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 FPX Nickel Corp. (TSXV: FPX) (OTCQB: FPOCF) (‘ FPX ‘ or the ‘ Company ‘) is pleased to announce the results of a grid-based rock sampling program at the 100% owned Mich property in the Yukon territory.  This program has both expanded the footprint of known awaruite mineralization and identified new areas of awaruite mineralization beyond the previous claims boundary. Based on the expanded database of Mich rock sampling results, the grade profile of surface rock samples at Mich is now considered comparable with similar samples at FPX’s flagship Baptiste Nickel Project (‘ Baptiste ‘) in British Columbia .

Highlights

  • The Mich Central Zone, as defined by surface rock sample results, has been increased to 2.2 kilometres in length by up to 575 metres in width
  • Within the Central Zone, results ranged from below detection to 0.16% Davis Tube Recoverable (‘ DTR ‘) nickel, with 44% of samples greater than 0.10% DTR nickel and 83% of samples greater than 0.06% DTR nickel, and total nickel values range from 0.19 to 0.31%
  • Rock sampling in previously unexplored areas has returned DTR nickel values of up to 0.11%, leading the Company to expand the Mich claims package from 87 km 2 to 105 km 2

‘We are pleased the 2024 Mich program has successfully expanded the footprint of Mich’s known awaruite zone with grades comparable to Baptiste, as well as identified new areas of awaruite mineralization beyond the previous claims boundary,’ commented Andrew Osterloh , FPX’s Senior Vice-President of Projects and Operations. ‘When considered alongside FPX’s continued development of Baptiste and our ongoing generative exploration joint venture with JOGMEC, the exploration success at Mich continues to position awaruite as a disruptive new source of low-carbon, low-cost, nickel for both the stainless and EV battery supply chains.’

Background

The Mich claims are underlain by serpentinized ultramafic rocks of the Cache Creek Terrane, the same belt of rocks that host the awaruite mineralization at FPX’s flagship Baptiste Nickel Project in central British Columbia .  The Mich property is located 50 km southeast of Whitehorse , just 18 km off the Alaska Highway.  The Mich mineral claims are located on the territories of the Ta’an Kwach’an Council, the Kwanlin Dun First Nation, and the Carcross /Tagish First Nation.

As announced in the Company’s June 10, 2024 news release, the Mich claims package was expanded from 19 to 87 km 2 in the first half of 2024, and a surface sampling program was planned with the objective of advancing the project to a drill-ready state.  This surface sampling program is now concluded and results are reported herein.

2024 Field Program Results

Grid-based sampling was conducted at 100 m by 200 m spacing within and around the Mich Central Zone, and 400 m by 400 m spacing within previously unexplored areas in the new claims.  In total, 363 rock samples from an area of approximately 25 km 2 were collected in 2024, complementing the Company’s historic DTR nickel database which included 181 surface samples collected from 2012 to 2014 and two drillholes completed in 2014.  Both holes were drilled from the same collar location at the southern end of the known mineralized zone, and both holes identified long intercepts of near-surface awaruite mineralization, including 0.087% DTR nickel over 454 metres.  Mineralization remains open in all directions.

Within the Mich Central Zone, 175 rock samples define the expanded mineralized footprint, which now measures 2.2 km in length by up to 575 m in width.  This mineralized footprint is defined by DTR nickel grades generally in excess of 0.06%, the Baptiste cut-off grade.  Within this footprint, values ranged from below detection up to 0.16% DTR nickel with 44% of samples returning values greater than 0.10% DTR nickel, and 83% of samples returning values greater than 0.06% DTR nickel.  As seen in Table 1 below, this grade profile is comparable to Baptiste, where 37% of historic surface samples within the preliminary feasibility study (‘ PFS ‘) pit footprint measure greater than 0.10% DTR nickel and 79% of samples measure greater than 0.06% DTR nickel.

Table 1:  Mich Central Zone Mineralized Footprint Compared with Baptiste

Mich Central Zone

Baptiste (Note 1)

Target Size

2.2 km x 575 m

3.2 km x 1.2 km

Number of surface samples

175

158

Samples >0.10% DTR Ni

44% (77 samples)

37% (58 samples)

Samples >0.06% DTR Ni

83% (145 samples)

79% (125 samples)

Samples

17% (30 samples)

21% (33 samples)

Note 1:  As outlined in the Company’s Baptiste Project PFS, the Probable Mineral Reserves for Baptiste are estimated at 1,488 Mt at an average grade of 0.13% DTR nickel (0.21% total nickel), resulting in 1,933 kt of contained DTR nickel metal (3,125 kt of total nickel metal) over the 29-year mine life.  See the Company’s September 6, 2023 news release.

Ultramafic rocks sampled at Mich have returned total nickel values ranging from 0.19% to 0.31% nickel. While the range of total nickel content at Mich is typical of background nickel values from ultramafic rocks sampled worldwide, the high DTR nickel values at Mich indicate that Mich’s nickel is primarily contained in awaruite with grain sizes coarse enough for metallurgical recovery.  In samples with low to below detection limit DTR nickel, the total nickel value generally represents nickel contained within silicate minerals (primarily olivine) or ultrafine awaruite, both of which are not metallurgically recoverable.

In previously unexplored areas within newly staked areas to the southeast of the previous claims boundary, wider-spaced sampling returned two significant samples, including 0.11% and 0.10% DTR nickel, respectively.  In response, additional follow-up sampling is planned for the next field campaign, and the Company has newly staked a further 18 km 2 in this area, bringing the total Mich claims package to 105 km 2 .

Figure 1: Mich Property and Surface Sampling Results (CNW Group/FPX Nickel Corp.)

Figure 2: Mich Central Zone Surface Sampling Results (CNW Group/FPX Nickel Corp.)

Sampling and Analytical Method

One- to two-kilogram rock samples were collected in the field from outcrop or locally sourced float in areas where outcrop was unavailable.  Samples were collected on a 100 m by 200 m nominal grid over the Mich target and a 400 m by 400 m nominal grid in outlying areas.  Locations were adjusted in the field depending on available rock.  Locations were documented using handheld GPS units and entered directly to a field-based GIS system.  Once bagged, tagged, and sorted, samples were shipped to Activation Laboratories in Ancaster, Ontario .

Sample preparation involved crushing the entire sample to 80% less than 2 mm, riffle splitting 250 g, and pulverization of the split to greater than 95% passing 105 microns.  Analytical procedures included whole rock analysis by lithium metaborate/tetraborate fusion ICPOES, Davis Tube magnetic separation, and lithium borate fusion XRF analysis on the magnetic separate.  The DTR nickel grade is calculated by multiplying the magnetic separate XRF fusion nickel value by the weight of the magnetic fraction, divided by total recorded weight.

QA/QC procedures included the insertion of industry-standard commercial standards in all phases of the analytical procedures, duplicates at multiple stages in the preparation procedures and blanks.  All QA/QC protocols were performed by Activation Laboratories.  The DTR method is a bench scale metallurgical test procedure and is used to provide a measure of magnetically recoverable nickel and is the global, industry standard for geometallurgical testing for magnetic recovery operations and exploration projects.

Keith Patterson , P.Geo., FPX’s Vice President, Generative Exploration, and FPX’s Qualified Person under NI 43-101, has reviewed and approved the scientific and technical content of this news release.

About FPX Nickel Corp.

FPX Nickel Corp. is focused on the exploration and development of the Baptiste Nickel Project, located in central British Columbia , and other occurrences of the same unique style of naturally occurring nickel-iron alloy mineralization known as awaruite.  For more information, please view the Company’s website at https://fpxnickel.com/.

On behalf of FPX Nickel Corp.

‘Martin Turenne’
Martin Turenne , President, CEO and Director

Forward-Looking Statements

Certain of the statements made and information contained herein is considered ‘forward-looking information’ within the meaning of applicable Canadian securities laws. These statements address future events and conditions and so involve inherent risks and uncertainties, as disclosed in the Company’s periodic filings with Canadian securities regulators. Actual results could differ from those currently projected. The Company does not assume the obligation to update any forward-looking statement.

Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.

SOURCE FPX Nickel Corp.

Cision View original content to download multimedia: http://www.newswire.ca/en/releases/archive/November2024/14/c8333.html

News Provided by Canada Newswire via QuoteMedia

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President-elect Donald Trump congratulated Sen. John Thune, R-S.D., after the lawmaker won election to serve as the next Senate Republican leader.

Republicans won the majority in the House and Senate during the 2024 elections.

‘Congratulations to Senator John Thune, the Newly Elected Senate Majority Leader. He moves quickly, and will do an outstanding job,’ Trump said in a post on Truth Social.

GOP Sens. Rick Scott of Florida and John Cornyn of Texas had also been vying for the role.

‘While it isn’t the result we hoped for, I will do everything possible to make sure John Thune is successful in accomplishing President Trump’s agenda,’ Scott said in a statement.

‘We are united and prepared to enact President Trump’s agenda on day one, and I look forward to working alongside my colleagues to take advantage of the opportunities we will have next year to confirm nominees, address our national debt, extend the Trump tax cuts, and reverse the Biden-Harris administration’s disastrous border policies,’ Cornyn said in a statement.

Thune will succeed current Senate Republican Leader Sen. Mitch McConnell, R-Ky., next year. McConnell, who has long occupied the post, did not seek another term in the role.

