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![1500 Metres of Drilling Completed at Gorge](https://investingnews.com/media-library/image.png?id=50707666&width=1200&height=799)
1500 Metres of Drilling Completed at Gorge
Balkan Mining and MineralsLtd (ASX: BMM; "BMM" or "the Company") is pleased to announce that Phase 1 of the diamond drill program undertaken by Major Drilling Group International Inc (“Major Drilling”) has been successfully completed at the Gorge Lithium Project located in Ontario, Canada (the "Gorge Lithium Project" or the "Project").
HIGHLIGHTS
- ~1,500 metres of planned 2,500 metre drill program completed by Major Drilling.
- Koshman pegmatite outcrop among several pegmatite occurrences targeted at Gorge.
- All core has been logged and samples have been submitted to ALS laboratory with assays pending in coming weeks.
- BMM moves to 50% ownership of the Gorge project.
More than half of the planed 2,500m drilling program has been completed to date with a focus on testing the Koshman spodumene bearing pegmatite outcrop.
The company will analyse the assays over the coming weeks and 3D model the Koshman occurrence, with a plan to extend the 2,500 metre program once further targets have been identified
Assays are pending and the Company expects to release the first batch in the coming weeks, with the balance of results expected over the next 3 – 6 weeks.
“The drilling completed by Major has substantially increased drill rate efficiency with initial drill testing of the Koshman spodumene bearing pegmatite occurrence representing an extremely encouraging start to the campaign. We look forward to receiving assay results which we hope will validate our theory that Gorge has the potential to become a substantial lithium deposit.
With the last completed hole reaching some 250 metres in depth, we are hoping that the best of this program is yet ahead of us. We look forward to revealing more as soon as the information comes to hand.”
-Ross Cotton, Managing Director.Corporate
The Company advises that is has met obligations to move to 50% ownership of the Gorge Lithium Project and has also met obligations to make certain payments to vendors of the Tango Lithium Project (“Tango”). The projects are in Ontario, Canada and BMM retains the option to move to 100% ownership of both assets.
Under the terms of the Gorge Lithium Project exclusive option agreement, BMM has made the payment of AUD$60,000 cash and AUD$100,000 in BMM shares to the vendor of the Gorge Lithium Project to move to 50% beneficial ownership of the project (for full details see ASX announcement dated 4 July 2022). Shares will be issued based on the higher of a $0.15 per share floor price and the 10-day volume weighted average closing price for BMM shares prior to issue date.
Under the terms of the Tango Lithium Project exclusive option agreement, BMM has made the payment of CAD$25,000 in cash and CAD$75,000 in BMM shares at the first anniversary on the exclusive option agreement (for full details see ASX announcement dated 31 October 2022). Shares will issued will be issued based on the 20-day volume weighted average closing price for BMM shares prior to issue date.
Click here for the full ASX Release
This article includes content from Balkan 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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Investor Insight
Amid a growing critical minerals sector and supportive legislative agenda, Balkan Mining offers a compelling option to participate in the growing European battery metals market.
Overview
The recent boom in electric vehicle (EV) adoption and green technologies has seen global demand for lithium skyrocket. Analysts believe EV penetration could reach 35% by 2030, which means lithium production will need to quadruple between 2020 and 2030 to satisfy this growing demand.
Lithium production is often associated with countries like Chile, Australia and Argentina — but strategic policy shifts in the European Union have led Europe to look inward for essential battery metals, placing the spotlight directly on the Balkan states. While the Balkan states, which includes Albania, Bosnia and Herzegovina, Bulgaria, Croatia, Kosovo, Montenegro, North Macedonia, Romania, Serbia and Slovenia, are best known for historic gold production — recent lithium discoveries in Serbia have renewed interest in this region.
Balkan Mining and Minerals (ASX:BMM) is focused on an early-stage exploration through the full development of lithium and boron mining in the Balkan region. The company is committed to building an ethical resource portfolio backed by strategic partnerships and guided by an experienced board and management with regional expertise.
