Soaring demand for copper will help drive mergers, BHP CEO says
Demand for copper, a key element in the energy transition, is set to rise by 70% to 100% by 2050, Mike Henry said
Rio Tinto Exploration Canada (RTEC) has commenced drilling on Forum Energy Metals’ (TSXV: FMC) 100% owned Janice Lake copper-silver project in Saskatchewan.
Two drill rigs are initially testing the Rafuse target, a 2.8 kilometre long priority target of surface copper mineralization.
Drilling of nine holes at Rafuse in 1969 to a maximum depth of 62 metres returned up to 17 metres of 0.68% copper and two holes drilled in 1993 by Noranda to a maximum depth of 128 metres returned 21.7 metres of 0.19% copper.
Two one-kilometer lines of an Induced Polarization (IP) survey conducted by RTEC over the Rafuse target last summer identified a strong chargeability anomaly starting at a depth of 130 metres. The first two holes are planned to test this IP chargeability anomaly.
Rio Tinto plans to focus initial drilling at the Rafuse target area, followed by potential drilling at the Jansem, Juno and Roberts. Drilling at Jansem would follow up on thick intervals of surface copper mineralization outlined by drilling in 2019 (up to 51.8 meters grading 0.57% copper). Drilling at Juno and Roberts are follow-up targets from positive rotary air blast (RAB) drill results encountered during the past summer RAB drill program (up to 1.5m of 0.62% copper and 9.3 g/t silver at Juno).
Located in north-central Saskatchewan within the Wollaston Domain, the Janice Lake project extends for 38,250 hectares.
Rio Tinto optioned the project in May 2019 and can earn an 80% interest by spending C$30 million in addition to making separate option payments to Forum Energy Metals and Transition Metals Corp.
