MINEX Forum

Tag: exploration

  • Electrum Discovery Secures Funding for Timok East Copper-Gold Exploration

    Electrum Discovery Secures Funding for Timok East Copper-Gold Exploration

    Canadian company Electrum Discovery, formerly known as Medgold Resources, has announced the successful financing of 1.5 million Canadian dollars to further its exploration of the Timok East copper and gold project in Serbia. The funding will support the initial drilling program and general working capital. Electrum plans a private placement of up to 21,428,571 company units at a price of $0.07 per unit, aiming to raise the total funds.

    Electrum’s projects in Serbia cover 645 square kilometers, with Timok East spanning 123 square kilometers and the Novo Tlamino project covering 522 square kilometers in southeastern Serbia. In Timok East, the company has identified a promising copper-gold anomaly, named Bambino, located five kilometers from the Veliki Krivelj deposit. This anomaly has grown to 1.8 kilometers in length, revealing high copper and gold concentrations, with soil samples showing up to 8,238 ppm of copper.

    CEO Elena Clarici highlighted the significance of the Bambino discovery and the potential of the underexplored Timok region. The company is currently conducting a detailed geological analysis of the site. Additionally, Electrum is reviewing its Novo Tlamino gold project, which contains historical gold reserves, in light of rising global gold prices. The Barje site, located within the Donje Tlamino license, holds an estimated 20 tons of gold and 38 grams of silver per ton.

  • Karelian Diamond Resources Nears Discovery of Rare Green Diamond Source in Finland

    Karelian Diamond Resources Nears Discovery of Rare Green Diamond Source in Finland

    Karelian Diamond Resources (AIM: KDR), an Irish explorer, believes it is edging closer to identifying the source of a rare green diamond found in 2022. The company recently completed a series of follow-up excavations in Finland’s Kuhmo region and has collected 21 glacial till samples for analysis. Depending on the results of the mineral analysis, Karelian plans to initiate a drilling program during the winter to further investigate identified kimberlitic targets.

    According to Karelian, the thickness of the glacial till increases to the northwest, near a swampy area that is currently inaccessible until the ground freezes. The company has excavated as close as possible to this region, where it believes the source of the kimberlite minerals and the green diamond may be located. Six potential kimberlite sites, previously identified through geophysical methods, are in the same zone, with excavation pits strategically placed to follow the trail of indicator minerals.

    In parallel, the Dublin-based company is advancing other assets in Finland, including the Lahtojoki deposit, which could become the first diamond mine within the European Union. Karelian recently resolved legal disputes with local landowners and is now awaiting the Finnish National Land Survey’s decision to finalize the project boundaries. The company believes the Lahtojoki kimberlite pipe has the potential to become a profitable open-pit mine, containing valuable white diamonds, as well as pink and colored diamonds that could fetch prices up to 20 times higher than their colorless counterparts.

  • European Energy Metals Expands Exploration in Finland, Targeting Lithium-Rich Pegmatites

    European Energy Metals Expands Exploration in Finland, Targeting Lithium-Rich Pegmatites

    European Energy Metals (TSXV: FIN) has announced a significant expansion of its exploration efforts in Finland, applying for five new exploration licences (ELs) in the Kaustinen region. The applications cover an area of approximately 102 square kilometers, known for its high potential for lithium-cesium-tantalum (LCT) pegmatites. This expansion will increase the company’s total licensed holdings to 157.7 square kilometers, augmenting its existing Nabba and Nabba 2 licences.

    These newly applied licences are largely contiguous with those held by Sibanye-Stillwater at the Keliber project, which is renowned for its LCT spodumene-pegmatite deposits. Keliber’s resources are estimated at approximately 17 million tonnes, with a grade of 1% Li2O (lithium oxide). Sibanye-Stillwater, a South African mining group, is investing up to €600 million in partnership with the Finnish Minerals Group to build a comprehensive lithium supply chain complex in the area, with production expected to commence in the second half of 2025.

    European Energy Metals’ newly expanded concessions are strategically located within 1 kilometer of some of the known lithium-rich spodumene-pegmatite deposits at Keliber and Sibanye’s proposed spodumene concentrator plant. The company is currently conducting a field program on these concessions, following up on its successful 2023 exploration program. During that program, the team discovered multiple occurrences of lithium-bearing pegmatite mineralization, particularly at the Kyrola prospect, where rock chip grab samples returned assays of up to 3.84% Li2O.

    CEO Jeremy Poirier expressed optimism about the expanded exploration efforts, stating that the additional licences would allow for more thorough testing and definition of the subsurface mineralization identified on the surface. The 2024 exploration program is designed to advance these projects to a drill definition stage, with a focus on areas with significant proximity to known deposits and the soon-to-be operational lithium concentrator.

