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Brisbane Mining Conference
March 23, 2023
Exploring Australia For The Energy Metals Of The Future
Bryah Resources Limited (ASX: BYH, “Bryah” or “the Company”) is pleased to present its investor presentation.
Click here for the full ASX Release
This article includes content from Bryah Resources, 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.
BYH:AU
16m
$215 Million Debt Finance for the Waroona Renewable Energy Project
Frontier Energy Limited (ASX: FHE; OTCQB: FRHYF) (Frontier or the Company) is pleased to announce that it has signed a senior debt mandate with Infradebt Pty Limited (Infradebt), an Australian specialist infrastructure fund, for Infradebt to provide senior project finance debt for the construction and operation of Stage One of Frontier’s Waroona Renewable Energy Project (Waroona Project). Stage One of the Waroona Project comprises a 120MWdc solar facility and an 80MW/360MWh DC coupled battery energy storage system.
HIGHLIGHTS
- Infradebt to provide up to $215 million senior project finance debt for the Stage One development of its Waroona Project
- Key terms include a debt tenor of 17 years and an innovative repayment structure that allows the Project to maximise exposure to its attractive economics
- The deal includes a long-term partnership for Infradebt to finance further battery projects developed by Frontier, including Stage Two of the Waroona Project
- Infradebt is an Australian based infrastructure financing specialist and is a significant lender to multiple renewable energy projects in Australia
- Infradebt’s Energy Transition Fund (ETF) is dedicated to financing grid scale batteries. Existing investments include Genex Power’s 50MW/100MWh Bouldercombe Battery in Queensland and Neoen’s 100MW/200MWh Capital Battery in the ACT
- The Infradebt Ethical Fund (IEF), Australia’s first ethically screened infrastructure debt fund, has a number of existing Western Australian exposures including the 180MW Warradarge Wind Farm, 40MW Greenough Solar Farm and 35MW Albany Grasmere Wind Farm
- Infradebt investors include Australian superannuation funds and family offices
- Long-form facility agreement and security documentation are expected to be executed in September 2024
- The Company continues to pursue potential investment by a strategic partner
CEO Adam Kiley commented: “The Company is delighted to mandate Infradebt, an Australian based infrastructure specialist, to provide debt financing of up to $215 million for the development of Stage One of our Waroona Project.
The Company received multiple credit endorsed proposals as part of the debt financing process from several major financial institutions, however, the Infradebt offer was superior, with a highly attractive tenor and interest rate, whilst also providing greater flexibility compared to alternatives. Infradebt’s proposal is also for 100% of the debt financing, meaning the Company will only deal with a single party compared to a syndicate solution.”
Frontier mandates specialised infrastructure financier
Following the release of the Stage One Definitive Feasibility Study (DFS) in February 2024, a debt financing process commenced, led by debt advisory firm Leeuwin Capital Partners. Following receipt of multiple proposals, the Company has mandated Infradebt (Mandate) to provide debt financing for up to $215 million (Project Finance). The DFS estimated the total capital cost for Stage One at $304 million1.
The Project Finance will be funded by discretionary funds managed by Infradebt and co- investors advised by Infradebt. Infradebt has confirmed that it has committed funds for the purpose of providing the Project Finance. The majority of the Project Finance will be funded by the Infradebt Energy Transition Fund, a senior debt fund mandated specifically to provide debt finance to utility-scale battery projects in Australia.
The Mandate sets out the Project Finance terms, an indicative timetable for completion of the arrangements under which the Project Finance would be provided and other provisions that are expected to be included in long-form Project Finance documentation.
The facility has a base rate (a combination of three-month BBSY and the 12-year Swap Rate) plus a margin. The facility tenor is 17 years, including the two-year construction period.
A long-form facility agreement and security documentation are expected to be executed in September 2024.
The final debt quantum will be determined after confirmation of the Reserve Capacity Price from the Australian Energy Market Operator (AEMO) in late September 2024. The Benchmark Reserve Capacity Price of $230,000 for the 2026/27 capacity year has already been published2.
Click here for the full ASX Release
This article includes content from Frontier Energy, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
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1h
June 2024 Quarter - Activities Report
Rimfire Pacific Mining (ASX: RIM, “Rimfire” or “the Company”) is an ASX-listed Critical Minerals exploration company which is advancing a portfolio of projects within the highly prospective Lachlan Orogen (“LO") and Broken Hill (“BH”) districts of New South Wales (Figures 1, 2 and 4).
