Survey flight lines dimensions
Survey flight lines dimensions
Afzaal Pirzada, P.Geo., Geological Consultant of the Company, and a “Qualified Person” for the purposes of National Instrument 43-101 - Standards of Disclosure for Mineral Projects, has reviewed and approved the scientific and technical information contained in this news release.
On Behalf of the Board,
CULLINAN METALS CORP.
Marc Enright-Morin
CEO, Director
(604) 669-9788
About Cullinan Metals Corp.
Cullinan Metals Corp. is a Canadian mining and exploration company focused on the development of energy metals. Cullinan is focused on key energy resources such as the development of copper, graphite and lithium assets around the world.
Neither the Canadian Securities Exchange nor its regulation services provider accepts responsibility for the adequacy of accuracy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contain herein.
Forward-Looking Statements
Forward-looking statements in this news release may include, but are not limited to, statements relating to those in respect of the proposed FT Offering, including the size, pricing and timing thereof, the type of securities being offered thereunder, the investors participating therein, the intended use of proceeds therefrom, the tax treatment of the securities to be issued under the FT Offering pursuant to the Act and Taxation Act (Quebec), the timing to renounce all Qualifying Expenditures in favour of the subscribers (if at all), and the conditions and approvals required and applications being filed in connection therewith. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. Certain of these risks are set out in more detail in the Company's Annual Information Form for the financial year ended September 30, 2022, dated as of January 17, 2023 which has been filed on SEDAR and can be accessed at www.sedar.com. The forward-looking statements contained in this news release are made as of the date hereof, and except as may be required by applicable securities laws, the Company assumes no obligation or intent to update publicly or revise any forward-looking statements made herein or otherwise, whether as a result of new information, future events or otherwise.
A photo accompanying this announcement is available at globenewswire.com |
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| To: LoneClone who wrote (21061) | 5/24/2023 3:54:27 PM | | From: LoneClone | | | | South Star Battery Metals Announces Corporate Update including Santa Cruz Graphite Mine Phase 1 Construction Update
accesswire.com
Tuesday, May 23, 2023 8:00 AM
South Star Battery Metals Corp.
southstarbatterymetals.com
Highlights:
- Santa Cruz Phase 1 construction is on budget and on schedule through end of April with commercial production planned for the EOY 2023.
- Drilling at BamaStar to support NI 43-101 Preliminary Economic Assessment ("PEA") mobilized May 15th, 2023 for a 2 month diamond drilling program.
- South Star is reviewing proposals for the NI 43-101 preliminary economic assessment ("PEA") scheduled for end of Q1 2024.
- South Star will participate in 121 Mining Investment Conference in New York and Benchmark Gigafactories USA conference in Washington DC.
- South Star has hired a new market making service provider.
- Closing of private placement.
VANCOUVER, BC / ACCESSWIRE / May 23, 2023 / South Star Battery Metals Corp. ("South Star" or the "Company") (TSXV:STS)(OTCQB:STSBD), is pleased to announce a Phase 1 construction update for the Santa Cruz Graphite Mine in Bahia Brazil, as well as providing a general corporate update.
Richard Pearce, CEO of South Star commented, "Santa Cruz construction on the Phase 1 plant and mine installations continues on budget and on schedule through the end April 2023. BamaStar is moving forward. The same drillers we used on the maiden resource program at BamaStar mobilized May 15th for a 2-month diamond drilling campaign in support of the upcoming PEA, which will present our 5-7 year strategic plan of two mines producing a 100,000 tonne per year ("tpy") of high quality concentrates and 60-70,000 tpy of value-add and battery anode materials. South Star has two scalable assets in strategic, stable, mining-friendly jurisdictions and the team to build and operate them in a safe responsible manner in partnership with communities and stakeholders. It's happening at the perfect time, when supply is constrained and demand is growing exponentially. This dynamic is expected to place significant pressure on the graphite price in 2023 and for the foreseeable future. Santa Cruz will be the first new graphite producer in the Americas since 1996, and BamaStar is expected to be producing in 2027."
Santa Cruz Construction and Licensing Update
Construction through the end of April 2023 is on schedule and on budget for Phase 1 commercial production at the EOY 2023. Q2 2023 the main work programs include:
- Civil construction, foundations, and retention walls for the plant area;
- Civil infrastructure including entrance, security, additional offices, supply chain storage warehouse and contractor support area;
- Electrical substation and internal electrical distribution network; &
- Delivery of approximately 35% of the major equipment.
