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Labyrinth Resources Limited (ASX: LRL) (‘Labyrinth’ or ‘the Company’) is pleased to report highly promising gold and copper assays from soil sampling and rock chips at its Comet Vale Project in WA (see Figure 1).
More than 500 soil samples and 11 rock chip samples were collected. These results, combined with historic data, have defined several compelling drilling targets outside the mine area at Comet Vale.
In July 2024, Labyrinth entered into an option to acquire 100% of the property from Sand Queen Gold Mines Pty Ltd (‘SQGM’). The additional 49% interest has been the key to commencing dedicated exploration activity. Labyrinth intends to use some of the proceeds of its recent successful capital raising to undertake further exploration work with the aim of refining the targets ahead of a drilling campaign.
Figure 1. Regional location of Comet Vale Project.
Labyrinth Chief Executive Jennifer Neild said: “We have strategically positioned ourselves in the prolific Goldfields region of Western Australia, with proven gold assets that have the potential for further high-grade mineralisation.”
“These assays are indicative of this potential. We are seeing cohesive trends in both primary and associated indicator elements. The overlap of these anomalies have added weight to positions of interpreted faults and have established several high priority target areas.”
“We now have extensive data that Comet Vale may host a large mineralised system with areas of high-grade gold and potentially copper.”
Details of sampling results:
The two campaigns of soil sampling were the first full geochemical analysis completed at Comet Vale. On the eastern side of the highway, a small number of rock chips were taken to support mapping observations. Many of the higher grades exist around Long Tunnel Prospect, where shallow tungsten and gold workings exist. It is unknown the extent of activites, refer to Table 2 for a summary.
- High Au, Cu, Co, Ag and Ni rock chips (Table 1) included:
- 63.1g/t Au, 3.27 % Cu and 59g/t Ag (SE of Long Tunnel);
- 13.9g/t Au, 0.35% Cu and 0.36 % Ni (South of Long Tunnel);
- 2.62g/t Au in a 3m wide, N-S quartz reef, within porphyry and ultramafic schist (Figure 6);
- 2.10g/t Au, 17.57% Fe and 1.14% S (gossan SW of Long Tunnel); and
- 0.25% Cu, 0.38% Ni, 0.04% Co and 1.4g/t Ag (New gossan, chalcopyrite and bornite sighted).
- “Golden Triangle” - High Au, Cu and W are concentrated at the cross-section of the Rambo Trend and Long Tunnel/Lake View Shear/Quartz Reef (see Figure 2 and Table 2 for description of Long Tunnel).
- Geochemistry suggests late NE trending faults are a control on mineralisation. Potentially focusing 2nd generation Au bearing veins along these later structures causing wide, intercepts of mineralisation (see Figure 2 and Figure 3).
- Several samples of elevated lithium (>100ppm) proximal to Lake View/Long Tunnel trend (see Figure 7). More anomalies may exist, but sampling of Lithium was limited to this sampling program and not historic data.
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This article includes content from Labyrinth 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.
LRL:AU
Acquisition of a Portfolio of Highly Prospective Antimony and Gold Projects that Surround Larvotto's High-Grade Project, NSW
Thunderbird Resources Limited(Thunderbird or the Company) (ASX: THB) is pleased to advise that it has entered into an agreement to acquire a highly prospective antimony and gold exploration land package in the New England Orogen of New South Wales. The high-potential exploration portfolio is located immediately adjacent to Australia’s largest antimony deposit, the Hillgrove Gold & Antimony Project owned by Larvotto Resources (ASX: LRV) (LRV) (Figures 1 and 2).
Highlights
- Thunderbird enters into binding agreement to acquire a 100% interest in a highly prospective 488km2 exploration portfolio surrounding the Hillgrove Gold-Antimony project, a Top-10 global antimony deposit.
- The package, comprising EL9053 and EL9147, including sampling grades of up to 18.2%3 antimony and 76g/t gold4, sits in the heart of the New England Orogen of NSW, which is currently undergoing a major exploration renaissance.
- EL9053, known as the Rockvale Project, covers potential strike extensions of the gold-antimony mineralisation at Hillgrove and encompasses multiple known gold and antimony occurrences, including numerous high-grade historical workings.
- EL9053 adjoins Larvotto Resources’ (ASX: LRV) Hillgrove Gold & Antimony Project, the largest antimony deposit in Australia, with a Mineral Resource of 7.3Mt @ 4.4g/t Au and 1.3% Sb for 1.04Moz of contained gold and 93kt of contained antimony1,2.
- EL9147, known as the Kookabookra Gold Project, covers multiple gold reefs in the historical high-grade Kookabookra gold field.
- Both Projects are considered highly prospective for the discovery of high-grade orogenic gold +/- antimony mineralisation and intrusion-related gold mineralisation.
- The proposed acquisition provides a low-cost opportunity to explore high-quality assets that offer exposure to very favourable commodities, with the ability to explore and generate newsflow during the northern hemisphere winter when Thunderbird’s Canadian assets are less accessible.
- Antimony is a critical metal used for producing high-tech and defence products, including flame retardant materials, semiconductors and superhard materials. Antimony prices have been rising strongly since China, which dominates global supply, imposed export restrictions earlier this year.
Figure 1: Map showing location of EL9053 (Rockvale) and EL9147(Kookabookra) (shown in red outline).
Thunderbird has entered into a binding share purchase agreement with the shareholders of Kooky Resources Pty Ltd (Kooky Resources) to acquire all the issued share capital of Kooky Resources (Proposed Acquisition).
Kooky Resources holds a 100% interest in exploration licences EL9053 and EL9147, which offer strong prospectivity for high-grade antimony and gold mineralisation.
