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Many Peaks Gold: Exploring Mining-friendly Jurisdictions to Meet Growing Demand for Critical Minerals
Many Peaks (ASX:MPK) capitalizes on Australia’s and Canada’s ongoing push to strengthen domestic critical mineral production by advancing its gold-copper assets in Queensland, Australia, and other key energy transition projects in Newfoundland and Labrador, Canada.
Many Peaks’ Canadian assets target REE and lithium deposits where Newfoundland represents an emerging district of lithium strategically positioned with access to both European and North American markets. The company’s REE project has not been previously drilled but has a defined, drill-ready target with the potential for a significant REE deposit.
The company’s assets in Queensland, meanwhile, cover a combined 464 square kilometers, with an 80 percent interest and an option over the remaining 20 percent. The company’s Australian portfolio has an excellent existing infrastructure and is host to intrusion-related gold systems and copper-gold porphyry style mineralization. The presence of copper allows these assets to meet the growing demand for the critical mineral, while gold creates additional value.
A management team with a range of experience throughout the natural resources industry leads the company toward achieving its goals of strengthening shareholder value through exploration.
Company Highlights
- Many Peaks is a mineral exploration company with assets in Australia and Canada.
- The company’s assets include several drill-ready targets focusing on minerals necessary for the transition to clean energy.
- Many Peaks aims to capitalize on both countries' push to strengthen domestic sources of critical minerals, while gold further improves the value of its assets.
- Both countries have mining-friendly regulations and the potential for future incentives to help bolster the domestic supply of lithium, copper and REEs.
- Many Peaks owns two critical minerals assets in Newfoundland and Labrador, Canada, and an extensive portfolio of copper-gold assets in Australia.
- The company’s Queensland assets cover a combined 464 square kilometers with several drill-ready copper-gold targets.
- An expert management team with extensive experience throughout the natural resources industry leads the team toward fully exploring its assets.
This Many Peaks profile is part of a paid investor education campaign.*
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Many Peaks Minerals
Overview
Many Peaks (ASX:MPK) is an Australia-based mineral exploration company with gold-copper assets in West Africa and Australia, and exposure to key energy transition assets in Newfoundland, Canada – all these countries are globally significant and attractive mining jurisdictions. With drill-ready targets across its projects, Many Peaks aims to realise growth and value creation through near-term mineral resource definition and exploration discovery.
In West Africa, the company is focused on the recent acquisition of three mineral projects in Cote d’Ivoire totaling 1,275 square kilometres, including the Odienne and Ferké gold projects with recent gold discoveries and more than US$4 million in previous exploration expenditures.
Queensland assets bolster the portfolio with a land package of over 1,080 square kilometres in central Queensland with significant gold confirmed in drilling across multiple projects, each with open mineralisation ready for follow-up. The company’s Australian portfolio has excellent infrastructure and is host to intrusion related gold systems and copper gold porphyry style mineralisation.
Many Peaks’ Canadian asset targets lithium potential in Newfoundland, where an emerging lithium district is strategically positioned with access to both European and North American markets.
A management team with a range of experience throughout the natural resources industry leads the company towards achieving its goals of strengthening shareholder value through exploration.
Company Highlights
- Many Peaks is a mineral exploration company with assets in West Africa, Australia and Canada – all mining-friendly jurisdictions.
- In West Africa, Many Peaks holds a 65 percent interest and earning to an 85 percent interest in the Ferké and Odienné projects
- Many Peaks holds a 100 percent interest in the Aska Lithium Project in Newfoundland, Canada, and an extensive portfolio of copper-gold assets in Australia.
- An expert management team with extensive experience throughout the natural resources industry leads the team toward fully exploring its assets.
Key Projects
Cote d’Ivoire (West Africa)
Many Peaks’ assets in Cote d’Ivoire comprise three projects – Odienné, Ferké and Oume.
Many Peaks acquired three projects from Turaco Gold in March 2024, triggering a drag-along right in its joint venture on the projects with Predictive Discovery, and consolidating ownership in a holding company owning an Ivorian subsidiary party to a joint venture/farm-in arrangement that has acquired a 65 percent interest in the projects and retains an exclusive right earning into an 85 percent interest by funding the projects through feasibility study.
The projects include - Odienné, Ferké and Oume – comprising four permits across 1,275 square kilometres of land package in Cote d’Ivoire, with recent gold discoveries at both Odienné and Ferké ready for follow-up drilling.
