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Capital Raising to Progress Bangemall Exploration and Drilling
Miramar Resources Limited (ASX:M2R, “Miramar” or “the Company”) is pleased to advise it has received firm commitments from new and existing sophisticated investors to raise approximately $546,600 (before costs) by way of a placement of shares and announces a non-renounceable rights issue for eligible Shareholders.
- Firm commitments for a $546,600 Placement to sophisticated investors.
- Non-Renounceable Rights Issue announced for eligible shareholders.
- Funds to be used for Bangemall Ni-Cu exploration and proposed drilling, exploration at the Gidji JV gold project and working capital.
Miramar’s Executive Chairman, Mr Allan Kelly, said that funds raised under the placement and non- renounceable rights issue will be allocated to upcoming exploration programmes at the Company’s 100%- owned Bangemall Ni-Cu-Co-PGE projects in the Gascoyne region of WA, the 80%-owned Gidji JV Gold Project and potential corporate activities.
“Over the last 24 months, the Company has progressed the Bangemall Projects from regional-scale area selection to collection of project-scale datasets and, more recently, to delineation of individual drill targets,” Mr Kelly said.
“We have a very exciting opportunity at Bangemall to make a discovery of a new style of nickel-copper- cobalt and PGE mineralisation in a new geological province,” he added.
“I would like to thank the existing and new sophisticated investors who participated in the placement, encourage existing shareholders to participate in the rights issue and look forward to the maiden drilling programme in the Bangemall, whilst progressing our other projects,” he said.
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This article includes content from Miramar 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.
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Miramar Resources
Overview
With the explosive growth of the electric vehicle market and the global push for sustainability, demand for battery metals is skyrocketing. This has created significant upside potential for exploration, particularly where copper and nickel are concerned.
Miramar Resources (ASX:M2R) intends to leverage that potential to the fullest. Led by an experienced board with a proven track record of successful exploration, discovery, development and production, the company has acquired multiple projects with the potential to host world-class mineral deposits. These discovery opportunities lie in Western Australia's Eastern Goldfields and Gascoyne regions, including the Capricorn Orogen, a rapidly emerging yet largely underexplored mineral province.Proterozoic orogens are well-established as hosting major mineral deposits. Capricorn is no exception. It's highly prospective for multiple commodities and deposit types.
Recognizing this opportunity, Miramar has acquired two large and highly prospective landholdings within the Capricorn Orogen: the Whaleshark copper-gold project and the Bangemall nickel-copper-PGE projects. In addition to these, Miramar maintains two gold projects in the Eastern Goldfields, one of which — Gidji JV — has the potential to become a new gold camp in the region.
Miramar's strategy is simple — to create shareholder value through the discovery of world-class mineral deposits. It's well-positioned to do exactly that, with active exploration programs, a tight share register and low enterprise value.
Company Highlights
- Australian exploration company Miramar Resources is well-positioned to take advantage of the battery metals opportunity.
- The current focus on battery metals creates significant upside opportunities for exploration, particularly on copper and nickel.
- Led by an experienced board with a track record of successful discovery, development and production, Miramar has acquired multiple projects with the potential to host world-class deposits, including:
- Large, shallow copper-gold targets at Whaleshark
- Multiple nickel-copper-PGE targets at Bangemall
- Multiple strategic Eastern Goldfields projects, including one with the potential to become a new gold camp
- Miramar is an active explorer with regular news flow, a tight share register and low enterprise value.
Key Assets
Whaleshark (Ashburton)
Located roughly 40 kilometres east of Onslow in the Ashburton region of Western Australia, Whaleshark. It was acquired by Miramar as part of its initial public offering in 2020.
Miramar secured $180,000 under the Exploration Incentive Scheme (EIS) funding program from the Western Australia Government to fund diamond drilling and project development at Whaleshark. Assay results from the diamond drilling confirmed the presence of bedrock copper sulphide mineralisation at Whaleshark and the company also identified the potential for very large magnetite iron deposits near existing infrastructure.
