TORONTO , Jan. 8, 2019 /CNW/ – Uranium Participation Corporation (“UPC”) (TSX:U) reports its estimated net asset value at December 31, 2018 was CAD$691.5 million or CAD$5.01 per share. As at December 31, 2018 , UPC’s uranium investment portfolio consisted of the following: View PDF Version.
(in thousands of Canadian dollars, except quantity amounts)
Quantity
Fair Value
Investments in Uranium:
Uranium oxide in concentrates (“U3O8“)
14,159,354 lbs
$
550,511
Uranium hexafluoride (“UF6“)
1,117,230 KgU
$
134,123
$
684,634
U3O8 fair value1 per pound:
– In Canadian dollars1
$
38.88
– In United States dollars
$
28.50
UF6 fair value1 per KgU:
– In Canadian dollars1
$
120.05
– In United States dollars
$
88.00
1
Fair values are month-end spot prices published by Ux Consulting Company, LLC, translated at the Bank of Canada’s month-end daily exchange rate of $1.3642.
On the last trading day of December 2018 , the common shares of UPC closed on the TSX at a value of CAD$4.48 , which represents a 10.58% discount to the net asset value of CAD$5.01 per share.
About Uranium Participation Corporation
Uranium Participation Corporation is a company that invests substantially all of its assets in uranium oxide in concentrates (“U3O8“) and uranium hexafluoride (“UF6“) (collectively “uranium”), with the primary investment objective of achieving appreciation in the value of its uranium holdings through increases in the uranium price. UPC provides investors with a unique opportunity to gain exposure to the price of uranium without the resource or project risk associated with investing in a traditional mining company. Additional information about Uranium Participation Corporation is available on SEDAR at www.sedar.com and on UPC’s website at www.uraniumparticipation.com.
Caution Regarding Forward-Looking Information
This press release contains certain forward-looking statements and forward-looking information that are based on UPC’s current internal expectations, estimates, projections, assumptions and beliefs. Forward-looking statements generally can be identified by the use of forward-looking terminology such as “may”, “will”, “expect”, “intent”, “estimate”, “anticipate”, “plan”, “should”, “believe” or “continue” or the negative thereof or variations thereon or similar terminology and include statements with respect to UPC’s investment objectives.
By their very nature, forward-looking statements involve numerous factors, assumptions and estimates. A variety of factors, many of which are beyond the control of UPC, may cause actual results to differ materially from the expectations expressed in the forward-looking statement. These factors include, but are not limited to, changes in commodity prices and foreign exchange as well as the risk that UPC will not obtain the anticipated benefits of its agreements with third parties. For a description of the principal risks of UPC, see “Risk Factors” in UPC’s Annual Information Form dated May 14, 2018 for the year ended February 28, 2018 , a copy of which is available at www.sedar.com.
These and other factors should be considered carefully, and readers are cautioned not to place undue reliance on these forward-looking statements. Although management reviews the reasonableness of its assumptions and estimates, unusual and unanticipated events may occur which render them inaccurate. Under such circumstances, future performance may differ materially from those expressed or implied by the forward-looking statements. Except where required under applicable securities legislation, UPC does not undertake to update any forward-looking information statement.
From the Offices of Richard Matthews: Please click the on the 3 blue tabs for an introduction to the value proposition of Nevada Copper (TSX: NCU | OTC: NEVDF) team
As we kick off into 2019, work at our Pumpkin Hollow project continues to move forward on target to enter production in Q4 of this year. For any mine construction, getting done to spec and on schedule requires experience, focus and energy – qualities that our team has in abundance.
To help you, our shareholders, get to know our senior team members a little better, we’re running a series of short podcasts.
Further information call:
Rich Matthews
VP Marketing and Investor Relations
Nevada Copper Corp
rmatthews@nevadacopper.com
1 (877) 648-8266 – Work | (604) 355-7179 – Mobile www.nevadacopper.com
VANCOUVER , Jan. 7, 2019 /CNW/ – Mirasol Resources Ltd. (TSX-V: MRZ, OTCPK: MRZLF) (the “Company” or “Mirasol”) is pleased to provide an exploration update for the Company’s Gorbea property package in Chile , that is subject to a recently announced non-binding Heads of Agreement for an Option to Farm-in with Newcrest International Pty Limited, a wholly owned subsidiary of Newcrest Mining Limited (ASX: NCM; “NCM” – see news release December 10, 2018 ). Gorbea comprises a claims package totaling 26,684 ha (266.84 sq. km) including the Atlas and Titan Au+Ag+Cu projects, within the highly prospective Mio-Pliocene mineral belt of northern Chile (Figure 1).
Subject to completion of ongoing due diligence, NCM has committed US$4 million in exploration expenditures, including a minimum of 3,000 m of drilling over the first 18 months of the Option Period.
Mirasol and NCM are advancing the drill permitting process and upgrading the exploration camp ahead of a planned Q1 2019 restart of exploration program that will initially focus on Atlas, including detailed remapping mapping, alteration vectoring studies and 60 line-km of CSAMT geophysics, and diamond core drilling.
At Atlas, significant progress in geological understanding has been derived from Mirasol’s initial interpretation US$8 million of exploration data generated under a recently terminated Joint Venture on the Gorbea package (see news release April 13, 2018 ).
Outcomes include recognition of a large breccias complex at Atlas that is host to the better gold mineralization, a development of a new alteration vectoring model suggesting that a number of previous drill holes with anomalous Au+Ag assays may have been terminated early above the potentially better mineralized zone and recognition of new target areas where gold mineralization may occur closer to surface.
The scale of the Atlas Au+Ag system, combined with the relatively modest amount of exploration drilling to date ( 10,499 m in 26 holes) and the range of priority targets identified, highlights the project as a large, under-explored HSE system, requiring further drill testing for potential large tonnage bulk minable Au+Ag mineralization.
Atlas Prospect Update
Atlas is centered on the Dos Hermanas andesite to dacite composition, lava, pyroclastic and dome field that hosts the large-area, argillic to advanced argillic alteration and Au+Ag system which characterizes the prospect. A combination of assays from detailed stream sediment, soil and rock chip sampling outline a precious metal “footprint” for the Atlas system of approximately 14 sq. km.
A 53 sq. km conventional PDP electrical geophysical survey over the central part of the Atlas project outlined large resistivity anomalies along the NE oriented Cerro Chaco fault zone and a 4.5 km diameter resistivity feature, interpreted to delimit a large zone of stronger alteration and silicification (Figure 2). The circular resistivity feature contains the more significant bodies of breccia identified to date, that host the better intersections of Au+Ag mineralization encountered in drilling at Atlas. Only a small part of the circular resistivity feature has been drill tested at this time.
Recent radiometric age-dating of alunite alteration associated with Au+Ag mineralization at Atlas has returned a determination of 20.6 ma ±0.6 ma1. Previous reported age-dating of alunite from Mirasol’s adjacent Titan Au (Cu) project, returned an age date of 17.08 ma ±0.8 ma2. These ages correlate with Lower to Middle Miocene mineralization events recognized in the Maricunga Au+Ag+Cu Belt, located 150 km to the south, which has produced significant metallic deposits, including Pan Pacific Copper’s Caserones mine (4.6 Mt Cu3) and Kinross Gold Corporation’s La Coipa High Sulfidation Epithermal (HSE) Au+Ag district (5.5 Moz Au and 295 Moz Ag4; Figure 1).
Exploration at Atlas has shown Au+Ag mineralization is hosted by:
1)
Vuggy silica – alunite structures, such as the 900 m long Atlas Gold Zone (AGZ) where limited shallow drilling on the NW end of the structure returned an anomalous intersection of 24 m at 0.18 g/t Au and 13.1 g/t Ag (Table 1). The un-drilled areas of higher-grade rock chip sampling at the center and SE end of the AGZ trend returned assays of up to 8.86 g/t Au and 44.7 g/t Ag and 16.75 g/t Au and 43.9 g/t Ag, representing a target area for future drilling.
2)
Multiphase phreatomagmatic and hydrothermal breccia bodies, that are seen at various prospects across the Atlas project. Where mineralized, these breccias are altered to quartz-alunite ± jarosite ± dark hematite assemblage with vuggy silica textures. The Steam Heated Zone (SHZ) breccia body hosts the best drill intersections to-date, which reported 114.1 m at 1.07 g/t Au and 1.8 g/t Ag, including 36 m at 2.49 g/t Au and 3.1 g/t (Table 1). Brecciation is a key feature in many large HSE precious metal deposits, where the breccia bodies act as both a conduit for mineralizing fluids and a host rock for economic concentrations of mineralization. The presence of widespread strongly altered brecciation is considered one of the positive features of the Atlas project.
