Production of copper concentrate from Phase 2 plant now underway
Early commissioning positions Kamoa-Kakula to achieve upper end of 2022 copper production guidance of between 290,000 and 340,000 tonnes
De-bottlenecking program underway to boost copper production to more than 450,000 tonnes annually by Q2 2023
Ivanhoe Mines (TSX: IVN) (OTCQX: IVPAF) Co-Chair Robert Friedland is pleased to announce today at the Financial Times Global Commodities Summit, to an audience of international mining and market leaders, the start of hot commissioning of the Phase 2, 3.8-million-tonne-per-annum concentrator plant at the Kamoa-Kakula Mining Complex. In addition, the first filtered copper concentrate production from the Phase 2 plant also has commenced.
First ore was introduced into the Phase 2 milling circuit on March 21, and first copper concentrate has been produced, approximately four months ahead of the original, announced development schedule. The Phase 2 concentrator plant is identical to the Phase 1 plant, with a design throughput of 475 dry tonnes per hour, or 3.8 million tonnes of ore per year. Over the last six months, the Phase 1 plant has consistently exceeded design ore throughput by approximately 10% to 15%.
The Phase 1 concentrator plant reached commercial production in July 2021, approximately two months after the start of hot commissioning, and reached design ore throughput in August 2021.
Mark Farren, Kamoa Copper's CEO, commented: "We now have successfully built the first two concentrator plants ahead of schedule and on budget. Given the experience gained by our operations team during the ramp up of the Phase 1 plant, we anticipate the ramp up of the Phase 2 plant will go even smoother. In addition, since the Phase 2 plant has started earlier than planned, we now expect to achieve the upper end of our copper production guidance for 2022, which currently is estimated at between 290,000 tonnes and 340,000 tonnes of copper in concentrate."
"The entire Kamoa Copper team has done a tremendous job in getting the Phase 2 plant up and running less than 10 months after the Phase 1 plant began operations," said Mr. Friedland. "The commissioning of the Phase 2 plant is the second important step on the path to establish Kamoa-Kakula as one of the two largest copper mining complexes on our planet … with a mine life that will last for generations. Kamoa-Kakula is by far the greenest and highest-grade major copper producer in the world. As Phase 2 is handed over to our operations team, the projects team now will turn its focus to the Phase 3 expansion, which currently is scheduled to begin operations by the end of 2024.
"Global climate change is real, and we see ourselves as an integral part of the solution by providing the copper the world urgently needs for an all-electric future. Together with our joint venture partners, we are resolved to expedite future expansion phases at Kamoa-Kakula to generate profitable growth and provide long-lasting economic and social benefits for the Congolese people.
"The Ivanhoe Mines management team is motivated to realize the potential to find additional Kamoa-Kakula-like copper discoveries on our Western Foreland exploration licences right next door, in an almost identical geologic setting. Our expansive 2022 drilling campaign, totalling approximately 95,000 metres, will soon commence."
Watch a new video highlighting the commissioning of Kamoa-Kakula's Phase 2 concentrator plant: https://vimeo.com/690889673/6de106f6a5
De-bottlenecking program underway to boost processing capacity at the Phase 1 and 2 plants by more than 20%
The de-bottlenecking program that was announced last month is progressing on schedule. The program will see Kamoa-Kakula increase the combined design processing capacity of the Phase 1 and Phase 2 concentrator plants by approximately 21%, to 9.2 million tonnes per annum, up from 7.6 million tonnes per annum.
Engineering design is underway, and procurement of long-lead items has begun. Kamoa Copper expects to be in a position to increase Kamoa-Kakula's combined processing capacity to 9.2 million tonnes per annum by Q2 2023.
Once completed, the de-bottlenecking program will enable the copper production from Kamoa Copper's first two phases to exceed 450,000 tonnes per year, positioning Kamoa Copper as the world's fourth largest copper producer.
The successful execution of Kamoa-Kakula's Phase 1 and 2 construction projects, as well as the ongoing de-bottlenecking program, have been undertaken by the same competent owners' team alongside a combination of tier-one local and international contractors. Without this fantastic teamwork, none of these achievements would have been possible.
Kamoa Copper management would like to especially acknowledge the following partners for their intense efforts in building Phase 1 and Phase 2 in record time, while remaining on budget:
DRA Global Limited of Johannesburg, South Africa; the China ENFI Engineering Corporation of Beijing, China; Kamoa-Kakula Construction Company (Zijin Construction) of Xiamen, China; Lualaba Prospere SA; T3 Projects of Johannesburg, South Africa; CITIC Construction and CITIC Heavy Industries of Beijing, China; and Kongo River of Lubumbashi, Democratic Republic of Congo.
Phase 2 offtake negotiations to be concluded imminently
Negotiations to extend existing offtake arrangements to accommodate Phase 2 copper production are nearing completion, based on competitive arm's-length commercial terms. The Phase 2 offtake is expected to streamline and improve certain provisions from Phase 1, for the benefit of all parties.
About the Kamoa-Kakula Copper Mining Complex
Kamoa-Kakula is the world's fastest growing and highest-grade major copper mining complex. Based on independent benchmarking, the project's phased expansion scenario to 19 million tonnes per annum would position Kamoa-Kakula as the world's second-largest copper mining complex, with peak annual copper production of more than 800,000 tonnes.
A 2020 independent audit of Kamoa-Kakula's greenhouse gas intensity metrics performed by Hatch Ltd. of Mississauga, Canada, confirmed that the project will be among the world's lowest greenhouse gas emitters per unit of copper produced.
The Kamoa-Kakula Copper Project is a joint venture between Ivanhoe Mines (39.6%), Zijin Mining Group (39.6%), Crystal River Global Limited (0.8%) and the Government of the Democratic Republic of Congo (20%).
Kamoa-Kakula's Phase 1 and Phase 2 concentrator plants at night.
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Kamoa-Kakula's Phase 1 and Phase 2 concentrator plants, now both operating.
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Members of Kamoa Copper's commissioning team celebrate first ore feed through the Phase 2 ball mills. First ore was introduced into the Phase 2 milling circuit on March 21, 2022.
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Members of Kamoa Copper's logistics and customs team with new Sandvik 21-tonne underground loaders (scooptrams) that will help accelerate underground mine development for the Phase 2 and Phase 3 expansions. (L-R) Ruddy Mutombo, Casper de Jager, Richard Yatha, Marc Kafwata and Kayumba Dyuba Salis. To view an enhanced version of this graphic, please visit: https://orders.newsfilecorp.com/files/3396/117618_12eddf7024bb9888_004full.jpg
Kamoa-Kakula's third Larox Filter press arrives at Lumbumbashi airport from Metso Outotec of Espoo, Finland.
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Disclosures of a scientific or technical nature regarding development scenarios at the Kamoa-Kakula Project in this news release have been reviewed and approved by Steve Amos, who is considered, by virtue of his education, experience and professional association, a Qualified Person under the terms of NI 43-101. Mr. Amos is not considered independent under NI 43-101 as he is the Head of the Kamoa Project. Mr. Amos has verified the technical data disclosed in this news release.
Ivanhoe has prepared an independent, NI 43-101-compliant technical report for the Kamoa-Kakula Project, which is available on the company's website and under the company's SEDAR profile at www.sedar.com:
The technical report includes relevant information regarding the assumptions, parameters and methods of the mineral resource estimates on the Kamoa-Kakula Project cited in this news release, as well as information regarding data verification, exploration procedures and other matters relevant to the scientific and technical disclosure contained in this news release.
Ivanhoe Mines is a Canadian mining company focused on advancing its three principal projects in Southern Africa: the development of major new, mechanized, underground mines at the Kamoa-Kakula copper discoveries in the Democratic Republic of Congo and at the Platreef palladium-rhodium-platinum-nickel-copper-gold discovery in South Africa; and the extensive redevelopment and upgrading of the historic Kipushi zinc-copper-germanium-silver mine, also in the Democratic Republic of Congo.
Kamoa-Kakula is the world's fastest growing major copper mine. Kamoa-Kakula began producing copper concentrates in May 2021 and, through phased expansions, is positioned to become one of the world's largest copper producers. Kamoa-Kakula is being powered by clean, renewable hydro-generated electricity and is projected to be among the world's lowest greenhouse gas emitters per unit of metal produced. Ivanhoe Mines has pledged to achieve net-zero operational greenhouse gas emissions (Scope 1 and 2) at the Kamoa-Kakula Copper Mine. Ivanhoe also is exploring for new copper discoveries on its Western Foreland exploration licences in the Democratic Republic of Congo, near the Kamoa-Kakula Project.
