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Tudor Gold discovers ‘Brucejack-style’ supercell at Treaty Creek’s Goldstorm
Tudor Gold’s (TSXV: TUD) Goldstorm deposit in British Columbia surprised geologists with a high-grade structure called a ‘supercell’ when it updated the resource statement in February, CEO Ken Konkin says in a new video.
“It’s very similar to the tectonic, structural corridor that we discovered at Brucejack,” said Konkin, who helped discover the nearby deposit, now one of the province’s biggest producers. “This is something that’s got three holes through it; some of the grades are 21 grams gold over 4.5 metres, with nice fine-grain visible gold – very good homogeneous distribution....
Read at and get the link for the interview (~8 minutes) at:
https://mailchi.mp/7933ff595045/new-treaty-creek-report-4755065?e=6f11d69fd1
American Creek's JV Partner Tudor Announces Filing of NI 43-101 Technical Report on the Updated Mineral Resource Estimate for the Goldstorm Deposit at the Treaty Creek Project, British Columbia
Cardston, Alberta--(Newsfile Corp. - April 9, 2024) - American Creek Resources Ltd. (TSXV: AMK) (OTCQB: ACKRF) ("the Corporation" or "American Creek") is pleased to announce that project operator and JV partner Tudor Gold ("Tudor") has filed the technical report (the "Report") for the updated Mineral Resource Estimate on the Goldstorm Deposit (the "MRE" or "2024 Treaty Creek MRE") at the flagship Treaty Creek Project (the "Project") located in the Golden Triangle region of British Columbia. The Report is entitled "NI 43-101 Technical Report, Treaty Creek Project, British Columbia", with an effective date of April 5, 2024 and was prepared for Tudor Gold by Garth Kirkham Geosystems and JDS Energy & Mining Inc. ("JDS"). The Report is available under the Tudor's profile on SEDAR at www.sedar.com or from the Tudor's website at www.tudor-gold.com.
Highlights of the 2024 Updated Mineral Resource Estimate for the Goldstorm Deposit:
Increased the Indicated Mineral Resource by 19% in gold equivalent ounces (AuEQ), consisting of a 16% increase in gold (Au), 14% increase in silver (Ag) and 32% increase in copper (Cu).
Indicated Mineral Resource of 27.87 million ounces (Moz) of AuEQ within 730.20 million tonnes (Mt) at a grade of 1.19 g/t AuEQ; comprised of:
21.66 Moz of Au at 0.92 g/t, 128.73 Moz of Ag at 5.48 g/t, and 2.87 billion pounds (Blbs) of Cu at 0.18%.
Inferred Mineral Resource of 6.03 Moz of AuEQ within 149.61 Mt at a grade of 1.25 g/t AuEQ; comprised of:
4.88 Moz of Au at 1.01 g/t, 28.97 Moz of Ag at 6.02 g/t, and 503.23 million pounds (Mlbs) of Cu at 0.15%.
The CS-600 domain, comprised of a monzodiorite intrusive stock and associated gold-copper porphyry system, constitutes a large part of the deposit with an Indicated Mineral Resource of 15.65 Moz of AuEQ within 400.29 Mt at a grade of 1.22 g/t AuEQ; consisting of:
9.99 Moz of Au at 0.78 g/t; and 2.73 Blbs of Cu at 0.31%.
An 58% increase in the AuEQ ounces within the CS-600 domain.
The 2023 drilling improved our geologic understanding of the mineralization in the northern portion of the deposit. The NS-STK Domain was reinterpreted to be a NE-SW trending stockwork and is associated with the 300H Domain mineralization. This system has now been separated into its own mineral domain, named 300N.
Advanced metallurgical studies and refined the pit constrained and underground cutoff grades, increasing the pit constrained cutoff from 0.5 to 0.7 g/t AuEQ and the underground cutoff from 0.7 to 0.75 g/t AuEQ.
Substantially reduced the pit size which eliminated the necessity to remove the glacier and reduced the strip ratio.
The Goldstorm Deposit remains open to the south, north, northeast and at depth.
Read at:
https://us5.campaign-archive.com/?e=6f11d69fd1&u=af629dcbbf88a5932a7e484e3&id=85dda5483c
Thanks chico
Thanks NCT for your recent posts and clarifications (#'s 110285, 112086 112087)
Correction it was not:
ge11's post # 110261 was also helpful
But NCT's post # 110173 04/04/2024
That was very helpful
Thanks NCT for your recent posts and clarifications.
ge11's post # 110261 was also helpful
NCT in your post # 10173 Thursday, April 04, 2024 12:50:09 AM you included
Yes it is nice to see the increase. Unfortunately 2-3 weeks ago I had to raise some funds and had to trade in the US$1.65 range.
Nice video walterc Thanks
Some of my notes:
From Mine to Electric Vehicles
Chinese electric vehicles from a variety of companies will be 20-40 cheaper than their European rivals.
An electric car is essentially a computer on wheels. It needs a lot of IT and a lot of critical raw materials.
Those are two things that China has in large quantities.
