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Sassy Resources Expands More Creek Corridor, Discovers New Surface High-Grade Gold-Silver Zone

Sassy Resources Expands More Creek Corridor, Discovers New Surface High-Grade Gold-Silver Zone

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This article was originally published by The Gold Report

Source: Peter Epstein for Streetwise Reports   09/09/2020

Peter Epstein of Epstein Research discusses an explorer that he believes offers high-grade precious/base metal discovery potential.

Sassy Resources Corp. (SASY:CSE) is a largely unknown spinout from Crystal Lake Mining (now called Enduro Metals). Sassy controls 100% of a promising gold-silver play in the Eskay Camp, at the heart of B.C.’s Golden Triangle (GT). The Foremore project covers 14,585 contiguous hectares (ha) containing high-grade precious metal targets plus showings of zinc, lead and copper.

Sassy has an Enterprise Value (EV) {market cap + (0) debt – (~$2 million) cash} of ~$20 million. The capital structure is tight with only 29.1 million shares outstanding. {Please see my prior article here for further details about Sassy’s free float}. Sassy is the 16th largest pre-production junior in the GT.

Sassy’s high-grade Foremore compares in size to well-known GT projects

Compare Sassy’s 14,585 ha footprint to other high-profile GT projects like Skeena Resources‘ Eskay Creek @ 6,151 ha, and Ascot’s Premier (8,133 ha) + Red Mountain (17,125 ha). Tudor Gold owns 60% of the (17,913 ha) Treaty Creek project, and Benchmark Minerals has the (14,000 ha) Lawyers project.

Readers, consider that early next year Skeena (on its 6,151 ha Eskay Creek alone) expects to report an upsized resource of >5 million ounces of gold equivalent, at >5 g/t gold equivalent. Sassy’s footprint is both sizable and centrally located.

Exploration on and around the Foremore property dates back >30 years. It includes prospecting, mapping, sampling, airborne and ground geophysical surveys, and 71 drill holes (+11 new holes last month, and a 2,000 meter program starting soon). Nearly $15 million has been invested, $20 million+ in today’s dollars.

Nearby projects include Newmont’s/Teck Resources‘ Galore Creek to the northwest, Teck’s/Copper Fox’s Schaft Creek to the north, Enduro Metals’ Newmont Lake to the southwest, and Skeena and Eskay Mining projects to the south.

Australian major Newcrest Mining is in the GT through its 70% ownership of the Red Chris Mine. Billion dollar companies Pretium Resources, Seabridge Gold and Hochschild Mining are active there as well.

Newmont and Teck are building the Galore Creek road passing directly through Sassy’s property, allowing for easier, less-expensive, year-round access to the Foremore site.

Teck is also a partner in nearby Schaft Creek. This bodes well for further investments by both companies into regional infrastructure and mining services, for the benefit of all parties, including Sassy Resources.

Best historical intercepts from a total of 71 holes:

Phase I was recently completed, followed by borehole electromagnetic surveys at each drilling location (BRT and Toe Showings) within each zone along the 5-km-long historic More Creek Corridor. Drilling intersected additional mineralization at shallow depths, extending the base/precious metals-rich BRT zone (gold, silver and base metals) by 115 meters along strike. A new style of mineralization was also discovered.

The company’s technical team is pleased to have confirmed the conductivity of BRT-style mineralization through the use of Borehole EM (BHEM) surveys. The More Creek Corridor mineralization was previously thought to be non-conductive, but early success with BHEM at BRT bodes well for its use in ground and airborne EM surveys for future exploration initiatives across the entire project.

Preliminary assays were received for the first three holes of Phase I. The reason the results are not out is that a number of extra steps are being taken to confirm the accuracy of the preliminary assays before announcing the final assays on the three holes.

Broad high-grade gold/silver Westmore target rises to top of must-drill list

While exciting, Phase I was just the first of two high-grade project areas Sassy is laser-focused on. The bigger prize could very well be 3 km southwest—the Westmore “WM” target—to be drilled for the first time (ever), testing the continuity of the quartz vein-hosted high-grade, gold-silver mineralization to depth.

Until recently, much of WM (distinct from the More Creek Corridor), was covered by ice and snow year-round. As a result, there’s been a dearth of exploration. However, the maiden surface program last year, (done when Sassy was a private company), returned 15.3 to 125.5 g/t gold, plus 203 g/t to 1,900 g/t silver in the best six chip and grab samples. At spot prices, the 125.5 g/t gold + 1,900 g/t silver sample = ~152 g/t gold equivalent.

