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Aston Bay and Partner American West Metals Identify Large Significant Copper Targets at the Storm Copper Project, Nunavut
Aston Bay Holdings Ltd. (TSXV:BAY) (OTCQB:ATBHF) ("Aston Bay" or the "Company") reports on significant gravity anomalies in results from the high-resolution ground gravity geophysical program at the Storm Copper Project ("Storm" or the "Project") on Somerset Island, Nunavut, Canada. The program was conducted this April and May by American West Metals Limited ("American West"), who are the project operator since entering an option agreement with Aston Bay in March 2021.
- High-resolution ground gravity survey identifies significant new anomalies that support the potential for a large-scale sediment-hosted copper system as predicted by geological modeling
- Strong gravity anomalies identified below and adjacent to the known near-surface copper mineralization
- The anomalies have an upper boundary at 200 metres (m) depth, extend for several kilometres, and are interpreted to represent dense bodies that are consistent with copper sulfide deposits
- The outer periphery of one large gravity anomaly was intersected by a 2022 drill hole that terminated in 68m of copper-bearing sulfide mineralization (remaining open at depth) from 277m downhole
- Gravity anomalies are coincident with historical electromagnetic (EM) and induced polarization (IP) anomalies indicating both dense and electrically chargeable bodies which are interpreted to be consistent with sulfide mineralization
Figure 1: Gravity data interpretation map showing the 3D gravity targets, known copper sulfide deposits and major faults (overlaying topography).
"These are spectacular results from the gravity survey conducted at Storm this spring by our partners American West," stated Thomas Ullrich, CEO of Aston Bay. "The anomalies are large, with a strike length of several kilometres, and spatially coincident with the known shallow high-grade copper mineralization. Importantly, the anomalies are relatively shallow, with an upper boundary at about 200m depth, well within range of the diamond drill.
"The upper margin of one of the largest gravity anomalies was intersected by drill hole ST22-10 in the 2022 drill campaign. Targeting a conductivity anomaly, the hole ended in 68 metres of sulfide mineralization. Being both dense and electrically chargeable, the sulfide is a plausible cause for both the gravity and conductivity anomalies.
"Further, the dominantly pyrite-chalcopyrite sulfide mineralization in the intercept is the style of mineralization found on the periphery of the high-grade copper zones elsewhere at Storm. Here we have a drill hole intercepting peripheral-style sulfide mineralization on the margin of a very large gravity anomaly - this is an exciting target for the summer 2023 drill program."
Figure 2: Chalcocite (with malachite alteration) is extensively exposed at surface at Storm and suggests potential ‘leakage' sourced from a large sediment-hosted copper system below.
LARGE AND DENSE BODIES DEFINED UNDER KNOWN COPPER MINERALIZATION
The gravity survey is interpreted to have effectively defined a series of dense features that are spatially associated with the interpreted graben fault architecture and known copper sulfide mineralization at Storm (Figures 3 & 4). These geological features closely adhere to the typical sediment-hosted copper model as seen in the large copper deposits of central and southern Africa and highlight the exceptional exploration potential of the area.
The interpretation has highlighted a series of NW-SE orientated gravity anomalies along the main Storm graben axis, which are discontinuous and/or are offset in places due to a series of N-S oriented faults. The anomalies appear to have higher densities where they intersect the main graben faults, and form a series of lobes with decreasing density away from the faults (Figures 1 & 4).
Figure 3: Total bouguer gravity anomaly image and graben fault architecture, overlaying topography. Refer to Figure 4 for locations of known surface mineralization.
The ‘northern fault' gravity anomaly extends over approximately 4.8km, is located to the north of the main fault, and is broken into two main zones. The easternmost zone is located directly below the 4100N Zone, where ongoing drilling has defined thick and continuous copper mineralization in the near-surface (<100m depth) over 1km of strike.
The ‘southern fault' gravity anomaly is approximately 4km long, lies south of the graben fault, and is bounded by the 3500N, 2750N and 2200N high-grade copper zones.
Figure 4: Interpretation of the bouguer gravity data showing the anomalies spatial relationship to the graben faults and known near-surface copper deposits (overlaying topography)
LARGE SIGNIFICANT TARGETS MODELED BY 3D INVERSION
A 3D inversion was completed on the gravity data to produce a series of gravity contrast iso-shells, which are designed to highlight the areas with the greatest density contrasts in 3D (Figures 5 & 6). These could represent potential areas of stronger copper mineralization and are high priority drill targets.