Ferké Gold Project
Located in northern Cote d’Ivoire, the Ferké gold project covers 300 square kilometres with a granted exploration licence. Ferké is situated on the eastern margin of the Daloa greenstone belt at the intersection of major regional scale shear zones.
Initial exploration work conducted at Ferké defined a more than 17-kilometre long gold-in-soils anomaly on the Leraba Gold Trend. Previous exploration included systematic surface geochemistry, trenching and reconnaissance reverse circulation (RC) drilling across the broader Ferké area. Early success in reconnaissance RC drilling included initial intercepts into the Ouarigue South target area, including results of 25 metres @ 3.06 grams per ton (g/t) gold from 64 metres in hole FNRC016.
The success in RC drilling was followed up with trenching and an initial 18 diamond drill holes, which confirmed a significant outcropping mineralised body associated with a granite intrusion, including intercepts from surface of 91.1 metres @ 2.02 g/t gold in hole FNDC008 and 47 metres @ 3.72 g/t gold from surface in hole FNDC012.
Odienné Gold Project
Located in northwest Cote D’Ivoire, Odienné comprises two granted exploration permits covering a total area of 758 square kilometres. It is situated on the flexure of a regional scale structure zone hosting mineralisation to the northwest in neighbouring Guinea and immediately south along the margin of the Archean aged Man craton.
Auger drilling in early 2023 defined coherent gold in saprolite anomalism, which prompted a maiden air core drilling campaign in late 2023. Wide spaced reconnaissance drilling covering three prioritised targets extending across more than 16 kilometres of a 30-kilometre gold anomaly intersected significant intercepts of gold on each line of drilling from the intial 160 shallow air core drill holes within the extensive gold anomaly at Odienné. The air core drilling returned its strongest results in 8 to 16 metre zones of mineralisation at 1.0 to 1.30 g/t gold along a strike of 1,200 metres extent.
Oumé Gold Project
The Oumé project is an early-stage exploration asset located in south-central Cote D’Ivoire. It comprises a single exploration permit (the Beriaboukro licence) and is situated on the Oumé-Fetekro belt, historically one of Cote d’Ivoire’s most productive greenstone belts. The area is host to Allied Gold’s 2.5 million-ounce (Moz) Bonikro, the 1 Moz Agbaou gold operations and Endeavour’s 2.5 Moz Fetekro gold project.
Queensland (Australia)
Many Peaks’ Queensland assets total 1,080 square kilometres with promising geological formations indicating intrusion-related gold systems and copper-gold porphyry style mineralization.
Projects:
- Mt. Weary Gold: The Mt. Weary project has drill-ready targets throughout the 3.5-kilometre gold anomaly at the surface. Additionally, drill-proven gold mineralization is already in 600 metres of surface anomalies. Previous drill results indicate up to 6.24 grams per ton (g/t) of gold.
- Monal Gold: As a historical gold field known for hosting high-grade gold mineralization, the Monal Gold project covers an extensive corridor of underground surface workings.
- Rawlins Gold-Copper: The copper-gold porphyry style project contains a newly defined copper-gold target with promising exploration results. The asset is near existing projects that have already produced high-grade copper, gold, and silver assays.
- Mt. Steadman Gold Project: The Mt. Steadman project is a 56-square-kilometre holding, comprising two granted exploration permits, covering an intrusion-related gold (IRG) system situated in the New England Orogenic Province, 30 kilometres northwest of Biggenden, Queensland. The project hosts several outcropping zones of gold mineralization associated with shear-hosted quartz and broad zones of sheeted quartz veining. Drilling by Many Peaks at Mt. Steadman identified a significant extension to shallow gold mineralisation confirmed in previous drilling, with recent results returning 8 metres @ 2.63 g/t gold from 8 metres depth. Continued mapping and surface sampling on the recently identified N-21 target outlines an intrusive breccia target associated with recent extensions to surface gold anomalism.
Newfoundland (Canada)
Aska Lithium
Many Peaks’ 100-percent-owned Aska project is approximately 45 kilometres east of Cape Ray, Newfoundland. The project covers 193 square kilometres in proven lithium terrane and is situated in a growing lithium district known to host lithium-caesium-tantalum type pegmatites.
