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Basin Energy Limited (ASX:BSN) (‘Basin’ or the ‘Company’) is pleased to provide an update on exploration activities at the Geikie Uranium Project (‘Geikie’ or the ‘Project’), located on the eastern margin of the world-class Athabasca Basin.
Key Highlights
- Contractors secured for maiden drilling program at Geikie with mobilisation set to commence in early June
- Initial 2,000 metres planned for a minimum of 8 drill holes
- Drilling to test shallow, high priority prospects deemed favourable for high grade uranium mineralisation
- Targets defined using high resolution airborne radiometric and electromagnetic surveys in combination with geochemical sampling, structural mapping & historical data review
- Basin remains fully funded for a significant 2023 exploration program with $7.3M at 31 March 2023
The Company has secured contractors and crews with mobilisation set to commence in the second week of June for an initial 2,000 metre diamond drilling program designed to test features associated with a regionally significant conductor deemed favorable to host shallow, high grade uranium mineralisation. This initial program will consist of a minimum of 8 drill holes, with proposed depths up to 250 metres.
Basin’s Managing Director, Pete Moorhouse, commented:
“This is a significant milestone for Basin, being the initial phase of the first exploration drilling to be completed by the Company and representing the start of an exciting 2023 summer field season.
Our efforts to date have generated a compelling pipeline of regionally significant drill ready uranium targets at shallow depths. As this drilling commences, Basin continues to develop the secondary targets identified at Geikie, whilst bolstering is North Millennium and Marshall targeting criteria.
We are seeing a very positive sentiment in the uranium space emerging, and Basin is extremely well positioned to capitalise on this through the exploration of its projects in the world-class Athabasca Basin. We look forward to providing further updates as the season develops.”
Drilling Scope
The 2,000 metre drill program is scheduled to commence in the second week of June and expected to take 6 weeks to complete. The drilling services have been contracted to Athabasca Catering Limited Partnership, a 100% First Nations-owned company, who are partnered with ITL Diamond Drilling Ltd. Basin will update the market on target specifics at the time of contractor mobilisation.
The initial drilling campaign will focus on features associated with the strong coherent regionally significant northeast trending conductor, classified as a primary target, striking through the southern half of the Project. A series of splays and offsets of this conductor are visible, often in correlation with intersections of regionally significant deep-seated north-south trending faults, part of the Tabbernor Fault System (‘Tabbernor’, or ‘TFS’)1. The conductive trend is part of a tightly folded stratigraphic package comprising metasediments, discontinuous quartzite lenses and granitic rocks deemed to form a suitable rheological contrast for potential mineralisation.
Figures 1 and 22 : Locations of AEM primary and secondary targets over (left) Channel 10 VTEM data and (right) 2022 magnetic data. Phase 1 drilling set to test primary targets whilst work continues to refine a series of secondary targets.
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This article includes content from Basin Energy, 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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Basin Energy
Overview
Basin Energy (ASX:BSN) completed an IPO in October 2022 and is well-positioned as a uranium exploration and development company to take full advantage of the current political and economic environment for the global supply of uranium. The company operates three projects in the world-class Athabasca Basin in Saskatchewan, Canada, known as the world’s leading source of high-grade uranium, currently accounting for approximately 10 percent of global uranium production. The company’s projects are in close proximity to high-grade uranium discoveries and mining operations within the Athabasca Basin.
Interest in uranium has skyrocketed in recent months, driven by the need for lower emissions and stable power generation. Nuclear reactors provide significant power for 32 countries globally, including the US, Canada, China, France, Hungary, Japan and Finland.
Demand has become a key driver of uranium prices, with Sprott Asset Management further enhancing demand by launching two investment vehicles that have already found rapid success: Physical Uranium Trust (TSX:UUN) and Uranium Miners ETF (ARCA:URNM). Combined, existing demand and investment interest create a compelling opportunity for uranium miners and their investors.
In an interview with INN, founding director Peter Bird said, "It's hard to look past the Athabasca Basin as the premium mining jurisdictions for large, high-grade uranium deposits. The region also ranks highly as one of the most stable mining jurisdictions worldwide, which is an increasingly important factor given the current scrutiny on the source of uranium.”Company Highlights
- Basin Energy is a uranium exploration and development company with three highly prospective projects in the world-renowned Athabasca Basin in Canada, known for being a consistent top three global uranium producer.
