PM40069240 EXPLORATION PROJECTS TO WATCH SPECIAL FOCUS Milestones on the horizon for juniors chasing hot prospects / 9–15 ROB MCEWEN: ANSWERS CRITICS OF US$90M OFFERING / 5 FORTUNA SILVER: NEARS PRODUCTION AT LINDERO / 16 DECEMBER 10–23, 2018 / VOL. 104 ISSUE 25 / GLOBAL MINING NEWS · SINCE 1915 / $3.99 / WWW.NORTHERNMINER.COM 905 841 5004 | geotech.ca VTEM™ | ZTEM™ | Gravity | Magnetics WWW.SGS.COM/MINING [email protected]DELIVERING QUALITY EXPERTISE GLOBALLY ACROSS THE ENTIRE MINING LIFE CYCLE A drill rig at Nighthawk Gold’s Indin Lake gold property in the Northwest Territories. NIGHTHAWK GOLD S ince it kicked off this year’s 32,500-metre drill program in March, Nighthawk Gold (TSX: NHK; US-OTC: MIMZF) has continued drilling at the Colomac and Grizzly Bear gold deposits, which, along with its Goldcrest gold deposit, make up the Colomac project’s inferred resource of 2.61 million con- tained oz. gold in 50.3 million tonnes grading 1.62 grams gold per tonne. But the company has also spent a lot of time drilling several of its regional gold deposits and showings to build on what it says is a gold camp with vast, underexplored potential in the Indin Lake greenstone belt of the Northwest Territories, 200 km north of Yellowknife. “This past year a little over half of our drill metres were outside Colomac on our larger land package,” Michael Byron, Nighthawk’s president and CEO, says in a telephone interview. “e whole concept of why we consolidated the Indin Lake belt was to demonstrate that it is a gold camp at its very early stages of exploration and evolution.” So far, Nighthawk’s most ex- citing regional targets on the property are Treasure Island, 11 km northwest of Colomac; Leta Arm, 15 km southwest of Colomac; and Damoti Lake, 28 km south of Colomac. e company drilled 16 holes (4,000 metres) at Treasure Island this year — the first drilling there since the company intersected several shallow, high-grade gold intercepts in 2011. All 16 holes intersected min- eralization, with visible gold in 14 of them. Highlights include 46.3 metres grading 3.31 grams gold per tonne from 118 metres downhole, in- cluding 21.8 metres of 6.23 grams Nighthawk explores regions near Colomac in NWT GOLD | Drills ‘vast, unexplored potential’ north of Yellowknife BY TRISH SAYWELL [email protected]See NIGHTHAWK / 6 BY TRISH SAYWELL [email protected]D espite its best efforts, the “most likely scenario” is that in 2021, mining operations will cease in Flin Flon, Man., an internal memo to employees at Hud- bay Minerals (TSX: HBM; NYSE: HBM) says. While the company has extended the life of its 777 mine from 2019 to 2021, the memo notes, its efforts to find new sources of ore from 777 “did not turn out as we hoped.” That means that the Flin Flon mill will also cease operations, the memo states, and the “most likely outcome is that the zinc plant will also close in 2021. “We have to be honest: aſter min- ing for 90 years in the Flin Flon area, we now know that we won’t have an anchor mine to replace 777 and sustain operations in Flin Flon the same way they are today,” Robert Assabgui, vice-president of Hudbay’s Manitoba business unit, wrote to staff. “In 2022, with only Lalor ore avail- able, the zinc plant will have only 50% of the feed that it has today. It is unlikely we will be able to techni- cally or commercially operate the plant at this reduced throughput.” e 777 zinc-copper-gold-silver mine began commercial produc- tion in 2004. e company said it is working to figure out what this means for jobs, but doesn’t have all the answers yet. “I can tell you that we know there will be a need for more people at Stall mill and Lalor mine,” Assabgui said. Flin Flon mining to stop in 2021, Hudbay memo says BASE METALS | Efforts to find more ore failed See HUDBAY / 2
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PM40069240
EXPLORATION PROJECTS TO WATCH
SPECIAL FOCUS
Milestones on the horizon for juniors chasing hot prospects / 9–15
ROB MCEWEN: ANSWERS CRITICS OF US$90M OFFERING / 5
FORTUNA SILVER: NEARS PRODUCTION AT LINDERO / 16
DECEMBER 10–23, 2018 / VOL. 104 ISSUE 25 / GLOBAL MINING NEWS · SINCE 1915 / $3.99 / WWW.NORTHERNMINER.COM
DELIVERING QUALITY EXPERTISE GLOBALLY ACROSS THE ENTIRE MINING LIFE CYCLE
A drill rig at Nighthawk Gold’s Indin Lake gold property in the Northwest Territories. NIGHTHAWK GOLD
Since it kicked off this year’s 32,500-metre drill program in March, Nighthawk Gold
(TSX: NHK; US-OTC: MIMZF) has continued drilling at the Colomac and Grizzly Bear gold deposits, which, along with its Goldcrest gold deposit, make up the Colomac project’s inferred resource of 2.61 million con-tained oz. gold in 50.3 million tonnes grading 1.62 grams gold per tonne.
But the company has also spent a lot of time drilling several of
its regional gold deposits and showings to build on what it says is a gold camp with vast, underexplored potential in the Indin Lake greenstone belt of the Northwest Territories, 200 km north of Yellowknife.
“This past year a little over half of our drill metres were outside Colomac on our larger land package,” Michael Byron, Nighthawk’s president and CEO, says in a telephone interview. “The whole concept of why we consolidated the Indin Lake belt was to demonstrate that it is a gold camp at its very early stages of exploration and evolution.”
So far, Nighthawk’s most ex-citing regional targets on the
property are Treasure Island, 11 km northwest of Colomac; Leta Arm, 15 km southwest of Colomac; and Damoti Lake, 28 km south of Colomac.
The company drilled 16 holes (4,000 metres) at Treasure Island this year — the first drilling there since the company intersected several shallow, high-grade gold intercepts in 2011.
All 16 holes intersected min-eralization, with visible gold in 14 of them.
Highlights include 46.3 metres grading 3.31 grams gold per tonne from 118 metres downhole, in-cluding 21.8 metres of 6.23 grams
Nighthawk explores regions near Colomac in NWT
GOLD | Drills ‘vast, unexplored potential’ north of Yellowknife
Despite its best efforts, the “most likely scenario” is that in 2021, mining operations
will cease in Flin Flon, Man., an internal memo to employees at Hud-bay Minerals (TSX: HBM; NYSE: HBM) says.
While the company has extended the life of its 777 mine from 2019 to 2021, the memo notes, its efforts to find new sources of ore from 777 “did not turn out as we hoped.”
That means that the Flin Flon mill will also cease operations, the memo states, and the “most likely outcome is that the zinc plant will also close in 2021.
“We have to be honest: after min-ing for 90 years in the Flin Flon area, we now know that we won’t have an anchor mine to replace 777 and sustain operations in Flin Flon the same way they are today,” Robert Assabgui, vice-president of Hudbay’s Manitoba business unit, wrote to staff.
“In 2022, with only Lalor ore avail-able, the zinc plant will have only 50% of the feed that it has today. It is unlikely we will be able to techni-cally or commercially operate the plant at this reduced throughput.”
The 777 zinc-copper-gold-silver mine began commercial produc-tion in 2004.
The company said it is working to figure out what this means for jobs, but doesn’t have all the answers yet.
“I can tell you that we know there will be a need for more people at Stall mill and Lalor mine,” Assabgui said.
Carube Copper (TSXV: CUC) has expanded the gold-in-soil anomaly at its Main Ridge
gold project in Jamaica east to a 5.5 km total strike length.
Though Carube has several copper and gold projects in Jamaica, the company says Main Ridge is one it can fast track through explora-tion. Carube is now carrying out detailed mapping and sampling at Main Ridge, including rock-chip samples, grab samples and chan-nel samples across all mineralized structures it considers significant. This could continue until year-end.
“We are aggressively working on our Main Ridge gold project in Jamaica, where we’ve found pretty good indications of mineralization at surface,” company president and CEO Stephen Hughes says in a tele-phone interview with The Northern Miner.
The company first defined a gold-in-soil anomaly at Main Ridge in August 2018 to a minimum 2 km strike length, with gold values rang-ing from 0.05 to 6.13 grams gold per tonne. At the time, Carube found two mineralized structures. It collected grab samples grading 6.1 grams gold and 13.9 grams gold from what became its Donkey Hill and Mango Valley prospects.
The prospects sit along trend northwest of the Pennants gold deposit, which AusJam Mining developed into a small, open-pit gold mine after BHP Billiton (LON: BHP; NYSE: BHP) found it in the early 1990s. Drilling by AusJam at Pennants reported grades as high as 429.78 grams gold over 1.7 me-tres, and 56.41 grams gold over 3.8 metres. AusJ reportedly mined as much as 15,000 oz. gold at Pennants.
The Pennants deposit has a 75,500-tonne historical resource
grading 20.4 grams gold. AusJam reported 17 grams gold over 3.1 metres and 2.7 grams gold over 1.4 metres in historical drilling at Main Ridge.
In October 2018, Carube an-nounced more high-grade, rock-chip samples from Main Ridge, along with a third gold prospect called Silver Fish. Recent grab samples have graded as high as 19.3 grams gold at Mango Valley, 12 grams gold at Donkey Hill and 1.7 grams gold at Silver Fish. All prospects are hosted in quartz vein
structures.Most recently, Carube found two
more gold-in-soil anomalies on the other side of Pennants, east of the deposit, called Guava Ridge and John Austin. The company took 326 samples at eastern Main Ridge at 100-metre spacings over a 1,500- by 1,900-metre area.
The samples graded up to 1.14 grams gold in soils at Guava Ridge and 2.11 grams gold in soils at John Austin. Grab samples graded as high as 0.21 gram gold at Guava Ridge and 1.19 grams gold at John Austin.
Main Ridge also hosts two copper-in-soil anomalies called Orange Hill and Trout Hall. Rock-chip channel sampling at Trout Hall returned grades as high as 0.84% copper over 0.8 metre and 0.79% copper over 1.5 metres.
“Outside of that we’re actively speaking to at least 10 companies at a time about copper projects across the globe, with a preference to the Americas,” Hughes says.
Hughes took over as CEO earlier this year, replacing Jeff Ackert, who stepped aside and became the com-
pany’s vice-president of business development. The company then reorganized its board.
“What we’ve done is created a group of extremely experienced and talented individuals to look at things a bit differently than what was done in the past at Carube,” Hughes says. “It was a Jamaica-focused company, and I see that changing now.”
Hughes says Jamaica has good copper projects, but not “of the scale that is of serious interest.” Still, the company is reviewing its copper anomalies across Jamaica to determine which ones could host a deposit.
The company intends to pick up at least two more exploration or development projects. While its focus is copper, Hughes says he is considering gold assets, as well. He says his intent is to lower the com-pany’s risk profile by diversifying its portfolio.
“First and foremost, I don’t like being isolated in one country,” Hughes says. “It just increases your risk.”
He adds that “everyone on the board, we all believe that next year there’s going to be a significant in-crease in copper price, as companies either don’t meet production levels, or those that are have lower grades than planned.”
Before joining Carube, Hughes served for 23 years as a director and as vice-president of explora-tion for Asiamet Resources (LON: ARS; US-OTC: KMGLF), which is preparing a bankable feasibility study for its Beruang Kanan Main copper project in Indonesia. The project has 49.2 million measured and indicated tonnes grading 0.7% copper for 711.3 million lb. copper at a 0.2% copper cut-off grade.
Shares of Carube Copper are trad-ing at 4¢ in a 52-week range of 4¢ to 10¢. The company has a $7-million market capitalization. TNM
Carube expands gold anomalyat Main Ridge in Jamaica
GOLD | New management to expand company’s focus beyond Jamaica
“We are also optimistic that there will be additional jobs at the New Brit gold mill once refurbished, and potentially at Pen, if this project moves forward.
“We are still working through these business scenarios, and since these studies are still ongoing, we cannot provide a definitive answer. We anticipate offering training to help people transition to future roles, but we also expect that job loss will be part of the outcome.”
In 2015, Hudbay acquired a 100%
stake in the New Britannia mine and mill in Snow Lake. The mill is on care and maintenance, but if refurbished, could process up to 1,500 tonnes per day of gold zone and copper-gold zone ore
from Lalor, and could provide an alternative to moving Lalor ore to Flin Flon for processing. The New Britannia mill includes a carbon-in-pulp circuit that has historically produced gold doré on-site.
Hudbay’s Lalor mine, in the Chisel basin, 208 km east of Flin Flon in Snow Lake, produces zinc, copper, gold and silver. Initial pro-duction began in August 2012 and the mine reached commercial pro-duction in the third quarter of 2014.
Hudbay’s concentrator in Snow Lake processes ore from Lalor. The concentrator was refurbished in 2014 and processes 3,000 tonnes of mineralized material a day from the Lalor mine, and produces zinc and copper concentrates.
Hudbay’s Reed copper mine, 120 km east of Flin Flon, produced its last ore in August and processing was completed in September. The mine started commercial produc-tion in the first quarter of 2014. TNM
“WE HAVE TO BE HONEST: AFTER MINING FOR 90 YEARS IN THE FLIN FLON AREA, WE NOW KNOW THAT WE WON’T HAVE AN ANCHOR MINE TO REPLACE 777.”ROBERT ASSABGUIVICE-PRESIDENT OF MANITOBA BUSINESS UNIT, HUDBAY
HUDBAY From 1
Flin Flon mining to stop in 2021, Hudbay memo says
A jumbo at Hudbay Minerals’ 777 zinc-copper mine in Flin Flon, Manitoba. HUDBAY MINERALS
Personnel in the field at Carube Copper’s Main Ridge gold project in Jamaica. CARUBE COPPER
GLOBAL MINING NEWS THE NORTHERN MINER / DECEMBER 10–23, 2018 3
Cobalt 27 Capital Corp. (TSXV: KBLT; OTCQX: CBLLF; FRA: 270) is ramping up its exposure to the electric vehicle (EV) revolution with substantial cobalt stream acquisitions to complement its portfolio of battery metal royalties and inventory of physical cobalt.
This year Cobalt 27 acquired from Vale, the world’s first pure cobalt stream for US$300 million on Vale’s Voisey’s Bay mine located in Labrador. The stream, which is expected to deliver approximately 1.9 million pounds of cobalt per year to Cobalt 27, is to be settled in physical delivery for the life of the mine.
Also in 2018, Cobalt 27 acquired a 1.75% net smelter return royalty (NSR) on RNC Minerals’ construc-tion-ready Dumont nickel-cobalt project in Quebec, which includes the world’s largest undeveloped cobalt reserve; and, a 2% NSR on Giga Metals’ Turnagain nickel-cobalt project located in British Columbia, one of the largest un-developed sulphide nickel-cobalt deposits in the world (in terms of total contained nickel).
The Voisey’s Bay stream entitles Cobalt 27 to 32.6% of the mine’s finished cobalt production com-mencing January 1, 2021, until it receives 23.8 million lb. cobalt, and then 16.3% of the mine’s finished cobalt production for the rest of the mine’s life.
“The Voisey’s Bay Cobalt Stream is a world-class, once in a life-t ime oppor tunity to par tner on the greatest nickel-sulf ide dis-covery in the past 30 years. Vale is currently undergoing a US$1.7 billion underground expansion at the open pit mine, which is ex-pected to extend the life of mine to 2034. The low-cost nickel mine is run and operated by Vale, with a guarantee that they will build out the underground mine by 2021,” commented Anthony Milewski, Cobalt 27’s chairman and CEO.
The Voisey’s Bay cobalt stream will be settled by Vale delivering to Cobalt 27 cobalt metal stored in warehouse in the form of ware-house certificates. At current co-
balt spot prices, the Voisey’s Bay cobalt stream is expected to add significant cash flow to Cobalt 27, for an initial 14 year mine life.
The Voisey’s Bay open-pit mine produced 1,800 tonnes cobalt, 52,000 tonnes nickel and 34,000 tonnes copper in 2017.
“Voisey’s Bay is particularly in-teresting because we will actually get the physical cobalt delivered to us and we’re the agents of that cobalt,” says Milewski. “We think that creates tremendous strategic value. We have the stream but we also control the product.”
Since its IPO in June 2017, Cobalt
27 has built up a portfolio of bat-tery metals streams and royalties designed to capitalize on the EV revolution and the more nascent grid-power storage revolution. In doing so, it considered the pros-pects of various battery minerals, including copper and lithium.
“When we first evaluated cobalt, including current and projected supply and demand fundamentals, what we realized was that today, 50% of all cobalt is used in bat-teries of some form and, with ac-celerated global adoption on EVs, cobalt demand is expected to grow at double digit rates over the next
5-10 years,” says Milewski. “What we saw in cobalt is that it’s really a great proxy for the adoption of electric vehicles.”
Conservative estimates suggest that EVs will represent 8%-20% of the vehicle market by 2025, and 17%-38% by 2030. That could help propel the demand for cobalt from 106,000 tonnes in 2017 to 190,000 tonnes by 2025.
If 100 million EVs are on the road by 2030, Cobalt 27 estimates this could require more than four times the current annual cobalt production, which totalled 102,800 tonnes in 2017 and is expected to rise to 118,100 tonnes in 2018. More than 29 automakers have invested in electr ic and hybrid vehicles, including Volvo, which aims to make only electric and hybrid vehicles by 2019.
Several countries are target-ing future bans on gasoline and diesel vehicle sales: Norway and the Netherlands by 2025; India and Germany by 2030; and the United Kingdom and France by 2040. China is also planning bans, but has not yet set a timeline.
“When you look at September 2018, the percentage of new car sales in Canada being EVs was 8%, and in California it was 10%,” says Milewski. “Those numbers exceed any analyst’s forecasts that we are aware of.”
“The adoption of the electric vehicle is happening at a much more accelerated rate than what the market ant ic ipates. That is going to materially impact not just cobalt, but also nickel, copper and lithium.”
Apar t f rom the st reams and royalties, Cobalt 27 also has in storage 2,906 tonnes of physical cobalt valued at C$286 million in October 2018.
Shares of Cobalt 27 are trading at $4.88 within a 52-week range of $4.55 to $14. The company has a $412 million market capitalization.
“In terms of investment op-portunities, metals streaming and royalties continue to be the top performing asset class across all TSX-listed mining companies,” says Milewski. “With Cobalt 27, we have combined the best-per forming asset class — metals streaming and royalties — with battery met-als, which we believe will continue to emerge as the top performing commodities globally due to the electrification of the transportation and energy storages sectors. It’s really wor th thinking about the impact of the changes that are currently underway and what it’s going to mean for a whole host of companies across the set of battery-linked commodities.”
“It’s going to be tremendously impactful in terms of valuations of these companies and the under-lying commodities in the coming years.”
— The preceding Joint-Venture Article is promoted content spon-sored by Cobalt 27 Capital Corp., and compiled in cooperation with The Northern Miner. Visit www.cobalt27.com for more information.
In June 2018, Cobalt 27 acquired a US$300 million cobalt stream for 32.6% cobalt production beginning January 1, 2021, from Vale on the Voisey’s Bay mine, including the proposed US$1.7 billion Voisey’s Bay mine underground expansion which will extend the life of mine to 2034. Cobalt 27’s Voisey’s Bay Cobalt Stream is scheduled to deliver approximately 1.9 million pounds of cobalt per year to Cobalt 27, to be settled in physical delivery for the life of the mine. Credit: Vale
Cobalt rounds from the Voisey’s Bay Long Harbour processing plant which became operational in 2014, and has total production capacity of 50,000 tonnes of nickel per annum. In addition to nickel and cop-per, the Long Harbour plant produces high purity cobalt rounds from Voisey’s Bay concentrate. Credit: Vale
Cobalt 27 is Ready to Ride the EV Revolution
JOINT VENTURE ARTICLE
“THE VOISEY’S BAY COBALT STREAM IS A WORLD-CLASS, ONCE IN A LIFETIME OPPORTUNITY TO PARTNER ON THE GREATEST NICKEL-SULFIDE DISCOVERY IN THE PAST 30 YEARS.”ANTHONY MILEWSKICHAIRMAN AND CEO, COBALT 27 CAPITAL CORP.
