PALM BEACH, FL, Oct. 28, 2020 /PRNewswire/ -- Fluorspar is an industrial mineral used in the manufacture of fluorochemicals, aluminum and steel. The term "fluorspar" refers to crude or beneficiated material that is mined and/or milled for the mineral fluorite (calcium fluoride). Fluorite has a wide variety of uses. The primary uses are in the metallurgical, ceramics, and chemical industries; however, optical, lapidary, and other uses are also important. Fluorspar has been widely used in steelmaking as a flux since the introduction of basic open-hearth furnace technology in the late 19th century, and in basic oxygen and electric arc furnaces today. According to a ResearchAndMarkets report, the fluorspar market is expected to grow at a CAGR of over 5% from 2020 to 2025. The report added that one of the main factors driving the market is growing demand of fluorspar from fluorspar extracted chemicals. By application, growing demand of fluorspar from the chemical industry is expected to dominate the market over the forecast period. Increasing use of fluorspar made fluoropolymers in lithium batteries is likely to act as an opportunity for the market studied in the coming years. Asia-Pacific region is expected to dominate the market with the largest consumption from countries, such as China and India.Active stocks in the mining markets this week include Ares Strategic Mining Inc. (OTCQB: ARSMF) (TSX-V: ARS), Gold Standard Ventures Corp (NYSE: GSV) (TSX: GSV), NovaGold Resources Inc. (NYSE: NG) (TSX: NG), Silvercorp Metals Inc. (NYSE: SVM) (TSX: SVM), Newmont Corporation (NYSE: NEM) (TSX: NGT).
Another report from GM Insights said: "Fluorspar Market Size was estimated over USD $2 Billion in 2016 and will exhibit growth by a CAGR of over 4% up to 2024. The global fluorspar market will witness steady gains during the forecast period owing to the products usage as a raw material in the production of hydrofluoric acid, which is a precursor to almost all fluorine compounds. Fluorspar usage in the production of steel and aluminum will also be a major factor behind its market growth. The product, also commonly known as fluorite, is the mineral form of calcium fluoride. Rising fluorochemicals demand from a range of end-user industries along with increasing production of aluminum and steel will propel the global fluorspar market growth during the forecast period."
Ares Strategic Mining Inc. (OTCQB: ARSMF) (TSX-V: ARS) BREAKING NEWS: Ares Strategic Mining Inc. Announces Completion of Successful Delineation Drill Program at the Lost Sheep Mine - Ares Strategic Mining ("Ares" or the "Company") is pleased to announce the completion of its delineation drilling at the Lost Sheep Mine, successfully locating a large discovery of additional fluorspar within its permitted mining area, and expanding its primary mining operation for 2021.
A total of 10 reverse circulation drill holes, covering approximately 875m, have been drilled between the Company's two known large mining pits. Fluorspar mineralization was consistent throughout the area, connecting the Company's delineated primary mining target and a known pipe within the permitted mining area. Drilling was directed under the shallower part of an historic mine, and large areas of fluorspar mineralization were located at depth, providing an additional 50m and 60m as indicated by the drill hole intersects (see Figs 2 and 3). These fluorspar pipes remain open at depth. Between the Company's known mines, drillholes 18 and 26 show over 30 meters of fluorspar mineralization, open at both depth and above, likely extending the fluorspar all the way to surface, giving over 60m of high grade fluorspar (see Fig. 4). The width of the fluorspar mineralization in these areas is between 20 and 30m. In the northernmost drillholes, a fluorspar pipe between 10 and 15m wide, and 30m long, is also intersected at shallow depths by further fluorspar. As seen in Figs. 1 and 5, the area connecting the two known fluorspar mines spans over 40m between holes 19 and 20, and which the surrounding drillholes indicate extends an additional 20m to the surface. Additionally, disseminations of fluorspar have been located, which are frequent and conspicuous all around the main fluorspar mineralized zones.
James Walker, President and CEO stated: "Finding such large fluorspar mineralization zones just next to the area we had planned for our initial mining operation has completely changed and expanded our mining plans. Our engineers have decided to increase the capacity of the plant from 250 tons/day to 500 tons/day, and mine more through open pit mining than underground, significantly lowering the mining cost for each ton of excavated fluorspar. This second drill program has located fluorspar mineralization larger than the initial target, and which connects the initial target to another known mine, creating a far larger initial target the Company can begin exploiting next year. The discovery translates to an accelerated ramp-up in production plans that were planned to begin towards the end of 2021, but which can be moved forward by 6 months. This is a tremendous development for Ares, and massively improves the Company's prospects and potential for next year when production begins."
