Conquest Resources Limited (TSXV: CQR) ("Conquest" or the "Company") has entered into a Royalty Purchase and Sale Agreement with VDI Resources LLC (VDI), a subsidiary of VerAI Discoveries Inc. (VerAI), an artificial intelligence (AI) powered mineral discovery generator, pursuant to which the Company agrees to grant to VDI a 1.5% net smelter return royalty on certain target areas with recommended drilling locations generated by VerAI utilizing its proprietary AI technology. The Company agrees to grant VDI an additional 1.5% NSR in return for funding a drill program for testing of the targets identified by VerAI on the Belfast TeckMag Project, a 350 sq. km. land package located northeast of Sudbury, Ontario.
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Infinity Lithium Interim Report For The Half-Year Ended 31 December 2022
Infinity Lithium (ASX:INF) is pleased to present its Half Year Report.
Directors’ Report
Your Directors present their report on Infinity Lithium Corporation Limited (the ‘Company’ or ‘Infinity’) and its controlled entities (together the ‘Consolidated Entity’) in conjunction with the Financial Report for the half-year ended 31 December 2022 (the ‘reporting period’).
Directors
The names of Directors in office at any time during or since the end of the period are:
- Mr Adrian Byass Non-Executive Chairman
- Mr Ryan Parkin Managing Director/CEO
- Mr Remy Welschinger Non-Executive Director
- Mr Jon Starink Executive Director
- Mr Ramón Jiménez Serrano Executive Director (appointed 6 September 2022)
Directors have been in office since the start of the reporting period to the date of this report unless otherwise stated.
Principal Activities and Significant Changes in Nature of Activities
The principal activities of the Consolidated Entity during the reporting period was exploration and evaluation of the Consolidated Entity’s lithium assets and progression of the integrated lithium chemicals conversion plant. There were no significant changes in the nature of the Consolidated Entity’s principal activities during the reporting period.
Operating Results
The consolidated loss of the Consolidated Entity after providing for income tax amounted to $2,385,000 (31 December 2021: $4,154,000).
Review of Operations
Business Activities
San José Lithium Project:
Mining Licence & EIA Permitting Process Initiated
The process of submitting an Exploitation Concession application was initiated in advance of the Contentious Administrative Court in Cáceres’ (‘CAC’, or ‘the Court’) decision on the status of the Investigation Permit Valdelflorez (‘PIV’) with the lodgement of the ‘Initial Document’ to the Dirección General de Industria, Energía y Minas (General Directorate of Industry, Energy and Mines) and Dirección General de Sostenibilidad (General Directorate of Sustainability) in Extremadura.
The purpose of the Initial Document is to request that the environmental body formulate an Environmental Impact Assessment Scoping Document (‘ESIA’) in advance of the commencement of the ordinary Environmental Impact Assessment procedure. The ESIA will provide the basis on which the direct Exploitation Concession application will be prepared. Refer to ASX Announcement 3 October 2022 for further details.
Permitting Strategy Clarified by Investigation Permit Rulings
In December 2022, Infinity through its wholly owned subsidiary Extremadura New Energies, advised that it will advance submissions for the lodgement of a direct exploitation concession following the determination by the CAC to uphold the cancellation of the PIV.
The CAC’s decision provided clarity on the pathway to the lodgement of an Exploitation Concession Application and the Company’s permitting strategy remains on course following the initiation of the permitting process at the invitation of regional and local authorities through the lodgement of the Initial Document.
The Regional Government of Extremadura had publicly acknowledged the potential for the Project Joint Venture (‘JV’) entity Technologia Extremeña Del Litio S.L. (‘TEL’) to apply for a direct Exploitation Concession through the submission of an Exploration Permit application. The Company and TEL maintain subsequent and sequential rights to the Project as detailed in ASX announcement 19 July 2021. The avenue to lodge an Exploitation Concession Application is available under Spanish Mining Law with the technical and economic viability of the San José deposit already demonstrated. Refer to ASX announcement 22 December 2022.
