Resource World Magazine

F E B R U A R Y / M A R C H 2 0 1 5 www.resourceworld.com 57 100% purity of the final product and a complete recovery. In addition, there is a significant saving on capi- tal and operating costs. If proven commercially viable, this process could become a disruptive technology that would significantly ben- efit the patent holder. On the development front, GéoMégA continues to advance its wholly-owned Montviel REE-niobium project in Québec towards a Preliminary Economic Assessment (PEA). The project is situated just 100 km from Lebel-sur-Quévillon and 45 km west of the Cree First Nation of Waswanipi in the urbanized southern portion of northern Québec. As a result, it has good access and is close to public infrastructure and skilled labour. Geologically, Montviel is part of a 32 km 2 alkaline intrusive system hosting carbonatite intrusions. The core zone is com- posed of a ferro-carbonatite where the highest values in REEs are found. GéoMégA has drilled about 39,000 metres and has defined REE-Nb mineralization over 900 metres long, 650 metres wide and to a depth of 750 metres. The company is in the process of updating its 2011 resource estimate with an additional 26,000 metres of diamond drilling completed in 2012 and 2013. The updated NI 43-101 resource esti- mation is waiting for the cut-off grade, which is determined from the operating costs of the ongoing PEA. The 2011 resource estimate was based on a base case cut-off grade of 1% Total Rare Earth Oxides (TREO) and tallied to 183.9 million tonnes grading 1.45% TREO of indicated resources and 66.7 million tonnes averaging 1.46% TREO of inferred resources. GéoMégA intends to design an underground mine plan based on an initial 2,000 tpy of neodymium oxide production rate, sourcing power from the Hydro-Québec distribution grid. The base case scenario produces a mixed REE concentrate. The com- pany hopes to eventually incorporate its separation technology into the project. GéoMégA has about 50.4 million shares out- standing and a market capitalization of about $11 million. n Continued from page 50 ners newcrest Mining limited [NCM-ASX], 69.94%, Nittetsu Mining Co. And Mitsubishi Materials corp. Newcrest is manager. Gold reserves total 3.6 million ounces and copper reserves stand at 3.5 mil- lion tonnes. Further drilling of the Waivaka Corridor was designed to test for high-grade extensions to the Waivaka resource, was completed in mid-2014. Development options are being evaluated to advance the project to start-up. On Vanua Levu, Newcrest is exploring the Wailevu West project at Mt. Kasi, a narrow, hi-grade vein target with a large alteration zone. tVI Pacific Inc. [TVI-TSX] has signed an agreement with Kalo exploration ltd., a private Fijian company with a 100% interest in the Cirianiu gold project on northern Vanua Levu Island. Under the terms, TVI has the right to form a joint venture to conduct exploration, development and mining on the Cirianiu gold project. TVI is conducting a due diligence review of the property that includes surveying, re-sampling of drill core, assaying, geological and mine modeling, and pos- sible confirmatory drilling. Dome Gold Mines ltd. [DME-ASX] is expecting a min- ing lease to be granted in the near future for its Sigatoka ironsand project on Viti Levu Island. Initial indicated and inferred resources are 131.6 million tonnes. The project could produce 1 million tonnes per year of magnetite-heavy min- eral production. The company also holds copper and gold projects in Fiji. The Mba Delta Ironsands Project of amex resources ltd. [AXZ-ASX] has received all its operating permits and arranged $100 million in financing. The project has an indi- cated JORC-compliant resource of 220 million tonnes grading 10.9% iron. A Bankable Feasibility Study was completed in June 2012. The proposed mining operation is simple and cost-effective, requiring dredging, magnetic concentration and transport by barge to the secured port facilities. n Continued from page 41 Don't overlook exploration tax credits It has been hard for explorers to raise funds for grassroots mineral exploration. For British Columbia explorers, there are two pro- vincial government programs some may not be aware of whereby they can recoup either 20% or 30% of their costs through tax rebates. The mining exploration tax credit (METC) is for eligible corporations and active partnerships conducting grassroots exploration in BC. An active member of a partnership includes a corporation that is engaged in a business similar to that carried on by the partnership. Limited partners are not eligible. The corporation or partnership must incur qualified mining exploration expenses before January 1, 2017. The credit applies to exploration for all base and precious metals, coal and some indus- trial minerals. Drilling expenses for oil and gas do not qualify. Exploration expenses may include expenses incurred in the course of prospecting, carrying out geological surveys, trench- ing, digging test pits or preliminary sampling. The credit is calculated as 20% of qualified mining explo- ration expenses less the amount of any assistance received or receivable. Assistance includes reimbursements a taxpayer has received or is entitled to receive, as well as grants, subsidies, rebates and forgivable loans. There is no limit to the amount that can be claimed. For more details on the METC, see the bul- letin Mining Exploration Tax Credit (CIT 006) (PDF) After February 20, 2007, an enhanced rate of 30% is avail- able for qualified mineral exploration undertaken in prescribed Mountain Pine Beetle affected areas which actually covers about 80% of BC. Refer to the overview map on the government web- site, the detailed area maps or the Mineral Titles Online site and select Mineral Map or Placer Map. Google Schedule 421 for more information. n

• Cover