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Belararox Ltd (ASX: BRX) (Belararox or the Company), an advanced mineral explorer focused on high value clean energy metals, is pleased to report on its quarterly activities for the period ending 30 June 2023. During the quarter, the Company executed a binding agreement to acquire TMT project in Argentina, commenced phase 2 drilling at Belara project and exploration work at Bullabulling project.
OPERATIONAL HIGHLIGHTS
TMT Project (Argentina)
- Belararox (ASX: BRX) announced significant mineralisation, classified as 'Exploration Results' per the JORC (2012) Code, reinforcing the project's potential for substantial base and precious metals.
- Significant rock chip assays from 133 samples collected by Votorantim across multiple locations at the Toro target, produced an average grade of: 0.84% Zn, 81ppm Ag, 0.11ppm Au, 0.10% Cu, & 0.58% Pb. With peak assay values of: 13.30% Zn, 1,980ppm Ag, 2.56ppm Au, 1.90% Cu, & 12.1% Pb.
- Significant intercepts from diamond drilling completed in 2013-2014 by Votorantim at the Toro target include:
- ARRLSDD0001 - 266m @ 0.76% Zn, 14.6ppm Ag, 0.05ppm Au, 0.04% Cu & 0.09% Pb from 56m.
- ARRLSDD0003 – 22m @ 1.25% Zn, 41.2ppm Ag, 0.31ppm Au, 0.24% Cu & 0.27% Pb from 10m.
- Significant intercepts from the Sonoma drill holes completed in 1996/1997 at the Toro target include:
- T1-D – which included: 24m @ 2.4% Zn, 38.8ppm Ag, 0.18ppm Au & 0.07% Cu from 24m; and 60m @ 2.4% Zn, 118ppm Ag, 0.32ppm Au & 0.28% Cu from 114m.
- Three (3) out of the nine (9) recently submitted EIAs have been approved in the quarter. Activities such as initial exploration, drilling, camp refurbishment, track construction and maintenance are now permitted to commence immediately, in time for the start of the field season.
Belara Project (NSW)
- Field mapping and ground truthing undertaken during the quarter confirm the extension of the Native Bee and Ben Buckley structural trends as high-priority targets. At Native Bee, rock chip sampling yielded notable average grades, including 1.44% Cu, 71.0g/t Ag, 0.24g/t Au, 1.61% Pb, and 0.30% Zn, with peak assay values reaching 4.71% Cu, 156.0g/t Ag, 0.43g/t Au, 5.00% Pb, and 1.32% Zn. Additionally, the sampling uncovered a previously untested secondary mineralised lode, extending at least 100 metres in length. Similarly, at Ben Buckley, rock chip sampling near historical workings produced an average of 0.50% Cu, 49.1g/t Ag, 0.19g/t Au, 2.94% Pb, and 0.24% Zn, with peak assay values of 0.97% Cu, 188.0g/t Ag, 0.39g/t Au, 14.90% Pb, and 0.56% Zn.
Bullabulling Project (WA)
- At the Bullabulling project, a soil sampling programme has been successfully completed during the September quarter. The soil samples were collected on a nominal 125m x 125m grid spacing over the most prospective areas for lithium and gold mineralisation. The soil samples are currently undergoing analysis and will be announced separately in due course.
CORPORATE OVERVIEW
- Cash at the bank at the end of the quarter was $2,457,000
- On 26 July 2023 the Company, pursuant to the approval of shareholders at the Extraordinary General Meeting held on 27 April 2023, issued 3,004,000 shares (escrowed to 30 June 2024) to Condor Prospecting under a services agreement with the Company as consideration for the provision of services to a value of US$500,000. At quarter end, approximately US$104,060 of services are owing to the Company under the services agreement.
- Subsequent to quarter end, the Company has put forward to Shareholders for approval to issue a further 2,000,000 shares and 1,000,000 options (exercise price of $0.66 per share, expiring 13 July 2026) for the provision of future services to the value of US$500,000. Shareholders will vote to approve this issue at the Company’s upcoming Annual General Meeting to be held on 27 November 2023.
- Prospectus for the issue of new listed options (BRXOA) lodged with ASX on 3 July 2023.
- New listed options ( BRXOA) issued to participants and lead manager in the $2.5m placement announced to the market on 27 June 2023 (Placement)
- At an Extraordinary General Meeting held on 22 September 2023 Shareholders ratified the issue of shares and options under the placement and approved the issue of performance rights to the directors of the Company.
Managing Director, Arvind Misra, Commented: We’ve achieved significant progress and promising results in our diverse project portfolio. In Argentina’s TMT Project, we’ve identified substantial mineralisation, with high-grade rock chip assays at the Toro target. Three out of nine EIAs have been approved, enabling further activities. In the Belara Project (NSW), rock chip assays confirm high-potential targets, including previously untested mineralised lodes. Additionally, at the Bullabulling Project (WA), gridded soil sampling is complete, with results currently under analysis. Our commitment to exploring battery metals remains strong, and we anticipate continued progress.
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This article includes content from Belararox 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.
BRX:AU
Unconformity Uranium Drill Targets Identified from 2024 Geophysical Data
Key Highlights
- Final data received and interpretation completed for the ground electromagnetic geophysical surveys from the winter 2024 program at the Marshall and North Millennium projects.
- Several conductive anomalies identified at Marshall, located above and below the unconformity, consistent with regional exploration model.
- Stacked anomalies concurrently with multigenerational geophysical data provides a base to assess the exploration targets and refine drillhole targets.
- The projects are located 15 kilometres from the majority Cameco owned Millennium deposit, and just 40km from the world class McArthur River mine.
- Basin remains funded for the next round of field exploration.