BamaStar PEA
The drilling company has mobilized for a 2-month drilling program in support of the upcoming PEA, planned for completion end of Q3, 2024. The driller is the same company that completed the recently filed maiden resource definition drilling program. The PEA program will include approximately 1,500-2,000 meters, and the goals are to expand the existing mineral resources, continue testing boundaries and improve the understanding of the geology and mineralization controls. The drilling program includes both step-out drilling to expand resource definition and some in-fill drilling to upgrade inferred resources into measured and indicated categories. The program will also include some oriented core in key holes to better understand structures and geotechnical/geomechanical parameters.
In addition, the Company is reviewing proposals for the upcoming PEA, which will present the 5-7 year strategic plan of two mines in strategic jurisdictions producing a 100,000 tonne per year ("tpy") of high quality concentrates and 60-70,000 tpy of value-add and battery anode materials. The Company is advancing with studies associated with value-add physical and chemical characterizations, battery suitability tests, as well as floatation, purification, micronization and spheronization technologies.
South Star Participation in Upcoming 121 Mining Investment Conference in New York City and the Benchmark Minerals Intelligence Gigafactory USA Conference in Washington DC
South Star is pleased to announce its participation in the upcoming 121 Mining Investment Conference in New York City on June 5-6. 121 Mining Investment New York will be hosting approximately 80 mining companies and more than 300 investors for two days of targeted one to one meetings. In addition, the Company will be participating in the Benchmark Minerals Intelligence Battery Gigafactories USA 2023 Conference in Washington DC on June 8-9. The conference will explore the rise of USA's lithium ion battery gigafactory economy and the need to build secure, sustainable supply chains for lithium, nickel, graphite, cobalt, manganese, rare earths and other critical raw materials.
South Star Retains Red Cloud Securities Inc. to provide Market-Making Services
South Star has retained Red Cloud Securities Inc. ("Red Cloud"), an arm's length party, to provide market stabilization and liquidity services in compliance with the policies and guidelines of the TSX Venture Exchange. Red Cloud is an established IIROC regulated broker dealer offering corporate issuers advisory, investment banking, research, and distribution services. As consideration for the services, the Company has agreed to pay Red Cloud a flat monthly fee of $5,000, payable quarterly in advance. Red Cloud will provide the services on an ongoing basis unless the agreement is terminated by either party with no less than 30 days' prior notice.
Red Cloud and/or its clients may have an interest, directly or indirectly, in the securities of the Company. There are no performance factors contained in the agreement with Red Cloud and Red Cloud will not receive any common shares or options from the Company as compensation for its services. The engagement of Red Cloud is subject to the approval of the TSX Venture Exchange.
Closing of a Non-Brokered Private Placement
South Star has completed a non-brokered private placement of units (the "Private Placement" or the "Offering") for total proceeds of C$67,800.25. Net proceeds from the Private Placement will be used for exploration, development, Phase 1 construction activities, corporate G&A and general working capital requirements. Phase 1 commercial production is planned for Q4 2023.
The Private Placement consists of 127,925 units priced at C$0.53 per unit (the "Units"). Each Unit consists of one (1) common share and one (1) common share purchase warrant (the "Warrants"). Each Warrant entitles the holder to purchase one additional common share of the Company at an exercise price of C$1.25 per common share for a period of five years from the date of issue, subject to acceleration as set out below. The securities issued in this Private Placement will be subject to a four-month hold period from the date of closing and approval by the TSXV, expiring September 24, 2023.
If during a period of ten consecutive trading days between the date that is four (4) months following the closing of the Private Placement and the expiry of the Warrants the daily volume weighted average trading price of the common shares of the Company on the TSXV (or such other stock exchange where the majority of the trading volume occurs) exceeds C$2.50 for each of those ten consecutive days, the Company may, within 30 days of such an occurrence, give written notice to the holders of the Warrants that the Warrants will expire at 4:00 p.m. (Vancouver time) on the 30th day following the giving of notice unless exercised by the holders prior to such date. Upon receipt of such notice, the holders of the Warrants will have 30 days to exercise their Warrants. Any Warrants which remain unexercised at 4:00 p.m. (Vancouver time) on the 30th day following the giving of such notice will expire at that time.
