Radisson drills eight m of 14.9 g/t Au at O’Brien
Radisson Mining Resources Inc. has released significant high-grade gold intercepts from the continuing exploration drill program at its 100-per-cent-owned O’Brien gold project located along the Larder-Lake-Cadillac break, halfway between Rouyn-Noranda and Val d’Or in Que., Canada.Read More
Drilling has continued to validate the 2019 litho-structural model (announced in February, 2019) while demonstrating the potential for resource growth at depth and along strike. Drilling so far has been focused on an approximately one-kilometre strike length to the east of the old O’Brien mine, historically considered the highest-grade gold mine in Quebec (production of 587,121 ounces gold grading 15.25 g/t gold from 1926 to 1957). With the acquisition of the New Alger project (August, 2020), Radisson now controls approximately 5.2 km of highly prospective strike along the Cadillac break, including 2.5 km to the east and west of the main shaft at the old O’Brien mine.
- Resource expansion potential to the west of the first mineralized trend, OB-20-168:
- 14.90 grams per tonne gold over 8.00 metres (including 22.24 g/t Au over 2.30 m and 33.94 g/t Au over 2.00 m) approximately 60 m west of the current resource boundary;
- Resource expansion potential to the east of the first mineralized trend (multiple intercepts approximately 40 m east of the current resource boundary):
- OB-20-164: 41.04 g/t Au over 2.30 m (including 170.50 g/t Au over 0.55 m) and 10.46 g/t Au over 2.05 m (including 36.40 g/t Au over 0.50 m);
- OB-20-170: multiple intercepts including 5.27 g/t Au over 7.40 m and 5.73 g/t Au over 9.20 m (including 13.45 g/t Au over 1.90 m and 12.15 g/t Au over 2.00 m);
- Continuing drill program (commenced August, 2019) expanded by 70,000 m for a total of 130,000 m since completion of the last National Instrument 43-101 resource estimate (July, 2019):
- 57,154 m completed to the end of 2020 with results pending for 10,790 m;
- Cash balance of approximately $15-million following the November, 2020, equity financing;
- Corporate updates:
- Kenneth Williamson appointed senior adviser, geology;
- Nicolas Guivarch promoted to manager, exploration;
- Richard Nieminen has stepped down as director, exploration.
NOTABLE DRILL RESULTS Hole From To Core length Au uncut (m) (m) (m) (g/t) OB-20-160 32.65 34.45 1.80 7.45 including 32.65 33.45 0.80 16.60 OB-20-163 67.20 69.10 1.90 5.61 including 68.10 69.10 1.00 10.40 OB-20-164 196.25 198.55 2.30 41.04 including 198.00 198.55 0.55 170.50 and 493.85 495.90 2.05 10.46 including 493.85 494.35 0.50 36.40 and 503.25 505.00 1.75 5.84 including 503.25 503.75 0.50 19.65 OB-20-168 591.00 599.00 8.00 14.90 including 591.00 593.30 2.30 22.24 which includes 591.00 592.30 1.30 39.00 and 597.00 599.00 2.00 33.94 which includes 598.00 599.00 1.00 67.50 OB-20-170 213.50 215.50 2.00 8.43 including 214.50 215.50 1.00 16.80 and 562.60 570.00 7.40 5.27 including 562.60 567.40 4.80 6.82 which includes 565.40 567.40 2.00 9.83 and 576.00 578.00 2.00 4.02 including 577.00 578.00 1.00 6.15 and 593.10 602.30 9.20 5.73 including 593.10 595.00 1.90 13.45 which includes 594.00 595.00 1.00 25.30 and 600.30 602.30 2.00 12.15 which includes 601.30 602.30 1.00 23.20
Resource expansion potential to the east of the first mineralized trend (300 m east of the old O’Brien mine):
- Hole OB-20-164 returned multiple mineralized intercepts approximately 38 m to the east of currently modelled resources in the first trend including:
- 41.04 g/t Au over 2.30 m core length (vertical depth of 185 m) including 170.50 g/t Au over 0.55 m, including visible gold showings;
- Additional high-grade intercepts 280 m vertically below the above intercept, including:
- 10.46 g/t Au over 2.05 m core length including 36.40 g/t Au over 0.50 m;
- 5.84 g/t Au over 1.75 m core length including 19.65 g/t Au over 0.50 m;
- These intercepts were obtained:
- Approximately 150 m vertically above and 50 m to the west of the previously released intercept of 110.97 g/t Au over 2.50 m from hole OB-20-167;
- Approximately 150 m vertically above and 55 m to the west of a historical intercept of 1,920 g/t Au over 0.21 m (U-1328).
