HOUSTON, April 29, 2016 (GLOBE NEWSWIRE) — Brenham Oil & Gas Corp. (OTC:BRHM) (“Brenham”) and Angola International Capital (“AIC”) today announced that they have executed a definitive Merger Agreement. The resulting combination will create a new company – Africa Growth Corporation – focused on income-oriented real estate acquisitions and long term housing finance for middle-income families across Sub-Saharan Africa. AIC currently owns and operates residential and commercial real estate in the West African nation of Angola and has begun work on its first projects in Namibia with plans to add additional Sub-Sahara African nations to its portfolio. An affiliate of CBRE has independently appraised three of AIC’s properties for $30,669,000.
Pursuant to the terms of the combination, AIC, a Bermuda company will become a wholly-owned subsidiary of Brenham in exchange for the issuance of new Brenham equity to AIC’s stockholders. After the merger, the combined company will be renamed the “Africa Growth Corporation.” The principal terms of the merger are as follows:
Brenham’s Chief Executive Officer, Mr. Daniel Dror, Sr. explained, “The low oil price has rendered Brenham’s near term prospects for further development and commercial exploitation of our oil and gas assets unlikely to produce adequate returns. Rather than waiting for a commodity price recovery, we have leveraged Brenham’s valuable African experience that we obtained pursuing petroleum concessions in nations including Togo and Equatorial Guinea into this growth opportunity for the benefit of our shareholders.”
Mr. Christopher Darnell, Founder and Chief Executive Officer of AIC, will replace Mr. Dror and become the Chief Executive Officer of Africa Growth Corporation. Mr. Darnell has been a member of several Boards of Directors and has held leadership positions in start-up, high growth and emerging market companies within The Southern Company, a Fortune 500 utility company, and Microsoft Corporation. He has been involved in the investment of approximately USD $1.5 billion across multiple industries.
Mr. Darnell said, “Africa’s one-billion people are embarking on the same journey to home ownership and prosperity that the world has previously witnessed in nations such as China, India, and Brazil. In addition to real estate acquisitions and operations, Africa Growth Corporation intends to help meet Africa’s ever growing demand for home ownership for Sub Saharan African homebuyers. Families across Africa need a functional and scalable conduit for financing their homes. Africa Growth Corporation wants to be that conduit.”
Brenham’s majority stockholder, American International Industries, Inc., has approved the merger, and the merger’s closing is conditional on various terms and conditions, including the effectiveness of the Schedule 14C Information Statement to be filed with the Securities and Exchange Commission. The companies anticipate that the regulatory approval process can be completed within 90 to 120 days.
This press release includes forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934. These forward-looking statements reflect numerous assumptions, and involve a number of risks and uncertainties. Among the factors that could cause actual results to differ materially are: economic conditions in the West Africa nations in which AIC currently does business or seeks to do business; government regulatory initiatives that increase competition, threaten cost and investment recovery, and impact rent or mortgage structures; the ability of the combined company to successfully reduce its cost structure; the ability of the company to raise capital to fund its growth; and interest costs on debt.
Contacts for Media: Christopher Darnell, CEO of AIC, at info@africaic.com
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Nemaska Lithium Inc. (TSXV:NMX,OTCQX:NMKEF) announced that it has purchased a new self-contained dense media separation portable mill to be located at the Whabouchi mine site. The portable and modular mill, with a processing capacity of 10 t/hour, will be used to process a mine-representative bulk sample of about 29,000 t from the Whabouchi lithium mine during the summer and fall of 2016.
As quoted in the press release:
The plant will be used to produce a 6% Li2O spodumene concentrate that will feed the Phase 1 lithium hydroxide plant which the Company intends to build in Shawinigan, Quebec. The mill is a self-contained unit which includes its own generators, lab, work station and change rooms. In addition to producing a concentrate for the Phase 1 Plant, the mill will also serve as a training facility for the local Cree workforce wishing to gain experience and training to become mill operators; a skill set which will be needed once the mine is built and in full commercial production.
Nemaska Lithium purchased the mill for a cash consideration of $750,000 and 3M shares, of which 1.5 M are subject to a 4-month hold period, 750,000 are subject to an 8-month hold period and the balance of 750,000 shares are subject to a 12-month hold period. Once the bulk sample is completed, Nemaska Lithium will have the ability to sell the unit or process ore from other properties in the area for metallurgical testing on a toll-milling type arrangement.
The portable mill will be located on the Whabouchi Property in an area that is already permitted by both the provincial and federal authorities for commercial production. Additional authorizations will be obtained over the next months to fully comply with provincial regulations before completing the aforementioned bulk sampling and associated ore processing.
Nemaska Lithium President and CEO, Guy Bourassa, stated:
In order to prequalify our lithium compounds with potential customers with products from the Phase 1 Plant in Shawinigan, we must feed it with representative spodumene concentrate from our mine site. We had originally contemplated processing the ore elsewhere, but with the purchase of a new and readily available mill, we are building in-house expertise in ore processing as well as making relevant training available to our local workforce. It is a win-win proposition. The mill will retain its value and we can determine how best to use it once the bulk sample is completed.
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Far Resources (CSE:FAT) has entered an option agreement for the Zoro 1 Claim in the Snow Lake Area in Manitoba. The claim covers a number of known lithium pegmatite occurences.
As quoted in the press release:
The Zoro I Claim
The Zoro I claim covers approximately 52 hectares near Wekusko Lake in western Manitoba. The Zoro I Claim covers a number of known lithium pegmatite occurrences, one of which contains an historic “reserve” based on 1956 drilling on the “Principal Dyke” of 1.727 million tonnes grading 0.94% Li2O.
The mineral reserve cited above is presented as an historical estimate and uses historical terminology which does not conform to current standards, and as such should not be relied upon. Although the historical estimates are believed to be based on reasonable assumptions, they were calculated prior to the implementation of National Instrument 43-101. These historical estimates do not meet current standards as defined under sections 1.2 and 1.3 of NI 43-10 and therefore should not be relied upon.
Zoro Option Agreement
The Company has entered into the Agreement with Top Notch Marketing Ltd., R. Ross Blusson and Double-U-Em Investments Ltd. (collectively, the “Optionors“) effective as of the date of this news release. Under the terms of the Agreement the Company can acquire a 100% interest in and to the Zoro I Claim (the “Option“) upon meeting the following requirements:
1. upon the execution of the Agreement, Far Resources must pay each of the Optionors $16,666.66 in cash and issue to each of the Optionors 333,333 Common shares;
2. on the first anniversary of the date of the Agreement, Far Resources must provide the Optionors with aggregate consideration of $300,000 which, at the election of the Optionors, can be satisfied by either (i) paying each of the Optionors $50,000 in cash and issuing each of the Optionors that number of Shares worth $50,000 at the time of issuance, based on the Average Price (defined below); or (ii) issuing each of the Optionors that number of Shares worth $100,000 at the time of issuance, based on the Average Price; and
3. on the second anniversary of the date of the Agreement, providing the Optionors with aggregate consideration of $600,000 which, at the election of the Optionors, can be satisfied by either (i) paying each of the Optionors $100,000 in cash and issuing each of the Optionors that number of Shares worth $100,000 at the time of issuance, based on the Average Price; or (ii) issuing each of the Optionors that number of Shares worth $200,000 at the time of issuance, based on the Average Price.
Click here for the full press release.
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Sponsored by Dajin Resources Corp.
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Gold prices ended the week on a high note on the back of a weaker US dollar, up four percent for the week to $1,289.65 per ounce.
According to the Wall Street Journal, that’s the highest level for the yellow metal in 15-months. The US dollar fell two percent this week, while weak economic data supported safe haven buying.
