In this week's Nugget we're digging into the latest news, trends, and tech reports.
We’re constantly tracking the latest drilling updates, and recently, many projects released new reports. Check out the summarized update below for recent exploration and mining activities from major mining countries worldwide.
Note: This analysis is based on disclosed public filings and maintains an impartial perspective.
Canada
Champion Electric Metals Inc. - James Bay Region: Initial findings from the Western Prospect reveal enriched lithium, with geochemical assays showing lithium enrichment in a 5km by 500m corridor. Highlight intercepts include significant tourmaline and spodumene.
USA
enCore Energy Corp. - Alta Mesa Uranium Project: Reported high-grade uranium intercepts, including a 0.760% U3O8 over 11.0 feet in the Production Area Authorization. Total of 126 holes drilled since last update.
Colombia
Outcrop Silver & Gold Corporation - Santa Ana Project: Drilling at El Dorado reveals 3.05 meters true width at 16.08 g/t Au and 2,719 g/t Ag.
Australia
Orpheus Uranium Limited - Erudina Prospect, Frome Project: Drilling campaign expected in Q2 2024, focusing on sedimentary-hosted uranium setting. Approximately 30 holes planned for 7,000 meters.
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Miners Have Been Undervalued For 2 Decades, They Are Getting Repriced Right Now
As gold prices push higher for the 9th trading session in a row David Stryzewski, CEO of Sound Planning Group, joins BNN Bloomberg and says the Silver prices and Mining stocks will take the leadership very soon.
US Government To Lend Lithium Americas $2.26 bln For Nevada's Thacker Pass Mine
The U.S. Department of Energy has committed up to $2.26 billion to Lithium Americas for the development of the Thacker Pass lithium project in Nevada, marking a significant U.S. investment in critical mineral production aimed at enhancing domestic supply chains for the energy transition. This initiative aligns with President Joe Biden's strategy to diminish reliance on lithium imports from China. The project, which commenced initial construction in March 2023 following a legal victory, anticipates starting major construction activities later this year with the first phase expected to produce enough lithium carbonate annually for up to 800,000 electric vehicles.
Poor Forecasting Triggers Big Writedowns For Miners, Study Shows
A study analyzing 105 TSX-listed mining companies from 2002 to 2015, published in Resources Policy, highlights the critical need for mining companies to enhance their metal price forecasting capabilities to minimize mine failures and boost investor returns. The research reveals that declines in metal prices contributed to over half of the C$68 billion in impairment charges incurred, with unfamiliar technology use and operations in developing countries also playing significant roles. The study emphasizes that better forecasting of mineral reserves, capital, production costs, and commodity prices could mitigate financial risks. This advice comes amid fluctuating prices for metals like nickel and lithium, and as gold prices reach new heights, underscoring the importance of accurate market predictions for sustaining long-term profitability and shareholder value in the mining sector.
Big Lithium Short Gets ‘Dangerous’ On Lower Supply Outlook
Billion-dollar short bets against major lithium producers like Albemarle Corp. and Pilbara Minerals Ltd. are facing risks as supply glut concerns ease, and lithium prices begin to recover. Financial giants UBS Group AG, Goldman Sachs Group Inc., and Morgan Stanley have all reduced their 2024 supply forecasts, indicating potential for tighter inventories, especially in China. This optimism is reflected in the recent price rebounds of key lithium producers and the Solactive Global Lithium Index, despite significant short positions on Albemarle and Pilbara. While skepticism about a full market recovery remains, with warnings of a still sizeable surplus, some industry insiders believe lithium prices are nearing stability, supported by actions from miners to adjust production levels.
U.S. Lawmakers Push For Deep-Sea Mining Funding In New Bill
U.S. lawmakers introduced the Responsible Use of Seafloor Resources Act of 2024 to Congress, aiming to bolster American deep-sea mining efforts as a strategy to diminish reliance on China for critical minerals. Sponsored by Reps. Carol Miller and John Joyce, the bill advocates for federal support in seafloor nodule collection, processing, and refining, highlighting the U.S.'s over-dependence on adversarial nations for critical mineral production and refining capacities. This initiative seeks to strengthen American manufacturing and jobs, promote strategic decoupling from China, and diversify supply sources for essential minerals used in electric vehicle batteries and weaponry. Despite its potential benefits, the proposal faces opposition from environmental groups concerned about the ecological impact of deep-sea mining.
The property, located in the Abitibi Greenstone Belt, exhibits geological features conducive to hosting orogenic gold and volcanogenic massive sulphide (VMS) deposits. Historical exploration, including a helicopter-borne geophysical survey, has identified significant anomalies suggestive of semi-massive sulphides. The report suggests that the property, given its geological setting and proximity to historical mining activities, merits further exploration. A proposed two-phased exploration program aims to investigate the potential for polymetallic mineralization, with the ultimate goal of advancing the project towards defining a mineral resource.
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In this week's Nugget we're digging into the latest social trends, drilling updates, and industry news.
