Canada’s most populous province hosts numerous historic mines and has potential for many more new developments. Here are eight companies exploring for precious metals and critical minerals such as lithium, cobalt and nickel.
Angus Gold
Toronto-based Angus Gold (TSXV: GUS; US-OTC: ANGVF) recently launched its first exploration drill program on the Eagle River Splay at its flagship Golden Sky project 50 km west of Wawa in northern Ontario. In January, it reported hole GS-23-100 cut 48.7 grams gold per tonne over 1.5 metres.
The 261-sq.-km project is located in the Mishibishu Lake Greenstone Belt between Wesdome Gold Mines’ (TSX: WDO) Eagle River and Mishi open pit operations. The high-grade intercept was within a broader, lower-grade alteration zone of 5.5 metres.
That hole was one of five drilled in a late 2023 drill program targeting the Eagle River Splay, an offshoot of the Eagle River Deformation zone that hosts the Wesdome mine.
Angus planned a 5,500-metre follow-up winter drilling program to test additional targets on the Eagle River Splay and high-grade mineralization on the company’s Dorset Gold zone early this year.
EV Nickel’s Carlang target is part of the company’s Shaw Dome project, southeast of Timmins. Credit: EV Nickel
“This is the first drill program on a new exploration target outside of our Dorset and BIF gold zones and to intersect a high-grade gold result on our first try is incredibly encouraging,” Angus Gold CEO Breanne Beh said.
To date, drilling at Golden Sky has focused on the Dorset gold zone, which hosts an indicated resource of 780,000 tonnes grading 1.4 grams gold for 40,000 oz. and an inferred resource of 4.7 million tonnes grading 1.2 grams gold for 180,000 ounces.
Angus’s portfolio also includes Slate Bay, a project prospective for copper-gold-silver mineralization located 10 km north of Red Lake, Ont.
The company also welcomed a $4.6-million investment from Wesdome in February. Wesdome acquired all 5.8 million units issued under the non-brokered flow-through private placement offering, giving it a 10.6% ownership interest in the company. Wesdome’s interest could increase to 15% if it takes advantage of the right to purchase additional shares of the company at a strike price of 80¢ per warrant within 24 months.
An investors’ rights agreement gives Wesdome the right to participate in future equity financings to maintain its interest in Angus.
Angus Gold has a market capitalization of $34.6 million.
Electra Battery Materials
Electra Battery Materials (TSXV: ELBM; NASDAQ: ELBM) is focused on advancing its cobalt sulphate refinery in Ontario to supply the developing local electric vehicle supply chain. The company signed a binding letter of intent with Luxembourg-based Eurasian Resources Group (ERG) for a three-year supply of 3,000 tonnes of cobalt hydroxide annually for the refinery. The supply agreement will provide Electra with sufficient material to meet the annual cacpacity of the plant, in Temiskaming Shores, 510 km north of Toronto.Temiskaming Shores, 510 km north of Toronto.
The cobalt hydroxide, from ERG’s Metalkol operation in the Democratic Republic of Congo, “is an intermediate product from mining operations and is the preferred feedstock for refining a battery-grade cobalt sulphate product,” the company stated in an April 2 press release.
Cobalt sulphate sourced from Electra will satisfy the requirement of the U.S. Inflation Reduction Act for consumer subsidies of electric vehicles and support a North American EV battery supply chain.
In addition to the production of cobalt and nickel sulphate, Electra’s battery materials park will process black mass material for the recovery and recycling of lithium, nickel, cobalt, manganese, graphite and copper from shredded lithium-ion batteries.
Treasury Metals’ Goldlund project, part of its Goliath Gold complex in northwestern Ontario. Credit: Treasury Metals
The company operated a black mass recycling trial operation throughout last year and is planning an integrated recycling facility and refinery. In November, it said it requires another US$60 million in funding to complete the refinery. It received a US$5-million grant from the federal government in February toward the plant.