Management Team
Travis Schwertfeger - Executive Chairman
Travis Schwertfeger is a geologist with over 25 years’ global industry experience primarily in gold and copper projects across Africa, Australia, Africa and the Americas. Schwertfeger has previously held several technical roles in exploration and production, including over seven years operating in West Africa with Newmont Mining and other ASX listed explorers. He has prior experience as a director of ASX-listed mineral resource companies through previous roles, including a former role with Exore Resources (acquired by Perseus in September 2020 for ~A$80m).
Ben Phillips - Non-executive Director
Ben Phillips has more than 15 years of experience in commercial negotiations and has worked in several industries, including oil and gas, resource, technology and defence. He provides advise on a wide range of operational aspects, from R&D and exploration to production, commercialization and sales. Phillips is the executive chairman of Norfolk Metals (ASX:NFL), was previously a non-executive director at Bronson Group (ASX:BGR) and, subsequently, Mandrake Resources (ASX:MAN). He is currently a corporate executive at Ironside, focused on sourcing, structuring, funding and management requirements for public and private small-cap companies.
Marcus Harden - Independent Non-executive Director
Marcus Harden is a geologist with extensive gold and base metals exploration and management experience throughout Australia, Africa, Asia and the Americas. Harden's more recent roles include chief geologist of AuTECO Minerals, head of regional exploration for Bellevue Gold, chief geologist of Alicanto Minerals Ltd, and other senior exploration roles with Gryphon Minerals and First Quantum Minerals. He has played key roles in the discovery and definition of several gold deposits globally with ASX-listed junior companies. Among previous projects with contributions to discovery, three are currently operating mines and one is in development. He is also a member of The Australian Institute of Geoscientists.
Aaron Bertolatti - Company Secretary
Aaron Bertolatti is a chartered accountant and company secretary with more than 10 years of experience in the mining industry and accounting profession. Bertolatti has significant experience in the administration of ASX-listed companies, corporate governance and corporate finance.
Will Changes to Canada's Capital Gains Tax Hurt Mining Investment and Innovation?
On April 16, the Canadian government tabled its 2024 budget proposal. Called "Fairness for Every Generation," it is aimed at helping Millennials and Gen Zs, with C$535 billion earmarked by the Trudeau government for investments in housing, clean economy initiatives, childcare, healthcare and national security.
But one section of the document has garnered widespread attention — changes to the capital gains tax scheme.
Starting on June 25, 2024, changes to Canada's tax system will aim to “enhance fairness” by adjusting the inclusion rate for capital gains. Individuals with over C$250,000 in annual capital gains will see their inclusion rate increase from one-half to two-thirds, while those with gains below this threshold will maintain the 50 percent inclusion rate.
Corporations and trusts will face a two-thirds inclusion rate for all capital gains. These adjustments seek to create a more equitable taxation framework across different income brackets and entities.
“Tax fairness is important for every generation, and it is particularly significant for younger Canadians,” budget documentation explains. “In 2021, only about 5 percent of Canadians under 30 had any capital gains at all. Only 0.01 percent of Canadians under 30 are expected to have capital gains above the $250,000 annual threshold in 2025.”
While the government has emphasized that the capital gains tax revision upholds its commitment to progressive taxation as a cornerstone of fairness and Canadian prosperity, a variety of people and companies have voiced opposition, fearing that the changes will create a mass exodus of businesses and entrepreneurs from Canada.
Harley Finkelstein, president of Shopify (NYSE:SHOP), Canada's third largest publicly traded company, shared his thoughts via X, formerly known as Twitter, saying the proposed budget will penalize innovators and entrepreneurs.
The Liberal government’s ongoing deficit was also a target of analysts and experts.
“The entire budget proposal is a disaster, worse than my already low expectations,” Rick Rule, proprietor at Rule Investment Media, told the Investing News Network. “When might the budget balance itself? Never!”
Rule was also critical of the proposed capital gains tax reform.
“The government taxes success to subsidize failure, reducing that amount of capital available to successful, experienced investors to be allocated by political hacks, with investment track records unblemished by success," he said.
Mining sector fears loss of investment and innovation
The 2024 spending plan prompted other reactions from the mining sector as well, with the Mining Association of Canada (MAC) and the Prospectors & Developers Association of Canada (PDAC) both releasing statements.