Electic Vehicles (EV):
- Require 6 times or more critical metals than a current internal combustion car
- The battery contains LI, Co, Ni
- The motor requires rare earth magnetic materials
- EVs require more than a mile of copper wiring, from ~40 Lbs to ~160Lbs
The first step is the mining and concentrating the ore. This is usually done at or near the mine site.
Then the "ore concentrate" is shipped, often half way around the world, to a plant that processes the ore concentrate into the metal itself.
Unfortunately China, over the last few decades, has invested in the ore bodies around the world and the have also invested in ore processing plants. Now China dominate in the processing of the world's ore concentrates:
- 58% Li
- 65% Co
- 35% Ni
- 40% Cu
- 87% Nd and other Rare Earths
Certainly emphasized the advantages of underground mining instead of an open pit.
Would like to remove the comments about the land sinking because of the mining.
Current state of batteries is that China dominates the production with 77% of world supply.
Battery manufacturing capacity in Europe is growing with 5 countries in the top 10 world wide.
- 77% China
- 6% US
- 6%Poland
- 8% Balance Europe
Full documentary – Made in Europe: from mine to electric vehicle (~ 1 hour).
https://www. youtube. com/watch?v=Qm5YiUgkJew&t=137s
(Edit out the blanks and then copy & paste the link)
American Creek
March 22, 2024
Fundamental Research released a report yesterday stating:
“TUD is the most under-valued gold junior among our list of comparables.”
And we couldn’t agree more!
The full report is free if you sign up to receive Fundamental Research reports by clicking here.
American Creek announced a placement on March 1st, 2024. The placement is at 13 cents, with a half warrant for two years at 15 cents.
AMK is currently trading in the 16.5-18 cent range, gold broke through $2,200 this week, and the Fundamental Research report suggests that “fair value” for gold at Treaty Creek is multiples of its current valuation.
If you are an accredited investor and interested in the placement, please contact Kelvin Burton at (403) 752-4040 or by email at kburton@americancreek.com.
Treaty Creek JV Partnership
American Creek is a proud partner in the Treaty Creek Project.
The project is a Joint Venture with Tudor Gold owning 3/5th and acting as operator. American Creek and Teuton Resources each have a 1/5th interest in the project creating a 3:1 ownership relationship between Tudor Gold and American Creek.
American Creek and Teuton hold fully carried 20% interests, which means no development costs are incurred by these companies until a production notice is issued.
Read more and get access to full report at:
https://mailchi.mp/d304f04f5513/new-treaty-creek-report-4755030?e=6f11d69fd1
Thanks RT for posting this link.
@ 9:00 he talks about the role of the government in financing projects in critical metal and RRE projects
@ 9:20 he gives a strong supporting comment to EXIM and its head about its possible involvement in NioCorp.
Excellent information carsonckid. Thank you very much for posting this.
Chariot
(Thanks to Malcy's Blog Mar 18, 2024 )
Chariot has announced that following detailed discussions with the Board, management, and advisors, it is undertaking a strategic review of Chariot’s Transitional Power division. Transitional Power focuses on providing sustainable power and water solutions in Africa, which includes renewable energy generation projects and electricity trading.
Since 2020, Chariot has built a transitional energy group spanning natural gas, renewables, and green hydrogen. As these divisions have grown, they have increasingly attracted different pools of capital and Transitional Power, which is now focused on the South African energy market, requires funding in the near and medium term to fulfil its potential. Management has been progressing debt and equity financing options at the subsidiary level and has received indications of potential interest from South Africa focused investors to fund the Transitional Power business. Whilst there is no certainty that a funding package will be concluded, management has elected to undertake this review to explore the options available to the Company, which may involve a full or partial sale or demerger of the Transitional Power business or the division remaining part of the Chariot group, with the aim of the strategic review to maximise value for Chariot’s shareholders.
Chariot’s Green Hydrogen division will remain part of the Group and management continues to progress financing options at the subsidiary level.
Whilst there is no guarantee that this strategic review will result in a transaction, management will continue to consider all options and the Company will provide further updates as required.
Adonis Pouroulis, CEO of Chariot:
“I am very proud of our work across our Transitional Power division and wider business over the past three years. In light of the impending funding requirements needed to deliver projects from the portfolio, we believe that launching this strategic review is in the best interests of all stakeholders as we look to realise value from this division whilst enabling it to continue its ongoing growth and development.
This review comes at a time of renewed focus on our near-term natural gas development assets in Morocco with the medium-term ambition of returning capital to shareholders from gas revenues.”
This strategic review of the Transitional Power division is a very smart move indeed by Chariot. As the board explores the potential opportunities such as all or part sale or demerger of this business, they are looking to secure funding to ensure its ongoing growth and development, prevent dilution at the parent listed level, and also importantly renew the Company’s focus on its natural gas development portfolio in Morocco.
Indeed the debt and equity options that are being looked at in the power market operations in South Africa, which itself requires funding in both the near and medium term to fulfil its potential, have been ongoing. But whilst the management has been both progressing internal options and assessing potential funding from third party investors at the subsidiary level they have started to look at different options.