WWW.NORTHERNMINER.COM4 DECEMBER 10–23, 2018 / THE NORTHERN MINER
As 2018 draws to a close, one of the more intriguing exploration stories of the year is shaping up in the Paterson
province in a remote part of Western Australia’s Great Sandy Desert — east of the Pilbara region’s better-known iron ore district.
Due to extensive sand dunes and other unconsolidated cover, the Paterson province is relatively underdeveloped, compared to the iron fields to the west. Nevertheless, the
Paterson province hosts two of Australia’s biggest mines: Newcrest Mining’s Telfer gold-copper-silver mine and Metals X’s Nifty copper mine.
Because Rio Tinto is such a huge company, its grassroots exploration successes generally aren’t big enough to warrant being revealed in the company’s public disclosure, unless there is some kind of public-relations payoff.
In the case of its copper-gold exploration activities in the Paterson province, Rio Tinto has been officially silent on the issue, and so keen observers have had to be a little creative in inferring just what the supermajor is up to in eastern Pilbara.
Rio Tinto first raised flags over the past year by adding tenfold to its landholdings in the area — applying for almost 30 exploration licences.
Sleuths in the Australian media and mining community have pored over satellite images taken of Rio Tinto’s ground at Paterson and deduced a major drilling program has been underway since 2017, with a 40-person camp set up and drill rigs moved in that are large enough to drill the deepest holes.
With satellite images refreshed every five or six days and no concealing vegetation, observers can see drill spacing proceeding at 200-metre intervals, with selective, 100-metre spacing.
Those suspecting something large is afoot saw more evidence in Rio Tinto’s recent application to build an airstrip at its Paterson operations.
Veteran Australian resources reporter Barry Fitzgerald wrote in June that “the scuttlebutt is that after mapping a subtle, induced-polarization, granite-related anomaly, drilling by Rio hit primary copper at a depth of 40 metres, and then visible primary mineralization down to depths of 180 metres in two holes 200 metres apart — just before what was the 2017 drilling program came to an end.”
Rio Tinto is also exploring Antipa Minerals’ Citadel gold-copper project in the Paterson province after agreeing in October 2015 to spend up to A$60 million to earn up to a 75% farm-in.
Those seeking more substance to the excitement need only look at the world-class, gold-copper drill intercepts announced by London-based explorer Greatland Gold, whose 385 sq. km Paterson project in the area comprises the Havieron, Black Hills and Paterson Range East licences.
In hole 1 — drilled at Havieron and reported in June 2018 — Greatland cut 121 metres grading 2.93 grams gold per tonne and 0.23% copper from 497 metres, including 11.5 metres at 21.23 grams gold and 0.67% copper from 569 metres.
In its most recent drill results reported on Dec. 4, Greatland Gold said that “initial observations reveal the intersection of significant visible mineralization in every hole” of the company’s current drilling campaign at Havieron. Hole 5 returned a combined intercept of 275 metres grading 4.77 grams gold and 0.61% copper, including an upper zone of 118 metres at 3.08 grams gold and 0.84% copper from 459 metres, and a lower zone of 157 metres at 6.04 grams gold and 0.44% copper from 660 metres.
Other juniors stepping up their activity in the Paterson province in recent months are Sipa Resources, Metalicity, Red Metal and Encounter Resources, as well as iron ore miner Fortescue Metals Group.
It looks like explorers have solved many of the technical challenges of probing beneath the thick sand cover of the Paterson province, and we look forward to an exciting year ahead in the region.
With virtually all the land locked up by various claimstakers, hopefully Rio Tinto will finally make public the nature of its activities, and any discoveries of note. TNM
Rio Tinto-led staking rush hits Australia’s Paterson province
EDITORIAL | Greatland Gold cuts long intercepts at Havieron
Since the beginning of the 20th Century, a healthy mineral exploration industry has been
the major driving force that has uncovered northern Manitoba’s economic mineral deposits to the benefit of all Canadians.
Multiple cities and communities were established in Manitoba due to these exploration and mining successes, including Flin Flon, Thompson, Snow Lake and Bissett.
In the 1990s, the Manitoba gov-ernment made a very important supportive mining decision by introducing two programs: the Manitoba Exploration Assistance Program (MEAP), and the Manito-ba Prospectors Assistance Program (MPAP). Both programs provided financial support for companies and individuals who were already spending their own money on mineral projects in Manitoba.
In return, the province’s min-ing community responded with the major discoveries of Lalor, Reed Lake, Hinge, and some other mines. These discoveries were also very supportive for the people of Northern Manitoba.
It’s no secret that since 2013–2014, the world market for base and precious metals is under tremen-dous pressure of low prices. This drastically affected our province with significant reduction of in-vestment in mining and explora-tion. In addition to this, in 2018
the MEAP and MPAP programs were put on hold.
We all realize that our provincial government wants to balance the financial situation in Manitoba. On the other end, it’s important to attract investments to keep exploration projects going.
We know that most of Mani-toban mineral exploration and mining projects are located within the northern part of the province. And exploration and mining com-panies always were substantial contributors in creating jobs in these northern communities.
This is my plea to Blaine Ped-ersen, our province’s Minister of Growth, Enterprise and Trade, to please review the situation with the MEAP and MPAP, and bring these programs back on track.
If they are restored, believe me that we will all witness how posi-tively it will effect the investment climate of our province.
All Manitobans want to live in a wealthy and prosperous province, and the mining community will do its part to be a significant con-tributor to the provincial treasury.
If you agree with this view, please add your name to a petition I have started at: www.change.org/p/blaine-pedersen-re-open-meap-and-mpap-programs-in-manitoba
Nikolay Bashaev, P.Geo.Manitoba
Time to reopen prospector programs
in ManitobaLETTER TO THE EDITOR | MEAP and MPAP helped
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The headframe at Hudbay Minerals’ Lalor zinc-gold-copper mine, near Snow Lake, Manitoba. HUDBAY MINERALS
On Nov. 8, McEwen Mining (TSX: MUX; NYSE: MUX) entered an equity distribu-
tion agreement with UBS Securi-ties, BMO Capital Markets, Cantor Fitzgerald & Co., H.C. Wainwright & Co., Roth Capital Partners and Alliance Global Partners to offer up to US$90 million of its common stock in the United States. Under the terms of the at-the-market offering (ATM) filed with the U.S. Securities and Exchange Commission (SEC), the agents can sell stock in McEwen Mining at the current market price on the New York Stock Exchange and get a 2% commission of the gross sales price per share of the company’s common stock. ATMs have become a popular method of financing for companies in the U.S., helping them raise equity capital over time by selling new shares into the trading market at prevailing prices, rather than through traditional underwrit-ten offerings of a fixed number of shares at a fixed price all at once. They are generally less expensive and less complicated to execute. Most companies disclose ATMs when they provide regular financial updates, such as during quarterly conference calls. The Northern Miner spoke with McEwen Mining founder Rob McEwen about the offering.
The Northern Miner: What was the rationale behind the offering and the timing?
Rob McEwen: It’s an instrument called an “at-the-market financing.” They’re fairly common in the U.S. and are gaining popularity here. It’s a cheaper way of raising money. The investment bankers’ fees are half or less. They say that they don’t have to do as much work. They basically sell shares into the market over an extended period of time.
TNM: How does it work?
RM: You do a registration with the SEC, and, similar to shelf fil-ings, the registration is for potential sales, meaning the sales under this instrument can be done at our dis-cretion and timing. This financing is not done right away. This instru-ment allows us to raise up to US$90 million over a period of time. The shares will be sold into the market at the market price. So, you don’t have the traditional discount that occurs when you do a financing like a marketed deal or a bought deal. Investment banking fees are usually half or less. Also, this type of financing is usually less disruptive to your share price. Furthermore, the advice we received from our financial advisors was that most
companies that use this form of financing make the mandatory public filings but do not make or issue a press release relating to the financing. So we followed what was standard practice. We registered the financing to have flexibility. Not only are we building our Gold Bar mine, but we wanted to have funds for exploration targets on our other properties, and to also have the capacity to take advantage of attractive growth opportunities.
TNM: What is the period of time specified for issuing these additional shares?
RM: There is no defined period and it can effectively be evergreen, but, again, this is at our discretion and we can cancel it at any time. Or we can raise the full amount and satisfy the registration limit. But it wouldn’t be raised all at once.
TNM: In the system for electronic document analysis and retrieval (SEDAR) filing, it says the net pro-ceeds will be used by McEwen Mining for working capital and for general corporate purposes, and some of it might be used to invest in short-term, investment-grade, interest-bearing investments and U.S. government
securities. Can you elaborate?
RM: The time to look for and acquire growth opportunities is right now. The financing is all about being pre-pared and able to react when we see a value-adding transaction. It could be a joint venture or a mergers and acquisitions transaction.
TNM: Could you be more specific?
RM: [Laughs.] No comment.
TNM: There has been some criti-cism of the company for not issuing a press release.
RM: The advice we got from the investment bankers is that you don’t need a press release. Very few com-panies that use this type of financ-ing, which must be publicly filed on SEDAR, make a press release. Once filed on SEDAR, it is consid-ered publicly disclosed. Filings on SEDAR trigger notices on watch lists monitored by many investors. I was surprised and saddened by the reaction. In hindsight, a press release setting out why we were registering this financing and how the financing worked would have been a good idea.
TNM: If you did another one, would you put out a press release?
RM: Absolutely, given the adverse reaction we experienced.
TNM: How are other things going at McEwen Mining?
RM: Construction of our Gold Bar mine is advancing, and we expect it to be up and running by year-end, and declaring commercial production in the first quarter. The tricky part about building a mine is making it work the way you said it was going to work, so we are very anxious until it’s doing just that: delivering the promise. I am pleased to say that Gold Bar is on schedule and on budget.
We’re just completing our explo-ration program at Black Fox. We spent $15 million on our property in Timmins. We’ll soon release resource updates in December and in the first quarter of 2019 for Black Fox and Gold Bar, and in the first half hope to have an amended permit to construct our Fenix project in Mexico. We are focused on extending the lives of our mines, reducing our operating cost per ounce and building our production base. TNM
Rob McEwen responds to criticism of US$90M at-the-market offering
INTERVIEW | Fundraising effort aims to give McEwen Mining more flexibility
In a move long sought by mineral explorers active in Canada, Canada’s federal government
has extended its mineral explora-tion tax credit (METC) for five years, in contrast to the prior trad-tion of renewing it annually.
The news came in November as part of the government’s fall eco-nomic statement, which included a $17.6-billion suite of business-friendly tax measures and invest-ments that should benefit firms in the mineral sector.
The METC allows qualifying ex-plorers (that don’t generate revenue from which to deduct expenses) to pass deductions on to investors by selling them flow-through shares. Investors also get an extra 15% tax credit when investing in what are now known as “super flow-through shares.”
The latest iteration of the METC was set to expire on March 31, 2019.
The government estimates the METC extension will lower revenues by $365 million over the five years.
Between 2010 and 2016, compa-nies raised an average $505 million each year under the METC, accord-ing to the government.
The Prospectors and Developers Association of Canada (PDAC) says this marks the first multi-year extension of the METC since its iteration was introduced in 2000. It was later renewed annually by successive governments.
“We are pleased that the govern-ment has heard our concerns about Canada’s waning competitiveness and adopted our recommendation,” says Lisa McDonald, PDAC interim executive director and chief operat-ing officer.
The Mining Association of Can-ada (MAC) also lauded the govern-ment for announcing two other tax measures, which should help miners and metal producers by helping firms write off three times the eligible costs of newly bought assets in the acquisition year, and write off the full cost of clean energy equipment.
“The enhanced treatment of capi-tal expenditures in the first year for mining and metal manufacturing provides an important incentive to invest in Canada,” MAC head Pierre Gratton says. “The write-off of the full cost of clean energy equipment will serve to incentivize investments in northern Canada where access to grid power does not exist, sup-porting a transition to low carbon energy alternatives.”
Gratton adds that he hopes miners can write off the cost of switching to electric haul trucks and other equipment.
MAC welcomed several other measures in the government an-nouncement: another $800 mil-lion over five years for the Strategic Innovation Fund; a commitment to boost overseas exports 50% by 2025; a proposed $13.6-million in-crease to the multimodal integrated passenger-freight information sys-tem; bolstering the Canadian Trade Commissioner Service; a suite of proposals to improve regulatory competitiveness; and accelerated investment of $773.9 million over the next five years of national, trade-corridors funding.
MAC notes these moves will help Canada compete for investment in light of recent tax changes in the United States. TNM
Canadian budget update full of goodies for miners
GOVERNMENT | Five-year extension of Mineral Exploration Tax Credit a boon to explorers
WWW.NORTHERNMINER.COM6 DECEMBER 10–23, 2018 / THE NORTHERN MINER
gold from 121 metres downhole and 16.5 metres of 7.71 grams gold from 126 metres downhole in drill hole 18-4B. Drill hole 18-3B cut 18.5 metres grading 7.37 grams gold from 165 metres below surface, including 8 metres of 16.14 grams gold, starting from 167 metres downhole.
“Those are wicked hits and are brand new in this area,” Byron says. “Now it’s just a function of understanding the mechanism of the emplacement of that higher grade.”
Treasure Island is the northern-most project on Nighthawk’s Indin Lake property and is situated along the eastern end of a 7-kilogram mineralized corridor that hosts several high-priority gold show-ings, including Laurie Lake, 4 km west. So far drilling has confirmed the gold system is upwards of 200 metres wide, 700 metres long and open in all directions, and supports Byron’s thesis that it could become a high-grade feeder to any future mining operation at Colomac.
Nighthawk also went back to Damoti Lake, a high-grade gold deposit in iron formation that it had not touched since 2010. Previous owner Anaconda Gold completed a resource estimate for Damoti Lake in 2005. The deposit has a measured and indicated resource of 40,600 tonnes grading 26.17 grams gold per tonne, with another inferred mineral resource of 17,800 tonnes grading 16.38 gram gold per tonne at a cut-off grade of 8 grams gold.
Nighthawk says there is an op-portunity to grow the resource beyond its high-grade core and will release drill results before year-end.
“We wanted to go back there this year and see if we could build out those mineralized domains a little farther afield, and grow that resource,” Bryon says. “It doesn’t have a 43-101 that encapsulates the entire mineralization. We’re hoping to deliver that in early 2019, so we’ll see how that goes — that’s our intention.”
Byron says they will also test some exploration models at Damoti Lake because previous operators typically stepped out only 25 metres or so if they had a good hole. “No one looked at it as an exploration exercise to say ‘where else could it leak into, and let’s test some conceptual targets,’ so that’s what
we’re doing.”Meanwhile, the company also
drilled its Leta Arm gold proj-ect, where it had not worked since 2011. Leta Arm straddles the Leta Arm fault zone, a north- to south-trending regional deformation zone up to 10 km long and 500 metres wide, which hosts two historical gold mines — North Inca and Di-versified — and two gold showings: No. 3 and Lexindrin.
The Diversified mine is 1.3 km north of the North Inca mine and the No. 3 showing is situated in between (450 metres south of the Diversified shaft and 800 metres south of North Inca’s East zone), while Lexindrin is 1.2 km north of the Diversified shaft.
Exploration shafts and limited underground development were done on the North Inca and Di-versified deposits in the 1940s to explore quartz veins with high-grade gold mineralization.
Byron says Diversified, North Inca, No. 3 and Lexindrin are part of the same mineralized system because they share similar min-eralization styles, mineralized widths, morphology, a common, steep northern plunge, and are
distributed along a linear array.Drilling this year focused on ex-
tending the deposits and exploring for a connection along strike, while searching for new deposits along the Leta Arm fault zone.
All 11 holes drilled into North Inca intersected mineralization, with visible gold in eight of them. The highlight was 18-3B, which returned 26 metres of 2.68 grams gold from 94 metres downhole, including 10 metres of 4.90 grams gold. Another hole, 18-2B, assayed 9 metres of 4.49 grams gold from 86 metres downhole, including 2 metres of 10.45 grams gold.
At Diversified, drill highlights included 18 metres grading 5.81 grams gold, including 9 metres of 9.65 grams gold in hole 18-8 and 14 metres of 3.50 grams gold from 127 metres downhole, including 7 metres of 6.67 grams gold in hole 18-6.
The best results from the No. 3 showing were 10 metres of 2.67 grams gold from 42 metres down-hole in 318-2B, and from the Lex-indrin showing, 21.8 metres of 1.20 grams gold from 121 metres downhole in 18-1B.
“The more and more we do this
[drilling], we’re basically proving up our thesis, which is — we’ve got a gold camp here,” Byron says. “We’re closer to the beginning than the end, that’s why it is so exciting. You never know what the next drill hole is going to give you.”
The company also drilled its four zones at the main Colomac deposit (1, 1.5, 2.5 and 3.5) and at its Grizzly Bear deposit.
At Grizzly Bear, 4 km southwest of Colomac’s Zone 1.5, all 11 holes intersected mineralization, includ-ing several broad zones that are open to depth. Highlights include 6 metres of 4.04 grams gold per tonne from 62 metres downhole, includ-ing 3 metres of 7.78 grams gold.
Other positive results from Co-lomac this year include 20 metres of 2.98 grams gold from 153 me-tres, including 13 metres of 4.30 grams gold in Zone 3; 26 metres of 2.04 grams gold from 232 metres downhole in Zone 2.5; 25 metres of 3.42 grams gold from 138 metres downhole in Zone 2; 68 metres of 2.24 grams gold, including 6 me-tres of 5.70 grams gold from 298 metres downhole in Zone 3.5; and 84 metres of 2.91 grams gold from 276 metres downhole, including
25 metres of 5.05 grams gold in Zone 1.5.
Nighthawk’s 899 sq. km land package takes up 95% of the entire Indin Lake greenstone belt, Byron estimates — or “three times the size of the core of the Timmins camp.
“We grabbed every showing, every deposit,” he says. “What we did at Indin Lake was just identify that it had potential to be like these other mining camps, and it was cheap, because no one else was thinking along those lines, and there was no competition.”
Annual costs to hold the land are reasonable, too. Mining claim assessment requirements cost the company $100,000 a year and taxes on mining leases add $50,000 an-nually, for a total $150,000.
What’s more, the company has no work commitments on any of the ground, Byron says. When it did its deals for Colomac and Leta Arm, for example, Nighthawk took full ownership.
Nighthawk has $15 million in cash, and Byron says the company could afford to do another large drill program next year.
But, he says, Nighthawk’s man-agement team is flexible.
“If there is an opportunity to look at a financing at good terms and our share price is there and we can do flow-through, we’ll look at that, but we haven’t made any plans to go down that road,” he says. “If it presents itself, we will. But we’re not desperate here — let me put it that way. We’re not running on fumes.”
In July the company raised $2.5 million in a non-brokered, flow-through private placement to boost its 2018 exploration drill and prospecting program from 25,000 metres to 32,500 metres.
As for working in the North-west Territories, Byron says, it’s all pretty good.
The First Nations and Metis are on the same page about protecting the environment and the impor-tance of creating jobs for their youth, he notes.
He says 30% of the gross do-mestic product in the Northwest Territories comes from diamond mining, so the government is well aware of its economic dependence on mining.
“Maybe diamonds last forever, but diamond mines don’t,” Byron says. “And there will come a day when you have to find that 30% somewhere else and mining is the logical choice, as they are already schooled in it.” TNM
TO THE EXECUTORS, HEIRS, SUCCESSORS OR ASSIGNS OFCHARLES ANTHONY BARDESSONO
Charles Anthony Bardessono of Hibbing, Minnesota, is a co-owner of the surface rights of two parcels of land in Deloro Township, Timmins, Ontario, Canada under PIN #65442-0240 and PIN #65442-0241 (“Parcels”). It is believed that he passed away in 1976.
