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![Warriedar Resources](https://investingnews.com/media-library/warriedar-resources.png?id=51248091&width=1200&height=800)
A$6.0M Placement to Drive Resource Growth at the Golden Range Gold Project
Warriedar Resources Limited (ASX: WA8) (Warriedar or the Company) is pleased to advise that it has secured binding commitments for a two-tranche placement to raise A$6.0 million through the issue of approximately 157.9 million shares at an issue price of A$0.038 per share (Placement).
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.
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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.
Update on acquisition of Deferred Assets
Warriedar Resources Limited (ASX: WA8) (Warriedar or the Company) provides an update on the Deferred Assets arrangement announced to the ASX on 28 November 2022.
The Company acquired subsidiary DC Mines Pty Ltd (DC Mines) in February 20231 . DC Mines had acquired the Golden Range and Fields Find Projects from Minjar Gold Pty Ltd (Minjar) in 2022. Under the 2022 Asset Sale Agreement between Minjar and DC Mines, completion of the acquisition of four tenements the subject of the acquisition (E59/1324-I, M59/386-I, M59/387-I and M59/425-I (Deferred Assets)), was deferred pending the satisfaction or waiver of certain conditions precedent related to consents or approvals from third parties.
The date for satisfaction of the conditions precedent has now passed and the Asset Sale Agreement has been terminated with respect to the Deferred Assets.
The Deferred Assets included an existing JORC-compliant Mineral Resource of 4.0 Mt at 1.0 g/t Au for 129.8 koz Au (Mt Mulgine). The Company’s Mineral Resource table has been updated to reflect this change and is provided below.
Warriedar Managing Director and CEO, Amanda Buckingham, commented:
“We are resolutely focussed on our strategy to rapidly build high-grade Mineral Resources within the ‘Golden Corridor’ at Golden Range. This is a 25km long trend hosting 6 known gold deposits, 18 historic shallow open pits and an existing Mineral Resource of 736koz gold – and which comprises the great majority of the existing Mineral Resources defined at our Golden Range Project. Mt Mulgine does not form part of the Golden Corridor and was not a focus area for our growth drilling activities.”
Engage with this announcement at the Warriedar InvestorHub
This announcement has been authorised for release by: Amanda Buckingham, Managing Director.
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.
Analyst Report Cites Warriedar’s High-grade Gold Play, Copper Potential in Upside Valuation
Description:
With a hugely untapped high-grade gold resource and compelling potential base metal discoveries, Warriedar Resources (ASX:WA8) is poised for a significant upside in its current market valuation, according to a new report from analyst firm East Coast Research.
“Applying a peer-based EV/resource multiple approach, we derive the valuation of AU$0.09 in a base case scenario and AU$0.11 per share in a bull case scenario,” analyst Behzad Golmohammadi wrote in the report.
Warriedar Resources is an advanced gold and copper exploration company with an existing resource base of about 2 million ounces of gold between its projects in Western Australia (Golden Range and Fields Find) and Nevada, USA (Big Springs). The analyst report cites Warriedar’s successful exploration to date of Golden Range and Fields Find with highly encouraging results suggesting a potential for high-grade gold discoveries and a porphyry system hosting polymetallic mineralisation, including gold, copper, molybdenum and silver.
“Successful resource expansion from the upcoming aggressive drilling campaigns, enhanced by
positive metallurgy and new discovery potential could drive a substantial rerating, in our view,” Golmohammadi wrote.
The report also cited the current positive gold outlook that is expected to drive gold prices higher, adding to the upside potential of Warriedar Resources.
Report highlights include:
- Warriedar Resources holds a largely underexplored portfolio of high-grade gold assets, with significant base metals discovery potential, in tier 1 jurisdictions surrounded by existing gold deposits and producing mines.
- The company’s diverse exploration programmes in 2023 yielded encouraging results, highlighting the substantial inherent potential in Warriedar’s key projects.
- A positive gold outlook expected to drive gold prices higher
- Using a sum-of-the-parts-driven asset base comparable valuation methodology and a conservative resource estimates assumptions, East Coast Research’s valuation of Warriedar is at AU$0.09 per share in the base-case scenario and AU$0.11 per share in the bull-case scenario, representing a price/NAV of 0.41x, which offers ~150 percent upside probability for potential investors.