Investors: Bill Trenaman +1.604.331.9834 / Media: Matthew Keevil +1.604.558.1034
Certain statements in this release constitute "forward-looking statements" or "forward-looking information" within the meaning of applicable securities laws. Such statements and information involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the company, its projects, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. Such statements can be identified by the use of words such as "may", "would", "could", "will", "intend", "expect", "believe", "plan", "anticipate", "estimate", "scheduled", "forecast", "predict" and other similar terminology, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. These statements reflect the company's current expectations regarding future events, performance and results and speak only as of the date of this release.
Such statements include without limitation, the timing and results of: (i) statements regarding expectations that the commissioning of the Phase 2 concentrator plant will be smoother than the commissioning of the Phase 1 concentrator plant; (ii) statements regarding Kamoa-Kakula's copper production guidance for 2022, which currently is estimated at between 290,000 tonnes and 340,000 tonnes of copper in concentrate; (iii) statements regarding expectations that the Phase 3 expansion will begin operations in in less than two years' time; (iv) statements regarding Kamoa Copper expects to be in a position to increase Kamoa-Kakula's combined processing capacity to 9.2 million tonnes of ore a year by Q2 2023; (v) statements regarding the de-bottlenecking program will enable the copper production from Kamoa Copper's first two phases to exceed 450,000 tonnes per year by Q2 2023; (vi) statements regarding the Kamoa-Kakula's phased expansion scenario to 19 million tonnes per annum would position Kamoa-Kakula as the world's second-largest copper mining complex, with peak annual copper production of more than 800,000 tonnes; and (vii) statements regarding Kamoa-Kakula will be among the world's lowest greenhouse gas emitters per unit of copper produced; (viii) statements regarding Phase 2 offtake negotiations.
As well, all of the results of the Kakula definitive feasibility study, the Kakula-Kansoko pre-feasibility study and the Kamoa-Kakula preliminary economic assessment, constitute forward-looking statements or information, and include future estimates of internal rates of return, net present value, future production, estimates of cash cost, proposed mining plans and methods, mine life estimates, cash flow forecasts, metal recoveries, estimates of capital and operating costs and the size and timing of phased development of the projects. Furthermore, with respect to this specific forward-looking information concerning the development of the Kamoa-Kakula Project, the company has based its assumptions and analysis on certain factors that are inherently uncertain. Uncertainties include: (i) the adequacy of infrastructure; (ii) geological characteristics; (iii) metallurgical characteristics of the mineralization; (iv) the ability to develop adequate processing capacity; (v) the price of copper; (vi) the availability of equipment and facilities necessary to complete development; (vii) the cost of consumables and mining and processing equipment; (viii) unforeseen technological and engineering problems; (ix) accidents or acts of sabotage or terrorism; (x) currency fluctuations; (xi) changes in regulations; (xii) the compliance by joint venture partners with terms of agreements; (xiii) the availability and productivity of skilled labour; (xiv) the regulation of the mining industry by various governmental agencies; (xv) the ability to raise sufficient capital to develop such projects; (xvi) changes in project scope or design; and (xvii) political factors.
Forward-looking statements and information involve significant risks and uncertainties, should not be read as guarantees of future performance or results and will not necessarily be accurate indicators of whether or not such results will be achieved. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements or information, including, but not limited to, the factors discussed below and under "Risk Factors", and elsewhere in this release, as well as unexpected changes in laws, rules or regulations, or their enforcement by applicable authorities; the failure of parties to contracts with the company to perform as agreed; social or labour unrest; changes in commodity prices; and the failure of exploration programs or studies to deliver anticipated results or results that would justify and support continued exploration, studies, development or operations.
Although the forward-looking statements contained in this release are based upon what management of the company believes are reasonable assumptions, the company cannot assure investors that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this release and are expressly qualified in their entirety by this cautionary statement. Subject to applicable securities laws, the company does not assume any obligation to update or revise the forward-looking statements contained herein to reflect events or circumstances occurring after the date of this release.
The company's actual results could differ materially from those anticipated in these forward-looking statements as a result of the factors set forth below in the "Risk Factors" section in the company's 2021 Q4 and Year-End MD&A and its current annual information form.
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Update on Drill Permitting and New Concessions Awarded
Forte Minerals Corp. ("Forte" or the "Company") (CSE: CUAU) (OTQB: FOMNF) ( Frankfurt : 2OA), a junior mining exploration company has blended assets with GlobeTrotters Resources Perú SAC to build an attractive portfolio of high-quality copper and gold assets in Perú. The Company's portfolio combines early-stage and drill-ready targets with a historically discovered and drilled porphyry system that is strategically positioned for copper and gold resource development.
Forte Minerals Corp. is pleased to announce exploration plans for its 100% owned Pucarini Gold Project ("Pucarini"), a high sulphidation epithermal gold system located in the department of Puno, in Southern Perú. The Company also announces the awarding of full title to additional claims applications surrounding Pucarini that were staked in late 2020.
The original Pucarini property comprises 1000 hectares of prospective, high sulphidation epithermal gold mineralization. This property has been the Company's main exploration focus as outlined in the Company's 43-101 technical report and summarized in the Company's initial public offering prospectus dated November 12, 2021 . In late 2020, the Company staked 10 satellite claims surrounding Pucarini, comprising 16,100 hectares (See figure 1). The Company is pleased to announce it has recently been awarded full title to these new claims. The awarded concessions cover prospects that exhibit a similar argillic-sericitic hydrothermal alteration signature to that of Pucarini. The area selection was influenced by knowledge gained at Pucarini and the expression of similar hydrothermal alteration signatures recognized in the ASTER satellite imagery as part of the Company's regional remote sensing exploration program. Following the successful surface exploration programs at Pucarini that identified anomalous gold on surface, it was determined a priority to control more prospective ground in the district. A regional exploration program will be deployed in 2022 with follow-up sampling and mapping programs on the recently awarded concessions.
The Company completed an extensive surface exploration program in 2021 at Pucarini which included geological mapping, geochemical sampling and geophysical surveys. The induced polarization (IP) geophysical survey lines were positioned over the strongest mineralization and alteration as recognized from preceding surface mapping and geochemical sampling programs. Four exploration targets (A-D) were interpreted from the exploration program which will require drilling as the next step in testing the potential for economic gold mineralization on the property. An initial 4 hole, core drill program ( +1000m ) is planned to test three of four exploration target areas (see Figure 2).
Drill holes will be positioned to test these geophysical anomalies coincident with elevated gold values from surface sampling. Locations of these drill holes may be modified following further interpretation of the exploration program's database by the Company's geologic staff.
The first hole, DH_P01, is designed to test the north end of the north-trending chargeability anomaly at target area A, where it coincides with a resistivity anomaly and a domain of strong demagnetization. This hole will be collared near outcrops of hydrothermal breccia containing ~5% fine-grained disseminated pyrite.
Drill hole DH_P02 is positioned to test a northwest-trending zone defined by abundant quartz veining, hydrothermal breccia veins and breccia dikes associated with an advanced argillic mineral assemblage in target area A. This hole will be located where the vein zone intersects the north-trending chargeability anomaly and coincident resistivity anomaly.
Drill hole DH_P03 is designed to test beneath the cluster of rock chip samples that returned anomalous gold values in target area B that coincide with advanced argillic alteration and a resistivity anomaly on the west flank of the north-trending chargeability anomaly.
Drill hole DH_P04 is positioned to test the large resistivity anomaly in target area C near the east flank of the north-trending chargeability anomaly where it intersects the northern margin of the northwest-trending zone of veining.
The CIRA Report, which is the first step in the permitting process, has been submitted and approval is expected shortly. The field studies and technical documents have been completed and the Company is in the process of finalizing the DIA Report which will be submitted to MINEM for approval of the drill permits. Forte is working with an experienced ESG consulting firm based in Perú to guide the exploration and permitting, with a goal of maintaining a positive working relationship with the communities near its projects.
Paul Johnston , P.Geo., is the Company's Qualified Person as defined by National Instrument 43-101 and has reviewed and approved the technical information contained in this news release.
Pucarini is an early-stage, high-sulfidation epithermal gold project located in Lampa Province, Department of Puno. The 1,000 ha concession is 43 km from Juliaca, the region's largest commercial centre and 830 km southeast of Lima . The property is 100% owned by Forte Copper Corp with a 1% Net Smelter Return royalty held by Globetrotters Resource Group Inc.
