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Surprise Creek Project Historical Data Review Highlights High-Grade Uranium and Copper Targets Including Drilling Results of 2.1m @ 4.37% U3O8
Valor Resources Limited (Valor) or (the Company) (ASX:VAL) is pleased to announce the completion of an extensive data review and targeting process on the Surprise Creek Project (the Project) to the northwest of the Athabasca Basin. This work has highlighted a significant number of very prospective targets, which will be followed up on-ground in the coming few weeks.
URANIUM HIGHLIGHTS
- Historical drilling on the Surprise Creek Fault target highlighted by 2.1m @ 4.37% U3O8 from 57m (VT20) including 0.9m @ 7.5% U3O8
- Other significant historical drilling results at Surprise Creek Fault target include 1.5m @ 0.1% U3O8 (VT13), 0.43m @ 0.49% U3O8 (VT05) and 0.15m @ 0.83% U3O8 (VT02)
- Surprise Creek Fault target comprises a uranium geochemical anomaly (>25ppm U) in soils over 500m in strike length and including rock chips up to 6.37% U3O8, associated with a north-northwest striking fault system
- Uranium soil geochemical anomaly was partially drill tested and remains open in several directions
- The Exploration Model is a structurally controlled vein type uranium deposit, a sub-type of the basement- hosted unconformity-related uranium deposits
- Reconnaissance field work to commence in mid-July with geological mapping and rock chip sampling to validate the current targets and improve geological understanding of the exploration model.
Figure 1: Surprise Creek – Project location
COPPER HIGHLIGHTS
- Data review also highlights several copper targets in the southwest of the project area with soil and rock chip anomalies (>150ppm Cu) over a strike length of 1.5km and open to the north and south.
- Copper target areas include several rock chip samples >0.25% Cu, up to 5.9% Cu and soil samples up to 3,300ppm Cu.
- Valor’s landholding increased in the area following historical data review, with an additional 11 km2 pegged to the southwest of the copper anomalies.
- No modern exploration for uranium or copper in the project area for over 20 years.
Figure 2- Surprise Creek Project - Target areas
Executive Chairman George Bauk commented “The historical data review has highlighted some exciting uranium and copper targets with the high-grade uranium drill results of 2.1m @ 4.37% U3O8 at Surprise Creek Fault being most noteworthy. The historical results and lack of modern exploration for over 20 years suggests there is great potential in this area.”
“Based on the historical data review, the Company increased its land position at the Project to the southwest by pegging a further 11km2. Given the copper mineralisation trend at the southwest part of the property, we thought it was only logical to peg the open ground.”
“We are continuing to work through the historical exploration data from our eight projects in the Athabasca Basin and will release further results of these reviews in the coming months. The exploration team will commence on-ground work at the Cluff Lake and Surprise Creek Projects in July and results of the recently completed airborne gravity surveys at the Cluff Lake, Hook Lake and Hidden Bay Projects will be finalised during the current quarter."
Historical data review targets
The following targets are based on a thorough review of historical exploration data which has been integrated with a detailed geological interpretation of all publicly available geophysical data completed by Valor’s consultant geophysics team, Terra Resources. The historical exploration data is from the 1950s through to the late 1970s. Between the 1980s and the present day, little uranium or copper exploration has been carried out in this area. Details of relevant drill holes and surface sampling information that have been used in determining some of these targets, have been included in Appendices 1, 2 and 3. All diamond drill holes have been reported and surface samples reported have been filtered based on: Soil samples > 2ppm U, rock chip(boulder) and unknown sample types > 5ppm U. Due to the historical nature of some of this data, some aspects of the sampling and drilling cannot be verified and therefore some caution must be applied. The Company intends to carry out on-ground work to verify aspects of the historical data before advancing targets to the next stage.
Surprise Creek Fault
The Surprise Creek Fault target is an area where uranium exploration occurred in the late 1960s. The most significant exploration was conducted by Van-Tor Resources who completed 27 diamond holes in 1968 to test an area of uranium mineralisation at surface. Prior to that, in 1955, Independence Mining drilled 14 shallow (mostly 25-50m and up to 85m deep) diamond drillholes in the area following prospecting and trenching, which located uranium mineralisation at surface.
