Significant Gold and Copper Intercepts at Tanzania’s Mpanda Project
ASX-listed Resource Mining Corporation (RMC) has successfully completed its maiden reverse circulation drilling program at the Mpanda gold/copper project in Tanzania, revealing promising results at the Kabungu prospect. Notable intercepts include 4 meters at 2.5 grams per tonne gold and 0.5% copper from a depth of 39 meters, and 2 meters at 0.74 grams per tonne gold from 47 meters.
RMC’s executive chairperson, Asimwe Kabunga, commented on the results: “This initial drilling campaign marks an encouraging start to our exploration efforts in this untouched greenfield area. All prospects have shown anomalous copper and gold values, and our ongoing work aims to pinpoint the epithermal source of these minerals.”
The discovery is part of a 2-kilometer-long geochemical anomaly at Kabungu that has yet to be fully explored. Additional drilling at the Mpanda Ndogo and Stalike prospects has identified several significant non-magmatic copper values ranging from 0.1% to 0.94% copper.
Pending results from five more drill holes, MPRC0009 to MPRC0013, are expected from the Mpanda Ndogo and Vikonge prospects. In total, 13 reverse circulation holes spanning 723 meters have been drilled across four prospects.
To further define the structural hosting of the mineralization, a ground magnetic survey is planned at the Kabungu prospect. RMC remains optimistic about the potential of this project to significantly contribute to Tanzania’s mining sector.
#Africa #Tanzania #criticalmetals #copper #gold
Arcadium Lithium Acquires Li-Metal’s Assets in $11 Million Deal
Arcadium Lithium (NYSE: ALTM) (ASX: LTM) has completed the acquisition of intellectual property and physical assets from Li-Metal (CSE: LIM) for $11 million. This strategic purchase includes a pilot plant in Markham, Ontario, where Li-Metal has been pioneering the production of refined lithium metal from carbonate. Arcadium will take over the facility to further its technology for converting lithium carbonate to metal, crucial for battery production.
As part of the agreement, Arcadium will also enter into a long-term offtake agreement to supply lithium metal back to Li-Metal. Additionally, key Li-Metal personnel will transition to Arcadium, including co-founder Maciej Jastrzebski, who will assist as a consultant to facilitate technology integration.
This acquisition is set to enhance Arcadium’s position as a prominent global lithium metal producer by incorporating advanced, sustainable processes for lithium metal production. These processes utilize various grades of lithium carbonate, which Arcadium produces in Argentina.
Paul Graves, CEO of Arcadium, expressed enthusiasm about the acquisition, highlighting its potential to innovate and improve lithium metal production pathways. This integration will enable Arcadium to utilize its extensive asset network more effectively, reducing dependency on third-party lithium metal and bolstering its competitive edge in the lithium specialty chemicals market.
Keshav Kochhar, CEO of Li-Metal, noted that the transaction marks a pivotal milestone for his company, allowing further focus on developing ultra-thin, high-energy density anodes for next-generation batteries.
#Canada #criticalminerals #batterymetals #lithium
Bushveld Optimistic About Future After Strategic Adjustments
Bushveld Minerals, an Aim-listed vanadium producer, is upbeat about its prospects following a series of corrective measures aimed at enhancing efficiency at its Vametco plant in North West province. These adjustments, part of an overarching asset rationalization strategy, include cost reductions and a streamlined workforce, which have already improved production stability and volumes despite external challenges.
On August 6, Bushveld announced that these initiatives had helped stabilize power supply issues, boosting operational performance. Additionally, the company secured up to $10 million in further funding from Orion Mine Finance Fund III, enhancing its short-term liquidity. This is alongside funds from the sale of its Vanchem asset, aiding in debt reduction and financial stability.
The company is also divesting from non-core sectors, focusing on vanadium production. This shift is expected to improve Bushveld’s liquidity by reducing about $4 million in debt from its non-core assets.
Despite historical challenges, including weak vanadium pricing and high creditor pressures, Bushveld is restructuring for sustained success. The company is focused on becoming a purely upstream mining entity, emphasizing cost control and management efficacy to navigate the volatile commodity market.
Bushveld’s leadership is also changing, with board member transitions and a focus on engaging shareholders to expedite value realization. These changes are part of a broader strategy to position Bushveld favorably as vanadium prices potentially rise, aligning with global shifts towards increased vanadium usage in steel manufacturing due to new regulations in China.
#Africa #SouthAfrica #REEs #vanadium