EL9053 lies directly adjacent to the Hillgrove Gold & Antimony Project held by LRV, which represents the largest antimony deposit in Australia with a Mineral Resource of 7.3Mt @ 4.4g/t Au and 1.3% Sb for 1.04Moz of contained gold and 93kt of contained antimony.
The Hillgrove Gold & Antimony Project is currently being redeveloped by LRV and already has most of the surface infrastructure in place, including the process plant, power, roads, decline and substantial underground development. Leveraging this existing infrastructure, LRV recently announced a positive pre-feasibility study, targeting first ore production by early 20261.
EL9053 covers potential strike extensions of the geology and structures that host the antimony-gold mineralisation at Hillgrove.
Numerous historical prospects and occurrences are reported within EL9053 with sampling grades of up to 18.2%3 antimony and 76g/t4 gold reported. Despite the number of historical gold and antimony occurrences the area has had minimal modern exploration or drilling since the 1980s.
EL9047 covers the historical Kookabookra gold field, which has seen virtually no modern exploration, with multiple gold occurrences and potential for both orogenic gold +/-antimony mineralisation and intrusion related gold mineralisation.
This article includes content from Thunderbird 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.
RC Drilling Commenced at Montague Gold Project
HIGHLIGHTS
- Brightstar has commenced a ~6,000m Reverse Circulation drilling program at the Montague East Gold Project, targeting depth extensions and infill resource drilling at the Montague-Boulder and Whistler deposits
- Montague-Boulder and Whistler are the largest two deposits at Montague, with a combined gold resource of 4.7Mt at 1.8g/t Au for 283koz Au
- The program will take approximately four weeks to complete, before mobilising the drill rig to complete a planned drilling program at Alto’s Sandstone Project upon anticipated merger completion in December
- Brightstar has also executed a Heritage Protection Agreement between Watarra Aboriginal Corporation and Brightstar Resources over the Menzies Gold Project
With past production in the 1990’s at several deposits across Montague, modern exploration has defined a global resource of 526koz Au which includes a considerable component of shallow oxide material2 which is being targeted for resource growth and preliminary drilling ahead of feasibility study workstreams which are planned to occur during 2025.
Brightstar’s Managing Director, Alex Rovira, commented“With the recent completion of our significant drilling programs across our Goldfields assets in Menzies and Laverton, our exploration efforts are now focused on the Murchison assets located in the Sandstone region. With a +500koz gold endowment across the Montague East Gold Project, we look forward to targeting the largest two deposits which include the 163koz Au Montague-Boulder deposit, and the 120koz Au Whistler deposit.
We believe these assets have a strong possibility of resource growth, and our drill programs are targeting lode extensions at depth and also infilling key areas to provide additional geological information on these deposits to increase mineral resource classification confidence. With a past production of ~150koz, the Montague East Gold Project is a key part of our Sandstone consolidation strategy and our broader aspirations of building a multi-asset and meaningful WA gold mining business.”
Figure 1 - Planned RC Drilling at the Whistler and Montague-Boulder Deposits
Figure 2 – RC Drill Rig at Whistler
Next steps
Brightstar will announce drilling information and assays as this is received, including the outstanding results from the Fish and Lord Byron diamond drilling programs along with RC drilling from the Montague program.
Concurrently with these drilling programs, work continues on the Definitive Feasibility Study and near-term development of mining operations at the Jasper Hills deposit.
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This article includes content from Brightstar 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.
Phillips Find Mining Update
HIGHLIGHTS
- Joint Venture (JV) Agreement in place with mining specialists BML Ventures Pty Limited (BML) to develop and mine two open pits at Phillips Find 1
- All management, technical, operational and maintenance roles to be undertaken by BML with oversight by the Company
- Low financial risk JV structure with BML to fund all project costs, with net cashflow after the asset recovery and repayment of costs to be split 50/50 between Horizon and BML
- Mobilisation and site establishment completed, inclusive of camp, offices, communications and workshop established with all required fixed and mobile equipment on site
- Site fully manned up on both day and night shift
- Mine plan involves cutbacks to two existing open pits, Newhaven and Newminster
- Mining well advanced, with over 160,000 BCMs (Bank Cubic Metres) of pre-strip waste mined to date with first ore due to be exposed in December 2024.
- Existing 200kt Toll Milling Agreement executed with FMR Investments Pty Ltd (FMR) in May 2024 to be utilised for Phillips Find JV ore 3
- First ore from Phillips Find on track to be treated at FMR’s Greenfields mill from February 2025 to June 2025 4
Commenting on the mining progress, Managing Director and CEO Mr Grant Haywood said: 2
“We are very pleased to see the progress made at our Phillips Find project with great progress made on the mining to date. We look forward to commencing the grade control program early in December and the first mining of ore occurring in December 2024.
With first gold production from our Boorara gold project expected in the current quarter, the progress at Phillips Find leaves us well positioned to make strong cashflows in this high gold price environment.”
Overview
Horizon Minerals Limited (ASX: HRZ) (“Horizon” or the “Company”) is pleased to provide an update on the development of the Phillips Find Gold Project. The 100% owned Phillips Find project is located 45km north-west of Coolgardie in the heart of the Western Australian Goldfields (Figure 1).
Figure 1: Horizon’s project locations, regional geology and surrounding infrastructure
Next Steps 1
Mining at Newhaven is well advanced with pre-strip of the Newminster pit to commence shortly creating two working areas for the mining fleet. Due to the nature of the cutbacks of two existing open pits, mining is predominantly in waste whilst progressing deeper to access the ore. Grade control drilling is planned to commence in early December 2024. Ore stockpiles will be developed over the coming months, with processing of ore on track to occur through February to June 2025.
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This article includes content from Horizon Minerals, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
