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$6m Funding Agreement For The Sale Of Kanmantoo Royalty
Hillgrove Resources Limited (Hillgrove, the Company) (ASX:HGO) is pleased to announce that it has entered into a royalty agreement with Freepoint Metals & Concentrates LLC (Freepoint) in relation to its 100% owned Kanmantoo copper gold project located in South Australia.
Summary
- Hillgrove has entered into a royalty agreement with Freepoint Metals & Concentrates LLC.
- Hillgrove to receive cash payment of $6 million in return.
- Freepoint Metals & Concentrates LLC to receive 2.5% of net smelter returns for the first 85,000 tonnes of payable copper, reducing to 0.5% thereafter.
- Royalty payments will only occur from future production.
Commenting on the agreement, Hillgrove CEO and Managing Director, Lachlan Wallace said:
“Freepoint is a long-standing partner and supporter of our Company, both as a significant shareholder, and as our offtake partner. We are very pleased to continue this partnership with Freepoint through the Royalty agreement, which, given the Royalty is based on future production from Kanmantoo, demonstrates their strong commitment to the development of the Kanmantoo underground project and appreciation of the on-lease exploration upside.
The agreement highlights the robustness of the Kanmantoo Underground project, as demonstrated in the Economic Assessment1, with subsequent updates to the Kavanagh2 and Nugent3 Mineral Resource Estimates expected to increase mine life. Moreover, both Nugent and Kavanagh remain open at depth and along strike, and are only two of nine mineral systems that have either been drilled or partially mined within the permitted lease, representing an excellent opportunity to expand the mine life with further drilling.The consideration for the royalty immediately boosts our cash position without shareholder dilution, enabling the Company to consider a range of restart and resource expansion options, particularly in light of recent changes in the global copper market.”
Click here for the full ASX Release
This article includes content from Hillgrove 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.
Advanced High-Grade Antimony & Silver Project Aquisition
Lode Resources Ltd (ASX:LDR) (“Lode”, or the “Company”) is pleased to announce it has signed a heads of agreement to acquire 100% of the Montezuma Antimony Project located in Tasmanian’s premier West Coast Mining Province. This project includes a high-grade antimony-silver-lead deposit with initial development, advanced metallurgy, significant mining equipment and beneficiation infrastructure.
Highlights
- High-grade Montezuma antimony-silver-lead deposit defined by surface channel sampling, exploration adit face sampling and diamond drill core sampling.
- Surface grab samples grade up to 24.5% antimony (Sb) & 3,050 g/t silver (Ag)
- Diamond drill core samples grade up to 20.3% antimony (Sb) & 1,990g/t silver (Ag)
- Development face samples grade up to 21.4% antimony (Sb) & 2,478g/t silver (Ag)
- Development of portal box cut and commencement of exploration drive has produced stockpiled mineralisation. Representative bulk sampling of combined mineralisation/waste averaged 4.75% antimony (Sb) & 239 g/t silver (Ag) and representative bulk sampling of mineralisation only, averaged 9.02% antimony (Sb) & 769 g/t silver (Ag) reconciling well with corresponding face sampling.
- Metallurgical test work is well advanced with 90% recoveries of antimony achieved producing a saleable antimony product.
- R&D funding discussions are ongoing with local and international institutions including those representing major western governments.
- Montezuma Antimony Project acquisition complements Lode’s antimony exploration portfolio in the New England Fold Belt, NSW’s most prolific antimony province. Together, these assets create a formidable Antimony division within Lode.
- Also compliments Lode's high-grade Silver portfolio with assays due shortly from the Webbs Consol Silver project where drilling at the Castlereagh prospect has been completed.
- Montezuma Antimony Project acquisition terms include:
- $50,000 non-refundable cash deposit payable within 2 business of execution of the HOAie 22 October 2024; plus
- $200,000 cash payable on completion of the Proposed Acquisition; plus
- 10,000,000 fully paid ordinary shares in the Company at a deemed issue price of $0.10per share on completion of the Proposed Acquisition subject to 12-month escrow; plus
- Up to 6,000,000 fully paid ordinary shares in the Company at a deemed issue price of $0.10 per share upon satisfaction of certain performance hurdles by the Sellers (key terms are outlined in Annexure 1) and subject to 12-month escrow.
