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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
Thank you for this and all of your other posts.
Eco (Atlantic) Oil & Gas
Eco has announce its results for the three and nine months ended 31 December 2023.
Highlights:
Financials (as at 31 December 2023)
· The Company had cash and cash equivalents of US$2.2 million and no debt as at 31 December 2023.
· The Company had total assets of US$49.9 million, total liabilities of US$1.6 million and total equity of US$48.3 million as at 31 December 2023.
Operations:
South Africa
Block 2B
· Eco has applied for a Production Right Application to the Petroleum Agency of South Africa, for Block 2B, and continues to assess opportunities available to deliver value from this licence for the benefit of stakeholders.
Block 3B/4B
· The JV partners continue to actively progress a farm out in conjunction with preparations for a two well drilling campaign on the Block. Further updates will be made as appropriate.
Post-period end
· On January 22, 2024, Eco’s wholly owned subsidiary, Azinam Limited, received final government approval for the farm out of its 6.25% Participating Interest in Block 3B/4B to Africa Oil Corp. announced on 11 July 2023. As per the teams of the Assignment and Transfer Agreement, Eco received further payment of $2.5m from Africa Oil.
Namibia
· Following continued drilling success in the area, Eco continues to receive significant interest in its strategic acreage position in Namibia.
· The Company continues to assess farm out opportunities with its four licences in the region and will update the market further as appropriate.
Guyana
· As previously announced, on November 15, 2023, the Company received approval for the transfer of 60% Working Interest and Operatorship in the Orinduik Block, offshore Guyana, from the government.
· Within the period, Eco became Operator of the Orinduik Block, holding, in aggregate, a 75% Participating Interest via Eco Orinduik (60%) and Eco (Atlantic) Guyana Inc (15%), following the closing of the acquisition of Tullow Guyana B.V.
· A formal farm-out process for the Orinduik Block is underway and the Company will provide further updates as appropriate.
· Guyana remains one of the most prolific hydrocarbon basins in the world, continuing to yield sizable discoveries and attracting high levels of interest for exploration assets.
Post-period end
· On January 22, 2024, Eco Orinduik gave notice to the Minister of Natural Resources of the Cooperative Republic of Guyana to enter the Second Phase of the Second Renewable Period of the Orinduik License effective as of January 2024 and TOQAP’s decision to relinquish its 25% WI. As a result, Eco currently holds 100% WI in the Block.
Gil Holzman, President and Chief Executive Officer of Eco Atlantic, commented:
“Each asset within our exploration portfolio yields exciting opportunities and I am pleased to report continued progress across all fronts. Notably, government approval of our farm-out agreement of our 6.25% Participating Interest in Block 3B/4B to Africa Oil has strengthened our cash position as we continue preparations for a two well drilling campaign on the Block and progress farm out discussions.
“Guyana remains one of the most important hydrocarbon provinces in the world and Eco’s position has been strengthened by its increased Working Interest in the Orinduik Block. We have seen a great deal of interest from a number of oil and gas players as we progress a formal farm out process.
“Eco continues to benefit from its position in Namibia, which sits close to some of the largest oil discoveries in 2023, an area that we expect will see further excitement and activity over the course of this year, which will aid our farm out process.
“The end of the period was marked by dynamic activity across our portfolio and we remain excited about the potential for the remainder of 2024.”
Well there is not much in this announcement that wasn’t already in the market, historic figures are just that and as for the portfolio it is all about partnering. In South Africa, having already farmed-out 6.25% of Block 3B/4B to Africa Oil and benefited the cash flow they are looking to find another buyer as well as preparing for a two well drilling campaign.
In Namibia the company report ‘significant interest’ in their strategic acreage position, here too Eco are looking to farm-out of its four licences in the area. I have heard so many stories about other wells drilled in the country with varying degrees of success that the proof of this particular pudding will undoubtedly be in the eating.
Finally, one way or another Eco has its now 75% stake in the Orinduik Block in Guyana as well as operatorship to play with. The formal farm-out procedure is underway and whilst Guyana remains a very hot post code since the huge success of Exxon amongst others, there are plenty of hurdles before that long awaited drilling programme reappears.
Eco is standing on the verge of a most exciting time, I would suggest that unlike in the old days it is Africa which is hottest of properties and South Africa within that, either way any prospect of seeing the signature on a farm-out document would result in the much needed increase in the share price, at below 10p a share Eco is ludicrously good value and with news flow surely imminent?
Well I guess the presentation was OK. Unfortunately the acoustics in the room made it impossible to understand. The graphics were too small to read.
I guess a lot of people were not impressed by the numbers and future because the share price really took a hit.
