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Power Metal Resources PLC (LON:POW), the London listed exploration company seeking large-scale metal discoveries across its global project portfolio announces an update in relation to its joint venture (“JV”) subsidiary New Ballarat Gold Corporation PLC (“NBGC”), which is focused on the prolific Victorian Goldfields of Australia. The JV is held between Power Metal (49.9%) and its partner, London-listed Red Rock Resources PLC (50.1%).
Red Rock Australasia Pty Ltd (“RRAL”), the 100% owned Australian operating subsidiary of NBGC, entered an agreement (“Agreement”) on 6 July 2022 to acquire the exploration licence EL5535 covering the historic Berringa Mine (“Berringa” or the “Project”) from Balmaine Gold Pty Ltd (“Vendor”) which is a wholly owned subsidiary of Golden Point Group Pty Ltd (“GPG”), itself the subsidiary of Shen Yao Holdings Ltd, a company listed on the Singapore Exchange (the companies collectively being the “Vendor Group”).
The original announcement in respect of the Agreement may be viewed through the link below:
A map highlighting the location of the Project may be seen on the Company’s website through the following link:
· EL5535 has now been successfully transferred to RRAL, which now holds a 100% interest in the exploration licence.
· RRAL has paid the initial consideration of AUD$20,000 to the Vendor, with further milestone consideration payments detailed in the Further Information section below.
· RRAL are finalising a detailed exploration plan for the period up to and following the five year renewal being applied for to the licence which expires on 16 November this year, which will include planned drilling at EL5535. The exploration plan will be based on abundant historical exploration data available, allowing for highly refined drilling programme design.1,2
· Planned drilling will test for extensions of known gold mineralisation at the Berringa Gold Mine, which has historical production of 293,250 ounces of gold (Au) from 1898-1952 at an average grade of 8.3g/t Au.1
· The focus of planned drilling is to demonstrate the remaining gold endowment which as outlined in 2004 and 2014 technical reports, includes possible exploration target ranges down to 1000m of 0.91 to 3.89million*,** and 0.70 to 2.91million*,** ounces of Au respectively.1,2 Further details in respect of these exploration targets are provided below.
· RRAL is in ongoing discussions with the Vendor Group, regarding the possibility of processing ore at their nearby Ballarat Gold Mine (located approximately 25km away), should RRAL discover and develop an economic deposit. This arrangement would dramatically reduce both mine build-out time horizons and heavy capital requirements for building a new standalone processing facility.
Paul Johnson, Chief Executive Officer of Power Metal Resources PLC commented:
“Investors often tell me of their excitement with regard to New Ballarat Gold Corporation and the opportunity it represents. We share that excitement as NBGC holds a significant land position in the Victoria Goldfields of Australia, which across its footprint has extensive evidence of gold prospectivity.
Centered in Ballarat we have an established operational team who have been running the local operations diligently and building the potential across the licence areas we hold. These licence areas contain advanced opportunities, with a number of high-grade former producing mines and also the wider blue-sky exploration potential that offers the potential for significant valuation uplift on discovery.
Power Metal is keen to see NBGC flourish, and today’s news is an important step forward.”
Exploration Licence 5535 was previously held by Balmaine Gold Pty Ltd, which is a wholly owned subsidiary of Golden Point Group Pty Ltd (“GPG”), itself the subsidiary of Shen Yao Holdings Ltd, a company listed on the Singapore Exchange (the companies collectively being the “Vendor Group”).
GPG are the owners of the nearby Ballarat Gold Mine, which has annual production guidance of 40,000 to 50,000 ounces of gold per year.4
The Vendor Group’s licence has its origins in the acquisition of the tenement area in 1998 with the view of the tenement, supplying additional gold to the nearby Ballarat Mine. After passing through Lihir Gold, the tenement came into the hands of the Vendor Group. The mining licence was surrendered in 2014, with an exploration licence covering the same area then being granted to the Vendor. For various reasons, the work on the tenement has not been as extensive as planned.
