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High-Grade Lithium Assays Confirm Significance of Spodumene-Bearing Pegmatite
July 31, 2022
Results of up to 1.91% Li2O just 4km from Pilbara Minerals’ Pilgangoora lithium-tantalum mine; Drilling being planned for September
Kairos Managing Director, Dr Peter Turner said: “The high-grade lithium results, combined with the confirmation of spodumene mineralogy, is a very exciting development.
Highlights
- Five pegmatite samples from the Lucky Sump prospect at Mt York have returned exceptional assays including:
- 1.91% Li2O & 103 ppm Ta (MYR393)
- 1.56% Li2O & 115 ppm Ta (MYR401)
- 0.58% Li2O & 167 ppm Ta (MYR396)
- The spodumene-bearing pegmatite samples were discovered during routine earthmoving activities next to the flagship Mt York gold deposit
- The spodumene pegmatites are part of a larger interpreted dyke swarm at Mt York
- Planning underway to RC drill-test large area of Lucky Sump
“In light of these exceptional results, we plan to expedite planning to drill all of Lucky Sump. We intend to test the entire interpreted pegmatite dyke swarm, which is under cover, with the first RC drilling anticipated in September.
“We are in a Tier 1 destination for spodumene pegmatite projects with two world-class Li-Ta deposits (ASX:PLS, ASX:MRL) in the neighbourhood and we have demonstrated that we have the right fertile geology for significant Lithium-Caesium-Tantalum (LCT) pegmatite discoveries”.
Figure 1. Kairos Geologist Campbell Watts holding a piece of spodumene-bearing pegmatite (MYR393 – 1.91% Li2O) discovered at ‘Lucky Sump’ during routine earth moving activities.
Five samples of pegmatites that were analysed by hyperspectral and XRD methods confirming the presence of spodumene mineralogy (see KAI Announcement dated 12 July 2022), were submitted to NAGROM Laboratories in Perth for chemical analysis. Photographs of the pegmatites are shown in Figure 2.
The samples were crushed and pulverised and a 200g subsample selected for Na-peroxide fusion with hydrochloric acid digestion. This method was selected as it is considered to be a complete dissolution of all resistate minerals they may contain the selected elements of interest. The analysis of the samples was conducted using inductively couple plasma mass spectrometry (ICP-MS) with the elements Li, Rb, Cs, Be, Mn, Fe, Ti and Ta selected. The results are shown in Table 1.
Table 1. Assay results from NAGROM Laboratory, Perth. Conversion of Li ppm results to Li2O involves a two-step process to divide the Li ppm result by 10,000 (conversion to Li %) and multiplying Li % by 2.153 to obtain the Li2O equivalent. Method ICP005 refers to NAGROM’s Inductively coupled plasma mass spectrometry analysis code.
Figure 2. Lucky Sump pegmatite samples showing lithium and tantalum results.
Click here for the full ASX Release
This article includes content from Kairos Minerals, 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.
KAI:AU
10h
Sarama Completes Second and Final Tranche of Placement
Funds raised will be used to sustain Sarama while it focuses on maximising value from its existing asset base in Burkina Faso, advancing potential opportunities outside Burkina Faso and to fund administration and general working capital costs
Sarama Resources Ltd. (“Sarama” or the “Company”) (ASX:SRR, TSX-V:SWA) is pleased to report that on 17 April 2024, it completed the previously announced A$520,000 equity placement (the “Placement”) (refer to Sarama news releases dated 18 December 2023 and 22 December 2023).
The second and final Tranche of the Placement raised aggregate gross proceeds of A$50,000 with the Company issuing 2,500,000 Chess Depository Instruments (“CDIs”) at an issue price of A$0.02 per CDI to a director, Mr Andrew Dinning. The issuance of the CDIs to Mr Dinning was subject to shareholder approval, as required by the Australian Securities Exchange (“ASX”) Listing Rules, which was obtained at a special meeting held on 11 April 2024. Each new CDI issued under the Placement will rank equally with existing CDIs on issue and each CDI will represent a beneficial interest in 1 common share of the Company.
Tranche 1 of the Placement, completed on 22 December 2023, raised aggregate gross proceeds of A$470,000 with the Company issuing 6,000,000 common shares and 17,500,000 CDIs (the CDIs and together with the common shares, the "Securities") at an issue price of A$0.02 per Security.