Appia Reports High-Grade Total Rare Earth Oxide Results up to 22,339 ppm or 2.23% on Diamond Drill Hole #1 Within Target IV at PCH IAC Project, Brazil
TORONTO, ON, February 26th, 2024, Appia Rare Earths & Uranium Corp. (the “Company†or “Appiaâ€) (CSE: API) (OTCQX: APAAF) (FWB: A0I0) (MUN: A0I0) (BER: A0I0) announces results from its 2023 Diamond Drill Hole (DDH) #1 in the NE zone within Target IV at its PCH IAC REE project in Brazil. The exploratory drill hole aimed to assess the continuity of the alkali breccia present through depth, reaching a total depth of 243.25 metres and collar coordinates 480,250.3E 8,193,820.9N (Datum SIRGAS 2000 ZONE 22S). Results have revealed a true thickness of approximately 217 metres, inclined at -63 degrees.
Stephen Burega, President, commented, "The findings from the ionic clay and saprolite weathered profile on PCH-DDH-001 underscore the exceptional potential of the target zone. The weathered profile along the hole extended to approximately 20 meters of true thickness yielding concentrations of 5,548 ppm or 0.55% Total Rare Earth Oxide (TREO), 1,420 ppm or 0.14% Magnet Rare Earth Oxide (MREO). The results confirm the ultra-high-grade nature of the upper levels, including concentrations reaching up to 22,339 ppm or 2.23% TREO, 6,204 ppm or 0.62% MREO, and 2,074 ppm or 0.21% Heavy Rare Earth Oxide (HREO) across 2 metres from a depth of 2 m to 4 m.â€
Highlights:
Composite results across 243.25 metres:
1,901 ppm or 0.19% TREO including 457 ppm or 0.05% MREO, 143 ppm or 0.01% HREO, and 1,757 ppm or 0.18% Light Rare Earth Oxide (LREO).
Composite results from 0-22.25 metres:
5,548 ppm or 0.55% TREO including 1,420 ppm or 0.14% MREO, 460 ppm or 0.05% HREO, and 5,099 ppm or 0.50% LREO.
Composite results 0-9 metres:
10,247 ppm or 1.02% TREO, 2,672 ppm or 0.27% MREO, 867 ppm or 0.09% HREO, and 9,380 ppm or 0.94% LREO, including:
22,339 ppm or 2.23% TREO, 6,204 ppm or 0.62% MREO, 2,074 ppm or 0.21% HREO, and 20,265 ppm or 2.03% LREO (from 2-4 m).
Composite results 25.50-52.00 metres:
2,168 ppm or 0.22 % TREO, 518 ppm or 0.05% MREO, 153 ppm or 0.01% HREO, and 2,015 ppm or 0.20% LREO.
Composite results 58.00-140.00 metres:
1,648 ppm or 0.16 % TREO, 378 ppm or 0.04% MREO, 109 ppm or 0.01% HREO, and 1,538 ppm or 0.15% LREO.
Composite results 164.30-243.25 metres (EOH):
1,369 ppm or 0.13 % TREO, 329 ppm or 0.3% MREO, 115 ppm or 0.01% HREO, and 1,255 ppm or 0.13% LREO.
“Appia’s DDH-001 reveals more than 26 meters with over 2,000 ppm TREO below the saprolite. The mineralized breccia indicates in most of the intervals expected concentration of REE common to carbonatitic rocks that serves as a source for the enrichment in REE found on the ionic clay interval (0 to 22.25 metres). Some samples below 22.25 metres returned grades above 4,000 ppm TREO, offering opportunities for exploratory investigation into the hard rock depths. With over 2,000 metres drilled, the total 2023 drilling campaign consisted of 147 Reverse Circulation (RC) holes, 1 DDH, and over 200 exploratory auger holes, the PCH Project continues to demonstrate significant mineralization and high-grade REE contents, validating our strategic approach,†adds Burega.
The Company remains committed to advancing exploration activities at its PCH Project with its ongoing auger drilling program and looks forward to providing updates on the NI-43-101 Technical Report and maiden Mineral Resource Estimate in collaboration with SGS Consultants.
I wonder if NioCorp could snag some of this funding.
Jervois shortlists locations for Department of Defense funded BFS for U.S. cobalt refinery
- Jervois shortlists two locations, one in each of the states of Pennsylvania and Louisiana, for its Department of Defense (“DoDâ€) funded bankable feasibility study (â€BFSâ€) for a United States cobalt refinery.
- Sites are being evaluated to determine the preferred location; commercial negotiations with the states of Pennsylvania and Louisiana are commencing.
- Completion of site selection is an important milestone in the progress of the basic engineering and accompanying BFS for a U.S. cobalt refinery, led by engineering firm AFRY USA LLC and is expected to be completed by mid-2024.
- BFS is key to Jervois’ previously announced application under the Department of Energy (“DOEâ€) Advanced Technology Vehicle Manufacturing Loan Program (the “ATVM Loan Programâ€) for a U.S. cobalt refinery.
- U.S. Cobalt refinery BFS is fully funded by the U.S. DoD Defense Production Act (“DPAâ€) Title III US$15 million funding agreement.
Jervois Global Limited (“Jervois†or the “Companyâ€) (ASX: JRV) (TSX-V: JRV) (OTC: JRVMF) has short listed two preferred locations for its BFS for a United States-located cobalt refinery, led by AFRY USA LLC (“AFRYâ€). Jervois and its advisers have undertaken an extensive site selection process which has short-listed two existing industrial sites, one each in the states of Pennsylvania and Louisiana.
