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![Antilles Gold](https://investingnews.com/media-library/antilles-gold.png?id=50928253&width=1200&height=736)
Antilles Gold: Developing Gold and Copper Projects in mineral‐rich Cuba
ASX-listed Antilles Gold (ASX:AAU, OTCQB:ANTMF) is an Australian mining company focused on gold and copper projects in Cuba through joint ventures with the Cuban government’s mining company GeoMinera, which opens new development opportunities for Antilles and de-risks permitting processes.
The company is focused on four development projects: 1) Nueva Sabana gold‐copper mine; 2) La Demajagua gold mine; 3) El Pilar porphyry copper project; and 4) Sierra Maestra copper concessions. Of these, Nueva Sabana and La Demajagua offer near‐term development opportunities.
- Nueva Sabana is a near‐term gold‐copper mine development project with a 10‐month construction beginning in June 2024. The project is expected to generate strong cash flow from concentrate sales from mid‐2025.
Concentrator to be supplied for Nueva Sabana mine by Chinese Engineering Group ProMinerinvestingnews.com
- The second mine development project is La Demajagua, an open-pit mine gold project where construction will commence in late 2024 and commissioning begins mid‐2026. This project is anticipated to produce approximately 10,000 tons per annum (tpa) of antimony‐gold concentrate (30,000 oz gold equivalent per year).
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Antilles Gold Limited
Investor Insight
Antilles Gold’s gold and copper projects in Cuba are underpinned by a strong partnership with a Cuban Government-owned mining company that effectively fast-tracks and de-risks its promising projects, offering a strategic value proposition for investors.
Overview
Antilles Gold (ASX:AAU,OTCQB:ANTMF) is an Australian mining company focused on gold and copper projects in Cuba through a joint venture with the Cuban Government’s mining company, GeoMinera. This partnership has resulted in rapid project permitting and access to several new development opportunities for the Australian company.
Antilles Gold offers strong growth potential through two near‐term development projects, Nueva Sabana and La Demajagua, and two exploration projects, the El Pilar porphyry system and Sierra Maestra copper concessions.
Joint venture projects in Cuba
Nueva Sabana is a near‐term, gold‐copper mine development within the joint venture with GeoMinera, and is expected to initially produce around 70 grams per tonne (g/t) gold in a concentrate from a high‐grade gold cap followed by ~27 percent copper concentrate with gold credits. The project development strategy includes the completion of a feasibility study in September 2024, and the commencement of construction soon after.
The second proposed development is the La Demajagua open-pit mine, which is likely to produce ~50,000 tonnes per annum (tpa) of gold arsenopyrite concentrate (32 g/t gold, 27 percent arsenic), and ~10,000 tpa of gold antimony concentrate (28.8 g/t gold, 48 percent antimony, 1,200 g/t silver) for nine years. According to the plans, construction will commence in late 2025, with commissioning in mid‐2027. La Demajagua will also include the construction of a concentrate processing facility to treat La Demajagua’s gold arsenopyrite concentrate, with the capacity to produce 50,000 oz gold per year in dore, which will further increase JV profit and cashflow.
The joint venture’s two exploration projects comprise the 720‐hectare El Pilar Concession in Central Cuba covering a cluster of three copper‐gold porphyry deposits (El Pilar, Gaspar and San Nicholas), the adjacent 17,000 hectare San Nicholas concession with porphyry style mineralisation, and two concessions totaling 52,600 hectares within the producing Sierra Maestra copper belt in southeast Cuba (La Cristina and Vega Grande), with both indicating of porphyry deposits highly prospective for copper, gold and molybdenum.
Surface mineralisation at El Pilar
Antilles Gold has completed a technical evaluation of the El Pilar porphyry system which was advised to ASX on 15 February 2024.
The joint venture intends to invest part of the surplus cash flow from the Nueva Sabana mine to fund the exploration of major copper targets, including the El Pilar copper‐gold porphyry system, and those in the Sierra Maestra copper belt.
Company Highlights
- Antilles Gold Limited is an Australian mining company listed on the ASX (AAU) and OTCQB (ANTMF).
- The company is focused on gold and copper projects in Cuba through a 50:50 joint venture with the Cuban Government’s mining company, GeoMinera, opening new development opportunities for Antilles and de-risking permitting processes.
