Major periods of rising gold prices since 1971 have included the 1970s and the 2000s. Many experts believe we’ve started a new period of such expansion now.
Spot prices touched a new record of US$2,769.02 per ounce on Tuesday “as the run-up to the 2024 presidential election and uncertainty prior to upcoming economic data kept safe haven demand in play,” Investing.com reported.
Bob Moriarty of 321gold sat down with Francis Hunt of The Market Sniper recently to discuss the state of the commodities markets and the recent meeting of the BRICS nations in Russia.
He told Hunt that the most important mechanism in determining their prices is not the textbook answer you’ve always been given.
“Ignore demand, ignore supply, ignore the value of the dollar, ignore the geopolitical, none of those make any difference whatsoever,” Moriarty said in the interview, posted on YouTube. “The only thing that moves the price of anything is sentiment.”
Sentiment Changing Soon
The Investing.com article reported by Scott Kanowsky said the rise is coming from safe haven demand and a string of expected economic readings expected soon, “which are likely to factor into in the Federal Reserve’s plans for interest rates.”
However, Moriarty said the overall price of gold miners has devalued vs. the price of gold and is “at the bottom now.”
“From a relative position of sentiment, everybody hates the miners,” he said of environmental and ESG concerns that have affected the industry. “You can go to Canada, and there’s probably 1,500 stocks, and the number of stocks under 10 cents is absolutely staggering. I own probably 50 different stocks, and I would guess 40 of them are under 10 centers per share . . . You don’t have to know anything about investing if you understand the sentiment.”
And Moriarty expects that sentiment to change soon.
“We’re going to be in a bull market probably for the next 10 or 20 years,” he said. “It has just started the real bull face. You’re going to see it in the other metals, and you’re absolutely going to see it in the miners. And I believe there are a lot of stocks that are going to go up 100-fold.”
But Moriarty said it won’t be just gold; other metals like silver, rhodium, palladium, and platinum will benefit, sometimes even more.
“Gold is going to continue to go up, but just like with dancing, sometimes you lead, sometimes you follow,” he said. “And I think it’s the secondary metals that are going to lead now.”
Most Valuable Precious Metal on the Planet?
Like gold, silver has had a good year so far and is up 42.17%, according to USA Today. It was trading at US$34.02 per ounce on Tuesday, an increase of 1.26% in the previous 24 hours. Platinum, which was US$1,025.65 per ounce on Monday, is up 3.84% on the year.
But in addition to gold, silver and platinum, the platinum group contains lesser-known metals like osmium, ruthenium, iridium, palladium, and rhodium.
The metals are all very rare and have high corrosion resistance, catalytic properties, and high melting points, according to How Stuff Works.
But Mack Hayden wrote for the site that rhodium, a silver-white metal, is “the most valuable precious metal on the planet.” The automotive industry uses nearly 80% of the world’s supply to make catalytic converters that help reduce toxic gas emissions. South Africa is the leading producer, contributing about 80% of the global supply. It is often found mixed with other platinum group metals and requires extensive processing to extract.
Trading Economics said rhodium has increased US$250 per ounce or 5.65% since the beginning of 2024. While it was US$4,675 per ounce on Monday, it reached an all-time high of US$29,800 per ounce in 2021 — nearly 10 times gold’s current record price.
Hunt pointed out that two of the major producers of platinum, palladium, and rhodium are Russia and South Africa, two members of the BRICS group of nations that met earlier this month in Russia.
“They control price; that’s a big deal,” Moriarty agreed. “We’re going to see some real financial shocks with silver, with rhodium, with palladium, and with platinum.”
BRICS Group Expanding
BRICS is an intergovernmental organization that includes Brazil, Russia, India, China, South Africa, Iran, Egypt, Ethiopia, and the United Arab Emirates. At its October meeting, it expanded to add 13 new “partner nations.”
At the meeting, China President Xi Jinping referred to BRICS as “a vanguard for advancing global governance reform” and “reform of the international financial architecture.”
Bolivian President Luis Arce said, “the shield of BRICS and multipolarity” can protect formerly colonized nations, helping them resist “Western unipolarity and the tyranny of the dollar.”
With gold hitting record highs and silver rising, the other platinum group metals are nowhere near their eventual highs, Moriarty said.
“The Russians understand this, and they’re going to start buying palladium, they’re going to start buying rhodium, and they’re going to start buying silver because those metals are going to move faster and higher than gold,” he said, predicting record highs for all three.
FRANKFURT (Reuters) – Euro zone inflation accelerated more than expected in October and could still pick up further in the coming months, bolstering the case for caution in European Central Bank interest rate cuts as price growth is not yet fully tamed.
Inflation in the 20 countries sharing the euro currency accelerated to 2.0% from 1.7% in September mostly on higher food and energy costs, coming above expectations for 1.9% in a Reuters poll of economists.
A more closely watched figure which strips out volatile food and energy prices meanwhile held steady at 2.7%, above forecasts for 2.6%, Eurostat said on Thursday.
Inflation has fallen quickly since hitting double digit territory two years ago and most economists see it back at the European Central Bank’s 2% target basis sometime in the first half of next year after some volatility in the final months of 2024.
This relatively quick return to target has also fuelled a debate in recent weeks, with some ECB officials arguing there was a growing risk that price growth will actually fall below target and the ECB will have to start stimulating growth to prevent excessively low inflation.
Such a dim outlook could even force the ECB to accelerate the pace of rate cuts and bolster the case for a bigger than usual step in December, some said.
This argument has yet to gain significant traction, however, and conservatives, or policy hawks in central bank-speak, have pushed back, arguing for measured, incremental steps because a long list of factors could still push prices higher.
A key concern is that inflation in services, the biggest single item in the consumer price basket remains way too fast, holding steady at 3.9%.
Wage growth is also faster than the 3% rate the ECB considers consistent with its target and households are sitting on ample savings, which could bolster consumer savings and overall growth.
The labour market also remains tight with the jobless rate holding steady at an all-time low of 6.3% in September, separate Eurostat data showed on Thursday.
The policy doves’ argument that overall growth is simply too weak to sustain 2% inflation was also dealt a blow this week when fresh data showed the economy expanding at 0.4% in the third quarter, twice as fast as expected, with Germany, France and Spain all showing surprising resilience.
