Jim's Mining Letter - June 12, 2024

Power Nickel (PNPN.V PNPNF IVV.F) announced it has started the 2024 summer drill program with 20 holes targeted and over 8,000 metres of drilling as the company continues ramping up exploration for additional mineralized zones of high-grade copper, platinum, palladium, gold, silver and nickel at the polymetallic Lion Zone on its Nisk Property in Nemaska, Quebec. Following up on the successful results recently obtained at the Lion Zone, the summer drilling program will initially keep focus on the discovery, with the aim of demonstrating an even further depth continuity and to test for lateral occurrences of similar polymetallic mineralized sulphides lenses. The first few holes are designed to test the area below PN-24-051, PN-24-059 and PN-24-062; the three deepest intersections to date. The initial discovery was made by drilling an airborne EM survey (electro-magnetic survey) anomaly in association with a surface expression of ultramafic rocks. From this airborne EM survey, two more EM anomalies are yet untested to the east of Lion Zone. A broader ground-based EM survey is now being considered as this would help considerably to identify other anomalies and get a better control on geometries at depth. The company's current understanding of the geometry of the zone suggests a strong structural control as the zone gets transposed into meter-wide high-strain corridors at both of its lateral limits. The resulting geometry is a sigmoidal-shaped lens, that it is plunging steeply along the felsic-ultramafic contact. In such structural context, it is possible that the zone itself is being offset on each side and/or that other distinct lenses have developed in proximity...more

Solaris Resources (SLS.TO SLSR) reported additional drill results as its 2024 drilling program ramps up plus an expansion of planned meterage from 30km to 60km. The expansion of the drilling program is supported by the closing of its recent financing and productivity improvements from past infrastructure investments and improved logistics and processes at its Warintza Project in southeastern Ecuador. Latest drilling results include SLSE-33, collared on the southern margin of Warintza Southeast and drilled at a steep inclination northeast, returning 81m of 0.73% CuEq from near surface within a broader interval of 544m of 0.50% CuEq from surface and bottoming in mineralization. SLSE-35 was collared from a central platform at Warintza East and drilled east, returning 189m of 0.50% CuEq from surface within a broader interval of 580m of 0.42% CuEq and remaining open in mineralization, with the last 10m averaging 0.41% CuEq. The continued drilling ramp up with six rigs completing 7.7 km in May and a seventh rig expected soon to challenge the prior peak drilling rate achieved with 12 rigs in 2021 primarily as a result of improved logistics from infrastructure investments, construction of on-site facilities and trail networks connecting new drilling platform locations together with process optimization. An updated mineral resource estimate is on track for release early July. Ongoing regional exploration efforts have expanded the footprint of epithermal-style mineral alteration from the Caya area into the adjacent Mateo porphyry target 6km east of the Warintza cluster. Field crews have also been active on the newly-acquired adjacent claims and further details are to be provided in subsequent releases…more

Karora Resources (KRR.TO KRRGF 5RN1.F) announced further results from gold exploration and infill drilling targeting the growing Fletcher zone at the Beta Hunt Mine. The Stage 2 drill program targeting the northern end of Fletcher South has extended high grade mineralized intersections a further 100 metres north of previously announced drill results; drilling was highlighted by one of the highest grade intersections recorded to date at Fletcher in drill hole WF380ACC-17AE which intersected 17.3 g/t over 14.5 metres with some clusters of fine visible gold observed in the drill core. Drilling over the past 12 months has now defined Fletcher mineralization over 800 metres north of the Alpha Island Fault with potential to extend a full 2.2 km of strike to the northern lease boundary. Fletcher Stage 3 drilling has now commenced targeting the 300-metre strike length between the recently completed northernmost drill line to the 2016 Discovery Hole (WF14-98)…more

Premium Nickel Resources (PNRL.V PNRLF O8S.F) announced that the company is upsizing its previously-announced non-brokered private placement offering from approximately C$15 million to aggregate gross proceeds of up to approximately C$27.5 million, in response to very strong interest in the offering, largely from the company's existing shareholders. Premium Nickel has received committed subscriptions for the entire C$27.5 million. The initial tranche of the offering for aggregate gross proceeds of approximately C$15 million is expected to close on or about June 14, 2024 and the final tranche of the offering is expected to close on or about June 21, 2024…more

Empire Metals (EEE.L NOGN.F) announced a JORC exploration target comprised of two focus areas, the Cosgrove and Thomas mineral prospects, at the Pitfield Titanium Project in Western Australia. The generation of an exploration target is said to be an important milestone, and a first step towards the development of a mineral resource estimate. The total exploration target, covering the Thomas and Cosgrove mineral prospects, is estimated to contain between 26.4 to 32.2 billion tonnes with a grade range of 4.5 to 5.5% TiO2. Snowden Optiro, an Australian based mineral resources consulting and advisory group, completed the QA/QC and geological modelling required in order to develop the JORC exploration target, which covers a combined area of approximately 59km2, extends down to 150m vertical depth only, and has been constrained at a 2% TiO2 cut-off grade. The exploration target covers an area less than 20% of the overall mineral system at Pitfield , which has been mapped by a 40km by 8km by 5km deep magnetics anomaly, supported by other data, and excludes numerous other high-potential prospects along the 40km strike length, which currently lack sufficient drill hole data…more

Stavely Minerals (SVY.AX STVMF )announced that it has received binding commitments for a placement to raise A$3.65 million at A$0.037 per share. One free placement option will be issued for every two placement shares exercisable at A$0.07 with an expiry of 31 December 2025. The intention of the company is to have the options listed. The placement shares to be issued includes director participation totalling A$350,000 in the placement, together with the attaching options. Funds raised from the placement will be applied to exploration at Stavely’s Copper-Gold Project in Western Victoria, the Hawkstone Nickel-Copper-Cobalt Project in the East Kimberley region of Western Australia, commercial viability studies and working capital…more

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