Foremost Lithium's $10M Proposal To CMIF; US Gold Corp's Wyoming Project; Cleveland-Cliffs Downgraded And More: Wednesday's Top Mining Stories

Top Stories for Feb. 28, 2024:

1. Foremost Lithium Resource & Technology Ltd. FMST submitted a $10 million proposal to the Government of Canada's $1.5 billion Critical Mineral Infrastructure Fund.

The fund provides two eligible streams of funding with Stream 1 earmarked for preconstruction and project development and Stream 2 dedicated to infrastructure deployment.

Foremost applied for Stream 1 funding to build a 9.5-kilometer road connecting an existing road to its Jean Lake and Zoro Property in addition to funding other access improvements to provide reliable transportation for lithium, gold, nickel and timber.

2. U.S. Gold Corp. USAU Director Robert Schafer discussed the strategic advantages of the CK gold project in Wyoming.

First, he pointed to the project’s infrastructure advantage of being located near major highways and railroads to easily transport materials to smelters.

He then highlighted the dual exposure to copper and gold markets, including high-quality copper concentrate with significant gold content, as well as the low sulfide content in the ore that will minimize the environmental impact.

Schafert also emphasized the positive relationship between the project and the state government, which helped to streamline the permitting process and the project's contribution to the state's Education Fund.

3. Exane BNP Paribas analyst Seth Rosenfeld downgraded Cleveland-Cliffs CLF from Neutral to Underperform and announced a price target of $16.50.

4. McEwen Mining Inc. MUX issued an exploration update for its Stock Mine property in Northern Ontario.

The company reported a 31% year-over-year increase in gold resources at Stock West and Stock Main, with confirmation of good grading structures plunging to depth.

Meanwhile, Stock East could become a source of revenue in the near future. Earlier drilling may have missed possible high-grade occurrences, but recent assay results from the infill drill program identified mineable widths and grades.

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