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Amended - Pegmatites Provide Potential Strike in Excess of 10k
In accordance with Listing Rule 5.7 and the JORC Code, this amended announcement includes JORC Table 1 (sections 1 and 2). Additionally, a cautionary statement was added on page 1. No other amendments were made.
Reach Resources Limited (ASX: RR1 & RR1O) (“Reach” or “the Company”) is pleased to advise that recent mapping at the Company’s 100% owned Morrissey Hill Lithium Project, Yinnetharra WA has identified multiple, previously unrecognised, wide and strike extensive pegmatite swarms.
- Multiple new, wide and strike extensive pegmatites have been identified during recent mapping at the Morrissey Hill Lithium Project, Yinnetharra WA.
- The new target areas significantly increase the scale of opportunity at Morrissey Hill.
- Morrissey Hill has now demonstrated to host more than 50 previously unrecognised pegmatites with a combined cumulative strike length in excess of 10km.
- Individual outcropping pegmatites show strike lengths of up to 2kms and widths of up to 30m. The majority occur within a mixed package of sediments & mafic volcanics (greenstones).
- A comprehensive rock chip and geochemical soil sampling survey is already underway.
- Heritage surveys have been completed for the majority of newly identified targets.
- All samples from Phase 1 drilling at the Bonzer Prospect are now at the lab, with results expected early October.
- Phase 2 drilling remains set to commence this year pending receipt of regulatory approvals.
Figure 1: Mapped Pegmatite swarms – Morrissey Hill Lithium Project.
Figure 2: Peggy Sue Prospect showing coarsely crystalline pegmatite intruding mafic sediments of the Leake Springs Metamorphics Group.
Individual pegmatites extend up to 2km in strike length and over 30 metres in width. The majority are hosted within mafic volcanics (basalts/greenstones) and/or mafic sediments of the Leake Springs Metamorphics Group, the same sequence which hosts Delta Lithium’s neighbouring Malinda Lithium Deposit (ASX: DLI).
Combining the potential strike length of the Bonzer Pegmatite Field with these new target areas suggests a total strike length of prospective pegmatites at Morrissey Hill to be in excess of 10km. However, this does not include the potential for additional strike from “blind” pegmatites which have been proven to be on site through the recent maiden drill program.
Three of the new target areas, Peggy Sue, Sunset Boulevard and the Morrissey Hill prospects have all had heritage surveys completed with Peggy Sue and Morrissey Hill cleared for drilling. The Martin’s Reach prospect will be the subject of further heritage surveys with the Yinggarda people.
Rock chip sampling and an extensive geochemical soil sampling survey, which has proven to be an effective method so far for identifying potentially mineralised pegmatite systems, is now underway across all these areas.
Results from this work together with those from the recently completed maiden drilling program at the Bonzer Prospect will determine the order, extent and locations for future drill programs.
Figure 3: Martin’s Reach Prospect showing pegmatite intruding mafic volcanics (basalt/greenstones).
Jeremy Bower CEO commented:
“Our maiden drill program at Morrissey Hill has been extremely encouraging. Not only have we intersected significant pegmatite widths below surface and stacked down hole to ~400m, the extended time on site has also allowed the team to map some seriously good outcropping pegmatite targets right across the project area.
Most importantly, these pegmatites are hosted within greenstones (mafic volcanics) and/or sediments of the Leake Springs Metamorphic package rather than simply granite as is indicated on the regional scale GSWA map sheets. These are the same rocks that host the lithium mineralisation at Delta Lithium’s Malinda Project right next door.
Our new target areas are a significant development as they potentially extend our strike length at Morrissey Hill to over 10km across all the target areas. This 10km does not include the “blind” pegmatites that we know are on site, based on our intersections during the maiden drill campaign. The Future is within Reach.”
This article includes content from Reach Resources, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
With a total land package of over 3,000 square kilometres surrounded by some of the most promising projects and most significant lithium discoveries in Western Australia’s prolific Gascoyne Region, Odessa Minerals (ASX:ODE) is uniquely positioned to leverage a quickly emerging battery metals market to drive its fully funded lithium and rare earths exploration strategy.
Battery metals such as lithium and rare earths are the foundation of the world's transition to a more sustainable future. This is why Australia is one of several leading countries that have identified these minerals as critical.It's also why Western Australia's Gascoyne region is currently in the midst of a proverbial gold rush. Previously both under-explored and overlooked, the Gascoyne is now the target of several of the largest mining and exploration companies in the region, including Delta Lithium (ASX:DLI), Voltair Strategic Resources (ASX:VSR), Minerals 260 (ASX:MI6) and Reach Resources (ASX:RR1). There is every indication that as demand for lithium and battery metals continues to grow, activity in the region will increase even further.
