Horizon Minerals Limited (ASX: HRZ) (“Horizon” or “the Company”) is pleased to announce that it has entered into a binding Toll Milling Agreement (“TMA”) with FMR Investments Pty Ltd (“FMR”) to treat 200kt of Horizon ore from the Cannon underground project, or other deposit, commencing in the December 2024 Quarter.
HIGHLIGHTS
Commenting on the toll milling agreement, Chief Executive Officer Mr Grant Haywood said: 2
“We are very pleased to have converted our 200,000 tonne allocation with FMR into a formal Toll Milling Agreement, and look forward to working closely with them as ore deliveries will commence later this calendar year. This agreement is in addition to our 1.4Mt ore sale agreement with Paddington announced a week ago. Together this will see us generating cash flow from two fronts in this fantastic gold price environment before the end of 2024.”
Figure 1: Horizon’s project locations, regional geology and surrounding infrastructure
Next Steps 1
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Horizon Minerals’ near-term cash-flow potential and its significant land package in the prolific Western Australian goldfields with considerable exploration upside position the company to positively leverage the current bull gold market opportunity.
Horizon Minerals (ASX:HRZ) is an ASX-listed emerging mid-tier gold mining company focusing on a portfolio of highly promising gold projects located in the world-class Western Australian goldfields. The recent merger with Greenstone has added nearly 0.5 million ounces (Moz) of high-grade resource to Horizon, taking its total tally to 1.8 Moz, and resulted in Horizon Minerals total land package of 939 sq km in the Kalgoorlie-Coolgardie district.
The Greenstone merger brings near-term cash-generating opportunities and adds greater scale to its baseload assets (Boorara) with the high-grade Burbanks deposit. Horizon’s dual-track strategy involves generating immediate cash flows by leveraging a pipeline of development-ready production assets and concurrently advancing the cornerstone assets, Boorara and Burbanks, which have a combined resource inventory of 914 koz at 1.7 grams per ton (g/t) gold with potential to support a profitable, long-life operation.
The recent ore sale agreement with Paddington Gold is encouraging and increases confidence in the management’s ability to generate near-term cash flows. Under the agreement, 1.4 million (Mt) will be processed over a period of 22 months. The agreement allows Horizon to capitalize on high gold prices to generate significant cash flows.
Horizon is also progressing with other projects, including the Cannon gold project and Penny’s Find underground mine, and actively exploring for new discoveries in the Western Australian Goldfields, targeting gold and other commodities such as nickel-cobalt, silver-zinc, PGEs and lithium across its extensive land holdings. Additionally, Horizon holds a significant stake in one of the world’s largest vanadium projects via its investment in Richmond Vanadium Technology, which is listed on the ASX.
Horizon proposes to acquire 100 percent of Poseidon via an all-scrip transaction for AU$30 million to consolidate 1.8Moz gold and highly strategic processing infrastructure for Horizon to transition to the next standalone WA gold producer. The acquisition will combine Horizon’s large gold resource and Poseidon’s Black Swan processing infrastructure in the Kalgoorlie-Coolgardie districts. The transaction will further result in substantial resource base and regional tenure to a combined JORC mineral resources of ~1.8Moz gold at an average grade of 1.84g/t gold and 422,700t nickel at an average grade of 1 percent nickel. Horizon and Poseidon will have a total of 1,309 sq. km. tenure in an attractive geological position in the WA Goldfields.
Horizon aims to become a sustainable, 100kozpa standalone producer following the merger and conversion and recommissioning of the Black Swan processing plant. The 2.2Mtpa processing facility is strategically located 40 km north of Kalgoorlie with a concentrator readily amenable to processing gold through cost-effective refurbishment and the addition of a new CIL circuit.
Horizon's 30Mt existing gold resources, with 50,000 metres of drilling fully funded to commence drilling in 2025 or 2026, strongly support the conversion of the Black Swan processing plant to a gold plant.
