Draft Supplemental Environmental Impact Statement Expected in Q2 2023
Trilogy Metals Inc. (TSX: TMQ) (NYSE: TMQ) ("Trilogy" or the "Company") is providing an update on the Ambler Access Project ("AAP") the proposed 211-mile, industrial-use-only road from the Upper Kobuk Mineral Projects ("UKMP") to the Dalton Highway.
The United States Bureau of Land Management ("USBLM") has published in the Federal Register a Notice of Intent ("NOI") that it will prepare a Supplemental Environmental Impact Statement ("SEIS") for the proposed Ambler Mining District Industrial Access Road. The NOI indicates that:
The USBLM has said it anticipates publishing a Draft SEIS during the second quarter of 2023, after which it will accept public comments on the Draft SEIS.
Tony Giardini , President and CEO of Trilogy, commented, "While we welcome the clarified timeline of the SEIS, we continue to urge the United States Department of the Interior (the "DOI") to move expeditiously through its work to reinstate the Joint Record of Decision ("JROD"). The industrial-use-only access road is not only important for future development of our projects, it is also expected to bring many benefits to remote Alaskan communities where improved infrastructure can significantly reduce the cost of living. We are confident that subsistence use of the land will be appropriately considered and protected during the development of the road and the UKMP. The Upper Kobuk Mineral Projects will bring significant positive benefits, including high-paying, stable jobs and increased security of US domestic production of metals."
Ely Cyrus , President of the Native Village of Kiana, commented, "The Native Village of Kiana had discussed the proposed project in the past, and we recognized the high potential for employment and educational opportunities for our tribal members. Mining has provided our villages with infrastructure and opportunities for decades in part due to the Red Dog mine. Our tribal members and community have received millions of dollars of project funding in the past few years through the Northwest Arctic Borough Village Improvement Fund (VIF program) which is funded through natural resource proceeds. Projects include a new community building, and heavy equipment for road construction and maintenance. The USBLM did not choose to visit our community, as we would have welcomed the opportunity to share with them the positive benefits of responsible natural resource development."
On July 23, 2020 , the Company announced that the USBLM had issued the JROD and the FEIS for the AAP. Subsequently, a Section 404 Permit, which is governed by the Clean Water Act was issued by the United States Army Corp. of Engineers ("USACE") to the Alaska Industrial Development and Export Authority ("AIDEA").
The five-year permitting process for the AAP was carried out by AIDEA in an exhaustive, extensive, and robust manner with considerable outreach and accommodation to affected communities and other parties. According to AIDEA, during the scoping period (which was extended from 90 days to over 330 days), the USBLM held 15 public hearings in 13 communities and received more than 7,200 written comments. Subsequently, after a draft Environmental Impact Statement ("EIS") was released in August 2019 , the USBLM held an additional 18 hearings in rural communities, hearings in two hub communities ( Anchorage and Fairbanks ), and a hearing in Washington, D.C. The USBLM received an additional 29,000 written comments to the draft EIS which were scrutinized and incorporated into the FEIS. AIDEA reiterated that the development and production of the FEIS and JROD, which have cost almost $5 million to date, comprised of extraordinarily high-quality and comprehensive analysis.
Lawsuits were filed shortly thereafter by a coalition of national and environmental non-government organizations in response to the issuance of the JROD for the Ambler Access Project. Subsequently NANA Regional Corporation, Inc., AIDEA, Ambler Metals LLC (Trilogy's joint venture with South32 Limited) and the State of Alaska applied for and were granted intervenor status.
In a letter to Anchorage Daily News on May 7, 2022 , Fred Sun , Tribal President and Chair of the Native Village of Shungnak, and Johnetta Horner , Tribal President of the Native Village of Kobuk, stated, "We represent two of the federally-recognized tribes from Northwest Alaska . The proposed Ambler Access Project will cross our traditional homelands. We believe responsible development on, or near, these lands can provide benefits to our people. The project has the potential to provide jobs, allow road access to deliver fuel and other supplies which are currently flown in at great expense to our people, and fund essential government services in our extremely remote region of the Arctic."
In May 2022 , the United States District Court (the "Court") granted the DOI motion for voluntary remand without vacatur of the previously-issued JROD that authorized a right-of-way across federally managed lands. Judge Gleason ruled that the Court shall retain jurisdiction over this matter, and that the DOI is to file a status report with the Court within 60 days from the date of the order and every 60 days thereafter. In addition, any party involved in the action may move for a status conference upon a showing of good cause. In June 2022 , the Court denied the plaintiffs' motion to reconsider the Court's May 17 th remand order.
The DOI had indicated that the remand would allow them to supplement deficiencies in its analysis of impacts to subsistence uses under ANILCA Section 810 and their consultation with Tribes pursuant to NHPA Section 106.27.
NANA issued a press release on May 19, 2022 stating NANA is not in favor of the remand but applauds the Court's decision not to vacate the JROD. The JROD and the processes it lays out ensure that communities along the proposed road corridor will have a strong voice in how any road project would move forward. The JROD is supported broadly in northwest Alaska , including by NANA, Maniilaq Association, 11 federally recognized Tribes in the NANA region, as well as the Northwest Arctic Borough and Northwest Arctic Borough School District.
For more information on the NOI, please go to NOI document .
Trilogy Metals Inc. is a metal exploration and development company that holds a 50 percent interest in Ambler Metals LLC which has a 100 percent interest in the Upper Kobuk Mineral Projects ("UKMP") in Northwestern Alaska . On December 19, 2019 , South32, a globally diversified mining and metals company, exercised its option to form a 50/50 joint venture with Trilogy. The UKMP is located within the Ambler Mining District, one of the richest and most-prospective known copper-dominant districts in the world. It hosts world-class polymetallic volcanogenic massive sulphide ("VMS") deposits that contain copper, zinc, lead, gold and silver, and carbonate replacement deposits that have been found to host high-grade copper and cobalt mineralization. Exploration efforts have been focused on two deposits in the Ambler Mining District – the Arctic VMS deposit and the Bornite carbonate replacement deposit. Both deposits are located within a land package that spans approximately 181,387 hectares. Ambler Metals has an agreement with NANA Regional Corporation, Inc., an Alaska Native Corporation that provides a framework for the exploration and potential development of the Ambler Mining District in cooperation with local communities. Trilogy's vision is to develop the Ambler Mining District into a premier North American copper producer while protecting and respecting subsistence livelihoods.