Subsequent to period end, the Court ratified the correct granting of Investigation Permit Ampliación Valdeflórez (‘PIAV’) which upheld the position of both Extremadura New Energies and the Industrial, Energy and Mining Management Service of the Regional Government of Extremadura.
The Court’s judgement clarified the General Urban Development Plan of Cáceres facilitates the utilisation of certain areas within PIAV in which the urban land classification allows “extraction activity” and the industrial development of the proposed lithium hydroxide conversion facility. The Court had recently determined other areas within an adjacent area to the PIAV did not allow for extractive activity and the disturbance of the surface based on land classification under the General Urban Development Plan of Cáceres (see ASX announcement 22 December 2022).
The decision reinforced compliance under General Urban Development Plan of Cáceres for Extremadura New Energies’ disturbance of the surface areas required for the decline portal within the PIAV area, adjacent to the resource area, and undertake subsurface activities to access the lithium bearing deposit (subject to environmental and mining licences being granted following the assessment of the Exploitation Concession Application).
The Company will now further advance its submission for the lodgement of a direct Exploitation Concession Application (see ASX announcement 22 December 2022). The CEO of Extremadura New Energies, Ramón Jiménez, stressed that "the decision of the Cáceres court ratifies the urban planning compatibility of the work in the Valdeflórez expansion area and supports the option chosen for the exploitation concession application".
Infinity Assumed Administrative Control of the San José Lithium Project
In October 2022, the Company moved to solely control the San José Lithium Project (‘San José’, or ‘the Project’) JV entity TEL through the finalisation of payment obligations to JV partners Valoriza Mineria S.L.U. (‘VM’) under the novated JV agreement. The Company retains the right to move to 100% Project ownership through the exercise of an upfront call option of between €2 million and €4 million dependent on timing of acquisition. Refer to ASX announcement 3 October 2022 for further details.
Click here for the full ASX Release
This article includes content from Infinity Lithium, 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.
Positive Findings from Newmont Ti Benchmarking Study
West Cobar Metals Limited (ASX:WC1) (“West Cobar”, “the Company”) is pleased to provide an update on activities at its Salazar critical minerals project in Western Australia.
Highlights
- Titanium industry expert TZMI completes titanium benchmarking study on the Salazar Critical Minerals Project
- Study identifies Newmont as a standout from its peers in terms of Ti and TREO in-situ grade
- Benchmarking study is highly encouraging and supports validating flowsheet for production of titanium minerals from Salazar
Following successful characterisation testwork of Ti mineralisation at the Newmont Deposit area1, West Cobar Metals engaged international titanium expert TZ Minerals International Pty Ltd (TZMI) to complete a benchmarking study of the Newmont resource.
TZMI is a global, independent consulting and publishing company which specialises in all aspects of the mineral sands, titanium dioxide and coatings industries2.
The Newmont resource3 and characterisation data was used by TZMI to benchmark the Salazar project deposit against several existing operations and potential new projects under development using publicly available information and TZMI estimates. The outcomes of the benchmarking are shown in Figure 1.
The benchmarking study shows that the Ti contained within the Newmont deposit has promising potential for economic extraction and that the Newmont resource is positioned favourably amongst peer resources in respect of both Ti and rare earth element content.
Figure 1 : Salazar Project (Newmont deposit) benchmarking
The relative positioning of the Newmont Inferred Ti and rare earth element resource is very positive for West Cobar, with relatively high insitu TiO2 grades and TREO grades compared to its peers. The Ti levels of the resource (on a whole rock basis) compare very favourably to both developing and operating projects.
TZMI concluded that “In terms of final ilmenite product quality, the composition of the magnetic fraction (comprising predominantly ilmenite) shows some promise with TiO₂ levels as high as 48.5%. This suggests the ilmenite is likely present as primary ilmenite … the CaO, MgO, V₂O₅, Cr₂O₃ in the magnetic fraction all seem relatively low which is positive and likely to be within the accepted levels for ilmenite used in sulfate pigment production.”
