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$80 Million Equity Raise Investor Presentation - April 2024
Investment Highlights
Rapid Resource Growth & Step-Out Exploration Success
- Growth of Never Never Mineral Resource to 953koz @ 5.7g/t1 – drill campaign funded for 2024/2025 and updated Mineral Resource Estimate expected to be released in mid-2024
- Never Never Exploration Target of 8.1 – 9.9 million tonnes at a grade of between 5.8 – 6.7g/t for 1.6 – 1.9Moz (inclusive of December 2023 MRE)2
- Multiple high-grade, wide intercepts in the past 18 months, including 59.0m @ 12.5g/t, 12.6m @ 34.5g/t and 54.0m @ 6.55g/t3
- One of the highest-grade deposits and most exciting recent discoveries in Australia
High-Impact Regional Targets
- Exploration success at Pepper including 17.5m @ 15.9g/t4 validates Spartan’s exploration thesis at the Dalgaranga Gold Project (Dalgaranga)
- Pepper sits parallel to Never Never and displays the same Never Never style mineralisation characteristics
- Multiple additional high-grade targets extending from the Gilbey’s Pit, including Four Pillars, West Winds and Sly Fox – lookalike mineralisation to Never Never
- Positive intercepts from recent drilling, including 17.5m @ 15.9g/t4 (Pepper), 20m @ 3.49g/t4 (West Winds) and 15m @ 6.06g/t4 (Four Pillars)
Infrastructure & Proximity
- < 6-year-old processing plant located less than 2.5km from Never Never and Gilbey’s deposits
- Installed infrastructure substantially reduces timeline and expenditure to restart operations
- Spartan currently investigating multiple strategies on potential development approach, including optimizing mill throughput to match sustainable mining schedules
Well Positioned to Execute Strategy
- Strong balance sheet strength with pro-forma cash of $110m5 and nil-debt on completion of the Offer
- Focused team with proven experience in exploration and resource development
- Spartan focused on exploration with proposed underground exploration decline to take Spartan within 50 to 100 metres of the Never Never orebody
- Importantly, this investment in the underground exploration decline will offset any future restart capex and reduce lead time to production
Click here for the full ASX Release
This article includes content from Spartan 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.
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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.
EIS Funding of $180,000 Awarded for Drilling at Caligula, a Significant Copper Target at the Arkun Project, WA
Impact Minerals Limited's (ASX:IPT) is pleased to announce that it has been awarded $180,000 under the WA Government’s Exploration Incentive Scheme (EIS) to co-fund drilling of the Caligula copper prospect at the company’s 100% owned Arkun Project located 150 km east of Perth in the emerging mineral province of southwest Western Australia (Figure 1 and ASX Release January 4th 2024).
- Co-funding of up to $180,000 awarded under the WA Government’s EIS scheme to drill the large and significant Caligula copper target identified in soil geochemistry data and Mobile Magneto-Telluric (MMT) data.
- Caligula comprises a 5 km by 1 km soil geochemistry anomaly containing copper-silver-cobalt+/- tellurium-bismuth-molybdenum associated with numerous conductors identified in the MMT data that may represent disseminated or massive sulphides.
- Infill and extensional soil geochemistry surveys have been completed to help define specific drill targets with assays due this Quarter.
- The statutory approvals process for a drill programme has now commenced.
- The aircore drill programme at the Hyperion Prospect, which forms part of IPT’s broader Arkun Project, has been completed. Hand-held XRF data is being interpreted to help select samples for assaying, with results expected later this Quarter.
Caligula is 15 km west of the Hyperion Rare Earth Element prospect anomaly, where an aircore drill programme was recently completed (ASX Releases January 4th 2024 and April 19th 2024). The Arkun project was also recently expanded with three new tenement applications (Figure 1 and ASX Release March 14th 2024).
Impact Minerals’ Managing Director, Dr Mike Jones, said, “This award validates our exploration programmes at Arkun over the past few years. Caligula is one of many geochemical and geophysical targets we have at the project and so the information we will gain from the proposed drill programme will add immensely to our knowledge of this poorly exposed and poorly explored area. We will now start the statutory approvals process for the drilling. We have just completed our maiden drill programme at Hyperion to test for Rare Earth Elements and are interpreting the handheld XRF data to select samples for assaying, and we are looking forward to those results”.
Figure 1. Location and regional geological setting of Impact’s Arkun and other projects shown in blue in the emerging mineral province of southwest Western Australia. Significant nickel deposits are shown in orange, lithium deposits in green and gold deposits in yellow.
Soil Geochemistry Results
The Caligula prospect comprises an area of anomalous copper-in-soils that extends over about 5,000 metres north-south and up to at least 2,000 metres east-west. It is open to the east and the southwest (Figure 2). The copper is associated with anomalous silver and cobalt and, in the southern part of the anomaly, also has a strong association with bismuth, tellurium and lesser molybdenum (Figure 2). Details about the soil geochemistry results were included in the ASX Release of January 24th 2024.
Click here for the full ASX Release
This article includes content from Impact 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.
