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Gidji JV Exploration Update
$25 million Institutional Placement to Accelerate High- Grade Growth Strategy
High-quality institutions back Spartan’s plan to unlock the potential of the Dalgaranga Gold Project
Placement Overview
Spartan Resources Limited (“Spartan” or “Company”) (ASX: SPR) is pleased to advise that it has received firm commitments to raise A$25 million (before costs) through a placement to institutional investors (“Placement”).
HIGHLIGHTS
- Firm commitments received from leading domestic and international resource investors to raise A$25 million through a targeted institutional placement priced at A$0.40 per share, a premium of approximately 3% to the last close on 15 November 2023.
- Proceeds to be used to underpin an expanded exploration campaign at Dalgaranga in 2024:
- Drill out Never Never Deeps and grow this high-grade Resource beyond the MRE update scheduled for December 2023;
- Drill out multiple new high-grade discoveries immediately along strike including Four Pillars, West Winds, Arc and Ink to bring them into the Resource;
- Complete a Feasibility Study on a fully integrated restart of the Dalgaranga Project based on the Company’s new high-grade strategy; and
- General working capital, care and maintenance, corporate and transaction costs.
- Spartan is well-funded with pro-forma cash position of A$53.2m on completion of the Placement1.
The Placement comprises the issue of approximately 62.5 million new Spartan shares (“New Shares”) (representing approximately 7% of Spartan’s existing shares on issue) and was conducted at an offer price of A$0.40 per share, representing a premium of approximately 3% to the last closing price of A$0.39 per share prior to the Placement.
The New Shares will be issued under the Company’s existing placement capacity under ASX Listing Rule 7.1 and are expected to be issued on Friday, 24 November 2023. The New Shares issued under the Placement will rank equally with existing Spartan shares as at their date of issue.
Trading in Spartan shares is expected to resume on the ASX from market open today (Friday, 17 November 2023).
Spartan Managing Director and Chief Executive Officer, Simon Lawson, said:
“We are very pleased with the level of support shown by well-credentialed resource investors for the Placement, with the strong demand received, representing a clear endorsement of Spartan’s high-grade growth strategy.
The proceeds of this Placement, combined with existing cash reserves, will put Spartan in an outstanding position to capitalise on what has been an exceptional year for the Company in 2023 and significantly up- scale our exploration and resource drilling efforts in the first half of 2024.
The funds raised will be earmarked to delivering resource growth above the scheduled MRE update in December 2023, targeting the next leg of resource growth at Dalgaranga and ensuring we can maintain our current exploration momentum.
The Spartan team is committed to ensuring a thorough and detailed approach is taken to the delineation of the Never Never orebody and the surrounding targets. Spartan is focused on expanding the Never Never footprint with the most recent results hitting broad mineralisation more than 500m from surface.
The Spartan Board has approved a significant increase in our exploration activities on site with the Placement designed to ensure Spartan’s balance sheet strength and flexibility is maintained while funds are committed to advancing the Dalgaranga Gold Project.”
Click here for the full ASX Release
This article includes content from Spartan Resources, 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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Spartan Resources
Overview
Australia is the second largest producer of gold worldwide, according to the US Geological Survey, and Western Australia (WA) is the dominant player in the nation’s gold market accounting for nearly 70 percent of the total production. Gold mining is the third-largest commodity sector by value in WA, producing nearly 6.9 Moz (or 214 tonnes) in 2022 valued at A$17.8 billion. Eleven of the world’s biggest gold mines are in WA, where Spartan Resources is advancing its flagship Dalgaranga Gold Property.
Formerly known as Gascoyne Resources, Spartan Resources (ASX:SPR) is engaged in the exploration, evaluation and development of gold projects. The company is currently undergoing a pivotal transformation, underpinned by the exceptional high-grade Never Never gold discovery in 2022, less than 1 kilometre from its less-than-5-year-old, existing 2.5-Mtpa carbon-in-leach processing facility in care and maintenance, and the lower grade open pits at Dalgaranga.
