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Bifurcation a Big Test of Miners’ Mettle
‘Various companies, governments and investors have been grappling with the question of how to shorten timelines to production’
“Teslas don’t grow on trees”, Reuters journalist Ernest Scheyder wrote in The War Below, highlighting conflict between government mandates on electric vehicles and public policies hampering new metal flows into EV supply chains. The conundrum at the heart of American author Scheyder’s book is the same one executives at the world’s major miners, and many investors in the industry, are grappling with.
“This is the schizophrenia we’re seeing in the world,” says the chair of US-based Clareo, Peter Bryant.
“You’ve got this energy transition that’s going from fossil fuels to a minerals-dependent system. The same people that are pushing that are largely anti-mining.
“Against this backdrop, I [new mine developer] need to speed up and go from a 20-year nightmare to five years, or whatever it is, which also involves changing how we do mining as well.
“But governments issuing new mine approvals are being heavily influenced by a very heavy anti-mining lobby, or ecosystem.
“So these two things are totally at odds with each other. And somehow that’s got to be a reconciled.”
Bryant, an advisor to mining and energy majors, and governments, through Clareo, returns to IMARC in Sydney in October to talk about where mining and metals really fit in the world’s energy transition, shifting energy, transport and infrastructure supply chains, and a future circular economy.
These are conversations that seem to become more nuanced with each passing month.
Bryant says miners need to innovate and find ways to become integral parts of circular economic systems. They need to “lean into” recycling and evolve into materials solution providers. They also have to advance traditional project development models.
“I think the age of major, $10 billion or $20 billion massive mines, outside of iron ore and coal, is in the past,” Bryant says.
“I just don't think you can do them anymore. The main reason is, yes, there is increased demand coming, but how big is it? And when is it? I can’t build a 50- year mine to meet a 10-year demand peak, and then it drops off.”
In that context, the “20-year nightmare” of resource discovery, permitting and development, to production, is “just not sustainable anymore”.
“It’s a huge challenge for the industry.”
Nick Bell, global sector lead, mining, minerals and metals with global engineering group, Worley, agrees the industry is “entering a critical phase where retaining trust in the business case of mining projects will be challenging”.
“The next few years will be tricky for several reasons, including higher costs resulting from the scale and complexity of mines, extended infrastructure and decarbonisation requirements of assets, geological challenges, and supply chain price volatility,” Bell says.
“That’s why we’ll see a two or three speed economy evolve … as a select few miners power ahead to build additional production capacity in future facing commodities.”
Bell says bigger miners harvesting robust cash flows from iron ore, gold and copper assets, and sitting on strong cash reserves, can pivot capital towards copper and other energy transition metals.
He says: “All miners now deploy capital with appropriate rigor. The middle speed, however, is made up of mostly mid-tier miners who will be obliged to adopt a particularly cautious approach to capital deployment. This may delay their pivot, widening the gap to the mining majors.”
Bell believes all operators will need to demonstrate the “integrity of their approach” from an environmental, social and governance (ESG) standpoint. He says miners of all sizes face common ESG challenges.
“It’s difficult to deliver minerals and metals to the market quickly,” he says.
“One reason for this is a lack of trust within the investment community and stakeholders in mining projects.”
Global sustainability advisory firm ERM’s analysis of more than 100 critical minerals projects indicated that between 2017 and 2023 nearly 60% of operators reported pre-production delays ranging from a few months to several years. Permitting issues (39% of projects), technical challenges (36%) and commercial issues (26%) topped the list of headwinds, but ERM found environmental concerns (24%) and stakeholder opposition (17%) contributed to delays.
“With mining projects regularly taking up to 20 years to reach production, we could well see critical minerals shortages before 2030 which could significantly hinder the global energy transition,” ERM’s Henry Hall says.
Impacts and benefits in different places
Hall, who heads the firm’s EMEA socio-political team, says mining companies are “struggling to decide what commodities to prioritise, what capital investments will derisk their operating assets from an ESG perspective, and which of their investors’, customers’ and stakeholders’ preferences to pay most attention to”.
“This is exacerbated by the interrelated nature of ESG risks which seem either too expensive to mitigate, difficult to measure, uncertain to predict, or to trade off against each other, forcing companies into ESG whack-a-mole, where solving one issue often exacerbates another.
“What’s more, the uncertain and rapidly evolving nature of societal expectations and technological capabilities mean that what solution looks best right now may well become defunct in future.
“Various companies, governments and investors have been grappling with the question of how to shorten timelines to production while also raising the bar on best practice management of environmental and social issues.
“In basic terms, in order to be successful, mining projects must be able to effectively demonstrate that they will minimise any negative impacts, and that the benefits that the project will deliver will be far outweighed any impacts that remain.
“Often the challenge is that the impacts and benefits are not felt in the same place – most often the negative impacts being felt locally and the positive more at the national level – and that companies underestimate the political nature of the process, concentrating more on the technical and scientific solutions that regulators demand than on perceptions of, and engagement with, impacted communities and influencers.”
