After smashing through all-time highs, Copper—the malleable, red-orange metal with superior thermal and electrical conductivity properties—is currently consolidating its gains after that historic breakout.
If you believe we’re in the early innings of a new supercycle in commodities—a structural bull market that will stick for years—Copper will lead the push higher as the rush to electrify accelerates.
Shrewd investors are scouring the junior landscape for significant discovery potential as picking the right vehicle will pay off handsomely.
Latching onto such a discovery in its very early stages, and holding with a long-term bias in mind, is key to maximizing said payoff.
Forum Energy Metals
Forum is a company I introduced just under a year ago in the sub-dime range (we’re up near 400%).
Forum a Company that could deliver a world-class orebody in any one of its highly prospective projects.
To review, Forum’s flagship 38,250-hectare Janice Lake Copper-Silver Project is located in north-central Saskatchewan.
Janice Lake’s subsurface potential is such that it attracted the interest of one Rio Tinto (RTEC)—the mining behemoth can earn up to 80% in the project by spending a weighty $30M.
If you go through Forum’s news archives, beginning in May of 2019, you’ll note that RTEC hit the ground running at Janice Lake, launching a maiden drill program within three months of putting signatures to paper.
Janice Lake’s address is an important consideration for ALL involved here. Saskatchewan is a top-shelf mining destination, currently ranked #3 in the Fraser Institute’s recent Annual Survey of Mining Companies.
Forum and RTEC have their sights set on a large Cu deposit similar to other sedimentary hosted deposits around the world.
The Udokan Copper Project—ranked the third-largest on the planet—is the analog for Janice Lake.
It’s important to understand that RTEC is only interested in projects with world-class potential. If they didn’t see it in Janice Lake, they wouldn’t be here.
On April 14th, Forum updated shareholders announcing the completion of a winter drill program at Janice Lake, one that was cut short by unseasonably mild weather (sustained sub-zero temperatures were necessary to firm up road access for the program it had planned).
Though the winter program was cut short, nine holes for a total of 2,330 meters were drilled along a high-priority target called “Rafuse”—a 2.8-kilometer long target characterized by surface copper mineralization developed during RTEC’s mapping, prospecting, and geophysical program last summer (RIO TINTO COMPLETES SUMMER EXPLORATION PROGRAM AT THE JANICE LAKE SEDIMENTARY COPPER/SILVER PROJECT, SASKATCHEWAN).
Rio Tinto Intersects 1.78% Copper and 9.25 g/t Silver over 3.1 Metres Within 48 Metre Copper Zone at Forum’s Janice Lake Copper/Silver Project, Saskatchewan
Here, we have our initial drill results from Rafuse (the fourth target RTEC generated at Janice Lake).
Assays from the first four holes at Rafuse:
- JANL0022 – No intercept.
- JANL0023 – 0.325% copper and 2.04 g/t silver over 48 metres (19m to 67m) including 1.78% copper and 9.25 g/t silver over 3.15 metres (33m to 36.15m);
- JANL0024 – 0.28% copper and 2.00 g/t silver over 76.5 metres (71.5m to 148m) and 0.20% copper and 1.58 g/t silver over 18 metres (188m to 206m);
- JANL0025 – 0.16% copper and 1.74 g/t silver over 8 metres (21m to 29m)
Note the shallow nature of these mineralized intervals. Rafuse could ultimately evolve into an open-pit scenario.
This is RTEC’s second drill campaign on the 52 kilometre long Janice Lake property. RTEC drilled 5,209 metres in 21 holes in 2019 on three targets – Jansem, Janice and Kaz. Nine holes for a total of 2,330 metres were drilled in February and March 2021 on the Rafuse target, a 2.8 kilometre long priority target of surface copper mineralization. Three drill fences at 200 metre spacings for a total strike length of 650 metres have been tested (Figure below).
Further results from the remaining five holes are expected in the coming weeks.
This next image—a cross-section of the first drill fence—illustrates one copper interval that ranges from 48 metres to 76.5 meters in thickness, starting from surface to a depth of 150 meters. A second copper interval of 18 meters, starting at 200 meters, is also illustrated here. Both are open at depth.
Ken Wheatley, Forum’s VP of Exploration:
“We are encouraged that thick intervals of copper mineralization with a higher grade section of +1% copper have been intersected from surface to a depth of 200 metres. Rio Tinto plans to continue drilling along the remaining one and half kilometres of strike potential at Rafuse this summer. Thick intervals of copper mineralization have now been intersected by drilling for over 5 kilometres on the property on four different targets.”
Another high point in this May 25th press release: RTEC plans to continue drilling in June to follow up on these positive (early) results.
