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West Spargoville Exploration Update
Marquee Resources Limited (“Marquee” or “Company”) (ASX:MQR) is pleased to update the market about the ongoing exploration activities at the West Spargoville Project (“WSP” or “Project”).
During Q4-2022, Marquee completed its maiden lithium focused drilling program which consisted of 123 reverse-circulation drill holes for 18,776m and 351 aircore drill holes for 24,324m. The first pass drilling program focused on testing geochemical anomalism defined from auger geochemical sampling. Due to increased processing times at laboratory facilities, a significant number of assay results remain outstanding as highlighted in Table 1.
Table 1: Outstanding samples
Exploration Update & Forward Work Plan
The Company has prioritised samples with logged granitic or pegmatitic material (1 metre assays) in an effort to improve turn-around times for key assay results. 1-metre assay results have been received for 101 reverse- circulation drillholes with 1 metre results for 22 reverse-circulation drillholes remaining. A peak assay of 1m @ 1.1% Li2O has been returned from MQRC081 with significant results (>2,000ppm Li2O) received thus far outlined in Table 2.
Results from the first 328 aircore holes have been returned with 24 holes outstanding, and significant results (>250ppm Li2O) received thus far are outlined in Table 3. The eastern portion of the tenure, where aircore drilling has been employed, is covered by a thin veneer (<2m) of transported overburden and has a well- developed regolith profile that extends up to 100m vertical depth. Due to the nature and depth of the weathering profile, aircore drilling is required initially to target blind pegmatites for follow-up RC drilling. As such, the AC drilling is considered reconnaissance in nature, however multiple pegmatites have been intersected with significant geochemical anomalism. The assay results show a clear LCT-pegmatite association (Table 3) with tantalum concentrated preferentially in the upper saprolite and lithium concentrated in the lower saprolite. The geological setting is analogous to the Cade Pegmatite at the Dome North Project where mineralised pegmatite is hosted within the Black Flag Beds beneath a well-developed weathering profile (Refer ESS ASX Release 14th January 2022).
Additionally, Marquee and Mineral Resources geologists have completed further surface mapping (Figure 1) and identified multiple, new outcropping pegmatite occurrences with 3 samples observed to contain visual spodumene grains (Figure 2 and Table 4). Peak assays of 1.6% Li2O (22WS22) and 1.5% Li2O (22WS28) were returned from the rock chip sampling and correspond to observed spodumene occurrences.
Figure 1. Geological map and surface sampling locations over the West Spargoville Project
Once all outstanding assay results have been received and interpreted, the Company will update the market with future exploration plans.
Due to the large volume of samples and labour shortages at laboratory facilities, results have been significantly behind schedule.
The West Spargoville Project
The West Spargoville Project is located in the core of the Southern Yilgarn Lithium Belt, an area that is well known for spodumene deposits that include; the Bald Hill Mine, the Mt Marion Mine, the Buldania Project and Essential Metals Pioneer Dome Project. The world-class Earl Grey deposit and the Mt Cattlin Mine are located further west and south respectively (Figure 4). Marquee entered into an Option Agreement to acquire the West Spargoville project (refer ASX Release dated 7th July 2020 and 23rd August 2021) which consists of 80km2 of highly prospective tenure with very limited drilling historically completed on the Project.
Click here for the full ASX Release
This article includes content from Marquee Resources Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
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Marquee Resources
Overview
Marquee Resources (ASX:MQR) is a fully funded junior exploration company focused on its battery metals assets in Western Australia and the United States. Its diversified portfolio includes assets containing lithium, copper and rare earth elements - essential metals for battery manufacturing - as well as gold.
Global demand for battery metals is projected to reach $20.5 billion by 2027, growing at a compounded annual growth rate of 8.2 percent from 2020 to 2027, according to Allied Market Research, This growth is attributed to the exponential growth of the electric vehicle (EV) market, with two million EVs sold worldwide just in the first quarter of 2022, up 75 percent compared to the same period in 2021, along with continued market demand for consumer electronic devices.
Many of Marquee Resources’ assets are in advanced exploration stages, with highly encouraging exploration results.
