Brunswick Exploration Inc. (" BRW " or the " Company ") is pleased to announce that it has staked multiple claim groups in southern Newfoundland, comprising three different project areas located between the communities of Port aux Basques and Rencontre East, Newfoundland.
The total package comprises 9 licenses and 1,327 claims with a total surface area of 33,093 hectares located near the areas of Port aux Basques, Hermitage and Rencontre East. The properties contain over 40 mapped S-type pegmatites that have seen no exploration for lithium. Claims were staked based on preferred geologic environments, government of Newfoundland till and rock samples, historical mapping and assessment reports. The project areas are also in close proximity to the Avalonia / Ganderia boundary that extends from Piedmont Lithium in the Carolinas to the Cornish Tin region in the United Kingdom.
Mr. Killian Charles, President of BRW, commented: "Our targeting formula for systematic lithium and tin exploration has highlighted the opportunity to further expand into Eastern Canada. Newfoundland is regarded as highly supportive jurisdiction for exploration and mining in the world and the recent discovery of lithium-bearing pegmatites highlights the untapped potential for critical mineral exploration in a province that has been historically focused on orogenic gold, iron ore and base metals. Our initial exploration program in Newfoundland will focus on prospecting and till sampling which are expected to begin in Q3 2022."
In addition to the claim package already staked in Nova Scotia (see March 22, 2022 press release), BRW has acquired an additional property by way of a purchase agreement. The property is adjacent to Brunswick Exploration's land package and is located near New Ross, Nova Scotia. The property was strategically acquired to assess the potential of historical showings discovered from the 1890's to 1960's containing anomalous lithium and tin in diamond drill holes, grabs and soil samples in areas of greisen and pegmatitic dykes. BRW will be relogging historical core stored at the government core storage facility in Stellarton, expanding historical soil sampling grids and will be applying for permits to trench and/or drill test the anomalous results. Prospecting, and soil sampling are scheduled for Q3 2022.
This property contains 60 claims, representing 971 hectares that was purchased from a local prospector. The purchase allows BRW to acquire a 100% interest in the Property for a total consideration of $15,000 in cash and 100,000 shares upon closing of the formal agreement.
BRW has also granted a two percent (2%) NSR on the license in the purchase agreement. The first half (1%) of the NSR may be repurchased upon payment of $1,000,000 from BRW to the seller. The second half (1%) of the NSR may be repurchased upon payment of $2,000,000.
The scientific and technical information contained in this press release has been reviewed and approved by Mr. Charles Kodors, Manager Atlantic Canada of Brunswick Exploration. He is a Profession Geologist registered in New Brunswick, Nova Scotia, Quebec and Newfoundland.
The Company is a Montreal-based mineral exploration venture listed on the TSX-V under symbol BRW. The Company is focused on grassroots exploration for metals necessary to decarbonization and energy transition with a particular focus on lithium, tin and copper. The company is focused on rapidly advancing the most extensive grassroot lithium exploration claim package in Eastern Canada.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Statement on Forward-Looking Information
This news release contains "forward-looking information" within the meaning of applicable Canadian securities legislation based on expectations, estimates and projections as at the date of this news release. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, delays in obtaining or failures to obtain required governmental, environmental or other project approvals; uncertainties relating to the availability and costs of financing needed in the future; changes in equity markets; inflation; fluctuations in commodity prices; delays in the development of projects; the other risks involved in the mineral exploration and development industry; and those risks set out in the Corporation's public documents filed on SEDAR at www.sedar.com. Although the Corporation believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Corporation disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law. 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 news release.
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Investing in commodities can prove to be quite risky. Investors are often plagued with the ups and downs of the commodities cycle, dealing with everything from price declines to reduced cash flow. However, the commodities market can be an excellent addition to an investment portfolio — it simply takes a wise investment strategy to capitalize on the highs of the market.
Portfolio diversification allows mining companies to hedge against price declines and minimize the risks associated with the fluctuating values of a singular commodity by expanding its portfolio across multiple commodity markets. As a result, mining companies with diversified portfolios may prove to be an interesting investment for investors seeking less risky commodity investments.
Brunswick Exploration (TSXV:BRW) has a diversified portfolio of highly prospective critical minerals properties in Eastern Canada. The company offers shareholders access to a highly experienced management team and board of directors with a focus on grassroot exploration.
The company's exploration team is led by Robert Wares, founder of the Osisko Group of Companies. Wares is an established and award-winning professional geologist with over 35 years of experience in mineral exploration and development. Wares has a proven track record of world-class discovery, including the Canadian Malartic bulk tonnage gold mine, which later became one of the largest-producing gold mines in Canada.