Members of Sarama's Board and Management subscribed for an aggregate 6,250,000 CDls in the Placement.
Each of the directors and officers who participated in the Placement is a "related party" of the Company within the meaning of that term in Canadian Multilateral Instrument 61-101 - Protection of Minority Shareholders in Special Transactions ("MI 61-101"). Participation by them in the Placement is therefore a "related party transaction" within the meaning of MI 61-101. Pursuant to Section 5.5(a) and 5.7(1)(a) of MI 61-101, the Company was exempt from obtaining a formal valuation and minority approval of the Company's shareholders in respect of the Placement due to the fair market value of their participation being below 25% of the Company's market capitalization for the purposes of MI 61-101. The Company filed material change reports in respect of the Placement which detail the participation by directors and officers of the Company. The material change reports were filed less than 21 days prior to the completion of each tranche of the Placement, which the Company deems reasonable in the circumstances so as to be able to avail itself of potential financing opportunities and complete the Placement in an expeditious manner. Each of the directors and officers who participated in the Placement are subject to an Exchange Hold period imposed by the TSX Venture Exchange on the CDIs issued to such persons. The Exchange Hold Period expires 4 months from the date of issue of the securities.
The common shares issued under the Placement are all subject to a four-month hold period from the date of issue in accordance with applicable securities laws.
Click here for the full ASX Release
This article includes content from Sarama 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.
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12h
Completion of Rights Issue
$0.5 million partial underwrite of the Rights Issue from Breakaway Investment Group
R3D Resources Limited (ASX: R3D) (the Company) (renamed Tartana Minerals Limited) is pleased to advise that the 1 for 5 pro rata entitlement offer of New Shares in the Company at an issue price of $0.05 per New Share, as well as 1 attaching Option exercisable at $0.10 expiring 31 December 2025 for each 2 New Shares subscribed for (the Rights Issue) which opened in November 2023, has now closed. A total of$500k will be raised pursuant to the Rights Issue comprising $114k from eligible shareholders (including under the Top Up Facility) and the balance to come from the Underwriter, Breakaway Investment.
Key Points:
- Breakaway Investment (controlled by director Dr Stephen Bartrop) has underwritten the Rights Issue to a minimum raise of $0.5 million
- $114,392 raised from eligible shareholders from their entitlements and the Top Up Facility combined
- An additional $385,608 due from the Underwriter by 26 April 2024 to bring the total raise to $500,000
- Further allocations of the shortfall from the Rights Issue possible following the close of the Rights Issue on 10 April 2024
Completion of Rights Issue
The Company will today issue 2,287,828 New Shares pursuant to the Rights Issue entitlements accepted and the Top Up Facility. Additionally, the Company will issue 1,143,916 Options to those participants. These acceptances comprise $95,712 raised from entitlements accepted and a further $18,679 raised from the Top Up Facility. At this stage, the Company does not have sufficient ‘spread’ required to apply for quotation of the Options on ASX as originally envisaged. The Company will review whether there is sufficient spread following the completion of the Shortfall Offer and the issue of Options attaching to the placement in November 2023 which continues to be subject to shareholder approval yet to be sought as at today.
As announced on 27 March 2024, Breakaway Investment Group Pty Ltd (Breakaway Investment), an entity controlled by R3D’s Managing Director, Dr Stephen Bartrop, has committed to underwrite the Rights Issue to a minimum raise of $500,000 (the Underwriting). The Company has provided a notice to Breakaway Investment to subscribe for $385,608 in New Shares by 26 April 2024 in order to achieve the total raise of $500,000. A further issue of securities will be conducted upon receipt of those funds from Breakaway Investment (and or its sub- underwriters).
Further issues of securities beyond the Underwriting may be made up to the $1,023,716 shortfall that will remain under the Rights Issue following the Underwriting. The Company will issue the relevant ASX Appendices 2A and 3G this morning.
Click here for the full ASX Release
This article includes content from R3D Resources Limited, 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.
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12h
Aspacia Deposit Records Maiden Mineral Resource at the Menzies Gold Project
Brightstar Resources Limited (ASX: BTR) (Brightstar) is pleased to announce a maiden Mineral Resource Estimate (MRE) at Aspacia, located approximately 1km west of Menzies town (MGP). This MRE was undertaken on over 110 RC and diamond holes including recent programs completed by Brightstar.