The company’s flagship project is the West Spargoville Lithium Project, located in the prolific Southern Yilgarn Lithium Belt in Western Australia, and contains hard-rock lithium deposits. Marquee Resources has partnered with Mineral Resources Limited (ASX: MIN) to explore and develop the project. Mineral Resources has extensive experience operating hard-rock lithium mines and brings technical and operational expertise to the project. The West Spargoville Lithium Project has already yielded encouraging exploration results.
Marquee’s other encouraging lithium assets include Clayton Valley Lithium and Kibby Basin Lithium projects, both containing lithium brine and building additional excitement for lithium potential. Results from the 2022 drill program at Kibby Basin have returned high levels of lithium-bearing sediments along with dissolved lithium in the groundwater, with up to 924 parts per million (ppm) lithium from the two exploration boreholes (KB 22-01 and KB 22- 02) that were completed.
The company’s additional projects target other critical battery metals such as rare earth elements and copper. Its Lone Star Copper-Gold project is currently undergoing a 6,000-meter diamond drilling program. Marquee’s 2022 drill campaign at Lone Star intersected a wide mineralised envelope of up to 150 meters at 0.5 percent copper, with high-grade mineralised zones up to 19.8 meters at 2 percent copper. As many zones in the deposit remain open and untested, there is significant potential for additional mineralization, combined with historical diamond and percussion drill hills indicating high-grade deposits of copper and gold.
In October 2022, Marquee announced its maiden mineral resource estimate for the Lone Star Copper-Gold Project containing indicated mineral resource of 9.7 Mt at 0.45 percent copper and 0.24 g/t gold, and inferred mineral resource of 3.5 Mt at 0.31 percent copper and 0.20 g/t gold.
Marquee Resources is led by strong management with experience in natural resources and corporate administration. Charles Thomas, executive chairman, has over 15 years of experience in capital markets and structuring corporate transactions. Dr. James Warren, chief technical officer, has worked in leadership roles managing technical operations. George Henderson, non-executive director, has extensive experience in equity capital markets dating back to 2004. Anna Mackintosh, company secretary, has 26 years of commercial experience in compliance and finance roles for natural resource companies.
Company Highlights
- Marquee Resources is an Australian fully funded exploration company targeting battery metals with multiple assets in advanced exploration stages.
- The company’s flagship project is the West Spargoville Lithium Project, which has already yielded encouraging exploration results.
- Marquee Resources is in partnership with Mineral Resources Limited (ASX: MIN) to explore and develop the West Spargoville Lithium Project, and the companies have accelerated this farm-In agreement with MinRes acquiring an initial 25 percent interest in the lithium rights at WSP by funding $4.8 million on exploration activities at the project in less than 12 months.
- The company’s Kibby Basin project is located near the only producing lithium mine in the United States and contains encouraging geologic properties that indicate the presence of lithium brine.
- The company has additional projects that target lithium and other battery metals, such as copper, gold, and rare earth elements. Historical and current exploration assays indicate high-grade deposits of target metals.
- A management team leads Marquee Resources with directly relevant experience in natural resource markets, corporate administration and corporate finance.
Key Projects
West Spargoville Lithium
The Western Australian flagship project is located in the prolific Southern Yilgarn Lithium Belt. The asset is near multiple producing lithium mines, including the Bald Hill Mine and Mt. Cattlin Mine. Historical exploration data indicates a 2.4 kilometer long anomaly rich in lithium deposits. The project has slated non-stop exploration drilling until the end of 2022.
Project Highlights:
- Encouraging Exploration Results: Deep ground penetrating radar results indicated significant potential for lithium-bearing pegmatites. Interpretation of these has helped identify targets for follow-up drill testing.
- Auger Program Awaiting Lab Results: An auger geochemistry drilling campaign consisting of approximately 3,200 holes was recently completed.
- 2022 Drill Campaign: A drilling campaign was conducted in 2022, with 122 holes of reverse circulation (RC) drilling completed for 18,687 meters, and 391 aircore drills (AC) for 19,156 meters. Assays are currently pending results. Drilling will recommence in early 2023, following up on anomalous intercepts.
- Near World-Class Lithium Deposit: The Earl Grey deposit is located west of the deposit and contains similar geological formations as the primary West Spargoville project area.
