American Mn amends Wenden Mn processing flow sheet
American Manganese Inc. has made improvements to the company’s manganese processing flow sheet following the recent research and development on the Wenden stockpile reclamation and advanced material processing bench-scale project, funded by the U.S. Defense Logistics Agency (DLA).
The recent metallurgical bench-scale studies that focused on solid-liquid separation demonstrated that the Company's original flowsheet can be optimized. These enhancements to the Company's flowsheet would be expected to further improve process efficiencies and reduce capital costs of a potential future commercial operation.
"We continue to demonstrate our advanced manganese processing capabilities on low-grade manganese resources through our project with the DLA. Our work suggests that despite its low grade, the Wenden Stockpile may be a valuable manganese resource for the U.S., which is now 100% import-dependent for manganese in all forms," commented Larry Reaugh, President and CEO of American Manganese. "It's important that we maintain our methodical approach to enable an efficient and cost-effective flowsheet for treating Wenden Stockpile material to produce electrolytic manganese metal on a commercial scale."Manganese Filter Cake from Wenden, AZ Stockpile
As of the project start date, American Manganese has collected 14 selective samples from the U.S. National Defense Stockpile in Wenden, Arizona and completed leach studies on the individual samples and a blended master composite. The Company achieved up to 99% extraction of manganese from the leach studies and determined optimal processing conditions. Additional bench-scale tests for the Wenden Stockpile reclamation and advanced material processing bench-scale project will include pregnant leach solution purification, tailings characterization, manganese carbonate precipitation, and electrolytic manganese metal testing. The project timeline is on schedule.
Frontier Lithium to acquire 2.5% PAK lithium NSR
Frontier Lithium Inc. has entered into an agreement to acquire the 2.5-per-cent net smelter royalty (NSR) that was outstanding on the company’s PAK lithium project for consideration of $4-million in cash and one million common shares of the company at a price of $1 per share.
Frontier Lithium President and CEO, Trevor Walker commented, “With significant resource growth potential, underlying economic considerations and financial modelling, coupled with lithium market fundamentals and the strategic importance for high-quality critical mineral resources we consider this acquisition of the NSR as an accretive transaction for all of the Project’s stakeholders and are pleased to take advantage of the opportunity.”
The Acquisition is subject to approval by the TSX Venture Exchange (the “Exchange”) and the common shares issued herein will be subject to the Exchange hold periods and applicable securities laws.
About Frontier Lithium
Frontier Lithium (TSX.V: FL) (OTCQX: LITOF) (FSE: HL2) is an emerging pure play lithium company with the largest land position in the Electric Avenue, an emerging premium lithium mineral district located in the Great Lakes region of northern Ontario. The company maintains 100% ownership in the PAK Lithium Project which contains one of North America’s highest-grade, large tonnage hard-rock lithium resources in the form of a rare low-iron spodumene. The Project has significant upside exploration potential. Frontier is a pre-production business that is targeting the manufacturing of battery quality lithium hydroxide in the Great Lakes Region to support electric vehicle and battery supply chains in North America. Frontier maintains a tight share structure with management ownership approximately 30% of the Company.
Osisko Metals arranges $5M placement
Osisko Metals Inc. has entered into an agreement with Haywood Securities Inc., as sole agent and bookrunner, in connection with a best efforts private placement of up to 10 million common shares of the corporation that will qualify as flow-through shares (within the meaning of Subsection 66 (15) of the Income Tax Act (Canada)), at a price of 50 cents per flow-through share, for gross proceeds of up to $5-million.
In addition, Haywood has been granted an option to sell up to an additional two million flow-through shares at the issue price for additional gross proceeds of up to $1-million, exercisable at any time by Haywood up to 48 hours prior to closing of the offering.
The gross proceeds from the offering will be used by the corporation to incur eligible Canadian exploration expenses that will qualify as flow-through mining expenditures (as such terms are defined in the Income Tax Act (Canada)) related to the corporation’s Pine Point zinc project, located in the Northwest Territories. All qualifying expenditures will be renounced in favour of the subscribers of the flow-through shares effective Dec. 31, 2021.