Rohitesh Dhawan, CEO of the International Council on Mining and Metals ICMM, picked up this theme while in Australia this month.
“The industry has done arguably a good job with messaging around providing the materials that are needed for a clean energy transition … however, that messaging still doesn't seem in many parts of the world to be resonating with the local communities who are the ones who have the daily impact of a mine in their neighbourhood,” he said.
“While the benefits of mining are local, they are regional and they are global, any impacts from mining are always local. We have sometimes, I think, given the impression that that’s okay because the world benefits from the stuff we do, and we’ve just got to rebalance that a bit to make sure that nobody feels like they have to be collateral damage in the world’s rush to produce these critical minerals, essential as they are.
“That means focusing as much on how we mine as what our products are used for.”
ERM critical minerals director Toby Whincup says de-risking feasibility stage projects will be crucial to the smooth and efficient progression of mining projects.
“To prevent permitting delays or stakeholder opposition, developers need to work to decouple projects from stakeholders’ negative preconceptions of mining by taking the time to build trust early through open and equal dialogue,” he says.
“ERM’s sustainability model for mining, The Mine We All Want to See, outlines a more forward-looking approach for miners, based on hard wiring positive environmental and social outcomes, defined through stakeholder collaboration, into project design from inception.”
International private equity investor in emerging mining companies, Resource Capital Funds (RCF), says heightened investor and societal ESG expectations plus the proliferation of ESG frameworks and standards mean navigating the ESG landscape is increasingly complex.
“We're risk and opportunity focused,” says RCF principal Lauren McGregor.
“What are the material risks to the project and to the returns that we want? That's a consistent approach that we've taken.
“We’re a fundamental investor. We’ve got technical expertise, which we use to assess the ESG risks and opportunities in-depth, often in close consultation with our portfolio companies. I think for generalist investors it's often a lot harder to step beyond ESG scoring mechanisms and establish exactly what it is that they're looking for when they're making investments in mining companies.
“For specialist mining investors like RCF that focus on ESG as a core component of value and have deep, internal expertise and experience managing these issues, it has stayed pretty consistent.
“But I think across the board, the expectations of mining companies and making sure that they are managing their environmental risks appropriately, that they’re making a positive contribution socially, that is going to continue to become more and more important.
“Certainly we’re seeing permitting processes become more lengthy, in some cases because companies are doing more work on understanding and adapting projects to manage environmental or social impacts, but in others it’s simply due to bureaucracy and duplication.
“Permitting delays, unpredictability and increasing costs are a huge barrier to investment in the mining industry
“In terms of the social side of things we are definitely seeing companies need to engage at an earlier stage. We like to see that companies have engaged with the local communities and stakeholders at an earlier stage. We don’t want to see transactional and reactive behaviours.
“We're seeing the most success in projects that have really good communication channels with the local stakeholders, and they’re actually listening and responding and being able to demonstrate how they responded to feedback from the community.
“It does take longer to do it that way. But I think ultimately those are the projects that we think will be most successful over the long term.”
While a new $1 billion gold mine in Australia is not going to add to the world’s critical mineral stocks, this month’s bizarre federal intervention in the McPhillamys project approval process on ESG grounds has added to industry concerns about political interference in otherwise transparent mine development paths.
Sam Berridge, portfolio manager at small-company investment firm Perennial Partners, says access to land and permitting are becoming more significant hurdles for the industry.
“Just recently we’ve seen the [federal] environment minister, Tanya Plibersek, kibosh a gold project which had all state and traditional owner approvals already in place in New South Wales,” Berridge says.“That sort of thing really is a kick in the guts for the mining industry
- “The industry spends millions of dollars on going through these approval processes, doing the environmental surveys, doing the engineering, doing the consulting with communities and what-not.
“I think that the major mining houses would like to invest in new projects but the problem is getting a new greenfields project up and running these days takes 12 to 15 years. So even if you found a good one, which is a challenge in itself, the returns from that project are going to the next generation of investors rather than current ones.
“So for that reason, M&A is looking much more appealing than new projects.
Meanwhile, Perennial’s Ewan Galloway says copper is emblematic of the industry’s so-called technical challenges.
He says even though large mines such as Cobre Panama, Kamoa-Kakula and Oyu Tolgoi have begun production in recent years, “it has been a rocky road characterised by multiple delays, capex overruns and fractious negotiations with governments”.
“In the meantime, mine grades have continued to decline, and large-scale production remains dominated by mines that started production before 2000.”
Galloway says the capital intensity of new projects continues to escalate.
“Twenty years ago you would have been looking at US$4000-to-$5000 [per tonne of installed capacity].
“Maybe a decade ago, $10,000-to-$15,000.
“And now, when you look at some of the recent projects coming through, you’re probably looking at closer to $25,000-to-$30,000, if you're lucky. Some of the recent ones, like Cobre Panama, for example, which is now basically in care maintenance, was closer to $40,000-odd.