Trump noted that he looks forward to working with Thune and the other senators selected for various Senate Republican leadership roles.

‘I look forward to working with him, and Senators John Barrasso (Senate Majority Whip), Tom Cotton (Senate Republican Conference Chairman), Shelley Moore Capito (Senate Republican Policy Committee Chairman), James Lankford (Republican Conference Vice Chairman), and Tim Scott (National Republican Senatorial Committee Chairman) to, MAKE AMERICA GREAT AGAIN!’ he said in the post.

Thune indicated during remarks on Wednesday that Republican senators will work with House colleagues to implement Trump’s agenda.


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Now that Donald Trump has secured a historic victory, returning to the White House for another term in January, assorted pundits are pontificating that the president-elect will give away the store to Russia’s president, Vladimir Putin, especially when it comes to resolving the almost three-year Russia-Ukraine conflict.

I’m here to tell you that President-elect Trump is a gift to Ukraine and a nightmare for Putin. 

Trump is the first U.S. president who has been able to outsmart the Russian dictator after the latter had fooled four U.S. presidents. Yes, Bill Clinton, George W. Bush, Barack Obama and, of course, President Biden. All fell for the ‘former’ KGB operative’s chicanery, having gullibly trusted Putin that Russia could be America’s friend.

George W. Bush famously proclaimed that he ‘looked the man [Putin] in the eye.’ Bush described Putin, the ‘former’ KGB operative, as ‘consistent, transparent, honest, and an easy man to discuss our opportunities and problems with,’ according to the White House archives.

Friendship? Common values? Seriously? The FBI had just arrested its own agent, Robert Hanssen, a 20-year spy for the KGB, in February 2001. The most damaging spy in modern history, Hanssen sold some of the most sensitive U.S. secrets to the Russians, including our nuclear secrets, the existence of a secret American-built tunnel under the Soviet Embassy in Washington, D.C., and the identities of Soviets who spied for America.

Evidently, Bush and his advisers weren’t deterred by the fact that Putin’s first Foreign Policy Concept pronounced America’s ‘economic and power dominance’ as a threat to Russia’s national interests and his first military doctrine alluded to the North Atlantic Treaty Organization (NATO) being a top threat to Russia’s security. Both were approved by Putin in 2000.

Even the terrifying revelation made by the House Armed Services Committee in October 1999 about Russia’s ‘sabotage plans’ against the United States failed to prevent the spell that Putin projected on Bush. Transcripts of congressional testimonies reveal that the committee had in its possession ‘dramatic evidence’ of the KGB’s positioning on NATO territory and possibly United States territory caches of high explosives and arms intended for sabotage operations in the event of war.

Bush wasn’t the first U.S. president played by Putin. Vlad began his charm offensive targeting U.S. presidents for manipulation with Bill Clinton. Clinton called Putin on Mar 27, 2000, the day after the Russian elections, to congratulate him on his victory. Declassified White House records reveal a very chummy phone call in which the leaders of former Cold War archenemies called each other by their first names, Vladimir and Bill.

Clinton expressed eagerness to build relations with his Russian counterpart and ‘the relationship between the U.S. and Russia.’

‘We can accomplish a lot together,’ he told Putin. And Vladimir responded in kind, assuring Bill that his trust wasn’t misplaced.

‘It is clear to the whole world that I am a person you can work with,’ Putin said, and he thanked Clinton for his comments about the Russian dictator’s ‘modest personality.’

‘The statement that you made about my modest personality was not unacknowledged here … this statement by the U.S. president was not unnoticed by people in Russia and throughout the world.’ 

Declassified transcripts of 500 pages of telephone conversations between Britain’s Tony Blair and former President Clinton that occurred between 1997 and December 2000 reveal that ‘Slick Willie’ was also under Vlad’s spell. Clinton considered Putin ‘smart and thoughtful,’ someone with ‘enormous potential.’

‘I think [Putin] is a guy with a lot of ability and ambitions for the Russians. His intentions are generally very honorable and straightforward, but he just hasn’t made up his mind yet,’ Clinton told Blair.

Barack Obama was next. He famously promised Putin’s proxy, then-President Dmitry Medvedev, ‘more flexibility’ in American policy toward Russia, unaware that his conversation was captured by a microphone. In 2013, Putin dissuaded Obama from following through on his earlier warning that Syria’s president, Bashar al-Assad, crossed the ‘red line’ when he targeted his own citizens with a chemical strike. Another of Putin’s proxies, Russian Foreign Minister Sergey Lavrov, convinced his counterpart, John Kerry, that there was no need for a punishing strike because Russia would remove the chemical weapons arsenal from Syria. Putin’s maneuver allowed Obama to save face while claiming a diplomatic victory.

Four years later, however, Assad was still gassing his people. That is until on April 7, 2017, when President Trump enforced Obama’s 2012 ‘red line.’ Authorized by Trump, the U.S. military launched 59 Tomahawk cruise missiles at the Shayrat Airbase in Homs, the source of a sarin gas attack that killed more than 80 Syrians on April 4, 2017.

When he characterized his relationship with Obama as ‘working and personal’ marked by ‘growing trust,’ what Putin really meant was that he had outsmarted yet another U.S. leader and that his KGB tactics were working well, for Russia that is. After all, it was on Obama’s watch that Russia invaded Crimea and made it part of Russia in 2014. And it was on Biden’s watch that Putin invaded Ukraine in 2022 after Biden green-lighted this action with his ‘minor incursion’ comment.

Putin managed to trick four presidents to begin their terms with the pursuit of a naive Russia ‘reset’ policy doomed to failure from the very start.

How does the Russian master manipulator do it?

Putin prides himself on his ability to ‘work and communicate with people’ and to ‘work with information.’ Working with information means learning everything about your target. Working with people means communicating with your target in a way that appeals to his vanity. Pushing your target’s buttons and exploiting his vulnerabilities is classic intelligence tradecraft. Putin honed these skills as a KGB operative, recruiting spies in Eastern Germany who were willing to betray their country in service to Russia.

When his close friend asked him what his job as a KGB officer entailed, Putin responded that he was a ‘specialist in communicating with people,’ which can also be translated as ‘a specialist in human relations.’ During a press conference in 2001, Putin explained that working with people entails the ability to communicate with a wide range of individuals, from journalists and scientists to politicians and rank-and-file citizens: ‘It is important to establish a dialogue and activate the best in your partner. You want to achieve results; you must respect your partner, acknowledge that he is better than you in some way. You must make him your ally … make him feel that there is something that unites you, that you have a common cause.’

Even the American media was so beguiled by the KGB operative in the Kremlin that Putin was chosen as ‘Person of the Year’ by Time magazine in 2007 and four times in a row from 2013 to 2016 by Forbes magazine as the ‘World’s Most Powerful Individual.’

Putin’s trickery didn’t work with former President Trump, however. 

You see, Trump invented the game. He loves talking with people and understands the value of communicating, even with foreign dictators. Last month, Trump angered the commentariat when he told Bloomberg editor-in-chief John Micklethwait that talking with Putin is a ‘smart thing.’

Replying to Micklethwait’s question about whether he had continued contact with Putin after leaving the White House in 2021, Trump said, ‘But I will tell you that, if I did it, it’s a smart thing. If I’m friendly with people, if I have a relationship with people, that’s a good thing, not a bad thing.’

A talented businessman with an authentic communication style and natural ability to connect with people, Trump is well-positioned to outfox Putin. Out-negotiating and outsmarting his counterpart comes with the territory for a successful entrepreneur. To negotiate a better deal, you have to be super attuned to your interlocutor’s personality, allowing you to accurately assess his strengths and weaknesses. Trump has this innate ability to size up people and learn quickly what makes them tick. Even former Democrat lawmaker Claire McCaskill admitted on Wednesday that President-elect Trump knows our country ‘better than we do.’

This talent has served Trump well in dealing with Putin. Realizing that the Russian strongman responds well to respect, Trump doesn’t disparage Putin, unlike Biden, Harris and other Western politicians. And what is the point? Putin is not afraid of words. He is afraid of actions. So, Trump gave the Russian spymaster action.

Having understood Putin’s anti-U.S. strategy, Trump has taken several specific steps to counter Russia’s war-fighting doctrine and weaken its combat potential. Realizing that energy is the main source of Russia’s defense economics fueling Putin’s war machine, Trump sanctioned the Nord Stream 2 pipeline in December 2019, angering Putin.

The same month, Trump founded America’s first entirely new armed service since 1947, the U.S. Space Force. This action sought to mitigate Russia’s space warfare doctrine. This doctrine called for Russia’s space troops, which Putin stood up in 2001, to attack U.S. satellites on which we depend for every aspect of war-fighting and in our civilian life.

In 2018, as part of the modernization of the U.S. nuclear arsenal, Trump ordered the development of a low-yield, nuclear-armed, sea-launched cruise missile. This was a direct counter to Putin’s ‘escalate-to-de-escalate’ atomic strategy, which seeks to detonate a low-yield tactical nuclear warhead in the theater of combat operations, such as in Ukraine, to deter the U.S. from intervening. 

Foolishly, the Biden-Harris administration canceled Trump’s program. Biden’s cancellation of the Keystone XL pipeline in 2021 helped fuel Putin’s war machine by boosting Russia’s oil revenues as energy supply fell after the U.S. oil production capacity dropped by more than 800,000 barrels. In fact, the United States was importing nearly 600,000 barrels of oil a day from Russia, a gap that Keystone could have made up for.