The SHZ Au+Ag mineralized breccia body has not been fully delineated by drilling. As currently defined by 0.1 Au g/t cutoff, the body has dimensions of 950 by 500 m , up to 120 m thick and is open to depth and laterally in all directions. The SHZ mineralization is located beneath a +230 m “barren” alteration cap. The presence of a barren alteration cap at Atlas is a characteristic in common with other recent HSE Au+Ag discoveries in the Mio-Pliocene belt, including the Salares Norte deposit (3.7 Moz Au and 49.5 Moz Ag 5) located 65 km to the south of Atlas, undergoing a feasibility study by Gold Fields Ltd6.
Relogging of Atlas core holes by Mirasol along a NW-SE oriented cross section through the SHZ body (Figure 3 and Figure 4) has led to the following understanding of the prospect:
1)
The SHZ mineralization may be located at progressively shallower depths to the NW, toward a 700 m long gap in drilling, located between the SHZ breccia zone and the AGZ. Drilling to test for shallower potential high-grade mineralization in this “gap” is a priority;
2)
The development of a more detailed alteration / mineralization model for the SHZ breccia mineralization. The model suggests that the better mineralized zone has a low-grade outer “jarosite alunite cap” that is recognized as either a jarosite-alunite matrix vuggy breccia or a cream-coloured, jarosite-bearing silica veinlets or breccia matrix. Au+Ag grade improves beneath the low grade “jarosite- alunite cap” and at depth into the mineralized body.
3)
Mineralization is deeply oxidized beyond the base of drilling to +370 m below surface. Au+Ag is associated with a multiphase breccia with vuggy quartz textures and coarse alunite ± jarosite and dark hematite interpreted to be after original sulfide.
The recognition of a low-grade jarosite-alunite cap, immediately overlying the SHZ mineralization may be used to vector to zones of potentially better Au+Ag grade at the SHZ. This highlights that a number of drill holes in the SHZ and other breccia bodies (holes CLATDH0016, 21, 23 and 25) at Atlas appear to have been prematurely terminated in the low-grade cap, potentially not intercepting nor testing the underlying potentially better-grade mineralization. The presence of deep oxidation associated with hematite replacement of original sulfide mineralization has also been noted at the giant Veladero HSE gold mine (17.3 Moz Au and 195.5 Moz Ag 7) operated by Barrick Gold in the Mio-Pliocene belt of Argentina , where deep oxidization of the mineralization is attributed to a combination of late-stage heated ground water collapsing into the system at the later stages of the mineralizing system, as well as post mineral supergene processes. Oxidation of the mineralization can be an indication of positive metallurgical characteristics for gold recovery in HSE precious metal deposits.
Stephen Nano , President and CEO of Mirasol, has approved the technical content of this news release. Mr Nano is a Charter Professional geologist and Fellow of the Australasian Institute of Mining and Metallurgy (CP and FAusIMM) and is a Qualified Person under NI 43 -101.
Under the terms of the pervious Gorbea Joint Venture (terminated in April 2018 ), all exploration was managed by the then joint venture partner. Pre-joint venture exploration on the projects was managed by Stephen C. Nano , who is the Qualified Person under NI 43-101. Exploration data generated from the previous Gorbea Joint Venture program was reviewed and validated by Mirasol prior to release. The technical interpretations presented here are those of Mirasol Resources Ltd.
Mirasol applies industry standard exploration sampling methodologies and techniques. All geochemical rock and drill samples are collected under the supervision of the company’s geologists in accordance with industry practice. Geochemical assays are obtained and reported under a quality assurance and quality control (QA/QC) program. Samples are dispatched to an ISO 9001:2008 accredited laboratory in Chile for analysis. Assay results from surface rock, channel, trench, and drill core samples may be higher, lower or similar to results obtained from surface samples due to surficial oxidation and enrichment processes or due to natural geological grade variations in the primary mineralization.
Forward Looking Statements: The information in this news release contains forward looking statements that are subject to a number of known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those anticipated in our forward-looking statements. Factors that could cause such differences include: changes in world commodity markets, equity markets, costs and supply of materials relevant to the mining industry, change in government and changes to regulations affecting the mining industry. Forward-looking statements in this release include statements regarding future exploration programs, operation plans, geological interpretations, mineral tenure issues and mineral recovery processes. Although we believe the expectations reflected in our forward-looking statements are reasonable, results may vary, and we cannot guarantee future results, levels of activity, performance or achievements. Mirasol disclaims any obligations to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as may be required by applicable law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
1
Ar/Ar radiometric age date determination commissioned by Yamana Gold, performed at Sernageomin Geochronology Laboratories in Santiago, Chile.
2
Ar/Ar radiometric age date determination commissioned by Mirasol Resources, performed at Australian National University Argon Facility in Canberra, Australia
3
S&P Global Market Intelligence
4
S&P Global Market Intelligence
5
Gold Fields Mineral Resource and Mineral Reserve Supplement to the Integrated Annual Report,2017.
AuEq60 is the sum of the value of gold and silver in a given interval represented as a gold equivalent g/t value calculated via the formula: Au assay in g/t + (silver assay in g/t ÷ 60)
Five holes will step out from successful prior drill holes
TSX VENTURE SYMBOL: FUU
KELOWNA, BC , Jan. 3, 2019 /CNW/ – FISSION 3.0 CORP. (“Fission 3” or “the Company“) is pleased to announce it will shortly be commencing a 1,850m five-hole winter drill program at its PLN project in the Athabasca Basin region of Saskatchewan, Canada . The program will focus on high-priority targets within a 700m mineralized corridor identified during the previous drill program. All five holes will test the A1 conductor, stepping out 25m and 50m north along strike of PLN14-019, which intercepted significant uranium mineralization. These five winter holes are part of an overall 3,250m PLN program approved for 2019.
View photos
Fission 3.0 Corp. (CNW Group/Fission 3.0 Corp.)
PLN is located in the south-west area of Saskatchewan’s Athabasca Basin, immediately adjacent and to the north of Fission Uranium’s PLS project, which hosts the high-grade Triple R uranium deposit. With its proximity to large-scale, high-grade uranium deposits, and with multiple geological and geophysical interpreted features, including an extensive drill-identified mineralized corridor, PLN ranks highly in Fission 3’s extensive portfolio.
News Highlights
PLN is prospective for high-grade uranium at shallow depth
The property is adjacent to, and part of the same structural corridor as Fission Uranium’s PLS project, host to the Athabasca’s most significant major, shallow-depth, high-grade uranium deposit
Step out drilling strategy. Drilling will step out from one of the previously-drilled, mineralized holes (PLN14-19), which intercepted 0.5m at 0.047% U3O8 within 6.0m @ 0.012% U3O8 during the 2014 drill program.
Prior drilling has intercepted significant uranium and shown large-scale potential. The Company’s 2014 drill program identified a mineralized corridor associated with the A1 conductor ~700m in strike length, where results returned significant mineralization and pathfinder elements.
Highly-targeted winter holes part of larger program at PLN. An 8-hole, 3,250m drill program has been approved by the PLN joint venture for 2019, with 5 holes ( 1,850m ) to be drilled this winter.
Ross McElroy , COO, and Chief Geologist for Fission, commented,
“Our prior drilling has already proven that PLN hosts uranium and, importantly, those results have highlighted the potential for large-scale mineralization. Winter drilling will focus on the approximately 700m mineralized trend and will use a strategy of step outs from one of our previous, successful holes on the property.”
PLN Package: The PLN package consists of a total of 36,537 ha in 37 mineral claims of which Fission 3 has a 90% interest in 27,408 ha (10 mineral claims) and a 100% interest in an additional recently staked 9,129 ha (27 mineral claims). Azincourt Energy Corp. holds a 10% interest in 27,408 ha of the PLN property.
The property, just inside the Athabasca Basin, is prospective for high-grade uranium at shallow depth. The property is adjacent to, and part of the same structural corridor as Fission Uranium’s PLS project, host to the Athabasca’s most significant major, shallow-depth, high-grade uranium deposit. Previous drill results show large scale potential. Drilling in 2014 identified a mineralized corridor associated with the A1 ~700m in strike length, where results returned significant mineralization and pathfinder elements (uranium, boron, copper, nickel and zinc) and included hole PLN14-019 which intercepted 0.5m at 0.047% U3O8 within 6.0m @ 0.012% U3O8.
Wales Lake Update: A total of 586m of drilling in 2 holes were completed on the southwest and northeast areas respectively of Block C of Wales Lake in December. Both holes targeted basement electromagnetic conductors that were defined by airborne and ground geophysics. The drilling indicates that the southwestern area of Block C appears to have a higher potential for hosting mineralization.
