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![Desoto Resources Limited](https://investingnews.com/media-library/desoto-resources-limited.png?id=52337834&width=1200&height=800)
Acquisition of High-Grade Rare Earths Project in the Northern Territory
Best intercept of 50m @ 1.55% TREO, incl. 12m @ 4.51% TREO (14.9% Nd/Pr)
DeSoto Resources Limited (ASX:DES) (“DES” or the “Company”) is pleased to announce an acquisition within its exploration landholding in the Northern Territory. This acquisition encompasses a historical drilling dataset targeting Rare Earth Elements (REE).
HIGHLIGHTS
- Binding term sheet signed to acquire the Spectrum Project (“Spectrum” or the “Project”), a privately held block (EL31475) with historic high-grade Rare Earth Element (“REE”) intercepts in the Pine Creek region of the Northern Territory.
- Historic uranium-focused drilling, completed before REEs were recognised as a valuable critical minerals opportunity, intercepted high-grade REEs over 350m of a potential 4.5km strike along the Fenton Shear Zone (FSZ) corridor, with mineralisation open to the north and south.
- The Project also contains a large 2km by 0.5km untested strong semi-coincident Copper-Lead- Zinc geochemical and geophysical (EM and aeromagnetic) anomaly approximately 1.5km along strike of the historic REE prospect.
- Spectrum is strategically located inside DeSoto’s existing Fenton Project, with the Company well positioned with a team on the ground ready to explore.
- Planning for ground geophysics and multiple Diamond Drill (DD) and Reverse Circulation (RC) programs underway.
- DeSoto to spend $2 million for exploration activities at Spectrum in its first 15 months, supported by the Company’s A$6 million cash position.
- The acquisition creates a diversified precious metals and critical minerals company aligning with Australia's strategic minerals strategy and is bolstered by government support at all levels in this Tier-1 jurisdiction.
- The NT exploration season is 6-months, the Company is well advanced on delivering a high- grade complementary manganese Project, to be explored 12 months a year.
Rare Earths Potential:
- Historical diamond and RC drilling completed across a radiometric (Uranium) anomaly by Territory Uranium Company Ltd (“TUC”) in 2010, intercepted wide zones of REE’s (TREO – Total Rare Earth Oxide) over a 350m strike, including Neodymium-Praseodymium (Nd/Pr), best drill results include:
- TDD81: 50m @ 1.55% TREO from 245m incl. 6m @ 6.55% TREO from 248m;
- TDD102: 21.9m @ 2.55% TREO from 276m, incl. 9.2m @ 3.78% TREO from 288m;
- TDD193: 17m @ 1.0% TREO from 254m, incl.1m @ 6.42% TREO from 254m.
- The REE mineralisation also has associated Au-Ag within sulphides and is sitting under 50 to 100m of Cambrian limestone cover.
- First-pass, limited metallurgy (1 bulk composite) was completed by TUC on the TREO mineralisation, with key REE minerals allanite and bastnasite identified.
- Previously completed TUC liberation test work suggests a concentrate of >19% TREO could be produced and that the sulphide minerals could potentially be treated to liberate Au and Ag in a separate process4.
Base Metals Potential:
- A strong coincident EM and magnetic anomaly ‘Vesper’ has been identified with associated historical Cu-Zn-Pb MMI soil geochemical anomalism including peak values of 8060ppb Cu, 3140ppb Zn and 980ppb Pb.
- Located within 1.5km of the REE Quantum prospect (Figures 1-2) and sitting within the same structure, the 2km by 0.5km well-defined discrete EM anomaly was detected by the 2023 DeSoto-NT Government co-funded AEM survey5.
- Vesper is an undercover target, with about 40m Cambrian sediments overlying the basement response.
- Historic hole FEND13 drilled 50m to the west of the EM anomaly shows evidence of skarn system development with the presence of calcite-fluorite-garnet veining with pyrite, pyrrhotite and minor chalcopyrite. The hole is interpreted as being a “near-miss” and did not test the anomaly.
