The Special Committee of independent directors of Turquoise Hill Resources Ltd. (TSX: TRQ) (NYSE: TRQ) ("Turquoise Hill" or the "Company") reports that it has advised Rio Tinto International Holdings Limited ("Rio Tinto") that the Special Committee is terminating its review and consideration of Rio Tinto's proposal to acquire all of the outstanding common shares of the Company it does not own for cash consideration of C$34 per share (the "Rio Tinto Proposal"). The Special Committee concluded, in consultation with its financial advisor, BMO Capital Markets, that Rio Tinto's offer price of C$34 per share does not fully and fairly reflect the fundamental and long-term strategic value of the Company's majority ownership of the Oyu Tolgoi project. In addition, the Special Committee reported that:
In consideration of the foregoing, the Special Committee determined that it is not in the best interests of the Company or the Company's minority shareholders for the Special Committee to support the Rio Tinto Proposal.
Ms. Maryse Saint-Laurent, Chair of the Special Committee, comments:
"Market conditions in the equity and copper markets have changed significantly since the receipt of Rio Tinto's privatization proposal in March. At the same time, the Company has continued to make positive progress on the underground project. The Special Committee has considered all relevant factors in reaching its decision, including TD's preliminary indications of value analysis. Ultimately, we concluded that a transaction at the price proposed by Rio Tinto would not fairly compensate minority shareholders for the fundamental, long-term value of the Company's interest in Oyu Tolgoi.
"The Special Committee will now concentrate on the other major elements of its mandate and support Company management in raising at least US$650 million in new equity by year-end as required under our funding agreement with Rio Tinto."
Mr. Peter Gillin, Chair of the Board, comments on behalf of the Board that:
"Rio Tinto is a valued and trusted shareholder and partner to Turquoise Hill. Although we are ceasing further engagement with respect to Rio Tinto's proposal, we look forward to continuing our relationship as we work together to realize the full potential of the Oyu Tolgoi project for the benefit of all shareholders, stakeholders and owners."
Mr. Steve Thibeault, Interim CEO, comments:
"While the Special Committee process was underway with Rio Tinto, Turquoise Hill management remained focused on the business and on supporting the advancement of the Oyu Tolgoi underground project. As a result, we are well positioned to sustain the positive momentum of the past year when we achieved a number of significant milestones including new understandings with the Government of Mongolia which reset our relationship, de-risked the project and enabled us to start the blasting of the undercut in January.
"The underground project is advancing better than originally anticipated. We were able to start blasting the drawbells ahead of schedule and caving operations are progressing to the point where we expect to achieve sustainable production earlier than forecast. The funding agreement with Rio Tinto remains in effect and the Company is executing on those commitments, which we expect will provide us with sufficient liquidity to meet our funding requirements.
"Oyu Tolgoi is an attractive tier one asset, and we remain highly focused on and optimistic about its transformation into one of the world's great copper mines, positioning Oyu Tolgoi to become a high-grade, low-cost, large-scale producer with a long mine life."
Turquoise Hill is an international mining company focused on the operation and continued development of the Oyu Tolgoi copper-gold mine in Mongolia, which is the Company's principal and only material mineral resource property. Turquoise Hill's ownership of the Oyu Tolgoi mine is held through a 66% interest in Oyu Tolgoi LLC; Erdenes Oyu Tolgoi LLC, a Mongolian state-owned entity, holds the remaining 34% interest.
Forward-looking statements and forward-looking information
Certain statements made herein, including statements relating to matters that are not historical facts and statements of the Company's beliefs, intentions and expectations about developments, results and events which will or may occur in the future, constitute "forward-looking information" within the meaning of applicable Canadian securities legislation and "forward-looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements and information relate to future events or future performance, reflect current expectations or beliefs regarding future events and are typically identified by words such as "anticipate", "believe", "could", "estimate", "expect", "intend", "likely", "may", "plan", "seek", "should", "will" and similar expressions suggesting future outcomes or statements regarding an outlook. These include, but are not limited to, the expected size and timing of the Company's equity offering, statements regarding the status and expected development of the Oyu Tolgoi project, including underground development and the expected timing of first sustainable production, the Company's expected liquidity needs, the expected future growth and performance of Oyu Tolgoi, the expected future value of the Company's common shares and other statements that are not historical facts.
