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Basin Reaches 60% Ownership Milestone Of Geikie Uranium Project
Basin Energy Limited (ASX:BSN) (‘Basin’ or the ‘Company’) is pleased to advise that it has satisfied the conditions to achieve 60 percent ownership of the Geikie Uranium Project (‘Geikie’ or the ‘Project’), located on the eastern margin of the world-class Athabasca Basin in Canada (refer Figure 2).
Key Highlights
- Basin has satisfied the expenditure requirement to meet the 60% Option Payment for the Geikie Uranium Project
- Basin elects to move to operator and proceed with Stage 3 to earn up to 80% in Geikie
- Milestone reached as Falcon Airborne Gravity survey is ongoing following successful maiden drilling intersecting significant alteration and structural framework deemed indicative of basement hosted uranium systems
- Maiden drilling assays, gravity survey results and interpretation expected in mid- September
- Basin remains fully funded to complete follow-up work at Geikie with $5.2M in cash reserves as at 30 June 2023
Basin and CanAlaska Uranium Ltd (TSX-V:CVV) entered into a property Option Agreement on the 22nd of April 2022 for the Geikie Uranium Property, whereby Basin has the right to earn up to an 80% interest in three defined earn-in stages on the Project1. Basin has now elected to proceed with the Option Agreement through to 80% ownership status.
Figure 1: Geikie uranium project option agreement stages.
Basin’s Managing Director, Pete Moorhouse, commented:
“We are pleased to have reached this milestone for Basin, bringing us majority ownership of this exciting project.
Following the initial results of the maiden drilling, the decision to advance to 80% was an easy one to make.
We look forward to updating the market directly on the ongoing airborne gravity survey and plans to follow up on these exciting initial drill results.”
Figure 2: Location of Geikie Uranium Project.
Click here for the full ASX Release
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.”
Basin Energy has expanded its portfolio of potential world-class discoveries with the acquisition of projects in Sweden and Finland prospective for multiple commodities including uranium, copper, gold, silver, niobium and rare earth elements. The Scandinavian assets include the Virka project, along with its highly prospective satellite prospects Björkberget and Rävaberget. Exploration activities within the project include drilling across all licenses targeted uranium mineralisation, with diamond drillholes gamma probed and limited geochemical core sampling being completed.
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 (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 (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 and 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. Maufrais holds a Master of Science from Montpellier II University, France.
Drilling Commenced at Viani in Fiji
Alice Queen Limited (ASX:AQX) (“Alice Queen” or the “Company”) is pleased to announce that drilling has commenced at its 100% owned Viani Project in Vanua Levu, Fiji (see Image 1). The initial planned three-hole diamond drilling program will test for high-grade epithermal gold-style mineralisation intersected at the Viani Project by historic drilling.
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.
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.
Click here for the full ASX Release
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.
FireFly Drills its Best Hole Yet with Assay of 86.3m at 3.7% CuEq
Latest drilling returns very thick intersections with exceptional grades, outlining a rich area of mineralistion which will form part of the next Resource update
FireFly Metals Ltd (ASX: FFM) (“Company” or “Firefly”) is pleased to announce its best assays yet at the Green Bay copper-gold project.
- Latest drilling at the Ming Mine within the Green Bay Project returns spectacular results which support the Company’s strategy to continue growing the Resource (currently 59Mt at 2% CuEq; see ASX release dated 29 October 2024)
- There are two distinct styles of mineralisation at Ming; upper copper-gold rich Volcanogenic Massive Sulphide (‘VMS’) lenses above a broad copper footwall stringer zone (‘FWZ’)
- The latest drilling reveals strong FWZ mineralisation directly below the high-grade VMS; This has resulted in continuous copper-gold intersections which are both wide (~true thickness) and high-grade, including drill holes:
- 86.3m @ 3.7% CuEq 1 (3.1% Cu & 0.6g/t Au) in hole MUG24-079
Intersection includes two distinct VMS lodes grading 15.5m @ 4.6% CuEq and 9.9m @ 5.8% CuEq above a broad copper FWZ intersection with a high-grade core of 27.6m @ 5.3% CuEq
- 76.3m @ 2.9% CuEq (2.4% Cu & 0.5g/t Au) in hole MUG24-073
Intersection includes an upper VMS lode grading 20.1m @ 6.1% CuEq above multiple FWZ intersections including 24.0m @ 2.6% CuEq and 11.0m @ 2.4% CuEq
- Other notable assays received subsequent to the completion of the October 2024 Resource update include (~true thickness):
- 7.9m @ 3.8% CuEq (1.1% Cu & 2.9g/t Au) VMS zone MUG24-070
- 21.0m @ 1.8% CuEq and 21.9m @ 1.9% CuEq and 19.7m @ 2.0% CuEq FWZ zone MUG24-070
- 50.9m @ 1.7% CuEq (1.6% Cu & 0.1g/t Au) FWZ zone MUG24-069
- Both the high-grade massive sulphide zones and broad footwall stringer zones remain open, with downhole geophysical surveys indicating likely extensions to the mineralisation
FireFly Managing Director Steve Parsons said: “These exceptional new results highlight both the quality and ongoing growth potential at Green Bay.