Lone Star Copper & Gold
The company's copper and gold project is located in Washington State and contains a 3-kilometer-long mineralization trend of copper-gold deposits. The project has multiple past-producing mines and previous exploratory drill holes. Following the completion of the approximately 6,000-meter Phase 1 diamond drill program, Marquee Resources announced maiden mineral resource estimate for the Lone Star Copper-Gold Project containing indicated mineral resource of 9.7 Mt at 0.45 percent copper and 0.24 g/t gold, and inferred mineral resource of 3.5 Mt at 0.31 percent copper and 0.20 g/t gold.
Project Highlights:
- Robust Infrastructure: The project has road access and water access and is located only minutes away from a community.
- Exiting Mill Being Refurbished: A mill located 11 kilometers away is undergoing refurbishment before commencing operations.
- Encouraging Historical Data: Previous exploration data indicates copper deposits up to 2.4% from 19 meters and 1.4 g/t gold at 7.6 meters.
- 2022 Drill Program: Intersected a wide mineralised envelope of up to 150 meters at 0.5 percent copper, with high-grade mineralised zones up to 19.8 meters at 2 percent copper.
Kibby Basin Lithium
Kibby Basin is located in Nevada, 60 kilometers north of Ablemarle's operating lithium mine. The project covers 2,560 acres, and Marquee has full water extraction permits necessary for lithium-brine extraction. The project is in advanced exploration stages and has a drill rig carrying out 24/7 exploration currently.
Project Highlights:
- Geological Structure Indicative of Lithium Brine Deposits: Kibby Basin contains a 7.4 kilometer long structure with a similar geological structure as Ablermarle’s prolific lithium mine.
- Basin May Contain Layers: Early exploration results indicated an extensive enough basin to potentially contain multiple layers of aquifers, which is favorable for high-grade lithium brine. Additionally, the project has substantial water resources available.
- Fully Permitted and Exploration Underway: The project has received all necessary permits, and the company is currently carrying out a robust drilling program. The company suspects that this project will complement its nearby Clayton Valley Lithium Project.
- 2022 Drill Program Results: High levels of lithium-bearing sediments along with dissolved lithium in the groundwater, with up to 924 parts per million (ppm) lithium from the two exploration boreholes (KB 22-01 and KB 22- 02) that were completed.
Clayton Valley Lithium
Clayton Valley covers 12 square kilometers in Nevada and contains both lithium brine and clay. Like Kibby Basin, Clayton Valley is near Albemarle’s productive lithium mine. Kangari Consulting LLC completed a comprehensive review of the project and surrounding area, prompting Marquee to commence a two-phase exploration project. Marquee will commence a two-phase exploration program in the first half of 2023, consisting of detailed geological mapping and drilling.
Project Highlights:
- Cater to U.S. Lithium Consumption: The asset is located in a great location to service the U.S. domestic market with scalable, staged development that can be developed to cater to increasing demand.
- Near Tesla’s Gigafactory: Clayton Valley is 3.5 hours away from Tesla’s Gigafactory Number 1, a significant producer of lithium-ion batteries.
- Encouraging Exploration Results: Existing data indicates the presence of high-grade lithium ranging from 2.9 mg/l at 10 feet to 11.6 mg/l at 110 feet. Additionally, the project has substantial water resources to support lithium extraction and processing.
Redlings Rare Earths
The Redlings Project is located in Western Australia, 150 kilometers away from Lynas’ (ASX:LYC) Mount Weld Project. The 100-percent-owned project covers an area of approximately 108 square kilometres of tenure with historical samples of up to 7.8 percent TREO.
Auger sampling recently completed identified additional rare earth element bearing dykes. According to executive chairman Charles Thomas, "There is a very good potential to identify a part of the system that hosts an economic deposit."
Exploration drilling is set to restart in the first quarter of 2023, to follow up on targets generated by the successful 2022 auger program.
Project Highlights:
- Historic sampling results: Rock-chip samples up to 7.8 percent TREO.
- Location: In proximity to Lynas’ Mount Weld Mine where a new exploration program has been established after samples returned high grade REE assays.
- Promising exploration strategy: Recent drilling identified structures on the location of known REE-bearing carbonatitic dykes; drilling intersected a 25km structural zone of pink, frenetic, alteration intruded by multiple carbonatitic dykes.