New surface discovery, including visible gold, at Westmore….

In recent weeks, further work at WM demonstrated that vein density increases significantly in a south/south-easterly direction up to 400 meters from the initial surface discovery. Mineralization remains open to the north, south and east, and visible gold has increasingly been observed (assays pending on nearly 400 surface samples).

The primary area of interest covers a minimum of 2 x 2 km. To say that management, the board, advisors and technical team are anxious to start drilling at WM would be a gross understatement! In fact, the Phase II campaign of 2,000 meters is now 100% directed at WM…. Just 1 of 12 known groups of precious and base metal showings within the Foremore project area.

Mr. Mark Scott, Sassy Resources president and CEO, commented,

“We are very pleased with how quickly this new surface discovery is building out and ticking all the boxes at this early stage. We look forward to drill-testing the Westmore target later this month.”

Mr. Ian Fraser, VP Exploration added,

“The distribution of veins, up to two meters wide, is impressive, along with the extent of galena. The system has an order and coherency to it at surface which will allow for an effective drill strategy right off the bat. We’re a year into this, and Westmore keeps looking better. This has the earmarks of a potential new Eskay Camp gold-silver drilling discovery.”

Conclusion

Sassy Resources (CSE: SASY) is poised to move forward on a new high-grade, gold-silver target in the heart of the Eskay Camp, in the middle of B.C.’s GT. Management had planned to drill several of 12 high-grade showings. However, recent surface work convinced management to focus entirely on a promising 2 x 2 km area at Westmore.

This is a company with high-grade precious/base metal discovery potential, near-term Phase I drill results, in a world-class jurisdiction, in the midst of a bull market. And, readers are reminded that Sassy has a very tight capital structure, just 29.1 million shares outstanding.

I’m tracking 529 gold-heavy Canadian and U.S.-listed juniors with market caps between $3 million and $999 million. Including Sassy, 36 have substantially all, or at least their most important assets, in the GT. The average gain of the top 20 GT juniors is +516% (from 52-week lows). The top 5 are up an average of +950%, the top 10, +785%. Wow.

Compare that to Sassy at $0.75/share, up +150% from its last capital raise done at $0.30. Subject to some good luck with the drill bit (based on strong data and expert drill targeting) this story has legs.

Readers understand and agree that they must conduct their own due diligence above and beyond reading this article. While the author believes he’s diligent in screening out companies that, for any reasons whatsoever, are unattractive investment opportunities, he cannot guarantee that his efforts will (or have been) successful. [ER] is not responsible for any perceived, or actual, errors including, but not limited to, commentary, opinions, views, assumptions, reported facts and financial calculations, or for the completeness of this article or future content. [ER] is not expected or required to subsequently follow or cover events and news, or write about any particular company or topic. [ER] is not an expert in any company, industry sector or investment topic.

Peter Epstein is the founder of Epstein Research. His background is in company and financial analysis. He holds an MBA degree in financial analysis from New York University’s Stern School of Business.

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Disclosures: The content of this article is for information only. Readers fully understand and agree that nothing contained herein, written by Peter Epstein of Epstein Research [ER], (together, [ER]) about Sassy Resources, including but not limited to, commentary, opinions, views, assumptions, reported facts, calculations, etc. is not to be considered implicit or explicit investment advice. Nothing contained herein is a recommendation or solicitation to buy or sell any security. [ER] is not responsible under any circumstances for investment actions taken by the reader. [ER] has never been, and is not currently, a registered or licensed financial advisor or broker/dealer, investment advisor, stockbroker, trader, money manager, compliance or legal officer, and does not perform market making activities. [ER] is not directly employed by any company, group, organization, party or person. The shares of Sassy Resources are highly speculative, not suitable for all investors. Readers understand and agree that investments in small cap stocks can result in a 100% loss of invested funds. It is assumed and agreed upon by readers that they will consult with their own licensed or registered financial advisors before making any investment decisions.

At the time this article was posted, Sassy Resources was an advertiser on [ER] and Peter Epstein owned zero shares, options and warrants in the Company.