”The results, which come from some of the deepest holes drilled to date, are world-class, demonstrating exceptionally high grades over huge true widths. They will be included in the next Resource update.
“The Resource remains open, and we will continue to add value through the drill bit by continuing to grow and infill what is already a high-grade and large-scale copper deposit”.
The results highlight the huge scope for ongoing growth in the Resource, which already stands at 59Mt @ 2% for 1.2Mt of contained copper metal equivalent.
These reported intersections were received after the October 2024 Resource update.
There are two distinct styles of mineralisation at the Ming underground mine at Green Bay. One comprises the upper copper-gold rich Volcanogenic Massive Sulphide (‘VMS’) lenses. This sits above a broad copper stringer zone known as the Footwall Zone (‘FWZ’).
Drilling at the margins of the current Resource show the development of a strong copper-rich footwall zone directly beneath the upper VMS lenses. In other parts of the deposit the separation of the VMS and FWZ can exceed 50 metres. Their convergence has resulted in thick and consistent high-grade copper and gold intersections which are amongst the best mineralised results returned from the deposit to date. Highlights include 86.3m @ 3.7% CuEq (~true thickness) made up of two separate VMS intersections of 15.5m @ 4.6% CuEq and 9.9m @ 5.8% CuEq above a thick FWZ mineralised zone with a core of 27.6m @ 5.3% CuEq.
Both the high-grade massive sulphide zones and broad footwall stringer zones remain open, with downhole geophysical surveys indicating probable extensions to the mineralisation pointing to future resource growth.
The Company will continue with its strategy of Resource growth at Ming with exploration development continuing to position drill rigs to deliver Resource growth during 2025. Four rigs continue to drill underground as part of the fully-funded 130,000m campaign designed to deliver both additional Resource extensions and infill drilling to increase confidence in the Inferred areas of the current estimate.
FireFly is well funded with ~A$88M in cash at the end of October 2024.
Click here for the full ASX Release
This article includes content from Firefly 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.
Strategic Expansion of MacBride Base & Precious Metal Project in Canada
Acquired ground more than doubles Corazon’s prospective landholding / Aerial geophyical survey extended to test new tenure / Work underway defining priority targets for early 2025 drill program
Corazon Mining Limited (ASX: CZN) (Corazon or Company) is pleased to announce the strategic expansion of its MacBride Base and Precious Metals Project (MacBride or Project) in the Lynn Lake district, of Manitoba, Canada.
KEY HIGHLIGHTS
- Corazon has secured additional ground at the MacBride Base and Precious Metals Project in Canada’s Lynn Lake district
- MacBride Project now covers a 14-kilometre strike of stratigraphy prospective for Cu-Zn-Au-Ag massive sulphide deposits, including the drill-defined outcropping MacBride and Wellmet deposits
- High-grade gold assays from historical sampling (up to 25.9g/t Au in grab samples) within the new ground further highlights the region’s prospectivity for orogenic gold deposits
- An aerial VTEM geophysical survey is currently underway
- Previous VTEM survey effectively defined a conductor coincident with the MacBride Deposit, as well as multiple untested, high-priority conductors undercover on trend
- The new VTEM survey provides greater coverage of the MacBride Project, including the first-time survey of the Wellmet Cu-Au and Zn-Cu-Au trends
- Results from the new VTEM survey are expected to be available in the coming weeks and will be used in targeting drilling for early 2025
- The MacBride Project is an exciting exploration opportunity and will be a major focus of Corazon’s ongoing Lynn Lake region exploration activities
The Company has physically staked and made applications for new Mining Claims that increases the MacBride project area from ~26km2 to ~56km2, covering a contiguous
~14km strike length of the prospective MacBride/Wellmet trend (Figure 1). The new Claims are pending grant by the Manitoba Provincial Government.