The company has an agreement to supply LG Energy Solution, a leading global manufacturer of lithium-ion batteries, with 19,000 tonnes of cobalt contained in sulphate beginning in 2025, representing 80% of Electra’s expected annual production. Last November, it also signed a memorandum of understanding with Rock Tech Lithium (TSX-V: RCK) for the supply of recycled lithium.
The company’s share price on the NASDAQ exchange on April 1 was US$64¢, down from a high of US$4.55 in April 2022. In March, it received a second 180-day extention to regain compliance with the exchange’s minimum bid requirements (US$1 per share).
Electra Battery Materials has a market capitalization of $35.7 million.
EV Nickel
Toronto -based EV Nickel (TSXV: EVNI) is focused on the Shaw Dome nickel project about 30 km southeast of Timmins.
Shaw Dome is a 3,000-sq.-km property that includes the W4 deposit and the CarLang target.
W4 hosts 1.4 million measured and indicated tonnes grading 0.98% nickel for 31.2 million lb. of nickel, and 559,214 inferred tonnes at 0.98% nickel for 12 million pounds. CarLang, which contains the A zone and is located just to the north of W4, hosts 510 million indicated tonnes grading 0.25% nickel for 1.2 million tonnes of nickel. Inferred resources add 497 inferred tonnes at 0.23% nickel for 1.1 million tonnes of contained metal.
In October, EV Nickel gave an update on its work with Arca Climate Technologies. The company reported improved results from ongoing research and experimentation on a carbon mineralization and storage solution with the potential to capture up to 40 kg of carbon dioxide per tonne of tailings.
“Brucite is the key mineral for carbon mineralization to occur with the ultramafic rocks,” it explained. “In a future potential mining operation, CO2 could be absorbed by the tailings and converted into solid carbonate material, permanently and safely trapping and storing CO2.”
Arca, a Vancouver-based company, specializes in the technology for using ultramafic mine tailings to decarbonize mining operations.
EV Nickel raised $5.1 million in a private placement that closed in March. The placement was upsized from $3.5 million to accommodate the pro-rata participation by three strategic investors pursuant to a shareholder rights agreement negotiated in September 2023. They include John Paterson, Hegemon LLC and one unnamed “industry partner.”
In a March 4 release about the offering, the company announced the resignation of president and CEO Sean Sampson effective on March 7, and the appointment of John Paterson as interim CEO.
EV Nickel has a market capitalization of $65.8 million.
Green Technology Metals
Perth, Australia-based Green Technology Metals, (ASX: GTI) is advancing a set of lithium projects in northwestern Ontario.
Green Technology’s Seymour project is in its Eastern Hub of properties that includes the Falcon and Junior Lake targets. Located north of Lake Nipigon and 230 km from Thunder Bay, Seymour hosts 5.2 million indicated tonnes grading 1.29% Li2O and 4.7 million inferred tonnes at 0.76% Li2O.
Drilling to date at its Eastern Hub projects totals 74,667 metres. It’s completed 42,000 metres at its Root project, located in its Western Hub projects area. Concentrators are planned for both locations with a lithium conversion facility planned to be in operation in Thunder Bay by 2028.
In a release on March 26, GT1 detailed an assay result of 1.16% lithium oxide (Li2O) over 11.6 metres at Root, which is located near the First Nations community of Slate Falls and about 300 km northwest of Thunder Bay.
It was the final assay result from a 33-hole, 7,290-metre drill program completed in October focused on the eastern and western extensions of Root. The company has not yet compiled a resource, but the results of the drill program increase the company’s conceptual exploration target to 25 to 35 million tonnes of 1% to 1.5% Li2O, the company said.
Green Technology is planning another 10,000 metres of diamond drilling to test the Root Bay East target.
The company is targeting first production at Seymour in 2025-2026, followed by Root in 2028-2029.
Green Technology Metals has a market capitalization of A$41.8 million.
Magna Mining
Magna Mining (TSXV: NICU; US-OTC: MGMNF) is focused on its Crean Hill and Shakespeare nickel, copper and PGM projects in the Sudbury Basin.
Crean Hill is a past-producing mine that operated from 1900 to 2002 under Inco. It acquired the project in August 2022 from Lonmin Canada for $16 million.
