The Republic of Liberia, a West African country with strong ties to the United States, remains one of the most geopolitically stable environments in Africa. It has had democratically elected governments since 2006. Its mining laws are based upon the well-established Australian system and pro-mining government.

Liberia was thrust into the spotlight recently when U.S. President Donald Trump met with several African leaders at the White House in Washington, D.C.

Trump made headlines when he complimented Liberian President Joseph Boakai on his English speaking and asked him where he went to school.

The Liberian leader laughed at the question but did not mention that English is the official language of Liberia, which ranks as Africa’s oldest republic. The country was brought to its knees by two civil wars (1989 to 1997 and 1999 to 2003) and then the devastating Ebola epidemic of a decade ago.

Liberia’s ties to the U.S. stem from the fact that it was founded by freed African-American slaves in 1822 before declaring independence in 1847. Thousands of black Americans and liberated Africans – rescued from transatlantic slave ships – settled in Liberia during the colonial era. Ten of Liberia’s 26 presidents were born in the U.S.

Liberia’s capital, Monrovia, was named in honour of America’s fifth President, James Monroe, who was a strong supporter of the American Colonization Society (ACS). The ACS was the organization responsible for resettling freed African-Americans in West Africa, which eventually led to the founding of Liberia. The city’s main hospital is called the John F. Kennedy Medical Centre, named after the former U.S. President.

Liberia is situated on the coast along the southwest corner of West Africa, bordered by Sierra Leone, Guinea, and Cote d’Ivoire.

Mining industry officials say the mining sector in Liberia is not as mature as industries in other West African countries such as Burkina Faso and Mali. There are only 10 mining companies (active in Liberia) of any substance, one mining executive said.

However, Liberia has rich mineral deposits, including iron ore, gold and diamonds. Historically mineral extraction has been a leading export and a key contributor to the gross domestic product. According to the U.S. International Trade Administration, minerals are generally exported in raw or semi-finished forms. Iron ore and gold are mined on an industrial scale while diamond deposits, which are widespread throughout the country, are primarily exploited via alluvial and artisanal mining. Iron ore mining plays a significant role in the economy accounting for 27% of total export earnings in 2022, the U.S. International Trade Administration said.

Turkish mining company Avesoro Holdings has five main operational gold mines in Liberia.

ArcelorMittal, which has had a mineral development agreement with the government since 2005, has invested heavily in the sector and has iron ore, and metallurgical coal reserves in the Mount Nimba range. Arcelor Mittal restored and operates a 243-kilometre rail line connecting its Tokadeh mine in northern Liberia to the Port of Buchanan. The company produces and exports iron ore to customers in Europe and Asia.

Pasofino Gold Ltd. [VEIN-TSXV, EFRGF-OTCQB, NO7A-FSE] CEO Brett Richards describes Liberia as one of the most collaborative and jurisdictions for mining in all of Africa. “I have worked in 12 countries and Liberia is by far the best,” said Richards during a recent interview with Resource World.

Pasofino’s flagship asset is the Dugbe gold project in southern Liberia. It is located within the southwest corner of the Birminian Supergroup, which is host to most of West Africa’s gold deposits. Pasofino recently hired Australian company MineScope Services Pty Ltd to prepare a roadmap of work streams required to fully update and optimize a feasibility study that was released in 2022.

The work will form the first phase of a two-phase process to deliver an updated feasibility study, likely within the next several months.

In a press release containing the results of the feasibility study, the company said the Dugbe Gold Project is now a significant, viable and economically robust gold project, with substantial upside potential to improve upon the already large 4.0-million-ounce resource base.

To date, two deposits have been identified at Dugbe. They are Dugbe F and Tuzon. They were discovered in 2009 and 2011 respectively. A mineral reserve estimate was declared, based on the open pit mining of both deposits.

The feasibility study estimates that 2.27 million ounces of gold can be produced over a mine life of 14 years. Average annual production is forecast at 200,000 ounces for the first five years. The estimates are based on a mineral reserve of 66 million tonnes at a grade of 1.30 g/t gold or a total of 2.76 million ounces. An additional inferred resource of 67,000 ounces located within the FS pit and immediate sidewalls is not included in the reserve estimate.

The start-up capital cost is pegged at US$435 million, excluding owners’ costs for a 5.0 million-tonne per year processing plant. Life-of-mine all-in-sustaining costs are expected to be US$1,005 an ounce.

The operating expenditure estimated in the 2022 feasibility study illustrates a highly economic project at US$1,700 an ounce, the company has said. However, it is worth noting that gold is currently trading well above that level at US$3,425.16 an ounce (July 22, 2025). “At this gold price the project will generate US$450 million in annual cash flow, Richards said. However, it is not expected that the current update to the 2022 feasibility study will change the throughput rates that are estimated in the study.

Pasofino holds a 100% interest in the Dugbe gold project, subject to a 10% carried interest held by the government of Liberia. Nioko Resources Corp., a unit of an investment company incorporated by Coris Bank International of Burkina Faso, controls the 50.8% equity stake in Pasofino that was previously owned by Hummingbird Resources Plc. Hummingbird is now a wholly owned subsidiary of Nioko.

On July 24, 2025, the shares were trading at 54 cents in a 52-week range of 80 cents and 37.5 cents.

“Given the recent completion of the co-operation agreement with our major shareholder Hummingbird Resources/Nioko Resources, Pasofino is well positioned to and well-funded to commence updating the 2022 feasibility study in an effort to expedite the Dugbe gold project towards final feasibility study, project financing, construction and ultimately commercial production,” Richards said.

Zimbabwe has a rich history of gold mining. With 26 greenstone belts, it is possibly the most gold-endowed country in Africa. Already when the Knights Templar were fighting in the Holy land, the Shona people were mining gold in Zimbabwe. In 1932 it had more than 700 gold producers and in 1987 Zimbabwe was the second largest gold producer in the continent.

The first European colonists arrived in the 19^th century, along with Cecil Rhodes and the British South Africa Company. They established the Geological Survey in 1910, and since then Zimbabweans have been fighting for ownership of their land.

In 2001, independence-fighter, turned Prime Minister, turned tyrant, Robert Mugabe oversaw the seizure of white-owned farmland in a violent land redistribution program. By 2010, he ordered foreign-held mines be at least 51% indigenous ownership, including profitable gold and diamond mines.

The drive for indigenization led to decreased investment with a negative effect on growth, sustainability and expansion of the mining industry.

As with similar exercises in Zambia and the DRC, nationalization of mineral assets proved catastrophic and while the policy has long since been removed, the sector has not recovered. The wider operating environment poses further challenges.

Zimbabwe’s power grids experience regular forced blackouts, partly due to low levels at Lake Kariba, reducing supply of hydroelectricity, making the cash-strapped country increasingly reliant on imported energy. It becomes harder and more costly to keep water out of the mines, and they begin to flood.

Political turmoil has long deprived investors of the long-term stability required for exploration, so the mines do not have a pipeline of deposits and are running low on mill ore feed.

Compounding those challenges is the requirement that all gold is sold to the country’s Central Bank at a set price. A portion of the payment is made in the local depreciating currency, at a government-enforced rate. In 2008, Zimbabwe became the first country to produce a trillion dollar note.

One by one, the country’s once-prolific gold mines faded out. With the gold price increasing, artisanal and small-scale gold mining is rising, and some mines survive through artisanal mining tributes.

Today, Zimbabwe sits at the bottom of the Fraser Institute’s Top Mining Jurisdictions. Just mention the country and investors shy away.

However, the new Zimbabwe is what I would call prime first-mover country – fresh out of a poor climate for investors into a world of opportunities. It is well worth investigating.

In 2020, Barrick Gold Corp. [TSX-ABX; NYSE-GOLD] and B2Gold Corp. [TSX-BTO; NYSE-BTG] arrived looking at potential gold projects for investment.

Some companies came in earlier, they navigated the system and made deals that resulted in win-win situations for the company, the government and the people.

In 2006, Caledonia Mining [NYSE-CMCL] purchased Blanket mine from Kinross and managed to survive and even thrive in Zimbabwe.

When forced to give up majority rule, they arranged 51% shareholding rights that went to Zimbabwean nationals. By 2015, Caledonia produced 3D geological models showing gold-bearing reefs open at depth and started to sink a 1200 meter-deep Central Shaft into the mine, which was opened in 2022 by current President Emmerson Mnangagwa.

Today, after purchasing back company shares, Caledonia owns 64% of the Blanket gold mine, a 80,000 oz per year gold operation at a mine cost of US$900/oz. It also owns 100% of Bilboes mine, in the Feasibility Study stage.

Another example is Mopani Gold, a subsidiary of Maris Limited, an Africa-focused private equity business founded by Charlie Tryon, that seeks to make money for its shareholders, and make a positive impact for local communities. Maris purchased the Venice Mine Complex (VMC) in 2015, peacefully relocated the illegal gold miners, began rehabilitating the mine and installed a massive solar power system for backup of electricity.

Dewatering of the mine has progressed to deeper levels; shafts are having their hoisting capacities increased and original miners and their descendants have been reinstated. The people working at the Venice Mine today are proud, their grandfathers worked there before them. This pride builds trust and results in healthy, sustainable, operations.

Ask Charlie how he manages to operate successfully in Zimbabwe, and he will tell you that the reality on the ground is usually better than from afar.

In 2019 Mopani hired geologists – including myself – to digitally capture and create 3D models of the gold-bearing reefs at Venice, which includes seven operating gold mines.

Historically, the Venice mines were operated by Falcon Gold in the 1980s, who mined down to 300 metres and kept meticulous records, including survey points, drill logs for 80,000 metres of underground core drilling, and 25,000 underground channel samples assayed for gold, which facilitated the digitization process.

The resulting 3D models is exciting as it shows the reefs continue along strike, are open at depth and are likely part of a single large system.

The Venice mine is located in the Midlands greenstone belt, which also hosts the world-class deposits Cam and Motor, Dalny, and Globe & Phoenix. These mines extend down to at least 1800 metres depth.

Mopani Gold’s CEO Marc Nicolle is looking to drill test the reef model and build up the gold resources for Venice. Previously, Marc served as the CEO of Dallaglio Investments and led the rehabilitation of the Pickstone Peerless and Eureka mines in Zimbabwe, which were similarly under-appreciated historic gold mines.

These companies demonstrate that developing gold mines in Zimbabwe can be done in a win-win situation, where the local people, the local governments, foreign companies and their investors all benefit. More companies willing to invest are needed to help lift this resource-rich country out of poverty and revitalize their proud mining culture.

Africa’s population is young, with an average age of 19 compared to the global average age of 30. Centered on the equator, many of its countries have tropical rainforest or tropical savannah climates.

Africa is a resource-rich continent that is host to many types of mineral deposits, such as gold in greenstone belts, VMS-style gold and copper, diamond-bearing kimberlite pipes, lithium-bearing pegmatite swarms, placer deposits of gold, and coltan. There are also the giant stratiform copper-cobalt deposits of the Zambian copper belt, platinum in the kilometre-deep Bushveld complex in South Africa, rich gold seams in the 3 kilometre-deep Witwatersrand mines, high quality diamonds offshore Namibia, and the gemstone paradise of Madagascar.

In ancient times, African empires were built on the mining and trading of gold. At of the time of the crusaders, the Mali Empire controlled many of the countries along the Niger River.