The new area hosts several prospects identified by historical exploration, including results as high as 25.9 g/t Au in grab sampling at Prospect Area F (Figure 1).
Exploration at MacBride between the 1940’s and early 1990’s defined the MacBride and Wellmet copper-zinc-gold- silver deposits and established the fertility of the region. The only recent exploration was a 2008 aerial VTEM (versatile time domain electromagnetic) survey, which identified the MacBride deposit as a conductor, along with multiple high-order conductive bodies, undercover along trend (ASX announcement 7 October 2024). These conductive bodies are yet to be followed up with drilling.
The MacBride Project is a major focus of Corazon’s Lynn Lake region exploration activities. The effectiveness of past geophysical VTEM surveys in defining drill-defined massive sulphide mineralisation has resulted in extending coverage over a larger part of the project area. The geophysical conductors defined from this work will be the priority focus for first pass drilling currently proposed for early 2025.
The MacBride Project expansion further enhances Corazon’s position as a significant landholder and active explorer- developer in the Lynn Lake district, which also hosts the Company’s 100% owned, flagship Lynn Lake Nickel-Copper- Cobalt Sulphide Project.
Click here for the full ASX Release
This article includes content from Corazon Mining, 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
Strategic Acquisition Consolidates Large Scale Gold and Base Metal Target Area
Acquisition of Octava Minerals’ Talga Project and Exploration Update
Established multi-asset Western Australian lithium company, Global Lithium Resources Limited (ASX: GL1, Global Lithium or the Company) is pleased to announce the acquisition of seven strategic tenements adjacent to the Company’s Marble Bar Gold Project to complete coverage of a large gold in soil geochemistry anomaly that is spatially associated with a highly altered granite (Figure 1).
Key Highlights
- Strategic, low-cost acquisition of the Talga Project from Octava Minerals (ASX: OCT) for $200,000 cash and $200,000 in Global Lithium Resources (ASX: GL1) ordinary shares based on the 5-day VWAP prior to completion.
- Aligns with GL1’s prudent cost management and value-accretive strategy to assess non-lithium mineral prospectivity across its largely unexplored portfolio of tenements.
- Consolidation of a 12km trend of gold in soil geochemical anomalies on the northwestern margin of the Mt Edgar Batholith.
- Identification of a potential porphyry/Intrusion related Cu-Au mineralised system associated with a finger of the Coppin Gap Granodiorite, which is the interpreted source of the Archean Spinifex Ridge Mo-Cu-Ag Porphyry Deposit, located 20km away.
- Increased recent corporate activity relating to Pilbara gold project development with Creasy Group acquiring nearby Calidus Resources (ASX: CAI) and Northern Star’s (ASX: NST) announced intention to acquire De Grey Mining (ASX: DEG).
- Process commenced seeking partners to accelerate and fund further exploration, along with previously announced Exploration Incentive Scheme (EIS) grant funding.
Global Lithium Executive Chairman, Ron Mitchell, said the Talga Project acquisition provided a low-risk, cost efficient opportunity for the Company to expand its exposure to gold and base metals within a highly prospective region.
“There is no better time for Global Lithium to consolidate and investigate the prospectivity of Talga alongside our existing Marble Bar tenements. Interest in the region is high and market conditions for gold and base metals are very favourable.
The Manna Lithium Project remains our number one priority; however, we look forward to leveraging our in-house capabilities and external partners to unlock value from these additional tenements while the lithium market is facing near term challenges. Any future upside from the exploration work at Marble Bar will, inevitably, benefit our Manna Project and all Global Lithium shareholders.”
Since listing on the ASX in 2021, GL1 has held the Twin Veins gold prospect area at the northern end of its Marble Bar tenement package which currently comprises land area of 537km2. Several small-scale exploration campaigns have previously tested vein-hosted gold trends near the margin of granite and have returned positive gold results, warranting further exploration.
