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Ashburton Mineralisation Expands as Project Delivers Wide and High-Grade Uranium Drill Results
Piche Resources Limited (ASX: PR2) (“Piche” or the “Company”) is pleased to announce drilling results from a further eight holes at its Ashburton uranium project in Western Australia. Results to date highlight the potential for both high grade and broad zones of uranium mineralisation.
HIGHLIGHTS
- ADD003 has delivered the widest intersection recorded to date with a 39m intersection immediately above the Proterozoic unconformity.
- Equivalent U3O8 concentration from recent drillholes include:
ADD003 39.28m @ 553 ppm eU3O8 from 124.12m
incl 1.28m @ 1,460 ppm eU3O8 from 125.46m and 0.84m @ 1,184 ppm eU3O8 from 151.54m and 2.42m @ 2,681 ppm eU3O8 from 155.10m and 1.90m @ 2,215 ppm eU3O8 from 161.40m
ARC0083.86m @ 720 ppm eU3O8 from 137.36m
ARCD0056.50m @ 639 ppm eU3O8 from 115.23m
incl 3.02m @ 930 ppm eU3O8 from 115.23m
ADD00510.48m @ 1412 ppm eU3O8 from 114.30m
incl 2.04m @ 3508 ppm eU3O8 from 115.72m and 0.50m @ 2911 ppm eU3O8 from 119.28m
4.08m @ 2075 ppm eU3O8 from 141.94m incl 2.04m @ 2875 ppm eU3O8 from 142.10m
1.04m @ 1918 ppm eU3O8 from 145.80m
1.04m @ 1103 ppm eU3O8 from 148.44m
- Analyses of the drill core has
1. demonstrated a northwest structural control on mineralisation
2. mineralisation along the unconformity and
3. within the overlying sandstone and the basement.
The combined reverse circulation and diamond drilling programme has exceeded the Company’s expectations, having met its original aims of confirming historical results, testing the potential northwest structural control of mineralisation, and expanding the known uranium mineralised envelope.
Results from the drilling are included in Table 1 with the drill hole details in Table 2. In total, 1,776m of reverse circulation drilling and 1,147m of diamond drilling have been completed for a total of 18 holes.
Drilling at Angelo A has confirmed the continuity of mineralisation, identified a steeply dipping mineralised structure and highlighted the undulating nature of the Proterozoic unconformity (Figure 1). A potential northwest trending structure containing uranium mineralisation was intersected between ARC004 and ARC006.
Evidence of a mineralised northwest oriented structure was encountered in ADD001, located over 1km to the northwest of Angelo A. Structural logging of this hole highlighted a shallow dipping (35 degrees) mineralised structural trending to the northwest.
The drilling programme has also confirmed historical drill results from over 40 years ago.
Figure 1: Simplified Long Section C’ of Angelo A highlighting the flat lying nature of uranium mineralisation, with steeply dipping structures between ARC004 and ARC006.
Diamond drill hole ADD003 identified 39.28 metres of uranium mineralisation (Figure 2), highlighting the potential to expand the area of mineralisation at both the Angelo A & B prospects, and along strike to the northwest and southeast.
Additionally, high grade uranium results may represent steeply dipping zones intersecting the flatter lying unconformity hosted mineralisation. The zone of uranium mineralisation in Section A’ is exceeds 100m wide and varies in thickness up to 39m. Mineralisation is continuous along strike with further drilling required to determine it’s extent and continuity.
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This article includes content from Piche 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.
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Piche Resources
Investor Insight
With high-quality, drill-ready assets, with world-class discovery potential, Piche Resources is a compelling business case for investors looking to leverage a bull market for uranium and gold.
Overview
Piche Resources (ASX:PR2) holds a portfolio of drill-ready uranium and gold assets in Argentina and Australia. These projects include: the Ashburton uranium project in Western Australia’s prolific Pilbara region; the Sierra Cuadrada uranium project in the San Jorge Basin in Argentina; and the Cerro Chacon gold project which shares geological similarities with the Cerro Negro mine in Argentina. Exploration work at these assets indicate their potential to become world-class projects.
Piche has an internationally recognized board focused on creating long-term shareholder value, and an in-country technical team in Argentina with a proven track record of taking projects from discovery through to development.
Company Highlights
- The company’s Australian asset is the Ashburton uranium project which has been drilled previously and recorded high-grade uranium intersections over significant widths.