The Boorara gold project is located 15 km east of Kalgoorlie-Boulder in the Western Australian goldfields. Over the past decade, a substantial amount of reverse circulation and diamond drilling has been carried out at Boorara. The project includes a JORC 2012 mineral resource estimate (MRE) by Optiro (now Snowden Optiro), which reported a total of 10.53 Mt grading at 1.26 g/t gold, amounting to 448,000 ounces.
The company views Boorara as a substantial baseload feed source that could be enhanced by lower tonnage, higher-grade feed to sustain a standalone milling facility. This is where the recent acquisition of Greenstone becomes important. Boorara can be supplemented by higher-grade feed from Greenstone’s Burbanks deposit to support an integrated operation.
The Independent JORC (2012) Ore Reserve for Boorara, completed by AMC Consultants, shows a financially viable project highlighted by an open pit mine design producing 1.24 Mt at a fully diluted grade of 1.24 g/t gold for 49.5 koz over an approximate 14-month mine life, and ore sale agreement at 92.5 percent metallurgical recovery produces 45.8 koz recovered.
Boorara commenced open pit mining in August 2024, with the first ore exposed and mined in late September 2024. Mining at the site will occur over 14 months and processing over 19 months at Norton Gold Fields’ Paddington plant to generate $30 million in estimated free cashflow at a AU$3,600/oz gold price.
The Phillips Find gold project is located 45 km north-west of Coolgaride, Western Australia in the heart of the Western Australian goldfields covering 10 kilometres of strike over prospective greenstone stratigraphy. The project includes the Phillips Find Mining Centre (PFMC) where approximately 33,000 ounces of gold were produced between 1998. A joint venture (JV) agreement is in place with mining specialists BML Ventures Pty Limited (BML) to develop and mine two open pits at Phillips Find. Horizon Minerals plans to commence the grade control program early in December and the first mining of ore in December 2024. The first ore from Phillips Find is on track to be treated at FMR’s Greenfields mill from February 2025 to June 2025
The 100 percent owned Nimbus silver-zinc-lead-gold deposit is located 15 kilometres east of Kalgoorlie-Boulder in Western Australia within the Kalgoorlie Terrane. The project's current mineral resource estimate (JORC 2012) includes 12.1 million tons at 52 g/t silver, 0.2 g/t gold and 0.9 percent zinc containing 20.2 million oz of silver, 78,000 oz of gold and 104,000 tons of zinc using lower cut-off grades of 12 ppm for silver, 0.5 percent for zinc and 0.3 g/t for gold over a 2 metre down hole composite. Within this global resource, the Nimbus project has a high-grade silver and zinc resource of 255,898 tons at 773 g/t silver and 13 percent zinc.
A concept study has confirmed the optimal economic development pathway by mining the higher-grade lodes and generation of a silver/zinc concentrate. A programme of work (POW) has been approved and drilling to test the exploration target is expected to be undertaken in the first half of 2025. The Nimbus project is 2 km east of Horizon's cornerstone Boorara project and 6.5 km north-northwest of Golden Ridge, both historic gold mining centres.
The Burbanks gold project is situated 9 km southeast of Coolgardie, Western Australia. The project encompasses the Burbanks Mining Centre and more than 5 kilometers of the highly promising Burbanks Shear Zone, historically the most significant gold-producing structure within the Coolgardie Goldfield. Previous underground production at Burbanks has surpassed 420,000 oz to date.
Burbanks currently hosts a total resource of 6.1 Mt @ 2.4 g/t gold for 466 koz, including underground of 1.2 Mt @ 4.4 g/t gold for 168 koz. Burbanks is underexplored and remains open in all directions for future growth.
The Cannon gold project is located 30 km east-southeast of Kalgoorlie-Boulder. It is a fully permitted project with a pre-feasibility study completed in 2022, which shows strong project economics with a free cash flow of AU$10.1 million over the mine's life. The company has finished commissioning a dewatering pipeline and a pumping system, representing a major milestone in the advancement of its Cannon Underground project. Discussions with mining contractors and potential JV mining partners are underway. First ore production from the Cannon Project is expected to commence in Q4 2024.