Mt Clement Gold & Antimony Project
The Mt Clement Project is located 30 kilometers southwest of Black Cats (ASX:BC8) Paulsens gold mine, at the western end of the Ashburton Basin in the northern Capricorn Orogen of Western Australia. The project represents a genuine greenfield opportunity in one of Australia’s most underexplored regions.
Project Highlights:
- Underexplored Region: Consists of 360 square kilometers of tenure prospective for syngenetic gold antimony mineralisation, a poorly understood and underexplored mineralisation style in Ashburton Basic, Western Australia.
- Geological team recently completed a field mapping and reconnaissance expedition with a more extensive exploration program planned for 2023.
Management Team
Charles Thomas - Executive Chairman
Charles Thomas is the founding director of Marquee Resources and was the managing director of the company until 2019, when he then assumed the role of executive chairman. Thomas is also an executive director and founding partner of GTT Ventures, a leading boutique corporate advisory firm based in Australia. He holds a Bachelor of Commerce from UWA majoring in corporate finance. Thomas has worked in the financial service industry for more than 15 years and has extensive experience in capital markets as well as the structuring of corporate transactions. Thomas has sat on numerous ASX boards spanning the mining, resources and technology space. His previous directorships include, among others, AVZ Minerals Ltd (ASX:AVZ), Force Commodities Ltd (ASX:4CE) and Liberty Resources Ltd (ASX:LBY), where he was responsible for the sourcing and funding of numerous projects. Thomas is currently the non-executive chairman of Viking Mines Ltd (ASX:VKA), non-executive chairman of High Tech Metals Ltd (ASX:HTM) and non-executive director of Chase Mining Corporation Ltd (ASX:CML).
Dr. James Warren - Chief Technical Officer
Dr. James Warren is a geologist with extensive experience in the mineral resources sector and has held a variety of technical, operational and leadership roles spanning from greenfield target generation to production. Warren commenced his career in the Eastern Goldfields working at Gold Fields’ ST Ives operation in exploration and underground positions. He then completed his PhD, focusing on Kunanalling and Zulieska shear zones, while working at Phoenix Gold Limited (previously ASX: PXG). Warren was a key member of their exploration team until their takeover by Evolution Mining Limited. Warren then worked in the Mineral and Hydrothermal Geochemistry team at the CSIRO, when he was appointed as exploration manager of Echo Resources Ltd (Echo). At Echo, Warren oversaw the exploration strategy and growth of Echo’s resource base to over 1.8 Moz and was involved in the development of their corporate strategy and promotion.
George Henderson - Non-Executive Director
George Henderson is a corporate lawyer and founding partner of AGH Law. Henderson primarily acts for clients in relation to capital raisings (including IPOs, back door listings and secondary offerings), mergers and acquisitions (including takeovers and private share or asset sales), and ASIC and ASX compliance. He has particular experience in the resources and technology sectors, for both local and international clients. Henderson graduated from the University of Western Australia with degrees in law and commerce (corporate finance and financial accounting). Since graduating, Henderson has also obtained a graduate certificate in applied finance at Kaplan Higher Education.
Daniel Moore - Non-Executive Director
Daniel Moore (BEcon/LLB) was formally the CEO of Centenario Lithium. He has extensive experience in equity capital markets since 2004, previously with Wilson HTM and Morgan Stanley, focused on emerging companies. He has held non-executive director roles at iCollege (ASX:ICT), Coronado Resources during its RTO with Race Oncology (ASX:RAC), and Stratum Metals during its RTO with Locality Planning Energy (ASX:LPE).
Anna Mackintosh - Company Secretary
Anna Mackintosh, B.Com (UWA) CPA, also serves as company secretary of TAO Commodities Ltd (ASX:TAO) and Global Vanadium Ltd (ASX:GLV). Mackintosh has over 26 years of commercial experience including 11 years with BHP, 10 years with AFSL holder Kirke Securities Ltd as compliance manager, finance manager and responsible executive. Mackintosh was previously the company secretary/CFO of Kalia Limited (ASX:KLH) (2009 -2018 formerly GB Energy Limited) and Applabs Technologies Ltd, and financial controller at Force Commodities Ltd.