Additional potential price catalysts include an upcoming drill campaign at the Company’s wholly-owned Love Lake Project, a highly anticipated event.
Regarding the discovery potential further to the north, along the northeast edge of the prolific Athabasca Basin, Forum dropped the following headline highlighting progress at its Fir Island Project where Orano Canada can earn up to 70% by spending up to $6 million on the project:
Forum Announces Elevated Uranium and Boron from Fir Island Project; Potential New Nickel Zone Identified
Forum is attempting to home in on a significant uranium discovery at Fir Isle.
Vectoring in on a uranium orebody is no easy task. These deposits can be like needles in a haystack, even in a prolific setting like the Athabasca Basin. It can take dozens and dozens of holes to tag a discovery. As an example, it took 210 holes to tag the McArthur River orebody.
A good summary of this May 17th press release, and the path ahead (Forum is currently in talks with Orano re future plans for the project), is offered via the following interview with Ken Wheatley.
Worth noting, CEO Mazur will be attending the London 121 (virtual) EMEA from May 25 to May 27.
Forum’s trading symbol south of the border is FDCFF, on the OTCQB.
Gold is also on a tear, and it appears gaining momentum after printing a weekly close above its 200 SMA and penetrating a downtrend line that’s been in effect for months…
An assault on the $1900 level appears imminent.
Harfang Exploration (HAR.V)
On May 20th, Harfang released a long-awaited drilling update from its 100% owned 28,565-hectare Serpent Project located in the James Bay region of Quebec.
A quick summary of this flagship asset:
- 552 claims (28,565 ha) 100% owned by Harfang (33F02 and 33F03); no NSR;
- Accessible by ground and air transportation or by boat from lake Sakami;
- Property located 80 km southeast of Radisson and 60 km from the La Grande airport, adjacent to the Billy-Diamond paved road, 2 powerlines run through the property;
- The eastern limit of the property is next to the Sakami Gold Project (Quebec Precious Metals Corporation);
- Project located in an under-explored area outside known greenstone belts, near the contact between the La Grande and Opinaca subprovinces;
- Archean basement intruded by felsic to ultramafic magmas, minor discontinuous highly-deformed and metamorphosed volcano-sedimentary horizons (including the Apple Formation);
- Differentiated mafic intrusion and mafic to ultramafic dykes intruded into a major pluri-kilometric East-West deformation corridor;
- Discovery of more than 35 orogenic gold and intrusion-related Cu-Au-Ag mineralized occurrences:
- Gold-rich occurrences hosted in quartz veins (7.78 g/t Au over 6.15 m [channel, Moby-Dick], up to 186 g/t Au and 200 g/t Ag [grab, Lawr], 91.48 g/t Au over 0.45 m [channel, Langelier];
- 1 Cu-Au-Ag prospect [Mista] known over at least 350 m laterally, 0.99% Cu, 0.20 g/t Au and 7.7 g/t Ag over 11.7 m [channel]);
- Gold-in-till anomaly covering >8 km2: very high gold (up to 432) and scheelite grain counts, high ratios of pristine gold (proximal bedrock source). High gold values in heavy mineral concentrates (many above 30 g/t Au).
The May 20th headline:
Harfang drills and confirms a kilometric-scale gold structure up-ice of the gold-in-till anomaly at Serpent (James Bay, Québec)
- Up to 3.47 g/t Au over 7.50 meters, including 6.98 g/t Au over 3.20 meters, at the bedrock surface underneath the marshland in drillhole SER-21-013;
- 47.10 g/t Au over 0.70 meters and 1.44 g/t Au over 15.20 meters in drillhole SER-21-002;
- Visible gold observed in drillholes SER-21-002 and SER-21-027;
- Discovery of a gold structure striking N285° and exceeding 1 km in length.
This winter-of-2021 drilling campaign, conducted on and up-ice of the project’s richest geochemistry, consisted of 27 holes for 4,336 meters.
In addition to drilling, the Company completed an Induced Polarization survey at 100-meter spacings covering 67.1 linear kilometers in the same area.
The drill program was designed to test potential near-surface gold mineralization interpreted to be the source of the high gold grain counts.
Harfang’s strategy was to drill:
- isolated first-priority targets, and
- a series of holes aligned perpendicular to the main structures mapped in the area.
Drillholes were carefully positioned taking into consideration many parameters such as proximity of gold-rich till, soil and showings, mapped and/or interpreted structural corridors, interpreted features from the magnetic map and IP anomalies (chargeability and resistivity).
This campaign was successful in that it revealed the presence of an extensive gold-bearing sheared corridor exceeding one kilometer in length—a corridor that hooked up with extensive high-grade surface showings.