Brunswick Exploration's notable projects include Pontiac Lithium and North Shore Lithium in Quebec, as well as the Catamaran property in New Brunswick and the NS Critical Minerals package in Nova Scotia. The company also has the Fundy Gold and Bathurst Mining Camp.
The company has a tightly held structure with strong shareholder support. Brunswick Exploration's capital structure consists of 131,369,712 shares outstanding, 12,500,000 warrants, and 3,600,000 options for a total of 147,469,712 fully-diluted shares.
The Fundy Gold project is a high-grade, multi-ounce and gold-polymetallic project, located west of the city of Saint John in Southern New Brunswick, Canada. The project consists of 40 kilometers of strike length along the Fundy Shear Zone, a regional, deep-rooted, and unexplored Appalachian fault system. The project includes the Little Lepreau, Roger's Lake, and Shadow Lake sub-property.
The Fundy Gold project has seen minimal drilling over the years and remains underexplored. The company is currently conducting a significant prospecting initiative across the entire land area to identify new areas of interest.
The properties comprise 87 licenses and 6,524 claims, with a total surface area of 105,624 hectares, located roughly 30 kilometers west of Halifax. The properties contain over 100 pegmatite dykes within the South Mountain Batholith (SMB) that have seen no exploration for lithium — spodumene mineralization. Government of Nova Scotia till samples were taken at roughly two-kilometer spacing over areas underlain by multiple Devonian granitoids of the SMB as well as Cambrian Meguma sediments. Multiple till and rock samples from the government database returned highly anomalous lithium and tin values. It is important to note that the East Kemptville Tin mine and the Brazil Lake lithium deposit are within, or in close proximity to, the SMB.
The Properties comprise 8 claims and 1,821 units with a total surface area of 40,363 hectares. They are located roughly 30 kilometers south east of Plaster Rock and roughly 30 kilometers east of Florenceville-Bristol. Including previously staked ground, the property is host to over 60 pegmatites that have seen little to no exploration work. Till samples collected by the Government of New Brunswick were taken at roughly two-kilometer spacing and are underlain by pegmatitic granites and gneissic to migmatitic sediments from the Devonian and Ordovician. Highlights from the survey include an 11-kilometer till anomaly containing nine samples between 53 to 103 ppm of lithium, neighbouring known beryllium and pegmatite occurrences.
Brunswick Exploration has identified approximately 30 pegmatite dykes and sills on its North Shore Lithium Project, with a minimum strike length of 1,200 metres, as well as dozens of smaller pegmatite dykes. The longest pegmatite identified through satellite imagery and geological compilation measures approximately 14 kilometres in strike length. None of the pegmatites on the North Shore Lithium Project have seen exploration for lithium and all consist of S-type pegmatites containing any combination of indicator minerals, including muscovite, garnet, tourmaline and beryl. Lithium-bearing LCT pegmatites are metal enriched S-type pegmatites that may also contain cesium, tantalum, beryllium, and tin mineralization. Brunswick Exploration will begin a prospecting campaign in this area in late Q3 2022, first focusing its efforts on the previously-disclosed Pontiac Lithium Project.
The Bathurst Mining Camp project is a high-grade base metal VMS project located in the Bathurst Mining Camp, south of the city of Bathurst in New Brunswick. The Bathurst Mining Camp project consists of the Key Anacon and Gilmour South deposits found in the eastern portion of the Bathurst Mining Camp. The property features zinc-lead-copper-silver-bearing sulphide mineralization, host-rock types and alteration that mimics deposits found in the prolific Brunswick Belt. Exploration in the camp will focus on the highly prospective Brunswick Belt.
The Lac Edouard project is a nickel-copper project located in Quebec.
Drilling was conducted on the property in summer 2021. The company is currently awaiting assay results from the summer drilling program.
The company is currently prospecting and conducting geological mapping on the property. A ground geophysical survey began in November 2021 to confirm an airborne anomaly.
Robert Wares is a professional geologist with over 35 years of experience in mineral exploration and development. He was responsible for the discovery of the Canadian Malartic bulk tonnage gold mine. The Canadian Malartic bulk tonnage gold mine was subsequently developed by Osisko Mining Inc. into one of Canada's largest gold producers. Among other awards, Wares was a co-winner of the Prospectors and Developers Association of Canada's "Prospector of the Year Award" for 2007. Wares was also named, together with John Burzynski and Sean Roosen as "Mining Men of the Year" for 2009 by the Northern Miner. Wares also sits on the board of directors of Osisko Metals Inc. Wares has a Bachelor of Science and an Honorary Doctorate in Earth Sciences from McGill University.