The Pucarini project is in the southern segment of the Miocene magmatic belt which is the host to large Miocene high-sulfidation gold deposits in northern Perú including Pierena, Yanacocha, and Alto Chicama.
Globetrotters Resources Perú SAC acquired the property through the Peruvian auction process in 2018 and transferred ownership to Forte Copper Corp in 2020 under a share purchase agreement. Prior to Globetrotters exploration activity, Teck Resources Perú SAC carried out preliminary mapping and sampling programs between 2011 and 2015 before relinquishing the property. No drilling has been completed to date. Forte Copper Corp continued exploration by completing magnetic, induced polarization and resistivity geophysical surveys and a soil geochemical survey.
The property is underlain by a thick volcanic succession comprised of Miocene andesite to dacite pyroclastic and lava assigned to the Sillapaca Formation. Geological mapping outlined extensive argillic hydrothermal alteration measuring approximately 3 x 4 km, which encloses smaller zones of advanced argillic alteration. Outcrop sampling indicates gold mineralization is associated with quartz veining, hydrothermal breccia veins and dikes, and advanced argillic alteration. Geological, geophysical, and geochemical evidence combine to establish drill targets at 100 to 250 metres below surface across the property.
The Company is committed to maximizing shareholder value through acquiring, exploring, discovering, and developing copper and gold projects in Perú. Moving rapidly along the line of opportunity towards a value maxima is very attractive to investors. Significant value growth is generated when early-stage exploration moves towards resource definition while zoning in on target development and eliminating the early-stage grassroots risk. All three of Forte's properties offer this opportunity, with tremendous upside considering their geological potential.
On behalf of Forte Minerals CORP.
(signed) " Patrick Elliott " Chief Executive Officer
For further information, please contact: Forte Minerals Corp. office: 778-403-5807 info@forteminerals.com www.forteminerals.com
Certain statements included in this press release constitute forward-looking information or statements (collectively, "forward-looking statements"), including those identified by the expressions "anticipate", "believe", "plan", "estimate", "expect", "intend", "may", "should" and similar expressions to the extent they relate to the Company or its management. The forward-looking statements are not historical facts but reflect current expectations regarding future results or events. This press release contains forward looking statements. These forward-looking statements are based on current expectations and various estimates, factors and assumptions and involve known and unknown risks, uncertainties and other factors.
Forward-looking statements are not a guarantee of future performance and involve risks, uncertainties and assumptions which are difficult to predict. Factors that could cause the actual results to differ materially from those in forward-looking statements include the continued availability of capital and financing, and general economic, market or business conditions, including the effects of COVID-19. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement. These statements should not be read as guarantees of future performance or results. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by such statements. Although such statements are based on management's reasonable assumptions, there can be no assurance that the statements will prove to be accurate or that management's expectations or estimates of future developments, circumstances or results will materialize. The Company assumes no responsibility to update or revise forward-looking information to reflect new events or circumstances unless required by law. Readers should not place undue reliance on the Company's forward-looking statements.
Neither the Canadian Securities Exchange (the "CSE") nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
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TSXV: LMS) OTCQB: LMSQF) is pleased to announce positive exploration results from its 100%-owned Auquis copper project (" Auquis " or the " Project "), located in the Coastal Copper Belt, where soil sampling results define high-grade anomalous copper over a 3km x 2km area.
The Company initiated exploration at the 4,000-hectare Auquis in February this year. Exploration completed to date includes an extensive soil sampling program designed to screen the most prospective portions of the property. A total of 253 soil samples were collected on a 400m x 200m grid. Results are positive ( Figure 1 ), defining a coincident copper and molybdenum anomaly over an area of 3km x 2km. Within this area, copper-in-soil values are greater than 500 ppm (0.05%) and up to 2,300 ppm (0.23%) copper.
Latin Metals is committed to regularly engaging with community stakeholders and backing local projects with positive and lasting community benefits. Having reached an agreement with the communities at Auquis, the Company will undertake various capacity-building projects focused on agricultural development and irrigation projects. Community engagement and consultation continues at the Auquis project and is ongoing at this and other Latin Metals' projects.
Latin Metal's CEO, Keith Henderson, commented: "Exploration at Auquis offers compelling discovery potential as little historical work has been done on these highly prospective targets. The project remains an exciting exploration story that can expose investors to a top mining jurisdiction as well as commodities in high demand and short supply, such as copper. We look forward to updating our shareholders with progress as we move through exploration milestones over the coming months."
Latin Metals will begin a comprehensive rock chip sampling and mapping program in April, focusing on the high-grade copper anomalies identified by the soil survey.
The Coastal Copper Belt in Peru is a Cretaceous belt hosting a variety of deposit types, including porphyry, epithermal, VMS and IOCG. Latin Metals has staked six exploration projects in the Belt, totalling 15,900 hectares. In 2021, the Company focused on the Lacsha copper-molybdenum discovery, where extensive exploration has been completed, including surface geochemistry and geophysical surveys. The Auquis copper-molybdenum project will see similar levels of exploration over the coming months.
The work program at Auquis was designed and supervised by Eduardo Leon, the Company's Exploration Manager. He is responsible for all aspects of the work, including the quality control/quality assurance program. On-site personnel at the project rigorously collect and track samples which are then security sealed and shipped to the ALS laboratory in Lima. Samples used for the results described herein are prepared and analyzed by multi-element analysis using an inductively coupled mass spectrometer in compliance with industry standards.
Soil samples were extracted from prospecting pits measuring 40cm x 40 cm, where the uppermost A horizon was removed to collect the underlying B horizon. A total of 1.5 to 2.0 kg of B Horizon material was collected at each sampling site, before the sampling pit was reclaimed. A total of 253 samples were collected on a grid of 200m north-south and 400m east-west orientation.
The technical content of this release has been approved for disclosure by Keith J. Henderson P.Geo, a Qualified Person as defined by NI 43-101 and the Company's CEO. Mr. Henderson is not independent of the Company, as he is an employee of the Company and holds securities of the Company.
Latin Metals is a mineral exploration company acquiring a diversified portfolio of assets in South America. The Company operates with a Prospect Generator model focusing on the acquisition of prospective exploration properties at minimum cost, completing initial evaluation through cost-effective exploration to establish drill targets, and ultimately securing joint venture partners to fund drilling and advanced exploration. Shareholders gain exposure to the upside of a significant discovery without the dilution associated with funding the highest-risk drill-based exploration.
On Behalf of the Board of Directors of
For further details on the Company, readers are referred to the Company's website ( www.latin-metals.com ) and its Canadian regulatory filings on SEDAR at www.sedar.com .
For further information, please contact:
Suite 890 999 West Hastings Street Vancouver, BC, V6C 2W2
Phone: 604-638-3456 E-mail: info@latin-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 news release.
Cautionary Note Regarding Forward-Looking Statements
This news release contains forward-looking statements and forward-looking information (collectively, "forward-looking statements") within the meaning of applicable Canadian and U.S. securities legislation, including the United States Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, included herein including, without limitation, statements regarding the negotiation of the Option Agreements and exercise of the Option for the Properties, the anticipated content, commencement, timing and cost of exploration programs in respect of the Properties and otherwise, anticipated exploration program results from exploration activities, and the Company's expectation that it will be able to enter into agreements to acquire interests in additional mineral properties, the discovery and delineation of mineral deposits/resources/reserves on the Properties, and the anticipated business plans and timing of future activities of the Company, are forward-looking statements. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Often, but not always, forward looking information can be identified by words such as "pro forma", "plans", "expects", "may", "should", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", "believes", "potential" or variations of such words including negative variations thereof, and phrases that refer to certain actions, events or results that may, could, would, might or will occur or be taken or achieved. In making the forward-looking statements in this news release, the Company has applied several material assumptions, including without limitation, market fundamentals will result in sustained precious metals demand and prices, the receipt of any necessary permits, licenses and regulatory approvals in connection with the future development of the Company's Argentine projects in a timely manner, the availability of financing on suitable terms for the development, construction and continued operation of the Company projects, and the Company's ability to comply with environmental, health and safety laws.
Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to differ materially from any future results, performance or achievements expressed or implied by the forward-looking information. Such risks and other factors include, among others, operating and technical difficulties in connection with mineral exploration and development and mine development activities at the Properties, including the geological mapping, prospecting and sampling programs being proposed for the Properties (the "Programs"), actual results of exploration activities, including the Programs, estimation or realization of mineral reserves and mineral resources, the timing and amount of estimated future production, costs of production, capital expenditures, the costs and timing of the development of new deposits, the availability of a sufficient supply of water and other materials, requirements for additional capital, future prices of precious metals and copper, changes in general economic conditions, changes in the financial markets and in the demand and market price for commodities, possible variations in ore grade or recovery rates, possible failures of plants, equipment or processes to operate as anticipated, accidents, labour disputes and other risks of the mining industry, delays or the inability of the Company to obtain any necessary permits, consents or authorizations required, including TSX-V acceptance for filing of the Option Agreements, any current or future property acquisitions, financing or other planned activities, changes in laws, regulations and policies affecting mining operations, hedging practices, currency fluctuations, title disputes or claims limitations on insurance coverage and the timing and possible outcome of pending litigation, environmental issues and liabilities, risks related to joint venture operations, and risks related to the integration of acquisitions, as well as those factors discussed under the heading "Risk Factors" in the Company's latest Management Discussion and Analysis and other filings of the Company with the Canadian Securities Authorities, copies of which can be found under the Company's profile on the SEDAR website at www.sedar.com .
Readers are cautioned not to place undue reliance on forward looking statements. Except as otherwise required by law, the Company undertakes no obligation to update any of the forward-looking information in this news release or incorporated by reference herein.
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Fabled Copper Corp. ("Fabled Copper" or the "Company") (CSE:FABL)(FSE:XZ7) announces the 13th set of results of 2021 surface field work on it's Muskwa Copper Project comprised of the Neil Property and the Toro Property in Northern British Columbia. The Company also holds rights to the Bronson Property. See Figure 1 below
Peter Hawley, President, CEO reports; A total of 19 specific areas were mapped and prospected during the 2021 field season plus 5 select areas for UAV drone surveys. See Figure 2 below.
Figure 2 - 2021 Neil Property Work Site Locations
A total of 19 specific areas were mapped and prospected during the 2021 field season and we started the New Year by reporting our findings on the Lady Luck occurrence in the south end of the Neil Property, followed by the Mac; the 8A, Harris, the 2a and 2b, the Creek, Keays south, Belcher Creek, Magnum Drone Survey Mission, the Magnum, Neil Drone Survey Mission, Neil vein / breccia, EM-1 and now the Ram Creek copper occurrence. See Figure 3 below.
Figure 3- Neil Property, Ram Creek Copper Occurrence Location
The area containing the Ram Creek Occurrence had ten chip samples and 1 example of mineralized quart-carbonate collected. See Table 1 and Figure 4 below.
Figure 4 - Ram Creek Sample Locations
Two quartz-carbonate veins and surrounding sheared stockwork outcrop on the north side of a ridge
at the 1,800 meter elevation and located on the south side of a bowl. See Photo 1 below.
Photo 1 - Ram Creek Copper Occurrence
These 2 veins were chip sampled across 2.65 meters. The chip samples contained less than 2% sulphides and this section (samples D-723006 - 010) across 2.65 meters assayed low in copper (0.15%), with the best copper result of 0.74% copper across 0.40 meters, (sample D-723007). See Table 1 and Photo 2 below.
Photo 2 - Chip Sample Location of Ram Creek Copper Occurrence Over 2.65 meters
North of these two veins, numerous sheared northwest to northwest striking quartz-carbonate
veins, containing little or no sulphide content, were observed at elevations of approximately 1,800 meters.
Five veins were chip sampled and copper analyses indicate they contained trace copper (
Photo 3 -Chip Sample Site of Ram Creek Copper Occurrence
Sample D-723016 of quartz-carbonate float, mineralized with 4% chalcopyrite, was collected across the bowl, 120 meters north of the exposed vein on the ridge. This sample had a copper content of 1.47%.
Table 1 - Ram Creek Surface Samples
Analytical results of sampling reported by Fabled Copper Corp represent rock samples submitted by Fabled Copper Corp staff directly to ALS Chemex, Vancouver, British Columbia Canada. Samples were crushed, split, and pulverized as per ALS Chemex method PREP-31, then analyzed for ME-ICP61 33 element package by four acid digestion with ICP-AES Finish. ME-GRA21 method for Au and Ag by fire assay and gravimetric finish, 30g nominal sample weight.
For samples triggering precious metal over-limit thresholds of 10 g/t Au or 100 g/t Ag, the following is being used:
Au-GRA21 Au by fire assay and gravimetric finish with 30 g sample.
Ag-GRA21 Ag by fire assay and gravimetric finish.
Fabled Copper Corp. monitors QA/QC using commercially sourced standards and locally sourced blank materials inserted within the sample sequence at regular intervals.
Fabled Copper is a junior mining exploration company. Its current focus is to creating value for stakeholders through the exploration and development of its existing copper properties located in northern British Columbia. The Muskwa Project comprises a total of 76 claims in two non-contiguous blocks and totals approximately 8,064.9 hectares, located in the Liard Mining Division in northern British Columbia.
Mr. Peter J. Hawley, President and C.E.O. Fabled Copper Corp. Phone: (819) 316-0919 peter@fabledcopper.org
For further information please contact:
The technical information contained in this news release has been approved by Peter J. Hawley, P.Geo. President and C.E.O. of Fabled, who is a Qualified Person as defined in National Instrument 43-101 - Standards of Disclosure for Mineral Projects.
The Canadian Securities Exchange does not accept responsibility for the adequacy or accuracy of this release.
Certain statements contained in this news release constitute "forward-looking information" as such term is used in applicable Canadian securities laws. Forward-looking information is based on plans, expectations and estimates of management at the date the information is provided and is subject to certain factors and assumptions, including, that the Company's financial condition and development plans do not change as a result of unforeseen events and that the Company obtains any required regulatory approvals.
Forward-looking information is subject to a variety of risks and uncertainties and other factors that could cause plans, estimates and actual results to vary materially from those projected in such forward-looking information. Some of the risks and other factors that could cause results to differ materially from those expressed in the forward-looking statements include, but are not limited to: impacts from the coronavirus or other epidemics, general economic conditions in Canada, the United States and globally; industry conditions, including fluctuations in commodity prices; governmental regulation of the mining industry, including environmental regulation; geological, technical and drilling problems; unanticipated operating events; competition for and/or inability to retain drilling rigs and other services; the availability of capital on acceptable terms; the need to obtain required approvals from regulatory authorities; stock market volatility; volatility in market prices for commodities; liabilities inherent in mining operations; changes in tax laws and incentive programs relating to the mining industry; as well as the other risks and uncertainties applicable to the Company as set forth in the Company's continuous disclosure filings filed under the Company's profile at www.sedar.com. The Company undertakes no obligation to update these forward-looking statements, other than as required by applicable law.
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Trilogy Metals Inc. (TSX: TMQ) (NYSE American: TMQ) ("Trilogy" or the "Company") is pleased to announce the fifth and final set of infill drilling results from the 2021 summer field season at the Arctic Project, part of the Upper Kobuk Mineral Projects ("UKMP") located in Northwestern Alaska managed by Ambler Metals LLC ("Ambler Metals"), the joint venture operating company equally owned by wholly owned subsidiaries of Trilogy and South32 Limited (ASX, LSE, JSE: S32; ADR: SOUHY) ("South32").
The 2021 Arctic drill program included 4,131 meters of diamond drilling, comprising 18 holes, that were designed to convert part of the resources from the Indicated category to the Measured category, and provide material for metallurgical testing and geotechnical information. The assay results detailed here are for the remaining nine infill/metallurgical drill holes from the 2021 summer field season.
Based on a cut-off grade of 0.5% copper equivalent, significant zones of high-grade copper, zinc, lead, gold, and silver mineralization were intersected, including:
All reported intervals are thought to be close to the true width and therefore represent the actual thickness of mineralization.
Tony Giardini , President and CEO of Trilogy, commented, "These latest drilling results serve to reinforce that the Arctic deposit is truly unique given the very high grades and consistency of mineralization within the metalliferous horizons. All nine holes in this press release have exceptional high grades of not only copper but also zinc, lead, silver and gold. The polymetallic nature of the Arctic deposit, and the exploration upside in the surrounding 181,000-hectare land package, truly makes this an exceptional project which, we believe, has the potential to play a significant role in supplying the United States economy with a domestic stable, environmentally safe supply of critical and green metals for many years."