Forward-looking statements and information are made based upon certain assumptions and other important factors that, if untrue, could cause the actual results, performance or achievements of the Company to be materially different from future results, performance or achievements expressed or implied by such statements or information. There can be no assurance that such statements or information will prove to be accurate. Such statements and information are based on numerous assumptions regarding present and future business strategies, local and global economic conditions, and the environment in which the Company will operate in the future, including: the price of copper, gold and silver; projected gold, copper and silver grades; anticipated capital and operating costs; anticipated future production and cash flows; the nature of the Company's ongoing relationship and interaction with the Government of Mongolia; the continuation of undercutting in accordance with the mine plan and design; the actual timing of first sustainable production; the availability and timing of required governmental and other approvals for the construction of the state-owned power plant and the ability of the Government of Mongolia to finance and procure the state-owned power plant within the timeframes anticipated in the Power Source Framework Agreement, as amended, subject to ongoing discussions relating to a standstill period; finalization of an agreement with Inner Mongolia Power International Cooperation Co., Ltd. on an extension of the current power import arrangements; the Company's ability to operate sustainably, its community relations and its social licence to operate in Mongolia; the amount of any additional future funding gap to complete the Oyu Tolgoi project and the availability and amount of potential sources of additional funding required therefor; the implementation and successful execution by the Company of the updated funding plan for the completion of the Oyu Tolgoi underground mine; and other risks inherent to the Company's business and/or factors beyond its control which could have a material adverse effect on the Company.
Readers are cautioned not to place undue reliance on forward-looking information or statements. By their nature, forward-looking statements involve numerous assumptions, inherent risks and uncertainties, both general and specific, which contribute to the possibility that the predicted outcomes will not occur. Events or circumstances could cause the Company's actual results to differ materially from those estimated or projected and expressed in, or implied by, these forward-looking statements. Important factors that could cause actual results to differ from these forward-looking statements are included in the "Risk Factors" section of the Company's Annual Information Form, as supplemented by the "Risks and Uncertainties" section of the Company's Management Discussion and Analysis for the three and six months ended June 30, 2022 ("Q2 2022 MD&A").
Readers are further cautioned that the lists of factors enumerated in the Risk Factors section of the Company's Annual Information Form and the "Risks and Uncertainties" section of the Q2 2022 MD&A that may affect future results are not exhaustive. Investors and others should carefully consider the foregoing factors and other uncertainties and potential events and should not rely on the Company's forward-looking statements and information to make decisions with respect to the Company. Furthermore, the forward-looking statements and information contained herein are made as of the date of this document and the Company does not undertake any obligation to update or to revise any of the included forward-looking statements or information, whether as a result of new information, future events or otherwise, except as required by applicable law. The forward-looking statements and information contained herein are expressly qualified by this cautionary statement.
View source version on businesswire.com: https://www.businesswire.com/news/home/20220814005027/en/
Vice President Investors Relations and Communications Roy McDowall roy.mcdowall@turquoisehill.com
Follow us on Twitter @TurquoiseHillRe
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Updated engagement letters signed with Société Générale and Nedbank for expanded $150 million Platreef senior debt facility
Ivanhoe Mines (TSX: IVN) (OTCQX: IVPAF) Executive Co-Chair Robert Friedland and President Marna Cloete announce today that the company's South African subsidiary, Ivanplats, has received the second and final prepayment of the $300 million Platreef streaming agreement. In addition, the company has signed updated engagement letters with its mandated lead arrangers, Société Générale and Nedbank, to increase the Platreef project senior debt facility from $120 million to $150 million. The expanded facility will provide further optionality in terms of project financing, and limit potential equity contributions for Platreef's Phase 1 development. All figures are in U.S. dollars unless otherwise stated.
