Greenland, Eclipse Metals signs research MoU to help create economic benefit

Eclipse Metals Ltd has signed a Memorandum of Understanding (MOU) with the Minerals, Materials and Society Program at the University of Delaware, USA as it looks to ensure regional sustainable development and diversification of the economy around its Ivigtût Project in Southwest Greenland.

The partnership will work collaboratively to research potential avenues for regional economic development of the Ivigtût project areas, which will be supported by funding from the US government’s National Science Foundation.

The aim is to create economic benefit within the local community.

“We are thrilled to collaborate with the University of Delaware on research to look at areas for potential economic redevelopment in Greenland,” Eclipse Metals executive chairman Carl Popal said.

“Our Ivigtût project, which has a historic mining life extending over 120 years, is a prime example of an opportunity for redevelopment and we hope this research will provide an insight into how we can do this to the benefit of Greenland and the local communities as well as Eclipse and our shareholders.”

Larger project redevelopment

The MoU fits into EPM’s larger project to redevelop legacy energy and mineral sites in the Arctic, for a just and sustainable transition that recognises greater access to the region due to changing climate.

The university will be provided with access to EPM’s project data and research. It will also be able to engage with stakeholders to discuss potential commercial development of all resources in the area.

It is hoped the outcome will provide a framework for Social Impact Assessment (SIA), a document that is submitted in stages to the Greenlandic mining authority (MLSA) as part of an application for a mining license.

Several research projects underway

Further to its work with the university, the scoping phase of the social and environmental impact assessments, conducted by Eclipse and Danish consultancy COWI, are now almost finished and will be submitted to the MLSA in the coming weeks.

“This collaboration with the University of Delaware is in addition to collaborative research programs that are already underway with the University of St Andrews, UK and the Natural History Museum at the University of Oslo, Norway, which is focused on rare earth elements and green technology metals,” Popal said.

“There is plenty of scope for development in Greenland and we are encouraged to see this renewed attention in the arctic region as we look towards expanding its potential for strategic mineral and economic development.”

Eclipse is busy at the moment, having recently completed its maiden percussion drilling and trench sampling program at Ivigtût. This includes the Grønnedal carbonatite complex, with laboratory results from this work expected during Q2, Pro Active Investors writes.

Serbia, Dundee Precious Metals assessed that a lot still needs to be done before it can be determined whether the opening of the mine at the “Čoka Rakita” site is possible

The Canadian mining company, which discovered the gold deposit near Žagubica, Dundee Precious Metals (DPM) assessed that a lot still needs to be done before it can be determined whether the opening of the mine at the “Čoka Rakita” site is possible and in what time frame, the Insider reported.

It is added that the results obtained during the research so far are encouraging.

DPM has been in Serbia since 2004, and apart from Žagubica, it also explores gold and related metals in the municipalities of Kuršumlija, Medvedja, Gornji Milanovac, Brus, Petrovac na Mlavi, Kučevo and Bor.

The company stated that they currently have approvals to work on 10 exploration areas, but also that during this year they will focus their exploration activities in Serbia on the “Čoka Rakita” site, which gave excellent preliminary results. However, they add that despite the encouraging results of preliminary research near Žagubica, it is still too early to conclude whether the opening of the mine is possible.

– Opening a mine is a complex and long-term process that lasts for years, during which the company needs to take a series of steps before confirming the final findings and deciding whether there will be a mine or not. During the entire process, the DPM takes care to timely inform all interested parties and the public in Serbia and the world about the findings and all important steps of the process, operating in accordance with Serbian and Canadian laws and best international practice – stated the DPM.

It is emphasized that the opening of the mine would have multiple benefits for Serbia and the local community because, they claim, the project would contribute to the development of the Žagubica region.

– In Serbia, as is the case in many other countries in the world, mineral wealth belongs to the state, and private companies are allowed to obtain mining permits and to exploit the ore. The state, on the other hand, has economic benefits through mineral rent, public revenues, increased economic activity and jobs – the company stated.

Serbia changed the law more than two decades ago and allowed private companies to carry out geological research, and the DPM stated that it operates fully in accordance with the licenses and permits of the Government of Serbia.

– Also, as a Canadian company, DPM has a legal obligation to respect Canadian standards at the international level, which are among the highest in the world in all aspects, including environmental protection – said DPM.

Terra Balcanica extends its polymetallic footprint with positive drill exploration in its flagship project in Bosnia

Vancouver-based mining exploration company Terra Balcanica Resources Corp. this morning said it had extended yet again its polymetallic footprint after a positive step out drill exploration within its flagship project in Bosnia.