A 2004 Berringa Exploration Strategy Technical report was produced by Hamish Forgan & Steven Olsen on behalf of a previous owner of the Licence, Ballarat Goldfields NL (“Ballarat Goldfields”). Mr Olsen was an employee of Ballarat Goldfields and a compent person as defined by the JORC code. The 2004 report highlighted a proposed exploration target ranging from 913,488 to 3,889,718 ounces of gold down to a depth of 1000m at Berringa.2
Subsequently, on the surrender of the previous mining licence, a further technical report was prepared which summarised the findings from work undertaken from 1992 to October 2014. The 2015 report was produced by Jason Fothergill on behalf of the operators at the time, Caslemaine Goldfields Pty Ltd. Within the 2015 report, an updated proposed exploration target was calculated and which ranged from 697,112 to 2,907,790 ounces of gold down to a depth of 1000m.1 The results from this report are summarised in the below table.*,**
Risk Weighted Exploration Target
0 – 300m
475 – 2,974k t
5.8 – 14.2g/t Au
554k oz. Au
217k oz. Au
300 – 600m
494 – 5,793k t
5.8 – 14.2g/t Au
1.080 Moz. Au
225k oz. Au
600 – 1,000m
558 – 6,827k t
5.8 – 14.2g/t Au
1.273 Moz. Au
255k oz. Au
1.5 to 15.6 Mt
5.8 -14.2g/t Au
2.907 Moz. Au
0.697 Moz. Au
*The exploration targets tabled above are not to be considered as an estimate of a Mineral Resource or Ore Reserve as those terms are defined in the JORC (2012) Code. The potential quantity and grade is conceptual in nature, that there has been insufficient exploration to estimate a Mineral Resource It is uncertain if further exploration will result in the subsequent estimation of any Mineral Resource. A drilling programme planned to test the valididy of the exploration target outlined above is currently being planned, and details will be included in the licence renewal application which will be submitted prior to the expiration date of 16 November 2022. Further updates regarding the proposed drilling programme will be supplied to the market in due course.
**The top end of the exploration target ranges produced represents the total ounce potential that would exist if each target area (0-300m, 300-600m, 600-1000m) had the same gold endowment as the historically mined orebodies at Berringa. Several risk factors were applied to the above calculation, which take into account the unknown location of various faults, folds and diltational jogs down to 1000m. The low end of the exploration target range reflects the full application of all calculated risk factors to the top end estimate.
For the purchase of 100% of the Vendor’s interest in the Licence to RRAL, covering the historical Berringa Gold Mine, the following consideration is payable:
· The issue to the Vendor staged cash payments totalling AUD$500,000 as outlined below:
o Initial payment of AUD$20,000 payable on successful transfer of the exploration licence to RRAL. This payment has now been made.
o On successful renewal of the Licence for an additional term of 5 years, which currently expires on 16 November 2022, an additional payment of AUD$130,000, which can be satisfied through the issue of either cash and/or publically traded shares.
o On public release of a initial JORC Compliant resource estimate of greater than 100,000 cumulative ounces of gold in the Inferred category, a further payment of AUD$350,000, which can be satisfied through the issue of either cash and/or publically traded shares.
· Upon the successful commencement of commercial production, a 1.5% Net Smelter Return (“NSR”) royalty will be issued to the Vendor over the Licence, with total payments capped at AUD$1,500,000 over the life of the NSR royalty.
· RRAL inherits the responsibility for a pre-existing 2.5% NSR Royalty, with total payments capped at AUD$50m, payable to Altus Strategies Plc. This royalty is part of a wider royalty covering actual or potential gold production from a number of licences including that from the Ballarat gold mine. Of the AUD$50m, to date AUD$14.5m has been received by the royalty holder and therefore AUD$35.5m of the capped amount remains.5
New Ballarat Gold Corporation
NBGC through its wholly owned local operating subsidiary RRAL, holds a strong land position comprising 15 granted exploration licences for a total area of 1,841km2 within the gold fields of Victoria, Australia, principally around the mining centre of Ballarat.
5 licences covering 493km2 await grant. The company has carefully assembled its portfolio of properties comprising a broad range from robust exploration targets to near term resource potential, all of which remain largely undeveloped by modern explorers.
With the first tenements granted only in 2021, RRAL has already conducted detailed exploration of its initial targets, including a diamond drill test of two prospects starting in December 2021.
1 Final Technical Report Berringa Gold Project MIN 4191 Oct 2014. J Fothergill Balmaine Gold Pty Ltd
2 Berringa Exploration Strategy Technical Report: Sept 2004, H Forgan
3 Sharp, D. & Sheerin K: OreTech Mining Solutions – Tenement Review and Exploration Strategy – EL007330 Daylesford. Unpublished independent geologist report prepared for Red Rock Australasia Pty Ltd. (2020).