The offering is expected to close on or about April 29, 2021, and is subject to certain closing conditions including, but not limited to, the receipt of all necessary approvals including the conditional listing approval of the TSX Venture Exchange and the applicable securities regulatory authorities. The offering is being made by way of private placement in Canada. The securities issued under the offering will be subject to a hold period in Canada expiring four months and one day from the closing date of the offering.
In consideration for its services, Haywood will receive a cash commission equal to 6.0 per cent of the gross proceeds of the offering.
Fiore Gold shareholders re-elect seven to board
At the annual general meeting of Fiore Gold Ltd.’s shareholders held on April 8, 2021, the shareholders re-elected Mark H. Bailey, Anne Labelle, Peter Tallman, Matthew Manson, Peter T. Hemstead, Tim Warman and Kenneth A. Brunk as directors of the company for the forthcoming year. Each Director was elected by a majority of votes at the meeting and the table below presents the votes represented by proxy in respect of the election of each Director:
Nominee Votes For Votes Withheld / Abstain Mark H. Bailey 23,939,461 (98.77%)298,159 Anne Labelle 20,850,019 (86.02%)3,387,601 Peter Tallman 23,922,389 (98.70%)315,231 Matthew Manson 23,905,061(98.63%) 332,559 Peter T. Hemstead23,907,666 (98.64%)329,954 Tim Warman 23,934,184 (98.75%)303,436 Kenneth A. Brunk 23,928,805 (98.73%)308,815
In addition, shareholders at the Meeting approved setting the numbers or directors at seven, the re-appointment of the Company’s auditor and reauthorizing Company's Stock and Incentive Plan.
Our corporate strategy is to grow Fiore into a 150,000 ounce per year gold producer. To achieve this, we intend to:grow gold production at the Pan Mine while also growing the reserve and resource base;advance exploration and development of the nearby Gold Rock project; andacquire additional production or near-production assets to complement our existing operations.
Magna Gold’s nine-month mining income at $1.9M
Magna Gold Corp. has provided its financial results for the nine months ended Dec. 31, 2020, and year ended March 31, 2020. Unless otherwise stated, all values are stated in US dollars.
Mr. Arturo Bonillas, President & CEO of Magna Gold commented, “Magna made significant strides in 2020 and transitioned to a precious metal producer and cash flow generator with the re-commencement of operations at San Francisco, which we acquired in mid-2020. Over the balance of 2020, we deployed capital to refurbish the processing plant, optimize the mine plan, and conduct an accelerated program of waste removal to set up for many successful years ahead. Our team has worked tirelessly to bring the mine to its current stable state and we are delighted to be able to provide our shareholders with production guidance for 2021. We are proud of our strong and loyal Mexican presence. As we ensure the safety of our employees and those that live in the communities that we operate in, Magna will continue to seek opportunities in-country while continuing to optimize and advance its vast portfolio of gold and silver assets.”
Highlights of Consolidated Financial Results:
Metal revenues for the nine months ended December 31, 2020 of $37.0 million. The Company transitioned to a precious metal producer in 2020 (metal revenues for the year ended March 31, 2020 – $nil).
Gold sales of 20,235 ounces and silver sales of 9,188 ounces for the nine months ended December 31, 2020.
Cash flow provided by operating activities of $9.4 million for the nine months ended December 31, 2020, compared to cash flow used in operating activities of $1.6 million for the year ended March 31, 2020.
The Company realised income from mining operations of $1.9 million for the nine months ended December 31, 2020.
Selected operational and financial information for the nine months ended December 31, 2020 and year ended March 31, 2020, in thousands of US dollars unless otherwise stated:
Nine months ended December 31, 2020 Year ended March 31, 2020 Change Gold sales (ounces) 20,235 - Silver sales (ounces) 9,188 - Metal revenues $37,047 $- Production costs excluding change in inventories $29,828 $- Net cash provided by (used in) operations $9,372 $(1,590) Net cash used in investing activities $(12,160) $(1,457) Net cash provided by financing activities $9,428 $2,017 Cash, end of period $7,056 $164 Total assets $54,506 $3,156 Total liabilities $39,635 $150 Total current assets $27,263 $903 Total current liabilities $29,816 $150 Share price, end of period (CAD per share) $1.04 $0.40 Number of common shares 89,432,813 39,204,791 Mining concessions owned (hectares) 47,707 629 Mining concessions optioned (hectares) 5,113 3,161 Relevant exploration projects 7 2
This press release should be read in conjunction with the Company’s consolidated financial statements and MD&A for the nine months ended December 31, 2020 and year ended March 31, 2020 available at http://www.sedar.com.
