Connect with us

Energy

/R E P E A T — KORE Mining Considering Spin-Out of South Cariboo Gold Exploration Assets to KORE Shareholders/

Avatar

Published

on

If the Transaction is completed, the new stand-alone publicly listed gold company would include the Canadian exploration assets, consisting of a commanding 1,000 kilometers square claim position in the Cariboo Gold District including the FG Gold and Gold Creek gold projects – see Figure 1.  The Cariboo region of British Columbia is an active and experienced mining jurisdiction that is host to Osisko Gold Royalties Ltd’s (TSX:OR) Cariboo Gold Project and several large operating copper-gold mines. KORE would retain the US gold development pipeline assets with the Imperial gold project and the Long Valley gold project.

Scott Trebilcock, President and CEO stated, “With a dominant 1,000 square kilometre position in a highly prospective gold district, including the recent transformational high-grade discovery at FG Gold, KORE’s South Cariboo gold assets are an exceptional gold exploration story.  It is also a great time for the Cariboo gold district with Osisko’s aggressive exploration and development activity attracting attention and capital.  The spin-out would directly expose KORE shareholders to the value creation potential of this impressive exploration story.”

The Company recently intercepted 14.3 meters of 6.4 g/t gold at 386 meters downhole at FG Gold (see November 11, 2020 news release).  This new discovery, which extends over 300 meters downdip from the known resource, opens up underground potential and could have a profound impact of the size and grade of the FG Gold deposit – see Figure 2.  Assays are pending for additional 14 holes over a 1,780 meters of lateral strike with 7 holes intersecting quartz veining with visible gold (see pictures on website). Drilling continues with 2,000 metres planned to expand Gold Creek through mid-December.

Mr. Trebilcock continued, “KORE will retain the Imperial and Long Valley development assets; simple, low cost gold heap leach projects in the US, each with their own robust returns and the potential to produce nearly 250,000 ounces of gold per year. KORE would remain attractive to investors looking for exposure to low cost gold development and potential mergers and acquisitions that quality assets can generate as the gold cycle matures.”

A final decision has not been made and there can be no assurance that this evaluation will result in a spin-out or other similar transaction. The Company will provide further updates at such time as the Board approves a specific transaction or otherwise concludes that disclosure is necessary or appropriate.

About KORE’s South Cariboo Exploration Assets

KORE controls 1,000 square kilometers of claims in its South Cariboo Gold District of British Columbia.  The claims host 110 km of structural trend that is highly prospective for gold deposits.  KORE has multiple projects in the District, including FG Gold and Gold Creek gold projects.  Much of the area is under-explored and wide open for additional discoveries.  The Cariboo region is a prolific gold region.  The District was host to the Cariboo gold rush in the late 1800’s, followed by a long history of modern gold mining.  The Cariboo region is accessible with local power, a well developed road network and skilled local labour. 

The FG Gold project hosts an orogenic gold deposit on a 20 kilometer trend defined by gold in soils and geophysics.  KORE’s 2020 drilling transformed the project, opening up the potential for both open pit and underground type mineralization.   The project also hosts copper-gold porphyry mineralization at the Nova Zone, discovered by KORE in 2018. 

The Gold Creek project is an orogenic gold discovery centered on the “Camp Zone” which show similarities to the high-grade zone of the nearby Spanish Mountain Gold Deposit (TSXV:SPA).   The Camp Zone’s near surface mineralization currently extends over 400 metres along strike and is open along both strike and at depth.  KORE is currently drilling a planned 2,000 meter program to expand Gold Creek.

About KORE’s US Development Assets

Imperial is a 100% owned gold project located in Imperial County, California about 10 miles from the operating Mesquite mine owned by Equinox Gold Corp. (TSX: EQX).  In 2020, KORE completed a Preliminary Economic Assessment for an open pit heap leach operation yielding a post-tax NPV5% of $US 343 million and an IRR of 44% using $1,450 per ounce gold.  KORE also owns the Mesquite-Picacho District capturing the 28 km gold trend from Equinox’s operating Mesquite mine, through Imperial to the now closed Picacho mine.  The trend is underexplored and has the potential to host additional gold deposits. 