5 Royalty Overview Dashboard – Altus Strategies ( https://altus-strategies.com/projects/royalty-dashboard/caserones-2/ )
QUALIFIED PERSON STATEMENT
The technical information in this report is compiled by David Holden, BSc, MBA, MEM, who is a member of the Australian Institute of Geoscientists and a director of NBGC, and the Executive Officer and Exploration Manager of RRAL. He is a member of a recognised professional organisation and has sufficient relevant experience to qualify as a qualified person as defined in the Guidance Note for Mining, Oil and Gas Companies, published by AIM.
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (“MAR”), and is disclosed in accordance with the Company’s obligations under Article 17 of MAR.
Power Metal Resources PLC (LON:POW), the London listed exploration company seeking large-scale metal discoveries across its global project portfolio announces an update in relation to the Molopo Farms Complex Project (“Molopo Farms” or the “Project”) targeting a large-scale nickel-copper-platinum group element (“PGE”) discovery in southwestern Botswana.
On 15 September 2022 the Company announced an update regarding progress being made towards the first Power Metal managed and operated diamond drilling programme at Molopo Farms. The link to this announcement is below:
§ Power Metal’s inaugural drilling campaign at Molopo Farms has now commenced.
§ Diamond core drilling at drillhole DDH1-6B is now underway and is targeting a large southerly dipping conductor that was identified by the Company’s recently completed moving loop electromagnetic (“MLEM”) geophysics survey over the priority Target area 1-6 (“T1-6”).
§ DDH1-6B is located 530m to the south of December 2020 drill hole KKME 1-6 which intersected significant nickel mineralisation 1, 2 subsequently interpreted to be on the edge of a large electromagnetic (“EM”) conductor.
§ The second diamond core drillhole DDH 1-6C planned for the ongoing drilling campaign will be located 830m to the south of KKME1-6. Site preparations are underway and will be completed shortly.
§ Additional ground magnetic and MLEM geophysics surveys over target areas 1-3, 2-3 and 1-14 have now been completed.
§ Preliminary geophysical data has now been received, and the Company is now compiling and interpreting these results.
§ Power Metal will release a further update to the market in due course with the findings of this geophysical work and the additional drill targets derived from the analysis undertaken.
Paul Johnson, Chief Executive Officer of Power Metal Resources commented:
“The world needs security of metal supply, which is enhanced if from a stable and supportive operating environment, such as Botswana.
Molopo Farms presents the possibility for a district scale nickel exploration opportunity, with priority drill target T1-6 expected to be the first in a series of prospective drill targets based on current geophysical work and exploration planning.
We are targeting a large-scale nickel-copper-PGE discovery or discoveries, which would be transformational for the Company and, importantly, may lead to Molopo Farms being a focal point for investment and lead to significant job creation and opportunity.
We are therefore enthused with the opportunity the Molopo Farms Complex Project offers and are particularly pleased to announce the commencement of drilling.
I appreciate all our shareholders, and other current and potential stakeholders in the Project, will be watching developments with interest.”
Figure 1 – Molopo Farms Complex Project Plan Map: A plan map of the Project area, including the location of various elements mentioned above is outlined in Figure 1 below.
Figure 2 – Priority Target Area T1-6 Cross-Section: A cross section showing the location of the first two planned holes, DDH1-6b and DDH1-6c, can be found in Figure 2 below.
Image – Diamond Drill Rig in Position at K1-6: In addition, an image of the drill rig at hole DDH1-6b is provided below, after positioning with the azimuth and dip set for drilling.
The diagrams and image presented above may also be viewed on the Company’s website through the following link:
Further photographs and videos from the drill programme are and will be available on the Company’s website gallery section, through the following link:
PROJECT BACKGROUND AND OWNERSHIP
Power Metal currently has a current circa 53% effective economic interest in Molopo, held through a direct project interest and a shareholding in partner Kalahari Key Mineral Exploration (Pty) Ltd (“KKME”). On 18 May 2022 Power Metal announced a conditional transaction that would see its interest in Molopo Farms increasing to 87.71% (the “Transaction”). The announcement may be viewed through the following link:
As part of the Transaction, Power Metal will become the Project operator and in advance of completion the Company is working with the team at KKME to maintain momentum with regard to Project exploration.
