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Oreninc Index Update: July 24, 2017

ORENINC INDEX slides as financings reduce to trickle

 

ORENINC INDEX - Monday, July 24th, 2017

North America’s leading junior mining finance data provider

 

Follow us on facebook and find us on Twitter @Oreninc

 

Last week index score: 30.12

This week: 20.33

 

Nulegacy Gold (TSXV: NUG) discovered a new structural exploration target with the same geological characteristics as its Iceberg gold deposit in Nevada, USA.

Castle Silver Resources (TSXV: CSR) provided an exploration and corporate update as it ramps up drilling at its Castle cobalt-silver property in Ontario, Canada

Zinc One Resources (TSXV: Z) entered into a five-year surface access agreement to permit surface access for exploration and development work on the Bongará and Charlotte zinc-oxide projects in Peru.

 

Meet us in Vancouver: Oreninc CEO Kai Hoffmann is in Vancouver this week. If you are planning or thinking of a financing this fall, contact us at This email address is being protected from spambots. You need JavaScript enabled to view it.. We want to talk to you.

 

The Oreninc Index fell in the week ending July 20th, 2017 to 20.33 from 30.12 the previous week as the summer doldrums saw financings dry up to a trickle. There has been more closing action than openings announced in three of the last four weeks.

Total fund raises announced fell to C$20.0 million, a 28-week low, which included no brokered financings—also a 28-week low—and no bought-deal financings. The average offer size fell to C$1.0 million, a 28-week low, whilst the total number of financings announced fell to 19, a two-week low.

Relief may come as the week ahead sees the Sprott Natural Resource Symposium in Vancouver, which could stimulate appetite for more junior financing action.

Gold continued to recover closing at US$1,255/oz, up from US$1,228 the previous week as the US dollar index hit a 10-month low mid-week.

The strengthening gold price as seen the van Eck managed GDXJ strengthen too and is now up 5.0% so far in 2017. The inventory of the SPDR GLD ETF has not yet experienced this growing confidence however and closed the week down at 813 tonnes from 828 tonnes the previous week.

In other commodities, silver is also strengthening to close at US$16.51 from US$15.99/oz the previous week. The Comex copper price also had a better week to close at US$2.72 per pound up from US$2.69 the previous week. Oil had an up and down week to close down slightly at US$45.77 per barrel down from US$46.54 last week.

The Dow Jones Industrial Average finally had a losing week closing at 21,580 from 21,637 the previous week. Canada’s S&P/TSX Composite Index, however, showed slight growth closing at 15,183 from 15,174 the previous week. The S&P/TSX Venture Composite Index also showed slight growth to close at 760.88 from 757.52 the previous week.

 

Summary:

  • Number of financings decreased to 19, a 2-week low.
  • No brokered financings were announced this week, a 28-week low.
  • No bought-deal financings were announced this week, a seven-week low.
  • Total dollars lowered to $20.0m, a 28-week low.
  • Average offer size again fell to $1.0m, a 28-week low.

 

Major Financing Openings:

  • Transatlantic Mining (TSXV: TCO) opened a C$5 million offering on a best efforts basis. Each unit includes a warrant that expires in 12 months.
  • Sarama Resources (TSXV: SWA) opened a C$2.5 million offering on a best efforts basis. The deal is expected to close on or about August 3rd.
  • Umbral Energy (TSXV: UMB) opened a C$2.04 million offering on a best efforts basis. Each unit includes a warrant that expires in 24 months.
  • Westminster Resources (TSXV: WMR) opened a C$1.5 million offering on a best efforts basis. Each unit includes half a warrant that expires in 12 months.

 

Major Financing Closings:

  • Alio Gold (TSXV: ALO) closed a C$50.39 million offering underwritten by a syndicate led by Cormark Securities on a bought deal basis. Each unit included half a warrant that expires in 12 months.
  • New Pacific Holdings (TSXV: NUX) closed a C$44.1 million offering on a best efforts basis.
  • Lithium Americas (TSX: LAC) closed a C$42.5 million offering on a strategic deal basis.
  • Northern Vertex Mining (TSXV: NEE) closed a C$26.92 million offering on a strategic deal basis.

