The Conversation (0)
Astral Resources NL (ASX: AAR) (Astral or the Company) is pleased to report on its activities during the quarter ended 30 September 2024 (the Quarter).
Highlights
Mandilla Gold Project
- Successful completion of a 70-hole/6,512 metre in-fill reverse circulation (RC) drill program at the cornerstone Theia deposit at Mandilla.
- Assay results from the Theia program were reported subsequent to the end of the Quarter on 9 October 20241.
- Metallurgical results at the Hestia, Eos and Iris deposits demonstrate extremely high gold recoveries (up to 99.5%), fast leach kinetics and low reagent consumptions.
Feysville Gold Project
- Assay results reported from a 32-hole/1,673 metre RC drill program completed during the previous quarter at the Rogan Josh Prospect2,3.
- Assay results reported from a 120-hole/3,664 metre program of reconnaissance air-core (AC) drilling completed during the previous quarter4.
- Cube Consulting currently finalising a maiden Mineral Resources Estimate (MRE) for the Kamperman and Rogan Josh prospects, and a revised MRE for the Think Big deposit, together comprising the Feysville MRE. This work is expected to be reported during October 2024.
Corporate
- Announcement of two-tranche placement to raise approximately $25.0 million (before costs) via the issue of approximately 263 million new fully paid shares at an offer price of $0.095 per share (Placement).
- Tranche 1 of the Placement raised approximately $21.0 million (before costs) and was completed on 1 October 2024.
- Cash of approximately $24.1 million as at 30 September 2024 (inclusive of Tranche 1 Placement proceeds net of costs).
- Tranche 2 of the Placement, which involves the issue of new fully paid shares subject to shareholder approval, is set to raise approximately $4.0 million (before costs).
- Additionally, Company Directors subscribed for 789,474 shares on the same terms as the Placement shares, with their participation also subject to shareholder approval.
- Shareholder approval for the issue of shares under Tranche 2 and to the Directors will be sought at the Annual General Meeting to be held on 20 November 2024.
- Astral is now fully funded to FID including acceleration of exploration activities at the Mandilla and Feysville Gold Projects, and completion of the Mandilla Pre-Feasibility and Definitive Feasibility Study.
Figure 1 – Location map identifying Astral’s projects.
MANDILLA GOLD PROJECT
The Mandilla Gold Project is situated in the northern Widgiemooltha greenstone belt, approximately 70 kilometres south of the significant mining centre of Kalgoorlie, Western Australia.
The area hosts world-class deposits such as the Golden Mile Super Pit in Kalgoorlie owned by Northern Star Resources Limited (ASX: NST) and the St Ives Gold Mine south of Kambalda owned by Gold Fields Limited, as well as the substantial Beta Hunt Gold Mine owned by Westgold Resources Limited (ASX: WGX).
Mandilla is covered by existing Mining Leases which are not subject to any third‐party royalties other than the standard WA Government gold royalty.
The Mandilla Gold Project includes the Theia, Iris, Eos and Hestia deposits.
Gold mineralisation at Theia and Iris is comprised of structurally controlled quartz vein arrays and hydrothermal alteration close to the western margin of the Emu Rocks Granite and locally in contact with sediments of the Spargoville Group.
Click here for the full ASX Release
This article includes content from Astral 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.
AAR:AU
Astral Resources Investor Kit
- Corporate info
- Insights
- Growth strategies
- Upcoming projects
GET YOUR FREE INVESTOR KIT
Astral Resources
Overview
Astral Resources (ASX:AAR) is a gold mineral exploration company with three gold projects in tier 1 mining jurisdictions of Western Australia. The three assets are the Mandilla gold project, the Feysville gold project, and the Carnilya Hill gold project. The flagship and 100 percent owned Mandilla gold project has a mineral resource containing 1.27 million ounces (Moz) of contained gold. The other key project, 100 percent owned Feysville, hosts an updated mineral resource estimate of 5.0Mt at 1.2g/t gold for 196koz of contained gold . Feysville could potentially become a satellite source of high-grade ore feed for the flagship Mandilla gold project.
The scoping study completed at Mandilla unveils robust project economics. The cornerstone of the scoping study is the Theia deposit, which alone accounts for 81 percent of the total Mandilla mineral resource estimate. The deposit hosts a mineral resource estimate of 29 Mt at 1.1 g/t gold for 1.02 Moz of contained gold in one large open pit. The scoping study indicates a mine life of 11 years with an annual production of 100,000 oz in the first seven and a half years, dropping to 41,000 oz for the remaining three and a half years. The study outlines compelling financial metrics, including NPV@8 percent of AU$442 million, free cash flow of AU$740 million, and a payback period of nine months.