Around the same time, there was the Great Zimbabwe Empire, where the Bantu (Shona) people were thriving in Zimbabwe, largely on the mining and trading based on their rich gold mines.

Even further back in time, in ancient Egypt, the pharaohs in northeast Africa were so obsessed with gold that their royal mummified remains were decorated in gold to light them through the afterlife. Three thousand years ago, Ramses the Fourth had a geological map drawn on papyrus, featuring several large gold mines of the Eastern Desert.

Though much has been mined historically from these locales, a great deal of gold remains in the ground. Ancient civilizations only reached down about 35 metres and during British colonial rule, when many ancient mines throughout Africa were reopened, mining only extended down several hundred metres.

Today, we know that large gold and copper deposits can reach 1 to 2 kilometres in depth and can occur in clusters. Each successive civilization gets another stab at the same goldfields, and with their latest technology for discovery and more efficient recovery methods, they go deeper and mine lower grades than before.

With 54 countries, new windows of opportunities for mineral exploration open all the time in Africa. It is worth being prepared to jump when they open, as first movers get the chance to explore some incredibly prospective properties, pick up talented employees and make big discoveries quickly.

To get an exploration license in countries with a Mining Code designed to attract foreign investment, you can expect to commit funds to be spent on exploration, hiring locally at least in large part, submitting annual and quarterly work progress reports, dropping a quarter to half of the exploration claim area after every 2-3 years and declaring a commercial discovery within 7 years.

Exploitation (mining) licenses are awarded after a commercial discovery is claimed, with mining terms and conditions preset in the Mining Code. That is why explorers and miners want to make sure the Mining Code is firmly in place before proceeding with exploration, so that they know what to expect when they declare a maiden resource. In the Mining Code, the norm for many countries is 3% NSR, increasing as the price of gold increases, to around 5-6%.

Ten years ago, following the success of several large new gold discoveries in West Africa, places like Mauritania, Burkina Faso and Mali were the new hot spots for exploration. Some of those locations are now waning in security and changes in the Mining Code are making some jurisdictions less favourable for new investment than before.

Just five years ago, Endeavour Mining was adding ounces to their Karma gold mine in northern Burkina Faso. Today they are pulling out of the area because of an increase in local violence. Luckily, they have other gold mines in Burkina Faso to fall back on, and their focus has shifted to their new Lafigue gold project in Ivory Coast.

Foreign investment has been flocking to Egypt and Sudan, lured by the gold and copper riches of the Nubian Shield. Centamin’s Sukari Gold mine’s first gold pour was in 2009 and today they are ramping up to an incredible 500,000 ounce a year of gold production.

In Sudan, turf wars over gold fields overrun by illegal artisanal miners displacing hundreds of thousands of people are creating uncertainty for foreign investment. In Egypt, the government is taking too long and they also complicated the process, so that large, responsible gold mining companies are moving out as they see the window of opportunity closing before them.

In Botswana, Lucara Diamonds have recovered a number of giant diamonds at their Karowe mine, including four stones weighing over 1,000 carats, the only mine in history to do so.

These windows of opportunity are open for a limited length of time, perhaps 7 to 15 years. Just enough time to get in there, secure great licenses, work the projects fast and hard while developing local talent and keeping respectful relations with the locals, artisanal miners, and governments alike.

Then a major mining company buys the project from the exploration company (investors rejoice) and if they are fast, they have enough time to develop the project into an operating mine and mine for 5-10 years. Successfully done, the discovery can cause a staking rush and a flocking of further foreign investment, but they will already be 5-10 years into the window.

What causes the windows of opportunity to close? Elections can be tricky – keep a wary eye. Civil war can but doesn’t have to affect mineral exploration, depending on the duration. In 2013, Alexander Nubia was drilling away in the Eastern Desert for gold and copper while 600 kilometres to the North, a violent military coup took place in Cairo.

A change in government can affect the Mining Code. A new leader may want to alter the rules. A big fear is nationalization of foreign assets after an exploration company has spent years exploring, drilling and developing their project. This is where the window has closed. It is rare but it does happen.

Or it happens in stages. For example, Mali is currently increasing state and private interests in mineral projects and is imposing new laws that give the government the right to 10% of a new project and the option of another 20% project ownership within first two years of commercial production. In Cameroon and Gabon this is an additional 25%.

Sometimes governments can’t make up their mind and it takes years for a contract to get signed and for exploration to begin. Those are jurisdictions that have a narrow window of opportunity.

As some countries descend into chaos, others rise with a favourable new mining code to attract foreign investment once again.

The are ways to navigate and maximize windows of opportunities: Watch for those openings in jurisdictions that are of interest to your company’s business focus. You can research and list the countries of interest in advance. Be prepared to jump in as a first mover.

Be adaptable and have multiple projects in multiple jurisdictions so that you can afford to pull back from one project when risk begins to increase in that area and there are other projects to fall back on.

Hire, foster and mentor the best young exploration geologists you can find early on and they will be your support team. These are often exceptional young people with admirable qualities who have endured incredibly hard times, and still chose to follow a degree in geology.

Hire a local official as your country manager – ideally someone who is retired from the Ministry of Mines and well respected. It just facilitates meetings, clarifies expectations and gives back to the country.

Prepare your exploration team for the thick laterite and saprolite (oxide) cover overlying fresh rock as these red soils cover the landscape in many African countries so you can hit the ground running.

African countries that have an attractive Mining Code for foreign investment include Ivory Coast and Botswana. Countries that I am keeping an eye on because of recent improvements to their mining laws are Tanzania and Madagascar.

Canada’s Yukon Territory, situated in the far northwestern part of the country, home of the fabled Klondike gold rush of 1896-1899, has both suffered and triumphed through unique and tumultuous events.

However, the Klondike gold rush, which took place near Dawson City, was much more than a typical gold rush – it was mass psychology in action. People everywhere had been struggling with an economic depression during the 1890s and were seeking a way to prosper and heading to the Yukon to seek gold appeared to be a good opportunity.

It is generally believed that in 1896 Robert Henderson and George Carmack were the first to discover gold in the Klondike. It was in Bill McPhee’s saloon that “Lying George” Carmack dumped a cartridge full of gold on a nearby weigh scale. Some thought it was a scam of some sort, but others slowly snuck out of the saloon to stake claims on Bonanza Creek.

Successful early Indigenous prospectors included Tagish Charley, a Tagish/Tlingit First Nation person and one of the co-discoverers of gold at the famous Discovery claim and partner Skookum Jim Mason, a member of the Tagish First Nation who was born on the Alaska-Yukon border.

The secret was out but the outside world didn’t know it.

When the SS Excelsior steamship docked with $500,000 in gold from the Klondike at San Francisco’s harbor on July 14, 1897, it triggered pandemonium and the never-to-be-repeated stampede began. Thousands of people jammed the wharf with “gold fever”. A similar event took place when the Portland docked in Seattle.

This is when the madness began that resulted in hundreds of deaths – mostly prospectors on route via over a dozen so-called access routes by land and sea – all hazardous. It was an unbelievable event where prospectors – mostly men but some women too – willingly suffered unbearable hardships on the various trails where some of them died. It was worse for the horses. One could access the Klondike via what became northwestern Canada, via Alaska on the Yukon River on a steamer, or by land from Valdez, Alaska or a couple other Alaskan ports.

Men left their wives and children, although some brought their families to the Yukon. The “stampeders”, as they were known, were mostly American; however, one could find people from all over the world heading for the Klondike.

By the time most Stampeders arrived in 1897 and 1898, all the good ground had been staked. Many just turned around and went back home – never becoming miners. This was because the Klondike gold rush was not just about seeking gold – it was about achieving a personal goal of conquering incredible hardships.

Others set up various businesses in Dawson City – some prospered and some failed. However, as so often happens, money earned by prospectors digging for gold on their Klondike claims was usually wasted away in the saloons by drinking, buying drinks for everyone, gambling and by savvy dance hall girls who knew how to mine the miners. It wasn’t unusual for a gambler to lose $25,000 in one evening. At its peak during its one-year existence, Dawson had 80 saloons operating night and day.

Some stampeders stayed on even when faced with typhoid, tuberculosis, scurvy, malaria, pneumonia, starvation and other serious ailments. But it is thanks to these early believers that the concept of Yukon prospectivity lives on – and not just in gold.

The Klondike Gold Rush lasted exactly one year – July 1896 to July 1897 – when events transpired that spelled the end of Dawson as a boom town. On July 27, 1899, gold was discovered on the beach at Nome, Alaska, and 8,000 men fled Dawson. Real estate prices collapsed, and buildings became vacant.

It had also become apparent that the Klondike gold diggings were limited in scope. Some $300 million in placer gold had been recovered, making the gold rush significant but not huge.

Exploration and mining have continued to the present day in the Yukon Territory since the days of the Klondike Gold Rush. There is hard rock exploration and mining as well; however, placer mining does still exist. While Yukon exploration dwindled during the COVID-19 event, activity has resumed – thankfully without the brutal circumstances and conditions of the Klondike Gold Rush. Here various exploration and mining projects active in the Yukon.

Rackla Metals Inc. [RAK-TSXV] is targeting multi-million-ounce gold discoveries after picking up a large property position northeast of Whitehorse near the border separating Canada’s eastern Yukon and the western Northwest Territories.

It is an area where Rackla Metals President and CEO Simon Ridgway began a long and successful career that has featured a number of high-profile discoveries including Cerro Blanco in Guatemala and San Martin in Honduras. He is also a founder of Fortuna Silver Mines Inc. [FVI-TSX, Lima; FSM-NYSE; F4S-FSE], company with five operating mines in West Africa and Latin America.

In past 12 months, Rackla has assembled a property portfolio that covers 59,000 hectares in the Tombstone Gold Belt, part of the Tintina gold province that extends through more than 1,000 kilometres of the north American Cordillera that includes Alaska, Yukon, and NWT.

The company’s flagship asset is the Astro project, which covers 288 square kilometres and is situated in NWT along the Yukon border. It is a property that was previously drilled by Newmont Corp. [NGT-TSX, NEM-NYSE], the world’s leading gold producer.

But while Newmont was focused on Carlin-style gold mineralization that is often found in Nevada, Rackla is taking a different approach.

During an interview with Resource World, Ridgway said his interest in the area was piqued by Snowline Gold Corp.‘s [SGD-CSE, SNWGF-OTCQB] recent gold find at the Valley occurrence on the Rogue property in eastern Yukon. He said the Snowline discovery has demonstrated the potential for significant Reduced Intrusion-related gold system (RIRGs) deposits in the eastern part of the Tombstone Belt

Kinross Gold Corp.’s [K-TSX, KGC-NYSE] Fort Knox mine in Alaska and Victoria Gold Corp.’s [VIT-TSXV] Eagle mine in the Yukon are producing from RIRGS deposits. The Brewery Creek mine in the Yukon was also a RIRGS producer. “These are typically very large deposits,” Ridgway said.

To help with exploration effort, Ridgway has gathered a team of geologists, led by the company’s Vice-President Exploration, Scott Casselman. The team has been working from a camp located about six hours by road northeast of Ross River, Yukon. Proximity to the Canol Road and Macmillan Pass airstrip offers efficient access to the various project sites.

