Vancouver, British Columbia (FSCwire) – Alix Resources Corp (TSXV:AIX) is pleased to report the results from its due diligence program on three properties of the Company’s large Preissac-La Corne portfolio in the Abitibi Greenstone Belt of Quebec. As previously reported (PR of July 6, 2016) a total of 12 granitic pegmatite samples were collected from the properties and submitted to ALS Chemex for assaying. Lithium oxide (Li2O) varied from 0.01% to 2.86 wt. %. Alix Resources claims are located near the past producing Quebec Lithium Mine which was recently purchased by the Chinese-based Jilin Jien Nickel Industry Co. (“Jilin”).
International Lithium Property – Mineralization consists of spodumene-rich sub-horizontal, irregular dikes located in Figuery township (NTS 32D08). Surface samples were collected and returned an average of 2.41 % Li2O with above-limit tantalum concentrations (>100 ppm) as well. Historic drilling carried out by International Lithium Corp. in the 1950s, delineated a 3.7-metre-thick, 119 by 104 m area providing a historical resource estimate of 135,000 t at 0.95 wt. % lithium oxide (Li2O) (source: RP 446; MERQ).*
Duval Lithium Property – Situated in the La Motte township (NTS 32D8), the Duval property mineralization is contained within two granitic pegmatite dikes (182 to 259 m long by two to three m- thick), rich in spodumene (Li) with accessory tantalite (Ta) and Beryl (Be). Collected surface samples averaged 0.43 wt. % Li2O with values ranging from 0.02 wt. % to 0.82 wt. % Li2O. The Duval property area has a historical resource estimates were 75,000 t at 1.45 wt. % Li2O (source: RG160; MERQ).*
La Motte Lithium Property – Geological reports on the property located in the La Corne township (NTS 32D08), indicate granitic pegmatites dikes, 0.60 to 1.20 m thick, containing 15 to 30 % spodumene accompanied by beryl. Historical diamond drilling generated key assays of 1.65 wt.% Li2O /1m, and 1.12 wt. % Li2O/1.32 m, respectively (source: GM 03089; MERQ). Selected surface samples show values ranging from 0.65 wt. % to 1.58 wt. % Li2O with an average of 1.22 wt. % Li2O.
Mike England, President and CEO of Alix Resources, commented, “We are pleased to receive confirmation of the strong lithium values from the three properties sampled. The Company is looking forward to complete more extensive exploration activities on this large claim group in the Preissac-Lacorne area of Quebec, one of the world’s most productive terranes for Li ± Ta ± Be mineralization”.
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VANCOUVER, BRITISH COLUMBIA–(Marketwired – Jul 28, 2016) – Evolving Gold (CSNX:EVG) (OTCB:EVOGF)is pleased to announce that it has retained Jean-Philippe Paiement, P. Geo, M.Sc. from SGS Canada Inc., an independent Qualified Person (“QP”) as defined by National Instrument 43-101 guidelines, as the QP for Evolving Gold’s Lithium Lakes Project in Quebec.
Mr. Paiement graduated from Université of Québec in Montréal (2006) with a B.Sc. in Resources Geology and from Laval University (2009) with a M.Sc. in Earth Sciences. Mr. Paiement specializes in ore deposit geology, resource estimation, geostatistics, and structural geology.
Mr. Paiement started working with SGS Canada Inc. as a consulting geologist for exploration and drilling campaigns in 2009. Since then, he has specialized in exploration modeling and targeting, resource estimation, geostatistics, mine audits, and sample selection. Mr. Paiement worked on several technical reports and is considered to be a Qualified Person for numerous commodities such as vein-style Au-Ag deposits, polymetallic base metal deposits, and industrial mineral deposits (REEs, lithium, phosphate, graphite, and iron).
Mr. Paiement is currently supervising the definition drill campaign being performed at Nemaska Lithium Inc.’s Whabouchi Deposit which should upgrade the existing pit constrained inferred resource to measured and indicated categories, as well as adding additional resources outside of the current pit model. (http://www.nemaskalithium.com/en/investors/press-releases/2016/000874da-9185-4363-9c66-8295022f8026/ ) He is the QP for the mineral resources section of the technical report entitled “Feasibility Study Update on the Whabouchi Lithium Deposit and Hydromet Plant”, completed in 2016 for Nemaska Lithium.
Recently, Mr. Paiement, together with the SGS Geostats team, won the Gold Rush Challenge put forward by Integra Gold, with the objective of finding prospective gold mineralized zones based on the extensive historical data from their Lamaque Project, in Val D’Or, Quebec. The combination of strong scientific based interpretations and machine learning was used to create a dynamic exploration model which was chosen over all other submissions by both an independent technical panel and a jury made of industry titans. The SGS Geostats team was awarded $500,000.
Evolving Gold’s Chief Executive Officer, Mr. R. Bruce Duncan stated, “We look forward to working with Mr. Paiement, beginning with the initial exploration phase of the Lithium Lakes Project. Mr. Paiement’s extensive knowledge of the Whabouchi Deposit’s geology will allow us to quickly interpret the geological information obtained from the field.”
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A Canadian lithium company has commenced due diligence for its farm-into Macarthur Minerals (TSXV:MMS) lithium acreage at Ravensthorpe, Western Australia. Under the terms of the farm-in, the Canadian company is required to expend a minimum of A$2 million to earn a 51% interest in the lithium acreage at Ravensthorpe. The farm-in only relates to five percent (91 km 2 ) of Macarthur Minerals’ total Western Australia lithium acreage of 1,678 square kilometres.
David Taplin, President, CEO and Director of Macarthur commented:
“Macarthur Minerals is excited that the Canadian lithium company has commenced its due diligence for its farm-into Macarthur’s Ravensthorpe acreage. Macarthur’s acreage is in the vicinity of a recent lithium mineralisation discovery by another Australian lithium company for which pegmatite samples included assays up to 4.1% Li 2 O.”
HIGH GRADE LITHIUM OF ADJACENT PROJECTS
As indicated in Figure 1, Macarthur Minerals’ Exploration Licence Application E74/587 is immediately adjacent to Australian Securities Exchange (“ASX”) listed Lithium Australia NL’s (“LIA”) Horseshoe, Phillips South and Deep Purple Prospects. LIA has announced the presence of lithium bearing pegmatites for Phillips South and Horseshoe from which rock chips have been taken with assays ranging between 2.4% Li 2 O and up to 4.1% Li 2 O. 1
The Ravensthorpe acreage, at its closest point, is approximately 7 kilometres from ASX listed Galaxy Resources Limited’s and General Mining Corporation Limited’s Mount Cattlin Lithium Project, which is currently mining and processing spodumene and tantalum concentrate.
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Day one of the Sprott Natural Resource Symposium Conference kicked off Tuesday morning (July 27) at the lavish Fairmont Hotel in Vancouver.
The first day of the conference played host to a wide variety of talks covering a number of different sectors and subjects, but gold and silver were common themes among a few of them.
Specifically, some speakers were unanimously in agreement that silver is currently the top dog in the precious metals sector, having outperformed gold this year and moreso post-Brexit. Other talks made suggestions for opportunities outside of the stock market and what to keep in mind for the short and long term (including Brexit).
The Investing News Network (INN) was on the floor for a handful of talks and presentations, which included the following:
Click here to download this exclusive I.N.N. Insider’s Report on the global palladium market, Palladium Price Forecast: Palladium Investments and Opportunities
The first speaker INN was on the floor for the day was Barry Potekin, vice president of the RMG Group, who has been involved in commodity research and trading activities since 1985.
Potekin’s presentation focused on post-Brexit, the advantage of exposure to commodities and the difference between “long” and “short.”
“First of all, commodities a double play,” he said to the room, emphasizing that they have a “huge advantage”. “They have the ability to go long or short.”
Potekin explained that long means the purpose of making an investment thinking something is going to go up, while short means making an investment thinking something is going to go down.
“Short is better than long,” he added.
With that being said, Potekin added that commodities like gold, silver, oil, platinum and palladium, are powerful in true diversification and that the key to protecting ones’ self, for example in the wake of the “black swan” Brexit, is through diversification.
Potekin stated that with information moving so quickly nowadays, long and short can change a handful of times in a small time frame. He exampled the relationship between Russia and Ukraine, ISIS and relationships in the Middle East as “black swans.”
When it comes to protecting oneself, Potekin said that as an asset class, managed futures is a proven way to diversify your portfolio.
“Diversification and an uncorrelated asset class is the key,” he said, and reiterated that “short” goes very fast while “long” is where people get very fearful. “If people see something going down, they will get fearful and will get out.”
Potekin concluded his discussion with an argument for diversification:
With the upcoming presidential election in the US, and specifically the seven and a half year cycle where a president is elected two times in a row and then power changes, the market goes way down.
Potekin reminded the crowd that he suggested silver was entering a bull market back in January. Several months later, he confirmed he still stands by the statement.
Click here to download this exclusive I.N.N. Insider’s Report on the global palladium market, Palladium Price Forecast: Palladium Investments and Opportunities
Up next was Keith Neumeyer, president and CEO of First Majestic Silver. Neumeyer founed First Majestic back in 2002 and has been dealing with the financial, regulatory, legal and accounting issues within the investment community for a number of years.
He has also made comments that silver is entering a bull market, but most notably that the white metal will see triple digit numbers in the next two years.
“Silver is a strategic metal,” he began. “I call it strategic because we couldn’t do what we do on a daily basis without silver,” adding that it’s used in a variety of things such as vehicles, electronics, cell phones, appliances, and so on.
Neumeyer continued by saying that while silver is a very important metal, it’s also misunderstood.
“It’s a precious metal, of course, but it is a lot different than gold,” he said.
When it comes to the silver price, Neumeyer said when it comes to the gold-to-silver ratio, the gap will continue to get smaller. He suggested that when silver prices were as high as $50 in 2011 and the ratio was 32, he believes that the ratio could get back there again soon.
“Where do I think it’s going?” Neumeyer asked the crowd before displaying a comparison as to high silver can go in relation to gold:
Neumeyer’s presentation ended with a slide that said, “as we become more reliant on technology, we become more reliant on silver.”
Click here to download this exclusive I.N.N. Insider’s Report on the global palladium market, Palladium Price Forecast: Palladium Investments and Opportunities
Last is Louis James’ presentation, which was similar in ways to Potekin’s wherein James advised the audience to think about commodities in the short and long term.
Other things he discussed were that just because certain things have happened historically in the market, it may feel like it’s too late and difficult to put money into a new acquisition. James exampled the gold price and where it was in 2008 before the crash.
“As we go forward and it looks like it’s too late, it doesn’t have to be because of what’s happening next, not what’s already happened,” he said.
James later added that commodities, as a whole, are turning, with zinc and copper also making gains.
“If you’re thinking about where is gold, have I missed it already, the fact that commodities as a whole is turning is very important,” James stressed.
He also said that if you’re only investing in commodities based on your gut feeling, or whomever will become the next president, that decision makes it harder to have a lot of confidence.
While James discussed everything from the presidential election to everything that’s happened in the world lately, precious metals respond to chaos. He added that if those are of the belief that there’s likely to be more chaos and fear for awhile, “then it’s not too late” to buy into commodities.
“When you’re looking to buy, the first place you have to look is in the mirror,” he said “What kind of investor am I?”
Some things James suggested were:
Don’t forget to follow us @INN_Resource for real-time news updates!
Click here to download this exclusive I.N.N. Insider’s Report on the global palladium market, Palladium Price Forecast: Palladium Investments and Opportunities
Securities Disclosure: I, Jocelyn, hold no direct investment interest in any company mentioned in this article.
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VANCOUVER, BRITISH COLUMBIA–(Marketwired – July 27, 2016) – Unity Energy Corp. (TSX VENTURE:UTY)(FRANKFURT:UJN2) (“Unity” or the “Company“) is pleased to announce that it has received chemical analysis from its first pass drilling and sampling program on its 100% owned Miller’s Crossing Lithium Project in Esmeralda County, Nevada. The drilling was intended to follow up on positive surface sampling, which was carried out in April 2016 and confirmed presence of lithium in alluvial gravels and clays. A total of 7 holes were completed, generating 22 intersections of interest. All holes encountered brown clays as well as silty brown sands and grey fine to coarse-grained sand. In addition, two water samples were collected where the water table was encountered within the drill-hole as well as two anomalous salt samples at surface.
The highest lithium values returned was 100ppm from a surface salt evaporate sample, while other anomalous values were as follows:
| Sample Number | Sample Description | Source | Li (ppm) |
| MLH16-SLT-03 | Salt | Surface Evaporate | 100 |
| MLH16-33-01 | Sand and clay | Core | 64 |
| MLH16-36-01 | Sand and clay | Core | 57 |
| MLH16-SLT-01 | Salt | Surface Evaporate | 48 |
| MLH16-25-03 | Sand and clay | Core | 44 |
The deepest test hole reached a depth of approximately 8m and anomalous lithium values were detected throughout the near-surface sediment column. The Company intends to follow up this reconnaissance drilling with a surface IP survey and, if warranted, to conduct deeper exploratory drilling to test brine water for lithium enrichment.
Regarding the completion of the drill program, CEO Ian Graham commented, “These are encouraging results which certainly justify further exploration in this emerging lithium camp. We are currently filing permit applications for the ground survey, which is expected to commence in the fall.”
Samples were shipped to Western Environmental Testing Laboratory in Sparks, Nevada, which is an USEPA accredited independent laboratory. The samples were analyzed for lithium, potassium and boron, using Test Methods for Evaluation of Solid Waste, Physical/Chemical Methods (SW846), Third Edition. The laboratory used its own quality control and quality assurance protocols for sample analysis.
The technical contents of this news release have been prepared under the supervision of Dr. Peter Born, P. Geo. Dr. Born is a Qualified Person, as that term is defined in National Instrument 43-101, and has approved this news release.
For more information, visit www.unityenergycorp.com.
On Behalf of the Company,
Anita Algie, President
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.
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VANCOUVER, BC–(Marketwired – July 27, 2016) –
NOT FOR DISTRIBUTION IN THE UNITED STATES OR TO U.S. NEWSWIRE SERVICES
Comstock Metals Ltd. (TSX VENTURE: CSL)(“Comstock” or the “Company“) is pleased to announce that it has completed its previously announced unit offering issuing a total of 4,240,000 units at a price of $0.25 per unit, raising gross proceeds of $1,060,000.
Each Unit consists of one common share and one-half of one non-transferable common share purchase warrant (a “Warrant”). Each whole Warrant is exercisable into a common share of Comstock (a “Warrant Share”) for a period of 24 months at an exercise price of $0.35 per Warrant Share. The Warrants include an acceleration clause, whereby, if the weighted average trading price of the Company’s common shares on the TSX Venture Exchange (or such other exchange on which the common shares may trade) is at a price equal to or greater than $0.70 for a period of 20 consecutive trading days, the Company will have the right to accelerate the expiry date of the Warrants. If the Company exercises such right, it will give written notice to the holders of the Warrants that the Warrants will expire 30 days from the date of notice to the Warrant holders. Such notice by the Company to the holders of the Warrants may not be given until 4 months and one day after the closing date.
In connection with the closing, the Company issued an aggregate of 3,500 unit broker warrants (the “Unit Broker Warrants”) and paid an aggregate of $2,625 in cash to certain finders. Each Unit Broker Warrant entitles the holder thereof to purchase one unit of the Company until July 26, 2018 at an exercise price of $0.25 per unit. Each unit consists of one common share of the Company and one-half of one common share purchase warrant of the Company with the same terms as the Warrant.
The securities issued in connection with the offering and the common shares issuable on exercise of the Warrants and the Unit Broker Warrants were issued pursuant to applicable exemptions from the prospectus requirements under applicable securities laws. Such securities are subject to a four month hold period which will expire November 27, 2016.
The proceeds from the offering of units will be used to fund exploration on the Company’s mineral properties and for general working capital.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
About Comstock Metals Ltd.
Comstock Metals Ltd. is a mineral exploration company. Its flagship 16,335 hectare QV Property is located in the White Gold district of the Yukon Territory, approximately 70 kilometres south of Dawson City and 44 kilometres northeast of the Coffee project of Goldcorp Inc., which it recently acquired through a takeover of Kaminak Gold Corporation in a deal valued at C$520 million at the time it was announced. To date, the Company has completed 3,400 metres of drilling in 17 drill holes which formed the basis for a maiden Inferred mineral resource totalling 4.4 million tonnes grading 1.65 g/t gold containing 230,000 ounces of gold at a 0.5 g/t gold cut-off (See Comstock July 8, 2014 News Release). The VG Deposit remains open in all directions and is proximal to other untested sub-parallel structures. The VG Zone has similar geology and style of mineralization to Kinross’s Golden Saddle deposit, located 11 kilometres to the south. Additional promising targets exist on the QV Project, with potential for the discovery of significant intrusion related and/or orogenic gold mineralization. The infrastructure associated with the development of the Coffee project, including upgrading and completion of the mine access road, will benefit all projects in the district, including the QV Property.
Comstock has entered into entered into a letter of intent in respect of a proposed purchase by Comstock of Select Sands’ Preview SW gold project located in the La Ronge district of Saskatchewan and Select Sands’ early-stage Old Cabin property in Ontario for 20 million common shares in the capital of Comstock (see May 16, 2016 News Release).