Readers understand and agree that they must conduct their own due diligence above and beyond reading this article. While the author believes he’s diligent in screening out companies that, for any reasons whatsoever, are unattractive investment opportunities, he cannot guarantee that his efforts will (or have been) successful. [ER] is not responsible for any perceived, or actual, errors including, but not limited to, commentary, opinions, views, assumptions, reported facts and financial calculations, or for the completeness of this article or future content. [ER] is not expected or required to subsequently follow or cover events and news, or write about any particular company or topic. [ER] is not an expert in any company, industry sector or investment topic.

Streetwise Reports Disclosure:
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3) Statements and opinions expressed are the opinions of the author and not of Streetwise Reports or its officers. The author is wholly responsible for the validity of the statements. The author was not paid by Streetwise Reports for this article. Streetwise Reports was not paid by the author to publish or syndicate this article. Streetwise Reports requires contributing authors to disclose any shareholdings in, or economic relationships with, companies that they write about. Streetwise Reports relies upon the authors to accurately provide this information and Streetwise Reports has no means of verifying its accuracy.

4) The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports’ terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.
5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the decision to publish an article until three business days after the publication of the article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases. As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of Sassy Resources, a company mentioned in this article.







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Collective Mining Makes a Significant New Discovery at the San Antonio Project, Drilling 710 Metres at 0.53 g/t Gold Equivalent from Surface

Collective Mining Ltd. (TSXV: CNL) (“Collective” or the “Company”) is pleased to announce that it has…

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Collective Mining Ltd. (TSXV: CNL) (“Collective” or the “Company”) is pleased to announce that it has made a significant grassroot discovery at the Pound target (“Pound”) within its San Antonio project, Colombia. Pound is one of three targets the Company has generated at the San Antonio project and assay results reported herein are from the recently completed Phase I reconnaissance drill program, which tested two of these targets.

Highlights (Tables and Figures 1 to 5)

  • Continuous gold (“Au”), silver (“Ag”) and base metal (copper and molybdenum) mineralization hasbeen intersected from surface, over the full core lengths of two reconnaissance diamond drill holes at Pound as follows:
    • 710 metres at 0.53 g/t gold equivalent from surface including 133 metres at 0.92 g/t gold equivalent from 470 metre depth (SAC-8); and
    • 750 metres at 0.41 g/t gold equivalent from surface including 187 metres at 0.59 g/t gold equivalent from 60 metre depth (SAC-6).
  • Importantly, both drill holes ended in mineralization with copper and molybdenum grades increasing at depth including:
    • 70 metres at 0.12% copper and 89 ppm molybdenum from 681 metre depth (SAC-6); and
    • 133 metres at 0.15% copper and 27 ppm molybdenum from 470 metre depth (SAC-8).

Pound mineralization is related to hydrothermal breccia and highly altered, quartz diorite intrusive which have been overprinted by late stage, polymetallic veins. Pound is located within a NE-SW trending corridor, as defined by mineralized breccia and altered intrusive, which is open in alldirections and has been mapped to date over a strike length of approximately 1.3 kilometres.The alteration system associated with Pound (advanced Argillic litho-cap) is related to the upper and peripheral portions of a porphyry system. The Company is currently reviewing its options for follow up exploration which would include initiating a Phase II diamond drill program and a high-resolution and deep penetrating IP survey as has recently and successfully been undertaken at the Guayabales project.

“The wide and continuous zones of mineralization intersected from surface at Pound are exciting and suggest we are either peripheral to or above a very large porphyry system,” commented Ari Sussman, Executive Chairman. “It is extremely pleasing that we have made brand new significant discoveries with the initial drill holes into grass root generated targets at both our Guayabales and San Antonio projects. With funding in place through 2022, the Company will become aggressive in the short-term with follow up drilling on our new discoveries and testing newly generated targets across the project portfolio.”

Table 1 Initial Diamond Drilling Results at the Pound Target

* AuEq (g/t) = (Au (g/t) x 0.95) + (Ag g/t x 0.013 x 0.90) + (Cu (%) x 1.83 x 0.92) + (Mo (%) x 4.57 x 0.92), utilizing metal prices of Cu – US$4.00/lb, Mo – US$10.00/lb, Ag – $20/oz and Au – US$1,500/oz and recovery rates of 95% for Au, 90% for Ag, 92% for Cu and Mo.
** a 0.1 g/t AuEq cut-off grade was employed with no more than 10% internal dilution. True widths are unknown and grades are uncut.

