Canadian miner Equinox Gold has entered a definitive arrangement agreement with Calibre Mining for an at-market business combination, with Equinox acquiring all issued and outstanding common shares of Calibre.
The resulting entity, New Equinox Gold, will be an Americas-focused diversified gold producer with an estimated market capitalisation of C$7.7bn.
The combined company’s operations will span five countries, including two Canadian gold mines, Greenstone and Valentine.
Post-transaction, Equinox and Calibre shareholders will own approximately 65% and 35% of New Equinox Gold, respectively.
Calibre shareholders will receive 0.31 Equinox common shares for each Calibre share held.
The merger brings together a vast reserve of mineral resources and a “highly prospective” pipeline of development, expansion and exploration projects for sustainable growth.
New Equinox Gold is projected to produce around 950,000oz of gold in 2025, excluding contributions from the Valentine or Los Filos mines.
With the Greenstone and Valentine mines at full capacity, the combined company could exceed 1.2 million ounces (moz) of gold annually.
Calibre president and CEO Darren Hall said: “The merger with Equinox provides combined shareholders a diversified gold production base with significant growth opportunities.
“The combination of two new, long-life, low-cost, open-pit gold mines, Valentine and Greenstone, will be the cornerstone of an exciting new major Canadian gold producer that will be positioned to generate substantial shareholder value. I look forward to working with the combined team to continue Calibre’s track record of superior execution and delivering on our commitments.”
The transaction requires approval from Calibre’s shareholders, with a special meeting anticipated before 31 May 2025.
It also needs regulatory approvals, including Canadian and Mexican competition authorisations and the listing of new Equinox shares on the Toronto Stock Exchange (TSX) and New York Stock Exchange-A.
Subject to conditions being met, the merger is expected to close in the second quarter of 2025.
Shareholders of both companies stand to gain from the merger, with enhanced production, cash flow and exposure to growth opportunities.
Simultaneously, Calibre has entered into subscription agreements to issue $75m in unsecured convertible notes to Equinox, Vestcor and Trinity Capital Partners.
These notes will have a 5.5% annual interest rate and a five-year maturity, and are convertible into Calibre common shares at C$4.25 per share, a 37.5% premium to the stock’s 21 February 2025 closing price.
The funds raised will cover transaction expenses and general corporate purposes.
The private placement is expected to close by 4 March 2025, pending TSX approval.
TFI International is going back on its decision to re-domicile into the U.S., instead opting to remain in Canada based on shareholder feedback.
While the trucking company did not go further beyond acknowledging the feedback in its statement, one minority shareholder had openly expressed dissatisfaction with the U.S. relocation.
Pension fund Caisse de Depot et Placement du Quebec (CDPQ), which owned a 4 percent stake in TFI as of Dec. 31, was frustrated that the company did not inform its brass before making the decision.
That fund has a mandate to try to boost the economic development of Quebec, and as such has fought to stop efforts from businesses to leave the province.
Ironically, one of the initial reasons CEO Alain Bedard cited for the move was to “better align with our shareholder base.” The plurality of TFI’s shareholders is U.S.-based, the company said in a statement. According to Bedard in Wednesday’s earnings call, 49.9 percent of shareholders were based in the U.S. as of last summer, outpacing the 45 percent that were Canadian.
Currently, TFI International Inc. is publicly traded in both the U.S. and Canada, on the New York Stock Exchange and the Toronto Stock Exchange. Bedard said the company can stay on both exchanges as long as U.S. shareholders don’t surpass 50 percent.
Shareholders aside, a move to the U.S. would have put the trucker more in line with its client base. Roughly 70 percent of the Montreal-based company’s business is domestic trucking in the U.S., while 25 percent remains in Canada.
Additionally, re-domiciling would have been beneficial for TFI’s flatbed trucking segment, Daseke. Daseke partners with the U.S. Department of Defense, which “creates a little bit of issues” for TFI as a foreign parent owner.
But in the end, the decision was always going to come down to shareholder approval, which would have been required for the relocation to occur.
The initial decision, and its quick reversal, come amid the highest tensions between Canada and the U.S. in recent memory, along with a freight recession has suppressed trucking demand since mid-2022.