Odessa Minerals’ projects in the Gascoyne Region of Western Australia totalling >3,000km2
In the middle of these mining industry titans, Odessa’s investment value proposition is noteworthy for a few reasons. Firstly, it's trading at a market cap significantly lower than the companies that surround it. The company is still at the beginning of its journey, making it an ideal investment alternative for consideration for anyone looking to get involved with lithium and the significant potential of the Gascoyne region.
In addition to being fully funded in all objectives this year, Odessa is managed by a highly invested management team that believes in the company’s full potential and strategy for success.
- Driven by lithium demand, Western Australia's Gascoyne region — previously under-explored — has become a hot zone of mining exploration and development.
- Some of the region's largest and most successful mining companies have already staked their claims there, including Delta Lithium and Dreadnought Resources.
- Odessa is an exploration company still at the beginning of its development journey, with a low market cap and strong leadership.
- Odessa's land package comprises one of the largest land holdings in the Gascoyne region, with some 3,000 square kilometres of claims divided into three distinct projects, all highly prospective and incredibly promising, located in close proximity and displaying similar geology to several recent lithium pegmatite discoveries in the region.
- Odessa's leadership team are all highly invested in the company. All planned exploration and development work is well-funded for the year.
- Over 56,000 metres strike-length of pegmatites have now been mapped by geology crews on Odessa’s Yinnetharra Lockier Range tenement
- Pegmatites at over 30 metres in width are already mapped
Key Lithium and REE Projects
Yinnetharra - Lockier Range Project
Lockier Range Project is proximal to the emergent Gascoyne lithium pegmatite province
Located in Western Australia's highly sought-after Gascoyne region, the Lockier Range Project consists of a single highly prospective exploration licence that spans 125 square kilometres within Odessa's 3,000-square-kilometre Gascoyne package. The project is in close proximity to multiple significant lithium/pegmatite discoveries by Delta Lithium (ASX:DLI), Reach Resources (ASX:RR1) and Voltair Strategic Resources (ASX:VSR). In addition it is also situated in a north-south corridor of rare earth elements (REE) carbonatite discoveries by Kingfisher Mining (ASX:KFM), Dreadnought Resources (ASX:DRE) and Hastings Technologies (ASX:HAS).
Odessa recently released an interim update on its ongoing exploration program, noting that onsite geology crews have mapped over 56,000 metres of strike-length pegmatites to date and some pegmatites seen at over 30 metres in width. Having just completed 16,500 metres of strike-length pegmatite mapping at its Eastern Pegmatite Field Target and 10,400 metres strike-length of previously undiscovered pegmatites mapped at the new Central Pegmatite Field and Mt Yaragner, the team continues to map over 30,000 metres of strike-length pegmatites at its Southern Pegmatite Field target.
Following completion of the mapping programme, Odessa plans to target and identify LCT drilling targets and obtain approvals to drill.
- Exploration Work to Date: The company has already done extensive exploration work on its Lockier Range Project, identifying significant pegmatite fields and associated lithium anomalism and lithium-pathfinder elements in the process. Highlights include:
- 1,900 soil samples collected, pending results from laboratory
- 187 rock samples collected, pending results from laboratory
- Very high tenor REE in stream sediments and soils
- Extensive and promising thorium anomalies with high thorium radiometrics signatures
- Historical REE grades up to:
- 14 percent total rare earth elements (TREE) in stream sediment sample
- 3.36 percent neodymium+praseodymium in stream sediment sample
- 3.8 percent TREE in soil samples
- Rock chip sampling returned seven samples with over 1,000 parts per million (ppm) total rare earths oxide (TREO) and containing between 14 percent and 26 percent of critical rare earth oxides (CREO).
- Stream sediment sampling returned highly anomalous results including a maximum of 821 ppm TREO at 29.1 percent CREO.
- Ideally Located: Lockier Range is located in close proximity to and shares multiple geological characteristics with the following projects:
- Adjacent to Minerals 260's Aston lithium project
- ~ 8.5 kilometres southwest of Delta Lithium's Jameson lithium pegmatite discovery
- ~ 15 kilometres southwest of Reach Resources’ Morrissey Hill lithium pegmatite discovery
- ~ 25 kilometres west of Delta Lithium's Yinnetharra lithium pegmatite discovery
- ~ 40 kilometres west of Voltaic Strategic Resources' pegmatite discovery
- ~ 70 kilometres south of Hastings Technologies' and Dreadnought Resources' rare earth projects
Lyndon Lithium and REE Project
Covering 811 square kilometres of highly prospective ground for rare earth and lithium exploration, Lyndon is situated immediately to the west of Dreadnought Resources’ Yin Project. Odessa has defined seven thorium anomalies prospective for rare earth mineralisation via airborne physical data.