The Balkan states, and Serbia in particular, are well-endowed with many minerals and have attracted a surge in foreign investors for the exploration of mining operations. Serbia's Vardar zone is an emerging tier 1 lithium-borate jurisdiction. Balkan Mining and Minerals is well-positioned to capture the growth of the European lithium and boron supply chain.
Balkan Mining and Minerals' flagship Rekovac lithium-borate project demonstrated two successful diamond drill holes discovering preserved lithium and borate mineralization. The company recently completed its surface mapping program. With the success of the initial drilling and exploration, Balkan is well-positioned to commence its drill program in late September 2021.
The company continues to expand its reach across Serbia with four new exploration permits recently granted. The Ursule and Siokovac licenses provide expansion of Rekovac and span nearly 200 square kilometers. The Dobrinja and Pranjani licenses provide access to Western Serbia with favorable lacustrine strata for hosting lithium and boron.
"It's the right region, it's the right commodity and the right capital structure with the right investors… the key thing to add to that is what differentiates this particular lithium project from many of the other … lithium companies, at least listed in Australia, is the borate angle… So that makes these types of things extremely economic and extremely easy to mine and process," commented Ross Cotton, managing director.
Balkan Mining and Minerals is backed by Sandfire Resources (ASX:SFR). The company's current market cap is AU$36 million with 45 million shares on issue.
The leadership of Balkan Mining and Minerals includes a highly commercial board with decades of experience. Sean Murray serves as chairman and brings executive experience from Rio Tinto and expertise in industrial minerals. General Manager Dejan Jovanovic is the Balkan region expert with over 15 years of experience as a geologist. The company has a strong combination of experience and expertise to be a leader in the lithium and boron space.
Company Highlights
- Balkan Mining and Minerals is a publicly-listed exploration and development company focused on lithium and boron mining in the Balkan region.
- The Rekovac project has demonstrated promising results in its early exploration phase and is on track for additional explorations and assessments within the Ursule and Siokovac licensed areas.
- The Cacak project provides new access to underexplored areas of the Vardar Zone, an emerging tier 1 lithium-borate jurisdiction. The company is looking to expand beyond the Rekovac project and region.
- The company is backed by leaders in the space and has performed well since its IPO. An experienced board and regional management expertise equip Balkan Mining and Mineral to be a leader in the lithium-borate space and are in the right space at the right time.
Key Projects
Rekovac Lithium-Borate Project
The flagship Rekovac lithium-borate project is located in the world-class Vardar Zone in Serbia, an emerging tier 1 lithium-borate jurisdiction. The project has easy access to the motorway and modern rail corridor, thus providing a solid infrastructure to Central and Western Europe.
The first two diamond drill holes (1,238 meters) revealed preserved lithium and borate mineralization at both sites. The second drill hole (REK-002) intercepted over 171 meters with over 10,000 ppm of B2O3 and up to 969 ppm Li2O from 35 meters including 49.6 meters with over 20,000 ppm of B2O3 and up to 624 ppm Li2O from 51.5 meters.
The success of the initial drilling and exploration has provided a solid foundation to explore additional areas of Rekovac as well as two additional adjacent areas under the Ursule and Siokovac licenses. The recently completed surface mapping of the entire Rekovac area has identified five dominating sedimentary formations. The samples will be sent to a laboratory for mineral phase determination using the X-ray diffraction method.
Balkan Mining and Minerals plans to measure magnetic properties over the entire diamond drill core. In addition to measuring magnetic susceptibility, the company will measure the bulk density of samples selected from the drill core. These two parameters will guide geophysics surveys across high-priority areas and ultimately define and commence new drilling programs.
Cacak Project
The Cacak project comprises the Dobrinja and Pranjani license and is located in Western Serbia about 90 kilometers south-southwest of Belgrade, the capital of Serbia. A database study conducted by the Yugoslav Geological Survey identified favorable lacustrine strata for hosting lithium and boron.
The project is in its early exploration phase and will focus on target generation using regional geophysics, geological mapping, and surface sampling. Upon completion of the initial assessment, drill testing of the target locations will be conducted. The licensed areas are within the Vardar Zone and present the company with another location for extracting lithium and boron minerals.
