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Gold and lithium explorer BMG Resources Limited (ASX: BMG) (BMG or Company) is pleased to announce a maiden Mineral Resource of 11.12Mt @ 1.45 g/t Au for 518koz Au for the Capital Deposit, part of its Abercromby Gold Project in the Wiluna-Agnew region of Western Australia.
HIGHLIGHTS
- Major Abercromby Project milestone with maiden Mineral Resource for Capital Deposit of 11.1Mt @ 1.45 g/t Au for 518koz Au (0.4g/t and 1.25g/t cut-offs for open pit and underground zones respectively)
- Open Pit area: 354koz @ 1.17g/t Au (>0.4g/t Au between surface and 200mbs)
- Underground area: 164koz @ 3.09g/t Au (>1.25g/t Au between 200 and 500mbs)
- 353koz (68%) Au Indicated and 165koz (32%) Au Inferred (using resource constraint above)
- 345koz in oxide and transitional material, 173koz in fresh material
- Higher grade component of the resource is 430koz @ 2.01g/t Au at a 1.0g/t lower cut-off
- Low $8.35/oz discovery cost
- Abercromby is on granted mining leases providing an expedited pathway to mining approvals
- Capital Deposit has open pit potential, with mineralisation starting from near surface extending at depth and along strike beyond Mineral Resource footprint
The maiden Mineral Resource, combined with metallurgical work that confirmed the orebody as free milling across all zones1, is a strong indicator of the potential for a straight-forward open-pit mining operation.
BMG will now commence development studies alongside high-impact expansion drilling to further convert Inferred resources to the higher-confidence Indicated category. BMG is also preparing for further exploration activities across the Abercromby Project area to test large regional gold anomalies to the south, which could deliver further Capital-style discoveries.
BMG Resources Managing Director Bruce McCracken said:
“This large maiden Mineral Resource at Abercromby, delivered at a discovery cost of just $8.35 per ounce, is a step-change in value for BMG. Through efficient use of exploration spend across three major drilling campaigns, BMG has shifted from pure explorer to potential developer with a large resource base and huge potential for further growth.
“Abercromby now has a metric for valuation that BMG can use to quantitatively demonstrate to the market its success in leveraging value from the drill bit.
“Abercrombyiswelllocatedfordevelopment.Thepotentialto monetise the project in a rapidly appreciating gold price environment, underpinned by this maiden resource for the Capital Deposit, places BMG in an enviable position as we continue to pursue sustained, long-term shareholder value.”
The Abercromby Gold Project
The Abercromby Gold Project is located on the Wiluna Greenstone Belt, one of Western Australia’s most significant gold-producing regions with a gold endowment of +40Moz Au – second only to Kalgoorlie globally in terms of historic production.
The geology at Abercromby is favourable for gold mineralisation, with drilling having intersected multiple thick intervals of high-grade gold mineralisation confirming the presence of a large, high-grade gold system. BMG holds 100% of Abercromby, which comprises the gold and other mineral rights (ex-uranium) of two granted mining leases (M53/1095 and M53/336). The mining leases provide for an expedited development pathway for the Company to secure mining approval.
Since acquiring the project in mid-2020, BMG has completed three reverse circulation and diamond drill programs primarily targeting the high-priority Capital Deposit. The Capital Deposit sits within the northern third of Abercromby’s 12km2 project area.
In parallel to the drill program, BMG has completed metallurgical test work on core samples from the Capital Deposit which confirmed its free-milling status and therefore amenability to conventional carbon-in-leach (CIL) processing, with high gold recoveries achieved. See our ASX announcement dated 6 February 2023 “High Gold Recoveries – Abercromby Metallurgical Test” for full discovery of the outcomes of the metallurgical test work.
Figure 1 – The Abercromby Gold Project is surrounded by major gold operations
The Mineral Resource estimation at the Capital Deposit was completed by ordinary kriging within 3D-modelled mineralisation wireframes and block modelling in Surpac, utilising a comprehensive data set generated by recent work undertaken by BMG as well as work completed by previous owners.