“I am more of a prospector and financier than a geologist,” said Ridgway, who described Rackla as a “high risk, high reward” type of investment. On October 19, 2023, the shares were trading at 21 cents in a 52-week range of 44 cents and 15.5 cents, leaving the company with a market cap of $12.2 million, based on 58.2 million shares outstanding. The company currently has about $2.7 million in the treasury.

Ridgway said the Rackla team has used its historic experience in the district to trace the geology and geophysics 90 kilometres southeast of the Snowline discovery across the Yukon-NWT borders.

This led to a flurry of property deals, starting in September, 2022, when Rackla said it had been granted an option by Orogen Royalties Inc. [OGN-TSXV] to acquire a 100% interest in the Astro prospect.

Astro was generated from a two-year US$1.8 million regional alliance between Orogen and Newmont that identified gold mineralization associated with an intrusive stock during a regional stream sampling survey. Newmont covered a large area of the NWT/Yukon border doing stream geochemistry. It identified a very large gold anomaly in the stream sediments at the southern end of the property.

Work on the property identified outcropping gold mineralization in a 10-kilometre-long structural corridor flanking the hornfelsed aureole of the Border granodiorite pluton. Gold mineralization consists of gold-arsenic-antimony bearing quartz veins, gold-bismuth skarn and gold associated with disseminated sulphides in siltstone.

Surface sampling of showings returned strong chip-channel results, including 30.0 metres of 17.7 g/t gold and 18.6 metres of 3.6 g/t gold. Results from limited RC scout drilling program returned best intercepts of 3.0 metres grading 3.1 g/t gold, 7.6 metres grading 0.7 g/t gold and 6.0 metres grading 1.1 g/t gold.

“We looked at the data and identified that this was an intrusive-hosted gold system and not the Carlin-style that they (Newmont) were looking for,” Ridgway said.

Rackla subsequently acquired rights to the nearby Hit and SER gold projects. Hit is strategically located on the Yukon side of the border, adjacent to the Astro property. The 376-claim SER project surrounds the HIT property on three sides and extends 16 kilometres to the southwest and 18 kilometres to the northwest. It also lies adjacent to Astro.

Several stream sediment gold anomalies in creeks draining the intrusive bodies indicate the potential for gold mineralization within the intrusive rocks at SER. Rock samples assayed 27 g/t gold and 35 ppm Bi.

In a press release on September 26, 2023, Rackla said it has completed a 2023 exploration program that included 3,039 metres of drilling in 17 holes focused on RIRGS at the Astro, HIT and SER properties. It said broad spaced drilling has identified sheeted quartz veining with minor amounts of sulphide minerals in the intrusive. Follow up drilling is planned for the 2024 season, the company has said.

Sitka Gold Corp. [SIG-CSE, SITKF-OTCQB, 1RF-FSE] is a diversified company that is advancing new gold discoveries in Nevada and the Canadian Yukon, two of the most mining friendly jurisdictions in North America.

The company’s flagship asset is the RC Gold project, which is located 100 kilometres east of Dawson City, Yukon, in the Tombstone Gold Belt, a region that includes Victoria Gold Corp.’s [VIT-TSXV] Eagle and Brewery Creek mines, Banyan Gold Co.’s [BYN-TSXV] Aurmac project, and Snowline Gold Corp.’s [SGD-CSE, SNWGF-OTCQB] Valley discovery.

With $5 million in the treasury and no debt, Sitka is currently placing 90% of its effort into the RC project, where the company is working to add significantly more ounces of gold to a pit constrained inferred resource of 1.3 million ounces of gold (61.1 million tonnes of 0.68 g/t gold) in two near surface/on surface zones known as the Blackjack (900,000 oz averaging 0.83 g/t gold) and Eiger (440,000 oz averaging 0.50 g/t gold) deposits.

Sitka Director and CEO Corwin Coe leads a highly experienced management team with a proven ability to create shareholder value by aggressively exploring and leveraging assets in regions such as Arizona, Nevada and the Yukon.

The company’s advisory board features Dr. Craig Hart, an internationally recognized geoscientist who has played a pivotal role in the development of intrusion-related gold systems like the one that Sitka is developing at its RC project.

Hart is the Independent Chair of Snowline Gold, which has been in the spotlight following the company’s recent discovery of an intrusion-related gold system in the eastern part of the Tombstone Belt.

Sitka’s RC project is situated in similar geological terrain. It consists of a 376 square kilometre contiguous district-scale land package located in the newly road accessible Clear Creek, Big Creek and Sprague Creek districts in the heart of the Tombstone Gold Belt.

The land package consists of five underlying properties namely, the RC, Bee Bop, Mahtin, Clear Creek and Barney Ridge properties. While the project contains several high priority intrusion-related gold targets, Sitka has focused its efforts on the underlying Clear Creek property where it has identified a large 3000 metre by 5,000 metre corridor, containing the Blackjack and Eiger deposits, and encompasses a cluster of 5 intrusions that are highly prospective for hosting additional intrusion-related gold deposits.

During an interview with Resource World, Coe said he believes RC Gold has the potential to host several multi-million-ounce gold deposits. It was his view that was reinforced when the company released the new drilling results from an exploration program that began earlier this year.

In a press release on September 26, 2023, the company said hole 47 (the fifth to be completed in the current program) returned 219.0 metres of 1.34 g/t gold, including 124.8 metres of 2.01 g/t gold and 55.0 metres of 3.11 g/t gold, making the best intercepts reported so far at this project.

Hole 47 was located in a wide- open area at the southern extent of the Blackjack zone. The previous hole 46 was located 405 metres to the northeast and also returned the highest-grade interval reported so far in the Clear Creek intrusive. Both 47 and 46 are wide open step outs from the maiden resource at Blackjack. Both indicate the potential for a very large gold endowment, the company has said.

Having so far completed 16 drill holes (6,515 metres) as part of its 2023 drilling program, the company is awaiting analytical results from the last two drill holes.

Both the Eiger and Blackjack deposits are thought to be amenable to open pit, heap leach mining methods. Initial bottle roll tests indicate that the gold is not refractory and has high recoveries of up to 94%.

Both deposits are located in close proximity to highway and power infrastructure and are road accessible year-round. “Placer gold miners have been working there for more than 100 years,” Coe said.

Aside from the RC project, Sitka also holds a 100% interest in the Alpha Gold property in Nevada, where drilling in 2021 and 2022 returned Carlin-type gold deposit mineralization associated with broad gold zones throughout the target horizon. The company is focused on vectoring towards the high-grade core of this system, which is located near McEwen Mining Inc.’s [MUX-TSX, NYSE] new Gold Bar mine.

The portfolio also includes the Burro Creek project in Arizona which hosts a historical resource of 5.0 million ounces of silver and 120,000 ounces of gold.

On October 17, 2023, Sitka shares were priced 16 cents, and trade in a 52-week range of 19 cents and $0.085, leaving the company with a market cap of $29.8 million, based on 186 million shares outstanding.

Other companies in the region include Victoria Gold Corp. [VGCX-TSX]: Following the second evacuation of its gold-silver producing Eagle mine 85 km north of Mayo on August 4, 2023, due to the proximity of the East McQuesten wildfire, favourable conditions allowed for the return of employees to site on August 10. Full production rates were resumed August 11.

White Gold Corp.’s [WGO-TSXV; WHGOF-OTCQX; 29W-FSE] portfolio includes over 40% of the White Gold District where it has the flagship Golden Saddle and Arc gold deposits. Its maiden diamond drilling program is underway at the Cali target on the Nolan property, in the White Gold District, west-central Yukon. The Cali target is located approximately 77 km west of Dawson City. At the Betty Ford property, drill results included 3.38 g/t gold over 53.0 metres from 7.30 metres depth in hole BETFD23D013, which included higher grade subintervals of 7.19 g/t gold over 6.30 metres and 8.00 g/t gold over 4.35 metres.

Alexco Resource Corp. was acquired by Hecla Mining Company [HL-NYSE]. The surviving entity has a number of Yukon projects within the Keno Hill project/mine that includes the Bellekeno silver-lead-zinc mine, the Flame and Moth, and Birmingham project. Hecla acquired the Rackla project (formerly ATAC). The Keno Hill mine continued ramping up to full production in the third quarter, producing more than 700,000 oz silver. Throughput in the quarter averaged 268 tpd with silver grades of 33 oz/ton. Tonnage mined was constrained while underground infrastructure and ore headings were being developed. Most of the planned infrastructure is complete, and 12 ore headings should be in place by the end of October.

Western Copper and Gold Corp. [WRN-TSX, NYSE American] has been drilling the advanced-stage Casino copper-gold project 300 km northwest of Whitehorse. A 2,200-metre diamond drill program of seven drill holes, ranging from 130 metres to 560 metres in depth, is underway. These drill holes are located inside the current open pit boundaries and, upon completion, the program is expected to result in upgrading some of the indicated resources to the measured resource category. A metallurgical program, using drill core collected from this program, will begin upon completion of drilling and receipt of assays.

Triumph Gold Corp. [TIG-TSXV; TIGCF-OTCQB; 8N61-FSE] is exploring its road-accessible polymetallic Freegold Mountain Project 70 km northwest of Carmacks. Since Triumph Gold acquired the property in 2006, more than 20 mineralized zones have been identified and NI 43-101 mineral resources have been delineated at the Revenue Au-Ag-Cu-Mo porphyry-related deposit, Nucleus Au-Ag-Cu deposit and the Tinta Hill Au-Ag-Cu-Pb-Zn vein-related deposit.

Rockhaven Resources Ltd. [RK-TSXV] has a positive PEA for its 100%-owned, road-accessible Klaza Project where a March 2023 drill intercept returned 5.48 g/t gold and 128 g/t silver (7.00 g/t AuEq) over 5.85 metres. The project is located in the Dawson Range Gold-Copper Belt of southern Yukon, a prolific belt that hosts several important mineral deposits including Western Copper and Gold’s Casino copper-gold deposit and Newmont’s Coffee gold deposit.

Granite Creek Copper Ltd. [GCX-TSXV; GCXXF-OTCQB], a member of the Metallic Group of Companies, is advancing its flagship Carmacks copper-gold-silver project. The 176 km² brownfields property in the southern portion of high-grade Minto Copper District has a 2022 NI 43-101 mineral resource estimate of 36.2 Mt (M&I), grading 1.07% CuEq (0.81% Cu, 0.26g/t Au, 3.23 g/t Ag and 0.011% Mo) for a total of 651 Mlbs contained M&I copper with an additional 38 Mlbs Cu Inferred. A 2023 PEA delivers a Pre-tax NPV (5%) of C$321 million and 36% IRR with average cash costs of US$1.77/lb CuEq and an AISC of US$2.58/lb CuEq.

Metallic Minerals Corp. [MMG-TSXV; MMNGF-OTCQB] has completed field activities at the 100%-owned, 166 km² Keno silver project, adjacent to Hecla Mining in the high-grade Keno Hill silver district. The 2023 exploration program included 1,112 metres in four diamond drill holes focused on resource expansion at the Formo target, the highest-grade and largest target area to be included in an inaugural NI 43-101 mineral resource estimate for the property expected in Q4 2023. The company also conducted additional soil geochemical sampling on open-ended earlier-stage targets for future drill campaigns.

Some of this information in this article was gleaned from Pierre Berton’s excellent book entitled “Klondike – The Last Great Gold Rush 1890 – 1899.”