Click here for the full ASX Release
This article includes content from West Cobar Metals 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.
High Grade Copper Rock Chips to 18% on New Targets at Ti-Tree
Augustus Minerals (ASX: AUG; “Augustus” or the “Company”) is pleased to advise the results of recent reconnaissance mapping and sampling at the Ti-Tree Project, located 200kms east of Carnarvon in Western Australia. The mapping, supported by 26 rock chip samples, identified two areas containing mineralised veins and historic workings (Figure 1). Neither of these prospects are recorded on GSWA maps.
- Two new prospects, Tiberius and Claudius, have returned high-grade copper and significant silver assays in rock chips from recent field work
- High grade assays up to 17.8% Cu and 282g/t Ag have been discovered on the Tiberius zone, currently 3m wide and extending for over 200m along strike.
- Claudius, 11km south of Tiberius, comprised of several parallel zones over a 100m by 300m area, returned grades up to 6.6% Cu and 86g/t Ag.
- The discovery of these prospects, 30km northwest from Copper Ridge which contain historic workings not marked on GSWA maps, highlights the significant prospectivity of the Gascoyne region.
- Further field work is being planned to determine the extent of these new discoveries.
Andrew Ford, GM Exploration
“These results highlight the potential of this underexplored area to host as yet undiscovered mineralisation. Less than 5% of the 3,600 sq km area of the Ti-Tree Project has had any previous exploration, and to discover unrecorded historic mining areas is very exciting. These results are a credit the Augustus geological team.”
Figure 1 Location of the Tiberius and Claudius prospects
Tiberius
Reconnaissance field work conducted on the Ti Tree Project’s northwestern tenement has discovered high grade copper and silver mineralisation (Figure 3) in two areas. Tiberius, the northern target comprises a quartz-sulphide vein system up to 3m wide and outcrops for over 200m (Figure 5).
A shallow shaft has been dug on the vein system (Figure 2). Another vein set was identified 600m along strike east-northeast of the main vein increasing the potential size of the target. The high grade veins contain both oxidized copper, high silver grades, lead sulphide and anomalous gold (Table 1).
Claudius
The Claudius prospect is located 10km to the southwest of Tiberius, comprised of quartz veined brecciated and silicified granite with mineralised veins mapped over a 100m x 300m area. The main area of outcropping mineralisation has been trenched by prospectors and rock chip sampling returned strong copper mineralisation in an iron rich siliceous vein. Silver was consistently elevated (up to 86g/t) with associated gold anomalism to 0.68g/t (Table 1, Figures 4 and 6).
Click here for the full ASX Release
This article includes content from Augustus 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.
Earth Day: Top 5 Miners Forging Sustainable Paths Amid Growing ESG Scrutiny
As global scrutiny intensifies on corporate environmental, social and governance (ESG) practices, the mining sector is facing increasing pressure to demonstrate that its operations are sustainable.
The resource sector is undergoing a transformation as stakeholders increasingly demand a unified standard for ethical practices. Just last year, four prominent mining associations — the International Council on Mining and Metals, the World Gold Council, the Copper Mark and the Mining Association of Canada — came together to develop a unified mining code.
This collective, which represents 86 companies that operate 700 mines across 60 countries, aims to establish a single minimum global standard encompassing environmental impact, human rights and due diligence, responding to escalating investor demands and reshaping ethical norms within the industry.
In light of Earth Day, the Investing News Network is looking at how the world's biggest mining companies by market cap are integrating ESG practices into their operations. Read on to learn about their efforts.
1. BHP Group (ASX:BHP,NYSE:BHP,LSE:BHP)
Market cap: US$146 billion
BHP is the world's top mining company by market cap, and has long recognized the importance of sustainability in its operations. Central to BHP's sustainability approach is its focus on safety. Acknowledging safety as a core value, the company prioritizes the safety and wellbeing of its workforce and the communities where it operates.