- Hole OB-20-170 returned multiple mineralized intercepts approximately 25 m to the east of currently modelled resources in the first trend (and approximately 110 m below and 75 m farther east of the high-grade intercepts in OB-20-164) including:
- 8.43 g/t Au over 2.00 m core length (vertical depth of 205 m) including 16.80 g/t Au over 1.00 m;
- Additional high-grade intercepts 335 m vertically below the above intercept, including:
- 5.27 g/t Au over 7.40 m core length including 9.83 g/t Au over 2.00 m;
- 4.02 g/t Au over 2.00 m core length including 6.15 g/t Au over 1.00 m;
- 5.73 g/t Au over 9.20 m core length (vertical depth of 570 m) including:
- 13.45 g/t Au over 1.90 m core length including 25.30 g/t Au over 1.00 m;
- 12.15 g/t Au over 2.00 m core length including 23.20 g/t Au over 1.00 m OB-20-164.
- OB-20-167 and OB-20-170 highlight the potential for resource expansion to the east of the current resource boundary, between 465 m and 615 m vertical depth.
Resource expansion to the west of the first mineralized trend (300 m east of the old O’Brien mine) near the lower boundary of current resources:
- Hole OB-20-168 returned 14.90 g/t Au over 8.00 m (vertical depth of 475 m) approximately 60 m to the west of currently modelled resources in the first trend. This broader mineralized zone includes:
- 22.24 g/t Au over 2.30 m core length, including 39.00 g/t Au over 1.30 m, including visible gold showings;
- 33.94 g/t Au over 2.00 m core length, including 67.50 g/t Au over 1.00 m.
- The high-grade intercept was obtained 330 m below previously reported intercept of 92.89 g/t Au over 2.60 m (from OB-20-153), and approximately 55 m and 145 m, respectively, above historical intercepts of 21.46 g/t Au over 1.70 m (OB-17-23) and 124.57 g/t Au over 0.82 m (ST-1029).
- Both intercepts were obtained within multiple mineralized structures appearing to align with the dip of the first mineralized trend, highlighted by historical drilling and stepout drilling completed below current resources.
- The high-grade intercepts are both located outside and to the east of the current resource boundary.
- OB-20-168, OB-20-159, OB-20-158 and OB-20-153 and other historical intercepts highlight the potential for resource expansion by up to 60 m to the west of the current resource boundary, starting close to surface down to 475 m vertical depth. In addition to hole OB-20-168, hole OB-20-160 and OB-20-163 returned high-grade intercepts of, respectively, 7.45 g/t Au over 1.80 m and 5.61 g/t Au over 1.90 m in the Pontiac sediments, suggesting the presence and continuity of east-northeast mineralized zones within this geological unit.
Drilling at O’Brien continues to validate the litho-structural model while highlighting resource growth potential laterally and at depth:
- Drilling to date has continued to define and expand three high-grade mineralized trends, located approximately 300 m, 600 m and 900 m, respectively, to the east of the old O’Brien mine.
- Assays are pending from stepout drill holes completed on all three trends.
- Mineralized trends identified bear similarities with structures previously mined at O’Brien down to a depth of 1,100 m (historical production of 587,000 ounces grading 15.25 g/t Au).
- Drilling so far has demonstrated continuity of mineralization well below the boundary of defined resources in all three trends, which remain open for expansion laterally and at depth. In the first trend, drilling has highlighted continuity of mineralization down to a vertical depth of 950 m, approximately 350 m below the boundary of resources that are limited to a vertical depth of 600 m. In the second trend, drilling has highlighted continuity of mineralization down to a vertical depth of 770 m, approximately 300 m below the boundary of resources that are mostly within 400 m from surface. In the third trend, drilling has traced mineralization down to 500 m vertical depth from surface. Current resources are mostly confined to between surface and 240 m vertical depth.
- Almost all drilling conducted as part of the continuing campaign has been within a strike length of approximately one km to the east of the old O’Brien mine, representing only a small portion of more than five km of prospective strike that Radisson controls along the Cadillac break.