 

Company news

Castle Silver Resources (TSXV: CSR) provided an exploration and corporate update as it ramps up drilling at its Castle cobalt-silver property in Ontario, Canada

  • An 82kg sample of vein material from the first mine level returned an assay of 1.48% Co, 5.7 g/t Au and 46.3g/t Ag.
  • Phase I drilling is underway and has been expanded from 1,500m to 2,000m in about 20 holes
  • Surface sampling at the Beaver property is underway
  • Castle also closed a private placement for C$882,500 by selling 4.4 million units @ $0.20.
  • Each unit comprises one share and one warrant exercisable @ $0.30 for two years.

Analysis

The cobalt and gold values from the underground bulk sample support the hypothesis that the former silver mine has much more potential waiting to be discovered with cobalt and now gold within the sightlines. Castle has raised nearly C$2.6 million since March and is fully-funded to advance its business plan for its mineral properties and investigating the use of its Re-2OX process for recycling batteries.

 

Nulegacy Gold (TSXV: NUG) discovered a new structural exploration target with the same geological characteristics as its Iceberg gold deposit in Nevada, USA.

  • The Western Slope anomaly is about 1km west of Iceberg and was initially identified using the CSAMT (controlled source audio-frequency magneto-telluric) geophysical surveys.
  • It is interpreted to be similar in length and parallel to the Iceberg fault, the major northwest striking fault that controls the gold mineralization for the Iceberg gold deposit and that are a key structural component of most major gold deposits in the Cortez-trend.
  • The Western Slope anomaly is interpreted to have similar size potential as the 3,000m of gold mineralization identified over the Iceberg fault.

Analysis

The Western Slope discovery supports the company hypothesis that its properties host Carlin-type gold deposits that occur in clusters and stacks. As such it represents an exciting drill target, with drilling expected following further analysis of the geophysical and geochemical data, and development of a 3D model.

 

Zinc One Resources (TSXV: Z) entered into a five-year surface access agreement with the Comunidad Campesina de Yambrasbamba (CCY) to permit surface access for exploration and development work on the Bongará zinc-oxide mine and Charlotte Bongara zinc-oxide project in Peru.

  • Zinc One will immediately commence updating the environmental baseline study that is a key component of drill-platform permit applications that are planned to be filed during Q3.
  • Drilling is expected to commence in August.

Analysis

Land access and community agreements are a prerequisite for exploration in Peru and so achieving this should facilitate the company’s efforts to define the zinc potential of the project.

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Top 10 Financings of June 2017

June 2017 saw 124 financings close in the Canadian financial markets for C$474.8 million. The top ten financings totalled $215.2 million with lithium taking the top two slots with two deals over $50 million. 19 brokered financings closed in June for $212.17 million at an average size of $11.2 million, including five bought deals for $105.2 million at an average size of $21.0 million.

In terms of gold, June saw 70 financings close totalling $164.7 million, some 34.7% of the total, with an average size of $1.7 million. This included 12 brokered financings for $91.5 million at an average size of $4.2 million, including three bought deals for $37.9 million at an average size of $12.6 million.

 

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#1 Lithium Americas $54.0 million

Lithium Americas (TSX: LAC) closed a US$40 million (C$54 million) financing as part of a US$172 million strategic financing with China’s Ganfeng Lithium to finance Lithium America’s share of developing the Cauchari-Olaroz project in Jujuy, Argentina. Ganfeng bought 63.75 million shares @ C$0.85 and also executed a credit agreement for a US$125 million together with an off-take agreement for the purchase and sale of lithium products. A financing agreement with Thailand’s Bangchak will complete Lithium America’s contribution towards project financing with Chile’s SQM funding the remaining 50% pf project development costs. Cauchari-Olaroz is due to be in production in 2019.

 

#2 Nemaska Lithium $50.0 million

Nemaska Lithium (TSX: NMX) closed a bought deal financing for aggregate gross proceeds of $50.0 million by selling 47.6 million shares @ $1.05 through a syndicate of underwriters comprised of National Bank Financial, Echelon Wealth Partners, Cormark Securities and Eight Capital, as co-lead underwriters, and CIBC World Markets, Canaccord Genuity, Industrial Alliance Securities and Laurentian Bank Securities. The proceeds are for ongoing development of the Whabouchi lithium mine, the Whabouchi spodumene concentrator and the Shawinigan hydrometallurgical plant in Quebec, Canada. Testwork of high-purity lithium hydroxide and carbonate with consumers is ongoing. Nemaska sent a second 3.5t shipment of lithium hydroxide to Johnson Matthey which confirmed that it meets its specifications.