Work streams are also in process to secure Botswana regulatory approvals enabling the Transaction to complete.
QUALIFIED PERSON STATEMENT
The technical information contained in this disclosure has been read and approved by Mr Nick O’Reilly (MSc, DIC, MIMMM, MAusIMM, FGS), who is a qualified geologist and acts as the Qualified Person under the AIM Rules – Note for Mining and Oil & Gas Companies. Mr O’Reilly is a Principal consultant working for Mining Analyst Consulting Ltd which has been retained by Power Metal Resources PLC to provide technical support.
1: Power Metal PLC announcement, Botswana Molopo Farms Complex – Drilling Progress Update, 14 December 2020
2: Power Metal PLC announcement, Significant Nickel Intersections Confirmed by Drill Sample Assay Results, 8 April 2021
Sovereign Metals Limited (Company) (ASX:SVM, AIM:SVML) advises that Ernst & Young has been appointed as auditor of the Company, with effect from today. This appointment follows the resignation of Deloitte Touche Tohmatsu (Deloitte) and ASIC’s consent to the resignation in accordance with s329(5) of the Corporations Act 2001.
The appointment of Ernst & Young follows a review of the Company’s external audit arrangements and the Board selected Ernst & Young based upon their expertise and competitive fee structure. The Board would like to take this opportunity to thank Deloitte for its past assistance and services rendered to the Company.
In accordance with s327C of the Corporations Act 2001, a resolution will be put before shareholders at the Company’s 2022 Annual General Meeting, to ratify the appointment of Ernst & Young as the Company’s external auditor.
Power Metal Resources PLC (LON:POW) the London listed exploration company seeking large-scale metal discoveries across its global project portfolio announces a progress update in respect of the conditional disposal of its Reintenbach uranium property (“Reintenbach” of the “Property”) located east of the Athabasca Basin in Northern Saskatchewan, Canada.
The conditional disposal of Reitenbach to Teathers Financial Plc (“Teathers Financial” or “Teathers”), was announced on 8 August 2022 and may be viewed through the following link:
Teathers is an unlisted public company which is planning an initial public offering (“IPO”) on the London capital markets. Subject to the conditional terms of the agreed Property Purchase Agreement (the “Agreement”) being met, the Power Metal group would be expected to hold an estimated 40-55% interest in the newly listed company.
§ Teathers to be renamed Uranium Energy Exploration PLC for its planned listing on the London capital markets.
§ Preparations for planned listing progressing well and £125k pre-IPO fundraising round completed.
§ Multiple significant uranium prospective anomalies identified across the Property.
§ A significant ‘New Lake Geochem Zone’ has been identified which is demonstrated by high-
tenor uranium results from historical lake sediment geochemical sampling
§ Additional staking of 1,333 hectares (13.33Km2) completed to cover new prospective zone and increasing the size of the Property to 15,979 hectares (159.79km2).
Paul Johnson, Chief Executive Officer of Power Metal Resources plc, commented:
“The planned disposal of the Reitenbach uranium Property into what will be Uranium Energy Exploration PLC is progressing well, with significant corporate and technical progress having been made in the last 4 weeks since the transaction was announced.
We are seeing uranium shares move sharply higher across UK, Canadian and Australian exchanges, reflecting the increasing recognition across the globe of an urgent need for the uptake in utilisation of nuclear power generation.
Regrettably the UK capital markets do not have many uranium focused shares, and there is limited opportunity for UK investors to participate in the uranium sector. This new planned listing will add another opportunity, and we understand the investor engagement thus far, has demonstrated there is a great deal of interest.
Should you wish to be kept informed of developments, please email firstname.lastname@example.org.”
– Teathers Financial recently completed a £125,000 pre-IPO financing.
– Teathers has secured the company name, Uranium Energy Exploration and ticker symbol UEE, in advance of its planned listing on the London capital markets in the near term.
– Teathers has also secured the website holding page (https://uraniumenergyexploration.com) as well as the Twitter handle @uranium_energy as it continues to build out its online presence.
Prior to the acquisition of the Property becoming unconditional, Power Metal’s technical team have continued to undertake exploration work on the Property. The outcome of that work is outlined below.