The largest of the 3D gravity targets is located along the northern fault and directly underneath the 4100N Zone (Figures 5 & 6). The feature commences at approximately 200m depth and is approximately 2.3km long. The gravity feature is coincident with a strong historical IP anomaly on its upper contact. This is a highly significant association and indicates a both dense and electrically chargeable body. The only known dense and chargeable geological feature at depth in the Storm area are sulfides.
Several other gravity targets are also defined by the 3D inversion along the southern fault. The data indicate that a strong gravity anomaly is located near the surface to the west of the high-grade 2750N Copper Zone. This location also features strong EM and IP anomalies associated with known copper mineralization in sparse, shallow historic drilling (5m @ 2% Cu and 0.8m @ 20% Cu in drill hole ST00-66).
Figure 5: Geophysical summary map showing the new gravity density contrast anomalies, deep EM conductors and strong IP (>14Mv) anomalies (overlaying drill collar locations, graben faults and topography).
Figure 6: East-West long section showing the large density anomaly (red) underneath the 4100N Zone mineralization. Note the strong IP anomaly (magenta) is spatially coincident with the top of the gravity anomaly.
DRILL HOLE ST22-10 -THE EDGE OF A MAJOR COPPER SYSTEM?
Exploration drill hole ST22-10 was completed in 2022 targeting a large EM anomaly to the west of, and at a deeper stratigraphic level than, the near-surface high-grade 4100N Zone. The EM anomaly is located on the southern edge of a strong airborne gravity anomaly associated with the northern graben fault.
The drill hole intersected a thick sequence of copper and zinc sulfide-bearing mineralization hosted within carbonate sediments before being abandoned due to technical drilling issues. Approximately 68.8m of chalcopyrite-bearing sulfide mineralization (Figure 7) was intersected from 277m downhole (approx. 230m vertical depth), remaining open at depth. The sulfide mineralization is interpreted to be stratabound and is hosted within a vuggy, bituminous and fossiliferous unit.
Figure 7: Chalcopyrite (copper sulfide), pyrite (iron sulfide), sphalerite (zinc sulfide) and galena (lead sulfide) within vuggy bituminous dolostone in ST22-10 drill core from 313m downhole.
A distinct zonation of metal associations and mineralogy is noted at the 4100N, 2750N and 2200N Zones at Storm: a large copper-rich core (chalcocite, bornite and covellite) gives way laterally and vertically to thinner peripheral zones of copper-iron (chalcopyrite), iron (pyrite), zinc (sphalerite) and minor lead (galena). ST22-10 intersected the peripheral mineralogical assemblage (chalcopyrite, pyrite, sphalerite and galena) suggesting the potential for a nearby larger, more copper-rich core.
The metal associations and zonation of the mineralization suggest that drill hole ST22-10 potentially intersected the edge of a larger copper system.
Additionally, the geology displays all the elements required in the sediment-hosted mineralization forming process: permeable carbonate rocks to act as a fluid conduit and host mineralization, hydrocarbons to reduce metal-bearing fluids and force metal precipitation, sulfur source from bitumen and sour gas, proximity to faults known to be an effective source for plumbing, all within a favourable structural setting.
These key features are similar to many of the world's major sediment-hosted copper systems, including the deposits of the Kalahari Copper Belt (Botswana) and Central African Copper Belt (DRC, Zambia).
The three-dimensional interpretation of the 2023 gravity data suggests that drill hole ST22-10 was drilled just to the south of, and likely intercepted the margin of, the large anomaly below and to the west of the 4100N Zone (Figures 5 & 6).
Both the metal zonation and geophysical modeling suggest the intersection of the periphery of a potentially larger mineralized zone. As such, the large gravity anomaly below the 4100N Zone and to the northwest of ST22-10 is a key target for the discovery of additional copper sulfides.
Diamond drilling will test this and other highly prospective exploration targets that sit at 200m to 500m below the surface.
Figure 8: Conceptual geological and exploration targeting model for the Storm Project, showing depth of current drilling and conceptual location of discovery drill hole ST22-10.
GAME-CHANGING TARGETING TOOL
The 2023 high-resolution ground gravity survey was designed to follow up historical airborne and limited ground gravity surveys. The prior surveys had identified a series of broad density anomalies that lay adjacent to the large graben faults - interpreted to be conduits for copper-forming fluids - and below known near-surface copper sulfide mineralization.
