ScoZinc Mining Ltd. (TSXV: SZM) ("ScoZinc" or "Company") is pleased to announce the results of its updated pre-feasibility study ("2021 PFS"), including its new gypsum NI 43-101 mineral reserve estimate ("Mine Reserve Estimates for 2020") for its wholly-owned and licensed Scotia Mine ("Scotia Mine" or "Project") in Nova Scotia, Canada. The 2021 PFS was prepared in cooperation with the independent engineering company MineTech International Limited, using the 2020 pre-feasibility study completed by Ausenco Engineering Canada Inc., MineTech International Limited, SRK Consulting (US), Inc. and Terrane Geoscience Inc..
The following table lists the highlights of the 2021 PFS and more detailed information on the NI 43-101 Technical Report ("2021 PFS"), which will be submitted as ScoZinc's profile on www.sedar.com in the next 45 days.
Unless otherwise stated, all U.S. dollar amounts are expressed in Canadian dollars. 1 After deduction of lead credits, 2 All maintenance costs ("AISC") are C1 costs plus maintenance capital and financing costs
Mr. Mark Haywood, President and Chief Executive Officer commented: "We are very pleased to provide our updated Scotia Mine PFS results, which include updated commodity prices, processing fees, exchange rates, and compelling additions to the project's gypsum economy- Product revenue flow. The economics of this project are 12% stronger than the PFS determined in 2020. The accumulated free cash flow in the first three years alone is US$55 million, and the capital requirement is about US$30 million lower.
The project will use traditional open-pit mining methods to produce high-quality zinc and lead concentrates at low operating costs for more than 14 years, with a stable ore processing speed of 2,700 tons per day. Through detailed planning and analysis, we believe that the technical team has solved many of the mine’s historical bottlenecks, perceived water problems and poor performance issues, thereby formulating an effective and low-risk mine production plan.
Importantly, PFS shows that commercial zinc-lead concentrate and gypsum production can be achieved within 9 to 12 months after financing of the approximately US$30 million project, resulting in an average annual cash flow of US$18 million. Extensive facilities on site, coupled with a short pre-stripping period, make it possible for the Scotia mine to demonstrate free cash flow of US$19 million in the first year of commercial production.
ScoZinc also believes that there are more opportunities to further improve the economics of the project and extend the life of the mine for 14 years of operation, including potential future factory feed targets in mining and nearby areas. "
A summary of the updated pre-feasibility study is provided below. Once the report is submitted on SEDAR, the complete NI 43-101 technical report will be available on the company's website www.ScoZinc.com.
The Scotia mine consists of a fully licensed mine and factory, and ScoZinc owns 100% of the shares. The Scotia mine is located approximately 45°02' northeast and 63°21' west or 62 kilometers northeast of Halifax, Nova Scotia, in the Halifax region. The project can be accessed through a paved highway throughout the year, approximately 15 kilometers from Nova Scotia Provincial Highway No. 224. Halifax International Airport is located 33 kilometers southwest of the mine. The project includes 648 hectares of mineral rights, in the form of three consecutive mineral leases, including land with potential for exploration of zinc and lead mineralization. ScoZinc also owns 712.5 hectares of real estate, which includes mineral leases and adjacent areas.
In February 2011, Selwyn Resources Limited ("Selwyn") purchased ScoZinc Limited and all its assets for US$10 million, including the exploration claims of Scotia Mine and ScoZinc, minus deductions related to increased land reclamation requirements. . Selwyn changed its name to ScoZinc Mining Ltd. and owns 100% of the shares of a subsidiary of ScoZinc Limited, which in turn holds the mining rights and mining rights of Main and Getty Zones and the surface rights (immovable property rights) of the Scotia Mine deposits and the ownership of the Scotia Mine. Environmental assessment (environmental registration).
ScoZinc currently holds 5 exploration licenses covering 41 claims near the Scotia deposit. Each individual claim covers approximately forty acres (16.2 hectares). A total of 41 claims involved approximately 664 hectares (1,641 acres). These permits are located along the strike of the Scotia deposit and include favorable host rocks similar to the mine.
The Scotia deposit is composed of three main mineralized zones called the Main (formerly Gays River deposit), Getty and Northeast areas. The main area is located on the south side of the main tributary of the Gais River, and is adjacent to the east side of the confluence of the southern tributaries of the Gais River. The Getty District is located in the main district on the west side of the Gas River and the northwestern part of the Northeast District. The two areas are less than one kilometer apart.
The mineralization of the Gaisi River Formation has long been considered a Mississippi Valley-type lead-zinc deposit. This type of deposit is dominated by carbonate rock, which is a typical vacant filling type, located in dolomite limestone. Limestone was formed in carbonate deposits high in the irregular pre-Carboniferous basement terrain, where conditions allowed the growth of reef-building organisms.
The zinc/lead-bearing Gays River formation has an east-west trend in the property. The average inclination of local mineralization reaches 45º, and the localization can be vertical, to the north-northwest, that is, the sedimentary slope of the front edge of the Gaisi River reef unit. The inclination of the back reef area (south of the main trend) tends to be horizontal. Mineralization exists in the form of sphalerite and galena, from the massive Pb-Zn mineralized material in the front reef to the fine-grained low-grade material in the back reef. In the mining area, the Gaisi River Formation is covered by evaporite and/or overburden of the Carroll's Corner Formation.
Scotia Mine has conducted extensive diamond drilling and blasthole drilling on most of its mining leases and related exploration permits. To date, 1,831 holes or 121,870 meters have been drilled. All data from these holes are included in this updated pre-feasibility study and the 2020 Mineral Resource Estimate ("2021 MRE").
For the Scotia deposit, ScoZinc owns real estate that covers all the mineral resources defined in the mining lease, so no royalties from any land owners apply. However, there is a small 25-acre plot of land in ScoZinc's real estate that requires a $1.00 per metric ton of sand, gravel, and filling royalties from Gallant Aggregates. The royalties will not affect the pre-feasibility study of Scotia Mine.
For the Getty deposit, ScoZinc owns 1% royalties from Globex Resources Ltd ("Globex"), which provides Globex with a 1% total metal royalties ("GMR") interest in related claims. The terms of the agreement also allow ScoZinc to purchase 50% of GMR at a price of US$300,000. ScoZinc's Life of Mine plan states that such royalties only apply to the last few years of the 14-year mine life.
Nova Scotia's 2% royalties also apply to all net income generated by the project.
The update of the mineral resource estimate for the Scotia deposit was completed in March 2021, including the Main, Getty and Northeast areas ("2021 MRE"). The purpose is to add gypsum resources to the existing base metal (lead and zinc) resources calculated in the 2019 Mineral Resource Estimate ("2019 MRE"). The base metal resources of 2019 MRE remain unchanged, while 2021 MRE remains unchanged.
The mineral resources of the Scotia deposit have been classified into measured, indicated and inferred categories according to the NI 43-101 reporting guidelines according to the CIM definition standards, and are based on the use of assumed processing costs and recovery and metal prices. The resource is also constrained by the optimized (WhittleTM) pit shell based on optimistic metal prices to prove that the defined resource has a reasonable prospect for final economic exploitation, which is the standard defined by CIM. All classification categories (measured, indicated and inferred) are considered in the resource pit optimization.
Gypsum mineral resources are estimated using the outlined gypsum/anhydrite geology, which is limited by the life of mine (LOM) design pit outlined for base metal mining. The boreholes were chosen to represent the gypsum on the geographical area planned for open-pit mining.
The gypsum waste rock confined in the LOM pit is considered to be converted into gypsum mineral resources. When calculating the amount of gypsum resources, the gypsum outside the LOM pit was not considered or considered, nor did it have any influence on the size and shape of the LOM pit.
The summary statement of the mineral resources of the Scotia deposit provided in Table 2 has an effective date of March 22, 2021.
Table 2: Scotia Mine Resources Statement, March 22, 2021-MineTech International Ltd.
