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Warriedar Resources Limited (ASX: WA8) (Warriedar or the Company) is pleased to advise that it has secured binding commitments to raise A$5.5 million through the issue of approximately 78.6 million shares (New Shares) at an issue price of A$0.07 per share (Placement).
HIGHLIGHTS:
- Firm commitments received from new and existing institutional & sophisticated investors to raise A$5.5m (before costs).
- Firm commitments include $1.0 million in drilling equity from shareholder and contract partner, Topdrill.
- New funds to accelerate drilling and exploration of priority gold and base metals targets at the Golden Range and Fields Find Projects in the Murchison region, Western Australia.
- Drilling of high-potential base metal targets at Fields Find West to commence in coming weeks.
Warriedar’s Managing Director and CEO, Amanda Buckingham, commented:
“We are very pleased with the strong support received for this capital raising from both our existing shareholders and new investors. The result is a strong endorsement of the exploration potential of our Golden Range and Fields Find Projects, located in the exploration and development hotspot of the Murchison region.
Over the last 9 months, the Warriedar team has worked meticulously to set the business up for success. Following the acquisition of our WA projects, we quickly established a team of high-performing geoscientists, and we surrounded them with an experienced senior management and Board. We have built strong relationships with our key contractors and optimised our exploration processes to deliver efficient and effective exploration targeting that is focused on new discoveries and Resource growth.
This raising allows us to accelerate our exploration and growth drilling activities in WA. The focus of this is twofold: rapid build of further mineable gold Mineral Resource ounces, coupled with drill testing high-potential, advanced base metals targets across the western area of the Fields Find Project.”
Use of funds
Drill testing of high-potential base metals targets with a focus on Fields Find West
As announced to the ASX on 3 August 2023, Warriedar has now received Programs of Work (POWs) approval to drill high-priority geophysical (EM) and geological copper targets on the western side of the Fields Find Project (Fields Find West).
These targets scheduled for drilling are proximal to significant ore-grade copper, gold and other base metals intercepts, including:
- Falcon Prospect: 2m @ 4.4% Ni from 122m, and 1m @ 1.3% Cu & 6.3 g/t Au from 98m
- Sandpiper Prospect: 4m @ 36.9 g/t Au from 104m, and 1m @ 2.5% Cu & 24.5 g/t Au from 96m
- Historic Warriedar Copper mine: Surface rock chip sampling returned: 20.1% Cu (MGRX003134); 17.8% Cu (MGRX003135)
These intercepts were not followed up by previous owners as they were not suitable for the Golden Range processing plant which was designed only to process oxide gold mineralisation.
Fields Find West offers some of the best brownfield and geophysical targets for both base metals and gold from across the Fields Find and Golden Range Projects (see Figure 2, ASX release 3 August 2023 for prospect locations).
Figure 1: The location of the Golden Range and Fields Find Projects, surrounded by existing mines and development projects (large black circles). Processing plants (existing or proposed) are annotated with the cyan mining symbol.
The planned drilling at Fields Find West is designed to test an aggregate of 10 specific target areas. The Stage 1 program of approximately 5,600m RC drilling encompasses testing of the initial approved targets being the historic Warriedar Copper Mine and the Falcon Prospect.
Click here for the full ASX Release
This article includes content from Warriedar 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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Warriedar Resources
Overview
Warriedar Resources (ASX:WA8) is an advanced gold and copper exploration company backed by a highly skilled team of experts, Warriedar maintains an incredibly strong and stable portfolio of gold assets in both Western Australia and Nevada. Between its three projects – Golden Range, Fields Find and Big Springs – it currently holds more than 2 million ounces of high-grade gold resources with blue-sky potential for growth, and a robust pipeline of high-quality drill targets. Warriedar is well-funded for its planned 2024 drill programs focused on rapidly building its gold resources.
Two of its brownfield projects – Golden Range and Fields Find – are located in Western Australia's Murchison Province, widely known as an active mining and exploration region. Both projects are situated on previously mined and underexplored land, and surrounded by successful, operating gold and base metal mines. Golden Range hosts approximately 950,000 oz gold resource and an existing 800 ktpa processing plant and associated infrastructure (placed on care and maintenance during 2019 by its previous owner). To the east of Golden Range is the Fields Find project, which contains significant levels of gold, copper and nickel.