57,743 m of drilling completed to date with assays pending for approximately 10,790 m:
- This release represents approximately 4,979 m of drilling.
- With approximately $15-million in treasury, the company is now financed to expand the program to over 130,000 m through 2021.
- Released results to date (since the commencement of drilling in August, 2019) represent only 36 per cent of approximately 130,000 m envisioned to be complete by the end of 2021.
- Mr. Williamson appointed senior adviser, geology;
- Mr. Guivarch promoted to manager, exploration;
- Mr. Nieminen has stepped down as director, exploration.
Radisson is pleased to announce that it has entered to an arrangement with 3DGeo Solution Inc., whereby Mr. Williamson has been appointed senior adviser, geology. Mr. Williamson, currently president of 3DGeo Solution Inc., is a professional geologist with close to 20 years of experience in the gold mining industry. He graduated with a master’s degree in structural geology from Laval University in 2002. His prior experience includes key technical roles with corporates such as Goldcorp, Rubicon Minerals and Premier Gold in addition to consulting roles with InnovExplo and MRB & Associates. Mr. Williamson has been involved with the company and the O’Brien project since 2018. He was responsible for the development of the current litho-structural model and the ensuing National Instrument 43-101 mineral resource estimate in 2019. In collaboration with the company management and the technical team, Mr. Williamson will assist with the planning and execution of the exploration programs well as maintain his key role in the geological interpretation and 3-D modelling efforts deployed by the company.
In addition, Mr. Guivarch has been promoted to exploration manager. Mr. Guivarch, who joined Radisson in August, 2019, is a professional geologist with close to 10 years of experience in mineral exploration. His prior experience includes roles with Areva, InnovExplo, Metanor Resources and MRB & Associates. He graduated with a master’s degree in exploration and mineral resource management from the University of Orleans in 2009. Mr. Guivarch has been an integral part of the exploration team since August, 2019, and has since been involved with all aspects of the exploration program at O’Brien. His management role within the Radisson team will ensure the smooth execution of the exploration program.
Mr. Nieminen has stepped down from the position of director of exploration, effective Dec. 31, 2020. The company would like to thank him for his valuable contribution over the last two years and wishes him the best of success in his future endeavours.
In addition, in order to fulfill new professional duties, which would place him in conflict with current board position at Radisson, Tony Brisson has stepped down from the position of director on the company’s board of directors, effective Jan. 15, 2021. The company would like to thank him for his valuable contribution and wishes him the best of success in his future endeavours.
Kincora drills 74 m of 0.4% Cu, 0.37 g/t Au at Trundle
Kincora Copper Ltd. has provided further assay results from continuing drilling at the Trundle brownfield project located in the Macquarie Arc of the Lachlan fold belt in New South Wales, Australia.Read More
Part assay results for holes TRDD011 and TRDD012 at the Trundle Park prospect return significant mineralized intervals with high grade copper and gold zones
TRDD011 assay results for the first 102m of 332m: 74 metres @ 0.40% copper and 0.37 g/t gold from surface including:
42 meters @ 0.64% copper and 0.58 g/t gold from 32 metres including:
14 meters @ 1.69% copper and 1.39 g/t gold from 58 metres including:
4 metres @ 4.98% copper and 3.36 g/t gold from 68 metres
TRDD012 assay results for the first 220m of 581m: 29 metres @ 0.10% copper and 0.18 g/t gold from 191 metres including:
2 metres @ 0.87% copper and 0.05 g/t gold from 195 metres; and,
1 meter @ 0.09% copper and 1.17 g/t gold from 204 metres
Broad and multiple skarn horizons intersected within TRDD012 provide encouragement for expanding the footprint size potential of the at/near surface skarn system along strike and to depth
Primary bornite, chalcopyrite, molybdenum and observations of discrete monzodiorite intrusions in TRDD012 provide encouragement for vectoring towards the interpreted causative porphyry system intrusive target and the current working geological model for the central Trundle Park prospect
Two rigs operational at the Trundle Park prospect
John Holliday, Technical Committee chair, and Peter Leaman, Senior VP of Exploration, commented: “Ore grade assay results received for the upper sections of TRDD011 and the skarn alteration intersected in TRDD012 support our continuing exploration of the central Trundle Park prospect area. TRDD011 provides further confirmation of the grade potential at or near surface within the skarn system. TRDD011 and TRDD012 are providing vectors towards the intrusive source of the skarn, which may be strong porphyry mineralisation, similar to what drives skarn mineralisation at such famous porphyry systems as Cadia, Grasberg and Ok Tedi.