In the wake of three fatal incidents in 2023, BHP remains steadfast in its efforts to improve safety outcomes. For instance, the company has reinforced its implementation of various safety-centric programs and systems, including the Fatality Elimination Program, Integrated Contractor Management Program and Field Leadership Program.
Furthermore, BHP's governance framework mandates minimum performance standards across its operations, with the company's board overseeing sustainability matters. Notably, in March 2023, BHP expanded its Climate Change Steering Committee to a broader Sustainability and ESG Steering Committee. The result is a comprehensive six pillar framework — the Social Value Scorecard — that outlines the company’s sustainability goals moving forward.
By 2030, BHP is aiming for a 32 percent reduction in operational greenhouse gas (GHG) emissions from its 2020 levels. Additionally, the company plans to operationalize five low-/zero-GHG emissions vessels by 2024.
Under these targets, BHP also seeks to achieve 1.3 percent of its operational area under nature-positive management practices. The company plans to publish context-based water targets and complete crucial biodiversity and ecosystems baseline mapping exercises for all land and water areas.
2. Rio Tinto (ASX:RIO,NYSE:RIO,LSE:RIO)
Market cap: US$114 billion
Rio Tinto's ESG strategy hinges on six key pillars: environmental stewardship, social inclusion, governance integrity, climate action, resource circularity and community prosperity.
The company conducts an annual materiality assessment to gauge the significance of ESG issues. Climate change, human rights, biodiversity and water management have emerged as high-priority areas.
Rio Tinto is also aiming to decarbonize its operations with a focus on Scope 1 and Scope 2 emissions. Its target is to achieve a 20 percent reduction in GHG emissions by 2025 compared to 2018 levels. The company is committed to promoting resource circularity, intending to achieve a 50 percent increase in the use of recycled materials in its operations by 2030.
In 2023, the company showed that it is on its way to achieving these targets. Rio Tinto achieved a 5.5 percent reduction in Scope 1 and 2 GHG emissions below its 2018 baseline.
“Many 1.5°C climate change scenarios rely on significant deployment of carbon dioxide removals to get to net zero, which may not be realistic,” said Chief Executive Jakob Stausholm. “No single company or country can halt the course of climate change alone, so partnering to reduce emissions is vital.”
Also last year, the company achieved zero fatalities at its managed operations, and surpassed its target for the all-injury frequency rate, achieving a rate of 0.37 compared to the targeted rate of 0.4. With 1.53 million critical risk management verifications conducted, Rio Tinto's dedication to ensuring the wellbeing of its workforce is evident.
3. BP (LSE:BP)
Market cap: US$107 billion
In 2023, BP made strides toward its ambitious net-zero goals, showcasing progress across key metrics.
With a focus on reducing operational emissions and enhancing renewable energy production, the firm demonstrated a 41 percent reduction in absolute emissions against its 2019 baseline, surpassing the previous year's 15 percent.
Notably, BP's net-zero operations reached 41 percent, while net-zero production saw an improvement, achieving a 13 percent reduction. These accomplishments underscore BP's continuous efforts to sustainability and align with its broader aim to transition to a net-zero company by 2050 or sooner.
One of BP's achievements in 2023 was the reduction of methane intensity by 0.05 percent, a vital step in mitigating GHG emissions. Additionally, BP's focus on renewable energy was evident through initiatives such as the acquisition of Archaea Energy, a leading US producer of renewable natural gas (RNG). Furthermore, BP continued to invest in transition growth, allocating US$3.8 billion to support initiatives aimed at accelerating the energy transition.
The company has also invested significantly in the electric vehicle (EV) industry. In the UK, BP subsidiary BP Pulse, in partnership with the EV Network and NEC Group, opened a Gigahub at the NEC campus in Birmingham. The site is the UK's largest public EV charging hub, capable of charging about 180 EVs simultaneously.