Hole WL18-001 is an angled hole located on the northwest striking major conductor trend in the southwestern corner of the property. The hole was drilled to a depth of 305m and encountered bedrock at 165.5m . Bedrock consisted of alternating sequences of quartz-chlorite-garnet gneiss and sulphide rich quartz-feldspar-biotite-garnet gneiss. Basement geology appears to be roughly flat lying to gently dipping. Intervals of moderate to strong hematite and chlorite alteration occur throughout. Several narrow intervals of fault gouge within strongly foliated regions were encountered throughout. No anomalous radioactivity was encountered.
Hole WL18-002 is an angled hole located in the northeast corner of the property. Similar to that seen in WL18-001, the basement geology appears to be roughly flat lying to gently dipping. The hole was drilled to a depth of 281m and encountered bedrock at 143m . Bedrock consisted of broad sequences of orthogneiss and granodiorite/granitoid. Minimal chlorite alteration is present to a depth of 195.7m . A narrow interval of anomalous radioactivity associated with a pegmatite vein was encountered from 170.0 to 170.5m . Radioactivity in drill core peaked at 500 cps and downhole gamma survey peaked at 3,239 cps. It is likely the radioactivity is from thorium in the pegmatite rather than uranium.
Wales Lake: The 100% owned Wales Lake property comprises 30 claims in 3 non-contiguous blocks totaling ~35,440 hectares and is accessible by road with primary access from all-weather Highway 955. Similar to Fission Uranium’s PLS property, Wales Lake occupies the same stratigraphic position within the Clearwater Domain and represents relatively shallow depth basement hosted target areas outside of the margin of the Athabasca Basin. From west to east the 3 blocks are referred to as A, B and C respectively. Block A is the westernmost and is located ~30km west of Fission Uranium’s flagship high-grade Triple R uranium deposit. Block B is located a further ~6km to the east and Block C is located a further ~7km to the southwest.
Natural gamma radiation in drill core that is reported in this news release was measured in counts per second (cps) using a hand-held RS-121 Scintillometer manufactured by Radiation Solutions. The reader is cautioned that scintillometer readings are not directly or uniformly related to uranium grades of the rock sample measured and should be used only as a preliminary indication of the presence of radioactive materials. All intersections are down-hole, core interval measurements and true thickness is yet to be determined.
Samples from the drill core are split in half sections on site. Where possible, samples are standardized at 0.5m down-hole intervals. One-half of the split sample will be sent to SRC Geoanalytical Laboratories (an SCC ISO/IEC 17025: 2005 Accredited Facility) in Saskatoon, SK . Analysis will include a 63 element ICP-OES, and boron.
All depth measurements reported, including radioactivity and mineralization interval widths are down-hole, core interval measurements and true thickness are yet to be determined.
The technical information in this news release has been prepared in accordance with the Canadian regulatory requirements set out in National Instrument 43-101 and reviewed on behalf of the company by Ross McElroy , P.Geol. Chief Geologist and COO for Fission 3.0 Corp., a qualified person.
About Fission 3.0 Corp.
Fission 3.0 Corp. is a Canadian based resource company specializing in the strategic acquisition, exploration and development of uranium properties and is headquartered in Kelowna, British Columbia . Common Shares are listed on the TSX Venture Exchange under the symbol “FUU.”
ON BEHALF OF THE BOARD
“Ross McElroy” ________________________
Ross McElroy , COO
Cautionary Statement: Certain information contained in this press release constitutes “forward-looking information”, within the meaning of Canadian legislation. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur”, “be achieved” or “has the potential to”. Forward looking statements contained in this press release may include statements regarding the future operating or financial performance of Fission 3.0 Corp. which involve known and unknown risks and uncertainties which may not prove to be accurate. Actual results and outcomes may differ materially from what is expressed or forecasted in these forward-looking statements. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Among those factors which could cause actual results to differ materially are the following: market conditions and other risk factors listed from time to time in our reports filed with Canadian securities regulators on SEDAR at www.sedar.com. The forward-looking statements included in this press release are made as of the date of this press release and Fission 3 Corp. disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Michael Rowley, president and CEO of Group Ten Metals sits down with Maurice Jackson of Proven and Probable to discuss his companies exploration for platinum, palladium, nickel, copper and cobalt in the Stillwater area of Montana. Specifically, Mr. Rowley will address the latest press release regarding hybrid zone consisting of 14 target areas, 6 of which Higher-Grade ‘Reef Zones’ and 8 of which are large scale bulk tonnage “Platreef-Style’ Mineralization.
Source: Maurice Jackson for Streetwise Reports (12/27/18)
Michael Rowley, president and CEO of Group Ten Metals, speaks with Maurice Jackson of Proven and Probable about his company’s recent PGE discoveries in Montana and the similarities to projects in South Africa’s Platreef District.
Maurice Jackson: Joining us today is Michael Rowley, the president and CEO of Group Ten Metals Inc. (PGE:TSX.V; PGEZF:OTC), which is exploring for platinum, palladium, nickel, copper and cobalt in the Stillwater district of Montana.
Mr. Rowley, we have some exciting developments to discuss for current and perspective shareholders, but before we begin, for someone new to the story, who is Group Ten Metals and what is the thesis you’re attempting to prove? Michael Rowley: Group Ten Metals is a growth stage company, focused on PGM, platinum group metals, plus nickel, copper, also cobalt, the so-called technology battery metals. We have polymetallic deposits as these things occur together; we’re focused primarily at the Stillwater West Project in Montana. We also have assets in the Yukon and a gold project in Ontario. Maurice Jackson: Group Ten Metals just issued a press release announcing a new discovery hybrid zone and some targets at the Stillwater West. Multi-layered question, sir, can you update us on the Stillwater West, expand on the findings, and tell us what they mean moving forward? Michael Rowley: Stillwater West is our newest project; we made our first acquisition there in 2017. It’s a remarkable land position and database in a truly world-class district. The Stillwater name, the district is synonymous with the richest palladium, platinum mines in the world, a staggering 90 million ounces in past production and current reserves producing from three mines at over half an ounce per ton, 16 grams per ton.
It’s platinum and palladium rich; palladium, of course, is very significant right now given that palladium is challenging gold as the most valuable precious metal. We are above and below Stillwater in this layered system and because of that we have not only the same potential for palladium and platinum, platinum group metals in general, but we also get to expand our target to these truly polymetallic things including nickel, copper, cobalt, palladium. We recently added to that list, also, rhodium, and we have some significant gold.
This is truly elephant country. It’s the biggest PGM deposit outside of South Africa and Russia and, of course, it was bought by Sibanye our neighbor for $2.2 billion in 2017. So we’re the only other player in the district. It’s a fantastic place to be, we’re very excited.
You brought up the most recent news release, December 17. The Hybrid Zone is one of our targets in the Chrome mountain area and an exciting new discovery. We mention up to 150 meters of mineralized intervals there in this new style of mineralization. What’s exciting is this has never been recognized in camp before and it ties into the Bushveld Complex of South Africa and, despite the known similarities between these districts, Stillwater has never been examined systematically for that potential.
So in a nutshell, we are taking the lessons learned at the Mogalakwena Mine and Ivanhoe’s Platreef project and applying them to the similar geology in Montana Stillwater in a way that nobody’s done before. I guess final point to wrap that up is the team that we’ve attracted includes a number of renowned experts on this type of deposit, but most recently David Broughton of Ivanhoe, so we’ve actually attracted expertise and talent of a world caliber on the project. Maurice Jackson: Can you further expand on the new 14 target areas? Michael Rowley: We have as a result of our efforts in 2018, being our first season on the ground, we’ve identified 14 target areas in Stillwater West, six of them fit the high-grade PGE reef type targets that the district is known for, in particular our neighbor Stillwater Sibanye Mines. However, 8 of the 14 targets are these newer Platreef style targets where we see potential for large-scale bulk-mineable disseminated sulfide mineralization of the types seen on the Platreef District of South Africa, and that’s in the basal zones and the lower ultramafic series in Stillwater.
And that’s the greater potential we see there for these hundred million ounce style PGE nickel/copper deposits, also cobalt actually, at Stillwater, and news flow will be ongoing in the coming weeks and months as we reveal the results of our work in 2018, and our plans for 2019. Maurice Jackson: And what are the target commodities at the Stillwater? Michael Rowley: It’s a true polymetallic system; the district itself is known for having the highest-grade palladium platinum lines in the world, and that is the three operating Stillwater mines that were bought by Sibanye in 2017, in our part of the district, in the lower part you can also add to that list gold, cobalt, and chrome are significant and we are recently finding indications of potentially significant vanadium and rhodium, you can add to that list as well.