On Wednesday, the US Federal Reserve once again left interest rates unchanged, marking the third straight meeting that the Fed has left interest rates the same in 2016. Gold prices gained both before and after the meeting, as many investors and market watchers were not expecting a rise in rates.
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The silver price, was also on the rise this week, gaining just over 4.1 percent to trade at $17.75 per ounce by Friday at 1:55 p.m. EST. The white metal has now breaked its May 2015 high, as per DailyFX.
The metal hit an 11-month high on Wednesday, but some analysts are hesitant that silver’s upward momentum could continue.
On the base metals side of things, comex copper prices also managed to take some gains for the week, bumping up 0.39 percent to $2.29 per pound as of 2:01 p.m. EST. Prices fell mid-week on waning industrial demand for the red metal, and on news that LME copper stocks had reached their highest level this month, according to Bloomberg. However, copper prices were back on the rise on Friday after weak US jobs data pushed the dollar down.
Finally, oil prices fell slightly on Friday, but still finished the week up roughly 5.63 percent at $45.44 per barrel. As Reuters reported, the energy commodity earlier hit its highest level in 2016 on Friday after US oil rig counts came in at 332, down from 679 last year. That news, along with a weaker dollar, encouraged optimism that oil oversupply could be waning.
Brent crude futures were down 17 cents to $47.97 per barrely by 1:07 p.m. EST. Meanwhile, US crude lots 20 cents to reach $45. 83 per barrel.
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Securities Disclosure: I, Teresa Matich, hold no direct investment interest in any company mentioned in this article.
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The Wall Street Journal reported that OAO Novatek’s Yamal liquified natural gas (LNG) project in Russia’s Arctic will be funded by Chinese banks.
As quoted in the publication:
China has proved more reluctant than Russian officials hoped to provide large-scale investment to soften the economic blow of Russia’s standoff with the West. But Friday, the Yamal LNG project said it had signed two loan deals with Chinese state banks in euros and yuan worth some $12 billion, enough to complete the project that is scheduled to ship its first liquefied natural gas next year.
“For the Russian leadership, it’s a political deal to demonstrate that it can work despite the sanctions regime,” said Mikhail Krutikhin, an analyst at RusEnergy consultancy in Moscow.
Click here for the full article.
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Ashburton Ventures (TSXV:ABR) will commence an initial ground-based geophysical program at its Whabouchi South lithium project next week.
As quoted in the press release:
Ashburton’s Whabouchi South Lithium borders Nemaska Lithium Inc.’s Whabouchi project to the south and is less than 1.2 km south of Nemaska’s planned mine site.
“We are very excited to get some early geophysics done on the property to kick off the new season on our latest acquisition.” stated CEO Mike England.
The Company further announces it has set 500,000 options at a price of $.05 for directors and consultants of the Company in accordance the Company’s stock option plan.
Click here for the full press release.
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Sponsored by Dajin Resources Corp.
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Western Uranium Corporation (CSNX:WUC) (OTC PINK:WSTRF) announced that further to its news release dated April 4, 2016, it has completed an initial Closing of Cdn.$680,760 of its non-brokered private placement of 400,447 units, subject to final approval from the Canadian Securities Exchange.
The Company intends to use the gross proceeds of the Offering for costs of completion of the Black Range Minerals Limited transaction including the payment of Black Range Payables, the further development, permitting and licensing of the Ablation Mining Technology, the costs of the OTCQX listing, the Sunday Complex mine planning and preparation, the additional hiring of specialized personnel and for working capital purposes.
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In a recent article on TheHill.com Energy Fuels Inc. (TSX:EFR,NYSEMKT:UUUU) President and CEO, Stephen Antony, discussed the sustainability-driven market dynamics influencing the transportation sector.
As quoted in the article:
The enthusiasm for electric vehicles (EVs) demonstrates that, even with crude oil and gasoline prices near six-year lows, clean power sources to charge these vehicles around the clock is needed. In many parts of the U.S., these superficially “clean and green” EVs will be powered by fossil fuels, including coal. That leads me to suggest that nuclear energy should have a larger role to play as utilities of the future power smart cities, including the development of EV charging infrastructure that is clean, reliable, and capable of meeting this new source of growing consumer demand.
While worries about range and price-point are subsiding thanks to innovation, the source of electricity for EV charging in most areas is not very green. And, that’s problematic. Even though carbon-free, emission-free nuclear energy accounted for approximately 20% of all electricity generated in the US in 2015 – with hydropower providing 6% and wind, solar, and geothermal providing another 6% – two-thirds of all electricity in the US is generated from fossil fuels. The question of whether EV’s are actually “green” or not has been examined in several sources including: a 2012 New York Times feature How Green Are Electric Cars? Depends on Where You Plug In; a 2014 study by the National Renewable Energy Laboratory which showed that the environmental health impacts of powering EVs with coal is worse than simply staying with conventional gasoline; and a November 2015 Washington Post article entitled Electric Cars and the coal that runs them.
Clearly, if reducing air pollution, lowering CO2 emissions, and improving human health are catalysts for getting behind the wheel of an EV, we shouldn’t be powering these vehicles with fossil fuels. If EVs are to be truly green, I would argue they should be charged with electricity generated primarily from nuclear power, since no other clean source of energy can provide large-scale, 24/7/365, “baseload” electricity.
As the media continues to “go gaga” over the massive amount of Tesla’s Model 3 pre-orders, it is critical that we pay increased attention to cleaner charging sources, such as nuclear power. The demand for the Model 3 may have been the seismic event that spurs more innovation, lower prices, and more consumer demand, resulting in the sale of millions more next generation EVs.
So, at a time when a growing number of voices are calling for the end of the gasoline fueled internal combustion engine (ICE) by as early as 2025, EVs shouldn’t be saddled by fossil fuels. In my view, our clean transportation future should be driven primarily by modern nuclear power, so the clean energy revolution is as clean as the public demands.
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Expectations that major utilities would pick up their uranium buying to cover their upcoming uncovered requirements in the first quarter of 2016 gave the market the impression that uranium spot prices would be behaving differently than they did. In reality, uranium prices so far this year have failed to impress. Uranium spot prices have fallen from January highs of $34.50 per pound of U3O8 to lingering at $27.50 per pound of U3O8.
Cantor Fitzgerald’s estimated Q1 uranium prices of $38 per pound missed the mark. Instead of continuing to gain after the start of the year, uranium spot prices dropped, averaging $32.77 in Q1. Ever the optimists, the firm maintains that uranium prices are in for a violent move upwards, particularly as additional disruptions to supply continue to increase the anticipated deficit.
Still, given the recent market behavior, Cantor Fitzgerald analyst Rob Chang noted in a quarterly commodity update that “utilities will continue to satisfy their uranium demands in the spot market until the market begins to penalize them for doing so with higher prices.”
However, before utilities start facing higher spot prices, the analyst highlights that above ground uranium inventory needs to be significantly reduced. Unfortunately, understanding the true amount of available uranium supply has proved challenging to market watchers. “The opaque nature of the market is a key issue that is highlighted by the available supply from Russian uranium fuel converters with large amounts of excess enrichment capacity. These entities are processing at minuscule tails assays and selling the excess uranium in to the market.” says Chang.
Although there is an unknown element about the uranium available for purchase by utilities on the spot market, the numbers from primary uranium production from mines is readily available. On the production front, uranium supply has been coming up short when it comes to meeting global demand. This bodes well for the sector when available materials available on the spot market dwindle.
