Global lithium reserves are estimated to be 14 million metric tons (MT) and lithium is mined from three types of deposits: brines, pegmatites and sedimentary rocks. Continental brines and pegmatites (or hard-rock ore) are the main sources for commercial lithium production.
According to a 2011 University of Michigan study published in the Journal of Industrial Ecology, “[t]he feasibility of recovering lithium economically from any deposit depends on the size of the deposit, its lithium content (referred to as “grade” for ores and “concentration” for brines), the content of other elements, and the processes that are used to remove the lithium-bearing material from the deposit and extract lithium from it.”
Lithium brine deposits have gained more and more interest as of late on the back of a veritable lithium rush in Nevada, largely driven by Tesla Motors’ (NASDAQ:TSLA) lithium-ion battery gigafactory that’s currently under construction in the state. Nevada is also home to Albemarle’s (NYSE:ALB) silver peak lithium mine, the only producing lithium brine operation in the US.
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Examples of other companies advancing lithium brine deposits in Nevada include:
Here’s a brief overview of lithium brine deposits. Stay tuned for our look at the other types of lithium deposits out there as well.
Generally, lithium extraction from brine sources has proven more economical than production from hard-rock ore. While hard-rock lithium production once dominated the market, the majority of lithium carbonate is now produced from continental brines in Latin America, primarily due to the lower cost of production. That said, Australia was still the world’s largest lithium producer in 2015 in terms of mined production, and most of that came from the Greenbushes hard-rock lithium project.
There are three types of lithium brine deposits; continental, geothermal and oil field. The most common are continental saline desert basins (also known as salt lakes, salt flats or salars). They are located near tertiary or recent volcanoes and are made up of sand, minerals with brine and saline water with high concentrations of dissolved salts. A playa is a type of brine deposit whose surface is composed mostly of silts and clays; they have less salt than a salar.
Lithium brine deposits represent about 66 percent of global lithium resources and are found mainly in the salt flats of Chile, Argentina, China and Tibet.
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These are the most common form of lithium-containing brine. The majority of global lithium production comes from continental lithium brine deposits in what is known as the Lithium Triangle — a region of the Andes mountains that includes parts of Argentina, Chile and Bolivia.
The best example is the 3,000-square-kilometer Salar de Atacama in Chile, which contains an average lithium concentration of about 0.14 percent — the highest known — and estimated lithium resources of 6.3 million MT.
Two of the world’s leading lithium producers, Sociedad Quimica y Minera (NYSE:SQM) and Albemarle, operate on the Salar de Atacama. On the junior side of things, Li3 Energy (OTCBB:LIEG) holds the Maricunga project on the Salar de Maricunga in Northern Chile.
FMC (NYSE:FMC) produces lithium carbonate from another world-class lithium brine deposit, Argentina’s Salar del Hombre Muerto. Orocobre (ASX:ORE) is currently ramping up production at its operations on the neighboring Salar de Olaroz. Most recently, the company reported production of 2,332 tonnes of lithium carbonate for Q1 of 2016, in line with its ~2,400 tonne guidance.
Galaxy Resources (ASX:GXY) recently restarted mining activities at its Mt Cattlin hard rock lithium mine in Australia, but it also holds the Sal de Vida project in Northwestern Argentina. The company released a feasibility study for the project in 2013, indicating a US$380 million post tax net present value at a 10 percent discount rate.
Bolivia is home to the world’s largest deposit of lithium, the Salar de Uyuni, which reportedly contains up to 50 to 70 percent of known world reserves. However, the odds of this continental brine seeing commercial production are low for several reasons, including: the fact that Bolivia is keen on keeping its natural resources under state control; the deposit’s higher magnesium to lithium ratios, which are three times as high as those at Atacama and make it more difficult and costly to refine the salt into lithium carbonate; and the fact that the evaporation rate at Uyuni is only 40 percent of that at Atacama, which means that refining would be more time-consuming.
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Geothermal lithium brine deposits make up 3 percent of known global lithium resources and are comprised of a hot, concentrated saline solution that has circulated through crustal rocks in areas of extremely high heat flow and become enriched with elements such as lithium, boron and potassium. Small quantities of lithium are contained in brines at Wairakei, New Zealand, Reykanes Field in Iceland and El Tatio in Chile.
The Salton Sea in Southern California is the best-known example of a lithium-containing geothermal brine. Simbol Materials, a private California-based company, had plans to produce high-purity lithium carbonate from discharge brine borrowed from geothermal plants operating on the Salton Sea. It would have used a unique reverse osmosis process to eliminate the need for solar evaporation, making operations more timely and cost effective.
For over a year and a half, Simbol proved up the process at its demonstration plant in California, and said in mid-January that it had plans to begin construction of a large-scale plant. However, things came to an abrupt halt when the Desert Sun reported that Simbol had fired 38 workers from its demonstration plant at the start of February 2015.
Lithium brine deposits can also be found in some deep oil reservoirs, accounting for 3 percent of known global lithium resources. The Smackover Formation on the US Gulf Coast is believed to hold an estimated 0.75 million MT of lithium resource at an average concentration of about 0.015 percent. North Dakota, Wyoming, Oklahoma, Arkansas and East Texas are home to oil-field brines with concentrations as high as 700 milligrams per liter, according to geologist Keith Evans.
Stay tuned for our follow-up piece on the different types of lithium deposits that are out there, and don’t forget to follow us @INN_Resource for real-time news updates.
Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company or commodity mentioned in this article.
This article was originally published as part of a longer piece on the Investing News Network on October 30 2012.
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CNBC reported that Amherst Pierpont strategist Robert Sinche believes oil prices could rise to the $50 to $70 range this year on the back of a recent bump in crude oil prices.
As quoted in the publication:
“You want to get at least a one-day close above that 200-day moving average. … “A two-day close would give time for the Saudis to have a response,” Sinche said Tuesday. “(A two-day close) really then does become support rather than resistance, and we’re kind of into a new regime here for oil prices.”
And, that “new regime,” along with a recovering global economy, could help drive crude prices securely into the $50 to $70 range this year, he added.
Click here for the full article.
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Ur-energy (TSX:URE) has released its operational results for the first quarter of 2016. Rob Chang of Cantor Fitzgerald noted that “[g]rades remain high as an intentionally low flow rate is used.”
As quoted in the press release:
Lost Creek Uranium Production and Sales
For the quarter, 159,330 pounds of U3O8 were captured within the Lost Creek plant. 173,844 pounds U3O8 were packaged in drums and 182,150 pounds U3O8 of drummed inventory were shipped out of the Lost Creek processing plant. At March 31, 2016, inventory at the conversion facility was approximately 173,178 pounds U3O8. During the quarter, sales totaled $2.7 million with one contract sale of 25,000 pounds at a price of $39.35 per pound, and one spot sale of 50,000 pounds at a price of $34.50 per pound.
Production rates at Lost Creek during the quarter were largely as projected. These rates were achieved despite winter weather conditions, which prevented routine operations for several days during the period. While production rates were intentionally slowed, construction for the Class V wells to enhance waste water capacities and routine plant and wellfield maintenance continued as scheduled. Construction of the thirteenth and final originally-planned header house in Lost Creek’s first mine unit is underway. It is anticipated that it will be brought online during Q2. Plant head grades from the first 12 header houses continue to be significantly higher than originally projected.
Lost Creek Preliminary Economic Assessment Extends Life of Mine
Also in the quarter, Ur-Energy issued its updated Preliminary Economic Assessment of the Lost Creek Property (“PEA”), as amended, to confirm the updated mineral resource estimate prompted by 2015 drilling within Lost Creek’s Mine Unit 2 and exploratory drilling at the Lost Creek and LC East Projects. Also included in this estimate is an increase to the overall property resource total through a re-estimation of all previously-identified resources at a revised 0.20 grade-thickness (GT) cut-off. The current mineral resource estimate for the Lost Creek Property, after subtracting 1.358 million pounds of uranium produced from Mine Unit 1 through September 30, 2015, is 13.251 million pounds in the Measured and Indicated categories, and 6.439 million pounds in the Inferred category.
The economic analyses were revised to evaluate the impact of additional identified resources with information and data acquired through two years of ISR operations at Lost Creek. These analyses continue to demonstrate the potential economic viability of the project. Most notably, the PEA forecasts a nine year extension of the anticipated Lost Creek life of mine: total future life of mine production is modeled to be 13.8 million pounds, with production operations ending in 2031. See also Ur-Energy News Releases dated January 19, 2016 and February 9, 2016.
Cautionary statement: The Amended Preliminary Economic Assessment is preliminary in nature, and includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves. Mineral resources that are not mineral reserves do not have demonstrated economic viability. There is increased risk and uncertainty to commencing and conducting production without established mineral reserves that may result in economic and technical failure which may adversely impact future profitability. The estimated mineral recovery used in the Amended Preliminary Economic Assessment is based on recovery data from wellfield operations to date, as well as Ur-Energy personnel and industry experience at similar facilities. There can be no assurance that recovery at this level will be achieved.
Financing Activities
Due to the timing of payment commitments and changes in timing of contracted deliveries in 2016, we completed two financial transactions in Q1 2016. In February, we completed a bought deal financing for aggregate gross proceeds to the Company in the amount of $6.46 million. See also Ur-Energy News Release dated February 17, 2016. Then, in March, we assigned certain late 2016 contractual deliveries of U3O8, similar to the transaction made in April 2013, for cash proceeds of $5.1 million.
Continuing Guidance for 2016
The Q2 2016 production target for Lost Creek is 160,000 – 190,000 pounds U3O8 dried and drummed. Our production rate may be adjusted based on continuing operational refinements, and indicators in the market, including uranium spot market pricing and other factors. The assignments made in March permit us greater flexibility to make such operational decisions and/or to continue to build inventory.
Mr. James Bonner, Vice President Geology with Ur-Energy, C.P.G., American Institute of Professional Geologists and a Qualified Person as defined by NI 43-101, has reviewed and approved the technical disclosure contained in this news release.
Click here for the full press release.
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UEX (TSX:UEX) announced results of the first three drill holes from its Christie Lake project, owned 10 percent by UEX and 90 percent by JCU (Canada) Exploration. UEX has an option to earn up to a 70 percent interest in the project.
As quoted in the press release:
Hole CB-92 intersected high grade uranium mineralization that averaged 4.27% eU3O8 over 10.2 m (494.65-504.85 m), confirming the location and high grade characteristics of the Paul Bay Deposit. This intersection included a higher grade core of 13.24% eU3O8 over 3.1 m that in turn contained an interval of 21.69% eU3O8 over 1.7 m, supports that the Christie Lake Deposits have the potential to host high grade uranium. The eU3O8 grade, otherwise known as the radiometric equivalent uranium grade, was estimated in-situ within the drill hole using calibrated down-hole radiometric gamma probes. The estimation of uranium grades using down-hole probe radioactivity is industry standard practice and used by Athabasca Basin uranium producers to calculate equivalent grades in both mine and exploration settings.
