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40.8m At 2.80g/t Gold In Drilling At Yarrol Project, Queensland
Many Peaks Gold Limited (ASX:MPG) (Many Peaks or the Company) is pleased to announce additional assay results from diamond drill core sampling completed concurrent with follow-up structural study work on diamond drilling reported earlier this year for the Yarrol Gold Project (Yarrol). Yarrol is located 50km northwest of Evolution Mining Ltd’s (ASX:EVN) Mt Rawdon gold operation and 70km northwest of Many Peaks’ Mt Steadman Gold Project. Drilling is planned to commence in September at both Yarrol and Mt Steadman.
HIGHLIGHTS
- Assaying of previously unsampled open-ended gold mineralisation in recent diamond drilling at the Yarrol Gold Project returns:
- 40.8m @ 2.80 g/t gold from 38m depth, including:
- 6m @ 2.85g/t gold from 38m,
- 7m @ 3.17g/t gold from 49m in new results, assayed up-hole of the previously reported,
- 17.8m @ 4.01g/t gold from 61m depth
- 40.8m @ 2.80 g/t gold from 38m depth, including:
- Several intercepts of visible gold
- Structural review of drill core demonstrates the potential for west dipping sheeted quartz hosted high- grade gold mineralisation at Yarrol which were inadequately tested by historical drilling
- Open gold mineralisation yet to be tested at multiple prospects
- Follow up diamond core drilling at the Yarrol Gold Project to commence in September
Many Peaks’ Executive Chairman, Travis Schwertfeger commented:
“Follow-up sampling of drill core at Yarrol has significantly extended the significant gold intercept in hole YA187 up-hole, returning a result of greater than 100 gram metres [grade times thickness]. More exciting for our team is the identification of a west dipping sheeted vein set, poorly tested by historical drilling at Yarrol. The updated structural model generates an opportunity to demonstrate continuity and significantly increase volume of the high-grade gold mineralisation at Yarrol with optimised drill orientations.”
“Vein density is typically a key controlling factor to the tenor of gold in IRG systems. Success in our upcoming drill campaign at Yarrol has the potential to outline a substantial Exploration Target for continued delineation drilling.”
Diamond Drilling Results, Yarrol Project
Significant intercepts for gold mineralised zones in Yarrol drill results reported earlier this year have been extended up-hole from additional sampling in diamond holes YA187 and YA188.
Drill hole YA187 was partially assayed in first pass sampling that focused on a broad zone of mineralised intrusion returning 17.8m @ 4.01g/t gold from 61m where an array of sheeted quartz veining (including several intercepts of visible gold) is associated with strong alteration around each vein in the intrusion related gold (IRG) system.
Additional sampling has extended the mineralised zone by a further 23m up-hole, upgrading the significant intercept to 40.8m @ 2.80g/t gold from 38m depth in YA187.
The additional results in the 23m interval reported include 6m @ 2.85g/t gold from 38m drill depth and 7m @ 3.17g/t gold from 49m depth in combined intercept averaging 2.80g/t gold over a 40.8m interval from 38m depth.
Figure 1: Yarrol Gold Project drill hole location map with current interpretation of favourable diorite host outlined and better drill intercepts annotated.
Veining outside of the more intense zones of alteration previously sampled were recognised during the structural review of core. A similar style of veining associated with different alteration styles was highlighted and triggered additional sampling work to define controls on gold mineralisation. This has significantly extended the width of the intrusion hosted mineralised zone.
Drill hole YA188, located 1.1km north of YA187, targets the northern extent of 500m long zone of drilled gold mineralisation that remains open for follow-up. Follow- up sampling of YA187 in its entirety has returned multiple additional significant intercepts up-hole from the previously reported 12m @ 0.91g/t gold including 11.15m @ 1.17g/t gold from 32.35m.