Rare Earths, Gallium Nickel & Copper
Future Facing Commodities Conference | Singapore
Why Terrain Minerals?
Smokebush Project
- Rare Earth Element (REE) mineralisation extending over 9 kilometres (1).
- Total Rare Earth Oxide (TREO) grades exceed 1000ppm (2).
- Magnetic Rare Earth Oxide (MREO) averaging 23% of TREO (3).
- Neodymium (Nd) + Praseodymium (Pr) averaging 80% of MREO (4).
- Assay results from ~5000 metres of drilling to be received within the next 4 to 6 weeks (5).
- Mineral Resource drilling program scheduled to commence from June 2024.
Lort River Project
- Potential repetition of Nova nickel “eye” feature present (6).
- Bedrock conductor already detected within Terrain’s “eye” feature (7).
- Detailed airborne electromagnetic (EM) survey commencing in April 2024 (8).
Project Pipeline
- Lithium and Copper/Gold - See Appendix
Click here for the full ASX Release
This article includes content from Terrain 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.
Flash Metals Acquisition, Tranche 2 of the Placement and Convertible Note Settlement Completed
MTM Critical Metals (ASX:MTM) (MTM or the Company) is pleased to advise that it has completed the acquisition of Flash Metals Pty Ltd (Flash Metals). The closing of this transaction results in MTM securing exploration licenses in the West Arunta and Mukinbudin regions of Western Australia and the negotiation of the exclusive rights to Flash Joule Heating technology with Rice University.
Highlights:
- The all scrip 100% acquisition of Flash Metals Pty Ltd has been completed with allotment of securities following shareholder approval at a meeting on 14th March 2024.
- Control and management of tenements in the West Arunta and Mukinbudin areas of Western Australia has been secured which will enable Native Title and freehold land access to be progressed to enable in-field exploration planning to progress.
- Progress with Rice University to secure the Flash Joule Heating license agreement continues and has been assumed through the ownership of FJ Processing Pty Ltd, a wholly owned subsidiary of Flash Metals Pty Ltd.
- Tranche 2 of the Placement has been completed raising $3.4 million (before costs) resulting in the issue of approximately 42.6 million shares at $0.08 per share with one free attaching option (MTMO) for every two shares issued.
- Tranche 2 of the Convertible Note converted to equity with the allotment of approximately 10.7 million shares and 5.3 million options.
MTM will assume the rights to the Flash Joule Heating licensing option which has been exercised by Flash Metals (refer ASX announcement dated 13 March 2024) and negotiations are under way to complete a licensing agreement with Rice University.
MTM Managing Director, Mr Lachlan Reynolds said “We are very pleased to have completed the Flash Metals acquisition which provides the Company with significant exploration and development opportunities through the acquisition of the REE focused exploration licenses in Western Australia.
“The new tenements in West Arunta provide us with an opportunity to discover new niobium-rare earth deposits in historically untested ground, right next door to some emerging mineralised carbonatite projects identified by both WA1 Resources and Encounter Resources. With the acquisition of Flash Metals now completed, we can progress the discussions with Native Title parties to enable us to access the tenements for in-field exploration .
“The Flash Joule Heating technology is complimentary to MTM’s exploration activities but also has the potential to be transformational at a bigger scale for the extraction of both precious and industrial metals.. We are very excited to be entering into a commercialisation partnership with Rice University and have closed the Flash Metals transaction at a time when the Flash Joule Heating prototype development has been well advanced by a Houston based engineering company under the stewardship of the Vendors of Flash Metals and KnightHawk Engineering.
The overwhelming support that we have received from existing and new shareholders who have participated in the Placement and the Convertible Note issue has been strong. The proceeds raised place MTM in a strong financial position to progress the mineral exploration and Flash Joule Heating technology development.”
Figure 1: The West Arunta Niobium-REE Project comprises three granted exploration licences in eastern central Western Australia, located within the Gibson Desert about 130km west of the Northern Territory/ Western Australia border in the East Kimberley Mineral Field.
Figure 2: Location of the Mukinbudin Project, approximately 250 km NE of Perth.