Hole CB-90A intersected uranium mineralization that averaged 0.38% eU3O8 over 9.1 m (535.05-544.15 m) including 2.94% eU3O8 over 0.6 m. Due to greater than expected drill hole deviation, this hole intersected the Paul Bay Deposit much farther to the east than was originally intended.
Hole CB-91B encountered only minor uranium mineralization when the hole deviated in a different direction than hole CB-90A and missed its target by approximately 50 m to the west.
Samples have been collected for assay analysis to confirm these equivalent grades. The samples will be analyzed at the Geoanalytical Laboratory at the Saskatchewan Research Council in Saskatoon, Saskatchewan.
The objectives of the current exploration program at Christie Lake are to confirm the location of the historic mineralization at the Paul Bay and Ken Pen Deposits and to extend them in the down-dip direction where they appear to be open for expansion. The depth of the unconformity in the Paul Bay Deposit area is approximately 425 m.
Click here for the full press release.
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A recent report by Epstein Research highlighted Nevada Energy Metals (TSXV:BFF) (OTC Pink:SSLMF).
As quoted in the article:
Over the past 3 months, Nevada Energy Metals’ stock is up a healthy 60%, but that’s just a third as much as the TSX-V group mentioned above. Yet, this Company embodies the true essence of a (high risk/high reward) emerging lithium company; a pure-play Nevada project generator of lithium-brine assets, with valuable long-term optionally on lithium pricing, demonstrated strong financial backing and a cheap valuation.
If Nevada’s, “Lithium Hub” hosts an economically viable source of new supply, it would be impossible to ignore a company like Nevada Energy Metals. In addition to the favorable attributes already mentioned, the Company would offer something even greater, Security of Supply in the U.S. market.
With this in mind, readers should take a closer look at the Company. As yesterday’s press release demonstrates, management is aggressively, yet prudently, building its lithium portfolio in an efficient and cost effective manner. The Company’s project generator model involves the active pursuit of not just potential lithium-bearing properties, but also mutually beneficial joint ventures and farm-outs, serving to minimize cash burn.This strategy is a tried and true one among emerging natural resource companies around the world.
Nevada Energy Metals is a pure-play, Nevada focused, lithium-brine exploration company operating as a project generator, with a market cap of just [C$11.9 million / US$9.3 million]. The Company has accumulated 4 distinct lithium targets, prudently diversifying the early-stage exploration risk of its Nevada portfolio. Yet, this is just the beginning. The Company has proven again and again the ability to move quickly and cost effectively. Management plans to raise capital to continue its successful growth, and pursue larger opportunities.
Besides Argentina & Chile, there are very few enriched lithium-brine operators or explorers. Given incredibly robust Li-ion battery demand, as evidenced by soaring prices, Nevada’s Lithium Hub could become a meaningful supplier. If one believes strongly in the future of electrified transportation and residential, commercial & grid-scale energy storage systems, then Nevada Energy Metals is a compelling way to articulate that investment view.
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Macarthur Minerals Limited (TSXV:MMS) announced that it has applied for three additional exploration licences in the Pilbara and Ravensthorpe regions of Western Australia expanding its potential tenement area to 1,192 square kilometres. One of the two new Ravensthorpe applications has mapped pegmatites with potential to host lithium mineralization.
As quoted in the press release:
The Company now has one of the largest tenement portfolios 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 Tenement
The location of the new Pilbara exploration licence application E45/4735, which covers an area of 16 square kilometres, is shown in Figure 1. The new Pilbara application is proximate to the Company’s existing application E45/4732 and the lithium projects of Australian Securities Exchange listed companies, Pilbara Minerals Limited and Altura Mining Limited. Pilbara Minerals Limited recently announced that it has raised A$100 million to develop its Pilgangoora lithium-tantalum project.
New Ravensthorpe Tenement
The location of the two new Ravensthorpe exploration licence applications E74/587 and E74/588, which cover an area of 91 square kilometres, is shown in Figure 2. The new Ravensthorpe exploration licence applications are proximate to the Mount Cattlin project of Australian Securities Exchange listed Galaxy Resources Limited (“Galaxy”), which is currently mining and processing spodumene and tantalum concentrate near Ravensthorpe in South Western Australia.
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Alix Resources Corp. (TSXV:AIX) announced the acquisition of the Jackpot Lithium property located about 140 km NNE of Thunder Bay, Ontario, from arms-length vendors.
As quoted in the press release:
Lithium was first discovered near Georgia Lake in 1955 within granitic pegmatites. The current Jackpot property covers the Jackpot lithium deposits, described in a 1965 report by E.G. Pye published by the Ontario Department of Mines. The Jackpot deposits were tested by a total of 32 diamond drill holes in 1955 by Ontario Lithium Company Limited, an associated company of Conwest Exploration Co. Ltd. The drilling confirmed the presence of at least two spodumene-bearing granitic pegmatite bodies, one at the surface (Dyke No. 1) and a second body (Dyke No. 2) lying beneath the Dyke No. 1.
Dyke No. 1 is a 6 to 9 meters thick, flat-lying body occurring as outcrops and further exposed by historic trenching. A review of Ontario government assessment files suggest little drilling was completed on Dyke No. 1 as efforts appear to have been focused on the larger (No. 2) Dyke. The 1955 drill logs extracted from archived files indicate assaying from only one drilled section within the No. 1 Dyke, even if spodumene is identified in several drill logs. Records from DDH 428 intersected 1.47 wt. % Li2O over 3.96 m from the surface. The Company has not verified the reported assays. The No.1 Dyke represents a readily accessible target for trenching and bulk sampling and to acquire sufficient material for metallurgical testing.
The Dyke No. 2, is not exposed at the surface and was discovered by diamond drilling. Dyke No.2 has been described by Pye (1965) as follows: “… Historical drill intercepts include 1.52 per cent Li2O over 10.6 metres (drill hole 411) and 1.17 per cent Li2O over 21.2 metres from drill hole 407.” All drill intercepts reported are historical in nature and are taken from assessment files available at the Ontario Ministry of Northern Development and Mines. The assay results have not been verified by the Company.
Alix Resources President and CEO Michael England stated:
We are pleased to add the Jackpot Lithium property to expand Alix’s portfolio of lithium projects and to be at the forefront of the incoming demand for developing sustainable energy solutions. Alix now has lithium projects in Mexico and Canada and will continue to seek and, if warranted, acquire quality lithium assets for its growing portfolio.
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Cameco (TSX:CCO,NYSE:CCJ) is one of the largest uranium producing companies in the world. It produced 28.4 million pounds of uranium in 2015, up from 23.3 million a year earlier, and has plans to continue growing.
Overall, the miner is responsible for roughly 18 percent of the world’s production, with about 410 million pounds of proven and probable reserves in projects in Canada, the US and Australia. It’s 69.8 percent owned McArthur River mine is the largest uranium mine in the world, responsible for 13 percent of global production.
In that light, it certainly makes sense for uranium investors to keep an eye on Cameco stock price movements. Whether market participants are interested in junior miners, developers or other large producers, Cameco stock activity can be a valuable indicator of how the overall market is doing.
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Cameco’s share price has been on the downtrend so far in 2016. It’s lost 7 percent since January and 17 percent over the past year, and is currently trading at $15.87 on the Toronto Stock Exchange. In New York, Cameco stock has fared better, gaining 0.81 percent since the start of the year to trade at $12.43.
Over the past five years, Cameco has lost 44.57 in Toronto and 58.36 percent in New York.
That might sound like bad news for the stock. However, as with many other companies in the uranium space, that loss has been largely driven by the 2011 Fukushima nuclear disaster in Japan and the ensuing drop in uranium prices.
A Tsunami triggered by an earthquake caused three nuclear meltdowns and led the country to put its entire nuclear capacity on hold. The move, coupled with a broader commodities price rout that began a couple of years later, has brought uranium prices down from $63.50 per pound in March 2011 to roughly $29 per pound today.
Reactor restarts in Japan had investors predicting higher uranium prices early in 2015, but so far, prices have remained under pressure. Still, some market participants are calling for higher demand and a lack of new supply coming online to boost uranium prices in the next one to two years.
In the meantime, Cameco is doing its best to make due at current prices. Results of a preliminary economic assessment (PEA) were recently released for the Wheeler River project in Northern Saskatchewan, indicating strong results using a base case price of US$44 per pound. David Sadowski of Raymond James noted that the figure “refreshingly, [was] in-line with the current posted long-term price.”
Cameco owns a 30 percent interest in the project, with JCU (Canada) Exploration owning a 10 percent interest and Denison Mines (TSX:DML,NYSEMKT:DNN) owns 60 percent.
More importantly, Cameco also recently released an updated NI 43-101 technical report for its 50 percent-owned Cigar Lake mine. Among other things, the report included a revised mine plan and development method, as well as a much higher capital cost. Sadowski stated in a note to clients that the increase “speaks to both the complexity of the Cigar Lake orebody, as well as the difficulty of bringing-on high-grade uranium production in general, but particularly at sandstone/unconformity-hosted deposits.”
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While the Motley Fool points out that Cameco is still battling Canada Revenue Agency (CRA) over tax issues, it also notes that Cameco holds some of the highest grade deposits in the world, arguing that the miner is well positioned to benefit from a recovery in prices.
On the other hand, Sadowski suggested that things might not be that simple, and was hesitant about some of the other projects in Cameco’s pipeline. In it’s latest note on the company, Raymond James kept its ‘overweight’ rating for Cameco stock, but lowered its price target from C$25 to C$22 per share.
In any case, that’s still a fair return over where the stock is currently sitting, at $15.87. And as mentioned above, Cameco is still one of the largest uranium producers in the world, and is thus one to watch for those keeping an eye on the uranium market.
Cameco has a market capitalization of 6.23 billion, and has traded within a 52-week average of $14.56 and $21.44 per share.
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.
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Lithium Americas (TSX:LAC) reported that its subsidiary, Hecatone Inc., has signed a non-exclusive memorandum of understanding with TOLSA S.A. to pursue growth opportunities in the global clay markets.
As quoted in the press release:
The MOU contemplates a number of areas of collaboration, including a planned long-term supply agreement of Hectatone’s hectorite clay from its Nevada resource to TOLSA for the manufacture of high purity hectorite-based products. Lab samples of hectorite clay have been evaluated by TOLSA, and a bulk sample is scheduled to be trialed in TOLSA’s pilot facility in Spain this month.
TOLSA, founded over 50 years ago, is a privately owned company based in Madrid, Spain TOLSA is a leader in the specialized clay sector and controls more than 20 mining operations globally and produces high quality raw materials such as sepiolite, bentonite, and attapulgite. It has over 850 employees operating across four continents and has over 1 million tonnes of operating capacity, with significant geological and product research and development laboratories, and global distribution and logistical capacity.
