May 17, 2020

Nine facts about Wesdome Gold Mines and the Kiena complex

gold mining
Canadian Mining
Candian gold mining
Wesdome g
Dale Benton
2 min
Nine things about Wesdome Gold Mines and the Kiena complex
Shares of Wesdome Gold Mines Ltd, the Canadian gold mining company, climbed a substantial 49 per cent this week, closing at $2.24. The news comes after...

Shares of Wesdome Gold Mines Ltd, the Canadian gold mining company, climbed a substantial 49 per cent this week, closing at $2.24. The news comes after the Toronto based miner revealed strong results from its drilling program in Kiena.

The drilling programme saw the company drill three holes to date hitting four high grade intersections.  In a press release, the company stated that the results included over 18 grams per tonne of gold.

George Mannard, VP of Exploration at Wesdome beamed, and rightly so, “These early results exceed expectations, and these rich veins are unlike anything previously encountered at this property,”

Here are nine things about Wesdome and Kiena in light of the results:

  • Wesdome has been mining gold in Canada for almost 30 years. Created as a joint venture in 1976 for the exploration and development of the Wesdome property in Val D’Or.
  • The name Wesdome derives from the two partners – Western Quebec Mines Inc. and Dimes Mine Ltd. - There is no truth in the rumour that the Domewes as a name was lost at the flip of a coin.
  • The Val d’Or assets include 7,500 hectares of wholly owned property on the Kiena, Wesdome, Shawkey and Siscoe properties. The company also owns a 920 metre shaft, 2000 tpd CIP mill and extensive surface and underground infrastructure.
  • Wesdome has also merged with Western Quebec Mines Inc, boosting an already massive hectare asset portfolio with an additional 1000, and with River Gold Mines in which it took ownership of the Wawa assets in Ontario.
  • The Wawa assets (gold deposits and infrastructure in the Mitsubishi greenstone belt) have produced in excess of 1,000,000 ounces of gold to date.
  • Wesdome Gold Mines Ltd. trades on the TSX Exchange under the symbol “WDO” and has 116.2 million shares outstanding.
  • Wesdome prides itself on remaining 100 percent unhedged and has never hedged.
  • Mining activities at the Kiena mine were suspended entirely in 2013, with the company determining the operations not economically feasible.
  • Alas, and in light of recent results and the announcement that more drilling is required to “define the geometry, true widths and extent of this extraordinarily rich mineralized system”, the company is a firm believer that the Kiena mine will deliver value to shareholders at a future date.

 

 Read the August issue of Mining Global Magazine!

Connect with us @MiningGlobal for news and updates and with @Bizclikdale to stay in touch or share a great story

 

 

Share article

Jul 20, 2021

British Lithium Pressured Due To Calls for Electric Cars

BritishLithium
mining
Lithium
Sustainability
3 min
The ever-increasing need for electric vehicles is mounting pressure on British Lithium as the 2035 deadline inches closer

The British demand for lithium is set to reach 75,000 tonnes by 2035 as the government works towards their ban on the sale of high-polluting diesel and petrol vehicles within the UK. This comes as automakers worldwide continue to insist on the benefits electric vehicles will have on slowing the rate of climate change. 

It is estimated that the UK will require 50,000-60,000 MT of lithium carbonate a year by 2035 for battery production to satisfy government needs. This is assuming production remains at 1.2 million vehicles per year, and the amount of lithium required does not increase.

British Lithium, which hopes to begin constructing a quarry to produce 20,000 MT of lithium carbonate a year in a $400 million investment, are not without competitors, both within the UK and abroad. 

Competition For Lithium Rises In Europe 

After only five years after its initial launch, Cornish Lithium is setting its sights on becoming a UK powerhouse in mining lithium, aiming to begin commercial production in under four years. Jeremy Wrathall, a former investment banker and current managing director of Cornish Lithium, had the future in mind when founding the company. 

“In 2016, I started to think about the electric vehicle revolution and what that would mean for metal demand, and I started to think about lithium,” he said in an interview with AFP. “A friend of mine mentioned lithium being identified in Cornwall, and I just wondered if that was a sort of unrecognised thing in the UK.”

Lithium was first discovered in Cornwall around 1864 and has not been mined again since 1914 when it was produced as an ingredient in fireworks. Now, however, Cornish Lithium is reportedly in the testing stage to see if the metal can be produced commercially to meet the growing demand required for the electric car sector. 

Despite Cornwall’s close historic ties to mining lithium, Wrathall insists that the project is purely commercial. 

Cornish Mining Revival For Lithium Production

“It’s not a mission that drives me to the point of being emotional or romantic,” he says. “It’s vitally important that we do get this technology otherwise Europe has got no lithium supply.”

The European Commission has also stated their goal to end the sale of new petrol and diesel cars by 2035 to aid the environment. That being said, the majority of lithium extraction currently relies on power provided by environmentally damaging fossil fuels─a slight contradiction. 

Alex Keynes, from the Brussels-based lobby group Transport & Environment, is adamant that mining for lithium should be done sustainably. 

“Our view is that medium-to-long term, the majority of materials including lithium should come from efficient and clean recycling.

“Europe from a strategic point of view should be looking at securing its own supply of lithium.”

Despite growing competition from abroad, British Lithium Chairman, Roderick Smith, continues to place importance on the mining of lithium within the UK. 

“Imagine what the UK economy would look like if we lost our automotive industry,” Smith says. “The stakes are high for the UK.”

Smith expects the UK to compete with other European countries to secure a lithium battery plant in the near future.

Share article