Moreover, BP Pulse announced a global mobility agreement with Uber Technologies (NYSE:UBER) to accelerate the transition to zero-tailpipe emissions mobility, aiming to support Uber's commitment to zero-tailpipe emissions in the US, Canada and Europe by 2030, and globally by 2040. Also on the EV side, BP has a joint venture with Iberdrola (OTC Pink:IBDSF,BME:IBE) to accelerate EV charging infrastructure deployment in Spain and Portugal. The partnership plans to invest up to 1 billion euros and install 5,000 fast EV charge points by 2025 and approximately 11,700 by 2030.
In the US, BP Pulse has an agreement with Tesla for the future purchase of US$100 million worth of ultra-fast EV charge points, facilitating the expansion of the BP Pulse public network across the US and supporting EV fleet customers.
4. Southern Copper (NYSE:SCCO)
Market cap: US$88 billion
Southern Copper, an indirect subsidiary of Grupo México (BMV:GMEXICOB), maintains a rigorous approach to sustainability and risk management, aligning itself with Grupo México's best practices. It emphasizes prevention and responsible operation to minimize risks to employees, communities and the environment.
Southern Copper addresses environmental risks such as ecosystem impact from chemical substance release, acid drainage, air quality degradation and mining waste release.
The company also sets corporate sustainable development goals aligned with the United Nations’ targets, including goals related to: occupational health and safety, diversity and inclusion, community development, climate change, biodiversity, water and effluents, mining waste management and supply chain sustainability.
Moreover, Southern Copper integrates climate change considerations into its risk management and prevention approach, aiming to ensure the resilience of its operations and neighboring communities.
The company also focuses on mitigating risks associated with transitioning to low-carbon economies, positioning itself as a key contributor to the green economy. In 2022, Southern Copper updated its climate change strategy in alignment with Grupo México's overarching strategy. This involved setting new goals for GHG emissions reduction and developing a Climate Change Policy for the entire organization.
While also addressing transition risks through regulatory analysis and carbon pricing assessments, the company identifies opportunities associated with climate change, including revenue growth and cost competitiveness in electricity.
5. Freeport-McMoRan (NYSE:FCX)
Market cap: US$72 billion
Freeport-McMoRan emphasizes the importance of thriving environments in its mining operations.
The company integrates environmental awareness into its daily operations, with employees implementing actions that advance environmental protection. Freeport's environmental policy serves as the cornerstone of its environmental protection efforts, guiding its approach to safeguarding natural environments across operational regions.
Beyond regulatory compliance, Freeport seeks to minimize adverse environmental impacts throughout the mining life cycle, focusing on areas such as climate, water, biodiversity and waste management.
In 2022, Freeport continued its implementation of the Global Industry Standard on Tailings Management, prioritizing high-priority tailings storage facilities. Additionally, the company intensified its climate strategy, particularly emphasizing improvements in Scope 3 emissions data and the relationship between water and climate.
Freeport also acknowledges the dual challenge and opportunity presented by climate change. As one of the world’s biggest copper producers, the company recognizes its role in the low-carbon energy transition. Through its climate strategy pillars of reduction, resilience and contribution, Freeport aims to manage and mitigate GHG emissions and other climate-related risks while supporting global decarbonization efforts.
Efforts to reduce emissions also focus on decarbonizing electricity supply, electrification of equipment, energy efficiency, and process innovation. These initiatives are aligned with Freeport's 2030 GHG emissions reduction targets, which cover nearly 100 percent of its Scope 1 and 2 emissions.
Water stewardship is also a critical aspect of Freeport-McMoRan's sustainability strategy. Recognizing water as a fundamental human right, the company emphasizes efficient water management, respecting the rights of local communities and Indigenous groups, and minimizing adverse impacts on water availability and quality.
As of 2022, the company had recorded an 84 percent recycling rate with 89 percent water use efficiency, totaling to 1,526,886 cubic meters of water reused. That year, the company used five times more recycled water than new water in its operations. This strategy is particularly vital in diverse operational environments ranging from arid deserts to humid tropical regions, where water availability and quality vary significantly.