Warriedar’s Big Springs gold project in Nevada, USA, is adjacent to First Majestic Silver’s Jerritt Canyon gold mine complex, an operating mine with a production history of over 10 Moz gold. Big Springs has an existing resource base of approximately 1 Moz gold within a granted mining licence, surrounded by approximately 93 square kilometers of prime exploration ground prospective for Carlin-style gold.
Warriedar also prides itself on the expertise and experience of its leadership team, driving the company towards successfully achieving its goals and increasing shareholder value. Geophysicist Dr. Amanda Buckingham serves on Warriedar's board of directors, bringing three decades of experience to her role. Mark Connelly, Warriedar’s non-executive chairman, is a financial and commercial executive with extensive experience in the resource industry. Dianmin Chen, a seasoned mining engineer, completes the complementary skill set of the board.
Company Highlights
- Warriedar Resources is an advanced gold and copper exploration company with a portfolio of assets well-positioned to take advantage of the positive gold market.
- Two of the company's three projects are located in the Murchison Province of Western Australia.
- Golden Range, a 945,000-oz gold project with on-site infrastructure that includes an 800-ktpa plant.
- Fields Find, which hosts the historic Warriedar copper mine.
- The company also maintains a 1.01-million-ounce gold project in Nevada, USA, known as Big Springs.
- All three projects are underexplored, with significant resource potential.
- Warriedar is backed by a highly skilled team with decades of experience and leadership in mining and exploration.
- The company is expected to have a steady newsflow through 2024, with a well-funded drilling plan aimed at rapidly expanding its gold resource.
Key Projects
Golden Range
Situated in the middle of Western Australia's highly active Murchison exploration and mining province, the Golden Range project is strategically positioned between several major operating mines and advanced exploration projects. Together with the nearby Fields Find project, it represents a belt-scale opportunity, covering a combined area of 813 square kilometres.
A brownfields project with considerable past exploration and development, Golden Range hosts a gold resource of 945,000 ounces along a dominant central shear corridor. Existing on-site infrastructure includes an 800-ktpa oxide processing plant, which was placed on care and maintenance by the project's previous owner in 2019. This provides Warriedar with an accelerated, low-capital-intensity pathway to future gold production pending the success of an ongoing exploration program.
Project Highlights:
- Prime Location: Golden Range is bordered by multiple existing mines and deposits, each serving as a valuable analogue to the resources it may potentially contain. These include: Deflector Copper-Gold Mine, owned by Silver Lake Resources (ASX:SLR); Rothsay Gold Mine, owned by Silver Lake Resources; Mt. Magnet. owned by Ramelius Resources (ASX:RMS); Mt Gibson, owned by Capricorn Metals (ASX:CMM); and Golden Grove Copper-Zinc-Silver-Gold mine, owned by 29Metals (ASX:29M).
- Untapped Potential: Historical drilling at Golden Range was largely focused on shallow oxide gold in proximity to the existing mill, with an average drill depth of 42 metres. Historical pits on-site range in depth from 20 to 80 metres, with an average depth of 60 metres. This leaves substantial exploration upside for primary gold discoveries both below and along strike from existing shallow open pits.
- Exploration Results: Warriedar undertook an aggressive exploration program in 2023, which included drilling as well as airborne and ground electromagnetic (EM) surveying at both Golden Range and Fields Find. A total of ~ 36,000m of Reverse Circulation (RC) drilling was completed, resulting in the extension of 5 of the 5 gold Resources drilled (all in Mining Leases) and the advancement of several key Prospects. Importantly, the 2023 work highlighted where the 2024 focus should be – along the main mineralized shear within a 25 km long trend called the Golden Corridor. This trend already hosts 736 koz Au across 6 deposits and 16 historic pits. Results from 2023 and early 2024 included:
- Ricciardo (RDRC019): 32 m @ 3.59 g/t gold from 148 m (ended in mineralization)
- Ricciardo (RDRC020): 6 m @ 4.69 g/t gold from 142 m
- Ricciardo (RDRC002): 7 m @ 4.48 g/t from 251 m
- Ricciardo (RDRC031): 11 m @ 3.43 g/t gold from 149 m
- Windinne Well (WORC056): 4 m @ 5.17 g/t from 52 m
- Austin (AURC086): 20 m @ 1.98 g/t gold, 7.2 g/t silver, 844 ppm lead from 160 m
- Rothschild (BRRC083): 18 m @ 2.43 g/t gold from 191 m
- Mugs Luck (MLRC209): 8 m @ 2.28 g/t gold from 72 m
The Ricciardo deposit, an existing 476-koz resource in the middle of the Golden Corridor along the main shear. Assay results from drilling undertaken at the Ricciardo deposit confirmed the presence of high-grade shoots below existing oxide open pits and demonstrated the excellent exploration potential for further discoveries at Ricciardo
- Current MRE: The current mineral resource estimate for Golden Range is 945 koz contained within 19,429 kt at 1.5 g/t gold:
- 20 koz contained within 282 kt at 2.2 g/t gold measured.