This press release includes certain "forward-looking information" and "forward-looking statements" (collectively "forward-looking statements") within the meaning of applicable Canadian and United States securities legislation including the United States Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, included herein, including, without limitation, statements relating to the permitting and construction of the AAP, the timing and benefits of the AAP and the merits of the UKMP are forward-looking statements. Forward-looking statements are frequently, but not always, identified by words such as "expects", "anticipates", "believes", "intends", "estimates", "potential", "possible", and similar expressions, or statements that events, conditions, or results "will", "may", "could", or "should" occur or be achieved. Forward-looking statements involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations include the uncertainties involving whether the Alaska Industrial Development and Export Authority will build the AAP; the results of the additional supplemental work on the FEIS resulting from the voluntary remand; the impact of the COVID-19 pandemic; success of exploration activities, permitting timelines, requirements for additional capital, government regulation of mining operations, environmental risks, prices for energy inputs, labour, materials, supplies and services, uncertainties involved in the interpretation of drilling results and geological tests, unexpected cost increases and other risks and uncertainties disclosed in the Company's Annual Report on Form 10-K for the year ended November 30, 2021 filed with Canadian securities regulatory authorities and with the United States Securities and Exchange Commission and in other Company reports and documents filed with applicable securities regulatory authorities from time to time. The Company's forward-looking statements reflect the beliefs, opinions and projections on the date the statements are made. The Company assumes no obligation to update the forward-looking statements or beliefs, opinions, projections, or other factors, should they change, except as required by law.
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VANCOUVER, Oct. 27, 2016 /PRNewswire/ – Trilogy Metals Inc. (TSX:TMQ) (NYSE:TMQ), formerly NovaCopper Inc., is pleased to announce drill results and provide a project update from its 2016 summer field program at the Arctic poly-metallic volcanogenic massive sulphide (VMS) deposit, part of the Upper Kobuk Mineral Projects (UKMP) located in the Ambler mining district of Northwest Alaska. All amounts are in United States dollars unless otherwise stated.
The majority of this year’s project budget of US$5.5 million was spent on a drilling program at the Arctic Project that included 3,058 meters of drilling for geotechnical, hydrological, waste rock characterization and metallurgical studies as well as further resource definition. In addition to the drilling program, a series of environmental studies were conducted over the UKMP. The LiDAR survey that was incomplete last year due to weather conditions was also completed during the summer. This site investigation work will form the basis for completing a future pre-feasibility study on the Arctic deposit.
Highlights from the Drill Program
Based on a cut-off grade of 0.7% copper, significant zones of high grade copper, gold, silver, lead and zinc mineralization were intersected – including:
“We are pleased to announce another highly successful and safe field season at our high grade Arctic deposit. We had Zero Loss Time Incidents, no environmental incidents and maintained a high percentage of local NANA shareholder hire. We continue to see exceptional high grades of copper, zinc and precious metals reported for all in-fill drill holes. The results demonstrate the continuity of multiple high grade zones of copper, zinc and precious metals,” stated Rick Van Nieuwenhuyse, President and Chief Executive Officer for Trilogy Metals. “By completing an array of studies, including geotechnical for pit-slope stability, hydrology, waste rock characterization, environmental and metallurgy, we continue to advance Arctic towards a pre-feasibility level of study which will demonstrate that Arctic is one of the highest grade, open pitable copper deposits in the world. By having exposure to copper, zinc and precious metals, the Company maintains its flexibility as we advance this project up the value chain. Meanwhile, the Alaska Industrial Development and Export Authority (AIDEA) continues to advance permitting of the Ambler Mining District Industrial Access Project (AMDIAP) – a road connecting the Ambler mining district to a year-round port at Port Mackenzie.”
Connect with Trilogy Metals Inc. (TSX:TMQ) (NYSE:TMQ) to receive an Investor Presentation.