Given the high contrast in density between copper sulfide mineralization and the mostly homogenous dolomite sedimentary host rocks at Storm, this geophysical technique was expected to be an effective targeting tool.
The new survey has provided high-quality data and a significant increase in the understanding of the Storm graben area. The survey included a total of 2,657 gravity stations (Figure 9), with an approximate station spacing of 150m x 50m (E-W and N-S respectively). Topographic surveying was performed simultaneously with gravity data acquisition, and terrain corrections were applied to the data.
Figure 9: Ground gravity station locations overlaying geology.
PLANNED PROGRAM
- Drilling at the 4100N Zone will continue in the summer field program, with a focus on the expansion of the mineralized footprint. This program will be followed by resource definition drilling at the 2200N and 2750N Zones - drilling here intersected high-grade copper sulfides close to surface including 41m* @ 4.18% Cu from 38m (ST22-05), 110m* @ 2.45% Cu from surface (ST97-08) and 56.3m* @ 3.07% Cu from 12.2m (ST99-19).
- Processing and interpretation of the Moving Loop EM (MLEM) data collected during the spring program are almost complete.
- Diamond drilling will be scheduled to test new high-priority exploration targets identified from the gravity survey.
- Sorting and beneficiation test work for a potential direct shipping product operation is continuing with results to follow shortly.
- An environmental baseline survey is scheduled to begin this summer at Storm.
About the Storm Copper and Seal Zinc-Silver Projects, Nunavut
The Nunavut property consists of 173 contiguous mining claims covering an area of approximately 219,257 hectares on Somerset Island, Nunavut, Canada. The Storm Project comprises both the Storm Copper Project, a high-grade sediment-hosted copper discovery (intersections including 110m* @ 2.45% Cu from surface and 56.3m* @ 3.07% Cu from 12.2m) as well as the Seal Zinc Deposit (intersections including 14.4m* @ 10.58% Zn, 28.7g/t Ag from 51.8m and 22.3m* @ 23% Zn, 5.1g/t Ag from 101.5m). Additionally, there are numerous underexplored and undrilled targets within the 120-kilometre strike length of the mineralized trend, including the Tornado copper prospect where 10 grab samples yielded >1% Cu up to 32% Cu in gossans.
Storm Discovery and Historic Work
High-grade copper mineralization was discovered at Storm in the mid-1990s by Cominco geologists conducting regional zinc exploration around their then-producing Polaris lead-zinc mine. A massive chalcocite boulder found in a tributary of the Aston River in 1996 was traced to impressive surface exposures of broken chalcocite mineralization at the surface for hundreds of metres strike length at what became named the 2750N, 2200N, and 3500N Zones. Subsequent seasons of prospecting, geophysics, and over 9,000 m of drilling into the early 2000s confirmed a significant amount of copper mineralization below the surface exposures as well as making the blind discovery of the 4100N Zone, a large area of copper mineralization with no surface exposure.
Following the merger of Cominco with Teck in 2001 and the closure of the Polaris Mine, the Storm claims were allowed to lapse in 2007. Commander Resources re-staked the property in 2008 and flew a helicopter-borne VTEM survey in 2011 but conducted no additional drilling. Aston Bay subsequently entered into an earn-in agreement with Commander and consolidated 100% ownership in 2015. Commander retains a 0.875% Gross Overriding Royalty in the area of the original Storm claims.
In 2016 Aston Bay entered into an earn-in agreement with BHP, who conducted a 2,000-station soil sampling program and drilled 1,951m of core in 12 diamond drill holes, yielding up to 16m* @ 3.1% Cu. BHP exited the agreement in 2017. Aston Bay conducted a property-wide airborne gravity gradiometry survey in 2017 and drilled 2,913m in nine core holes in the Storm area in 2018 yielding a best intercept of 1.5m* @ 4.39% Cu and 20.5m* @ 0.56% Cu.
Agreement with American West Metals
An earn-in agreement for the Storm and Seal properties was signed with American West Metals in March 2021. Under the terms of the agreement, an expenditure of C$10m will earn 80% ownership of the property for American West. Aston Bay is carried for all expenditures to the completion of a feasibility study and production decision. If Aston Bay chooses not to participate and is diluted below 10% ownership, the ownership converts to a 2% Net Smelter Royalty, half of which is purchasable by American West for C$5m at first production. Aston Bay received a cash payment of C$500,000 on signing.