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Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
Exceptional Uranium Results at Lyndon - 6,612ppm U3O8
Odessa Minerals Limited (ASX:ODE) (“Odessa” or the “Company”) is pleased to provide an update on its Lyndon Project (“Project”), located approximately 200km northeast of Carnarvon in Western Australia.
Highlights:
- Rock chip assay results up to 6,612ppm U3O8 at the Baltic Bore and Jailor Bore prospects
- 12 rock chips returned assays >1,000ppm U3O8
- 5 rock chips returned assays >1,000ppm V2O5
- Uranium anomalism spans strike lengths of 2.6km at Baltic Bore and 2km at Jailor Bore
- Lyndon Project Immediately adjoins Paladin Energy’s Carley Bore Uranium Project (15.6MLbs U3O8)
Figure 1: Carnotite (uranium) mineralisation within siliceous calcrete at the Jailor Bore prospect in sample XT0938.
David Lenigas, Executive Director of Odessa, said:
“Results of our preliminary field work have returned outstanding uranium and vanadium results, confirming the presence of calcrete-type mineralisation across multiple prospects at the Lyndon Project. The results of this campaign have exceeded expectations through the discovery of the highest-grade uranium and vanadium results at the Project to date. Odessa is now focussed on assessing the extent of high-grade uranium mineralisation through follow-up field campaigns that will involve ground-based radiometric mapping and further sampling to generate drill-ready targets for sub-surface testing during Q3, in conjunction with the palaeochannel roll-front uranium drilling at the Relief Well prospect. With multiple radiometric targets outside of the Jailor Bore and Baltic Bore prospects remaining untested, the Company is excited to undertake further field programs to expand on this round of assay results.”
Click here for the full ASX Release
This article includes content from Odessa 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.
Mineral Resource Upgrade Paves Way for Northern Silica Project PFS
Emerging silica sands developer, Diatreme Resources Limited (ASX:DRX) announced today a significant upgrade to the estimated Si2 Mineral Resource at the Company’s Northern Silica Project (NSP) in Far North Queensland, highlighting the critical mineral project’s potential amid an accelerating solar energy boom.
- Significant 17% increase in Indicated Resource and establishment of maiden 49.5 Mt Measured Mineral
- Resource for Diatreme’s flagship Northern Silica Project (NSP) in Far North Queensland
- Results provide strong Resource foundation for upcoming Pre-Feasibility Study (PFS) and maiden Ore Reserve
- Bulk sample testing and further specialist metallurgical testwork currently underway at external laboratories
- NSP on track for development amid increasing demand for critical mineral key to solar energy industry.
The latest data has shown an increase in both the estimated Mineral Resource categories, with the inclusion of a maiden Measured Resource of 49.5 Mt, as well as increasing the size of the Indicated Resource to 120.5 Mt (up 17% from the previous estimate). Diatreme’s total low iron, high purity silica sand resource base exceeds 402 Mt, an extremely strategic and highly valuable resource that is well positioned to supply the fast-growing solar PV market.
Diatreme’s CEO, Neil McIntyre commented: “It is pleasing to report a further enhancement in the quality of the resource estimate for our flagship NSP, with the establishment of its first Measured category Mineral Resource and significant increase in its Indicated category Mineral Resource.
“The enhanced resource allows us to advance our PFS with greater confidence, providing a deeper understanding of the extraordinary potential for commercialisation contained within the Si2 dune complex at the NSP.
“We look forward to delivering the project’s PFS by mid-2024, together with a maiden Ore Reserve, as we ramp up development of this asset vital to the clean energy revolution, both in Australia and internationally.”
The resource upgrade follows moves by the Australian Government to promote the domestic manufacturing of solar panels under its $1 billion “Solar Sunshot” program. Low iron, high purity silica sand is a key ingredient in the solar PV manufacturing process (solar glass), which is currently dominated by China.
The NSP is also located near Cape Flattery, an area identified as a potential critical minerals hub for silica sand by the Queensland Government in its 2023 “Critical Minerals Strategy.”