Flash Metals Acquisition Consideration
With all conditions precedent having been satisfied, the all scrip consideration to acquire all of the ordinary shares in Flash Metals has been issued as follows:
a) 100 million fully paid ordinary shares in MTM (Shares) (Consideration Shares) issued to the shareholders of Flash Metals (the Vendors) (Note – 73,497,088 Shares are subject to six (6) month voluntary escrow);
b) 50 million quoted options with an exercise price of $0.25 and expiring 26 November 2024 (ASX:MTMO) issued to the Vendors (Quoted Consideration Options) (Note – 36748542 Options are subject to six (6) month voluntary escrow);
c) 37.5 million performance rights (Consideration Performance Rights) issued to Sandton Capital Pty Ltd (or its nominees), of which:
i. 12.5 million will vest and convert to Shares following the receipt of drilling results of >10m at >1,000ppm total rare earth oxide (TREO) and/or >0.5% Nb2O5 on the WA REE Tenements (Milestone 1);
ii. 12.5 million will vest and convert to Shares upon delineation of a JORC compliant inferred resource of >10MT at >1,000ppm TREO and/or >0.5% Nb2O5 on the WA REE Tenements (Milestone 2); and
iii. 12.5 million will vest and convert to Shares upon delineation of a JORC inferred resource of >20MT at >1,000 ppm TREO and/or >0.5% Nb2O5 on WA REE Tenements (Milestone 3); and
d) 15 million unquoted options to acquire Shares with an exercise price of $0.25 and an expiry date of 30 December 2026 (Unquoted Consideration Options) issued to Sandton Capital Pty Ltd (or its nominees), of which:
i. 5 million vest upon achieving Milestone 1;
ii. 5 million vest upon achieving Milestone 2; and
iii. 5 million vest upon achieving Milestone 3.
Nine (9) of the Vendors who have collectively been issued with 73,467,088 Consideration Shares and 36,733,544 Quoted Consideration Options have entered into six month voluntary escrow agreements with the Company.
Flash Metals owns all of the shares in FJ Processing Pty Ltd which holds the Flash Joule Heating technology licensing option and which has funded the initial development of the prototype of the Flash Joule Heating test module.
Click here for the full ASX Release
This article includes content from MTM Critical Metals, 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.
A$6.0M Placement to Drive Resource Growth at the Golden Range Gold Project
Warriedar Resources Limited (ASX: WA8) (Warriedar or the Company) is pleased to advise that it has secured binding commitments for a two-tranche placement to raise A$6.0 million through the issue of approximately 157.9 million shares at an issue price of A$0.038 per share (Placement).
HIGHLIGHTS:
- Strong support received from new and existing shareholders.
- Funds raised to be directed towards materially increasing the Resource at the Golden Corridor, a 25km long gold deposit trend at Warriedar’s infrastructure-rich Golden Range Project in the Murchison region of Western Australia.
- The Golden Corridor contains an existing Mineral Resource Estimate (MRE) of 736koz gold1 across 6 deposits and 18 historic pits, all on permitted Mining Leases (ML’s).
- Further assays from 2024 extensional RC drilling at the Ricciardo deposit, in the middle of the Golden Corridor, are expected to be received mid-April. These results, in combination with the outstanding results already received at Ricciardo (including 32m @ 3.6 g/t Au from 148m2) will be integrated into the deposit model and drill plan for 2024.
- The next phase of drilling within the Golden Corridor is scheduled to commence in May at the Ricciardo deposit, targeting extensions to high grade shoots below and along strike from existing shallow open pits.
Warriedar’s Managing Director and CEO, Amanda Buckingham, commented:
“I would like to thank all shareholders and new investors that participated in the placement bookbuild. The funds raised allow us to continue drilling at the Golden Corridor, the area within our tenure that we believe has the best opportunity for immediate and substantial Resource growth.
We should receive assay results from the remaining 9 holes of the Ricciardo program in a couple of weeks. These results, along with those already released, will be used to fine tune the upcoming drill program scheduled to commence in May. We will continue to chase the high-grade shoots at Ricciardo.
The 2024 drilling will be very focussed, targeting quality gold ounces, below and along strike from existing shallow open pits along the Golden Corridor. A simple, yet proven strategy.”