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This article includes content from BMG Resources Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Acquisition of a Portfolio of Highly Prospective Antimony and Gold Projects that Surround Larvotto's High-Grade Project, NSW
Thunderbird Resources Limited(Thunderbird or the Company) (ASX: THB) is pleased to advise that it has entered into an agreement to acquire a highly prospective antimony and gold exploration land package in the New England Orogen of New South Wales. The high-potential exploration portfolio is located immediately adjacent to Australia’s largest antimony deposit, the Hillgrove Gold & Antimony Project owned by Larvotto Resources (ASX: LRV) (LRV) (Figures 1 and 2).
Highlights
- Thunderbird enters into binding agreement to acquire a 100% interest in a highly prospective 488km2 exploration portfolio surrounding the Hillgrove Gold-Antimony project, a Top-10 global antimony deposit.
- The package, comprising EL9053 and EL9147, including sampling grades of up to 18.2%3 antimony and 76g/t gold4, sits in the heart of the New England Orogen of NSW, which is currently undergoing a major exploration renaissance.
- EL9053, known as the Rockvale Project, covers potential strike extensions of the gold-antimony mineralisation at Hillgrove and encompasses multiple known gold and antimony occurrences, including numerous high-grade historical workings.
- EL9053 adjoins Larvotto Resources’ (ASX: LRV) Hillgrove Gold & Antimony Project, the largest antimony deposit in Australia, with a Mineral Resource of 7.3Mt @ 4.4g/t Au and 1.3% Sb for 1.04Moz of contained gold and 93kt of contained antimony1,2.
- EL9147, known as the Kookabookra Gold Project, covers multiple gold reefs in the historical high-grade Kookabookra gold field.
- Both Projects are considered highly prospective for the discovery of high-grade orogenic gold +/- antimony mineralisation and intrusion-related gold mineralisation.
- The proposed acquisition provides a low-cost opportunity to explore high-quality assets that offer exposure to very favourable commodities, with the ability to explore and generate newsflow during the northern hemisphere winter when Thunderbird’s Canadian assets are less accessible.
- Antimony is a critical metal used for producing high-tech and defence products, including flame retardant materials, semiconductors and superhard materials. Antimony prices have been rising strongly since China, which dominates global supply, imposed export restrictions earlier this year.
Figure 1: Map showing location of EL9053 (Rockvale) and EL9147(Kookabookra) (shown in red outline).
Thunderbird has entered into a binding share purchase agreement with the shareholders of Kooky Resources Pty Ltd (Kooky Resources) to acquire all the issued share capital of Kooky Resources (Proposed Acquisition).
Kooky Resources holds a 100% interest in exploration licences EL9053 and EL9147, which offer strong prospectivity for high-grade antimony and gold mineralisation.
EL9053 lies directly adjacent to the Hillgrove Gold & Antimony Project held by LRV, which represents the largest antimony deposit in Australia with a Mineral Resource of 7.3Mt @ 4.4g/t Au and 1.3% Sb for 1.04Moz of contained gold and 93kt of contained antimony.
The Hillgrove Gold & Antimony Project is currently being redeveloped by LRV and already has most of the surface infrastructure in place, including the process plant, power, roads, decline and substantial underground development. Leveraging this existing infrastructure, LRV recently announced a positive pre-feasibility study, targeting first ore production by early 20261.
EL9053 covers potential strike extensions of the geology and structures that host the antimony-gold mineralisation at Hillgrove.
Numerous historical prospects and occurrences are reported within EL9053 with sampling grades of up to 18.2%3 antimony and 76g/t4 gold reported. Despite the number of historical gold and antimony occurrences the area has had minimal modern exploration or drilling since the 1980s.
EL9047 covers the historical Kookabookra gold field, which has seen virtually no modern exploration, with multiple gold occurrences and potential for both orogenic gold +/-antimony mineralisation and intrusion related gold mineralisation.