The MAC pointed to the government’s plans to extend the Mineral Exploration Tax Credit (METC) until March 31, 2025, as a win for the junior mining sector, but noted that the decision to increase the inclusion rate for corporations and trusts, as well as individuals, could significantly diminish the effectiveness of the METC.
“(The) budget has pros and cons,” said MAC President and CEO Pierre Gratton.
Aside from the METC extension, the MAC said the pros include changes to the Clean Technology Manufacturing Investment Tax Credit (CTM-ITC), which will now include the cost of eligible property primarily used for producing qualifying critical minerals, provided that at least 50 percent of the production value is dedicated to this purpose.
This update reflects concerns raised by MAC earlier this year — the original CTM-ITC proposal had suggested a 90 percent threshold that the MAC said would have significantly restricted the tax credit's applicability and effectiveness in encouraging new investments in mining and mineral processing.
“The proposed new threshold for the CTM-ITC is welcome, but the changes to capital gains may undermine the METC and harm mineral exploration financing,” explained Gratton in his statement. “We applaud the government’s ambitions with respect to project timelines, but the real success will come down to implementation; we look forward to working with the government to make sure that mines in Canada can be approved and brought online in timelines that are more responsive to the urgent need for Canadian minerals and metals.”
This sentiment was echoed by PDAC. The mineral exploration and development organization, which has more than 7,000 members globally, acknowledged that the METC term increase is a beneficial milestone for the nation’s exploration sector, but expressed concerns about the capital gains tax adjustment.
“Such an increase will reduce the amount of available capital for junior exploration and development companies and create major headwinds for investment into Canadian industry more broadly,” warned PDAC.
“Without careful consideration, the proposed tax increase could put us on track to fall short on the critical mineral and other federal strategies, and we cannot risk losing momentum in building our capacity to discover and connect new mineral deposits to domestic supply chains," the organization also notes.
In February, ahead of the proposed federal budget, PDAC issued a list of six recommendations.
Its suggestions are primarily focused on fostering growth and innovation within the Canadian mineral exploration and mining sector. It includes proposals related to tax measures, regulatory enhancements, research and development incentives, infrastructure investments, Indigenous engagement and international trade promotion.
Related to the capital gains tax, the organization proposed the following: “That the government adjust the capital gains tax treatment for flow-through shares to reflect the issue price of the security versus the current nil cost base approach to expand participation in this funding mechanism by a broader base of investors within Canada."
PDAC also emphasized the importance of supporting the mining industry's competitiveness, sustainability and contribution to economic development and job creation in Canada.
“PDAC will be unwavering in voicing how uniquely Canadian investment incentives like flow-through shares and exploration tax credits must remain well-oiled and ingrained in our financial landscape,” the statement reads. “And we will remain steadfast in our call that Canada must expand its public geoscience knowledge-base and incorporate this information into our national strategies and land management processes.”
For Brian Leni, editor and founder of Junior Stock Review, the government’s move to change capital gains tax rubric is likely to weigh heavily on the already challenged junior mining landscape. “Money flows to where it is treated best,” he told the Investing News Network via email. “I don't think this situation will be any different.”
In recent years, Canada’s junior mining sector has faced various challenges, including regulatory complexities, limited access to capital and volatile commodities prices.
“Canada's position as a top-tier destination for mining investment continues to erode,” continued Leni. “Raising the capital gains tax on the group of investors who infuse the most amount of money is a grave mistake, but unfortunately, I wouldn't expect anything less from the government. That isn't a bipartisan comment either, left or right. With debts at all-time highs, inflation still persistent, to me it's just a matter of time before they come for us all.”
Don’t forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Georgia Williams, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.
IND Establishes HPQ Exploration Target at Pippingarra Project
Industrial Minerals Ltd (ASX: IND or the Company) is pleased to announce a Maiden Exploration Target for High Purity Quartz (HPQ) at its Pippingarra Quarry Project (Pippingarra) located 30km south-east of Port Hedland, in the Pilbara region of Western Australia (Figure 1).
Highlights
- IND’s recent RC drilling program informs a Maiden High Purity Quartz (HPQ) Exploration Target at the Pippingarra Quarry Project.
- Drilling is planned for the exploration target area and to test several quartz occurrences mapped across the wider Mining Lease area.
- IND plans to commence work on a HPQ Mineral Resource Estimate in parallel with metallurgical testwork being conducted by potential offtake partners and third-party mineral processing laboratories.