- 441 koz contained within 8,887 kt at 1.5 g/t gold indicated.
- 485 koz contained within 10,080 kt at 1.5 g/t gold inferred.
- Exploration Roadmap: Warriedar has a clear line of sight on pursuing substantial resource growth and exploration success for its Western Australia projects. The focus during 2024 will be drilling for quality gold ounces to grow existing resources along the Golden Corridor, and drilling for new discoveries along the 70 km shear (ground all held by Warriedar).
Fields Find
The Fields Find Project and the location of key prospects.
Located just to the east of Golden Range, Fields Find is most notable for its highly irregular geology. Due to an intrusive complex within the greenstone sequence, the area is known to contain elevated levels of nickel, copper and gold. Although the brownfields project has been the site of previous exploration, the focus was exclusively on gold with one notable exception.
At Fields Find's southwest corner stands the historic Warriedar copper mine, which is located at the end of Warriedar's target zone, known as the Warriedar Corridor. It is also worth noting that the Murchison Province is generally known to be rich in copper with both the Golden Grove and Deflector copper mines in geological proximity.
Project Highlights:
- Copper Region: The Murchison province is known for its rich copper resource. Fields Find also encompasses the Warriedar Corridor.
- Exploration Results: Warriedar carried out a decent exploration program during 2023 which included drilling, airborne and ground-based EM surveying, at Fields Find. Results include:
- At the Rothschild gold deposit: the main gold lode along the entire strike length of the deposit was extended at depth by 150 m. Assay results included: 18 m @ 2.43 g/t gold from 191 m (BRRC083), 11 m @ 3.39 g/t gold from 197 m (BRRC081).
- New 2023 airborne electromagnetic (AEM) data covering a substantial part of the tenure which was previously un-flown. Follow-up ground EM identified several well constrained priority 1 targets, ready for drilling. Many of these are located with the layered mafic-ultramafic intrusion (the Fields Find Intrusive Complex).
- Drilling at Fields Find West confirmed a multi-phase porphyry intrusive system hosting polymetallic mineralisation comprising gold, copper, molybdenum and silver. At the Mopoke Prospect within this porphyry system, assay results returned 4 m @ 5.00 g/t gold from 92 m (MOR005).
Big Springs
Located in the prolific Nevada Gold Trend, the Big Springs Gold Project stands adjacent to First Majestic Silver's (TSE:FR) Jerritt Canyon Gold Mine Complex, which has a production history of more than 10 Moz gold. The project itself has an existing resource base of roughly 1 Moz gold and is surrounded by approximately 93 square kilometres of exploration ground prospective for Carlin-style gold.
Warriedar is currently collecting the necessary geoscience data to optimise its drill targets while also advancing its exploration permitting. It plans to recommence its drilling program upon approval of expanded permits, with a suitable partner.
The company believes the tenement package offers enormous untapped potential for growth in existing gold resources.
Project Highlights:
- Current MRE: The mineral resource estimate for Big Springs is 1,014 koz contained within 15,490 kt at 2 g/t gold:
- 129 koz contained within 860 kt at 4.7 g/t gold measured
- 428 koz contained within 6,000 kt at 2.2 g/t gold indicated
- 459 koz contained within 8,630 kt at 1.7 g/t gold inferred
Management Team
Mark Connelly - Non-executive Chairman
Mark Connelly is a seasoned financial and commercial executive with extensive resource industry experience in management leadership and board roles. His direct operational and capital markets experience spans many jurisdictions including Australia, North America, South America, Africa and Europe.