Penny’s Find is about 50 km northeast of Kalgoorlie in the Eastern Goldfields of Western Australia, near the company’s wholly-owned Kalpini gold project. It comprises a granted mining lease and other associated leases covering 91 hectares. The mineral resource estimate updated in December 2023 boasts 63,000 ounces of gold in the indicated and inferred category. A pre-feasibility study for exploitation using underground mining methods is currently underway. This study will include mine design and financial analysis.
Rose Hill is 0.5 km southeast of Coolgardie and 35 km west of Kalgoorlie-Boulder, on the western edge of the Archean Norseman-Menzies Greenstone Belt. The current JORC 2012 resource at Rose Hill contains 93,300 oz , comprising an open-pit mineral resource of 0.3 Mt grading 2.0 g/t gold for 18,400 oz, and an underground mineral resource of 0.5 Mt grading 4.6 g/t gold for 74,900 oz. Nearly 70 percent of the resource is in the measured and indicated JORC categories.
Horizon owns several promising tenements within the Kalgoorlie region. These project areas include the greater Boorara-Cannon project area, Lakewood, Binduli-Teal project area, Kalpini, Balagundi-Kanowna South and Black Flag.
Horizon manages several promising tenements within the Coolgardie region, including Rose Hill, Brilliant North and Yarmany.
Ashok Parekh has over 33 years of experience advising mining companies and service providers in the mining industry. He has spent many years negotiating mining deals with publicly listed companies and prospectors, leading to new IPOs and the initiation of new gold mining operations. Additionally, he has been involved in managing gold mining and milling companies in the Kalgoorlie region, where he has served as managing director for some of these firms. Parekh is well-known in the West Australian mining industry and has a highly successful background in owning numerous businesses in the Goldfields. He was the executive chairman of ASX-listed A1 Consolidated Gold (ASX:AYC) from 2011 to 2014. He is a chartered accountant.
Warren Hallam is currently a non-executive director of St Barbara Limited and Poseidon Nickel Limited, and non-executive chairman of Kingfisher Mining Limited. Hallam has a built a strong track record over 35 years in operations, corporate and senior leadership roles across multiple commodities. This includes previous Managing Director roles at Metals X Limited, Millenium Metals Limited and Capricorn Metals Limited. Hallam is a metallurgist with a Master in Mineral Economics from Curtin University.
Grant Haywood brings over three decades of experience in both underground and open-cut mining operations. During his career, he has served in senior leadership capacities in various mining companies, guiding them from feasibility through to development and operations. His experience spans various roles within junior and multinational gold mining companies, predominantly in the Western Australian goldfields, including positions at Phoenix Gold, Saracen Mineral Holdings, and Gold Fields. He is a graduate of the Western Australian School of Mines (WASM) and has also earned a Masters in Mineral Economics from the same institution.
Julian Tambyrajah is an accomplished global mining finance executive with more than 25 years of industry expertise. He is a certified public accountant and chartered company secretary. He has served as CFO of several listed companies including Central Petroleum (CTP), Crescent Gold (CRE), Rusina Mining NL, DRDGold, and Dome Resources NL. He has extensive experience in capital raising, some of which includes raising US$49 million for BMC UK, AU$122 million for Crescent Gold and AU$105 million for Central Petroleum.
Stephen Guy is a geologist with over 25 years of experience in the mining industry, specialising in exploration, production, and project start-ups for both open pit and underground operations. His career spans key regions in Australia, including Western Australia, New South Wales, and Queensland, where he has collaborated with leading companies such as BHP, Newcrest, St Barbara Gold, Fortescue Metals Group (FMG), and Gindalbie Metals. Guy’s expertise covers a diverse range of commodities, including gold, copper, nickel, base metals, and iron ore.
