Final yr was transformational for American Lithium because it acquired Plateau Vitality Metals, which owned the Falchani lithium and Macusani uranium initiatives in Peru. American Lithium was additionally named to the 2021 TSX Enterprise 50, an annual rating of prime performing listed corporations on the TSX Enterprise Trade. (Choice relies on year-over-year efficiency throughout three equally weighted standards: market capitalization progress, share value appreciation and buying and selling quantity for the yr ended December 31, 2020.)
On the TLC undertaking final yr, metallurgical research have been accomplished, water rights secured, a baseline organic research achieved, and a plan of operations was filed.
Final month, the U.S. Bureau of Land Administration permitted the TLC operations plan, and American lithium started a 95-hole drill program. It’ll additionally dig 5 take a look at pits to gather samples for metallurgical testing. The outcomes of these exams will assist finalize the flowsheet of the processing plant and be used to provide a preliminary financial evaluation within the second quarter of this yr.
Drilling at TLC in 2019 returned samples that assayed as much as 2,285 components per million (ppm) lithium with quite a few samples over 1,600 ppm lithium. Seize samples assayed as excessive as 1,690 ppm lithium. Spectrographic evaluation by the corporate recognized samples as excessive as 2,450 ppm lithium. Such info was used to provide a useful resource estimate in 2020 for a near-surface deposit mineable with a low strip ratio.
TLC’s measured and indicated sources stand at 1.1 million tonnes grading 919 ppm lithium, containing the equal of 5.4 million tonnes of lithium carbonate. The inferred portion accommodates 362,000 tonnes grading 912 ppm lithium, containing the equal of 1.7 million tonnes of lithium carbonate. A cut-off of 400 ppm lithium was used.
Metallurgical research have revealed lithium restoration charges of higher than 90% from the TLC claystone after ten minutes. No important concentrations of arsenic or uranium have been reported. The undertaking has little to no overburden and sits above the native water desk with no groundwater runoff or watershed points.
Count on the PEA to replace prices for a medium-sized run-of-mine floor operation that doesn’t require blasting.
American Lithium has a market capitalization of $561.9 million.
EnCore Vitality
EnCore Vitality (TSXV: EU; US-OTC: ENCUF) is advancing a portfolio of almost 20 uranium initiatives in Texas, New Mexico, Wyoming, South Dakota, Utah, Colorado, and Arizona. The corporate’s objective is to change into the main in situ restoration (ISR) uranium producer in the USA.
EnCore acquired lots of its initiatives via its takeover of Azarga Uranium in 2021. Given the big variety of initiatives, we are going to focus solely on probably the most superior.
As well as, EnCore has two licensed processing vegetation in Texas (out of a complete of simply 11 within the U.S.) — Rosita and Kingsville Dome — each of which have been former producers. Collectively they’ve nameplate capability of 1.6 million lb. uranium oxide per yr.
The Rosita plant is being modernized, and the undertaking shall be full by mid-year. The undertaking had lower than a US$1 million finances with adjustments to the yellowcake filter press dryer circuits and the ion resin elution circuit. Manufacturing is slated to restart in 2023 utilizing feed options from a number of satellite tv for pc operations. Distant ion alternate vegetation with capacities of 30,000 to 40,000 litres per minute shall be positioned on the wellfields.
To feed the Rosita plant, the Rosita wellfield is being expanded throughout the present allow. The Higher Spring Creek undertaking is licenced and shall be developed. The Butler Ranch exploration undertaking waits within the wings with a 43-101 report due within the second quarter of this yr.
In South Dakota, the Dewey Burdock uranium undertaking was the topic of a 2019 preliminary financial evaluation. The undertaking was estimated to have a 16-year life (together with a two yr ramp-up) with annual manufacturing of 1 million lb. uranium oxide. The whole value per lb. of uranium oxide produced could be $28.88.
The PEA put the pre-production capital requirement at $31.6 million adopted by sustaining capital of $123.2 million. The estimated payback would happen on the finish of the second yr if design and procurement actions get underway within the second quarter of yr one. The research assumed a long-term value of $55 per lb. uranium oxide.
After taxes, the Dewey Burdock undertaking has a web current worth with an 8% low cost fee of $147.5 million and an inner fee of return of fifty%. Over its operation, the mine would generate web earnings post-tax of $324.4 million.
