|Stock of the week: Firesteel Resources
Firesteel Resources announces top-class PEA!
Firesteel Resources recently announced the results of an economically positive Preliminary Economic Assessment (“PEA”) for the Company’s 100% owned Laiva Gold Mine, near Raahe in Finland. Laiva is a past producing gold mine that has been on care and maintenance since 2014 and is now 100% owned by Firesteel. The mine is fully built, fully permitted and financed to production via a gold forward sale. Production is scheduled to start in the 4th quarter of 2018.
The PEA is based on the following highlights:
- Pre-production capex US$7,115,103
- 75,981 ounces of average annual gold production at a cash cost of US$863 per ounce and AISC of US$974 per ounce
- Measured mineral resources of 355,000 tons at 1.132 g/t Au and Indicated mineral resources of 3,442,000 tons at 1.248 g/t Au
- Inferred mineral resources of 9,030,000 tons at 1.531 g/t Au
- Mill grade of 1.45 grams per ton with a recovery of 90.4%
- Life of Mine production of 456,600 ounces gold over a 6-year mine life
The cobalt sector is shaking: mega streaming deal between Vale, Cobalt 27 and Wheaton Precious Metals!
Some people say that it is only a hype, but the cobalt sector recently disabused this opinion.
Cobalt 27 recently announced, that the Company has entered into an agreement to acquire from a subsidiary of Vale S.A., an amount of finished cobalt equal to 32.6% of the cobalt production from the Voisey’s Bay Mine, commencing January 1, 2021. Upon closing, Cobalt 27 will pay Vale upfront cash consideration of US$300 million, which will represent a prepayment of a portion of the purchase price for the sale of cobalt to Cobalt 27. Also on June 11, 2018, Vale entered into a separate agreement with Wheaton Precious Metals Corp. ("WPM"), whereby WPM has agreed to acquire from Vale, an amount of finished cobalt equal to 42.4% of the cobalt production from Voisey's Bay, commencing January 1, 2021 (the "WPM Agreement"). WPM will pay Vale upfront cash consideration of US$390 million upon closing.
In total, Cobalt 27 and WPM will provide Vale an aggregate of US$690 million in upfront proceeds for a combined purchase of finished cobalt equal to 75% of Voisey's Bay cobalt production commencing January 1, 2021. On June 11, 2018, Vale announced its plans to proceed with the construction of the mine expansion, which is expected to have its first full year of production in 2021. Total estimated capital expenditures to complete construction and commissioning of the mine extension are estimated by Vale to be approximately US$1.7 billion.
This deal catapults the recent weaker cobalt sector back into investors’ minds and clearly shows, how big one has to think, when speaking about the future production and demand of cobalt. It is also a good sign for coming cobalt producers and development companies like eCobalt, First Cobalt and M2 Cobalt.
Battery Metals Report: SRC Battery Metals Report
Video: Cobalt 27 Capital: Acquiring Physical Cobalt, Streams & Royalites
Maple Gold Mines outlines further mineralized zones
Sibanye-Stillwater: Van Eck increases block of stocks
Maple Gold Mines recently reported additional drill results from the Nika and NW Zones located in the northwestern portion of the current Resource Area. In the Nika Zone area, hole DO-18-227 cut 5m of 2.32 g/t Au from 101m downhole (estimated vertical depth of 90m, estimated true width of about 4.5m), on the SE edge of an existing Micon (2018) resource area. This is a new syenite-hosted zone located about 130m south of, and parallel to, the main mineralized zone in the satellite conceptual pit (Micon 2018) located just to the west of the new Nika Zones.
The company has now intersected multiple new mineralized zones between existing resource areas, as well as beyond them in the northwestern portion of the general Resource Area. These new mineralized zones at Nika and the NW Zone project up-dip to surface and also remain open along strike.
News: Maple Gold outlines additional mineralization from step-out drilling at Nika and NW Zones
Copper Mountain Mining commences direction guiding drill program
Sibanye-Stillwater recently informed its shareholders, that the company has received formal notification that Van Eck Associates Corporation has acquired American Depositary shares issued by the Bank of New York Mellon, each of which represents 4 ordinary shares issued by Sibanye-Stillwater to the Depositary. Van Eck Associates Corporation has now a total of 10.03% beneficial interest of the total issued ordinary shares of the Company.
Therewith, Van Eck is anti-cyclical increasing its block of stocks – a strong sign for investors!
News: Notification of an acquisition of beneficial interest in securities
TerraX Minerals: Double overallotment of shares closed!
A few days ago, Copper Mountain Mining announced, that it has commenced drilling at the New Ingerbelle deposit at the Copper Mountain Mine, located near Princeton in southern British Columbia. This Phase 2, 10,000m drill program has been designed to follow up on the successful Phase 1, 2017 drilling program which has validated historical data and confirmed that mineralization is open both laterally and at depth. The objectives of the program are to continue to expand the New Ingerbelle resource area and to convert inferred resources to Measured and Indicated status. A total of 30 holes are planned and the results from this summer program are expected in late Q3.
New Ingerbelle has never been included in the mine plan of the Copper Mountain Mine, nor has the Company reported any New Ingerbelle Mineral Reserves, which means, that all discoveries will come on top of the current reserve and resource base.
News: Copper Mountain Commences 2018 Drilling Program at New Ingerbelle
Video: Copper Mountain Mining: Huge Copper Mine In Operation - Growth By Acquisition Of Altona Mining
First Cobalt to invest 9 million dollars in newly acquired project
TerraX Minerals recently announced the successful closing of the bought deal financing announced on 23 March 2018 and on April 3, 2018, and that the overallotment option granted to the Underwriter was exercised in full. Pursuant to the Offering, the Company issued an aggregate of 4,312,500 units of the Company at a price of CA$0.40 per Unit and 4,107,143 flow-through units of the Company at a price of CA$0.56 per FT Unit, for aggregate gross proceeds of CA$4,025,000. The net proceeds from the sale of the Units are anticipated to be used to fund drilling and exploration expenditures on the Company’s Yellowknife City Gold Project and for working capital purposes. The gross proceeds from the sale of the FT Units will be used for general exploration expenditures on the Company’s Yellowknife City Gold Project located in the Northwest Territories.
The fact that TerraX Minerals was able to generate CA$3.5 million first and CA$4.0 million at the end by a double overallotment shows, that investors have a large trust in the management and the Yellowknife Gold Project.
News: TerraX Announces Closing of Financing for $4.0 Million
A few days ago, First Cobalt announced a CA$9 million work program for the Iron Creek Project in Idaho, USA, which it acquired on June 4, 2018. The Company intends to publish a mineral resource estimate by October 2018 and complete an additional 30,000 meters of drilling designed to double the mineralized zone along strike beyond the area drilled in 2017.
First Cobalt is now speeding up! This budget and work program is a testament to the company’s conviction about this cobalt-copper projects’ ability to be expanded and ultimately fast-tracked for future production in North America.
News: First Cobalt Announces $9 Million Program for Iron Creek Project
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