The Caribou mill complex includes a 3,000-t/d mineral processing facility with a primary grinding circuit, one semi-autogenous grinding (SAG) mill and one ball mill. There are two regrinding circuits with three ISA mills and one pall mill.

A differential sulphide flotation plant and regent system, laboratories, a tailings management facility, an underground mine, connection to the hydro grid, and a water supply for operations are included.

Canadian Copper has agreed to pay approximately C$6.2 million for the fully permitted complex, consisting of a C$225,000 deposit, half of which is refundable against the purchase price. The transaction is scheduled to close next July.

Simon Quick, CEO of Canadian Copper, hailed the agreement, stating that “the proposed transaction creates important synergies for Canadian Copper.”

“By integrating our large Murray Brook deposit with an already permitted and constructed Caribou complex that operated as recently as August 2022, we aim to significantly reduce the schedule, capital cost, and permitting time required to produce copper, zinc and lead concentrate from Murray Brook,” he said.

The company has already hired consultants to design, engineer and develop the mining and milling processes for the Murray Brook deposit. A preliminary economic assessment is due in the first half of 2025. Modifications to the water and tailings facilities are also under consideration.

The Murray Brook deposit contains measured and indicated sulphide resources of 21.1 million tonnes grading 0.45% copper, 0.91% lead and 2.49% zinc. There is also a measured and indicated oxide resource of 2 million tonnes at 1.03% copper, 0.74% lead and 2.22% zinc.

Resources in the inferred category comprise 110,000 tonnes of sulphides grading 0.41% copper, 0.68% lead and 1.82% zinc.

Fokus Mining named Philippe MacKay  as CEO, effective Nov. 4.

Gr silver – The new CFO at GR Silver is Robert Payment following the retirement of Blaine Bailey.

Metso Corporation named Sami Takaluoma its new president and CEO.

Nations Royalty named Josh Kierce as CFO.

Board changes:

Julian Ovens joined the board of Canada Nickel Company.

Core Nickel named Paul Reid and Marc Pais as directors, and Shane Shircliff and Karen Lloyd have resigned.

Magnum Goldcorp added Dave Smith to its board.

Nuclear Fuels asked Brahm Silfogel to join the board.

Palisades Goldcorp accepted the resignation of William (Bill) Hayden from the board.

Pure Energy announced the resignation of Mary Little from the board.

Tintina Mines added Cesar Garrido to the board as Ricardo Landeta stepped down.

Volt Carbon Technologies said Rob Martin resigned his seat on the board.

Westmount Minerals announced the departer of director Kenneth Cawkell.

The 2024 drill program at Nelligan extended the deposit eastward below 500 metre vertical depth and confirmed the increasing width of the Footwall zone forming the north part of the mineralized sequence, the company said.

Infill and/or expansion drilling is planned depending on the updated resource estimate. Metallurgical tests and other engineering studies are also planned.

“The results today from Nelligan demonstrate the potential for expansion of what is a large-scale asset located in a great mining jurisdiction of Canada. Our current priority continues to be the safe and stable ramp up and growth of Côté Gold,” said Iamgold CEO Renaud Adams.

“While we look forward to the updated mineral resource estimate for Nelligan early next year to build off the current estimate of approximately 2 million indicated gold ounces and 4 million ounces of inferred mineral resources.”

Iamgold issued at the same time an updated resource estimate for its Monster Lake gold project, located 15 km north of Nelligan. The indicated resource is 239,000 tonnes averaging 11.0 g/t gold for 84,200 contained oz. The inferred resource is 1.1 million tonnes grading 14.4 g/t gold for 488,500 contained oz.

The numbers represent the upgrade of 84,200 oz. into indicated from the inferred designation. The inferred resource was also upsized by 32%.

Following successful ore sorting trials, St Barbara (ASX: SBM) is looking hard at the Cochrane Hill gold project in Nova Scotia. The company is evaluating an alternative design that would process the ore at the proposed 15-Mile mill.

The deposit has measured resources of 10.7 million tonnes grading 1.1 g/t gold (370,000 contained oz.), indicated resources of 7.7 million tonnes at 1.0 g/t gold (240,000 oz.) and inferred resources of 21 million tonnes at 1.0 g/t gold (690,000 oz.).

Approximately half that tonnage is considered as proven an probable reserves: 15.4 million tonnes at 1.1 g/t gold (1.35 million oz.), in compliance with JORC guidelines.

The ore sorting trial was done on an 840-kg using X-ray transmission technology. The results recovered 89.7% of the gold from the bulk sample into a mass only 54.3% of the original sample, and the head grade was boosted 1.65 times in the concentrate.

With the ore sorting done, the idea of trucking it about 70 km by road to the site of the proposed 15-Mile mill makes economic sense, said the company.

Other de-risking considerations for the Cochrane Hill project include better recoveries using the 15-Mile mill and no need to establish a tailings management facility at the mine. The pit design could be optimized to eliminate the need to relocate a public road.

With no mill on site, water use would be considerably reduced, and the long-term waste rock storage could be altered to further reduce the project footprint and improve the landform design post-reclamation.

St Barbara’s Atlantic Gold division includes the now-closed Touquoy mine, development of the 15-Mile underground mine mill, the Beaver Dam open pit project and the Cochrane Hill open pit deposit. The mill from the Touquoy carbon-in-leach (CIL) mill can be relocated to the 15-Mile mine and its processing capacity increased to 2.1 million t/y.

Meanwhile, St Barbara is working on a feasibility study for a pumped hydro energy storage facility at the Touquoy mine. Capacity has been upgraded to 80 MW of power available to the grid for seven hours. Collaboration continues with Natural Forces Solar.

The partners also plan to evaluate the potential for similar pumped hydro energy storage at the 15-Mile and Cochrane Hill projects.

Hole TX24-021 assayed 1.94% copper and 10.22 g/t silver over 64.9 metres, including 6 metres at 1.70% copper and 33.0 g/t silver. Two additional intersections returned 3.21% copper and 4.77 g/t silver over 15.2 metres and 2.58% copper and 15.88 g/t silver over 17.9 metres.

The mineralized argillites within the Tillex deposit are structurally complex with significant folding and fracturing. Mineralized feldspar porphyry is also present within the argillites, further adding to the exploration potential to the Tillex copper project, according to Metals Creek.

Copper assays within the porphyry ranged from 0.32% to 1.44%, it added.

The Tillex deposit was discovered in 1973, with a historical near-surface resource of 1.3 million tonnes grading 1.56% copper that was calculated in 1990.

Metals Creek acquired the deposit in 2008 and drilled a 2,276-metre program. Copper content as high as 2.583% over 37.1 metres and 2.16% over 34.3 metres was noted. Two additional programs were mounted from which the best assay was 5.29% copper over 5 metres.