 

#3 Falco Resources $28.8 million

Falco Resources (TSXV: FPC) closed a bought deal financing for $28.8 million through the sale of 22.3 million units @ $1.29 through a syndicate of underwriters co-led by BMO Capital Markets and Macquarie Capital Markets Canada, and including Desjardins Securities, Haywood Securities, Canaccord Genuity, National Bank Financial, Raymond James and Beacon Securities. The net proceeds will be used to advance the Horne 5 project in the Abitibi Greenstone Belt in Quebec, Canada, including a dewatering program, building acquisitions and relocation, land purchases, purchasing of hoisting system equipment and pre-construction surface installations.

 

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Oreninc Index Update: July 17th, 2017

ORENINC INDEX falls as gold shows signs of rally

 

ORENINC INDEX - Monday, July 17, 2017

North America’s leading junior mining finance data provider

 

Follow us on facebook and find us on Twitter @Oreninc

 

Castle Silver Resources (TSX.V: CSR) began its 2017 diamond drilling program at its Castle cobalt-silver property near Gowganda, Ontario and closed a nonbrokered private placement to raise gross proceeds of C$882,500.

Avrupa Minerals (AVU:TSXV) closed a private placement to raise C$1.0 million.

 

Last week index score: 39.94

This week: 30.12

 

The Oreninc Index fell in the week ending July 13th, 2017 to 30.12 from 39.94 the previous week with many small dollar openings and some big bought deals closed.

Total fund raises announced was C$42.5 million, a 27-week low and the lowest since the Christmas and New Year period. This included no brokered financings, a 28-week low and no bought-deal financings. The average offer size fell to C$1.6 million, a 27-week low, whilst the total number of financings announced increased to 26, a two-week high.

Gold posted a positive week with spot gold closing at US$1,228 per ounce, up from US$1,212 the previous week amid growing concerns about possible connections between US president Donald Trump and Russia.

The positive movement in the gold price was reflected in the van Eck managed GDXJ which also had a positive week and is now up 2.7% so far in 2017. The inventory of the SPDR GLD ETF however, saw selling and closed the week down at 829 tonnes from 835 tonnes the previous week.

In other commodities, the silver spot price returned to growth to almost break the US$16/oz level, closing at US$15.99/oz from US$15.61/oz the previous week. The Comex copper price also showed growth to close at US$2.69 per pound from US$2.64 the previous week. Oil returned to growth too to close at US$46.54 per barrel down from US$44.23 last week.

The Dow Jones Industrial Average returned to record levels closing at 21,637 from 21,414 the previous week, whilst Canada’s S&P/TSX Composite Index, also improved to close at 15,174 from 15,027 the previous week. The S&P/TSX Venture Composite Index returned to growth to close up slightly at 757.55 from 755.22 the previous week.

Summary:

  • Number of financings increased to 26, a two-week high.
  • No brokered financings were announced this week, a 28-week low.
  • No bought-deal financings were announced this week, a six-week low.
  • Total dollars dropped to C$42.5m, a 27-week low.
  • Average offer size also fell to C$1.6m, a 27-week low. 

Peregrine Diamonds (TSX:PGD) Peregrine Diamonds announced a C$10.28 million rights offering.

  • Each three and three-tenths rights will entitle the holder to purchase one share @ C$0.10
  • The proceeds will be used to complete the remainder of the 2017 Chidliak diamond resource expansion program that focuses on expansion of the current inferred resource through 7,500m of diamond core drilling.

Major Financing Openings:

  • Peregrine Diamonds (TSX:PGD) opened a C$10.28 million offering on a best efforts basis.
  • Corvus Gold (TSX:KOR) opened a C$4.65 million offering on a strategic deal basis.
  • Petro-Victory Energy (TSX-V:VRY) opened a C$4 million offering on a best efforts basis.
  • Algold Resources (TSX-V:ALG) opened a C$3.72 million offering on a strategic deal basis. Each unit includes half a warrant that expires in 18 months. The deal is expected to close on or about July 28th.

