A significant bulk sampling and test pits program has recently been completed at Impact Minerals Limited’s (ASX:IPT) flagship Lake Hope High Purity Alumina (HPA) project located 500 km east of Perth in Western Australia. The program is a critical component of the Pre-Feasibility Study on Lake Hope, which is currently underway following a positive Scoping Study on the project that indicated the project may be the lowest-cost producer of HPA globally by a significant margin (ASX Release 9th November 2023).
Impact has the right to earn an 80% interest in the Lake Hope project by completing the Pre-feasibility Study (ASX Release 21st March 2023).
A total of 5.5 tonnes of material was collected from twenty-five bulk samples taken from test pits across West Lake and East Lake, which host the alumina deposit at Lake Hope. The deposit contains a resource of 3.5 million tonnes at 25.1% alumina (Al2O3) for a contained 880,000 tonnes of alumina, of which about 88%, or about 775,000 tonnes of alumina, is in the higher confidence Indicated Resource category (ASX Release 19th June 2023).
Impact confirms that no new information exists, and all modifying factors remain the same as at the time of the first publication of the resource.
In addition, earthworks for access tracks and drill pads for water bores for groundwater monitoring were also completed.
Managing Director Dr Mike Jones said: “This bulk sampling program marks another significant milestone in our journey towards the production of High Purity Alumina (HPA) from Lake Hope and caps off a very busy and successful nine months since acquiring the rights for this exceptional project.
In that time, we have completed a maiden resource statement, obtained heritage clearance from the Ngadju First Nations people, completed most of the first phase of metallurgical test work using the unique Playa One sulphate process, and completed a Scoping Study. The results of that study were outstanding and demonstrated the potential of Lake Hope to produce HPA at a cost much less than any other supplier globally, and this has given us the confidence to progress the pre-feasibility study aggressively. The bulk samples will set us up for the forthcoming stages of development, which will include the commissioning of a mini-pilot plant once the initial test work is completed.
Our focus for 2024 will be to complete the PFS, which will include setting up the mini-pilot plant and, in particular, producing HPA in bulk for potential customers and off-take partners. As part of this strategy, we have already started reaching out to key groups in the battery and LED market, and the demand is there. We look forward to a watershed year for Lake Hope, Impact and its shareholders”.
About the Bulk Sampling and Earthworks Program
Impact commissioned Pinnacle Site Services to undertake an earthwork and bulk sampling program. A backhoe was used to refurbish the existing access track to the site, construct access tracks to the lakes and a drill pad for a water monitoring bore.
A total of 5.5 tonnes of aluminous mud was collected from 25 pits, 13 from West Lake and 12 from East Lake (Table 1 and Figure 1). Ground conditions during excavation of the lake surfaces were excellent, with the mud hard, dry and easily dug. Groundwater was absent in most excavations, likely due to the dry summer conditions, which emulate the three-yearly summer mining campaigns proposed in the Scoping Study (ASX Release 9th November 2023).
A number of the sample sites were left open for geotechnical studies on the performance of the mud with respect to slope stability and groundwater levels, both of which will be monitored over the next 12 months before rehabilitation.
These ground-disturbing activities were enabled after successful Aboriginal Culture and Archaeological surveys were completed in July with the Ngadju Native Title group (ASX Release 27th July 2023). The survey identified no sites of cultural or archaeological significance, which is critical for Impact lodging a Mining Lease Application.
Update on the Pre-Feasibility Study
Impact has continued to progress the Preliminary Feasibility Study on Lake Hope.
The Baseline Flora and Fauna Survey data collection process is complete, with a final report due early in Q1 2024. Once received, the results will be used to finalise the location of mining lease boundaries and infrastructure corridors. A Mineralisation Report, a critical requirement of a mining lease application, has been completed, and the application will be lodged as soon as practicable in Q1 2024.
The metallurgical test work has progressed to final purification testing, with preliminary results expected in January 2024 (Stages 4 and 5 of the Playa One Sulphate Process, ASX Release 18th October 2023). Design of the by-product circuit and re-design of acid and reagent handling strategy is underway to investigate options for reduced capital and energy costs. A comprehensive test work regime is under design to inform a mini-pilot plant configuration, with quotes being sought.
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This article includes content from Impact 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.
Highlights
WIN Metals Managing Director and CEO, Mr Steve Norregaard, commented:
“Our first update of the Butchers Creek Mineral Resource following the successful maiden drill campaign completed late in 2024 has delivered an 8C% increase in the Indicated Resource. This paves the way for the Company to advance development studies while we continue to drill our other high-priority, high-grade targets.
With readily accessible mineralisation located immediately below the shallow open pit amenable to low-cost open pit mining methods, the opportunity to monetise this asset in the current high gold price environment is now an imperative.
To complement this great outcome, the Company will continue to enhance the resource base focussing on the Golden Crown area during the forthcoming dry season, building on the promising high-grade drill intersections reported last year.
The significant achievements by WIN during the short time we have held this project, and the opportunities we see in this underexplored goldfield in WA’s Kimberley region, provide a strong foundation for our future growth.”
This latest April 2025 MRE update increases the Mineral Resource to 321,000oz of gold at 1.G1g/t Au, with 258,000oz gold at 2.24g/t Au representing 80% of the MRE classified as Indicated available for economic studies for project development.
Table 1: Butchers Creek Gold Resource SummaryNote: Figures are rounded and reported at 0.5g/t cut-off to 150m below surface (open pit) and 0.8g/t below 150m of surface
This update reflects the successful conversion of an additional 11G,000oz at 2.24g/t Au into the Indicated category representing an 86% increase in Indicated gold resource ounces compared to the 2021 MRE1 as demonstrated in the waterfall chart in Figure 1 below.
