From Alaska to South America, junior exploration companies are hunting for base metals, uranium and precious metals to power our future. Here’s an overview of eight companies advancing promising projects.
Alaska Energy Metals (TSXV: AEMC; US-OTC: AKEMF) is progressing its early-stage Nikolai sulphide nickel and battery metal project about 200 km south of Fairbanks in central Alaska.
Nikolai consists of two separate and adjacent claim blocks: the Eureka Zone and Canwell.
Assay results released in October from this year’s drill program at Eureka included 296.6 metres grading 0.23% nickel, 0.09% copper, 0.02% cobalt, 0.12 gram palladium per tonne, 0.05 gram platinum, 0.01 gram gold, 0.3% chromium and 9.92% iron (0.35% nickel equivalent) from 7.5 metres depth in drill hole EZ-23-002.
Another hole, EZ-23-003, returned 324.6 metres grading 0.23% nickel, 0.08% copper, 0.02% cobalt, 0.12 gram palladium, 0.05 gram platinum, 0.01 gram gold, 0.31% chromium and 9.79% iron (0.34% nickel equivalent) starting from 230.1 metres downhole. (The nickel and chromium were not included in the nickel-equivalent calculations).
Inco made the initial discovery on the Eureka claim block in 1997. Between 2008 and 2013, drilling by Pure Nickel and Itochu discovered the Eureka Zone, a mineralized corridor more than 15 km long of disseminated nickel-copper-platinum-group-elements mineralization associated with serpentinized mafic and ultramafic rocks.
At Canwell, the company has undertaken rock and soil sampling and ground geophysical surveys to find drill targets for its 2024 drill program. The company is awaiting the results of an additional 16 line-km airborne electromagnetic survey.
The best historic intercept at Canwell returned 5.2 metres of 0.71% nickel, 0.54% copper, 0.02% cobalt, 0.23 gram gold per tonne, 0.75 gram platinum per tonne and 0.85 gram palladium per tonne (1.59% nickel equivalent) in drill hole CAN-01.
Alaska Energy Metals has a market value of roughly $22 million.
Baselode Energy
Baselode Energy (TSXV: FIND; US-OTC: BSENF) has three fully-owned uranium projects in northern Saskatchewan.
Its Hook uranium project is 40 km southeast of the McArthur River mine and 60 km northeast of the Key Lake uranium mill, jointly owned by Cameco (TSX: CCO; NYSE: CCJ) and Orano in a 70-30 split.
The Hook project, which includes the high-grade ACKIO target that it discovered in Sept. 2021, is adjacent to the Athabasca Basin and is hosted within the basement rocks of the Wollaston domain, which hosts some of the highest-grade uranium deposits in the world.
Mineralization at ACKIO starts as shallow as 25 metres beneath surface and down to about 300 metres depth, with the bulk of the mineralization in the upper 190 metres.
A 7,500-metre drill program at ACKIO kicked off in June as part of a broader 10,000-metre program at Hook. Highlights from assays released in late November included 2.1 metres of 0.67% U3O8 from 32 metres depth in drill hole AK23-112. The same hole cut a broader intercept of 0.23% U3O8 over 13 metres at 44 metres depth and 1.82% U3O8 over 1 metre.
Highlights from drilling earlier in November included 7.4 metres of 1.11% U3O8 within a broader 34.9-metre interval of 0.41% U3O8 that started at 43.5 metres depth in drill hole AK23-95. Hole AK23-96 returned 20 metres of 0.36% U3O8 starting from 54 metres..
Last year’s 22,500-metre drill program at the target included 3.6 metres of 0.69% U3O8 from 145 metres in AK22-011; and 13.2 metres of 0.55% U3O8 over from 136 metres in AK22-032, including 6.3 metres of 0.99% U3O8 .
Baselode’s other projects are Catharsis and Shadow. Shadow is 140 km west of the Key Lake uranium mill and 100 km southeast of Fission Uranium’s (TSX: FCU; US-OTC: FCUUF) Triple R deposit.
At Catharsis, between 60 and 100 km south of the Athabasca Basin margin, the company launched its first drill program in February, identifying elevated radioactivity and a structural alteration system.