Goldcorp Canada Ltd. and Goldcorp Inc. (“Goldcorp”) have commenced an application pursuant to section 175 of the Mining Act (Ontario) before the Mining and Lands Tribunal (“Tribunal”) for an order giving it the right to use the Parcels in return for compensation.
Executors, legal heirs, successors or assigns of Mr. Bardessono may be entitled to compensation for the loss of their rights to the Parcels if the application is successful and the Tribunal makes the order requested by Goldcorp. The publication of this notice should not be construed as evidence that any party is entitled to compensation.
If you are an executor, heir, successor or assign of Mr. Bardessono or are otherwise entitled to the interest of Mr. Bardessono in the Parcels, you may obtain a copy of the application and more information by contacting Goldcorp counsel, Cassels Brock & Blackwell LLP, via email at [email protected].
If you wish to participate in the application, you must file your notice of intention to appear with the Mining and Lands Tribunal, 655 Bay Street, Suite 1500, Toronto, Ontario M5G 1E5 by mail or courier, or email to the Registrar at [email protected], or fax at (416) 326-5370 no later than December 31, 2018.
TO THE EXECUTORS, HEIRS, SUCCESSORS OR ASSIGNS OFEVA CAMERON GIRARDOT
Eva Cameron Girardot of Malden, Massachusetts, is a co-owner of the surface rights of two parcels of land in Deloro Township, Timmins, Ontario, Canada under PIN #65442-0240 and PIN #65442-0241 (“Parcels”). It is believed that she is deceased.
Goldcorp Canada Ltd. and Goldcorp Inc. (“Goldcorp”) have commenced an application pursuant to section 175 of the Mining Act (Ontario) before the Mining and Lands Tribunal (“Tribunal”) for an order giving it the right to use the Parcels in return for compensation.
Executors, legal heirs, successors or assigns of Ms. Girardot may be entitled to compensation for the loss of their rights to the Parcels if the application is successful and the Tribunal makes the order requested by Goldcorp. The publication of this notice should not be construed as evidence that any party is entitled to compensation.
If you are an executor, heir, successor or assign of Ms. Girardot or are otherwise entitled to the interest of Ms. Girardot in the Parcels, you may obtain a copy of the application and more information by contacting Goldcorp counsel, Cassels Brock & Blackwell LLP, via email at [email protected].
If you wish to participate in the application, you must file your notice of intention to appear with the Mining and Lands Tribunal, 655 Bay Street, Suite 1500, Toronto, Ontario M5G 1E5 by mail or courier, or email to the Registrar at [email protected], or fax at (416) 326-5370 no later than December 31, 2018.
Nighthawk explores regions near Colomac in NWTNIGHTHAWK From 1
A worker wets drill core from the Colomac deposit at Nighthawk Gold’s Indin Lake gold project. NIGHTHAWK GOLD
Altamira Gold (TSXV: ALTA; US-OTC: EQTRF) wrapped up this year’s trenching pro-
gram at its Cajueiro gold project in Brazil by finding two gold-bearing structures on the northern end of its Matrincha target, just south of its Baldo target.
Until the start of 2017, Altamira had focused on the project’s Crente zone, which hosts Cajueiro’s entire indicated resource and most of its inferred resource.
In sulphides, the project con-tains 8.64 million indicated tonnes grading 0.78 gram gold per tonne for 214,000 oz. gold, as well as 9.53 million inferred tonnes at 0.66 gram gold for 204,000 oz. gold. It has another 179,000 inferred oz. gold in oxides.
“But now we’ve got our teeth into the Baldo area and Matrincha,” Altamira Gold president and CEO Michael Bennett says in an interview with The Northern Miner. “We’ve discovered these consistent, almost east–west brecciated zones, which are much higher grade. On surface there are grades over 100 grams gold per tonne.”
The company focused its trench-ing on Matrincha and Baldo because the areas are slightly elevated, com-pared to other parts of the project. As a result, they feature less soil and saprolitic cover on top of the bedrock, making them easier to trench and sample.
Two trenches from Matrincha, developed 275 metres apart, cut 8.82 grams gold over 1 metre and 5.31 grams gold over 5 metres. The company then cut a parallel zone in both trenches. These returned 18.9 grams gold over 1 metre and 30.19 grams gold over 3.6 metres, includ-ing 106.31 grams gold over 1 metre.
The company also completed four trenches at Baldo East and extended the strike length of the Baldo 2 structure to 950 metres. The best trench graded 8.42 grams gold over 4 metres.
“More important than that ... you’ve got something happening at depth below our Cajueiro block,” Bennett says. “We need to look at the near-surface resources, but we realize that we are looking at near-surface gold mineralization, which is being fuelled by a deeper intrusive source.”
Bennett says at least five ma-jors, including Anglo American (LON: AAL), Nexa Resources (TSX: NEXA; NYSE: NEXA) and Codelco, are active in the Juruena belt, look-ing for deeper sources of the gold mineralization. Bennett hopes it’s a porphyry source.
He says Altamira is in contact with several major companies in-vestigating the possibility of work-ing together on deeper exploration within Altamira’s properties.
“It’s something that is not out of our technical hands, but in this market might be out of our financial hands, and where we might need a major to help us,” he says.
With the rainy season beginning, Altamira will put more trenching on hold until early next year. Instead,
it will focus on stream sediment and pan concentrate sampling at its newly staked Sao Joaozinho prop-erty, south of Cajueiro, as well as its 620 sq. km Santa Helena claim block, in the southern end of the Juruena belt. It will likely do the same on its Cajueiro and Apiacas properties toward year-end.
“During the dry season we could trench,” Bennett says. “We could have taken stream-sediment sam-ples, but it would have been difficult to process them on-site, because there was no water.”
The company will test its stream-sediment samples for base metals, in addition to the gold-focused pan sampling. Altamira just started the sampling program at Santa Helena. It will take the company two months to complete.
“Santa Helena is a very important area,” Bennett says. “We’ve been sampling there recently because the local farmers are digging a few pits in the area, and they’re finding some very high-grade, gold-vein structures.”
He says that though the veins are only a few metres wide, they are con-
sistent along strike and associated with copper. Santa Helena features hydrothermally altered rocks on surface with either stockwork or parallel quartz veining, and Al-tamira says the area could overlie a deeper-seated mineralization source. Bennett puts it along with Cajueiro and Apiacas as the company’s three properties that are most prospective for both shallow gold and deeper-seated mineralization.
Meanwhi le, Brazi l recent ly wrapped up a presidential elec-tion that saw populist pro-business candidate Jair Bolsonaro emerge victorious. It is unclear what im-pact, if any, this will have on min-ing regulations in Brazil. Speaking before the election, Bennett said the current system is hampered, not by laws, but by “the agility of the paperwork.”
The Brazilian government has established an agency in the last year to speed up the paperwork related to mineral exploration. Still, stak-ing claims in Brazil can take time.
“Some of the areas we claim go into a bidding process, and that bidding process is very, very slow,” Bennett says. “They’re now thinking of changing that to a much more agile process that can be done online.
“When you’re an exploration com-pany, you need to get the explora-tion permit and the environmental permit, and spend your money and look for what you’re looking for — not wait and wait and wait for the paperwork to come out. So that’s a really important move in Brazil.”
Shares of Altamira are trading at 9¢ in a 52-week range of 8¢ to 35¢. The company has a $5-million market capitalization. TNM
Altamira cuts high-grade gold in BrazilGOLD | Looking for deeper sources of near-surface mineralization
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At Altamira Gold’s Cajueiro gold project in Brazil, from left: contract driller, project geologist Elvis Alves and country manager Sergio Amaro Aquino. ALTAMIRA GOLD
A trench in the Baldo area at the Cajueiro property. ALTAMIRA GOLD
Lit hium Americas (TSX: LAC; NYSE: LAC) is perhaps best known for its f lagship,
62.5%-owned, Cauchari-Olaroz lithium brine project in northwestern Argentina’s Jujuy province, which could produce battery-grade lithium carbonate (Li2CO3) over a 40-year mine life from 2020.
But the company also has its wholly owned Thacker Pass lithium project closer to home in Nevada, 100 km northwest of the mining town of Winnemucca. The Thacker Pass deposit is the largest lithium clay project in the world, the com-pany says, and a June prefeasibility study outlined a 46-year mine life.
The study envisioned initial pro-duction capacity of 30,000 tonnes per year of battery-grade Li2CO3 starting in 2022 for phase one, and increasing to 60,000 tonnes per year in phase two, starting in 2026.
The company has begun the per-mitting process and expects to start building the first phase of the project by the end of 2020, with lithium production beginning in 2022.
Construction of phase two will start in 2025, with more production entering the market by 2026.
The Thacker Pass project is the largest-known lithium resource in the U.S., and has lithium grades two to three times higher than other U.S. lithium clay deposits. The deposit is also shallow, averaging only nine metres below ground (the maximum depth of the pit would be 120 metres), and as a result has a low waste-to-ore strip ratio of 1.6 to 1.
“It is a world-class project and a great project for Nevada,” says Alexi Zawadzki, Lithium Americas’ president of North American opera-tions. “From our finance modelling, it will generate about $6 billion in taxes to federal, state and county
governments.”The project involves building a
leaching circuit using sulphuric acid to liberate the lithium from the claystone. After the leaching pro-cess, the lithium-bearing solution will be purified using crystallizers and reagents to make battery-grade Li2CO3.
Because the plan relies on sulph-uric acid, the company will build a 5,280-tonne-per-day conventional sulphuric acid plant. (In phase one it will be 2,640 tonnes per day.) The plant will convert molten sulphur into low-cost sulphuric acid, which will lower transportation costs and provide a source of low-cost power. The company is also contemplating a cogeneration facility that would provide enough carbon-free elec-tricity to power the entire project and sell excess power to the grid.
Zawadzki notes that the com-pany’s acid-leaching process is more efficient, sustainable and cheaper than traditional processing.
“We are no longer using the his-torical approach, which includes a roasting and calcining process adapted from the lithium hard rock industry,” he says. “Quite simply, our soft claystone ore responds well to a low-energy wet attrition and leach process, because it was formed at the bottom of a lake under rela-tively benign geological conditions. Applying the hard rock process to our ore, which was effectively designed to liberate lithium in rock that was formed under intense heat and pressure, is like using a sledge-hammer to crack a walnut.”
Zawadzki adds that although the process is new to lithium, vat acid leaching is common across the U.S. in the phosphate industry, and uses standard equipment and technology.
A pilot plant, 354 km away in Reno, is on schedule to operate before year-end. The purpose of
the pilot plant is to optimize the process to consume less sulph-uric acid, which is a main driver on cost. The plant will also make samples of lithium-enriched brine that will be shipped to crystallizers that will use the brine samples to design their equipment and pro-vide performance guarantees for battery-grade lithium chemicals.
“The pilot plant will also produce representative samples for environ-mental and rheology testing, which will be used for the permitting process, and confirm key details of our design,” Zawadzki says. “Upon completion of the pilot plant studies, expected by mid-2019, we intend to go directly into basic engineering for our plant design.”
Capital expenses for phase one of the Thacker Pass build could run to US$581 million, including a 19% contingency, and phase two will cost another US$478 million.
Phase two involves doubling the sulphuric acid capacity by building a second acid plant, as well as a 93 km rail line that would connect
the plant with a Union Pacific (UP) main line near Winnemucca. The UP line is connected to facilities that produce soda ash in Wyoming, limestone in Nevada and molten sulphur in various locations.
Lithium Americas began the per-mitting process in the first quarter with baseline data collection, most of which is complete. The company expects to submit an environmental impact statement to regulators by July 2019.
After acquiring Thacker Pass through its merger with Western
Uranium in mid-2015, Lithium Americas spent a year and a half reconfiguring the project (formerly known as Kings Valley). It con-ducted two drill campaigns and found more lithium resources.
At US$12,000 per tonne for bat-tery-grade Li2CO3, the prefeasibility study estimated US$520 million in average annual earnings before interest, tax, depreciation and amor-tization (US$246 million in phase one); a US$2.6-billion, after-tax net present value at an 8% discount rate; and a 29.3% after-tax internal rate of return.
Proven and probable reserves stand at 179.4 million tonnes grad-ing 3,283 parts per million lithium for 589,000 tonnes lithium metal, or 3.14 million tonnes lithium car-bonate equivalent.
At full build out, Thacker Pass’ 60,000 tonnes of Li2CO3 a year would represent 25% of global demand for lithium, Zawadzki says, adding that global demand is expected to grow 400% between now and 2025. As a result, Lithium Americas’ wholly owned subsidiary, Lithium Ne-vada Corp., is evaluating lithium hydroxide production at Thacker Pass, with lithium hydroxide priced higher than lithium carbonate, and demand rapidly growing for cathode-material production.
The U.S. is one of the largest lithium consumers, but produces only 2% of the global supply.
“Economically available lithium is relatively scarce in the U.S.,” Za-wadzki says. “Most of it is located in South America — in Chile and Argentina — and in Australia. The U.S. is heavily reliant on imports of lithium that are vital to the nation’s security and economic prosperity, and that dependence on foreign sources creates a strategic vulner-ability. This is precisely why Presi-dent Donald Trump has defined lithium as a ‘critical mineral’ under an executive order in 2017. Thacker Pass has the potential to satisfy the U.S. lithium demand, or at least a good percentage of it. Therefore, not only is this a very unique deposit globally, it is very important to the United States.” TNM
Lithium Americas advances Thacker Pass in Nevada
LITHIUM | Study outlines 46-year mine life, beginning in 2022
“APPLYING THE HARD ROCK PROCESS TO OUR ORE, WHICH WAS EFFECTIVELY DESIGNED TO LIBERATE LITHIUM IN ROCK THAT WAS FORMED UNDER INTENSE HEAT AND PRESSURE, IS LIKE USING A SLEDGEHAMMER TO CRACK A WALNUT.” ALEXI ZAWADZKIPRESIDENT OF NORTH AMERICAN OPERATIONS, LITHIUM AMERICAS
Lithium Americas’ Thacker Pass lithium property, 100 km northwest of Winnemucca, Nevada. LITHIUM AMERICAS
A hilarious, 262-page anthology of mining cartoons by The Northern Miner’s resident cartoonist John Kilburn.Unique in its scope and ambitions, this anthology gathers the best Northern Miner cartoons created over 25 years by John Kilburn, a Vancouver-based mining professional who has worked in Western Canada as a mining engineer, broker, journalist, equity analyst and investor.
Kilburn stylishly captures the mining sector’s biggest events over the past quarter century as well as its perennial conundrums with a cast of characters that includes engineers, geologists, miners, promoters, executives and environmentalists. Joining the cast are coal mine canaries, camp dogs and llamas, plus a special appearance by Santa.
With a foreword by Pierre Lassonde, cofounder and chairman of Franco-Nevada, an introduction by John Cumming, editor-in-chief of The Northern Miner, and hundreds of boisterous JK mining cartoons like you’ve never seen them before.
Specifications: 7.8” by 10”, 262 pages, B&W with a colour cover, ISBN 978-1-987932-00-3
C$34.99 plus shipping and applicable taxes.
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Mirasol Resources (TSXV: MRZ; US-OTC: MRZLF) is about to do something
it doesn’t do often: drill one of its own projects.
The Argentina- and Chile-focused precious metals project generator is in the middle of a $4.5-million exploration initiative at its gold-silver-copper projects in Chile and Nico gold-silver project in Argentina. It intends to spend $1.51 million exploring Nico alone, which it is permitting for a phase-one drill program in January 2019.
On top of that, three of the com-pany’s joint-venture partners will spend at least $7 million across four of Mirasol’s projects in Argentina and Chile. All of this is happening during Mirasol’s financial year, which began on July 1, 2018.
“We’re sticking to that project-generation model for our core, large-scale, high-risk, high-reward projects,” Mirasol president and CEO Stephen Nano says in an in-terview with The Northern Miner, “but we also have a crop of projects, with high-grade mineralization at surface, and very near mine
infrastructure.“It’s a really sensible, risk-reward
profile for us to be drill testing those kinds of projects, where even a modest discovery would create substantial value for our sharehold-ers. Nico is one of those projects.”
Nico straddles a provincial gravel road that Pan American Silver (TSX: PAAS; NASDAQ: PAAS) plans to use to truck ore from its COSE and Joaquin silver proper-
ties through Nico to its nearby Manantial Espejo mine facility for processing.
The company is already doing surface work, including geophysics, geological mapping and geochemi-cal sampling at Nico’s Aurora and Vittoria prospects to prepare them for drill testing. Over the past year, it has brought Nico’s Resolution target to drill-ready status — a 2 km long trend where channel
samples taken in 2018 graded as high as 950 grams per tonne silver and 4.27 grams gold over 0.3 metre. The company will drill outcropping mineralization to see if it extends underground.
Mirasol is funding its explora-tion in part with the $8 million it raised during a private placement in June 2018.
SPECIAL FOCUS
EXPLORATION PROJECTS TO WATCH
Sabina Gold & Silver’s (TSX: SBB) Back River project is already expected to produce
198,000 oz. gold a year in its first 12 years at all-in sustaining costs of US$620 per oz. gold. However, those numbers were released in a September 2015 feasibility study, and the company has continued to make more discoveries on its 540 sq. km property in Nunavut.
Drilling at the Nuvuyak target returned an intercept of 11.58 grams gold per tonne over 39.5 metres from 798 metres downhole, with abundant, visible gold. The hole, 18GSE545, was drilled 1 km west of Goose Main along strike and 1,000 metres down-plunge of Back River’s largest deposit — Goose Main — and prompted Sabina to double its 2018 exploration program to 20,000 metres.
The latest batch of drill results re-leased in October have only height-ened the company’s enthusiasm for Nuvuyak, with intercepts in drill hole 18GSE558 of 7.78 grams gold over 12.4 metres, starting from 719 metres; 16.39 grams gold over 13.2 metres, from 741 metres downhole; and 13.32 grams gold over 5.1 me-tres, from 784 metres downhole. A second hole, 18GSE553, returned 8.58 grams gold over 4.9 metres from 723 metres.
The drilling also showed a zone extension between 130 and 500 metres from the discovery hole toward a previously identified tar-get on the property called “Hook,” which the company says could link to the Goose Main deposit, where resources exceed 1 million oz. gold.
The mineralization at Nuvuyak is hosted within a polyphase fold sequence of Back River lower iron formation stratigraphy and co-incident gold structures that are interpreted as a big part of the major mineralizing horizon at the Goose property.
Early interpretations of the Nu-vuyak zone and its similarities to Back River’s high-grade Umwelt Vault zone suggest the potential for a large-scale mineral trend from the Goose Main deposit to the Umwelt Vault deposit, which could intersect much of the central Goose property,
Sabina hits more gold at Back RiverNUNAVUT | Growing
project is shovel ready, CEO says
See SABINA / 12
A drill rig on Kutcho Copper’s namesake copper property in northern British Columbia. KUTCHO COPPER
Mirasol exploresin Argentina, Chile
GOLD-SILVER | JV partners will combine to spend $7M at grassroots properties
Project geologist Oscar Pederson surveying a control point for drone flights, which will collect high-resolution images and an elevation model, ahead of the next drill program at Mirasol Resources’ Nico gold-silver project in Argentina. MIRASOL RESOURCES
“IT’S A REALLY SENSIBLE, RISK-REWARD PROFILE FOR US TO BE DRILL TESTING THOSE KINDS OF PROJECTS, WHERE EVEN A MODEST DISCOVERY WOULD CREATE SUBSTANTIAL VALUE FOR OUR SHAREHOLDERS. NICO IS ONE OF THOSE PROJECTS.”STEPHEN NANOPRESIDENT AND CEO, MIRASOL RESOURCES
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Argentina is experiencing an economic crisis that has seen its currency fall to half the value it had a year ago. Inflation has also risen to 45.5% in October 2018 from 25.4% in January 2018.