Tartana Drilling to Verify Upgrading of 45,000 Tonne Copper Resource
Tartana Minerals Limited (ASX: TAT) (the Company), is pleased to advise that it has commissioned AED drilling to complete a 300m diamond core PQ hole to provide bulk samples for both Tomra ore sorting and for standard copper flotation testwork. Drilling is scheduled to commence this week and will take approximately two weeks to complete.
Highlights:
- AED commissioned to drill a PQ diamond hole for metallurgical sampling
- Drill path is sited below TRC098 which previously intersected 77 m @ 0.62% Cu with the hole also improving geological interpretation and resource integrity
- Metallurical testwork will focus on ore sorting testwork where initial samples returned a 100% increase in grade and retained 76% of the metal content
- Copper flotation testwork will also be conducted to verify earlier reports which indicated high recoveries to a copper concentrate
- Positive results from the testwork will support the development of the Tartana open pit copper resource which currently stands at 45,000 t of contained copper and remains open at depth
“It is great news that we have been able to secure a rig to complete this important hole in a time when there is a high demand for drilling across the industry.
“The results of the testwork will contribute to the mine plan for the Tartana open pit and the Company is investigating options for treating the primary ore. Oxide and transition ore can be treated by the existing heap leach – solvent extraction crystallisaion plant which is current producing copper sulphate pentahydrate and which is sold through our offtake partner, Kanins International.’”
Tartana Primary Copper Project Background
The Company submitted copper mineralised samples in 2022 to Tomra for ore sorting testwork given that the primary copper mineralisation in the Tartana open pit appears restricted to stockwork and bedding plane veins in a host rock of benign arkosic sandstone. As expected, the preliminary testwork was positive and indicated a potential 100% increase in copper grade using the Tomra X-ray transmission sorter and adding back the finer material after crushing to 30 mm. The contained copper recovery was 76% of the overall samples.
Click here for the full ASX Release
This article includes content from Tartana 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.
March 2024 Quarterly Cash Flow Report
Impact Minerals Limited's (ASX:IPT) has released its Quarterly Cash Flow Report.
This article includes content from Impact 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.
March 2024 Quarterly Report
HIGHLIGHTS
1. Lake Hope, WA (IPT 80%)
- Greater than 99.99% (4N+) High Purity Alumina (Al2O3) is produced from Lake Hope mud via the proprietary and patented Playa One Sulphate Process and a new low-temperature leach process called the LTL Process.
- The Sulphate Process underpins the recent Scoping Study, which demonstrated an NPV8 of A$1.3 billion for the project and an estimated operating cost to produce 4N HPA up to 50% lower than anyone else globally at less than US$4,000 per tonne.
- The LTL Process produced 4N within a few months, attesting to a simpler process that may lower the Capital and Operating Costs to produce HPA than the Sulphate Process.
- The LTL Process will now be integrated into the ongoing Pre-Feasibility Study at marginal extra cost.
- Production of larger quantities of HPA can now commence using the now- optimized Sulphate Process to demonstrate consistent quality to potential customers.
- Preliminary discussions with potential customers indicate very strong demand for 4N HPA.
- The Pre-Feasibility Study is on schedule to be completed in late 2024.
- Rare Earth Element anomalism of up to 5,880 ppm (0.59%) Total Rare Earth Oxide plus Yttrium (TREO+Y) and Nd+Pr of up to 21% returned from a soil geochemistry survey at the Hyperion prospect. The anomaly covers at least a 3 km2 area at greater than 1,000ppm TREO and is open along strike to the northwest and southeast.
- Another new prospect, Swordfish, and the previously identified Horseshoe prospect attest to the significant prospectivity for REE mineralisation across the Arkun project.
- Soil geochemistry and Mobile Magneto-Telluric (MMT) data at the Caligula Prospect identified a large and significant target for porphyry copper mineralisation. A 5 km by 1 km soil geochemistry anomaly contains the key metal assemblage of copper-silver-cobalt+/-tellurium-bismuth-molybdenum, all indicators of porphyry copper mineralisation, such as that found at Boddington and Calingiri in the same region of Western Australia.
- Infill and extensional soil geochemistry surveys, together with a detailed interpretation of the MMT data completed to define the extent of Caligula and identify specific drill targets.
- Three new Exploration Licence applications submitted immediately north of the Arkun project along trend from the recently discovered REE soil geochemistry anomalies at Hyperion, Swordfish and Horseshoe as well as the Caligula copper anomaly. The new licences cover a further 720 km2 and increase the size of the Arkun project to 2,900 km2 in the emerging mineral province of southwest WA.
- Statutory approvals and land access agreements are in progress for a maiden drill programme at Hyperion and other targets, along with negotiations with drilling contractors.
3. Commonwealth Project (IPT 100%)
- Agreement signed for the sale of up to 75% interest in the Commonwealth Project, NSW.
4. Other Projects
- Broken Hill: data synthesis and interpretation in progress on all data collected during the BHP Xplor Programme.
- Doonia: assays received highlighting large gold and lithium-in-soil anomalies. The company is currently assessing its options for the project.