Drilling at Never Never has led to the discovery of 721 koz at an average grade of 5.85 g/t gold. Driven by the potential for further resource upgrade, Spartan secured $50 million in funding in February 2023 to support its aggressive exploration program at Never Never. This program, which is intended to last 18 months, is targeting: more than 300 koz reserve at a grade exceeding 4.0 g/t gold; more than 600 koz resource at a grade exceeding 5.0 g/t gold; and the development of a 5-year mine plan capable of generating 130 to 150 koz of gold per annum.
The Dalgaranga property is in proximity to multiple gold-producing projects including Ramelius Resources’ Mt Magnet Project, Musgrave Cue Project, and Westgold Resources’ Tuckabianna gold mill. Historically, Mt Magnet has produced over 6 million ounces since discovery in 1891, which increases confidence in the resource potential of Dalgaranga.
In parallel with the company’s planned exploration program at Never Never, Spartan is progressing with permitting and evaluation of its 244-koz Yalgoo Gold Project, which is expected to provide an important source of ore feed to supplement the high-grade ore from Never Never. In addition, the company owns the 537-koz Glenburgh and Mt Egerton Gold Project in the Gascoyne region, which has the potential to become a second production hub for Spartan Resources.
Company Highlights
- Spartan Resources Limited is an Australia-based company engaged in the exploration, evaluation and development of gold projects. The company was formerly known as Gascoyne Resources but changed its name to Spartan Resources Limited (Spartan) in August 2023 after a series of incredible discovery drill holes and exploration success that justified the transformation of the business.
- Spartan is currently focused on the newly discovered high-grade Never Never gold deposit, part of its 100-percent-owned Dalgaranga Gold Project (Dalgaranga) in Western Australia. The Never Never discovery was made in mid-2022 and is less than 1 kilometre from the existing 2.5-Mtpa carbon-in-leach processing facility and the main open pit at Dalgaranga. The Dalgaranga Process Plant is less than five years old and is well suited to the new discovery and existing lower grade ore deposits.
- Spartan’s Dalgaranga gold project is located 475 kilometres northeast of Perth and approximately 65 kilometres west of the 6-Moz high-grade Mt Magnet gold camp in the Murchison Region of Western Australia.
- In November 2022, the company, then Gascoyne, suspended mining and milling operations of the former focus of its operations, the lower grade circa 0.8-1.0g/t Gilbey’s open pit to focus on the recently discovered high-grade Never Never gold deposit.
- The strategy has thus far paid off extremely well with drilling, defining a growing high-grade mineral resource of 3.8 Mt @ 5.85 g/t gold for 721,200 oz. The Never Never gold resource, when added to the existing lower-grade Dalgaranga Gold project mineral resources brings the total resource to 16.7 Mt at 2.2 g/t gold for 1.18 Moz. Keep in mind the discovery and establishment of the high-grade Never Never deposit has more than doubled the grade of the previous Mineral Resource Estimate on which the infrastructure was built.
- Spartan also has three other gold projects, the Yalgoo Gold Project, which is 110 kilometres west of, and two others roughly 500 kilometres further north of Dalgaranga, the Glenburgh and Egerton Gold Projects. With all resources combined, the global mineral resource estimate for Spartan currently stands at 38.51 Mt at 1.6 g/t gold for 1.96 Moz of contained gold.
- Looking to the immediate future, the potential for further growth within the Spartan portfolio is extensive. The current 32,000-metre drilling program at Dalgaranga is already underway with the aim to extend the existing Never Never resource at depth, as well as identify new look-alike targets along strike to the north and south, such as the newly identified higher-grade Four Pillars and West Winds shoots, and follow up of the Patient Wolf high-grade target 1.6 kilometres north of the Never Never discovery.