About South Star Battery Metals Corp
South Star Battery Metals Corp. is a Canadian battery metals project developer focused on the selective acquisition and development of near-term production projects in the Americas. South Star's Santa Cruz Graphite Project, located in Southern Bahia, Brazil is the first of a series of industrial and battery metals projects that will be put into production. Brazil is the second-largest graphite-producing region in the world with more than 80 years of continuous mining. Santa Cruz has at-surface mineralization in friable materials, and successful large-scale pilot-plant testing (>30t) has been completed. The results of the testing show that approximately 65% of Cg concentrate is +80 mesh with good recoveries and 95%-99% Cg. With excellent infrastructure and logistics, South Star is fully funded for Phase 1, and the 12-month construction and commissioning are underway. Santa Cruz will be the first new graphite production in the Americas since 1996 with Phase 1 commercial production projected in Q4 2023. Phase 2 production (25,000tpy) is partially funded and planned for 2026, while Phase 3 (50,000tpy) is scheduled for 2028.
South Star's second project in the development pipeline is strategically located in Alabama in the center of a developing electric vehicle, aerospace and defense hub in the southeastern United States. The BamaStar Project is a historic mine active during World Wars I & II. Trenching, phase 1 drilling, sampling, analysis, and preliminary metallurgical testing have been completed. The testing indicates a traditional crush/grind/flotation concentration circuit that achieved grades of approximately 94-97% Cg with approximately 86% recoveries. South Star is executing on its plan to create a multi-asset, diversified battery metals company with near-term operations in strategic jurisdictions. South Star trades on the TSX Venture Exchange under the symbol STS, and on the OTCQB under the symbol STSBF.
South Star is committed to a corporate culture, project execution plan and safe operations that embrace the highest standards of ESG principles based on transparency, stakeholder engagement, ongoing education, and stewardship. To learn more, please visit the Company website at pr.report.
This news release has been reviewed and approved by Richard Pearce, P.E., a "Qualified Person" under National Instrument 43-101 and President and CEO of South Star Battery Metals Corp.
On behalf of the Board,
Mr. Richard Pearce
Chief Executive Officer
For additional information, please contact:
South Star Investor Relations
Email: invest@southstarbatterymetals.com
+1 (604) 706-0212
Twitter: pr.report
Facebook: pr.report
LinkedIn: pr.report
YouTube: South Star Battery Metals - YouTube
CAUTIONARY STATEMENT
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.
Forward-Looking Information
This press release contains "forward-looking statements" within the meaning of applicable securities legislation. Forward-looking statements relate to information that is based on assumptions of management, forecasts of future results, and estimates of amounts not yet determinable. Any statements that express predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance are not statements of historical fact and may be "forward-looking statements". Forward-looking statements in this press release include, but are not limited to, statements regarding: moving Santa Cruz into production and scaling operations as well as advancing the Alabama project; and the Company's plans and expectations.
Forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking statements, including, without limitation: risks related to failure to obtain adequate financing on a timely basis and on acceptable terms; risks related to the outcome of legal proceedings; political and regulatory risks associated with mining and exploration; risks related to the maintenance of stock exchange listings; risks related to environmental regulation and liability; the potential for delays in exploration or development activities or the completion of feasibility studies; the uncertainty of profitability; risks and uncertainties relating to the interpretation of drill results, the geology, grade and continuity of mineral deposits; risks related to the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses; results of prefeasibility and feasibility studies, and the possibility that future exploration, development or mining results will not be consistent with the Company's expectations; risks related to commodity price fluctuations; and other risks and uncertainties related to the Company's prospects, properties and business detailed elsewhere in the Company's disclosure record. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements. Investors are cautioned against attributing undue certainty to forward-looking statements. These forward-looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances. Actual events or results could differ materially from the Company's expectations or projections.
SOURCE: South Star Battery Metals Corp. |
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| From: LoneClone | 5/25/2023 12:25:04 PM | | | | | | Column: Lithium slump puts China's spot price under the spotlight
reuters.com
By Andy Home
May 21, 20236:00 PM PDTUpdated 4 days ago
LONDON, May 19 (Reuters) - High-flying lithium has come crashing back to earth.
A super-charged two-year rally, which saw Chinese spot lithium carbonate prices rise by tenfold, went into brutal reverse over the first part of this year. The spot price slumped by 70% between November and its low point in April.
The battery metal was knocked off its heights by early-year weakness in China's electric vehicle (EV) market, still by some margin the world's largest.
The temporary demand hit rippled back up through the Chinese battery chain, generating a collective destocking cycle and killing the spot market.
The slump in China's spot price dragged down the whole lithium pricing chain from spodumene concentrate to hydroxide, albeit to highly varying degrees.
The price impact looks outsize to what was a short-term mismatch of supply and demand in the Chinese domestic market, where the spot price is already bouncing back hard.
But lithium's roller-coaster ride highlights the important role China's spot market and the Wuxi futures exchange play in the fast-growing industry's price discovery process.