Long Valley is a 100% owned gold project located in Mono County, California. The Long Valley deposit is an intact epithermal gold deposit with a shallow, large 2.5 by 2 kilometer oxide gold footprint.  In 2020, KORE completed a Preliminary Economic Assessment for an open pit heap leach operation yielding a post-tax NPV5% of $US 273 million and an IRR of 48% using $1,600 per ounce gold.  KORE is currently permitting a drill program to expand the shallow oxide mineralization and test for high grade sulphides at depth.

About KORE Mining Ltd.

KORE is 100% owner of a portfolio of advanced gold exploration and development assets in California and British Columbia.  KORE, supported by strategic investor Eric Sprott; and insiders, including management and Board, own 64% of the basic shares outstanding.  Further information on KORE and its assets can be found on the Company’s website at www.koremining.com and at www.sedar.com, or by contacting us as [email protected] or by telephone at (888) 407-5450.

On behalf of KORE Mining Ltd
“Scott Trebilcock”
Chief Executive Officer
(888) 407-5450

Technical information with respect to the Imperial deposit and project contained in this news release has been reviewed and approved by Marc Leduc, P.Eng., who is KORE’s designated qualified person under National Instrument 43-101 for the purposes of this news release.

This news release does not constitute an offer to sell or a solicitation of an offer to sell any KORE common shares in the United States.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Statement Regarding Forward-Looking Information

This news release contains forward-looking statements relating to the future operations of the Company and other statements that are not historical facts. Forward-looking statements are often identified by terms such as “will”, “may”, “should”, “anticipate”, “expects” and similar expressions. All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding the future plans and objectives of the Company are forward-looking statements.  Forward-looking statements in this news release include, but are not limited to, statements with respect to: the potential gold structures at the District deposits, next steps and timing regarding follow-up programs at the District, results of the PEA, including future project opportunities, future operating and capital costs, closure costs,  the projected NPV, IRR, timelines, permit timelines, and the ability to obtain the requisite permits, economics and associated returns of the Imperial and Long Valley Projects, the technical viability of the Imperial and Long Valley Projects, the market and future price of and demand for gold, the environmental impact of the Imperial and Long Valley Projects, and the ongoing ability to work cooperatively with stakeholders, including the local levels of government. Such forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect our current judgment regarding the direction of our business. Management believes that these assumptions are reasonable. Forward looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. 

Such factors include, among others: risks related to exploration and development activities at the Company’s projects, and factors relating to whether or not mineralization extraction will be commercially viable; risks related to mining operations and the hazards and risks normally encountered in the exploration, development and production of minerals, such as unusual and unexpected geological formations, rock falls, seismic activity, flooding and other conditions involved in the extraction and removal of materials; uncertainties regarding regulatory matters, including obtaining permits and complying with laws and regulations governing exploration, development, production, taxes, labour standards, occupational health, waste disposal, toxic substances, land use, environmental protection, site safety and other matters, and the potential for existing laws and regulations to be amended or more stringently implemented by the relevant authorities; uncertainties regarding estimating mineral resources, which estimates may require revision (either up or down) based on actual production experience; risks relating to fluctuating metals prices and the ability to operate the Company’s projects at a profit in the event of declining metals prices and the need to reassess feasibility of a particular project that estimated resources will be recovered or that they will be recovered at the rates estimated; risks related to title to the Company’s properties, including the risk that the Company’s title may be challenged or impugned by third parties; the ability of the Company to access necessary resources, including mining equipment and crews, on a timely basis and at reasonable cost; competition within the mining industry for the discovery and acquisition of properties from other mining companies, many of which have greater financial, technical and other resources than the Company, for, among other things, the acquisition of mineral claims, leases and other mineral interests as well as for the recruitment and retention of qualified employees and other personnel; access to suitable infrastructure, such as roads, energy and water supplies in the vicinity of the Company’s properties; and risks related to the stage of the Company’s development, including risks relating to limited financial resources, limited availability of additional financing and potential dilution to existing shareholders; reliance on its management and key personnel; inability to obtain adequate or any insurance;  exposure to litigation or similar claims; currently unprofitable operations; risks regarding the ability of the Company and its management to manage growth; and potential conflicts of interest. 