Expediting the path to gold production
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES.
Abcourt Mines Inc. (" Abcourt " or the " Corporation ") (TSX Venture: ABI) (OTCQB: ABMBF) is pleased to announce that it has closed a first tranche of its previously announced non-brokered private, for gross proceeds of $1,668,040 (the " Offering ") from the sale of the following:
Each Unit consists of one common share of the Corporation and one common share purchase warrant (each, a " Warrant "). Each Warrant entitles its holder to purchase one common share of the Corporation (each, a " Warrant Share ") at a price of $0.08 per Warrant Share at any time on or before April 3, 2028, subject to acceleration in certain circumstances.
The Corporation intends to use the proceeds of the Offering for the exploration and advancement of the Corporation's Flordin and Sleeping Giant gold projects, which are located in the Abitibi Greenstone Belt in Québec, as well as for working capital purposes and general corporate purposes.
In connection with the Offering, the Corporation paid finder's fees of $1,051,20 in cash and $91,051.20 in common shares at a deemed value of $0.05 per common share, and issued 1,535,040 Warrants to arm's length third parties who assisted the Corporation by introducing subscribers to the Offering.
All securities issued under the Offering are subject to a statutory hold period ending on the date that is four months plus one day following the closing date of the Offering. The Offering remains subject to the final approval of the TSX Venture Exchange.
The securities offered have not been, nor will they be, registered under the U.S. Securities Act, or any state securities law, and may not be offered, sold or delivered, directly or indirectly, within the United States, or to or for the account or benefit of U.S. persons, absent registration or an exemption from such registration requirements. This news release does not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of securities in any state in the United States in which such offer, solicitation or sale would be unlawful.
ABOUT ABCOURT MINES INC.
Abcourt Mines Inc. is a Canadian exploration company with properties strategically located in northwestern Québec, Canada. Abcourt owns the Sleeping Giant mine and mill, as well as the Flordin property, where it focuses its development activities.
For more information about Abcourt Mines Inc., please visit our website at www.abcourt.ca and view our filings under Abcourt's profile on www.sedarplus.ca
| Pascal Hamelin President and CEO T : (819) 768-2857 Email: phamelin@abcourt.com | Dany Cenac Robert, Investor Relations Reseau ProMarket Inc. T : (514) 722-2276, poste 456 Email : dany.cenac- robert@reseaupromarket.com |
FORWARD-LOOKING STATEMENTS
Certain information contained in this news release may constitute "forward-looking information" within the meaning of Canadian securities legislation. Generally, forward-looking information can be identified by using forward-looking terminology, such as "plans", "aims", "expects", "projects", "intends", "anticipates", "estimates", "could", "should", "likely", or variations of such words and phrases or statements specifying that certain acts, events or results "may", "should", "will" or "be achieved" or other similar expressions. Forward-looking statements, including the expectation of the Corporation with respect to the use of proceeds raised under the Offering, are based on Abcourt's estimates and are subject to known and unknown risks, uncertainties and other factors that may cause Abcourt's actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking statements or information. Forward-looking statements are subject to business, economic and uncertainties and other factors that could cause actual results to differ materially from these forward-looking statements, including the relevant assumptions and risk factors set forth in Abcourt's public filings, which are available on SEDAR+ at www.sedarplus.ca . There can be no assurance that these statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Although Abcourt believes that the assumptions and factors used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on such statements. Except as required by applicable securities laws, Abcourt disclaims any intention or obligation to update or revise any such forward- looking statements or information, whether as a result of new information, future events or otherwise.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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Walker Lane Resources Ltd. (TSX-V: WLR, "Walker Lane") announces that there has been unusual trading activity of its common shares that appeared to initiate on March 27, 2025 and appears to have occurred on each subsequent TSX-V trading day to current day. The recent stock trading activity does not reflect the health of our business or the recent significant value added assets to the property portfolio and adds to the previous undervaluation of the assets that were noted in a research report completed by Fundamental Research Corporation (see CMC Metals Ltd. press release - January 15, 2025). Management considers that some recent market transactions of its common shares could be an organized type of short selling tactic as we cannot determine any other explanation for the unusual downside trading activity.