The latest estimate contains resources for the Tom and Jason deposits and the inaugural numbers for the Boundary and End zones. Together, there is an indicated resource of 56 million tonnes grading 7.27% zinc equivalent and an inferred resource of 48.5 million tonnes at 7.48% zinc equivalent.

Breaking the numbers down further, the figures look like this (with contained metal):

• Indicated: 5.50% zinc (6.78 billion lb.), 1.58% lead (1.92 billion lb.), 24.2 g/t silver (43.5 million oz.), 10.98 g/t germanium (614,800 kg) and 7.38 g/t gallium (412,900 kg).
• Inferred: 5.15% zinc (5.5 billion lb.) 2.08% lead (2.2 billion lb.), 25.3 g/t silver, 39.4 million oz.), 8.14 g/t germanium (394,400 kg) and 5.82 g/t gallium (282,100 kg).

“We are excited to be able to demonstrate the presence of significant quantities of byproduct elements germanium and gallium, propelling Macpass to a premier spot on the world stage of critical mineral districts,” said CEO Peter Hemstead.

“The mix of such large accumulations of the critical minerals zinc, tungsten, germanium and gallium on one property represents a strategic asset for North America and represents a tremendous economic opportunity for northern Canada,” he added.

This year’s exploration program at Macpass is now complete. A total of 16,013 metres were drilled in 49 holes, and assays are pending for most holes. A large regional program was also completed, including extensive ground gravity surveys, prospecting, soil sampling, and airborne geophysical surveys of LiDAR and VTEM-magnetics.

The company is moving up a planned two-month shutdown to start on Nov. 2 to install capacity for 25,000 tonnes a year from around 10,000 to 15,000 tonnes a year currently, the company said on Monday.

“In order to ensure increased, stable production in 2025 and beyond that can keep up with rising market demand, we have decided to move forward the timeframe for a maintenance and repair shutdown,” CEO Hugues Jacquemin said in a release.

“Lac des Iles has the potential to produce more and for longer than anticipated when we acquired the mine in 2022,” he said. “We need to prepare as we look to open a new pit and increase throughput at the mill.”

China’s, the leading producer of graphite used in electric vehicle batteries, said in November last year it was curbing exports of the material. The Asian giant produces and processes most of the world’s graphite supplies.

Shares in Northern Graphite fell 4% on Monday afternoon to C$0.11 apiece, valuing the company at C$13.8 million.

Every day operation

The restart is planned for Jan. 6. During the closure, Northern will supply customers from inventories and from third parties, it said. The Lac-des-Iles mine, the company’s cornerstone asset, is located about 140 km north of Ottawa.

Northern Graphite began operating the plant seven days a week in April, a move that boosted output by 59%. But the company encountered a financial hit when markets knocked the battery metal’s price lower.

The company plans to open a new pit by early in 2025 and lengthen the mine’s life by eight years. It has planned drilling this year aimed at expanding resources and reducing the strip ratio.

The mine has 3 million indicated tonnes at an average grade of 6.4% graphitic carbon (Cg), containing around 213,000 tonnes of Cg, according to a resource estimate. It has 1.4 million inferred tonnes averaging 7.4% Cg.

Earlier this month the company announced a partnership with Rain Carbon, a Hamilton, Ontario-based chemical producer, to develop and commercialize advanced battery anode material.

Big Red Mining named Jim Atkinson as CEO and president.

Gladiator Metals asked Olav Langelaar to be its VP corporate development.

Gold Candle named Dean Crick its new VP exploration.

Gold79 Mines named Quentin Mai as president.

Heliostar Metals appointed Hernan Dorado as VP sustainability and special projects.

Nevada King Gold appointed John Sclodnick as president.

Northern Graphite announced the departure of CFO Guillaume Jacq.

Gregg Orr is the new CFO of Santacruz Silver Mining.

Westgold Resources named Aaron Rankine its new COO and acting COO Jacob Mesiha was promoted to GM project and operational readiness.

Board changes:

Eastport Ventures welcomed David Minchin as chair of the board.

Equinox Gold said Fraz Siddiqui resigned from the board.

G Mining Ventures named Naguib Sawiris as a director.

Gold79 Mines named Brodie Sutherland to the board.

Mandalay Resources named John Jentz an independent director.

Omai Gold appointed Drew Anwyll to the board.

Laurie Lefcourt is now on the board of Sayona Mining.

This truck represents the culmination of years of hard work and the joining together of the autonomy and zero emission arms of the Liebherr-Fortescue partnership. The autonomous battery-electric T 264 has a 3.2 MWh battery (developed by Fortescue Zero).

A static charging solution has been developed alongside the autonomous battery-electric truck. The static charger will be available in both manual and robotic versions and includes an automated quick charger of up to 6 MW with a megawatt charging system connector that can charge battery-electric T 264 trucks in 12 to 58 minutes.

The truck on display at MINExpo was equipped with the Autonomy Haulage Solution (AHS) that was jointly developed by the two companies. Within the AHS is an energy management system that co-ordinates the static recharge assignments for the trucks and ensures the charger is fully used without causing queuing on site.

The T 264 battery-electric truck will commence onsite validation at the end of 2025.

The tires on the T 264 at the exhibition are Michelin 50/80R57 XDR 4 Speed Energy – the first energy efficient tire for the mining industry.

Net proceeds will be used predominantly used towards furthering exploration at the 100%-owned Lunahuasi epithermal project, as well as the continued exploration and maintenance of the 69%-owned Los Helados porphyry project in South America.

Both projects host copper-gold-silver deposits. They are separated by a 10-km distance and an international border. Lunahuasi is in San Juan province, Argentina, and the Los Helados is in Region III, Chile.

Los Helados is 31%-owned by Nippon Caserones Resources, which owns the operating Caserones mine only 17 km away.

Resources have been established for Los Helados. Using a cut-off grade of 0.33% copper equivalent, the indicated portion contains 18.4 billion lb. of copper, 10.2 million oz. of gold and 97.5 million oz. of silver, and the inferred resource contains an additional 8.2 billion lb. of copper, 3.6 million oz. of gold and 50.2 million oz. of silver.

NGEx noted that the private placement is subject to regulatory approval, including the Toronto Stock Exchange. Trusts settled by the late Adolf Lundin have indicated their intention to participate offering.

This accomplishment follows last year’s successful bench-scale test program. FPX’s work has been supported in part by a grant from Natural Resources Canada under the federal government’s Critical Minerals Research, Development and Demonstration program.

“The results of our hydrometallurgy refinery pilot plant test work confirm the technical advantages of awaruite nickel mineralization to produce battery-grade nickel sulphate, further demonstrating the opportunity to develop a more streamlined nickel supply chain entirely in Canada,” commented Andrew Osterloh, SVP projects and operations.

