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NickelX Limited (“NickelX”, “NKL” or “The Company”) is pleased to announce that it has entered into a binding tenement sale agreement to acquire 100% of tenement E57/1045 known as the Penny South Gold Project.
HIGHLIGHTS
- Binding Tenement Sale Agreement to acquire 100% of the Penny South Gold Project (E57/1045) to bolster West Australian Gold exploration portfolio
- Penny South Gold Project located in world class gold district and ~550m south of one of Australia’s highest grade producing gold mines1, the Penny West/North Gold Mine (“Penny”), owned and operated by Ramelius Resources Limited (ASX:RMS) (“Ramelius”):
- The Penny West mine produced 154,000t at 18g/t Au (89,000 Au) in the early 1990’s2.
- The initial Penny North deposit of 569,000t at 16.8g/t (306,000oz) was discovered by Spectrum Metals Limited and subsequently subject to a takeover by Ramelius for >$200M during 20203, with the deposit now being mined and extended.
- The Penny West Shear, which hosts the Penny deposits, continues south into the Penny South Project (E57/1045) with ~2.5km of strike contained in E57/1045.
- Average historical drill hole depth across E57/1045 is ~42m, with only 18 holes deeper than 100m and 7 holes deeper than 200m4 5, with no diamond drilling.
- Historic drilling within E57/1045 has encountered various significantly anomalous intersections of gold mineralisation5.
- Review of all available data to generate high priority drill targets underway.
Commenting on the acquisition Managing Director Peter Woods said:
“We are extremely pleased to have reached an agreement for the acquisition of the Penny South Project. The addition of this exciting gold exploration asset next door to one of the highest-grade gold mines in production in Western Australia, and in a district seeing current M&A activity, greatly enhances our existing portfolio. Given the minimal deeper drilling and lack of diamond drilling, it is the Company’s view there may be substantial value to be unlocked at depth and we are eager to execute a path forward to test the theory as the momentum for gold continues.”
Penny South Gold Project, WA
The Penny South Gold Project (E57/1045) (Map 1) lies only 550m south of Ramelius’ operating Penny West/North gold mine project (Map 2), which is estimated to contain 440,000t of ore at 22g/t Au (320,000oz Au) (“Penny”)6. NKL’s Penny South Gold Project captures a ~2.5km strike extension of the Penny West Shear immediately south of Ramelius’ Penny deposits, southern Youanmi Greenstone Belt (Map 3).
Map 1: Location of the Penny South Project (E57/1045).
Click here for the full ASX Release
This article includes content from NickelX 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.
NKL:AU
TEM | Yalgoo Update - Commencement of Drilling at Remorse
Key Points
- Commencement of 5,000m of reverse circulation drilling at the Remorse Target
Don Smith, Managing Director of Tempest Minerals, commented: "Despite some challenges, we’ve commenced drilling at Remorse. Our methodical approach to exploration has led us to this point, and we are excited to be testing the potential of this promising copper target. We look forward to updating shareholders as results become available."
Yalgoo Project
Background
The current drilling program is designed to test the central area of the Remorse Target, which has demonstrated significant potential through previous geochemical and geophysical surveys. The program consists of approximately 5,000 metres of RC drilling.
The Remorse Target is part of Tempest's broader Yalgoo Project, which spans over 1,000 square kilometres of prospective terrain for base and precious metals. Several long-term exploration efforts, including ground truthing and detailed geological mapping led to the expansion of the current drilling program. Recent multi-data analyses have further reinforced the target's potential.
Next Steps
- Ongoing analysis of drill results as they become available
- Potential for further drilling based on initial results
- Continued exploration activities across multiple promising targets within the portfolio
Figure 01: Reverse Circulation Drilling commencing on WARDH160 at the Remorse Target
The Board of the Company has authorised the release of this announcement to the market.
About TEM
Tempest Minerals Ltd is an Australian-based mineral exploration company with a diversified portfolio of projects in Western Australia considered highly prospective for precious, base and energy metals. The Company has an experienced board and management team with a history of exploration, operational and corporate success.
Tempest leverages the team’s energy, technical and commercial acumen to execute the Company’s mission - to maximise shareholder value through focused, data-driven, risk-weighted exploration and development of our assets.
Investor Information
investorhub.tempestminerals.com
TEM welcomes direct engagement and encourages shareholders and interested parties to visit the TEM Investor hub which provides additional background information, videos and a forum for stakeholders to communicate with each other and with the company.
This article includes content from Tempest Minerals Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Aurum Resources
Investor Insights
Aurum Resources offers a compelling value proposition through its highly prospective gold asset in Côte d'Ivoire, a fast-emerging gold region in West Africa. It's cost-effective exploration strategy of drill rig ownership, also sets it apart from its peers.
Overview
Aurum Resources (ASX:AUE) is a mineral exploration company primarily focused on gold through its flagship Boundiali gold project located in Côte d’Ivoire, West Africa.
Côte d'Ivoire's gold mining sector is experiencing significant growth and development, with several key projects contributing to the country's economic expansion. The overall gold mining sector in Côte d'Ivoire is supported by substantial investments in infrastructure and exploration.
Geopolitically, Côte d'Ivoire outperforms most developing countries in the world in political, legal, tax and operational risk metrics. Additionally, Côte d'Ivoire continues to make notable strides in its political stability and Absence of Violence and Terrorism Index.
Aurum is led by a board and management team with considerable experience and a track record of success in the mining industry and a history of creating shareholder value.
Company Highlights
- Aurum Resources is a precious metals company with exploration prospects in the same greenstone belt as the Syama (11.5 Moz), Sissingué (1.0 Moz), Tongon (5.0 Moz) and Kone Gold (4.5 Moz) deposits of West Africa.