- Vesper is interpreted as a localised anticlinal dome on the eastern limb of a regional antiform, adjacent to the interpreted Fenton Shear Zone, which is a regional scale corridor of deformation and gold mineralisation as demonstrated by DeSoto drilling in 2023.
- Vesper represents a potential Proterozoic Cu-Au-U-REE skarn style target related to the intrusion and doming of the Cullen Batholith into calc-silicate rocks of the Koolpin Formation.
Commenting on the acquisition, Managing Director Chris Swallow:
“This highly complementary acquisition gives us a strategic, critical minerals position in the Northern Territory. With the confirmed mineralisation and supporting geophysical anomalies in the surrounding Fenton Project, we are now positioned for an accelerated phase of exploration and drilling.
Moreover, the recent government investment to expedite Rare Earths mining in the Northern Territory perfectly aligns with this new acquisition, enhancing our capacity to capitalise on the region's REE potential.
We have been actively investigating critical minerals opportunities since listing through lithium exploration in the Northern Territory and ongoing assessment of offshore manganese projects. The strategic synergy we are gaining with this acquisition strengthens our position in the critical minerals landscape.”
Click here for the full ASX Release
This article includes content from Desoto 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 30 June 2024
Heavy rare earths and critical metals explorerDY6 Metals Ltd (ASX: DY6) (“DY6”, “the Company”) is pleased to present its quarterly activities report for the June 2024 quarter.
Tundulu (REE)
- Historical high-grade drill intercepts reported at Tundulu including1:
- 101m @ 1.02% TREO, 3.6% P2O5 from surface (TU030)
- 109m @ 1.06% TREO, 3.7% P2O5 from 53m (TU035)
- 100m @ 1.09% TREO, 12.6% P2O5 from 30m (TU042)
- 97m @ 1.35% TREO, 14.4% P2O5 from surface (TU050)
- 91m @ 1.09% TREO, 7.6% P2O5 from 46m (TU026)
- Formal granting of licence area for the Tundulu Project awarded by the Malawian Department of Mines
- Engagement of Met Chem Consulting for initial metallurgical evaluation to review historical testwork work programs and assess the findings from the 2017 metallurgical report
- Trench sampling program (~150kg sample) at historic trench TUTR10 at Nathace Hill completed as part of initial met test work program
Machinga (HREE & Nb)
- Sampling program consisting of a total of 727 rock chips and soil samples completed into recently granted licence area at Machinga. Rock chips returning up to 3.22% TREO and up to 0.75% Nb2O5
- Two anomalies west of the main road of the newly granted licence show a much more continuous character of higher TREO results - highlighting the scale potential of REE mineralisation in this new area of the licence. Assays will assist in refining targets ahead of next phase of drilling.
Ngala Hill (PGE, Cu & Ni)
- Targeted reconnaissance sampling program at Ngala Hill PGE, Cu & Ni Project underway
- 3 key target zones of palladium rich Pd+Pt+Au+Cu mineralisation have been identified from historical trenching and limited drill testing
- DY6 will undertake a rock chip and soil sampling program to follow up on known high grade areas as well as aiming to expand the zone of mineralisation
Click here for the full ASX Release
This article includes content from DY6 Metals, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Vital Receives Final Drill Results from Tardiff Including 1.8m at 8% TREO from 6.7m
Vital Metals Limited (ASX: VML) (“Vital”, “Vital Metals” or “the Company”) is pleased to announce high-grade results from the final 24 drill holes from its 2023 resource definition drilling program on the Tardiff deposit at its Nechalacho Rare Earth Project in NWT, Canada.