Estimated Reserves of Base Metal Minerals
The estimated reserves of Scotia Mine base metal minerals are divided into proven reserves or estimated reserves, as shown in Table 3. The total mineral reserves are 13.66 million tons, and the zinc equivalent grade is 3.09%. Base metal reserves are estimated to remain unchanged from 2020 PFS.
Table 3: Estimated Reserves of Base Metals in Scotia Mine
Note: The base metal mineral reserves are as of July 6, 2020, based on the design cut-off grade of 1.5% ZnEq grade. The cut-off grade is based on a zinc metal price of US$1.10/lb, a recovery rate of 89%, a lead metal price of US$0.95/lb, and a mining recovery rate of 92%. Assume that the average unplanned dilution and mining recovery rates are 12% and 92%, respectively.
Scotia Mine gypsum mineral reserves estimates are divided into proven reserves or estimated reserves, as shown in Table 4. The total mineral reserves are 5,180,000 tons, and the grade of gypsum is 91.8%.
Table 4: Estimated Reserves of Scotia Ore Gypsum
Note: The reserves of gypsum minerals in 2021 are as of November 16, 2021, based on a non-binding offtake agreement. The letter of intent has been reviewed and approved by Minetech International to meet the requirements for converting gypsum resources into gypsum reserves.
The total strike length of the Scotia Mine deposit is about 4 kilometers, with some surface restrictions in the middle, and the vertical distance is about 120 meters. All mining comes from open-pit operations, and the mine life is expected to be approximately 14 years. Mining operations will be conducted in 4 shifts, each with 12 hours, 24 hours a day. The 4-shift shift will have a rotation of 4 days of work, 4 days of rest, 4 nights of work, and 4 nights of rest.
Scotia Mine mineral resources will be mined using traditional loading and transportation (truck and forklift) mining methods determined by optimized mine design and mine life planning. Mining operations will be done using the owners/operators of excavators, loaders, transport trucks and auxiliary support equipment, as well as some leased equipment. Equipment requirements have been determined using equipment specifications provided by local authorized equipment suppliers and manufacturers based on the required productivity and transportation cycle.
The open-pit mine will be mined on a 5-meter-high working platform, using double working platforms on a lower working platform composed mainly of hard rock. During the entire life cycle of the mine plan, only 40% of the mined materials need to be drilled and blasted, which accounts for all the hard rock extracted from the pit. The remaining 60% is mainly composed of overburden, and according to past operations, it is proved to be free to excavate materials without blasting. Drilling and blasting will be carried out using contract services.
The back of Figure 1 illustrates the final open-pit mine and dump site design.
Figure 1: Ultimate pit and garbage dump design
To view an enhanced version of this graphic, please visit: https://orders.newsfilecorp.com/files/6904/103794_9a117ecd04974b8d_002full.jpg
Ultimate Pit Design is divided into 6 stages to optimize the development sequence and production requirements. The waste has been subdivided into overburden, gypsum and carbonate waste rock. The resource material inferred in Ultimate Pit Design has been classified as carbonate waste rock, the total amount is about 1,450,000 tons, containing 1.5% Zn and 0.7% Pb. Waste storage will include a combination of backfilling pits and storing in waste piles. Using the ultimate pit design and pit phase sequencing, a mine life ("LOM") mining plan was developed on a monthly basis, based on 24 hours/day and 365 days/year operations. The LOM production plan is based on providing about 1 million tons of factory feed every year, with an average grade of 2.03% zinc and 1.10% lead, which is equivalent to a zinc equivalent grade of 3.09%.
The groundwater level of Scotia Mine is divided into two levels: the overburden level and the bedrock level. ScoZinc plans to use 60 geotechnical decompression pumping wells combined with submersible pumps to pump water in the pit to dehydrate the overlying strata. The bedrock strata will be dewatered using the existing deep well infrastructure together with temporary wells in the pit into the underground project. Horizontal wells will also be used in karst gypsum to treat locally trapped water and will be allowed to drain into strategically placed pits, which will then be pumped to a tailings storage facility ("TSF"). All water in the pit will be pumped to TSF. The water from the wells around the 60 relief pits will be discharged into the reservoir or the Gas River, but most of the water will be used for processing water in the factory. Similar settings will be used for the Northeast and Getty Pit.
Metallurgical data from past production data and recent metallurgical test work can be used for carbonate-managed zinc-lead deposits. Comprehensive data show that zinc and lead minerals are released from the parent rock very well, resulting in relatively high metal recovery rates and concentrate grades. Simple mineralogy and metallurgy provide the opportunity to consistently achieve high recovery rates and concentrate grades throughout the life of the mine program.
The process design standards are based on historical data and plant design improvements, including an overall average zinc concentrate grade of 57%, an average recovery rate of 86.6%, an overall average lead concentrate grade of 71%, and an average recovery rate of 89.1%. Because of the carbonate-containing deposits, zinc and lead concentrates contain very low impurities or harmful minerals, so ScoZinc concentrates are proven to be a clean high-grade concentrate.
The ScoZinc concentrator (or rolling mill) was last operated in 2009. From the original nameplate design, it was 1,500 tons per day, using traditional crushing, grinding flotation, concentrate dewatering/drying and reprocessing loading, and operating at a rate of 2,200 tons per day. . After an extensive review of all past production and unfinished engineering work, the new final design work as part of the 2020 pre-feasibility study confirmed that through relatively minor upgrades to the crushing, flotation and dewatering circuits, the The factory can operate stably at a rate of 2,700 tons per day without large-scale capital expansion.
Scotia Mine is 33 kilometers away from Halifax International Stanfield Airport (YHZ), Nova Scotia, with convenient transportation and first-class infrastructure, including processing facilities, waste dumps, tailings ponds, power grids, all-season port terminals Passages and all-season highways. The area of the existing building infrastructure is approximately 131,585 square feet. The mine’s infrastructure is complete and has been maintained at a high level since 2009. ScoZinc equipment and spare parts asset inventory is estimated to be approximately US$5.3 million.
Since the Scotia mine is fully approved for operation, relatively minor upgrades and improvements have been made to the mining and processing facilities to enable the operation to start commercial production in a relatively short few months. ScoZinc intends to expand its existing business by adding ROM-based primary and secondary crushers, container handling yards, mobile fleet fuel tanks and additional mobile fleet maintenance workshops. Some of these opportunities require a permit and have been included in the pre-feasibility study through temporary additions until a permanent permit can be provided. All mining and maintenance operations will be carried out by ScoZinc.
The grid power system is currently on site, with transformers and main motor control centers in place. Some of these systems will be replaced in the pre-production stage to ensure performance and reliability during commercial production.
The water used for mineral processing is provided by the surrounding wells of the mine, aiming to make the slope of the mine unsaturated and to provide clean water for the factory to obtain the best water quality. Water can also come from tailings ponds. The additional water comes from the nearby Gais River, which has been treated to meet the needs of the drinking water site and to extinguish fires.
The tailings storage facility is approved to have a capacity of 8 million tons. ScoZinc intends to seek approval to expand its production capacity by 6 million tons, or to deposit tailings in the pit into its completed pit in approximately the 6th year of the mine’s life.
The Scotia Mine is adjacent to the closed highway No. 224, with a 900-meter-long permanent passage that allows access to the mine area throughout the season. The mine is located in the Halifax Regional Municipality, approximately 62 kilometers from downtown Halifax. Due to its convenient location and the quality of potential personnel, ScoZinc expects that most of its workforce will come from the region.
Since ScoZinc is located on an unrestricted highway, it can transport and process cargo and concentrates throughout the year. The Scotia mine is also close to the Canadian National Railway, Nova Scotia Provincial Highway (102), deep-water ports and container handling terminals, as well as the Trans-Canada National Highway.
The carbonate ore body at Scotia Mine will produce high-quality zinc and lead concentrates through its 2,700 tons per day mine processing plant. The concentrate will be directly loaded into a lined 20-foot container, sampled, sealed and weighed on site. ScoZinc personnel will transport the containers to the Fairview Cove Container Terminal or the nearby Canadian National Railway siding via the Four Seasons Expressway. Scotia Mine’s concentrate container handling system will avoid the excessive costs and risks associated with historically used reprocessing, pollution, concentrate loss and excessive moisture accumulation.
