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Antler Gold Inc. (TSXV: ANTL) ("Antler" or the "Company") is pleased to announce that Antler and its subsidiary Antler Exploration Zambia Limited ("Antler Exploration") have entered into an option agreement (the "Option Agreement") with Prospect Resources Limited (ASX: PSC) (FSE: 5E8) ("Prospect" or the "Partner") pursuant to which Prospect has an option to acquire 51% interest in Antler Exploration, which holds the Kesya Rare Earth Project ("Project") located in southern Zambia.
Deal Highlights:
- Prospect has up to two years to acquire a 51% interest in Antler Exploration which holds the Kesya Rare Earth Project via a total combined counterparty consideration and project expenditure payments amounting to US$3.05 million.
- Phase 1 commitment by Prospect is two cash payments of an aggregate of US$150,000 and US$350,000 in exploration expenditures as well as an issuance of US$500,000 worth of Prospect common shares within 30 days of the completion of Phase 1.
- Phase 2 option commitment by Prospect is a cash payment of US$150,000 and US$750,000 in exploration expenditures as well as an issuance of US$500,000 worth of Prospect common shares within 30 days of electing to proceed to Phase 2.
- The final phase commitment by Prospect is a cash payment of US$150,000 as well as an issuance of US$500,000 worth of Prospect common shares at the end of the 2 year option period which will then earn Prospect 51% of Antler Exploration.
Project Highlights:
- The Project covers a Large-Scale Exploration License Application where geological mapping and surface sampling conducted by Antler Exploration has identified a large, rare earth-element enriched carbonatite.
- Rock chip samples assayed by Antler Exploration outline very encouraging total rare earth element oxide (TREO) mineralisation contained within monazite and bastnaesite with low levels of uranium and thorium.
- The Kesya rock chip results provide highly anomalous surface values in rare earth elements with the highest grab sample to date assaying 6559 ppm (0.66%) TREO.
- The grab samples are enriched in neodymium (Nd) and praseodymium (Pr) oxides which average 29% of the TREO content and makes this a very encouraging basket distribution.
- Keysa's large amount of carbonatite outcrop allows for easy drill targeting offering prospectivity to rapidly delineate a mineral resource and make a significant new rare earth element discovery in Zambia.
- Antler Exploration along with its partner Prospect are preparing for an initial 1,500m diamond drilling program to test the subsurface expression and depth extent of the mapped and sampled rare earth element enriched carbonatite.
Christopher Drysdale, CEO of Antler commented:
"We are extremely excited to announce this agreement with Prospect. It's a testament to our commitment to strategic partnerships with highly credible organizations that share our vision for value creation. Prospect has an outstanding track record, which is demonstrated by their successful advancement of the Arcadia lithium project in Zimbabwe. This agreement represents a significant milestone for Antler Gold as it underscores our ability to identify promising mineral prospects across Africa and align ourselves with top-tier companies. Not only does this partnership enable us to leverage Prospect's industry-leading expertise, but it also establishes a solid foundation for potential future collaborations, while maintaining significant exposure to the highly promising Kesya REE project."
Prospect's Managing Director and CEO, Sam Hosack, commented:
"The Option Agreement we have struck in relation to the highly prospective Kesya REE Project in Zambia is another significant milestone, which extends our reach further into the battery and electrification mineral sector in Africa, in line with our strategic objectives. Kesya has all the ingredients of a world-class, rare earth enriched, carbonatite-hosted system, having also returned significant values of the high-value REEs, neodymium and praseodymium, over a broad surface area of the Project. Zambia is a leading jurisdiction to explore and develop mining operations in subSaharan Africa, having a long-standing history in the resources sector, particularly for copper. This includes excellent infrastructure and strong support from both the government and community, with major companies like Barrick Gold and First Quantum Minerals already calling it home. We are delighted to have reached this agreement with Antler, which is an established and respected Canadian exploration and development company focussed on its flagship Erongo and Onkoshi Gold Projects, located in central Namibia. The Kesya REE Project offers excellent potential to deliver a significant new, highvalue rare earths discovery, with defined existing drilling targets and a well-established operating environment. Subject to the satisfaction of all relevant conditions precedent, this is a high-quality greenfield exploration play for Prospect."