Connelly’s North American operating and development experience includes several years based in the U.S. working for Newmont Mining, one of the world’s leading gold mining companies. This included extensive exposure to and knowledge of Newmont’s flagship Nevada gold operations.
Connelly also has an outstanding track record of shareholder value growth and realisation, particularly over the last decade. This includes the development and eventual sale of Papillon Resources for approximately US$570 million and the US$597 million consolidation of Endeavour Mining with Adamus Resources.
Amanda Buckinghamn - Managing Director and CEO
Dr. Amanda Buckingham is a geophysicist who has been involved in mineral exploration for 30 years. She co-founded award-winning and industry-leading geophysical consulting firm Fathom Geophysics in late 2007, based in both Australia and the United States.
Buckingham has extensive exploration experience globally. Her early career involved work as a geoscientist and project manager at majors such as Rio Tinto, listed juniors in both Canada and Australia and several years consulting at SRK.
She also co-founded Cygnus Metals (ASX:CY5) and Desert Minerals (ASX:DM1). She is currently a director of several private companies and a research fellow at the University of Western Australia.
Dianmin Chen - Non-executive Director
Dr. Dianmin Chen is a mining engineer with more than 35 years of experience in metal mining. He has held a wide range of roles in the mining industry including technical, production and management positions in Australia, China and Canada.
Chen held executive roles with Sino Gold (general manager), Citic Pacific Mining (chief operating officer), CaNickel (executive director and CEO) and Norton Goldfields (managing director and CEO) and served as a non-executive director for several publicly listed companies in Australia and Canada, including Kalgoorlie Mining, Bullabulling Gold Mines, Sherwin Iron, Norton Goldfields, NKWE Platinum and CuDeco. He is currently a non-executive director of Global Lithium Resources (ASX:GL1).
Chen holds a Bachelor of Engineering in mining, a PhD in mining geomechanics and a WA First Class Mine Manager’s Certificate of Competency.
Stuart Burvill - GM Corporate/General Counsel
Stuart Burvill is a legal, commercial and compliance manager and civil and structural engineer with over 30 years of experience in mining, petroleum, energy, shipbuilding, defence and civil infrastructure development including rail, roads, bridges and tunnels.
Burvill has extensive experience in M&A, corporate and project finance, capital raising, ownership and funding structuring, joint ventures, construction contracts and disputes, corporate governance and administration and enterprise risk management. He holds a Bachelor of Engineering (Hons), Bachelor of Laws, MBA and Grad Dip in Applied Corporate Governance.
Graeme Morissey - Chief Financial Officer
Graeme Morissey joins Warriedar from previous director-level roles in the audit divisions of global accounting firms EY, KPMG and Grant Thornton. He has over 15 years of direct experience in servicing clients within the mining exploration and development sector. This includes specific expertise extending across compliance with Australian Securities Exchange (ASX) and Department of Mines regulation.
Morissey has also consulted directly with CFOs within the Australian mining sector, which has included optimisation of internal reporting processes on performance, cash flow forecasting, and adherence to budgets. He is a chartered accountant and a fellow of the Governance Institute of Australia.
Morissey holds a Bachelor of Commerce from McMaster University in Canada.
David Palumbo - Company Secretary
David Palumbo from Mining Corporate is a chartered accountant and graduate of the Australian Institute of Company Directors with over 14 years of experience across company secretarial, corporate advisory and the financial management and reporting of ASX-listed companies. He currently acts as company secretary for a number of ASX-listed companies and serves on the board of Krakatoa Resources (ASX:KTA) and Kaiser Reef (ASX:KAU).
Steve McMillin - Exploration Manager (Nevada)
Steve McMillin is a highly experienced and well-respected exploration geologist. He has over 35 years of practical mineral exploration experience in the United States, with particular expertise in Carlin-style gold projects in Nevada.
Before joining Warriedar Resources, McMillin was at Jerritt Canyon Gold for seven years, including as chief mine geologist. The producing Jerritt Canyon Gold Mine is located only 20 kilometres away from Big Springs along the same mineralisation trend. During his time there, he led underground near-mine exploration and resource development, helping to discover 12 new economic deposits and develop several.