Highlights
- Multiple work programs focused on high-value critical minerals – scandium, cobalt, and copper across Rimfire’s NSW projects
- Thick zones of strong scandium anomalism from surface across multiple locations across the 20km² Murga Intrusive Complex;
- 22m @ 273ppm Sc from surface incl 12m @ 353ppm Sc
- 22m @ 172ppm Sc from 2m incl 5m @ 226ppm Sc
- 28m @ 158ppm Sc from 4m incl 6m @ 320ppm Sc
- 25m @ 163ppm Sc from 2m incl 5m @ 242ppm Sc
- 27m @ 162ppm Sc from 3m incl 4m @ 270ppm Sc
- Further Melrose leaching test work generates up to 90% scandium recoveries at atmospheric pressures
- Estimation of a combined JORC Mineral Resource for both Murga North and Melrose Scandium Prospects (Fifield and Avondale Earn-In Projects) underway ahead of completion within the coming weeks subject to receiving outstanding drill assays from the laboratory
- Drilling programs are planned for September 2024 Quarter designed to test copper cobalt targets at Broken Hill and scandium targets at Fifield
- Rimfire completes a placement to raise $1.15M post end of Quarter
Commenting on the Quarterly Activities report, Rimfire’s Managing Director Mr David Hutton said: “Rimfire continues to explore for and discover the critical minerals that are associated with global decarbonisation strategies. We are leveraged to and provide unique ASX investment exposure to scandium – an extremely valuable metal.
Buoyed by the success of our scandium drilling and metallurgical studies carried out during the Quarter we have made the decision to estimate a maiden JORC Mineral Resource for both the Melrose and Murga North Prospects with the work underway.
We expect to announce both resources in the coming weeks with just some Melrose drilling assays awaited on to complete the estimation process.
Looking ahead, the September 2024 Quarter will be pivotal for Rimfire and its shareholders with maiden scandium resources, further scandium drilling and the resumption of copper-cobalt drilling at Broken Hill”.
Introduction and Operational Summary
During the June 2024 Quarter (the “Quarter”), Rimfire’s exploration activities were focused on advancing the Murga and Melrose Scandium Prospects (Fifield and Avondale Earn In Project) with 100 aircore holes (2,664 metres) drilled.
The drilling successfully intersected strongly anomalous scandium at multiple locations across the Murga Intrusive Complex with subsequent re-assaying of anomalous drill samples demonstrating a significant increase in grade.
Buoyed by the success of the drilling, Rimfire has commenced the estimation of a combined JORC Mineral Resource for both the Murga North and Melrose Scandium Prospects.
Also, two further sighter leach tests focused on maximising scandium recovery at atmospheric pressures from Melrose laterite-hosted mineralisation returned recoveries of 62.6% and 90.1% scandium respectively. The latest results represent a significant improvement on previous best scandium recovery of 40% and can be attributed to increased acidity (sulphuric acid) and addition of reagents (NaCl).
To guide the Company’s future metallurgical studies, Rimfire also engaged highly experienced hydrometallugist Mr Boyd Willis as Process Consultant.
The exploration activities at the Fifield and Avondale are funded by Rimfire’s exploration partner
- Golden Plains Resources (GPR) and looking ahead to the September 2024 Quarter, Rimfire will complete the estimate of the combined JORC Mineral Resource for the Murga North and Melrose Scandium Prospects, as well as undertaking further aircore and diamond drilling at Murga to build on the initial resource.
Separately on its 100% - owned projects, Rimfire is preparing to carry out a further round of diamond drilling at its Bald Hill Copper Cobalt prospect commencing in August 2024.
Click here for the full ASX Release
This article includes content from Rimfire Pacific Mining 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.
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23 July
Firebird Executes Farm-Out Agreement with Macro Metals on Non-Core Manganese Tenements
Firebird Metals Limited (ASX: FRB, “Firebird” or “the Company”) is pleased to announce that it has signed an agreement with Macro Metals Ltd (“Macro”) regarding the development of Firebird’s Wandanya, Disraeli and Midgengadge tenements.
HIGHLIGHTS
- Firebird executes farm-out agreement for Macro Metals Ltd (ASX:M4M) to acquire an 80% interest in the Wandanya, Disraeli and Midgengadge Manganese tenements
- Macro will invest an initial $150,000 within the first 12 months and undertake a 10-hole RC drill program with a minimum of 100m to be drilled on each of the four tenements
- Firebird will retain a free-carried 20% interest in the Projects until decision to mine
- Firebird to earn 1% sales commission (based on FOB revenue)
- Agreement enables Firebird to focus on the development of the Oakover Project and the Company’s Chinese manganese sulphate plant
- Agreement gives Firebird exposure to upside from future development of the tenements
- Macro has proven and strong management in the exploration and development of greenfield projects
This agreement will see Macro invest $150,000 over 12 months at the Wandanya (E46/1456 and E46/1457), Disraeli (E46/1389) and Midgengadge (E45/5906) tenements and completion of at least 10 RC drill holes, with 100m to be drilled on each of the tenements, to earn an 80% interest.
Firebird Managing Director Mr Peter Allen commented: “This agreement allows Firebird to continue its strategic focus on the Oakover Project and our Chinese LMFP strategy. By partnering with Macro, we leverage their expertise and resources to drive the development of these tenements, which not only ensures that they receive the necessary investment and development attention but also allows Firebird to benefit from potential production and value growth without immediate capital outlay.