On April 3, 2018, ScoZinc reached a preliminary concentrate offtake agreement with MRI Trading AG in the form of a memorandum of understanding for the lead and zinc concentrates of the Scotia mine, with a term of approximately 10 years of the 14-year mine life. The agreement provides competitive terms for 333,000 wet metric tons of zinc concentrate and 133,000 wet metric tons of lead concentrate from the Scotia mine. ScoZinc expects to establish a solid concentrate purchase contract with one or more metal trading companies based on terms consistent with current market terms. ScoZinc is negotiating with a number of concentrate and gypsum offtakers, but has not yet finalized a binding agreement.
The projected annual production of zinc and lead concentrates is shown in Figure 2 below.
Figure 2: Forecast annual concentrate production: zinc and lead. To view an enhanced version of this graph, please visit: https://orders.newsfilecorp.com/files/6904/103794_9a117ecd04974b8d_003full.jpg
The Scotia Mine is an existing advanced maintenance and maintenance business, with a large environmental database, operating history, and valid permits and licenses, allowing mining, processing of resources, and transportation of zinc and lead concentrates.
Environmental responsibility and management have been and will continue to be ScoZinc's priorities. To this end, the Scotia Mine has an extensive monitoring program, including but not limited to: surface water quality, groundwater quality, wetlands, wildlife, and vegetation. These plans continue throughout the maintenance and maintenance process and will be implemented in operation.
Approximately half of the mineral resources used in this economic analysis have been licensed, and the exploitation of these resources (main zone, southwestern expansion zone) can begin immediately.
Another important aspect of project status related to permits, the environment, and the community is that the regulator and the community have experience with the project and have a good understanding of the environmental baseline conditions. Taken together, these factors limit the overall licensing risk and expected timeline that allow the project to expand to include the entire mineral resource used in this analysis.
The following tables (Tables 4 and 5) summarize the estimated capital and operating costs of the Scotia Mine. The capital expenditure to advance the project to commercial production within 9 to 12 months after project financing is estimated at US$27.9 million, excluding the US$2.7 million in contingency expenses. The payback period of capital investment is estimated to be 1.3 years, including contingency expenses.
The operating cost is estimated to be US$52.56 per ton of grinding (or processing), which is equivalent to the average C1 cash cost of US$0.50/lb during the mine’s life cycle.
The basic case economic model was developed using short-term commodity price assumptions of US$1.40/lb zinc, US$0.94/lb lead, and US$8.60/ton gypsum, as well as long-term commodity price assumptions of US$1.20/lb zinc and US$1.05/lb lead, 8.60 USD/ton gypsum. The short-term metal pricing is based on the current market conditions expected in the first two years of production. ScoZinc believes that this approach represents a realistic approach because the Scotia mine has the potential for commercial production in the short term.
The commodity price assumptions used in this study are based on long-term market consensus on zinc, lead, and gypsum prices, including sell-side mining research published by different investment banks in Canada and internationally, as well as research by independent consultants, such as Wood Mackenzie Ltd., Fastmarkets MB , S&P Global Market Intelligence and Open Mineral AG, etc.
The sensitivity of this project to metal prices and exchange rates is provided on the back of Table 6 and Table 7, respectively.
Table 6: Analysis of Metal Price Sensitivity
*The basic situation of the Scotia mine: the first year average (1.40 USD/lb zinc, 0.94 USD/lb lead, 8.6 USD/ton gypsum), LOM average (1.20 USD/lb zinc, 1.05 USD/lb lead, 8.6 USD/ton gypsum) )
Table 7: Exchange rate sensitivity analysis
During the full operation period, the Scotia mine will employ an average of 151 employees, with a peak of 178 full-time employees. Most of the workforce will be arranged to work in two shifts of 12 hours per shift, 365 days a year. The four roster teams are planned to operate on the basis of all operating departments. Administrative staff will work from Monday to Friday, at least 10 hours a day.
It is expected that most of the personnel will come from the Halifax region city government and live not far from the Scotia Mine.
ScoZinc has determined that the successful start of commercial production requires multiple project execution phases, namely the procurement phase, the pre-commercial production phase, and the commercial production phase. However, due to ScoZinc's existing environmental assessment approvals and industrial approvals as well as advanced maintenance and maintenance status, the commercial production time of the Scotia mine is relatively short, ranging from 9 to 12 months. Therefore, Scotia Mine is considered a recent producer.
The effective date of the technical report is November 16, 2021. It will be submitted under the company's SEDAR profile within 45 days of this press release.
The 2021 PFS was compiled by MineTech International Limited ("MineTech") with the assistance of ScoZinc technicians and extracted from Ausenco Engineering Canada Inc. ("Ausenco") and MineTech International Limited ("MineTech") on July 6, 2020 PFS, SRK Consulting (US), Inc. ("SRK") and Terrane Geoscience Inc. ("Terrane").
The content of this press release has been reviewed and approved by the following organizations:
ScoZinc is a Canadian exploration and mining company that has full ownership of the Scotia mine and related facilities near Halifax, Nova Scotia. ScoZinc also holds multiple potential exploration licenses near its Scotia mine and surrounding areas in Nova Scotia.
The company's common stock is traded on the TSX Venture Exchange under the symbol "SZM". For more information, please contact:
Mark Haywood President and Chief Executive Officer Robert Suttie Chief Financial Officer Simion Candrea Vice President of Investor Relations
Headquarters Purdy's Wharf, 1959 Upper Water Street, Suite 1301, Nova Scotia, B3J 3N2, Canada Tel 1 (902) 482 4481 Fax 1 (902) 422 2388 Email and network info@ScoZinc.com and www.ScoZincZin
You can view the company's company documents and technical reports in the company's SEDAR profile on www.sedar.com. More information about ScoZinc is also available on Facebook (www.facebook.com/ScoZinc), Twitter (at www.twitter.com/ScoZincMining) and LinkedIn (at www.linkedin.com/company/scozinc-mining-ltd) get.
Neither TSX Venture Exchange nor its regulatory service provider (as the term is defined in the policies of TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
This press release contains certain forward-looking statements that do not contain historical facts. Forward-looking statements include estimates and statements that describe the company's future plans, goals, or objectives, including words that the company or management expects the occurrence of specified conditions or results. Forward-looking statements can be identified by terms such as "believe", "anticipate", "anticipate", "estimate", "may", "may", "will", "will" or "plan". Because forward-looking statements are based on assumptions and address future events and conditions, by their nature, they involve inherent risks and uncertainties. Although these statements are based on information currently available to the company, the company does not guarantee that actual results will meet management expectations. The risks, uncertainties and other factors involved in forward-looking information may cause actual events, results, performance, prospects and opportunities to be materially different from those expressed or implied by such forward-looking information. The forward-looking information in this press release includes, but is not limited to, the company's goals, objectives or future plans, statements, potential mineralization, exploration and development results, mineral resource estimates, exploration and mine development plans, schedules to start operations, and estimated market conditions . There can be no assurance that forward-looking statements will prove to be accurate, and actual results and future events may differ materially from those expected in such statements. Important factors that may cause actual results to differ substantially from ScoZinc’s expectations include the extent to which estimates of mineral resources and reserves reflect actual mineral resources and reserves, existing factors make the deposits commercially viable, and the prices of zinc, lead, and gypsum, which are different from those expected in the future. Uncertainty related to the availability and cost of financing, changes in the stock market, risks related to international business, actual results of current exploration activities, delays in project development, changes in project parameters as the conclusions of economic evaluations and plans are continuously improved, and The future price of metals, the ability to predict or offset the potential impact of the COVID-19 coronavirus on the company’s business-related factors, and those factors discussed in ScoZinc’s management discussion and analysis for some companies entitled “Risk Factors” as of 2020 Annual financial statements for the period ended December 31 of the year. Although ScoZinc tries to identify important factors that may cause the actual results to be materially different, there may be other factors that cause the results to fail to meet expectations, estimates or expectations. There is no guarantee that such statements will prove to be accurate, as actual results and future events may differ materially from the expectations in such statements. Therefore, readers should not place undue reliance on forward-looking statements.