There’s a reason why Putin didn’t invade anyone on Trump’s watch and is now terrified of the next Trump presidency. Vlad knows that ‘Teflon Don’ is onto him and can beat him at his own game.


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Group Eleven Resources Corp. (TSXV: ZNG) (OTC Pink: GRLVF) (FSE: 3GE) (‘Group Eleven’ or the ‘Company’) is pleased to announce results from latest five step-out holes of the 2024 drill program at the Company’s 100%-owned Ballywire zinc-lead-silver discovery (‘Ballywire’), PG West Project (‘PG West’), Republic of Ireland.

Highlights:

  • G11-3552-19 intersected (from 194.5m):
    • 15.3m of 14.5% Zn+Pb (11.4% Zn and 3.1% Pb) and 56 g/t Ag, including
    • 8.7m of 23.9% Zn+Pb (18.8% Zn and 5.1% Pb) and 85 g/t Ag, including
    • 3.4m of 32.6% Zn+Pb (24.9% Zn and 7.7% Pb) and 88 g/t Ag
    • Located 50m NNW from G11-3552-17 (released 24-Sep-2024)
  • G11-3552-21 intersected (from 189.7m):
    • 17.0m of 4.7% Zn+Pb (3.5% Zn and 1.2% Pb) and 44 g/t Ag, including
    • 7.0m of 8.1% Zn+Pb (6.2% Zn and 1.9% Pb) and 93 g/t Ag
    • 1.2m of 26.4% Zn+Pb (19.2% Zn and 7.2% Pb) and 396 g/t Ag
    • Located 50m NNW from above hole
  • G11-3552-20 intersected (from 254.6m):
    • 9.2m of 4.8% Zn+Pb (3.6% Zn and 1.2% Pb) and 18 g/t Ag, including
    • 5.7m of 6.6% Zn+Pb (5.3% Zn and 1.3% Pb) and 21 g/t Ag, including
    • 1.1m of 26.8% Zn+Pb (21.0% Zn and 5.8% Pb) and 78 g/t Ag
    • Located 260m SW of above holes, 50m NNW from G11-3552-18 (released 22-Oct-2024)
  • Above holes add at least 50-100m to the lateral (up and down dip) extent of the recently announced flat-lying zone of zinc-rich massive sulphide lenses at the base of the Waulsortian Limestone, with the zone extending for at least 360m along strike and remaining open
  • Massive sulphide zone is pierced by the above intercepts and four previously released holes:
    • G11-3552-12: 29.6m of 10.6% Zn+Pb and 78 g/t Ag (released 11-Jun-24)
    • G11-3552-13: 6.1m of 11.4% Zn+Pb and 85 g/t Ag (released 01-Aug-24) and
    • G11-3552-17: 4.2m of 15.2% Zn+Pb and 34 g/t Ag (released 24-Sep-24)
    • G11-3552-18: 11.8m of 11.6% Zn+Pb and 48 g/t Ag (released 22-Oct-24)
  • Two-rig drill program at Ballywire continues with the next assay results expected in due course

‘It is exciting to announce G11-3552-19 today as it represents the best hole drilled to date at Ballywire in terms of zinc-dominant massive sulphide,’ stated Bart Jaworski, CEO. ‘The hole intersected an interpreted true width of 8.7m of continuous massive sulphide grading an impressive 24% Zn+Pb – and at a relatively shallow depth of 200m. Altogether, today’s results significantly expand the emerging flat-lying, zinc-rich massive sulphide zone at Ballywire to at least 360m along strike and 100-150m along dip. The massive sulphide zone is open and appears to be strengthening to the northeast, towards shallowing stratigraphy. Ongoing drilling is testing this area with two rigs. We look forward to providing further results as we continue our step-out drilling within the 2.6km corridor of robust mineralization drilled thus far and along our broader 6km long prospective trend.’

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Exhibit 1. Cross-Section A-A’ of G11-3552-19, -21, -23 (100m Step-Out Distance) at Ballywire

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Exhibit 2. Cross-Section B-B’ of G11-3552-20 and -22 (50m Step-Out Distance) at Ballywire

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Exhibit 3. Plan Map Showing Key New Drilling (G11-3552-19, -20, -21) at Ballywire

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Exhibit 4. Emerging Massive Sulphide Zone and Upcoming Drill Results at Ballywire

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Recent Holes from 2024 Drill Campaign at Ballywire Discovery

The Ballywire prospect at the Company’s 100%-owned PG West Project in Republic of Ireland, is a new zinc-lead-silver discovery (first announced Sept-2022). In addition to 37 holes drilled and reported by Group Eleven to date, the most recent five step-out holes (G11-3552-19 to -23) of the 2024 program are reported today (see Exhibits 1 to 6).

High-grade mineralization from G11-3552-19, -20 and -21 consists predominantly of massive and semi-massive sulphide (sphalerite, galena, pyrite, chalcopyrite and suspected tennantite-tetrahedrite), as well as, disseminated and vein hosted sulphide mineralization. Mineralization occurs along and/or close to the base of the Waulsortian Limestone (see Exhibit 1 and 2).

Overall, recent drilling suggests the emergence of two distinct styles of mineralization. First, relatively flat-lying zinc-rich massive sulphide lenses and second, ‘other mineralization’, dominated by variably dipping massive sulphides, as well as, vein-hosted and disseminated mineralization (see Exhibits 1-3). Both styles occur at or near the base of the Waulsortian Limestone and offer great exploration opportunities as drilling progresses.

Exhibit 5. Summary of Assays from G11-3552-19 at Ballywire

Item

From
(m)

To
(m)

Int
(m)

Zn
(%)

Pb
(%)

Zn+Pb
(%)

Ag
(g/t)

Cu
(%)

G11-3552-19 199.69 200.40 0.71 13.95 1.65 15.60 31.6
And 200.40 201.15 0.75 5.32 0.14 5.46 26.0
And 201.15 201.73 0.58 5.35 0.31 5.66 18.6
And 201.73 202.55 0.82 20.50 0.53 21.03 60.4
And 202.55 203.46 0.91 21.00 6.32 27.32 62.1
And 203.46 204.38 0.92 20.70 11.75 32.45 83.1
And 204.38 205.33 0.95 19.35 7.31 26.66 91.9
And 205.33 206.23 0.90 29.60 7.77 37.37 95.7
And 206.23 206.90 0.67 32.20 2.59 34.79 80.1
And 206.90 207.72 0.82 16.05 7.19 23.24 121.0
And 207.72 208.38 0.66 17.45 6.22 23.67 269.0 0.26
Weighted Avg 194.50 209.84 15.34 11.36 3.14 14.50 55.5
Incl. 199.69 208.38 8.69 18.78 5.08 23.86 85.0
Incl. 203.46 206.90 3.44 24.90 7.70 32.59 88.2
And 230.00 230.82 0.82 1.40 2.13 3.53 370.0 0.73
And 235.62 237.10 1.48 0.31 2.06 2.37 261.0 0.47

 

Note: True width of the overall mineralized package in all holes above is estimated at approx. 90-100% of the intersected interval; G11-3552-19 hosts continuous zinc-rich massive sulphide over 8.7m starting from 199.69m

Exhibit 6. Summary of Assays from G11-3552-20 to -23 at Ballywire

Item

From
(m)

To
(m)

Int
(m)

Zn
(%)

Pb
(%)

Zn+Pb
(%)

Ag
(g/t)

Cu
(%)

G11-3552-20 254.55 263.75 9.20 3.59 1.23 4.82 17.6
Incl. 254.55 260.25 5.70 5.28 1.33 6.61 21.2
Incl. 259.14 260.25 1.11 21.00 5.78 26.8 78.4
G11-3552-21 189.69 206.67 16.98 3.53 1.17 4.71 43.7
Incl. 199.67 206.67 7.00 6.17 1.89 8.06 92.8
Incl. 205.50 206.67 1.17 19.21 7.16 26.38 395.9 0.30
G11-3552-22 222.81 235.78 12.97 0.95 0.15 1.11 3.0
Incl. 227.49 229.88 2.39 3.65 0.55 4.20 10.2
Incl. 228.40 229.88 1.48 4.47 0.81 5.28 14.2
G11-3552-23 181.92 192.87 10.95 0.53 0.14 0.68 2.1
Incl. 184.64 185.59 0.95 1.85 0.68 2.52 8.1

 

Note: True width of the overall mineralized package in all holes above is estimated at approx. 90-100% of the intersected interval; G11-3552-19 hosts continuous zinc-rich massive sulphide over 8.7m starting from 199.69m

Looking forward, two drill holes (G11-3552-24 and -25; see Exhibit 4) are in progress with results expected in due course. Exhibit 4 shows drilling to date across 1.25km of the overall 2.6km long trend (see Exhibit 3) of significantly mineralized drill intercepts (open in all directions). A photo of the 8.7m interval of massive sulphide in G11-3552-19 will be put on Group Eleven’s website (www.groupelevenresources.com).