These previously reported results include;
- MBRC0619, 4m @ 4.85g/t Au from 86m1
- MBRC0621, 5m @ 3.94g/t Au from 118m1
- MBRC0623, 3m @ 8.9g/t Au from 49m1
- MBRC0159, 7m @ 4.78g/t Au from 11m2
- MBRC0157, 12m @ 2.95g/t Au from 37m3
- MBRC0006, 3m @ 5g/t Au from 25m3
Review of the prospect area by the Company’s geologists led to the identification of a sericite altered core to the granite with iron oxide pitting and minor quartz veins. A Dipole-Dipole Induced Polarisation (DDIP) survey was executed over the granite identifying a large chargeable anomaly within resistive granite, and several RC holes were drilled targeting this. Disseminated pyrite (~1%) within intensely sericite altered granite was intersected with the only significant gold result being reported in a 4m composite sample from MBRC0608 (4m @ 0.53g/t Au, 16.9g/t Ag from 220-224m)1.
GL1 has re-assayed the 1m samples from and around this intersection with a result of 5m @ 1.1g/t Au, 15g/t Ag, 0.3% Pb, 0.23% Zn from 219-224m. MBRC0608 also intersected elevated copper with an intercept of 40m @ 137ppm Cu from 156-196m against a background value of 10ppm Cu in other less altered areas of the granite. This zone also returned 36m @ 4.8g/t Ag from 164-200m.
To better understand the system two diamond drill holes, MWDD001 and MWDD002, were completed with the aim of better visualising the alteration, any mineralisation, and provide samples for petrological study. Hole MWDD001 was drilled underneath the altered core of the granite while MWDD002 was successful in intersecting the altered core as well as minor mineralisation.
Click here for the full ASX Release
This article includes content from Global Lithium 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.
Maiden Drill Program Set to Commence at the High-Priority Cangallo Porphry Copper Project
AusQuest Limited (ASX: AQD) is pleased to advise that it is about to commence a reverse circulation (RC) drilling program to test a large-scale undrilled, porphyry copper target within its Cangallo Porphyry Copper Project (Cangallo) in southern Peru.
- Maiden RC drill program to commence at Cangallo in mid-December
- Program will test a large-scale, undrilled porphyry copper target
- Assay results expected around the end of January 2025
- Permitting underway for drill programs across other high-priority, large-scale porphyry copper targets at Lantana and Playa Kali
Access and drill pad preparations have commenced with drilling scheduled to start around mid-December. The planned program, which comprises a minimum of eight drill-holes for a total of ~2,500m, will take 3 to 4 weeks to complete with assay results expected around the end of January 2025.
Figure 1: Cangallo Porphyry Copper Prospect showing copper and molybdenum values and permitted drill sites.
Geological mapping and rock-chip sampling has outlined a partially exposed potential copper (+/- gold) porphyry system, within a large-scale (3km x 2km) caldera-like structure containing extensive colluvial and younger sediment cover.
The initial drilling program will test areas containing relatively intense veining (quartz) and porphyritic dykes, where higher copper (up to 0.65% Cu) and gold (up to 0.3g/t Au) values have been found. The possibility of a buried porphyry copper system beneath the extensive cover within the interpreted caldera-like structure will also be tested.
Cangallo is located close to significant infrastructure and is approximately 25km from the town of Chala, and within 10km of the coast.
Commenting on the imminent commencement of drilling at Cangallo, AusQuest’s Managing Director, Graeme Drew, said:
“This is a very exciting time for the Company as we are about to commence the maiden drill program at this high-priority porphyry copper target in Peru which we have been working towards for over 12 months.
Cangallo has never been drilled before and demonstrates classic geochemical and alteration signatures which suggest there is significant potential to discover large-scale copper porphyry mineralisation.
Success at Cangallo has potential to create significant value for our shareholders and we look forward to keeping our shareholders updated as the results become available.”
Click here for the full ASX Release
This article includes content from AusQuest 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.
Mine Sites Leveraging AI, Predictive Technology to Boost Efficiency and Protect Workers
Modern mining operations aren't always quick to embrace new technologies, but companies that do so often find they can improve yields, as well as produce better corporate margins and profitability.
At the recent MiningTech North America event, held in Burnaby, BC, speakers focused on how mining companies are integrating artificial intelligence (AI) and other technology to improve resilience and minimize downtime.
While adding these elements can introduce complexity, the consensus was that the right approach can make a real difference, not only for site operation, but also for employee health and happiness.