Click here for the full ASX Release
This article includes content from Diatreme 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.
Conquest Resources Enters into Agreement with VerAI Discoveries for AI Targeting on Belfast TeckMag Project
Tom Obradovich, CEO of Conquest stated, "It has been a unique experience working with the VerAI team to integrate their AI technology as another layer of targeting, which enhances our ability to potentially discover subsurface mineral deposits at the Belfast TeckMag Project. This area of Canada is one of the most cost-effective exploration regions and mineral-endowed belts in the world."
Belfast TeckMag Project MIAC Investigation
Over the past several years, Conquest has completed airborne electromagnetic and magnetic geophysical surveys, Mobile MT surveys, ground gravity surveys and regional drill programs. Recent examination of drill core by Dr. JF Montreuil, in particular diamond drill hole BC21-05, has indicated that mineralization and alteration facies are related to hydrothermal systems capable of forming IOCG and affiliated deposits. These systems are referred to as Metasomatic Iron and Alkali-Calcic systems or MIAC. The identified alteration types are similar to the Cloncurry region of Australia which hosts the Earnest Henry Mine in addition to other notable deposits. An exploration program beginning with prospecting and geological mapping of the areas of interest identified by VerAI and compiled with previous data will be conducted this spring under the direction of Joerg Kleinboeck, P.Geo, Vice President Exploration for Conquest. A program of diamond drilling is intended to commence later this year on VerAI targets as well as additional targets established by previous programs.
Yair Frastai, CEO of VerAI, expressed his confidence in the partnership, stating, "It's a privilege to work with Conquest, a well-experienced explorer in the region. Our team is committed to maximizing the chance of discovery by using our AI technology to provide Conquest with higher-probability drilling locations, calibrated from the ongoing drilling inputs."
ABOUT VERAI DISCOVERIES, INC.
VerAI Discoveries ("VerAI") is an AI-powered mineral discovery generator focused on uncovering essential critical minerals for the green energy transition and a sustainable future. Their mission involves working with mining partners to target new mineral discoveries in covered areas in mature mining jurisdictions that remain largely unexplored. By deploying their novel proprietary AI/ML Discovery Platform, VerAI significantly increases the probability of discovering economic mineral deposits of different commodities and in various geological jurisdictions, shortens targeting time, and reduces exploration costs. For more information, visit https://ver-ai.com/.
ABOUT CONQUEST
Conquest Resources Limited, incorporated in 1945, is a mineral exploration company that is exploring for base metals and gold on mineral properties in Ontario.
Conquest holds a 100% interest in the Belfast-TeckMag Project, located in the Temagami Mining Camp at Emerald Lake, Ontario, which is believed to have exceptional exploration upside for magmatic sulphide deposits (Cu-Ni-PGE), VMS, IOCG, Iron formation hosted Au and Paleo-placer Au. The Belfast-TeckMag Project is the Company's flagship property, evolved from the Golden Rose Project, which was initially acquired in December 2017, and significantly augmented through the acquisition of Canadian Continental Exploration Corp. ("CCEC") in 2020 and subsequent additional claim staking and purchases in its adjacent Belfast Copper Project and TeckMag Property.
Conquest now controls over 300 square kilometers of underexplored territory in the Temagami Mining Camp, including the past producing Golden Rose Mine at Emerald Lake.
Conquest also holds a 100% interest in the Alexander Gold Property located immediately east of the Red Lake and Campbell mines in the heart of the Red Lake Gold Camp along the important "Mine Trend" regional structure. Conquest's property is almost entirely surrounded by Evolution Mining landholdings.
In addition, the Company holds interests in the Smith Lake Gold Property, Lake Nipigon Basin Property, and the Marr Lake Property.
FOR FURTHER INFORMATION CONTACT:
general@conquestresources.com
www.ConquestResources.com
Tom Obradovich
President & Chief Executive
416-985-7140
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/205667
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