Project Highlights:
- Prospectivity: Whaleshark displays all the necessary characteristics for the presence of a large copper-gold deposit, including:
- Proterozoic granite with nearby iron-rich rocks
- Overlapping magnetic anomalism and gravity
- Strong anomalous “interface” geochemistry
- Sodic and potassic alteration
- High-priority Drilling: Miramar has identified multiple high-priority bedrock drill targets which comprise overlapping:
- Mobile metal iron (MMI) surface geochemical anomalism over roughly 1.2 square kilometers
- Gravity anomalism crosscut by a northwest-trending structure
- Strongly elevated copper, cobalt, gold and silver results gathered from “interface” aircore drilling
- Advantageous Geology: Whaleshark’s geology is similar to the large Ernest Henry IOCG deposit in Queensland, including the scale, suite and magnitude of elements. However, Whaleshark also displays shallower cover compared to Ernest Henry.
- Bedrock copper sulphide confirmed: Results from the completed diamond drill program confirmed the presence of bedrock copper sulphide mineralisation within the project. Multi-element assays subsequently also confirmed the presence of anomalous copper, gold, silver, molybdenum and tungsten throughout the Whaleshark granodiorite.
- Large Magnetite Iron Opportunities: The drill program, coupled with analysis and comparisons to historical data and magnetic anomalies also indicate potential for a large shallow magnetite iron deposit at Whaleshark in close proximity to significant infrastructure.
Bangemall/Mount Vernon (Gascoyne)
Miramar has several granted and pending exploration licences in its district-scale Bangemall project which are prospective for Proterozoic magmatic Ni-Cu-PGE mineralisation associated with 1070Ma Kulkatharra Dolerite sills which are the same age as the Giles Complex, host to the large Nebo and Babel Ni-Cu deposits in the West Musgraves of WA.
Both the Geological Survey of Western Australia and Geoscience Australia have identified the area as being highly prospective for numerous types of mineral deposits.
Since 2020, Miramar has built a strategic land position in the Bangemall region, focusing on areas containing key ingredients and/or regional-scale indicators for Norilsk-style Ni-Cu-PGE mineralisation:
- Kulkatharra Dolerite sills – source of Ni, Cu +/- PGE’s
- Proximity to major crustal-scale faults (+/- cross faults) - potential plumbing systems +/- traps
- Sulphidic sediments - potential sulphur source
- Regional-scale geochemical anomalism (GSWA regional geochemistry)
- Regional-scale EM anomalism (2013 Capricorn AEM Survey)
The company’s Mount Vernon project is a high priority. In early 2022, Miramar flew a detailed magnetic and electromagnetic survey over the Mount Vernon project, identifying multiple late-time anomalies potentially related to nickel-copper-PGE sulphide mineralisation. A ground EM is underway and RC drilling is planned for Mount Vernon targets.
Project Highlights:
- Mount Vernon potential: Miramar's VTEM survey at Mount Vernon confirms historic exploration at the project, which identified:
- Nickel, copper and platinum group elements soil anomalies
- Significant nickel-copper in rock chips
- Drilling intersected elevated nickel-copper-PGEs in dolerite
- 50 rock chip samples taken, with several containing course-grained pyrite in fine grained chill margin and coarser grained gabbro in the centre of the sill
- Current Work: Geophysical contractors have commenced a fixed loop electromagnetic survey to refine targets for future drill testing
- Expansion of Bangemall Project: In early 2024, Miramar announced the grant of the Trouble Bore Exploration Licence, adjacent to Mount Vernon, where historic EM surveys had identified a strong late-time EM anomaly that could be representative of buried Ni-Cu-PGE mineralisation.