- Basin Energy’s board, management team and joint venture partner have direct extensive experience in uranium exploration and development along with comprehensive expertise in corporate financing, investment banking and geology. The company’s highly prospective uranium exploration portfolio comprises:
- The Geikie Project - located on the eastern margin of the Athabasca Basin occupying an extensive land position of 351 square kilometers, showing multiple uranium and uranium pathfinder occurrences, and is prospective for shallow, high-grade mineralization with maiden drilling identifying uranium up to 0.27 percent;
- The North Millennium Project - an interpreted extension of the Mother Fault that hosts Cameco’s Millennium Deposit (104.8 Mlb U3O8 3.76 percent), located just 7 kilometers to the south; and
- The Marshall Project - located only 7 kilometers west of Cameco’s Millennium deposit centered on a strong magnetic and conductive anomaly interpreted as a significant unconformity-type uranium target.
- Basin Energy is committed to sustainable development throughout its operations, aiming to minimize environmental impact from all stages of the exploration and development cycle.
Key Projects
Basin has interest in and is actively exploring three highly prospective properties positioned in the southeast corner and margins of the Athabasca Basin, an area well known for its uranium endowment and pedigree. These are the Geikie (60 percent, North Millenium (40 percent) and Marshall (100 percent) projects.
The project portfolio provides exposure to traditional “unconformity style” exploration, targeting the same mineralisation model as Cameco’s (TSE:CCO) prolific McArthur River mine which hosts 674.9Mlb uranium at 16.9 percent at its North Millenium and Marshall projects, as well as exposure to potentially shallower “basement style” exploration targeting deposits similar to NexGen Energy’s (TSE:NXE) Arrow deposit which hosts 30.61Mlb uranium at 4.6 percent.
Geikie Project
The Geikie Project covers a significant area of 351 square kilometers on the eastern fringe of the Athabasca Basin and is easily accessible from Highway 905, which is located just 10 kilometers to the east. This portion of the Athabasca Basin is deemed perspective for shallow “basement style” mineralisation, but has traditionally been overlooked from much of the previous campaigns of uranium exploration. The discovery of multiple basement-hosted uranium ore bodies in recent years elsewhere in the district has driven a focus on the area.
The project was initially prioritized following a targeting review utilizing historical geophysics. Historical geochemistry confirmed the presence of uranium and suitable host lithologies. Recent nearby high-grade, shallow uranium discoveries by 92 Energy (ASX:92E) and Baselode Energy (TSXV:FIND), further enhance the overall prospectivity of the asset.
Project Highlights:
- Exploration underway: Basin Energy has completed mapping, geochemical sampling, airborne geophysics and maiden drilling. Further drilling is planned for 2024-.
- Shallow targets amenable to rapid exploration: Target horizon sits directly beneath glacial cover, in what was historically an overlooked part of the district.
- Nearby high-grade discoveries: The proximity of recent discoveries creates further confidence in the prospectivity of the project geology, being located adjacent to two recent discoveries:
- 92 Energy’s Gemini discovery 43 meters at 0.6 percent eU3O8 including 6 meters at 2.2 percent U308.
- Baseload Energy’s AKIO discovery was 13.2 meters at 0.55 percent U3O8 including 6.3 meters @ 0.99 percent U3O8.
- Presence of uranium: The maiden drilling program intersected anomalous uranium in four of the eight holes drilled, with assays returning up to 0.27 percent U3O8.
- Extensive scale: Geophysical data, combined with drilling data demonstrates significant scale opportunity with over 30 metres of intense alteration and brecciation intersected in drilling, that can be correlated to regional structural features identified in magnetics. This provides immediate follow up targets.
Since its IPO, the company has completed an extensive campaign of high resolution modern airborne geophysics including magnetics, radiometrics, electromagnetics and gravity gradiometry, as well as initial ground prospecting. These surveys have confirmed the pre-IPO geological interpretation and successfully identified a series of uranium targets.