- In Argentina, the company’s Sierra Cuadrada uranium project in the San Jorge Basin has a significant history of high-grade, near-surface uranium mining operations.
- Drilling at one of the prospects at Sierra Cuadrada has shown visible uranium in numerous holes. Multiple other prospects are drill-ready and have the potential to host tier 1 uranium deposits.
- Exposure to gold with high-quality precious metal projects in Argentina that boast surface outcrop samples with gold grade up to 13 g/t gold.
- Internationally renowned board and management team with extensive uranium and gold exploration and development experience.
Key Projects
Uranium: Ashburton Project, Australia
The Ashburton uranium project comprises three exploration licences across a 122 sq kmland package in the Pilbara region of Western Australia, 1,150 km north of Perth. The company has highlighted uranium mineralization across 65 km of strike comprising 14 historic uranium occurrences, with a high-grade zone extending over several kilometres. Of particular interest is the Angelo River prospects that are believed to be part of a larger mineralized uranium system. Historic exploration by Pancontinental (62 holes) highlighted 71 intercepts with grades greater than 500 ppm U3O8 approximating a grade of 1.1 lbs of U3O8 per tonne. High-grade drilling results from the prospect include 10.5 m at 4,380 ppm U3O8 (AR1004) and 9 m at 3,490 ppm U3O8 (AR1009). The potential deposit is open along strike and at depth.
The Ashburton uranium project has the potential to host uranium mineral deposits similar to the Pine Creek Geosyncline in Australia’s Northern Territory, and the Athabasca Basin in Saskatchewan, Canada. Drilling has commenced at the project with the intention to confirm results from previous exploration and to explore extensions to previously identified mineralization.
Three prospects at Ashburton provide organic upside from exploration. The Atlantis prospect includes high-grade historic drilling results of 5.5 m at 0.62 percent U3O8 and 2.2 m at 0.71 percent U3O8 with rock chip samples of up to 37 percent U3O8. The NDG prospect boasts numerous high-grade rock chip samples of 3.03 percent, 0.71 percent and 0.67 percent U3O8 associated with surface uranium radiometric anomalies. Lastly, the Canyon Creek prospect boasts rock chip samples of 1 percent U3O8 that are also associated with surface uranium radiometric and tempest EM anomalies.
Uranium: Sierra Cuadrada, Argentina
The Sierra Cuadrada project is located in the San Jorge Basin and spans 1,300 sq km, 200 km north of Comodoro Rivadavia. The project is flat lying, with visible uranium assays of >3,000 U3O8 or 6.6 lbs per tonne. The mineralization occurs at varying stratigraphic layers and remains open at depth. There is potential for numerous continuous zones up to 30 km wide and 40 km long. Mineralization is open along strike NW and SW and downdip. Further work will include delineating the deposit with shallow drilling and trenching that Pinche boasts can be done at very low cost.The Argentine National Atomic Energy Commission explored for uranium across Argentina from the mid 1950s resulting in thousands of anomalies and eight developed mining operations. In the Chubut province radiometric and EM surveys have been identified across two large Cretaceous paleochannels in the San Jorge Basin which extend for over 200 km N-S and 30 to 60 km E-W. Three high grade deposits highlighting the development potential of the area include: 1) the Cerro Condor 2) the Los Adobes, and 3) Cerro Solo mining operations. Cerro Condor and Los Adobes are both past-producing operations with grades of 6,000 ppm U3O8 and 1,400 U3O8 found in outcrop, respectively.
Gold: Cerro Chacon, Argentina
The Cerro Chacon gold project is located 10 km south of Paso de Indios, in the Chubut Province of Argentina. The land tenement spans 365 sq km of prospective precious metals occurrences. Structural mapping and geochemical sampling at the Chacon Grid identified mineralized systems consistent with surface signatures at the Cerro Negro Mine that boasts a contained metal inventory of 5.8 Moz of gold and 50 Moz of silver.
Geophysics work at Cerro Chacon has highlighted targets with significant similarities to Cerro Negro. Additionally, mineralization is hosted in low-sulphidation epithermal vein systems that are associated with argillic alteration and are commonly 8 to 15 m in width. Multiple occurrences beyond 13 g/t gold have been recorded in veins and have been demonstrated to continue at depth. Near-term work will include detailed mapping and sampling, extending the geophysical survey to cover up to 6 km of known vein systems, and preparing pads for drilling.