Astral Resources intends to increase production further. The assay results from the six-hole 1,832-metre drilling program completed at Theia deposit last year indicate a high potential for converting inferred resources to higher confidence indicated resources. Feysville presents another exciting opportunity, which is evident from the recent assay results at the Kamperman prospect. In 2023, Astral drilled 10 holes at Kamperman intersecting high-grade gold, including 4 metres at 94.8 g/t gold, 21 metres at 4.16 g/t gold, 35 metres at 2.19 g/t gold, 10 metres at 4.57 g/t gold, and 5 metres at 5.89 g/t gold.
The presence in Western Australia, a tier 1 mining jurisdiction, is encouraging and should comfort investors. Western Australia has world-class infrastructure and a skilled workforce. The Fraser Institute ranked it fourth globally and first in Australia as the most attractive jurisdiction for mining investment in 2023.
Astral benefits from a team of professionals boasting extensive expertise in geology and mining. The company is led by managing director Marc Ducler, who has more than two decades of experience in the mining industry. The management team has a proven track record of executing several successful exploration and development projects, as well as M&A.
Company Highlights
- Astral Resources is an ASX-listed gold exploration company in the Kalgoorlie region of Western Australia, a tier 1 jurisdiction and a mature mining region with successful development history and granted mining leases.
- The company has three assets - the Mandilla gold project, the Feysville gold project, and the Carnilya Hill gold exploration project.
- The focus is on advancing its flagship Mandilla gold project, with a mineral resource estimate of 37 Mt at 1.1 g/t gold for 1.27 Moz.
- The scoping study at Mandilla highlights the project’s robust economics with a mine life of 11 years, NPV@8 percent of AU$442 million, and free cash flow of AU$740 million.
- Mandilla’s cornerstone Theia deposit, which comprises 81 percent of the project’s resources, contains 29 Mt at 1.1 g/t gold, with 1.02 Moz of contained gold in one large open pit.
- Updated JORC 2012 mineral resource estimate (MRE) at the Feysville gold project is 5.0Mt at 1.2g/t gold for 196koz of contained gold.
- Including the Mandilla MRE of 37Mt at 1.1g/t gold for 1.27Moz of contained gold, Astral’s total gold MRE is now calculated to be 42Mt at 1.1g/t gold for 1.46Moz of contained gold (Group MRE).
- The company is led by an experienced team with a proven track record of advancing projects to development and M&A.
Key Projects
Mandilla Gold Project
The Mandilla gold project is located within the northern region of the Widgiemooltha greenstone belt, approximately 70 kilometers to the south of the prominent mining hub of Kalgoorlie, Western Australia. Mandilla includes four deposits namely, Theia, Iris, Eos and Hestia. The cornerstone of the project is the Theia deposit, constituting 81 percent of Mandilla's resources, totaling 29 Mt at a grade of 1.1 g/t gold, amounting to 1.02 Moz of contained gold in a single open pit. We note that Mandilla has a total mineral resource estimate of 37 Mt at 1.1 g/t gold for 1.27 Moz.
The scoping study indicates a mine life of 11 years with an annual production of 100,000 oz in the first seven and a half years, dropping to 41,000 oz for the remaining three and a half years. Astral estimates the pre-production capital spend at AU$191 million, and the project is anticipated to generate a free cash flow of AU$740 million (assuming a gold price of A$2,750/oz). The project’s NPV @8 percent is estimated at AU$442 million, and the IRR at 73 percent.
Drill collars at Theia deposit
Astral continues to advance exploration and resource expansion efforts at Mandilla. The company completed a six-hole 1,832 metre drilling program at Theia deposit last year. The assay results have been released and indicate a high potential for the conversion of inferred resources to higher confidence indicated resources. The assay results include: 39 metres at 5.4 g/t gold, 29 metres at 2.8 g/t gold, 28 metres at 1.4 g/t gold, 8 metres at 8.8 g/t gold.
Astral is planning to commence a pre-feasibility study at Mandilla.