For the full analyst report, click here.
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Further High-Grade Gold Success at Ricciardo
Warriedar Resources Limited (ASX: WA8) (Warriedar or the Company) is pleased to release the results of drilling undertaken at the Ricciardo deposit (previously known as Silverstone) within its Golden Range Project, located in the Murchison region of Western Australia.
HIGHLIGHTS:
GOLDEN RANGE
- Assay results for the remaining (3) RC holes drilled at the Ricciardo deposit have been received, with all holes intersecting significant gold intervals including:
- 4m @ 14.49 g/t Au from 188m, ending in mineralisation (RDRC039)
- 12m @ 1.91 g/t Au from 74m, ending in mineralisation (RDRC040)
- 7m @ 1.17 g/t Au from 119m (RDRC038)
- Results continue to increase the known extent of the high-grade shoot beneath the historic Ardmore pit.
- Drilling demonstrates significant additional mineralisation outside the current Mineral Resource model, with mineralisation remaining open at depth.
- These results build on the high-grade results already released for the Ricciardo deposit.
- Ricciardo sits in the middle of the 25km-long ‘Golden Corridor’ at Golden Range, which hosts six discrete deposits (18 historic pits) that are all open at depth and possess immediate growth potential.
- The ‘Golden Corridor’ is Warriedar’s key exploration focus in 2024, with further growth-focussed RC drilling set to commence in the next week.
FIELDS FIND
- Results from drilling at Rothschild continue to extend mineralisation along strike to the east (and remains open).
- New greenfields gold zone intersected at Provenance, located approx. 700m north of the Rothschild deposit.
Today’s results extend the high-grade shoot below the Ardmore pit and broaden the mineralisation envelope. Drilling continues to demonstrate the outstanding Mineral Resource growth potential that exists at Ricciardo and along the broader ‘Golden Corridor’ trend.
Assay results from drilling carried out at the Fields Find Project late last calendar year have also been received. Drilling at Fields Find successfully extended Rothschild to the east and highlighted a new greenfields discovery at the Provenance prospect (approximately 700m north of Rothschild).
Figure 1: The Golden Range and Fields Find Projects Mines and projects within trucking distance of the Warriedar tenure are shown. The location of the Ricciardo deposit within the 25km-long ‘Golden Corridor’ at the Golden Range Project is annotated.
Robust high-grade depth extensions continue at Ricciardo
The Ricciardo gold system (within the Golden Range Project) spans a strike length of approximately 2.3km, with very limited drilling having been undertaken below 100m depth. Ricciardo possesses a current Mineral Resource Estimate (MRE) of 8.7 Mt @ 1.7 g/t Au for 476 koz gold.1 The oxide material at Ricciardo has been mined by previous operators.
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.
Quarterly Activities Report for the Period Ended 31 March 2024
Warriedar Resources Limited (ASX: WA8) (Warriedar or the Company) is pleased to report on its activities for the quarter ended 31 March 2024.
HIGHLIGHTS
Golden Range and Fields Find Projects, Western Australia
- Drilling activities for CY2024 commenced at the Golden Range Project with a reverse circulation (RC) program at the Ricciardo deposit, twenty-one (21) holes drilled for 3,500m drilling.
- Ricciardo sits in the middle of the 25km-long ‘Golden Corridor’ at Golden Range, which hosts six discrete deposits (18 historic pits) that are all open at depth and possess immediate growth potential.
- Assay results from three (3) holes drilled in December and eighteen (18) holes drilled in February were received during the quarter, with all holes returning significant gold mineralisation. Results include:
- 32m @ 3.59 g/t Au from 148m, incl. 1m @ 10.85 g/t Au from 151m
- 8m @ 11.40 g/t Au from 166m, incl. 3m @ 22.38 g/t Au from 167m
- 3m @ 5.61 g/t Au from 114m, incl. 1m @ 11.20 g/t Au from 114m
- 11m @ 3.43 g/t Au from 149m
- 6m @ 4.69 g/t Au from 142m
- 8m @ 2.63 g/t Au from 160m
- 9m @ 1.97 g/t Au from 201m
- 20m @ 1.03 g/t Au from 177m
- 14m @ 1.15 g/t Au from 114m
- Results demonstrate the excellent potential for further Resource growth along the ‘Golden Corridor’, below and between historic open pits.