Structural Study, Yarrol Project
Recent diamond core drilling has undergone a structural review, focused on defining controls of gold mineralisation in the IRG system at the Yarrol Gold Project. Significant gold intercepts at Yarrol are associated with an array of gold bearing quartz veinlets formed on several groupings of orientations within the intrusion host. The vein array includes a significant density of veins (including several veins hosting visible gold) on an interpreted west dipping orientation associated with higher grade gold intervals across a broad zone of the mineralised corridor.
Importantly, the historical drilling at Yarrol predominantly targeted east dipping mineralisation with holes drilled west to northwest, sub-parallel and sub-optimally oriented to assess vein density of west to northwest dipping vein sets highlighted in the recent diamond drilling. Additional sampling of the mineralised corridor with drilling better exposed to intersect the west dipping vein array has potential to increase volume of mineralised material for the project through both extensions of open- ended mineralisation and demonstrating continuity of the current shallowly drilled gold mineralisation.
Follow-up drilling on optimised drill orientations is planned to commence in September to confirm the structural model and assess the impact of multiple vein sets on the overall grade, volume and continuity of gold mineralisation at Yarrol.
Click here for the full ASX Release
This article includes content from Many Peaks Gold, 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
Australian Organisations Make Case for Natural Capital Accounting in Resource Sector
Two organisations have collaborated on the release of a new suite of resources geared at helping companies in the Australian mining industry implement natural capital accounting (NCA).
The Cooperative Research Centre for Transformations in Mining Economies (CRC TiME) and CSIRO, Australia’s national science agency, announced the news in a press release on Monday (July 15).
NCA is a means of “accounting for impacts on nature over the life of projects.” Mining companies of all stages are increasingly being asked to show how they affect the environment and mitigate their impact accordingly.
Funding for the suite of resources came from the Commonwealth Department of Climate Change, Energy, the Environment and Water (DCCEEW), the initiator of the overarching CRC TiME NCA project.
Bryan Maybee, program leader at CRC TiME, said that risks to economic stability associated with changing climates and declining biodiversity “have generated calls for greater action from the private sector.”
“The prominence of NCA and natural capital assessment in responding to these calls for improved disclosure has accelerated considerably over the last decade,” continued Maybee, who is also associate professor of minerals and energy economics at Curtin University in Perth. “This has seen the emergence of numerous initiatives, frameworks, metrics and targets, all aimed at improving the consistency and comparability of reporting in relation to natural capital.”
Dr. Anthony O’Grady, a CRC TiME project manager and senior principal research scientist in CSIRO's natural capital group, described NCA as a key tool for understanding how the environment and economy interact.
He added that by improving disclosure and sustainability in mining companies, the industry can do a better job of showing environmental accountability — a characteristic many investors would like to see.
The suite of resources includes a business case that analyses the benefits of adopting NCA, along with an indicative roadmap. It also provides guidance on concepts, methods and reporting structures for NCA and risk assessment.
A comprehensive case study report can also be found in the suite. It presents synopses of pilot case studies testing the System of Environmental Economic Accounting-Ecosystem Accounting framework’s applicability in the Australian mining sector. These case studies assisted in the development of the business case and guidance materials.
“These reports have analyzed existing data to facilitate the development of the consistent approach that is needed across the mining sector,” Maybee said. Tests and demonstrations on the potential use of NCA information for strategic forecasting purposes in the mining sector are included in the report as well.
Other CRC TiME partners include Alcoa (NYSE:AA), BHP (ASX:BHP,LSE:BHP,NYSE:BHP), Curtin University, Hanson Construction Materials, Murdoch University, Syrinx Environmental and the University of South Australia.
Don’t forget to follow us @INN_Australia for real-time news updates!
Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.
Investor Presentation - July 2024
Copper-Gold-Base Metals-Uranium Ti-Tree Shear Project Gascoyne Region, WA
Augustus Minerals Limited (ASX: AUG; Augustus or the Company) is pleased to present its investor presentation.
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.
$1.66M Raised to Accelerate Exploration at Ti-Tree
Augustus Minerals Limited (ASX: AUG; Augustus or the Company) is pleased to announce that it has received commitments from institutional, professional and sophisticated investors to raise $1,667,500 (Placement).