Feysville Gold Project
The Feysville project is situated in Australia's premier gold belt, merely 14 km south of the Golden Mile deposit, which boasts 70 million ounces, located in Kalgoorlie. The project's updated JORC 2012 mineral resource estimate (MRE) indicates 5.0Mt at 1.2g/t gold for 196koz of contained gold. Including the Mandilla MRE of 37Mt at 1.1g/t gold for 1.27Moz of contained gold, Astral’s total gold MRE is now calculated to be 42Mt at 1.1g/t gold for 1.46Moz of contained gold (Group MRE).
At Feysville, Astral is focusing on the high-grade Kamperman prospect. A recent 19-hole 2,459 reverse circulation (RC) drilling program at Kamperman returned encouraging assay results. The latest drilling program yielded significant assay results in 14 out of 19 RC holes. This high success rate continues to indicate that Kamperman has the potential to be a substantial source of high-grade satellite ore for the Mandilla processing plant. A further 2,500-metre follow-up RC program is planned to extend known mineralization at Kamperman beyond the current 350-metre strike length.
Carnilya Gold Project
The Carnilya Hill gold project is situated about 20 kilometers south-southeast of the company's Feysville project and approximately 40 kilometers southeast of Kalgoorlie, Western Australia. The project encompasses various tenements – M26/047-049, M26/453 – spanning approximately 2.65 sq. km. Astral holds rights for gold mining, while Mincor Resources NL (ASX:MCR) holds rights to nickel and other minerals.Management Team
Mark Connelly – Non-executive Chairman
Mark Connelly is a mining industry veteran who has held positions of CEO and managing director with several multinational companies across many jurisdictions, including Australia, North America, South America, Africa and Europe. He has a proven track record in deal making and was principally responsible for the merger of Papillon Resources and B2 Gold Corp in October 2014 (value US$570 million), as well as the key person responsible for the merger of Adamus Resources and Endeavour Mining for US$579 million. He is currently the non-executive chair of Calidus Resources, Omnia Metals Group, Alto Metals, Warriedar Resources and Nickel Search.
Marc Ducler – Managing Director
Marc Ducler has more than 20 years of experience in the mining industry. He has held senior operational management roles with GoldFields, BHP, Fortescue Metals, MRL and Roy Hill. He was also the managing director of Egan Street Resources (a gold exploration and development company) until it was acquired by Silver Lake Resources (ASX:SLR).
Peter Stern – Non-executive Director
Peter Stern has experience in corporate advisory, specializing in M&A and capital raising. He has spent six years with Macquarie Bank and three years with UBS and Deutsche Bank. He is a graduate of Monash University with a Bachelor of Science (geology major). Stern is a fellow of the Australian Institute of Company Directors and the chairman of Troy Resources.
David Varcoe – Non-executive Director
David Varcoe is a mining engineer with over three decades of experience. He has extensive operational and managerial experience across various commodities, including gold, iron ore, copper, diamonds, coal, uranium and rare earths. His expertise spans board positions, operations management, project management and consulting. Varcoe is a principal consultant with the leading Australian firm AMC Consulting.
Justin Osborne – Non-executive Director
Justin Osborne is a geologist with over 30 years of experience in exploration. He was previously the executive director at Gold Road Resources (ASX:GOR), where he played a crucial role in developing the world-class Gruyere gold deposit (6.6 Moz gold). Osborne also held senior positions on the exploration executive team at Gold Fields. He was instrumental in developing the Damang Superpit project in Ghana and achieved significant discovery success at the St Ives gold mine.
Brendon Morton – Chief Financial Officer & Company Secretary
Brendon Morton has over 20 years of experience, particularly in the global resources sector across Australia, Africa and Asia. He has held several executive financial and company secretarial roles with ASX-listed and unlisted companies in the resources industry.
Jed Whitford – General Manager Business Development and Projects
Jed Whitford is a mining engineer with over 20 years of industry experience. His expertise primarily encompasses gold and base metals operations, having worked with companies such as Western Mining, Gold Fields, Golder Associates, Xstrata and Glencore.
Julie Reid – Geology Manager
Julie Reid has 36 years of experience working across Australia, Vietnam and Indonesia, covering a variety of commodities in diverse geological terrains. She holds a Bachelor of Applied Science from Curtin University of Technology.
EMU NL
Investor Insight
EMU NL is an Australia-focused base and precious metals exploration company offering a compelling opportunity in the highly lucrative copper space. A strategic focus on delineating a large-scale copper porphyry system at its Yataga Copper Project at Georgetown in Northern Queensland, combined with a leadership team of significant global experience and expertise, and an upward trending copper market, all make EMU NL worthy of considerable consideration for any investors looking at the copper sector.