- The joint venture is engaged in four development projects: 1) Nueva Sabana gold‐copper mine; 2) La Demajagua gold mine; 3) El Pilar porphyry copper project; and 4) Exploration of two concessions within the Sierra Maestra copper belt. Of these, Nueva Sabana and La Demajagua offer near‐term development opportunities.
- Nueva Sabana is a near‐term gold‐copper mine development that is expected to generate strong cash flow from concentrate sales from end‐2025.
- La Demajagua is an open-pit mine gold project commencing construction in Q4 2025 with commissioning in mid‐2027.
- El Pilar and Sierra Maestra concessions are exploration projects.
- Investment in Cuba offers several benefits, including richness in minerals, low operating costs and royalties, stable government and regulations, several investment incentives and the availability of a skilled workforce.
Key Projects
Nueva Sabana Project
Prominer Mining Technology will supply Nueva Sabana concentrator
Nueva Sabana is the company’s near‐term, gold‐copper mine development project. The project is held in the 50:50 joint venture with GeoMinera. It will be an open-pit mine developed on the oxide zone overlaying the El Pilar porphyry copper deposit in central Cuba.
Results from 24,000 metres of historical drilling, 1,800 metres drilled in 2022, and the 10,000 metres drilled in 2023 have established a mineral resource estimate (MRE). Results of a scoping study were advised to ASX on 7 May 2024, and a feasibility study is in progress for the proposed development which will be followed by a 12‐month construction phase.
Drilling has shown outstanding grades for gold and copper, and increasing lateral and vertical boundaries of the copper domain.
The proposed mining rate for the project will be 500,000 tpa of ore with a low waste‐to‐ore ratio. The anticipated initial production of 70 g/t gold concentrate will be followed by a ~27 percent copper concentrate with gold credits.
The estimated project cost is approximately US$33 million, of which approximately US$6 million is shareholders equity with the balance of $27 million expected to be funded through an advance on purchases of the concentrates by an international commodities trader.
Chinese engineering group, Prominer Mining Technology, which has extensive experience in designing and constructing gold and copper concentrators, is expected to supply the crushing and flotation circuits for the Nueva Sabana mine.
La Demajagua Project
La Demajagua involves the development of a gold‐antimony‐silver deposit as an open-pit mine by the joint venture company, Minera La Victoria.The project is located within a 900 hectare mining concession on the Isle of Youth, 60 nautical miles from mainland Cuba. The project site is 35 kilometres from the port city of Nueva Gerona and enjoys excellent infrastructure in terms of accessibility by highway, and availability of water, electricity and fiber optic cable.The project has an MRE of 905,000 oz gold equivalent for the open-pit operation. The MRE was calculated from 29,000 metres of drilling undertaken by the JV, and selective results from about 50,000 metres of historic drilling and revised after the receipt of additional antimony assays. The project expects mining of about 815,000 tpa of ore to produce two concentrates: 50,000 tpa of gold‐arsenopyrite and 10,000 tpa of gold‐antimony‐silver for nine years.
The project will also include a concentrate processing facility to produce gold doré from the gold-arsenopyrite concentrate. The facility will comprise a 50,000‐tpa two‐stage fluidized‐bed roaster, a carbon-in-leach (CIL) circuit, and an antimony recovery circuit. The overall production target is 75,000 oz gold equivalent per year. Chinese engineering firm BGRIMM Technology Group, which has extensive experience in designing and constructing roasters, is expected to supply the process plant on a turnkey basis.
The total development cost is estimated at US$165 million, expected to be funded by US$75 million of equity, which includes contributions by a third shareholder in the project, and the balance of US$90 million in debt. The life‐of‐mine cash surplus is estimated at ~US$600 million, with an NPV of ~US$330 million based on US$1,800/oz gold, and US$13,000/t antimony.
A revised scoping study including the concentrate processing facility is expected in December 2024, and construction is anticipated to commence in late 2025, with commissioning targeted for mid‐2027.
El Pilar Copper‐Gold Porphyry System Project
El Pilar is an exploration project of a cluster of three copper‐gold porphyry deposits: El Pilar, Gaspar and Camilo. The project comprises a 752 hectare exploration license and an adjacent 17,000 hectare reconnaissance permit covering the San Nicholas copper targets.
The project site benefits from established infrastructure with close access to a major highway, high‐tension power, and a 60 kilometre rail link to Palo Alto port.