So this suite of commodities, in particular the palladium, in light of what palladium is doing in the markets these days, positions Group Ten as one of very few options in terms of PGE investment opportunity for investors, especially if one included geography in that, being that we are outside of South Africa and Russia, in North America. Maurice Jackson: Sir, what is the next unanswered question for Group Ten Metals, when should we expect results, and what determines success? Michael Rowley: Good questions, news flow will be ongoing in the coming weeks, assays are coming in as we speak, we’re entering them into our models and planning our strategy around that, so we’re excited by what we see. I think the most exciting aspect of news is going to be the results of re-logging and modeling the more than 12,000 meters of core that we have in our possession, as we said earlier, no one has brought this land position together with the South African Platreef models, along with this physical core, so bringing these things together, and for the first time looking at this district systematically for the potential for these styles of deposits. It’s very exciting and I think the first quarter of 2019 you’ll see some very interesting news releases and materials along that line.
We will be at the major trade shows, we’ll have core on display at the January shows in Vancouver, and we’ll be at the PDAC in Toronto in March as well, and we look forward to seeing anybody and everybody there. Maurice Jackson: Sir, we’ve covered the good, what keeps you up at tight that we don’t know about? Michael Rowley: Well, frankly, our share price isn’t where I’d like it to be and I don’t think it reflects the potential of the company, that is of course seasonal and the juniors (miners) do generally get hit harder this time of year, however, gold has held up very nicely, and other commodities are following it, and the majors have moved up nicely. So I think we can expect a good rebound in 2019 from the mining sector, and from the juniors, and then, of course, there was also our own work, especially Stillwater I think will get some nice life, in addition to the rising tide, that floats all boats. Maurice Jackson: Finally, what did I forget to ask?
Michael Rowley: Well, it’s not that you forgot to ask, but let’s revisit and touch on something we’ve talked about before, the fact that 75% of the world’s PGM metals come out of South Africa—this has been written up very well recently by the CMP group out of New York—a lot of those mines are facing closures, they’ve been underfunded for years, and this is expected to drive the platinum price substantially into the year 2020.
Palladium, of course, is already up and platinum is expected to follow. It’s worth noting, perhaps, that those are reef mines, they’re deep, they’re hot, they’re expensive, they’re dangerous, the mines of a Platreef, north of the Bushveld, are our current model with Stillwater, and those are highly economic and they keep producing, and that’s what we expect to bring to Stillwater for everyone’s benefit. Maurice Jackson: Mr. Rowley for someone listening that wants to get more information on Group Ten Metals, what is the website address? Michael Rowley: Website is grouptenmetals.com. Maurice Jackson: And as a reminder, Group Ten Metals trades on the TXS.V:PGE, and on the OTCQB:PGEZF; for direct inquiries please contact Chris Ackerman at 604-357-4790 extension 1, or email info@grouptenmetals.com, as reminder Group Ten Metals is a sponsor of Proven and Probable, and we are proud shareholders for the virtues conveyed into today’s interview. Last but not least, please visit our website www.provenandprobable.com where we interview the most respected names in the natural resource space. You may reach us at contact@provenandprobable.com.
Michael Rowley of Group Ten Metals, thank you for joining us today on Proven and Probable. Maurice Jackson is the founder of Proven and Probable, a site that aims to enrich its subscribers through education in precious metals and junior mining companies that will enrich the world.
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KELOWNA, BC , Dec. 21, 2018 /CNW/ – Fission 3.0 Corp. (“Fission 3” or the “Company“) is pleased to announce that it has closed its previously announced non-brokered private placement (the “Private Placement“) for total gross proceeds of $1,500,201 . The Company issued 500,000 units (“Units“) at a price of C$0.20 per Unit for gross proceeds of C$100,000 and 6,364,550flow-through shares (“FT Shares“) at a price of C$0.22 per FT Share for gross proceeds of C$1,400,201 . Each Unit consists of one common share (“Common Share“) and one common share purchase warrant (“Warrant“).
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Fission 3.0 Corp. (CNW Group/Fission 3.0 Corp.)
Each Warrant is exercisable for an additional Common Share until three years from the date of issuance at an exercise price of C$0.25 . If, commencing four months and one day after the date of issuance, the volume weighted average trading price of the Company’s Common Shares on the TSX Venture Exchange is higher than C$0.30 for 20 consecutive trading days then, on the 20th consecutive trading day of any such period (the “Acceleration Trigger Date“), the expiry date of the Warrants may be accelerated by the Company in its absolute discretion to the 30th calendar day after the Acceleration Trigger Date by the issuance of a news release announcing such acceleration within three trading days of the Acceleration Trigger Date.
The Common Shares, Warrants, common shares issuable on exercise of the Warrants and FT Shares will be subject to resale restrictions for a period of four months from issuance.
In connection with the closing of the Private Placement, Red Cloud Klondike Strike Inc. (the “Finder“) received an aggregate cash commission of $98,014 , representing commissions of 7% of the gross proceeds raised by the Finder. The Company also granted the Finder 445,518 warrants (the “Finder’s Warrants“), representing 7.0% of the aggregated number of FT Shares sourced by the Finder. Each Finder’s Warrant is exercisable for one common share at a price of C$0.22 for a period of 36 months.
The gross proceeds of the offering of FT shares will be used to incur Canadian exploration expenses, which will be renounced in favour of the purchasers for the 2018 taxation year. The net proceeds from the sale of the Units will be used to advance development of the Company’s properties and for general working capital.
About Fission 3.0 Corp.
Fission 3.0 Corp. is a Canadian based resource company specializing in the strategic acquisition, exploration and development of uranium properties and is headquartered in Kelowna, British Columbia . Common Shares are listed on the TSX Venture Exchange under the symbol “FUU.”
ON BEHALF OF THE BOARD
“Dev Randhawa”
_________________
Dev Randhawa, CEO
Fission 3.0 Corp.
Cautionary Statement:Fission 3.0 Corp.
Certain information contained in this press release constitutes “forward-looking information”, within the meaning of Canadian legislation. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur”, “be achieved” or “has the potential to”. Forward looking statements contained in this press release may include statements regarding the future operating or financial performance of Fission 3.0 Corp. which involve known and unknown risks and uncertainties which may not prove to be accurate. Actual results and outcomes may differ materially from what is expressed or forecasted in these forward-looking statements. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Among those factors which could cause actual results to differ materially are the following: market conditions and other risk factors listed from time to time in our reports filed with Canadian securities regulators on SEDAR at www.sedar.com. The forward-looking statements included in this press release are made as of the date of this press release and Fission 3.0 Corp. disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States of America . The securities have not been and will not be registered under the United States Securities Act of 1933 (the “1933 Act”) or any state securities laws and may not be offered or sold within the United States unless registered under the 1933 Act and applicable state securities laws, or an exemption from such registration is available.
VANCOUVER, Dec. 20, 2018 /PRNewswire/ – NexGen Energy Ltd. (“NexGen” or the “Company”) (TSX:NXE, NYSE:NXE) is pleased to announce that it has filed a technical report on the Arrow Deposit, Rook I Project (the “Technical Report”) pursuant to National Instrument 43-101 “Standards of Disclosure for Mineral Projects” (“NI 43-101”). The Technical Report supports the disclosure made by the Company in its November 5, 2018news release announcing the results of the maiden pre-feasibility study for the Arrow Deposit located on the Company’s 100% owned, Rook I Property.
The Technical Report, bearing an effective date of November 5, 2018, is entitled: “Technical Report on the Pre-feasibility Study of the Arrow Deposit, Rook I Property, Saskatchewan, Canada” and was prepared by Mr. Paul O’Hara, P.Eng. of Wood., Mr. Jason J. Cox, P.Eng. of RPA, Mr. David M. Robson, P.Eng., M.B.A of RPA, and Mr. Mark B. Mathisen, C.P.G. of RPA, each of whom is a “qualified person” for the purposes of NI 43-101.
NexGen is a British Columbia corporation with a focus on the acquisition, exploration and development of Canadian uranium projects. NexGen has a highly experienced team of uranium industry professionals with a successful track record in the discovery of uranium deposits and in developing projects through discovery to production. NexGen owns a portfolio of prospective uranium exploration assets in the Athabasca Basin, Saskatchewan, Canada, including a 100% interest in Rook I, location of the Arrow Deposit in February 2014, the Bow discovery in March 2015, the Harpoon discovery in August 2016 and the Arrow South discovery in July 2017.
Forward-Looking Information
The information contained herein contains “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and “forward-looking information” within the meaning of applicable Canadian securities legislation. “Forward-looking information” includes, but is not limited to, statements with respect to the activities, events or developments that the Company expects or anticipates will or may occur in the future. Generally, but not always, forward-looking information and statements can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or the negative connotation thereof or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved” or the negative connotation thereof.