Overview
EMU NL (ASX:EMU) is an ASX-listed precious and base metals exploration company with two active projects in, Australia: Yataga Copper Project in Georgetown (Queensland) and the Badja gold, tungsten and lithium project (Western Australia). EMU’s primary focus is accelerating exploration at the highly promising Yataga Copper Project.
Australia is one of the most attractive regions for mining, according to the Fraser Institute. It ranks Queensland as the 13th most attractive destination for mining investment.
In 2023, Queensland's mines yielded 12.6 tons of gold, positioning it as Australia's fourth most prolific state for this precious metal. The company's presence in relatively attractive mining jurisdictions positions it to capitalize on opportunities in Australia's resource sector and deliver sustainable returns to its shareholders. The recent fundraises of AU$1.45 million have provided sufficient funding to advance its exploration projects and EMU is planning its maiden drilling programme at the Yataga Copper Project in 2025.
Gold and copper continue to demonstrate bullish trends. Various factors are driving the surge in copper prices, including demand patterns such as upgrades in utility grids, the increasing use of copper in electric vehicles, and housing construction. Additionally, the growing energy demand from data centres powering AI applications and servers contributes to the increased need for copper. Both gold and copper prices have hit their all-time high in 2024, enhancing the prospects for junior miners to progress their projects and potentially secure financing easily.
Key Projects
Georgetown Project
The Georgetown project tenements span 850 sq. km. in North Queensland and comprise three exploration permits: Georgetown, Perpendicular Peak and Fiery Creek. Of these, Fiery Creek is the most promising and the current exploration interest for EMU as it covers the Yataga Copper Project.
The Georgetown tenements are located in a resource-rich yet under-explored region in Queensland’s far north, situated within the Georgetown mining district, with a significant history of mining activities and mineral discoveries.
EMU has identified the Yataga Copper Project as a massive-scale copper porphyry system within the 70 sq. km. Yataga Igneous complex. During 2023 and 2024, EMU's reconnaissance efforts at Fiery Creek yielded substantial geochemistry success with more than 8 sq km of highly anomalous copper results from the sampling of terminte mounds by pXRF. EMU concluded 2024 with two geophysics surveys with results currently pending. EMU has advised that it will drill targets during 2025 following completion of the wet season.
The 2023/24 work has confirmed significant, large-scale potential of the project.
The fieldwork has provided support for a large-scale copper porphyry system at the Yataga Copper Project. Drilling results this year will confirm the potential however EMU is targeting large economic bulk tonnage copper resources from shallow ore bodies at Fiery Creek and the Yataga Valley prospects.
Badja Project
The Badja project is located 32 kilometres southeast of the township of Yalgoo and covers an area of 870 hectares. The project's tenements include 2 centrally granted mining leases an adjoining mining lease application covering 279.3 hectares, and a granted exploration license covering 590.3 hectares. EMU’s previous drilling work has identified areas that are prospective for high-grade gold, tungsten and lithium.
EMU is evaluating options to maximize the value of the project, either through sale or retention.
Yataga Copper Project
The Yataga copper project is composed of two prospects overlaying the copper geochemistry anomalous zones within the Yataga Igneous Complex. Most recent discoveries include widespread surficial copper mineralisation along the NNW-SSE shear zone in the central part of the Yataga Copper Project. Surface geochemical surveys have updated EMU’s ecological modelling and identified multiple intra-pluton porphyry copper centres close to the surface. The company’s
recent work has identified a combined area of 8 sq. km of copper-in-soil anomalism with significant potential for expansion. The results from EMU’s field work continue to prove the project’s potential to be a global tier 1 scale copper discovery.
Management Team
Peter Thomas – Non-executive Chairman
Peter Thomas has over thirty years of experience running a legal practice specializing in giving advice to listed explorers and miners. He has served on the boards of various listed companies, including as the founding chairman of copper producer Sandfire Resources and mineral sands producer Image Resources. His current ASX-listed company board positions include non-executive director of Image Resources and non-executive chair of Middle Island Resources.
Roland Bartsch - Non-Executive Director
Roland Bartsch MSc. BSc (Hons) is a geoscientist/mining executive with more than 30 years’ experience in mineral exploration, project development, resource evaluation and mining.
Commencing his career at Western Mining Corporation he has worked with diverse major mining organisations, international consulting groups, and junior miners on copper-gold, base metal, gold and iron ore projects extending from Greenland, the Americas, Africa, Indonesia, Solomon Islands and Australia. Recent roles include chief executive officer, country manager Australia, general manager geology, vice-president technical/geology, technical director and manager geology, mining and exploration.