Geological Details of the San Antonio Project

The San Antonio (“SA”) Project is located in the Middle Cauca Gold Belt (“MCB”), 80 km south of Medellin and 50 km north of Manizales, Department of Caldas, Colombia. The MCB has been the most prolific belt for Miocene aged, porphyry and epithermal vein discoveries within Colombia and multi-million ounce discoveries in recent years include Buriticá, La Colosa, Nueves Chaquiro and Marmato.

The SA covers an area of 3,853 hectares and hosts multiple quartz diorite, diorite intrusive and breccia bodies of Miocene age which intrude basement schists and younger volcano-sedimentary packages.

Three specific grassroots exploration targets have been outlined by surface mapping, sampling, soil geochemistry, geophysical modelling, and shallow scout drilling. These are referred to as the Dollar, COP and Pound targets.

The Pound target is located in the northern portion of the project, is defined by multiple hydrothermal breccia bodies hosted within highly altered diorite and quartz diorite intrusive and overprinted by late stage, polymetallic veins. This zone of altered intrusive and breccia bodies trends NE-SW and has been mapped for a strike length of plus 1.3 kilometres.  The zone is still open to the NE and SW. Outcrop exposures on the southern border of this target area include epithermal vein systems within a preserved lithocap of advanced argillic alteration which is superimposed on hydrothermal breccia bodies which grades laterally and downwards into intermediate argillic alteration assemblages. These rocks are interpreted to reflect preservation of the shallow levels of the porphyry system. The initial two reconnaissance diamond drill holes, SAC-6 and SAC-8, were drilled to respective downhole depths of 750 metres and 710 metres and intersected various hydrothermal breccia (pyrite matrix), altered quartz diorite intrusive and late-stage polymetallic veins. All the rock units have been hydrothermally altered with an earlier sericitic event overprinted by a strong, advanced argillic phase with various aluminosilicates. At depth, various diorite phases display disseminations and aggregates of chalcopyrite and molybdenite in contact with large blocks of metamorphic schist. The target remains open in all directions and further work is envisaged and will commence with a deep penetrating, high-resolution, induced polarization survey down to minimum depths of 900m below surface followed by a Phase II expanded diamond drilling program. Exploration targets include the mineralized breccia and a porphyry system postulated to occur below the lithocap.

The COP target is located 800 metres south of Pound and is defined by highly anomalous molybdenum (8 ppm to 108 ppm) and gold (up to 2.74 g/t) in soils in association with altered diorite porphyry and quartz veinlets over an area of 650 metres x 350 metres. The surface expression of the COP target is coincident with geophysical anomalies, at 200-300 metres depth which include a positive magnetic anomaly and IP chargeability and resistivity highs.  COP has not been tested, other than a single historical borehole drilled just south of the target area, returned an intercept of 99 metres at 0.42 g/t gold and 4.9 g/t silver within unmineralized country rocks partially intruded by mineralized porphyry quartz veins at a depth of 608 meter downhole. The mineralization encountered in the drill-hole is interpreted to be leakage from the COP target directly to the north.

The Dollar target is located 400 metres south of COP. At surface various outcrop of quartz diorite porphyry host stockwork and sheeted quartz-magnetite vein systems associated with disseminated pyrite covering a 500 metre radius. Shallow scout drilling (6 holes) to cover the target area, identified the main mineralized porphyry. Holes SAC-1 to SAC-5 and SAC-9 returned gold intercepts of 0.1 to 0.3 g/t over various angled intercepts of 100 metres to 600 metres length within or across the various outcrops of the mineralized stockwork system. Based on the shallow intercepts a deeper hole was drilled into the mineralized stockwork and returned the intercepts outlined in Table 2 below. Gold, copper and molybdenum grades improve with depth and further deeper drilling is warranted, particularly as the project area is located approximately 300 metres above an accessible valley floor.

Table 2 Initial Deep Diamond Drilling Hole at the Dollar Target

* AuEq (g/t) = (Au (g/t) x 0.95) + (Ag g/t x 0.013 x 0.90) + (Cu (%) x 1.83 x 0.92) + (Mo (%) x 4.57 x 0.92), utilizing metal prices of Cu – US$4.00/lb, Mo – US$10.00/lb, Ag – $20/oz and Au – US$1,500/oz and recovery rates of 95% for Au, 90% for Ag, 92% for Cu and Mo.
** a 0.1 g/t AuEq cut-off grade was employed with no more than 10% internal dilution. True widths are unknown, and grades are uncut.