From 2017 to 2021, Killian Charles worked as VP of corporate development for Osisko Metals. Mr. Charles was previously the manager of corporate development at Integra Gold Corp. Integra Gold Corp was an advanced stage gold development company until it was acquired by Eldorado Gold in July of 2017. Before that, he worked as a mining analyst at Industrial Alliance Securities and Laurentian Bank Securities. As a mining analyst, Mr. Charles covered small and mid-cap exploration and production companies. Mr. Charles holds a Bachelor of Science with a Major in Earth and Planetary Sciences from McGill University.
Jeffrey Hussey is a P. Geo. who has 32 years of professional experience in the mining industry. He has worked in both open pit and underground mine operations at various stages of mine life from start-up to mine closure. More recently, Hussey worked in mineral exploration and development projects. He spent nineteen years with Noranda/Falconbridge. His mine operation experience includes work at the Brunswick No. 12 mine, Gaspé Copper mines, the Antamina mine start-up in Peru and the Raglan mine in Northern Quebec. Hussey was the senior scientist with the Mining Technology Group at the Noranda Technology Center in 2002. In this role, Hussey enhanced his network into the metallurgical research and mining innovation fields. Hussey is president and COO of Osisko Metals. Hussey has a Bachelor of Science in Geology from the University of New Brunswick.
Amy Satov is the senior legal counsel of Nuvei Technologies Corp. since April 2020. Satov holds a B.A., LL.B. and M.B.A. Satov currently serves as a director and chair of multiple committees at various organizations, including the corporate governance committee of Osisko Mining Inc., the compensation committee of O3 Mining Inc. and the corporate governance and compensation committee of Brunswick Exploration Inc. (. Formerly, she also served as chief executive officer of BL Solutions Inc., a national lighting distributor, from November 2019 to March 2020. Satov also served as a director and chair of the audit committee of Cannara Biotech Inc. up to January 2020 and the chief executive officer of Litron Distributors Ltd. up to April 2020.
Before 2012, Satov was the executive vice president of legal, compliance and distribution and corporate secretary of DundeeWealth Inc. DundeeWealth Inc. is a wealth management company with $80 billion of assets under management that was acquired by The Bank of Nova Scotia in 2011. In this role, Satov oversaw all legal and compliance matters and was actively involved in DundeeWealth's expansion into Europe and the U.S. Satov also sat on various subsidiary boards of DundeeWealth. She advised on all M&A activities as well as securities, regulatory and other corporate commercial matters at DundeeWealth. In 2010, Satov was recognized by Strathmore's "Who's Who" for excellence and achievement in her profession.
Mathieu Savard is a graduate of the Universite du Quebec a Montreal with a bachelor's degree in earth sciences. Savard has over 20 years of experience in the mining industry. Savard previously served as the senior vice president of exploration at Osisko Mining. Before joining Osisko Mining in 2016, Savard was a senior member of the Osisko Exploration James Bay, Virginia Mines and Virginia Gold Mines teams. Savard was a key member of the Virginia team which received the Association de l'Exploration Miniere du Québec's Prospector of the Year Award in 2004. The team also received the PDAC's prestigious Bill Dennis Award in 2006 for the discovery of the Eleonore gold deposit. Along with the Osisko Mining management and exploration team, Savard also received the AEMQ 2017 Discovery of the Year Award for the discovery of the Lynx deposit at Windfall. Savard is a registered P.Geo as a member of the Ordre des Géologues du Québec. Savard is also chairman of the board and a director of the AEMQ.
André Le Bel was appointed as vice president of legal affairs and corporate secretary of Osisko Mining in February 2015. From November 2007 to June 2014, Le Bel was vice president of legal affairs and corporate secretary of Osisko Mining Corporation.* Le Bel was the vice president of legal affairs at IAMGOLD Corporation from November 2006 to October 2007. Before November 2006, Le Bel was senior legal counsel and assistant corporate secretary of Cambior Inc. He is also the corporate secretary of Falco Resources Ltd.
Pierre Colas has been a corporate director since 2014. He was previously vice president of corporate financing at Industrielle Alliance Securities from 2009 to 2014. He was also the vice president of corporate financing at Desjardins Securities from 2005 to 2009.