“I’ve personally worked in Ar-gentina now for 25 to 30 years, and, unfortunately, Argentina goes through these high inflation pe-riods, but they never at any stage impacted our ability to explore or discover or operate in that coun-try,” Nano says. “The perception of what’s happening in Argentina is probably much more significant than the reality of it for us at the moment.”
Nano says the company has seen a surge of interest in its Argentina projects, from first-tier precious metals producers all the way to juniors, as well as from companies’ operating mines in Argentina to those that aren’t, but want to get in.
“The financial issues Argentina as a country is facing aren’t im-pacting us at any level negatively,” Nano says, “and in fact are probably creating opportunities for us at this stage, because these companies are
saying this is the time to come in and secure good projects.”
Still, Nano says Mirasol tries to balance Argentina’s financial risk with its Chilean portfolio. It intends to spend $1 million on early-stage exploration at its projects in the Chilean Miocene-Pliocene belt.
“The desire to do more deals with us on our project portfolio is stronger now than I’ve ever seen before,” Nano says.
“The companies that didn’t blow up their balance sheets with poor in-vestments during the last boom have been making really good margins and have got the money to spend on exploration again, but none of them were spending on exploration over the last five or six years, so they had no project pipelines.”
Newcrest Mining (ASX: NCM; US-OTC: NCMGY) will spend $4.3 million exploring Mirasol’s Altazor gold project in northern Chile. It starts late this quarter with a surface-exploration program. It intends to follow up with an initial drill program targeted for 2019’s second quarter, permits pending. Newcrest can earn up to 80% of Altazor.
Hochschild Mining (LON: HOC; US-OTC: HCHDF) will spend $1 million over a year and a half at Mirasol’s Indra precious metal project in northern Chile. It has committed $370,000 to a December 2018 surface-exploration program that will define targets for 2019 drilling. Hochschild can earn up to 75% of the project.
OceanaGold (TSX: OGC; US-OTC: OCANF) will spend $1.6 million this year at the Claudia and La Curva precious metal joint ventures in Santa Cruz, Argentina. The spending includes a 3,000-me-tre drill program already underway at La Curva. It can acquire up to 75% at both La Curva and Claudia.
“There’s a small pool of projects for these companies to joint venture into, and Mirasol stands with a big bag of projects,” Nano says. “We have really good ones in highly prospective belts and places where you can still turn discoveries into mines.”
Shares of Mirasol are trading at $1.18, in a 52-week range of 99¢ to $2.60. The company has a $74-mil-lion market capitalization. With $24 million in cash, Nano says the company doesn’t need to go to the market and raise funds.
“We’re balancing our business risk by using that project genera-tor model to take on these really large-scale districts, and now, very judiciously, selecting some of our high-probability discovery projects that are near mine infrastructure to drill ourselves,” Nano says.
“It’s a balanced and well-thought-out strategy, and it’s designed to bring that potential for discovery forward to our shareholders much faster than relying on joint ventures alone.” TNM
Drillers at work on Mirasol Resources’ La Curva gold project in Santa Cruz, Argentina, which is under a joint-venture agreement with OceanaGold. MIRASOL RESOURCES
MIRASOL From 9
Mirasol explores in Argentina, Chile
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“THE COMPANIES THAT DIDN’T BLOW UP THEIR BALANCE SHEETS WITH POOR INVESTMENTS DURING THE LAST BOOM HAVE BEEN MAKING REALLY GOOD MARGINS AND HAVE GOT THE MONEY TO SPEND ON EXPLORATION AGAIN.”STEPHEN NANOPRESIDENT AND CEO, MIRASOL RESOURCES
THE NORTHERN MINER / DECEMBER 10–23, 2018 11GLOBAL MINING NEWS EXPLORATION PROJECTS TO WATCH
While prices for most precious and base metals have been subdued throughout 2018, there has nevertheless been a high level of mineral exploration around the world, as companies seek to fill the project pipeline before the next uptick in commodity prices. Here is a look at eight such companies and projects.
ATON RESOURCES
Vancouver-based, Mark Campbell-led Aton Resources (TSXV: AAN; US-OTC: ANLBF) is exploring for gold in Egypt at its Abu Marawat concession in the Arabian–Nubian shield, which Aton calls “one of the world’s last gold mining frontiers with district-scale potential.”
The Abu Marawat concession spans over 738 sq. km and contains the Hamama and Abu Marawat deposits, plus the recently discovered Rodruin exploration project — all in an area that Aton says has “excellent” infrastructure, and is only 200 km north of Centamin’s large Sukari gold mine.
Aton aims to expand resources at the Hamama and Abu Marawat deposits, continue its drill program at Rodruin, and carry out a regional target-identification program.
It hopes to convert its exploration permit to an exploitation permit in 2019.
In November, Aton borrowed $1 million from its shareholder Ou Moonrider, and granted it bonus warrants.
FORTUNE MINERALS
Fortune Minerals (TSX: FT; US-OTC: FTMDF) is pushing forward with its vertically integrated Nico cobalt-gold-bismuth-copper project. The original Nico concept would see a mine and mill in the Northwest Territories that produces a bulk concentrate for shipment to a refinery, which the company may build in Saskatchewan.
Fortune says the products at the refinery would include cobalt chemicals for high-performance, rechargeable batteries and bismuth metals and chemicals, as well as gold.
However, in June Fortune said it had been approached by several global mining and refining companies interested in buying metal concentrates from the mine.
If the junior goes this route, it says it could “defer the Saskatchewan refinery, reducing upfront capital by about 50%, and mitigating risks in commissioning and downstream processing.”
Fortune says it is adjusting its Nico project engineering designs to allow flexibility to accommodate all of its downstream process options.
In October, the federal and territorial governments accepted the environmental assessment approval for the Tlicho all-season road incorporating the modified measures developed with the Tlicho government through the “consult to modify” process with the Mackenzie Valley Environmental Impact Review Board. The Tlicho government also approved the board’s recommendation, with modifications.
GLENCORE
Glencore (LON: GLEN; US-OTC: GLNCY) has launched a $1-billion development program at its Craig nickel mine, which is part of the supermajor’s Sudbury Integrated Nickel Operations (Sudbury INO) division in Sudbury, Ontario.
Named the Onaping Depth project, the mine expansion is designed to reach ore zones located 2,500 metres below surface, and is critical to the long-term sustainability of Sudbury INO’s operations in the Sudbury basin.
Cementation Canada Inc. has been awarded the main contract to design and build the new internal underground shaft for the Onaping Depth project, with production from the new zones expected to begin in 2023 and go fully online by 2025.
The 7.2-metre-diameter production shaft will be sunk from the 4,025 level of the Craig mine and measures 1.5 km horizontally from the Craig shaft. Cementation will engineer and build the hoistrooms and underground headframe, and is widening a 3-metre-diameter raise bore as a pilot raise for part of the final shaft excavation and construction.
Glencore’s Sudbury INO employs 1,300 permanent employees engaged in exploration and other activities that include the Fraser mine, Nickel Rim South mine, Strathcona mill and Sudbury smelter. The company and its precursors have been mining nickel-copper ores in Sudbury since 1928, with facilities spread throughout the 60 km long Sudbury basin.
Nickel and copper are the primary metals, but cobalt and precious metals, such as gold, silver, platinum and palladium, are also produced.
IAMGOLD
Iamgold’s (TSX: IMG; NYSE: IAG) 64.8%-owned Côté gold project is located 20 km southwest of Gogama in Ontario’s Sudbury district, and is the subject of a newly completed feasibility study.
As a base case, Côté now has a projected mine life of 16 years with mill throughput of 36,000 tonnes per day, at average annual production of 367,000 oz. gold and average annual production of 428,000 oz. gold over the first 12 years.
The average head grade would be 0.98 gram gold per tonne; total cash costs, US$594 per oz.; and all-in sustaining costs, US$694 per oz. gold.
The after-tax net present value is US$795 million at a 5% discount rate and US$1,250 per oz. gold price. The after-tax internal rate of return is an estimated 15.2%, with a 4.4-year payback period. Initial capital expenses are pegged at US$1.15 billion.
The feasibility study already includes plans for a two-year mine life extension.
Proven and probable reserves on a 100% basis for the base case have risen to 203 million proven and probable tonnes grading 0.98 gram gold per tonne for 6.4 million contained oz. gold. Adding resources and the mine extension pushes the total number of
contained ounces near 10 million oz. gold, on a 100% basis.
Iamgold acquired the project through its friendly takeover of Trelawney Mining and Exploration in 2012, and Japan’s Sumitomo subsequently acquired a 27.75% interest.
PROBE METALS
Toronto-based Probe Metals (TSXV: PRB; US-OTC: PROBF) led by president and CEO David Palmer and chairman Jamie Sokalsky — a former president and CEO of Barrick Gold, with Probe Metals having been formed as a spinoff after Probe Mines Ltd. was bought by Goldcorp in 2015. Goldcorp still owns a 13.7% stake in the Toronto-based junior.
Probe is exploring for gold in Quebec’s Abitibi region, with its flagship being the Val-d’Or East gold project outside the city of Val-d’Or.
Combining open-pit and some underground material, total indicated resources at Val-d’Or East stand at 9 million indicated tonnes grading 2.35 grams gold per tonne for 682,400 oz. gold, plus 9.3 million inferred tonnes at 2.41 grams gold for another 722,100 oz. gold.
Probe’s exploration budget for 2018 was $12 million, with plans for 85,000 metres of drilling for resource expansion and discoveries, plus engineering studies, environmental baseline studies and regional target generation. Last year’s drilling campaign totalled 83,000 metres.
In November, Probe said it had made “numerous new discoveries surrounding the past-producing
Bussiere mine” located 1.5 km west of its Pascalis gold trend, including a near-surface discovery grading 3.3 grams gold per tonne over 11 metres within a larger zone of 2 grams gold over 22.4 metres, located 200 metres west of the Bussiere mine.
SUN METALS
Vancouver-based Sun Metals (TSXV: SUNM; US-OTC: SMTTF) is advancing its flagship Stardust copper-zinc-gold-silver project in north-central British Columbia.
Sun Metals describes Stardust as a “high-grade, polymetallic, carbonate-replacement deposit with a rich history,” with the deposit’s Canyon Creek copper-gold skarn zone being the subject of a 2018 resource estimate.
Indicated resources at Canyon Creek stand at 985,000 tonnes grading 1.34% copper, 0.62% zinc, 1.59 grams gold per tonne and 36.8 grams silver per tonne, or 2.92% copper equivalent. Another 2 million tonnes at slightly lower grades lie in the inferred category.
From diamond drill hole 18-421, drilled more recently at Stardust, Sun Metals cut a 100-metre intersection grading 2.51% copper, 3.03 grams gold and 52.5 grams silver for a 4.99% copper equivalent.
Pursuant to an option agreement between Sun Metals and Lorraine Copper Corp., Sun Metals has an option to earn a 100% interest in the Stardust project by making annual installments of Sun Metals common share and cash payments. Sun Metals must also spend $6 million before 2022.
EXPLORATION SNAPSHOTEight companies looking for precious and base metals
A soil sampler at Sun Metals’ Stardust project in British Columbia. SUN METALS
See SNAPSHOT / 14
Yukon’s newest and all time highest grade porphyry discovery: The Blue Sky Porphyry2.5 g/t gold, 6.9 g/t silver and
0.38% copper over 79.75 metres (RVD18-19)Within 316 metres of 1.1 g/t gold 5.0 g/t silver and 0.27% copper
WWW.NORTHERNMINER.COM12 DECEMBER 10–23, 2018 / THE NORTHERN MINER EXPLORATION PROJECTS TO WATCH
which is largely underexplored, the company says.
“What is most exciting about Nuvuyak, our newest discovery, is that we believe that it shows the po-tential of interconnectivity between the Goose and Umwelt targets,” says Bruce McLeod, Sabina’s president and CEO, in an interview during a break in a marketing tour in Europe. “It has always been a geologic theory, but now at least there is some indica-tive evidence that it could exist. It’s too early to say that for certain, but it gives us more information and data to take something from concept to
plausibility.”Sabina’s mid-year exploration
program also found mineralization 15 km northwest of the Goose Main deposit, called “Boulder.” The geol-ogy at Boulder is similar to other prospective locations throughout the Back River district, with extensive, poly-deformed oxide iron formation, which hosts gold mineralization in the district.
Exploration at Boulder focused on a more than 1.6 km trend of underexplored, folded-iron forma-tion that had anomalous gold-in-till signatures. The best intercepts include 7.9 metres of 2.41 grams gold from 135 metres downhole,
with 11.46 grams over 0.95 metre in hole 18BRP46, and 1.63 grams gold over 1 metre in hole 18BRP47, from 107 metres downhole.
“We’re very encouraged by the results from our Boulder property targets, because they further dem-onstrate the district potential of the belt,” McLeod says. “Usually a full-blown discovery takes us five to 10 holes to vector in, so we will keep working this target, but we’re pretty encouraged by early-stage results.”
Back River’s deposits, 520 km northeast of Yellowknife in the Northwest Territories, and 75 km southwest of Bathurst Inlet, consist of Goose Main, Echo, Llama, Um-welt and George. All of the deposits, with the exception of George, are located within a 2.5 km radius of each other. The George deposit, which is 50 km away, was not in-cluded in the feasibility study.
The mine plan out l ined in the feasibility study, based on a 3,000-tonne-per-day scenario, de-scribes a combination of open-pit and underground mining. Over the mine life, 72% of all production would come from the pits, with no underground production scheduled until year three, after payback.
Open-pit mining would begin in the Umwelt pit and transition sequentially to the Llama and Goose Main open pits. Underground ore production would begin at Umwelt.
The feasibility study is based on a October 2014 resource estimate of 28.2 million measured and indicated tonnes grading 5.87 grams gold for 5.33 million contained oz. gold and 7.75 million inferred tonnes grad-ing 7.43 grams gold for 1.85 million contained oz. gold.
The project dates back over 30 years from the first discovery, named Goose Main. Goose was found in the late 1980s, and after Sabina acquired the Back River project in 2009, the Llama, Umwelt and Echo deposits were discovered.
“In our current mine plan at Goose — at 6 grams gold per tonne — we believe our pits are the highest-grade, undeveloped open pits in the world,” McLeod says. “If you look at our discoveries in the last three years, the Vault — which is
a portion of the Umwelt under-ground, Llama Deep and Nuvuyak — they are already all high grade, and realistically, all of them have components that are over 10 grams per tonne. What we’re seeing at depth are truly spectacular grades and widths, so we’re really excited about the potential.”
Initial capital expenses to build Back River is estimated in the 2015 feasibility study at $415 million. Us-ing a base case gold price of US$1,150 per oz., the could project deliver a 24.2% after-tax internal rate of re-turn and a $480-million net present value, with payback in just under three years.
Rather than spend time and
money updating its 2014 resource estimate for Back River, Sabina is concentrating on exploration, build-ing infrastructure and logistics.
In September the company com-pleted earthworks for the marine area, which includes an airstrip and laydown pads.
In November the Nunavut Water Board granted Sabina a Type A water licence needed for construction and operation activities at Back River. The next step will include moving equipment to Back River along the ice road for site construction next year.
“We’re through the environmen-tal assessment process. We have our agreements with the Kitikmeot
Sabina hits more gold at Back RiverSABINA From 9
A drill site in mid-2018 at the Nuvuyak zone on Sabina Gold & Silver’s Back River gold project in Nunavut. SABINA GOLD & SILVER
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THE NORTHERN MINER / DECEMBER 10–23, 2018 13GLOBAL MINING NEWS EXPLORATION PROJECTS TO WATCH
Inuit Association — our social li-cence — and we’ve started to do some infrastructure improvements,” McLeod says. “We’ve built our port and completed our initial sea lifts, bringing fuel equipment and sup-plies into Back River. Essentially, we’re shovel-ready.”
Unfortunately, he adds, the mar-ket environment “truly isn’t re-warding these accomplishments,” and while the debt market is the strongest he’s seen it, the weak eq-uity market means the company is better off de-risking the project.
“The market is clearly not in-terested in building a mine at this point, so we will take a balanced approach. We will continue to de-risk the project with prudent capital allocation, work on refining our project capital costs and engineer-ing, and continue to explore. We believe this approach will poise us to be ready when the market turns, and we can make a production decision.”
As for resource updates, it will be cheaper for the company to define resource updates after more infra-structure has been built, he says.
“The reality is, we’re drilling off on a pretty wide spacing, and for us to convert those to measured or indicated ... a new study would probably not be a good use of pro-ceeds today,” McLeod reasons. “We
already have 12 years of reserves, which is only 2.5 million oz. of our global resource, which is over 7 million ounces.”
McLeod says there is significant growth potential on the belt.
“I always joke and say I don’t need a corporate development team to grow. When we get this first mine up and running, our growth is go-ing to come from the belt, so I need more geologists and more drills.”
So far all the deposits at Back River are open, and McLeod says the prospects of Back River could become much larger than what has been found to date.
“It’s only in frontiers like this that you can assemble a land package that you own 100%,” he says. “It is truly infrastructure and logistics that we will build and will enable us to develop other parts of this trend.”
The company has $40 million in cash and equivalents.
In addition to Back River, Sabina owns a silver royalty on Glencore’s (LON: GLEN) Hackett River project. The royalty has 22.5% of the first 190 million oz. produced and 12.5% of all silver produced thereafter.
At press time, Sabina’s shares were trading at $1.42, in a 52-week range of $1.11 to $2.62 per share. The company has 264 million shares out-standing for a $388-million market capitalization. TNM
“USUALLY A FULL-BLOWN DISCOVERY TAKES US FIVE TO 10 HOLES TO VECTOR IN, SO WE WILL KEEP WORKING THIS TARGET, BUT WE’RE PRETTY ENCOURAGED BY EARLY-STAGE RESULTS.”BRUCE MCLEODPRESIDENT AND CEO, SABINA GOLD & SILVER
Nelson Takkiruq, of Gjoa Haven, Nunavut, at work this year at the Goose airstrip at Back River. SABINA GOLD & SILVER
Maple Gold Mines (TSXV: MGM; US-OTC: MGMLF) has completed its first drill
campaign on its Douay gold project in Quebec since assembling a technical committee and exploration team a year ago. The company drilled 22,600 metres and extended mineraliza-tion within the deposit area, and discovered new gold zones.
Nearly three-quarters of the drill program was within or near the known 6 by 1.8 km resource and focused on building on the core project area. The other 30% explored the 377 sq. km land package, probing greenfield targets with shallow, re-verse-circulation drilling and tested targets with initial diamond drilling.
The company plans to update the resource estimate in the first quarter of 2019, but for now, Douay’s indi-cated resource stands at 9.38 million tonnes grading 1.59 grams gold per tonne for 479,000 oz. gold. Inferred resources add 84.2 million tonnes at 1.02 grams gold for 2.75 million oz. gold. The estimate, last updated in February, uses a base case cut-off grade of 0.45 gram gold.
The 2018 drill program consisted of 21,100 metres of diamond drilling from 52 holes, and another 1,500 metres from 57 shallow reverse-circulation holes.
The property strikes over 55 km along the Casa Berardi deformation zone, and much of the ground has seen little previous exploration work.
During the winter drill program,
shallow drilling in the westernmost part of the property defined gold-in-till anomalies in three areas, with nearby source areas supported by bedrock geochemistry anomalies, Friedrich Speidel, the company’s vice-president of exploration, told The Northern Miner via email.
Diamond drill testing of several greenfield targets west and east of the resource area showed geochemistry anomalies that warrant more work, with the easternmost target (called “NE Syenite”) showing lithogeo-chemistry responses similar to those in the resource area, Speidel says.
Within the resource area, the com-pany drilled mainly in the North-west Gap area and in the Porphyry zone, particularly in areas where drill density was low. This led to the discovery of mineralized zones, the most important of which was Nika.
