Issued on behalf of Yukon Metals Corp.
VANCOUVER – USA News Group – After a very rocky start to August, copper prices have been climbing steadily in recent weeks, leading Saxo Bank’s Ole Hansen to say he and his colleagues believe that the worst of the correction is over. Optimism in the copper sector is on the rise, with Argentina’s Mining Secretary Luis Lucero predicting his country’s mining exports will more than double to ~$10 billion in 2027 backed by a nascent push into copper. However, there’s still plenty of work to do, especially if countries are trying to reposition their critical minerals supply chains away from relying on China. According to Wood Mackenzie, diversifying copper supply chains could cost US$85 billion, risking higher prices and delays to the global energy transition. As copper prices continue to steady, several miners are working hard to develop copper projects, including Yukon Metals Corp. (CSE: YMC), Hudbay Minerals Inc. (NYSE: HBM) (TSX: HBM), First Quantum Minerals Ltd. (TSX: FM) (OTC: FQVLF), BHP Group Limited (NYSE: BHP), and New Gold Inc. (NYSE-American: NGD) (TSX: NGD).
Within just a few months of acquiring a premium copper-gold property portfolio in June, well-financed copper miner Yukon Metals Corp. (CSE: YMC) has wasted no time in developing its Yukon-based assets. Recently, Yukon Metals announced positive results at its Birch Property, which included a rock-chip sample containing 14.1 g/t gold and 4,260 ppm copper.
Fieldwork at the Birch property commenced near the beginning of August, which included already receiving assays from 341 of 530 samples on a 50m x 100m grid over the northern anomaly and showed encouraging Au and Cu results up to 0.988 g/t Au and 2,310 ppm Cu.
“We are extremely pleased with these first pass results that have clearly identified a copper & gold mineralized system that has significant scale as demonstrated by the soil anomaly being over 1,400 meters long,” said Rory Quinn, President & CEO of Yukon Metals. “The exceptionally high gold grades of up to 14.1 g/t from the surface rock chip program taken in the same area also point to the potential of the system to host economic grades. The metal association and the geology of the prospect area all point to the prospectivity for a gold rich copper porphyry system that is largely preserved. The project area also has relatively benign topography and is located 65 kilometers from the Alaska highway.”
Yukon Metals’ portfolio was acquired from the Berdahl family, known for mining success in the Yukon, who developed the property over 30 years. This is the family who were behind building Snowline Gold, which is currently valued at a market cap of over US$600 million.
Shortly after the initial acquisition, Yukon Metals increased its land holdings, effectively doubling the footprint from 18,000 hectares to 36,000 hectares. This expansion involved significant staking at the priority AZ property, areas around the Talbot property, and new claims near the Alaska Highway, known as "Fairway."
Ron Berdahl, a well-known figure in the local mining community for his extensive explorations, conducted investigations of the AZ and Fairway claim areas during the early 1990s while employed by Noranda. During his work, he discovered copper mineralization on the AZ property. In 1993, rock sample assays revealed average concentrations of 10% copper, 126 grams per tonne of silver, and 7.08 grams per tonne of gold. With a strong financial position after raising over C$15 million, an extensive exploration database, and key permits secured, Yukon Metals is well-prepared to proceed quickly following the announcement of the property acquisitions.
In the state of Arizona, Hudbay Minerals Inc. (NYSE: HBM) (TSX: HBM) recently received an aquifer protection permit for its Copper World project from the Arizona Department of Environmental Quality (ADEQ), moving the project closer to production. The issuance of this permit delivered Hudbay a key milestone in the advancement of Copper World, which is a standalone operation requiring state and local permits, and is expected to produce 85,000 tonnes of copper annually over a 20-year mine life.
“Receiving the Aquifer Protection Permit is a significant de-risking event for Copper World as it brings us one step closer to being fully permitted,” said Peter Kukielski, President and CEO of Hudbay. “The last key state-level permit, the Air Quality Permit, continues to progress as planned and will mark the completion of one of the three key prerequisites in the company’s prudent sanctioning plan for the project. Copper World represents Hudbay’s next significant copper growth project and is expected to increase consolidated annual copper production by more than 50% from current levels. Copper World will also be a key contributor to the domestic U.S. supply chain with our plans to produce Made-in-America copper.”
After being forced to close its flagship Cobre Panama copper mine in Panama, First Quantum Minerals Ltd. (TSX: FM) (OTC: FQVLF) is reportedly seeking damages from the shuttering. Thankfully for the miner, work done at its operations in Zambia has provided First Quantum with optimism for the remainder of the year. First Quantum’s total copper production for the second quarter was 102,709 tonnes, a 2% increase from Q1 2024 as a result of higher production at Kansanshi.
“We had another solid quarter in Zambia and with the work achieved to date, both Kansanshi and Sentinel are set up well for the remainder of the year,” said Tristan Pascall, CEO of First Quantum in his company’s Q2 2024 financial results announcement. “The S3 Expansion is progressing well and on track for completion in mid-2025. We also initiated a copper hedge program as we continue efforts to maintain the strength of the balance sheet.”
Mining giant BHP Group Limited (NYSE: BHP) recently took another step towards smelter, refinery expansion at its Copper South Australia asset. The South Australian Government recently announced the commencement of an application and assessment process for BHP’s planned smelter and refinery expansion at Olympic Dam.
The notification signalled a step forward for BHP’s copper growth plans in South Australia, which serves to bolster their copper portfolio which was recently enhanced by the 50/50 acquisition of 100% of Filo Corp and its Filo del Sol copper project with Lundin Mining.
“The proposed transaction builds on a multi-year relationship between BHP and the Lundin Group of companies through which we have developed a strong understanding of the resource potential of the Vicuña district and the possible pathways for development of the Filo del Sol and Josemaria projects,” said Mike Henry, CEO of BHP. “This transaction aligns with BHP’s strategy to acquire attractive early-stage copper projects and enter into strategic partnerships with parties where complementary skills and experience can deliver long-term economic and social value.”
Within its recently released Q2 2024 results, New Gold Inc. (NYSE-American: NGD) (TSX: NGD) announced that it had produced 13.6 million pounds of copper as planned during the quarter, as well as 68,598 gold ounces along the way.
"The second quarter saw New Gold deliver another quarter as planned," said Patrick Godin, President and CEO of New Gold. "New Afton delivered a strong operating quarter with low all-in sustaining costs... We exit the first half of the year operationally as planned, free cash flow positive, and are well positioned to deliver on our guidance targets for the year."
At New Afton, that’s where New Gold had the strong quarter and produced the 13.6 million pounds of copper, representing 49% of the company’s mid-point of guidance of 50-60 million pounds of copper for the year.
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