HIGHLIGHTS
- Maiden JORC2012 Mineral Resource Estimate (MRE) at Aspacia of 1.37Mt @ 1.6g/t Au for 70koz Au at a 0.5g/t Au cut-off grade
- Brightstar has increased the total Menzies MRE by ~20% since Brightstar ownership commenced in late May 2023
- Mineral Resource growth vindicates Brightstar’s strategy of identifying, drilling and delineating areas considered prospective to hold future potentially mineable ounces
- Within the Aspacia MRE, there is a high-grade subset of 290kt @ 3.72g/t Au for ~35koz using a 2.0g/t Au cut-off grade
- Mineralisation remains open at depth and along strike and will be tested further with upcoming drilling programs to grow and improve the confidence of the MRE
- Combined Brightstar MRE of 1.1Moz Au across the Menzies and Laverton Gold Projects, with an additional ~0.35Moz Au in resources to be added via a successful completion of the off-market takeover of Linden Gold Alliance1
- Pre-Feasibility Study work streams for the Menzies and Laverton Gold Projects are in progress, with significant drill programs commencing imminently across the Brightstar portfolio targeting resource confidence upgrades and material for testwork purposes.
Brightstar’s Managing Director, Alex Rovira, commented“We are delighted to announce that we’ve added a further 70koz to the Menzies Gold Project, with +90koz added by Brightstar to the original 505koz acquired three quarters ago through the transaction with Kingwest Resources Ltd.
Encouragingly, the Selkirk-First Hit-Lady Shenton trend seems to be distinct to that of the Aspacia deposit, which may lead to similar repetitions north and south of Aspacia and warrants further follow up exploration which we’ll target in our upcoming drilling programs set to re-commence this quarter.
The results from the previous drilling and the MRE output utilising a typical underground mining economic cut-off grade indicates to Brightstar that strong potential exists to assess a modest-scale underground operation at Aspacia given the grades and widths observed.
With the technical PFS work streams underway, RC and diamond drilling will shortly recommence at Brightstar’s projects and conduct large programs targeting conversion and upgrades to our current MREs proposed to be mined within our BTR 2023 Scoping Study, along with Linden Gold projects at Second Fortune and Jasper Hills”.
Click here for the full ASX Release
This article includes content from Brightstar 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.
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13h
Further High-Grade Extensional Gold Intercepts Returned at Ricciardo
Warriedar Resources Limited (ASX: WA8) (Warriedar or the Company) is pleased to advise of further assay results from drilling undertaken at the Ricciardo deposit (previously known as Silverstone) within its Golden Range Project, located in the Murchison region of Western Australia.
HIGHLIGHTS:
- Assay results received for an additional six (6) RC holes drilled at the Ricciardo deposit, with all holes intersecting significant gold intervals including:
- 8m @ 11.40 g/t Au from 166m, incl. 3m @ 22.38 g/t Au from 167m (RDRC041)
- 8m @ 2.63 g/t Au from 160m (RDRC034)
- Results further increase the known extent of the high-grade shoot beneath the historic Silverstone pit.
- Represents significant mineralisation intersected outside the current Mineral Resource model delivering immediate growth potential.
- Assays from a residual three (3) RC holes beneath the Ardmore pit (at Ricciardo) are pending, with results anticipated within the next two weeks.
- The Ricciardo deposit remains open along strike and at depth, with further growth- focussed drilling set to commence this quarter.
- Ricciardo sits in the middle of the 25km-long ‘Golden Corridor’ at Golden Range, which hosts six discrete deposits (18 historic pits) that are all open at depth and possess immediate growth potential.
- Ricciardo and the ‘Golden Corridor’ are Warriedar’s key exploration focus in 2024.
Today’s results have extended the high-grade shoot below the Silverstone pit and broadened the known (high-grade) mineralisation envelope. These outcomes again demonstrate the outstanding Mineral Resource growth potential that exists at Ricciardo and along the broader ‘Golden Corridor’ trend.
Warriedar Managing Director and CEO, Amanda Buckingham, said:
“This is another very pleasing set of results from our recent drilling at Ricciardo. Combined with the initial results released in March, they readily demonstrate why we have made the Golden Corridor the primary focus of our 2024 exploration activities. At Golden Range we have scale, plus grade, and immediate and substantial resource growth potential. We look forward to receiving the remaining assays, as well as recommencing drilling this quarter.”