Click here for the full ASX Release
Lithium Power Executive Director and CFO Andrew Phillips: Strong Financials for the Maricunga Project in Chile
Lithium Power Executive Andrew Phillips: Strong Financials for the Maricunga Project in Chile youtu.be
Lithium Power (ASX:LPI) Executive Director and Chief Financial Officer Andrew Phillips discussed the company’s Maricunga project in the Lithium Triangle of Northern Chile.
Lithium Power owns 52 percent of the project site, which is positioned next to Bolivia and the northern border of Argentina. The company partnered with Milan Isolo Blanco and a private Chilean office, along with experienced businessman Martin Bordeaux.
“We’ve done three drilling programs over time and we've got a resource edge of over 3 million tonnes of lithium carbonate equivalent. We have done an update to our definitive feasibility study (DFS). After deciding in early 2021 to do a stage approach to the development, we did a further drilling program, to a depth of 40 metres,” Phillips said.
“We increased our resources under the project area that we decided to focus on initially. From there, the DFS was updated — and the numbers are very compelling. The pre-tax NPV is over US$2 billion and US$1.45 billion post tax,” Phillips noted. Continuing to highlight the value, he said, “Look at the post tax — it's about a 40 percent internal rate of return (IRR). It’s a two year payback period on the CAPEX to build the project of US$626 million, so they’re pretty compelling numbers.”
Speaking to next steps, Phillips said, “We’re licensed to explore and to export lithium carbonate — we’re ready. We're fully permitted with our environmental impact assessment report. So now we're going down the track of attracting funders to help us build the project.”
In terms of financing options, Phillips refers to the options as a "blank paper," continuing to say, “We have a non-bonded memorandum of understanding (MOU) with Mitsui, the Japanese conglomerate. Lithium Power wanted to de-risk the project as much as possible — we know that one of our biggest assets is our future production.
“The far-reaching MOU was announced in May, allowing offtake for project funding through the network of other guests, Japanese banks and European banks, as well as equity stake in the joint venture company, so that’s all on the table. And now that the DFS is being finalised, they're wrapping up the due diligence process with tests of our brine in Tokyo.”
Looking to the future, Phillips said, “There is going to be construction for about 12 months … This is a good time for investors to be looking at the company. We know once we ink a deal, with Mitsui or whoever may finalise with us, the industry is going to get turbocharged by some very good lithium.”
Watch the full interview of Lithium Power CFO Andrew Phillips above.
Disclaimer: This interview is sponsored by Lithium Power (ASX:LPI). This interview provides information that was sourced by the Investing News Network (INN) and approved by Lithium Power in order to help investors learn more about the company. Lithium Power 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 Lithium Power 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.
Lithium Power Executive Director and CFO Andrew Phillips said, “This is a good time for investors to be looking at the company. We know once we ink a deal, with Mitsui or whoever may finalise with us, the industry is going to get turbocharged by some very good lithium.”
Drilling Delivers Further High Grade Zinc, Lead and Copper Results at Gibsons
Critical Resources Limited (ASX:CRR) (“Critical Resources” or the “Company”) is pleased to advise that it has received assay results from its 10th and 11th drill holes at its 100% owned Gibsons prospect. Diamond drill holes CRR21DD_04 (“Hole 04”) and CRR21DD_02 (“Hole 02”) have intersected further zinc, lead, copper, and silver bearing zones of sulphide mineralisation. Both Hole 04 and Hole 02 are step out holes that continue to demonstrate the potential of the mineralised extent of the Halls Peak system.