Recent Work
American West completed a fixed loop electromagnetic (FLEM) ground geophysical survey in 2021 that yielded several new subsurface conductive anomalies. A total of 1,534m were drilled in 10 diamond drill holes in the 2022 season, yielding several impressive near-surface intercepts including 41m* @ 4.1% Cu as well as 68m of sulfide mineralization associated with a deeper conductive anomaly.
In April 2022 results of beneficiation studies demonstrated that a mineralized intercept grading 4% Cu from the 4100N area could be upgraded to a 54% Cu direct ship product using standard sorting technology. Further beneficiation studies are ongoing.
In April 2023 American West embarked on a spring delineation drilling program using a helicopter-portable reverse circulation (RC) drill rig as well as gravity and moving loop electromagnetic (MLEM) ground geophysical programs. Results from the programs are in process and are released as they come available.
A summer 2023 program plans further delineation drilling of the near-surface high-grade copper zones to advance them toward maiden resource reports by late 2023. Diamond drilling is planned to test new high-priority gravity targets and environmental baseline studies will be initiated.
*Stated drill hole intersections are all core length, and true width is expected to be 60% to 95% of core length.
Figure 10: Storm Copper Project, Location Map.
Qualified Person
Michael Dufresne, M.Sc., P.Geol., P.Geo., is a qualified person as defined by National Instrument 43-101 and has reviewed and approved the scientific and technical information in this press release.
About Aston Bay Holdings
Aston Bay is a publicly traded mineral exploration company exploring for high-grade copper and gold deposits in Virginia, USA, and Nunavut, Canada. The Company is led by CEO Thomas Ullrich with exploration in Virginia directed by the Company's advisor, Don Taylor, the 2018 Thayer Lindsley Award winner for his discovery of the Taylor Pb-Zn-Ag Deposit in Arizona. The Company is currently exploring the high-grade Buckingham Gold Vein in central Virginia and is in advanced stages of negotiation on other lands with high-grade copper potential in the area.
The Company is 100% owner of the Storm Project property, which hosts the Storm Copper Project and the Seal Zinc Deposit and has been optioned to American West Metals Limited.
About American West Metals Limited
AMERICAN WEST METALS LIMITED (ASX: AW1) is an Australian clean energy mining company focused on growth through the discovery and development of major base metal mineral deposits in Tier 1 jurisdictions of North America. Our strategy is focused on developing mines that have a low-footprint and support the global energy transformation. Our portfolio of copper and zinc projects in Utah and Canada include significant existing resource inventories and high-grade mineralization that can generate robust mining proposals. Core to our approach is our commitment to the ethical extraction and processing of minerals and making a meaningful contribution to the communities where our projects are located.
Led by a highly experienced leadership team, our strategic initiatives lay the foundation for a sustainable business which aims to deliver high-multiplier returns on shareholder investment and economic benefits to all stakeholders.
For further information on American West, visit: www.americanwestmetals.com.
FORWARD-LOOKING STATEMENTS
Statements made in this news release, including those regarding the Option Agreement, grant of the Option and the expected closing date, American West's interest in the Storm Project and its other acquisitions and plans, plans for the upcoming field season, management objectives, forecasts, estimates, expectations, or predictions of the future may constitute "forward-looking statement", which can be identified by the use of conditional or future tenses or by the use of such verbs as "believe", "expect", "may", "will", "should", "estimate", "anticipate", "project", "plan", and words of similar import, including variations thereof and negative forms. This press release contains forward-looking statements that reflect, as of the date of this press release, Aston Bay's expectations, estimates and projections about its operations, the mining industry and the economic environment in which it operates. Statements in this press release that are not supported by historical fact are forward-looking statements, meaning they involve risk, uncertainty and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Although Aston Bay believes that the assumptions inherent in the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which apply only at the time of writing of this press release. Aston Bay disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except to the extent required by securities legislation.
For more information contact:
Thomas Ullrich, Chief Executive Officer
thomas.ullrich@astonbayholdings.com
(416) 456-3516
Sofia Harquail, IR and Corporate Development
sofia.harquail@astonbayholdings.com
(647) 821-1337
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Greenpeace: Deep-Sea Mining in Norway Could Harm Marine Biodiversity
Plans to open the Arctic seabed for deep-sea mining are raising alarms among environmentalists, particularly in light of new findings highlighting the potential damage to one of the world’s least explored ecosystems.