This lineament confirms the hypothetical gold potential underneath the marshland.
This press release disclosed results from holes 1 to 13 (SER-21-001 to SER-21-013), six of which carried mineralized intervals.
SER-21-002 and SER-21-013, collared 740 meters apart, returned the two most significant intervals—1.44 g/t Au over 15.20 meters and 3.47 g/t Au over 7.50 meters (including 6.98 g/t Au over 3.20 meters) respectively (see figure 3).
These mineralized intervals are associated with a N285° magnetic discontinuity, along which SER-21-020, 023 and 027 have similar alterations and mineralizations linked to shear zones. Visible gold was observed in SER-21-002 and SER-21-027…
Hole SER-21-002 also returned 47.10 g/t Au over 0.70 m (247 g/t Au in the coarse fraction by metallic sieve) at shallow depth under the 222.58 g/t Au quartz vein discovered in 2020. The eastern extension of this sheared corridor, underneath the marshland and east of SER-21-013, is unknown. All gold intervals intersected so far in drillholes remain open laterally and at depth. Analytical results are pending for the remaining 14 holes.
See Table 1 in this press release for a list and summary of all significant intervals reported in this May 20 press release.
Interestingly, the mineralized zone in SER-21-013 was intersected at the bedrock surface underneath the soil cover in the marshland suggesting that gold grains in glacial sediments (till and soil) are most likely proximal to the bedrock source (<500 m up-ice). However, none of the drillholes listed in this press release fully explains the gold-rich nature of the glacial sediments suggesting that other gold zones have yet to be discovered under the marsh.
Gold intervals correspond to altered and sheared gabbro and quartz-bearing diorite locally associated with ultramafic (peridotite and pyroxenite) and felsic intrusive rocks. Alterations coeval with gold enrichment include minerals such as actinolite, biotite, chlorite, pyrite (<2%), calcite, tourmaline and quartz. Quartz veins are commonly associated with the gold grades. Scheelite occurs as an accessory phase and is not systematically related to gold. The mineralogical assemblage suggests upper greenschist to lower amphibolite facies which implies metamorphic conditions similar to those in most orogenic gold deposits.
It is worth mentioning that talc-rich and serpentinized ultramafic schists intersected in SER-21-007 returned 0.37% Ni over 17.20 m, including 0.53% Ni over 7.00 m. This is the first nickel occurrence discovered by Harfang on the Property which already includes the Ni-Cu-Cr-Pt-Pd Nadine showing (figure 1).
The Company recently stated that a Phase-2 drilling campaign would be contingent on Phase-1 results. It would appear that the Company has already made plans for the summer.
Upcoming exploration work
This first-phase drill campaign at Serpent confirms that intersected rock units are most probably the source area of rock clasts (>95% gabbro/diorite) and gold, tourmaline and scheelite grains accumulated in glacial sediments and sampled since 2019. We have highlighted at least one major and extensive (>1 km long) gold-bearing structure which is mostly covered by the mashland. More drilling is needed to better characterize the areal extent of that mineralized structure and other related ones.
Harfang will be very active on the project during summer 2021. An important trenching program will test the western extension of the gold structure, west of the marshland. Other targets pinpointed from the recent IP survey and till and soil results will also be excavated. Additional prospecting and geochemical surveys are part of our summer exploration program too. A LiDAR survey will be flown in the upcoming days.
Harfang is eagerly waiting for the remaining analytical results which will be disclosed as soon as they are available, reviewed and compiled.
Prime Mining (PRYM.V)
This just in…
More Bonanza Grade Gold-Silver at Los Reyes as Ongoing Drilling Expands Guadalupe East and Zapote South
I love how this headline begins with “More Bonanza Grade Gold-Silver at Los Reyes…“.
The subtitle—”7th Drill Rig Added to the Project“—isn’t lost on me either. Clearly, Prime is on a roll having tagged all-time highs as I edit this piece.
The resource at Los Reyes appears destined to grow, perhaps dramatically so.
The guts of this May 25th press release reveal additional positive results from its continuing 15,000-metre first phase drill program at its wholly-owned Los Reyes Gold-Silver Project in Sinaloa state, Mexico.
Included are results from the Guadalupe East and Zapote South deposits—two of eight known gold-silver deposits that comprise the current mineral resource at Los Reyes.
The Los Reyes resource currently stands at 19.8 million tonnes containing 633,000 ounces of gold at 1.0 gpt and 16,604,000 ounces of silver at 26.2 gpt in the Indicated category PLUS an additional 7.1 mt containing 179,000 ounces gold at 0.78 gpt and 6,831,000 ounces silver at 30 gpt in the Inferred category.