Basin Energy completed its maiden 2,217-meter drilling program at Geikie in the summer of 2023, the first drilling to occur within the Project area in over 50 years. Drilling successfully identified uranium mineralisation with assays up to 0.27 percent U3O8. Uranium mineralisation is located proximal to two regionally significant structures at Aero Lake and Preston Creek with associated extensive hydrothermal alteration indicative of large uranium mineralising systems. Furthermore, an extensive geochemical pathfinder halo has been identified at Preston Creek, characteristic of uranium mineralising systems seen elsewhere in the district.
The company further expanded the Geikie Project with two additional claims consisting of 11.87 square kilometers, bringing the total Geikie project area to 350.87 square kilometers. The newly staked claims are adjacent to the Preston Creek and Hourglass Lake prospects, where Basin’s maiden exploration drilling is underway.
The company currently owns 60 percent of the Geikie Uranium Project following the fulfillment of expenditure requirements to meet the option payment. Basin has elected to proceed with the option agreement to increase its ownership to up to 80 percent through earn-in stages.
North Millennium Project
North Millennium is located just 7 kilometers north of Cameco’s (NYSE:CCJ) Millennium Deposit, which contains 104.8 million pounds (Mlb) U3O8 at 3.76 percent, and 40 kilometers southwest of their flagship McArthur River Mine hosting 674.9 Mlbs U3O8 at 16.9 percent. Within the property, Basin Energy has identified two high-priority targets along a 5-kilometer corridor for initial priority exploration. The initial target is where an interpreted extension of the Millennium Mother Fault intersects a strong basement conductor.
Project Highlights:
- Favorable geology: The interpreted structural and stratigraphic geology has strong similarities with some of the major uranium deposits within the Athabasca, such as a basement conductor trend disrupted by an interpreted extension of the Millennium Deposit Mother Fault.
- Proximity to known mineralization and recent discoveries:
- Located 7 kilometers north of Cameco’s Millennium deposit
- Drilling to the south of the project, proximal to the Millennium Deposit Mother Fault intersected uranium and uranium pathfinder elements.
- A drill hole on a nearby property completed by joint venture partner CanAlaska (TSXV:CVV) identified high-grade mineralization of 9 meters at 2.4 percent U3O8, further enhancing confidence in the project.
- Thoroughly defined exploration strategy: The company is currently compiling historical data, including completing a 3D inversion of results from an existing historic airborne ZTEM campaign. Exploration work will subsequently consist of:
- Targeted ground geophysics
- Stepwise moving loop time domain electromagnetics
- Potentially DCIP resistivity
- Exploration diamond drilling
- Targeted ground geophysics
Marshall Project
Located in the southeast corner of the Athabasca Basin, the Marshall Project has received limited historic exploration between 1979 and 2009, which included surface geochemistry, electromagnetic surveys and ground geophysics.
The Marshall Project contains a strong magnetic and conductive structure indicative of an unconformity-type uranium target, the asset’s primary target. Recently completed modern 3D inversion and processing works of historical geophysical data identified multiple geophysical anomalies above and below the Athabasca unconformity within the sandstone and basement stratigraphy at the Marshall Project.
Project Highlights:
- Significant geophysical anomalies: Interpretation of historical geophysical data suggests a metasedimentary basin with a graphitic basal unit, cross-cut by a magnetic and conductive NE/SW structure – indicative of a geological setting suitable for high-grade uranium mineralization.
- Proximity to known mineralization and recent discoveries:
- Located 10 kilometers west of Cameco’s Millennium deposit
- A drill hole along strike at the McArthur West project, completed by joint venture partner CanAlaska (TSXV:CVV) identified high-grade mineralization of 9 meters at 2.4 percent U3O8, further enhancing confidence in the project.
- Thoroughly defined exploration strategy: The company is currently compiling historical data, including completing a 3D inversion of results from an existing historic airborne ZTEM campaign.
- Exploration work will subsequently consist of:
- Targeted ground geophysics
- Stepwise moving loop time domain electromagnetics
- Potentially DCIP resistivity
- Exploration diamond drilling as merited
Management Team
Blake Steele - Non-executive Chairman
Blake Steele is an experienced metals and mining industry executive and director with extensive knowledge across public companies and capital markets. He was formerly president and chief executive officer of Azarga Uranium Corp (Azarga), a US-focused integrated uranium exploration and development company. He led Azarga into an advanced stage multi- asset business, which was ultimately acquired by enCore Energy Corp (TSX.V:EU) for C$200 million in February 2022.