Richard Gosse , Trilogy's Vice President, Exploration stated, "Yet another set of impressive drill intersections from Arctic – the last of the assays from the 2021 infill/geotechnical drill program. Besides providing important geotechnical data and increasing the certainty of future resource estimates, the 2021 drill program at Arctic found mineralization extending beyond the pit boundary used in the 2020 Arctic Feasibility Study, and from an exploration perspective, shows Zones 3, 4 and 5 are open at shallower depths to the north."
On November 22, 2021 , the Company released the assay results for two geotechnical drill holes AR21-0173 and AR21-0175 that intersected high-grade mineralization beyond the currently designed pit at Arctic. Subsequently on November 29, 2021 , the Company released additional drilling results from two infill/metallurgical holes drilled early in the 2021 field season. Of note is drill hole AR21-0176 which intersected 19.91 meters of almost 12% copper equivalent. On January 25, 2022 , the Company released the results for two additional metallurgical/infill drill holes from Arctic and on March 17, 2022 , the Company released the results for an additional four infill holes at Arctic. For more information on these drilling results, please visit the Company's website at https://trilogymetals.com/news-and-media/news/ .
These latest drilling results from the 2021 program contain mineralized intervals consistent with previous drilling conducted within the resource area on the property. Significant mineralized intervals of high-grade mineralization at a cut-off of 0.5% copper equivalent are reported in Table 1 . The locations of the holes are shown in Figure 1 and Table 2 .
Of the 18 holes drilled at Arctic last summer, eight holes were for the geotechnical program. The 10 remaining drill holes were part of the infill/metallurgical program, with three of the 10 drill holes also being used for the hydrology program.
Table 1. Drill Intercepts from the 2021 Arctic Infill Drilling Program
Composites reported previously on November 29, 2021
The reported intervals are based on a copper-equivalent grade of 0.5% using metal prices from Trilogy's 2020 Arctic feasibility study ( US$3.00 /lb copper, US$1.10 /lb zinc, US$1.00 /lb lead, US$1,300 /oz gold, and US$18.00 /oz silver) and a maximum of 3-meters internal dilution. All drill hole intercepts are close to true width.
Table 2. Drill Hole Locations at the Arctic Project
Coordinates are in UTM Zone 4N (meters) coordinate system, NAD83 Datum.
A cross section showing drill holes AR21-0180, AR21-0183 and AR21-0190 can be seen in Figure 2 . Also, a cross section showing drill holes AR21-0185, AR21-0187 and AR21-0189 is shown in Figure 3.
Hole AR21-0178 which is sized HQ3 (61 mm diameter), was drilled as part of the geotechnical program. At 178.17 meters, a 55-centimetre-thick and partly sphalerite and chalcopyrite mineralized quartz vein is present. From 178.72 to 180.95 meters, below the vein, base metal mineralization consists of semi-massive sulphides and is comprised of chalcopyrite, and dark-red sphalerite. Where mineralization is not massive or semi-massive, stringer-style mineralization parallel to foliation is present. At 199.53 meters, another 30-centimetre interval of semi-massive chalcopyrite and sphalerite mineralization is present. From 234.32 to 244.66 meters, weak chalcopyrite and sphalerite mineralization is present as thin (
Hole AR21-0180 which is sized HQ3 (61 mm diameter), was drilled as part of the geotechnical program. Mineralization begins at 131.46 meters and continues to 166.11 meters with two massive sulphide intercepts. From 147.02 to 148.09 meters, the first massive sulphide section is pyritic and rubbly. Chalcopyrite stringer-style mineralization also increases towards 151.55 meters, where massive sulphide is present from 151.55 to 152.54 meters, and trace native copper is present on some fractures. The massive sulphide interval, although thin, is copper dominated comprised of up to 45% chalcopyrite, lesser pyrite, and minor barite. From 152.54 to 171.87 meters, the interval hosts variable sphalerite and chalcopyrite mineralization. Sphalerite typically manifests as thin near massive bands, and chalcopyrite is present both as bands and stringers. The section from 221.88 to 267.31 meters is weakly mineralized where chalcopyrite stringer-style mineralization is present with and replaced by pyrrhotite.
Hole AR21-0183 which is sized HQ3 (61 mm diameter), was drilled as part of the geotechnical program. It intersected massive sulphides from 200.90 to 204.95 meters. Mineralization consisted of 35% chalcopyrite, 20% sphalerite, minor pyrite, and trace bornite and covellite. From 238 to 256.65 meters, the interval is composed of weak mineralization and is generally marked by fine to medium grained trace pyrite and even more occasionally pyrrhotite.
Hole AR21-0185 which is sized HQ3 (61 mm diameter), was drilled as part of the resource conversion and metallurgical bulk sampling programs, as well as the hydrology testing program. Between 123.19 and 128.20 meters, this hole intersected approximately 4 meters of massive and semi-massive sulphides. The massive and semi-massive units host up to 30% chalcopyrite, 20% sphalerite, 50% pyrite, minor barite, and trace amounts of bornite and covellite. Mottled barite bands up to 2 cm (rarely 4 cm) were associated with fine grained chalcopyrite and pyrite. Very minor banded stringers of chalcopyrite, sphalerite, and pyrite within foliation occur between 146 and 157 meters.
Hole AR21-0186 which is sized PQ3 (83 mm diameter), was drilled as part of the resource conversion and metallurgical bulk sampling programs. Drilling was prematurely terminated in massive sulphides at 200.25 meters when the drill rods stuck. From 111.81 to 114.91 meters, drilling encountered massive sulphide mineralization. Beyond 139.20 meters, mineralization contains periodic bands of massive sulphides with quartz-chlorite-talc-calcite gangue; where generally, mineralization is composed of short, massive sulphide bands in chlorite-talc rocks. Between 139.20 and 157.48 meters, massive sulphides and semi-massive sulphides are locally barite-rich and alternates with typical grey shist.
Hole AR21-0187 which is sized HQ3 (61 mm diameter), was drilled as a part of the geotechnical program. A massive sulphide interval from 85.18 to 89.66 meters averages 5% pyrite, 35% chalcopyrite, and 5% galena. Another mineralized interval from 123.75 to 124.5 meters hosts semi massive sulphides with 5% pyrite, 13% chalcopyrite, and 12% sphalerite.
Hole AR21-0189 which is sized HQ3 (61 mm diameter), was drilled as part of the geotechnical program. The first massive sulphide zone was encountered from 51.34 to 60.88 meters with the first 20 cm of the interval containing disseminated chalcopyrite that progressively increases into a massive sulphide interval. The first 1.25 meters of the massive sulphides contain 40% chalcopyrite, 20% pyrite, and 15% sphalerite. From 56.10 meters to 56.62 meters, the massive sulphides become increasingly copper-rich at the expense of sphalerite which decreases in abundance significantly. From 58 to 59.24 meters, bornite mineralization is present in moderate amounts associated with very weak chalcocite mineralization and abundant chalcopyrite mineralization. From 59.24 to 60.88 meters, at the end of the first massive sulphide intercept, chalcopyrite becomes the dominant sulphide. The second massive sulphide zone was observed from 61.54 to 62.06 meters with 85% chalcopyrite, 5% pyrite and 2% sphalerite.
Hole AR21-0190 which is sized HQ3 (61 mm diameter), was drilled as part of the geotechnical program. The interval from 134.24 to 159.46 meters is a combination of interlayered semi massive and massive sulphides that contain an approximate average of 25% pyrite, 35% chalcopyrite and 20% sphalerite. Another mineralized zone was encountered from 186.75 to 195.57 meters which contains massive sulphides averaging 35% pyrite, 25% chalcopyrite, 20% sphalerite, 2% barite and 1% bornite.
All percentages of sulphide mineralization are based off the visual estimations in the core.
Within the Arctic deposit, mineralization occurs as stratiform semi-massive sulphide to massive sulphide beds within primarily chlorite schists and fine-grained quartz schists. The sulphide beds average 4 meters in thickness but vary from less than 1 meter up to as much as 20 meters in thickness.
The drilling program, sampling and assaying protocol, and data verification were managed by qualified persons (QPs) employed by Ambler Metals. The diamond drill holes were completed using PQ3 or HQ3 diameter core, and recoveries averaged 95%. Drill core was cut lengthwise into halves using a diamond saw, with one-half used to construct composites for metallurgical testing and one-half cut lengthwise to provide quarter core for sampling. The remainder of the core was retained in core trays and archived at site.
