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March 11, 2021updated 28 Jul 2022 11:16am

Sphinx Resources to buy former New Calumet Mine in Michigan, US

Sphinx Resources has signed an agreement with two prospectors to acquire 14 claims comprising the former New Calumet zinc-lead-silver mine in Pontiac District, Michigan in the US.

Sphinx Resources has signed an agreement with two prospectors to acquire 14 claims comprising the former New Calumet zinc-lead-silver mine in Pontiac District, Michigan in the US.

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The deal, which has been signed with Golden Calumet Exploration and Geotest, is subject to the approval by the TSX Venture Exchange.

Under the terms of the agreement, Sphinx will issue 7,500,000 common shares of Sphinx to the two prospectors in exchange for the 14 claims.

Located at less than 10km north-west of Bryson, Quebec, the New Calumet Mine treated 3.8 million tonnes of ore at 5.8% zinc, 1.6% lead, 65 g/t silver and 0.4 g/t gold from 1943 to 1968.

As per the historical resource estimate made in 1996, the mine included reserves in two zones above the 600ft level.

Sphinx Resources CEO Jeremie Ryan said: “I’m pleased with the consolidation of the claims on Calumet island, where historical resources were reported in 1996. The upcoming purchase of the New Calumet Mine will surely be seen as a positive sign for Sphinx Resources.”

Upon completion of the deal, Sphinx will have 235 claims in Pontiac District with 213 surrounding the New Calumet Mine.

By consolidating bank of data, Sphinx plans will study all its Pontiac District projects with an integrated view in the coming months and identify and test best targets, subject to successful financing.

In a press statement, Sphinx said: “Sphinx will still be looking for zinc and copper, but also for precious metals like gold and palladium. Sphinx will continue to be open for any business initiative that may improve the return for its shareholders.”

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Dig deeper with our mining equipment forecasts

As ore mines ramp up and come on stream, the total number of active surface machines (including trucks, excavators, shovels, loaders, graders and dozers) is forecast to rise from 141,470 in 2020 to 167,367 by 2025. This will be a CAGR of 3.4% from 2020 to 2025. The largest contributor to this growth is expected to be trucks, particularly smaller-sized trucks with shorter lifespans, used extensively in parts of Asia Pacific. Underground mining equipment is similarly expected to see a CAGR of 2.3% in this same time frame, with the number of mining trucks and loaders/LHDs in active underground mines expected to rise to 19,853 by 2025. GlobalData’s extensive mine-site research and equipment models have been used to build a complete view of mobile mining equipment populations globally for trucks, loaders, graders, dozers, excavators and shovels. This report includes informative breakdowns by each major region and key mining country, and also by major commodity. Read GlobalData’s Global Surface and Underground Mining Equipment: Populations & Forecast to 2025 for a complete view of the market, allowing you to best position yourself for the future.
by GlobalData
Enter your details here to receive your free Report.

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