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![Allup Silica Limited](https://investingnews.com/media-library/allup-silica-limited.png?id=53099604&width=1200&height=800)
Allup Acquires 100% of McLaren Valuable Heavy Mineral Sands Project, West Eucla Basin, WA and Conducts Placement
Allup Silica Limited (ASX: APS) (“Allup” or “Company”) is pleased to announce it has acquired 100% of an advanced Valuable Heavy Mineral Sands Project near Eucla, WA.
Highlights
- Advanced Valuable Heavy Mineral Sands (VHMS) project in WA has an indicated and inferred JORC Resource (2012) of 280Mt @ 4.8% Heavy Mineral near surface
- Project comprises 333 sq km of tenements, 150km east of Norseman in the mining-friendly jurisdiction of Western Australia.
- Potential for expanded MRE by including results not in current resource extended, plus extended mine life through additional drilling.
- Ilmenite, a key titanium mineral, is priced well above international silica and kaolin prices at more than US$300/t1 due to increasing titanium shortages.
- Strong ilmenite market demand expected to continue due to supply deficits and mine closures in Kenya, South Africa, and Mozambique
- Allup plans to focus on a lower-cost Capex design to fast-track mine development and produce a bulk concentrate.
- Allup will advance PFS and BFS for McLaren with infill drilling, and metallurgical and mineralogical evaluations, to confirm project economics.
- Placement of $360,000 to raise working capital.
McLaren VHMS Project (E69/2388 and E69/2386) comprises 333km2, located on the western side of the Eucla Basin, adjacent to the Fraser Range in Western Australia (Figure 1).
McLaren is an advanced-stage exploration project with an indicated and inferred Mineral Resource estimate of 280Mt @ 4.8% Heavy Mineral for 13.5Mt in-situ HM completed in 2022.
Allup Silica Managing Director Andrew Haythorpe said: "This Project presents an excellent opportunity for Allup Silica to fulfill its plan of moving into production. Albeit a different sand, the mining and washing processes for ilmenite are similar to silica sand, as well as the near-surface mineralisation and low strip ratios. However, the higher product price and lower shipping volumes present a compelling opportunity for development.
Because of the previous work completed and the increasingly high value of titanium minerals, this opportunity presents a faster and higher confidence pathway for Allup Silica and its shareholders. The ground is accessible in all seasons of the year, allowing for more rapid progress. Infill drilling and further metallurgical work is planned to commence as soon as practicable so that we can advance a Pre-Feasibility Study and move onto a Bankable Feasibility Study for the project."
Figure 1: Location of McLaren Valuable Heavy Mineral Sands Project
Acquisition Consideration for 100% of the McLaren VHM Project
The Company has agreed to pay the following consideration:
- A$150,000 in cash for 100% of ELs
- Allup grants a 1.5% Royalty to the vendors (Westover Holdings Pty Ltd and Wild Side (WA) Pty Ltd)
- Allup will issue 2m options exercisable at 20c on or before 5 years from issue, with consideration of
- $0.001 per APS share, with a vesting condition being completion of a Bankable Feasibility Study and the Ilmenite concentrate sales exceeding US$500/t from the Project
- 4,241,571 shares upon completion of the Pre-Feasibility Study (PFS); (PFS Milestone) and
- A further 4,300,583 shares will be issued upon completion of a Feasibility Study (FS Milestone).
The PFS Milestone is satisfied upon completion of a Pre-Feasibility Study on commercially viable terms and other criteria that the Parties agree in writing.
In the event that the PFS Milestone is not achieved within 24 months, the Parties agree to enter into good faith negotiations for a period of 5 business days with a view to agree an alternative basis on which the PFS Milestone Shares (or any part thereof) may be issued to the Vendors.
Subsequent to the PFS Period, the Purchaser agrees to use all reasonable endeavours to conduct a Bankable Feasibility Study in respect of the Tenements.
Click here for the full ASX Release
This article includes content from Allup Silica 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.
Airborne VTEM commences at Ti-Tree Project
Augustus Minerals Limited (ASX: AUG; Augustus or the Company) is pleased to announce the commencement of the previously announced airborne Versatile Time Domain Electromagnetic (VTEM) Max survey over three areas within the 3,600km2 Ti-Tree Project in the Gascoyne Region. The survey should be finished this week with final data expected within four to six weeks.
- The VTEM Max survey over Cu-Ni-PGE, Broken Hill Style and Uranium targets has commenced.
- The survey is covering:
- The Money Intrusion, prospective for Cu-Ni-PGE mineralisation.
- Copper Ridge and Nick’s Bore over anomalous Copper Drilling results.
- The Coo Creek prospect where drilling by Augustus in 2023 identified strongly anomalous Zn-Pb-Ag mineralisation of possible Broken Hill Style massive sulphide.
- The Munaballya Well 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.
VTEM
UTS Geophysics is conducting the 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.
Figure 1 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). 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 (Figure 2).