But economists also appear to agree that no meaningful rebound in growth was likely and the euro zone will continue to grow at a lukewarm pace, below what is considered its potential.
That is why further ECB rate cuts are almost assured and no policymaker has challenged the need to move again on Dec. 12, suggesting that the step is largely a done deal, unless major data surprises alter the outlook.
Financial investors are now betting that the ECB’s 3.25% deposit rate could dip to 2% or possibly below that by the end of 2025.
The biggest uncertainty, however, is likely to be the U.S. election, policymakers say, since it could have far reaching implications for trade, growth and inflation which may require policy action further down the road.
(Reporting by Balazs Koranyi; Editing by Toby Chopra)
KELOWNA, BC / ACCESSWIRE / October 30, 2024 / Diamcor Mining Inc. (TSXV:DMI)(OTCQB:DMIFF)(FRA:DC3A), (“Diamcor” or the “Company”), a well-established Canadian diamond mining company with a proven history in the mining, exploration, and sale of rough diamonds, announces that the Company intends to complete a term loan financing (the “Financing”) of up to CAD$1,500,000. Term loans under the Financing will be unsecured, carry an annual interest rate of 15%, and the Company will issue a total of 150,000 common shares in its authorized share capital, along with 75,000 share purchase warrants, for every CAD$100,000 of principal advanced under the Financing by participants/lenders pursuant to policy 5.1 of the TSX Venture Exchange Corporate Finance Manual. The principal and interest of the term loans will be due and payable on the 12 month anniversary of the closing date. Each share purchase warrant (each a “Warrant”) is exercisable to purchase an additional common share at a price of CAD$0.07 per share for a period of 12 months.
The proceeds of the Financing will be used to expedite efforts to support the processing of material at significantly higher volumes at the Company’s Krone-Endora at Venetia Project (the “Project”), the advancement of work programmes previously underway, preparations for bulk sampling aimed at expansion into the greater portions of the Project, and for general corporate purposes. The Company believes the short-term issues which caused the recent reduction in demand and depressed prices throughout the rough diamond sector in 2024 are now showing signs of improvement, and the potential for recovery in 2025 is widely expected by most in the industry. Excess inventories experienced throughout much of the industry’s supply chain due to elevated post-Covid buying are now becoming more balanced, more restrictive sanctions are being imposed on Russian diamonds, and many of the world’s largest luxury retailers are launching significant advertising campaigns to educate consumers on the differences between lab grown diamonds and the long-term value and rarity of natural diamonds. These elements, when combined with the expected future reduction in global production due to the age of existing mines and the lack of any significant new finds in over 10 years, all provide the potential for companies with the ability to supply natural non-conflict rough diamonds to be very well-positioned moving forward. The Company would also note that it continues to advance discussions with various larger industry groups and financiers on the provision of larger non-dilutive facilities to support future growth.
The Financing is subject to regulatory approval of the TSX Venture Exchange along with completion of all definitive documentation and filings as required. All securities issued pursuant to the above will be subject to a hold period of four months plus one day following the closing.
About Diamcor Mining Inc.
Diamcor Mining Inc. is a fully reporting publicly traded Canadian diamond mining company with a well-established proven history in the mining, exploration, and sale of rough diamonds. With a long-term strategic alliance with world famous Tiffany & Co, the Company’s primary focus is on the mining and development of its Krone-Endora at Venetia Project which is co-located and directly adjacent to De Beers’ Venetia Diamond Mine in South Africa. The Venetia diamond mine is recognized as one of the world’s top diamond-producing mines, and the deposits which occur on Krone-Endora have been identified as being the result of shift and subsequent erosion of an estimated 50M tonnes of material from the higher grounds of Venetia to the lower surrounding areas in the direction of Krone and Endora. The Company focuses on the acquisition and development of mid-tier projects with near-term production capabilities and growth potential and uses unique approaches to mining that involves the use of advanced technology and techniques to extract diamonds in a safe, efficient, and environmentally responsible manner. The Company has a strong commitment to social responsibility, including supporting local communities and protecting the environment.
About the Tiffany & Co. Alliance
The Company has established a long-term strategic alliance and first right of refusal with Tiffany & Co. Canada, a subsidiary of world-famous New York based Tiffany & Co., to purchase up to 100% of the future production of rough diamonds from the Krone-Endora at Venetia Project at market prices. In conjunction with this first right of refusal, Tiffany & Co. Canada also provided the Company with financing in an effort to advance the Project as quickly as possible. Tiffany & Co. is now owned by Moet Hennessy Louis Vuitton SE (LVMH), a publicly traded company which is listed on the Paris Stock Exchange (Euronext) under the symbol LVMH and on the OTC under the symbol LVMHF. For additional information on Tiffany & Co., please visit their website at www.tiffany.com.
About the Krone-Endora at Venetia Project
Diamcor acquired the Krone-Endora at Venetia Project from De Beers Consolidated Mines Limited, consisting of the prospecting rights over the farms Krone 104 and Endora 66, which represent a combined surface area of approximately 5,888 hectares directly adjacent to De Beers’ flagship Venetia Diamond Mine in South Africa. The Company subsequently announced that the South African Department of Mineral Resources had granted a Mining Right for the Krone-Endora at Venetia Project encompassing 657.71 hectares of the Project’s total area of 5,888 hectares. The Company has also submitted an application for a mining right over the remaining areas of the Project. The deposits which occur on the properties of Krone and Endora have been identified as a higher-grade “Alluvial” basal deposit which is covered by a lower-grade upper “Eluvial” deposit. These deposits are proposed to be the result of the direct-shift (in respect to the “Eluvial” deposit) and erosion (in respect to the “Alluvial” deposit) of an estimated 1,000 vertical meters of material from the higher grounds of the adjacent Venetia Kimberlite areas. The deposits on Krone-Endora occur with a maximum total depth of approximately 15.0 metres from surface to bedrock, allowing for a very low-cost mining operation to be employed with the potential for near-term diamond production from a known high-quality source. Krone-Endora also benefits from the significant development of infrastructure and services already in place due to its location directly adjacent to the De Beers Venetia Mine, which is widely recognised as one of the top producing diamond mines in the world.