Management Team
Ross Cotton – Managing Director
Ross Cotton has over 15 years of experience in the securities and mining industries and has been instrumental in both the financing and management of mining and resource companies globally.Cottons' experience in investment banking and equity capital markets has provided him with detailed experience in corporate transaction management and execution. In these roles, Cotton has been integral in the recapitalization and restructuring of companies, including managing of initial public offerings and reverse takeovers. In addition to a number of managerial roles with ASX listed companies, Cotton has also provided corporate advisory services to listed companies on strategy, acquisitions as well as financing via both debt and equity for a number of years.Cotton currently manages a private mining strategy and finance consulting business and utilizes his networks established in investment banking, mining and management to provide solutions for the effective implementation of business strategies and management solutions.
Sean Murray – Non-executive Chairperson
Sean Murray has an Honors degree in modern languages and a post-graduate Master's Degree in Business Management and Economics from the Manchester Business School, part of the University of Manchester Institute of Science and Technology, in the United Kingdom. Murray has more than 40 years of experience worldwide in the chemicals and mining industries, including non-ferrous metals and minerals and industrial minerals. His successful executive management career includes senior roles with Australian Mining and Smelting (CRA), Pasminco Europe and Pasminco Inc and Rio Tinto plc where he became Managing Director of Borax Europe and then Deputy Chief Executive, Rio Tinto Borax in the 1990s and early 2000s.
Murray has also served on the boards of Rio Tinto operating companies either as president or as an executive director in the USA (California), Argentina, France, Germany, Holland, Spain and Italy. He has been a Vice-President of the European Zinc Institute (The Hague), and an Industry Advisor on non-ferrous metals and minerals to the UK government at the International Lead Zinc Study Group, (United Nations). He was a vice-president of the Industrial Minerals Association and president of the European Borates Association in Brussels where he became involved in Public Relations and Sustainable Development.
Since 2005, Murray has provided consulting services on marketing, planning and strategy to the industrial minerals sector in Europe, Australia and the Americas and has held non-executive directorships on the boards of AIM and ASX listed copper, gold, tungsten, potash and fluorspar companies including, Fluormin plc (formerly LSE:FLOR and Potash Minerals Ltd (formerly (ASX:POK)). He was a senior partner in a New York based LLP developing minerals businesses in the former Soviet Union. Murray is fluent in a number of European languages including German and Spanish.
Murray has British and Irish citizenship and lives in Surrey in the United Kingdom.
Luke Martino – Non-executive Director
Luke Martino is a Fellow of the Institute of Chartered Accountants in Australia and the Australian Institute of Company Directors, having worked for over 30 years with major accounting firms, where he held senior leadership positions and Board memberships including Lead Partner of Deloitte's Growth Solutions practice in Perth until 2007 when he left to establish boutique corporate advisory and accounting firm, Indian Ocean Advisory Group.
Martino has extensive experience in mining and resources, property and hospitality industries and is a specialist in corporate and growth consulting.
Martino currently acts as a Chairman of Jadar Resources Limited (ASX: JDR) and is also Executive Director of Indian Ocean Consulting Group Pty Ltd. Martino's previous roles have included acting as Non-Executive Director of Skin Elements Ltd (ASX: SKN), Pan Asia Corporation Limited (ASX: PZC), Non-Executive Chairman and Director of Central Asia Resources Limited (ASX: CVR) and former Company Secretary of Blackgold International Holdings Limited (ASX: BGG).
Milos Bosnjakovic – Non-executive Director
Milos Bosnjakovic is a lawyer by profession with strong links and experience in the Balkan countries of the former Yugoslavia Republics, Australia and New Zealand. He has been involved in the resources industry in Australia and the Balkans for almost 20 years and has considerable corporate experience within the industry.
Bosnjakovic is a dual national of Australia and Bosnia and Herzegovina and was also the co-founder of ASX-listed Sultan Corporation Limited which became Balamara Resources Limited, which held the Monty Zinc Project in Montenegro. Milos was co-founder of ASX-listed Adriatic Metals PLC (ASX: ADT) and his previous roles have also included acting as Non-Executive Director and Country Manager of Adriatic Metals PLC.