The Nika zone was found in an area that did not previously support a conceptual pit, Speidel says, noting that the best intercept in the zone was 18-28, which cut 50 metres of 1.77 grams gold per tonne. The zone is open up-dip and down-dip, and will be tested in Maple Gold’s early 2019 drill program.
The company also cut higher-than-expected grade intervals in its Porphyry zone, with 52 metres of 3.53 grams gold in hole 18-216 and 21 metres of 3.49 grams gold in hole 18-247. Both holes had visible gold in late, irregular, glassy quartz veinlets, in contrast with the very fine-grained gold that characterizes mineralization throughout much of the property, Speidel says. Several
of the intercepts obtained in the Porphyry zone are open down-dip and down-plunge, and will be tested in future drill campaigns.
The geologist notes that updated cross- and long-sections, level plans and a new 3-D geological model are being finalized. These show a steep, southwest plunge for higher-grade shoots within otherwise tabular mineralized envelopes, he says.
In mid-year, Maple Gold Mines also completed mapping and sam-pling, which generated more geo-chemical target areas in the central third of the property. These will be followed up with extra geophysics in the coming months.
“The greenfields work and com-mitment to property-wide explora-tion is all part of Maple Gold’s dis-covery model philosophy,” Speidel says, “which includes allocating an effective portion of explora-tion budgets towards making new discoveries across the company’s more than 350 sq. km property.
“We are excited about further resource expansion potential at Douay,” he adds. “In addition, given the various deposit styles located within 30 km to the east and west of our property boundary and the limited historical exploration work completed within the greenfield ar-eas at Douay, as well as the number of new targets we have been able to define in 2018, we believe the potential to discover new volca-nogenic massive sulphides (VMS), intrusive-related and/or orogenic-gold styles of mineralization across the property remains excellent.”
Most of the gold at Douay is as-sociated with a syenite gold system that forms part of a 7 km long trend of mineralized zones. These zones are found within the central part of the project’s strike length, which stretches for 55 km along the Casa Berardi deformation zone.
The intrusive-related mineraliza-tion style is also present at several other gold deposits that have been found in recent years, such as Ca-nadian Malartic, now owned by Agnico Eagle Mines (TSX: AEM; NYSE: AEM) and Yamana Gold (TSX: YRI; NYSE: AUY), 157 km south of Douay; Osisko Mining’s (TSX: OSK) Windfall project, be-tween Val-d’Or and Chibougamau in the Abitibi region of Quebec; and Alamos Gold’s (TSX: AGI; NYSE: AGI) Young-Davidson mine, 60 km west of Kirkland Lake in northern Ontario.
Douay is 81 km east of Hecla Mining’s (NYSE: HL) Casa Berardi gold mine and 123 km southeast of Detour Gold’s (TSX: DGC) Detour Lake gold mine.
The gold project is also 50 km north of the past-producing Sleep-ing Giant mine, an orogenic gold deposit, and 66 km south of Selbaie, a VMS deposit.
Speidel notes that the company’s new sets of cross- and long-sections, level plans and a 3-D model will help target mineralized zone ex-tensions and test new ones. The exploration team already has a list of high-priority drill targets and the permitting process has started. Budgets and definitive drill plans will be finalized later in December.
Matthew Hornor, Maple Gold Mines’ president and CEO, noted that in addition to working on up-dating a resource early next year, the company is also “exploring potential partnerships with major gold min-ers, as the industry enters another mergers and acquisitions cycle.”
At press time, Maple Gold Mines’ shares were trading at 9.5¢ in a 52-week range of 9¢ to 34¢. It has 208.5-million common shares out-standing for a $18.7-million market capitalization. TNM
TRIUMPH GOLD
Triumph Gold’s (TSXV: TIG; US-OTC: TIGCF) Freegold Mountain project is located in the Yukon’s Dawson Range, and covers what Triumph calls a “highly prospective section of the Big Creek fault zone” that hosts three deposits: the Nucleus gold-silver-copper deposit, the Revenue copper-gold-moly-silver deposit and the Tinta Hill polymetallic vein system, plus other gold showings.
In November, Triumph reported high-grade results from a 21-hole, 4,200-metre diamond drilling at Nucleus that included highlights of 19.8 grams gold per tonne over 0.84 metre from 40 metres in hole in 18-06; 15.93 grams gold over 1 metre from 150 metres in hole 18-17; 13.67 grams gold over 1.67 metres from 29 metres in hole 18-04; and 9.13 grams gold from 106 metres over 2 metres from 106 metres in hole N18-16.
Triumph Gold has contracted consultants SIM Geological Inc. to update the resource estimates for the Nucleus, Revenue and Tinta deposits, to be completed in 2019.
Triumph says its 2018 drill program at Nucleus was designed to optimize a future pit-constrained estimate of mineral resources by targeting near-
surface mineralized areas that had insufficient drill density to support estimates of mineral resources, near-surface mineralized areas where additional delineation drilling could facilitate upgrading of inferred resources to an indicated category, and areas prospective for high-grade mineralization.
WESTHAVEN VENTURES
Vancouver-based junior Westhaven Ventures (TSXV: WHN; US-OTC: WTHVF) is exploring for gold in southern B.C.’s Spences Bridge gold belt, located south and southwest of the Highland Valley copper-molybdenum mine.
There, Westhaven has accumulated a 350 sq. km land package comprised of four properties in what it calls an “underexplored gold belt with district-scale potential” that is close to major highways.
Westhaven has an experienced management team and board, headlined by Diavik discoverer Grenville Thomas serving as chairman. Management holds 40% of outstanding shares.
Within its land package, the company recently made a high-grade discovery at its Shovelnose property. A 2,500-metre, follow-up drill program has begun. TNM
Maple Gold Mines finds drilling success at DouayQUEBEC | Drill testing shows that geochemical surveying warrants more work
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The company recently completed its 41,000-metre stepout and infill drill program for 2018, and as-says include 5.36 grams gold over 11 metres from 26 metres below surface in hole 18-330; 3.63 grams gold over 10 metres from 134 me-tres downhole in 18-323; and 18.40 grams gold over 6 metres from 99 metres downhole in 18-334.
Marathon says its 2018 dril l program has allowed it to upgrade inferred resources to the measured and indicated categories and find high-grade gold zones to dril l within the pit shells.
Next year, drilling will aim to expand open-pit resources at the Marathon deposit and the Sprite Zone, and lower the amount of inferred resources in the pit shells.
“Our job ahead is now to convert the important blocks of inferred in the pits into measured and indi-cated, and that’s what we’ll focus on next year, because we can’t use inferred in a preliminary feasibil-ity study, and our plan is to get the preliminary feasibility study out at around the end of the third quarter in 2019,” Phillip Walford, Marathon’s president and CEO, tells The Northern Miner.
Marathon’s Valentine Lake gold camp has four known, near-sur-face, mainly pit-constrained de-posits with measured and indicated resources of 45.2 million tonnes grading 1.85 grams gold per tonne for 2.69 million contained oz. gold, and another 26.9 million inferred tonnes grading 1.77 grams gold per tonne for 1.53 million oz. gold.
Most resources are in the Mara-thon and Leprechaun deposits — which also contain resources below their pit shells — and both are open to depth and on strike. Gold mineralization has been traced over 350 metres vertically at Leprechaun and almost a kilo-metre at Marathon.
The four deposits found to date occur over a 20 km system of gold-bearing veins, and the company notes that there has been little detailed exploration on its 240 sq. km property.
In a revised preliminary eco-nomic assessment (PEA) released at the end of October, Marathon incorporated another 20,000 me-tres the company drilled since the first PEA was released in May. The updated PEA also benefitted from 9,000 more metallic screen assays, which were used to measure the coarse gold that is common on the property.
The latest mine development plan excludes the Sprite deposit, which needs more exploration drilling to increase its resource.
The new study outlined a 12.2-year mine life, up from the previ-ous PEA’s 10.2 years, with average annual production of 225,100 oz. gold a year, up from the earlier study’s 188,500 oz. gold a year.
Recovered ounces grew to 2.72 million oz. from 1.90 million oz. gold.
Average cash costs over the mine life increased to US$603 per oz. from US$557 per oz., while all-in sustaining costs rose to US$666
per oz. from US$595 per oz. gold.Despite the cost increases, the
project’s after-tax internal rate of return rose to 30% from 25%, and its after-tax net present value at a 5% discount rate increased to US$493 million from US$367 million.
Initial capital expenses fell from US$380 million to US$355 million, and the after-tax payback period dropped from 2.8 years to 2.5 years.
Both studies used a gold price of US$1,250 per oz. and envisioned developing the Valentine Lake gold camp by open-pit mining, with gold recovery combining a milling circuit and heap leach-ing. Gravity and f lotation circuits would help leach the concentrate and tails. Initial production could start in 2022.
“We’re getting a really respect-able profile and we’re throwing off more gold,” Walford says of
the latest PEA. “This is the larg-est gold project in Newfoundland and Labrador. It’s also the largest gold resource in Atlantic Canada, and when I looked at the different resources for pure gold projects in Canada and the U.S., we’re right up there as far as open-pits go — we’re in the top ten.”
Walford also says the Marathon deposit could host an underground mine, but for now management says it’s more cost-effective to find open-pit resources at US$10 per ounce.
“Who else in this industry is finding gold at US$10 per ounce?
“We’ve only dri l led under 250,000 metres and we have 4 million oz. gold — I don’t think there are too many people who can say that with that much drill-ing. We worked it out for fun and for every metre we drill we find 19 oz. of resource. How can you
beat that?”Walford notes that he hasn’t
really pushed the project but now has no qualms about singing its praises.
“We haven’t been too good on promoting ourselves because we really wanted to make sure that when the time is right to shout about it, we’ve got something to shout about, and I think we’ve got something to shout about now.
“I have no problem tel l ing people that it ’s a great project in a great province that’s been very helpful to us,” he continues. “They recognize the importance of the project to the island. The attitude is very positive, and un-like some other provinces I’ve worked in, it’s very refreshing. They want us there, they un-derstand the economic benefits of mining and they understand too that they’re going to benefit
— that the province is going to benefit as well.”
Walford also points out that the project has good infrastructure.
“We can drive to it, power is not too far away, and there’s a workforce that wants to stay on the island and work for us,” he says.
“This is the kind of deposit like Borden Lake or Kaminak — this is the kind of scale it is,” he says. “We’re just under the radar, people don’t get it, and that’s what we have to work on — getting the idea out that this is a major project with good economics, and lots of upside still.”
Marathon Gold’s shares trade at 69¢ within a 52-week range of 65¢ to $1.28.
The company has 160 million common shares outstanding for a $113-million market capitalization.
At the end of September, Mara-thon had $5 million in the bank. TNM
Marathon hits more high-grade intercepts in Newfoundland
DRILLING | Junior plans to upgrade resources ahead of 2019 feasibility study
The camp at Marathon Gold’s Valentine Lake gold project in Newfoundland. MARATHON GOLD
Newly Discovered Zone in the Golden TriangleAben Resources Ltd. (TSX-V: ABN) is a publicly traded Canadian GOLD exploration company with significant projects in BRITISH COLUMBIA, SASKATCHEWAN and the YUKON.
• Flagship Forrest Kerr Project located in BC’s Golden Triangle.
• Justin Project located adjacent to Golden Predator’s Project, Yukon.
• Chico Project located south of Seabee/Santoy mine, Saskatchewan.
Construction is accelerating at Fortuna Silver Mines’ (TSX: FVI; NYSE: FSM) Lindero
project in northern Argentina, and commercial production is planned to start by September 2019, the company says.
“The project has gained signifi-cant momentum,” Jorge Ganoza, Fortuna’s president and CEO, told analysts and investors on a con-ference call for its third-quarter results. Fortuna decided to build the open-pit, heap-leach gold mine in Salta province after completing a feasibility study in September 2017.
The company recently estimated that project expenses in 2018 would total between US$110 million and US$130 million.
Initial capital expense (capex) estimates of US$239 million have been revised. In August, the com-pany increased its capex forecast for the development gold project by 10 to 17%.
Some of the increase will be offset by the devaluation of the Argentine peso against the dollar, which has
not been included in cost forecasts.“Up to the third quarter, we have
captured gains due to exchange rates against our original budget of close to US$7 million, and we expect to continue to see gains against our budget,” Ganoza said. “Contrac-tors were awarded with pesos in the range of 17 pesos to the dollar, so yes, we’re benefitting right now from that. We are forecasting zero to 14% higher capital costs for Lindero, but that will be offset by exchange rate gains.”
Li ndero i s desig ned as a n 18,750-tonne-per-day, owner-op-erated open-pit mine, with a 13-year pit life based on existing reserves.
The feasibility study outlined an after-tax net present value of US$130 million at a 5% discount rate, and an 18% post-tax internal rate of return at a base case of US$1,250 per oz. gold.
All-in sustaining costs (AISCs) are an expected US$802 per oz. gold. A life-of-mine, 0.62-gram-gold-per-tonne head grade could come with a 75% life-of-mine recovery.
In addition to the Lindero proj-ect, Fortuna Silver’s primary assets include the Caylloma silver mine in southern Peru and the San Jose silver-gold mine in Mexico.
For the third quarter, the com-pany reported a US$6.9-million net income and 4¢ earnings per share, based on revenues of US$59.6 mil-lion, despite a 12% and 5% decrease in silver and gold prices.
“In spite of having the lowest aver-age quarterly silver price for three years, our business results show ro-bust margins of 41%,” Ganoza said.
Net cash provided by operations came in at US$21.5 million, and adjusted earnings before interest, taxes, depreciation and amortiza-tion were US$24.2 million. Ex-cluding Lindero capex, Fortuna generated US$13.6 million in free cash flow during the quarter and US$42.2 million for the first nine months.
Production totalled 2.23 mil-lion oz. silver and 12,542 oz. gold, compared with 2.01 million oz. silver and 13,412 oz. gold in the comparable quarter in 2017.
San Jose produced 1.99 million oz. silver and 12,387 oz. gold, while Caylloma produced 239,253 oz. silver, 7.6 million lb. lead and 11.5 million lb. zinc.
AISCs for the quarter were US$10.8 per equivalent oz. silver.
At the end of September, Fortuna had US$177 million in cash and equivalents.
Ganoza says management is ex-
cited about the exploration potential at Lindero and elsewhere in Salta, where the company has assembled a portfolio of early-stage projects.
“We are exploring the porphyry system within 3 km of Lindero, and we have expectations of com-ing up with a satellite deposit,” Ganoza said.
At press time, Fortuna’s shares were trading at $4.70 per share in a 52-week trading range of $4.60 to $7.78.
Ryan Thompson of BMO Capital Markets has an $8-per-share price target. TNM
Fortuna’s Lindero on track for production in Q3 2019
ARGENTINA | Revised capex comes in at US$350M for construction
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U.S. markets surged in the trading week with a revised North American trade pact. The U.S.–Mexico–Canada (USMCA) agreement, signed on Nov. 30, replaces the 24-year-old North American Free Trade Agreement. The Dow Jones Industrial Average jumped 5.16% to 25,538.46 and the S&P 500 Index rose 4.85% to finish at 2,760.17.
An upward guidance revision for its Fos-terville mine in Australia propelled Kirkland Lake Gold’s shares to US$20.78, in an increase of US$1.23, or 6.3%. Kirkland Lake Gold says it expects production at Fosterville in 2018 will exceed 330,000 oz. gold, compared to its previous guidance of 300,000 to 310,000 oz. gold. Higher-than-planned grades are boosting production in 2018, the company said, and could impact both 2019 and 2020. “Strong results at Fosterville during fourth-quarter 2018, as well as a solid performance from our Canadian operations to date in the quarter, are positioning us to end 2018 with total production for the full year exceeding our current target range of 655,000 to 670,000 ounces,” Tony Makuch, Kirkland Lake Gold’s president and CEO, said on Nov. 30.
Shares of Cleveland-Cliffs were up 50¢ per
the mine will have an annual capacity of 43 million tonnes, underpinning production of Pilbara Blend, Rio Tinto’s flagship iron ore product. Koodaideri will “deliver a new production hub for Rio Tinto’s world-class iron ore business,” the company noted. TNM
billion investment in its Koodaideri iron ore mine in Western Australia, 35 km northwest of the company’s Yandicoogina mine, and 110 km from Newman, a town in the Pilbara region. Construction will start next year, with first production slated for late 2021. Once finished,
share, or 5.7% to US$9.28, on news of a share-repurchase program. Under the program, the company can buy up to US$200-million worth of shares via acquisitions in the open market, or privately negotiated transactions — including through accelerated share repur-chases — until Dec. 31, 2019. CEO Lourenco Goncalves noted that the “disconnect” be-tween the company’s “strong profitability and the current volatility in the capital markets” has created “a highly accretive use of capital by buying back our own common shares.”
Rio Tinto’s shares dropped US75¢ to US$46.76. The company approved a US$2.6-
The S&P/TSX Venture Composite Index fell 2% to 589.52. It has been on a slow but steady decline since the start of 2018.
Shares of SilverCrest Metals rose 28¢ to $3.27. Recently, SSR Mining agreed to invest $31 million into the company, buying more than 8 million shares at $3.73 per share.
Earlier in the month SilverCrest announced some of its best drill-hole intercepts to date at its Las Chispas silver property in Sonora, Mexico. Hole 96 cut 14.4 grams gold and 2,132.4 grams silver over 10 metres from 200 metres downhole. The company also cut 33.06 grams gold and 2,092.1 grams silver over 3.5 metres from 307 metres downhole in hole 94 and 3.99 grams gold and 580.2 grams silver over 11.1 metres from 294 metres downhole, in hole 95.
The results come from infill drilling at the project’s Babicanora vein, but were not included in the Las Chispas resource update SilverCrest tabled in September 2018. Las Chispas has 4.3 million inferred tonnes grad-ing 3.68 grams gold and 347 grams silver for 511,500 oz. gold and 48.29 million oz. silver.
Shares of Aurania Resources rose 25¢ to $2.65. The company recently found silver-zinc-lead mineralization in grab samples taken between its Tiria gold-silver target and its Jempe copper zone at its Lost Cities–Cutucu
5-tonne bulk samples from its Comet Well gold project in Western Australia, which is part of its larger Karratha gold project. Karratha features nuggety gold that is hard to assay.
The company crushed and screened the samples, and scanned them with X-ray transmission and electromagnetic induc-tion technology. The X-ray scans found rocks that have particles with a high atomic
mass, like gold, while the electromagnetic scans found electrically charged particles. Novo will assay the ore to determine the effectiveness of the sorting. The company says the test results so far indicate the sorting technology could help it process ore from a future mine at Comet Well. The company says the tests are ongoing, and expects full results by early 2019. TNM
project in Ecuador. The samples graded as high as 325 grams silver, 48% zinc and 39% lead. The company is calling the new target “Shimpia.”
The company says it is focused on gold exploration, but says other commodities — copper in particular — could add value to the project at a minimal cost. Aurania will now explore the structural corridor that links the mineralized areas at Jempe, Shimpia and Tiria with ridge and spur soil sampling to refine targets for scout drilling in 2019.
The company is waiting for the Ecuador government to approve its drill permits and appoint a new minister of the environment.
Shares of Novo Resources fell 29¢ to $2.02. The company is using TOMRA Sorting to perform mechanical rock sorting on four,
Canada’s benchmark index rose 1.24% to end the trading week at 12,197.82. The S&P/TSX Global Mining Index fell 0.19% to 62.58 and the S&P/TSX Global Gold Index fell 1.4% to 164.34. The gold price fell 0.01% to US$1,222.10.
Shares of Moneta Porcupine Mines rose 27% to 12¢. The company recently modelled a geological interpretation for its Golden High-way gold project near Timmins, Ontario. The model includes 58 vein structures across six zones that the company intends to incorporate into an early 2019 Golden Highway resource update. According to a 2012 estimate, Golden Highway contains 31 million indicated tonnes grading 1.09 grams gold for 1.09 million oz. gold and 83 million inferred tonnes at 1.2 grams gold for 3.2 million oz. gold.