The global push to find new sources of lithium has moved to Canada’s Northwest Territories, where some of the exploration activity is occurring in the shadow of the region’s prolific diamond mines.

In recent months, geologists searching for lithium have focused on the Yellowknife Pegmatite Province (YPP), an area east of the city of Yellowknife that is known to contain numerous spodumene-bearing pegmatites (spodumene is an important lithium-bearing mineral), the biggest of which are exposed on surface and large enough to be visible on satellite imagery.

These types of formations are one of the main sources for the commercial extraction of lithium, a key ingredient in the production of electric vehicle batteries. Lithium mineralization hosted in spodumene-bearing pegmatites of the YPP was first discovered in the 1940s and intermittently explored until the 1980s.

Among the early pioneers in the YPP area was Canadian Superior Exploration which published a back of the envelope mineral inventory of 49 million tons at 1.40% Li₂0.

Although this estimate would not meet modern disclosure requirements, it provides sufficient encouragement for a number of companies, buoyed by strong investor interest in lithium, to pick up ground and recommence exploration in the YPP, including Midas Metals, Loyal Lithium with Patriot Battery Minerals and North Arrow Minerals Inc. [NAR-TSXV]

Li-FT is currently drilling many of the pegmatites that were explored by Canadian Superior in a bid to verify and expand historic results and define a resource estimate that meets modern NI 43-101 standards of disclosure on its Yellowknife Lithium Project.

“One of the most incredible things about this project is that there is nearly 100% outcropping exposure of these pegmatites,” said Li-FT CEO Francis MacDonald.

Decade old forest fire activity in the area has served to assist the work of geologists by removing vegetation that previously covered the pegmatites, which are a bright white colour and intrude into the gray sedimentary rocks.

North Arrow is also aiming to capitalize on investor interest in lithium by evaluating spodumene pegmatites at its 100%-owned DeStaffany, LDG and MacKay lithium projects in the Northwest Territories.

North Arrow is led by President and CEO Ken Armstrong, a geologist and veteran of 27 years in mineral exploration. He is the current past President of the Northwest Territories & Nunavut Chamber of Mines and has been involved in lithium, gold, nickel, and diamond exploration mainly in Canada’s north. Early in his career Ken was involved in the initial resource modelling for the Diavik Diamond Mine, which is where he first met North Arrow’s Chairman, Grenville Thomas.

Grenville’s track record of success includes the discovery of multiple deposits including two operating mines in the Northwest Territories, a region he has been exploring since the late 1960s. In the 1970’s, his first public company Highwood Resources, discovered the Thor Lake rare earth deposit, now the Nechalacho Rare Earth Mine, and in the early 1990s, he was CEO of Aber Resources when it discovered Diavik.

Recognizing that the market will reward companies who can show a quick pathway to production, North Arrow is focused on what Armstrong believes could be a very large spodumene pegmatite field on the LDG project, covering over 145,000 hectares near Lac de Gras and from which the Diavik wind farm is clearly visible on the horizon.

Diamonds were North Arrow’s original target at LDG, however, the focus switched to lithium earlier this year when the company ran across an old Geological Survey of Canada map indicating the presence of spodumene pegmatite showings on the property, within five kilometres of the winter road that services the Diavik and Ekati mines at Lac de Gras.

“We are focused on LDG because of the significant size potential that we see there,” he said during an interview with Resource World, “which we think could be on par with the spodumene pegmatite deposits being drilled around Yellowknife.”

In a September 18, 2023, press release, North Arrow announced initial lithium assays from spodumene pegmatites discovered in July at the LDG property, including five of seven representative grab samples from the SD4 spodumene pegmatite that returned from 1.10% Li₂0 to 2.17% Li₂0, and seven of eight rock sawn channel samples from the SD2 spodumene pegmatite that assayed from 0.40% Li₂0 to 1.70% Li₂0.

Based on mapping of low-relief outcrop exposures, North Arrow interpreted the SD2 and SD4 exposures as near vertical feldspar-quartz-muscovite spodumene pegmatites, estimated at 10-20 metres wide and over 400 metres in length. The pegmatites are located approximately two kilometres apart and remain open below overburden and along strike.

Follow up field exploration is underway this fall, with work to include mapping, prospecting and ground magnetic surveys as well as spotting proposed drill holes ahead of a spring 2024 exploration drill program.

The LDG property covers an 18-kilometre prospective corridor of metasedimentary rocks. The pegmatites discovered by North Arrow intrude these metasediments, adjacent to a fertile two-mica granite very similar in age and setting to the host rocks of the spodumene pegmatites of the YPP. Less than seven kilometres of this under explored trend have been prospected to date and, in addition to SD2 and SD4, at least five other pegmatites, up to 50 metres wide, have been identified by North Arrow and require further mapping and sampling to understand their potential to host significant lithium mineralization.

Meanwhile, in a press release on September 20, 2023, North Arrow announced new lithium assays from the company’s 100%-owned MacKay Lake property, located approximately 20 km south of LDG and also within a few kilometres of the winter road that services the diamond mines to the north.

The company said six of eight rock sawn channel samples from the MK1 spodumene pegmatite discovered in June, 2023, had returned Li₂0 assay results of 1.16%, 1.34%, 1.87%, 1.90%, 1.93%, and 2.30%. These samples were collected over 1.0-metre intervals in July, 2023, and complement the assays of prospecting grab samples that returned 2.45% to 3.74% Li₂0, as reported in a North Arrow press release on August 14, 2023.

“The MK1 pegmatite lies within the same prospective metasedimentary rocks as the SD spodumene pegmatites located on the LDG property, approximately 20 kilometres to the north,” said Armstrong. He said the channel sample results confirm the potential of MK1 to host a significant new lithium discovery.

Beyond the MK1, the MacKay property covers an additional 14 kilometre length of this same prospective metasedimentary corridor identified at LDG.

“We believe the opportunity for additional discoveries of spodumene pegmatites is significant and a field program is presently underway on both the Mackay and LDG properties consisting of additional mapping, prospecting, sampling and ground geophysical surveys, ahead of drilling to be conducted in spring 2024.”

North Arrow’s portfolio includes the DeStaffany project, located 115 kilometres east of Yellowknife, within the YPP, the same pegmatite province that is currently being assessed by Li-FT, Loyal Lithium, Midas Minerals and other explorers. DeStaffany contains four known lithium-tantalum-niobium-bearing pegmatites, including two discovered by North Arrow in June of this year.

On October 6, 2023, North Arrow shares closed at $0.04, leaving the company with a market cap of $7.0 million, based on 175 million shares outstanding (254.8 fully diluted). The shares are trading in a 52-week range of 12 cents and $0.03.

THIS IS NOT A RECOMMENDATION TO BUY OR SELL ANY SECURITY.

The mining industry is ingrained into the fabric of Bolivia. From the inception of the pre-Inca empire, through the Spanish colonial era and throughout the country’s existence mining has been at the core of the country’s history. The cornerstone of Bolivian mining, the world-class Cerro Rico deposit, has been producing silver for over 400 years.

Historically, Bolivia’s mining industry was focused on the extraction of tin, silver, and zinc with the production of tin reaching its zenith in the 20th century. However, production has fluctuated due to market dynamics, environmental concerns, and government policies.

The country went through a tenuous relationship with the mining sector in the early 2000’s as the mining industry faced challenges related to infrastructure, safety, and sustainability, which combined to impact its competitiveness. But that appears to be gradually changing for the better since the enactment of their new Mining Law in 2014.

These changes are apparently making an impact as there are a surprising number of very large projects either underway or planned.

Bolivia’s sprawling salt flats are recognized as having the largest known lithium deposits in the world. Although the country has yet to host any commercial-scale production, the long-delayed extraction of lithium in Bolivia will change in the coming years. A consortium led by Chinese battery giant CATL is set to launch a historic industrialisation of lithium in Bolivia with more than $US 1 billion to be invested. A second mega-project led by the Russian nuclear monopoly Rosatom plans to invest US $600 million to build an industrial complex for the extraction and production of lithium carbonate.

But it is not just Bolivia’s lithium industry that is getting a huge influx of foreign capital. The US$ 546 million Mut├║n steel complex, which is located in Santa Cruz Department, is reportedly 67 percent complete with operations scheduled to start in 2024.

In addition to that, the government has commissioned a new zinc refinery in Oruro Department with a $US 350 million loan from China. The plant, with processing capacity of 150,000 tonnes per year of zinc concentrates, will increase the added value of zinc concentrates for export and recover the value of other metals such as gallium, germanium or indium, which are in high demand in the international market. And per recent reports, the government expects that China will approve the financing of another zinc refining plant that will be located in Potosi Department.

Potosi and Oruro Departments, which cover the southwestern portion of the country that borders Chile, make up the epicentre of Bolivia’s mining industry. This region is host to the ΓÇÿcinturon estanifero boliviano’ or the Bolivian tin belt. This belt stretches for some 900 kilometres and is broken into northern and southern sections. The southern portion, or the South Mineral Belt, contains a number of world-class gold, silver, iron, zinc, tin, and lead deposits such as Cerro Rico de Potos├¡, San Vicente, Chorolque, Tasna and Tatasi.

Eloro Resources Ltd. [TSX: ELO; OTCQX: ELRRF; FSE: P2QM] controls a highly prospective land package totalling 483.75 square kilometres within the South Mineral Belt. The company has advanced its Iska Iska project from discovery to a maiden mineral resource estimate in just two years.

The Iska Iska project contains a major silver-tin polymetallic porphyry-epithermal complex associated with a Miocene age collapsed/resurgent caldera that was emplaced on Ordovician age rocks in conjunction with large breccia pipes, dacitic domes and hydrothermal breccias. The mineralized complex extends along strike for at least 4 kilometres with a known width of at least 2 kilometres.

Eloro focused their initial exploration on the areas surrounding artisanal mines that exploited high-grade tin veins. The first drilling was conducted in late 2020 and subsequent step-out drilling discovered two significant breccia pipes, the Santa Barbara Breccia Pipe, or SBBP, and the Central Breccia Pipe, or CBP, which are collectively called the Santa Barbara deposit. The discovery drill hole, DHK-15, returned 129.60 grams per tonne silver equivalent over an impressive 257.5 metres.

The two breccia pipes of Santa Barbara deposit are emplaced within a widespread polymetallic signature that is made up of vein sets, subsidiary vein swarms, veinlets, stockworks as well as disseminations. The main metallic minerals of economic interest are pyrite, galena, sphalerite, complex silver-rich phases, argentite electrum, native gold, chalcopyrite and cassiterite.

Eloro has released a significant number of impressive drill results from within the SBBP, CBP and the surrounding mineralized envelope, that have successfully extended the strike length of the Santa Barbara deposit to over 1,400 metres. And the deposit remains open in all directions.

In the two years since the discovery of the SBBP and CBP, the company has completed 84,495 metres of drilling in 122 holes in the Santa Barbara target area. This significant amount of drilling allowed the company to calculate an initial resource estimate in record time. The current inferred resources at Iska Iska stand at a combined 560 million tonnes grading 0.73% zinc, 0.28% lead and 13.8 g/t silver as well as an additional 110 million tonnes grading 0.12% tin, 0.14% lead and 14.2 g/t silver.