With the way that the Transitional Power Business has grown and showed significant potential into the bargain, financing requirements have naturally developed and are increasingly attracting different sources of capital, with notable mention of interest received from South Africa focused investors. With this in mind, it makes sense to look to explore the options around accessing this funding so, I like this strategic review and it should be a massive positive for the company across the board. It spreads the capital risk but allows significant return from the very substantial portfolio in the gas development business and enables the ongoing growth of the transitional power assets.
AFRICA OIL ANNOUNCES OFFER TO MINORITY SHAREHOLDERS IN IMPACT OIL & GAS
VANCOUVER, BC, March 18, 2024 /CNW/ - (TSX: AOI) (Nasdaq-Stockholm: AOI) – Africa Oil Corp. ("Africa Oil", or the "Company") has made a cash offer ("Offer") to acquire from minority shareholders in Impact Oil and Gas Limited ("Impact") up to 8.0% of the issued shares in Impact. The Offer is made at a price of USD 0.728 per Impact share, for a consideration of up to approximately USD 64 million, which implies a valuation of USD 805 million for 100% of the issued share capital of Impact. Africa Oil currently holds a 31.1% shareholding in Impact. View PDF version
The share purchase is conditional upon completion of the farm down transaction for Impact's Namibia assets announced on January 10, 2024. The Offer is made to select minority shareholders and is open for acceptance until April 5, 2024. Africa Oil is under no obligation to purchase any specific number of shares in Impact.
Africa Oil Chief Executive Officer, Dr Roger Tucker, commented: "The farm down agreement with TotalEnergies materially enhances Impact's investment case for Africa Oil. At no upfront cost, we retain exposure to the Venus development, and to the significant follow-on upside potential on Blocks 2912/2913B. Venus is expected to add significant reserves and production to Africa Oil's portfolio from the late 2020s through the 2030s.
This measured advance in our strategic shareholding strengthens our influence over Impact, in line with our objectives for 2024. These include positioning Africa Oil as the leading Independent E&P company in the Orange Basin, underpinned by its interests held through Impact, and its direct position in Block 3B/4B with a retained 17% interest on the completion of the farm down agreement with TotalEnergies and QatarEnergy, announced on March 6, 2024.
Thanks Nice links about a Niobium based battery.
Thanks for the link. This link includes three talks with Marks Smiths first.
Mark presented a nice talk. At about 8:35 he talks about Gov support and at 9:00 he gives a very nice thank you to EXIM for working on support for NioCorp.
Mark's part ends at 11:06
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=174051901
The Best of Both Worlds – Can You Really Have a District Scale Deposit and High-Grade?
2 days ago Resource World - March 11, 2024
... “If we could have the best of both worlds, we’d have heaven right here on Earth” ... Ken Konkin (President of Tudor Gold – TSX-V: TUD), thinks he may be getting close with the Treaty Creek project on which he just released an updated Mineral Resource Estimate (MRE). That’s because it might just have “the best of both worlds” when it comes to gold deposits: scale and grade.
SCALE:
To be sure, his deposit, called the Goldstorm (an apt name if there ever was one), is a behemoth coming in at 27.87 million ounces (Moz) of AuEQ Indicated at a grade of 1.19 g/t AuEQ with an additional 6.03 Moz of AuEQ Inferred Mineral Resource at a grade of 1.25 g/t AuEQ. All combined, that’s a staggering 26.5 Moz gold, 157.7 Moz silver, and 3.37 billion pounds (Blbs) of Copper. Oh, and apparently, it’s open in all directions! Konkin says that as they’ve been expanding the Goldstorm to the north, the grades continue to increase, which accounts for why the last two MRE updates have increased in both size and grade. He’s expecting more of the same for the 2024 drill program, which is restricted to the summertime as it’s located in British Columbia’s Golden Triangle. “We haven’t come through the center of the system yet,” says Konkin. “The grades are getting stronger.”
The Goldstorm deposit is now one of the largest undeveloped gold deposits in the world and is sandwiched between two other mineralized zones on Treaty Creek of similar potential: the Calm Before the Storm (CBS) and the Perfectstorm (PS) [anyone see a theme emerging here?]. All three are part of a much bigger geological system called the Sulphurets Hydrothermal System (SHS) that also incorporates the KSM deposits (Seabridge Gold – TSX: SEA), which host the largest undeveloped gold deposit in the world by reserves. Talk about potential.
GRADE:
As it turns out, the Goldstorm is actually comprised of four major domains and three minor ones, and the latest one, called the Supercell One (SC-1) [sticking with the theme here], has about ten times the system’s average grade. While they haven’t defined it yet, so far, it stretches over 500 meters and has intercepts like 15.64 g/t AuEq over 15m, 9.96 g/t AuEq over 25.5m, and 10.07 g/t AuEq over 12m.
Like the rest of the system, the grades of the SC-1 are getting richer as they approach a major fault to the north. It’s suspected that this fault is a primary source of the mineralization which disseminated as it flowed to the south. The drilling at Goldstorm started in the south and the grades have increased consistently as it’s been drilled further north each year. The upcoming fault, approximately 500m further north, could be the northern boundary of the deposit, but if the past is the best indicator of the future, the grades will increase to that point.
