Latest news with #PreliminaryEconomicAssessment
Cision Canada
6 hours ago
- Business
- Cision Canada
Commerce Resources Strengthens Québec Presence with CEO's First Visit to Kuujjuaq and New Corporate Headquarters in Québec
CEO prioritised a visit to Kuujjuaq to meet with key local stakeholders, underscoring the Company's commitment to working closely with host communities and advancing the Ashram Rare Earth Element (REE) Project in a responsible and collaborative manner. MONTREAL AND QUÉBEC CITY, June 5, 2025 /CNW/ -- Commerce Resources Corp. (TSXV: CCE, FSE: D7H0, OTCQX: CMRZF) (the " Company" or " Commerce") is pleased to announce that, following the recent appointment of experienced international mining executive Mr. Nick Holthouse as its new Chief Executive Officer (Appointment of Nicholas Holthouse as President & CEO), the Company is reinforcing its commitment to Québec and the development of its Ashram Rare Earth Element (REE) Deposit. Mr. Holthouse, together with key executives including Director Jeremy Robinson and General Manager Sustainability Cindy Valence, will lead a series of stakeholder engagements this week including a visit to Kuujjuaq, Nunavik to meet Indigenous leadership and local partners near the Ashram Project. This visit reflects the Company's strong intent to collaborate transparently and constructively with host communities in the development of the Ashram Project. The Company has recently completed a strategic restructuring of the Commerce team to better align resources with critical project advancement milestones. As part of this realignment, the delivery of the Preliminary Economic Assessment (PEA) has been rescheduled to the second half of 2025. The new management team is diligently progressing through key deliverables to support the successful advancement of the Ashram Project. Commerce Resources is committed to developing Ashram with an innovative and responsible approach that minimizes environmental and social impacts. The Company is actively working to incorporate traditional knowledge, culture and local priorities into the project's design, while fostering opportunities for employment and economic participation. These engagements are an essential part of advancing the upcoming Preliminary Economic Assessment (PEA), helping to ensure that the study accurately reflects regional realities and community perspectives. New Headquarters in Montréal To support the ongoing growth and strengthen its strategic presence in Québec, Commerce Resources is pleased to announce the relocation of its head office to Montréal at 3 Place Ville Marie Suite 400, Montréal, Qc. This move enhances the Company's capacity for project development and stakeholder engagement across the province. This move will enhance the Company's capacity to develop the project and facilitate improved engagement with stakeholders across the province. Commerce Resources will be actively participating in key industry events in the coming days, including: These platforms will provide an opportunity to further present the Ashram Project and meet with investors and potential partners across North America. The latest presentation is available on the Company website (Investor Presentation: June 2025) Commerce CEO & President, Nicholas Holthouse, commented: "Our strengthened presence in Québec reflects Commerce Resources' commitment to advancing the Ashram Project in a responsible and collaborative manner, aligned with the Province's strategic vision for critical minerals. "The Ashram deposit is one of the largest and most significant rare earth projects in North America and we are positioning it to be a cornerstone of North America's secure and sustainable rare earths supply chain." For more information, please visit the corporate website at or email [email protected]. COMMERCE RESOURCES CORP. Nicholas Holthouse President and CEO Phone: + 61 428 964 276 Email: [email protected] Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. FORWARD LOOKING STATEMENTS This news release contains forward-looking statements, which includes any information about activities, events or developments that the Company believes, expects or anticipates will or may occur in the future. Forward looking statements in this news release include statements regarding the expected listing on the Australian Securities Exchange and the expected appointment of a permanent president and CEO thereafter; the continued advancement of the Ashram project to development; that Ashram's fluorspar component which makes it one of the largest potential sources of fluorspar in the world and could be a long-term supplier to the met-spar and acid-spar markets; that the Company is positioning to be one of the lowest cost rare earth element producers globally, with a focus on being a long-term global supplier of mixed rare earth carbonate and/or NdPr oxide; and that the Company may explore the potential of other high-value commodities on the Ashram Property. These forward-looking statements are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information. Risks that could change or prevent these events, activities or developments from coming to fruition include: that the Company may not complete a listing on the Australian Securities Exchange; that the Company may not be able to fully finance any additional exploration on the Ashram Project; that even if the Company is able raise capital, costs for exploration activities may increase such that the Company may not have sufficient funds to pay for such exploration or processing activities; the timing and content of the proposed drill program and any future work programs may not be completed as proposed or at all; geological interpretations based on drilling that may change with more detailed information; potential process methods and mineral recoveries assumptions based on limited test work and by comparison to what are considered analogous deposits that, with further test work, may not be comparable; testing of our process may not prove successful or samples derived from the Ashram Project may not yield positive results, and even if such tests are successful or initial sample results are positive, the economic and other outcomes may not be as expected; the anticipated market demand for rare earth elements and other minerals may not be as expected; the availability of labour and equipment to undertake future exploration work and testing activities; geopolitical risks which may result in market and economic instability; and despite the current expected viability of the Ashram Project, conditions changing such that even if metals or minerals are discovered on the Ashram Project, the project may not be commercially viable. The forward-looking statements contained in this news release are made as of the date hereof and the Company assumes no responsibility to update or revise such information to reflect new events or circumstances, except as required by law.