  • C29 Metals Seeks New Exploration Licenses in Kazakhstan

    C29 Metals Seeks New Exploration Licenses in Kazakhstan

    In a recent development, the geological exploration company C29 Metals Limited has submitted applications for new exploration licenses in Kazakhstan. The areas of interest are situated to the south and north of the company’s current exploration site, according to inbusiness.kz. C29 Metals is looking to secure rights to study two sections of land: one covering 213 km² near the Ulutau Uranium Project and another 39 km² site close to the Botaburum mine. The company considers these zones promising based on historical drilling data and satellite imagery. It is estimated that the subsurface may contain 3,800 tonnes of uranium oxide. Currently, the Australian company holds full ownership of the Ulutau project. However, it remains unclear how they plan to proceed with extraction, as current legislation stipulates that mining of this metal must involve organizations with a majority stake held by Kazatomprom.

  • Kaz Critical Minerals Expands Exploration in East Kazakhstan with New Licenses and Partnerships

    Kaz Critical Minerals Expands Exploration in East Kazakhstan with New Licenses and Partnerships

    Kaz Critical Minerals LLP, a wholly-owned subsidiary of Kaz Resources LLC and a portfolio company of Cove Capital LLC, has achieved a major milestone in its exploration activities in East Kazakhstan. The company recently completed drilling the first 1,000 meters on its critical minerals licenses, uncovering several previously unreported positive anomalies. This discovery has prompted the company to extend its drilling program to better define these anomalies.

    In addition to these findings, Kaz Critical Minerals has been granted two new exploration licenses, further expanding its operational footprint. This expansion will enhance the company’s ability to explore key areas with high potential for valuable mineral deposits, with an immediate focus on continued drilling operations.

    Kaz Resources is also collaborating with Hatch, a globally recognized mining and engineering consulting firm. Hatch will provide professional services in key areas, leveraging its extensive experience in mining and infrastructure projects, including those in Kazakhstan. This partnership aims to enhance the efficiency and effectiveness of Kaz Critical Minerals’ exploration programs.

    Pini Althaus, CEO of Kaz Resources, expressed enthusiasm about the progress, stating, “The encouraging drilling results, coupled with the new licenses and our partnership with Hatch, position us strategically to unlock Kazakhstan’s rich mineral resources. We are committed to driving progress and creating value for our stakeholders and Kazakhstan through meticulous exploration and innovative partnerships.”

    Yuri Savguira, Senior Engagement Manager at Hatch, added, “We are excited to collaborate with Kaz Resources on this promising venture. Our combined expertise will support the development and execution of these projects, bringing our experience and excellence to the forefront.”

    Kaz Resources remains focused on exploring and developing critical minerals essential for the energy transition, advanced technology, and defense applications. The company’s efforts align with Kazakhstan’s broader economic and sustainable resource management goals.

    In 2023, Kaz Resources, through Kaz Critical Minerals LLP, became the first U.S. company to receive critical minerals and rare earths land concessions in Kazakhstan. These concessions include valuable minerals such as rare earth elements, lithium, tantalum, beryllium, niobium, cesium, and tin. A significant partnership with Kazakhstan’s national mining company, Tau-Ken Samruk, and Cove Capital was formed to explore and develop rare earth and critical metals, particularly at the Akbulak rare earth project in the Kostanay region.

  • Kazakhstan to Hold Auction for Solid Mineral Deposits, Including Bauxite, Coal, and Gold

    Kazakhstan to Hold Auction for Solid Mineral Deposits, Including Bauxite, Coal, and Gold

    The Ministry of Industry of Kazakhstan is set to announce an auction for deposits of solid minerals later this month, according to inbusiness.kz, citing Almas Kushumov, the head of the subsoil use department.
    The ministry plans to offer 23 new deposits to potential bidders, including sites with approved reserves of bauxite, coal, polymetallic ores, and gold.
    Mr. Kushumov stated that all the necessary information regarding the auction will be published on the official website of the Ministry of Industry, allowing interested parties to learn which deposits are available for exploration and licensing.
    He also noted that the state fund holds other valuable plots. However, as subsoil users failed to fulfill their obligations for these deposits, their licenses were revoked. Information about these areas will be made available to the public at a later date.

  • “Aluminium of Kazakhstan” May Receive New Exploration Licenses

    “Aluminium of Kazakhstan” May Receive New Exploration Licenses

    The company “Aluminium of Kazakhstan”, a part of ERG, may soon receive licenses to conduct geological exploration on two sites in the Kostanay region. The total area of these potential geological exploration sites exceeds 800 hectares, according to “Kursiv”.

    One of the sites is located within the city of Lisakovsk. According to the publication, city authorities intend to allow “Aluminium of Kazakhstan” to search for aluminum ores until May 23, 2027. The deputy mayor will oversee the fulfillment of obligations.

