The mining newspaper for Alaska and Canada's North
The mining newspaper for Alaska and Canada's North
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While many of its peers are struggling to find money to continue exploration at their promising mineral prospects and deposits, Constantine Metal Resources Ltd. has managed to forge ahead with hefty programs at its copper- and zinc-rich Palmer project in Southeast Alaska. This includes C$7.13 million invested in exploring the volcanogenic massive sulphide deposit in 2014. Last year's program, funded by Dowa Metals & Mining Co. Ltd., along with drilling completed at Palmer in...
Constantine Metal Resources Ltd.'s plan to expand exploration at its copper- and zinc-rich Palmer project near Haines has ruffled the feathers of some members of the Southeast Alaska community. A much larger group, however, are hailing this mineral explorer for its high ethical and environmental standards and commitments to the community. "As a lifelong resident of Southeast Alaska, one who is committed to the future health of our environment and industries, I support this pro...
Reuters recently reported that the 10 largest gold-producing companies worldwide have steadily increased their near-mine exploration budgets over the past few years to 56 percent in 2015 from 45 percent in 2013. They also reduced their higher-risk greenfields exploration budgets to 21 percent from 25 percent in the same time period. This retrenchment of exploration by the larger producers is occurring, while global gold output is declining with an expected reduction of 9...
Over the past four years, Constantine Metal Resources Ltd. has been able to carry out roughly US$20 million of exploration at its Palmer copper- and zinc-rich volcanogenic massive sulfide project in Southeast Alaska. This steady exploration through the recent downturn in mining markets was made possible by a timely partnership with Dowa Metals & Mining Co. Ltd. At the onset of 2013, Dowa and Constantine inked a deal that provides the Tokyo-based smelting and mining company with the opportunity to earn a 49 percent stake in...
Mineral exploration spending in Alaska hit an apex of US$365 million in 2011, but as venture capital for mining explorers dried these expenditures plummeted 78 percent to US$80 million in 2015. However, rising gold prices and a loosening of venture capital in 2016 seems to have marked an end to a painfully long bear market for mining explorers in Alaska. “After taking head shots for the past four years, the industry suddenly came to life over the past month, with new budgets,...
The owners of Alaska’s five large metal mines – Sumitomo Metal Mining Pogo, Hecla Mining Company, Kinross Gold Corp, Teck Resources Ltd. and Coeur Mining Inc. – accounted for nearly half the US$92 million of exploration spending in the state during 2014 and similar investments by these companies is providing solid footing for the Far North state’s mineral exploration sector this year. Avalon Development President Curt Freeman said he is seeing more mining majors shopping for d...
With metal prices stabilizing, physical stockpiles dwindling and demand again on the rise, things are beginning to look up for the beleagered mining industry. Gold's performance over the past several months is a case in point. The World Gold Council reported that during the first quarter, buying of exchange-traded gold funds rose to its highest level since early 2009, wiping out the deep sell-offs of 2014 and 2015 for this instrument. Uncertainties in the fiscal stability of...
As a follow-up to last month's realization that once again "the game is afoot" in the mining industry, major gold producer Goldcorp recently presented some arresting statistics at the Bank of America Merrill Lynch Global Metals, Mining and Steel Conference. The presentation showed gold discovery and production information for the global mining industry that indicated that peak gold discovery occurred in 1995, this despite three periods between 1995 and 2015 when exploration...
Constantine Metal Resources Ltd. Nov. 7 said it has entered an agreement to sell a portion of its gold properties in Ontario for C$4.5 million, funds that it can apply to furthering exploration at the Palmer project near Haines, Alaska. "Upon closing the transaction Constantine will have more than $5 million in cash to co-fund the exploration development of our advanced flagship Palmer copper-zinc-silver-gold project in Southeast Alaska," said Constantine Chairman Wayne...
Constantine Metal Resources Ltd. July 6 reported the start of a 2016 drill program at its Palmer copper-zinc-silver-gold project in Southeast Alaska. Dowa Metals & Mining Co. Ltd., which can earn 49 percent in Palmer by investing US$22 million in the project by the end of 2016, has budgeted US$3.7 million for this year's program. The work begins with an initial 1,700-meter drill program targeting several volcanogenic massive sulfide targets beyond the known Glacier Creek...
Constantine Metal Resources Ltd. May 9 outlined plans for a US$3.7 million work program at the Palmer volcanogenic massive sulfide project in Southeast Alaska. This work will include a drill program to test several exploration targets located within a 3,000-meter radius of the resource identified in the RW and South Wall zones of the Glacier Creek deposit. In 2015, Constantine published an inferred resource of 8.125 million metric tons averaging 1.41 percent (252.6 million...
Although there is plenty of Alaska mining industry news this month, the big dog in the pen is the dramatic and unexpected run-up in the price of gold, which moved from a low of $1,078 per ounce to a high of $1,246/oz., most of which occurred after Feb. 1. Although profit-taking and other factors have caused the price to back off a bit, the move was both dramatic and unexpected. As you might guess, the ether is full of talking heads telling us why it went up, why it either won'...