Major Financing Closings:

  • Newcastle Gold (TSX-V:NCA) closed a C$15.01 million offering underwritten by a syndicate led by Beacon Securities on a bought deal basis.
  • Orca Gold (TSX-V:ORG) closed a C$14.26 million offering on a best efforts basis. Each unit included half a warrant that expires in 12 months.
  • Cordoba Minerals (TSX-V:CDB) closed a C$10 million offering underwritten by a syndicate led by BMO Capital Markets on a bought deal basis. Each unit included half a warrant that expires in 24 months.
  • Kerr Mines (TSX:KER) closed an C$8 million offering on a best efforts basis.

Company news

Avrupa Minerals (AVU: TSXV) closed a private placement to raise C$1.0 million by issuing 10.2 million units @C$0.10. Each unit comprised one share and one warrant exercisable @ C$0.15 for three years.

  • Avrupa now has 86.9 million shares outstanding.

Castle Silver Resources (TSX.V: CSR) began an aggressive 2017 diamond drilling program at its Castle cobalt-silver property near Gowganda, Ontario. Castle also closed a nonbrokered private placement to raise gross proceeds of C$882,500.

  • Phase I drilling will consist of 1,500m and will focus on potential extensions to significant vein structures identified on the first level of the mine.
  • The Company issued 4.4 million units @ C$0.20. Each unit comprised one share and one warrant exercisable @ C$0.30 for two years.
  • Proceeds will be used for ongoing programs at the Castle and Beaver properties, past producing silvercobalt mines.

Analysis

The financing will enable Castle Silver to begin to prove the cobalt potential of the historical Caste Silver mine district at a time when cobalt is experiencing increasing demand due to its use in the growing battery market.

 

 

 

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Oreninc Index Update: July 10, 2017

 

ORENINC INDEX dives as gold close to US$1,200/oz

 

ORENINC INDEX - Monday, July 10, 2017

North America’s leading junior mining finance data provider

 

Follow us on facebook and find us on Twitter @Oreninc

 

Last week index score: 61.25

This week: 39.94

 

LiCo Energy Metals (TSXV: LIC) announce results from a TEM geo

physical survey over its Purickuta project within the Salar de Atacama, Chile.

The Oreninc Index fell in the week ending July 6th, 2017 to 39.94 from 61.25 the previous week.

Total fund raises announced was C$96.0 million, a five-week low, which included one brokered financing for a total of C$10.6 million, a five-week low, within which there were no bought-deal financings. The average offer size almost doubled to C$6.0 million, an 18-week high, whilst the total number of financings announced fell to 16, a 75-week low.

Gold took a pounding with spot gold closing at US$1,212/oz, down from US$1,241 the previous week following public holidays in both the US and Canada, positive US jobs data and signals from the US Federal Reserve of further interest rate increases to come.

The downward trend in the van Eck managed GDXJ since its recent rebalance in June continues and is now down 0.8% so far in 2017. The inventory of the SPDR GLD ETF saw selling and closed the week down at 835 tonnes from 852 tonnes the previous week.

In other commodities, the silver spot price saw a big fall, losing about a dollar on the week to close at US$15.62 from US$16.62/oz. The Comex copper price pulled back following its recent rally to close at US$2.64 per pound from US$2.71 the previous week. Oil returned to its losing streak closing at US$44.23 per barrel down from US$46.24 last week.  

The Dow Jones Industrial Average returned to the win column closing at 21,414 from 21,349 the previous week. Canada’s S&P/TSX Composite Index, however, continued to slide closing at 15,027 from 15,182 the previous week. The S&P/TSX Venture Composite Index also continued its general downward trend to close at 755.22 from 766.74 the previous week.

Summary:

  • Number of financings dropped to 16, a 75-week low.
  • One brokered financings were announced for $10.6m, a five-week low.
  • No bought-deal financing was announced this week.
  • Total dollars decreased to $96.0m, a five-week low.
  • Average offer size almost doubled to $6.m, a 18-week high.

 

Major Financing Openings:

  • NexGen Energy (TSX-V:NXE) opened a C$64.91 million offering on a best efforts basis.
  • Aguia Resources (TSX-V:AGRL) opened a C$10.54 million offering underwritten by a syndicate led by Paradigm Capital on a best efforts basis. Each unit includes half a warrant that expires in 36 months.
  • Kincora Copper (TSX-V:KCC) opened a C$$6.00 million offering on a best efforts basis. Each unit includes half a warrant that expires in 24 months.
  • Anfield Resources (TSX-V:ARY) opened a C$3.00 million offering on a best efforts basis. Each unit includes a warrant that expires in 60 months.