On Monday, President Donald Trump said his tariffs on both Canada and Mexico are “on time” and “on schedule.” The Trump administration is slapping 25-percent duties on most Canadian imports, with energy products such as oil and electricity being tariffed at 10 percent.
The tariffs are set to go into effect March 4, after a month-long deferral, as the countries negotiate on other issues including border security.
Although only roughly 4 percent business encompasses cross-border trade at TFI, the trucking company couldn’t issue guidance due to the potential tariff impacts.
TFI’s fourth quarter was a “disaster,” Bedard said in the earnings call. While revenue increased 5.5 percent to $2.08 billion, it came in well below estimates and was buoyed by the Daseke acquisition early in 2024. Less-than-truckload (LTL), TFI’s largest segment, saw revenue decline 9.8 percent to $737.3 million when not accounting for fuel surcharges.
Net income came in at $88.1 million, down from $131.4 million in the prior year period.
As TFI’s flip-flop on location unfolds, more trucking companies are participating in the fire sale of another former LTL provider’s real estate.
The estate of Yellow, the former century-old trucking business that ceased operations in summer 2023, sold off two more leased terminals to ArcBest for $11.5 million.
ArcBest, which owns LTL carrier ABF Freight, acquired a 32.5-acre, 108-door terminal in Aurora, Colo. for $7 million and a 60-door terminal on 12.6 acres in Kent. Wash for $4.5 million.
The trucking firm already had acquired four terminals from Yellow totaling $38 million across two rounds of auctions held at the end of 2023. Those auctions raised the estate $1.9 billion and $82.9 million.
ArcBest’s deal comes a week after a handful of trucking companies entered their own agreements to scoop up Yellow’s service centers.
Knight-Swift Transportation, in its pursuit to expand further into LTL, forked over $9.9 million for three California-based terminals in San Diego, Downey and Santa Maria, and another facility in Roanoke, Va.
A. Duie Pyle paid $4.5 million for terminals in Bowling Green, Ohio, and Charleston, W. Va., while TFI International bought a $700,000 terminal in Fayetteville, N.C.
Yellow’s estate has sold more than 175 terminals for more than $2.2 billion since its liquidation first began in late 2023. The insolvent trucking firm is currently selling off its real estate through both private sale transactions, with a three-day auction also scheduled for March 11.
Following a surge of adoption and acceptance over the past two decades, ESG—the investment and corporate policy trend that evaluates companies on environmental, social and governance factors—has been taking a beating recently. Among the examples of anti-ESG blowback making headlines:
So, is ESG dead? If it is, it looks like nobody told a lot of family offices. At the same time as some big U.S. financial players have been leaving the ESG fold, North American family offices appear to have been increasing their overall exposure to responsible investing. The North America Family Office Report 2024 by Campden Wealth and RBC notes that 28 per cent of family offices are engaged in responsible investing—somewhat below the global average of 40 per cent—but among those, responsible investments comprise an average of 41 per cent of their portfolios, up from 36 per cent the year before. Those family offices also said that this number will increase to around 50 per cent over the next five years.
Compared with their American peers, Canadian investors in general also seem to have a continuing appetite for ESG investing. In 2023, Ortec Finance, a provider of technology and advisory services for risk and return management, surveyed 50 Canadian wealth managers and financial advisors. The survey reported that 96 per cent of their clients are increasing their focus on ESG credentials in their investment portfolios.
If investors are increasingly interested in incorporating responsible investments into their portfolios, why is ESG under assault?
ESG has become divisive because it means different things to different people, depending on their views of business, politics and society. ESG supporters, for example, may envision a universal set of positive business practices; detractors may see an unwieldy basket of politicized initiatives in which management seeks to appease external stakeholders while ignoring its fiduciary duty to investors.
Part of the answer, too, is a political shift in the U.S., reflected in the policies of Donald Trump and a slate of state governors who have targeted ESG investing as a “woke” folly.