On March 27, Magna signed a toll-milling agreement with Vale (NYSE: VALE) for production of 400,000 tonnes of ore from an advanced exploration project at Crean Hill. The company expects to have permits in place for dewatering the mine by the end of June, which will allow it to develop a ramp from surface for advanced exploration and test mining in the 101 Footwall, the 109 Footwall and Intermediate zones.
The company plans to update the resource in the second quarter, incorporating assay results from 19,000 metres of drilling since August 2022. Magna is fully funded to complete a 25,000-metre drill program this year.
In April, Magna released assays from drilling at Crean Hill, including 26.3 metres of 0.7% nickel, 2.4% copper and 9.7 grams of precious metals per tonne. The interval included a shorter section of 4.4 metres grading 3.2% nickel, 11.3% copper and 10.6 grams of precious metals.
Crean Hill produced 20.4 million tonnes of ore grading 1.31% nickel, 1.12% copper and 1.65 grams of precious metals per tonne. It has an August 2022 indicated underground resource of 14.5 million tonnes grading 0.96% nickel, 0.84% copper and 2.07% nickel equivalent, which includes cobalt, platinum, palladium and gold. Open pit indicated resources come to 16.8 million tonnes grading 0.53% nickel, 0.49% copper and 1.08% nickel equivalent. The combined indicated resource totals 500 million lb. of nickel, 450 million lb. of copper and 1.7 million oz. of platinum, palladium and gold in situ.
Magna also owns the past-producing Shakespeare project, 70 km southwest of Sudbury, and the Shining Tree project, 100 km north of Sudbury, acquired in 2017 from Ursa Major Minerals.
Magna Mining has a market capitalization of $102.9 million.
Onyx Gold
Vancouver-based Onyx Gold (TSXV: ONYX) announced the start of a spring drill program at its Munro-Croesus project, the most advanced of its three Timmins area projects, in March.
The company will drill 20 to 25 holes for a total of 3,000 metres to expand the high-grade GM Vein zone discovered in a fall 2023 drill program. Drilling will also include step-out drill holes on the bulk-tonnage style Argus zone discovered in 2022.
Munro-Croesus is located about 75 km east of Timmins, near the Porcupine-Destor deformation fault zone and the Pipestone fault. The property hosts the historic Croesus mine, famous for its bonanza-grade gold production and five specimens at Toronto’s Royal Ontario Museum that collectively weigh 85 lb. and contain 480.7 oz. of gold.
On April 18, the company announced it had expanded the size of the Munro-Croesus plot by 32% to 92.3 sq. km when it acquired the Lalonde property for 400,000 shares and $20,000 in a January purchase with a private vendor. The property, directly north of Mayfair Gold’s (TSXV: MFG; US-OTC: MFGCF) multi-million oz. Fenn-Gibb deposit, is contiguous and on strike with Munro-Croesus and hosts several high-grade occurrences with values including 1.03 grams gold up to 41.1 grams gold and 2,500 grams gold.
Located in the area are STLLR Gold’s (TSX: STLR) Tower project and McEwen Mining’s (TSX: MUX; NYSE: MUX) Black Fox underground mine.
Onyx also has 100% ownership of the 74-sq.-km Golden Mile project 9 km northeast of Newmont’s (TSX: NGT; NYSE: NEM; ASX: NEM) Holt Pond mine, for which it is seeking a joint venture partner, and the Timmins South project bordering Newmont’s former producing Dome mine.
In the Yukon’s Selwyn Basin, its portfolio includes four properties totalling 1,023 claims and 210 sq. km, the most advanced of which is the King Tut property.
HighGold Mining (TSXV: HIGH; US-OTC: HGMIF), spun out Onyx in May 2023 and maintains a 20% share of the company.
Onyx has $4.2 million in cash and marketable securities after closing a $1.5-million private placement on March 21.
Onyx has a market capitalization of $15.1 million.
Pan American Energy
Calgary-based Pan American Energy (CSE: PNRG; US-OTC: PAANF) is advancing lithium projects in northern Ontario and Nevada.