A recent report by Greenpeace warns that Norway’s decision to allow mineral exploration in Arctic waters could irreparably harm marine biodiversity, including species that are vital to the region’s ecological balance.
The area in question lies within the Norwegian Exclusive Economic Zone, specifically a section of the Arctic Ocean known as the Mohns Ridge. This region is believed to be rich in rare minerals like cobalt, nickel and manganese — elements that are critical for modern technology, including electric vehicles and renewable energy infrastructure.
However, the unique and fragile ecosystems found in these deep waters are poorly understood, and scientists argue that mining operations could have unintended consequences.
Greenpeace’s report, published on Friday (September 20), outlines several potential risks associated with seabed mining. The removal of seafloor habitats, disturbance of underwater ecosystems and the release of toxic sediments could alter the marine food chain and affect species such as whales, dolphins and deep-sea corals.
These organisms, which thrive in cold, nutrient-rich waters, are particularly sensitive to changes in their environment, and even small disruptions could have long-lasting impacts.
Activists and researchers are calling for Norway to reconsider its deep-sea mining strategy, emphasizing that more time is needed to study the region's ecology before proceeding with industrial activity.
Norway previously committed to managing 100 percent of its ocean areas sustainably by 2025 as part of the High Level Panel for a Sustainable Ocean Economy. Critics believe its deep-sea mining plans run counter to these commitments.
Haldis Tjeldflaat Helle, a campaigner for Greenpeace Nordic, voiced concerns over the inconsistency between Norway’s environmental pledges and its push for industrial expansion.
“The measure of a nation’s success is not how many promises it makes, but how it honors them and how much of its ecosystem is safeguarded for present and future generations," she said. “While Norway claims to be a respectable nation with responsible policies on ocean management, it’s rolling out the red carpet for deep sea mining companies to deploy machines that will cause irreversible harm to the Arctic’s unique and vulnerable biodiversity."
Norway is pressing ahead with its plans, backed by companies eager to tap into the region’s mineral wealth.
Loke Marine Minerals, a startup founded in 2019, is one firm vying for exploration licenses. The company aims to extract minerals such as cobalt and manganese from the Arctic seabed using advanced robotic technology.
Another Norwegian company, Green Minerals (FWB:F5P), is also looking to explore the Arctic seabed for resources, with a focus on extracting copper from seafloor massive sulfide deposits. Green Minerals CEO Ståle Monstad has said that test mining could start as early as 2028, depending on the outcome of exploratory research.
Industry experts believe deep-sea mining could potentially reduce the environmental damage caused by land-based mining. Proponents argue that the concentration of valuable metals in deep-sea deposits is higher compared to on-land deposits, meaning that less material would need to be extracted to meet global demand.
However, environmental groups caution that this does not justify the risks posed to Arctic ecosystems, which remain some of the least understood and most vulnerable on the planet. The Norwegian Institute of Marine Research has recommended a pause of five to 10 years on deep-sea mining to allow for further scientific studies.
In addition to resistance from environmental advocates, some of the world’s biggest companies and 32 countries have voiced support for either a ban or a pause on deep-sea mining in international waters.
Don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
American West Signs Formal Agreement for A$18.8 Million Royalty Funding for the Storm Copper Project, Canada
Funds under the royalty package to be accessed this week
American West Metals Ltd (American West or the Company) (ASX: AW1 | OTCQB: AWMLF) is pleased to announce that the Company has signed a definitive formal agreement with TMRF Canada Inc., a subsidiary of Taurus Mining Royalty Fund L.P. (Taurus) whereby Taurus will provide funding of up to US$12.5 million (A$18.8 million1) under a royalty package for the Storm Copper Project.