Gascoyne East Lithium and REE Project
Odessa's Gascoyne East project area spans 2,108 square kilometres of exploration licences. Situated at the intersection of multiple regional fault structures, the area is believed to be underlain by the Gascoyne and Glenburg meta-granitoids with a northern on-lap of Edmund Basin. Because roughly 90 percent of the region is covered by alluvial sediments, it has not been the target of detailed exploration in the past.
It is considered to be prospective for REE, lithium-bearing pegmatites, gold, copper and graphite. In order to map the bedrock between transported cover sediments, Odessa has submitted for permitting of 113 aircore holes on existing tracks. It is also scoping a combined detailed airborne gravity and magnetic survey.
David Lenigas — Executive Director
David Lenigas is a mining engineer with a Western Australian First Class Mine Managers Certificate. He has extensive corporate experience serving at the chairman and chief executive officer level on many of the world’s leading stock exchanges, where he oversaw multiple business sectors.
Lenigas has held senior financial and management positions in both publicly listed and private enterprises in Australia, United Kingdom, Canada and Africa.
Darren Holden – Consulting Geologist
Dr Darren Holden is a geologist with 28 years of industry experience in mineral exploration and exploration technologies. He specialises in regional to local scale targeting using the integration of geology, geophysics and geochemistry.
He is currently a director of Augustus Minerals (ASX:AUG), Aurumin (ASX:AUN) and chair of OD6 Metals (ASX:OD6), as well as several private companies.
Holden has a BSc (Hons) First Class (geology) from The University of Western Australia and a PhD (history) from The University of Notre Dame Australia. Holden is a fellow of the Australasian Institute of Mining and Metallurgy (FAusIMM) and a member of the Geological Society of Australia.
Zane Lewis — Non-executive Chairman
Zane Lewis is principal and joint founder of corporate advisory firm SmallCap Corporate, which specialises in corporate advice and compliance administration to public companies. He provides the board with a wealth of knowledge obtained from his diverse financial and corporate experience in previous appointments.
Lisa Wells — Non-executive Director
Lisa Wells has 26 years of experience as an exploration geologist working across various commodities including diamonds, bulk commodities, gold and base metals. She was a senior geologist at United Kimberley Diamonds, where the Phillips Range diamond bulk sampling program at Aries South in the Central Kimberley was undertaken.
Wells has significant experience with environmental and permitting approvals, as well as on-ground coordination of trial mining operations, feasibility studies and project management in a range of commodities including diamonds, gold, phosphate and base metals.
Wells is currently a non-executive director of Territory Minerals, a gold company with projects in North Queensland. She holds a BAppSc. (geology) from Curtin University.
Robbie Featherby — Company Secretary
Robert Featherby is a corporate advisor at SmallCap Corporate, a boutique corporate advisory firm specialising in providing company secretarial, CFO and transaction management services involving both listed and unlisted companies. He is also the company secretary of Victory Goldfields (ASX:1VG), Cosmos Exploration (ASX:C1X) and Volt Resources (ASX:VRC).
It’s no secret that the world is pivoting toward clean technology, but it’s not as simple as flipping a switch. Manufacturing green tech calls for higher quantities of critical metals, such as lithium, nickel, and rare earth elements (REEs). REEs are necessary to produce the powerful magnets found in nearly every emerging clean technology, such as electric vehicles and wind turbines. China produces between 80 and 90 percent of all REEs on the planet. This monopoly raises concerns among world governments, as countries with ambitious goals to become carbon-neutral are effectively dependent on China.
The Australian government recognizes this challenge while acknowledging its untapped REEs and critical mineral deposits. The success of Hasting Technology Metals’ (ASX:HAS) Yangibana Project in the Gascoyne Province has rekindled interest in REEs. Reducing its dependence on imported critical metals is why the government committed AU$240 million to critical mineral projects, ranging from mining operations to building new refineries.