Introduction and deal terms:
The Kesya carbonatite was first identified in 1961 by Bailey in the Kafue district in southern Zambia. An initial mapping campaign by Antler demonstrated that it is enriched with rare earth elements and warrants further exploration and drilling.
The Option Agreement is among Prospect, Antler and a subsidiary of Antler, Antler Exploration. Subject to satisfaction of certain conditions precedent, Prospect will have the right to earn a 51% interest in Antler Exploration over a two-phased earn-in arrangement over two years for total consideration of US$3.05 million, which includes consideration payments to Antler and in-ground project expenditure.
Prospect will pay an initial non-refundable cash payment to Antler of US$50,000 on signing. Following satisfaction of the conditions precedent under Phase 1, Prospect will pay Antler a further US$100,000 in cash, and commit to spend US$350,000 on the Project within one year (subject to certain extensions permitted under the Option Agreement). Prospect will also issue to Antler US$500,000 worth of Prospect common shares at the completion of Phase 1 (the value of the common shares will be set at the price of Prospect shares at the time of signing, based on previous 10-day VWAP).
After completion of Phase 1, Prospect can elect to proceed to Phase 2 or terminate the Option Agreement (and in this case Prospect will hold no interest in Antler Exploration).
If Prospect proceeds to Phase 2, it is required to pay Antler a further US$150,000 in cash and issue US$500,000 worth of Prospect common shares (the value of the common shares will be set at the price of Prospect shares as at the time of election to proceed to Phase 2, based on previous 10-day VWAP), and it will have the right, but not the obligation, to spend a further US$750,000 on the Project within one year from completion of Phase 1 (subject to certain extensions permitted under the Option Agreement).
If Phase 2 is completed, Prospect will be entitled to exercise a call option to acquire 51% of the issued and outstanding shares of Antler Exploration. To exercise the option, Prospect must make a final payment to Antler of US$150,000 cash and issue US$500,000 worth of Prospect common shares (the value of the common shares will be set at the price of Prospect shares as at the time of the exercise of the call option, based on previous 10-day VWAP).
Prospect will consult with Antler in relation to the work program and budget but will ultimately determine and manage all exploration activities in relation to the Project.
Upon completion of the acquisition, Antler Exploration will be governed by a shareholders agreement ("Shareholders Agreement") among its shareholders. Prospect and Antler Exploration have agreed on the key terms of the Shareholder Agreement, with a full form Shareholder Agreement to be entered into in due course. Development funds for the Project are to be contributed by shareholders of Antler Exploration on a pro-rata basis. If a party does not contribute its pro rata share, its shareholding will be diluted via a prescribed formula. Neither party can be diluted below a 15% interest, from which point such interest shall be free-carried through to the completion of a JORC-Code reportable or NI 43-101 compliant Feasibility Study. The shareholder can then elect to convert its free carried interest to a 2% NSR or equivalent ("Royalty") and the other shareholder has a right but not the obligation to purchase one half of the Royalty for US$5,000,000.
Proposed Exploration Programme
There has been no historic drilling done on the Kesya carbonatite and the subsurface beneath the extent of the mapped carbonatite complex and the depth extension is yet to be tested. Antler along with Prospect is designing a preliminary 1,500 metre diamond drilling programme at the project. (Figure.1) The aim is to evaluate the continuity of the identified surface REE mineralisation to depth. The initial exploration plan will be to drill twenty (20) 75m deep holes along the carbonatite as well as its contacts with the country rock by using a heli-man portable drill rig and pending all environmental and statutory approvals.
