STOCKS TELEGRAPH

Tag: precious metal

  • PolyMet Mining Corp. (PLM) Stock Exhibits Minor Volatility as Mining Permit for Project is Halted

    PolyMet Mining Corp. (PLM) Stock Exhibits Minor Volatility as Mining Permit for Project is Halted

    PolyMet Mining Corp. (PLM) stock prices were up by 1.34% as of the market closing on June 18th 2021, bringing the price per share up to USD$3.77. After-hours trading saw the stock fall by 5.57%, bringing it down to USD$3.56.

    Devastating EPA Decision

    The company announced on June 4th, 2021 that the Environmental Protection Agency (EPA) had reached the conclusion that PLM’s proposed project to mine copper, nickel, and other precious metals had the potential to affect its surrounding areas. The primary area of concern was the water network on the Fond du Lac reservation and in Wisconsin, both of which are more than 100 miles downstream of the mining sites.

    Questioning the Decision

    The EPA’s conclusion does not imply that the company’s mining activities will result in adverse effects on downstream water quality, just that such an effect is possible. This is a direct contradiction of the 2018 Minnesota Pollution Control Agency’s certification that the project would not affect in-state water quality, under section 401 of the Clean Water Act. The company plans to present evidence that the MCPA conveyed to the Army Corps of Engineers, likely resulting in the requirement of a hearing to make a final decision in regard the matter.

    Basis for Doubt

    During its operation, the project will collect and treat water, resulting in a net reduction of contaminants in the St. Louis River system. This includes water that hold mercury, among other contaminants, from previous mining of taconite in the area. The company has expressed grave concerns about the conclusion reached by the EPA, citing the disconnect between meeting standards of quality close to the source of the discharge while failing to do so for locals much further downstream. These concerns are compounded by the likelihood of the project resulting in reduced overall mercury loading to the river.

    Challenging the EPA

    Backed by science that supports the development of the project, the company is determined to work with both the EPA and Corps to rectify the issue so development can continue. Because the EPA needs to approve projects for downstream water quality for the issuance of a section 404 wetlands permit, PLM is keen to accelerate the process. The Corps has placed the permit on old during the review and is likely to stay in place until a resolution to the dilemma.

    Future Outlook for PLM

    Confident of the regulatory integrity of their project, PLM is determined to challenge the devastating EPA evaluation. The company is keen to continue its trajectory of success and usher in unprecedented growth with the advancement of its mining project. Current and potential investors are hopeful that management will leverage the resources at their disposal to facilitate significant and sustained increases in shareholder value.

  • Almaden Minerals Ltd. (AAU) Stock Continues Downward Trend Following Culmination of Ixtaca IP Program

    Almaden Minerals Ltd. (AAU) Stock Continues Downward Trend Following Culmination of Ixtaca IP Program

    Almaden Minerals Ltd. (AAU) stock prices were down a marginal 2.03% as of the market closing on June 17th, 2021, bringing the price per share down to USD$0.5058 at the end of the trading day. Subsequent premarket trading has seen the stock remain stable as of the time of writing.

    Completion of Ixtaca IP Program

    The company announced on June 14th, 2021 that it had successfully completed a surface-induced polarization geophysical (IP) program at its Ixtaca deposit in Mexico. The work being conducted was designed to help isolate drill targets under the area of hydrothermal alteration called the Southeast Alteration zone, as well as at depth beneath the Ixtaca deposit.

    Results of IP Program

    The data collected will continue to be processed and combined with historic geologic, geochemical, and geophysical data. AAU hopes that these results will facilitate the identification of additional discrete targets for a future diamond drill program. This program will serve to test for potential blind zones of veining under the Southeast Alteration zone, which is mostly covered with overlying clay alteration similar to that in the SE alteration zone. The discovery drill hole in the original Ixtaca deposit area was planned partly due to high resistivity and chargeability results obtained in an earlier IP geophysical survey.

    SE Alteration Zone

    The SE Alteration zone is made up of white argillic volcanics and clusters of anomalies that were identified from a hyperspectral survey. This survey included spectral signatures of important epithermal alteration minerals such as kaolinite, alunite, and buddingtonite. November 2020 saw the company announce the discovery of a network of veining cropping out within the SE Alteration zone. Seventeen samples of the veining were collected and submitted to ALS Global in Mexico for analysis.

    Analysis of Samples

    Sixteen of the samples returned below detection gold and silver, with the odd one out returning a value of 62 ppb gold. Despite the outcrops being leached and weathered, however, many of the samples exhibited higher values for epithermal pathfinder elements, which are commonly found in the higher parts of epithermal alteration zones. These findings are highly promising in their support of the company’s claim that the SE Alteration zone has the potential to represent higher levels of a potential underlying epithermal system.

    Future Outlook for AAU

    Equipped with the recent development of the potential of its digsites, AAU is poised to capitalize on the opportunities presented to it to return to its trajectory of growth. Current and potential investors are hopeful that management will leverage the resources at their disposal to facilitate significant and sustained increases in shareholder value.