Comstock also owns early stage uranium claims in the Patterson Lake area of Saskatchewan and has recently optioned out its Corona property in Mexico (see January 28, 2016 News Release).
David A. Terry, Ph.D., P.Geo., a Qualified Person as defined by National Instrument 43-101, and an Officer and Director of Comstock, has reviewed and approved the scientific and technical disclosure in this news release.
Forward Looking Statements
This news release includes forward-looking information and statements, which may include, but are not limited to, information and statements regarding or inferring the future business, operations, financial performance, prospects, and other plans, intentions, expectations, estimates, and beliefs of the Company. Such statements include statements regarding the use of proceeds of the offering, exploration on the Company’s properties and the completion of the proposed transaction with Select Sands Corp. Information and statements which are not purely historical fact are forward-looking statements. Forward-looking information and statements involve and are subject to assumptions and known and unknown risks, uncertainties, and other factors which may cause actual events, results, performance, or achievements of the Company to be materially different from future events, results, performance, and achievements expressed or implied by forward-looking information and statements herein. Although the Company believes that any forward-looking information and statements herein are reasonable, in light of the use of assumptions and the significant risks and uncertainties inherent in such information and statements, there can be no assurance that any such forward-looking information and statements will prove to be accurate, and accordingly readers are advised to rely on their own evaluation of such risks and uncertainties and should not place undue reliance upon such forward-looking information and statements. Any forward-looking information and statements herein are made as of the date hereof, and except as required by applicable laws, the Company assumes no obligation and disclaims any intention to update or revise any forward-looking information and statements herein or to update the reasons that actual events or results could or do differ from those projected in any forward looking information and statements herein, whether as a result of new information, future events or results, or otherwise, except as required by applicable laws.
For more information about Comstock Metals Ltd., please go to www.comstock-metals.com.
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.
David A Terry, Ph.D., P.Geo.
President, CEO and Director
COMSTOCK METALS LTD.
Phone: (604) 639-4533
Email: info@comstock-metals.com
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NexGen Energy (TSX:NXE) has reported assay results for one hole from its recently completed winter 2016 drilling program on its 100 percent owned Rook I property in the Athabasca Basin in Saskatchewan.
As quoted in the press release:
Assay results have established that hole AR-16-81c2 has discovered a new zone of high-grade uranium mineralization in what has been named the A5 shear. The A5 shear is located adjacent southeast of the A4 shear as shown in Figures 1 and 2.
Highlights:
New A5 Shear Discovery • AR-16-81c2 (discovery hole) intersected 9.5 m at 2.08% U3O8 and 4.0 m at 5.18 % U3O8 and 6.5 m at 2.55% U3O8.
Additionally, when not considering internal dilution, AR-16-81c2 intersected 58.5 m at 1.26% U3O8 (848.5 to 907.0 m) in the A5 shear.
The Arrow Deposit is now comprised of five high-grade shear zones; A1, A2, A3, A4 and A5 that are subparallel to each other and have a combined thickness of 280 m. The A5 shear is completely untested between hole -81c2 and the unconformity which is approximately 105 m below surface or 685 m above the hole. The mineralized zone intersected in AR-16-81c2 is open in all directions.
Click here to read the full press release.
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Lithium Australia NL (ASX:LIT) has made significant recent advances in expanding its Australian interests.
UNRIVALLED EXPLORATION PORTFOLIO
Australia has an enormous untapped potential for lithium mineralization and Lithium Australia is well placed to capitalize on that potential. In addition to the recent acquisitions, the portfolio includes:
LIT has a strong focus on geological controls for lithium mineralization and has used advanced modelling (both geological and geophysical) in developing prospective targets. These techniques were particularly important in formulating the recent permit applications in Far North Queensland, where lithium exploration has not been previously undertaken.
Connect with Lithium Australia NL (ASX:LIT) to receive an Investor Presentation.
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Way up in northern Saskatchewan, tucked away behind forests and largely inaccessible by most methods of transportation, is the Athabasca Basin. The region, which covers approximately 100,000 square kilometres in Saskatchewan and a sliver of Alberta, is home to the world’s largest source of high-grade uranium. It supplies 20 percent of global production.
While the mining area for high-grade uranium has historically been on the eastern side of the Basin, discoveries on the western side of the basin are growing rapidly. In particular, the outside mark of the Basin has become a hot spot, which leads us to Fission Uranium‘s (TSX:FCU) Triple R deposit, the only major, high-grade deposit in the region that is potentially open-pittable.
“We’re certainly changing that story on the west with our discovery,” says Ross McElroy, president, COO and director of Fission.
The Athabasca Basin can undoubtedly be described as a huge geologic feature: it covers about 5,000 square kilometres with most of the deposits on the eastern side.
Although the area isn’t easy to get to, a road had previously been put in to access the now mined out Cluff Lake Deposit, which had been operated by AREVA Resources. The road is classified as a highway, which means it’s maintained by the government, but only used by the mining department because there are no communities in the area.
On the morning of July 19, a number of analysts, geologists and writers arrived at Fission’s 100 percent-owned project, Patterson Lake South (PLS), in the Basin via water plane from For McMurray. Upon arrival, we found that the dry, hot summer weather was a force to be reckoned with, a far cry from winter up in the Basin (so I’ve heard).
After gathering our belongings from the water plane and taking a short, but slightly bumpy ride up a dirt road in pick-up truck, we arrived on site. Once settled into our seats inside, the first order of business was a presentation by Dev Randhawa, chairman and CEO, and McElroy, of PLS’s progress and what direction the company is going. From there, visitors were shown where the uranium core is stored before getting a peek at land drilling and, finally, a quick boat rid out to the drilling platforms on the lake itself.
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The story of PLS began way back in January 2008, when Fission and Alpha Minerals (TSXV:AMW) formed the 50/50 Patterson Lake South joint venture. Fast-forward four years later to November 2012, when the first PLS discovery was made.
The initial findings included Discovery Hole PLS12-022 intersected a 6 meter wide interval of high-grade mineralization at a shallow depth in the basement rocks, approximately 3.8 kilometers northeast of the high grade uranium boulder field. The drill hole was characterized by pitchblende in veins (up to 21 centimeters wide).
The next unearthing was step-out hole PLS12-044, which intersected a 13 meter wide interval of strong mineralization and included intervals totalling 2.14 meters of off-scale radioactivity. PLS12-025, found 10 meters north of hole PLS12-024, intersected a 22.5 meter wide interval of strong mineralization, including a narrow band of off-scale radioactivity.
What makes it more interesting is that, in each case, mineralization occurs at shallow depth in basement rocks.
Randhawa said Fission’s first big year of discovery was 2013. A couple of years later in 2015 came the company’s massive resource estimate, coming in with numbers that were higher than expected from many analysts. In other words, the Triple Deposit was fleshed out in just two years of drilling.
As mentioned above, the deposit is the only major, high-grade deposit in the region that is potentially open-pittable. New large, high-grade zones have recently been discovered by Fission, which outlined the largest mineralized trend in the Basin at 2.58 kilometers in length.
To underline the project’s significance in the industry, last December Fission won Mining Journal’s “Exploration of the Year” award in London.
Randhawa highlighted during the presentation that the award wasn’t just for the best uranium project, but for the best project overall. “It is early days for us and we still have lots of room to grow,” he continued.
Later on, after the presentation while we were standing outside in the Saskatchewan heat oogling high-grade uranium cores uncovered at Fission’s Winter 2016 and Summer 2016 program, Randhawa added that the award was won because the mineralization was high-grade and only 50 metres below the surface.
McElroy commented during the presentation that deposits this shallow haven’t been uncovered since the “early days of discovery in mining in the Athabasca Basin back in the 1970s and 1980s.”
Out on Patterson Lake, and a 10 minute boat ride away from the dock is the 1620E zone, with two barge drilling platforms.
On July 18, Fission released its first results for the summer 2016 drilling program: of importance, wide grade mineralization was drilled at R1620E—the easternmost zone on its 2.58 kilometer trend—expanding the zone 15 meters west towards the Triple R deposit and the strike length of the high-grade core to 60 meter.
McElroy commented that the team has only seen low-grade mineralization on the R1620E zone over the last few years, which is why not much attention has been put on it until now.
“When we made the discovery here at PLS, we had seen intersections that had never been discovered before,” McElroy said.
With the project on the western size of the Basin, McElroy explained that, up until five or six years ago, very few people thought that the west had any kind of potential for mineralization, let alone high-grade.
“This is the only high-grade deposit in the world that’s 50 meters from the surface,” he explained. He acknowleded that there are other deposits in the area, but that these sit as low as 600 meters down.
Of course, as drilling goes down deeper in the Basin, costs go up exponentially.
“What sets us apart from probably every other large high-grade deposit in the Athabasca Basin is the fact that it’s so shallow,” McElroy suggested. “From an engineering perspective or an economic geologist perspective, shallow is the advantage you can have over something deep because a shallow deposit can be developed easier, cheaper, and there’s less engineering hurdles.”
Randhawa felt similarly: “That’s why I think this [PLS project] has won so many awards: it combines in the right jurisdiction legally, and it’s high-grade and so close to the surface.”
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With Fission’s first announcement of the summer 2016 drilling program, the company says there’s lots to look forward to. In December 2015, CGN Mining Company invested just over $82 million in Fission to acquire just 19.9 percent of the company’s shares. The investment was to help Fission move along towards production, which Randhawa says CGN wants to see in the next 10 years.
“It’s not a bad thing, it’s good. We were doing all these things before, but now we realize we’re running on two strategies,” Randhawa said. He noted they’re trying to find targets set for drilling and do advanced work on the conductors in order to continue making discoveries along the trends.
“It’s not been that long since the discovery in 2012 to where we’re at right now,” adds Randhawa. “We can continue to build and understand that, but really the thing that will move the needle for us is making a new discovery elsewhere on this property.”
While the uranium industry is no doubt having a difficult year, Randhawa said there are other things to consider and that the industry won’t always look bleak.
He pointed out that while a lot of things in the industry are out of everyone’s control, the good news is that there are more reactors being planned and built now than before the Fukushima disaster of 2011.
“Long term demand is there,” he said and pointed out that 56 million pounds of uranium were contracted in 2015.
“The industry, it changes overnight. It just takes one thing to happen,” he continued “As long as the companies are well-funded, well-managed, and you can ride the tough times, you don’t have to keep going to the market to raise money.”
On the other hand, McElroy commented that if investors are looking into the energy sector, the first thing to consider is finding a company where the management has a good track record, a good project and a good jurisdiction.
“I tell you what I see over and over: it’s the same successful people over and over and over,”he said. “They move to another project, another company, maybe to another sector. But it’s that same small club of successful people.
When it comes to Fission Uranium, McElroy said that with their project, they came from an idea, to discovery, to a market cap of about $350 million.
“That’s got appreciation for shareholders, and that’s what creates loyalty.”
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Securities Disclosure: I, Jocelyn Aspa, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network.
The post Fission Uranium: A Look at a Mammoth Uranium Deposit appeared first on Investing News Network.
CALGARY, ALBERTA–(Marketwired – July 26, 2016) –
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES OF AMERICA
Manitok Energy Inc. (“Manitok” or the “Corporation“) (TSX VENTURE:MEI) is pleased to announce that on July 25, 2016, Manitok closed its previously announced non-brokered private placement offering of subscription receipts (the “Subscription Receipts“) at a price of $0.18 per Subscription Receipt (the “Private Placement“). Under closing of the Private Placement, Manitok issued 8,333,334 Subscription Receipts for aggregate gross proceeds of $1.5 million. Each Subscription Receipt entitles the holder thereof, without payment of any additional consideration and without further action on the part of the holder, to receive one common share of the Corporation (a “Common Share“) upon certain escrow release conditions being met, including the closing of the arrangement pursuant to the arrangement agreement dated June 29, 2016 as amended on July 12, 2016 between Manitok and Raimount Energy Inc. (TSX VENTURE:RMT).
Upon the proceeds being released to Manitok by the subscription receipt agent, Manitok intends to use the proceeds from the Private Placement in connection with general working capital purposes.
Completion of the Private Placement will be subject to a number of conditions, including, without limitation, receipt of all regulatory approvals, including approval of the TSX Venture Exchange. All of the securities issued in connection with the Private Placement are subject to a four-month hold period under applicable Canadian securities laws.
Manitok has also announces that it has completed its previously announced best-efforts private placement offering of (i) Common Shares issued at a price of $0.18 per Common Share, and (ii) Common Shares issued on a “flow-through” basis in respect of Canadian exploration expense under the Income Tax Act (Canada) at a price of $0.21 per Flow-through Share (the “Brokered Private Placement“). Final gross proceeds under the Brokered Private Place was $3.2 million.
About Manitok
Manitok is a public oil and gas exploration and development Corporation focusing on conventional oil and gas reservoirs in the Canadian foothills and southeast Alberta. The Corporation will utilize its experience to develop the untapped conventional oil and liquids-rich natural gas pools in both the foothills and southeast Alberta areas of the Western Canadian Sedimentary Basin.
Forward-looking Information Cautionary Statement
This press release contains forward-looking statements. More particularly, this press release contains statements concerning the terms of the Private Placement.
The forward-looking statements in this press release are based on certain key expectations and assumptions made by Manitok, including expectations and assumptions concerning the prevailing market conditions, the intentions of its lender, commodity prices, and the availability of capital.
Although Manitok believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because Manitok can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, risks associated with adverse market conditions, the inability of the Corporation to complete the Private Placement at all or on the terms announced, the inability of the Corporation to enter into an agency agreement with the Agents, the TSX Venture Exchange not approving the Private Placement, Manitok’s lender not approving the amendment to its credit facility and the risks associated with the oil and gas industry in general (e.g., operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserves estimates; the uncertainty of estimates and projections relating to production, costs and expenses; and health, safety and environmental risks), uncertainty as to the availability of labour and services, commodity price and exchange rate fluctuations, unexpected adverse weather conditions, general business, economic, competitive, political and social uncertainties, capital market conditions and market prices for securities and changes to existing laws and regulations. Certain of these risks are set out in more detail in the AIF, which is available on Manitok’s SEDAR profile at www.sedar.com.
Forward-looking statements are based on estimates and opinions of management of Manitok at the time the statements are presented. Manitok may, as considered necessary in the circumstances, update or revise such forward-looking statements, whether as a result of new information, future events or otherwise, but Manitok undertakes no obligation to update or revise any forward-looking statements, except as required by applicable securities laws.
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 release.
The post Manitok Energy Inc. Announces Closing Non-Brokered Private Placement of Subscription Receipts appeared first on Investing News Network.
VANCOUVER, BRITISH COLUMBIA–(Marketwired – July 26, 2016) –
THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES FOR DISSEMINATION IN THE UNITED STATES
Ultra Lithium Inc. (TSX VENTURE:ULI) (“Ultra Lithium” or “the Company”) is pleased to announce assay results from recently concluded prospecting and sampling program at its 100% owned Georgia Lake Lithium Project located in the Thunder Bay Mining District, Northwestern Ontario, Canada. The results confirmed the presence of up to 2.73 % lithium oxide (Li2O) in grab surface samples in lithium pegmatites on the property.
Highlights of the sampling program are (see table for details):
The fieldwork program was carried out last month. The purpose was to verify historically reported lithium pegmatites on the property and to execute the stripping, trenching and channel sampling plan upon receiving permitting from the Ministry of Northern Development and Mines of Ontario.
Dr. Weiguo Lang, CEO of Ultra Lithium, stated that, “These excellent ground sampling results increase our confidence in the Georgia Lake hard rock lithium property as a good exploration target. The Company is looking forward to continue exploration in this area alongside its Big Smoky Valley brine lithium project in Nevada, USA.”
Samples were prepared by Actlabs’ preparation lab in Thunder Bay, Ontario, and then shipped to Actlabs’ analytical lab in Ancaster, Ontario, for analysis. Actlabs is an independent lab accredited by ISO 17025. The samples were digested using sodium peroxide fusion and analyzed for the major elements by ICP and trace elements by ICP/MS (Method: FUS-MS-Na2O2).
The technical information contained in this news release has been reviewed and approved by Afzaal Pirzada, P.Geo., a qualified person, as defined by NI 43-101 who works as a consultant with the Company.
ON BEHALF OF THE BOARD OF DIRECTORS
Kiki Smith, CFO
About Ultra Lithium Inc.
Ultra Lithium is an exploration and development company with a focus on the acquisition and development of lithium assets. The Company is currently focused on North American acquisitions and exploring its Georgia Lake and South Big Smoky Valley Projects.
About the Georgia Lake Lithium Project:
The Company holds a 100% interest in the Georgia Lake lithium property comprising 16 mineral claims covering approximately 2416 Ha in 151 units, located in the Thunder Bay Mining Division, Ontario, Canada. The project represents a stable and favourable mining jurisdiction, supportive First Nations and excellent infrastructure. It is located near provincial highway 11, 145 km from a deep water port in Thunder Bay. The spodumene-bearing pegmatites of this area were first discovered in 1955. A majority of the pegmatites are Lithium-cesium-tantalum (LCT) type where spodumene is the main lithium mineral. A total of eight historically documented lithium pegmatites are located on the property.