Management Team
John (Gus) Simpson – Executive Chairman
John Simpson has over 37 years’ experience in mineral exploration, development and mining. He has extensive experience across equity capital markets and corporate governance, and was previously the executive chairman/founder at Peninsula Energy Limited (ASX:PEN), a USA uranium producer.
Stephen Mann – Managing Director
Stephen Mann is a geologist with over 40 years’ experience in the exploration, discovery and development of mining projects, including 20 years in the uranium sector. He was previously the Australian managing director of Orano, the world’s third largest uranium producer.
Pablo Marcet –Executive Director
Pablo Marcet is a senior geoscientist with 38 years of experience in the exploration, discovery and development of mineral deposits. He is currently an independent director of lithium producer Arcadium Lithium (NYSE:ALTM) and was previously a director of Barrick Gold (NYSE:GOLD) and U3O8 (TSX:U3O8)
Clark Beyer – Non-executive Director
Clark Beyer is an internationally recognised nuclear industry executive with over 35 years’ experience. He was previously the managing director of Rio Tinto Uranium Limited and is currently principal of Global Fuel Solutions LLC, which provides strategic consulting to the international uranium and nuclear fuels market.
Stanley Macdonald – Non-executive Director
Stanley Macdonald is a nationally recognised mining entrepreneur who has been a founding director and instrumental in the success of numerous ASX listed companies, such as Giralia Resources, Northern Star and Redhill Iron. He is currently a director of Zenith Minerals.
Geophysical Data and Field Reconnaissance Greatly Enhance Exploration Potential at Cerro Chacon
Piche Resources Limited (ASX: PR2) (“Piche” or the “Company”), is pleased to announce the completion of ground magnetic and induced polarisation (IP)/resistivity surveys over the La Javiela prospect on its Cerro Chacon project in the Chubut Province of Argentina (Figure 1). The surveys interpretation was undertaken by Southern Geoscience in Perth, Western Australia and has identified five additional high priority targets.
HIGHLIGHTS
- Detailed magnetic and IP/resistivity surveys at the Chacon Grid and La Javiela prospects at Piche’s Cerro Chacon project have identified multiple high priority targets in complex fault arrays that typically host high grade Au/Ag mineralisation.
- Interpretation of La Javiela survey data has identified five high priority drill targets.
- Southern Argentina contains numerous large, high-grade Au/Ag deposits located in Jurassic aged volcanics. Mineralisation is typically focused in structurally complex areas, particularly at the intersections of north-south faults and secondary east- west, northeast or northwest striking faults.
- Piche’s Cerro Chacon project area hosts several occurrences of gold/silver and pathfinder geochemistry with coincident structural and geophysical anomalies which typically reflect deposition of significant mineralisation in southern Argentina.
- The extent of the surface expression, the corresponding geophysical signatures, geochemistry and structural regime has led Piche to believe that the two prospects may be part of a mineralised structural corridor up to 10km in length.
- The Cerro Chacon project represents one of Argentina’s unexplored gold-rich mineralised systems, offering tremendous untapped potential and synergies with several of the large precious metal mines in the region.
Figure 1: Geophysical interpretation has identified five high priority targets.
This survey complements the previous magnetic and IP/resistivity surveys completed over the Chacon grid, some 5km to the north-west. Both surveys highlight the strong structural controls, the intense alteration, and the coincident geophysical signatures.
Previously the Chacon Grid had been mapped and sampled over a strike length of two kilometres, but recent reconnaissance has indicated the structure may extend for a strike length of up to six kilometres. It is expected that further mapping, geochemistry, geophysics and drilling along strike and between both the Chacon Grid and the La Javiela vein systems will highlight a mineralised structural corridor up to 10km in length.
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This article includes content from Piche 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.
Piche Resources: Targeting Globally Significant Uranium and Gold Discoveries in Australia and Argentina
With high-quality, drill-ready assets, with world-class discovery potential, Piche Resources (ASX:PR2) is a compelling business case for investors looking to leverage a bull market for uranium and gold. The company holds a portfolio of drill-ready uranium and gold assets in Argentina and Australia which include the Ashburton uranium project in the Pilbara region; the Sierra Cuadrada uranium project in Argentina; and the Cerro Chacon gold project which shares geological similarities with the Cerro Negro mine.
The Ashburton uranium project comprises three exploration licences and has the potential to host uranium mineral deposits similar to the Pine Creek Geosyncline in Australia’s Northern Territory, and the Athabasca Basin in Saskatchewan, Canada.
iche has an internationally recognized board focused on creating long-term shareholder value, and an in-country technical team in Argentina with a proven track record of taking projects from discovery through to development.