- Assay results from a further three (3) holes drilled beneath the Ardmore pit are pending, with results anticipated this month.
- Further growth-focused drilling along the ‘Golden Corridor’ is planned for Q2 CY2024.
- Proposed Plan of Operation (PoO) application continues to progress.
Corporate
- Resignation of Non-Executive Director Mr Mingyan (Joe) Wang.
- Successful bookbuild for A$6.0 million two-tranche equity placement, with binding commitments received from new and existing shareholders.
- Cash of A$4.8 million as at 31 March 2024 and zero debt (excluding typical trade creditor balances).
Western Australian Projects
The Golden Range and Fields Find Projects (the Projects) are located approximately 350 km northeast of Perth and 260 km east-southeast of Geraldton (Figure 1). The total consolidated land package of the Projects is 813 km2, extending for over 70 km of strike from north to south and covering much of the central Yalgoo-Singleton and Warriedar Archean greenstone belts.
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.
Further High-Grade Extensional Gold Intercepts Returned at Ricciardo
Warriedar Resources Limited (ASX: WA8) (Warriedar or the Company) is pleased to advise of further assay results from drilling undertaken at the Ricciardo deposit (previously known as Silverstone) within its Golden Range Project, located in the Murchison region of Western Australia.
HIGHLIGHTS:
- Assay results received for an additional six (6) RC holes drilled at the Ricciardo deposit, with all holes intersecting significant gold intervals including:
- 8m @ 11.40 g/t Au from 166m, incl. 3m @ 22.38 g/t Au from 167m (RDRC041)
- 8m @ 2.63 g/t Au from 160m (RDRC034)
- Results further increase the known extent of the high-grade shoot beneath the historic Silverstone pit.
- Represents significant mineralisation intersected outside the current Mineral Resource model delivering immediate growth potential.
- Assays from a residual three (3) RC holes beneath the Ardmore pit (at Ricciardo) are pending, with results anticipated within the next two weeks.
- The Ricciardo deposit remains open along strike and at depth, with further growth- focussed drilling set to commence this quarter.
- Ricciardo sits in the middle of the 25km-long ‘Golden Corridor’ at Golden Range, which hosts six discrete deposits (18 historic pits) that are all open at depth and possess immediate growth potential.
- Ricciardo and the ‘Golden Corridor’ are Warriedar’s key exploration focus in 2024.
Warriedar Managing Director and CEO, Amanda Buckingham, said:
“This is another very pleasing set of results from our recent drilling at Ricciardo. Combined with the initial results released in March, they readily demonstrate why we have made the Golden Corridor the primary focus of our 2024 exploration activities. At Golden Range we have scale, plus grade, and immediate and substantial resource growth potential. We look forward to receiving the remaining assays, as well as recommencing drilling this quarter.”
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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.
Winsome Receives MCS Grant from Government of Québec
HIGHLIGHTS
- Winsome’s subsidiary Lithium Winsome Adina Inc has been granted circa C$130,000 (A$146,000) by the Quebec Government
- The grant has been offered under the Mineral Exploration Support Program for Critical and Strategic Minerals, overseen by the Quebec Ministry of Natural Resources and Forests.
- The grant will contribute towards the ongoing metallurgical testwork programme being conducted on samples from Adina.
- Testwork will inform the forthcoming project studies for Adina which are anticipated to be published in 2H 2024 and will include evaluation of the Company’s recent option to acquire the Renard Operation some 60km from Adina.
The grant has been offered under the Mineral Exploration Support Program for Critical and Strategic Minerals (Programme de soutien à l’exploration minière pour les minéraux critiques et stratégiques 2021‑2024 in French or PSEM-MCS) which is overseen by the Quebec Ministry of Natural Resources and Forests (Ministère des Ressources naturelles et des Forêts or MRNF).
WINSOME’S MANAGING DIRECTOR CHRIS EVANS SAID:
“We would like to thank the Gouvernement du Québec for the award of this grant towards our metallurgical testwork programme. We acknowledge the desire of the Quebec Government to develop the critical and strategic minerals industry within the province, including investigating the potential for downstream and other value-adding initiatives, and we are pleased that our Adina project has been recognised as one of the premier lithium development opportunities within Québec.