- Southwest regional: No significant soil results were returned on the Dinninup and Mineral Hill projects, and they have been relinquished subsequent to the Quarter.
Click here for the full ASX Release
This article includes content from Impact 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 Activities/Appendix 5B Cash Flow Report
Norfolk Metals Ltd (ASX:NFL) (Norfolk or the Company) is pleased to report on its activities during the 3-month period ended 31 March 2024.
ORROROO URANIUM PROJECT
- Maiden drill campaign completed successfully delineating uranium in 10 of 17 holes drilled
- Exploration continuing with land access engagements, geophysics and subsequent drill program(s) planning in progress
- Additional permit EL6948 granted expanding project area to 723km² total of 100% owned exploration tenure
ROGER RIVER GOLD PROJECT
- Soil study completed with successful reanalysis of historical samples
CORPORATE UPDATE (including activities subsequent to quarterly period end)
- Exclusivity and due diligence deed executed for Las Alteras uranium project in Argentina
- Strong financial position with $2.91m cash at March 2024 quarter end which was increased subsequently through a strategic placement of $415,746
Orroroo Uranium Project, South Australia
Norfolk Metals Ltd (Norfolk or the Company) is pleased to advise the maiden drill program was completed with a further 5 holes drilled across EL6552 being drilled in Phase 2 of the program in January 2024, taking the total number of holes completed in the maiden program to seventeen (17) (Figure 1). Phase 2 of the program sought to test the palaeochannel model at the Wongway Creek Target (formerly Target 1) where suitable drill access was available. A total of three (3) holes were drilled along the river traverse of the Wongway Creek Target testing both upstream and downstream regions. One (1) hole was drilled downstream of the No Name Creek Target (formerly Target 3) as well as the Rankin Rd Target (formerly Target 4). The completion of the maiden drill program has successfully delineated uranium in ten (10) of the seventeen (17) holes providing data for the Company to further develop a geological model of the Walloway Basin (Figure 3). Most importantly, the interpreted uranium bearing floodplain intersected upstream of Wongway Creek gives Norfolk confidence in the palaeochannel model and future exploration efforts can be planned accordingly. Peak grade of 796ppm pU308 was intersected in ORMR007.
*peak grade(s) noted are the direct detection of pU308 over a 0.02m interval by Prompt Fission Neutron downhole logging within a composite intersection with a cut-off grade greater than 100ppm pU308.
Figure 1. All drill collars completed in maiden drill program with Section A-A reference for Figure 3
Floodplain Interpretation
The pre-drilling model was targeting the presence of prospective palaeochannels approximately 100 to 150 metres to the south of the modern-day creeks associated with uranium intersected in historical Linc Energy Wells. Drilling results from Phase 1 indicated that the uranium in the Linc Energy Wells appeared to be associated with a secondary permeability created by downward displacement of the sediments resulting from basement faulting or soft sediment deformation. Phase 2 drilling continued to test the targeted prospective palaeochannels located to the south of the modern-day creeks at closer than expected distance of 50m. Younger palaeochannels were seen south of the modern-day creeks in ORMR004 (Walloway Creek Target) and ORMR016 (Rankin Rd Target) at the base of the regolith. This further supports the model of palaeochannels occurring south of the modern-day creeks due to a change in regional slope.
Drillhole ORMR015A was drilled 50m south of the modern-day creek at Wongway Creek Target. Drilling upstream from previous holes enabled easier location of the targeted prospective and potentially wider palaeochannel. This hole encountered what appears to be a silt dominated floodplain with minor gravel and two elevated gamma anomalies signifying uranium towards the top of this unit as well as the base of this unit (Figure 2). This unit appears to be the middle section of a palaeochannel between the sand and gravel dominated incising part of a palaeochannel and the clay dominated edge of a floodplain.
Click here for the full ASX Release
This article includes content from Norfolk 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.
Craig Hemke: Gold's Next Price Target, Key Silver Factors to Watch
Speaking to the Investing News Network, Craig Hemke, publisher of TFMetalsReport.com, shared his thoughts on what's behind gold's big price rise and current pullback, plus what could be next for the yellow metal.
In his view, gold's move back below the US$2,400 per ounce level is completely normal — Hemke noted that nothing ever goes straight up, and emphasized that a "two steps forward, one step back" pattern is healthy.
With that said, he does see strong upside potential for the precious metal in 2024. In his view, there are a lot of technical targets that line up with US$2,650 or US$2,700, and he said that's probably the next point to watch for. While those heights won't necessarily be achieved this year, Hemke thinks gold could finish the period at US$2,400 or US$2,500.
Taking a step back to provide a look at the larger picture for gold as well as silver, he emphasized the importance of preparing for the inevitable collapse of the current debt-based system.
"You reach a terminal phase, and I think we're finally now getting there, where the debt is growing exponentially and so quickly that the amount of new fiat money creation even just to service the debt — it all just begins to spin tighter and tighter and out of control," he explained during the interview. "Your protection against that sort of collapse has always been the ownership of physical gold and physical silver too."
Watch the interview above for more from Hemke on gold and silver.
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Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.
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