“Baptiste would represent an almost 50% increase to Canada’s current annual nickel production, all without adding to or displacing any of Canada’s nickel smelting or complex refinery capacity, thereby pioneering a uniquely low-cost, low-carbon link between mining and EV battery production,“ he said.

The pilot-scale tests used awaruite concentrate (60% nickel) as feed. The feed would be supplied by the Baptiste nickel-iron concentrator in central British Columbia. The concentrate would undergo an atmospheric leach followed by precipitation of cobalt, nickel sulphate, and nickel scavenging in the presence of ammonium sulphate. A copper concentrate would also be produced from the leach circuit.

The pilot plant had overall leach extractions of 99.3% for nickel and 97.9% for cobalt.

Using an assumed nickel price of $8.75 per pound, FPX produced a preliminary feasibility study last year for the Baptiste project that gave it an after-tax net present value (8% discount) of $2.01 billion and an internal rate of return of 18.6%.

The mine will have a life of 29 years with average annual nickel production of 132 million lb. The initial capex will be $2.18 billion followed by $763 million for expansion and sustaining costs of $1.18 billion.

The study assumes the Touquoy gold mill will be relocated to provide 2.1 million t/y of processing capacity, up from 1.8 million t/y as proposed in the October 2023 PFS.

The company says the update is very attractive for capital and economic reasons, but the projects have yet to be permitted by the federal and/or provincial authorities.

The project is expected to make a significant economic contribution to the region. Nearly C$200 million will be spent in the first 12 months after environmental approval, with a further C$1.03 billion in spending over the project’s planned operating life.

More than 1,000 direct jobs in construction and over 300 direct jobs in the operating phase are anticipated.

Environmental protection has been upgraded with an efficient infrastructure layout to fit within environmental and social constraints. The open pit will be used as the waste dump, leading to final landforms more closely aligned with the original project area. Pit optimization and efficient layout designs will drastically reduce disturbance at the Beaver Dam project.

The project economics are also optimized. The post-tax NPV (discounted at 5%) of C$411 million and post-tax IRR of 37.3% using a long-term gold price of $2,000 per oz.

The pre-production capex will be C$194 million, including a C$26 million contingency, is achieved as a result of the relocation of a substantial portion of Touquoy process plant. Additional capital cost of C$43 million incurred in year 5 of the life of mine to bring on the 412,000 oz. Beaver Dam satellite pit development.

All-in sustaining cost for this low strip ratio project estimated to be $1,025 per oz. Synergies with shared equipment and services across 15-Mile and Beaver Dam will be a major factor in lowering overall unit costs.

Average annual production will be 74,000 oz. of gold annually in each of the 11 years the mine operates.

The construction period will be only one year because the tailings dam can be upgraded and the Touquoy mill reused. Utilization of existing equipment from the Touquoy mine will minimize capital inflation and lead times, de-risk commissioning, and allow a quick ramp up to commercial production.

The Beaver Dam project has total proven and probable reserves of 4.5 million tonnes grading 1.6 g/t gold, containing 223,000 oz. The 15-Mile project has 18.5 million tonnes in four deposits averaging 1.0 g/t gold, containing 620,000 oz. The resources have been calculated to comply with the JORC standards as commonly used in Australia.

The Beaver Dam project is located approximately 15 km northeast of the Touquoy mine, with the 15-Mile project located a further 25 km northeast of Beaver Dam. The PFS study was led by Ausenco Engineering Canada, supported by Moose Mountain Technical Services for mine design aspects of the PFS.

Their innovation will address the stability gap between natural and synthetic graphite, and boost usage of natural graphite in electric vehicles, Northern Graphite said.

The joint development agreement follows the launch of Northern’s Battery Material Group (BMG) in August. This included the acquisition of a carbon and battery laboratory in Germany. The lab can both produce BAM from the company’s Lac des Iles mine in Quebec and is capable of building lithium-ion batteries with longer life cycle, driving range, and charging speed.

Rain’s Innovation Centre in Hamilton, Ontario, is a 2,790-m² development facility that includes demonstrations plants for pilot-scale processing of carbon and carbon precursor materials along with labs dedicated to carbon material analysis with powder and electrochemical testing equipment.

Tailoring carbon coating to spherical natural graphite and developing efficient and sustainable coating technologies are critical steps in the production of BAM.

The process involves the application of a protective carbon layer at the surface of the graphite anode active material to form a more stable solid electrolyte interface, which enhances and calibrates what is known as the coulombic efficiency of the first and subsequent cycles, while tuning the performance of Li-ion insertion into and out of the active material.

The drilling program was funded by Aero Energy (TSXV: AERO), which is earning a 70% interest in the Murmac and Strike Point projects.

Shallow, elevated concentrations of uranium in graphitic rocks were confirmed in all four of the recent holes.

Drill hole M24-017 returned 8.4 metres at 0.30% uranium oxide (U₃O₈) including 1.2 metres at 1.79%. Individual assays of up to 13.80% and 4.54% U₃O₈ over 0.1 metre in the same hole. Drilling encountered the mineralization only 64 metres below surface.

Fortune Bay said the mineralization was intersected within strongly graphitic and structured rocks, the favoured host rock for Athabasca Basin high-grade deposits. Planning is underway for the winter drill program.

The Murmac strike length is over 30 km. Assays from prospective electromagnetic conductors and uranium intercepts were released earlier this year. Fortune Bay first drilled the property in 2022.

The McIlvenna Bay property is in east-central Saskatchewan, about 65 km west of Flin Flon, Manitoba. The property covers approximately 20.9 sq. km.

Hole TS-24-30 intersected a wide zone of copper-rich breccia and stringer-style mineralization and zinc-rich massive sulphide. One 3.4-metre section of massive sulphide graded 4.29% copper, 8.21% zinc, 55.5 g/t silver and 0.03 g/t gold, including 0.8 metre at 7.61% copper, 9.11% zinc, 50.6 g/t silver, and 0.04 g/t gold.

A longer intersection measuring 31.2 metres of breccia and stringer mineralization graded 2.40% copper, 0.48% zinc, 19.2 g/t silver and 0.51 g/t gold, including higher-grade breccia at 4.68% copper, 0.56% zinc, 31.5 g/t silver and 1.03 g/t gold.

“The zonation from deeper zinc and gold-rich mineralization to shallower copper-dominant lenses is apparent. Through targeted infill drilling, we are enhancing our confidence and demonstrating the zone’s growing potential,” said Foran VP exploration Erin Carswell.

“These results underscore Tesla’s importance within our broader portfolio as we advance McIlvenna Bay’s construction alongside our ongoing exploration strategy, continuing to unlock the full potential of our growing district.”