VANCOUVER , Oct. 6, 2016 /CNW/ – Trilogy Metals Inc. (TSX:TMQ) (NYSE:TMQ), formerly NovaCopper Inc., announces its financial results for the third quarter ended August 31, 2016 . Details of the Company’s financial results are contained in the unaudited consolidated financial statements and Management’s Discussion and Analysis which will be available on the Company’s website at www.trilogymetals.com, on SEDAR at www.sedar.com and on EDGAR at www.sec.gov. All amounts are inUnited States dollars unless otherwise stated. Corporate and Project Update Name Change In September 2016 , we changed our name to Trilogy Metals Inc. to better reflect our Company’s naturally diversified resource base. The Company’s Upper Kobuk Mineral Projects (“UKMP”) are located in the Ambler mining district in northwest Alaska ; a region known to host deposits rich in copper, zinc, lead, gold and silver. The Company controls the mineral rights to approximately 353,000 acres of land containing two known mineral belts, the Ambler Schist Belt and the Bornite Carbonate Sequence. The Ambler Schist Belt hosts volcanogenic massive sulphide (“VMS”) type mineralization occurring as a series of high-grade polymetallic copper-lead-zinc-gold-silver deposits along the entire 100 kilometer (70 mile) long belt. The Bornite Carbonate Sequence hosts several copper replacement targets around the Aurora and Pardner Hill prospects, in addition to an established resource identified at Bornite. Mineralization at Bornite is open to further exploration. The shareholders had previously voted in favour of the change of the Company’s name to Trilogy at our annual and special meeting of shareholders held on May 18, 2016 . Upper Kobuk Mineral Projects In early August 2016 , we wrapped up another successful season advancing the Arctic deposit towards pre-feasibility. The majority of the 2016 project budget of $5.5 million was spent completing a 3,058 metre drill program at the Arctic Project to support geotechnical, hydrological, waste rock characterization and metallurgical studies, as well as resource definition. Substantial field work was also completed to support the continuation of baseline environmental data collection. During the course of the field season, data collection was completed to support an aquatic survey, an avian and large mammal habitat survey, an archaeological survey and expansion of the wetlands delineation and surface quality work. The remaining thirty percent of the LiDAR survey (used to obtain high resolution topographic data) over the UKMP, initiated during the last field season, was completed. The site investigation work completed in 2016 will form the basis for the completion of studies this fall and a future pre-feasibility study on the Arctic deposit. Drill assay results are expected to be released during the fall of 2016. Sale of Sunward and the Titiribi Project On September 1, 2016 , Trilogy closed the sale of all of the issued and outstanding shares of Sunward Investments Ltd. (“Sunward Investments”) to Brazil Resources Inc. (“BRI”) for consideration of 5,000,000 common shares of BRI, of which 2,500,000 common shares are subject to a six month holding period, and 1,000,000 BRI warrants, with each warrant exercisable into one common share of BRI for a period of two years from the closing date at an exercise price of Cdn$3.50 for total consideration valued at approximately$8.1 million . Sunward Investments, through a subsidiary, owns 100% of the Titiribi gold-copper exploration project located approximately 70 kilometers southwest of the city of Medellin , in Antioquia Department, Colombia . Trilogy acquired Sunward Investments and the Titiribi project as part of its acquisition of Sunward Resources Ltd. (“Sunward”) in a business combination which closed on June 19, 2015 . The Company reclassified the net assets of Sunward Investments as an asset held for sale and its operations as a discontinued operation, retrospectively, in its third quarter financial statements. The Company expects to realize a gain on the sale of approximately$4.4 million in the fourth quarter of 2016. Connect with Trilogy Metals Inc. (TSX:TMQ) (NYSE:TMQ) to receive an Investor Presentation.
What does a name say about a company? Management of NovaCopper Inc. feels that its corporate moniker does not say enough about the diversity of metals present in the high-grade deposits encompassed by its Upper Kobuk Minerals Projects in the Ambler mining district of Northwest Alaska. Arctic, the most advanced UKMP deposit, actually hosts more zinc than it does copper. And, while copper remains the dominant metal in terms of value, zinc supply shortages are closing the price gap between these two metals. Additionally, strong gold and silver prices have increased precious metals contributions to Arctic’s value this year. “The Ambler district is more than just copper – it is copper; it’s zinc; (and) it’s precious metals,” NovaCopper President and CEO Rick Van Nieuwenhuyse explained in a recent interview. As such, when markets open in Toronto and New York Sept. 8, NovaCopper Inc. will be no more. In its place, Trilogy Metals Inc. (TSX:TMQ) (NYSE:TMQ), will grace the boards of the Toronto Stock Exchange and NYSE-MKT. NovaCopper shares under the previous symbol, NCQ, will seamlessly transition to Trilogy Metals shares, requiring no action for current shareholders. Transition to Trilogy Spun out of Novagold Resources Ltd. in 2012 to continue the exploration of Arctic and Bornite, two of the highest grade un-mined copper deposits in the world, NovaCopper was a natural choice for the Ambler mining district focused exploration company. In the months leading up to the formation of NovaCopper, Van Nieuwenhuyse, who was then president and CEO of Novagold, forged a partnership with NANA Regional Corp. that brought together a large package of Novagold-owned mining claims blanketing a 70-mile- (110 kilometer) long belt of high-grade copper-lead-zinc-gold-silver deposits with an adjacent package of NANA-owned lands known for hosting exceptionally high-grade copper. The alliance provides the Inupiat-owned Alaska Native regional corporation with the opportunity to benefit from the exploration and eventual development of the world-class Arctic deposit and other similar volcanogenic massive sulfide prospects across the Ambler belt. In return, NovaCopper was given the opportunity to investigate Bornite, a copper-rich deposit situated about 16 miles (26 kilometers) southwest of Arctic, and explore other mineral prospects across a large highly prospective swath of NANA lands in the Upper Kobuk region. Over the ensuing four years, the partnership and the mineral endowment found on the 353,000 acres of UKMP lands has grown. Today, the Arctic and Bornite deposits together are believed to host roughly 8.4 billion pounds of copper; 2.6 billion lbs. of zinc; 610,000 oz. of gold; 45.3 million oz. of silver; as well as significant quantities of lead and cobalt. It is the natural diversity this broad range of metals – especially the zinc and precious metals components of Arctic, the UKMP deposit nearest to a production decision – that prompted the transition to the new name of Trilogy Metals. Arctic focus Over the past two years, the rebranded company has focused its field work on gathering the last bits of information needed to complete a pre-feasibility study that will outline plans to develop an open pit mine at Arctic. A roughly 3,000-meter drill program at Arctic was the biggest ticket item of this year’s field program. Prior to a similar infill drill program completed last year, Arctic hosted 23.85 million metric tons of indicated resource averaging 3.26 percent (1.71 billion lbs.) copper, 4.45 percent (2.34 billion lbs.) zinc, 0.76 percent (400 million lbs.) lead, 0.71 grams per metric ton (550,000 oz.) gold, and 53.2 g/t (40.8 million oz.) silver. This