“We are confident that this collaboration will unlock value for our shareholders and look forward to a prosperous collaboration with Macro.”
Key Agreement Terms
Firebird has signed a binding Heads of Agreement with Macro Metals Ltd (“Macro”), an unrelated party, whereby Macro has the exclusive right to earn 80% in four tenements (E46/1456, E46/1457, E46/1389 and E45/5906) (Tenements) by committing to spend $150,000 in exploration and development expenditure on the Tenements within 12 months (Agreement).
This expenditure must include at least 10 RC holes, for a minimum total of 100 metres drilled on each of the four tenements. Macro will assume full responsibility for the Tenements over this earn-in period.
Firebird’s 20% interest will be free carried until such time Macro makes a decision to mine, at which point Macro and Firebird will enter into an incorporated joint venture (“SPV”). The SPV will enter into a life of mine, mining services contract with Macro’s wholly owned, mining services subsidiary, Macro Mining Services Pty Ltd, for the provision of all services across the entire pit to customer supply chain on a commercial, arms’ length schedule of rates. Firebird retains the ability to transfer its 20% interest into a 1% royalty. The Agreement also allows for Firebird to earn 1% sales commission (based on Free on Board (FOB) revenue).
Completion of the transaction is conditional upon due diligence to the absolute satisfaction of Macro and any necessary regulatory or third-party consents or approvals required before close of business on 30 September 2024 (or such time as otherwise agreed).
The Agreement otherwise contains terms and conditions considered standard for agreements of this nature.
The Company notes that Mr Evan Cranston is a Director of both Firebird and Macro, however, this Transaction has been approved by the independent Directors of Firebird.
Firebird’s original agreement for the acquisition of the Wandanya tenements was established with Mining Equities Pty Ltd in 2022. Under this agreement, a total shipment milestone consideration of up to $500,000 was to be paid to Mining Equities Pty Ltd in instalments based on export shipments or mine gate sales. Upon reaching the maximum milestone consideration, a 1% royalty would be payable on an FOB basis for export shipments or a mine gate basis for domestic sales. Mining Equities Pty Ltd has agreed to amend the original terms by removing the $500,000 payable with the 1% royalty now payable on all export shipments and domestic sales.
Click here for the full ASX Release
This article includes content from Firebird Metals 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.
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22 July
Auric Buys Specific Mineral Rights and Related Assets from WIN Metals for $1.2M
Auric Mining Limited (ASX: AWJ) (Auric) together with WIN Metals Ltd (ASX: WIN) (WIN Metals or WIN) are pleased to announce that the two parties have successfully executed a Binding Term Sheet on 22 July 2024 for the partial purchase of WIN’s nickel and lithium rights within the Munda Gold Project area, water access rights and other related assets, to Auric.
HIGHLIGHTS
- Binding Term Sheet executed on 22 July 2024.
- Milestone agreement improves pathway to mining a trial pit at Munda Gold Project, potentially in Q1 2025.
- Auric now owns all mineral rights, down to 235m RL, (approximately 150m below surface) over planned mining area.
- Purchase price totals $1.2 Million, including $1.00 Million, for the nickel rights.
- Binding Term Sheet includes sole access to stored water in the 132 North pit by Auric for 3 years from settlement date and shared access for a further 5 years.
- Acquisition includes 7 tenements or applications.
- $100,000 deposit paid to WIN. Additional $600,000 payable at settlement. Further payments totalling $500,000 to be paid over next 12 months.
MANAGEMENT COMMENTS
Auric Mining. Managing Director, Mark English, said: “We now have greater control over our destiny for open pit gold mining at the Munda Gold Project.
“Buying the nickel and lithium rights from WIN Metals down to the 235m RL (which is approximately 150m below surface) and having sole rights to an agreed area means we have now taken another major step forward to commencing a trial pit at Munda.
“There’s not much water around Widgiemooltha, so as part of this transaction we are acquiring access to stored water in the 132 North pit from WIN, removing a significant obstacle for us.
“WIN Metals has been pragmatic about the negotiation. We have reached a highly satisfactory agreement for Auric shareholders.
“We’ve moved Munda along rapidly this year and this hurdle has been removed. We are planning to mine a trial pit in Q1 2025,” said Mr English.
WIN Metals. Managing Director & Chief Executive Officer, Steve Norregaard, said:
“We wish Auric well in its ambition to mine at Munda Gold Project.
“We have no intention of standing in their way and have reached an equitable agreement to sell our nickel and lithium rights, within a specified area, at the Munda Gold Project and minor non-core assets.
“It’s a great result for both companies,” said Mr Norregaard.
Click here for the full ASX Release
This article includes content from Auric Mining, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
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22 July
S&P Global: US Outpaced by Most Other Countries in Mine Development Times
A report published by S&P Global Market Intelligence reveals that the US lags significantly behind other countries in mine development times, impacting its ability to build strategic mineral resources.