Project Location and Background
Figure 1.) Proposed Diamond Drill hole location plan for initial 1500m drilling.
The Kesya REE Project, comprises a single, large-scale exploration license (LEL) application covering 1053.13 hectares and is located near the town of Kafue in southern Zambia in the Kafue Gorge. This license is located approximately 90 km via a tarred road traveling south of the capital city of Lusaka and has water and power infrastructure nearby. Once the LEL is granted, Antler's wholly owned Zambian subsidiary, Antler Exploration Zambia Limited will own 95% of the Kesya REE Project. The remaining 5% of the Project has local ownership.
Figure 2.) Map of the location of the Kesya carbonatite located south of the capital city Lusaka.
Project Geology
The Kesya Carbonatite intruded into gneisses of the Paleoproterozoic Basement Complex rock sequences near the intersection of the mid-Zambezi-Luangwa Rift Valley and the Kesya Rift.
The Kesya Carbonatite is divided into two major rock types: Firstly, a coarse-grained carbonatite with scattered country rock xenoliths: This carbonatite is mostly composed of coarse sövite with small amounts of chlorite. The second rock type is a carbonatite breccia, which surrounds the main intrusion.
The major minerals identified are magnetite, quartz, apatite, Fe-rich phlogopite, monazite, thorite, Ti-oxides, Fe-sulphides, calcite, ilmenite, and the REE-bearing mineral bastnaesite. Dating of apatite in samples from the carbonatite indicate that it is of Neoproterozoic age (Kesya is ca. 535±16 Ma).
Figure 3.) Map of the grab sample locations with associated TREO assay values.
The carbonatite forms a central topographic high surrounded by deeply incised valleys along its margins where weathering processes are more intense.
Field investigations by Antler, and petrological (Scanning Electron Microscope (SEM)) studies completed during 2021 demonstrated that the rare earth mineralisation at Kesya is hosted mainly in monazite (a REE phosphate mineral) and bastnaesite (a REE fluoro-carbonate mineral).
Figure 4.) View of the Kesya carbonatite (Looking towards the East from the Western edge of the Kafue Gorge)
Rare Earth Element Mineralisation
Antler Gold has completed mapping and sampling campaigns at Kesya in 2021, which involved reconnaissance work across the carbonatite complex and the collection of 51 rock chip grab samples taken on the license.
Figure 6; below shows a small selection of these rock chip grab samples along with their sample ID's O6530 (A), O6537 (B), O6514 (C) and O6551 (D).
The rock chip samples collected by Antler at Kesya proved to be strongly and consistently mineralised with REE, with an average of 1280 ppm (0.13%) Total Rare Earth Oxide (TREO) content, peaking at 6559 ppm (0.66%) TREO.
Encouragingly, these samples also show consistently high contents of neodymium- and praseodymium oxide - key primary materials in the manufacture of strong permanent magnets for powerful motors, used in such devices as large, wind turbines, increasingly utilised in the global renewable energy sector.
Neodymium and praseodymium oxides average 29% of the Total Rare Earth Oxide (TREO) content of the rock chip samples collected from Kesya (Figure 5).
Figure 5.) Pie Chart showing average grades of Individual REO's from the Kesya sampling campaign.
Figure 6.) Images of rock chip grab samples from field mapping at Kesya.
Summary of most recent grab assay results
During the mapping campaign undertaken by Antler Gold, 51 rock chip grab samples were taken from in-situ outcrop at the Kesya REE Project. Sample sizes were 1-3 kg and taken to fairly represent the lithology recorded at each sample site.
In addition to the rock chip samples, an extra 15% of QAQC materials (2 x blanks, 2 x each of CRM AMIS0185, AMIS0304, AMIS0356 and 2 x duplicate field samples) were added to the batch of samples dispatched for assaying to comply with QAQC regulations.
All samples were shipped to Namibia and prepared by crushing and milling at Activation Laboratories Ltd (ACTLABS) in Windhoek.