Jervois is now undertaking engineering, environmental and economic evaluations for both locations in advance of BFS completion, which is expected to be completed in mid-2024.
Jervois’ proposed U.S. cobalt refinery will produce cobalt sulphate, for use primarily in electric vehicle batteries, which is not produced in the U.S. today. Based on projected U.S. lithium ion battery chemistries, once operational the refinery is expected to be capable of supplying sufficient cobalt for about 1.2 million electric vehicles each year.
Tudor Gold Significantly Increases Ounces and Grade in an Updated Mineral Resource Estimate for the Goldstorm Deposit at Treaty Creek, British Columbia with an Indicated Mineral Resource of 27.87 Moz AuEq at 1.19 g/t AuEq
Tudor Gold Corp. (TSXV: TUD) (Frankfurt: H56) (the “Company” or “Tudor“) is pleased to announce the results of its updated Mineral Resource Estimate (MRE) prepared by Garth Kirkham P. Geo., of Kirkham Geosystems Ltd., and JDS Energy and Mining Inc. (“JDS”) for its flagship Treaty Creek project (the “Project“) located in the Golden Triangle Region of British Columbia.
Tudor Gold’s previous MRE for the Project was included in a technical report entitled “NI 43-101 Technical Report, Treaty Creek Project, British Columbia,”, dated April 28, 2023, with an effective date of April 28, 2023. (the “2023 MRE”).
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 300-N.
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 more at:
https://resourceworld.com/tudor-gold-significantly-increases-ounces-and-grade-in-an-updated-mineral-resource-estimate-for-the-goldstorm-deposit-at-treaty-creek-british-columbia-with-an-indicated-mineral-resource-of-27-87-moz/
American Creek's JV Partner Tudor Gold Announces an Indicated Mineral Resource of 27.87 Moz at 1.19 g/t AuEQ in an Updated Mineral Resource Estimate for the Goldstorm Deposit at Treaty Creek, British Columbia
Cardston, Alberta--(Newsfile Corp. - February 20, 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 provided the results of its updated Mineral Resource Estimate (MRE) prepared by Garth Kirkham P. Geo., of Kirkham Geosystems Ltd., and JDS Energy and Mining Inc. ("JDS") for the flagship Treaty Creek project (the "Project") located in the Golden Triangle Region of British Columbia.
Tudor Gold's previous MRE for the Project was included in a technical report entitled "NI 43-101 Technical Report, Treaty Creek Project, British Columbia,", dated April 28, 2023, with an effective date of April 28, 2023. (the "2023 MRE").
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.
Commenting on the results, Ken Konkin, President & CEO of Tudor Gold, "Our technical team has done an outstanding job, increasing the volume, the grade, and the geological understanding of our massive Goldstorm Deposit. The 2023 drill hole program was designed to expand the mineralized domains to their northern, northeastern and eastern extents. We not only pushed out the edges of the Deposit, but we also successfully increased the grade of the Inferred Mineral Resource.
Read more and get tables and graphics at
https://us5.campaign-archive.com/?e=6f11d69fd1&u=af629dcbbf88a5932a7e484e3&id=7ccb010db5
AFRICA OIL TO RELEASE FOURTH QUARTER 2023 FINANCIAL RESULTS ON MONDAY, FEBRUARY 26, 2024
VANCOUVER, BC, Feb. 19, 2024 /CNW/ - (TSX: AOI) (Nasdaq-Stockholm: AOI) – Africa Oil Corp. ("Africa Oil", "AOC" or the "Company") will publish its financial and operating results and related management's discussion and analysis for the three months and twelve months ended December 31, 2023, after Toronto market close on Monday, February 26, 2024. View PDF version
Senior management will hold a conference call to discuss the results on Tuesday, February 27, 2024 at 09:00 (ET) / 14:00 (GMT) / 15:00 (CET). The conference call may be accessed by dial in or via webcast.
Participants should use the following link to register for the live webcast:
https://onlinexperiences.com/Launch/QReg/ShowUUID=D8CA19B8-00F2-4CF1-B444-DEC5E88D4620Â
Please note that for optimal viewing, it is best not to connect to a Virtual Private Network (VPN) but instead to connect directly to the Internet.
Please test your connection prior to joining to ensure a successful user experience. Connection Test: Click Here. For system requirements, visit the FAQ page.Â
Participants can also join via telephone with the instructions available on the following link:
https://register.vevent.com/register/BId987800ee0c745f88102c4aa729c1087Â
Click on the call link and complete the online registration form.
Upon registering you will receive the dial-in info and a unique PIN to join the call as well as an email confirmation with the details.
Select a method for joining the call;
Dial-In: A dial in number and unique PIN are displayed to connect directly from your phone.
Call Me: Enter your phone number and click "Call Me" for an immediate callback from the system. The call will come from a US number.
Maybe that is the one referred to. I didn't start buying until 2015.
Google "Peter Dickie commenting on niobium" for his 2012 talk. Select the 2nd item in the list. Interesting comments.