- The fully paid ordinary shares will be issued under listing rule 7.1 using the Company's existing capacity.
Proposal to Acquire Montezuma Antimony Project
The Montezuma Antimony Project includes a high-grade antimony-silver-lead deposit with initial development, advanced metallurgical test work and significant beneficiation infrastructure.
Montezuma Antimony Project Deposit
The Montezuma Antimony Project deposit (2M-2023, EL7-2019) is located between well-known mining centres such as Rosebery (Zn,Cu,Pb), Renison Bell (Sn), Henty (Au) and Zeehan(Pb,Ag). Access is via the Zeehan township located 14km to the west.
Figure 5. Montezuma Antimony Project located in Tasmanian’s premier West Coast Mining Province
The Montezuma antimony-silver-lead deposit is a structurally controlled lode, emplaced primarily within the well-known Motezuma fault and hosted by a sequence of turbidites. Antimony and lead are contained within Jamesonite, a lead-iron-antimony sulphide mineral (Pb4FeSb6S14) and is a late-stage hydrothermal mineral forming at moderate to low temperatures. This project is also prospective for copper, zinc and gold.
The Montezuma antimony-silver-lead deposit is defined by surface sampling of the exposed mineralised structure over 50m strike length, development face sampling and 13 diamond drill holes which have intercepted high-grade mineralisation down to a depth of 80m. The Montezuma antimony-silver-lead deposit remains open to the north, south and at depth.
Click here for the full ASX Release
This article includes content from Lode 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.
$500,000 Raised for Uranium Exploration at Munaballya Well Target
Augustus Minerals Limited (ASX: AUG; Augustus or the Company) is pleased to announce that it has raised $500,000 from professional and sophisticated investors (Placement).
- Augustus Minerals has raised over $500,000 via a Placement.
- Proceeds from the capital raising will fund:
- On-ground exploration at the large Munaballya Well uranium target following up the recent VTEM Heli airborne geophysics program.
- 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.
- Exploration works are continuing over various targets along the highly prospective Ti- Tree Shear with diamond drilling in progress at the Minne Springs Copper- Molybdenum porphyry prospect.
Under the placement, AUG will issue 10,000,000 fully paid ordinary shares (Shares) at an issue price of $0.05 per Share.
Funds raised through the Placement will be used primarily for the following:
- On-ground exploration at the large Munaballya Well uranium target following up the recent VTEM Heli airborne geophysics program (final interpretation imminent).
- 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.
- Heritage survey over newly defined areas once progressed to drilling status,
- Working capital and costs of the Placement.
The Munaballya Well (GSWA listed uranium occurrence) main basin U anomaly covers 4km x 0.7km area, with uranium concentrated in weathered dolomitic marls of Carnarvon Basin sediments. Figure 1 shows the area of the main uranium channel anomaly from an open file ground radiometric survey conducted by Thundelarra Uranium, as carnotite is concentrated in top 5-10m of weathered dolomitic layers.
VTEM survey is testing for near surface weathering of surficial zones as well as investigating the potential for deeper Unconformity Style mineralisation along the contact between the basement granites and metamorphics and the Carnarvon Basin sediments.
Figure 1 Aster, ground radiometrics and Airborne Radiometric images from WAMEX Open File Report a87139 Thundelarra Exploration 2010.
The Placement Shares will be issued utilising the Company’s existing Listing Rule 7.1 capacity.
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.
Australia’s International Mining Week: IMARC Sideline Events Unveiled
Next week, the International Mining and Resources Conference + Expo (IMARC) 2024 will open its doors at the ICC Sydney, bringing together the mining industry's entire value chain.
Beyond the impressive showcase of 500+ exhibitors and a conference program with 9 streams and 600+ speakers, IMARC will feature 40 sideline events, hosted by local and international organisations, to deliver a comprehensive experience. These events enrich the experience of IMARC attendees, cementing its position as Australia’s International Mining Week.
Sherene Asnasyous, Event Director at IMARC, emphasised the significance of these sideline events.