Qualified Person Statement:
Mr. James P. Hawkins (B.Sc., P.Geo.), is Manager of Exploration & Special Projects for Diamcor Mining Inc., and the Qualified Person in accordance with National Instrument 43-101 responsible for overseeing the execution of Diamcor’s exploration programmes and a Member of the Association of Professional Engineers and Geoscientists of Alberta (“APEGA”). Mr. Hawkins has reviewed this press release and approved of its contents.
This press release contains certain forward-looking statements. While these forward-looking statements represent our best current judgement, they are subject to a variety of risks and uncertainties that are beyond the Company’s ability to control or predict and which could cause actual events or results to differ materially from those anticipated in such forward-looking statements. Further, the Company expressly disclaims any obligation to update any forward looking statements. Accordingly, readers should not place undue reliance on forward-looking statements.
WE SEEK SAFE HARBOUR
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Sybilla Gross Wed, October 30, 2024 at 9:15 PM EDT
(Bloomberg) — Gold climbed to a record, boosted by haven demand before the US election and shrugging off data that could influence the size of Federal Reserve rate cuts this year.
Bullion reached $2,790.10 an ounce in early trading on Thursday, narrowly beating the previous all-time high posted the day before. While higher-than-expected US jobs data and robust GDP figures saw traders trim bets on the size of interest-rate cuts by the US central bank, it remains on track to implement more monetary easing at its meeting next week. Lower borrowing costs tend to benefit the precious metal, as it doesn’t pay interest.
Gold has surged by more than a third this year, supported by central-bank buying and haven demand amid conflicts in the Middle East and Ukraine. The tight US presidential race between Kamala Harris and Donald Trump is also creating uncertainty that’s underscoring bullion’s role as a place of safety for investors.
Still, the Nov. 5 election is seen as a major risk event for the precious metal, which could open gold up to a correction of more than $100 an ounce, according to Ole Hansen, head of commodity strategy at Saxo Bank A/S.
Spot gold was 0.1% higher at $2,789.04 an ounce at 9:11 a.m. in Singapore. The Bloomberg Dollar Spot Index was steady. Silver was flat, while palladium and platinum declined.
Vancouver, British Columbia–(Newsfile Corp. – October 29, 2024) – Emperor Metals Inc. (CSE: AUOZ) (OTCQB: EMAUF) (FSE: 9NH) (“Emperor“) is pleased to announce the results from the first 3 holes in our 19 drillhole program, focused on the conceptual open-pit. This represents 1,452 meters – 18% of the completed 8,166 m drilling campaign for 2024.
Full results for DQ24-01 to DQ24-03 have been released from SGS Laboratories (see Table 1 intercept highlights). These results indicate the potential for resource expansion within the open pit concept. Emperor is targeting a multi-million-ounce resource in a combination of conceptual open pit and underground mining scenarios. The Property hosts a historical inferred mineral resource estimate of 727,000 ounces of gold at a grade of 5.42 g/t Au.1,2
Highlights:
DQ24-02 intersects 52.1 metres (m) of 0.8 grams per tonne (g/t) gold (Au) (including 7.0 m of 1.74 g/t Au) within the open pit concept (see Figure 1). The mineralization is both within Quartz Feldspar Porphyry (QFP) and adjacent Mafic Volcanics.
DQ24-03 intersected 30.2 m of 0.4 g/t Au and DQ24-02 intersected 7.0 m of 1.30 g/t Au. Both these intercepts are adjacent to and within the QFP’s.
Drilling adds incremental ounces outside of known high-grade areas in the open pit scenario. These intercepts are expected to reduce the stripping ratio due to gold endowment in areas that were overlooked and historically unsampled.
Assay results for additional drill holes are expected to be provided in the next 2 weeks.
CEO John Florek commented: “We have been successful in demonstrating that additional ounces are contained within our conceptual open-pit model, and that the potential for low-grade bulk tonnage was indeed unaccounted for, which we expect will greatly enhance a new mineral resource estimate expected in Q1 of 2025.
As we advance towards the mineral resource estimate, lower-grade and bulk tonnage material will be key for assessing the economics of this deposit and developing an open-pit model.”
The 2024 drilling campaign at Emperor’s Duquesne West Gold Project in Quebec builds on the success of the 2023 program, which focused on adding inferred ounces within the Conceptual Ultimate Open Pit. The initial 1,452 meters of drilling concentrated on near-surface mineralization, allowing Emperor to add ounces more efficiently and at a lower grade compared to an underground mining scenario.
The 2024 season is a multifaceted program designed to test several scenarios to add ounces and/or expand the footprint:
Explore Lower Grade Discoveries: Target additional discoveries within the host rock containing high-grade gold lenses, focusing on the conceptual open-pit model.
Increase the Thickness of the High-Grade Lenses: Incorporate previously unaccounted lower-grade gold from the margins of high-grade lenses to enhance their overall thickness.
Expand Mineralized Zones: Extend the lateral footprint of mineralized zones along strike and dip.
Discover New Zones: Explore potential new zones not yet included in the Conceptual Open Pit Model, with a particular focus on eastward expansion.
With the overwhelming majority of drill holes hitting near-surface mineralization along this multi-kilometre trend, we have identified the clear potential for additional high-grade gold mineralization at depth. Emperor Metals plans to significantly expand its resource base with drill testing. A mineral resource update is scheduled for Q1 of 2025, reflecting the results of the ongoing exploration program.
The common theme to the discussion of low-grade bulk tonnage mineralization at Duquesne West is that it is hosted adjacent and within the previously unsampled Quartz Feldspar Porphyries. More drilling is needed to define the full extent and breath of this mineralization (see Figure 2).
In general, this pervasive mineralization expands in thickness as well as continuity along strike and dip. Although this mineralization is lower grade, it is contained in the Conceptual Open-Pit Model and is expanding zones in the footwall of this deposit that will certainly add ounces to the upcoming mineral resource estimate. Additionally new zones are being discovered for follow-up.