This initial resource envisions a potential pit that is 1.4 kilometres in diameter and extends to a depth of 750 metres below the Santa Barbara hill with an overall stripping ratio of 1:1.

Preliminary tests on samples from the polymetallic and tin domains of the deposit indicate that the mineralization is amenable to ore sorting, which would remove at least 40 percent of the waste in the polymetallic domain and up to 80 percent in the tin domain. This is projected to substantially increase concentrator feed grades as well as reduce future operating costs, which would, in turn, lower the cut-off grades for the pending mineral resource estimate.

With the resource and metallurgical studies completed, Eloro plans to rapidly move toward a preliminary economic assessment.

“We are delighted to commence the PEA study on Iska Iska just 3 years after we began our initial exploration drill program. This is another major step in moving the development of Iska Iska forward”, stated Tom Larsen, CEO of Eloro.

In conjunction with the PEA they are planning additional definition drilling to further expand the higher-grade zones of the breccia pipes and recent induced polarization/resistivity surveys have outlined several promising drill targets west of Santa Barbara.

But they won’t be slowing down with their exploration either as they are building a resource at Casiterita, located only 2 kilometres south of the Santa Barbara deposit, and they have identified a number of other enticing targets within the property, which on their own, could keep the company busy for years.

Mexico has a long mining tradition that extends to the present day. Mexico is the largest producer of silver globally, producing some 6,300 tonnes in 2022 and a top-ranking producer of gold, copper, and zinc. The potential for discovery within this jurisdiction remains strong, with a diverse geologic landscape ideally suited for metal explorers. Boasting a population of 128.9 million, Mexico, with its geographic location close to the United States, enables easy access to foreign markets and international trading routes. A strong national GDP (US2.487 trillion in 2022) coupled with political stability enhances Mexico’s attractiveness for foreign investment.

In the past, the Mexican mining industry has reliably been strong. According to Mexico’s Ministry of Economy, mining production in Mexico represents 2.4% of Mexico’s GDP and 8.2% of its industrial GDP. In 2020, Government data states that the sector employed nearly 350,000 people and contributed $1.5 billion in taxes, with an additional $1.84 billion generated from exports of metals and minerals. This all bodes well for the Mexican mining industry; however, political change has affected the sector of late.

The current Mexican president, Andr├⌐s Manuel L├│pez Obrador (AMLO) of the Morena party, has taken a firm approach to the mining and exploration sector. In some instances, L├│pez Obrador’s government has rejected project permits and declared a moratorium on new mining concessions. The president of the Mexican mining chamber Camimex, Fernando Alanis, has stated publicly in an interview that he has “growing doubts on government policies like permitting and concessions will lead to at least a dozen companies shifting new investments to more inviting countries like Peru and Chile.”

The president’s attitude towards mining has been described as distrustful by CEO of the Mexican Mining Centre, Douglas Coleman. The decision to ban new mining concessions has caused significant negative impacts to the mining industry, as exploration efforts have been greatly hampered. During the pandemic, President ALMO, released a statement outlining only essential industries should be allowed to function, in which mining was not included. However, President ALMO reversed this decision after three months, possibly shedding some light on the importance of the industry to the Mexican economy.

Whilst the governing powers that be may not fully support the mining industry, they are but temporary enigmas. On the other hand, geology continues to be favorable for discovery. In 2021, Latin America was recognized as being the top region for mining and exploration investment, receiving 24% of the global investment funds, of which Mexico received a quarter, making it the most attractive jurisdiction in the region. The Fraser Institute conducts an annual survey ranking countries by their attractiveness for mining investment. In 2021, Mexico rose several places from 42 to 34, which is Mexico’s best ranking since 2018. Mining has been a focal point in Mexican economy for over 500 years and will continue to do so for many years to come, irrespective of political ideology.

With that all being said, stepping away from the political arena, what has been going on in this space? Mexico, being the top global producer of silver, has attracted both majors and juniors the world over in hopes of new discoveries. One such major who has set up shop in this tier one jurisdiction is Grupo Mexico [BMV: GMEXICOB] – a Mexican mining conglomerate with a host of subsidiary companies that operate nine mines, four processing plants and a pipeline of mining prospects. Grupo Mexico has taken full advantage of the region’s diverse and highly prospective geology, operating both copper porphyry and vein hosted deposits, Grupo Mexico has a diverse portfolio encompassing copper, lead, zinc and silver commodities.

Elsewhere within the jurisdiction, we see Newmont [NYSE: NEM] laying claim to the polymetallic Pe├▒asquito mine, the largest gold mine, second for silver and one of the largest for lead/zinc in Mexico. Located in central Mexico, Pe├▒asquito boasts total proven and probable reserves estimated to be 15.69 Moz of gold, 911.8 Moz of silver, 2.63 Mt of lead and 6.3 Mt of zinc. With active prospects like this it’s hard not to be optimistic for future discoveries.

Southern Silver Exploration’s [TSX-V: SSV; OTCQX: SSVFF] flagship Cerro Las Minitas project is located in Durango State and has caught investor’s eyes. The company has conducted extensive exploration at Cerro Las Minitas and has identified several high-grade mineralized zones. The company has completed a preliminary economic assessment (PEA) on the project (with an after-tax net present value (NPV) of 5% – US$349M and IRR (Internal rate of return) of 17.9%), which demonstrates its potential to be a low-cost, high-margin operation.

The project itself consists of a polymetallic silver-lead-zinc-copper-gold deposit that has significant exploration potential. The project is located in a renowned mining jurisdiction with excellent infrastructure. The project area is transected by two federal highways, a rail line and transmission lines. Located in the prolific Fresnillo district, Cerro Las Minitas is located in good company with the high producing Ag/Au/Zn/Pb Velarde├▒a and San Martin skarns located only 80km and 100km distant, respectively. Southern Silver has obtained exploration permits and is well bedded in the local community, employing a locally skilled workforce.

Cerro Las Minitas is composed of a skarn type and massive sulfide chimney style deposits. Consisting of calcareous sediments surrounding the central intrusive complex of the Cerros Las Minitas dome, the project is rich in Ag/Zn/Pb and Cu. The project is located in the prospective mineral belt that stretches from the highly productive vein deposits of the Fresnillo in the south to the massive manto mineral deposits of Santa Eulalia to the north.

To date, Southern Silver has identified six high-grade silver-polymetallic deposits – the Blind zone, El Sol zone, Las Victorias Zone, Skarn Front Zone, South Skarn Zone and the Bocona Zone, which have been partially delineated, as well as several other high priority targets throughout. The Blind, El Sol and Las Victorias zones are a series of near-surface silver-polymetallic (Cu/Pb/Zn/Au) “dyke-replacement style” deposits.

The Skarn Front Zone, South Skarn Zone and Bocona Zone are zones of silver-polymetallic mineralization found at or near the boundary between the skarn and marble alteration facies, in the halo of the central monzonite intrusion. This mineralization has been delineated up to depths of greater than 1km and is open along strike and to depth.

Mineralization at Cerros Las Minitas is hosted in two main styles:

The Blind, Las Victorias and El Sol deposits – Localized in sub-vertical structures and on dyke margins

Skarn Front, South Skarn and Mina La Bocona deposits – Semi-massive and massive sulphide lenses at the marble-skarn transition, adjacent to the monzonite contact

The Central Monzonite intrusion acts as the “heat pump” to the mineralizing system.

In 2021, Southern Silver released an updated NI 43-101 resource for the Cerro Las Minitas Project. The updated 43-101 is based on a total of 186 holes, for 80,650 metres. A US$60/t NSR cut-off is utilized.

Highlights include:

Indicated Resources of 137Moz AgEq, 42.1Moz Ag, 44Mlb Cu, 358Mlbs Pb & 895Mlbs Zn.

Inferred Resources of 198Moz AgEq, 73.6Moz Ag, 98Mlb Cu, 500 Mlbs Pb & 1.0 Blbs Zn.

The mine plan focuses on Zn/Pb/Ag/Cu concentrates with ongoing metallurgical testing to establish the feasibility of sulphide and oxide related gold concentrate. An underground method of mining is postulated, with an approximate life span of 15 years, yielding a maximum cash outlay of $341M.

So, what’s next for Southern Silver and their emerging polymetallic deposit?

One of the challenges facing the project is obtaining permitting for mining. This is achievable, even with President ALMO at the helm, good community relations coupled with the project’s location in a proactive mining state, enhances the chances of success.

Additionally, infill drilling is in the pipeline coupled with additional exploration drilling to further delineate and add to mineral resources. Moreover, supplementary metallurgical work is planned to upgrade the project economics and evaluate the possibility of gold recovery from both sulphide and oxide sources, and its potential impact on the established cash flow model.

The Cerro Las Minitas project holds serious credentials and has the potential to be a premier polymetallic Zn/Pb/Ag/Cu project. The ongoing work focused on both exploration and engineering fronts further de-risks the project, this coupled with the recent PEA, low market cap (CAD$49.5M), and latest resource estimate (Indicated/Inferred) adds to the blue-sky investor opportunity on offer.

By Luke Holland

The mining and mineral exploration sectors have always been dynamic beasts, continually shifting track to meet the ever-growing demands of the global population. Whilst the concept of exploring and mining minerals is simple, the act of doing so is quite the opposite. Prior to any works commencing in a jurisdiction, one of the largest obstacles explorers and miners find themselves tackling is obtaining the necessary permits from the host jurisdiction. Whilst this might sound straight forward, it is anything but so, and of course obtaining them is one thing, holding on to them is another!

A jurisdictions stance on mining related activities is a critical factor in decision making for both any explorer or, indeed, an investor. Some nations go to significant lengths to showcase their receptiveness to the industry, whilst others vacillate, depending on which end of the political spectrum holds power. This geopolitical landscape is a key factor to consider prior to investing in any jurisdiction. As so often is the case, some of the most metal endowed jurisdictions lie within the borders of the developing world. This poses a risk to both explorers and investors alike, as governmental stability can be an issue.

This theme has recently reared its head in West Africa, with several mineral rich countries experiencing political instability.

Burkina Faso is one such nation struggling with geopolitical stability. In late 2022, a military coup headed by now Interim President Ibrahim Traore seized power, amid growing concerns over a sprawling Islamist insurgency. An increasing number of attacks on the mining industry in the area has caused gold production to drop by up to 15%. This instability poses a real threat to investors, as security risks halt exploration efforts and so prevent new mines coming on-line. Richard Hyde, executive chairman and CEO of West African Resources sees the gold industry in the country declining over the next five to ten years.

Burkina Faso’s military coup resulting in a vanishing gold boom Source: Africa News

Similar issues are at the forefront in neighboring countries. Mali too, has borne witness to two military coups in recent years. Again, an Islamist insurgency has been flagged as the main driver of these coups. In addition to the risks associated with military coups, Mali is seen to be tracking down a path of resource nationalism, which again casts risk for the investor. In 2022, Mali created a new state-owned mining company – Soci├⌐t├⌐ de Recherche et d’Exploitation Mini├¿re du Mali (Sorem SA) – in effect to take a larger slice of the revenues from its natural resources. Whilst resource nationalism is not uncommon, it poses a significant threat to investors, as there is the potential for the state/government to assert control over their nation’s natural resources, often with no compensation or recourse for the present operators.