 High-flying lithium takes a tumble
PRICE SLUMP FOR SOME, BUT NOT FOR ALL
The Chinese spot lithium carbonate market is a small and volatile component of the global lithium pricing structure, and price signals can be extreme relative to what is happening elsewhere in the supply chain.
Prices for lithium carbonate outside of China have fallen this year but not to the same degree, while hydroxide prices have been even more resilient.
The big volumes traded directly between lithium producers and consumers are based on longer-term contracts, often with fixed-price components, insulating them from spot market volatility.
Chilean producer SQM (SQMA.SN), for example, reported an average realized sales price of $51 per kg in the first quarter, down from $59 per kg in the fourth quarter of 2022 but up on the $38 achieved in the year-ago period.
U.S. producer Livent (LTHM.N) told analysts on its first-quarter conference call that "we still expect a continued increase in our average realized prices in 2023 under a wide range of market scenarios".
The company has around 70% of its 2023 sales committed to fixed-price annual contracts, many including take-or-pay terms, and has "a high degree of confidence around a 40% average expected price increase across these volumes".
Many lithium buyers, in other words, will be paying higher prices this year whatever happens in the Chinese spot market.
SPOTLIGHT ON SPOT MARKET
China's spot lithium carbonate market seems to be centred on physical transactions in "technical grade" material, which cannot be directly used in batteries but with further refining can be upgraded to battery-ready hydroxide.
The appeal of this sort of lithium is the fact it's easier to store and less likely to be committed to consumer off-take contracts, according to Adam Megginson, analyst at Benchmark Minerals.
Physical spot trading co-exists with futures trading on the Wuxi Stainless Steel Exchange, which launched its lithium futures contract in July 2021.
The relationship between real demand and futures pricing in China is "unclear", to quote Benchmark.
What is increasingly clear, however, is the over-sized role Wuxi can play in the global lithium supply chain.
The collapse in China's spot price has far exceeded the decline in the price of Australian spodumene, another closely tracked market indicator. The result has been the crushing of converter margins in China, leading to temporary closures.
OPAQUE MARKET
Wuxi's ascendancy as a lithium market signal is down to the fact that it has provided a rare point of price transparency in a highly opaque market.
The lithium industry has resisted any move towards futures trading on the basis that the product is not a commodity but a bespoke chemical tailored to the needs of each battery manufacturer.
But if the market isn't going to be beholden to China's wild eastern spot market, it may need more, not less, futures trading.
A possible alternative may be U.S. exchange CME (CME.O).
CME launched its lithium hydroxide contract in May 2021, but attracted little attention until the closing months of 2022.
Volumes hit a record high of 1,134 contracts in April, while open interest has mushroomed to 1,635 contracts from 429 in December and just 5 at the end of 2021.
It's probably no coincidence that activity has surged into lithium's price slump, although the mix of hedging and speculation is uncertain.
A successful Western futures reference price would act as an important counter-balance to the Wuxi price.
THE WUXI EFFECT
The lithium market is now on the rebound, led once again by the Chinese spot price , which has jumped to 295,000 yuan from 182,500 at the end of April, according to Fastmarkets.
China's EV market is regaining lost momentum and the domestic destocking cycle is coming to an end.
In the event of a shift to restocking, the price reaction is likely to be just as extreme to the upside as it has been to the downside over the first part of this year.
The first sign of the turnaround came in China's technical-grade carbonate market. Benchmark Minerals noted in late April an uptick in pricing after six months of relentless downtrend.
The price bounce, according to Benchmark, was initiated on the Wuxi exchange, with traders buying warehouse space two weeks earlier.
Futures optimism spilled over in the physical spot market, although Benchmark cautioned at the time the price rise didn't reflect a real change in consumer demand but rather "market expectations among a small group of well-informed actors".
But the Wuxi effect is once again at work, lifting the entire product pricing chain off its April price lows.
It may be time for the industry to accept more price transparency, rather than have a small group of traders shove the global supply chain around.
($1 = 6.9121 Chinese yuan renminbi)
The opinions expressed here are those of the author, a columnist for Reuters. |
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| To: LoneClone who wrote (21063) | 5/25/2023 12:44:27 PM | | From: LoneClone | | | | Battery boom sparks revival for Quebec’s formerly failed lithium miners
miningweekly.com
25th May 2023
By: Bloomberg
Nemaska Lithium was once a cautionary tale for commodities investors betting on North America’s battery metals supply chain.