American Creek's JV Partner Tudor Gold Provides Review of Its 2023 Drill Program at Treaty Creek, Golden Triangle, British Columbia
Cardston, Alberta--(Newsfile Corp. - February 15, 2024) - American Creek Resources Ltd. (TSXV: AMK) ("the Corporation" or "American Creek") is pleased to announce that project operator and JV partner Tudor Gold ("Tudor") has provided the following review of the 2023 drill program (the "Program") at the flagship property, Treaty Creek, located in the heart of the Golden Triangle of Northwestern British Columbia.
The Program consisted of a total of 31,904 meters (m) drilled over 25 holes within the Goldstorm Deposit (the "Goldstorm Deposit") and 8 holes at the Perfectstorm Zone ("PSZ"). The primary focus of drilling within the Goldstorm area was twofold: to upgrade much of the Inferred Mineral Resources to the Indicated Mineral Resource category and to extend the boundaries of the deposit towards the north and northeast. Drilling at PSZ concentrated on expanding on the known mineralized zone by targeting both the southwestern and northeastern regions, which are approximately 1500 m apart.
Highlights of the Program include:
Step-out and infill drilling continued to consistently intersect strong gold, copper and silver mineralization outside the previously defined resource area of the Goldstorm Deposit to depth and along the northeastern axis by 250 m to 350 m to the north and northeast;
Drilled a number of new high-grade intercepts within and outside the boundaries of the Goldstorm Deposit. Notably, hole GS-23-179, a 200 m step-out to the northeast of the CS-600 Domain. This hole returned an intercept of 525.0 m of 1.01 g/t AuEQ (0.85 g/t Au, 1.94 g/t Ag, 0.13 % Cu) which included a higher-grade interval of 223.5 m of 1.42 g/t AuEQ (1.16 g/t Au, 2.25 g/t Ag, 0.19 % Cu) that included 43.5 m of 3.73 g/t AuEQ (3.52 g/t Au, 2.18 g/t Ag, 0.16 % Cu) and 12.0 m of 10.07 g/t AuEQ (9.78 g/t Au, 1.35 g/t Ag, 0.23 % Cu);1
Encountered stronger than expected copper grades within the CS-600 Domain of the Goldstorm Deposit, notably hole GS-23-168-W1, which targeted the deep, northwest portion of the CS-600 Domain. The hole intersected an area classified as an Inferred Mineral Resource in the previous Mineral Resource Estimate. Prior to entering the CS-600, a mineralized section of 75.0 m of 1.34 g/t AuEQ (1.27 g/t Au, 5.89 g/t Ag, 0.01 % Cu) was cut, and this is interpreted to be the 300H Domain, or related mineral system. A long intercept of CS-600 included 296.0 m of 1.11 g/t AuEQ (0.65 g/t Au, 5.03 g/t Ag, 0.35 % Cu) with an enriched intercept of 102.0 m grading 1.30 g/t AuEQ (0.64 g/t Au, 7.39 g/t Ag, 0.50 % Cu);2
Read more at:
https://us5.campaign-archive.com/?e=6f11d69fd1&u=af629dcbbf88a5932a7e484e3&id=9b8de5883a
Thanks for keeping an eye on TUO
AFRICA OIL PROVIDES NAMIBIA AND NIGERIA OPERATIONAL UPDATE
VANCOUVER, BC, Feb. 8, 2024 /CNW/ - (TSX: AOI) (Nasdaq-Stockholm: AOI) – Africa Oil Corp. ("Africa Oil", "AOC" or the "Company") notes the statements made by TotalEnergies, the operator of Block 2913B offshore Namibia, in their 2023 Results Presentation, delivered yesterday, regarding the ongoing exploration and appraisal activities on Block 2913B. Africa Oil has an interest in this block through its 31.1% shareholding in Impact Oil & Gas Limited ("Impact"). View PDF version
Mangetti-1X exploration well has intersected hydrocarbon-bearing intervals in the Mangetti fan prospect, a separate system to the Venus oil discovery. Mangetti-1X also achieved its secondary objective of successfully intersecting and appraising the northern area of the Venus accumulation. Mangetti has the potential to add additional recoverable resources on Block 2913B, and the joint venture partners are working to determine the next step in the evaluation process.
The acquisition of 3D seismic in the southern area of Block 2913B, is progressing with the aim of evaluating additional drilling targets.
The Company also notes the press release by TotalEnergies, operator of PML 2 that covers the Akpo field, offshore Nigeria, announcing the start-up of production from Akpo West.
Located 135 kilometers off the coast, Akpo West is tied back to the existing Akpo Floating Production Storage and Offloading ("FPSO") facility, which started-up in 2009 and produced 124,000 barrels of oil equivalent per day in 2023. By mid-2024, Akpo West will add 14,000 barrels of condensate production per day, to be followed by up to 4 million cubic meters of gas per day by 2028. Africa Oil has an interest in PML 2 through its 50% ownership in Prime Oil & Gas Coöperatief U.A, which has a 16% interest in PML 2.
