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CuFe Limited
Investor Insight
CuFe Limited’s multi-commodity exposure offers a compelling diversified investment opportunity into high-growth markets.
Overview
CuFe Limited (ASX:CUF) is a multi-commodity exploration and development company with interest in a number of projects situated throughout mature mining jurisdictions in Western Australia and the Northern Territory. The company's value proposition is predicated on its high-grade mature copper/gold project at Tennant Creek as well as its exposure to iron ore, gold and niobium. Its exploration portfolio includes mature copper targets at Tennant Creek and greenfield exploration ground near WA1 Resources' (ASX:WA1) recent niobium discovery.
CuFe’s Tennant Creek project hosts a mineral resource estimate of 10.35 million tons (Mt) at 1.53 percent copper and 0.92 grams per ton (g/t) gold for 159 kt copper and 302 koz gold. CuFe currently owns a 55 percent interest in over 240 kilometres of highly-prospective tenure in the Northern Territory.
The company is progressing a scoping study in collaboration with Emmerson Resources and Tennant Minerals through a strategic alliance focused on establishing a multi-user processing facility and exploring operational synergies in the Tennant Creek region.
CuFe is also evaluating the Yarram project and nearby Camp Creek tenement, both of which benefit from proximity to the Darwin port, enhancing their potential for low OPEX operations.
Company Highlights
- CuFe Limited is an ASX-listed, copper, gold, iron ore and niobium exploration and development company with a multi-commodity portfolio of assets.
- The company's assets are in mature mining regions in Western Australia and the Northern Territory, with access to extensive pre-existing infrastructure.
- CuFe's projects are highly prospective for copper (Tennant Creek, Bryah Basin), iron ore (Yarram, Camp Creek, Robertson Range), gold (North Dam, Tambourah, Nullagine) and niobium (West Arunta).
- Two of these projects have existing JORC resources: Tennant Creek (55 percent CuFe owned) and Yarram (50 percent CuFe owned).
- The company is led by a proven and experienced in-house team with expertise in identification, discovery, evaluation, deployment and operations.
Key Projects
Copper
Tennant Creek
CuFe’s Tennant Creek project is located in the highly prospective Gecko-Goanna copper-gold corridor of the Northern Territory. A mature project comprising three high-grade copper and gold mineral resources, it contains a combined JORC 2012 mineral resource of 10.35 Mt at 1.53 percent copper and 0.92 g/t gold for 159 kt copper and 302 koz gold.
The project benefits from nearby infrastructure including grid power, a gas pipeline, the Stuart highway and rail line to Darwin. The Orlando deposit was recently re-estimated, showing a significant increase of 89 percent in contained copper and 120 percent in gold.
The strategic alliance with Emmerson Resources and Tennant Minerals is currently progressing a scoping study on shared plant options, with further workstreams including mine scheduling, metallurgy, logistics and cost modelling.
Gecko and Goanna deposits are also undergoing re-evaluation to identify resource growth opportunities, with further drilling planned during the 2025 field season.
Bryah Basin JV Projects
JV tenements within Bryah Basin
Through wholly owned subsidiary Jackson Minerals, CuFe holds a 20 percent interest in approximately 800 square kilometres of highly-prospective tenements near the former DeGrussa mine and Doolgunna project. These tenements are under joint ventures and farm-ins with several partners, notably the Morck Well and Peak Hill projects. CuFe is free-carried to a decision to mine.
Gold
North Dam
Located 50 kilometres south-southeast of Coolgardie and near major gold deposits like Wattle Dam and Spargos Reward, the North Dam project is transitioning focus back to gold. Future fieldwork will include geophysical surveys and auger drilling to test gold-bearing east-west structures.
Tambourah
The 100 percent owned Tambourah Tenure contains historic gold workings and known gold-bearing quartz reefs. CuFe’s 2024 review identified potential for high-grade mineralisation, supported by historical drill data and recent sampling results up to 11.9 g/t Au. A field campaign and subsequent drilling are planned in 2025.