Pete Moorhouse - Managing Director
Pete Moorhouse has 18 years of mining and exploration geology experience with extensive experience in the junior uranium sector, having spent over 10 years with ASX-listed uranium explorer and developer Alligator Energy (ASX:AGE). He holds significant competencies in evaluating, exploring, resource drilling and feasibility studies across many global uranium and resource projects.
Jeremy Clark - Non-executive Director
Jeremy Clark has over 19 years of mining and exploration geology experience. He previously held technical and management roles at the recognized consultancy firm RPM Global for over 13 years, gaining experience across a number of uranium, base metals, and precious metals deposits globally. Subsequent to RPM, Clark established his own boutique geological consultancy firm, Lily Valley, focused in regards to compliance-related issues, IPOs and M&A.
Cory Belyk - Non-executive Director
Cory Belyk holds 30 years’ experience in exploration and mining operations, project evaluation, business development and extensive global uranium experience most recently employed by Cameco in the Athabasca Basin. He was a member of the exploration management team that discovered Fox Lake & West McArthur uranium deposits. Currently CEO/VP of Canadian Athabasca uranium explorer & project generator, CanAlaska (TSXV:CVV).
Peter Bird - Non-executive Director
Peter Bird is an investment banking professional with experience leading and managing a variety of global transactions including IPOs, Capital Raises and M&A Currently working with New York based investment fund, where he provides strategic funding solutions to a variety of international clients. He previously held the role of associate director at a Perth-based boutique corporate advisory firm focused on natural resources.
Ben Donovan - NED/ Company Secretary
Ben Donovan has over 22 years of experience in the provision of corporate advisory and company secretary services. He holds extensive experience in ASX listing rules compliance and corporate governance and has served as a Senior Adviser to the ASX for nearly 3 years Currently CoSec to several ASX listed resource companies including M3 Mining (ASX:M3M), Magnetic Resources (ASX:MAU) and Legacy Iron Ore (ASX:LCY).
Odile Maufrais - Exploration Manager
Odile Maufrais is an exploration geologist with over 14 years of experience and has an extensive understanding of the uranium exploration and mining industry, having worked at ORANO, one of the largest global uranium producers for 12 years on various assignments in Canada, Niger, and France. Maufrais has significant Athabasca Basin-specific experience, being involved on over 15 greenfield and brownfield uranium exploration projects located throughout the Basin. Her most recent roles for ORANO comprised leading various uranium exploration campaigns and being an active member of the ORANO research and development team, which involved working on trialing and implementing cost-effective and streamlined drilling techniques within the Athabasca Basin. She also played a key role in the update of the National Instrument 43-101 compliant mineral resource estimate for the Midwest Main and Midwest A deposits. Mrs. Maufrais holds a Master of Science from Montpellier II University, France.
Copper Porphry Potential Grows at Georgetown Project
Highlights
- High grade copper veins have developed adjacent to a copper porphyry system at Fiery Creek prospect, within the Georgetown Project in Queensland
- High-grade copper assays of up to 23.5% Cu
- Mineralogy review strongly supports the presence of a shallow, constrained significant copper mineralised porphyry system
- Geochemistry favourably compares to similar geologically aged projects including Mount Leyshon, Kidston, Red Dome and nearby Mt Turner
- Copper mineralised zone of the Fiery Creek porphyry system is interpreted to lie close to surface
- Outcropping vein areas indicative of pencil porphyry type systems as documented at North Parkes and Ridgeway, NSW
- Extended geochemistry sampling program underway at Fiery Creek with planned detailed geologic mapping activity
- Geophysics survey (pole dipole, IP, resistivity, MT) scheduled for August 2024
Emu Non-Executive Chairman Peter Thomas commented,
“Emu is increasingly confident the Fiery Creek prospect has the makings of a massive multi- million-tonne copper porphyry system. In addition to Mr Maund’s assessment, the results of our geochemistry work to date at Fiery Creek have confirmed the potential for a near-surface, high- grade deposit which warrants further investigation. Emu intends to strengthen its understanding of this discovery in 2024 by applying modern exploration techniques not previously used in the area. This includes the next key step for the Company which is to undertake a definitive geophysical survey of the Fiery Creek Prospect area in August this year.”