Forward-looking information and statements are based on the then current expectations, beliefs, assumptions, estimates and forecasts about NexGen’s business and the industry and markets in which it operates. Forward-looking information and statements are made based upon numerous assumptions, including among others, that the proposed transaction will be completed, the results of planned exploration activities are as anticipated, the price of uranium, the cost of planned exploration activities, that financing will be available if and when needed and on reasonable terms, that third party contractors, equipment, supplies and governmental and other approvals required to conduct NexGen’s planned exploration activities will be available on reasonable terms and in a timely manner and that general business and economic conditions will not change in a material adverse manner. Although the assumptions made by the Company in providing forward looking information or making forward looking statements are considered reasonable by management at the time, there can be no assurance that such assumptions will prove to be accurate.
Forward-looking information and statements also involve known and unknown risks and uncertainties and other factors, which may cause actual results, performances and achievements of NexGen to differ materially from any projections of results, performances and achievements of NexGen expressed or implied by such forward-looking information or statements, including, among others, negative operating cash flow and dependence on third party financing, uncertainty of the availability of additional financing, the risk that pending assay results will not confirm previously announced preliminary results, imprecision of mineral resource estimates, the appeal of alternate sources of energy and sustained low uranium prices, aboriginal title and consultation issues, exploration risks, reliance upon key management and other personnel, deficiencies in the Company’s title to its properties, uninsurable risks, failure to manage conflicts of interest, failure to obtain or maintain required permits and licenses, changes in laws, regulations and policy, competition for resources and financing, and other factors discussed or referred to in the Company’s Annual Information Form dated March 2, 2018 under “Risk Factors”.
Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information or implied by forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended.
There can be no assurance that forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking statements or information. The Company undertakes no obligation to update or reissue forward-looking information as a result of new information or events except as required by applicable securities laws.
It’s December and we continue to see strong progress at Pumpkin Hollow. Both underground and surface works are proceeding according to schedule and, as you can see from the first photo below, the site is steadily transforming. For comparison, check out our October update. Below are some additional photos and comments on some of our recent activity.
East Main Shaft
We now have a 2-boom jumbo and rock bolter on site (both Epiroc) and an R1600 LHD (CAT). We have completed the 2850 shaft station, have sunk the shaft down to the 2770 shaft station level and are now developing the 2770 shaft station. This is an important station as it will house our material handling system. This system will be responsible for hoisting ore out of the mine and, during development, it will be our main haulage from the 2850 level via a drop-raise. This will allow us to handle the waste from our 2850 lateral development.
East-North Ventilation Shaft
We have completed the sub-collar (that was in progress during our last update) and have commenced pre-sink activity. The shaft has now been sunk 100ft down from the sub-collar. In the photos you’ll see an impressive 220-ton crane (in red) which has been facilitating our rapid progress on the East-North shaft work.
We completed the foundations for the winches and main hoist in November and have also installed the winches and hoist on those foundations. We are now working on the foundations for head frame and we expect delivery of the Galloway in the coming month.
Surface Works
Preliminary work for the surface facilities and processing plant continues to move forward briskly. We have completed the earth works for the low-grade/high-grade stockpile area along with the earth works for the processing plant. We have also made significant progress on the earth works for the support buildings and we are currently re-routing the 25kv power line to its final location.
Additional Information
For further information please visit the Nevada Copper corporate website (www.nevadacopper.com) and visit our Pumpkin Hollow virtual tour.
NEVADA COPPER CORP.
Further information call:
Rich Matthews
VP Marketing and Investor Relations
Nevada Copper Corp
rmatthews@nevadacopper.com
1 (877) 648-8266 – Work | (604) 355-7179 – Mobile www.nevadacopper.com
Shaft 1’s continuing advance has intersected 29 metres of high-grade mineralization from underground mine development, beginning at a depth of 780 metres
Platreef’s long-term processed wastewater agreement finalized to supply most of the bulk water needed for the first phase of production
Platreef is positioned to become a major producer of palladium, which recently became more valuable than gold
Platreef’s Indicated Mineral Resources contain an estimated 26.8 million ounces of palladium, 25.6 million ounces of platinum, 4.5 million ounces of gold, and 1.8 million ounces of rhodium (a combined 58.7 million ounces of PGMs plus gold), plus 4.1 billion pounds of nickel and 2.1 billion pounds of copper, at a cut-off grade of 1 gram per tonne
Platreef’s Inferred Mineral Resources contain an additional 43.0 million ounces of palladium, 40.4 million ounces of platinum, 7.8 million ounces of gold, and 3.1 million ounces of rhodium (a combined 94.3 million ounces PGMs plus gold), plus 7.7 billion pounds of nickel and 4.1 billion pounds of copper, also at a cut-off grade of 1 gram per tonne
At the base-case cut-off grade of 2 grams per tonne, Indicated Mineral Resources contain an estimated 42.0 million ounces of PGMs plus gold, plus 2.4 billion pounds of nickel and 1.2 billion pounds of copper, with an additional 52.8 million ounces of PGMs plus gold, 3.4 billion pounds of nickel and 1.8 billion pounds of copper in Inferred Resources
Platreef’s T1 and T2 high-grade mineralized zones interpreted as much thicker versions of the high-grade mineralized reefs found on the Western and Eastern limbs of South Africa’s Bushveld Complex
Mokopane, South Africa–(Newsfile Corp. – December 18, 2018) – Ivanhoe Mines’ (TSX: IVN) (OTCQX: IVPAF) Co-Chairmen Robert Friedland and Yufeng “Miles” Sun, and Ivanplats’ Managing Director Dr. Patricia Makhesha, announced today that Platreef’s Shaft 1 has reached a depth of 850 metres below surface and development work has begun on the 850-metre station – the second of three horizontal mining access stations planned for Shaft 1.
The first mining access station has been constructed at the 750-metre level, following earlier development of a water-pumping station at the 450-metre level. The third mining access station will be developed at a mine-working depth of 950 metres. Shaft 1 is expected to reach its projected, final depth of approximately 980 metres below surface, complete with all four of the stations, in early 2020.
The Platreef mining team delivered the first high-grade mineralization from underground mine development to surface stockpiles for metallurgical sampling three months ago. The high-grade mineralization intersected in Shaft 1 is contained within two mineralized zones (T1 and T2) totalling 29 metres of the Turfspruit Cyclic Unit (TCU). A total of fifty grab samples from individual 3.2-metre-blast stockpiles yielded an average grab sample grade of 6.35 grams per tonne (g/t) platinum, palladium and rhodium plus gold (3PE+Au), ranging up to 9.6 g/t 3PE+Au, as well as significant quantities of nickel and copper.
The 29-metre mineralized intersection in Shaft 1 yielded approximately 3,500 tonnes of ore that will be used for bulk-scale metallurgical test work. Based on the estimated resource grade of the pilot hole for Shaft 1 (GT008), the 3,500 tonnes are expected to contain more than 400 ounces of platinum-group metals (PGMs).
Ivanhoe Mines indirectly owns 64% of the Platreef Project through its subsidiary, Ivanplats, and is directing all mine development work. The South African beneficiaries of the approved broad-based, black economic empowerment structure have a 26% stake in the Platreef Project. The remaining 10% is owned by a Japanese consortium of ITOCHU Corporation; Japan Oil, Gas and Metals National Corporation; and Japan Gas Corporation.
Photo: Stockpiles of Flatreef ore from the sinking of Shaft 1, with Shaft 1 headframe in the background.
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Long-term wastewater agreement finalized to supply most of the bulk water needed for the first phase of production at Platreef
Ivanplats, led by Dr. Makhesha, announced that it has finalized a long-term agreement with the Mogalakwena Local Municipality for the supply of local, treated wastewater to supply most of the bulk water needed for the first phase of production at the Platreef platinum-group metals, nickel, copper and gold mine now being constructed in South Africa.
Ivanplats signed a memorandum of agreement earlier this year with the Mogalakwena Local Municipality for the supply of a minimum of five million litres of treated water a day for 32 years, beginning in 2022, from the town of Mokopane’s new Masodi Treatment Works. Last week, the agreement was officially approved in a signing ceremony in Mokopane.
Ivanplats expects to begin receiving a small quantity of processed wastewater early next year after the Masodi plant has been commissioned. Further treatment will be conducted at the Platreef Mine’s on-site filtration plant to ensure compliance with Ivanplats’ quality standards. The initial supply will be used in Platreef’s ongoing underground mine development and surface infrastructure construction.
Ivanplats estimates that it will require approximately 7.5 million litres per day (Ml/day) of bulk water during the first-phase of steady-state production. A water-balance model developed for the mine calls for the bulk water for the first phase of production to consist of five Ml/day from the Masodi treatment plant, with the balance provided from ground water from local, licenced boreholes, and rainwater collected in storage ponds at the mine.