Assay results are pending from six additional infill Tesla holes from this summer. Planning for he winter drill program will include more Tesla infill drilling and an expansion ice-based program from Hanson Lake.

McIlvenna Bay has probable reserves of 25.7 million tonnes at 2.51% copper equivalent containing 697 million lb. of copper and 1.4 billion lb. of zinc.

Reserves are included in an indicated resource of 39 million tonnes grading 2.04% copper equivalent for 1.0 billion lb. of copper and 1.9 billion lb. of zinc. There is also an inferred resource of 5 million tonnes grading 1.8% copper for 104 million lb. of copper and 282 million lb. of zinc.

Clara is a digital marketplace that modernizes how rough diamonds are sold, using technology to connect buyers and sellers, driving economic efficiencies for buyers and sellers. Clara enables verification technologies to efficiently integrate provenance and traceability services by transacting individual rough diamonds. This innovation addresses the industry’s need for improved standards of transparency and trust. 

The definitive sales agreement includes Clara Diamond Solution GP, Clara Diamond Solutions LP and Clara Diamond Solutions BV, including all intellectual property rights, commercial contracts and operating assets.

The total consideration is $3 million on closing and the return of 10 million Lucara common shares initially issued as partial consideration when Lucara acquired Clara in 2018.

Lucara will retain a 3% net profit interest on the net earnings of Clara. Lucara has also granted Clara a five-year rough diamond supply agreement, which may be terminated after the second anniversary or as otherwise mutually agreed between the parties.

“The divestiture of Clara enables us to intensify our strategic focus on maximizing returns and long-term value creation at our world-class Karowe diamond mine in Botswana. The company’s core competencies and future growth reside in the successful execution of the Karowe underground expansion project,” said Lucara CEO William Lamb.

Aaron Ariel, current managing director and original founder of Clara, added: “Nine years ago, we had a big idea for a technology that could transform the global rough diamond market for everyone. Today, we are excited about the opportunity to realize its full potential, which remains largely unexplored. We believe it will become the industry’s premier global rough diamond marketplace.”

The project is located in the Maricunga gold belt in the Atacama region.

Fenix will be a large, gold oxide heap leach operation with a measured and indicated resource of 398.2 million tonnes at a grade of 0.38 g/t gold, containing almost 4.8 million oz. of gold. The inferred resource is 90.8 million tonnes at 0.33 g/t gold, containing 959,000 oz.

With the necessary permits in hand, Rio2 can complete its debt and equity financing for construction, said president and CEO Andrew Cox.

Rio2 says Fenix will need an investment of C$316.8 million ($235 million) for both initial and sustaining capital. The project will employ at least 1,200 people during construction and 800 people during a 17-year operational phase.

A run-of-mine heap leach is planned, so no crushing or tailings storage facilities are required.

Teck will pay a total of C$275,000 cash over the next two years, and Canterra will retain a 1.5% net smelter royalty. The NSR can be reduced to 0.5% upon the exercise of a buy-back right by Teck for a further C$2 million to Canterra.

Canterra’s Ring of Fire Property covers approximately 30 sq. km. of land acquired through staking in 2023. It is located 40 km from the Eagle’s Nest nickel-platinum group metals deposit, owned by Australian Wyloo Pty.

Canterra calls this area of the James Bay Lowlands ‘largely unexplored’ due to limited bedrock exposure. The property is known to host several strong VTEM anomalies identified as high-priority drill targets.

The property covers several geophysical targets within bedrock units, that based upon their geophysical attributes, are inferred to be similar to host rocks to the Eagle’s Nest deposit, including mafic to ultramafic intrusive rocks prospective for magmatic nickel sulphide deposits.

A highlight result, in hole NB24-001, cut 92.1 metres grading 8.61% zinc, 2.6% lead and 42.7 grams silver per tonne, from 428.05 metres depth, and included 11.2 metres grading 21.40% zinc, 6.66% lead and 107.6 grams silver.

“We are looking forward to the additional results from Boundary zone, Tom and Jason, as well as the outcomes from the large regional exploration program that we embarked upon this year along the Macpass prospective corridor,” Peter Hemstead, Fireweed Metals interim president CEO said in a release on Thursday.

The drill results come almost one month after Fireweed released a resource update for the zinc-lead-silver project which boosted its indicated tonnage and contained zinc more than four times over a previous estimate.

Look west

The company says the style of mineralization associated with this high-grade result, drilled into the western side of Boundary indicates potential for a feeder system within this part of the deposit.

Another hole, NB24-008, cut 3.1 metres of 2.23% zinc, 6.16% lead and 80.3 grams silver, alongside additional mineralized zones.

The mineralization intersected in that hole was a step out 160 metres west of previous drilling, and the stratiform massive sulphide cut in NB24-001 was a 65-m intercept west of previous drilling, both part of Fireweed’s 16,000-metre drill program aimed at extending known mineralization.

Macpass hosts 56 million indicated tonnes grading 5.49% zinc, 1.58% lead and 24.2 grams silver per tonne, for 6.7 billion lb. zinc, 1.9 billion lb. lead and 43.5 million oz. silver, according to the resource updated released on Sept. 5. That contrasts with the 11.2 million indicated tonnes and 1.6 billion lb. of contained zinc in the 2018 preliminary economic assessment (PEA).

That study comprised only the Tom and Jason deposits at Macpass, while the update includes those deposits as well as initial estimates for the Boundary and End zones, all located in eastern Yukon near the Northwest Territories border.

Boundary holds the most contained zinc of the targets with 3.6 million lb., one of the most globally significant zinc discoveries in the last 15 years. The addition of Boundary’s initial resource to the update marks Macpass as potentially the largest undeveloped zinc resource in the world, the company said.

Macpass is located about 200 km from Ross River and within the traditional territories of the Kaska Dena Nation and the First Nation of Na-cho Nyäk Dun.

Fireweed shares gained 2.2% on Monday to C$1.35 apiece, valuing the company at C$238 million. Its shares traded in a 52-week range of C$0.92 and C$1.40.

Antimony is a key element in defense and electronics. China, which produces nearly half of the world’s antimony, will start export limits on Sept. 15. This may affect supply chains, especially in the United States, which relies on these imports.

Yellow Fox is close to Beaver Brook and shows similar geological features. In 2011, Metals Creek’s initial search at Yellow Fox found high levels of gold, with the best sample at 59.41 g/t.

They also found high levels of antimony in some samples, up to 11.1%.

Recent work at Yellow Fox included checking the soil and digging trenches to better understand the minerals present. They found a mixture of minerals like pyrite, arsenopyrite, stibnite, sphalerite and galena. These minerals were in a type of rock altered by muscovite, showing similar conditions to Beaver Brook.

