Shares of Mountain Province Diamonds Inc. (TSX and NASDAQ: MPVD) surged on Thursday after releasing its latest mineral resource estimates at the Faraday 2 kimberlite, located within the Kennady North Project, NWT, Canada. The stock rebounded by more than 12% at the open in Toronto, lifting the company's market capitalization to over C$256 million.
The updated inferred mineral resource at Faraday 2 highlights 5.45 million carats of diamonds, a hefty 74% increase over its 2017 estimate of 3.13 million carats. In addition, a total of 2.07 million tonnes of kimberlite was reported, a 49% increase from the previous estimate. This results in an overall grade of 2.63 carats per tonne, compared with 2.24 carats per tonne in 2017.
The company reports the attributed average value per carat at Faraday 2 has increased to $140, a 25% improvement from the 2017 value of $112 per carat. The average value is derived by applying a base case value distribution model to models of recoverable (+1 mm) diamond size frequency distribution for each geological domain.
"The Faraday 2 project is one of three known kimberlites within our wholly-owned exploration properties adjacent to the Gahcho Kué Mine," president and CEO Stuart Brown said. "As anticipated from our microdiamond results reported earlier this year, the inclusion of the northwest extension at Faraday 2 has greatly increased the value of this resource and at an average diamond value of $140 per carat offers significant potential."
Trade statistics released by Canada custom shows that the iron ore exports by the country recorded at 3.19 MnT in Jan'19. The exports dropped 7 month low in Jan'19, as it was last seen in Jun'18 at 2 MnT. The exports depicted fall of 35% as compared to Dec'18 exports at 4.9 MnT.
Shareholders in US gold giant Newmont Mining (NYSE:NEM) have almost unanimously approved the miner’s proposed $10B takeover of Canada’s Goldcorp (TSX:G) (NYSE:GG), a deal that creates the world’s largest gold producer by market value, output and reserves, robbing Barrick of its recently cemented supremacy.
The total iron ore & pellet imports in CY18 witnessed at 1,342 MnT. Amongst the major importing countries include China, Japan, India, South Korea, and Bahrain.
Canada’s First Vanadium (TSX-V: FVAN) has published indicated mineral resources for its Nevada-based Carlin project, considered the largest, highest grade primary vanadium deposit in North America.
First Cobalt Corp aims to restart an idled cobalt refinery in Canada within two years and is in talks to supply the battery-grade product to four leading automakers, chief executive Trent Mell said on Wednesday.
Greenstone Gold Mines, a 50/50 joint venture between Canadian miners Centerra Gold (TSX:CG) and Premier Gold (TSX:PG), has kicked off a core and reverse circulation drilling program at its Hardrock project in southern Ontario.