Samples were collected through mineralized zones using a 0.17 m minimum length and 2.5 m maximum length; average sample length is 1.70 m . Weights of the drill core samples range from 0.2 to 16.86 kg, depending on the size of core, rock type, and recovery.
Each core sample was placed into a bag with a numbered tag and quality control samples were inserted between core samples using the same numbering sequence. Then, samples were grouped into batches for shipping and laboratory submissions. Each batch of 20 samples contains three quality control (QC) samples that comprise one certified reference material (CRM), one core blank (BLK), and one core or crushed duplicate (DUP). Chain-of-custody records are maintained for sample shipments and the custody is transferred from Ambler Metals' expeditor to the laboratory upon delivery.
Samples were shipped initially to ALS Minerals' laboratory in Fairbanks, Alaska , USA, then on to ALS Minerals' laboratory in Hermosillo, Mexico , for sample preparation. ALS Minerals Fairbanks and Hermosillo are satellite sample preparation facilities accredited under ALS Minerals. After preparation at ALS Minerals Hermosillo, split pulp samples were shipped to ALS Minerals in North Vancouver, B.C. , Canada , for assaying. ALS Minerals North Vancouver is an independent laboratory certified under ISO 9001:2008 and accredited under ISO/IEC 17025:2005 by the Standards Council of Canada . ALS Minerals includes its own internal quality control samples comprising certified reference materials, blanks, and pulp duplicates.
Drill core samples were weighed (WEI-21), dried if excessively wet (DRY-21), coarse jaw crushed to 70% passing 6 mm (CRU-21), fine jaw crushed to 70% passing 2 mm (CRU-31), riffle split to 250 g subsamples (SPL-21) and pulverized to 85% passing 75 μm (PUL-31). Crushed duplicates were created by riffle splitting crushed samples into two parts.
Gold analyses were completed using a 30 g lead fire assay and AAS finish (Au-AA23). Multi-element analyses for 48 elements were completed using a geochemical four-acid digestion and ICP-ES/MS finish (ME-MS61). Over-range assays for silver, copper, zinc and sulfur were completed using an ore grade four-acid digestion and ICP-ES finish (ME-OG62). Additional analyses were completed for barium and mercury.
Gold, silver, copper, lead and zinc assays for QC samples were reviewed to ensure that CRMs are within tolerance limits specified on supplier certificates, BLKs are below acceptable thresholds, and DUPs display statistical patterns normally expected for sample types, methods, and elements. CRMs that returned assays outside of tolerance limits and BLKs with assays above thresholds were deemed to have failed. Sample batches containing failed QC samples were re-assayed to ensure that the QC samples returned acceptable results before release. All QC monitoring data are reviewed and signed off by an independent QA/QC geologist.
There is no known relationship between core sample recoveries and assay grades. Ambler Metals will submit 5% of the assay intervals from prospective lithologies to a laboratory independent of ALS Minerals for check assaying.
Richard Gosse , P.Geo., Vice President, Exploration for Trilogy, is a Qualified Person as defined by National Instrument 43-101. Mr. Gosse has reviewed the scientific and technical information in this news release and approves the disclosure contained herein.
Trilogy Metals Inc. is a metal exploration and development company which holds a 50 percent interest in Ambler Metals LLC which has a 100 percent interest in the Upper Kobuk Mineral Projects ("UKMP") in Northwestern Alaska . On December 19, 2019 , South32, a globally diversified mining and metals company, exercised its option to form a 50/50 joint venture with Trilogy. The UKMP is located within the Ambler Mining District which is one of the richest and most-prospective known copper-dominant districts in the world. It hosts world-class polymetallic volcanogenic massive sulphide ("VMS") deposits that contain copper, zinc, lead, gold and silver, and carbonate replacement deposits which have been found to host high-grade copper and cobalt mineralization. Exploration efforts have been focused on two deposits in the Ambler Mining District – the Arctic VMS deposit and the Bornite carbonate replacement deposit. Both deposits are located within a land package that spans approximately 181,387 hectares. Ambler Metals has an agreement with NANA Regional Corporation, Inc., an Alaska Native Corporation that provides a framework for the exploration and potential development of the Ambler Mining District in cooperation with local communities. Trilogy's vision is to develop the Ambler Mining District into a premier North American copper producer.
This press release includes certain "forward-looking information" and "forward-looking statements" (collectively "forward-looking statements") within the meaning of applicable Canadian and United States securities legislation including the United States Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, included herein, including, without limitation, statements relating to interpretation of drill results; the Company's beliefs regarding the potential of the Arctic Project; the Company's beliefs regarding the Arctic Project's potential to play a significant role in supplying the United States economy with a domestic stable, environmentally safe supply of critical and green metals for many years; and expectations regarding future drill results; are forward-looking statements. Forward-looking statements are frequently, but not always, identified by words such as "expects", "anticipates", "believes", "intends", "estimates", "potential", "possible", and similar expressions, or statements that events, conditions, or results "will", "may", "could", or "should" occur or be achieved. Forward-looking statements involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations include the uncertainties involving impact of the COVID-19 pandemic; success of exploration activities, permitting timelines, requirements for additional capital, government regulation of mining operations, environmental risks, prices for energy inputs, labour, materials, supplies and services, uncertainties involved in the interpretation of drilling results and geological tests, unexpected cost increases and other risks and uncertainties disclosed in the Company's Annual Report on Form 10-K for the year ended November 30, 2021 filed with Canadian securities regulatory authorities and with the United States Securities and Exchange Commission and in other Company reports and documents filed with applicable securities regulatory authorities from time to time. The Company's forward-looking statements reflect the beliefs, opinions, and projections on the date the statements are made. The Company assumes no obligation to update the forward-looking statements or beliefs, opinions, projections, or other factors, should they change, except as required by law.
This press release has been prepared in accordance with the requirements of the securities laws in effect in Canada , which differ from the requirements of U.S. securities laws. Unless otherwise indicated, all resource and reserve estimates included in this press release have been prepared in accordance with Canadian National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101") and the Canadian Institute of Mining, Metallurgy and Petroleum (CIM)—CIM Definition Standards on Mineral Resources and Mineral Reserves, adopted by the CIM Council, as amended ("CIM Definition Standards"). NI 43-101 is a rule developed by the Canadian Securities Administrators which establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. Canadian standards, including NI 43-101, differ significantly from the requirements of the United States Securities and Exchange Commission (SEC), and resource and reserve information contained herein may not be comparable to similar information disclosed by U.S. companies. In particular, and without limiting the generality of the foregoing, the term "resource" does not equate to the term "reserves". Under U.S. standards, mineralization may not be classified as a "reserve" unless the determination has been made that the mineralization could be economically and legally produced or extracted at the time the reserve determination is made. The SEC's Industry Guide 7 did not permit the inclusion of information concerning "mineral resources". The SEC's new mining disclosure rules under Regulation S-K 1300 are closer, but not identical to NI 43-101 and CIM Definition Standards. As the Company is not yet subject to Regulation S-K 1300, it remains subject to SEC industry Guide 7. Accordingly, information concerning mineral deposits set forth herein may not be comparable with information made public by companies that report in accordance with U.S. standards under either SEC's Industry Guide 7 or Regulation S-K 1300.
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Turquoise Hill Resources Ltd. ("Turquoise Hill" or the "Company") today announced first quarter 2022 production and provided an Oyu Tolgoi LLC ("Oyu Tolgoi" or "OT") mine and corporate update.
Safety continues to be the Company's top priority and controls remain in place at site to protect our people.
During Q1 2022, COVID-19 cases identified at Oyu Tolgoi have trended downward. Consequently, onsite workforce numbers over the quarter increased to approximately 90% of plan with mobilisation of personnel across multiple work-fronts. COVID-19 related restrictions for international arrivals to Mongolia have been lifted.
The total cumulative increase to the Definitive Estimate underground development capital cost due to the impacts of COVID-19 through the end of Q1 2022 increased by $20 million to $195 million. This increase includes the currently known, incremental, time-related costs of COVID-19 restrictions. The underground mine cost and schedule review and update is underway and is still expected to be completed in Q2 2022.
Open Pit Operations and Underground Development
During Q1 2022, the combined open pit and underground operations produced 30.3 thousand tonnes of copper in concentrate and 59 thousand ounces of gold in concentrate. This was a planned reduction from Q4 2021 due to lower throughput and a reduction in both copper and gold head grades.