More detailed checks involved channel sampling, which found sections of rock with gold and antimony. One section had 0.31 g/t gold over 26.8 metres and 4.6% antimony over 1 metre.

Metals Creek is revisiting Yellow Fox due to these results and global changes in metal demand. This project could help meet the growing need for antimony, important for many industries.

Yellow Fox has not seen any drilling to date.

Through Perenti’s mining business, Barminco, the companies will work together to optimize loaders and trucks. The partnership will enhance operations and providing insights to refine Sandvik’s technology.

Initially, they will establish a shared vision to tailor Sandvik’s machines to Perenti’s needs. Perenti will contribute to design and offer feedback during testing stages.

Perenti’s CEO Mark Norwell welcomed the agreement, stating that exploring diesel-electric solutions is part of the company’s move toward decarbonization.

“We constantly seek ways to improve the working environment and boost safety, efficiency and sustainability,” he said. “Diesel-electric equipment can help us achieve this. Collaborating with Sandvik allows us to benefit from advanced technology and shape the equipment the industry will use tomorrow.”

President of Sandvik Mining and Rock Solutions Mats Eriksson emphasized that collaboration leads to better products and safer more efficient operations.

“Perenti is a leading mining services provider and can offer design suggestions and insights into real-world conditions,” he said. “Together, we can create equipment optimized for Perenti’s operations while developing advanced diesel-electric machines.”

Diesel-electric equipment offers cleaner and more reliable mining without needing full electric infrastructure. These machines use a diesel engine to drive a generator, supplying electricity to motors for movement and operation. They have fewer rotating parts, need less maintenance and lower operating costs while staying reliable.

EMX Royalty appointed Stefan Wenger as CFO.

FPX Nickel named Nigel Fisher director of environment and Jarett Lalonde director of government and public affairs.

GPM Metals appointed John Tait as CEO.

Richard Young is the new CEO and a director of i-80 Gold.

Military Metals named Scott Eldridge as CEO following the resignation of Latika Prasad, who remains on the board.

Mineral Hill Industries named Herb Markgraff CFO.

Minsud Resources named Agustin Dranovsky its new president and CEO following the resignation of Ramiro Massa, who joined the board.

NetZero Metals, a subsidiary of Canada Nickel Company, named Scott Lauschke VP business development.

John Eren is the new CEO and a director of Orex Minerals.

Soma Gold named Hector Manuel Melendez Gomez its new country manager in Colombia.

Titan Mining named Rita Adiani as president.

Board changes:

Austin Gold announced the passing of director Benjamin D. Leboe.

Auxico Resources Canada announced the resignations of Melissa Sanderson and Byron King from its board.

Euro Manganese named Ludivine Wouters to the board as Gregory Martyr stepped down.

Fancamp Exploration welcomed Francis MacDonald to its board.

Patrick Power joined the board of Lions Bay Capital.

Maritime Resources named Allen Palmiere as chair.

At Mines D’Or Orbec, Chad Williams is now chair of the company and David W. Christie joined the board.

Myriad Uranium appointed Marvin Singer and Ian Archibold to the board.

Nova Pacific Metals named geoscientist David Mark to its board.

Premium Nickel Resources added Paul Martin to its board to replace John Hick, who retired.

Roscan Gold said Nana Sangmuah is its new chair succeeding Sir Samuel Jonah.

The newest director at Torex Gold Resources is Caroline Donally.

With proven and probable reserves containing 47.3 million oz. gold, 7.3 billion lb. copper and 160 million oz. silver, KSM is one of the largest deposits of its kind and is ranked as the largest gold project in the world.

The licence gives Seabridge subsidiary KSM Mining ULC the right to occupy the area in which it intends to construction the MTT, consisting of two, 23-km-long parallel tunnels planned to connect the east and west sides of the KSM mine site.

The MTT route passes through 11 mineral claims owned by a joint venture of Tudor Gold (TSXV: TUD), Teuton Resources (TSXV: TUO) and American Creek Resources (TSXV: AMK). The new licence replaces the one granted in 2014, which included the words “subject to the prior rights” of the holder of the 11 mineral claims owned by the joint venture.

The licence removes that phrase as it served no purpose, and further obstructs the three partners from obstructing, endangering or interfering with KSM Mining’s activities regarding the MTT project. The new licence grants no interest in the minerals within the licence to Seabridge or its subsidiary.

“We are pleased the renewed LOO provides greater clarity on the priority rights of KSMCo’s MTT across the Treaty Creek project Seabridge chair And CEO Rudi Front commented. “Furthermore, the renewal is for a 20-year term whereas the previous LOO was for 10 years.

“Seabridge continues to invite Tudor to enter into discussions with us on how we may be able to accommodate the progression of the Treaty Creek project while constructing and operating our MTT,” he noted.

In addition to the licence, KSM Mining holds two additional permits associated with the MTT. The Mines Act permit M-245 currently authorizes the company to conduct various activities, including both temporary and long-term surface infrastructure, construction of all portals, and a tailings management facility.

Tudor’s response

However, Tudor Gold, as operator of the JV whose mineral rights cross the MTT, said in a follow-up release that section 50(1)(a)(ii) of the Land Act restricts any disposition of Crown lands, including this licence of occupation, from interfering with mineral tenure rights, citing government documents.

It also took the position that the Mineral Tenure Act cannot grant mineral title rights to any party and cannot interfere in any way with pre-existing rights. This applies to both conditional mineral reserve grants and non-staking mineral reserve grants.

The “prior rights” of the Treaty project claim holders are subject to a conditional mineral reserve established in 2012. Seabridge’s licence was previously granted in 2014 and is up for renewal this month.

Troilus Gold (TSX: TLG) is raising C$22 million ($16 million) for exploration at the former Troilus gold-copper mine near Val d’Or, Quebec. The company hopes eventually to reopen the mine.

The bought deal is headed by Haywood Securities and Desjardins Capital Markets. The underwriters have agreed to purchase 48.6 million units of the company at a price of C$0.35 per unit; 7.4 million traditional flow-through shares at C$0.405 per share; and 4.8 million Quebec flow-through shares at C$0.42 per share.

Each unit will consist of one common share of the company and one-half of a share purchase warrant exercisable at a price of C$0.45 per share for a period of 24 months after the offer closes.

The underwriters have also been granted an over-allotment option of up to an additional 15% of offered securities in any combination.

The Troilus mine began production in 1996 and reached commercial production the following year. During its life, the mine produced 2 million oz. of gold and about 154.3 million lb. of copper. The mill capacity was doubled to 20,000 t/d by 2005. The pits were mined out in April 2009, but milling continued to June 2010. The plant was sold three months later, and the camp was dismantled.