We are looking forward to this being the first of many collaborations between the Quebec Government and Winsome Resources as we progress the development of Adina for the benefit of key stakeholders within the region”
In March 2020, the Government of Quebec announced a five-year investment of $90 million to develop critical and strategic minerals (CSMs). In October 2020, it launched the Quebec Plan for the Development of Critical and Strategic Minerals 2020‑2025 (QPDCSM), to oversee the interventions to make Québec a leader in CSM production, processing and recycling, in partnership with regional and Indigenous communities. The PSEM-MCS is part of the QPDCSM and was established to provide assistance to CSM exploration projects, based on their contribution to CSM exploration in Québec and the quality of the exploration model.
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This article includes content from Winsome 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.
Unconformity Uranium Drill Targets Identified from 2024 Geophysical Data
Basin Energy Limited (ASX:BSN) (‘Basin’ or the ‘Company’) is pleased to provide an update on the winter 2024 geophysical program that was conducted at the Marshall and North Millennium Uranium Projects (‘Marshall’, ‘North Millennium’ or the ‘Projects’), located in the southeastern part of the uranium-rich Athabasca Basin, refer to figure 3. The Southeastern Athabasca hosts some of the highest-grade uranium mines, with recent significant unconformity-related mineralisation discoveries occurring over the past few years1,2.
Key Highlights
- Final data received and interpretation completed for the ground electromagnetic geophysical surveys from the winter 2024 program at the Marshall and North Millennium projects.
- Several conductive anomalies identified at Marshall, located above and below the unconformity, consistent with regional exploration model.
- Stacked anomalies concurrently with multigenerational geophysical data provides a base to assess the exploration targets and refine drillhole targets.
- The projects are located 15 kilometres from the majority Cameco owned Millennium deposit, and just 40km from the world class McArthur River mine.
- Basin remains funded for the next round of field exploration.
The ground electromagnetic successfully identified 3 main targets which confirms the geological and exploration model. Of note is Target 1 (Figure 1), where modelled EM plates below the unconformity align with a sandstone ZTEM anomaly, which is interpreted to be alteration within sandstone. The identification of these targets is encouraging and consistent with regional trends in the southeastern Athabasca and provides increased confidence in drill hole targeting. Basin is currently reviewing options and priorities of how to progress exploration of these confirmed targets.
Basin’s Managing Director, Pete Moorhouse, commented:
“Conducting ground geophysical surveys on Marshall and North Millennium was a milestone in advancing these underexplored projects in Basin’s uranium portfolio. The form of these anomalies is highly encouraging given the proximity to some of the world’s largest uranium deposits.”
Key results
Following the encouraging conductive anomalism highlighted by the 2023 3D inversion of two historic airborne Electromagnetics (Z‐Tipper Axis) (“ZTEM”) datasets partially covering the current North Millennium and Marshall projects3,4, Basin contracted Discovery International Geophysics5 to carry out ground Stepwise Moving Loop Transient Electromagnetic (‘Ground EM’) surveys on areas of immediate interest within the Projects.
Figure 1 Three main anomalies shown from 2024 ground EM, in plan view (top diagrams) and cross- section looking northeast (bottom diagram). The ground EM anomalies are displayed with the modelled plates against the historical ZTEM data.
The 2024 Ground EM survey data returned six conductive anomaly picks producing three main target areas (Figure 1). The anomalies correlate strongly with the southern edge of the circular ZTEM conductive anomaly at Marshall and the interpreted northern edge of the circular anomaly identified in the historic data. A weaker EM pick was also interpreted centred between the two prominent ZTEM conductivity anomalies.
Three-dimensional modelling using Maxwell produced six electromagnetic conductive plates within the basement stratigraphy, all below the unconformity (Figure 1). The two southeastern plates are clearly aligning with a conductive sandstone ZTEM anomaly identified from the historic data, which is above the interpreted unconformity. This is interpreted as potential basal sandstone alteration proximal to the EM anomalies and constitutes a high-priority drill target area, refer figure 2.
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This article includes content from Basin Energy, 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.
