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Issued on behalf of Yukon Metals Corp.
VANCOUVER – USA News Group – Large quantities of copper ore flowed into China in September, according to the General Admininstration of Customs, showing the economic super power imported 479,000 tons of unwrought copper and copper products last month. According to analysts at Fastmarkets, copper prices are expected to experience upward pressure in Q4 2024, with a bullish forecast for the next 12 months. The result is Fastmarkets’ projection that copper prices will reach an all-time high, to an average of $10,265 per tonne. While the market has witnessed the critical metal trading up 12% from its position at the start of 2024 (but down from its US$11,000 per ton high in May), miners and explorers are looking ahead to build their projects, including new developments from Yukon Metals Corp. (CSE: YMC) (OTCQB: YMMCF), CopperCorp Resources Inc. (TSXV: CPER) (OTCQB: CPCPF), Orla Mining Ltd. (NYSE-American: ORLA) (TSX: OLA), Magna Mining Inc. (TSXV: NICU) (OTCQB: MGMNF), and Sierra Metals Inc. (TSX: SMT) (OTCQX: SMTSF).
The article continued: According to the world’s largest mining company, BHP, the global rise of AI is set to intensify the looming copper shortage, predicting a 72% increase in copper demand by 2050.
Yukon Metals Announces 2.4% Copper and Gold Values up to 6.64 g/t in Multiple Rock-Chip Samples at Birch
Well-financed mining exploration company Yukon Metals Corp. (CSE: YMC) (OTCQB: YMMCF) just announced an exploration update on its 2,285-hectare Birch Project, located approximately 65km northeast of Burwash Landing, including 2.4% copper and gold values up to 6.64 g/t in multiple rock-chip samples. The results come from assays for 964 soil samples on a 50m x 100m grid over the northern and central portion of the claim block, which received and show encouraging gold, copper and molybdenum results, including a strong copper and gold anomaly in the north of the claim block.
The anomalous zone trends roughly east-west and extends over 1,400 meters. Rock-chip float samples on the eastern portion of the zone returned up to 2.42 % copper with up to 0.94 g/t gold within pyrite-chalcopyrite rich skarn. These strongly-oxidised massive sulfide boulders have been traced parallel to mapped east-west striking limestone-marble outcrops in the area.
“These additional geochemical results has reinforced the potential of the project to host a gold rich copper porphyry system,” said Rory Quinn, President & CEO of Yukon Metals. “The positive identification of skarn mineralization fits well within the exploration model that we are developing for the Birch project. Once the new geophysical data is integrated with our mapped geology and geochemical data sets we will be able to design first pass drilling of the optimal targets scheduled for spring of 2025.”
Yukon Metals has also completed a shallow electrical resistivity and induced polarization geophysical survey over the anomalous northern zone to better define bedrock structure and rock type with results in process.
The results continue upon the momentum Yukon Metals has established since acquiring a premium copper-gold-silver property portfolio in June 2024. Earlier this month, Yukon Metals also announced samples of bonanza grade gold (up to 3 oz/ton gold, and up to 57 oz/ton silver) from multiple areas at its 715-hectare Star River Project.
“Yukon Metals has now sampled bonanza grade silver and bonanza grade gold on the same property, at Star River!,” said Quinn. “Not only have we sampled 319 ounces per ton silver (~4oz/t gold equivalent), we have now sampled 3 oz/ton gold! These ongoing results are a culmination of the fantastic work done by our technical team this field season, and there is more to come!”
CONTINUED… Read this and more news for Yukon Metals Corp. at: https://usanewsgroup.com/2024/10/01/the-yukon-an-untapped-mining-powerhouse/
In other industry developments and happenings in the market this week include:
CopperCorp Resources Inc. (TSXV: CPER) (OTCQB: CPCPF), an exploration and development company focused on its copper-gold-REE projects in western Tasmania, recently announced assay results from its first drill hole at its Jukes prospect on its 100%-owned Razorback copper-gold-REE property, which intersected 132.0m at 0.35% copper and 0.19 g/t gold.