Company Highlights
- The company’s Australian asset is the Ashburton uranium project which has been drilled previously and recorded high-grade uranium intersections over significant widths.
- In Argentina, the company’s Sierra Cuadrada uranium project in the San Jorge Basin has a significant history of high-grade, near-surface uranium mining operations.
- The company is currently drilling one of its prospects at Sierra Cuadrada and has announced visible uranium in numerous holes. Multiple other prospects are drill-ready and have the potential to host tier 1 uranium deposits.
- Exposure to gold with high-quality precious metal projects in Argentina that boast surface outcrop samples with gold grade up to 13 g/t gold.
- Internationally renowned board and management team with extensive uranium and gold exploration and development experience.
This Piche Resources profile is part of a paid investor education campaign.*
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Quarterly Activities Report for Period Ended 30 September 2024 and Appendix 5B
Copper production and Metallurgical Test Results
Tartana Minerals Limited (ASX: TAT) (the Company), is pleased to announce it had achieved a strong quarter with higher production levels providing revenue in excess of A$1 million for the quarter. Production has continued during October with the production of more than 135 tonnes and we are targeting at least two shipments by month end.
Highlights:
- Sales revenue increasing: cash receipts of US$725K (A$1,039k) on sales of 295 tonnes of copper sulphate pentahydrate during the quarter.
- Tartana D15 assays confirm board zones of copper mineralisation including 76 m @ 0.60% Cu, 178 m @ 0.40% Cu or 221 m @ 0.35% Cu, - all from 31 m depth downhole.
- Excellent flotation copper recoveries (89%) from whole ore to saleable copper concentrate grading 21 % w/w Cu when testing a sample that was below the resource grade average.
- Bulk sample ore sorting results indicate that using this process will result in a 72% grade increase and recover 71% of the contained copper.
- New EPM 29119 application (Caldera Rim) east of Tartana mine site and complementing the recent Bottle Bird application (EPM 29067) near the Company’s Nightflower Silver project.
- Potential merger with Queensland Strategic Metals Pty Ltd to provide exploration tenure with exposure to critical and strategic metals (tin, tungsten, antimony) including two new copper projects.
With the positive results the Company is completing a Scoping Study incorporating options to potentially use nearby plants and/or develop a large scale plant at the Tartana mine site and which is separate from the existing copper sulphate pentahydrate production facility.
Our exploration activities are progressing as we establish a significant presence in Far North Queensland. We have recently lodged two new EPM applications (Bottle Bird and Caldera) in areas east of Tartana and which are The Company has proposed a merger with Queensland Strategic Metals Pty Ltd which requires shareholder approval. This entity has portfolio of exploration tenements covering tin, tungsten, antimony and copper prospects which will complement Tartana Mineral’s existing exploration portfolio. In particular, it holds a group of tenements on the southern part of this caldera chain which covers the tin fields including areas which have been held tightly for decades. These tenements abut Tartana Mineral’s own Emuford application, and which provides the Company with a dominant position in this prospective region.
A key prospect is Daisy Bell which rises above the surrounding plain and hosts tin, tungsten and copper mineralisation which appears continuous along strike for more than one kilometre. Elsewhere, the Ortona project south of Georgetown has high grade copper at surface in a series of parallel veins with nickel and cobalt mineralisation present in some of the more easterly veins (see ASX release dated 18 October 2024).
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This article includes content from Tartana Minerals 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.
Quarterly Activities Report for the Period Ended 30 September 2024
HIGHLIGHTS FOR QUARTER
- Vertex has identified major benefits for utilising pre-concentration technology at its Reward high grade gold mine.
- Ore sorting pre-concentration test work was initiated with leading ore sorting provider TOMRA with outstanding results.
- 94kg of sample from the low-grade stockpile at Reward Gold Mine (Reward) was sorted. The following results were reported1;
- Head grade to Sorter weighted average grade (WAG) = 3.70 g/t gold,
- Ore grade WAG after sorting = 16.22g/t gold (337.20% increase on grade),
- Ore/waste split after sorting = 1G.31kgs Ore vs 74.54kgs Waste (7G% mass reduction),
- Gold lost to waste fraction = 0.03grams (>G0% efficiency)
- Refurbishment of the plant is well underway, and Vertex anticipates that the plant will be re-installed at Hill End later this year. The Company anticipates production will commence in January 2025
- Vertex acquired a Boart Longyear LM90 underground drill rig to advance exploration at the Reward gold mine below the existing resource
ORE SORTER TEST WORK AND IMPLEMENTATION INTO THE HILL END GRAVITY PLANT
- Pre-concentration technology initiated at the Hill End Gravity Plant to separate high- grade ore from waste before it enters the processing plant.