- Definitive formal agreement signed with TMRF Canada Inc., a subsidiary of Taurus Mining Royalty Fund L.P. (Taurus) to provide US$12.5 million (A$18.8 million1) in exchange for a royalty over Storm
- The first payment under the royalty package is US$5m (approximately A$7.5m) – US$1m (approximately A$1.5m) will be advanced to American West this week with the balance to be provided upon completion of registration of the royalty at the Nunavut Mining Recorder’s Office, expected within 2-3 weeks
- Further payments under the royalty package are:
- US$3.5m (approx.. A$5.25m) upon delivery of a Prefeasibility Study( PFS) for Storm and submission of permitting documents for a development at Storm
- US$4m (approx.. A$6m) upon announcement of an increase in the JORC compliant resource for Storm to at least 400,000 tonnes of contained copper at a resource grade of at least 1.00% Cu
- American West Metals and Aston Bay Holdings will share funds under the royalty package in accordance with their respective interests under the unincorporated joint venture for Storm, being 80% for American West Metals and 20% for Aston Bay Holdings
- The funding has enabled an expansion of exploration and development activities at Storm including:
- Expansion of the 2024 drill program with more than 22,000m of drilling completed to date – more than double the previous largest annual drill campaign as Storm, and which will underpin a significant upgrade to the maiden Storm resource
- An investment in the 2025 field activities with bulk supplies being delivered to site this week by ship charter – saving circa. $4m on the potential logistics costs for the 2025 program
- Completion of environmental, mining and development studies – including detailed testwork that supports the potential for a Direct Shipping Ore (DSO) operation – which will support delivery of a PFS in early 2025
Dave O’Neill, Managing Director of American West Metals, commented:
“We are very pleased to have finalised formal documentation of the royalty funding which allows us to commence accessing substantial non-dilutive funding for the Storm Copper Project.
“The royalty funds have allowed us to expand activities at Storm this year, resulting in considerable advancement of the project which is rapidly taking shape as a potentially globally significant copper mining operation.
“The investment from Taurus recognises the the strong foundations for growth established by American West to date, and is an endorsement of both the American West team and the production potential at Storm.”
Michael Davies, Taurus Chief Investment Officer, also commented:
“We continue to be impressed with achievements at the Storm Copper Project and its potential to be a significant mining operation. We are delighted to be supporting the team at American West Metals as they continue to grow Storm’s copper resources and progress development plans for the project.”
The royalty arrangements with Taurus do not impose any royalty on American West’s other projects, namely the West Desert and Copper Warrior Projects in Utah, USA.
For further details on the royalty package under the Taurus arrangement, see our ASX Release dated 24 June 2024 ‘$18.8M Royalty Financing’.
ABOUT THE STORM COPPER PROJECT
The Storm Copper Project is located on Somerset Island, Nunavut, Canada. The Project covers an area of over 2,200 square kilometres within the Polaris mineral district, and is just 120km south of Resolute Bay, the regional community and logistics hub.
Aston Bay is a deep-water bay located on the Northwest Passage, a seasonal ice-free waterway historically used to ship concentrate from the World Class Polaris and Nanisivik zinc – lead mines. Excellent facilities, including a 60-person camp, are in place to enable exploration and resource activities to be undertaken.
American West owns 80% of the Storm Project, and partners with Aston Bay Holdings (TSX:BAY) who own 20% of the Project.
Maiden Resource Estimate
American West delivered a maiden independent JORC Code - 2012 Indicated and Inferred Mineral Resource Estimate (MRE) for the Storm Project in January, 2024. The MRE consists of 17.5Mt @ 1.2% Cu and 3.4g/t Ag (0.35% Cu cut-off), which includes 205Kt of copper and 1.9Moz of silver (Table 1).
The maiden MRE for the Storm Project has delivered the foundations to what American West Metals believe will be a globally significant copper district.
Immediate Resource Upside Potential
The shallow copper mineralisation within the Storm Deposits is open in all directions. The host stratigraphy and structures have been shown to be laterally and vertical extensive and therefore rank as high priority areas for resource growth.
Click here for the full ASX Release
This article includes content from American West Metals, 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.
BHP and CBE Sign Letter of Intent to Explore for Tier 1 Copper-Silver Deposits in Botswana
Cobre Limited (ASX: CBE, Cobre or Company) is pleased to announce that it has executed a letter of intent to negotiate exclusively with a wholly owned subsidiary of BHP Group Ltd (BHP) for a material earn-in joint venture agreement over Cobre's Kitlanya West and East Copper Projects (Kitlanya Projects), located on the northern and southern basin margins of the Kalahari Copper Belt in Botswana (Proposed Transaction). The Proposed Transaction follows on from Cobre's successful participation in the BHP Xplor program which also provided funding for the recently completed seismic survey on the Kitlanya West project (see ASX announcements of 23 January 2024 and 22 August 2024)
The Proposed Transaction underscores Cobre's confidence in the potential for its projects to host Tier 1 copper-silver deposits. A partnership with BHP would provide the exploration scale and expertise to maximise our chances of making significant new discoveries on our basin margin exploration ground while retaining 100% ownership of our Ngami and Okavango Copper Projects which are excluded from the Proposed Transaction.