While looking at spot uranium prices paints a bleak picture, investors should not be discouraged. Sure, it’s been years that analysts have been calling for a renaissance in the sector marked by a sharp increase in prices. And while the expectations can feel like a carrot on a string, taunting investors with an unattainable reward, that is not the case. The market fundamentals point to higher prices, and better days for both investors and companies. One must just remember that the road to victory is not always easy.
With the goal of profitable investment in mind, and the understanding that the market volatility is the name of the game, here is a look at the top 10 uranium stocks to watch from Cantor Fitzgerald and their ratings.
Securities Disclosure: I, Vivien Diniz, hold no investment interest in any of the companies mentioned.
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UEX Corporation (TSX:UEX) is pleased to announce that it has entered into an agreement with Primary Capital Inc. under which the Agent has agreed to act as agent for the offering of 16,000,000 common shares of the Company which will qualify as “flow-through” shares pursuant to the Income Tax Act at a price of $0.25 per “flow-through” share to raise $4,000,000, on a “guaranteed” agency basis.
According to the news:
The Agent will have an option to increase the size of the Offering by up to an additional 4,000,000 “flow-through” shares at $0.25 per “flow-through” share to raise additional gross proceeds of up to $1,000,000.
The Agent will receive a cash commission on the sale of the “flow-through” shares equal to 5% of the gross proceeds raised.
The Company intends to use the gross proceeds of the “flow-through” Offering to fund exploration of the Company’s uranium properties.
Click here to view the full press release.
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Alix Resources Corp (TSXV:AIX) announced it has completed an initial sampling program at its Jackpot Lithium property located in the Georgia Lake area within the Thunder Bay Mining Division, Ontario.
As quoted in the press release:
Approximately 90 kg of spodumene-bearing pegmatite rocks were collected from the surface and will be sent to the laboratory for assaying. At the request of Lithium Australia NL (“LIT”)(LIT-ASX) an additional 5-10 kg sample will be shipped to Australia for testing using LIT’s proprietary LIT’s proprietary Sileach™ process.
Lithium was first discovered in 1955 at the Jackpot property in granitic pegmatites. The property covers the Jackpot lithium deposits, described by E.G. Pye in a 1965 report published by the Ontario Depart. of Mines on the Georgia Lake Area. The deposits were tested by a total of 32 holes drilled in 1955 by Ontario Lithium Company Limited an its associated company Conwest Exploration Co. Ltd. The drilling confirmed the presence of at least two spodumene-bearing pegmatite bodies, one at the surface (No. 1) and the other (No. 2) lying directly beneath the No. 1 deposit. Historical resources at Jackpot, comprising only the No. 2 Dyke pegmatite zone, was reported as 2Mt @ 1.09 Li2O estimated in 1956 by Ontario Lithium Company Limited*. The No. 2 pegmatite dyke, which was discovered by diamond-drilling, was intersected at 30 to 100 meters intervals over a strike length of 215 meters and at 30-60 meters intervals over a distance of 365 meters across strike. Dyke No. 2 is 4 to 20 meters thick, averaging 11 meters.
*The estimates presented above are treated as historic information and have not been verified or relied upon for economic evaluation by the Company. These historical mineral resources do not refer to any category of sections 1.2 and 1.3 of the NI-43-101 Instrument such as mineral resources or mineral reserves as stated in the 2010 CIM Definition Standards on Mineral Resources and Mineral Reserves. The explanation lies in the inability by the Company to verify the data acquired by the various historical drilling campaigns. The Company has not done sufficient work yet to classify the historical estimates as current mineral resources or mineral reserves.
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Lomiko Metals Inc. (TSXV:LMR,OTCQX:LMRMF,FSE:DH8B) announced that they and Critical Elements (TSXV:CRE,OTCQX:CRECF,FWB:F12) have entered into an option agreement that gives Lomiko the right to acquire up to a 70% interest in the Bourier project.
The Bourier project consists of 228 claims for a total ground position of 11,579.28 hectares (116 km2) in a region of Quebec that boasts other lithium deposits and known lithium mineralization, as shown in the maps and table below. The Bourier project is potentially a new lithium field in an established lithium district.
Lomiko Metals CEO, A. Paul Gill, stated:
Recent consumer interest in electric vehicles has increased investor interest in Lithium and Graphite, two of the major components of a lithium-ion battery. We are on the verge of reducing oil consumption and a creating a green economy. Quebec is in a unique positon of having ample supply of both commodities and is the focus of Lomiko’s mineral interests.
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Macarthur Minerals (TSXV:MMS) announced that it has applied for five additional exploration licences in the Pilbara region of Western Australia to expand its total tenement area to 1,379 square kilometres.
As quoted in the press release:
The Company continues to expand its acreage and has one of the largest acreages for ‘hard rock’ lithium of any junior exploration company globally and is one of a few TSX-V listed companies to have potential projects for lithium in Australia. The expansion of the Company’s acreage package is consistent with the Company’s focus on exploration of raw materials for the production of lithium batteries.
New Pilbara Tenements
The location of the five new Pilbara exploration licence applications (E46/1133, E45/4747, E45/4748, E45/4749, and E45/4750), which covers an area of 185 square kilometres (45,000 acres), is shown in Figure 1. The applications contain similar geological settings to the Pilgangoora Li-Ta pegmatite deposits, which host the lithium projects of Australian Securities Exchange listed companies, Pilbara Minerals Limited (ASX: PLS) and Altura Mining Limited (ASX: AJM).
Lithium Strategy
The Company’s strategy is to apply for prospective acreage proximate to known lithium occurrences or where there are either, producing lithium mines or lithium mines under development. Consistent with this strategy, the Company has acquired acreage in the Pilbara region where Pilbara Minerals Limited has its Pilgangoora lithium-tantalum project for which it recently raised A$100 million for further development and in the Ravensthorpe region where Galaxy Resources Limited (ASX: GXY) has commenced production for spodumene and tantalum concentrate at its Mt Cattlin project.
Macarthur is currently undertaking a detailed review of all its acreage and plans to commence a Stage 1 helicopter borne reconnaissance program over the Pilbara acreage, which will be undertaken by our senior technical team. Macarthur is currently evaluating its acreage and commencing discussions with various third parties concerning potential joint ventures to maximise the exploration effort throughout 2016. The Company has undertaken an extensive review of geological datasets for available acreage prospective for lithium in Western Australia based on geological attributes referred to above. That review indicates that available acreage in Western Australia having those geological attributes is becoming scarce.
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Dajin Resources Corp. (TSXV:DJI,OTCMKTS:DJIFF) announced that it has completed additional subsurface auger sampling at its 100% owned Teels Marsh Lithium project located in Mineral County, Nevada.
As quoted in the press release:
During April, a team from Nevada Exploration Inc. (TSX-V:NGE), Nevada’s premier hydro geochemistry exploration company, was in the field at Teels Marsh. The team, headed by Ken Tullar, carried out the collection of subsurface brine samples by auger at the western end of the playa. These samples (taken from auger holes as deep as 12.5 feet (3.8 meters)) serve a dual purpose. The first is to confirm the anomalous Lithium brine concentrations discovered during the surface sampling program in late 2014; and the second is to test the sampling protocol to be deployed in Dajin’s San Jose Project in Argentina. Dajin Director, Dr. Mark Coolbaugh, P.Geo. was on-site to observe the sampling and collection process.