Shareholders lost money when the Canadian mining firm went broke in late 2019, collapsing under cost overruns and a crash in lithium prices. Four years later, a restructured Nemaska under new ownership is back developing a lithium deposit that could ultimately supply Ford Motor Co. with the key battery ingredient.
Ford’s supply deal with Nemaska — one of several battery-material sourcing pacts the automaker announced Monday — is the latest sign of optimism for lithium projects once left for dead. Halted operations like Nemaska’s Whabouchi mine have been resurrected by lithium prices that have nearly quadrupled since 2019. Also helping are policy initiatives such as the Inflation Reduction Act, which encourage American automakers to source battery metals from the US and allies including Canada.
“This has created the conditions for Nemaska to succeed,” said Steve Gartner, vice president of finance at Nemaska, which is now jointly owned by the Quebec government and US lithium producer Livent. “The market, and institutional and government direction, has really created a condition where there’s more and more incentive to start and develop a supply chain in North America.”
North American Lithium, a Quebec mining operation now owned by Sayona Mining and Piedmont Lithium, faces a similar turnaround after its previous owner suspended operations and sought creditor protection for the business in 2019. The openpit operations restarted in March, with some production earmarked for EV automaker Tesla Inc. and South Korean battery maker LG Chem. |
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| To: LoneClone who wrote (21064) | 5/25/2023 12:49:13 PM | | From: LoneClone | | | | Cohiba to acquire Canadian lithium, REE tenements
miningweekly.com
25th May 2023
By: Esmarie Iannucci
Creamer Media Senior Deputy Editor: Australasia
PERTH (miningweekly.com) – Junior Cohiba Minerals has announced the acquisition of unlisted Maple Minerals, which holds the rights to acquire four lithium and rare earth element (REE) properties in Ontario.
Under the acquisition, Cohiba will issue 50-million shares to the vendors, as well as two tranches of 62.5-million performance rights each, which could be converted into fully paid ordinary shares in the company subject to exploration milestones being reached at the project area.
Under the terms of the acquisition agreement that Maple Minerals has with the current holder of the projects, Cohiba will also pay a cash consideration of C$259 000 and a 1.5% net smelter royalty on the production of any minerals from the area. Following the completion of the transaction, the company will have the ability to re-purchase 0.5% of the net smelter royalty for A$500 000.
“We are delighted to have been able to execute binding agreements for this acquisition and secure these strategic tenements within known lithium and REE terranes. North-west Ontario is recognised as a key lithium province and with highly attractive geological and structural precursors within close proximity to known lithium resources we are confident of yielding exploration success,” said Cohiba CEO Andrew Graham.
“Canada is forecast to be a significant supplier of critical minerals, including lithium, which is evidenced through the recent deal between Green Technology Metals (GT1) and LG Energy Solutions (LGES) which saw LGES invest A$20-million in GT1 to become a substantial shareholder and major offtake partner. Following an extensive due diligence process we are confident that we have secured an exceptional portfolio of projects and look forward to undertaking some detailed reconnaissance work in the upcoming summer season.”
The Maple Minerals transaction is subject to shareholder consent. |
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| To: LoneClone who wrote (21065) | 5/25/2023 12:53:25 PM | | From: LoneClone | | | | Carbine invests in silica sands project
miningweekly.com
25th May 2023
By: Esmarie Iannucci
Creamer Media Senior Deputy Editor: Australasia
PERTH (miningweekly.com) – ASX-listed Carbine Resources has struck a deal to acquire a silica sands project, in Western Australia, from Down South Silica (DSS).
The exploration project covers 5 800 ha and offers Carbine an opportunity for near-term development, with significant growth potential as the company continues to advance its own Muchea project.
“This acquisition complements the company’s existing strategy and fits well with its existing plans at its Muchea project. The Silica Sands project offers Carbine potential access to near-term development whilst it continues to develop its exciting large-scale Muchea project,” said Carbine MD Peter Batten.
“Our goal through undertaking this acquisition is to secure the potential for an earlier stage production and subsequent cashflow scenario with the object of self-funding the development of the Muchea project.
“Historical exploration has resulted in identifying the locations for potential resources and provided information regarding grades at these locations. Previous resource calculations are not reportable, however, they provide valuable data for Carbine to build on. Discussions with landowners regarding access for exploration and support of potential mining operations convinced Carbine of the potential of the tenement.”
Under the terms of the agreement, Carbine will issue DSS more than 71.9-million shares in the company, which will be subject to a 12-month voluntary escrow period, and will grant the vendor a 1% net smelter royalty over all minerals extracted from the tenements. |
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