- By processing only high-grade ore, energy consumption can be reduced, water consumption will be halved leading to lower operating costs and reduction of the carbon footprint.
- The small sorting unit will be simply incorporated in the existing plant being refurbished by Gekko
- Previous scoping test results from TOMRA suggested that the Greywacke country rock can be efficiently and effectively separated from the high-grade quartz carrying the gold leading to significant head grade uplift and reduced material to be processed.
Test Results
- 94kg of sample from the low-grade stockpile at Reward Gold Mine (Reward) was sorted. The following results are reported;
- Head grade to Sorter weighted average grade (WAG) = 3.70 g/t gold,
- Ore grade WAG after sorting = 16.22g/t gold (337.20% increase on grade),
- Ore/waste split after sorting = 19.31kgs Ore vs 74.54kgs Waste (79% mass reduction),
- Gold lost to waste fraction = 0.03grams (>90% efficiency)
Refer to VTX ASX Announcement 26th July 2024
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This article includes content from Vertex 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.
Ǫuarterly Activity Report 30 September 2024
Emu NL (ASX: EMU or the Company) is pleased to report on its activities for the quarter ending 30 September 2024. Throughout the quarter, EMU continued to advance its exploration programme at the Yataga Copper Project at Georgetown, in North Ǫueensland.
Highlights
- Updated geological modelling with multiple intra-pluton porphyry copper centres close to surface identified from surface geochemical surveys within the Yataga Copper Project
- Porphyry centres concentrated along a structural belt have been identified as analogous to the Highland Valley Copper Mine, where a series of porphyry copper deposits host Canada’s largest open pit copper mine (production of >130kt in 2021)
- Termite mound sampling programmes have identified a combined area of 8km2 of copper-in- soil anomalism with significant potential for expansion
- 220-line km airborne electromagnetic survey complete with results pending
- 20+-line km ground based Pole-Dipole Induced Polarisation (PDIP) and Magnetotelluric (MT) Survey underway
- Geochemistry and geophysics programme results will feed into upcoming optimised drilling program planned for early 2025
- Acclaimed ǪLD geologist, Dr Gregg Morrison appointed as Technical Advisor to the Project
- $1.5M Placement underway through issue of 61M fully paid ordinary shares at $0.025 per share to sophisticated and professional investors
Located within the Georgetown mining district, EMU’s Georgetown tenements cover a richly endowed but under-explored area of Far North Ǫueensland with a history of significant mining activity and mineral discoveries.
EMU is earning an 80% interest in 3 exploration permits for minerals (EPM’s), covering 850km2 in the Georgetown mining district, Ǫueensland, under a Heads of Agreement and Joint Venture Agreement with Rugby Resources Ltd (TSXV:RUG). The district has a substantial mineral endowment with more than 1,000 mines, prospects and identified mineral occurrences.1
Figure 1. Georgetown Tenements Location
Definitions and Nomenclature
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This article includes content from EMU NL, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Quarterly Activities Report for the Period Ending 30 September 2024
Piche Resources Limited (ASX: PR2) (“Piche” or the “Company”), holds an extensive tenement portfolio in Australia and Argentina with the focus being uranium and gold. In Western Australia, the Company has commenced drilling on its Proterozoic unconformity style uranium project, whilst in Argentina, field programmes are well underway on the Sierra Cuadrada sandstone hosted uranium project and the Cerro Chacon low sulphidation epithermal gold project (Figure 1).
Key Highlights
- Reverse Circulation drilling commenced on the Ashburton Proterozoic unconformity uranium project in Western Australia. 7 drill holes were completed in the September Quarter for a total advance of 1028m.
