Rising metal prices, demand for critical minerals and tariffs are putting the spotlight on mining projects in the United States. Here’s a look at eight companies with interesting projects to watch.
Apollo Silver
In May, Apollo Silver (TSXV: APGO; US-OTC: APGOF) almost quadrupled the land package at its Calico project in California’s San Bernadino County to 35 sq. kilometres.
The project contains 170 million oz. silver along with a significant amount of barite, a critical mineral used in the petroleum industry.
Earlier this year Apollo announced plans for a barite work program to add the mineral to an updated resource for the project’s Waterloo deposit, noting that Calico’s barite “can provide regulatory support” for the project.
The energy industry relies heavily on barite in petroleum drilling, and the U.S. imports about 70% of its barite, half of which comes from China.
Historical data from Asarco’s 1979 estimate of the Waterloo deposit reported 33.9 million tonnes grading 13.4% barite. Apollo will re-assay historical and recent drill pulps by X-Ray Fluorescence, which should give a more precise estimate on the barium content.
Metallurgical test work in 2023 showed that barite concentrates of up to 94.6% were achieved in metallurgical test work in 2023, and the concentrate met the American Petroleum Institute’s quality requirements.
Currently the Waterloo deposit hosts 34.2 million measured and indicated tonnes grading 100 grams silver per tonne for 110 million oz. contained silver. Inferred resources add 300,000 tonnes grading 77 grams silver for 720,000 oz. contained silver and 4.5 million tonnes grading 0.5 gram gold for 70,000 oz. contained gold.
The project’s Langtry deposit contains 19.3 million inferred tonnes grading 81 grams silver for 50 million contained ounces.
The company appointed Ross McElroy as president and CEO in May. McElroy co-founded Fission Uranium, which was acquired last year by Paladin Energy (TSX, ASX: PDN) for C$1.14 billion ($833 million).
Apollo Silver has a market cap of $91 million.
Arizona Metals
Arizona Metals (TSX: AMC; US-OTC: AZMCF) plans to complete a preliminary economic assessment (PEA) before the end of the year on its Kay mine project in Arizona’s Yavapai County.
The company delivered an initial resource estimate for Kay in June. Indicated resources total about 9.3 million tonnes grading 1.39 grams gold, 27.6 grams silver, 0.97% copper, 0.33% lead and 2.39% zinc for 415,000 oz. contained gold, 8.25 million oz. silver, 198 million lb. copper, 67.3 million lb. lead and 490.1 million lb. zinc. Inferred resources add 860,000 million tonnes averaging 1.06 grams gold, 15.4 grams silver, 0.87% copper, 0.20% lead and 1.68% zinc.
At the end of June, Arizona Metals reported its third-highest gold assay (35.8 grams gold). Drill hole KM-25-181 returned 29.6 metres grading 0.74% copper, 13.88 grams gold per tonne, 8.79% zinc and 0.50% lead from 734 metres downhole in the Kay2 Zone.
The company is fully funded to complete a 10,000-metre drill program this year at high priority targets including the Kay North extension, the North-Central target and the Western target.
In addition, the company is drilling 5,000 metres at its Sugarloaf Peak project in Arizona’s La Paz County.
Arizona Metals has a market cap of $106 million.
Blackrock Silver
In July Blackrock Silver (TSXV: BRC; US-OTC: BKRRF) released final assays from a resource expansion drill program at its Tonopah West project in Nevada.
In July Blackrock Silver released final assays from a resource expansion drill program at its Tonopah West project in Nevada. Credit: Blackrock Silver
Highlights included 10.12 metres grading 283.2 grams silver and 2.04 grams gold starting from 393 metres in drill hole TXC25-144, including 3.51 metres of 620.2 grams silver and 4.43 grams gold. Drill hole TXC25-145 returned 11.58 metres grading 186.1 grams silver and 1.56 grams gold starting from 361.4 metres.
In March, a scout drill program expanded the mineralized footprint up to 1,200 metres to the east of the project’s DPB resource. Highlight results included 9.6 grams gold and 1,198 grams silver over 1.52 metres from 292 metres downhole in TW25-128. Hole TW25-133 cut 4.6 metres of 10.46 grams gold and 10.6 grams silver from 309 metres.
The intercepts cover a new zone of mineralization not included in the 2024 resource estimate of 6.35 million inferred tonnes grading 2.82 grams gold and 237.8 grams silver for 577,000 oz. contained gold and 48.5 million oz. silver.
Blackrock plans to update its resource estimate in this year’s third quarter and its PEA by the second quarter of 2026. A PEA last year outlined production of 424,000 payable oz. of gold and 31.78 million oz. silver at an all-in sustaining cost of US$11.96 per oz. over a mine life of eight years.
The study forecast a post-tax net present value (at a 5% discount rate) of US$326 million and a 39.2% internal rate of return at US$1,900 per oz. gold and US$23 per oz. silver. Initial capex of US$178 million could be repaid in 2.3 years. At US$2,280 per oz. and US$27.60 per oz. silver, the NPV jumps to US$495 million and the IRR to 54%.
In February, Blackrock began the permitting process for an exploration decline, test mining and a bulk sample. It hopes to break ground on an exploration decline in 2027.
Blackrock Silver has a market cap of about $188 million.
Getchell Gold
Getchell Gold (CSE: GTCH; US-OTC: GGLDF) launched a 3,000-metre drill program in July at its Fondaway Canyon project in Nevada, 140 km northeast of Reno.
The 10-hole program is designed to extend mineralization along strike and dip and increase the project’s resource. Gold mineralization starts at surface and remains open in most directions.
Fondaway hosts 13.5 million indicated tonnes grading 1.49 gram gold per tonne for 648,000 oz. contained gold and 44.8 million inferred tonnes at 1.16 grams gold for 1.67 million contained ounces.
A PEA in February outlined an open pit mining operation producing 1.23 million oz. gold over a mine life of 10.5 years, or an average of 117,300 oz. gold per year. Cash costs were pegged at US$1,189 per ounce.
At a base case gold price of US$2,250 per oz., Fondaway would generate an after-tax NPV (at a 10% discount rate) of US$474 million and an IRR of 46.7%. Initial capex was estimated at $226.5 million (including a 20% contingency) with a 3.1 year payback period.
The PEA was limited to the open pit resource in the Central Area of the project and excluded the Main pit’s underground resource and the open pit resources outside the Central Area, which account for about 15% of the current resource estimate, the company says.
In addition to Fondaway, Getchell is exploring the nearby Dixie Comstock project, about 160 km east of Reno. The small Dixie Comstock mine produced about 4,182 oz. gold and 6,737 oz. silver between 1935 and 1942. Between 1952 and 1975, 86 tons of mineralized material was sent to the Asarco smelter, producing 172 oz. gold. All production occurred within 100 metres of surface.
Getchell Gold has a market cap of about $39 million.
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