Africa Oil President and CEO, Roger Tucker commented: "The positive results of the Mangetti-1X well  present us with a new fairway opportunity, potentially adding a new recoverable resource base on Block 2913B. Our involvement in Block 2913B continues to be exciting, with further work underway to understand the potential of Mangetti, alongside the Venus-2A appraisal well, currently drilling.
Africa Oil is encouraged to have the operator's confirmation of the start-up of production on Akpo West. Utilizing the existing Akpo FPSO, Akpo West presents us with advantaged and high netback production in a low operating cost and with a low emission project."
Block 2913B (PEL 56) and the Venus Discovery
Petroleum Exploration License 56, Block 2913B, is located offshore southern Namibia and covers approximately 8,215 km² in water depths between 2,450m and 3,250m. Impact currently holds a 20.0% interest in this block. TotalEnergies, the operator, holds a 40.0% interest, QatarEnergy holds a 30.0% interest, NAMCOR, the Namibian state oil company, holds a 10.0% interest. On the closing of the strategic farmout agreement between Impact and TotalEnergies, announced on January 10th, 2023,  Impact will hold a 9.5% carried interest in this block. Please use this link to access the press release for more information:
https://africaoilcorp.com/site/assets/files/1861/africa_oil_corp_africa_oil_announces_stra tegic_farmout_c2_a0of_impac.pdf
Block 2913B contains the world class Venus light oil and associated gas field that was discovered by the Venus-1X well drilled in 2022, which encountered high-quality light oil-bearing sandstone reservoir of Lower Cretaceous age. This well was re-entered, side-tracked and tested in in third quarter 2023, achieving positive test results. These results are being interpreted and incorporated into the development studies for the field.
Further appraisal of the Venus structure was undertaken with the drilling and testing of the Venus-1A appraisal well. A fourth appraisal well on the Venus structure, Venus-2A, is currently drilling.
In addition to the on-going drilling operations a 3D seismic acquisition program over the southern part of Block 2913B is currently under way. This program will cover an area where further follow-on prospectivity bas been identified from existing 2D seismic data sets.
BC’s Golden Triangle – High-grade Strikes Back!
Excellent article. Read through the first part and then get to big section on Treaty Creek and a link to a 30 min interview w/graphics.
https://resourceworld.com/bcs-golden-triangle-high-grade-strikes-back/
BC’s Golden Triangle – High-grade Strikes Back!
Excellent article. Read through the first part and then get to big section on Treaty Creek and a link to a 30 min interview w/graphics.
https://resourceworld.com/bcs-golden-triangle-high-grade-strikes-back/
BC’s Golden Triangle – High-grade Strikes Back!
Excellent article. Read through the first part and then get to big section on Treaty Creek and a link to a 30 min interview w/graphics.
https://resourceworld.com/bcs-golden-triangle-high-grade-strikes-back/
Ucore Welcomes Canadian Government Officials to its Kingston Ontario CDF for an NRCan Funding Announcement
Halifax, Nova Scotia (February 5, 2024) – Ucore Rare Metals Inc. (TSXV: UCU) (OTCQX: UURAF) (“Ucore” or the “Company”) is pleased to host Canadian Government officials at its RapidSX™ Commercialization and Demonstration Facility (“CDF”) in Kingston, Ontario, for the formal announcement of $4.2 million of funding through Natural Resources Canada’s (“NRCan”) Critical Minerals Research, Development and Demonstration (“CMRDD”) program. This funding program was originally announced by Ucore on November 20, 2023.
Today, Mark Gerretsen, Member of Parliament for Kingston and the Islands, on behalf of the Honourable Jonathan Wilkinson, Minister of Energy and Natural Resources, announced a $4.2-million investment to Ucore Rare Metals Inc. This investment will help scale up and demonstrate the commercial efficacy of Ucore’s pending patent and Canadian-developed RapidSX™ rare earth element separation technology platform under rigorously simulated commercial conditions.
The Honourable Jonathan Wilkinson, Minister of Energy and Natural Resources, stated, “Critical metals like rare earth elements are an integral part of many clean technologies and energy sources. Demand for these resources will only grow. That is why we are taking action to build resilient and secure supply chains that provide the materials we need and the good jobs Canadian workers deserve right here in Canada. Investments like today’s, help to support these goals and will help us to build a prosperous and sustainable low-carbon economy that works for everyone.”
Funded through the CMRDD program, Ucore’s project will support Canada in increasing the supply of metals that are essential to the development of electric vehicle motors and wind turbines. This is a critical step in the development of a domestic electric vehicle value chain.
Mike Schrider, P.E., Vice President & COO of Ucore, noted, “This NRCan demonstration project shines a light on the lesser known but equally important aspect of the critical metals supply chain in North America — rare earth elements. A rare earth permanent magnet motor is by far the most efficient means of converting electrical energy from batteries to mechanical energy for electric vehicles, and in reverse, wind turbines. Ucore is very appreciative of this NRCan opportunity to demonstrate our transformative RapidSX™ technology for the separation of rare earth elements with our Canadian project partners, Cyclic Materials, Defense Metals, and Kingston Process Metallurgy. Through this project, we are moving Canada closer to fully incorporating these critical supply chain metals on a significant commercial scale.”