The company released assay results on March 21 from 15 drill holes at its Big Mack lithium project, 80 km north of Kenora. Highlights included 16.6 metres of 1.29% Li2O, including 0.57 metre of 3.61% Li2O in hole BM24-039, and 3 metres of 2.28% Li2O within a 22.3-metre interval of 0.68% Li2O in hole BM24-045.
The targets were identified using 2023 geochemical surface sampling and magnetic surveying designed to test prospective areas along strike and down dip of previously identified mineralization.
Drilling at Big Mack extended over two phases totalling 8,322 metres, with the second phase consisting of 25 drill holes completed on March 12. A resource estimate for the Big Mack project is scheduled for the second quarter.
In Nevada, Pan American describes its 70-sq.-km Horizon lithium project as one of the largest identified lithium deposits in the United States. Using the results from a 21-hole drill program in 2023 totalling 4,371 metres, the company declared a resource of 372.8 million indicated tonnes grading 669 parts per million (ppm) lithium for 1.3 million tonnes of lithium carbonate equivalent (LCE) at Horizon, located 7.5 km from Tonopah. The resource also included 2.5 billion inferred tonnes grading 680 ppm lithium for 8.9 million tonnes LCE.
The company is proceeding with metallurgical testing by the Saskatchewan Research Council and the University of Nevada at Reno of lithium bearing core samples from its Big Mack and Horizon projects, respectively.
On March 2, Pan American closed the first tranche of a non-brokered private placement for gross proceeds of $889,000.
Pan American has option agreements with privately traded Magabra Resources for the right to acquire up to a 90% interest in the Big Mack project, and with Horizon Lithium to acquire a 100% interest in its Nevada project.
Pan American Lithium has a market capitalization of US$11.8 million.
Treasury Metals
Treasury Metals (TSX: TML; US-OTC: TSRMF) is advancing its Goliath Gold complex that includes the Goliath, Goldlund and Miller projects located within the Wabigoon Greenstone Belt in the Dryden-Sioux Lookout area of northwestern Ontario.
A prefeasibility study released in early 2023 forecast the project could produce an average of 90,000 oz per year over a 12-year mine life. With an initial capex of $335 million, the study estimated the project’s after-tax net present value at $336 million at a 5% discount rate and its internal rate of return at 25.4%. The study used a gold price of US$1,750 per ounce.
Treasury Metals announced a series of drill results from a two-phase drill program on its Far East target at Goliath, 20 km east of Dryden, on Feb. 29. The results included an intersection of 42.9 metres grading 0.54 gram gold per tonne and 14.66 grams silver, including 2 metres grading 2.6 grams gold and 3.4 grams silver.
The initial phase of the drill program consisted of 20 holes totalling 5,427 metres and a second phase of 14 holes totalling 3,078 metres. The program was undertaken to confirm the continuity of mineralization across the 600-metre Far East target, which is located 8 km from the proposed processing plant for the Goliath Gold Complex, which covers 330 sq. km.
The drill results successfully intersected the targeted lithology and mineralization adjacent to and between past drilling, extending the mineralized trend to about 1 km in length.
The results present the opportunity for material that can potentially extend and expand the mine life of the Goliath Gold complex, further enhancing the value from the 2023 prefeasibility study, Goliath Gold president and CEO Jeremy Wyeth said.
The prefeasibility study was based on an April 2022 resource estimate that outlined 6.2 million measured tonnes grading 1.2 grams gold for 239,500 oz. and 4.7 grams silver for 940,600 oz., and 58.5 million indicated tonnes grading 0.86 grams gold for 1.5 million oz. and 2.53 grams silver for 1.9 million ounces. The project hosts an additional 32.3 million inferred tonnes grading 0.73 grams gold and 0.8 gram silver.
The Toronto-based company received federal environmental assessment approval for the Goliath project in 2019 for an open-pit and underground gold mine and is focused on permitting and community consultations this year.
Treasury Metals has a market capitalization of $37.4 million.
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