The mill feed for Q1 2022 included approximately 262 thousand tonnes @ 0.52% Cu and 0.25g/t Au of underground development material. The remaining 9.32 million tonnes of mill feed was sourced from open pit low grade stockpiles and supplemented with higher grade material from Phase 4B and Phase 5. Mining in Phase 4B was completed in March 2022. Mill head grades will remain low through to the end of the year as mined material direct mill feed will continue to be supplemented by low grade stockpiles.
As previously disclosed, the open pit optimisation opportunities to reduce the impact of the previously forecast metal deferral are improving in definition. Related work is still expected to be incorporated into an updated mine plan in Q3 2022.
During Q1 2022, the underground project achieved several significant milestones including the commencement of the undercut and commissioning of both the Material Handling System 1 and the first on-footprint truck chute. Despite the commencement of the undercut a month later than expected, the timing of first drawbell remains aligned with the previously disclosed timing in Q3 2022. Undercut blasting and on footprint construction work, including roadways and steel set construction, continues to progress well ahead of the first drawbell blast. Infrastructure to support production ramp up also progressed during the quarter, including completion of the conveyor to surface decline mining and transfer chamber mass excavation. Shaft 3 headframe was commissioned and sinking commenced on March 31 with the cumulative sinking level now at 83 metres below ground level. Shaft 4 sinking re-started on March 25 after work was interrupted on February 17 due to an electrical fault. Shaft 4 advancement is now 190 metres below ground level. Although progress of these shafts continued during the quarter, challenges with sinking rates continue, and a program of work has been initiated to optimize shaft sinking progress going forward. The impact of shaft sinking rates and related optimization efforts on post-Panel 0 ramp up is currently being evaluated and will be incorporated into the underground mine cost and schedule review and update.
Oyu Tolgoi concentrate shipment volumes to customers continued to steadily improve with on-site concentrate inventory levels reducing by 30% over the quarter. Above target inventory levels remained at the end of Q1 2022, and management continues to focus on returning them to target levels. The challenges relating to the continued COVID-19 related Mongolia / Chinese border restrictions, which resulted in force majeure being declared from March 30, 2021, continue despite the improvements experienced during the quarter. Oyu Tolgoi continues to work closely with Mongolian and Chinese authorities to manage any supply chain disruptions. The force majeure will remain in place until there are sufficiently sustained volumes of convoys crossing the border to ensure Oyu Tolgoi's ability to meet its on-going commitments to customers and to return on-site concentrate inventory to target levels.
*Metal recovery is a function of head grade and reflects grades delivered in the quarter.
Technical Information included in this Press Release
Disclosure of information of a scientific or technical nature in this press release in respect of the Oyu Tolgoi mine was approved by Jo-Anne Dudley (FAusIMM(CP)), Chief Operating Officer of the Company. Ms. Dudley is a "qualified person" as that term is defined in National Instrument 43-101—Standards of Disclosure for Mineral Projects.
Forward-looking statements and forward-looking information
Certain statements made herein, including statements relating to matters that are not historical facts and statements of the Company's beliefs, intentions and expectations about developments, results and events which will or may occur in the future, constitute "forward-looking information" within the meaning of applicable Canadian securities legislation and "forward-looking statements" within the meaning of the "safe harbour" provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements and information relate to future events or future performance, reflect current expectations or beliefs regarding future events and are typically identified by words such as "anticipate", "believe", "could", "estimate", "expect", "intend", "likely", "may", "plan", "seek", "should", "will" and similar expressions suggesting future outcomes or statements regarding an outlook. These include, but are not limited to, statements and information regarding: the nature of the Company's ongoing relationship and interaction with the Government of Mongolia with respect to the continued operation and development of Oyu Tolgoi as and when the key agreements entered into with the Government of Mongolia announced on January 24, 2022 (the GoM Agreements) are implemented along with the implementation of Resolution 103; the continuation of undercutting in accordance with the mine plan and design; the actual timing of first sustainable production as well as the lifting of restrictions by the Government of Mongolia on the ability of Oyu Tolgoi LLC (OT LLC) to incur any additional indebtedness; the implementation and successful execution of the updated funding plan that is the subject of the Amended and Restated Heads of Agreement (the Amended HoA) dated as of January 24, 2022 between the Company and Rio Tinto, as such agreement may be further amended or restated, and the amount of any additional future funding gap to complete the Oyu Tolgoi project and the availability and amount of potential sources of additional funding required therefor, all as contemplated by the Amended HoA, as well as potential delays in the ability of the Company and OT LLC to proceed with the funding elements contemplated by the Amended HoA; liquidity, funding sources and funding requirements in general, in particular until sustainable first production is achieved, including the Company's ability to reach agreement with project finance lenders on the re-profiling of existing debt payments in line with current cash flow projections, as well as the Company (or a wholly-owned subsidiary) and OT LLC entering into a pre-paid copper concentrate sale arrangement; the availability and amount of potential sources of additional funding, including the short-term secured advance to be provided by Rio Tinto to the Company under the Amended HoA; the amount by which a successful re-profiling of the Company's existing debt would reduce the Company's currently projected funding requirements; the Company's ability to conduct one or more equity offerings as contemplated by the Amended HoA in light of future and then prevailing market conditions; the expectations set out in the 2020 Oyu Tolgoi Technical Report (2020 OTTR); the timing and amount of future production and potential production delays; statements in respect of the impacts of any delays on achieving first sustainable production and on the Company's cash flows; expected copper and gold grades; the merits of the class action complaints filed against the Company in October 2020 and January 2021, respectively; the merits of the defence and counterclaim filed by the Government of Mongolia in the international tax arbitration brought by OT LLC and the likelihood of the parties being able to amicably resolve the ongoing tax issues; the timing of studies, announcements and analyses; the status of underground development, including any slowdown of work; the causes of the increase in costs and schedule extension of the underground development; the mine design for Panel 0 of Hugo North Lift 1 and the related cost and production schedule implications; the re-design studies for Panels 1 and 2 of Hugo North Lift 1 and the possible outcomes, content and timing thereof; expectations regarding the possible recovery of ore in the two structural pillars, to the north and south of Panel 0; the possible progression of a state-owned power plant (SOPP) and related amendments to the Power Source Framework Agreement (PSFA), as amended, as well as power purchase agreements and extensions thereto; finalization of an agreement with Inner Mongolia Power International Cooperation Co., Ltd (IMPIC) on extension of the current power import arrangements; the timing of construction and commissioning of the potential SOPP; sources of interim power; the continuing impact of COVID-19, including any restrictions imposed by health or governmental authorities relating thereto on the Company's business, operations and financial condition, as well as delays and the development cost impacts of delays caused by the COVID-19 pandemic; the Company's ability to operate sustainably, its community relations and its social licence to operate in Mongolia; capital and operating cost estimates; mill and concentrator throughput; anticipated business activities, planned expenditures, corporate strategies, and other statements that are not historical facts.
Forward-looking statements and information are made based upon certain assumptions and other important factors that, if untrue, could cause the actual results, performance or achievements of the Company to be materially different from future results, performance or achievements expressed or implied by such statements or information. There can be no assurance that such statements or information will prove to be accurate. Such statements and information are based on numerous assumptions regarding present and future business strategies, local and global economic conditions, and the environment in which the Company will operate in the future, including: the price of copper, gold and silver; projected gold, copper and silver grades; anticipated capital and operating costs; anticipated future production and cash flows; the anticipated location of certain infrastructure in Hugo North Lift 1 and sequence of mining within and across panel boundaries; the nature of the Company's ongoing relationship and interaction with the Government of Mongolia with respect to the continued operation and development of Oyu Tolgoi as and when the GoM Agreements are implemented along with the implementation of Resolution 103; the continuation of undercutting in accordance with the mine plan and design; the actual timing of first sustainable production as well as the lifting of restrictions by the Government of Mongolia on the ability of OT LLC to incur any additional indebtedness; the availability and timing of required governmental and other approvals for the construction of the SOPP; the ability of the Government of Mongolia to finance and procure the SOPP within the timeframes anticipated in the PSFA, as amended, subject to ongoing discussions relating to a standstill period; finalization of an agreement with IMPIC on an extension of the current power import arrangements; the eventual pre-payment arrangement between the Company (or a wholly-owned subsidiary) and OT LLC; the implementation and successful execution of the updated funding plan that is the subject of the Amended HoA, as such agreement may be further amended and restated; the Company's ability to operate sustainably, its community relations and its social licence to operate in Mongolia; and the amount of any additional future funding gap to complete the Oyu Tolgoi project and the availability and amount of potential sources of additional funding required therefor.