Drill samples are in transit to Vancouver (Canada) following strict chain of custody and QA/QC protocols that include insertion of blank, standard and field duplicate samples. Samples are then being sent to AGAT Laboratories in Burnaby for preparation and AGAT Labs in Mississauga, Ontario for final assays.
Following the successful discovery, the Company is proceeding to test other prospective targets immediately adjacent to the current operation (250 and 350 meters away) and within the permitted area (See news release dated Sept. 9th, 2020) before the snow and winter arrives. These sites are based on a conceptual model that links fluorite bearing breccia pipes exposed fluorspar at surface in normal fault planes. The model is testing the upper part of the severed breccia pipes in the hanging wall block, based on surface expression features and alteration present. Read this full release for the Ares Strategic Mining news at: https://www.financialnewsmedia.com/news-ars/
Other recent developments in the mining industry include:
Gold Standard Ventures Corp (NYSE American: GSV) (TSX:GSV) recently announced encouraging drill results from 24 of 75 holes in the 2020 Pinion deposit development program on its 100%-owned/controlled Railroad-Pinion Project in Nevada's Carlin Trend.
The planned total of 16,206m of drilling in 60 reverse-circulation ("RC") holes and 15 metallurgical core holes has been completed. Results contained in this release are from 24 RC holes; all other RC and core results are pending. Oxide results include 42.7m of 0.92 g Au/t, including 7.6m of 2.69 g Au/t in hole PR20-14; 38.1m of 0.97 g Au/t in PR20-15; 64.0m of 0.81 g Au/t, including 22.9m of 1.20 g Au/t in hole PR20-19; and 29.0m of 0.77 g Au/t, including 12.2m of 1.28 g Au/t in PR20-23. The data to date suggests that targeted inferred resources are likely to be successfully upgraded for inclusion in reserves.
Donlin Gold LLC, owned 50/50 by NovaGold Resources Inc. (NYSE American: NG) (TSX: NG) and Barrick Gold Corporation (TSX: ABX) (NYSE: GOLD), recently announced the successful completion of its 2020 85-hole drilling program totaling approximately 23,400 meters. The holes were drilled in both the ACMA and Lewis deposit areas of the Donlin Gold project.
Assay results for the first 25 holes (representing 30% of the length drilled) have been received to date, of which nine were previously released to the market on August 6. Assay results show higher grades over thinner intervals compared to those predicted by previous modelling, particularly in sedimentary rocks. The Donlin Gold team is wrapping-up site activities with the drill core being logged, cut, sampled, and shipped to assay laboratories. Site activities are now completed
Silvercorp Metals Inc. (NYSE American: SVM) (TSX: SVM) recently reported production and sales figures for the second quarter of Fiscal 2021 ended September 30, 2020 ("Q2 Fiscal 2021"). The Company produced approximately 1.7 million ounces of silver, 1,100 ounces of gold, 19.1 million pounds of lead, and 7.1 million pounds of zinc and sold approximately 1.7 million ounces of silver, 2,200 ounces of gold, 18.6 million pounds of lead, and 7.4 million pounds of zinc in Q2 Fiscal 2021. For the first six months of Fiscal 2021, the Company produced approximately 3.5 million ounces of silver, 39.2 million pounds of lead, and 14.7 million pounds of zinc. The Company is on track to produce between 6.2 – 6.5 million ounces of silver, 66.1 – 68.5 million pounds of lead, and 24.5 – 26.7 million pounds of zinc in Fiscal 2021, in line with the annual production guidance previously reported in the Company's news release dated February 6, 2020. The Company will report its unaudited financial and operating results for Q2 Fiscal 2021, expected to be released on Thursday, November 5, 2020 after market close.
Newmont Corporation (NYSE: NEM) (TSX: NGT) announced recently that it has formed an Exploration Joint Venture in Colombia with Agnico Eagle Mines Limited (NYSE: AEM, TSX: AEM) (Agnico Eagle). The 50-50 Joint Venture, which will be operated by Agnico Eagle, will explore the Anzá project and advance other prospective gold targets of district-scale potential in Colombia.
The Anzá project is a gold exploration project, comprising exploration contracts and applications totaling approximately 200 km2 located in the Mid-Cauca belt in Colombia. The project is 50 km west of Medellin and 60 km south from Zijin Mining's Buriticá operation
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