The mining newspaper for Alaska and Canada's North
The mining newspaper for Alaska and Canada's North
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A group of diverse global-scale mining companies hailing from Australia, Japan, and the United States are quietly exploring a relatively small region of Alaska's Interior. Two of these international players - Sumitomo Metal Mining and Newmont Mining Corp. - are seeking gold in the Pogo region of the Tintina Gold Belt. Melbourne-based MMG Ltd., on the other hand, is seeking nickel in the Wrangellia Terrane, a promising band of rocks immediately south of the legendary gold...
TMAC Resources Inc. is closing in on the final destination on the “path to production” at its Hope Bay gold project in northwestern Nunavut. "We remain on track and on budget with our progress to advance the Hope Bay Project towards commercial production in early 2017,” TMAC CEO Catharine Farrow informed shareholders in August. TMAC acquired Hope Bay, a 1,100-square-kilometer (425 square miles) property that blankets most of the 80-kilometer- (50 miles) long Hope Bay green...
Mineral exploration spending in Alaska will likely struggle to top US$80 million for 2014, a dramatic fall from the US$365.1 million pinnacle reached in 2011. "The din of mineral industry activity that is normally a part of the summer months in Alaska is decidedly muted this year as the global mining industry attempts to lift itself off the bottom of a plus-18-month-long slump," Avalon Development President Curt Freeman opined in a June column written for Mining News. Unlike 2...
Goldstrike Resources Ltd. March 3 reported that Newmont Mining Corp. has agreed to invest as much as C$53 million to earn up to a 75 percent stake in Goldstrike's Plateau gold property in the Yukon. The agreement includes a C$6 million private placement financing under which Newmont will purchase 12.71 million Goldstrike shares at C47.4 cents each. As a result, Newmont will have the right to earn an initial 51 interest in Plateau by paying C$8 million to Goldstrike; investing C$17.4 million on exploration at Plateau: and...
TMAC Resources Inc. and Resource Capital Fund VI L.P. July 19 reported the closing of an C$80 million financing that involved issuing 3,975,000 TMAC shares and 1,325,000 Resource Capital shares at C$15.10 per common share. TMAC received roughly C$60 million of the gross proceeds and about C$20 million went to Resource Capital. The net proceeds of the offering to TMAC will be used to advance development of its Hope Bay gold project in Nunavut, specifically for exploration and...
TMAC Resources Inc. Nov. 5 provided an update on progress in developing a mine at the Hope Bay gold project in Nunavut. The building and offsite testing of the processing plant is 22 percent complete and remains on schedule for shipping early in the third quarter of 2016. Meanwhile, underground mobile mine equipment capable of mining at a rate of 1,000 metric tons per day; 15 million liters of diesel; the mill building; and first-year mining parts and supplies were delivered...
TMR: TSX Executive Chairman: Terry MacGibbon Chief Executive Officer: Catharine Farrow VP, Exploration and Geoscience: Dave King TMAC Resources Inc. has its sights on bringing its Hope Bay gold project in northwestern Nunavut into production by the end of 2016. The Hope Bay project, which TMAC acquired from Newmont Mining Corp. in 2013, blankets most of the 80-kilometer- (50 miles) long Hope Bay greenstone belt in the Kitikmeot region of Nunavut. As part of its acquisition, TMAC inherited more than C$800 million worth of...
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...
Executive Chairman: Terry MacGibbon Chief Executive Officer: Catharine Farrow Vice President, Exploration and Geoscience: Dave King TMAC Resources Inc. is a privately held, Canadian-based mineral exploration focused solely on the exploration, development and mining of its Hope Bay gold project in the Kitikmeot region of Nunavut. TMAC acquired the Hope Bay project from Newmont Mining Corp. in 2013. The project blankets most of the 80-kilometer- (50 miles) long Hope Bay greenstone belt, located within the Bathurst structural...
All exploration in the Kitikmeot region of Nunavut in 2013 was carried out in search of gold and base metals. Mid-tier and major companies conducted most of the work, with mineral exploration and deposit appraisal expenditures totaling an estimated C$121 million in the northern territory's westernmost region. MMG Resources Inc. continued work at its Izok Corridor and Hood zinc-copper projects. The Izok Corridor project includes the High Lake and Izok Lake volcanogenic massive sulfide deposits. Exploration on the Izok Corridor...
Nunavut's exploration and mining opportunities consistently have attracted the attention of the major global producers. Natural Resources Canada determined that C$422 million was spent on exploring for minerals in Nunavut in 2012, and estimates that C$313 million will be spent in 2013. Exploration is underway for many minerals in Nunavut and much of the territory remains largely under-explored. These realities suggest that Nunavut's mineral production will increase substantially in the next decade. Nunavut has one operating...
There is a reason why Nunavut has one of the fastest-growing economies in Canada: mining. With one operating gold mine at Meadowbank, two huge projects on the verge of startup at Hope Bay and Mary River, five projects advancing through the environmental assessment process at Meliadine, Back River, Hackett River, and the Izok corridor as well as exploration activities continuing across all three regions of the territory in 2013, there's little wonder that Nunavut's "time has come." "Mining has the best potential to create...
Asubstantial amount of exploration activity continued apace in Yukon Territory this season despite the truncated budgets that forced most mining companies to juggle their projects and priorities. Some exploration companies found creative ways to raise capital, turning out their pockets to return to Yukon in 2013 to explore for Carlin-style gold mineralization in the east-central region of the territory, for more gold-bearing structures in the White Gold and Klondike districts to the west and for other styles and types of...