Click here for the full press release.
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CALGARY, ALBERTA–(Marketwired – April 11, 2016) –
NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER U.S. NEWSWIRE SERVICES
Enbridge Income Fund Holdings Inc. (the “Company”) (TSX:ENF) today announced that it has entered into an agreement with a syndicate of underwriters led by Scotiabank, BMO Capital Markets and CIBC Capital Markets for the purchase and distribution to the public of 17,699,000 common shares (“Common Shares”) at a price of $28.25 per Common Share (the “Offering Price”) for gross proceeds of $499,996,750 (the “Offering”).
The underwriters were also granted an over-allotment option, exercisable within 30 days following closing of the Offering, to acquire up to an additional 2,654,850 Common Shares at the Offering Price. Closing of the Offering is expected on or about April 20, 2016.
Enbridge Inc. (“Enbridge”) (TSX:ENB)(NYSE:ENB) has agreed to concurrently subscribe for 5,056,150 Common Shares, assuming the over-allotment option is exercised in full, to be issued at the Offering Price on a private placement basis to maintain its 19.9 percent ownership interest in the Company.
The Company intends to use the proceeds from the sale of the Common Shares to subscribe for additional ordinary units (“Fund Units”) of Enbridge Income Fund (the “Fund”) at the Offering Price. The proceeds from the issuance of the Fund Units are expected to be used to fund the secured growth capital programs of Enbridge Pipelines (Athabasca) Inc. (“EPAI”) and Enbridge Pipelines Inc. (“EPI”).
“This offering will satisfy the Fund’s equity requirements for 2016 and will serve to increase the Company’s ownership of the Fund and its public float,” said Enbridge Income Fund Holdings Inc. President Perry Schuldhaus. “Proceeds will be used to finance the commercially secured growth program being undertaken by our Liquids Pipelines business, further building out what we believe to be the premier crude oil and liquids franchise in North America.”
“As previously announced, we expect the Company to increase its dividend by 10 percent in each of 2017, 2018 and 2019 based on anticipated growth in the Fund Group’s asset base and the performance of its existing assets over this period.”
Following closing, the Company will hold 55.9 percent of the issued and outstanding Fund Units and the Company’s economic interest in the Fund and its investments will increase from 10.8 percent to 12.8 percent, exclusive of any Fund Units acquired with proceeds of the over-allotment option.
The Common Shares will be issued in all of the provinces of Canada by way of a prospectus supplement to the Company’s short-form base shelf prospectus dated December 14, 2015. Closing of the Offering is subject to certain conditions, including prospectus supplement to the Company’s receipt of the approval of the Toronto Stock Exchange.
This news release does not constitute an offer to sell or a solicitation of an offer to buy the Common Shares in any jurisdiction. The Common Shares offered have not been registered under the United State Securities Act of 1933, as amended, and may not be offered or sold within the United States.
FORWARD-LOOKING INFORMATION
Forward-looking statements have been included in this news release relating to completion of the Offering. Although there are very limited circumstances in which the Offering may not close or that closing will be delayed, readers are cautioned that such circumstances may occur and will generally be out of the control of the Company.
In addition, forward-looking information, or forward-looking statements, have been included in this news release to provide information about the Company and its investee, the Fund, including statements with respect to: expectations regarding, and anticipated impact of, the Offering; use of proceeds of the Offering; near and long term growth of the Fund; dividend expectations; funding requirements of the Fund’s Liquids Pipelines secured growth program and value to shareholders of the Company. Although the Company believes these forward-looking statements are reasonable based on the information available on the date such statements are made and processes used to prepare the information, such statements are not guarantees of future performance and readers are cautioned against placing undue reliance on forward-looking statements. By their nature, these statements involve a variety of assumptions, known and unknown risks and uncertainties and other factors, which may cause actual results, levels of activity and achievements to differ materially from those expressed or implied by such statements. Material assumptions include assumptions about: impact of the Offering and dividend expectations; expected supply and demand for crude oil, natural gas, natural gas liquids and renewable energy; prices of crude oil, natural gas, natural gas liquids and renewable energy; expected exchange rates; inflation; interest rates; completion of growth projects; availability and price of labour and pipeline construction materials; operational reliability; customer and regulatory approvals; maintenance of support and regulatory approvals for the Fund’s projects; anticipated in-service dates; weather; expected earnings/(loss) or adjusted earnings/(loss); expected earnings/(loss) per share; expected future cash flows and expected future Fund cash available for distribution; and estimated future dividends or distributions. Assumptions regarding the expected supply of and demand for crude oil, natural gas, natural gas liquids and renewable energy, and the prices of these commodities, are material to and underlie all forward-looking statements. These factors are relevant to all forward-looking statements as they may impact current and future levels of demand for the Fund’s services and products. Similarly, exchange rates, inflation and interest rates impact the economies and business environments in which the Company and the Fund operate and may impact levels of demand for the Fund’s services and cost of inputs, and are therefore inherent in all forward-looking statements. Due to the interdependencies and correlation of these macroeconomic factors, the impact of any one assumption on a forward-looking statement cannot be determined with certainty.
The Company’s forward-looking statements and forward-looking statements with respect to the Fund are subject to risks and uncertainties pertaining to the Offering, dividend expectations, operating performance, regulatory parameters, project approval and support, weather, economic and competitive conditions, counterparty risk, changes in tax law and tax rates, exchange rates, interest rates, commodity prices and supply of and demand for commodities, including but not limited to those risks and uncertainties discussed in this news release and in the Company’s and the Fund’s other filings with Canadian securities regulators. The impact of any one risk, uncertainty or factor on a particular forward-looking statement is not determinable with certainty as these are interdependent and the Company’s and the Fund’s future course of action depends on management’s assessment of all information available at the relevant time. Except to the extent required by applicable law, the Company and the Fund assume no obligation to publicly update or revise any forward-looking statements made in this news release or otherwise, whether as a result of new information, future events or otherwise. All subsequent forward-looking statements, whether written or oral, attributable to the Company, the Fund, or persons acting on their behalf, are expressly qualified in their entirety by these cautionary statements.
Readers should be cautioned that there is no assurance that the current market conditions and the assumptions and forecasts based on such market conditions will not materially change.
ABOUT ENBRIDGE INCOME FUND HOLDINGS INC.
Enbridge Income Fund Holdings Inc. is a publicly traded corporation. The Company, through its investment in Enbridge Income Fund indirectly holds high quality, low risk energy infrastructure assets. The Fund’s assets consist of a portfolio of Canadian liquids transportation and storage businesses, including the Canadian Mainline, the Regional Oil Sands System, the Canadian segment of the Southern Lights Pipeline, Class A units entitling the holder to receive defined cash flows from the US segment of the Southern Lights Pipeline, a 50 percent interest in the Alliance Pipeline, which transports natural gas from Canada to the U.S., and interests in more than 1,400 MW of renewable and alternative power generation assets. Information about Enbridge Income Fund Holdings Inc. is available on the Company’s website at www.enbridgeincomefund.com.
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NEW YORK, NY–(Marketwired – April 12, 2016) – Petro River Oil Corp. (OTCBB: PTRC) (“Petro River” or the “Company”) has filed an application to list its common stock on The NASDAQ Capital Market ahead of several upcoming corporate events, including the drilling of an initial well in Northern Ireland’s Larne Basin in Spring 2016, and several wells in the Company’s development assets in Oklahoma and California later in the year.
“A NASDAQ listing is an important corporate objective for the Company,” said Scot Cohen, Executive Chairman of Petro River. “Petro River has made significant progress in recapitalizing the company, building a new management team and acquiring projects in prolific US and Western European basins over the last six months. Petro River’s strategy was highlighted in a recent article published on Seeking Alpha, and our Larne Basin asset has been analyzed by a leading oil and gas publication — Oil and Gas Journal. Listing on The NASDAQ Capital Market will allow Petro River to communicate this progress to a broader audience, attract institutional investors, and provide greater liquidity for our shareholders.”
The Company’s proposed listing on The NASDAQ Capital Market is subject to review by NASDAQ and is dependent upon the Company meeting all relevant quantitative and qualitative listing standards of NASDAQ. No assurance can be given that the Company’s application will be approved.
Petro River will host an investor and corporate update conference call on Thursday, April 21st at 10am EST, in which Mr. Cohen and Petro River President, Stephen Brunner, will present the Company’s strategy and provide an opportunity for Q&A with members of the media, investors and analysts. A copy of the Company’s corporate presentation will be posed on the Company’s website, located at http://petroriveroil.com/investor-relations/corporate-presentation/.
Interested parties can join the conference call on April 21st at 10am EST by clicking the below link:
https://global.gotomeeting.com/join/193669573
Or dialing:
United States: +1 (571) 317-3122
Access Code: 193-669-573
About: Petro River Oil Corp.
Petro River Oil Corp. (OTCBB: PTRC) is an independent energy company with its core holdings in Northeast Oklahoma, the Larne Basin in Northern Ireland, and Kern County, California. Petro River’s strategy is to apply modern technology, such as 3D seismic analysis to exploit hydrocarbon-prone resources in historically prolific plays and underexplored prospective basins to build reserves and to create value for the Company and its shareholders. For more information, please visit our website at www.petroriveroil.com.
Forward-Looking Statements
This news release contains forward-looking and other statements that are not historical facts. Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and other forward looking statements will not occur, which may cause actual performance and results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied by such forward looking statements. These forward looking statements, projections and statements are subject to change and could differ materially from final reported results. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the dates on which they are made. Petro River assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable securities law. Additionally, Petro River undertakes no obligation to comment on the expectations of, or statements made by, third parties in respect to the matters discussed above. Readers should also carefully review the “Risk Factors” in Petro River’s annual report on Form 10-K, its quarterly report on Form 10-Q, and its other reports filed with the SEC under the Securities Exchange Act of 1934, as amended. For further information, please contact:
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Macarthur Minerals Limited (TSXV:MMS) announced it has closed the previously announced non-brokered private placement for aggregate gross proceeds of CAD$300,000 for 15,000,000 units at a price of CAD$0.02 per Unit to Rare Earth Minerals Plc.
The net proceeds from the Offering will be used for working capital and to further advance the development of lithium exploration licenses, which are under application, in the eastern Pilbara region of Western Australia.
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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.
Connect with Dajin Resources Corp. (TSXV:DJI,OTCMKTS:DJIFF) to receive an Investor Presentation.
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Nevada Energy Metals (TSXV:BFF) (OTC Pink:SSLMF) announced the acquisition of 60 claims (approximately 1200 acres/484 hectares) in Clayton Valley, Esmeralda County, Nevada.