Niobium
West Arunta
The 100 percent owned West Arunta project consists of four tenements (E80/5925, E80/5950, E80/5990 and E80/6052) located in the highly-prospective region of the same name. The tenure is known to be prospective for carbonatite-hosted niobium and rare earth element mineralization and has IOCG potential. Spanning roughly 250 square kilometres, it is located approximately 70 kilometres north of several prominent recent discoveries by WA1 and Encounter Resources (ASX:ENR).
Total magnetic intensity (TMI) and location of target areas within E80/6052
CuFe has completed native title arrangements to commence work on the ground and this is expected to occur during the 2025 field work season for the region (April to November). In the meantime Southern Geoscience Consulting has undertaken a geophysical review of publicly available airborne magnetic data for the tenements including re-processing of said data and 3D unconstrained inversion modeling. Analysis of the total magnetic imagery revealed three anomalous areas across the package, resulting in nine target anomalies for further investigation and exploration.
Iron
Yarram
Yarram is a mature iron ore project located just 110 kilometres from Darwin Port. It hosts a high-grade DSO resource of 5.6 Mt at over 60 percent Fe, plus an additional 7.1 Mt of lower-grade ore with beneficiation potential.
Geotechnical and metallurgical studies support its suitability for lump product blast furnace feed. CuFe is investigating near-term production strategies, including low-cost strip mining of the Captain Morgan deposit.
Camp Creek
Recently granted, Camp Creek lies 5 km southwest of Yarram and shares similar logistical advantages. Exploration is planned to follow up on magnetic anomalies and historic iron ore assays that suggest potential for Yarram-style mineralisation.
Robertson Range
Located within the Bryah Basin region, this project is undergoing staged field exploration. Initial rock chip samples showed over 60 percent Fe, and the next phase includes drilling to test continuity at depth.
Management Team
Tony Sage - Executive Chairman
Tony Sage is an entrepreneur with over 36 years of experience in corporate advisory services, funds management and capital raising, predominantly within the resource sector. He is based in Western Australia and has continued to be involved in managing and financing listed mining and exploration companies with a diverse commodity base.
Sage has developed global operational experience within Europe, North and South America, Africa, Oceania, Asia and the Middle East. He is currently non-executive chairman of ASX-listed Cyclone Metals (ASX:CLE) and Executive Chairman of European Lithium (ASX:EUR) and NASDAQ listed Critical Metals (NAS:CRML).
Mark Hancock - Executive Director
Mark Hancock has over 30 years’ experience in key financial, commercial and marketing roles across a variety of industries with a strong focus on natural resources. During his 13 years at Atlas Iron Ltd, Hancock served in numerous roles including CCO, CFO, executive director and company secretary. He has also served as a director on a number of ASX listed entities and is currently a director of Centaurus Metals Ltd and Strandline Resources Ltd.
Hancock holds a Bachelor of Business (B.Bus) degree, is a Chartered Accountant (CA) and is a Fellow of the Financial Services Institute of Australia (F FIN).
David Palmer - Non-executive Director
David Palmer is a geologist and company director with more than 38 years’ experience in the global exploration industry, the majority of his career has been with Rio Tinto Exploration, focused on copper/gold, base metals, industrial minerals, uranium, iron ore,and diamonds throughout Australia and the Asia/Pacific.
Amongst other senior positions, Palmer led the business development, mineral title and indigenous engagement functions and was part of the management team that discovered the world-class Winu Cu-Au deposit. He holds a Bachelor of Science (First Class Honours) from the University of Newcastle.
Scott Meacock - Non-executive Director
Scott Meacock has a wealth of experience as external counsel acting in, and advising on, complex corporate and commercial law transactions and disputes for clients in a wide range of industry sectors including natural resources and financial services.
Meacock currently serves as the chief executive officer and general counsel of the Gold Valley Group. He holds a Bachelor of Laws (LLB) degree and a Bachelor of Commerce (BComm) degree from the University of Western Australia.
Matthew Ramsden - GM Development
Matthew Ramsden is an experienced geologist and project developer commencing his career in Tasmania before stints in the Pilbara with Rio Tinto and Atlas Iron, where he played a key role in the development and ramp-up of six iron ore mines.
He joined CuFe in 2021 to commence the JWD iron ore mine and now has oversight over the company’s exploration and development projects.