As announced on December 8, 2021, Ivanplats concluded $300 million in stream-financing agreements with Orion Mine Finance and Nomad Royalty Company (which was subsequently acquired by Sandstorm Gold Royalties) for its world-scale Platreef palladium-rhodium-nickel-platinum-copper-gold project in Limpopo Province, South Africa. This included a $200 million gold-streaming facility and a $100 million palladium and platinum streaming facility. The first prepayment of $75 million was received upon the closing of the transaction in December 2021.
The fully realized stream agreements allow Ivanplats to advance Platreef's ongoing Phase 1 construction activities, with an initial capital cost of $488 million as set out in the Platreef feasibility study announced in February 2022. Discussions are underway to finalize a senior debt facility of up to $150 million with mandated lead arrangers Société Générale and Nedbank, which remains subject to due diligence.
The stream facilities are subordinated to any future senior secured financing. Ivanplats remains flexible to raise additional debt or equity, and has pre-agreed intercreditor arrangements with the stream purchasers for future senior debt. The stream facilities are guaranteed by Ivanplats and secured over its assets, as well as Ivanhoe and the Japanese consortium's shares of Platreef.
Ivanhoe Mines' Executive Co-Chairman, Robert Friedland commented:
"The enhanced senior debt facility speaks to the robust economics of the Platreef project, and will allow Ivanplats to fund the Phase 1 initial capital with limited further equity funding required from Ivanhoe's own balance sheet.
"Platreef is the world's greatest precious metals deposit under development, with a peerless endowment of palladium, rhodium, platinum, and gold; as well as highly significant quantities of strategic 'electric' metals in nickel and copper. The Phase 1 mine marks the beginning of a multi-stage, multi-generational mining complex underpinned by vast, high-grade resources and immense, untapped exploration upside. Future expansions to 12 million tonnes of ore per annum and beyond, as demonstrated in previous studies, would position Platreef among the world's largest and lowest-cost nickel and PGM mines: producing more than 24,000 tonnes of nickel and 1.1 million ounces of palladium, rhodium, platinum and gold per year."
The Platreef Project is owned by Ivanplats (Pty) Ltd (Ivanplats), which is 64%-owned by Ivanhoe Mines. A 26% interest is held by Ivanplats' historically-disadvantaged, broad-based, black economic empowerment (B-BBEE) partners, which include 20 local host communities with approximately 150,000 people, project employees and local entrepreneurs. A Japanese consortium of ITOCHU Corporation, Japan Oil, Gas and Metals National Corporation, and Japan Gas Corporation, owns a 10% interest in Ivanplats, which it acquired in two tranches for a total investment of $290 million.
The Platreef Project hosts an underground deposit of thick, platinum-group metals, nickel, copper and gold mineralization on the Northern Limb of the Bushveld Igneous Complex in Limpopo Province - approximately 280 kilometres northeast of Johannesburg and eight kilometres from the town of Mokopane.
On the Northern Limb, platinum-group metals mineralization is primarily hosted within the Platreef, a mineralized sequence that is traced more than 30 kilometres along strike. Ivanhoe's Platreef Project, within the Platreef's southern sector, is comprised of two contiguous properties: Turfspruit and Macalacaskop. Turfspruit, the northernmost property, is contiguous with, and along strike from, Anglo Platinum's Mogalakwena group of mining operations and properties.
Since 2007, Ivanhoe has focused its exploration and development activities on defining and advancing the down-dip extension of its original discovery at Platreef, now known as the Flatreef Deposit, which is amenable to highly-mechanized, underground mining methods. The Flatreef area lies entirely on the Turfspruit and Macalacaskop properties that form part of the company's mining right.
Ivanhoe Mines is a Canadian mining company focused on advancing its three principal projects in Southern Africa: the major new, mechanized, underground mines at the Kamoa-Kakula Mining Complex in the Democratic Republic of Congo, the development of the Platreef palladium-rhodium-platinum-nickel-copper-gold discovery in South Africa; and the restart of the historic Kipushi zinc-copper-germanium-silver mine, also in the Democratic Republic of Congo.