In addition to the above summary, additional risks and uncertainties are described in the “Risks” section of the Company’s management discussion and analysis for the year ended December 31, 2019 prepared as of April 27, 2020 available under the Company’s issuer profile on www.sedar.com.

Forward-looking statements contained herein are made as of the date of this news release and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or results, except as may be required by applicable securities laws. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. 

There is no certainty that all or any part of the mineral resource will be converted into mineral reserve. It is uncertain if further exploration will allow improving the classification of the Indicated or Inferred mineral resource.  Mineral resources are not mineral reserves and do not have demonstrated economic viability.

The Imperial and Long Valley PEAs are preliminary in nature, include inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the Imperial or Long Valley PEA will be realized. There is no certainty that all or any part of the mineral resource will be converted into mineral reserve. It is uncertain if further exploration will allow improving the classification of the Indicated or Inferred mineral resource.  Mineral resources are not mineral reserves and do not have demonstrated economic viability.

SOURCE Kore Mining

Related Links

http://www.koremining.com

Source: https://www.prnewswire.com:443/news-releases/kore-mining-considering-spin-out-of-south-cariboo-gold-exploration-assets-to-kore-shareholders-301179776.html

Energy

Product roundup: Enphase, Panasonic, Con Edison, startups, and more

Avatar

Published

on

Check out this week’s list of some of the newest announcements related to clean energy products.

This year kicked off with a slew of new clean energy products, and over the past week, the announcements kept on coming. To stay up to date on what’s new, check out this latest product roundup:

ConnectDER meter device

New York City-based utility Con Edison is offering, free of charge, a device that can save upwards of $1,000 for a residential customer installing a new solar array. The Smart ConnectDER, built by project partner ConnectDER, allows the customer to avoid the cost of upgrading the circuit breaker panel. It also eliminates the need for excessive electrical boxes on the side of the home.

The Smart ConnectDER is an adapter that uses the electric meter socket as a point of interconnection for solar power. It fits on most electric meters and works for solar arrays up to 15 kW. Con Edison provided 300 Smart ConnectDERs to customers during a 2019 pilot program and has received state funding to provide an additional 2,400 units. The utility said it plans to continue the program even after reaching that target. More info available here.

Separately, Virginia-based ConnectDER announced it received a U.S. patent for “innovations” to its products. More info available here.

e-Zinc raises cash to commercialize energy storage tech

e-Zinc, a Toronto-based startup, raised C$2.3 million ($1.8 million) in a closed round led by BDC Capital’s Cleantech Practice to help accelerate commercialization of the tech company’s long-duration energy storage solution.

According to e-Zinc, it developed a grid-scale solution that stores energy in physically free zinc metal, scales energy capacity at a fraction of the cost of lithium-ion batteries, and enables economical energy delivery over a period of multiple days. This latest financing adds to other equity rounds and government grants. The company plans to launch a pilot project in Ontario in May and has set its sights on entering the U.S. market. More info available here.

Panasonic expands products and installer program

Panasonic Corp. of North America recently promoted 13 installers across the U.S. to the Elite and Premium tiers of its Residential Solar Installer Program. Installers and homeowners will not only gain access to the Panasonic Solar Modules portfolio, but also receive access to the new high-efficiency Panasonic Solar EverVolt Modules, available beginning in February.