Konkin thinks that the SC-1 could already represent anywhere between two and a half to three million ounces of high-grade gold and that it’s likely there are several “Supercells” to be discovered as they approach the fault, they think is a primary source of these metals.
“Not only do we have this broad, very consistent, homogeneous, porphyry style mineralization, we have… think of a thunderstorm with lightning bolts going through it like a supercell going through a thunderstorm. We have several lightning bolts. These (bolts) are post Goldstorm deposit, energized, enriched gold events coming through (the deposit),” states Konkin.
Konkin points out that the high grades of the SC-1 zone are not included in the MRE. At this stage, they don’t know how big the SC-1 is, or how many supercells there are, for that matter. The 2024 drill program should help answer that as it’s been designed to reveal what lies in the last 500m before the fault. If Konkin is right about it potentially containing millions of ounces of gold at something north of 10 g/t AuEq, it could already be a game changer for the upcoming Preliminary Economic Assessment (PEA) that Tudor gold is working towards.
Read at:
https://resourceworld.com/the-best-of-both-worlds-can-you-really-have-a-district-scale-deposit-and-high-grade/
The Best of Both Worlds – Can You Really Have a District Scale Deposit and High-Grade?
2 days ago Resource World - March 11, 2024
... “If we could have the best of both worlds, we’d have heaven right here on Earth” ... Ken Konkin (President of Tudor Gold – TSX-V: TUD), thinks he may be getting close with the Treaty Creek project on which he just released an updated Mineral Resource Estimate (MRE). That’s because it might just have “the best of both worlds” when it comes to gold deposits: scale and grade.
SCALE:
To be sure, his deposit, called the Goldstorm (an apt name if there ever was one), is a behemoth coming in at 27.87 million ounces (Moz) of AuEQ Indicated at a grade of 1.19 g/t AuEQ with an additional 6.03 Moz of AuEQ Inferred Mineral Resource at a grade of 1.25 g/t AuEQ. All combined, that’s a staggering 26.5 Moz gold, 157.7 Moz silver, and 3.37 billion pounds (Blbs) of Copper. Oh, and apparently, it’s open in all directions! Konkin says that as they’ve been expanding the Goldstorm to the north, the grades continue to increase, which accounts for why the last two MRE updates have increased in both size and grade. He’s expecting more of the same for the 2024 drill program, which is restricted to the summertime as it’s located in British Columbia’s Golden Triangle. “We haven’t come through the center of the system yet,” says Konkin. “The grades are getting stronger.”
The Goldstorm deposit is now one of the largest undeveloped gold deposits in the world and is sandwiched between two other mineralized zones on Treaty Creek of similar potential: the Calm Before the Storm (CBS) and the Perfectstorm (PS) [anyone see a theme emerging here?]. All three are part of a much bigger geological system called the Sulphurets Hydrothermal System (SHS) that also incorporates the KSM deposits (Seabridge Gold – TSX: SEA), which host the largest undeveloped gold deposit in the world by reserves. Talk about potential.
GRADE:
As it turns out, the Goldstorm is actually comprised of four major domains and three minor ones, and the latest one, called the Supercell One (SC-1) [sticking with the theme here], has about ten times the system’s average grade. While they haven’t defined it yet, so far, it stretches over 500 meters and has intercepts like 15.64 g/t AuEq over 15m, 9.96 g/t AuEq over 25.5m, and 10.07 g/t AuEq over 12m.
Like the rest of the system, the grades of the SC-1 are getting richer as they approach a major fault to the north. It’s suspected that this fault is a primary source of the mineralization which disseminated as it flowed to the south. The drilling at Goldstorm started in the south and the grades have increased consistently as it’s been drilled further north each year. The upcoming fault, approximately 500m further north, could be the northern boundary of the deposit, but if the past is the best indicator of the future, the grades will increase to that point.
Konkin thinks that the SC-1 could already represent anywhere between two and a half to three million ounces of high-grade gold and that it’s likely there are several “Supercells” to be discovered as they approach the fault, they think is a primary source of these metals.
“Not only do we have this broad, very consistent, homogeneous, porphyry style mineralization, we have… think of a thunderstorm with lightning bolts going through it like a supercell going through a thunderstorm. We have several lightning bolts. These (bolts) are post Goldstorm deposit, energized, enriched gold events coming through (the deposit),” states Konkin.
Konkin points out that the high grades of the SC-1 zone are not included in the MRE. At this stage, they don’t know how big the SC-1 is, or how many supercells there are, for that matter. The 2024 drill program should help answer that as it’s been designed to reveal what lies in the last 500m before the fault. If Konkin is right about it potentially containing millions of ounces of gold at something north of 10 g/t AuEq, it could already be a game changer for the upcoming Preliminary Economic Assessment (PEA) that Tudor gold is working towards.
Read at:
https://resourceworld.com/the-best-of-both-worlds-can-you-really-have-a-district-scale-deposit-and-high-grade/
Why can't NioCorp reel one of these in?. Sure hope EXIM comes through soon.