– Hyperspectral remote sensing analysis utilising Sentinel-2 satellite data on hydrogen and helium gas reflectance was recently obtained over the Reitenbach area. The results of this spectral survey highlighted the existence of several anomalies located across the Property.
– These spectral results, combined with government and historical geophysical data, have allowed for the refinement of several high-priority targets for inspection during future work programmes, which includes a strong northeast-southwest trending anomaly in close proximity to the original ‘Lake Geochem Zone’ identified in 2021 by Power Metal.
– A significant ‘New Lake Geochem Zone’ was also identified through further historical data digitisation, which includes lake sediment sample results up to 346ppm Uranium (“U”) (with 6 results returning > 285ppm U) which represent very high tenor results for this type of geochemical sample. The combined Lake Geochem Zone now stretches for greater than 7km.
– The spectral results also have highlighted a significant hydrogen and helium anomaly present along the regionally important Needle Falls Shear Zone.
– As a result of the spectral results and the identification of the ‘New Lake Geochem Zone’, an additional 1,333 hectares have been claim staked (13.33 km2), bringing the total Property area under licence to 159.79 km2. The new ground staked covers the extension of a northeast-southwest trending uranium-rich boulder train as well as spectral anomalies identified at the ‘New Lake Geochem Zone’. All Reitenbach Property claims are being held by Power Metal, in trust for Teathers, pending completion.
A map highlighting the newly staked area and results from the ‘New Lake Geochem Zone’ be viewed on the Company’s website through the following link:
First Class Metals PLC (“First Class Metals” “FCM” or the “Company”) the UK metals exploration company seeking large scale metal discoveries across its extensive Canadian Schreiber-Hemlo land holding is pleased to provide an update on activities in respect to the Pickle Lake Earn In/Joint Venture (JV) (“Pickle Lake JV” “West Pickle Lake”) with Palladium One Inc (TSXV:PDM) (“Palladium One”).
(Please refer to the Palladium One Inc website for further detail on the salient points in this release News Releases | Palladium One Mining Inc. (palladiumoneinc.com) )
- New high-grade nickel sulphide zone (“West pickle Lake”) discovered on the Pickle Lake JV.
- Massive to semi-massive pentlandite-chalcopyrite-pyrrhotite sulphide discovered along a 600-metre long east-west trending Electromagnetic (“EM”) anomaly located entirely within the Pickle Lake JV. Mineralisation remains open in multiple directions.
- Drill hole TK-22-059 in the West Pickle Zone intersected sulphide mineralization over 5.5 meters, includingmassive to semi-massive sulphide over 1.75 meters from 185.25 to 187.00 meters down hole.
- This new West Pickle Zone discovery closely resembles Palladium One’s very high-grade Smoke Lake Zone located 20 kilometers to the east –highlighting the potential size and scale of the mineralised system.
- The West Pickle Lake Zone is interpreted to be an extension of Palladium One’s historic RJ showing, located 2.7 kilometres to the east along a potential feeder dyke system which has returned up to 1.04% nickel and 0.23% copper over 16.2 meters.
- FCM recently flew a high resolution 4,200 line-kilometre geophysics survey over the entire Pickle Lake JV as well as the flagship North Hemlo property (the “Property”) – with the goal of identifying further extension of the east-west trending mineralised zones onto ground 100% owned by FCM. Results from this survey are expected shortly.
Figure 1 . Massive pentlandite-pyrrhotite-chalcopyrite sulphide mineralization in hole TK-22-059. Pentlandite with a chemical formula (Ni,Fe)9S8 contains by weight 34% Ni, 33% Fe, and 33% S.
Figure 2 . Semi-massive pentlandite-pyrrhotite-chalcopyrite sulphide mineralization in hole TK-22-059.
West Pickle Lake Nickel Copper Sulphide Discovery
Our JV/Earn In partner Palladium One have today announced the discovery of massive nickel-copper sulphide on the Pickle Lake JV. The discovery is located 20-kilometers west of Palladium One’s initial 2020 discovery of massive sulphides at the Smoke Lake zone. At a true-depth of approximately 140 meters, Palladium One intercepted 5.5 meters of nickel-copper sulphide mineralization, including a 1.75 meter massive to semi-massive zone of nickel-copper sulphide. The Pickle Lake (Pezim II) area under JV, is a thirty-three cell claim group which is contiguous to the First-Class Metals 100% owned district scale North Hemlo property.