The Proposed Transaction is subject to approval and execution of formal binding documents (Definitive Agreements) and the completion of BHP's due diligence investigations within the exclusivity period. Final details of the Proposed Transaction will be released to the market following completion of the long-form documents.
Commenting on the Proposed Transaction, Adam Wooldridge, Cobre’s Chief Executive Officer, said:
“Successful negotiation and completion of this significant transaction with BHP, one of the world’s leading mining companies, will be a major moment in time for Cobre as a company. Participating in the BHP 2024 Xplor cohort has provided the opportunity to do a belt scale review of the Kalahari Copper Belt, culminating with the collection of seismic data over the prospective northern margin of the belt. The Proposed Transaction with BHP would allow us to fully fund our follow-on exploration programmes and focus on discovering the Tier 1 deposits we believe may be hosted in our Kitlanya West and East Projects.
Independently, Cobre will continue advancing its 100% owned in-situ copper recovery development at Ngami – with a scoping study due in early October - along with further drilling at Cobre’s 100% owned Okavango project. This combined strategy provides exposure to potential Tier 1 discoveries, a development opportunity at Ngami and short-term discoveries on our Okavango project.”
A locality map illustrating the project locations is provided in Figure 1.
Figure 1. Locality map illustrating the position of Cobre’s project areas. Green licenses are relevant tothe Proposed Transaction, dark grey licenses will be run independently by Cobre.
Cobre will continue to provide shareholders with further updates on material developments in respect of the Proposed Transaction.
This ASX release was authorised on behalf of the Cobre Board by: Adam Wooldridge, Chief Executive Officer.
Click here for the full ASX Release
This article includes content from Cobre 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.
Multiple Exciting High-Potential VMS Targets Identified at Evelyn
Anax Metals Limited (ASX: ANX, Anax, the Company) is pleased to provide an update on exploration at the Evelyn deposit (Evelyn), part of the Whim Creek Project, located 115km southwest of Port Hedland (Figure 1).
- Evaluation of historical exploration has identified high-potential drill targets & extensive areas in the Evelyn Mining Lease requiring further exploration
- The high-grade Evelyn base metal deposit (590Kt @ 2.54 % Cu, 3.90 % Zn)1 is centrally located within a granted Mining Lease & historical magnetic and EM surveys have defined prospective “event-horizon” stratigraphy that strikes for >3.0 km in the tenement. Approximately 70% of this highly prospective stratigraphy remains largely untested by effective drilling
- Discrete, late-time conductors defined by a VTEM (airborne EM) survey flown in 2007 are located beneath alluvial cover & remain largely untested
- Rock chip results from the recent sampling program at Felsic Dome target returned up to 3.94% Cu and 1.21 g/t Au, demonstrating prospectivity immediately west of Evelyn
- Strong bedrock conductors defined by FLEM (ground EM) surveys occur beneath transported cover with very limited drill testing completed
- Previous exploration ignored geochemical techniques in favour of geophysics
- Surface, auger & litho-geochemical techniques to be used extensively, allowing for fast & efficient exploration to identify further drill targets, mostly within the prospective event-horizon stratigraphy
- RC drilling is proposed to test existing VTEM & FLEM conductivity along with other targets generated by the geochemical program
Anax’s Managing Director, Geoff Laing commented: “Evelyn is a rich, high-value base metal deposit and the discovery of any further ore positions within the granted Mining Lease would add considerably to the overall economics of the broader Whim Creek Project. The exploration team have done well to advance the prospectivity of the area and we look forward to executing a more aggressive discovery strategy going forward”
The Company has undertaken a full review of all historical exploration resulting in the identification of considerable potential to add existing resources with successful exploration.
