Core Lithium looks to sell Blueys silver project
The Blueys silver project is located an hour and a half from the town of Alice Springs in the Northern Territories. Drilling had previously produced grades of up to 1,000 g/t silver and 17% zinc and lead. Core also found very high grades of 4,500 g/t silver and 10% copper in rock chips at the surface.
Core’s managing director Stephen Biggins commented that the company’s management team was open to selling its silver assets, in light of the current silver price and the prospectivity of the silver assets. He added: “We are pleased to have received this interest in our noncore silver assets and will carefully consider the best course of action with a view to generating the maximum value out of these assets for our shareholders.”
“As we have stated, we remain committed to progressing activities at our flagship Finniss lithium project, in the Northern Territory, which was recently the subject of a A$5-million concessional finance facility through the Northern Territory government’s Local Job Fund. “We look forward to updating shareholders once we have carefully explored our options for these silver assets.”
Divesting itself of the Blueys silver project would also allow Core to focus more on developing the company’s flagship project, Finniss Lithium, also in the Northern Territories. The company recently announced that it plans to update the definitive feasibility study for Finniss, to include an increase to its production capacity, and assessing its grid connection to reduce the company’s emissions footprint.
Vale invests $150mn to extend life of Manitoba operations
Vale has announced a $150mn CAD investment to extend current mining activities in Thompson, Manitoba by 10 years while aggressive exploration drilling of known orebodies holds the promise of mining well past 2040.
Global energy transition is boosting the market for nickel
The Thompson Mine Expansion is a two-phase project. The announcement represents Phase 1 and includes critical infrastructure such as new ventilation raises and fans, increased backfill capacity and additional power distribution. The changes are forecast to improve current production by 30%.
“This is the largest single investment we have made in our Thompson operations in the past two decades,” said Mark Travers, Executive Vice-President for Base Metals with Vale. “It is significant news for our employees, for the Thompson community and for the Province of Manitoba.
“The global movement to electric vehicles, renewable energies and carbon reduction has shone a welcome spotlight on nickel – positioning the metal we mine as a key contributor to a greener future and boosting world demand. We are proud that Thompson can be part of that future and part of the low carbon solution.”
Vale continues drilling program at Manitoba
Coupled with today’s announcement, Vale is continuing an extensive drilling program to further define known orebodies and search for new mineralization.
“This $150mn investment is just one part of our ambitious Thompson turnaround story. It is an indicator of our confidence in a long future for the Thompson operations,” added Dino Otranto, Chief Operating Officer for Vale’s North Atlantic Base Metals operations.
“Active collaboration between our design team, technical services, USW Local 6166, and our entire Thompson workforce has delivered a safe, efficient and fit-for-purpose plan that will enable us to extract the Thompson nickel resources for many years to come.”
The Thompson orebody was first discovered in 1956 by Vale (then known as Inco) following the adoption of new exploration technology and the largest exploration program to-date in the company’s history. Mining of the Thompson orebody began in 1961.
“We see the lighting of a path forward to a sustainable and prosperous future for Vale Base Metals in Manitoba,” said Gary Annett, General Manager of Vale’s Manitoba Operations.