During Dajin’s 2014 sampling campaign, Lithium in brine was found in concentrations of up to 70 ppm at a depth of 6 feet (2 meters) along with values as high as 460 ppm Lithium in sediment samples (of the 74 sample locations tested in 2014: 28 sediment samples returned values higher than 150 ppm and 23 samples ranged between 100 – 149 ppm Lithium). Sampling by the USGS (and reported in USGS Open-File report 1976-567), reported values as high as 850 ppm in sediment from the area where Dajin concentrated this sampling campaign. Samples have been sent for assay to laboratories in Canada and Nevada. Commercial laboratory assay results should be available within the next few weeks.
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Alix Resources Corp (TSXV:AIX) is a lithium junior exploration company with properties in both Mexico and Canada. The company’s flagship project is the Electra lithium property which includes two concessions adjoining with Bacanora Minerals (BCN) and Rare Earths Minerals (REM)’s joint venture Sonora lithium project located in Sonora, Mexico. The Sonora project is one of the world’s largest lithium resources.
Alix Resources’ recent discovery of lithium-bearing clay structures at Electra led to a strategic joint venture agreement with Lithium Australia. A Phase 1 exploration program at Electra is planned and slated to begin in Q2 2016.
Investment Highlights:
Next Door: Sonora Lithium Project
Alix Resources’ Electra Project is contiguous to the southern and northern boundaries of BCN-REM’s Sonora Lithium Project which contains three large near-surface deposits hosted in lithium-bearing clays: La Ventana, Fleur–El Sauz and Megalit. Together these three deposits have an indicated resource of 5 million tonnes of lithium carbonate equivalent and an Inferred resource of 3.9 million tonnes of lithium carbonate equivalent.
A preliminary economic assessment for Sonora was completed in March 2016, demonstrating highly attractive economics. The study indicates a pretax internal rate of return of 29 percent and an associated net present value of US$776 million at an 8-percent discount rate. The Sonora project is now being fast-tracked to production with pilot plant trials expected for completion in Q3 2016 followed by a completed feasibility study in Q1 2017.
The Electra Project’s concessions target interpreted extensions of lithium-bearing clays extending from the Sonora property. “We’re the only other junior in this exciting neighborhood,” explains Michael England, Alix Resources President and CEO. “We have picked up 22,000 hectares of land to the north and the south adjoining the Sonora project and on trend with their deposit as per their own maps. Geology-wise we definitely have the same structures on our property, especially in the south.”
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There’s no doubt about it: lithium is booming. Lithium carbonate prices and lithium hydroxide prices are on the rise, and growing demand for lithium-ion batteries is set to boost prices even higher.
In light of that, more and more junior mining companies are jumping into the lithium space, staking claims in Nevada, Quebec and Ontario in a move to get a piece of the action.
That can make things a bit confusing for investors. As Chris Berry of House Mountain Partners and the Disruptive Discoveries Journal said in our lithium outlook 2016, “Like moths to a flame, too many juniors in the space can cloud the true potential of the commodity and confuse investors.”
Moreover, higher lithium prices or not, companies who eventually succeed at developing their projects will need to have a low cost of production in order to be competitive with existing players. Most of the world’s top lithium producers currently operate in Australia, South America and China.
Here’s a look at what’s driving the rush of junior mining companies to the lithium space, and at what investors should keep in mind before entering the space.
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Sponsored by Dajin Resources Corp.
Lithium, unlike gold or silver, is not a publicly traded commodity, so it can be difficult to get accurate pricing information for lithium products. That said, almost all analysts and market watchers are in agreement that lithium demand is growing faster than lithium supply, and that this trend is pushing prices upward.
As mentioned above, most of that demand growth is coming from the lithium battery sector. “Lithium consumption for batteries has increased significantly in recent years because rechargeable lithium batteries are used extensively in the growing market for portable electronic devices and increasingly are used in electric tools, electric vehicles, and grid storage applications,” states the United States Geological Survey (USGS) in its 2016 report on lithium.
At the same time, there isn’t a ton of new supply coming online. Galaxy Resources (ASX:GXY) recently restarted mining activities at its Mt Cattlin mine in Australia, but Jon Hykawy of Stormcrow Capital argued at this year’s PDAC that a fair few lithium producers and developers will need to succeed in order to keep up with demand.
“That’s a precarious position, having to depend on everyone to get everything right in terms of timing and production and not having any problems occurring year in, year out,” he said. “It hasn’t happened so far, and you can disagree, but it’s probably not going to happen here.”
What does higher demand and a lack of sufficient supply mean for pricing? Joe Lowry of Global Lithium stated in a lithium market update published on March 13, “I am not ready to say a $20/kg price is going to be the long term global “new normal” but I am willing to say the average global price in 2020 will NOT be in single digits in any scenario absent a complete collapse of lithium demand which seems highly unlikely.”
While the lithium market has been on a tear, the same can’t be said for the rest of the mining space. 2015 saw the continuation of a long commodities price rout for many metals, with gold prices losing 11 percent and copper prices falling 26 percent to finish the year just above $2 per pound.
The mining sector has started to come back a bit since the start of 2016. Gold prices and copper prices are up 16.62 percent and 6.38 percent respectively, and James West of MidasLetter pointed out last week that plenty of mining stocks are on a tear.
Still, some market watchers, such as Goldman Sachs (NYSE:GS), are hesitant regarding a lasting recovery, and with all of the excitement being generated around lithium by Tesla Motors’ (NASDAQ:TSLA), the lithium market is still looking much more positive than the markets for precious metals or base metals.
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It’s with that backdrop that a number of mining companies have been shifting towards the lithium sector. This certainly isn’t the first time junior miners and investors have rushed toward a specific commodity, and it won’t be the last. Still, it’s interesting to see the change in action.
In the last week alone, no less than three junior miners have announced their foray into the lithium sector (Benton Capital (TSXV:BTC), Beaufield Resources (TSXV:BFD) and Noram Ventures (TSXV:NRM)), with more flowing into the space in recent months.
In Australia, Tess Ingram of the Sydney Morning Herald points out that “[a]s many as 35 ASX-listed companies have lithium exploration or development plans, with at least a third moving into lithium in the past five months.”
More generally, shares of lithium focused companies are on the rise. Ingram noted that Australia’s Dakota Minerals (ASX:DKO) saw its share price gain 200 percent in December after it announced that it would move away from copper and gold to focus on lithium instead.
Here’s a small sample of other lithium companies that have gained year-to-date:
Most of these companies have been around for much longer than the current bout of excitement around lithium, but Lithium X was only launched last November.
Certainly, those gains are exciting, but for investors, it’s important to remember to do one’s research and to choose companies with the best chance of truly succeeding. There’s no doubt that lithium demand is increasing. However, not all lithium projects need to be developed and mined in order for that demand to be met.
“I look at lithium the same way I look at the iron ore, graphite or rare earths boom – there are a lot of players that will get involved in it but only a handful of players will get into development or production,” PAC Partners senior analyst Andrew Shearer told the Herald.
For Chris Berry, the lithium market isn’t a bubble, but the focus on higher lithium prices is still misplaced. “While higher prices may harm battery manufacturers (marginally), we don’t see the higher prices providing leverage to miner share prices,” he stated in a note on the market published last Fall. “What matters most is cost of production – especially when competing with an oligopoly.”
With that in mind, here are a few other points to think about:
Stay tuned for a list of lithium juniors and developers who have resource estimates for their projects.
Don’t forget to follow us @INN_Resource for real-time news updates!
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Sponsored by Dajin Resources Corp.
Securities Disclosure: I, Teresa Matich, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: Galaxy Resources, Nemaska Lithium and Pilbara Minerals are clients of the Investing News Network. This article is not paid for content.
The post Why Lithium, Why Now? appeared first on Investing News Network.
Altura Mining (ASX:AJM) has signed a binding offtake agreement with China based Lionergy Limited. The agreement considers a minimum of 100,000 tonnes of spodumene concentrate per year grading 6 percent Li2O.