View the Company’s filings at www.SEDAR.com.
| Table: Assay Results of June 2016 Sampling at the Georgia Lake Lithium Project | |||||||||||
| Analyte Symbol | Li2O | Be | Mn | Nb | Rb | Ta | Cs | Coordinates | |||
| Unit Symbol | % | ppm | ppm | ppm | ppm | ppm | ppm | NAD 83 | |||
| Detection Limit | 3 | 3 | 2 | 0.4 | 0 | 0 | UTM Zone 16 | Pegmatite | |||
| Analysis Method | FUS-Na2O2 | FUS-MS-Na2O2 | FUS-MS-Na2O2 | FUS-MS-Na2O2 | FUS-MS-Na2O2 | FUS-MS-Na2O2 | FUS-MS-Na2O2 | Easting | Northing | Sample Type | Location |
| 1126851 | 0.15 | 108 | 813 | 66 | 519 | 56 | 36 | 433242 | 5470719 | Grab | Trans NW |
| 1126852 | 0.04 | 98 | 227 | 12 | 424 | 6 | 31 | 434332 | 5461345 | Grab | Niemi |
| 1126853 | <0.02 | 202 | 215 | 17 | 387 | 4 | 29 | 434332 | 5461345 | Grab | Niemi |
| 1126854 | <0.02 | 98 | 99 | 101 | 1020 | 165 | 57 | 430244 | 5464321 | Grab | Vegan |
| 1126855 | <0.02 | 160 | 94 | 84 | 392 | 50 | 14 | 430193 | 5464407 | Grab | Vegan |
| 1126856 | 1.78 | 154 | 297 | 90 | 967 | 117 | 50 | 430193 | 5464407 | Grab | Vegan |
| 1126857 | <0.02 | 70 | 86 | 90 | 561 | 72 | 21 | 430179 | 5434326 | Grab | Vegan |
| 1126858 | <0.02 | 138 | 61 | 79 | 457 | 92 | 15 | 430179 | 5434326 | Grab | Vegan |
| 1126859 | 1.44 | 286 | 1650 | 60 | 503 | 29 | 40 | 434647 | 5470491 | Grab | Island Showing/Giles |
| 1126860 | 1.35 | 169 | 1000 | 46 | 1050 | 16 | 49 | 434653 | 5470488 | Grab | Island Showing/Giles |
| 1126861 | 2.52 | 134 | 1410 | 73 | 161 | 39 | 18 | 434653 | 5470488 | Grab | Island Showing/Giles |
| 1126862 | 2.13 | 144 | 1650 | 86 | 299 | 27 | 22 | 434653 | 5470488 | Grab | Island Showing/Giles |
| 1126863 | 1.40 | 166 | 955 | 81 | 865 | 44 | 56 | 431382 | 5470295 | Grab | Camp |
| 1126864 | <0.02 | 55 | 406 | 27 | 500 | 16 | 27 | 433580 | 5470596 | Grab | Trans Island |
| 1126865 | <0.02 | 131 | 779 | 41 | 435 | 30 | 28 | 433580 | 5470596 | Grab | Trans Island |
| 1126866 | 0.80 | 231 | 973 | 62 | 1070 | 39 | 131 | 433547 | 5470595 | Grab | Trans Shoreline |
| 1126867 | 2.60 | 160 | 764 | 57 | 588 | 32 | 49 | 431384 | 5470295 | Grab | Camp |
| 1126868 | 1.10 | 190 | 603 | 50 | 1240 | 33 | 92 | 431261 | 5464042 | Grab | Newkirk |
| 1126869 | <0.02 | 99 | 86 | 83 | 933 | 202 | 115 | 430182 | 5464386 | Grab | Vegan |
| 1126951 | 2.00 | 225 | 1120 | 33 | 411 | 13 | 27 | 434676 | 5470505 | Grab | Island/Giles |
| 1126952 | 2.73 | 148 | 890 | 61 | 490 | 35 | 40 | 431386 | 5470290 | Grab | Camp |
The post Ultra Lithium Samples Up to 2.73% Lithium Oxide at the Georgia Lake Hard Rock Lithium Project in Thunder Bay, Northwestern Ontario, Canada appeared first on Investing News Network.
HIGHLIGHTS
Lithium Australia NL (ASX:LIT) is pleased to announce its first foray into Queensland’s potential lithium exploration and development sector with the lodgment of applications for ground prospective for lithium on Cape York. The breakthrough applications are the result of an enlarged strategy by Lithium Australia to now look Australia-wide to add to its strong domestic lithium holdings throughout Western Australia and the Northern Territory.
This national focus recently identified a very prospective geological environment in Far North Queensland, leading to the application for exploration permits covering most of the available vacant ground. The permit areas are located about 80km southwest of Princess Charlotte Bay (25km east of the Musgrave Roadhouse) and about 350km northwest of Cairns. The applications cover an area of 1,380 square kilometres along the very prospective margins of the leucogranite (Figure 1).
The geological focus is the historic recording of lepidolite in the Holroyd Group, a metamorphic sequence flanking prospective leucogranite source rocks. Pegmatites are known in the area and some prior mining for mica has taken place.
In addition to the lithium prospectivity, graphite has been identified in the Sugar Bag Creek Quartzite, and the George Quartzite which are major components of the metamorphic sequence.
Lithium Australia’s Managing Director, Mr Adrian Griffin:
“Our broadend nationwide search is designed to derisk the Company’s lithium exploration portfolio by providing exposure to multiple lithium opportunities across multiple state jurisdictions. The area we have identified in Far North Queensland shows the hallmarks we are looking for. It is the right geological environment, has past identification of the lithium mineral suite and has some historic pegmatite mining. Like so many other areas across Australia, lithium has never been an exploration or production target on Cape York. Exploration diversity strenghtens our portfolio and provides the opportunity to match the best available processing technology with the mineralszation types encountered.”
“The Queensland campaign adds to Lithium Australia’s strong and expanding project suite and technological alliances over 2016 with private and government stakeholders alike as well as its 100% ownership of the versatile Sileach™ processing technology and access to a number of other leading technologies.
Connect with Lithium Australia NL (ASX:LIT) to receive an Investor Presentation.
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On Monday, FMC (NYSE:FMC) announced that it would accelerate the expansion of its lithium hydroxide capacity, stating that it had signed a multi-year supply agreement with an electric vehicle manufacturer.
However, lithium analysts and market watchers noted that the release was light on detail, even questioning the company’s ability to up its output.
FMC’s release states that it has previously announced plans to triple its hydroxide production capacity, with 4,000 metric tons per year to come online mid 2017. An additional 4,000 tons will now be added, brining the company’s total hydroxide capacity to 18,000 metric tons.
Chris Berry of House Mountain Partners and the Disruptive Discoveries Journal wanted more details on how the expansion would come about:
Wish there was more detail in this $FMC release on #lithium capacity expansion. Costs? Source of feedstock?
— Chris Berry (@cberry1) July 25, 2016
While Joe Lowry of Global Lithium wondered the same thing:
#Lithium hydroxide announcement today by $FMC very interesting but where are the details? “MFG network” code for tolling – raw mat source?? — Joe Lowry (@globallithium) July 25, 2016
In fact, Lowry was doubtful that the company would be able to increase its capacity at all:
#Lithium hydroxide announcement today by $FMC very interesting but where are the details? “MFG network” code for tolling – raw mat source?? — Joe Lowry (@globallithium) July 25, 2016
Tom Schneberger, vice president and global business director of FMC Lithium, stated in the release, “Our manufacturing network is highly flexible, which allows us to increase capacity or accelerate expansion plans as customer needs warrant.” But Lowry questioned:
If $FMC‘s #lithium manufacturing is “highly flexible” why did their last expansion fail? Why has their share dropped every year since 2010?
— Joe Lowry (@globallithium) July 25, 2016
Indeed, FMC reported lithium segment earnings of $23 million for 2015, compared with an adjusted EBITDA of $213 million for Albemarle’s lithium business.
Lowry has previously questioned whether FMC should still be considered one of the lithium “Big 3,” pointing out that “Albemarle (NYSE:ALB)/Rockwood and SQM (NYSE:SQM) make more profit in a quarter than FMC does in a year.”
Shares of FMC are up 22 percent year-to-date, trading at $47.88 per share, while competitors Albemarle and SQM are up 52 percent and 30 percent respectively.
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Securities Disclosure: I, Teresa Matich, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: Joe Lowry was employed by FMC from 1989 to 2012. His most recent title was Global Sales and Business Development Director — Lithium.
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SAN DIEGO, July 25, 2016 (GLOBE NEWSWIRE) — Royale Energy, Inc. (OTCQB:ROYL) Royale and privately held Matrix Oil Corporation jointly announced today that they have entered into a Letter of Intent to merge in a combined stock and assumption of debt transaction. The $41.5 million transaction remains subject to completion of due diligence reviews and customary definitive documentation and the approval of the shareholders of both companies. The companies seek to complete the merger in the fourth quarter of 2016.
With oil and gas properties in the Sacramento, San Joaquin and Los Angeles Basins of California and the Permian Basin of Texas, Matrix brings to Royale an experienced technical and operations team along with a producing property set with substantial development upside. As of March 31, 2016, Matrix had total proved reserves of 12.2 million barrels of oil equivalent with a PV10 value of $102.8 million based on SEC Pricing. The Matrix reserve report prepared by Netherland, Sewell & Associates, Inc. includes over 80 proven undeveloped drilling locations mostly in the Los Angeles Basin. At closing, the combined company should have estimated daily production of approximately 650 barrels of oil equivalents per day. The company will retain the Royale Energy name with Matrix becoming a wholly owned subsidiary of Royale. Matrix will continue to operate from its current Santa Barbara, CA office.
“This combination of two great California companies is a persuasive value proposition for each company’s shareholders. The combination of Royale’s great shareholder base and 30-year operating history, with Matrix’s strong management team, technical expertise, current production and solid reserve base provides our company with the catalyst we needed for strong continuous growth,” said Harry Hosmer, founder and Chairman of Royale. “This transaction will strengthen us financially and strategically position us for further acquisitions. In addition, this transaction places us squarely on the path for qualification and timely application to re-list on NASDAQ.”
“Matrix is looking forward to closing this transaction and becoming an integral part of Royale’s future. Being a part of a publicly traded company brings us the long term capital optionality required to unlock the exceptional reserve base Matrix has built over the last 17 years. With our recent acquisition of Sansinena Field, Matrix now controls over 40 million barrels of 3P reserves along the Whittier Fault in eastern Los Angeles County,” said Johnny Jordan, President of Matrix. “Our founders and major stakeholders are all committed to closing this transaction and being a part of a unified California oil and gas focused growth story.”
In the proposed merger, Royale will issue one share of common stock for each share of common stock outstanding at the time of the execution of definitive documents, assume all of Matrix’s $12.5 million of secured term debt, and issue 2,000,000 shares of convertible preferred stock with a par redemption value of $10.00 per share. Assuming a $0.50 price per common share, the transaction is valued at approximately $41.5 million. The final terms of the new convertible shares will be available upon the execution of the forthcoming definitive documents.
Matrix’s strong technically focused management team has over 100 years of combined industry experience amongst its three founders, each of which will be active in the combined company. Upon consummation of the transaction, Jonathan Gregory will continue to serve as Chief Executive Officer of Royale and Johnny Jordan will become President and Chief Operating Officer. Don Hosmer will continue to head business development for Royale’s Direct Working Interest line of business and Stephen Hosmer will continue to serve as Royale’s Chief Financial Officer.
The board of the combined company will be comprised of four members from the current Royale board and four members to be appointed by Matrix. Two of the Matrix appointees will be Johnny Jordan and Jonathan Clarkson. Mr. Clarkson brings over 40 years of oil and gas industry expertise to the Royale board. He will serve alongside Harry Hosmer as non-executive Co-Chairman until Mr. Hosmer’s retirement. The reconstituted board will meet all of the independent director requirements of NASDAQ.
Legal counsel to Royale in the transaction is Strasburger & Price, LLP, Austin, Texas. Legal counsel to Matrix in the transaction is Porter & Hedges, LLP, Houston, Texas.
Northland Capital Markets has been retained to serve as financial advisor to Royale.
Royale intends to schedule an investor conference call once definitive documents have been executed to discuss these developments. Information regarding the call will be disclosed when available.
About Royale Energy, Inc.
Founded in 1986, Royale Energy, Inc. (OTCQB:ROYL) is an independent exploration and production company focused on the acquisition, development, and marketing of natural gas. Royale Energy has its primary operations in the Sacramento and San Joaquin basins in California.
About Matrix Oil Corp.
Matrix Oil Corporation (“Matrix”) is a private independent oil and natural gas production company based in Santa Barbara, CA. Since 1999, Matrix has acquired properties that have long-term and low-risk production. Currently, the company owns and operates oil-producing properties in the Los Angeles and San Joaquin Basins of California. It owns natural-gas producing properties in the Sacramento Basin and oil-producing royalty and non-operated properties in the Permian Basin of West Texas. In these focus areas, Matrix has lease and fee ownership in 15 producing fields in approximately 28,000 acres that hold in excess of 200 Matrix-interest wells.
Forward-Looking Statements
This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities and Exchange Act of 1934, as amended. Statements that are not strictly historical statements constitute forward-looking statements and may often, but not always, be identified by the use of such words such as “expects,” “believes,” “intends,” “anticipates,” “plans,” “estimates,” “potential,” “possible,” or “probable” or statements that certain actions, events or results “may,” “will,” “should,” or “could” be taken, occur or be achieved. The forward-looking statements include statements about future operations, estimates of reserve and production volumes and the anticipated timing for closing the proposed merger. Forward-looking statements are based on current expectations and assumptions and analyses made by Royale and Matrix in light of experience and perception of historical trends, current conditions and expected future developments, as well as other factors appropriate under the circumstances. However, whether actual results and developments will conform with expectations is subject to a number of risks and uncertainties, including but not limited to: the possibility that the companies may be unable to obtain stockholder approval or satisfy the other conditions to closing; the possibility that the combined company may be unable to obtain an acceptable reserve-based credit facility; that problems may arise in the integration of the businesses of the two companies; that the acquisition may involve unexpected costs; the risks of the oil and gas industry (for example, operational risks in exploring for, developing and producing crude oil and natural gas); risks and uncertainties involving geology of oil and gas deposits; the uncertainty of reserve estimates; revisions to reserve estimates as a result of changes in commodity prices; the uncertainty of estimates and projections relating to future production, costs and expenses; potential delays or changes in plans with respect to exploration or development projects or capital expenditures; health, safety and environmental risks and risks related to weather; further declines in oil and gas prices; inability of management to execute its plans to meet its goals, shortages of drilling equipment, oil field personnel and services, unavailability of gathering systems, pipelines and processing facilities and the possibility that government policies may change. Royale’s annual report on Form 10-K for the year ended December 31, 2015, recent current reports on Form 8-K, and other Securities and Exchange Commission (“SEC”) filings discuss some of the important risk factors identified that may affect its business, results of operations, and financial condition. Royale and Matrix undertake no obligation to revise or update publicly any forward-looking statements, except as required by law.
Contact: Royale Energy, Inc. Chanda Idano Director of Marketing & PR 619-383-6600 chanda@royl.comWelcome
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Nevada Sunrise (TSXV:NEV) has received drilling permits from the U.S. Bureau of Land Management to explore for lithium brines on the Clayton Northeast project and the Gemini project, both located in the Esmeralda county, Nevada, United States.
The BLM has approved up to 6 exploration drill hole locations at Clayton NE, and 10 drill hole locations at Gemini. Nevada Sunrise plans to drill up to 3 to 4 vertical holes at each project as an initial test to depths ranging from 300 to 600 metres, with follow-up drilling if warranted. The drill programs are proposed to begin later in 2016, following the closing of the announced property option transaction with Advantage Lithium Corp. (TSXV: AAL.H, formerly North South Petroleum Corp. – see Nevada Sunrise news release dated June 20, 2016 for further details).
For further information on Clayton NE and Gemini, including location maps and maps and sections showing the Gemini geophysical interpretation, see the Company’s website under “Projects-Nevada Lithium” at:http://www.nevadasunrise.ca/projects/nevadalithium/
About Clayton NE
Property consists of 50 unpatented placer claims totaling 1,000 acres (405 hectares);
Located in the Clayton Valley adjacent to the eastern boundary of the Silver Peak lithium mine operated by Albemarle Corporation (NYSE: ALB);
Several of Albemarle’s lithium brine production wells are situated within 100 metres west of the Clayton NE claim boundary;
A historical 1977 USGS drill hole (CV-5) located on Clayton NE was drilled to a depth of 479 feet (146 metres) and encountered lithium values in ground water ranging from 24 parts per million (“ppm”) to 110 ppm lithium, averaging 69.3 ppm lithium for a group of 11 samples, and averaging 65.75 ppm lithium for another group of 12 samples, analyzed both in the laboratory and in the field;
Nevada Sunrise plans to test for lithium brines with deeper holes than those drilled by the USGS in the 1970s.