Click here for the full ASX Release
This article includes content from Warriedar Resources Limited, 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.
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13h
Multiple New Gold Target Areas Identified at Golden Ridge
Flynn Gold Limited (ASX: FG1, “Flynn” or “the Company”) is pleased to provide an update on exploration activities at the Company’s 100% owned Golden Ridge Project located in Northeast Tasmania (Figure 1).
Highlights
- Assay results from UltraFine+ soil sampling define anomalous gold in soils over a combined strike length of at least 9km along the granodiorite-metasediment contact zone at Golden Ridge
- The granodiorite-metasediment contact soil anomaly remains open along trend in both directions significantly extending FG1’s target
- New target areas have been identified within the granodiorite and metasediments, further enhancing the potential large scale of the overall Golden Ridge target deposit
- Results confirm the potential of the Ultrafine+ technique as an effective exploration tool at the project
- Infill and extension soil sampling is ongoing over the wider Golden Ridge project area
- Recommencement of drilling at Trafalgar prospect imminent
- For further information or to post questions go to the Flynn Gold Investor Hub at https://investorhub.flynngold.com.au/link/GyVBay
A program of soil sampling at the Golden Ridge Project has been progressively undertaken since an initial sampling trial using the UltraFine+ technique was initiated in May 20221. The results of this soil sampling have highlighted the known prospect areas, as well as several new target areas with gold anomalism not associated with historical workings.
Managing Director and CEO, Neil Marston commented,
“Our flagship Golden Ridge Project in northeast Tasmania keeps delivering exciting results. Last year was significant for Flynn Gold with drilling at Golden Ridge intersecting high-grade gold in multiple vein sets at the Trafalgar prospect.
“The results of our soil sampling program are also very pleasing with significant gold anomalies coinciding with known old workings as well as gold anomalies being identified in several new target areas along the prospect contact zone.
“Follow-up soil sampling will continue over the coming months as this is proving to be a very effective exploration tool, generating new gold targets to evaluate.
“With a rig remobilised back to Golden Ridge this week, we are looking forward to the next phase of drilling, starting at the Trafalgar prospect.”
Click here for the full ASX Release
This article includes content from Flynn Gold, 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.
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17h
Awalé Resources CEO Touts Odienné Project’s Potential for "Big Gold-Copper System"
Drilling at Awalé Resources’ (TSX:ARIC) Charger target within the Odienné project in Côte d’Ivoire has hit “one of the highest-grade gold intersections," according to the company’s CEO, Andrew Chubb.
“It's a (really) significant drill hole. We were testing a new sort of 3D framework at that target. We drilled holes there and got 50 to 100 meter intercepts … We adjusted our interpretation and went in to test that, and found that it's a breccia system. We found a new breccia pipe and got the broadest intercept of the actual geology,” he said.
“The biggest thing for us is that we believe we are sitting on a big gold-copper system. And there are other discoveries that we've had within that system as well, there are two other discoveries, and it's really evolving into what looks like a big mining camp.”
A 3,000 meter diamond drilling program at the Charger prospect has commenced following the announcement of outstanding assay results of 26 grams per metric ton (g/t) gold over 57 meters, including 45.7 g/t gold over 32 meters from 165 meters downhole of a new breccia pipe.
Watch the full interview with Awalé Resources CEO Andrew Chubb above.
Disclaimer: This interview is sponsored by Awalé Resources’ (TSX:ARIC). This interview provides information which was sourced by the Investing News Network (INN) and approved by Awalé Resources in order to help investors learn more about the company. Awalé Resources is a client of INN. The company’s campaign fees pay for INN to create and update this interview.
INN does not provide investment advice and the information on this profile should not be considered a recommendation to buy or sell any security. INN does not endorse or recommend the business, products, services or securities of any company profiled.
The information contained here is for information purposes only and is not to be construed as an offer or solicitation for the sale or purchase of securities. Readers should conduct their own research for all information publicly available concerning the company. Prior to making any investment decision, it is recommended that readers consult directly with Awalé Resources and seek advice from a qualified investment advisor.
This interview may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, receipt of property titles, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. The issuer relies upon litigation protection for forward-looking statements. Investing in companies comes with uncertainties as market values can fluctuate.
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