Yahoo
2 days ago
- Business
- Yahoo
Cornish Metals Provides an Update for the South Crofty Tin Project
Orders Placed for Key Long Lead Items TMG Engaged to Provide Project Management Services VANCOUVER, British Columbia, June 04, 2025 (GLOBE NEWSWIRE) -- Cornish Metals Inc. (AIM/TSX-V: CUSN) ('Cornish Metals' or the 'Company'), a mineral exploration and development company focused on advancing its 100% owned and permitted South Crofty tin project in Cornwall, United Kingdom, is pleased to provide a project update. The Company has placed long lead item orders for two winders and has engaged Technical Management Group Ltd ("TMG") to provide project management consulting services for the development of South Crofty. Winder Orders Orders have been placed with Qualter Hall & Company Limited ('Qualter Hall') for the design, manufacture, supply, installation and commissioning of the production and service winders to be used at South Crofty's New Cook's Kitchen ('NCK') shaft. The two winders are long-lead items and constitute an important use of proceeds from the recently completed fundraise. Qualter Hall is a UK-based company with a history spanning over 160 years, specialising in engineering solutions, particularly in the fields of bridges, water and flood control, mining, and shipbuilding. They provide comprehensive engineering services, including design, manufacture and installation and have a longstanding relationship with South Crofty. The 3.2 metre ('m') single drum 1,200 kilowatt ('kW') service winder has a maximum hoisting capacity of 12,500kg gross at a speed of up to 7.3 metres per second ('m/s') and will be used for production personnel and equipment. This winder will replace the existing 2.3m single drum 132 kW winder currently in-place and used for pre-production access and shaft refurbishment activities that will be relocated to the Roskear shaft. The 3.2m single clutch, double drum 1,200kW production winder will be used to hoist rock from depth to near-surface. With a maximum hoisting capacity of 11,500kg gross at a speed of up to 7.9 m/s, it is designed to handle the hoisting demands required for the proposed production rates as detailed in the South Crofty Preliminary Economic Assessment. TMG Appointment TMG has been engaged to provide project management consulting services to Cornish Metals to further the development of South Crofty by supplementing the Company's owner's team resources through the construction phase and ramp-up to full production with experienced project management, project controls, procurement and engineering professionals. TMG is the best suited partner for the Company and will integrate with the existing Cornish Metals team. TMG specialises in project management for the mining, energy and infrastructure sectors, serving clients around the world and providing comprehensive services for projects across their various lifecycles. TMG unites consultants, suppliers, contractors, and executive teams, ensuring the right expertise is applied at the right time to drive project success, while helping to optimise resources and mitigate risks. Don Turvey, CEO and Director of Cornish Metals, stated: 'Placing the orders with Qualter Hall for the winders to be used at South Crofty's NCK shaft is a vital step to maintaining the momentum on-site, actioning one of the project's critical path projects which will allow for the planned commencement of pre-production underground development in H2 2026. The engagement of TMG provides an immediate bolstering of our project development owner's team through the addition of experienced professionals who will work alongside the existing Cornish Metals team, ensuring that we are project ready and setup for project success to bring South Crofty back to production.' Gifford Brown, Managing Director of Qualter Hall, stated: 'Qualter Hall has been supporting activities at South Crofty for over 50 years. We are therefore immensely proud to maintain this relationship with Cornish Metals by taking a key role in this important project. The full turnkey scope of work incorporates complete in-house capability, from initial design and manufacturing right through to final installation and commissioning, all delivered by our dedicated team here in Barnsley. This collaboration underscores Qualter Hall's continued expertise and leadership in the design and delivery of critical mining and hoisting infrastructure and we look forward to working with the South Crofty team again.' Kenny MacEwen, President of TMG, stated: 'South Crofty represents more than just a return to production—it's a statement of what's possible when the right team is assembled with clarity of purpose. TMG is here to bring structure, discipline, and momentum to the project alongside Cornish Metals. Our mandate is clear: support a successful build and help position South Crofty as a modern mining operation ready to thrive.' ABOUT CORNISH METALS Cornish Metals is a dual-listed mineral exploration and development company (AIM and TSX-V: CUSN) that is advancing the South Crofty tin project towards production. South Crofty: is a historical, high-grade, underground tin mine located in Cornwall, United Kingdom and benefits from existing mine infrastructure including multiple shafts that can be used for future operations; is permitted to commence underground mining (valid to 2071), construct a new processing facility and for all necessary site infrastructure; has a 2024 Preliminary Economic Assessment that validates the Project's potential (see news release dated April 30, 2024 and the Technical Report entitled 'South Crofty PEA'); would be the only primary producer of tin in Europe or North America. Tin is a Critical Mineral as defined by the UK, American, and Canadian governments as it is used in almost all electronic devices and electrical infrastructure. Approximately two-thirds of the tin mined today comes from China, Myanmar and Indonesia; benefits from strong local community, regional and national government support with a growing team of skilled people, local to Cornwall, and could generate up to 320 direct jobs. ON BEHALF OF THE BOARD OF DIRECTORS 