- Augustus Minerals has received commitments to raise over $1.66m via a Placement.
- Proceeds from the capital raising will fund:
- Deep diamond drilling at the Minnie Springs Cu-Mo porphyry (supported by EIS drilling grant)
- VTEM (Versatile Time Domain Electromagnetic) Helicopter program testing major Cu-Ni-PGE and Uranium targets
- Expanded soil and rock chip sampling program to progress new high-grade Gold and Copper targets to drill ready status
- Commence a program of extensive field work over the large 4-kilometer-long Supergene Carbonate hosted Munaballya Well Uranium Target.
- Exploration works are continuing over various targets along the highly prospective Ti- Tree Shear with drilling to commence this quarter.
Under the placement, AUG will issue up to 23,821,430 fully paid ordinary shares (Shares) at an issue price of $0.07 per Share. The Placement includes one (1) attaching unlisted option (Options) for every two (2) Placement Shares. The Options will be exercisable at $0.12 each expiring 2 years after the date of issue.
Funds raised through the Placement will be used for the following:
- Deep Diamond drilling at the very large Minnie Springs Cu-Mo Porphyry system to test the core of the system for high-grade Copper Sulphide mineralisation.
- The initial 2 x 700m deep holes planned for Q3, 2024 is with assistance from the co- funded Government EIS drilling grant of up to $110,000 as announced 2 May 2024.
- Success in the first two planned holes will justify additional diamond drilling to further expand the Minne Springs Porphyry system
- A VTEM airborne geophysics program testing the Cu-Ni-PGE potential at the Money Intrusion, the Coo Creek Broken Hill Style target and the Munaballya Well uranium U targets.
- An expanded soils/rock chip program to progress newly identified rock chip prospects to drill ready status and continue the exploration over as yet untested areas.
- Working capital and costs of the Placement.
GM Exploration Commented:
“The Augustus Board are very pleased with the overwhelming support for the placement and thank existing and new sophisticated investors for their support that positions the Company to advance exploration at the Ti-Tree project. The heavily oversubscribed placement demonstrates the strong interest in the EIS Supported drill program at the Minnie Springs Cu-Mo Porphyry system as well as continued exploration at the recently discovered Tiberius, Claudius, Justinian and South Snowy gold-copper-gold-silver prospects. The next six months will be an exciting period of exploration activity for the Company and the team are looking forward to the results”.
The Placement Shares will be issued utilising the Company’s existing Listing Rule 7.1 and 7.1A capacity. The Company will seek shareholder approval for the issue of Options.
Evolution Capital Pty Ltd (Evolution) and Morgans Corporate Limited (Morgans) acted as joint lead managers to the Placement.
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.
$8m Queensland State Government Funding
Queensland Pacific Metals Limited (ASX:QPM) (“QPM” or “the Company”) is pleased to announce the receipt of an $8m grant from the Queensland State Government.
Highlights
- Queensland Government will make available up to $8m in the form of a grant to prepare the Townsville Energy Chemicals Hub (“TECH Project”) for investment readiness.
- The Queensland Government grant is in addition to the recently announced $8m grant received from the Australian Federal Government under the International Partnerships in Critical Minerals program.
- Upon execution of the respective grant agreements, QPM will commence to ramp up activities for the TECH Project to advance it to stage where it is ready for a Final Investment Decision.
- The combination of the two grants represents significant and non-dilutive funding for the TECH Project. In light of this, the QPM Board has resolved to formally commence evaluation of a demerger of the TECH Project from the QPM Energy business (“Demerger”).
- The Board believes that QPM has two high quality projects that are currently undervalued in the existing corporate structure. A Demerger would allow both QPM Energy and the TECH Project to grow more efficiently and maximise value for shareholders.