Use of funds
The funds raised will be used to continue drilling along the Golden Corridor, a 25km long trend of highly prospective ground with an existing MRE of 736koz gold1 across 6 deposits, including 18 historic pits, all on permitted ML’s; within the Golden Range Project.
Assays results from the remaining 9 holes drilled at the Ricciardo deposit (in the middle of the Golden Corridor) are expected mid-April.
These results, in combination with the outstanding results already received from Ricciardo this year (including 32m @ 3.6 g/t Au from 148m2), will assist with finalising the plan for the next drill program (2024 Drill Program 2) scheduled to commence in approximately 6 weeks’ time.
Drilling will be focussed on the Ricciardo deposit in Q2 2024, targeting extensions to high-grade shoots, below shallow open pits.
Warriedar plans to drill an additional 12,000m across the Golden Corridor during CY2024, including a diamond drilling program to extend RC holes that end in mineralisation. Each drill program will build on knowledge from the last, with the goal of materially increasing the Resource by defining quality high-grade gold ounces.
Figure 1: The location of the Golden Range Project, the Golden Corridor (within the Project) and the Ricciardo deposit; with respect to the surrounding mines and mills in the southern Murchison Province of WA.
Figure 2: Ricciardo long section outlining relative location of current mined pits to defined mineralised zones
Placement details
An equity raising of A$6.0 million (before costs) via a two-tranche Placement. Approximately 157.9 million New Shares will be issued under the Placement.
The Placement will occur in two tranches as follows:
- An unconditional placement of 119.1 million fully paid ordinary shares, to raise approximately A$4.5 million, will be issued using the Company’s available Listing Rules 7.1 and 7.1A capacity (Tranche 1); and
- A conditional placement of 38.8 million fully paid ordinary shares, to raise approximately A$1.5 million, will be issued subject to Warriedar shareholder approval to be sought at an upcoming General Meeting expected to be held in late-April 2024 (General Meeting) (Tranche 2).
A$0.4 million of New Shares issued under Tranche 1 will be settled on a deferred basis on 14 April 2024 (Tranche 1 Deferred Settlement).
Warriedar’s directors have also applied to participate in the Placement for A$60,000 as part of Tranche 2 which will be subject to Warriedar shareholder approval the General Meeting (Director Participation).
New shares issued will rank equally with existing shares on issue.
Click here for the full ASX Release
This article includes content from Warriedar Resources Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Burley’s Pilbara Iron Ore Assets Advancing
Burley Minerals Limited (ASX: BUR, “Burley” or “the Company”) advises that a heritage protection agreement has been signed with Yindjibarndi Aboriginal Corporation over the Broad Flat Well exploration license area. Heritage surveys are planned for late-April/early-May 2024.
HIGHLIGHTS
- Broad Flat Well
- Heritage Agreement signed with Yindjibarndi Aboriginal Corporation. Heritage survey planned for the second quarter of 2024.
- Additional Channel Iron Deposit (CID) areas identified within the Broad Flat Well tenement.
- Cane Bore
- The Cane Bore Conservation Management Plan was submitted and is now under review by the Department of Biodiversity, Conservation and Attractions.
- Flora and fauna surveys were completed in 2023.
- More than 30km of potential remnant Channel Iron Deposits (CID) identified.
Burley Minerals Managing Director and CEO, Stewart McCallion commented:
“The signing of the Heritage Protection Agreement with the Yindjibarndi Aboriginal Corporation is an important step towards exploring the Broad Flat Well tenement. Burley has applied for drilling permits at Broad Flat Well, and now we will be working with the Yindjibarndi on implementing heritage surveys.
“The review of the Cane Bore Conservation Management Plan by the DBCA is also a significant milestone and we are confident with veracity and completeness of the document. Once the Conversation Management Plan is approved, we anticipate a clear path through to the grant of the exploration license by DEMIRS. We will submit our plans for drilling thereafter. In the meantime, we intend to complete additional data collection and any site work possible. There are extensive, mesa- forms throughout the Cane Bore exploration area as seen in the historic sampling. These Channel Iron Deposits are high-lying, and readily accessible; we intend to commence RC drilling when statutory approvals are received.
“The development of the Conservation Management Plan, and execution of agreements with aboriginal corporations underscores Burley’s commitment to mitigating environmental impacts of our work and ensuring protection of aboriginal heritage.”