Airborne EM over Multiple Targets on Ti-Tree Project
Augustus Minerals (ASX: AUG; “Augustus” or the “Company”) is pleased to announce that an airborne Versatile Time Domain Electromagnetic (VTEM) Max survey will be undertaken at three areas within the 3,600km2 Ti-Tree Project in the Gascoyne Region. The survey is scheduled for August.
- Augustus Minerals has contracted UTS Geophysics to conduct a VTEM Max survey over several Copper, Cu-Ni-PGE, Zn-Pb-Ag and Uranium targets along the money Intrusion and within proximity of the prospective 85k long Ti-Tree Shear.
- The surveys will cover:
- The Money Intrusion, prospective for Cu-Ni-PGE mineralisation.
- Copper Ridge and Nics Bore over anomalous Copper Drilling results
- The Coo Creek prospect where drilling by Augustus in 2023 identified strongly anomalous Zn-Pb-Ag mineralisation.
- The Munaballya Well North area which shows potential for economic Uranium mineralisation.
- The surveys will help to advance the untapped potential of the Ti-Tree project to host economic mineralisation of multiple commodities.
Andrew Ford, GM Exploration
“The VTEM survey will provide key targeting data over three highly prospective and different prospects with potential for multiple commodities. Whilst the high prospectivity for copper mineralisation has been well documented, the addition of uranium and Broken Hill base metal style mineralisation highlights the quality of the underexplored Ti-Tree project”.
VTEM
UTS Geophysics has been engaged to conduct a helicopter borne VTEM Max survey comprising 646-line km over three separate survey areas. The system is excellent for locating discrete conductive anomalies as well as mapping lateral and vertical variations in resistivity which helps map structure, alteration and rock type. The system also collects magnetic data through a caesium magnetometer. The transmitter/receiver loop is suspended on a cable approximately 40m below the helicopter (Figure 1).
Figure 1 VTEM Max helicopter deployed electromagnetic survey arrangement.
Figure 2 Prospects and VTEM Survey areas.
Money Intrusion
The Money Intrusion, which has proven potential to host Ni-Cu-Co-PGE (platinum group elements), is part of the regional Mundine Well Dolerite Suite, a regionally extensive dolerite (strike length >80km). This extensive mafic intrusion, which is comprised of a variety of lithologies, including gabbro in the core, olivine dolerite on the chilled lower contact or keel and fine-grained dolerite on the outer edges. Mapping, aeromagnetics and multi-spectral imagery show that the Money Intrusion within the Ti-Tree Project covers a strike length greater than 16km, reaching widths >600m in the north of E09/23241.
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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.
Kihabe-Nxuu Polymetallic Project Silver/Gallium Potential
In response to recent enquiries, Mount Burgess Mining Ltd (MTB:ASX, the “Company”) is pleased to update the silver potential of the Kihabe-Nxuu Project (“Project”) in Botswana. With the recent increase in silver prices and multiple forecasts predicting a structural deficit over the coming years, the importance of the silver content of the Project has increased substantially.
HIGHLIGHTS
- Kihabe Mineral Resource Estimate (21 million Tonnes at 2.0% ZnEq1) estimated to contain 5.4 million Oz of silver.
- Silver currently trading at or near 10-year highs at US$30 per Ounce2 (Figure 1)
- Estimated silver deficit of 215.3 million troy ounces in 20243
- Individual silver intersections at the Kihabe Deposit include:
- 7m @ 984g/t (31.6oz/t) from 97m incl. 1m @ 4,076 g/t (131oz/t) from 97m (KDD114)
- 7m @ 477g/t (15.3oz/t) from 63m incl. 1m @ 1,510 g/t (48.5oz/t) from 65m (KIH007)
- 50 holes in the SW domain, over a strike length of 550m, average 49.7g/t (1.6oz/t) Ag4
- 31 holes in the NE domain, over a strike length of 900m, average 63.67g/t (2.0oz/t) Ag5
- Metallurgical test work underway to determine onsite recovery of Gallium and Germanium not yet included in the Kihabe Mineral Resource Estimate. Kihabe Deposit has a large Exploration Target of up to 100 million tonnes @12 g/t Gallium.