The focus of the current two-rig program is to expand the scale of the near surface ore grade skarn mineralisation by stepping out along strike. As well the drilling will be testing for the causative porphyry intrusive source of the mineralisation in the skarn. The results announced today provide key learnings and encouragement for this drilling strategy.”
Trundle Park prospect
As outlined in the December 21 st 2020 release, hole TRDD011 intersected intense structurally controlled mineralization hosted within near surface skarn alteration with further positive visual indications reported from TRDD012, a step back to the south-east from TRDD011.
Assay results from nearer surface intervals for TRDD011 (to 102 metres of 332m – see Table 1) and TRDD012 (to 202 metres of 581m – see Table 2) have been received. Highlights include:
TRDD011: 74 metres @ 0.40% copper and 0.37 g/t gold from surface including:
42 meters @ 0.64% copper and 0.58 g/t gold from 32 metres including:
14 meters @ 1.69% copper and 1.39 g/t gold from 58 metres including:
4 metres @ 4.98% copper and 3.36 g/t gold from 68 metres
TRDD012: 29 metres @ 0.10% copper and 0.18 g/t gold from 191 metres including:
2 metres @ 0.87% copper and 0.05 g/t gold from 195 metres; and,
1 meter @ 0.09% copper and 1.17 g/t gold from 204 metres;
TRDD011 extended the mineralised skarn horizon to the northwest of TRDD001 (previously reported 51 metres @ 0.54% copper and 1.17g/t gold from 39 metres) and TRDD012 was a 50-metre step out to the south from TRDD001 (Figure 3). TRDD012 has provided encouragement and vectors for the targeted causative porphyry intrusion system source with observations of:
primary bornite and chalcopyrite within quartz veins occurring in an interval of volcaniclastic rocks from 160m to 210m down hole which are the best primary bornite and chalcopyrite veining intersected to date at the Trundle project (Figure 3);
observations of discrete monzodiorite intrusions from 275m to 340m down hole depth, and coarse primary molybdenum within a quartz vein at 314m down hole depth (assay results pending); and,
four well developed and broad skarn horizons identified commencing from the surface (noting dilution in reported intervals from core loss) and extending deep down hole (assay results pending) – Figure 4.
Recent drilling in the central Trundle Park prospect area is providing significant encouragement to the lateral and thickness potential of the skarn horizons and vectors for both the skarn mineralised system but also towards targeting a large and potentially related porphyry intrusion system.
Hole TRDD015 has recently commenced to the southeast along the fence of TRDD001, TRDD011 and TRDD012 seeking to test both the skarn and interpreted causative intrusive targets and the current working geological model outlined in Figure 4.
The average depth of prior explorer drilling at the Trundle Park prospect is 28 metres, with only two diamond core drill holes completed to moderate depths. Our deeper diamond core drilling activities are resulting in a significantly improved understanding of the bedding direction hosting the skarn horizons, along with key structures/faulting and the identified multiple phases of mineralization within the skarn, all supporting a substantial mineralizing event and provide further vectors to the targeted causative intrusion system.
These recent drill results, relogging of core and review of geophysical inversions have provided the confidence to mobilize a second drill rig, concurrent with operations re-commencing after a short holiday break over the holiday season on January 4 th, 2021.
Table 1: Trundle Park target hole TRDD011 - Anomalous results for part assays available Hole ID From (m)To (m)Interval (m) Au (g/t)Cu (%)Mo (ppm)Dilution (%) TRDD011 0.0 74.0 74.0 *0.37 0.40 0.20 20% including0.0 22.0 22.0 *0.12 0.09 0.10 23% including32.0 74.0 42.0 0.58 0.64 0.30 10% including38.0 50.0 12.0 0.26 0.14 0.17 0% including58.0 72.0 14.0 1.39 1.69 0.76 0% including68.0 72.0 4.0 3.36 4.98 1.91 0%
Reported assay results from surface to 102 metres depth with 88.9% core recovery over this interval and 83.1% over the first 50 metres. End of hole (EOH): 332m.