- The next resource update will summarise the efforts of the current drill campaign across multiple targets and is scheduled very shortly in Q4 2023.
- Spartan raised $50 million in February 2023 to underpin an 18-month exploration and strategic plan (the “365” strategy) aiming to develop a five-year mine plan with the goal of generating 130 to 150 koz of gold per annum. This strategy appears well on track with the resource target, the “600” already achieved with work underway on the “300” reserves and establishing the minimum “5-yr” mine life currently.
- An additional $25 million was raised in November 2023 to accelerate Spartan’s high-grade growth strategy and support an expanded exploration campaign at Dalgaranga in 2024.
- Also in February 2023, the company established an exploration target of 4 to 5 Mt @ 4.6-6.2 g/t for 600 koz to 1 Moz gold at the Never Never Gold Deposit.
- With a current resource of 3.8 Mt @ 5.85 g/t for 721 koz gold and an imminent resource update due, Spartan has delivered on what it said, and looks solid to continue to do so.
Key Projects
Dalgaranga Project
Spartan Resources’ flagship Dalgaranga Gold Project is located 475 kilometres northeast of Perth and approximately 65 kilometres northwest of Mt Magnet in Western Australia. The Dalgaranga Project includes a fully developed operation comprising a fully established gold mine, a 2.5 Mtpa carbon-in-leach processing facility, modern camp accommodation, and an airstrip.
The Dalgaranga mine produced 71,153 oz in FY 2022 before being placed on care and maintenance in November 2022 to facilitate the implementation of a new strategic and restructuring plan. The new plan is focused on the high-grade Never Never gold deposit discovered in 2022, less than 1 kilometre from the existing 2.5 Mtpa processing facility.
Never Never Gold Deposit is located within the Dalgaranga property immediately to the north of Gilbey’s open pit and within 1 kilometre of the process plant. Never Never is much higher grade than any of the previously defined ore bodies at Dalgaranga and appears to be far more structural, fold and/or shear-hosted as opposed to the more stratigraphic/shale-associated historically defined Gilbey’s series of gold deposits.
The strategy to focus on high-grade Never Never has thus far paid off with drilling defining a mineral resource of 721 koz gold contained within 3.83 Mt at 5.85 g/t. The Never Never gold resource when added to the Dalgaranga Gold project mineral resources brings the total resource to 16.7 Mt at 2.2 g/t gold for 1.18 Moz.
In light of the success of the drilling program, Spartan has expanded its current drill program to 32,000 metres with up to six rigs operating on-site (previously, 25,000 metres with four rigs). The expanded program looks to target extensions of known mineralization, further upgrading the high-grade 721,200 oz mineral resource estimate (MRE) for the Never Never Gold Deposit. The company ultimately aims to deliver a new mine plan to feed the 2.5 Mtpa processing plant for at least five years. The target for the five-year mine plan is to deliver gold production of 130 to 150 koz per annum.
Some of the more significant assay results under the current drill program include:
- Drill-hole DGRC1305-DT registered the deepest ever gold intercept 576 metres down-hole at Never Never. While the assay results for the hole are yet to be published, this discovery is significant as it demonstrates that the deposit remains open at depth.
- Drill-hole DGRC1283-DT returned 18.56 metres at 6.71 g/t gold from 495 metres, including a high-grade mineralized zone of 2.56 metres at 32.19 g/t gold.
- Drill-hole DGRC1276-DT returned 7 metres at 34.34 g/t gold from 372 metres, including high-grade mineralized zones of 1 metre at 95.90 g/t gold and 2.5 metres at 49.50 g/t gold.
- Drill-hole DGRC1271-DT returned 3.2 metres at 7.95 g/t gold from 310.3 metres, including a high-grade mineralized zone of 1 metre at 12.29 g/t gold.
- Drill-hole DGDH039, targeting the West Winds area, intersected 20.52 metres at 2.38 g/t gold from 420.48 metres, including a high-grade zone of 5 metres at 6.22 g/t gold.