Highlights
- Tardiff drilling results from final 24 drill holes completed in 2023 resource definition drilling program (74 holes totaling 6,664m) continues to return shallow high grades;
- Results from resource conversion program at Tardiff; best results include:
- L23-639: 53.5m at 1.5% TREO from 6.7m incl. 1.8m at 8% TREO within 15.8m at 2.6% TREO
- L23-652: 27.45m at 1.5% TREO from 4.55m incl. 2m at 6.3% TREO
- L23-638: 12.52m at 2.3% TREO from 22.48m incl. 1.65m at 5.3% TREO
- L23-643: 24.7m at 1.5% TREO from 20.25 incl. 1.35m at 4.9% TREO
- L23-664: 55.0m at 1.6% TREO from 20.5m incl. 1.38m at 4.6% TREO
- L23-644: 24.18m at 1.94% TREO from 18.85m incl. 2m at 3.7% TREO
- L23-633: 22.83m at 2.0% TREO from 27.95m incl. 1.87m at 3.3 % TREO
- L23-628: 14m at 1.7% TREO from 75m incl. 1m at 3.4% TREO
- L23-660: 47.07m at 2.1% TREO from 9.12m incl. 8.8m at 3% TREO within 22.24m at 2.4% TREO
- L23-633: 22.83m at 2.0% TREO from 27.95m incl. 1.87m at 3.3% TREO within 10.3m at 2.5% TREO
- Mineralisation remains open to the west, northwest and on the southern margins –
- results confirm potential for shallow, higher-grade resource expansion
- Drilling focused on increasing confidence of the Tardiff Zones 1 and 3 resource definition and grade by narrowing drilling spacing for resource conversion
- Vital will use full results from 2023 program to update a Mineral Resource Estimate (MRE) for Tardiff which currently stands at 213Mt at 1.17% TREO
- Vital is focused on developing the large-scale Tardiff deposit, one of the largest single rare earths deposits in the western world, estimated to contain 623,000 tonnes of neodymium and praseodymium (NdPr) 1
- NdPr offers the largest value market within the lanthanide series of rare earths and provide essential components in the production of high strength magnets.
Vital VP Exploration Dr. Pietrzak-Renaud said: “We are thrilled with these very encouraging assays which round out our results from 2023. Across the board, our results point to areas within Tardiff of more continuous higher-grade mineralisation that we can target in future expansion drilling. The potential expansion of shallow higher grade is exciting as it underscores the large tonnage potential of this world class REE deposit.
“We are pleased to close out the 2023 drill program and focus on the interpretation of the data. Preliminary relogging of drill core points to alteration controlling or significantly influencing mineralisation. We anticipate busy months ahead as we commence new metallurgical testwork shortly, and bring together the geological data; working toward completing our scoping study.”
Summary of Latest Results
Outcomes from this final parcel of results for 24 drillholes (Figure 2) highlight the potential expansion of shallow higher grade mineralization. Results of the 2023 drill program will aid in the interpretation of the geological model as it pertains to mineralization controls, and could aid in further conversion and refining of Inferred resources in future resource estimate updates on the Tardiff deposit.
Vital’s 2023 resource definition drilling program was drilled on a nominal 50m by 50m grid to infill areas previously drilled on nominal 100m to 200m drill spacing. Drilling targeted mineralization above the 150m RL. Vital aims to deliver a scoping study on the Tardiff deposit in the coming months. Further updates on Tardiff resource are planned related to field work and scoping study activities.
Figure 1: Plan view of the 2023 Tardiff drill program. Traces include the 2021 and 2022 drill programs.
Figure 2: Projected drill strings highlighting (in colour) down-hole assays of the 24 drillholes released in this parcel of results from the 2023 drill program. All holes interpreted to intersect the Tardiff Upper Mineralized Zone within the Blachford Lake Complex. View is looking to the northeast. Assay results: Grey 0-1% TREO, blue 1-2% TREO, Orange 2-3% TREO and Fuchsia 3-9% TREO.
Results from this new data highlights shallow higher grades on the western extent of the 2023 drilling (hosting most of the discrete assays above 8% TREO in this parcel of data), which remains open for subsequent expansion. Shallow, higher-grade mineralization is hosted within predominantly strongly altered rock with varying degrees of magnetite, biotite and chlorite alteration and other secondary minerals replacing the majority of the primary mineralogy (i.e. secondary potassium feldspar).