Thanks RT This is the announcement that I was referring to:
My apologies The_Gman I would suggest an additional item. Unfortunately I couldn't locate my recent posting where this recent/current conference was referenced and MS, at the end, mentioned that NioCorp had passed/completed the first 3 Exim evaluation steps (if my memory serves me). Can't find it on the NioCorp website news releases either.
Thanks for the info.
Any chance for a link to MS's talk?
Thanks for the link RT
Another free enterprise firm impacted by China's actions in the world market and product pricing.
Another free enterprise company significantly impacted by China's actions in the world market and product pricing
FIREWEED METALS CORP.
March 11, 2024
Vancouver, British Columbia: FIREWEED METALS CORP. (“Fireweed†or the “Companyâ€) (TSXV: FWZ; OTCQX: FWEDF; FSE: M0G) is pleased to announce its upgrade from the OTCQB® Venture Market to the OTCQX® Best Market (“OTCQXâ€), a top-tier public market in the United States. As of today, Fireweed's common shares are actively trading on OTCQX under the trading symbol "FWEDF." This significant step underscores the Company's commitment to accessibility for U.S. investors, aligning with the high standards set by OTCQX.
Africa Oil and Eco (Atlantic) Oil & GasAfrica Oil
Thanks to: Oilman Jim's Letter - 10 March 2024
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Interesting news from a number of companies last week. Eco (Atlantic) Oil & Gas (EOG.V ECAOF ECO.L EOI.F) announced it has signed a farm out agreement pursuant to which it will farm out a 13.75% participating interest in Block 3B/4B, offshore South Africa as part of an aggregate 57% farm down transaction along with its JV partners, Africa Oil (AOI.TO AOIFF AFZ.F) and Ricocure. Farmees are TotalEnergies (TTE TTE.L), which will become operator, and QatarEnergy. Upon completion, Eco will retain a 6.25% interest. The transaction has a maximum value, including carry, of up to US$32.1 million to Eco, which includes payments due to Eco from Africa Oil and Ricocure under previously announced agreements. The carry is expected to be adequate to fund Eco's share of drilling up to two wells on the licence.
Africa Oil and Eco (Atlantic) Oil & GasAfrica Oil
Thanks to: Oilman Jim's Letter - 10 March 2024
Welcome to Oilman Jim’s Letter. If you’re not already on the list, please subscribe to the newsletter below.
Upgrade to paid
Interesting news from a number of companies last week. Eco (Atlantic) Oil & Gas (EOG.V ECAOF ECO.L EOI.F) announced it has signed a farm out agreement pursuant to which it will farm out a 13.75% participating interest in Block 3B/4B, offshore South Africa as part of an aggregate 57% farm down transaction along with its JV partners, Africa Oil (AOI.TO AOIFF AFZ.F) and Ricocure. Farmees are TotalEnergies (TTE TTE.L), which will become operator, and QatarEnergy. Upon completion, Eco will retain a 6.25% interest. The transaction has a maximum value, including carry, of up to US$32.1 million to Eco, which includes payments due to Eco from Africa Oil and Ricocure under previously announced agreements. The carry is expected to be adequate to fund Eco's share of drilling up to two wells on the licence.
Thanks for the link ge11
Chariot
Thanks to Malcy's blog
3/11/24
Chariot has announced the completion of the Feasibility Study for the large-scale green hydrogen project “Project Nour” in Mauritania which has now been presented to the Government of Mauritania. Project Nour is equally owned through a 50%/50% partnership between Chariot’s fully owned subsidiary Chariot Green Hydrogen and TE H2, a company co-owned by TotalEnergies and EREN Group, and is being developed with the support of Mauritania’s Ministry of Petroleum, Energy and Mines.
Highlights:
· Further definition of the scale and viability of the project, building on the Pre-Feasibility Study completed in 2022 which confirmed that with up to 10 GW of electrolysis installed, Project Nour could become one of the largest green hydrogen projects globally
· Intention to execute a phased development with a first phase renewable capacity of 3 GW, powering up to 1.6 GW of electrolysis capacity, to produce 150 kt of green hydrogen per annum
· Offtake possibilities: domestic use for green steel production and export of green ammonia
· Geographical proximity to Europe and existing deep-sea port at Nouadhibou provides favorable export options
· Sustainable economic development with local content plan aimed at maximizing employment and business opportunities in Mauritania
· Completed in compliance with Equator Principles and IFC Performance Standards
· Next steps include completion of investment framework, engineering conceptual study and offtake negotiations
H.E. Minister Nani Chrougha of the Mauritanian Ministry of Petroleum, Mines and Energy, commented:
“With the completion of the feasibility study of Project Nour, Mauritania has just taken an important step forward on the path to realising its green hydrogen ambitions. We are fully committed to the development of this sector, our aim is to be the largest producer and exporter of hydrogen on the African continent and we believe that Project Nour could support this objective.
We are pleased to have recently received considerable, high-level support from the European Commission, with Mauritania being selected as a key partner in the EU’s Global Gateway initiative for future hydrogen exports and green steel production. This highlights opportunities that will be mutually beneficial in the long term. Our will is firm to continue to coordinate with our partners and encourage the industry through the development of major energy projects such as Nour.”
