The Conversation (0)
Outstanding Copper-Nickel Discovery
HIGHLIGHTS:
- Massive sulphide intercept in hole OVD021 of 8.8m @ 6.08% Cu, 3.19% Ni, 1.63g/t E31, 0.11% Co (CuEq2 12.57%) from 107.2m is encountered in between high grade zones of:
- Dense disseminated intercept - 7.85m @0.75% Cu, 0.78% Ni, 0.15g/t E31, 0.04% Co (CuEq2 2.25%) from 99.35m and
- Net textured intercept - 15.8m @ 1.36% Cu, 1.00% Ni, 0.44g/t E31, 0.04% Co (CuEq2 3.4%) from 116m.
- OVD021 is located within 800m+ of strike which remains open at depth and in the SE, NW, NE and SW directions. The copper-nickel sulphide mineralisation represents a new style of deposit for the South Western part of Mongolia.
- Drilling to recommence immediately upon receipt of Downhole Electromagnetics (pending).
Photo-1. Massive sulphide and matrix/net textured sulphide interceptions from OVD021 with details. Image represents the style of mineralisation in short segments from longer assay intercepts, given in the figure.
The Company’s Managing Director, Gan-Ochir Zunduisuren commented: “After 4 years of systematic exploration in Mongolia, with the help of the BHP Xplor program in 2023, it is exciting to be a part of an outstanding Copper-Nickel discovery. It is an exceptional result that shows the mineralisation system at Oval has potential for hosting a substantial deposit with a higher grade zone of copper and nickel. With the confirmation of high-grade massive sulphide intercepts, future exploration work at the Oval Cu-Ni discovery will primarily focus on the extension of the high-grade zone and understanding its size, true dip, and orientation. We will recommence drilling within two weeks and look forward to continuing the journey of discovery with our shareholders”.
Summary of the Phase 1 Diamond Drilling Program
During the Phase 1 program, a total of 19 holes were completed (with an additional 2 being abandoned due to drilling and core loss issues) totalling 2896.85 metres (Appendix 1), at the Yambat Project. This included 2183.85 metres of drilling at the Oval Cu-Ni-PGE discovery, 459.8 metres of scout drilling in the South-East area and 253.2 metres of diamond drilling at the Copper Ridge prospect. The abandoned holes SC02 and OVD013A (as shown in Appendix 1) provided no meaningful information and were excluded from the totals.
The Company previously reported the results of 7 Phase 1 2024 drill holes from the Oval discovery (OVD011, OVD012, OVD014, OVD015, OVD017, OVD018, and OVD019) and 2 drill holes from the Copper Ridge prospect3. Laboratory assay results from all the remaining samples from the Phase 1 drilling program have now been received. These samples cover Oval drill holes (OVD009A, OVD010, OVD013, OVD020 and OVD021) and scout drill holes (SC01, SC03, and SC04). Significant intercepts are provided in Table 1.
The most significant achievement of this drilling phase has been intercepting massive sulphides in hole OVD021, now confirmed by the assay results to have outstanding grades of Cu-Ni-PGE. This further confirms that the Oval magmatic sulphide system is a rich system capable of forming high- grade ore.
In addition to the high-grade massive, net textured, and disseminated sulphide intercepts in OVD021, other significant assay results from drill holes with disseminated mineralisation returned:
- OVD013 - 33.4m4 @ 0.23% Cu, 0.22% Ni, 0.07g/t E3, 0.01% Co from 111m
- OVD009A - 16.7m4 @ 0.17% Cu, 0.14% Ni, 0.11g/t E3, 0.01% Co from 200.5m
- OVD021 - 92.35m4 @ 0.27% Cu, 0.30% Ni, 0.08g/t E3, 0.02% Co from 7m and - 31.2m4 @ 0.19% Cu, 0.20% Ni, 0.10g/t E3, 0.01% Co from 131.8m
Drill hole OVD021
The drill hole OVD021 was designed to target a 98m x 16m DHEM conductor and was drilled at an acute angle along the strike of the mineralised gabbro. The true width of the mineralisation is currently unknown and the mineralisation remains open in NE, SW, up dip and down dip directions. Further investigation of the massive sulphide is the primary objective of the Phase 2 drilling program and will be targeted based on the DHEM that was used to design the OVD021 drill hole and recently completed DHEM described below.
For a more detailed breakdown of the drilling results, please refer to Tables 1, 2 and Figure 5 (Appendix 2).
Drill hole OVD021 provides additional evidence (in addition to the DHEM plate shown in Figure 2) supporting the interpretation that the massive sulphide may be injected at a high angle relative to the Oval gabbro. The hole was drilled semi-parallel to the strike of the Oval mineralisation and intersected extended intervals of disseminated mineralisation, which aligns with expectations for a hole in this orientation. However, the massive sulphide was intercepted over a shorter distance, and no additional intercepts were encountered. This outcome is consistent with the hole not being drilled parallel to the massive sulphide body and not traversing in and out of the massive sulphide due to changes in contact geometry. Drill holes being planned for the next drilling phase will test this interpretation and provide information to establish true widths of the massive sulphide, which are currently unknown.
Photo-2. Drill core from OVD021, massive sulphide between 107.2m and 116m
Click here for the full ASX Release
This article includes content from Asian Battery Metals PLC, 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.
Advanced High-Grade Antimony & Silver Project Aquisition
Highlights
- High-grade Montezuma antimony-silver-lead deposit defined by surface channel sampling, exploration adit face sampling and diamond drill core sampling.
