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Brief Corporate and Project Update
Cauldron Energy Limited (Cauldron or the Company) (ASX: CXU) is pleased to provide this brief corporate and project update.
Highlights
- Entitlement Offer closed over-subscribed; demonstrating strong support for the Company’s strategic plan and refreshed management team
- A total of $1.427 million raised
- Cauldron welcomed a new substantial shareholder Parle Investments Pty Ltd, an experienced uranium sector investor which is highly supportive of the Company’s uranium focus and future uranium plans
- Scoping Study for Yanrey Uranium Project is nearing completion
- Program of Work approval gained for drilling program at Melrose Ni-Cu-PGE Project, Dalwallinu (WA)
- Cauldron technical team finalising plans and logistics for Melrose drilling program to commence in December 2023
- Shareholder engagement program continues at a fast pace with CEO Jonathan Fisher participating in the Global Uranium Conference in Adelaide on 15-16 November and the RIU Resurgence Conference on 22-23 November in Perth
Entitlement Offer Closed Oversubscribed
Cauldron is very pleased with the outcome of the capital raising which closed oversubscribed indicating strong support from shareholders and the wider investment community.
In total, valid applications were received for 180,418,788 New Shares for a total subscription amount of $1,623,769.09. A scale back of 21,824,011 new Shares for $196,416.10 was affected.
After scale-back, 158,594,777 New Shares were allotted, raising up to $1,427,353, representing the maximum take-up. In addition, participants in the offer received one free attaching option for every three Shares subscribed for; application for quotation of these options has been lodged with ASX.
No shortfall was available for allocation to the Underwriter.
New Uranium Sector Substantial Shareholder
Cauldron is extremely pleased to welcome Parle Investments Pty Ltd (“Parle”) as a substantial holder. Per Initial Substantial Holder Notice lodged on 8 November 2023, Parle held on that date 11.55% of the Company and the Company notes Parle has been actively acquiring on-market in recent weeks, providing support to the Company’s share price and demonstrating continued support for the Company strategy.
Parle is a sophisticated investor with a prior track record of successful investment in the Uranium sector; and holds a long-term favourable view of the Uranium thematic and the opportunity for Yanrey and the WA uranium sector. The Company is confident that Parle Investments will be a long term, stable investor.
Yanrey Scoping Study Nearing Completion
Cauldron is near to finalisation of a Scoping Study for the Yanrey Uranium Project and is on track to deliver the Scoping Study prior to calendar year end. The Scoping Study will review the project’s current status, including the mineral resource (which is ~60% Indicated), metallurgical test work completed, mining and processing options, exploration potential, and development strategy. It will also set out a plan for pre-feasibilities studies.
Melrose Project – Drill planning continuing
Program of Work (PoW) approval has been gained from the WA DMIRS for an air-core drilling program of up to 4,000 metres to test historical geochemistry nickel anomalies, to commence in December of this year. In addition to testing historical geochemistry nickel anomalies, the program will also test some of the airborne electromagnetic (AEM) targets identified from the recent EM Survey – refer ASX announcement of 9 October 2023 titled “Melrose EM Survey Identifies Several Drill Targets”.
Logistics planning is well advanced including land access and assessing quotes from various drilling companies. The Company is pleased to note the current good availability of drill rigs and the relatively cost-effective mobilisation to site given its proximity to Perth and the availability of existing infrastructure in and around Dalwallinu.
The program will test Target 1 (see Figure 1), which is a 1km long zone of anomalous geochemistry (>1,000pmm Ni) with a coincident magnetic and electromagnetic (EM) anomaly. Historical drilling at the Target 1 location returned 19m @ 0.32% Ni from 17m depth and 4m @ 0.47% Ni from 25m depth; and a linear trend of coincident magnetic, geochemical, and EM targets. It is interpreted that the magnetic and geochemical signatures indicate mafic/ultramafic intrusive rocks potentially carrying nickel-copper-PGE mineralisation, and that the EM anomalies indicate zones where more conductive sulphides might be present. Some Isolated EM anomalies will be included in the drilling. (See stars in Figure 01).
Previous ASX announcements (see ASX:CXU 11 May 2023, 31 July 2023) have described the various geochemical and magnetic targets in more detail.
Shareholder and Investor Engagement Program
Cauldron is continuing to maintain an active stakeholder engagement program with CEO Jonathan Fisher due to:
- Participate in the upcoming Global Uranium Conference in Adelaide on 15-16 November. Jonathan is a member of the organising committee for the conference as part of his work on the Minerals Council of Australia Uranium Forum.
- Present at the RIU Resurgence Conference in Perth on 22-23 November; and:
- Undertake various other web based media opportunities in the near term.
Investors and stakeholders are encouraged to take the opportunity to attend one of these platforms and to hear first hand the Company’s strategy and the exciting opportunities that lie ahead.
Comment from the CEO
Cauldron’s CEO Jonathan Fisher commented:
“Cauldron has built a strong team and a clear strategic plan to deliver value for shareholders. Our projects offer exciting potential in minerals critical to the Energy Transition, which is a sector of particular interest to investors. Following the Entitlement Offer, Cauldron now has sufficient cash resources to advance these projects aggressively. Further, we are particularly pleased to have attracted a new significant, successful Uranium sector substantial shareholder, and we are encouraged by the opportunities this support may present for the Company moving forward.”
We look forward to providing shareholders with further updates as we progress.
Click here for the full ASX Release
This article includes content from Cauldron 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.
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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