“IMARC paves the way for meaningful discussions, collaborations, networking, and knowledge sharing within the mining and resources sector. These sideline events range from co-located conferences, industry events, networking sessions, to launch announcements, providing attendees with diverse opportunities to enhance their IMARC experience.
I am delighted by the addition of esteemed organisations such as the Gold Industry Group and Women in Sustainable Energy & Resources (WISER) choosing to host their events at or around IMARC. I strongly encourage attendees to explore our full list of sideline events to identify those aligned with their interests,” Ms. Asnasyous said.
Take a closer look at some of the sideline events that will take place during the week of IMARC 2024.
INDUSTRY EVENTS
- Mining the Future: Securing Critical Materials and Leading the Way to Net-Zero
29 October 2024, 02:30pm - 04:30pm
Hosted by McKinsey & Company - Invest in Canada Executive Luncheon: A Land of Opportunities for Exploration, Mining & METS Companies
30 October 2024, 12:30pm - 02:30pm
Hosted by Invest in Canada - Peru Time – Day 1
29 October 2024, 11:30am - 01:00pm
Peru Time – Day 2
30 October 2024, 03:00pm - 05:00pm
Hosted by Australian Peru Chamber of Commerce - What Will It Take to Create Australia’s Critical Minerals Midstream?
30 October 2024, 03:30pm - 05:30pm
Hosted by Critical Minerals Association - Gold Horizons: Trends, Technologies, and Tomorrow’s Opportunities
30 October 2024, 07:00am - 08:30am
Hosted by Gold Industry Group - Resourcing Australia’s Prosperity – Consultation Workshop
31 October 2024, 11:30am – 12:30pm
Hosted by Geoscience Australia
EXECUTIVE BRIEFINGS
- ESG Data & Disclosure
29 October 2024, 12:00pm – 01:30pm
Hosted by Beacon Events - Supply Chain Transparency
29 October 2024, 02:00pm - 03:30pm
Hosted by Achilles - How to Use Innovative Fatal Risk Management Technology
30 October 2024, 11:30am - 01:30pm
Hosted by myosh - Tailings Dams Management
30 October 2024, 02:30pm - 04:00pm
Hosted by k2fly
NETWORKING
- Mongolia Networking Reception @ IMARC
29 October 2024, 04:00pm - 06:00pm
Hosted by Mongolia National Mining Association - Australia-Korea IMARC Speed Networking
29 October 2024 - 05:00pm - 06:45pm
Hosted by Australia-Korea Business Council - Women’s Networking Breakfast
31 October 2024, 07:00am - 08:30am
Hosted by Women in Sustainable Energy & Resources (WISER) and Indigenous Women in Mining and Resources Australia (IWIMRA)
LAUNCH ANNOUNCEMENTS
- Official Launch of AEMEE's Culture Catalyst Tool - Empowering Outcomes in Indigenous Procurement, Employment and Engagement
29 October 2024, 02:00pm - 02:20pm
Hosted by Aboriginal Enterprises in Mining, Energy and Exploration (AEMEE) - Launch of CSIRO’s Australian Attitudes toward Mining 2024 Report
29 October 2024, 05:00pm - 07:00pm
Hosted by CSIRO - Official Launch of the International Copper Association Australia Digital Knowledge Platform “CopperConnect”
30 October 2024, 04:55pm – 05:30pm
Hosted by the International Copper Association Australia
CO-LOCATED CONFERENCES
- Mining, Metals and the Circular Economy
29 October 2024, 12:00pm - 05:30pm
Hosted by Beacon Events - Mining and Space @ IMARC
30 October 2024 - 11:30am - 04:30pm
Hosted by Australian Remote Operations for Space and Earth (AROSE)
For a more extensive list of IMARC’s sideline events, visit https://imarcglobal.com/events
IMARC takes place on 29 – 31 October at the ICC Sydney. With IMARC opening next week, now is the ideal time to secure your pass. Register today at https://imarcglobal.com/register.