About Gemini
Property consists of 247 unpatented placer claims totaling 4,940 acres (2,000 hectares);
Located in the Lida Valley, a desert basin with a similar geological setting to the established Clayton Valley basin, approximately 6 miles (10 kilometres) east of the town of Lida, Nevada;
Nevada Sunrise acquired Gemini by claim staking, with no applicable royalties;
Eureka Resources Inc. (“Eureka”) (TSXV: EUK) has acquired a 50% working interest in a joint venture at Gemini (see Nevada Sunrise news release dated January 21, 2016 for further details);
Dr. John Oldow’s geological research team collected approximately 500 gravity measurements along 7 transects crossing the Lida Valley, which indicated strong gravity lows within two, faulted sub-basins approximately 7 kilometres (4.5 miles) apart, each interpreted to be hundreds of metres deep;
Two separate TDEM surveys over Gemini West and Gemini East carried out in 2016 have each detected conductive zones within the sub-basins interpreted to represent conductive brines at depth located well below the non-conductive sediments at and near surface.
Connect with Nevada Sunrise (TSXV:NEV) to receive an Investor Presentation.
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VANCOUVER, BRITISH COLUMBIA–(Marketwired – July 25, 2016) – Advantage Lithium Corp. (the “Company” or “Advantage Lithium“) (TSX VENTURE:AAL), is pleased to announce that drill permits have been received by Nevada Sunrise Gold Corp. (“Nevada Sunrise”) for three lithium brine projects in Nevada, USA. The Jackson Wash, Clayton NE and Gemini Lithium projects are three of five included in the LOI earn-in agreement the company recently signed with Nevada Sunrise. The Company has commissioned, and received, for regulatory review, a NI 43-101 report on Jackson Wash, where a first phase program of US $560,000 is recommended. With preparations underway for active exploration, the Company has appointed Ross McElroy to the Board. Mr. McElroy, who has received multiple industry awards for exploration success, will oversee the Company’s work programs and assist in the assessment and acquisition of other top tier lithium projects in the US and South America.
Lithium Brine Project Highlights
David Sidoo, Director and proposed President of Advantage Lithium, commented, “Advantage Lithium is making excellent progress. We now have drill programs planned for a total of three lithium brine projects covered in our agreement with Nevada Sunrise. In addition, with Ross McElroy, one of Canada’s most successful exploration-focused geologists, officially joining us as both director and technical advisor, we can aggressively continue our strategy of assessing and acquiring strategic, prospective lithium projects.”
Mr. Ross McElroy, P. Geol. – Career Highlights
Mr. Ross McElroy is a professional geologist with nearly 30 years of experience in the mining industry. He is the winner of the PDAC Bill Dennis award for exploration success and the Northern Miner’s ‘Mining Person of the Year. He has comprehensive experience working with, and managing, many types of mineral projects, from grass roots exploration to feasibility and production. Most recently, Mr. McElroy has led Fission Uranium’s technical team to success with two major, high-grade discoveries in three years.
To accommodate the above Board appointment, the Hon. Herb Dhaliwal has resigned as director. The Board thanks the Hon. Dhaliwal for his participation and contributions to the Board and wishes him well in his future endeavours.
The technical information in this news release has been prepared in accordance with the Canadian regulatory requirements set out in National Instrument 43-101 and reviewed on behalf of the company by Ross McElroy, P.Geol., Technical Advisor to Advantage Lithium Corp., and the Designated Qualified person for the company.
About Advantage Lithium Corp.
Advantage Lithium Corp. is a resource company specializing in the strategic acquisition, exploration and development of lithium properties and is headquartered in Vancouver, British Columbia. Common Shares are listed on the TSX Venture Exchange under the symbol “AAL.H”.
ADVANTAGE LITHIUM CORP.
Nick DeMare, Corporate Secretary
Cautionary Statement:
Completion of the transaction is subject to a number of conditions, including but not limited to, Exchange acceptance and if applicable pursuant to Exchange Requirements, majority of the minority shareholder approval. Where applicable, the transaction cannot close until the required shareholder approval is obtained. There can be no assurance that the transaction will be completed as proposed or at all.
Investors are cautioned that, except as disclosed in the management information circular or filing statement to be prepared in connection with the transaction, any information released or received with respect to the transaction may not be accurate or complete and should not be relied upon. Trading in the securities of a capital pool company should be considered highly speculative.
The TSX Venture Exchange Inc. has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.
Certain information contained in this press release constitutes “forward-looking information”, within the meaning of Canadian legislation. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur”, “be achieved” or “has the potential to”. Forward-looking statements contained in this press release may include statements regarding the future operating or financial performance of Advantage Lithium which involve known and unknown risks and uncertainties which may not prove to be accurate. Actual results and outcomes may differ materially from what is expressed or forecasted in these forward-looking statements. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Among those factors which could cause actual results to differ materially are the following: market conditions and other risk factors listed from time to time in our reports filed with Canadian securities regulators on SEDAR at www.sedar.com. The forward-looking statements included in this press release are made as of the date of this press release and the Company and Advantage Lithium disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation.
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.
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Vancouver, British Columbia, July 25, 2016 – Eureka Resources (TSXV:EUK) is pleased to report that the Bureau of Land Management has approved the permit for drilling at the Gemini Lithium Project ( “Gemini” or the “Project”) located in the Lida Valley, Nevada.
The Gemini Project consists of 247 placer mining claims totalling 4,940 acres (2,000 hectares). Gemini hosts two deep sub-basins that have the potential for lithium-bearing brines similar to the proven lithium brine deposits located in the Clayton Valley. Lithium occurs in economic quantities within brines in the Clayton Valley where the only producing lithium mine in North America is located. Gemini is situated in a similar geologic environment and is 40 kilometres southeast of the Clayton Valley, however that is not necessarily indicative of the mineralization on the Gemini Project.
The objective of the drilling is to confirm first that the anomalies identified in the TDEM surveys conducted earlier this year contain brines and second to determine the chemical composition of those brines.
About the Gemini Lithium Project
The exploration strategy at Gemini is to target desert sub-basins, or playas, that exhibit similar geological and geophysical characteristics to the Clayton Valley basin where lithium brines are known to accumulate. The Clayton Valley hosts North America’s only producing lithium mine 40 kilometres (26 miles) to the northwest of Gemini. Such desert sub-basins can be delineated by gravity surveys that detect strong gravity lows. A geophysical gravity survey carried out in 2012 and 2013 indicated strong gravity lows at Gemini West and Gemini East, two faulted sub-basins located approximately 7 kilometres (4.5 miles) apart and each interpreted to be hundreds of metres deep. To view maps of Gemini visit:https://www.eurekaresourcesinc.com/projects/lida-valley
The decision to stake the Gemini claims was made after review of the geophysical gravity data in conjunction with the favourable local geology. Specifically, the late Miocene felsic volcanic tuffs adjacent to Gemini could provide a source of lithium for trapped ground-waters within the sub-basins.
In February and March 2016, Nevada Sunrise completed two reconnaissance time domain electromagnetic (“TDEM”) surveys totaling 23.3 kilometres (15.1 miles) across Gemini West and Gemini East. The TDEM surveys each detected conductive zones within the sub-basins defined by the previous gravity survey. The results gained from the surveys could be interpreted to be conductive brines at depth well below the non-conductive alluvium sediments at surface. A conductive layer 150–250 metres deep appears to cover most of Gemini West and Gemini East. In addition, several isolated strong conductive zones were interpreted at depths from 400 to 600 metres. The conductive layers and zones may be indicative of brine solutions in porous aquifers and traps within each sub-basin. After the review and interpretation of the compiled TDEM data was completed, the companies applied to the U.S. Bureau of Land Management for a drilling permit. There are no known drill holes at Gemini.
Connect with Eureka Resources (TSXV:EUK) to receive an Investor Presentation.
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The S&P/TSX Venture Composite Index (INDEXTSI:JX) saw a slight increase last week, rising by 3.73 points to 769.97.
Overall, the index is up 46.48 percent for 2016, a jump of 244.31 points total. Over a one-year period, those gains are not quite so extreme—the TSXV is up 22.45 percent, or 141.16 points.
A number of companies on the TSXV saw strong weekly percentage gains, specifically in the precious metals sector, with some jumping as high as 160 percent.
The top five gainers for the week were:
Here’s a closer look at those companies:
Topping last week’s TSXV list is Cava Resources, an exploration and development company focused on mineral and gas and oil properties throughout Canada. The company’s most recent news came at the end of June, when it announced the completion of a private placement financing of 13.1 million units at a price of $0.05 each for gross proceeds of $655,000.
Last week, shares of Cava Resources rose 160.87 percent to $0.60. The company did not release any additional news that would have explained its share price increase.
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Second on the list is Golden Dawn Minerals, whose shares increased 95.12 percent to $0.40. Currently, the company is consolidating its land position in the Greenwood Mining District by acquiring a number of gold assets.
Last week was a busy one for Golden Dawn Minerals, who made a number of announcements throughout the week. On July 19, the company announced the closing a of a private placement in the amount of $332,000; on July 20, Golden Dawn closed its final tranche of the non-brokered private placement for $93,000; and on July 21, the company announced the signing of a letter of intent for a metal purchase agreement with RIVI Capital.
Last week, Giyani’s shares rose 58.33 percent, a $0.07 increase, to $0.19. Year-to-date, the company has seen gains of 111.11 percent overall. Giyani Gold Corp was incorporated in July of 2007 and is focused on the acquisition, exploration, and development of gold properties in South Africa and Canada.
Last week, Giyani Gold announced the closing of a non-brokered private placement of 3,450,000 shares at a price of $0.10 each for total proceeds of $345,000.
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Up next is K92 Mining. The company is focused on advancing its Kainantu Gold Mine in Papua New Guinea towards production.
On July 21, K92 Mining announced it had closed its non-brokered private placement of 12.5 million units at $1.00 each for total proceeds of $12.5 million.
For the week, the company’s shares gained 51.97 percent, to finish at $1.93. The company is up 221.67 percent year-to-date.
Closing out last week’s TSXV list is Monarques Gold Corp, who is focused on developing gold properties in Quebec. The company currently has approximately 200 square kilometers of gold exploration along the Cadillac Break, including the Croinor Gold mine. On July 20, Monarques announced it had started engineering work for the Croinor Gold power mine with an initial $684,375 from the Ministère de l’Énergie et des Ressources Naturelles.
Over a five-day period, shares of Monarques rose 36.26 percent to $0.62. Its year-to-date increase, however, is much more significant, as the company has made gains of 933.33 percent overall.
Don’t forget to follow us @INN_Resource for real-time news updates!
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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, Jocelyn Aspa, hold no direct investment interest in any company mentioned in this article.
Top TSXV stocks in recent weeks:
5 Top TSXV Stocks: Jayden Resources Leads the Way
5 Top TSXV Stocks: Renaissance Oil Leaps by 71.43 Percent
5 Top TSXV Stocks: Renaissance Oil Surges 133.33 Percent
5 Top TSXV Stocks: Armor Minerals Rises 127.27 percent
5 Top TSXV Stocks: Nicola Mining Rises 65 percent
5 Top TSXV Stocks: Rugby Mining Tops the List Rising 100 percent
5 Top TSXV Stocks: Alset Energy Jumps 176.92 percent
5 Top TSXV Stocks: Cartier Resource Rises 55 Percent
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Gold prices ended the week fairly flat, down 0.39 percent as of 1:34 p.m. EST on Friday. The yellow metal was trading around $1,360 per ounce in early January, but has slipped to about $1,322.
Still, prices have held up well above the $1,300 level following Britain’s vote to leave the European Union back on June 23. Gold prices are still up 24 percent since the start of the year.
The yellow metal fell on Friday on the back of fresh expectations for an interest rate hike in the US, the Bullion Desk reported. Market watchers have shifted their views due to calmer market conditions.
The silver price was also down for the week, dropping 1.9 percent to trade at $19.59 per ounce as of 2:10 p.m. EST. Silver is up 40 percent so far this year, but some say that the white metal could be ripe for a correction. Writing for Silver Seek, Andrew Hamilton argued that silver prices could face a dip in the near future, but added that “even though silver faces a healthy near-term correction, its bull-market upside remains vast.”
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On the base metals side of things, copper prices were also flat, up 0.16 percent to $2.23 per pound as of 2:21 p.m. EST. The red metal dipped on Friday due to a stronger US dollar.
This Wednesday, the International Copper Study Group (ICSG) reported a deficit of 119,000 metric tonnes in the global refined copper market for the first four months of the year. That compares to a surplus of about 13,000 tonnes in 2015.
World mined production, as well as refined production of copper, increased by 4 percent and 4.5 percent respectively. However, global apparent refined usage was up by 6 percent, largely driven by stronger Chinese demand.
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Finally, spot oil prices dropped by 2.43 percent to $44.01 per barrel at 3:25 p.m. EST. Stronger exports from Iraq, combined with a rising number of oil rigs operating in the US, weighed on the energy commodity this week, as per Reuters.
“These large and increasing stocks will not only up the likelihood of additional commercial short hedges, but will also encourage the commercials to defer long hedges given the comfort of more than ample supply availability,” Jim Ritterbusch of oil markets consultancy Ritterbusch & Associates told the news agency.
Brent Crude prices were down 45 cents to $45.75 per barrel on Friday afternoon, while West Texas Intermediate dropped 56 cents to $44.19.
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Securities Disclosure: I, Teresa Matich, hold no direct investment interest in any company mentioned in this article.
Related reading:
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Weekly Round-Up: Gold Price Hits 2-Year High
Weekly Round-Up: Gold Boom
Weekly Round-Up: Gold Price Briefly Tops $1,300
Weekly Round-Up: Gold Boom
Weekly Round-Up: Gold Price Leaps on US Jobs Data
Weekly Round-Up: Gold Prices Dip on Increased Rate Hike Speculation
Weekly Round-Up: Gold Price Falls on Dollar Strength
The post Weekly Round-Up: Gold Dips on Stronger Dollar appeared first on Investing News Network.
Lundin Petroleum AB (Lundin Petroleum) is pleased to announce that its wholly owned subsidiary Lundin Norway AS (Lundin Norway) has commenced the 2016 exploration and appraisal campaign in the Loppa High area in the southern Barents Sea with the winterised Leiv Eiriksson semi-submersible drilling rig.
The 2016 drilling campaign consists of three wells commencing with the re-entry of the Alta-3 appraisal well 7220/11-3A in PL609 which was successfully drilled last year on the eastern flank of the Alta discovery. The objective of the Alta-3 re-entry is to deepen the well to further assess the quality of the Permian carbonate reservoir section as well as to conduct a production test. The original Alta-3 well encountered a gross hydrocarbon column of 120 metres and all three Alta wells drilled to date have proven pressure communication. The Alta discovery is estimated to contain gross contingent resources of between 125 and 400 million barrels of oil equivalents (MMboe).
Following the completion of the Alta-3 well the rig will move further north on PL609 to re-enter the suspended Neiden exploration well 7220/6-2 which was partially drilled last year. The Neiden well was suspended immediately above prognosed reservoir section in October last year due to winter restrictions for the drilling rig (Island Innovator). The Neiden prospect is estimated to contain gross unrisked prospective resources of 204 MMboe.
The third well to be drilled in the 2016 campaign is an exploration well targeting the Filicudi prospect on PL533 to the northwest of the Alta discovery and south of the Statoil operated Johan Castberg discovery. The Filicudi prospect is expected to contain Jurassic sandstone reservoir analogous to the Johan Castberg discovery. The Filicudi prospect is estimated to contain gross unrisked prospective resources of 258 MMboe.
Lundin Norway is the operator of both PL609 and PL533 and holds a 40 percent and 35 percent working interest in these respective licences.
The Leiv Eiriksson drilling rig has been contracted for three firm well slots with an additional six optional well slots.
Lundin Petroleum is a Swedish independent oil and gas exploration and production company with a well balanced portfolio of worldclass assets primarily located in Europe and South East Asia. The Company is listed on NASDAQ Stockholm (ticker “LUPE”). Lundin Petroleum has proven and probable reserves of 716.2 million barrels of oil equivalents (MMboe) as at 1 January 2016.
For further information, please contact:
| Maria Hamilton Head of Corporate Communications E-mail: maria.hamilton@lundin.ch Tel: +41 22 595 10 00 Tel: +46 8 440 54 50 |
Teitur Poulsen VP Corporate Planning & Investor Relations Tel: + 41 22 595 10 00 |
Forward-Looking Statements
Certain statements made and information contained herein constitute “forward-looking information” (within the meaning of applicable securities legislation). Such statements and information (together, “forward-looking statements”) relate to future events, including the Company’s future performance, business prospects or opportunities. Forward-looking statements include, but are not limited to, statements with respect to estimates of reserves and/or resources, future production levels, future capital expenditures and their allocation to exploration and development activities, future drilling and other exploration and development activities. Ultimate recovery of reserves or resources are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management.
All statements other than statements of historical fact may be forward-looking statements. Statements concerning proven and probable reserves and resource estimates may also be deemed to constitute forward-looking statements and reflect conclusions that are based on certain assumptions that the reserves and resources can be economically exploited. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as “seek”, “anticipate”, “plan”, “continue”, “estimate”, “expect”, “may”, “will”, “project”, “predict”, “potential”, “targeting”, “intend”, “could”, “might”, “should”, “believe” and similar expressions) are not statements of historical fact and may be “forward-looking statements”. Forward-looking 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. No assurance can be given that these expectations and assumptions will prove to be correct and such forward-looking statements should not be relied upon. These statements speak only as on the date of the information and the Company does not intend, and does not assume any obligation, to update these forward-looking statements, except as required by applicable laws. These forward-looking statements involve risks and uncertainties relating to, among other things, operational risks (including exploration and development risks), productions costs, availability of drilling equipment, reliance on key personnel, reserve estimates, health, safety and environmental issues, legal risks and regulatory changes, competition, geopolitical risk, and financial risks. These risks and uncertainties are described in more detail under the heading “Risks and Risk Management” and elsewhere in the Company’s annual report. Readers are cautioned that the foregoing list of risk factors should not be construed as exhaustive. Actual results may differ materially from those expressed or implied by such forward-looking statements. Forward-looking statements are expressly qualified by this cautionary statement.