VMS deposit also contains an estimated 3.63 million metric tons of inferred resource averaging 3.22 percent (239 million lbs.) copper, 3.84 percent (285 million lbs.) zinc, 0.58 percent (43.2 million lbs.) lead and 0.59 g/t (60,000 oz.) gold. “What is so spectacular about Arctic is it hosts really fantastic grades,” said Van Nieuwenhuyse. Drilling over the past two seasons has focused on upgrading much of the inferred resources to the higher confidence measured and indicated categories; some pit expansion drilling; and holes targeted to collect pit slope stability, hydrology and metallurgical information. Thanks in part to great weather at Arctic this year, the 2016 program came in under the US$5.5 million budgeted for the field work. Trilogy Metals is expected to release results from this drilling and the other field work in October. Advancing Ambler When Trilogy Metals returns to the Ambler district in 2017, the company plans to complete the geotechnical work needed to further refine locations for a power plant, mill, waste rock pile, stockpiles and tailings facilities for the Arctic mine plan to be detailed in the prefeasibility study. The renamed company also would like to resume drilling at Bornite, a copper-rich carbonate replacement deposit that is reminiscent of those found in the African Copper Belt of southern Africa and the Mt. Isa district of Queensland, Australia. Using a 0.50 percent copper cutoff grade, Bornite now hosts an estimated 40.5 million metric tons of in-pit indicated resources averaging 1.02 percent (913 million pounds) copper; and 84.1 million metric tons of inferred resources averaging 0.95 percent (1.8 billion lbs.) copper. Additionally, at a 1.50 percent copper cutoff grade, Bornite is estimated to contain 57.8 million metric tons of below-pit inferred resources averaging 2.89 percent (3.7 billion lbs.) copper. While already world-class in terms of both size and grade, the various zones of Bornite are open to expansion in several directions. The most compelling area is a 1,000-meter-wide stretch of continuing high grades along the northern front. Hole RC13-0220, the most northeasterly hole drilled at Bornite cut three very high-grade intervals from 877 to 923 meters (at a 2.0 percent cutoff): 5.9 meters of 6.66 percent copper; 9.9 meters of 2.48 percent copper; and 19.7 meters of 2.24 percent copper. Hole RC13-0224, drilled about 800 meters west of hole 220, cut five high-grade intercepts from 579 meters to 755 meters along this northern front: 19.5 meters of 3.02 percent copper; 16.8 meters of 2.36 percent copper; 39.5 meters of 2.37 percent copper; 8.6 meters of 3.26 percent copper; and 6.5 meters of 7.7 percent copper. Trilogy believes that continued expansion in this direction could put the grades and size of its Ambler deposits on par with Mount Isa, where more than 400 million metric tons of ore grading 2.12 percent copper has been mined over the past 75 years. Financial footing An innovative financing completed last year puts Trilogy Metals in a good position to finish the pre-feasibility work at Arctic and continue exploration at Bornite. In mid-2015, the company closed the buyout of Sunward Resources Ltd., a fellow exploration company with roughly US$20 million in the bank but a market cap hovering around US$13 million. In exchange for the cash and Sunward’s Titiribi gold-copper project in Columbia, NovaCopper issued 43.1 million shares to Sunward shareholders. When Trilogy Metals lights up the boards of the TSX and NYSE-MKT exchanges, it will have nearly US$10 million of this cash remaining in its treasury. Adding to this strong financial footing, the company cut a deal in mid-August to sell the Titiribi property to Brazil Resources Inc., an exploration company with a growing portfolio of gold and copper properties in South America and Alaska. In exchange for the Columbia gold-copper property, Trilogy will hold 5 million Brazil Resources shares. With a 50-day moving average of C$2.60 per share, these shares are currently worth about C$13 million. “While we believe the Titiribi property has excellent exploration potential and a strong local team, the sale allows NovaCopper (Trilogy) to focus on its high-grade copper, zinc and precious metals projects located in Northwest Alaska,” said Van Nieuwenhuyse. Connect with Trilogy Metals Inc. (TSX:TMQ) (NYSE:TMQ) to receive an Investor Presentation.
What copper facts are important for investors? The metal’s relationship with human development is longstanding. From its use in plumbing in ancient Egyptian civilizations to being an essential component of power generation, copper has been an “electric” metal for millennia.
Considered a tertiary commodity compared to the shinier appeal of gold and silver, copper is often the third choice for metals-focused investors during economic uncertainty. Today, copper is the third most-used metal in the world and plays a pivotal role in all major economies and in the developing world.
Here are some basic copper facts for investors looking to get into the copper resource space.
Copper’s most distinctive quality is its reddish-orange color. Despite being known as a base metal, it has the symbol Cu on the periodic table and is found in the same group as precious metals silver (Ag) and gold (Au). These metals were among the first elements discovered, as all three occur naturally in elemental form.
In pure form, copper is soft with very high thermal and electrical conductivity. This means it is popular for use in alloys that are vital in many industries, including manufacturing and construction, similar to its sister metal zinc.
Construction is copper's largest application worldwide. It is estimated that nearly half of all copper supply is used by this industry. A home can contain on average 439 pounds of copper in copper wire, pipes and appliances due to its corrosion resistance, while a car can contain 50 pounds of copper in its motor, connectors and brakes.
Because homes are so reliant on the semi-precious metal, copper prices are tied to the health of housing markets. The second largest market for copper is the electrical and electronics space due to the metal’s excellent electrical conductivity. This arena now includes electric vehicles.
In terms of consumption, China has taken the top spot several times, including in 2021, when the Asian nation was the largest consumer of refined copper at 13.3 million metric tons (MT).
The country also ranks number one on a 2020 list of copper ore and concentrate importers, with Japan and South Korea following behind. Refined copper imports in 2020 were the same story, though the US and Germany took the second and third spots, respectively.
Click here to learn more copper facts about the refining process.
What is copper priced at and who decides? The price of copper is set by the free market. Producers, suppliers and customers balance extraction, copper production and distribution costs with demand. Two common exchanges where copper is traded are the London Metal Exchange and the COMEX.
Copper is heavily consumed, but it is also heavily traded, which can lead to price volatility as large orders come in and out of the market. As with many commodities, copper is also traded on the futures market, which gives investors and consumers the opportunity to hedge against copper metal price changes.
Chile, at 5.6 million MT, is the world’s largest copper miner, producing more than double the amount of the next highest producer, Peru, at 2.2 million MT in 2021. Chile’s state-owned mining company Codelco is the top copper-producing company. Chile also has the highest copper reserves at 200 million MT.
The next largest copper miners are Freeport-McMoRan (NYSE:FCX), and Glencore (LSE:GLEN,OTC Pink:GLCNF) , which produced more than 1.4 million pounds and 1.19 million MT of copper supply in 2021, respectively.