Ramsden is a member of the Australasian Institute of Geoscientists.
Siobhán Sweeney - Geology Manager
Siobhán Sweeney brings over 13 years’ geology experience to the CuFe team, from greenfields exploration to resource development with a strong focus on target generation and development of iron ore projects. During her eight years at Atlas Iron, Sweeney was instrumental in developing critical iron ore projects in the Pilbara such as Miralga Creek and Corunna Downs. Her background in managing complex and challenging exploration programs has been key to delivering successful projects.
Since joining CuFe in July 2021, Sweeney has been tasked with developing and implementing mine geology processes during the start-up phase of the JWD mine. Most recently she has delivered a successful exploration drill campaign to further define the Yarram iron ore deposit.
Sweeney is a member of the Australian Institute of Geoscientists and holds a Bachelor of Science degree (hons) in geology from the National University of Ireland Galway.
Multi-commodity exploration and development assets in Western Australia and Northern Territory with a focus on copper, gold, iron ore and niobium.
Magna Terra Discovers Copper Mineralization and Completes Airborne Geophysical Survey at the Humber Copper-Cobalt Project in Newfoundland
Magna Terra Minerals Inc. (TSXV: MTT) ("Magna Terra" or the "Company") is pleased to announce that it has discovered copper mineralization during early-stage prospecting at its 40,675-hectare, 100% owned Humber Copper-Cobalt Project (the "Humber Project" or the "Project") located in western Newfoundland (Figure 1). The discovery of copper mineralization in bedrock is located on the east end of the Hughes Lake Trend. Copper mineralization from surface rock grab samples^^ from outcrop and subcrop comprises between 0.5 to 5% combined, fracture-controlled, foliation parallel stringers and disseminated, malachite, bornite and chalcopyrite hosted within dolomitized limestone and adjacent altered clastic sedimentary and/or mafic volcanic rocks over an observed strike length of 700 metres and marks the first occurrence of copper noted on this under-explored property (Figures 1, 2, and 3). Ongoing and initial field work consisting of prospecting, geological mapping, and the collection of 1,700 soil samples is focused on following up on the Hughes Lake Trend where an 8-kilometre-long anomalous zone of copper and cobalt in soil samples** is coincident with mafic volcanic rocks of the Hughes Lake Complex and associated magnetic rocks.
All soil and rock samples collected will be submitted to Eastern Analytical Ltd. in Springdale, NL and will be analysed for gold (30 g fire assay) and multi-element geochemistry, including elements Cu, Pb, Zn, Co, and Ag (method ICP-34). Analytical results are pending and will be reported in a future news release.
The Company is also pleased to announce that it has completed the previously announced 2,377 line-kilometre ("km") airborne geophysical survey on the Project. The helicopter-borne survey consisted of a systematic, property-wide, time-domain electromagnetic ("VTEM™ Plus") and horizontal magnetic gradiometer survey and will provide the baseline geophysical data to guide geological mapping and assist in focusing exploration efforts on the discovery of Copper-Cobalt deposits. This is the first geophysical survey of this type in the area. The Company is interested in areas of geophysical anomalies coincident with anomalous copper ("Cu"), cobalt ("Co"), lead ("Pb"), silver ("Ag"), molybdenum ("Mo"), gold ("Au"), arsenic ("As"), and antimony ("Sb") lake sediment values found throughout the Project area (Figures 1 and 2).
Magna Terra would like to acknowledge and thank both the Province of Newfoundland and Labrador and the Atlantic Canada Opportunities Agency ("ACOA") for their financial assistance through Junior Exploration Assistance ("JEA") program for work on the Humber Copper-Cobalt Project.
"We are very encouraged to have discovered in-situ copper mineralization within the first few days of working on the Humber Project. This important discovery supports our concept that the Humber Project has the potential to host Sediment-hosted Stratiform Copper Deposits, and with our exploration team currently on the ground we look forward to assessing additional targets across the extensive property. With the completion of the airborne survey, we will have one of the requisite data layers upon which to base further targeting for similar style mineralization. We look forward to updating shareholders on the results of this initial work program and sincerely appreciate the financial support of the Province of Newfoundland and Labrador and ACOA through the JEA program.