The company announced today that it intersected 284 g/t silver equivalent (Ageq) over 10 meters from surface, including 895 g/t Ageq over 2 meters at Viogor-zanik Project in Bosnia.

This is the company’s fifth successful exploration drill hole within the Cumavici Ridge target, following their discovery of silver and sulfide mineralization between September and October 2022.

Terra Balcanica confirmed that the Cumavici Ridge is a high-grade polymetallic target, with a significant potential for expansion given the shallow nature of the epithermal system detected so far (30-85 m depth).

Terra Balcanica is a polymetallic resources exploration company based in Vancouver, BC, Canada, targeting large-scale mineral systems in the Balkans of southeastern Europe. They have a 90% stake in their main Viogor-Zanik project in eastern Bosnia and fully-owned mineral exploration licenses in Kaludra and Ceovishte in Serbia. The license sites in Serbia are drill-ready and present bonanza-grade Pb-Zn surface geochemistry and multi-ounce gold assays from grab samples.

Why Silver?

From its current price being in the lower 20s per ounce, expert analyst David Morgan sees the silver potentially shooting up to US$50 per oz and even pushing up to US$100 if the US$50 wall is pierced. He said 2023 is a good year for silver and that if prices go up to US$32 or US$33, the trajectory will easily reach the US$50 level.

He attributed the demand growth prospect to the overall tight supply of silver, having a 200 million oz deficit. Morgan clarified that there is no shortage, but it is “difficult to source” silver at present.

“If [silver prices] gets to US$50, I don’t know if it will happen this year, but when it happens, there will be a sell-off for a while . . . and silver will base around US$35, US$40, or US$45 then regather its strength and shoot up through US$50,” Morgan said.

Consecutive Silver Explorations Amid Tight Supply

Terra has been expanding its exploration of the shallow Cumavici corridor at an accelerated pace, having reported multiple drill step out over the last few months.

Technical analyst Clive Maund flagged Terra as one of his top 3 metal stocks, as the company continues showing positive drilling results when it comes to silver. With the company confirming consistent high-grade polymetallic drill intercepts at its flagship project in Bosnia, and the future drilling program in Serbia, Terra Balcanica is set to benefit from increased silver price and demand.

Catalysts

As said earlier this month, Terra Balcanica Resources plans to enter the regional SE European battery metal exploration space. Further details surrounding this development will be released around mid-March.

Other than that, Terra will continue its Phase 2 7,000-meter diamond core drilling program at its flagship Viogor Zanik. This will be divided by target as:

Ownership and Share Structure

51.6 % of the company’s stock is held by management, insiders, and directors. Among the top investors in management, CEO Dr. Aleksandar Mišković owns 11.7% of Terra’s stock, with 9.21 million shares, according to Reuters. Co-founder and Director Aleksandar Ilić has 12.46%, with 9.0 million shares.

Non-Executive Chairman Giulio Bonifacio has 3.99%, with 2.93 million shares, and Director Brandon Bonifacio M.Eng., MBA is at 2.29%, with 2.15 million shares. An estimated 48.4% is in retail, according to the company, Investor Ideas writes.

Dundee Precious Metals discovers high-grade deposit in eastern Serbia

Dundee Precious Metals Inc. discovered a high-grade deposit at the Čoka Rakita exploration prospect in eastern Serbia and expects “exceptional results” from recent drilling.

The company announced Monday it found a shallow-dipping tabular body between 250 and 450 metres below the surface, drilled over an area measuring 500 metres long, 250 metres wide and up to 80 metres thick, which remains open in multiple directions.

It also reported that approximately 40,000 metres of infill, extensional and target delineation drilling are planned for the year with a focus on further evaluating the deposit geometry, grade continuity and mineral resource potential.

Preliminary metallurgical test results by the company indicate that the mineralized material is amenable to conventional flotation and produces a clean gold concentrate, achieving total combined (flotation and tails leach) gold recoveries of greater than 93 per cent. Further test work will potentially improve overall gold recovery using a combined gravity.

The program included drilling 8,750 metres and completing ten holes, with five additional holes currently ongoing. It was designed to follow up on positive results returned from holes drilled prior to the expiry of the previous exploration licence.

The company’s new high-grade intercepts include:

The Čoka Rakita prospect is located three kilometres southeast of the Bigar Hill sediment-hosted deposit and forms part of the Timok Magmatic Complex (TMC) in eastern Serbia. The surface footprint of the target, which was delineated by a combination of soil geochemistry, alteration mapping and geophysical signatures, extends more than 1,000 metres by 500 metres.

“We are excited to announce these exceptional results from recent drilling completed at the Čoka Rakita prospect in Serbia. Drilling has defined a large, high-grade footprint that remains open in multiple directions, which we believe provides additional upside potential,” said David Rae, President and CEO of Dundee Precious Metals.