The company completed a feasibility study for a new open pit and mill in 2024. It supports a 50,000 t/d mill and open pit mine with a life of 22 years. Over that time, the annual output would be 244,600 oz. gold, 17.3 million lb. copper and 446,700 oz. silver. 

Troilus estimates the proven and probable reserves are 380 million tonnes containing 7.26 million oz. gold equivalent. The average grade is 0.49 g/t gold, 0.058% copper, and 1.0 g/t silver, or 0.59 g/t gold equivalent.

Pre-production capital costs will be C$1.07 billion followed by sustaining capital of C$276.6 million.

The foundations for the ball mill and semi-autogenous grinding (SAG) mill are complete, and concrete footings are nearing completion. Processing plant equipment and structural steel will start arriving next month.

The company says it has received and commissioned its fleet of Sandvik battery-electric scoops and trucks.

Surface construction is advancing on several fronts, namely the mill, truck shop and contact water pond. The construction laydown area is prepared to receive steel and other equipment. The potable water plant and the sewage treatment plant are complete and await their operating permits.

Work continues on the collar sink for the fresh air raise. It has advanced through the sandstone layer in preparation for the installation of the main ventilation fan on the surface.

The 100%-owned McIlvenna Bay deposit is the largest undeveloped volcanic-hosted massive sulphide (VHMS) deposit in the region. It is located about 85 km west of Flin Flon, Manitoba, and reachable via the Hanson Lake all-season gravel road.

The 2022 feasibility study gave the project an 18-year mine life producing an average of 65 million lb. copper equivalent annually. Mineralization is found in several lenses and zones. The indicated resource totals 39.1 million tonnes grading 1.20% copper, 2.16% zinc, 0.14% lead, and 0.41 g/t gold or 2.04 copper equivalent. The total inferred resource is 5.0 million tonnes grading 0.94% copper, 2.16% zinc, 0.14% lead, and 16 g/t gold or 1.77% copper equivalent.

The indicated portion contains 1.03 billion lb. copper, 1.9 billion lb. zinc, 510,000 oz. gold and 18.0 million oz. silver. The inferred portion contains 105 million lb. copper, 284 million lb. zinc, 40,000 oz. gold, and 2.6 million oz. silver.

The mine and concentrator will produce about 103,000 tonnes per year of graphite concentrate. The project is expected to generate 97% pure flake graphite for at least 25 years. The battery material plant is being built at Bécancour, Quebec. Earlier this year, the company inked offtake agreements with General Motors and Panasonic Holdings for the output.

The second phase of construction includes a contract for the electrical substation, engagement with contracts and contribution to the community’s economic vitality. ABB will engineer, build and commission the 120-kV substation. AtkinsRéalis and SRK Consulting are advancing the detailed engineering for the project.

Nouveau Monde said it is also engaged with local and Indigenous contractors to develop a procurement strategy and maximize the benefits to the regional economy. Funding has also been secured to build a recreational centre at the site.

“The North American market is eagerly awaiting the start-up of our Phase 2 ore-to-active-anode-material operations to access a local and carbon-neutral alternative to China’s supply,” Nouveau Monde chair Arne Frandsen said in a news release.

“With Canada having only mined 0.2% of the global natural graphite production last year – and the US 0% – Matawinie is set to be a gamechanger in today’s reshoring effort,” Frandsen said. “We are pioneering a new era of mining here, in North America, supported by top-tier engineering and local partnerships, setting new standards in sustainability and community integration.”

Matawinie may well be the world’s first all-electric open pit mine, says Nouveau Monde. Moreover, Benchmark Mineral Intelligence assessed the project to be the only natural graphite producer to qualify as industry leading in its ESG performance, outranking all the Western World, African and Chinese producers.

The plant, already backed by funding from London-based Appian Capital Advisory, is to produce 10,000 tonnes of the anode material a year. It will support US battery makers with a reliable supply for the anodes that store charge in lithium-ion batteries. They’re a critical component of battery manufacturers’ supply chains.

“This achievement is a testament to our sustainable processing technology’s role in strengthening US battery capabilities,” Urbix CEO Nico Cuevas said in a release. “We are committed to accelerating the development of our facility, providing a secure, end-to-end graphite anode material supply chain vital to the industry’s ambitions.”

The funding, part of the American bipartisan infrastructure law passed in 2021, aims to boost US battery production for electric vehicles. It also seeks to reduce reliance on China, which supplies over 90% of the world’s anodes for lithium batteries.

Job creation

The project is to create 200 permanent jobs and 300 construction jobs. It also includes a plan to boost careers in so-called STEM fields – science, technology, engineering and mathematics – for the clean energy sector.

In October, Urbix teamed up with Appian to fund the plant. Graphcoa, a Brazilian graphite producer backed by Appian, is to provide feedstock to the plant. This will ensure a seamless supply chain across the Americas, Urbix said.

The company has been operating a pilot-scale plant and laboratory in Mesa, AZ for seven years to refine its proprietary technology. It’s also developing a commercial scale demonstration module in Research Triangle Park, NC.

Its environmentally friendly and low-cost method to make coated spherical purified graphite avoids hydrofluoric acid to produce yields surpassing industry standards, Urbix says.

The new plant will produce up to 32,000 lithium carbonate equivalent (LCE) using both Rock Tech’s and third-party feedstock. The ability to accept feed from mines throughout North America created a closer option for processing.

“The scoping study supports our North American plans with a strong business case,” said Rock Tech CEO Dirk Harbecke. “We believe in the tremendous opportunity our projects will bring for the region. Our experience also shows that world-class partners and strong political support are critical for the success of lithium projects. This is essential in challenging markets.”

The company is building a fully permitted lithium converter in Germany and is eager to supply the North American market as well. Up to 80% of the basic engineering from the Guben converter to the new one in Ontario. The strategy will accelerate project development and provide a competitive advantage to the first lithium converter in Ontario.

The Red Rock converter has a potential capital expenditure of C$1.6 billion and an expected life of 25 years. The plant as designed will produce either lithium carbonate or lithium hydroxide monohydrate from spodumene concentrate. A final decision on output will be made based on market demand.

This drilling, said Endurance, focused on the Imperial and Diplomat zones within a 2-km long royal shear structure, is part of a planned 10,000-metre drilling program for 2024. To date, 11 holes have been completed, totaling over 3,500 metres.

Significant assay results from the Imperial zone include:

• 2.19 g/t gold over 12.1 metres, including 11.95 g/t gold over 0.6 metre and 7.92 g/pt gold over 1.1 metres;
• 5.41 g/t gold over 4.1 metres, including 11.15 g/t gold over 1.2 metres;
• 1.94 g/t gold over 12.3 metres, including 7.53 g/t gold over 1.0 metre and 5.11 g/t gold over 2.0 metres;
• 6.80 g/t gold over 4.3 metres, including 13.70 g/t gold over 2.0 metres;
• 3.26 g/t gold over 4.3 metres;
• 2.98 g/t gold over 4.7 metres, including 6.72 g/t gold over 1.0 metre.