Dewey Burdock’s measured and indicated sources appropriate for ISR are 6.7 million tonnes grading 0.116% uranium oxide for 17.1 million contained lb. uranium oxide. The inferred portion is 585.6 million tonnes grading 0.055% for 712,624 contained lb. of uranium oxide.
At its Gasoline Hills uranium undertaking in Wyoming, the corporate launched a PEA in 2021. The undertaking is positioned in a historic uranium district that produced about 100 million lb. of yellowcake from 1957 to 1989. EnCore considers it a possible satellite tv for pc deposit to the Dewey Burdock undertaking.
Gasoline Hills’ ISR measured and indicated sources are 3.5 million tonnes grading 0.101% uranium oxide for 7 million contained kilos. The inferred useful resource is 371,338 tonnes grading 0.052% uranium oxide for 427,817 contained kilos.
In its current company presentation, EnCore recommended the Gasoline Hills undertaking would have a mine lifetime of seven years, producing about 1 million lb. uranium oxide yearly. No whole or all-in sustaining value per lb. was out there.
The undertaking has a pre-production capital requirement of $26 million, however no payback interval was talked about. Once more, the research used $55 per lb. uranium oxide as its base case assumption.
EnCore has a dominant place within the Grants mining district in New Mexico (generally known as America’s Kazakhstan). The world produced about 350 million lb. of uranium from 1948 to 2002, a quantity that represents 97% of the uranium mined within the state or 40% of all of the uranium mined within the U.S. throughout that interval. An additional 400+ million lb. of unmined mineralization has been recognized.
The Crownpoint and Hosta Butte undertaking is a big ISR-amenable enterprise that hosts 26.6 million lb. of uranium oxide in 11.5 million indicated tonnes grading 0.105% uranium oxide. The inferred useful resource hosts 6.1 million lb. in 2.5 million tonnes grading 0.11% uranium oxide.
The Crownpoint deposit was licenced to get better as much as 3 million lb. of uranium oxide yearly by a earlier proprietor. Three shafts have been sunk on the undertaking within the Nineteen Eighties.
A PEA for the Marquez-Juan Tafoya uranium undertaking in New Mexico was filed final yr. An indicated useful resource of 6.4 million tonnes grading 0.127% uranium oxide for 18.1 million contained lb. was revealed. No info was given for inferred sources or reserves. The suggestion was made that it’s mined by room and pillar strategies reasonably than ISR to which EnCore is dedicated.
Elsewhere in New Mexico, EnCore owns the Nostril Rock and West Largo initiatives, each of which have historic sources; the Ambrosia Lake-Treeline property with ISR potential; and mineral rights to the Checkerboard property that doubtlessly hosts a number of deposits.
Encore Vitality has a market capitalization of $316.5 million.
Highland Copper Firm
Highland Copper Firm (TSXV: HI; US-OTC: HDRSF) has two initiatives in Michigan’s Higher Peninsula. Its flagship Copperwood copper-silver undertaking is positioned about 40 km from the city of Ironwood, and its White Pine North copper undertaking is within the Keweenaw Peninsula area.
Copperwood was found in 1956 and has the best grade of all recognized sediment-hosted deposits within the area. It’s on the growth stage with allowing actions underway. The air discharge, dam security and wetlands allow have been acquired, in addition to an modification to the mining allow and the wastewater discharge allow. The applying to acquire a Lake Superior water consumption allow is excellent. The mill design and metallurgical take a look at program is accomplished.
In accordance with a 2018 feasibility research, the Copperwood deposit has 49.3 million measured and indicated tonnes grading 1.15% copper and three.83 grams silver per tonne for 1.7 billion lb. contained copper and 5.9 million oz. of silver. The inferred useful resource is 1.5 million tonnes grading 1.18% copper and 1.55 grams silver per tonne for 43 million lb. contained copper and 100,000 oz. of silver.
There are additionally close by satellite tv for pc deposits with inferred sources of 59.9 million tonnes grading 1.15% copper and 342 grams silver per tonne. These deposits include an estimated 1.3 billion lb. of copper and 5.5 million oz. of silver.
The lifetime of the Copperwood mine was estimated at about ten years with common annual manufacturing of 690 million lb. of copper and 232.1 million oz. of silver.