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VANCOUVER, BRITISH COLUMBIA–(Marketwired – July 22, 2016) – Goldrea Resources Corp. (CSE:GOR)(FRANKFURT:GOJ)(OTC PINK:GORAF) announces that it has signed a definitive agreement to complete the acquisition of the previously announced Gaspe Lithium property located on the Gaspe peninsula in eastern Quebec. (news release June 28,2016)
The property is located approximately 75 kilometers northwest of the city of Gaspe, Quebec, in NTS map sheet 22H03 and covers historically reported elevated lithium values obtained from stream sediment samples. The highest recorded stream sediment sample from the Gaspe Lithium property returned a value of 159 ppm Li . For reference, the SIGEOM sediment sample database contains only five samples that exceed 150 ppm for the entire province of Quebec. The highest assaying lake sediment sample near Nemaska Lithium’s (NMX.T) proposed Whabouchi lithium open-pit resource returned a maximum of 10.9 ppm Li.
In addition to the 159 ppm sample taken from the property, another three stream sediment samples within the property boundaries include, using the first sample as a reference point for location: 105 ppm Li located 200 metres to the west, 24 ppm Li located 400 metres to the west, and 26 ppm Li located 700 metres to the north.
LCT (lithium-cesium-tantalum) pegmatites, such as the pegmatite hosting Nemaska Lithium’s Whabouchi deposit, typically occur in groups, which can consist of tens to hundreds of individuals and cover areas up to tens of square kilometres. Highly mobile elements such as lithium, rubidium, and cesium, and volatile components such as boron and fluorine tend to alter the adjacent country rocks during LCT pegmatite emplacement.
Goldrea has paid a $10,000 non-refundable deposit and will issue 600,000 shares to the vendors upon final transfer of claims by the Quebec government. This entitles Goldrea to 100% of the Gaspe Lithium property. No work commitment is required and the property is in good standing through May 22, 2018. The property is easily accessible with infrastructure in proximity.
“This acquisition puts Goldrea into a significant region of high interest for the development of Lithium properties,” states Jim Elbert, President/CEO of Goldrea Resources. “With the reported high value lithium numbers on these claims, Goldrea is planning a ground work program to do follow up in the near term. Working in Quebec has many benefits as well, given the encouragement and cooperation from that provincial government.”
The technical contents of this release were approved by Mr. Case Lewis, P.Geo., a Qualified Person as defined by National Instrument 43-101. The property has not yet been the subject of a National Instrument 43-101 report.
Forward-Looking Statements
The CSE has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. This news release may contain “forward-looking statements”, which are statements about the future based on current expectations or beliefs. For this purpose, statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements by their nature involve risks and uncertainties, and there can be no assurance that such statements will prove to be accurate or true. Investors should not place undue reliance on forward-looking statements. The Company does not undertake any obligation to update forward-looking statements except as required by law.
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CALGARY, AB –(Marketwired – July 22, 2016) – Husky Energy (TSX: HSE) made steady progress in the quarter against several objectives, including strengthening its balance sheet and further improving the quality of its production.
“This is a milestone moment for the Company, as the elements of the transformation initiated six years ago are now largely in place,” said CEO Asim Ghosh. “We have fortified our balance sheet, reduced our earnings break-even oil price and lowered our sustaining and maintenance capital requirements.
“In short, we are now a highly resilient business better positioned to generate free cash flow even in a lower for longer oil price environment.”
FORTIFYING THE BALANCE SHEET
The Company is in line to achieve and surpass its objective of less than two times net debt-to-cash flow from operations with the closing of several transactions, resulting in a balance sheet that is amongst the strongest in the industry. Upon the completion of the dispositions, net debt will be below $4.5 billion, compared to about $7 billion in the first quarter of 2016.
In addition, these initiatives advanced several strategic business objectives, including:
GROWING HIGHER QUALITY PRODUCTION
Several projects were progressed in the second quarter, including:
With a focus on higher quality production, Husky requires less sustaining and maintenance capital while providing for improved margins and reduced cash flow variability.
Through these structural changes, by the end of 2016 the overall earnings break-even is expected to be sub-$40 US WTI. Annual sustaining and maintenance capital requirements are down significantly from a historical average of $3 billion. Upstream sustaining and maintenance capital requirements are down from $2.3 billion to $1.8 billion, while Downstream remains steady at about $700 million. These totals are expected to decrease further with continued improvements in the quality of production.
IMPROVING EFFICIENCY AND RELIABILITY
Several planned turnarounds were completed in the quarter, further improving efficiency and reliability.
In Upstream, a six-week turnaround was conducted at the partner-operated Terra Nova FPSO (floating production, storage and offloading) vessel, while a three-week turnaround was completed at the Ram River gas plant in Alberta. Offshore China, the Wenchang oil field underwent a one-week turnaround.
In Downstream, a major eight-week turnaround was completed at the Lima Refinery and a five-week turnaround was performed at the Prince George Refinery. At the partner-operated refinery in Toledo, a 10-week turnaround was recently completed and startup operations are under way. The refinery is now able to process about 65,000 bbls/day of Hi-TAN crude to support production from the Sunrise Energy Project, while maintaining its overall capacity.
SECOND QUARTER RESULTS
Average Upstream production in the quarter was about 316,000 boe/day, reflecting planned turnarounds, the production interruption at Sunrise due to the Fort McMurray wildfires and reduced volumes from the Liwan Gas Project.
Even with the Western Canada dispositions of about 25,700 boe/day and lower sales volumes from Liwan, annual production guidance remains 315,000-345,000 boe/day, albeit at the lower end.
This is largely due to the consistent performance across the Upstream business, including strong results from the Lloyd thermal projects and the steady ramp ups at Sunrise and Tucker.
Throughputs at the refineries and Lloydminster Upgrader averaged 255,000 bbls/day, which takes planned turnarounds into account.
WTI prices averaged $45.59 US per barrel compared to $57.94 US per barrel in the second quarter of 2015. Average realized pricing for total Upstream production was $34.59 per boe, compared to $49.50 per boe in the second quarter of 2015.
Upstream operating costs were $13.90 ($10.79 US) per barrel compared to $15.72 ($12.78 US) per barrel a year ago, a reduction of 12 percent. The majority of these savings are expected to be sustainable due to the deliberate structural changes and efficiencies undertaken as part of Husky’s transformation.
Cash flow from operations was $488 million for the quarter, reflecting planned turnarounds, after-tax hedging losses of $79 million and an after-tax FIFO gain of $88 million.
Net earnings were a loss of $196 million, which takes into account the factors affecting cash flow as well as three non-cash items: a $71 million after-tax loss associated with the dispositions, a $12 million after-tax property impairment and $22 million in exploration and evaluation asset write-downs. Excluding the above non-recurring items, the adjusted net loss was $91 million.
| Three Months Ended | Six Months Ended | |||||||||
| June 30 2016 |
Mar 31 2016 |
June 30 2015 |
June 30 2016 |
June 30 2015 |
||||||
| 1) Daily Production, before royalties | ||||||||||
| Total Equivalent Production (mboe/day) | 316 | 341 | 337 | 329 | 346 | |||||
| Crude Oil and NGLs (mbbls/day) | 228 | 238 | 217 | 233 | 227 | |||||
| Natural Gas (mmcf/day) | 529 | 619 | 722 | 574 | 719 | |||||
| 2) Operating Netback ($/boe) (1)(2) | 17.30 | 9.68 | 28.93 | 13.34 | 25.10 | |||||
| 3) Refinery and Upgrader Throughput (mbbls/day) | 255 | 314 | 319 | 284 | 309 | |||||
| 4) Cash Flow from Operations(2) (Cdn $ millions) | 488 | 434 | 1,177 | 922 | 2,015 | |||||
| Per Common Share – Basic ($/share) | 0.49 | 0.43 | 1.20 | 0.92 | 2.05 | |||||
| Per Common Share – Diluted ($/share) | 0.49 | 0.43 | 1.20 | 0.92 | 2.05 | |||||
| 5) Net Earnings (Cdn $ millions) | (196) | (458) | 120 | (654) | 311 | |||||
| Per Common Share – Basic ($/share) | (0.20) | (0.47) | 0.11 | (0.67) | 0.30 | |||||
| Per Common Share – Diluted ($/share) | (0.20) | (0.47) | 0.10 | (0.67) | 0.27 | |||||
| 6) Adjusted Net Earnings (loss)(2) | (91) | (458) | 124 | (549) | 315 | |||||
| 7) Capital Investment, including acquisitions (Cdn $ millions) | 595 | 410 | 727 | 1,005 | 1,547 | |||||
| 8) Dividend Per Common Share ($/share) | 0.00(3) | 0.00(3) | 0.30 | 0.00(3) | 0.60 | |||||
| (1) | Operating netback includes results from Upstream Exploration and Production and excludes Upstream Infrastructure and Marketing. |
| (2) | Operating netback, cash flow from operations and adjusted net earnings (loss) are non-GAAP measures. Refer to Section 11 of the Q2 MD&A, which is incorporated herein by reference. |
| (3) | The quarterly common share dividend remains suspended. |
Area Summary
Heavy Oil
Thermal technology continues to fundamentally transform the heavy oil portfolio through the development of long life, low risk and capital efficient Lloyd thermal projects.
Three Lloyd thermal projects started up in the quarter, with combined design capacity of 24,500 bbls/day. Total Tucker and Lloyd thermal production is expected to be approximately 100,000 bbls/day once all three Lloyd projects are fully ramped up.
Western Canada
Approximately 25,700 boe/day of production, including royalty interests, was sold for about $1.2 billion. In addition, Husky obtained certain royalty transfers and lands in the Lloydminster region that will contribute to its growing thermal portfolio.
As a result of these transactions, sustaining and maintenance capital requirements are being further reduced and corporate asset retirement obligations are expected to be lowered by about $1.7 billion over the life of the assets, on an undiscounted basis.
Downstream
Work continued on the initial stages of the crude oil flexibility project at the Lima Refinery, which will allow the refinery to process up to 40,000 bbls/day of heavy crude feedstock. Initial capacity of 8,000 bbls/day of heavy crude feedstock capability is expected to be available in the fourth quarter, with the full scope of the project scheduled to be completed in 2018.
Construction continued on the Saskatchewan Gathering System expansion, with work expected to be completed in the third quarter.
Regulatory approval was received for the creation of a single expanded truck transport fuel network of 160 sites. The larger national network is expected to better serve Canadian commercial and truck transport customers.
Asia Pacific Region
China
Husky’s discussions with CNOOC and its affiliated entities to resolve an issue related to the Liwan Gas Project have progressed to a framework for resolution. Further updates will be provided as the details are finalized.
Liwan gross gas sales averaged 161 million cubic feet per day (mmcf/day), with associated liquids sales of 9,200 bbls/day.
Indonesia
Husky continues to progress its Madura Strait natural gas developments.
The wellhead and pipeline infrastructure at the liquids-rich BD field is more than 75 percent complete, and drilling is ongoing on four wells as part of the initial development plan. Construction of an FPSO to process gas and liquids from the field is about 85 percent complete, with the remaining processing modules scheduled for installation in the next few months. First production is expected to commence in 2017, with a net production target of 40 mmcf/day gas and 2,400 bbls/day of associated liquids.
At the shallow water MDA-MBH and MDK gas fields, tendering is under way for engineering, procurement, construction and installation contracts. The fields will be developed in tandem and share infrastructure.
Combined net sales volumes from the BD, MDA-MBH and MDK fields are expected to be approximately 100 mmcf/day of gas and 2,400 bbls/day of associated liquids once the fields are fully ramped up in the 2018-2019 timeframe.
Oil Sands
The Sunrise Energy Project continues its steady ramp-up following the restart of operations in June. All 55 well pairs are back online and recent production is more than 30,000 bbls/day.
The steam-oil ratio continues to steadily improve towards the design SOR of 3.0 while the water-oil ratio is in line with the forecast 3.6-3.8 range.
Atlantic Region
Average net production was about 32,700 bbls/day, which takes into account a six-week turnaround at the partner-operated Terra Nova FPSO.
The Henry Goodrich rig has resumed operations at North Amethyst. The Hibernia formation well is forecast to achieve net peak production rates of 5,000 bbls/day, with first oil expected in the fall of 2016. The rig will also be used for further development drilling at the White Rose field.
In the Flemish Pass Basin, an exploration and appraisal program on the Bay du Nord discovery area has concluded. Two oil discoveries were made at the Bay de Verde and Baccalieu prospects, and Husky and its partner are planning the next steps.
Husky holds a 35 percent working interest in the Bay du Nord, Mizzen, Harpoon, Bay de Verde and Baccalieu discoveries.
Q3 MAINTENANCE AND TURNAROUNDS
Upstream
Downstream
CORPORATE DEVELOPMENTS
Regular dividend payments on each of the Cumulative Redeemable Preferred Shares — Series 1, Series 2, Series 3, Series 5 and Series 7 — will be paid for the three month period ended September 30, 2016. The dividends will be payable on September 30, 2016 to holders of record at the close of business on August 29, 2016.
| Share Series | Dividend Type | Rate (%) | Dividend Paid ($/share) | |||
| Series 1 | Regular | 2.404 | $0.15025 | |||
| Series 2 | Regular | 2.269 | $0.14259 | |||
| Series 3 | Regular | 4.50 | $0.28125 | |||
| Series 5 | Regular | 4.50 | $0.28125 | |||
| Series 7 | Regular | 4.60 | $0.28750 | |||
CONFERENCE CALL
A conference call will take place on Friday, July 22 at 9 a.m. Mountain Time (11 a.m. Eastern Time) to discuss the Company’s second quarter results. CEO Asim Ghosh, COO Rob Peabody, CFO Jon McKenzie and Downstream Senior VP Bob Baird will participate in the call.
| To listen live:Canada and U.S. Toll Free: 1-800-319-4610 Outside Canada and U.S.: 1-604-638-5340 |
To listen to a recording (after 10 a.m. July 22)Canada and U.S. Toll Free: 1-800-319-6413 Outside Canada and U.S.: 1-604-638-9010 Passcode: 00616 followed by # sign Duration: Available until August 22, 2016 Audio webcast: Available for 90 days at www.huskyenergy.com under Investor Relations |
Husky Energy is one of Canada’s largest integrated energy companies. It is headquartered in Calgary, Alberta, Canada and its shares are publicly traded on the Toronto Stock Exchange under the symbols HSE, HSE.PR.A, HSE.PR.B, HSE.PR.C, HSE.PR.E and HSE.PR.G. More information is available at www.huskyenergy.com
FORWARD-LOOKING STATEMENTS
Certain statements in this news release are forward-looking statements and information (collectively “forward-looking statements”), within the meaning of the applicable Canadian securities legislation, Section 21E of the United States Securities Exchange Act of 1934, as amended, and Section 27A of the United States Securities Act of 1933, as amended. The forward-looking statements contained in this news release are forward-looking and not historical facts.
Some of the forward-looking statements may be identified by statements that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions or future events or performance (often, but not always, through the use of words or phrases such as “will likely result”, “are expected to”, “will continue”, “is anticipated”, “is targeting”, “estimated”, “intend”, “plan”, “projection”, “could”, “aim”, “vision”, “goals”, “objective”, “target”, “schedules” and “outlook”). In particular, forward-looking statements in this news release include, but are not limited to, references to:
There are numerous uncertainties inherent in projecting future rates of production and the timing of development expenditures. The total amount or timing of actual future production may vary from production estimates.
Although the Company believes that the expectations reflected by the forward-looking statements presented in this news release are reasonable, the Company’s forward-looking statements have been based on assumptions and factors concerning future events that may prove to be inaccurate. Those assumptions and factors are based on information currently available to the Company about itself and the businesses in which it operates. Information used in developing forward-looking statements has been acquired from various sources including third-party consultants, suppliers, regulators and other sources.
Because actual results or outcomes could differ materially from those expressed in any forward-looking statements, investors should not place undue reliance on any such forward-looking statements. By their nature, forward-looking statements involve numerous assumptions, inherent risks and uncertainties, both general and specific, which contribute to the possibility that the predicted outcomes will not occur. Some of these risks, uncertainties and other factors are similar to those faced by other oil and gas companies and some are unique to Husky.
The Company’s Annual Information Form for the year ended December 31, 2015 and other documents filed with securities regulatory authorities (accessible through the SEDAR website www.sedar.com and the EDGAR website www.sec.gov) describe risks, material assumptions and other factors that could influence actual results and are incorporated herein by reference.