Baselode Energy has a market value of about $38 million.
Cartier Silver
Cartier Silver’s (CSE: CFE; US-OTC: CRTIF) main asset is the Chorrillos silver project in southern Bolivia, about 15 km from Eloro Resources’ (TSX: ELO; US-OTC: ELRRF) Iska Iska silver-tin-polymetallic project.
On Nov. 2, Cartier reported high-grade silver, lead and zinc results from channel sampling at underground artisanal sites at its Gonalbert property at Chorillos, one of two main properties at the project that lie about 5 km apart.
A highlight came from the Mina Central Adit, with one sample returning 512.5 grams silver per tonne and 14% lead over 58 metres, with an average width of 0.5 metre, from level -40.
In September, Cartier reported discovery hole DGL-01 at Gonalbert intersecting 49.19 grams silver, 1.35% zinc and 1.31% lead over 44.8 metres from 347.1 metres downhole. The intercept included a 5.6-metre section grading 137.42 grams silver, 7.91% zinc, and 5.65% lead.
Other significant intersections in the discovery hole included 18.3 metres of 57.74 grams silver and 1.75% lead from 115.7 metres depth, including 79.90 grams silver and 2.53% lead over 6.6 metres, and 109.54 grams silver, 3.68% zinc and 4.44% lead over 11.1 metres from 418.9 metres.
When Cartier Silver announced last December that it was acquiring the option on Chorillos for US$4.5 million over five years, neither of the two properties had ever been drilled.
The company’s initial five-hole diamond drill program (3,300 metres) kicked off in June to test geophysical and geological targets in and around an artisanal silver mine on the project.
Gonalbert is underlain by a dacitic intrusive dome about 1,300 metres by 600 metres, which hosts epithermal silver-lead-zinc mineralization along structures that are exposed in several historical and recent artisanal workings and trenches.
At Felicidad, the main structural feature is a conical hill that is highly leached and oxidized. Past artisanal mining excavated silver-rich galena veins and vein breccias with reported grades of about 230 grams silver.
Cartier Silver, which changed its name from Cartier Iron last year, also has iron ore resources at its Gagnon Holdings in the southern Labrador Trough region in southeast Quebec and the Big Easy gold project in eastern Newfoundland and Labrador.
The Toronto-based junior has a market value of about $14.5 million.
Latin Resources
Latin Resources (ASX: LRS) is advancing its Colina lithium project in Brazil’s Minas Gerais state, about 10 km outside the town of Salinas and 600 km northeast of Belo Horizonte.
The company says Colina has the potential to become the second-largest spodumene concentrate producer in the country. A preliminary economic assessment (PEA) in September evaluated a 3.6-million-tonne-per-year operation producing a 5.5% lithium oxide (Li2O) spodumene concentrate and a 3% Li2O spodumene concentrate over two phases.
The study outlined an initial mine life of 11 years producing a total of 4.45 million tonnes of higher-grade spodumene concentrate (55,068 tonnes per year of lithium carbonate equivalent per year) and 1.34 million tonnes of lower grade concentrate (9,125 tonnes per year of LCE). All-in sustaining costs were pegged at US$536 per tonne of spodumene.
The PEA outlined an after-tax net present value, at an 8% discount rate, of A$3.6 billion (US$2.5 billion), an internal rate of return of 132%, and average feed grades of 1.24% Li2O across both phases.
Initial capital spending for the first phase, forecast at US$253 million could be paid back in seven months from the start of production in 2026. The US$55 million expansion would be funded by first-phase production.
The study used a weighted average 5.5% Li2O spodumene concentrate price of US$1,699 per tonne CIF and US$927 per tonne CIF for 3% Li2O concentrate.
The Colina deposit remains open at depth and along strike to the southwest and contains a JORC compliant resource of 30.17 million measured and indicated tonnes grading 1.37% Li2O and inferred resources of 15.02 million tonnes grading 1.22% Li2O.
The company plans to update the resource estimate before the end of the year and complete a definitive feasibility study in mid-2024.