“American politicians dragged ESG into the so-called culture war, making it a wedge issue,” says Dustyn Lanz, chief executive officer of proxy voting analytics firm OxProx, past CEO of Canada’s Responsible Investment Association and a former senior advisor with ESG Global Advisors Inc. “At first, we in the industry dismissed a lot of these attacks as bogus, because they are, but then red states started to target asset managers involved with ESG and climate-related initiatives. So, asset managers had no choice but to start taking these attacks seriously, like a form of political risk. As a result, we see some asset managers talking about ESG and sustainability much less, and leaving collaborative initiatives as a way to remove the target from their backs.”
A February report by Canadian ESG advisory service Millani concurs, noting that Canadian institutional investors are embedding their commitments to ESG and refining their approach. “The focus has shifted from public-facing commitments to internal strategy refinement, risk management, and outcomes-oriented engagement,” the report says.
A consistent definition of ESG has long been an elusive goal, further muddying the waters for supporters and detractors alike. While a few ESG rating providers such as Bloomberg and Sustainalytics dominate the industry, companies can choose from dozens of agencies that offer similar services. A research letter published by the CPA Ontario Centre for Sustainability Reporting and Performance Management at the University of Waterloo by researcher Amar Mahmoud suggests that “research documents a low level of correlation between ESG ratings from different providers.”
A recent article in Harvard Business Review, “It’s Time to Unbundle ESG,” by professors Aaron Chatterji (Duke University) and Michael W. Toffel (Harvard Business School), suggests that responsible investing may have outgrown ESG. The authors trace the modern ESG movement to an influential 2004 United Nations initiative, Who Cares Wins, which promised that “ESG integration currently represents an important source of competitive differentiation and value creation for financial institutions that make it part of their strategy.”
While the Harvard authors are all for corporate responsibility, they question whether current ESG ratings systems are good enough going forward. “It was never clear exactly why E, S, and G were the right concepts to bring together with (apparently) equal weighting or how they were connected to each other,” Chatterji and Toffel write. “This awkward bundle would later prove to be a liability to the ESG movement as it went mainstream in the subsequent two decades.”
Lanz agrees that the definition of ESG is sometimes too restrictive, arguing that practical ESG should be less aspirational and philosophical and more comprehensive.
“For most major institutional investors, ESG integration has little to do with ethics or values,” he says. “It’s about considering all the material information that might impact a company’s performance. Management quality has always been a key consideration among investors. A leadership team’s management of ESG risks and opportunities is simply part of that evaluation.”
Steven Globerman, a senior fellow at the Fraser Institute, highlights a conundrum for investors who want to increase their exposure to ESG investments in the hopes of reaping the financial benefits of exposure to better-managed companies. His recently published study, “ESG Investing and Financial Returns in Canada,” suggests that there’s no statistically significant relationship between ESG ratings and Canadian stock performance.
Examining data from MSCI, a leading ESG ratings provider, the study looked at statistical relationships between changes in ESG rankings of companies and changes in equity returns, using a sample of 310 companies listed on the Toronto Stock Exchange between 2013 and 2022. The study found that neither upgrades nor downgrades in ESG ratings significantly affected stock market returns.
“Part of the motivation for the research was to determine whether complying with all those regulations is costly in terms of real resources, management time, etc., that has to be diverted into the compliance reporting exercise—resources that could be used in other ways,” Globerman says. “It’s not appearing in superior performance, at least as measured by stock market returns.”
He’s also skeptical of regulations that would force companies to disclose their fealty to a basket of ESG standards.
“If ESG did improve corporate performance, either by making a company more efficient or reducing risk, companies would not need to be regulated to disclose ESG standards,” he says. “They would do so voluntarily, because changes in corporate behaviour would reward them with a higher stock price.”
Brad Cornell, emeritus professor of finance at UCLA and senior advisor at Cornell Capital Group, also questions whether a company with stellar ESG ratings is necessarily a good investment.
“Suppose I pick a company which is well managed, has great products, behaves ethically and manages risks well,” he says. “Does that alone make Apple a good investment? It depends on how the company stock is priced. Even if you think ESG indicates a lot of favourable things about a company that would lead to superior returns, it would lead to superior returns for investors only if those benefits were not properly priced in right off the bat.”
Likewise, if investors tend to prefer high-profile firms with favourable ESG ratings, then the stock in those firms would be priced higher.