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Exhibit 7. Regional Gravity at Ballywire Showing 6km Long Prospective Trend

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Notes to Exhibit 8: (a) Pallas Green MRE is owned by Glencore (see Glencore’s Resources and Reserves Report dated December 31, 2023); (b) Stonepark MRE: see the ‘NI 43-101 Independent Report on the Zinc-Lead Exploration Project at Stonepark, County Limerick, Ireland’, by Gordon, Kelly and van Lente, with an effective date of April 26, 2018, as found on SEDAR; and (c) the historic estimate at Denison was reported by Westland Exploration Limited in ‘Report on Prospecting Licence 464’ by Dermot Hughes dated May, 1988; the historic estimate at Gortdrum was reported in ‘The Geology and Genesis of the Gortdrum Cu-Ag-Hg Orebody’ by G.M. Steed dated 1986; and the historic estimate at Tullacondra was first reported by Munster Base Metals Ltd in ‘Report on Mallow Property’ by David Wilbur, dated December 1973; and later summarized in ‘Cu-Ag Mineralization at Tullacondra, Mallow, Co. Cork’ by Wilbur and Carter in 1986; the above three historic estimates have not been verified as current mineral resources; none of the key assumptions, parameters and methods used to prepare the historic estimates were reported and no resource categories were used; significant data compilation, re-drilling and data verification may be required by a Qualified Person before the historic estimates can be verified and upgraded to be compliant with current NI 43-101 standards; a Qualified Person has not done sufficient work to classify them as a current mineral resource and the Company is not treating the historic estimates as current mineral resources. ‘Rathdowney Trend’ is the south-westerly projection of the Rathdowney Trend, hosting the historic Lisheen and Galmoy mines.

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Exhibit 8. Regional Map of PG West (100% Interest) and Stonepark (76.56% Interest)

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Qualified Person

Technical information in this news release has been approved by Professor Garth Earls, Eur Geol, P.Geo, FSEG, geological consultant at IGS (International Geoscience Services) Limited, and independent ‘Qualified Person’ as defined under Canadian National Instrument 43-101.

Quality Assurance/Quality Control (QA/QC) Information

Group Eleven inserts certified reference materials (‘CRMs’ or ‘Standards’) as well as blank material, to its sample stream as part of its industry-standard QA/QC programme. The QC results have been reviewed by the Qualified Person, who is satisfied that all the results are within acceptable parameters. The Qualified Person has validated the sampling and chain of custody protocols used by Group Eleven.

About Group Eleven Resources

Group Eleven Resources Corp. (TSXV: ZNG) (OTC Pink: GRLVF) (FSE: 3GE) is a mineral exploration company focused on advanced stage zinc exploration in the Republic of Ireland. Group Eleven announced the Ballywire discovery in September 2022. Key intercepts to date include:

  • 10.8m of 10.0% Zn+Pb and 109 g/t Ag (G11-468-03)
  • 10.1m of 8.6% Zn+Pb and 46 g/t Ag (G11-468-06)
  • 10.5m of 14.7% Zn+Pb, 399 g/t Ag and 0.31% Cu (G11-468-12)
  • 11.2m of 8.9% Zn+Pb and 83 g/t Ag (G11-3552-03)
  • 29.6m of 10.6% Zn+Pb, 78 g/t Ag and 0.15% Cu (G11-3552-12) and
  • 6.1m of 11.4% Zn+Pb, 85 g/t Ag (G11-3552-13)
  • 5.6m of 13.1% Zn+Pb, 116 g/t Ag (G11-3552-17)
  • 11.8m of 11.6% Zn+Pb, 48 g/t Ag (G11-3552-18)
  • 8.7m of 23.9% Zn+Pb and 85 g/t Ag (G11-3552-19)

The Company’s two largest shareholders are Glencore Canada Corp. (17.1% interest) and Michael Gentile (16.5%). Additional information about the Company is available at www.groupelevenresources.com.

ON BEHALF OF THE BOARD OF DIRECTORS
Bart Jaworski, P.Geo.
Chief Executive Officer

E: b.jaworski@groupelevenresources.com | T: +353-85-833-2463
E: j.webb@groupelevenresources.com | T: 604-644-9514

Neither 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 Note Regarding Forward-Looking Information

This press release contains forward-looking statements within the meaning of applicable securities legislation. Such statements include, without limitation, statements regarding the future results of operations, performance and achievements of the Company, including the timing, content, cost and results of proposed work programs, the discovery and delineation of mineral deposits/resources/ reserves and geological interpretations. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate and similar expressions, or are those, which, by their nature, refer to future events. The Company cautions investors that any forward-looking statements by the Company are not guarantees of future results or performance, and that actual results may differ materially from those in forward looking statements as a result of various factors, including, but not limited to, variations in the nature, quality and quantity of any mineral deposits that may be located. All of the Company’s public disclosure filings may be accessed via www.sedarplus.ca and readers are urged to review these materials, including the technical reports filed with respect to the Company’s mineral properties.

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Godspeed Elon Musk and Vivek Ramaswamy. ‘The Department of Government Efficiency’ (‘DOGE’) has no statutory authority — yet. But it will have the ear of the president-elect and President Donald Trump will have the ears of Speaker of the House Mike Johnson and Senate Majority Leader-elect John Thune. 
 
Every year that the House and Senate can agree on a budget, they can then deploy the statutory ‘reconciliation’ process to pass laws that impact the implementation of that agreed-upon budget with a simple majority of the Senate. Such bills are not subject to the Senate’s filibuster rules. 
 
It is widely expected that the first budget-reconciliation cycle will be used to extend and revise (and I hope make permanent) the Trump tax cuts from 47’s term as 45. Those tax cuts expire at the end of next year and the engine of economic growth for the decades ahead in the United States lies in that extension. There will be revisions to the tax code as well — to exempt tips from taxable income and perhaps to raise the state and local tax deduction from its very low limits. But the tax package has got to move through the first of the two budget-reconciliation cycles. 


 
Other measures can be added to this ’51-votes-in-the-Senate-is-enough’ bucket of bills. I think the budget could, for example, authorize rapid permitting and construction of ‘Small Modular Reactors’ (advanced nuclear reactors) across the U.S. provided that a very small tax was put on their very large, indeed vast combined output of kilowatt-hours of energy that our AI, national security and high-tech sector generally need in the years ahead. 

I think the federal spending on education that goes to the states can be conditioned on the states that want the aid to provide robust school choice programs and keep boys out of girls sports. (Some deep blue states simply will refuse, and money will be saved for the budget as a result.)  

Certainly spending on National Public Radio and the Corporation for Public Broadcasting can be zeroed out, and federal government-wide ‘reductions in force’ can be authorized ‘notwithstanding any law,’ as can ‘regularization’ of the Dreamers and any other group of migrants already in the country that president-elect wants to regularize upon registration and payment of a fee.  

 

The process could authorize the completion of ‘the Wall’ and expansion of the Border Patrol as well. The budget can also authorize the immediate and necessary turbocharging of our shipyard capacity and Navy shipbuilding plan. That’s the best-term package for the first quarter of 2025. 
 
But the DOGE doesn’t have a plan yet and won’t for some months. Whatever plan Musk and Ramaswamy and their colleagues come up with will rely on statutory changes to make deep and lasting impacts to the behemoth of the federal government. If their proposals don’t make it into statute, there’s a limit to what they can do. If they are in law, only the Constitution constrains them (as it should and surely will.) 

Trump announces Elon Musk and Vivek Ramaswamy to lead Department of Government Efficiency

If, for example, the Environmental Protection Agency is merged with the Department of the Interior and, at the same time, the EPA is stripped of its authority to ‘elevate’ Section 404 permits and Section 7 consultations conducted by the U.S. Army Corps of Engineers and the United States Fish & Wildlife Service respectively, those changes would be put into 2026’s budget and reconciliation package.  (There’s a lot of jargon there but believe me this sentence contains worlds of reform and a massive amount of productivity would be unleashed thereby.)  

Want to dis-establish the Department of Education and re-house its remnants in Health and Human Services where it resided until President Jimmy Carter unleashed it on American education in 1979? Use the 2026 budget and reconciliation cycle. It is the ‘magic bullet’ legislative vehicle for DOGE.

Hugh Hewitt is host of ‘The Hugh Hewitt Show,’ heard weekday mornings 6am to 9am ET on the Salem Radio Network, and simulcast on Salem News Channel. Hugh wakes up America on over 400 affiliates nationwide, and on all the streaming platforms where SNC can be seen. He is a frequent guest on the Fox News Channel’s news roundtable hosted by Bret Baier weekdays at 6pm ET. A son of Ohio and a graduate of Harvard College and the University of Michigan Law School, Hewitt has been a Professor of Law at Chapman University’s Fowler School of Law since 1996 where he teaches Constitutional Law. Hewitt launched his eponymous radio show from Los Angeles in 1990.  Hewitt has frequently appeared on every major national news television network, hosted television shows for PBS and MSNBC, written for every major American paper, has authored a dozen books and moderated a score of Republican candidate debates, most recently the November 2023 Republican presidential debate in Miami and four Republican presidential debates in the 2015-16 cycle. Hewitt focuses his radio show and his column on the Constitution, national security, American politics and the Cleveland Browns and Guardians. Hewitt has interviewed tens of thousands of guests from Democrats Hillary Clinton and John Kerry to Republican Presidents George W. Bush and Donald Trump over his 40 years in broadcast, and this column previews the lead story that will drive his radio/ TV show today.