Justinian Cu-Au Prospect Extended Over 3km with 5.3g/t Au and Cu to 16%
Augustus Minerals (ASX: AUG; Augustus or the Company) is pleased to announce the latest soil sampling and follow-up rock chip results from the Company’s Ti-Tree project. Review of soil sampling data from the program started earlier in the year has identified several new targets (Justinian) and/or extensions to existing prospects (Crawford in the west of the project area) and possible extensions to Coo Creek.
Augustus Minerals has received new assays from ongoing soil sampling and rock chip sampling programs conducted on the Justinian prospect and adjacent areas at the Ti- Tree Project, in Western Australia
- High grade rock chips assaying up to 16% copper and up to 5.32g/t gold have been identified from field work over a 3.3 x 1.1km area
- The copper and gold identified in rock chips supports the anomalous soil sampling results from the recent regional survey.
- The soil and rock chip results define areas of Cu and Au anomalism related to splays of the Ti-Tree Shear wrapping around the Crawford Granite.
- Other anomalous soils have identified areas for further mapping and rock chip sampling north and west of Crawford Bore, and west of Coo Creek Broken Hill Style target.
- Elevated copper and lead in soils identified on a NE trending shear at Howell’s Gap
- Strong base metal anomalism over the Moogooree carbonate hosted Zn-Pb target.
Mapping and field work is continuing to increase the definition and tenor of anomalies to drill targets for future programs.
The soil samples, sieved in the field to pass -80#, were scanned by Portable Spectral Services (PSS) at their West Perth office under controlled conditions. In the western Ti-Tree area, above background levels of Cu, Pb and Zn were returned which defined adjacent or frequently coincident trends (Figure 2). Figure 3 shows Cu-in-soils and copper in rock chips. The validity of the soil anomalies was validated by some overlap between historic sampling using traditional wet assay methods and the new pXRF data.
Gold-in-soils was determined by 50g Fire Assay at Intertek’s Perth laboratory.
Figure 1 Prospects and VTEM Survey areas
Table 1 Significant Rock Chips Justinian (>0.1% Cu, 0.1g/t Au or 0.1% Pb).
Justinian Prospect
Review of soil sampling data from the regional soil program has identified several new targets and/or extensions to existing prospects.
Previous rock chip sampling1 identified gold to 10.1g/t at Justinian (Figures 1 and 2). Further rock chips within the soil anomaly have returned assays to 5.32g/t Au (WA001301) and 16% Cu (WA001310) (Table 1).
Justinian also shows anomalous levels of lead and zinc (Figure 2).
The mineralisation is dominantly hosted within the Leake Springs Metamorphics, a complex package of pelitic schist and fine-grained often garnet rich psammite.
Figures 3 and 4 show Au and Cu respectively in soil (pXRF results) and rock chips (four acid digest or aqua regia digest) at the Justinian prospect. The validity of the soil anomalies was validated by some overlap between historic sampling using traditional wet assay methods and the new pXRF data.
The Justinian prospect has been extended to cover a 3.2km x 1.1km area containing several distinct soil anomalies which appear to be coincident with diffracted splays of the Ti-Tree Shear around the Crawford Granite intrusions. It is possible that the diffraction around the more rigid granite bodies is causing dilation where the Ti-Tree Shear splays penetrate the host Leake Springs Metamorphics.
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.
Prospective IOCG Target Identified at the Coober Pedy Copper Project, SA
AusQuest Limited (ASX: AQD) is pleased to advise that detailed gravity over a regional magnetic/gravity target within its Coober Pedy Project in South Australia has confirmed a potential iron-oxide copper-gold (IOCG) target(s) near the north-eastern margin of the Gawler Craton, approximately 100km north-west of the Prominent Hill Copper-Gold deposit.
- Magnetic and gravity responses highlight the potential for IOCG mineralisation.
- Limited historical drilling data provides evidence for an alteration footprint.
- Project located at northern end of the world-class Olympic Dam IOCG Province.
AusQuest’s Managing Director, Graeme Drew, said the Company was encouraged by the results of the survey, which confirmed the potential for large-scale copper-gold discoveries within a Tier-1 mineral province.
“The recent gravity survey has provided support for the occurrence of IOCG-style mineralisation within our Coober Pedy Project, which is located at the northern end of a world-class IOCG Province which already hosts several major copper-(gold) deposits, including Olympic Dam, Carrapateena and Prominent Hill, as shown in Figure 1,” he said.