The document reveals that it takes nearly 29 years on average for a US mine to progress from discovery to production, compared to 27 years in Canada and 20 years in Australia. Only Zambia takes longer at an average of 34 years.
This extended timeline puts the US at a disadvantage, especially as demand for the critical minerals needed for energy transition continues to rise. The report points out several key factors behind the delays.
Regulatory hurdles and litigation hinder mine development
S&P Global states that prolonged mine development timelines in the US can be partially attributed to complex regulatory frameworks. The firm notes that while Canada and Australia also face lengthy mine development processes, their mines reliably enter production, which is not always the case in the US.
For instance, the Lithium Nevada project, discovered in 1978, has not yet entered production. Projects like Michigan-based Copperwood and Maturi in Minnesota are also nearing two decades without reaching the production phase.
Litigation is also a significant hindrance for companies looking to bring US mines into production. The country has logged more legal disputes against mining projects than Canada and Australia combined.
US lags behind Canada, Australia on exploration budgets
The uncertainty in the US and risk of litigation have led to investors to lean more toward Canada and Australia, with exploration budgets being higher by 81 and 57 percent, respectively, over the last 15 years.
This underinvestment in the US is particularly concerning given its substantial endowments of critical minerals like copper, lithium, nickel and palladium, which are essential for the growing energy transition movement.
Notably, S&P Global points out that even though Australia is the world's top lithium producer, the US has more than twice the amount of lithium reserves and resources.
Domestic supply chains key for security
As global demand for critical resources surges, the US' reliance on foreign sources poses a strategic risk.
Currently, the US depends heavily on countries like Chile and Australia for its mineral needs. For instance, Chile alone accounts for nearly 70 percent of US imports of refined copper.
Without domestic supply, the US remains vulnerable to supply chain disruptions and geopolitical tensions.
With that in mind, the Biden administration has recognized the need to secure domestic sources of important commodities and has taken steps to address lengthy mine approval timelines.
For example, the Infrastructure Investment and Jobs Act includes provisions that prioritize energy and critical minerals research, and also allocates funds for mineral extraction.
In addition, the US has started trying to decrease its reliance on foreign imports, notably uranium, by allocating over US$2.7 billion to start up its domestic nuclear fuel supply chain.
S&P Global's report includes several recommendations to further strengthen the US' position.
One key suggestion is to streamline the regulatory framework, which could involve establishing a single, coordinating federal agency to oversee the entire mine approval process, reducing overlapping jurisdictions and minimizing delays.
The firm believes that increasing transparency and predictability in the permitting process would also help attract more investment and decrease uncertainty among investors.
Don’t forget to follow us @INN_Resource for real-time news updates!
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
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22 July
Juggernaut Commences Drilling on 600 Meters by 350 Meters Bingo Main Zone - Contains up to 31.20 gpt Gold, 8.98 % Copper and 0.58 % Cobalt - Remains Wide Open - Bingo Property, Golden Triangle, B.C.
Juggernaut Exploration Ltd (JUGR.V) (OTCQB: JUGRF) (FSE: 4JE) (the “Company” or “Juggernaut”) is pleased to report that drilling has recently commenced on its 100% controlled Bingo property. Following the discovery of multiple new sulphide-rich outcrops on surface, the drill program has been expanded to ~3,000 meters of drilling planned in 14 holes from 7 pad locations on 600 meters by 350 meters Bingo Main Zone on the Bingo property in world class geologic terrane.
Drilling includes expansion along strike and to depth of known mineralization at the high-grade gold-silver-copper shear hosted vein at Bingo as well as testing a series of new cobalt-rich and native copper outcrops recently identified by the mapping crew currently working on the property.
Dan Stuart, President and CEO of Juggernaut Exploration, states,“We are excited to resume drilling on our 100% controlled Bingo property after the successful inaugural drill programs carried out in 2023. We designed a comprehensive drill plan that will allow us to expand the high-grade gold-silver copper and cobalt mineralization at Bingo along strike and depth. The discovery of highly economic cobalt values at surface prompted the Company to revise the calculated AuEq values of the 2023 drill core assay results where cobalt was originally omitted, increasing its value by >20%.”