Pulped samples were then exported to ACTLABS in Ancaster, ON, Canada, for Code 8 - REE analysis, which is a lithium metaborate/tetraborate fusion with subsequent analysis by ICP-OES and ICP-MS.
Qualified Person
The technical and scientific information in this presentation has been reviewed and approved by Oliver Tors, B.Sc (Hons)., Exploration Manager of the Company, who is registered Professional Natural Scientist with the (SACNASP) South African Council for Natural Scientific Professions (Pr. Sci. Nat. No. 120660) who is a Qualified Person as defined by NI 43-101. Mr. Tors is an employee of Antler Gold Inc. and is not independent of the Company under NI 43-101.
About Antler Gold Inc.
Antler Gold Inc. (TSXV: ANTL) is a Canadian listed mineral exploration company focused on the acquisition and exploration of mineral projects in Africa's Top-Ranked Jurisdictions, with exposure to both gold and REE. Antler's total license position now comprises 6 projects for a total landholding of approximately 584,347 ha. The Company continues to assess new regional opportunities with the aim of building a risk diversified business model, which allows the company to generate short and long- term income whilst providing stakeholders with exposure to potential multiple returns that are generated from the discovery process.
About Prospect Resources Limited (ASX: PSC) (FSE: 5E8)
Prospect Resources Limited (ASX: PSC) (FSE:5E8) is an ASX listed company focused on the exploration and development of mining projects, specifically battery and electrification metals, in Zimbabwe and the broader sub-Saharan African region.
Cautionary Statements
This press release may contain forward-looking information, such as statements regarding the completion of the transactions subject to the Option Agreement and future plans and objectives of Antler and its subsidiary, Antler Exploration in relation to the Project. This information is based on current expectations and assumptions (including assumptions in connection with the continuance of the applicable company as a going concern and general economic and market conditions) that are subject to significant risks and uncertainties that are difficult to predict, including risks relating to the ability to satisfy the conditions to completion of the transactions contemplated by the Option Agreement. Actual results may differ materially from results suggested in any forward-looking information. Antler assumes no obligation to update forward-looking information in this release, or to update the reasons why actual results could differ from those reflected in the forward-looking information unless and until required by applicable securities laws. Additional information identifying risks and uncertainties is contained in filings made by Antler with Canadian securities regulators, copies of which are available at www.sedar.com.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information, please contact Chris Drysdale, CEO of Antler Gold Inc at +264 81 220 2439 or Daniel Whittaker, Executive Chairman of Antler Gold Inc., at (902) 488-4700.
Antler Gold
Overview
It's no secret that rare earth elements (REEs) are an incredibly hot commodity these days. Not only are they critical for multiple industries, but they also play a pivotal role in our transition to a more sustainable economy. What many don't realize, however, is that gold is also experiencing a significant upturn.
Driven by momentum from the central bank, slow ETF flows and a vigorous retail investment market, annual demand for gold has reached an 11-year high.
Antler Gold (TSXV:ANTL) intends to take full advantage of this market growth. A project generation and exploration company focused on Southern Africa, Antler's strategy is shaped around several key trends. The first, as already discussed, is the increasing demand for specialty minerals.
Antler is also focused on sustainability and on tapping into the cyclical nature of commodity markets. Its approach to generating and increasing shareholder value is unique amongst mining and exploration companies. The company focuses on attracting joint venture partners to fund what it considers to be the highest-risk phases of exploration.
In exchange for the acquisition of these new projects and opportunities Antler will receive milestone-based equity and cash payments, production royalty on each asset and equity interest in individual projects. This strategy allows the company to generate both short-term and long-term value for investors, particularly coupled with the company's aptitude for identifying and rapidly advancing early-stage, high-value potential assets.
The company plans to leverage its in-house technical capabilities for collaborative exploration throughout Southern Africa. Its end goal is to become the preferred partner for junior exploration companies and major mining firms that seek to acquire quality mineral projects whilst simultaneously unlocking the region's full potential.
