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Leading News Releases
TORONTO, July 11, 2019 /CNW/ – RNC Minerals (“RNC”) (TSX: RNX) in its capacity as Manager of the Dumont Joint Venture (the “Joint Venture”) with Arpent Inc., a subsidiary of Waterton Precious Metals Fund II Cayman, LP and Waterton Mining Parallel Fund Offshore Master, LP (“Waterton”), is pleased to announce that the full Dumont Nickel-Cobalt Project (“Dumont”) NI 43-101 compliant technical report (“feasibility study”) has been filed under RNC’s profile on SEDAR at www.sedar.com and on RNC’s website at www.rncminerals.com.
“With the filing of the positive feasibility study, RNC, with our partner Waterton, are well positioned to accelerate discussions with potential partners to advance the Dumont project towards construction.” said Mark Selby, President and CEO of RNC. “Once in production, Dumont will be one of the largest base metal mines in Canada, one of the top five sulphide nickel producers globally, and one of the only large scale fully permitted nickel-cobalt projects that can begin to satisfy the significant growth in nickel and cobalt demand driven by the electric vehicle sector.“
The previously announced highlights from the feasibility study are listed below.
Dumont 2019 Feasibility Study Highlights1
- Large scale, low cost, long-life project
- Initial nickel production in concentrate of 33ktpa ramping up to 50ktpa in Phase II expansion – production of approximately 1.2 million tonnes (2.6 billion pounds) of nickel in concentrate, over a 30-year life with an initial capital expenditure of $1.0 billion.
- Phase I C1 cash costs2 of $2.98/lb ($6,570/t). Life-of-mine C1 cash costs2 of $3.22/lb ($7,100/t Ni) and AISC of $3.80/lb ($8,380/t) of payable nickel (low 2nd quartile of cash cost curve)
- Significant earnings and free cash flow generation support strong project economics
- $920 M after-tax NPV8% and 15.4% after-tax internal rate of return (“IRR”)
- Estimated annual EBITDA ramping up from $303 million in Phase I to $425 million in Phase II and averaging of $340 million over the life of project. Free cash flow averages $ 201 million annually over the 30-year project life
- Top tier mining asset in excellent jurisdiction3
- 2nd largest nickel reserve in the world of 2.8 million tonnes (6.1 billion lbs) contained nickel and 9th largest cobalt reserve with 110 thousand tonnes (243 million lbs) contained cobalt
- Once in production, a top 5 nickel sulphide operation globally, a top 3 Canadian base metal asset, and one of largest battery metal development projects globally
- Fully permitted, construction ready project located in Abitibi region in Quebec – one of world’s leading mining jurisdictions
- Impacts and Benefits Agreement successfully negotiated with local First Nation. Read more…
July 11, 2019 – MAX TO FOLLOWUP HISTORIC HARD-ROCK GOLD DISCOVERY
Vancouver B.C., July 11, 2019 – MAX RESOURCE CORP. (“Max” or the “Company”) (TSX.V: MXR; Frankfurt: M1D1) is pleased to report a fully funded exploration program within its Choco Gold-Platinum project located 120km SW of Medellin, Colombia. A previous 2013 program at El Tambita by ASX listed Condoto Platinum Ltd. lead to the discovery of a 9.8m wide gold-bearing shear zone, the first documented shear-hosted bedrock gold in Choco. Highlights from historic exploration work include:
- El Tambita channel samples averaged a gold grade of 63.25g/t over 9.8m across the shear zone with a select grab sample returning a gold value of 220g/t; (the Company cautions the grab sample is selective by nature and may not be representative of the material being sampled);
- Geology consists of quartz veins in a NE-SW strike zone, developed within schists and intrusives;
- 400m to the north, the Gaviota mine returned 1m channel sample gold grades of 44.36g/t and 3.48g/t;
- Most importantly, the shear zone and the Gaviota mine are upstream along Rio Tamana, where historic placer gold production of 605,110 ounces were recorded between 1906 and 1990.
“El Tambita is one largely untested high-grade gold target, historic exploration data suggests strong potential for the discovery of additional gold zones” Max CEO, Brett Matich stated. “Max field crews are currently mobilizing to El Tambita to follow up the outlying anomalies to locate the source of the Rio Tamana alluvial gold,” he continued. Read more…
Vancouver, British Columbia–(Newsfile Corp. – July 9, 2019) – MAX RESOURCE CORP. (TSXV: MXR) (OTC Pink: MXROF) (FSE: M1D1) (“Max” or the “Company”) is pleased to announce that it has closed the first tranche of a non-brokered private placement offering, as previously announced on June 17, 2019 (the “Placement“), for total gross proceeds of $1,200,000.
The Company has allotted and issued 12,000,000 units at a price of $0.10 per unit. Each unit is comprised of one common share and one-half of one transferable share purchase warrant, with each whole warrant entitling the holder to purchase one additional common share of the Company for a period of up to 24 months at a price of $0.15.
In connection with the Placement, the Company paid total finder’s fees of $80,080 and issued an aggregate 800,800 non-transferable broker warrants. Each broker warrant entitles the holder to acquire one common share of the Company at an exercise price of $0.15 for a period of 24 months from closing.
The Company intends to use the proceeds from the Placement towards advancing the Company’s North Choco Gold-Copper and Choco Gold-Platinum Projects and for general working capital purposes. The securities issued under the Placement will be subject to a four-month and one-day hold period expiring on November 10, 2019. The Placement remains subject to the final approval of the TSX Venture Exchange.