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AM Resources Corporation (“AM Resources” or the “Company”) (TSXV: AMR) (Frankfurt: 76A), a dynamic junior mining company focused on the exploration and development of high-potential pegmatite lithium deposits, is pleased to announce the discovery of 26 new pegmatites as a result of its ongoing compilation of government databases since it acquired its 1,500 km2 land package (see press release dated March 21, 2024). AM Resources has now identified a total of 187 pegmatites, consolidating its strategic position in one of Austria’s most prospective lithium areas.
- Recently announced 1,500 km2 land package gives AM Resources control over a large area of the Austrian Pegmatite Belt.
- Ongoing compilation of government data resulted in the discovery of 26 additional pegmatites across two groups, with sizes ranging from 102 metres to 887 metres.
- Many pegmatites are strategically located within mica schists, indicating favorable conditions for lithium-bearing minerals.
- Latest discoveries continue to reinforce AM Resources' position in the Austrian Pegmatite Belt, located within proximity to European battery manufacturers.
AM Resources’ 1,500 km2 land package
First Group
The Company has identified 8 large pegmatites with lengths varying between 329 metres and 887 metres, with the most extensive pegmatite measuring an impressive 281 metres in width.
Second Group
An additional 18 pegmatites ranging from 102 metres to 560 metres in length were discovered, with the thickest pegmatite reaching 195 metres in width. This group's diversity in size and shape adds to the prospectivity of AM Resources’ holdings. Many of these pegmatites are located within mica schists, a geological setting favorable for the presence of lithium-bearing minerals.
David Grondin, CEO of AM Resources commented: “Since the acquisition, we've been compiling the data available to us in preparation for our upcoming exploration program scheduled for June. We are very pleased with the number and size of the pegmatites found so far. Once we finish compiling the data, we'll have a better picture of the work that needs to be done to fully evaluate the lithium potential of our properties.”
Location, Location, Location
As previously reported, the AM Resources team has been actively assembling a massive prospective land package with four key elements at the core of its strategy: proven geology, proximity to key markets, historical expertise, and a clear, proven mining code. AM Resources’ Austrian properties are located within 620 km of 14 planned battery plants and have direct access to an extensive rail system.
Qualified Person
Technical information related in this news release has been reviewed and verified by Jean Lafleur, P. Geo., of PJLEXPL Inc., a registered geologist with the Ordre des Géologues du Québec (OGQ #833) and is a qualified person (QP) as defined by NI 43-101. Mr. Lafleur is independent from the Company and has reviewed and approved the disclosure of the AM Resources geological information.
About AM Resources
AM Resources Corporation (TSXV: AMR) is a dynamic junior mining company focused on the exploration and development of high-potential pegmatite deposits. With a strategic portfolio of assets and a commitment to responsible resource development, the Company is dedicated to creating long-term value for its stakeholders while adhering to the highest standards of corporate governance and sustainability.
Forward-Looking Statements
This news release contains forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of AM Resources to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as “plans”, “expects”, “estimates”, “intends”, “anticipates” or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this press release. Since forward-looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. Readers are cautioned that the foregoing list of factors is not exhaustive. The forward-looking statements contained in this news release are made as of the date of this release and, accordingly, are subject to change after such date. AM Resources does not assume any obligation to update or revise any forward-looking statements, whether written or oral, that may be made from time to time by us or on our behalf, except as required by applicable law.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information:
David Grondin
AM Resources Corporation
President and Chief Executive Officer
1-514-583-3490
AMR:CA
Quarterly Activities/Appendix 5B Cash Flow Report
HIGHLIGHTS
1. Commencement of Stage 1 Drilling Program at the Rio Grande Sur Lithium Project.
2. Completion of commissioning of Lithium Carbonate Pilot Plant.
3. Discussions underway with provincial Government for evaporation pond environmental permitting.
4. $1.36 million in cash and equivalents available at quarter end.
PROJECT DEVELOPMENT
During the March 2024 quarter, Pursuit Minerals Ltd (“Pursuit” or “Company”) has continued to advance through numerous engineering and geological studies, permitting approval processes and stakeholder engagement activities at our flagship Rio Grande Sur Lithium Project.