Major Financing Closings:

  • Harte Gold (TSX-V:HRT) closed a C$25.00 million offering underwritten by a syndicate led by Macquarie Capital Markets on a bought deal basis.  
  • BonTerra Resources (TSX-V:BTR) closed a C$20.00 million offering underwritten by a syndicate led by Sprott Capital Partners on a best efforts basis.  
  • Aguia Resources (TSX-V:AGRL) closed a C$10.54 million offering underwritten by a syndicate led by Paradigm Capital on a best efforts basis. Each unit included half a warrant that expires in 36 months.
  • Black Dragon Gold (TSX-V:BDG) closed a C$8.56 million offering on a best efforts basis.

 

Company news

LiCo Energy Metals (TSXV: LIC) announce results from a TEM geophysical survey over its Purickuta project within the Salar de Atacama, Chile.

  • Detected a conductive unit interpreted as brines, divided into two sub units: one with thickness varing between 6.3m and 22m and; another layer detected under the saline crust, with thickness of 3 and 7m, and again under the unit of high conductivity with a greater thickness of 100m.
  • LiCo is planning a 300m diamond drill hole test to determine the lithium bearing capacity of the aquifer

Analysis

The geophysics enables LiCo to vector in on where to drill test to assess the lithium-bearing potential of Purickuta. The forthcoming drilling will provide additional information/confirmation.

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Oreninc Index Update: July 3rd, 2017

ORENINC INDEX fells as gold slide continues

 

ORENINC INDEX - Monday, July 3, 2017

North America’s leading junior mining finance data provider

 

Follow us on facebook and find us on Twitter @Oreninc

 

Last week index score: 86.47

This week: 61.25

 

Zinc One Resources (TSXV: Z) exercised an option to acquire the Bongará zinc oxide and Charlotte Bongará zinc oxide

Avrupa Minerals (AVU:TSXV) arranged a $500,000 private placement that it subsequently increased C$1 million.

LiCo Energy Metals (TSXV: LIC) opened an exploration & development office in Santiago, Chile

 

The Oreninc Index fell in the week ending June 29th, 2017 to 61.25 from 86.47 the previous week.

Total fund raises announced fell to C$97.1 million, a four-week low, which included two brokered financings for a total of C$65.0 million, a four-week low, within which there were two bought-deal financings for C$65.0 million, a 15-week high. The average offer size fell to C$3.5 million, a four-week low, whilst the total number of financings announced fell to 28, a seven-week low.

Spot gold closed at US$1,241/oz, down from US$1,256 the previous week. Signs indicating that gold could have a rebound week punctured early on when a massive sell order of 1.8 million ounces trade executed at the close of the Asian trading day. Some commentators said this must have been a fat-finger muppet trade, stating that a trade of 18,149 ounces is very typical, but a trade of 18,149 lots of a futures contract (100 times bigger) is not. Others focused on that fact that the gold market absorbed this US$2.2 billion sale in less than a minute, during a period of illiquidity and the price only fell 1%.

The van Eck managed GDXJ has been on a downward trend since its recent rebalance and is now up 5.8% so far in 2017. The inventory of the SPDR GLD ETF remained flat at 854 tonnes, the same as the previous week. This week saw US Global launch its GO GOLD and Precious Metal Miners ETF (NYSE: GOAU) that will be a quant-driven ETF fund rebalanced quarterly that will actively look at factors that separate the good from bad.

In other commodities, silver spot price had a falter week closing US$16.62/oz from US$16.71 the previous week. The Comex copper price continued its steady run up to close at US$2.71 per pound from US$2.63 the previous week. Oil had a better week, finally breaking its losing streak to close at US$46.24 per barrel from US$43.01 last week. This was its longest run of gains in six months although it is still down 10% during the second quarter, which has cut US$113 billion from the value of companies listed in the MSCI World Energy Sector Index.

The Dow Jones Industrial Average saw a rare losing week to close down at 21,349 from 21,394 the previous week. Canada’s S&P/TSX Composite Index also fell to close at 15,182 from 15,319 the previous week. The S&P/TSX Venture Composite Index continued its general downward trend to close at 766.74.