Highlights
Hole 04
- 6.91m @ 9.41% Zn, 2.45% Pb, 1.56% Cu, 34.6g/t Ag from 98.04-104.95m downhole
- Including 1.69m @ 13.82% Zn, 2.08% Pb, 4.26% Cu, 64.37g/t Ag from 103.26 – 104.95m downhole
- 5.6m @ 8.20% Zn, 4.33% Pb, 1.81% Cu, 393.23g/t Ag, from 75.1-80.7m downhole
- Including 1.65m @ 14.79% Zn, 7.61% Pb, 3.17% Cu, 807.55g/t Ag from 77.05 – 78.7m downhole
- 4.9m @ 3.91% Zn, 1.24% Pb, 0.15% Cu, 8.55g/t Ag, from 58.60-63.5m downhole
Hole 02
- 17.75m @ 2.20% Zn, 1.28% Pb, 0.18% Cu, 19.34g/t Ag from 87.8-105.55m downhole
- Including 1.1m @ 7.45% Zn, 4.36% Pb, 0.67% Cu, 43g/t Ag from 90.3–91.4m downhole and
- Including 1.4m @ 10.4% Zn, 7.53% Pb, 0.48% Cu, 33.8g/t Ag from 99.6–101m downhole
- Previously untested areas continue to provide consistent mineralisation at depth
- Cores from completed holes 14, 15 and 16 are currently being assayed at the ALS laboratory in Brisbane with results expected progressively
The Company is pleased to receive further assays from Hole 02 and Hole 04 at its 100% owned Halls Peak project in New South Wales. Results continue to demonstrate the scale potential of the Halls Peak system, particularly at depth. Results continue to provide strong support for an expanded drill program.
Critical Resources Managing Director Alex Biggs said:
“We’re continuing to see some fantastic intersections at Gibsons that are demonstrating the potential of the Halls Peak system. Drilling is ongoing across multiple targets as we look to start to further define the potential scale at Halls Peak. The asset is shaping up as potentially transformational for the Company and we look forward to updating the market with more exciting results”.
Summary of Key Polymetallic Intersections
Hole 04
- 4.9m @ 3.91% Zn, 1.24% Pb, 0.15% Cu, 8.55g/t Ag, 0.04g/t Au, from 58.60-63.5m downhole
- 5.6m @ 8.20% Zn, 4.33% Pb, 1.81% Cu, 393.23g/t Ag, 0.51g/t Au from 75.1-80.7m downhole
- Including 1.65m @ 14.79% Zn, 7.61% Pb, 3.17% Cu, 807.55g/t Ag, 0.45g/t Au from 77.05 – 78.7m downhole
- 6.91m @ 9.41% Zn, 2.45% Pb, 1.56% Cu, 34.6g/t Ag, 0.23g/t Au from 98.04-104.95m downhole
- Including 1.69m @ 13.82% Zn, 2.08% Pb, 4.26% Cu, 64.37g/t Ag, 0.37g/t Au from 103.26 – 104.95m downhole
Hole 02
- 17.75m @ 2.20% Zn, 1.28% Pb, 0.18% Cu, 19.34g/t Ag, 0.09g/t Au from 87.8-105.55m downhole
- Including 1.1m @ 7.45% Zn, 4.36% Pb, 0.67% Cu, 43g/t Ag, 0.24g/t Au from 90.3– 91.4m downhole and
- 1.4m @ 10.4% Zn, 7.53% Pb, 0.48% Cu, 33.8g/t Ag, 0.14g/t Au from 99.6–101m downhole
Click here for the full ASX Release
Free Investor Report
Archived – Opportunity, Fortune & Demand in the Resources Sector: IMARC 2019
INN provides access to this report for investors who want the historical content. However, it has not been updated since the original publish date of July 6, 2019.
Winsome Resources CEO Chris Evans: Sustainable Hard-rock Lithium Opportunities in Quebec
Winsome Resources CEO Chris Evans: Sustainable Hardrock Lithium Opportunities in Quebec youtu.be
Winsome Resources (ASX:WR1) CEO Chris Evans joined the Investing News Network to discuss the company and its Cancet lithium project in Quebec, Canada.
"We listed on the ASX on November 30, 2021," he explained. "We're lithium focused but based in Canada, and we've been pretty successful in the last six months — our share price has done well. I think I've been putting this down to the success factors which we possess as a company, including the fact that we're into lithium at a moment with high demand. Any mining company that's associated with lithium has tended to do well.
