PALM BEACH, Fla., Jan. 11, 2024 (GLOBE NEWSWIRE) -- FN Media Group News Commentary - While the pandemic caused significant disruption to the copper mining market growth, In post-pandemic 2022, prices of technological materials, energy, fuels, and services increased significantly, influencing the level of costs generated by the companies. On the other hand, the uncertainty about the future global economic situation resulted in the weakening of the USD and increase in USD-denominated copper prices, translating into an increase in revenues from sales. A report from Fortune Business Insights said that the global copper mining market size, which was valued at USD 8.44 billion in 2022 is projected to grow from USD 8.87 billion in 2023 to USD 11.17 billion by 2030, exhibiting a CAGR of 3.3% during the forecast period. The report added: “Government policies, regulations, and taxation frameworks can significantly impact the mining industry. Political stability, legal frameworks, mining codes, and fiscal policies affect investment attractiveness, licensing, and permitting processes. Copper is essential for constructing infrastructure projects such as buildings, bridges, and electrical systems. Hence, government initiatives and policies promoting infrastructure development can significantly boost the market. The mining industry, mainly of copper, will likely increase significantly due to increased investment in construction and construction projects. For example, over 100 smart city projects are underway worldwide, creating tremendous opportunities for the construction industry. Rapid urbanization in emerging economies and ongoing construction projects worldwide lead to increased copper consumption.” Active mining companies in the markets this week include American Pacific Mining Corp. (OTCQX: USGDF) (CSE: USGD) (FWB: 1QC), Rio Tinto Group (NYSE: RIO), Freeport-McMoRan Inc. (NYSE: FCX), Lundin Mining Corporation (NASDAQ: LUMI) (TSX: LUN), Filo Corp. (OTCQX: FLMMF) (TSX: FIL).
Fortune Business Insights continued: “Furthermore, copper is also widely used in renewable energy infrastructure and EVs to build electrical wiring, transformers, batteries, and charging infrastructure, and the regulation related to the adoption of renewable energy and EVs will also push the demand for mining of copper. The primary driver of this industry is the demand for copper as a raw material in various sectors, including construction, infrastructure development, electrical and electronics, transportation, and manufacturing. Furthermore, increasing population, urbanization, and industrialization in developing countries have increased copper demand.”
American Pacific Mining Corp. (OTCQX: USGDF) (CSE: USGD) (FWB: 1QC) REPORTS MOST SIGNIFICANT COPPER DRILL INTERSECTIONS REPORTED TO-DATE AT ITS PALMER VMS PROJECT, INCLUDING 43.8 METRES OF 6.54% AND 23.9 METRES OF 9.03% COPPER - American Pacific Mining Corp (“American Pacific” or the “Company”) is pleased to report the third and final batch of assay results from the 2023 resource definition and geotechnical drill programs at the Palmer Project (“Palmer” or the “Project”). Palmer is an advanced-stage, high-grade volcanogenic massive sulphide-sulphate deposit (“VMS”) located in the Porcupine Mining District of the Haines Borough, Alaska, USA. Constantine North Inc., a subsidiary of American Pacific, is the operator for the Project and the ~US$20 million 2023 program was funded by joint venture (“JV”) partner Dowa Metals & Mining Co., Ltd (“Dowa”).
The final batch of 2023 assay results include the four (4) most significant copper (“Cu”) drill intersections (grade x thickness) reported to-date at Palmer, with significant zinc (“Zn”), gold (“Au”) and silver (“Ag”) results, as well.
Highlights include:
- CMR23-172 Zone 1: 43.8 m grading 6.54% Cu, 3.15% Zn, 0.42 g/t Au and 27.97 g/t Ag (8.22% CuEq)
- CMR23-167 Zone 1: 37.1 m grading 4.57% Cu, 8.44% Zn, 0.50 g/t Au and 29.33 g/t Ag (8.40% CuEq)
- CMR23-169 Zone 1: 33.2 m grading 5.48% Cu, 7.22% Zn, 0.64 g/t Au and 36.78 g/t Ag (8.95% CuEq)
- CMR23-171 Zone 1: 23.9 m grading 9.03% Cu, 3.49% Zn, 0.83 g/t Au and 41.75 g/t Ag (11.15% CuEq)
- CMR23-168 Zone 1: 28.4 m grading 2.29% Cu, 4.01% Zn, 0.21 g/t Au and 26.61 g/t Ag (4.20% CuEq)
- CMR23-174 Zone 2-3: 39.8 m grading 1.11% Cu, 4.34% Zn, 0.45 g/t Au and 32.45 g/t Ag (3.31% CuEq),
including 17.8 m grading 1.05% Cu, 8.86% Zn, 0.94 g/t Au and 66.24 g/t Ag (5.54% CuEq)
Notes: (m = metres). Copper equivalents (“CuEq”) calculated using the same metal prices and recovery assumptions as the Company’s NI 43-101 Technical Report (JDS 2022). See full press release by clicking link below to view Tables 1-3 for all new assay results and corresponding disclosure notes.