Prior to 2016, McMillin was chief mine geologist at Fire Creek with Klondex, senior exploration geologist with Midway Gold at the Spring Valley and Pan-Goldrock deposits, senior mine geologist at Jerritt Canyon with AngloGold and Queenstake Resources and project geologist with Newmont Exploration in Nevada.
He is a certified professional geologist with American Institute of Professional Geologists, and member of the Geological Society of Nevada and the Society of Economic Geologists.
Thomas Dwight - Exploration Manager (Western Australia)
Thomas Dwight has worked in mineral exploration for several years across Australia and within multiple commodities. He has previously focused on Western Australia gold exploration, including the development of the Tampia Hill Resource with Explaurum Operations, but also has experience in porphyry copper mineralisation managing exploration for Duke Exploration in Queensland.
During his time in the industry, his focus has been exploration, project development and database management. Dwight holds a Bachelor of Science with Honours from the University of Otago, majoring in geology/earth science.
Peng Sha - Chief Geologist
Peng Sha is a geologist with more than 12 years experience in the exploration and evaluation of copper, gold, lead, zinc, silver, rare earth and lithium mining and exploration projects. He has extensive expertise working with several different deposit types across prospective mining jurisdictions, including Australia, Serbia, China and Latin America.
Sha held senior geologist roles in Global Ore Discovery, Ballarat Gold Mine and AuKing Mining. He was also the exploration manager for Zijin Mining Serbia, where he led the exploration team in the development of annual greenfield and brownfield exploration programmes for world-class porphyry, high and low sulphidation epithermal gold and copper deposits and VMS lead-zinc-silver deposits.
Sha holds a Master of Applied Science, Geology and an Honours Degree in Economic Geology (first class) from James Cook University. He is a member of the Society of Economic Geologists and AusIMM.
A$6.0M Placement to Drive Resource Growth at the Golden Range Gold Project
HIGHLIGHTS:
- Strong support received from new and existing shareholders.
- Funds raised to be directed towards materially increasing the Resource at the Golden Corridor, a 25km long gold deposit trend at Warriedar’s infrastructure-rich Golden Range Project in the Murchison region of Western Australia.
- The Golden Corridor contains an existing Mineral Resource Estimate (MRE) of 736koz gold1 across 6 deposits and 18 historic pits, all on permitted Mining Leases (ML’s).
- Further assays from 2024 extensional RC drilling at the Ricciardo deposit, in the middle of the Golden Corridor, are expected to be received mid-April. These results, in combination with the outstanding results already received at Ricciardo (including 32m @ 3.6 g/t Au from 148m2) will be integrated into the deposit model and drill plan for 2024.
- The next phase of drilling within the Golden Corridor is scheduled to commence in May at the Ricciardo deposit, targeting extensions to high grade shoots below and along strike from existing shallow open pits.
Warriedar’s Managing Director and CEO, Amanda Buckingham, commented:
“I would like to thank all shareholders and new investors that participated in the placement bookbuild. The funds raised allow us to continue drilling at the Golden Corridor, the area within our tenure that we believe has the best opportunity for immediate and substantial Resource growth.
We should receive assay results from the remaining 9 holes of the Ricciardo program in a couple of weeks. These results, along with those already released, will be used to fine tune the upcoming drill program scheduled to commence in May. We will continue to chase the high-grade shoots at Ricciardo.
The 2024 drilling will be very focussed, targeting quality gold ounces, below and along strike from existing shallow open pits along the Golden Corridor. A simple, yet proven strategy.”
Use of funds
The funds raised will be used to continue drilling along the Golden Corridor, a 25km long trend of highly prospective ground with an existing MRE of 736koz gold1 across 6 deposits, including 18 historic pits, all on permitted ML’s; within the Golden Range Project.
Assays results from the remaining 9 holes drilled at the Ricciardo deposit (in the middle of the Golden Corridor) are expected mid-April.
These results, in combination with the outstanding results already received from Ricciardo this year (including 32m @ 3.6 g/t Au from 148m2), will assist with finalising the plan for the next drill program (2024 Drill Program 2) scheduled to commence in approximately 6 weeks’ time.
Drilling will be focussed on the Ricciardo deposit in Q2 2024, targeting extensions to high-grade shoots, below shallow open pits.