Rio Grande Sur (RGS) Lithium Project Argentina
The Rio Grande Sur Project comprises of 5 tenements prospective for lithium on the Rio Grande Salar in the Salta province of Argentina, in addition to a Lithium Carbonate Pilot Plant located in the city of Salta. The five tenements cover approximately 9,233 hectares (Table 1).
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This article includes content from Pursuit 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.
Jindalee Advances US Government Funding for McDermitt
- Grant applications lodged with two US Government agencies (Defense and Energy) with strong support from state politicians, agencies and potential industry partners.
- Substantial Government funding for US critical mineral projects continues.
Jindalee is pleased to provide an update on US government funding opportunities for McDermitt.
Grant applications lodged with two US Government agencies (Defense and Energy)
Jindalee advises that the Company has lodged applications for non-dilutive grant funding with both the Department of Defense (DoD) and the Department of Energy (DoE) (Battery Manufacturing and Recycling Grant).
If successful, the DoD grant application is expected to co-fund an accelerated Feasibility Study and associated drilling and testwork, whilst the DoE grant application is designed to potentially co-fund the engineering, procurement, construction and development of a lithium processing facility at McDermitt.
Both grant applications have passed initial reviews by the agencies. The DoE grant application was accompanied by letters of support from Oregon and Nevada politicians and agencies, as well as potential Project partners.
The Company expects to provide updates regarding the status of applications and any potential award decision in the second half of 2024.
Substantial Government funding for US critical mineral projects continues
The US Government is committed to securing a domestic supply for critical minerals to reduce reliance on foreign sourced materials, including lithium, and is providing significant support and funding via the Inflation Reduction Act, the Defense Production Act and other initiatives as recent developments indicate.
On 14 March 2024 Lithium Americas Corp (TSX: LAC, Market Cap: C$1.5bn6) announced that it had received a conditional commitment from the DoE for a US$2.26 billion loan for financing the Phase 1 construction of processing facilities at the Thacker Pass Lithium Project3, located approximately 30km south of McDermitt (Figure 1). The loan, anticipated to cover approximately 75% of Thacker Pass’s initial capital cost, offers favourable terms with an interest rate equivalent to the US Treasury rates (0% spread) and a tenor of 24 years.
On 8 April 2024 Perpetua Resources Corp (TSX: PPTA, Market Cap: C$538m6) announced that it had received a Letter of Interest from the US Export-Import Bank for potential debt of up to US$1.8 billion for capital funding of the Stibnite Gold and Antimony Project in Idaho, USA4. This follows earlier grants of up to US$59.4 million received by Perpetua Resources from the DoD to assist with construction readiness and permitting of the Stibnite Project5.
Jindalee’s CEO Ian Rodger commented “We are very pleased with the progress of our grant applications for the McDermitt Lithium Project, particularly with the strong backing we’ve received from key stakeholders, including US politicians and potential Project Partners. The support for our applications highlights the strategic importance of our Project and its alignment with US national interests. These non-dilutive grants, if successful, promise to significantly enhance equity returns, reinforcing our strategy and amplifying the value we deliver to our shareholders.
Table 1 – Summary of 2023 McDermitt Mineral Resource Estimate at the reporting cut-off of 1,000ppmNote: totals may vary due to rounding. (Lithium carbonate equivalent (LCE) is calculated by taking the lithium value and multiplying by 5.323 to determine the molar equivalent in standard industry fashion).
Figure 1 – McDermitt Caldera: Location of McDermitt and Thacker Pass projects
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This article includes content from Jindalee Lithium 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.
Uranium Anomaly Delineated by Soil Results at Napperby Project
Highlights
Napperby Project, Northern Territory, Australia
- Soil sampling results have delineated a large uranium anomaly in excess of 4.5km in length and up to 700m in width
- Re-examination of hyperspectral data by HyVista supports ‘roll-front’ style uranium mineralisation interpretation for the anomaly
- Follow-up mapping of the identified uranium and sulphide targets to commence, with results to refine / generate drill targets
- Field exploration activities will assess lithium-caesium-tantalum (LCT) pegmatites potential along with uranium and Rare Earth Elements
The Napperby Project is located within the highly prospective Arunta Province, which is endowed with some of the most prospective rocks for lithium (Li), Rare Earth Elements (REEs) and uranium (U) mineralisation in the Northern Territory.