By concentrating on drilling near-surface mineralization within an ultimate conceptual open pit, Emperor can add ounces more rapidly and mine at a significantly lower grade compared to an underground mining scenario. Deposits in the region at currently active open pits have been economic at grades equal 0.30 g/t Au (see Agnico Eagles press release dated Feb 15, 2024 – Detour Lake Deposit cut-off grade, pg. 52.)
Emperor plans on a mineral resource update scheduled for Q1 of 2025.
Figure 2: Image showing DQ24-02 intercept in relation to historical DDH (Blue). Notice paucity of drilling to define lenses.
Table 1 – Intercept Highlights- Host Structures are interpreted to be steeply dipping and true widths are generally estimated to 90%.
Hole No.
From (m)
To (m)
Interval (m)
Au (g/t Au)
DQ24-011
12
13
1
0.18
13
14
1
0.19
14
15
1
2.54
15
16
1
0.09
16
17
1
0.005
17
18
1
0.07
18
19
1
0.19
19
20
1
0.1
20
21
1
0.04
21
22
1
0.25
22
23
1
0.73
23
24
1
0.05
24
25
1
0.01
25
26
1
0.005
26
27
1
0.005
27
28
1
0.005
28
29
1
0.005
29
30
1
0.005
30
31
1
0.005
31
32
1
0.005
32
33
1
0.01
33
34
1
1.58
34
35
1
0.13
35
36
1
0.31
36
37
1
0.55
37
38
1
1.26
38
39
1
0.26
39
40.35
1.35
0.41
40.35
41.7
1.35
0.11
Wt. Avg.
29.7
0.31
Including: (12-23m)
11
0.40
Including:(33-41.7m)
8.7
0.55
66
67
1
0.71
67
68
1
0.33
68
69
1
0.02
69
70
1
0.02
70
71
1
0.23
Wt. Avg.
5
0.3
106
107
1
0.32
107
108
1
0.25
108
109
1
0.1
109
110
1
0.02
110
111
1
0.1
111
112
1
0.06
112
113
1
0.79
113
114
1
0.25
114
115
1
0.16
115
116
1
0.27
116
117
1
0.81
117
118
1
0.41
118
119
1
0.36
119
120
1
0.11
120
121
1
0.41
Wt. Avg.
15
0.3
165
166
1
0.64
166
167
1
0.79
167
168
1
0.005
168
169
1
0.03
169
170
1
0.39
170
171
1
0.19
171
172
1
0.06
172
173
1
0.01
173
174
1
0.09
174
175
1
0.58
Wt. Avg.
10
0.3
Hole No.
From (m)
To (m)
Interval (m)
Au (g/t Au)
DQ24-021
12.75
13.75
1
0.3
13.75
14.75
1
0.33
14.75
15.75
1
0.05
15.75
16.75
1
0.45
Wt. Avg.
4
0.3
49.5
51
1.5
11.8
51
53.5
2.5
0.005
53.5
56
2.5
0.005
56
58.5
2.5
0.02
58.5
61
2.5
2.15
61
63.5
2.5
0.85
63.5
66
2.5
0.03
66
68.5
2.5
0.005
68.5
71
2.5
0.12
71
73.5
2.5
0.005
73.5
76
2.5
0.005
76
78.5
2.5
0.005
78.5
80.7
2.2
0.005
80.7
82.3
1.6
0.15
82.3
84.7
2.4
0.005
84.7
85.7
1
0.04
85.7
86.7
1
0.23
86.7
87.7
1
0.25
87.7
88.7
1
0.02
88.7
90.25
1.55
0.25
90.25
91.25
1
0.005
91.25
92.25
1
0.95
92.25
93.25
1
1.75
93.25
94.25
1
3.83
94.25
95.25
1
3.47
95.25
96.25
1
0.66
96.25
97.25
1
0.38
97.25
98.25
1
1.12
98.25
99.25
1
0.005
99.25
100.25
1
0.28
100.25
101.6
1.35
0.13
Wt. Avg.
52.1
0.8
Including: (85.7-101.6m)
14.55
0.92
Including: (91.25-98.25m)
7
1.74
205
206
1
7.34
206
207
1
0.16
207
208
1
0.01
208
209
1
0.16
209
210
1
0.005
210
211
1
0.26
211
212
1
0.88
Wt. Avg.
7
1.3
Hole No.
From (m)
To (m)
Interval (m)
Au (g/t Au)
DQ24-031
114.6
115.6
1
1.09
115.6
116.6
1
1.11
116.6
117.6
1
0.92
117.6
118.85
1.25
0.45
Wt. Avg.
4.25
0.87
142.2
143.2
1
1.4
143.2
144.2
1
0.64
144.2
145.2
1
0.48
Wt. Avg.
3
0.84
178.5
179.5
1
2.23
179.5
180.5
1
0.56
180.5
181.5
1
0.19
181.5
182.5
1
0.03
182.5
183.5
1
0.01
183.5
184.5
1
0.03
184.5
185.5
1
0.19
185.5
187.4
1.9
0.06
187.4
188.65
1.25
0.07
188.65
189.7
1.05
0.03
189.7
190.7
1
0.68
190.7
191.7
1
0.07
191.7
192.7
1
0.01
192.7
193.7
1
2.7
193.7
194.7
1
0.12
194.7
195.7
1
0.23
195.7
196.7
1
0.11
196.7
197.7
1
0.26
197.7
198.7
1
0.16
198.7
199.7
1
0.83
199.7
200.7
1
0.24
200.7
201.7
1
0.19
201.7
202.7
1
0.27
202.7
203.7
1
0.19
203.7
204.7
1
0.09
204.7
205.7
1
0.14
205.7
206.7
1
0.07
206.7
207.7
1
2.49
207.7
208.7
1
0.29
Wt. Avg.
30.2
0.4
Including: (189.7-208.7m)
19
0.5
330.1
331.1
1
0.42
331.1
332.1
1
1.67
332.1
333.1
1
0.44
333.1
334.1
1
0.95
334.1
335.1
1
0.35
335.1
336.1
1
0.05
336.1
337.1
1
0.06
337.1
338.1
1
0.01
338.1
339.1
1
0.005
339.1
340.1
1
0.005
340.1
341.1
1
0.66
341.1
342.1
1
0.68
342.1
343.1
1
0.12
343.1
344.1
1
0.38
Wt. Avg.