Warriedar plans to drill an additional 12,000m across the Golden Corridor during CY2024, including a diamond drilling program to extend RC holes that end in mineralisation. Each drill program will build on knowledge from the last, with the goal of materially increasing the Resource by defining quality high-grade gold ounces.
Figure 1: The location of the Golden Range Project, the Golden Corridor (within the Project) and the Ricciardo deposit; with respect to the surrounding mines and mills in the southern Murchison Province of WA.
Figure 2: Ricciardo long section outlining relative location of current mined pits to defined mineralised zones
Placement details
An equity raising of A$6.0 million (before costs) via a two-tranche Placement. Approximately 157.9 million New Shares will be issued under the Placement.
The Placement will occur in two tranches as follows:
- An unconditional placement of 119.1 million fully paid ordinary shares, to raise approximately A$4.5 million, will be issued using the Company’s available Listing Rules 7.1 and 7.1A capacity (Tranche 1); and
- A conditional placement of 38.8 million fully paid ordinary shares, to raise approximately A$1.5 million, will be issued subject to Warriedar shareholder approval to be sought at an upcoming General Meeting expected to be held in late-April 2024 (General Meeting) (Tranche 2).
A$0.4 million of New Shares issued under Tranche 1 will be settled on a deferred basis on 14 April 2024 (Tranche 1 Deferred Settlement).
Warriedar’s directors have also applied to participate in the Placement for A$60,000 as part of Tranche 2 which will be subject to Warriedar shareholder approval the General Meeting (Director Participation).
New shares issued will rank equally with existing shares on issue.
Click here for the full ASX Release
This article includes content from Warriedar 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.
Warriedar Delivers High Grade Gold Extensions at Ricciardo
HIGHLIGHTS:
- Assay results received for thirteen (13) RC holes drilled at the Ricciardo deposit with all holes intersecting significant intervals of gold mineralisation, including:
- 32m @ 3.59 g/t Au from 148m, incl. 1m @ 10.85 g/t Au from 151m (RDRC019)
- 11m @ 3.43 g/t Au from 149m (RDRC031)
- 14m @ 1.15 g/t Au from 114m (RDRC022)
- 3m @ 5.61 g/t Au from 114m, incl. 1m @ 11.20 g/t Au from 114m (RDRC025)
- Drilling has identified two new high-grade shoots beneath the historical open pits at Silverstone and Silverstone South.
- Significant extensions of high-grade gold mineralisation have been intersected under the Ricciardo deposit at shallow depths (of between 150 - 200m) – which confirms the potential for further discoveries below historical open pits.
- Drilling demonstrates the excellent potential for significant growth of the Ricciardo deposit and Resource.
- Assays from a further nine (9) RC holes are pending with results anticipated to be received in the next four weeks.
- The Ricciardo deposit remains open along strike and at depth, with further growth-focussed drilling of this area planned from Q2 CY2024.
- Ricciardo sits in the middle of the 25km long Golden Corridor at Golden Range, which hosts six discrete deposits that are all open at depth and possess immediate growth potential.
- Ricciardo and the Golden Corridor to be the key focus of Warriedar’s exploration in 2024.
Warriedar Managing Director and CEO, Dr Amanda Buckingham, commented:
“We are very pleased with the results from this first batch of assays from the growth-focussed 2024 drilling program at Ricciardo. The results demonstrate the excellent potential to expand the Mineral Resource at Ricciardo, which has a strike length of 2.3km with high-grade gold mineralisation occurring at numerous locations along the trend.
With further assays pending, and follow-up drilling planned to commence from next quarter, we are excited as to what our exploration activities at Ricciardo can deliver for Warriedar this year.”
Engage with this announcement at the Warriedar InvestorHub
Figure 1: Location of the Ricciardo deposit within the Golden Range Project.
Robust high-grade extensions delivered across Ricciardo
21 holes have been drilled at Ricciardo during 2024 for 3,500m of drilling. This drilling was targeted to significantly extend the Ricciardo Mineral Resource boundaries at depth and along strike. The results released today have been able to achieve both goals.
Assay results have now been received for 13 holes drilled at Ricciardo. All 13 holes have returned significant gold intercepts, as reported in Table 2, with the better results provided below;
- 32m @ 3.59 g/t Au from 148m in RDRC019 beneath Ardmore pit.
- 11m @ 3.43 g/t Au from 149m in RDRC031 beneath Silverstone pit.