The feasibility research estimated an preliminary capital expenditure of $174 million to create a mechanized underground room and pillar mine working at a fee of 6,600 tonnes per day. Payback could be achieved in 3.2 years. Metals costs of $3.00 per lb. copper and $18 per oz. silver have been used for the research.
The Copperwood undertaking has an after-tax web current worth with an 8% low cost fee of $316 million and an after-tax inner fee of return 18%. The undertaking advantages from well-developed native transportation and vitality infrastructure, and payback will take 3.2 years.
The corporate sees upside for Copperwood with useful resource upgrades, particularly satellite tv for pc orebodies, evolving mining strategies to extend productiveness and cut back prices in addition to lowered ore dilution, elevated metallurgical recoveries, and capital-saving tailings administration practices.
Highland Copper accomplished the acquisition of the White Pine North copper undertaking final yr. Massive-scale mining was begun in 1953 utilizing room and pillar strategies, however the mine closed in 1997. From 1954 via 1995 the mine produced 4.5 billion lb. of copper.
In 2019, a preliminary financial evaluation of reopening the mine outlined a undertaking with a lifetime of 25 years, throughout which era it might produce one other 89 million lb. of copper and 1.3 million oz. of silver.
To restart the mine and refurbish the mill would value $457 million, web of pre-production income of $43.9 million. The payback interval could be 4.5 years. The bottom case was estimated utilizing a copper value of $3.00 per pound.
The indicated useful resource is 133.4 million tonnes grading 1.07% copper for 3.2 million lb. copper, and 14.9 grams silver per tonne for 63.8 million contained oz. silver. The inferred useful resource was 97.2 million tonnes grading 1.03% copper (containing 2.2 million lb. copper) and eight.7 grams silver per tonne (containing 27.2 million oz. silver). Life-of-mine money prices have been estimated at $1.40 per lb. of copper.
The White Pine North undertaking has an after-tax web current worth at an 8% low cost fee of $416 million and an preliminary fee of return of 16.8% after taxes.
With two promising initiatives in Higher Michigan, Highland Copper bought its non-core property to Sweetwater Royalties for $26 million final yr.
Highland Copper has a market capitalization of $87.1 million.
Hudbay Minerals
Hudbay Minerals (TSX: HBM; NYSE: HBM) could also be nearing the tip of mining in Flin Flon, Manitoba, nevertheless it has two superior copper initiatives within the U.S. — Mason in Nevada and Rosemont in Arizona.
Hudbay is shifting ahead at its Mason copper undertaking, 75 km southeast of Reno. The corporate acquired Mason in 2018 and considers it a long-term choice for growth and a powerful part of its pipeline.
A 2021 preliminary financial evaluation for Mason outlined a 27-year mine life with annual manufacturing of about 30.9 million lb. of copper in every of the primary ten years of manufacturing. The undertaking carries what Hudbay calls a ‘sustaining money value’ of $1.76 per lb. copper over the lifetime of the mine.
It will value $1.65 billion to construct the mine and a 120,000 tonne-per-day concentrator. The undertaking would pay for itself in 9 years with a copper value of $3.10 per pound. The web current worth at an 8% low cost fee could be $741 million and the interior fee of return could be $13.7%, each after taxes.
Sources within the measured and indicated class embrace 2.2 billion tonnes grading 0.29% copper, 67 grams molybdenum per tonne, 0.029 gram gold per tonne, and 0.64 gram silver per tonne. The inferred useful resource is 237 million tonnes grading 0.24% copper, 78 grams molybdenum, 0.33 gram gold, and 0.73 gram silver.
Hudbay is compiling and deciphering historic information associated to its land bundle close to Mason. That shall be adopted by a geophysical survey and the collection of further drill targets. Session with native stakeholders is ongoing.
The Rosemont copper-molybdenum-silver undertaking 50 km southeast of town of Phoenix was acquired in 2018. It could possibly be the most important lively copper mine within the nation. The undertaking would have a 19-year life with annual manufacturing of virtually 28 million lb. of copper in every of the primary ten years of operation as an open pit mine. The corporate has recommended money prices of $1.14 per lb. copper, web of by-product credit.
The undertaking was permitted and Hudbay was ready to spend $95.7 million for an early works program in 2019, when the U.S. District Court docket vacated and remanded the undertaking allow awarded by the U.S. Forest Service. A later attraction by Hudbay was rejected by the identical courtroom.