14
0.4
Including:( 330.1-335.1m)
5
0.766
400
401
1
0.41
401
402
1
0.36
Wt. Avg.
2
0.4
478.2
479.2
1
0.12
479.2
480.2
1
0.36
480.2
481.2
1
1.14
Wt. Avg.
3
0.5
1Host Structures are interpreted to be steeply dipping and true widths are generally estimated to 90%.
Quality Assurance and Control
The Quality Assurance and Quality Control (QAQC) was conducted by Technominex, a geological contractor hired by Emperor Metals, which adheres to CIM Best Practices Guidelines for exploration related activities conducted at its facility in Rouyn Noranda, Quebec. The QA/QC procedures are overseen by a Qualified Person on site.
Emperor Metals QA/QC protocols are maintained through the insertion of certified reference material (standards), blanks and lab duplicates within the sample stream totaling approximately one QA/QC sample per 7 samples. Drill core is cut in-half with a diamond saw, with one-half placed in sealed bags with appropriate tags and shipped to the SGS Sudbury laboratory and the other half retained on site in the original core box. A dispatch list consists of 88 or 176 samples along with their corresponding QA/QC samples for a single batch. This allows complete batches (88 samples) for fire assay. A file for sample tracking records tags used and weights of sample bags shipped to the SGS Lakefield. Shipment is done by Manitoulin Transport and coordination by Technominex staff in Rouyn-Noranda.
The third-party laboratory, SGS prep laboratory in Sudbury Ontario, processes the shipment of samples using standard sample preparation (code PRP91) and produces pulps from the specified samples. The pulps are then sent off to SGS Burnaby for analysis. Chain of custody is maintained from the drill to the submittal into the laboratory preparation facility all the way to analysis at the SGS Burnaby B.C. laboratory.
Analytical testing is performed by SGS laboratories in Burnaby, British Columbia. The entire sample is crushed to 75% passing 2mm, with a split of 500g pulverized to 85% passing 75 microns. Samples are then analyzed using Au – ore grade 50g Fire Assay, ICP-AES with reporting limits of 0.01 -100 part per million (ppm). High grade gold analysis based on the presence of visible gold or a fire assay result exceeding 100 ppm, are analyzed by Au – metallic screening, 1kg screened to 106μm, 50g fire assay, gravimetric, AAS or ICP-AES of entire plus fraction and duplicate analysis of minus fraction. Reporting limit 0.01ppm.
About the Duquesne West Gold Project
The Duquesne West Gold Property is located 32 km northwest of the city of Rouyn-Noranda and 10 km east of the town of Duparquet, Quebec, Canada. The property lies within the historic Duparquet gold mining camp in the southern portion of the Abitibi Greenstone Belt in the Superior Province.
Under an Option Agreement, Emperor agreed to acquire a 100% interest in a mineral claim package comprising 38 claims covering approximately 1,389 ha, located in the Duparquet Township of Quebec (the “Duquesne West Property”) from Duparquet Assets Ltd., a 50% owned subsidiary of Globex Mining Enterprises Inc. (GMX-TSX). For further information on the Duquesne West Property and Option Agreement, see Emperor’s press release dated Oct. 12, 2022, available on SEDAR.
The Property hosts a historical inferred mineral resource estimate of 727,000 ounces of gold at a grade of 5.42 g/t Au.1,2 The mineral resource estimate predates modern Canadian Institute of Mining and Metallurgy (CIM) guidelines and a Qualified Person on behalf of Emperor has not reviewed or verified the mineral resource estimate, therefore it is considered historical in nature and is reported solely to provide an indication of the magnitude of mineralization that could be present on the property. The gold system remains open for resource identification and expansion.
A reinterpretation of the existing geological model was created using AI and Machine Learning. This model shows the opportunity for additional discovery of ounces by revealing gold trends unknown to previous workers and the potential to expand the resource along significant gold-endowed structural zones.
Multiple scenarios exist to expand additional resources which include:
Underground High-Grade Gold.
Open Pit Bulk Tonnage Gold.
Underground Bulk Tonnage Gold.
1 Watts, Griffis, and McOuat Consulting Geologists and Engineers, Oct. 20, 2011, Technical Report and Mineral Resource Estimate Update for the Duquesne-Ottoman Property, Quebec, Canada, for XMet Inc.
2 Power-Fardy and Breede, 2011. The Mineral Resource Estimate (MRE) constructed in 2011 is considered historical in nature as it was constructed prior to the most recent CIM standards (2014) and guidelines (2019) for mineral resources. In addition, the economic factors used to demonstrate reasonable prospects of eventual economic extraction for the MRE have changed since 2011. A qualified person has not done sufficient work to consider the MRE as a current MRE. Emperor is not treating the historical MRE as a current mineral resource. The reader is cautioned not to treat it, or any part of it, as a current mineral resource.
QP Disclosure
The technical content for the Duquesne West Project in this news release has been reviewed and approved by John Florek, M.Sc., P.Geol., a Qualified Person pursuant to CIM guidelines.
About Emperor Metals Inc.
Emperor Metals Inc. is an innovative Canadian mineral exploration company focused on developing high-quality gold properties situated in the Canadian Shield. For more information, please refer to SEDAR (www.sedarplus.ca), under the Company’s profile.
ON BEHALF OF THE BOARD OF DIRECTORS
s/ “John Florek”
John Florek, M.Sc., P.Geol President, CEO and Director Emperor Metals Inc.
Certain statements made and information contained herein may constitute “forward-looking information” and “forward-looking statements” within the meaning of applicable Canadian and United States securities legislation. These statements and information are based on facts currently available to the company and there is no assurance that the actual results will meet management’s expectations. Forward-looking statements and information may be identified by such terms as “anticipates,” “believes,” “targets,” “estimates,” “plans,” “expects,” “may,” “will,” “could” or “would.”