“And what's driving a lot of that, when you sit there and talk to BHP, Rio and all the large copper names, is that the tier one jurisdictions and tier one mining locations have by and large been exhausted. So instead you are having to go further afield.
“That initial capital expenditure is rising as you’re having to work in areas where there’s not necessarily the infrastructure and there’s ongoing inflation around wages and other inputs.
“So we’re expecting to see that [capital intensity] continue to grow.
“I think that’s making it pretty unsustainable at the moment when you look at the incentive prices currently for copper.”
*ESG in Mine and Project Development at IMARC 2024 will canvass the industry’s sustainable mine and project development challenges and opportunities and also look at these through an investor lens. International experts will examine the Role of Mining and Metals in the Circular Economy, and review the evolving mining standards landscap
Hear more from
Peter Bryant
Chair, Clareo & ChairDevelopment Partner Institute
Development Partner Institute
Nick Bell
Global Sector Lead Mining, Minerals and Metals
Worley
Toby Whincup
Global Director - Critical Minerals
ERM
Lauren McGregor
Principal – Credit Funds
ResourceCapital Funds
Spearmint More Than Doubles the Acreage of the George Lake South Antimony Project in New Brunswick, Canada
Spearmint Resources Inc. (CSE: SPMT) (OTC Pink: SPMTF) (FSE: A2AHL5) (the "Company" or "Spearmint") wishes to announce that it has more than doubled the acreage on the recently acquired George Lake South Antimony Project in New Brunswick, Canada. This project now consists of 4,722 contiguous acres prospective for antimony.
James Nelson, President of Spearmint, stated, "In light of the recent ban of antimony by China to the USA, we made this strategic acquisition increasing the size of the George Lake South Antimony Project. Management feels that antimony will be one of the most sought after resources in 2025 and we plan to pursue this space with vigor and are currently evaluating additional projects. Management is formulating a plan on the George Lake South Antimony Project, and management also intends to update the market on Spearmint's crypto diversification plan in the near future as well. These are truly exciting times for Spearmint and Spearmint shareholders."
Recently, China banned exports of critical minerals, including antimony, to the United States. As trade tensions escalate between the United States and China, this move clearly emphasizes the urgent need for Western nations to secure reliable long-term sources of these critical minerals, which are now at the forefront of the global supply chain crisis.
Antimony is an essential component in semi-conductors, battery storage technology, and has several military applications. Prices of antimony trioxide in Rotterdam had soared by 228 per cent since the beginning of the year to $39,000 a metric tonne on Nov. 28, as shown by data from information provider Argus. The move is a considerable escalation of tensions in supply chains where access to raw material units is already tight in the West.
This new project is in the direct vicinity of the Lake George Antimony Mine in New Brunswick which was operated intermittently from 1876 to 1996 and was once the largest primary antimony producer in North America. Antimony's primary uses are:
- Semiconductors and Electronics: The growing electronics and semiconductor industries require antimony, making it a critical material for technological development, including infrared sensors and components for military and aerospace uses.
- Battery Technology: Antimony is also used in lead-acid batteries and in emerging technologies, such as energy storage and lithium-ion battery enhancements, which is a significant driver of demand in the future.
- Flame Retardants: The demand for antimony remains strong due to its use in flame-retardant materials, which are essential in a wide range of products like textiles, electronics, and plastics. As safety regulations around fire-resistant materials become stricter, the need for antimony-based compounds continues to grow.
About Spearmint Resources Inc.
Spearmint holds the include four projects in Clayton Valley, Nevada: the 1,136-acre McGee lithium clay deposit, which has a resource estimate of 1,369,000 indicated tonnes and 723,000 inferred tonnes of lithium carbonate equivalent (LCE) for a total of 2,092,000 tonnes of LCE, directly bordering Pure Energy Minerals & Century Lithium Corp.; the 280-acre Elon lithium brine project, which has access to some of the deepest parts of the only lithium brine basin in production in North America; the 124-acre Green Clay lithium project; and the 248-acre Clayton Ridge gold project and now the 4,722 acre George Lake South Antimony Project in New Brunswick.
For a cautionary note and disclaimer on the crypto diversification, please refer to the news release dated November 12, 2024.
Qualified person for mining disclosure:
The technical contents of this release were reviewed and approved by Frank Bain, PGeo, a director of the company and qualified person as defined by National Instrument 43-101.
This property was acquired via staking.
Contact Information
Tel: 1-604-646-6903
www.spearmintresources.ca
"James Nelson"
President
Spearmint Resources Inc.
High grade Assay Results Continue at Youanmi
West Australian gold exploration and development company, Rox Resources Limited (“Rox” or “the Company”) (ASX: RXL), has received the final batch of assays from its 11,000m DD and RC program at the Youanmi Gold Project in WA.
- 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.
Click here for the full ASX Release
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
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.
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