Photo: Platreef’s long-term wastewater agreement finalized between Dr. Patricia Makhesha, Ivanplats’ Managing Director (left), and Kenneth Maluleke, Mogalakwena Acting Municipality Manager.
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In July 2017, Ivanhoe issued an independent, definitive feasibility study (DFS) for Platreef covering the first phase of production at an initial mining rate of four million tonnes per annum (Mtpa). The DFS estimated that Platreef’s initial, average annual production ratewill be approximately 219,000 ounces of palladium, 214,000 ounces of platinum, 30,000 ounces of gold and 14,000 ounces of rhodium (combined 477,000 ounces of 3PE+Au), plus 21 million pounds of nickel and 13 million pounds of copper.
The Platreef DFS was based on the development of a large, mechanized, underground mine with an initial, four Mtpa concentrator and associated infrastructure. Platreef would rank at the bottom of the cash-cost curve, at an estimated US$351 per ounce of 3PE+Au produced, net of by-products and including sustaining capital costs, and US$326 per ounce before sustaining capital costs.
The thick Flatreef orebody at the Platreef Project is ideal for bulk-scale, mechanized mining. As underground development progresses, the mine plan calls for the addition of large, mechanized mining equipment, such as 14- and 17-tonne load-haul-dump machines and 50-tonne haul trucks to support the planned long-hole mining method.
The mineral resources used as the basis of the Platreef DFS were those amenable to underground selective mining. Detailed information about assay methods and data verification measures used to support the scientific and technical information is set out in the Platreef 2017 Feasibility Study NI 43-101 Technical Report dated September 2017, available under Technical Reports at www.ivanhoemines.com and on Ivanhoe Mines SEDAR profile at www.sedar.com.
Key features of the 2016 Platreef Mineral Resource estimate include:
Indicated Mineral Resources contain an estimated 41.9 million ounces of platinum, palladium, rhodium and gold with an additional 52.8 million ounces of platinum, palladium, rhodium and gold in Inferred Resources (using a cut-off grade of 2.0 g/t 3PE+Au).
Indicated Mineral Resources contain an estimated 2.44 billion pounds of nickel and 1.23 billion pounds of copper, with an additional 3.44 billion pounds of nickel and 1.78 billion pounds of copper in Inferred Mineral Resources (using a cut-off grade of 2.0 g/t 3PE+Au).
Indicated Mineral Resources totalling 346 million tonnes, at an average grade of 3.77 g/t 3PE+Au, 0.32% nickel and 0.16% copper, at a cut-off grade of 2.0 g/t 3PE+Au.
Inferred Mineral Resources totalling an additional 506 million tonnes, at a grade of 3.24 g/t 3PE+Au, 0.31% nickel and 0.16% copper, at a cut-off grade of 2.0 g/t 3PE+Au.
The 2016 Mineral Resource estimate was prepared by Ivanhoe Mines under the direction of Dr. Harry Parker, RM SME, of Wood Group (formerly Amec Foster Wheeler E&C Services Inc.). Dr. Parker and Timothy Kuhl RM SME, also of Wood Group, have independently confirmed the Mineral Resource estimate and are the Qualified Persons for the estimate, which has an effective date of April 22, 2016.
The platinum-to-palladium ratio at the Platreef Mine is approximately 1:1. Palladium and rhodium are used as catalysts to control exhaust emissions in gasoline-fuelled vehicles, while diesel vehicles mostly use platinum. Platinum also is used as the catalyst in zero-emission, hydrogen-powered, fuel-cell electric vehicles now being developed by leading, global automakers including Honda, Toyota, Hyundai, BMW, Mercedes-Benz and Hyundai.
A sustained palladium-supply deficit, coupled with robust demand from automakers, has seen palladium prices increase by approximately 50% during the past four months, making it more valuable than gold for the first time since 2002.
Chart: Palladium’s price increase since August 2018 (in blue) compared to gold (in white).
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Flatreef’s T1 and T2 mineralized zones are 29 metres thick at Shaft 1 intersection
The mineralized zones (reefs) at Ivanhoe’s Platreef Project are the thickest (Platreef’s T2MZ averages 24.7 metres at a 1 g/t 3PE+Au cut-off) among the known reefs in South Africa’s Bushveld Igneous Complex. Although substantially thicker on Ivanhoe’s Platreef Project, Flatreef’s exceptional T1 and T2 reefs have been correlated with the Bushveld Complex’s Bastard and Merensky reefs by Dr. Danie Grobler, Ivanplats’ Head of Exploration and Geology, and other Ivanplats geologists (Grobler et al., published in the international journal, Mineralium Deposita, 2018).
The Turfspruit Cyclic Unit (TCU), which hosts the majority of the Platreef’s selectively mineable Mineral Resources, has two mineralized zones that are laterally continuous across the Platreef Project. The T1 mineralized zone (T1MZ) occurs within cyclical magmatic units and feldspathic pyroxenite (ultramafic igneous rock) immediately below the Main Zone. The T2 mineralized zone (T2MZ) is hosted within a mineralized, PGM-enriched, very coarse-grained pegmatoidal pyroxenite distinct from the feldspathic pyroxenite above it and bound by a top chromite stringer.
The T2MZ occurs at a stratigraphic position similar to the world-renowned Merensky Reef. The T2MZ can be subdivided into an upper pegmatoidal orthopyroxenite, referred to as the T2 Upper, and a lower, less continuous pegmatoidal harzburgite, referred to as the T2 Lower. Recognition of the TCU and the pegmatoidal pyroxenite in 2012 was a key interpretive breakthrough for the Platreef Project.
Shaft 1 intersected the TCU below the Main Zone of the Bushveld Complex in September 2018. The upper T1 mineralized reef was intersected at a depth of 780.11 metres below the shaft bank (Figure 1). Shaft sinking proceeded to intersect the main T2 mineralized reef at a depth of 798 metres, beneath the upper chromitite stringer. The T2 mineralization gradually decreases over a vertical interval of 11 metres to the footwall norite contact at a depth of 809 metres. The total TCU width intersected within the shaft is 28.9 metres.
Photo:Dr. Danie Grobler, Ivanplats’ Head of Exploration and Geology(left), Jan Mapeka, Ivanplats Geologist (centre), and Gerick Mouton, Ivanplats’ Vice President and Project Director (right), at the intersection of the T1 mineralized reef in Shaft 1 at a depth of approximately 780 metres.
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Figure 1: Schematic section of the Platreef Mine, showing Flatreef’s T1 and T2 thick, high-grade mineralized zones (red and dark orange),underground development work completed to date in shafts 1 and 2 (white), and planned development work (gray).
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Figure 2: Flatreef cross section showing T1 and T2 mineralized zones (T1MZ and T2MZ)and the significant top loading of high-grade PGMs mineralization in the T2 mineralized zone.
Photo:Members of the Platreef Project team and its South African sinking contractor, Aveng Mining, in Shaft 1 at its intersection of the 29-metre Flatreef Deposit in September.
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Photo: Platreef’s underground mine development team includes three members from local communities (from left): Nkone Madubana, Learner Sinker; Katlego Nkwana, Learner Sinker; and Caroline Dzivhani, Geologist – who recently became fully certified underground miners.
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The 2016 consolidated Mineral Resources for the Platreef Project are shown in Table 1 (2.0 g/t 3PE+Au base case highlighted; other cases are included to show the sensitivity of the Mineral Resources to changes in cut-off grades).
Table 1: Platreef Mineral Resource – all mineralized zones (2.0 g/t base case).