Summary:

  • Number of financings fell to 28, a seven-week low.
  • Two brokered financings were announced for $65.0m, a four-week low.
  • Two bought-deal financing were announced for $65.0m, a 15-week high.
  • Total dollars dropped to $97.1m, a four-week low.
  • Average offer size decreased to $3.5m, a four-week low.

 

Financial news highlights

Alio Gold (TSX: ALO) entered into a bought deal agreement with a syndicate of underwriters led by Cormark Securities and Clarus Securities

  • 8.0 million units @ C$6.25 for gross proceeds of C$50.0 million.
  • Each unit comprises one share and half a warrant exercisable for one share @ C$8.00 for one year.
  • Net proceeds will be used to advance the Ana Paula project in Guerrero, Mexico.

Bowmore Exploration (TSX-V:BOW) opened a C$15 million offering underwritten by a syndicate led by Canaccord Genuity on a bought deal basis.

  • Bowmore begin trading this week as Osisko Metals (TSXV: OM) following a 3:1 share consolidation
  • Aim to build a base metal exploration and development company, with an emphasis on zinc.
  • The company will explore the Bathurst mining camp in New Brunswick, Canada and evaluate zinc targets in Québec.
  • Jeff Hussey president & CEO

Major Financing Openings:

  • Alio Gold (TSX-V:ALO) opened a C$50 million offering underwritten by a syndicate led by Cormark Securities on a bought deal basis. Each unit includes half a warrant that expires in 12 months.
  • Bowmore Exploration (TSX-V:BOW) opened a C$15 million offering underwritten by a syndicate led by Canaccord Genuity on a bought deal basis. Each unit includes a warrant that expires in 24 months. The deal is expected to close on or about July 14th.
  • Bowmore Exploration (TSX-V:BOW) opened a C$7 million offering on a best efforts basis. Each unit includes a warrant that expires in 24 months.
  • K92 Mining (TSX-V:KNT) opened a C$3.55 million offering on a best efforts basis. Each unit includes a warrant that expires in 12 months.

Major Financing Closings:

  • Nemaska Lithium (TSX-V:NMX) closed a C$50 million offering underwritten by a syndicate led by National Bank Financial on a bought deal basis.  
  • K92 Mining (TSX-V:KNT) closed a C$16.55 million offering on a best efforts basis.  Each unit includes a warrant that expires in 12 months.
  • Minera Alamos (TSX-V:MAI) closed a C$5.4 million offering underwritten by a syndicate led by Haywood Securities on a best efforts basis.  
  • AuRico Metals (TSX:AMI) closed a C$5 million offering underwritten by a syndicate led by Red Cloud Klondike Strike on a best efforts basis.  

 

Company news

Avrupa Minerals (AVU:TSXV) arranged a $500,000 private placement that it subsequently increased C$1 million.

  • The private placement is fully subscribed.
  • Placement of 5 million units @ C$0.10
  • Each unit is comprised of one share and a warrant exercisable @ C$0.15 for three years.
  • Proceeds will be used for exploration and operations in Portugal, Kosovo and Vancouver.

Conclusion

Having consolidated the Alvalade copper-zinc project in Portugal, Avrupa needed to top up the kitty to prepare for the next stage of drilling.

 

Zinc One Resources (TSXV: Z) exercised an option to acquire the Bongará zinc oxide and Charlotte Bongará zinc oxide

  • Cash payments of US$1.15 million
  • Foundation laid for the redevelopment of Bongará
  • Zinc One is the first company to own these projects together
  • A 6km long trend of known high-grade, zinc-oxide mineralization
  • Bongará was in production 2007 to 2008, but shut with the fall in zinc prices after the global financial crisis
  • Past production showed +20% zinc grades and +90% recoveries

Conclusion

This acquisition will help Zinc One on its path to becoming a zinc producer. It now controls two high-grade zinc projects and will advance them quickly to take advantage of the growing zinc bull market.

 

LiCo Energy Metals (TSXV: LIC) opened an exploration & development office in Santiago, Chile

  • Company preparing to advance the first phase of the Purickuta exploration program within the Salar de Atacama and review additional lithium and cobalt properties for potential acquisition.
  • LiCo holds an option to acquire up to a 60% interest in Purickut.

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