Merida Minerals (TSXV:ESPN) is an exploration and development mining company, focused on zinc-copper-lead deposits in Spain. A strong management team leads the company with a combined 80 years of experience leading mining operations in multiple countries, including Spain. Its flagship project contains promising mineralizations that the experienced managers believe are ideal for repeating past successes. Merida Minerals’ focus is growth via new acquisitions and identifying additional assets with potential.
Map of Iberian Geologyinvestingnews.com
Transition to Electric Vehicles driving year on year and projected cobalt demand growth
Fortune Minerals Limited (TSX: FT) (OTCQB: FTMDF) (" Fortune " or the " Company ") ( www.fortuneminerals.com ) is pleased to provide a summary of the key highlights from the Cobalt Institute's (" CI ") Cobalt Market Report 2021 (access report here ) released this week. The CI is a trade organization promoting the sustainable and responsible production and use of cobalt with member companies comprised of producers, developers, users, traders, and recyclers of cobalt metals and chemicals. The Cobalt Market Report 2021 confirms cobalt's essential role in diverse industrial applications, and particularly as an enabler of the green economy transition and innovation of rechargeable battery technologies supporting accelerating global electric vehicle (" EV ") sales. Fortune's NICO Cobalt-Gold-Bismuth-Copper Project (" NICO Project ") is a Canadian, vertically integrated, Critical Minerals development and one of the few cobalt assets in the world that can be developed in the timeframe needed to meet today's cathode chemistries in rechargeable batteries used in EV's, portable electronics and stationary storage cells.
Robin Goad, Fortune's President and CEO, commented, "The transition to a low carbon economy is picking up as world leaders adopt net zero targets and efforts grow to transform the automotive industry to electric vehicles. The Cobalt Institute's Cobalt Market Report 2021 is an independently authored and comprehensive analysis of the essential role cobalt plays in the growing green economy."
Fortune has expended more than C$137 million to advance the NICO Project from an in-house discovery to a near-term producer with 20-years of Mineral Reserve containing three Critical Minerals (cobalt, bismuth and copper) and more than 1.1 million ounces of in-situ gold. The NICO Project is comprised of a planned mine and mill in Canada's Northwest Territories (" NWT ") and a related hydrometallurgical refinery in Alberta to process metal concentrates from the mine to cobalt sulphate, gold doré, bismuth ingots and oxide, and copper. The Company has received environmental assessment approval and the Type "A" Water License to construct and operate the mine in the NWT. The recent completion of the C$200 million Tlicho Highway to the community of Whati is a key enabler for the NICO Project. This highway, together with the spur road to the mine that Fortune plans to construct, will allow metal concentrates to be trucked to the railway at Hay River or Enterprise, NWT for delivery to the Company's proposed Alberta refinery.
For more detailed information about the NICO Mineral Reserves and certain technical information in this news release, please refer to the Technical Report on the NICO Project, entitled "Technical Report on the Feasibility Study for the NICO-Gold-Cobalt-Bismuth-Copper Project, Northwest Territories, Canada", dated April 2, 2014 and prepared by Micon International Limited which has been filed on SEDAR and is available under the Company's profile at www.sedar.com .
The disclosure of scientific and technical information contained in this news release has been approved by Robin Goad, M.Sc., P.Geo., President and Chief Executive Officer of Fortune, who is a "Qualified Person" under National Instrument 43-101.
Fortune is a Canadian mining company focused on developing the NICO cobalt-gold-bismuth-copper Critical Minerals project in the NWT and Alberta. Fortune also owns the satellite Sue-Dianne copper-silver-gold deposit located 25 km north of the NICO Deposit and is a potential future source of incremental mill feed to extend the life of the NICO mill and concentrator.