Bingo Property Highlights:
- Early season mapping and prospecting resulted in the discovery of multiple new outcrops along strike with the Bingo Main Zone containing semi-massive chalcopyrite, pyrite and cobalt-rich sulphide mineralization as well as native copper extending the Bingo Main Zone by 100 m to the south from 350 meters to 450 meters and remains open along strike and at depth. Outcrop 1 imageOutcrop 2 imageOutcrop 3 image, Outcrop 4 image
- The discovery of highly economic cobalt values on surface prompted the Company to revise the calculated AuEq values of the 2023 drill core assay results where cobalt was originally omitted, increasing it’s value by 20%:
- Drill hole BI-23-01 intersected 12.09 gpt AuEq (7.57 gpt Au, 20.23 gpt Ag, 2.72 % Cu and 1624 ppm Co) over 5.11 meters (increased from 11.42 gpt AuEq (7.57 gpt Au, 20.23 gpt Ag and 2.72 % Cu) over 5.11 meters);
- Drill hole BI-23-04 intersected 5.25 gpt AuEq (2.52 gpt Au, 11.05 gpt Ag, 1.16 % Cu and 2468 ppm Co) over 10.12 meters, including 8.05 gpt AuEq (4.01 gpt Au, 17.37 gpt Ag, 1.85 % Cu and 3179 ppm Co) over 5.89 meters (increased from 4.23 gpt AuEq (2.52 gpt Au, 11.05 gpt Ag and 1.16 % Cu) over 10.12 meters, including 6.74 gpt AuEq (4.01 gpt Au, 17.37 gpt Ag and 1.85 % Cu) over 5.89 meters);
- Drill hole BI-23-02 intersected 5.36 gpt AuEq (2.86 gpt Au, 8.72 gpt Ag, 1.39 % Cu and 1325 ppm Co) over 7.05 meters (increased from 4.81 gpt AuEq (2.86 gpt Au, 8.72 gpt Ag and 1.39 % Cu) over 7.05 meters); and
- Drill hole BI-23-03 intersected 2.62 gpt AuEq (1.39 gpt Au, 4.06 gpt Ag, 0.58 % Cu and 982 ppm Co) over 5.78 meters, including 2.97 gpt AuEq (1.66 gpt Au, 4.58 gpt Ag, 0.62 % Cu and 987 ppm Co) over 4.73 meters (increased from 2.22 gpt AuEq (1.39 gpt Au, 4.06 gpt Ag and 0.58 % Cu) over 5.78 meters, including 2.56 gpt AuEq (1.66 gpt Au, 4.58 gpt Ag and 0.62 % Cu) over 4.73 meters).
- The program on the Bingo property will consist of ~3000 meters of drilling (from 7 pads and 14 holes) designed to expand the known high-grade gold-silver-copper-cobalt mineralization along strike and to depth on the Bingo Main Zone that remains open, as well as testing additional shear zones at depth and new showings discovered in 2024. Bingo Property Map
- Mapping and prospecting on the property, including the Double Down Hinge Zone highlighted by an airborne magnetic survey will continue throughout the season in preparation for future drilling. 2023 Bingo Doubledown
- High-grade gold-silver-copper-cobalt mineralization has been intersected in multiple inaugural test drill holes in 2023 collared from within the Bingo Main Zone along a north trending, west-dipping, shear hosted vein within a 600 meters by 350 meters precious metal rich mineralized corridor that remains open. 3d Model
- The broad sulphide-rich mineralized vein consists of semi-massive aggregates and stockwork of chalcopyrite (up to 10 %), pyrrhotite (up to 10 %), and cobalt-rich sulphides, with minor pyrite and galena, part of a shear hosted vein within a strongly altered diorite unit that remains open to the north, south and to depth.
- The maiden drill program in 2023 on this discovery confirmed strong gold-silver-copper-cobalt mineralization on the Bingo Main outcrop to a depth of 40 meters that remains open, leaving over 90% of the known mineralized corridor untested.
Early season mapping and prospecting on the Bingo property resulted in the discovery of multiple new outcrops along strike with the Bingo Main Zone containing semi-massive chalcopyrite, pyrite and cobalt-rich sulphide mineralization as well as native copper extending the Bingo Main Zone by 100 m to the south from 350 meters to 450 meters and remains open. The discovery of highly economic cobalt values on surface prompted the Company to revise the calculated AuEq values of the 2023 drill core assay results where cobalt was originally omitted, increasing it’s value by >20%. Outcrop 1 image,Outcrop 2 image,Outcrop 3 image, Outcrop 4 image
Results from the 2023 drill season include 4 holes collared from Pad 1 located in the northern part of the Bingo Main Zone, which intersected broad sulphide-rich mineralized horizon consisting of semi-massive aggregates, and stockwork of chalcopyrite (up to 10 %), pyrrhotite (up to 10 %) and cobalt-rich sulphides, with minor pyrite and galena, that are part of a shear hosted vein within a strongly altered diorite unit that remains open to the north, south and to depth. Drill hole BI-23-01 intersected 12.09 gpt AuEq (7.57 gpt Au, 20.23 gpt Ag, 2.72 % Cu and 1624 ppm Co) over 5.11 meters. Drill hole BI-23-04 intersected 5.25 gpt AuEq (2.52 gpt Au, 11.05 gpt Ag, 1.16 % Cu and 2468 ppm Co) over 10.12 meters, including 8.05 gpt AuEq (4.01 gpt Au, 17.37 gpt Ag, 1.85 % Cu and 3179 ppm Co) over 5.89 meters. Drill hole BI-23-02 intersected 5.36 gpt AuEq (2.86 gpt Au, 8.72 gpt Ag, 1.39 % Cu and 1325 ppm Co) over 7.05 meters. Drill hole BI-23-03 intersected 2.62 gpt AuEq (1.39 gpt Au, 4.06 gpt Ag, 0.58 % Cu and 982 ppm Co) over 5.78 meters, including 2.97 gpt AuEq (1.66 gpt Au, 4.58 gpt Ag, 0.62 % Cu and 987 ppm Co) over 4.73 meters. 3d Model
Table 1: Selected 2023 Bingo drill hole assay results recalculated with Co included in AuEq.