Cornell also points to litmus tests for ESG investing as problematic, citing exclusion screening of companies that produce carbon-based fuels as a prime example. “If you use carbon-based fuels, there are emissions, and there’s a social cost that goes along with that,” he says. “But you shouldn’t ignore the social benefits, such as the ability to heat your home affordably through cold Canadian winters. If you’re going to divest yourself of companies that produce hydrocarbons, why not go all the way and divest yourself of the companies that burn them—airlines, home heating companies or manufacturing companies?”
Some investors are also prioritizing their commitments to broader goals over absolute returns. They’re not investing to lose money, but they’re less concerned about whether a company that receives a high ESG rating delivers comparable returns to a company that doesn’t. They’re not necessarily married to the strict criteria of ESG ratings—but they do want to know the impact their investment will have on the world.
Kind Capital is a wealth management practice that takes a pragmatic approach to responsible investing. The firm helps match clients to a range of investing strategies that may include ESG, but might also include socially responsible investing or impact investing—which aims to generate positive social or environmental impact alongside a financial return.
“Our clients generally believe that money is a conduit to creating a meaningful and rewarding life, and our job is to help them figure out what that is,” says Kind Capital CEO and founder David O’Leary. “Once they’ve taken care of themselves and their families, they look to something bigger than themselves. We help them understand which levers they have to pull to make an impact on those things.”
Kind Capital clients may want to invest in large, publicly traded companies who are doing the best job of managing ESG risks. Or they may want to make investments that would improve the lives of children in developing countries. They may want to invest in oil and gas companies that do a good job of managing risks in their sector, or they may want to avoid investments in traditional energy companies altogether.
“It’s our job to help them understand what types of activities their investments are supporting, and to help them align those investments with their values,” O’Leary says. “We can then explain whether achieving those goals would require them to sacrifice any financial returns. We want them to be intentional about the impact of their investments.”
While ESG may be in public retreat, companies aren’t abandoning a thorough assessment of business risks—and investors who care about ESG and the impact of their investments remain committed.
“Institutional investors largely have not changed course on ESG,” Lanz says. “Managers will meet demand wherever it exists, and big asset owners continue to consider all issues they deem to be material, including climate change and other ESG issues. While the ESG marketing party may be over, the consideration of ESG issues among investors isn’t going anywhere.”
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Equinox Gold- Calibre Mining have announced a definitive agreement to merge, creating a diversified gold producer focused on the Americas. This all-stock transaction will see Equinox Gold acquiring all outstanding shares of Calibre Mining, forming a new entity known as “New Equinox Gold.”
Following the merger announcement, Equinox Gold- Calibre Mining shareholders are set to benefit from enhanced production capabilities and growth opportunities. Shareholders of Calibre Mining will receive 0.31 Equinox Gold common shares for each Calibre share held. Upon completion of the transaction, Equinox Gold shareholders will own approximately 65% of the combined company, while Calibre Mining shareholders will hold 35%.
New Equinox Gold will operate across five countries, with its flagship Canadian assets including the Greenstone Mine in Ontario and the Valentine Gold Mine in Newfoundland and Labrador. The company is projected to produce approximately 950,000 ounces of gold in 2025, excluding contributions from the Valentine or Los Filos mines. Once the Greenstone and Valentine mines reach full capacity, Equinox Gold- Calibre Mining will have the potential to exceed 1.2 million ounces of annual gold production.
The merger between Equinox Gold- Calibre Mining is subject to shareholder approval from Calibre Mining investors, with a special meeting expected before May 31, 2025. Additional regulatory approvals are also required, including Canadian and Mexican competition clearances and the listing of New Equinox Gold shares on the Toronto Stock Exchange (TSX) and New York Stock Exchange-A. If all conditions are met, the transaction is expected to close in the second quarter of 2025.
The newly formed company will be led by Equinox Gold’s current President and CEO, Greg Smith, while Calibre Mining’s President and CEO, Darren Hall, will assume the role of President and Chief Operating Officer. Ross Beaty will continue as Chair of the Board of Directors. The leadership team is focused on maximizing growth, expanding mining operations, and delivering long-term shareholder value.