- Drill-hole DGRC1245, targeting the Arc gold prospect, intersected 4 metres at 8.33 g/t gold from 106 metres including high-grade zone of 1 metre at 30.66 g/t gold.
Notably, in October 2023 Spartan announced a new gold discovery, Patient Wolf, located immediately to the north of Never Never which returned a massive 10 metres at 19.84 g/t gold, including a high-grade zone of 4 metres at 40.15 g/t gold. This new site is located 1,600 metres north of Never Never and 1.9 kilometres from the processing plant.
The company will now accelerate planned resource diamond drilling across multiple high-grade targets, including Never Never, Four Pillars, and West Winds along with a dedicated RC rig at the new Patient Wolf prospect. The ultimate aim is to deliver the scheduled resource update for the project in Q4 2023, which will grow Spartan’s high-grade resource inventory within a 2-kilometre radius of the 2.5-Mtpa Dalgaranga process plant.
Spartan is well-funded to support its drilling programme and develop its five-year mine plan, having secured a $50 million funding package in February 2023, which included a $26.3-million equity raising, a $21.3-million investment from highly respected global resources private equity fund Tembo Capital, and a $2.5-million unsecured loan from existing major shareholder, Delphi.
Yalgoo Gold Project
The Yalgoo Gold Project is located 110 kilometres by road from the Dalgaranga Gold Project and comprises two deposits, namely the Melville deposit and the Applecross deposit, which is adjacent to the northern end of the Melville deposit. The Yalgoo Gold Project hosts a mineral resource of 243,600 oz contained within 5.2 Mt at 1.4 g/t gold. Exploration activity at this project has slowed down with the Never Never deposit at Dalgaranga taking priority as the next source of higher-grade ore.
Glenburgh Gold Project
The Glenburgh Gold Project (Glenburgh, spread over an area of 2,000 square kilometres, is located in the southern Gascoyne region of Western Australia. Glenburgh has a JORC 2012 mineral resource estimate of 16.3 Mt at 1.0 g/t for 510,100 ounces of gold.
Mt Egerton Gold Project
Mt Egerton Gold Project is spread over an area of 200 square kilometres and is located in the Gascoyne region of Western Australia. Two known deposits exist at Mt Egerton – Hibernian and Gaffney’s Find – both located within granted mining leases. Mt Egerton hosts a current resource of 27,000 oz of contained gold, with strong growth potential.
Management Team
Simon Lawson – Managing Director
Simon Lawson is a professional geoscientist with more than 16 years of operational experience spanning multiple commodities and jurisdictions. He was one of the founders of Northern Star Resources (ASX:NST) and under his leadership transformed the company from a small Western Australian gold miner into a multi-billion dollar global gold mining heavyweight. He has also worked with Firefly Resources Ltd., Superior Gold (TSXV:VSGD) in various senior leadership roles. Lawson brings considerable operational management and technical experience to the board of Spartan and has set in place a firm strategy to take Spartan forward through consistent production, improved cash flows, commercial dealings, and near-term production-focused resource/reserve growth.
Rowan Johnston – Non-Executive Chairman
Rowan Johnston is a mining engineer (graduating from the West Australian School of Mines) with significant experience as an executive and non-executive director. He is currently interim non-executive chairman of Wiluna Mining Corporation, non-executive director of Kin Mining NL, and has previously been managing director of Excelsior Gold. Johnston has worked and studied in the mining (primarily gold) industry for 40 years throughout Australia and overseas and has experience working for owners, consultants, and contractors. He has worked through several feasibility studies, start-ups, construction, and production.
Hansjoerg Plaggemars – Non-Executive Director
Hansjoerg Plaggemars is a seasoned professional with experience in structured debt finance, and equity capital markets including capital increases and decreases, restructurings and insolvencies. He has worked as CFO in various industries including software, retail, prefabricated housing and e-commerce. Since 2017, he has set-up his own consultancy firm, Value Consult. Plaggermars currently sits on a number of boards as a non-executive director or supervisory member. He holds a degree in business administration from the University of Bamberg.