Hole ID | From (m) | To (m) | Interval (m) | Au (g/t) | Ag (g/t) | Cu (%) | Pb (%) | Zn (%) | Co (ppm) | AuEq (g/t) | |
BI-23-01 | Interval | 24.39 | 29.50 | 5.11 | 7.57 | 20.23 | 2.72 | 0.01 | 0.10 | 1624.44 | 12.09 |
Including | 25.58 | 28.48 | 2.90 | 13.0 | 34.93 | 4.70 | 0.02 | 0.17 | 2604.85 | 20.77 | |
BI-23-04 | Interval | 41.1 | 51.22 | 10.12 | 2.52 | 11.05 | 1.16 | 0.01 | 0.15 | 2468.69 | 5.25 |
Including | 42.18 | 48.07 | 5.89 | 4.01 | 17.37 | 1.85 | 0.01 | 0.24 | 3179.83 | 8.05 | |
BI-23-02 | Interval | 25.95 | 33.00 | 7.05 | 2.86 | 8.72 | 1.39 | 0.01 | 0.07 | 1325.60 | 5.36 |
Including | 27.85 | 31.15 | 3.30 | 5.69 | 17.36 | 2.70 | 0.01 | 0.14 | 2087.29 | 10.35 | |
Including | 27.85 | 30.30 | 2.45 | 7.31 | 23.11 | 3.58 | 0.02 | 0.18 | 2522.45 | 13.39 | |
BI-23-03 | Interval | 23.22 | 29.00 | 5.78 | 1.39 | 4.06 | 0.58 | 0.01 | 0.07 | 982.05 | 2.62 |
Including | 24.27 | 29.00 | 4.73 | 1.66 | 4.58 | 0.62 | 0.01 | 0.07 | 987.39 | 2.97 | |
Including | 24.27 | 25.19 | 0.92 | 6.77 | 21.30 | 2.69 | 0.02 | 0.29 | 2440.00 | 11.67 |
Widths are reported in drill core lengths and AuEq metal values are calculated using Au 1997.07 USD/oz, Ag 22.96 USD/oz, Cu 3.83 USD/lbs, Pb 1997.50 USD/ton, Zn 2397.00 USD/ton on December 8, 2023 and Co 12.00 USD/lbs on July 2, 2024.
Table 2: Selected 2023 Bingo drill hole assay results originally reported without Co included in AuEq.
Pad ID | Hole ID | From (m) | To (m) | Interval (m) | Au (g/t) | Ag (g/t) | Cu (%) | Pb (%) | Zn (%) | AuEq (g/t) | |
Pad 1 | BI-23-01 | Interval | 24.39 | 29.50 | 5.11 | 7.57 | 20.23 | 2.72 | 0.01 | 0.10 | 11.42 |
Including | 25.58 | 28.48 | 2.90 | 13.05 | 34.93 | 4.70 | 0.02 | 0.17 | 19.69 | ||
BI-23-04 | Interval | 41.1 | 51.22 | 10.12 | 2.52 | 11.05 | 1.16 | 0.01 | 0.15 | 4.23 | |
Including | 42.18 | 48.07 | 5.89 | 4.01 | 17.37 | 1.85 | 0.01 | 0.24 | 6.74 | ||
BI-23-02 | Interval | 25.95 | 33.00 | 7.05 | 2.86 | 8.72 | 1.39 | 0.01 | 0.07 | 4.81 | |
Including | 27.85 | 31.15 | 3.30 | 5.69 | 17.36 | 2.70 | 0.01 | 0.14 | 9.49 | ||
Including | 27.85 | 30.30 | 2.45 | 7.31 | 23.11 | 3.58 | 0.02 | 0.18 | 12.35 | ||
BI-23-03 | Interval | 23.22 | 29.00 | 5.78 | 1.39 | 4.06 | 0.58 | 0.01 | 0.07 | 2.22 | |
Including | 24.27 | 29.00 | 4.73 | 1.66 | 4.58 | 0.62 | 0.01 | 0.07 | 2.56 | ||
Including | 24.27 | 25.19 | 0.92 | 6.77 | 21.30 | 2.69 | 0.02 | 0.29 | 10.67 |
Widths are reported in drill core lengths and AuEq metal values are calculated using Au 1997.07 USD/oz, Ag 22.96 USD/oz, Cu 3.83 USD/lbs, Pb 1997.50 USD/ton and Zn 2397.00 USD/ton on December 8, 2023.