- Gallium currently trading at US$811.2/kg6
The Kihabe Deposit has two significant silver domains with shallow high-grade intersections including 7m @ 984g/t from 97m and 7m @ 477g/t from 63m, previously announced in June 2021. The SW and NE domains require further infill and extensional drilling. The Company is taking this opportunity to update the market by releasing individual metres over 93g/t (3oz/t) in the following tables. Individual metres of 311g/t (10oz/t) and over, are highlighted in green. Refer to attached Figures outlined in Drill Section headings in the table to review the intersections from which the individual metres have been extracted.
The 6 million tonne Nxuu Mineral Resource Estimate, 7kms to the East of the Kihabe Deposit, contains a further 1,040,000 ounces of silver.
The Company is also undertaking metallurgical test work to determine the recovery of Gallium and Germanium onsite. Results will be released once available. Further drilling is required before the Gallium Exploration Target (refer ASX Release 6 July 2023) and Germanium can be included in the Kihabe Mineral Resource Estimate. Gallium and Germanium have been included in the Nxuu Mineral Resource Estimate.
Chairman of Mount Burgess Mining Mr. Nigel Forrester commented:
“The importance of the silver content of the Kihabe-Nxuu Project is supported by its recent significant price increase to 10-year highs. The Company sees this as being positive for the Project as the expectation is that silver demand will continue to increase due to the metal’s green technology use in solar panels, batteries and wind turbines.
The importance of the gallium content of the Kihabe-Nxuu project is also supported by its recent significant 272% price increase to US$811.2/kg since January 2020. The increase is primarily due to gallium nitride chips required to replace silicon chips not able to cope with the increase in heat generated from the increase in 5G communication traffic in computers, laptops and smart phones.”
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This article includes content from Mount Burgess Mining NL, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Registration Opens for the Inaugural Mining, Metals and the Circular Economy Conference
Early bird delegate passes are now on sale for the inaugural Mining, Metals and the Circular Economy conference, scheduled to take place at the ICC Sydney on 29 & 30 October 2024.
The launch of this event is timely, as circularity in the mining and metals industry is important for reaching net-zero goals and global decarbonisation, while also addressing the rising demand for minerals required for future technologies and other vital materials.
Organised by Beacon Events, the Mining, Metals and the Circular Economy conference will be co-located with the International Mining and Resources Conference (IMARC), providing attendees with unprecedented access to industry experts and thought leaders in the mining sector, fostering a dynamic exchange of innovative ideas and best practices. What sets this conference apart is that it is the world’s first and only event to explore the global context of process and product circularity throughout the mining industry’s value chain.
Sherene Asnasyous, Event Director at Beacon Events, explained that the strategic development of Mining, Metals and the Circular Economy is about helping mining companies, as well as their customers, partners, and suppliers, better comprehend their roles within the circular value supply stream.
“As a powerful tool to reduce waste and pollution, circularity needs to be a priority for mining producers and their supply chains. It is also crucial for meeting the growing demand for minerals needed for new technologies, construction, and other industries, as it extends the lifespan of metals beyond their initial use. We encourage companies involved in the mining value chain to join us in this forum to explore ways to reduce waste at all stages of a mine site’s lifecycle and capitalise on the economic benefits of extracting valuable materials from waste and metals recycling,” Ms. Asnasyous said.
The introduction of Mining, Metals and the Circular Economy to the mining value chain's events calendar offers businesses a focused and in-depth opportunity to implement circular economy practices as a solution to address the current environmental and supply chain challenges faced by the industry.
“Mining, Metals and the Circular Economy is a valuable opportunity for industry players to come together because no single organisation has all the solutions to applying circularity to their business operations. It requires diverse insights and skills, as well as collaboration, to help find better ways to mine and be more resource efficient. The conference program features international and local experts from leading mining companies, consultancy firms, industry associations, and academia. Our speakers will cover a range of important topics including mine rehabilitation, waste commercialisation, policy and regulation, recycling metals, and circularity tracking and reporting,” Ms. Asnasyous said.
Alan Young, Senior Advisor at Circular Economy Leadership Canada and a panellist on Day 1 of the conference, underscores the importance of implementing circular economy principles across all participants in the minerals value chain.