In this regard, our management have contacted CIRO who are the market regulator for issuers on the TSX-V Exchange. CIRO is now undertaking an evaluation of certain market transactions and trading patterns of the common shares of WLR and our predecessor TSX-V: CMB to determine if a more comprehensive investigation is required. The company will not be advised by CIRO of the results of their evaluation or if an investigation is to be undertaken. However, if suspicious trading practices are identified they may result in further action by CIRO with the related party(ies).
Kevin Brewer, President and CEO of Walker Lane noted: "Walker Lane is advancing gold-silver projects in Nevada, the second most mine-friendly jurisdiction in the world as ranked by the 2024 Annual Fraser Institute Rankings of Mining Jurisdictions. The three new property focused in the Walker Lane Gold Trend in Nevada were added to our strong portfolio of exploration projects in Canada and should therefore result in a strengthening of our market position and valuation. These recent acquisitions have paved the way to conduct near-term exploration programs on potential high-grade gold and silver projects with a determined focus on drilling as a critical element of our exploration efforts. It is our intent to focus drilling on our two cornerstone properties, the Tule Canyon Gold Project in the highly popular Walker Lane Gold District in western Nevada and on our silver-polymetallic Amy Project in British Columbia. Combined with exploration efforts that are expected to be conducted on our Silverknife Property optioned to Coeur Mining Inc. and continued benefits in payment streams associated with the sale of our Bishop gold mill to North Bay Resources Inc, our management team feels that our new direction and our former strengths represent a tremendous opportunity to create shareholder value. The recent trading of our common shares does not in our opinion accurately reflect the value of our assets and the potential value generation that we submit can be derived by executing our current strategic direction."
In addition, the Company notes that it is creating a new website which will be www.walkerlaneresources.com
Our current target is to have the website operational on or before April 7, 2025 and thereafter it will be regularly updated with news updates, property information, recent and past corporate presentations, upcoming events etc,.
Qualified Person
Qualified Person Kevin Brewer, a registered professional geoscientist, is the Company's President and CEO, and Qualified Person (as defined by National Instrument 43-101). He has given his approval of the technical information pertaining reported herein. The Company is committed to meeting the highest standards of integrity, transparency and consistency in reporting technical content, including geological reporting, geophysical investigations, environmental and baseline studies, engineering studies, metallurgical testing, assaying and all other technical data.
About Walker Lane Resources Ltd.
Walker Lane Resources Ltd. is a growth-stage exploration company focused on the exploration of high-grade gold, silver and polymetallic deposits in the Walker Lane Gold Trend District in Nevada and the Rancheria Silver District in Yukon/B.C. and other property assets in Yukon and Newfoundland and Labrador. The Company intends to initiate an aggressive exploration program to advance the Tule Canyon (Walker Lane, Nevada) and Amy (Rancheria Silver, B.C.) projects through an aggressive drilling program to resource definition stage in the near future.
On behalf of the Board:
"Kevin Brewer"
Kevin Brewer, President, CEO and Director
Walker Lane Resources Ltd.
For Further Information and Investor Inquiries:
Kevin Brewer, P. Geo., MBA, B.Sc. (Hons), Dip. Mine Eng.
