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Winsome Further Expands Lithium Exploration Footprint in Quebec
Highlights:
- Exclusive option agreement executed for Winsome to acquire and explore a further 259 claims, totalling 149 km2 in the highly sought after greater Decelles region of Quebec, Canada
- Option agreement expands Winsome’s lithium exploration footprint in Quebec, enlarging Company’s recently acquired Decelles claim area by nearly 40%
- This expanded area, known as Mazérac, is located around the Decelles Reservoir, about 50km southwest of Val-d’Or and easily accessible by a network of forestry roads
- The region has seen much recent staking and prospecting activity, including highgrade spodumene discoveries by Vision Lithium at their nearby Cadillac property1
- Enlarged property holding is highly complementary to Company’s 100% owned, existing projects in the James Bay region – Cancet, Adina and Sirmac-Clapier
The Company has entered into an exclusive option agreement to acquire 258 claims from Mr Glenn Griesbach and one claim from Mr de Keyser, totalling 149km2 in the prospective Mazérac region of Quebec, Canada. This is within the greater Decelles area, where the Company also acquired new property in January 20222 .
Mazérac is located close to the mining centres of Val-d’Or and Rouyn-Noranda, approximately 600km from Montreal. The Company has signed an exclusive option agreement to explore and subsequently acquire the claims over a 24-month period.
Mr Griesbach is a Canadian-certified geologist with more than 40 years of mineral exploration experience across Canada, Africa, China, and Southeast Asia. Mr de Keyser is a seasoned local prospector of First Nation heritage, with a strong understanding of the Mazérac region.
By entering into this agreement, the Company further expands its land holding in Quebec, exploring a new area of the province known for granitic and pegmatitic outcrops. The area is located close to infrastructure and the major mining centres immediately adjacent to recent lithium discoveries1 (see Figure 1 map)
Managing Director Chris Evans said:
“We are delighted to have entered into the option agreement for a further 259 claims at Mazérac in the Decelles region. There has been a considerable amount of recent lithium focused activity in the surrounding region, with several public and private companies making successful discoveries.
“By acquiring this project, we significantly increase the Company’s prospective lithium landholding in Quebec and continue towards achieving our vision of supplying high grade lithium products into the North American battery supply chain.”
Transaction details
Winsome has entered into an exclusive option agreement to acquire 259 claims from Mr Griesbach under the following broad terms:
- An upfront fee of AUD$75,000, paid in WR1 shares
- AUD $250,000 paid in three tranches of WR1 shares, based on the five-day VWAP from last week’s trading (AUS $0.47). This will equate to:
- 177,000 WR1 shares issued now
- 177,000 WR1 shares issued on 3 May 2023
- 177,000 WR1 shares issued on 3 May 2024
- A 2% Net Smelter Royalty (NSR) over the properties which can be reduced to 1% at any time for a consideration of AUD $1,000,000
Once the final payment of 175,000 WR1 shares is made on 3 May 2024, the 259 claims will transfer to Winsome’s Canadian subsidiary.
The Company also has the ability to accelerate the acquisition at any point within the next 24 months and have the claims transferred immediately by issuing all shares due to Mr Griesbach.
As a separate transaction, the Company paid Mr de Keyser CAD $20,000 to acquire outright the ‘Nippy Hill’ claim which is contiguous to the other Mazérac claims described above.
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This article includes content from Winsome 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.
Unconformity Uranium Drill Targets Identified from 2024 Geophysical Data
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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Airborne EM over Multiple Targets on Ti-Tree Project
- 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.
Latest Kameelburg Assays Up To 10.38% Nb2o5 and 9.89% TREO
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.