"At the Humber Copper-Cobalt Project, we have assembled a rare, first-mover, district-scale project opportunity, that will continue to leverage our expertise. We are eager to demonstrate the Project's prospectivity focused on critical metal discovery and the value we believe this Project brings to our investors."
~ Lew Lawrick, President and CEO, Magna Terra Minerals Inc.
Humber Project Highlights
- Potential for discovery of significant Cu-Co deposits;
- Host to regionally anomalous Cu, Co, Ag, Pb +/- Au, Mo, As, and Sb lake sediments;
- 8+ km Hughes Lake Copper-Cobalt Trend;
- Analogous to the Kalahari Copper Belt, Namibia and Botswana; Central African Copper Belt, Zambia and the Democratic Republic of Congo (DRC); and the Kupferschiefer Belt, Poland;
- Globally, these Sediment-hosted Stratiform Copper ("SSC") deposit types represent 20% of Cu production* and 60% of Co production^;
- District-scale land package now comprising 40,675 hectares;
- Located within the premier mining jurisdiction of Newfoundland and Labrador;
- Year-round accessibility with road access to the majority of the Project;
- First mover advantage in a previously unrecognized area of exploration potential; and
- Acquired through staking - cost effective acquisition and with no underlying royalties or option payments.
About the Geophysical Survey
The helicopter-borne survey was completed by Geotech Ltd. and comprised a Versatile Time-Domain Electromagnetic (VTEM™ Plus) and horizontal magnetic gradiometer survey. The survey was flown at 200 metre spacing in a northwest trend across the strike of the underlying geology with perpendicular tie lines flown at 2 kilometre spacing.
Lake Sediment Geochemistry and Global Analogues
The Project is underlain by rocks of the sedimentary Humber Arm Allochthon and adjacent plutonic and volcanic Hughes Lake Complex, which is centred on a series of anomalous lake sediment samples (Davenport et al., 1996) that show regionally elevated levels of Co (up to 160 ppm), Ag (up to 0.6 ppm), Pb (up to 84 ppm), Cu (up to 185 ppm), As (up to 142 ppm), Mo (up to 15 ppm), and Au (up to 10 ppb). An analysis of the lake sediment geochemical data via Principal Component Analysis has indicated that the metal suite present within the Project area is likely related to a black shale source, as many of the anomalous lake sediments have low-Ni values which precludes association with the nearby ophiolite complexes to the immediate west.
This metal signature (Cu, Co, Ag, Pb +/- Au, Mo, As, Sb) and geological environment is supportive of the area being host to SSC deposits. SSC deposits host 60% of global Cobalt production^ and 20% of global Copper production* in deposits such as the Central African Copper Belt, which is thought to be analogous to the geological setting of the Humber Copper-Cobalt Project. SSC deposits are often laterally continuous along bedding and contain consistent grades (1.2 to 5% Cu)* and large resources of by-product Au, U, platinum-group, and rare-earth elements. The exploration potential is also underscored by the presence of base metal deposits nearby including the York Harbour and Daniels Harbour Deposits located at lower stratigraphic levels of the region.
Figure 1: A map showing the Humber Project with underlying geology of the Humber Arm Allochthon, coincident anomalous Cu (ppm) lake sediment samples and location of the recently staked Hughes Lake Block.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/11586/259089_270eb151d4c83a9d_002full.jpg
Figure 2: A map showing the geology, lake sediment samples (Cu-ppm) and reconnaissance soil samples** (Cu-ppm) and location of recent copper discovery along the 8-kilometre long Hughes Lake mafic volcanics, Humber Project.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/11586/259089_270eb151d4c83a9d_003full.jpg
Figure 3: Field photographs of representative rock samples displaying fracture and foliation parallel stringer malachite, bornite and chalcopyrite mineralization hosted within dolomitized limestone along the Hughes Lake Trend, Humber Project.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/11586/259089_270eb151d4c83a9d_004full.jpg
Qualified Person and Technical Disclosure
This news release has been reviewed and approved by David A. Copeland, P.Geo., a non-independent consultant to the Company and a "Qualified Person" as defined under National Instrument 43-101 - Standard for Disclosure for Mineral Projects.