“The discovery of a high-grade deposit in close proximity to our Timok gold project is an exciting development for the overall property package. Our activities in Serbia will now focus on exploration at Čoka Rakita as we continue to assess the mineral resource potential of this new discovery.”

Dundee Precious Metals is a Canadian-based international gold mining company with operations and projects located in Bulgaria, Namibia, Ecuador and Serbia, Muggle Head reports.

Erdene Resource Development Corp. reported results from recent drilling at the 100%-owned Dark Horse prospect

Erdene Resource Development Corp. reported results from recent drilling at the 100%-owned Dark Horse prospect, located approximately 2km north of its 100%-owned Bayan Khundii gold project in the Khundii minerals district in southwest Mongolia.

Highlights included intersecting high-grade, near-surface gold in Dark Horse Mane South; 39.6 g/t gold over 6 metres within 12 metres of 20.2 g/t gold (AAD-218); 34.4 g/t gold over 3 metres within 11 metres of 13.0 g/t gold (AAD-217); 13.7 g/t gold over 1 metre within 18.6 metres of 4.6 g/t gold (AAD-215); 11.0 g/t gold over 1 metre within 13 metres of 1.9 g/t gold (AAD-216).

Drilling intercepted deep, high-grade zone at Dark Horse Mane North; 11.2 g/t gold over 2 metres within 8 metres of 4.1 g/t gold (AAD-194). The deepest intersection along trend to date demonstrating potential at depth And confirmed potential of new East Mane target, 500 metres east of Dark Horse Mane.

“Recent drilling at our Dark Horse prospect successfully expanded high-grade mineralization along the 1.5-km Dark Horse Mane trend and produced multiple targets in adjacent areas,” said Peter Akerley, President and CEO. “Today’s results include the highest grade intervals to date at Dark Horse Mane North and also confirm the discovery of the new East Mane target.”

“Since discovering our Khundii Minerals District, we have delineated over nine kilometres of prospective gold bearing structures connecting our Bayan Khundii, Ulaan and Dark Horse deposits,” continued Mr. Akerley. “Plans are being finalized for the next phase of drilling along this trend and throughout the broader Khundii-Ulaan alteration system.”

The Q3 2022 Dark Horse drill program, completed in September 2022, was designed to confirm and expand gold mineralization in this prospect, located approximately 2km north of Erdene’s shovel-ready Bayan Khundii Gold Project. The 20 km2 Dark Horse prospect comprises the northern portion of the company’s Khundii mining and Ulaan exploration licenses. Drilling to date at Dark Horse has focused on the Dark Horse Mane (DHM) prospect, a 1.5-km north-south oriented, mineralized trend discovered in early 2021, that remains open along strike to the north and south and at depth.

Along this trend, Erdene has delineated southern and northern zones, referred to as Dark Horse Mane South and Dark Horse Mane North, respectively, and recently identified the East Mane prospect that was drill tested in Q3 2022.

The recently completed drilling program consisted of 29 holes (including one hole extension) totaling 2,417 metres. Exploration was focused on Dark Horse Mane South, Dark Horse Mane North as well as targets adjacent to the Dark Horse Mane mineralized trend identified through the reverse circulation (“RC”) drill program completed in mid-2022, geophysics and surfacing sampling.

Drilling at Dark Horse Mane South was comprised of seven holes totaling 543 metres, including five near surface, large diameter (PQ), diamond drill holes, totaling 82 metres (AAD-214 to AAD-218).

The PQ holes were drilled to confirm continuity of grade and geometry of shallow, very high-grade mineralization and to collect material for process test work. Multiple zones of high-grade mineralization were intersected within 15 metres of surface, with several one-metre intervals returning grades exceeding 10 g/t gold, including a one-metre interval grading 88.5 g/t gold (AAD-218; 6 to 7 metres), interpreted as supergene enrichment. Two holes at DHM South, AAD-191 and AAD-192, were designed to test extension of mineralization at depth.

In addition to the exploration at Dark Horse, Erdene drilled three step-out holes on the western and northern periphery of the main mineralized zone at Ulaan Southeast, expanding mineralization at this recent discovery.

Erdene is focused on the acquisition, exploration, and development of precious and base metals in underexplored and highly prospective Mongolia. The company has interests in three mining licenses and an exploration license in Southwest Mongolia, where exploration success has led to the discovery and definition of the Khundii Minerals District, Resource World writes.