Trevali Mining Corporation ("Trevali" or "Company") (TSX: TV) (BVL: TV) (OTCQX: TREVF) (Frankfurt: 4TI) today released the three and nine months ending September 30, 2021 The financial and operating results of the company. The company reported a quarterly production of 82.4 million pounds of zinc, with an overall maintenance cost1 ("AISC") of $0.99 per pound. Operating cash flow before changes in working capital was US$18.5 million, supporting the reduction of net debt to US$82 million. All financial data are in U.S. dollars.
Financial and operational highlights for the third quarter of 2021
President and CEO Ricus Grimbeek said: “We produced 82.4 million pounds of zinc payable in our entire portfolio. Rosh Pinah and Perkoa achieved another quarter of the strong output, while Santander received a new mining contract. Influenced by business mobilization, Caribou dealt with the harsh site conditions
Due to the tight global shipping market resulting in zinc sales falling to 66.6 million pounds, inventory increased this quarter due to the production time being the back-end loading and sales time. Since the end of the quarter, inventories have fallen to more typical levels and benefited from a higher average zinc price relative to the third quarter.
Net debt in the third quarter was reduced by US$27 million to US$82 million. With the sale of Santander, the balance sheet was strengthened, creating flexibility and supporting discussions with capital providers for RP2.0 Funding for expansion projects. "
See "Use of Non-IFRS Financial Performance Measurement Indicators".
This press release should be read in conjunction with Trevali’s website and SEDAR’s Trevali’s quarterly consolidated financial statements for the three months ended September 30, 2021 and management’s discussion and analysis. Non-IFRS measures are used here to report certain financial information; please see below and the management’s discussion and analysis of the three months and nine months ending September 30, 2021 Financial Reporting Standards Financial performance measurement standards.
Q3'21 vs Q2'21
Q3'21 vs Q3'20
Operating cash flow before working capital
Net income (loss) per share
Trevali is a global base metals mining company headquartered in Vancouver, Canada. Most of the company’s revenue comes from the mining of base metals in its four operating assets: the Perkoa mine in Burkina Faso with a 90% stake, the Rosh Pinah mine in Namibia with a 90% stake, the Santander mine, which is wholly-owned in Peru, and the The wholly-owned Caribou mine in New Brunswick. In addition, Trevali owns the Halfmile and Stratmat deposits and Restiouche deposits in New Brunswick, Canada, as well as the Ruttan mine that was previously produced in northern Manitoba, Canada. Caribou mine will be maintained on March 26, 2020; on January 15, 2021, the company restarted operations, and the zinc production will resume on March 25, 2021. Trevali also owns a 44% effective interest in the Gergarub project in Namibia and the option to acquire a 100% interest in Heath. The Steele deposit is located in New Brunswick, Canada. The company's stock is listed on TSX (codename TV), OTCQX (codename TEVF), Lima Stock Exchange (codename TV) and Frankfurt Stock Exchange (codename 4TI). For more detailed information about Trevali, please refer to the company's website (www.trevali.com) and the Canadian regulatory document on SEDAR www.sedar.com.
Q3'21 vs Q2'21
Q3'21 vs Q3'20
See "Use of Non-IFRS Financial Performance Measurement Indicators".
Compared with the 87.3 million pounds of zinc payable in the previous quarter, the combined quarterly production fell by 6% to 82.4 million pounds of zinc payable due to the slow increase in mining activities after Santander mobilized new mining contractors, as well as the decline in ore throughput and Reindeer's first class. Compared with the third quarter of 2020, the quarterly production increased by 11%, which was due to Caribou's contribution in the third quarter of 2021, as the company carried out maintenance and maintenance in the third quarter of 2020.
The C1 cash cost 1 and AISC 1 in the third quarter of 2021 remained the same compared to the previous quarter, increasing by 1% and 2%, respectively. Due to the rising operating costs of Perkoa and Rosh Pinah, the weaker U.S. dollar, the decline in production, and the delay in maintaining capital expenditures compared to the previous quarter, AISC 1 in the third quarter of 2021 increased by 9% compared to the same period in 2020, part of which was processed The increase in by-product credits in the third quarter of 2021 was offset by the reduction in the benchmark rate and benefited from Rosh Pinah’s 2021 anticipated sales of one of the three lead concentrates and the increase in by-product pricing.
Q3'21 vs Q2'21
Q3'21 vs Q3'20
Basic and diluted net income (loss) per share
Adjusted income (loss) 1 per rabbit
Revenues in the third quarter of 2021 decreased to 79.8 million U.S. dollars. This was due to a 23% decline in sales, which was a direct result of reduced production and delivery time, partially offset by a 3% increase in zinc prices. Compared with the corresponding quarter in 2020, revenue increased by 59%, mainly due to the 28% increase in zinc prices, while the 2021 zinc treatment fee benchmark fell by 47%.
Adjusted EBITDA 1 for the third quarter of 2021 was US$20.5 million, down from US$32 million in the second quarter of 2021. This was mainly due to a 23% drop in zinc sales payable. The difference between EBITDA 1 for the third quarter of 2021 and adjusted EBITDA 1 is positive 6.6 million U.S. dollars. The difference is due to the impact of foreign exchange and mark-to-market revaluation. It is similar to the corresponding quarter in 2020. In contrast, the previous The quarter includes the similar nature of market price and foreign exchange amount, only negative numbers.
The company’s management reiterated its production and cost guidance, and expects to pay the low end of the range of 33-355 million pounds of zinc output, with a unit cost of US$0.80-0.84 per pound C1 cash cost 1 and high-end AISC 1 of US$0.94-0.98 per pound. Transaction After completion, it is expected that the 2021 annual guidance will be adjusted for the sale of Santander.
The company's management believes that the prospects for the zinc market are still healthy. As global economic activity intensifies with infrastructure spending, pent-up demand growth and metal supply constraints, the metals industry has performed well and is beginning to reflect investor confidence in the long-term positive price cycle. Although rising energy prices, supply chain challenges, and related manufacturing and production shortage risks may lead to operating cost pressures and price fluctuations, compared with the recent cycle, the economic environment after the pandemic is expected to be more dependent on commodities. In fact, after the pandemic slows down, the global economy and various "green energy" initiatives still have some work to catch up. In our opinion, these have a positive impact on our business. Continuous structural changes have provided companies with many opportunities, but they have also brought risks that need to be carefully managed.
See "Use of Non-IFRS Financial Performance Measurement Indicators".
The price of zinc was US$1.32 per pound at the beginning of the quarter and US$1.35 per pound at the end of the quarter. The transaction price was US$0.07 per pound, about half of the previous two quarters. After the end of the third quarter, in the first few weeks of October, the spot zinc price on the London Metal Exchange ("LME") rose to US$1.74 per pound against the backdrop of zinc smelters' production cuts. This was mainly due to the pressure of electricity costs in Europe and the Power supply problems in Europe. China. In addition, the International Lead and Zinc Research Group lowered its forecast for global refined zinc surplus in 2021 from the previously expected 353,000 tons announced in April to 217,100 tons on October 7, 2021. At the same time, although China released 180,000 tons of zinc from its strategic reserves in four market auctions, LME stocks have been declining since April and are currently down 31% from January.
Although the global manufacturing industry is expanding, there has been some cooling recently. Due to input shortages hindering the output of manufacturing and service industries, economic growth in the Eurozone slowed for the second consecutive month in September, falling from the 15-year peak set in July. The final reading of the IHS Markit Eurozone Manufacturing Purchasing Managers Index (“PMI”) in September was 58.6, slightly lower than the initial value of 58.7, but it was a significant drop from 61.4 in August and the lowest level since February. Japan's September manufacturing purchasing managers' index was 51.5, slightly lower than August's 52.7. Both output and new orders contracted for the first time in 2021. Chinese manufacturing stabilized in September after weakening in August. Therefore, the seasonally adjusted overall manufacturing PMI in September was 50.0, which was higher than the previous month's 49.2. Part of the reason for the higher overall index data is that overall domestic demand has improved again. Chinese companies generally expect production to increase next year, and the level of positive sentiment rises to the highest level since June. Forecasts about the end of the pandemic, company expansion plans, rising customer demand and new product launches support optimism.