To support the transaction, Calibre Mining has secured $75 million in unsecured convertible notes from Equinox Gold, Vestcor, and Trinity Capital Partners. These notes, carrying a 5.5% annual interest rate, will mature in five years and can be converted into Calibre Mining shares at C$4.25 per share, representing a 37.5% premium to Calibre Mining’s February 21, 2025 closing price. The funds will be used to cover transaction-related expenses and general corporate purposes.
Equinox Gold- Calibre Mining’s merger marks a significant milestone in the mining industry, positioning the new entity as a top-tier Americas-focused gold producer. Shareholders from both companies stand to benefit from increased production, cash flow, and exposure to future growth opportunities. With record-high gold prices and an expanding production pipeline, Equinox Gold- Calibre Mining is well-positioned to capitalize on strong market conditions and drive long-term value creation.
MONTREAL — Quebec pension fund manager CDPQ has signed a deal to buy Innergex Renewable Energy Inc. in an agreement that values the company at about $10 billion, including debt.
Under the agreement, CDPQ will pay $13.75 per share in cash for Innergex’s common shares and $25 per share for the company’s Series A and C preferred shares, plus accrued and unpaid dividends.
Innergex common shares closed at $8.71 on the Toronto Stock Exchange on Monday.
CDPQ is Innergex’s second-largest shareholder after Hydro-Québec, which holds a 19.9 per cent stake in the company.
The Quebec power utility has said it will support the deal, which will require approval by shareholders.
Innergex, which owns and operates hydroelectric facilities, wind farms, solar farms and energy storage facilities, has operations in Canada, the United States, France and Chile.
This report by The Canadian Press was first published Feb. 25, 2025.
Companies in this story: (TSX:INE)
The Canadian Press
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Vancouver, British Columbia–(Newsfile Corp. – February 25, 2025) – Pacific Ridge Exploration Ltd. (TSXV: PEX) (OTCQB: PEXZF) (FSE: PQWN) (“Pacific Ridge” or the “Company”) is pleased to announce that it has been invited to display drill core from the Chuchi copper-gold project (“Chuchi”) at the 2025 PDAC Core Shack. Management will also be available to discuss the Company’s plans to drill the RDP copper-gold project (“RDP”) and to meet with potential joint venture partners for the Kliyul copper-gold project (“Kliyul”). Chuchi, RDP, and Kliyul are located in north-central B.C. (see Figure 1).
PDAC Core Shack
Pacific Ridge will be displaying Chuchi drill core on Sunday, March 2, and Monday, March 3, at booth # 3114A. To schedule a meeting to learn more about Chuchi, RDP, Kliyul or our plans for 2025, please email … .
Figure 1: Location of Pacific Ridge’s Copper-Gold Porphyry Projects
To view an enhanced version of this graphic, please visit:
Chuchi Highlights
Pacific Ridge completed 2,716 m in five diamond drill holes (CH-24-070 to CH-24-074) over a 750 m strike length across the BP Zone (“BPZ”) in its inaugural 2024 drill program at Chuchi.
Every drill hole intersected alkalic porphyry copper-gold mineralization consisting of chalcopyrite and pyrite hosted in breccias, veins and as disseminated mineral replacements.
Of the 89 historical drill holes completed at Chuchi, only one historical drill hole, drill hole CH-91-42, returned higher copper-gold equivalent values over the length of a mineralized intersection. The next four best were completed by Pacific Ridge. Further, drill hole CH-24-070 encountered the deepest mineralization to date at 420 m vertical depth
Drill hole CH-24-073 returned 65.0 m of 0.42% copper equivalent1 (“CuEq”) or 0.63 g/t gold equivalent2 (“AuEq”) (0.31% copper, 0.16 g/t gold, and 0.69 g/t silver) within 382.0 m of 0.27% CuEq1 or 0.41 g/t AuEq2 (0.19% copper, 0.12 g/t gold, and 0.47 g/t silver)(see news release dated November 25, 2024).