Of the twelve drill holes reported here, seven are from Guadalupe East, and five are from Zapote South (note the drill hole density and the scale on the map below).
An additional four drill holes were also completed at Guadalupe East, each encountering the Estaca vein, with assays pending.
A seventh drill rig has been added to the project as the Company pursues completion of Phase 1 drilling prior to the upcoming rainy season.
The gold values reported here are significant but the elevated silver values along the Estaca vein at Guadalupe East leap off the page.
- Drill hole 21GE-03 targeted the Estaca vein at Guadalupe East in an area with no known historic mining or previous drilling to gain more geologic and structural controls and aid in further planning of step-out drilling. Access and topography constraints required hole 21GE-03 to be drilled at a high angle to the interpreted mineralized system. The drill hole successfully intercepted the Estaca vein with a drill core length of 58.0 metres, 11.6m estimated true width (etw), returning 12 gpt Au and 724.6 gpt silver Ag. Contained within this intercept are three discrete mineralized zones: two upper vein breccia zones separated by 3.5 m (0.7 etw) of waste and a lower mineralized stockwork unit separated from the lower vein breccia by 4.5 m (0.9 m etw) of waste. The first vein breccia intercept was 28.0 m (5.6 m etw) of 11.95 gpt Au and 1,122.1 gpt Ag and the second vein breccia intercept was 10.0 m (2.0 m etw) at 11.17 gpt Au and 909.3 gpt Ag. The lower stockwork unit intercept was 12.0 m (2.4 m etw) at 2.00 gpt Au and 120.9 gpt Ag.
- Wow (editor’s note).
- Drill hole 21GE-03 intersected the Estaca vein approximately 125 m higher in elevation and nearly 70 m northwest of previously reported hole 21GE-01 which intersected 1 m at 3.25 gpt Au 380.0 gpt Ag, including 6.5 m at 6.51 gpt Au and 587.5 gpt Ag (described in our March 18, 2021 news release). These intercepts, and the historic intercepts in drill holes 12GV-02 and 12GV-03, establish that significant mineralization persists at shallower, open pit depths and the resource has expansion potential to the southeast.
- Drill holes 21GE-09 and 21GE-10 have also intersected the Estaca vein in previously undrilled areas below historic mining. Drill holes 21GE-11 and 21GE-13 intersected the Estaca vein westwards toward the boundary of the current Guadalupe East pit-constrained Inferred resource. Assays are pending for these four drill holes.
- Drill holes 21GE-05 and 21GE-07 intersected new mineralized structures adjacent to the Estaca vein. Hole 21GE-05 intercepted 1.5 m (1.4 m etw) at 50 gpt Au and 300.0 gpt Ag and hole 21GE-07 intersected 0.9 m (0.6 m etw) at 93.80 gpt Au and 829.0 gpt Ag. These new structures also potentially expand the current Guadalupe East pit-constrained Inferred resource.
- Drill hole 21ZAP-15 intercepted 3 m (7.4 m etw) at 4.49 gpt Au and 67.9 gpt Ag, representing a 40.0 m step-out. Hole 21ZAP-15 is the most southerly intercept drilled at Zapote South to date. Additionally, hole 21ZAP-14 intercepted 10.4 m (7.3 m etw) grading 2.12 gpt Au and 42.3 gpt Ag. Both holes demonstrate the potential to expand current open-pit resources.
- Drill hole 21ZAP-09 is an in-fill hole that intercepted 15.9 m (15.9 m etw) at 2.01 gpt Au and 35.7 gpt Ag plus another 23.4 m (23.4 m etw) at 5.56 gpt Au and 59.0 gpt Ag, including an interval with 8.6 m (8.6 m etw) at 14.09 gpt Au and 105.1 gpt Ag. Hole 21ZAP-09 provides significant missing silver information to the resource block model.
Daniel Kunz, Prime’s CEO:
“We are excited to have encountered more bonanza grade gold and silver mineralization in ongoing drilling at Guadalupe East that has both open pit and now underground resource potential and that remains open at depth and to the south. Drilling the bonanza grade mineralization at Guadalupe East requires solving problems caused by historic workings, access logistics and the depth of targeted mineralization from surface. We have mobilized a more powerful drill rig to help address these challenges. At Zapote South, we are also seeing anticipated gold and silver grades that extend mineralization towards Tahonitas.”
There’s a lot of additional detail (and maps) attached to this May 25th press release. I encourage you to dive in as the Los Reyes story just keeps getting better (we added Prime to our list six months back at $1.52).
Full disclosure: Forum is a Highballer marketing client. We own shares in all three companies (color me biased).Disclaimer - Legal Notice
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