Shares of Endeavour Mining fell $1.85 to $16.56, despite positive news out of the company’s Houndé gold mine in Burkina Faso, where it increased indicated resources 40% at the Kari Pump target. Kari Pump now has 11.3 million indicated tonnes grading 2.71 grams gold for 987,000 oz. gold. It also has 200,000 inferred tonnes at 2.21 grams gold for 20,000 oz. gold. The company has upgraded 98% of the Kari Pump maiden resource to the indicated category. Kari Pump boosts the overall Houndé resource to 48.7 measured and
much as 157,000 tonnes zinc in 2019, 210,000 tonnes zine in 2020 and 241,000 tonnes zinc in 2021. Zinc production will come mostly from its Neves-Corvo zinc mine in Portugal, where the company is building its zinc-expansion project. Lundin says the mine will produce as much as 75,000 tonnes zinc in 2018, but average 150,000 tonnes zinc per year over the next 10 years, after the company has finished expansion. TNM
indicated tonnes grading 2.2 grams gold for 3.44 million oz. gold.
Kari Pump is located 7 km west of the Houndé processing plant. It is part of the larger Kari gold-in-soil anomaly, which covers a 6 by 2.5 km area. The company has drilled more than 200,000 metres at Kari over the past year and a half in an area that covers only 35% of the total anomaly. The company focused 71,000 metres at Kari Pump, discovering gold at $9 per ounce.
Lundin Mining shares rose 35¢ to $5.79. The company recently outlined its produc-tion and financial guidance for 2019 to 2021. The company could produce as much as 218,000 tonnes copper in 2019, 246,000 tonnes copper in 2020 and 251,000 tonnes copper in 2021. Its copper production profile
is largely fuelled by its Candelaria copper-mining complex in Chile. The company recently extended Candelaria’s mine life to 2040, increasing the mine’s total cop-per production by 31%, or 740,000 tonnes. Lundin expects Candelaria will average 180,000 tonnes copper per year over the next 10 years. Cash costs at Candelaria will average $1.60 per lb. copper.
The company predicts it will produce as
18_DEC10_MarketNews.indd 18 2018-12-04 9:25 PM
GLOBAL MINING NEWS · SINCE 1915 THE NORTHERN MINER / DECEMBER 10–23, 2018 19
METALS, MINING AND MONEY MARKET S
STAFF INVESTMENT POLICYThe Northern Miner does not permit any editorial employee to file stories about companies in which the writer owns shares. Editorial employees are also not permitted to take part in initial public offerings or to engage in short selling.
CONVERSIONS OF WEIGHTS & MEASURES1 troy ounce = 31.1 grams
ExchangeC – Canadian Stock ExchangeL – London Stock ExchangeN – New York Stock ExchangeO – U.S. over-the-counterQ – NASDAQ or U.S. OTCT – Toronto Stock ExchangeV – TSX Venture ExchangeX – NYSE American* – Denotes price in U.S.$
Fund Nov 30 ($) Nov 23 ($) Change ($) Change (%) YTDChange (%) MER (%) TotalAssets (M$)AGF Prec Mtls Fd MF 16.33 16.47 -0.14 -0.85 -20.66 2.80 84.97BMO Prec Mtls Fd A 15.35 15.40 -0.04 -0.29 -16.28 2.40 49.04BMO ZGD 7.24 7.42 -0.19 -2.53 -22.77 0.61 BMO ZJG 6.28 6.49 -0.21 -3.18 -27.75 0.60 CIBC Prec Metal Fd A 8.05 8.20 -0.15 -1.81 -21.95 2.45 35.89Dyn Prec Metls Fd A 6.15 6.21 -0.06 -0.97 -10.70 2.71 306.11Galileo GOGO 8.62 8.69 -0.07 -0.75 -15.24 Horizons HEP 20.22 20.57 -0.25 -1.21 -13.35 0.81 IG Mac GbPMetCl A 7.29 7.43 -0.13 -1.78 -17.09 2.75 27.88iShares XGD 10.28 10.42 -0.14 -1.37 -17.82 0.61 715.18Mac Prec Met Cl A 38.01 38.70 -0.69 -1.78 -17.45 2.52 51.56NBI PrecMetFd Invt 9.97 10.14 -0.17 -1.68 -19.78 2.46 23.05NPT Gold&PrMinFdA 29.10 29.40 -0.31 -1.04 -18.14 3.04 NPT SilverEquCl A 3.99 3.98 0.01 0.19 -24.40 2.95 RBC GblPreMetFd A 26.61 27.13 -0.52 -1.90 -16.71 2.13 274.09Sentry Pre Met Fd A 29.53 29.87 -0.34 -1.13 -18.95 2.54 229.91TD PreciousMetalsInv 26.97 27.40 -0.43 -1.57 -19.92 2.27 91.88
Alamos Gold (AGI.WT.A) - Wt buys sh @ $10.00 to Jan 7/19Alio Gold Inc. (ALO.WT) - 10 Warrants to purchase one common share of the Issuer at $7.00 until expiryAlio Gold Inc. J (ALO.WT.A) - One War-rant to purchase one common share of the Issuer at $8.00 until expiryAscendant Resources (ASND.WT) - Wt buys sh @ $1.25 to Mar 7/22eColbalt Solutions Inc. J (ECS.WT) - One Warrant to purchase one common share of the Issuer at US$1.95 per share until expiryExcellon Resources Inc (EXN.WT.A) - One warrant to purchase one common share of the Issuer at $2.80 until expiryGolden Queen Mining Co (GQM.WT) - Wt buys sh @ $2 to Jul 25/19Gran Colombia Gold (GCM.WT.A) - Wt buys sh @ $3.25 to Mar 18/19Gran Colombia Gold (GCM.WT.B) - One warrant to purchase one common share of the Issuer at $2.21 until expiry.
Liberty Gold Corp. Wt (LGD.WT) - One Warrant to purchase one common share of the Issuer at $0.90 until expiry may 16, 2019Lithium Americas Corp (LAC.WT) - One Warrant to purchase one common share of the Issuer at $0.90 until expiryLydian International Limited (LYD.WT) - One Warrant to purchase one additional ordinary share of the Issuer at $0.36 per share until expiryMBAC Fertilizer (MBC.WT) - Wt buys sh @ $1 to Apr 17/19Nemaska Lithium Inc (NMX.WT) - Wt buys sh @ $1.5 to Jul 8/19Northern Dynasty Minerals Ltd. J (NDM.WT.A) - Wt buys sh @ $0.55 to Jul 9/20Northern Dynasty Minerals Ltd. J (NDM.WT.B) - Wt buys sh @ $0.55 to Jun 10/21Northern Dynasty Minerals Ltd. J (NDM.WT.B) - Wt buys sh @ $0.55 to Jun 10/21Osisko Gold Royalties (OR.WT) - Wt buys sh @ $36.5 to Feb 18/22
Osisko Gold Royalties (OR.WT.A) - Wt buys sh @ $19.08 to Feb 26/19Pilot Gold Inc. Wt (PLG.WT) - Wt buys sh @ $0.9 to May 16/19Platinum Group Metals Ltd. (PTM.WT.U) - One Warrant to purchase one common share of the Issuer at US$0.17 until expiryPrairie Provident Resources Inc Wt (PPR.WT) - Wt buys sh @ $0.87 to Mar 16/19Sandstorm Gold (SSL.WT.B) - One War-rant to purchase one common share of the Issuer at US $14.00 until expiry.Sherritt International Corporation (S.WT) - Each whole Warrant entitles the holder to acquire between 1.00 and 1.25 addi-tional common shares (as bulletin 2018-0062 table ) determined based on the Ap-plicable Reference Cobalt Price at an exercise price of $1.95 per Warrant at any time prior to the Expiry DateSprott Resource Corp (SRHI.WT) - Wt buys sh @ $0.3333 to Feb 09/22
ABE Resources Inc. (ABE.WT) - One war-rant to purchase one common share at $0.15 per share.American Cumo Mining Corp. (MLY.RT) - 2 rights and $0.07 are required to pur-chase one shareAntioquia Gold Inc. (AGD.RT) - One (1) Right and $0.042 are required to purchase one share.Avino Silver & Gold Mines Ltd. (ASM.WT) - Wt buys sh @ US$0.2 to Nov 28/19Boreal Metals Corp. (BMX.WT) - One warrant to purchase one common share at $0.30 per share.Brazil Resources (BRI.WT) - Wt buys sh @ $0.75 to Dec 31/18Cordoba Minerals Corp (CDB.WT) - One warrant to purchase one common share at $1.08 per share.Cornerstone Capital Resources (CGP.WT.S) - Wt buys sh @ $0.35 to Apr 07/19Equinoxgold Corp (EQX.WT) - One war-rant to purchase one common share at $3.00 per share.Falco Resources Ltd. (FPC.WT) - One warrant to purchase one common share at $1.70 per share.
Goldmining Inc. (GOLD.WT) - Wt buys sh @ $0.75 to Dec 31/18Goldstar Minerals (GDM.RT) - One Right to purchase one common share at $0.03 per share.Goldstar Minerals Inc. (GDM.RT) - One (1) Right and $0.05 are required to pur-chase one common share.JDL Gold Corp. (JDL.WT) - Wt buy sh @ $3.00 to Oct 06/21Jet Metal (JET.WT) - Wt buys sh @ $0.25 to Sep 16/19Jet Metal (JET.WT.A) - Wt buys sh @ $0.5 to Feb 28/19Kootenay Silver Inc. (KTN.WT) - Wt buys sh @ $0.55 to Apr 21/21LSC Lithium Corporation (LSC.RT) - One (1) right exercisable for One (1) Unit at $0.40 per Unit.Maple Gold Mines Ltd. (MGM.WT) - One warrant to purchase one common share at $0.40 per shareMillennial Lithium Corp. (ML.WT) - One warrant to purchase one common share at $4.25 per share.
Rainy Mountain Royalty Corp. (RMO.WT) - Wt buys sh @ $0.15 to Mar 1/18 and sh @ $0.25 from Mar 2/18 to Mar 1/19Rainy Mountain Royalty Corp. (RMD.WT) - Wt buys sh @ $0.15 to Mar 1/18 and sh @ $0.25 from Mar 2/18 to Mar 1/19Sandfire Resources America Inc. (SFR.RT) - Eight (8) Rights exercisable for One (1) share at $0.06 per unit.Silvercrest Metals Inc. (SIL.WT) - Wt buys sh @ $3 to Dec 06/18Tintina Resources Inc. (TAU.RT) - Nine(9) Rights exercisable for one share at $0.06 per share.Trek Mining (TREK.WT) - Wt buy sh @ $3.00 to Oct 06/21Vision Lithium Inc. (VLI.WT) - One war-rant to purchase one common share at $0.15 per share.West Kirkland Mining (WKM.WT) - Wt buys sh @ $0.3 to Apr 17/19Yellowhead Mining Inc. (YMI.RT) - One (1) Right and $0.12 are required to pr-chase one Share
27 New HighsAldridge Min*Allante PotashAurcana Corp*Barolo Vent*Black Hills*CMC MetalsGalantas GoldGatling ExplorIrving ResIrving Res*KAT Expl*Monitor Vent Monitor Vent*Mundoro CapMundoro Cap*Nevsun ResNevsun Res*Niocan IncNX Uranium*Orsu MetalsRandsburg Int*Slave Lake ZnSuperior MngUnity Energy
West High YldXanadu MinesXtra-Gold Res141 New Lows60 North Gold*Abacus Mining*Advantage LithAdvantage Lith*Adventus Zinc*Alamos GoldAlamos Gold*Alcoa*Aldebaran ResAlexandria Min*Alto Ventures*Alumina Inc*Americas Silvr*Argonaut GoldArgonaut Gold*ATAC ResAvino Silver*Barkerville GoBarkerville Go*Bird River ResBlack Iron*
Metal stocks (in tonnes) held in London Metal Exchange ware-houses at opening, November 30, 2018 (change from Novem-ber 23, 2018 in brackets):Aluminium Alloy 12560 (-100)Aluminium 1052450 (-14550)Copper 136175 (-3375)Lead 105200 (-2975)Nickel 213570 (-618)Tin 3000 (+95)Zinc 117550 (-4000)
Short positions outstanding as of Nov 16, 2018 (with changes from Nov 01, 2018)Largest short positionsAldershot Res ALZ 2601824 2121761 11/1/2018Aldershot Res ALZ 2601824 2071522 11/1/2018First Cobalt FCC 1770950 1040235 11/1/2018Prize Mng PRZ 1678021 -713923 11/1/2018Amarillo Gold AGC 886500 157500 11/1/2018Leeta Gold HIVE 837700 20826 11/1/2018Saturn Mnrls SOIL 721749 248582 11/1/2018Cobalt 27 Cap KBLT 690800 -31500 11/1/2018Gratomic GRAT 637270 492570 11/1/2018Sandspring Res SSP 596928 585983 11/1/2018Atlantic Gold AGB 557440 18440 11/1/2018Vanadium One VONE 459720 228220 11/1/2018Equinox Gold EQX 370466 34566 11/1/2018Zadar Ventures ZAD 321700 321700 11/1/2018Novo Res NVO 307100 181700 11/1/2018Largest increase in short positionAldershot Res ALZ 2601824 2121761 11/1/2018Aldershot Res ALZ 2601824 2071522 11/1/2018First Cobalt FCC 1770950 1040235 11/1/2018Sandspring Res SSP 596928 585983 11/1/2018Gratomic GRAT 637270 492570 11/1/2018Largest decrease in short positionCentral Tim Ex CTEC 0 -2250000 11/1/2018Gowest Gold GWA 10800 -944271 11/1/2018Berkwood Res BKR 53000 -784765 11/1/2018Prize Mng PRZ 1678021 -713923 11/1/2018Jaxon Mining JAX 1249 -286100 11/1/2018
Short positions outstanding as of Nov 16, 2018 (with changes from Nov 01, 2018)Largest short positionsSandstorm Gold SSL 15433024 135967 11/1/2018Ivanhoe Mines IVN 13835881 -309852 11/1/2018Goldcorp G 12185753 5699114 11/1/2018Osisko Mng Inc OSK 10606179 -64787 11/1/2018Barrick Gold ABX 10351371 2021093 11/1/2018Suncor Energy SU 10292261 3285948 11/1/2018Kinross Gold K 9960987 2284199 11/1/2018First Quantum FM 9479904 2081667 11/1/2018Eldorado Gold ELD 9473838 -195975 11/1/2018OceanaGold OGC 8942349 156128 11/1/2018Nemaska Lith NMX 8538681 -826187 11/1/2018Nexgen Energy NXE 7140618 235340 11/1/2018First Majestic FR 6923422 434263 11/1/2018Turquoise HIl TRQ 6426316 -1161696 11/1/2018New Gold NGD 6248186 -1400250 11/1/2018Largest increase in short positionGoldcorp G 12185753 5699114 11/1/2018Suncor Energy SU 10292261 3285948 11/1/2018Prophecy Coal PCY 3247500 3214929 11/1/2018Kinross Gold K 9960987 2284199 11/1/2018First Quantum FM 9479904 2081667 11/1/2018Largest decrease in short positionNew Gold NGD 6248186 -1400250 11/1/2018Pine Cliff En PNE 1550909 -1198822 11/1/2018Turquoise HIl TRQ 6426316 -1161696 11/1/2018Alacer Gold ASR 3472128 -1072536 11/1/2018McEwen Mng MUX 2783522 -927414 11/1/2018
Daily Metal PricesDate Dec 3 Nov 30 Nov 29 Nov 28 Nov 27BASE METALS (London Metal Exchange -- Midday official cash/3-month prices, US$ per tonne)Al Alloy 1370/1360 1385/1370 1320/1360 1350/1370 1320/1360Aluminum 1982/1978.50 1934.50/1937.50 1931/1932 1911.50/1923.50 1924.50/1935Copper 6306/6285 6237/6200 6280/6240 6197/6155 6168.50/6135.50Lead 1964/1975 1956/1968 1932/1949 1906.50/1934 1905.50/1931Nickel 11190/11275 11010/11080 10885/10950 10730/10825 10700/10775Tin 18850/18775 18500/18500 18575/18550 18400/18350 18700/18700Zinc 2674.50/2580 2628/2499 2552/2454.50 2514/2428 2505/2440