Homeowners in Arizona, Texas, Florida, Iowa, and Indiana will be able to access Panasonic’s solar products from seven Elite Level installers, who will be the first in Panasonic’s network to gain access to new products and rebates. Six additional installers in Florida, Texas, and New Mexico will also offer homeowners Panasonic’s benefits as new Premium Level installers. More info available here.

Enphase solar+storage product compatibility

California-based Enphase Energy said that its Enphase Storage systems are now compatible with Enphase M215 and M250 microinverter-based solar systems. According to the company, the expanded compatibility provides approximately 300,000 additional Enphase system owners with the possibility of achieving grid-agnostic energy resilience through the Enphase Upgrade Program.

Similarly, this new combo of solar and storage products, as well as previous compatibility with IQ 6 and IQ 7 microinverter-based systems, now allows U.S. installers to approach and offer storage upgrades to nearly the vast majority of Enphase homeowners nationwide. More info available here.

NeoVolta spreads storage distribution network

NeoVolta, a San Diego-based manufacturer of residential energy storage systems, has expanded its distribution network into Utah, adding to California, Nevada, and Arizona. Under a three-year agreement, PMP Energy is able to secure specific geographic exclusivities for distribution, in exchange for making minimum purchases of up to $15 million.

According to NeoVolta, its NV14 product features a storage capacity of 14.4 kWh and 7.7 kW of continuous power discharge. That capacity can be scaled up to 24 kWh with the optional NV24 add-on battery, without the expense of an additional inverter. NeoVolta systems are engineered with lithium iron phosphate chemistry. More info available here.

Rhombus nets certifications for EV remote charging dispenser

Rhombus Energy Solutions has landed certification by Underwriters Laboratory (UL) and the Consumer Electronics Testing and Certification Services Group (CSA) for its RES-D2-CS20 electric vehicle (EV) charging dispenser. The product is compatible with Rhombus’s UL-certified 60 kW and 125 kW power conditioning systems (PCS) for high-power EV charging of medium- and heavy-duty fleets.

Combined with the UL 1741-SA certification of Rhombus’ AC to DC PCS units, these certifications allow Rhombus solutions to be used in both unidirectional and bi-directional vehicle-to-grid applications, meaning fleet operators could use their EVs as a source of energy storage. More info available here.

This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: editors@pv-magazine.com.

Source: https://pv-magazine-usa.com/2021/01/22/product-roundup-enphase-panasonic-con-edison-startups-and-more/

Continue Reading

Energy

Virginia aims to make installing energy storage easier

Avatar

Published

on

The state is under a crunch to build out 3.1 GW of storage by 2035, but bills meant to remove lengthy regulatory approvals and ease the procurement of local permits are looking to alleviate the pressure.

Over the last two years, Virginia has made significant legislative strides in promoting the development of renewable resources, all in pursuit of achieving 100% clean energy by 2050, adding 16 GW of solar and onshore wind, building 3 GW of energy storage, and closing the state’s coal power plants by 2024.

In 2020, legislators changed state laws to allow solar and wind projects to be developed more smoothly and swiftly. Initially devised for smaller-scale wind projects and later extended to solar, Virginia’s permit by rule (PBR) program allows renewable generation projects under a certain threshold – 150 MW for now – to eschew the approval process overseen by the State Corporation Commission, which can be a lengthy affair.

This year, lawmakers are looking to do the same for energy storage.

Enter House Bill 2148, a measure introduced by State Delegate Rodney Willett, a Democrat from Henrico County. The bill looks to extend this same regulatory review avoidance to energy storage facilities and hybrid renewable + storage projects that meet similar parameters.

Willett has described the bill as the logical next step toward achieving the state’s clean economy goals and critical if Virginia hopes to get an unprecedented 3.1 GW of storage onto the grid by 2035.

And while projects still have a number of steps along development that can slow down or stall them, PBR has proven to be an effective policy for Virginia in recent history. More than 70 project developers filed notices of intent to apply for the program in 2020.

