WASHINGTON — President Joe Biden marks his 100th day in office with a trip to Georgia on Thursday, visiting former President Jimmy Carter and pitching his plans to spend trillions of dollars to rebuild the U.S. economy.
After limited time on the road due to the COVID-19 pandemic, Biden is stepping up his travel schedule after his first address to a joint session of Congress on Wednesday. He will have a drive-in rally near Atlanta on Thursday and additional campaign-style stops are planned in Pennsylvania and Virginia in coming days.
During his speech to Congress, Biden appealed to Americans to support his “blue-collar blueprint” for change, saying his administration would invest a combined $4 trillion in families and infrastructure to rebuild the middle class.
Biden said his plans would add millions of well-paying jobs and trillions of dollars to economic output in coming years, while helping to reverse decades of systemic racism.
Former President Donald Trump, whom Biden succeeded in January, expressed concern about the tax increases on corporations that Biden wants to pay for his plans. He predicted it would prompt some companies to relocate abroad.
“They’re going to leave here so quickly,” Trump said in a phone interview with Fox Business Network’s “Mornings with Maria.”
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Georgia’s Democratic Party said Biden would appear at a “Getting America Back on Track” rally in Duluth, about 30 miles (48 km) north of Atlanta.
The Democratic president also plans to meet with Carter, a close friend who at 96 is the longest-living U.S. president.
Carter and former first lady Rosalynn Carter, 93, were unable to attend Biden’s inauguration in January because of the pandemic, but the two men spoke the evening before.
First lady Jill Biden will accompany Biden to visit the Carters in Plains, Georgia, about 150 miles (240 km) south of Atlanta. Both couples are now vaccinated.
Biden was the first U.S. senator to endorse Carter’s run for the presidency in 1976, and the two men have been close for decades.
Carter, president from 1977 to 1981 and a Nobel Peace Prize winner, has experienced a string of health problems in recent years, including falls and a form of skin cancer.
Biden is also expected to meet with Georgia’s two Democratic U.S. senators, Raphael Warnock and Jon Ossoff, whose elections in the Republican-leaning state secured Democrats control of the Senate, and Atlanta Mayor Keisha Lance Bottoms.
Biden carried Georgia in November’s presidential election, the first Democrat to do so in 28 years.
His visit comes a day after the U.S. Justice Department charged three white men with federal hate crimes and the attempted kidnapping of Ahmaud Arbery, a Black man who died last year after he was gunned down while jogging through a suburban neighborhood in southern Georgia.
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Georgia has become a hot spot in a nationwide battle over voting rights.
Over 100 U.S. corporations as well as civil rights activists and sports leagues have spoken out against voting rights curbs passed by Georgia’s Republican state legislature.
Biden has forcefully opposed the restrictions passed in Georgia, calling them “sick” and “un-American.”
Similar measures are under consideration in other Republican-controlled states, where backers have used former President Donald Trump’s false claims of voter fraud in last year’s election to push for changes they say are needed to improve election integrity. (Reporting by Andrea Shalal; Editing by Heather Timmons, Kieran Murray, Peter Cooney and Chizu Nomiyama)
In-depth reporting on the innovation economy from The Logic, brought to you in partnership with the Financial Post.
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Dore Copper fulfils option agreement for Cornerback property, Quebec
Dore Copper Mining Corp. [DCMC-TSXV; DRCMF-OTCQB] completed an option agreement with VanadiumCorp Resource Inc. [VRB-TSXV; APAFF-OTC; NWN-FSE] and has earned a 100% interest in the Cornerback property, which totals 2,100 hectares and surrounds the company’s flagship Corner Bay high-grade copper-gold project located in the southern portion of the Chibougamau mining camp, Quebec. Ernest Mast, president…
Dore Copper Mining Corp. [DCMC-TSXV; DRCMF-OTCQB] completed an option agreement with VanadiumCorp Resource Inc. [VRB-TSXV; APAFF-OTC; NWN-FSE] and has earned a 100% interest in the Cornerback property, which totals 2,100 hectares and surrounds the company’s flagship Corner Bay high-grade copper-gold project located in the southern portion of the Chibougamau mining camp, Quebec.