Figure 1: Location of the Whim Creek Project and Evelyn Deposit
Geological Overview
The Evelyn deposit exhibits many characteristics typical of a Volcanogenic Massive Sulphide (VMS) style of mineralisation. The ore is comprised predominantly of massive pyrrhotite, chalcopyrite, sphalerite and minor quantities of galena and pyrite. Almost no gangue exists within the ore and the interconnectivity of the sulphide minerals results in strong electrical conductivity providing an excellent target for ground, airborne and downhole electrical geophysical techniques.
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This article includes content from Anax Metals 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.
Titan Forms Joint Venture for Linderos Project with Hancock Prospecting Subsidiary
Titan Minerals (ASX:TTM,OTC Pink:TTTNF) announced it has executed a binding joint venture and earn-in deal with Hancock Prospecting subsidiary Hanrine Ecuadorian Exploration and Mining.
According to Titan's Wednesday (September 18) release, the deal concerns the company's Southern Ecuador-based Linderos copper project, in which Hanrine will be able to acquire up to an 80 percent interest.
"We are pleased to be partnering with Hanrine, who have a well-established team in-country with the technical capability and financial capacity for us to mutually benefit from exploration success alongside contribution to the economy of Ecuador," said Titan CEO Melanie Leighton, emphasising the company's excitement about Linderos.
Hanrine will pay Titan an initial US$2 million, with US$250,000 already sent as part of a term sheet executed in April. The remaining balance of US$1.75 million will provide Hanrine with its first 5 percent interest in Linderos.
To earn the full 80 percent stake in the property, Hanrine will either have to achieve specific exploration milestones and proceed to a decision to mine, or solely fund up to US$120 million for the joint venture. This will have to happen within 15 years of the joint venture being executed; other milestones are in place at three and seven years.
Leighton said Hanrine is ready to start exploration at the site, with an expansion of the camp at Linderos being a top priority as preparations proceed for a 10,000 metre drill campaign at the site.
Technical site visits and other logistics planning is already "well advanced."
As mentioned, Linderos is located in Southern Ecuador, where it covers 143 square kilometres. Titan describes it as an early stage exploration project, with most activity to date focused on the Copper Ridge porphyry prospect.
Highlights from eight holes drilled in 2022 include 308 metres at 0.4 percent copper equivalent from 54 metres, including 76 metres at 0.5 percent copper equivalent from 132 metres.
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Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.
Titan and Hanrine Enter into Joint Venture s Earn-In Agreement
Hanrine to spend up to US$120M to earn 80% in Linderos Copper Project
Titan Minerals Limited (ASX: TTM) (Titan or the Company) refers to its ASX announcement dated 18 April 2024 and is pleased to announce that Titan and its wholly owned subsidiary, Linderos Mining S.A.S (Linderos), have executed a binding joint venture and earn-in agreement (JVA) with Hanrine Ecuadorian Exploration and Mining S.A. (Hanrine), an indirectly wholly owned subsidiary of Hancock Prospecting Pty Ltd (Hancock), for Hanrine to acquire up to an 8o% ownership interest in the Linderos Copper Project (Project) in Ecuador (Transaction).
Highlights
- Titan and Hanrine, a wholly owned subsidiary of Hancock, have executed a formal binding joint venture and earn-in agreement in respect to the Linderos Copper Project in Ecuador
- Hanrine will earn an initial 5% interest in the Linderos Copper Project by paying US$2.01 million and can earn up to an 80% interest in the Linderos Copper Project by either achieving specific exploration milestones and proceeding to a decision to mine or by sole funding up to US$120 (AU$180) million
- Preparation for the initial 10,000m drilling campaign is underway, with technical site visits and meetings held and logistics planning now well advanced to facilitate drilling and associated exploration activities
Titan’s CEO Melanie Leighton commented:
“We are very pleased to have entered into formal binding arrangements with Hanrine for the Linderos Copper Project. The JV & earn-in agreement represents endorsement of what we believe is an exciting early-stage porphyry copper-gold discovery.
“We are well advanced in our technical discussions with Hanrine who are ready to commence exploration activities at the Linderos Copper Project, with expansion of the camp being the first task on the priority list to ensure seamless and efficient operations once drilling commences.
“We are pleased to be partnering with Hanrine, who have a well-established team in-country with the technical capability and financial capacity for us to mutually benefit from exploration success alongside contribution to the economy of Ecuador. We look forward to providing further updates on logistics and exploration activities as we prepare for commencement of the initial 10,000 metre drilling campaign at Linderos.”
Click here for the full ASX Release
This article includes content from Titan Minerals, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
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