Figure 1: Coober Pedy Project Location Plan showing major deposits in the area.
A detailed gravity survey was completed by Daishsat Geodetic Surveyors (400m x 100m grid with selected in-fill lines at 200m) outlining possible targets for drilling. A residual gravity image is provided below showing two anomalous areas within a broader gravity response (~5km x 2km), that are associated with historic drill-holes that were found to contain potassic alteration (Figure 2).
Correlation with available aeromagnetic data shows that the gravity anomalies are offset from the stronger magnetic responses, suggesting the possibility of hematite rather than magnetite as a possible cause for the gravity anomalies (Figure 3).
Figure 2: Residual Gravity Image showing location of gravity stations and historic drill-holes (Vale 2015) containing potassic alteration
Figure 3: First Vertical Derivative magnetic image plus residual gravity contours showing the location of historic drill-holes relative to the magnetic and gravity anomalies.
Analysis of available geochemical data contained within historical company reports provided by Government (PIRSA)*, was used to highlight the presence of potassic alteration within both drill-holes (GAW_RC01 and RC02), and the presence of additional proximity indicator elements, including an enrichment in iron (Fe) within drill-hole GAW_RC01, that suggests the possibility of a nearby IOCG system.
The close association of hematite and magnetite with IOCG mineralisation is well known in the IOCG Province of South Australia, which hosts the world-class deposits of Olympic Dam, Carrapateena and Prominent Hill, and is the main reason why magnetic and gravity surveys are commonly used to identify targets for drilling in these areas.
Click here for the full ASX Release
This article includes content from Ausquest 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.
Deep Diamond Drilling Commences on Large Copper-Mo Porphyry System
Augustus Minerals (ASX: AUG; Augustus or the Company) is pleased to advise that the EIS supported diamond drilling (DD) drill program has commenced at the Ti-Tree Project, ~200kms east of Carnarvon in Western Australia (Figure 1).
- Diamond Drilling has commenced to target a large copper-molybdenum porphyry system at Minnie Springs.
- The deeper diamond drilling is designed to target beneath a 3km long by 1km wide copper molybdenum soil anomaly.
- Previous drilling at Minnie Springs intersected mineralisation, geology and an alteration halo consistent with the zoning of a large porphyry copper / molybdenum system.
- The drilling is supported by a co-funded drilling grant of up to $110,000 for 700m deep diamond drill holes under the WA Government’s Exploration Incentive Scheme (EIS) for the Minnie Springs prospect.
Andrew Ford, GM Exploration
“The commencement of the diamond drilling marks an exciting time for Augustus, with the first hole testing below the existing molybdenum mineralised zone and targeting a high- grade copper core of a porphyry system”
The diamond program scheduled for completion mid-November.
Minnie Springs
Minnie Springs hosts porphyry related Copper - Mo mineralisation that was previously drilled by Equatorial Mining and Catalyst Metals. A molybdenum Exploration Target has previously been defined by SRK Consulting for the historic drilling area as outlined below (Table 1)1.
Alteration mapping suggests a potential tilting of the Minnie Springs system to the northeast, with untested potential for higher grade Copper - Mo mineralisation below existing drilling within the potassic altered zone (Figure 1).
Table 1. Exploration target size estimate for Minnie Springs Molybdenum depositNote: Based on ~300 ppm Mo cut-off at 100% recovery.
Clarifying Statement: 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.
Figure 1. Schematic cross section looking northwest showing porphyry copper-molybdenum deposit model (Pour and Hashim 2012 – inset at right) rotated 90 degrees and superimposed on existing and planned drilling2.
The program is supported by the WA Government’s Exploration Incentive Scheme (EIS) drilling grant of up to $110,000 for two 700m deep diamond drill holes at the Minnie Springs prospect.
The drilling is designed to provide a 550m deep, geological/geochemical/structural cross- section through the large 3km long by 1km wide copper molybdenum porphyry system.
Previous drilling at Minnie Springs intersected mineralisation, geology and alteration halo consistent with the zoning of a porphyry copper / moly system.
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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