As quoted in the press release:
Key points of the BOA:
- Lionergy to take minimum of 100,000 tonnes of 6% Li2O grade spodumene concentrate annually for an initial 5 year period – any extensions to be negotiated between Altura and Lionergy.
- Lionergy and Altura to negotiate any additional offtake tonnage in excess of 100,000 tonnes annually.
- Conditions Precedent based on the commencement of mining occurring within two years of the date of the signing of the BOA, and Altura obtaining finance for the development of the Project within six months of the date of the signing of the BOA.
- Spodumene concentrate pricing is based on the prevailing US$ market price and will be negotiated between the parties.
Click here for the full press release.
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Appia Energy Corp. (CSE:API) is pleased to announce the acquisition of two groups of contiguous mineral claims in the Athabasca Basin (the “Basin”) area in northern Saskatchewan. (Please refer to the Company’s website, www.appiaenergy.ca for a location map and other information about the properties.)
According to the news:
The “Otherside” and the “Loranger” properties were staked on the basis of similar geological and geophysical signatures to known high-grade, large-tonnage uranium deposits in the Basin: Fission Uranium Corp’s Triple R deposit, NexGen Energy’s Arrow deposits, and others.
The Otherside property encompasses 21,868 ha. (54,037 acres), straddles a 40 km-long corridor hosting multiple discrete conductors with associated magnetic gradients and gravity lows, within the north central Athabasca basin.
The Loranger property comprises 24,755 ha. (61,171 acres), centered on 4 individual conductors with an aggregate length of 84 km of which 82 km is untested. The property is hosted within the basement rocks of the Wollaston Domain, near the deposit rich eastern margin of the Basin.
Exploration of these properties will be under the direction of James Sykes, who was recently appointed by Appia as Director of Saskatchewan Operations. James is a geologist specializing in uranium exploration in the Basin, and was directly involved in several of the recent major uranium discoveries within the region.
Click here to view the full press release.
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Benton Capital (TSXV:BTC) has acquired two additional land claims at its Wisa Lake lithium project in Ontario.
As quoted in the press release:
The property is connected to Highway 11 (Trans Canada), located 65km north, via an all-weather road that crosses the centre of the project. The land position was increased in order to cover an additional spodumene-bearing pegmatitic dyke located approximately 900m south of the Wisa Lake zone. Selective grab samples collected from the zones have been submitted to the laboratory for analysis.
As indicated in the Company’s PR dated April 19, 2016, the property covers the Wisa Lake deposit with a historical resource of 330,000 tonnes grading 1.15% Li2O (Lexindin Gold Mines Ltd., Manager’s Report, 1958; Ontario Geological Survey, Open File Report 6285, Report of Activities 2012). In 1956, Lexindin completed a total of 20 drill holes (packsack and AQ-sized core) over a strike length of 335m and to a depth of approximately 65m to outline the Wisa Lake lithium mineralization. The diamond drill log of the most easterly hole intersected 6.4m containing 20% of the lithium-bearing mineral spodumene suggesting the mineralization is open at depth and to the east. It should be noted that the historical resource estimate for the deposit was calculated prior to CIM National Instrument 43-101 guidelines and as such should only be considered from a historical point of view and not relied upon. A qualified person has not completed sufficient work to classify the historical estimates as current mineral resources. Further diamond drill programs are required to bring the mineralization into a proper NI 43-101 compliant category.
The Company has recently applied to change its name to Alset Energy Corp. and in is the process of applying for a new trading symbol. The Company has also granted 2,395,000 options to officers, directors and consultants of the company at a price of 7 cents for a period of 5 years.
Click here for the full press release.
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Beaufield Resources (TSXV:BFD)
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Nevada Energy Metals (TSXV:BFF) (OTC Pink:SSLMF) announced the Company has increased the exploration potential of the San Emidio property by adding 69 additional claims to its land position. The property now includes 155 claims (approximately 3,100 acres/1255 hectares) in the San Emidio Desert, Washoe County, Nevada, 95 km northeast of Reno.
As quoted in the press release:
The additional claims were staked to cover a portion of the playa evaluated in 1976 by Chevron Oil Company (Phoenix Geophysics report by Bruce S. Bell) for its geothermal power potential. The report states, “Almost the entire survey area exhibits definite anomalous responses which have a true resistivity less than three ohm meters. The apparent resistivity data exhibits near horizontal contours throughout parts of the anomalous area, but there is also sufficient lateral variations within each anomaly to suggest that the conductive zone is not due entirely to conductive sediments.” Drilling will be required to determine if the responses identifies in the resistivity survey confirm the presence of brine aquifers. Importantly, historical results by previous operators exploring the playa for lithium reported lithium value in sediments up to 312 ppm and up to 80 ppm lithium in brine from a depth of 1.5 meters.
The San Emidio Desert basin is an alkali playa environment underlain by unconsolidated sediments and clays being fed by Lithium bearing geothermal fluids (US. Geothermal analyses) reported in bounding faults, and/or faults along the east side of the basin. Since mid-Tertiary time, the rocks on the eastern edge of the San Emidio Desert have undergone extensive hydrothermal alteration and the presence of near-surface thermal fluids, suggest that the thermal fluids represent deep circulation of meteoric water (Moore, J.N., 1997). The property adjoins the Empire geothermal power plant with production of 4.6 MW of electricity from a 155°C resource thereby providing a substantial heat source for the circulation of meteoric groundwater believed important in the formation of Lithium brine deposits as found at Clayton Valley, Nevada host to North Americas preeminent Lithium brine production. US Geothermal has reported anomalous Lithium values in the trace element analysis of their geothermal brines at Empire.
Connect with Nevada Energy Metals (TSXV:BFF) (OTC Pink:SSLMF) to receive an Investor Presentation.
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Macarthur Minerals (TSXV:MMS) announced has applied for five additional exploration licences in the Pilbara region of Western Australia to expand its total tenement area to 1,379 square kilometres (341,000 acres).
The Company continues to expand its acreage and has one of the largest acreages for ‘hard rock’ lithium of any junior exploration company globally and is one of a few TSX-V listed companies to have potential projects for lithium in Australia. The expansion of the Company’s acreage package is consistent with the Company’s focus on exploration of raw materials for the production of lithium batteries.
Connect with Macarthur Minerals (TSXV:MMS) to receive an Investor Presentation.
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Plateau Uranium Inc. (TSXV:PLU) announced it has engaged experienced environmental consultant group Asesores y Consultores Mineros SA (ACOMISA) to commence the enhanced environmental baseline study work required for future permitting and environmental impact assessment studies. This follows constructive meetings with government officials from the Mining Commission of the Peruvian Congress, Mines and Energy Ministry and additional mining and nuclear authorities towards establishing future uranium production in the country.
Plateau Uranium CEO, Ted O’Connor, stated:
Significant progress has been made in Lima meetings between management of Plateau Uranium and members of the Mining Commission of the Peruvian Congress, the Minister and senior leaders at the Ministry of Mines and Energy (“MEM”), the leader of the Peruvian Institute of Geology, Mines and Metallurgy (“INGEMMET”) and representatives of the Peruvian Institute of Nuclear Energy (“IPEN”). The encouragement and cooperation received at every level is highly indicative of Peru’s support for future uranium production in the country. We are pleased to be working in such a favourable, mining-friendly jurisdiction with clear mining regulations and permitting procedures in place, and supportive central government and ministries.
As a result of the positive government support, the Company has engaged ACOMISA to commence the next level of environmental baseline work on the permitting path through pre-feasibility and feasibility studies as we progress towards production at our Macusani project.