'Don Turvey'Don TurveyCEO and Director Engage with us directly at our investor hub. Sign up at: For additional information please contact: Cornish Metals Fawzi HananoIrene Dorsman investors@ info@ Tel: +1 (604) 200 6664 SP Angel Corporate Finance LLP (Nominated Adviser & Joint Broker) Richard Morrison Charlie Bouverat Grant Barker Tel: +44 203 470 0470 Hannam & Partners(Joint Broker) Matthew HassonAndrew Chubb Jay Ashfield cornish@ Tel: +44 207 907 8500 BlytheRay(Financial PR) Tim Blythe Megan Ray cornishmetals@ Tel: +44 207 138 3204 Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release may contain certain 'forward-looking information' and 'forward-looking statements' (collectively, 'forward-looking statements'). Forward-looking statements include predictions, projections, outlook, guidance, estimates and forecasts and other statements regarding future plans, the realisation, cost, timing and extent of mineral resource or mineral reserve estimates, estimation of commodity prices, currency exchange rate fluctuations, estimated future exploration expenditures, costs and timing of the development of new deposits, success of exploration activities, permitting time lines, requirements for additional capital and the Company's ability to obtain financing when required and on terms acceptable to the Company, future or estimated mine life and other activities or achievements of Cornish Metals. Forward-looking statements are often, but not always, identified by the use of words such as 'seek', 'anticipate', 'believe', 'plan', 'estimate', 'forecast', 'expect', 'potential', 'project', 'target', 'schedule', 'budget' and 'intend' and statements that an event or result 'may', 'will', 'should', 'could', 'would' or 'might' occur or be achieved and other similar expressions and includes the negatives thereof. All statements other than statements of historical fact included in this news release, are forward-looking statements that involve various risks and uncertainties and there can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements are subject to risks and uncertainties that may cause actual results to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: risks related to receipt of regulatory approvals, risks related to general economic and market conditions; risks related to the availability of financing; the timing and content of upcoming work programmes; actual results of proposed exploration activities; possible variations in Mineral Resources or grade; projected dates to commence mining operations; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes, title disputes, claims and limitations on insurance coverage and other risks of the mining industry; changes in national and local government regulation of mining operations, tax rules and regulations. The list is not exhaustive of the factors that may affect Cornish's forward-looking statements. Cornish Metals' forward-looking statements are based on the opinions and estimates of management and reflect their current expectations regarding future events and operating performance and speak only as of the date such statements are made. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ from those described in forward- looking statements, there may be other factors that cause such actions, events or results to differ materially from those anticipated. There can be no assurance that forward-looking statements will prove to be accurate and accordingly readers are cautioned not to place undue reliance on forward-looking statements. Cornish Metals does not assume any obligation to update forward-looking statements if circumstances or management's beliefs, expectations or opinions should change other than as required by applicable law. The information contained within this announcement is deemed by the Company to constitute inside information pursuant to Article 7 of EU Regulation 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 as in to access your portfolio
Yahoo
2 days ago
- Business
- Yahoo
Minaurum Announces Exercise of Option to Acquire Lone Mountain CRD Project in Nevada's Battle Mountain-Eureka Trend
Vancouver, British Columbia--(Newsfile Corp. - June 3, 2025) - Minaurum Gold Inc. (TSXV: MGG) (OTCQX: MMRGF) ("Minaurum" or "the Company") is pleased to announce that, further to its news release dated October 2, 2024, it has provided the required notice to Nevada Zinc Corp. ("Nevada Zinc") to exercise its option (the "Option") to acquire a 100% registered and beneficial interest in the Lone Mountain carbonate replacement deposit ("CRD") project (the "Acquisition") located on the Battle Mountain-Eureka Trend in Nevada, USA ("Lone Mountain" or the "Project"). The Company is acquiring the Project pursuant to an option agreement between the Company and Nevada Zinc dated July 24, 2024, as amended on October 22, 2024 and December 24, 2024. Nevada Zinc completed a Preliminary Economic Assessment of the viability of potentially mining the zinc mineralization at the Project in June 2019 (NI 43-101 Preliminary Economic Assessment and Technical Report, Peimen Ling & Associates Limited, June 27, 2019 or see Nevada Zinc news release dated June 27, 2019 (the "PEA"). In accordance with the disclosure in the PEA, the Project is a brownfields project with a historic inferred mineral resource estimate of 3,257,000 tonnes grading 7.57% zinc and 0.70% lead. Select drilling highlights include 118.87 m of 9.58% Zn and 0.74% Pb (hole LM-15- 27); and 24.7 m grading 23.06% Zn (hole NLM-17-08). The PEA also demonstrated a 35% after tax internal rate of return ("IRR"). See below for further details on the Mineral Resource Estimate Report and the PEA. "Lone Mountain looks a lot like neighbouring historical silver-lead-zinc CRDs, such as Eureka next door or Cortez up the road, both of which have been found to have a significant Carlin Gold overprint," said Dr. Peter Megaw, Co-founder and Exploration Advisor to Minaurum. "Historical drilling was tightly focused on near-surface high-grade zinc oxides and did not seek that kind of gold mineralization or the polymetallic CRD sulphide potential that should lie beneath." "We are