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Upon taking office in January, President Donald Trump should fire Federal Reserve Chairman Jerome Powell. Trump should do so not because he has any policy dispute with the chairman, but to make clear that the Constitution makes all executive branch officials responsible to the president.  

Indeed, to preserve the constitutional legitimacy of the Federal Reserve, Powell and his fellow members of the board of governors should resign. Then, to quiet the inevitable critics, Trump should appoint an outstanding academic economist or experienced banker to continue the campaign against inflation. 

Trump and Powell have long been on a collision course. Trump has already signaled that he might want to fire the Fed chair. In a 2020 news conference, he stated bluntly, ‘I have the right to remove’ him. For his part, Powell has been equally categorical. Asked at a recent news conference whether Trump could fire him, Powell said that that was ‘not permitted under the law.’  

Powell says Trump couldn’t fire him even if he tried. If Trump were to remove the Fed chair, perhaps the most politically insulated official in the federal bureaucracy, he would display his seriousness in uprooting an unelected bureaucracy that, in the name of public health and safety, has stifled the economy and seized political power. 

We will not challenge the prevailing wisdom that control of the money supply is best kept out of the hands of elected politicians. Politicians have a short-term interest in lowering interest rates to spur economic growth, even though they might spark inflation that will inflict more severe long-term harm.  

But on similar reasoning, the benefits of policymaking by insulated experts could extend to all the federal bureaucracies – why should bankers remain independent, when generals in charge of the nuclear arsenal are not? For better or worse, however, the Constitution commits to the president the final say in such decisions.  

Even though Trump himself appointed Powell as Fed chair in 2017, their quarrel has simmered for years. It arises out of the Fed’s power over national monetary policy, which includes the effective authority to set interest rates. Although the Fed cannot completely dictate rates, especially for long-term borrowing, it does set short-term rates through its buying and selling of government securities and its lending facilities. 

The Fed’s decisions impact inflation, employment and economic growth, and even determine how much interest the government itself must pay on the national debt. And because the amount of the national debt now is so extraordinarily high – the cost of servicing it, now at $882 billion annually, exceeds national defense spending – an incoming president might well be expected to lean on the Fed to help keep the government’s debt servicing costs down. The Fed is already bringing down short-term interest rates after a period of raising Treasury bill rates sharply, from almost zero in early 2022 to 5.34% in late 2023, to squelch Biden-era inflation.  

Consumers

In his first term, Trump regularly called for lower rates to stimulate economic growth, and once even suggested negative interest rates. During this year’s election campaign, Trump outlined ambitious plans for government spending on new programs (on some estimates, costing as much as $15.5 trillion over 10 years), even while promising a variety of tax cuts that might increase the deficit further.  

Although the tariffs Trump is proposing might offset those revenue losses to some extent, and substantial savings in governmental efficiency might possibly be achieved as Elon Musk takes a knife to the bureaucracy, Trump’s proposals would likely require large amounts of government borrowing. That borrowing in turn might create serious inflationary pressures while exacerbating government’s debt costs. 

Trump would likely demand that the Fed drop rates further – the success of his entire economic program seems to depend on it. But Powell and his Fed colleagues might resist Trump’s demands for a more relaxed, growth-oriented monetary policy after their failure to stop the once-in-a-generation of the Biden presidency. And if Powell resists, then Trump may want to fire him. The legal question is whether he can.  

Powell is not only politically unwise to claim independence from presidential control, but he is also legally mistaken. Trump can fire Powell under the laws that created the Federal Reserve as well as under the Constitution. The legal question has two aspects, one statutory, the other constitutional. 

Powell is both the chairman of the Fed’s board of governors and a member of the board. Under the applicable statute, members of the board hold office for a term of 14 years ‘unless sooner removed for cause.’ The chairman is to be appointed by the president, with Senate advice and consent, from among the board members, for a term of four years.  

Significantly, the statute provides no express protection against removing Powell as chair – though under the statute, Trump would need ’cause’ to remove him from the board. While there may be an unwritten assumption and a longstanding custom that presidents may not remove Fed chairs from their position, nothing in the text of the statute prohibits them from doing so. Should Trump wish to demote Powell from Fed chairman to Board member, he can. 

But can Trump remove Powell (and his colleagues) from membership on the board, given the statute’s requirement that they can only be removed from those positions ‘for cause?’ Even if that restriction of the president’s removal power is assumed to be constitutional (we argue below that it is not), the term ’cause’ has to be construed in light of the authorities over the executive branch that the Constitution vests in the president.  

So construed, ’cause’ is an extremely broad and flexible term – so broad that it encompasses any valid reason of public policy. ‘Cause’ that is sufficient to meet the statutory standard could therefore be found in the event of major policy disagreements between the president and the board or its chair, or even in a reasonable expectation that such disagreements would arise. While there is no clear Supreme Court case on the meaning of for cause, we think it is not just limited to the commission of a crime or some kind of public malfeasance, but that it also must include refusal to carry out a valid presidential order. 

Larry Kudlow weighs in on the Fed’s latest rate cut post-election

Powell’s claim that no president can fire him appears foolhardy in light of the Supreme Court’s recent cases curtailing the independence of other federal agencies. Powell is not the first government bureaucrat to claim autonomy from presidential removal – which is the only legal means available to the chief executive to compel subordinates to obey his policies.  

Earlier judicial precedent might have given Powell reason to hope. To be sure, in Myers v. United States (1926), Chief Justice Howard Taft held that the president must have the authority to remove all executive branch officials, even down to the lowest postmaster, in order to fulfill his constitutional duty to see that the laws are faithfully executed.  

But in Humphrey’s Executor v. United States (1935), a New Deal court at odds with President Franklin D. Roosevelt upheld limits on the president’s power to remove the members of the Federal Trade Commission. In Morrison v. Olson (1988), Chief Justice William Rehnquist relied on Humphrey’s Executor to uphold the removal protections of the Justice Department’s independent prosecutor – over Justice Antonin Scalia’s greatest dissent, which followed Taft’s Myers opinion to argue that all officials who execute federal law must remain responsible to presidential removal, and hence control. 

As on so many issues, Scalia’s dissent would have its day – with dire results for Powell. For the last two decades, the Roberts court has waged an unrelenting campaign against the independence and power of the administrative state. In 2024’s Loper Bright Enterprises v. Raimondo, the court overruled judicial deference to agency interpretations of the law (known as Chevron Deference).  

Powell is not only politically unwise to claim independence from presidential control, but he is also legally mistaken. Trump can fire Powell under the laws that created the Federal Reserve as well as under the Constitution. The legal question has two aspects, one statutory, the other constitutional. 

Two years before, in West Virginia v. EPA, the Court erected a new ‘major questions’ rule that forbids agencies from enforcing regulations that have a major economic, political or social impact without Congress’s explicit authorization. When constitutional historians look back at the Roberts court, they will write that its defining agenda was its assault on the federal bureaucracy. 

The heart of the Court’s effort to limit the agencies has been resurrecting the principle of Myers. In 2020, the head of the Consumer Finance Protection Bureau also claimed independence from the president because Congress forbade his removal except ‘for cause.’ In Seila Law v. CFPB, the court held the CFPB law unconstitutional and declared that the Constitution gave the president the power to remove the agency’s head. Chief Justice Roberts held that Article II must give the president control over any official who exercises such ‘significant executive power.’  

As Myers explained, the Constitution vests ‘the executive power’ of the federal government solely in the president and vests in him alone the responsibility to ‘take Care that the Laws be faithfully executed.’ The removal power, which itself is nowhere mentioned in the text, must reside in the president so he can ensure that all inferior officers carry out his vision for law enforcement. 

According to the Roberts Court, the Constitution provides only two exceptions to this principle. First, the president need not have removal power over employees who have only ‘limited duties and no policymaking or administrative authority.’ Trump cannot fire all the administrative assistants in the executive branch, for example.  

Trump: The Fed got it wrong a lot, Powell tends to be late

Second, the Court refused to overrule Humphrey’s Executor. In a classic example of Chief Justice Roberts’ sometimes unprincipled acrobatics, Seila Law held that the president’s removal power would not run to a multi-member board or commission that does not exercise executive authority. For now, the FTC remains constitutionally secure, because the 1935 Court claimed it did not wield executive authority – a view that today’s court will almost certainly reject in the future. 

Scholars have conducted a healthy, sometimes acrimonious, debate over whether the original understanding of the Constitution does indeed recognize this broad presidential power of removal. But regardless of the answer (though we believe that Chief Justice Taft and Justice Scalia got it right), it is clear and obvious that the Roberts court intends to enforce and even expand it.  

Powell might think he can escape the rule of Seila Law because the Federal Reserve operates as a board, rather than an agency with a single head. But he cannot claim that the Federal Reserve exercises no executive authority. It sets interest rates by buying and selling treasuries on behalf of the federal government; its goals of achieving ‘maximum employment, stable prices, and moderate long-term interest rates’ is even set by congressional statute. 

Powell’s claim that no president can fire him appears foolhardy in light of the Supreme Court’s recent cases curtailing the independence of other federal agencies. Powell is not the first government bureaucrat to claim autonomy from presidential removal – which is the only legal means available to the chief executive to compel subordinates to obey his policies.  

Congress has also given the Fed the power to regulate the financial markets and the banking industry, and the important authority to supervise ‘systematically important financial institutions.’ These represent core executive functions of enforcing the law toward private individuals and institutions. 