Kamoa-Kakula Mining Complex is one of the highest-grade and fastest growing major copper mining operations in the world. Copper concentrates were first produced in May 2021 and, through on-going phased expansions, it is positioned to become one of the world's largest copper producing operations. Kamoa-Kakula's 2022 production guidance is between 310,000 to 340,000 tonnes of copper in concentrate
Ivanhoe Mines is also exploring for new copper discoveries across its circa 2,400km2 of wholly-owned exploration licences in the Western Foreland, which are located adjacent to the Kamoa-Kakula Mining Complex in the Democratic Republic of Congo.
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 finalizing a senior debt facility of up to $150 million with mandated lead arrangers Societe Generale and Nedbank; (ii) statements regarding scheduling and advancement of Phase 1 construction activities; (iii) statements regarding Ivanplats raising additional debt or equity; (iv) statements regarding future expansions at Platreef to 12 million tonnes of ore per annum and beyond; (v) statements regarding expansions positioning Platreef among the world's largest and lowest-cost nickel and PGM mines; (vi) statements regarding Platreef producing more than 24,000 tonnes of nickel and 1.1 million ounces of palladium, rhodium, platinum and gold per year; (vii) statements regarding Kamoa-Kakula, through on-going phased expansions, being positioned to become one of the world's largest copper producing operations.
In addition, all of the results of the Platreef 2022 Feasibility Study 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 2022 Feasibility Study. Readers are cautioned that actual results may vary from those presented.
Forward-looking statements and information involve significant risks and uncertainties, should not be read as guarantees of future performance or results and will not necessarily be accurate indicators of whether or not such results will be achieved. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements or information, including, but not limited to, the factors discussed below and under "Risk Factors", and elsewhere in this release, as well as unexpected changes in laws, rules or regulations, or their enforcement by applicable authorities; the failure of parties to contracts with the company to perform as agreed; social or labour unrest; changes in commodity prices; and the failure of exploration programs or studies to deliver anticipated results or results that would justify and support continued exploration, studies, development or operations.
Although the forward-looking statements contained in this 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 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 release.
The company's actual results could differ materially from those anticipated in these forward-looking statements as a result of the factors set forth below in the "Risk Factors" section in the company's 2022 Q2 MD&A and its current annual information form.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/137230
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Teck Resources Limited (TSX: TECK.A and TECK.B, NYSE: TECK) ("Teck") will release its third quarter 2022 earnings results before market open on Thursday, October 27, 2022.
A webcast to review the results will be held as follows:
An archive of the webcast will be available at teck.com within 24 hours.
About Teck As one of Canada's leading mining companies, Teck is committed to responsible mining and mineral development with major business units focused on copper, zinc, and steelmaking coal, as well as investments in energy assets. Copper, zinc and high-quality steelmaking coal are required for the transition to a low-carbon world. Headquartered in Vancouver, Canada, Teck's shares are listed on the Toronto Stock Exchange under the symbols TECK.A and TECK.B and the New York Stock Exchange under the symbol TECK. Learn more about Teck at www.teck.com or follow @ TeckResources .
Investor Contact: Ellen Lai Coordinator, Investor Relations 604.699.4257 ellen.lai@teck.com
Media Contact: Chris Stannell Public Relations Manager 604.699.4368 chris.stannell@teck.com
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Copper is one of the most important materials in our everyday life, and copper scrap material represents a strategic source of the crucial base metal.
Copper is widely used in building construction, electrical grids, electronic products, transportation equipment and home appliances. Rising demand for renewable energy, electric vehicles and high-tech products bodes well for copper, as it has the highest conductivity of any metal apart from silver, making it ideal for the green economy.
Recycled copper scrap contributes significantly to supply, and plays a behind-the-scenes role in balancing the market. "Copper's recycling value is so great that premium-grade scrap normally has at least 95 (percent) of the value of the primary metal from newly mined ore," states a report from the Copper Development Association.
What's more, scrap has been referred to as "the world's largest copper mine," and perhaps the most responsive as well, given producers' ability to source more or less depending on prices. Read on to learn about this material and its impact on the global copper market.
As with many metals, copper is 100 percent recyclable and for the most part retains its wide variety of beneficial properties when it is reused. Copper scrap material — also known as secondary copper — can be divided into two main categories: new scrap and old scrap.