HB 2148 is not the only bill in the works in Virginia to make rolling out storage projects easier. One of the biggest headaches for developing solar in the state has been getting permits for projects (just ask the Spotsylvania developers).

This has been so historically difficult because, prior to 2020, renewable generation projects had certain state tax exemptions. Because of this, rural residents and legislators felt that they were being taken advantage of, as these projects would take up large swaths of land, provide little local revenue, and have the generation used outside of the local community.

This issue was partially remedied in 2020, when laws were passed that caused the tax exemptions to decrease over time, or local governments could instead opt for a revenue-sharing system where a $1,400/MW fee could be imposed on the project.

State Delegate Stephen Heretick, a Democrat from Portsmouth County, has introduced House Bill 2006, which would extend these same measures to energy storage projects.

This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: editors@pv-magazine.com.

Source: https://pv-magazine-usa.com/2021/01/22/virginia-aims-to-make-installing-energy-storage-easier/

Continue Reading

Energy

Entergy Arkansas solar program slated to save $60m for local schools, other customers

Avatar

Published

on

“From October to November, our energy bill went down by $2,700,” said Robby Lowe, superintendent of the Junction City School District.

Entergy Arkansas customers who joined the utility’s Solar Energy Purchase Option B program in fall 2020 have already begun to reap savings from the clean power generated at the 81 MW Stuttgart Solar Energy Center.

According to Entergy Arkansas, participating agencies are projected to save about $60 million over the lifetime of the solar facility.

Of the 61 subscribed customers, 26 are schools, which will save an estimated $39 million over the next 18 years. The remaining subscribed entities – including cities and counties, water treatment plants, churches, and nonprofits – will save nearly $21 million.

“From October to November, our energy bill went down by $2,700,” said Robby Lowe, superintendent of the Junction City School District.

The Jessieville School District is expected to save over $50,000 annually. Superintendent Melissa Speers said that extra money can now go toward more efforts to support students, including anything “from better science labs to more field trips.”

Owned and operated by NextEra, Stuttgart Solar came online in 2018 and is contracted exclusively to Entergy Arkansas. It was the first of three approved Entergy Arkansas solar facilities.

Half of the 81 MW project’s power is dedicated to tax-exempt subscribers under the Solar Energy Purchase Option program. The solar tariff was approved by the Arkansas Public Service Commission (PSC) in mid-September 2020, and customers were enrolled on a first-come, first-served basis.

Entergy Arkansas noted that all available energy is currently under contract, with more than 60 entities enrolled and at least that many on the waiting list for any future Solar Energy Purchase Options the PSC might authorize.

By participating in this program, customers are expected to save between 18% and 28% on their electricity costs, while still helping to support grid maintenance and lowering the cost shift incurred by all other customers without solar systems.

Michael Considine, Entergy Arkansas’ vice president of customer service, said this program is “especially helpful to tax-exempt customers who already have tight budgets.”

This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: editors@pv-magazine.com.

Source: https://pv-magazine-usa.com/2021/01/22/entergy-arkansas-solar-program-slated-to-save-60m-for-local-schools-other-customers/

Continue Reading

Energy

Tampa Electric doubles its solar-powered homes goal

Avatar

Published

on

The utility plans to power the equivalent of 200,000 homes with solar energy by 2023, and retire a coal plant 18 years ahead of schedule.

Tampa Electric achieved commercial operation on its tenth utility-scale  solar project, the 60 MW Durrance Solar project, located in Polk County, Florida.

By bringing that project live earlier this month, Tampa Electric now has enough solar capacity to power 100,000 homes, a benchmark that the utility had previously set as a procurement goal. Now, the utility has set a new goal of having enough solar capacity on-line by 2023 to power 200,000 homes.