Dejan Jovanovic – General Manager
Dejan Jovanovic is a geologist with more than 15 years of experience in managing complex exploration projects and mineral deposit evaluation. He is a well-rounded exploration professional with significant commodity experience including lithium, borates, base and precious metals. Jovanovic implemented and encouraged the highest standards of technical and operational excellence across multiple project support groups. He has held numerous positions throughout his career including notable roles with Rio Tinto (Serbia) where he worked on Rio Tinto's Jadar lithium-borate deposit; senior exploration roles with Lithium Li Ltd / Pan Global Resources Inc. serving as a key leadership capacity for exploration programs in the Balkans. Jovanovic has also acted as an exploration management consultant to various clients including European Lithium and General Manager Exploration for Jadar Resources Limited (ASX:JDR).
Jovanovic holds a Master of Science in Economic and Exploration Geology from the University of Belgrade, and a member of the Professional Geological Societies (QP), and a fellow of the European Federation Geologist (CP in accordance with the JORC Code).
Harry Spindler – Company Secretary
Harry Spindler is an experienced corporate professional with a broad range of corporate governance and capital markets experience, having held various company secretary positions and been involved with several public company listings, merger and acquisition transactions and capital raisings for ASX-listed companies across a diverse range of industries over the past 22 years.
Spindler is a member of the Institute of Chartered Accountants Australia and New Zealand and a member of the Financial Services Institute of Australia. Spindler began his career in corporate recovery and restructuring at one of Australia's leading independent financial advisory and restructuring providers Ferrier Hodgson (now KPMG) and has for the past 11 years working for a corporate advisory firm, Indian Ocean Consulting, through which he has advised a number of clients in a range of industries, as well as held positions as company secretary for a number of ASX-listed companies, including Sino Gas & Energy Holdings Ltd (ASX:SEH; ASX:300), an Australian energy company focused on developing gas assets in China.
Karl Simich - Director
As director, Karl Simich has a particular focus on strategy, corporate development and stakeholder relations. Prior to joining Balkan, Simich was the founder, managing director and CEO of Sandfire Resources for 15 years, overseeing the company's transformational growth from a junior micro-cap to a successful, global mid-tier producer. He oversaw the implementation of Sandfire's international expansion strategy, including the $1.865 billion acquisition of the MATSA copper operations in Spain. Simich has 36 years of experience with publicly listed mining and exploration companies. Throughout his career, Simich has overseen the financing and development of more than 10 mines in Australia, New Zealand and Africa.
Nenad Loncarevic – Senior Exploration Geologist
Nenad Loncarevic has 30 years of mineral exploration experience. He is highly experienced in target generation, project evaluation and exploration program implementation for gold, base metals and industrial minerals. Loncarevic possesses an outstanding knowledge of many deposit styles with particular strengths in polymetallic systems and sedimentary type deposits.
Prior to joining Balkan Mining and Minerals, Loncarevic held senior exploration roles with companies including Medgold Resources Corp. (TSXV:MED), Ultra Lithium (TSXV:ULI) & Dundee Precious Metals Inc. (TSX:DPM).
Loncarevic holds a Master of Science in Economic and Exploration Geology from the University of Belgrade.
Coniagas Battery Metals Extends Private Placement
Coniagas Battery Metals Inc. (TSXV: COS) announces that it has extended the final closing date of its previously-announced non-brokered private placement to August 30, 2024. As previously announced, the private placement consists of a maximum of 5,000,000 units at a price of $0.12 per unit for maximum gross proceeds of $600,000. Each unit will be comprised of one common share and one-half of a common share purchase warrant. Each full warrant will entitle the holder thereof to purchase one additional common share at a price of $0.15 for five years from the date of issuance.
Coniagas will use the net proceeds from the private placement primarily for exploration on the Graal property as well as for metallurgical test work and working capital.
About Coniagas Battery Metals Inc.
Coniagas Battery Metals Inc. is a Canadian junior mining company focused on nickel, copper, cobalt, and platinum group metals in Quebec. Our strategy is to create shareholder value through the development of our mineral properties, with the goal of becoming a critical metals supplier to the EV market.