Imperial Metals Corp. Feb. 5 said the Huckleberry Mine in western British Columbia will be placed on care and maintenance until there is an improvement in the price of copper. Huckleberry Mines Ltd., the company that owns and operates the copper mine, has notified employees that operations will be suspended once the stockpiles have been milled, which is expected to happen around the end of August. Imperial said the ongoing low copper price has forced Huckleberry to make this...
Imperial Metals Corp. Jan. 6 reported the suspension of pit operations at the Huckleberry copper-gold-silver mine in central British Columbia. Imperial holds 50 percent interest in Huckleberry Mines Ltd., owner and operator of the mine. The balance is held by a Japanese group consisting of Mitsubishi Materials Corp., Dowa Mining Co. Ltd. and Furukawa Co. Huckleberry Mines Ltd. said the suspension of mining will affect 100 of its 260 employees, the balance of the work force...
As the curtain rings down on 2015, the sound of clapping and cheering can already be heard from the mining industry as it anticipates the end of a largely depressing year which started out looking like the long-awaited industry recovery was going to happen but in the end, did not. The uncertainty brought on by this year's unsettling events was front and center in a recent round-table discussion hosted by Northern Miner, sponsored by PearTree Securities and entitled "New...
Constantine Metal Resources Ltd. Nov. 24 said the 2015 exploration program at the Palmer copper-zinc-silver-gold project in Southeast Alaska resulted in the discovery of new volcanogenic massive sulfide-style prospects; extension of the Palmer deposit; as well as engineering and environmental work that will be needed to advance the project to permitting. Regional exploration of the 100 percent Constantine-controlled Haines Block lands, which surround the core of the Palmer...
CEM:TSX.V Chairman: Wayne Livingstone President & CEO: Garfield MacVeigh VP, Exploration: Darwin Green A partnership forged with Dowa Metals & Mining Co. Ltd. early in 2013 is providing Constantine Metal Resources Ltd. with the funds needed to expand a copper- and zinc-rich volcanogenic massive sulfide deposit at its Palmer project in Southeast Alaska. In 2013, Dowa and Constantine inked a deal that provides the Tokyo-based smelting and mining company with the opportunity to earn a 49 percent stake in the Palmer project by...
Mining is a notoriously cyclical business that generally ebbs and flows with the overall state of the global economy, and these cycles are amplified for junior mining companies charged with scouring the globe for the next generation of mines. Following a bull market that reached a crescendo at the end of 2010, the current bear market has been especially deep and painful for even seasoned mining sector veterans. "This has been a particularly treacherous bear market," longtime...
Constantine Metal Resources Ltd. July 28 reported that Dowa Metals & Mining Alaska Ltd. has selected a small subset of the Haines Block mining lease that surrounds the Palmer Property to become part of the Constantine-Dowa option and joint venture agreement. The Haines Block is a roughly 99,000-acre property that Constantine leased from Alaska Mental Health Trust Authority, a state corporation within Alaska. Dowa has selected 3,483 acres of this land with both surface and...
The world's mining industry has once again transmogrified itself in the face of changing global metals markets and investor expectations. In a recent Reuters report, several companies, including Newmont Mining Corp., Goldcorp Inc. and Yamana Gold Inc., were singled out as having taken steps to bring smaller, leaner, lower output projects into production to avoid the cost over-runs which have plagued the large multibillion-dollar projects in recent years. The same large mine...
Constantine Metal Resources Ltd. June 3 reported that field crews have mobilized for the start of its 2015 drill program at the Palmer copper-zinc-silver-gold in Southeast Alaska. Roughly 6,000 meters of drilling is planned for this US$5 million program funded by partner Dowa Metals & Mining Co. Ltd. Drilling will focus on resource growth, with holes targeting lower elevations of the recently updated inferred mineral resource of 8.1 million metric tons grading 1.41 percent...
I recently returned from the Geological Society of Nevada's once-every-five-years Symposium in Reno and was surprised to learn a number of things regarding Alaska, despite the symposium's tight focus on the Great Basin of the western United States. First off, mineral exploration guru Brent Cook presented information suggesting we have reached and are "bumping along" the bottom of the current metals market slump. Reminded me of an overloaded fixed-wing aircraft bumping down the...
While many of its peers are struggling to find money to continue exploration at their promising mineral prospects and deposits, Constantine Metal Resources Ltd. has managed to forge ahead with hefty programs at its copper- and zinc-rich Palmer project in Southeast Alaska. This includes C$7.13 million invested in exploring the volcanogenic massive sulphide deposit in 2014. Last year's program, funded by Dowa Metals & Mining Co. Ltd., along with drilling completed at Palmer in...
The state of the world's exploration industry was recently summarized in SNL Metal & Mining's annual "World Exploration Trends" publication, released at the Prospectors and Developers Association of Canada convention in Toronto. Not surprisingly, it painted a grim picture of 2014, a year we are all glad to have behind us. The statistics indicate that worldwide exploration expenditures declined a further 26 percent to $11.4 billion, compared with $15.2 billion in 2013 and...
Slipping metals prices and investors' ongoing reluctance to risk venture capital in the junior mining sector is hitting Alaska's mineral exploration sector hard; and the Far North state is not the only mining jurisdiction reeling from this one-two punch. "After another year of strong headwinds in 2014, and with lower demand and overproduction continuing to depress metals prices, the mining industry's outlook for 2015 is unpromising at best," SNL Metals & Mining wrote recently...