Emu has contracted Independent Consulting Economic Geologist and Fellow of the AusIMM and AIG, Mr Nigel Maund, to assess the Company’s Fiery Creek prospect, within the Georgeotwn Project.
The scope of Mr Maund’s assessment includes:
- a comprehensive mineralogical investigation of the Fiery Creek vein samples1,
- review of EMU exploration data, and
- an update to his interim report2.
In his interim report, Mr Maund suggested the Fiery Creek quartz, copper oxide, sulphide vein array system appears to be developed within the cupolas of two possible, closely spaced “pencil porphyry – type” mineralised systems.
Further research work undertaken by Mr Maund, relying on the updated EMU geologic exploration database, has strengthened his view and interpretation of the system. Indeed, evidence of feldspar porphyry intrusive bodies and phreatic breccias and advanced argillic alteration have been confirmed from Fiery Creek samples viewed under microscope.
Figure 1. Fiery Creek Copper/Yataga Granodiorite summarising rock
Fiery Creek Geochemistry Suggests Shallow Copper Mineralisation
Substantial high-grade copper assays of up to 23.5% Cu were recorded with anomalous associated elements: bismuth (up to 1.88%), silver (up to 480 g/t), arsenic (up to 1,650 ppm), antimony (up to 667 ppm), zinc (up to 1,470 ppm), barium (up to 1.25 %) and tellurium (up to 215 ppm). Mr Maund noted that the system is copper dominated with significant bismuth and silver. Referencing Dr Scott Halley’s3 work, Mr Maund noted the level of erosion within a porphyry copper system can be pinpointed by its geochemical footprint and its silicate and sulphide mineralogy. See Figures 2 and 3 below. These diagrams illustrate that the Fiery Creek system is likely to have been eroded to the upper potassic alteration shell of a porphyry copper system with high grade copper impregnated veining currently exposed to surface.
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This article includes content from EMU NL, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Quarterly Activities Report for the Period Ending 31 March 2024
Highlights
- Assay results received from last quarter's drilling at the Ti-Tree project identified mineralisation at several prospects.
- Strong results, consistent with the zones of a porphyry copper system were received from the first 22 holes drilled into the Minnie Springs Cu-Mo-Ag porphyry prospect, including intercepts of:
- MSRC012: 18m @ 0.37% Cu and 9.7 g/t Ag from 94m downhole, and;
- 16m @ 0.38% Cu and 19.4g/t Ag from 121m downhole
- MSRC022: 7m @ 0.19% Cu from 87m downhole
- MSRC011: 7m @ 0.12% Cu from 21m downhole
- MSRC012 mineralisation contained significant base metal and silver including:
- 5m @ 27.6 g/t Ag, 0.25% Pb and 0.15% Zn with 148 ppm Mo from 107m, and
- 14m @ 21.5 g/t Ag, 0.18% Pb and 0.1% Zn with 274ppm Mo from 122m
- Copper Ridge CRRC008 returned:
- 4m @ 0.91% Cu from 13m
- Including 2m @ 1.67% Cu
- A 3,400m RC drill program has commenced at Minnie Springs, with deeper diamond drilling planned for June.
- Extensive soil sampling program commenced, representing the first systematic exploration over large parts of the mineralised Ti-Tree and adjacent Minga Bar Shears
- Soil program to target both base metal-gold and lithium prospective Leake Spring Metamorphics as well as extensions to the Minnie Springs porphyry style copper- molybdenum trend.
- Cash position of $4.55m as of 31 March
During the period Augustus received the drill results from the Ti-Tree project’s maiden reverse circulation (RC) drilling program completed last quarter. The program was designed primarily to test six advanced targets where existing soil and/or rock chip anomalies had been generated.
Augustus has continued to advance its mineral exploration ground efforts within the Ti-Tree Project with a regional soil sampling program commencing in March and a second RC drilling program commencing in early April at the Minnie Springs Cu-Mo-Ag porphyry prospect.
Drilling Activities
The Ti-Tree project covers some 3,600km2 and overlies 85kms of strike of the Ti-Tree Shear which is known to host a significant number of mineral occurrences in the region. The project area also contains >20kms of strike of the Money Intrusion, where Dreadnought Resources (ASX:DRE) has recently discovered significant Ni-Cu-PGE mineralisation1 .