Antler takes a disciplined approach to mineral property acquisitions, strategically capitalizing on low valuations and preserving capital during periods of market volatility. Through this approach, the company retains exposure to potential multiples in the event of a mineral discovery. It also thrives on a diversified portfolio, giving it even more potential to attract reputable and robust strategic partnerships.
The coming year is poised to be quite eventful for Antler, with several exciting catalysts including exploration program results, new acquisitions through project generation, advancements on existing projects, and milestones in strategic partnerships. As the company moves forward, it remains committed to delivering on these catalysts and providing the market with an ongoing news flow.
Company Highlights
- Antler Gold is a project generation and exploration company focused on discovering economically viable deposits in Southern Africa.
- The company holds several gold projects in Namibia, REE assets in Zambia and a growing strategic exploration portfolio.
- This portfolio contains multiple highly prospective tenures situated in a fertile gold belt.
- Antler's Onkoshi and Erongo gold projects are both high-quality and drill-ready with significant new discovery potential.
- The company's Kesya REE project has the potential to host a significant high-value rare earth deposit.
- Antler employs an experienced management team with a track record of significant discoveries in Africa.
- The company also displays an attractive valuation with considerable opportunity for re-rating and multiple potential catalysts from exploration activities.
- With continued growth through its unique project generation and exploration strategy, the market can expect a strong news flow that seeks to:
- Provide insights into responsible resource extraction processes and sustainable mining practices.
- Convey the value of projects that are economically viable.
- Educate the market about the importance of balancing short-term returns with long-term success.
- Foster a greater appreciation for opportunities in the mining sector.
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Strategic Project Generation in Africa's Rare Earths and Gold Market
Metals Focus: Gold to Average US$3,210 in 2025 as Central Banks Buy and Trade Tensions Grow
Metals Focus anticipates that the underlying conditions supporting gold's record run will persist through 2025, with the price expected to reach a yearly average of US$3,210, a record high.
What’s behind the shift in investor sentiment?
Up until the start of 2025, investor sentiment remained low, particularly in western markets where exchange-traded funds (ETFs) saw outflows for much of the year. It wasn’t until October, as the price of gold approached the US$2,800 mark, that ETF inflows in the US and Europe began to gain positive momentum.
Significant purchases by central banks in Asia, the Middle East, and Eastern Europe provided essential pricing support for gold behind the price gains in 2024. Overall, central banks added a record 1,086 metric tons throughout the year.
This buying was driven by countries aiming to diversify their monetary holdings away from the US dollar, as gold serves as a non-liability-bearing reserve asset. The shift in monetary policy has gained attention over the past several years, especially after Russia’s invasion of Ukraine and growing concerns over US overreach following the country’s actions to cut Russia off from the global banking system and restrict the use of the US dollar.
Investors also noted the persistent tensions between Russia and Ukraine, along with fears that the Israel–Gaza conflict could escalate into a broader regional war, which further influenced sentiment in favour of gold as a haven asset.
Geopolitics, uncertainty provide additional price support in 2025
The underlying global drivers have persisted into early 2025, accompanied by new tailwinds for the gold market.
These include the chaos caused by US trade policy, which has created a rift between the world’s largest economy and key trading partners, notably Canada, Mexico, and China. Tariffs have heightened the expectation of a trade war that could affect supply chains and future trade agreements.
The severity, permanence, and outcomes of these measures have only just begun to be felt in the market. US market data registered a slight uptick in inflation numbers for May, and the US Federal Reserve suggested that uncertainty played a role in its decision to maintain interest rates at its last meeting on May 6-7.
Policies enacted by the Trump administration since the beginning of the year have led to a slowdown in global economic growth and have even raised the spectre of a recession as the tariffs threaten to reverse global central banks’ fight against inflation.