- Surface grab samples grade up to 24.5% antimony (Sb) & 3,050 g/t silver (Ag)
- Diamond drill core samples grade up to 20.3% antimony (Sb) & 1,990g/t silver (Ag)
- Development face samples grade up to 21.4% antimony (Sb) & 2,478g/t silver (Ag)
- Development of portal box cut and commencement of exploration drive has produced stockpiled mineralisation. Representative bulk sampling of combined mineralisation/waste averaged 4.75% antimony (Sb) & 239 g/t silver (Ag) and representative bulk sampling of mineralisation only, averaged 9.02% antimony (Sb) & 769 g/t silver (Ag) reconciling well with corresponding face sampling.
- Metallurgical test work is well advanced with 90% recoveries of antimony achieved producing a saleable antimony product.
- R&D funding discussions are ongoing with local and international institutions including those representing major western governments.
- Montezuma Antimony Project acquisition complements Lode’s antimony exploration portfolio in the New England Fold Belt, NSW’s most prolific antimony province. Together, these assets create a formidable Antimony division within Lode.
- Also compliments Lode's high-grade Silver portfolio with assays due shortly from the Webbs Consol Silver project where drilling at the Castlereagh prospect has been completed.
- Montezuma Antimony Project acquisition terms include:
- $50,000 non-refundable cash deposit payable within 2 business of execution of the HOAie 22 October 2024; plus
- $200,000 cash payable on completion of the Proposed Acquisition; plus
- 10,000,000 fully paid ordinary shares in the Company at a deemed issue price of $0.10per share on completion of the Proposed Acquisition subject to 12-month escrow; plus
- Up to 6,000,000 fully paid ordinary shares in the Company at a deemed issue price of $0.10 per share upon satisfaction of certain performance hurdles by the Sellers (key terms are outlined in Annexure 1) and subject to 12-month escrow.
- The fully paid ordinary shares will be issued under listing rule 7.1 using the Company's existing capacity.
Proposal to Acquire Montezuma Antimony Project
The Montezuma Antimony Project includes a high-grade antimony-silver-lead deposit with initial development, advanced metallurgical test work and significant beneficiation infrastructure.
Montezuma Antimony Project Deposit
The Montezuma Antimony Project deposit (2M-2023, EL7-2019) is located between well-known mining centres such as Rosebery (Zn,Cu,Pb), Renison Bell (Sn), Henty (Au) and Zeehan(Pb,Ag). Access is via the Zeehan township located 14km to the west.
Figure 5. Montezuma Antimony Project located in Tasmanian’s premier West Coast Mining Province
The Montezuma antimony-silver-lead deposit is a structurally controlled lode, emplaced primarily within the well-known Motezuma fault and hosted by a sequence of turbidites. Antimony and lead are contained within Jamesonite, a lead-iron-antimony sulphide mineral (Pb4FeSb6S14) and is a late-stage hydrothermal mineral forming at moderate to low temperatures. This project is also prospective for copper, zinc and gold.
The Montezuma antimony-silver-lead deposit is defined by surface sampling of the exposed mineralised structure over 50m strike length, development face sampling and 13 diamond drill holes which have intercepted high-grade mineralisation down to a depth of 80m. The Montezuma antimony-silver-lead deposit remains open to the north, south and at depth.
Click here for the full ASX Release
This article includes content from Lode 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.
$500,000 Raised for Uranium Exploration at Munaballya Well Target
- Augustus Minerals has raised over $500,000 via a Placement.
- Proceeds from the capital raising will fund:
- On-ground exploration at the large Munaballya Well uranium target following up the recent VTEM Heli airborne geophysics program.
- An expanded soils/rock chip program to progress newly identified rock chip prospects to drill ready status and continue the exploration over as yet untested areas.
- Exploration works are continuing over various targets along the highly prospective Ti- Tree Shear with diamond drilling in progress at the Minne Springs Copper- Molybdenum porphyry prospect.
Under the placement, AUG will issue 10,000,000 fully paid ordinary shares (Shares) at an issue price of $0.05 per Share.
Funds raised through the Placement will be used primarily for the following:
- On-ground exploration at the large Munaballya Well uranium target following up the recent VTEM Heli airborne geophysics program (final interpretation imminent).
- An expanded soils/rock chip program to progress newly identified rock chip prospects to drill ready status and continue the exploration over as yet untested areas.
- Heritage survey over newly defined areas once progressed to drilling status,
- Working capital and costs of the Placement.
The Munaballya Well (GSWA listed uranium occurrence) main basin U anomaly covers 4km x 0.7km area, with uranium concentrated in weathered dolomitic marls of Carnarvon Basin sediments. Figure 1 shows the area of the main uranium channel anomaly from an open file ground radiometric survey conducted by Thundelarra Uranium, as carnotite is concentrated in top 5-10m of weathered dolomitic layers.
VTEM survey is testing for near surface weathering of surficial zones as well as investigating the potential for deeper Unconformity Style mineralisation along the contact between the basement granites and metamorphics and the Carnarvon Basin sediments.
Figure 1 Aster, ground radiometrics and Airborne Radiometric images from WAMEX Open File Report a87139 Thundelarra Exploration 2010.
The Placement Shares will be issued utilising the Company’s existing Listing Rule 7.1 capacity.
Click here for the full ASX Release
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.