As previously reported, the annual benchmark contract handling fee for zinc concentrate agreed by Asia and Europe was US$159 per ton, compared to US$300 per ton last year. Trevali's concentrate offtake agreement refers to the annual benchmark processing fee. Although the market expects the supply of zinc concentrate to increase in the next few quarters, according to Wood Mackenzie and the International Lead and Zinc Research Group, the expected growth rate continues to decline. This has an impact on the cost of treatment. Wood Mackenzie stated that the indicative spot handling fee for September was US$80 per ton of CIF to China. The spot price in September was between US$75 and US$85 per ton, which was much lower than the average Chinese spot price of US$285 and US$209 per ton in 2019 and 2020, respectively.
In the third quarter of 2021, LME zinc prices averaged US$1.36 per pound, continuing to improve from the pandemic low of US$0.82 per pound reached in March 2020. In comparison, the average price of LME zinc in the third quarter of 2020 was US$1.06 per pound, and in the second quarter of 2021 it was US$1.32 per pound. We believe that zinc prices in the medium term will receive basic support because management believes that with the expansion of global economic activity and infrastructure spending, demand will exceed supply and green energy initiatives will have an impact.
By the end of the third quarter of 2021, the LME exchange inventory has been reduced from 253,600 tons on June 30, 2021 to 205,750 tons. The Shanghai Futures Exchange ("SHFE") zinc stocks increased to 64,300 tons, compared to 41,000 tons at the end of the second quarter of 2021. It is worth noting that the global consumption at the end of September was 7.5 days, while it was 8.0 days in August. The total stock level of the exchange is far lower than the historical average of 18 days.
Relatively low inventories and strong demand continue to put upward pressure on the rising spot zinc premium. In the United States, in some cases, high freight rates pushed up the spot premium to US$232 per ton (10.5 cents/lb), while in Europe, they rose from US$135 per ton in August to around US$150 per ton. In South East Asia, the price was about US$125 per ton, an increase of US$5 per ton from August.
On January 15, 2021, the company announced plans to restart the Caribou mine, which has been under maintenance and maintenance plans since March 2020. In the initial two-year plan, the company signed a 21-month fixed pricing arrangement to produce 115 million pounds of zinc payable products from Caribou, reducing its impact on commodity price fluctuations at an average price of US$1.25 per pound.
On January 18, 2021, the company announced the appointment of Jeane Hull as a member of the board of directors, effective from February 1, 2021.
On January 18, 2021, the company announced preliminary production results for the full year and the fourth quarter of 2020 and guidance on operating, capital, and exploration expenditures for 2021.
On February 26, 2021, the company announced that it had signed a binding terms list, which stipulated the terms of joint exploration with Arrow Minerals (ASX: AMD), in which the two parties agreed to grant them other reciprocal exploration rights to Burkina Faso Prospecting license for the potential Boromo gold belt, which the company believes is insufficient for base metal exploration.
On March 30, 2021, the company announced that it had transported its first batch of concentrate from Caribou mining trucks since it announced that it plans to restart operations on January 15, 2021.
On March 31, 2021, the company reported the report of mineral reserves and mineral resources as of December 31, 2020. The global proven and probable mineral reserves have increased. Due to the decrease in off-site costs and the increase in metal price forecasts, the return value of the net smelter has increased, so the grade has declined slightly. For more information, please refer to the press release on March 31, 2021 entitled "Trevali Report 2020 Mineral Reserves and Resources; Increasing Mineral Reserves at Rosh Pinah and Caribou Mines"
In April 2021, the benchmark rate of the annual treatment fee for zinc and lead for 2021 was agreed. The zinc treatment fee was set at US$159 per ton, and the lead treatment fee was set at US$136 per ton, a decrease of 47% and 26%, respectively, compared with the 2020 baseline. Trevali's concentrate offtake agreement refers to the annual benchmark processing rate. These rates are retrospective and apply to concentrates produced in 2021, regardless of when the sale occurs.
On April 7, 2021, the company announced that it has signed a 15-year renewable energy procurement agreement with Emerging Markets Energy Services Corporation ("EMESCO") to supply solar energy to the Rosh Pinah Mine. The company has previously committed to achieving its overall greenhouse gas ("GHG") reduction target by 2025, which is a 25% reduction from its 2018 baseline. This agreement with EMESCO is expected to meet 30% of Rosh Pinah's electricity demand during the validity period of the agreement and reduce company-level greenhouse gas emissions by 6%.
On May 12, 2021, the company announced the results of the annual general meeting. Shareholders voted for all business items: election of directors, reappointment of auditors, and consulting votes on Trevali's executive compensation methods.
On May 26, 2021, the company announced the appointment of David Schummer as chief operating officer, effective August 30, 2021.
On June 3, 2021, the company released its 2020 Sustainability Report, which is the third annual report covering new performance targets and disclosures.
On August 3, 2021, the company announced that it is conducting a pilot plant test program using Caribou ore and abrasive materials at the FLSmidth rapid oxidation leaching ("ROL") process test facility in Salt Lake City, Utah. If the pilot plant test plan shows that ROL technology is likely to be successfully implemented in Caribou, Trevali may be allowed to replace Caribou's existing flotation circuit with atmospheric leaching vessels and potential SX/EW trains, thereby introducing the possibility of production of base metals and Precious metals, thereby saving transportation costs and off-site processing costs.
On August 17, 2021, the company announced the positive results of the feasibility study for the Rosh Pinah Extension ("RP2.0") NI 43-101. For more detailed information, please refer to the "Development and Exploration Projects" section of this MD&A.
On November 8, 2021, the company announced that it has signed a share purchase agreement ("Agreement") with Cerro De Pasco Resources Inc. ("Cerro De Pasco"), pursuant to which the company has agreed to sell its Santander mine in Peru to Cerro De Pasco. Under the terms of the agreement, Trevali will receive 10 million common shares of Cerro De Pasco, US$800,000 (1 million Canadian dollars) in cash (adjustable as described below), and a 1% net smelter return royalties from Santander Certain areas of the mine do not include areas that currently have definite mineral resources.
On November 8, 2021, the company also announced that the board of directors has approved the ten-to-one merger of the company’s common shares (the "merger"). The company has 989 million issued ordinary shares. If completed, the merger will reduce the issued and issued ordinary shares to approximately 98.9 million ordinary shares. Approved by the Toronto Stock Exchange, the company expects that the merger will take effect on or around December 1, 2021, at which time the common shares will be traded on the basis of the merger under the current name and trading code.
Financial and operational performance conference call and webcast for the third quarter of 2021
The company will host a conference call and demo webcast on Friday, November 12, 2021 at 1 p.m. Eastern Time (10 a.m. Pacific Standard Time) to review operations and financial performance. It is recommended that participants dial five minutes before the scheduled call start time. Before the conference call, a presentation will be available on the company's website. Dial-in details for conference call:
Call conference dial details:
Date: Friday, November 12, 2021, 1:00 PM Eastern Time Dial-in: Toll Free (North America): 1 (877) 291-4570 International: 1 (647) 788-4919 Conference ID 6995819 Webcast: https:// www.gowebcasting.com/11527
Trevali is a global base metals mining company headquartered in Vancouver, Canada. Most of Trevali’s revenue comes from the mining of base metals in its four operating assets: 90% of the Perkoa mine in Burkina Faso, 90% of the Rosh Pinah mine in Namibia, the wholly-owned Caribou mine in northern New Brunswick, Canada and Peru The wholly-owned Santander mine. In addition, Trevali owns the Halfmile and Stratmat Properties and Restiouche deposits in New Brunswick, Canada, as well as the Ruttan mine that was produced in northern Manitoba, Canada. Trevali also owns a 44% effective interest in the Gergarub project in Namibia and the option to acquire a 100% interest in the Heath Steele deposit in New Brunswick, Canada.