The San Antonio project benefits from favorable topography with approximately 600 vertical metres of elevation change from the mountain peaks to the various flat lying valleys. Additionally, the topography is not overly steep, lending itself to multiple potential infrastructure development scenarios should an economic deposit be discovered in the future.

Qualified Person (QP) and NI43-101 Disclosure

David J Reading is the designated Qualified Person for this news release within the meaning of National Instrument 43-101 (“NI 43-101”) and has reviewed and verified that the technical information contained herein is accurate and approves of the written disclosure of same. Mr. Reading has an MSc in Economic Geology and is a Fellow of the Institute of Materials, Minerals and Mining and of the Society of Economic Geology (SEG).

Technical Information

Rock samples have been prepared and analyzed at SGS laboratory facilities in Medellin, Colombia and Lima, Peru; and Actlabs laboratory facilities in Medellin, Colombia and Toronto, Canada. Certified reference standards are inserted into the sample stream to monitor laboratory performance. Crush rejects and pulps are kept and stored in a secured storage facility for future assay verification. No capping has been applied to sample composites. The Company utilizes a rigorous, industry-standard QA/QC program.

About Collective Mining Ltd.

Collective Mining is an exploration and development company focused on identifying and exploring prospective mineral projects in South America. Founded by the team that developed and sold Continental Gold Inc. to Zijin Mining for approximately $2 billion in enterprise value, the mission of the Company is to repeat its past success in Colombia by making a significant new mineral discovery and advancing the projection to production.  Management, insiders and close family and friends own approximately 40% of the outstanding shares of the Company and as a result are fully aligned with shareholders. Collective currently holds an option to earn up to a 100% interest in two projects located in Colombia. As a result of an aggressive exploration program on both the Guayabales and San Antonio projects a total of eight major targets have been defined. The Company is fortuitous to have made significant grass root discoveries on both projects with discovery holes of 104 metres @ 1.2 g/t gold and 12 g/t silver and 710 metres @ 0.53 AuEq at the Guayabales and San Antonio projects, respectfully.

Contact Information

Collective Mining Ltd.

Steve Gold, Vice President, Corporate Development and Investor Relations

Tel. (416) 648-4065

 

FORWARD-LOOKING STATEMENTS

This news release contains certain forward-looking statements, including, but not limited to, statements about the drill programs, including timing of results, and Collective’s future and intentions. Wherever possible, words such as “may”, “will”, “should”, “could”, “expect”, “plan”, “intend”, “anticipate”, “believe”, “estimate”, “predict” or “potential” or the negative or other variations of these words, or similar words or phrases, have been used to identify these forward-looking statements. These statements reflect management’s current beliefs and are based on information currently available to management as at the date hereof.

Forward-looking statements involve significant risk, uncertainties, and assumptions. Many factors could cause actual results, performance, or achievements to differ materially from the results discussed or implied in the forward-looking statements. These factors should be considered carefully, and readers should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this news release are based upon what management believes to be reasonable assumptions, Collective cannot assure readers that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this news release, and Collective assumes no obligation to update or revise them to reflect new events or circumstances, except as required by law.

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release.

Figure 1: Plan View of the San Antonio Project and the Pound Target

Figure 2: Plan View of the Pound Target

Figure 3: Cross Section of Pound Drilling

Figure 4: Core Photos: Pound: SAC-6 and SAC-8

Hydrothermal breccias, cemented by sericite, carbonates, and sulphides are overprinted by strong advance argillic alteration with pyrite and chalcopyrite and molybdenite mineralization.


Carbonate base metals with galena, sphalerite and pyrite mineralization. Microdiorites and quartzodiorites with secondary biotite alteration with magnetite chacopyrite and pyrite mineralizattion.

Figure 5: Core Photos: Dollar, SAC-7. Clay Alteration Overprint Decreases With Depth

Quartz Diorites porphyry overprinted by strong Sericite alteration, quartz veinlets with magnetite, pyrite, and chalcopyrite.