Laurent Coche Chariot Green Hydrogen CEO commented,
“This Feasibility Study further corroborates how important this project stands to be within the context of the future green hydrogen market. Nour’s size and scale has the potential to have a material impact both as a domestic and export producer and we are proud to have set the development along this path. With TE H2 and the Government we will continue to look at how best to bring it into production to maximise value in the near and long term for the benefit of all stakeholders.”
So, this is the project that comes from the partnership between Chariot and TotalEren and is proving that the feasibility study can show the significant potential of the green hydrogen market, here in Mauritania with the support of the Ministry of Petroleum, Energy and mines.
Chariot has said that they would develop their renewables concept and this is one of the first to come out of the lab, once more are underway they expect to be largest producer and exporter of hydrogen in Africa and with the Project Nour they have a multi phase, development in renewables.
Chariot have proved that they can get to the forefront of the transition to renewables projects in Africa and this announcement can be seen to be proof of that. With this and so much news coming up across the company over the next few months Chariot looks set to deliver in many areas of the industry.
In the February 26, 2024 issue of BusinessWeek, page 28 is an article “ The US Races to Rebuild Its Metals Stockpile”. ( Good luck on finding it on the bloomberg.com website)
It is a very good article about the problem we are faced with in critical metals. Quite a bit of discussion on the situation that Cobalt is in, with Jervois Global Ltd shutting down its Idaho mine just as it was ready to start producing Co ore because of the dropping price of Cobalt.
Relative to the Government becoming financially involved in critical metals supply chains:
Halifax, Nova Scotia (March 4, 2024) – Ucore Rare Metals Inc. (TSXV: UCU) (OTCQX: UURAF) (“Ucore” or the “Company”) is pleased to report that it has completed the second milestone outlined in its US$4 million Other Transaction Agreement (the “OTA”) with the US Department of Defense (the “DoD”) at the Company’s Commercialization and Demonstration Facility (“CDF”) in Kingston, Ontario, utilizing its 52-Stage RapidSX™ Demonstration Plant (“Demo Plant”) for the separation of mixed heavy and light rare earth elements (“REE”) chemical concentrate feedstocks – i.e., mixed rare earth oxides (MREOs) and carbonates (MRECs).
NioCorp: China's Critical Minerals Leverage Over the U.S. is at Dangerous Levels
CENTENNIAL, Colo. – March 7, 2024 – Mark A. Smith, CEO and Executive Chairman of NioCorp Developments Ltd. ("NioCorp" or the "Company") (NASDAQ:NB) (TSX:NB) believes that China's critical minerals leverage over the U.S. is at dangerous levels and gives China the ability to quickly hobble U.S. manufacturing for many military and clean energy technologies. Mr. Smith will warn senior U.S. officials of these dangers at a high-profile conference in Washington, D.C. on March 12, 2024 and will urge that the U.S. government more aggressively encourage greater U.S. critical mineral development on a fast-track basis.
NioCorp's Elk Creek Critical Minerals Project will be highlighted at the event, which will be held in Washington, D.C. on March 12-13, 2024 (see https://safesummit.org/). Joining Mr. Smith in making presentations at the conference are Rita Jo Lewis, Chair of the Board of the Export-Import Bank of the U.S. ("EXIM"); Jennifer Granholm, Secretary of the U.S. Department of Energy; Amos Hochstein, Senior Advisor to President Biden for Energy and Investment; senior officials from the U.S. International Development Finance and U.S. State Department; Members of Congress; and senior executives from a broad cross section of industries. The conference is expected to attract coverage by national and international news media outlets.
EXIM is currently engaged in processing an application by NioCorp for up to $800 million in debt financing for the Elk Creek Project. EXIM has advanced NioCorp's application past the first of three Transaction Review Committee reviews and is now conducting due diligence analyses of the Project.
Read more at:
https://mailchi.mp/niocorp.com/niocorp-chinas-critical-minerals-leverage-over-the-us-is-at-dangerous-levels?e=a994b680bf
Eco (Atlantic) Oil & Gas
Thanks to Malcy's blog
March 7, 2024
Eco (Atlantic) has announced it has signed a Farmout Agreement pursuant to which Azinam Limited, its wholly owned subsidiary, will farm out a 13.75% Participating Interest in Block 3B/4B, offshore the Republic of South Africa as part of an aggregate 57% farm down transaction along with its Joint Venture Partners Africa Oil SA Corp. and Ricocure (Proprietary) Limited to TotalEnergies EP South Africa B.V., who will become Operator and QatarEnergy International E&P LLC.
Upon completion of the Transaction, Eco will retain a 6.25% interest in Block 3B/4B.
Transactions Highlights:
Maximum transaction value, including carry, of up to US$32.1m to Eco, which includes payments due to Eco from Africa Oil and Ricocure under previously announced agreements as detailed below:
· As a result of the 6.25% farm out transaction with Africa Oil, announced on 11 July 2023, Eco will receive up to US$5.5m in two payments, US$4m on Completion of the Transaction, as defined below, and a further US$1.5m on spudding of the first exploration well, and US$1.2m due from Ricocure pursuant to the original Azinam – Ricocure 2019 farm out agreement due on Completion.