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This press release contains forward-looking information and forward-looking statements within the meaning of applicable securities legislation. This forward-looking information includes statements with respect to, among other things, the Company's ability to raise additional capital, the purchase of the industrial site on which the Company presently intends to construct the hydrometallurgical refinery for the NICO Project, the repayment or restructuring of the Company's current debt, the development of the NICO Project, the potential for expansion of the NICO Deposit and statements regarding drill results and future drilling and assays. Forward-looking information is based on the opinions and estimates of management as well as certain assumptions at the date the information is given (including, in respect of the forward-looking information contained in this press release, assumptions regarding: the Company's ability to successfully raise the necessary capital to meet its corporate objectives in both the near and long term; the successful exercise by the Company its option to purchase the industrial site on which it intends to construct a NICO Project refinery; the completion of construction of a NICO Project refinery; the ability to arrange the necessary financing to continue operations and develop the NICO Project; the support of the federal and/or provincial government for the NICO Project; the receipt of all necessary regulatory approvals for the construction and operation of the NICO Project and the related hydrometallurgical refinery and the timing thereof; growth in the demand for cobalt; the time required to construct the NICO Project; and the economic environment in which the Company will operate in the future, including the price of gold, cobalt and other by-product metals, anticipated costs and the volumes of metals to be produced at the NICO Project). However, such forward-looking information is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information. These factors include the risks that the Company may not be able to finance and develop the NICO Project on favourable terms or at all, the 2021 drill program may not result in a meaningful expansion of the NICO Deposit, the effects of a global market downturn, pressure on commodities prices, and/or the COVID-19 on the Company's capital raising efforts, the Company may not be able to complete the purchase of the industrial site located in in Alberta's Industrial Heartland northeast of Edmonton and secure a site for the construction of a refinery, uncertainties with respect to the receipt or timing of required permits, approvals and agreements for the development of the NICO Project, including the related hydrometallurgical refinery, the construction of the NICO Project may take longer than anticipated, the Company may not be able to secure offtake agreements for the metals to be produced at the NICO Project, the Company's Sue-Dianne Property may not be developed to the point where it can provide mill feed to the NICO Project, the inherent risks involved in the exploration and development of mineral properties and in the mining industry in general, the market for products that use cobalt or bismuth may not grow to the extent anticipated, the future supply of cobalt and bismuth may not be as limited as anticipated, the risk of decreases in the market prices of cobalt, bismuth and other metals to be produced by the NICO Project, discrepancies between actual and estimated Mineral Resources or between actual and estimated metallurgical recoveries, uncertainties associated with estimating Mineral Resources and Reserves and the risk that even if such Mineral Resources prove accurate the risk that such Mineral Resources may not be converted into Mineral Reserves once economic conditions are applied, the Company's production of cobalt, bismuth and other metals may be less than anticipated and other operational and development risks, market risks and regulatory risks. Readers are cautioned to not place undue reliance on forward-looking information because it is possible that predictions, forecasts, projections and other forms of forward-looking information will not be achieved by the Company. The forward-looking information contained herein is made as of the date hereof and the Company assumes no responsibility to update or revise it to reflect new events or circumstances, except as required by law.
View source version on businesswire.com: https://www.businesswire.com/news/home/20220519005785/en/
Fortune Minerals Limited Troy Nazarewicz Investor Relations Manager info@fortuneminerals.com Tel: (519) 858-8188 www.fortuneminerals.com
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ACME Lithium Inc. (CSE: ACME) (OTCQB: ACLHF) (the "Company", or "ACME") is pleased to announce, further to its C$4.45 million funding news release of May 16th, 2022, it has closed a second and final tranche of its non-brokered private placement financing (the "Private Placement") of C$1.25 million for combined total gross proceeds of C$5.7 million. As a result of the funding, ACME's working capital is approximately C$11.9 million with no debt. (Based on unaudited figures and subject to change.)
The Private Placement consisted of:
The issuance of 232,482 units (the "Units") at a price of C$1.08 per Unit for gross proceeds of C$250,000. Each Unit consists of one common share and one-half of one common share purchase warrant. Each whole warrant entitles the holder to purchase one additional common share at a price of C$1.40 per share for three (3) years; and
The issuance of 666,668 flow-through units (the "FT Units") at a price of C$1.50 per FT Unit for gross proceeds of C$1,000,002. Each FT Unit consists of one flow-through common share and one-half of one non-flow through common share purchase warrant. Each whole warrant entitles the holder to purchase one additional common share at a price of C$1.80 per share for two (2) years.
Aggregate finder's fees of (i) C$87,500 cash, (ii) 46,667 compensation warrants exercisable for two (2) years at $1.80, and (iii) 16,204 compensation warrants exercisable for three (3) years at $1.08 were paid.
ACME will use the proceeds at its 100% owned Cat-Euclid and Shatford Lake lithium projects in southeast Manitoba; and its Clayton Valley and Fish Lake Valley, Nevada projects, as well as general working capital purposes.
All securities that are issued pursuant to the Private Placement with be subject to, among other things, a hold period of four months and one day in accordance to applicable Canadian securities laws.
Led by an experienced team, ACME Lithium is a mineral exploration Company focused on acquiring, exploring and developing battery metal projects in partnership with leading technology and commodity companies. ACME has acquired or is under option to acquire a 100-per-cent interest in prospective lithium projects in the United States and Canada.