On the other side of the spectrum, some African nations are being proactive in highlighting their openness for investment. South Africa in 2022, released its strategy for the exploration and mining industry within its borders. As a nation boasting both critical and battery minerals, essential for the green transition, South Africa has significant investment potential.

Proactive initiatives such as increasing the nation’s geological mapped footprint (1:50,000) from 9% to 14% over the next 5 years and providing both technical and financial backing to selected junior explorers based on geological potential, are some of the key drivers South Africa is utilizing to attract exploration investment. Hoping to attract a 5% share of global exploration expenditure by 2025, this sector looks open for business and investment opportunities.

So, what’s happening in this space?

ZEB Nickel Corp. [TSX.V: ZBNI], recently released an updated 3D model of their project, encompassing both historical and inhouse drilling. Initial insights suggest higher grade nickel sulphide mineralization at depth and so poses an opportunity to grow their NI 43-101 historical resource.; an interesting prospect to keep an eye on.

Platinum Group Metal [TSX: PTM], is currently engaging in an infill drilling campaign at their Waterberg Project. CEO and President Frank Hallam states, results to date have met or exceeded expectations and are consistent with the modeled mineral resource. The program targeting near surface inferred and indicated resource blocks aims to boost confidence levels and reduce the overall time to mining; definitely a project to watch in the short term.

Stepping away from Africa and jumping across the Atlantic to South America, we see a contrasting image portrayed to the mining community, from some of the continent’s key extractive players. Peru, the world’s second largest copper producer is currently experiencing its highest levels of civil unrest in 20 years. Beginning in December of last year, the country is being rocked by anti-government protests, demanding the resignation of the current president Dina Boluarte. Protests have resulted in blockades of road infrastructure in the copper rich south, threatening production and transportation. Already significant producers, Glencore and MMG have had to temporarily suspend operations at their Antapaccay mine and Las Bambas, respectively. Further unrest and disruption is expected and so poses a significant threat to investment in the region.

In contrast, neighboring Chile, the single largest producer of copper globally, is relishing the mining spotlight. After a turbulent 2022, Chile is set to go on and provide exceptional opportunity for investors. Having recently launched the “Invest in Chile” plan, the government is set to boost the country’s economy by not only protecting but nurturing their prolific mining sector. The plan outlines improved access to financing and tax advantages for private investments; moreover, the Chilean Government will reopen foreign investment offices overseas to support its domestic industry. Additionally new copper mines will benefit from a five-year hiatus from a new tax geared at mine output. This highlights a key shift in the geopolitical landscape supportive of the Chilean extractive industry.

So, with all this positive news surrounding the Chilean mining industry, where does the value reside?

ATEX Resources INC. [TSXV: ATX], recently released exciting news from their Phase 3 drilling at the Valeriano Copper-Gold Project, in the Atacama region. ATEX have successfully confirmed the continuity of their high-grade copper porphyry trend to the northeast, by a further 200 metres, as well as extending mineralization along a new trend to the west. Encouraging news from this explorer, one to watch moving forward.

Hot chili Limited [ASX: HCH], another junior providing exceptional value, Hot Chili, have recently commenced drilling at the Cortadera copper-gold discovery. Having already more than doubled the prospective strike length from 2.3km to 5.2km, the company plans to further boost confidence, with a 10,000m budget testing four porphyry targets in the western area of the project. Additionally, Hot Chili is on track to deliver a prefeasibility study in 2024, for their Costa Fuego property, a project capable of producing 100ktpa Cu in the next five years. A hugely impressive portfolio which firmly has this author’s attention.

Last, but not least, CleanTech Lithium PLC [AIM: CTL], has recently been granted all exploration licenses for its Llamara project, covering a whopping 344 km². Historical geophysics highlight a potential thick subsurface brine aquifer which the company plans to drill test in its upcoming program. Additionally, drilling aimed at increasing existing resource estimates at the company’s flagship projects, Laguna Verde and Francisco Basin is ongoing.

With the world making the green transition, projects like that of CleanTech lithium will become ever more important.

A jurisdictions geopolitical landscape is a crucial factor to consider when diving into the exploration and mining markets. This ever-changing landscape can so easily shift to the detriment of some and benefit of others. It pays to be vigilant. One final note for optimism is the demand for the world to go green. Jurisdictions rich in battery and critical metals will be sure to flaunt their importance for the green transition and so provide scope for investment as Governments grapple with the climate crisis and the drive for sustainability.

By Ron Hall

The Nordic countries have long been known for their rich deposits of minerals and ores, which have been mined for centuries. In the past, these resources were used to construct strong and durable buildings and to fuel the economy. Today, mining of minerals and ores in the Nordic region remains an important industry, though it has grown and evolved significantly over the years.

The Nordic countries are located in the northern part of Europe and consist of Norway, Sweden, Finland, Denmark, and Iceland. These countries are known for their cold climates, but they also have some of the most productive mineral deposits in the world. The most common minerals found in the region are iron ore, copper, zinc, nickel, and gold. Other valuable metals, such as lead, silver, and uranium, can also be found in the region.

The largest mining companies in the Nordic region are located in Sweden and Finland. These companies specialize in the extraction and processing of different minerals and ores. For example, the Swedish mining company LKAB is one of the leading producers of iron ore in the world. LKAB also produces copper, nickel, and zinc. The Finnish mining company Outokumpu is the largest producer of zinc in Europe and also produces copper, nickel, and gold.

The Nordic countries also have a long history of gold mining. In the past, gold was mined in the region for the creation of coins, jewelry, and artwork. Today, gold mining is still a major industry in the region, with a number of companies operating in Finland, Sweden, and Norway.

In addition to mining metals and ores, the Nordic countries are also known for their production of oil and gas. The largest oil and gas companies in the region are located in Norway and include Statoil, Equinor, and Aker BP. These companies are responsible for the majority of Norway’s oil and gas production.

The Nordic region is home to a number of other minerals and resources, such as timber, coal, and peat. Timber is used primarily for construction and paper products, while coal is used for electricity generation and heating. Peat is used for the production of peat-based fuels and fertilizers.

The mining of minerals and ores in the Nordic region is an important industry that contributes significantly to the economies of these countries. As the demand for minerals and ores continues to grow, so too does the need for efficient and responsible mining practices.

The Geological Survey of Sweden (SGU), together with corresponding authorities in the other Nordic countries, produced a report highlighting the potential for extracting critical metals and minerals (CRMs) such as cobalt and lithium, used in the battery industry together with the mineral graphite, as well as rare earth metals which, among other things, are fundamental for engines in electric vehicles and generators in wind turbines.

According to the report:

“The critical raw materials are in several cases of central importance for the green energy transition. The radical technological transformation of society and industry – a green energy transition – which is sought today to reduce our carbon dioxide emissions and thereby counteract climate change also entails new and, in many cases, sharply increasing needs for various raw materials. In order to be able to produce, transport and store energy in new, carbon dioxide-reduced and efficient ways, as well as electrify areas that today are based on fossil-based technology, such as the automotive sector, specific technology is required that requires secure access to a number of equally specific raw materials.”

The report found that in mineral-richness, the Nordic bedrock could be compared with the most mineral-rich areas of the world, such as Canada, the USA, Brazil and Australia, and could supply almost all the critical raw materials defined by the EU. The transformation of the current ΓÇÿhigh-carbon emission’ into a ΓÇÿlow-carbon emission’ society is an essential part of climate change mitigation. At the core of this is what can be called a ΓÇÿGreen Energy Transition’, an over- arching transition from non-renewables to renewables-based production, storage, transmission and use of energy. This is a major technological change that includes significantly increasing demand for raw materials of all kinds which, combined with the general technological development of society and industry, have already resulted in many globally major economic players, such as the EU, to define sets of mineral-based raw materials as critical (CRM). A raw material is deemed ΓÇÿcritical’ if it is of high importance to the economy and if its supply is associated with a high risk of disruption. Secure and resilient supply chains of the CRMs are essential for the eco- nomic security of any industrialised country or larger economic entity, the Nordic region included.

The report further underlines that continued research and a joint Nordic database would make it easier for decision-makers and businesses to see the opportunities in this area.

Secure and resilient supply chains of the CRMs are essential for the economic security of any country, including the Nordic region and Europe, to facilitate a technological leadership. Many of the CRMs are furthermore essential in climate change control, to achieve a low carbon society. In the context of the green energy transition, recycling is far from enough to meet the increasing projected demand for CRMs. For example, global demand for lithium and graphite, two of the most important raw materials for electric vehicle batteries, is estimated to grow by more than 40 times up to 2040 in a scenario where the world achieves its present climate goals. Even with forecasted increases in recycling, an IEA report in 2021 suggested that “recycled quantities of copper, lithium, nickel and cobalt from spent batteries could reduce combined primary supply requirements for these minerals by around 10 %”. Hence, there is an urgent need for mapping the availability of, and potential for CRM supply also from the Nordic bedrock.

Gungnir Resources Inc. [GUG-TSXV, ASWRF-OTC PINK] is engaged in nickel and gold exploration in Sweden with its flagship Lappvattnet and Rormyrberget nickel projects located in the eastern part of the Vasterbotten District in northern Sweden, an area with a geological setting that has been compared to the Thompson Nickel Belt in Manitoba and is well known for its gold and volcanogenic massive sulphide (VMS) deposits.

Gungnir’s portfolio includes the Knaften project, which hosts a developing intrusion-hosted gold system, and VMS (zinc-copper) and copper-nickel targets. All are open for expansion and further discovery.

Led by CEO Jari Paakki, a highly experienced mining executive with 25 years in gold and metal exploration under his belt, including 12 years with Teck Resources Ltd. (TECK.B-TSX, TECK.A-TSX, TECK-NYSE), Gungnir is hoping to attract the attention of major mining industry players after recently announcing impressive drill results from its high grade Lappvattnet nickel project.

The company appears to have its timing right as demand for nickel is expected to surge due to increasing demand in the electric vehicle sector.

Gungnir has a 100% interest in the Lappvattnet and Rormyrberget projects, which are situated about 40 kilometres apart and are held under two separate permits covering an area of 471.4 hectares. Lappvattnet contains an inferred resource of 780,000 tonnes of grade 1.35% nickel or 231 million pounds of nickel. Rormyrberget hosts a larger but lower grade inferred resource of 36.8 million tonnes of grade 0.19% nickel or 154 million pounds.

It is worth noting that these projects are located approximately one hour south by road from the major industrial centres of Boliden and Skelleftea, where mining and smelting are well established and where a new battery manufacturing plant is under construction. They are also within easy driving range of the metal processing operations held by Boliden AB [BOL-NASDAQ], which has major mining and smelting operations in Sweden.

Gungnir’s recent focus has been on the Lappvattnet deposit, where the company is engaged in a systematic program that aims to upgrade and expand the existing resource following recommendations outlined in a 2020 technical report. So far, the company has drilled a total of 5,435 metres in 45 holes during 2021 and 2022.

Judging by recent results, this effort is clearly paying off. Since the first drill program was launched in August, 2021, exploration has delivered consistent shallow drill hits of high-grade and wide-grade nickel mineralization.

The highest-grade nickel intercept drilled so far is contained in hole LAP22-25, which returned 4.04% nickel over 5.76 metres within a broader interval of 1.49% nickel over 18.28 metres starting at a down-hole depth of 57.72 metres.