Assay results from late last quarter’s drilling which comprised 78 holes totalling 9,086m of Reverse Circulation (RC) drilling were received in the March quarter2.
The primary focus of this drill program was to target significant mineralised zones defined by surface exploration completed across the 6 prospect areas of Minnie Springs, Coo Creek, Nick’s Bore, Copper Ridge, Crawford Bore and Crawford South (Figure 1).
Figure 1. Map of Crawford area and Minnie Springs, key drilling targets
Significant assays with >1m width at >0.1%Cu are shown in Table 1 below. Intervals marked * contain composite samples (nominal 4m).
This article includes content from Augustus 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.
Quarterly Report – Activities for Quarter Ended 31 March 2024
HIGHLIGHTS:
Lyndon Uranium/Lithium/REE
- New Rock chip assay results up to 6,612ppm U3O8 at the Baltic Bore and Jailor Bore prospects
- 12 rock chips returned assays >1,000ppm U3O8
- 5 rock chips returned assays >1,000ppm V2O5
- Uranium anomalism spans strike lengths of 2.6km at Baltic Bore and 2km at Jailor Bore
- Lyndon Project Immediately adjoins Paladin Energy’s Carley Bore Uranium Project (15.6MLbs U3O8)
Relief Well Uranium Project (Lyndon):
- Relief Well Uranium Prospect immediately adjoins Paladin Energy’s Carley Bore Uranium Project
- (15.6MLbs U3O8 announced resource)1
- Extensive 8km long palaeochannel confirmed at Relief Well, prospective for roll-front style uranium mineralisation
- Drill planning underway for testing of roll-front uranium mineralisation at Relief Well
Gascoyne East:
- Completion of lithological and structural interpretation from geophysical datasets
- PoW approval for Phase 1 aircore drilling to assist bedrock mapping
- Geophysical interpretation has confirmed drill targets for:
- Intrusion-related porphyry and Iron Oxide Copper-Gold (IOCG) mineralisation
- Magmatic Ni-Cu-PGE mineralisation within a distinct layered mafic intrusion
- Orogenic and intrusion-related gold mineralisation within the Dalgaringa Supersuite and Camel Hills Metamorphics.
- Intrusion-related gold and base metal deposits within the Edmund Basin
- Sedimentary-hosted base metal deposits in the Edmund Basin analogous to the Abra deposit
- At-surface uranium targets identified through airborne radiometric survey data
Odessa’s Executive Director, David Lenigas, commented:
“It’s been a very active and successful exploration period for Odessa in the Gascoyne this past quarter, having identified very significant uranium prospects emerging at Lyndon returning some exceptional grades up to 6,600 ppm U3O8. Our exploration priorities in the Gascoyne are now swayed towards accelerating our uranium targeting at Lyndon and readying the uranium prospects for drilling later this quarter if possible. We are also excited with what we are seeing now at Gascoyne East with the detailed interpretation of the airborne survey highlight excellent gold copper and uranium targets. Detailed planning for air-core and RC drilling is now well underway and should also start later this quarter or early next quarter.”
Figure 1: Odessa Minerals regional Gascoyne Project location map overlain with Geological Survey WA Minedex Occurrences.
Lyndon Uranium/Lithium/REE Project
Lyndon Project Overview
The Lyndon Project is located on the margin of the Carnarvon Basin and Gascoyne Complex approximately 200km south of Onslow and 200km NE of Carnarvon, in Western Australia. The project consists of over 1,000km2 of exploration licenses and applications.
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This article includes content from Odessa 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.
Maiden Exploration to Commence at Summit’s Brazilian Niobium Projects
HIGHLIGHTS
- Summit to commence a systematic exploration program at its 100% owned Ecuador and Juazerinho Niobium projects aimed at defining initial priority drill targets.
- Due diligence completed by Summit has highlighted the presence of prospective LCT pegmatites at Ecuador, which have seen prior informal mining and extraction of Niobium / Tantalite mineralization from with these LCT pegmatites.
