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Australian Critical Minerals (ASX: ACM, “Australian Critical Minerals” or “the Company”) a mineral exploration company focused on the exploration and development of critical mineral projects in Western Australia, is pleased to advise it will commence trading today on the Australian Securities Exchange (“ASX”).
Highlights
- Australian Critical Minerals commences trading on the ASX today at 11am AEST under the code “ACM”, following a successful, fully subscribed IPO, having received demand well over the maximum subscription amount
- ACM is an emerging critical mineral exploration company focused on projects to support the global transition away from fossil fuels
- ACM’s portfolio comprises 6 projects spanning 1,861km2 across the Pilbara and Southwest Goldfields regions in the Tier-1 jurisdiction of Western Australia
- Funds raised through the IPO are to be used initially to commence exploration at the Company’s key projects:
- Cooletha Lithium Project, Pilbara, WA
- Rankin Dome Rare Earth Project, near Southern Cross, Yilgarn, WA
- ACM will commence a mapping and sampling program on the Cooletha Lithium Project immediately which will be followed by a drill program targeting the REE anomalies at Rankin Dome during the September quarter.
- Loyalty Option of one option per two shares held expected in next 3-6 months
ACM has successfully completed an Initial Public Offer (IPO), which raised the maximum subscription of $5 million, through the issue of 25,000,000 shares at an issue price of $0.20 per share, giving the Company a market capitalisation of approximately $8.7 million at the IPO price.
The offer was strongly supported by institutions and sophisticated investors and the Company received demand well over the maximum subscription amount. State One Equities was the Lead Manager for the IPO.
Funds raised through the IPO will be used to commence exploration at the Company’s two key projects, Cooletha Lithium Project, where the team is in the process of mobilizing field personnel to commence mapping and sampling, and the Rankin Dome Rare Earth Project, where drilling is expected to commence later this quarter.
Managing Director, Dean de Largie said,
“On behalf of the Board, I would like to welcome our new shareholders to the ACM register and look forward to their long-term support. I welcome both Mr Michael Wright and Mr Gary Brabham to the ACM Board. With Michael Wright as our Chairman, I look forward to benefiting from his decades of corporate management experience. Gary Brabham has extensive experience in exploration, resource modelling and mine development combined with a deep geological acumen and we welcome his insights and advice as the ACM projects develop and ACM grows to fulfil its potential.
ACM lists on the ASX today with impeccable timing as end users and governments globally are scrambling to secure sources of energy related commodities to support the drive to a green energy future. ACM's projects are in ideal geological settings and have the size and logistical attributes to permit large scale resource development.
We thank our shareholders that have supported us in the IPO and we are pleased to advise that ACM intends to issue a loyalty option post-listing, whereby each Shareholder at the record date of the offer, anticipated to be in the next 3-6 months, will be given the opportunity to subscribe for one Option for every two Shares held.”
I would also like to take this opportunity to thank our Lead Manager State One Stockbroking for their support and input throughout the IPO process and also to express our gratitude to Steinepreis Paganin for their legal counsel, diligence and guidance.
The Company holds interests in six projects located in the Pilbara and Southwest Goldfields Regions of Western Australia covering 1,861km2, considered to be prospective for lithium, tantalum, gold, iron ore, rare earth oxides and kaolin:
- Cooletha Lithium Project
- Rankin Dome Rare Earths Project
- Shaw Iron Ore and Gold Project
- Beverley, Kondinin and Kojonup Kaolin Projects
Figure 1. ACM Portfolio of Western Australian projects
Australian Critical Minerals is targeting pegmatite-hosted lithium in the Tier-1 mining jurisdiction of the Pilbara, Western Australia, which hosts significant discoveries and operating lithium mines such as Mineral Resources’ Wodgina and Pilbara Minerals’ Pilgangoora.
The Cooletha Project, ACM’s flagship lithium project in the Pilbara, has over 100km2 of prospective ground with outcropping pegmatite swarms. Observed pegmatites vary in width from several metres to a hundred metres and outcrop over several hundred metres in length. Spodumene is evident in surface samples and ACM has already identified high-value targets areas which will immediately be mapped and sampled upon listing.
The Rankin Dome Rare Earths Project has produced shallow auger samples highly anomalous in REE. Located close to Southern Cross, an established mining centre, a drill campaign is set to commence shortly after listing. Rankin Dome is held in JV with Kula Gold (ASX: KGD) with ACM to earn up to 51% interest in the Project. Full details with respect to material results from Rankin Dome are set out in the Company’s prospectus.
ACM also holds tenements prospective for iron ore in the Pilbara, located amongst mines operated by Fortescue Metals Group and Hancock Prospecting. Exploration is expected to commence in the second half of 2023 to follow up over 25km of Channel Iron Ridges and Banded Iron Formations identified at the Cooletha and Shaw Projects.
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This article includes content from Australian Critical 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.
