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Over 56,000 Metres Of Pegmatites Mapped At Yinnetharra Lockier Range Project- Gascoyne Lithium Projects
Odessa Minerals Limited (ASX:ODE) (“Odessa” or the “Company”) is pleased to provide a further update on the exploration program underway at its Yinnetharra Lithium Project at Lockier Range in the Gascoyne region of Western Australia.
- Over 56,000 metres strike-length of pegmatites1 now mapped by geology crews on Yinnetharra at the Lockier Range tenement
- Over 10,400 metres strike-length of previously undiscovered pegmatites mapped at the new ‘Central Pegmatite Field’ and Mt Yaragner
- 30 metre-wide pegmatites mapped
- The Central Pegmatite Field is coincident with a 1.5km x 1km Li-Ta-Be-Cs soil anomaly
- 1,900 soil samples collected from current exploration program are pending results
- 187 rock samples completed are also pending results
- Robinsons Bore samples have been received by the laboratory with results pending
- Mapping and rock chip sampling of pegmatite targets continues
Lithium Pegmatite Targets
Pegmatites at the Yinnetharra Lockier Range project have surpassed 56,000 m of total strike-length mapped, with an additional 10,400 metres strike-length of previously undiscovered pegmatites now mapped and sampled at the Central Pegmatite Field and Mt Yaragner.
A total of 187 rock and 1,900 soil samples have been collected to date.
The Central Pegmatite Field is located 6 km from the margin of the lithium-caesium-tantalum (“LCT”) fertile Thirty-Three Supersuite granite and is host to multiple, stacked, 30m-wide outcropping pegmatites. A coincident 1.5 km x 1 km Li-Ta-Be-Cs soil anomaly is present across the Central Pegmatite Field.
The newly completed soil sampling program infilled the Company’s current Lithium-in-soil anomalies to 100m x 100m spacing and has provided higher definition data on potential drill targets. Rock chip samples have been collected from the outcropping pegmatites. Combined, this sampling program aims to delineate fertile pegmatites and generate drill ready LCT pegmatite targets.
The on-ground team are continuing to systematically map and sample the >30,000m strike length of pegmatites at the Southern Pegmatite Field.
Figure 1: Principal pegmatite target areas within the Lockier Range Project showing the extent of mapped pegmatites underlain by gridded soil results coded by Li2O ppm (refer company announcements dated 14 July 2023 & 21st August 2023).
Figure 2: Central Pegmatite Field in the foreground.
Figure 3: 35m-wide pegmatite trending southwest within the Central Pegmatite Field.
Work Program Timeline
The Company anticipates that the Lockier Range on-ground work will be completed by the end of September, depending on weather conditions, and therefore expects to receive assay lab results in batches from October.
Subject to assay results, the Company anticipates that the next steps will be the targeting and identifying drilling locations, obtaining approvals to drill, and then drilling the targets as soon as possible.
Lockier Range Project Location
Odessa’s Lockier Range Lithium and Rare Earth Element (“REE”) Project covers a large area of 125km2 within its substantial Gascoyne tenement package of +3,000 km2; and is ideally located:
- Adjoining Minerals 260’s “Aston” Lithium project with extensive anomalies
- ~8.5km southwest of Delta Lithium’s “Jameson” lithium pegmatite discovery
- ~15km west of Reach Resources’ “Morrissey Hill” lithium pegmatite discovery
- ~25km west of Delta Lithium’s “Yinnetharra” lithium pegmatite discovery
- ~40km west of Voltaic Strategic Resources’ pegmatite discovery
- ~60-70km south of Hastings Technologies’ and Dreadnought Resources’ rare earth projects
This article includes content from Odessa 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.
Star Minerals Limited (ASX: SMS, “the Company” or “Star Minerals”) is pleased to present the range of outcomes of a Scoping Study for open-pit mining and third-party toll treatment of the Tumblegum South gold deposit (“Tumblegum South” or “the Project”) which is located approximately 40km south of Meekatharra in the Murchison district of Western Australia.
The positive results of this Scoping Study provide a basis to refine material inputs and enhance project economics for the Tumblegum South gold deposit.
- Various options utilising third-party processing plants operating under a toll treatment agreement were considered. There are currently two active processing plants with a radius of 50km to 150km from Tumblegum South. A range of outcomes were defined based on gold price, and processing cost including trucking costs.
- At gold prices from AUD$2,250 to AUD$3,000/oz, the Production Target for the Project ranges from approximately:
- 116kt at 2.25g/t producing 7.6koz gold, to
- 286kt at 2.00g/t producing 16.6koz gold.