“Our assets are in Quebec, a fantastic mining jurisdiction for all sorts of reasons. Also, being listed on the ASX — Australian investors tend to like early stage plays a bit better. They've certainly woken up to the electric vehicle and lithium revolution that's occurring in the world. And it's a pleasure having the assets in Canada.”
Next, Evans got into specifics about the company's flagship project. “The Cancet project is our flagship, in the James Bay region of Quebec. All our projects are hard-rock lithium; that's digging the rocks out of the ground and concentrating the lithium in them. Then it gets converted into the final product, which is lithium carbonate or hydroxide, that then goes into electric vehicle batteries,” he explained.
“Cancet’s had about 5,500 metres of drilling done on it historically, so we know that there's a great deposit of lithium at fantastic grades. It outcrops on the surface, the lithium-containing spodumene from the pegmatite rock, where we have 3.7 percent lithium oxide over a 17 metre interval from the surface at our most successful drill hole. We just completed 2,000 metres of drilling ourselves, increasing our knowledge of the orebody that's there, and also looking for extensions to the orebody. We've got 395 claims, and our drilling and exploration is only over about 15 of the claims. So we've got a lot further to look here and a lot more to develop.”
As for supply location, and the company's relationship with the international market, Evans said, “We think it's fantastic for us, and our shareholders, that we have assets in Quebec. Roughly 50 percent of the world's hard-rock lithium comes from Australia, where it’s mined and concentrated. The problem is that final conversion into lithium carbonate or hydroxide all occurs at the moment in China ... lithium is on the critical minerals list in Canada, the US and Australia, and Canada and the US are working feverishly to develop an internal battery materials supply chain. We think we're going to play a critical role in that.”
Elaborating on the sustainability industry that drives the battery revolution, he said, “(Nearly) all power in Quebec is generated by hydroelectricity and renewable forms of electricity. That’s very important, because the mining and concentration process for lithium products traditionally produces a large carbon footprint, because it's energy intensive. The EU, from 2024, has mandated that all batteries are labeled with the carbon footprint of all the materials that are contained within them. Then, by about 2026, there's specific targets that batteries have to meet in order to be sold in the EU. If you don't have a renewable source of energy to produce your lithium products that go into those batteries, it's going to severely restrict your markets — and that's another bonus for us being in Quebec.”
Evans said that Winsome Resources’ approach is to develop a mine itself, rather than selling or partnering. “We will approach this as if we are going to be developing the Cancet project, and producing lithium ourselves, in four or so years. And I think that'll best serve our shareholders.” With regards to other ways the company could benefit investors, Evans said, “Being listed on the ASX, and having access to a lot of capital, I think there's a great opportunity for us to acquire other projects in Canada. We're about to start our summer exploration. And we're on the lookout for a new project. So I think the good news is really to come.”
Watch the full interview of Winsome Resources CEO Chris Evans above.
Disclaimer: This interview is sponsored by Winsome Resources (ASX:WR1). This interview provides information that was sourced by the Investing News Network (INN) and approved by Winsome Resources in order to help investors learn more about the company. Winsome 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 Winsome 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.
Winsome Resources CEO Chris Evans said, “Canada and the US are working feverishly to develop an internal battery materials supply chain and we think we're going to play a critical role in that.”
European Lithium Executive Chairman Tony Sage: Developing the First Lithium Hydroxide Plant in Europe
European Lithium Executive Chairman Tony Sage: Developing the 1st Lithium Hydroxide Plant in Europe youtu.be
European Lithium (ASX:EUR,FWB:PF8) Executive Chairman Tony Sage discussed the company’s Wolfsburg project in Austria, a country with a rich mining history dating back to WWII that maintains its infrastructure.
Wolfsburg continues that tradition, positioned only 45 kilometres from the city that hosts the largest Samsung battery factory.
"It’s quite unique. In Europe, a lot of the lithium mines are at the exploration stage," Sage said. "This mine was built back in the '80s by the Austrian government. So all the work has been done. If we were going to do this project today, we would have to get environmental approval and spend about $100 million — but they did all the work and the licence is in perpetuity.