Certain important factors that could cause actual results, performance or achievements to differ materially from those in the forward-looking statements and information include, among others: copper, gold and silver price volatility; discrepancies between actual and estimated production; mineral reserves and resources and metallurgical recoveries; development plans for processing resources; public health crises such as COVID-19; matters relating to proposed exploration or expansion; mining operational and development risks, including geotechnical risks and ground conditions; litigation risks, including the outcome of the class action complaints filed against the Company; the outcome of the international arbitration proceedings, including the likelihood of the parties being able to amicably resolve the ongoing tax issues; regulatory restrictions (including environmental regulatory restrictions and liability); OT LLC or the Government of Mongolia's ability to deliver a domestic power source for the Oyu Tolgoi project within the required contractual time frame; the Company's ability to operate sustainably, its community relations, and its social licence to operate in Mongolia; activities, actions or assessments, including tax assessments, by governmental authorities; events or circumstances (including public health crises strikes, blockades or similar events outside of the Company's control) that may affect the Company's ability to deliver its products in a timely manner; currency fluctuations; the speculative nature of mineral exploration; the global economic climate; global climate change; dilution; share price volatility; competition; loss of key employees; cyber security incidents; additional funding requirements, including in respect of the development or construction of a long-term domestic power supply for the Oyu Tolgoi project; capital and operating costs, including with respect to the development of additional deposits and processing facilities; defective title to mineral claims or property; and human rights requirements. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements and information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. All such forward-looking statements and information are based on certain assumptions and analyses made by the Company's management in light of their experience and perception of historical trends, current conditions and expected future developments, as well as other factors management believes are reasonable and appropriate in the circumstances. These statements, however, are 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 statements or information.
With respect to specific forward-looking information concerning the continued operation and development of the Oyu Tolgoi project, the Company has based its assumptions and analyses on certain factors which are inherently uncertain. Uncertainties and assumptions include, among others: the nature of the Company's ongoing relationship and interaction with the Government of Mongolia with respect to the continued operation and development of Oyu Tolgoi as and when the GoM Agreements are implemented along with the implementation of Resolution 103; the continuation of undercutting in accordance with the mine plan and design; the approval or non-approval by the OT LLC Board of any future necessary additional investment, and the likely consequences on the timing and overall economic value of the Oyu Tolgoi project, including slowdown on the underground development and significant delays to first sustainable production; the timing and cost of the construction and expansion of mining and processing facilities; the timing and availability of a long-term domestic power source (or the availability of financing for the Company or the Government of Mongolia to construct such a source) for Oyu Tolgoi; the implementation and successful execution of the updated funding plan that is the subject of the Amended HoA, as such agreement may be further amended or restated, and the amount of any additional future funding gap to complete the Oyu Tolgoi project and the availability and amount of potential sources of additional funding required therefor the eventual pre-payment arrangement between the Company (or a wholly-owned subsidiary) and OT LLC; the potential impact of COVID-19, including any restrictions imposed by health and governmental authorities relating thereto, as well as the development cost impacts of delays caused by the COVID-19 pandemic; the Company's ability to operate sustainably, its community relations and its social licence to operate in Mongolia; the impact of changes in, changes in interpretation to or changes in enforcement of, laws, regulations and government practices in Mongolia; the availability and cost of skilled labour and transportation; the obtaining of (and the terms and timing of obtaining) necessary environmental and other government approvals, consents and permits; delays and the costs which would result from delays, including delays caused by COVID-19 restrictions and impacts and related factors, in the development of the underground mine (which could significantly exceed the costs projected in the 2020 OTTR); projected copper, gold and silver prices and their market demand; and production estimates and the anticipated yearly production of copper, gold and silver at Oyu Tolgoi.
The cost, timing and complexities of mine construction and development are increased by the remote location of a property such as Oyu Tolgoi. It is common in mining operations and in the development or expansion of existing facilities to experience unexpected problems and delays during development, construction and mine start-up. Additionally, although Oyu Tolgoi has achieved commercial production, there is no assurance that future development activities will result in profitable mining operations.
Readers are cautioned not to place undue reliance on forward-looking information or 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. Events or circumstances could cause the Company's actual results to differ materially from those estimated or projected and expressed in, or implied by, these forward-looking statements. Important factors that could cause actual results to differ from these forward-looking statements are included in the "Risk Factors" section in the Company's annual information form for the year ended December 31, 2021 ("AIF").
Readers are further cautioned that the list of factors enumerated in the "Risk Factors" section of the AIF that may affect future results is not exhaustive. When relying on the Company's forward-looking statements and information to make decisions with respect to the Company, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Furthermore, the forward-looking statements and information contained herein are made as of the date of this document and the Company does not undertake any obligation to update or to revise any of the included forward-looking statements or information, whether as a result of new information, future events or otherwise, except as required by applicable law. The forward-looking statements and information contained herein are expressly qualified by this cautionary statement.
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Investors and Media Roy McDowall roy.mcdowall@turquoisehill.com Follow us on Twitter@TurquoiseHillRe
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Forte Minerals Corp. ("Forte") or the ("Company") (CSE: CUAU) (OTCQB: FOMNF) ( Frankfurt : 2OA), is pleased to announce that as of April 18 th 2022 it has obtained eligibility with the Depository Trust Company "DTC" for its common shares listed on the OTCQB. The DTC is a stock depository that facilitates and simplifies the electronic trading of securities in the United States .
Forte Minerals common shares, listed on the OTCQB under FOMNF, are now eligible for electronic clearing and settlement through DTC's automated processes. This electronic method of clearing securities speeds up the receipt of stock and cash, as well accelerates the settlement process for certain investors. DTC services also provide cost benefits for investors and brokers trading Canadian securities in the United States . With the shares now traded electronically, existing investors will benefit from greater liquidity over time and execution speeds, while new investors are far less restricted from participating in Forte Minerals' stock.
DTC, a subsidiary of the Depository Trust and Clearing Corporation (DTCC), is a member of the United States' Federal Reserve System and a registered clearing agency with the Securities and Exchange Commission.
"This is an important step forward to increase trading volume and liquidity for Forte Minerals common shares in the United States ," Patrick Elliott, President.
A junior mining exploration company has blended assets with GlobeTrotters Resources Peru SAC to build an attractive portfolio of high-quality copper and gold assets in Peru . The company's portfolio combines early-stage and drill-ready targets with a historically discovered and drilled porphyry system that is strategically positioned for target resolution and mineral inventory development.
The Company is committed to maximizing shareholder value through acquiring, exploring, discovering, and developing copper and gold projects in Peru. Moving rapidly along the line of opportunity towards a value maxima is very attractive to investors. Significant value growth is generated when early-stage exploration moves towards resource definition while zoning in on target development and eliminating the early-stage grassroots risk. All three of Forte's properties offer this opportunity, with tremendous upside considering their geological potential.
On behalf of Forte Minerals CORP.
(signed) " Patrick Elliott " Chief Executive Officer
For further information, please contact: Forte Minerals Corp. office: 778-403-5807 info@forteminerals.com www.forteminerals.com
Certain statements included in this press release constitute forward-looking information or statements (collectively, "forward-looking statements"), including those identified by the expressions "anticipate", "believe", "plan", "estimate", "expect", "intend", "may", "should" and similar expressions to the extent they relate to the Company or its management. The forward-looking statements are not historical facts but reflect current expectations regarding future results or events. This press release contains forward looking statements. These forward-looking statements are based on current expectations and various estimates, factors and assumptions and involve known and unknown risks, uncertainties and other factors.
Forward-looking statements are not a guarantee of future performance and involve risks, uncertainties and assumptions which are difficult to predict. Factors that could cause the actual results to differ materially from those in forward-looking statements include the continued availability of capital and financing, and general economic, market or business conditions, including the effects of COVID-19. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement. These statements should not be read as guarantees of future performance or results. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by such statements. Although such statements are based on management's reasonable assumptions, there can be no assurance that the statements will prove to be accurate or that management's expectations or estimates of future developments, circumstances or results will materialize. The Company assumes no responsibility to update or revise forward-looking information to reflect new events or circumstances unless required by law. Readers should not place undue reliance on the Company's forward-looking statements.
Neither the Canadian Securities Exchange (the "CSE") nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
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