Reach Resources Limited (ASX:RR1), is a Perth-based exploration and development company, aiming to develop a critical metals supply chain in Australia through a portfolio of high-potential mineral assets in the prolific Gascoyne Province and an investment in their downstream technology. This diversified critical minerals portfolio comprising lithium, rare earth elements (REE) and niobium (Nb) as well as an advanced gold asset, is strategically located in close proximity to other successful projects in Yinnetharra, Western Australia. Reach Resources' critical minerals projects include the Morrissey Hill Lithium project; Camel Hill Li/REE project; and the Wabli Creek Nb/HREE project.
In addition to its lithium potential, recent results from ongoing exploration at Morrissey Hill also revealed high-grade copper, gold and silver. Assays from a recently concluded rock-chip sampling program included up to 33.2 percent copper, 0.2 grams per ton (g/t) gold and 142 g/t silver.
The company’s Primrose Gold Project presents a strategic opportunity to generate cash flow to fund its promising critical minerals exploration projects. The Primrose Gold Project has a JORC-compliant inferred gold resource estimate of ~1 million tons (Mt) at 3.2 grams per ton (g/t) for 105,000 ounces of gold. In addition, nearby mills within the district could enable Reach Resources to refine its raw materials and quickly generate cash flow.
In addition to its promising mining projects, and to exemplify the Company’s ESG objectives, Reach Resources has also invested in an exciting new REE recycling technology. Recycling discarded neodymium (NdFeB) magnets is the foundation of the company’s long-term strategy. It has invested in REEcycle, a US-based magnet recycling company, leveraging technology pioneered at the University of Houston. The current market solution for recycling these magnets dissolves iron and boron in the process, whereas REEcycle’s technology separates them, which means more value is extracted from discarded magnets. Additionally, pilot testing shows that the new technology can achieve up to 99.8 percent recovery efficiency of the REEs. Reach Resources hopes to bring this technology to Australia.
Reach Resources is led by an experienced management team that builds confidence in its ability to reach its goals. Jeremy Bower, CEO, has over 15 years of experience in the global consulting and mining industry, working with the likes of GHD Pty Ltd and BHP Iron Ore. Robert Downey, non-executive chairman, is a commercial lawyer with over 20 years of experience helping companies in the public and private sectors. Additional experts in the mineral industry and corporate governance round out the management team.
- Reach Resources is an Australia-based exploration and development company with short- and long-term objectives to create near-term cash flow and long-term value with gold and critical metal-focused projects and technologies.
- The company has recently announced high grade lithium oxide assay results up to 2.3 percent at its Morrissey Hill project and up to 14.3 percent niobium with associated heavy REE’s at its Wabli Creek project. Forward plans are focused on a maiden drill program at Morrissey Hill initially before moving to Wabli Creek.
- Reach Resources wholly owns all its projects that allow for near- and long-term value creation.
- Investing in an emerging magnet recycling technology, REEcycle, diversifies the company’s portfolio and could potentially enable them to bring the US-based technology to Australia.
- A strong management team with decades of diversified experience leads the company toward its ambitious goals.
Morrissey Hill Lithium
Morrissey Hill contains historical high-grade lithium, tantalum, rubidium, cesium, niobium results from rock-chip samples. It adjoins Red Dirt Metals’ (ASX:RDT) Yinnetharra Lithium Project, which recently announced initial assay results from drill intersections including 55.6 meters at 1.12 percent lithium oxide including 15 meters at 1.52 percent lithium oxide from 95 meters.
Geology within Morrissey Hill is consistent with Red Dirt Metals’ “Goldilocks Zone” theory for occurrence of lithium-cesium-tantalum (LCT) pegmatites. Numerous outcropping pegmatites have already been mapped at Morrissey Hill. In addition, results show a 5-kilometer lithium soil anomaly (>100 ppm Lithium) untested by drilling.
- Historical high-grade samples: Results from historical rock-chip sampling at Morrissey Hill includes: 1.32 percent lithium oxide; 3.62 percent tantalum pentoxide; 1,936 ppm rubidium; 2,276 ppm cesium; and 1.55 percent niobium pentoxide.
- Sampling Confirms High-grade Lithium: Encouraging assay results confirmed high-grade lithium of up to 2.3 percent lithium oxide; 4,295 ppm caesium and 705.8 ppm tantalum oxide.
- High-grade copper, gold and silver: Recent rock-chip sampling also confirmed up to 33 percent copper, 0.2 grams per ton (g/t) gold and 142 g/t silver.