As quoted in the press release:
The Clayton Valley BFF-1 Lithium Project southern boundary lies 250 meters from Albemarle Corporation’s Silver Peak lithium mine and brine processing operations. The mine has been in operation since 1967 and remains the only brine based lithium producer in North America. It is also the location of Pure Energy Minerals’ 816,000 metric tonnes Lithium Carbonate Equivalent (LCE) Inferred Resource NI 43-101 announced in July 2015. Clayton Valley’s centralized location between Nevada and Reno and its highways, access to power, water and labor provide excellent infrastructure for mineral exploration and development. The Clayton Valley BFF-1 Lithium Project is approximately 3.5 hours away from Tesla’s Gigafactory, which has a planned annual lithium-ion battery production capacity of 35 gigawatt-hours per year by 2020.
Clayton Valley is one of the few locations globally known to contain commercial-grade lithium-enriched brine. The Valley is an internally drained closed-basin and is surrounded by mountains, hills and ridges on all sides. It contains an underground unconsolidated water bearing system (or aquifer system) which is host to lithium-enriched brines and is contained by the surrounding rock.
The decision to acquire the project was based on descriptions of geological modeling and historical drilling results (Western Geothermal Ltd) in a report authored by J.B. Hulen, PG, (July 31,2008). Mr Hulen concluded that shallow thermal-gradient drilling and lithium-exploration drilling by previous operators demonstrated that the area underlying this portion of Clayton Valley contained the valley’s highest subsurface temperatures.
Within the graben (A graben is a depressed block of land bordered by parallel faults) and within the boundary of the claim block , a drill hole by Western Geothermal Partners 2007 logged as WGP#2 reported as follows:’ From 280 – to 305 ft., fine grained green sand and silt logged as volcanic ash was encountered. This unit may be correlative to the Main Ash Aquifer, which is a marker bed in other areas of the Clayton Valley Basin.”
Nevada Energy Metals is planning a detailed exploration program on our Clayton Valley BFF-1 Lithium Project for the fall 2016/winter 2017 The property was acquired for cost of staking with no overriding royalties or work programs. A finder’s fee is payable.
Connect with Nevada Energy Metals (TSXV:BFF) (OTC Pink:SSLMF) to receive an Investor Presentation.
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Anfield Resources Inc. (TSXV:ARY,OTCQB:ANLDF) announced it has retained the services of both Francis Roche and Brian Stecyk to provide strategic advisory services to the company.
As quoted in the press release:
Mr. Roche has 25 years of experience in corporate finance and institutional sales. Mr. Roche founded Roche Securities in 1993, and prior to 1993, Mr. Roche was an investment banker for six years with CIBC-Wood Gundy in Toronto and Calgary. Mr. Roche has an extensive network of institutional investors in Canada, as well as international investors, and has strong relationships with small and specialized fund managers. Mr. Roche’s areas of expertise include Canadian and international junior oil and gas, oil and gas service companies, biotechnology and technology, and mining. For emerging growth companies, both in Canada and internationally, Mr. Roche was involved in financing both public and private companies, providing a full range of corporate finance advisory services, including underwriting public and private offerings of debt and equity securities and facilitating mergers and acquisitions.
Mr. Stecyk is president of Rose Country Communications Ltd. and has operated his own marketing and communications firm for over 35 years. Mr. Stecyk has planned and managed many issue-sensitive communications projects and was strategically involved in the communications products for the privatization of PetroCanada. Mr. Stecyk has an extensive background in public issue management, development and analysis of market research, and focus group testing. This expertise has led to the development of comprehensive marketing and organizational plans for a variety of public and private sector clients. His experience includes extensive dealings with public issue management with first nations and Metis, and he has directed public relations and community information for Pembina area landfill (hazardous waste).
Connect with Anfield Resources Inc. (TSXV:ARY,OTCQB:ANLDF) to receive an Investor Presentation.
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Alix Resources Corp. (TSXV:AIX) announced it has completed its non-brokered private placement of 10,304,000 units at a price of five cents per unit for an aggregate gross proceeds of $515,200.
Proceeds from the offering will be used for general working capital and to advance the company’s lithium concessions located in Sonora, Mexico.
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International Lithium (TSXV:ILC.V) has commenced a 175o meter diamond drill hole program at the Avalonia lithium project in Ireland.
As quoted in the press release:
The current drill program will consist of approximately 25 shallow drill holes and will focus on expanding the strike length of the Aclare lithium bearing pegmatite using the results of recent geophysics to follow the trend of the granite-schist contact. Historical drilling, confirmed by ILC drilling in 2013, indicates that the lithium bearing pegmatite is at or near this contact. Extensions to the pegmatites will be tested to the north and south of historical work using the geophysical trace of this contact. In addition, the drill program will test up to three additional blind targets with no previous drilling.
Numerous surface occurrences of spodumene bearing pegmatite have been confirmed over a 30 kilometre strike length of a prospective contact zone within the Leinster Pegmatite Belt. Exploration efforts are hindered by a lack of outcrop and abundant soil cover. Initial drilling campaigns designed to test soil geochemical survey targets successfully intersected spodumene bearing pegmatites confirming the source of anomalous soil geochemical signatures (news release dated 11 August, 2015). In an effort to more efficiently target these horizons, the Company conducted magnetic susceptibility studies on drill core recovered from the prospects (news release dated 8 December, 2015) and discovered that the schistose host rocks have magnetic susceptibilities an order of magnitude higher than the granites or pegmatites. In January 2016 the Company completed a series of ground magnetometer surveys, designed to highlight the contact zone between the metamorphosed country rocks and the lesser magnetic pegmatites, over 6 key target areas. As a result of the recently interpreted magnetic data sets in conjunction with soil geochemical survey results the Company will also test regional, previously untested targets during this stage of the program that includes the “blind” Ballymurphy, Aclare D and Aclare C targets which are based on integrated geological, geochemical and geophysical results.
International Lithium President Kirill Klip said:
The Avalonia project joint venture, fully funded by strategic partner Ganfeng Lithium Co. Ltd., (“GFL”), could be of strategic importance to the European Union should a sufficient resource be identified. Clean fuel technologies for motor vehicles are becoming increasingly important to the European Economic Community to tackle climate change and the air pollution crisis in major urban areas. Lithium technology will play a major role when it comes to providing batteries for communication devices, electric vehicles and utility storage systems. Renewable sources of energy such as solar and wind power will also benefit from lithium battery technologies and become more commonplace as the problem of intermittency will be addressed providing steady power from these sources 24/7.
Click here for the full press release.
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Sponsored by Dajin Resources Corp.
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FRISCO, TX–(Marketwired – April 11, 2016) – West Texas Resources, Inc. (OTCQX: WTXR), a Texas-based independent oil and gas company, today announced that it has entered into a Letter of Intent (“LOI”) with MORANSCO Energy Corporation of Shreveport, Louisiana to acquire The Dixie/Dzurich Production. The LOI involves West Texas Resources acquiring 100% working interest (82.3% net revenue) of 57 wells on approximately 3,841 acres in the State of Louisiana. The acquisition will be an all cash transaction and expected to close June 30, 2016.
J.D. Kerr, CEO of West Texas Resources, said, “The Dixie/Dzurich acquisition represents the culmination of a great deal of work by all the parties involved and we are very pleased with this outcome. Our company continues to search for and identify attractive opportunities, particularly in this very stressful time for other oil and gas operators. West Texas Resources remains aggressive in its pursuit of undervalued oil and gas properties to acquire and by doing so build shareholder value.”
About West Texas Resources, Inc.
West Texas Resources, Inc. is engaged in the business of oil and gas exploration and development in North America. The Company’s objective is to become an independent energy company engaged in the acquisition, development and exploitation of oil and gas properties in North America in partnership with oil and gas producers. The Company’s strategy is to pursue strategic acquisitions of interests in oil and gas properties, including prospects with proven and unproven reserves, which it believes to have development potential. The Company targets both new and existing fields and producing wells to be revitalized.
Safe Harbor for Forward-Looking Statements
This press release contains forward-looking statements concerning West Texas Resources, Inc. within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Those forward-looking statements include statements regarding our expectations for the ability to acquire the working interests in operating leases and the profitability of those leases. Such statements are subject to certain risks and uncertainties, and actual circumstances, events or results may differ materially from those projected in such forward-looking statements. Factors that could cause or contribute to differences include, but are not limited to, the risk that we may not be able to acquire operating leases, the risks that the leases, if acquired, may not be commercially productive, the risk that we may not be able to acquire the additional working capital with which to exploit the acquired leases on commercially reasonable terms, if at all, and those other risks set forth in West Texas Resources’ annual report on Form 10-K for the fiscal year ended September 30, 2014 filed with the SEC on January 14, 2015 and subsequently filed quarterly reports on Form 10-Q. West Texas Resources, Inc. cautions readers not to place undue reliance on any forward-looking statements. West Texas Resources, Inc. does not undertake, and specifically disclaims any obligation to update or revise such statements to reflect new circumstances or unanticipated events as they occur.
For more information about West Texas Resources, Inc., please visit:
www.westtexasresources.com
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Galaxy Resources Limited (ASX:GXY) announced that it has completed the first stratigraphic diamond drill hole at the Mt Cattlin Lithium‐Tantalum deposit, located 1km to the northwest of Ravensthorpe, in the Great Southern region of Western Australia, to a depth of 879.6m.
As quoted in the press release:
This announcement follows on from an earlier announcement to the ASX on 25 February 2016, and is designed to provide greater geological understanding of the Mt Cattlin orebody. The drilling will also assist in determining optimal depths for future infill and extensional drilling of the known lithium‐tantalum resource.
Multiple intercepts of spodumene‐bearing pegmatite have been intersected in the new drilling, and the following pegmatite intervals (minimum width approximately 2.5m) were noted1:
- 65.7‐91.9m*
- 93.5‐96.2m*
- 107.9‐111.3m*
- 165.8‐168.5m*
- 175.0‐178.0m*
- 427.0‐429.3m
- 825.5‐829.5m (in MTCDD1W1)
True widths are expected to be 80‐100% of the pegmatite drill interval. Currently only the first interval is captured by the current resource model. Additional intercepts encountered thus far are considered significant in that the pegmatite, while mostly flat‐lying, can roll and swell in thickness along dip and strike, and represent exploration targets for further drilling.
Significant disseminated and laminated sulphide occurrences, (pyrrhotite, pyrite, chalcopyrite, and local arsenopyrite) were noted between 800‐860m, along with magnetite occurrences at approximately 845‐855m, and sampling and assaying for other metals within the wider zone will occur after the priority pegmatites are sampled for lithium, tantalum, and other associated elements.
In addition, multiple discrete zones of chalcopyrite mineralisation in vein and breccia features were observed between 400 and 490m downhole, and will also be sampled and analysed after geological and structural investigations are complete.