All quoted soil and lake sediment samples results were compiled from historic assessment and government reports obtained from the government of Newfoundland and Labrador. The Qualified Person has not completed sufficient work to validate these historic results.
^^Grab samples are selective by nature and may not represent the true metal content of the mineralized zone.
^Petavratzi, E, Gunn, G, Kresse, C. (2019). Commodity review: Cobalt. British Geological Survey.
**(Galloper Gold Corp.; Fage, 2022)
About Magna Terra
Magna Terra Minerals Inc. is a precious and critical metals focused exploration company, headquartered in Toronto, Canada. Magna Terra is focused on acquiring and advancing its high-potential mineral projects in Atlantic Canada and Argentina while generating value for shareholders and minimizing shareholder dilution through option and joint venture partnerships where appropriate; leveraging our ability to explore, grow, and transact projects. The Company is focused on exploring our 100%-owned Humber Copper-Cobalt Project in Newfoundland and Labrador; our 100% owned Rocky Brook Gold and Critical Metals Project in the historic Bathurst Mining Camp of New Brunswick; and our 100%-owned Cape Spencer Gold Project in New Brunswick. In addition, the Company has optioned the Great Northern Project in Newfoundland to Gold Hunter Resources Inc. ("Gold Hunter") for total cash and share consideration of $9.5 million over a 2-year period, and currently holds an approximate 28.9% equity interest in Gold Hunter. Further, the Company maintains a significant exploration portfolio in the province of Santa Cruz, Argentina which includes its large 100% owned Boleadora Project recently retained from Newmont Corp.; a precious metals discovery on its Luna Roja Project proximal to Cerrado Gold's operating Don Nicholas Project infrastructure, as well as several additional district scale drill ready projects available for purchase or option/joint venture.
Forward-Looking Statements
Neither the 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.
Cautionary Statements Regarding Forward-Looking Information
This news release contains forward-looking statements and forward-looking information (collectively, "forward-looking statements") within the meaning of applicable Canadian legislation. All statements in this news release that are not purely historical are forward-looking statements and include statements regarding beliefs, plans, expectations and orientations regarding the future including, without limitation, the ability of the Company to file a report that complies with National Instrument 43-101. Although the Company believes that such statements are reasonable and reflect expectations of future developments and other factors which management believes to be reasonable and relevant, the Company can give no assurance that such expectations will prove to be correct. Forward-looking statements are typically identified by words such as: "believes", "expects", "anticipates", "intends", "estimates", "plans", "may", "should", "would", "will", "potential", "scheduled" or variations of such words and phrases and similar expressions, which, by their nature, refer to future events or results that may, could, would, might or will occur or be taken or achieved. In making the forward-looking statements in this news release, the Company has applied several material assumptions, including without limitation, and the ability of the author of the Technical Reports to finalize same.
Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to differ materially from any future results, performance or achievements expressed or implied by the forward-looking information. Such risks and other factors include the inability of the Company to execute its proposed business plans and carry out planned future activities. Other factors may also adversely affect the future results or performance of the Company, including general economic, market or business conditions, future prices of gold, changes in the financial markets and in the demand for precious metals, changes in laws, regulations and policies affecting the mineral exploration industry, and the Company's investment and operation in the mineral exploration sector, as well as the risks and uncertainties which are more fully described in the Company's annual and quarterly management's discussion and analysis and in other filings made by the Company with Canadian securities regulatory authorities under the Company's SEDAR+ profile at www.sedarplus.ca. Readers are cautioned that forward-looking statements are not guarantees of future performance or events and, accordingly, are cautioned not to put undue reliance on forward-looking statements due to the inherent uncertainty of such statements.
These forward-looking statements are made as of the date of this news release and, unless required by applicable law, the Company assumes no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those projected in these forward-looking statements.
FOR FURTHER INFORMATION, PLEASE CONTACT:
Magna Terra Minerals Inc.
Lewis Lawrick
President and CEO, Director
647-478-5307
Email: info@magnaterraminerals.com
Website: www.magnaterraminerals.com
CuFe Limited Investor Kit
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