Gidji JV Project (Eastern Goldfields)
Located roughly 15 kilometres north of Kalgoorlie, Gidji is a highly prospective yet underexplored gold project with potential nickel mineralisation. Miramar has been actively exploring the project since October 2020, resulting in the identification of several new targets and outlining large aircore gold anomalies at Marylebone, Blackfriars and Highway/Piccadilly, each of which could host a significant gold discovery. The Marylebone target is the highest priority target as it has the same geology, structural setting and scale as the 4-Moz Paddington gold deposit which is also located in the ‘Boorara Shear Zone’ to the north and where Miramar discovered high-grade gold in a quartz vein. At the Marylebone target alone, Miramar has outlined a large shallow gold “exploration target” of 1.4 to 3.2 million tons (Mt) @ 1.2 to 1.5 grams per ton (g/t) gold. The company believes Gidji has the potential to become a new gold camp.
Highlights:
- Multiple High-potential Gold Targets: Potential mineralisation at Marylebone ranges from 1.4 to 3.2 Mt @ 1.2 to 1.5 g/t gold. Other gold anomaly targets include Blackfriars, Highway-Piccadilly and Railway. Miramar is currently refining bedrock targets for further deep drilling.
- Potential Nickel Sulphide Mineralisation: Through re-analysis of multiple aircore holes, Miramar has produced significant platinum and palladium assays commonly associated with high nickel and copper results.
Glandore (Eastern Goldfields)
Situated 40 kilometres east of the Kalgoorlie Gold Field, Miramar's 100-percent-owned Glandore project displays the potential for significant high-grade gold mineralisation. Previous exploration of the project area identified a large aircore gold footprint along with significant gold anomalism. Diamond drilling in 2005 returned results that included 4 metres @ 44.3 g/t gold.
In 2022, Miramar completed a diamond drilling program at the high-grade “Glandore East’ target, at the edge of the salt lake, with results returning high-grade gold mineralisation and visible gold. Multiple parallel mineralised structures have been outlined beneath a very large aircore gold footprint and bedrock gold mineralisation is present over 600 metres of strike and open. A UAV magnetic survey identified multiple northeast-trending structures. More surveys are planned to further refine and assist in targeting.
Management Team
Allan Kelly - Executive Chair
Allan Kelly is a geologist and manager with over 30 years’ experience in mineral exploration, development and production throughout Australia and the Americas. Kelly graduated in 1994 with a Bachelor of Science (with honors) in applied geology from Curtin University. He has been involved in targeting early-stage exploration of gold, nickel and copper deposits in Australia, Alaska and Canada, and has previously held senior exploration positions at Western Mining Corporation and Avoca Resources.
In 2009, he founded Doray Minerals, which was listed on the ASX in early 2010. Under Kelly's management, Doray discovered the high-grade Wilber Lode gold deposit within the Andy Well Project in the Murchison Region of Western Australia, which moved from discovery to production within three and a half years. He subsequently funded, constructed and commissioned the Deflector gold-copper project within 14 months of completing the takeover of Mutiny Gold in 2014.
In 2014, Kelly was awarded the Association of Mining and Exploration Companies (AMEC) ‘Prospector Award’, along with Doray’s co-founder Heath Hellewell, for the discovery of the Wilber Lode and Andy Well gold deposits. He is a fellow and former councilor of the Association of Applied Geochemistry (AAG), a member of the Australian Institute of Geoscientists (AIG), and a member of the Institute of Brewing and Distilling (IBD).
Marion Bush - Technical Director
Marion Bush is a geologist with over 25 years’ experience in senior management, directorship, commercial management, analyst and marketing roles within the UK, Australia, Africa and South America. She was the former CEO of TSX-V listed Cassidy Gold and a former mining analyst.
Bush holds a Bachelor of Science (geology) from Curtin University, a Master of Science (mineral project appraisal) from the University of London (Imperial College) and is a member of the AIG.
Terry Gadenne - Non-executive Director
Terry Gadenne has over 30 years’ experience in military and civilian aviation, agriculture and mining management. He was the chief pilot of Mackay Helicopters and managing director of Mining Logic, located in Queensland. Throughout his career, Gadenne has had various board positions in not-for-profit organisations.