Further geological investigation of all zones is ongoing, and the hole has been surveyed for accuracy, magnetic susceptibility, natural gamma, density, resistivity and logged by optical and acoustic televiewers.
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Nevada Energy Metals (TSXV:BFF) (OTC Pink:SSLMF) announced the appointment of Mr. Bill Macdonald to the Nevada Energy Metals Advisory Board.
As quoted in the press release:
Mr. Macdonald is a founder and principal of Macdonald Tuskey, Corporate and Securities Lawyers, a boutique securities and corporate finance firm located in Vancouver, British Columbia established in April 2008. Prior thereto, from February 1998 to April 2008, Mr. Macdonald was a partner with Clark Wilson LLP and a member of the firm’s Corporate Finance / Securities Practice Group. Since May 2008 Mr. Macdonald has been a director of Blackbird Energy Inc., an oil and gas exploration company listed on the Exchange and was also the President of Blackbird from May 2008 until February 2013. In addition, Mr. Macdonald currently serves as a director of Viscount Mining Corp., a position he has held since October 2011, a director of Patriot Petroleum Corp. since December 2015 and a director and founder of Black Lion Capital Corp. since its inception on January 20, 2015. Mr. Macdonald was also previously a director of First Americas Gold Corporation, formerly Pannonia Ventures Corp. and Benz Capital Corp. Mr. Macdonald has been a member of the Law Society of British Columbia since February 1998 and a member of the New York State Bar since February 2002.
Mr. Macdonald brings with him a wealth of securities and finance knowledge and will help advise Nevada Energy Metals on the best practices to move the Company forward.
Connect with Nevada Energy Metals (TSXV:BFF) (OTC Pink:SSLMF) to receive an Investor Presentation.
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Last week, the S&P/TSX Composite index (INDEXTSI:OSPTX) rose 0.98 percent, or 130.29 points, to close at 13,396.73 points.
All in all, it lost 0.3 percent for the week, but is up 2.9 percent year-to-date. According to Reuters, that makes the index the second-best performer among developed markets worldwide — an impressive feat in today’s difficult (though improving) resource space.
A good number of TSX-listed mining stocks gained along with the index last week. The top five gainers were:
Read on to learn what moved the share prices of those companies last week.
As mentioned, Almaden Minerals was the top-rising mining stock on the TSX last week, recording a share price increase of 57.61 percent to end the week at $1.45. The company is focused on its Mexico-based Tuligtic project, which encompasses the Ixtaca gold-silver deposit. Almaden’s most recent news came on February 22, when it released partial assay results from exploration at Ixtaca.
Like Almaden, Lithium Americas didn’t release any news last week; however, it nevertheless recorded a 50-percent rise in share price, closing Friday at $0.78. Formerly known as Western Lithium, Lithium Americas is developing the Argentina-based Cauchari-Olaroz lithium project in a joint venture with SQM (NYSE:SQM); the joint venture was announced at the end of March.
Newmarket Gold merged last year with Crocodile Gold, and now owns three Australian mines that together produce over 200,000 ounces every year.
Last week, the company’s share price rose 33.94 percent to close at $2.92 on the back of two announcements. First, Newmarket said that Eric Sprott plans to purchase 10,000,000 common shares of the company from Luxor Capital Partners for total consideration of $22.5 million; after the transaction goes through, Sprott will have an 8.7-percent stake in Newmarket. The company also announced that Michael Vint has been appointed as a director.
Silver and gold producer GoGold Resources saw its share price rise 28.04 percent last week to finish at $1.37. During that time, it announced its most recent quarterly production results, commenting that it put out 335,183 silver equivalent ounces — that’s up 45 percent from the previous quarter.
Finally, Arizona Mining is focused on the exploration and development of its Arizona-based Hermosa project, which contains the Taylor lead-zinc-silver carbonate replacement deposit.
Last week, its share price gained 25.93 percent to reach $1.02, though it didn’t put out any news during the period. The company last released news on March 21, when it entered into a term sheet with Osisko Gold Royalties (TSX:OR) for a 1-percent NSR on any lead/zinc/silver sulfide ores mined at Hermosa. It garnered proceeds of $10 million from the deal. Osisko and certain of its insiders will also subscribe for 9.99 million units priced at $0.56 each.
Data for 5 Top TSX 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 $50 million prior to the week’s gains are included. Companies within the mining and precious metals sectors are considered.
Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
Related reading:
5 Top TSX Stocks: Americas Silver Gains on San Rafael PFS
5 Top TSX Stocks: Alexco Resource Leads the Way
5 Top TSX Stocks: Karnalyte Up 244.32 Percent on Funding Deal
5 Top TSX Stocks: Rubicon Minerals Up 90.91 Percent
5 Top TSX Stocks: Aureus Up Over 50 Percent on Commercial Production
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It was a strong week for the S&P/TSX Venture Composite Index (INDEXTSI:JX) last week, with the exchange gaining just under 4 percent to close at 603.92 points.
Overall, the Venture is now up 14.89 percent, or 78.26 points, since the start of the year.
Certainly, that’s welcome news for investors who’ve been enduring a prolonged commodities price rout.
Several resource stocks were on the rise as well. This week’s top gainers included:
Here’s a closer look at those companies:
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Shares of NuLegacy rose 88.46 percent last week to $0.245 on news that OceanaGold (TSX:OGC) would be investing approximately $6.67 million in the company by way of a private placement financing. The company intends to use funds from the financing to fund further work at its Iceberg gold deposit in Nevada.
“We are delighted to have been selected by OceanaGold in its diversification into North America’s major gold trends,” said NuLegacy CEO Albert Matter in Friday’s release.
Pure Gold Mining gained 66.67 percent last week to hit $0.40 per share on news of strong drill results from its Madsen gold project in Ontario’s Red Lake district. The project area hosts the historic Madsen Mine, which produced over 2 million ounce of gold over its 36 year mine life from the Austin horizon.
High grade intercepts have confirmed that the McVeigh horizon, a folded continuation of the Austin horizon, at the project is open for expansion down plunge.
“While historic mining of the Austin horizon continued to a depth of more than 1,200 metres, our deepest hole to date intersected the parallel McVeigh at less than 300 metres,” said Darin Labrenz, President and CEO of Pure Gold, in a statement. “We see this new understanding of folding and repetition as an important development for Madsen and for the Red Lake camp and we look forward to continuing to advance Madsen by drill testing the downward plunge of these high grade shoots.”
Last week, Brazil Resources announced the completion of a Time Domain Electromagnetic Survey at its Rea uranium project in Saskatchewan’s Athabasca Basin. Results of the survey confirmed the presence of a high-priority electromagnetic conductor at the Rea project. Shares of Brazil Resources rose 60 percent last week to $1.02.
“The 2016 geophysical program confirmed and refined a high priority target for follow-up drill testing,” said Garnet Dawson, CEO of Brazil Resources, in a statement. “This target as well as several other high priority anomalies have been identified on the Rea Project and will be the focus of a future drill program.”
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Wealth Minerals is advancing the Yanamina gold project in Peru and the Valsequillo silver project in Mexico. The company also entered into a Letter of Intent (LOI) to acquire lithium-focused Li3 Energy (OTCMKTS:LIEG) on Februrary 1. On March 24, Wealth Minerals announced it had arranged a non-brokered private placement for proceeds of up to $1.6 million. However, there has been no further news from the company that would explain last week’s rise in share price. Wealth Minerals saw its shares gain 57.89 percent to $0.45 last week.
Finally, shares of GB Minerals were up 50 percent to $0.09 to close out the week. The company is focused on advancing its Farim phosphate project, located in Guinea-Bissau in West Africa. On April 4th, the company announced a US$11 million proposed private placement. However, there has been no further news that would explain the company’s rise in share price last week.
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.
Securities Disclosure: I, Teresa Matich, hold no direct investment interest in any company mentioned in this article.
Related reading:
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The post 5 Top TSXV Stocks: NuLegacy Gold Rises on $6.67 Million OceanaGold Investment appeared first on Investing News Network.
Gold wrapped up its best quarter in decades last week, and this week continued to perform well — the yellow metal jumped from a low of $1,214.90 per ounce on Monday to $1,242.12 as of 1:00 p.m. EST on Friday.
According to The Wall Street Journal, gold’s Friday boost came as the US dollar weakened against other currencies. Gold is priced in US dollars, and thus becomes cheaper for foreign buyers when the US dollar is lower.
The news outlet also states that the yellow metal is still being buoyed by last month’s dovish comments from the US Federal Reserve. “After the last Fed meeting, it doesn’t appear they are in any rush to raise rates,” Bob Haberkorn, managing director at RJO Futures, told the news outlet.
For its part, the silver price moved much the same as the gold price this week. It reached a low of $14.90 per ounce on Monday before rising throughout the week to hit $15.36 as of 12:00 p.m. EST on Friday.
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Interestingly, while UBS (NYSE:UBS) recently said that it’s leaving its average 2016 gold price forecast unchanged at $1,225, it’s lowered its average silver price forecast for the year to $16.10 from $17.20. While the firm “expects silver to track gold higher this year,” it sees the white metal’s performance being “choppy.”
On the base metals side, copper fared poorly this week. Bloomberg states that the metal posted its largest weekly loss since January, pushed down by “mounting concern over the pace of production cuts amid slowing signs of demand.” Overall, copper sank 3.8 percent for the week, and was sitting at $4,650 per MT on the LME on Friday.
Finally, oil prices jumped 6 percent on Friday, and are on track to make their largest weekly gain in a month. Reuters notes that market participants are hopeful that a drawdown in US crude stockpiles is an indication that the ongoing issue of global oversupply may finally be coming to an end.
Brent crude futures were up $2.45, or 6.2 percent, at $41.88 per barrel, as of 11:20 a.m. EST on Friday, while US crude futures were up $2.53, or 6.8 percent, at $39.79.
Connect with our Featured Copper Stocks to receive the latest news and investor presentations.
Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
Related reading:
Weekly Round-Up: Best Quarter for Gold in Decades
Weekly Round-Up: Gold Price Dampened by Fed Worries
Weekly Round-Up: Silver Outperforming Gold
Weekly Round-Up: 13-month High for Gold Price
Weekly Round-Up: Gold Enters Bull Market Territory
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Visual Capitalist published an infographic that looks at how a variety of commodities performed during the first quarter of 2016. Zinc, gold and silver all saw notable gains, while platinum and aluminum saw modest price increases as well.
Natural gas and uranium prices saw fairly big declines.
Click here to see the infographic on Visual Capitalist’s website, or view it below:
Download this FREE Special Report, Oil Investing: Oil Price Forecast and Oil Deposits Around the World
The post Infographic: Q1 2016 Commodities Performance appeared first on Investing News Network.
KUALA LUMPUR, MALAYSIA–(Marketwired – April 7, 2016) –
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAWS.