New scrap is copper metal discarded in fabrication and manufacturing processes, and is typically considered higher-grade material than old scrap. Old scrap refers to copper wire, copper tubing, roofing copper or copper pipe from post-consumer products that can be converted to refined metal and alloys.
During the recycling process, these secondary copper materials are smelted in furnaces and then further processed and refined. Electrical applications require high-grade copper, and while newly mined copper is often preferred for this purpose, premium-quality new scrap material can be used as well. Recycled copper for use in non-electrical applications, such as plumbing tubes or roofing sheets, is often old scrap.
Scrap metal recycling aids the environment in many ways, such as by reducing energy use, greenhouse gas emissions and landfill waste. Indeed, the International Copper Study Group notes that one computer contains around 1.5 kilograms (3.3 pounds) of copper; a typical home can contain as much as 100 kilograms (220 pounds).
According to the group, recycling copper requires 85 percent less energy than primary copper production at the mine level. On a global level, copper recycling reduces electrical energy use by 100 million megawatt hours and keeps 40 million tonnes of carbon dioxide out of the atmosphere on an annual basis.
Copper scrap meets about 30 percent of total global copper demand, as per the International Copper Association. Percentages vary — in the US, copper scrap contributes about 32 percent of the nation's copper supply, while in Europe recycled copper accounts for about 50 percent of all copper use.
China, which makes up around half of global demand for copper, is also the world's largest refiner of copper from scrap material. Secondary copper production in China has averaged more than 1.5 million tonnes per year for the last decade, equal to about 30 percent of the nation's total copper consumption.
Much of that secondary copper comes from imports, largely from the US. In 2020, China reportedly imported 944,000 tonnes of high-purity copper scrap material.
This figure represents a steep drop from the 1.5 million tonnes imported in 2019 and the 2.4 million tonnes imported in 2018. The dramatic slide in copper imports is reflective of China's recently instituted restrictions on scrap metal imports, including copper, as part of its fight against environmental pollution.
The restrictions were introduced as a prelude to a planned outright ban on imports of what China calls "foreign garbage" that was intended to go into effect in 2020. But the COVID-19 pandemic and a lack of clarity from the country's government created confusion about the path forward.
Explaining the situation at the time, Bloomberg stated that China's restrictions on copper scrap imports "forced the country's highly lucrative processing industry to move overseas." Unfortunately, that happened alongside renewed demand for copper in China and the COVID-19 outbreak, which disrupted both primary and secondary copper supply lines at a global level.
As Research and Markets reported, the pandemic created a shortage of copper scrap metal.The COVID-19-induced supply gap, along with intense pressure from the nation's copper scrap recyclers, led China to exempt high-grade copper scrap imports from the waste ban, reclassifying them as "resources." The Chinese government also suspended its 25 percent tax on US copper scrap imports. The policy change with a focus on higher-grade recyclable materials boosted imports by 80 percent to 1.7 million tonnes in 2021.
Indonesia and Malaysia have also "emerged as major recycling hubs, reexporting a cleaner material to China," as per S&P Global Market Intelligence. "The two countries have recently been working toward new guidelines for metals scrap imports on concern over the processing of materials bearing copper and other elements."
Copper is a key material in many industries, and undersupply issues in the global copper market are nothing new — in fact, calls for peak copper have been made for more than a decade.
Where there's demand and a lack of supply, there's a need for scrap copper. This material will continue to play an important role in the overall copper market, especially in times when primary copper mines experience disruption or when they are simply not producing enough of the metal to feed demand.
This is an updated version of an article first published by the Investing News Network in 2011.
Don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.
Ivanhoe Mines (TSX:IVN)(OTCQX:IVPAF) and Ivanhoe Electric (NYSE American:IE)(TSX:IE) are pleased to announce participation in the Jefferies Green Metals Summit in New York City. Mr. Robert Friedland, Founder and Executive Co-Chairman, Ivanhoe Mines Ltd. and Chairman and Chief Executive Officer of Ivanhoe Electric Inc. will deliver a keynote address on Thursday, September 15th at 9:40 AM EDT
The Jefferies Green Metals Summit will provide investors with the opportunity to meet with leading metals, mining, and steel companies to discuss decarbonization efforts and technological advances across their business and products.
