Column: Electric dreams turn into a nightmare for battery metals
A sector that was once racing to build new supply has been closing mines and deferring projects as low prices bite into the cost curve.
M3 Metals (TSXV: MT) secured an option from two separate vendors to acquire a 100% right, title and interest in the Mohave Mine gold project in the US state of Arizona.
The project is comprised of 160 claims including lode claims and mill-site claims. According to M3, it covers numerous historic gold mines in the Weaver mining district.
M3 has secured the mineral rights to all the historic mines falling within the project and believes they may be related to a property-wide gold system
“In addition to the historic gold mines on the project, there is an approximate 5-kilometre gold-in-soil and gold-in-rock geochemical anomaly that extends across the entire length of the project,” the Canadian miner said in a media statement. “Large areas of the anomalous gold geochemistry including several historic gold mines have not had any modern exploration or drilling.”
However, M3 said that the northern one-fourth of the property saw more than 550 historic drill holes totaling approximately 68,000 feet in the 1980s and 1990s. The primary focus of this work was on the development of historic non-compliant resources.
“Historically the private owners were focused on development and did not test the numerous remaining targets on the project for its larger potential,” Adrian Smith, president of the Vancouver-based company, said in the media brief. “We are eager to begin an aggressive drilling campaign on the extensive target areas on the southern portion of the property while expanding on those to the north.”