- A 300kg Pippingarra quartz sample crushed from existing quarry stockpiles sent to China in late 2023 produced a >GG.GG4% SiO2 end product following standard HPQ processing1.
- A further 24 tonne bulk sample comprising crushed quartz rock has been shipped to China for processing, metallurgical test work, and assessment by potential offtake partners.
Figure 1: IND Pippingarra Quarry Project location and infrastructure.
In October 2023, IND announced the agreement of binding terms2 with North West Quarries Pty Ltd (NWQ) for an exclusive option to acquire an 80% interest in the non-construction material mineral rights.
Jeff Sweet, Managing Director of Industrial Minerals, commented:
“Following on from one of our potential offtake partners in China achieving a processed High Purity Ǫuartz product grading >SS.SS4% SiO2, we are extremely positive about the potential to supply Pippingarra quartz into high-end quartz markets.
“The Pippingarra Exploration Target is limited to an area where IND completed RC drilling in late 2023, to the east of the existing open pit. There are several quartz outcrops mapped across the broader Mining Lease area that will also be drilled with the intention to include these untested HPǪ target opportunities in the upcoming Mineral Resource Estimate (MRE) for Pippingarra.
“Our motivation to commence work towards a MRE is to leverage our unique position of having an active mining operation at the Pippingarra Ǫuarry. We believe this will give potential offtake partners the confidence to enter into offtake agreements with IND, knowing that we can rapidly advance to be mine ready and have a suitable mine life to support long term supply needs.”
Maiden High Purity Quartz Exploration Target
Table 1: Pippingarra HPQ Exploration Target range.
The potential quantity and grade of the Exploration Target is conceptual in nature, and there has been insufficient exploration to estimate a Mineral Resource and it is uncertain if further exploration will result in the estimation of a Mineral Resource. The Exploration Target has been prepared and reported in accordance with the 2012 edition of the JORC Code.
The Exploration Target is based upon the Reverse Circulation (RC) Drilling program completed by IND in December 2023. Drilling was conducted on a 50m x 50m spacing. From this, holes INRC003 – INRC009 recorded thicknesses of white crystalline quartz over widths from 12m to 20m as reported in the Table 2 below.
Click here for the full ASX Release
This article includes content from Industrial Minerals 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.
China-Based Battery Grade High-Purity Manganese Production Strategy
Investor Site Visit Presentation - April 2024
BUILDING A LOW-COST HIGH-PURITY MANGANESE SULPHATE PLANT
Unique, Low-Cost, Speed-to-Market Strategy
Successfully executing a high-purity manganese sulphate strategy to supply into the rapidly expanding LMFP battery market . Investor Site visit in China to demonstrate the compelling opportunity for Firebird to establish itself as a key, low-cost, near-term producer
Sustainable Economics and Perfect Timing
Firebird to become of one of the lowest-cost battery grade MnSO4 producers, placing the Company in a competitive position in all market environments, at a time when the LMFP market is forecasted for exponential growth and become a >US$20 billion market by 2030
Management, Board and In-Country Team with Sector Leading Credentials
Led by a Board and Management team with proven abilities of building companies through the lifecycle and into production. Assembled a proven and high-quality team in China, who are leaders in the development and production of high-purity manganese
Well-Funded and Supported
Strong cash position of $7.36m (as of 31 Dec 2023) to fund key workstreams across China strategy and at Oakover. Firebird has attracted a strong investor register supported by a highly-reputable investor Canmax Technologies Co., Ltd with a 9.7% holding
DEVELOPMENT PROGRESS IN CHINA CONTINUING AS PLANNED
- Preliminary design work, R&D centre, equipment supplier due diligence & project permitting are all being progressed at full speed
- Estimated permitting & design on track for completion by late Q3 2024
- European customer site visits & off-take discussions commenced with excellent feedback
- Formal advice from Jinshi Government & relevant departments on process to repatriate profits and capital from operations
- As further proof of the strong levels of support in-country, Firebird will also receive a preferential tax rebate for 6 years
- Australian investor & broker site visit to key areas in China, including Jinshi High-Tech Industrial Park, Pilot Plant and Jinshi Port to take place on April 23
- Oakover project development continues as planned and forms an integral part of Firebird’s long term manganese battery materials strategy
Click here for the full ASX Release
This article includes content from Firebird 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.