The clear implication of the Supreme Court’s recent administrative law decisions for the Fed recommends a wholly different course for Powell. In his press conference, Powell abruptly dismissed any presidential power to remove him. His curt rejection may be the equivalent of waving a red flag in front of Trump.  

If Trump seeks to take Powell up on his provocation, he will win in court. That outcome will inflict more harm on the Fed’s credibility than even its failure to head off the destructive inflation of the Biden years. If Powell seeks to protect his institution, the better course would be to resign and allow Trump – at the head of a broad nationwide majority that wants a sharp change in economic policy — to replace him and his colleagues. 


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Group Eleven Resources Corp. (TSXV: ZNG) (OTC Pink: GRLVF) (FSE: 3GE) (‘Group Eleven’ or the ‘Company’) is pleased to announce results from latest five step-out holes of the 2024 drill program at the Company’s 100%-owned Ballywire zinc-lead-silver discovery (‘Ballywire’), PG West Project (‘PG West’), Republic of Ireland.

Highlights:

  • G11-3552-19 intersected (from 194.5m):
    • 15.3m of 14.5% Zn+Pb (11.4% Zn and 3.1% Pb) and 56 g/t Ag, including
    • 8.7m of 23.9% Zn+Pb (18.8% Zn and 5.1% Pb) and 85 g/t Ag, including
    • 3.4m of 32.6% Zn+Pb (24.9% Zn and 7.7% Pb) and 88 g/t Ag
    • Located 50m NNW from G11-3552-17 (released 24-Sep-2024)
  • G11-3552-21 intersected (from 189.7m):
    • 17.0m of 4.7% Zn+Pb (3.5% Zn and 1.2% Pb) and 44 g/t Ag, including
    • 7.0m of 8.1% Zn+Pb (6.2% Zn and 1.9% Pb) and 93 g/t Ag
    • 1.2m of 26.4% Zn+Pb (19.2% Zn and 7.2% Pb) and 396 g/t Ag
    • Located 50m NNW from above hole
  • G11-3552-20 intersected (from 254.6m):
    • 9.2m of 4.8% Zn+Pb (3.6% Zn and 1.2% Pb) and 18 g/t Ag, including
    • 5.7m of 6.6% Zn+Pb (5.3% Zn and 1.3% Pb) and 21 g/t Ag, including
    • 1.1m of 26.8% Zn+Pb (21.0% Zn and 5.8% Pb) and 78 g/t Ag
    • Located 260m SW of above holes, 50m NNW from G11-3552-18 (released 22-Oct-2024)
  • Above holes add at least 50-100m to the lateral (up and down dip) extent of the recently announced flat-lying zone of zinc-rich massive sulphide lenses at the base of the Waulsortian Limestone, with the zone extending for at least 360m along strike and remaining open
  • Massive sulphide zone is pierced by the above intercepts and four previously released holes:
    • G11-3552-12: 29.6m of 10.6% Zn+Pb and 78 g/t Ag (released 11-Jun-24)
    • G11-3552-13: 6.1m of 11.4% Zn+Pb and 85 g/t Ag (released 01-Aug-24) and
    • G11-3552-17: 4.2m of 15.2% Zn+Pb and 34 g/t Ag (released 24-Sep-24)
    • G11-3552-18: 11.8m of 11.6% Zn+Pb and 48 g/t Ag (released 22-Oct-24)
  • Two-rig drill program at Ballywire continues with the next assay results expected in due course

‘It is exciting to announce G11-3552-19 today as it represents the best hole drilled to date at Ballywire in terms of zinc-dominant massive sulphide,’ stated Bart Jaworski, CEO. ‘The hole intersected an interpreted true width of 8.7m of continuous massive sulphide grading an impressive 24% Zn+Pb – and at a relatively shallow depth of 200m. Altogether, today’s results significantly expand the emerging flat-lying, zinc-rich massive sulphide zone at Ballywire to at least 360m along strike and 100-150m along dip. The massive sulphide zone is open and appears to be strengthening to the northeast, towards shallowing stratigraphy. Ongoing drilling is testing this area with two rigs. We look forward to providing further results as we continue our step-out drilling within the 2.6km corridor of robust mineralization drilled thus far and along our broader 6km long prospective trend.’

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Exhibit 1. Cross-Section A-A’ of G11-3552-19, -21, -23 (100m Step-Out Distance) at Ballywire

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Exhibit 2. Cross-Section B-B’ of G11-3552-20 and -22 (50m Step-Out Distance) at Ballywire

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Exhibit 3. Plan Map Showing Key New Drilling (G11-3552-19, -20, -21) at Ballywire

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Exhibit 4. Emerging Massive Sulphide Zone and Upcoming Drill Results at Ballywire

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Recent Holes from 2024 Drill Campaign at Ballywire Discovery

The Ballywire prospect at the Company’s 100%-owned PG West Project in Republic of Ireland, is a new zinc-lead-silver discovery (first announced Sept-2022). In addition to 37 holes drilled and reported by Group Eleven to date, the most recent five step-out holes (G11-3552-19 to -23) of the 2024 program are reported today (see Exhibits 1 to 6).

High-grade mineralization from G11-3552-19, -20 and -21 consists predominantly of massive and semi-massive sulphide (sphalerite, galena, pyrite, chalcopyrite and suspected tennantite-tetrahedrite), as well as, disseminated and vein hosted sulphide mineralization. Mineralization occurs along and/or close to the base of the Waulsortian Limestone (see Exhibit 1 and 2).

Overall, recent drilling suggests the emergence of two distinct styles of mineralization. First, relatively flat-lying zinc-rich massive sulphide lenses and second, ‘other mineralization’, dominated by variably dipping massive sulphides, as well as, vein-hosted and disseminated mineralization (see Exhibits 1-3). Both styles occur at or near the base of the Waulsortian Limestone and offer great exploration opportunities as drilling progresses.

Exhibit 5. Summary of Assays from G11-3552-19 at Ballywire

Item From
(m)
To
(m)
Int
(m)
Zn
(%)
Pb
(%)
Zn+Pb
(%)
Ag
(g/t)
Cu
(%)
G11-3552-19 199.69 200.40 0.71 13.95 1.65 15.60 31.6
And 200.40 201.15 0.75 5.32 0.14 5.46 26.0
And 201.15 201.73 0.58 5.35 0.31 5.66 18.6
And 201.73 202.55 0.82 20.50 0.53 21.03 60.4
And 202.55 203.46 0.91 21.00 6.32 27.32 62.1
And 203.46 204.38 0.92 20.70 11.75 32.45 83.1
And 204.38 205.33 0.95 19.35 7.31 26.66 91.9
And 205.33 206.23 0.90 29.60 7.77 37.37 95.7
And 206.23 206.90 0.67 32.20 2.59 34.79 80.1
And 206.90 207.72 0.82 16.05 7.19 23.24 121.0
And 207.72 208.38 0.66 17.45 6.22 23.67 269.0 0.26
Weighted Avg 194.50 209.84 15.34 11.36 3.14 14.50 55.5
Incl. 199.69 208.38 8.69 18.78 5.08 23.86 85.0
Incl. 203.46 206.90 3.44 24.90 7.70 32.59 88.2
And 230.00 230.82 0.82 1.40 2.13 3.53 370.0 0.73
And 235.62 237.10 1.48 0.31 2.06 2.37 261.0 0.47

 

Note: True width of the overall mineralized package in all holes above is estimated at approx. 90-100% of the intersected interval; G11-3552-19 hosts continuous zinc-rich massive sulphide over 8.7m starting from 199.69m

Exhibit 6. Summary of Assays from G11-3552-20 to -23 at Ballywire

Item From
(m)
To
(m)
Int
(m)
Zn
(%)
Pb
(%)
Zn+Pb
(%)
Ag
(g/t)
Cu
(%)
G11-3552-20 254.55 263.75 9.20 3.59 1.23 4.82 17.6
Incl. 254.55 260.25 5.70 5.28 1.33 6.61 21.2
Incl. 259.14 260.25 1.11 21.00 5.78 26.8 78.4
G11-3552-21 189.69 206.67 16.98 3.53 1.17 4.71 43.7
Incl. 199.67 206.67 7.00 6.17 1.89 8.06 92.8
Incl. 205.50 206.67 1.17 19.21 7.16 26.38 395.9 0.30
G11-3552-22 222.81 235.78 12.97 0.95 0.15 1.11 3.0
Incl. 227.49 229.88 2.39 3.65 0.55 4.20 10.2
Incl. 228.40 229.88 1.48 4.47 0.81 5.28 14.2
G11-3552-23 181.92 192.87 10.95 0.53 0.14 0.68 2.1
Incl. 184.64 185.59 0.95 1.85 0.68 2.52 8.1

 

Note: True width of the overall mineralized package in all holes above is estimated at approx. 90-100% of the intersected interval; G11-3552-19 hosts continuous zinc-rich massive sulphide over 8.7m starting from 199.69m

Looking forward, two drill holes (G11-3552-24 and -25; see Exhibit 4) are in progress with results expected in due course. Exhibit 4 shows drilling to date across 1.25km of the overall 2.6km long trend (see Exhibit 3) of significantly mineralized drill intercepts (open in all directions). A photo of the 8.7m interval of massive sulphide in G11-3552-19 will be put on Group Eleven’s website (www.groupelevenresources.com).

