Mar 24, 2021

Musk Metals acquires 'Elon' lithium property in Quebec

Musk Metals
Lithium
battery metals
Daniel Brightmore
3 min
Lithium
Canadian junior agrees lithium property purchase to add the battery metal to its gold-focused portfolio...

Musk Metals has announced that it has entered into an agreement to acquire a 100% interest in the prospective “Elon” Lithium property that spans over 245 hectares in the La Corne and Fiedmont townships of Quebec, approximately 40 kilometres north of the mining town of Val d’Or. 

The Property is strategically located approximately 600 meters northeast of the Lithium Amérique du Nord (“North American”) project (formerly Mine Québec Lithium), which produced over 907,000 tonnes of material, at 1.40% Li2O from 1955 to 1965. 

Musk Metals, formerly known as Gold Plus Mining, has no connection to billionaire Elon Musk who is not associated with the company or the project.

The Elon lithium property has excellent infrastructure support with road network, railway, electricity, water, and trained manpower available locally. The Property is located in an active lithium exploration/mining area with several lithium projects in the vicinity (Figure 1). There are several historical and currently active lithium and molybdenum prospects/mines located approximately 3 km to 20 km from the property such as: Lithium Amérique du Nord (now closed mine Quebec Lithium, which was formerly owned by RB Energy 600m to the south), Authier Lithium (owned by Sayona Mining of Australia located 30 km west), Valor Lithium, Duval Lithium, Lacorne Lithium, International Lithium, Vallee Lithium, and Moly Hill.

The Mine Quebec Lithium was in operation from 1955 to 1965 and hosts granitic pegmatites at the contact with granodiorite-mafic volcanic rocks. Mineralization consisted of spodumene, beryl, columbo-tantalite, molybdenite, bismuthinite and lepidolite. A new technical report has been produced by Canada Lithium Corporation based on historical data which is not NI 43-101 compliant. 

The report classified the remaining ore in measured and indicated resources, proven and probable reserves and inferred resources (not NI 43-101 compliant, Stone & Selway, 2009). Authier's deposit is a spodumene-rich pegmatite dyke in a peridotite, itself contained in a volcanic horizon of ultramafic and sedimentary units between two batholiths (Brett & al, 1976). The 2018 updated JORC compliant mineral resource estimate has increased the measured resources, indicated resources and inferred resources.

Musk Metals is planning a two-phase exploration work program includes: data compilation, geological mapping, trenching and sampling in Phase 1 followed by diamond drilling and metallurgical testing in Phase 2.

Musk Metals CEO and Director, Nader Vatanchi commented: "Fueled by the recent shift to electric vehicles, demand for battery metals and materials has skyrocketed. Musk Metals has diversified its portfolio of highly prospective exploration projects to include the “ELON” lithium property as the Company strives to maximize shareholder value by participating in this red-hot space. We are excited to begin work on the Elon property that is located in an active lithium exploration/mining area with multiple projects in proximity.”

The Elon Lithium Property is located in the Lanaudière Formation, which is mostly composed of basalt and mafic volcanoclastic rocks. The Formation is located between a series of E-W dextre inverse fault zones. E-W mafic, ultramafic and gabbroic sills are present on the Property (Figure 3). The Lithium Amérique du Nord project is located about 600 meters southwest of the property and consists in lithium-rich pegmatite veins in a dyke swarm (Stone & Selway, 2009). The Vallée Lithium showing, located about 1,500m to the south, also contain lithium-rich pegmatite veins (Martel, 2012).

The Elon Property contains the three favorable geological features for rare metal pegmatites, such the presence of concordant stacked sills; the presence of a compressed, near vertical, syntectonic mobile zone that is the host of pegmatite intrusion; and dominantly mafic volcanics lithologies as host rocks, often with intercalated metasediments and gabbroic rocks (Pearse & al., 2016).

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May 6, 2021

Copper, iron ore surge as Chinese investors unleash demand

Copper
Iron ore
Renewables
EVs
3 min
Iron ore broke $200 a tonne for the first time, while copper approached a record high as Chinese investors unleashed fresh demand following May holiday

The reopening of major industrial economies is sparking a surge across commodities markets from corn to lumber, with tin climbing above $30,000 a tonne for the first time since 2011 on Thursday.

In the wake of mounting evidence of inflation fuelled by higher raw materials prices, investors are also increasingly focused on when the U.S. Federal Reserve might start throttling back its emergency support.

Copper

Many banks say the rally has further to run, particularly for copper, which will benefit from rising investment in new energy sectors. Copper is at the highest in a decade, fueling bets it will rally further to take out the record set in February 2011. Steel demand is surging as economies chart a path back to growth just as the world’s biggest miners have been hampered by operational issues, tightening ore supply.

“The long-term prospects for metals prices are ‘too good’ and point to higher prices in the next few years,” said Commerzbank AG analyst Daniel Briesemann. “The decarbonization trends in many countries, which include switching to electric vehicles and expanding wind and solar power, are likely to generate additional demand for metals.”

Trading house Trafigura Group and several major Wall Street banks including Goldman Sachs Group Inc. and Bank of America Corp. expect copper to extend gains.

Copper rose as much as 1.6% to $10,108.50 a ton on the London Metal Exchange before trading at $10,080 as of 4:07 p.m. in London.

Bloomberg

Iron Ore

Benchmark spot iron ore prices rose to a record, while futures in Singapore and China climbed.

The boom comes as China’s steelmakers keep output rates above 1 billion tons a year, despite a swath of production curbs aimed at reducing carbon emissions and reining in supply. Instead, those measures have boosted steel prices and profitability at mills, allowing them to better accommodate higher iron ore costs.

Spot iron ore with 62% content hit $201.15 a ton on Thursday, according to Mysteel. Futures in Singapore jumped as much as 5.1% to $196.40 a ton, the highest since contracts were launched in 2013. In Dalian, prices closed 8.8% higher.

Erik Hedborg, Principal Analyst, Steel at CRU Group commented: “Recent production cuts in Tangshan have boosted demand for higher-quality ore and prompted mills to build iron ore inventories as their margins are on the rise. Iron ore producers are enjoying exceptionally high margins as well, around two thirds of seaborne supply only require prices of $50 /dmt to break even.”

China

Still, some analysts including Commerzbank’s Briesemann expect a short-term correction as metals become detached from fundamentals. There’s also a risk that China could engage in policies that may cool demand for iron ore and copper.

The metals rally has boosted concerns about short-term Chinese demand. Some manufacturers and end-users have been slowing production or pushing back delivery times after costs surged, while weaker-than-expected domestic consumption has opened the arbitrage window for exports.

Tin climbed as much as 2% to $30,280 a ton on the LME, boosted by rising orders for the soldering metal. Tin is at the highest since May 2011, with a 48% gain this year making it the best performing metal on the LME.

 


 

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