“The Reliance gold project continues to deliver exciting drill results that demonstrate a strong gold system,” said Endurance Gold CEO Robert Boyd. “We look forward to additional results as we test the northwest extensions of the Eagle zone and the undrilled gap between Eagle and Imperial that includes the Crown zone.”

Current drilling is expanding the Imperial, Eagle, Crown and Diplomat zones. The gold system remains open to further expansion along strike and at depth. Drilling is ongoing in the 600-metre gap between the Eagle and Imperial zones, with additional results expected in mid-October. The drilling program will continue through the end of 2024.

The Reliance gold project is located 10 km north of the historic Bralorne-Pioneer gold mining camp, which has produced over 4 million oz. of gold.

The new PEA, released Tuesday, pegs pre-production cash costs for the nickel-copper-PGE project at C$27.7 million, down from C$81 million in the initial study, and gives the underground mine a base case post-tax net present value (at an 8% discount) of C$194.1 million and a 13-year mine life.

“A low capital approach of establishing a new surface portal will provide quick access to the resource, allowing us to offset capital costs with early revenues,” Jeff Huffman, chief operating officer, said in a release. “The project timeline has been derisked by having environmental permits approved and in-hand, as well as more detailed stope planning and sequence optimization.”

The update comes just over one year after its predecessor and almost six months after Magna inked a toll-milling agreement with Vale (NYSE: VALE). It would send initial production from Crean Hill to Vale’s nearby Clarabelle mill.

Stock uptick

Magna shares gained 2.6% to C$1.18 apiece on Tuesday morning in Toronto, valuing the company at C$201.1 million. Its shares traded in a 52-range of C$0.37 to C$1.35. 

The study assumes metal prices of $8.50 per lb. nickel, $4.00 per lb. copper and $13.00 per lb. cobalt. Also factored in are $900 per oz. platinum, $1,000 per oz. palladium and $2,150 per oz. gold.

Pre-production capital could be paid back within the first year of commercial production, which would be preceded by a 15-month period of advanced exploration, Magna said. Cash costs from that period could be paid back within the second year of commercial production.

The average production rate is estimated at 2,200 tonnes per day, including 1,650 tonnes of higher-margin primary feed and 550 tonnes per day of lower grade feed.

Historic shaft uses

Initial mining is to happen by ramp access through a new surface portal and the eventual re-establishment of the historical Number Two shaft for personnel access and hoisting. The site hosts a past-producing mine that operated between 1900 and 2002 under various owners including Inco and Vale.

Crean Hill’s underground portion hosts 14.5 million indicated tonnes grading 0.96% nickel, 0.84% copper, 0.03% cobalt, 0.88 gram per tonne platinum, 1.02 grams palladium and 0.54 gram gold, according to a resource from 2022. Inferred resources measure 1.1 million tonnes at 0.61% nickel, 0.46% copper, 0.02% cobalt, 0.64 gram platinum, 1.09 grams palladium and 0.21 gram gold.

Its open-pit portion hosts 16.7 indicated tonnes at 0.53% nickel, 0.49% copper, 0.02% cobalt, 0.48 gram platinum, 0.37 gram palladium and 0.25 gram gold. Inferred resources total 430,000 tonnes at 0.43% nickel, 0.49% copper, 0.02% cobalt, 0.29 gram platinum, 0.14 gram palladium and 0.07 gram gold.

Total contained metal is estimated at more than 500 million lb. nickel, 450 million lb. copper, 650,000 oz. platinum, 675,000 oz. palladium and 385,000 oz. of gold. Magna bought Crean Hill, formerly known as Denison, in August 2022 for C$16 million when it acquired Lonmin Canada.

“Mining is integral to every facet of our daily lives, providing the essential materials that are needed for our society. From the metals used and found in our infrastructure and technology, to those needed for a transition to a low-carbon economy, we continue to rely on the resources from the mining industry,” Wheaton CEO Randy Smallwood said in a news release.

“It is critical that we foster innovation and collaboration to improve the future of mining, with a goal of making current practices more efficient and sustainable.”

The challenge invites cleantech companies from around the world to submit their proposals. This year’s focus is on technologies that can significantly reduce emissions in base and precious metal mining operations and are scalable for global implementation.

By driving advancements in mining technology, Wheaton and Foresight aim to support the industry’s shift toward more sustainable practices and help address the pressing environmental challenges faced by the sector.

Wheaton’s CSO and president Patrick Drouin underscores that despite industry advancements there are still major challenges that need addressing. He stresses the importance of ongoing innovation to ensure that mining practices can meet future demands while minimizing their environmental impact.

Foresight Canada CEO Jeanette Jackson highlights the challenge’s dual goal: finding solutions that reduce emissions and simultaneously boost productivity and profitability in the mining sector.

“By working together, we aim to uncover technologies that will not only enhance environmental performance but also drive economic growth within the industry,” she said.

Applications open on Sept. 18, 2024 and the winner will be announced in March 2025 at the PDAC convention in Toronto.

More information is here.

The Nova Scotia subsidiary of Australia’s St Barbara (SBM:ASX) says the province has agreed to accept the remaining C$38.7 million of a bond by the end of the month for cleaning up the closed Touquoy gold mine.

The company, Atlantic Mining Nova Scotia, was originally given until Sept. 3 to pay the full C$79.9 million bond amount. It is appealing in provincial court the timelines of a clean-up order from the Ministry of the Environment and Climate Change. The bond’s amount isn’t an issue, CEO Andrew Strelein said on Friday.

“Should we be unsuccessful in this appeal, we will then proceed to further appeals,” Strelein told The Northern Miner. “We are fully committed to completing this project in a timely and responsible manner.”

Atlantic contends the provincial deadline for achieving water quality standards around the mine in Moose River, about 175 km west of Halifax, is unreasonable and could expose the company to potential legal issues. A directions hearing for these appeals is set for November. The company and environmentalists are concerned the ruling could set a precedent for mine cleanups in the region, not just Torquoy. Atlantic operated it from 2017 to 2023.

Delays?

Strelein disputed claims by the Minister of Environment and Climate Change of a three-year delay in reclamation work. He said Atlantic has already invested C$7 million into efforts over the summer. They focused on works at the tailings management facility and clearing several key areas, he said. Independent consultants are finalizing models on lake hydrology and geochemistry, and favourable weather has accelerated progress.

The company’s work is guided by scientific principles, the CEO said. Tailings need to dry and compact over three years before heavy equipment can safely operate. Atlantic Mining’s consultants anticipate that Nova Scotia’s weather might slow the drying process, but monitoring will ensure safe work conditions, he said. Some tasks are already ahead of schedule.