David Coyne – Non-Executive Director
David Coyne has over 30 years of experience in the mining, engineering and construction industries, both within Australia and internationally. Prior to joining Spartan, Coyne held senior executive positions with Australia-listed companies Macmahon Holdings, VDM Group, Peninsula Energy, and with unlisted global manganese miner Consolidated Minerals. He has previously served on the boards of listed companies such as Peninsula Energy and BC Iron.
John Hodder – Non-Executive Director
John Hodder is a geologist by background with a B.Sc. in geological sciences and a B.Com. in finance and commerce from the University of Queensland. He also has a master’s in finance from London Business School. He has served as a director of a number of junior mining companies and has significant experience of operating and investing in Africa. He also worked at Suncorp and Solaris as a fund manager focusing on the resource sector managing an index-linked natural resource portfolio of A$1.25 billion.
Tejal Magan – Chief Financial Officer
Tejal Magan is a chartered accountant with over 10 years of experience in the mining, oil and gas, and construction industries, within Australian and internationally listed companies. She has been at Spartan Resources since December 2018. Previously, she worked with Austal, a shipbuilding company, where she held the role of financial controller for the Australian business unit. Before joining Austal, she worked at Cliffs Natural Resources, a global mining company, where she held various roles including accounting and reporting controller, corporate controller, and senior corporate accountant.
Craig Jones - Chief Operating Officer
Craig Jones is a qualified mining engineer with more than 28 years’ experience in West Australian underground hard-rock mining operations, primarily in operational leadership roles. Prior to joining Spartan, he was the chief executive officer of Poseidon Nickel and previously the chief operating officer for Bellevue Gold, where he played an instrumental role in establishing the restart of the historical operation, leading the feasibility study and forming part of the team that delivered financing of the project. An inclusive and hands on leader, Jones is renowned for building engaged and driven work cultures and for his dedication to working collaboratively across diverse stakeholder groups.
This article was written in collaboration with Couloir Capital Ltd.
Multiple Thick Scandium Zones at Murga
Rimfire Pacific Mining (ASX: RIM, “Rimfire” or “the Company”) is pleased to advise that a recent 100-hole air core drilling program has successfully defined thick zones of strong scandium anomalism from surface, across multiple locations at the Murga Scandium Prospect which is located on Rimfire’s Fifield Project 70kms NW of Parkes NSW (Figure 1).
Highlights
- Thick zones of strong scandium anomalism defined from surface across multiple locations throughout 20km² Murga Intrusive Complex (true widths);
- 22m @ 232ppm Sc from surface incl 12m @ 305ppm Sc,
- 22m @ 156ppm Sc from 2m incl 4m @ 220ppm Sc,
- 28m @ 148ppm Sc from 5m incl 6m @ 291ppm Sc,
- 13m @ 188ppm Sc from 3m incl 4m @ 248ppm Sc,
- 18m @ 174ppm Sc from 1m incl 3m @ 226ppm Sc
- Drill Intercepts remain open in all directions with further air core and diamond drilling planned to determine the lateral extents of the scandium at each location
- Scandium occurs within a flat-lying weathered saprolite horizon developed on top of ultramafic (pyroxenite) intrusive rocks
Rimfire’s primary objective is to build a globally significant scandium resource inventory at our Fifield and Avondale Projects. The Murga intersections announced today in conjunction with the upcoming Melrose resource are the first components in satisfying that objective.
Rimfire offers unique ASX exposure to scandium and we feel that the shallow mineralisation which occurs over a large footprint gives rise to the potential for Murga to host a large-scale scandium resource”.