The last hole of the program, drill hole CH-24-074, was drilled near the interpreted centre of the system. The last 51.0 m returned 0.33% CuEq1 or 0.48 g/t AuEq2 (0.22% copper, 0.15 g/t gold, and 0.49 g/t silver). A subtle increase in copper-gold grade with depth, metal ratio signature, and highest MPIx (“MDRU Porphyry Index”) value of the program, suggests a vector towards a porphyry core.
BPZ is just one of several porphyry targets that occur within a six-kilometre-long porphyry trend, and it remains open laterally and to depth.
The program revealed there are at least two mineralized porphyritic intrusions at Chuchi, one in BPZ and another in the Digger Zone. Both are open laterally and at depth, and the Company believes these represent the upper part of a large porphyry copper-gold system.
Chuchi is a two-hour drive from Fort St. James and the 2024 drill program was completely ground-supported.
RDP Highlights
100% owned by Pacific Ridge, RDP was under option to Antofagasta Minerals S.A. from 2022 to 2024.
Located in B.C.’s Golden Horseshoe at the southern end of the Toodoggone District in north-central B.C., a prolific area for porphyry copper-gold exploration: Past-producing Kemess (2.975 Moz of gold and 749 Mlbs of copper produced from 1998 to 20113), Kemess Underground (Measured and Indicated mineral resource containing 2.265 Moz gold and 779 Mlbs copper4), and Amarc Resources Ltd. recent high-grade porphyry copper-gold-silver discovery at AuRORA (drill hole JP-24-074 returned 108 m of 2.59% CuEq within 162 m of 1.90% CuEq5).
Five diamond drill holes, totaling 1,392 m, were completed at the Day target (“Day”) in 2022 with drill hole RDP-22-005 returning 107.2 m of 1.39% CuEq1 or 2.06 g/t AuEq2 (0.63% copper, 1.10 g/t gold, and 2.91 g/t silver) within 497.2 m of 0.66% CuEq2 or 0.97 g/t AuEq2 (0.37% copper, 0.40 g/t gold, and 1.60 g/t silver)(see news release dated October 25, 2022).
This was one of the best porphyry copper-gold intervals reported in B.C. in 2022.
Only two drill holes, totaling 987 m, were completed at Day in 2023. Drill hole RDP-23-007 was collared 330 metres northwest of RDP-22-005 and intersected 19.0 m of 0.45% CuEq1 or 0.67 g/t AuEq2 (0.32% copper, 0.19 g/t gold, and 1.08 g/t silver) at the bottom of the hole (see news release dated November 23, 2023), which supports Pacific Ridge’s interpretation of a tabular porphyry system with a steeply north-dipping pipe vectoring towards a larger porphyry source at depth.
Pacific Ridge doesn’t believe that the 2023 drill program adequately tested this interpretation.
Targeting the porphyry source at Day will be the focus of the 2025 RDP drill program.
Kliyul Highlights
100% owned by Pacific Ridge, the Company has spent ~$14.0 million on exploration at Kliyul since 2020.
Kliyul is over 90 km2 in size and is located in the prolific Quesnel terrane close to existing infrastructure, ~8 km to the Omineca Resource Road and a 230 kV high-voltage power line.
A six-kilometre long porphyry copper-gold trend, comprised of favourable geology, geochemistry, alteration, and geophysics, exists at Kliyul but the Kliyul Main Zone (“KMZ”) has been the focus since 2021.
Drilling by Pacific Ridge has increased the mineralized extents of KMZ tenfold. Pre-2021, the mineralized extents measured ~350 m E-W x ~150 m N-S x ~400 m vertical depth. After the last round of drilling, the known mineralized extents measure ~760 m E-W x ~600 m N-S x ~650 m vertical depth. KMZ remains open to the North, West, East, Southeast, and at depth.
The best drilling result in 2021 was 316.7 m of 0.79% CuEq1 and 1.17 g/t AuEq2 (0.30% copper, 0.70 g/t gold and 2.17 g/t silver) within 566.7 m of 0.51% CuEq1 and 0.75 g/t AuEq2 (0.20% copper, 0.44 g/t gold and 1.39 g/t silver) from KLI-21-037 (see news release dated January 31, 2022).