Primary NRCan Objectives for the Project:
Instead of shipping Canada’s concentrates overseas for foreign separation, Ucore's project will support Canada’s direct participation in the growing market of heavy and light rare earth elements. This funding will also provide employment opportunities for skilled trades and professional occupations, including Indigenous communities. Importantly, the investment supports the development of Canadian expertise and deploys a new, more sustainable technology to the benefit of other domestic companies. In addition to electric vehicles, rare earth elements are also required for wind turbines and a variety of electronics.
Landmark's post 107605
Junior miner Tudor Gold discovers new high-grade gold system
Tudor Gold (TSXV:TUD), a high-performing junior miner, has uncovered a new high-grade gold system within the Goldstorm deposit on its flagship Treaty Creek project in B.C.’s Golden Triangle.
The new gold system, known as Supercell One (SC-1), is associated with a quartz-dominant veinlet and stringer stockwork system, and “represents a significant economic target within the CS-600 domain,” which.....
Go to to get link to the article:
https://mailchi.mp/2c7caddc67ee/new-treaty-creek-report-4754981?e=6f11d69fd1
American Creek's JV Partner Tudor Gold Identifies High-Grade Gold Breccia System at the Goldstorm Deposit, Treaty Creek, Golden Triangle British Columbia
Cardston, Alberta--(Newsfile Corp. - February 2, 2024) - American Creek Resources Ltd. (TSXV: AMK) ("the Corporation" or "American Creek") is pleased to announce that project operator and JV partner Tudor Gold ("Tudor") has provided an update on the recent identification of a high-grade gold system within the Goldstorm Deposit and a brief overview of the successful expansion of the Goldstorm Domains from the 2023 drill program (the "Program") at the flagship property, Treaty Creek, located in the heart of the Golden Triangle of Northwestern British Columbia.
Ken Konkin, Tudor Gold President and CEO, commented: "We are extremely pleased to announce that we have delineated a high-grade gold system associated with a quartz-dominant veinlet and stringer stockwork system, named Supercell One (SC-1). This represents a significant economic target within the CS-600 domain. Our current Mineral Resource Estimate (MRE) caps gold equivalent (AuEQ) grades at 8.0 g/t AuEQ and therefore does not include these higher grades. Our current concept is that the SC-1 system, like the higher-grade R-66 domain, may represent a late-stage gold-dominant event that, in part, over prints the primary mineralization of the Goldstorm Deposit. This is significant, as these smaller, higher-grade systems have the potential to streamline start-up plans, allowing for rapid extraction of gold with the possibility of substantially lower capital expenditures compared to a much larger conceptual bulk tonnage operation.
"Additionally, our technical team has completed the geologic modelling and domain delineation with the incorporation of the 2023 drilling data. Updated mineral domains show significant expansion of the Goldstorm Deposit in several areas. (plan maps and cross sections of the SC-1 and the expanded domains). These maps indicate how the drilling conducted in 2023 has the potential to convert several areas of the deposit from Inferred Mineral Resources to Indicated Mineral Resources. Despite the aggressive exploration and expansion of the Goldstorm Deposit, it remains open in all directions and at depth. The Company is currently in the process of updating the MRE for the Goldstorm Deposit and is expected to release the updated MRE within Q1 of 2024."
Drill-hole highlights from SC-1 include the following intercepts:
GS-22-134: 25.5 m of 9.96 g/t AuEQ (9.66 g/t Au, 1.23 g/t Ag, 0.24 % Cu)
GS-23-176-W1: 15.0 m of 15.64 g/t AuEQ (14.89 g/t Au, 4.72 g/t Ag, 0.60 % Cu)
GS-23-179: 12.0 m of 10.07 g/t AuEQ (9.78 g/t Au, 1.35 g/t Ag, 0.23 % Cu)
Read more at:
https://us5.campaign-archive.com/?e=6f11d69fd1&u=af629dcbbf88a5932a7e484e3&id=e9715487d6
Jervois Global Quarterly Activities Report to 31 December 2023 & Investor Call Presentation
Jan 20, 2024
HIGHLIGHTS
Jervois Finland:
US$4.7 million Q4 2023 cash flow from operations; US$46.1 million for year 2023 despite low cobalt prices.
Positive cash flow attributed to underlying business performance and working capital optimisation.
Cobalt sales for 2023 of 5,474 mt, within guidance range.
Idaho Cobalt Operations (“ICO”), United States (“U.S.”):
Drilling completed at Sunshine deposit at ICO, fully refundable under US$15.0 million Department of Defense (“DoD”) Defense Production Act Title III funding agreement.
Underground development to support RAM resource extension drilling advancing; designed to expand RAM’s 2023 mineral resource estimate (“MRE”).
Bankable Feasibility Study (“BFS”) on U.S. cobalt refinery continues with AFRY USA; site selection also advancing.