He holds a Bachelor of Aviation Studies (management) from the University of Western Sydney, completed the Company Directors Course with AICD and was a former army and navy pilot.
Mindy Ku - Company Secretary
Mindy Ku has over 15 years' international experience in financial analysis, financial reporting, management accounting, compliance reporting, board reporting, company secretarial services and office management across multiple jurisdictions (Australia, Malaysia, UK, Sweden and Norway) including ASX-listed public and private companies.
Ku holds a Bachelor of Science in computing from the University of Greenwich, United Kingdom, is a member of Certified Practising Accountant Australia and a fellow member of the Governance Institute of Australia.
Mining Exploration Entity or Oil and Gas Exploration Entity Quarterly Cash Flow Report
True North Copper Limited (ASX:TNC) (True North Copper, TNC or the Company) is pleased to provide its mining exploration entity or oil and gas exploration entity quarterly cash flow report.
Click here for the full ASX Release
This article includes content from True North Copper, 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.
True North Copper March 2024 Quarterly Report
True North Copper Limited (ASX:TNC) (True North Copper, TNC or the Company) is pleased to provide the following quarterly update and Appendix 5B for Q3 FY24.
HIGHLIGHTS
Funding and Strategic Partnerships
- A$42M (USD28M) USD-denominated senior secured loan facility (Loan Facility) with Nebari Natural Resources Credit Fund II LP (Nebari)1. The Loan Facility is provided in two tranches. Drawdown of Tranche 1 – USD$18M (approximately A$27M) occurred 9 February 20242.
- Binding offtake and toll-milling agreements with Glencore International AG(Glencore) for 100% of copper concentrate from TNC’s Cloncurry Copper Project (CCP) and toll-milling services of up to 1Mt of ore per year for the CCP’s Life of Mine (LoM)5.
Cloncurry Copper Project Mining Preparedness
- Mining restart study confirms positive CCP project economics. Study reported anticipated mine revenue of A$367M with free cash flow of A$111M, and a pre-tax NPV10 of A$88M over a 4.6 year mine life, at USD$8,500/t Cu price and USD$1,850/oz Au price (0.7 A$:USD exchange rate)6.
- Wallace North Mine preparation and mobilisation progressed. Wallace North is scheduled as the first open pit (one of four – Wallace North, Great Australia Mine [GAM], Taipan and Orphan Shear) to be mined as part of the mining restart at the CCP6. Mining ramp-up will initially build ore stockpiles, with mining expected to start Q4 FY24. Oxide copper-gold ore will be transported by road train to the Cloncurry Operations heap leach. Sulphide ore will be transported to a nearby concentrator for toll treatment under TNC's toll-milling agreement with Glencore7.
Resources and Reserves
- Maiden Wallace North Ore Reserve. Mine designs produced a maiden Wallace North Ore Reserve totalling 0.7Mt (Probable) grading 1.01% Cu and 0.46g/t Au for 6.8kt Cu and 10.0koz Au8.
- CCP’s total Ore Reserves increased. Addition of the Wallace North Ore Reserve raises TNC’s Cloncurry Copper Project (CCP) total Reserves to 4.7Mt Probable Ore Reserves grading 0.80% Cu and 0.13g/t Au, containing 37.5kt of copper and 20.0koz of gold8, with MEC advancing a further GAM upgrade in Q4 FY24.
- Mt Oxide Project Resources: Vero Resource metallurgical studies completed on schedule allowing revised Vero Mineral Resource Estimate (MRE) incorporating 2023 confirmation drilling to be reported in Q4 FY24.
Copper Sulphate Production
- Copper Sulphate Crystal sales totalled 164.9t (45.6t contained Cu) Q3 FY24. Operational costs were substantially reduced in line with depleting production from existing stockpiled ore. Operations were disrupted with frequent high intensity weather events.
