Jan. 24, 2024 Highlights:
GoldMining Inc. (GLDG) announced remarkable results from its 2023 drilling program at Alaska’s Whistler Gold-Copper Project, conducted by its subsidiary U.S. GoldMining Inc.
The program uncovered a high-grade gold and copper core near the surface, with the most notable drill result revealing 547 meters at 1.06 grams per ton gold equivalent, signifying substantial potential for further exploration and expansion.
The company intends to continue drilling in 2024 to probe deeper into the Whistler Deposit. Bolstered by approximately $129 million in cash and investments, including an 80% interest in U.S. GoldMining, the company is strategically positioned for future endeavors.
Furthermore, the company’s Rea uranium project in Canada stands to benefit from the surge in uranium prices.
Idaho Strategic Resources Inc. (IDR) disclosed that its CEO and President John Swallow has been invited to the Future Innovation Needs for Responsible Mining of Critical Minerals workshop by the U.S. Department of Energy, scheduled for Jan. 25.
The workshop aims to facilitate discussions on re-establishing critical minerals independence in the U.S., harnessing government research programs to explore new technologies and strategies for resource exploration, discovery, appraisal, mining, and processing.
Swallow expressed anticipation for the upcoming workshop, emphasizing the need for open discussions without the distraction of building narratives and publicity, likening the event to a modern-day, less important iteration of the Manhattan Project.
In Swallow’s words, “I personally view Idaho Strategic as the tip of the spear in terms of addressing the U.S.’s rare earth elements demand. My participation on the Industry R&D Needs panel is fitting, and I am looking forward to a productive discussion while working our way one step closer to a real solution.”
Freeport-McMoRan Inc. (FCX) unveiled its fourth-quarter and full-year results for 2023, surpassing the October 2023 estimates in copper sales volumes and maintaining unit net cash costs lower than anticipated and lower than in Q4 2022.
Q4 2023 yielded a net income of $388 million, equating to 27 cents per share, while adjusted net income, excluding net charges, stood at $393 million (also 27 cents per share).
For the quarter, the company produced 1.1 billion pounds of copper, 573 thousand ounces of gold, and 20 million pounds of molybdenum. Over the whole year, the production tallied 4.2 billion pounds of copper, 2.0 million ounces of gold, and 82 million pounds of molybdenum—sales figures closely mirrored these prodigious production numbers.
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