- 8m @ 1.84 g/t Au from 171m in RDRC032 beneath Silverstone pit.
- 14m @ 1.15 g/t Au from 114m in RDRC022 beneath Silverstone South pit.
- 10m @ 1.63 g/t Au from 156m in RDRC027 (ended within mineralisation) beneath Silverstone South pit.
The results have identified two additional high grade gold shoots within existing mineralisation as well as significant down-dip extension of the known mineralisation below the historic Silverstone and Silverstone South open pits. These results demonstrate the high-grade growth potential beneath Ricciardo both along strike and down dip of all five historic pits (Eastern Creek, Silverstone South, Silverstone (Copse), Ardmore, and Silverstone North) see Figure 3.
The Ricciardo deposit has a current Mineral Resource estimate of 8.7 Mt @ 1.7 g/t Au for 476 koz gold (6 koz Measured, 203 koz Indicated, 267 koz Inferred).1 The oxide material at Ricciardo (extending to 45 - 60m depth) has previously been mined across two separate phases: 2001 - 04 and 2013 - 19.
The Ricciardo gold system spans a strike length of approximately 2.3km, with very limited drilling having been undertaken below 100m depth.
The high-grade shoots comprising the Ricciardo mineralisation remain open both at depth and along strike. As a result of the strong growth potential (and its existing scale and grade), Ricciardo is a key focus area for Warriedar this year. Follow-up drilling at Ricciardo is planned from Q2 CY2024.
Click here for the full ASX Release
This article includes content from Warriedar 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.
Drilling Recommences at Ricciardo
HIGHLIGHTS:
- Warriedar's 2024 drilling activities in the Murchison have commenced with a 3,000m RC drilling program at the key Ricciardo deposit.
- The objectives of the drill program are to:
1. Extend known high grade shoots (adding high-grade ounces);
2. “Step-out” drilling to test for interpreted / new high-grade shoots (to add further high-grade ounces); and
3. Improve confidence of the existing Mineral Resource (upgrade classification) and evaluate early mining potential via cutback of existing pits.
- Ricciardo hosts an existing Mineral Resource (476 koz gold)1 over a strike length of approx. 2.3km, and with very limited drilling below 100m depth.
- Ricciardo sits in the middle of the 25km long Golden Corridor at Golden Range, which hosts six discrete deposits that are all open at depth and possess immediate growth potential.
- Warriedar drilled three of these deposits last year (including Ricciardo) and successfully extended mineralisation at all three; key results from Ricciardo included (previously released):
- 20m @ 4.78 g/t Au from 148m (RDRC019)
- 6m @ 4.69 g/t Au from 142m (RDRC020)
- 7m @ 4.48 g/t Au from 251m (RDRC002)
- A follow up diamond drilling program is planned at Ricciardo following completion of the current RC drilling.
Ricciardo possesses a current Mineral Resource estimate of 8.7 Mt @ 1.7 g/t Au for 476 koz gold (6 koz Measured, 203 koz Indicated, 267 koz Inferred).1 Mineralisation at Ricciardo is comprised of a series of high-grade shoots. These shoots remain open at depth (where very limited drilling has been undertaken below 100m) and along strike (where additional high- grade shoots are interpreted but require follow up drilling).
As a result of its scale, grade and further immediate growth potential, Ricciardo is a key focus area for Warriedar this year. Ricciardo is located on a granted Mining Lease, is accessible via a well- conditioned haul road, and is located approx. 8 kms (by road) to Warriedar’s existing oxide process plant and approx. 26 kms (by road) to the neighbouring Golden Grove plant.
A follow-up diamond drilling program is planned at Ricciardo for further extensional and geotechnical testing purposes.
Figure 1: Location of the Ricciardo deposit within the Golden Range Project.
Figure 2: Ricciardo sits in the middle of the 25km long Golden Corridor, from Austin in the north to Bugeye in the southClick here for the full ASX Release
This article includes content from Warriedar 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.
EIS Grant for Minnie Springs Copper Porphyry Drilling
- Augustus Minerals has been granted a co-funded drilling grant of up to $110,000 for 2 x 700m deep diamond drill holes under the WA Government’s Exploration Incentive Scheme (EIS) for the Minnie Springs prospect.