Exploration
- 2024 Exploration Program announced. Aggressive exploration strategy targeting transformative discoveries across TNC’s more than 850 sq km of tenure package within the Mt Isa Inlier10.
- TNC awarded Queensland Government $300,000 Collaborative Exploration Initiative (CEI) Grant. The CEI grant will be used towards delivery of leading edge MIMDAS Induced Polarisation, Resistivity and Magnetotelluric geophysical surveysat the Mt Oxide. The exploration aims to identify massive and disseminated sulphide mineralisation at Mt Oxide11.
- Cloncurry Projects - prioritised targeting for geophysics on mining and exploration tenure completed. TNC will schedule geophysical contractors for commencement during Q4 FY24.
- Camp Gossans prospect (Mt Oxide) - strongly anomalous copper-cobalt zones. Anomalous Cu, Co & As zones identified from multiple gossanous breccia structures that are up to 16m wide with a combined strike length of over 500m12.
- Cloncurry and Flamingo Projects – surface exploration – confirms prospectivity of multiple underexplored Cu-Au mineral systems. Highly encouraging copper and gold assays returned from rock chip sampling confirms prospectivity of multiple underexplored Cu-Au mineral systems.
Corporate
- TNC’s cash balance and receivables totalled A$3.1M as at 31 March 2024. Trade Receivables - $A0.1M. ▪ Environmental Bonds required under the Company’s tenements secured by A$13.47m in restricted cash.
- Final tranche of share placement announcement 17 November 2023 was settled on 16 January 2024. Settlement occurred following the Company’s major shareholder Tembo Capital Holdings receiving FIRB approval for the transaction. The Company subsequently issued 54,166,667 fully paid ordinary shares at 12 cents per share of which 36,286,100 shares were issued to settle the short-term loan provided by Tembo Capital Holdings UK and the remaining 17,880,567 shares were issued for cash totalling $A2.15M.
- A$5M placement by Millinium Capital Managers Limited as trustee for MP Materials and Mining Group Fund - comprising the issue of 41,666,667 fully paid ordinary shares in the Company (Shares) at an issue price of A$0.12 per Share (Placement)3. Settlement of $1 million of this placement occurred on 26 April 2024 with the remainder to be settled no later than 31 May 20244.
COMMENT
True North Copper’s Managing Director, Marty Costello said:
The global demand for copper continues to rise against a backdrop of diminishing supply, creating exceptionally favourable market conditions as True North Copper prepares to become Australia’s next copper producer.
This quarter has marked a significant and rapid transformation. We have entered into strategic partnerships and created critical pathways for our future mining operations, including an off-take and toll-milling agreement with Glencore. In terms of financing, we secured a US$28M (~A$42M) of debt funding from Nebari and separately Millinium Capital Partners has agreed to make a substantial investment by subscribing for A$5M at $0.12 per share.
We have also executed significant project milestones this quarter. The completion of our CCP Mining Restart Study confirmed the CCP is a low-risk, low-cost operation with a short payback period. Additionally, we finalised the maiden Wallace North Reserve.
Thanks to the hard work of our Mining Operations Team, and following some cost cutting and improvements to management control and reporting processes, we are prepared and ready to deliver on our Cloncurry Copper Project Mining Restart Plan with mining expected to commence at Wallace North in Q4 FY24.
We are also committed to developing the Vero Resource at our Mt Oxide Project into our next mine. This quarter, we progressed the re-estimation of the Vero Resource and mine optimisation studies. We look forward to announcing these Q4 2024."
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This article includes content from True North Copper, 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.
RM Research Outlines Potential Rerating of Culpeo Minerals Driven by Chilean Copper Projects
Description
Australian market analyst firm RM Research projects a potential rerating of Culpeo Minerals (ASX:CPO,OTCQB:CPORF), a copper exploration and development company, to more than $100 million market capitalization, driven by potential success in either of the company’s high-grade copper projects in Chile.