- The Production Target generates an undiscounted accumulated cash surplus after payment of all working capital costs, but excluding pre-mining capital requirements, of approximately $7.2M to $16.3M.
- Mining is contemplated as a single campaign over approximately 18-months.
- Pre-mining capital and start-up costs are estimated to be approximately $0.7M to $1.5M.
- Sensitivity of the Base Case scenario to gold price was assessed. Results suggest that project economics are robust for a broad range of gold prices.
Chair Ian Stuart commented:
The Scoping Study has demonstrated the value and viability of the Tumblegum South Gold Project over a broad range of gold price. Star can now take the next steps to monetising this asset and more accurately assess various strategies to achieve this, including sale, partial sale or joint venture of the Project.
The Scoping Study also serves as basis for analysis by third parties wishing to evaluate the Project as potential ore feed for existing processing operations.
We look forward to building on the knowledge gained through this Study and rapidly advancing the Project to commercialisation.
Star commissioned Orelogy Consulting Pty Ltd, a Western Australian based mine planning consulting firm with extensive experience evaluating mining projects across Australia, to undertake a Scoping Study evaluating potential open pit mining at Tumblegum South and ore processing via toll treatment at an existing plant.
The processing plants considered for this study are located within a radius of 50-150km from Tumblegum South. No agreement has been entered into at the time of writing, and there is no guarantee an agreement will be entered into. It is noted the diluted Tumblegum South Production Target at 2.01g/t compares favourably with head grade mined at a number of plants in the Murchison and has the potential to provide valuable mill feed and ore blending opportunities.
This article includes content from Star 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.
Augustus Minerals (ASX: AUG; “Augustus” or the “Company”) is pleased to advise of the completion of its maiden drilling campaign at its 100% owned Ti-Tree project in the Gascoyne region of Western Australia.
- 9,086m drilled in 78 holes across six project areas
- Campaign designed to test extensive surface mineralisation identified through soil sampling and rock chip analysis
- Visual observations of copper sulphide mineralisation in quartz veining in multiple holes at depth
- Assays are due back progressively over the coming weeks.
- Exploration and drilling activities to re-commence in Q1 2024
The drilling campaign included 78 holes totalling 9,086m of Reverse Circulation (RC) drilling. The program consisted of discovery drilling only and was designed to confirm historical results and to test near surface mineralisation at depth and along strike, with drilling having been limited to approximately 70m vertical depth.
Holes in the Crawfords, Nic’s Bore and Copper Ridge areas also intersected some visible disseminated mineralisation within quartz veins in the form of pyrite, malachite and chalcopyrite and assay are awaited.
Andrew Reid, Managing Director
“Our maiden drilling campaign following the IPO in May 2023 is now completed and has been a great success. The campaign was designed to test for mineralisation both at near surface and at depth and resulted in visually identifying mineralisation/veining in the majority of drill holes at our Minnie Springs copper-molybdenum-gold project.
Minnie Springs could represent a sizeable porphyry hosted copper deposit with the next step to be the completion of drilling in the remaining 50% of the copper-in-soil anomaly yet to be tested during the next drilling campaign in Q1 2024.”
Figure 1. Location map showing prospects drilled to date, Minnie Springs, Copper Ridge,Nick’s Bore, Crawford and Crawford South and COO Creek.
Table 1. List of RC holes completed by prospect location.
Figure 2. Minnie Springs soil sampling, rock chip and drilling location map showing location of the x-section A – A’.
Figure 3. Hole MSRC012 – showing visual pyrite - chalcopyrite – chalcocite – covellite mineralisation in zones from 127 – 139m downhole at the Minnie Springs prospect1.
The second northern-most line at Minnie Springs (Figure 2. MSRC 010 – 012) intersected multiple zones of copper sulphide mineralisation1 co-incident with chlorite-epidote alteration in hole MSRC012, which is characteristic of propylitic alteration commonly seen in in porphyry copper-molybdenum-gold deposits.
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.
EMU NL (ASX: EMU) (“EMU” or “the Company”) is pleased to release gold assay results from its maiden reconnaissance field survey conducted during July and August 2023 at the Georgetown Project in Queensland.
- Camp Oven Creek area historic surface rock assay results ranging from 12.9 g/t up to 224 g/t gold and 24 g/t to 135 g/t silver from rock samples in broad rhyolite breccia hosted veins in the NW1.
- 15.4 g/t gold assay results recorded from EMU’s first reconnaissance rock samples in the NE Dagworth area, ~19km east from Camp Oven Creek, along Delany Fault extension2.