Connect with Plateau Uranium Inc. (TSXV:PLU) to receive an Investor Presentation.
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Macarthur Minerals (TSXV:MMS) is an Australian company focused on identifying and developing high-grade lithium projects. Macarthur Minerals currently holds 13 exploration license applications covering a total area of 1,192 square kilometers across the Pilbara, Ravensthorpe and Mid-West regions of Western Australia.
Peer activity in the Pilbara region includes both Pilbara Minerals (ASX:PLS) and Altura Mining (ASX:AJM) who hold advanced lithium projects with JORC-compliant resources.
Rare Earth Minerals PLC (AIM:REM, OTC:REMMY) recently made a strategic investment in Macarthur Minerals. REM has a joint-venture partnership with Bacanora Minerals in the Sonora Lithium Project in Mexico—the only project in the world to have an offtake agreement with Tesla.
Macarthur Minerals is managed by a strong team of exploration and finance professionals. The team recently completed a modest capital raise which will bring its lithium projects through the initial stage of field reconnaissance in mid-2016. The Company will seek further capital to develop its projects.
Macarthur Minerals has a “shovel-ready” iron ore project, in Western Australia’s Yilgarn region. This project and the Company’s other iron ore project is on care and maintenance due to the current oversupplied iron ore market.
Investment Highlights:
Connect with Macarthur Minerals (TSXV:MMS) to receive an Investor Presentation.
The post Macarthur Minerals – Largest Land Acreage in Hard Rock Lithium for Junior Exploration appeared first on Investing News Network.
CanAlaska Uranium Ltd. “the Company” (TSX-V: CVV; OTCQB: CVVUF; Frankfurt: DH7N) (“CanAlaska or the Company”) is pleased to announce that it has reached an Agreement to sell one of its three Waterbury claims to Cameco Corporation (TSX: CCO; NYSE: CCJ). The sales agreement for the Waterbury West claims is for cash consideration of $71,732, a commitment for a program of work to drill at least one hole on the project targets within 3 years, and a 2% uranium royalty on future production. The Waterbury East and South claims remain 100% owned by CanAlaska.
According to the press release:
The Waterbury West property hosts an interesting target characterised by an east-west flexure in the underlying stratigraphy, hosting a moderate sandstone resistivity anomaly at the point of flexure. This is thought to represent a hydrothermal alteration chimney above a classic unconformity uranium target. The property is 3,764 hectares in size, and is located over the central portion of Waterbury Lake, immediately north east of the Cigar Lake mine.
The Waterbury East property is on the trend with conductors hosting the McClean North and McClean South uranium deposits and has an anomalously mineralized intersection from previous drilling by CanAlaska. The Waterbury South property located 10 km south east of the producing Cigar Lake mine has seen previous drill programs. These indicate step-like offsets of the unconformity, with multiple conductive trends still to be drilled. Further work is warranted on each of these properties, and CanAlaska has opened conversations with interested parties.
CanAlaska president Peter Dasler commented:
We are very pleased to have completed another deal on one of our non-core, but strategic, properties in the eastern Athabasca. The commitment to drill the target gives CanAlaska shareholders a further opportunity to benefit from discovery, as we will retain a very valuable unhindered royalty on the project. This is the second uranium project on which we have an agreement with Cameco in 2016. On our West McArthur project we are awaiting the first assay results from the drill program that Cameco recently commenced.
Click here to view the full press release.
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BBC News reported that Saudi Arabia has approved a number of reforms to reduce the economy’s dependence on oil. Roughly 70 percent of the country’s revenues came from oil last year.
As quoted in the publication:
One part of the plan will see shares sold in state-owned oil giant Aramco to create a sovereign wealth fund.
Announcing the reforms, Deputy Crown Prince Mohammed bin Salman described his country as being addicted to oil.
The Vision 2030 plan, he told the Saudi-owned Al-Arabiya news channel, would ensure “we can live without oil by 2020″.
Click here for the full press release.
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92 Resources (TSX:NTY) has added another 500 hectare contiguous claim to its Hidden Lake property near Yellowknife in the North West Territories.
As quoted in the press release:
The claim covers the continuation or potential extensions to known lithium bearing pegmatites at the property.
Hidden Lake Lithium Property
The Hidden Lake Lithium Property now consists of three mineral claims, totaling approximately 1,600 hectares covering a number of known spodumene-bearing pegmatites. It is located just north of NWT Highway 4, approximately 40 km northeast of the city of Yellowknife, NT. The property is highly prospective for spodumene-bearing lithium pegmatites. The lithium potential of pegmatites within the Yellowknife area was first recognized in the mid-1950’s, when a number of the region’s pegmatites were sampled and found to contain highly anomalous concentrations of lithium. As previously reported (Feb 29, 2016), at Hidden Lake, the LU#12 pegmatite was mapped and sampled over an approximate exposure that measures 10 by 300 meters. Seven samples were collected from surface trenches, and contained between 1.37 and 3.01% Li2O. The very high grades of lithium were attributed to observed concentrations of coarse-grained spodumene. Crystals up to 36 inches long were noted, with visual estimates across the dyke(s) in some places of 20 to 35%.
Click here for the full press release.
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Noram Ventures (TSXV:NRM) will acquire 201 mineral claims comprising 3,998 acres in Nevada’s Clayton Valley.
As quoted in the press release:
The two non-contiguous claim groups (the “Li Group Claims”) are located in the same geological formation as, Rockwood’s and Lithium X’s operations. Noram will pay USD$ 100,000 for the 201 mineral claims, by way of a promissory note to the vendor and a net smelter returns royalty (NSR) of 2.5%. The definitive agreement and transfer of tenure is expected to be completed in 10 days. In addition, Noram will pay up to USD$ 90,000 to the Bureau of Land Management and the State of Nevada, with respect to fees on the claims.
Click here for the full press release.
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Sponsored by Dajin Resources Corp.
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Uranium Producers of America (UPA) called on the Department of Energy to cease transfers from the federal excess uranium inventory until the uranium market recovers. Despite an oversupplied market and persistent low prices, the Department of Energy continues to sell more than 5 million pounds of uranium per year – more than twice what the domestic industry is on pace to produce this year – to fund the cleanup of legacy federal nuclear facilities. The Department’s actions continue to have a negative impact on the uranium market and the domestic uranium industry.
According to the news:
Last week, Cameco Resources, one of the largest uranium producers in the United States, announced it was cutting its production by more than 20 percent and stopping well field development, which will result in a loss of 85 jobs. This news follows similar announcements by other domestic uranium producers. According to the Energy Information Agency, U.S. uranium production in the fourth quarter 2015 was down 24 percent from the third quarter and down 46 percent from the fourth quarter of 2014. With Cameco Resources’ recent announcement, U.S. uranium production in 2016 will likely fall to the lowest levels the industry has seen in more than a decade.
Harry Anthony, President of the Uranium Producers of America, said:
We can stomach the ups and downs of a commodity market, but it’s harder to take when a great deal of the pressure we are facing comes from the federal government selling uranium in an already oversupplied market. While we recognize these cleanup projects are important, they should be funded in the regular appropriations process, and the Department of Energy should cease further uranium transfers until the market recovers.
Click here to view the full press release.
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VANCOUVER, British Columbia, April 21, 2016 (GLOBE NEWSWIRE) — Cypress Development Corp. (TSX-V:CYP) (OTCBB:CYDVF) (Frankfurt:C1Z1) (“Cypress” or the “Company”) is pleased to announce the Company has filed a Notice of Intent permit with the BLM, Nevada covering a planned four hole drill program targeting lithium brines at the Company’s 1320 acre Clayton Valley Lithium Project located in Esmeralda County, State of Nevada, USA.