Click here for the full ASX Release
This article includes content from Vital Metals, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Tennant Creek Technical Review to Drive Copper Exploration Program
CuFe Ltd (ASX: CUF) (CuFe or the Company) is pleased to provide an update on the status of CuFe’s Tennant Creek Cu-Au project, which is owned 55% by CuFe and 45% by Gecko Mining Company Pty Ltd. The project has an existing JORC 2012 resource of 7.3MT at 1.7% Copper and 0.6g/t Gold (refer to CuFe’s ASX release dated 3 April 2023).
HIGHLIGHTS
- Detailed technical review has identified 4 high priority exploration targets to grow CuFe Tennant Creek global resources.
- Review has provided detailed information to initiate assessment of heritage and regulatory approvals for initial near term exploration program including approximately 5,000m of drilling.
- It has identified the potential to grow the Orlando resource based on existing drilling following an external review of the 2023 Orlando Resource and historical underground drill data.
- Detailed analysis to further define targets continues, including reprocessing and interpretation of historical geophysical data.
Technical Review and Scope
A detailed technical review of the Tenant Creek geology, historical data sets and exploration targets has been undertaken by Mr John Dobe as a technical consultant to CuFe. Mr Dobe is a geologist with >30 years of global exploration experience (predominantly Homestake/Barrick) specialising in project generation and project evaluations at all stages of exploration, from grassroots through to brownfields. John has a detailed understanding of mineral deposits with particular focus on porphyry Cu-Au, IOCG, epithermal Au, orogenic Au, Sediment-hosted Cu, SEDEX, and VHMS deposits.
The scope of the review included auditing and consolidation of historical drill hole geological and geophysical databases, exploration target review, generation and ranking. The outcomes of the review have helped derive an exploration strategy with the aim of growing the global resources at the CuFe Tennant Creek Project.
Review Findings and Target Ranking
The Gecko and Orlando Corridors are well explored and current resources are mostly well defined with multiple generations of surface and underground drilling including RAB, vacuum, RC and Diamond. The sharp and well-defined nature of the mineralisation does provide further opportunities for additional resources extensions immediately adjacent to the known deposits. Geophysical data is also abundant and wide ranging including IP, Helitem, magnetics, gravity and seismic.
Exploration targets in aim of growing the global resource have been identified within the Orlando and Gecko Corridor and have been allocated the following categories:
1. Resource extensions and infill
2. Near Resource / brownfields
3. Target Delineation
4. Grassroots / Generative
Resource extensions and infill targets have a higher degree of certainty and potential than those that are grassroots generative and conceptual in nature.
Targets have also been ranked by priority on the basis of their complexity, exploration maturity and prospectivity. Their relative potential size has been estimated based on technical review/analysis and conceptual models and projections (See Figure 1).
Figure 1: Targets defined during the technical review within the Gecko and Orlando corridors.
Four high priority targets have fallen out of the technical review that are located with both the Gecko and Orlando corridors. Spatially the targets are shown in Figure 2.
Figure 2: Location of the targets and the Orlando and Gecko Corridors
Orlando Corridor
Five targets have been identified within the Orlando Corridor, two of which are high priority, potentially adding to resources by extension and near resources / brownfields discoveries. Orlando underground resource extension includes the interpretation and modelling of the Orlando underground resources that are not included within the current Orlando Resource.
Recently MEC consulting was engaged by CuFe to review the Orlando Resources and historical drilling data. The review confirmed that there is drill hole data that supports extensions of copper and gold mineralisation from the existing open pit, into and around the historical underground workings. Currently this mineralisation is not interpreted and or reported in the existing 2023 Orlando Resource (See Figure 3 and refer to CuFe ASX announcement 3 April 2023). An immediate workstream has been initiated to develop a global resource for the Orlando deposit based on an updated validated drill hole data base including recently sourced Grade Control drilling from the Open Pit mining and historic drilling where QA/QC can be achieved. This target ranks high in terms of priority based on the short lead time with no drilling required and minimal execution costs. It also has the potential to grow the underground resource at Orlando with reasonable confidence considering the drill intercepts are confirmed and historical underground mining has recovered cooper and gold from these levels.