Work is halted at Rosemont, however the sources stay. Late final yr, Hudbay launched a useful resource estimate for Rosemont of two.2 billion measured and indicated tonnes grading 0.29% copper, 67 grams molybdenum per tonne, 0.029 gram gold per tonne and 0.63 gram silver per tonne. The inferred portion was 237 million tonnes grading 0.24% copper, 89 grams molybdenum, 0.33 grams gold, and 0.73 grams silver per tonne. These sources embrace a near-surface, high-grade indicated useful resource of 96 million tonnes at 0.57% copper and an inferred useful resource of 31 million tonnes at 0.71% copper. The useful resource numbers embrace each oxide and sulphide mineralogy.
The mineralization could possibly be recovered by flotation and leaching.
Close to the Rosemont undertaking, Hudbay continues to work on its Copper World undertaking. The undertaking is one other one of many massive greenfield initiatives in North America.
Copper World has mineralization recoverable by flotation that features 48 million indicated tonnes grading 0.68% copper and 13 million inferred tonnes grading 0.79% copper. The portion of sources that could possibly be heap leached contains 48 million indicated tonnes grading 0.47% copper and 18 million inferred tonnes grading 0.49% copper. The sources additionally include recoverable molybdenum and silver.
Exterior the U.S., Hudbay operates the Lalor gold-copper-zinc and 777 zinc-copper, and the New Britannia gold mines in Manitoba in addition to the Constancia copper mine in Peru.
Hudbay has a market capitalization of $1.9 billion.
Kinross Gold
Kinross Gold (TSX: Ok; NYSE: KGC) has three producing mines in the USA. Exterior of the U.S. it has three others: one in Mauritania, one in Ghana and one in Russia. In 2021 the corporate produced 2.1 million gold-equivalent oz. at an all-in sustaining value of $1,110 per oz. gold-equivalent.
The Fort Knox gold mine 42 km northeast of Fairbanks, Alaska, is without doubt one of the few cold-weather heap leach services on this planet. Mining is finished by open pit strategies with ore milled and positioned on the heap. The mine plan stretches to 2030.
The Fort Knox mineral useful resource contains 117.4 million measured and indicated tonnes grading 0.33 gram gold per tonne for 1.3 million contained ounces. There are additionally 101.6 million inferred tonnes grading 0.32 gram gold per tonne for 1 million contained ounces.
In 2020, Kinross acquired 70% of the Manh Choh (previously Peak) undertaking, 400 km southeast of the Fort Knox mine. Manufacturing is deliberate to start in 2024 with the ore being processed on the Fort Knox mill, which has a capability of 45,000 tonnes per day.
Exploration 13 km east of the Fort Knox mine has centered on the satellite tv for pc Gil-Sourdough deposit. Manufacturing was anticipated to start late final yr.
The Spherical Mountain open pit mine, 90 km north of Tonopah, Nevada, is 100% owned. In 2016, Kinross purchased out its joint-venture accomplice Barrick Gold. The mine started working in 2003 and poured its 15 millionth ounce in 2018. Gold is recovered by milling, gravity and heap leaching.
Kinross expanded the Spherical Mountain mine with the section W undertaking, which poured its first gold in 2019. This undertaking included a layback of the present pit, which is able to enhance life-of-mine manufacturing by 1.5 million oz. of gold. Work is already underway on the section S growth.
On the finish of 2020, Spherical Mountain’s measured and indicated sources stood at 173.4 million tonnes grading 0.7 gram gold per tonne for 3.7 million contained ounces. An additional 96.4 million tonnes grading 0.5 gram gold per tonne and containing 1.6 million ounces have been counted within the inferred useful resource.
The Bald Mountain mine is one other open pit mine, 110 km southeast of Elko, Nevada, within the southern extension of the Carlin development. Kinross acquired 50% of the mine in 2016 and acquired out its three way partnership accomplice in 2018. Gold is recovered primarily by heap leaching.
On the finish of 2020, Bald Mountain’s measured and indicated sources have been 205.5 million tonnes grading 0.5 gram gold per tonne for 3.6 million contained ounces. The inferred useful resource was 695,000 contained oz. of gold in 47.7 million tonnes grading 0.5 gram gold per tonne.