Any forward-looking statement speaks only as of the date on which such statement is made, and, except as required by applicable securities laws, the Company undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of unanticipated events. New factors emerge from time to time, and it is not possible for management to predict all of such factors and to assess in advance the impact of each such factor on the Company’s business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statement. The impact of any one factor on a particular forward-looking statement is not determinable with certainty as such factors are dependent upon other factors, and the Company’s course of action would depend upon its assessment of the future considering all information then available.
Non-GAAP Measures
This news release contains the term EBITDA, which is a non-GAAP measure. Refer to Section 11 of the Q2 MD&A, which is incorporated herein by reference.
Disclosure of Oil and Gas Information
The Company uses the terms barrels of oil equivalent (“boe”), which is consistent with other oil and gas companies’ disclosures, and is calculated on an energy equivalence basis applicable at the burner tip whereby one barrel of crude oil is equivalent to six thousand cubic feet of natural gas. The term boe is used to express the sum of the total company products in one unit that can be used for comparisons. Readers are cautioned that the term boe may be misleading, particularly if used in isolation. This measure is used for consistency with other oil and gas companies and does not represent value equivalency at the wellhead.
In this news release, the Company uses the term operating costs per barrel, which is consistent with other oil and gas producer’s disclosures, and is calculated by dividing total operating costs for the Company’s Heavy Oil thermal or non-thermal production, as applicable, by the total barrels of such thermal or non-thermal production, as applicable. The term is used to express operating costs on a per barrel basis that can be used for comparisons.
Steam-oil ratio (“SOR”) measures the average volume of steam required to produce a barrel of oil. Water-oil ratio (“WOR”) measures the average volume of water produced per a barrel of oil. These measures do not have any standardized meanings and should not be used to make comparisons to similar measures presented by other issuers.
Earnings break-even reflects the estimated WTI oil price per barrel priced in US dollars required in order to generate a net income of CAD $0 in the 12 month period ending December 31, 2016. This assumption is based on holding several variables constant throughout the period, including: foreign exchange rate, light-heavy oil differentials, realized refining margins, forecast utilization of downstream facilities, estimated production levels, and other factors consistent with normal oil and gas company operations. This measurement is used to assess the impact of changes in WTI oil prices to the net earnings of the Company and could impact future investment decisions.
Note to U.S. Readers
All currency is expressed in Canadian dollars unless otherwise indicated.
For further information, please contact:
Investor Inquiries:
Rob Knowles
Manager, Investor Relations
Husky Energy Inc.
587-747-2116
Media Inquiries:
Mel Duvall
Manager, Media & Issues
Husky Energy Inc.
403-513-7602
The post Husky Energy Announces 2016 Second Quarter Results appeared first on Investing News Network.
CALGARY, ALBERTA–(Marketwired – July 21, 2016) – Suncor Energy today announced the release of its 2016 Report on Sustainability which includes new long-term sustainability goals addressing climate change and Suncor’s relationship with Aboriginal Peoples of Canada.
“These areas of focus are important to the sustainability of our company, our communities, and our country,” said Steve Williams, president and chief executive officer. “The way the world views energy development has fundamentally changed. Sustainability goals drive us far beyond our current capabilities, setting our ambition to be globally cost and carbon competitive, while meeting the energy needs in Canada and around the world.”
Suncor’s greenhouse gas emissions (GHG) goal: harness technology and innovation to be globally carbon competitive
We share in the global challenge to tackle climate change head on by reducing emissions, while providing energy the world needs. We will work to harness technology and innovation to set us on a transformational pathway to a low carbon energy system. We will start by reducing the total emission intensity of the production of our oil and petroleum products by 30% by 2030, through focused efforts in these areas:
• continue to drive energy efficiency at all our facilities, and where opportunities exist, switch to lower-carbon fuels such as natural gas;
• develop and pilot technology to fundamentally change how we extract bitumen and optimize downstream processing; and
• participate in greening the electricity grid towards a lower-carbon future by investing in cogeneration at our facilities and renewable energy.
“I believe in climate change and that the production and consumption of fossil fuels is contributing to this pressing global challenge,” said Williams. “I also believe we all have the opportunity – and responsibility – to collaborate on effective solutions.”
Suncor’s social goal: Building greater mutual trust and respect with the Aboriginal Peoples of Canada
Suncor’s long-term social goal recognizes the value of relationships, and focuses on changing the way we think and act so we can strengthen our relationships and increase the participation of Aboriginal Peoples in energy development. This isn’t work we do ‘to’ or ‘for’ Aboriginal Peoples. We must learn from, and with, partners and communities. Over the next 10 years and beyond we will focus on increasing the participation of Aboriginal Peoples in energy development through:
• strengthening relationships among Aboriginal and non-Aboriginal Canadians, starting within Suncor;
• partnering with Aboriginal youth to develop their leadership potential through meaningful connections within and outside of Suncor;
• significantly improving Aboriginal workforce development at Suncor through hiring, retention and advancement of Aboriginal employees across our business; and
• increasing revenues to Aboriginal businesses and communities through mutually beneficial marketing arrangements and procurement of materials and services.
“There are wide socio-economic gaps between Aboriginal Peoples and other Canadians and there is a strong public desire to bridge those gaps,” said Williams. “As Canada’s largest integrated energy company, we have an opportunity to lead and innovate.”
Suncor’s 2016 Report on Sustainability
In 2009, Suncor set an industry precedent by adopting a series of strategic environmental performance goals on water consumption, reclamation of disturbed lands, energy efficiency and air emissions for completion by the end of 2015. Suncor met three of four of these goals:
• Water: We reduced our fresh water consumption by 27%, surpassing our goal to reduce consumption by 12%.
• Land: We increased reclamation of disturbed land by 176%, surpassing our goal to increase reclamation by 100%. By 2015, we reclaimed 3,730 hectares of disturbed lands.
• Energy intensity: We improved our energy efficiency by 9%, reaching an overall energy intensity of 5.06 GJ/m3, coming within 1% of achieving our goal. Our new GHG goal will help us continue to reduce energy use in our operations.
• Air: We reduced our air emissions by 36%, significantly surpassing our goal to reduce emissions by 10%.
Beyond reporting Suncor’s performance in environment, social and economic areas, the report includes frank discussions on topical issues, including:
• A discussion about collaborating on Alberta’s Climate Leadership Plan and our new sustainability goals with Suncor president and CEO, Steve Williams;
• A Q&A on how energy executives and environmental leaders found common ground to work together to support Alberta’s historic climate change plan with Ed Whittingham, executive director of Pembina Institute and Arlene Strom, Suncor’s vice president of sustainability and communications;
• A discussion with Fiona Jones, Suncor’s general manager of sustainability on the climate change challenge and how we plan to meet our goal of reducing GHG emissions; and
• Our approach to technology development including updates to our technology portfolio, in which we invest more than $200 million annually.
Suncor believes that transparency is important to keep our stakeholders, and our shareholders informed on our performance. That’s why we voluntarily report on our environmental and social performance beyond regulatory requirements. Our annual Report on Sustainability is consistently recognized for excellence in reporting by environmental and investment communities. In addition to being listed on the TSX and NYSE, we are listed on the Jantzi Social Index, FTSE4Good, MSCI Global Sustainability Index and the Dow Jones Sustainability North American Index. Suncor provides reporting to the CDP, and is a member of the United Nations Global Compact, the world’s largest voluntary corporate citizenship initiative. Suncor is also the only oil and gas company that is a member of Ceres (a coalition of socially responsible investors, environmentalists and other groups).
We asked some of our employees why it’s important for Suncor to have a GHG goal. Here’s what they had to say: http://sunr.gy/mgEi302txQb
We asked some of our community partners why it’s important for Suncor to have a social goal. Here’s what they had to say: http://sunr.gy/gWvy302txWe
GHG Goal – http://www.marketwire.com/library/20160721-1063533b_bg.jpg
Social Goal – http://www.marketwire.com/library/20160721-1063533a_bg.jpg
Legal Advisory – Forward-Looking Information
This news release contains certain forward-looking information and forward-looking statements (collectively referred to herein as “forward-looking statements”) within the meaning of applicable Canadian and U.S. securities laws. Forward-looking statements are based on Suncor’s current expectations, estimates, projections and assumptions that were made by the company in light of its information available at the time the statement was made and consider Suncor’s experience and its perception of historical trends. Some of the forward-looking statements and information may be identified by words like “expects”, “anticipates”, “will”, “estimates”, “plans”, “scheduled”, “intends”, “believes”, “projects”, “indicates”, “could”, “focus”, “vision”, “goal”, “outlook”, “proposed”, “target”, “objective”, “continue”, “should”, “may” and similar expressions.
Forward-looking statements in this news release include references to Suncor’s GHG goal and social goal, including the areas of focus which Suncor will take to achieve such goals and the impacts of working towards such goals.
Forward-looking statements and information are not guarantees of future performance and involve a number of risks and uncertainties, some that are similar to other oil and gas companies and some that are unique to Suncor. Suncor’s actual results may differ materially from those expressed or implied by its forward-looking statements, so readers are cautioned not to place undue reliance on them.
Suncor’s Management’s Discussion and Analysis for the first quarter of 2016 dated April 29, 2016 and its Annual Information Form, Form 40-F and Annual Report to Shareholders, each dated February 25, 2016, and other documents it files from time to time with securities regulatory authorities describe the risks, uncertainties, material assumptions and other factors that could influence actual results and such factors are incorporated herein by reference. Copies of these documents are available without charge from Suncor at 150 6th Avenue S.W., Calgary, Alberta T2P 3E3; by email request to invest@suncor.com; by calling 1-800-558-9071; or by referring to suncor.com/FinancialReports or to the company’s profile on SEDAR at sedar.com or EDGAR at sec.gov. Except as required by applicable securities laws, Suncor disclaims any intention or obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Suncor Energy is Canada’s leading integrated energy company. Suncor’s operations include oil sands development and upgrading, onshore and offshore oil and gas production, petroleum refining, and product marketing under the Petro-Canada brand. A member of Dow Jones Sustainability indexes, FTSE4Good and CDP, Suncor is working to responsibly develop petroleum resources while also growing a renewable energy portfolio. Suncor is listed on the UN Global Compact 100 stock index and the Corporate Knights’ Global 100. Suncor’s common shares (symbol: SU) are listed on the Toronto and New York stock exchanges.
Suncor Energy and the Suncor Energy Foundation (SEF) have a proud history helping build sustainable communities through collaborative partnerships that enhance the quality of life in key operating areas. Over the past 15 years, Suncor and the SEF have invested more than $190 million in charitable and non profit organizations across Canada and internationally. The SEF is a private, charitable foundation established to receive Suncor’s contributions and support registered Canadian charitable organizations. For more information about Suncor Energy and our community investment program, please visit our website at suncor.com/community.
Suncor’s renewable energy interests include six operational wind power projects totaling a generating capacity of 287 megawatts and Canada’s largest ethanol plant by production volume with a current production capacity of 400 million litres per year.
Suncor works with Aboriginal communities across Canada to increase their participation in energy development. One of the ways we do this is through business development opportunities. Suncor has worked with more than 150 Aboriginal communities, including in the Regional Municipality of Wood Buffalo, home to our oil sands operations, and other locations through our Petro-Canada-branded retail, wholesale and lubricant products and services. In 2015, we spent $599 million in goods and services with Aboriginal-owned businesses, bringing our total to approximately $3 billion since 1999. There are 21 Petro-Canada branded gas stations owned by First Nations and one wind project where a First Nation is an equity partner.
Petro-Canada, a Suncor business, operates almost 1,500 retail stations and 280 Petro-Pass wholesale locations nationwide. Petro-Canada’s retail loyalty program, Petro-Points™, provides Canadians with the opportunity to earn and redeem rewards. Petro-Canada is proud to be a National Partner of the Canadian Olympic and Paralympic committees, supporting Canadian athletes, coaches and their families for more than 25 years. For more information, visit petro-canada.ca.
For more information about Suncor, visit our web site at suncor.com, follow us on Twitter @SuncorEnergy, or come and See what Yes can do.
The post Suncor Energy releases 2016 Report on Sustainability and new long-term sustainability goals appeared first on Investing News Network.
CALGARY, ALBERTA–(Marketwired – July 21, 2016) – Raging River Exploration Inc. (“Raging River“) (TSX:RRX) and Rock Energy Inc. (“Rock“) (TSX:RE) are pleased to announce that they have completed the previously announced acquisition by Raging River of all the issued and outstanding Rock common shares (the “Rock Shares“) pursuant to a plan of arrangement under the Business Corporations Act (Alberta) (the “Arrangement“).
Additional corporate information relating to Raging River can be found on Raging River’s website at www.rrexploration.com or on www.sedar.com.
Additional Notes to Rock Shareholders
Rock shareholders who have not already done so should submit their certificates representing Rock Shares to Computershare Investor Services Inc., the depositary pursuant to the Arrangement, together with the applicable letters of transmittal following the instructions set out in such letters of transmittal in order to receive the consideration that they are entitled to pursuant to the Arrangement. Letters of transmittal were sent to Rock shareholders and additional copies may be obtained by contacting Computershare Investor Services Inc. by telephone at 1-800-564-6253 (Canada and U.S.) or 1-514-982-7555 (Outside North America) or by e-mail at corporateactions@computershare.com.
As a result of the Arrangement, Rock Shares will be delisted from trading on the Toronto Stock Exchange.
The post Raging River Exploration Inc. Announces Closing of Corporate Acquisition of Rock Energy Inc. appeared first on Investing News Network.
Evolving Gold (CSNX:EVG) (OTCB:EVOGF) has closed a non-brokered flow-through private placement, which raised gross proceeds of $300,000.
The company issued 600,000 flow through shares at a price of 50 cents per flow-through share. Commissions of $18,000 (6 per cent) and expenses of $1,000 were paid in connection with the private placement. In accordance with applicable securities legislation, the flow-through shares issued in the private placement are subject to a statutory hold period of four months and one day.
The proceeds from the financing will be used to carry out an exploration program on the recently acquired Lithium Lakes property.
The post Evolving Gold Closes $300,000 Private Placement appeared first on Investing News Network.
VANCOUVER , July 21, 2016 /CNW/ – Wealth Minerals Ltd. (the “Company” or “Wealth”) – (TSXV: WML; OTCQB: WMLLF; SSE: WMLCL; Frankfurt: EJZ), announces that its Chilean subsidiary has entered into a formal option agreement giving it the right to acquire a 100% royalty-free interest in the Pujsa 1 to 7 exploration concessions located in the Pujsa Salar (the “Property”), Region II, northern Chile (see NR16-14, June 16 , 2016). The Company also provides a corporate update regarding the proposed acquisition of Li3 Energy, as announced February 1, 2016 .
Pujsa Salar
The concessions comprising the Property cover an area of approximately 1,600 hectares located 83km from the town of San Pedro de Atacama. Access to the Property is via Route 27, a highway located to the north of the claim block, and then south by gravel road to the Property.
Wealth Chile and the property owner have now executed the formal option agreement, which has been submitted for registration with the Mining Registry of Calama. The initial USD 200,000 payment was made upon the execution of the formal documents. The remaining payments are as follows:
|
Date |
Payment |
|
December 13, 2017 |
USD 50,000 |
|
June 13, 2018 |
USD 750,000 |
|
June 13, 2019 |
USD 800,000 |
|
June 13, 2020 |
USD 850,000 |
The transaction was accepted for filing by the TSX Venture Exchange on June 24 , 2016. Wealth is now in the process of formulating an initial program of work consisting of prospecting and sampling to determine the existence, nature, extent and distribution of lithium at the Property.
Wealth continues to have active and ongoing discussions with respect to the acquisition of interests in a number of prospective salars in Chile , as well as discussions with a number of potential industry partners.
Update on Li3 Energy Transaction
Wealth’s team continues to conduct due diligence on Li3 Energy and its underlying assets and continues to be in close dialog with Li3 Energy’s management. The recently announced transaction between Li3’s local Chilean partner, Minera Salar Blanco , and an Australian company contemplates the addition of a new partner on the operating side of the Salar de Maricunga project and a much-needed cash injection to move the project forward. A transaction of this type was expected and while it does not impact the LOI between Li3 and Wealth, it does effect the interest of Li3 in that project. As a result, Wealth will now be conducting a review of the terms of the proposed transaction and evaluating its effect on the initially proposed terms of the transaction with Li3.
About Wealth Minerals Ltd.
Wealth is a mineral resource company with interests in Canada , Mexico , Peru and Chile. The Company’s main focus is the acquisition of lithium projects in South America . To date the company has positioned itself to develop the Calientes, Pujsa and Maricunga Salars in Chile . Lithium market dynamics and a rapidly increasing metal price are the result of profound structural issues with the industry meeting anticipated future demand. Wealth is positioning itself to be a major beneficiary of this future mismatch of supply and demand. The Company also maintains and continues to evaluate a portfolio of precious and base metal exploration-stage projects.
The post Wealth Signs Formal Option Agreement on Pujsa Salar Corporate Update on Li3 Energy Transaction appeared first on Investing News Network.
MONTREAL, QUEBEC–(Marketwired – July 21, 2016) – Glen Eagle Resources Inc. (TSX VENTURE:GER) (“Glen Eagle” or the “Company”) is pleased to announce that the transaction to sell its Authier lithium asset for the sum of CDN $4 000 000 has been closed after Sayona Mining Limited and Glen Eagle have complied with all the requisites to finalize the transaction including full payment made by Sayona Mining Limited to acquire the Authier asset.