"With the minerals-intensive reality of the green energy transition, there is an urgent imperative to re-invent the way we access and use metals, from the mine site to their end use in cars, batteries, computers and renewable energy systems. An integrated circular economy framework allows all participants in minerals value chains to contribute to the vision of a zero waste/zero carbon approach to these vitally important materials, while creating a massive economic benefit for society,” Mr. Young emphasised.
Gustavo Roque, General Manager – Future Use at Vale in Brazil, another international speaker headlining the conference, is looking forward to presenting on reclaiming post-mining landscapes to leverage social, economic and natural assets.
“My participation in the event will facilitate valuable exchanges of ideas and foster collaborations that can propel the industry toward more sustainable and efficient practices. Engaging with global experts and leaders at these events aligns perfectly with our objectives to redefine the mining landscape through innovation,” Mr. Roque said.
Other notable presenters and panelists at Mining, Metals and the Circular Economy include:
- Petar Ostojic, Founder, Centre Innovation and Circular Economy (Chile)
- Ashleigh Morris, Co-Founder, Coreo
- Dr. Helen Degeling, Project Acquisition Manager, Cobalt Blue Holdings
- Associate Professor Anita Parbhakar-Fox, Group Leader - Mine Waste Transformation through Characterisation, Sustainable Minerals Institute
- Julian Treger, President, Chief Executive Officer & Director, CoTec (Canada)
- Dr. Ana Fernandez-Iglesias, Director Sustainable Mining Portfolio, ArcelorMittal Mining R&D (Spain)
- Graham Arvidson, Chief Executive Officer, Australian Vanadium Ltd
- Andree Henríquez, Chief Executive Office, CircularTec (Chile)
- Allan Morton, Executive Director, enviroMETS Qld
- Katharine Hole, Chief Executive Officer, Association for the Battery Recycling Industry Australia
- Megan Jones, Co-Founder, Circular PV Alliance
- Lina Goodman, Chief Executive Officer, Tyre Stewardship Australia
In addition to the conference, there will be a supplier showcase allowing delegates to source the latest products and services that can help them transition to circular business models.
Early bird delegate passes are now available and can be purchased at miningcircularity.com.
###
Photos to accompany the media release can be found here.
About Mining, Metals and the Circular Economy
The inaugural Mining, Metals and the Circular Economy conference is an invaluable platform for industry stakeholders to gain a comprehensive understanding of the role, impact and benefits of a circular economy across the entire mining value chain. Taking place alongside International Mining and Resources Conference (IMARC) on 29 and 30 October, this is the world's first and only conference with discussions on the global context of both process and product circularity in the mining industry’s supply chain. Mining companies of all sizes and their suppliers and customers will benefit from the conference to better understand the roles they play in a circular value supply stream.
Latest Kameelburg Assays Up To 10.38% Nb2o5 and 9.89% TREO
Aldoro Resources Ltd (“Aldoro”, “The Company”) (ASX: ARN) is pleased to provide an update on the large-scale geological mapping campaign at the Kameelburg Carbonatite Project, targeting priority areas across the southern and eastern margins of the large carbonatite plug.
Highlights
- A total of 74 highly prospective rock samples recently collected from various beforsite and mafic dykes
- Most notable assays reveal up to 10.38% Nb2O5 and 9.89% TREO
- Large scale geological mapping of Kameelberg carbonatite is nearing completion
- Track access clearance & preparation for underground water supplies underway for upcoming maiden diamond drilling programme
Results from recently collected seventy-four (74) samples were received and highlighted the REE rich nature of the carbonatite with TREO(+Y) assays ranging from 1.16 to 9.89%, refer to Figure 1 for samples locations and Table 1 for results.
Figure 1: Southern Carbonatite Margin Geological mapping area with rock chip samples
Niobium Results Along Mafic Dykes
In addition to sampling the carbonatite plug, a further four (4) samples were collected across the Nb dyke zone on the southwest flank of the carbonatite. Results for these samples ranged from 5.44% to 10.38% Nb2O5. This provides additional confidence to previous niobium findings (see announcements dated 28 February 2024 and 27 December 2023). Table 2 compiles the Nb results with Figure 2 depicting recent sample locations in relation to the previous Nb2O5 results.
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This article includes content from Aldoro 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.
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