Previous mapping, soil sampling, ground magnetics, an aeromagnetic survey and 24,000 metres of shallow drilling confirmed the existence of copper‐gold mineralization and identified the exposures as a potentially large, leached porphyry system. The surface exposures at El Pilar are leached phyllic caps to a cluster of copper‐gold porphyry cores. The extent of surficial hydrothermal alteration indicates the porphyry intrusions have large dimensions, and potential depths greater than 1,000 metres.
Ground magnetics and induced polarization surveys in early 2023 have confirmed a cluster of three potentially large porphyry intrusives – El Pilar, Gaspar and Camilo. A 10‐hole initial program has demonstrated positive results with good copper intercepts in porphyry‐style veining and has indicated the proximity of drilling to the core of El Pilar porphyry intrusive. In particular, drill hole PDH‐004A assayed 1.23 percent copper over its length of 134 metres from 49 metres.
Sierra Maestra Copper Belt Project
The project is an exploration project covering two highly prospective concessions for copper, gold and molybdenum in the Sierra Maestra copper belt in southeast Cuba. It includes a 3,600-hectare geological investigation license in La Cristina, and the adjoining 49,000‐hectare Vega Grande reconnaissance license.
The copper belt spans more than 200 kilometres of Cretaceous‐age geology intruded by Eocene stocks, which are the source of widespread gold and base‐metals mineralization. The project is near the El Cobre mine which is the oldest operating copper mine in the Americas. The concessions incorporate a series of copper‐gold‐molybdenum zones that display significant footprints of hydrothermal alteration normally associated with potentially large porphyry systems.
An extensive, two‐year prospecting program will be carried out on the two concessions, commencing in Q4 2024, to identify drill targets.
Management Team
Brian Johnson – Executive Chairman
Brian Johnson is a graduate of civil engineering from the University of Western Australia and a member of the Institute of Engineers, Australia. He has rich experience in the construction and mining industries in Australia, Southeast Asia and North America. He was instrumental in establishing successful companies in the iron ore and coal sectors. Previously, he has served as a director of two listed gold producers, and of companies with stock exchange listings in London, New York, Vancouver and Australia.
James Tyers – Chief Executive Officer
James Tyers is a member of the AusIMM and has more than 30 years of experience in the mining industry, holding senior management roles in gold and iron ore operations. He has been associated with the Palm Springs Gold Mine in the Kimberley region of Western Australia, and the Cornishman Project, a JV between Troy Resources and Sons of Gwalia. He has experience developing and operating iron ore projects in the mid‐west of Western Australia. He was responsible for developing the Las Lagunas Project and is the project director for the La Demajagua gold mine in Cuba.
Ugo Carlo – Non‐executive Director
Ugo Carlo has more than 30 years of experience in the Australian mining industry. Throughout his career, he has served in several senior leadership roles at Rocklands Richfield, Austral Coal and Conzinc Rio Tinto Australia Group. He is also a former director of the Port Kembla Coal Terminal, the New South Wales Joint Coal Board, and interim chairman of the New South Wales Minerals Council.
Angela Pankhurst – Non‐executive Director
Angela Pankhurst has more than 20 years of experience as an executive and non‐executive director, primarily in the mining industry. She has been a senior executive for companies with projects in Kazakhstan, Nigeria, Vietnam, South Africa and Australia. She has held senior leadership positions at Antilles Gold and Central Asia Resources. She is currently a director of Consolidated Zinc and a director of Imritec.
Tracey Aitkin – Chief Financial Officer
Tracey Aitkin is a professional member of CPA Australia and has more than 30 years of rich experience in finance, administration and staff management across a range of industries, including mining, manufacturing, retail, transport and agriculture. She joined the company in 2009 and was named CFO in 2010.
Dr. Jinxing Ji – Technical Director
Dr. Jinxing Ji is a seasoned metallurgist with six years of research experience in universities and 26 years of practical experience in the mining industry related to gold, silver, copper, zinc and lead. His broad experience includes due diligence, metallurgical test work, pre‐feasibility study, feasibility study, detailed design, plant commissioning support, and operational support for projects in Turkey, Greece, Canada, China, Romania, Brazil and Papua New Guinea.
