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Mining
Explorer CRR has completed the 100% acquisition of the Mavis Lake lithium project in Ontario, Canada.
Mavis Lake is 19 kilometres east of Dryden, Ontario in a well-established lithium province with multiple projects close by.
Intersections of up to 55.25m at 1.04% lithium from 80.75m in drill hole MF18-53 and 26.3m at 1.70% lithium from 111.9m including 7.70m at 2.97% lithium from 130.5m have been previously returned – presenting what the company has described as “excellent potential”.
Managing director Alex Bigg said: “We have no doubt that the project will add significant value to the business moving forward.
“Our strategy in 2022 is to begin exploration drilling as soon as possible once permitting is completed.
“We have multiple targets to explore with a view to achieving, over time, the milestones set out by the vendors of 5.0 million and 10.0 million tonnes.”
The acquisition has been completed from vendors Essential Metals (ASX:ESS) and International Lithium Corporation (TSXV:ILC).
Forward works programs at the project include core logging, interpretation of airborne data, surface mapping and sampling, metallurgical testing, and drill program design among others.
CRR’s shares have gained 110% over the past year.
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~$23m market cap ATU provided an update on the metallurgical coal policy development in Alberta yesterday, where it is developing its 100% owned flagship Elan Hard Coking Coal Project.
Following news on December 20, when ATU announced that “the coal exploration activities on what is commonly referred to as Category 2 land remain paused” – the company welcomed the news that the Minister of Energy had received the reports from the Coal Policy Committee and “now looks forward to future advice.”
Atrum said: “We continue to support the introduction of a policy that is balanced, reinforces strong environmental protections, is supportive of Indigenous consultation and socio-economic reconciliation and addresses the long-term land and water stewardship requirements that are important to Albertans.”
The company held A$2.1 million cash at the end of September and zero debt.
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New South Wales-based CMD has projects based in Africa.
Investors may be awaiting the news as to whether Cassius has kicked off resource estimation drilling at its Soalara limestone asset in Madagascar.
Back in October 2021 the company announced phase-1 drilling of 4 to 5 vertical diamond core holes would kick off in the aim to quantify both the lateral and vertical continuity of the limestone sequence.
At the time CMD said site and access preparation plus drilling was expected to take around 40 days using a single Orezone rig, with assay lead times expected around 8-10 weeks.
“After acquiring the required data sets, core samples will be prepared by Vato and despatched securely to SGS in South Africa for assay,” it says.
“Following a review of the results, Phase 2 of the drilling programme will then be considered.”
The ~$10.9m market cap company had $344,000 cash in the bank at the end of October 2021.
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CLA is focussed on copper-gold exploration and development in the Philippines. Its assets were previously owned by Freeport-McMoRan, one of the world’s largest copper-gold producers, before being acquired and subsequently vended into CLA.
A new scoping study on the ‘MCB’ copper-gold porphyry project, around 320km north of Manila estimates 16,000tpa copper and 19,000ozpa gold production over an initial 25-year life.
At a US$4/lb copper price and $US1,695/oz gold price, this results in post-tax NPV of US$464m (~A$650m) at an IRR of 31%. Very healthy.
Initial CAPEX of US$253m would take just 2.67 years to pay back.
These numbers can be improved further via more detailed studies, the company says.
The MCB project contains a JORC resource comprising 313.8Mt at 0.48% copper, and 0.15g/t gold, at a cut-off grade of 0.2% copper of which 290.3Mt at 0.48% copper is in the indicated category and 23.5Mt at 0.48% copper is in the inferred category.
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At the end of December this diversified micro cap explorer announced a maiden shallow reverse circulation drilling program would take place in January at the Reedy South Gold Project in Western Australia’s goldfields region.
The company said drilling would test the anomalies identified to date at the McCaskill Hill, Cracker Jack and Pegasus prospects, forming part of Reedy South.
At the same time, WCN said it had completed a heritage survey at Cracker Jack and McCaskill Hill, which will see drilling follow up on highly encouraging rock chip and geochemistry sampling results from previously untested areas.
WCN has a market cap of ~$9.5m.
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