Trevali's shares are listed on TSX (symbol TV), OTCQX (symbol TEVF), Lima Stock Exchange (symbol TV) and Frankfurt Stock Exchange (symbol 4TI). For more detailed information about Trevali, please refer to the company's website (www.trevali.com) and the Canadian regulatory document on SEDAR www.sedar.com.
Notes on forward-looking information and statements
This press release contains "forward-looking information" within the meaning of Canadian securities legislation and "forward-looking statements" within the context of the Private Securities Litigation Reform Act of 1995 in the United States (collectively referred to as "forward-looking statements"). Forward-looking statements are based on the beliefs, expectations and opinions of the company’s management as of the date of the statement. Except as required by law, the company assumes no obligation to update any forward-looking statements. In some cases, forward-looking statements can be used such as "plans", "expects", "expectations", "guidance", "budgets", "plans", "estimates", "forecasts", "intends", " "Expect" or "believe", or variations of such words or statements, certain actions, events or results "may", "may", "will", "may", "will be taken", "occur" or "Achieved" or the negation of these terms or similar terms. Forward-looking statements are related to future events or future performance and reflect management’s expectations or beliefs about future events, including but not limited to the company’s growth strategy and planned development activities, expected annual savings on capital projects, expected supply, commodity demand and the market Prospects, future commodity prices, estimation of mineral reserves and mineral resources, realization of estimation of mineral reserves, estimated time and quantity of future production, production costs and capital expenditures, hedging activities, success of mining operations, environmental risks, unexpected reclamation costs , Property rights disputes or claims, expected future acquisitions of property, content, cost, time and results of future exploration plans, expected life of mines, and the impact of current and future actions taken by the government on company operations. Authorities, counterparties and others related to COVID-19 Information about the pandemic. By their very nature, forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the company’s actual results, performance or achievements to differ from any future results or performance expressed or implied by the forward-looking statements Or there is a major difference in achievement-a statement that seems. These factors include (among others) the company’s fixed-price offtake contract may be uneconomical; as the plan continues to improve, project parameters change; future prices of zinc, lead, silver and other minerals, and the impact of our financial performance on these Expected sensitivity of prices; possible changes in ore reserves, grades or recovery rates; results of current and planned exploration activities; reliance on key personnel; potential conflicts of interest involving our directors and senior staff; labor pool restrictions; labor disputes; development Availability of infrastructure required for mining projects; delay or inability to obtain government and regulatory approvals for mining operations or financing or completion of development or construction activities; counterparty risk; increased operating and capital costs; fluctuations in foreign currency exchange rates; in foreign jurisdictions Operating in the jurisdiction, there is a risk of changing government regulations; complying with government laws and regulations, including any new or ongoing laws and regulations issued by government authorities in response to the COVID-19 pandemic; complying with environmental laws and regulations; land reclamation and Mine closure obligations; challenges to the ownership or ownership rights of our minerals; maintaining continuous social operating permits; the impact of climatic conditions on the company's mining operations; corruption and bribery; inherent restrictions on our insurance coverage; compliance with debt covenants; we raise funds Competition in the mining industry; our ability to integrate new acquisitions into our operations; cybersecurity threats; litigation; Other risks and other risks and uncertainties described more fully in the discussion and analysis, all of which are archived under the company's profile and available for review by SEDAR at www.sedar.com. Although the company has tried to identify important factors that may cause actual actions, events, or results to differ materially from those described in the forward-looking statements, there may be other factors that cause actions, events, or results to be different from expectations, estimates, or intentional. Trevali does not guarantee that forward-looking statements will prove to be accurate, as actual results and future events may differ from expectations in such statements. Therefore, readers should not place undue reliance on forward-looking statements.
Items marked with "1" are non-IFRS measures. These non-IFRS measures have no standardized meaning. These metrics are designed to provide additional information and should not be considered in isolation or as a substitute for performance metrics prepared under IFRS. Readers should refer to the “Use of Non-IFRS Financial Performance Measurement Standards” in the discussion and analysis of the company’s management for the three months ended September 30, 2021 to understand the interpretation of these measurement standards and the Reconciliation of financial performance reported by the reporting standards.
View original content and download multimedia: http://www.newswire.ca/en/releases/archive/November2021/11/c0651.html
News from the Canadian News Line through QuoteMedia
Tinka Resources Limited ("Tinka" or "Company") (TSX: TK) (BVL: TK) (OTCQB: TKRFF) announced that the company has submitted a national instrument titled "Ayawilca Polymetal Project in Central Peru" 43-101 Technical Report", NI 43-101 Update Preliminary Economic Evaluation Technical Report" ("NI 43-101 Technical Report") to support the company's press releases issued on September 27, 2021 and October 14, 2021 ("Press Release"). There is no material difference between the information disclosed in the NI 43-101 technical report and the press release
The NI 43-101 technical report was prepared by Mining Plus Peru SAC ("Mining Plus"), Transmin Metallurgical Consultants ("Transmin"), Envis EIRL ("Envis") and SLR Consulting (Canada) Ltd ("SLR") as the principal consultants ,with
It can be found on the SEDAR company profile on www.sedar.com and on the company website www.tinkaresources.com.
On behalf of the board of directors,
"Graham Carman" Dr. Graham Carman, President and Chief Executive Officer
More information: www.tinkaresources.com Mariana Bermudez 1.604.685.9316 info@tinkaresources.com
Tinka is an exploration and development company whose flagship property is the Ayawilca zinc-silver-tin project, which is 100% owned in central Peru. The estimated indicative mineral resources of the zinc belt deposit are 19.0 Mt @ 7.15% Zn, 16.8 g/t Ag and 0.2% Pb, and the inferred mineral resources are 47.9 Mt @ 5.4% Zn, 20.0 g/t Ag and 0.4% Pb (date ) August 30, 2021-see press release). The estimated inferred mineral resources of the Ayawilca Tin District are 8.4 metric tons and the tin grade is 1.02%. Tinka owns 46,000 hectares of mining rights in central Peru and is one of the largest mining rights holders in the region. Tinka is actively exploring copper-gold skarn deposits in its 100% owned Silvia project. Dr. Graham Carman, President and CEO of Tinka and a researcher at the Australian Institute of Mining and Metallurgy, has reviewed and verified the technical content of this version.
Forward-looking statements: Certain information in this press release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws (collectively referred to as "forward-looking statements"). Except for statements of historical facts, all statements are forward-looking statements. Forward-looking statements are based on Tinka’s beliefs and expectations, as well as assumptions made by Tinka’s management and currently available information. Such statements reflect current risks, uncertainties and assumptions related to certain factors, including but not limited to: the timing of the planned work plan and results that are different from expectations; delays in obtaining results; changes in the stock market; changes in the future Uncertainty related to the availability and cost of financing; equipment failures, unexpected geological conditions; inaccurate resource estimates or metal recovery rates; success of future development plans; competition and business performance; environmental and safety risks; timing and preliminary geological reports The preliminary nature of the economic evaluation and the company’s ability to achieve the results of the preliminary economic evaluation; the political environment in which the company operates continues to support the development and operation of mining projects; the risks associated with negative publicity on the company or the entire mining industry; and viruses and infectious diseases Outbreak-related threats, including the new COVID-19 virus; delayed or failure to obtain necessary permits and approvals from local authorities; community agreements and relationships; and other development and operational risks. If any one or more of these risks or uncertainties become reality, or any basic assumptions prove to be incorrect, the actual results may differ materially from the results described here. Although Tinka believes that the assumptions inherent in forward-looking statements are reasonable, forward-looking statements are not a guarantee of future performance and should not be overly dependent on such statements due to the inherent uncertainties. Except as required by applicable securities laws, Tinka assumes no intention or obligation to update any forward-looking statements.