pleased to acquire Lone Mountain, an advanced project with robust economics that we believe could host significant silver and gold mineralization at depth," stated Darrell Rader, President & CEO of Minaurum. "As we advance our flagship Alamos silver project toward a maiden resource in 2025, we're strategically positioning Lone Mountain as the next catalyst for value creation in Minaurum's portfolio." Acquisition Terms In consideration of the Acquisition, the Company will: issue Nevada Zinc a number of common shares of the Company (the "Payment Shares") having an aggregate value of $1,000,000 based on the 10-day volume weighted average trading price of the common shares on the TSX Venture Exchange ("TSXV") for the 10 trading days immediately preceding the date of issuance; and pay Nevada Zinc a cash fee in the amount of $100,000. The completion of the Acquisition, including the issuance of the Payment Shares to Nevada Zinc, is subject to customary closing conditions, including, without limitation, approval of the TSXV. The Payment Shares will be subject to: (a) a four-month and one day statutory hold period, in accordance with applicable securities laws; and (b) a contractual restriction on transfer pursuant to which Nevada Zinc may not sell more than 500,000 Payment Shares per week after the expiry of the statutory hold period. Further information regarding Lone Mountain is disclosed in the Company's news release dated October 2, 2024 with key highlights described below. Lone Mountain CRD Project – Battle Mountain Eureka Trend, Nevada, USALone Mountain is a high-grade CRD project comprised of a single patented mining claim and 203 unpatented mining claims that cover 1,850 hectares. The Project lies 28 kms northwest of the historic Eureka Mining District, which anchors one end of the Battle Mountain-Eureka trend in Nevada, USA (Figure 1). The region supports an active mining workforce with significant resources for mineral exploration, mine development, and mine operations. Major mines in the region include Barrick Gold's Goldstrike and Carlin mines, Nevada Gold Mines, Pine Valley mine, Cortez Hills mine, McEwen Mining's Gold Bar mine and i80's Ruby Hill project, amongst others. Figure 1. Location of Lone Mountain CRD Project. Note position adjacent to Eureka Mining District on the Battle Mountain - Eureka trend. Click image to view an enhanced version of this graphic, please visit: Follow us and stay updated:YouTube: @minaurumgoldLinkedIn: to our email list at Minaurum Gold Inc. (TSXV: MGG) (OTCQX: MMRGF) (FSE: 78M) is an Americas-focused explorer concentrating on the high-grade 100% owned, production-permitted Alamos silver project in southern Sonora Mexico and the Lone Mountain CRD Project in Nevada. Minaurum is managed by one of the strongest technical and finance teams and will continue its founders' legacy of creating shareholder value by acquiring and developing a pipeline of Tier-One precious-and base metal projects. ON BEHALF OF THE BOARD "Darrell A. Rader" Darrell A. RaderPresident and CEO For more information, please contact:Sunny Pannu – Investor Relations and Corporate Development Manager(778) 330 0994 or via email at pannu@ The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this news release. ___________________________________________________________________________ 1570– 200 Burrard StreetTelephone 1 778 330-0994Vancouver, BC V6C info@ Cautionary Note Regarding Forward-Looking Information This news release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. "Forward-looking information" includes, but is not limited to, statements with respect to activities, events or developments that the Company expects or anticipates will or may occur in the future. Generally, but not always, forward-looking information and statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or the negative connotation thereof or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" or the negative connotation thereof. Forward-looking information in this news release relating to the Company include, among other things, statements relating to the completion of the Acquisition, the receipt of TSXV approval for the completion of the Acquisition, and the issuance of the Payment Shares and the payment of the cash fee to Nevada Zinc in consideration of the Acquisition. In making the forward-looking information in this release, Minaurum has applied certain factors and assumptions that are based on Minaurum's current beliefs as well as assumptions made by and information currently available to Minaurum. including, without limitation, assumptions that the Company will proceed with completion of the Acquisition, that the Company will be able to issue the Payment Shares and make the cash payment as necessary to complete the Acquisition as anticipated and that the Company will receive TSXV approval for the completion of the Acquisition. Although Minaurum considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect, and the forward-looking information in this release are subject to numerous risks, uncertainties and other factors that may cause future results to differ materially from those expressed or implied in such forward-looking information, including but not limited to risks associated with the following: the Company may not complete the Acquisition, on the terms and conditions disclosed, or at all; the Company may not be able to make the share or cash payments necessary to complete the Acquisition; the Company may not receive TSXV approval for the Acquisition; changes in governmental regulations; compliance with applicable laws and regulations; reliance on key personnel; title matters; conflicts of interest; environmental laws and regulations and associated risks, including climate change legislation; land reclamation requirements; changes in government policies; volatility of the Company's share price; infrastructure risks; fluctuations in demand for, and prices of metals; fluctuations in foreign currency exchange rates; unanticipated costs; and going concern risk. Readers are cautioned not to place undue reliance on forward-looking information. Minaurum does not intend, and expressly disclaims any intention or obligation to, update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required by law. To view the source version of this press release, please visit Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Associated Press