Coniagas has achieved notable success with geophysics and shallow drilling at its 100% owned Graal project near Saguenay, Quebec, consistently hitting mineralization. This success has confirmed an open-pit deposit model along a 6 km strike of high-grade nickel and copper, with cobalt, platinum, and palladium byproducts. Upcoming plans include further drilling, an NI 43-101 resource report, metallurgical testing, and consultations with First Nations. The Graal project and immediate work plan are outlined in detail in the “NI 43-101 Technical Report Graal Nickel & Copper Project, Saguenay-Lac-St-Jean, Quebec, Canada” dated January 17, 2024. The report is available along with other information at the Company’s website.
“Frank J. Basa”
Frank J. Basa, P. Eng., Order of Engineers Ontario
Chief Executive Officer
For further information, contact:
Frank J. Basa, P. Eng. Ontario
Chief Executive Officer
416-625-2342
or:
Wayne Cheveldayoff, Corporate Communications
P: 416-710-2410 E: waynecheveldayoff@gmail.com
You can follow Coniagas on Social Media:
LinkedIn: https://www.linkedin.com/company/coniagas-battery-metals/
X (Twitter): https://twitter.com/coniagasmetals
Facebook: https://www.facebook.com/coniagas/
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Caution Regarding Forward-Looking Statements
This news release may contain forward-looking statements regarding Coniagas Battery Metals Inc. (“Coniagas” or the “Company”) which include, but are not limited to, comments that involve future events and conditions, which are subject to various risks and uncertainties. Except for statements of historical facts, comments that address the private placement referred to above, resource potential, upcoming work programs, geological interpretations, receipt and security of mineral property titles, availability of funds, and others are forward-looking. No assurance can be given that any of the foregoing will be achieved. In particular, Coniagas cannot give any assurance that it will be able to complete the private placement referred to above, either in whole or in part. Forward-looking statements are not guarantees of future performance and actual results may vary materially from those statements. General business conditions are factors that could cause actual results to vary materially from forward-looking statements. The Company does not undertake to update any forward-looking information in this news release or other communications unless required by law.
Maiden Fieldwork Discovers Widespread Chalcocite Dominant Vein Systems at Expanded Nunavut Rae Cu-Ag-Au Project
White Cliff Minerals Limited (“WCN” or the “Company”) is pleased to announce that work has commenced at the Rae copper, silver and gold project in Nunavut (“Rae” or the “Project”). Initial visual observations across all sample sites have confirmed numerous vein systems of chalcocite dominant mineralisation across significant strike lengths.
- Multiple styles of copper mineralisation identified, providing for potential district scale mineralisation:
- Massive chalcocite veining observed at Cu-Tar
- Sedimentary hosted copper and replacement mineralisation seen at HALO
- Native copper within vesicular basalt flow tops discovered at Kilauea
- Previous high grade historical locations have been located and samples taken within an expanded vicinity. At all priority targets the identifiable strike length has significantly increased.
- The HALO vein system now mapped and sampled over more than 440m strike length. Discovery of high grade sediment hosted copper greatly expands prospectivity and tonnage potential of the target
- Chalcocite dominant veining observed over a ±400m strike length at the Cu-TAR zone, alongside 3 other chalcocite veins and cemented copper rich breccia. These veins have been sampled along strike until they disappear under shallow cover
- The DON target has been identified to host 2 semi-massive chalcocite-bornite veins with over 200m strike length
- The PAT target now extended to >400m of outcropping, semi-massive, vein hosted chalcocite-bornite mineralisation
- Field evidence at the CALMAL target area where copper bearing hydrothermal fluids observed mineralising the Rae Group sediments. Potential for bulk tonne “Red Bed” copper
- Widespread native copper traced over 120 m at the Kilauea target
- The MobileMT airborne geophysical survey completed at Great Bear Lake, on time and on budget. Rae survey expected to be completed in the next 5-10 days
- First tranche of Assays from Great Bear expected in August
- Latest land rush to Nunavut amplifies the first mover strategic advantage that the Company has achieved
“The outcropping copper mineralisation throughout the project area is visually stunning and exceeds expectations. The focus of our maiden field programme across both Nunavut and Great Bear Lake has been twofold. Firstly, to confirm decades old historical state survey results from multiple project locations and extend the observable strike of each and in parallel undertaking airborne geophysics to further refine these targets. Second is prioritise and prepare project areas for drilling.