    Reserves of aluminum-containing ore are also expected to be found on another, smaller site. This site covers an area of 271.7 hectares and is located within the boundaries of Oktyabrsky. The district authorities have also granted the company public easement for mineral exploration and assigned responsibility for overseeing the decision to the head of the locality.

    The final verdict on both projects is expected to be announced by June 19. It should be noted that the company annually produces around 1.4 million tons of alumina, the raw material for aluminum. Additionally, the company is one of the largest employers in the Pavlodar region.

     

  • Uranium Deposit Discovered in Southern Poland’s Świętokrzyskie Region

    Uranium Deposit Discovered in Southern Poland’s Świętokrzyskie Region

    Świętokrzyska Industrial Group Industria (ŚGP Industria) has confirmed the presence of uranium in a deposit located within the Świętokrzyskie Region in southern Poland. The company intends to conduct further exploratory work to ascertain the size of the deposit and suitable extraction methods. While the exact location remains undisclosed, detailed assessments in the coming months will focus on determining the deposit’s magnitude and optimal exploitation techniques.

    According to estimates by the International Atomic Energy Agency, Poland harbors around 100,000 tons of natural uranium, with only 7,000 tons confirmed thus far. ŚGP Industria secured an exploratory concession from the Ministry of Climate and Environment for a polymetallic deposit containing uranium in the region.

    The verification of uranium presence in the deposit follows extensive efforts by the company. Subsequent exploration endeavors will aim to precisely delineate the composition of various elements within the deposit, its dimensions, and potential extraction methodologies.

    Szczepan Ruman, president of the Board of ŚGP Industria, expressed satisfaction with the progress, emphasizing the significance of the discovery for mining development in the Świętokrzyskie Region and Poland’s access to critical raw materials, particularly uranium for the nuclear sector. Ruman highlighted the discovery’s importance in fostering cooperation with Rolls-Royce for the implementation of small modular reactors (SMRs) in Poland.

    The company’s research drew upon documents from the National Geological Archive of the State Geological Institute in Warsaw, incorporating data from the Soviet atomic program and uranium exploration activities in the Świętokrzyskie Mountains during the 1950s.

  • Kazakhstan’s “Tau-Ken Samruk” Partners with US Investors for Rare Metals Exploration

    Kazakhstan’s “Tau-Ken Samruk” Partners with US Investors for Rare Metals Exploration

    In a significant development, Kazakhstan’s mining company “Tau-Ken Samruk” has entered into a collaboration agreement with Cove Capital, a US-based organization, aimed at exploring Rare Metals (RM) and Rare Earth Metals (RZM) within the Republic of Kazakhstan (RK). The partnership entails joint geological exploration activities, particularly in the Kostanay region, as disclosed in a Telegram channel of the “Samruk-Kazyna” fund. The exploration focus will center on the Akbulak deposit near Arkalyk, with Cove Capital committed to fully funding the exploration until the resources are officially registered. While detailed project information remains scarce, it’s notable that the foreign entity and Tau-Ken Samruk’s subsidiary, “Kazgeology,” will establish a joint venture for this endeavor. Previously, experts from Kazgeology had hinted at the potential richness of the Akbulak site in RM and RZM, including yttrium, cerium, thulium, zirconium, lutetium, tin, and others. The company’s attempt to attract investors for the development of these reserves dates back to 2019. Forecasts estimate the resources of this area to be around 380,000 tonnes. This collaboration follows the signing of documents between “Samruk-Kazyna” and Cove Capital last September, indicating a broader partnership in critical raw materials.

  • Central Asia Metals Makes Conditional Investment in Aberdeen Minerals

    Central Asia Metals Makes Conditional Investment in Aberdeen Minerals

    Central Asia Metals unveiled a conditional investment of £3 million ($3.8m) in Aberdeen Minerals on Monday, securing a 28.7% equity stake in the company. The move comes as Central Asia Metals, known for its operations in Kazakhstan and North Macedonia, diversifies its portfolio by venturing into the UK’s raw battery materials exploration domain. Aberdeen Minerals, a privately-held exploration firm based in Scotland, boasts a significant land package and has already identified promising copper-nickel-cobalt deposits at its Arthrath project, initially explored by Rio Tinto in 1968. This investment aligns with the UK government’s critical minerals strategy, aimed at bolstering national resilience in critical mineral supply chains, particularly in light of the green energy transition. Central Asia Metals expressed optimism about the UK’s burgeoning mining sector, driven by environmental imperatives, deeming it an attractive destination for exploration investment. The financing structure includes a £3 million cornerstone investment at 8.5 pence per share, with provisions for additional investment through warrants, potentially raising CAML’s ownership to 37.8%. Aberdeen Minerals CEO Fraser Gardiner welcomed CAML’s investment, highlighting its validation of their projects and exploration plans, signaling a promising partnership for future success and local economic growth tied to the energy transition.