Indicated Mineral Resources – Tonnage and Grades
Cut-off Grade (3PE+Au)
Mt
Pt (g/t)
Pd (g/t)
Au (g/t)
Rh (g/t)
3PE+Au (g/t)
Cu (%)
Ni (%)
3.0 g/t
204
2.11
2.11
0.34
0.14
4.7
0.18
0.35
2.0 g/t
346
1.68
1.70
0.28
0.11
3.77
0.16
0.32
1.0 g/t
716
1.11
1.16
0.19
0.08
2.55
0.13
0.26
Indicated Mineral Resources – Contained Metal
Cut-off Grade (3PE+Au)
Pt
(Moz)
Pd
(Moz)
Au
(Moz)
Rh
(Moz)
3PE+Au (Moz)
Cu
(Mlbs)
Ni
(Mlbs)
3.0 g/t
13.86
13.86
2.23
0.92
30.86
800
1 597
2.0 g/t
18.66
18.94
3.12
1.23
41.95
1 226
2 438
1.0 g/t
25.63
26.81
4.49
1.82
58.75
2 076
4 108
Inferred Mineral Resources – Tonnage and Grades
Cut-off Grade (3PE+Au)
Mt
Pt (g/t)
Pd (g/t)
Au (g/t)
Rh (g/t)
3PE+Au
(g/t)
Cu (%)
Ni (%)
3.0 g/t
225
1.91
1.93
0.32
0.13
4.29
0.17
0.35
2.0 g/t
506
1.42
1.46
0.26
0.10
3.24
0.16
0.31
1.0 g/t
1431
0.88
0.94
0.17
0.07
2.05
0.13
0.25
Inferred Mineral Resources – Contained Metal
Cut-off Grade (3PE+Au)
Pt
(Moz)
Pd
(Moz)
Au
(Moz)
Rh
(Moz)
3PE+Au
(Moz)
Cu
(Mlbs)
Ni
(Mlbs)
3.0 g/t
13.78
13.96
2.33
0.94
31.01
865
1, 736
2.0 g/t
23.17
23.78
4.26
1.56
52.77
1,775
3, 440
1.0 g/t
40.38
43.01
7.81
3.06
94.27
4,129
7,759
Mineral Resources have an effective date of April 22, 2016. The Qualified Persons for the estimate are Dr. Harry Parker, RM SME, and Timothy Kuhl, RM SME, who are employees of Wood Group (formerly Amec Foster Wheeler E&C Services Inc.) and independent of Ivanhoe. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
The 2 g/t 3PE+Au cut-off is considered the base case estimate and is highlighted. The rows are not additive.
Mineral Resources are reported on a 100% basis. Mineral Resources are stated from approximately -200 m to 650 m elevation (from 500 m to 1,350 m depth). Indicated Mineral Resources are drilled on approximately 100 x 100 m spacing (locally 150 m spacing); Inferred Mineral Resources are drilled on 400 x 400 m (locally to 400 x 200 m and 200 x 200 m) spacing.
Mineral Resources have been estimated on an externally undiluted basis and without consideration for mining recovery. Dilution and mining recoveries will vary with the geometry (dip, thickness, faulting and or irregularities in contacts) of the mineralization and the eventual mining method used.
Reasonable prospects for eventual economic extraction were determined using the following assumptions. Assumed commodity prices are Pt: $1,600/oz, Pd: $815/oz, Au: $1,300/oz, Rh: $1,500/oz, Cu: $3.00/lb and Ni: $8.90/lb. It has been assumed that payable metals would be 82% from a smelter/refinery and that mining costs (average $34.27/t) and process, G&A, and concentrate transport costs (average $15.83/t of mill feed for a 4 Mtpa operation) would be covered. The processing recoveries vary with block grade but typically would be 80%-90% for Pt, Pd and Rh; 70-90% for Au, 60-90% for Cu, and 65-75% for Ni.
3PE+Au = Pt + Pd + Rh + Au.
Totals may not sum due to rounding.
Grab sample assay results for Shaft 1 TCU intersection
Mineralized material from the Flatreef Deposit was extracted during the sinking of Shaft 1 through the TCU mineralized zones and then stockpiled on surface for individual 3.2-metre blasts. A total of 50 grab samples were collected for the T1 and T2 reefs, at surveyed shaft depths ranging from 780.11 to 808.9 metres.
The individual stockpile assay grades from the T1 feldspathic pyroxenite zone vary from 2.47 to 9.65 g/t 4E (platinum, palladium, rhodium and gold), with significant nickel and copper. A composite of individual grab samples for the different T1 stockpiles yielded an average grade of 6.04 g/t 4E and 0.40% nickel plus 0.19% copper (Table 2).
The T2 pegmatoidal pyroxenite composite grab sample assay grades are 6.72 g/t 4E,0.50% nickel and 0.24% copper. The average grade of all of the stockpile grab samples for the T1 and T2 mineralized zones is 6.35 g/t 4E, 0.45% nickel and 0.21% copper (Table 2).
The grab sample results reported above and listed in Table 2 are included for indicative purposes only as they were not subject to Ivanhoe’s normal rigorous internal QA/QC procedures applied to diamond drilling for Mineral Resources estimation. No standards, blanks or duplicates were included in the sample submissions, although internal QC was undertaken by Set Point laboratories (a division of Torre Analytical Services) in Mokopane, South Africa. The sampling methods employed to collect the grab samples, while thorough, are not considered adequate to produce an unbiased grade estimate of either the individual stockpiles or the shaft intersection as a whole. There also is considerable uncertainty as to the amount of cross contamination of each stockpile due to the degree of re-handling of material from shaft bottom to final stockpile position.
Platreef’s shafts 1 and 2 are located in an area of the project’s Indicated Resources that has lower grade and thickness than the adjoining mining areas; it will form part of the shaft pillar − a solid block of rock left around the shafts to protect the shafts and the surface buildings.
Figure 3 below is a grade-thickness plot (3PGE grade [g/t] multiplied by the thickness [m], which gives a metre-grams-per-tonne [mg/t]) of the Platreef Indicated Resources, showing the position of Shaft 1 (identified by the black star in the centre of Figure 3). The blue colours represent the lowest grade thickness, which are clustered around the yellow star marking the location of Shaft 1.
Ivanhoe’s initial mining plan at Platreef will focus on the thick, high-grade Indicated Resources (identified by the brown, orange and red zones) in close proximity to shafts 1 and 2. Drill intercepts in the thick, high-grade zones include hole TMT006, which intersected 90.64 metres (297 feet) with an average grade of 4.51 g/t 4E, plus 0.37% nickel and 0.20% copper. TMT006 was drilled approximately 360 metres south of Shaft 1.
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Figure 3: Grade–thickness plot of the T2 mineralized zone surrounding Shaft 1(yellow star).
Geology and mineralogy of the Shaft 1 Flatreef intersection
The dominant sulphide species in the T1MZ and T2MZ are represented by pentlandite (a nickel-rich sulphide mineral) and chalcopyrite (a copper-rich sulphide mineral), with lesser amounts of pyrrhotite and pyrite (iron sulphide minerals) in both reefs. Sulphide abundance is variable, but visually estimated in the shaft at an average of 5% for the T1MZ and up to 10% in the T2U, with large composite blebs (bubble-like inclusions of one mineral within a larger mineral) very common.
Photo: T1 mineralization within weakly-altered (chloritized) feldspathic pyroxenite at a depth of 784 metres. Sulphide mineralization is pentlandite (nickel sulphide) dominant, with lesser chalcopyrite (copper sulphide), and occurs as interstitial, disseminated to net-textured in the specimen shown.
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Photo: The T2 (Merensky) pegmatoidal orthopyroxenite, with large composite sulphide blebs consisting of pentlandite(nickel sulphide)-chalcopyrite (nickel sulphide)-pyrrhotite(iron sulphide).
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In September 2015, Ivanhoe Mines, Laurentian University (Sudbury, Canada) and the University of Limpopo (Turfloop, South Africa) forged an educational partnership. The principal goal was to develop and equip the University of Limpopo’s geology department to become a centre of excellence in geosciences. Since then, several Limpopo University students commenced postgraduate MSc and PhD studies at Laurentian University. Several of these studies are focused on the Platreef Project.
In April 2018, Ivanhoe geologists, together with Professor Wolfgang Maier, of Cardiff University, published a scientific paper detailing the first stratigraphic system for Ivanhoe’s Flatreef PGE deposit. The paper, titled “Litho- and chemostratigraphy of the Flatreef PGE deposit, northern Bushveld Complex”, was published in the prestigious, international, scientific journal Mineralium Deposita. The paper documents the down-dip and along-strike litho- and chemostratigraphy of the Flatreef Discovery, and its footwall and hanging-wall rocks. Based on stratigraphic, lithological and compositional comparisons to the layered rocks in the western Bushveld Complex, the layered sequence of the Flatreef Discovery, with its chromite-bearing footwall rocks, is unequivocally correlated with the interval between the UG2 chromitite, the Merensky and the Bastard Reef.
Shaft 1’s 750-metre, 850-metre and 950-metre stations will provide lateral underground mining access to the Flatreef orebody
The 750-metre and 850-metres stations on Shaft 1 will provide initial, underground mining access to the high-grade orebody, enabling lateral mine development to proceed during the construction of Shaft 2, which will become the mine’s main production shaft. As shaft-sinking advances, a third shaft station will be developed at a mine-working depth of 950 metres. The mining zones in the current Platreef Mine plan occur at depths ranging from approximately 700 metres to 1,200 metres below surface.
Shaft 1’s 750-metre station also will allow access for the first raise-bore shaft, which will have an internal diameter of six metres, to provide ventilation to the underground workings during the mine’s ramp-up phase.
Photo: Miners on the Shaft 1’s 750-metre level. The 750-metre and 850-metre stations will provide initial, underground access to the high-grade orebody.