The best drilling result in 2022 was 328.0 m of 0.64% CuEq1 and 0.95 g/t AuEq2 (0.25% copper and 0.57 g/t gold) within 526 m of 0.49% CuEq1 and 0.74 g/t AuEq2 (0.25% copper, 0.57 g/t gold and 1.25 g/t silver) from KLI-22-050 (see news release January 18, 2023).
The best drilling result in 2023 was 305.5 m of 0.59% CuEq1 and 0.87 g/t AuEq2 (0.23% copper, 0.51 g/t gold and 1.22 g/t Ag) within 540.3 m of 0.44% CuEq1 and 0.65 g/t AuEq2 (0.19% copper, 0.36 g/t gold and 0.65 g/t silver) from KLI-23-054 (see news release August 23, 2023).
Drill hole KLI-23-069, the last hole of the 2023 drilling program, returned 45.0 m of 0.58% CuEq or 0.86 g/t AuEq (0.38% copper, 0.28 g/t gold, and 2.20 g/t silver) within 570.0 m of 0.27% CuEq or 0.40 g/t AuEq (0.14% copper, 0.18 g/t gold, and 0.99 g/t silver)(see news release dated January 29, 2024). The 45 m interval, at 584 m downhole depth, is the deepest mineralized interval ever encountered at Kliyul and provides a northward and down-plunge vector for a higher-grade porphyry centre at KMZ.
Kliyul is available for joint venture.
About Pacific Ridge
Pacific Ridge is one of B.C.’s leading copper-gold exploration companies. The Company’s flagship asset is its 100% owned Kliyul copper-gold project, located in the Quesnel terrane close to existing infrastructure. In addition to Kliyul, Pacific Ridge’s project portfolio includes the RDP copper-gold project, the Chuchi copper-gold project, the Onjo copper-gold project, and the Redton copper-gold project, all located in British Columbia. Pacific Ridge would like to acknowledge that its B.C. projects are located in the traditional, ancestral and unceded territories of the Gitxsan Nation, McLeod Lake Indian Band, Nak’azdli Whut’en, Takla Nation, and Tsay Keh Dene Nation.
On behalf of the Board of Directors,
“Blaine Monaghan”
Blaine Monaghan
President & CEO
Pacific Ridge Exploration Ltd.
Investor Relations:
Tel: (604) 687-4951
Email: …
Website:
LinkedIn:
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1CuEq = ((Cu%) x $Cu x 22.0462) + (Au(g/t) x AuR/CuR x $Au x 0.032151) + (Ag(g/t) x AgR/CuR x $Ag x 0.032151)) / ($Cu x 22.0462).
2AuEq = ((Au(g/t) x $Au x 0.032151) + ((Cu%) x CuR/AuR x $Cu x 22.0462) + (Ag(g/t) x AgR/CuR x $Ag x 0.032151)) / ($Au x 0.032151).
Commodity prices: $Cu = US$3.25/lb, $Au = US$1,800/oz., and Ag = US$20.00/oz.
There has been no metallurgical testing on Chuchi, Kliyul or RDP mineralization. The Company estimates copper recoveries (CuR) of 84%, gold recoveries (AuR) of 70%, and silver recoveries (AgR) of 65% based on the average recoveries from Kemess Underground, Mount Milligan, and Red Chris.)
Factors: 22.0462 = Cu% to lbs per tonne, 0.032151 = Au g/t to troy oz per tonne, and 0.032151 = Ag g/t to troy oz per tonne.
3Witte, A., Bostwick, C., Skrecky, G., Bent, H., Jakubec, J., Volk, J., Major, K., and Corpuz, P., 2013. NI 43-101 technical report for the Kemess Underground project, British Columbia, Canada: Prepared by SRK Consulting (Canada) Inc. for AuRico Gold Inc., 249 p.
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5
Neither the 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.
The technical information contained within this News Release has been prepared under the supervision of, and reviewed and approved by. Danette Schwab, P.Geo., Vice President Exploration of the Company, and a Qualified Person as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects.