Steve Mertens – Mining Director
Steve Mertens is a mining engineer with more than 20 years of industry experience across a range of commodities, including nine years based in Latin America. He has been associated with the Goro Nickel Project in New Caledonia and the Mina de Cobre Project in Panama. Prior to his current role as general manager for the Minera La Victoria JV company, he was the mining manager for Antilles Gold’s Las Lagunas operation in the Dominican Republic.
Chris Grainger – Exploration Director
Chris Grainger holds a PhD in economic geology from the University of Western Australia. He is an Australian geologist with more than 25 years of international experience with involvement in grassroots and brownfield exploration, as well as resource definition and development, with a focus on precious and base metals in South and Central America and the Caribbean. He has been associated with Continental Gold’s Buritica gold‐silver project, and Cordoba Minerals’ Alacran copper‐gold project.
Sams Creek and Reefton Exploration Update
Siren Gold Limited (ASX: SNG) (Siren or the Company) is pleased to provide an update on its Sams Creek and Reefton Projects.
Highlights
Sams Creek Gold Project
- Results received for the last two of four “scouting” holes drilled at the Anvil Zone.
- SCDDH107 intersected 22m @ 1g/t Au with higher grade intervals of 2m @ 2.91g/t from 141m and 1.2m @ 8.3g/t from 161m on the hanging wall and footwall respectively.
- SCDDH106 intersected a 35.4m thick dyke which was extensively altered. A 4m section in the centre of the dyke returned 4m @ 1.32g/t Au from 124m.
- An Ionic Leach (IL) soil survey identified a number of targets both around and inside two large circular structures.
- The circular structure anomalies have been divided into five dyke and six porphyry targets.
- The dyke targets have an Au-As signature, and the porphyry targets have an Au-Cu-REE signature.
- The IL survey has now been extended beyond the boundaries of the circular structures so potential mineralisation can be fully evaluated. Results are expected in August.
Reefton Gold Antimony Project
- Four additional diamond holes were drilled in the Auld Creek’s Bonanza East Shoot following the exceptional intersection in ACDDH011, which intersected an estimated true thickness of 3m @ 4.1g/t Au and 7% Sb.
- ACDDH015 and ACDDH016 were drilled 50m to the north and intersected true widths of 6m @ 5.3g/t Au, 14.9% Sb and 10m @ 7.2g/t Au, 0.3% Sb.
- ACDDH020 and ACDDH021 were drilled a further 100m to the north and intersected the footwall of the shoot, indicating that the Bonanza East Shoot plunges to the south parallel to the Fraternal Shoot.
- The Bonanza East maiden MRE and an update on the Fraternal MRE will be completed in August.
Siren Managing Director and CEO, Victor Rajasooriar commented:
“The drilling results from the recent scouting holes targeting the Anvil prospect have confirmed similar alternation to the Main Zone, which hosts the 824koz @ 2.8g/t Au Resource. Additionally, the knowledge base of the geology at Sams Creek is growing with the expanded Ionic Leach survey cross referenced with the Lidar topography analysis, with results expected in August. This should give us additional information to more accurately target the potential Gold-Copper porphyry targets and commence a diamond drilling program later this year at Sams Creek.
In addition, the drilling results from Auld Creek have returned some strong results and we look forward to updating the Resource in August.”
Click here for the full ASX Release
This article includes content from Siren Gold, 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.
Rogan Josh In-fill Completed Ahead of Mineral Resource Estimation
Remaining assay results from RC drilling at Rogan Josh received. Assay results for Kamperman RC drilling pending. Maiden Mineral Resource Estimates for Rogan Josh and Kamperman, and an updated MRE for Think Big, due in September Quarter.
Astral Resources NL (ASX: AAR) (Astral or the Company) is pleased to provide assay results from the remaining 16 holes (940 metres) of a 32-hole RC drilling program undertaken at the Rogan Josh Prospect, part of the Company’s 100%-owned Feysville Gold Project (Feysville), located 14km south of Kalgoorlie in Western Australia (Figure 1).
- All outstanding assay results from the Rogan Josh in-fill program now received, with results reported for the final 16 holes for 940 metres.
- Best results from the Rogan Josh in-fill program include:
- 8 metres at 1.35g/t Au from 55 metres in FRC325;
- 8 metres at 1.28g/t Au from 43 metres in FRC287;
- 5 metres at 1.79g/t Au from 32 metres in FRC326;
- 3 metres at 1.89g/t Au from 57 metres in FRC286;
- 4 metres at 1.31g/t Au from 54 metres in FRC285;
- 4 metres at 1.57g/t Au from 48 metres in FRC330; and
- 12 metres at 0.72g/t Au from 13 metres in FRC329.