“All of our hits are less than 100 metres below surface and cover a strike length of 400 metres in the western and central parts of the Lappvattnet deposit,” said Paakki. “Looking ahead, our plan is to continue defining this high-grade nickel deposit, and the new footwall target, further to the east and at depth where it has only been sparsely drilled in the past,” he said.

Hole LAP22-25 was drilled in the central part of the Lappvattnet nickel resource, splitting a gap between two historic holes (LAP74292 and LAP76008), the company said. The hole appears to have drilled into a thickened mineralized zone, possibly a fold hinge similar to LAP22-10 (located 80 metres to the east) which returned 2.35% nickel over 9.0 metres, including 3.02% nickel over 5.66 metres starting at a down hole depth of 66 metres.

The company has said further results from holes drilled in the central part of Lappvattnet (12 drill holes) are expected to be reported in January and into early February, 2023. Complete 2022 results will be collectively tabulated once all results are received, the company said.

Gungnir offers a low-risk window on exploration upside in both gold and base metals. Priced at just under 10 cents on January 25, 2023, the shares are currently trading in a 52-week range of 17.5 cents and $0.065, leaving the company with a market cap of just $11.4 million, based on 119.6 million shares outstanding.

Management and directors hold 12.5% of Gungnir, which has $2.7 million in working capital and no debt.

If it can attract the interest of a major, Gungnir would likely accelerate its exploration efforts in Sweden. However, it recently caught the attention of Altius Minerals Corp. [ALS-TSX, OTCQX] which has the option to acquire a 2.0% gross sales royalty on the Lappvattnet and Rormyrberget projects for $8 million, as well as a 1.0% gross sales royalty on Knaften for $2 million. “Having Altius involved de-risks the project,” said Chris Robbins, Gungnir’s Chief Financial Officer during an interview with Resource World.

The company recently added the Hemberget property to its Swedish portfolio, which covers an 11-kilometre-long gabbro-ultramafic intrusion, and copper nickel-target.

Aside from nickel, Gungnir offers investors a window on gold exploration via its 100%-owned Knaften project, which covers 4,887 hectares and is located about 100 kilometres west of the nickel projects along a regional trend known as the “Gold Line.” The Gold Line hosts a number of gold deposits, including Agnico-Eagle Mines Ltd.’s (AEM-TSX, AEM-NYSE) 2.0-million-ounce Barsele gold project. Gungnir has made a number of new discoveries at Knaften, including a potentially sizeable intrusion-related gold system (Knaften 300), a new VMS zinc-copper base metal target, known as Rodingtrask, and a new copper nickel target.

Argentina officially known as the Argentine Republic is located in the southern half of South America andcovers an area of 2,780,400km² (1,073,500sqmi), making it the second largest country in South America after Brazil.

The country is perhaps best known for these four things:

Eva Peron who was Argentinas first lady as the second wife of President Juan Pern, and who, during her husbands first term as president (194652), became a powerful though unofficial political leader, revered by the lower economic classes. She is better known as Evita owing in part to the 1996 musical film of the same name where the protagonist was played by Madonna.

Argentinas most famous footballer that everybody loves to hate – Diego Maradona. Although he is often cited as one of the best football players of all time, Maradona is perhaps more known for his controversial professional and personal life. He played for several teams in Italy, Spain and Argentina, as well as for the Argentine national team, and made history for handling the ball in the 1986 World Cup, nicknamed the Hand of God, and then went on to win the game by scoring a goal which was deemed the goal of the century by FIFA voters.

The Falklands War, a ten-week undeclared war between Argentina and the United Kingdom in 1982 over two British dependant territories in the South Atlantic. The conflict was a major episode in a protracted dispute over the territories’ sovereignty. Argentina asserted (and still maintains) that the islands are Argentine territory, and the Argentine government thus characterised its military action as the reclamation of its own territory. The British government regarded the action as an invasion of a territory that had been a Crown colony since 1841. Diplomatic relations were restored in 1989, at which time the two governments issued a joint statement. No change in either country’s position regarding the sovereignty of the Falkland Islands was made explicit. In 1994, Argentina adopted a new constitution which declared the Falkland Islands as part of one of its provinces by law. However, the islands continue to operate as a self-governing Overseas British Territory.

And of course, their wine, being the fifth largest wine producer in the world.

The country is less well known however, for its mining opportunities and although long recognized for its potential in copper, gold and silver, in recent years it is the metal lithium that has put the country the firmly in the resource worlds spotlight. Argentina is currently at the forefront of a global scramble for the metal because of its demand in the manufacture of batteries. Lithium batteries are disposable (primary) batteries that have lithium metal or lithium compounds as an anode. Depending on the design and chemical compounds used, lithium cells can produce voltages over twice the voltage of an ordinary zinc-carbon battery or alkaline battery. Compared to a variety of previous battery compositions, lithium is considered the way of the future leading other elements in size to power density ratio. Lithium batteries have become the front-running rechargeable energy storage medium, particularly for the rapidly growing electric vehicle industry, creating a strong demand forecast for lithium.

Argentina alone accounts for over 20% of the worlds reserves and has the world’s largest lithium project pipeline. The nascent boom reflects a rapid shift in the lithium market: a few years ago, lithium was a niche product, used to make glass, ceramics, and lubricants. Most of it was sourced from well-established mines in Chile, Australia, and China. But with the global energy transition set to trigger a huge increase in lithium demand between now and 2040, mining companies are competing to secure supplies in less developed locations.

Argentina comprises a significant portion of the so-called Lithium Triangle, which covers northwestern Argentina, Chile and Bolivia, and which is home to more than half of the world’s resources of lithium. This district produces about half of the world’s lithium and hosts approximately 60% of the known lithium reserves. Most lithium in this area is found in salt lake (“salar”) brines.

There are now several international mining companies active in Argentina operating at various points of the resource cycle. There are no restrictions concerning foreign investment and ownership of companies engaged in the exploration and extraction of mineral resources. Foreign individuals and entities can therefore acquire and hold mineral rights in Argentina

One such company is Argentina Lithium & Energy Corp. [LIT-TSXV] a member of the Grosso Group, a resource management team that pioneered the mineral exploration industry in Argentina and has operated there since 1993, and where they have made four major mineral deposit discoveries, two of which are currently in production. The Grosso Group leverages its vast network of local, regional and international industry contacts to support the exploration team in their search for quality resource opportunities.

Argentina Lithium currently has an option to earn a 100% interest in the Rincon West Project, which includes approximately 2,470 hectares of claims in a single mining concession located on the west side of the Rincon Salar in Salta Province, Argentina. Although the project has no significant historic exploration work, Argentina Lithium began exploration drilling in mid-2022, presenting an opportunity to identify a new lithium deposit at a salar known to host lithium-bearing brines with production potential. Located at approximately 3,760 metres above sea level, the geological environment at the Rincon Salar is similar to other salars in the Puna region where lithium and potash are found. The company also has an option to earn a 100% interest in approximately 15,857 hectares of claims in eleven contiguous mining concessions located on the west side of the Pocitos Salar as well as an additional 10,364 hectares in three blocks to the east and south

Argentina Lithium has also acquired a 100% interest in over 25,000 hectares of the Incahuasi Salar and basin in Catamarca province.

Their Antofalla North project controls 14,987 hectares of mining leases in the north end of the Salar de Antofalla, distributed between the adjacent provinces of Salta and Catamarca, with 100% interest in 9,080 hectares and the remaining leases held under option. The Project is located approximately 25 km west of Argentina’s largest lithium producing operation at Salar de Hombre Muerto. The southern boundary of the Antofalla North project is situated approximately 500 metres north of properties controlled by global lithium producer Albemarle Inc. Albemarle has stated that it believes the lithium resource on its property has potential to rank amongst the largest in Argentina.

Solar and wind generation are rapidly growing world-wide which, of course, is good news as we work towards shifting away from legacy energy systems. However, the world’s second largest source of carbon-free power – nuclear energy – provides nearly 10% of the world’s electricity compared to all other energy alternatives currently available while experts note nuclear is also one of the cleanest sources of energy.

The price of uranium has been increasing and with over 100 reactors either planned or in development, and more than 300 additional reactors proposed to meet the future supply demand, savvy investors have been positioning themselves to participate in a re-energized uranium sector.

In its recent first quarter report, one of the world’s leading producer’s, Canada’s Cameco Corp. [CCO-TSX; CCJ-NYSE] noted that spot prices jumped 38% this year, hitting a high of US$58.20 per pound, marking a sharp increase from around US$22 in early 2018.

The price of uranium has historically experienced long bear markets and periods of exponential growth, said Sprott Physical Uranium Trust [U.UN-TSX, SRUUF-OTC], a Toronto-based a vehicle set up to give investors direct exposure to the commodity via its holding of U₃0₈.

Sprott notes that nuclear energy is one of the cleanest energy sources based on CO₂ emissions. It believes that major policy shifts by governments, aggressive decarbonization goals and growing energy needs should bolster greater demand for uranium in the future.

Analysts say a myriad of factors are likely to impact the uranium sector in the near future, potentially creating opportunities for both investors and producers. They include the Russian-Ukraine conflict, which has served to highlight the United States’ dependence on other countries, including Russia, for its uranium supply.

Uranium is key to 20% of the U.S. power supply and multiple defense needs, yet it is producing virtually none domestically. It is why industry officials are applauding a recent proposal by the current U.S. Administration that would see the U.S. government creating a national uranium stockpile by purchasing enriched uranium from domestic producers, thereby reducing its dependence on foreign imports.

Amir Adnani, President and CEO of Uranium Energy Corp. [UEC-NYSE American], called the proposal “the strongest policy statement made by the U.S. government in support of nuclear energy and uranium mining since the Eisenhower Administration in the 1950’s.” “We need a reliable American supply chain,” he said.

If the plan were to proceed, analysts say investors will likely pay a premium for U.S. production. That could benefit a company with assets in the U.S. like Uranium Energy, one of roughly 60 uranium-related companies that currently trade on North American markets. Key names in the group include NexGen Energy Ltd. [NXE-TSX, NYSE], Fission Uranium Corp. [FCU-TSX; FCUUF-OTCQX; 2FU-FSE], Denison Mines Corp. [DML-TSX], Fortune Bay Corp. [FOR-TSXV; FTBYF-OTCQX; 5QN-FSE], ValOre Metals Corp. [VO-TSXV; KVLQF-OTC; KEQ-FSE], Forum Energy Metals Corp. [FMC-TSXV; FDCFF-OTCQB], Searchlight Resources Inc. [SCLT-TSXV, CNYCF-OTCQX, 2CC2- FSE] and CanAlaska Uranium Ltd. [CVV-TSXV; CVVUF-OTCQB; Dh7N-FSE].

Meanwhile, industry observers attribute the recent increase in the price of uranium to the fact that major producers faced with an oversupplied market caused by the Fukushima meltdown, agreed to work together to turn the market around. Saskatchewan-based Cameco has removed more than 190 million pounds of uranium from the market since 2016 with planned and unplanned production cuts, inventory reduction and market purchases.

Since the beginning of 2021, Cameco said it has added 70 million pounds to its portfolio of long-term uranium contracts, bringing the total volumes added since 2016 to about 185 million pounds.