Asset management systems key for mine site operation
Maintaining operations at a mine site can involve tens of thousands of components, ranging from haul trucks to electrical infrastructure and even site employees. While new technologies have allowed mines to provide data on these many different components, they also add to the complexity of any mine site.
In his MiningTech North America presentation, Andrew Pruett, CEO of CoGo, broke down some of the challenges mines face and how robust asset management can be used to minimize downtime.
Pruett, whose background in technology allowed him to work on asset management systems in the oil and gas sector, recalled a story from his first year working in the mining industry.
He was onsite at a mine in temperatures as cold as -40 degrees Celsius when the power went out. The situation not only posed challenges for equipment, but was also dangerous for employees.
Management needed to account for all workers while investigating the cause of the power outage. Pruett explained that the team was prepared for this situation, ascertaining the status of critical systems, such as the mine's wastewater system, which could freeze quickly, and establishing generators to power critical components.
The problem turned out to be the result of an excavator severing a power line.
When Pruett asked why there wasn't an asset management system, the general manager said, "It's my job to do this.”
For Pruett, this response showed how critical people are to the operation of a mine; however he also saw a flaw in how the site was run. The general manager was able to draw from an understanding of the complete mining operation and decades of work within the sector, but he was the only one who knew what to do.
The speedy recovery hinged on the knowledge of one person.
That raised further questions. What would happen the general manager wasn’t there? What would happen when he retired? Shortly after, the company installed an asset management system.
Pruett and his company specialize in industrial asset resilience, which is not just about mitigating risks, but also about how an operation recovers from problems when they inevitably arise.
“You’re going to have people that are hurt, (but) nobody wants to talk about that,” he said. “You’re going to have vehicles that are damaged, you’re going to have transformers that blow up, you're going to have belts that burn out motors. It’s just going to happen, but it's how we’re able to recover from that that’s important.”
CoGo is focused on developing asset management systems that use technology that can be accessed remotely through the Microsoft Dynamics 365 ecosystem. The systems integrate with internet of things devices and AI to create predictive maintenance schedules, manage overall risk for events that can be foreseen and help recover from things that can’t, like natural disasters. Essentially, they optimize operations and improve company margins.
One component is using sensors to monitor every asset at a mine site. Operators can see in real time how a piece of equipment or infrastructure is operating and if it requires maintenance. This allows companies to schedule maintenance instead of letting critical equipment fail, which helps to minimize downtime.
Using AI and predictive technology to help mine workers
Beyond equipment, mine resiliency revolves around the health and wellbeing of employees.
When FoxMed founder Joao Gaspar moved with his wife from South Africa to Williams Lake, BC, to start a physiotherapy clinic, he discovered that most of the clients were involved in forestry or mining.
At MiningTech North America, he told the story of how the clinic was quickly overwhelmed by the number of local workers who needed therapy for work-related injuries.
Gaspar began using predictive technology to understand how workers were being injured and how to mitigate these problems. One example he used was haul truck operators suffering from lower-back injuries.
He found that often different operators had different truck setups based on height and weight. A simple suggestion he made was to change scheduling so that operators on specific trucks would have similar proportions.
While carrying out tests, Gaspar discovered a case study with a similar methodology was being carried out in Australia. The results from his testing and the study in Australia were nearly identical.
“Currently, this technology in Australia is looking at about 130,000 workers, and they have had some good results. They had a 69 percent reduction in industry costs in year one and 95 percent in year two,” Gaspar said.
He also spoke about working with companies to train workers on how to move better with AI.
Gaspar uses this technology to capture videos of workers in the field, and these videos are then analyzed with AI. Once the analysis is complete, Gaspar is provided with a report that grades how an employee moves and how they can improve their movements to reduce injury.
Technology's important role in the future of mining
The speakers at MiningTech North America represent a small portion of the thousands of technology companies working in the resource sector, but they outlined important challenges for the industry.
Understanding all assets at a mine site is critical for operators, whether they are looking at site machinery, electrical grid components or people essential to operations. New technologies can provide at-a-glance overviews of site status, helping to predict when problems may arise and how to better plan for proper maintenance.
Applying the right kind of technology in the right way can help companies maintain uptime and optimize mine sites.
Downtime and lost productivity can be far more costly than preventative maintenance in the long run. Ultimately, new technologies can help ensure profitability for companies and improve value for shareholders.
Don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.
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