The proceeds will be used in part to purchase additional mining equipment to increase Cobra Oro’s production capacity at its already profitable processing plant in Honduras, pay back its debt and acquire gold mining concessions for exploration purposes while staying focussed on its core business as a gold producer. Due to the transaction, the Company believes that it can achieve these objectives and still remain with well over two million dollars in its treasury.
Gilles Laverdiere, P.Geo., a qualified person under NI 43-101 has approved the content presented herein.
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 release.
The post Glen Eagle Closes the Sale of Its Authier Lithium Asset for Net Proceeds of $4 000 000 Dollars appeared first on Investing News Network.
NexGen Energy (TSX:NXE) has reported assay results for four holes from its recently completed winter 2016 drilling program on its 100 percent owned Rook I projecet in the Athabasca Basin in Saskatchewan.
As quoted in the press release:
Highlights: A1 Shear The discovery of substantial mineralization in the A1 shear has now been confirmed in two holes.
• AR-16-84c1 (discovery hole) intersected 28.5 m at 2.13% U3O8 including 11.0 m at 3.99% U3O8 and an additional 18.0 m at 0.98% U3O8 in the A1 shear.
The A1 shear remains mostly untested, and is already host to mineralization over a strike length of 360 m. Assays from hole AR-16-84c1 which represent a total composite grade x thickness (“GT”) of 79 add to the already released results from hole AR-16-84c3 which was drilled 33 m down-dip and southwest from hole – 84c1 and intersected 13.0 m at 1.39% U3O8 (see News Release dated July 19, 2016).
Furthermore, holes AR-16-91c3 and -91c4 have assays pending and both encountered significant visible uranium mineralization including 49.5 m of total composite mineralization including 5.0 m of off-scale radioactivity in hole -91c3 and 87.0 m of total composite mineralization including 4.1 m of off-scale radioactivity in hole -91c4 (see News Release dated July 13, 2016).
The new high grade discovery zone in the A1 is wide open to the northeast (Figure 1). It will be a primary focus of the 35,000 m summer drill campaign as the Company aggressively pursues resource growth opportunities through continued infill, expansion and discoveries at Arrow and the Rook I project.
Click here to read the full press release.
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The post NexGen Energy Reports Assays Confirm New High Grade Discovery appeared first on Investing News Network.
TORONTO, ONTARIO–(Marketwired – July 20, 2016) –
NOT FOR DISSEMINATION IN THE US OR THROUGH US NEWSWIRE SERVICES
Summary Highlights:
Neo Lithium Corp. (“Neo Lithium” or the “Company”), a company with 100% ownership of the Tres Quebradas Lithium Project (the “3Q Project”), a newly discovered and unique lithium salar and brine reservoir complex in Catamarca Province, Argentina, is pleased to announce that effective July 20, 2016, the Company’s common shares will commence trading under the ticker symbol NLC on the TSX Venture Exchange.
“I am extremely pleased with the strong support and confidence of our investors as they clearly see, and believe in the strength and quality of the 3Q Project,” said Dr. Waldo Perez, President and CEO of Neo Lithium Corp. “Our team is confident that this new discovery has the potential to be a large high grade discovery – The brine found in an open reservoir has the right chemistry for a low cost evaporation process, contains potash as a valuable by-product, and lithium grades are equal or superior to most other known undeveloped projects and many producing mines.”
A High Grade, Low Impurity Discovery
The 3Q Project consists of a salar and brine reservoir complex. Brine reservoirs are open lakes filled with hyper saline high density brine (instead of water). Brine sampling results at surface in the salar and at surface and depth in the reservoir show values comparable to and in most cases higher than current producing mines or projects in construction. The reservoirs are contiguous to larger salars that also host high grade lithium brine at surface.
The whole area registers anomalous lithium and potassium, but the northern portion of the 3Q salar and brine reservoir complex encompasses a high grade target that extends for approximately 14 km in length and 2.8 km in width. The preliminary brine sampling results in the northern brine reservoir (28 in total) contained an average Lithium concentration of 895 mg/l and Potassium of 7,694 mg/L. Surface samples in the northern salar (32 in total) contained an average Lithium concentration of 784 mg/l and Potassium of 6,796 mg/L (lithium concentrations in both zones range between 400 to 4,000 mg/L and Potassium concentrations between 5,100 to 18,000 mg/L).
The preliminary brine sampling results also indicate that the northern target contains remarkably low levels of critical impurities, which when compared to lithium brine projects around the world are among the lowest in the industry. The average Magnesium/Lithium ratio is between 1.58 Mg/Li in the brine reservoir to 1.87 Mg/Li in the salar and the average Sulphate/Lithium ratio is between 0.46 SO4/Li in the salar to 0.67 SO4/Li in the brine reservoir. Sulfate and Magnesium are critical impurities in the Lithium industry because they could increase operational costs significantly and many projects become uneconomic at high impurity levels. As a reference no producing project in the world today has a Magnesium/Lithium ratio higher than 7 and a Sulphate/Lithium ratio higher than 55.
The Right Location
The 3Q Project is located in Catamarca, the largest lithium producing province in Argentina, in the southern end of the “Lithium Triangle” of the Puna Plateau. The area is characterized by high altitude salt flats, some of which contain elevated lithium concentrations. The largest brine lithium mines and projects in the world are located in salars in the Lithium Triangle.
There are no aboriginal communities or inhabitants in the area and the 3Q Project is only 25 km from the border with Chile, where the Maricunga Salar is located. The Maricunga Salar is another high grade lithium brine project that is located over a highway 250 km away from the Chilean port of Caldera (Copiapo). That means that with potentially minimal infrastructure improvement, 3Q could be the closest Argentinean project to a Chilean port.
Large Footprint
The 3Q Project extends for over 160Km2 of salars and lithium reservoirs. The Northern Target alone extends for over 14×2.8 km of high grade low impurities brine. Only drilling will be able to determine the size of the 3Q Project, but the footprint is comparable to other large lithium deposits. About 1/3 of the 3Q footprint is formed by a brine reservoir (i.e. lake) and 2/3 by the salar.
100% Ownership of Property, Salar and Brine Complex
Neo Lithium is in a very enviable position and benefits from a 100% ownership of the entire salar complex. The ownership structure allows the Company to have no boundaries and limitations concerning the timely execution of its 3Q Project development strategy. The three largest producing salars in the world are all shared by two or more companies. Atacama Salar (Chile) is a shared resource between SQM and Albermarle, Hombre Muerto salar (Argentina) is shared between FMC and Galaxy and Cauchari-Olaroz salar (Argentina) is shared between Orocobre and Lithium Americas. Other minor projects also have shared salars, the 3Q Project would be one of the few cases where one company controls the whole salar.
Strong Balance Sheet
Neo Lithium is well funded with approximately $17.5 million in net cash to see the Company through its exploration and development activities leading to a Lithium Carbonate PEA Report, which is expected to be ready during the first half of 2018. Clarus Securities Inc., GMP Securities L.P. and PowerOne Capital Markets Limited acted as agents in completing the Company’s recent private placement resulting in the issuance of an aggregate of 11,700,000 common shares at a price of $1.00 per share for total gross proceeds of $11,700,000.
“The enviable qualities of the 3Q Project provide us with an outstanding opportunity to become a leader in the lithium market,” noted Constantine Karayannopoulos, Chairman of Neo Lithium Corp. “We are remarkably well positioned with a strong balance sheet, an exceptional property and a precise business plan. Our board and management team bring extensive Lithium industry know-how to our Company, with a proven track record in global exploration, project execution, market development and capital markets.”
Technical Information
The technical contents of this press release have been reviewed and approved by Dr. Waldo Perez, Ph.D., P. Geo., a qualified person pursuant to National Instrument 43-101 (“NI 43-101″). Dr. Perez is CEO and President of the Company, and is a geologist with a technical background in mineral exploration, including lithium brines.
The results for the 3Q Project stated herein are based on the analysis of surface brine samples in the salar and surface and deep samples in the lake (reservoir). The reservoir was sampled using an inflatable boat with a 2 L vertical-type Alpha water sampler with a 2.2 L capacity. Vertical samples down the lake were collected every one meter depth. Surface samples in the lake were collected in a 1x1Km regular grid. Surface samples in the salar were collected in a 1x2Km regular grid digging a 1 m depth hole in the salt crust.
The brine samples collected in the field were delivered by Company personnel to Andesmar Transport Company (“Andesmar”) in La Rioja, in the province of Rioja. Andesmar delivered the samples by truck to ASL, an ISO 9001-2008-certified laboratory in Mendoza, Argentina. ASL used the following analytical methodologies: ICP-OES (inductively-coupled plasma-optical (atomic) emission spectrometry) to quantify boron, barium, calcium, lithium, magnesium, manganese, and potassium; an argentometric method to assay for chloride; a gravimetric method to analyze for sulfate; a volumetric analysis (acid/base titration) for the evaluation of alkalinity (as CaCO3); a gravimetric method to determine density and total dissolved solids; and, a laboratory pH meter to determine pH. All analytical work is subject to a systematic and rigorous Quality Assurance-Quality Control. A reference (“standard”) sample was inserted into the sample stream at a frequency of approximately 1 in 15 samples; a field blank was inserted at a frequency of approximately 1 in 15 samples; and a field duplicate sample was inserted at a frequency of approximately 1 in 15 samples.
Additional information on sample results and estimates at 3Q are available in the Company’s technical report titled “Technical Report on the Tres Quebradas Lithium Project Catamarca Province, Argentina” with an effective date of June 6, 2016.
About Neo Lithium Corp.
Neo Lithium is a company governed by the laws of the Province of Ontario, which holds mineral and surface rights over a newly discovered and unique lithium salar and brine reservoir complex in Catamarca Province, Argentina. The technical team that discovered this unique complex is one of the most experienced in the modern era in lithium salars, having discovered and lead the technical work, including resource definition and full feasibility study that established the Cauchari lithium salar as one of the largest and highest quality lithium salars in the world.
Additional information regarding Neo Lithium Corp., its business activities and the Transaction are available on SEDAR at www.sedar.com under the Company’s profile.
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. Investors are cautioned that, except as disclosed in the disclosure document to be prepared in connection with the Transaction, any information released or received with respect to the Transaction may not be accurate or complete and should not be relied upon. The TSX Venture Exchange Inc. has in no way passed upon the merits of the Transaction and has neither approved nor disapproved the contents of this press release.
Forward Looking Statements – Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of the Company. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.
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A recent article on northerminer.com highlighted Western Uranium Corporation (CSNX:WUC) (OTCQX:WSTRF) and advancing toward production at its Sunday Mine Complex located in western Colorado.
As quoted in the article:
Earlier this year, Western Uranium (CSE: WUC) landed a uranium supply contract with a U.S. utility for delivery beginning in 2018 and lasting through 2022.
The company expects to restart production at its fully permitted Sunday mine complex in Colorado this year.
Western Uranium also has six other past-producing mines in Colorado and Utah.
In addition, through its takeover of Black Range Minerals last year, the company acquired proprietary in situ uranium extraction technology called “ablation.”
The junior plans to use the low-cost, environmentally friendly technology at its Sunday Complex and market it to other miners.
The Sunday Complex contains measured and indicated resources of 1 million lb. U3O8 and 6.1 million lb. V2O5 in 203,170 short tons grading 0.25% U3O8 and 1.49% V2O5. Inferred resources add 264,604 tons at 0.36% U3O8 and 2.16% V2O5.
Connect with Western Uranium Corporation (CSNX:WUC) (OTCQX:WSTRF) to receive an Investor Presentation.
The post Western Uranium: A High-Tech Mineral Producer appeared first on Investing News Network.
A recent report by epsteinresearch.com highlighted Dajin Resources Corp. (TSXV:DJI,OTCMKTS:DJIFF) and their lithium properties in Nevada.
As quoted in the report:
Dajin is an example of a Li junior with staying power. Led by an experienced and respected team including technical advisors & consultants, it has been operating with boots on the ground in Nevada for about two years and over six years in ARG. Six of eight team members listed onDajin’s website have direct experience spanning geology, mining, drilling, green field exploration, exploration techniques, regional mapping, geoscience, hydrology, project management, social responsibility, geothermal energy & volcanism. Several team members also have experience on the ground in NV & ARG.
In a prior article on Epstein Research I explained why Dajin is well ahead of most global Li juniors. In this article I discuss the under-reported issue of NV water rights. Essentially, there are a few dozen NV focused Li juniors, most clustered in a few basins spread across a few counties. How will half, a quarter or even an eighth of these aspirants obtain water rights in a timely fashion, without undue expense?
Expert, highly experienced consultants are essential when pursuing water rights. Yet, how many NV water rights experts are out there? How many Nevada Division of Water Resources (“NDWR”) State engineers are there? Enough to process potentially a few dozen applications? A good way to introduce the topic is by describing a recent action taken by Albemarle Corporation (NYSE: ALB).
Connect with Dajin Resources Corp. (TSXV:DJI,OTCMKTS:DJIFF) to receive an Investor Presentation.
The post Epstein Research: Dajin Resources Has Accomplished More Than Most in Nevada appeared first on Investing News Network.
VANCOUVER, British Columbia, July 20, 2016 (GLOBE NEWSWIRE) — Pure Energy Minerals Limited (TSX VENTURE:PE) (FRANKFURT:A111EG) (OTCQB:HMGLF) (the “Company” or “Pure Energy”) is pleased to announce the closing of its previously announced best efforts private placement of Units (the “Offering”), for aggregate gross proceeds of $6,161,046. Including the full exercise of the over-allotment option, the Company issued a total of 11,201,902 Units at a price of $0.55 per Unit. The Offering was brokered by a syndicate led by Dundee Securities Ltd., and including Echelon Wealth Partners Inc. and Haywood Securities Inc. (collectively, the “Agents”).
The Company intends to use the net proceeds of the Offering for exploration and engineering work on the Clayton Valley South (“CVS”) Project, working capital and general corporate purposes.
“We appreciate the vote of confidence from the investors, Agents and the extended team who helped us close this offering on an oversubscribed basis. It is a pleasure to welcome these strong new shareholders into Pure Energy Minerals. Empowered by this capital infusion, we turn our attention to delivering the next milestones at our CVS Lithium Brine Project. Our dedicated team is well on its way to completing the underlying work necessary for the preliminary economic assessment (PEA) expected later this year,” stated Patrick Highsmith, CEO of Pure Energy.
Further to the Company’s news release dated July 11, 2016, each “Unit” issued under the Offering is comprised of one common share of the Company (each a “Share”) and one Share purchase warrant (a “Warrant”). Each Warrant is exercisable to acquire one Share at an exercise price of $0.80 for a period of 36 months from closing of the Offering.
On closing of the Offering the Agents were paid a commission comprised of a cash fee in the amount of $322,915, and an aggregate total of 575,910 Agents’ warrants. Each Agents’ warrant is exercisable to acquire one Share at a price of $0.55 for a period of 36 months from closing of the Offering. All securities issued under the Offering, including securities issuable on exercise thereof, are subject to a hold period expiring four months and one day from closing of the Offering.
The securities sold under the Offering have not been, and will not be, registered under the U.S. Securities Act or any U.S. state securities laws, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
About Pure Energy Minerals Limited
Pure Energy is a lithium-brine resource developer that is driven to become the lowest-cost lithium supplier for the burgeoning North American lithium battery industry. Pure Energy is currently focused on the development of our prospective CVS Lithium Brine Project, which has the following key attributes:
On behalf of the Board of Directors,
“Patrick Highsmith”
Chief Executive Officer
Forward Looking Statements: The information in this news release contains forward looking statements that are subject to a number of known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those anticipated in our forward looking statements. Factors that could cause such differences include: changes in world commodity markets, equity markets, costs and supply of materials relevant to the mining industry, change in government and changes to regulations affecting the mining industry. Forward-looking statements in this release include statements regarding the use of proceeds, future exploration programs, operation plans, geological interpretations, mineral tenure issues and mineral recovery processes. Although we believe the expectations reflected in our forward looking statements are reasonable, results may vary, and we cannot guarantee future results, levels of activity, performance or achievements.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release
CONTACT: CONTACT: Pure Energy Minerals Limited (www.pureenergyminerals.com) Email: info@pureenergyminerals.com Telephone – 604 608 6611, ext 5Get Our Expert Guide to Lithium Investing FREE!
Click here to download this FREE Insider’s Report, "Investing in Lithium Stocks Post Rockwood Lithium". Sponsored by Dajin Resources Corp.
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Vancouver, BC / TheNewswire / July 20, 2016 – Dajin Resources Corp. (TSXV:DJI,OTCMKTS:DJIFF) – Dajin Resources Corp. (“Dajin”) is pleased to report that Mergent, Inc.’s Editorial Board has approved Dajin for a listing in Mergent Manuals and News Reports™. Dajin’s corporate profile, which includes descriptive text data as well as news and financial statements, will be accessible via Mergent’s online and print products, says Dajin’s President and CEO, Brian Findlay.
As part of Mergent’s listing services, the new description will be highlighted separately on www.mergent.com with an active hyperlink back to Dajin’s website.