The second high priority target within the Orlando Corridor is an area immediately below the open pit and adjacent to the underground where there is a gap in drill coverage that leaves a portion of the resource open along strike and at depth (See Figure 3). Testing this gap will require deep drilling in the order of 350m but the potential scale of this target justifies its high ranking and priority.
Click here for the full ASX Release
This article includes content from CUFE LTD, 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.
Resouro Publishes Initial Resource for Tiros Titanium-Rare Earths Project in Brazil
Resouro Strategic Metals (ASX:RAU,TSXV:RSM) published the results of a maiden JORC-compliant mineral resource estimate for the central block of its Tiros titanium and rare earths project on Wednesday (July 17).
Tiros is located in Brazil's Minas Gerais state, a leading iron ore, rare earths and phosphate jurisdiction. Its licence area covers roughly 450 square kilometres, including the most prospective portion of the Capacete Formation.
The resource estimate stands at 1.7 billion tonnes, divided into 1 billion tonnes in the measured and indicated category, and 0.7 billion tonnes in the inferred category. It contains 3,900 parts per million (ppm) total rare earth oxides (TREO), 1,100 ppm magnet rare earth oxides (MREO) and 12 percent titanium dioxide (TiO2).
“We consider that the average resource grades … are well above average for this style of deposit,” said Chris Eager, president, CEO, director and founder of Resouro in a press release. The project contains a high-grade domain deposit of 120 million tonnes at 9,000 ppm TREO containing 2,400 ppm MREO and 23 percent TiO2.
Only 7 percent of the tenements comprising the project area are included in the resource estimate.
Resouro is currently completing a metallurgical testwork program, with results expected soon. The company is working with preferred laboratory partners to optimise rare earths leaching and TiO2 conditions.
The company also plans to complete infill drilling to expand Tiros' resource estimate. After defining the Tiros central block it will explore Tiros Northern, Sao Gotardo and Campos Altos, which may become separate projects.
Resouro plans to undertake a scoping study later in 2024 before progressing to prefeasibility studies, as well as downstream studies and product testing to align Tiros' metallurgical flowsheet with offtake partners.
Resouro's stake in Tiros stands at 90 percent, and it closed its acquisition of that interest in March. The remaining 10 percent is held by RBM Consultoria Mineral Eireli, an unrelated third-party vendor.
The company started trading on the ASX on June 13 after raising AU$8 million. Resouro's share price moved higher after the resource estimate announcement, closing the week at AU$0.54, up 12.5 percent.
Don’t forget to follow us @INN_Australia for real-time news updates!
Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.
CuFe Acquires West Arunta Tenure with Exciting Geophysical Targets
CuFe Ltd (ASX: CUF) (CuFe or the Company) is pleased to provide an update on the status of its West Arunta tenure.
HIGHLIGHTS
- CuFe acquires E80/6052, located 13km north-east of existing tenure expanding its position in the emerging West Arunta Niobium province to over 281 km².
- Geophysical review of 3D inversion modelling magnetic data over new tenure has identified two prospective targets within E80/6052.
- Land Access agreement negotiations ongoing, with the Parna Ngururrpa Traditional Owners Group to facilitate the commencement of on-ground works.
Acquisition Details
CuFe has entered a binding agreement to acquire exploration application E80/6052 from an unrelated entity, Territory Prospecting Pty Ltd. The terms of purchase comprise an upfront payment of $10,000 cash and $25,000 in CuFe shares at an issue price of 1.6c per share (1,562,500 shares). Upon the later of the grant of the tenure or the execution of heritage agreement a further payment is due of $50,000, to be made in cash.
Tenure Update
The new tenement is located 13km North-East of CuFe’s West Arunta Project and 18km North-East of Lycaon Resources Stansmore Nb-REE Project (Figure 1). The tenure is on land of the Parna Ngururrpa Traditional Owners Group and exploration requires the consent of the Minister of Aboriginal Affairs. The tenement covers an area of 64km², this has increased CuFe’s tenement holding from 217km² to 281km² (See Figure 1).
The tenement was previously held by CRA Ltd in the early nineties who were pursuing the geophysical target as a potential kimberlite pipe however no exploration on ground was undertaken.