The Summit will focus on the state of sustainable finance and the pursuit of worldwide "net zero" policies, supply shortages of critical metals, and the interplay between climate change, energy security, and commodities. The shift to net zero will require more mining, not less. The aggressive adoption of low-emission energy systems of the future - solar and wind power, electric vehicles (EVs) and grid-scale batteries - will be highly metals intensive.
Location: Jefferies Conference Center 520 Madison Avenue, 10th Floor New York, NY 10022
For more information, please contact: Chris LaFemina (clafemina@jefferies.com) or Oliver Daschel (odachsel@jefferies.com)
Ivanhoe Mines is a Canadian mining company focused on advancing its three principal projects in Southern Africa: the major new, mechanized, underground mines at the Kamoa-Kakula Mining Complex in the Democratic Republic of Congo, the development of the Platreef palladium-rhodium-nickel-platinum-copper-gold discovery in South Africa; and the restart of the historic Kipushi zinc-copper-germanium-silver mine, also in the Democratic Republic of Congo.
Ivanhoe Mines also is exploring for new copper discoveries across its circa 2,400km2 of exploration licences in the Western Foreland region in the Democratic Republic of Congo, which are located in close proximity to the Kamoa-Kakula Mining Complex.
Investors Vancouver: Matthew Keevil +1.604.558.1034 London: Tommy Horton +44 7866 913 207
Media Tanya Todd +1.604.331.9834 Website www.ivanhoemines.com
Ivanhoe Electric is an American technology and mineral exploration company that is re-inventing mining for the electrification of everything by combining advanced mineral exploration technologies, renewable energy storage solutions and electric metals projects predominantly located in the United States. Ivanhoe Electric uses its Typhoon™ transmitter, an accurate and powerful geophysical survey system, together with advanced data analytics provided by its subsidiary, Computational Geosciences, to accelerate and de-risk the mineral exploration process as well as to potentially discover deposits of critical metals that may otherwise be undetectable by traditional exploration technologies. Through its controlling interest in VRB Energy, Ivanhoe Electric also develops and manufactures advanced grid-scale vanadium redox battery storage systems. Finally, through advancing its portfolio of electric metals projects located primarily in the United States, headlined by the Santa Cruz Copper Project in Arizona and the Tintic Copper-Gold Project in Utah, as well as projects in Montana, Oregon and North Carolina, Ivanhoe Electric is also well positioned to support American supply chain independence by delivering the critical metals necessary for electrification of the economy.
Investors Evan Young, Vice President of Corporate Development +1.604.689.8765 Valerie Kimball, Director of Investor Relations +1.720.933.1150 Website www.ivanhoeelectric.com
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September 12 th 2022 TheNewswire - Kiplin Metals Inc. (TSXV:KIP) (the " Company " or " Kiplin ") announces that the Company has received the requisite exploration permits for its upcoming geophysical survey program at the Company's Cluff Lake Road (CLR) Uranium Project in northwestern Saskatchewan. The Company is the beneficiary of a 100% interest in the Cluff Lake Road Uranium Project and controls all exploration and development of the Project at this time.
The survey is to consist of up to 40-line kilometers, in a roughly east west direction, and will be integrated with data from previous surveys to develop targets for diamond drilling. The purpose of the survey is to define drill targets which are prioritized by radon gas soil anomalies, identified within interpreted faults. The Company is applying for the requisite permits and expects to be drilling within the next 60 days.
Peter Born, Director of Kiplin, commented "we are very pleased to receive this permit, and appreciate the Province's support of our upcoming exploration plan. This program will allow us to advance the Cluff Lake Road Uranium Project meaningfully."
The Company intends to initiate this exploration program as quickly as possible and will provide updates on the timing of its work program as they become available.
Dr. Peter Born, P.Geo., is the designated qualified person as defined by National Instrument 43-101 and is responsible for, and has approved, the technical information contained in this release.
Kiplin Metals Inc. is a mineral exploration company. We create value for our shareholders by identifying and developing highly prospective mineral exploration opportunities. Our strategy is to advance our projects from discovery all the way to production. This vertically integrated strategy allows Kiplin Metals to achieve exceptional shareholder value through the entire life-cycle of the mining process.