Adriatic Metals PLC has released assay results from exploration drilling at Rupice Northwest

Adriatic Metals PLC has released its latest assay results from exploration drilling at Rupice Northwest, which confirm the extension of mineralisation along strike of the Rupice mineral resource (RMR) at the company’s flagship Vares Silver project in Bosnia & Herzegovina.

The assay results from nine drill holes confirm the widths and grades intercepted at Rupice Northwest are equivalent to those held within the existing high-grade RMR; continuity between approximately 80 m spaced sections has been established over a strike extent of 250 m.

Drillhole highlights:

Drillholes BR-04-22 and BR-05-22 are located 155 m northwest of RMR. They are respectively drilled up-dip and down-dip of previously reported hole BR-12-21 (24.7 m at 514g/t AgEq), intercept:

Drillholes BR-06-22 and BR-07-22, located 175 m northwest of RMR and drilled up-dip of the currently reported hole BR-04-22 (32.5 m at 657 g/t AgEq), intercepted:

Drilling of Rupice Northwest will continue to the end of 2022 with the objective of generating a maiden inferred resource estimate for Rupice Northwest in 1Q23.

Paul Cronin, Adriatic’s Managing Director and CEO, commented:

“The highly successful drilling campaign at Rupice Northwest further underpins Adriatic’s strategy to increase the life of mine of Rupice to at least twenty years. The most encouraging aspect of the drilling results has been the consistency of not only the depths and widths of Rupice Northwest, but also the grades which are consistent with the reserve defined in the main Rupice orebody, Global Mining Review reports.

Palladium One Mining’s Finnish project got highly optimistic estimates after diamond drill exploration

“Multiple discoveries of magmatic sulphide mineralization have been outlined, and preliminary indications are that Kaukua South could be several times the size of the Kaukua open-pit resource. This resource currently includes 526,000 palladium-equivalent ounces at a grade of 1.8 g/t in the indicated category and 636,000 palladium-equivalent ounces at a grade of 1.5 g/t in the inferred category”, said Palladium One Mining in a press release. The miner announced that initial visual results from the diamond drill exploration program at the Lantinen Koillismaa (LK) property in Finland show that the project’s Kaukua South discovery is comprised of the same host rocks and indicates that it is the fault-displaced extension of the Kaukua deposit.

“Drilling has extended magmatic sulphide mineralization in Kaukua South more than 3 km east of hole LK20-006, which returned 63.4 metres at 1.88 g/t palladium-equivalent, within 166.7 metres of 1.16 g/t palladium-equivalent. Historic drilling returned 33 metres at 1.9 g/t palladium-equivalent (KAU-08-035), 600 metres west of LK20-006, thereby demonstrating a mineralized strike length of approximately 4 km,” the brief states.

In the view of Peter Lightfoot, one of Palladium One’s directors, the Kaukua South strike extension is exceptionally significant because it has shallow disseminated sulphide mineralization the same as Kaukua and points to the footprint of a large-scale mineral system.

“LK is shaping up to potentially be the largest palladium-dominant open pit project in a best-in-class mining jurisdiction, globally,” Lightfoot said.

Lantinen Koillismaa is located in north-central Finland, approximately 40 km north of the town of Taivalkoski. According to Palladium One, the project area is covered by exploration permit renewals, new applications, and exploration reservation applications.

Exploration permit applications cover 24.9 sq. km and are divided into two groups, namely, the Kaukua Group consisting of the Kaukua and Murtolampi targets and the Haukiaho Group covering the Lipeavaara and Haukiaho targets; as well as Salmivaara, which represents the eastern and western extension of Haukiaho.

Source: canadianminingjournal.com

 

 

Eldorado Gold got permission for test drilling in northern Greece

Mavres Petres deposit test drilling is a part of the Eldorado Gold’s Stratoni project, in the northern Greece. Greece has given Canada’s company the green light to conduct a technical study for test drilling at Mavres Petres.

The Vancouver-based miner, through its local subsidiary Hellas Gold, acquired Kassandra mines form the state in 2004. The property includes the Stratoni silver-lead-zinc mine, which is made up of two deposits: Madem Lakkos and Mavres Petres.

The approved study involves some 59 drills to further explore Mavres Petres. It seeks to determine whether Stratoni mine’s life can be extended, Greece’s Minister of Environment and Energy, Kostis Hatzidakis, told local news outlet Iefimerida.

Greece and Eldorado have been in talks over a revised investment plan that would bring the government higher royalties from mining projects. It is also expected to boost jobs.

Stratoni is slated to process 230,000 tonnes of ore at grades of 6% lead, 8% zinc and 157 grams per tonne silver this year. Capital investment Stratoni is expected to be between $5 and $10 million including equipment purchases and facilities upgrades.

Source: mining.com