Issue link: http://resourceworld.uberflip.com/i/355430
12 www.resourceworld.com A U G U S T / S E P T E M B E R 2 0 1 4 www.precisiongeosurveys.com 604.484.9402 Magnetics - Radiometrics - Time Domain EM Specialists in high resolution airborne geophysics in mountainous terrain took place in the early 1970s. The objective was to test potential sulphide copper-silver mineralization at depth. Data from drill- ing will be used to complete a NI 43-101 compliant resource report by year end. All holes to date have returned visual copper mineralization – assays are pending. First Nickel Inc. [FNI-TSX] suffered an accident on May 6 that resulted in the deaths of two contract drillers at its Lockerby nickel-copper mine near Sudbury, Ontario. Underground opera- tions were able to resume two days later. Lockerby produced 2.73 million lbs of contained nickel and 1.67 million lbs of contained copper in Q1 2014, which compares with 3.68 million lbs contained nickel and 2.13 million lbs of contained copper in Q1 2013. The company recorded a net loss of just over $9.25 million, while total revenue stood at $16.8 million in Q1 2014, compared $26.8 million Q1 2013, 2013. The decline was partly due to lower nickel production and lower average nickel prices realized. First Nickel also high- lighted changes in its gross metal value ore processing agreement with Glencore Canada Corp., which "affects the com- parability of certain financial statement elements between the current period and the first quarter of 2013". First Point Minerals Corp. [FPX- TSX] is exploring for awaruite, a naturally occurring metallic nickel-iron alloy. The company's flagship is the Decar nickel proj- ect in central British Columbia in which it holds 40%. Cliffs Natural Resources Exploration Canada Inc., an affiliate of Cliffs Natural Resources Inc. [CLF-NYSE], holds the other 60%. On April 22, First Point announced positive results from an initial market test of awaruite concentrates produced from a Decar bulk sample. Six potential consumers participated in the test, indicating satisfactory technical suc- cess in their analysis and test processing of concentrates. First Quantum Minerals Ltd. [FM-TSX; FQM-London] announced on June 17 that it had entered a definitive agreement to acquire Lumina Copper Corp. through a cash and share transaction valued at around $470 million. Among its assets, Lumina owns the Taca Taca copper-gold-molybde- num project in the Puna region, northwest Argentina. First Quantum has a portfolio of mines and development projects around the world, primarily focussing on copper. Production rose to just over 113,100 tonnes copper in Q1 2014 compared with just over 79,300 tonnes copper in Q1 2013. Nickel output was just over 11,800 tonnes in Q1 2014 compared with almost 11,100 tonnes in Q1 2013. Sales revenues stood at $890.5 million for the quarter. Freeport McMoran Copper & Gold Inc. [FCX-NYSE] has a global footprint, including a stake of just over 90% in the Grasberg copper-gold mine, Indonesia, which has reserves of 30 billion lbs copper. Consolidated sales in Q1 2014 included 871 million lbs copper and 27 million lbs molybdenum, down from 954 million lbs copper and 25 million lbs molybdenum reported for Q1 2013. The Q1 2014 aver- age realised price of copper stood at $3.14 per lb compared with $3.51 per lb in Q1 2013. For full-year 2014, the company estimates consolidated sales will reach approximately 4.3 billion lbs copper and 97 million lbs molybdenum. General Moly Inc. [GMO-TSX; NYSE MKT] holds an 80% stake in the fully-per- mitted Mt. Hope Project, with South Korean steelmaker Posco holding the remainder. Mt. Hope contains around 1.3 billion lbs proven and probable molybdenum reserves. General Moly also owns 100% of the Liberty molybdenum-copper project and both projects are located in Nevada. Q1 cash costs comprised $3 million spent on Mt. Hope development costs and $2 mil- lion in general and administrative expenses, plus expenditure on Liberty. On April 8, the company announced it had started a preliminary economic assessment (PEA) on Liberty's starter-pit project, which will have an emphasis on copper from three satellite deposits southeast of the main molybdenum ore body. General Moly expects to complete the PEA over the summer. Gespeg Copper Resources Inc. [GCR-TSXV] recently raised $250,000 to fund exploration on its Vortex and R-Jean properties in the Gaspé region of eastern Québec. The Vortex copper- molybdenum-gold prospect is 25 km west of Murdochville where drilling in 2012 returned 29 metres of 0.94% copper at 5.20 metres from surface. The R-Jean prop- erty is 10 km south of Murdochville and the former Gaspé copper mines. Gespeg recently completed a sampling program on its Port Daniel property. Happy Creek Minerals Ltd. [HPY- TSXV] reported petrographic analyses of several nickel-bearing rock samples from its 100%-owned, Black Riders property adjoining the company's Fox tungsten property 75 km northeast of the town of 100 Mile House in the south-central Cariboo region, BC. In mid April 2014, three hand samples, grading between 0.22 and 0.23% nickel, were submitted for met- allurgical and TIMA petrographic analyses to Process Mineralogical Consulting. The analyses determined that nickel is present as well as pentlandite, mackinawite, nickel pyrrhotite, nickel magnetite (nickel-iron alloy) and awaruite. Highland Copper Company Inc. [HI-TSXV] holds a portfolio of copper interests in the Upper Peninsula area of Michigan. On June 17, it announced it had closed the acquisition of the Copperwood Project from Orvana Minerals Corp. in Upper Peninsula. It also closed a C$18