São Miguel Paulista (“SMP”) nickel and cobalt refinery, Brazil:
Engagement with multiple parties for project-level funding for SMP restart capital project continuing.
Corporate:
End December 2023 quarter cash balance of US$45.4 million, US$40.7 million physical cobalt inventories, and drawn senior debt of US$144.1 million.
Cost reduction and business improvement programme launched.
Progression of strategic initiatives across all assets, including in response to inbound interest.
Goto:
https://mailchi.mp/f591dd8a7445/engineering-contracts-for-ico-and-smp-nickel-cobalt-refinery-15548064?e=48b5acd3da
Chariot
(Thanks to Malcy's blog )
Jan 30, 2024
Chariot has provided an update on the outlook for 2024 and near-term plans across its three pillars, Transitional Gas, Transitional Power and Green Hydrogen.
Transitional Gas
Onshore Morocco
Loukos Licence (Chariot, Operator 75%, ONHYM, 25%)
· First drilling campaign of two wells is on track to commence around the end of Q1 2024.
o Planning activity is well advanced including
§ signature of a contract with Star Valley Drilling, for provision of the 101 rig which is already operating in country
§ imminent approval expected of the environmental permit for up to 20 well operations across the licence area, allowing flexibility and efficient planning of future campaigns
§ delivery of long lead items to Chariot’s newly established storage yard
§ land access approvals nearing completion, with site construction activities to commence thereafter
o Gaufrette prospect confirmed as the first drilling target
§ up dip of an existing gas discovery and supported by similar seismic anomalies to those successful in Chariot’s offshore operations
§ success will potentially unlock multiple similar prospects totaling 26 Bcf of Best Estimate recoverable prospective resources (preliminary internal estimate)
o Dartois prospect has been high-graded as the most likely second drilling target
§ located along trend from a historic gas discovery which tested gas from the same reservoir interval
§ has the potential to unlock a trend of prospects with over 20 Bcf of total Best Estimate recoverable prospective resources (preliminary internal estimates)
· Early fast-track product from the 3D seismic reprocessing project has allowed identification of secondary objectives for the upcoming wells, which are under evaluation.
· Precise timing for the drilling campaign will depend upon rig schedule and further updates will be provided in due course, along with any further updates regarding the reprocessed 3D seismic data analysis.
· Work is also continuing with our partner ONHYM on success-case fast-track industrial commercialisation opportunities, with the possibility to deliver near-term cash flows.
Offshore Morocco
Anchois Gas Development Project within the Lixus licence (Energean, Operator 45%, Chariot 30%, ONHYM 25%); Rissana licence (Energean, Operator 37.5%, Chariot 37.5%, ONHYM 25%) – working interest post-completion of transaction
· Moroccan regulatory approval of the Energean partnership transaction is expected shortly. On completion, US$10 million will be payable to Chariot.
· Chariot and Energean technical teams are working closely together on the Anchois development project delivery, including:
o Negotiation of the offshore drilling rig contract and services for the 2024 drilling and testing campaign, which is targeting the increase of the development to >1 Tcf
o Field development FEED updates
o Gas commercialisation agreements, including anchor contract negotiations with ONEE
· Progressing exploration work programme plans across the wider Lixus and Rissana acreage
Transitional Power
· Having increased our stake in the South African electricity trading platform, Etana Energy (Pty) Limited (“Etana”) in December 2023, Chariot now owns 49% of this business alongside partners H1 Holdings (Pty) Limited which holds 51%.
· Etana aims to provide competitive and sustainable end to end electricity solutions through connecting new and existing energy generation projects to corporate and industrial users
· With rapid deregulation of South Africa’s energy market and high demand for electricity in the country, this “many generators to many customers” business model is well positioned for growth
o Trading platform enables Chariot’s participation in large renewable generation projects – 400MW of gross wind generation capacity has been identified
o The Etana team is currently securing multiple electricity offtake agreements with a range of consumers
o Project, mezzanine and other debt finance options to fund the above are also progressing in Q1
· Operations at the 15MW Essakane solar project in Burkina Faso are running well and the development of the 40MW solar project at Tharisa continues to move forward. Further updates on the projects in development with Karo Platinum and First Quantum Minerals will also follow as they progress towards Final Investment Decision.
Green Hydrogen
· Feasibility Study at Project Nour in Mauritania, in partnership with TEH2 (Total Energies 80%, Total Eren 20%) has now been completed and will be presented to the Government of Mauritania in Q1 2024
· Further studies and pilot projects are also moving forward which include:
o Working with TEH2 and SNIM (Mauritanian National Mining Company) on the decarbonisation of the transport of Mauritania’s largest train
o Partnering with Mohammed VI Polytechnic University and Oort Energy on a 1MW electrolyser project in Morocco
· Range of further opportunities under evaluation with focus on nearer term production
Adonis Pouroulis, CEO of Chariot commented:
“We enter the new year with multiple important catalysts for the Group over the coming months. In kickstarting the drilling campaign at the Loukos licence we are focused on unlocking an overlooked onshore basin that has near term production potential with immediate access to industrial markets. Importantly this asset also has a growing portfolio of follow-on opportunities which give meaningful scale and value to the project, at a time when industrial gas demand and associated gas pricing is at an unprecedented high. Drilling at Anchois later in the year will be a key milestone in determining the possibility to scale up this development and we are working closely and constructively with our new partners Energean in preparing all the workstreams necessary to permit a Final Investment Decision post-drilling as soon as feasible. We thank ONHYM and the Ministry of Transitional Energy and Sustainable Development for their continued support for the transaction and look forward to confirming Energean on to the project shortly.