Date Nov 30 Nov 29 Nov 28 Nov 27 Nov 26US$ in C$ 1.3295 1.3276 1.3277 1.3296 1.3254C$ in US$ 0.7521 0.7532 0.7532 0.7521 0.7545
Exchange rates (Quote Media, November 30, 2018)C$ to AUS C$ to EURO C$ to YEN C$ to Mex Peso C$ to SA Rand1.0287 0.6612 85.4295 15.2447 10.2964C$ to UK Pound C$ to China Yuan C$ to India Rupee C$ to Swiss Franc C$ to S. Korea Won0.5892 5.2286 52.5620 0.7503 841.6011US to AUS US to EURO US to YEN US to Mex Peso US to SA Rand1.3657 0.8778 113.4140 20.2412 13.6664US to UK Pound US to China Yuan US to India Rupee US to Swiss Franc US to S. Korea Won0.7822 6.9425 69.9350 0.9961 1118.0200
52-week
NORTH AMERICAN STOCK EXCHANGE INDICES
Index Nov 30 Nov 29 Nov 28 Nov 27 Nov 26 High LowS&P/TSX Composite 15197.82 15194.04 15171.25 14944.09 15012.65 15527.30 12400.15S&P/TSXV Composite 589.52 591.12 591.69 585.89 593.10 1050.26 883.52S&P/TSX 60 913.29 914.36 912.16 898.81 901.69 896.74 709.99S&P/TSX Global Gold 164.34 165.28 166.98 162.55 165.42 218.90 149.29DJ Precious Metals 138.24 138.24 139.41 135.82 138.69 420.72 130.95
GLOBAL MINING NEWS THE NORTHERN MINER / DECEMBER 10–23, 2018 23
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37 Capital C 0.12 0.29 0.21 0.35 0.1866 Resources C 0.13 0.19 0.15 0.27 0.10African Metals V 0.06 0.09 0.06 Aguila Amer Gd V 0.18 0.28 0.24 0.30 0.17AJN Resources C 0.08 0.14 0.10 0.20 0.08Alba Minerals V 0.15 0.16 0.16 0.28 0.04Alchemist Mng C 0.10 0.10 0.06 0.35 0.04Alderon Iron* X ... 0.40 0.14 0.52 0.12Alexandra Cap C ... ... 0.50 0.93 0.25Alliance Mng V 0.02 0.02 0.02 0.06 0.01ALQ Gold C 1.35 1.35 0.22 Altitude Res V 0.04 0.07 0.05 0.09 0.03Alturas Min V 0.01 0.01 0.01 0.06 0.01Amanta Res V 0.01 0.02 0.01 American CuMo V 0.06 0.07 0.06 0.13 0.05Anglo-Bomarc V 0.08 0.08 0.15 0.16 0.06Angus Ventures V ... ... 0.42 0.50 0.33Antler Hill V 0.02 ... 0.10 0.22 0.07Arch Coal* N ... ... 0.58 Arcturus Vent V 0.09 0.15 0.09 0.16 0.09Arian Res V 0.01 0.02 0.01 Arrowstar Res V 0.03 0.24 0.12 0.12 0.04Asante Gold C 0.04 0.05 0.05 0.08 0.03Asbestos Corp V 0.35 1.00 0.35 0.90 0.33Ashanti Sanko V 0.03 0.04 0.04 0.10 0.03Atlantic Ind V 0.01 0.02 0.01 0.09 0.01Atlatsa Res* X ... ... 0.06 0.45 0.06Aurcana Corp V 0.10 0.10 0.23 0.28 0.17Aurelius Min V 0.13 0.14 0.14 0.15 0.03Austral Gold V 0.07 0.08 0.07 0.17 0.06Awale Res V 0.08 0.12 0.09 0.48 0.08Banro Corp* X 0.11 0.11 0.11 2.10 0.10BC Moly V 0.05 0.07 0.06 0.16 0.06Bell Copper V 0.17 0.20 0.20 0.22 0.03Benz Mining V 0.05 0.08 0.08 0.21 0.05Bethpage Cap V 0.01 ... 0.07 0.11 0.07BHK Mining V 0.02 0.02 0.02 Black Bull Res V 0.10 0.18 0.10 Black Mam Mtls V 0.08 0.10 0.08 0.16 0.06Boss Power V 0.17 0.20 0.17 Brunswick Res V 0.03 0.04 0.03 0.05 0.02Bullman Mnls V 0.07 0.12 0.07 0.09 0.06Canex Energy V 0.14 0.20 0.14 0.40 0.13Canoe Mng Vent V 0.05 0.05 0.14 0.25 0.10Caracara Silvr V 0.15 0.15 0.11 0.30 0.08Cassius Vents V 0.06 0.10 0.06 0.08 0.03Cdn Intl Mnrls V 0.23 0.23 0.15 0.39 0.11Cdn Platinum V 0.03 0.03 0.03 0.05 0.02Cdn Silvr Hunt V 0.05 0.06 0.06 0.09 0.04Cerro de Pasc C ... ... 0.29 0.34 0.12Chilean Metals V 0.08 0.12 0.09 0.34 0.08Chinapintza Mg V 0.01 1.00 0.02 0.02 0.01Cicada Vents V 0.01 0.02 0.01 0.03 0.01Cliffs Nat Res* N 1.45 3.20 1.43 7.17 0.98Comet Inds V 3.05 3.50 3.05 3.60 2.60Copper Lake Rs V 0.01 0.02 0.02 0.10 0.02Cresval Cap V 0.07 0.20 0.05 CWN M’g Acq V 0.05 0.08 0.05 0.25 0.03Cyprium Mng V 0.03 0.03 0.03 Damara Gold V 0.05 0.06 0.05 0.10 0.04Dawson Gold V 0.01 0.40 0.30 Discovery Harb V 0.05 0.06 0.05 0.08 0.05Eastern Zinc C 0.17 0.30 0.19 0.56 0.22Electra Stone V 0.01 0.02 0.01 0.04 0.01Empire Metals V 0.17 0.23 0.17 0.30 0.11Engineer Gold V 0.08 0.09 0.08 0.12 0.08European Metal C ... 0.01 0.01 EVI Global Grp C 0.58 0.62 0.63 0.70 0.07Evolving Gold C 0.08 0.10 0.08 0.26 0.07Excalibur Res C 0.09 0.10 0.10 0.11 0.01Fieldex Expl V ... 0.18 0.19 Finlay Minrls V 0.02 0.03 0.03 0.12 0.02Finore Mng C 0.12 0.12 0.11 Fire River Gol V 0.03 0.07 0.09 First Idaho V 0.06 0.24 0.04 0.06 0.02First Legacy V 0.23 0.23 0.22 0.25 0.12Four Nines C 0.26 0.30 0.22 0.80 0.10Full Metal Mnl V 0.01 0.01 0.10 0.15 0.10
Gem Intl Res V 0.01 0.02 0.02 0.03 0.01Gentor Res V 0.06 0.08 0.08 0.14 0.06Getchell Gold C ... ... 0.09 Getty Copper V 0.03 0.04 0.04 0.07 0.02GFM Res V 0.04 0.13 0.15 0.15 0.07Global Cobalt V 0.02 0.02 0.02 Global Cop Grp V 0.07 0.08 0.08 0.11 0.04God’s Lake Res C ... ... 0.90 1.10 0.22Goldbank Mng V 0.10 0.28 0.14 0.21 0.13Goldbelt Emp V 0.02 0.04 0.02 0.03 0.01Golden Cariboo V 0.05 0.06 0.05 0.12 0.05Goldstar Mnls V 0.04 0.04 0.05 0.12 0.03Goldstream Mnl V 0.06 0.08 0.07 0.18 0.04GoldTrain Res C 0.13 0.15 0.13 0.40 0.12Granite Creek V ... ... 0.12 0.14 0.08Great Quest Fe V 0.01 0.01 0.10 0.24 0.06Greatbanks Res V 0.03 0.05 0.03 Green Arrow V 0.03 0.03 0.03 0.19 0.02Green Valley M V 0.20 0.28 0.30 0.50 0.09Greenshield Ex V 0.11 0.43 0.11 0.15 0.10Grosvenor Res V 0.12 0.28 0.14 0.20 0.14HFX Holding V 0.05 0.10 0.06 0.12 0.04Highbury Proj V 0.24 ... 0.25 0.35 0.21Highvista Gold V ... ... 0.17 Icon Explor V ... 0.35 0.41 0.84 0.11IEMR Res V 0.02 0.02 0.02 0.05 0.02IGC Res V 0.05 0.17 0.19 0.25 0.05Infinite Lith V 0.26 0.29 0.28 0.32 0.12Inspiration Mg C 0.03 0.03 0.03 0.27 0.02Interconnect V 0.09 0.15 0.07 0.11 0.04Intl Battery C ... ... 0.31 Intl Millm Mng V 0.02 0.03 0.03 0.04 0.01Intl Zeolite V 0.08 0.08 0.08 0.47 0.05Iron South Mng V 0.24 0.27 0.24 0.28 0.04Ironside Res V 0.09 ... 0.14 0.16 0.08Jasper Mng V 0.08 0.11 0.10 0.29 0.07Jazz Res V 0.04 0.06 0.04 0.09 0.03JDF Explor Inc C 0.01 ... 0.05 0.15 0.01Jubilee Gold V 0.42 0.70 0.64 0.70 0.40Kal Minerals C 0.12 0.20 0.20 0.20 0.20Kenna Res V 0.13 0.16 0.15 La Imperial C 0.07 0.24 0.07 0.08 0.06Le Mare Gold V 0.15 0.15 0.17 0.75 0.17Lead Ventures C ... ... 0.25 0.60 0.06Legion Metals C 0.12 0.25 0.17 0.21 0.05Leo Res C ... ... 1.09 Lions Bay Cap V 0.04 0.05 0.05 0.17 0.04Lithion Energy V ... ... 0.10 Logan Res V 0.03 0.03 0.06 0.08 0.04Lovitt Res V 0.08 0.13 0.10 0.25 0.02Lund Enterpr V 0.10 0.19 0.13 0.25 0.11Madeira Mrnls V 0.04 0.30 0.03 0.05 0.02MAG Silver* X 12.52 13.30 12.52 14.40 6.12Magna Gold V ... 0.50 0.40 0.45 0.20Magnitude Mng V ... 0.35 0.15 0.30 0.14Margaret Lake V 0.04 0.05 0.04 0.16 0.03Mas Gold V 0.06 0.07 0.06 0.15 0.06Match Capital V 0.01 ... 0.04 MAX Res V 0.10 0.10 0.20 0.32 0.06McChip Res V 0.84 0.90 0.89 0.89 0.50Meridius Res V 0.19 ... 0.19 0.20 0.18Mesa Expl V 0.08 0.08 0.06 0.08 0.03Metron Capital V 0.05 0.14 0.06 0.08 0.05Mezzotin Mnrls V 0.01 0.02 0.01 0.04 0.01Micrex Dev V 0.02 0.02 0.01 0.03 0.01MillenMin Vent V 0.01 0.04 0.05 Millstream Min V 0.04 0.06 0.04 Milner Con Slv V 0.06 0.10 0.06 0.11 0.03Minecorp Egy V ... ... 0.12 0.20 0.07Minsud Res V 0.05 0.06 0.05 0.21 0.05MK2 Ventures V 0.22 0.29 0.25 0.39 0.15Mkango Res V 0.13 0.17 0.16 0.24 0.10Moag Copper C ... ... 0.08 Monster Uran V 0.17 0.41 0.17 1.15 0.13Montana Gold C 0.09 0.10 0.10 0.10 0.02Mountain Lake C ... ... 0.05 0.09 0.03MX Gold V 0.11 0.11 0.11 0.15 0.08Navy Res V 0.11 0.17 0.17 0.32 0.15
Nebu Res V 0.04 0.04 0.04 New Klondike V 0.01 0.01 0.01 New Point Expl C 0.05 0.05 0.06 0.41 0.05New Stratus V 0.25 0.25 0.40 0.40 0.08Newmac Res V 0.10 0.11 0.10 0.10 0.06Nexco Res C 0.09 0.15 0.09 0.40 0.09Noble Metal Gr V 0.01 0.01 0.01 0.04 0.01Nrthn Lion V 0.21 0.66 0.22 0.67 0.19NSGold V 0.07 0.09 0.08 0.14 0.02Nubian Res V 0.11 0.13 0.11 0.31 0.09Odyssey Res V 0.03 0.05 0.03 0.07 0.03Omineca Mg &Ml V 0.03 0.04 0.03 0.05 0.03Orex Mnrls V 0.09 0.10 0.10 0.18 0.08Oriental Non F C 0.01 1.00 1.00 1.05 1.00Pac Cascade V 0.01 0.02 0.01 Pac Iron Ore V 0.09 0.17 0.10 0.15 0.03Pac Link Mng V 0.03 0.50 0.20 0.20 0.03Pac Ridge Expl V 0.05 0.06 0.05 0.07 0.04Pasinex Res C 0.10 0.10 0.10 0.27 0.08Patriot Gold C 0.05 ... 0.10 0.10 0.10Pedro Res V ... 0.31 0.21 0.42 0.17Pele Mtn Res V 0.05 0.05 0.04 0.15 0.03Phoenix Gold V ... 0.01 0.01 PPX Mining V 0.08 0.09 0.09 0.11 0.06Prime Meridian V 0.01 0.01 0.14 Quantum Cobalt C ... ... 1.10 3.15 0.20Rare Element* X 0.11 0.16 0.15 0.89 0.06Razore Rock Res C 0.07 ... 0.07 0.63 0.06Red Oak Mg V 0.26 0.34 0.33 0.34 0.08Red Tiger Mng V 0.02 0.03 0.03 Reliant Gold C ... 0.02 0.02 0.04 0.02Rhyolite Res V 0.15 0.29 0.15 0.32 0.15Riley Resource V 0.18 0.30 0.18 0.41 0.10Rio Silver V 0.04 0.05 0.04 0.07 0.04Rockland Mnls V 0.07 0.08 0.08 0.11 0.01Rockridge Res V 0.20 0.28 0.23 0.50 0.20Rojo Res V ... 0.98 0.40 0.40 0.40Ross River V 0.10 0.12 0.26 0.50 0.10Roughrider Exp V 0.11 0.13 0.11 0.30 0.11Rubicon Mnrls* X ... ... 0.03 1.35 0.03Sage Gold V 0.01 0.01 0.02 0.18 0.01Sandy Lake Gld V 0.08 0.09 0.09 0.13 0.04Scavo Res C 0.36 0.57 0.36 0.54 0.26Senator Mnrls V 0.05 0.15 0.08 0.90 0.04Sennen Potash V 0.45 0.79 0.45 0.55 0.30Starr Peak Exp V 0.11 0.15 0.14 0.19 0.09Surge Explor V 0.39 0.44 0.39 0.23 0.03Tajiri Res V 0.09 0.17 0.08 0.18 0.05Tanzania Mnls V 0.07 0.07 0.16 1.20 0.12Thunder Mtn Gd V ... ... 0.17 0.30 0.14Tiger Intl V 0.07 0.13 0.08 0.17 0.04Tintina Mines V 0.07 0.08 0.08 0.10 0.05Tri-River Vent V ... ... 0.04 Trident Gold V 0.14 0.24 0.15 0.22 0.14Troy Enrgy V 0.03 0.05 0.03 0.10 0.01Ubique Mineral C 0.10 0.12 0.10 0.25 0.07UC Res V 0.01 0.02 0.02 0.03 0.01United Battery C 0.40 0.40 0.44 1.68 0.31Upper Canyon V 0.27 0.35 0.35 0.40 0.15Vale* N ... ... 10.24 11.10 6.57Valencia Vent V 0.20 0.30 0.22 ValOre Metals V 0.06 0.07 0.07 0.13 0.07Vanadium One V 0.13 0.15 0.13 Vanadiumcorp V 0.09 0.10 0.09 0.16 0.09Vela Minerals V 0.18 0.30 0.30 0.30 0.18Venerable Vent V 0.11 0.20 0.11 0.14 0.10Vizsla Res V 0.15 0.16 0.15 0.19 0.14Westcot Vent V ... ... 0.35 0.55 0.23Western Pac Rs V 0.40 0.87 0.78 1.20 0.40Western Troy C V 0.02 0.02 0.02 0.06 0.02Whistler Gold V 0.07 0.15 0.08 0.08 0.04Whitemud Res V 0.01 0.02 0.01 0.05 0.01Xiana Mng V 0.40 0.52 0.50 0.70 0.09Zara Res C 0.03 0.09 0.07 0.24 0.07Zimtu Capital V 0.23 0.24 0.23 0.40 0.20Zinco Mng V 0.05 0.07 0.05
BID-ASK — NOVEMBER 26–30, 2018 12-MONTH
STOCK EXC BID ASK LAST HIGH LOW
12-MONTH
STOCK EXC BID ASK LAST HIGH LOW
12-MONTH
STOCK EXC BID ASK LAST HIGH LOW
West Red Lake* O 64 0.04 0.04 0.04 + 0.00 0.13 0.03Western Areas* O 8 1.53 1.53 1.53 - 0.14 2.82 1.53Western Atlas V 185 0.10 0.09 0.09 unch 0.00 0.30 0.05Western Copper T 209 0.73 0.64 0.64 - 0.09 1.35 0.66Western Copper* X 215 0.56 0.48 0.49 - 0.06 1.07 0.48Western Pac Rs V 0 0.00 0.00 0.78 unch 0.00 1.20 0.40Western Pac Rs* O 0 0.30 0.00 0.30 + 0.15 0.61 0.01Western Potash T 24 0.28 0.27 0.28 unch 0.00 0.45 0.26Western Res* O 18 0.20 0.20 0.20 - 0.01 0.35 0.20Western U&V 532 2.57 1.58 1.73 - 0.86 3.32 0.44Western U&V* O 635 1.94 1.19 1.31 - 0.63 2.70 1.19Westhaven Vent* O 377 0.85 0.67 0.74 - 0.02 0.99 0.08Westhaven Vent V 1915 1.11 0.89 0.98 - 0.03 1.34 0.09Westkam Gold* O 525 0.01 0.00 0.01 - 0.00 0.04 0.00Westkam Gold V 121 0.01 0.01 0.01 + 0.01 0.05 0.01Westminster Rs V 151 0.05 0.04 0.05 unch 0.00 0.25 0.04Westmoreland* O 327 0.03 0.02 0.03 - 0.00 1.84 0.02Wheaton Prec M T 4808 21.35 20.33 20.86 - 0.21 29.93 19.87Wheaton Prec M* N 11013 16.16 15.25 15.64 - 0.21 22.87 15.08White Energy* O 4 0.24 0.24 0.24 unch 0.00 0.31 0.11White Gold* O 317 1.05 0.94 1.00 - 0.02 1.44 0.46White Gold V 503 1.34 1.23 1.29 - 0.01 2.00 0.54White Metal R* O 50 0.04 0.00 0.04 - 0.00 0.19 0.03White Metal Rs V 313 0.07 0.05 0.06 - 0.01 0.25 0.05White Mtn Engy* O 448 0.00 0.00 0.00 - 0.00 0.00 0.00Whitehaven Coa* O 1 3.21 3.21 3.21 unch 0.00 4.37 2.94Whitemud Res V 10 0.01 0.01 0.01 unch 0.00 0.05 0.01Wildsky Res* O 5 0.11 0.00 0.11 unch 0.00 0.77 0.08Wildsky Res V 7 0.14 0.00 0.11 - 0.03 1.01 0.10Winston Gold* O 334 0.03 0.03 0.03 + 0.01 0.09 0.02Winston Gold 225 0.04 0.04 0.04 - 0.01 0.09 0.03Winston Res 610 0.07 0.00 0.03 - 0.04 0.24 0.03Winston Res* O 0 0.00 0.00 0.55 unch 0.00 Wolfden Res* O 73 0.17 0.13 0.13 - 0.04 0.56 0.13Wolfden Res V 193 0.21 0.18 0.19 - 0.03 0.68 0.18Wolfeye Res V 509 0.79 0.50 0.74 + 0.06 1.50 0.50Wolverine Mnls* O 75 0.11 0.11 0.11 unch 0.00 0.12 0.06Wolverine Mnls V 164 0.14 0.13 0.14 + 0.02 0.17 0.07Worldwide Res V 28 0.07 0.03 0.03 - 0.04 0.09 0.01WPC Res V 184 0.03 0.02 0.03 unch 0.00 0.05 0.02X-Terra Res* O 0 0.00 0.00 0.11 unch 0.00 0.21 0.11X-Terra Res V 370 0.15 0.12 0.15 + 0.01 0.30 0.11Xanadu Mines T 6 0.17 0.13 0.17 + 0.03 0.17 0.11Xander Res V 91 0.12 0.09 0.12 unch 0.00 0.21 0.09Xemplar Egy* O 0 0.00 0.00 0.00 unch 0.00 0.00 0.00Xiana Mng V 25 0.52 0.50 0.50 unch 0.00 0.70 0.09Xiana Mng* O 1 0.39 0.39 0.39 unch 0.00 0.55 0.06Ximen Mng* O 2 0.18 0.18 0.18 unch 0.00 0.44 0.10Ximen Mng V 663 0.29 0.25 0.29 unch 0.00 0.30 0.13Xtierra Inc V 152 0.06 0.00 0.06 unch 0.00 0.08 0.02Xtra-Gold Res T 342 0.41 0.29 0.30 - 0.02 0.41 0.18Xtra-Gold Res* O 83 0.31 0.21 0.27 - 0.18 0.45 0.11Yamana Gold T 9245 2.89 2.73 2.77 - 0.09 4.69 2.66Yamana Gold* N 42554 2.19 2.05 2.08 - 0.08 3.80 2.00Yellowhead Mng* O 1 0.25 0.25 0.25 unch 0.00 0.36 0.10Yellowhead Mng V 33 0.40 0.35 0.40 + 0.05 0.70 0.10Yorbeau Res T 2181 0.03 0.02 0.03 + 0.01 0.09 0.02You Han Data* O 2 1.00 0.00 1.00 + 0.05 2.80 0.75Zadar Ventures* O 5 0.02 0.02 0.02 + 0.00 0.08 0.02Zadar Ventures V 832 0.05 0.03 0.04 + 0.01 0.13 0.03Zanzibar Gold 236 0.13 0.12 0.13 unch 0.00 0.20 0.10Zara Res* O 0 0.00 0.00 0.04 unch 0.00 0.17 0.04Zara Res 0 0.00 0.00 0.07 unch 0.00 0.24 0.07Zena Mining V 32 0.08 0.06 0.06 - 0.03 0.13 0.05Zenyatta Vent* O 2 0.28 0.27 0.27 - 0.02 0.65 0.27Zenyatta Vent V 220 0.41 0.34 0.40 + 0.03 0.84 0.34Zephyr Mnls* O 11 0.15 0.14 0.14 - 0.01 0.27 0.14Zephyr Mnls V 60 0.20 0.18 0.19 + 0.01 0.33 0.18Zimtu Capital V 40 0.23 0.23 0.23 unch 0.00 0.40 0.20Zinc One Res V 503 0.10 0.09 0.10 + 0.01 0.55 0.08Zinc One Res * O 80 0.07 0.06 0.07 + 0.00 0.45 0.06Zincore Mtls V 43 0.05 0.05 0.05 - 0.02 0.35 0.03ZincX Res V 308 0.25 0.23 0.24 - 0.02 0.75 0.23ZincX Res* O 22 0.19 0.17 0.17 - 0.04 0.56 0.17Zonte Metals V 115 0.33 0.29 0.30 - 0.03 0.41 0.12Zonte Metals* O 14 0.26 0.22 0.22 - 0.04 0.30 0.10