Forward-Looking Information: This release includes certain statements that may be deemed “forward-looking statements”. All statements in this release, other than statements of historical facts, are forward-looking statements. Forward looking statements in this news release include plans to drill RDP. Although Pacific Ridge believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploration successes, and continued availability of capital and financing and general economic, market or business conditions. These statements are based on a number of assumptions including, among other things, assumptions regarding general business and economic conditions; that at least one of the options will be exercised; that Pacific Ridge and other parties will be able to satisfy stock exchange and other regulatory requirements in a timely manner; that TSXV approval will be granted in a timely manner subject only to standard conditions; that all conditions precedent to the Agreements will be satisfied in a timely manner; the availability of financing for Pacific Ridge’s proposed programs on reasonable terms, and the ability of third party service providers to deliver services in a timely manner. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Pacific Ridge does not assume any obligation to update or revise its forward-looking statements, whether because of new information, future events or otherwise, except as required by applicable law.
To view the source version of this press release, please visit
SOURCE: Pacific Ridge Exploration Ltd.
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Chinese ambassador to Zimbabwe, Zhou Ding, last year revealed that investments into Zimbabwe’s lithium mining sector from the Asian giant had exceeded US$1,5 billion making it the biggest foreign investor.
CANADIAN exploration and development firm, International Lithium Corp (ILC), will soon announce the results of its exclusive prospecting orders (EPOs) for US$219 250 to begin mining operations.
ILC is a well-funded lithium and rare metals exploration and development company with strategic interests in Canada, Zimbabwe and Ireland.
ILC is listed on the Toronto Stock Exchange (TSX), the 10th largest trading platform in the world valued at nearly US$3 trillion.
The interest by ILC comes as the African Mining Market found Zimbabwe’s lithium deposits to be the largest in Africa and the sixth biggest globally.
Chinese ambassador to Zimbabwe, Zhou Ding, last year revealed that investments into Zimbabwe’s lithium mining sector from the Asian giant had exceeded US$1,5 billion making it the biggest foreign investor.
“Our key mission in the next decade is to make money for our shareholders from lithium and other battery metals and rare metals while at the same time playing our part in creating a greener, cleaner planet and less polluted cities,” ILC said, in a filing made to the TSX.
This, the firm said, included optimising the value of its existing projects in Canada as well as finding, exploring and developing projects that have the potential to become world-class deposits.
“We have announced separately that we regard Zimbabwe as an important strategic target market for ILC, and that we have applied for and hope to receive EPOs there,” ILC said.
“We hope to be able to make announcements over the next few weeks and months… The company’s primary strategic focus at this point is on the Raleigh Lake lithium and rubidium project and the Firesteel copper project in Canada and on obtaining EPOs and mineral claims in Zimbabwe.”
ILC is operating through its local entity, International Lithium Africa (Private) Limited, in which it has a 75% stake.
In its financial report for the three and nine months ended September 30, 2024, the company revealed that it had entered into an option agreement to acquire a 100% interest in certain mineral claims located in Manicaland,Zimbabwe.
“The total purchase consideration to acquire 100% interest in the claims is US$200 000 of which the company has paid US$55 000, which was contracted and paid by a subsidiary of the company. The option is valid until 7 days from the day the company receives the first EPO,” the firm said.
“The company also has a 65% interest in two projects comprised 440 hectares in Manicaland Zimbabwe. The company paid purchase consideration of US$11 850 through a subsidiary of the company.”
South African natural resources watchdog, Southern Africa Resource Watch, recently encouraged Zimbabwe to urgently begin constructing an electric vehicle battery plant owing to its substantial lithium resources.
This includes the manufacturing of various components such as lithium carbonate, electrodes, electrolytes, lithium-ion batteries and the assembly of EVs.
Lithium is the main component used in the construction of EV batteries.
MONTREAL – TFI International Inc. says it’s going to stay a Canadian corporation instead of moving to the U.S. as previously announced.
The company announced last week it would relocate its legal headquarters south of the border to boost U.S. investment.
Almost three-quarters of TFI’s business comes from the U.S.
However, on Monday evening the company said that after receiving feedback from shareholders, the move won’t happen after all.
TFI shares also trade on the New York Stock Exchange.
The company’s latest quarter saw profits drop amid stronger competition and weaker demand, with recent acquisitions dragging on earnings.
This report by The Canadian Press was first published Feb. 24, 2025.
Companies in this story: (TSX:TFII)