“We can now access that mine and start mining immediately. In fact, in 2017, we mined it and took out 1,500 tonnes, which is a massive advantage in the lithium industry because we were able to build a pilot plant and put 300 tonnes of the material through the pilot plant, which gave us the results that we were looking for in that it's high-grade product.”
Sage also discussed European Lithium’s goals with the project. “Our aim is to mine it. It's a very simple mining process. We're in the process now of trying to acquire land nearby so we can actually put a conversion plant and a hydroxide plant on it. There's not one hydroxide plant in Europe, so we hope to be the first. Not only would we be able to source material from our own mine, but we may be able to source material in nearby areas.”
Sage told the Investing News Network that the government is supportive of its endeavours. “The Austrian government is very keen for us to build hydroxide plants so they can actually entice vehicle companies to build a factory nearby the hydroxide plant. This way, we can have a mine right through to the battery solution for the Austrian government. In the end, all we can do is get the mines up and operating, build the hydroxide plant and see what happens.”
The mine itself is underground. “Underground mining techniques are used all around the world. When they built it, they actually overbuilt — so when we decided to mine back in 2017, it was quite easy for us to find the seam of the orebody and then take the ore out," Sage said.
“We completed a prefeasibility study in 2018. The cost structure then was about US$7,500 per tonne to produce the hydroxide. Right now, the hydroxide price is around US$69,000 a tonne — that’s a massive profit margin that we don’t see as sustainable long term. When we do our definitive feasibility study, we're probably going to use an average price over the life of mine of about US$25,000 — but that's still a huge profit margin. That feasibility study is coming within the next four months, when we’ll be in a good position to partner with someone.”
Watch the full interview of European Lithium Executive Chairman Tony Sage above.
Disclaimer: This interview is sponsored by European Lithium (ASX:EUR,FWB:PF8). This interview provides information that was sourced by the Investing News Network (INN) and approved by European Lithium in order to help investors learn more about the company. European Lithium 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 European Lithium 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.
European Lithium Executive Chairman Tony Sage said, “There's not one hydroxide plant in Europe, so we hope to be the first. Not only would we be able to source material from our own mine, but we may be able to source material in nearby areas.”
Successful ASX Listing
Oversubscribed $8m capital raising completed
US focused uranium and lithium explorer, Aurora Energy Metals Limited (Aurora or the Company) (ASX:1AE) is pleased to announce the successful completion of its public offer to raise $8,000,000 via the issue of 40,000,000 Ordinary shares at $0.20 per share (Public Offer).
- Aurora Energy Metals shares commence trading at 11.00am AEST today on ASX under the code 1AE
- Company successfully raised $8m in its IPO, at an indicative market cap of $28m
- The Company holds 100% of the Aurora Energy Metals Project in south-eastern Oregon, USA
- Project has a defined uranium resource and known lithium mineralisation
- Project located in the McDermitt Caldera, home to the USA’s two largest lithium deposits
Proceeds from the Public Offer will be used to fund exploration and development activities on the Company’s Aurora Energy Metals Project in south-eastern Oregon, USA. The program is aimed at growing the basement uranium mineral resource and progressing studies whilst also defining lithium mineral resources in the lakebed sediments surrounding and overlying the uranium resource.
The Company will commence trading today on the Australian Securities Exchange (ASX) at 11:00am AEST under the ticker 1AE.
Euroz Hartleys was Lead Manager to the capital raising.
Aurora’s Managing Director, Greg Cochran, commented:
“We are excited by the strong response that we had to the capital raising from both retail and institutional investors. We could not be happier with the performance of Euroz Hartleys in the process and the quality of the investors they introduced to the register.
“The Aurora Energy Metals Project offers investors two bites at the clean energy pie. We will look to grow the well-defined, shallow uranium resource hosted in the basement and conduct techno-economic studies, whilst following up the significant lakebed sediment-hosted lithium mineralisation that surrounds and overlies it.
“The McDermitt Caldera, which hosts our Aurora Energy Metals Project, is one of the most prospective lithium provinces in the USA. It is home to the two largest lithium resources in the USA and neighbouring peer companies have clearly demonstrated the region’s potential . We are looking forward to undertaking our planned work programs and keeping our shareholders updated on our progress.”