The program on the Bingo property will consist of ~3000 meters of drilling designed to expand the known high-grade gold-silver-copper-cobalt mineralization along strike and to depth on the Bingo Main Zone, as well as testing additional shear zones at depth and new showings discovered in 2024. Mapping and prospecting on the property, including the Double Down Hinge Zone highlighted by an airborne magnetic survey will continue throughout the season in preparation for future drilling.
The mineralized shear hosted vein was intersected in a narrow copper-rich interval from a drill hole in the southern part of the Bingo Main Zone 200 m south of Pad 1 from 2023, where a surface grab sample assayed 9.79 gpt Au. Drilling in this area in 2024 is designed to fully test the southern extent of the mineralized corridor. Mapping and drilling have shown that the mineralized vein pinches and swells and is parallel to the axial plane of a moderate size fold identified in the magnetic signature of the Bingo Main Zone. The 2023 drill program has helped better understand the geometry of the mineralized vein which is steeply dipping on surface and rotates to 45 degrees to the west at deeper levels. The 2024 drill program is designed to expand on the depth and strike extent of the high-grade gold-silver-copper mineralization in the northern part of the Bingo Main Zone, where a step-out pad will allow to test the vein at depth and extend its strike along the trend where numerous surface samples assayed multi-gram gold. Additional drill locations on trend with the mineralized vein both to the north and to the south will help determine the extent of the mineralization along strike.
A secondary vein was discovered in outcrop 400 m to the northeast of Pad 1, where two grab samples assayed 7.39 gpt Au and 5.93 gpt Au, respectively. The outcrop is partially covered by overburden, but structural investigations indicate a similar orientation to the main mineralized vein. Both samples collected from this outcrop consist of strongly altered, crackled intrusive with up to 5 % chalcopyrite and 10 % pyrite. This showing will be drill tested with multiple drill holes during the 2024 drill season. A third vein is outcropping 250 m southeast of Pad 1. A grab sample that assayed 1.11 gpt Au collected from this vein consists of a metamorphosed, strongly altered intrusive rock with 5 % pyrite and 1 % chalcopyrite. A number of drill holes have been designed to test this showing in 2024. Deeper drill holes designed to test the contact between a close-by intrusion and the surrounding rocks are also planned for the 2024 drill season.
Recently, a new fold located 1 kilometer to the north of the Bingo Main Zone named the Double Down Hinge Zone has been identified in an airborne magnetic survey. This fold shows the same orientation and characteristics as the fold observed at the Bingo Main Zone. A fault separates the two folds potentially indicating that the two structures are in fact the same fold that has been displaced, in which case gold-silver-copper mineralization is projected to be found in the Double Down Hinge Zone as well. Detailed mapping and prospecting on the property will focus on identifying the relationship between the Double Down Hinge Zone and the Bingo Main Zone, as well as understanding the controls on mineralization at the contact between metamorphosed sediments and the intrusion to the West, and the volcanic units to the East. 2023 Bingo Doubledown
Highlights from the high-grade gold Bingo property:
- The Bingo Main zone is part of a 600 meters by 350 meters mineralized corridor that remains open with high-grade gold drill samples (12.09 gpt AuEq over 5.11 meters) and surface samples (up to 13.4 gpt Au) locatedalong the axial plane of a fold hinge.
- Bingo is located in the Eskay Rift in an evolving gold district in a world-class geologic setting within the Golden Triangle of British Columbia, host to several multi-million ounce gold deposits confirming the untapped discovery potential that remains while vast areas of newly exposed bedrock are exposed due to recent snowpack and glacial abatement.
- Bingo comprises the same world-class geological units as Goliath Resource's Surebet discovery located 15 km to the West, including Hazelton Volcanics and related sediments and intrusive rocks as well as the same style of mineralization of pyrrhotite, chalcopyrite and galena, hosted in a similarly oriented west dipping shear zone.
- Gold mineralization in drill samples (4 out of 7 holes intersected significant high-grade gold mineralization) and surface outcrops (83 % of surface samples collected contained gold mineralization), stream sediment geochemistry, ground magnetic survey, soil sampling and other lines of evidence confirm strong gold-mineralization potential on the property.
- Mineralization is characterized by aggregates and stockwork of chalcopyrite, pyrrhotite, galena and pyrite from a shear hosted vein along which gold-silver-copper rich fluids intruded and altered the host rock.
- Recently, a new fold located 1 kilometer to the north of the Bingo Main Zone named the Double Down Hinge Zone has been mapped. This fold shows the same orientation and characteristics to the fold observed at the Bingo Main Zone. A fault separates the two folds potentially indicating that the two structures are in fact the same fold that has been displaced, in which case gold-silver-copper mineralization is projected to be found in the Double Down Hinge Zone as well.
- The Bingo property is located in a fertile area in the southern part of the Golden Triangle surrounded by a number of known deposits, including Anyox, Surebet, Dolly Varden, Porter Idaho, Premier, and more.
- Infrastructure includes direct access to tide water in close proximity to roads and high-tension power.