Mitra Energy Inc. (the “Company” or “Mitra”) (TSX VENTURE:MTE) is pleased to provide an update on its Contingent and Prospective Resources.
Highlights
Competent Person’s Report
A Competent Person’s Report (“CPR”), prepared in accordance with National Instrument 51-101 and the Canadian Oil and Gas Evaluation Handbook (“COGEH”), has been completed for the Company by Lloyds Register Senergy (“LR Senergy”), an independent reserves evaluator as defined in the COGEH, and has been filed under the Company’s profile on SEDAR at www.sedar.com. The CPR was signed on April 5, 2016 and has an effective date of January 1, 2016. This CPR replaces that described in the Company’s Filing Statement dated April 10, 2015, which was prepared as part of the RTO transaction with Petra Petroleum Inc.
Background
Mitra is engaged in the business of exploration and development of gas resources in Southeast Asia. Mitra’s current asset portfolio comprises approximately 11.6 million acres of awarded acreage and consists of interests in one service contract (“Service Contract” or “SC”) in the Philippines (Block SC 56), five production sharing contracts (“Production Sharing Contracts” or “PSCs”) in Vietnam (Block 51, Block 46/07 and Block 45, Block 127 and Block MVHN/12KS) and four PSCs in Indonesia (NE Natuna, Bone, Sibaru and Titan).
Discovered Resources
Mitra has discovered resources in three gas fields in the shallow water Malay-Tho Chu Basin in Vietnam (‘Nam Du’ Field in Block 46/07 PSC plus ‘Tho Chu’ and ‘U Minh’ Fields in Block 51 PSC) and two deepwater gas fields in Philippines SC 56 (‘Dabakan’ and ‘Palendag’ Fields), see Table 1. Full descriptions of these fields can be found within the CPR.
The Contingent Resources for each field are shown in Table 2 on a gross, net working interest and net entitlement basis. The new CPR provides an estimated valuation for each field (on an NPV10 basis), along with an update on the Project Maturity and Chances of Development for each of the Company’s gas fields (Table 3).
Table 1:
Mitra’s Gas Fields
| Asset | Mitra | Partner | Field |
| Vietnam Block 51 | 70% operator | PVEP (1) 30% | Tho Chu |
| U Minh | |||
| Vietnam Block 46/07 | 70% operator | PVEP (1) 30% | Nam Du |
| Philippines SC 56 | 25% | Total (2) 75% operator | Dabakan |
| Palendag |
| (1) PVEP is the Vietnam Oil and Gas Group, the National Oil Company of Vietnam. |
| (2) Total E&P Philippines B.V. |
Table 2:
Contingent Resources (1) (3) (5) – Gross and Net
| Gross on Licence | Net on Licence (2) | |||||
| Low | Best | High | Low | Best | High | |
| Vietnam 51: Tho Chu (6) | 98 | 372 | 948 | 69 | 260 | 663 |
| Vietnam 51: U Minh (6) | 12 | 64 | 91 | 8 | 45 | 64 |
| Vietnam 46/07: Nam Du | 70 | 138 | 173 | 49 | 97 | 121 |
| Philippines SC 56: Dabakan | 125 | 367 | 1,666 | 31 | 92 | 417 |
| Philippines SC 56: Palendag | 96 | 207 | 838 | 24 | 52 | 210 |
| Total Gas(4); Bscf | 401 | 1,148 | 3,716 | 181 | 545 | 1,475 |
| Vietnam 51: Tho Chu (6) | 3.0 | 13.4 | 36.5 | 2.1 | 9.4 | 25.6 |
| Vietnam 51: U Minh (6) | 0.1 | 0.7 | 1.1 | 0.1 | 0.5 | 0.8 |
| Vietnam 46/07: Nam Du | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Philippines SC 56: Dabakan | 1.1 | 4.2 | 20.3 | 0.3 | 1.1 | 5.1 |
| Philippines SC 56: Palendag | 0.7 | 2.0 | 8.5 | 0.2 | 0.5 | 2.1 |
| Total Liquids(4); MMstb | 4.9 | 20.2 | 66.4 | 2.6 | 11.4 | 33.6 |
| Total Oil Equivalent(7); MMboe | 71.7 | 211.6 | 685.7 | 32.9 | 102.5 | 279.4 |
| (1) Contingent Resources are those quantities of petroleum estimated, as of a given date, to be potentially recoverable from known accumulations. Contingent Resources are the volumes that are technically recoverable from discovered petroleum initially in place under defined projects that are expected to become commercial upon resolution of contingencies. |
| (2) Net is net working interest to Mitra. |
| (3) Low, Best and High estimates are the deterministic equivalents of the P90 (90% probability), P50, and P10, respectively, for individual opportunities and equate to 1C, 2C and 3C for Contingent Resources. The best estimate (2C) resource is assessed for the development scenario and its production profile used in the economic evaluation, subject to an economic cut-off. The reported resource is sales gas and includes 8% COΓéé for Nam Du and U Minh and 20% COΓéé for Tho Chu. The Dabakan and Palendag sales gas assumes no COΓéé. |
| (4) Totals are by arithmetic summation and may not sum exactly due to rounding. Readers should give attention to the estimates of individual classes of resources and appreciate the differing probability of recovery associated with each class as explained in the text. The totals are unrisked. |
| (5) There is no certainty that it will be commercially viable to produce any portion of the contingent resources. |
| (6) Assumes Mitra holds a 70% working interest, following the withdrawal of Kuwait Foreign Petroleum Exploration Company from Block 51 PSC, Vietnam, which was effective on December 31, 2015, and which is currently pending government approval. There is no certainty that governmental approval will be obtained. |
| (7) A barrel of oil equivalent (“BOE”) is determined by converting a volume of natural gas to barrels using the ratios of 6 thousand cubic feet (“Mcf”) to one barrel. BOEs may be misleading, particularly if used in isolation. A BOE conversion ratio of 6 Mcf:1 BOE is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Given that the value ratio based on the current price of oil as compared to natural gas is significantly different from the energy equivalency of 6:1, utilizing a conversion on a 6:1 basis may be misleading as an indication of value. |
Table 3:
Mitra Working Interest Post-Tax NPV10 and Development Status for Best Case Net Contingent Resources
| Asset | Field | Working Interest Post-Tax NPV10 | Economic Status | Chance of Development | Project Maturity |
| Vietnam Block 51 |
Tho Chu | 157 | Economic | 52% | Development Unclarified |
| U Minh | 96 | Economic | 81% | Development Pending |
|
| Vietnam Block 46/07 |
Nam Du | 247 | Economic | 81% | Development Pending |
| Philippines SC 56 |
Dabakan & Palendag | 231 | Economic | 60% | Development On Hold |
Exploration Highlights within the CPR
Vietnam Blocks 45, 46/07 and 51 PSCs
In addition to the discovered gas fields in the Vietnam Malay-Tho Chu Basin, a portfolio of eight exploration prospects has been catalogued. These represent low-risk follow on potential drilling targets once the key commercialisation milestones have been achieved for the discovered resources. The Best Case Prospective Resources from these prospects net to Mitra are 392 Bscf gas and 4.2 million barrels of liquids (totalling 69.6 million barrels of oil equivalent), with a net Risked Pmean Prospective Resource of 96 Bscf gas and 1 million barrels of liquids (17 million barrels of oil equivalent). This excludes prospective elements on the margins of the Tho Chu field that were too distant from the wells in that field to be counted as Contingent Resources. These Prospective Resources amount to 560 Bscf of gas plus 10 million barrels of liquids (392 Bscf plus 7 MMstb liquids net to Mitra).
Philippines Service Contract 56
In addition to the discovered gas fields on SC 56, a portfolio of exploration prospects has been identified. Total is planning an exploration well on the key Halcon prospect (expected to be drilled in 2017), for which Total will carry Mitra’s 25% interest up to a gross well cost of US$75 million. The gross Prospective Resources in the CPR for the Halcon Prospect are 6,736 Bscf and 169 million barrels of condensates. The discovered and future gas resources are expected to be either sold via pipeline to Sabah (Malaysia) or to an LNG off-taker, probably via a floating liquefied natural gas (“LNG”) facility to be operated by Total.
Indonesia Bone PSC
Mitra holds a 60% operating interest in the Bone PSC Block, offshore Sulawesi, in partnership with Azimuth Indonesia Limited. (“Azimuth”). The Block is undrilled, but is immediately adjacent to and on trend with proven gas accumulations on production in the onshore Sengkang PSC. The operator of Sengkang PSC, Energy World Corporation, is currently building a LNG liquefaction export facility on the coastline immediately adjacent to Bone PSC Block.
Mitra acquired around 1,200 line kilometers of new 2D seismic data during 2015, which were not available at the effective date of the prior CPR, but have now been evaluated by LR Senergy. The new CPR indicates five key drill-ready prospects in shallow water with a combined gross Pmean Prospective Resource of 2,515 Bscf of dry gas (1,509 Bscf net to Mitra’s working interest). The chance of success for these five prospects ranges from 20-25%, giving a net Pmean risked Prospective Resource of 339 bcf. A number of additional prospects have also been interpreted by Mitra and noted by Senergy, but are less mature.
The Company is currently running a farmout process, with the aim of securing additional joint venture partners to fund the drilling of exploration wells on Bone PSC.
Vietnam Block 127 PSC
Mitra operates Block 127 PSC with 100% working interest. The block is located at the southern end of the Phu Khanh Basin, off the east coast of Vietnam. This deepwater frontier basin contains several minor discoveries of oil and gas that confirm the potential for hydrocarbon generation. Nearby acreage within the Phu Khanh Basin has been licenced by a number of players including ENI, Murphy Oil, Repsol and ONGC. A 2D seismic survey was completed by Mitra in 2012, resulting in the identification of three prospects and six leads in the block, which were included in the previous CPR. During 2015, Mitra acquired 3D seismic data over the key prospects, but processing of these data was not complete as of the effective date of the new CPR and so a revised evaluation of these prospects has not yet been undertaken by LR Senergy. Hence the new CPR shows the same resource potential for the block as the 2015 CPR, including the key Alpha prospect, which has Pmean Prospective Resources of 248 MMstb of oil. Mitra is commencing a farmout process to secure new partners to carry future drilling costs.
Block MVHN/12KS PSC
Mitra operates onshore Block MVHN/12KS PSC with 100% working interest. The block covers an onshore extension of the producing Song Hong Basin and was signed as a shale gas PSC in 2013, before being amended to include rights to cover all hydrocarbon resources, effective February 5, 2015. Mitra is evaluating both conventional and unconventional reservoir targets and expects to complete resource evaluation work later in 2016. As such, resources from Block MVHN/12KS PSC have not yet been evaluated by LR Senergy.