Figure 1 – New Tenement acquisition E80/6052.
The Company further advises that wo of its three previous tenement applications E80/5925 and E80/5950 have been granted by the Department of Energy, Mines, Industry Regulation, and Safety (DEMIRS) on 30 May 2024 and 4 June 2024 respectively, with the third expected to proceed to grant within the next month. The granted tenure covers an area of 58 km² and forms part of the Company’s 100% owned West Arunta Project in the highly prospective West Arunta region (Figure 1).
On ground exploration activities are restricted until a signed agreement is in place with the Parna Ngurrurrpa Traditional Owners Group and approval is given by the Minster of Aboriginal Affairs. CuFe continues to work with the group on achieving this.
Click here for the full ASX Release
This article includes content from CUFE LTD, 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.
High Grade Iron Rock Chip Results at Robinson Range – Bryah Basin
CuFe Ltd (ASX: CUF) (CuFe or the Company) is pleased to provide an update on its exploration activities within E52/1613, part of the Bryah Basin Project portfolio.
HIGHLIGHTS
- High grade iron enrichment identified on CuFe Bryah Basin Tenement E52/1613.
- Early-stage reconnaissance field work yields rock chip assays up to 60.63% Fe with low impurities.
- Corridor of surface supergene enrichment of Banded Iron Formation identified that has the potential to extend for 1.2km strike length.
- Full field mapping and rock chip program planned later this quarter.
Although this is not the highest priority within our portfolio (where the focus is on exploration targets for future facing minerals including copper at Tennant Creek, lithium at North Dam and niobium in the West Arunta), we will follow up with more mapping and sampling along strike to further test the potential and to identify drill targets. The project logistics are favourable and offer potential for the style of low Capex DSO project we have experience in developing and executing.”
Tenement Overview
The CuFe Bryah Basin Project includes a package of tenements under various joint ventures and farm-ins, with a primary focus on the potential for gold and copper mineralisation. During a strategic review of the tenure CuFe identified that tenement E52/1613 has the potential for iron ore hosted within the Banded Iron Formation of the Robinson Range. E52/1613 is 100% owned by CuFe’s subsidiary Jackson Minerals following the withdrawal of the tenement from the Auris Minerals Ltd JV in the March 24 quarter.
The tenement covers an area of 34km² and is located approximately 95km north of the township of Meekatharra and 630km east of the Port of Geraldton, in the Midwest / Murchison Region of Western Australia (Figure 1). The Great Northern Highway passes 10km to the south, and the Ashburton Downs- Meekatharra Road passes 15km to the west of the tenement. Several roads and pastoral station tracks extend from these major transport routes and provide excellent access to the project area.
Figure 1: E52/1613 Location – Bryah Basin.
Local Geology and Iron Mineralisation
The project area and more extensively the Robinson Range Formation lies within Bryah-Padbury Basin which is part of the Proterozoic Capricorn Orogenic Belt lying between the Pilbara and Yilgarn Archaean Cratons. The Robinson Range Formation occurs toward the upper part of the Palaeoproterozoic Padbury Group. It contains Banded Iron Formations (BIF) and hematitic shales outcropping within the Robinson Range syncline with its axis trending east-west over an approximate strike length of 30km. The BIF thicknesses are variable along strike and range from less than 50m and up to 400-500m as reported1. The BIF’s are well represented by regional and local scale airborne magnetic images. Supergene enrichment along the BIF outcrop, producing hematite and goethite, ranges in Fe content from as low as 50% to 65% Fe (See Figure 2).
Sinosteel Midwest Group have reported three resources Raven, Raven North and Sparrow with a combined total of 9.3Mt at 56% Fe and 0.07% P. Within this the Raven North deposit is reported at 3.6Mt @ 59.03% Fe and 0.09% P. Recent success by Alchemy Resources (ASX:ALY) on 31st May 2024 reported high grade Fe rock chips from the Valley Bore prospect located 21km to the east along the range from E52/1613.
Click here for the full ASX Release
This article includes content from CUFE LTD, 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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