Cypress Clayton Valley Lithium Project, Nevada location map:
http://www.cypressdevelopmentcorp.com/i/maps/CYP-Clayton-topo-satalite-small.jpg
Cypress’ Clayton Valley Project is located on the south flank of “Angel Island” and immediately southeast of the Albemarle Silver Peak lithium mine. Cypress’ Clayton Valley claims share their western boundary with placer claims controlled by Pure Energy Minerals. Pure Energy has identified a lithium resource at its northern resource area (see Pure Energy’s news release July 28, 2015), that is located to the immediate west of Cypress’ established boundary.
Cypress Clayton Valley Lithium Project, Nevada claims map:
http://www.cypressdevelopmentcorp.com/i/maps/Clayton-Test-Wells-Plan-Map.jpg
Cypress’ planned Clayton Valley subsurface exploration program is expected to be initiated in either late Q2 or early in Q3, 2016.
The permit application contains four proposed reverse circulation (“R-C”) drill holes targeting lithium brines within the main ash aquifer projected to underlie the west and west-central portion of Cypress’ Clayton Valley project. The main ash aquifer is the primary target of all four R-C holes. Cypress expects to intersect this zone at approximately 500 feet below surface. Additional deeper targets will also be tested including the potential presence of a coarse gravel aquifer near the base of the basin fill evaporite sequence.
Cypress Clayton Valley, Nevada Seismic Cross Section map:
http://www.cypressdevelopmentcorp.com/i/maps/CYP-Clayton-seismic-section-apr.jpg
Cypress Clayton Valley Project Proposed Drill Hole Locations:
http://www.cypressdevelopmentcorp.com/i/maps/CYP-Clayton-Drill-Plan-Map-small-apr16.jpg
The permit also contains proposed locations for 25 shallow auger holes targeted to provide initial subsurface data and assays under areas of strongly lithium mineralized salty claystone outcrops. The auger holes are planned to be approximately 30 feet in depth and will be sampled on composite 5 foot intervals.
A Phase 2 surface sampling program is currently underway at Cypress’ Clayton Valley project which will better define the extent of the high-grade surface lithium mineralization identified in the Phase 1 January 2016 sampling program (see news release April 5, 2016). The first sample group has been submitted to ALS Chemex in Reno, Nevada and Cypress is awaiting the assay results.
The surface sampling and reconnaissance geologic results received by Cypress to date are viewed as being highly encouraging for the presence of lithium rich brines within the subsurface aquifers below the mineralized claystone.
Clayton Valley is located within the Basin and Range Province in southern Nevada and is an internally drained, fault bounded and closed basin. Basin-filling strata compose the aquifer system which hosts and produces the lithium-rich brines.
Robert Marvin, P.Geo, Exploration Manager for Cypress Development Corp. is the Qualified Person as defined by National Instrument 43-101 and has approved of the technical information in this release.
About Cypress Development Corp.:
Cypress Development Corp. is a publicly traded lithium and zinc-silver exploration company developing projects in Nevada, U.S.A.
Cypress Development Corp. has approx. 24.1 million shares issued and outstanding.
To find out more about Cypress Development Corp. (TSX-V:CYP), visit our website at www.cypressdevelopmentcorp.com.
CYPRESS DEVELOPMENT CORP.
“Don Huston”
DONALD C. HUSTON
President
For further information contact myself or:
Don Myers
Director
Cypress Development Corp.
Telephone: 604-687-3376
Toll Free: 800-567-8181
Facsimile: 604-687-3119
Email: info@cypressdevelopmentcorp.com
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS RELEASE.
This release includes certain statements that may be deemed to be “forward-looking statements”. All statements in this release, other than statements of historical facts, that address events or developments that management of the Company expects, are forward-looking statements. Although management believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ materially from those in the forward-looking statements. The Company undertakes no obligation to update these forward-looking statements if management’s beliefs, estimates or opinions, or other factors, should change. Factors that could cause actual results to differ materially from those in forward-looking statements, include market prices, exploration and development successes, continued availability of capital and financing, and general economic, market or business conditions. Please see the public filings of the Company at www.sedar.com for further information.
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Nevada Sunrise Gold Corporation (TSXV:NEV) announce that a four-hole drill program has commenced targeting high-grade gold mineralization at the Kinsley Mountain Gold Project in northeastern Nevada. Kinsley Mountain is a joint venture between Pilot Gold Inc. (TSX:PLG) and Nevada Sunrise, with Pilot Gold holding a 79.1 percent interest, and Nevada Sunrise, through a wholly-owned U.S. subsidiary, holding a 20.9 percent interest.
As quoted in the press release:
New drill targets were developed using 3-D modeling software, including the integration of recent and historical geological, geochemical and geophysical data as detailed below. As a result, a new highpriority target area, immediately southwest of the historic Main Pit and at a lower stratigraphic level, was identified and will be tested in four reverse circulation holes of approximately 425 metres each for a total of 1,700 metres. The drill program commenced April 21, 2016.
The 2016 Kinsley Mountain program and budget was increased by US$315,000 from US$460,000 for an amended total of US$765,000. If the 2016 drill program successfully intercepts high-grade sulphide mineralization, additional induced polarization (“IP”) surveys and drilling along the Kinsley Trend may be undertaken.
Connect with Nevada Sunrise Gold Corporation (TSXV:NEV) to receive an Investor Presentation.
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The S&P/TSX Venture Composite Index (INDEXTSI:JX) rose again last week, gaining 3.51 percent to close at 656.17 points.
Overall, the index is now up 24.83 percent in 2016. As per the Financial Post, that makes the Venture “by far and away the best performing index among the 27 global exchanges with market caps in excess of US$1 billion.”
20 companies on the TSXV hit a 52-week high this week, and 19 out of those 20 came from the resource sector.
A number of companies saw strong weekly percentage gains as well. The top five gainers for the week were:
Here’s a closer look at those companies:
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CB Gold was the subject of a takeover battle between fellow Colombia-focused gold miners Red Eagle Mining (TSXV:RD) and Batero Gold (TSXV:BAT) last year, with Red Eagle eventually taking a controlling stake in CB in late 2015. Last week, Michelle Navarro Grau announced the acquisition of shares of the company, for a total 10.84 percent ownership of CB Gold. Overall, shares of CB Gold were up 83.33 percent last week to $0.11, making it the top gaining mining stock for the week on the TSXV.
Oil and gas junior Simba Energy gained 62.5 percent last week to reach $0.065 per share following news that Dubai-based Essel Group Middle East would invest $1.7 million in the company. Simba also announced that Robert Dinning had resigned as CEO of the company, but will continue to act as president and director of the company .Mr. Punkaj Gupta had been appointed as the company’s new CEO.
“We are very pleased to have Punkaj Gupta join our management team and take a leadership role. We believe that his appointment will assist us significantly with the development of our assets in various locations in Africa,” said Robert Dinning in a statement.
Canada Zinc announced this week that it would update its resource estimate for the Cardiac Creek zinc-lead-silver project. The new report will incorporate results of drilling conducted since the release of the previous resource estimate for Cardiac in 2012.
“The recent drilling programs over the last 3 years have been very productive in demonstrating continuity and providing detailed delineation of the Cardiac Creek deposit,” said Canada Zinc president and CEO Peeyush Varshney in the company’s release. “We anticipate that the latest update will increase confidence in the resource and reaffirm our belief that the Cardiac Creek deposit holds significant promise for continued expansion at depth.” Shares of Canada Zinc rose 41.67 percent to $0.17 last week.