Table 2: Trundle Park target hole TRDD012 - Anomalous results for part assays available Hole ID From (m)To (m)Interval (m) Au (g/t)Cu (%)Mo (ppm)Dilution (%) TRDD012 86.0 99.0 13.0 *0.07 0.06 0.27 27% including97.0 99.0 2.0 0.11 0.05 0.50 0% and 117.7 123.4 5.7 *0.09 0.03 0.29 36% and 191.0 220.0 29.0 0.18 0.10 3.59 31% including191.0 193.0 2.0 0.22 0.17 3.50 0% including195.0 197.0 2.0 0.05 0.87 1.00 0% including204.0 220.0 16.0 0.26 0.05 5.75 13% including204.0 205.0 1.0 1.17 0.09 1.00 0%
Reported assay results from surface to 220 metres depth with 75.2% core recovery over this interval and 55% over the first 50 metres. EOH: 581m.
Table 3: Trundle Park target hole TRDD008 - Anomalous results for full assays available Hole ID From (m)To (m)Interval (m) Au (g/t)Cu (%)Mo (ppm)Dilution (%) TRDD008 0.0 87.7 87.7 *0.65 0.19 1.11 16% including0.0 16.4 16.4 *1.51 0.19 0.34 4% including0.0 6.0 6.0 3.73 0.25 0.67 0% including34.0 40.0 6.0 0.60 0.43 0.67 0% including52.0 87.7 35.7 *0.69 0.24 0.17 3% including66.0 74.0 8.0 *1.63 0.57 0.00 13% and 134.0 142.0 8.0 0.26 0.12 2.25 0% and 172.0 178.0 6.0 0.01 0.06 0.67 0% and 262.0 272.0 10.0 0.21 0.15 0.80 0% and 305.0 332.0 27.0 0.10 0.07 0.56 26% and 379.0 384.0 5.0 0.18 0.02 0.00 20% and 379.0 407.0 28.0 0.33 0.15 0.61 14% including394.0 398.0 4.0 0.94 0.57 1.50 0% and 422.0 424.0 2.0 0.16 0.02 1.00 0%
Part assay results previously announced for TRDD008 on November 30th, 2020.
Note for Tables 1-3: Interpreted near surface skarn gold and copper intercepts are calculated using a lower cut of 0.20g/t and 0.10% respectively. Porphyry gold and copper intercepts are calculated using a lower cut of 0.10g/t and 0.05% respectively. Internal dilution is below cut off; and, * Dilutions related with Core loss
For further details, including QAQC procedures, please refer to the following press releases: 1. July 6, 2020 – Kincora announces high-grade gold-copper results from first hole at Trundle 2. July 23, 2020 – Kincora reports further strong encouragement at Trundle 3. September 3, 2020 – Kincora provides update on expanded drilling program at Trundle 4. November 30, 2020 – Kincora intersects broad mineralized zones at Trundle 5. January 20, 2021 – Kincora intersects further shallow mineralization at Trundle
26-29 January 2021 Mines and Money Connect Precious Metals Online (Global)
17-19 March 2021 121 Mining Investment APAC Online
Further details available at: http://www.kincoracopper.com/investors/events
The Trundle project
Kincora’s Trundle project is the only brownfield porphyry copper-gold project held by a listed junior in Australia’s foremost porphyry belt, within the same mineralized complex as Australia’s second largest porphyry mine. Trundle is located west of the China Molybdenum Company Limited (CMOC) operated Northparkes copper-gold mine/mill operation, within the same Northparkes Igneous Complex.
Previous explorer drilling has been extensive at Trundle with the completion of 2208 holes for 61,146 metres, but deeper drilling utilising modern exploration knowledge has been very limited. Over 92% of prior drilling has been completed to less than 50 metres depth and is considered to be too shallow, with just 11 holes beyond 300 metres (0.5% of holes drilled).
Following positive initial drilling results from Kincora’s maiden drilling program in August 2020, the Company completed an oversubscribed $5.33 million equity raising, with proceeds primarily to be used to expand the initial six hole program to over twenty drill holes with an additional 11,000 metres of drilling. Kincora’s primary targets, Mordialloc and Trundle Park, lie 8.5km apart and have not been drill tested since the industry leading HPX proprietary Typhoon IP system and detailed magnetic surveys were completed.