Also producing more than 1 million MT per year of mined copper is BHP (ASX:BHP,NYSE:BHP,LSE:BHP), which delivered over 1.22 million MT in 2021. Other key players in the world’s copper market that own or operate copper mines or copper deposits include Southern Copper (NYSE:SCCO), Rio Tinto (LSE:RIO,NYSE:RIO,ASX:RIO) and Anglo American (LSE:AAL,OTCQX:AAUKF).
For copper resource investors looking to enter the copper market, there are a number of options:
For the time being, copper prices remain somewhat contingent on demand levels out of China, which have weakened under COVID-19 as the country continues its COVID-zero policy lockdowns.
Analysts in the space are also currently concerned with copper’s supply, as a dwindling pipeline of mine projects in production has some worried about a potential shortage. However, that sentiment is commonly accompanied by the notion that a deficit is still a ways off; in the meantime, copper’s presence in the electrification narrative is set to continue pushing demand for the foreseeable future.
This is an updated version of an article first published by the Investing News Network in 2016.
Don’t forget to follow us @INN_Resource for real-time news updates.
Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.
Midnight Sun Mining makes potential ‘game-changer’ copper discovery at Zambia propertyyoutu.be
It’s been “good hunting” for Midnight Sun Mining (TSXV:MMA,OTCQB:MDNGF) as it continues to gain momentum with its copper exploration in the Zambian-Congo Copperbelt in Africa.
Midnight Sun Mining, a mid-stage copper and cobalt exploration company, owns 80.65 percent of the Solwezi licenses in Zambia, which cover 506 square kilometers adjacent to the Kansanshi mine, the largest copper-mining complex in Africa, owned by First Quantum Minerals (TSX:FM,OTC Pink:FQVLF).
“The jurisdiction is excellent and the geology is spectacular,” remarked Al Fabbro, president and CEO of Midnight Sun Mining.
After years of exploration, the company’s recent drilling program found high-grade-looking copper in the Mitu area of the Solwezi project, according to Fabbro. The ore has since been sent for assays and is awaiting results.
“This could be a game changer. It's early days, yet again; we always fight this problem of continuity. We think we figured it out, but it's going to take a lot more drilling to do that,” Fabbro said.
The Copperbelt hosts some of the world’s richest mines, with operators that include Barrick Gold (TSX:ABX,NYSE:GOLD), Rio Tinto (ASX:RIO,NYSE:RIO,LSE:RIO), Glencore (LSE:GLEN,OTC Pink:GLNCF), Ivanhoe Mines (TSX:IVN,OTCQX:IVPAF) and First Quantum.
The Kansanshi mine alone contains more than 2 billion pounds at 1 percent copper, while 150 kilometers north of Solwezi in the Congo Ivanhoe Mines has more than 100 billion pounds of copper deposits, Fabbro said. To the west of the Solwezi are another 30 billion pounds of copper, he added. “We are in a good neighborhood, and it has great infrastructure,” he noted.
Watch the full interview of Midnight Sun Mining CEO Al Fabbro above.
Disclaimer: This interview is sponsored by Midnight Sun Mining (TSXV:MMA,OTCQB:MDNGF). This interview provides information which was sourced by the Investing News Network (INN) and approved by Midnight Sun Mining in order to help investors learn more about the company. Midnight Sun Miningis a client of INN. The company’s campaign fees pay for INN to create and update this interview.
INN does not provide investment advice and the information on this profile should not be considered a recommendation to buy or sell any security. INN does not endorse or recommend the business, products, services or securities of any company profiled.
The information contained here is for information purposes only and is not to be construed as an offer or solicitation for the sale or purchase of securities. Readers should conduct their own research for all information publicly available concerning the company. Prior to making any investment decision, it is recommended that readers consult directly with Midnight Sun Mining and seek advice from a qualified investment advisor.
This interview may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, receipt of property titles, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. The issuer relies upon litigation protection for forward-looking statements. Investing in companies comes with uncertainties as market values can fluctuate.
Teck Resources Limited (TSX: TECK.A and TECK.B, NYSE: TECK) ("Teck") announced today that there has been a structural failure of the plant feed conveyor belt at its Elkview steelmaking coal operation in the Elk Valley of British Columbia. Initial estimates are that production at Elkview Operations will be interrupted for 1-2 months as repairs are implemented. Elkview will reschedule planned plant maintenance to take advantage of plant downtime and mine operations will focus on pre-stripping during the outage. Assuming a two-month suspension of plant operations, Teck expects the impact on 2022 steelmaking coal production will be in the range of 1.5 million tonnes.
When also factoring in the impact of the recent labour action at Westshore Terminals, Teck's third quarter steelmaking coal sales are now expected to be between 5.5 - 5.9 million tonnes versus our previously announced guidance range of 5.8 - 6.2 million tonnes.
Forward-Looking Statements This press release contains certain forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 and forward-looking information as defined in the Securities Act (Ontario). Forward-looking statements and information can be identified by the use of words such as "expects", "intends", "is expected", "potential" or variations of such words and phrases or statements that certain actions, events or results "may", "could", "should", "would" "might" or "will" be taken, occur or achieved. Forward-looking statements include statements regarding Teck's expectations regarding coal production and timing and cost of repairs for the Elkview dryer.
Forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of Teck to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements.
Factors that may cause actual results to vary include, but are not limited to, unforeseen technical issues, unplanned delays in repairs, including due to weather, unavailability of labour, delays in receiving materials and supplies, natural disaster, changes in general economic conditions or conditions in the markets for metallurgical coal, labour disruptions, and other risk factors as detailed from time to time in Teck's reports filed with Canadian securities administrators and the U.S. Securities and Exchange Commission.
Certain of these risks are described in more detail in the annual information form of Teck and in its public filings with Canadian securities administrators and the U.S. Securities and Exchange Commission. Teck does not assume the obligation to revise or update these forward-looking statements after the date of this document or to revise them to reflect the occurrence of future unanticipated events, except as may be required under applicable securities laws.
