Ximen Mining acquires Running Wolf gold property
Ximen Mining Corp. has acquired the Running Wolf gold property located 20kms west of Cranbrook in the Fort Steele Mining Division in southern British Columbia.
The Running Wolf and Quartz Mountain properties lie within the Cranbrook Gold Belt (also known as the Kimberley Gold Trend), a zone that extends southwestward from the Northern Hughes Range, crossing the Rocky Mountain trench, into the western part of the Purcell Mountains.
Alluvial gold placer mining is estimated to have recovered 10 million oz of gold from streams in the East Kootenay area centred on Quartz Mountain since discovery of gold in 1864, and mining has continued since. Exploration for lode gold sources to the alluvial placers has been ongoing for a century.
The Running Wolf claims cover three known mineral occurrences, including Rome & Valley, Running Wolf and Gold. Historic records indicate that at Rome & Valley, two or more large quartz veins occur in a fault zone and contain pyrite and galena.
One vein has been traced 470 metres and varies in width from 0.6 to 7.6 metres. Samples of mineralized vein material are reported to have assayed from 1.08 to 19.55 grams per tonne gold. At the Running Wolf prospect, historic workings consist of five adits.
The main adit exposes three veins, each about 10 metres wide. Surface grab samples of the vein are reported to assay up to 35.0 grams per tonne gold. DDH 1985-8 intersected the No.1 vein in a sheared quartzite and assayed 2.0 grams per tonne gold over 2.0 metres. At the Gold prospect, an alteration zone in quartz phyllite is reported to have assayed 0.24 grams per tonne gold over 3.5 m.
Copper production from top ten companies to increase by 3.8%
Copper production from the world’s top companies is set to increase by up to 3.8% this year, following a fall of 0.2% in 2020, GlobalData analysis reveals. Last year’s marginal slump saw production drop to 11.76 million tonnes (Mt).
The initial impact of the COVID-19 pandemic on mining operations was immense, however, six of the ten largest copper producers succeeded in increasing output last year. In 2021, copper production from the top ten copper companies is expected to bounce back, rising by up to 3.8%, to reach 12.2Mt, according to GlobalData, a leading data and analytics company.
The highest increase in copper production was by Canada’s First Quantum, which, despite all the challenges, reported 10.4% growth in 2020. The company’s Sentinel mine in Zambia and Cobre Panama were key contributors to this growth. While the latter remained under care and maintenance between April and August 2020, it delivered record production levels during the subsequent months.
Codelco, the world’s largest producer of the red metal used in electric vehicles, also bucked the trend.
Vinneth Bajaj, Associate Project Manager at GlobalData, commented: “Despite Codelco reporting over 3,400 active cases during July 2020, the company achieved 1.2% growth in its production in 2020. The company implemented a four-phase plan, as part of the COVID-19 measures, to ensure the health and safety of its employees, while also avoiding any significant impact to its copper output.”
Although the overall impact was minimal, declines in production were observed from Glencore (8.2%), Antofagasta (4.7%), BHP (3.9%) and Freeport McMoRan (1.3%). Reduced operational workforces due to COVID-19 measures, lower ore grades and production halts due to maintenance were the key disruptors to output during 2020.
The move towards electric vehicles and clean energy from renewables sources such as solar panels and wind turbines has driven the copper price to all-time highs. Copper has been among the best performers over the last month where metals ranging from aluminum to iron ore have surged to their highest prices in years. The rally is being fueled by stimulus measures, near-zero interest rates and signs that economies are recovering from the global pandemic.