The ground electromagnetic successfully identified 3 main targets which confirms the geological and exploration model. Of note is Target 1 (Figure 1), where modelled EM plates below the unconformity align with a sandstone ZTEM anomaly, which is interpreted to be alteration within sandstone. The identification of these targets is encouraging and consistent with regional trends in the southeastern Athabasca and provides increased confidence in drill hole targeting. Basin is currently reviewing options and priorities of how to progress exploration of these confirmed targets.
Basin’s Managing Director, Pete Moorhouse, commented:
“Conducting ground geophysical surveys on Marshall and North Millennium was a milestone in advancing these underexplored projects in Basin’s uranium portfolio. The form of these anomalies is highly encouraging given the proximity to some of the world’s largest uranium deposits.”
Key results
Following the encouraging conductive anomalism highlighted by the 2023 3D inversion of two historic airborne Electromagnetics (Z‐Tipper Axis) (“ZTEM”) datasets partially covering the current North Millennium and Marshall projects3,4, Basin contracted Discovery International Geophysics5 to carry out ground Stepwise Moving Loop Transient Electromagnetic (‘Ground EM’) surveys on areas of immediate interest within the Projects.
Figure 1 Three main anomalies shown from 2024 ground EM, in plan view (top diagrams) and cross- section looking northeast (bottom diagram). The ground EM anomalies are displayed with the modelled plates against the historical ZTEM data.
The 2024 Ground EM survey data returned six conductive anomaly picks producing three main target areas (Figure 1). The anomalies correlate strongly with the southern edge of the circular ZTEM conductive anomaly at Marshall and the interpreted northern edge of the circular anomaly identified in the historic data. A weaker EM pick was also interpreted centred between the two prominent ZTEM conductivity anomalies.
Three-dimensional modelling using Maxwell produced six electromagnetic conductive plates within the basement stratigraphy, all below the unconformity (Figure 1). The two southeastern plates are clearly aligning with a conductive sandstone ZTEM anomaly identified from the historic data, which is above the interpreted unconformity. This is interpreted as potential basal sandstone alteration proximal to the EM anomalies and constitutes a high-priority drill target area, refer figure 2.
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Airborne EM over Multiple Targets on Ti-Tree Project
- Augustus Minerals has contracted UTS Geophysics to conduct a VTEM Max survey over several Copper, Cu-Ni-PGE, Zn-Pb-Ag and Uranium targets along the money Intrusion and within proximity of the prospective 85k long Ti-Tree Shear.
- The surveys will cover:
- The Money Intrusion, prospective for Cu-Ni-PGE mineralisation.
- Copper Ridge and Nics Bore over anomalous Copper Drilling results
- The Coo Creek prospect where drilling by Augustus in 2023 identified strongly anomalous Zn-Pb-Ag mineralisation.
- The Munaballya Well North area which shows potential for economic Uranium mineralisation.
- The surveys will help to advance the untapped potential of the Ti-Tree project to host economic mineralisation of multiple commodities.
Andrew Ford, GM Exploration
“The VTEM survey will provide key targeting data over three highly prospective and different prospects with potential for multiple commodities. Whilst the high prospectivity for copper mineralisation has been well documented, the addition of uranium and Broken Hill base metal style mineralisation highlights the quality of the underexplored Ti-Tree project”.
VTEM
UTS Geophysics has been engaged to conduct a helicopter borne VTEM Max survey comprising 646-line km over three separate survey areas. The system is excellent for locating discrete conductive anomalies as well as mapping lateral and vertical variations in resistivity which helps map structure, alteration and rock type. The system also collects magnetic data through a caesium magnetometer. The transmitter/receiver loop is suspended on a cable approximately 40m below the helicopter (Figure 1).
Figure 1 VTEM Max helicopter deployed electromagnetic survey arrangement.
Figure 2 Prospects and VTEM Survey areas.
Money Intrusion
The Money Intrusion, which has proven potential to host Ni-Cu-Co-PGE (platinum group elements), is part of the regional Mundine Well Dolerite Suite, a regionally extensive dolerite (strike length >80km). This extensive mafic intrusion, which is comprised of a variety of lithologies, including gabbro in the core, olivine dolerite on the chilled lower contact or keel and fine-grained dolerite on the outer edges. Mapping, aeromagnetics and multi-spectral imagery show that the Money Intrusion within the Ti-Tree Project covers a strike length greater than 16km, reaching widths >600m in the north of E09/23241.
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Latest Kameelburg Assays Up To 10.38% Nb2o5 and 9.89% TREO
Highlights
- A total of 74 highly prospective rock samples recently collected from various beforsite and mafic dykes
- Most notable assays reveal up to 10.38% Nb2O5 and 9.89% TREO
- Large scale geological mapping of Kameelberg carbonatite is nearing completion
- Track access clearance & preparation for underground water supplies underway for upcoming maiden diamond drilling programme
Results from recently collected seventy-four (74) samples were received and highlighted the REE rich nature of the carbonatite with TREO(+Y) assays ranging from 1.16 to 9.89%, refer to Figure 1 for samples locations and Table 1 for results.
Figure 1: Southern Carbonatite Margin Geological mapping area with rock chip samples
Niobium Results Along Mafic Dykes
In addition to sampling the carbonatite plug, a further four (4) samples were collected across the Nb dyke zone on the southwest flank of the carbonatite. Results for these samples ranged from 5.44% to 10.38% Nb2O5. This provides additional confidence to previous niobium findings (see announcements dated 28 February 2024 and 27 December 2023). Table 2 compiles the Nb results with Figure 2 depicting recent sample locations in relation to the previous Nb2O5 results.
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This article includes content from Aldoro 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.