Wabli Creek REE Project
Pegmatites at Wabli Creek were previously evaluated by Great Mines, Kookynie Resources and Nickel Mines while targeting calcrete-hosted uranium deposits between 1974 and 1983. Two mineralised pegmatites have been the focus of exploration to date at Wabli. Reconnaissance assays indicate significant levels of critical elements like niobium and tantalum. A field program is currently underway at Wabli Creek, which includes detailed surface geochemical soil surveys, mapping the individual niobium-tantalum pits and following the niobium-tantalum-heavy-rare-earth mineralisation along strike.
- High-grade assays: High‐grade results from surface eluvial samples at Wabli Creek include: 14.3 percent niobium pentoxide; 6.7 percent tantalum pentoxide; 3,689 ppm total rare earth oxides (TREO) with 70.3 percent heavy rare earth oxides (HREO)
- Consistent high-grade niobium and HREO: Independent geological experts have advised that the consistent high‐grade niobium and HREO are associated with an approximately 2.5-kilometer-long rare element pegmatite swarm identified from historical records at Wabli Creek.
- Future work: Geophysical work using tight spaced radiometrics, gravity and/or aeromagnetics; petrography study using powder X‐ray diffraction and scanning electron microscopy; and drill testing of key targets.
Camel Hill REE Project
The Camel Hill tenement includes historical rock-chip samples with total rare earth oxide (TREO) results of up to 1,357 ppm - an approximately 3.5-kilometer REE soil anomaly of more than 500 ppm REE. Recorded REE anomalies at Camel Hill correspond with thorium radiometric highs.
Primrose Gold Project
- Total inferred mineral resources: 1.035 million tons (Mt) at 3.2 g/t gold for 105,000 oz gold; includes higher grade components with 0.582 Mt at 4.7g/t gold for 87,000 oz gold.
- Well-known Gold Field: This project is known for its gold deposits, with historical results of up to 25 g/t found with old equipment and techniques. Now, more recent exploration programs have indicated the existence of substantial gold at shallow depths with high-grade intercepts.
- Nearby Processing Facilities: Two mills within the district may be available for processing the raw materials. However, the mine may eventually support its standalone mill.
- Robust Infrastructure: The project is located a mere four-and-a-half hours north of Perth, adjacent to the Great Northern Highway. A local roadhouse provides accommodations and maintains a nearby airstrip.
- Blue Heaven Prospect: On August 29, 2022, Reach Resources’ wholly owned subsidiary Cervantes Gold was granted a mining lease over the entire Blue Heaven tenure package within the Primrose Gold Project.
Jeremy Bower - CEO
Jeremy Bower is an experienced company executive with a strong technical background spanning the last two decades.
He has worked across a diverse range of industries with a major focus on mining and resources with global consulting firms and BHP Billiton Iron Ore.
Bower has developed a unique skill set over the last twenty years working in technical fields such as contaminated sites, environmental impact assessment and tenure management to project management, corporate affairs and as the chief executive officer for several companies.
With the experience and understanding gained from these fields. Bower brings a highly strategic and detailed focus to company management.
Robert Downey - Non-executive Chairman
Robert Downey is a barrister and solicitor in Western Australia and has practiced as a corporate and commercial lawyer for over 20 years. He advises a wide range of public and private companies, and high-net-worth individuals, concerning commercial and corporate transactions. Downey has been a director of many publicly listed and private companies, offering significant experience as a director. He has particular experience in day-to-day listing rule compliance, disclosure, and governance issues.
Sam Wright - Non-executive Director
Sam Wright has over fifteen years of experience in the administration of ASX-listed companies, corporate governance and corporate finance. He is a member of the Australian Institute of Company Directors, the Financial Services Institute of Australasia, and the Chartered Secretaries of Australia. Wright is currently the finance director and company secretary of PharmAust (ASX:PAA) and non-executive director and company secretary of Structural Monitoring Systems (ASX:SMN). Wright is the company secretary at Buxton Resources (ASX: BUX) and Wide Open Agriculture (ASX:WOA).
Matthew O'Kane - Non-executive Director
Matthew O’Kane is an experienced mineral industry executive and company director with 25 years of experience in the mining, commodities, and automotive sectors. He has held senior leadership roles in Australia, the US, and Asia, in both developed and emerging markets. O’Kane has served on the board and as an executive of mining companies in Canada, Hong Kong, and Australia. He is currently the managing director of Comet Resources, non-executive director of Pursuit Minerals and non-executive director of Azarga Uranium. During his career, O’Kane has worked with companies involved in production, exploration, and development.
Chris Achurch - Company Secretary
Chris Achurch provides company secretarial, corporate advisory, and general consulting services to a number of ASX-listed clients.