BROAD FLAT WELL – 100% INTEREST
Locations and Setting
The Broad Flat Well exploration license, E47/4580, is located approximately 115 km from Karratha and is accessible by the sealed Roebourne - Wittenoom Road, as illustrated in Figure 1. Broad Flat Well is also only 260kms from Port Headland.
Figure 1: Broad Flat Well Location Plan showing only 115km by sealed highway from Dampier.
Rock Chip Sampling and Geology
A mapping and rock chip sampling programme was completed in 20231. Thirty-six (36) rock chip samples were collected from the tops of mesa-form hills which are interpreted as remnant mid- Miocene Channel Iron Deposits (CID) related to the Fortescue River palaeo-drainage system. An earlier sampling programme was completed by API Management between 2006 and 2008.
Click here for the full ASX Release
This article includes content from Burley Minerals Ltd., 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.
Canary Capital Finds Auric Mining a ‘Compelling Investments Case’
Auric Mining (ASX: AWJ) is a “compelling investment case” poised for significant growth driven by the potential of its two flagship projects, Jeffreys Find and Munda Gold, Sydney, Australia-based investment management and corporate advisory firm Canary Capital wrote in a new equity research report.
“AWJ is our preferred ASX-listed company to participate in the current favourable macro environment for gold,” said the report prepared by Paul Hart and Arun Sengupta, both directors at Canary Capital.
The report noted the remarkable progress made by AWJ - transitioning from tenement acquisition and ASX listing to mining and cash flow generation in just under three years - earning $4.77 million in cash from Stage One of the Jeffreys Find gold mining project. More than 9,741 ounces of gold have been mined and sold from Jeffreys Find to date.
A picture of the Jeffreys Find ore body showing gold mineralisation location evidenced by darker zones
AWJ has also completed a scoping study for the Munda gold project, showing exceptional economics and a path to cash flow generation of approximately $77 million.
“Despite the significant cash flow potential of the company’s projects, the current market capitalisation is just $20.3m. We view this as presenting investors with an opportunity to invest in AWJ at a fraction of the real intrinsic value of the company,” the report said.
Highlights of the report:
- AWJ has made remarkable progress in a span of just under three years since its ASX listing and the acquisitions of assets.
- Cash generated from Stage One production at Jeffreys Find, which totals $4.8 million, will fully fund AWJ in 2024 as it develops Stage Two production, which is expected to generate between $6 million and $8 million for the company.
- Munda’s exceptional economics, with a projected positive cash flow of $76.9 million over a 13-quarter mine life based on a conservative gold price assumption of A$2,600/ounce.
- Munda will commence operations with a three-month starter pit and a low capital investment of $1.3 million and a working capital investment of approximately $6.0 million.
- Munda is projected to generate around $8.7 million in surplus cash for AWJ, depending on the results from the current drill program.
Read the full analyst report here.
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31 December 2023 Full Year Financial Results. Auric Generated $4.22 Million Net Operating Cash
Auric Mining Limited (ASX: AWJ) (Auric or the Company) is pleased to provide its financial statements for the year ending 31 December 2023.
- Financial year posts a maiden profit of $1,313,644.
- Adjusted maiden profit after one off write-down is $2,845,638.
- Net cash from operating activities is $4,223,898.
2023 Full Year Financial Report
Managing Director, Mark English, said “We’ve topped off an outstanding 2023 with a maiden adjusted profit of $2.8 million. The net cash from operating activities resulted in a surplus of $4.22 million, a terrific result.
“We benefited from a rising gold price as we undertook Stage One mining at Jeffreys Find. The mining performed better than expected with production of 9,741 ounces of gold selling at an average of $3,006 per ounce. Six months of mining generated almost $10 million in surplus cash for Auric and its JV partner, BML Ventures Pty Ltd of Kalgoorlie. Mining at Jeffreys Find has commenced for the 2024 year. The first processing is scheduled at the Greenfields Mill in mid-late April 2024.
“The past 12 months has seen us become self-funding for 2024. We are a dynamic small gold company with a pipeline of mining activities, that will generate cash for the Company and our shareholders,” said Mr English.
Click here for the full ASX Release
This article includes content from Auric Mining, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
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