The VTEM Max system will look to identify conductive anomalies which may reflect concentrations of massive to semi-massive sulphide along the thicker parts of the Money Intrusion within AUG tenure.
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.
Update to Australia's JORC Code Seeks Stricter "Technical Guardrails"
The Australasian Joint Ore Reserves Committee (JORC) is asking for feedback on proposed changes to the JORC Code, a professional code of practice that sets public reporting standards for resource companies.
The draft JORC Code, published on Thursday (August 1), makes changes to six key areas: structure and format; competence and responsibility; reasonable prospects; ESG; risks, opportunities and threats; and reconciliation.
The committee's proposed changes include a requirement for all ASX-listed mining companies to publicly acknowledge any environmental risks to their projects. Qualified professionals with mining experience will also have to provide a technical sign off on each project, and will have to make their credentials available to the public.
Additional reporting criteria, such as the addition of clauses specifically related to ESG, are also covered in the draft.
A summary of the proposed changes provides a rundown of the new requirements for each key area. It also explains the rationale behind each change, emphasising improvements in clarity, consistency and transparency in reporting.
JORC Chair Steve Hunt told Bloomberg that the changes create “technical guardrails” for announcing exploration results, as there is always a tendency for companies to “talk up their investment opportunities.”
“It puts the handbrake on companies making up their own terminology and definitions,” he explained to the news outlet, adding that no mining entity listed on the ASX will be exempted from following the framework.
The JORC Code was first published in 1989 and was last updated in 2012. Consultations with stakeholders for the planned changes will happen over the course of the next few weeks.
“To the extent that any proposals impact on the Listing Rules and our guidance, our main interest will be that the changes continue to encourage strong and consistent disclosure on our market of mining exploration results and estimates of resources and reserves,” a spokesperson for the Australian Securities Exchange told Bloomberg.
A three month survey has been opened, inviting the public to comment on elements of the code. The survey is available online and responses will be accepted until 11:59 p.m. AEST on October 31.
If the review process proceeds as planned, a final draft of the code is expected by the end of the year. The target release is in 2025, followed by a transition period and an additional year before compliance with the new version is mandatory.
Don’t forget to follow us @INN_Australia for real-time updates!
Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.
Redstone Resources Quarterly Report for the Period Ending 30 June 2024
Redstone Resources Limited (ASX: RDS) (Redstone or the Company) is pleased to provide its quarterly report for the period ending 30 June 2024 (the Quarter).
WEST MUSGRAVE COPPER PROJECT (100% RDS) – WEST MUSGRAVE, WESTERN AUSTRALIA
- Core focus on advancing copper exploration strategy at 100% owned West Musgrave Project in WA
- Work programmes, permits and approvals are well advanced for next phase of exploration which will test copper targets nearby to high grade Tollu Cu deposit
- Near‐term plans include a single deep drillhole at the Chatsworth Prospect and follow‐up evaluation of anomalous copper at EM5 and surrounding target areas outside of Tollu.
- Redstone awarded EIS grant for up to $220,000 to assist with a potential single deep drill hole of approximately 1,000m underneath the currently defined Tollu Cu deposit.
- Previous drilling completed by Redstone at Tollu confirmed extremely high‐grade and continuouscopper mineralisation from significant depths and to the surface:
- Most recent drilling at Chatsworth Prospect intersected 11m at 1.2% Cu from only 29mdownhole (TLC205);
- Historical intersections at Chatsworth Prospect include grades of 3.4% Cu over 10m, including5m at 5.3% Cu from 427m deep (downhole)(TC80), still continue and are not closed out;
- Drilling at the Forio Prospect, which included the highest‐grade intersection ever recorded atTollu, being 1m at 18.5% Cu from 18m downhole (TLC203) within an intersection of 8m at 4.1% Cu from 13m downhole;
- Significant exploration upside with high‐grade mineralised zone at Forio now covering a60m strike length (north and south) of continuous high‐grade copper;
- High‐grade Forio copper zone extends all the way to the surface with lenses of Cu mineralisation up to 34m thick (downhole) with average grades always over 1% Cu (34m at 1.04% Cu from 15m downhole in TLC181).
- Discovery of new copper mineralising system: Early exploration drilling outside Tollu resource has highlighted the potential for a further copper mineralising system, with the discovery of 95m(downhole) of anomalous copper intersected from 66m downhole at the EM5 target (TLC170), some 7.2km northeast of the Tollu Copper deposit
- Prime exploration address: Located nearby to major BHP deposit and the recent Terra Metals Ltd (ASX: TM1) discovery of multiple Platreef‐Style copper‐platinum group element (PGE) reefs:
- Tollu located 40km east of BHP’s world‐class Nebo‐Babel Ni‐Cu‐Co‐PGE deposit ‐ estimated to have a resource of 390 million tonnes grading 0.33% copper and 0.30% nickel, for 1.2 million tonnes of contained nickel metal and 1.3 million tonnes of contained copper metal
- Positive signs from 2023 exploration campaign: Confirmed for the first time, the presence of a potential Ni‐Cu‐Co‐PGE host or source rocks at the West Musgrave Project.