Figure 1: Mineral Resource Changes by Classification
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This article includes content from Win 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.
All amounts expressed in US dollars
Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) confirms that it has continued to engage in good faith with the Government of Mali to finalise an agreement that was fully negotiated and accepted by the Ministry of Finance in February 2025.
From the outset of its engagement, Barrick has worked to find a constructive solution. In October 2024, it agreed to a framework aimed at achieving a comprehensive resolution of all outstanding disputes and paid $85 million as part of the ongoing negotiations.
Despite this, the Government subsequently took a series of escalatory actions, including the arrest of Barrick employees – who remain unfairly in detention – and the suspension of gold shipments.
More recently, although Barrick signed the agreement presented by the Government as requested in February, the Government has failed to execute it. Its conclusion now appears to be obstructed by a small group of individuals placing personal or political interests above the long-term interests of Mali and its people.
This week, departments within the Government escalated matters by closing Barrick's Bamako office and threatening to place the Loulo-Gounkoto mine under provisional administration unless the mine was reopened and tax payments were made – even though gold exports remain blocked.
It is regrettable that the Government continues to obstruct gold exports while simultaneously demanding tax payments on revenue it has actively prevented from being realised.
Barrick remains ready to honour the agreement envisioned by both partners and stands prepared to immediately restart production. This would unlock substantial revenue for the country, including tax and royalty flows that form a very significant part of the national budget. This would also see the dropping of unfounded criminal charges against its employees and their release from detention.
The consequences of the Government's continued inaction are serious both from an economic and human angle. The long-term viability of one of Mali's most strategic mining assets and a key contributor to the national economy is at risk. Barrick brings the unique expertise required to successfully operate this world-class mine. In addition, four innocent Malian citizens continue to be deprived of their freedom, without any justification nor prospect for a quick solution.
Barrick has long been a committed partner to the people of Mali and a reliable corporate citizen, consistently supporting local content and economic development, even in times of uncertainty. As private banks face mounting pressure to keep the country afloat, Barrick has continued to meet its obligations in good faith, paying wages, sustaining workers and contractors' livelihoods as well as the broader supply chain. However, this situation is not sustainable for the longer term.
While Barrick continues to seek a constructive solution, it remains prepared to pursue international arbitration and legal remedies against the Government and any individuals or entities, acting in bad faith.
Barrick urges the Government of Mali to act now in the interest of its people and the national economy by concluding the agreement which stands ready to be implemented.
Enquiries:
Investor and Media Relations
Kathy du Plessis
+44 20 7557 7738
Email: barrick@dpapr.com
Website: www.barrick.com
Cautionary Statement on Forward-Looking Information
Certain information contained or incorporated by reference in this press release, including any information as to our strategy, projects, plans, or future financial or operating performance, constitutes "forward-looking statements". All statements, other than statements of historical fact, are forward-looking statements. The words "continue", "intended", "committed", "engage", "negotiate", "pursue" and similar expressions identify forward-looking statements. In particular, this press release contains forward-looking statements including, without limitation, with respect to: the status of the gold stock removed from site; the outcome of dispute resolution through arbitration; the status of negotiations with the Government of Mali in respect of ongoing disputes regarding the Loulo-Gounkoto Complex and Barrick's commitment to reach a mutually acceptable solution; the potential to increase the Government of Mali's share in the economic benefits of Loulo-Gounkoto; and Loulo-Gounkoto's partnership with the Government of Mali.
Forward-looking statements are necessarily based upon a number of estimates and assumptions including material estimates and assumptions related to the factors set forth below that, while considered reasonable by the Company as at the date of this press release in light of management's experience and perception of current conditions and expected developments, are inherently subject to significant business, economic, and competitive uncertainties and contingencies. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements, and undue reliance should not be placed on such statements and information. Such factors include, but are not limited to: changes in national and local government legislation, taxation, controls or regulations and/ or changes in the administration of laws, policies and practices; expropriation or nationalization of property and political or economic developments in Mali and other jurisdictions in which the Company or its affiliates do or may carry on business in the future; fluctuations in the spot and forward price of gold, copper, or certain other commodities (such as diesel fuel, natural gas, and electricity); the speculative nature of mineral exploration and development; changes in mineral production performance, exploitation, and exploration successes; risks related to disruption of supply routes which may cause delays in construction and mining activities, including disruptions in the supply of key mining inputs due to the invasion of Ukraine by Russia and conflicts in the Middle East; risk of loss due to acts of war, terrorism, sabotage and civil disturbances; risks associated with new diseases, epidemics and pandemics; litigation and legal and administrative proceedings; employee relations including loss of key employees; increased costs and physical and transition risks related to climate change, including extreme weather events, resource shortages, emerging policies and increased regulations related to greenhouse gas emission levels, energy efficiency and reporting of risks; and availability and increased costs associated with mining inputs and labor. In addition, there are risks and hazards associated with the business of mineral exploration, development and mining, including environmental hazards, industrial accidents, unusual or unexpected formations, pressures, cave-ins, flooding and gold bullion, copper cathode or gold or copper concentrate losses (and the risk of inadequate insurance, or inability to obtain insurance, to cover these risks).
Many of these uncertainties and contingencies can affect our actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, us. Readers are cautioned that forward-looking statements are not guarantees of future performance. All of the forward-looking statements made in this press release are qualified by these cautionary statements. Specific reference is made to the most recent Form 40-F/Annual Information Form on file with the SEC and Canadian provincial securities regulatory authorities for a more detailed discussion of some of the factors underlying forward-looking statements and the risks that may affect Barrick's ability to achieve the expectations set forth in the forward-looking statements contained in this press release.
Barrick disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable law.
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