Forward-looking statements and information contained herein are based on certain factors and assumptions regarding, among other things, the estimation of mineral resources and reserves, the realization of resource and reserve estimates, metal prices, taxation, the estimation, timing and amount of future exploration and development, capital and operating costs, the availability of financing, the receipt of regulatory approvals, environmental risks, title disputes and other matters. While the company considers its assumptions to be reasonable as of the date hereof, forward-looking statements and information are not guarantees of future performance and readers should not place undue importance on such statements as actual events and results may differ materially from those described herein. The company does not undertake to update any forward-looking statements or information except as may be required by applicable securities laws.
Kelowna, British Columbia–(Newsfile Corp. – October 29, 2024) – F3 Uranium Corp(TSXV: FUU)(OTC Pink: FUUFF) (“F3” or “the Company“) is pleased to announce assay results for thirteen drillholes of the ongoing 2024 drill program on the PLN Property, including PLN24-161 at the JR Zone (see NR August 13, 2024) which returned 10.5m of 2.66% U3O8, including a high grade 2.0m interval averaging 12.0% U3O8, further including an ultra-high grade core of 0.5m of 20.7% U3O8. Significant mineralization over a 13.5m interval was intersected in PLN24-184 on line 105S at JR, including 1.5m off-scale radioactivity (>65,535 cps) between 235.60 and 240.10m.
Exploration drilling focused mainly on the B1 area close to, and south of the Harrison Fault, with a number of very prospective drill holes, highlighted by PLN24-187 which was drilled on line 3240S, approximately 400m south of the Harrison Fault, and on section with PLN24-183. PLN24-183 was the first hole to intersect what is interpreted to be the southern extension of the A1 shear zone hosting the JR Zone. Due to encouraging alteration and intense shearing a down dip hole was drilled, and PLN24-187 encountered intense alteration and anomalous radioactivity (see Table 1 and Photo 1).
Sam Hartmann, Vice President Exploration, commented:
“Today’s update includes scintillometer results of drilling in the JR Zone, where three holes successfully targeted high grade mineralization in areas of lower drill hole density, as well as high-grade assay results of drillholes completed and previously announced earlier in the program. Exploration drilling south of the Harrison Fault discovered the A1 Shear Extension, ~400m beyond the previously interpreted southern extent of the A1 shear, as a discrete continuation, and parallel to the B1 structures. This potential for stacked and parallel structure south of Harrison Fault provides further high priority drill targets for high grade uranium mineralization.”
JR Zone Assay Highlights:
PLN24-161 (line 035S):
10.5m @ 2.66% U3O8 (206.5m to 217.5m), including:
2.0m @ 12.0% U3O8 (207.5m to 209.5m), further including:
0.5m @ 20.7% U3O8 (208.0m to 208.5m)
PLN24-163 (line 095S):
13.0m @ 0.45% U3O8 (197.0m to 210.0m), including:
2.5m @ 1.77 % U3O8 (204.0m to 206.5m)
JR Zone Handheld Spectrometer Highlights:
PLN24-184 (line 105S):
13.5m mineralization from 228.5m – 242.0m, including
3.80 m cumulative mineralization of >10,000 cps radioactivity between 233.00m – 240.30m, including 1.5m cumulative off-scale radioactivity (>65,535 cps) between 235.60 -240.10m
PLN24-185 (line 025S)
13.0m mineralization from 218.0m – 231.0m, including
2.30 m cumulative mineralization of >10,000 cps radioactivity between 223.00m – 230.50m, including 0.5m cumulative off-scale radioactivity (>65,535 cps) between 223.00 -2424.00m
Exploration Handheld Spectrometer Highlights:
PLN24-178 (line 2835S): B1 Exploration
0.5m radioactivity from 446.5m – 447m with a peak of 310 cps
PLN24-180 (line 1125S): A1 South Exploration
0.5m radioactivity from 319.0m – 319.5m with a peak of 700 cps
PLN24-181 (line 2880S): B1 Exploration
0.5m radioactivity from 377.5m – 378.0m with a peak of 360 cps
PLN24-187 (line 3240S): B1 Exploration
0.5m radioactivity from 549.0m – 549.5m with a peak of 300 cps
Handheld spectrometer composite parameters: 1: Minimum Thickness of 0.5m 2: CPS Cut-Off of 300 counts per second 3: Maximum Internal Dilution of 2.0m
Natural gamma radiation in the drill core that is reported in this news release was measured in counts per second (cps) using a handheld Radiation Solutions RS-125 scintillometer. The Company considers greater than 300 cps on the handheld spectrometer as anomalous, >10,000 cps as high grade and greater than 65,535 cps as off-scale. 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.
Composited weight % U3O8 mineralized intervals are summarized in Table 1. 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 is sent to SRC Geoanalytical Laboratories (an SCC ISO/IEC 17025: 2005 Accredited Facility) in Saskatoon, SK while the other half remains on site for reference. Analysis includes a 63 element suite including boron by ICP-OES, uranium by ICP-MS and gold analysis by ICP-OES and/or AAS.
The Company considers uranium mineralization with assay results of greater than 1.0 weight % U3O8 as “high grade” and results greater than 20.0 weight % U3O8 as “ultra-high grade.”
All depth measurements reported are down-hole and true thickness are yet to be determined.
About Patterson Lake North:
The Company’s 4,078-hectare 100% owned Patterson Lake North property (PLN) is located just within the south-western edge of the Athabasca Basin in proximity to Fission Uranium’s Triple R and NexGen Energy’s Arrow high-grade world class uranium deposits which is poised to become the next major area of development for new uranium operations in northern Saskatchewan. PLN is accessed by Provincial Highway 955, which transects the property, and the new JR Zone uranium discovery is located 23km northwest of Fission Uranium’s Triple R deposit.
Qualified Person:
The technical information in this news release has been prepare in accordance with the Canadian regulatory requirements set out in National Instrument 43-101 and approved on behalf of the company by Raymond Ashley, P.Geo., President & COO of F3 Uranium Corp, a Qualified Person. Mr. Ashley has verified the data disclosed.
About F3 Uranium Corp:
F3 Uranium is a uranium exploration company advancing its newly discovered high-grade JR Zone and exploring for additional mineralized zones on its 100%-owned Patterson Lake North (PLN) Project in the southwest Athabasca Basin. PLN is accessed by Provincial Highway 955, which transects the property, and the new JR Zone discovery is located ~25km northwest of Fission Uranium’s Triple R and NexGen Energy’s Arrow high-grade uranium deposits. This area is poised to become the next major area of development for new uranium operations in northern Saskatchewan. The PLN project is comprised of the PLN, Minto and Broach properties. The Broach property incorporates the former PW property which was obtained from CanAlaska as a result of a property swap.