Alongside doubling its solar reach in just two years, the utility is also looking to retire a coal unit, Big Bend Unit 3, in 2023, nearly two decades before the unit’s scheduled retirement. The move is seen as a money saving one as well as an environmentally-conscious decision, as continuing the unit’s operation past 2023 would require significant capital investments for improvements, a financial burden the utility has deemed unfair to ratepayers.

Big Bend 3 also marks the second Big Bend unit that is retiring. In November, Unit 2 will retire as part of the $850 million Big Bend Modernization project, an undertaking that will renovate the remaining Big Bend units to include combined-cycle natural gas units, capable of producing 1,090 MW of electricity.

Back on the solar side of things, the work to get to 200,000 is under way. Tampa Electric has begun construction on the next wave of 600 MW of solar, all of which will reach commercial operation by the end of 2023. Four projects with a combined capacity of 225 MW are scheduled to be completed by the end of 2021. When the entire 600 MW tranche is complete, Tampa Electric will have enough solar energy to reach its 200,000-homes goal.

This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: editors@pv-magazine.com.

Source: https://pv-magazine-usa.com/2021/01/22/tampa-electric-doubles-its-solar-powered-homes-goal/

Continue Reading
Blockchain5 days ago

5 Best Bitcoin Alternatives in 2021

Cyber Security3 days ago

Critical Cisco SD-WAN Bugs Allow RCE Attacks

Medical Devices4 days ago

Elcam Medical Joins Serenno Medical as Strategic Investor and Manufacturer of its Automatic Monitoring of Kidney Function Device

custom-packet-sniffer-is-a-great-way-to-learn-can.png
Blockchain2 days ago

TA: Ethereum Starts Recovery, Why ETH Could Face Resistance Near $1,250

SPAC Insiders5 days ago

Churchill Capital IV (CCIV) Releases Statement on Lucid Motors Rumor

SPACS3 days ago

Intel Chairman Gets Medtronic Backing for $750 Million SPAC IPO

Cyber Security4 days ago

SolarWinds Malware Arsenal Widens with Raindrop

PR Newswire4 days ago

Global Laboratory Information Management Systems Market (2020 to 2027) – Featuring Abbott Informatics, Accelerated Technology Laboratories & Autoscribe Informatics Among Others

SPAC Insiders4 days ago

Queen’s Gambit Growth Capital (GMBT.U) Prices Upsized $300M IPO

SPAC Insiders4 days ago

FoxWayne Enterprises Acquisition Corp. (FOXWU) Prices $50M IPO

SPACS3 days ago

Payments Startup Payoneer in Merger Talks With SPAC

SPACS5 days ago

Why Clover Health Chose a SPAC, Not an IPO, to Go Public

Medical Devices5 days ago

FDA’s Planning for Coronavirus Medical Countermeasures

SPACS5 days ago

With the Boom in SPACs, Private Companies Are Calling the Shots

NEWATLAS4 days ago

New Street Bob 114 heads Harley-Davidson’s 2021 lineup

NEWATLAS4 days ago

World-first biomarker test can predict depression and bipolar disorder

SPACS3 days ago

Michael Moe, fresh from raising $225M for education-focused SPAC, set for another free Startup Bootcamp

Aerospace5 days ago

Aurora Insight to launch cubesats for RF sensing

Blockchain2 days ago

Bitcoin Cash Analysis: Strong Support Forming Near $400

University of Minnesota Professor K. Andre Mkhoyan and his team used analytical scanning transmission electron microscopy (STEM), which combines imaging with spectroscopy, to observe metallic properties in the perovskite crystal barium stannate (BaSnO3). The atomic-resolution STEM image, with a BaSnO3 crystal structure (on the left), shows an irregular arrangement of atoms identified as the metallic line defect core. CREDIT Mkhoyan Group, University of Minnesota
Nano Technology4 days ago

Conductive nature in crystal structures revealed at magnification of 10 million times: University of Minnesota study opens up possibilities for new transparent materials that conduct electricity

Trending