Chesapeake is focused on the development of its Metates gold and silver project in Mexico. With proven and probable reserves of 18.5 million ounces of gold, 526 million ounces of silver and 4.2 billion pounds of zinc, Chesapeake states that Metates is one of the largest undeveloped gold and silver projects in the world.
The company released an updated feasibility study for Metates on March 7. However, there has been no further news from the company to explain last week’s share price rise. Shares of Chesapeake rose 37.16 percent to finish at $3.58 last week.
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Finally, Aurcana gained 34.62 percent to finish the week at $0.35 per share. The company is focused on the Shafter silver project in Texas, for which it released an updated resource estimate on January 12. The project holds 1.21 million tons in measured and indicated resources at a grade of 9.14 ounces of silver per ton, and 870,000 tons of inferred resources at a grade of 7.47 ounces of silver per ton. However, there was no further news last week to explain the recent rise in share price for the company.
Data for 5 Top TSXV Stocks articles is retrieved each Friday after market close using The Globe and Mail’s market data filter. Only companies with a market capitalization greater than $10 million prior to the week’s gains are included. Companies within the mining and precious metals sectors are considered.
Don’t forget to follow us @INN_Resource for real-time news updates!
Securities Disclosure: I, Teresa Matich, hold no direct investment interest in any company mentioned in this article.
Top TSXV stocks in recent weeks:
5 Top TSXV Stocks: Encanto Gains 100 Percent on Offtake MOU
5 Top TSXV Stocks: NuLegacy Gold Rises on $6.67 Million OceanaGold Investment
5 Top TSXV Stocks: Rock Tech Lithium and Azimut Up Over 65 Percent
5 Top TSXV Stocks: Catalyst Copper Gains on Newcastle Gold Merger
5 Top TSXV Stocks: Romios Gold Rises 75 Percent
5 Top TSXV Stocks: Graphite Stocks Top the List
5 Top TSXV Stocks: NexGen Energy Rises Over 100 Percent on Arrow News
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Gold prices ended the week down 0.22 percent at $1,229.19 per ounce. The yellow metal was on the rise early in the week, but fell Thursday as the US dollar rose.
According to the Wall Street Journal, European Central Bank President Mario Draghi commented that there could still be interest rate cuts on the horizon in Europe, weakening the Euro against the dollar. Favourable unemployment data from the US also gave a boost to the greenback.
According to Reuters, Goldman Sachs sees a higher US dollar continuing to put pressure on gold. “We continue to expect that the strengthening of the U.S. labour market will force the Fed to hike rates three times this year, which will lead to a stronger dollar and a gradual increase in U.S. real rates, pushing gold down,” the firm told the news agency.
However, the strong dollar didn’t put quite as much of a damper on the silver price, as the white metal finished the week up 4.41 percent overall. Silver prices were trading around $16.96 per ounce by Friday at 1:49 p.m. EST. The metal hit an 11-month high on Wednesday, but some analysts are hesitant that silver’s upward momentum could continue.
“For silver, we favour the market above $17, but expect volatility and further gains may be hard to hold,” HSBC analyst James Steel told Reuters. “On the positive side, it appears that solar-panel demand is up and retail demand is solid for silver.”
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On the base metals side of things, comex copper prices surged 3.83 percent to $2.28 per pound for the week. Increased optimism over China’s economy continued to give a boost to the red metal, as the country reported record copper imports for the month of March.
Furthermore, while the prospect of interest rate cuts in Europe might have put pressure on the gold price, George Gero, managing director at RBC Wealth Management, told the Journal that the news was good for copper. “Dr. Copper and crude like the idea that interest rates remain the same in Europe,” he said.
Finally, as mentioned above, oil prices saw a bit of a boost this week, with Brent Crude futures rising 1.1 percent to $45.02 per barrel by 1:37 p.m. EST. As per Reuters, market sentiment is improving, with oil prices recording their third straight week of gains, US consumption improving, and signs that oversupply could be on the decline.
However, not all market watchers believe that oil is out of the woods yet. “While this recent rally has the potential to run further to the upside … we believe that it is not yet driven by a sustainable shift in fundamentals,” Goldman Sachs was quoted as saying in a note to clients.
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Securities Disclosure: I, Teresa Matich, hold no direct investment interest in any company mentioned in this article.
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Dajin Resources Corp. (TSXV:DJI,OTCMKTS:DJIFF) announced that, subject to regulatory approval, a non-brokered Private Placement has been arranged for 10,000,000 Units at a price of $0.12 per unit for gross proceeds of $1,200,000.
The proceeds from the Private Placement will be used for property exploration, project development and for general working capital.
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The post Dajin Resources Closes $1,266,600 Financing appeared first on Investing News Network.
The lithium space has certainly been getting plenty of attention as of late, with investor excitement largely driven by rising lithium prices and increasing demand from the lithium-ion battery sector.
Most of the world’s lithium is currently produced in Australia, Chile and Argentina, but more recently, there’s been a veritable lithium rush in Nevada as well.
Ever since Tesla Motors’ (NASDAQ:TSLA) announced that it would build its massive lithium-ion battery gigafactory in Nevada, more and more junior mining companies have been moving in on the state to try their hand at developing lithium brine projects. The gigafactory is now under construction, and interest in the lithium space continues to grow, much of it focused in the Clayton Valley.
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Furthermore, Nevada’s Clayton Valley is currently home to the only producing lithium brine operation in the United States, the Silver Peak Mine. Silver Peak is controlled by Rockwood Lithium, which was acquired by Albemarle (NYSE:ALB) in 2015.
Here’s a closer look at the Clayton Valley, and at some of the companies operating there.
According to a 2013 report on lithium brine deposits from the United States Geological Survey (USGS), the Clayton Valley covers roughly 100 square kilometers, but has a catchment area of approximately 1,400 square kilometers. That’s because the Clayton Valley sits lower than at least four adjacent basins, all of which are hydrologically linked.
“In this case, it is the combined area of all five linked catchments that matters, making the effective area of the Clayton Valley Li-brine system much larger,” the report explained.
Overall, the USGS called the Clayton Valley “the best-known deposit in the world” for lithium, citing a number of factors indicating lithium resource potential in the area. These included:
Certainly, it appears that there is ample reason for lithium companies to be interested in the Clayton Valley.
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As mentioned above, the buzz over lithium demand has attracted more and more companies to the sector. Here’s a list of some of the lithium companies that currently have lithium projects in the Clayton Valley:
Beyond that, there are a number of companies with projects that are not quite in the Clayton Valley, but that are still relatively nearby in Nevada. They are:
Some of the companies on the list are fairly advanced, whereas others have only recently staked claims in the valley. For example, Pure Energy Minerals completed a resource estimate for its Clayton Valley project in July 2015 and has signed a conditional lithium supply agreement with Tesla.
Furthermore, it’s worth noting that other companies, such as Dajin Resources, started exploring for lithium in Nevada well before all of the recent excitement around the mineral began.
In any case, there are plenty of junior miners for investors to comb through should they look to Nevada for a lithium play. Time will tell which companies in the valley will succeed, but for investors willing to do their homework, taking a look at Nevada could very well be an interesting way into the lithium market.
Did we miss any lithium companies operating in the Clayton Valley? Let us know in the comments! And don’t forget to follow us @INN_Resource for real-time news updates.
Securities Disclosure: I, Teresa Matich, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: Nevada Sunrise Gold, Alix Resources, Nevada Energy Metals, Dajin Resources, Eureka Resources and Sienna Resources are clients of the Investing News Network. This article is not paid for content.
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