Drilling, Assaying, Logging and QA/QC Procedures
Sampling and QA/QC procedures are carried out by Kincora Copper Limited, and its contractors, using the Company’s protocols as per industry best practise.
All samples have been assayed at ALS Minerals Laboratories, delivered to Orange, NSW, Australia. In addition to internal checks by ALS, the Company incorporates a QA/QC sample protocol utilizing prepared standards and blanks for 5% of all assayed samples.
Diamond drilling was undertaken by DrillIt Consulting Pty Ltd, from Parkes, under the supervision of our field geologists. All drill core was logged to best industry standard by well-trained geologists and Kincora’s drill core sampling protocol consisted a collection of samples over all of the logged core.
Sample interval selection was based on geological controls or mineralization or metre intervals, and/or guidance from the Technical Committee provided subsequent to daily drill and logging reports. Sample intervals are cut by the Company and delivered by the Company direct to ALS.
All reported assay results are performed by ALS and widths reported are drill core lengths. There is insufficient drilling data to date to demonstrate continuity of mineralized domains and determine the relationship between mineralization widths and intercept lengths.,
True widths are not known at this stage.
Significant mineralised intervals are reported based upon two different cut off grade criteria:
Interpreted near surface skarn gold and copper intercepts are calculated using a lower cut of 0.20g/t and 0.10% respectively; and,
Porphyry intrusion system gold and copper intercepts are calculated using a lower cut of 0.10g/t and 0.05% respectively.
Significant mineralised intervals are reported with dilution on the basis of:
Internal dilution is below the aforementioned respective cut off’s; and,
Dilutions related with core loss as flagged by a “*”.
The following assay techniques have been adopted:
Gold: Au-AA24 (Fire assay), reported.
Multiple elements: ME-ICP61 (4 acid digestion with ICP-AES analysis for 33 elements) and ME-MS61 (4 acid digestion with ICP-AES & ICP-MS analysis for 48 elements), the latter report for TRDD001 and former reported for holes TRDD002-TRDD012.
Copper oxides and selected intervals with native copper: ME-ICP44 (Aqua regia digestion with ICP-AES analysis) has been assayed, but not reported.
Assay results >10g/t gold and/or 1% copper are re-assayed.
The scientific and technical information in this news release was prepared in accordance with the standards of the Canadian Institute of Mining, Metallurgy and Petroleum and National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) and was reviewed, verified and compiled by Kincora’s geological staff under the supervision of Peter Leaman (M.Sc. Mineral Exploration, FAusIMM), Senior Vice-President of Exploration of Kincora, and John Holliday (BSc Hons, BEc, member of the Australian Institute of Geoscientists), Non-Executive Director and Technical Committee Chairman, who are the Qualified Persons for the purpose of NI 43-101.
The review and verification process for the information disclosed herein for the Trundle project has included the receipt of all material exploration data, results and sampling procedures of previous operators and review of such information by Kincora’s geological staff using standard verification procedures.
About Kincora Copper Limited
Kincora Copper is an active explorer and project generator focused on world-class copper-gold discoveries.
The Company is currently drilling the only brownfield project (Trundle) held by a listed junior in Australia’s foremost porphyry belt (the Macquarie Arc, in NSW), with district scale project pipeline, and seeking to confirm its position as the leading pure play porphyry explorer in Australia.
The Company has assembled an industry leading technical team who have made multiple Tier 1 copper discoveries, who have “skin in the game” equity ownership and who are backed by a strong institutional shareholder base.
Our exploration model applies a robust systematic approach utilising modern exploration techniques supporting high-impact, value add programs underpinned by targets with strong indications for world-class scale potential.
We have corporate offices in Vancouver and Melbourne. Kincora is listed on the TSX Venture Exchange under the ticker symbol KCC and is seeking a listing on the ASX for early in 2021 (subject to market conditions).
Critical Elements’ Rose info received by committee
The joint assessment committee established by the Impact Assessment Agency of Canada and the Cree nation government confirmed on Jan. 14, 2021, having received all information required to allow the committee to complete the environmental assessment of Critical Elements Lithium Corp.’s Rose lithium-tantalum project and prepare the draft environmental assessment report. This is a significant step in the federal process of obtaining the authorization for the Project, which runs parallel to the provincial process updated in the news release of January 18, 2021. We are grateful to the governmental employees involved in both the federal and provincial permitting processes for their ongoing efforts through this difficult COVID-19 impacted work environment.Read More
The Rose property (where the Rose Lithium-Tantalum Project is proposed) is located in northern Quebec’s administrative region, on the territory of Eeyou Istchee James Bay. It is located on Category III land, on the Traditional Lands of the Cree Nation of Eastmain.