· TotalEnergies and QatarEnergy transaction will deliver, subject to achieving certain milestones, staged cash payments, comprising a total cash payment of US$11.92m of which US$1.92m is payable at Completion and the remaining balance in two equal successive payments, conditional upon receipt of customary regulatory approvals and the balance on spudding of a first exploration well.
· Eco will also receive a full carry of its 6.25% retained share of all JV costs, up to a cap, repayable to TotalEnergies and QatarEnergy from production, which is expected to be adequate to fund the Company’s share of drilling for up to two wells on the licence.
Gil Holzman, Co-founder and Chief Executive Officer of Eco Atlantic, commented:
“We are delighted to have signed this agreement with TotalEnergies and QatarEnergy. Block 3B/4B sits in one of the most prolific and exciting areas in the world for offshore oil and gas exploration and development. The decision by two of the largest energy companies globally to farm into this licence is strengthened by their significant understanding of the Orange basin, having made the Venus large light oil discovery just recently north of the basin in Namibia.
“I would like to thank our partners at Africa Oil and Ricocure for their cooperation and jointly negotiating this farm out agreement. We now look forward to working closely with the government of South Africa and our new partners on the exploration licence to prepare first drilling.”
This too is a very good deal, a strategic fit if ever there was one which leaves Eco in a very strong position in South Africa with Total and Qatar as partners. Indeed as partners Total fit the bill down to a T, they have immense knowledge of the petroleum system, are involved in blocks 5,6 and 7 as well as deep water blocks and now have two rigs of its own in the area one of which is earmarked for the Orange Basin.
This is the biggest deal Eco has done, a great deal of money brought in in a number of payments including the spud of an exploration well and more importantly a full carry of all its JV costs repayable from production. But this is a smart deal in more than one way than one, with its 6.25% Eco will be in a very strong position in one of the best post codes in international oil exploration.
The 4 billion barrels in the CPR mean that even 6.25% of that really ‘moves the needle’ in any valuation of Eco, they are kushti in that after any discovery and payback they have the put and the call. My guess is that Qatar would buy more of the block so would be a natural buyer at a premium or Eco could just hunker down and watch the value rise.
Once this has been done Eco have the small matter of their acreage in Namibia to farm-out and with the interest locally interest may be substantial. Finally the company are doing a formal farm-out process with regard to their Orinduik block in Guyana where current interest is also very keen.
Eco shares are up very modestly today, it will take a while for the market to work out quite how valuable they are after this deal and I’m sure that will come with time, they stay in the bucket list out next week.
AFRICA OIL ANNOUNCES STRATEGIC FARM DOWN AGREEMENT FOR ITS ORANGE BASIN BLOCK 3B/4B
VANCOUVER, BC, March 6, 2024 /CNW/ - (TSX: AOI) (Nasdaq-Stockholm: AOI) – Africa Oil Corp. ("Africa Oil", or the "Company") is pleased to announce its wholly-owned subsidiary, Africa Oil SA Corp. ("AOSAC") has signed a strategic farm down agreement ("Agreement") with TotalEnergies EP South Africa B.V. ("TotalEnergies") and QatarEnergy International E&P LLC ("QatarEnergy") for the Orange Basin Block 3B/4B, offshore South Africa. Through AOSAC, the Company currently has an operated 26.25% interest in Block 3B/4B and has entered the Agreement jointly with its partners Eco (Atlantic) Oil & Gas Limited ("Eco") and Ricocure (Proprietary) Ltd ("Ricocure"), through their respective subsidiaries. View PDF version
On completion of the transaction, Africa Oil will retain a 17.00% interest and the operatorship of Block 3B/4B will transfer to TotalEnergies.
Transaction Highlights:
Maximum transaction value of up to $46.8 million to Africa Oil.
Africa Oil will receive, subject to achieving certain milestones defined in the Agreement, staged payments for a total cash amount of $10.0 million, of which $3.3 million is payable at Completion, as defined below, and the remaining balance in two successive payments conditional upon achievement of key operational and regulatory milestones.
Africa Oil will also receive a full carry of its 17.00% retained share of all JV costs, up to a cap, that is repayable to TotalEnergies and QatarEnergy from production, and which is expected to be adequate to fund the Company's share of drilling for up to two wells on the licence.
Completion of the Agreement ("Completion") is subject to the satisfaction of customary conditions precedent, including approvals from the government of South Africa.
Africa Oil Chief Executive Officer, Dr Roger Tucker, commented: "Attracting TotalEnergies and QatarEnergy as our new partners in Block 3B/4B is an endorsement of the exploration potential of the block. These opportunities are on trend with the discoveries in Namibia's Orange Basin, including Venus in Block 2913B. Both companies have deep geological knowledge of the basin with successful nearby discoveries. TotalEnergies, as the new operator, also brings extensive deepwater drilling and development expertise.
Africa Oil has an unrivalled position amongst its Independent E&P peer group in this world-class basin. This includes our indirect interest in the Venus discovery and the on-going appraisal and exploration campaign on Block 2913B."
