MINEX Forum

Tag: resource expansion

  • CoreX Holding Plans to Double Manka Gold Resources to 400,000 Ounces and Begin Mining in East Kazakhstan in 2026

    CoreX Holding Plans to Double Manka Gold Resources to 400,000 Ounces and Begin Mining in East Kazakhstan in 2026

    Turkish-Dutch mining group CoreX Holding is targeting a significant expansion of the resource base at its Manka gold deposit in East Kazakhstan, with plans to more than double confirmed resources from 195,000 ounces to over 400,000 ounces through a second phase of exploration drilling, while beginning underground mining operations this year.

    According to the company’s 2025 annual report, CoreX completed a comprehensive underground drilling programme at Manka including 10 additional holes totalling 2,000 metres in 2025, bringing the total drilling since acquiring exploration rights to approximately 5,000 metres. The programme identified approximately 340,000 ounces of potential resources, with 195,000 ounces confirmed through adit clearance and reserve definition in the first exploration phase. A second phase planned for 2026 will include 6,000 additional metres of drilling, expected to push total project resources beyond 400,000 ounces.

    Mining is scheduled to begin in 2026 using underground methods including sublevel stoping and cut-and-fill mining, with production planned to continue for nine years. Annual output is targeted at up to 187,000 ounces of gold — a significant scale for a single underground operation.

    The Manka deposit has a century-long history, having been discovered in 1925. Soviet-era mining between its discovery and 1954 extracted 300,000 tonnes of ore at an average grade of 12.24 grams per tonne, yielding 3.6 tonnes of gold. The deposit is located in a geographically sensitive border area near the intersection of Russia, Mongolia and China.

    CoreX Holding’s Kazakhstan portfolio also includes the Voskhod Chrome operation in Aktobe Region, Altay Polymetals in Karaganda Region and the planned Qazaq Soda ash plant in Taraz.

  • Allied Critical Metals Posts Strong PEA Economics for Borralha Tungsten Project as 20,000 m Drill Program Gets Underway

    Allied Critical Metals Posts Strong PEA Economics for Borralha Tungsten Project as 20,000 m Drill Program Gets Underway

    Allied Critical Metals Inc. has released the results of an initial Preliminary Economic Assessment (PEA) for its 100%-owned Borralha Tungsten Project in northern Portugal, outlining an underground development concept with strong returns across multiple tungsten price scenarios and a fully funded drilling campaign aimed at expanding resources beyond the initial mine plan.

    In the study’s medium case using a tungsten price of USD 1,000/mtu WO₃, the project delivers an after-tax NPV(8%) of C$473.4 million (USD 346.6 million) and an after-tax IRR of 48.8%, with an estimated payback period of 4.2 years. Under the base case aligned with an Argus long-term average price assumption of roughly USD 704/mtu WO₃, the after-tax NPV(8%) is C$182.7 million (USD 134.0 million) and the after-tax IRR is 27.2%, with a payback of 5.8 years. A high-price sensitivity case at USD 1,500/mtu WO₃ increases the after-tax NPV(8%) to C$963.8 million (USD 706.4 million) and the IRR to 78.4%, shortening payback to 3.2 years.

    The PEA estimates initial capital at approximately USD 91 million (C$124.2 million) and sustaining capital at about USD 87 million (C$118.8 million), for total life-of-mine capital of roughly USD 178 million (C$243.1 million). The mine plan covers an 11-year operating life, based on the Santa Helena Breccia deposit, with a nominal processing rate of 1.4 million tonnes per annum and average mill feed grade of about 0.20% WO₃. Average annual recovered production is estimated at approximately 1,708 tonnes WO₃, with peak annual output of 2,388 tonnes WO₃. The company reported an all-in sustaining cost estimate of around USD 303/mtu WO₃.

    Allied said the economic model was built on conservative design assumptions, including mine design and cut-off grade selection developed using USD 659/mtu WO₃. The company highlighted that reported spot market pricing for tungsten has recently been materially higher than the study’s sensitivity cases.

    The company also reported several de-risking milestones and strategic positioning factors. Borralha has received a favourable Environmental Impact Declaration (DIA) from Portugal’s environment agency, subject to standard regulatory conditions, and the project has been endorsed by idD Portugal Defence as a strategic initiative of national importance.

    To support growth beyond the initial 11-year plan, Allied has begun a fully funded 20,000-metre drill program targeting resource expansion, conversion of inferred material into higher-confidence categories, potential mine life extension, and possible throughput and scale optimisation. The PEA does not include Allied’s other tungsten project at Vila Verde.

  • Boliden Nears Deal to Acquire Lundin Mining’s European Mines

    Boliden Nears Deal to Acquire Lundin Mining’s European Mines

    Swedish mining company Boliden is reportedly in advanced negotiations to acquire Lundin Mining’s two European mines, according to sources familiar with the matter. The assets under discussion are Zinkgruvan in Sweden and Neves-Corvo in Portugal, both of which have been instrumental to Lundin’s operations but are now up for sale as the Canadian company shifts its focus to Latin America.

    The acquisition would reinforce Boliden’s position as a leading European zinc producer, securing a steady ore supply for its Scandinavian smelting operations. Lundin’s Zinkgruvan mine, operational since 1857, produced 76,349 tons of zincin 2022, while Neves-Corvo yielded 108,812 tons of zinc and 33,823 tons of copper.

    Lundin seeks to raise funds to invest in its South American copper projects, including its partnership with BHP Groupon the Filo Corp. project spanning the Argentina-Chile border. This divestment aligns with Lundin’s strategy to capitalize on growing demand for copper in renewable energy and electric vehicle markets.

    Meanwhile, Boliden is expanding capacity at its Odda smelter in Norway by 75% to 350,000 tons annually and restarting operations at its Tara zinc mine, Europe’s largest, after high costs temporarily halted production.

    Representatives of both companies declined to comment on the deal, emphasizing that discussions are ongoing, and no agreement has been finalized.

  • Mawson Finland Announces Positive Drill Results in Raja and Joki Zones

    Mawson Finland Announces Positive Drill Results in Raja and Joki Zones

    Mawson Finland Limited has reported promising new drill results from the Raja and Joki zones at its Rajapalot gold-cobalt project in Finland. The results come from a total of 10 drillholes conducted as part of the Company’s 2024 winter drilling campaign. Key findings include the extension of the Raja mineral system by up to 90 meters in some areas, with notable results from drillholes PAL0347, PAL0349, and PAL0355. Among the highlights, PAL0347 recorded 5.8 meters at 2.17 g/t gold, while PAL0349 identified 3.6 meters at 1.74 g/t gold and 1007 ppm cobalt.
    CEO Noora Ahola expressed optimism about the findings, noting the potential for the Raja zone to contribute additional gold-cobalt resources. Mawson remains committed to its resource expansion goals and will continue to release further drill results in the upcoming weeks.