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Exhibit 7. Regional Gravity at Ballywire Showing 6km Long Prospective Trend

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Notes to Exhibit 8: (a) Pallas Green MRE is owned by Glencore (see Glencore’s Resources and Reserves Report dated December 31, 2023); (b) Stonepark MRE: see the ‘NI 43-101 Independent Report on the Zinc-Lead Exploration Project at Stonepark, County Limerick, Ireland’, by Gordon, Kelly and van Lente, with an effective date of April 26, 2018, as found on SEDAR; and (c) the historic estimate at Denison was reported by Westland Exploration Limited in ‘Report on Prospecting Licence 464’ by Dermot Hughes dated May, 1988; the historic estimate at Gortdrum was reported in ‘The Geology and Genesis of the Gortdrum Cu-Ag-Hg Orebody’ by G.M. Steed dated 1986; and the historic estimate at Tullacondra was first reported by Munster Base Metals Ltd in ‘Report on Mallow Property’ by David Wilbur, dated December 1973; and later summarized in ‘Cu-Ag Mineralization at Tullacondra, Mallow, Co. Cork’ by Wilbur and Carter in 1986; the above three historic estimates have not been verified as current mineral resources; none of the key assumptions, parameters and methods used to prepare the historic estimates were reported and no resource categories were used; significant data compilation, re-drilling and data verification may be required by a Qualified Person before the historic estimates can be verified and upgraded to be compliant with current NI 43-101 standards; a Qualified Person has not done sufficient work to classify them as a current mineral resource and the Company is not treating the historic estimates as current mineral resources. ‘Rathdowney Trend’ is the south-westerly projection of the Rathdowney Trend, hosting the historic Lisheen and Galmoy mines.

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Exhibit 8. Regional Map of PG West (100% Interest) and Stonepark (76.56% Interest)

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Qualified Person

Technical information in this news release has been approved by Professor Garth Earls, Eur Geol, P.Geo, FSEG, geological consultant at IGS (International Geoscience Services) Limited, and independent ‘Qualified Person’ as defined under Canadian National Instrument 43-101.

Quality Assurance/Quality Control (QA/QC) Information

Group Eleven inserts certified reference materials (‘CRMs’ or ‘Standards’) as well as blank material, to its sample stream as part of its industry-standard QA/QC programme. The QC results have been reviewed by the Qualified Person, who is satisfied that all the results are within acceptable parameters. The Qualified Person has validated the sampling and chain of custody protocols used by Group Eleven.

About Group Eleven Resources

Group Eleven Resources Corp. (TSXV: ZNG) (OTC Pink: GRLVF) (FSE: 3GE) is a mineral exploration company focused on advanced stage zinc exploration in the Republic of Ireland. Group Eleven announced the Ballywire discovery in September 2022. Key intercepts to date include:

  • 10.8m of 10.0% Zn+Pb and 109 g/t Ag (G11-468-03)
  • 10.1m of 8.6% Zn+Pb and 46 g/t Ag (G11-468-06)
  • 10.5m of 14.7% Zn+Pb, 399 g/t Ag and 0.31% Cu (G11-468-12)
  • 11.2m of 8.9% Zn+Pb and 83 g/t Ag (G11-3552-03)
  • 29.6m of 10.6% Zn+Pb, 78 g/t Ag and 0.15% Cu (G11-3552-12) and
  • 6.1m of 11.4% Zn+Pb, 85 g/t Ag (G11-3552-13)
  • 5.6m of 13.1% Zn+Pb, 116 g/t Ag (G11-3552-17)
  • 11.8m of 11.6% Zn+Pb, 48 g/t Ag (G11-3552-18)
  • 8.7m of 23.9% Zn+Pb and 85 g/t Ag (G11-3552-19)

The Company’s two largest shareholders are Glencore Canada Corp. (17.1% interest) and Michael Gentile (16.5%). Additional information about the Company is available at www.groupelevenresources.com.

ON BEHALF OF THE BOARD OF DIRECTORS
Bart Jaworski, P.Geo.
Chief Executive Officer

E: b.jaworski@groupelevenresources.com | T: +353-85-833-2463
E: j.webb@groupelevenresources.com | T: 604-644-9514

Neither 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 Note Regarding Forward-Looking Information

This press release contains forward-looking statements within the meaning of applicable securities legislation. Such statements include, without limitation, statements regarding the future results of operations, performance and achievements of the Company, including the timing, content, cost and results of proposed work programs, the discovery and delineation of mineral deposits/resources/ reserves and geological interpretations. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate and similar expressions, or are those, which, by their nature, refer to future events. The Company cautions investors that any forward-looking statements by the Company are not guarantees of future results or performance, and that actual results may differ materially from those in forward looking statements as a result of various factors, including, but not limited to, variations in the nature, quality and quantity of any mineral deposits that may be located. All of the Company’s public disclosure filings may be accessed via www.sedarplus.ca and readers are urged to review these materials, including the technical reports filed with respect to the Company’s mineral properties.

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The head of the United Nations nuclear watchdog warned this week the window to ‘maneuver’ a diplomatic solution to halt Iran’s nuclear development was beginning to ‘shrink.’ 

Rafael Grossi, director general of the International Atomic Energy Agency, issued an urgent message in an interview with AFP at the COP29 climate summit in Baku.

‘The Iranian administration must understand that the international situation is becoming increasingly tense and that the margins to maneuver are beginning to shrink,’ he said.

‘It is imperative to find ways to reach diplomatic solutions.’ 

The warning came ahead of Grossi’s trip to Tehran this week for ‘high-level’ meetings with Iranian government officials, where he was set to hold ‘technical discussions’ relating to Tehran’s agreement under a March 2023 Joint Statement to adhere to IAEA safeguard parameters.

Grossi landed in Tehran Wednesday, and state media showed the IAEA chief meeting with the spokesperson for Iran’s state atomic energy agency, Behrouz Kamalvandi, upon his arrival.

In the lead-up to the meeting, Grossi said in a statement Sunday, ‘It is essential that we make substantive progress in the implementation of the Joint Statement agreed with Iran in March 2023. My visit to Tehran will be very important in that regard.’

The IAEA is further permitted to inspect all nuclear sites as a part of its safeguard duties, but Grossi told AFP, ‘We need to see more.’

‘Given the size, depth and ambition of Iran’s program, we need to find ways of giving the agency more visibility,’ he added.

Concerns over Iran’s nuclear program have remained heightened since the U.S. pulled out of the Joint Comprehensive Plan of Action (JCPOA), also known as the Iran Nuclear Agreement, in May 2018, despite IAEA assurances that Iran was not in violation of its nuclear agreements. 

Grossi is expected to push Iran for increased access to its nuclear sites and for an explanation regarding the traces of uranium that have been found at undeclared sites, Reuters reported Wednesday. 

The IAEA director general has been sounding the alarm for months that Iran’s nuclear program has essentially run unchecked since Tehran stopped adhering to its commitments under the JCPOA, and it has since increased its stockpiles of highly enriched uranium metals to 60% purity levels, just shy of the steps needed to reach weapons-grade uranium enriched to 90% purity.

Grossi’s trip comes at a pivotal time for geopolitical relations with President-elect Trump returning to the Oval Office come January, where he is expected to take a hardline approach when it comes to Tehran.

During his first term, President Trump maintained that the agreement was a ‘terrible deal’ cemented under the Obama administration by Secretary of State John Kerry and signed by Britain, France, Germany, Russia and China. Trump unilaterally withdrew the U.S. from the deal.

After the U.S. withdrawal, Tehran claimed the agreement had been voided and said it was no longer bound under the international nuclear agreement.

Despite the withdrawal by the U.S., the other international co-signatories, including Russia, urged Tehran to continue to adhere to the JCPOA, though, by 2022, Moscow dropped its diplomatic encouragement as tensions with the West escalated over its invasion of Ukraine. 

Grossi told AFP the deal now sits as ‘an empty shell.’

According to Behnam Ben Taleblu, an Iran expert and senior fellow with the Foundation for Defense of Democracies, the best way to stop Iran from pursuing its nuclear ambitions is to move past the Biden administration’s ambitions to restore a nuclear deal and to rely on Cold War-era tactics of nuclear deterrence. 

‘The irreversible and knowledge-based nuclear gains Tehran has made under Biden’s policy of maximum deference are what actually have shut the window for anything meaningful, even if only transactional with Tehran,’ he told Fox News Digital. ‘The incoming Trump administration will be faced with an increasingly risk-tolerant Islamic Republic that is either on the nuclear threshold and keen to exploit this status or one that will have weaponized. 

‘Deterring and confronting such a regime will require pushing past Washington’s obsession with a deal and embracing other tools of national power.’

But the IAEA chief said he isn’t worried by the prospect of another Trump presidency despite the tense geopolitical framework he now operates under with the West’s unification against Russia and Iran amid the war in Ukraine and Israel’s fight against Tehran-backed proxies.

‘I already worked with the first Trump administration, and we worked well together,’ he said.


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Nickel saw solid price momentum in the first half of the year, benefiting from investor sentiment and speculation across commodity markets that saw surge in prices for both precious and base metals.

However, price highs were short-lived as nickel supply and demand fundamentals provided pressures that saw steep declines.