The Bingo property has an area of 989 hectares and is located 45 km SSW of Stewart, BC and 28 km W of Kitsault, and only 12 km to tidewater landing and roads in the historic mining town of Anyox providing for cost effective exploration. The Bingo Main Zone contains gold mineralized grab, chip and channel samples along the axial plane of a fold hinge over an area of 600 meters x 350 meters in a region of recent glacial retreat and permanent snowpack abatement located within the Eskay Rift region of the Golden Triangle, British Columbia. High-grade gold from surface grab samples assayed up to 9.79 gpt Au. Channel samples assayed up to 1.77 gpt Au and 0.20 % Cu over 4.85 meters and 1.48 gpt Au and 0.37 % Cu over 3.2 meters, respectively. The Bingo property has strong similarities to Goliath Resources’ Surebet Project located further to the east, including same mineralogy, textures and structures.
Qualified Person
Rein Turna P. Geo is the qualified person as defined by National Instrument 43-101, for Juggernaut Exploration projects, and supervised the preparation of, and has reviewed and approved, the technical information in this release.
Other
Oriented NQ-diameter diamond drill core from the drill campaign is placed in core boxes by the drill crew contracted by the Company. Core boxes are transported by helicopter to the staging area, and then transported by truck to the core shack. The core is then re-orientated, meterage blocks are checked, meter marks are labelled, Recovery and RQD measurements taken, and primary bedding and secondary structural features including veins, dykes, cleavage, and shears are noted and measured. The core is then described and transcribed in MX Deposit. Drill holes were planned using Leapfrog Geo and QGIS software and data from the 2017-2022 exploration campaigns. Drill core containing quartz breccia, stockwork, veining and/or sulphide(s), or notable alteration are sampled in lengths of 0.5 to 1.5 meters. Core samples are cut lengthwise in half, one-half remains in the box and the other half is inserted in a clean plastic bag with a sample tag. Standards, blanks and duplicates were added in the sample stream at a rate of 10%
Grab, channels, chip and talus samples were collected by foot with helicopter assistance. Prospective areas included, but were not limited to, proximity to MINFile locations, placer creek occurrences, regional soil anomalies, and potential gossans based on high-resolution satellite imagery. The rock grab and chip samples were extracted using a rock hammer, or hammer and chisel to expose fresh surfaces and to liberate a sample of anywhere between 0.5 to 5.0 kilograms. All sample sites were flagged with biodegradable flagging tape and marked with the sample number. All sample sites were recorded using hand-held GPS units (accuracy 3-10 meters) and sample ID, easting, northing, elevation, type of sample (outcrop, subcrop, float, talus, chip, grab, etc.) and a description of the rock were recorded on all-weather paper. Samples were then inserted in a clean plastic bag with a sample tag for transport and shipping to the geochemistry lab. QA/QC samples including blanks, standards, and duplicate samples were inserted regularly into the sample sequence at a rate of 10%.
All samples, including core, rock grabs, channels, and talus samples, are transported in rice bags sealed with numbered security tags. A transport company takes them from the core shack to the ALS labs facilities in North Vancouver. ALS is either certified to ISO 9001:2008 or accredited to ISO 17025:2005 in all of its locations. At ALS samples were processed, dried, crushed, and pulverized before analysis using the ME-MS61 and Au-SCR21 methods. For the ME-MS61 method, a prepared sample is digested with perchloric, nitric, hydrofluoric and hydrochloric acids. The residue is topped up with dilute hydrochloric acid and analyzed by inductively coupled plasma atomic emission spectrometry. Overlimits were re-analyzed using the ME-OG62 and Ag-GRA21 methods (gravimetric finish). For Au-SCR21 a large volume of sample is needed (typically 1-3kg). The sample is crushed and screened (usually to -106 micron) to separate coarse gold particles from fine material. After screening, two aliquots of the fine fraction are analysed using the traditional fire assay method. The fine fraction is expected to be reasonably homogenous and well represented by the duplicate analyses. The entire coarse fraction is assayed to determine the contribution of the coarse gold.
Some of the reported data is historical in nature and is a compilation of third-party data from previous operators. The reader is cautioned that grab samples are spot samples which are typically, but not exclusively, constrained to mineralization. Grab samples are selective in nature and collected to determine the presence or absence of mineralization and are not intended to be representative of the material sampled. In addition, the reader is cautioned that proximity to known mineralization does not guarantee similar mineralization will exist on the properties.
For more information, please contact:
Juggernaut Exploration Ltd.
Dan Stuart
President and Chief Executive Officer
Tel: (604)-559-8028
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.
FORWARD LOOKING STATEMENT
Certain disclosure in this release may constitute forward-looking statements that are subject to numerous risks and uncertainties relating to Juggernaut’s operations that may cause future results to differ materially from those expressed or implied by those forward-looking statements, including its ability to complete the contemplated private placement. Readers are cautioned not to place undue reliance on these statements.
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