- The deeper diamond drill program is designed to test and to provide a 550m deep, 1km wide geological/geochemical/structural cross-section through the large 3km long by 1km wide copper moly porphyry system, linking the Mo mineralised leucogranite to the extensive Cu in soil anomaly to the northeast.
- Previous RC drilling at Minnie Springs intersected mineralisation, geology and alteration halo consistent with the zoning of a large porphyry copper / moly system.
Andrew Ford, GM Exploration
“The Company is pleased to receive an EIS grant to complete deeper drilling at the Minnie Springs Copper Molybdenum Project. The resultant data will enable mapping of the lithology and alteration to a depth of 550m and potentially intersect, or provide vectors to, higher grade Mo-Cu mineralisation using a Mo-Cu porphyry geological model”.
Minnie Springs
Minnie Springs hosts porphyry related copper molybdenum mineralisation previously drilled and defined by Catalyst Metals. A molybdenum Exploration target has been defined for the historicdrillingareacomprisedofbetween12-84Mtasoutlinedbelow (Table 1 and Figure 1, 2.)1.
Table 1. Exploration target size estimate for Minnie Springs Molybdenum depositNote: Based on ~300 ppm cut-off at 100% recovery.
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.
The planned diamond drilling will complement the recently completed 3,200m RC drilling program that infilled around hole MSRC012 (18m @ 0.37% Cu and 9.7 g/t Ag from 94m downhole, and 16m @ 0.38% Cu and 19.4g/t Ag from 121m downhole2) and tested the northern half of the 2km long copper-in soil anomaly. Assays from this program are expected to become available over the next month.
The limited exploration in the region, highlighted by 95% of the Ti-Tree project having no previous exploration, demonstrates the prospectivity of this underexplored mineral province.
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Quarterly Activity Report 31 March 2024
Figure 1. Fiery Creek Copper Prospect/Yataga Granodiorite summarizing rock (brown diamonds) and termite mound sample results (black crosses)
Continuing with its primary exploration focus on the Georgetown project in the latter half of 2023, EMU received assay results during the quarter from its second, in field reconnaissance work. The geochemical sampling programme covered the Fiery Creek high grade copper vein swarm and the Snake Creek prospects with significant element results returned from the Fiery Creek Copper (elevated Cu-Au-Ag-Bi-In-Pb-Sb-Te) and Snake Creek (elevated Pb-Ag-Au-Sb).
Whilst the survey was cut short due to inclement weather, EMU was encouraged by the significant success reflected in the assays results. The results from mineralogical studies confirmed EMU’s interpretation of an indicative, scale Copper-Porphyry system at the Fiery Creek prospect and was a highlight of the survey with new information building on the scale and potential of the prospect1.
Assay results returned included:
- Fiery Creek rock assay results up to 23.5% Cu, 0.27ppm Au, 460ppm Ag, 1.9% Bi, 89ppm In, 2.7% Pb, 667ppm Sb, 1470ppm Zn2.
- evidence of strong potential for the presence of critical and strategic minerals (Cu, Bi, In), with precious and base metals.
- evidence of alteration mineralogy, mineralisation geochemistry and areal extent of the Fiery Creek quartz-Cu-Bi vein swarm strongly suggesting a previously unrecognised subjacent porphyry Cu-Mo system.
- Yataga Granitoid Complex termite mound and coincident rock chip sampling returned several anomalous polymetallic zones for follow up.
- Snake Creek Prospect assays returned 0.20ppm Au, 390ppm Ag, 22.4% Pb, 464ppm Sb1.
Significant results were returned from the Fiery Creek Copper prospect with elevated Cu-Au- Ag-Bi-In-Pb-Sb-Te and from the Snake Creek prospect with elevated Pb-Ag-Au-Sb.
The elevated pathfinder element results and a macro-petrology assessment3 of rock samples completed by Mr Nigel Maund, Consulting Economic Geologist, from the previously unexplored Fiery Creek Prospect, point to the discovery of a porphyry copper system.
The sampling program assessed a number of high-priority prospects within the Georgetown Project tenements utilising termite mound and outcrop rock chip geochemistry. A total of 46 rock chip and 489 termite mound samples were collected across eight prospects.
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Basin Energy Mining Exploration Entity or Oil and Gas Exploration Entity Quarterly Cash Flow Report
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