About Teck As one of Canada's leading mining companies, Teck is committed to responsible mining and mineral development with major business units focused on copper, zinc, and steelmaking coal, as well as investments in energy assets. Copper, zinc and high-quality steelmaking coal are required for the transition to a low-carbon world. Headquartered in Vancouver, Canada, Teck's shares are listed on the Toronto Stock Exchange under the symbols TECK.A and TECK.B and the New York Stock Exchange under the symbol TECK.
Teck Media Contact Chris Stannell Public Relations Manager 604.699.4368 chris.stannell@teck.com
Teck Investor Contact Fraser Phillips Senior Vice President, Investor Relations and Strategic Analysis 604.699.4621 fraser.phillips@teck.com
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Northern Dynasty Minerals Ltd. (TSX:NDM)(NYSE American:NAK) ("Northern Dynasty" or the "Company" or "NDM") and the Pebble Partnership ("PLP") highlight several design features that enhance the safety of the tailings storage facility ("TSF") for the Proposed Pebble Project to counter negative generalizations repeatedly put forward by project opponents. All currency references are in U.S. dollars
"The failure of a tailings storage facility around the world is rare. When one does occur, however, failure is often caused by the accumulation of too much water," said Ron Thiessen, President and CEO of Northern Dynasty. "The tailings storage and management plan for Pebble includes an investment of approximately $500 million in modern water treatment facilities to allow the water to be treated and safely released into the environment, meeting all required standards, instead of accumulated. Because of this and other design features, such as constructing the embankments on bedrock and with flatter slopes than is typical in the industry, the Army Corps of Engineers ("USACE") in the 2020 Environmental Impact Statement said that they could not conceive of how a failure could occur. The fact is that Alaska has a very rigorous dam permitting process which will ensure that the facility will be safe before it is built."
"We invested a further $150 million in studies of the climate and potential for earthquakes in the area, conducted by a team of industry experts to ensure that the TSF would be safe. Our studies and the research and reports out of the United States Geological Survey ("USGS") demonstrate that Pebble isn't a high seismicity area, as most earthquakes in this region of Alaska are offshore and are almost abated by the time they reach the north shore of Lake Iliamna/Pebble. Still our approach to seismicity (ground movement factor) was to ensure the facilities can withstand the likely earthquake events that might impact SW Alaska, including a repeat of the 1964 Valdez 9.2 M earthquake. This was the largest event ever recorded in North America and the second largest ever," Mr. Thiessen added.
More than 30 alternative tailings sites were evaluated before the final site was selected to minimize the tailings footprint on wetlands. In fact, our project as proposed would impact less than one mile of stream for every 1,000 miles of streams feeding into Bristol Bay.
"The reality is that there just aren't many salmon near to the proposed mine site. We know this because of extensive salmon population studies we have conducted over many years. Why are these populations so small? It may be because of the poor quality habitat, lack of surface water in the streams, or the hills that exist between the Pebble site and the ocean, which is 120 miles away, making it a challenge for the salmon to get that far inland, or there may be other reasons. The lack of fish living near the proposed mine site does not, however, diminish our commitment to designing and operating a safe mine that can coexist with the Bristol Bay fishery," said Mr. Thiessen.
Stephen Hodgson, P.Eng, a qualified person who is not independent of Northern Dynasty has reviewed and approved the technical information contained in this news release.
About Northern Dynasty Minerals Ltd.
Northern Dynasty is a mineral exploration and development company based in Vancouver, Canada. Northern Dynasty's principal asset, owned through its wholly owned Alaska-based U.S. subsidiary, Pebble Limited Partnership, is a 100% interest in a contiguous block of 1,840 mineral claims in Southwest Alaska, including the Pebble deposit, located 200 miles from Anchorage and 125 miles from Bristol Bay. The Pebble Partnership is the proponent of the Pebble Project, an initiative to develop one of the world's most important mineral resources.
For further details on Northern Dynasty and the Pebble Project, please visit the Company's website at www.northerndynastyminerals.com or contact Investor services at (604) 684-6365 or within North America at 1-800-667-2114. Review Canadian public filings at www.sedar.com and U.S. public filings at www.sec.gov.
Ronald W. Thiessen President & CEO
U.S. Media Contact: Dan Gagnier, Gagnier Communications (646) 569-5897
Forward Looking Information and other Cautionary Factors
This release includes certain statements that may be deemed "forward-looking statements" under the United States Private Securities Litigation Reform Act of 1995 and under applicable provisions of Canadian provincial securities laws. All statements in this release, other than statements of historical facts, which address permitting, development and production for the Pebble Project are forward-looking statements. These include statements regarding (i) the timing of the appeal process and the ability to successfully appeal the negative Record of Decision and secure the issuance of a positive Record of Decision by the USACE, (ii) the political and public support for the permitting process, (iii) the ability of the Pebble Project to ultimately secure all required federal and state permits, (iv) future metals prices, including the price of copper, (v) the right-sizing and de-risking of the Pebble Project, (vi) the design and operating parameters for the Pebble Project mine plan, including projected capital and operating costs, (vii) exploration potential of the Pebble Project, (viii) future demand for copper and gold, (ix) the potential addition of partners in the Pebble Project, (x) if permitting is ultimately secured, the ability to demonstrate that the Pebble Project is commercially viable, (xi) the EPA's Proposed Determination process under the CWA and the impact of this process on the ability of the Pebble Partnership to develop the Pebble Project, and (xi) the ability and timetable of NDM to develop the Pebble Project. Although NDM believes the expectations expressed in these forward-looking statements are based on reasonable assumptions, such statements should not be in any way be construed as guarantees that the Pebble Project will secure all required government and environmental permits, establish the commercial feasibility of the Pebble Project, achieve the required financing or develop the Pebble Project.