2 days ago
- Business
- Associated Press
XXIX Increases Opemiska's Copper Resource
Highlights: Toronto, Ontario--(Newsfile Corp. - June 3, 2025) - XXIX Metal Corp. (TSXV: XXIX) (OTCQB: QCCUF) (FSE: 5LW0) ('XXIX' or the 'Company') is pleased to announce an updated Mineral Resource Estimate (MRE) for its 100% owned Opemiska Project, in Quebec's Chapais-Chibougamau District. This new estimate marks an increase in total tonnage and contained metal within a shallower pit constrained resource, and within a reduced surface footprint. 'This resource update was designed to increase contained copper, lower the strip ratio, reduce the open-pit footprint, and apply conservative cost assumptions to support a realistic and robust Preliminary Economic Assessment (PEA) scenario,' said Guy Le Bel, CEO of XXIX. 'Thanks to our successful stockwork modeling and drilling at the Saddle Zone, we've optimized our resource model within a more compact pit shell. More importantly, what was once considered waste is now recognized as lower-grade mineralization, which meaningfully reduces the projected strip ratio, enhances the economic potential of the project and reinforces our commitment to present a socially acceptable project to our stakeholders.' This MRE marks a strategic shift toward improving project economics while maintaining conservative operational assumptions. The pit-constrained portion of the resource has increased by 12%, now captured within a shallower and more compact pit shell. This highlights the Company's commitment to delivering a high-quality PEA in the near term. Notably, the inclusion of lower-grade stockwork mineralization has significantly enhanced the overall resource profile, substantially reducing the anticipated strip ratio, and broadened the development pathways for Opemiska. [This table cannot be displayed. Please visit the source.] Figure 1: Opemiska 3D Resource Model and Constraining Pit Shell Figure 2: Plan View of Constraining Pit Shell Figure 3) Section Comparison of 2024 Resource Pit vs 2025 MRE Pit New Sources of In Pit Mineralization: Stockwork and Saddle Zone Stockwork In 2024, XXIX launched a stockwork study to evaluate the resource potential beyond Opemiska's known high-grade veins. The previous resource model primarily included these high-grade zones without fully accounting for the surrounding material. The study confirmed the resource potential of additional lower-grade mineralized stockwork and smaller veinlets outside the main veins, and at times, showed higher values than expected. This lower-grade mineralized stockwork has now been considered as part of Opemiska's resource estimate and is within the contemplated pit shell. Saddle Zone The Saddle Zone sits between the Springer and Perry zones at Opemiska. While previous resource models included high-grade veins from Springer and Perry, the Saddle Zone was not well understood and had limited data. In 2024, XXIX's technical team identified a new structural interpretation-suggesting mineralized veins dipping south, unlike other known veins. A three-hole scout drill program on the Saddle Zone intersected 5.3% copper and 1.20 g/t gold over 11 metres (core length) from a depth of 81 metres (see XXIX news release dated January 6, 2025 ). Encouraged by these strong results, XXIX followed up with a 15-hole drill program, outlining a 140-metres long structure, to a depth of 190 metres. The Company also defined another robust zone of mineralization extending over 80-metres at the intersection of two key northwest-trending structures (see XXIX news release dated May 22, 2025 ). High-Grade Starter Zone This updated MRE model includes a higher grade, near surface volume that will aim to optimize development scenarios as it allows for a potentially short payback period or a staged development scenario, which could result in a marked uplift in project economics. High-Quality PEA Coming Soon The updated MRE is a key step toward completing a high-quality, robust Preliminary Economic Assessment (PEA) for the Opemiska Project. The updated MRE preserves the high-grade veins which are expected to drive a strong early payback. This will be the first economic study on Opemiska since Falconbridge ended underground mining in 1991. The PEA will be designed to maximize the economic potential of high-grade tonnes as early as possible in a proposed mine plan to enhance project IRR. The Company continues to engage closely with local communities, whose support reflects a shared commitment to responsible development, local values, and economic opportunity. With the updated resource and strong community backing, XXIX is well positioned to advance toward a sound and compelling PEA. Additional Upside: More In Pit Stockwork Mineralization and Cooke Gold Project There is significant potential to add additional stockwork mineralization within the Opemiska property that could further increase Opemiska's resource base. The Company will continue to evaluate stockwork mineralization at the property given its importance and potential impact on any future economics. Additionally, the Company will look to evaluate potential at the Cooke gold project, 2.5km east of Opemiska's proposed open pit. The Cooke gold project historically produced 1.97 million tonnes grading 5.04 g/t gold, 0.66% copper 1. The Cooke gold project represents a past-producing underground operation with a high-grade crown pillar still intact. XXIX is evaluating the bulk mineable, open pit potential of the Cooke gold project, that could further boost Opemiska's future project economics. Out of Pit Resources The updated MRE also defines an underground resource including 6.9 million tonnes in the indicated category, at a 1.85% copper equivalent grade (243 million pounds of copper, 617 Koz of silver, and 64 Koz of gold), and 2.1 million tonnes in the inferred category, at a 0.88% copper