On behalf of the Board of Directors
Steve Hanson Chief Executive Officer, President and Director Telephone: (604) 564-9045 info@acmelithium.com
Neither the CSE nor its regulations service providers accept responsibility for the adequacy or accuracy of this news release. This news release may contain forward-looking information within the meaning of applicable securities laws ("forward-looking statements"). There is no assurance the proceeds of the Private Placement will be used strictly in the manner set out in this news release. Forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected herein, including, without limitation: risks related to changes in planned work resulting from weather, logistical, technical or other factors; the possibility that results of work will not fulfill expectations and realize the perceived potential of the Company's properties; risk of accidents, equipment breakdowns and labour disputes or other unanticipated difficulties or interruptions; the possibility of cost overruns or unanticipated expenses in the work program; the risk of environmental contamination or damage resulting from the Company's operations and other risks and uncertainties. Any forward-looking statement speaks only as of the date it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise.
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~58.3 square mile (~37,300 acre) heavy mineral sand position has potential to feed the Company's White Mesa Mill with rare earth element and uranium bearing natural monazite sand for decades
Energy Fuels Inc. ( NYSE American: UUUU ) ( TSX: EFR ) ( "Energy Fuels" or the "Company" ) is pleased to announce that it has entered into binding agreements (the " Purchase Agreements ") to acquire seventeen (17) mineral concessions (the " Transaction ") between the towns of Prado and Caravelas in the State of Bahia, Brazil totaling 15,089.71 hectares (approximately 37,300 acres or 58.3 square miles) (the " Bahia Project ").
Based on significant historical drilling performed to date, it is believed that the Bahia Project holds significant quantities of heavy minerals, including monazite, that will feed Energy Fuels' quickly emerging U.S.-based rare earth element (" REE ") supply chain. The Bahia Project has seen no previous mining, but several of the concessions have valid exploration and mining permits with the Government of Brazil . Therefore, the Company believes there is a clear path to moving the Bahia Project to production.
The Bahia Project is a well-known heavy mineral sand (" HMS ") deposit with over 3,300 vertical historic exploration auger holes drilled to date, indicating significant concentrations of titanium (ilmenite and rutile), zirconium (zircon), and rare earth elements (monazite). Importantly, the mineralization is at or near the surface, meaning the material is expected to be relatively easy to recover using standard, low-cost sand mining techniques, including the use of front-end loaders, excavators and/or dredges. Due to the drilling method used historically, drilling performed to date only averages 5.86 meters deep, or the average depth of the water table in the region. There is no reason to believe that mineralization stops at the water table. Therefore, the Company believes mineralization is open at depth. Energy Fuels' primary interest is in the monazite which contains both rare earth elements and uranium. Preliminary assay data indicates the monazite sand contained in the HMS concentrate ranges between 0.62% and 12.82% 1 , and the uranium contained in the monazite is expected to be comparable to typical Colorado Plateau uranium deposits.
Energy Fuels plans to perform extensive exploration work over the next six months to further define and quantify the HMS resource at the Bahia Project. This is expected to include a comprehensive sonic drilling and geophysical mapping program to define the HMS grades and depths for the various mineral products, including the REE resources associated with the Bahia Project. The Company plans to engage industry leaders in mineral processing to complete a Preliminary Economic Assessment under NI 43-101 ( Canada ) and an Initial Assessment under SK-1300 (US) during late Q1 or early Q2 2023.
Based on preliminary, historical resource estimates, the Company believes the Bahia Project has the potential to supply approximately 3,000 – 10,000 tonnes per year of monazite sand concentrate to the Mill (depending on production rates), containing approximately 1,500 – 5,000 tonnes of total rare earth oxides (" TREO ") per year, potentially for decades. The Company expects to mine and produce an HMS concentrate at the site, which contains all the valuable minerals, including monazite. This HMS concentrate would then be shipped to an existing HMS facility for further refinement and separation of the monazite into a product Energy Fuels can process at the Mill. The Company is evaluating whether this further refinement and separation step could potentially be performed in Brazil . However at this time, the Company plans to ship lower concentrations of monazite sand for concentration at a U.S. facility. Preliminary internal projections indicate this latter option can be very cost-effective, despite the larger shipping quantities, as the less concentrated material will not require the more expensive Class 7 designation applicable to higher concentrated materials, and it can be shipped in bulk.