“We are also excited about the opportunities that we see within our Power and Hydrogen businesses. We continue to build on our presence across the transitional energy sector, we remain fully focused on looking to maximise value for all stakeholders and will continue to provide updates on all our further developments.”
I will update more with Chariot when I return but in the meantime this is very good news indeed from the company. With the drilling at Loukos onshore Morocco now imminent and a rig selected, success will be a game-changer for Chariot. The Gaufrette prospect comes first and then the Dartois, and with a combined potential of some 46 Bcf the opportunities are indeed substantial and also very quick to monetise with more to come.
Anchois has not been forgotten in all this, the new partner is bedding in, with farm-out completion shortly, and drilling will start later in the year along with the FID. With continued high prices domestically all these developments are increasingly positive for Chariot and I maintain my target price of 100p.
NioCorp Collaborating with Leading UK-Based Research University to Develop Innovative Aluminum-Scandium Alloys for the Automotive Sector
CENTENNIAL, Colo. – January 30, 2024 – NioCorp Developments Ltd. ("NioCorp" or the "Company") (NASDAQ:NB) (TSX:NB) is pleased to announce that the Company has entered into an agreement with London-based Brunel University London, a leading research university focused on application of cast aluminum alloys globally, to develop innovative aluminum-scandium alloys and applications for use in the automotive sector.
NioCorp has joined with the Brunel Centre for Advanced Solidification Technology (“BCAST”) to develop a range of innovative aluminum alloys for the automotive sector. These alloys will utilize scandium to enhance the performance of aluminum components in order to facilitate:
Vehicle light weighting – developing aluminum-scandium alloys that reduce weight, increase automobile efficiencies, and reduce emissions;
Recycling – utilizing the performance-enhancing attributes of scandium to increase recyclability, creating sustainable low-carbon circular supply chains; and
Cost Reduction – reducing manufacturing costs and waste through utilizing scandium to increase the strength, ductility, weldability, durability, surface finish, and corrosion resistance of critical aluminum components.
"We are excited by the opportunity of working closely with what we believe is a world-leading team to develop innovative solutions that we expect will bring real value to the automotive sector and facilitate the transition to a more sustainable future. While this initiative is targeted to automotive markets, the outcomes of our work could possibly be broadly applied across many other markets, such as aerospace, defense, and others, where strength improvements, corrosion resistance, and weldability are important,” said Mark A. Smith, Chairman and CEO of NioCorp.
NioCorp plans to produce approximately 100 tonnes of scandium per year from its Elk Creek Critical Minerals Project (the “Project”) in southeast Nebraska once the Project is financed, constructed, and ramped up to full commercial production. If full commercial production was accomplished, NioCorp would be the world's single largest producer of scandium, which is designated by the U.S. Government as a critical mineral for the U.S. economy and national security.
To learn more about NioCorp's Elk Creek Critical Minerals Project, please go here: https://www.niocorp.com
Have a little in all three
News Release Issued: Jan 29, 2024 (2:00am EST)
AFRICA OIL ANNOUNCES RESULTS OF SHARE BUYBACK PROGRAM
VANCOUVER, BC, Jan. 29, 2024 /CNW/ - (TSX: AOI) (Nasdaq-Stockholm: AOI) – Africa Oil Corp. ("Africa Oil", or the "Company") is pleased to announce that the Company repurchased a total of 1,227,900 Africa Oil common shares during the period of January 22, 2024 to January 26, 2024 under the previously announced share buyback program. View PDF version
The launch of Africa Oil's normal course issuer bid (share buyback) program, announced by the Company on December 4, 2023, is being implemented in accordance with the Market Abuse Regulation (EU) No 596/2014 (MAR) and Commission Delegated Regulation (EU) No 2016/1052 (Safe Harbour Regulation) and the applicable rules and policies of the Toronto Stock Exchange ("TSX"), Nasdaq Stockholm, and applicable Canadian and Swedish securities laws.
During the period dated January 22, 2024 to January 26, 2024, the Company repurchased 437,900 Africa Oil common shares on the TSX and/or alternative Canadian trading systems. The repurchases were carried out by Scotia Capital Inc. on behalf of the Company. During the same period, the Company repurchased 790,000 Africa Oil common shares on Nasdaq Stockholm, and these repurchases were carried out by Pareto Securities on behalf of the Company.
All common shares repurchased by Africa Oil under the share buyback program will be cancelled.
Thanks for posting walter.
Thanks for posting the link farrell. Looks very encouraging , just need the wildcat drilling to prove it out.