Forward-Looking Statements
This news release contains certain forward-looking statements within the meaning of applicable securities laws. All statements that are not historical facts, including without limitation statements regarding future estimates, plans, programs, forecasts, projections, objectives, assumptions, expectations or beliefs of future performance, including statements regarding the suitability of the Properties for mining exploration, future payments, issuance of shares and work commitment funds, entry into of a definitive option agreement respecting the Properties, are “forward-looking statements.” These forward-looking statements reflect the expectations or beliefs of the management of the Company based on information currently available to it. Forward-looking statements are subject to a number of risks and uncertainties, including those detailed from time to time in filings made by the Company with securities regulatory authorities, which may cause actual outcomes to differ materially from those discussed in the forward-looking statements. These factors should be considered carefully, and readers are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements and information contained in this news release are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
The TSX Venture Exchange and the Canadian Securities Exchange have not reviewed, approved or disapproved the contents of this press release, and do not accept responsibility for the adequacy or accuracy of this release.
F3 Uranium Corp. 750-1620 Dickson Avenue Kelowna, BC V1Y9Y2
Contact Information Investor Relations Telephone: 778 484 8030 Email: ir@f3uranium.com
ON BEHALF OF THE BOARD “Dev Randhawa” Dev Randhawa, CEO
Small modular reactors (SMRs) have long held the promise of cheaper, more efficient nuclear energy. Their smaller, standardized designs were expected to usher in a new era for an industry historically plagued by cost overruns and safety concerns.
But as major tech firms, including Google (GOOG) and Amazon (AMZN), turn to advanced technologies in hopes of powering their AI ambitions with a low carbon footprint, skeptics are raising questions about their viability, largely because no commercial SMR has been built in the US yet.
Despite the talk of a simplified process, there are only three SMRs operational worldwide — two in Russia and one in China.
“Nobody knows how long they’re going to take to build,” said David Schlissel, an analyst at the Institute for Energy Economics and Financial Analysis who has been critical of SMRs. “Nobody knows how expensive they’re going to be to build. We don’t know how effective they will be in addressing climate change because it may take them 10 to 15 years to build them.”
The core module of the ACP100 multi-purpose, small modular pressurized water reactor (PWR), also referred to as the Linglong One, is transferred to a ship on July 14, 2023, in Dalian, Liaoning Province of China. (Liu Xuan/VCG via Getty Images) · VCG via Getty Images
Nuclear power has received renewed interest because of the global push to move away from fossil fuels to reduce harmful emissions driving climate change. Although wind and solar power offer prevalent, low-cost energy options, nuclear remains an attractive clean alternative, in large part because it can run 24/7 in any season and has a smaller footprint.
SMRs have offered the most promise. Unlike traditional nuclear plants that have been costly and time-consuming, modular reactors are one-third the size, with a power capacity of 300 megawatts or less. The nuclear industry has touted their efficiency and cost savings, as SMRs are built in factories and assembled on-site.
“It reduces the risk associated with the project,” said Jacopo Buongiorno, a professor of nuclear engineering at MIT. “For an investor, … you may recover your investment quicker and with fewer uncertainties in terms of project execution.”
‘The technology is evolving’
Yet, in many ways, the hurdles facing this new generation of reactors have mirrored the old. Advanced reactor designs have taken longer than projected. Those delays have added to cost overruns.
Oregon-based NuScale (SMR) became the first company to get approval from the Nuclear Regulatory Commission to build SMRs in 2022, but the company canceled plans to deploy six reactors in Idaho last year. The announcement came after costs for the project, scheduled for completion in 2030, ballooned from $5 billion to $9 billion.
Buongiorno said the buildout has been complicated by the array of technologies tested within individual projects. While all SMRs utilize uranium as fuel, its form and application within reactors differ depending on the company and its technology. That’s dramatically different from existing nuclear power plants, which all use uranium dioxide, he said.
“The technology is evolving. We expect the performance of these reactors to be different. But the big question marks are … what’s going to be the reliability? How reliable this technology is going to be, given that we don’t have a lot of experience?” Buongiorno said. “Equally, if not more important, what’s going to be the cost?”
AI a ‘game changer’
X-energy CEO Clay Sell said demand has been part of the problem until now.
Artificial intelligence has changed that calculation, largely because of the energy needs associated with powering data centers that drive AI models, Sell said. Goldman Sachs estimates the advanced technology will contribute to a 160% increase in data center power demand by 2030.
Earlier this month, Amazon announced a $500 million investment in the development of SMRs, including funding for X-energy. That funding will help X-energy complete the design of its standard plant and construct the first facility that will manufacture the fuel used in those plants, Sell said, calling the investment a “game changer.”
“A significant portion of the increased electricity demand in the United States for the next 25 years is going to come from AI,” Sell said. “It could be as high as 10%, 20%.”
Kairos Power CEO Mike Laufer, who inked a purchase agreement deal with Google, said his company is still in the process of pursuing non-nuclear demonstrations of the technology. Any “cost certainty” would hinge on a successful demonstration and the company’s ability to manufacture in-house, he said.
“[Cost certainty] has been very elusive in this space,” he said.
Aerial view of the construction site of Linglong-1 (ACP-100), the world’s first onshore commercial small modular reactor (SMR), on July 4, 2024, in Changjiang Li Autonomous County, Hainan Province of China. (Wang Jian/VCG via Getty Images) · VCG via Getty Images
There are other challenges beyond cost, including a lengthy regulatory approval process and what to do with all of the nuclear waste.
While nuclear companies maintaining a smaller footprint will mean less waste, a study by Stanford University found that SMRs would increase the volume of nuclear waste “by factors of 2 to 30.”
Schlissel argues that all of the money spent on small reactors should instead go to wind and solar power and battery storage, which are proven to reduce carbon emissions and cost less to produce.