equivalent grade (33 million pounds of copper, 82 Koz of silver, and 15 Koz of gold). This high-grade underground inventory underscores the long-term development potential of Opemiska beyond the open pit potential. With significant tonnage averaging 1.59% copper and 2.76 g/t silver in the Indicated category, this resource represents the legacy of Falconbridge's past-producing underground operations and provides optionality for future phases of development. Strategic Advantages of the Opemiska Project: Infrastructure, Accessibility, and Brownfield Setting The Opemiska Project benefits from a unique combination of strategic advantages that significantly enhance its development potential. These include ease of access, a brownfield environment, and existing infrastructure, all of which contribute to reduced development risk, lower capital requirements, and a more efficient project timeline. Support from Chapais Leadership XXIX and the City of Chapais implemented an official working group in 2024, to ensure the exploration and development of the Opemiska project within the city limits of Chapais are conducted according to he highest industry standards, and according to the values and expectations of Chapais citizens while maximizing economic benefits. Refer to the Company's July 24, 2024 news release for additional information. Ease of Access The Project is located immediately adjacent to the Town of Chapais, Quebec, with direct access via paved highways and year-round roads. Unlike remote or fly-in-only projects, Opemiska can support continuous operations in all seasons in an urban environment, reducing logistical complexity and cost. Brownfield Environment Opemiska is a past-producing copper-gold mine with a long history of underground production by Falconbridge from 1953 to 1991. This brownfield setting offers a well-understood geologic model, a substantial historical database, and a significantly de-risked exploration and development profile. The use of previously disturbed ground may also streamline the permitting process. Existing Infrastructure The Project is connected to Quebec's hydroelectric power grid, providing access to clean, low-cost, and reliable power. Additional infrastructure advantages include proximity to rail, airport, and local service centers. The availability of a local workforce and accommodations further reduces the need for costly remote infrastructure, such as fly-in camps. Taken together, these advantages position Opemiska as a lower-cost, lower-risk development project with a clear path toward a high-quality Preliminary Economic Assessment and long-term value creation. Reasonable Prospects for Eventual Economic Extraction A Mineral Resource is a concentration of solid material of economic interest near the surface of the Earth in such form, grade or quality and quantity that there are reasonable prospects for eventual economic extraction (RPEEE). To satisfy the requirement of RPEEE by open pit mining, a reporting pit shell was determined based on conceptual parameters and costs (Table 2). Copper and gold recovery will be achieved using conventional crushing, grinding, gravity, and flotation to produce a copper concentrate that could be shipped to a smelter for processing. Outstanding Risk Factors The XXIX technical team has identified several key risks that could impact the development of the Opemiska Project. These are being carefully evaluated and will be addressed in future engineering and economic studies: These risk factors will be fully detailed in the upcoming PEA and other Technical Reports and are being integrated into the ongoing development strategy. About XXIX Metal Corp. XXIX is advancing its Opemiska and Thierry Copper projects, two significant Canadian copper assets. The Opemiska Project, one of Canada's highest-grade open pitable copper deposits, spans 21,333 hectares in Quebec's Chapais-Chibougamau region, with strong infrastructure and nearby access to the Horne Smelter. A June 2025 resource update reported a pit constrained resource of 62.7 million tonnes at 1.04% CuEq (Indicated) and 78.4 million tonnes at 0.41% CuEq (Inferred). The Thierry Project hosts two past-producing open pits that transitioned to underground mining. Historically, copper concentrate was shipped to the Horne Smelter in Rouyn-Noranda, QC. Significant infrastructure is already in place, with the Thierry property being accessible via all-season road, an airport within 5km, a provincial power grid within 8km, and nearby rail. With these two high-potential projects, the Company has solidified its position as a key player in the Canadian copper sector and has established itself as one of Eastern Canada's largest copper developer. QP Statement The technical information contained in this news release has been reviewed and approved by Denis McNichols, and géo., Vice President Exploration for XXIX Metal, a Qualified Person, as defined in 'National Instrument 43-101, Standards of Disclosure for Mineral Projects. The independent qualified persons for the MRE, as defined by National Instrument ('NI') 43-101 guidelines, is Pierre-Luc Richard, of PLR Resources Inc. with contributions from Stephen Coates, of Evomine for value cut-off, open pit and and optimization solids, and Christian Laroche, from Synectiq, for metallurgical parameters. QAQC Statement All drilling performed by XXIX was done mainly using NQ sized drill rods and were stabilized to minimize deviations. When old open or backfilled stopes were expected to be intersected in drilling the holes, they were started in NQ and telescoped to BQ after the stope, or started in HQ and reduced to NQ and then BQ, when a second stope was encountered to ensure completion of the drill hole. All drill core is stored in Chapais under constant video surveillance. All pulps and mineralized rejects have been preserved. For the exploration undertaken by XXIX, all assay batches are accompanied by rigorous Quality Assurance procedures, including the insertion of certified reference materials and blanks and duplicate verification assays in a secondary laboratory. Quality Control results, including the laboratory's