The lithologies and mineralization in the first two drill holes (TK-22-058 & TK-22-059) ever drilled within the West Pickle Zone’s 600 metre EM anomaly, closely resemble those found at the Palladium One Smoke Lake, RJ, and Tyko zones, which together form a new Nickel District, highlighted by a very robust east-west trending nickel sulphide mineralising system which currently extends for over 20km.
Hole TK-22-058 intersected an 8.7 meter zone containing locally deformed ultramafic rocks from 213.0 to 221.7 meters down hole with minor stringer and disseminated nickel-copper sulphides. Hole TK-22-059 intersected a 5.5 meters zone of nickel-copper sulphide mineralization within deformed ultramafic rocks from 183.0 to 188.5 metres down hole, with a 1.75 meters core zone of massive to semi-massive nickel-copper sulphides. Additional drilling was undertaken at the West pickle Zone to define the geometry and extent of this new high-grade nickel-copper sulphide discovery, results pending.
The 2021 field season identified the 600 meter long West Pickle EM anomaly (see press release October 28, 2021 ), which was followed up by soil sampling that returned up to 153 ppm copper and 116 ppm nickel (see press release November 30, 2021 ). Drill testing of the anomaly was delayed by nine months waiting on permits for this Critical Minerals project.
Figure 3. Area map of the First Class Metals North Hemlo Property with the Pickle Lake JV zone edged in red sat between FCM’s contiguous claim block to the west and the Palladium One “Tyko” Project.
Marc J. Sale CEO First Class Metals said: “This new massive sulphide discovery at FCM’s West Pickle Lake, 20 kilometers and potentially on strike from Palladium One’s high-grade Smoke Lake discovery gives credence that a new district-scale sulphide nickel play is opening. The discovery at the West Pickle Zone is currently believed to be an extension of the Palladium One RJ zone located approximately 2.7 kilometers to the east.
The visual results and early-stage examination of the drill core from the first two holes have exceeded our expectations and substantiate the vector from the previous results further east of the Pickle Lake JV.The findings now achieved along this 20km long east-west trending mineralised system, and especially now within the Pickle Lake JV, within our flagship North Hemlo property, which is 100% owned by FCM. gives us confidence that we will be able to further vector-in on target anomalies delineated from our own exploration activities at North Hemlo.
I am delighted with the advances of our ongoing exploration this year, we have initiated an extensive systematic exploration of North Hemlo, which is continuing and includes not only ground reconnaissance (mapping) and rock / soil sampling as well as the high-resolution helicopter borne 4200km line geophysical survey, currently being interpreted. We look forward to receiving both the assay results from the West Pickle Lake Zone drilling and results from FCM generated sampling on the wider North Hemlo project.”
For further information, please contact:
First Class Metals PLC
James Knowles, Executive Chairman 07488 362641
Marc Sale, Chief Executive Officer 07711 093532
Ayub Bodi, Executive Director 07860 598086
First Equity Limited (Financial Adviser & Broker ) 020 7374 2212
NOTES TO EDITORS
First Class Metals PLC – Background
First Class Metals is focussed on exploration in Ontario, Canada which is considered a topglobaldestinationforexplorationwith a robustandthrivingjunior mineralexplorationsector. Specifically, theHemlo’camp’is a provenworldclassaddressforgold/VMSexploration. Thisgeologicalterranehassignificantproduction, bothbase/preciousmetalsand a prolificnumberofexplorationprojectsandnumerousprospector’s’showings.
FCM holds 100% ownership of seven claim blocks covering over 180km² along a 150km strike of the Hemlo-Schreiber-Dayohessarah greenstone belt which also contains the >23M oz shear hosted Hemlo gold mine operated by Barrick Gold.
The significant potential of the properties for precious, base and battery metals relate to: ‘nearology’ insomuch that all properties lie close to identified mineral anomalism, for example Palladium One’s RJ and Smoke Lake nickel projects are close to the FCM’s West Pickle Lake soil / VTEM anomaly. This also demonstrates the second critical asset the properties hold: vector, anomalies, be they geological, geochemical, or geophysical that have demonstrated mineral potential extend on to FCM’s properties.