A substantial amount of mining activity continued apace in Yukon Territory this season even though most mining companies are shying away from the anorexic capital markets. Many exploration companies raised funds in other ways, turning out their pockets to return to Yukon in 2013 to explore for Carlin-style gold mineralization in the east-central region of the territory, for more gold-bearing structures in the White Gold and Klondike districts to the west and for other styles and types of mineralization elsewhere in the territ...
TMAC Resources Inc. is poised to enter the final stretch for development of its recently acquired Hope Bay gold project in northern Nunavut. Working with a timetable aimed at initiating gold production from the project's Doris North deposit in the fall of 2015, the company is focused this summer on completing a prefeasibility study begun in July, a surface exploration program undertake for 2013 and a sealift to the project site of main supplies for 2013/2014, equipment, materials and camp return as well as underground...
An underlying motto for Nunavut this year is "Creating a Resourceful Future," a theme that can be interpreted as creating and building a future full of resources. Nunavut and its expansive geology are rich in many natural mineral resources such as gold, iron ore, base metals of lead and zinc, uranium and nickel to name a few. We have one operating mine, several properties that are potential mines under consideration, and several advanced exploration projects that are proceeding with development or feasibility work. These...
Companies chasing mineral riches in Nunavut in 2012 are expected to meet and surpass the brisk pace of exploration set a year earlier. But the race to discover major deposits of precious and base metals, along with uranium, diamonds and other commodities, in one of Canada's most underexplored and prospective jurisdictions is only just beginning. At one-fifth the size of Canada, Nunavut covers 1,994,000 square kilometers (770,000 square miles or nearly three times the size of Texas). The Far North territory is Canada's younges...
While the frenzy of activity that engulfed the Yukon Territory in 2011 did not re-emerge this season, scores of players, from upstart juniors to global mining firms mounted impressive mineral exploration campaigns throughout the territory. Gold was the primary metal sought in the Yukon in 2012, but some explorers chased silver, copper, zinc-lead, iron and other minerals. Based on the spending plans of mining companies in March, Natural Resources Canada projected C$285 million planned spending across the Yukon, a decrease of...
RG: TSX-V/RMIOF:NASDAQ OTC/D4R:FE President and Director: Anastasios (Tom) Drivas Chief Financial Officer: Michael D'Amico, CA Vice President, Exploration and Geologist: Thomas Skimming, P. Eng. Romios Gold Resources Inc. focused its 2012 exploration activities Romios on its gold-copper properties located in northern British Columbia. Following up on extensive 2010 and 2011 programs at its Trek, Newmont Lake and the Dirk properties, Romios undertook a C$1.4 million exploration campaign in June on the Newmont Lake Project...
When geologists talk about the exciting gold deposits recently discovered in Canada's Yukon Territory, they use terms like "structurally controlled, intrusion-related" and "Carlin-style." Attentive laymen soon catch on, recognizing that "structural" often characterizes the non-glaciated hydrothermal deposits found in the White Gold district of west-central Yukon and "intrusive" commonly refers to impressive finds in mountainous central Yukon, while some discoveries to the east have been labeled "Carlin-style" because of...
David Mate, chief geologist for the Canada Nunavut Geoscience Office, is part of a team of scientists venturing this field season into relatively unknown territory. Mate refers to the Hall Peninsula where he will be working this summer as "white space" on modern geological maps. "This is very exciting for a geologist. It's also interesting because it's in my backyard," Mate told Mining News April 22. Nunavut is Canada's northernmost and least-explored territory. About 1 ½ times the size of Alaska it is generally regarded as...
Worries about the ongoing sovereign debt crisis in Europe, uncertainty about where the U.S. economy is headed and a slowing of growth in China is prompting miners to favor gold over industrial and luxury minerals such as nickel and diamonds. Some 62 percent of mining executives from 802 global mineral exploration and development companies said they expect gold prices to increase by at least 20 percent over the next two years when responding to questions about future...
It is still early days in the exploration play for gold in eastern Yukon Territory, but a score of companies got a jump on competitors in 2011 by targeting promising occurrences of gold and pathfinder elements in a frenzy of unprecedented claim staking and reconnaissance. The early explorers rushed to the region following a report by Atac Resources Ltd. in September 2010 that it discovered unusual mineralization in the rocky eastern ridges of its 1,600-square-kilometer (618 square miles) Rackla Project. Atac posted high-grade...
With some 20 million ounces of gold enveloped in a deposit that outcrops alongside a paved road in Interior Alaska, International Tower Hill Mines Ltd.'s Livengood project is ideally situated to become a top-tier gold operation - or, as the company's new CEO James Komadina put it, "A mine-builder's dream." "Rarely in my career have I encountered a project that has so much going for it: the resource is one of the largest and ideally situated gold deposits in the world; it is...
NMC: TSX Chairman and CEO: Richard O'Brien Executive Vice President, Discovery and Development: Guy Lansdown Vice President, Generative Exploration: Grigore Simon Newmont Mining Corp. of Canada Ltd. is a subsidiary of Denver-based Newmont Mining Corp., one of the world's largest gold producers and the only gold mining company included in the S&P 500 Index and Fortune 500. Newmont acquired one of the largest undeveloped greenstones in North America in 2008 from Miramar Mining Ltd. and has worked since to advance exploration at...
