Global Exploration Snapshot: Eight companies to watch

While the search for new gold deposits across the world never lets up, explorers are picking up the pace seeking out critical minerals. Here’s a glimpse of eight companies exploring for precious and critical minerals in countries across the Americas, Europe and the South Pacific.

Acme Lithium 

Acme Lithium (CSE: ACME; US-OTC: ACLHF), a Vancouver-based exploration company targeting lithium deposits in the U.S. and Canada, is compiling geophysical and brine sample results, moving the company closer to expanded exploration and defined resources.  

Acme has received a geophysics report outlining potential lithium-bearing clays at its Fish Lake Valley project in west-central Nevada. The company also received a letter of approval from the United States Bureau of Land Management for its upcoming phase two drill program at its Clayton Valley lithium brine project in Esmeralda Cty., NV. 

In August, Acme announced brine sample results from a 425-metre hole drilled at Clayton Valley. Lithium was detected in all samples at concentrations between 38 and 130 mg per litre.  

Results indicate the existence of bicarbonate-rich groundwater, which is typical in the Clayton Valley lithium brine aquifers. Acme, notes that assay results suggest lithium concentrations likely increase with depth and temperature. 

The Clayton Valley project is contiguous to the northwest with Albemarle’s (NYSE: ALB) Silver Peak lithium deposit, which has been in production since the 1960s, the company says. Acme has acquired, or is under option to acquire, a 100% interest in 266 lithium and lode mining claims totaling 22 sq. km in Esmeralda County. 

The company also has a 100% interest in three pegmatite-type lithium properties in southeastern Manitoba totaling 70 sq. km. The northernmost edge of the claim block is about 5 km south of Sinomine Resource Group’s Tanco mine, which produces commercial quantities of lithium. 

Acme has a market cap of around $25.5 million. 

Arena Minerals 

Arena Minerals (TSXV: AN; US-OTC: AMRZF) is advancing its Sal de la Puna lithium brine project in the Pastos Grandes Basin in Argentina’s northwestern Salta province. 

The company is conducting a 3,000-metre drill program at the project, which hosts a historic resource, and is held by a joint venture of (65%) and China’s Ganfeng New Energy Technology Development (35%). Ganfeng Lithium acquired 19.9% of Arena in 2021. 

Arena also has developed its own proprietary brine processing technology that produces the equivalent of a 6% lithium concentrate directly from evaporation ponds. 

A recently completed exploration hole at the 132-sq.-km Sal de la Puna project intersected two brine aquifers. Assay results from the 620-metre rotary-drilled hole returned 538 mg lithium per litre from 90 metres to 120 metres. From 365 metres to 620 metres, brines averaged 641 mg per litre lithium. The aquifer remains open at depth, according to the company. 

Arena says the brine maintains high-quality geochemistry with an average magnesium to lithium ratio of 5.5 and sulphate to lithium ratio of 10.5 – like those encountered throughout the Pastos Grandes basin. 

The company also owns the Antofalla lithium brine project in Argentina, which consists of four claims covering 60sq.km of the Salar de Antofalla, immediately south of Albemarle’s Antofalla project. Arena says it has developed a proprietary brine processing technology. 

In addition, the company owns 80% of the Atacama copper property in Chile’s Antofagasta region, and 5.8 million shares of Astra Exploration (TSXV: ASTR; US-OTC: ATEPF). 

Arena has a market cap of $210.3 million. 

Aurion Resources 

Aurion Resources (TSXV: AU; US-OTC: AIRRF), a Canadian company exploring for precious metals in Finland, recently intercepted significant gold mineralization at its Helmi discovery in the Central Lapland Greenstone Belt in northern Finland. 

In a joint venture operated by B2Gold (TSX: BTO; NYSE: BTG; NSX: B2G), 11 drill holes – 4,281.4 metres – were completed at the project in a program that ended in fall 2022. Highlights from drilling at Helmi, located 1.3 km west of Rupert Resources’ (TSXV: RUP; OTCQX: RUPRF) Ikkari gold discovery, include 1.78 grams gold per tonne over 15.1 metres from a depth of 103.65 metres, and 52.5 grams gold over 0.55 metre from 91.8 metres. The company says 10 of the 11 holes intersected gold mineralization along a 1-km strike length.  

Aurion holds 30% of the project, while B2Gold holds 70%. The JV exploration area covers 331-sq.-km. and has a 2022 budget of $13.5 million. 

Aurion reported in early November the JV had completed half of an 11,000-metre drill program. Ongoing exploration will test the extent of the mineralized trend at Helmi as well as regional targets. 