Mineral exploration, like science proceeds through a series of paradigm shifts. For decades, mining companies have toiled to make a profit by exploiting the rich uranium deposits that sit at the contact between the Athabasca Sandstone and the underlying crystalline basement rocks. But as Admiral Ackbar said in Star Wars, “It’s a Trap!” The contact zone is just a trap for uranium trying to escape from the underlying crystalline basement rocks, and it is a very rich but not very profitable trap.

Why? Simply because the sandstone is crumbly and leaky, so it tends to collapse and flood the mining tunnels that are used to extract the uranium. Consequently, the rich uranium grades are offset by fabulously high mining costs. Its time to rethink the entire paradigm and go back to the source of all that uranium. In oil and gas, you need a source rock for the petroleum and a trap to accumulate it. In uranium the source rock is the enriched metamorphosed sediments that surround the Athabasca Basin, the Wollaston and Clearwater Domains. This is where Searchlight Resources Inc. [SCLT-TSXV, CNYCF-OTCQX, 2CC2- FSE] has staked its claims. It is looking for other styles of traps that are not related to the Athabasca sandstone and is keying on the enriched basement rocks in other forms of traps.

Searchlight has staked a 300 square kilometer property at Kulyk Lake and two other properties on the northern of the Athabasca region in the basement rocks, at Miller Lake and Bear Lake. These properties target not just uranium but also rare earths. There are numerous, high-grade showings on these properties, and none have been drill tested. Of particular interest to Searchlight is the ideal that pegmatites, a geological rock type that host major deposits of lithium around the world, host veins and dikes enriched in Critical Metals- uranium, and rare earths. I call these RAD veins, as they belong to a special type of pegmatite enriched in the RADioactive elements, uranium, thorium and potassium.

These basement rocks are well endowed with uranium due to a unique event in the Earth’s history, the Great Oxidation Event. About two billion years ago life evolved the ability to release vast quantities of oxygen into the atmosphere, and as a result all the uranium that had accumulated at surface over the preceding millennia was dissolved deposited into the Proterozoic sediments of the Wollaston and Clearwater Domains. These rocks were subsequently metamorphosed and deformed leading to all kinds of other traps that formed in these more competent and less leaky rocks. From a mining perspective, this means costs will be ten times lower. From an exploration perspective it means much lower cost surface prospecting tools can be applied in areas that have not been explored. Finding these traps and exploiting them is a paradigm shift for uranium in Northern Saskatchewan. It is the Undiscovered Country!

Also in Saskatchewan’s Athabasca Basin is Standard Uranium Ltd.‘s [STND-TSXV; STTDF-OTCQB] Davidson River Project which is comprised of 21 mineral claims over 25,886 hectares. Davidson River is highly prospective for uranium deposits along trend from recent high-grade uranium discoveries. The company also holds six mineral claims spanning 15,770 hectares in the northwest part of the Athabasca Basin at its Sun Dog project, which is highly prospective for basement and unconformity hosted uranium deposits and located near to other uranium discoveries in the area.

Baselode Energy Corp. [FIND-TSXV; BSENF-OTCQB] controls 100% of approximately 227,000 hectares in the Athabasca Basin which recently provided an update for its ongoing 20,000-metre diamond drilling program on the ACKIO high-grade uranium discovery. The Company’s Hook project returned a total 81.0 metres of composite mineralization including 1,057 cps over 52.3 metres and 2,677 cps over 30.0 metres, beginning 30.0 metres downhole, was also intersected.

Today, the world’s largest gold mining complex, Nevada Gold Mines, a joint venture between Barrick and Newmont mining companies and comprising eight mines, along with their infrastructure and processing facilities, is located on the Carlin Trend.

In recent years, Nevada’s potential for lithium has been in the spotlight, particularly in Esmeralda County near North America’s only lithium mine – the Albemarle Corp. [ALB-NYSE] Silver Peak Mine – in production since 1966.

Cypress Development Corp. [CYP-TSXV] is progressing towards completing a feasibility study and permitting, with the goal of becoming a domestic producer of lithium for the growing electric vehicle and battery storage market. The company is focused on its wholly owned Clayton Valley Lithium Project that totals 5,590 acres in size. The eponymous Clayton Valley Lithium Project is located within the Clayton Valley in southwest Nevada, approximately halfway between Las Vegas and Reno.

Nevada’s Clayton Valley is now synonymous with lithium exploration in Nevada, and for good reason, but the discovery of lithium in the Clayton Valley wasn’t what initially brought prospectors to the area as the first recorded mining activity in the area was in the 1860’s with the discovery of silver near the town of Silver Peak.├é It wasn’t until the 1950’s that lithium was discovered, which led to the production of lithium carbonate from brine being initiated in the 1960’s – that has continued to the present. The occurrence of lithium in sediments of the Clayton Valley wasn’t reported until the 1970’s.├é However, significant exploration for the source of the lithium didn’t materialize until recently, which has led to the discovery of multiple clay hosted deposits, an important future source for lithium production in Nevada.├é ├é ├é

As a lithium-bearing claystone deposit, the Clayton Valley Lithium Project joins a growing list of clay hosted lithium deposits, one the three most common types of lithium deposits – the other two being brine hosted and hard rock hosted.├é Brine hosted deposits are best known from the ├óΓé¼╦£lithium triangle’ of Bolivia, Argentina and Chile while hard rock lithium deposits are well known in Australia.├é Nevada, as it turns out, is endowed with more than just gold and silver as the state is host to one of world’s largest concentrations of lithium as well.├é

Lithium in Nevada occurs in both brine and claystone deposits. The Clayton Valley, the epicentre of lithium exploration, is a closed, fault bounded basin near the southwestern margin of the Basin and Range geo-physiographic province of western Nevada. The floor of the Clayton Valley is the lowest in elevation of a series of regional valleys and its 100 square kilometres receives surface drainage from an area of about 1,300 square kilometres. This is a natural location for the concentration of lithium in ground water.

Cypress’s Clayton Valley Lithium Project is located immediately east of the Silver Peak lithium brine operation, which has been in continuous production since 1966 and is recognized as the only producing lithium mine in North America.├é The Silver Peak production site is owned by the international conglomerate├é Albemarle Corp., which bought the previous owner for US$6.2 billion.

Cypress acquired the rights to their project in 2015 and initial sampling revealed high concentrations of lithium in surface sediments.  Subsequent drill programs lead to the discovery of a potential world-class resource of lithium-bearing claystone on the east and south side of Angel Island, an outcrop of Paleozoic carbonates that protrudes up through the lakebed sediments that are host to the Silver Peak lithium brine operation.Â

The lithium bearing sediments of the Clayton Valley Lithium Project primarily occur as silica-rich, moderately calcareous, interbedded tuffaceous mudstone, claystone, and siltstone of the Esmeralda Formation. Elevated lithium concentrations, generally greater than 600 ppm, are encountered from surface down to at least 142 meters.

Since the first positive lithium results, Cypress has been setting a torrid pace to advance the property. At present, the company is in the pilot stage of testing the lithium-bearing claystone material and is progressing towards completing a feasibility study and permitting.├é Importantly, they recently acquired the water permit for the project, a singular milestone that secures a majority of the project’s future water requirements.

Their recent prefeasibility study is based on a probable reserve of 213 million tonnes averaging 1,129 ppm lithium (1.28 Mt LCE) based on a cut-off grade of 900 ppm and an indicated resource of 1,304 million tonnes averaging 905 ppm lithium (6.28 Mt LCE) based on cut-off grade of 400 ppm.

The lithium is amenable to leaching with dilute sulfuric acid followed by filtration, solution purification, concentration, and electrolysis to produce high-purity lithium. Metallurgical testing indicates low-cost processing can be achieved by leaching with low acid consumption resulting in a recovery of over 85%.Â

However, the company has now decided to bypass the use of sulphuric acid as a processing option and is instead using hydrochloric acid for its Feasibility Study as a greener alternative. Hydrochloric acid is produced on site, thus requires no trucking, provides easier filtration, and uses less water.

In addition to positive metallurgical testing, the deposit has a number of other very favourable characteristics.  The sediments that host the lithium are flat lying, have minimal overburden and do not have interbedded waste. These factors allow for a low strip ratio of 0.29 to 1.  The consolidated sediments are free digging, which means that blasting will not be required so mining would utilize track excavators, semi-mobile feeder-breakers and conveyors.Â

The company’s prefeasibility study states that the deposit can support a 40-year mine life with production of 15,000 tonnes per day, which would produce 27,400 tonnes lithium carbonate equivalent annually.├é

In March 2021, Cypress announced the development of a lithium extraction pilot plant at the del Sol Refining & Extraction facility, south of Beatty, Nevada. The operation of the pilot plant will provide essential data for a planned Feasibility Study and enable Cypress to produce marketing samples to support negotiations with potential offtake and strategic partners.

All of Cypress’s diligent work coincides with an increasing demand for lithium. ├é The United States government has designated lithium as a Critical Mineral of strategic importance to the nation’s economic and national security. The Critical Mineral designation favors domestic sources of lithium that offer a secure, reliable source of supply.

The recent development of the Tesla and Panasonic battery Gigafactory near Sparks, Nevada only brings more attention to local sources of lithium.├é This leads the company to believe that their Clayton Valley Project is ideally positioned to become a significant player in the North American lithium market.├é “We feel that the Clayton Valley Lithium Project is the right commodity, in the right location at the right time.├é It is only a question of when lithium production from clays happens in Nevada and we are striving to be one of the first to do so,” stated Spiros Cacos, Vice President Investor Relations of Cypress Development Corp.

Other noteworthy lithium projects include Schlumberger Technology Corp. [SLB-NYSE] which has an option to earn a 100% interest in the Pure Energy Minerals Ltd. [PE-TSXV; PEMIF-OTCQB; A111EG-FSE] Clayton Valley project next to Albemarle’s lithium mine.

Nevada Sunrise Gold Corp. [NEV-TSXV; NVSGF-OTC] recently reported significant values of lithium in water samples from boreholes GEM22-01 and GEM22-02, drilled in the inaugural 2022 drilling program at its 100%-owned Gemini Lithium Project located in the Lida Valley basin in Esmeralda County. Water samples from borehole GEM-22-01 averaged 327.7 milligrams/litre (mg/L) lithium over 220 feet (67.07 metres) from 600 to 820 feet with a peak value of 519 mg/L lithium.

Nevada Lithium Resources Inc. [NVLH-CSE; NVLHF-OTCQB; 87K-FSE] and 50% partner, Iconic Minerals Ltd. [ICM-TSXV; BVTEF-OTCQB; YQGB-FSE] are drilling the Bonnie Claire Lithium Project in Nye County.

American Lithium Corp. [LI-TSXV; LIACF-OTCQB; 5LA-FSE] has been extracting lithium, achieving 97.4% extraction utilizing warm sulphuric acid leach on its advanced 100%-owned Tonopah lithium claims (TLC) claystone mineralization 12 km northwest of Tonopah in the Esmeralda lithium district.

And finally, Tesla Inc. [TSLA-NASDAQ] CEO Elon Musk recently announced that Tesla “might actually” follow through with its previous announcement of getting into lithium mining and refining. The company owns 10,000 acres of lithium prospects in Nevada. “[The] price of lithium has gone to insane levels! Tesla might actually have to get into the mining and refining directly at scale, unless costs improve. There is no shortage of the element itself, as lithium is almost everywhere on Earth, but pace of extraction/refinement is slow.”