ASX-listed Culpeo Minerals maintains two copper projects in Chile - Lana Corina and Fortuna - both located in Chile’s Coastal Cordillera, targeting district-scale, underexplored mineralised systems.
“RM Research maintains a speculative buy on the back of the potential to outline high-grade copper-molybdenum at Lana Corina which we believe has potential for mineral resources of +80Mt (million tons) @ >0.80 percent CuEq (copper equivalent,” RM Research stated in its analyst report dated April 16, 2024.
Culpeo recently increased its ownership of Lana Corina to 50 percent, earning 80 percent to 100 percent. Recent drilling at Lana Corina showed copper-molybdenum mineralization over a strike length of 2 to 3 kilometres.
“The return of a drill rig to Lana Corina is imminent with extensions of breccia/porphyry hosted mineralisation being targeted as well as deeper copper and molybdenum associated with the silica cupola. Further surface geochemical results are also due this quarter from the La Florida Prospect,” the analyst report cited as near-term catalysts.
The Fotuna property is 10 kilometres north of Lana Corina, comprising three prospects along a 3-kilometre strike length. Results of recent drilling at Fortuna include 26 metres @ 0.81 percent copper equivalent, with elevated surface channel and rock chip samples up to 1.3 percent copper and 2.4 grams per ton gold.
Report highlights:
- Culpeo has increased its ownership of Lana Corina, where recent drilling returned impressive results of copper and molybdenum, over a 2 to 3 kilometre strike length. Near-term drilling will likely target extensions of the wide high-grade copper mineralisation hosted within the outcropping breccia pipes and associated porphyry intrusion.
- Achieving success in either the Lana Corina or Fortuna projects may lead to a rerating of Culpeo Minerals to more than $100 million market capitalization.
- RM Research maintains a speculative buy for Culpeo, driven by the potential to define the high-grade copper-molybdenum at Lana Corina, with a possible mineral resource of more than 80 million tons @ more than 0.80 percent copper equivalent.
Read the full report here.
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Significant Gold, Copper and Nickel Soil Anomalies at Lady Grey Project
Lanthanein Resources Limited (ASX: LNR) (“Lanthanein” or the “Company”) is pleased to announce the gold and base metal results from the recent tenement wide soil sampling programme at the Lady Grey Lithium Project (“Lady Grey”) directly adjacent to Covalent Lithium’s (SQM & Wesfarmers) Earl Grey Mine, 189Mt @1.53% Li2O¹ at Mount Holland in the Forrestania Greenstone Belt. The programme collected 1,893 samples and has identified multiple coincident gold, copper and nickel anomalies (Figure 1, 2 and 3).
- New Gold, Copper and Nickel soil anomalies identified in the recently completed soil sampling programme
- >2km long gold anomaly coincident with structural flexure
- Peak result of 256ppb Au, with a total of 87 samples returning ≥25ppb Au
- Historic Bounty Gold Mine which produced ~1.3moz Au on Covalent Lithium’s (SQM & Wesfarmers, 50/50) Earl Grey Mine, 189Mt @1.53% Li2O¹ Mount Holland mine site located adjacent to Lady Grey Project
- Peak result of 170ppm Cu, with a total of 300 samples returning ≥50ppm Cu
- Peak result of 263ppm Ni, with a total of 464 samples returning ≥100ppm Ni
- Strong spatial correlation between Gold, Copper, Nickel and Sulphur anomalism
- Exploration work programmes targeting drilling mid year
Mr Brian Thomas, Technical Director of Lanthanein commented: “We are greatly encouraged by the identification of multiple new gold, copper and nickel anomalies picked up by the recent tenement wide soil sampling programme which adds another dimension to the project wide prospectivity following the recent discovery of two large Lithium anomalies, Godzilla and Avenger. The Forrestania region is well known historically for its significant gold production with the old Bounty Mine producing ~1.3moz Au, plus the region has proven nickel endowment with the IGO’s, Forrestania Operations ~30km to the south. We will now accelerate our work programmes and approvals processes to be drilling these targets by mid-year.”