Neither TSX Venture Exchange nor its regulatory service provider (the term is defined in the policies of TSX Venture Exchange) is not responsible for the adequacy or accuracy of this press release
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Tinka Resources Limited ("Tinka" or "Company") (TSXV:TK)(BVL:TK)(OTCQB:TKRFF) is pleased to announce the results of Silvia NW's high-grade gold and copper trenches. Silvia NW is a few potential targets One company owns 100% of the Silvia project, which is 30 kilometers away from the company's flagship Ayawilca zinc-silver project. Tinka holds a continuous mining concession of 460 square kilometers in a prolific mining area in central Peru-Figure 1
* The calculation of copper equivalent (CuEQ) assumes that the 100% recovery rate of copper and gold uses a gold conversion factor of 0.751, based on a nominal copper price of US$3.30/lb and a gold price of US$1,700/ounce. The gold equivalent (AuEQ) calculation assumes a copper and gold recovery rate of 100% using a copper conversion factor of 1.33.
Dr. Graham Carman, President and CEO of Tinka, said: “The new trench sampling results from Silvia NW highlight the exciting potential of Sylvia NW’s discovery of high-grade gold and copper skarn. We will launch on October 7, 2021. This result was reported for the first time in a press release of "These latest results are some of the highest grades of outcropping gold and copper recently reported by a grassroots project in Peru. The Silvia NW area has never been drilled or systematically explored before. "
"The surface footprint of the high-grade copper-gold skarn has been further extended by 150 meters to the south, and the total strike length is now 550 meters. We believe that the mineralization in Area A may extend to a larger area under shallow coverage. Further plans are planned Digging trenches and soil sampling to confirm this."
“The Silvia copper-gold project is an important complement to our exploration portfolio in central Peru and provides excellent synergy with our flagship Ayawilca zinc-silver project next door. In Ayawilca, we recently announced the PEA for the zinc belt deposit, which highlights Ayawilca has the potential to become the top 10 zinc producer in the world. The project has strong economics and significant advantages for further expansion and optimization (PEA press release date is October 14, 2021). We plan to continue to advance Ayawilca until 2022 At the same time, in the coming weeks, we will continue our active exploration plan in our gold-copper skarn area in Silvia, and advance the approval of the final drilling plan."
Geology and sampling results of Silvia NW
Tinka's exploration activities have been focused on the mapping and sampling of copper-gold skarn in Area A (Figure 2), which exposes the deepest part of the exposed skarn system along the 3-km trend of Silvia NW. Skarn consists of limestone ("exoskarn") or QFP intrusions ("endoskarn"), consisting of green garnet, magnetite, diopside, chlorite, and sulfides mainly composed of chalcopyrite and pyrite物组合。 Material composition.
The Cretaceous Jumasha Formation is the main body of copper-gold mineralization. The Jumasha Formation is a thick (> 2 km) platform limestone sequence that forms the main part of the fold and thrust belt in central Peru, and is the host of several large skarn deposits (including Antamina). Quartz feldspar porphyry (QFP) intrusive dikes are very common, and the direction is northeast-southwest or north-south.
Figure 4 shows the position of the high-grade copper-gold trench sample (6 m @ 12.8 g/t Au and 2.7% Cu).
The copper in skarn is mainly in the form of chalcopyrite, with a small amount of chalcocite and copper-cobalt (and copper oxide). In area A, skarn appears in a clearly continuous area of approximately 550 m x 100 m (Figure 3). There is extensive gravel coverage between the skarn outcrops. Tinka geologists believe that skarn mineralization may continue to exist in a larger area below the gravel.
Table 1 highlights the sampling results of the new copper-gold trench. Table 2 summarizes all surface rock samples by type.
Table 1. New surface sampling results from area A in this version
Table 2. All rock samples in Zone A, by rock type
** The calculation of copper equivalent (CuEQ) assumes that the 100% recovery rate of copper and gold uses a gold conversion factor of 0.751, based on a nominal copper price of US$3.30/lb and a gold price of US$1,700/ounce. The gold equivalent (AuEQ) calculation assumes a copper and gold recovery rate of 100% using a copper conversion factor of 1.33.
* 100 m south extension, continuous chip sample
Figure 1-Location of Silvia NW and Ayawilca projects in central Peru
Figure 2-Simplified geological map of Silvia NW area A, B and C
Figure 3-Highlights of copper-gold trenching and cuttings results in Area A
Figure 4-High-grade copper-gold skarn outcrops and trenching in Zone A-viewed from the southeast
Precautions for sampling and testing
When possible, excavate a trench of 1 m deep in the outcrop area (partially weathered) to test the grade of skarn and adjacent limestone and intrusions. The groove sample is a continuous sample collected with a hammer and chisel in an interval of 1 to 2 meters. In areas with sporadic outcrops, the samples were taken as semi-continuous cuttings. Tinka believes that these samples represent outcrops and are non-selective. The samples are bagged and labeled on site. The sample was sent to the Certimin laboratory in Lima, where the sample was dried, crushed to 90% passing 2 mm, and then 1 kg was crushed to 85% passing 75 microns. Gold was analyzed by 30 g fire assay (method G0108) and ICP multi-element analysis using polyacid digestion (method G0176). The analysis of gold exceeding 10 g/t Au is re-analyzed by advanced fire analysis and gravimetric analysis (method G0014). Re-determine copper content exceeding 1% Cu by atomic absorption (method G0039). Standards and blanks are not inserted by Tinka, but inserted in the laboratory.
Dr. Graham Carman, President and CEO of Tinka and a researcher at the Australian Institute of Mining and Metallurgy, has reviewed and verified the technical content of this version.
On behalf of the board of directors,
"Graham Carman" Dr. Graham Carman, President and Chief Executive Officer
More information: www.tinkaresources.com
Mariana Bermudez 1.604.685.9316 info@tinkaresources.com
Tinka is an exploration and development company whose flagship property is the Ayawilca zinc-silver-tin project, which is 100% owned in central Peru. The estimated indicative mineral resources of the zinc belt deposit are 19.0 Mt @ 7.15% Zn, 16.8 g/t Ag and 0.2% Pb, and the inferred mineral resources are 47.9 Mt @ 5.4% Zn, 20.0 g/t Ag and 0.4% Pb (date ) August 30, 2021-see press release). The estimated inferred mineral resources of the Ayawilca Tin District are 8.4 metric tons and the tin grade is 1.02%. Tinka owns 46,000 hectares of mining rights in central Peru and is one of the largest mining rights holders in the region. Tinka is actively exploring copper-gold skarn deposits in its 100% owned Silvia project.
Forward-looking statements: Certain information in this press release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws (collectively referred to as "forward-looking statements"). Except for statements of historical facts, all statements are forward-looking statements. Forward-looking statements are based on Tinka’s beliefs and expectations, as well as assumptions made by Tinka’s management and currently available information. Such statements reflect current risks, uncertainties and assumptions related to certain factors, including but not limited to: the timing of the planned work plan and results that are different from expectations; delays in obtaining results; changes in the stock market; changes in the future Uncertainty related to the availability and cost of financing; equipment failures, unexpected geological conditions; inaccurate resource estimates or metal recovery rates; success of future development plans; competition and business performance; environmental and safety risks; Expectations; the political environment in which the company operates continues to support the development and operation of mining projects; risks associated with negative publicity to the company or the entire mining industry; threats related to outbreaks of viruses and infectious diseases, including the new COVID-19 virus; delays Obtaining or failing to obtain the necessary permits and approvals from local authorities; community agreements and relationships; and other development and operational risks. If any one or more of these risks or uncertainties become reality, or any basic assumptions prove to be incorrect, the actual results may differ materially from the results described here. Although Tinka believes that the assumptions inherent in forward-looking statements are reasonable, forward-looking statements are not a guarantee of future performance and should not be overly dependent on such statements due to the inherent uncertainties. Except as required by applicable securities laws, Tinka assumes no intention or obligation to update any forward-looking statements.
Neither TSX Venture Exchange nor its regulatory service provider (the term is defined in the policies of TSX Venture Exchange) is not responsible for the adequacy or accuracy of this press release
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As interest in ETFs continues to rise, it may be time for environmentally conscious investors to consider clean energy ETFs.