- Cube Consulting currently finalising maiden Mineral Resource Estimate (MRE) for Rogan Josh and a revised MRE for Think Big.
- A 26-hole (2,808 metre) RC drill program in-filling the Kamperman prospect has been completed, with assay results pending.
- Following receipt of the Kamperman assay results, a maiden Kamperman MRE will be prepared, with expected delivery of MRE’s for Rogan Josh, Think Big and Kamperman due in the September Quarter 2024.
Astral Resources’ Managing Director Marc Ducler said: “Recent exploration activity at Feysville demonstrated the potential of the Project to provide multiple gold deposits capable of producing satellite feed for the 2.5mtpa Mandilla process plant contemplated in the September 2023 Scoping Study 1.
“The recently completed drill programs will provide critical data into Mineral Resource Estimates for the Feysville Project, being Think Big, Rogan Josh and Kamperman. The previously reported Think Big MRE of 116,000 oz was unconstrained (not reported within an optimised pit shell), so it is expected a small decrease will be incurred when applying open pit constraints as is best practice. On the upside, we are very confident that inaugural contributions from Kamperman and Rogan Josh will see a material increase in the aggregate Mineral Resources at Feysville following the positive exploration results reported, primarily at Kamperman, over the last 18 months or so.
“The recent success of a reconnaissance drill program in identifying a potential Kamperman-style analogue, coupled with an extension to gold mineralisation associated with the regional-scale Ethereal Shear, indicates there is significant potential for further growth at Feysville.
“Preparation works are now underway for a 14,000 metre RC in-fill program at the Mandilla Gold Project’s cornerstone Theia deposit. This will support an MRE update for Mandilla ahead of detailed mine design for the Mandilla Pre-Feasibility Study.”
Click here for the full ASX Release
This article includes content from Astral 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.
Group Mineral Resources Statement
Following the successful completion of the merger between Horizon Minerals Limited (ASX: HRZ) and Greenstone Resources Limited (formerly ASX: GSR), additional resource model work and reviews, the Company is pleased to provide a consolidated statement of group Mineral Resources as of 30 June 2024.
HIGHLIGHTS
- Mineral Resources currently stand at:
- 1.8Moz gold 1
- 20.2Moz silver, 104kt zinc 2
- 283kt nickel, 40.5kt cobalt and 296.2kt manganese (50% owned) 2
- Mineral Resources are underpinned by the large cornerstone Boorara and Burbanks assets
- Updated Mineral Resource Estimates (MRE) include a maiden MRE for Pinner, an update for Monument and a revision for Boorara which is currently under an Ore Reserve Study (ORS) from AMC Consultants
- Changes to the gold MREs include:
- Addition of 297,650oz from Burbanks open pit 3
- Addition of 167,920oz from Burbanks underground 3
- Addition of 13,000oz from Pinner 4
- Addition of 3,000oz from Monument, and 4
- Reduction of 20,240oz from Boorara 5
- Large Mineral Resource base and ongoing studies pave the way for a development profile aiming at sustained gold production and continuous cashflows
Commenting on the Group MRE upgrade, Managing Director and CEO Mr Grant Haywood said:
“It is very pleasing to have the Burbanks and Phillips Find assets under single ownership with Horizon’s complementary and extensive project base. Together this provides 1.8 million ounce gold portfolio, which is a great platform to implement our near term strategy of cashflow from operations and further growth into the medium and long term”.
Click here for the full ASX Release
This article includes content from Horizon 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.
Quimbaya Gold Set for Drilling at New Segovia Property in Colombia
Quimbaya Gold (CSE:QIM,OTCQB:QIMGF)has begun exploration work and is now gearing up for a 3,000 meter drilling program at its newly acquired property in Segovia, Colombia, according to Alexandre Boivin, the company’s president and CEO.
The 2,000 hectare mining property, prospective for gold and silver, is near Aris Mining’s (TSX:ARIS,NYSEAMERICAN:ARMN) Segovia operations in Antioquia, Colombia. The region is well known for its high-grade gold veins, making the acquisition highly significant for Quimbaya’s growth trajectory.