Buongiorno countered that nuclear reactors have a longer shelf life. While the upfront costs may be higher, reactors have a lifespan of 60 to 100 years, he said. With the smaller footprint, SMRs can also be built closer to data centers, minimizing infrastructure costs, he added.
The Department of Energy says nuclear energy is critical to transitioning the country away from fossil fuels. The agency has set aside $900 million in funding for the development of SMRs.
The Energy Department estimates the US will need approximately 700-900 GW of additional clean, firm power generation capacity to reach net-zero emissions by 2050, adding that nuclear energy already provides nearly half of carbon-free electricity in the country.
(Bloomberg) — China’s copper demand growth will fade in coming years before topping out around the end of this decade, according to a state-backed government researcher, offering a potential counterpoint to bullish views on the metal’s prospects.
While Beijing Antaike Information Development Co. forecasts substantial growth in demand from the renewables sector, a key focus of copper optimists, it also sees an impact from a slowing Chinese economy and from buyers switching over to aluminum.
China’s demand growth in the five years up to 2030 will average 1.1%, down from 3.9% in the five years to 2025, Antaike analyst Yang Changhua said at the group’s conference in Wuhan. The copper intensity of renewables investment is falling as industries bid to reduce usage or find alternative materials, he said.
For the past half-decade, there have been a series of eye-watering forecasts for copper, largely resting on the idea that the world’s mines will struggle to keep up with a long demand boom. Prices reached a record earlier this year amid emerging signs of supply tightness.
Key risks to the “peak by 2030” forecast include the future strength of China’s manufacturing exports, or the relocation of factories overseas, Yang said. He didn’t give an outlook for global copper demand.
China’s combined consumption of copper from electric vehicles plus the solar and wind industries will rise to 3.1 million tons by 2030, Yang said. That will be 26% of the nation’s total demand, up from 15% in 2023.
Vancouver, British Columbia–(Newsfile Corp. – October 24, 2024) – Emperor Metals Inc. (CSE: AUOZ) (OTCQB: EMAUF) (FSE: 9NH) (the “Company” or “Emperor“) is pleased to announce that it has arranged a non-brokered private placement (the “Offering“) of 7,500,000 flow-through shares (the “FT Shares” and each an “FT Share“) at a price of $0.11 per FT Share for gross proceeds of $825,000. Each FT Share will qualify as a “flow-through share” within the meaning of subsection 66(15) of the Income Tax Act (Canada).
The gross proceeds from the issuance of the FT Shares will be used to incur eligible “Canadian exploration expenses” that will qualify as “flow-through mining expenditures,” as such terms are defined in the Income Tax Act (Canada), and in addition, with respect to Quebec resident subscribers who purchase FT Shares who are eligible individuals under the Taxation Act (Quebec), the Canadian exploration expenses will also qualify for inclusion in the “exploration base relating to certain Quebec exploration expenses” within the meaning of Section 726.4.10 of the Taxation Act (Quebec) and for inclusion in the “exploration base relating to certain Quebec surface mining expenses or oil and gas exploration expenses” within the meaning of Section 726.4.17.2 of the Taxation Act (Quebec) (the “Qualifying Expenditures“). All Qualifying Expenditures will be renounced in favour of the subscribers of the FT Shares effective December 31, 2024.
All FT Shares issued will be subject to a four-month hold period. The Offering is subject to the acceptance of the Canadian Securities Exchange.
About Emperor Metals Inc.
Emperor Metals Inc. is an innovative Canadian mineral exploration company focused on developing high-quality gold properties situated in the Canadian Shield. For more information, please refer to SEDAR+ (www.sedarplus.ca), under the Company’s profile.
ON BEHALF OF THE BOARD OF DIRECTORS
s/ “Alexander Horsley” Alexander Horsley, Director
CERTAIN STATEMENTS MADE AND INFORMATION CONTAINED HEREIN MAY CONSTITUTE “FORWARD-LOOKING INFORMATION” AND “FORWARD-LOOKING STATEMENTS” WITHIN THE MEANING OF APPLICABLE CANADIAN AND UNITED STATES SECURITIES LEGISLATION. THESE STATEMENTS AND INFORMATION ARE BASED ON FACTS CURRENTLY AVAILABLE TO THE COMPANY AND THERE IS NO ASSURANCE THAT ACTUAL RESULTS WILL MEET MANAGEMENT’S EXPECTATIONS. FORWARD-LOOKING STATEMENTS AND INFORMATION MAY BE IDENTIFIED BY SUCH TERMS AS “ANTICIPATES”, “BELIEVES”, “TARGETS”, “ESTIMATES”, “PLANS”, “EXPECTS”, “MAY”, “WILL”, “COULD” OR “WOULD”.
FORWARD-LOOKING STATEMENTS AND INFORMATION CONTAINED HEREIN ARE BASED ON CERTAIN FACTORS AND ASSUMPTIONS REGARDING, AMONG OTHER THINGS, THE ESTIMATION OF MINERAL RESOURCES AND RESERVES, THE REALIZATION OF RESOURCE AND RESERVE ESTIMATES, METAL PRICES, TAXATION, THE ESTIMATION, TIMING AND AMOUNT OF FUTURE EXPLORATION AND DEVELOPMENT, CAPITAL AND OPERATING COSTS, THE AVAILABILITY OF FINANCING, THE RECEIPT OF REGULATORY APPROVALS, ENVIRONMENTAL RISKS, TITLE DISPUTES AND OTHER MATTERS. WHILE THE COMPANY CONSIDERS ITS ASSUMPTIONS TO BE REASONABLE AS OF THE DATE HEREOF, FORWARD-LOOKING STATEMENTS AND INFORMATION ARE NOT GUARANTEES OF FUTURE PERFORMANCE AND READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON SUCH STATEMENTS AS ACTUAL EVENTS AND RESULTS MAY DIFFER MATERIALLY FROM THOSE DESCRIBED HEREIN. THE COMPANY DOES NOT UNDERTAKE TO UPDATE ANY FORWARD-LOOKING STATEMENTS OR INFORMATION EXCEPT AS MAY BE REQUIRED BY APPLICABLE SECURITIES LAWS.
Not for distribution to United States newswire services or for dissemination in the United States.