Ernest Mast, president and CEO, commented: “The Cornerback option agreement was the first transaction the corporation completed after establishing itself in the Chibougamau mining camp as a private company in September, 2017. It is a significant land position that surrounds our key Corner Bay asset. The company is currently completing a 16,500-metre drilling program at the Corner Bay deposit, which is indicating additional exploration potential to the south. This acquisition is consistent with our strategy of consolidating the Lac Dore/Chibougamau mining camp and creating a profitable hub-and-spoke operation model with our Copper Rand centralized mill.”
Adriaan Bakker, president and CEO of VanadiumCorp, added: “We are proud to work with Dore Copper as they revitalize the Chibougamau mining district, once an integral producer of copper and gold in Canada. Dore Copper has assisted VanadiumCorp in realizing value from our Cu-Au mining claims, allowing us to prioritize development of our nearby vanadium mineral resource and to develop our patented and proprietary vanadium technologies. Our companies are aligned in recognizing the region’s vast geological potential within the politically stable and mining-friendly jurisdiction of Quebec.”
The Cornerback option agreement was signed with VanadiumCorp September 6, 2017. The property comprises 48 claims covering approximately 2,100 hectares and surrounds the corporation’s Corner Bay Project and is adjacent to the corporation’s Devlin copper project to the west.
The terms of the option agreement to acquire the Cornerback property were $250,000 in cash payments (five annual payments of $50,000). The corporation decided to make the final payment of $50,000 in advance of the due date of September 6, 2021. In addition, VanadiumCorp retains a 2% NSR, of which 50% or 1% can be bought back for $1-million, and upon commencement of commercial production on the Cornerback property, Dore Copper would make a $250,000 cash payment.
The Cornerback property has a number of exploration and geophysical targets, including the potential southern extension of the Corner Bay main deposit. The claims have favourable geology being located on the southern flank of the Chibougamau pluton with a gabbroic anorthosite sequence.
Dore Copper plans to deliver a preliminary economic assessment of its hub-and-spoke model in late 2021. Currently, the corporation is completing a 16,500-metre drilling program.
Spanish Mountain files PFS for Spanish Mountain, BC
Spanish Mountain Gold Ltd. [SPA-TSXV; SPAZF-OTC; S3Y-FSE] reported positive results of the prefeasibility study (PFS) for the 100%-owned Spanish Mountain gold project located in central British Columbia, Canada. The PFS, prepared in accordance with NI 43-101 Standards of Disclosure, delineates a Mineral Reserve within the near-surface/higher-grade portion of the Mineral Resource. All dollars figures are…
Spanish Mountain Gold Ltd. [SPA-TSXV; SPAZF-OTC; S3Y-FSE] reported positive results of the prefeasibility study (PFS) for the 100%-owned Spanish Mountain gold project located in central British Columbia, Canada. The PFS, prepared in accordance with NI 43-101 Standards of Disclosure, delineates a Mineral Reserve within the near-surface/higher-grade portion of the Mineral Resource. All dollars figures are Canadian (CAD) unless otherwise noted. Certain key economic metrics are stated in USD to facilitate comparison with projects/mines globally.
Proven & Probable Mineral Reserves are 2.3 million ounces (Moz) of gold and 2.2 Moz of silver. Measured & Indicated Mineral Resources are 4.7 Moz of gold and 6.8 Moz of silver, an increase of 0.6 Moz of gold from previous estimates due to optimization and an increased gold price assumption. This increase in Mineral Resources does not yet reflect the drilling results from the 2020 winter program due to industry-wide delays at assaying laboratories. These results will be incorporated in a future resource update.
Life-of-Mine (LOM) production is 2.1 Moz of gold and 0.9 Moz of silver over 14 years. Average annual gold production is 183,000 oz (first 6 years) and 150,000 oz (LOM) with peak production of 210,000 oz in year 6. Average all-in-sustaining cost (AISC) of production: US$707/oz (first 6 years) and US$801/oz (LOM)
Pre-tax project economics: NPV5% of $848M, IRR of 25% and payback of construction capital in 3.2 years at US$1,600/oz gold (Base Case); NPV5% of $1,209M, IRR of 31% and payback in 2.7 years at US$1,800/oz gold.
