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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
IND Establishes HPQ Exploration Target at Pippingarra Project
Highlights
- IND’s recent RC drilling program informs a Maiden High Purity Quartz (HPQ) Exploration Target at the Pippingarra Quarry Project.
- Drilling is planned for the exploration target area and to test several quartz occurrences mapped across the wider Mining Lease area.
- IND plans to commence work on a HPQ Mineral Resource Estimate in parallel with metallurgical testwork being conducted by potential offtake partners and third-party mineral processing laboratories.
- A 300kg Pippingarra quartz sample crushed from existing quarry stockpiles sent to China in late 2023 produced a >GG.GG4% SiO2 end product following standard HPQ processing1.
- A further 24 tonne bulk sample comprising crushed quartz rock has been shipped to China for processing, metallurgical test work, and assessment by potential offtake partners.
Figure 1: IND Pippingarra Quarry Project location and infrastructure.
In October 2023, IND announced the agreement of binding terms2 with North West Quarries Pty Ltd (NWQ) for an exclusive option to acquire an 80% interest in the non-construction material mineral rights.
Jeff Sweet, Managing Director of Industrial Minerals, commented:
“Following on from one of our potential offtake partners in China achieving a processed High Purity Ǫuartz product grading >SS.SS4% SiO2, we are extremely positive about the potential to supply Pippingarra quartz into high-end quartz markets.
“The Pippingarra Exploration Target is limited to an area where IND completed RC drilling in late 2023, to the east of the existing open pit. There are several quartz outcrops mapped across the broader Mining Lease area that will also be drilled with the intention to include these untested HPǪ target opportunities in the upcoming Mineral Resource Estimate (MRE) for Pippingarra.
“Our motivation to commence work towards a MRE is to leverage our unique position of having an active mining operation at the Pippingarra Ǫuarry. We believe this will give potential offtake partners the confidence to enter into offtake agreements with IND, knowing that we can rapidly advance to be mine ready and have a suitable mine life to support long term supply needs.”
Maiden High Purity Quartz Exploration Target
Table 1: Pippingarra HPQ Exploration Target range.
The potential quantity and grade of the Exploration Target is conceptual in nature, and there has been insufficient exploration to estimate a Mineral Resource and it is uncertain if further exploration will result in the estimation of a Mineral Resource. The Exploration Target has been prepared and reported in accordance with the 2012 edition of the JORC Code.
The Exploration Target is based upon the Reverse Circulation (RC) Drilling program completed by IND in December 2023. Drilling was conducted on a 50m x 50m spacing. From this, holes INRC003 – INRC009 recorded thicknesses of white crystalline quartz over widths from 12m to 20m as reported in the Table 2 below.
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This article includes content from Industrial Minerals 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.
Positive Findings from Newmont Ti Benchmarking Study
Highlights
- Titanium industry expert TZMI completes titanium benchmarking study on the Salazar Critical Minerals Project
- Study identifies Newmont as a standout from its peers in terms of Ti and TREO in-situ grade
- Benchmarking study is highly encouraging and supports validating flowsheet for production of titanium minerals from Salazar
Salazar Critical Minerals Project Ti Benchmarking Study
Following successful characterisation testwork of Ti mineralisation at the Newmont Deposit area1, West Cobar Metals engaged international titanium expert TZ Minerals International Pty Ltd (TZMI) to complete a benchmarking study of the Newmont resource.
TZMI is a global, independent consulting and publishing company which specialises in all aspects of the mineral sands, titanium dioxide and coatings industries2.
The Newmont resource3 and characterisation data was used by TZMI to benchmark the Salazar project deposit against several existing operations and potential new projects under development using publicly available information and TZMI estimates. The outcomes of the benchmarking are shown in Figure 1.
The benchmarking study shows that the Ti contained within the Newmont deposit has promising potential for economic extraction and that the Newmont resource is positioned favourably amongst peer resources in respect of both Ti and rare earth element content.
Figure 1 : Salazar Project (Newmont deposit) benchmarking
The relative positioning of the Newmont Inferred Ti and rare earth element resource is very positive for West Cobar, with relatively high insitu TiO2 grades and TREO grades compared to its peers. The Ti levels of the resource (on a whole rock basis) compare very favourably to both developing and operating projects.
TZMI concluded that “In terms of final ilmenite product quality, the composition of the magnetic fraction (comprising predominantly ilmenite) shows some promise with TiO₂ levels as high as 48.5%. This suggests the ilmenite is likely present as primary ilmenite … the CaO, MgO, V₂O₅, Cr₂O₃ in the magnetic fraction all seem relatively low which is positive and likely to be within the accepted levels for ilmenite used in sulfate pigment production.”
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High Grade Copper Rock Chips to 18% on New Targets at Ti-Tree
- Two new prospects, Tiberius and Claudius, have returned high-grade copper and significant silver assays in rock chips from recent field work
- High grade assays up to 17.8% Cu and 282g/t Ag have been discovered on the Tiberius zone, currently 3m wide and extending for over 200m along strike.
- Claudius, 11km south of Tiberius, comprised of several parallel zones over a 100m by 300m area, returned grades up to 6.6% Cu and 86g/t Ag.
- The discovery of these prospects, 30km northwest from Copper Ridge which contain historic workings not marked on GSWA maps, highlights the significant prospectivity of the Gascoyne region.
- Further field work is being planned to determine the extent of these new discoveries.
Andrew Ford, GM Exploration
“These results highlight the potential of this underexplored area to host as yet undiscovered mineralisation. Less than 5% of the 3,600 sq km area of the Ti-Tree Project has had any previous exploration, and to discover unrecorded historic mining areas is very exciting. These results are a credit the Augustus geological team.”
Figure 1 Location of the Tiberius and Claudius prospects
Tiberius
Reconnaissance field work conducted on the Ti Tree Project’s northwestern tenement has discovered high grade copper and silver mineralisation (Figure 3) in two areas. Tiberius, the northern target comprises a quartz-sulphide vein system up to 3m wide and outcrops for over 200m (Figure 5).
A shallow shaft has been dug on the vein system (Figure 2). Another vein set was identified 600m along strike east-northeast of the main vein increasing the potential size of the target. The high grade veins contain both oxidized copper, high silver grades, lead sulphide and anomalous gold (Table 1).
Claudius
The Claudius prospect is located 10km to the southwest of Tiberius, comprised of quartz veined brecciated and silicified granite with mineralised veins mapped over a 100m x 300m area. The main area of outcropping mineralisation has been trenched by prospectors and rock chip sampling returned strong copper mineralisation in an iron rich siliceous vein. Silver was consistently elevated (up to 86g/t) with associated gold anomalism to 0.68g/t (Table 1, Figures 4 and 6).
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This article includes content from Augustus Minerals, 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.