The inferred shear on the Esa property is being explored by neighbours both to the west and east where it crosses into their properties. Furthermore, the properties have not been extensively explored either historically or more contemporaneously. This is predominantly attributable to the overall lack of outcrop. However, modern exploration techniques are better able to ‘see through’ the ground cover and to identify anomalies.
Figure 4. The original claim blocks that formed the ‘North Hemlo Property’. Note Pezim II (33 claims) are now the renamed ‘West Pickle Lake’ Palladium One JV/earn in property.
FCM-PDM JOINT VENTURE/EARN IN BACKGROUND
In July 2021 FCM secured a JV with Palladium One over the Pickle Lake Project area (comprising 33 single cell mining claims and the “Project”) Palladium One have the option to earn-in to an 80% interest in the Project subject to a three-year work program commitment. The JV sits on the Eastern flank of FCM’s Flagship North Hemlo Project .
Palladium One has the option to earn up to an 80% undivided working interest and a royalty Buy-Back Right, in the Earn-In Properties, over a 3-year earn-in period by incurring Canadian Exploration Expenses as follows:
Year 1 – an amount of not less than C$25,000 on or before the 1st anniversary of the Effective Date:
Year 2 – an amount of not less than C$135,000 (for an aggregate amount of $160,000) on or before the second anniversary of the Effective Date to earn a 51% interest; and
Year 3 – an amount of not less than C$165,000 (for an aggregate amount of not less than $325,000) and by preparing a National Instrument 43-101 (“NI43-101”) Technical Report with respect to the Earn-In Properties on or before the third anniversary of the Effective Date to earn an additional 29% (for a total aggregate 80% interest).
Forward Looking Statements
Certain statements in this announcement may contain forward-looking statements which are based on the Company’s expectations, intentions and projections regarding its future performance, anticipated events or trends and other matters that are not historical facts. Such forward-looking statements can be identified by the fact that they do not relate only to historical or current facts. Forward-looking statements sometimes use words such as ‘aim’, ‘anticipate’, ‘target’, ‘expect’, ‘estimate’, ‘intend’, ‘plan’, ‘goal’, ‘believe’, or other words of similar meaning. These statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Given these risks and uncertainties, prospective investors are cautioned not to place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date of such statements and, except as required by applicable law, the Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
Alan Green talks to Golden Metal Resources #GMT CEO Oliver Friesen ahead of the IPO. Following an overview of the company and projects, at 4:40 Oliver discusses slides from the Pilot Mountain Tungsten Project, the MRE of 12.53Mt of Tungsten and the recent IP survey. At 11:24 we move onto the Golconda Gold & Copper project and initial exploration programme, before moving onto the geochemistry survey at the Garfield copper and gold project at 17:50. We wrap up with a summary of the Stonewall project targets at 21:20, and what investors can look forward to.
Alan Green talks to Power Metal Resources #POW CEO Paul Johnson about today’s discovery at the Molopo Farms Complex in Botswana. Paul talks through the images and drill results from Molopo, and the nickel samples taken on the edge of what appears to be a substantial ore body.
Adam Jones and Alan Green discuss the upcoming Blue Moon drilling campaign. We discuss the intriguing and unique style of mineralisation at Blue Moon, and the impressive grades and widths from the previous 2019 campaign assay results. Adam explains the previous soil geochemistry work undertaken at Blue Moon prior to the previous drilling campaign, before we discuss the upcoming campaign in a few weeks, with a four initial drill holes planned using ECR’s own MIDAS drill rig.
A landmark year for Poolbeg Pharma #POLB – Alan Green talks to CEO Jeremy Skillington, who takes us through what has been a very eventful year since the IPO. At 01:58 we discuss the flagship asset POLB 001, which reached a major milestone last week as it commenced a human challenge trial. At 05:00 Jeremy provides an overview of two collaborations in Artificial Intelligence and how Poolbeg will use these pioneering approaches to identify new treatments for infectious diseases. At 08:57 Jeremy outlines what investors should expect for the remainder of 2022.
Alan Green talks to Paul Johnson about today’s Quarterly Business Update. Paul provides background on today’s statement, and covers all the projects and developments outlined in the RNS, and with a view to the future, he talks through some upcoming events for investors to watch out for.
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