Post-tax project economics: NPV5% of $655M, IRR of 22% and payback of construction capital in 3.3 years at US$1,600/oz gold; NPV5% of $888M, IRR of 27% and payback in 2.8 years at US$1,800/oz gold.
Post-tax average annual free cash flow from operations is $189M (first 6-yr) and $128M (LOM) at US$1,600/oz gold; $220M (first 6-yr) and $153M (LOM) at US$1,800 gold. Post-tax LOM cumulative tax free cash flow from operations : $1,797M at US$1,600/oz gold; $2,140M at US$1,800/oz gold
An initial capital cost of $607 million (US$461 million), including a contingency of $75 million
The PFS is based on a 20,000 tonnes per day (tpd) milling rate to process the delineated Proven & Probable Reserves as a standalone open pit operation for 14 years. The proposed mine is expected to be owner-operated using a conventional open-pit mining method to produce a total of 96 million tonnes (Mt) of ore with an average diluted gold grade of 0.88 g/t for the first six years and 0.76 g/t LOM.
Outcrop drills 0.7 metres of 8,584 g/t AgEq at Santa Ana, Colombia
Outcrop Gold Corp. [OCG-TSXV; MRDDF-OTC; MRG-FSE, Berlin] reported results of five holes from continuing delineation drilling in La Ivana and an update on exploration drilling on its 100%-owned, 28,000-hectare Santa Ana project in north Tolima, 190 km from Bogota Colombia. Highlights included 0.7 metre of 117.5 g/t gold equivalent or 8,584 g/t silver equivalent per…
Outcrop Gold Corp. [OCG-TSXV; MRDDF-OTC; MRG-FSE, Berlin] reported results of five holes from continuing delineation drilling in La Ivana and an update on exploration drilling on its 100%-owned, 28,000-hectare Santa Ana project in north Tolima, 190 km from Bogota Colombia.
Highlights included 0.7 metre of 117.5 g/t gold equivalent or 8,584 g/t silver equivalent per tonne and 1.0 metre of 37.4 g/t gold equivalent or 2,731 g/t silver equivalent.
La Ivana high-grade mineralization remains open along strike and depth. Greenfield exploration progresses with less than 25% of the mapped or inferred vein traces tested.
“Three of five recent delineation holes at La Ivana returned values greater than two kilograms silver equivalent per tonne, including a remarkable value of 8.6-kilogram silver equivalent per tonne,”” commented Joseph Hebert, CEO. “These values are of significance considering that the average grade of the world’s 12 largest silver mines has fallen to 300 grams silver equivalent per tonne.”
Preliminary drilling in greenfield targets Palomo, Prias, Culebra and El Gordo have defined vein structures and local epithermal veins with significantly anomalous mineralization.
Where veins and fault-veins are well defined, especially if those veins have already produced shoots, Outcrop will begin drilling fans on panels approximately 135 metres apart.
From results in the central area of known precolonial mining, the company expects a shoot periodicity of one to two large, high-grade shoots within every 800 metres of vein. It is expected that systematic drill panels along vein traces will increase the pace of new shoot discovery.
At the core Santa Ana project, located at the northern extent of just one of the regional vein systems controlled by Outcrop, at least 12 principal vein zones are recognized that cumulatively provide up to 14 km of cumulative strike length – La Ivana (La Porfia vein system), Roberto Tovar (Royal Mines, including the Santa Ana, Delhuyar and Roberto Tovar vein systems), San Juan (Santa Ana and Delhuyar vein systems), El Dorado (El Dorado and El Paraiso vein systems), Morales, Pollera, Guanabanera, San Antonio, Palomos, Murillo, Culebra and Megapozo (El Paraiso vein system). Drilling indicates that mineralization extends from the surface or near surface to depths of at least 350 metres locally.
Outcrop is a hybrid prospect generator, acquiring silver and gold exploration projects with world-class discovery potential. Outcrop performs its own grassroots exploration and then employs a joint venture business model. Outcrop has five primary projects in Colombia.
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