Peter Mercer, Senior Vice President, Advanced Projects commented, “The final assay results from our 2023 resource definition drilling at the Palmer Project have exceeded expectations with tremendous copper grades and aggregate metals values over significant widths. Last year’s drilling has extended the mineralized envelope beyond the current MRE model. Our team is actively working to update our 3D geological model. Preliminary interpretations have highlighted several priority target areas for follow-up drilling in 2024. In addition, the knowledge gained from this year’s drilling will provide valuable insights as we re-evaluate and rank the numerous VMS showings throughout the mineralized district.”
Summary of Latest Assay Results and Key Takeaways - The 2023 diamond drill program successfully targeted high-priority areas in two unique mineralized lenses, Zone 1 and Zone 2-3, which together make up the South Wall Zone of the Palmer deposit. The third and final batch of assay results reported in this release consists of 13 drillholes (seven at Zone 1, five at Zone 2-3, and one geotechnical drill hole at the RW Oxide Zone). See Company news releases dated October 18 and November 14, 2023, for previous 2023 assay results.
Three primary takeaways from the latest results:
1. High-grade copper mineralization with strong metal zoning demonstrated in the core of Zone 1.
2. Cu-Zn mineralization extends beyond the limits of the mineral resource estimate (“MRE”) in Zone 1 highlighting the potential for mineral resource expansion and the discovery of additional lenses downdip and along strike.
3. Increased confidence in the current MRE and the 2023 infill drilling provides better methodology for assessing feasibility-level drill space requirements.
The Company is incorporating all 2023 results into its 3D geological model and completing further interpretation/analysis and target ranking in preparation for the upcoming 2024 drill season.
CONTINUED… Read this full press release and more news for American Pacific Mining at:
https://www.financialnewsmedia.com/news-usgd/
Other recent developments in the mining industry of note include:
Rio Tinto Group (NYSE: RIO) recently held its 2023 Investor Seminar in Sydney, where it updated on progress in its long-term strategy of investing with discipline to strengthen operations, deliver growth in a decarbonising world and continue to generate attractive shareholder returns.
Rio Tinto Chief Executive Jakob Stausholm said: "We strongly believe we are well positioned in an opportunity rich world. There has never been greater demand for what we do, from mining to processing, and the work we are doing today is creating a stronger Rio Tinto for years to come."
"The performance at our Pilbara iron ore and Oyu Tolgoi copper operations shows our path towards becoming best operator, and we are focussed on driving continuous improvement across our global portfolio. Our people are at the heart of lifting our performance, and we are continuing to invest time and energy in building a stronger culture with a learning mindset.”
Freeport-McMoRan Inc. (NYSE: FCX) recently announced that its Board of Directors declared cash dividends of $0.15 per share on FCX’s common stock payable on February 1, 2024, to shareholders of record as of January 12, 2024. The declaration includes a base dividend of $0.075 per share and variable dividend of $0.075 per share in accordance with FCX's performance-based payout framework. The payment of dividends is at the discretion of the Board, which will consider FCX's financial results, cash requirements, global economic conditions and other factors it deems relevant.
FCX is a leading international mining company with headquarters in Phoenix, Arizona. FCX operates large, long-lived, geographically diverse assets with significant proven and probable reserves of copper, gold and molybdenum. FCX is one of the world’s largest publicly traded copper producers.
Lundin Mining Corporation (NASDAQ: LUMI) (TSX: LUN) recently reported the following updated share capital and voting rights, in accordance with the Swedish Financial Instruments Trading Act:
The number of issued and outstanding shares of the Company has increased by 194,465 to 773,688,789 common shares with voting rights as of December 29, 2023. The increase in the number of issued and outstanding shares from December 1, 2023 to date is a result of the exercise of employee stock options or the vesting of employee share units.
Lundin Mining is a diversified Canadian base metals mining company with operations and projects in Argentina, Brazil, Chile, Portugal, Sweden and the United States of America, primarily producing copper, zinc, gold and nickel.
Filo Corp. (OTCQX: FLMMF) (TSX: FIL) is pleased to provide an update on its exploration strategy for 2024 at the Filo del Sol Project in San Juan, Argentina.
Drilling successfully continued at Filo del Sol year-round, with improved hole completion rates, consistent drill productivity, and an outstanding safety record. With over 34,000 meters drilled through the end of November, our 2023 program is on track to exceed our plan.
The focus this year was drilling within the Aurora Zone and connecting the gap that previously existed between Aurora and Bonita. In addition to producing some of our best ever drill intersections, drilling at Aurora refined our geological interpretation and improved our understanding of the deposit, leading to the development of a 3D deposit model. Step-out holes highlighted that there is no gap between Aurora and Bonita and it is all part of one continuously mineralized trend which is open at both ends. The opportunity for substantial growth of the deposit and the potential for new discoveries was highlighted by the results of geophysical surveys completed during the year and the discovery of new styles of mineralization in several drill holes.
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