Metallic eyes critical minerals and REE potential in Colorado
Metallic Minerals Corp. (MMG-TSXV, MMNGF-USOTC) has announced the identification of significant potential for co-product critical minerals at its flagship La Plata copper-silver-gold-platinum group elements project in southwest Colorado.
Recent exploration and geochemical analysis have demonstrated elevated levels of critical minerals including light rare earth elements (REESs) with lanthanum and heavy REEs with yttrium. In attrition to light and heavy REEs, the company has also discovered significant concentrations of fluorine, gallium, scandium, tellurium and vanadium.
The company said these critical minerals co-occur with and add to the project’s already well-established essential and critical mineral endowment of copper, platinum, palladium, along with its silver and gold.
In recognition of its geological potential, the U.S. Geological Survey has designated the La Plata Mining District as a Critical Minerals Resource Areaa under the bipartisan Earth Mapping Resources Initiative. Prior to sampling work, the U.S. Bureau of Mines at La Plata had shown enriched REEs and other critical minerals in the system.
The road accessible La Plata project covers 33 square kilometres, approximately 26 kilometres northwest of Durango, Colorado.
Exploration by Rio Tinto Group [RIO-NYSE], Freeport-McMoran Inc. [FCX-NYSE] in the 1950s and 1970s focused on bulk tonnage disseminated and stockwork porphyry copper-silver-gold mineralization. Metallic acquired the project in 2019.
An expanded 2023 NI 43-101-compliant inferred mineral resource estimate at highlights a significant porphyry copper-silver resource containing 1.21 billion pounds of copper and 17.6 million ounces of silver, with numerous additional targets showing potential for a district-scale porphyry system. Newmont Corp. [NGT-TSX, NEM-NYSE, ASX, PNGX] is a 9.5% strategic investor in Metallic Minerals and provides expertise and collaboration on the La Plata project via joint technical committee.
In Canada’s Yukon Territory, Metallic has consolidated the second largest land position in the high grade Keno Hill silver district, directly adjacent to Hecla Mining’s [HL-NYSE] operations, with more than 300 million ounces of high-grade silver in past production and current reserves and resources. The 2024 inferred mineral resource estimate at the company’s Ken Silver project adds 18.2 million ounces of silver equivalent (AgEq) grading 233 g/t AgEq to the company’s total resources.
The company is also one of the largest holders of alluvial gold claims in the Yukon and is building a production royalty business by partnering with experienced mining operations.
“We are increasingly encouraged by the growing evidence that La Plata is not only an exceptional copper and precious metals system, but may also be a strategically significant U.S. based source of critical minerals,’’ said Metallic Minerals CEO Greg Johnson.
On Thursday, the shares eased 1.8% or $0.005 to 26 cents and now trade in a 52-week range of 40 cents and 12.5 cents.