Go to website to read more.
AFRICA OIL ANNOUNCES DECLARATION OF DIVIDEND DISTRIBUTION AND THE DATE OF ITS AGM MEETING
VANCOUVER, BC, March 4, 2024 /CNW/ - (TSX: AOI) (Nasdaq-Stockholm: AOI) – Africa Oil Corp. ("Africa Oil", or the "Company") is pleased to announce that its Board of Directors has declared the distribution of the Company's semi-annual cash dividend of US$0.025 per common share. This dividend will be payable on March 28, 2024, to shareholders of record at the close of business on March 8, 2024. This dividend  qualifies as an 'eligible dividend' for Canadian income tax purposes. View PDF version
Petro Matad provided the following operational update on Friday
Thanks to Malcy's blog
March 4, 2024
Key Company Updates
· The Company has had its application for land access for 2024 operations approved by the Matad District Committee. A land use agreement is now being prepared which, once signed, will allow 2024 operations to go ahead commencing with completion operations on the Heron 1 well.
· The Company continues to push the Government to complete the regulatory formalities to confirm Block XX as State Special Purpose Land and understands and shares the frustration felt by shareholders. The continued refusal of the Provincial Governor to sign off on a Tripartite Agreement which has already been approved by the Ministry of Mining and Heavy Industry (MMHI) and the Central Land Agency has been raised by the Company with all relevant agencies and also at the highest levels in the Mongolian Government.
· Petro Matad is pleased to be the chosen contractor for the two areas for which it submitted applications in the 2022/23 Exploration Tender Round. The award of new acreage is now expected to be made after the 2024 Mongolian Parliamentary elections in the middle of this year.
Operational Update
Block XX local level land use approval: In light of the ongoing delays in the completion of the process by which the Company’s Exploitation Area is being confirmed as State Special Purpose Land, the Company has engaged with the District authorities to secure local level approval of land usage. At a meeting of the Matad Citizens’ Representatives Committee at the end of February the Company’s application for land use in 2024 was approved. This approval covers all the areas in which the Company wishes to operate during the year. The approval means that the land use agreement can now be prepared and signed by the District authorities and by the Company and it will allow our planned operational activities to go ahead whilst the Special Purpose Certification process is completed. We are hopeful that the Provincial authorities, who are holding up the Special Purpose Certification of the Exploitation Area, will not disrupt in any way the District’s approval process, but we remain vigilant.
The Company is now stepping up the planning for operations to complete the Heron 1 well for production once the contractors re-mobilise after the winter hiatus and as soon as they can make available their crews and equipment. Discussions with PetroChina for transport, processing, storage, export and sale of the Company’s early production are also ongoing.
State Special Purpose Certification process status: A number of regulatory steps were required to be completed by the Government covering the granting and management of State Special Purpose Land. As reported previously, a key part of this is a Tripartite Agreement between the Central Land Agency, MMHI and the Governor of Dornod Province. The Governor is still withholding his signature, now on the basis of a partial overlap of the Block XX Exploitation Area with a provincial Protected Area as he claims it breaches the principle of no overlaps in areas for specific land use.
The Block XX PSC was signed in 2006 and the provincial Protected Area was not declared by the province until 2014, so it is the province that is in beach of the no overlap principle. Furthermore, the Land Law allows the central Government to take such land for State Special Purpose use, so this overlap should not be an obstruction to the certification process. Heron 1 and the other locations that the Company wishes to work on in 2024 are not within the overlapped area.
The Company has raised this issue formally with government agencies and ministers including: the Mineral Resources and Petroleum Authority of Mongolia, MMHI, Ministry of Economic Development, Central Land Agency, Deputy Prime Minister, Prime Minister and the President.
The Government needs to complete this process and Petro Matad is pushing hard for this to be done.
New acreage: As previously reported, the Company was selected as the preferred contractor for the two blocks for which it submitted applications. Despite setting an aggressive timetable for completion of the negotiations and award of the Production Sharing Contracts, the government is now not expected to make the awards until after the 2024 parliamentary elections which take place in the middle of this year. This new timeframe is not critical as the Company intends to focus all of its operational activity on Block XX in 2024.
Mike Buck, CEO of Petro Matad, said:
“We are very pleased that Matad Soum has approved our application for 2024 land access and we are following up as a matter of priority to finalise and sign the land use agreement. With that being said, we are extremely frustrated with the continued delay to the State Special Purpose Certification process and we continue to push to get this resolved.
The diligent efforts of our Government and Community Relations teams have facilitated this progress on land access and we are grateful to the Matad Citizens’ Representatives Committee for its favourable hearing of our application and for its approval.”
Further operational updates will be provided in due course.
This pantomime continues, land access for 2024 operations has been approved so that the Heron 1 well can be completed and commence production but regulatory formalities still appear to be stalled with regard to the protected area.
And as for submitting applications in the 2022/23 Tender round they will be held after the 2024 elections…
Thanks Wagner. That link is very helpful, appreciate your posting it every so often.
Might want to look at ECAOF and PCOGF for Namibia and Guyana other plays