Kinross plans to aggressively develop all of its mines across the globe, however the largest information just lately is the gold main’s takeover of junior explorer Nice Bear Sources and its flagship high-grade Dixie gold undertaking within the Crimson Lake camp of Ontario.
The market capitalization of Kinross Gold is $6.8 billion.
Lion Copper and Gold
Previously often known as Quaterra Sources, Lion Copper and Gold (TSXV: LEO; US-OTC: LCGMF) is advancing its flagship MacArthur copper undertaking 80 km southeast of Reno, Nevada. The oxide sources have been mined within the Nineteen Nineties, and Lion has plans to deliver it again into manufacturing.
The oxide and chalcocite materials at MacArthur could include a complete of almost 1.7 million lb. of copper. A better look with a 0.12% copper cut-off grade, places the measured and indicated sources at 159.1 million tonnes averaging 0.21% copper for 675.5 million contained kilos, and inferred useful resource at 243.4 million tonnes grading 0.2% copper for 979.5 million contained kilos.
There may be additionally a sulphide useful resource at MacArthur that’s open in most instructions and the topic of ongoing exploration. This major materials, estimated with a 0.15% copper cut-off, has measured and indicated sources of 1.1 million tonnes grading 0.29% copper for six.4 million contained kilos, plus an inferred useful resource of 134.9 million tonnes at 0.28% copper for 764.1 million contained kilos. The useful resource estimate comes from a prefeasibility research launched in 2012.
Lion plans to launch an up to date useful resource estimate earlier than the tip of the primary quarter of this yr.
The corporate just lately drilled 16 holes that bottomed in sulphide mineralization and averaged greater than 0.25% copper. The northernmost gap intersected 19.5 metres grading 1.31% copper, together with 6.5 metres of two.21% copper.
Adjoining to the MacArthur undertaking are the historic Bear and Yerington copper properties. The Bear deposit was partially drilled within the Nineteen Sixties and has a non-compliant historic useful resource of roughly 450 million tonnes averaging 0.4% copper.
The open pit Yerington copper mine operated from 1918 to 1978. The 2013 historic useful resource estimate included 633 million lb. of copper at 0.3% to 0.33% copper within the measured and indicated class and 600 million lb. of copper at 0.23% copper within the inferred useful resource.
Lion additionally owns the Butte Valley prospect 61 km northwest of Ely, Nevada. In partnership with Kijik Corp., an Indigenous-owned agency, Lion has an curiosity within the Groundhog copper prospect in southwest Alaska. This month, Lion acquired the Blue copper prospect 40 km northwest of Helena, Montana, the place the declare block hosts not less than 14 historic small mines that produced gold, copper and tungsten.
Lion’s undertaking pipeline contains two Canadian properties — Chaco Bear and Ashton — in British Columbia. Each have proof of porphyry copper-gold, excessive sulphidation epi-mesothermal copper-gold, and porphyry associated low-sulphidation epi-mesothermal gold mineralization. These two properties are optioned to Houston Minerals and Spences Bridge Group, respectively.
Lion Copper and Gold has a market capitalization of $20.8 million.
Ucore Uncommon Metals (TSXV: UCU; US-OTC: UURAF) is concentrated on uncommon earths and demanding metals. It owns all the Bokan-Dotson Ridge heavy uncommon earth components (REE) property on Prince of Wales Island in southeast Alaska.
Ucore’s final objective is to foster an impartial American REE provide chain. Ucore has spelled out its ambitions in its three-year Alaska 2023 plan, which incorporates the creation of the Alaska SMC (strategic metals advanced) and funding for Bokan. The Alaska 2023 plan additionally contains securing REE feedstock from a U.S.-friendly supply and cultivating a tiered provider and buyer base for REE merchandise within the West.
A part of the plan, involving Ucore subsidiary Innovation Metals, is to commercialize the proprietary Speedy SX course of for the low-cost separation and purification of REEs, nickel, cobalt, lithium, and different strategic metals. This course of relies on solvent-extraction, a a lot cleaner expertise than typical smelting. Engineering for a industrial demonstration plant is full, and procurement of the parts has begun.
The corporate continues to advance the Bokan REE undertaking nicely past the preliminary financial evaluation that was produced in 2013. A decade in the past, the inferred useful resource was 5.2 million tonnes grading 3,369 components per million (ppm) mild REE and a couple of,114 ppm heavy REE or 0.394% mild uncommon earth oxides (REO) and 0.259% heavy REO. The whole REO grade was 0.653%.