Figure 1: New Gold Anomalies at the Lady Grey Lithium Project.
Figure 2: New Copper Anomalies at the Lady Grey Lithium Project.
Figure 3: New Nickel Anomalies at the Lady Grey Lithium Project.
Figure 4: New Sulphur Anomalies at the Lady Grey Lithium Project.
UltraFine+TM Soil Sampling Programme
The survey was completed on a minimum spacing of 400m x 100m, with a total of 1,893 soil samples collected.
Figures 1 through 4 show the soil anomalies delineated from the sampling results. The five gold soil anomalies in Figure 1, represent areas with >50ppb Au – considered highly anomalous using this soil sampling technique. The largest gold anomaly is extends over 2km of strike and is located in a highly favourable structural setting. The copper and nickel anomalies are spatially adjacent to each other along with the high sulphur with a peak value of 5.33% and 50 samples >0.05% which would indicate the presence of weathered sulphides. Exploration reconnaissance and further geochemical sampling is planned to investigate the potential for magmatic sulphides and the presence of gossanous outcrop or subcrop.
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This article includes content from Lanthanein 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.
2024 Energy Transition Metals Summit Presentation
This Presentation and any accompanying verbal Presentation (together the Presentation) has been prepared by Culpeo Minerals Limited (“Culpeo” or “the Company”) and approved by the Board of the Company. The information contained in the Presentation (Information) is a summary only and should be read in conjunction with any oral briefing and all other documents provided to you by the Company. The Information is current as of 29 April 2024 and the Company does not undertake to provide any additional or updated information, whether as a result of new information, future events or results or otherwise. By receiving the Presentation, you acknowledge and represent to the Company that you have read, understood and accepted the terms of this disclaimer.
The Company has prepared the Presentation based on information available as of 29 April 2024. No representation or warranty, express or implied, is made as to the currency, accuracy, reliability, completeness or fairness of the information, opinions and conclusions contained in this Presentation. Neither Culpeo, its related bodies corporate, shareholders or affiliates, nor any of their respective officers, directors, employees, affiliates, agents or advisers (Agents) guarantee or make any representations or warranties, express or implied, as to or take responsibility for, the currency, accuracy, reliability, completeness or fairness of the information, opinions and conclusions contained in this Presentation. Culpeo does not represent or warrant that this Presentation is complete or that it contains all material information about Culpeo or which a prospective investor or purchaser may require in evaluating a possible investment in Culpeo or acquisition of shares. To the maximum extent permitted by law, Culpeo and its Agents expressly disclaim any and all liability, including, without limitation, any liability arising out of fault or negligence, for any loss arising from the use of information contained in this Presentation, or otherwise arising in connection with it.
Any forward-looking statements in this Presentation, including projections, forecasts and estimates, are provided as a general guide only and should not be relied on as an indication or guarantee of future performance and involve known and unknown risks, uncertainties, assumptions, contingencies and other important factors, many of which are outside the control of Culpeo and which are subject to change without notice and could cause the actual results, performance or achievements of Culpeo to be materially different from the future results, performance or achievements expressed or implied by such statements. Past performance is not necessarily a guide to future performance and recipients of this Presentation are cautioned not to place undue reliance on such forward-looking statements.
The information contained in this Presentation is for information purposes only, does not constitute investment or financial product advice (nor taxation, accounting or legal advice) and is not intended to be used as the basis for making an investment decision. In providing this Presentation, Culpeo has not considered the objectives, financial position or needs of any particular recipients. Before making an investment decision prospective investors should consider the appropriateness of the information in this Presentation having regard to their own objectives, financial situation and needs, and seek legal, taxation and financial advice appropriate to their jurisdiction and circumstances.