Among the influences has been a supply of laterite nickel flooding the market out of Indonesia, which is a contributing factor to mine curtailments in New Caledonia, Australia, and Europe. Meanwhile, high demand for battery production in China has yet to reach levels to make up for the oversupply in the market.

How did the nickel price perform in Q3?

The third quarter opened with the price of nickel facing a downward trend that started after it reached a yearly high of US$21,615 per metric ton on May 20. The price on July 1 had fallen to US$17,357. The following week saw a pause in the downward trend and was briefly lifted to US$17,473 before resuming its downward trajectory to US$15,769 on July 25.

Nickel price, July 1 to October 1, 2024.

Nickel price, July 1 to October 1, 2024.

Chart via Trading Economics.

After bottoming out, the price quickly climbed to US$16,604 on July 31.

Nickel remained largely rangebound between US$16,150 and US$16,500 for the start of August, but saw upward momentum in the middle of the month that pushed the price to US$17,136 on August 27.

The beginning of September saw the price collapse again, reaching a quarterly low of US$15,741 on September 10 and just shy of the year-to-date low of US$15,668 set on February 9. However, pricing pressure wasn’t to last and the price of nickel saw rapid gains through to the end of September reaching a quarterly high of US$17,698 on October 1.

Supply

The big story for the last several quarters has been an oversupply of nickel from Asian markets, particularly Indonesia and Q3 2024 was no different.

According to data from S&P Global, mined nickel production from the country increased by 99,000 metric tons during the quarter and is forecast to be in the 2.4 million metric ton range by the end of 2024, representing 57 percent of total global production.

However, due to Indonesia’s permitting and quota system, sourcing consistent supply from the country has presented challenges for Chinese smelters who were forced to temporarily curtail output due to a shortage in feeder supply.

Despite having a large percentage of global supply, refiners in Indonesia have increasingly been turning to nickel imports from the Philippines, the number two nickel supplier, to maintain operations. The first seven months saw imports rise to 3.37 million metric tons versus just 374,454 tons produced in 2023.

Although China remains the biggest benefactor and investor of Indonesia’s nickel industry, Indonesia has been working to distance it economically from its partner as it tries to work out deals with Western partners.

While Indonesia has been working to distance itself from Chinese investment over the past few years to better position its nickel market for Western markets and inclusion under the US Inflation Reduction Act, a new trade pact looks to solidify ties with China.

Multiple cooperation deals were signed following a November 9 meeting between Chinese President Xi Jinping and Indonesian President Prabowo Subianto, which would see China investing more than US$10 billion into strategic sectors including nickel.

Among the investments is $1.42 billion agreement between Chinese battery material producer GEM (SZSE:002340) and Indonesian miner PT Vale (OTC Pink:PTNDF,IDX:INCO) for the construction of a high-pressure acid leaching (HPAL) plant. The new processing facility is necessary for the production of battery-grade nickel.

Additionally, Zhejiang Huayou Cobalt (SHA:603799) is working to raise US$2.7 billion in financing for a nickel refining and smelting project in partnership with Ford Motor Company (NYSE:F) and PT Vale. The project will also use HPAL processing and is expected to produce 120,000 metric tons of mixed hydroxide precipitate for use in electric vehicle batteries.

China demand lagging

Even though demand for batteries continues to grow, it hasn’t been able to outpace the oversupply situation, this has largely been due to a weak Chinese economy.

China is the largest consumer of nickel in the world, with a majority of the metal destined to be used in the production of stainless steel, but a beleaguered real estate sector and broad economic deflation have dampened demand.

Nickel found pricing support in September as the Chinese government introduced a raft of stimulus measures that were intended to boost economic growth in the country. Among the measures included a 0.5 percent interest rate cut to existing mortgages and reduce the downpayment to purchase a home to 15 percent from 25 percent.

Although the package was responsible for a surge in nickel prices, in the weeks following the announcement nickel prices retreated, once again approaching yearly lows.

In another attempt to jump-start the economy, China introduced a US$1.4 trillion dollar debt swap on November 11 aimed at tackling “hidden debt” and freeing up funds at the local level by reducing interest payments on debt and helping drive growth.

Additionally, the Chinese government is planning to cut the deed tax for homebuyers to 1 percent from the current 3 percent in a further attempt to prop up the country’s economy.

Western governments may not be working hard enough for critical supply

In Canada, the government pledged C$46 billion for the development of four EV battery production plants that will require more raw materials than the Canadian mining sector can currently supply.

At his address to the Greater Vancouver Board of Trade on September 17, Mining Association of Canada President Pierre Gratton suggested Canada is too focused on downstream development and that in order to meet supply the four EV plants will need the support of 15 new mines.

“That’s only speaking from the standpoint of the four battery factories, to say nothing about all of the other needs that our economy requires, or that the US requires, including its defence industries. Unless we achieve the above, and this is the irony, our reliance on foreign sources for minerals and metals is only going to increase,” he said.

Overall, Gratton believes that there needs to be an additional C$32 billion in financing for mining and midstream processing projects.

In Europe, the implementation of its new Carbon Border Adjustment Mechanism (CBAM) that places a tariff on carbon-intensive products is drawing concern from the industry. The regulation is a complex system designed to balance prices and prevent an exodus of carbon-intensive manufacturing to nations with fewer emission controls.

Some are suggesting CBAM has no benefit for the European stainless-steel industry as it limits pricing to scope 1 emissions and doesn’t include downstream emissions from power generation and transpiration.

European steelmakers have become more dependent on nickel pig iron imports from Indonesia, so far 87,485 metric tons through the first eight months of 2024 versus just 1,006 metric tons in 2023. The increase has come alongside a wave of curtailments as the industry reacts to a flood of Indonesian nickel.

What will happen to the nickel price in 2024?

Investors should consider China’s outsized influence over the nickel market, both in terms of control over refined supply and demand from real estate and battery sectors.

Even though the EV sector in China has shown year-over-year growth of 32 percent through the first nine months of 2024, the industry’s nickel demand hasn’t made up for shortcomings in the broader economy.

Surplus scenarios are expected to continue over the next few years with a 5.8 percent compound annual growth rate between 2023 and 2028. This will present a challenge for producers who are looking to restart operations in the short term as prices are expected to remain flat.

Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.

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Potash and phosphate are often tied together. After all, both are used to produce fertilizers, which are becoming increasingly important as demand for food grows on a global scale.

However, potash and phosphate play different roles in crop growth and cannot be used interchangeably. Each has different applications designed for the specific requirements of particular crops, climates, soil types or topographies.

Investors interested in fertilizer companies should know the differences between potash and phosphate to better guide their decisions and ultimately have a better chance at increased profitability. Below is a basic breakdown of the differences between potash and phosphate and why both can be compelling investments.

What is potash?

Potash is a potassium-based product that is often bonded to other chemicals. It is mainly used as a fertilizer to encourage water retention in plants, increase crop yields, improve taste and help plants resist disease. The most common potash fertilizers are sulfate of potash (SOP) and muriate of potash (MOP).

Before it can be turned into commercial fertilizers like SOP and MOP, potash ore must be extracted from the ground by mining companies and then refined. There are two predominant varieties of potash ore: sylvinite and carnallite. Sylvinite typically has a higher value compared to carnallite as it requires less energy to separate the potassium chloride it contains than it does to separate the magnesium in carnallite.

Potash ore is extracted in two ways. In conventional underground mining, ore is dug out by large machines and transported to the surface. This method is expensive, but also the most common. Solution mining is less common, and involves injecting hot brine (a salt water solution) below the surface of the Earth and into an orebody. The potash-brine water is then pumped back to the surface for cooling and separation in surface ponds.

Interestingly, many companies are focused on extracting potash ore from ancient underground oceans of potassium salts, and these are often located hundreds of feet or more below the surface. This can complicate the process of getting the ore out of the ground.

Canada is the world’s top potash producer, and also holds the largest reserves. Other global producers include Russia, China and Belarus.

Want to learn more about potash and potash investing? Click here to check out our overview of the market, and read up on ASX-, TSX- and TSXV-listed potash stocks in Australia and Canada by clicking here and here.

What is phosphate?

Phosphate is critical for all living organisms, from potatoes to people, and as much as 90 percent of it is used as a soil nutrient for plant growth. Its primary function is to support strong cell development and water retention.

Phosphate rock, or “phos-rock,” is ore that contains phosphorus. It is located at various depths, and extraction typically requires large dragline buckets, which scoop up the material for refinement. The phos-rock is then beneficiated, or refined, with small phosphate pebbles being left behind.

Those phosphate particles are coated with hydrocarbons during flotation, and then float to the surface for further separation. The resulting product is beneficiated phosphate rock. Its phosphorus pentoxide content is suitable for phosphoric acid or elemental phosphorous production.

Beneficiated phosphate rock is often upgraded into granular diammonium (DAP) or monoammonium phosphate (MAP), which are high-grade, water-soluble crop fertilizers. Single super phosphate (SSP) is a cheaper alternative to the popular DAP and is obtained through a chemical reaction between rock phosphate and sulfuric acid.

The world’s top producer of phosphate rock by a wide margin is China. The US, Morocco, Russia and Jordan are also key phosphate rock producers.

Interested in getting more details on phosphate and phosphate investing? Our overview of the market can be found by clicking here, and we’ve put together a list of phosphate-focused companies here.

Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.

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