“The results of the Company’s first drill hole at Jukes are very encouraging, especially given that this is the first time that multiple zones of significant Cu-Au mineralization have been intersected in drilling at the prospect,” said Sean Westbrook, Vice President of exploration iof CopperCorp.
Drilling of the second hold was also recently completed to a depth of 310m, with the drilling of a wedge off of it already having commenced.
“This is a tremendous start for this season’s drilling campaign,” said Stephen Swatton, President and CEO of CopperCorp. “The high grade copper-gold in the form of breccias, stringers and disseminated units interspersed with lower grade mineralized rock confirms the fertile nature of this IOCG system well south of the 130 year old Mt Lyell mining district.”
Orla Mining Ltd. (NYSE-American: ORLA) (TSX: OLA), accompany focused on acquiring, exploring, developing, and exploiting mineral properties for gold, silver, zinc, lead, and copper deposits, recently provided an operational update for its Q3 2024 results, citing it’s tracking towards a record production year. Orla went on to capitalize on its recent successes to repay its revolving credit facility to achieve debt-free status.
With a final $54.8-million payment wiping out the entirety of its outstanding balance, Orla achieved debt-free status, with approximately $120 million cash on hand. The Credit Facility of $150 million will remain in place and be available to Orla until its expiry in late August 2027.
“Paying down the remaining outstanding balance on our Credit Facility, only in our third year of operations, is a testament to the robust cash generation from our Camino Rojo Mine,” said Etienne Morin, CFO of Orla Mining. “Our continued financial discipline coupled with the increasing gold price has strengthened our financial position and accelerated this repayment. We are well-positioned to continue to invest in our growing business for the future. Thank you to our lenders for their continued support.”
Magna Mining Inc. (TSXV: NICU) (OTCQB: MGMNF), an exploration and development company focused on nickel, copper, and PGM projects in the Sudbury, Ontario region of Canada, recently provided an update on the surface advanced exploration bulk sampling program at the Crean Hill Project.
“Magna has successfully completed the surface bulk sample program and acquired much of the data required to fully assess the base case metallurgical performance of the 109 Footwall (“FW”) Zone,” said Jeff Huffman, COO of Magna Mining. “Additional testing is being completed on samples collected during the program and will be used to advise future test work. The sample was taken across the entire width of the mineralized zone, including the higher sulphide core of the deposit and the low-sulphide, higher PGM extremities. We are pleased with the results, and they are in line with our predictions on grade and dilution (both external and internal). This reconciliation will be used to design future test mining stopes in our underground advanced exploration program.”
Magna followed this up by announcing the conditional approval of its application for funding from the Federal Critical Mineral Infrastructure Fund (CMIF) from Natural Resources Canada (NRCAN). The funding will support pre-construction activities to help advance clean energy and transportation infrastructure at both its Crean Hill and Shakespeare Mines projects.
Sierra Metals Inc. (TSX: SMT) (OTCQX: SMTSF), a Canadian mining company focused on copper production at its mines in Peru and Mexico, recently reported its Q3 2024 production results, with the expectation that it will exceed its 2024 consolidated production guidance. The company saw its consolidated copper production increase 29% for Q3 2024 versus Q2 2024, with its Yauricocha Mine in Peru averaging more than 3,000 tonnes per day in the quarter, increasing its copper production by 97% in the quarter versus the previous quarter.
“I am pleased to see Yauricocha operating at more than 3,000 tpd during the quarter and on track to sustainably achieve 3,600 tpd this year given the successful development below level 1120,” said Ernesto Balarezo, CEO of Sierra Metals. “Furthermore, Bolivar [in Mexico] continues to deliver steady numbers quarter over quarter. Given the good results of both of our mines and the successful ramp up of our operations, we expect to exceed our consolidated production guidance for 2024.”
Source: https://usanewsgroup.com/2024/10/01/the-yukon-an-untapped-mining-powerhouse/
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