Tim Staermose – Non-executive Director
Tim Staermose boasts 23 years of expertise in equity capital markets and equity research. His professional journey includes roles at international sell-side equity brokerage firms based in South Korea and Hong Kong, notably Banque Indosuez (now part of Credit Agricole) in the late 1990s and Lehman Brothers in the early 2000s. Transitioning from sell-side equity research, Staermose has since operated as an independent researcher and stock-picker for several private research firms, focusing on natural resources, gold and mining investments.
Radisson Mining Resources: Advancing High-grade Gold Exploration in Quebec
Radisson Mining Resources (TSXV:RDS,OTCQB:RMRDF) is a gold exploration company unlocking the value of its 100 percent owned O’Brien gold project. Located in the Abitibi Greenstone Belt along the prolific Larder-Lake-Cadillac Break in Quebec, Canada, the O’Brien gold project hosts the highest-grade, past-producing mine along the Cadillac Break. Radisson Mining Resources leverages its extensive drilling campaigns, high-grade historical production, and experienced management team to create value for shareholders and stakeholders.
With world-class assets, robust exploration programs, and experienced leadership, Radisson is well-positioned to deliver value to its shareholders.
The O’Brien gold project is in the Abitibi region of northwestern Quebec, along the Larder-Lake-Cadillac Break, and encompasses the historic O’Brien mine, which produced 587,121 ounces of gold at an average grade of 15.25 grams per ton (g/t) between 1926 and 1957. The company has planned a 22,000-metre drilling program to expand known mineralization below existing resources.
Company Highlights
- Flagship O’Brien Gold Project: Hosts the highest-grade, past-producing mine along the Cadillac Break, with significant resource expansion potential.
- Located in tier-one mining district amongst numerous world-class producers
- Experienced Leadership: A seasoned management team and board with a proven track record in mining exploration and development.
- Commitment to Sustainability: Prioritizes environmental stewardship and community engagement in all exploration activities.
This Radisson Mining Resources profile is part of a paid investor education campaign.*
Click here to connect with Radisson Mining Resources (TSXV:RDS) to receive an Investor Presentation
Quimbaya Gold: Unlocking High-grade Gold Potential in Antioquia, Colombia’s Premier Mining District
Quimbaya Gold (CSE:QIM)) is a junior gold exploration company exploring high-grade gold projects in Colombia. Quimbaya Gold's portfolio spans 59,057 hectares in highly prospective regions in the Antioquia mining district, the region responsible for about 50 percent of Colombia’s total gold production or around one million ounces (Moz) annually.
Located next to Aris Mining’s (TSX:ARIS) Segovia mine, Quimbaya leverages its proximity to established infrastructure and gold-rich geological formations. With Colombia being one of the most underexplored yet top mining jurisdictions in South America, Quimbaya’s projects are uniquely poised for significant discoveries.
Quimbaya's flagship Tahami project spans 17,087 hectares featuring mesothermal veins with multiple mineralization events underlain by Precambrian metamorphic rocks consolidated within the San Lucas Gneiss unit.
Company Highlights
- Quimbaya Gold controls 59,057 hectares across three distinct projects in Antioquia, Colombia — renowned as the country's top mining department, accounting for over half of Colombia’s gold production.
- The flagship Tahami project is adjacent and on trend to Aris Mining’s Segovia mine, one of the highest-grade gold mines globally. Tahami benefits from its strategic proximity to Segovia and its potential for discovery of high-grade vein gold systems.
- Tight share structure (60 percent insider/family offices/institutions ownership) with a market cap of approximately C$11.45 million, ensuring alignment with shareholder interests.
- Quimbaya has entered into a partnership with Independence Drilling, Colombia’s largest drilling company, which secures an extremely cost-effective 100,000 meters of drilling over five years.
- Quimbaya utilizes software that allows for rapid and cost-effective acquisition of mining claims, giving the company a competitive edge in securing high-value assets.
- The technical team’s proven track record of major discoveries in Colombia positions Quimbaya as a standout explorer in the region.
This Quimbaya Gold profile is part of a paid investor education campaign.*
Click here to connect with Quimbaya Gold (CSE:QIM) to receive an Investor Presentation
Astral Resources Investor Kit
- Corporate info
- Insights
- Growth strategies
- Upcoming projects