President, CEO and Director
Tel: (709) 327 8013 kbrewer80@hotmail.com
Suite 1600-409 Granville St., Vancouver, BC, V6C 1T2
Cautionary and Forward Looking Statements
This press release and related figures, contain certain forward-looking information and forward-looking statements as defined in applicable securities laws (collectively referred to as forward-looking statements). These statements relate to future events or our future performance. All statements other than statements of historical fact are forward-looking statements. The use of any of the words "anticipate", "plans", "continue", "estimate", "expect", "may", "will", "project", "predict", "potential", "should", "believe" "targeted", "can", "anticipates", "intends", "likely", "should", "could" or grammatical variations thereof and similar expressions is intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. These statements speak only as of the date of this presentation. These forward-looking statements include, but are not limited to, statements concerning: our strategy and priorities including certain statements included in this presentation are forward-looking statements within the meaning of Canadian securities laws, including statements regarding the Tule Canyon, Cambridge, Silver Mountain, and Shamrock Properties in Nevada (USA), and its properties including Silverknife and Amy properties in British Columbia, the Silver Hart, Blue Heaven and Logjam properties in Yukon and the Bridal Veil property in Newfoundland and Labrador all of which now comprise the mineral property assets of WLR. WLR has assumed other assets of CMC Metals Ltd. including common share holdings of North Bay Resources Inc. (OTC-US: NBRI) and all conditions and agreements pertaining to the sale of the Bishop mill gold processing facility and remain subject to the condition of the option of the Silverknife property with Coeur Mining Inc. (TSX:CDE). These forward-looking statements reflect the Company's current beliefs and are based on information currently available to the Company and assumptions the Company believes are reasonable. The Company has made various assumptions, including, among others, that: the historical information related to the Company's properties is reliable; the Company's operations are not disrupted or delayed by unusual geological or technical problems; the Company has the ability to explore the Company's properties; the Company will be able to raise any necessary additional capital on reasonable terms to execute its business plan; the Company's current corporate activities will proceed as expected; general business and economic conditions will not change in a material adverse manner; and budgeted costs and expenditures are and will continue to be accurate.
Actual results and developments may differ materially from results and developments discussed in the forward-looking statements as they are subject to a number of significant risks and uncertainties, including: public health threats; fluctuations in metals prices, price of consumed commodities and currency markets; future profitability of mining operations; access to personnel; results of exploration and development activities, accuracy of technical information; risks related to ownership of properties; risks related to mining operations; risks related to mineral resource figures being estimates based on interpretations and assumptions which may result in less mineral production under actual conditions than is currently anticipated; the interpretation of drilling results and other geological data; receipt, maintenance and security of permits and mineral property titles; environmental and other regulatory risks; changes in operating expenses; changes in general market and industry conditions; changes in legal or regulatory requirements; other risk factors set out in this presentation; and other risk factors set out in the Company's public disclosure documents. Although the Company has attempted to identify significant risks and uncertainties that could cause actual results to differ materially, there may be other risks that cause results not to be as anticipated, estimated or intended. Certain of these risks and uncertainties are beyond the Company's control. Consequently, all of the forward-looking statements are qualified by these cautionary statements, and there can be no assurances that the actual results or developments will be realized or, even if substantially realized, that they will have the expected consequences or benefits to, or effect on, the Company.
The information contained in this presentation is derived from management of the Company and otherwise from publicly available information and does not purport to contain all of the information that an investor may desire to have in evaluating the Company. The information has not been independently verified, may prove to be imprecise, and is subject to material updating, revision and further amendment. While management is not aware of any misstatements regarding any industry data presented herein, no representation or warranty, express or implied, is made or given by or on behalf of the Company as to the accuracy, completeness or fairness of the information or opinions contained in this presentation and no responsibility or liability is accepted by any person for such information or opinions. The forward-looking statements and information in this presentation speak only as of the date of this presentation and the Company assumes no obligation to update or revise such information to reflect new events or circumstances, except as may be required by applicable law. Although the Company believes that the expectations reflected in the forward-looking statements and information are reasonable, there can be no assurance that such expectations will prove to be correct. Because of the risks, uncertainties and assumptions contained herein, prospective investors should not read forward-looking information as guarantees of future performance or results and should not place undue reliance on forward-looking information. Nothing in this presentation is, or should be relied upon as, a promise or representation as to the future. To the extent any forward-looking statement in this presentation constitutes "future-oriented financial information" or "financial outlooks" within the meaning of applicable Canadian securities laws, such information is being provided to demonstrate the anticipated market penetration and the reader is cautioned that this information may not be appropriate for any other purpose and the reader should not place undue reliance on such future-oriented financial information and financial outlooks. Future-oriented financial information and financial outlooks, as with forward-looking statements generally, are, without limitation, based on the assumptions and subject to the risks set out above. The Company's actual financial position and results of operations may differ materially from management's current expectations and, as a result, the Company's revenue and expenses. The Company's financial projections were not prepared with a view toward compliance with published guidelines of International Financial Reporting Standards and have not been examined, reviewed or compiled by the Company's accountants or auditors. The Company's financial projections represent management's estimates as of the dates indicated thereon.