Summit to Acquire Transformational Brazilian Niobium, Rare Earth & Lithium Portfolio
Summit Minerals Limited (ASX: SUM) (“Summit” or the “Company”) is excited to announce that it has signed binding agreements (“Agreements”) to acquire tenement packages highly prospective for rare earth elements (REE), niobium, and lithium. Term sheets were signed with vendors RTB Geologia & Mineracao Ltda (RTB), Sandro Arruda Silva Ltda. (SAS), and Mineracao Paranal Ltda (MPL) to acquire legal ownership and title over certain Exploration Permits and Applications for Exploration covering an area of 29,267 hectares in Minas Gerais and Paraiba States, Brazil (Figure 1; Table 2).
HIGHLIGHTS
- Summit has entered into a binding purchase agreement to acquire 100% of JUAZEIRINHO (Nb, REE), EQUADOR (Nb, REE), ARATAPIRA (REE), SANTA SOUSA (REE), T1/T2 (REE) & HERCULES NORTH & SOUTH (Li) Projects situated in the mining friendly and commodity-rich states of Minas Gerais & Paraiba.
NIOBIUM AND REE PACKAGE HIGHLIGHTS
- The Niobium and REE tenement package consists of Juazeirinho, Equador, Aratapira, Santa Sousa and T1/T2 Projects, covering a combined strategic area of 10,747.36 Hectares (107.47 km2) across 11 granted tenements.
- Exceptional grades in Niobium Pentoxide (Nb2O5) and partial rare earth oxide (PREO) were produced in panned concentrates from pegmatite and sediment samples at Juazeirinho and Equador (Paraiba State).1:
JUAZEIRINHO ASSAYS (Niobium & REE)
- 355,400ppm or 35.54% (Nb2O5) + 14,080ppm PREO or 1.408% PREO (SID 099/24)
- 107,010ppm or 10.7% (Nb2O5) + 142,080ppm PREO or 14.208% PREO (SID 098/24)
EQUADOR ASSAYS (Niobium + REE)
- 303,400ppm or 30.34% (Nb2O5) + 15,130ppm PREO or 1.513% PREO. (SID 100/24)
- Nine of 17 rare earth elements were analysed by the previous owner and used in PREO calculations, implying higher TREO (total rare earth oxide) values are probable.
- Numerous LCT-pegmatite bodies were observed at Equador and Juazeirinho, indicating good potential for columbite/tantalite, lithium, with significant concentrations of niobium across these projects.
LITHIUM PACKAGE HIGHLIGHTS
- The lithium tenement package consists of the Hercules North and the Hercules South projects, covering 18,519.44 hectares (185.19 km2) across 14 licenses (granted and applications) situated in the prolific Jequitinhonha or Lithium Valley (Minas Gerais), where 85% of Brazil’s lithium resources are located.
- Numerous artisanal mines exist within & near the tenement boundaries, where large LCT pegmatites have been identified that produced beryl, aquamarine, and spodumene in economic quantities, as evidenced by local stockpiles from garimperios production.
- Artisanal surface mining has been prominent across all projects, providing priority drill targets for deeper-level pegmatite-related mineralisation.
- Summit has established an in-country exploration team ready to conduct an aggressive exploration program on all tenements concurrently.
- Summit has a strong balance street, having ~A2.2m AUD in the treasure as of the last quarterly cash report2.
Summit Managing Director, Gower He, commented:
“We are extremely pleased to acquire these highly prospective projects. We anticipate acquiring these niobium, REE and lithium projects will enhance our company’s status as a critical mineral explorer and developer.
Over the last few months, we have assessed many options for project acquisition and have chosen these highly prospective and large-scale projects within the established mining-friendly jurisdiction of Brazil. Additionally, Brazil, being a relatively geopolitically neutral jurisdiction, should provide us with unrestricted access to global off-take and funding options, giving our projects the best chance of success within the macro environment.
In addition to some of the strong historical grades, we received great observational reports from our recently completed on-site DD, from which we await rock chip and soil assay results. Expansive exploration programs are already being planned as we look to rapidly develop our projects, giving ourselves the highest chance of success.
I would like to personally thank all our loyal shareholders for their ongoing support. We look forward to regularly informing the market of our progress.”
Click here for the full ASX Release
This article includes content from Summit Minerals 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.
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).
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