- Previous surface sampling results included1:
JUAZERINHO ASSAYS (Niobium & REE)
- 355,400ppm or 35.54% (Na2O5) + 14,080ppm pREO or 1.408% PREO (SID 099/24)
- 107,010ppm or 10.7% (Na2O5) + 142,080ppm pREO or 14.208% PREO (SID 098/24)
ECUADOR ASSAYS (Niobium + REE)
- 303,400ppm or 30.34% (Na2O5) + 15,130ppm pREO or 1.513% PREO. (SID 100/24)
- Exploration will include focused geological mapping, outcrop & sub crop channel sampling, trenching, and pitting (where appropriate).
- In parallel with the ground-based exploration activities the company is planning an orientation high resolution UAV (drone) magnetics survey aimed at defining signatures associated with known mineralization which, in conjunction with the mapping and geochemical results can be used to focus in on initial targets for drill testing.
- An experienced, locally based Brazilian geological team will commence on-site exploration activities and initiate the necessary drill permitting processes immediately.
Figure 1 - Location and of the Equador and Juazeirinho Project (Summit 100%)
Exploration Program
The geological due diligence completed by Summit highlighted the presence of prospective LCT pegmatites at Ecuador, some of which have seen prior exploitation of Niobium / Tantalite mineralization associated with these LCT pegmatites.
This week, Summit is deploying an experienced in country geological team to commence a systematic exploration program focused on the Ecuador Niobium and REE project. This early exploration phase will include detailed geological mapping, outcrop sampling, channel sampling and where appropriate trenching and pitting.
In parallel with the ground-based exploration activities the company is planning to perform an orientation high resolution UAV (drone) magnetics survey aimed at defining signatures associated with known mineralization. Data gained from these activities will inform preliminary drill targeting.
Regular updates on the exploration program’s progress and results will be provided to the market.
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This article includes content from Summit Minerals Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
IND Establishes HPQ Exploration Target at Pippingarra Project
Highlights
- IND’s recent RC drilling program informs a Maiden High Purity Quartz (HPQ) Exploration Target at the Pippingarra Quarry Project.
- Drilling is planned for the exploration target area and to test several quartz occurrences mapped across the wider Mining Lease area.
- IND plans to commence work on a HPQ Mineral Resource Estimate in parallel with metallurgical testwork being conducted by potential offtake partners and third-party mineral processing laboratories.
- A 300kg Pippingarra quartz sample crushed from existing quarry stockpiles sent to China in late 2023 produced a >GG.GG4% SiO2 end product following standard HPQ processing1.
- A further 24 tonne bulk sample comprising crushed quartz rock has been shipped to China for processing, metallurgical test work, and assessment by potential offtake partners.
Figure 1: IND Pippingarra Quarry Project location and infrastructure.
In October 2023, IND announced the agreement of binding terms2 with North West Quarries Pty Ltd (NWQ) for an exclusive option to acquire an 80% interest in the non-construction material mineral rights.
Jeff Sweet, Managing Director of Industrial Minerals, commented:
“Following on from one of our potential offtake partners in China achieving a processed High Purity Ǫuartz product grading >SS.SS4% SiO2, we are extremely positive about the potential to supply Pippingarra quartz into high-end quartz markets.
“The Pippingarra Exploration Target is limited to an area where IND completed RC drilling in late 2023, to the east of the existing open pit. There are several quartz outcrops mapped across the broader Mining Lease area that will also be drilled with the intention to include these untested HPǪ target opportunities in the upcoming Mineral Resource Estimate (MRE) for Pippingarra.
“Our motivation to commence work towards a MRE is to leverage our unique position of having an active mining operation at the Pippingarra Ǫuarry. We believe this will give potential offtake partners the confidence to enter into offtake agreements with IND, knowing that we can rapidly advance to be mine ready and have a suitable mine life to support long term supply needs.”
Maiden High Purity Quartz Exploration Target
Table 1: Pippingarra HPQ Exploration Target range.
The potential quantity and grade of the Exploration Target is conceptual in nature, and there has been insufficient exploration to estimate a Mineral Resource and it is uncertain if further exploration will result in the estimation of a Mineral Resource. The Exploration Target has been prepared and reported in accordance with the 2012 edition of the JORC Code.
The Exploration Target is based upon the Reverse Circulation (RC) Drilling program completed by IND in December 2023. Drilling was conducted on a 50m x 50m spacing. From this, holes INRC003 – INRC009 recorded thicknesses of white crystalline quartz over widths from 12m to 20m as reported in the Table 2 below.
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This article includes content from Industrial Minerals Limited, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
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