In the meantime, Ucore has been drilling Bokan in order that it might probably improve the sooner useful resource estimate and assays are pending. The deposit stays open down-dip and on-strike. A summer season program is to start in Could 2022.
The mineral processing flowsheet has been designed, and a pilot plant has been created to check mineralized samples from Bokan this summer season. An optimized focus shall be produced. The outcomes of these exams will type a part of the feasibility research. The corporate has employed a allowing guide to maneuver ahead on that entrance.
Ucore has already invested over $27.4 million to determine and validate the Bokan-Dotson Ridge useful resource in preparation for mine design and allowing.
Ucore has a market cap of $37.6 million.
Wolfden Sources
Wolfden Sources (TSXV: WLF; US-OTC: WLFFF) is the 100%-owner of the Pickett Mountain zinc-lead-copper-silver undertaking in northern Fundamental’s Penobscot County. The corporate believes it is without doubt one of the highest grade undeveloped huge sulphide deposits in North America. The undertaking lies throughout the Gander Terrane, which hosts the 46 recognized deposits of the Bathurst mining camp in New Brunswick and the Buchans mining district in Newfoundland.
The common grades at Pickett Mountain are 10% zinc, 4% lead, 1.5% copper, 100 grams gold+silver per tonne. Sources have been up to date final in November 2021. There may be an indicated useful resource of two.7 million tonnes grading 8.91% zinc, 3.83% lead, 1.22% copper, 0.8 gram gold per tonne, and 97.2 grams silver per tonne (17.72% zinc-equivalent). Grades within the inferred useful resource are equally excessive. There are 3.6 million inferred tonnes grading 9.27% zinc, 3.82% lead, 1.0% copper, 0.7 gram gold per tonne, and 105.4 grams silver per tonne (17.65% zinc-equivalent). Estimates have been made utilizing a 7% zinc-equivalent cut-off grade.
A preliminary financial evaluation was accomplished in September 2020. The early stage research proposed an underground ten-year mining undertaking with a 1,200 tonne-per day mill.
Wolfden forecasts a pre-production capital expense of $147.4 million, plus $100 million for sustaining capital and $13.7 million for reclamation and closure. The undertaking has a payback interval of two.4 years after taxes. For the PEA, steel costs of $1.15 per lb. zinc, $3 per lb. copper, $1 per lb. lead, $1,500 per oz. gold, and $18 per oz. silver have been used.
Pickett Mountain was estimated to have an after-tax web current worth at a 5% low cost fee of $255.5 million. With an 8% low cost fee the NPV could be $198.3 million. The inner fee of return after taxes could be 37%.
Maine has a restrictive mining legislation handed in 2017, which forbids open pit mines of greater than 1.2 hectares. Wolfden is the primary mining firm to use for re-zoning of its landholding below this legislation. The unique utility was made a yr in the past to rezone 261.5 hectares of its 2,891 hectare Pickett Mountain holdings. The world lined could be the positioning of a small underground base steel mine.
In October, Wolfden withdrew its utility in order that it might probably amend the request.
“Though this can be a momentary setback and can draw some damaging criticism on the way forward for mining in Maine, the corporate is assured it has an strategy and path ahead for submitting a brand new utility,” Ron Little, Wolfden’s president and CEO, said in a press launch. “The undertaking represents one of many greenest mine designs on this planet, will generate 303 jobs per yr, generate over $697 million in financial output to the state, and continues to obtain large help from native and regional communities.”
In Canada, Wolfden is advancing its 100%-owned Rice Island nickel-copper-cobalt undertaking positioned within the Snow Lake-Flin Flon greenstone belt in Manitoba. The corporate has a second nickel-copper property, Nickel Island, 280 km southeast of Thompson, Manitoba. Neither of those properties have revealed sources.
The corporate additionally holds the 16,000-hectare Tetagouche property, with six historic huge sulphide deposits (non 43-101 compliant), within the Bathurst zinc-lead mining camp in New Brunswick. It additionally owns the California Lake silver deposit, probably the most important deposit of its sort within the district.
Wolfden has a market capitalization of $26.3 million.
(This text first appeared in The Northern Miner)