- Equivalent U3O8 concentrations from this phase of Ashburton reverse circulation drilling have been calculated from downhole gamma surveys, and include:
- ARC001 6.98m @ 1,617 ppm eU3O8 from 101.84 meters
- ARC002 4.36m @ 2,205 ppm eU3O8 from 109.89 meters
- ARC003 3.96m @ 1,516 ppm eU3O8 from 86.89 meters
- ARC004 6.02m @ 801 ppm eU3O8 from 83.55 meters
- ARC006 3.45m @ 5,129 ppm eU3O8 from 137.62 meters incl 0.34m @ 16,050 ppm eU3O8 from 139.11 meters
- ARC007 1.30m @ 503ppm eU3O8 from 123.37 meters
- Drilling on the Ashburton Project is ongoing with RC and Diamond drilling during the December Quarter
- Two geophysical surveys (IP and magnetics) have been completed at Cerro Chacon in Argentina and the Company is awaiting the final interpretation.
- Auger drilling at Sierra Cuadrada highlights extensive areas of near surface uranium mineralisation: the largest being 6km long and 3km wide and remains open.
- Mineralisation varies in thickness from 0.5m to 4m, with an average thickness 1.5m.
- Multiple areas are being evaluated to identifying priority areas for follow up trenching, mapping and determination.
- An additional 39 tenement applications for uranium exploration have been lodged in Argentina totalling 1785km2. Tenements are located in the provinces of Rio Negro and Chubut. Tenements are prospective for sandstone hosted uranium mineralisation and include both hard rock and in-situ recovery targets.
- The Company has established an experienced in country team with the appointment of country manager, project managers and geologists for both gold and uranium.
Figure 1: Locality maps highlighting Piche’s Australian Projects in Western Australia and its Argentinean
Australia – Uranium - Ashburton Project
A reverse circulation drilling programme commenced on the Ashburton uranium project during the September Quarter. A total of 7 drill holes were completed during the quarter for a total advance of 1028m. The reverse circulation drilling is ongoing, and a diamond drilling programme will also commence early in the December Quarter.
The September Quarter drilling programme was undertaken at, and along strike of the Angelo A prospect where no exploration activities have been carried out in the last 40 years. The drilling programme was planned to confirm the results from previous exploration by drilling several twin holes, to test a revised model for the control of the uranium mineralisation and explore for extensions to the mineralisation identified between 1973 and 1984.
Results from the first seven reverse circulation drill holes completed have been received and six of those have returned significant high grade uranium mineralisation.
Drilling is targeting Proterozoic unconformity style uranium mineralisation, similar to that seen in two of the most significant uranium jurisdictions in the world: the Pine Creek Geosyncline in Australia and the Athabasca Basin in Canada.
Drilling was preceded by a detailed heritage clearance survey.
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This article includes content from Piche 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.
September 2024 Quarterly Activities Report
Manuka Resources Limited (“Manuka” or the “Company”) is pleased to provide the following report on its activities during the quarter ending 30 September 2024.
Highlights
During the Quarter
- Priority focus was directed towards progressing the installation of a processing and gold doré production facility on-site at Manuka’s 100% owned Mt Boppy gold project (Mt Boppy).
- An updated production plan for Mt Boppy was released on the ASX on 30 September 2024 highlighting increases in forecast recovered gold ounces and EBITDA.
- On 20 September 2024, the Company announced that it had secured an extension in the repayment of its debt facility to its Hong Kong based lender.
- Manuka mandated Proactive Mining Solutions to complete pit optimisations at Wonawinta fundamental to the Company bringing out its Maiden Silver Reserve (which was released on the ASX on 29 October 2024).
- The Company’s wholly owned subsidiary, Trans-Tasman Resources Limited’s (TTR), now has its world-class Taranaki VTM Iron Sands Project included as a Listed Project within New Zealand’s Fast Track Consenting Bill. The ‘one-stop- shop’ legislation is proposed to streamline government decision making and major project approvals process to facilitate the delivery of projects with significant regional or national benefits.
- In May 2024 the NZ Minister for Resources launched a “Draft Minerals Strategy for New Zealand to 2040”1, in August the Ministry of Business, Innovation & Employment (MBIE) released its commissioned GNS Science Report on the Mineral Potential of New Zealand and in September the Wood Mackenzie draft Critical Minerals List was released. These MBIE reports provide the government with the key information on the potential to develop major natural resource projects in New Zealand.
- NZ’s government identifies the minerals sector as a big opportunity to double the sector’s export value to over $2 billion over 10 years. One of the key new mineral opportunities identified in the MBIE Strategy are the offshore deposits of iron sands, containing vanadium and titanium in the South Taranaki Bight, 100% controlled by TTR.