In addition to US foreign policy, its ballooning debt continues to erode confidence in the US dollar as the global reserve currency. The current US debt sits around US$37 trillion. The Trump administration pledged to tackle growing debt by cutting government spending through new initiatives like the Department of Government Efficiency.
However, a new spending bill that would essentially extend Donald Trump’s Tax Cuts and Jobs Act would reduce federal income by US$4.5 billion, with minimal decrease in spending to offset this loss.
The overall sustainability of the US economy has raised significant concern among investors, particularly as expectations suggest that Trump’s policies will worsen the debt crisis in the US. This has led to considerable instability in US and global equity markets since the start of the year, resulting in increased inflows into gold and gold-backed securities.
Supply and demand outlook
High prices are causing significant shifts in market demand, leading Metals Focus to predict a net decline of 9 percent in 2025, with total tonnage falling to 4,246 metric tons from the 4,669 metric tons recorded in 2024.
Leading the way is jewellery, the largest demand segment, which is projected to decrease by 16 percent in 2025, dropping from 2,011 metric tons in 2024 to 1,696 metric tons, with India and China contributing the most substantial declines.
In India, a shift towards lighter weight and lower karat pieces is expected to accelerate, while in China, high prices, weak consumer sentiment, and a sluggish economy will impact demand there.
In other countries, jewellery demand is likely to be affected by high prices, low consumer confidence, and economic uncertainty.
Gold supply and demand.
Chart via Metals Focus.
Additionally, central banks are expected to slow their pace of buying, with Metals Focus suggesting an 8 percent decline to 1,000 metric tons, down from the record 1,089 metric tons purchased the previous year.
However, these declines will be offset by increases in other sectors.
Net physical demand is predicted to rise by 2 percent to 1,218 metric tons from 1,191 metric tons in 2024 as more investors will be drawn to gold to diversify their portfolios amid economic uncertainty and geopolitical tension.
The expectation is that much of the increase will be driven by Chinese investment, followed by a recovery in European markets. Conversely, the US may experience some decline as investors there seek to take profits while gold continues to trade near record-high prices.
Gold supply is projected to see modest growth in 2025, with Metals Focus forecasting a 1 percent increase to 3,694 metric tons from the 3,661 metric tons recorded in 2024. Higher output is anticipated globally, with the exceptions of Asia, Oceania, and the Commonwealth of Independent States.
A significant contributor is a 19 percent increase in North American output as Artemis Gold’s (TSXV:ARTG,OTCQX:ARGTF) Blackwater mine, B2Gold’s (TSX:BTO,NYSE:BTG) Goose Project, and Calibre Mining’s (TSX:CXB,OTCQB:CXBMF) Valentine mine come online. Similarly, Central and South America are expected to see several new mines begin operations in 2025, resulting in a 23 percent increase in regional output.
The firm expects recycling to remain stable, despite predictions that gold prices will reach record highs for the remainder of 2025.
Metals Focus attributes this stability to weak retail destocking in China, which corresponds with low demand for jewellery. In the West, recycling is anticipated to be affected by near-market stock depletion and increased exchange rates of old for new jewellery in price-sensitive markets.
Furthermore, producer debt obligations must be addressed alongside periods of high capital expenditures for certain producers, which is anticipated to result in heightened hedging activity by year-end.
Investor takeaway
Overall, Metals Focus predicts a strong year for gold prices, driven by a global macro environment characterized by trade wars, economic uncertainty, and geopolitical tensions.
While higher prices may reduce discretionary spending on gold products, investors are turning to the gold market to diversify their portfolios, further contributing to a rise in gold prices in 2024 and 2025.
However, elevated prices will likely benefit producers who have spent recent years finding operational efficiencies and offsetting cost increases from a heightened inflationary environment. This situation has led to higher margins and a healthy balance sheet in 2024, which Metals Focus believes is likely to continue into 2025.