Mark S. Chalmers , President and CEO of Energy Fuels stated: "This is another very significant step in Energy Fuels' development as a major global rare earth element producer based in the United States . We are aggressively seeking to expand our monazite sand feeds. With guidance from our heavy mineral sand experts, the Company has been evaluating the acquisition of monazite-bearing projects. The Bahia deposit is well-known throughout the HMS industry as having excellent potential to produce high-quality ilmenite, rutile, and zircon products, in addition to monazite. We are very pleased to have secured this project, as it has the potential to provide Energy Fuels with our own low-cost source of monazite feed that we fully control. The Company expects to supplement its monazite supply in the future with open market purchases, arrangements with existing monazite producers, and/or additional acquisitions. Energy Fuels is in advanced discussions with other current and future monazite producers around the world to provide creative options on how to best build upon our momentum and add further scale.
"At Energy Fuels, we have proven our ability to process natural monazite sand concentrate into a high purity mixed rare earth carbonate, containing about 32% - 34% neodymium/praseodymium (NdPr). Our clear current priorities are to continue to build our book of monazite feed to a world scale and to leverage our existing solvent extraction experience and infrastructure at the Mill to produce both separated 'light' and 'heavy' rare earth oxides, and other products, by adding commercial separation capabilities to the Mill. To achieve these ambitious goals, we have assembled a team of rare earth heavy-weights, including Neo Performance Materials, Carester SAS, and other heavy mineral sand and rare earth experts, that we believe is unmatched anywhere in the world.
"In my view, this acquisition will provide significant credibility to investors, other monazite suppliers, and clean energy manufacturers, as we will clearly demonstrate that Energy Fuels is well on its way to becoming a large-scale producer of advanced rare earth materials in the U.S. We have already proven our processing capabilities. Now, we are proving that upon successful completion of this acquisition, we will own and control 'the elements' to supply EV, renewable energy and other technology manufacturers."
Under the Transaction, Energy Fuels has entered into Purchase Agreements with private mineral rights holders in Brazil to acquire seventeen (17) heavy mineral sand concessions comprising the Bahia Project, subject to a 90-day due diligence period. The total consideration for this acquisition is $27,500,000 in cash, with non-refundable deposits totaling $2,750,000 cash due on signing, and additional non-refundable deposits totaling $2,850,000 cash due at various benchmarks during the due diligence period, and the remaining $21,900,000 due at closing. Closing is expected to follow the 90-day due diligence period and is subject to Energy Fuels being satisfied with its due diligence investigations. The Purchase Agreements contain other customary terms and conditions for a transaction of this nature.
Energy Fuels is a leading U.S.-based uranium mining company, supplying U 3 O 8 to major nuclear utilities. Energy Fuels also produces vanadium from certain of its projects, as market conditions warrant, and is ramping up commercial-scale production of REE carbonate. Its corporate offices are in Lakewood, Colorado , near Denver, and all its assets and employees are in the United States . Energy Fuels holds three of America's key uranium production centers: the White Mesa Mill in Utah, the Nichols Ranch in-situ recovery (" ISR ") Project in Wyoming, and the Alta Mesa ISR Project in Texas. The White Mesa Mill is the only conventional uranium mill operating in the U.S. today, has a licensed capacity of over 8 million pounds of U 3 O 8 per year, has the ability to produce vanadium when market conditions warrant, as well as REE carbonate from various uranium-bearing ores. The Nichols Ranch ISR Project is on standby and has a licensed capacity of 2 million pounds of U 3 O 8 per year. The Alta Mesa ISR Project is also on standby and has a licensed capacity of 1.5 million pounds of U 3 O 8 per year. In addition to the above production facilities, Energy Fuels also has one of the largest NI 43-101 compliant uranium resource portfolios in the U.S. and several uranium and uranium/vanadium mining projects on standby and in various stages of permitting and development. The primary trading market for Energy Fuels' common shares is the NYSE American under the trading symbol "UUUU," and the Company's common shares are also listed on the Toronto Stock Exchange under the trading symbol "EFR." Energy Fuels' website is www.energyfuels.com .
Daniel Kapostasy , P.G., Director of Technical Services for Energy Fuels , is a Qualified Person as defined by Canadian National Instrument 43-101 and has reviewed and approved the technical disclosure contained in this news release, including sampling, analytical, and test data underlying such disclosure.
