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The threat of "weaponizing" rare earths by China means potential sellers of the minerals to the US stand to gain from a tightened international supply and higher prices.

The new discovery could add 25,000 metres of underground exploration drilling and 75,000 metres of definition drilling at Lac des Iles this year.

The jump was driven primarily by the $17.4-billion acquisition of Goldcorp Inc.

Shares of the company rose by nearly 6% on Wednesday morning.

The project is located 100 kilometres north-northwest of the Ring of Fire nickel and chromite deposits.

The program is intended to locate high-grade uranium hosted in faults along the C10 horizon, the major regional fault structure.

Nighthawk has increased its drill program to 35,000 metres for the year, up from the previously forecast 25,000 metres, which makes it the largest drill program in the explorer’s history.

The refinery's output could be doubled to 5,000 t/y cobalt contained in sulphate.

For all the deposits, the indicated resource is 3.2 million tonnes averaging 6.33 g/t gold and containing 643,000 oz. of gold.