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HIGHLIGHTS
The phase 1 drilling programme at Lammerlaw, Permit 60807 (Figure 1), is focused on confirming the style of mineralisation that gives rise to gold, antimony, and tungsten anomalies identified in soil sampling and at historical workings. The Lammerlaw Project hosts several west-northwest mineralised zones sub-parallel to foliation in schist and airborne geophysical trends. The mineralised zones are defined by NAE soil samples, a compilation of previous exploration data, survey of historic workings and are approximately 4 km long.
The Lammerlaw permit is primarily covered by a layer of loess (windblown silt), typically 1-5m deep, that sits on a thin zone of weathered schist and conceals mineralization. Hand augers are used for soil sampling to penetrate the loess. This means that most soil anomalies are buried and cannot be found by surface sampling, and the thin zone of weathered schist means that supergene mineralisation is not well developed.
NAE Executive Director Joshua Wellisch commented:
"We are excited to commence drilling at the Lammerlaw Project, where historical mining and modern exploration have highlighted the strong potential for high-grade gold and antimony mineralisation. This drill program is a key step in advancing the project and unlocking value for our shareholders."
The Phase 1 drilling programme will test 5 of the 9 identified targets, compiled from historic data and NAE soil sampling and which include high-grade discoveries of Au and Sb, along with data from historical production reported previously.
Figure 1: The NAE Lammerlaw permit occurs in the southern limb of a regional fold feature characterised by a change in metamorphic grade from upper greenschist (purple) to lower greenschist (green). At Macraes, mineralisation occurs inshear zone features truncated by structures controlling the change in metamorphic grade.
Each of the selected drill holes will test two types of conceptual targets which could relate to Au, As, Sb or W mineralisation (Figure 2):
1. Mineralisation can occur in shear zones parallel to schist foliation similar to Macreas or Rise n Shine mineralisation. This mineralisation style can be relatively subtle and will likely be detected in pXRF and assay results after drilling is completed
2. Mineralisation can occur in brittle vein structures oriented vertically or at a high angle to schist foliation. This mineralisation style can be detected through mineral analysis during on-site drill hole logging.
Figure 2: Conceptual targets for Lammerlaw drilling (not to scale). Red dotted lines indicate mineralisation parallel to foliation in schist. Red solid lines indicate vertical or high-angle vein mineralisation. Both could produce a similar buriedsoil anomaly (orange layer).
Soil anomalies derived from either mineralisation style (shear zone or high-angle vein) deliver the same or similar results. Historical mining records indicate that at least some of the mineralisation within the Lammerlaw permit is hosted in brittle vein structures. NAE is the first company to test the concept of shear zone mineralisation parallel to the schist in the Lammerlaw area.
The targets (Figure 3) include zones where several types of mineralisation indicators are aligned. Typically, the mineralisation indicators include historical workings, soil samples with elevated Au values, often coincident elevated As and Sb values and occasionally elevated W values. Once the targets are selected, drill hole locations are sited to intersect both target types within approximately 100m of drilling.
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This article includes content from New Age Exploration 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.
