KEY POINTS
- First Atlantic identified magnetically recoverable nickel across 1.3 kilometres at its Alloy Max North discovery.
- CuFe received an ASX waiver allowing 1.6 billion acquisition consideration shares to be issued without standard escrow restrictions.
- Other mining developments include new copper, rare earth processing and investment plans in Côte d’Ivoire.
Mining companies have reported fresh exploration results, acquisition developments and investment plans across several markets, with First Atlantic Nickel & Cobalt and CuFe among the companies announcing developments on Nov. 12 and 13.
The latest mining briefs include First Atlantic’s confirmation of a second large-scale nickel zone at its Pipestone XL project in Newfoundland, Canada, and CuFe’s progress towards consolidating its ownership of the Tennant Creek Copper Project in Australia’s Northern Territory.
First Atlantic said assay and metallurgical results from three drill holes at its Alloy Max North discovery confirmed magnetically recoverable awaruite, a naturally occurring nickel-iron-cobalt alloy. The company reported mineralised intervals measuring between 405 and 504 metres, with the results indicating approximately 1.3 kilometres of mineralised strike.
The discovery is also located up to seven kilometres north of the company’s RPM Zone and forms part of the wider Pipestone XL trend. First Atlantic also said the results establish Alloy Max North as its second large-scale zone of magnetically recoverable nickel.
Nickel and copper developments
The company’s reported results included 0.09% Davis Tube Recovery nickel over 436.7 metres in drill hole XL-26-17. Another hole, XL-26-16, returned 0.08% DTR nickel over 504 metres. These are exploration results and do not, by themselves, establish an economically mineable deposit.
Meanwhile, CuFe announced that the Australian Securities Exchange had granted it a waiver of Listing Rule 10.7. The waiver allows the company to issue 1.6 billion consideration shares without the usual 12-month escrow restriction in connection with its proposed acquisition of the remaining 45% interest in the Tennant Creek Copper Project.
Furthermore, the arrangement is subject to the transaction’s completion and related conditions. CuFe said 500 million of the consideration shares would remain subject to a 24-month holding lock relating to warranty claims.
Other developments across the mining industry
Elsewhere, Côte d’Ivoire has outlined a CFA38 trillion investment programme covering mining, hydrocarbons and energy through 2040. The government expects private investors to provide most of the proposed funding, although the figure represents a policy target rather than money already committed.
In Australia, AIC Mines completed its $70 million acquisition of Materra Metals, while adding the Mt Cuthbert copper project to its portfolio. The project has a reported resource of 18.7 million tonnes at 1.3% copper.
Separately, Victory Metals partnered with Curtin University to test the processing of heavy rare earth concentrate into mixed rare earth carbonate at pilot scale.
The developments further illustrate the continued focus on expanding critical mineral resources, improving processing capacity and securing investment across the global mining industry.