Elsewhere in South America, the company has the Catamarca lithium project in Argentina and the MT-03 copper project in Peru.
Latin Resources has a market value of A$707 million.
Northlsle Copper and Gold
NorthIsle Copper and Gold (TSXV: NCX) is advancing its main North Island project on Vancouver Island west of the town of Port Hardy in British Columbia.
The project includes the Hushamu and Red dog deposits, the Northwest Expo target and the early-stage Pemberton Hills target. The 330-sq.-km project is west-northwest of the now closed Island copper mine.
In late September, the company reported the highest grade and thickest result ever drilled at its Northwest Expo target, with hole NW23-13 intersecting 130 metres of 1.65 grams gold per tonne and 0.33% copper (2.13 grams gold equivalent or 1.58% copper equivalent) starting from 208 metres downhole. The intercept included 15 metres of 3.42 grams gold and 1.15% copper (5.08 grams gold equivalent or 3.71% copper equivalent).
In late October, NorthIsle began a third phase of drilling at Northwest Expo, following up on 19 holes (8,491 metres) completed at that target plus the Goodspeed and Pemberton Hills targets. Assays from 14 holes were still pending in mid-November.
A PEA in February 2021 evaluated the joint development of the Red Dog and Hushamu deposits. The study outlined an open-pit mining operation incorporating a 75,000-tonne-per day concentrator producing a copper concentrate with a significant gold by-product and a molybdenum concentrate.
The early-stage study forecast a mine life of 22 years with average annual production of 177 million lb. copper-equivalent over the first six years, including 112 million lb. copper, 112,000 oz. gold and 2.7 million lb. molybdenum. Over the initial six years, all-in sustaining costs net of by-products were pegged at 77¢ per lb. copper and US$2.01 per lb. copper equivalent.
Initial capex of $1.4 billion could be paid back in 3.9 years, with an after-tax net present value, at an 8% discount rate of $1.1 billion and an internal rate of return of 19%.
Northlsle Copper and Gold has a market value of about $50 million.
Strathmore Plus Uranium
Strathmore Plus Uranium (TSXV: SUU; US-OTC: SUUFF) has three uranium projects in Wyoming’s Shirley Basin. That state is one of the largest producers of uranium historically in the United States.
Strathmore’s Agate and Beaver Rim properties contain uranium in typical Wyoming-type roll front deposits based on historical drill data. Its Night Owl property is a former producing surface mine that was in production in the early 1960s. Strathmore’s projects are within 160 km of Ur-Energy’s (TSX: URE; NYSE-AM: URG) in-situ Lost Creek facility.
On Nov. 16, Strathmore reported results from its completed first phase of drilling at Agate, where uranium mineralization was found in 93 out of 100 holes.
The highlight intercepts were hole AG-10-23 which returned 8.5 feet grading 0.114% U3O8 and AG-16-23 that returned 14.5 feet at 0.110% U3O8. Those results are higher-grade than intercepts reported by Strathmore on Oct. 30, which it said were the highest-grade drilled to date.
AG-47-23, reported in October, intersected 3.9 metres of 0.082% U3O8 from 25 metres.
In April, Strathmore signed a confidentiality and non-disclosure agreement with Ur-Energy to assess the feasibility of future processing at Ur-Energy’s nearby facilities.
The initial drill program at Agate is targeting the Lower “A” sand of the Eocene Wind River Formation and is exploring an area where historical drilling by American energy company Kerr-McGee in the 1970s encountered uranium roll-front deposits, saturated with groundwater, from 24-46 metres deep. Kerr-McGee drilled 670 holes, 300 of which have available data.
Strathmore’s Night Owl property produced 84 tonnes grading 0.24% U3O8 in the late 1950s to early 1960s. Production stopped due to low uranium prices of US$7 per pound.
In September, Strathmore received a permit for a 30-hole drill program totaling 914 metres and started drilling in October. Earlier this year the company used airborne radiometric and magnetic surveys to identify drill targets.
Dev Randhawa, Strathmore’s chairman and CEO, is the former CEO and founder of Fission Energy, Fission Uranium and Strathmore Minerals. He also founded Pacific Asia China Energy and is currently chairman and CEO of F3 Uranium (TSXV: FUU; US-OTC: FUUFF).