At Halo, multiple mineralised vertical structures have been identified and now constitute priority targets. This deep-seated plumbing acts as conduits for copper rich hydrothermal fluids that have deposited what appears to be significant quantities of copper into the surrounding reactive sandstones. This field observation provides the first direct evidence of extensive high grade sedimentary hosted “red bed” copper on Company ground, something not previously observed by historical exploration. We grow more confident each day of significant results coming from this sampling programme.
The recently completed airborne MOBILEMT survey at Great Bear is expected to work well and will add substantially to the understanding of the local and regional mineralising structures. Integrating this geophysical layer with assay results will eventually allow for a maiden drilling campaign by the Company which is scheduled to kick off in the coming months. The same aerial survey is now underway at Rae and expected to complete this week.”
Troy Whittaker - Managing Director
In relation to the disclosure of visual mineralisation, the Company cautions that visual estimates of sulphide and oxide material abundance should never be considered a proxy or substitute for laboratory analysis. Laboratory assay results are required to determine the widths and grade of visible mineralisation reported in sampling. The Company will update the market when laboratory analytical results become available, which are expected within 4-6 weeks.
Click here for the full ASX Release
This article includes content from White Cliff 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.
Red Mountain Lithium Discovery Bolstered with More Outstanding Thick Intersections
Second batch of assays delivers further high-grade intersections
Astute Metals NL (ASX: ASE) (“ASE”, “Astute” or “the Company”) is pleased to advise that assay results from the next four holes, RMRC004-007, of the inaugural Reverse Circulation (RC) drilling campaign at its 100%-owned Red Mountain Lithium Project in Nevada, USA, have returned high-grade mineralisation.
Key Highlights
- Multiple lithium intersections reported in assay results for the next four holes, RMRC004-007, with intersections up to +80m thickness, including:
- RMRC004: 83.8m @ 1,230ppm Li from 16.8m.
- RMRC005: 80.8m @ 1,270ppm Li from 56.4m
- RMRC006: 62.5m @ 1,070ppm Li from 6.1m and 70.1m @ 1,090ppm Li from 89.9m
- RMRC007: 74.7m @ 1,160ppm Li from 18.3m
- Intersections sit mid-project within 4.6km of strike length drilled to date at Red Mountain.
- Assay results for the remaining four drill holes expected in late July.
Assay results from the second batch of samples include the following drill intersections:
- RMRC004 : 13.7m @ 1,070ppm Li / 0.57% Lithium Carbonate Equivalent1 (LCE) from surface
- 83.8m @ 1,230ppm Li / 0.65% LCE from 16.8m
- RMRC005 : 26.0m @ 656ppm Li / 0.35% LCE from 3.0m
- 80.8m @ 1,270ppm Li / 0.68% LCE from 56.4m to End of Hole
- RMRC006 : 62.5m @ 1,070ppm Li / 0.57% LCE from 6.1m
- 15.3m @ 896ppm Li / 0.48% LCE from 71.6m 70.1m @ 1,090ppm Li / 0.58% LCE from 89.9m
- RMRC007 : 74.7m @ 1,160ppm Li / 0.61% LCE from 18.3m
- 25.9m @ 1,580ppm Li / 0.84% LCE from 115.8m
This second batch of assays, from drill holes located centrally within the group drilled so far (Figure 1), demonstrate thicker intersections than those previously announced, with all four holes intersecting +70m zones grading over 1,000ppm lithium. These outstanding results indicate the scale and grade potential at Red Mountain, as it continues to emerge as a project of significance in North America. Assays for the final four holes from the campaign are expected to be received later this month, which, along with other results, will allow the Company to determine the next steps at this highly prospective Project.