High grade Assay Results Continue at Youanmi
- The latest batch of assays have been received from the 11,000m drilling program (both diamond core and reverse circulation) at the high gold-grade Youanmi Gold Project, located centrally in Western Australia’s prolific gold fields
- The recently-completed infill/exploration program aimed to improve resource confidence and open up corridors for resource growth; to underpin the Definitive Feasibility Study (DFS), and, additionally, provide sample material for ongoing metallurgical optimisation test-work for the DFS program
- Latest highlights from the program include:
- RXDD131: 4.38m @ 19.07 g/t Au from 387.98m,
- incl. 1.73m @ 41.43 g/t Au from 389.96m
- RXDD119: 4.56m @ 14.60 g/t Au from 220.64m
- RXDD115: 2.99m @ 21.11 g/t Au from 249.88m
- RXDD119: 4.0m @ 7.37 g/t Au from 162.0m
- RXDD132: 7.19m @ 3.90 g/t Au from 263.61m
- RXDD133: 2.83m @ 6.53 g/t Au from 431.00m
- RXDD128: 3.82m @ 4.51 g/t Au from 364.59m,
- incl. 1.73m @ 8.22 g/t Au from 364.59m
- incl. 1.73m @ 8.22 g/t Au from 364.59m
- RXDD122: 0.95m @ 13.50 g/t Au from 204.44m
- §These results further demonstrate the continuity of high- grade gold mineralisation along the Youanmi greenstone belt belt, and the potential for resource growth both at depth and along-strike, with discovery potential to the south
- 35,000m Step-up drill campaign well underway with the plan to bring forward ounces and increase the mine plan
The program focused on converting Inferred stopes at Pollard, United North and Youanmi Main to higher confidence Indicated classification and providing material for metallurgical testing for the upcoming Definitive Feasibility Study (DFS) – on track for H2 CY25.
This final consignment of diamond assay results are the fourth batch of assays results returned from the drill program and have been entirely drilled from the Pollard, Youanmi and United North areas (Figure 1).
Rox Resources’ Chief Executive Officer, Phillip Wilding, commented:
“It’s pleasing to round out the 11,000m RD and DD drilling program with another batch of excellent intercepts.
“More importantly, the program has significantly improved our knowledge of the high grade and underexplored Youanmi ore system, and shown that mineralisation remains open at depth.
“Next steps are to convert Inferred areas of the Resource to the higher confidence Indicated classification, and finalise key intercepts of sample material for metallurgical test work to feed into the Youanmi DFS.
“We are excited to have commenced the 35,000m Step-up program to potentially bring forward ounces in the mine plan and significantly increase the size of the Pollard ore zone.”
Youanmi Major Growth Drill program
Resource drilling has focused on converting selected Inferred stopes in the current Mineral Resource of 16.2Mt at 4.4g/t Au for 2.3Moz (Indicated: 10.7Mt at 4.5g/t Au for 1.6 Moz : Inferred 5.5Mt at 4.2g/t Au for 0.7 Moz) 1 to higher confidence Indicated classification at Pollard, United North and Youanmi Main as shown in plan on Figure 1. The drilling has also provided both sample material for metallurgical testing and valuable geological data for the pending Definitive Feasibility Study (“DFS”) planned for second half of 2025.
Figure 1: Plan view of the Youanmi Gold Project featuring drill hole collar locations and 2024 Resource outline overprinted on aerial photography
Outside of the immediate resource area, drilling was also conducted on near-mine exploration and focused on the Youanmi South prospect area, or Paddy’s Lode, first reporting high-grade intercepts in 20232. The drilling at Paddy’s has complimented the Company’s exploration strategy moving south along the Main Lode Shear Zone (MLSZ) and adding additional gold ounces to the Resource. Youanmi South has the potential to grow the Resource above the 103kozpa Production Target outlined in the recently completed Pre-Feasibility Study (“PFS”)3.
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This article includes content from Rox 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.
Drilling Commenced at Viani in Fiji
HIGHLIGHTS
- The Phase 1, three-hole diamond drilling program has commenced at the Viani Project, Fiji and will test for extensions to the quartz vein gold mineralisation at depth.
- Phase 1 is expected to be completed in early 2025, with plans for additional drilling under the same program dependent on the initial results
- The Viani Project (SPL1513) covers an area of approximately 200km2 and is largely underexplored.
- At the Dakuniba prospect within Viani, low sulphidation epithermal high-grade gold mineralisation has been mapped over >3km strike length.
- Diamond drilling completed by Japan International Cooperation Agency (JICA) in 1995 to 1997 intersected high-grade gold in low sulphidation epithermal quartz veins, including 0.6m @ 27.6 g/t Au.
Alice Queen’s Managing Director, Andrew Buxton said,
With drilling underway, Alice Queen is positioned to test the epithermal gold-style mineralisation identified in historic drilling at the Viani Project. Weather permitting, we anticipate completing the Phase 1, three-hole diamond drilling program in early 2025. Following this, our exploration team will mobilise the drill rig to the Sabeto Project in Fiji to maintain the momentum of this campaign. To deliver timely results to shareholders, we intend to accelerate the analysis of the drill core at ALS Brisbane.”
Image 1 – Diamond drilling at Viani
Details
Geology
The geology of the Viani Project (SPL 1513) comprises olivine basalts and volcaniclastics of the Natewa Volcanic Group which are intruded by andesite sills and dykes. In the 1940s, gold mineralisation was found by local prospectors near the village of Dakuniba. At Dakuniba, low sulphidation style epithermal gold occurs in quartz veins, and silicified rocks along a 3km long NE trending zone.
In 1995-1997, Japan International Cooperation Agency (JICA) drilled six diamond holes at Dakuniba and intersected high-grade gold in chalcedonic, crustiform, colloform banded quartz veins at depths of 50m to 100m below surface (i.e. MJVFV-5 intersected 2.2m @ 11.3 g/t Au, incl 0.6m @ 27.6 g/t Au at 121m downhole). This high-grade gold mineralisation is open in all directions.
Proposed Drill program
The initial Phase 1 drill program at Viani (see Table 1) will comprise three diamond drillholes designed to test continuity to the epithermal gold mineralisation previously intersected in JICA drillhole MJVFV- 5 (2.2m @ 11.3 g/t Au) (see Figure 2). The drilling will test for extensions to the gold mineralisation at depth and along strike.
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This article includes content from Alice Queen 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.