The Company is setting guidance expectations for gold production during 2021 of between 55,000 to 65,000 ounces. The Company expects to have the San Francisco Mine fully commissioned before the end of Q2 2021.
We are also pleased to announce the appointment of Mr. Miguel Bonilla as Chief Operating Officer, effective immediately. Mr. Bonilla held executive positions in Timmins Gold as Vice President Finance and Administration Mexico and in Alio Gold as Country Manager; Mr. Bonilla has been with the mine since inception in 2007.
Goldsource files NI 43-101 report for Eagle Mountain
Goldsource Mines Inc. has filed a technical report, which includes an updated mineral resource estimate (the MRE) prepared in accordance with National Instrument 43-101 for the company’s Eagle Mountain gold project. The report is titled “Eagle Mountain Gold Project, Potaro-Siparuni Region, Guyana, NI 43-101 Technical Report,” dated April 7, 2021, with an effective date of Feb. 17, 2021. The summary results of the report were previously announced in the company’s news release dated Feb. 22, 2021, and there are no material differences in the mineral resources between the report and that news release.
The report, prepared for Goldsource by CSA Global, is available under the company’s profile on SEDAR or from the company’s website.
Highlights of the February, 2021, mineral resource estimate (MRE):
- Estimated 23 million tonnes grading 1.14 grams per tonne gold for 848,000 ounces of gold contained in indicated resources and 25 Mt grading 1.09 g/t gold for 868,000 oz of gold in inferred resources;
- The MRE includes the Eagle Mountain and Salbora deposits, both of which feature gold mineralization starting at surface in saprolite (soft rock) and extending into the underlying fresh rock;
- Mineral resources, employing cut-off grades of 0.30 g/t gold for the saprolite and 0.50 g/t gold for the fresh rock, are contained within a conceptual open pit;
- The MRE is defined by a total of 674 core holes for 57,550 metres drilled, as well as 158 auger drill holes for 532 metres drilled, which include infill and exploration drilling up to Nov. 6, 2020.
EAGLE MOUNTAIN PROJECT MINERAL RESOURCES (combined Eagle Mountain and Salbora deposits) Classification Tonnes (000 t) Gold (g/t) Ounces Au (oz) Indicated Saprolite 11,000 0.95 353,000 Fresh rock 12,000 1.32 495,000 Total 23,000 1.14 848,000 Inferred Saprolite 5,000 0.82 140,000 Fresh rock 20,000 1.16 728,000 Total 25,000 1.09 868,000 -------- ------ ---------
- Numbers have been rounded to reflect the precision of a mineral resource estimate. Totals may vary due to rounding.
- Gold cut-off has been calculated based on a gold price of $1,500 (U.S.) per ounce, mining costs of $1.50 (U.S.) per tonne for saprolite and $2 (U.S.) per tonne for fresh rock, processing costs of $6 (U.S.) per tonne for saprolite and $12 (U.S.) per tonne for fresh rock, and mine-site administration costs of $3 (U.S.) per tonne. Metallurgical recoveries of 95 per cent are based on prior testwork.
- Mineral resources conform to National Instrument 43-101, the 2019 CIM (Canadian Institute of Mining, Metallurgy and Petroleum) Estimation of Mineral Resources and Mineral Reserves Best Practice Guidelines, and 2014 CIM Definition Standards for Mineral Resources and Mineral Reserves.
- The company is not aware of any environmental, permitting, legal, title, taxation, socio-economic, marketing or political factors that might materially affect these mineral resource estimates.
- Mineral resources are not mineral reserves as they do not have demonstrated economic viability. The quantity and grade of reported inferred resources in this mineral resource estimate are uncertain in nature, and there has been insufficient exploration to define these inferred resources as indicated or measured resources; however, it is reasonably expected that the majority of inferred mineral resources could be upgraded to indicated mineral resources with continued exploration.