Paul Ebdale, CEO of Mitra, commented:
“We are pleased to see the progress Mitra is making across its assets being highlighted in this new CPR, particularly with regards to our gas fields in Vietnam. The increase in our net 2C Contingent Resources in the last 12 months to over 100 million barrels of oil equivalent and the advanced development status of these fields are further milestones in Mitra’s pathway to realising the significant value in its gas discoveries.”
Cautionary statements
This press release may contain forward-looking information and statements (“forward-looking information“) within the meaning of applicable securities laws. Readers are cautioned to not place undue reliance on forward-looking information. Actual results and developments may differ materially from those contemplated by these statements. The statements in this press release are made as of the date of this release. The Company undertakes no obligation to comment on analyses, expectations or statements made by third-parties in respect of the Company, its securities, or financial or operating results or (as applicable). Although the Company believes that the expectations reflected in our forward-looking information is reasonable, our forward-looking information has been based on expectations, factors and assumptions concerning future events which may prove to be inaccurate and are subject to numerous risks and uncertainties, certain of which are beyond the Company’s control, including without limitation: volatility in the market prices for oil and natural gas; liabilities inherent in oil and natural gas operations; uncertainties associated with estimating oil and natural gas reserves; competition for, among other things, capital acquisitions; geological, technical, drilling and processing problems; fluctuations in foreign exchange or interest rates; health safety and environmental risks; stock market volatility; global economic events or conditions; and other factors, many of which are beyond the control of the Company. We caution that the forgoing list of risks and uncertainties is not exhaustive.
A barrel of oil equivalent (“BOE”) is determined by converting a volume of natural gas to barrels using the ratios of 6 thousand cubic feet (“Mcf”) to one barrel. BOEs may be misleading, particularly if used in isolation. A BOE conversion ratio of 6 Mcf:1 BOE is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Given that the value ratio based on the current price of oil as compared to natural gas is significantly different from the energy equivalency of 6:1, utilizing a conversion on a 6:1 basis may be misleading as an indication of value.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
The post Mitra Energy Inc. Provides Update on Contingent and Prospective Resources appeared first on Investing News Network.
Laramide Resources (TSX:LAM,ASX:LAM) announced a definitive share purchase agreement with Uranium Resources (NASDAQ:URRE), whereby it will purchase the company’s subsidiary, Hydro Resources, which owns the Churchrock and Crownpoint ISR uranium properties in New Mexico.
As quoted in the press release:
Churchrock and Crownpoint are the principal properties within an advanced stage portfolio of high-quality In Situ Recovery (“ISR”) projects which have near-term development potential and significant mineral resources. These projects have been previously burdened by significant net smelter royalties, specifically the sliding scale royalty, held by Laramide of up to 25% of gross revenue covering certain areas of the properties. The Transaction provides both companies with an opportunity to realise value from these assets and provide Laramide with a low cost production opportunity in a tier one jurisdiction.
Total consideration to be paid by Laramide to URI is US$12.5 million, over a three-year period, from the anniversary of closing. The consideration will include a combination of cash, shares, a promissory note (the “Note”), and an option for URI to acquire Laramide’s La Sal project in Utah forUS$4M, the proceeds which would reduce the amount owed of the Note. The initial cash payment of US$5.25 million is due on closing (the “Cash Payment”). Further terms related to the consideration to be paid by Laramide and the Transaction were summarized in the November 10, 2015 press release.
Click here for the full press release.
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Energy Fuels Inc. (TSX:EFR,NYSEMKT:UUUU) announced they have put together an “online magazine” that we are going to use in our marketing, investor relations and media outreach efforts.
It describes recent activities, including how Energy Fuels are moving down the production cost curve with our pending acquisition of Mesteña Uranium and their permitted and developed ISR uranium production in South Texas. When Energy Fuels closes (expected in early May), we will have three production centers in the U.S., including 11.5 million lbs. of licensed production capacity, lower cost ISR production, and the scalability of conventional production.
You can view the magazine here
Also announced was a video interview with Donn Pillmore of Energy Fuels and Arizona Mining Review.
Connect with Energy Fuels Inc. (TSX:EFR,NYSEMKT:UUUU) to receive an Investor Presentation.
The post Energy Fuels: Online Magazine and Interview with Head of Arizona Operations appeared first on Investing News Network.
ALX Uranium (TSXV:AL) reported that follow-up radon-in-water sampling has been completed at its Lazy Edward Bay property at the Southern margin of Saskatchewan’s Athabasca basin.
As quoted in the press release:
The Lazy Edward Bay Property (the “Property”) encompasses 18,916 ha (46,741 acres) and is about 55 kilometres west of the Key Lake Mill and historic uranium mine. The Property covers several shallow exploration targets.
Exploration on the Property at the Bay Trend consisted of 143 radon-in-water (RIW) samples collected by RadonEx Ltd. of St-Lazare, Quebec whose Electret Ionization Chamber (EIC) technology has been successful in drill targeting at the Triple R deposit within the Patterson Lake South camp.
The survey was designed to be an extension of the 2014 radon-in-soil program along the conductive corridor of the Bay Trend carried out on land to the southwest. The 2016 reconnaissance-scale survey covered a 1,400 by 450 metre area of Lazy Edward Bay. Grid lines were spaced 200 metres apart with stations spaced 25 metres apart.
The survey resulted in eight highly anomalous one-point samples above 100 picoCuries per litre (pCi/L) including four strong anomalies that are above 200 pCi/L. The anomalous samples are located approximately 200 metres northeast of historical drill hole LE‑50, which returned anomalous uranium in the basement rocks (reported at 908 ppm U3O8). Many of the anomalous radon samples appear to lie along a northeast-striking linear trend in the central portion of the grid which overlies historical conductors found by previous explorers.
“Within the Athabasca Basin, historical results are used to guide exploration that could ultimately produce a new discovery,” stated Jon Armes, President of ALX Uranium Corp. “At Lazy Edward Bay, given the proximity of the highly anomalous radon samples to historical drill hole LE-50; which was never followed up with drilling along strike, the results of this radon survey demonstrate the significant exploration potential at Lazy Edward Bay.”
Click here for the press release.
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Pure Energy Minerals (TSXV:PE) reported that its project operator, GeoXplor, has received the necessary permits for the next phase of drilling at its Clayton Valley South project in Nevada.
As quoted in the press release:
This amendment permits the Company to drill one new well that will target potential lithium brine bearing formations identified from previous phases of exploration. The Company expects to drill the well to a depth of up to 500 metres. With cash on hand and the ongoing exercise of warrants, the Company is fully funded for this phase of exploration drilling to further delineate and expand upon its inferred mineral resource, reported in July of 2015 (See Company news release dated July 28, 2015).
Pure Energy Minerals CEO, Patrick Highsmith, said:
We are pleased to have amended permits in hand for the next phase of drilling at Clayton Valley. We have begun mobilizing equipment and drill crews to the project in anticipation of commencing drilling activities in the coming days. We look forward not only to integrating the results from this new well into our existing lithium brine resource, but also to use the well as part of a monitoring network for longer-term pumping tests in the near future. This expanded drill program and the upcoming pumping tests are key building blocks of the PEA that we plan to deliver this summer.
Click here for the full press release.
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CALGARY, ALBERTA–(Marketwired – April 7, 2016) – AltaGas Ltd. (“AltaGas”) (TSX:ALA) today announced that it has completed its $350 million issue of senior unsecured medium-term notes (the “Offering”). The notes carry a coupon rate of 4.12% and mature on April 7, 2026.
The net proceeds resulting from the Offering will be used to pay down existing indebtedness including, without limitation, indebtedness under AltaGas’ credit facility, and for general corporate purposes.
The Offering was made through a syndicate of investment dealers co-led by CIBC Capital Markets and RBC Capital Markets under AltaGas’ Short Form Base Shelf Prospectus dated August 10, 2015 and Prospectus Supplement dated August 11, 2015.
AltaGas is an energy infrastructure business with a focus on natural gas, power and regulated utilities. AltaGas creates value by acquiring, growing and optimizing its energy infrastructure, including a focus on clean energy sources. For more information visit: www.altagas.ca
This news release contains forward-looking statements. When used in this news release, the words “may”, “would”, “could”, “will”, “intend”, “plan”, “anticipate”, “believe”, “seek”, “propose”, “estimate”, “expect”, and similar expressions, as they relate to AltaGas or an affiliate of AltaGas, are intended to identify forward-looking statements. In particular, this news release contains forward-looking statements with respect to, among other things, the use of proceeds of the Offering, business objectives, expected growth, results of operations, business projects and opportunities and financial results. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Such statements reflect AltaGas’ current views with respect to future events based on certain material factors and assumptions and are subject to certain risks and uncertainties including, without limitation, changes in market, competition, governmental or regulatory developments, general economic conditions and other factors set out in AltaGas’ public disclosure documents. Many factors could cause AltaGas’ actual results, performance or achievements to vary from those described in this news release, including without limitation those listed above. These factors should not be construed as exhaustive. Should one or more of these risks or uncertainties materialize, or should assumptions underlying forward-looking statements prove incorrect, actual results may vary materially from those described in this news release as intended, planned, anticipated, believed, sought, proposed, estimated or expected, and such forward-looking statements included in, or incorporated by reference in this news release, should not be unduly relied upon. Such statements speak only as of the date of this news release. AltaGas does not intend, and does not assume any obligation, to update these forward-looking statements. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement.
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Forum Uranium Corp. (TSXV:FDC) announced that it has completed eight widely spaced diamond drill holes totaling 1,362 metres along a 10km long electromagnetic conductor on its 100% owned Highrock Property, interpreted to be the same unit that hosts the Key Lake uranium mine located 15 km to the north. This first pass drill program has successfully identified several areas of interest for further drilling along this significant trend. Geochemical results are expected in May.
As quoted in the press release:
Drilling targeted a series of gravity lows (an indication of alteration associated with uranium mineralization) and several major cross-cutting structures along a strong graphitic conductor (see Figure 1). Holes HR-05, 06 and 07 targeted gravity lows at the interpreted intersection of a cross-cutting northeast orientated structure within the north-south graphitic conductor. All three holes intersected zones of strong tectonization and alteration, with holes HR-06 and 07 being exceptionally well developed with sections of missing core, fault gouges and bleaching. HR-07 returned 3 weakly elevated zones of radioactivity at 90.9 to 91.3m (up to 410cps), 118 to 120m (up to 322cps) and 155.9 to 156.9m (up to 314cps). HR-01 also returned 3 zones of elevated radioactivity with 119.3 to 119.5m returning up to 820cps, and HR-03 with one zone from 86.7 to 88.1m with a peak of 704cps. Further drilling in these areas has been strongly recommended by the Company’s technical team.
Hole HR-08 tested a very strong gravity low at the north end of the property where the main conductor trends to the northeast. Weak alteration along a strong conductor was encountered in this hole. Future drilling will test this large gravity low further to the northeast, where Forum’s property borders Cameco’s Key Lake mine property. Several kilometres of this 10km long EM conductor with associated gravity lows remain untested, particularly to the south.