As announced on 21 February 2024, the Paleoproterozoic Wangala and Ennugan Mountains granites have long been recognised as “Hot Granites” and known to be anomalously enriched in a range of elements including U, thorium and REEs. Both granite plutons show outstanding uranium/thorium ratios and are almost fully encapsulated within Oceana’s Napperby Project leases EL32836 and ELA32841 (under application), as shown in Figure 1.
A soil geochemistry infill sampling program was completed during the December quarter in the southeast corner of EL32836 to better define and understand the lithium anomalies highlighted by the 2022 soil sampling program (refer to ASX Announcement dated 28 November 2022).
A total of 107 samples were collected in the last campaign at 200m spacings for approximately 30 line-km, infilling the previous 2km line spacing to 500m. Although initially targeting lithium, the results from the soil sampling have defined a large arcuate uranium anomaly, as shown in Figure 2.
Figure 1: Map showing U/Th ratios and known uranium, thorium and REE mineral occurrences at Napperby Project
Figure 2: Large uranium anomaly in soils - Line spacing is 500m and sample centres of 200m
The uranium anomaly is mostly covered by Quaternary sediments and residual soils. The relatively low absolute values for the anomaly (500 – 3,680ppb U) are the result of using mobile metal ion sampling techniques which enables field teams to sample large areas without the need to carry large heavy samples around in the field. Because the samples are not crushed and pulverized, it is only unbound or weakly attached metal ions that are removed from soils and as such it is not the absolute values of elements that are of interest but the relative differences of values within a given data set.
Modelling and interpretation of the available hyperspectral data at Napperby was completed by HyVista Pty Ltd (HyVista). Modelling of the geochemical alteration zones interpreted from the hyperspectral data relative to the uranium surface anomaly confirmed that the anomaly has the potential to host significant “roll-front” type uranium mineralisation.
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This article includes content from Oceana Lithium, 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.
HMW Project Achieves 1,000t LCE Contained Inventory as Lithium Chloride Production Journey on Track
HMW Project Update
- Pond 1 and 2 evaporation continues; approx 1,000t LCE contained inventory
- Pond 3 earthworks almost complete, liner installation at 60% and filling of pond 3 commenced; Pond 4 earthworks have commenced
- Overall project completion now at 33%, with pond construction 45% complete; project execution is advancing as planned
- Aligning with the physical progress of the project, capital expenditure also sits at 33% of the Phase 1 budget
- Key processing parameters; average brine flow rate, average Li grade from wells and evaporation rates in line with the Feasibility Study. The project remains on track to commence production in H1 2025
- Opportunities to reduce the Capex and Opex for HMW Phase 1 identified; engineering and procurement teams working to quantify these opportunities within the next two months
- Low all-in sustaining costs; HMW is expected to be in the 1st quartile of lithium industry’s cost curve with an initial reserve estimate of 40 years
- Phase 2 Operating cost to LiCl concentrate of $US3,510/t LCE equates to a low Li2O equivalent operating cost of SC6 (Spodumene Concentrate) $US310/t-$US350/t; solid production margins at current spot prices
- Following the recent agreement signed with the Catamarca government, offtake and funding discussions are advancing; Glencore due diligence process continues.
Overall completion of the HMW project now sits at 33% with the ponds system already at 45% completion. Approximately 600,000 m2 of evaporation area has now been built, currently housing 1,000t LCE contained inventory. This evaporation area is sufficient to produce a lithium chloride volume of approximately 2.4 ktpa LCE. The key processing parameters, including raw brine well average flow rates, Li grades and evaporation rates are all aligned with the Phase 1 DFS. Based on the rate of construction and the results achieved to date, the HMW project remains on track to start production in H1 2025.
In addition, Galan’s team are analysing options to reduce capital expenditure, these opportunities are focussed on selecting the minimum infrastructure required to commence production of Phase 1. Multiple trade-off exercises are being assessed such as the analysis of rental options for energy supply, reduction of the size for selected buildings, usage of independent smaller control systems, instead of a larger central control system for all facilities.
As previously announced, the HMW project was separated into four production phases. The initial Phase 1 Definitive Feasibility Study (DFS) focused on the production of 5.4ktpa LCE of a lithium chloride concentrate by H1 2025, as governed by the approved production permits. The Phase 2 DFS targets 21ktpa LCE of a lithium chloride concentrate in 2026, followed by Phase 3 production of 40ktpa LCE by 2028 and finally a Phase 4 production target of 60ktpa LCE by 2030. Phase 4 will include lithium brine sourced from both HMW and Galan’s other 100% owned project in Argentina, Candelas. The very positive Phase 2 DFS results were announced on 3 October 2023 (https://wcsecure.weblink.com.au/pdf/GLN/02720109.pdf).