control samples, are evaluated immediately upon reception of batch results and corrections are implemented immediately if necessary. All drill collars since 2019 were positioned in UTM coordinates and post-drilling surveyed using differential GPS instrumentation. The historical mine drill holes were surveyed on surface and underground at the time of drilling by mine personnel using conventional surveying methods. The drill hole collars for 2019 were oriented by compass but since 2021 accurate non-magnetic orientation of collars was achieved using the gyroscopic Azimuth Aligner by Minnovare. Downhole deviation surveys were done initially with Flex-it instrument by Reflex instrument at 30m intervals and from 2021 with the Champ Gyro instrument manufactured by Axis Mining Technology. All erroneous azimuths caused by excessive magnetism or other causes were purged from the database. A systematic bulk density measurement program using the water displacement method was implemented to measure the bulk density of all rock types. A total of 1,178 bulk density measurements were done since the start of drilling in 2019 drilling program. Parameters and Criteria Used for Mineral Resource Estimate (MRE) Table 2: General pit and stope optimization parameters used for the Mineral Resource Estimate include: Cautionary Statement Regarding Copper Equivalent Grades Copper Equivalent grades are expressed for purposes of simplicity and are calculated taking into account 1) metal grades; 2) long-term metal prices of: US$4.25/lb copper, US$2,500/oz gold and US$27.00/oz silver; 3) recoveries were calculated using a recovery modelled developed for the Opemiska project and were estimated at 95.0% for copper, 88.0% for gold and 86.0% for silver; 4) net smelter return value of metals as percentage of long-term metal prices, estimated at 89.2%, 95.8% and 88.3% for Cu, Au and Ag respectively. 5) The equation used to calculate CuEq % equals Cu % + 0.8531 Au g/t + 0.0083 Ag g/t. Cautionary Statement Regarding Mineral Resources The mineral resources disclosed in this press release conform to NI43-101 standards and guidelines and were prepared by independent qualified persons. The above-mentioned mineral resources are not mineral reserves as they do not have demonstrated economic viability. The quantity and grade of the reported Inferred Mineral Resources are conceptual in nature and are estimated based on limited geological evidence and sampling. Geological evidence is sufficient to imply but not verify geological grade and/or quality of continuity. An Inferred Mineral Resource has a lower level of confidence relative to a Measured or Indicated Mineral Resource and constitutes an insufficient level of confidence to allow conversion to a Mineral Reserve. It is reasonably expected, but not guaranteed, that the majority of Inferred Mineral Resources could be upgraded to Measured or Indicated Mineral Resources with additional drilling. The National Instrument 43-101 Technical Report, including the mineral resources for the Opemiska Project contained in this news release, will be delivered and filed on SEDAR by XXIX within 45 days of the date of this news release. For further information, please contact: Guy Le Bel, Chief Executive Officer Phone: 514.654.8550 Email: [email protected] Forward Looking Statements This news release contains certain forward-looking statements, including statements about the Company's belief that Opemiska has potential for continued growth, any anticipated timelines for the completion of a Preliminary Economic Assessment at Opemiska, various cost, price and production assumptions used to inform the Mineral Resource Estimate cut-off grade, and outstanding risk factors, including Opemiska's Proximity to the Town of Chapais, Historical Assay validation, Geotechnical considerations of open stopes in the eastern pit wall, the Venture sill, the Gwillim fault, host rock competency and Historical Stope Modeling. Wherever possible, words such as 'may', 'will', 'should', 'could', 'expect', 'plan', 'intend', 'anticipate', 'believe', 'estimate', 'predict' or 'potential' or the negative or other variations of these words, or similar words or phrases, have been used to identify these forward-looking statements. These statements reflect management's current beliefs and are based on information currently available to management as at the date hereof. Forward-looking statements involve significant risk, uncertainties and assumptions. Many factors could cause actual results, performance or achievements to differ materially from the results discussed or implied in the forward-looking statements. Such factors include, among other things: risks related to uncertainties inherent in drill results and the estimation of mineral resources; and risks associated with executing the Company's plans and intentions. These factors should be considered carefully, and readers should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this news release are based upon what management believes to be reasonable assumptions, the Company cannot assure readers that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this news release, and the Company assumes no obligation to update or revise them to reflect new events or circumstances, except as required by law. Neither TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release. ________________________ 1 Morin, R. DV90-01, Energie et Ressources Naturelle Québec, Edition L. Blais-Leroux, p. 75 To view the source version of this press release, please visit
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3 days ago
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Clean Air Metals Files Audited Annual Financial Statements for the Year Ended January 31, 2025