Astute Chairman, Tony Leibowitz, said:
“Our confidence in the scale and significance of this discovery continues to increase with each successful drill-hole at Red Mountain. Assays from the latest four holes have exceeded expectations and returned some very thick, high-grade intercepts which have confirmed robust lithium mineralisation in the middle of the project, between intersections from the discovery holes.
“With final assay results expected for the remaining four holes shortly, data from all holes will then be integrated into an updated geological model for Red Mountain with a view to expediting the process to achieving a maiden Mineral Resource Estimate.”
Figure 1. Drill-hole locations and intersections, and gridded soil sample geochemistry over aerial image.
About Lithium Carbonate Equivalent (LCE)
Unlike spodumene concentrate, which is a feedstock for a value-added battery product, Lithium Carbonate is a principal lithium-ion battery product, which may be used directly in battery production or converted to other battery products such as lithium hydroxide. The Benchmark Mineral Intelligence Lithium Carbonate China Index priced lithium carbonate product at US$13,710/t6 as of 12 June 2024.
Click here for the full ASX Release
This article includes content from Astute Metals NL, 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.
Avenira Limited (ASX: AEV) – Trading Halt
Description
The securities of Avenira Limited (‘AEV’) will be placed in trading halt at the request of AEV, pending it releasing an announcement. Unless ASX decides otherwise, the securities will remain in trading halt until the earlier of the commencement of normal trading on Friday, 26 July 2024 or when the announcement is released to the market.
ASX Compliance
Click here for the full ASX Release
This article includes content from Avenira 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.
Critical Metals Corp Completes Stage 1 Investment for Tanbreez Acquisition
European Lithium Limited (ASX: EUR, FRA:PF8, OTC: EULIF) (European Lithium or the Company) is pleased to announce that Critical Metals Corp. (Nasdaq: CRML) (Critical Metals Corp), a mining development company focused on critical metals and minerals, and producing strategic products essential to electrification and next generation technologies for Europe and its western world partners, today announced that it has completed the stage 1 investment as part of its recently announced plans to acquire a 92.5% controlling interest in the Tanbreez Greenland Rare Earth Mine (the Tanbreez Project) from Rimbal Pty Ltd., a company controlled by geologist Gregory Barnes (Rimbal) (refer ASX announcement 11 June 2024 and 19 June 2024). Following the issue of 8,398,656 CRML shares to Rimbal as the stage 1 consideration, Critical Metals Corp now holds a 42.00% equity interest in the Tanbreez Project. European Lithium will retain its 7.5% ownership in the Tanbreez Project.
Critical Metals Corp CEO and Chairman, Tony Sage commented: “The successful completion of Stage 1 reflects another pivotal milestone in our strategic acquisition of Tanbreez. Tanbreez is a game-changing rare earth asset for the West, an assessment supported by both our due diligence, including our visit to the project last week, as well as third-party evaluations. By acquiring Tanbreez, we are taking a key step towards positioning Critical Metals Corp as a reliable and long-term strategic supplier of both light and heavy rare earth elements to meet the escalating demand for these materials for technology and defense applications in the western world.”
About European Lithium
European Lithium Limited is an exploration and development stage mining company focused mainly on lithium in Austria, Ukraine, Ireland, and Australia. European Lithium currently holds 67,788,383 (approximately 75%) ordinary shares in Critical Metals Corp. Based on the closing share price of Critical Metals Corp being US$10.19 per share as of 23 July 2024, the Company’s current investment in Critical Metals Corp is valued at US$690,763,623 (A$1,036,145,434) noting that this valuation is subject to fluctuation in the share price of Critical Metals Corp. For more information, please visit https://europeanlithium.com.
Click here for the full ASX Release
This article includes content from European Lithium, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Exploration Program Underway at Corvette River Lithium, Gold, Copper & Silver Project in Quebec
- A phased program of extensive field mapping, excavator trenching, and channel sampling testing high-grade gold and lithium targets across22km of strike within the prolific Lac Guyer Greenstone Belt
Metals Australia Ltd (ASX: MLS) has commenced phase one of its fully permitted1 Corvette River exploration program. The program includes detailed field mapping, extensive excavator trenching and channel sampling to firm up drilling targets for the anticipated drilling phase of the program.