 






Author: Resource World

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Base Metals

Teck Gets Boost From Coal – Q3 Earnings More Than Tripled

Teck Resources Ltd. (TECK.B-TSX, TECK.A-TSX, TECK-NYSE) said earnings more than tripled in the third quarter…

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[nxtlink id="268709"]Teck Resources[/nxtlink] Ltd. (TECK.B-TSX, TECK.A-TSX, TECK-NYSE) said earnings more than tripled in the third quarter of 2021, thanks to an “extremely favourable commodity price environment – particularly for steelmaking coal.”

“Heading into the fourth quarter, we are focused on continuing to optimize sales and production to capitalize on high commodity prices and advancing our priority QB2 project,’’ said Teck President and CEO Don Lindsay.

The company said adjusted EBITDA (earnings before interest, tax and depreciation) was a record $2.1 billion in the third quarter, more than triple the same period last year. Profit attributable to shareholders was $816 million or $1.53 per share and adjusted profit attributable to shareholders was $1.0 billion or $1.91 per share in the third quarter, more than seven times higher than the same period last year.

Realized copper, zinc and steelmaking coal prices were US$4.25 per pound, US$1.38 per pound and US$277 per tonne respectively in the months of September (2021). As a result, Teck said its EBITDA for the month of September contributed approximately half of its adjusted EBITDA in the third quarter.

Sales of steelmaking coal were 5.9 million tonnes in the third quarter, with approximately 1.9 million tonnes or 32% sold to China significantly above FOB Australia prices. The FOB Australia price increased sharply in the latter half of the second quarter and continued to increase to unprecedented levels through the third quarter.

It is worth noting that these developments follow recent speculation that Teck was planning to unload its coal operations and increase the emphasis on copper production.

They also follow recent revisions to the company’s 2021 coal and zinc production forecasts. The revisions were driven by the impact of British Columbia wildfires and increased absenteeism associated with COVID-19 protocols.

Annual coal production is expected to be at the lower end of the annual guidance range of 25.0-26.0 million tonnes.

Due to the impact of wildfires, Teck trimmed its 2021 refined zinc production at the Trail, B.C. smelting operation by 3.0% and warned that copper sales at the Highland Valley operation, also in B.C., are unlikely to catch up to output due to logistical disruptions.

Meanwhile, the company has said it continues to makes solid progress at the Quebrada Blanca Phase 2 (QB2) copper project in Chile.

“Overall progress on our QB2 project is now past the two-thirds mark and we continue to expect first production in the second half of 2022,’’ Teck said.

QB2 is essentially as continuation of the existing Quebrada Blanca open pit operation, which is located in the Tarapaca Region of northern Chile, and is expected to produce up to 8,000 tonnes of cathode copper this year.

The copper growth from QB2 will, over time, help to balance Teck’s portfolio so that the contribution from the company’s copper business could be similar to its steelmaking coal business.

On October 26, 2021, Teck’s Class B common shares closed at $34.95. The shares are currently trading in a 52-week range of $37.00 and $15.81.

 

Author: Staff Writer

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Precious Metals

Equinox Gold Breaks Ground For Greenstone Mine, Targets First Gold Pour In H1 2024

Equinox Gold Corp. (TSX: EQX) announced today the groundbreaking for the construction of the Greenstone gold mine in Ontario. The
The post Equinox Gold…

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Equinox Gold Corp. (TSX: EQX) announced today the groundbreaking for the construction of the Greenstone gold mine in Ontario. The mine is being developed in a 60-40 partnership with Orion Mine Finance Group.

The initial capital cost is expected to be $1.23 billion, including $50 million spent to date and a $177 million contingency budget. It is estimated that 10% of the construction will happen for the rest of 2021, 40% in 2022, 35% in 2023, and the remaining 15% in 2024. The mining firm plans to finance its attributable portion of the capital expenditure through its existing treasury worth $330 million as of June 2021, cash flow from its producing mines, and a $400 million revolving credit facility.

Greenstone mine is reported to have an initial mine life of 14 years and total gold production of 5.05 million ounces. For the first five years, the average annual production is estimated to be 400,000 gold ounces, then it becomes 360,000 gold ounces annually for the rest of the mine’s life.

The mining is expected to start in Q4 2022 and the first gold pour is targeted in H1 2024.

Equinox Gold last traded at $9.86 on the TSX.


Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

The post Equinox Gold Breaks Ground For Greenstone Mine, Targets First Gold Pour In H1 2024 appeared first on the deep dive.


Author: ER Velasco

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