THUNDER BAY, ON / / June 2, 2025 / Clean Air Metals Inc. ("Clean Air Metals" or the "Company") (TSXV:AIR)(FRA:CKU)(OTCQB:CLRMF) announces that it has filed its audited consolidated financial statements and management's discussion and analysis for the year ended January 31, 2025, available for viewing on Financial Highlights Total assets as at January 31, 2025 of $37,908,937 Total cash as at January 31, 2025 of $3,441,879 Working capital as at January 31, 2025 of $184,611 Shareholder's equity as at January 31, 2025 of $33,891,683 Financial Summary For the year ended January 31, 2025 January 31, 2024 Operating Expenses $ 3,515,838 $ 3,930,784 Net Loss and Comprehensive Loss (3,124,992 ) (3,529,771 ) Loss per share - Basic and Diluted $ (0.01 ) $ (0.02 ) Total Assets $ 37,908,937 $ 39,205,074 Total Liabilities 4,017,254 3,478,961 Total Shareholders' Equity $ 33,891,683 $ 35,726,113 Full details of the financial reports and operating results for the year ended January 31, 2025 are described in the Company's audited consolidated financial statements with accompanying notes and related Management's Discussion and Analysis, available on SEDAR+ at The Company also announces that it has scheduled its 2025 Annual General Meeting for July 29, 2025 at 1:30 pm ET, which will be held virtually. The Company will be issuing the information circular with further details on July 2, 2025. Outlook for 2025 The Company is eager to build on the success of its 2024/2025 winter drilling programs. In addition to identifying targets for the upcoming exploration program at the Thunder Bay North Project, the team is currently incorporating the positive results from last year's exploration and drilling into a new Preliminary Economic Assessment (PEA) expected to be released this fall. CEO Mike Garbutt comments, "Despite sustained industry headwinds, our cash position allows us to move ahead and prudently advance the project. The outlook for PGEs in the near to medium term is the most bullish it has been in the last 3 years, and we look forward to taking advantage of this momentum." About Clean Air Metals Clean Air Metals is a development and exploration company advancing its flagship, 100% owned Thunder Bay North Critical Minerals ("TBN") project, 40 km northeast of Thunder Bay, Ontario. The TBN project, accessible by road and next to established infrastructure, hosts two (2) deposits - the Current and Escape deposits, only 2.5 km apart. Together, the deposits host a 13.8 Mt indicated mineral resource containing 2.4M Pt eq. oz (Technical Report on the Thunder Bay North Project, Ontario Canada, NI43-101, SLR Consulting Canada Ltd, June 19, 2023) with significant potential for expansion down-plunge. One of the rare primary platinum resources outside of South Africa, the TBN project is in a stable and mining-friendly jurisdiction and benefits from longstanding relationships with local First Nations. With its proven technical team, Clean Air Metals is committed to growing the resources at the TBN project and creating long-term value for shareholders. Social Engagement Clean Air Metals Inc. acknowledges that the Thunder Bay North Critical Minerals Project is located within the area encompassed by the Robinson-Superior Treaty of 1850 and includes the territories of the Fort William First Nation, Red Rock Indian Band, Biinjitiwabik Zaaging Anishinabek and Kiashke Zaaging Anishinaabek. Clean Air Metals also acknowledges the contributions of the Métis Nation of Ontario, Region 2 and the Red Sky Métis Independent Nation to the rich history of our area. The Company appreciates the opportunity to work in these territories and remains committed to the recognition and respect of those who have lived, travelled, and gathered on the lands since time immemorial. Clean Air Metals is committed to stewarding Indigenous heritage and remains committed to building, fostering and encouraging a respectful relationship with First Nations, Métis and Inuit peoples based upon principles of mutual trust, respect, reciprocity and collaboration in the spirit of reconciliation. ON BEHALF OF THE BOARD OF DIRECTORS "Mike Garbutt" Mike Garbutt, CEO of Clean Air Metals Inc. Connect with us on X/ Facebook/ Instagram. Visit for more information or contact: Mia BoiridyDirector of Communications and Investor Relations250-575-3305mboiridy@ Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Cautionary Note The information contained herein contains "forward-looking statements" within the meaning of applicable securities legislation. Forward-looking statements relate to information that is based on assumptions of management, forecasts of future results, and estimates of amounts not yet determinable. Any statements that express predictions, expectations, beliefs, plans, projections, objectives, assumptions or, future events or performance are not statements of historical fact and may be "forward-looking statements." Forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking statements, including, without limitation: political and regulatory risks associated with mining and exploration; risks related to the maintenance of stock exchange listings; risks related to environmental regulation and liability; the potential for delays in exploration or development activities or the completion of feasibility studies; the uncertainty of profitability; risks and uncertainties relating to the interpretation of drill results, the geology, grade and continuity of mineral deposits; risks related to the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses; results of prefeasibility and feasibility studies, and the possibility that future exploration, development or mining results will not be consistent with the Company's expectations; risks related to commodity price fluctuations; and other risks and uncertainties related to the Company's prospects, properties and business detailed elsewhere in the Company's disclosure record. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements. Investors are cautioned against attributing undue certainty to forward-looking statements. These forward-looking statements are made as of the date hereof, and the Company does not assume any obligation to update or revise them to reflect new events or circumstances except in accordance with applicable securities laws. Actual events or results could differ materially from the Company's expectations or projections. SOURCE: Clean Air Metals, Inc. View the original press release on ACCESS Newswire Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