Post Quarter End
- On 6 October 2024 the Taranaki VTM Project was included in Schedule 2 of the Fast Track Approvals Bill released by the New Zealand government. Schedule 2 projects are considered to meet the Bill’s purpose, are of regional or national significance and will now be considered by an Expert Panel to set conditions and final environmental approvals.
- Following the Environment Select Committee review, the revised Fast Track Approvals Bill was reported back to Parliament on 18 October 2024. The Bill is now due for its second reading in early November 2024 and enacted into law before the end of the year.
- On 29 October 2024, the Company released the Wonawinta Maiden Silver Ore Reserve under Manuka ownership, comprising 4.8Mt at 53.8g/t Ag containing 8.4Moz of silver
Dennis Karp, Manuka’s Executive Chairman, commented:
The Company continues to focus on the installation of a plant at its 100% owned Mt Boppy gold project and bringing the project into production. To date plant feed for processing has been trucked to our Wonawinta plant, which is a little over 150km away. Haulage savings (currently it costs $30/t to truck from Mt Boppy to Wonawinta) and general cost benefits arising from on-site processing, makes the economic justification for this decision clear cut.
Our recently released Maiden Silver Ore Reserve for our 100% owned Wonawinta silver project essentially provides additional precious metals optionality to the Company. Furthermore, it opens up the potential of adding a second revenue stream during 2025, further increasing our exposure to precious metals. Manuka is clear in its plans on initially bringing the Mt Boppy gold project back into production and only once steady state production is achieved, will the Company then continue with the restart of the Wonawinta silver project (subject to updated commercial modelling and silver price sentiment).
Manuka Resources is the holder of granted mining leases on three separate projects – our two Cobar Basin precious metals projects as well as our New Zealand domiciled VTM project. This is quite unusual for a company of our size and presents us with an enormous opportunity. We have a clear vision focused on achieving profitable gold and silver production from what will be two separate plants, while reducing our external debt obligations and simultaneously laying the platform for fully funded exploration and resource expansion. We also look forward to the NZ government passing the fast-track consenting approvals legislation by the end of the year with great anticipation and optimism. Our Taranaki VTM Project has been selected as a listed mining project of national significance to be considered for approval under the legislation when passed. The ongoing public statements from the National-led coalition government are very positive towards finally clearing the consenting pathway which to date has restricted our 100% owned world class vanadium rich iron sands project from getting into production.”
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This article includes content from Manuka Resources 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.
Antilles Gold Quarterly Report & Appendix 5B – 30 September 2024
DEVELOPMENT OPPORTUNITIES IN MINERAL RICH CUBA
Antilles Gold is participating in the development of two mines in Cuba to produce copper, gold, silver, and antimony, and in the exploration of potentially large porphyry copper properties, through a 50:50 joint venture with the Government’s mining company, GeoMinera.
The joint venture intends to fund the copper exploration from surplus cash flow expected to be generated by the near-term development of the proposed Nueva Sabana copper-gold mine.
- JOINT VENTURE
Minera La Victoria SA (“MLV”) was registered as a Cuban foreign joint venture mining company in August 2020 to develop the Country’s largest known gold deposit at La Demajagua on the Isle of Youth off the south-west coast.
MLV has since committed to progressively establishing itself as a broadly based mining company to develop previously explored mineral deposits controlled by GeoMinera. To date, the Nueva Sabana project and four concessions hosting porphyry copper prospects have been added to its portfolio.
Features of the Joint Venture include:
- A foreign Bank account will hold all proceeds from loans, and product sales, with the only funds remitted to Cuba being for local expenses, which will minimise Country credit risk.
- Antilles Gold nominates all senior management for the operations and exploration activities.
- Income tax rate of 15% waived for 8 years.
- No import duties on plant & equipment.
- Low entry cost for near term development of previously explored properties.
- Low operating costs.
- Association with GeoMinera ensures rapid permitting.
GeoMinera transferred a 900ha mining concession for the La Demajagua gold-antimony-silver open pit mine with 50,000m of historic drilling to the joint venture for US$13.5 million of MLV shares, and a 752ha concession covering the Nueva Sabana gold-copper oxide deposit, and the underlying El Pilar porphyry copper system for US$1.5 million of MLV shares.
A subsidiary of Antilles Gold is “earning-in” to a 50% holding in MLV by contributing US$15.0 million equity, of which approximately US$14.6 million had been invested to 30 September 2024, with the balance to be contributed in November 2024.
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This article includes content from Antilles 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.
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