Exchange-traded funds (ETFs) are gaining popularity in many industries in North America, including clean energy ETFs.
In recent years, the inflow of ETFs has reached a record level. So far, 2021 is expected to be a record year for global ETF inflows, with a total of 639.8 billion U.S. dollars in the first half of the year, more than twice that of the same period in 2020.
The growing demand for these investment products has prompted fund companies to launch more ETFs in 2021 and even convert their existing mutual funds into ETFs. Reuters reported that according to data from Refinitiv, as of July 21, 2021, 709 ETFs have been launched in 2021, compared with 428 ETFs in the same period in 2020.
As far as clean energy ETFs are concerned, they are a safe way for investors to access the clean energy industry while avoiding the volatility caused by investing in individual stocks.
Below are the five top clean energy ETFs to consider, ranked by total assets under management (AUM). All figures and data are collected using ETFdb.com and are current as of November 10, 2021.
The iShares Global Clean Energy ETF was created on June 24, 2008. It has a large investment portfolio and holds domestic and international stocks.
An analyst report on ETFs pointed out that the fund "may not be worthy" to account for a large portion of investors' long-term investment portfolios. It shows that the fund can be useful as a "satellite holding", and it focuses on a small part of the market that is usually overlooked by less focused ETFs.
The three highest weighted holdings of iShares Global Clean Energy ETF include: Enphase Energy (NASDAQ: ENPH) has a weight of 9.37%, and Plug Power (NASDAQ: PLUG) has a weight of 6.09%. SolarEdge Technologies (NASDAQ: SEDG) has a weight of 5.36%.
According to ETFdb.com, the First Trust Nasdaq Clean Edge Green Energy Index Fund was formally established on February 14, 2007, and is the “only member” of the alternative energy category. Why? Because it invests in companies that are interested in different green energy sub-sectors, such as biofuels, solar and advanced batteries.
ETFdb.com also stated that due to the focus of the ETF, it may be attractive to investors seeking a wider range of investments in alternative energy. The three most weighted holdings are Tesla (NASDAQ: TSLA), which accounts for 9.31%, Enphase Energy, 7.7%, and NIO (NYSE: NIO), 6.92%.
Invesco WilderHill Clean Energy ETF started on March 3, 2005, focusing on clean energy companies that use green and renewable energy and technologies that contribute to clean energy.
Currently, the highest weighted holdings of the ETF include 2.21% Bloom Energy (NYSE: BE), 2.11% EVgo (NASDAQ: EVGO) and 2.02% Enovix (NASDAQ stock) Code: ENVX).
The ALPS Clean Energy ETF was recently established on June 29, 2018. Most of the companies in this ETF are located in North America.
The top three ETF holdings are Plug Power, Tesla and Enphase Energy, with weights of 6.88%, 6.22% and 6.14%, respectively.
SPDR S&P Kensho Clean Power ETF was launched in October 2018 to track companies whose products and services promote innovation in the clean energy sector, including solar, wind, geothermal and hydroelectric power generation.
The fund currently holds 44 stocks. In terms of weight, the top three are Tesla, accounting for 4.82%, Enphase accounting for 4.09%, and First Solar (NASDAQ: FSLR) accounting for 3.57%.
This is an updated version of an article originally published by Investment News in 2018.
Don't forget to follow us @INN_Technology for real-time news updates!
Securities Disclosure: I, Melissa Pistilli, do not hold direct investment interests in any of the companies mentioned in this article.
The recovered copper scrap has made a significant contribution to copper supply and played a behind-the-scenes role in balancing the copper market.
Copper is one of the most important materials in our daily lives, and copper scrap is a strategic source of important base metals.
Copper is widely used in construction, power grids, electronic products, transportation equipment and household appliances. The growing demand for renewable energy, electric vehicles and high-tech products bodes well for copper because it has the highest electrical conductivity of all metals except silver, making it an ideal material for the emerging green economy.
The recovered copper scrap has made a significant contribution to copper supply and played a behind-the-scenes role in balancing the copper market. A report from the Copper Development Association stated: "The value of copper recycling is so great that high-quality scrap usually accounts for at least 95 (%) of the value of primary metals in newly mined ore."
In addition, considering that the purchasing power of producers more or less depends on the price, scrap steel is called "the world's largest copper mine" and perhaps the fastest response. Read on to learn about this material and its impact on the global copper market.
Like many metals, copper is 100% recyclable, and when reused, in most cases, it retains its many beneficial properties. Scrap copper materials-also called secondary copper-can be divided into two main categories: new scrap and old scrap.
New scrap is copper metal discarded during manufacturing and manufacturing, and is generally considered to be a higher grade material than old scrap. Old waste refers to copper wires, copper pipes, roof copper or copper pipes from post-consumer products that can be converted into refined metals and alloys.
In the recycling process, these secondary copper materials are smelted in a furnace, and then further processed and refined. Electrical applications require high-quality copper, and although freshly mined copper is usually used for this purpose, high-quality new scrap can also be used. Recycled copper used in non-electrical applications (such as pipes or roof panels) is usually old waste.
Scrap metal recycling benefits the environment in many ways, such as reducing energy use, greenhouse gas emissions, and landfill waste. From this perspective, the International Copper Research Group pointed out that a computer contains approximately 1.5 kilograms (3.3 pounds) of copper, while a typical household may contain as much as 100 kilograms (220 pounds) of copper.
According to the organization, the energy required to recover copper is 85% less than mine-level primary copper production. Globally, copper recycling can reduce the use of electricity by 100 million megawatt hours each year and emit 40 million tons of carbon dioxide into the atmosphere.
According to data from the International Copper Association, scrap copper meets about 30% of the total global copper demand. The percentages vary-in the United States, copper scrap accounts for about 35% of the national copper supply (USGS data), while in Europe, recycled copper accounts for about 50% of all copper use (data from the International Copper Research Group).
China accounts for about half of global copper demand and is also the world's largest scrap copper refining country. In the past ten years, China's annual average output of recycled copper has exceeded 1.5 million tons, accounting for about 30% of the country's total copper consumption.
Most of the secondary copper comes from imports, mainly from the United States. According to reports, in 2020, China imported 944,000 tons of high-purity copper scrap from the United States.
This figure is significantly lower than the import volume of 1.5 million tons in 2019 and 2.4 million tons in 2018. Environmental pollution.
The introduction of these restrictions is a prelude to a plan to completely ban the import of China's so-called "foreign garbage", which was originally scheduled to take effect in 2020. The way forward.
In explaining the situation at the time, Bloomberg said that China's restrictions on scrap copper imports "forced the country's lucrative processing industry to move overseas." Unfortunately, this coincided with China's renewed demand for copper and the outbreak of the coronavirus, which has disrupted primary and secondary copper supply lines globally.
"Scrap copper trading is particularly affected by the COVID-19 crisis, which has led to a shortage of scrap metal," Research and Markets reported. Jonathan Barnes, a senior copper analyst at Roskill, estimates that global copper scrap trading volume fell by about 30% in the first half of 2020.
The supply gap caused by COVID-19 and the huge pressure from scrap copper recyclers in the country have caused China to exempt the waste ban on high-grade copper scrap imports and reclassify them as “resources” rather than “waste”. According to Reuters, the Chinese government has also suspended a 25% tax on US copper scrap imports.
As of mid-2021, China's copper scrap supply is still tight, and high-grade copper scrap imported from the United States is still in strong demand.
Copper is a key material for many industries, and the problem of insufficient supply in the global copper market is nothing new-in fact, there have been calls for copper peaks for more than a decade.
Where there is demand and where there is no supply, scrap copper is needed. This material will continue to play an important role in the overall copper market, especially when primary copper mines are disrupted or cannot produce enough metal at all to meet demand.
This is an updated version of an article first published by Investment News in 2011.
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Securities Disclosure: I, Melissa Pistilli, do not hold direct investment interests in any of the companies mentioned in this article.
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