Grant Funding
QPM refers to Media Statement published by the Honourable Scott Stewart, Minister for Resources and Critical Minerals on Friday 12th July1. QPM has worked with the Queensland Government, which has previously declared the TECH project a Prescribed Project and a Significant Investment Project. As a result of this collaboration with the Queensland Government, the Hon. Scott Stewart announced that the Queensland Government will make available up to $8m in the form of a grant to prepare the TECH Project for investment readiness. This is in addition to the $8m grant recently awarded to the TECH Project under the Australian Federal Government International Partnerships in Critical Minerals program (refer to ASX announcement 11 July). The Queensland Government grant also satisfies the matched funding condition required under the Federal Government grant.
QPM will now work with Queensland Treasury to finalise an agreement for the delivery of the grant and will provide more information to shareholders when it is available.
TECH Project Activities
Over the past few years, QPM has made great strides in advancing the project to a stage where it is ready for a Final Investment Decision. The two grants represent a total of $16m of non-dilutive funding which will facilitate QPM’s ability resume technical workstreams for the TECH Project without impacting the QPM Energy business and QPM’s group financial position.
Upon execution of the respective grant agreements, QPM will commence to ramp up activities on the TECH Project. This will put the TECH Project in a strong competitive position compared with other development stage nickel projects which have largely been halted. The grants will advance the TECH Project towards investment readiness, ready to capitalise on any positive sentiment change in the nickel market.
QPM Director Dr Stephen Grocott commented,
“Government support is essential for advanced manufacturing projects like TECH to be competitive on the global stage. We believe in the merits of the TECH Project with its gold standard sustainability credentials and world class partners. I would like to personally thank both the State and Federal Governments for their ongoing support, particularly at a time where it is most needed for critical minerals.”
Click here for the full ASX Release
This article includes content from Queensland Pacific 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.
Rare Earths Specialist CEO joins the PVW Team
PVW Resources (“PVW” or “the Company”) (ASX:PVW) is pleased to report the appointment of Mr Alistair Stephens as Chief Executive Officer of PVW.
Appointment of Chief Executive Officer
- Mr. Alistair Stephens, an industry-renowned specialist in rare earths and rare metals, joins the PVW team as Chief Executive Officer effective immediately
- With 20 years’ experience specifically in rare earths and niobium/tantalum, he brings relevant and highly strategic operational experience to accelerate the PVW resource portfolio
- A standout resource industry achiever who has collectively defined over 7 million tonnes of Total Rare Earth Oxides (TREO) resources (1,2)
- He has extensive project development skills and successfully managed multiple feasibility study programs in rare earths and rare metals
- Mr Stephens has a 35-year corporate and operations career in mining geology and mineral processing in gold, nickel and specialty metals and has a 20-year corporate career in commercial transactions, marketing and sales, and corporate governance.
- This appointment accelerates the focus on project development for PVW and complements the current Board talent in specialty and critical minerals
Board Changes
- Mr George Bauk will by rotation assume the role of Non-Executive Chair with Mr Colin McCavana and Mr David Wheeler remaining as Non-Executive Directors.
Non-Executive Chairman Mr George Bauk said: “The board of PVW Resources is extremely excited in the appointment of Mr Alistair Stephens to the role of CEO of PVW Resources.
Mr Stephens has an extensive career in leading organisations with particular reference to critical minerals including rare earths and rare metals. Over the past two decades, Mr Stephens has overseen the establishment of two significant rare earth deposits in Australia and Africa. This knowledge and leadership put PVW in a fantastic position to advance its position in the REE sector.”
Chief Executive Officer, Mr Alistair Stephens said “I am delighted to join the PVW Resources team and look forward to working with the Board in strategically relevant project developments that will deliver value for PVW shareholders.”
Click here for the full ASX Release
This article includes content from PVW 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.
Augustus Minerals Limited (ASX: AUG) – Trading Halt
Description
The securities of Augustus Minerals Limited (‘AUG’) will be placed in trading halt at the request of AUG, 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 Tuesday, 16 July 2024 or when the announcement is released to the market.
Issued by
ASX Compliance
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.
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