Drilling details
100 Air core holes (FI2472 to FI2571 - 2,664 metres: Table 1) were drilled to determine the significance of a Rimfire 2023 reconnaissance air core drilling program which successfully intersected strongly anomalous scandium in multiple drillholes at Murga (See Rimfire ASX Announcement dated 3 October 2023).
At Murga, scandium occurs within a flat – lying weathered saprolite (clay) horizon overlying magnetic ultramafic (pyroxenite) intrusive rocks of the Ordovician-age Murga Intrusive Complex, which have been demonstrated from previous drilling at both Murga and the adjacent Melrose Prospect to be intimately associated with scandium mineralisation (See Rimfire ASX Announcement dated 6 December 2023).
The most recent air core holes were drilled on 100 x 100 metre centres at Murga North and on 400 x 400 metre centres over the remainder of the Murga Intrusive Complex. In total the drilling was carried out over an area of approximately 20km² with locations shown in Figures 4 and 5.
The drilling has successfully defined an initial 4 areas - Murga North, Murga Northwest, Murga East and Murga South within the Murga Intrusive Complex for immediate drill follow up Figures 2 - 6).
All are characterised by thick vertical widths of strong scandium anomalism (+100ppm) with little of no associated nickel and / or cobalt anomalism which is in contrast to other scandium prospects in the area.
Significantly all the areas remain open and further drilling is required to determine the lateral extents of the scandium at each location.
Also, several magnetic features within the Murga Intrusive Complex that were not assessed by this phase of air core drilling have (based on the latest drilling results) been subsequently identified as new scandium targets for drill testing. These targets are additional to the 4 areas detailed below and include a +1 kilometre – long, WNW trending linear magnetic feature immediately west of the Murga East scandium area (Figure 2).
Click here for the full ASX Release
This article includes content from Rimfire Pacific Mining 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.
Firebird Metals Limited (ASX: FRB) – Trading Halt
Description
The securities of Firebird Metals Limited (‘FRB’) will be placed in trading halt at the request of FRB, 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 Wednesday, 8 May 2024 or when the announcement is released to the market.
ASX Compliance
Click here for the full ASX Release
This article includes content from Firebird Metals Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Investor Presentation Fiery Creek Georgetown
FIERY CREEK COPPER PROSPECT
- Georgetown Project Queensland
- Fiery Creek Copper Prospect
- 29 square kilometre Yataga Granitoid Intrusive Complex
- Identified as potential massive scale constrained copper porphyry system
- Targeting millions of tonnes of contained copper in “pencil porphyry style” Cadia type system
- 1,000 mines, prospects, mineral occurrences in Georgetown District
- 3 exploration permits covering 850km2
- Significant historical gold production, very little systematic modern exploration
- Gold, lithium, silver, lead, zinc, copper, tin, tantalum, niobium, uranium, fluorine and molybdenite
- 8 potential scale prospects gold, copper, silver lead identified to date
- 23% copper, 14 ounces silver (460 g/t)* from rock samples in quartz breccia hosted veins at Fiery Creek
- Hosted within the massive Yataga Granitoid Complex
- 1600m x 750m outcropping copper veining up to 2m wide
- Interpreted shallow constrained, scale porphyry copper system
- Veining has extensive secondary copper mineralisation at surface
- Multi element assays point to possibility of a significant copper polymetallic system
- Pathfinder element anomalism widespread
- 2 geochemistry surveys completed by EMU
Click here for the full ASX Release
This article includes content from EMU 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.
EIS Grant for Minnie Springs Copper Porphyry Drilling
Augustus Minerals (ASX: AUG; “Augustus” or the “Company”) is pleased to advise the grant of a co-funded EIS drilling grant of up to $110,000 for the Minnie Springs Cu-Mo project in the Gascoyne Region. Augustus thanks the State Government and DEMIRS for supporting exploration in Western Australia with these grants.