This Presentation is not a prospectus, product disclosure statement or other offering document under Australian law or any other law (and will not be lodged with the Australian Securities and Investments Commission, or any other foreign regulator) and is not, and does not constitute, an invitation or offer of securities for subscription, purchase or sale in any jurisdiction. In particular, this Presentation does not constitute an invitation or offer of securities for subscription, purchase or sale in the United States or any other jurisdiction in which such an offer would be illegal. The securities referred to in this Presentation have not been, and will not be, registered under the U.S. Securities Act of 1933 as amended or the securities laws of any state or other jurisdiction of the United States and may not be offered or sold, directly or indirectly in the United States.
The information in this Presentation is strictly confidential. It may not be disclosed, reproduced, disseminated, quoted or referred to in whole or in part, without the express consent of Culpeo.
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Miramar Secures EIS Funding for Bangemall Ni-Cu-Co-PGE Drilling
Miramar Resources Limited (ASX:M2R, “Miramar” or “the Company”) is pleased to advise that it has been successful in securing funding under the WA Government’s Exploration Incentive Scheme (EIS) for drilling at the Company’s 100%-owned district-scale Bangemall Projects in the Gascoyne region of Western Australia.
Miramar has been advised by the Department of Energy, Mines, Industry Regulation and Safety (DEMIRS) that it has been awarded up to $180,000 towards the drilling campaign, which will target Norilsk-style nickel, copper, cobalt and platinum group element (Ni-Cu-Co-PGE) mineralisation at the Mount Vernon and Trouble Bore Projects for the first time (Figure 1).
Miramar is exploring for mafic intrusion-hosted Ni-Cu-Co-PGE sulphide mineralisation related to 1070Ma aged Kulkatharra Dolerite sills, part of the Warakurna Large Igneous Province and the same age as the large Nebo-Babel deposits in the West Musgraves.
Miramar’s Executive Chairman, Mr Allan Kelly, said the funding validated the Company’s exploration model and the potential district-scale opportunity within the Bangemall Project, and looked forward to the maiden drilling campaign.
“Over the last 24 months, the Company has advanced the Bangemall Projects from an exploration concept to regional-scale area selection followed by collection of project-scale datasets and, more recently, to delineation of individual drill targets through ground EM surveys,” Mr Kelly said.
“We have the opportunity to make a discovery of a new style of mineralisation in an underexplored geological province where we are the dominant landholder,” he added.
Upcoming work programme
Miramar’s initial aim is to show “proof of concept” of the Norilsk-style deposit model by discovering Ni-Cu- Co-PGE sulphide mineralisation.
- Upcoming work includes:
- Completion of heritage surveys where required
- Systematic rock chip sampling
- RC drilling
- Working towards grant of various tenement applications
Miramar already has Programme of Work (POW) approval for drilling at Mount Vernon and is currently waiting on approval for Trouble Bore.
Figure 1. Mount Vernon and Trouble Bore Projects showing airborne and ground EM anomalies in relation to Kulkatharra Dolerite sills.
Figure 2. Schematic diagram showing relationship between dolerite sills (green) and sedimentary units of the Edmund and Collier Basins, and the relative position of Miramar’s Ni-Cu-Co-PGE targets (red).
About the Ni-Cu-Co-PGE Bangemall Project
Miramar’s 100%-owned Bangemall Project comprises granted Exploration Licences and Applications covering approximately 2,190 km2 within the Gascoyne region of Western Australia.
The Proterozoic Edmund and Collier Basins have been intruded by numerous 1070Ma aged Kulkatharra Dolerite sills, part of the Warakurna Large Igneous Province, and the same age as the Giles Complex which hosts the large Nebo and Babel Ni-Cu deposits in the West Musgraves.
The region has been identified by both the Geological Survey of Western Australia and Geoscience Australia as having high prospectivity for Ni-Cu-PGE mineralisation associated with the Kulkatharra Dolerite sills, similar to the giant Norilsk-Talnakh Ni-Cu-PGE deposits in Russia.
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This article includes content from Miramar 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.
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