Strelein emphasized the company’s pioneering role in mine reclamation in Nova Scotia. He highlighted the significance of this work for both the environment and future mining operations.

The provincial environment ministry in July struck down Atlantic’s first appeal against the reclamation conditions. It has argued the timelines were based on the company’s submissions and that delay risks the environment.

Regulations

Conservationists have criticized Atlantic for trying to skirt environmental regulations in the past. The Halifax-based Ecology Action Centre says Atlantic has yet to fulfill a 2008 requirement to fund a natural park beside the former mine. However, the company appears to be taking some steps.

As part of the reclamation, Atlantic Mining is launching a high school competition to design a community space around the future lake at the former mine. Competition materials are being distributed to schools at the start of this school year. Submissions are due by December.

The winning design will earn C$25,000 for the school, with all participants receiving C$1,000. Final designs will be reviewed with a landscape architect to integrate community input into the reclamation plan.

“This competition allows students to contribute to their community’s future, helping shape the space for public use and potentially discovering career paths they hadn’t considered,” Strelein said.

Shares in St Barbara gained A$0.02 on Monday in Sydney to close at A$0.28, valuing the company at A$220.7 million. They’ve traded in a 52-week range of A$0.14 to A$0.32.

Eriez named Toud Loudin as its new VP of global sales.

Intrepid Metals welcomed Ken Engquist as its new CEO as former CEO Ken Brophy becomes new president and COO.

MineHub Technologies appointed Esther Babb as its new COO.

Mistango River Resources’ Jamie Spratt stepped down from his role. 

Board changes: 

Alpha Exploration appointed Tim Livesey to its board. 

Besra Gold welcomed Michael Higginson to its board.

EnGold Mines’ chair Rolf Van Driesum stepped down from the board.

MC Mining welcomed Steele West and Muthui Huang to its board as Douglas Abrahams stepped down.

Northstar Gold welcomed Tanya Yang to its board as Chuck Main stepped down.

Magna Mining (TSXV: NICU) has agreed to purchase a portfolio of base metal assets from a subsidiary of KGHM International.

The deal, announced on Sept. 11, 2024, includes the McCreedy West copper mine, along with three other past-producing mines in the Sudbury basin mining district: Levack, Podolsky and Kirkwood. Magna will also acquire exploration properties, including the Falconbridge footwall and Northwest Foy, among others.

The purchase price consists of C$5.3 million in cash, C$2 million in Magna common shares upon closing, an additional C$2 million in cash due on Dec. 31, 2026, and contingent payments of up to C$24 million, depending on future milestones.

Magna is also in discussions for a C$10 million term loan and a C$10 million letter of credit facility, with Fédération des caisses Desjardins du Québec, a subsidiary of Desjardins Group, to support the deal.

Magna will take ownership of McCreedy West, an active copper mine that produced 317,660 tonnes of ore in 2023, with copper grades of 1.59%. The mine also yielded nickel, cobalt, platinum, palladium, gold and silver. In addition, the Levack mine, which has been on care and maintenance since 2019, will be evaluated for a potential restart, given its near-surface high-grade nickel and copper zones. The Podolsky mine, inactive since 2013, has mining potential in its north zone and nickel ramp deposit.

“We are not only acquiring a producing mine. We believe that there is significant mineral resource potential remaining and the sale assets have exceptional exploration potential,” CEO Jason Jessup said in a news release. “This acquisition creates a clear pathway to realizing our stated goal of having three or more producing mines within three to five years.”

The deal is structured as a share purchase, with Magna acquiring all of the outstanding shares of Project Nikolas from FNX Mining, a KGHM subsidiary. The transaction is subject to regulatory approvals, including from the TSX Venture Exchange, and is expected to close by late 2024 or early 2025.

Historical records show that between 1915 and 1926, the project yielded 105 tonnes of ore with an average antimony grade of 57.2%. Some of this ore contained up to 59.5% antimony.

The mineralization at the project is found within an east-west shear zone, with stibnite veins reaching widths of up to 1.2 metres and antimony grades of up to 59.5%. This zone remains open along strike and depth, suggesting significant potential for further exploration. Additionally, the 1.3-km mineralized zone features silver grades reaching up to 1,595.7 g/t.

Historical exploration efforts seem to have focused on near-surface adits and shallow workings, leaving deeper and lateral extensions largely unexplored.

Equinox managing director Zac Komur highlighted the project’s exceptionally high antimony grades and the substantial underexplored potential. “The favourable option terms also provide us with the flexibility to conduct thorough due diligence, ensuring the project meets our investment criteria before committing to full acquisition.”

Under the option agreement with private individual J. Bakus, Equinox has 12 months to decide whether to acquire the three tenements that constitute the Alps-Alturas project. The agreement involves an initial payment of C$29.6 million with the option to complete the acquisition for C$184.8 million.

Antimony has recently surged in importance due to China’s export restrictions, which have heightened concerns over potential supply shortages. Prices for antimony have doubled in 2024 to approximately $24,000 per tonne.

The critical mineral is widely used in flame retardants, lead-acid batteries, glass manufacturing and as an alloy in ammunition. Its role extends to military applications, including infrared missile guidance systems, night vision equipment and nuclear weapons.

The SC-1 zone, first identified earlier this year, has expanded with two new sub-parallel structures, SC-1A and SC-1B, located above the original SC-1. Drill hole GS-24-185 intersected 9.6 g/t gold equivalent (AuEq) over 13.5 metres in the SC-1C structure, extending the zone by 255 metres up-dip and 140 metres along strike.

The SC-1 zone now spans 800 metres in length and 400 metres in depth, with all sub-parallel structures remaining open in all directions. Further results from the CS-600 domain are still pending.

Tudor Gold president and CEO Ken Konkin expressed excitement over the high-grade discovery, noting: “We are very pleased with this newest high-grade result in the planned 140-metre northerly step-out from GS-24-184, which intersected 8.1 g/t AuEq over 6.2 metres and a 250-metre easterly step-out from GS-24-181, which intersected 5.3 g/t AuEq over 6.0 metres.”

Konkin added that the discovery of multiple high-grade gold-bearing structures suggests the presence of a large hydrothermal system, which could provide the project with significant economic advantages.

The Treaty Creek project hosts the Goldstorm deposit, a major gold-copper porphyry system. It contains an indicated resource of 27.9 million oz. gold equivalent at 1.2 g/t, with an inferred resource of 6 million oz. at 1.3 g/t. The deposit remains open in all directions.

Treaty Creek has seen intermittent exploration since 1928, following the discovery of the Treaty Gossan by prospectors Charles Knipple and Tim Williams.