This news release contains "forward-looking information" within the meaning of applicable securities laws in the United States and Canada . Forward-looking information may relate to future events or future performance of Energy Fuels. All statements in this release, other than statements of historical facts, with respect to Energy Fuels' objectives and goals, as well as statements with respect to its beliefs, plans, objectives, expectations, anticipations, estimates, and intentions, are forward-looking information. Specific forward-looking statements in this discussion include, but are not limited to, the following:; any expectation that the Transaction will close and that the Company will acquire the Bahia Project on the terms disclosed or at all; any expectation as to the concentrations or quantities of heavy minerals, including monazite contained in the Bahia Project; any expectation as to the potential annual supply of monazite sands from the Bahia Project to the Mill, the contained tonnes of TREO per year, or the number of years or decades of such potential supply; any expectation that monazite sands from the Bahia Project may be a low-cost source of monazite feed; any expectation that there may be a clear path to moving the Bahia Project into production; any expectation that the mineralization does not stop at the water table and is open at depth; any expectation as to the exploration or development work the Company plans to perform on the Bahia Project; any expectation that a Preliminary Economic Assessment under NI 43-101 or an Initial Assessment under SK-1300 will be performed and the timing of completion of any such assessments; any expectation as to how the Bahia Project may be mined, or the manner or location of any further refinement and separation of mined material; any expectation as to the cost-effectiveness of transporting various forms of HMS from the mine to a concentration facility; any expectation that the Company may become a major global rare earth element producer based in the United States ; any expectation that the Company may be successful in expanding its monazite sand feeds; any expectation that the Company will or will continue to successfully process monazite sand concentrates into a high purity mixed rare earth carbonate; any expectation that the Company may be successful at developing a full scale separations facility at the Mill; and any expectation that the Company will continue to be a leading U.S. based uranium mining company. Often, but not always, forward-looking information can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "continues", "forecasts", "projects", "predicts", "intends", "anticipates" or "believes", or variations of, or the negatives of, such words and phrases, or state that certain actions, events or results "may", "could", "would", "should", "might" or "will" be taken, occur or be achieved. This information involves 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 information. Factors that could cause actual results to differ materially from those anticipated in these forward-looking statements include risks associated with: technical difficulties; mining or processing difficulties and upsets; licensing, permitting and regulatory delays; litigation risks; competition from others; political actions or instability in foreign countries; and market factors, including future demand for and prices realized from the sale of uranium, vanadium and REEs. Forward-looking statements contained herein are made as of the date of this news release, and Energy Fuels disclaims, other than as required by law, any obligation to update any forward-looking statements whether as a result of new information, results, future events, circumstances, or if management's estimates or opinions should change, or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements. Energy Fuels assumes no obligation to update the information in this communication, except as otherwise required by law.
1 This information comes from 16 different Exploration Reports filed with the Brazilian Government's National Agency of Minerals (ANM) over several years (2011-2019). These grades should be considered conceptual in nature since there has been insufficient exploration to define a mineral resource and it is uncertain if further exploration will result in the target being delineated as a mineral resource. The data was obtained by sampling 1-meter intervals from a hand auger hole, separating out the heavy mineral fraction using heavy liquids, separating the heavy minerals by magnetic strength and then point counting the minerals under a microscope. Energy Fuels plans to initiate a sonic drill program to better define the exploration target and use industry best practices to determine an estimate of all the heavy minerals found within the project area. A qualified person has not done sufficient work to classify this historical estimate as current and Energy Fuels is not treating this historical estimate as current.
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Energy Fuels reported 2022-1Q results generally in line with expectations and gave an update on operations. Production and sales remain small (modest Vanadium sales) making bottom line results largely a function of operating costs. A slight increase in operating losses ($10.2m versus $8.8m) and net losses ($14.7m versus $10.9m) reflect additional ramp up costs for UUUU's rare earth element (REE) development and were expected. Development discussions were largely a repeat of the April update. But wait! A uranium supply contract?!?! Management plans to separate REE elements, efforts to access new REE supplies (Monzanite), and its medical isotope recovery partnership. This is all old news. However, management also announced on a call with investors (not in the press release) that it had just signed a uranium supply contract. This is the first contract in several years and a clear sign that the uranium market has improved to a point where UUUU may ramp up production, "perhaps as early as this summer." Read More >>
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Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR) ("Energy Fuels" or the "Company") is pleased to announce that it has entered into binding agreements (the "Purchase Agreements") to acquire seventeen (17) mineral concessions (the "Transaction") between the towns of Prado and Caravelas in the State of Bahia, Brazil totaling 15,089.71 hectares (approximately 37,300 acres or 58.3 square miles) (the "Bahia Project"). Read More >>
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