"The economy of tomorrow will be driven by strategic sectors, like the electric vehicles and batteries sectors. This vision aligns perfectly with our vision to become a large responsible supplier of lithium to the flourishing electric vehicle and energy storage systems industries. We represent perfectly sustainable development with our project that is, not only good for the environment, but that is good for the development of local communities," stated Jean-Sebastien Lavallee, Critical Elements' Chief Executive Officer.
Critical Elements' President, Dr. Steffen Haber, noted that: "Our Rose Project features one of the purest lithium deposits globally. Quebec is strategically well-positioned regarding the critical transitioning energy and e-mobility markets in Europe and the United States and boasts excellent infrastructure and human capital. Our cooperative relationship with the Cree Nation of Eastmain, the Grand Council of the Crees (Eeyou Istchee), and the Cree Nation Government has been formalized through the Pikhuutaau Agreement signed in July 2019. We are excited by the anticipated receipt of Provincial and Federal Phase 1 permitting, detailed engineering and financing for the construction of the Rose mine and concentrator, and the delivery of engineering studies for Phase II (a chemical plant for conversion of Rose spodumene concentrate to high quality lithium hydroxide for use in lithium-ion batteries")."
FPX Nickel expects to settle $3.45M debt for shares
FPX Nickel Corp. intends to convert the full amount of principal and interest owing on the long-term loan provided to the company by a private shareholder, totalling approximately $3,453,051, into 5,312,386 common shares of the company at a price of 65 cents per share. On completion of the debt conversion, the private shareholder loan will be extinguished and the company will be debt free.Read More
All the securities issued pursuant to the debt conversion will be subject to a four-month hold period. Completion of the debt conversion is subject to receipt of all required regulatory and other approvals, including acceptance by the TSX Venture Exchange.
The terms of the private shareholder loan are described in the company’s news release dated March 25, 2019. The debt conversion constitutes a related party transaction under Multilateral Instrument 61-101, Protection of Minority Security Holders in Special Transactions, as the private shareholder is a related party of FPX Nickel given his greater than 10 per cent beneficial shareholding in the company. Pursuant to Section 5.5(a) and 5.7(1)(a) of MI 61-101, the company is exempt from obtaining a formal valuation and minority approval of the company’s shareholders in respect of the debt conversion due to the fair market value of the debt conversion being below 25 per cent of the company’s market capitalization.
Kincora subsidiary hit with $950,000 (U.S.) in taxes
Kincora Copper Ltd.’s Mongolian subsidiary, Golden Grouse IBEX LLC (GGI), has received a tax act for 2.7 billion tugriks, approximately $950,000 (U.S.), from the Mongolian Tax Authority (MTA).Read More
The 2021 tax assessment is comprised of four items, of which Kincora strongly refutes the merit of three including the very vast majority of the liability sought relating to the 2016 merger with IBEX (the agreed liability owed is 16.2 million MNT or approximately US$5,700).
The 2016 IBEX merger required a tax assessment (“2016 tax assessment”), which followed an audit of the IBEX’s entity’s prior year periods and the on and off-shore agreements to the merger (IBEX and parent entity’s). The 2016 tax assessment was a condition precedent to close the merger with any adverse liability enabling both counterparties to walk away from the merger. In the Company’s view, supported by three independent external legal opinions, the 2021 tax assessment’s retrospective liability is not in-line with the 2016 tax assessment and Mongolian law, and there is no basis for a different determination.
Shortly after the IBEX merger closed, in mid 2017, a tax audit commenced on the merged entity to validate that the merger transaction completed as it was presented to the Mongolian authorities in 2016. This review has only recently completed, with a fourth audit review team, including a team member from the original 2016 review, delivering the 2021 tax assessment. A statute of limitation for the MTA to review and retrospectively enable a contradictory tax act expires on February 10 th, 2021.
Kincora notes that the exploration licenses included in the IBEX merger, and the core focus of the 2021 tax assessment, have been thoroughly explored, and subsequently all have been properly relinquished back to the State. The basis of the tax liability sought is referenced to the historical invested capital of the IBEX entity counterparty to the 2016 merger, all of which has since been written off.