The Mergent Industrial Manual and News Reports™ is a recognized securities manual in 39 states for purposes of Blue Sky Manual Exemption. First published in 1918, and formerly known as Moody’s™ Manuals and News Reports, the publication was rebranded as Mergent Manuals and News Reports when Mergent, Inc. acquired Moody’s™ Financial Information Services division in 1998. Dajin’s listing will aid the brokerage community in making a market for the company’s stock. However, it is recommended that brokers confirm with their compliance/legal department concerning “Blue Sky” laws in specific states and other regulatory laws that might affect them.
Connect with Dajin Resources Corp. (TSXV:DJI,OTCMKTS:DJIFF) to receive an Investor Presentation.
The post Dajin Announces Approval for listing in Mergent Manuals and News Reports (TM) appeared first on Investing News Network.
VANCOUVER, BRITISH COLUMBIA–(Marketwired – July 19, 2016) – Millennial Lithium Corp. (TSX VENTURE:ML), (“Millennial” or the “Company“) wishes to announce that it has entered into a binding property purchase agreement (the “Agreement”) to acquire 100% of a Lithium Project (the “Project”) in Salta Province Argentina from an Argentinean vendor (the “Vendor”), subject to TSX Venture Exchange (the “Exchange”) approval and other customary conditions described therein. The Project is strategically located within the “Lithium Triangle”, which is host to some of the world’s largest lithium resources.
At this time, the Company is not disclosing the Project location or the Project Vendor because it is awaiting the outcome of negotiations for additional properties and disclosing the precise location of the Project or the name of the Vendor (which would also identify the Project) could be harmful to the Company’s efforts in this regard.
The Salta Province of Argentina is a well known, favourable mining jurisdiction which hosts some of the world’s largest lithium resources. A review of published data on the Project clearly shows a prominent regional-scale structure with abundant evidence of hydrothermal activity.
The Project salar is located in the elevated and arid Puna region and forms part of a number of highly mineralized salars in production and development, including amongst others:
Hombre Muerto Salar – Galaxy Resources (ASX) and FMC Corp. (NYSE)
Olaroz Salar – Orocobre Limited (ASX)
Rincon Salar – Enirgi Group (Private)
Cauchari Salar – Lithium Americas (TSX) and SQM JV
Diablillos Salar – Lithium-X Energy (TSX)
Under the terms of the Agreement, Millennial can acquire a 100% interest in the Project in consideration for the following payments and share issuances to the Vendor:
– Paying a $200,000 USD deposit on execution of the Agreement;
– Paying $500,000 USD and issuing $500,000 USD in common shares of the Company on Exchange approval of the definitive agreement;
– Paying $500,000 USD and issuing $500,000 USD in common shares of the Company on the six month anniversary of Exchange approval of the definitive agreement; and
– Paying $1,000,000 USD on the twelve month anniversary of Exchange approval of the definitive agreement.
A finder’s fee (the “Finder’s Fee”) equal to the maximum finder’s fee permitted under the policies of the Exchange will be paid to Synergy Resource Capital (described below) for introducing the Project. The Finder’s Fee will be paid in cash in tranches as the payments above are made to the Vendor.
The Project is subject to a 1.5% NSR, which the Company has the option to purchase for USD$3 Million.
Concurrent Private Placement Financing
The Company currently has sufficient working capital to cover its operating expenses and planned expenditures on other properties for the next 12 months but will require additional capital to finance its commitments under the Agreement.
As a result, the Company is engaging in a non-brokered private placement financing (the “Financing”), the proceeds of which will finance its financial obligations resulting from the Agreement. The Financing will see the Company issue a total of two and half million units at a price of $0.65 cents per unit. Each unit comprises one common share and one-half of a share purchase warrant exercisable for a period of two years at an exercise price of $0.90. A finder’s fee equal to 6% will be payable on a portion of the financing.
About Synergy Resource Capital
Synergy Resource Capital is an investment and corporate advisory firm focused in connecting Latin American resource projects with investors worldwide. The firm relies on its extensive network of contacts and financial acumen to assist investors looking to acquire or invest in assets throughout the region as well as companies seeking funding for expansion and growth as well as divestment. Synergy is based in Sydney, Australia, and has allies throughout the Americas.
The Chairman of the Company, Graham Harris, states: “We are delighted to be back again working in Argentina. Our ability to acquire a significant lithium asset is resultant from our previous exploration experiences and networks in the country. We would like to thank all involved for helping us secure this strategic asset. We look forward to expanding our land holdings and announcing our plans for turning Millennial Lithium into a low cost lithium producer.”
This news release has been reviewed by Brent Butler, director, qualified person as that term is defined in National Instrument 43-101.
The Agreement and the Financing are subject to regulatory approval including that of the TSX Venture Exchange.
MILLENNIAL LITHIUM CORP.
Kyle Stevenson, President & Director
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 RELEASE.
“This news release may contain forward-looking statements. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.”
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TORONTO, ONTARIO–(Marketwired – July 19, 2016) – Denison Mines Corp. (“Denison” or the “Company”) (TSX:DML)(NYSE MKT:DNN) is pleased to announce the initiation of a Pre-Feasibility Study (“PFS”) for its 60% owned Wheeler River property, located in the infrastructure rich eastern portion of the Athabasca Basin region in northern Saskatchewan, and the results from its first infill drill hole at the basement-hosted Gryphon deposit. Drill hole WR-668 intersected 0.93% eU3O8 over 14.1 metres (including 2.1% eU3O8 over 3.7 metres and 1.4% eU3O8 over 1.3 metres) and 2.4% eU3O8 over 7.3 meters (including 3.7% eU3O8 over 4.5 metres), which reinforces the high grade results previously reported for the Gryphon deposit.
Work towards a PFS for Wheeler River was initiated earlier this year, following the completion of a successful Preliminary Economic Assessment (“PEA”), which evaluated the economic merit of co-developing the high grade Gryphon and Phoenix deposits. The results of the PEA were released on April 4, 2016 and were highlighted by a pre-tax IRR of 20.4%, based on a long term uranium price of US$44 per pound U3O8, and initial capital costs to Denison of CAD$336M.
The objective of the infill drilling program is to increase the level of confidence of the previously released inferred resources estimated for the Gryphon deposit to an indicated level – an important step in completing the PFS. Based on the drilling completed to the end of 2015, the Gryphon deposit is estimated to contain 43.0 million pounds U3O8 (above a cut-off grade of 0.2% U3O8) based on 834,000 tonnes of mineralization at an average grade of 2.3% U3O8. The PFS activities and related infill drilling program will continue throughout the summer and will run in parallel to a two drill exploration program, which is focused on resource expansion through the discovery of additional mineralization in the Gryphon D series lenses. Significant D series lenses were discovered during the winter 2016 exploration program and remain open in all directions. The D series lenses are not included in the current resource estimate for the Gryphon deposit, or the Wheeler River PEA.
Denison’s President and CEO, David Cates, commented, “The first infill drilling result at Gryphon reminds us of the high-grade nature of this basement hosted uranium deposit. Based on the PEA for the Wheeler River project, the Gryphon deposit is expected to be mined using low-cost conventional mining techniques in advance of mining the unconformity hosted Phoenix deposit. In addition to the PFS and related infill drilling program, we are focused on expanding the resource base at Gryphon, as we follow up on the discovery of additional Gryphon D series lenses to the north of the main Gryphon deposit. Taken together, our exploration and project development teams are planning to be very active on the Wheeler River project this summer.”
Initiation of Pre-Feasibility Study Program
In the second quarter of 2016, Denison initiated a work program to support the completion of a PFS for the Wheeler River project and to ultimately advance the project a further step towards production. Initial PFS activities, to date, have included:
Gryphon Infill Drilling Program
The Gryphon uranium deposit is hosted in basement rock, centred approximately 220 metres below the sub-Athabasca unconformity, and is currently estimated to contain inferred resources of 43.0 million pounds U3O8 (above a cut-off grade of 0.2% U3O8) based on 834,000 tonnes of mineralization at an average grade of 2.3% U3O8. The resource estimate for the Gryphon deposit includes the A, B and C series lenses – a set of parallel, stacked, elongate mineralized lenses that are broadly conformable with the basement geology and dip moderately to the southeast and plunge moderately to the northeast. The inferred resource estimate was derived from a drill hole spacing of approximately 50 x 50 metres with drill holes oriented steeply toward the northwest – intersecting the geology and mineralized lenses at high angles to provide for an accurate evaluation of the true thickness of the mineralization. An infill drilling program has been designed to achieve a drill hole spacing across the A, B and C series lenses of approximately 25 x 25 metres. The infill drilling program has been designed with the assistance of Roscoe Postle Associates Inc. (“RPA”), an independent technical consulting firm who prepared the current resource estimate for the Gryphon deposit, and is expected to require approximately 40 drill holes, which will also be oriented steeply toward the northwest. To reduce drill time to mineralization as well as drilling costs, and improve drilling accuracy, a directional drilling method will be employed which involves drilling of a single parent hole from surface with multiple “daughter holes” drilled from part way down the parent hole. The daughter holes are steered to their respective targets using specialized drilling equipment.
Infill drilling planned for the summer 2016 work program is expected to complete approximately 10 of the estimated 40 infill drill holes required to upgrade the confidence of the A, B and C series lenses at Gryphon. With the Gryphon D series lenses expanding the mineralized footprint around the Gryphon deposit, commencing infill drilling in 2016 is expected to allow for a larger portion of the resources at or around Gryphon to be categorized as indicated and incorporated into the Wheeler River PFS in late 2017. The summer 2016 infill program will also provide the exploration team an opportunity to gain experience with the directional drilling method under local bedrock conditions in advance of the winter 2017 drilling season – where drilling is expected to be focused primarily on completion of the Gryphon infill drilling program.
Results from the first infill drill hole WR-668 included:
The results can be correlated with previous intersections of the A, B and C lenses in neighbouring holes and the high grades were consistent with previous results demonstrating good lens and grade continuity. As the drill hole was oriented steeply toward the northwest, consistent with previous Gryphon drill holes, and the basement mineralization is interpreted to dip moderately to the southeast, the true thickness of the mineralization is expected to be approximately 75% of the intersection lengths. The results are reported as radiometric equivalent U3O8 (“eU3O8“) derived from a calibrated total gamma down-hole probe using a cut-off of 0.1% eU3O8, a minimum mineralization thickness of 1.0 metre and maximum waste of 2.0 metres. All mineralized intersections will be sampled for chemical U3O8 assay. A property location map of Wheeler River is provided in Figure 1 and the location of WR-668 is shown in Figure 2.
Further details regarding the Gryphon deposit and the current mineral resources estimated at Wheeler River are provided in the report titled “Technical Report on a Mineral Resource Estimate For The Wheeler River Property, Eastern Athabasca Basin, Northern Saskatchewan, Canada.”, dated Nov. 25, 2015, authored by William E. Roscoe Ph.D, P.Eng. and Mark B. Mathisen C.P.G of RPA. A copy of this report is available on Denison’s website and under Denison’s profile on SEDAR (www.sedar.com).
Qualified Persons
The disclosure of a scientific or technical nature contained in this news release was prepared by Dale Verran, MSc, Pr.Sci.Nat., Denison’s Vice President, Exploration, who is a Qualified Person in accordance with the requirements of NI 43-101. For a description of the assay procedures and the quality assurance program and quality control measures applied by Denison, please see Denison’s Annual Information Form dated March 24, 2016 filed under the Company’s profile on SEDAR at www.sedar.com.
The disclosure regarding the initiation of Pre-Feasibility Study Program contained in this news release was reviewed and approved by Peter Longo, P. Eng, MBA, PMP, Denison’s Vice-President, Project Development, who is a Qualified Person in accordance with the requirements of NI 43-101.
RPA, an independent technical consulting firm, was retained by Denison on behalf of the Wheeler River Joint Venture to assist in the design of the infill drilling program for the Gryphon deposit. The work was undertaken by Mark Mathisen, C.P.G., Senior Geologist, and peer reviewed by David Ross, M.Sc., P.Geo, Director – Resource Estimation who are both “Qualified Persons” in accordance with NI 43-101.
About Wheeler River
The Wheeler River property is a joint venture between Denison (60% and operator), Cameco Corp. (30%), and JCU (Canada) Exploration Company Limited (10%), and is host to the high-grade Gryphon and Phoenix uranium deposits discovered by Denison in 2014 and 2008, respectively. The Gryphon deposit is hosted in basement rock and is currently estimated to contain inferred resources of 43.0 million pounds U3O8 (above a cut-off grade of 0.2% U3O8) based on 834,000 tonnes of mineralization at an average grade of 2.3% U3O8. The Phoenix unconformity deposit is located approximately 3 kilometres to the southeast of Gryphon and is estimated to include indicated resources of 70.2 million pounds U3O8 (above a cut-off grade of 0.8% U3O8) based on 166,000 tonnes of mineralization at an average grade of 19.1% U3O8, and is the highest grade undeveloped uranium deposit in the world.
On April 4th, 2016 Denison announced the results of a Preliminary Economic Assessment (“PEA”) for the Wheeler River Project, which considers the potential economic merit of co-developing the high-grade Gryphon and Phoenix deposits as a single underground mining operation. The PEA returned a base case pre-tax Internal Rate of Return (“IRR”) of 20.4% based on the current long term contract price of uranium (US$44.00 per pound U3O8), and Denison’s share of estimated initial capital expenditures (“CAPEX”) of CAD$336M (CAD$560M on 100% ownership basis). Exploration results from the winter and summer 2016 drilling program have not been incorporated into the resource estimate or the PEA. Additional infill drilling, required to improve the confidence in the existing mineral resources estimated for the Gryphon deposit, commenced in the summer of 2016 and is expected to be completed in 2017 as the Company advances the project towards the completion of a Pre-Feasibility study (“PFS”). The PEA is preliminary in nature and includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them to be categorized as mineral reserves, and there is no certainty that the preliminary economic assessment will be realized. Mineral resources are not mineral reserves and do not have demonstrated economic viability.
About Denison
Denison is a uranium development and exploration company focused in the infrastructure rich eastern portion of the Athabasca Basin region in northern Saskatchewan, Canada. Highlighted by its 60% owned Wheeler River development project, which hosts the high grade Gryphon and Phoenix uranium deposits, Denison’s project portfolio covers over 350,000 hectares and includes a 22.5% interest in the McClean Lake uranium mill, which is permitted for annual production of up to 24 million pounds U3O8 and is currently processing ore from the Cigar Lake mine under a toll milling agreement. Denison’s interests in the eastern Athabasca Basin also include a 61.55% interest in the J Zone deposit on the Waterbury Lake property, a 25.17% interest in the Midwest deposit, and a 22.5% interest in the McClean lake uranium deposits – all of which are located within 20 kilometres of the McClean Lake mill.
Denison is also engaged in mine decommissioning and environmental services through its Denison Environmental Services division and is the manager of Uranium Participation Corp., a publicly traded company which invests in uranium oxide and uranium hexafluoride.
Follow Denison on Twitter: @DenisonMinesCo.
Cautionary Statement Regarding Forward-Looking Statements
Certain information contained in this press release constitutes “forward-looking information”, within the meaning of the United States Private Securities Litigation Reform Act of 1995 and similar Canadian legislation concerning the business, operations and financial performance and condition of Denison. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “expects”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “believes”, or the negatives and/or variations of such words and phrases, or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur”, “be achieved” or “has the potential to”. In particular, this press release contains forward-looking information pertaining to the following: exploration (including drilling) and evaluation activities, plans and objectives; potential mineralization of drill targets; and the estimates of Denison’s mineral resources.
Forward looking statements are based on the opinions and estimates of management as of the date such statements are made, and they are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Denison to be materially different from those expressed or implied by such forward-looking statements. Denison believes that the expectations reflected in this forward-looking information are reasonable but there can be no assurance that such statements will prove to be accurate and may differ materially from those anticipated in this forward looking information. For a discussion in respect of risks and other factors that could influence forward-looking events, please refer to the “Risk Factors” in Denison’s Annual Information Form dated March 24, 2016 available under its profile at www.sedar.com and in its Form 40-F available at www.sec.gov/edgar.shtml. These factors are not, and should not be construed as being, exhaustive.
Accordingly, readers should not place undue reliance on forward-looking statements. The forward-looking information contained in this press release is expressly qualified by this cautionary statement. Denison does not undertake any obligation to publicly update or revise any forward-looking information after the date of this press release to conform such information to actual results or to changes in its expectations except as otherwise required by applicable legislation.
Cautionary Note to United States Investors Concerning Estimates of Measured, Indicated and Inferred Mineral Resources: This press release may use the terms “measured”, “indicated” and “inferred” mineral resources. United States investors are advised that while such terms are recognized and required by Canadian regulations, the United States Securities and Exchange Commission does not recognize them. “Inferred mineral resources” have a great amount of uncertainty as to their existence, and as to their economic and legal feasibility. It cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to a higher category. Under Canadian rules, estimates of inferred mineral resources may not form the basis of feasibility or other economic studies. United States investors are cautioned not to assume that all or any part of measured or indicated mineral resources will ever be converted into mineral reserves. United States investors are also cautioned not to assume that all or any part of an inferred mineral resource exists, or is economically or legally mineable.
To view Figure 1, please visit the following link: http://media3.marketwire.com/docs/dml0719fig1.pdf.
To view Figure 2, please visit the following link: http://media3.marketwire.com/docs/dml0719fig2.pdf.
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