Ponds 1 and 2 completed with evaporation continuing
Pond 3 liner installation and Pond 4 earthworks
Galan’s Managing Director, Juan Pablo (JP) Vargas de la Vega, commented:
“We are very proud of the solid progress being made by the HMW Phase 1 construction team. With more than one third of the project completion now achieved, Galan is well on its way towards its targeted commencement of production in H1 2025. Galan would like to acknowledge and sincerely thank the Government of the Catamarca Province in Argentina for their continued support, evidenced by the recent agreement signed to commercialise lithium chloride concentrate from HMW. We are excited about the opportunities this agreement now presents to Galan’s future”
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Quarterly Activities Report to 31 March 2024
HIGHLIGHTS
- First phase of drilling completed at Abbotts North Project (Buttamiah Prospect), WA, with 11 RC holes drilled totaling 1,623m
- Assay results from Abbotts North confirm continuation of LCT system and delineate targets to north and east
- Montague field work commenced identifying abundant newly mapped pegmatites
- Field programs planned at Montague, Yalgoo and Abbotts North for June Quarter
- Demerger transaction completed 25 January 2024
- Transition underway to new leadership team at PLC to align with new strategy
Safety and Environment
Premier1 conducted field exploration activity with no reportable ESG related incidents in the quarter.
Abbotts North Project
Premier1 successfully completed the first phase drilling program at Abbotts North, located 35km north of Meekatharra, Western Australia. The program was completed on time and under budget. A total of 11 RC holes for 1,623m were drilled to test the main outcropping pegmatites at the Buttamiah Prospect.
Nine of 11 drill holes intercepted pegmatites of on average 1 to 3m and locally up to 4m thickness hosted within an amphibolite unit. Occasionally, lepidolite has been identified and further analyses are planned to determine the presence of spodumene in the system. Assays were released subsequent to the end of the quarter. The results show elevated lithium across the stacked pegmatites of up to 0.41% Li2O, confirming the continuation of the LCT system down depth and along strike.
Additional studies of the outcropping pegmatites in the larger Buttamiah Prospect area including fractionation vectoring using K/Rb ratios suggest the core of the system to be located to the east of the previous drilling. In addition, the data indicate that LCT pegmatites occur within the granites to the north of the drill area. Further mapping and sampling of pegmatites in these areas as well as over the remaining tenement package has commenced. Focus is to delineate drill targets of higher grades and thicknesses that have the potential to form a significant lithium deposit within the existing LCT system.
Figure 1: Cross-section of intercepted pegmatites showing significant results >0.05% Li2O.
Premier1 also completed a soil geochemistry program at the Abbotts North project for a total of 600 samples. Factor analysis (FA) was employed with the purpose of identifying multielement signatures within the soil assay samples which may be indicative of Li mineralisation. The work was successful in identifying spatial and geochemical associations between lithium mineralisation and mapped geology.
Montague Project
Premier1 commenced pegmatite mapping and rock chip sampling at the Montague lithium project. The Company has identified abundant new pegmatites along a mafic-ultramafic and siliclastic sequence of the greenstone belt up to 1km west of the main granite contact to the east. Potassium-Rubidium (K/Rb) ratios defined at least two areas of interest that showed high fractionation of below 40 that indicate prospectivity for Lithium-Caesium-Tantalum (LCT) pegmatites.
The recently commenced first phase of field mapping and sampling has identified pegmatites in these two areas of interest. Occasionally, green mica has been identified and a first set of samples has been sent to the lab. Feldspar samples were taken of all newly mapped pegmatites to determine fractionation trends for further target vectoring and identification of potential drill targets for the second half of 2024.
The project covers the south-eastern portion of the Gum Creek Greenstone Belt which consists of early–mid Archean greenstone belts, intruded by late Archean granitoids and overlain by sporadic Proterozoic metasediments. Vast areas of Cainozoic sediments and transported regolith cover the region. Margins of the belt are typically dominated by contact-metamorphosed basalts and banded iron formations.
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This article includes content from Premier1 Lithium, 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.