This article includes content from Thunderbird Resources Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
RC Drilling Commenced at Montague Gold Project
HIGHLIGHTS
- Brightstar has commenced a ~6,000m Reverse Circulation drilling program at the Montague East Gold Project, targeting depth extensions and infill resource drilling at the Montague-Boulder and Whistler deposits
- Montague-Boulder and Whistler are the largest two deposits at Montague, with a combined gold resource of 4.7Mt at 1.8g/t Au for 283koz Au
- The program will take approximately four weeks to complete, before mobilising the drill rig to complete a planned drilling program at Alto’s Sandstone Project upon anticipated merger completion in December
- Brightstar has also executed a Heritage Protection Agreement between Watarra Aboriginal Corporation and Brightstar Resources over the Menzies Gold Project
With past production in the 1990’s at several deposits across Montague, modern exploration has defined a global resource of 526koz Au which includes a considerable component of shallow oxide material2 which is being targeted for resource growth and preliminary drilling ahead of feasibility study workstreams which are planned to occur during 2025.
Brightstar’s Managing Director, Alex Rovira, commented“With the recent completion of our significant drilling programs across our Goldfields assets in Menzies and Laverton, our exploration efforts are now focused on the Murchison assets located in the Sandstone region. With a +500koz gold endowment across the Montague East Gold Project, we look forward to targeting the largest two deposits which include the 163koz Au Montague-Boulder deposit, and the 120koz Au Whistler deposit.
We believe these assets have a strong possibility of resource growth, and our drill programs are targeting lode extensions at depth and also infilling key areas to provide additional geological information on these deposits to increase mineral resource classification confidence. With a past production of ~150koz, the Montague East Gold Project is a key part of our Sandstone consolidation strategy and our broader aspirations of building a multi-asset and meaningful WA gold mining business.”
Figure 1 - Planned RC Drilling at the Whistler and Montague-Boulder Deposits
Figure 2 – RC Drill Rig at Whistler
Next steps
Brightstar will announce drilling information and assays as this is received, including the outstanding results from the Fish and Lord Byron diamond drilling programs along with RC drilling from the Montague program.
Concurrently with these drilling programs, work continues on the Definitive Feasibility Study and near-term development of mining operations at the Jasper Hills deposit.
Click here for the full ASX Release
This article includes content from Brightstar 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.
Phillips Find Mining Update
HIGHLIGHTS
- Joint Venture (JV) Agreement in place with mining specialists BML Ventures Pty Limited (BML) to develop and mine two open pits at Phillips Find 1
- All management, technical, operational and maintenance roles to be undertaken by BML with oversight by the Company
- Low financial risk JV structure with BML to fund all project costs, with net cashflow after the asset recovery and repayment of costs to be split 50/50 between Horizon and BML
- Mobilisation and site establishment completed, inclusive of camp, offices, communications and workshop established with all required fixed and mobile equipment on site
- Site fully manned up on both day and night shift
- Mine plan involves cutbacks to two existing open pits, Newhaven and Newminster
- Mining well advanced, with over 160,000 BCMs (Bank Cubic Metres) of pre-strip waste mined to date with first ore due to be exposed in December 2024.
- Existing 200kt Toll Milling Agreement executed with FMR Investments Pty Ltd (FMR) in May 2024 to be utilised for Phillips Find JV ore 3
- First ore from Phillips Find on track to be treated at FMR’s Greenfields mill from February 2025 to June 2025 4
Commenting on the mining progress, Managing Director and CEO Mr Grant Haywood said: 2
“We are very pleased to see the progress made at our Phillips Find project with great progress made on the mining to date. We look forward to commencing the grade control program early in December and the first mining of ore occurring in December 2024.
With first gold production from our Boorara gold project expected in the current quarter, the progress at Phillips Find leaves us well positioned to make strong cashflows in this high gold price environment.”
Overview
Horizon Minerals Limited (ASX: HRZ) (“Horizon” or the “Company”) is pleased to provide an update on the development of the Phillips Find Gold Project. The 100% owned Phillips Find project is located 45km north-west of Coolgardie in the heart of the Western Australian Goldfields (Figure 1).
Figure 1: Horizon’s project locations, regional geology and surrounding infrastructure
Next Steps 1
Mining at Newhaven is well advanced with pre-strip of the Newminster pit to commence shortly creating two working areas for the mining fleet. Due to the nature of the cutbacks of two existing open pits, mining is predominantly in waste whilst progressing deeper to access the ore. Grade control drilling is planned to commence in early December 2024. Ore stockpiles will be developed over the coming months, with processing of ore on track to occur through February to June 2025.
Click here for the full ASX Release
This article includes content from Horizon 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.
