Giga Metals, backed by Mitsubishi Corporation, published a Pre-Feasibility Study (PFS) in October, 2023 on its Turnagain nickel and cobalt project in B.C., Canada. The PFS describes a project life of 30 years with typical annual production of 77 million pounds of nickel and 4.4 million pounds of cobalt.
Demand for nickel is growing faster than any other base metal because of demand for the high energy density batteries needed for electric vehicles, and nickel is the best cathode material for that purpose.
Despite this, the current nickel market is oversupplied due to overbuilding by China in Indonesia. At current prices, about half of worldwide producers, including many in Indonesia, are losing money, which most analysts regard as a market bottom. The oversupply is already shrinking.
While the nickel market sorts itself out, Giga management has turned its attention to a large area adjacent to its nickel reserves, known as the Attic zone, that is highly prospective for copper.
Giga Metals recently started working with Dr. Stephen Beresford, an internationally recognized geoscientist who has conducted field exploration in 66 countries, served as Chief Geologist of three major mining companies, and is a lecturer and a professor. Dr. Beresford has been helping guide the exploration program at Power Nickel’s Nisk project, with remarkable success.
Dr. Beresford believes that the Attic zone is prospective for a “Volkovsky” type massive copper sulphide/magnetite deposit. He has also identified several other prospect types within the Turnagain ultramafic system that should be further evaluated.
Giga Metals will be exhibiting at PDAC 2025 in Toronto from March 2-5. This is a great opportunity to visit Giga Metals at booth #2824 at the Investor Exchange and speak with management to learn more about the exciting exploration developments.