“The goal in mining and exploration, like a company like Quimbaya, is basically to define resources and reserves. But even better than that, it's to define it close to a big producer because we can see already a proven project,” Boivin said.
Quimbaya has already begun advanced geochemical analysis, including soil sampling and MMI (mobile metal ion) technology. This is especially important in regions like Segovia, where the "more you go at depth, the more the high grade is," Boivin stated. This method aims to identify high-grade drill targets at depth, making the exploration process both efficient and effective.
The company has outlined a comprehensive drilling program featuring around 3,000 meters. "We're reviewing the targets and making sure we're getting some conversation or internal conversations to start drilling as soon as possible," Boivin noted.
Read the full interview with Alexandre Boivin above.
Disclaimer: This interview is sponsored by Quimbaya Gold (CSE:QIM,OTCQB:QIMGF). This interview provides information which was sourced by the Investing News Network (INN) and approved by Quimbaya Gold in order to help investors learn more about the company. Quimbaya Goldis a client of INN. The company’s campaign fees pay for INN to create and update this interview.
INN does not provide investment advice and the information on this profile should not be considered a recommendation to buy or sell any security. INN does not endorse or recommend the business, products, services or securities of any company profiled.
The information contained here is for information purposes only and is not to be construed as an offer or solicitation for the sale or purchase of securities. Readers should conduct their own research for all information publicly available concerning the company. Prior to making any investment decision, it is recommended that readers consult directly with Quimbaya Gold and seek advice from a qualified investment advisor.
This interview may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, receipt of property titles, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. The issuer relies upon litigation protection for forward-looking statements. Investing in companies comes with uncertainties as market values can fluctuate.
June 2024 Quarterly Cashflow Report
Impact Minerals Limited’s (ASX:IPT) has released its Quarterly Cash Flow Report.
Click here for the full ASX Release
This article includes content from Impact 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.
June 2024 Quarterly Report
HIGHLIGHTS
1. Lake Hope, WA (IPT 80%)
- Work continued on the Pre-Feasibility Study (PFS) which is on schedule for completion in Q4 2024.
- Key appointments made:
Indigenous Services Australia (ISA) appointed to establish a long-term relationship with the Ngadju group.
David English, who led the feasibility and mine development work on Sandfire Resources’ De Grussa and Sirius Resources’ Nova-Bollinger projects appointed to lead the Pre-Feasibility Study at Lake Hope. - Baseline environmental surveys indicate no Threatened or Priority species of flora and fauna occur on the Lake Hope salt pan.
- Scope 1 and Scope 2 CO2 emissions per tonne of HPA produced are targeted to be competitive globally, with a strategy for achieving zero carbon HPA defined.
- Metallurgical test work continued for both the Sulphate and Low- Temperature Leach processes.
- Initial discussions commenced with the Ngadju Aboriginal group to support a Mining Lease application.
- Drill results from neighbouring lakes received and being interpreted.
2. Arkun-Beau, WA (IPT 100%)
- Co-funding of up to $180,000 has been awarded under the WA Government’s EIS scheme to drill the Caligula copper target, identified through soil geochemistry and Mobile Magneto-Telluric (MMT) data.
- Infill and extensional soil geochemistry surveys have been completed to define potential drill targets, with assay results expected this Quarter.
- Drilling completed at the Hyperion Rare Earth Element (REE) Prospect.
- Metallurgical leach test-work received post-Quarter end with poor recoveries as expected.
3. Commonwealth Project (IPT 100%)
- Burrendong Minerals continues to progress towards an IPO in Q4 2024. Various submissions to ASX for approval to list are in progress.
4. Other Projects
- Broken Hill: data synthesis and interpretation in progress on all data collected during the BHP Xplor Programme. Some early-stage discussions are in progress with other groups with a view to a possible joint venture arrangement.
- Doonia: assays received and being interpreted.
- Southwest Regional: The early stage Dinninup, Martup Hills and Mineral Hill projects were relinquished due to an increasing focus on Lake Hope.
5. Corporate/Finance
- Strategic A$3 million placement mostly supported by major shareholders.
- In addition, $725,000 in funds were received from the exercise of listed options (IPTOB).
- A FY23 Research and Development Rebate of $395,000 was received during the Quarter.
Click here for the full ASX Release
This article includes content from Impact 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.
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