- Augustus Minerals has been granted a co-funded drilling grant of up to $110,000 for 2 x 700m deep diamond drill holes under the WA Government’s Exploration Incentive Scheme (EIS) for the Minnie Springs prospect.
- The deeper diamond drill program is designed to test and to provide a 550m deep, 1km wide geological/geochemical/structural cross-section through the large 3km long by 1km wide copper moly porphyry system, linking the Mo mineralised leucogranite to the extensive Cu in soil anomaly to the northeast.
- Previous RC drilling at Minnie Springs intersected mineralisation, geology and alteration halo consistent with the zoning of a large porphyry copper / moly system.
Andrew Ford, GM Exploration
“The Company is pleased to receive an EIS grant to complete deeper drilling at the Minnie Springs Copper Molybdenum Project. The resultant data will enable mapping of the lithology and alteration to a depth of 550m and potentially intersect, or provide vectors to, higher grade Mo-Cu mineralisation using a Mo-Cu porphyry geological model”.
Minnie Springs
Minnie Springs hosts porphyry related copper molybdenum mineralisation previously drilled and defined by Catalyst Metals. A molybdenum Exploration target has been defined for the historicdrillingareacomprisedofbetween12-84Mtasoutlinedbelow (Table 1 and Figure 1, 2.)1.
Table 1. Exploration target size estimate for Minnie Springs Molybdenum depositNote: Based on ~300 ppm cut-off at 100% recovery.
The potential quantity and grade of the exploration target is conceptual in nature, there has been insufficient exploration to estimate a Mineral Resources, and it is uncertain if further exploration will result in the estimation of a Mineral Resource.
The planned diamond drilling will complement the recently completed 3,200m RC drilling program that infilled around hole MSRC012 (18m @ 0.37% Cu and 9.7 g/t Ag from 94m downhole, and 16m @ 0.38% Cu and 19.4g/t Ag from 121m downhole2) and tested the northern half of the 2km long copper-in soil anomaly. Assays from this program are expected to become available over the next month.
The limited exploration in the region, highlighted by 95% of the Ti-Tree project having no previous exploration, demonstrates the prospectivity of this underexplored mineral province.
Click here for the full ASX Release
This article includes content from Augustus Minerals, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Quarterly Activity Report 31 March 2024
EMU NL (ASX: EMU) (“EMU” or “the Company”) is pleased to report on its activities for the quarter ending 31 March 2024.
Figure 1. Fiery Creek Copper Prospect/Yataga Granodiorite summarizing rock (brown diamonds) and termite mound sample results (black crosses)
Continuing with its primary exploration focus on the Georgetown project in the latter half of 2023, EMU received assay results during the quarter from its second, in field reconnaissance work. The geochemical sampling programme covered the Fiery Creek high grade copper vein swarm and the Snake Creek prospects with significant element results returned from the Fiery Creek Copper (elevated Cu-Au-Ag-Bi-In-Pb-Sb-Te) and Snake Creek (elevated Pb-Ag-Au-Sb).
Whilst the survey was cut short due to inclement weather, EMU was encouraged by the significant success reflected in the assays results. The results from mineralogical studies confirmed EMU’s interpretation of an indicative, scale Copper-Porphyry system at the Fiery Creek prospect and was a highlight of the survey with new information building on the scale and potential of the prospect1.
Assay results returned included:
- Fiery Creek rock assay results up to 23.5% Cu, 0.27ppm Au, 460ppm Ag, 1.9% Bi, 89ppm In, 2.7% Pb, 667ppm Sb, 1470ppm Zn2.
- evidence of strong potential for the presence of critical and strategic minerals (Cu, Bi, In), with precious and base metals.
- evidence of alteration mineralogy, mineralisation geochemistry and areal extent of the Fiery Creek quartz-Cu-Bi vein swarm strongly suggesting a previously unrecognised subjacent porphyry Cu-Mo system.
- Yataga Granitoid Complex termite mound and coincident rock chip sampling returned several anomalous polymetallic zones for follow up.