- Upcoming catalysts include a maiden mineral resource estimate expected to be completed by the end of 2024. The company believes mineralization is open at depth and along strike and highlights the existence of numerous gold mineralization targets within the large land holding of Aurum’s Boundiali Gold Project.
- Aurum operates its own drill rigs, allowing the company to significantly reduce its exploration costs relative to peers.
- Management has a track record of creating value for shareholders from exploration through to project development, mine construction and gold production.
- Strong leverage to increasing gold prices that will benefit from a declining interest rate environment and rising global geopolitical risk factors.
- Well-funded for greater than 12 months and over 100,000 metres diamond drilling programs and metallurgical study
Key Project: Boundali Gold Project
The Boundiali gold project in Cote d’Ivoire is located within the Boundiali Greenstone Belt, which hosts Resolute’s Syama gold operation (11.5 Moz) and the Tabakoroni deposit (1 Moz) in Mali. Neighbouring assets also include Barrick’s Tongon mine (5 Moz) and Montage Gold’s Kone project (4.5 Moz).
The Boundiali project area covers the underexplored southern extension of the Boundiali belt, where a highly deformed synclinal greenstone horizon traverses finer-grained basin sediments, and to the west, Tarkwaian clastic rocks lie in contact with a granitic margin. The project benefits from year-round road access and excellent infrastructure.
The first stage of drilling at Boundiali occurred in the fourth quarter of 2023 and the first quarter of 2024 for both the BM and BD tenements (BM1 and BM2; BD1, BD2 and BD3 targets) and was designed to test below-gold-in-soil anomalies oriented along NE trending structures. Having completed its initial exploration program, Aurum is now ramping up and undertaking a scout and step-back diamond drilling campaign with plans to increase its drilling fleet to include six rigs targeting a drilling rate of ~10,000 metres per month. The company expects to drill more than 45,000 metres of diamond core at Boundali to support an inaugural mineral resource estimate that is anticipated by the end of 2024.
Drilling costs are estimated at US$45 per metre, as Aurum owns all of its drilling rigs and employs its operators, representing a significant value proposition relative to peers who use commercial drilling companies that charge upwards of $200 per meter. The company believes there is potential for multi-million ounce gold resources to be defined with hundreds thousands meters of drilling over years within the Boundiali Gold Project’s land holding areas.
The Boundiali gold project comprises four contiguous granted licenses: PR0808 (80 percent interest), PR0893 (80 to 88 percent interest), PR414 (100 percent interest), and PR283 (70 percent interest). Historic exploration at PR0893 includes 93 AC drill holes and four RC holes. Airborne geophysical surveying, geological mapping and extensive soil sampling have also been performed at PR0893, while PR0808 has had 91 RC holes drilled for 6,229 metres along with geochemical analysis and modeling. Detailed geochemical sampling and drilling at PR414 revealed three strong gold anomalies and returned impressive high-grade results.
Following the renewal of its Boundali South (BST) exploration licence in September 2024, drilling at the Nyangboue deposit is ramping up. Previous exploration at BST has returned impressive results, including 20 m at 10.45 g/t gold from 38 meters, and 30 m at 8.30 g/t gold from 39 m.
In May 2024, Aurum entered a strategic partnership agreement to earn up to a 70 percent interest in exploration tenement PR283, to be renamed Boundiali North (BN). Aurum, through subsidiary Plusor Global Pty Ltd, has partnered with Ivorian company Geb & Nut Resources Sarl and related party (GNRR) to explore and develop the Boundiali North (BN) tenement which covers 208.87sq km immediately north of Aurum’s BD tenement. Further to this agreement, Aurum announced it has earned 51 percent project interest after completing more than 8,000 m of diamond core drilling. Aurum is continuing diamond drilling on the BM tenement targeting an initial JORC resource by late 2024.
Management Team
Troy Flannery – Non-Executive Chairman
Troy Flannery has more than 25 years’ experience in the mining industry, including nine years in corporate and 17 years in senior mining engineering and project development roles. He has a degree in mining engineering, masters in finance, and first class mine managers certificate of competency. Flannery has performed non-executive director roles with numerous ASX listed companies and was the CEO of Abra Mining until October 2021. He has worked at numerous mining companies, mining consultancy and contractors, including BHP, Newcrest, Xstrata, St Barbara Mines and AMC Consultants.
Dr. Caigen Wang – Managing Director
Dr. Caigen Wang founded Tietto Minerals (ASX:TIE), where he led the company as managing director for 13 years through private exploration, ASX listing, gold resource definition, project study and mine building to become one of Africa’s newest gold producers at its Abujar gold mine in Côte d’Ivoire. He holds a bachelor, masters and PhD in mining engineering. He is a fellow of AusIMM and a chartered professional engineer of Institution of Engineer, Australia. Wang has 13 years of mining academic experience in China University of Mining and Technology, Western Australia School of Mine and University of Alberta, and over 20 years of practical experience in mining engineering and mineral exploration in Australia, China and Africa. Other professional experience includes senior technical and management roles in mining houses, including St. Barbara, Sons of Gwalia, BHP Billiton, China Goldmines PLC and others.
Mark Strizek – Executive Director
Mark Strizek has nearly 30 years’ experience in the resource industry, having worked as a geologist on various gold, base metal and technology metal projects. He brings invaluable geological, technical and development expertise to Aurum, most recently as an executive director at Tietto Minerals’, which progressed from an IPO to gold production at the Abujar gold project in West Africa. Strizek has worked as an executive with management and board responsibilities in exploration, feasibility, finance and development-ready assets across Australia, West Africa, Asia and Europe.