The Helmi discovery was made in 2021. Drilling has returned intercepts of 2.05 grams gold over 77.5 metres, 1.84 grams gold over 52.4 metres, 2.44 grams gold over 43.5 metres, 0.82 gram gold over 108.1 metres and 1.73 grams gold over 45 metres. 

Gold mineralization at Helmi has been confirmed along a 2-km strike length, says the company, noting the mineralized zones remain open along strike and depth. The company holds mineral licences covering 900-sq.-km.  

Aurion has a market cap of approximately $50.9 million. 

Group Eleven Resources 

Group Eleven Resources (TSXV: ZNG; US-OTC: GRLVF) an Ireland-based exploration company, announced in September plans for follow-up drill programs on its zinc-lead prospects in the Irish Zinc District. 

The company is building on recent success at its flagship Ballywire prospect, about 250 km southwest of Dublin in County Cork. It intersected high-grade massive sulphides, including 6.9 metres of 11.1% zinc, 4.3% lead, and 160 grams silver per tonne within a longer 66-metre mineralized interval. True widths are 80% to 100% of reported intercepts. 

“Our discovery hole at Ballywire marks a clear breakthrough in our exploration efforts in Ireland,” said Bart Jaworski, CEO of Group Eleven in a September news release. 

Other drilling highlights include 5 metres of 6.2% zinc, 2.1% lead and 107 grams silver starting at a depth of 228 metres, including 2 metres of 3.9% zinc, 4.9% lead and 227 grams silver. Drilling also intercepted 6.9 metres of 11.1% zinc, 4.3% lead and 160 grams silver at 251.6 metres, including 2 metres of 30.5% zinc, 10.3% lead and 385 grams silver. 

Group Eleven expects drilling at Ballywire to be completed by year’s end. The follow-up program consists of an initial five holes totalling 1,500 metres of step-out drilling between 100 metres and 250 metres from the discovery hole.  

Subject to results, the explorer plans to conduct subsequent drilling to explore the wider Ballywire prospect in 2023, which remains open along strike as well as up-dip for at least 500 metres, according to the company. 

It holds 99 prospecting licences covering 3,200 sq. km. 

Group Eleven has a market cap of approximately $10.3 million. 

Lion One Metals 

Lion One Metals (TSXV: LIO; ASX: LLO), a Vancouver-based exploration and development company, is advancing its 100%-owned and permitted underground Tuvatu alkaline gold project on the Island of Viti Levu in Fiji, with production planned for 2024. 

The company says it has eight drill rigs and a recently expanded 24-hour-a-day onsite assay lab running. Drilling continues to intersect deep high-grade extensions of the Tuvatu gold system, near the city of Nadi, while Lion One also pursues a district-scale discovery in the surrounding Navilawa caldera, one of Fiji’s largest mineralized volcanic complexes. 

Highlights of recent drilling include a 180-metre vertical extension of Tuvatu’s Deep Feeder zone, which yielded “bonanza-grade intercepts” including 12.9 grams gold per tonne over 12.9 metres from a depth of 254.4 metres; 84.6 grams gold over 3.9 metres from 318.6 metres; and 48.65 grams gold over 5.4 metres from 423 metres. 

The intercepts released in early November, combined with results from a previously drilled hole, mean a significant increase in grade with depth, according to the company. Other intercepts returned values ranging from 800 grams gold over 0.3 metre from 426 metres, to 108 grams gold over 0.3 metre from 529 metres. Lion One says the high-grade feeder zone remains open at depth.  

According to the company, drilling results reported to date demonstrate considerable upside at Tuvatu resulting from deep drilling the company has completed since the initial discovery of the deep feeder zone in 2020. 

Lion One has a market cap of about $139.6 million. 

Predictive Discovery 

Predictive Discovery (ASX: PDI), a Perth, Australia-based explorer, is focused on developing its Bankan gold deposit in the eastern part of Guinea’s prolific Siguiri Basin. The deposit, touted by the company as the largest west African gold discovery in a decade, contains an inferred resource of 4.2 million oz. in 72.8 million tonnes grading 1.63 grams gold per tonne. 

Bankan is divided into two deposits, NE Bankan, which hosts the bulk of the resource (3.9 million oz.), and Bankan Creek, which are 3 km apart in the southern portion of Predictive’s 356-sq.-km land package. 