Forward-looking statements are necessarily based upon a number of factors and assumptions that, while considered reasonable by NDM as of the date of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Assumptions used by NDM to develop forward-looking statements include the following assumptions, all of which are subject to risks (i) the Pebble Project will ultimately obtain all required environmental and other permits and all land use and other licenses, (ii) any feasibility studies prepared for the development of the Pebble Project will be positive, (iii) NDM's estimates of mineral resources will not change, and NDM will be successful in converting mineral resources to mineral reserves, (iv) NDM will be able to establish the commercial feasibility of the Pebble Project, (v) NDM will be able to secure the financing required to develop the Pebble Project, and (vi) any action taken by the EPA in connection with the Proposed Determination will ultimately not be successfully in restricting or prohibiting development of the Pebble Project.
The likelihood of future mining at the Pebble Project is subject to a large number of risks and will require achievement of a number of technical, economic and legal objectives, including (i) the current mine plan may not reflect the ultimate mine plan for the Pebble Project, (ii) obtaining necessary mining and construction permits, licenses and approvals without undue delay, including without delay due to third party opposition or changes in government policies, (iii) finalization of the mine plan for the Pebble Project, (iv) the completion of feasibility studies demonstrating that any Pebble Project mineral resources that can be economically mined, (v) completion of all necessary engineering for mining and processing facilities, (vi) the ability of NDM to secure a partner for the development of the Pebble Project, and (vii) receipt by NDM of significant additional financing to fund these objectives as well as funding mine construction, which financing may not be available to NDM on acceptable terms or on any terms at all. NDM is also subject to the specific risks inherent in the mining business as well as general economic and business conditions, such as the current uncertainties with regard to COVID-19. Investors should also consider the risk factors identified in its Annual Information Form for the year ended December 31, 2021, as filed on SEDAR and included in the Company's annual report on Form 40-F filed by the Company with the SEC on EDGAR, and the Company's Management Discussion and Analysis for the year ended December 31, 2021, as filed on SEDAR and EDGAR, for a discussion of the risks that may impact our forward-looking statements and the 2021 PEA.
The National Environment Policy Act Environmental Impact Statement process requires a comprehensive "alternatives assessment" be undertaken to consider a broad range of development alternatives, the final project design and operating parameters for the Pebble Project and associated infrastructure may vary significantly from that currently contemplated.
For more information on the Company, Investors should review the Company's filings with the United States Securities and Exchange Commission at www.sec.gov and its home jurisdiction filings that are available at www.sedar.com.
SOURCE: Northern Dynasty Minerals Ltd.
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Figure 1: Chalcopyrite rich magnetite skarn in drill core from 422m (1,385ft) dowhole in WD22-01C
Dave O’Neill, Managing Director of American West Metals commented:
“We are extremely pleased to announce significant drilling results at the West Desert Project while we wait for the return of further assay results from the Storm drilling program.
“The latest assay results continue to show the exciting growth potential of the West Desert mineral system.
“WD22-19 was our first drill hole exploring in areas away from the West Desert Deposit and the assays confirm it has intersected high-grade zinc and copper. The mineralisation looks very similar to that on the margins of the Deep Zone at the existing deposit, so we believe we are on the edge of a major new zone of mineralisation.
“WD22-19 is located over 250m south-west of the deposit, so this has huge implications for the growth potential along strike of West Desert.
“Drill hole WD22-01C has also delivered for us with more than 400m of porphyry style molybdenum-silver mineralisation which remains open at depth. This is an exciting development as the style, thickness and grade of the mineralisation shows similarities to that of the giant Bingham Canyon Deposit.
“Imoprtantly, the broad zone of mineralisation also contains a newly discovered high-grade copper, gold and silver lens which sits outside the current West Desert resource.
“Work continues at West Desert and we are making excellent progress with the metallurgical test work and maiden jORC compliant resource estimate, which we hope to be able to provide an update on shortly.“
DRILL HOLE WD22-19 - A SIGNIFICANT DISCOVERY
Exploration drill hole WD22-19 was designed to test a large magnetitic anomaly which is centered approximately 250m to the south-west of the existing West Desert Deposit (Figure 4), and is the first exploration drill hole to be completed by AW1 at the West Desert Project.
The drill hole has intersected high-grade zinc and copper sulphides within a broad lower-grade mineralised envelope. The style of mineralisation and host rock package is similar to that of the Deep Zone of the West Desert Deposit.
The observations from WD22-19 suggest that the drill hole may have hit the margin of another significant ore system, which likely lies to the north and closer toward the interpreted porphyry contact (Figures 3 & 4).
The WD22-19 discovery has confirmed the potential for further significant resources to the west of the West Desert Deposit, and the prospective porphyry/skarn contact now has intersections of high-grade zinc and copper along 1.6km of strike. This area remains underexplored and offers an excellent opportunity to further increase the scale of the resource footprint at the Project
Further exploration drilling will now aim to test to the north of WD22-19, and closer to the interpreted main mineral system.
Click here for the full ASX Release
This article includes content from American West Metals Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Agnico Eagle Mines Limited (TSX and NYSE: AEM) ("Agnico Eagle") and Teck Resources Limited (TSX: TECK.A and TECK.B, NYSE: TECK) ("Teck") announced today that Agnico Eagle has agreed to subscribe for a 50% interest in Minas de San Nicolás, S.A.P.I. de C.V. ("MSN"), a wholly-owned Teck subsidiary which owns the San Nicolás copper-zinc development project located in Zacatecas, Mexico (the "Transaction"). As a result of the Transaction, Teck and Agnico Eagle will become 5050 joint venture partners at San Nicolás.
"San Nicolás is a high-quality project, located in a leading mining jurisdiction, with high grades, extremely competitive capital intensity, and first quartile costs," said Don Lindsay, President and CEO of Teck. "The opportunity to add the operating and development experience of Agnico Eagle should generate substantial benefits for the project including for all stakeholders throughout the project life cycle."
"This is a unique opportunity to create a long-term partnership between two high quality mining companies working together to de-risk and optimize a world class VMS deposit in a premier mining jurisdiction," added Ammar Al-Joundi, President and CEO of Agnico Eagle. "Agnico Eagle's project development, permitting and construction experience in Mexico, combined with Teck's base metals expertise, operating excellence and marketing leadership, are complementary skillsets and will contribute to the timely and successful development and operation of San Nicolás."