- 15 historic rock values greater than 31.1 g/t gold (> 1 Ounce) identified from zones in the Camp Oven Creek, 130 Quartz Vein and Quartz 250 Prospects (“new historic information”)3.
- Three historic rock samples in the Quartz 130 prospect returned values ranging from 51 g/t gold up to 73 g/t gold4.
- Limited historic drilling at Rhyolite Breccia/Turtle Arm returned values to 2m at 15.8 g/t Au and 3m at 2.8 g/t Au.( See table 3).
- 86 historic surface rock samples greater than 1 g/t gold with a weighted average of 17.3 g/t within Georgetown EPM 27667 - NW Camp Oven Creek/Turtle Arm quadrant5.
- 2 EMU first reconnaissance rock samples returned 36.1 g/t gold and 25.6 g/t gold respectively from the Sandy Creek prospect just south of Georgetown6.
- Limited historic drilling at Munitions Creek (EPM 27642) returned values to 4m at 2.73 g/t Au and 1m at 10.85 g/t Au. (see table 3).
- EMU’s geological teams currently in field undertaking follow up sampling from these areas.
Commenting on the high gold values historically reported in the project area coupled with EMU’s latest results, EMU’s Chairman Mr Peter Thomas commented:
“It is quite remarkable that the Georgetown tenements and surrounding areas have not been comprehensively subjected to a modern and systematic exploration effort previously. EMU’s initial “first pass” reconnaissance field survey comprised the collection of a limited number of samples from rock outcrop, termite mounds and stream sediments in multiple areas targeted for gold, base metals, lithium and critical minerals. In addition to the recently reported copper, silver and lead values, the gold assay results and historic exploration results support EMU’s view that the project has the potential to deliver world-class discoveries which underpinned its decision to farm into the project”.
Further to the recent announcement7 confirming a substantial high-grade copper and silver system at Fiery Creek and high-grade lead and silver assays results from Snake Creek, EMU reports high grade gold values from rock chip samples collected from a number of prospective areas at Georgetown.
Recently compiled historic gold and base metal drill hole and surface outcrop sampling values from the Georgetown area and from within the three tenements which comprise the project, confirm the outstanding prospectivity of the project.
EMU is currently undertaking a new, limited and targeted follow-up exploration programme with teams in the field over areas not previously sampled to investigate zones which have historically reported high-grade gold and base metal values.
Figure 1 - Identified current and historic Gold Occurrences at Fiery Creek and Georgetown Tenements
Table 1. Emu’s Significant Gold Sample Assay Results (>1 g/t Au in bold text)
Historical Gold Reported:
Fiery Creek EPM 27667 (Gold + Base Metal Targets)
Based upon significant results that have emerged from the compilation of historic data and the limited field work already completed by EMU, the significant northern portion of the Fiery Creek tenement (EPM 27667) is emerging as a high priority for both precious and base metals. The higher priority targets include structural settings for gold in the Camp Oven Creek, Quartz 130, Quartz 250 and Dagworth Prospect areas, whilst the Fiery Creek prospect within the Yataga Granodiorite demands further attention due to the high-grade outcrop sample assay values for copper and silver.
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.
The Investing News Network (INN), a leading source of independent news and educational content for investors, is pleased to announce the integration of InvestingNews.com.au into InvestingNews.com, its flagship publication.
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The Placement was completed in connection with Carbonxt’s capital raise to raise approximately $2.94m before costs, which also comprises a non-renounceable pro-rata Entitlement Offer to existing shareholders (refer ASX Announcement 4 December 2023).
As part of the capital raise, the Company will make a further placement of 8.33m new fully paid ordinary shares at an issue price of $0.06 to Pure Asset Management, to raise an additional $0.5m. These shares will be issued in January 2024 concurrently with the allotment of the Entitlement Offer shares under the Company’s available placement capacity as per ASX Listing Rule 7.1 and 7.1A.
Funds raised will be used to provide funding to the Company for the development of the Kentucky Facility and for working capital purposes.
Managing Director Warren Murphy commented: “We are pleased to confirm the successful completion of the Placement component of Carbonxt’s capital raise. The short time to completion was reflective of strong support from a network of institutional and sophisticated investors. These funds provide the Company with working capital to assist management oversee the accelerated construction activity at our flagship activated carbon production facility in Kentucky, USA. Alongside the funds from the fully-underwritten Entitlement Offer, Carbonxt will be well-capitalised to execute on its stated strategy to deliver a material uplift in production and sales once the NewCarbon facility is operational in CY2024.”