Val-d’Or Mg V 33 0.11 0.00 0.11 unch 0.00 0.15 0.08Vale* N 134722 13.87 12.55 13.70 + 0.44 16.13 10.55Valencia Vent* O 0 0.00 0.00 0.15 unch 0.00 Valley High Mg* O 10122 0.01 0.00 0.01 + 0.00 0.04 0.00ValOre Metals* O 22 0.20 0.00 0.20 + 0.04 0.48 0.16ValOre Metals V 61 0.27 0.21 0.23 + 0.02 1.25 0.20Valoro Res V 235 0.12 0.12 0.12 - 0.02 0.55 0.12Valterra Res* O 155 0.02 0.02 0.02 - 0.00 0.04 0.01Valterra Res V 21 0.02 0.02 0.02 - 0.01 0.04 0.02Vanadian Enrgy* O 8 0.09 0.00 0.08 - 0.03 0.13 0.01Vanadian Enrgy V 135 0.13 0.09 0.10 - 0.02 0.18 0.06Vanadium One V 669 0.23 0.18 0.18 - 0.04 0.29 0.04Vanadiumcorp* O 316 0.08 0.05 0.08 unch 0.00 0.15 0.01Vangold Res V 1206 0.02 0.02 0.02 - 0.01 0.25 0.02Vangold Res* O 210 0.02 0.02 0.02 unch 0.00 0.20 0.02Vanstar Mng Rs* O 4 0.13 0.11 0.13 unch 0.00 0.13 0.07Vanstar Mng Rs V 392 0.12 0.10 0.11 - 0.01 0.18 0.06Vantex Res V 4 0.17 0.17 0.17 unch 0.00 0.58 0.17Vatic Vent V 367 0.07 0.06 0.06 - 0.01 0.32 0.06Vatic Vent* O 42 0.06 0.03 0.06 + 0.01 0.64 0.01Vedanta* N 4780 11.51 10.66 11.15 + 0.08 21.99 10.66Velocity Mnrls* O 15 0.11 0.11 0.11 unch 0.00 0.20 0.09Velocity Mnrls V 0 0.00 0.00 0.17 unch 0.00 0.27 0.13Vendetta Mng V 805 0.16 0.16 0.16 unch 0.00 0.26 0.15Vendetta Mng* O 95 0.13 0.12 0.12 + 0.01 0.21 0.11Venerable Vent V 35 0.11 0.11 0.11 unch 0.00 0.14 0.10Verde Potash T 73 0.90 0.83 0.84 + 0.02 1.25 0.53Veris Gold* O 1623 0.00 0.00 0.00 unch 0.00 0.02 0.00Vertical Expl V 64 0.11 0.09 0.09 - 0.02 0.40 0.07Vertical Expl* O 1 0.09 0.09 0.09 unch 0.00 0.15 0.06Victoria Gold V 567 0.37 0.35 0.36 - 0.01 0.47 0.30Victory Nickel 112 0.04 0.00 0.03 + 0.01 0.07 0.02Victory Nickel* O 979 0.01 0.01 0.01 unch 0.00 0.05 0.01Victory Res V 571 0.19 0.13 0.13 - 0.06 0.65 0.13Victory Res* O 25 0.13 0.13 0.13 unch 0.00 0.23 0.11Virginia Enrgy V 138 0.23 0.13 0.15 + 0.03 0.36 0.09Virginia Enrgy* O 187 0.17 0.00 0.10 - 0.00 0.28 0.07Viscount Mng V 17 0.20 0.00 0.18 - 0.01 0.40 0.17Visible Gold M V 21 0.06 0.00 0.06 unch 0.00 0.18 0.05Vision Lithium V 1738 0.14 0.08 0.09 - 0.06 0.79 0.10Vision Lithium* O 148 0.13 0.07 0.07 - 0.06 0.62 0.08Vista Gold* X 647 0.48 0.37 0.44 - 0.02 0.87 0.37Vista Gold T 69 0.64 0.56 0.61 - 0.02 1.12 0.56Viva Gold* O 16 0.27 0.21 0.22 - 0.05 0.40 0.21Viva Gold V 3 0.30 0.28 0.30 - 0.05 0.69 0.21Vizsla Res V 10 0.15 0.15 0.15 unch 0.00 0.19 0.14Volcanic Gold V 31 0.05 0.04 0.04 unch 0.00 0.29 0.04Volt Energy V 243 0.06 0.04 0.06 + 0.02 0.96 0.04Voltaic Min V 674 0.19 0.16 0.17 + 0.02 0.90 0.15Voyageur Min* O 275 0.06 0.04 0.06 + 0.02 0.08 0.04Voyageur Min V 482 0.09 0.05 0.09 + 0.03 0.11 0.05VR Resources* O 48 0.16 0.14 0.14 - 0.02 0.35 0.13VR Resources V 97 0.21 0.20 0.20 - 0.02 0.43 0.17Vulcan Mnrls V 635 0.06 0.05 0.05 unch 0.00 0.07 0.04VVC Expl V 158 0.03 0.02 0.02 - 0.01 0.07 0.02
W-ZWalker Lane* O 8 0.30 0.23 0.23 unch 0.00 0.40 0.05Walker River V 1165 0.08 0.06 0.06 + 0.01 0.09 0.05Wallbridge Mng T 1842 0.17 0.16 0.16 - 0.01 0.35 0.06Warrior Gold* O 1 0.03 0.00 0.03 - 0.01 0.17 0.03Warrior Gold V 495 0.05 0.04 0.05 - 0.01 0.22 0.04Waseco Res V 321 0.04 0.03 0.03 - 0.01 0.06 0.03Wealth Mnrls V 1682 0.55 0.40 0.54 + 0.04 2.00 0.40Wealth Mnrls* O 1484 0.42 0.31 0.40 + 0.02 1.60 0.31Wescan Gldflds* O 5 0.02 0.02 0.02 unch 0.00 0.10 0.02Wescan Gldflds V 35 0.04 0.00 0.03 - 0.01 0.11 0.01Wesdome Gold* O 364 2.85 2.64 2.78 + 0.07 3.79 1.28Wesdome Gold T 1468 3.79 3.51 3.68 + 0.06 4.18 1.64West African V 599 0.30 0.27 0.27 - 0.03 0.50 0.23West High Yld V 261 0.60 0.40 0.45 + 0.05 0.60 0.20West Kirkland V 771 0.05 0.05 0.05 - 0.01 0.09 0.05West Kirkland * O 35 0.05 0.03 0.04 - 0.01 0.07 0.03West Red Lake 345 0.06 0.06 0.06 - 0.01 0.16 0.05
Talon Metals T 126 0.11 0.10 0.10 - 0.01 0.12 0.05Tamino Mnrls* O 6843 0.00 0.00 0.00 - 0.00 0.00 0.00Tanager Energy V 9 0.06 0.00 0.06 + 0.01 0.14 0.04Tango Mining V 120 0.02 0.02 0.02 unch 0.00 0.06 0.02Tanqueray Expl V 423 0.80 0.69 0.71 - 0.09 1.32 0.33Tantalex Res 1093 0.06 0.05 0.05 - 0.01 0.25 0.05Tanzania Rlty T 39 0.49 0.45 0.49 unch 0.00 0.89 0.31Tanzania Rlty* X 346 0.37 0.33 0.36 - 0.01 0.68 0.24Taranis Res V 183 0.10 0.07 0.10 + 0.02 0.14 0.06Tarku Res V 302 0.03 0.02 0.03 + 0.01 0.06 0.02Tartisan Nick* O 0 0.00 0.00 0.04 unch 0.00 0.09 0.04Tartisan Nick 597 0.05 0.03 0.05 + 0.03 0.16 0.02Tasca Res V 1449 0.08 0.05 0.05 - 0.01 0.50 0.04Tasca Res* O 60 0.00 0.00 0.03 unch 0.00 0.36 0.03Taseko Mines T 246 0.87 0.80 0.86 + 0.03 2.98 0.80Taseko Mines* X 888 0.65 0.59 0.64 + 0.01 2.38 0.59Tearlach Res V 923 0.03 0.03 0.03 unch 0.00 0.03 0.03Teck Res T 8846 27.55 24.95 26.91 + 0.46 39.08 23.90Teck Res T 10 27.50 25.12 26.99 + 0.38 39.00 23.89Teck Res* N 16982 20.76 18.74 20.30 + 0.11 30.80 18.17Telson Res * O 43 0.37 0.30 0.30 - 0.07 0.74 0.30Telson Res V 60 0.50 0.00 0.41 - 0.09 1.00 0.36Tembo Gold V 1058 0.02 0.02 0.02 unch 0.00 0.04 0.02Teranga Gold* O 87 2.62 2.40 2.44 - 0.17 4.33 1.83Teranga Gold T 573 3.49 3.18 3.22 - 0.21 5.63 2.38Teras Res V 269 0.06 0.05 0.06 unch 0.00 0.12 0.04Teras Res* O 2 0.05 0.05 0.05 unch 0.00 0.09 0.03Terraco Gold V 558 0.10 0.08 0.08 - 0.02 0.10 0.07Terrax Mnrls* O 32 0.30 0.27 0.28 + 0.01 0.47 0.25Terrax Mnrls V 622 0.40 0.35 0.40 + 0.05 0.58 0.33Terreno Res V 209 0.04 0.04 0.04 unch 0.00 0.18 0.03Teslin Rvr Res V 7280 0.57 0.48 0.50 + 0.03 0.62 0.33Tesoro Mnrls V 0 0.00 0.00 0.05 unch 0.00 0.12 0.05Tethyan Res V 291 0.23 0.15 0.15 - 0.07 0.39 0.15Teuton Res V 177 0.16 0.13 0.13 - 0.01 0.25 0.11Teuton Res* O 70 0.11 0.10 0.10 + 0.02 0.19 0.09Texas Mineral* O 218 0.30 0.23 0.25 - 0.04 0.35 0.10Themac Res V 3 0.00 0.00 0.04 unch 0.00 0.10 0.04Thor Expl V 86 0.17 0.14 0.17 + 0.02 0.22 0.09Thunder Mtn Gd* O 14 0.10 0.07 0.10 + 0.01 0.22 0.07Thunderstruck V 633 0.08 0.06 0.06 - 0.02 0.12 0.04Thunderstruck* O 65 0.07 0.05 0.07 + 0.01 0.15 0.03Tiger Intl V 14 0.08 0.07 0.08 unch 0.00 0.17 0.04Till Capital V 1 2.22 0.00 2.22 + 0.26 5.60 1.90Timberline Res V 237 0.12 0.09 0.11 + 0.02 0.36 0.08Timberline Res* O 334 0.10 0.07 0.07 + 0.00 0.28 0.00Timmins Gold T 315 1.01 0.91 0.95 - 0.03 4.92 0.81Timmins Gold* X 512 0.77 0.67 0.72 - 0.03 3.93 0.63Tinka Res V 1519 0.37 0.29 0.31 - 0.05 0.78 0.29Tinka Res* O 481 0.28 0.22 0.23 - 0.05 0.67 0.22Tintina Mines V 10 0.08 0.08 0.08 unch 0.00 0.10 0.05Titan Mining* O 192 0.89 0.79 0.79 - 0.10 1.05 0.82Titan Mining T 1166 1.19 1.00 1.08 - 0.04 1.65 0.92Titanium Corp V 88 0.57 0.49 0.54 - 0.01 1.44 0.49TMAC Resource* O 9 4.50 0.00 4.40 - 0.01 9.24 3.07TMAC Resources T 263 6.05 5.40 6.05 + 0.35 11.50 3.95TNR Gold V 319 0.04 0.03 0.04 unch 0.00 0.09 0.03Toachi Mg Inc V 20 0.10 0.00 0.10 + 0.01 0.29 0.07Tolima Gold V 84 0.01 0.01 0.01 unch 0.00 0.06 0.01TomaGold V 428 0.05 0.05 0.05 - 0.01 0.09 0.05Tombstone Expl* O 327 0.00 0.00 0.00 unch 0.00 0.01 0.00Tonogold Res* O 26 0.09 0.07 0.08 - 0.01 0.40 0.00Torex Gold* O 41 8.11 7.46 7.74 + 0.17 11.80 5.73Torex Gold T 1898 10.76 9.88 10.43 + 0.55 14.58 7.29Torq Resources V 139 0.41 0.37 0.37 - 0.01 0.70 0.32Torq Resources* O 29 0.31 0.29 0.29 + 0.00 1.10 0.25Tower Res* O 50 0.02 0.02 0.02 unch 0.00 0.12 0.02Tower Res V 886 0.03 0.03 0.03 + 0.01 0.17 0.02Transatlantic V 1088 0.06 0.05 0.05 - 0.01 0.10 0.03Transition Met V 245 0.11 0.09 0.10 unch 0.00 0.20 0.09Transition Met* O 10 0.07 0.07 0.07 unch 0.00 0.14 0.07Treasury Metal T 112 0.24 0.00 0.24 unch 0.00 0.67 0.21Treasury Metal* O 67 0.18 0.17 0.17 + 0.00 0.65 0.16Trecora Res* N 426 9.50 8.16 9.30 + 1.29 15.60 7.94Tres-Or Res V 3025 0.03 0.02 0.02 - 0.01 0.07 0.02
Trevali Mng* O 193 0.35 0.32 0.33 - 0.01 1.37 0.31Trevali Mng T 8640 0.47 0.42 0.45 - 0.02 1.75 0.41Tri Origin Exp V 104 0.02 0.02 0.02 - 0.01 0.04 0.02Trident Gold V 25 0.15 0.15 0.15 unch 0.00 0.22 0.14Trifecta Gold* O 9 0.04 0.04 0.04 + 0.00 0.10 0.04Trifecta Gold V 13 0.06 0.00 0.06 - 0.02 0.13 0.05Trigen Res* O 27 0.29 0.25 0.25 - 0.05 1.01 0.20Trilogy Mtls T 71 3.00 2.76 2.93 + 0.06 3.00 0.90Trilogy Mtls* X 1075 2.26 2.14 2.22 + 0.02 2.34 0.69TriMetals Mng* O 187 0.04 0.03 0.04 + 0.00 0.18 0.03TriMetals Mng* O 144 0.07 0.06 0.07 + 0.02 0.23 0.05TriMetals Mng T 364 0.06 0.05 0.06 + 0.01 0.23 0.05Trinity Res* O 58 0.04 0.01 0.04 + 0.01 0.20 0.01Trinity Valley V 42 0.04 0.04 0.04 unch 0.00 0.16 0.04Trio Resources* O 50 0.00 0.00 0.00 unch 0.00 0.00 0.00TriStar Gold* O 24 0.12 0.09 0.11 + 0.01 0.27 0.09TriStar Gold V 671 0.16 0.09 0.14 - 0.02 0.33 0.09Triumph Gold V 325 0.36 0.32 0.34 - 0.01 0.80 0.26Triumph Gold* O 59 0.27 0.24 0.26 - 0.02 0.60 0.20Troilus Gold T 401 0.75 0.65 0.65 - 0.05 2.25 0.40Troilus Gold* O 0 0.00 0.00 0.45 unch 0.00 1.59 0.45Troubadour Res V 112 0.20 0.18 0.20 unch 0.00 0.25 0.12Troy Enrgy V 3 0.00 0.00 0.03 unch 0.00 0.10 0.01Troy Res* O 15 0.09 0.09 0.09 unch 0.00 0.13 0.06Troymet Expl V 120 0.01 0.01 0.01 unch 0.00 0.02 0.01True Grit Res V 340 0.03 0.03 0.03 unch 0.00 0.07 0.03True North Gem V 198 0.05 0.04 0.04 - 0.01 0.15 0.03True North Gem* O 0 0.00 0.00 0.05 unch 0.00 0.05 0.00Trueclaim Expl* O 0 0.08 0.08 0.08 unch 0.00 0.17 0.01Trueclaim Expl V 637 0.13 0.10 0.10 - 0.02 0.30 0.07Tsodilo Res V 77 0.30 0.20 0.20 - 0.10 0.67 0.20Tudor Gold V 280 0.34 0.23 0.23 - 0.07 0.58 0.20Tudor Gold * O 10 0.28 0.21 0.21 + 0.06 0.46 0.15Tundra Gold* O 1 0.50 0.50 0.50 unch 0.00 1.00 0.38Turquoise HIl T 6852 2.58 2.31 2.38 - 0.13 4.52 2.09Turquoise HIl* N 22433 1.96 1.72 1.80 - 0.06 3.59 1.59TVI Pacific* O 140 0.01 0.00 0.01 + 0.00 0.02 0.00TVI Pacific V 955 0.01 0.01 0.01 unch 0.00 0.02 0.01Tyhee Gold* O 25 0.00 0.00 0.00 unch 0.00 0.00 0.00Typhoon Expl V 59 0.04 0.03 0.03 - 0.01 0.10 0.03
U-VU.S. Gold* D 486 1.02 0.87 0.93 - 0.07 3.27 0.87U.S. Lithium* O 703 0.02 0.01 0.02 - 0.00 0.04 0.01U3O8 Corp* O 61 0.22 0.16 0.18 - 0.02 0.49 0.16U3O8 Corp T 232 0.29 0.22 0.26 + 0.01 0.60 0.22Ubique Mineral 0 0.00 0.00 0.10 unch 0.00 0.25 0.07UC Res* O 0 0.00 0.00 0.00 unch 0.00 0.20 0.00Ucore Rare Mtl V 1373 0.17 0.12 0.12 - 0.04 0.26 0.13Ucore Rare Mtl* O 1617 0.13 0.08 0.09 - 0.04 0.21 0.10UEX Corp T 1691 0.19 0.16 0.18 + 0.01 0.41 0.16Ultra Lithium* O 50 0.11 0.11 0.11 unch 0.00 0.41 0.11Ultra Lithium V 20 0.14 0.14 0.14 + 0.01 0.51 0.14Umbral Enrgy* O 172 0.16 0.13 0.14 + 0.02 0.64 0.12Unigold V 184 0.17 0.13 0.16 - 0.01 0.27 0.13Unigold* O 235 0.12 0.09 0.09 - 0.03 0.20 0.09United Battery 1714 0.45 0.42 0.44 unch 0.00 1.68 0.31United Battery* O 1532 0.52 0.29 0.41 - 0.01 1.58 0.23United Res Hdg* O 63 0.05 0.03 0.03 - 0.02 0.07 0.01United Silver* O 3 0.00 0.00 0.00 + 0.00 0.01 0.00United States A* X 296 0.76 0.70 0.71 - 0.04 1.05 0.22United States S* N 58493 26.12 21.96 23.06 - 2.66 47.64 21.96Unity Energy V 123 0.51 0.00 0.50 + 0.15 0.51 0.10Universal Vent V 1154 0.35 0.29 0.33 - 0.02 0.63 0.29Upper Canyon V 26 0.35 0.25 0.35 unch 0.00 0.40 0.15Ur-Energy* X 1479 0.76 0.68 0.76 + 0.06 0.93 0.58Ur-Energy T 257 1.00 0.89 0.98 + 0.07 1.19 0.75Uragold Bay Rs V 1420 0.08 0.06 0.07 + 0.01 0.14 0.06Uranium Energy* X 4527 1.38 1.28 1.32 + 0.02 2.00 1.20Uranium Hunter* O 1 1.60 1.30 1.30 - 0.25 2.09 0.26Uranium Res* D 7395 0.21 0.16 0.19 + 0.01 1.15 0.15Uravan Mnrls V 165 0.03 0.03 0.03 - 0.01 0.08 0.03USCorp* O 1887 0.00 0.00 0.00 - 0.00 0.02 0.00Val-d’Or Mg* O 40 0.08 0.07 0.07 - 0.01 0.10 0.07