Strathmore Plus Uranium has a market capitalization of roughly $23 million.
TDG Gold
TDG Gold (TSXV: TDG) is exploring the historical Toodoggone production corridor of north-central B.C. It holds the former-producing gold-silver Shasta and Baker mines, which are about 7.5 km apart and produced intermittently between 1981 and 2012; and the Mets gold prospect, about 23 km northwest of the Baker mine, mill and tailings storage facilities.
On Nov. 14, the company reported results from geophysical surveys done in the summer, which identified the known high-grade A-zone at Mets within an anomalous trend over 1,300 metres.
TDG surveys also identified three new target areas on Mets where there has been no historical drilling.
In September the junior reported its first diamond drill hole at Mets. The hole cut 20 metres of 11.1 grams gold per tonne and 1 gram silver per tonne MT23-001 intersecting over 20 metres starting from 19 metres downhole, including 7 metres of 21.3 grams gold and 1 gram silver.
Results released for two other holes were also high-grade and near-surface. Drill hole MT23-002 cut 8.6 metres of 5.09 grams gold and 2 grams silver starting from 45 metres; and MT23-003 returned 9.2 metres grading 8.95 grams gold and 2 grams silver from 71 metres, including 4.8 metres of 14.85 grams gold and 3 grams silver.
Late last year, the company received a 30-year extension to the Mets mining lease through to April 2053.
In May, TDG released an updated resource for the Shasta deposit, which remains open at depth and along strike. Indicated resources total 12.6 million tonnes grading 0.99 gram gold and 35 grams silver (1.27 grams gold-equivalent) and inferred resources stand at 15.4 million tonnes grading 0.77 gram gold and 28.7 grams silver (1 gram gold-equivalent). The resource used a cut-off grade of 0.40 gram gold-equivalent.
In January, the company defined a larger exploration target area adjacent to Shasta called Greater Shasta Newberry.
At Baker, TDG is relogging, resampling and assaying historical core, and aims to select drill-ready targets for 2024. The company says Baker may represent a bulk-tonnage, porphyry-style copper-gold target that was later over-printed by epithermal gold mineralization.
TDG has a market capitalization of about $21 million.
Torq Resources
Torq Resources (TSXV: TORQ; US-OTC: TRBMF) is focused on its optioned Santa Cecilia and Margarita projects in Chile.
The Santa Cecilia gold-copper-molybdenum project, 100 km east of the city of Copiapo, is adjacent to the Norte Abierto project’s Caspiche and Cerro Casale deposits held by Newmont Mining (TSX: NGT; NYSE: NEM) and Barrick Gold (TSX: ABX; NYSE: GOLD).
It kicked off its first drill program at Santa Cecilia in March this year, with its second drill hole (23SC-DDH-002) returning 557 metres grading 0.38 gram gold per tonne, 0.23% copper and 56 parts per million (ppm) molybdenum starting from 442 metres within wall rock. The first hole collared 700 metres northeast of the second hole, cut 476.3 metres of 0.23 gram gold, 0.22% copper and 93 ppm molybdenum from 584 metres.
Torq’s Margarita iron-oxide-copper-gold (IOCG) project is 65 km north of Copiapo. Torq launched its third drill program there in August to focus on extension targets to its 2022 greenfields discovery, Falla 13. Highlights of the initial drill program include 90 metres grading 0.94% copper and 0.84 gram gold at a depth of 50 metres (22MAR-013R), and 98 metres of 0.68% copper and 0.94 gram gold from 32 metres (22MAR-014R).
The company released the first set of drill results from its third-phase drill program in mid-October and announced it had identified a new parallel mineralized structure 200 metres west of the Falla 13 discovery. Drilling intersected 42 metres of 0.48% copper and 1.11 gram gold from 246 metres in hole 23MAR-031R.
Torq also reported a new zone of copper oxide mineralization at the Cototuda target near the southwest limit of the property, returning 132 metres of 0.48% copper from 24 metres (23MAR-035R).
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