- Snake Creek Prospect assays returned 0.20ppm Au, 390ppm Ag, 22.4% Pb, 464ppm Sb1.
Significant results were returned from the Fiery Creek Copper prospect with elevated Cu-Au- Ag-Bi-In-Pb-Sb-Te and from the Snake Creek prospect with elevated Pb-Ag-Au-Sb.
The elevated pathfinder element results and a macro-petrology assessment3 of rock samples completed by Mr Nigel Maund, Consulting Economic Geologist, from the previously unexplored Fiery Creek Prospect, point to the discovery of a porphyry copper system.
The sampling program assessed a number of high-priority prospects within the Georgetown Project tenements utilising termite mound and outcrop rock chip geochemistry. A total of 46 rock chip and 489 termite mound samples were collected across eight prospects.
Click here for the full ASX Release
This article includes content from EMU 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.
Quarterly Report for the Period Ending 31 March 2024
Redstone Resources Limited (ASX: RDS) (Redstone or the Company) is pleased to provide its quarterly report for the period ending 31 March 2024 (the Quarter).
HIGHLIGHTS
WEST MUSGRAVE COPPER PROJECT (100% RDS) – WEST MUSGRAVE, WESTERN AUSTRALIA
- Redstone currently planning work programs to advance its copper exploration strategy at its 100% owned West Musgrave Project in WA
- Foundation set for growth ‐ existing copper resource base at West Musgrave:
- Tollu copper vein deposit with a resource of 3.8 million tonnes at 1% Cu, containing 38,000 tonnes of copper (ASX announcement of 15 June 2016).
- Significant drilling intersections of high‐grade Cu mineralisation at the Chatsworth and Forio Prospects within Tollu (dating back to 2017) are yet to be included in the existing JORC 2012 resource estimate.
- Significant and consistent high‐grade copper results at depth and to the surface at Tollu:
- Most recent drilling at Chatsworth intersected 11m at 1.2% Cu from only 29m downhole (TLC205), extending the previously intersected high‐grade copper lens a further 20m towards the surface.
- Together with prior drilling, TLC205 also confirmed the targeted high‐grade Cu lens at Chatsworth has the following encouraging characteristics:
- Up to 26m thick (downhole) and has a consistent Cu grade over 1% Cu;
- Extends over 140m vertical from TLC205 to its deepest intersection to date in TLC188;
- A consistent high average grade of over 1% in numerous holes; and
- Remains open at depth
- Historical Cu intersections at Chatsworth include mineralisation that continues from the surface to the maximum vein intersection depth at over 424m (downhole), where grades of 3.73% Cu over 10m, including 5m at 5.3% Cu from 427m (downhole), still continue and are not closed out
- Drilling at the Forio Prospect, which included the highest grade intersection ever recorded at Tollu, being 1m at 18.5% Cu from 18m downhole (TLC203) within an intersection of 8m at 4.1% Cu from 13m downhole, extend Forio’s high grade Cu mineralisation zone at Forio to a 60m strike length (north and south) of continuous high grade copper.
- The high grade Forio Cu Zone extends all the way to the surface with lenses of Cu mineralisation up to 34m thick (downhole) with average grades always over 1% Cu (34m at 1.04% Cu from 15m downhole in TLC181)
- Nearby to major BHP deposit: Tollu copper deposit is located 40km east of BHP’s world‐class Nebo‐ Babel Ni‐Cu‐Co‐PGE deposit ‐ estimated to have a resource of 390 million tonnes grading 0.33% copper and 0.30% nickel, for 1.2 million tonnes of contained nickel metal and 1.3 million tonnes of contained copper metal
- Redstone has been successfully awarded a $220,000 drilling grant from the DMIRS under the Round 29 Exploration Incentive Scheme (EIS) – grant will co‐fund a single deep drill hole of approximately 1,000m at the Chatsworth Prospect at Tollu
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