Although exploration activities faced a global downturn in 2024, there were notable exceptions. Metals Focus noted that mining data firm Opaxe recorded a 10 percent decrease in global exploration reports in 2024. However, Canada, Australia, and the US made up 70 percent of the total updates, indicating a preference for politically stable jurisdictions.
Investors in the gold market may benefit from paying attention to these trends, as producers aim to expand mining operations or seek new deposits to replenish depleting resources.
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Securities Disclosure: I, Dean Belder, own shares of Calibre Mining.
Magmatic Closing In on Potential New Copper-Gold Porphyry Discovery at Calais
HIGHLIGHTS
- Magmatic Resources Limited (‘Magmatic’ or ‘the Company’) is pleased to provide an update on ongoing activities at our Myall Project with FMG Resources Pty Ltd (‘Fortescue’), a wholly-owned subsidiary of Fortescue Ltd (ASX:FMG) near Narromine in New South Wales. This drilling program1, organised pursuant to the Farm-in and Joint Venture Agreement signed between the Company and Fortescue in March 2024 (ASX MAG 8 March 2024), was designed to test multiple regional conceptual targets (Calais, Barina, SLR, Monaro, Sandman) based on geophysical and geochemical modelling conducted by Fortescue, as well as test and extend Magmatic’s geological model at the Corvette – Kingswood copper-gold maiden Inferred Mineral Resource Estimate2.
- A second diamond drill hole (FMD0508, 393.8 m; Table 2; Figures 1-5) was completed at the Calais prospect, following up on previously released results from FMD0504: 10.8 m at 0.39% Cu, 0.07 g/t Au (from 197 m to 207.8 m, at end of hole) within 42.8 m at 0.19% Cu, 0.03 g/t Au (from 165 m to eoh). Best assay results include;
- 11.7m at 0.59 g/t Au, 0.38% Zn, 2.9 g/t Ag, 1.8 ppm Mo, 0.05% Cu (from 138 m)
- 8 m at 0.23% Cu, 0.04 g/t Au (255m) within 26 m at 0.14 % Cu, 0.08 g/t Au (from 241m)
- 26m at 0.10 % Cu, 0.01 g/t Au (from 329m)
- The above results are within a broad magnetite-pyrite-chalcopyrite zone of 271.2m at 660ppm Cu (122.6 to 393.8m end of hole) in intensely magnetite-epidote altered diorite.
- Magmatic interpret these results to indicate that the copper and gold intercepts in FMD0504 and FMD0508 at Calais are within the wallrock of a mineralised porphyry system and the anomalous gold result in FMD0508 is potentially related to an epithermal overprint at the upper levels of a porphyry system. Further work, including drilling, is required to vector to the centre of the system. Magmatic staff and consultants are working closely with Fortescue to further understand the system and refine the geological framework of the Narromine Igneous Complex.
- FMD0508 is only the second deep hole at Calais and the controls on mineralisation are not well understood. The high-grade copper intercept in FMD0504 was not intersected in FMD0508, and so significant search space remains to be tested.
- For this drilling program, including results for FMD0501 to FMD0507 reported in March (ASX MAG 25 March 2025), 12 holes for 2,988 m were completed (FMD0501 to FMD0512, Table 1). Assay results have been received for FMD0508 (Calais) and FMD0509 (Monaro). Results for the remaining holes (FMD0510- 512 Monaro and Sandman) are pending and will be reported once results are received.
Commenting on the latest diamond drilling results from the Myall FJVA Project, Magmatic Resources’ Managing Director Mr David Richardson said:
“The gold mineralisation intersected by recent drilling at Calais has continued to open up this second exploration front within the Myall FJVA Project and intersecting a gold-copper zone at this early stage is very encouraging. We are working closely with Fortescue on a follow-up program.”
Figure1.Calais conceptual geological cross section looking north with drilling over 3D modelled magnetic isosurfaces of equal field strength with interpreted magnetite-pyrite-chalcopyrite shell
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