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Excavation complete at Shaft 2 surface box cut; construction of concrete hitch (foundation) now underway
Excavation of the Shaft 2 box cut to a depth of approximately 29 metres below surface has been completed and construction now is underway of the concrete hitch (foundation). The hitch will provide the foundation for the 103-metre-tall concrete headgear (headframe) that will house the Shaft 2’s permanent hoisting facilities and support the shaft collar.
Shaft 2, to be located approximately 100 metres northeast of Shaft 1, will have an internal diameter of 10 metres, will be lined with concrete and sunk to a planned, final depth of 1,104 metres below surface. It will be equipped with two 40-tonne rock-hoisting skips with a capacity to hoist a total of six million tonnes of ore per year – the single largest hoisting capacity at any mine in Africa. Headgear for the permanent hoisting facility was designed by South Africa-based Murray & Roberts Cementation.
Photo: Platreef’s Shaft 2 box cut (now completed to a depth of 29 metres)alongside Shaft 1 headframe. Constructionof the concrete hitch (foundation) for Shaft 2 now is underway.
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Development focused on construction of a highly-mechanized underground mine
The Platreef Project is located on the Northern Limb of the Bushveld Complex, adjacent to Anglo Platinum’s Mogalakwena Mine.
The Platreef Project, which contains the Flatreef Deposit, is a tier-one discovery by Ivanhoe Mines geologists. Based on the findings of the July 2017 independent DFS, Ivanhoe plans to develop the Platreef Mine as a major underground mining operation in three phases to achieve: 1) An initial rate of four million tonnes per annum (Mtpa) to establish an operating platform to support future expansions; 2) a doubling of production to eight Mtpa; and 3) expansion to a steady-state 12 Mtpa.
Mining zones in the current Platreef mine plan occur at depths ranging from approximately 700 metres to 1,200 metres below surface. Primary access to the mine will be by way of a 1,104-metre-deep, 10-metre-diameter production shaft (Shaft 2). Secondary access to the mine will be via a 980-metre-deep, 7.25-metre-diameter ventilation shaft (Shaft 1), which is under construction. During mine production, both shafts also will serve as ventilation intakes. Three additional ventilation exhaust raises (Ventilation Raise 1, 2, and 3) are planned to achieve steady-state production.
Mining will be performed using highly productive mechanized methods, including long-hole stoping and drift-and-fill. Each method will utilize cemented backfill for maximum ore extraction.
Table 2:Compositesof grab sample assay results for individual blast stockpiles.
Reef type
Depth
From
Depth
To
4E g/t
Au g/t
Pt g/t
Pd g/t
Rh g/t
Cu %
Ni %
T1
780.0
783.2
2.47
0.43
1.24
0.77
0.07
0.15
0.32
T1
783.2
785.1
3.85
0.49
1.93
1.35
0.09
0.17
0.33
T1
785.1
788.7
8.32
0.67
4.23
3.23
0.19
0.20
0.43
T1
788.7
791.7
9.65
1.14
4.74
3.71
0.13
0.34
0.61
T1
791.7
795.7
5.48
0.48
3.03
1.87
0.11
0.16
0.36
T1
795.7
798.7
6.51
0.36
3.74
2.29
0.13
0.12
0.34
18.7
6.04
0.59
3.15
2.20
0.12
0.19
0.40
T2
798.7
800.4
8.43
0.40
4.34
3.44
0.25
0.27
0.55
T2
800.4
801.3
5.68
0.33
2.72
2.46
0.17
0.22
0.46
T2
801.3
802.2
5.95
0.31
2.92
2.57
0.16
0.21
0.44
T2
802.2
805.6
7.59
0.42
3.78
3.21
0.18
0.26
0.53
T2
805.6
808.9
5.95
0.34
2.78
2.68
0.16
0.26
0.54
10.2
6.72
0.36
3.31
2.87
0.18
0.24
0.50
T1 + T2
28.9
6.35
0.49
3.22
2.51
0.15
0.21
0.45
Qualified person
The scientific and technical information in this news release has been reviewed and approved by Stephen Torr, P.Geo., Ivanhoe Mines’ Vice President, Project Geology and Evaluation, a Qualified Person under the terms of National Instrument (NI) 43-101. Mr. Torr is not independent of Ivanhoe Mines. Mr. Torr has verified the technical data disclosed in this news release.
Detailed information about assay methods and data verification measures used to support the scientific and technical information is set out in the Platreef 2017 Feasibility Study NI 43-101 Technical Report dated September 2017, available under Technical Reports at www.ivanhoemines.com and on Ivanhoe Mines’ SEDAR profile at www.sedar.com.
About Ivanhoe Mines
Ivanhoe Mines is a Canadian mining company focused on advancing its three principal projects in Southern Africa: the development of new mines at the Kamoa-Kakula copper discovery in the Democratic Republic of Congo (DRC) and the Platreef palladium-platinum-nickel-copper-gold discovery in South Africa; and the extensive redevelopment and upgrading of the historic Kipushi zinc-copper-germanium-silver mine, also in the DRC.
Information contacts
Investors Bill Trenaman +1.604.331.9834
Media North America: Bob Williamson +1.604.512.4856
South Africa: Jeremy Michaels +27.82.772.1122
Forward-looking statements
Certain statements in this news release constitute “forward-looking statements” or “forward-looking information” within the meaning of applicable securities laws. Such statements involve known and unknown risks, uncertainties and other factors, which may cause actual results , performance or achievements of the company, the Platreef Project, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. Such statements can be identified by the use of words such as “may”, “would”, “could”, “will”, “intend”, “expect”, “believe”, “plan”, “anticipate”, “estimate”, “scheduled”, “forecast”, “predict” and other similar terminology, or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. These statements reflect the company’s current expectations regarding future events, performance and results, and speak only as of the date of this news release.
The forward-looking statements and forward-looking information in this news release include without limitation, (i) statements regarding the 29-metre intersection of the Flatreef Deposit at Shaft 1 is expected to contain more than 400 ounces of platinum-group metals (PGMs); (ii) statements regarding Ivanplats expects to begin receiving a small quantity of grey water from the Masodi water treatment plant early next year; (iii) statements regarding the expectation that Shaft 1 will reach its projected, final depth of 980 metres below surface, complete with the stations, in 2020; (iv) statements regarding Ivanhoe’s plans to develop the Platreef Mine as a major underground mining operation in three phases to achieve: 1) An initial rate of four million tonnes per annum (Mtpa) to establish an operating platform to support future expansions; 2) a doubling of production to eight Mtpa; and 3) expansion to a steady-state 12 Mtpa; and (v) statements regarding Platreef would rank at the bottom of the cash-cost curve, at an estimated US$351 per ounce of 3PE+Au produced, net of by-products and including sustaining capital costs, and US$326 per ounce before sustaining capital costs.
In addition, all of the results of the Platreef DFS constitute forward-looking statements and forward-looking information. The forward-looking statements include metal price assumptions, cash flow forecasts, projected capital and operating costs, metal recoveries, mine life and production rates, and the financial results of the Platreef DFS.
Readers are cautioned that actual results may vary from those presented.
All such forward-looking information and statements are based on certain assumptions and analyses made by Ivanhoe Mines’ management in light of their experience and perception of historical trends, current conditions and expected future developments, as well as other factors management believe are appropriate in the circumstances. These statements, however, are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information or statements including, but not limited to, unexpected changes in laws, rules or regulations, or their enforcement by applicable authorities; the failure of parties to contracts to perform as agreed; social or labour unrest; changes in commodity prices; unexpected failure or inadequacy of infrastructure, industrial accidents or machinery failure (including of shaft sinking equipment), or delays in the development of infrastructure; and the failure of exploration programs or other studies to deliver anticipated results or results that would justify and support continued studies, development or operations. Other important factors that could cause actual results to differ from these forward-looking statements also include those described under the heading “Risk Factors” in the company’s most recently filed MD&A, as well as in the most recent Annual Information Form filed by Ivanhoe Mines. Readers are cautioned not to place undue reliance on forward-looking information or statements. Certain of the factors and assumptions used to develop the forward-looking information and statements, and certain of the risks that could cause the actual results to differ materially are presented in the “Platreef 2017 Feasibility Study, September 2017” available on SEDAR at www.sedar.comand on the Ivanhoe Mines website at www.ivanhoemines.com.
Although the forward-looking statements contained in this news release are based upon what management of the company believes are reasonable assumptions, the company cannot assure investors that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this news release and are expressly qualified in their entirety by this cautionary statement. Subject to applicable securities laws, the company does not assume any obligation to update or revise the forward-looking statements contained herein to reflect events or circumstances occurring after the date of this news release.
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