Sam Spring, President and CEO, commented: “Kincora recognizes that the MTA, similar to many other countries’ designated tax administrators, has the right to conduct a periodic audit of tax returns filed by companies within its jurisdiction to ensure the proper application of domestic tax laws and that resolution processes are in place for any disputed tax rulings.
However, Kincora strongly refutes the merit of three of the four findings of the 2021 tax assessment, including the very vast majority of the liability now being sought relating to the 2016 merger with IBEX which in our view, and of three separate legal counsels views, unfortunately seeks to move the goal posts that were relied upon for a commercial transaction to close and is without legal basis.
The Company is seeking to proactively engage with the MTA, defend the 2016 tax assessment and come to a conclusion in line with Mongolian law, which was relied upon for the 2016 IBEX merger”.
In the Company’s view the 2021 tax assessment, if upheld and enforced, would create confusion for investors, as tax is now being imposed, retrospectively, on:
- Invested capital;
- Non-cash transactions where no profit was made or will ever be made;
- Exploration tenure that is now held by the State; and,
- A different basis to the binding 2016 assessment that was relied upon by both Kincora and the Mongolian authorities to allow for closure of the 2016 IBEX merger.
Kincora remains in active discussions with Resilience Mining Mongolia Pty Ltd (“RMM”). On December 14 th, 2020, the Company executed a binding Option and Acquisition Agreement (“Agreement”) with RMM relating to Kincora’s Mongolian portfolio and subsidiaries. The Company has provided RMM a standstill for any RMM obligations relating to this Agreement as the Company engages with the MTA, seeking to defend the 2016 tax assessment.
The Company notes, limited recourse to Kincora’s Australian and Canadian assets and operations from the 2021 tax assessment. Assets held within GGI primarily include the Tourmaline Hills project exploration license (the western of the two adjacent licenses that make up the wider Bronze Fox projects) and Red Well exploration license.
Kincora will continue to inform the market of any material developments relating to the 2021 tax assessment and RMM agreement.
Plateau Energy Metals CEO Holmes resigns
Alex Holmes, Plateau Energy Metals Inc.’s chief executive officer, has notified the board of directors of the company of his intention to resign from his position of CEO, effective Feb. 12, 2021. Mr. Holmes will continue to serve the Company as a strategic advisor and a member of the Board of Directors. The Compensation, Corporate Governance and Nominating Committee of the Board will commence a process to identify a successor. Until such time, Dr. Laurence Stefan the Company’s President and Chief Operating Officer, will assume the role of interim CEO.Read More
“On behalf of the Board, the management team, and the staff, I would like to thank Alex for his thoughtfulness and leadership, especially during the extraordinary circumstances we’ve faced this past two years. He has been instrumental in the advancement of the Falchani project to a PEA and his work to promote the project has brought Falchani recognition on an international stage,” Plateau’s Chair of the Board, Alan Ferry, commented. “We are pleased to have Alex continue to play a role as a strategic advisor while remaining an active member of the Board as the Company continues to advance its two critical energy metals projects, Macusani Uranium and Falchani Lithium, in Peru.”
Alex Holmes stated: “I would like to thank all stakeholders for their support over the past couple of years through particularly challenging times, including our strong management team inside and outside Peru. We have achieved many great things in a short and volatile period. I continue to believe both projects offer great value and have many strategic merits in our world focused on greener, cleaner energy consumption and storage. I am pursuing a new opportunity one step downstream of battery raw materials and thus my ongoing role as strategic advisor and Director of Plateau will enable me to offer strategic insight into a highly connected supply chain.”
Dr. Stefan commented: “There is no doubt that we are living in very exciting times for the green and renewable energy sectors and Plateau is well positioned to capitalize on both with our Macusani Uranium and Falchani Lithium projects. We continue to advance the development of both projects and intend to release the results of further exploration and processing work that took place in the last quarter of 2020, both in the field and laboratory. In addition, the Company is pursuing additional test work, started in April 2020, to demonstrate the by-product potential of Caesium, Rubidium and SOP extraction from Falchani rock. All of these initiatives demonstrate the unique potential of the Macusani plateau and the Company’s ongoing commitment to realize this for the people of Peru and all stakeholders.”