Lead Manager for the Placement were Sanlam Private Wealth. The Lead Manager will be entitled to receive a fee of 6% on the funds raised by them.
This article includes content from Carbonxt Group, 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.
Reward Minerals Limited (ASX: RWD) (Reward or the Company) is pleased to announce that it has entered into a binding share sale agreement (Share Sale Agreement) with the Receivers and Managers (Receivers) of Kalium Lakes Limited (Administrators appointed) (Receivers and Managers appointed) (ASX: KLL) ACN 613 656 643 (Kalium) to acquire the Beyondie Sulphate of Potash (SOP) Project (Beyondie Project) on a debt-free basis, free of encumbrances for total consideration of A$20 million, comprising a A$250,000 exclusivity payment previously made (see ASX announcement dated 16 November 2023), upfront cash consideration of $14.75 million and deferred cash consideration of $5 million by 30 June 2025. See the Schedule for further details.
Execution of the Share Sale Agreement and submission of a deed of company arrangement (DOCA) proposal (DOCA Proposal) follows the Company’s entry into an exclusivity deed with Kalium and the Receivers, as announced to ASX on 16 November 2023, and represents the next step towards Reward acquiring the Beyondie Project.
Commenting on the Share Sale Agreement, Reward Executive Director, Dr Michael Ruane said:
“Reward is pleased to have progressed the potential acquisition of the Beyondie SOP project on a debt-free basis, free of encumbrances to the execution of the Share Sale Agreement stage.
Assuming that the proposed DOCA with Creditors, Shareholder Approval and Capital Raising are completed, the Reward team are keen to move quickly on evaluation of the plant and flowsheet modifications and costs for potentially recommissioning the Beyondie Project.
The evaluation will also cover the incorporation of the Reward Process into the existing project layout and also for SOP recovery operations at other SOP resource sites.”
Share Sale Agreement
Reward has entered into the Share Sale Agreement for the acquisition of 100% of the issued share capital of Kalium Lakes Infrastructure Pty Ltd (KLI) and Kalium Lakes Potash Pty Ltd (KLP) (together, the Target Entities), on a debt-free basis, free of encumbrances. KLP is the employing entity for the Beyondie Project, with the majority of suppliers contracted through KLP. KLI holds the non-process infrastructure assets for the Beyondie Project.
The material terms of the Share Sale Agreement are summarised in the Schedule.
As a key condition to completion of the Share Sale Agreement, DOCAs for each of KLP and KLI must be approved by creditors of KLP and KLI (with meetings of creditors scheduled to be held on 6 December 2023). The DOCA Proposal submitted by Reward contains customary terms for a document of its nature, and provides that:
- all KLP and KLI unsecured creditor claims and debts will be compromised through effectuation of the DOCAs and the establishment of separate Creditors Trusts, which will act as the vehicle to distribute any DOCA funds to the creditors of KLP and KLI;
- funds will be allocated from the consideration payable under the Share Sale Agreement to satisfy the costs of the administration of KLI and KLP and enable a dividend to be paid to priority employee creditors in full and to unsecured creditors of KLP and KLI;
- KLP and KLI will continue under the ownership of Reward (subject to completion of the Share Sale Agreement);
- priority employee claims will be paid 100 cents in the dollar and under each DOCA, they are afforded a priority claim over unsecured creditors;
- a combined fund of up to $250k will be available to meet the claims of unsecured creditors of KLP and KLI (estimated to represent a dividend of approximately 5 cents in the dollar); and
- the existing unsecured founder royalty of 1.9% of gross revenue from all products extracted from the relevant mining tenements that comprise the Beyondie Project will be extinguished by the DOCA or reduced on such terms to be agreed between Reward and the relevant royalty holders for the purposes of preventing any termination right described in item 7(b) of the Schedule that Kalium might otherwise have under the Share Sale Agreement.
As part of the transaction, Tyson Resources Pty Ltd (Tyson Resources), an entity associated with Executive Director, Michael Ruane, has provided $8.750 million of loan funding to Kalium towards prepayment of a post- administration secured debt outstanding from Kalium to a third-party lender (Tyson Loan). The Tyson Loan is secured over the present and after acquired property of Kalium, KLP and KLI (but ranking behind the third-party lender debt), and will only receive interest should the Share Sale Agreement not complete due to the DOCAs not being approved or breach by Kalium or the Receivers (at a rate of 12.5% per annum from 1 January 2024). The Tyson Loan (including attaching interest and security interests) will be repaid and discharged on completion of the Share Sale Agreement. There is no recourse against Reward in relation to the Tyson Loan.
This article includes content from Rewards 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.