The Project consists of several claim areas, including Felicie on the Corvette Lithium Trend which hosts Patriot Battery Metals’ world-class Corvette Lithium Project2 and the West Eade and East Eade claims on the parallel Corvette South Trend, approximately 12 km to the south. Both trends are on the prolific Lac Guyer greenstone belt in the tier-one global mining jurisdiction of Quebec, Canada (see Figure 1).
Phase 1 of the program will investigate and prioritise zones across the extensive claims areas for further work and follow up drilling. The program will include extensive geological mapping, excavator trenching and channel sampling, for multi-element assaying, using a team of geologists, support staff, excavators and an air support team. Field logistics are supported by helicopters, including heavy lift helicopters, to move excavators, required equipment and personnel. The program is being phased, given the limited access to heavy lift helicopters during this period. The program is sequential, initially focussed in the Felicie area (see Figure 1), to be followed by the East Eade and then the West Eade claim areas.
The primary objectives of the program are to investigate identified target locations through field mapping of structures and outcrops, extensive excavator trenching and channel sampling to finalise planning positions and the priority of follow-on drill targets in the following project locations:
- Felicie Project – Field map, trench and sample structures and outcrops associated with previous rock chip sampling that included grades of up to 4.16 g/t Au, 44.1 g/t Ag and 0.23% Cu3 from a zone of 180m strike-length open in all direction.
- East Eade – Extensive investigation of an approximately 300m wide complex fold-closure, which included previous assays of up to 29.7 g/t Au and 12 g/t Au3 See photographs of East Eade below.
- West Eade – Further investigate areas around historical sample sites with assays of up to 11.45g/t Au3 and more recent rock chip sampling results including 3.37 g/t Au over 3m3.
- Lithium Targets – Follow up on Lithium bearing pegmatite targets that have been previously reported, including CR1 (mapped over 1.6 km4) at Felicie and CS15 at West Eade (see Figure 1)
Figure 1: MLS’s Corvette River Project – Felicie, East Eade & West Eade Phase 1 Field Exploration sites, includingtrenching target locations for key gold, Silver & lithium targets outlined with geology and magnetics
Metals Australia CEO Paul Ferguson commented:
“It’s pleasing to be under way with phase 1 of our field exploration program at Corvette River. The commencement of this program is a result of a lot of great work by our team and our contractor, Magnor Exploration. We have developed a detailed and prioritised exploration program targeting lithium as well as gold, silver and copper and put in place a contract to allow this important work to be completed during the summer field season, when ground truthing is possible in Quebec. Importantly the program phasing recognises the challenges associated with accessing heavy lift helicopters during the peak summer period.
We are now on the ground with a dedicated team of geologists and field staff, including excavators. The team will be able to follow up on the targets, associated structures and outcrops that have been identified from previous sampling. This will allow accurate positioning of trenching and channel sampling. The outcomes of this work will result in a well-defined and prioritised list of drill targets – which will be the subject of phase 2 of the program.
This program will follow up on the highly prospective lithium pegmatite targets as well as high-grade gold and silver target zones we have communicated previously. I look forward to communicating the results of phase 1 when they are available.
We continue to aggressively progress all our high-quality projects on their pathway through exploration and, when results warrant, into development. Four of our projects are now pending government approval for their next phase of exploration, including Lac Carheil, which also has active prefeasibility study work underway. It’s been an incredibly active period of planning, permit applications and work-program contracting. We are now seeing the field exploration stages starting to emerge – with Corvette River now fully permitted for advanced exploration target testing.
We are only able to advance this work because we have a very supportive board, a dedicated and driven team and the financial capacity to fund the programs we have planned. Currently, there is no value ascribed to our projects by the market and we have a market capitalisation well below cash backing, which is highly unusual. Given the high-quality pipeline of projects we are progressing and the opportunities they represent, I expect the balance of 2024 and beyond to represent exciting times for the Company.”
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This article includes content from Metals Australia 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.
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