Cluff Lake Road Uranium Project. Kiplin Metals has the right to earn a one-hundred percent interest in the Cluff Lake Road Uranium Project (the "CLR Project"). The CLR Project covers ~531ha in the southwestern Athabasca Basin in northern Saskatchewan, where several new discoveries, including the Arrow and Tripe R Uranium deposits have been made. The CLR Project is 5km east of the Cluff Lake Road (Hwy 955), which leads to the historic Cluff Lake Mine, which historically produced approximately 62,000,000lbs of yellowcake uranium.
Exxeter Gold Project covers an area of 715ha located in Val d'Or Quebec, one of the premier gold camps in the world which produced over 113.4M oz Au by the end of 2019. The project covers 3.8km of the Cadillac Tectonic zone, which is the principal geologic structure responsible for cold mineralization in the Val d'Or.
For further information, contact the Company at info@kiplinmetals.com , or visit the Company's website at www.kiplinmetals.com .
On behalf of the Board,
For further information, contact the Company at 604-622-1199.
On behalf of the Board of Directors,
Neither the 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.
This news release may include forward-looking statements that are subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward looking. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements except as required under the applicable laws.
Copyright (c) 2022 TheNewswire - All rights reserved.
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Pan Global Resources' Tim Moody: Potentially Significant Copper Discovery in the Iberian Pyrite Beltyoutu.be
Pan Global Resources (TSXV:PGZ) announced new drill results at its 100 percent owned Escacena project in the Iberian Pyrite Belt in Southern Spain. Director Tim Moody said the company has the opportunity to make another discovery.
“La Romana is a new copper discovery with potentially important concentrations of tin and silver as well. We’ve been drilling non-stop now for over a year and a half. We've probably got 130 drill holes into it. It's high-grade copper mineralization from surface, extending to maybe 300 or 400 meters depth, and over about 1.3 kilometers east,” said Moody. The company is waiting for some access to grow it further to the west. “It's certainly shaping up to be a potentially significant new copper discovery in the Iberian Pyrite Belt in Spain.”
The Iberian Pyrite Belt is known for its large volcanogenic massive sufide deposits. Moody explained that the area has been continuously mined since pre-Roman days for more than 2,000 years, but it still attracts major players. “There are at least seven operating mines in the belt, and there’s nothing like it when it comes to finding these very large volcanogenic massive sulfide orebodies," he said.
“The Romans were great explorers. And though the rocks were sticking out of the ground, these were well explored. We managed to pick up a really unique piece of ground off the edge of the cover for the outcropping areas where these prospective rocks went under shallow cover. We used modern geophysics to drill and we made a new discovery. It looks like you’re sitting over the top of it, but just enough to hide it from the Romans. So we're fortunate.”
According to Moody, the new drill results continue to show potential for near-surface, high-grade mineralization. Drilling successfully defined the southern margin of the La Romana mineralization and shows supergene copper mineralization extending over the footwall to the main copper zone.
Pan Global Resources plans to expand the deposit further to secure access to the western extensions, where there is near-surface mineralization.
Watch the full interview of Pan Global Resources Director Tim Moody above.
Disclaimer: This interview is sponsored by Pan Global Resources (TSXV:PGZ). This interview provides information which was sourced by the Investing News Network (INN) and approved by Pan Global Resources in order to help investors learn more about the company. Pan Global Resources is a client of INN. The company’s campaign fees pay for INN to create and update this interview.
INN does not provide investment advice and the information on this profile should not be considered a recommendation to buy or sell any security. INN does not endorse or recommend the business, products, services or securities of any company profiled.
The information contained here is for information purposes only and is not to be construed as an offer or solicitation for the sale or purchase of securities. Readers should conduct their own research for all information publicly available concerning the company. Prior to making any investment decision, it is recommended that readers consult directly with Pan Global Resources and seek advice from a qualified investment advisor.
This interview may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, receipt of property titles, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. The issuer relies upon litigation protection for forward-looking statements. Investing in companies comes with uncertainties as market values can fluctuate.
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