San Nicolás Project Highlights
San Nicolás Study Status A detailed plan to complete a feasibility study, permitting, and community engagement has been developed, with initial work underway since January 2022. Further, an environmental and social baseline survey, including in-depth archaeological surveys and clearances, was carried out by Teck from 2018 to 2021. Well-developed community engagement and investment programs have resulted in strong support for development from stakeholders near the project and more broadly in Zacatecas.
The feasibility study is expected to be completed early in 2024 with project sanction thereafter subject to receipt of permits.
About the Transaction Agnico Eagle will subscribe for US$580 million in MSN shares, through a wholly-owned Mexican subsidiary of Agnico Eagle, giving Agnico Eagle a 50% interest in MSN. The subscription proceeds received from Agnico Eagle will be used by MSN to fund the first US$580 million of post-closing costs with subsequent funding to be contributed according to each partner's ownership percentage. Agnico Eagle's contributions will be made as study and development costs are incurred – there is no up-front payment from Agnico Eagle. The US$580 million share subscription implies a notional US$290 million acquisition cost to Agnico Eagle for 50% of the San Nicolás project plus the contribution by Agnico Eagle of 50% of the first US$580 million of project costs for its own account.
Funding requirements beyond this initial subscription amount will be funded by Teck and Agnico Eagle in proportion to their shareholdings in MSN. The shareholders' agreement will include provisions typical in a transaction of this nature, as well as remedies for material breach that include accelerated dilution and forced sale of a defaulting shareholder's ownership interest. For governance purposes, Agnico Eagle will be deemed a 50% shareholder of MSN from closing, regardless of the number of shares that have been issued to Agnico Eagle.
Closing of the Transaction is subject to customary conditions precedent, including receipt of necessary regulatory approvals, and is expected to occur in the first half of 2023.
Additional Information on the San Nicolás Project For further details on the San Nicolás project, please refer to the Supplemental Information slides in the Investors section of Teck's website ( https://www.teck.com/investors/events-&-presentations/presentations-webcasts/supplemental-information-for-investors ).
About Teck As one of Canada's leading mining companies, Teck is committed to responsible mining and mineral development with major business units focused on copper, zinc, and steelmaking coal, as well as investments in energy assets. Copper, zinc, and high-quality steelmaking coal are required for the transition to a low-carbon world. Headquartered in Vancouver, Canada, Teck's shares are listed on the Toronto Stock Exchange under the symbols TECK.A and TECK.B and the New York Stock Exchange under the symbol TECK. Learn more about Teck at www.teck.com or follow @TeckResources .
About Agnico Eagle Agnico Eagle is a senior Canadian gold mining company, producing precious metals from operations in Canada, Australia, Finland, and Mexico. It has a pipeline of high-quality exploration and development projects in these countries as well as in the United States and Colombia. Agnico Eagle is a partner of choice within the mining industry, recognized globally for its leading environmental, social and governance practices. The Company was founded in 1957 and has consistently created value for its shareholders, declaring a cash dividend every year since 1983.
Teck Media Contact Chris Stannell Public Relations Manager 604.699.4368 chris.stannell@teck.com
Teck Investor Contact: Fraser Phillips Senior Vice President, Investor Relations & Strategic Analysis 604.699.4621 fraser.phillips@teck.com
Agnico Eagle Investor Contact: Jean-Marie Clouet Corporate Director, Investor Relations 416.457.9464 jeanmarie.clouet@agnicoeagle.com
Forward Looking Statements This news release contains certain forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 and forward-looking information as defined in the Securities Act (Ontario). Forward-looking statements and information can be identified by statements that certain actions, events or results "could", "may", "might", "should", "will" or "would" be taken, occur or achieved. Forward-looking statements in this news release include statements regarding the expectation that the Transaction will close and the timing of closing; the expectation that the San Nicolás project will be developed into production; the expected timing of first production; the estimated mine life; the expectation that there is meaningful mine life extension and regional exploration potential; the expected ownership interests of Teck and Agnico Eagle in the joint venture at any time; the expected production over the first five years of operation; all San Nicolás project economics included in this news release, including head grades, average C1 operating costs, development capital cost estimate, payback period and IRR; the expectations as to results of the feasibility study, including development capital cost estimate, payback period and IRR; the statement that the project has been de-risked; and timing of project sanction decision.
Forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of Teck, Agnico Eagle or the joint venture to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Factors that may cause actual results to vary include, but are not limited to, changes in general economic conditions or commodity prices, unanticipated permitting, development or construction issues including delays in receiving permits or other regulatory approvals, or withdrawal or suspension of permits, unanticipated geotechnical conditions or other factors affecting construction plans and budgets including supplier, transportation, logistics or labour issues, adverse weather or natural disaster, community unrest, access issues, failure of plant and equipment, disruption of financial markets, the accuracy of our mineral estimates (including with respect to size, grade and recoverability) and the geological, operations and price assumptions on which these are based, other circumstances interfering with the closing of the Transaction, including an inability to satisfy the conditions to closing, including receipt of any regulatory approvals and failure by Teck or Agnico Eagle to fund as required by the agreements. Economic projections for the San Nicolás project are presented on a 100% basis and, except as otherwise noted, assume US$3.50/lb copper, US$1.15/lb zinc, US$1,550/oz gold, and US$20/oz silver.
Teck and Agnico Eagle caution you that the foregoing list of important factors and assumptions is not exhaustive. Other events or circumstances could cause actual results to differ materially from those estimated or implied by these forward-looking statements. Certain of these risks are described in more detail in the Annual Information Form of Teck and/or Agnico Eagle and in their respective subsequent quarterly report filings with Canadian securities administrators and the US Securities and Exchange Commission. Neither Teck nor Agnico Eagle assumes the obligation to revise or update these forward-looking statements after the date of this news release or to revise them to reflect the occurrence of future unanticipated events, except as maybe required under applicable securities laws.
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