Using 10 diamond drill rigs, the company drilled 51 infill and grade control holes consisting of 10,112 metres at NE Bankan between September and October. Highlights include 38 metres of 7.18 grams gold per tonne starting at a depth of 541 metres; 22 metres of 5.34 grams gold from 286 metres; and 49 metres of 2.04 grams gold from 288 metres.  

“These results are from within the optimized resource pit shell and are aimed at providing further certainty of the tonnes and grade ahead of ultimately building and mining the NE Bankan deposit,” said Andrew Pardey, managing director of Predictive, in a November news release. 

The best intercepts from Predictive’s reverse-circulation grade control and infill drill program at NE Bankan include 57 metres of 1.97 grams gold from a depth of 9 metres and 26 metres of 2.82 grams gold from 47 metres. 

The company is exploring its land package for other gold deposits using geophysics and auger drilling, with “some highly encouraging results to date,” from other portions of the 35-km-long structural corridor that hosts Bankan. 

Following an institutional and retail investor placement in June that raised $55 million, Predictive says it’s financed to complete 60,000 metres of drilling across its Guinean assets and bring Bankan to the development phase. 

Predictive has a market cap of approximately A$361.5 million ($324.9 million).  

Prosper Gold 

Prosper Gold (TSXV: PGX) a Vancouver-based exploration company, is focused on developing its flagship Golden Sidewalk project in the western Birch-Uchi Greenstone Belt in Ontario.  

The 164-sq.-km property, 60 km east of Red Lake, is host to several advanced exploration targets that have seen varying amounts of historical exploration work that includes high-grade gold discoveries.  

In January, the company completed reconnaissance drilling totalling 21,103 metres in 66 diamond drill holes over 4.8 km. Highlights include 22.7 grams gold per tonne over 0.55 metre at a depth of 76.6 metres, and 5.63 grams gold over 0.5 metre at 156.7 metres.  

In May, Prosper announced the remaining results from its inaugural drill program at Golden Sidewalk. Highlights include 14.2 grams gold over 0.5 metre from 104.4 metres and 12.5 grams gold over 0.59 metre from 164.6 metres. 

In November, the company began drilling at its Skinner North target and closed a $725,000 non-brokered private placement. The most recent drilling in the area was in 2008 along the Bathurst Mine trend, with intercepts of up to 40 grams gold over 1.7 metres. Prosper conducted channel sampling at Skinner in 2022, yielding 9.7 grams gold over 3 metres and 13.1 grams gold over 1.8 metres. 

In November, prosper exercised an option to acquire 100% interest in the Golden Sidewalk property and the Skinner property from Sabina Gold & Silver (TSX-SBB; OTCQX- SGSVF). 

Prosper’s market cap is approximately $5.9 million. 

Southern Silver Exploration 

Vancouver-based Southern Silver Exploration (TSXV: SSV; US-OTC: SSVFF) is advancing its flagship Cerro Las Minitas silver-lead-zinc property in Mexico’s Durango state. 

At more than 340 sq. km, the project features a large land position in the prolific Faja de Plata (Belt of silver) in northern Mexico, with historic production and resources of over 3 billion oz. silver, according to the company. 

In October, Southern Silver released assay results from its final four drill holes on its North Felsite and North Skarn targets at Cerro Las Minitas. Highlights included a 0.8-metre interval averaging 746 grams silver per tonne, 0.1 gram gold, 0.2% copper, 17.1% lead and 13.2% zinc, as well as a 3.4-metre interval averaging 219 grams silver, 2.5% lead and 0.6% zinc.  

Cerro Las Minitas hosts indicated resources of 12.3 million tonnes grading 106 grams silver per tonne, 0.16% copper, 1.3% lead, and 3.3% zinc (for 42.1 million oz. silver, 358 million lb. lead and 895 million lb. zinc). Inferred resources add 29.6 million tonnes grading 117 grams silver, 0.23% copper, 1.2% lead, and 2.3% zinc. 

Exploration continues at Southern Silver’s Oro project in New Mexico to evaluate several copper-molybdenum porphyry and copper-gold skarn targets within a broad hydrothermal alteration zone, interpreted by the company as potentially overlying an unexposed porphyry centre. 

Initial drilling and assays at Oro have identified thick zones of strongly anomalous copper mineralization, classic porphyry geochemical and alteration zonation, increasing molybdenum and copper at depth and several unexposed hydrothermal breccias, the company says. 

Southern Silver also holds the silver-gold Hermanas project, approximately 40 km east of Oro. The project covers a 4- by 3-km area that features anomalous epithermal quartz veining. 

Southern Silver has a market cap of $56.6 million.