Core samples have been delivered to the Saskatchewan Research Council laboratories for geochemical analysis for uranium, boron and associated elements. In addition, six samples will be analyzed for gold in a massive sulphide zone intersected in holes HR- 04 and 05. Historic reverse circulation drilling on the property indicated anomalous gold values were present in the overburden.
Connect with Forum Uranium Corp. (TSXV:FDC) to receive an Investor Presentation.
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Pilbara Minerals Limited (ASX:PLS) announced a placement of 223.68 million fully-paid ordinary shares at an issue price of $0.38 per share, to qualified institutional and sophisticated investors in Australia and internationally, to raise $85 million. The Company will also undertake a fully underwritten Share Purchase Plan to existing shareholders with registered addresses in Australia and New Zealand, to raise a maximum further amount of $15 million.
The milestone raising will significantly strengthen Pilbara’s balance sheet, putting the Company in a very strong position to rapidly advance its flagship Pilgangoora Lithium-Tantalum Project in WA – one of the world’s premier new lithium projects – into production to take advantage of strong market conditions and rapidly increasing demand.
Pilbara Minerals CEO, Ken Brinsden, stated:
This is a tremendous outcome for Pilbara which clearly demonstrates the strong appetite amongst global investors to gain exposure to the rapidly emerging opportunity in lithium – and to do so by investing in Tier-1 assets like Pilgangoora.
The Directors of Pilbara are pleased to welcome a number of high quality Australian and international institutional investors onto the Company’s share register. At the same time the SPP will allow our existing retail shareholders to participate in this milestone raising for the Company on the same terms.
Connect with Pilbara Minerals Limited (ASX:PLS) to receive an Investor Presentation.
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Lithium carbonate is a lithium compound used in a range of industrial, technical and medical applications. As Rockwood Lithium notes, it is often “the first chemical in the production chain,” with other compounds such as lithium hydroxide being produced with subsequent steps if needed.
For this reason, investors will often see lithium production numbers broken down in terms of lithium carbonate equivalent. As with other lithium products, lithium carbonate may be produced from brines or from hard-rock deposits, although a few companies are also looking to develop clay-based lithium deposits.
Those interested in the lithium space will no doubt have seen plenty of references to lithium carbonate in company reports. Here are a few key points to keep in mind:
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Batteries have generated most of the excitement in the lithium space as of late, with Tesla Motors’ (NASDAQ:TSLA) plans for a lithium-ion battery gigafactory still drawing plenty of investor attention. However, there is more to the lithium market than Tesla (it’s far from the only company building a lithium-ion battery megafactory), and the market for lithium goes well beyond batteries as well.
Specifically, lithium carbonate is used in ceramics, glass, cement and aluminum processing. While the battery market is certainly growing, the US Geological Survey (USGS) estimates that glass and ceramics still made up roughly 32 percent of global end-use markets in 2015.
Lithium carbonate also has an important use in the pharmaceutical industry — it’s on the World Health Organization’s list of essential medicines as a treatment for bipolar disorder.
Not all lithium carbonate is made equal, and end products must meet specific requirements to be used in different applications. For example, battery-grade lithium carbonate can be used to make cathode material for lithium-ion batteries, but most contaminants must be removed in order for the material to be considered battery grade.
Technical-grade lithium carbonate sells for a cheaper price than battery-grade material, but such products must have very low concentrations of iron to make the cut for end users.
This type of lithium is used in applications for glass and ceramics. It’s also worth noting that lithium is used in the form of ore concentrates in industrial applications rather than as lithium carbonate or hydroxide, according to the USGS.
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Along with all of the excitement surrounding lithium-ion batteries, lithium hydroxide has also been getting more attention than its counterpart, lithium carbonate. Both are used to produce cathode material for lithium-ion batteries, and hydroxide is more expensive. However, it can also be used to produce cathode material more efficiently and is actually necessary for some types of cathodes, such as nickel-cobalt-aluminum oxide (NCA) and nickel-manganese-cobalt oxide (NMC).
As Jean Francois Magnan, technical manager for Nemaska Lithium (TSXV:NMX), explained in an interview last year, “because hydroxide decomposes at a lower temperature, it accelerates the process. It uses less heat, less energy, so you produce more cathode material with less energy, and you can still use the same equipment.”
Certainly, lithium hydroxide is expected to be used in the battery megafactories of the world over lithium carbonate. In recent years, rising demand from the battery space has raised concerns of a lithium hydroxide shortage. At least two companies — Nemaska, mentioned above, and Neometals (ASX:NMT) in Western Australia — are looking to cut out the middleman and produce lithium hydroxide directly from spodumene concentrates.
That might not sound like good news for lithium carbonate, but as mentioned above, the material still has plenty of uses beyond batteries. And since it’s still a precursor to lithium hydroxide in most cases, lithium carbonate could still have a place in the lithium-ion battery supply chain.
Don’t forget to follow us @INN_Lithium for more updates!
Securities Disclosure: I, Teresa Matich, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: Nemaska Lithium is a client of the Investing News Network. This article is not paid-for content.
This article was originally published by the Investing News Network on November 17, 2015.
The post What is Lithium Carbonate? appeared first on Investing News Network.
CALGARY, ALBERTA–(Marketwired – April 6, 2016) – Blackbird Energy Inc. (“Blackbird“) (TSX VENTURE:BBI) is pleased to follow up its recent acquisition of firm sales gas takeaway in the Alliance pipeline system to the Chicago gas market by executing a Letter of Intent (“LOI“) with a third party for the transportation and processing of sour natural gas produced from its condensate-rich Elmworth project. This critical step of establishing transportation and processing evolves Blackbird from an explorer to a producer.
Blackbird and the third party expect to execute a firm gas handling agreement (“GHA“) in the near term, of which all terms have been established and agreed upon within the LOI. The LOI terms negotiated encompass both firm transportation to the third party’s sour gas plant and the processing of 6 mmcf/d of natural gas and associated liquids from Blackbird’s Elmworth project.
Blackbird’s recently announced 2-20 middle Montney well, which tested at a restricted rate of 1,768 boe/d (comprised of 6.8 mmcf/d and 641 bbls/d of liquids), has given Blackbird’s management the confidence to enter into a transportation and sour natural gas processing agreement and to construct the required infrastructure for Blackbird to achieve production. The commencement of transportation and sour natural gas processing is expected to occur on or before January 1, 2017, with commencement available on November 1, 2016 subject to certain third party facility enhancements and regulatory approvals.
The third party natural gas transportation tie-in point is 3.8 km (2.4 miles) south of Blackbird’s battery site. Blackbird is currently in the late stages of its infrastructure engineering and design process. Blackbird’s infrastructure solution will include a battery, a pipeline gathering system and a water disposal system. This pipeline gathering system will accommodate the future development of up to 75 de-risked well locations with minimal incremental expansion costs. Blackbird’s infrastructure solution is scalable and able to support future production growth.
With its recently announced acquisition of firm sales gas take-away to the Alliance Chicago Exchange, the near term execution of the GHA and the imminent construction of its infrastructure solution, Blackbird will achieve its goal of transitioning from an explorer to a producer and will then proceed with the execution of its growth objectives at its condensate-rich Elmworth project.
About Blackbird
Blackbird Energy Inc. is a highly innovative oil and gas exploration and development company focused on the condensate and liquids-rich Montney fairway at Elmworth, near Grande Prairie, Alberta.
For more information please view our Corporate Presentation at www.blackbirdenergyinc.com.
Advisories and Forward Looking Information
This press release contains forward-looking statements or information (collectively referred to herein as “forward-looking statements”). Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements and are not guarantees of future performance of the Company. Such forward looking statements include but are not limited to: the eventual execution of the GHA and the imminent construction of any infrastructure solution, that Blackbird can now achieve its goal of transitioning from an explorer to a producer and proceed with its growth objectives at it condensate-rich Elmworth project, or the timing for the commencement of any gas transportation and processing.
No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. These forward-looking statements reflect management’s current views and are based on certain expectations, estimates and assumptions which may prove to be incorrect. A number of risks and uncertainties could cause our actual results to differ materially from those expressed or implied by the forward-looking statements, including: (1) a downturn in general economic and business conditions in North America and internationally, (2) the inherent uncertainties and speculative nature associated with oil and gas exploration, development and production including drilling and completion risks, (3) the price of and demand for oil and gas and their effect on the economics of oil and gas exploration, (4) any number of events or causes which may delay or cease exploration and development of the Company’s property interests, such as environmental liabilities, weather, mechanical failures, safety concerns and labour problems, (5) the risk that the Company does not execute its business plan, (6) inability to retain key employees, (7) inability to finance operations and growth, and (8) other factors beyond the Company’s control. Should one or more of these risks or uncertainties materialize, or should any of the Company’s assumptions prove incorrect, actual results may vary in material respects from those projected in the forward-looking statements. Readers are cautioned that the foregoing list of risks, uncertainties and other factors is not exhaustive. Unpredictable or unknown factors not discussed could also have material adverse effects on forward-looking statements. The impact of any one factor on a particular forward-looking statement is not determinable with certainty as such factors are dependent on other factors, and the Company’s course of action would depend on its assessment of the future considering all information then available. All forward-looking statements in this press release are expressly qualified in their entirety by these cautionary statements. Except as required by law, the Company assumes no obligation to update forward-looking statements should circumstances or management’s estimates or opinions change.
THE TSX VENTURE EXCHANGE INC. HAS NEITHER APPROVED NOR DISAPPROVED THE CONTENTS OF THIS PRESS RELEASE. NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS PRESS RELEASE.
The post Blackbird Energy Inc. Executes Letter of Intent for the Transportation and Processing of Its Condensate-Rich Elmworth Natural Gas and Moves to Become a Canadian Producer appeared first on Investing News Network.
Nevada Energy Metals (TSXV:BFF) (OTC Pink:SSLMF) announce the appointment of Mr. Jeremy Poirier to the Nevada Energy Metals Advisory Board.
As quoted in the press release:
Mr. Poirier has been providing a range of investor awareness and advisory services for both public and private companies since 2004. Over the past 12 years, Mr. Poirier has acquired extensive market experience and built a strong network of investors and industry contacts. He has also served as a member on a number of boards of directors and has held officer positions at several public and private companies. Through his network and market expertise Mr. Poirier has facilitated capital raising efforts as well as successful asset acquisition and corporate development undertakings.
Most recently, Mr. Poirier has reviewed various lithium assets around the world in his continuing role as a director of Pure Energy Minerals. We believe that Mr. Poirier’s extensive experience in the junior lithium sector will aid Nevada Energy Metals.
Connect with Nevada Energy Metals (TSXV:BFF) (OTC Pink:SSLMF) to receive an Investor Presentation.
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