- Significantly upgrades Ni‐Cu‐Co‐PGE prospectivity, especially considering the western boundary of the project area is only 40km east of the Nebo Babel (see Figure 1).
Click here for the full ASX Release
This article includes content from Redstone 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.
Quarterly Activities Report for the Period Ending 30 June 2024
Australian battery minerals explorer, Firetail Resources Limited (“Firetail” or the “Company”) (ASX: FTL) is pleased to provide a summary of its activities for the three month period ending 30 June 2024.
- Strengthening of Copper Asset Portfolio with binding Option Agreement executed for the acquisition of up to 80% of York Harbour Copper-Zinc-Silver Project via a staged earn-in (Acquisition)1.
- The York Harbour Project is a Cyprus-style volcanogenic massive sulphide (VMS) exploration project, located 180km west-south-west of FireFly Metals Ltd (ASX:FFM) Green Bay Copper Project, in Newfoundland, Canada.
- Alongside the Acquisition, FTL raised approximately $1.64m (before costs) by way of a placement to strategic investors together with a non-renounceable entitlement issue to existing eligible shareholders1.
- Experienced Exploration & Mining Geologist Glenn Poole appointed as Chief Executive Officer2.
- Firetail satisfied the Peruvian Projects Stage 1 Performance Milestone through successful completion of a minimum 5,000m diamond drilling campaign at the Picha Copper Project, achieving mineralised intersection targets of over 10m at 2.5% Cu, with the best intercept comprising 2.81% over 13m1.
Commenting on the June Quarter, Executive Chairman, Brett Grosvenor, said:
“The last quarter was of strategic importance to Firetail, as we were able to increase copper exposure with the the acquisition of the York Harbour Project. The York Harbour project was chosen for advanced exploration and its potential to enhance shareholder value, in line with the Board’s vision of securing high-quality copper assets in Tier 1 locations.
“With a portfolio of high quality assets, we were able to attract a high calibre CEO into the business with the appointment of Glenn to Firetail's team. We can now ensure that we have the right in house technical expertise to advance these assets and deliver on our strategy and unlock value for shareholders.
“Furthermore, Firetail achieved a significant milestone with 5,000m of drilling completed at the Picha Copper Project, having intersected promising grades of 2.8% Cu over a 13m interval. This success underscores the prospectivity of the project, prompting further exploration to realise the project’s full potential“
Click here for the full ASX ReleaseThis article includes content from Firetail 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.Culpeo Minerals Investor Presentation
Advancing High-Grade Copper in Chile
Culpeo Minerals Limited (“Culpeo” or “the Company”) is pleased to release its investor presentation based on information available as of 30 July 2024.
Premier copper producing region globally
- Quality copper portfolio with multiple drill ready targets and development options.
- Targeting high-grade copper, critical for the energy transition.
- Strategically positioned at low altitude, near infrastructure, surrounded by Tier 1 assets.
- Lana Corina and Fortuna are ripe for development and highly prospective for copper, gold and molybdenum.
Click here for the full ASX Release
This article includes content from Culpeo 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.
Quarterly Activities Report for the Period Ending 30 June 2024
Deep Yellow Limited (Deep Yellow or Company) is pleased to provide a summary of key activities completed in the June 2024 quarter.
Tumas Project
- Ausenco Services Pty Ltd selected as preferred EPCM contractor for the flagship Tumas Project
- Scope of work to be completed includes finalising detailed engineering with an EPCM contract opportunity for project execution
- Project remains scheduled for commissioning Q3 2026
- Resource upgrade drilling at Tumas 3 completed with data preparation underway for release of updated Mineral Resource Estimate early August
- Post Quarter – Nedbank Limited mandated as lead arranger and bookrunner for project financing
Mulga Rock Project
- Hydrological drilling program commenced to define water management parameters for mining
- Several remaining evaluation programs underway, results to be key inputs for the revised DFS
- Resin pilot program commenced for optimisation of uranium and critical minerals extraction
- Mining study underway to determine optimal method for development of the multi-commodity mining operation and revised Ore Reserve Estimate
Corporate
- Deep Yellow enters the S&P/ASX 200 Index
- Successful A$250M capital raising completed
- Cash position – A$257.5M
FLAGSHIP TUMAS PROJECT (Namibia)
Development Status
Significant progress has been made on the development of the Tumas Project (Tumas or the Project), which remains the primary focus of the Company.
Ausenco Services Pty Ltd was selected as the preferred EPCM contractor for the Project and appointed to undertake the Engineering, Procurement and Construction Management (EPCM) services in two phases. The first phase involves completing sufficient detailed engineering to allow the Board to make a Final Investment Decision (FID) as well as a range of early works requirements and major equipment ordering prior to FID. The second phase of the engagement comprises the completion of design and project execution, with ore commissioning scheduled for August 2026.
Click here for the full ASX Release
This article includes content from Deep Yellow, 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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